1.

- DATOS Y ESTRUCTURA DE INVERSIONES (METODO FRANCES)

CAPACIDAD TM PRECIO UM/TM ESTRUCTURA DE INVERSIONES
PRODUCCION 25,000.00 VENTA 40.00 S / FINAN. C / FINAN.
TANGIBLES

DEPRECIACIÓN Valor Residual AÑOS Deprec EDIFICIO 300,000.00 300,000.00

EDIFICIO 300,000.00 10% 30 9,000.00 MAQUINARIA 400,000.00 400,000.00
MAQ Y EQ 490,000.00 10% 10 44,100.00 EQUIPO 50,000.00 50,000.00
EQ COMPUTO 15,000.00 10% 3 4,500.00 57,600.00 INSTALACION 30,000.00 30,000.00
DEPRECIACION 57,600.00 FLETE (Gast. Intern. Mq y Eq) 10,000.00 10,000.00
VEHÍCULO 12,000.00 1,600.00 6 1,733.33 EQUIPO COMPUTO 15,000.00 15,000.00
TOTAL TANGIBLES 805,000.00 805,000.00
AMORTIZACION DE INTANGIBLES INTANGIBLES
SIN FINANC CON FINANC ESTUDIO DE PROYECTO 12,000.00 12,000.00
EN 5 AÑOS 14,560.00 16,240.00 SOFTWARE 9,000.00 9,000.00
ORG. DE LA EMP. 3,000.00 3,000.00
INTERESES PRE OPERATIVOS (Trimestrales) SERVICIO DE INGENIERIA 5,000.00 5,000.00
AÑO 360 Valor PUESTA EN MARCHA 2,000.00 2,000.00
1 ero 20% 60,000.00 90 Dias 1,050.00 INTERESES PRE OPERATIVOS 8,400.00
2 do 20% 120,000.00 90 Dias 2,100.00 TOTAL INTANGIBLES 31,000.00 39,400.00
3 ero 60% 300,000.00 90 Dias 5,250.00 IMPREVISTO (5%) 41,800.00 41,800.00
TOTAL 8,400.00 TERRENO 80,000.00 80,000.00

APORTE TERCEROS 300,000.00 IMPUESTO 10% CAPITAL TRABAJO (100%) 13,722.22 13,650.00
APORTE PROPIO 671,522.22
971,522.22 COSTO DE OPORTUNIDAD 12% INVERSION 971,522.22 979,850.00

PRESTAMO 300,000.00 Desembolsos LEASING(vehiculo) 12,000.00 COSTO DE CAPITAL PONDERADO

INTERES 8% 7% INTERES (anual) 0.06 300,000.00 8% 0.31 2%
TIEMPO años 8 TIEMPO (año) 6 671,522.22 12% 0.69 8%
(AUTO)...... 971,522.22 1.00 10.8%
 3.- COSTO DE PRODUCCION (Método Francés)
NIVEL DE PRODUCCION % 60% 70% 80% 80% 80% 90% 90% 90% 100% 100%
RUBRO\AÑOS 1 2 3 4 5 6 7 8 9 10
COSTOS VARIABLES
SUELDOS Y SALARIOS 9,600.00 11,200.00 12,800.00 12,800.00 12,800.00 14,400.00 14,400.00 14,400.00 16,000.00 16,000.00
MADERA 32,400.00 37,800.00 43,200.00 43,200.00 43,200.00 48,600.00 48,600.00 48,600.00 54,000.00 54,000.00
M.P 19,800.00 23,100.00 26,400.00 26,400.00 26,400.00 29,700.00 29,700.00 29,700.00 33,000.00 33,000.00
COMBUST Y LUBRIC 27,600.00 32,200.00 36,800.00 36,800.00 36,800.00 41,400.00 41,400.00 41,400.00 46,000.00 46,000.00

DIVERSOS GASTOS 3,000.00 3,500.00 4,000.00 4,000.00 4,000.00 4,500.00 4,500.00 4,500.00 5,000.00 5,000.00
TOTAL COSTO VARIABLE 92,400.00 107,800.00 123,200.00 123,200.00 123,200.00 138,600.00 138,600.00 138,600.00 154,000.00 154,000.00
COSTOS FIJOS
SUELDOS Y SALARIOS 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00
SEGUROS 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00
IMPUESTO INDIRECTO 30,000.00 30,000.00 30,000.00 30,000.00 30,000.00 30,000.00 30,000.00 30,000.00 30,000.00 30,000.00
DEPRECIACION LINEAL 57,600.00 57,600.00 57,600.00 57,600.00 57,600.00 57,600.00 57,600.00 57,600.00 57,600.00 57,600.00
DEPRECIACION VEHICULO 1,733.33 1,733.33 1,733.33 1,733.33 1,733.33 1,733.33 1,733.33
TOTAL C.F. ECONOMICO 119,600.00 119,600.00 119,600.00 121,333.33 121,333.33 121,333.33 121,333.33 121,333.33 121,333.33 121,333.33
TOTAL C.F. FINANCIERO 119,600.00 119,600.00 119,600.00 119,600.00 119,600.00 119,600.00 119,600.00 119,600.00 119,600.00 119,600.00

COSTO DE PRODUCCION ECONOMICO 212,000.00 227,400.00 242,800.00 244,533.33 244,533.33 259,933.33 259,933.33 259,933.33 275,333.33 275,333.33
COSTO DE PRODUCCION FINANCIERO 212,000.00 227,400.00 242,800.00 242,800.00 242,800.00 258,200.00 258,200.00 258,200.00 273,600.00 273,600.00

PRODUCCION 15,000.00 17,500.00 20,000.00 20,000.00 20,000.00 22,500.00 22,500.00 22,500.00 25,000.00 25,000.00
PRECIO 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00
INGRESO VENTAS 600,000.00 700,000.00 800,000.00 800,000.00 800,000.00 900,000.00 900,000.00 900,000.00 1,000,000.00 1,000,000.00
COSTO UNITARIO PRODUCCION 14.13 12.99 12.14 12.23 12.23 11.55 11.55 11.55 11.01 11.01
CAPITAL DE TRABAJO ECONOMICO 10,183.33 11,050.00 11,916.67 11,988.89 11,988.89 12,855.56 12,855.56 12,855.56 13,722.22 13,722.22
CAPITAL DE TRABAJO FINANCIERO 10,183.33 11,050.00 11,916.67 11,916.67 11,916.67 12,783.33 12,783.33 12,783.33 13,650.00 13,650.00

PUNTO DE EQUILIBRIO ECONOMICO 141,371.16 141,371.16 141,371.16 143,420.02 143,420.02 143,420.02 143,420.02 143,420.02 143,420.02 143,420.02
PUNTO DE EQUILIBRIO FINANCIERO 141,371.16 141,371.16 141,371.16 141,371.16 141,371.16 141,371.16 141,371.16 141,371.16 141,371.16 141,371.16
 4.- CUADRO DE AMORTIZACIONES Y SERVICIO DE LA DEUDA (Metodo
Francés)
Total Prestamo 300,000.00
Interes 8%
N° Periodos 8

AMORTIZACIONES (METODO FRANCES)

AÑOS DEUDA INTERES AMORTIZA. ANUALIDAD
1 300,000.00 24,000.00 28,204.43 52,204.43
2 271,795.57 21,743.65 30,460.78 52,204.43
3 241,334.79 19,306.78 32,897.65 52,204.43
4 208,437.14 16,674.97 35,529.46 52,204.43
5 172,907.69 13,832.62 38,371.81 52,204.43
6 134,535.87 10,762.87 41,441.56 52,204.43
7 93,094.32 7,447.55 44,756.88 52,204.43
8 48,337.43 3,866.99 48,337.43 52,204.43
# DE AÑOS 8 117,635.43 300,000.00 417,635.43

Amortizacion de Intangibles e intereses preoperativos

Monto Años Amort

Intangibles 31,000.00 5 6,200.00

Intereses
preoperativos 8,400.00 5 1,680.00

Año 1 2 3 4 5 6 AL 10
Intangibles
(Sin/Financ) 6,200.00 6,200.00 6,200.00 6,200.00 6,200.00 0.00
Intereses
preoperativos
(Adic Con/Fin) 1,680.00 1,680.00 1,680.00 1,680.00 1,680.00 0.00

EL LEASING ES EN 72 CUOTAS MENSUALES POR LO QUE HAY QUE DETERMINAR EL CUADRO DE

AMORTIZACIONES E INTERES MENSUAL PARA LUEGO ACUMULAR ANUAL
LEASING (VEHICULO) FRANCES
DEUDA INTERES AMORTIZACION Mensualidades Intereses Amortizacion
Meses PENDIENTE 0.5% ACUMULADA ACUMULADA
1 12,000.00 60.00 138.87 198.87
1.- Año 4 12 10,433.61 52.17 146.71 198.87 673.40 1,713.10
2.- Año 5 24 8,623.90 43.12 155.76 198.87 567.74 1,818.76
3.- Año 6 36 6,702.57 33.51 165.36 198.87 455.56 1,930.93
4.- Año 7 48 4,662.74 23.31 175.56 198.87 336.47 2,050.03
5.- Año 8 60 2,497.10 12.49 186.39 198.87 210.02 2,176.47
6.- Año 9 72 197.89 0.99 197.89 198.87 75.78 2,310.71
# Meses 72 2,318.98 12,000.00 14,318.98 2,318.98 12,000.00
 5.- ESTADO DE GANANCIAS Y PERDIDAS (Metodo Francés)
ESTADO DE GANANCIAS Y PERDIDAS S / FINANCIAMIENTTO

AÑOS
1 2 3 4 5 6 7 8 9 10
RUBRO
INGRESO / VENTAS 600,000.00 700,000.00 800,000.00 800,000.00 800,000.00 900,000.00 900,000.00 900,000.00 1,000,000.00 1,000,000.00
(COSTO DE PRODUCCION) 212,000.00 227,400.00 242,800.00 244,533.33 244,533.33 259,933.33 259,933.33 259,933.33 275,333.33 275,333.33
UTILIDAD BRUTA 388,000.00 472,600.00 557,200.00 555,466.67 555,466.67 640,066.67 640,066.67 640,066.67 724,666.67 724,666.67
(GASTOS ADM. Y VENTAS) 21,320.00 26,720.00 31,120.00 31,120.00 31,120.00 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00
UTILIDAD ANTES DEL IMP. 366,680.00 445,880.00 526,080.00 524,346.67 524,346.67 616,066.67 616,066.67 616,066.67 700,666.67 700,666.67
(IMPUESTOS) 36,668.00 44,588.00 52,608.00 52,434.67 52,434.67 61,606.67 61,606.67 61,606.67 70,066.67 70,066.67
UTILIDAD DE OPERACIÓN 330,012.00 401,292.00 473,472.00 471,912.00 471,912.00 554,460.00 554,460.00 554,460.00 630,600.00 630,600.00

ESTADO DE GANANCIAS Y PERDIDAS C / FINANCIAMIENTO

AÑOS
1 2 3 4 5 6 7 8 9 10
RUBRO
INGRESO / VENTAS 600,000.00 700,000.00 800,000.00 800,000.00 800,000.00 900,000.00 900,000.00 900,000.00 1,000,000.00 1,000,000.00
(COSTO DE PRODUCCION) 212,000.00 227,400.00 242,800.00 242,800.00 242,800.00 258,200.00 258,200.00 258,200.00 273,600.00 273,600.00
UTILIDAD BRUTA 388,000.00 472,600.00 557,200.00 557,200.00 557,200.00 641,800.00 641,800.00 641,800.00 726,400.00 726,400.00
(GASTOS ADM. Y VENTAS) 23,000.00 28,400.00 32,800.00 32,800.00 32,800.00 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00
(GASTOS FINANCIEROS) 24,000.00 21,743.65 19,306.78 16,674.97 13,832.62 10,762.87 7,447.55 3,866.99

(VEHÍCULO) 673.40 567.74 455.56 336.47 210.02 75.78

UTILIDAD ANTES DEL IMP. 341,000.00 422,456.35 505,093.22 507,051.63 509,999.65 606,581.57 610,015.99 613,722.98 702,324.22 702,400.00
(IMPUESTOS) 34,100.00 42,245.64 50,509.32 50,705.16 50,999.96 60,658.16 61,001.60 61,372.30 70,232.42 70,240.00
UTILIDAD DE OPERACIÓN 306,900.00 380,210.72 454,583.90 456,346.47 458,999.68 545,923.41 549,014.39 552,350.68 632,091.79 632,160.00

SIN FINANC CON FINANC

RENTABILIDAD UTIL. MEDIA 52.2% 50.7%

INV. TOTAL

TIEMPO DE PAGO INV. TOTAL 1.92 1.97

UTIL. MEDIA 1 años 10 meses 29 días 1 años 11 meses 20 días

CAPACIDAD DE PAGO UTIL. MEDIA - DEPREC. 449,718.00 437,524.77

 6.a.- FLUJO DE CAJA ECONOMICO (Método Francés)
FLUJO DE CAJA ECONÓMICO
AÑOS 0 1 2 3 4 5 6 7 8 9 10
RUBRO
INGRESOS
INGRESO VENTAS 600,000.00 700,000.00 800,000.00 800,000.00 800,000.00 900,000.00 900,000.00 900,000.00 1,000,000.00 1,000,000.00
VALOR LIBROS (TERRENO) 80,000.00
VALOR RESIDUAL
EDIFICIO 30,000.00
MAQUINARIA 49,000.00
EQ. COMPUTO 1,500.00 1,500.00 1,500.00 1,500.00
VALOR VENTA VEHÍCULO 1,600.00 1,600.00
VALOR DE RECUPERACION
(FALTA DEPRECIAR)
EDIFICIOS 180,000.00
MAQUINARIA 0.00
EQ. COMPUTO 9,000.00
VEHÍCULO 8,666.67
CAPITAL DE TRABAJO 100% 13,722.22
TOTAL INGRESO 0.00 600,000.00 700,000.00 801,500.00 800,000.00 800,000.00 901,500.00 900,000.00 900,000.00 1,003,100.00 1,373,488.89

EGRESOS
APORTE PROPIO 971,522.22
COSTO DE PRODUCCION 212,000.00 227,400.00 242,800.00 244,533.33 244,533.33 259,933.33 259,933.33 259,933.33 275,333.33 275,333.33
(DEPRECIACION) 57,600.00 57,600.00 57,600.00 57,600.00 57,600.00 57,600.00 57,600.00 57,600.00 57,600.00 57,600.00
VEHÍCULO 1,733.33 1,733.33 1,733.33 1,733.33 1,733.33 1,733.33 1,733.33
ADQUISICIÓN DE EQ COMPUTO 15,000.00 15,000.00 15,000.00
ADQUISICIÓN DEL VEHÍCULO 12,000.00 12,000.00
GASTOS ADM. Y VENTAS 21,320.00 26,720.00 31,120.00 31,120.00 31,120.00 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00
(AMORT. INTANGIBLES) 14,560.00 14,560.00 14,560.00 14,560.00 14,560.00 14,560.00 14,560.00 14,560.00
IMPUESTOS 36,668.00 44,588.00 52,608.00 52,434.67 52,434.67 61,606.67 61,606.67 61,606.67 70,066.67 70,066.67
TOTAL EGRESOS 971,522.22 197,828.00 226,548.00 269,368.00 266,194.67 254,194.67 286,646.67 271,646.67 271,646.67 325,066.67 322,066.67

I-E = FCE -971,522.22 402,172.00 473,452.00 532,132.00 533,805.33 545,805.33 614,853.33 628,353.33 628,353.33 678,033.33 1,051,422.22
 7.- GRAFICO DE FLUJOS DE CAJA
MONTO (Método Francés)
1,500,000.00

1,000,000.00

500,000.00

0.00
0 1 2 3 4 5 6 7 8 9 10

-500,000.00

-1,000,000.00

AÑOS

FLUJO DE CAJA ECONÓMICO FLUJO DE CAJA FINANCIERO

 8.- EVALUACION ECONOMICA Y FINANCIERA (Método Francés)
EVALUACION ECONOMICA 10.76% INTERSECCION DEL VAN Y TIR Datos para análisis del VAN y TIR
AÑOS FCE FA VALOR ACTUAL Variacion TIR VAN
0 -971,522.22 1.0000 -971,522.22 VAN VAN Y TIR ECONOMICO -24.00% 25.67% 882,572.15
1 402,172.00 0.9028 363,086.39 800,000 -21.00% 28.67% 707,912.67
2 473,452.00 0.8151 385,897.73 -18.00% 31.67% 559,041.95
3 532,132.00 0.7359 391,573.94 600,000 -15.00% 34.67% 431,202.12
4 533,805.33 0.6643 354,629.98 -12.00% 37.67% 320,647.46
5 545,805.33 0.5998 327,362.14 400,000 -9.00% 40.67% 224,405.59
6 614,853.33 0.5415 332,935.68 -6.00% 43.67% 140,099.75
7 628,353.33 0.4889 307,178.53 200,000 -3.00% 46.67% 65,815.50
8 628,353.33 0.4414 277,324.99 0.00% 49.67% 0.00
9 678,033.33 0.3985 270,168.22 0 3.00% 52.67% -58,614.85
10 1,051,422.22 0.3597 378,232.20 6.00% 55.67% -111,071.27
-200,000
VAN 2,416,867.56 9.00% 58.67% -158,231.18
-400,000 12.00% 61.67% -200,811.59
15.00% 64.67% -239,412.43

28.67%

31.67%

34.67%

37.67%

40.67%

43.67%

46.67%

49.67%

52.67%

55.67%

58.67%

61.67%

64.67%

67.67%

70.67%
TIR ECONOMICO 49.67% 18.00% 67.67% -274,538.34
Valo r Ca p ita l (V AN)
TIR
BENEFICIO/COSTO 3.49 21.00% 70.67% -306,616.07

EVALUACION FINANCIERA 12.0%

AÑOS FCF FA VALOR ACTUAL INTERSECCION DEL VAN Y TIR
0 -679,922.22 1.0000 -679,922.22 Datos para análisis del VAN y TIR
1 354,215.57 0.8929 316,263.90 VAN VAN Y TIR FINANCIERO Variacion TIR VAN
2 425,269.94 0.7972 339,022.59 1,000,000 -35.00% 27.61% 894,530.77
3 483,706.25 0.7118 344,292.55 -30.00% 32.61% 665,494.33
4 482,623.91 0.6355 306,716.22 800,000 -25.00% 37.61% 487,727.83
5 494,329.11 0.5674 280,495.61 600,000 -20.00% 42.61% 347,082.36
6 546,650.92 0.5066 276,950.37 -15.00% 47.61% 233,859.61
7 559,807.48 0.4523 253,228.47 400,000 -10.00% 52.61% 141,275.20
8 559,436.78 0.4039 225,947.13 -5.00% 57.61% 64,492.12
200,000
9 675,481.08 0.3606 243,585.25 0.00% 62.61% 0.00
10 1,052,910.00 0.3220 339,008.84 0 5.00% 67.61% -54,791.29
VAN 2,245,588.72 10.00% 72.61% -101,822.65
-200,000 15.00% 77.61% -142,569.60
-400,000 20.00% 82.61% -178,169.03
TIR FINANCIERO 62.61% 25.00% 87.61% -209,507.95
27.61%

32.61%

67.61%

72.61%

77.61%

82.61%

87.61%

92.61%

97.61%
37.61%

42.61%

47.61%

52.61%

57.61%

62.61%

BENEFICIO/COSTO 4.36 30.00% 92.61% -237,286.54

TIR
35.00% 97.61% -262,063.53
 9.- ANALISIS DE SENSIBILIDAD (Método Francés)

Precio Venta 40.00

RESUMEN ECONÓMICO FINANCIERO
PUNTO DE EQUILIBRIO 143,420.02 141,371.16
RENTABILIDAD 52.2% 50.7%
TIEMPO DE PAGO (Años) 1.92 1.97
CAPACIDAD DE PAGO 449,718.00 437,524.77
VALOR ACTUAL NETO 2,416,867.56 2,245,588.72
TASA INTERNA DE RETORNO 49.7% 62.6%
BENEFICIO - COSTO 3.49 4.36

Analisis de Sensibilidad al +5% del Precio de Venta

Precio Venta 42.00 Variacion Absoluta Variacion Porcentual
RESUMEN ECONÓMICO FINANCIERO ECONÓMICO FINANCIERO ECONÓMICO FINANCIERO
PUNTO DE EQUILIBRIO 142,187.50 140,156.25 -1,232.52 -1,214.91 -0.86% -0.86%
RENTABILIDAD 56.1% 54.6% 3.89% 3.86%
TIEMPO DE PAGO 1.78 1.83 -0.13 -0.14 -6.9% -7.1%
CAPACIDAD DE PAGO 487,518.00 475,324.77 37,800.00 37,800.00 8.4% 8.6%
VALOR ACTUAL NETO 2,632,640.22 2,449,649.80 215,772.66 204,061.08 8.9% 9.1%
TASA INTERNA DE RETORNO 52.8% 66.9% 3.1% 4.2%
BENEFICIO - COSTO 3.71 4.66 0.22 0.30 6.4% 7.0%

Analisis de Sensibilidad al -12% del Precio de Venta

Precio Venta 35.20 Variacion Absoluta Variacion Porcentual
RESUMEN ECONÓMICO FINANCIERO ECONÓMICO FINANCIERO ECONÓMICO FINANCIERO
PUNTO DE EQUILIBRIO 147,070.71 144,969.70 3,650.69 3,598.54 2.55% 2.55%
RENTABILIDAD 42.9% 41.4% -9.3% -9.3%
TIEMPO DE PAGO 2.33 2.41 0.42 0.44 21.8% 22.3%
CAPACIDAD DE PAGO 358,998.00 346,804.77 -90,720.00 -90,720.00 -20.2% -20.7%
VALOR ACTUAL NETO 1,899,013.18 1,755,842.14 -517,854.38 -489,746.59 -21.4% -21.8%
TASA INTERNA DE RETORNO 42.1% 52.3% -7.6% -10.3%
BENEFICIO - COSTO 2.95 3.63 -0.53 -0.73 -15.3% -16.7%