Modelo Hotel 22-09-11

pesos
ocupacin
75%
# de habitaciones
500
FCL
2014
ingresos - egresos
49,438,661,750
cuota
52,879,722,255
deuda *1,6
84,607,555,608
utilidad operacional - deuda
35,168,893,858
equity
88,653,330,000
flujo de caja libre
174,725,403,654
39,214,668,250
impuestos
FCL despues de impuestos
138,091,991,750
20% vpn
163,921,336,766
tir
21.0%
fcl antes de impuestos sin equity ni cuota

*
102,318,384,005
IMPUESTOS
33,765,066,722
FCL DESPUES DE IMPUESTOS
68,553,317,284
DSCR
1.30
30.1%
pesos
dolares
2014
ingresos brutos
87,086,596,167
30,1% operadora
29,344,013,416.67
gastos
8,303,921,000.00
utilidad neta
49,438,661,750.00
Ingresos totales
ingresos operacionales
Alojamiento
ingresos adicionales
USD/ unidad
400
50
boutique
salas de conferencias
ingresos brutos
ingresos brutos
2000
2,450
Ingresos sin inflacion

Alojamiento
boutique
salas de conferencias
ingresos netos
ingresos brutos
iva hoteleria 10%
40
iva consumos adicionales 16%
328
seguro hotelero
1.10
ingresos netos
369
precios con incremento IPC

ingresos operacionales
USD/ unidad 2014
precio x noche
seguro hotelero
400
50
1.10
amortizacion prestamo 50% inversion inicial

Cuota a pagar
Consolidado de deuda
Saldo Inicial
Cuota a pagar
10% Intereses
Amortizacin
52,879,722,255
2014
413,715,540,000
52,879,722,255
41,371,554,000
11,508,168,255
Saldo Final
402,207,371,745
equity
177,306,660,000
aportes de equity
88,653,330,000
591,022,200,000
gastos administrativos
N.
salarios
1 gerente
unidad
10,000,000
1 gerente comercial
6,000,000
1 gerente de recursos humanos
6,000,000
1 subgerente
5,000,000
15 asesores comerciales
2,000,000
10 secretarias
1,100,000
12 recepcionistas
1,100,000
40 camareras
1,100,000
8 botones
1,100,000
20 recreacionistas
1,100,000
5 chefs
5,000,000
80 auxiliar de cocina
1,100,000
50 meseros
1,100,000
16 celadores
1,500,000
8 bares
1,100,000
15 areas comunes
1,100,000
5 spa
1,100,000
10 lavanderia
gastos nomina
1,100,000
47,600,000
papeleria
5,000,000
298 gastos administrativos
gastos de ventas anuales

5
12
-
televisores x 500
camas x 1050
inversion inicial
400,000,000
1,575,000,000
mesas de noche x 2 -1000
125,000,000
sofas x 500
500,000,000
lamparas x 3-1500
150,000,000
cuadros
100,000,000
duchas, lavamanos, pomas
250,000,000
secadores de pelo
40,000,000
telefonos
35,000,000
sabanas
96,000,000
cubrelechos
120,000,000
almohadas 4
50,000,000
cojines x 2
30,000,000
amenities
120,000,000
comedor
75,000,000
sillas x 2
250,000,000
nevera
300,000,000
10
closet
500,000,000
10
aires acondicionados
375,000,000
1 mes
canecas 3
90,000,000
inodoros
250,000,000
lavamanos marmol meson
200,000,000
toallas x 4
80,000,000
toallas x 2
22,500,000
neveras
10% mensualkutensilios de cocina
9,900,000
30,000,000
cuarto frio
40,000,000
intercomunicador x 100
48,000,000
lavadoras secadoras x 30
99,000,000
5
2 meses
escobas
900,000
2 meses
traperos
900,000
3 anuales
uniformes x 500
alimentos
insumos de aseo
60,000,000
100,000,000
6,000,000
publicidad
20,000,000
mantenimiento areas sociales
10,000,000
daos ocasionales
10,000,000
depreciacion
servicios pblicos
suma gastos anuales pesos
Total gastos (pesos)

Total gastos (dlares)
585,000,000,000
2015
2016
2017
52,677,407,384
51,388,260,945
59,723,874,043
52,879,722,255
52,879,722,255
52,879,722,255
84,607,555,608
84,607,555,608
84,607,555,608
31,930,148,224
33,219,294,663
24,883,681,566
88,653,330,000
35,975,922,616
51,388,260,945
59,723,874,043
16,958,126,112
19,708,878,434
35,975,922,616
34,430,134,833
40,014,995,609
105,557,129,640
104,267,983,200
112,603,596,298
34,833,852,781
34,408,434,456
37,159,186,778
70,723,276,859
69,859,548,744
75,444,409,520
1.34
1.32
1.43
2015
2016
93,617,283,286
2017
92,920,981,623
104,627,952,104
31,966,223,843.21
31,889,196,797.81
35,554,898,236.75
8,973,652,058.00
9,643,523,880.03
9,349,179,824.49
52,677,407,384.37
51,388,260,944.94
59,723,874,042.67
2014
ocupacion diaria 75%
ingresos mensuales
ingresos anuales
150,000
4,500,000
54,750,000
1,875
56,250
675,000
5,556
66,667
18,000
216,000
4,579,806
55,707,667
151,875
97,488,416,667
54,750,000
675,000
66,667
216,000
97,488,416,667
15,000
450,000
9,855,000,000
300
12,769
275,808,000
385
11,550
271,012,500
15,685
474,319
87,086,596,167
3.55%
3.50%
3.62%
2015
2016
2017
414
429
444
52
54
56
1.14
1.18
1.22
2016
2017
27,581,036,000
2015
402,207,371,745
389,548,386,664
375,623,503,075
52,879,722,255
52,879,722,255
52,879,722,255
40,220,737,174
38,954,838,666
37,562,350,308
12,658,985,081
13,924,883,589
15,317,371,948
389,548,386,664
375,623,503,075
360,306,131,127
88,653,330,000
4.82%
4.82%
4.82%
2014
2015
2016
120,000,000
120,000,000
120,000,000
72,000,000
72,000,000
72,000,000
72,000,000
72,000,000
72,000,000
60,000,000
60,000,000
60,000,000
24,000,000
24,000,000
24,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
60,000,000
60,000,000
60,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
18,000,000
18,000,000
18,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
571,200,000
571,200,000
571,200,000
60,000,000
60,000,000
60,000,000
631,200,000
631,200,000
631,200,000
2014
2015
2016
96,000,000
120,000,000
50,000,000
30,000,000
1,440,000,000
1,440,000,000
1,440,000,000
90,000,000
80,000,000
22,500,000
3,000,000
3,000,000
3,000,000
5,400,000
5,400,000
5,400,000
180,000,000
180,000,000
180,000,000
1,200,000,000
1,200,000,000
1,200,000,000
72,000,000
72,000,000
72,000,000
20,000,000
20,000,000
20,000,000
120,000,000
120,000,000
120,000,000
120,000,000
120,000,000
120,000,000
29,250,000,000
29,250,000,000
29,250,000,000
4,512,321,000
5,182,052,058
5,363,423,880
7,672,721,000
8,342,452,058
9,012,323,880
8,303,921,000
8,973,652,058
9,643,523,880
4,745,098
5,405,814
6,027,202
2018
2019
2020
61,544,598,950
60,731,690,426
64,418,400,408
52,879,722,255
52,879,722,255
52,879,722,255
84,607,555,608
84,607,555,608
84,607,555,608
23,062,956,659
23,875,865,183
20,189,155,200
61,544,598,950
60,731,690,426
64,418,400,408
20,309,717,653
20,041,457,841
21,258,072,135
41,234,881,296
40,690,232,585
43,160,328,273
114,424,321,205
113,611,412,681
117,298,122,663
37,760,025,998
37,491,766,185
38,708,380,479
76,664,295,207
76,119,646,496
78,589,742,184
1.45
1.44
1.49
2018
2019
107,731,434,650
2020
109,887,837,670
112,882,857,276
36,636,249,182.98
37,436,382,218.98
38,493,826,253.78
9,550,586,517.33
11,719,765,025.46
9,970,630,614.49
61,544,598,949.74
60,731,690,425.76
64,418,400,408.05
56,693,625.00
2015
ingresos anuales
2016
ingresos anuales
2017
ingresos anuales
56,693,625
58,677,902
60,802,042
6,989,625
7,234,262
7,496,142
69,033
71,450
74,036
223,668
231,496
239,877
63,975,951
66,215,110
68,612,097
106,200,079,213
105,944,175,408
118,122,585,504
54,750,000
54,750,000
54,750,000
675,000
675,000
675,000
66,667
66,667
66,667
216,000
216,000
216,000
106,200,079,213
105,944,175,408
118,122,585,504
10,204,852,500
10,562,022,338
10,944,367,546
2,097,309,984
2,170,715,833
2,249,295,747
280,633,444
290,455,614
300,970,108
93,617,283,286
92,920,981,623
104,627,952,104
3.62%
3.59%
3.58%
2018
2019
2020
460
477
494
58
60
62
1.27
1.31
1.36
2018
2019
2020
360,306,131,127
343,457,021,985
324,923,001,928
52,879,722,255
52,879,722,255
52,879,722,255
36,030,613,113
34,345,702,199
32,492,300,193
16,849,109,142
18,534,020,057
20,387,422,062
343,457,021,985
324,923,001,928
304,535,579,866
4.82%
4.82%
4.82%
2017
2018
2019
120,000,000
120,000,000
120,000,000
72,000,000
72,000,000
72,000,000
72,000,000
72,000,000
72,000,000
60,000,000
60,000,000
60,000,000
24,000,000
24,000,000
24,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
60,000,000
60,000,000
60,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
18,000,000
18,000,000
18,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
571,200,000
571,200,000
571,200,000
60,000,000
60,000,000
60,000,000
631,200,000
631,200,000
631,200,000
2017
2018
2019
400,000,000
500,000,000
150,000,000
96,000,000
120,000,000
50,000,000
30,000,000
1,440,000,000
1,440,000,000
1,440,000,000
75,000,000
250,000,000
90,000,000
80,000,000
22,500,000
3,000,000
3,000,000
3,000,000
99,000,000
5,400,000
5,400,000
5,400,000
180,000,000
180,000,000
180,000,000
1,200,000,000
1,200,000,000
1,200,000,000
72,000,000
72,000,000
72,000,000
20,000,000
20,000,000
20,000,000
120,000,000
120,000,000
120,000,000
120,000,000
120,000,000
120,000,000
29,250,000,000
29,250,000,000
29,250,000,000
5,557,579,824
5,758,986,517
5,965,665,025
8,717,979,824
8,919,386,517
11,088,565,025
9,349,179,824
9,550,586,517
11,719,765,025
5,430,518
5,578,874
6,940,094
2021
2022
2023
67,043,253,449
69,666,040,865
72,867,383,160
52,879,722,255
52,879,722,255
52,879,722,255
84,607,555,608
84,607,555,608
84,607,555,608
17,564,302,160
14,941,514,744
11,740,172,448
67,043,253,449
69,666,040,865
72,867,383,160
22,124,273,638
22,989,793,485
24,046,236,443
44,918,979,811
46,676,247,379
48,821,146,717
119,922,975,704
122,545,763,120
125,747,105,415
39,574,581,982
40,440,101,830
41,496,544,787
80,348,393,722
82,105,661,290
84,250,560,628
1.52
1.55
1.59
2021
2022
117,186,059,617
2023
122,708,103,148
126,678,499,929
39,950,850,585.77
41,781,306,137.11
43,150,561,757.88
10,191,955,581.95
11,260,756,146.26
10,660,555,011.06
67,043,253,448.84
69,666,040,864.67
72,867,383,160.15
2018
ingresos anuales
2019
ingresos anuales
2020
ingresos anuales
63,005,508
65,266,650
67,600,950
7,767,802
8,046,573
8,334,364
76,719
79,472
82,315
248,570
257,490
266,700
71,098,599
73,650,185
76,284,329
121,715,113,565
124,373,362,854
127,886,465,959
54,750,000
54,750,000
54,750,000
675,000
675,000
675,000
66,667
66,667
66,667
216,000
216,000
216,000
121,715,113,565
124,373,362,854
127,886,465,959
11,340,991,426
11,747,996,926
12,168,171,085
2,330,810,224
2,414,458,342
2,500,812,893
311,877,264
323,069,915
334,624,705
107,731,434,650
109,887,837,670
112,882,857,276
3.58%
3.60%
3.59%
2021
2022
2023
512
530
549
64
66
69
1.41
1.46
1.51
2021
2022
2023
304,535,579,866
282,109,415,597
257,440,634,902
52,879,722,255
52,879,722,255
52,879,722,255
30,453,557,987
28,210,941,560
25,744,063,490
22,426,164,269
24,668,780,696
27,135,658,765
282,109,415,597
257,440,634,902
230,304,976,137
4.82%
4.82%
4.82%
2020
2021
2022
120,000,000
120,000,000
120,000,000
72,000,000
72,000,000
72,000,000
72,000,000
72,000,000
72,000,000
60,000,000
60,000,000
60,000,000
24,000,000
24,000,000
24,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
60,000,000
60,000,000
60,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
18,000,000
18,000,000
18,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
571,200,000
571,200,000
571,200,000
60,000,000
60,000,000
60,000,000
631,200,000
631,200,000
631,200,000
2020
2021
2022
100,000,000
250,000,000
96,000,000
120,000,000
50,000,000
30,000,000
1,440,000,000
1,440,000,000
1,440,000,000
90,000,000
80,000,000
22,500,000
3,000,000
3,000,000
3,000,000
5,400,000
5,400,000
5,400,000
180,000,000
180,000,000
180,000,000
1,200,000,000
1,200,000,000
1,200,000,000
72,000,000
72,000,000
72,000,000
20,000,000
20,000,000
20,000,000
120,000,000
120,000,000
120,000,000
120,000,000
120,000,000
120,000,000
29,250,000,000
29,250,000,000
29,250,000,000
6,179,030,614
6,400,355,582
6,630,656,146
9,339,430,614
9,560,755,582
10,629,556,146
9,970,630,614
10,191,955,582
11,260,756,146
5,947,485
6,067,602
6,640,848
2024
2025
2026
73,104,718,172
77,575,040,379
79,651,767,616
52,879,722,255
52,879,722,255
52,879,722,255
11,502,837,436
77,575,040,379
79,651,767,616
73,104,718,172
77,575,040,379
79,651,767,616
24,124,556,997
25,599,763,325
26,285,083,313
48,980,161,175
51,975,277,054
53,366,684,303
125,984,440,428
130,454,762,634
132,531,489,872
41,574,865,341
43,050,071,669
43,735,391,658
84,409,575,086
87,404,690,965
88,796,098,214
1.60
1.65
1.68
84,607,555,608
-
2024
2025
130,847,180,605
2026
135,496,217,938
140,535,157,122
44,585,457,914.77
46,171,394,400.22
47,881,505,032.81
13,157,004,518.02
11,749,783,158.66
13,001,884,473.16
73,104,718,172.32
77,575,040,379.26
79,651,767,616.29
2021
ingresos anuales
2022
ingresos anuales
2023
ingresos anuales
70,022,330
72,541,906
75,148,986
8,632,890
8,943,523
9,264,944
85,263
88,331
91,506
276,252
286,193
296,478
79,016,736
81,859,952
84,801,914
132,727,078,358
138,808,326,037
143,357,348,033
54,750,000
54,750,000
54,750,000
675,000
675,000
675,000
66,667
66,667
66,667
216,000
216,000
216,000
132,727,078,358
138,808,326,037
143,357,348,033
12,604,019,398
13,057,543,072
13,526,817,549
2,590,388,810
2,683,597,382
2,780,043,072
346,610,533
359,082,434
371,987,483
117,186,059,617
122,708,103,148
126,678,499,929
3.59%
3.59%
3.59%
2024
2025
2026
569
589
610
71
74
76
1.56
1.62
1.68
2024
2025
2026
230,304,976,137
200,455,751,495
167,621,604,389
52,879,722,255
52,879,722,255
52,879,722,255
23,030,497,614
20,045,575,150
16,762,160,439
29,849,224,642
32,834,147,106
36,117,561,816
200,455,751,495
167,621,604,389
131,504,042,573
4.82%
4.82%
4.82%
2023
2024
2025
120,000,000
120,000,000
120,000,000
72,000,000
72,000,000
72,000,000
72,000,000
72,000,000
72,000,000
60,000,000
60,000,000
60,000,000
24,000,000
24,000,000
24,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
60,000,000
60,000,000
60,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
18,000,000
18,000,000
18,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
571,200,000
571,200,000
571,200,000
60,000,000
60,000,000
60,000,000
631,200,000
631,200,000
631,200,000
2023
2024
2025
400,000,000
500,000,000
150,000,000
-
96,000,000
120,000,000
50,000,000
30,000,000
1,440,000,000
1,440,000,000
1,440,000,000
75,000,000
250,000,000
500,000,000
375,000,000
90,000,000
80,000,000
22,500,000
3,000,000
3,000,000
3,000,000
99,000,000
5,400,000
5,400,000
5,400,000
180,000,000
180,000,000
180,000,000
1,200,000,000
1,200,000,000
1,200,000,000
72,000,000
72,000,000
72,000,000
20,000,000
20,000,000
20,000,000
120,000,000
120,000,000
120,000,000
120,000,000
120,000,000
120,000,000
29,250,000,000
29,250,000,000
29,250,000,000
6,868,955,011
7,115,404,518
7,370,683,159
10,029,355,011
12,525,804,518
11,118,583,159
10,660,555,011
13,157,004,518
11,749,783,159
6,306,168
7,802,699
6,970,213
2027
2028
2029
84,387,160,100
86,971,859,624
89,321,650,010
52,879,722,255
52,879,722,255
52,879,722,255
84,387,160,100
86,971,859,624
89,321,650,010
84,387,160,100
86,971,859,624
89,321,650,010
27,847,762,833
28,700,713,676
29,476,144,503
56,539,397,267
58,271,145,948
59,845,505,507
137,266,882,356
139,851,581,879
142,201,372,265
45,298,071,177
46,151,022,020
46,926,452,848
91,968,811,178
93,700,559,859
95,274,919,418
1.74
1.77
1.80
2027
2028
145,735,497,386
2029
150,835,222,474
156,193,361,738
49,647,229,700.98
51,389,789,698.78
53,217,539,021.38
11,701,107,584.28
12,473,573,151.46
13,654,172,706.88
84,387,160,100.43
86,971,859,623.58
89,321,650,010.14
2024
ingresos anuales
2025
ingresos anuales
2026
ingresos anuales
77,845,238
80,638,084
83,532,923
9,597,358
9,941,682
10,298,580
94,789
98,189
101,714
307,115
318,134
329,555
87,844,500
90,996,088
94,262,771
148,124,444,900
153,393,336,878
159,074,767,551
54,750,000
54,750,000
54,750,000
675,000
675,000
675,000
66,667
66,667
66,667
216,000
216,000
216,000
148,124,444,900
153,393,336,878
159,074,767,551
14,012,142,829
14,514,855,045
15,035,926,110
2,879,787,538
2,983,105,381
3,090,196,350
385,333,928
399,158,514
413,487,968
130,847,180,605
135,496,217,938
140,535,157,122
3.59%
3.59%
3.59%
2027
2028
2029
632
655
678
79
82
85
1.74
1.80
1.87
2027
2028
2029
131,504,042,573
91,774,724,575
48,072,474,777
52,879,722,255
52,879,722,255
52,879,722,255
13,150,404,257
9,177,472,458
4,807,247,478
39,729,317,998
43,702,249,798
48,072,474,777
91,774,724,575
48,072,474,777
4.82%
4.82%
4.82%
2026
2027
2028
120,000,000
120,000,000
120,000,000
72,000,000
72,000,000
72,000,000
72,000,000
72,000,000
72,000,000
60,000,000
60,000,000
60,000,000
24,000,000
24,000,000
24,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
60,000,000
60,000,000
60,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
18,000,000
18,000,000
18,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
571,200,000
571,200,000
571,200,000
60,000,000
60,000,000
60,000,000
631,200,000
631,200,000
631,200,000
2026
1,575,000,000
2027
2028
96,000,000
120,000,000
50,000,000
30,000,000
1,440,000,000
1,440,000,000
1,440,000,000
90,000,000
80,000,000
22,500,000
3,000,000
3,000,000
3,000,000
5,400,000
5,400,000
5,400,000
180,000,000
180,000,000
180,000,000
1,200,000,000
1,200,000,000
1,200,000,000
72,000,000
72,000,000
72,000,000
20,000,000
20,000,000
20,000,000
120,000,000
120,000,000
120,000,000
120,000,000
120,000,000
120,000,000
29,250,000,000
29,250,000,000
29,250,000,000
7,635,284,473
7,909,507,584
8,193,473,151
12,370,684,473
11,069,907,584
11,842,373,151
13,001,884,473
11,701,107,584
12,473,573,151
7,704,513
6,927,282
7,390,325
2030
2031
2032
93,754,904,927
97,060,223,428
101,294,447,473
93,754,904,927
97,060,223,428
101,294,447,473
93,754,904,927
97,060,223,428
101,294,447,473
30,939,118,626
32,029,873,731
33,427,167,666
62,815,786,301
65,030,349,697
67,867,279,807
93,754,904,927
97,060,223,428
101,294,447,473
30,939,118,626
32,029,873,731
33,427,167,666
62,815,786,301
65,030,349,697
67,867,279,807
2030
2031
161,823,721,920
2032
167,673,763,677
173,700,527,205
55,134,961,694.75
57,126,528,799.56
59,179,575,092.69
12,933,855,298.51
13,487,011,449.38
13,226,504,639.30
93,754,904,926.93
97,060,223,427.91
101,294,447,473.49
2027
ingresos anuales
2028
ingresos anuales
2029
ingresos anuales
86,533,028
89,639,720
92,857,281
10,668,456
11,051,472
11,448,158
105,367
109,150
113,068
341,391
353,647
366,341
97,648,242
101,153,990
104,784,848
164,940,962,462
170,730,198,335
176,802,455,221
54,750,000
54,750,000
54,750,000
675,000
675,000
675,000
66,667
66,667
66,667
216,000
216,000
216,000
164,940,962,462
170,730,198,335
176,802,455,221
15,575,945,078
16,135,149,558
16,714,310,583
3,201,181,509
3,316,109,690
3,435,139,358
428,338,490
443,716,613
459,643,541
145,735,497,386
150,835,222,474
156,193,361,738
3.59%
3.59%
3.59%
2030
2031
2032
703
728
754
88
91
94
1.93
2.00
2.07
4.82%
4.82%
4.82%
2029
2030
2031
120,000,000
120,000,000
120,000,000
72,000,000
72,000,000
72,000,000
72,000,000
72,000,000
72,000,000
60,000,000
60,000,000
60,000,000
24,000,000
24,000,000
24,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
60,000,000
60,000,000
60,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
18,000,000
18,000,000
18,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
571,200,000
571,200,000
571,200,000
60,000,000
60,000,000
60,000,000
631,200,000
631,200,000
631,200,000
2029
2030
400,000,000
500,000,000
150,000,000
100,000,000
250,000,000
2031
96,000,000
120,000,000
50,000,000
30,000,000
1,440,000,000
1,440,000,000
1,440,000,000
75,000,000
250,000,000
90,000,000
80,000,000
22,500,000
3,000,000
3,000,000
3,000,000
99,000,000
5,400,000
5,400,000
5,400,000
180,000,000
180,000,000
180,000,000
1,200,000,000
1,200,000,000
1,200,000,000
72,000,000
72,000,000
72,000,000
20,000,000
20,000,000
20,000,000
120,000,000
120,000,000
120,000,000
120,000,000
120,000,000
120,000,000
29,250,000,000
29,250,000,000
29,250,000,000
8,487,572,707
8,792,255,299
9,107,911,449
13,022,972,707
12,302,655,299
12,855,811,449
13,654,172,707
12,933,855,299
13,487,011,449
8,092,367
7,664,480
7,990,577
2033
2034
105,046,568,679
106,508,755,506
105,046,568,679
106,508,755,506
105,046,568,679
106,508,755,506
34,665,367,664
35,147,889,317
70,381,201,015
71,360,866,189
105,046,568,679
106,508,755,506
34,665,367,664
35,147,889,317
70,381,201,015
71,360,866,189
2033
2034
179,907,082,217
186,361,998,048
61,295,300,760.96
63,494,666,723.98
13,565,212,777.67
16,358,575,817.42
105,046,568,678.66
106,508,755,506.17
2030
ingresos anuales
2031
ingresos anuales
2032
ingresos anuales
96,190,625
99,644,023
103,221,453
11,859,118
12,284,880
12,725,933
117,127
121,332
125,688
379,492
393,116
407,230
108,546,362
112,443,351
116,480,304
183,172,630,215
189,789,132,224
196,609,884,029
54,750,000
54,750,000
54,750,000
675,000
675,000
675,000
66,667
66,667
66,667
216,000
216,000
216,000
183,172,630,215
189,789,132,224
196,609,884,029
17,314,312,450
17,935,924,202
18,579,861,630
3,558,452,253
3,686,206,430
3,818,548,999
476,143,592
493,237,916
510,946,195
161,823,721,920
167,673,763,677
173,700,527,205
3.59%
3.59%
2033
2034
781
809
98
101
2.15
2.23
4.82%
4.82%
4.82%
2032
2033
2034
120,000,000
120,000,000
120,000,000
72,000,000
72,000,000
72,000,000
72,000,000
72,000,000
72,000,000
60,000,000
60,000,000
60,000,000
24,000,000
24,000,000
24,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
60,000,000
60,000,000
60,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
18,000,000
18,000,000
18,000,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
13,200,000
571,200,000
571,200,000
571,200,000
60,000,000
60,000,000
60,000,000
631,200,000
631,200,000
631,200,000
2032
2033
2034
400,000,000
500,000,000
150,000,000
1,440,000,000
1,440,000,000
1,440,000,000
75,000,000
250,000,000
500,000,000
375,000,000
90,000,000
80,000,000
22,500,000
3,000,000
3,000,000
3,000,000
5,400,000
5,400,000
5,400,000
180,000,000
180,000,000
180,000,000
1,200,000,000
1,200,000,000
1,200,000,000
72,000,000
72,000,000
72,000,000
20,000,000
20,000,000
20,000,000
120,000,000
120,000,000
120,000,000
120,000,000
120,000,000
120,000,000
29,250,000,000
29,250,000,000
29,250,000,000
9,434,904,639
9,773,612,778
10,124,475,817
12,595,304,639
12,934,012,778
15,727,375,817
13,226,504,639
13,565,212,778
16,358,575,817
7,835,960
8,037,779
9,693,090
2033
ingresos anuales
2034
ingresos anuales
106,927,050
110,765,625
13,182,787
13,656,036
130,200
134,874
421,849
436,993
120,661,886
124,993,529
203,638,872,960
210,945,736,625
54,750,000
54,750,000
675,000
675,000
66,667
66,667
216,000
216,000
203,638,872,960
210,945,736,625
19,246,868,938
19,937,812,511
3,955,632,909
4,097,636,222
529,288,896
548,289,844
179,907,082,217
186,361,998,048
PRECIO DLAR
2012
1770.0
2013
1828.0
2014
1750.0
2015
1660.0
2016
1600.0
IPC
2012
3.60%
2013
3.80%
2014
3.65%
2015
3.55%
2016
3.50%
INGRESOS POR ALOJAMIENTO

da dlares
da total
da pesos
ao pesos
$
$
2014
$400
$150,000
262,500,000 $
95,812,500,000 $
2015
$414
$155,325
257,839,500 $
94,111,417,500 $
2016
$429
$160,761
257,218,200
93,884,643,000
2017
1721.6
2018
1711.9
2019
1688.7
2020
1676.4
2021
1679.7
2017
3.62%
2018
3.62%
2019
3.59%
2020
3.58%
2021
3.58%
2017
2018
2019
2020
2021
$444
$460
$477
$494
$512
$166,581
$172,618
$178,813
$185,208
$191,842
$
286,785,741 $
295,507,915 $
301,961,787 $
310,491,128 $
322,243,484
$ 104,676,795,374 $ 107,860,389,122 $ 110,216,052,230 $ 113,329,261,896 $ 117,618,871,638
2022
1695.7
2023
1690.5
2024
1686.2
2025
1685.7
2026
1687.6
2022
3.60%
2023
3.59%
2024
3.59%
2025
3.59%
2026
3.59%
2022
2023
2024
2025
2026
$530
$549
$569
$589
$610
$198,745
$205,888
$213,275
$220,926
$228,857
$
337,007,935 $
348,052,348 $
359,626,218 $
372,418,378 $
386,212,127
$ 123,007,896,236 $ 127,039,107,055 $ 131,263,569,473 $ 135,932,708,107 $ 140,967,426,518
2027
1689.1
2028
1687.8
2029
1687.3
2030
1687.5
2031
1687.9
2027
3.59%
2028
3.59%
2029
3.59%
2030
3.59%
2031
3.59%
2027
2028
2029
2030
2031
$632
$655
$678
$703
$728
$237,077
$245,588
$254,404
$263,536
$272,997
$
400,454,459 $
414,509,945 $
429,252,567 $
444,718,495 $
460,782,471
$ 146,165,877,616 $ 151,296,129,856 $ 156,677,187,075 $ 162,322,250,647 $ 168,185,602,045
2032
1687.9
2033
1687.7
2034
1687.7
2032
3.59%
2033
3.59%
2034
3.59%
2032
2033
2034
$754
$781
$809
$282,799
$292,951
$303,467
$
477,342,339 $
494,407,778 $
512,147,860
$ 174,229,953,664 $ 180,458,838,961 $ 186,933,968,754
2014
Alojamiento y adicionales
Boutique
Salas de conferencias
Total ingresos dlares
Total ingresos pesos
2015
2016
55,425,000
63,683,250
65,912,164
66,667
216,000
69,033
223,668
71,450
231,496
55,707,667
97,488,416,667
63,975,951
106,200,079,213
66,215,110
105,944,175,408
2017
2018
2019
2020
2021
68,298,184
70,773,310
73,313,223
75,935,314
78,655,220
74,036
239,877
76,719
248,570
79,472
257,490
82,315
266,700
85,263
276,252
68,612,097
118,122,585,504
71,098,599
121,715,113,565
73,650,185
124,373,362,854
76,284,329
127,886,465,959
79,016,736
132,727,078,358
2022
2023
2024
2025
2026
81,485,429
84,413,930
87,442,596
90,579,765
93,831,502
88,331
286,193
91,506
296,478
94,789
307,115
98,189
318,134
101,714
329,555
81,859,952
138,808,326,037
84,801,914
143,357,348,033
87,844,500
148,124,444,900
90,996,088
153,393,336,878
94,262,771
159,074,767,551
2027
2028
2029
2030
2031
97,201,484
100,691,192
104,305,439
108,049,743
111,928,903
105,367
341,391
109,150
353,647
113,068
366,341
117,127
379,492
121,332
393,116
97,648,242
164,940,962,462
101,153,990
170,730,198,335
104,784,848
176,802,455,221
108,546,362
183,172,630,215
112,443,351
189,789,132,224
2032
2033
2034
115,947,386
120,109,837
124,421,661
125,688
407,230
130,200
421,849
134,874
436,993
116,480,304
196,609,884,029
120,661,886
203,638,872,960
124,993,529
210,945,736,625
Nmina
Coste de mantenimiento y mejoras
Papelera
Total
2014
326,400
4,384,412
34,286
4,745,098
2015
344,096
5,025,574
36,145
5,405,814
Total gastos sin ipc
314,906
4,230,016
33,078
4,578,001
332,300
4,853,282
34,905
5,220,487
2016
357,000
5,632,702
37,500
6,027,202
2017
331,784
5,063,882
34,851
5,430,518
2018
333,660
5,210,165
35,048
5,578,874
2019
338,248
6,566,317
35,530
6,940,094
2020
340,721
5,570,974
35,790
5,947,485
344,928
5,442,225
36,232
5,823,384
320,193
4,886,974
33,634
5,240,801
321,991
5,027,952
33,823
5,383,767
326,529
6,338,829
34,299
6,699,657
328,956
5,378,605
34,554
5,742,115
2021
340,054
5,691,828
35,720
6,067,602
2022
336,856
6,268,608
35,384
6,640,848
2023
337,889
5,932,786
35,493
6,306,168
2024
338,747
7,428,369
35,583
7,802,699
2025
338,848
6,595,773
35,593
6,970,213
328,295
5,495,004
34,485
5,857,783
325,156
6,050,882
34,155
6,410,193
326,167
5,726,965
34,261
6,087,393
327,015
7,171,080
34,350
7,532,445
327,112
6,367,333
34,360
6,728,805
2026
338,475
7,330,484
35,554
7,704,513
2027
338,161
6,553,600
35,521
6,927,282
2028
338,424
7,016,353
35,549
7,390,325
2029
338,531
7,718,276
35,560
8,092,367
2030
338,488
7,290,437
35,555
7,664,480
326,746
7,076,445
34,322
7,437,513
326,437
6,326,386
34,290
6,687,113
326,695
6,773,183
34,317
7,134,195
326,801
7,450,833
34,328
7,811,962
326,758
7,037,797
34,323
7,398,879
2031
338,416
7,616,614
35,548
7,990,577
2032
338,404
7,462,010
35,547
7,835,960
2033
338,452
7,663,774
35,552
8,037,779
2034
338,458
9,319,080
35,552
9,693,090
326,687
7,352,642
34,316
7,713,645
326,676
7,203,393
34,315
7,564,383
326,723
7,398,183
34,320
7,759,226
326,729
8,996,128
34,320
9,357,177
MODELO PARA FINANCIACIN DE PROYECTO MLTIPLE
Nombre
PROYECTO EJEMPLO
(C) Copyright 2002 Mofinet.com
INSTRUCCIONES
El ao 0 refleja los supuestos de partida, que empiezan a aplicarse a partir del ao 1.Las casillas en color azul deben ser rellenadas por el usuario.CLCULO DEL MARGEN OPERATIVO BRUTO
A) Ingresos:
Tasa estimada de incremento de ese precio
Volumen de ventas de alojamiento
Tasa estimada de incremento de ese volumen
Ingresos derivados de alojamiento y adicionales
Boutique
Volumen de ventas de la Boutique
Ingresos derivados de la boutique
Salas de conferencia
Volumen de ventas del producto C
Ingresos derivados de salas de conferencia
TOTAL DE INGRESOS OPERATIVOS
B) Gastos:
Coste variable unitario del producto A
Tasa estimada de incremento de ese coste
Coste variable total del producto A
Coste variable unitario del producto B
Coste variable total del producto B
Coste variable unitario del producto C
Coste variable total del producto C
Total de costes variables
Coste de personal
Papeleria
Tasa estimada de incremento de esos gastos
Total de costes fijos
TOTAL DE GASTOS OPERATIVOS
MARGEN OPERATIVO BRUTO
Porcentaje de incremento
2014
55,425,000
3.65%
0
66,666.67
3.65%
0
216,000.00
3.65%
55,707,667
2014
0.00
0.00
0.00
326,400.00
4,384,412.00
34,285.71
3.65%
4,745,097.71
4,745,098
2015
63,683,250
3.55%
1
0.0%
63,683,250
69,033.33
3.55%
1
0.0%
69,033
223,668.00
3.55%
1
0.0%
223,668
63,975,951
2015
0.00
2.0%
0
0.00
1.5%
0
0.00
1.0%
0
344,096.39
5,025,573.53
36,144.58
3.55%
5,405,814
5,405,814
58,570,137
2016
65,912,164
3.50%
1
0.0%
65,912,164
71,449.50
3.50%
1
0.0%
71,450
231,496.38
3.50%
1
0.0%
231,496
66,215,110
2016
2017
68,298,184
3.62%
1
0.0%
68,298,184
74,035.97
3.62%
1
0.0%
74,036
239,876.55
3.62%
1
0.0%
239,877
68,612,097
2017
2018
70,773,310
3.62%
1
0.0%
70,773,310
76,719.04
3.62%
1
0.0%
76,719
248,569.68
3.62%
1
0.0%
248,570
71,098,599
2018
2019
73,313,223
3.59%
1
0.0%
73,313,223
79,472.33
3.59%
1
0.0%
79,472
257,490.34
3.59%
1
0.0%
257,490
73,650,185
2019
2020
75,935,314
3.58%
1
0.0%
75,935,314
82,314.70
3.58%
1
0.0%
82,315
266,699.64
3.58%
1
0.0%
266,700
76,284,329
2020
2021
78,655,220
3.58%
1
0.0%
78,655,220
85,263.11
3.58%
1
0.0%
85,263
276,252.48
3.58%
1
0.0%
276,252
79,016,736
2021
2022
81,485,429
3.60%
1
0.0%
81,485,429
88,331.09
3.60%
1
0.0%
88,331
286,192.72
3.60%
1
0.0%
286,193
81,859,952
2022
2023
84,413,930
3.59%
1
0.0%
84,413,930
91,505.62
3.59%
1
0.0%
91,506
296,478.19
3.59%
1
0.0%
296,478
84,801,914
2023
2024
87,442,596
3.59%
1
0.0%
87,442,596
94,788.72
3.59%
1
0.0%
94,789
307,115.46
3.59%
1
0.0%
307,115
87,844,500
2024
2025
90,579,765
3.59%
1
0.0%
90,579,765
98,189.45
3.59%
1
0.0%
98,189
318,133.81
3.59%
1
0.0%
318,134
90,996,088
2025
2026
93,831,502
3.59%
1
0.0%
93,831,502
101,714.37
3.59%
1
0.0%
101,714
329,554.54
3.59%
1
0.0%
329,555
94,262,771
2026
2027
97,201,484
3.59%
1
0.0%
97,201,484
105,367.46
3.59%
1
0.0%
105,367
341,390.58
3.59%
1
0.0%
341,391
97,648,242
2027
2028
100,691,192
3.59%
1
0.0%
100,691,192
109,150.34
3.59%
1
0.0%
109,150
353,647.11
3.59%
1
0.0%
353,647
101,153,990
2028
2029
104,305,439
3.59%
1
0.0%
104,305,439
113,068.23
3.59%
1
0.0%
113,068
366,341.05
3.59%
1
0.0%
366,341
104,784,848
2029
2030
108,049,743
3.59%
1
0.0%
108,049,743
117,127.09
3.59%
1
0.0%
117,127
379,491.78
3.59%
1
0.0%
379,492
108,546,362
2030
2031
111,928,903
3.59%
1
0.0%
111,928,903
121,332.14
3.59%
1
0.0%
121,332
393,116.15
3.59%
1
0.0%
393,116
112,443,351
2031
2032
115,947,386
3.59%
1
0.0%
115,947,386
125,688.22
3.59%
1
0.0%
125,688
407,229.84
3.59%
1
0.0%
407,230
116,480,304
2032
2033
120,109,837
3.59%
1
0.0%
120,109,837
130,200.36
3.59%
1
0.0%
130,200
421,849.18
3.59%
1
0.0%
421,849
120,661,886
2033
2034
124,421,661
3.59%
1
0.0%
124,421,661
134,874.43
3.59%
1
0.0%
134,874
436,993.15
3.59%
1
0.0%
436,993
124,993,529
2034
0.00
2.0%
0
0.00
1.5%
0
0.00
1.0%
0
357,000.00
5,632,702.43
37,500.00
3.50%
6,027,202
6,027,202
0.00
2.0%
0
0.00
1.5%
0
0.00
1.0%
0
331,784.39
5,063,882.33
34,851.30
3.62%
5,430,518
5,430,518
0.00
2.0%
0
0.00
1.5%
0
0.00
1.0%
0
333,660.45
5,210,165.50
35,048.37
3.62%
5,578,874
5,578,874
0.00
2.0%
0
0.00
1.5%
0
0.00
1.0%
0
338,247.56
6,566,316.55
35,530.21
3.59%
6,940,094
6,940,094
0.00
2.0%
0
0.00
1.5%
0
0.00
1.0%
0
340,721.03
5,570,974.13
35,790.02
3.58%
5,947,485
5,947,485
0.00
2.0%
0
0.00
1.5%
0
0.00
1.0%
0
340,053.89
5,691,827.96
35,719.95
3.58%
6,067,602
6,067,602
0.00
2.0%
0
0.00
1.5%
0
0.00
1.0%
0
336,855.91
6,268,607.84
35,384.02
3.60%
6,640,848
6,640,848
0.00
2.0%
0
0.00
1.5%
0
0.00
1.0%
0
337,888.88
5,932,786.22
35,492.53
3.59%
6,306,168
6,306,168
0.00
2.0%
0
0.00
1.5%
0
0.00
1.0%
0
338,747.45
7,428,369.02
35,582.72
3.59%
7,802,699
7,802,699
0.00
102.0%
0
0.00
101.5%
0
0.00
101.0%
0
338,847.61
6,595,772.65
35,593.24
3.59%
6,970,213
6,970,213
0.00
202.0%
0
0.00
201.5%
0
0.00
201.0%
0
338,475.40
7,330,483.77
35,554.14
3.59%
7,704,513
7,704,513
0.00
302.0%
0
0.00
301.5%
0
0.00
301.0%
0
338,161.45
6,553,599.52
35,521.16
3.59%
6,927,282
6,927,282
0.00
402.0%
0
0.00
401.5%
0
0.00
401.0%
0
338,423.78
7,016,352.71
35,548.72
3.59%
7,390,325
7,390,325
0.00
502.0%
0
0.00
501.5%
0
0.00
501.0%
0
338,530.96
7,718,276.41
35,559.98
3.59%
8,092,367
8,092,367
0.00
602.0%
0
0.00
601.5%
0
0.00
601.0%
0
338,487.70
7,290,436.73
35,555.43
3.59%
7,664,480
7,664,480
0.00
702.0%
0
0.00
701.5%
0
0.00
701.0%
0
338,415.81
7,616,613.79
35,547.88
3.59%
7,990,577
7,990,577
0.00
802.0%
0
0.00
801.5%
0
0.00
801.0%
0
338,403.89
7,462,009.97
35,546.63
3.59%
7,835,960
7,835,960
0.00
902.0%
0
0.00
901.5%
0
0.00
901.0%
0
338,452.42
7,663,774.38
35,551.72
3.59%
8,037,779
8,037,779
0.00
1002.0%
0
0.00
1001.5%
0
0.00
1001.0%
0
338,458.15
9,319,080.02
35,552.33
3.59%
9,693,090
9,693,090
60,187,907
2.76%
63,181,579
4.97%
65,519,725
3.70%
66,710,091
1.82%
70,336,843
5.44%
72,949,134
3.71%
75,219,105
3.11%
78,495,746
4.36%
80,041,801
1.97%
84,025,875
4.98%
86,558,258
3.01%
90,720,960
4.81%
93,763,664
3.35%
96,692,481
3.12%
100,881,882
4.33%
104,452,774
3.54%
108,644,344
4.01%
112,624,108
3.66%
115,300,438
2.38%
CLCULO DE LA AMORTIZACIN
Inversin inicial en inmovilizado

Perodo de amortizacin (aos)
Inversin inicial en gastos amortizables
Perodo de amortizacin (aos)
Amortizacin del inmovilizado
Amortizacin de los gastos amortizables
2014
337,726,971
Inmovilizado bruto a final de ao

Amortizacin acumulada
Inmovilizado neto
Gastos amortizables brutos
Amortizacin acumulada
Gastos amortizables netos
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
TOTAL AMORTIZACIN
Evolucin del inmovilizado y de los gastos amortizables
2015
25
2014
13,509,079
0
13,509,079
0
13,509,079
0
13,509,079
0
13,509,079
0
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
13,509,079
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
337,726,971
0
337,726,971
337,726,971
13,509,079
324,217,893
337,726,971
27,018,158
310,708,814
337,726,971
40,527,237
297,199,735
337,726,971
54,036,315
283,690,656
337,726,971
67,545,394
270,181,577
337,726,971
81,054,473
256,672,498
337,726,971
94,563,552
243,163,419
337,726,971
108,072,631
229,654,341
337,726,971
121,581,710
216,145,262
337,726,971
135,090,789
202,636,183
337,726,971
148,599,867
189,127,104
337,726,971
162,108,946
175,618,025
337,726,971
175,618,025
162,108,946
337,726,971
189,127,104
148,599,867
337,726,971
202,636,183
135,090,789
337,726,971
216,145,262
121,581,710
337,726,971
229,654,341
108,072,631
337,726,971
243,163,419
94,563,552
337,726,971
256,672,498
81,054,473
337,726,971
270,181,577
67,545,394
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
CLCULO DEL SERVICIO DE LA DEUDA
Inversin en inmovilizado y gastos amortizables

Porcentaje que se financia con recursos propios
Porcentaje que se financia con deuda
Importe inicial de la deuda
Plazo de amortizacin (aos)
Principal a amortizar anualmente
Importe de la deuda a final de cada ao
Importe medio de la deuda en cada ao
Tipo de inters de referencia (Euribor u otro)
Margen sobre el tipo de referencia
Tipo de inters de la deuda
2014
337,726,971
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
45%
55%
185,749,834
10
185,749,834
5.00%
5.00%
10.00%
Ao 0
5,000,000
180,749,834
183,249,834
5.00%
5.00%
10.00%
10,000,000
170,749,834
175,749,834
5.00%
5.00%
10.00%
16,000,000
154,749,834
162,749,834
5.00%
5.00%
10.00%
18,000,000
136,749,834
145,749,834
5.00%
5.00%
10.00%
18,000,000
118,749,834
127,749,834
5.00%
5.00%
10.00%
18,000,000
100,749,834
109,749,834
5.00%
5.00%
10.00%
18,000,000
82,749,834
91,749,834
5.00%
5.00%
10.00%
25,000,000
57,749,834
70,249,834
5.00%
5.00%
10.00%
30,000,000
27,749,834
42,749,834
5.00%
5.00%
10.00%
27,749,834
0
13,874,917
5.00%
5.00%
10.00%
Inters anual
Ao 1
18,324,983
Ao 2
17,574,983
Ao 3
16,274,983
Ao 4
14,574,983
Ao 5
12,774,983
Ao 6
10,974,983
Ao 7
9,174,983
Ao 8
7,024,983
Ao 9
4,274,983
Ao 10
1,387,492
Servicio a la deuda anual (Inters + principal)
23,324,983
27,574,983
32,274,983
32,574,983
30,774,983
28,974,983
27,174,983
32,024,983
34,274,983
29,137,326
20,749,834
27,749,834
27,749,834
27,749,834
27,749,834
27,749,834
27,749,834
27,749,834
27,749,834
27,749,834
27,749,834
CLCULO DE LA CUENTA DE RESULTADOS
2014
Ingresos operativos
Gastos operativos
Margen operativo bruto
- Amortizacin
- Intereses
Beneficio antes de impuestos
(Tipo impositivo)
- Impuestos
BENEFICIO NETO
Porcentaje de incremento
33%
2015
63,975,951
5,405,814
58,570,137
2016
66,215,110
6,027,202
60,187,907
2017
68,612,097
5,430,518
63,181,579
2018
71,098,599
5,578,874
65,519,725
2019
73,650,185
6,940,094
66,710,091
2020
76,284,329
5,947,485
70,336,843
13,509,079
18,324,983
26,736,075
33%
8,822,905
17,913,170
13,509,079
17,574,983
29,103,845
33%
9,604,269
19,499,576
8.86%
13,509,079
16,274,983
33,397,516
33%
11,021,180
22,376,336
14.75%
13,509,079
14,574,983
37,435,662
33%
12,353,769
25,081,894
12.09%
13,509,079
12,774,983
40,426,029
33%
13,340,590
27,085,439
7.99%
13,509,079
10,974,983
45,852,781
33%
15,131,418
30,721,363
13.42%
2015
58,570,137
8,822,905
1,919,279
2016
60,187,907
9,604,269
67,175
2017
63,181,579
11,021,180
71,910
2018
65,519,725
12,353,769
74,595
2019
66,710,091
13,340,590
76,548
2020
70,336,843
15,131,418
79,024
CLCULO DEL FLUJO DE FONDOS PARA EL SERVICIO DE LA DEUDA

2014
- Impuestos
- Incremento de necesidades operativas de fondos (NOF)
(NOF como % de los ingresos operativos)
NOF
Clculo del NOF:
Caja necesaria como % de los ingresos operativos
Caja necesaria
Clientes como % de los ingresos operativos
Clientes
Stocks como % de los ingresos operativos
Stocks
Proveedores como % de los ingresos operativos
Proveedores
Flujo de caja disponible para el servicio de la deuda (FCD)
3%
1,919,279
3%
1,986,453
2%
1,279,519
3%
2,058,363
2%
1,324,302
8%
3%
2,132,958
2%
1,372,242
8%
3%
2,209,506
2%
1,421,972
8%
3%
2,288,530
2%
1,473,004
8%
2%
1,525,687
8%
8%
5,118,076
5,297,209
5,488,968
5,687,888
5,892,015
6,102,746
5%
3,198,798
12%
7,677,114
5%
3,310,755
12%
7,945,813
5%
3,430,605
12%
8,233,452
5%
3,554,930
12%
8,531,832
5%
3,682,509
12%
8,838,022
5%
3,814,216
12%
9,154,119
47,827,954
50,516,464
52,088,489
53,091,361
53,292,954
55,126,401
CLCULO DEL RATIO DE COBERTURA DEL SERVICIO ANUAL DE LA DEUDA (RCSD)
Flujo de caja disponible para el servicio de la deuda
Ao 0
Ao 1
47,827,954
Ao 2
50,516,464
Ao 3
52,088,489
Ao 4
53,091,361
Ao 5
53,292,954
Ao 6
55,126,401
Servicio a la deuda anual (SD)
23,324,983
27,574,983
32,274,983
32,574,983
30,774,983
28,974,983
Ratio de cobertura del servicio anual de la deuda (RCSD)
2.05
1.83
1.61
1.63
1.73
1.90
CLCULO DEL RATIO DE COBERTURA DEL IMPORTE TOTAL DE LA DEUDA PENDIENTE (RCTD)
Ao 0
Tasa a utilizar para descontar el FCD
Factor de descuento anual a la tasa elegida
Valor actual del FCD en cada ao
Ao 0
Ao 1
Ao 2
Ao 3
Ao 4
Ao 5
Ao 6
Ao 7
Ao 8
Ao 9
Ao 10
Ao 0
Ao 1
Ao 2
Ao 3
Ao 4
Ao 5
Ao 6
Ao 7
Ao 8
Ao 9
Ao 10
0
5%
1.0000
Ao 1
47,827,954
5%
1.0500
1.0000
Ao 2
50,516,464
5%
1.1025
1.0500
1.0000
Ao 3
52,088,489
5%
1.1576
1.1025
1.0500
1.0000
Ao 4
53,091,361
5%
1.2155
1.1576
1.1025
1.0500
1.0000
Ao 5
53,292,954
5%
1.2763
1.2155
1.1576
1.1025
1.0500
1.0000
Ao 6
55,126,401
5%
1.3401
1.2763
1.2155
1.1576
1.1025
1.0500
1.0000
45,550,432
47,827,954
45,819,922
48,110,918
50,516,464
44,995,995
47,245,795
49,608,084
52,088,489
43,678,394
45,862,314
48,155,429
50,563,201
53,091,361
41,756,424
43,844,245
46,036,457
48,338,280
50,755,194
53,292,954
41,136,169
43,192,978
45,352,627
47,620,258
50,001,271
52,501,335
55,126,401
Valor actual de la suma de los FCD pendientes en cada ao
Ao 0
415,085,835
Ao 1
388,012,173
Ao 2
356,896,318
Ao 3
322,652,645
Ao 4
285,693,917
Ao 5
246,685,658
Ao 6
203,893,540
Importe de la deuda pendiente a final de cada ao
185,749,834
180,749,834
170,749,834
154,749,834
136,749,834
118,749,834
100,749,834
Ratio de cobertura del importe total de la deuda pendiente (RCTD)
2.23
2.15
2.09
2.08
2.09
2.08
2.02
2021
79,016,736
6,067,602
72,949,134
2022
81,859,952
6,640,848
75,219,105
2023
84,801,914
6,306,168
78,495,746
2024
87,844,500
7,802,699
80,041,801
2025
90,996,088
6,970,213
84,025,875
2026
94,262,771
7,704,513
86,558,258
2027
97,648,242
6,927,282
90,720,960
13,509,079
9,174,983
50,265,071
33%
16,587,474
33,677,598
9.62%
13,509,079
7,024,983
54,685,042
33%
18,046,064
36,638,978
8.79%
13,509,079
4,274,983
60,711,684
33%
20,034,856
40,676,828
11.02%
13,509,079
1,387,492
65,145,230
33%
21,497,926
43,647,304
7.30%
13,509,079
0
70,516,796
33%
23,270,543
47,246,253
8.25%
13,509,079
0
73,049,179
33%
24,106,229
48,942,950
3.59%
13,509,079
0
77,211,881
33%
25,479,921
51,731,960
5.70%
13,509,079
0
80,254,585
33%
26,484,013
53,770,572
3.94%
13,509,079
0
83,183,402
33%
27,450,523
55,732,879
3.65%
2021
72,949,134
16,587,474
81,972
2022
75,219,105
18,046,064
85,297
2023
78,495,746
20,034,856
88,259
2024
80,041,801
21,497,926
91,278
2025
84,025,875
23,270,543
94,548
2026
86,558,258
24,106,229
98,000
2027
90,720,960
25,479,921
101,564
2028
93,763,664
26,484,013
105,172
2029
96,692,481
27,450,523
108,926
3%
2,370,502
3%
2,455,799
2%
1,580,335
2%
1,637,199
8%
2%
8%
6,548,796
5%
3,950,837
12%
9,482,008
5%
4,092,998
12%
9,823,194
57,087,744
3%
2,635,335
1,696,038
6,321,339
56,279,688
3%
2,544,057
2%
1,756,890
8%
6,784,153
3%
2,729,883
2%
1,819,922
8%
7,027,560
3%
2,827,883
3%
2,929,447
2%
1,885,255
8%
7,279,687
2028
101,153,990
7,390,325
93,763,664
3%
3,034,620
2%
1,952,965
8%
7,541,022
2029
104,784,848
8,092,367
96,692,481
8%
3%
2%
8%
3%
3,373,301
2%
2,170,927
8%
8,382,788
13,509,079
0
90,943,695
33%
30,011,419
60,932,276
4.09%
2031
104,452,774
30,011,419
116,910
3,256,391
2,095,697
8,092,319
13,509,079
0
87,372,803
33%
28,833,025
58,539,778
5.04%
3%
2%
2031
112,443,351
7,990,577
104,452,774
2030
100,881,882
28,833,025
112,845
3,143,545
2,023,080
7,811,859
2030
108,546,362
7,664,480
100,881,882
2%
2,248,867
8%
8,683,709
8%
8,995,468
5%
4,240,096
12%
10,176,230
5%
4,392,225
12%
10,541,340
5%
4,549,804
12%
10,919,531
5%
4,713,139
12%
11,311,533
5%
4,882,412
12%
11,717,789
5%
5,057,699
12%
12,138,479
5%
5,239,242
12%
12,574,182
5%
5,427,318
12%
13,025,563
5%
5,622,168
12%
13,493,202
58,372,632
58,452,597
60,660,785
62,354,028
65,139,475
67,174,479
69,133,032
71,936,011
74,324,445
Ao 7
56,279,688
Ao 8
57,087,744
Ao 9
58,372,632
Ao 10
58,452,597
27,174,983
32,024,983
34,274,983
29,137,326
2.07
Ao 7
56,279,688
5%
1.4071
1.3401
1.2763
1.2155
1.1576
1.1025
1.0500
1.0000
1.78
Ao 8
57,087,744
5%
1.4775
1.4071
1.3401
1.2763
1.2155
1.1576
1.1025
1.0500
1.0000
1.70
Ao 9
58,372,632
5%
1.5513
1.4775
1.4071
1.3401
1.2763
1.2155
1.1576
1.1025
1.0500
1.0000
39,996,924
41,996,770
44,096,608
46,301,439
48,616,511
51,047,336
53,599,703
56,279,688
38,639,232
40,571,194
42,599,754
44,729,741
46,966,228
49,314,540
51,780,267
54,369,280
57,087,744
37,627,519
39,508,895
41,484,339
43,558,556
45,736,484
48,023,308
50,424,474
52,945,698
55,592,982
58,372,632
Ao 7
157,808,529
Ao 8
108,611,211
Ao 9
55,669,140
82,749,834
57,749,834
27,749,834
1.91
1.88
2.01
2.01
Ao 10
58,452,597
5%
1.6289
1.5513
1.4775
1.4071
1.3401
1.2763
1.2155
1.1576
1.1025
1.0500
1.0000
35,884,824
37,679,065
39,563,019
41,541,170
43,618,228
45,799,140
48,089,097
50,493,551
53,018,229
55,669,140
58,452,597
#DIV/0!
#DIV/0!
0
5%
1.0000
1.6289
1.5513
1.4775
1.4071
1.3401
1.2763
1.2155
1.1576
1.1025
1.0500
#DIV/0!
0
5%
1.0000
1.0000
1.6289
1.5513
1.4775
1.4071
1.3401
1.2763
1.2155
1.1576
1.1025
#DIV/0!
0
5%
1.0000
1.0000
1.0000
1.6289
1.5513
1.4775
1.4071
1.3401
1.2763
1.2155
1.1576
#DIV/0!
0
5%
1.0000
1.0000
1.0000
1.0000
1.6289
1.5513
1.4775
1.4071
1.3401
1.2763
1.2155
#DIV/0!
0
5%
1.0000
1.0000
1.0000
1.0000
1.0000
1.6289
1.5513
1.4775
1.4071
1.3401
1.2763
#DIV/0!
0
5%
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.6289
1.5513
1.4775
1.4071
1.3401
0
5%
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.6289
1.5513
1.4775
1.4071
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ao 10
2032
116,480,304
7,835,960
108,644,344
2033
120,661,886
8,037,779
112,624,108
13,509,079
0
95,135,265
33%
31,394,637
63,740,627
4.61%
2032
108,644,344
31,394,637
121,109
2034
124,993,529
9,693,090
115,300,438
13,509,079
0
99,115,029
33%
32,707,959
66,407,069
4.18%
2033
112,624,108
32,707,959
125,447
3%
3,494,409
2034
115,300,438
33,591,149
129,949
3%
3,619,857
2%
2,329,606
3%
3,749,806
2%
2,413,238
8%
9,318,424
13,509,079
0
101,791,359
33%
33,591,149
68,200,211
2.70%
2%
2,499,871
8%
9,652,951
8%
9,999,482
5%
5,824,015
12%
13,977,637
5%
6,033,094
12%
14,479,426
5%
6,249,676
12%
14,999,223
77,128,598
79,790,701
81,579,340
#DIV/0!
#DIV/0!
0
5%
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.6289
1.5513
1.4775
#DIV/0!
0
5%
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.6289
1.5513
0
5%
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.6289
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
CLCULO DEL BALANCE
BALANCE ANTES DEL REPARTO DE DIVIDENDOS
Caja necesaria
Caja suplementaria (si es negativa, sera deuda suplementaria)
Clientes
Stock
Inmovilizado neto
Total Activo
2014
0
0
0
0
337,726,971
0
337,726,971
2015
1,279,519
24,502,970
5,118,076
3,198,798
324,217,893
0
358,317,256
2016
1,324,302
47,444,450
5,297,209
3,310,755
310,708,814
0
368,085,531
2017
1,372,242
67,257,956
5,488,968
3,430,605
297,199,735
0
374,749,505
2018
1,421,972
87,774,333
5,687,888
3,554,930
283,690,656
0
382,129,779
2019
1,473,004
110,292,304
5,892,015
3,682,509
270,181,577
0
391,521,409
Proveedores
Deuda principal
Beneficios del ao
Reservas acumuladas
Capital
Total Pasivo
0
185,749,834
0
0
151,977,137
337,726,971
7,677,114
180,749,834
17,913,170
0
151,977,137
358,317,256
7,945,813
170,749,834
19,499,576
17,913,170
151,977,137
368,085,531
8,233,452
154,749,834
22,376,336
37,412,746
151,977,137
374,749,505
8,531,832
136,749,834
25,081,894
59,789,082
151,977,137
382,129,779
8,838,022
118,749,834
27,085,439
84,870,976
151,977,137
391,521,409
2015
47,827,954
23,324,983
24,502,970
24,502,970
17,913,170
17,913,170
17,913,170
17,913,170
2016
50,516,464
27,574,983
22,941,480
47,444,450
19,499,576
37,412,746
37,412,746
19,499,576
2017
52,088,489
32,274,983
19,813,505
67,257,956
22,376,336
59,789,082
59,789,082
22,376,336
2018
53,091,361
32,574,983
20,516,378
87,774,333
25,081,894
84,870,976
84,870,976
25,081,894
2019
53,292,954
30,774,983
22,517,971
110,292,304
27,085,439
111,956,415
110,292,304
25,421,328
CLCULO DE LOS DIVIDENDOS DISTRIBUIBLES

2014
Flujo de caja para el servicio de la deuda (FCD)
Servicio de la deuda anual (SD)
Flujo de caja disponible para dividendos (FCDiv = FCD-SD)
FCDiv acumulado
Beneficios del ao
Beneficios acumulados como lmite al reparto de dividendos
Dividendos repartibles acumulados
Dividendos repartibles anualmente
0
0
0
0
0
0
0
0
CLCULO DEL BALANCE TRAS EL REPARTO DEL TOTAL DE LOS DIVIDENDOS REPARTIBLES
Caja necesaria
Caja suplementaria (cuadra el balance)
Clientes
Stock
Inmovilizado neto
Total Activo
2014
0
0
0
0
337,726,971
0
337,726,971
2015
1,279,519
6,589,800
5,118,076
3,198,798
324,217,893
0
340,404,086
2016
1,324,302
10,031,704
5,297,209
3,310,755
310,708,814
0
330,672,785
2017
1,372,242
7,468,874
5,488,968
3,430,605
297,199,735
0
314,960,423
2018
1,421,972
2,903,357
5,687,888
3,554,930
283,690,656
0
297,258,803
2019
1,473,004
0
5,892,015
3,682,509
270,181,577
0
281,229,105
Proveedores
Deuda principal
Reservas
Capital
Total Pasivo
0
185,749,834
0
151,977,137
337,726,971
7,677,114
180,749,834
0
151,977,137
340,404,086
7,945,813
170,749,834
0
151,977,137
330,672,785
8,233,452
154,749,834
0
151,977,137
314,960,423
8,531,832
136,749,834
0
151,977,137
297,258,803
8,838,022
118,749,834
1,664,111
151,977,137
281,229,105
CLCULO DEL VAN, TIR Y PERODO DE RETORNO DE LA INVERSIN EN BASE A CAPITAL INVERTIDO Y DIVIDENDOS REPARTIBLES (sin considerar un valor residual del proyecto)
Capital invertido
Dividendos repartibles anualmente
Tasa de descuento aplicable para calcular el VAN
Factor de descuento a esa tasa
Dividendos descontados
VA de los dividendos
VAN de la inversin
2014
151,977,137
0
17%
1.0000
0
736,039,041
584,061,904
Esquema de la inversin
TIR de la inversin
2014
-151,977,137
18%
2014
Dividendos repartibles
Dividendos repartibles acumulados (A)
Capital invertido (B)
Perodo de retorno de la inversin
0
0
151,977,137
y
Aos
Meses
2015
2016
2017
2018
2019
17,913,170
17%
1.1700
15,310,402
19,499,576
17%
1.3689
14,244,705
22,376,336
17%
1.6016
13,971,125
25,081,894
17%
1.8739
13,384,954
25,421,328
17%
2.1924
11,594,951
2015
17,913,170
2016
19,499,576
2017
22,376,336
2018
25,081,894
2019
25,421,328
2015
17,913,170
17,913,170
151,977,137
2016
19,499,576
37,412,746
151,977,137
2017
22,376,336
59,789,082
151,977,137
2018
25,081,894
84,870,976
151,977,137
2019
25,421,328
110,292,304
151,977,137
2020
1,525,687
136,443,722
6,102,746
3,814,216
256,672,498
0
404,558,869
2021
1,580,335
165,548,426
6,321,339
3,950,837
243,163,419
0
420,564,356
2022
1,637,199
190,611,187
6,548,796
4,092,998
229,654,341
0
432,544,520
2023
1,696,038
214,708,835
6,784,153
4,240,096
216,145,262
0
443,574,384
2024
1,756,890
244,024,107
7,027,560
4,392,225
202,636,183
0
459,836,964
2025
1,819,922
304,684,891
7,279,687
4,549,804
189,127,104
0
507,461,408
2026
1,885,255
367,038,920
7,541,022
4,713,139
175,618,025
0
556,796,360
2027
1,952,965
432,178,394
7,811,859
4,882,412
162,108,946
0
608,934,577
2028
2,023,080
499,352,873
8,092,319
5,057,699
148,599,867
0
663,125,839
9,154,119
100,749,834
30,721,363
111,956,415
151,977,137
404,558,869
9,482,008
82,749,834
33,677,598
142,677,778
151,977,137
420,564,356
9,823,194
57,749,834
36,638,978
176,355,376
151,977,137
432,544,520
10,176,230
27,749,834
40,676,828
212,994,355
151,977,137
443,574,384
10,541,340
0
43,647,304
253,671,183
151,977,137
459,836,964
10,919,531
0
47,246,253
297,318,487
151,977,137
507,461,408
11,311,533
0
48,942,950
344,564,741
151,977,137
556,796,360
11,717,789
0
51,731,960
393,507,691
151,977,137
608,934,577
12,138,479
0
53,770,572
445,239,651
151,977,137
663,125,839
2020
55,126,401
28,974,983
26,151,418
136,443,722
30,721,363
142,677,778
136,443,722
26,151,418
2021
56,279,688
27,174,983
29,104,705
165,548,426
33,677,598
176,355,376
165,548,426
29,104,705
2022
57,087,744
32,024,983
25,062,761
190,611,187
36,638,978
212,994,355
190,611,187
25,062,761
2023
58,372,632
34,274,983
24,097,648
214,708,835
40,676,828
253,671,183
214,708,835
24,097,648
2024
58,452,597
29,137,326
29,315,271
244,024,107
43,647,304
297,318,487
244,024,107
29,315,271
2025
60,660,785
0
60,660,785
304,684,891
47,246,253
344,564,741
304,684,891
60,660,785
2026
62,354,028
0
62,354,028
367,038,920
48,942,950
393,507,691
367,038,920
62,354,028
2027
65,139,475
0
65,139,475
432,178,394
51,731,960
445,239,651
432,178,394
65,139,475
2028
67,174,479
0
67,174,479
499,352,873
53,770,572
499,010,223
499,010,223
66,831,829
2020
1,525,687
0
6,102,746
3,814,216
256,672,498
0
268,115,148
2021
1,580,335
0
6,321,339
3,950,837
243,163,419
0
255,015,930
2022
1,637,199
0
6,548,796
4,092,998
229,654,341
0
241,933,333
2023
1,696,038
0
6,784,153
4,240,096
216,145,262
0
228,865,549
2024
1,756,890
0
7,027,560
4,392,225
202,636,183
0
215,812,858
2025
1,819,922
0
7,279,687
4,549,804
189,127,104
0
202,776,517
2026
1,885,255
0
7,541,022
4,713,139
175,618,025
0
189,757,441
2027
1,952,965
0
7,811,859
4,882,412
162,108,946
0
176,756,183
2028
2,023,080
342,650
8,092,319
5,057,699
148,599,867
0
164,115,616
9,154,119
100,749,834
6,234,057
151,977,137
268,115,148
9,482,008
82,749,834
10,806,950
151,977,137
255,015,930
9,823,194
57,749,834
22,383,168
151,977,137
241,933,333
10,176,230
27,749,834
38,962,348
151,977,137
228,865,549
10,541,340
0
53,294,381
151,977,137
215,812,858
10,919,531
0
39,879,850
151,977,137
202,776,517
11,311,533
0
26,468,771
151,977,137
189,757,441
11,717,789
0
13,061,256
151,977,137
176,756,183
12,138,479
0
0
151,977,137
164,115,616
2020
2021
2022
2023
2024
2025
2026
2027
2028
26,151,418
17%
2.5652
10,194,832
29,104,705
17%
3.0012
9,697,553
25,062,761
17%
3.5115
7,137,433
24,097,648
17%
4.1084
5,865,458
29,315,271
17%
4.8068
6,098,672
60,660,785
17%
1.0000
60,660,785
62,354,028
17%
1.0000
62,354,028
65,139,475
17%
1.0000
65,139,475
66,831,829
17%
1.0000
66,831,829
2020
26,151,418
2021
29,104,705
2022
25,062,761
2023
24,097,648
2024
29,315,271
2025
60,660,785
2026
62,354,028
2027
65,139,475
2028
66,831,829
2020
26,151,418
136,443,722
151,977,137
2021
29,104,705
165,548,426
151,977,137
2022
25,062,761
190,611,187
151,977,137
2023
24,097,648
214,708,835
151,977,137
2024
29,315,271
244,024,107
151,977,137
2025
60,660,785
304,684,891
151,977,137
2026
62,354,028
367,038,920
151,977,137
2027
65,139,475
432,178,394
151,977,137
2028
66,831,829
499,010,223
151,977,137
6
6
2029
2,095,697
568,485,906
8,382,788
5,239,242
135,090,789
0
719,294,421
2030
2,170,927
640,421,917
8,683,709
5,427,318
121,581,710
0
778,285,581
2031
2,248,867
714,746,362
8,995,468
5,622,168
108,072,631
0
839,685,495
2032
2,329,606
791,874,959
9,318,424
5,824,015
94,563,552
0
903,910,557
2033
2,413,238
871,665,660
9,652,951
6,033,094
81,054,473
0
970,819,416
2034
2,499,871
953,245,000
9,999,482
6,249,676
67,545,394
0
1,039,539,424
12,574,182
0
55,732,879
499,010,223
151,977,137
719,294,421
13,025,563
0
58,539,778
554,743,102
151,977,137
778,285,581
13,493,202
0
60,932,276
613,282,880
151,977,137
839,685,495
13,977,637
0
63,740,627
674,215,156
151,977,137
903,910,557
14,479,426
0
66,407,069
737,955,783
151,977,137
970,819,416
14,999,223
0
68,200,211
804,362,853
151,977,137
1,039,539,424
2029
69,133,032
0
69,133,032
568,485,906
55,732,879
554,743,102
554,743,102
55,732,879
2030
71,936,011
0
71,936,011
640,421,917
58,539,778
613,282,880
613,282,880
58,539,778
2031
74,324,445
0
74,324,445
714,746,362
60,932,276
674,215,156
674,215,156
60,932,276
2032
77,128,598
0
77,128,598
791,874,959
63,740,627
737,955,783
737,955,783
63,740,627
2033
79,790,701
0
79,790,701
871,665,660
66,407,069
804,362,853
804,362,853
66,407,069
2034
81,579,340
0
81,579,340
953,245,000
68,200,211
872,563,063
872,563,063
68,200,211
2029
2,095,697
13,742,803
8,382,788
5,239,242
135,090,789
0
164,551,319
2030
2,170,927
27,139,037
8,683,709
5,427,318
121,581,710
0
165,002,701
2031
2,248,867
40,531,206
8,995,468
5,622,168
108,072,631
0
165,470,339
2032
2,329,606
53,919,176
9,318,424
5,824,015
94,563,552
0
165,954,774
2033
2,413,238
67,302,807
9,652,951
6,033,094
81,054,473
0
166,456,563
2034
2,499,871
80,681,937
9,999,482
6,249,676
67,545,394
0
166,976,361
12,574,182
0
0
151,977,137
164,551,319
13,025,563
0
0
151,977,137
165,002,701
13,493,202
0
0
151,977,137
165,470,339
13,977,637
0
0
151,977,137
165,954,774
14,479,426
0
0
151,977,137
166,456,563
14,999,223
0
0
151,977,137
166,976,361
2029
2030
2031
2032
2033
2034
55,732,879
17%
1.0000
55,732,879
58,539,778
17%
1.0000
58,539,778
60,932,276
17%
1.0000
60,932,276
63,740,627
17%
1.0000
63,740,627
66,407,069
17%
1.0000
66,407,069
68,200,211
17%
1.0000
68,200,211
2029
55,732,879
2030
58,539,778
2031
60,932,276
2032
63,740,627
2033
66,407,069
2034
68,200,211
2029
55,732,879
554,743,102
151,977,137
2030
58,539,778
613,282,880
151,977,137
2031
60,932,276
674,215,156
151,977,137
2032
63,740,627
737,955,783
151,977,137
2033
66,407,069
804,362,853
151,977,137
2034
68,200,211
872,563,063
151,977,137
CUADRO RESUMEN DEL PROYECTO: HIPTESIS Y RESULTADOS

Nombre:
PROYECTO EJEMPLO
ASPECTOS OPERATIVOS
Volmenes iniciales:
Volumen de ventas de alojamiento
Volumen de ventas de la Boutique
Volumen de ventas del producto C
Precios iniciales:
Boutique
Salas de conferencia
Coste variable unitario del producto A
Coste variable unitario del producto B
Coste variable unitario del producto C
Coste de personal
Papeleria
0
Inflaciones previstas para esas estimaciones iniciales:

Ao 1
Ao 2
Ao 3
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0
0
0
55,425,000.00
66,666.67
216,000.00
0.00
0.00
0.00
326,400
4,384,412
34,286
0
ASPECTOS ECONMICO-FINANCIEROS
Total de la inversin
A financiar con recursos propios
A financiar con deuda
Plazo de devolucin
Tipo de inters
Necesidades operativas de fondos (NOF) como % de las ventas
Tasa de descuento aplicada para calcular el VAN de la inversin
Ao 4
0.00%
0.00%
0.00%
Ao 5
0.00%
0.00%
0.00%
Ao 6
0.00%
0.00%
0.00%
Ao 7
0.00%
0.00%
0.00%
Ao 8
0.00%
0.00%
0.00%
Ao 9
0.00%
0.00%
0.00%
Ao 10
0.00%
0.00%
0.00%
3.55%
3.55%
3.55%
1.50%
1.50%
1.00%
3.55%
3.55%
3.55%
3.55%
3.50%
3.50%
3.50%
1.50%
1.50%
1.00%
3.50%
3.50%
3.50%
3.50%
3.62%
3.62%
3.62%
1.50%
1.50%
1.00%
3.62%
3.62%
3.62%
3.62%
3.62%
3.62%
3.62%
1.50%
1.50%
1.00%
3.62%
3.62%
3.62%
3.62%
3.59%
3.59%
3.59%
1.50%
1.50%
1.00%
3.59%
3.59%
3.59%
3.59%
3.58%
3.58%
3.58%
1.50%
1.50%
1.00%
3.58%
3.58%
3.58%
3.58%
3.58%
3.58%
3.58%
1.50%
1.50%
1.00%
3.58%
3.58%
3.58%
3.58%
3.60%
3.60%
3.60%
1.50%
1.50%
1.00%
3.60%
3.60%
3.60%
3.60%
3.59%
3.59%
3.59%
1.50%
1.50%
1.00%
3.59%
3.59%
3.59%
3.59%
3.59%
3.59%
3.59%
1.50%
1.50%
1.00%
3.59%
3.59%
3.59%
3.59%
Ao 1
63,975,951
58,570,137
17,913,170
47,827,954
23,324,983
2.05
2.15
17,913,170
Ao 2
66,215,110
60,187,907
19,499,576
50,516,464
27,574,983
1.83
2.09
19,499,576
Ao 3
68,612,097
63,181,579
22,376,336
52,088,489
32,274,983
1.61
2.08
22,376,336
Ao 4
71,098,599
65,519,725
25,081,894
53,091,361
32,574,983
1.63
2.09
25,081,894
Ao 5
73,650,185
66,710,091
27,085,439
53,292,954
30,774,983
1.73
2.08
25,421,328
Ao 6
76,284,329
70,336,843
30,721,363
55,126,401
28,974,983
1.90
2.02
26,151,418
Ao 7
79,016,736
72,949,134
33,677,598
56,279,688
27,174,983
2.07
1.91
29,104,705
Ao 8
81,859,952
75,219,105
36,638,978
57,087,744
32,024,983
1.78
1.88
25,062,761
Ao 9
84,801,914
78,495,746
40,676,828
58,372,632
34,274,983
1.70
2.01
24,097,648
Ao 10
87,844,500
80,041,801
43,647,304
58,452,597
29,137,326
2.01
0.00
29,315,271
337,726,971
151,977,137
185,749,834
10
10.00%
3%
17%
RESULTADOS
Total de ingresos operativos
Beneficio neto
Servicio a la deuda anual
Ratio de cobertura del servicio anual de la deuda (RCSD)
Ratio de cobertura del importe total de la deuda pendiente (RCTD)
Dividendos distribuibles anualmente
VAN de la inversin para el accionista
TIR de la inversin para el accionista
Perodo de retorno (pay-back) de la inversin para el accionista
y
Ao 0
55,707,667
0
0
0
0
0.00
2.23
0
584,061,904
18%
Aos
Meses
6
6
Resumen grfico del proyecto

90,000,000
80,000,000
70,000,000
Unidades de divisa
60,000,000
50,000,000
Beneficio neto
Dividendos distribuibles anualmente
40,000,000
Servicio a la deuda anual
30,000,000
20,000,000
10,000,000
0
1
6
Aos
10
petroleos
sin variables
costo construccion
costo de gasolina actual
costo de gasolina
incremento por petroleos
591,022,200,000.00
23,640,888,000.00
31,915,198,800.00
8,274,310,800.00
costo transporte turismo

% alojamiento
ingresos por servicios
75%
97,488,416,666.67
Auge econmico y buena seguridad en Colombia

aumento precio habitacion
aumento ocupacion
400
70%
Problemas ambientales
gasto de abogados
Revaluacin de la moneda local en 20%

menor trafico de pasajeros internacionales
menor pesos por dlar prestamo
menor pesos por dlar ingresos
Inflacin local disminuye a la mitad

menor costo de construccion
85%
509,402,034,180.00
precio de habitacion, se baja en 20% la conversion
MENOR GASTO DE OPERACIN, MENORES GASTOS IPC a la mita

MATERIALES MANOS DE OBRA
Crisis mundial afecta las principales economas
70%
BAJA 5%
notas
gastos de seguros lucro cesante y dao emergente
impuesto de renta
variables
599,296,510,800.00
2014
70%
90,989,188,888.89
3%
412
???
20%
596,000,379,990.60
n 20% la conversion
IN, MENORES GASTOS IPC a la mitad 5 aos
65%
17.00%
1 bancos
2 abogados del cliente
3 asesores de los bancos
1 Bancos multilaterales
2 Bancos comerciales
1 Aumenta el precio del petrleo en 35%
2 Disminuye el precio del petrleo en 35%
todos
1 Crisis de seguridad en Colombia

2 Auge econmico y buena seguridad en Colombia
hotel
2 Crisis de seguridad area mundial

1 Auge turstico y crecimiento de la industria de viajes
aeropuerto
1 Problemas sociales
2 Problemas ambientales
todos
1 Devaluacin de la moneda local en 20%

2 Revaluacin de la moneda local en 20%
hotel y aeropuerto
1 Inflacin local se dispara y multiplica por dos

2 Inflacin local disminuye a la mitad
hotel y aeropuerto
2 Crisis mundial afecta las principales economas

todos
1 Se resuleve la crisis mundial y se prevee un crecimiento estable
Hotel
Aeropuerto
Carretera
1
2
3
1
2
1
1 Desfavorable; costos de construccion, costo en transporte de los turistas

2
Favorable. Ms ocupacin y se podr cobrar mas por las habitaciones
desfavorable; permisos y obras adicionales para la proteccion del medio ambiente.
desfavorable: menor llegada de pasajeros internacionales, deuda en dolares meno
1
2
2
favorable: menor costo de construccion y menor gasto de operacin como salarios

2
1 desfavorable: menor turismo internacional
en transporte de los turistas
mas por las habitaciones
para la proteccion del medio ambiente.
ternacionales, deuda en dolares menos dolares se reciben en el prestamo, costos en pesos ( menos pesos por dlar + pesos de equity)
enor gasto de operacin como salarios, alimentos, servicios
s pesos por dlar + pesos de equity)

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Modelo Hotel 22-09-11

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pesos

utilidad operacional - deuda

flujo de caja libre

FCL despues de impuestos

fcl antes de impuestos sin equity ni cuota

FCL DESPUES DE IMPUESTOS

Ingresos sin inflacion

iva consumos adicionales 16%

precios con incremento IPC

USD/ unidad 2014

amortizacion prestamo 50% inversion inicial

1 gerente de recursos humanos

298 gastos administrativos

gastos de ventas anuales

mesas de noche x 2 -1000

duchas, lavamanos, pomas

lavamanos marmol meson

10% mensualkutensilios de cocina

mantenimiento areas sociales

Total gastos (pesos)

INGRESOS POR ALOJAMIENTO

Total gastos sin ipc

MODELO PARA FINANCIACIN DE PROYECTO MLTIPLE

Inversin inicial en inmovilizado

Inmovilizado bruto a final de ao

CLCULO DEL SERVICIO DE LA DEUDA

Inversin en inmovilizado y gastos amortizables

Servicio a la deuda anual (Inters + principal)

CLCULO DE LA CUENTA DE RESULTADOS

CLCULO DEL FLUJO DE FONDOS PARA EL SERVICIO DE LA DEUDA

CLCULO DEL RATIO DE COBERTURA DEL SERVICIO ANUAL DE LA DEUDA (RCSD)

Flujo de caja disponible para el servicio de la deuda

Servicio a la deuda anual (SD)

Ratio de cobertura del servicio anual de la deuda (RCSD)

Valor actual del FCD en cada ao

Valor actual de la suma de los FCD pendientes en cada ao

Importe de la deuda pendiente a final de cada ao

Ratio de cobertura del importe total de la deuda pendiente (RCTD)

CLCULO DEL BALANCE

BALANCE ANTES DEL REPARTO DE DIVIDENDOS

CLCULO DE LOS DIVIDENDOS DISTRIBUIBLES

CUADRO RESUMEN DEL PROYECTO: HIPTESIS Y RESULTADOS

Inflaciones previstas para esas estimaciones iniciales:

Resumen grfico del proyecto

Servicio a la deuda anual

costo transporte turismo

Auge econmico y buena seguridad en Colombia

Revaluacin de la moneda local en 20%

Inflacin local disminuye a la mitad

MENOR GASTO DE OPERACIN, MENORES GASTOS IPC a la mita

Crisis mundial afecta las principales economas

IN, MENORES GASTOS IPC a la mitad 5 aos

1 Crisis de seguridad en Colombia

2 Crisis de seguridad area mundial

1 Devaluacin de la moneda local en 20%

1 Inflacin local se dispara y multiplica por dos

2 Crisis mundial afecta las principales economas

1 Desfavorable; costos de construccion, costo en transporte de los turistas

Favorable. Ms ocupacin y se podr cobrar mas por las habitaciones

desfavorable; permisos y obras adicionales para la proteccion del medio ambiente.

desfavorable: menor llegada de pasajeros internacionales, deuda en dolares meno

favorable: menor costo de construccion y menor gasto de operacin como salarios

1 desfavorable: menor turismo internacional

en transporte de los turistas