Variables

Tasa de descuento econmico 0.12

Tasa de descuento financiero 0.08
Incremento Precios 0.00
Incremento de costos 0
Inversin total 7,000,000.00
Prestamo 5,000,000.00
Interes bancario= 20%

CONCEPTO / AOS AO 0 AO 01
I. INGRESOS
1.-Total Ingreso 4,000,000.00
Ventas 4,000,000.00
Valor residual
II. EGRESOS
Costo de Inversion
(Activo FijoTangible) 5,000,000.00
(Activo Fijo Intangible) 1,000,000.00
(Capital de Trabajo) 750,000.00
(Imprevistos 1%) 250,000.00
(Total de Inversin) 7,000,000.00
Egresos por Actividad
2.-Total Egresos 7,000,000.00 900,000.00
(Costo de Produccin) 500,000.00
(Gastos Administrativos) 300,000.00
(Gastos de Ventas) 100,000.00
Utilidad Operativa 3,100,000.00
(Depreciacin) -150,000.00
Utilidad antes de Impuestos 2,950,000.00
(Impuesto a la Renta 30%) -885,000.00
(Inversin) 7,000,000.00 0.00
Depreciacin 150,000.00
FCE -7,000,000.00 2,215,000.00
Prstamo 5,000,000.00
Flujo neto 1,372,248.52
FCF -2,000,000.00 842,751.48
Aporte de Socios 2,000,000.00
Caja acumulada -2,000,000.00 -1,156,748.52
1.-Calcule el flujo de caja economico y financiero
2.- Considere la tasa de descuento econmica de 12% y una tasa de descuento financiera del 8%
3.- Realice la evaluacin econmica considerando el VANE, TIRE, B/C , Perodo de recuperacin E
4.- Realice la evaluain financiera considerando el VANF, TIRF, B/C , Perodo de recuperacin F
5.- Interprete resultados

PRINCIPAL AMORTIZACION
ANUAL INICIO
1 5,000,000.00 671,898.52
2 4,328,101.48 806,278.22
3 3,521,823.26 967,533.86
4 2,554,289.40 1,161,040.64
5 1,393,248.76 1,393,248.76
TOTAL 5,000,000.02

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

Escudo tributario

AOS Amortizacin Interes

1 671,898.52 1,000,000.00
2 806,278.22 865,620.30
3 967,533.86 704,364.65
4 1,161,040.64 510,857.88
5 1,393,248.76 278,649.75

3.- Evaluacin econmica

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

AO 0 1
INGRESOS E 4,000,000.00
EGRESOS ECONOMICOS 7,000,000.00 900,000.00
TASA DESCUENTO = 12%
 VANI(12%)= 3,571,428.57
VANE(12%)= 7,000,000.00 803571.4286

B/C E= 1.41

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

Perodo de recuperacin=
Calculo de fraccin =
1ao=
X=
4.- Evaluacin financiera
VANF(8%)= 1,062,806
TIRF= 27%
B/CF= VANF(Ingresos)=
VANF(Egresos)

AO 0 1
INGRESOS FINANCIEROS 5,000,000.00 4,000,000.00
TOTAL EGRESOS FINANCIEROS 2,000,000.00 2,272,248.52
EGRESOS ECONOMICOS 2,000,000.00 900,000.00
FCNETO 1,372,248.52

VANF(Ingresos)= 5,000,000.00 3,703,703.70

VANFE(Egresos)= 2,000,000.00 2,103,933.81

5.- Perodo recuperacin F

0 1
INGRESOS 842,751.48
INVERSIN 2,000,000.00
SALDO POR RECUPERAR 1,157,248.52

Perodo de recuperacin= 2 aos , 5 MESES , 19 DAS

Calculo de fraccin =
1ao= 754,060.88
X= 353,810.00
ANALISIS DE SENSIBILIDAD
 AO 02 AO 03 AO 04 AO 05
I. INGRESOS
4,000,000.00 4,000,000.00 4,000,000.00 4,085,300.00
4,000,000.00 4,000,000.00 4,000,000.00 4,000,000.00
85,300.00
II. EGRESOS

900,000.00 900,000.00 900,000.00 900,000.00

500,000.00 500,000.00 500,000.00 500,000.00
300,000.00 300,000.00 300,000.00 300,000.00
100,000.00 100,000.00 100,000.00 100,000.00
3,100,000.00 3,100,000.00 3,100,000.00 3,185,300.00
-150,000.00 -150,000.00 -150,000.00 -150,000.00
2,950,000.00 2,950,000.00 2,950,000.00 3,035,300.00
-885,000.00 -885,000.00 -885,000.00 -885,000.00
0.00 0.00 0.00 0.00
150,000.00 150,000.00 150,000.00 150,000.00
2,215,000.00 2,215,000.00 2,215,000.00 2,300,300.00
0.00 0.00 0.00 0.00
1,412,562.43 1,460,939.12 1,518,991.15 1,588,653.59
802,437.57 754,060.88 696,008.85 711,646.41

-1,197,562.43 -443,501.55 252,507.30 964,153.71

financiera del 8%
e recuperacin E
ecuperacin F

SERVICIO DE PRINCIPAL FINAL

INTERES DEUDA
1,000,000.00 1,671,898.52 4,328,101.48
865,620.30 1,671,898.52 3,521,823.26
704,364.65 1,671,898.52 2,554,289.40
510,857.88 1,671,898.52 1,393,248.76
278,649.75 1,671,898.52 0.00
3,359,492.58 8,359,492.60

Interes= 20%
FRC= 0.3343797

Portes Escudo Tributari Flujo Neto

500.00 -300,150.00 1,372,248.52 1,672,398.52
500.00 -259,836.09 1,412,562.43
500.00 -211,459.40 1,460,939.12
500.00 -153,407.36 1,518,991.15
500.00 -83,744.93 1,588,653.59

14,467,506.32 1.41
10,244,298.58

2 3 4 5
4,000,000.00 4,000,000.00 4,000,000.00 4,085,300.00
900,000.00 900,000.00 900,000.00 900,000.00

TOTAL
 3,188,775.51 2,847,120.99 2,542,072.31 2,318,108.93 14,467,506.32
717474.4898 640602.223 571966.2706 510684.1701 10,244,298.58

1 2 3 4 5
2,215,000.00 2,215,000.00 2,215,000.00 2,215,000.00 2,300,300.00

4,785,000.00 2,570,000.00 355,000.00 0

3 aos , 1 MES 28 das

AOS MESES
2,215,000.00 X= 0.1602708804 1.92
355,000.00

B/C f= 1.84

21,028,894 1.84
11,397,976.80

2 3 4 5
4,000,000.00 4,000,000.00 4,000,000.00 4,085,300.00 VAN FIN
2,272,248.52 2,360,939.12 2,418,991.15 2,488,653.59
900,000.00 900,000.00 900,000.00 900,000.00
1,372,248.52 1,460,939.12 1,518,991.15 1,588,653.59

TOTAL
3,429,355.28 3,175,328.96 2,940,119.41 2,780,386.53 21,028,893.90
1,948,086.87 1,874,189.59 1,778,030.71 1,693,735.82 11,397,976.80

2 3 4 5
802,437.57 754,060.88 696,008.85 711,646.41

354,810.95 0.00

MESES , 19 DAS
AOS MESES DIAS
X= 0.4692061469 5.6304737623 18.9142128683
DIAS
57.70
1.-Calcule el flujo de caja economico y financiero
2.- Considere la tasa de descuento econmica de 10% y una tasa de descuento financiera del 5%
3.- Realice la evaluacin econmica considerando el VANE, TIRE, B/C , Perodo de recuperacin E
4.- Realice la evaluain financiera considerando el VANF, TIRF, B/C , Perodo de recuperacin F
5.- Interprete resultados

Tasa de descuento 7% Prestamo 300,000.00

econmico
Tasa anual
Tasa de descuento financiero 4% 11%
efectiva

Inversin total 500,000.00 cuotas semestrales

CONCEPTO / AOS AO 0 AO 01 AO 02 AO 03
I. INGRESOS
1.-Total Ingreso 550,000.00 550,000.00 550,000.00
Ventas 550,000.00 550,000.00 550,000.00
Valor residual
II. EGRESOS
Costo de Inversion 500,000.00
(Activo FijoTangible)
(Activo Fijo Intangible)
(Capital de Trabajo)
(Imprevistos %)
(Total de Inversin) 500,000.00
Egresos por Actividad
2.-Total Egresos 500,000.00 95,000.00 95,000.00 95,000.00
(Costo de Produccin) 50,000.00 50,000.00 50,000.00
(Gastos Administrativos) 35,000.00 35,000.00 35,000.00
(Gastos de Ventas) 10,000.00 10,000.00 10,000.00
Utilidad Operativa 455,000.00 455,000.00 455,000.00
(Depreciacin) 10,000.00 10,000.00 10,000.00

Utilidad antes de Impuestos 445,000.00 445,000.00 445,000.00

Utilidades distribuidas personal 10% 44,500.00 44,500.00 44,500.00

(Impuesto a la Renta 28%) 112,140.00 112,140.00 112,140.00

(Inversin) -500,000.00
Depreciacin 10,000.00 10,000.00 10,000.00
FCE -500,000.00 298,360.00 298,360.00 298,360.00
Prstamo 300,000.00
FLUJO NETO 86,001.87 87,963.76 43,053.65
FCF -200,000.00 212,358.13 210,396.24 255,306.35
Caja acumulada -200,000.00 12,358.13 222,754.37 478,060.72

Tasa anual efectiva 11%

Tasa nominal anual
Tasa efectiva periodica 0.0535653753

FRC 0.0813160112 0.1569593817

0.51807041

PRINCIPAL AMORTIZACI SERVICIO DE

PERIODOS INTERES
INICIO ON DEUDA
1 300,000.00 31,018.20 16,069.61 47,087.81
2 268,981.80 32,679.70 14,408.11 47,087.81
3 236,302.09 34,430.20 12,657.61 47,087.81
4 201,871.89 36,274.47 10,813.34 47,087.81
5 165,597.42 38,217.53 8,870.29 47,087.81
6 127,379.89 6,823.15 -
7 134,203.04 65,351.24 7,188.64 72,539.88
8 68,851.80 68,851.80 3,688.07 72,539.88

PRINCIPAL AMORTIZACI SERVICIO DE

INICIO ON INTERES DEUDA
ANUAL
1 300,000.00 63,697.91 30,477.72 94,175.63
2 236,302.09 70,704.68 23,470.95 94,175.63
3 165,597.42 31,394.37 15,693.44 47,087.81
4 134,203.04 134,203.04 10,876.71 145,079.75
Total 836,102.56 300,000.00 80,518.83 380,518.83

AMORTIZACIO ESCUDO TRIBUTARIO

AO N INTERES PORTES
1 63,697.91 30,477.72 500.00 8,673.76
2 70,704.68 23,470.95 500.00 6,711.87
3 31,394.37 15,693.44 500.00 4,534.16
4 134,203.04 10,876.71 500.00 3,185.48
3-Evaluacin econmica

van eco 741,815.51

TIR E= 53%
B/C E= VAN(Ingresos) = 2,283,628.04 =
VAN (Egresos) 889,518.76

AO 0 1 2 3
INGRESOS E 550000.00 550000.00 550000.00
EGRESOS ECONOMICOS 500,000.00 95,000.00 95,000.00 95,000.00
TASA DESCUENTO

VANI()= 0.00 514,018.69 480,391.30 448,963.83

VANE()= 500,000.00 88,785.05 82,976.68 77,548.30

B/C E= 2.57 2.567262377

Perodo recuperacin E
0 1 2
INGRESOS 298,360.00 298,360.00
INVERSIN 500,000.00
SALDO POR
RECUPERAR 201,640.00 0.00

Perodo de recuperacin= 1 ao 8 meses 4 das

Calculo de fraccin =
1ao= 298,360.00
X= 201,640.00
4.- Evaluacin financiera
VANFinan= 825,535 B/C f=
TIRF=
B/CF= VANF(Ingresos)= 2,781,379.37 3 =
VANF(Egresos) 946,938.43

AO 0 1 2 3
INGRESOS FINANCIEROS 300,000.00 550,000.00 550,000.00 550,000.00
TOTAL EGRESOS FINANCIEROS 181,001.87 182,963.76 138,053.65
EGRESOS ECONOMICOS -200,000.00 95,000.00 95,000.00 95,000.00
FCNETO 86,001.87 87,963.76 43,053.65

VANF(Ingresos)= 300,000.00 528,846.15 508,505.92 488,948.00

VANFE(Egresos)= 200,000.00 174,040.26 169,160.28 122,729.19

Perodo recuperacin F

0 1 2 3
INGRESOS 212,358.13 210,396.24 255,306.35
INVERSIN 200,000.00
SALDO POR RECUPERAR -12,358.13

Perodo de recuperacin= 11 meses 9 dias

Calculo de fraccin =
1ao= 212,358.13 X=
X= 200,000.00

ANALISIS DE SENSIBILIDAD

VAN TIR B/C P. recuperacin

Econmico 741,815.51 2.57 1 ao 8 meses 4 das
Financiero 825,535 2.94 11 meses 9 dias
 Pagar en 4 aos

3 ao no pago
segundo semestre

AO 04 AO 05

550,000.00 590,000.00
550,000.00 550,000.00
40,000.00

ANALISIS DE SENSIBILIDAD

VAN
FCE
FCF

95,000.00 95,000.00
50,000.00 50,000.00
35,000.00 35,000.00
10,000.00 10,000.00
455,000.00 495,000.00
10,000.00 10,000.00

445,000.00 485,000.00

44,500.00 48,500.00

112,140.00 122,220.00

10,000.00 10,000.00 S/. 741,815.51

298,360.00 324,280.00 VAN P.R TIR
 142,394.28 0.00
155,965.72 324,280.00
634,026.45 958,306.45

PRINCIPAL
FINAL
268,981.80
236,302.09
201,871.89
165,597.42
127,379.89
134,203.04
68,851.80 FRC 0.0594575666 0.5405233324
- 0.11

PRINCIPAL
FINAL
236,302.09
165,597.42 FRC 0.1669877451 0.3223263515
134,203.04 0.51807041
0.00
536,102.56

FLUJO NETO
86,001.87
87,963.76
43,053.65
142,394.28
 Ao 0 ao 1
-500,000.00 298,360.00
2.57
0.45 S/. -294,234.48
0.6
4 5
550000.00 590000.00
95,000.00 95,000.00

TOTAL
419,592.37 420,661.85 2,283,628.04
72,475.05 67,733.69 889,518.76

3 4 5
298,360.00 298,360.00 324,280.00

AOS MESES DIAS

X= 0.675827859 8.11 243.29802923

4 5
550,000.00 590,000.00
237,394.28 95,000.00
95,000.00 95,000.00
142,394.28 0.00

TOTAL
470,142.31 484,936.99 2,781,379.37
202,925.62 78,083.08 946,938.43

4 5
155,965.72 324,280.00

AOS MESES DIAS

0.941805226 11.3016627124 339.0498813725

Tasa -500,000.00 298,360.00 298,360.00 298,360.00 298,360.00

0.45 S/. 63,626.18 S/. -13,411.25

S/. 0.60 S/. -29,802.78 S/. 38,175.71 S/. 51,586.96 S/. 0.552
S/. 93,428.96

-200,000.00 212,358.13 210,396.24 255,306.35 155,965.72

100
TIR P.R B/C
ao 2 ao 3 ao 4 ao 5
298,360.00 298,360.00 298,360.00 324,280.00

S/. 504,125.52 S/. 504,125.52 S/. 504,125.52 S/. 522,001.38

324,280.00 53%

324,280.00 106%