0 1 2 3

+ Ingresos Afectos a Impuesto 35,000,000 35,000,000 40,000,000

- Egresos Afectos a Impuesto 6,500,000 6,500,000 6,600,000
+/- Dif x vta de Activos
= Utilidad Operacional 28,500,000 28,500,000 33,400,000
- Depreciación 7,800,000 7,800,000 7,800,000
- Amortización Intangibles GPM 400,000 400,000 400,000
- Pérdida de Ejercicio Anterior
= Utilidad Antes de Impuesto 20,300,000 20,300,000 25,200,000
- Impuesto 27% 27% 5,481,000 5,481,000 6,804,000
= Utilidad Después de Impuesto 14,819,000 14,819,000 18,396,000
+ Pérdida de Ejercicio Anterior 0 0 0
+ Amortización Intangibles GPM 400,000 400,000 400,000
+ Depreciación 7,800,000 7,800,000 7,800,000
Inversiones
- Capital de Trabajo 3,250,000 - 50,000 -
- Intangibles (GPM) 1,200,000
- Activos Depreciables 108,000,000
- Activos No Depreciables 12,000,000
+ Recuperación del Cap Trabajo
+ Valor de Desecho
= Flujo Neto de Caja - 124,450,000 23,019,000 22,969,000 26,596,000

Ventas 20% 50,000 50,000 50,000

P1 (años 1 y 2) 700
P2 (año 3 al año 10) 800
Ingresos x venta 35,000,000 35,000,000 40,000,000

Terrenos 12,000,000 12,000,000 12,000,000 12,000,000

0 0 0
Obras Físicas 60,000,000 57,000,000 54,000,000 51,000,000
3,000,000 3,000,000 3,000,000
Maquinarias 38,000,000 34,200,000 30,400,000 26,600,000
3,800,000 3,800,000 3,800,000
Maquinaria Reemplazo 10,000,000 9,000,000 8,000,000 7,000,000
1,000,000 1,000,000 1,000,000
Maquinaria Reemplazo 2

Obras Físicas 2

Maquinarias 2

Costos
Mano de Obra 20 1,000,000 1,000,000 1,000,000
Materiales 35 1,750,000 1,750,000 1,750,000
Costos Indirectos 5 250,000 250,000 250,000
Materiales 2 32
3,000,000 3,000,000 3,000,000
Costos Fijos 200,000 2,000,000 2,000,000 2,000,000
Gastos Amd y Ventas 20,000 800,000 800,000 800,000
Comisión por ventas 2% 700,000 700,000 800,000
Costos Totales 6,500,000 6,500,000 6,600,000

GPM Intangibles 2,000,000 400,000 400,000 400,000

n 5 años
Estudio 800,000

Capital de Trabajo 3,250,000 50,000

TMAR 12%
INDICADORES
FLUJO NETO DE CAJA - 124,450,000 23,019,000 22,969,000 26,596,000
FLUJO ACTUALIZADO - 124,450,000 20,552,679 18,310,746 18,930,507
FLUJO ACUMULADO - 124,450,000 - 103,897,321 - 85,586,575 - 66,656,068

VAN 37,857,757
TIR 18%
PAYBACK 8 0.48 8.48
IR 1.30
IVAN 0.30
 4 5 6 7 8 9 10
40,000,000 40,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000
6,600,000 6,600,000 7,400,000 7,400,000 7,400,000 7,400,000 7,400,000
500,000
33,400,000 33,400,000 40,600,000 40,600,000 41,100,000 40,600,000 40,600,000
7,800,000 7,800,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000
400,000 400,000 - - - - -

25,200,000 25,200,000 31,400,000 31,400,000 31,900,000 31,400,000 31,400,000

6,804,000 6,804,000 8,478,000 8,478,000 8,613,000 8,478,000 8,478,000
18,396,000 18,396,000 22,922,000 22,922,000 23,287,000 22,922,000 22,922,000
0 0 0 0 0 0 0
400,000 400,000 - - - - -
7,800,000 7,800,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000

- 400,000

20,000,000 10,000,000

3,700,000
2,000,000 63,000,000
26,596,000 6,196,000 32,122,000 32,122,000 24,487,000 32,122,000 98,822,000

50,000 50,000 60,000 60,000 60,000 60,000 60,000

40,000,000 40,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000

12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000

0 0 0 0 0 0 0
48,000,000 45,000,000 42,000,000 39,000,000 36,000,000 33,000,000 30,000,000
3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
22,800,000 19,000,000 15,200,000 11,400,000 7,600,000 3,800,000 -
3,800,000 3,800,000 3,800,000 3,800,000 3,800,000 3,800,000 3,800,000
6,000,000 5,000,000 4,000,000 3,000,000 2,000,000
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
10,000,000 9,000,000 8,000,000
1,000,000 1,000,000
12,000,000 11,400,000 10,800,000 10,200,000 9,600,000 9,000,000
600,000 600,000 600,000 600,000 600,000
8,000,000 7,200,000 6,400,000 5,600,000 4,800,000 4,000,000
800,000 800,000 800,000 800,000 800,000
 1,000,000 1,000,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000
1,750,000 1,750,000
250,000 250,000 300,000 300,000 300,000 300,000 300,000
1,920,000 1,920,000 1,920,000 1,920,000 1,920,000
3,000,000 3,000,000 3,420,000 3,420,000 3,420,000 3,420,000 3,420,000
2,000,000 2,000,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000
800,000 800,000 820,000 820,000 820,000 820,000 820,000
800,000 800,000 960,000 960,000 960,000 960,000 960,000
6,600,000 6,600,000 7,400,000 7,400,000 7,400,000 7,400,000 7,400,000

400,000 400,000

400,000

26,596,000 6,196,000 32,122,000 32,122,000 24,487,000 32,122,000 98,822,000

16,902,239 3,515,777 16,274,005 14,530,361 9,889,889 11,583,515 31,818,039
- 49,753,829 - 46,238,052 - 29,964,047 - 15,433,686 - 5,543,797 6,039,718 37,857,757
n 20

n 10

Venta Año 8 2,500,000

 0 1 2
+ Ingresos Afectos a Impuesto 35,000,000 35,000,000
- Egresos Afectos a Impuesto 6,500,000 6,500,000
+/- Dif x vta de Activos
= Utilidad Operacional 28,500,000 28,500,000
- Interés Crédito 6,400,000 5,798,306
- Depreciación 7,800,000 7,800,000
- Amortización Intangibles GPM 400,000 400,000
- Pérdida de Ejercicio Anterior
= Utilidad Antes de Impuesto 13,900,000 14,501,694
- Impuesto 27% 27% 3,753,000 3,915,458
= Utilidad Después de Impuesto 10,147,000 10,586,237
+ Pérdida de Ejercicio Anterior 0 0
+ Amortización Intangibles GPM 400,000 400,000
+ Depreciación 7,800,000 7,800,000
- Amortización Crédito 7,521,181 8,122,875
Inversiones
- Capital de Trabajo 3,250,000 - 50,000
- Intangibles (GPM) 1,200,000
- Activos Depreciables 108,000,000
- Activos No Depreciables 12,000,000
+ Recuperación del Cap Trabajo
+ Valor de Desecho
+ Crédito 80,000,000
= Flujo Neto de Caja - 44,450,000 10,825,819 10,613,362

Ventas 20% 50,000 50,000

P1 (años 1 y 2) 700
P2 (año 3 al año 10) 800
Ingresos x venta 35,000,000 35,000,000

Terrenos 12,000,000 12,000,000 12,000,000

0 0
Obras Físicas 60,000,000 57,000,000 54,000,000
3,000,000 3,000,000
Maquinarias 38,000,000 34,200,000 30,400,000
3,800,000 3,800,000
Maquinaria Reemplazo 10,000,000 9,000,000 8,000,000
1,000,000 1,000,000
Maquinaria Reemplazo 2

Obras Físicas 2
Maquinarias 2

Costos
Mano de Obra 20 1,000,000 1,000,000
Materiales 35 1,750,000 1,750,000
Costos Indirectos 5 250,000 250,000
Materiales 2 32
3,000,000 3,000,000
Costos Fijos 200,000 2,000,000 2,000,000
Gastos Amd y Ventas 20,000 800,000 800,000
Comisión por ventas 2% 700,000 700,000
Costos Totales 6,500,000 6,500,000

GPM Intangibles 2,000,000 400,000 400,000

n 5 años
Estudio 800,000

Capital de Trabajo 3,250,000 50,000

TMAR 12%
INDICADORES
FLUJO NETO DE CAJA - 44,450,000 10,825,819 10,613,362
FLUJO ACTUALIZADO - 44,450,000 9,665,910 8,460,907
FLUJO ACUMULADO - 44,450,000 - 34,784,090 - 26,323,183

VAN 54,558,423
TIR 29%
PAYBACK 6 0.20 6.20
IR 2.23
IVAN 1.23
Crédito 80,000,000 Cuota
i% 8% anual
n 8 años

Periodo 0 1 2
Principal 80,000,000 72,478,819 64,355,944
Amortización 7,521,181 8,122,875
Interés 6,400,000 5,798,306
Cuota 13,921,181 13,921,181
 3 4 5 6 7 8 9
40,000,000 40,000,000 40,000,000 48,000,000 48,000,000 48,000,000 48,000,000
6,600,000 6,600,000 6,600,000 7,400,000 7,400,000 7,400,000 7,400,000
500,000
33,400,000 33,400,000 33,400,000 40,600,000 40,600,000 41,100,000 40,600,000
5,148,476 4,446,659 3,688,697 2,870,099 1,986,012 1,031,199
7,800,000 7,800,000 7,800,000 9,200,000 9,200,000 9,200,000 9,200,000
400,000 400,000 400,000 - - - -

20,051,524 20,753,341 21,511,303 28,529,901 29,413,988 30,868,801 31,400,000

5,413,912 5,603,402 5,808,052 7,703,073 7,941,777 8,334,576 8,478,000
14,637,613 15,149,939 15,703,251 20,826,828 21,472,211 22,534,225 22,922,000
0 0 0 0 0 0 0
400,000 400,000 400,000 - - - -
7,800,000 7,800,000 7,800,000 9,200,000 9,200,000 9,200,000 9,200,000
8,772,705 9,474,522 10,232,484 11,051,082 11,935,169 12,889,982

- - 400,000

20,000,000 10,000,000

2,000,000

14,064,908 13,875,417 - 6,729,233 18,975,746 18,737,042 10,844,243 32,122,000

50,000 50,000 50,000 60,000 60,000 60,000 60,000

40,000,000 40,000,000 40,000,000 48,000,000 48,000,000 48,000,000 48,000,000

12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000

0 0 0 0 0 0 0
51,000,000 48,000,000 45,000,000 42,000,000 39,000,000 36,000,000 33,000,000
3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
26,600,000 22,800,000 19,000,000 15,200,000 11,400,000 7,600,000 3,800,000
3,800,000 3,800,000 3,800,000 3,800,000 3,800,000 3,800,000 3,800,000
7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
10,000,000 9,000,000
1,000,000
12,000,000 11,400,000 10,800,000 10,200,000 9,600,000
600,000 600,000 600,000 600,000
 8,000,000 7,200,000 6,400,000 5,600,000 4,800,000
800,000 800,000 800,000 800,000

1,000,000 1,000,000 1,000,000 1,200,000 1,200,000 1,200,000 1,200,000

1,750,000 1,750,000 1,750,000
250,000 250,000 250,000 300,000 300,000 300,000 300,000
1,920,000 1,920,000 1,920,000 1,920,000
3,000,000 3,000,000 3,000,000 3,420,000 3,420,000 3,420,000 3,420,000
2,000,000 2,000,000 2,000,000 2,200,000 2,200,000 2,200,000 2,200,000
800,000 800,000 800,000 820,000 820,000 820,000 820,000
800,000 800,000 800,000 960,000 960,000 960,000 960,000
6,600,000 6,600,000 6,600,000 7,400,000 7,400,000 7,400,000 7,400,000

400,000 400,000 400,000

400,000

14,064,908 13,875,417 - 6,729,233 18,975,746 18,737,042 10,844,243 32,122,000

10,011,123 8,818,078 - 3,818,347 9,613,703 8,475,686 4,379,808 11,583,515
- 16,312,060 - 7,493,981 - 11,312,329 - 1,698,625 6,777,061 11,156,869 22,740,384

13,921,181

3 4 5 6 7 8 9
55,583,238 46,108,717 35,876,233 24,825,151 12,889,982 -
8,772,705 9,474,522 10,232,484 11,051,082 11,935,169 12,889,982
5,148,476 4,446,659 3,688,697 2,870,099 1,986,012 1,031,199
13,921,181 13,921,181 13,921,181 13,921,181 13,921,181 13,921,181
 10
48,000,000
7,400,000

40,600,000

9,200,000
-

31,400,000
8,478,000
22,922,000
0
-
9,200,000

3,700,000
63,000,000

98,822,000

60,000

48,000,000

12,000,000
0
30,000,000 n 20
3,000,000
- n 10
3,800,000
Venta Año 8 2,500,000

8,000,000
1,000,000
9,000,000
600,000
 4,000,000
800,000

1,200,000

300,000
1,920,000
3,420,000
2,200,000
820,000
960,000
7,400,000

98,822,000
31,818,039
54,558,423

10
 TMAR Tasa Mínima Atractiva de Retorno
+ r rentabilidad exigida por el inversionista
Costo de capital
Tasa de Descuento

12% Proyecto
11% IPSA/IGPA
10% AFP
6.50% fondo mutuo

- 3.50%
WACC Costo Ponderado de Capital
CAPM Modelo de los Precios de los Activos de Capital