TASA DE IMPUESTOS CORPORATIVA 33.

00%
TASA DE INTERES DE OPORTUNIDAD 17.00%
TASA DE INFLACIÓN 3.80%
AUMENTO DEL NIVEL OPERACIONAL 3.20%
AUMENTO DEL NIVEL OPERACIONAL 7.12%
VALOR A DEPRECIAR 90.00%
INVERSION EN ACTIVOS FIJOS
FECHA 0 12,000,000,000
FECHA 5 5,000,000,000
Depreciación activo 1 (10 años) 1,080,000,000
Depreciación activo 2 (5 años) 900,000,000
Depreciacion total 6-10 años 1,980,000,000
Venta del activo fijo al final 4,000,000,000
Valor de salvamento 1,700,000,000
Utilidad en la venta de AF 2,300,000,000
Impuestos a pagar 759,000,000
Ingreso neto en venta AF 3,241,000,000
Inversion en CT, fecha cero 7,000,000,000
Recuperación del capital de trabajo 88.00%

VALOR ECONOMICO AGREGADO 12,516,482,115

TIR 28.14%

CREDITO
MONTO A FINANCIAR 19,000,000,000
PORCENTAJE A FINANCIAR 60.00%
MONTO DEL CRÉDITO 11,400,000,000
TASA DE INTERES 15.00%

Año

TIO, financiación

Comprobación

Flujo para el inversionista

Rentabilidad Inversionista 46.27%

QUEDAMOS AQUI
FLUJO DE CAJA LIBRE PARA EL INVERSIONISTA, PARTI.ENDO DE LA UTILIDAD NETA
 Valor CT
0 7,000,000,000
REALES 1 7,498,512,000
NOMINALES 2 8,032,526,031
3 8,604,570,404
4 9,217,353,490
5 9,873,776,536
6 10,576,947,406
se deprecia por 10 años, al 90 % 7 11,330,195,293
se deprecia por 5 años, al 90 % 8 12,137,086,481
9 13,001,441,232
10 13,927,351,870

el valor de salvamento es contable, esto es caja y solo vale el cash!

AÑO UAII Depreciación

0
1 4,500,000,000 1,080,000,000
2 5,000,000,000 1,080,000,000
3 6,500,000,000 1,080,000,000
4 8,500,000,000 1,080,000,000
5 9,200,000,000 1,080,000,000
6 10,000,000,000 1,980,000,000
7 11,800,000,000 1,980,000,000
8 14,000,000,000 1,980,000,000
9 17,000,000,000 1,980,000,000
10 20,000,000,000 1,980,000,000
AV
Desembolso Saldo comienzo

0 11,400,000,000
1 11,400,000,000
2 11,400,000,000
3 11,400,000,000
4 11,400,000,000
5 11,400,000,000
6 11,400,000,000
7 11,400,000,000
8 8,550,000,000
9 5,700,000,000
10 2,850,000,000

10.05%

10.05%

Años Proy Inversión Proy financiacion

0 -19,000,000,000 11,400,000,000
1 3,596,488,000 -1,145,700,000
2 3,895,985,969 -1,145,700,000
3 4,862,955,626 -1,145,700,000
4 6,162,216,914 -1,145,700,000
5 1,587,576,954 -1,145,700,000
6 7,976,829,130 -1,145,700,000
7 9,132,752,114 -3,995,700,000
8 10,553,108,812 -3,709,275,000
9 12,505,645,249 -3,422,850,000
10 30,502,682,141 -3,136,425,000
LA UTILIDAD NETA

AÑO UAII Gastos financieros

0
1 4,000,000,000 -1,710,000,000
2 5,000,000,000 -1,710,000,000
3 6,000,000,000 -1,710,000,000
4 8,000,000,000 -1,710,000,000
5 10,000,000,000 -1,710,000,000
6 11,000,000,000 -1,710,000,000
7 13,000,000,000 -1,710,000,000
8 15,000,000,000 -1,282,500,000
9 18,000,000,000 -855,000,000
10 21,000,000,000 -427,500,000

Año UTILIDAD NETA Depreciación

0
1 1,534,300,000 1,080,000,000
2 2,204,300,000 1,080,000,000
3 2,874,300,000 1,080,000,000
4 4,214,300,000 1,080,000,000
5 5,554,300,000 1,080,000,000
6 6,224,300,000 1,980,000,000
7 7,564,300,000 1,980,000,000
8 9,190,725,000 1,980,000,000
9 11,487,150,000 1,980,000,000
10 13,783,575,000 1,980,000,000
Inversion en CT Recuper CT Pérdida en rec CT CTO Tributario
7,000,000,000
498,512,000
534,014,031
572,044,374
612,783,086
656,423,046
703,170,870
753,247,886
806,891,188
864,354,751
925,910,639 12,256,069,646 1,671,282,224 551,523,134
se asume que solo se recupera el 88% depende del tipo de inventario

UAII*(1-Tc)+Dep INV Activos INV EN CT FCLP

-12,000,000,000 -7,000,000,000 -19,000,000,000
4,095,000,000 -498,512,000 3,596,488,000
4,430,000,000 -534,014,031 3,895,985,969
5,435,000,000 -572,044,374 4,862,955,626
6,775,000,000 -612,783,086 6,162,216,914
7,244,000,000 -5,000,000,000 -656,423,046 1,587,576,954
8,680,000,000 -703,170,870 7,976,829,130
9,886,000,000 -753,247,886 9,132,752,114
11,360,000,000 -806,891,188 10,553,108,812
13,370,000,000 -864,354,751 12,505,645,249
15,380,000,000 3,241,000,000 11,881,682,141 30,502,682,141
 Amortización Interes Crédito Tributario Flujo del Proyecto
Financiación
11,400,000,000
-1,710,000,000 564,300,000 -1,145,700,000
-1,710,000,000 564,300,000 -1,145,700,000
-1,710,000,000 564,300,000 -1,145,700,000
-1,710,000,000 564,300,000 -1,145,700,000
-1,710,000,000 564,300,000 -1,145,700,000
-1,710,000,000 564,300,000 -1,145,700,000
-2,850,000,000 -1,710,000,000 564,300,000 -3,995,700,000
-2,850,000,000 -1,282,500,000 423,225,000 -3,709,275,000
-2,850,000,000 -855,000,000 282,150,000 -3,422,850,000
-2,850,000,000 -427,500,000 141,075,000 -3,136,425,000

Inversionista
-7,600,000,000
2,450,788,000
2,750,285,969
3,717,255,626
5,016,516,914
441,876,954
6,831,129,130
5,137,052,114
6,843,833,812
9,082,795,249
27,366,257,141
Utilidad antes IMP Impuestos Utilidad neta

2,290,000,000 755,700,000 1,534,300,000

3,290,000,000 1,085,700,000 2,204,300,000
4,290,000,000 1,415,700,000 2,874,300,000
6,290,000,000 2,075,700,000 4,214,300,000
8,290,000,000 2,735,700,000 5,554,300,000
9,290,000,000 3,065,700,000 6,224,300,000
11,290,000,000 3,725,700,000 7,564,300,000
13,717,500,000 4,526,775,000 9,190,725,000
17,145,000,000 5,657,850,000 11,487,150,000
20,572,500,000 6,788,925,000 13,783,575,000

UN + Dep INV AF INV CT Desembolsos

-12,000,000,000 -7,000,000,000 11,400,000,000
2,614,300,000 0 -498,512,000 0
3,284,300,000 0 -534,014,031 0
3,954,300,000 0 -572,044,374 0
5,294,300,000 0 -612,783,086 0
6,634,300,000 -5,000,000,000 -656,423,046 0
8,204,300,000 0 -703,170,870 0
9,544,300,000 0 -753,247,886 0
11,170,725,000 0 -806,891,188 0
13,467,150,000 0 -864,354,751 0
15,763,575,000 1,541,000,000 11,881,682,141 0
 Inv n CT
-7,000,000,000
-498,512,000
-534,014,031
-572,044,374
-612,783,086
-656,423,046
-703,170,870
-753,247,886
-806,891,188
-864,354,751
11,881,682,141
o de inventario
Amortizacion FCLI
0 -7,600,000,000 -6,600,000,000
0 2,115,788,000 2,324,584,000
0 2,750,285,969 2,995,349,729
0 3,382,255,626 3,664,154,892
0 4,681,516,914 5,030,868,003
0 977,876,954 2,395,348,763
0 7,501,129,130 7,857,447,460
-2,850,000,000 5,941,052,114 6,742,004,345
-2,850,000,000 7,513,833,812 8,358,723,952
-2,850,000,000 9,752,795,249 10,672,549,387
-2,850,000,000 26,336,257,141 26,652,424,164