Professional Documents
Culture Documents
Departamental (Ayacucho)
(Huamanga)
(Ayacucho)
Total
492507
163197
82131
2007
Hombres
240138
79417
40369
Mujeres
252369
83780
41762
1.57%
2.20%
1.70%
2.22%
1.44%
2.18%
1.48%
1.43%
1.53%
Gnero
Hombres
Mujeres
Total
Poblacin
Poblacin
Poblacin
provincial
distrital
departamental
(Ayacucho)
(Huamanga) (Ayacucho)
348,108
345,745
693,853
128,791
134,747
263,538
55,173
58,384
113,557
Total
612489
221390
100935
2007
Hombres
304142
108027
49248
Mujeres
308347
113363
51687
DEMANDA ACTUAL
AOS
2011
311,718,857
0.76%
3
DESCRIPCION
Poblacin
Tasa de crecimiento
Aos a proyectar
FACTORES
Poblacin
Poblacin con mayores beneficios
Tasa de crecimiento
2014
318,907,401
POBLACIONES
Poblacin
Poblacin Total
Potencial
318,907,401
191,344,441
0.60
0.76%
Ao
Poblacin inicial
(1+0.0057)n
0
1
2
2014
2015
2016
191,344,441
191,344,441
191,344,441
1.0000
1.0076
1.0153
Poblacin Final
2015
2016
192,804,141
194,274,976
Consumo
promedio x
hab.
0.14467
0.15923
http://datos.bancomundial.org/indicador/SP.POP.TOTL
DEMANDA FUTURA
DEMANDA DE QUINUA DE EEUU
Ao
Poblacin Final
2016
2017
2018
2019
2020
2021
194,274,975.99
195,757,031.94
197,250,393.99
198,755,148.37
200,271,381.99
201,799,182.44
Consumo
promedio
(Kg./hab.)
0.1592
0.1719
0.1857
0.2005
0.2165
0.2338
2014
191,344,441
2015
192,804,141
2016
194,274,976
0.1366
0.1447
0.1592
6%
10%
8%
Poblacion Final
191,344,441
192,804,141
194,274,976
Demanda (Kg.)
27,893,000.00
30,934,111.13
Total Consumo
(Kg.)
30934111.12615
33659595.0853
36625210.81295
39852115.38
43363329.93771
47183903.92086
Total
Consumo
(TM)
27,893.00
30,934.11
Total
Consumo
(TM)
30,934.11
33,659.60
36,625.21
39,852.12
43,363.33
47,183.90
Produccin de Quinua en la
zona a intervenir
Familias aproxi.
80
Hectarea por
2
familia aprox.
Total Hectreas
160
Rendimiento KG
1149
por hectarea
Produccin Total
183840
(Kg/Hec)
Produccin Total
183.84
(TM/Hec)
Lista de los mercados proveedores para un producto importado por Estados Unidos de Amrica
Producto: 100850 Quinua "Chenopodium quinoa"
2011
2012
2013
2014
2015
Cantidad
Cantidad
Cantidad
Cantidad
Exportadores
Cantidad
importada,
importada,
importada,
importada,
importada,
Toneladas
Toneladas
Toneladas
Toneladas
Mundo
0
13712
21903
26137
27893
Per
0
3567
5676
12340
15335
Bolivia, Estado
Plurinacional de
Ecuador
India
Canad
Colombia
Chile
Espaa
Israel
Francia
Italia
Paraguay
Corea, Repblica
de
Turqua
Lbano
Austria
China
Dinamarca
9680
15407
12681
11252
0
0
0
0
0
0
0
0
0
0
300
160
0
0
0
0
6
0
0
0
210
502
39
0
20
0
0
12
27
0
574
296
39
0
45
0
16
97
13
0
561
290
209
61
56
42
38
24
17
5
0
0
0
0
0
0
0
0
0
0
0
0
2
0
7
0
0
0
20
15
2
1
0
0
0
Ao
2016
2017
2018
2019
2020
2021
7
8
9
10
34,453.27
35,849.88
37,081.77
38,183.74
2015
Exportadores
Mundo
Per
100%
54.98%
Bolivia, Estado
Plurinacional
40.34%
Ecuador
India
Canad
Colombia
Chile
Espaa
Israel
Francia
Italia
Paraguay
Corea,
Repblica de
Turqua
Lbano
Austria
China
Dinamarca
30,100.00
Participacin
2.01%
1.04%
0.75%
0.22%
0.20%
0.15%
0.14%
0.09%
0.06%
0.02%
0.01%
0.01%
0.00%
0.00%
0.00%
0.00%
OFERTA
20,100.00
15,100.00
10,100.00
5,100.00
30,100.00
OFERTA
20,100.00
15,100.00
10,100.00
5,100.00
100.00
2012
2013
2014
2015
Ao
2017
2018
2019
2020
2021
Demanda
33,659.60
36,625.21
39,852.12
43,363.33
47,183.90
Oferta
32,841.01
34,453.27
35,849.88
37,081.77
38,183.74
Brecha
818.58
2,171.94
4,002.24
6,281.56
9,000.17
DESCRIPCION
Produccion diaria
Produccion anual 2016
Produccion anual 2017
UNID. MED
CANTIDAD
Kg
Tm
Kg.
510.7
183.8
562
AOS
PRODUCCION (TM.)
2017
2018
2019
2020
2021
202.22
222.45
244.69
244.69
244.69
AOS
DEMANDA
INSATISFECHA
PRODUCCION
COBERTURA
2017
818.58
202.22
24.70%
2018
2,171.94
222.45
10.24%
2019
4,002.24
244.69
6.11%
2020
6,281.56
244.69
3.90%
2021
9,000.17
244.69
2.72%
FUENTE: http://agroaldia.minag.gob.pe/biblioteca/download/pdf/agroeconomia/agroeconomia_quinua.pd
Aos
2017
2018
2019
2020
2021
Produccion (TM.)
202.22
222.45
244.69
244.69
244.69
Precio por Tm
Ventas
(S/.)
proyectadas (S/.)
14,874.10
15,831.80
16,789.50
17,747.20
18,704.90
3,007,900.00
3,521,726.92
4,108,240.22
4,342,580.83
4,576,921.43
nomia/agroeconomia_quinua.pdf
AOS
2017
2018
2019
2020
2021
PRODUCCION
(TM.)
202.22
222.45
244.69
244.69
244.69
Ene
16.85
18.54
20.39
20.39
20.39
Feb
16.85
18.54
20.39
20.39
20.39
Mar
16.85
18.54
20.39
20.39
20.39
Abr
16.85
18.54
20.39
20.39
20.39
May
16.85
18.54
20.39
20.39
20.39
Jun
16.85
18.54
20.39
20.39
20.39
Jul
16.85
18.54
20.39
20.39
20.39
Ago
16.85
18.54
20.39
20.39
20.39
Sep
16.85
18.54
20.39
20.39
20.39
Oct
16.85
18.54
20.39
20.39
20.39
Nov
16.85
18.54
20.39
20.39
20.39
Dic
16.85
18.54
20.39
20.39
20.39
Smbolo
Secado
m2
570
COSTO
UNITARIO
35
m2
m2
m2
m2
m2
m2
150
40
50
15
18
100
950
850
850
900
900
250
ml
m2
m2
160
12
40
100
450
300
COSTO
TOTAL
19,950.00
273,700.00
142,500.00
34,000.00
42,500.00
13,500.00
16,200.00
25,000.00
33,400.00
16,000.00
5,400.00
12,000.00
327,050.00
307,100.00
Ancho
(m)
Largo
(m)
Altura
(m)
rea (m2)
3.2
10
3.2
15
rea de procesos
10
14
3.2
140
10
3.2
50
3.2
12
reas
rea de Recepcin de quinua
Desaponificacion Laboratorio
Limpieza del
producto
METRADOS
Cantidad
Procesos de
produccion
Inicio
UNIDAD
Seleccin
Envasado y
Almacenado
Total
Fin
3.2
Oficinas administrativas
3.2
40
Patio de maniobras
10
10
3.2
100
Caseta de guardiana
2.4
12
Acceso y veredas
10
40
425
sujeto a depreciacion.
DESCRIPCION
MAQUINARIA Y EQUIPO
VALOR
CANTIDAD
UNITARIO
MAQUINARIA
Maquina envasadora
Separadores Neumaticos
Separadores por Gravedad
Secadores Solares
Secadores electricos
EQUIPOS
Balanza Industrial
Mesa Gravimetrica
Zarandas rotativas
Zarandas oscilantes
Seleccionadoras Optimas
EQUIPOS DE OFICINA
Equipos de Computo
Impresoras
Fotocopiadora
TOTAL MAQUINARIA Y EQUIPO
1
1
2
2
2
50,000
15,000
15,000
12,000
14,000
2
1
2
2
2
1,500
20,000
30,000
30,000
10,000
4
2
1
2,500
500
5,000
TOTAL
147,000
50,000
15,000
30,000
24,000
28,000
163,000
3,000
20,000
60,000
60,000
20,000
16,000
10,000
1,000
5,000
326,000
VEHICULOS
DESCRIPCION
Camion pequeo de carga
TOTAL VEHICULOS
CANTIDAD
1
VALOR
UNITARIO
150,000.00
TOTAL
150,000.00
150,000.00
MUEBLES Y ENSERES
DESCRIPCION
ESCRITORIOS DE MADERA
SILLONES METLICOS
SILLAS DE MADERA
MESA PARA REUNIONES
ARMARIOS
TOTAL MUEBLES Y ENSERES
CANTIDAD
8
8
12
1
6
VALOR
UNITARIO
430
180
80
450
400
TOTAL
3,440.00
1,440.00
960.00
450.00
2,400.00
8,690.00
DESCRIPCION
Estudios Definitivos
Gastos en la Organizacin
Capacitacion pre operacin.
Licencia Municipal
Certificado Defensa Civil
Registro sanitario
Gestion de certificacion Hccap
Habilitacion Sanitaria de Planta
Constitucin y tramites de Sunat
TOTAL INVERSION FIJA INTANGIBLE
TOTAL
30,000.00
5,000.00
3,000.00
250.00
200.00
3,000.00
30,000.00
200.00
2,500.00
74,150.00
Vendedores
1
1
1
3
3500
2000
3,500.00
6,000.00
1
1
1
1
1
1
1
1
1
2
4000
2500
1500
3000
1000
4,000.00
2,500.00
1,500.00
3,000.00
2,000.00
Gerente General
Contador
Secretaria
Asesor Legal
Vigilantes
COSTO TOTAL
L
Costo Total
Anual (S/.)
129,600.00
86,400.00
43,200.00
74,400.00
30,000.00
14,400.00
12,000.00
18,000.00
114,000.00
42,000.00
72,000.00
156,000.00
48,000.00
30,000.00
18,000.00
36,000.00
24,000.00
474,000.00
30
45
30
45
0.125
NOTA: el ciclo productivo es el nmero de das que va desde el momento en que se compran los insumos hasta que se recibe
el pago por la venta del producto que se elaboro con estos insumos, por lo tanto el N de das a financiar estara determinado
por el ciclo de produccin + ciclo de cobranza - N de das de crdito de proveedores, por lo tanto se esta considerando como
mximo 45 das.
CONCEPTO
I.MATERIA PRIMAS E INSUMOS
Quinua
Insumos complementarios
II.MANO DE OBRA
Mano de Obra Directa
Mano de Obra Indirecta
Mano de obra Operacin
Mano de Obra Administrativa
II.2 OTROS BIENES Y SERVICIOS
Publicidad y marketing
Materiales de empaque
Flete terrestre
Servicios de matenimiento y reparaciones
Servicios basicos
Utiles de oficina y limpieza
TOTAL CAPITAL DE TRABAJO
CONCEPTO
CAPITAL DE TRABAJO
COSTO
UNIDAD
TOTAL
285,336.33
Tm
281,586.33
Global
3,750.00
59,250.00
16,200.00
9,300.00
14,250.00
19,500.00
24,154.77
Global
3,750.00
Global
6,407.27
Global
2,372.50
Global
6,000.00
Global
5,025.00
Global
600.00
368,741.10
AOS
0
285,336.33
281,586.33
3,750.00
59,250.00
16,200.00
9,300.00
14,250.00
19,500.00
24,154.77
3,750.00
6,407.27
2,372.50
6,000.00
5,025.00
600.00
368,741.10
28,533.63
28,158.63
375.00
31,387.00
30,974.50
412.50
34,525.70
34,071.95
453.75
877.98
965.77
1,062.35
640.73
237.25
704.80
260.98
775.28
287.07
29,411.61
32,352.77
35,588.05
SE ESTA CONSIDERANDO UN INCREMENTO EN EL 10% DE LA PRODUCCION DURANTE LOS 03 PRIMEROS AOS, POR LO
TANTO SE INCREMENTAN LAS MATERIAS PRIMAS E INSUMOS COMPLEMENTARIOS
ESTRUCTURA DE LA INVERSIN
CONCEPTO
I.INVERSION FIJA
I.1. INVERSION FIJA TANGIBLE
I.1.1. TERRENOS Y OBRAS CIVILES
I.1.2. MAQUINARIA Y EQUIPO
I.1.3. VEHICULOS
I.1.4. MUEBLES Y ENSERES
I.2. INVERSION FIJA INTANGIBLE
II. CAPITAL DE TRABAJO
III. GASTOS GENERALES ( 5 % )IF
IV. GASTOS DE SUPERVISION (3%) IF
TOTAL INVERSIN
TOTAL
885,890.00
811,740.00
327,050.00
326,000.00
150,000.00
8,690.00
74,150.00
368,741.10
44,294.50
26,576.70
1,325,502.30
COMPONENTES
I.INVERSION FIJA
I.1. INVERSION FIJA TANGIBLE
I.1.1. TERRENOS Y OBRAS CIVILES
I.1.2. MAQUINARIA Y EQUIPO
I.1.3. VEHICULOS
I.1.4. MUEBLES Y ENSERES
I.2. INVERSION FIJA INTANGIBLE
II. CAPITAL DE TRABAJO
III. GASTOS GENERALES ( 5 % ) IF
IV. GASTOS DE SUPERVISION (3%) IF
TOTAL INVERSIN
54,508
54,508
54,508
24,717
24,717
24,717
6,328
3,797
89,349
6,328
3,797
89,349
6,328
3,797
89,349
54,508
6,328
3,797
64,633
54,508
108,667
54,508
108,667
6,328
3,797
173,299
6,328
3,797
173,299
10
108,667
150,000
8,690
6,328
3,797
277,481
122,914
122,914
122,914
122,914
122,914
122,914
COMPONENTES
I.INVERSION FIJA
I.1. INVERSION FIJA TANGIBLE
I.1.1. TERRENOS Y OBRAS CIVILES
I.1.2. MAQUINARIA Y EQUIPO
I.1.3. VEHICULOS
I.1.4. MUEBLES Y ENSERES
I.2. INVERSION FIJA INTANGIBLE
II. CAPITAL DE TRABAJO
III. GASTOS GENERALES ( 5 % ) IF
IV. GASTOS DE SUPERVISION (3%) IF
TOTAL
885,890.00
811,740.00
327,050.00
326,000.00
150,000.00
8,690.00
74,150.00
368,741.10
44,294.50
26,576.70
1,325,502.30
956,761.20
368,741.10
1,325,502.30
16.67%
16.67%
16.67%
33.33%
33.33%
33.33%
14.29%
14.29%
14.29%
14.29%
14.29%
14.29%
16.67%
16.67%
33.33%
16.67%
33.33%
14.29%
14.29%
14.29%
14.29%
10
33.33%
100%
100%
33.33%
14.29%
14.29%
14.29%
14.29%
33.33%
33.33%
TOTAL
100%
100%
100%
100%
100%
100%
100%
100%
CONTRAPARTIDA
CONCEPTO
Aporte del AEO
I.INVERSION FIJA
I.1. INVERSION FIJA TANGIBLE
I.1.1. TERRENOS Y OBRAS CIVILES
I.1.2. MAQUINARIA Y EQUIPO
I.1.3. VEHICULOS
I.1.4. MUEBLES Y ENSERES
I.2. INVERSION FIJA INTANGIBLE
II. CAPITAL DE TRABAJO
III. GASTOS GENERALES ( 5 % )
IV. GASTOS DE SUPERVISION (3%) AF
TOTAL INVERSIN
PORCENTAJE
428,790.00
354,640.00
19,950.00
326,000.00
Prstamo
Procompite
457,100.00
457,100.00
307,100.00
150,000.00
8,690.00
74,150.00
26,576.70
455,366.70
34.35%
10,000.00
358,741.10
44,294.50
467,100.00
35.24%
403,035.60
30.41%
TOTAL
INVERSION
885,890.00
811,740.00
327,050.00
326,000.00
150,000.00
8,690.00
74,150.00
368,741.10
44,294.50
26,576.70
1,325,502.30
100%
0.51
PRESTAMO
APORTE ESTADO+SOCIOS
TOTAL
467,100.00
858,402.30
1,325,502.30
El aporte del AEO, puede ser valorizado hasta el 90%, en efectivo o ambas opciones, en este caso vamos a considerar para el ejemplo que el
19.27 % es aporte del AEO y el 34.84% de su aporte lo realiza a traves de un credito en una entidad financiera
.
Monto del Prestamo
Tasa Efectiva Anual
Tasa de Interes Mensual
Numero de meses
Cuota mensual a pagar
467,100.00
15%
1.17%
36
S/. -15,977.51
15,977.51
PERIODO
SALDO INICIAL
AMORTIZACION
INTERESES
CUOTA
SALDO FINAL
ESCUDO FISCAL
AO 3
177,894.82
177,894.82
13,835.30
191,730.12
4,150.59
I. COSTOS DE PRODUCCION
I.1 COSTOS DIRECTOS
I.1.1 MATERIALES DIRECTOS
CONCEPTO
Quinua cosechada
Insumos complementarios
TOTAL COSTOS DIRECTOS
Precio de compra de Quinua por Kg. =
UNIDAD
Tm
Gl
CANTIDAD
PRECIO
UNITARIO
225
10,025.62
6000
5
10.03
U.Med
Global
Caja
Cantidad
561.73
47
CANTIDAD
Global
Global
Global
Global
COSTO TOTAL
ANUAL
7,200.00
48,000.00
40,200.00
95,400.00
I. COSTOS DE PRODUCCION
CONCEPTO
COSTO TOTAL
I.1 COSTOS DIRECTOS
2,412,290.66
I.1.1 Materiales Directos
2,282,690.66
I.1.2 Mano de Obra Directa
129,600.00
I.2 COSTOS INDIRECTOS
229,601.19
I.2.1 Materiales Indirectos
59,801.19
I.2.2 Mano de Obra Indirecta
74,400.00
I.2.3 Otros costos indirectos
95,400.00
TOTAL COSTOS DE PRODUCCION
2,641,891.85
COSTO TOTAL
114,000.00
42,000.00
72,000.00
48,980.00
18,980.00
30,000.00
P.Unit
0.25
0.5
162,980.00
COSTO TOTAL
2,252,690.66
30,000.00
2,282,690.66
Costo total
51,258.17
8,543.03
59,801.19
2477959.7220596
2601857.7081625
CONCEPTO
I.1 COSTOS DIRECTOS
I.1.1 Materiales Directos
Quinua cosechada
Insumos complementarios
I.1.2 Mano de Obra Directa
I.2 COSTOS INDIRECTOS
I.2.1 Materiales Indirectos
I.2.2 Mano de Obra Indirecta
I.2.3 Otros costos indirectos
TOTAL COSTOS DE PRODUCCION
NOTA: SE ESTA CONSIDERANDO UN INCREMENTO DEL 10% ANUAL DE MATERIAS PRIMAS E INSUMOS HASTA EL TE
ON PROYECTADOS
AOS
3
2,891,655.69
2,762,055.69
2,725,755.69
36,300.00
129,600.00
242,159.45
72,359.45
74,400.00
95,400.00
3,133,815.14
4
2,891,655.69
2,762,055.69
2,725,755.69
36,300.00
129,600.00
242,159.45
72,359.45
74,400.00
95,400.00
3,133,815.14
5
2,891,655.69
2,762,055.69
2,725,755.69
36,300.00
129,600.00
242,159.45
72,359.45
74,400.00
95,400.00
3,133,815.14
DEPRECIACIN (AOS)
1
0
0.05
0.1
0.1
0.1
0.2
54,088.14
13,012.71
27,627.12
12,711.86
736.44
14,830.00
14,830.00
68,918.14
2
54,088.14
13,012.71
27,627.12
12,711.86
736.44
14,830.00
14,830.00
68,918.14
3
54,088.14
13,012.71
27,627.12
12,711.86
736.44
14,830.00
14,830.00
68,918.14
TIZACION INTANGIBLES
4
54,088.14
13,012.71
27,627.12
12,711.86
736.44
14,830.00
14,830.00
68,918.14
5
54,088.14
13,012.71
27,627.12
12,711.86
736.44
14,830.00
14,830.00
68,918.14
VALOR
RESIDUAL
19,950.00
521,349.32
242,036.44
187,864.41
86,440.68
5,007.80
541,299.32
CONCEPTO
Costos Totales
Produccion TM
costo promedio unitario/TM
15,658.47
15,261.15
1
3,166,518.91
202.22
15,658.47
2
3,394,787.97
222.45
15,261.15
AOS
SOS (OPERACION)
AOS
3
3,061,455.69
2,891,655.69
2,762,055.69
129,600.00
169,800.00
72,359.45
74,400.00
95,400.00
323,780.00
162,980.00
160,800.00
68,918.14
191,730.12
191,730.12
3,645,883.95
4
3,061,455.69
2,891,655.69
2,762,055.69
129,600.00
169,800.00
72,359.45
74,400.00
95,400.00
323,780.00
162,980.00
160,800.00
68,918.14
-
5
3,061,455.69
2,891,655.69
2,762,055.69
129,600.00
169,800.00
72,359.45
74,400.00
95,400.00
323,780.00
162,980.00
160,800.00
68,918.14
-
3,454,153.83
3,454,153.83
14,899.95
14,116.39
14,116.39
AOS
3
3,645,883.95
244.69
14,899.95
4
3,454,153.83
244.69
14,116.39
5
3,454,153.83
244.69
14,116.39
0.56
202.22
14.87
14,874.10
PRODUCCION DE QUESOS
DESCRIPCION
Quinua
TOTAL INGRESOS
UNIDAD DE
MEDIDA
Tm
CANTIDAD POR AO
202.22
PRECIO POR TM
14,874.10
CONCEPTO
Produccion Anual (Tm)
Precio proyectado
TOTAL INGRESO
ELABORACION PROPIA
202.22
222.45
244.69
NOTA: CONSIDERANDO UN INCREMENTO DEL 10% ANUAL EN LAS VENTAS Y UN INCRMENTO PROYECTADO EN EL PREC
CUADRO DE PROYECCION DEL PRECIO INTERNACIONAL DE LA QUINUA
Proyeccin del precio internacional de la Quinua
Posicin
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Ao
Precio en dolares/kg
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
1.21
1.23
1.31
2.42
2.69
2.76
3.19
3.11
4.20
5.42
3.46
Precio en soles/kg
3.98
4.03
4.10
7.09
8.11
7.79
8.80
8.20
11.35
15.39
11.02
13.92
14.87
15.83
16.79
17.75
18.70
INGRESO ANUAL
3,007,900.00
3,007,900.00
4
4,342,580.83
244.69
17,747.20
4,342,580.83
5
4,576,921.43
244.69
18,704.90
4,576,921.43
244.69
244.69 NO BORRAR
18.00
16.00
14.00
12.00
10.00
8.00
6.00
26%
7%
6%
6%
6%
5%
4.00
2.00
0.00
200 200 200 200 200 201 201 201 201 201 201
5
6
7
8
9
0
1
2
3
4
5
CONCEPTO
I. INGRESOS (VENTAS)
Ventas
Ingresos extraordinarios
II. COSTOS DE PRODUCCIN
III. UTILIDAD BRUTA
IV. GASTOS DE OPERACIN
Gastos de venta
Gastos administrativos
V. DEPRECIACIN DE A.F. Y AMORT. INTANG
VI. UTILIDAD OPERATIVA
IX. IMPUESTO A LA RENTA ( 30 % )
UTILIDAD NETA
ELABORACION PROPIA
INVERSION
1,325,502.30
2,810,359.72
711,367.19
323,780.00
162,980.00
160,800.00
68,918.14
318,669.06
95,600.72
223,068.34
3,061,455.69
1,046,784.52
323,780.00
162,980.00
160,800.00
68,918.14
654,086.39
196,225.92
457,860.47
TO
AOS
ESTADO DE RESULTAD
4
4,342,580.83
4,342,580.83
3,061,455.69
1,281,125.13
323,780.00
162,980.00
160,800.00
68,918.14
888,427.00
266,528.10
621,898.90
5
5,118,220.76
4,576,921.43
541,299.32
3,061,455.69
2,056,765.06
323,780.00
162,980.00
160,800.00
68,918.14
1,664,066.93
499,220.08
1,164,846.85
CONCEPTO
I. INGRESOS (VENTAS)
Ventas
Ingresos extraordinarios
II. COSTOS DE PRODUCCIN
III. UTILIDAD BRUTA
IV. GASTOS DE OPERACIN
Gastos de venta
Gastos administrativos
V. DEPRECIACIN DE A.F. Y AMORT. INTANG
VI. UTILIDAD OPERATIVA
VII. GASTOS FINANCIEROS
Pago de intereses
VIII. UTILIDAD ANTES DE IMPUESTO
IX. IMPUESTO A LA RENTA ( 30 % )
UTILIDAD NETA
ELABORACION PROPIA
RUBROS
COSTOS FIJOS.
DEPRECIACIN DE A.F. Y AMORT. INTANG
GASTOS FINANCIEROS (Pago de prestamo)
GASTOS ADMINISTRATIVOS
COSTOS VARIABLES
COSTOS DE PRODUCCIN
GASTOS DE VENTA
COSTOS TOTALES
VENTAS PROMEDIO (Q)
COSTO VARIABLE UNITARIO (CVu)
PRECIO DE VENTA UNITARIO
PUNTO DE EQUILIBRIO (Q)
PUNTO DE EQUILIBRIO (S/.)
FUENTE: ELABORACION PROPIA
4
4,342,580.83
4,342,580.83
3,061,455.69
1,281,125.13
323,780.00
162,980.00
160,800.00
68,918.14
888,427.00
888,427.00
266,528.10
621,898.90
5
5,118,220.76
4,576,921.43
541,299.32
3,061,455.69
2,056,765.06
323,780.00
162,980.00
160,800.00
68,918.14
1,664,066.93
1,664,066.93
499,220.08
1,164,846.85
1
421,448.25
68,918.14
191,730.12
160,800.00
2,745,070.66
2,582,090.66
162,980.00
3,166,518.91
202.22
13,574.41
14,874.10
324.27
4,823,183.68
2
421,448.25
68,918.14
191,730.12
160,800.00
2,973,339.72
2,810,359.72
162,980.00
3,394,787.97
222.45
13,366.54
15,831.80
170.96
2,706,528.65
AOS
3
421,448.25
68,918.14
191,730.12
160,800.00
3,224,435.69
3,061,455.69
162,980.00
3,645,883.95
244.69
13,177.58
16,789.50
116.68
1,959,042.54
4
229,718.14
68,918.14
160,800.00
3,224,435.69
3,061,455.69
162,980.00
3,454,153.83
244.69
13,177.58
17,747.20
50.27
892,164.66
5
229,718.14
68,918.14
160,800.00
3,224,435.69
3,061,455.69
162,980.00
3,454,153.83
244.69
13,177.58
18,704.90
41.56
777,384.80
PE(Q) = CF/(Pu-Cvu)
PE (S/.) = CF/(1-CV/VENTAS)
RUBROS
4823183.68369825
AOS
VENTAS
1
3,007,900.00
2
6,529,626.91
3
10,637,867.13
4
14,980,447.96
COSTOS
TOTALES
ACUMULADOS
COSTOS FIJOS
4,492,021.21
421,448.25
7,886,809.18
421,448.25
11,532,693.13
421,448.25
14,986,846.96
229,718.14
20,000,000.00
20,000,000.00
15,000,000.00
10,000,000.00
5,000,000.00
VENTAS
COSTOS FIJOS
cf
vt
QUILIBRIO
5
20,098,668.71
18,441,000.79
229,718.14
QUILIBRIO
COSTOS FIJOS
CONCEPTO
I. INGRESOS
INGRESOS POR VENTA
VALOR RESIDUAL
RECUPERO CAPITAL DE TRABAJO
II. EGRESOS
II.1. COSTOS DE PRODUCCIN
II.2. GASTOS DE OPERACIN
II.3. IMPUESTO A LA RENTA
II.4. INVERSION FIJA
ACTIVO FIJO
ACTIVO INTANGIBLE
CAPITAL DE TRABAJO
GASTOS GENERALES
GASTOS DE SUPERVISION
FLUJO DE CAJA ECONMICO
PRESTAMO
SERVICIO DE DEUDA
ESCUDO FISCAL
FLUJO DE CAJA FINANCIERO
3,007,900.00
3,007,900.00
3,521,726.92
3,521,726.92
4,108,240.22
4,108,240.22
4,342,580.83
4,342,580.83
(2,945,215.63)
(2,582,090.66)
(323,780.00)
(9,933.36)
(3,262,093.21)
(2,810,359.72)
(323,780.00)
(95,600.72)
(3,617,049.66)
(3,061,455.69)
(323,780.00)
(196,225.92)
(3,651,763.79)
(3,061,455.69)
(323,780.00)
(266,528.10)
(29,411.61)
(32,352.77)
(35,588.05)
62,684.37
259,633.70
491,190.56
690,817.03
2,143,805.41
(191,730.12)
17,164.82
(111,880.92)
(191,730.12)
11,111.69
79,015.28
(191,730.12)
4,150.59
303,611.03
690,817.03
2,143,805.41
(1,325,502.30)
811,740.00
74,150.00
368,741.10
44,294.50
26,576.70
(1,325,502.30)
467,100.00
(858,402.30)
COK
TASA DE DESCUENTO
VANE
VANF
TIRE
TIRF
20%
15%
S/. 594,013.71
S/. 473,632.10
27.94%
31.89%
INDICADOR BENEFICIO/COSTO
WACC
16.65%
6,028,261.18
5,118,220.76
541,299.32
368,741.10
(3,884,455.77)
(3,061,455.69)
(323,780.00)
(499,220.08)
INDICE BENEFICIO/COSTO
BENEFICIOS
COSTOS
FACTOR DE ACTUALIZACION
BENEFICIOS ACTUALIZADOS
COSTOS ACTUALIZADOS
FLUJO ECONOMICO ACTUALIZADO
INDICADOR BENEFICIO/COSTO
INDICE DE RENTABILIDAD
0
0
(1,325,502.30)
1.0000000
0
-1325502
(1,325,502.30)
1.0483
1.448
1
3,007,900.00
(2,945,215.63)
0.857249
2,578,518.62
(2,524,782.52)
53,736.10
AOS
2
3,521,726.92
(3,262,093.21)
0.734875
2,588,030.77
(2,397,232.32)
190,798.44
3
4,108,240.22
(3,617,049.66)
0.629971
2,588,072.67
(2,278,636.81)
309,435.86
4
4,342,580.83
(3,651,763.79)
0.540042
2,345,175.92
(1,972,105.73)
373,070.19
5
6,028,261.18
(3,884,455.77)
0.462950
2,790,785.49
(1,798,310.07)
992,475.42
WACC
AO
0
1
2
3
4
5
VANE
TIRE
16.65%
EVALUACION ECONOMICA
FCE
FA
(1,325,502.30)
1.000000
62,684.37
0.857249
259,633.70
0.734875
491,190.56
0.629971
690,817.03
0.540042
2,143,805.41
0.462950
VAN
(1,325,502.30)
53,736.10
190,798.44
309,435.86
373,070.19
992,475.42
594,013.71
27.94%
COK
20%
AO
0
1
2
3
4
5
EVALUACION FINANCIERA
FCF
FAS
(858,402.30)
1.00
(111,880.92)
0.83
79,015.28
0.69
303,611.03
0.58
690,817.03
0.48
2,143,805.41
0.40
VANF
TIRF
VANF
(858,402.30)
(93,234.10)
54,871.72
175,700.83
333,148.65
861,547.31
473,632.10
31.89%
VANE INICIAL
594,013.71
TIRE INICIAL
VAN FINAL
TIR FINAL
27.94%
119102.35
-33156.99
384075.02
54292.85
19.12%
15.94%
24.21%
17.79%
Z
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
2
2.1
2.2
2.3
2.4
2.5
2.6
2.7
2.8
2.9
3
0
0
0.0398
0.0793
0.1179
0.1554
0.1915
0.2257
0.258
0.2881
0.3159
0.3413
0.3643
0.3849
0.4032
0.4192
0.4332
0.4452
0.4554
0.4641
0.4713
0.4772
0.4821
0.4861
0.4893
0.4918
0.4938
0.4953
0.4965
0.4974
0.4981
0.4987
0.04
0.016
0.0557
0.0948
0.1331
0.17
0.2054
0.2389
0.2704
0.2995
0.3264
0.3508
0.3729
0.3925
0.4099
0.4251
0.4382
0.4495
0.4591
0.4671
0.4738
0.4793
0.4838
0.4875
0.4904
0.4927
0.4945
0.4959
0.4969
0.4977
0.4984
0.4988
0.05
0.0199
0.0596
0.0987
0.1368
0.1736
0.2088
0.2422
0.2734
0.3023
0.3289
0.3531
0.3749
0.3944
0.4115
0.4265
0.4394
0.4505
0.4599
0.4678
0.4744
0.4798
0.4842
0.4878
0.4906
0.4929
0.4946
0.496
0.497
0.4978
0.4984
0.4989
0.06
0.0239
0.0636
0.1026
0.1406
0.1772
0.2123
0.2454
0.2764
0.3051
0.3315
0.3554
0.377
0.3962
0.4131
0.4279
0.4406
0.4515
0.4608
0.4686
0.475
0.4803
0.4846
0.4881
0.4909
0.4931
0.4948
0.4961
0.4971
0.4979
0.4985
0.4989
0.07
0.0279
0.0675
0.1064
0.1443
0.1808
0.2157
0.2486
0.2794
0.3078
0.334
0.3577
0.379
0.398
0.4147
0.4292
0.4418
0.4525
0.4616
0.4693
0.4756
0.4808
0.485
0.4884
0.4911
0.4932
0.4949
0.4962
0.4972
0.4979
0.4985
0.4989
0.08
0.0319
0.0714
0.1103
0.148
0.1844
0.219
0.2517
0.2823
0.3106
0.3365
0.3599
0.381
0.3997
0.4162
0.4306
0.4429
0.4535
0.4625
0.4699
0.4761
0.4812
0.4854
0.4887
0.4913
0.4934
0.4951
0.4963
0.4973
0.498
0.4986
0.499
0.09
0.0359
0.0753
0.1141
0.1517
0.1879
0.2224
0.2549
0.2852
0.3133
0.3389
0.3621
0.383
0.4015
0.4177
0.4319
0.4441
0.4545
0.4633
0.4706
0.4767
0.4817
0.4857
0.489
0.4916
0.4936
0.4952
0.4964
0.4974
0.4981
0.4986
0.499
1950
Mensual 12 meses
1951
Mensual 12 meses
1952
Mensual
Enero
Febrero
Marzo
Abril
Mayo
Junio
Julio
Agosto
Setiembre
Octubre
Noviembre
Diciembre
14.95
14.95
14.95
14.95
14.95
14.95
14.95
14.95
14.95
14.95
14.95
14.95
1.01
1.01
1.01
1.01
1.01
1.01
1.01
1.01
1.01
1.01
1.01
1.01
15.28
15.28
15.28
15.28
15.28
15.28
15.28
15.28
15.28
15.28
15.28
15.28
2.21
2.21
2.21
2.21
2.21
2.21
2.21
2.21
2.21
2.21
2.21
2.21
15.60
15.60
15.60
15.60
15.60
15.60
15.60
15.60
15.60
15.60
15.60
15.60
Memo:
Promedio Anual
14.95
1.01
15.28
2.21
15.60
Hasta octubre de 1977 se considera el tipo de cambio del mercado de certificados cuan
A partir de noviembre de 1977 el mercado nico de cambios.
Entre enero de 1979 y julio de 1985, corresponde al tipo de cambio de los CBME. Desde
Entre agosto de 1986 y julio de 1987, se ha considerado el tipo de cambio del Mercado
se instalaba la Mesa de Negociacin de los CBME. A partir de setiembre de 1987, corres
Negociacin de los CBME. Entre mayo de 1988 y diciembre de 1990, se ha considerado
Desde enero de 1991, se considera el tipo de cambio consignado por la SBS.
Nota
De 1950 a 1984: Soles de oro por dlar
De 1985 a 1990: Intis por dlar
De 1991 a 2006: Nuevos soles por dlar
Fuente: BCRP, SBS
Elaboracin: Gerencia Central de Estudios Econmicos
1952
12 meses
1953
Mensual 12 meses
1954
Mensual 12 meses
1955
Mensual
2.09
2.09
2.09
2.09
2.09
2.09
2.09
2.09
2.09
2.09
2.09
2.09
19.89
19.89
19.89
19.89
19.89
19.89
19.89
19.89
19.89
19.89
19.89
19.89
27.50
27.50
27.50
27.50
27.50
27.50
27.50
27.50
27.50
27.50
27.50
27.50
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
-4.47
-4.47
-4.47
-4.47
-4.47
-4.47
-4.47
-4.47
-4.47
-4.47
-4.47
-4.47
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
2.09
19.89
27.50
19.00
-4.47
19.00
de los CBME. Desde agosto de 1985 hasta julio de 1986, se ha considerado el tipo de cambio del Me
ambio del Mercado Financiero de Libre Circulacin. El tipo de cambio de agosto de 1987 fue fijado p
bre de 1987, corresponde a la cotizacin promedio ponderada del total de las operaciones efectuad
se ha considerado el tipo de cambio de oferta y demanda de billetes (sistema bancario) consignad
r la SBS.
1955
12 meses
1956
Mensual 12 meses
1957
Mensual 12 meses
1958
Men.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
19.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
24.49
24.49
24.49
24.49
24.49
24.49
24.49
24.49
24.49
24.49
24.49
24.49
0.00
19.00
0.00
19.00
0.00
24.49
1958
12 meses
1959
Men. 12 meses
1960
Mensual 12 meses
1961
Mensual
28.89
28.89
28.89
28.89
28.89
28.89
28.89
28.89
28.89
28.89
28.89
28.89
27.70
27.70
27.70
27.70
27.70
27.70
27.70
27.70
27.70
27.70
27.70
27.70
13.11
13.11
13.11
13.11
13.11
13.11
13.11
13.11
13.11
13.11
13.11
13.11
26.76
26.76
26.76
26.76
26.76
26.76
26.76
26.76
26.76
26.76
26.76
26.76
-3.39
-3.39
-3.39
-3.39
-3.39
-3.39
-3.39
-3.39
-3.39
-3.39
-3.39
-3.39
26.81
26.81
26.81
26.81
26.81
26.81
26.81
26.81
26.81
26.81
26.81
26.81
28.89
27.70
13.11
26.76
-3.39
26.81
1961
12 meses
1962
Mensual 12 meses
1963
Mensual 12 meses
1964
Mensual
0.19
0.19
0.19
0.19
0.19
0.19
0.19
0.19
0.19
0.19
0.19
0.19
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
0.19
26.82
0.04
26.82
0.00
26.82
1964
12 meses
1965
Mensual 12 meses
1966
Mensual 12 meses
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
26.82
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
0.00
26.82
0.00
26.82
0.00
38.70
1968
Men. 12 meses
1969
Men. 12 meses
1970
Mensual
44.30
44.30
44.30
44.30
44.30
44.30
44.30
44.30
44.30
44.30
44.30
44.30
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
44.30
38.70
0.00
38.70
0.00
38.70
1970
12 meses
1971
Mensual 12 meses
1972
Mensual 12 meses
1973
Mensual
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
0.00
38.70
0.00
38.70
0.00
38.70
1973
12 meses
1974
Mensual 12 meses
1975
Mensual 12 meses
1976
Mensual
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
38.70
38.70
38.70
38.70
38.70
38.70
38.70
38.70
39.85
45.00
45.00
45.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.97
16.28
16.28
16.28
45.00
45.00
45.00
45.00
45.00
46.90
65.00
65.00
65.14
66.13
67.19
68.71
0.00
38.70
0.00
40.37
4.32
55.76
1976
12 meses
1977
Mensual 12 meses
1978
Men. 12 meses
1979
Men.
16.28
16.28
16.28
16.28
16.28
21.19
67.96
67.96
63.46
46.96
49.31
52.69
70.18
71.72
73.43
72.25
77.11
78.89
80.87
80.88
80.88
86.72
111.01
124.77
55.96
59.38
63.18
60.56
71.36
68.21
24.42
24.43
24.16
31.14
65.22
81.59
130.58
130.64
130.64
130.64
142.87
153.11
158.40
166.12
174.01
181.45
188.22
194.09
86.06
82.15
77.91
80.82
85.28
94.08
95.87
105.39
115.15
109.24
69.55
55.56
212.65
212.08
211.18
214.88
220.22
226.65
230.87
236.97
244.33
245.56
246.75
254.50
38.11
84.06
50.76
156.73
86.45
229.72
1979
12 meses
1980
Mensual 12 meses
1981
Mensual 12 meses
1982
Mensual
62.85
62.34
61.65
64.48
54.14
48.03
45.75
42.65
40.41
35.33
31.10
31.12
264.00
267.19
270.36
280.33
288.62
292.31
292.60
298.20
310.24
328.84
337.24
341.31
24.15
25.99
28.02
30.46
31.06
28.97
26.74
25.84
26.98
33.91
36.67
34.11
350.72
366.17
398.86
404.27
411.42
418.04
429.99
448.31
454.69
466.17
494.68
504.58
32.85
37.04
47.53
44.21
42.55
43.01
46.95
50.34
46.56
41.76
46.68
47.84
533.00
555.33
568.73
607.79
637.83
668.20
702.23
754.55
793.27
850.63
901.26
958.71
46.57
297.60
29.55
428.99
44.15
710.96
1982
1983
Mensual 12 meses
1984
Mensual 12 meses
51.97
51.66
42.59
50.34
55.03
59.84
63.31
68.31
74.46
82.47
82.19
90.00
1053.60
1114.00
1196.00
1331.55
1457.15
1603.52
1721.52
1965.49
2125.73
2093.10
2226.57
2340.35
97.67
100.60
110.29
119.08
128.45
139.98
145.15
160.49
167.97
146.06
147.05
144.11
2469.00
2696.10
2724.36
2916.85
3323.45
3374.40
3605.52
4056.45
4315.05
4395.91
5240.67
5454.47
134.34
142.02
127.79
119.06
128.08
110.44
109.44
106.38
102.99
110.02
135.37
133.06
6.56
7.25
8.20
9.13
10.05
11.71
12.53
17.68
17.45
17.46
17.45
17.44
65.73
1685.72
137.10
3714.35
120.34
12.74
12 meses
1985
Mensual
1986
Mensual 12 meses
1987
Mensual 12 meses
1988
Mensual
165.69
168.91
200.99
213.01
202.40
247.02
247.52
335.85
304.40
297.19
232.97
219.74
17.44
17.43
17.44
17.44
17.44
17.44
17.45
17.63
17.76
18.08
18.88
20.05
165.85
140.41
112.68
91.02
73.53
48.93
39.27
-0.28
1.78
3.55
8.19
14.97
20.22
20.25
20.56
22.43
24.96
26.53
35.51
37.00
37.49
40.53
41.66
54.45
15.94
16.18
17.89
28.61
43.12
52.12
103.50
109.87
111.09
124.17
120.66
171.57
62.95
67.86
74.33
75.00
175.30
168.11
188.28
226.09
353.13
492.96
571.79
1108.93
243.06
17.87
40.27
31.799
77.91
297.061
lar)
1988
12 meses
1989
Mensual 12 meses
1990
Mensual 12 meses
1991
Mensual
211.33
235.11
261.53
234.37
602.32
533.66
430.22
511.05
841.93
1116.28
1272.52
1936.60
1912.87
1470.35
1345.68
1772.93
2827.35
3224.58
3000.83
3385.80
4886.22
5797.34
9395.87
14029.77
2938.71
2066.74
1710.41
2263.91
1512.86
1818.14
1493.81
1397.55
1283.69
1076.03
1543.24
1165.16
12827.26
13286.49
18194.44
27613.18
38847.82
69833.81
114928.83
319750.12
434333.50
446399.39
439481.11
528640.51
570.58
803.63
1252.06
1457.49
1274.00
2065.67
3729.90
9343.86
8788.95
7600.07
4577.39
3667.99
0.540
0.552
0.565
0.635
0.798
0.853
0.828
0.802
0.804
0.924
1.027
1.007
834.18
4420.799
1388.18
205344.71
4544.97
0.778
1991
12 meses
1992
Mensual 12 meses
1993
Mensual 12 meses
1994
Mensual
4106.07
4054.60
3006.79
2201.27
1954.64
1121.15
620.60
150.79
85.07
107.01
133.57
90.43
0.995
0.978
0.962
1.028
1.141
1.185
1.238
1.290
1.376
1.556
1.622
1.636
84.34
77.08
70.15
61.77
42.89
38.99
49.50
60.80
71.23
68.35
57.96
62.54
1.698
1.758
1.839
1.911
1.966
2.004
2.049
2.076
2.095
2.142
2.169
2.163
70.68
79.85
91.21
85.85
72.36
69.05
65.49
61.01
52.25
37.65
33.77
32.20
2.175
2.177
2.173
2.182
2.189
2.190
2.200
2.233
2.259
2.238
2.196
2.145
278.81
1.250
60.75
1.989
59.07
2.196
1994
12 meses
1995
Mensual 12 meses
1996
Mensual 12 meses
1997
Mensual
28.14
23.83
18.16
14.18
11.34
9.33
7.37
7.56
7.81
4.49
1.25
-0.85
2.194
2.217
2.258
2.263
2.254
2.247
2.235
2.244
2.250
2.261
2.318
2.329
0.87
1.81
3.91
3.73
2.97
2.57
1.59
0.47
-0.38
1.05
5.56
8.60
2.354
2.359
2.360
2.368
2.414
2.445
2.449
2.470
2.496
2.560
2.589
2.588
7.30
6.42
4.50
4.67
7.11
8.82
9.58
10.10
10.90
13.22
11.66
11.09
2.630
2.642
2.637
2.665
2.667
2.659
2.655
2.656
2.647
2.666
2.723
2.720
10.42
2.256
2.70
2.454
8.80
2.664
1997
12 meses
1998
Mensual 12 meses
1999
Mensual 12 meses
2000
Mensual
11.71
12.02
11.75
12.53
10.49
8.76
8.38
7.54
6.07
4.13
5.20
5.12
2.747
2.801
2.809
2.822
2.846
2.909
2.922
2.964
3.045
3.053
3.096
3.139
4.44
6.02
6.50
5.88
6.69
9.40
10.09
11.57
15.03
14.52
13.70
15.41
3.254
3.399
3.382
3.352
3.334
3.340
3.325
3.364
3.421
3.474
3.484
3.486
18.47
21.31
20.41
18.77
17.15
14.84
13.78
13.51
12.34
13.81
12.51
11.05
3.502
3.458
3.445
3.481
3.505
3.489
3.482
3.479
3.486
3.502
3.530
3.521
8.54
2.929
9.96
3.384
15.54
3.490
2000
12 meses
2002
Mensual 12 meses
2003
Mensual
7.61
1.74
1.87
3.85
5.14
4.44
4.71
3.41
1.92
0.79
1.33
1.01
3.524
3.530
3.521
3.560
3.602
3.533
3.505
3.493
3.491
3.461
3.441
3.437
0.64
2.08
2.20
2.29
2.75
1.27
0.66
0.41
0.14
-1.15
-2.53
-2.40
3.461
3.478
3.457
3.440
3.453
3.482
3.535
3.571
3.620
3.616
3.584
3.515
-1.79
-1.47
-1.81
-3.39
-4.14
-1.45
0.85
2.23
3.69
4.48
4.18
2.29
3.495
3.485
3.480
3.465
3.482
3.480
3.472
3.481
3.482
3.479
3.478
3.472
3.11
3.508
0.52
3.518
0.27
3.479
2003
12 meses
2004
Mensual 12 meses
2005
Mensual 12 meses
2006
Mensual
0.98
0.20
0.66
0.75
0.85
-0.07
-1.77
-2.53
-3.83
-3.80
-2.95
-1.23
3.468
3.484
3.466
3.470
3.488
3.478
3.442
3.396
3.358
3.322
3.311
3.282
-0.77
-0.02
-0.41
0.14
0.17
-0.05
-0.86
-2.43
-3.54
-4.51
-4.81
-5.48
3.269
3.260
3.260
3.259
3.256
3.253
3.253
3.258
3.308
3.382
3.377
3.425
-5.73
-6.44
-5.93
-6.09
-6.66
-6.45
-5.50
-4.07
-1.49
1.80
1.99
4.37
3.394
3.290
3.340
3.332
3.280
3.265
3.244
3.235
3.25
3.24
3.22
3.21
-1.09
3.414
-1.88
3.297
-3.43
3.275
2006
12 meses
2007
Mensual 12 meses
2008
Mensual 12 meses
2009
Mensual
3.83
0.92
2.45
2.25
0.74
0.35
-0.28
-0.70
-0.18
-4.25
-4.57
-6.40
3.193
3.191
3.186
3.179
3.168
3.171
3.161
3.159
3.136
3.020
3.002
2.982
-5.93
-3.00
-4.61
-4.61
-3.41
-2.88
-2.54
-2.36
-3.45
-6.72
-6.86
-7.00
2.951
2.906
2.812
2.749
2.805
2.893
2.849
2.893
2.967
3.077
3.093
3.115
-7.58
-8.92
-11.75
-13.50
-11.45
-8.76
-9.87
-8.40
-5.41
1.88
3.04
4.47
3.152
3.237
3.175
3.086
2.994
2.991
3.013
2.951
2.910
2.873
2.886
2.878
-0.67
3.129
-4.45
2.926
-6.49
3.012
2009
12 meses
2010
Mensual 12 meses
2011
Mensual 12 meses
2012
Monthly
6.80
11.37
12.93
12.23
6.74
3.39
5.75
2.00
-1.90
-6.65
-6.70
-7.59
2.857
2.855
2.840
2.841
2.846
2.839
2.823
2.803
2.791
2.792
2.806
2.816
-9.34
-11.80
-10.55
-7.94
-4.95
-5.09
-6.30
-5.04
-4.10
-2.80
-2.75
-2.15
2.788
2.771
2.780
2.816
2.776
2.765
2.742
2.740
2.744
2.732
2.706
2.697
-2.43
-2.93
-2.13
-0.86
-2.48
-2.60
-2.89
-2.23
-1.68
-2.14
-3.58
-4.24
2.693
2.684
2.672
2.658
2.670
2.671
2.636
2.617
2.603
2.588
2.599
2.568
2.95
2.83
-6.19
2.75
-2.52
2.64
2012
YoY
2013
Monthly
YoY
2014
Monthly
YoY
2015
Monthly
-3.39
-3.14
-3.90
-5.63
-3.81
-3.38
-3.87
-4.51
-5.14
-5.28
-3.94
-4.80
2.552
2.579
2.595
2.598
2.646
2.748
2.778
2.802
2.780
2.770
2.799
2.786
-5.23
-3.94
-2.88
-2.24
-0.91
2.89
5.40
7.11
6.78
7.03
7.69
8.51
2.810
2.813
2.807
2.795
2.788
2.795
2.787
2.815
2.865
2.907
2.926
2.963
10.08
9.11
8.19
7.59
5.37
1.70
0.32
0.46
3.06
4.95
4.54
6.35
3.007
3.080
3.093
3.121
3.152
3.162
3.183
3.240
3.221
3.250
3.339
3.385
-4.23
2.70
2.45
2.84
5.05
3.19
2015
YoY
7.02
9.48
10.19
11.67
13.05
13.14
14.20
15.08
12.41
11.80
14.09
14.24
12.21
2016
Monthly
3.439
YoY
14.36