ANALISIS DE SENSIBILIDAD Y ESCENARIOS PARA LA EVALUACION FINANCIERA

VARIABLES DE SALIDA
VALOR PRESENTE NETO

$ 12,245,430

TASA INTERNA DE RETORNO

19.50%
2.00%

VARIABLES A SENSIBILIZAR

Variacion Pesimista

Caso Base

Variacion en Mercado %

6.86%

7.00%

Unidades a Vender A

$ 147,000

$ 150,000

$ 161,700

$ 165,000

Mano de Obra Directa

$ 73,382,400

$ 74,880,000

Costos Indirectos Fabriles

$ 47,040,000

$ 48,000,000

Gastos Operacionales

$ 131,320,000

$ 134,000,000

Tasa Interes Capital Trabajo

11.76%

12.00%

Tasa Interes Inversion Fija

13.72%

14.00%

Tasa Descuento Economica

11.76%

12.00%

Costo de Oportunidad

15.68%

16.00%

Precio de Venta A
Unidades a Vender B
Precio de Venta B

VALUACION FINANCIERA

5.00%
Variacion Optimista
7.35%
$ 157,500

$ 173,250

$ 78,624,000
$ 50,400,000
$ 140,700,000
12.60%
14.70%
12.60%
16.80%

GENERACION DE VARIABLES ALEATORIAS PARA LA SIMULACION

VARIABLES DE ENTRADA

Variable Aleatoria

Distribucion

Variacion en Mercado %

Normal

Unidades a Vender A

Triangular

Unidades a Vender B

Triangular

Mano de Obra Directa

Uniforme

Costos Indirectos Fabriles

Uniforme

Gastos Operacionales

Triangular

Tasa Interes Capital Trabajo

Normal

Tasa Interes Inversion Fija

Normal

Costo de Oportunidad

16.00%

FLUJO DE CAJA NETO FINANCIERO PROYECTADO

AO 0

AO 1

AO 2

AO 3

$21,284,190

($25,973,084)

($30,000,000)
($66,380,298)

VARIABLES DE SALIDA
VALOR PRESENTE NETO

$ 12,245,430

TASA INTERNA DE RETORNO

19.50%

S PARA LA SIMULACION

Parametro

Parametro

Parametro

7.00%
150,000
150,000
$ 74,880,000
$ 48,000,000
$ 134,000,000

16%

ERO PROYECTADO
AO 4

AO 5
$168,201,036

$45,362,809

BASES

AO 0

SUPUESTOS MACROECONOMICOS :

Proyeccion IPC
Proyeccion IPP
Proyeccion DTF
Variacion en Mercado %
SUPUESTOS MICROECONOMICOS:

Politica Inventarios:
Inventario Final Materia Prima ( Dias )

Factor Periodico
30

12

Inventario Final Producto Terminado ( Dias )

Politica Cartera :

60

% Ventas a Credito

60%

Factor Periodico

Inventario Final Producto Porceso ( Dias )

Ventas a 15 dias % Credito

24

Ventas a 30 dias % Credito

30%

12

Ventas a 60 dias % Credito

70%

Ventas a 90 dias % Credito

Descuentos Comerciales :
% Compras a Credito

4
100%

% Pago a 15 Dias
% Pago a 30 Dias

Factor Periodico
24

100%

12

% Pago a 60 Dias

% Pago a 90 Dias
Politica Proveedores :

AO 1

% Compras a Credito

100%

% Compras A 30 Dias

100%

Factor Periodico

% Compras A 60 Dias
INGRESOS:
TOTAL UNIDADES A VENDER

Producto A
Tallarines

TOTAL

% Participacion Mercado
Unidades a Vender A

150,000

Precio de venta A

$ 1,100

SUBTOTAL VENTAS

$ 165,000,000

Producto B
Fideos Guisero

TOTAL

% Participacion Mercado
Unidades a Vender B

165,000

Precio de venta B

$ 1,300

SUBTOTAL VENTAS

214,500,000

OTROS INGRE

OTROS INGRESOS
$

9,000,000

EGRESOS :
COSTOS DE PRODUCCION :

COSTO UNI

MATERIA PRIMA :

Costo Materia Prima A ( Unidad )

320

Costo Materia Prima B ( Unidad )

400

MANO DE OBRA DIRECTA :

Hras Mano de Obra A ( Unidad )

COSTO M

Hras Mano de Obra B ( Unidad )

Valor Hora Mano de Obra Directa
$ 74,880,000

TOTAL MANO DE OBRA DIRECTA :

VARIACION ANUAL DE LA MOD
COSTOS INDIRECTOS FABRILES:

Costo Mano de Obra Indirecta

COSTOS
$

19,200,000

Costo Arrendamiento de planta

16,800,000

Costo Mantenimiento y Reparaciones

800,000

Costo Seguros Planta

2,600,000

Costo Servicios Publicos en Planta

7,200,000

48,000,000

Costo Materiales Indirectos

Otros Costos Indirectos Fabriles

TOTAL COSTOS INDIRETOS FABRILES
VARIACION ANUAL DE LOS CIF
GASTOS OPERACIONALES :

Gastos de Administracion :
Gasto Nomina Administrativa

69,000,000

Gasto Honorarios

8,400,000

Gasto Arrendamiento

7,200,000

Gasto Papeleria e Insumos

4,200,000

3,000,000

GASTO

Gasto Seguros
Gasto Servicios Publicos Administracion
Gasto Telefonia Celular
Otros Gastos Administrativos
Gastos de Venta :
Gasto Nomina Comercial

GA
$

16,800,000

15,180,000

Gasto Publicidad y Mercadeo

10,300,000

Gasto Transporte

550,000

134,000,000

Gasto Comision Ventas % (Ventas )

2.00%

Gasto Papeleria e Insumos

Gasto Seguros
Gasto Operacin y Mantenimiento Vehicular
Otros Gastos de Venta
TOTAL GASTOS OPERACIONALES :
VARIACION DE LOS GASTOS OPERATIVOS
INVERSION FIJA :

INVERSI

Vida Util

Inversion en Terreno
Inversion Planta

Inversion Maquinaria y Equipo

10

110,000,000

Inversion Muebles y Enseres

15

12,000,000

Inversion Equipo de Oficina

10,000,000

30,000,000

162,000,000

Inversion en Herramientas
Inversion Vehiculo
TOTAL INVERSION FIJA
DEPRECIACION ACTIVO FIJO

PLAN DE DEPR

Planta y/o Edificaciones

Maquinaria y Equipo de Produccion

11,000,000

Muebles y Enseres

800,000

Equipo de Oficina

2,000,000

Vehiculo

6,000,000

TOTAL GASTO DEPRECIACION

19,800,000

Herramientas y Utensilios

DEPRECIACION ACUMULADA
INVERSION AMORTIZABLE :

Costo

Adecuaciones Locativas

9,000,000

Gastos de Constitucion y Legalizacion

1,500,000

Gastos de Lanzamiento y/o Publicidad

10,000,000

Gastos en Investigacion y Desarrollo

9,500,000

Gastos Puesta en Marcha del Proyecto

800,000

Software y Aplicaciones Tecnologicas

5,000,000

TOTAL INVERSION AMORTIZABLE :

35,800,000

Licencias y/o Patentes

19,800,000

AO 2

AO 3

AO 4

AO 5

3.00%

3.00%

3.00%

3.00%

5.00%

5.00%

5.00%

5.00%

7.00%

7.00%

7.00%

7.00%

TOTAL UNIDADES A VENDER

TOTAL UNIDADES A VENDER PRODUCTO A

160,500

171,735

183,756

196,619

$ 1,133

$ 1,167

$ 1,202

$ 1,238

$ 181,846,500

$ 200,413,028

$ 220,875,198

$ 243,426,555

TOTAL UNIDADES A VENDER PRODUCTO B

176,550

188,909

202,132

216,281

$ 1,339

$ 1,379

$ 1,421

$ 1,463

236,400,450 $

260,536,936 $

287,137,757 $

316,454,522

OTROS INGRESOS NO OPERACIONALES PROYECTADOS

COSTO UNITARIO DE MATERIA PRIMA PROYECTADO

$

336 $

353 $

370 $

389

420 $

441 $

463 $

486

COSTO MANO DE OBRA DIRECTA PROYECTADA

77,126,400 $

79,440,192 $

81,823,398 $

84,278,100

COSTOS INDIRECTOS FABRILES PROYECTADOS:

$

19,776,000 $

20,369,280 $

20,980,358 $

21,609,769

17,304,000 $

17,823,120 $

18,357,814 $

18,908,548

824,000 $

848,720 $

874,182 $

900,407

2,678,000 $

2,758,340 $

2,841,090 $

2,926,323

7,416,000 $

7,638,480 $

7,867,634 $

8,103,663

- $

- $

- $

49,440,000 $

50,923,200 $

52,450,896 $

54,024,423

GASTOS ADMINISTRATIVOS PROYECTADOS

$

71,070,000 $

73,202,100 $

75,398,163 $

77,660,108

8,652,000 $

8,911,560 $

9,178,907 $

9,454,274

7,416,000 $

7,638,480 $

7,867,634 $

8,103,663

4,326,000 $

4,455,780 $

4,589,453 $

4,727,137

- $

- $

- $

3,090,000 $

3,182,700 $

3,278,181 $

3,376,526

- $

- $

- $

- $

- $

- $

18,357,814 $

18,908,548

GASTOS DE VENTA PROYECTADOS

$

17,304,000 $

17,823,120 $

16,729,878 $

18,437,999 $

20,320,518 $

22,395,243

10,609,000 $

10,927,270 $

11,255,088 $

11,592,741

566,500 $

583,495 $

601,000 $

619,030

- $

- $

- $

- $

- $

- $

- $

- $

- $

- $

- $

- $

138,020,000 $

142,160,600 $

146,425,418 $

150,818,181

INVERSION EN ACTIVO FIJO

PLAN DE DEPRECIACION DE ACTIVO FIJO

$

- $

- $

- $

11,000,000 $

11,000,000 $

11,000,000 $

11,000,000

800,000 $

800,000 $

800,000 $

800,000

2,000,000 $

2,000,000 $

2,000,000 $

2,000,000

6,000,000 $

6,000,000 $

6,000,000 $

6,000,000

19,800,000 $

19,800,000 $

19,800,000 $

19,800,000

39,600,000 $

59,400,000 $

79,200,000 $

99,000,000

PROYECCION DE LOS INGRESOS OPERACIO

PRESUPUESTO DE VENTAS

AO 1

Tallarines
Unidades a Vender

150,000

Precio de Venta
SUBTOTAL VENTAS

1,100

165,000,000

Fideos Guisero
Unidades a Vender

165,000

Precio de Venta

$ 1,300
SUBTOTAL VENTAS

214,500,000

TOTAL VENTAS

379,500,000

LOS INGRESOS OPERACIONALES

AO 2

AO 3

AO 4

AO 5

160,500

171,735

183,756

196,619

1,133 $

1,167 $

1,202 $

1,238

181,846,500 $

200,413,028 $

220,875,198 $

243,426,555

176,550

188,909

202,132

216,281

$ 1,339

$ 1,379

$ 1,421

$ 1,463

236,400,450 $

260,536,936 $

287,137,757 $

316,454,522

418,246,950 $

460,949,964 $

508,012,955 $

559,881,078

PROYECCION DE LA PRODUCCION
PRESUPUESTO DE PRODUCCION

AO 1

Tallarines
Unidades a Producir

150,000

Inventario Final Producto Terminado

25,000

UNIDADES NECESARIAS

( Inventario Inicial de Producto Terminado)

SUBTOTAL UNIDADES A PRODUCIR

175,000
0
175,000

Fideos Guisero
Unidades a Producir

165,000

Inventario Final de Producto Terminado

27,500

UNIDADES NECESARIAS

192,500

( Inventario Inicial de Producto Terminado)

SUBTOTAL UNIDADES A PRODUCIR

192,500

TOTAL UNIDADES A PRODUCIR

367,500

DE LA PRODUCCION
AO 2

AO 3

AO 4

AO 5

160,500

171,735

183,756

196,619

26,750

28,623

30,626

32,770

187,250

200,358

214,383

229,389

25,000

26,750

28,623

30,626

162,250

173,608

185,760

198,763

176,550

188,909

202,132

216,281

29,425

31,485

33,689

36,047

205,975

220,393

235,821

252,328

27,500

29,425

31,485

33,689

178,475

190,968

204,336

218,640

340,725

364,576

390,096

417,403

PROYECCION DE LAS COMPRAS DE MATERIA PRIMA

PRESUPUESTO DE COMPRAS

AO 1

Tallarines
Unidades que Requieren Materia Prima
Costo Unitario de Materia Prima
SUBTOTAL MATERIA PRIMA REQUERIDA

175,000
$

320

56,000,000

Fideos Guisero
Unidades que Requieren Materia Prima
Costo Unitario de Materia Prima

192,500
$

400

77,000,000

Inventario Final Materia Prima Producto en Proceso

( Inventario Inicial Materia Prima Producto en Proceso )

77,000,000

Inventario Final de Materia Prima

6,416,667

( Inventario Inicial de Materia Prima )

83,416,667

SUBTOTAL MATERIA PRIMA REQUERIDA

TOTAL MATERIA PRIMA REQUERIDA

TOTAL COMPRA DE MATERIA PRIMA

LAS COMPRAS DE MATERIA PRIMA

AO 2

AO 3

AO 4

AO 5

162,250

173,608

185,760

198,763

336 $

353 $

370 $

389

54,516,000 $

61,248,726 $

68,812,944 $

77,311,342

178,475

190,968

204,336

218,640

420 $

441 $

463 $

486

74,959,500 $

84,216,998 $

94,617,798 $

106,303,096

- $

- $

- $

- $

- $

- $

74,959,500 $

84,216,998 $

94,617,798 $

106,303,096

6,246,625 $

7,018,083 $

7,884,816 $

8,858,591

6,416,667 $

6,246,625 $

7,018,083 $

7,884,816

74,789,458 $

84,988,456 $

95,484,531 $

107,276,870

ESTADO DE COSTO DE VENTAS PROYECTADO

ESTADO DE COSTOS DE PRODUCCION

AO 1

Inventario Inicial Materia Prima

Compra de Materia Prima

83,416,667

( Inventario Final de Materia Prima )

6,416,667

77,000,000

MANO DE OBRA DIRECTA

74,880,000

COSTOS INDIRECTOS DE FABRICACION

59,000,000

210,880,000

210,880,000

MATERIA PRIMA DIRECTA UTILIZADA

COSTO DE PRODUCCION

Inventario Inicial de Producto en Proceso

( Inventario Final de Producto en Proceso )
COSTO DE FABRICACION

Inventario Inicial de Producto Terminado

$0

( Inventario Final de Producto Terminado )

COSTO DE LA PRODUCCION TERMINADA

$ 30,125,714
$

180,754,286

E COSTO DE VENTAS PROYECTADO

AO 2

AO 3

AO 4

AO 5

6,416,667 $

6,246,625 $

7,018,083 $

7,884,816

74,789,458 $

84,988,456 $

95,484,531 $

107,276,870

5,753,035 $

6,537,574 $

7,344,964 $

8,252,067

75,453,090 $

84,697,508 $

95,157,650 $

106,909,620

77,126,400 $

79,440,192 $

81,823,398 $

84,278,100

60,440,000 $

61,923,200 $

63,450,896 $

65,024,423

213,019,490 $

226,060,900 $

240,431,944 $

256,212,142

213,019,490 $

226,060,900 $

240,431,944 $

256,212,142

$ 30,125,714

$ 30,431,356

$ 32,294,414

$ 34,347,421

$ 30,431,356

$ 32,294,414

$ 34,347,421

$ 36,601,735

212,713,848 $

224,197,841 $

238,378,938 $

253,957,828

PLAN DE RECAUDOS Y PAGOS

INVERSIONES DEL PROYECTO

AO 1

AO 2

PLAN DE RECAUDOS
VENTAS NETAS EN EL PERIODO

379,500,000 $

418,246,950

FACTURACION A CREDITO EN EL PERIODO

227,700,000 $

250,948,170

Recaudo Facturacion de Contado

151,800,000 $

167,298,780

Recaudo Facturacion a 15 dias

- $

Recaudo Facturacion a 30 dias

62,617,500 $

69,010,747

Recaudo Facturacion a 60 dias

132,825,000 $

146,386,433

Recaudo Facturacion a 90 dias

- $

32,257,500

347,242,500 $

414,953,459

COMPRAS NETAS EN EL PERIODO

83,416,667 $

74,789,458

COMPRAS A CREDITO EN EL PERIODO

83,416,667 $

74,789,458

Pago Facturacion de Contado

- $

Pago Facturacion a 15 dias

- $

Pago Facturacion a 30 dias

76,465,278 $

68,557,003

Pago Facturacion a 60 dias

- $

Pago Facturacion a 90 dias

- $

6,951,389

76,465,278 $

75,508,392

Recaudo Periodos Anteriores

TOTAL RECAUDOS EN EL PERIODO
PLAN DE PAGOS

Pago Facturacion Periodos Anteriores

TOTAL PAGO FACTURACION EN EL PERIODO

RECAUDOS Y PAGOS
AO 3

AO 4

AO 5

AO 6

460,949,964 $

508,012,955 $

559,881,078

276,569,978 $

304,807,773 $

335,928,647

184,379,985 $

203,205,182 $

223,952,431

- $

- $

76,056,744 $

83,822,138 $

92,380,378

161,332,487 $

177,804,534 $

195,958,377

- $

- $

35,550,991 $

39,180,747 $

43,181,101 $ 47,589,892

457,320,207 $

504,012,601 $

555,472,287 $ 47,589,892

84,988,456 $

95,484,531 $

107,276,870

84,988,456 $

95,484,531 $

107,276,870

- $

- $

- $

- $

77,906,085 $

87,527,487 $

98,337,131

- $

- $

- $

- $

6,232,455 $

7,082,371 $

7,957,044 $

8,939,739

84,138,540 $

94,609,858 $

106,294,175 $

8,939,739

PLAN DE INVERSION Y FINANCIACION

INVERSIONES DEL PROYECTO

AO 0

AO 1

INVERSION FIJA

Inversion en Terreno

Inversion Planta

Inversion Maquinaria y Equipo

110,000,000

Inversion Muebles y Enseres

12,000,000

Inversion Equipo de Oficina

10,000,000

Inversion en Herramientas

Inversion Vehiculo

30,000,000

TOTAL INVERSION FIJA

162,000,000

CALCULO DEL CAPITAL DE TRABAJO

Inventario Final de Producto Terminado

30,125,714

Inventario Final de Producto Proceso

Inventario Final de Materia Prima

6,416,667

Cuentas por Cobrar

32,257,500

Colchon de Efectivo

22,630,533

Cuentas por Pagar Proveedores

6,951,389

CAPITAL DE TRABAJO NETO OPERATIVO

84,479,025

INVERSION EN CAPITAL DE TRABAJO

84,479,025

TOTAL INVERSION AMORTIZABLE

35,800,000

TOTAL INVERSION EN EL PERIODO

FINANCIACION DE LAS INVERSIONES

282,279,025 $

4,799,441

4,799,441

Aportes Socios

TOTAL RECURSOS NECESARIOS

30,000,000
252,279,025 $

4,799,441

4,799,441

Utilidades Retenidas
Credito Capital de Trabajo

84,479,025

Credito Inversion Fija

167,800,000

ION Y FINANCIACION
AO 2

AO 3

AO 4

AO 5

30,431,356 $

32,294,414 $

34,347,421 $

36,601,735

- $

- $

- $

6,246,625 $

7,018,083 $

7,884,816 $

8,858,591

35,550,991 $

39,180,747 $

43,181,101 $

47,589,892

23,281,949 $

23,952,908 $

24,643,995 $

12,568,182

6,232,455 $

7,082,371 $

7,957,044 $

8,939,739

89,278,466 $

95,363,781 $

102,100,289 $

96,678,660

- $

6,085,315

6,085,315 $

6,736,508

6,736,508 $

6,085,315 $

6,736,508 $

- $

6,085,315 $

6,736,508 $

- $

PLAN DE AMORTIZACION DEL SERVICIO DE LA DEUD

LINEAS DE CREDITO

AO 0

AO 1

LINEA DE CREDITO CAPITAL DE TRABAJO

Tasa Efectiva Anual

12%

Plazo en Aos

Periodo de Gracia en Aos

Cuota Fija a Pagar

49,986,080

Saldo Insoluto del Credito

84,479,025 $

84,479,025

Gasto Financiero

- $

10,137,483

Cuota Fija a Pagar

- $

49,986,080

Amortizacion a Capital

- $

39,848,597

Saldo Neto del Credito

84,479,025 $

44,630,429

PROYECCION DEL CREDITO

LINEA DE CREDITO INVERSION FIJA

Tasa Efectiva Anual

14%

Plazo en Aos

Periodo de Gracia en Aos

Cuota Fija a Pagar

48,877,379

Saldo Insoluto del Credito

167,800,000 $

167,800,000

Gasto Financiero

- $

23,492,000

Cuota Fija a Pagar

- $

Amortizacion a Capital

- $

Saldo Neto del Credito

167,800,000 $

167,800,000

PROYECCION DEL CREDITO

ACION DEL SERVICIO DE LA DEUDA

AO 2

44,630,429

5,355,651

49,986,080

44,630,429

AO 3

AO 4

AO 5

167,800,000 $

167,800,000 $

142,414,621 $

113,475,289

23,492,000 $

23,492,000 $

19,938,047 $

15,886,540

- $

48,877,379 $

48,877,379 $

48,877,379

- $

25,385,379 $

28,939,332 $

32,990,839

167,800,000 $

142,414,621 $

113,475,289 $

80,484,450

ESTADO DE RENTAS Y GASTOS PROYECTADO

RENTAS Y GASTOS

AO 1

AO 2

379,500,000 $

418,246,950

INGRESOS NETOS

379,500,000 $

418,246,950

( COSTO DE VENTA )

180,754,286 $

212,713,848

UTILIDAD BRUTA EN VENTAS

198,745,714 $

205,533,102

Gasto Nomina Administrativa

69,000,000 $

71,070,000

Gasto Honorarios

8,400,000 $

8,652,000

Gasto Arrendamiento

7,200,000 $

7,416,000

Gasto Papeleria e Insumos

4,200,000 $

4,326,000

Gasto Seguros

- $

Gasto Servicios Publicos Administracion

3,000,000 $

3,090,000

Gasto Telefonia Celular

- $

Otros Gastos Administrativos

- $

Gasto Depreciacion de Activos

8,800,000 $

8,800,000

Gasto Amortizacion de Diferidos

( Gastos de Venta ) :

7,160,000 $

7,160,000

Gasto Nomina Comercial

16,800,000 $

17,304,000

Gasto Comision Ventas % (Ventas )

15,180,000 $

16,729,878

Gasto Publicidad y Mercadeo

10,300,000 $

10,609,000

Gasto Transporte

550,000 $

566,500

Gasto Papeleria e Insumos

- $

Gasto Seguros

- $

Ingresos Operacionales
(Descuentos, devoluciones y rebajas)

( Gastos Administrativos ):

Gasto Operacin y Mantenimiento Vehicular

- $

Otros Gastos de Venta

- $

TOTAL GASTOS OPERACIONALES

134,000,000 $

138,020,000

UTILIDAD OPERACIONAL :

64,745,714 $

67,513,102

OTROS INGRESOS :

9,000,000

OTROS GASTOS :

33,629,483 $

28,847,651

UTILIDAD ANTES IMPUESTO

31,116,231 $

38,665,450

IMPORRENTA

10,268,356 $

12,759,599

UTILIDAD NETA

20,847,875 $

25,905,852

OS PROYECTADO
AO 3

AO 4

AO 5

460,949,964 $

508,012,955 $ 559,881,078

460,949,964 $

508,012,955 $ 559,881,078

224,197,841 $

238,378,938 $ 253,957,828

236,752,122 $

269,634,017 $

305,923,249

73,202,100 $

75,398,163 $

77,660,108

8,911,560 $

9,178,907 $

9,454,274

7,638,480 $

7,867,634 $

8,103,663

4,455,780 $

4,589,453 $

4,727,137

- $

- $

3,182,700 $

3,278,181 $

3,376,526

- $

- $

- $

- $

8,800,000 $

8,800,000 $

8,800,000

7,160,000 $

7,160,000 $

7,160,000

17,823,120 $

18,357,814 $

18,908,548

18,437,999 $

20,320,518 $

22,395,243

10,927,270 $

11,255,088 $

11,592,741

583,495 $

601,000 $

619,030

- $

- $

- $

- $

- $

- $

- $

- $

142,160,600 $

94,591,522 $

123,208,599 $

155,105,069

23,492,000 $

19,938,047 $

15,886,540

71,099,522 $

103,270,552 $

139,218,528

23,462,842 $

34,079,282 $

45,942,114

47,636,680 $

69,191,270 $

93,276,414

146,425,418 $ 150,818,181

FLUJO DE CAJA PROYECTADO

FLUJO DE CAJA PROYECTADO

AO 0

AO 1

INGRESOS

Ingresos Operacionales

$ 347,242,500

Otros Ingresos

$ 9,000,000

Recuperacion de Capital de Trabajo

Valor de Salvamento Activos
TOTAL INGRESOS DEL PROYECTO

- $

356,242,500

EGRESOS

Pago a Proveedores

$ 76,465,278

Mano de Obra Directa

$ 74,880,000

Costos Indirectos de Fabricacion

$ 59,000,000

Gastos Administrativos

$ 91,800,000

Gastos de Venta

$ 42,830,000

Impuestos
TOTAL EGRESOS OPERATIVOS DEL PROYECTO

$0

$ 344,345,278

FLUJO DE CAJA OPERACIONAL

$0

$ 11,897,222

INVERSIONES EN EL PROYECTO

Inversion en Terrenos

$0

Construccion de Edificaciones

$0

Inversion en Maquinaria y Equipo

$ 110,000,000

Inversion en Equipo de Oficina

$ 12,000,000

Inversion en Muebles y Enseres

$ 10,000,000

Inversion en Herramientas y Utensilios

$0

Inversion en Vehiculo
Inversion en Capital de Trabajo

$ 30,000,000
$ 84,479,025

$ 4,799,441

Inversion Amortizable

$ 35,800,000

$0

FLUJO DE CAJA EN INVERSION

($ 282,279,025)

$ 7,097,782

Contratacion de Deuda

$ 252,279,025

Amortizacion de Capital

$ 39,848,597

Gastos Financieros

$ 33,629,483

Reparto de Dividendos
AO 0

AO 1

($ 30,000,000)

($ 66,380,298)

EVALUACION
ECONOMICA

EVALUACION
FINANCIERA

VALOR PRESENTE NETO

($ 5,063,944)

$ 12,245,430

TASA INTERNA DE RETORNO

11.48%

19.50%

FLUJO DE CAJA NETO

CAJA PROYECTADO
AO 2

AO 3

AO 4

AO 5

$ 414,953,459

$ 457,320,207

$ 504,012,601

$ 555,472,287

$ 102,100,289
$

414,953,459 $

457,320,207 $

504,012,601 $

657,572,576

$ 75,508,392

$ 84,138,540

$ 94,609,858

$ 106,294,175

$ 77,126,400

$ 79,440,192

$ 81,823,398

$ 84,278,100

$ 60,440,000

$ 61,923,200

$ 63,450,896

$ 65,024,423

$ 94,554,000

$ 97,390,620

$ 100,312,339

$ 103,321,709

$ 45,209,378

$ 47,771,884

$ 50,534,420

$ 53,515,562

$ 10,268,356

$ 12,759,599

$ 23,462,842

$ 34,079,282

$ 361,363,149

$ 380,422,131

$ 409,772,412

$ 440,494,161

$ 53,590,311

$ 76,898,077

$ 94,240,189

$ 217,078,415

$ 6,085,315

$ 6,736,508

$0

$0

$0

$0

$0

$0

$ 47,504,996

$ 70,161,569

$ 94,240,189

$ 217,078,415

$ 44,630,429

$ 25,385,379

$ 28,939,332

$ 32,990,839

$ 28,847,651

$ 23,492,000

$ 19,938,047

$ 15,886,540

AO 2

AO 3

AO 4

AO 5

($ 25,973,084)

$ 21,284,190

$ 45,362,809

$ 168,201,036

VPN Muestra
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430

PERFIL DEL RIESGO PARA LA E

VPN Distribucion Normal

INDICADOR
Economico

VALOR PRESENTE NETO

($ 5,063,944)

DISTRIBUCION NORMAL PARA LA SIMULACION DEL VPN

Area Para X<=$0

Area VPN

Percentile

VPN Estimado

$0

40.00%

$ 12,245,430

Simulaciones

1,000

Simulaciones

VPN Esperado

VPN Muestra

$ 12,245,430

$ 12,245,430

1354867.757

$ 12,245,430

$ 12,245,430

1354867.757

$ 12,245,430

$ 12,245,430

1354867.757

$ 12,245,430

$ 12,245,430

1354867.757

$ 12,245,430

$ 12,245,430

1354867.757

$ 12,245,430

$ 12,245,430

1354867.757

$ 12,245,430

$ 12,245,430

1354867.757

$ 12,245,430

$ 12,245,430

1354867.757

$ 12,245,430

$ 12,245,430

1354867.757

10

$ 12,245,430

$ 12,245,430

1354867.757

11

$ 12,245,430

$ 12,245,430

1354867.757

12

$ 12,245,430

$ 12,245,430

1354867.757

13

$ 12,245,430

$ 12,245,430

1354867.757

14

$ 12,245,430

$ 12,245,430

1354867.757

15

$ 12,245,430

$ 12,245,430

1354867.757

16

$ 12,245,430

$ 12,245,430

1354867.757

17

$ 12,245,430

$ 12,245,430

1354867.757

18

$ 12,245,430

$ 12,245,430

1354867.757

19

$ 12,245,430

$ 12,245,430

1354867.757

20

$ 12,245,430

$ 12,245,430

1354867.757

21

$ 12,245,430

$ 12,245,430

1354867.757

22

$ 12,245,430

$ 12,245,430

1354867.757

23

$ 12,245,430

$ 12,245,430

1354867.757

24

$ 12,245,430

$ 12,245,430

1354867.757

SIMULACION DELVALOR PRESENT

VPN Distribucion
Normal

25

$ 12,245,430

$ 12,245,430

1354867.757

26

$ 12,245,430

$ 12,245,430

1354867.757

27

$ 12,245,430

$ 12,245,430

1354867.757

28

$ 12,245,430

$ 12,245,430

1354867.757

29

$ 12,245,430

$ 12,245,430

1354867.757

30

$ 12,245,430

$ 12,245,430

1354867.757

31

$ 12,245,430

$ 12,245,430

1354867.757

32

$ 12,245,430

$ 12,245,430

1354867.757

33

$ 12,245,430

$ 12,245,430

1354867.757

34

$ 12,245,430

$ 12,245,430

1354867.757

35

$ 12,245,430

$ 12,245,430

1354867.757

36

$ 12,245,430

$ 12,245,430

1354867.757

37

$ 12,245,430

$ 12,245,430

1354867.757

38

$ 12,245,430

$ 12,245,430

1354867.757

39

$ 12,245,430

$ 12,245,430

1354867.757

40

$ 12,245,430

$ 12,245,430

1354867.757

41

$ 12,245,430

$ 12,245,430

1354867.757

42

$ 12,245,430

$ 12,245,430

1354867.757

43

$ 12,245,430

$ 12,245,430

1354867.757

44

$ 12,245,430

$ 12,245,430

1354867.757

45

$ 12,245,430

$ 12,245,430

1354867.757

46

$ 12,245,430

$ 12,245,430

1354867.757

47

$ 12,245,430

$ 12,245,430

1354867.757

48

$ 12,245,430

$ 12,245,430

1354867.757

49

$ 12,245,430

$ 12,245,430

1354867.757

50

$ 12,245,430

$ 12,245,430

1354867.757

51

$ 12,245,430

$ 12,245,430

1354867.757

52

$ 12,245,430

$ 12,245,430

1354867.757

53

$ 12,245,430

$ 12,245,430

1354867.757

54

$ 12,245,430

$ 12,245,430

1354867.757

55

$ 12,245,430

$ 12,245,430

1354867.757

56

$ 12,245,430

$ 12,245,430

1354867.757

57

$ 12,245,430

$ 12,245,430

1354867.757

58

$ 12,245,430

$ 12,245,430

1354867.757

59

$ 12,245,430

$ 12,245,430

1354867.757

60

$ 12,245,430

$ 12,245,430

1354867.757

61

$ 12,245,430

$ 12,245,430

1354867.757

62

$ 12,245,430

$ 12,245,430

1354867.757

63

$ 12,245,430

$ 12,245,430

1354867.757

64

$ 12,245,430

$ 12,245,430

1354867.757

65

$ 12,245,430

$ 12,245,430

1354867.757

66

$ 12,245,430

$ 12,245,430

1354867.757

67

$ 12,245,430

$ 12,245,430

1354867.757

68

$ 12,245,430

$ 12,245,430

1354867.757

69

$ 12,245,430

$ 12,245,430

1354867.757

70

$ 12,245,430

$ 12,245,430

1354867.757

71

$ 12,245,430

$ 12,245,430

1354867.757

72

$ 12,245,430

$ 12,245,430

1354867.757

73

$ 12,245,430

$ 12,245,430

1354867.757

74

$ 12,245,430

$ 12,245,430

1354867.757

75

$ 12,245,430

$ 12,245,430

1354867.757

76

$ 12,245,430

$ 12,245,430

1354867.757

77

$ 12,245,430

$ 12,245,430

1354867.757

78

$ 12,245,430

$ 12,245,430

1354867.757

79

$ 12,245,430

$ 12,245,430

1354867.757

80

$ 12,245,430

$ 12,245,430

1354867.757

81

$ 12,245,430

$ 12,245,430

1354867.757

82

$ 12,245,430

$ 12,245,430

1354867.757

83

$ 12,245,430

$ 12,245,430

1354867.757

84

$ 12,245,430

$ 12,245,430

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85

$ 12,245,430

$ 12,245,430

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86

$ 12,245,430

$ 12,245,430

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87

$ 12,245,430

$ 12,245,430

1354867.757

88

$ 12,245,430

$ 12,245,430

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89

$ 12,245,430

$ 12,245,430

1354867.757

90

$ 12,245,430

$ 12,245,430

1354867.757

91

$ 12,245,430

$ 12,245,430

1354867.757

92

$ 12,245,430

$ 12,245,430

1354867.757

93

$ 12,245,430

$ 12,245,430

1354867.757

94

$ 12,245,430

$ 12,245,430

1354867.757

95

$ 12,245,430

$ 12,245,430

1354867.757

96

$ 12,245,430

$ 12,245,430

1354867.757

97

$ 12,245,430

$ 12,245,430

1354867.757

98

$ 12,245,430

$ 12,245,430

1354867.757

99

$ 12,245,430

$ 12,245,430

1354867.757

100

$ 12,245,430

$ 12,245,430

1354867.757

101

$ 12,245,430

$ 12,245,430

1354867.757

102

$ 12,245,430

$ 12,245,430

1354867.757

103

$ 12,245,430

$ 12,245,430

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104

$ 12,245,430

$ 12,245,430

1354867.757

105

$ 12,245,430

$ 12,245,430

1354867.757

106

$ 12,245,430

$ 12,245,430

1354867.757

107

$ 12,245,430

$ 12,245,430

1354867.757

108

$ 12,245,430

$ 12,245,430

1354867.757

109

$ 12,245,430

$ 12,245,430

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110

$ 12,245,430

$ 12,245,430

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111

$ 12,245,430

$ 12,245,430

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112

$ 12,245,430

$ 12,245,430

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113

$ 12,245,430

$ 12,245,430

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114

$ 12,245,430

$ 12,245,430

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115

$ 12,245,430

$ 12,245,430

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116

$ 12,245,430

$ 12,245,430

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117

$ 12,245,430

$ 12,245,430

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118

$ 12,245,430

$ 12,245,430

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119

$ 12,245,430

$ 12,245,430

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120

$ 12,245,430

$ 12,245,430

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121

$ 12,245,430

$ 12,245,430

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122

$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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134

$ 12,245,430

$ 12,245,430

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135

$ 12,245,430

$ 12,245,430

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136

$ 12,245,430

$ 12,245,430

1354867.757

137

$ 12,245,430

$ 12,245,430

1354867.757

138

$ 12,245,430

$ 12,245,430

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139

$ 12,245,430

$ 12,245,430

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140

$ 12,245,430

$ 12,245,430

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141

$ 12,245,430

$ 12,245,430

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142

$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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146

$ 12,245,430

$ 12,245,430

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147

$ 12,245,430

$ 12,245,430

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148

$ 12,245,430

$ 12,245,430

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149

$ 12,245,430

$ 12,245,430

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150

$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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152

$ 12,245,430

$ 12,245,430

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153

$ 12,245,430

$ 12,245,430

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154

$ 12,245,430

$ 12,245,430

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155

$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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160

$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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163

$ 12,245,430

$ 12,245,430

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164

$ 12,245,430

$ 12,245,430

1354867.757

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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167

$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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199

$ 12,245,430

$ 12,245,430

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200

$ 12,245,430

$ 12,245,430

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201

$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

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$ 12,245,430

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212

$ 12,245,430

$ 12,245,430

1354867.757

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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221

$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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240

$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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245

$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

1354867.757

249

$ 12,245,430

$ 12,245,430

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250

$ 12,245,430

$ 12,245,430

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251

$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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255

$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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277

$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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285

$ 12,245,430

$ 12,245,430

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286

$ 12,245,430

$ 12,245,430

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287

$ 12,245,430

$ 12,245,430

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288

$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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$ 12,245,430

$ 12,245,430

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293

$ 12,245,430

$ 12,245,430

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294

$ 12,245,430

$ 12,245,430

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295

$ 12,245,430

$ 12,245,430

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296

$ 12,245,430

$ 12,245,430

1354867.757

297

$ 12,245,430

$ 12,245,430

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298

$ 12,245,430

$ 12,245,430

1354867.757

299

$ 12,245,430

$ 12,245,430

1354867.757

300

$ 12,245,430

$ 12,245,430

1354867.757

301

$ 12,245,430

$ 12,245,430

1354867.757

302

$ 12,245,430

$ 12,245,430

1354867.757

303

$ 12,245,430

$ 12,245,430

1354867.757

304

$ 12,245,430

$ 12,245,430

1354867.757

305

$ 12,245,430

$ 12,245,430

1354867.757

306

$ 12,245,430

$ 12,245,430

1354867.757

307

$ 12,245,430

$ 12,245,430

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308

$ 12,245,430

$ 12,245,430

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309

$ 12,245,430

$ 12,245,430

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310

$ 12,245,430

$ 12,245,430

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311

$ 12,245,430

$ 12,245,430

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312

$ 12,245,430

$ 12,245,430

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313

$ 12,245,430

$ 12,245,430

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314

$ 12,245,430

$ 12,245,430

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315

$ 12,245,430

$ 12,245,430

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316

$ 12,245,430

$ 12,245,430

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317

$ 12,245,430

$ 12,245,430

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318

$ 12,245,430

$ 12,245,430

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319

$ 12,245,430

$ 12,245,430

1354867.757

320

$ 12,245,430

$ 12,245,430

1354867.757

321

$ 12,245,430

$ 12,245,430

1354867.757

322

$ 12,245,430

$ 12,245,430

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323

$ 12,245,430

$ 12,245,430

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324

$ 12,245,430

$ 12,245,430

1354867.757

325

$ 12,245,430

$ 12,245,430

1354867.757

326

$ 12,245,430

$ 12,245,430

1354867.757

327

$ 12,245,430

$ 12,245,430

1354867.757

328

$ 12,245,430

$ 12,245,430

1354867.757

329

$ 12,245,430

$ 12,245,430

1354867.757

330

$ 12,245,430

$ 12,245,430

1354867.757

331

$ 12,245,430

$ 12,245,430

1354867.757

332

$ 12,245,430

$ 12,245,430

1354867.757

333

$ 12,245,430

$ 12,245,430

1354867.757

334

$ 12,245,430

$ 12,245,430

1354867.757

335

$ 12,245,430

$ 12,245,430

1354867.757

336

$ 12,245,430

$ 12,245,430

1354867.757

337

$ 12,245,430

$ 12,245,430

1354867.757

338

$ 12,245,430

$ 12,245,430

1354867.757

339

$ 12,245,430

$ 12,245,430

1354867.757

340

$ 12,245,430

$ 12,245,430

1354867.757

341

$ 12,245,430

$ 12,245,430

1354867.757

342

$ 12,245,430

$ 12,245,430

1354867.757

343

$ 12,245,430

$ 12,245,430

1354867.757

344

$ 12,245,430

$ 12,245,430

1354867.757

345

$ 12,245,430

$ 12,245,430

1354867.757

346

$ 12,245,430

$ 12,245,430

1354867.757

347

$ 12,245,430

$ 12,245,430

1354867.757

348

$ 12,245,430

$ 12,245,430

1354867.757

349

$ 12,245,430

$ 12,245,430

1354867.757

350

$ 12,245,430

$ 12,245,430

1354867.757

351

$ 12,245,430

$ 12,245,430

1354867.757

352

$ 12,245,430

$ 12,245,430

1354867.757

353

$ 12,245,430

$ 12,245,430

1354867.757

354

$ 12,245,430

$ 12,245,430

1354867.757

355

$ 12,245,430

$ 12,245,430

1354867.757

356

$ 12,245,430

$ 12,245,430

1354867.757

357

$ 12,245,430

$ 12,245,430

1354867.757

358

$ 12,245,430

$ 12,245,430

1354867.757

359

$ 12,245,430

$ 12,245,430

1354867.757

360

$ 12,245,430

$ 12,245,430

1354867.757

361

$ 12,245,430

$ 12,245,430

1354867.757

362

$ 12,245,430

$ 12,245,430

1354867.757

363

$ 12,245,430

$ 12,245,430

1354867.757

364

$ 12,245,430

$ 12,245,430

1354867.757

365

$ 12,245,430

$ 12,245,430

1354867.757

366

$ 12,245,430

$ 12,245,430

1354867.757

367

$ 12,245,430

$ 12,245,430

1354867.757

368

$ 12,245,430

$ 12,245,430

1354867.757

369

$ 12,245,430

$ 12,245,430

1354867.757

370

$ 12,245,430

$ 12,245,430

1354867.757

371

$ 12,245,430

$ 12,245,430

1354867.757

372

$ 12,245,430

$ 12,245,430

1354867.757

373

$ 12,245,430

$ 12,245,430

1354867.757

374

$ 12,245,430

$ 12,245,430

1354867.757

375

$ 12,245,430

$ 12,245,430

1354867.757

376

$ 12,245,430

$ 12,245,430

1354867.757

377

$ 12,245,430

$ 12,245,430

1354867.757

378

$ 12,245,430

$ 12,245,430

1354867.757

379

$ 12,245,430

$ 12,245,430

1354867.757

380

$ 12,245,430

$ 12,245,430

1354867.757

381

$ 12,245,430

$ 12,245,430

1354867.757

382

$ 12,245,430

$ 12,245,430

1354867.757

383

$ 12,245,430

$ 12,245,430

1354867.757

384

$ 12,245,430

$ 12,245,430

1354867.757

385

$ 12,245,430

$ 12,245,430

1354867.757

386

$ 12,245,430

$ 12,245,430

1354867.757

387

$ 12,245,430

$ 12,245,430

1354867.757

388

$ 12,245,430

$ 12,245,430

1354867.757

389

$ 12,245,430

$ 12,245,430

1354867.757

390

$ 12,245,430

$ 12,245,430

1354867.757

391

$ 12,245,430

$ 12,245,430

1354867.757

392

$ 12,245,430

$ 12,245,430

1354867.757

393

$ 12,245,430

$ 12,245,430

1354867.757

394

$ 12,245,430

$ 12,245,430

1354867.757

395

$ 12,245,430

$ 12,245,430

1354867.757

396

$ 12,245,430

$ 12,245,430

1354867.757

397

$ 12,245,430

$ 12,245,430

1354867.757

398

$ 12,245,430

$ 12,245,430

1354867.757

399

$ 12,245,430

$ 12,245,430

1354867.757

400

$ 12,245,430

$ 12,245,430

1354867.757

401

$ 12,245,430

$ 12,245,430

1354867.757

402

$ 12,245,430

$ 12,245,430

1354867.757

403

$ 12,245,430

$ 12,245,430

1354867.757

404

$ 12,245,430

$ 12,245,430

1354867.757

405

$ 12,245,430

$ 12,245,430

1354867.757

406

$ 12,245,430

$ 12,245,430

1354867.757

407

$ 12,245,430

$ 12,245,430

1354867.757

408

$ 12,245,430

$ 12,245,430

1354867.757

409

$ 12,245,430

$ 12,245,430

1354867.757

410

$ 12,245,430

$ 12,245,430

1354867.757

411

$ 12,245,430

$ 12,245,430

1354867.757

412

$ 12,245,430

$ 12,245,430

1354867.757

413

$ 12,245,430

$ 12,245,430

1354867.757

414

$ 12,245,430

$ 12,245,430

1354867.757

415

$ 12,245,430

$ 12,245,430

1354867.757

416

$ 12,245,430

$ 12,245,430

1354867.757

417

$ 12,245,430

$ 12,245,430

1354867.757

418

$ 12,245,430

$ 12,245,430

1354867.757

419

$ 12,245,430

$ 12,245,430

1354867.757

420

$ 12,245,430

$ 12,245,430

1354867.757

421

$ 12,245,430

$ 12,245,430

1354867.757

422

$ 12,245,430

$ 12,245,430

1354867.757

423

$ 12,245,430

$ 12,245,430

1354867.757

424

$ 12,245,430

$ 12,245,430

1354867.757

425

$ 12,245,430

$ 12,245,430

1354867.757

426

$ 12,245,430

$ 12,245,430

1354867.757

427

$ 12,245,430

$ 12,245,430

1354867.757

428

$ 12,245,430

$ 12,245,430

1354867.757

429

$ 12,245,430

$ 12,245,430

1354867.757

430

$ 12,245,430

$ 12,245,430

1354867.757

431

$ 12,245,430

$ 12,245,430

1354867.757

432

$ 12,245,430

$ 12,245,430

1354867.757

433

$ 12,245,430

$ 12,245,430

1354867.757

434

$ 12,245,430

$ 12,245,430

1354867.757

435

$ 12,245,430

$ 12,245,430

1354867.757

436

$ 12,245,430

$ 12,245,430

1354867.757

437

$ 12,245,430

$ 12,245,430

1354867.757

438

$ 12,245,430

$ 12,245,430

1354867.757

439

$ 12,245,430

$ 12,245,430

1354867.757

440

$ 12,245,430

$ 12,245,430

1354867.757

441

$ 12,245,430

$ 12,245,430

1354867.757

442

$ 12,245,430

$ 12,245,430

1354867.757

443

$ 12,245,430

$ 12,245,430

1354867.757

444

$ 12,245,430

$ 12,245,430

1354867.757

445

$ 12,245,430

$ 12,245,430

1354867.757

446

$ 12,245,430

$ 12,245,430

1354867.757

447

$ 12,245,430

$ 12,245,430

1354867.757

448

$ 12,245,430

$ 12,245,430

1354867.757

449

$ 12,245,430

$ 12,245,430

1354867.757

450

$ 12,245,430

$ 12,245,430

1354867.757

451

$ 12,245,430

$ 12,245,430

1354867.757

452

$ 12,245,430

$ 12,245,430

1354867.757

453

$ 12,245,430

$ 12,245,430

1354867.757

454

$ 12,245,430

$ 12,245,430

1354867.757

455

$ 12,245,430

$ 12,245,430

1354867.757

456

$ 12,245,430

$ 12,245,430

1354867.757

457

$ 12,245,430

$ 12,245,430

1354867.757

458

$ 12,245,430

$ 12,245,430

1354867.757

459

$ 12,245,430

$ 12,245,430

1354867.757

460

$ 12,245,430

$ 12,245,430

1354867.757

461

$ 12,245,430

$ 12,245,430

1354867.757

462

$ 12,245,430

$ 12,245,430

1354867.757

463

$ 12,245,430

$ 12,245,430

1354867.757

464

$ 12,245,430

$ 12,245,430

1354867.757

465

$ 12,245,430

$ 12,245,430

1354867.757

466

$ 12,245,430

$ 12,245,430

1354867.757

467

$ 12,245,430

$ 12,245,430

1354867.757

468

$ 12,245,430

$ 12,245,430

1354867.757

469

$ 12,245,430

$ 12,245,430

1354867.757

470

$ 12,245,430

$ 12,245,430

1354867.757

471

$ 12,245,430

$ 12,245,430

1354867.757

472

$ 12,245,430

$ 12,245,430

1354867.757

473

$ 12,245,430

$ 12,245,430

1354867.757

474

$ 12,245,430

$ 12,245,430

1354867.757

475

$ 12,245,430

$ 12,245,430

1354867.757

476

$ 12,245,430

$ 12,245,430

1354867.757

477

$ 12,245,430

$ 12,245,430

1354867.757

478

$ 12,245,430

$ 12,245,430

1354867.757

479

$ 12,245,430

$ 12,245,430

1354867.757

480

$ 12,245,430

$ 12,245,430

1354867.757

481

$ 12,245,430

$ 12,245,430

1354867.757

482

$ 12,245,430

$ 12,245,430

1354867.757

483

$ 12,245,430

$ 12,245,430

1354867.757

484

$ 12,245,430

$ 12,245,430

1354867.757

485

$ 12,245,430

$ 12,245,430

1354867.757

486

$ 12,245,430

$ 12,245,430

1354867.757

487

$ 12,245,430

$ 12,245,430

1354867.757

488

$ 12,245,430

$ 12,245,430

1354867.757

489

$ 12,245,430

$ 12,245,430

1354867.757

490

$ 12,245,430

$ 12,245,430

1354867.757

491

$ 12,245,430

$ 12,245,430

1354867.757

492

$ 12,245,430

$ 12,245,430

1354867.757

493

$ 12,245,430

$ 12,245,430

1354867.757

494

$ 12,245,430

$ 12,245,430

1354867.757

495

$ 12,245,430

$ 12,245,430

1354867.757

496

$ 12,245,430

$ 12,245,430

1354867.757

497

$ 12,245,430

$ 12,245,430

1354867.757

498

$ 12,245,430

$ 12,245,430

1354867.757

499

$ 12,245,430

$ 12,245,430

1354867.757

500

$ 12,245,430

$ 12,245,430

1354867.757

501

$ 12,245,430

$ 12,245,430

1354867.757

502

$ 12,245,430

$ 12,245,430

1354867.757

503

$ 12,245,430

$ 12,245,430

1354867.757

504

$ 12,245,430

$ 12,245,430

1354867.757

505

$ 12,245,430

$ 12,245,430

1354867.757

506

$ 12,245,430

$ 12,245,430

1354867.757

507

$ 12,245,430

$ 12,245,430

1354867.757

508

$ 12,245,430

$ 12,245,430

1354867.757

509

$ 12,245,430

$ 12,245,430

1354867.757

510

$ 12,245,430

$ 12,245,430

1354867.757

511

$ 12,245,430

$ 12,245,430

1354867.757

512

$ 12,245,430

$ 12,245,430

1354867.757

513

$ 12,245,430

$ 12,245,430

1354867.757

514

$ 12,245,430

$ 12,245,430

1354867.757

515

$ 12,245,430

$ 12,245,430

1354867.757

516

$ 12,245,430

$ 12,245,430

1354867.757

517

$ 12,245,430

$ 12,245,430

1354867.757

518

$ 12,245,430

$ 12,245,430

1354867.757

519

$ 12,245,430

$ 12,245,430

1354867.757

520

$ 12,245,430

$ 12,245,430

1354867.757

521

$ 12,245,430

$ 12,245,430

1354867.757

522

$ 12,245,430

$ 12,245,430

1354867.757

523

$ 12,245,430

$ 12,245,430

1354867.757

524

$ 12,245,430

$ 12,245,430

1354867.757

525

$ 12,245,430

$ 12,245,430

1354867.757

526

$ 12,245,430

$ 12,245,430

1354867.757

527

$ 12,245,430

$ 12,245,430

1354867.757

528

$ 12,245,430

$ 12,245,430

1354867.757

529

$ 12,245,430

$ 12,245,430

1354867.757

530

$ 12,245,430

$ 12,245,430

1354867.757

531

$ 12,245,430

$ 12,245,430

1354867.757

532

$ 12,245,430

$ 12,245,430

1354867.757

533

$ 12,245,430

$ 12,245,430

1354867.757

534

$ 12,245,430

$ 12,245,430

1354867.757

535

$ 12,245,430

$ 12,245,430

1354867.757

536

$ 12,245,430

$ 12,245,430

1354867.757

537

$ 12,245,430

$ 12,245,430

1354867.757

538

$ 12,245,430

$ 12,245,430

1354867.757

539

$ 12,245,430

$ 12,245,430

1354867.757

540

$ 12,245,430

$ 12,245,430

1354867.757

541

$ 12,245,430

$ 12,245,430

1354867.757

542

$ 12,245,430

$ 12,245,430

1354867.757

543

$ 12,245,430

$ 12,245,430

1354867.757

544

$ 12,245,430

$ 12,245,430

1354867.757

545

$ 12,245,430

$ 12,245,430

1354867.757

546

$ 12,245,430

$ 12,245,430

1354867.757

547

$ 12,245,430

$ 12,245,430

1354867.757

548

$ 12,245,430

$ 12,245,430

1354867.757

549

$ 12,245,430

$ 12,245,430

1354867.757

550

$ 12,245,430

$ 12,245,430

1354867.757

551

$ 12,245,430

$ 12,245,430

1354867.757

552

$ 12,245,430

$ 12,245,430

1354867.757

553

$ 12,245,430

$ 12,245,430

1354867.757

554

$ 12,245,430

$ 12,245,430

1354867.757

555

$ 12,245,430

$ 12,245,430

1354867.757

556

$ 12,245,430

$ 12,245,430

1354867.757

557

$ 12,245,430

$ 12,245,430

1354867.757

558

$ 12,245,430

$ 12,245,430

1354867.757

559

$ 12,245,430

$ 12,245,430

1354867.757

560

$ 12,245,430

$ 12,245,430

1354867.757

561

$ 12,245,430

$ 12,245,430

1354867.757

562

$ 12,245,430

$ 12,245,430

1354867.757

563

$ 12,245,430

$ 12,245,430

1354867.757

564

$ 12,245,430

$ 12,245,430

1354867.757

565

$ 12,245,430

$ 12,245,430

1354867.757

566

$ 12,245,430

$ 12,245,430

1354867.757

567

$ 12,245,430

$ 12,245,430

1354867.757

568

$ 12,245,430

$ 12,245,430

1354867.757

569

$ 12,245,430

$ 12,245,430

1354867.757

570

$ 12,245,430

$ 12,245,430

1354867.757

571

$ 12,245,430

$ 12,245,430

1354867.757

572

$ 12,245,430

$ 12,245,430

1354867.757

573

$ 12,245,430

$ 12,245,430

1354867.757

574

$ 12,245,430

$ 12,245,430

1354867.757

575

$ 12,245,430

$ 12,245,430

1354867.757

576

$ 12,245,430

$ 12,245,430

1354867.757

577

$ 12,245,430

$ 12,245,430

1354867.757

578

$ 12,245,430

$ 12,245,430

1354867.757

579

$ 12,245,430

$ 12,245,430

1354867.757

580

$ 12,245,430

$ 12,245,430

1354867.757

581

$ 12,245,430

$ 12,245,430

1354867.757

582

$ 12,245,430

$ 12,245,430

1354867.757

583

$ 12,245,430

$ 12,245,430

1354867.757

584

$ 12,245,430

$ 12,245,430

1354867.757

585

$ 12,245,430

$ 12,245,430

1354867.757

586

$ 12,245,430

$ 12,245,430

1354867.757

587

$ 12,245,430

$ 12,245,430

1354867.757

588

$ 12,245,430

$ 12,245,430

1354867.757

589

$ 12,245,430

$ 12,245,430

1354867.757

590

$ 12,245,430

$ 12,245,430

1354867.757

591

$ 12,245,430

$ 12,245,430

1354867.757

592

$ 12,245,430

$ 12,245,430

1354867.757

593

$ 12,245,430

$ 12,245,430

1354867.757

594

$ 12,245,430

$ 12,245,430

1354867.757

595

$ 12,245,430

$ 12,245,430

1354867.757

596

$ 12,245,430

$ 12,245,430

1354867.757

597

$ 12,245,430

$ 12,245,430

1354867.757

598

$ 12,245,430

$ 12,245,430

1354867.757

599

$ 12,245,430

$ 12,245,430

1354867.757

600

$ 12,245,430

$ 12,245,430

1354867.757

601

$ 12,245,430

$ 12,245,430

1354867.757

602

$ 12,245,430

$ 12,245,430

1354867.757

603

$ 12,245,430

$ 12,245,430

1354867.757

604

$ 12,245,430

$ 12,245,430

1354867.757

605

$ 12,245,430

$ 12,245,430

1354867.757

606

$ 12,245,430

$ 12,245,430

1354867.757

607

$ 12,245,430

$ 12,245,430

1354867.757

608

$ 12,245,430

$ 12,245,430

1354867.757

609

$ 12,245,430

$ 12,245,430

1354867.757

610

$ 12,245,430

$ 12,245,430

1354867.757

611

$ 12,245,430

$ 12,245,430

1354867.757

612

$ 12,245,430

$ 12,245,430

1354867.757

613

$ 12,245,430

$ 12,245,430

1354867.757

614

$ 12,245,430

$ 12,245,430

1354867.757

615

$ 12,245,430

$ 12,245,430

1354867.757

616

$ 12,245,430

$ 12,245,430

1354867.757

617

$ 12,245,430

$ 12,245,430

1354867.757

618

$ 12,245,430

$ 12,245,430

1354867.757

619

$ 12,245,430

$ 12,245,430

1354867.757

620

$ 12,245,430

$ 12,245,430

1354867.757

621

$ 12,245,430

$ 12,245,430

1354867.757

622

$ 12,245,430

$ 12,245,430

1354867.757

623

$ 12,245,430

$ 12,245,430

1354867.757

624

$ 12,245,430

$ 12,245,430

1354867.757

625

$ 12,245,430

$ 12,245,430

1354867.757

626

$ 12,245,430

$ 12,245,430

1354867.757

627

$ 12,245,430

$ 12,245,430

1354867.757

628

$ 12,245,430

$ 12,245,430

1354867.757

629

$ 12,245,430

$ 12,245,430

1354867.757

630

$ 12,245,430

$ 12,245,430

1354867.757

631

$ 12,245,430

$ 12,245,430

1354867.757

632

$ 12,245,430

$ 12,245,430

1354867.757

633

$ 12,245,430

$ 12,245,430

1354867.757

634

$ 12,245,430

$ 12,245,430

1354867.757

635

$ 12,245,430

$ 12,245,430

1354867.757

636

$ 12,245,430

$ 12,245,430

1354867.757

637

$ 12,245,430

$ 12,245,430

1354867.757

638

$ 12,245,430

$ 12,245,430

1354867.757

639

$ 12,245,430

$ 12,245,430

1354867.757

640

$ 12,245,430

$ 12,245,430

1354867.757

641

$ 12,245,430

$ 12,245,430

1354867.757

642

$ 12,245,430

$ 12,245,430

1354867.757

643

$ 12,245,430

$ 12,245,430

1354867.757

644

$ 12,245,430

$ 12,245,430

1354867.757

645

$ 12,245,430

$ 12,245,430

1354867.757

646

$ 12,245,430

$ 12,245,430

1354867.757

647

$ 12,245,430

$ 12,245,430

1354867.757

648

$ 12,245,430

$ 12,245,430

1354867.757

649

$ 12,245,430

$ 12,245,430

1354867.757

650

$ 12,245,430

$ 12,245,430

1354867.757

651

$ 12,245,430

$ 12,245,430

1354867.757

652

$ 12,245,430

$ 12,245,430

1354867.757

653

$ 12,245,430

$ 12,245,430

1354867.757

654

$ 12,245,430

$ 12,245,430

1354867.757

655

$ 12,245,430

$ 12,245,430

1354867.757

656

$ 12,245,430

$ 12,245,430

1354867.757

657

$ 12,245,430

$ 12,245,430

1354867.757

658

$ 12,245,430

$ 12,245,430

1354867.757

659

$ 12,245,430

$ 12,245,430

1354867.757

660

$ 12,245,430

$ 12,245,430

1354867.757

661

$ 12,245,430

$ 12,245,430

1354867.757

662

$ 12,245,430

$ 12,245,430

1354867.757

663

$ 12,245,430

$ 12,245,430

1354867.757

664

$ 12,245,430

$ 12,245,430

1354867.757

665

$ 12,245,430

$ 12,245,430

1354867.757

666

$ 12,245,430

$ 12,245,430

1354867.757

667

$ 12,245,430

$ 12,245,430

1354867.757

668

$ 12,245,430

$ 12,245,430

1354867.757

669

$ 12,245,430

$ 12,245,430

1354867.757

670

$ 12,245,430

$ 12,245,430

1354867.757

671

$ 12,245,430

$ 12,245,430

1354867.757

672

$ 12,245,430

$ 12,245,430

1354867.757

673

$ 12,245,430

$ 12,245,430

1354867.757

674

$ 12,245,430

$ 12,245,430

1354867.757

675

$ 12,245,430

$ 12,245,430

1354867.757

676

$ 12,245,430

$ 12,245,430

1354867.757

677

$ 12,245,430

$ 12,245,430

1354867.757

678

$ 12,245,430

$ 12,245,430

1354867.757

679

$ 12,245,430

$ 12,245,430

1354867.757

680

$ 12,245,430

$ 12,245,430

1354867.757

681

$ 12,245,430

$ 12,245,430

1354867.757

682

$ 12,245,430

$ 12,245,430

1354867.757

683

$ 12,245,430

$ 12,245,430

1354867.757

684

$ 12,245,430

$ 12,245,430

1354867.757

685

$ 12,245,430

$ 12,245,430

1354867.757

686

$ 12,245,430

$ 12,245,430

1354867.757

687

$ 12,245,430

$ 12,245,430

1354867.757

688

$ 12,245,430

$ 12,245,430

1354867.757

689

$ 12,245,430

$ 12,245,430

1354867.757

690

$ 12,245,430

$ 12,245,430

1354867.757

691

$ 12,245,430

$ 12,245,430

1354867.757

692

$ 12,245,430

$ 12,245,430

1354867.757

693

$ 12,245,430

$ 12,245,430

1354867.757

694

$ 12,245,430

$ 12,245,430

1354867.757

695

$ 12,245,430

$ 12,245,430

1354867.757

696

$ 12,245,430

$ 12,245,430

1354867.757

697

$ 12,245,430

$ 12,245,430

1354867.757

698

$ 12,245,430

$ 12,245,430

1354867.757

699

$ 12,245,430

$ 12,245,430

1354867.757

700

$ 12,245,430

$ 12,245,430

1354867.757

701

$ 12,245,430

$ 12,245,430

1354867.757

702

$ 12,245,430

$ 12,245,430

1354867.757

703

$ 12,245,430

$ 12,245,430

1354867.757

704

$ 12,245,430

$ 12,245,430

1354867.757

705

$ 12,245,430

$ 12,245,430

1354867.757

706

$ 12,245,430

$ 12,245,430

1354867.757

707

$ 12,245,430

$ 12,245,430

1354867.757

708

$ 12,245,430

$ 12,245,430

1354867.757

709

$ 12,245,430

$ 12,245,430

1354867.757

710

$ 12,245,430

$ 12,245,430

1354867.757

711

$ 12,245,430

$ 12,245,430

1354867.757

712

$ 12,245,430

$ 12,245,430

1354867.757

713

$ 12,245,430

$ 12,245,430

1354867.757

714

$ 12,245,430

$ 12,245,430

1354867.757

715

$ 12,245,430

$ 12,245,430

1354867.757

716

$ 12,245,430

$ 12,245,430

1354867.757

717

$ 12,245,430

$ 12,245,430

1354867.757

718

$ 12,245,430

$ 12,245,430

1354867.757

719

$ 12,245,430

$ 12,245,430

1354867.757

720

$ 12,245,430

$ 12,245,430

1354867.757

721

$ 12,245,430

$ 12,245,430

1354867.757

722

$ 12,245,430

$ 12,245,430

1354867.757

723

$ 12,245,430

$ 12,245,430

1354867.757

724

$ 12,245,430

$ 12,245,430

1354867.757

725

$ 12,245,430

$ 12,245,430

1354867.757

726

$ 12,245,430

$ 12,245,430

1354867.757

727

$ 12,245,430

$ 12,245,430

1354867.757

728

$ 12,245,430

$ 12,245,430

1354867.757

729

$ 12,245,430

$ 12,245,430

1354867.757

730

$ 12,245,430

$ 12,245,430

1354867.757

731

$ 12,245,430

$ 12,245,430

1354867.757

732

$ 12,245,430

$ 12,245,430

1354867.757

733

$ 12,245,430

$ 12,245,430

1354867.757

734

$ 12,245,430

$ 12,245,430

1354867.757

735

$ 12,245,430

$ 12,245,430

1354867.757

736

$ 12,245,430

$ 12,245,430

1354867.757

737

$ 12,245,430

$ 12,245,430

1354867.757

738

$ 12,245,430

$ 12,245,430

1354867.757

739

$ 12,245,430

$ 12,245,430

1354867.757

740

$ 12,245,430

$ 12,245,430

1354867.757

741

$ 12,245,430

$ 12,245,430

1354867.757

742

$ 12,245,430

$ 12,245,430

1354867.757

743

$ 12,245,430

$ 12,245,430

1354867.757

744

$ 12,245,430

$ 12,245,430

1354867.757

745

$ 12,245,430

$ 12,245,430

1354867.757

746

$ 12,245,430

$ 12,245,430

1354867.757

747

$ 12,245,430

$ 12,245,430

1354867.757

748

$ 12,245,430

$ 12,245,430

1354867.757

749

$ 12,245,430

$ 12,245,430

1354867.757

750

$ 12,245,430

$ 12,245,430

1354867.757

751

$ 12,245,430

$ 12,245,430

1354867.757

752

$ 12,245,430

$ 12,245,430

1354867.757

753

$ 12,245,430

$ 12,245,430

1354867.757

754

$ 12,245,430

$ 12,245,430

1354867.757

755

$ 12,245,430

$ 12,245,430

1354867.757

756

$ 12,245,430

$ 12,245,430

1354867.757

757

$ 12,245,430

$ 12,245,430

1354867.757

758

$ 12,245,430

$ 12,245,430

1354867.757

759

$ 12,245,430

$ 12,245,430

1354867.757

760

$ 12,245,430

$ 12,245,430

1354867.757

761

$ 12,245,430

$ 12,245,430

1354867.757

762

$ 12,245,430

$ 12,245,430

1354867.757

763

$ 12,245,430

$ 12,245,430

1354867.757

764

$ 12,245,430

$ 12,245,430

1354867.757

765

$ 12,245,430

$ 12,245,430

1354867.757

766

$ 12,245,430

$ 12,245,430

1354867.757

767

$ 12,245,430

$ 12,245,430

1354867.757

768

$ 12,245,430

$ 12,245,430

1354867.757

769

$ 12,245,430

$ 12,245,430

1354867.757

770

$ 12,245,430

$ 12,245,430

1354867.757

771

$ 12,245,430

$ 12,245,430

1354867.757

772

$ 12,245,430

$ 12,245,430

1354867.757

773

$ 12,245,430

$ 12,245,430

1354867.757

774

$ 12,245,430

$ 12,245,430

1354867.757

775

$ 12,245,430

$ 12,245,430

1354867.757

776

$ 12,245,430

$ 12,245,430

1354867.757

777

$ 12,245,430

$ 12,245,430

1354867.757

778

$ 12,245,430

$ 12,245,430

1354867.757

779

$ 12,245,430

$ 12,245,430

1354867.757

780

$ 12,245,430

$ 12,245,430

1354867.757

781

$ 12,245,430

$ 12,245,430

1354867.757

782

$ 12,245,430

$ 12,245,430

1354867.757

783

$ 12,245,430

$ 12,245,430

1354867.757

784

$ 12,245,430

$ 12,245,430

1354867.757

785

$ 12,245,430

$ 12,245,430

1354867.757

786

$ 12,245,430

$ 12,245,430

1354867.757

787

$ 12,245,430

$ 12,245,430

1354867.757

788

$ 12,245,430

$ 12,245,430

1354867.757

789

$ 12,245,430

$ 12,245,430

1354867.757

790

$ 12,245,430

$ 12,245,430

1354867.757

791

$ 12,245,430

$ 12,245,430

1354867.757

792

$ 12,245,430

$ 12,245,430

1354867.757

793

$ 12,245,430

$ 12,245,430

1354867.757

794

$ 12,245,430

$ 12,245,430

1354867.757

795

$ 12,245,430

$ 12,245,430

1354867.757

796

$ 12,245,430

$ 12,245,430

1354867.757

797

$ 12,245,430

$ 12,245,430

1354867.757

798

$ 12,245,430

$ 12,245,430

1354867.757

799

$ 12,245,430

$ 12,245,430

1354867.757

800

$ 12,245,430

$ 12,245,430

1354867.757

801

$ 12,245,430

$ 12,245,430

1354867.757

802

$ 12,245,430

$ 12,245,430

1354867.757

803

$ 12,245,430

$ 12,245,430

1354867.757

804

$ 12,245,430

$ 12,245,430

1354867.757

805

$ 12,245,430

$ 12,245,430

1354867.757

806

$ 12,245,430

$ 12,245,430

1354867.757

807

$ 12,245,430

$ 12,245,430

1354867.757

808

$ 12,245,430

$ 12,245,430

1354867.757

809

$ 12,245,430

$ 12,245,430

1354867.757

810

$ 12,245,430

$ 12,245,430

1354867.757

811

$ 12,245,430

$ 12,245,430

1354867.757

812

$ 12,245,430

$ 12,245,430

1354867.757

813

$ 12,245,430

$ 12,245,430

1354867.757

814

$ 12,245,430

$ 12,245,430

1354867.757

815

$ 12,245,430

$ 12,245,430

1354867.757

816

$ 12,245,430

$ 12,245,430

1354867.757

817

$ 12,245,430

$ 12,245,430

1354867.757

818

$ 12,245,430

$ 12,245,430

1354867.757

819

$ 12,245,430

$ 12,245,430

1354867.757

820

$ 12,245,430

$ 12,245,430

1354867.757

821

$ 12,245,430

$ 12,245,430

1354867.757

822

$ 12,245,430

$ 12,245,430

1354867.757

823

$ 12,245,430

$ 12,245,430

1354867.757

824

$ 12,245,430

$ 12,245,430

1354867.757

825

$ 12,245,430

$ 12,245,430

1354867.757

826

$ 12,245,430

$ 12,245,430

1354867.757

827

$ 12,245,430

$ 12,245,430

1354867.757

828

$ 12,245,430

$ 12,245,430

1354867.757

829

$ 12,245,430

$ 12,245,430

1354867.757

830

$ 12,245,430

$ 12,245,430

1354867.757

831

$ 12,245,430

$ 12,245,430

1354867.757

832

$ 12,245,430

$ 12,245,430

1354867.757

833

$ 12,245,430

$ 12,245,430

1354867.757

834

$ 12,245,430

$ 12,245,430

1354867.757

835

$ 12,245,430

$ 12,245,430

1354867.757

836

$ 12,245,430

$ 12,245,430

1354867.757

837

$ 12,245,430

$ 12,245,430

1354867.757

838

$ 12,245,430

$ 12,245,430

1354867.757

839

$ 12,245,430

$ 12,245,430

1354867.757

840

$ 12,245,430

$ 12,245,430

1354867.757

841

$ 12,245,430

$ 12,245,430

1354867.757

842

$ 12,245,430

$ 12,245,430

1354867.757

843

$ 12,245,430

$ 12,245,430

1354867.757

844

$ 12,245,430

$ 12,245,430

1354867.757

845

$ 12,245,430

$ 12,245,430

1354867.757

846

$ 12,245,430

$ 12,245,430

1354867.757

847

$ 12,245,430

$ 12,245,430

1354867.757

848

$ 12,245,430

$ 12,245,430

1354867.757

849

$ 12,245,430

$ 12,245,430

1354867.757

850

$ 12,245,430

$ 12,245,430

1354867.757

851

$ 12,245,430

$ 12,245,430

1354867.757

852

$ 12,245,430

$ 12,245,430

1354867.757

853

$ 12,245,430

$ 12,245,430

1354867.757

854

$ 12,245,430

$ 12,245,430

1354867.757

855

$ 12,245,430

$ 12,245,430

1354867.757

856

$ 12,245,430

$ 12,245,430

1354867.757

857

$ 12,245,430

$ 12,245,430

1354867.757

858

$ 12,245,430

$ 12,245,430

1354867.757

859

$ 12,245,430

$ 12,245,430

1354867.757

860

$ 12,245,430

$ 12,245,430

1354867.757

861

$ 12,245,430

$ 12,245,430

1354867.757

862

$ 12,245,430

$ 12,245,430

1354867.757

863

$ 12,245,430

$ 12,245,430

1354867.757

864

$ 12,245,430

$ 12,245,430

1354867.757

865

$ 12,245,430

$ 12,245,430

1354867.757

866

$ 12,245,430

$ 12,245,430

1354867.757

867

$ 12,245,430

$ 12,245,430

1354867.757

868

$ 12,245,430

$ 12,245,430

1354867.757

869

$ 12,245,430

$ 12,245,430

1354867.757

870

$ 12,245,430

$ 12,245,430

1354867.757

871

$ 12,245,430

$ 12,245,430

1354867.757

872

$ 12,245,430

$ 12,245,430

1354867.757

873

$ 12,245,430

$ 12,245,430

1354867.757

874

$ 12,245,430

$ 12,245,430

1354867.757

875

$ 12,245,430

$ 12,245,430

1354867.757

876

$ 12,245,430

$ 12,245,430

1354867.757

877

$ 12,245,430

$ 12,245,430

1354867.757

878

$ 12,245,430

$ 12,245,430

1354867.757

879

$ 12,245,430

$ 12,245,430

1354867.757

880

$ 12,245,430

$ 12,245,430

1354867.757

881

$ 12,245,430

$ 12,245,430

1354867.757

882

$ 12,245,430

$ 12,245,430

1354867.757

883

$ 12,245,430

$ 12,245,430

1354867.757

884

$ 12,245,430

$ 12,245,430

1354867.757

885

$ 12,245,430

$ 12,245,430

1354867.757

886

$ 12,245,430

$ 12,245,430

1354867.757

887

$ 12,245,430

$ 12,245,430

1354867.757

888

$ 12,245,430

$ 12,245,430

1354867.757

889

$ 12,245,430

$ 12,245,430

1354867.757

890

$ 12,245,430

$ 12,245,430

1354867.757

891

$ 12,245,430

$ 12,245,430

1354867.757

892

$ 12,245,430

$ 12,245,430

1354867.757

893

$ 12,245,430

$ 12,245,430

1354867.757

894

$ 12,245,430

$ 12,245,430

1354867.757

895

$ 12,245,430

$ 12,245,430

1354867.757

896

$ 12,245,430

$ 12,245,430

1354867.757

897

$ 12,245,430

$ 12,245,430

1354867.757

898

$ 12,245,430

$ 12,245,430

1354867.757

899

$ 12,245,430

$ 12,245,430

1354867.757

900

$ 12,245,430

$ 12,245,430

1354867.757

901

$ 12,245,430

$ 12,245,430

1354867.757

902

$ 12,245,430

$ 12,245,430

1354867.757

903

$ 12,245,430

$ 12,245,430

1354867.757

904

$ 12,245,430

$ 12,245,430

1354867.757

905

$ 12,245,430

$ 12,245,430

1354867.757

906

$ 12,245,430

$ 12,245,430

1354867.757

907

$ 12,245,430

$ 12,245,430

1354867.757

908

$ 12,245,430

$ 12,245,430

1354867.757

909

$ 12,245,430

$ 12,245,430

1354867.757

910

$ 12,245,430

$ 12,245,430

1354867.757

911

$ 12,245,430

$ 12,245,430

1354867.757

912

$ 12,245,430

$ 12,245,430

1354867.757

913

$ 12,245,430

$ 12,245,430

1354867.757

914

$ 12,245,430

$ 12,245,430

1354867.757

915

$ 12,245,430

$ 12,245,430

1354867.757

916

$ 12,245,430

$ 12,245,430

1354867.757

917

$ 12,245,430

$ 12,245,430

1354867.757

918

$ 12,245,430

$ 12,245,430

1354867.757

919

$ 12,245,430

$ 12,245,430

1354867.757

920

$ 12,245,430

$ 12,245,430

1354867.757

921

$ 12,245,430

$ 12,245,430

1354867.757

922

$ 12,245,430

$ 12,245,430

1354867.757

923

$ 12,245,430

$ 12,245,430

1354867.757

924

$ 12,245,430

$ 12,245,430

1354867.757

925

$ 12,245,430

$ 12,245,430

1354867.757

926

$ 12,245,430

$ 12,245,430

1354867.757

927

$ 12,245,430

$ 12,245,430

1354867.757

928

$ 12,245,430

$ 12,245,430

1354867.757

929

$ 12,245,430

$ 12,245,430

1354867.757

930

$ 12,245,430

$ 12,245,430

1354867.757

931

$ 12,245,430

$ 12,245,430

1354867.757

932

$ 12,245,430

$ 12,245,430

1354867.757

933

$ 12,245,430

$ 12,245,430

1354867.757

934

$ 12,245,430

$ 12,245,430

1354867.757

935

$ 12,245,430

$ 12,245,430

1354867.757

936

$ 12,245,430

$ 12,245,430

1354867.757

937

$ 12,245,430

$ 12,245,430

1354867.757

938

$ 12,245,430

$ 12,245,430

1354867.757

939

$ 12,245,430

$ 12,245,430

1354867.757

940

$ 12,245,430

$ 12,245,430

1354867.757

941

$ 12,245,430

$ 12,245,430

1354867.757

942

$ 12,245,430

$ 12,245,430

1354867.757

943

$ 12,245,430

$ 12,245,430

1354867.757

944

$ 12,245,430

$ 12,245,430

1354867.757

945

$ 12,245,430

$ 12,245,430

1354867.757

946

$ 12,245,430

$ 12,245,430

1354867.757

947

$ 12,245,430

$ 12,245,430

1354867.757

948

$ 12,245,430

$ 12,245,430

1354867.757

949

$ 12,245,430

$ 12,245,430

1354867.757

950

$ 12,245,430

$ 12,245,430

1354867.757

951

$ 12,245,430

$ 12,245,430

1354867.757

952

$ 12,245,430

$ 12,245,430

1354867.757

953

$ 12,245,430

$ 12,245,430

1354867.757

954

$ 12,245,430

$ 12,245,430

1354867.757

955

$ 12,245,430

$ 12,245,430

1354867.757

956

$ 12,245,430

$ 12,245,430

1354867.757

957

$ 12,245,430

$ 12,245,430

1354867.757

958

$ 12,245,430

$ 12,245,430

1354867.757

959

$ 12,245,430

$ 12,245,430

1354867.757

960

$ 12,245,430

$ 12,245,430

1354867.757

961

$ 12,245,430

$ 12,245,430

1354867.757

962

$ 12,245,430

$ 12,245,430

1354867.757

963

$ 12,245,430

$ 12,245,430

1354867.757

964

$ 12,245,430

$ 12,245,430

1354867.757

965

$ 12,245,430

$ 12,245,430

1354867.757

966

$ 12,245,430

$ 12,245,430

1354867.757

967

$ 12,245,430

$ 12,245,430

1354867.757

968

$ 12,245,430

$ 12,245,430

1354867.757

969

$ 12,245,430

$ 12,245,430

1354867.757

970

$ 12,245,430

$ 12,245,430

1354867.757

971

$ 12,245,430

$ 12,245,430

1354867.757

972

$ 12,245,430

$ 12,245,430

1354867.757

973

$ 12,245,430

$ 12,245,430

1354867.757

974

$ 12,245,430

$ 12,245,430

1354867.757

975

$ 12,245,430

$ 12,245,430

1354867.757

976

$ 12,245,430

$ 12,245,430

1354867.757

977

$ 12,245,430

$ 12,245,430

1354867.757

978

$ 12,245,430

$ 12,245,430

1354867.757

979

$ 12,245,430

$ 12,245,430

1354867.757

980

$ 12,245,430

$ 12,245,430

1354867.757

981

$ 12,245,430

$ 12,245,430

1354867.757

982

$ 12,245,430

$ 12,245,430

1354867.757

983

$ 12,245,430

$ 12,245,430

1354867.757

984

$ 12,245,430

$ 12,245,430

1354867.757

985

$ 12,245,430

$ 12,245,430

1354867.757

986

$ 12,245,430

$ 12,245,430

1354867.757

987

$ 12,245,430

$ 12,245,430

1354867.757

988

$ 12,245,430

$ 12,245,430

1354867.757

989

$ 12,245,430

$ 12,245,430

1354867.757

990

$ 12,245,430

$ 12,245,430

1354867.757

991

$ 12,245,430

$ 12,245,430

1354867.757

992

$ 12,245,430

$ 12,245,430

1354867.757

993

$ 12,245,430

$ 12,245,430

1354867.757

994

$ 12,245,430

$ 12,245,430

1354867.757

995

$ 12,245,430

$ 12,245,430

1354867.757

996

$ 12,245,430

$ 12,245,430

1354867.757

997

$ 12,245,430

$ 12,245,430

1354867.757

998

$ 12,245,430

$ 12,245,430

1354867.757

999

$ 12,245,430

$ 12,245,430

1354867.757

1000

$ 12,245,430

$ 12,245,430

1354867.757

IL DEL RIESGO PARA LA EVALUACION FINANCIERA DEL PROYECTO

Financiero

PROBABILIDAD VPN < $ 0

0.00%

$ 12,245,430

PROBABILIDAD VPN > $ 0

100.00%

DISTRIBUCION DE FRECUENCIAS PARA LA SIMULACION DEL VPN

1000

$12,245,430

$12,245,430

$12,245,430

$12,245,430

$12,245,430

$12,245,430

$12,245,430

$12,245,430

$12,245,430

$12,245,430

0
$12,245,430

$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430
$ 12,245,430

Series1

ULACION DELVALOR PRESENTE NETO

Area Para X<=$0

Clases

TablaFrec%

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

1000

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

$ 12,245,430

CUENCIAS PARA LA SIMULACION DEL VPN

$12,245,430

$12,245,430

$12,245,430

$12,245,430

$12,245,430

$12,245,430

$12,245,430

$12,245,430

$12,245,430

$12,245,430

$12,245,430

RESULTADOS DE LA SIMULACION
ESTADISTICA DESCRIPTIVA

VPN Financiero Promedio

$ 12,245,430

Desviacion Estandar VPN

$0

VPN Maximo

$ 12,245,430

VPN Minimo

$ 12,245,430

PERFIL DEL RIESGO PAR

INDICADOR

Economico

TASA INTERNA DE RETORNO

11.48%

DISTRIBUCION NORMAL PARA LA SIMULACION DE LA TIR

Area Para X<=16%

TIR Muestra
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%

TIR Distribucion Normal

Area TIR

Percentile

TIR Estimado

16.00%

40.00%

19.50%

Simulaciones

1,000

Simulaciones

TIR Esperado

TIR Muestra

19.50%

19.50%

1.91093E+14

19.50%

19.50%

1.91093E+14

19.50%

19.50%

1.91093E+14

19.50%

19.50%

1.91093E+14

19.50%

19.50%

1.91093E+14

19.50%

19.50%

1.91093E+14

19.50%

19.50%

1.91093E+14

19.50%

19.50%

1.91093E+14

19.50%

19.50%

1.91093E+14

10

19.50%

19.50%

1.91093E+14

11

19.50%

19.50%

1.91093E+14

12

19.50%

19.50%

1.91093E+14

13

19.50%

19.50%

1.91093E+14

14

19.50%

19.50%

1.91093E+14

15

19.50%

19.50%

1.91093E+14

16

19.50%

19.50%

1.91093E+14

17

19.50%

19.50%

1.91093E+14

18

19.50%

19.50%

1.91093E+14

19

19.50%

19.50%

1.91093E+14

20

19.50%

19.50%

1.91093E+14

21

19.50%

19.50%

1.91093E+14

22

19.50%

19.50%

1.91093E+14

23

19.50%

19.50%

1.91093E+14

24

19.50%

19.50%

1.91093E+14

SIMULACION DE LA TASA INTERNA D

TIR Distribucion
Normal

25

19.50%

19.50%

1.91093E+14

26

19.50%

19.50%

1.91093E+14

27

19.50%

19.50%

1.91093E+14

28

19.50%

19.50%

1.91093E+14

29

19.50%

19.50%

1.91093E+14

30

19.50%

19.50%

1.91093E+14

31

19.50%

19.50%

1.91093E+14

32

19.50%

19.50%

1.91093E+14

33

19.50%

19.50%

1.91093E+14

34

19.50%

19.50%

1.91093E+14

35

19.50%

19.50%

1.91093E+14

36

19.50%

19.50%

1.91093E+14

37

19.50%

19.50%

1.91093E+14

38

19.50%

19.50%

1.91093E+14

39

19.50%

19.50%

1.91093E+14

40

19.50%

19.50%

1.91093E+14

41

19.50%

19.50%

1.91093E+14

42

19.50%

19.50%

1.91093E+14

43

19.50%

19.50%

1.91093E+14

44

19.50%

19.50%

1.91093E+14

45

19.50%

19.50%

1.91093E+14

46

19.50%

19.50%

1.91093E+14

47

19.50%

19.50%

1.91093E+14

48

19.50%

19.50%

1.91093E+14

49

19.50%

19.50%

1.91093E+14

50

19.50%

19.50%

1.91093E+14

51

19.50%

19.50%

1.91093E+14

52

19.50%

19.50%

1.91093E+14

53

19.50%

19.50%

1.91093E+14

54

19.50%

19.50%

1.91093E+14

55

19.50%

19.50%

1.91093E+14

56

19.50%

19.50%

1.91093E+14

57

19.50%

19.50%

1.91093E+14

58

19.50%

19.50%

1.91093E+14

59

19.50%

19.50%

1.91093E+14

60

19.50%

19.50%

1.91093E+14

61

19.50%

19.50%

1.91093E+14

62

19.50%

19.50%

1.91093E+14

63

19.50%

19.50%

1.91093E+14

64

19.50%

19.50%

1.91093E+14

65

19.50%

19.50%

1.91093E+14

66

19.50%

19.50%

1.91093E+14

67

19.50%

19.50%

1.91093E+14

68

19.50%

19.50%

1.91093E+14

69

19.50%

19.50%

1.91093E+14

70

19.50%

19.50%

1.91093E+14

71

19.50%

19.50%

1.91093E+14

72

19.50%

19.50%

1.91093E+14

73

19.50%

19.50%

1.91093E+14

74

19.50%

19.50%

1.91093E+14

75

19.50%

19.50%

1.91093E+14

76

19.50%

19.50%

1.91093E+14

77

19.50%

19.50%

1.91093E+14

78

19.50%

19.50%

1.91093E+14

79

19.50%

19.50%

1.91093E+14

80

19.50%

19.50%

1.91093E+14

81

19.50%

19.50%

1.91093E+14

82

19.50%

19.50%

1.91093E+14

83

19.50%

19.50%

1.91093E+14

84

19.50%

19.50%

1.91093E+14

85

19.50%

19.50%

1.91093E+14

86

19.50%

19.50%

1.91093E+14

87

19.50%

19.50%

1.91093E+14

88

19.50%

19.50%

1.91093E+14

89

19.50%

19.50%

1.91093E+14

90

19.50%

19.50%

1.91093E+14

91

19.50%

19.50%

1.91093E+14

92

19.50%

19.50%

1.91093E+14

93

19.50%

19.50%

1.91093E+14

94

19.50%

19.50%

1.91093E+14

95

19.50%

19.50%

1.91093E+14

96

19.50%

19.50%

1.91093E+14

97

19.50%

19.50%

1.91093E+14

98

19.50%

19.50%

1.91093E+14

99

19.50%

19.50%

1.91093E+14

100

19.50%

19.50%

1.91093E+14

101

19.50%

19.50%

1.91093E+14

102

19.50%

19.50%

1.91093E+14

103

19.50%

19.50%

1.91093E+14

104

19.50%

19.50%

1.91093E+14

105

19.50%

19.50%

1.91093E+14

106

19.50%

19.50%

1.91093E+14

107

19.50%

19.50%

1.91093E+14

108

19.50%

19.50%

1.91093E+14

109

19.50%

19.50%

1.91093E+14

110

19.50%

19.50%

1.91093E+14

111

19.50%

19.50%

1.91093E+14

112

19.50%

19.50%

1.91093E+14

113

19.50%

19.50%

1.91093E+14

114

19.50%

19.50%

1.91093E+14

115

19.50%

19.50%

1.91093E+14

116

19.50%

19.50%

1.91093E+14

117

19.50%

19.50%

1.91093E+14

118

19.50%

19.50%

1.91093E+14

119

19.50%

19.50%

1.91093E+14

120

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19.50%

1.91093E+14

799

19.50%

19.50%

1.91093E+14

800

19.50%

19.50%

1.91093E+14

801

19.50%

19.50%

1.91093E+14

802

19.50%

19.50%

1.91093E+14

803

19.50%

19.50%

1.91093E+14

804

19.50%

19.50%

1.91093E+14

805

19.50%

19.50%

1.91093E+14

806

19.50%

19.50%

1.91093E+14

807

19.50%

19.50%

1.91093E+14

808

19.50%

19.50%

1.91093E+14

809

19.50%

19.50%

1.91093E+14

810

19.50%

19.50%

1.91093E+14

811

19.50%

19.50%

1.91093E+14

812

19.50%

19.50%

1.91093E+14

813

19.50%

19.50%

1.91093E+14

814

19.50%

19.50%

1.91093E+14

815

19.50%

19.50%

1.91093E+14

816

19.50%

19.50%

1.91093E+14

817

19.50%

19.50%

1.91093E+14

818

19.50%

19.50%

1.91093E+14

819

19.50%

19.50%

1.91093E+14

820

19.50%

19.50%

1.91093E+14

821

19.50%

19.50%

1.91093E+14

822

19.50%

19.50%

1.91093E+14

823

19.50%

19.50%

1.91093E+14

824

19.50%

19.50%

1.91093E+14

825

19.50%

19.50%

1.91093E+14

826

19.50%

19.50%

1.91093E+14

827

19.50%

19.50%

1.91093E+14

828

19.50%

19.50%

1.91093E+14

829

19.50%

19.50%

1.91093E+14

830

19.50%

19.50%

1.91093E+14

831

19.50%

19.50%

1.91093E+14

832

19.50%

19.50%

1.91093E+14

833

19.50%

19.50%

1.91093E+14

834

19.50%

19.50%

1.91093E+14

835

19.50%

19.50%

1.91093E+14

836

19.50%

19.50%

1.91093E+14

837

19.50%

19.50%

1.91093E+14

838

19.50%

19.50%

1.91093E+14

839

19.50%

19.50%

1.91093E+14

840

19.50%

19.50%

1.91093E+14

841

19.50%

19.50%

1.91093E+14

842

19.50%

19.50%

1.91093E+14

843

19.50%

19.50%

1.91093E+14

844

19.50%

19.50%

1.91093E+14

845

19.50%

19.50%

1.91093E+14

846

19.50%

19.50%

1.91093E+14

847

19.50%

19.50%

1.91093E+14

848

19.50%

19.50%

1.91093E+14

849

19.50%

19.50%

1.91093E+14

850

19.50%

19.50%

1.91093E+14

851

19.50%

19.50%

1.91093E+14

852

19.50%

19.50%

1.91093E+14

853

19.50%

19.50%

1.91093E+14

854

19.50%

19.50%

1.91093E+14

855

19.50%

19.50%

1.91093E+14

856

19.50%

19.50%

1.91093E+14

857

19.50%

19.50%

1.91093E+14

858

19.50%

19.50%

1.91093E+14

859

19.50%

19.50%

1.91093E+14

860

19.50%

19.50%

1.91093E+14

861

19.50%

19.50%

1.91093E+14

862

19.50%

19.50%

1.91093E+14

863

19.50%

19.50%

1.91093E+14

864

19.50%

19.50%

1.91093E+14

865

19.50%

19.50%

1.91093E+14

866

19.50%

19.50%

1.91093E+14

867

19.50%

19.50%

1.91093E+14

868

19.50%

19.50%

1.91093E+14

869

19.50%

19.50%

1.91093E+14

870

19.50%

19.50%

1.91093E+14

871

19.50%

19.50%

1.91093E+14

872

19.50%

19.50%

1.91093E+14

873

19.50%

19.50%

1.91093E+14

874

19.50%

19.50%

1.91093E+14

875

19.50%

19.50%

1.91093E+14

876

19.50%

19.50%

1.91093E+14

877

19.50%

19.50%

1.91093E+14

878

19.50%

19.50%

1.91093E+14

879

19.50%

19.50%

1.91093E+14

880

19.50%

19.50%

1.91093E+14

881

19.50%

19.50%

1.91093E+14

882

19.50%

19.50%

1.91093E+14

883

19.50%

19.50%

1.91093E+14

884

19.50%

19.50%

1.91093E+14

885

19.50%

19.50%

1.91093E+14

886

19.50%

19.50%

1.91093E+14

887

19.50%

19.50%

1.91093E+14

888

19.50%

19.50%

1.91093E+14

889

19.50%

19.50%

1.91093E+14

890

19.50%

19.50%

1.91093E+14

891

19.50%

19.50%

1.91093E+14

892

19.50%

19.50%

1.91093E+14

893

19.50%

19.50%

1.91093E+14

894

19.50%

19.50%

1.91093E+14

895

19.50%

19.50%

1.91093E+14

896

19.50%

19.50%

1.91093E+14

897

19.50%

19.50%

1.91093E+14

898

19.50%

19.50%

1.91093E+14

899

19.50%

19.50%

1.91093E+14

900

19.50%

19.50%

1.91093E+14

901

19.50%

19.50%

1.91093E+14

902

19.50%

19.50%

1.91093E+14

903

19.50%

19.50%

1.91093E+14

904

19.50%

19.50%

1.91093E+14

905

19.50%

19.50%

1.91093E+14

906

19.50%

19.50%

1.91093E+14

907

19.50%

19.50%

1.91093E+14

908

19.50%

19.50%

1.91093E+14

909

19.50%

19.50%

1.91093E+14

910

19.50%

19.50%

1.91093E+14

911

19.50%

19.50%

1.91093E+14

912

19.50%

19.50%

1.91093E+14

913

19.50%

19.50%

1.91093E+14

914

19.50%

19.50%

1.91093E+14

915

19.50%

19.50%

1.91093E+14

916

19.50%

19.50%

1.91093E+14

917

19.50%

19.50%

1.91093E+14

918

19.50%

19.50%

1.91093E+14

919

19.50%

19.50%

1.91093E+14

920

19.50%

19.50%

1.91093E+14

921

19.50%

19.50%

1.91093E+14

922

19.50%

19.50%

1.91093E+14

923

19.50%

19.50%

1.91093E+14

924

19.50%

19.50%

1.91093E+14

925

19.50%

19.50%

1.91093E+14

926

19.50%

19.50%

1.91093E+14

927

19.50%

19.50%

1.91093E+14

928

19.50%

19.50%

1.91093E+14

929

19.50%

19.50%

1.91093E+14

930

19.50%

19.50%

1.91093E+14

931

19.50%

19.50%

1.91093E+14

932

19.50%

19.50%

1.91093E+14

933

19.50%

19.50%

1.91093E+14

934

19.50%

19.50%

1.91093E+14

935

19.50%

19.50%

1.91093E+14

936

19.50%

19.50%

1.91093E+14

937

19.50%

19.50%

1.91093E+14

938

19.50%

19.50%

1.91093E+14

939

19.50%

19.50%

1.91093E+14

940

19.50%

19.50%

1.91093E+14

941

19.50%

19.50%

1.91093E+14

942

19.50%

19.50%

1.91093E+14

943

19.50%

19.50%

1.91093E+14

944

19.50%

19.50%

1.91093E+14

945

19.50%

19.50%

1.91093E+14

946

19.50%

19.50%

1.91093E+14

947

19.50%

19.50%

1.91093E+14

948

19.50%

19.50%

1.91093E+14

949

19.50%

19.50%

1.91093E+14

950

19.50%

19.50%

1.91093E+14

951

19.50%

19.50%

1.91093E+14

952

19.50%

19.50%

1.91093E+14

953

19.50%

19.50%

1.91093E+14

954

19.50%

19.50%

1.91093E+14

955

19.50%

19.50%

1.91093E+14

956

19.50%

19.50%

1.91093E+14

957

19.50%

19.50%

1.91093E+14

958

19.50%

19.50%

1.91093E+14

959

19.50%

19.50%

1.91093E+14

960

19.50%

19.50%

1.91093E+14

961

19.50%

19.50%

1.91093E+14

962

19.50%

19.50%

1.91093E+14

963

19.50%

19.50%

1.91093E+14

964

19.50%

19.50%

1.91093E+14

965

19.50%

19.50%

1.91093E+14

966

19.50%

19.50%

1.91093E+14

967

19.50%

19.50%

1.91093E+14

968

19.50%

19.50%

1.91093E+14

969

19.50%

19.50%

1.91093E+14

970

19.50%

19.50%

1.91093E+14

971

19.50%

19.50%

1.91093E+14

972

19.50%

19.50%

1.91093E+14

973

19.50%

19.50%

1.91093E+14

974

19.50%

19.50%

1.91093E+14

975

19.50%

19.50%

1.91093E+14

976

19.50%

19.50%

1.91093E+14

977

19.50%

19.50%

1.91093E+14

978

19.50%

19.50%

1.91093E+14

979

19.50%

19.50%

1.91093E+14

980

19.50%

19.50%

1.91093E+14

981

19.50%

19.50%

1.91093E+14

982

19.50%

19.50%

1.91093E+14

983

19.50%

19.50%

1.91093E+14

984

19.50%

19.50%

1.91093E+14

985

19.50%

19.50%

1.91093E+14

986

19.50%

19.50%

1.91093E+14

987

19.50%

19.50%

1.91093E+14

988

19.50%

19.50%

1.91093E+14

989

19.50%

19.50%

1.91093E+14

990

19.50%

19.50%

1.91093E+14

991

19.50%

19.50%

1.91093E+14

992

19.50%

19.50%

1.91093E+14

993

19.50%

19.50%

1.91093E+14

994

19.50%

19.50%

1.91093E+14

995

19.50%

19.50%

1.91093E+14

996

19.50%

19.50%

1.91093E+14

997

19.50%

19.50%

1.91093E+14

998

19.50%

19.50%

1.91093E+14

999

19.50%

19.50%

1.91093E+14

1000

19.50%

19.50%

1.91093E+14

ERFIL DEL RIESGO PARA LA EVALUACION FINANCIERA DEL PROYECTO

Financiero

PROBABILIDAD TIR<16%

0.00%

19.50%

PROBABILIDAD TIR>16%

100.00%

DISTRIBUCION DE FRECUENCIAS PARA LA SIMULACION DE

1000

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%
19.50%

Series1

LA TASA INTERNA DE RETORNO

Area Para X<=16%

Clases

TablaFrec%

19.50%

19.50%

19.50%

19.50%

1000

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

UENCIAS PARA LA SIMULACION DE LA TIR

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

19.50%

RESULTADOS DE LA SIMULACION
ESTADISTICA DESCRIPTIVA

TIR Financiero Promedio

19.50%

Desviacion Estandar TIR

0.00%

TIR Maximo

19.50%

TIR Minimo

19.50%

utilidad

MANO DE OBRA
GASTOS OPERATIVOS

Minimo
Maximo

Mano de obra
$
(10,000)
$
(8,000)
$
(2,500)
$
(1,000)
$
4,500
$
6,000
$
7,000
$
10,000
$
15,000

$
$

Gasto Operativos
$
$
$
$
$
$
$
$
$

Minimo
(10,000) $
(6,800) $

(6,800)
(6,000)
(5,500)
(5,000)
(4,500)
(4,000)
(3,800)
1,000
2,000

Maximo
15,000
2,000

MANO DE OBRA GASTOS OPERATIVOS

$
(10,000)
-6800
15000
2000

$ (15,000)

$ (10,000)

$ (5,000)

$-

$ 5,000

$ 10,000

$ 15,000

Axis Title
$ (10,000)

MANO DE OBRA

15000

-6800GASTOS OPERATIVOS

2000

GASTOS OPERATIVOS
MANO DE OBRA
1

$ (15,000)
$ (10,000)
$ (5,000) $ - $ 5,000$ 10,000
$ 15,000
$ 20,000

$ 20,000
9
8

15000

7
Minimo

Maximo

5
4
3
2
1
$ (15,000)

GASTOS OPERATIVOS
MANO DE OBRA

$ (10,000)

$ (5,000)

$-

$ 5,000

$ 10,000

Gasto Operativos
Mano de obra

$ 10,000

$ 15,000

$ 20,000