CASO PRÁCTICO

Datos:
Maquinaria y equipo 6000000 Nueva
Vida Útil 5 Años
Depreciación 4 Años
Cantidad o producir 5000 Unidades/años
Precio de venta 850 Unidades/años
Incremento 15% Anual
Costo Anual de Produc. 900000 Anual
Incremento en 150000 Años
Nomina Anual 100000 Primer año
Incremento Nomina 12% Anual
Gerente 20000 Año
Empleador Produc. 80000 Año
Tasa Impositivo 35% Año
T.I.O. 38% Año
 POCO SENSIBLE

15.00% S/. 5,000.00 S/. 150,000.00 12.00% 35.00%

Periodo Inversion Venta/Unidad Ingreso CAO Nomina Depresiacion Base Impuesto FNC
0 S/. 6,000,000.00 S/. - S/. - S/. - S/. - S/. - S/. - S/. - -S/. 6,000,000.00
1 S/. - S/. 850.00 S/. 4,250,000.00 S/. 900,000.00 S/. 100,000.00 S/. 1,500,000.00 S/. 1,750,000.00 S/. 612,500.00 S/. 2,637,500.00
2 S/. - S/. 977.50 S/. 4,887,500.00 S/. 1,050,000.00 S/. 112,000.00 S/. 1,500,000.00 S/. 2,225,500.00 S/. 778,925.00 S/. 2,946,575.00
3 S/. - S/. 1,124.13 S/. 5,620,625.00 S/. 1,200,000.00 S/. 125,440.00 S/. 1,500,000.00 S/. 2,795,185.00 S/. 978,314.75 S/. 3,316,870.25
4 S/. - S/. 1,292.74 S/. 6,463,718.75 S/. 1,350,000.00 S/. 140,492.80 S/. 1,500,000.00 S/. 3,473,225.95 S/. 1,215,629.08 S/. 3,757,596.87
5 S/. - S/. 1,486.66 S/. 7,433,276.56 S/. 1,500,000.00 S/. 157,351.94 S/. - S/. 5,775,924.63 S/. 2,021,573.62 S/. 3,754,351.01
TIO 38%
TIR 42.485%
VPN S/. 506,786.68

15.00% S/. 5,000.00 S/. 150,000.00 112.57% 35.00%

Periodo Inversion Venta/Unidad Ingreso CAO Nomina Depresiacion Base Impuesto FNC
0 S/. 6,000,000.00 S/. - S/. - S/. - S/. - S/. - S/. - S/. - -S/. 6,000,000.00
1 S/. - S/. 850.00 S/. 4,250,000.00 S/. 900,000.00 S/. 100,000.00 S/. 1,500,000.00 S/. 1,750,000.00 S/. 612,500.00 S/. 2,637,500.00
2 S/. - S/. 977.50 S/. 4,887,500.00 S/. 1,050,000.00 S/. 212,572.67 S/. 1,500,000.00 S/. 2,124,927.33 S/. 743,724.57 S/. 2,881,202.77
3 S/. - S/. 1,124.13 S/. 5,620,625.00 S/. 1,200,000.00 S/. 451,871.39 S/. 1,500,000.00 S/. 2,468,753.61 S/. 864,063.76 S/. 3,104,689.85
4 S/. - S/. 1,292.74 S/. 6,463,718.75 S/. 1,350,000.00 S/. 960,555.07 S/. 1,500,000.00 S/. 2,653,163.68 S/. 928,607.29 S/. 3,224,556.39
5 S/. - S/. 1,486.66 S/. 7,433,276.56 S/. 1,500,000.00 S/.2,041,877.54 S/. - S/. 3,891,399.02 S/. 1,361,989.66 S/. 2,529,409.36
TIO 38%
TIR 38%
VPN S/. 0.00
 ALTAMENTE SENSIBLE

15.00% S/. 5,000.00 S/. 150,000.00 12.00% 35.00%

Periodo Inversion Venta/Unidad Ingreso CAO Nomina Depresiacion Base Impuesto FNC
0 S/. 6,000,000.00 S/. - S/. - S/. - S/. - S/. - S/. - S/. - -S/. 6,000,000.00
1 S/. - S/. 850.00 S/. 4,250,000.00 S/. 900,000.00 S/. 100,000.00 S/. 1,500,000.00 S/. 1,750,000.00 S/. 612,500.00 S/. 2,637,500.00
2 S/. - S/. 977.50 S/. 4,887,500.00 S/. 1,050,000.00 S/. 112,000.00 S/. 1,500,000.00 S/. 2,225,500.00 S/. 778,925.00 S/. 2,946,575.00
3 S/. - S/. 1,124.13 S/. 5,620,625.00 S/. 1,200,000.00 S/. 125,440.00 S/. 1,500,000.00 S/. 2,795,185.00 S/. 978,314.75 S/. 3,316,870.25
4 S/. - S/. 1,292.74 S/. 6,463,718.75 S/. 1,350,000.00 S/. 140,492.80 S/. 1,500,000.00 S/. 3,473,225.95 S/. 1,215,629.08 S/. 3,757,596.87
5 S/. - S/. 1,486.66 S/. 7,433,276.56 S/. 1,500,000.00 S/. 157,351.94 S/. - S/. 5,775,924.63 S/. 2,021,573.62 S/. 3,754,351.01
TIO 38%
TIR 42.485%
VPN S/. 506,786.68

15.00% S/. 4,647.28 S/. 150,000.00 12.00% 35.00%

Periodo Inversion Venta/Unidad Ingreso CAO Nomina Depresiacion Base Impuesto FNC
0 S/. 6,000,000.00 S/. - S/. - S/. - S/. - S/. - S/. - S/. - -S/. 6,000,000.00
1 S/. - S/. 850.00 S/. 3,950,187.61 S/. 900,000.00 S/. 100,000.00 S/. 1,500,000.00 S/. 1,450,187.61 S/. 507,565.66 S/. 2,442,621.94
2 S/. - S/. 977.50 S/. 4,542,715.75 S/. 1,050,000.00 S/. 112,000.00 S/. 1,500,000.00 S/. 1,880,715.75 S/. 658,250.51 S/. 2,722,465.24
3 S/. - S/. 1,124.13 S/. 5,224,123.11 S/. 1,200,000.00 S/. 125,440.00 S/. 1,500,000.00 S/. 2,398,683.11 S/. 839,539.09 S/. 3,059,144.02
4 S/. - S/. 1,292.74 S/. 6,007,741.58 S/. 1,350,000.00 S/. 140,492.80 S/. 1,500,000.00 S/. 3,017,248.78 S/. 1,056,037.07 S/. 3,461,211.70
5 S/. - S/. 1,486.66 S/. 6,908,902.81 S/. 1,500,000.00 S/. 157,351.94 S/. - S/. 5,251,550.88 S/. 1,838,042.81 S/. 3,413,508.07
TIO 38%
TIR 38.000%
VPN S/. 0.00
 MEDIANAMENTE SENSIBLE
15% S/. 5,000.00 S/. 150,000.00 12.00% 35.00%
Periodo Inversion Venta/Unidad Ingreso CAO Nomina Depresiacion Base Impuesto FNC
0 S/. 6,000,000.00 S/. - S/. - S/. - S/. - S/. - S/. - S/. - -S/. 6,000,000.00
1 S/. - S/. 850.00 S/. 4,250,000.00 S/. 900,000.00 S/. 100,000.00 S/. 1,500,000.00 S/. 1,750,000.00 S/. 612,500.00 S/. 2,637,500.00
2 S/. - S/. 977.50 S/. 4,887,500.00 S/. 1,050,000.00 S/. 112,000.00 S/. 1,500,000.00 S/. 2,225,500.00 S/. 778,925.00 S/. 2,946,575.00
3 S/. - S/. 1,124.13 S/. 5,620,625.00 S/. 1,200,000.00 S/. 125,440.00 S/. 1,500,000.00 S/. 2,795,185.00 S/. 978,314.75 S/. 3,316,870.25
4 S/. - S/. 1,292.74 S/. 6,463,718.75 S/. 1,350,000.00 S/. 140,492.80 S/. 1,500,000.00 S/. 3,473,225.95 S/. 1,215,629.08 S/. 3,757,596.87
5 S/. - S/. 1,486.66 S/. 7,433,276.56 S/. 1,500,000.00 S/. 157,351.94 S/. - S/. 5,775,924.63 S/. 2,021,573.62 S/. 3,754,351.01
TIO 38%
TIR 42.485%
VPN S/. 506,786.68
9.85% S/. 5,000.00 S/. 150,000.00 12.00% 35.00%
Periodo Inversion Venta/Unidad Ingreso CAO Nomina Depresiacion Base Impuesto FNC
0 S/. 6,000,000.00 S/. - S/. - S/. - S/. - S/. - S/. - S/. - -S/. 6,000,000.00
1 S/. - S/. 850.00 S/. 4,250,000.00 S/. 900,000.00 S/. 100,000.00 S/. 1,500,000.00 S/. 1,750,000.00 S/. 612,500.00 S/. 2,637,500.00
2 S/. - S/. 933.73 S/. 4,668,654.39 S/. 1,050,000.00 S/. 112,000.00 S/. 1,500,000.00 S/. 2,006,654.39 S/. 702,329.03 S/. 2,804,325.35
3 S/. - S/. 1,025.71 S/. 5,128,549.12 S/. 1,200,000.00 S/. 125,440.00 S/. 1,500,000.00 S/. 2,303,109.12 S/. 806,088.19 S/. 2,997,020.93
4 S/. - S/. 1,126.75 S/. 5,633,746.67 S/. 1,350,000.00 S/. 140,492.80 S/. 1,500,000.00 S/. 2,643,253.87 S/. 925,138.85 S/. 3,218,115.02
5 S/. - S/. 1,237.74 S/. 6,188,709.67 S/. 1,500,000.00 S/. 157,351.94 S/. - S/. 4,531,357.74 S/. 1,585,975.21 S/. 2,945,382.53
TIO 38%
TIR 38%
VPN S/. 0.00
 El VPN es igual a 0 cuando TIR es igual
15.00%
Venta/Unidad
a 0,esot significa que si mi VPN s igual a
TIO 38% S/. - 0 esta muy cerca a dar valores
TIR 42.485%
S/.
S/.
850.00
977.50
negativos, y si esto pasa seguramente
VPN S/. 506,786.68 S/. 1,124.13 no podremos cumplir con la tasa
S/. 1,292.74 interna de oportunidad del
S/. 1,486.66
inversionista.

Con la ayuda de Excel en la opción

datos-análisis de hipotesis. podremos
9.85%
Venta/Unidad
estimar que cuando la TIO es igual a TIR
TIO 38% S/. - y VPN es igual a 0, ocurre cuando el
TIR 42.485%
S/.
S/.
850.00
933.73
precio de venta, esta entre un 15% y un
VPN S/. 506,786.68 S/. 1,025.71 9.5%, esto seria una variación de un 6%
S/. 1,126.75 aproximadamente, esta variable es un
S/. 1,237.74
poco mas sensible en comparación con
la variable nomina. Pero no altamente
sensible ya que si fuera este el caso solo
con un solo punto porcentual ya se esta
poniendo en riesgo el proyecto