Variables

Tasa de descuento econmico

Tasa de descuento financiero
Incremento Precios
Incremento de costos
Inversin total
Prestamo
Interes bancario=
CONCEPTO / AOS

0.12
0.08
0.00
0
7,000,000.00
5,000,000.00
20%
AO 0

AO 01
I. INGRESOS
4,000,000.00
4,000,000.00

1.-Total Ingreso
Ventas
Valor residual

II. EGRESOS
Costo de Inversion
(Activo FijoTangible)
(Activo Fijo Intangible)
(Capital de Trabajo)
(Imprevistos 1%)
(Total de Inversin)
Egresos por Actividad
2.-Total Egresos
(Costo de Produccin)
(Gastos Administrativos)
(Gastos de Ventas)
Utilidad Operativa
(Depreciacin)

5,000,000.00
1,000,000.00
750,000.00
250,000.00
7,000,000.00
7,000,000.00

Utilidad antes de Impuestos

(Impuesto a la Renta 30%)
(Inversin)
Depreciacin
FCE
Prstamo
(Servicio de Deuda)
Escudo tributario
FCF
Aporte de Socios
Caja acumulada

7,000,000.00
-7,000,000.00
5,000,000.00

-2,000,000.00
2,000,000.00
-2,000,000.00

900,000.00
500,000.00
300,000.00
100,000.00
3,100,000.00
150,000.00
2,950,000.00
885,000.00
0.00
150,000.00
2,215,000.00
1,671,898.52
300,150.00
843,251.48
-1,156,748.52

1.-Calcule el flujo de caja economico y financiero

2.- Considere la tasa de descuento econmica de 12% y una tasa de descuento financiera del 8
3.- Realice la evaluacin econmica considerando el VANE, TIRE, B/C , Perodo de recuperacin
4.- Realice la evaluain financiera considerando el VANF, TIRF, B/C , Perodo de recuperacin F
5.- Interprete resultados

PRINCIPAL INICIO

TRIMESTRE
1
2
3
4
5

S/.
S/.
S/.
S/.
S/.
TOTAL
FRC=

5,000,000
4,328,101
3,521,823
2,554,289
1,393,249

AMORTIZACION
S/.
S/.
S/.
S/.
S/.
S/.

671,899
806,278
967,534
1,161,041
1,393,249
5,000,000

i ( 1+i)n =
(1+i)n-1

Escudo tributario
AOS
1
2
3
4
5

Amortizacin
671,898.52
806,278.22
967,533.87
1,161,040.64
1,393,248.77

Interes
1,000,000.00
865,620.30
704,364.65
510,857.88
278,649.75

3.- Evaluacin econmica

VANE(12%)=
1,032,981
TIR E=
18%
B/C E= VAN(Ingresos) =
VAN (Egresos)
AO

INGRESOS E
EGRESOS ECONOMICOS
TASA DESCUENTO = 12%
VANI(12%)=
VANE(12%)=

1
4,000,000.00
900,000.00

7,000,000.00

7,000,000.00

3,571,428.57
803571.428571429

B/C E=

1.41

Perodo recuperacin E
0
INGRESOS
INVERSIN
7,000,000.00
SALDO POR RECUPERAR
Perodo de recuperacin=

Calculo de fraccin =
1ao=
X=
4.- Evaluacin financiera
VANF(8%)=
1,064,582
TIRF=
27%
B/CF= VANF(Ingresos)=
VANF(Egresos)
AO
INGRESOS FINANCIEROS
TOTAL EGRESOS FINANCIEROS
EGRESOS ECONOMICOS
FCNETO

VANF(Ingresos)=
VANFE(Egresos)=

0
5,000,000.00
2,000,000.00
2,000,000.00

5,000,000.00
2,000,000.00

1
4,000,000.00
2,272,248.52
900,000.00
1,372,248.52

3,703,703.70
2,103,933.81

5.- Perodo recuperacin F

0
INGRESOS
INVERSIN
SALDO POR RECUPERAR

2,000,000.00
1,156,748.52

Perodo de recuperacin=
Calculo de fraccin =

2 aos , 5 MESES , 19 DAS

1ao=
X=

ANALISIS DE SENSIBILIDAD

1
843,251.48

754,560.88
353,810.00

AO 02
I. INGRESOS
4,000,000.00
4,000,000.00

AO 03

AO 04

4,000,000.00
4,000,000.00

AO 05
###
###

4,085,300.00
4,000,000.00
85,300.00

II. EGRESOS

900,000.00
500,000.00
300,000.00
100,000.00
3,100,000.00
150,000.00

900,000.00
500,000.00
300,000.00
100,000.00
3,100,000.00
150,000.00

900,000.00
500,000.00
300,000.00
100,000.00
3,100,000.00
150,000.00

900,000.00
500,000.00
300,000.00
100,000.00
3,185,300.00
150,000.00

2,950,000.00
885,000.00
0.00
150,000.00
2,215,000.00
0.00
1,671,898.52
259,836.09
802,937.57

2,950,000.00
885,000.00
0.00
150,000.00
2,215,000.00
0.00
1,671,898.52
211,459.40
754,560.88

2,950,000.00
885,000.00
0.00
150,000.00
2,215,000.00
0.00
1,671,898.52
153,107.36
696,208.84

3,035,300.00
885,000.00
0.00
150,000.00
2,300,300.00
0.00
1,671,898.52
83,744.93
712,146.41

-353,810.95

de descuento financiera del 8%

/C , Perodo de recuperacin E
, Perodo de recuperacin F

400,749.92

1,097,258.77

1,783,815.17

S/.
S/.
S/.
S/.
S/.
S/.

INTERES
1,000,000
865,620
704,365
510,858
278,650
3,359,493

SERVICIO DE DEUDA
S/.
S/.
S/.
S/.
S/.
S/.

1,671,899
1,671,899
1,671,899
1,671,899
1,671,899
8,359,493

Interes=

4,328,101
3,521,823
2,554,289
1,393,249
0

0.3343797

Escudo Tributario
-300,150.00
-259,836.09
-211,459.40
-153,407.36
-83,744.93

14,467,506.32
10,244,298.58

Flujo Neto
1,372,248.52
1,412,562.43
1,460,939.12
1,518,991.15
1,588,653.59

1,672,398.52

1.41

2
4,000,000.00
900,000.00

3,188,775.51
717474.48979592

S/.
S/.
S/.
S/.
S/.

20%

FRC=

Portes
500.00
500.00
500.00
500.00
500.00

PRINCIPAL FINAL

3
4,000,000.00
900,000.00

4
###
900,000.00

5
4,085,300.00
900,000.00

2,847,120.99
2,542,072.31
2,318,108.93
640602.22303207 571966.270564348 510684.170147

1
2,215,000.00

2
2,215,000.00

3
2,215,000.00

4
2,215,000.00

4,785,000.00

2,570,000.00

355,000.00

3 aos , 1 MES 28 das

AOS
X= 0.1602708804

2,215,000.00
355,000.00
B/C f=

1.84

21,028,894
11,432,539.48

1.84

2
4,000,000.00
2,312,562.43
900,000.00
1,412,562.43

3
4,000,000.00
2,360,939.12
900,000.00
1,460,939.12

4
4,000,000.00
2,418,991.15
900,000.00
1,518,991.15

5
4,085,300.00
2,488,653.59
900,000.00
1,588,653.59

3,429,355.28
1,982,649.55

3,175,328.96
1,874,189.59

2,940,119.41
1,778,030.71

2,780,386.53
1,693,735.82

2
802,937.57

3
754,560.88

353,810.95

0.00

4
696,208.84

5
712,146.41

AOS
0.4688952335

MESES
5.6267428017

SES , 19 DAS
X=

TOTAL
14,467,506.32
10,244,298.58

5
2,300,300.00

MESES
1.92

TOTAL
21,028,893.90
11,432,539.48

DIAS
18.8022840516

DIAS
57.70