Año 0 1 2

Mes inicial 0 0 13
IPC 0 2.47% 3.30%
Precio de venta - Unitario $ 40,000.00 $ 40,988.00
(precios por producto)
Tamaño del mercado - und 683,587 786,126
Crecimiento del mercado 15.00%
Cuota de mercado 38.24% 53.24%
Ventas anuales - und 261,404 418,534

Politicas de financiacion al cliente

Contado 90% 90%
Pago 30 dias 10% 10%
Pago 60 dias 0% 0%

GASTOS FIJOS Sustentar el por que del precio de estos gastos y costos
Arriendo $ - $ -
Administracion $ - $ -
S. P Agua $ 13,233 $ 13,560
S. P Luz $ 612,000 $ 627,116
S. P Telefono $ 30,045 $ 30,787
S. P Internet $ 70,105 $ 71,837
Vigilancia $ - $ -
Aseo $ - $ -

COSTOS FIJOS Falta discriminar los costos por producto

Arriendo $ 1,200,000
Administracion $ 100,000
S. P Agua $ 350,000
S. P Luz $ 400,000
Vigilancia $ 1,500,000
Aseo $ 13,000,000

Componente 1 $ 5,000 5,123.50

Componente 2 $ 7,500 7,685.25
Componente 3 $ 10,000 10,247.00
CVDU $ 22,500 23,055.75

Politica de compra
Contado 50% 50%
30 dias 50% 50%

Comisiones Vendedores 4% 4%
Comisiones Pagos electronicos 2% 2%
Porcentaje de ventas por Medios electronico de pagos 0.5% 1.0%

TASA DEL IMPUESTO DE RENTA 20% 22%

POLITICA DE DISTRIBUCION DE UTILIDADES 30% 35%

 3 4 5 Observaciones
25 37 49
4.13% 4.96% 5.76% Poner dato veridico soportando como se genero en el trabajo escrito
$ 42,340.60 $ 44,089.27 $ 46,276.10 Soportar con invInflacion causada o proyectada?

904,045 1,039,652 1,195,600 Unidades debenViene del calculo de los ratos sucesivos
15.00% 15.00% 15.00% es muy alto este porcentaje
68.24% 83.24% 98.24% Se basa en investigacion de mercados y operativa
616,921 865,407 1,174,558

90% 90% 90%

10% 10% 10%
0% 0% 0%

os gastos y costos
$ - $ - $ -
$ - $ - $ -
$ 14,007 $ 14,586 $ 15,309 *calcule el aumento con el mismo del IPC causado
$ 647,811 $ 674,566 $ 708,024 *
$ 31,803 $ 33,117 $ 34,759 $ 100,150
$ 74,207 $ 77,272 $ 81,105 *
$ - $ - $ - *
$ - $ - $ - *Aseo es servicio de aseo o personal de aseo?

5,292.58 5,511.16 5,784.51

7,938.86 8,266.74 8,676.77
10,585.15 11,022.32 11,569.02
23,816.59 24,800.21 26,030.31

50% 50% 50%

50% 50% 50%

4% 4% 4%
2% 2% 2%
1.5% 2.0% 2.5%

24% 25% 30%

40% 45% 45%

nero en el trabajo escrito

os sucesivos
 Meses 0 1 2 3
Distribucion ventas % (justificar el porque cambian en cada mes)
5% 8% 7%
Ventas Unidades 13,071 20,913 18,299
Ingresos Totales $ 522,840,000 $ 836,520,000 $ 731,960,000
Ingresos del Estado de resultados $ 522,840,000 $ 1,359,360,000 $ 2,091,320,000

Contado $ 470,556,000 $ 752,868,000 $ 658,764,000

Pago 30 dias 0 $ 52,284,000 $ 83,652,000
Pago 60 dias 0 0 $ -
$ -
Recaudo del mes (Flujo de caja) $ 470,556,000 $ 805,152,000 $ 742,416,000
Cuentas x Cobrar clientes (Balance gral) $ 52,284,000 $ 83,652,000 $ 73,196,000

* Se administra con el flujo de caja

 4 5 6 7 8
10% 12% 8% 7% 5%
26,141 31,369 20,913 18,299 13,071
$ 1,045,640,000 $ 1,254,760,000 $ 836,520,000 $ 731,960,000 $ 522,840,000
$ 3,136,960,000 $ 4,391,720,000 $ 5,228,240,000 $ 5,960,200,000 $ 6,483,040,000

$ 941,076,000 $ 1,129,284,000 $ 752,868,000 $ 658,764,000 $ 470,556,000

$ 73,196,000 $ 104,564,000 $ 125,476,000 $ 83,652,000 $ 73,196,000
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 1,014,272,000 $ 1,233,848,000 $ 878,344,000 $ 742,416,000 $ 543,752,000
$ 104,564,000 $ 125,476,000 $ 83,652,000 $ 73,196,000 $ 52,284,000
 9 10 11 12 13
12% 8% 7% 11% 5%
31,369 20,913 18,299 28,755 20,927
$ 1,254,760,000 $ 836,520,000 $ 731,960,000 $ 1,150,200,000 $ 857,755,876
$ 7,737,800,000 $ 8,574,320,000 $ 9,306,280,000 $ 10,456,480,000 $ 857,755,876

$ 1,129,284,000 $ 752,868,000 $ 658,764,000 $ 1,035,180,000 $ 771,980,288

$ 52,284,000 $ 125,476,000 $ 83,652,000 $ 73,196,000 $ 115,020,000
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 1,181,568,000 $ 878,344,000 $ 742,416,000 $ 1,108,376,000 $ 887,000,288
$ 125,476,000 $ 83,652,000 $ 73,196,000 $ 115,020,000 $ 85,775,588
 14 15 16 17 18
8% 7% 10% 12% 8%
33,483 29,298 41,854 50,225 33,483
$ 1,372,401,204 $ 1,200,866,424 $ 1,715,511,752 $ 2,058,622,300 $ 1,372,401,204
$ 2,230,157,080 $ 3,431,023,504 $ 5,146,535,256 $ 7,205,157,556 $ 8,577,558,760

$ 1,235,161,084 $ 1,080,779,782 $ 1,543,960,577 $ 1,852,760,070 $ 1,235,161,084

$ 85,775,588 $ 137,240,120 $ 120,086,642 $ 171,551,175 $ 205,862,230
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 1,320,936,671 $ 1,218,019,902 $ 1,664,047,219 $ 2,024,311,245 $ 1,441,023,314
$ 137,240,120 $ 120,086,642 $ 171,551,175 $ 205,862,230 $ 137,240,120
 19 20 21 22 23
7% 5% 12% 8% 7%
29,298 20,927 50,225 33,483 29,298
$ 1,200,866,424 $ 857,755,876 $ 2,058,622,300 $ 1,372,401,204 $ 1,200,866,424
$ 9,778,425,184 $ 10,636,181,060 $ 12,694,803,360 $ 14,067,204,564 $ 15,268,070,988

$ 1,080,779,782 $ 771,980,288 $ 1,852,760,070 $ 1,235,161,084 $ 1,080,779,782

$ 137,240,120 $ 120,086,642 $ 85,775,588 $ 205,862,230 $ 137,240,120
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 1,218,019,902 $ 892,066,931 $ 1,938,535,658 $ 1,441,023,314 $ 1,218,019,902
$ 120,086,642 $ 85,775,588 $ 205,862,230 $ 137,240,120 $ 120,086,642
 24 25 26 27 28
11% 5% 8% 7% 10%
46,039 30,847 49,354 43,185 61,693
$ 1,887,046,532 $ 1,306,080,612 $ 2,089,678,170 $ 1,828,478,984 $ 2,612,118,883
$ 17,155,117,520 $ 1,306,080,612 $ 3,395,758,781 $ 5,224,237,765 $ 7,836,356,648

$ 1,698,341,879 $ 1,175,472,550 $ 1,880,710,353 $ 1,645,631,085 $ 2,350,906,994

$ 120,086,642 $ 188,704,653 $ 130,608,061 $ 208,967,817 $ 182,847,898
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 1,818,428,521 $ 1,364,177,204 $ 2,011,318,414 $ 1,854,598,902 $ 2,533,754,893
$ 188,704,653 $ 130,608,061 $ 208,967,817 $ 182,847,898 $ 261,211,888
 29 30 31 32 33
12% 8% 7% 5% 12%
74,031 49,354 43,185 30,847 74,031
$ 3,134,517,255 $ 2,089,678,170 $ 1,828,478,984 $ 1,306,080,612 $ 3,134,517,255
$ 10,970,873,902 $ 13,060,552,072 $ 14,889,031,056 $ 16,195,111,668 $ 19,329,628,922

$ 2,821,065,529 $ 1,880,710,353 $ 1,645,631,085 $ 1,175,472,550 $ 2,821,065,529

$ 261,211,888 $ 313,451,725 $ 208,967,817 $ 182,847,898 $ 130,608,061
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 3,082,277,418 $ 2,194,162,078 $ 1,854,598,902 $ 1,358,320,449 $ 2,951,673,590
$ 313,451,725 $ 208,967,817 $ 182,847,898 $ 130,608,061 $ 313,451,725
 34 35 36 37 38
8% 7% 11% 5% 8%
49,354 43,185 67,862 43,271 69,233
$ 2,089,678,170 $ 1,828,478,984 $ 2,873,318,069 $ 1,907,786,843 $ 3,052,432,495
$ 21,419,307,092 $ 23,247,786,076 $ 26,121,104,145 $ 1,907,786,843 $ 4,960,219,338

$ 1,880,710,353 $ 1,645,631,085 $ 2,585,986,262 $ 1,717,008,159 $ 2,747,189,246

$ 313,451,725 $ 208,967,817 $ 182,847,898 $ 287,331,807 $ 190,778,684
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 2,194,162,078 $ 1,854,598,902 $ 2,768,834,160 $ 2,004,339,966 $ 2,937,967,930
$ 208,967,817 $ 182,847,898 $ 287,331,807 $ 190,778,684 $ 305,243,250
 39 40 41 42 43
7% 10% 12% 8% 7%
60,579 86,541 103,849 69,233 60,579
$ 2,670,883,945 $ 3,815,529,597 $ 4,578,626,698 $ 3,052,432,495 $ 2,670,883,945
$ 7,631,103,283 $ 11,446,632,880 $ 16,025,259,578 $ 19,077,692,074 $ 21,748,576,018

$ 2,403,795,550 $ 3,433,976,637 $ 4,120,764,029 $ 2,747,189,246 $ 2,403,795,550

$ 305,243,250 $ 267,088,394 $ 381,552,960 $ 457,862,670 $ 305,243,250
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 2,709,038,800 $ 3,701,065,032 $ 4,502,316,988 $ 3,205,051,916 $ 2,709,038,800
$ 267,088,394 $ 381,552,960 $ 457,862,670 $ 305,243,250 $ 267,088,394
 44 45 46 47 48
5% 12% 8% 7% 11%
43,271 103,849 69,233 60,579 95,195
$ 1,907,786,843 $ 4,578,626,698 $ 3,052,432,495 $ 2,670,883,945 $ 4,197,078,148
$ 23,656,362,861 $ 28,234,989,560 $ 31,287,422,055 $ 33,958,306,000 $ 38,155,384,147

$ 1,717,008,159 $ 4,120,764,029 $ 2,747,189,246 $ 2,403,795,550 $ 3,777,370,333

$ 267,088,394 $ 190,778,684 $ 457,862,670 $ 305,243,250 $ 267,088,394
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 1,984,096,553 $ 4,311,542,713 $ 3,205,051,916 $ 2,709,038,800 $ 4,044,458,727
$ 190,778,684 $ 457,862,670 $ 305,243,250 $ 267,088,394 $ 419,707,815
 49 50 51 52 53
5% 8% 7% 10% 12%
58,728 93,965 82,220 117,456 140,947
$ 2,717,702,729 $ 4,348,333,622 $ 3,804,820,842 $ 5,435,405,459 $ 6,522,477,295
$ 2,717,702,729 $ 7,066,036,352 $ 10,870,857,194 $ 16,306,262,652 $ 22,828,739,948

$ 2,445,932,456 $ 3,913,500,260 $ 3,424,338,758 $ 4,891,864,913 $ 5,870,229,566

$ 419,707,815 $ 271,770,273 $ 434,833,362 $ 380,482,084 $ 543,540,546
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 2,865,640,271 $ 4,185,270,533 $ 3,859,172,120 $ 5,272,346,997 $ 6,413,770,112
$ 271,770,273 $ 434,833,362 $ 380,482,084 $ 543,540,546 $ 652,247,730
 54 55 56 57 58
8% 7% 5% 12% 8%
93,965 82,220 58,728 140,947 93,965
$ 4,348,333,622 $ 3,804,820,842 $ 2,717,702,729 $ 6,522,477,295 $ 4,348,333,622
$ 27,177,073,570 $ 30,981,894,412 $ 33,699,597,141 $ 40,222,074,437 $ 44,570,408,059

$ 3,913,500,260 $ 3,424,338,758 $ 2,445,932,456 $ 5,870,229,566 $ 3,913,500,260

$ 652,247,730 $ 434,833,362 $ 380,482,084 $ 271,770,273 $ 652,247,730
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 4,565,747,990 $ 3,859,172,120 $ 2,826,414,541 $ 6,141,999,839 $ 4,565,747,990
$ 434,833,362 $ 380,482,084 $ 271,770,273 $ 652,247,730 $ 434,833,362
 59 60
7% 11%
82,220 129,202
$ 3,804,820,842 $ 5,978,964,515
$ 48,375,228,901 $ 54,354,193,416

$ 3,424,338,758 $ 5,381,068,064
$ 434,833,362 $ 380,482,084
$ - $ -
$ - $ -
$ 3,859,172,120 $ 5,761,550,148
$ 380,482,084 $ 597,896,452
 Meses 0 1 2 3 4 5 6
GASTOS FIJOS
Arriendo $ - $ - $ - $ - $ - $ -
Administracion
S. P Agua
S. P Luz
S. P Telefono
S. P Internet
Vigilancia
Aseo

GASTOS FIJOS - FC $ - $ - $ - $ - $ - $ -
GASTOS FIJOS - ER $ - $ - $ - $ - $ - $ -

COSTOS FIJOS
Arriendo
Administracion
S. P Agua
S. P Luz
Vigilancia
Aseo

COSTOS FIJOS - FC
COSTOS FIJOS - ER
 7 8 9 10 11 12 13

$ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ - $ -
 14 15 16 17 18 19 20

$ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ - $ -
 21 22 23 24 25 26 27

$ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ - $ -
 28 29 30 31 32 33 34

$ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ - $ -
 35 36 37 38 39 40 41

$ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ - $ -
 42 43 44 45 46 47 48

$ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ - $ -
 49 50 51 52 53 54 55

$ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ - $ -
 56 57 58 59 60

$ - $ - $ - $ - $ -

$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
Politica de inventario 7 30 23.3%
Meses 0 1 2 3
Ventas en unidades - 13,071 20,913 18,299
Stock 3,050 4,880 4,270 6,100
Produccion del mes 10,021 16,033 14,029
Valor del Stock $ 68,625,000 $ 109,800,000 $ 96,075,000 $ 137,250,000
Valor Produccion mes $ - $ 225,472,500 $ 360,742,500 $ 315,652,500
CVDT (ER) 0 $ 294,097,500 $ 470,542,500 $ 411,727,500
Costos variables - ER $ 294,097,500 $ 764,640,000 $ 1,176,367,500
COMPRAS CONTADO $ 34,312,500 $ 167,636,250 $ 228,408,750 $ 226,451,250
COMPRAS 30 DIAS 0 $ 34,312,500 $ 167,636,250 $ 228,408,750
CVDT (Flujo de Caja) $ 34,312,500 $ 201,948,750 $ 396,045,000 $ 454,860,000
CXP Proveedores $ 34,312,500 $ 167,636,250 $ 228,408,750 $ 226,451,250

GASTOS VARIABLES
Ventas Totales - 522,840,000 836,520,000 731,960,000
Comisiones x ventas Vendedores 20,913,600 33,460,800 29,278,400
Comisiones x ventas Franquicias x Pagos el 52,284 83,652 73,196
Comisiones MEP (ER) 52,284 135,936 209,132
 4 5 6 7 8
26,141 31,369 20,913 18,299 13,071
7,320 4,880 4,270 3,050 7,320
20,041 24,049 16,033 14,029 10,021
$ 164,700,000 $ 109,800,000 $ 96,075,000 $ 68,625,000 $ 164,700,000
$ 450,922,500 $ 541,102,500 $ 360,742,500 $ 315,652,500 $ 225,472,500
$ 588,172,500 $ 705,802,500 $ 470,542,500 $ 411,727,500 $ 294,097,500
$ 1,764,540,000 $ 2,470,342,500 $ 2,940,885,000 $ 3,352,612,500 $ 3,646,710,000
$ 307,811,250 $ 325,451,250 $ 228,408,750 $ 192,138,750 $ 195,086,250
$ 226,451,250 $ 307,811,250 $ 325,451,250 $ 228,408,750 $ 192,138,750
$ 534,262,500 $ 633,262,500 $ 553,860,000 $ 420,547,500 $ 387,225,000
$ 307,811,250 $ 325,451,250 $ 228,408,750 $ 192,138,750 $ 195,086,250

1,045,640,000 1,254,760,000 836,520,000 731,960,000 522,840,000

41,825,600 50,190,400 33,460,800 29,278,400 20,913,600
104,564 125,476 83,652 73,196 52,284
313,696 439,172 522,824 596,020 648,304
 9 10 11 12 13
31,369 20,913 18,299 28,755 20,927
4,880 4,270 6,710 4,883 7,813
24,049 16,033 14,029 22,045 16,044
$ 109,800,000 $ 96,075,000 $ 150,975,000 $ 109,867,500 $ 180,134,575
$ 541,102,500 $ 360,742,500 $ 315,652,500 $ 496,012,500 $ 369,906,453
$ 705,802,500 $ 470,542,500 $ 411,727,500 $ 646,987,500 $ 479,773,953
$ 4,352,512,500 $ 4,823,055,000 $ 5,234,782,500 $ 5,881,770,000 $ 479,773,953
$ 325,451,250 $ 228,408,750 $ 233,313,750 $ 302,940,000 $ 275,020,514
$ 195,086,250 $ 325,451,250 $ 228,408,750 $ 233,313,750 $ 302,940,000
$ 520,537,500 $ 553,860,000 $ 461,722,500 $ 536,253,750 $ 577,960,514
$ 325,451,250 $ 228,408,750 $ 233,313,750 $ 302,940,000 $ 275,020,514

1,254,760,000 836,520,000 731,960,000 1,150,200,000 857,755,876

50,190,400 33,460,800 29,278,400 46,008,000 34,310,235
125,476 83,652 73,196 115,020 171,551
773,780 857,432 930,628 1,045,648 171,551
 14 15 16 17 18
33,483 29,298 41,854 50,225 33,483
6,837 9,766 11,720 7,813 6,837
25,670 22,461 32,088 38,505 25,670
$ 157,632,163 $ 225,162,455 $ 270,213,390 $ 180,134,575 $ 157,632,163
$ 591,841,103 $ 517,855,201 $ 739,812,906 $ 887,761,654 $ 591,841,103
$ 771,975,677 $ 675,487,364 $ 964,975,361 $ 1,157,975,044 $ 771,975,677
$ 1,251,749,630 $ 1,927,236,994 $ 2,892,212,354 $ 4,050,187,398 $ 4,822,163,075
$ 374,736,633 $ 371,508,828 $ 505,013,148 $ 533,948,114 $ 374,736,633
$ 275,020,514 $ 374,736,633 $ 371,508,828 $ 505,013,148 $ 533,948,114
$ 649,757,147 $ 746,245,460 $ 876,521,976 $ 1,038,961,262 $ 908,684,747
$ 374,736,633 $ 371,508,828 $ 505,013,148 $ 533,948,114 $ 374,736,633

1,372,401,204 1,200,866,424 1,715,511,752 2,058,622,300 1,372,401,204

54,896,048 48,034,657 68,620,470 82,344,892 54,896,048
274,480 240,173 343,102 411,724 274,480
446,031 686,205 1,029,307 1,441,032 1,715,512
 19 20 21 22 23
29,298 20,927 50,225 33,483 29,298
4,883 11,720 7,813 6,837 10,743
22,461 16,044 38,505 25,670 22,461
$ 112,581,227 $ 270,213,390 $ 180,134,575 $ 157,632,163 $ 247,687,922
$ 517,855,201 $ 369,906,453 $ 887,761,654 $ 591,841,103 $ 517,855,201
$ 675,487,364 $ 482,487,680 $ 1,157,975,044 $ 771,975,677 $ 675,487,364
$ 5,497,650,439 $ 5,980,138,119 $ 7,138,113,163 $ 7,910,088,840 $ 8,585,576,204
$ 315,218,214 $ 320,059,922 $ 533,948,114 $ 374,736,633 $ 382,771,562
$ 374,736,633 $ 315,218,214 $ 320,059,922 $ 533,948,114 $ 374,736,633
$ 689,954,847 $ 635,278,136 $ 854,008,036 $ 908,684,747 $ 757,508,194
$ 315,218,214 $ 320,059,922 $ 533,948,114 $ 374,736,633 $ 382,771,562

1,200,866,424 857,755,876 2,058,622,300 1,372,401,204 1,200,866,424

48,034,657 34,310,235 82,344,892 54,896,048 48,034,657
240,173 171,551 411,724 274,480 240,173
1,955,685 2,127,236 2,538,961 2,813,441 3,053,614
 24 25 26 27 28
46,039 30,847 49,354 43,185 61,693
7,198 11,516 10,077 14,396 17,274
35,296 23,649 37,838 33,108 47,297
$ 165,955,289 $ 274,271,848 $ 239,999,775 $ 342,863,626 $ 411,407,771
$ 813,775,752 $ 563,238,531 $ 901,172,123 $ 788,519,653 $ 1,126,453,245
$ 1,061,463,674 $ 729,193,819 $ 1,175,443,971 $ 1,028,519,428 $ 1,469,316,871
$ 9,647,039,878 $ 729,193,819 $ 1,904,637,790 $ 2,933,157,218 $ 4,402,474,090
$ 489,865,520 $ 418,755,189 $ 570,585,949 $ 565,691,640 $ 768,930,508
$ 382,771,562 $ 489,865,520 $ 418,755,189 $ 570,585,949 $ 565,691,640
$ 872,637,082 $ 908,620,710 $ 989,341,138 $ 1,136,277,589 $ 1,334,622,148
$ 489,865,520 $ 418,755,189 $ 570,585,949 $ 565,691,640 $ 768,930,508

1,887,046,532 1,306,080,612 2,089,678,170 1,828,478,984 2,612,118,883

75,481,861 52,243,224 83,587,127 73,139,159 104,484,755
377,409 391,824 626,903 548,544 783,636
3,431,024 391,824 1,018,728 1,567,271 2,350,907
 29 30 31 32 33
74,031 49,354 43,185 30,847 74,031
11,516 10,077 7,198 17,274 11,516
56,757 37,838 33,108 23,649 56,757
$ 274,271,848 $ 239,999,775 $ 171,431,813 $ 411,407,771 $ 274,271,848
$ 1,351,758,184 $ 901,172,123 $ 788,519,653 $ 563,238,531 $ 1,351,758,184
$ 1,763,165,956 $ 1,175,443,971 $ 1,028,519,428 $ 734,670,344 $ 1,763,165,956
$ 6,165,640,046 $ 7,341,084,016 $ 8,369,603,444 $ 9,104,273,788 $ 10,867,439,744
$ 813,015,016 $ 570,585,949 $ 479,975,733 $ 487,323,151 $ 813,015,016
$ 768,930,508 $ 813,015,016 $ 570,585,949 $ 479,975,733 $ 487,323,151
$ 1,581,945,524 $ 1,383,600,965 $ 1,050,561,682 $ 967,298,884 $ 1,300,338,167
$ 813,015,016 $ 570,585,949 $ 479,975,733 $ 487,323,151 $ 813,015,016

3,134,517,255 2,089,678,170 1,828,478,984 1,306,080,612 3,134,517,255

125,380,690 83,587,127 73,139,159 52,243,224 125,380,690
940,355 626,903 548,544 391,824 940,355
3,291,262 3,918,166 4,466,709 4,858,534 5,798,889
 34 35
49,354 43,185
10,077 15,835
37,838 33,108
$ 239,999,775 $ 377,135,699
$ 901,172,123 $ 788,519,653
$ 1,175,443,971 $ 1,028,519,428
$ 12,042,883,715 $ 13,071,403,143
$ 570,585,949 $ 582,827,676
$ 813,015,016 $ 570,585,949
$ 1,383,600,965 $ 1,153,413,625
$ 570,585,949 $ 582,827,676
2,089,678,170 1,828,478,984
83,587,127 73,139,159
626,903 548,544
6,425,792 6,974,336
36 37 38
67,862 43,271 69,233
10,097 16,155 14,136
52,027 33,174 53,078
$ 240,476,107 $ 400,647,472 $ 350,575,838
$ 1,239,105,715 $ 822,722,329 $ 1,316,345,807
$ 1,616,241,414 $ 1,063,198,436 $ 1,716,993,279
$ 14,687,644,557 $ 1,063,198,436 $ 2,780,191,715
$ 739,790,911 $ 611,684,901 $ 833,460,822
$ 582,827,676 $ 739,790,911 $ 611,684,901
$ 1,322,618,587 $ 1,351,475,811 $ 1,445,145,723
$ 739,790,911 $ 611,684,901 $ 833,460,822
2,873,318,069 1,907,786,843 3,052,432,495
114,932,723 76,311,474 122,097,300
861,995 763,115 1,220,973
7,836,331 763,115 1,984,088
 39 40 41 42 43
60,579 86,541 103,849 69,233 60,579
20,193 24,232 16,155 14,136 10,097
46,443 66,348 79,617 53,078 46,443
$ 500,790,740 $ 600,958,808 $ 400,647,472 $ 350,575,838 $ 250,407,770
$ 1,151,796,381 $ 1,645,444,659 $ 1,974,518,710 $ 1,316,345,807 $ 1,151,796,381
$ 1,502,372,219 $ 2,146,235,398 $ 2,575,477,518 $ 1,716,993,279 $ 1,502,372,219
$ 4,282,563,933 $ 6,428,799,332 $ 9,004,276,850 $ 10,721,270,128 $ 12,223,642,347
$ 826,293,560 $ 1,123,201,733 $ 1,187,583,091 $ 833,460,822 $ 701,102,075
$ 833,460,822 $ 826,293,560 $ 1,123,201,733 $ 1,187,583,091 $ 833,460,822
$ 1,659,754,383 $ 1,949,495,293 $ 2,310,784,824 $ 2,021,043,913 $ 1,534,562,898
$ 826,293,560 $ 1,123,201,733 $ 1,187,583,091 $ 833,460,822 $ 701,102,075

2,670,883,945 3,815,529,597 4,578,626,698 3,052,432,495 2,670,883,945

106,835,358 152,621,184 183,145,068 122,097,300 106,835,358
1,068,354 1,526,212 1,831,451 1,220,973 1,068,354
3,052,441 4,578,653 6,410,104 7,631,077 8,699,430
 44 45
43,271 103,849
24,232 16,155
33,174 79,617
$ 600,958,808 $ 400,647,472
$ 822,722,329 $ 1,974,518,710
$ 1,073,130,099 $ 2,575,477,518
$ 13,296,772,446 $ 15,872,249,964
$ 711,840,568 $ 1,187,583,091
$ 701,102,075 $ 711,840,568
$ 1,412,942,644 $ 1,899,423,659
$ 711,840,568 $ 1,187,583,091
1,907,786,843 4,578,626,698
76,311,474 183,145,068
763,115 1,831,451
9,462,545 11,293,996
46 47
69,233 60,579
14,136 22,213
53,078 46,443
$ 350,575,838 $ 550,887,174
$ 1,316,345,807 $ 1,151,796,381
$ 1,716,993,279 $ 1,502,372,219
$ 17,589,243,243 $ 19,091,615,462
$ 833,460,822 $ 851,341,777
$ 1,187,583,091 $ 833,460,822
$ 2,021,043,913 $ 1,684,802,600
$ 833,460,822 $ 851,341,777
3,052,432,495 2,670,883,945
122,097,300 106,835,358
1,220,973 1,068,354
12,514,969 13,583,322
48
95,195
13,704
72,982
$ 339,862,145
$ 1,809,969,284
$ 2,360,856,458
$ 21,452,471,920
$ 1,074,915,715
$ 851,341,777
$ 1,926,257,492
$ 1,074,915,715
4,197,078,148
167,883,126
1,678,831
15,262,154
 49 50 51 52 53
58,728 93,965 82,220 117,456 140,947
21,926 19,185 27,407 32,888 21,926
45,024 72,039 63,035 90,049 108,059
$ 570,740,480 $ 499,391,412 $ 713,412,585 $ 856,084,689 $ 570,740,480
$ 1,171,988,478 $ 1,875,197,183 $ 1,640,820,311 $ 2,344,002,986 $ 2,812,808,789
$ 1,511,850,623 $ 2,445,937,663 $ 2,140,211,724 $ 3,057,415,571 $ 3,668,893,479
$ 1,511,850,623 $ 3,957,788,285 $ 6,098,000,009 $ 9,155,415,580 $ 12,824,309,058
$ 871,364,479 $ 1,187,294,297 $ 1,177,116,448 $ 1,600,043,838 $ 1,691,774,635
$ 1,074,915,715 $ 871,364,479 $ 1,187,294,297 $ 1,177,116,448 $ 1,600,043,838
$ 1,946,280,194 $ 2,058,658,776 $ 2,364,410,745 $ 2,777,160,286 $ 3,291,818,472
$ 871,364,479 $ 1,187,294,297 $ 1,177,116,448 $ 1,600,043,838 $ 1,691,774,635

2,717,702,729 4,348,333,622 3,804,820,842 5,435,405,459 6,522,477,295

108,708,109 173,933,345 152,192,834 217,416,218 260,899,092
1,358,851 2,174,167 1,902,410 2,717,703 3,261,239
1,358,851 3,533,018 5,435,429 8,153,131 11,414,370
 54 55
93,965 82,220
19,185 13,704
72,039 63,035
$ 499,391,412 $ 356,719,307
$ 1,875,197,183 $ 1,640,820,311
$ 2,445,937,663 $ 2,140,211,724
$ 15,270,246,721 $ 17,410,458,444
$ 1,187,294,297 $ 998,769,809
$ 1,691,774,635 $ 1,187,294,297
$ 2,879,068,932 $ 2,186,064,107
$ 1,187,294,297 $ 998,769,809
4,348,333,622 3,804,820,842
173,933,345 152,192,834
2,174,167 1,902,410
13,588,537 15,490,947
56 57
58,728 140,947
32,888 21,926
45,024 108,059
$ 856,084,689 $ 570,740,480
$ 1,171,988,478 $ 2,812,808,789
$ 1,528,707,785 $ 3,668,893,479
$ 18,939,166,230 $ 22,608,059,708
$ 1,014,036,584 $ 1,691,774,635
$ 998,769,809 $ 1,014,036,584
$ 2,012,806,393 $ 2,705,811,218
$ 1,014,036,584 $ 1,691,774,635
2,717,702,729 6,522,477,295
108,708,109 260,899,092
1,358,851 3,261,239
16,849,799 20,111,037
58
93,965
19,185
72,039
$ 499,391,412
$ 1,875,197,183
$ 2,445,937,663
$ 25,053,997,371
$ 1,187,294,297
$ 1,691,774,635
$ 2,879,068,932
$ 1,187,294,297
4,348,333,622
173,933,345
2,174,167
22,285,204
 59 60
82,220 129,202
30,148 -
63,035 99,054
$ 784,761,652 $ -
$ 1,640,820,311 $ 2,578,405,888
$ 2,140,211,724 $ 3,363,167,540
$ 27,194,209,094 $ 30,557,376,634
$ 1,212,790,982 $ 1,289,202,944
$ 1,187,294,297 $ 1,212,790,982
$ 2,400,085,279 $ 2,501,993,926
$ 1,212,790,982 $ 1,289,202,944

3,804,820,842 5,978,964,515
152,192,834 239,158,581
1,902,410 2,989,482
24,187,614 27,177,097
Politica de incremento salarial 1.70% 1.80%
Total incremento del salario 4.17% 5.10%
SMMLV $ 781,242
Auxilio de transporte $ 88,211
Gastos Nomina Adm
Cargo SALARIO AUXILIOS 1 2
Mes inicial 0 13
Numero de Funcionarios 1 1
Gerentes $ 3,000,000 $ - $ 3,000,000 $ 3,125,100
Numero de Funcionarios 1 2
Directores $ 2,000,000 $ - $ 2,000,000 $ 2,083,400
Numero de Funcionarios 2 2
Auxiliares $ 800,000 $ 88,211 $ 888,211 $ 925,249
Numero de Funcionarios 2 3
Vendedores $ 800,000 $ 88,211 $ 888,211 $ 925,249

Gerentes $ 3,000,000 $ 3,125,100

Directores $ 2,000,000 $ 4,166,800
Auxiliares $ 1,776,422 $ 1,850,499
Vendedores $ 1,776,422 $ 2,775,748

Total de Salarios Nomina administrativa $ 8,552,844 $ 11,918,147

Meses 0 1 2 3
Salarios Nomina Administrativa $ 8,552,844 $ 8,552,844 $ 8,552,844
Comisiones $ 20,913,600 $ 33,460,800 $ 29,278,400

Base de Liquidacion $ 29,466,444 $ 42,013,644 $ 37,831,244

Parafiscales 9% $ 2,651,980 $ 3,781,228 $ 3,404,812

ARL 0.52% $ 153,226 $ 218,471 $ 196,722
Pension 12.0% $ 3,535,973 $ 5,041,637 $ 4,539,749
Salud 8.5% $ 2,504,648 $ 3,571,160 $ 3,215,656
Prima de Vacaciones 4.17% $ 1,227,769 $ 1,750,569 $ 1,576,302
Prima de Vacaciones Acumulada (cxp) $ 1,227,769 $ 2,978,337 $ 4,554,639
Prima legal 8.33% $ 2,455,537 $ 3,501,137 $ 3,152,604
Prima legal Acumulado (cxp) $ 2,455,537 $ 5,956,674 $ 9,109,278
Cesantias 8.33% $ 2,455,537 $ 3,501,137 $ 3,152,604
Cesantias Acumuladas (cxp) $ 2,455,537 $ 5,956,674 $ 9,109,278
Intereses de Cesantias 1% $ 24,555 $ 59,567 $ 91,093
Intereses de Cesantias Acumuladas (cxp) $ 24,555 $ 84,122 $ 175,215

Gastos Nomina Carga prestacional Adm FC $ 8,845,826 $ 12,612,496 $ 11,356,939

Gastos Nomina salarios $ 29,466,444 $ 42,013,644 $ 37,831,244
Gastos Nomina Mensual (FC) $ 38,312,270 $ 54,626,140 $ 49,188,183
CXP Laborales (BG) $ 6,163,398 $ 14,975,807 $ 22,948,409
Gastos Nomina - MES $ 44,475,668 $ 63,438,549 $ 57,160,785
Gastos Nomina - (ER) $ 44,475,668 $ 107,914,218 $ 165,075,003

CXP Laborales (BG)

Costos Nomina - MES
Costos Nomina - (ER)
 1.90% 2.00% 2.00%
6.03% 6.96% 7.76%

3 4 5
25 37 49
1 1 1
$ 3,284,480 $ 3,482,534 $ 3,724,919
2 2 2
$ 2,189,653 $ 2,321,690 $ 2,483,279
3 3 3
$ 972,437 $ 1,031,075 $ 1,102,838
4 4 4
$ 972,437 $ 1,031,075 $ 1,102,838

$ 3,284,480 $ 3,482,534 $ 3,724,919

$ 4,379,307 $ 4,643,379 $ 4,966,558
$ 2,917,311 $ 3,093,225 $ 3,308,514
$ 3,889,748 $ 4,124,300 $ 4,411,352

$ 14,470,847 $ 15,343,439 $ 16,411,342

4 5 6 7 8 9
$ 8,552,844 $ 8,552,844 $ 8,552,844 $ 8,552,844 $ 8,552,844 $ 8,552,844
$ 41,825,600 $ 50,190,400 $ 33,460,800 $ 29,278,400 $ 20,913,600 $ 50,190,400

$ 50,378,444 $ 58,743,244 $ 42,013,644 $ 37,831,244 $ 29,466,444 $ 58,743,244

$ 4,534,060 $ 5,286,892 $ 3,781,228 $ 3,404,812 $ 2,651,980 $ 5,286,892

$ 261,968 $ 305,465 $ 218,471 $ 196,722 $ 153,226 $ 305,465
$ 6,045,413 $ 7,049,189 $ 5,041,637 $ 4,539,749 $ 3,535,973 $ 7,049,189
$ 4,282,168 $ 4,993,176 $ 3,571,160 $ 3,215,656 $ 2,504,648 $ 4,993,176
$ 2,099,102 $ 2,447,635 $ 1,750,569 $ 1,576,302 $ 1,227,769 $ 2,447,635
$ 6,653,741 $ 9,101,376 $ 10,851,944 $ 12,428,246 $ 13,656,015 $ 16,103,650
$ 4,198,204 $ 4,895,270 $ 3,501,137 $ 3,152,604 $ 2,455,537 $ 4,895,270
$ 13,307,481 $ 18,202,752 $ - $ 3,152,604 $ 5,608,141 $ 10,503,411
$ 4,198,204 $ 4,895,270 $ 3,501,137 $ 3,152,604 $ 2,455,537 $ 4,895,270
$ 13,307,481 $ 18,202,752 $ 21,703,889 $ 24,856,492 $ 27,312,029 $ 32,207,300
$ 133,075 $ 182,028 $ 217,039 $ 248,565 $ 273,120 $ 322,073
$ 308,290 $ 490,317 $ 707,356 $ 955,921 $ 1,229,041 $ 1,551,114

$ 15,123,609 $ 17,634,722 $ 34,316,385 $ 11,356,939 $ 8,845,826 $ 17,634,722

$ 50,378,444 $ 58,743,244 $ 42,013,644 $ 37,831,244 $ 29,466,444 $ 58,743,244
$ 65,502,053 $ 76,377,966 $ 76,330,029 $ 49,188,183 $ 38,312,270 $ 76,377,966
$ 33,576,993 $ 45,997,196 $ 33,263,189 $ 41,393,263 $ 47,805,226 $ 60,365,475
$ 76,130,637 $ 88,798,169 $ 63,596,021 $ 57,318,258 $ 44,724,233 $ 88,938,215
$ 241,205,640 $ 330,003,809 $ 393,599,830 $ 450,918,088 $ 495,642,321 $ 584,580,536
 10 11 12 13 14 15
$ 8,552,844 $ 8,552,844 $ 8,552,844 $ 11,918,147 $ 11,918,147 $ 11,918,147
$ 33,460,800 $ 29,278,400 $ 46,008,000 $ 34,310,235 $ 54,896,048 $ 48,034,657

$ 42,013,644 $ 37,831,244 $ 54,560,844 $ 46,228,382 $ 66,814,195 $ 59,952,804

$ 3,781,228 $ 3,404,812 $ 4,910,476 $ 4,160,554 $ 6,013,278 $ 5,395,752

$ 218,471 $ 196,722 $ 283,716 $ 240,388 $ 347,434 $ 311,755
$ 5,041,637 $ 4,539,749 $ 6,547,301 $ 5,547,406 $ 8,017,703 $ 7,194,336
$ 3,571,160 $ 3,215,656 $ 4,637,672 $ 3,929,412 $ 5,679,207 $ 5,095,988
$ 1,750,569 $ 1,576,302 $ 2,273,369 $ 1,926,183 $ 2,783,925 $ 2,498,033
$ 17,854,218 $ 19,430,520 $ - $ 1,926,183 $ 4,710,107 $ 7,208,141
$ 3,501,137 $ 3,152,604 $ 4,546,737 $ 3,852,365 $ 5,567,850 $ 4,996,067
$ 14,004,548 $ 17,157,152 $ - $ 3,852,365 $ 9,420,215 $ 14,416,282
$ 3,501,137 $ 3,152,604 $ 4,546,737 $ 3,852,365 $ 5,567,850 $ 4,996,067
$ 35,708,437 $ 38,861,040 $ 43,407,777 $ 47,260,143 $ 9,420,215 $ 14,416,282
$ 357,084 $ 388,610 $ 434,078 $ 472,601 $ 94,202 $ 144,163
$ 1,908,199 $ 2,296,809 $ 2,730,887 $ 38,524 $ 132,726 $ 276,889

$ 12,612,496 $ 11,356,939 $ 59,786,943 $ 16,608,647 $ 63,465,399 $ 17,997,832

$ 42,013,644 $ 37,831,244 $ 54,560,844 $ 46,228,382 $ 66,814,195 $ 59,952,804
$ 54,626,140 $ 49,188,183 $ 114,347,787 $ 62,837,029 $ 130,279,594 $ 77,950,636
$ 69,475,402 $ 77,745,521 $ 46,138,664 $ 53,077,214 $ 23,683,263 $ 36,317,593
$ 63,736,067 $ 57,458,303 $ 82,740,930 $ 70,209,657 $ 100,885,643 $ 90,584,966
$ 648,316,603 $ 705,774,906 $ 788,515,835 $ 70,209,657 $ 171,095,299 $ 261,680,265
 16 17 18 19 20
$ 11,918,147 $ 11,918,147 $ 11,918,147 $ 11,918,147 $ 11,918,147
$ 68,620,470 $ 82,344,892 $ 54,896,048 $ 48,034,657 $ 34,310,235

$ 80,538,617 $ 94,263,039 $ 66,814,195 $ 59,952,804 $ 46,228,382

$ 7,248,476 $ 8,483,674 $ 6,013,278 $ 5,395,752 $ 4,160,554

$ 418,801 $ 490,168 $ 347,434 $ 311,755 $ 240,388
$ 9,664,634 $ 11,311,565 $ 8,017,703 $ 7,194,336 $ 5,547,406
$ 6,845,782 $ 8,012,358 $ 5,679,207 $ 5,095,988 $ 3,929,412
$ 3,355,776 $ 3,927,627 $ 2,783,925 $ 2,498,033 $ 1,926,183
$ 10,563,917 $ 14,491,543 $ 17,275,468 $ 19,773,502 $ 21,699,684
$ 6,711,551 $ 7,855,253 $ 5,567,850 $ 4,996,067 $ 3,852,365
$ 21,127,833 $ 28,983,086 $ - $ 4,996,067 $ 8,848,432
$ 6,711,551 $ 7,855,253 $ 5,567,850 $ 4,996,067 $ 3,852,365
$ 21,127,833 $ 28,983,086 $ 34,550,936 $ 39,547,003 $ 43,399,368
$ 211,278 $ 289,831 $ 345,509 $ 395,470 $ 433,994
$ 488,167 $ 777,998 $ 1,123,507 $ 1,518,977 $ 1,952,971

$ 24,177,693 $ 28,297,764 $ 71,884,025 $ 19,121,339 $ 48,428,696

$ 80,538,617 $ 94,263,039 $ 66,814,195 $ 59,952,804 $ 46,228,382
$ 104,716,310 $ 122,560,803 $ 138,698,221 $ 79,074,143 $ 94,657,078
$ 53,307,750 $ 73,235,714 $ 52,949,911 $ 65,835,549 $ 75,900,455
$ 121,706,467 $ 142,488,767 $ 101,136,950 $ 90,836,273 $ 70,171,049
$ 383,386,732 $ 525,875,499 $ 627,012,449 $ 717,848,723 $ 788,019,771
 21 22 23 24 25
$ 11,918,147 $ 11,918,147 $ 11,918,147 $ 11,918,147 $ 14,470,847
$ 82,344,892 $ 54,896,048 $ 48,034,657 $ 75,481,861 $ 52,243,224

$ 94,263,039 $ 66,814,195 $ 59,952,804 $ 87,400,008 $ 66,714,071

$ 8,483,674 $ 6,013,278 $ 5,395,752 $ 7,866,001 $ 6,004,266

$ 490,168 $ 347,434 $ 311,755 $ 454,480 $ 346,913
$ 11,311,565 $ 8,017,703 $ 7,194,336 $ 10,488,001 $ 8,005,689
$ 8,012,358 $ 5,679,207 $ 5,095,988 $ 7,429,001 $ 5,670,696
$ 3,927,627 $ 2,783,925 $ 2,498,033 $ 3,641,667 $ 2,779,753
$ 25,627,311 $ 28,411,236 $ 30,909,269 $ - $ 2,779,753
$ 7,855,253 $ 5,567,850 $ 4,996,067 $ 7,283,334 $ 5,559,506
$ 16,703,685 $ 22,271,535 $ 27,267,602 $ - $ 5,559,506
$ 7,855,253 $ 5,567,850 $ 4,996,067 $ 7,283,334 $ 5,559,506
$ 51,254,621 $ 56,822,471 $ 61,818,538 $ 69,101,872 $ 74,661,378
$ 512,546 $ 568,225 $ 618,185 $ 691,019 $ 746,614
$ 2,465,517 $ 3,033,742 $ 3,651,927 $ 4,342,946 $ 55,595

$ 28,297,764 $ 20,057,621 $ 17,997,832 $ 95,339,355 $ 24,370,510

$ 94,263,039 $ 66,814,195 $ 59,952,804 $ 87,400,008 $ 66,714,071
$ 122,560,803 $ 86,871,817 $ 77,950,636 $ 182,739,363 $ 91,084,581
$ 96,051,135 $ 110,538,983 $ 123,647,336 $ 73,444,818 $ 83,056,232
$ 142,711,483 $ 101,359,665 $ 91,058,989 $ 132,536,845 $ 101,387,014
$ 930,731,254 $ 1,032,090,919 $ 1,123,149,908 $ 1,255,686,752 $ 101,387,014
 26 27 28 29 30
$ 14,470,847 $ 14,470,847 $ 14,470,847 $ 14,470,847 $ 14,470,847
$ 83,587,127 $ 73,139,159 $ 104,484,755 $ 125,380,690 $ 83,587,127

$ 98,057,974 $ 87,610,006 $ 118,955,602 $ 139,851,537 $ 98,057,974

$ 8,825,218 $ 7,884,901 $ 10,706,004 $ 12,586,638 $ 8,825,218

$ 509,901 $ 455,572 $ 618,569 $ 727,228 $ 509,901
$ 11,766,957 $ 10,513,201 $ 14,274,672 $ 16,782,184 $ 11,766,957
$ 8,334,928 $ 7,446,851 $ 10,111,226 $ 11,887,381 $ 8,334,928
$ 4,085,749 $ 3,650,417 $ 4,956,483 $ 5,827,147 $ 4,085,749
$ 6,865,502 $ 10,515,919 $ 15,472,402 $ 21,299,550 $ 25,385,298
$ 8,171,498 $ 7,300,834 $ 9,912,967 $ 11,654,295 $ 8,171,498
$ 13,731,004 $ 21,031,838 $ 30,944,804 $ 42,599,099 $ -
$ 8,171,498 $ 7,300,834 $ 9,912,967 $ 11,654,295 $ 8,171,498
$ 13,731,004 $ 21,031,838 $ 30,944,804 $ 42,599,099 $ 50,770,597
$ 137,310 $ 210,318 $ 309,448 $ 425,991 $ 507,706
$ 192,905 $ 403,223 $ 712,672 $ 1,138,663 $ 1,646,368

$ 98,538,876 $ 26,300,524 $ 35,710,472 $ 41,983,431 $ 105,592,899

$ 98,057,974 $ 87,610,006 $ 118,955,602 $ 139,851,537 $ 98,057,974
$ 196,596,849 $ 113,910,530 $ 154,666,074 $ 181,834,968 $ 203,650,873
$ 34,520,414 $ 52,982,817 $ 78,074,683 $ 107,636,410 $ 77,802,264
$ 148,061,032 $ 132,372,933 $ 179,757,939 $ 211,396,696 $ 148,431,428
$ 249,448,046 $ 381,820,979 $ 561,578,917 $ 772,975,614 $ 921,407,041
 31 32 33 34 35
$ 14,470,847 $ 14,470,847 $ 14,470,847 $ 14,470,847 $ 14,470,847
$ 73,139,159 $ 52,243,224 $ 125,380,690 $ 83,587,127 $ 73,139,159

$ 87,610,006 $ 66,714,071 $ 139,851,537 $ 98,057,974 $ 87,610,006

$ 7,884,901 $ 6,004,266 $ 12,586,638 $ 8,825,218 $ 7,884,901

$ 455,572 $ 346,913 $ 727,228 $ 509,901 $ 455,572
$ 10,513,201 $ 8,005,689 $ 16,782,184 $ 11,766,957 $ 10,513,201
$ 7,446,851 $ 5,670,696 $ 11,887,381 $ 8,334,928 $ 7,446,851
$ 3,650,417 $ 2,779,753 $ 5,827,147 $ 4,085,749 $ 3,650,417
$ 29,035,715 $ 31,815,468 $ 37,642,616 $ 41,728,365 $ 45,378,782
$ 7,300,834 $ 5,559,506 $ 11,654,295 $ 8,171,498 $ 7,300,834
$ 7,300,834 $ 12,860,340 $ 24,514,635 $ 32,686,132 $ 39,986,966
$ 7,300,834 $ 5,559,506 $ 11,654,295 $ 8,171,498 $ 7,300,834
$ 58,071,431 $ 63,630,937 $ 75,285,231 $ 83,456,729 $ 90,757,563
$ 580,714 $ 636,309 $ 752,852 $ 834,567 $ 907,576
$ 2,227,083 $ 2,863,392 $ 3,616,244 $ 4,450,812 $ 5,358,387

$ 27,946,892 $ 70,798,161 $ 41,983,431 $ 29,437,004 $ 26,300,524

$ 87,610,006 $ 66,714,071 $ 139,851,537 $ 98,057,974 $ 87,610,006
$ 115,556,898 $ 137,512,232 $ 181,834,968 $ 127,494,977 $ 113,910,530
$ 96,635,063 $ 111,170,137 $ 141,058,726 $ 162,322,038 $ 181,481,698
$ 132,743,329 $ 101,276,710 $ 211,723,557 $ 148,758,289 $ 133,070,190
$ 1,054,150,370 $ 1,155,427,080 $ 1,367,150,637 $ 1,515,908,926 $ 1,648,979,116
 36 37 38 39 40
$ 14,470,847 $ 15,343,439 $ 15,343,439 $ 15,343,439 $ 15,343,439
$ 114,932,723 $ 76,311,474 $ 122,097,300 $ 106,835,358 $ 152,621,184

$ 129,403,569 $ 91,654,913 $ 137,440,739 $ 122,178,797 $ 167,964,623

$ 11,646,321 $ 8,248,942 $ 12,369,666 $ 10,996,092 $ 15,116,816

$ 672,899 $ 476,606 $ 714,692 $ 635,330 $ 873,416
$ 15,528,428 $ 10,998,590 $ 16,492,889 $ 14,661,456 $ 20,155,755
$ 10,999,303 $ 7,790,668 $ 11,682,463 $ 10,385,198 $ 14,276,993
$ 5,391,815 $ 3,818,955 $ 5,726,697 $ 5,090,783 $ 6,998,526
$ - $ 3,818,955 $ 9,545,652 $ 14,636,435 $ 21,634,961
$ 10,783,631 $ 7,637,909 $ 11,453,395 $ 10,181,566 $ 13,997,052
$ - $ 7,637,909 $ 19,091,304 $ 29,272,871 $ 43,269,923
$ 10,783,631 $ 7,637,909 $ 11,453,395 $ 10,181,566 $ 13,997,052
$ 101,541,194 $ 109,179,103 $ 19,091,304 $ 29,272,871 $ 43,269,923
$ 1,015,412 $ 1,091,791 $ 190,913 $ 292,729 $ 432,699
$ 6,373,799 $ 76,379 $ 267,292 $ 560,021 $ 992,720

$ 140,388,145 $ 33,888,604 $ 142,800,904 $ 36,678,075 $ 50,422,980

$ 129,403,569 $ 91,654,913 $ 137,440,739 $ 122,178,797 $ 167,964,623
$ 269,791,715 $ 125,543,517 $ 280,241,642 $ 158,856,871 $ 218,387,602
$ 107,914,993 $ 120,712,346 $ 47,995,553 $ 73,742,197 $ 109,167,526
$ 196,225,010 $ 139,356,282 $ 207,524,849 $ 184,603,516 $ 253,812,931
$ 1,845,204,126 $ 139,356,282 $ 346,881,130 $ 531,484,646 $ 785,297,578
 41 42 43 44 45
$ 15,343,439 $ 15,343,439 $ 15,343,439 $ 15,343,439 $ 15,343,439
$ 183,145,068 $ 122,097,300 $ 106,835,358 $ 76,311,474 $ 183,145,068

$ 198,488,507 $ 137,440,739 $ 122,178,797 $ 91,654,913 $ 198,488,507

$ 17,863,966 $ 12,369,666 $ 10,996,092 $ 8,248,942 $ 17,863,966

$ 1,032,140 $ 714,692 $ 635,330 $ 476,606 $ 1,032,140
$ 23,818,621 $ 16,492,889 $ 14,661,456 $ 10,998,590 $ 23,818,621
$ 16,871,523 $ 11,682,463 $ 10,385,198 $ 7,790,668 $ 16,871,523
$ 8,270,354 $ 5,726,697 $ 5,090,783 $ 3,818,955 $ 8,270,354
$ 29,905,316 $ 35,632,013 $ 40,722,796 $ 44,541,751 $ 52,812,105
$ 16,540,709 $ 11,453,395 $ 10,181,566 $ 7,637,909 $ 16,540,709
$ 59,810,631 $ - $ 10,181,566 $ 17,819,476 $ 34,360,185
$ 16,540,709 $ 11,453,395 $ 10,181,566 $ 7,637,909 $ 16,540,709
$ 59,810,631 $ 71,264,026 $ 81,445,593 $ 89,083,502 $ 105,624,211
$ 598,106 $ 712,640 $ 814,456 $ 890,835 $ 1,056,242
$ 1,590,826 $ 2,303,467 $ 3,117,923 $ 4,008,758 $ 5,065,000

$ 59,586,250 $ 148,155,749 $ 38,981,541 $ 98,778,831 $ 59,586,250

$ 198,488,507 $ 137,440,739 $ 122,178,797 $ 91,654,913 $ 198,488,507
$ 258,074,756 $ 285,596,488 $ 161,160,338 $ 190,433,744 $ 258,074,756
$ 151,117,405 $ 109,199,506 $ 135,467,878 $ 155,453,486 $ 197,861,501
$ 300,024,635 $ 208,046,576 $ 185,125,243 $ 139,155,326 $ 300,482,771
$ 1,085,322,213 $ 1,293,368,788 $ 1,478,494,032 $ 1,617,649,357 $ 1,918,132,128
 46 47 48 49 50
$ 15,343,439 $ 15,343,439 $ 15,343,439 $ 16,411,342 $ 16,411,342
$ 122,097,300 $ 106,835,358 $ 167,883,126 $ 108,708,109 $ 173,933,345

$ 137,440,739 $ 122,178,797 $ 183,226,565 $ 125,119,451 $ 190,344,687

$ 12,369,666 $ 10,996,092 $ 16,490,391 $ 11,260,751 $ 17,131,022

$ 714,692 $ 635,330 $ 952,778 $ 650,621 $ 989,792
$ 16,492,889 $ 14,661,456 $ 21,987,188 $ 15,014,334 $ 22,841,362
$ 11,682,463 $ 10,385,198 $ 15,574,258 $ 10,635,153 $ 16,179,298
$ 5,726,697 $ 5,090,783 $ 7,634,440 $ 5,213,310 $ 7,931,029
$ 58,538,803 $ 63,629,586 $ - $ 5,213,310 $ 13,144,339
$ 11,453,395 $ 10,181,566 $ 15,268,880 $ 10,426,621 $ 15,862,057
$ 45,813,580 $ 55,995,146 $ - $ 10,426,621 $ 26,288,678
$ 11,453,395 $ 10,181,566 $ 15,268,880 $ 10,426,621 $ 15,862,057
$ 117,077,606 $ 127,259,172 $ 142,528,053 $ 152,954,674 $ 26,288,678
$ 1,170,776 $ 1,272,592 $ 1,425,281 $ 1,529,547 $ 262,887
$ 6,235,776 $ 7,508,367 $ 8,933,648 $ 104,266 $ 367,153

$ 41,259,710 $ 36,678,075 $ 197,532,667 $ 46,494,507 $ 199,669,528

$ 137,440,739 $ 122,178,797 $ 183,226,565 $ 125,119,451 $ 190,344,687
$ 178,700,448 $ 158,856,871 $ 380,759,232 $ 171,613,959 $ 390,014,215
$ 227,665,764 $ 254,392,272 $ 151,461,701 $ 168,698,871 $ 66,088,848
$ 208,504,712 $ 185,583,379 $ 277,828,661 $ 190,276,410 $ 287,404,192
$ 2,126,636,840 $ 2,312,220,219 $ 2,590,048,879 $ 190,276,410 $ 477,680,602
 51 52 53 54 55
$ 16,411,342 $ 16,411,342 $ 16,411,342 $ 16,411,342 $ 16,411,342
$ 152,192,834 $ 217,416,218 $ 260,899,092 $ 173,933,345 $ 152,192,834

$ 168,604,176 $ 233,827,560 $ 277,310,434 $ 190,344,687 $ 168,604,176

$ 15,174,376 $ 21,044,480 $ 24,957,939 $ 17,131,022 $ 15,174,376

$ 876,742 $ 1,215,903 $ 1,442,014 $ 989,792 $ 876,742
$ 20,232,501 $ 28,059,307 $ 33,277,252 $ 22,841,362 $ 20,232,501
$ 14,331,355 $ 19,875,343 $ 23,571,387 $ 16,179,298 $ 14,331,355
$ 7,025,174 $ 9,742,815 $ 11,554,601 $ 7,931,029 $ 7,025,174
$ 20,169,513 $ 29,912,328 $ 41,466,930 $ 49,397,958 $ 56,423,132
$ 14,050,348 $ 19,485,630 $ 23,109,203 $ 15,862,057 $ 14,050,348
$ 40,339,026 $ 59,824,656 $ 82,933,859 $ - $ 14,050,348
$ 14,050,348 $ 19,485,630 $ 23,109,203 $ 15,862,057 $ 14,050,348
$ 40,339,026 $ 59,824,656 $ 82,933,859 $ 98,795,916 $ 112,846,264
$ 403,390 $ 598,247 $ 829,339 $ 987,959 $ 1,128,463
$ 770,543 $ 1,368,790 $ 2,198,128 $ 3,186,088 $ 4,314,550

$ 50,614,974 $ 70,195,034 $ 83,248,592 $ 205,335,349 $ 53,801,061

$ 168,604,176 $ 233,827,560 $ 277,310,434 $ 190,344,687 $ 168,604,176
$ 219,219,149 $ 304,022,594 $ 360,559,026 $ 395,680,036 $ 222,405,237
$ 101,618,109 $ 150,930,430 $ 209,532,776 $ 151,379,962 $ 187,634,295
$ 254,748,410 $ 353,334,916 $ 419,161,372 $ 288,129,264 $ 255,473,482
$ 732,429,011 $ 1,085,763,927 $ 1,504,925,299 $ 1,793,054,563 $ 2,048,528,045
 56 57 58 59 60
$ 16,411,342 $ 16,411,342 $ 16,411,342 $ 16,411,342 $ 16,411,342
$ 108,708,109 $ 260,899,092 $ 173,933,345 $ 152,192,834 $ 239,158,581

$ 125,119,451 $ 277,310,434 $ 190,344,687 $ 168,604,176 $ 255,569,923

$ 11,260,751 $ 24,957,939 $ 17,131,022 $ 15,174,376 $ 23,001,293

$ 650,621 $ 1,442,014 $ 989,792 $ 876,742 $ 1,328,964
$ 15,014,334 $ 33,277,252 $ 22,841,362 $ 20,232,501 $ 30,668,391
$ 10,635,153 $ 23,571,387 $ 16,179,298 $ 14,331,355 $ 21,723,443
$ 5,213,310 $ 11,554,601 $ 7,931,029 $ 7,025,174 $ 10,648,747
$ 61,636,443 $ 73,191,044 $ 81,122,073 $ 88,147,247 $ -
$ 10,426,621 $ 23,109,203 $ 15,862,057 $ 14,050,348 $ 21,297,494
$ 24,476,969 $ 47,586,172 $ 63,448,229 $ 77,498,577 $ -
$ 10,426,621 $ 23,109,203 $ 15,862,057 $ 14,050,348 $ 21,297,494
$ 123,272,885 $ 146,382,088 $ 162,244,145 $ 176,294,493 $ 197,591,987
$ 1,232,729 $ 1,463,821 $ 1,622,441 $ 1,762,945 $ 1,975,920
$ 5,547,279 $ 7,011,100 $ 8,633,541 $ 10,396,486 $ 12,372,406

$ 136,356,776 $ 83,248,592 $ 57,141,475 $ 50,614,974 $ 274,314,155

$ 125,119,451 $ 277,310,434 $ 190,344,687 $ 168,604,176 $ 255,569,923
$ 261,476,227 $ 360,559,026 $ 247,486,162 $ 219,219,149 $ 529,884,078
$ 214,933,576 $ 274,170,404 $ 315,447,988 $ 352,336,803 $ 209,964,393
$ 189,979,592 $ 419,795,854 $ 288,763,747 $ 256,107,964 $ 387,511,667
$ 2,238,507,637 $ 2,658,303,491 $ 2,947,067,238 $ 3,203,175,202 $ 3,590,686,869
 Años
Construcciones y edificaciones 20
Meses 0 1 2
CYED $ 50,000,000 $ 50,000,000 $ 50,000,000
Depresiacion periodica $ 208,333 $ 208,333
Depresiacion periodica (ER) $ 208,333 $ 416,667
Depresiacion Acumulada (BG) $ 208,333 $ 416,667

Años
Vehiculo 5
Meses 0 1 2
Vehiculo $ 30,000,000 $ 30,000,000 $ 30,000,000
Depresiacion periodica $ 500,000 $ 500,000
Depresiacion periodica (ER) $ 500,000 $ 1,000,000
Depresiacion Acumulada (BG) $ 500,000 $ 1,000,000

Años
Muebles y enseres 3
Meses 0 1 2
Muebles y enseres $ 15,000,000 $ 15,000,000 $ 15,000,000
Depresiacion periodica $ 416,667 $ 416,667
Depresiacion periodica (ER) $ 416,667 $ 833,333
Depresiacion Acumulada (BG) $ 416,667 $ 833,333

Total Activos Fijos $ 95,000,000 $ 95,000,000 $ 95,000,000

Total Depresiacion periodica Acumulada (ER) $ - $ 1,125,000 $ 2,250,000
Total Depresiacion acumulada (BG) $ - $ 1,125,000 $ 2,250,000

CAPEX $ 95,000,000
OPEX $ 445,655,432
Total inversion $ 540,655,432
Tasas de interes creditos comerciales
Participacion (w) Monto Costo
Capital social 30% $ 162,196,630 18.72%
Financiacion 70% $ 378,458,803 15.22%
100% WACC 16.27%

Monto $ 378,458,803
Tasa EA 15.22%
Tasa MV 1.19%
Plazo 60 meses

Mes 0 1 2
Saldo inicial (BG) $ 378,458,803 $ 378,458,803 $ 372,151,156
Pago intereses (ER) $ 4,494,600.79 $ 4,419,690.78
Abono a capital $ 6,307,647 $ 6,307,647
Cuota (FC) $ 10,802,247.50 $ 10,727,337.49
Saldo Final $ 372,151,156 $ 365,843,509

Flujo de Caja de la financiacion $ 378,458,803 $ (10,802,247.50) $ (10,727,337.49)

Pago de intereses (ER) $ 4,494,600.79 $ 8,914,291.57

BONOS DEL TESORO AMERICANO 3.125%

EMBI 2.05%
INFLACION DE COLOMBIA 3.49%
INFLACION DE ESTADOS UNIDOS 2.11%
TASA LIBRE DE RIESGO 6.56%

BETA APALANCADO DEL SECTOR 2.50 *Se ajusta por que daba muy bajito, pero se omo del exc
TASA DEL MERCADO 11.42%
PRIMA DE RIESGO 12.16%

TASA DE RENTABILIDAD ESPERADA 18.72%

 Meses
240
3 4
$ 50,000,000 $ 50,000,000
$ 208,333 $ 208,333
$ 625,000 $ 833,333
$ 625,000 $ 833,333
5 6
$ 50,000,000 $ 50,000,000
$ 208,333 $ 208,333
$ 1,041,667 $ 1,250,000
$ 1,041,667 $ 1,250,000
7
$ 50,000,000
$ 208,333
$ 1,458,333
$ 1,458,333

Meses
60
3 4
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 1,500,000 $ 2,000,000
$ 1,500,000 $ 2,000,000
5 6
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 2,500,000 $ 3,000,000
$ 2,500,000 $ 3,000,000
7
$ 30,000,000
$ 500,000
$ 3,500,000
$ 3,500,000

Meses
36
3 4
$ 15,000,000 $ 15,000,000
$ 416,667 $ 416,667
$ 1,250,000 $ 1,666,667
$ 1,250,000 $ 1,666,667
5 6
$ 15,000,000 $ 15,000,000
$ 416,667 $ 416,667
$ 2,083,333 $ 2,500,000
$ 2,083,333 $ 2,500,000
7
$ 15,000,000
$ 416,667
$ 2,916,667
$ 2,916,667

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ 3,375,000 $ 4,500,000 $ 5,625,000 $ 6,750,000 $ 7,875,000
$ 3,375,000 $ 4,500,000 $ 5,625,000 $ 6,750,000 $ 7,875,000

e interes creditos comerciales en Colombia

3 4 5 6 7
$ 365,843,509 $ 359,535,862 $ 353,228,216 $ 346,920,569 $ 340,612,922
$ 4,344,780.77 $ 4,269,870.75 $ 4,194,960.74 $ 4,120,050.73 $ 4,045,140.71
 $ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647
$ 10,652,427.48 $ 10,577,517.46 $ 10,502,607.45 $ 10,427,697.44 $ 10,352,787.42
$ 359,535,862 $ 353,228,216 $ 346,920,569 $ 340,612,922 $ 334,305,276

$ (10,652,427.48) $ (10,577,517.46) $ (10,502,607.45) $ (10,427,697.44) $ (10,352,787.42)

$ 13,259,072.34 $ 17,528,943.09 $ 21,723,903.84 $ 25,843,954.56 $ 29,889,095.28

uy bajito, pero se omo del excel

 8 9
$ 50,000,000 $ 50,000,000
$ 208,333 $ 208,333
$ 1,666,667 $ 1,875,000
$ 1,666,667 $ 1,875,000
8 9
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 4,000,000 $ 4,500,000
$ 4,000,000 $ 4,500,000
8 9
$ 15,000,000 $ 15,000,000
$ 416,667 $ 416,667
$ 3,333,333 $ 3,750,000
$ 3,333,333 $ 3,750,000
$ 95,000,000 $ 95,000,000 $
$ 9,000,000 $ 10,125,000 $
$ 9,000,000 $ 10,125,000 $
8 9
$ 334,305,276 $ 327,997,629 $
$ 3,970,230.70 $ 3,895,320.69 $
10 11 12
$ 50,000,000 $ 50,000,000 $ 50,000,000
$ 208,333 $ 208,333 $ 208,333
$ 2,083,333 $ 2,291,667 $ 2,500,000
$ 2,083,333 $ 2,291,667 $ 2,500,000
10 11 12
$ 30,000,000 $ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000 $ 500,000
$ 5,000,000 $ 5,500,000 $ 6,000,000
$ 5,000,000 $ 5,500,000 $ 6,000,000
10 11 12
$ 15,000,000 $ 15,000,000 $ 15,000,000
$ 416,667 $ 416,667 $ 416,667
$ 4,166,667 $ 4,583,333 $ 5,000,000
$ 4,166,667 $ 4,583,333 $ 5,000,000
95,000,000 $ 95,000,000 $ 95,000,000
11,250,000 $ 12,375,000 $ 13,500,000
11,250,000 $ 12,375,000 $ 13,500,000
10 11 12
321,689,982 $ 315,382,335 $ 309,074,689
3,820,410.67 $ 3,745,500.66 $ 3,670,590.65
$ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647
$ 10,277,877.41 $ 10,202,967.40 $ 10,128,057.38 $ 10,053,147.37 $ 9,978,237.36
$ 327,997,629 $ 321,689,982 $ 315,382,335 $ 309,074,689 $ 302,767,042

$ (10,277,877.41) $ (10,202,967.40) $ (10,128,057.38) $ (10,053,147.37) $ (9,978,237.36)

$ 33,859,325.98 $ 37,754,646.66 $ 41,575,057.34 $ 45,320,558.00 $ 48,991,148.65

 13 14 15 16 17
$ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000
$ 208,333 $ 208,333 $ 208,333 $ 208,333 $ 208,333
$ 208,333 $ 416,667 $ 625,000 $ 833,333 $ 1,041,667
$ 2,708,333 $ 2,916,667 $ 3,125,000 $ 3,333,333 $ 3,541,667

13 14
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 500,000 $ 1,000,000
$ 6,500,000 $ 7,000,000
15 16
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 1,500,000 $ 2,000,000
$ 7,500,000 $ 8,000,000
17
$ 30,000,000
$ 500,000
$ 2,500,000
$ 8,500,000

13 14
$ 15,000,000 $ 15,000,000
$ 416,667 $ 416,667
$ 416,667 $ 833,333
$ 5,416,667 $ 5,833,333
15 16
$ 15,000,000 $ 15,000,000
$ 416,667 $ 416,667
$ 1,250,000 $ 1,666,667
$ 6,250,000 $ 6,666,667
17
$ 15,000,000
$ 416,667
$ 2,083,333
$ 7,083,333

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ 1,125,000 $ 2,250,000 $ 3,375,000 $ 4,500,000 $ 5,625,000
$ 14,625,000 $ 15,750,000 $ 16,875,000 $ 18,000,000 $ 19,125,000

13 14 15 16 17
$ 302,767,042 $ 296,459,395 $ 290,151,749 $ 283,844,102 $ 277,536,455
$ 3,595,680.63 $ 3,520,770.62 $ 3,445,860.61 $ 3,370,950.60 $ 3,296,040.58
$ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647
$ 9,903,327.34 $ 9,828,417.33 $ 9,753,507.32 $ 9,678,597.30 $ 9,603,687.29
$ 296,459,395 $ 290,151,749 $ 283,844,102 $ 277,536,455 $ 271,228,808

$ (9,903,327.34) $ (9,828,417.33) $ (9,753,507.32) $ (9,678,597.30) $ (9,603,687.29)

$ 3,595,680.63 $ 7,116,451.26 $ 10,562,311.86 $ 13,933,262.46 $ 17,229,303.04

 18 19 20 21 22
$ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000
$ 208,333 $ 208,333 $ 208,333 $ 208,333 $ 208,333
$ 1,250,000 $ 1,458,333 $ 1,666,667 $ 1,875,000 $ 2,083,333
$ 3,750,000 $ 3,958,333 $ 4,166,667 $ 4,375,000 $ 4,583,333

18 19
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 3,000,000 $ 3,500,000
$ 9,000,000 $ 9,500,000
20 21
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 4,000,000 $ 4,500,000
$ 10,000,000 $ 10,500,000
22
$ 30,000,000
$ 500,000
$ 5,000,000
$ 11,000,000

18 19
$ 15,000,000 $ 15,000,000
$ 416,667 $ 416,667
$ 2,500,000 $ 2,916,667
$ 7,500,000 $ 7,916,667
20 21
$ 15,000,000 $ 15,000,000
$ 416,667 $ 416,667
$ 3,333,333 $ 3,750,000
$ 8,333,333 $ 8,750,000
22
$ 15,000,000
$ 416,667
$ 4,166,667
$ 9,166,667

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ 6,750,000 $ 7,875,000 $ 9,000,000 $ 10,125,000 $ 11,250,000
$ 20,250,000 $ 21,375,000 $ 22,500,000 $ 23,625,000 $ 24,750,000

18 19 20 21 22
$ 271,228,808 $ 264,921,162 $ 258,613,515 $ 252,305,868 $ 245,998,222
$ 3,221,130.57 $ 3,146,220.56 $ 3,071,310.54 $ 2,996,400.53 $ 2,921,490.52
$ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647
$ 9,528,777.28 $ 9,453,867.26 $ 9,378,957.25 $ 9,304,047.24 $ 9,229,137.22
$ 264,921,162 $ 258,613,515 $ 252,305,868 $ 245,998,222 $ 239,690,575

$ (9,528,777.28) $ (9,453,867.26) $ (9,378,957.25) $ (9,304,047.24) $ (9,229,137.22)

$ 20,450,433.61 $ 23,596,654.17 $ 26,667,964.71 $ 29,664,365.24 $ 32,585,855.75

 23 24 25 26 27
$ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000
$ 208,333 $ 208,333 $ 208,333 $ 208,333 $ 208,333
$ 2,291,667 $ 2,500,000 $ 208,333 $ 416,667 $ 625,000
$ 4,791,667 $ 5,000,000 $ 5,208,333 $ 5,416,667 $ 5,625,000

23 24
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 5,500,000 $ 6,000,000
$ 11,500,000 $ 12,000,000
25 26
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 500,000 $ 1,000,000
$ 12,500,000 $ 13,000,000
27
$ 30,000,000
$ 500,000
$ 1,500,000
$ 13,500,000

23 24
$ 15,000,000 $ 15,000,000
$ 416,667 $ 416,667
$ 4,583,333 $ 5,000,000
$ 9,583,333 $ 10,000,000
25 26
$ 15,000,000 $ 15,000,000
$ 416,667 $ 416,667
$ 416,667 $ 833,333
$ 10,416,667 $ 10,833,333
27
$ 15,000,000
$ 416,667
$ 1,250,000
$ 11,250,000

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ 12,375,000 $ 13,500,000 $ 1,125,000 $ 2,250,000 $ 3,375,000
$ 25,875,000 $ 27,000,000 $ 28,125,000 $ 29,250,000 $ 30,375,000

23 24 25 26 27
$ 239,690,575 $ 233,382,928 $ 227,075,282 $ 220,767,635 $ 214,459,988
$ 2,846,580.50 $ 2,771,670.49 $ 2,696,760.48 $ 2,621,850.46 $ 2,546,940.45
$ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647
$ 9,154,227.21 $ 9,079,317.20 $ 9,004,407.19 $ 8,929,497.17 $ 8,854,587.16
$ 233,382,928 $ 227,075,282 $ 220,767,635 $ 214,459,988 $ 208,152,341

$ (9,154,227.21) $ (9,079,317.20) $ (9,004,407.19) $ (8,929,497.17) $ (8,854,587.16)

$ 35,432,436.26 $ 38,204,106.74 $ 2,696,760.48 $ 5,318,610.94 $ 7,865,551.39

 28 29 30 31 32
$ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000
$ 208,333 $ 208,333 $ 208,333 $ 208,333 $ 208,333
$ 833,333 $ 1,041,667 $ 1,250,000 $ 1,458,333 $ 1,666,667
$ 5,833,333 $ 6,041,667 $ 6,250,000 $ 6,458,333 $ 6,666,667

28 29
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 2,000,000 $ 2,500,000
$ 14,000,000 $ 14,500,000
30 31
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 3,000,000 $ 3,500,000
$ 15,000,000 $ 15,500,000
32
$ 30,000,000
$ 500,000
$ 4,000,000
$ 16,000,000

28 29
$ 15,000,000 $ 15,000,000
$ 416,667 $ 416,667
$ 1,666,667 $ 2,083,333
$ 11,666,667 $ 12,083,333
30 31
$ 15,000,000 $ 15,000,000
$ 416,667 $ 416,667
$ 2,500,000 $ 2,916,667
$ 12,500,000 $ 12,916,667
32
$ 15,000,000
$ 416,667
$ 3,333,333
$ 13,333,333

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ 4,500,000 $ 5,625,000 $ 6,750,000 $ 7,875,000 $ 9,000,000
$ 31,500,000 $ 32,625,000 $ 33,750,000 $ 34,875,000 $ 36,000,000

28 29 30 31 32
$ 208,152,341 $ 201,844,695 $ 195,537,048 $ 189,229,401 $ 182,921,755
$ 2,472,030.44 $ 2,397,120.42 $ 2,322,210.41 $ 2,247,300.40 $ 2,172,390.38
$ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647
$ 8,779,677.15 $ 8,704,767.13 $ 8,629,857.12 $ 8,554,947.11 $ 8,480,037.09
$ 201,844,695 $ 195,537,048 $ 189,229,401 $ 182,921,755 $ 176,614,108

$ (8,779,677.15) $ (8,704,767.13) $ (8,629,857.12) $ (8,554,947.11) $ (8,480,037.09)

$ 10,337,581.82 $ 12,734,702.25 $ 15,056,912.66 $ 17,304,213.05 $ 19,476,603.44

 33 34 35 36 37
$ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000
$ 208,333 $ 208,333 $ 208,333 $ 208,333 $ 208,333
$ 1,875,000 $ 2,083,333 $ 2,291,667 $ 2,500,000 $ 208,333
$ 6,875,000 $ 7,083,333 $ 7,291,667 $ 7,500,000 $ 7,708,333

33 34
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 4,500,000 $ 5,000,000
$ 16,500,000 $ 17,000,000
35 36
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 5,500,000 $ 6,000,000
$ 17,500,000 $ 18,000,000
37
$ 30,000,000
$ 500,000
$ 500,000
$ 18,500,000

33 34
$ 15,000,000 $ 15,000,000
$ 416,667 $ 416,667
$ 3,750,000 $ 4,166,667
$ 13,750,000 $ 14,166,667
35 36 37
$ 15,000,000 $ 15,000,000 $ 15,000,000
$ 416,667 $ 416,667 $ -
$ 4,583,333 $ 5,000,000 $ -
$ 14,583,333 $ 15,000,000 $ 15,000,000

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ 10,125,000 $ 11,250,000 $ 12,375,000 $ 13,500,000 $ 708,333
$ 37,125,000 $ 38,250,000 $ 39,375,000 $ 40,500,000 $ 41,208,333

33 34 35 36 37
$ 176,614,108 $ 170,306,461 $ 163,998,814 $ 157,691,168 $ 151,383,521
$ 2,097,480.37 $ 2,022,570.36 $ 1,947,660.34 $ 1,872,750.33 $ 1,797,840.32
$ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647
$ 8,405,127.08 $ 8,330,217.07 $ 8,255,307.05 $ 8,180,397.04 $ 8,105,487.03
$ 170,306,461 $ 163,998,814 $ 157,691,168 $ 151,383,521 $ 145,075,874

$ (8,405,127.08) $ (8,330,217.07) $ (8,255,307.05) $ (8,180,397.04) $ (8,105,487.03)

$ 21,574,083.81 $ 23,596,654.17 $ 25,544,314.51 $ 27,417,064.84 $ 1,797,840.32

 38 39 40 41 42
$ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000
$ 208,333 $ 208,333 $ 208,333 $ 208,333 $ 208,333
$ 416,667 $ 625,000 $ 833,333 $ 1,041,667 $ 1,250,000
$ 7,916,667 $ 8,125,000 $ 8,333,333 $ 8,541,667 $ 8,750,000

38 39
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 1,000,000 $ 1,500,000
$ 19,000,000 $ 19,500,000
40 41
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 2,000,000 $ 2,500,000
$ 20,000,000 $ 20,500,000
42
$ 30,000,000
$ 500,000
$ 3,000,000
$ 21,000,000

38 39 40 41 42
$ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ 1,416,667 $ 2,125,000 $ 2,833,333 $ 3,541,667 $ 4,250,000
$ 41,916,667 $ 42,625,000 $ 43,333,333 $ 44,041,667 $ 44,750,000

38 39 40 41 42
$ 145,075,874 $ 138,768,228 $ 132,460,581 $ 126,152,934 $ 119,845,287
$ 1,722,930.30 $ 1,648,020.29 $ 1,573,110.28 $ 1,498,200.26 $ 1,423,290.25
$ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647
$ 8,030,577.01 $ 7,955,667.00 $ 7,880,756.99 $ 7,805,846.97 $ 7,730,936.96
$ 138,768,228 $ 132,460,581 $ 126,152,934 $ 119,845,287 $ 113,537,641

$ (8,030,577.01) $ (7,955,667.00) $ (7,880,756.99) $ (7,805,846.97) $ (7,730,936.96)

$ 3,520,770.62 $ 5,168,790.91 $ 6,741,901.19 $ 8,240,101.45 $ 9,663,391.71

 43 44 45 46 47
$ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000
$ 208,333 $ 208,333 $ 208,333 $ 208,333 $ 208,333
$ 1,458,333 $ 1,666,667 $ 1,875,000 $ 2,083,333 $ 2,291,667
$ 8,958,333 $ 9,166,667 $ 9,375,000 $ 9,583,333 $ 9,791,667

43 44
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 3,500,000 $ 4,000,000
$ 21,500,000 $ 22,000,000
45 46
$ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000
$ 4,500,000 $ 5,000,000
$ 22,500,000 $ 23,000,000
47
$ 30,000,000
$ 500,000
$ 5,500,000
$ 23,500,000

43 44 45 46 47
$ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ 4,958,333 $ 5,666,667 $ 6,375,000 $ 7,083,333 $ 7,791,667
$ 45,458,333 $ 46,166,667 $ 46,875,000 $ 47,583,333 $ 48,291,667

43 44 45 46 47
$ 113,537,641 $ 107,229,994 $ 100,922,347 $ 94,614,701 $ 88,307,054
$ 1,348,380.24 $ 1,273,470.22 $ 1,198,560.21 $ 1,123,650.20 $ 1,048,740.19
$ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647
$ 7,656,026.95 $ 7,581,116.93 $ 7,506,206.92 $ 7,431,296.91 $ 7,356,386.89
$ 107,229,994 $ 100,922,347 $ 94,614,701 $ 88,307,054 $ 81,999,407

$ (7,656,026.95) $ (7,581,116.93) $ (7,506,206.92) $ (7,431,296.91) $ (7,356,386.89)

$ 11,011,771.94 $ 12,285,242.17 $ 13,483,802.38 $ 14,607,452.58 $ 15,656,192.76

 48 49 50 51 52
$ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000
$ 208,333 $ 208,333 $ 208,333 $ 208,333 $ 208,333
$ 2,500,000 $ 208,333 $ 416,667 $ 625,000 $ 833,333
$ 10,000,000 $ 10,208,333 $ 10,416,667 $ 10,625,000 $ 10,833,333

48 49 50 51 52
$ 30,000,000 $ 30,000,000 $ 30,000,000 $ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000
$ 6,000,000 $ 500,000 $ 1,000,000 $ 1,500,000 $ 2,000,000
$ 24,000,000 $ 24,500,000 $ 25,000,000 $ 25,500,000 $ 26,000,000

48 49 50 51 52
$ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ 8,500,000 $ 708,333 $ 1,416,667 $ 2,125,000 $ 2,833,333
$ 49,000,000 $ 49,708,333 $ 50,416,667 $ 51,125,000 $ 51,833,333

48 49 50 51 52
$ 81,999,407 $ 75,691,761 $ 69,384,114 $ 63,076,467 $ 56,768,820
$ 973,830.17 $ 898,920.16 $ 824,010.15 $ 749,100.13 $ 674,190.12
$ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647
$ 7,281,476.88 $ 7,206,566.87 $ 7,131,656.85 $ 7,056,746.84 $ 6,981,836.83
$ 75,691,761 $ 69,384,114 $ 63,076,467 $ 56,768,820 $ 50,461,174

$ (7,281,476.88) $ (7,206,566.87) $ (7,131,656.85) $ (7,056,746.84) $ (6,981,836.83)

$ 16,630,022.94 $ 898,920.16 $ 1,722,930.30 $ 2,472,030.44 $ 3,146,220.56

 53 54 55 56 57
$ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000
$ 208,333 $ 208,333 $ 208,333 $ 208,333 $ 208,333
$ 1,041,667 $ 1,250,000 $ 1,458,333 $ 1,666,667 $ 1,875,000
$ 11,041,667 $ 11,250,000 $ 11,458,333 $ 11,666,667 $ 11,875,000

53 54 55 56 57
$ 30,000,000 $ 30,000,000 $ 30,000,000 $ 30,000,000 $ 30,000,000
$ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000
$ 2,500,000 $ 3,000,000 $ 3,500,000 $ 4,000,000 $ 4,500,000
$ 26,500,000 $ 27,000,000 $ 27,500,000 $ 28,000,000 $ 28,500,000

53 54 55 56 57
$ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000 $ 15,000,000

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ 3,541,667 $ 4,250,000 $ 4,958,333 $ 5,666,667 $ 6,375,000
$ 52,541,667 $ 53,250,000 $ 53,958,333 $ 54,666,667 $ 55,375,000

53 54 55 56 57
$ 50,461,174 $ 44,153,527 $ 37,845,880 $ 31,538,234 $ 25,230,587
$ 599,280.11 $ 524,370.09 $ 449,460.08 $ 374,550.07 $ 299,640.05
$ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647 $ 6,307,647
$ 6,906,926.81 $ 6,832,016.80 $ 6,757,106.79 $ 6,682,196.78 $ 6,607,286.76
$ 44,153,527 $ 37,845,880 $ 31,538,234 $ 25,230,587 $ 18,922,940

$ (6,906,926.81) $ (6,832,016.80) $ (6,757,106.79) $ (6,682,196.78) $ (6,607,286.76)

$ 3,745,500.66 $ 4,269,870.75 $ 4,719,330.83 $ 5,093,880.90 $ 5,393,520.95

 58 59 60
$ 50,000,000 $ 50,000,000 $ 50,000,000 Valor historico
$ 208,333 $ 208,333 $ 208,333
$ 2,083,333 $ 2,291,667 $ 2,500,000
$ 12,083,333 $ 12,291,667 $ 12,500,000

58 59 60
$ 30,000,000 $ 30,000,000 $ 30,000,000 Valor historico
$ 500,000 $ 500,000 $ 500,000
$ 5,000,000 $ 5,500,000 $ 6,000,000
$ 29,000,000 $ 29,500,000 $ 30,000,000

58 59 60
$ 15,000,000 $ 15,000,000 $ 15,000,000 Valor historico
$ - $ - $ -
$ - $ - $ -
$ 15,000,000 $ 15,000,000 $ 15,000,000

$ 95,000,000 $ 95,000,000 $ 95,000,000

$ 7,083,333 $ 7,791,667 $ 8,500,000
$ 56,083,333 $ 56,791,667 $ 57,500,000

58 59 60
$ 18,922,940 $ 12,615,293 $ 6,307,647
$ 224,730.04 $ 149,820.03 $ 74,910.01
$ 6,307,647 $ 6,307,647 $ 6,307,647
$ 6,532,376.75 $ 6,457,466.74 $ 6,382,556.72
$ 12,615,293 $ 6,307,647 $ (0)

$ (6,532,376.75) $ (6,457,466.74) $ (6,382,556.72)

$ 5,618,250.99 $ 5,768,071.02 $ 5,842,981.03

 Mes 0 1 2
INGRESOS $ - $ 470,556,000 $ 805,152,000
Costos Variables $ 34,312,500 $ 201,948,750 $ 396,045,000
Costos Fijos (CF + CF de nomina) 0 0 0

Margen de contribucion total $ (34,312,500) $ 268,607,250 $ 409,107,000

Gastos variables $ - $ 52,284 $ 83,652

Gastos fijos (GF + GF de nomina) $ - $ 38,312,270 $ 54,626,140

Matgen operativo $ (34,312,500) $ 230,242,696 $ 354,397,208

Inversiones $ 540,655,432

Flujo de caja libre antes de impuestos $ (574,967,932) $ 230,242,696 $ 354,397,208

Impuesto de renta

FCL despues de impuestos $ (574,967,932) $ 230,242,696 $ 354,397,208

Flujo de caja de financiacion $ 378,458,803 $ (10,802,248) $ (10,727,337)

Flujo de caja de accionistas $ 162,196,630

Flujo de caja libre acumulado (BG) $ 411,342,932 $ 630,783,380 $ 974,453,251

$ 630,783,380
$ 32,980,766,070

AÑO 0 1 2
INGRESOS $ - ### $ 17,081,432,867
Costos Variables $ 34,312,500 ### $ 9,516,202,146
Costos Fijos (CF + CF de nomina) $ - $ - $ -

Margen de contribucion total $ (34,312,500) ### $ 7,565,230,721

Gastos variables $ - $ 1,045,648 $ 3,431,024

Gastos fijos (GF + GF de nomina) $ - $ 742,377,171 $ 1,280,896,432

Matgen operativo $ (34,312,500) ### $ 6,280,903,265

Inversiones $ 540,655,432 $ - $ -

Flujo de caja libre antes de impuestos $ (574,967,932) ### $ 6,280,903,265

Impuesto de renta $ - $ - $ 1,130,393,378

FCL despues de impuestos $ (574,967,932) ### $ 5,150,509,887

Flujo de caja de financiacion $ 378,458,803 $ (124,682,909) $ (113,895,867)

Flujo de caja de accionistas $ 162,196,630 $ - $ (534,110,871)

Flujo de caja libre acumulado (BG) $ 411,342,932 ### $ 76,544,010,009

 3 4 5 6 7 8
$ 742,416,000 $ 1,014,272,000 $ 1,233,848,000 $ 878,344,000 $ 742,416,000 $ 543,752,000
$ 454,860,000 $ 534,262,500 $ 633,262,500 $ 553,860,000 $ 420,547,500 $ 387,225,000
0 0 0 0 0 0

$ 287,556,000 $ 480,009,500 $ 600,585,500 $ 324,484,000 $ 321,868,500 $ 156,527,000

$ 73,196 $ 104,564 $ 125,476 $ 83,652 $ 73,196 $ 52,284

$ 49,188,183 $ 65,502,053 $ 76,377,966 $ 76,330,029 $ 49,188,183 $ 38,312,270

$ 238,294,621 $ 414,402,883 $ 524,082,058 $ 248,070,319 $ 272,607,121 $ 118,162,446

$ 238,294,621 $ 414,402,883 $ 524,082,058 $ 248,070,319 $ 272,607,121 $ 118,162,446

$ 238,294,621 $ 414,402,883 $ 524,082,058 $ 248,070,319 $ 272,607,121 $ 118,162,446

$ (10,652,427) $ (10,577,517) $ (10,502,607) $ (10,427,697) $ (10,352,787) $ (10,277,877)

$ 1,202,095,444 $ 1,605,920,810 $ 2,119,500,260 ### ### ###

3 4 5
$ 26,022,476,991 $ 38,023,008,139 $ 54,176,004,779
$ 14,512,239,984 $ 21,216,733,154 $ 30,003,227,260
$ - $ - $ -

$ 11,510,237,006 $ 16,806,274,985 $ 24,172,777,519

$ 7,836,331 $ 15,262,154 $ 27,177,097

$ 1,887,845,196 $ 2,654,686,266 $ 3,682,138,858

$ 9,614,555,479 $ 14,136,326,565 $ 20,463,461,564

$ - $ - $ -

$ 9,614,555,479 $ 14,136,326,565 $ 20,463,461,564

$ 2,869,513,914 $ - $ 9,861,689,155

$ 6,745,041,565 $ 14,136,326,565 $ 10,601,772,409

$ (103,108,825) $ (92,321,783) $ (81,534,742)

$ (1,208,767,767) $ (2,151,370,703) $ (3,598,086,003)

$ 131,705,152,732 $ 245,828,262,989 $ 330,203,906,538

 9 10 11 12 13 14
### $ 878,344,000 $ 742,416,000 ### $ 887,000,288 ###
$ 520,537,500 $ 553,860,000 $ 461,722,500 $ 536,253,750 $ 577,960,514 $ 649,757,147
0 0 0 0 0 0

$ 661,030,500 $ 324,484,000 $ 280,693,500 $ 572,122,250 $ 309,039,775 $ 671,179,525

$ 125,476 $ 83,652 $ 73,196 $ 115,020 $ 171,551 $ 274,480

$ 76,377,966 $ 54,626,140 $ 49,188,183 $ 114,347,787 $ 62,837,029 $ 130,279,594

$ 584,527,058 $ 269,774,208 $ 231,432,121 $ 457,659,443 $ 246,031,194 $ 540,625,451

$ 584,527,058 $ 269,774,208 $ 231,432,121 $ 457,659,443 $ 246,031,194 $ 540,625,451

$ 584,527,058 $ 269,774,208 $ 231,432,121 $ 457,659,443 $ 246,031,194 $ 540,625,451

$ (10,202,967) $ (10,128,057) $ (10,053,147) $ (9,978,237) $ (9,903,327) $ (9,828,417)

### ### ### ### ### ###

 15 16 17 18 19 20
### ### ### ### ### $ 892,066,931
$ 746,245,460 $ 876,521,976 ### $ 908,684,747 $ 689,954,847 $ 635,278,136
0 0 0 0 0 0

$ 471,774,442 $ 787,525,244 $ 985,349,983 $ 532,338,567 $ 528,065,055 $ 256,788,795

$ 240,173 $ 343,102 $ 411,724 $ 274,480 $ 240,173 $ 171,551

$ 77,950,636 $ 104,716,310 $ 122,560,803 $ 138,698,221 $ 79,074,143 $ 94,657,078

$ 393,583,633 $ 682,465,831 $ 862,377,455 $ 393,365,866 $ 448,750,739 $ 161,960,166

$ 393,583,633 $ 682,465,831 $ 862,377,455 $ 393,365,866 $ 448,750,739 $ 161,960,166

1130393377.83

$ 393,583,633 $ (447,927,547) $ 862,377,455 $ 393,365,866 $ 448,750,739 $ 161,960,166

$ (9,753,507) $ (9,678,597) $ (9,603,687) $ (9,528,777) $ (9,453,867) $ (9,378,957)

$ (178,036,957)

### ### ### ### ### $ 6,573,913,066

 21 22 23 24 25
$ 1,938,535,658 $ 1,441,023,314 $ 1,218,019,902 $ 1,818,428,521 $ 1,364,177,204
$ 854,008,036 $ 908,684,747 $ 757,508,194 $ 872,637,082 $ 908,620,710
0 0 0 0 0

$ 1,084,527,622 $ 532,338,567 $ 460,511,708 $ 945,791,439 $ 455,556,494

$ 411,724 $ 274,480 $ 240,173 $ 377,409 $ 391,824

$ 122,560,803 $ 86,871,817 $ 77,950,636 $ 182,739,363 $ 91,084,581

$ 961,555,094 $ 445,192,270 $ 382,320,899 $ 762,674,667 $ 364,080,089

$ 961,555,094 $ 445,192,270 $ 382,320,899 $ 762,674,667 $ 364,080,089

$ 961,555,094 $ 445,192,270 $ 382,320,899 $ 762,674,667 $ 364,080,089

$ (9,304,047) $ (9,229,137) $ (9,154,227) $ (9,079,317) $ (9,004,407)

$ (178,036,957) $ (178,036,957)

$ 7,348,127,156 $ 7,784,090,288 $ 8,157,256,960 $ 8,732,815,353 $ 9,087,891,035

 26 27 28 29 30
$ 2,011,318,414 $ 1,854,598,902 $ 2,533,754,893 $ 3,082,277,418 $ 2,194,162,078
$ 989,341,138 $ 1,136,277,589 $ 1,334,622,148 $ 1,581,945,524 $ 1,383,600,965
0 0 0 0 0

$ 1,021,977,276 $ 718,321,314 $ 1,199,132,745 $ 1,500,331,893 $ 810,561,113

$ 626,903 $ 548,544 $ 783,636 $ 940,355 $ 626,903

$ 196,596,849 $ 113,910,530 $ 154,666,074 $ 181,834,968 $ 203,650,873

$ 824,753,523 $ 603,862,240 $ 1,043,683,035 $ 1,317,556,570 $ 606,283,337

$ 824,753,523 $ 603,862,240 $ 1,043,683,035 $ 1,317,556,570 $ 606,283,337

2869513914.0377

$ 824,753,523 $ 603,862,240 $ (1,825,830,879) $ 1,317,556,570 $ 606,283,337

$ (8,929,497) $ (8,854,587) $ (8,779,677) $ (8,704,767) $ (8,629,857)

$ (178,036,957) $ (343,576,937)

$ 9,903,715,060 $ 10,320,685,756 $ 8,486,075,200 $ 9,794,927,003 $ 10,049,003,546

 31 32 33 34 35
$ 1,854,598,902 $ 1,358,320,449 $ 2,951,673,590 $ 2,194,162,078 $ 1,854,598,902
$ 1,050,561,682 $ 967,298,884 $ 1,300,338,167 $ 1,383,600,965 $ 1,153,413,625
0 0 0 0 0

$ 804,037,220 $ 391,021,564 $ 1,651,335,423 $ 810,561,113 $ 701,185,277

$ 548,544 $ 391,824 $ 940,355 $ 626,903 $ 548,544

$ 115,556,898 $ 137,512,232 $ 181,834,968 $ 127,494,977 $ 113,910,530

$ 687,931,778 $ 253,117,508 $ 1,468,560,100 $ 682,439,233 $ 586,726,204

$ 687,931,778 $ 253,117,508 $ 1,468,560,100 $ 682,439,233 $ 586,726,204

$ 687,931,778 $ 253,117,508 $ 1,468,560,100 $ 682,439,233 $ 586,726,204

$ (8,554,947) $ (8,480,037) $ (8,405,127) $ (8,330,217) $ (8,255,307)

$ (343,576,937)

$ 10,728,380,377 $ 10,973,017,848 $ 12,089,595,884 $ 12,763,704,900 $ 13,342,175,796

 36 37 38 39 40
$ 2,768,834,160 $ 2,004,339,966 $ 2,937,967,930 $ 2,709,038,800 $ 3,701,065,032
$ 1,322,618,587 $ 1,351,475,811 $ 1,445,145,723 $ 1,659,754,383 $ 1,949,495,293
0 0 0 0 0

$ 1,446,215,573 $ 652,864,154 $ 1,492,822,207 $ 1,049,284,417 $ 1,751,569,738

$ 861,995 $ 763,115 $ 1,220,973 $ 1,068,354 $ 1,526,212

$ 269,791,715 $ 125,543,517 $ 280,241,642 $ 158,856,871 $ 218,387,602

$ 1,175,561,863 $ 526,557,523 $ 1,211,359,592 $ 889,359,192 $ 1,531,655,924

$ 1,175,561,863 $ 526,557,523 $ 1,211,359,592 $ 889,359,192 $ 1,531,655,924

$ 1,175,561,863 $ 526,557,523 $ 1,211,359,592 $ 889,359,192 $ 1,531,655,924

$ (8,180,397) $ (8,105,487) $ (8,030,577) $ (7,955,667) $ (7,880,757)

$ (343,576,937) $ (343,576,937)

$ 14,165,980,325 $ 14,684,432,361 $ 15,887,761,376 $ 16,425,587,965 $ 17,949,363,132

 41 42 43 44 45
$ 4,502,316,988 $ 3,205,051,916 $ 2,709,038,800 $ 1,984,096,553 $ 4,311,542,713
$ 2,310,784,824 $ 2,021,043,913 $ 1,534,562,898 $ 1,412,942,644 $ 1,899,423,659
0 0 0 0 0

$ 2,191,532,164 $ 1,184,008,002 $ 1,174,475,902 $ 571,153,909 $ 2,412,119,053

$ 1,831,451 $ 1,220,973 $ 1,068,354 $ 763,115 $ 1,831,451

$ 258,074,756 $ 285,596,488 $ 161,160,338 $ 190,433,744 $ 258,074,756

$ 1,931,625,957 $ 897,190,541 $ 1,012,247,210 $ 379,957,051 $ 2,152,212,846

$ 1,931,625,957 $ 897,190,541 $ 1,012,247,210 $ 379,957,051 $ 2,152,212,846

$ 1,931,625,957 $ 897,190,541 $ 1,012,247,210 $ 379,957,051 $ 2,152,212,846

$ (7,805,847) $ (7,730,937) $ (7,656,027) $ (7,581,117) $ (7,506,207)

$ (602,597,922) $ (602,597,922)

$ 19,873,183,242 $ 20,160,044,924 $ 21,164,636,108 $ 21,537,012,042 $ 23,079,120,759

 46 47 48 49 50
$ 3,205,051,916 $ 2,709,038,800 $ 4,044,458,727 $ 2,865,640,271 $ 4,185,270,533
$ 2,021,043,913 $ 1,684,802,600 $ 1,926,257,492 $ 1,946,280,194 $ 2,058,658,776
0 0 0 0 0

$ 1,184,008,002 $ 1,024,236,200 $ 2,118,201,235 $ 919,360,078 $ 2,126,611,757

$ 1,220,973 $ 1,068,354 $ 1,678,831 $ 1,358,851 $ 2,174,167

$ 178,700,448 $ 158,856,871 $ 380,759,232 $ 171,613,959 $ 390,014,215

$ 1,004,086,581 $ 864,310,975 $ 1,735,763,172 $ 746,387,268 $ 1,734,423,375

$ 1,004,086,581 $ 864,310,975 $ 1,735,763,172 $ 746,387,268 $ 1,734,423,375

$ 1,004,086,581 $ 864,310,975 $ 1,735,763,172 $ 746,387,268 $ 1,734,423,375

$ (7,431,297) $ (7,356,387) $ (7,281,477) $ (7,206,567) $ (7,131,657)

$ (602,597,922)

$ 24,075,776,043 $ 24,932,730,632 $ 26,058,614,405 $ 26,797,795,106 $ 28,525,086,824

 51 52 53 54 55
$ 3,859,172,120 $ 5,272,346,997 $ 6,413,770,112 $ 4,565,747,990 $ 3,859,172,120
$ 2,364,410,745 $ 2,777,160,286 $ 3,291,818,472 $ 2,879,068,932 $ 2,186,064,107
0 0 0 0 0

$ 1,494,761,375 $ 2,495,186,711 $ 3,121,951,639 $ 1,686,679,058 $ 1,673,108,013

$ 1,902,410 $ 2,717,703 $ 3,261,239 $ 2,174,167 $ 1,902,410

$ 219,219,149 $ 304,022,594 $ 360,559,026 $ 395,680,036 $ 222,405,237

$ 1,273,639,815 $ 2,188,446,415 $ 2,758,131,375 $ 1,288,824,854 $ 1,448,800,366

$ 1,273,639,815 $ 2,188,446,415 $ 2,758,131,375 $ 1,288,824,854 $ 1,448,800,366

9861689155.01766

$ 1,273,639,815 $ (7,673,242,740) $ 2,758,131,375 $ 1,288,824,854 $ 1,448,800,366

$ (7,056,747) $ (6,981,837) $ (6,906,927) $ (6,832,017) $ (6,757,107)

$ (602,597,922) $ (998,496,027)

$ 29,189,071,970 $ 21,508,847,393 $ 24,260,071,840 $ 24,543,568,651 $ 25,985,611,910

 56 57 58 59 60
$ 2,826,414,541 $ 6,141,999,839 $ 4,565,747,990 $ 3,859,172,120 $ 5,761,550,148
$ 2,012,806,393 $ 2,705,811,218 $ 2,879,068,932 $ 2,400,085,279 $ 2,501,993,926
0 0 0 0 0

$ 813,608,148 $ 3,436,188,621 $ 1,686,679,058 $ 1,459,086,841 $ 3,259,556,222

$ 1,358,851 $ 3,261,239 $ 2,174,167 $ 1,902,410 $ 2,989,482

$ 261,476,227 $ 360,559,026 $ 247,486,162 $ 219,219,149 $ 529,884,078

$ 550,773,069 $ 3,072,368,356 $ 1,437,018,729 $ 1,237,965,281 $ 2,726,682,662

$ 550,773,069 $ 3,072,368,356 $ 1,437,018,729 $ 1,237,965,281 $ 2,726,682,662

$ 550,773,069 $ 3,072,368,356 $ 1,437,018,729 $ 1,237,965,281 $ 2,726,682,662

$ (6,682,197) $ (6,607,287) $ (6,532,377) $ (6,457,467) $ (6,382,557)

$ (998,496,027) $ (998,496,027)

$ 26,529,702,783 $ 28,596,967,825 $ 30,027,454,177 $ 31,258,961,991 $ 32,980,766,070

 Mes 0 1 2
INGRESOS (+) $ - $ 522,840,000 $ 1,359,360,000
TOTAL COSTOS (-) $ - $ 294,097,500 $ 764,640,000
Utilidad bruta $ - $ 228,742,500 $ 594,720,000
TOTAL GASTOS (-) $ - $ 45,652,952 $ 110,300,154
UTILIDAD OPERATIVA $ - $ 183,089,548 $ 484,419,846
Otros ingresos (+)
Otros egresos (-) $ - $ 4,494,601 $ 4,419,691
Utilidad antes de impuestos $ - $ 178,594,947 $ 480,000,156
IMPUESTO DE RENTA $ 35,718,989 $ 105,600,034

Utilidad despues de impuesto $ 142,875,957 $ 374,400,121

OPEX $ 557,069,290

Proyecto de distribucion de utilidades

Años 0 1 2
UTILIDADES O PERDIDAS DEL EJERCICIO $ 2,637,584,548 $ 4,362,881,737
PROVISION DE RESERVAS LEGALES 10% 10% $ 263,758,455 $ 436,288,174
UTILIDADES DISPONIBLES PARA LOS ACCIONISTAS $ 2,373,826,093 $ 3,926,593,563
PAGO DE DIVIDENDOS $ 712,147,828 $ 1,374,307,747
RETENCION DE UTILIDADES $ 1,661,678,265 $ 2,552,285,816

AÑO 0 1 2
INGRESOS (+) $ - $ 10,456,480,000 $ 17,155,117,520
TOTAL COSTOS (-) $ - $ 5,881,770,000 $ 9,647,039,878
Utilidad bruta $ - $ 4,574,710,000 $ 7,508,077,642
TOTAL GASTOS (-) $ - $ 803,061,483 $ 1,272,617,776
UTILIDAD OPERATIVA $ - $ 3,771,648,517 $ 6,235,459,866
Otros ingresos (+) $ - $ - $ -
Otros egresos (-) $ - $ 3,670,591 $ 2,771,670
Utilidad antes de impuestos $ - $ 3,767,977,926 $ 6,232,688,196
IMPUESTO DE RENTA $ - $ 1,130,393,378 $ 1,869,806,459

Utilidad despues de impuesto $ - $ 2,637,584,548 $ 4,362,881,737

 3 4
$ 2,091,320,000 $ 3,136,960,000
$ 1,176,367,500 $ 1,764,540,000
$ 914,952,500 $ 1,372,420,000
$ 168,659,135 $ 246,019,336
$ 746,293,365 $ 1,126,400,664
5 6
$ 4,391,720,000 $ 5,228,240,000
$ 2,470,342,500 $ 2,940,885,000
$ 1,921,377,500 $ 2,287,355,000
$ 336,067,981 $ 400,872,654
$ 1,585,309,519 $ 1,886,482,346
7
$ 5,960,200,000
$ 3,352,612,500
$ 2,607,587,500
$ 459,389,108
$ 2,148,198,392

$ 4,344,781 $ 4,269,871 $ 4,194,961 $ 4,120,051 $ 4,045,141

$ 741,948,584 $ 1,122,130,793 $ 1,581,114,558 $ 1,882,362,295 $ 2,144,153,251
$ 178,067,660 $ 280,532,698 $ 474,334,367 $ 564,708,688 $ 643,245,975

$ 563,880,924 $ 841,598,095 $ 1,106,780,191 $ 1,317,653,606 $ 1,500,907,276

3 4
$ 6,695,532,466 $ 9,861,689,155
$ 669,553,247 $ 986,168,916
$ 6,025,979,219 $ 8,875,520,240
$ 2,410,391,688 $ 3,993,984,108
$ 3,615,587,532 $ 4,881,536,132
5
$ 14,119,264,534
$ 1,411,926,453
$ 12,707,338,081
$ 5,718,302,136
$ 6,989,035,944

3 4
$ 26,121,104,145 $ 38,155,384,147
$ 14,687,644,557 $ 21,452,471,920
$ 11,433,459,588 $ 16,702,912,228
$ 1,866,540,457 $ 2,613,811,033
$ 9,566,919,130 $ 14,089,101,194
$ - $ -
$ 1,872,750 $ 973,830
$ 9,565,046,380 $ 14,088,127,364
$ 2,869,513,914 $ 4,226,438,209
5
$ 54,354,193,416
$ 30,557,376,634
$ 23,796,816,782
$ 3,626,363,966
$ 20,170,452,816
$ -
$ 74,910
$ 20,170,377,906
$ 6,051,113,372

$ 6,695,532,466 $ 9,861,689,155 $ 14,119,264,534

 8 9
$ 6,483,040,000 $ 7,737,800,000
$ 3,646,710,000 $ 4,352,512,500
$ 2,836,330,000 $ 3,385,287,500
$ 505,290,625 $ 595,479,316
$ 2,331,039,375 $ 2,789,808,184
10 11
$ 8,574,320,000 $ 9,306,280,000
$ 4,823,055,000 $ 5,234,782,500
$ 3,751,265,000 $ 4,071,497,500
$ 660,424,035 $ 719,080,534
$ 3,090,840,965 $ 3,352,416,966
12
$ 10,456,480,000
$ 5,881,770,000
$ 4,574,710,000
$ 803,061,483
$ 3,771,648,517

$ 3,970,231 $ 3,895,321 $ 3,820,411 $ 3,745,501 $ 3,670,591

$ 2,327,069,144 $ 2,785,912,864 $ 3,087,020,555 $ 3,348,671,466 $ 3,767,977,926
$ 698,120,743 $ 835,773,859 $ 926,106,166 $ 1,004,601,440 $ 1,130,393,378

$ 1,628,948,401 $ 1,950,139,004 $ 2,160,914,388 $ 2,344,070,026 $ 2,637,584,548

 13 14 15 16 17
$ 857,755,876 $ 2,230,157,080 $ 3,431,023,504 $ 5,146,535,256 $ 7,205,157,556
$ 479,773,953 $ 1,251,749,630 $ 1,927,236,994 $ 2,892,212,354 $ 4,050,187,398
$ 377,981,923 $ 978,407,450 $ 1,503,786,510 $ 2,254,322,902 $ 3,154,970,158
$ 71,506,208 $ 173,791,331 $ 265,741,470 $ 388,916,039 $ 532,941,531
$ 306,475,715 $ 804,616,119 $ 1,238,045,040 $ 1,865,406,863 $ 2,622,028,627

$ 3,595,681 $ 3,520,771 $ 3,445,861 $ 3,370,951 $ 3,296,041

$ 302,880,035 $ 801,095,348 $ 1,234,599,180 $ 1,862,035,912 $ 2,618,732,586
$ 90,864,010 $ 240,328,605 $ 370,379,754 $ 558,610,774 $ 785,619,776

$ 212,016,024 $ 560,766,744 $ 864,219,426 $ 1,303,425,138 $ 1,833,112,811

 18 19
$ 8,577,558,760 $ 9,778,425,184
$ 4,822,163,075 $ 5,497,650,439
$ 3,755,395,685 $ 4,280,774,745
$ 635,477,961 $ 727,679,408
$ 3,119,917,724 $ 3,553,095,338
20 21
$ 10,636,181,060 $ 12,694,803,360
$ 5,980,138,119 $ 7,138,113,163
$ 4,656,042,941 $ 5,556,690,197
$ 799,147,008 $ 943,395,215
$ 3,856,895,933 $ 4,613,294,982
22
$ 14,067,204,564
$ 7,910,088,840
$ 6,157,115,724
$ 1,046,154,360
$ 5,110,961,364

$ 3,221,131 $ 3,146,221 $ 3,071,311 $ 2,996,401 $ 2,921,491

$ 3,116,696,593 $ 3,549,949,117 $ 3,853,824,623 $ 4,610,298,582 $ 5,108,039,873
$ 935,008,978 $ 1,064,984,735 $ 1,156,147,387 $ 1,383,089,575 $ 1,532,411,962

$ 2,181,687,615 $ 2,484,964,382 $ 2,697,677,236 $ 3,227,209,007 $ 3,575,627,911

 23 24
$ 15,268,070,988 $ 17,155,117,520
$ 8,585,576,204 $ 9,647,039,878
$ 6,682,494,785 $ 7,508,077,642
$ 1,138,578,522 $ 1,272,617,776
$ 5,543,916,262 $ 6,235,459,866
25 26
$ 1,306,080,612 $ 3,395,758,781
$ 729,193,819 $ 1,904,637,790
$ 576,886,792 $ 1,491,120,991
$ 102,903,838 $ 252,716,773
$ 473,982,954 $ 1,238,404,218
27
$ 5,224,237,765
$ 2,933,157,218
$ 2,291,080,547
$ 386,763,250
$ 1,904,317,297

$ 2,846,581 $ 2,771,670 $ 2,696,760 $ 2,621,850 $ 2,546,940

$ 5,541,069,682 $ 6,232,688,196 $ 471,286,193 $ 1,235,782,368 $ 1,901,770,356
$ 1,662,320,905 $ 1,869,806,459 $ 141,385,858 $ 370,734,710 $ 570,531,107

$ 3,878,748,777 $ 4,362,881,737 $ 329,900,335 $ 865,047,657 $ 1,331,239,250

 28 29
$ 7,836,356,648 $ 10,970,873,902
$ 4,402,474,090 $ 6,165,640,046
$ 3,433,882,558 $ 4,805,233,857
$ 568,429,824 $ 781,891,876
$ 2,865,452,733 $ 4,023,341,981
30 31
$ 13,060,552,072 $ 14,889,031,056
$ 7,341,084,016 $ 8,369,603,444
$ 5,719,468,056 $ 6,519,427,612
$ 932,075,207 $ 1,066,492,079
$ 4,787,392,849 $ 5,452,935,532
32
$ 16,195,111,668
$ 9,104,273,788
$ 7,090,837,879
$ 1,169,285,613
$ 5,921,552,266

$ 2,472,030 $ 2,397,120 $ 2,322,210 $ 2,247,300 $ 2,172,390

$ 2,862,980,703 $ 4,020,944,861 $ 4,785,070,639 $ 5,450,688,232 $ 5,919,379,876
$ 858,894,211 $ 1,206,283,458 $ 1,435,521,192 $ 1,635,206,470 $ 1,775,813,963

$ 2,004,086,492 $ 2,814,661,402 $ 3,349,549,447 $ 3,815,481,762 $ 4,143,565,913

 33 34
$ 19,329,628,922 $ 21,419,307,092
$ 10,867,439,744 $ 12,042,883,715
$ 8,462,189,178 $ 9,376,423,377
$ 1,383,074,526 $ 1,533,584,718
$ 7,079,114,652 $ 7,842,838,659
35 36
$ 23,247,786,076 $ 26,121,104,145
$ 13,071,403,143 $ 14,687,644,557
$ 10,176,382,933 $ 11,433,459,588
$ 1,668,328,452 $ 1,866,540,457
$ 8,508,054,481 $ 9,566,919,130
37
$ 1,907,786,843
$ 1,063,198,436
$ 844,588,407
$ 140,827,730
$ 703,760,677

$ 2,097,480 $ 2,022,570 $ 1,947,660 $ 1,872,750 $ 1,797,840

$ 7,077,017,172 $ 7,840,816,089 $ 8,506,106,820 $ 9,565,046,380 $ 701,962,837
$ 2,123,105,152 $ 2,352,244,827 $ 2,551,832,046 $ 2,869,513,914 $ 210,588,851

$ 4,953,912,020 $ 5,488,571,262 $ 5,954,274,774 $ 6,695,532,466 $ 491,373,986

 38 39
$ 4,960,219,338 $ 7,631,103,283
$ 2,780,191,715 $ 4,282,563,933
$ 2,180,027,624 $ 3,348,539,350
$ 350,281,885 $ 536,662,088
$ 1,829,745,739 $ 2,811,877,262
40 41
$ 11,446,632,880 $ 16,025,259,578
$ 6,428,799,332 $ 9,004,276,850
$ 5,017,833,548 $ 7,020,982,729
$ 792,709,564 $ 1,095,273,983
$ 4,225,123,984 $ 5,925,708,746
42
$ 19,077,692,074
$ 10,721,270,128
$ 8,356,421,945
$ 1,305,249,865
$ 7,051,172,080

$ 1,722,930 $ 1,648,020 $ 1,573,110 $ 1,498,200 $ 1,423,290

$ 1,828,022,809 $ 2,810,229,242 $ 4,223,550,874 $ 5,924,210,545 $ 7,049,748,790
$ 548,406,843 $ 843,068,773 $ 1,267,065,262 $ 1,777,263,164 $ 2,114,924,637

$ 1,279,615,966 $ 1,967,160,469 $ 2,956,485,612 $ 4,146,947,382 $ 4,934,824,153

 43 44
$ 21,748,576,018 $ 23,656,362,861
$ 12,223,642,347 $ 13,296,772,446
$ 9,524,933,671 $ 10,359,590,415
$ 1,492,151,795 $ 1,632,778,569
$ 8,032,781,876 $ 8,726,811,846
45 46
$ 28,234,989,560 $ 31,287,422,055
$ 15,872,249,964 $ 17,589,243,243
$ 12,362,739,596 $ 13,698,178,812
$ 1,935,801,124 $ 2,146,235,142
$ 10,426,938,472 $ 11,551,943,671
47
$ 33,958,306,000
$ 19,091,615,462
$ 14,866,690,538
$ 2,333,595,208
$ 12,533,095,330

$ 1,348,380 $ 1,273,470 $ 1,198,560 $ 1,123,650 $ 1,048,740

$ 8,031,433,496 $ 8,725,538,376 $ 10,425,739,912 $ 11,550,820,020 $ 12,532,046,590
$ 2,409,430,049 $ 2,617,661,513 $ 3,127,721,973 $ 3,465,246,006 $ 3,759,613,977

$ 5,622,003,447 $ 6,107,876,863 $ 7,298,017,938 $ 8,085,574,014 $ 8,772,432,613

 48 49
$ 38,155,384,147 $ 2,717,702,729
$ 21,452,471,920 $ 1,511,850,623
$ 16,702,912,228 $ 1,205,852,107
$ 2,613,811,033 $ 192,343,594
$ 14,089,101,194 $ 1,013,508,512
$ 973,830 $ 898,920 $
$ 14,088,127,364 $ 1,012,609,592 $
$ 4,226,438,209 $ 303,782,878 $
$ 9,861,689,155 $ 708,826,714 $
50 51
$ 7,066,036,352 $ 10,870,857,194
$ 3,957,788,285 $ 6,098,000,009
$ 3,108,248,066 $ 4,772,857,185
$ 482,630,286 $ 739,989,440
$ 2,625,617,780 $ 4,032,867,745
824,010 $ 749,100 $
2,624,793,770 $ 4,032,118,645 $
787,438,131 $ 1,209,635,593 $
1,837,355,639 $ 2,822,483,051 $
52
$ 16,306,262,652
$ 9,155,415,580
$ 7,150,847,073
$ 1,096,750,392
$ 6,054,096,681
674,190
6,053,422,491
1,816,026,747
4,237,395,744
 53 54
$ 22,828,739,948 $ 27,177,073,570
$ 12,824,309,058 $ 15,270,246,721
$ 10,004,430,890 $ 11,906,826,849
$ 1,519,881,336 $ 1,810,893,100
$ 8,484,549,554 $ 10,095,933,749
$ 599,280 $ 524,370 $
$ 8,483,950,274 $ 10,095,409,379 $
$ 2,545,185,082 $ 3,028,622,814 $
$ 5,938,765,192 $ 7,066,786,565 $
55 56
$ 30,981,894,412 $ 33,699,597,141
$ 17,410,458,444 $ 18,939,166,230
$ 13,571,435,968 $ 14,760,430,912
$ 2,068,977,326 $ 2,261,024,102
$ 11,502,458,642 $ 12,499,406,810
449,460 $ 374,550 $
11,502,009,182 $ 12,499,032,259 $
3,450,602,755 $ 3,749,709,678 $
8,051,406,427 $ 8,749,322,582 $
57
$ 40,222,074,437
$ 22,608,059,708
$ 17,614,014,728
$ 2,684,789,528
$ 14,929,225,200
299,640
14,928,925,560
4,478,677,668
10,450,247,892
 58 59
$ 44,570,408,059 $ 48,375,228,901
$ 25,053,997,371 $ 27,194,209,094
$ 19,516,410,688 $ 21,181,019,807
$ 2,976,435,775 $ 3,235,154,483
$ 16,539,974,913 $ 17,945,865,323
60
$ 54,354,193,416
$ 30,557,376,634
$ 23,796,816,782
$ 3,626,363,966
$ 20,170,452,816

$ 224,730 $ 149,820 $ 74,910

$ 16,539,750,183 $ 17,945,715,503 $ 20,170,377,906
$ 4,961,925,055 $ 5,383,714,651 $ 6,051,113,372

$ 11,577,825,128 $ 12,562,000,852 $ 14,119,264,534

 Mes 0 1 2
Disponible (caja) $ 411,342,932 $ 630,783,380 $ 974,453,251
Inventarios $ 68,625,000 $ 109,800,000 $ 96,075,000
Cuentas por cobrar $ - $ 52,284,000 $ 83,652,000
Impuestos ( a favor)

Activo Corriente $ 479,967,932 $ 792,867,380 $ 1,154,180,251

Propiedad planta y equipo $ 95,000,000 $ 95,000,000 $ 95,000,000

depresiacion $ - $ (1,125,000) $ (2,250,000)
Total act FIJO $ 95,000,000 $ 93,875,000 $ 92,750,000

Total act no corriente $ 95,000,000 $ 93,875,000 $ 92,750,000

Total activo $ 574,967,932 $ 886,742,380 $ 1,246,930,251

Obligaciones financieras (corto plazo)

proveedores $ 34,312,500 $ 167,636,250 $ 228,408,750
obligaciones laborales $ - $ 6,163,398 $ 14,975,807
impuestos por pagar $ - $ 35,718,989 $ 105,600,034
Dividendos por pagar $ - $ -

PASIVO CORRIENTE $ 34,312,500 $ 209,518,637 $ 348,984,591

Obligaciones financieras (largo plazo) $ 378,458,803 $ 372,151,156 $ 365,843,509

Pasivo no corriente $ 378,458,803 $ 372,151,156 $ 365,843,509

TOTAL PASIVO $ 412,771,303 $ 581,669,793 $ 714,828,100

Capital social $ 162,196,630 $ 162,196,630 $ 162,196,630

Reservas
Utilidades ejercicios anteriores $ - $ - $ -
UTILIDAD DEL EJERCICIO $ - $ 142,875,957 $ 374,400,121

TOTAL PATRIMONIO $ 162,196,630 $ 305,072,587 $ 536,596,751

TOTAL pasivo + patrimonio $ 574,967,932 $ 886,742,380 $ 1,251,424,852

CUENTA CONTROL $ - $ - $ (4,494,601)

AÑO 0 1 2
Disponible (caja) $ 411,342,932 ### $ 8,732,815,353
Inventarios $ 68,625,000 $ 109,867,500 $ 165,955,289
Cuentas por cobrar $ - $ 115,020,000 $ 188,704,653
Impuestos ( a favor) $ - $ - $ -

Activo Corriente $ 479,967,932 ### $ 9,087,475,295

Propiedad planta y equipo $ 95,000,000 $ 95,000,000 $ 95,000,000

depresiacion $ - $ (13,500,000) $ (27,000,000)
Total act FIJO $ 95,000,000 $ 81,500,000 $ 68,000,000

Total act no corriente $ 95,000,000 $ 81,500,000 $ 68,000,000

Total activo $ 574,967,932 ### $ 9,155,475,295

Obligaciones financieras (corto plazo) $ - $ - $ -

proveedores $ 34,312,500 $ 302,940,000 $ 489,865,520
obligaciones laborales $ - $ 46,138,664 $ 73,444,818
impuestos por pagar $ - ### $ 1,869,806,459
Dividendos por pagar $ - $ - $ 178,036,957

PASIVO CORRIENTE $ 34,312,500 ### $ 2,611,153,754

Obligaciones financieras (largo plazo) $ 378,458,803 $ 302,767,042 $ 227,075,282

Pasivo no corriente $ 378,458,803 $ 302,767,042 $ 227,075,282

TOTAL PASIVO $ 412,771,303 ### $ 2,838,229,035

Capital social $ 162,196,630 $ 162,196,630 $ 162,196,630

Reservas $ - $ - $ 263,758,455
Utilidades ejercicios anteriores $ - $ - $ 1,661,678,265
UTILIDAD DEL EJERCICIO $ - ### $ 4,362,881,737

TOTAL PATRIMONIO $ 162,196,630 ### $ 6,450,515,087

TOTAL pasivo + patrimonio $ 574,967,932 ### $ 9,288,744,122

 3 4 5 6 7 8
$ 1,202,095,444 $ 1,605,920,810 $ 2,119,500,260 ### ### ###
$ 137,250,000 $ 164,700,000 $ 109,800,000 $ 96,075,000 $ 68,625,000 $ 164,700,000
$ 73,196,000 $ 104,564,000 $ 125,476,000 $ 83,652,000 $ 73,196,000 $ 52,284,000

$ 1,412,541,444 $ 1,875,184,810 $ 2,354,776,260 ### ### ###

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ (3,375,000) $ (4,500,000) $ (5,625,000) $ (6,750,000) $ (7,875,000) $ (9,000,000)
$ 91,625,000 $ 90,500,000 $ 89,375,000 $ 88,250,000 $ 87,125,000 $ 86,000,000

$ 91,625,000 $ 90,500,000 $ 89,375,000 $ 88,250,000 $ 87,125,000 $ 86,000,000

$ 1,504,166,444 $ 1,965,684,810 $ 2,444,151,260 ### ### ###

$ 226,451,250 $ 307,811,250 $ 325,451,250 $ 228,408,750 $ 192,138,750 $ 195,086,250

$ 22,948,409 $ 33,576,993 $ 45,997,196 $ 33,263,189 $ 41,393,263 $ 47,805,226
$ 178,067,660 $ 280,532,698 $ 474,334,367 $ 564,708,688 $ 643,245,975 $ 698,120,743
$ - $ - $ - $ - $ - $ -

$ 427,467,319 $ 621,920,941 $ 845,782,814 $ 826,380,628 $ 876,777,989 $ 941,012,219

$ 359,535,862 $ 353,228,216 $ 346,920,569 $ 340,612,922 $ 334,305,276 $ 327,997,629

$ 359,535,862 $ 353,228,216 $ 346,920,569 $ 340,612,922 $ 334,305,276 $ 327,997,629

$ 787,003,182 $ 975,149,157 $ 1,192,703,383 ### ### ###

$ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630

$ - $ - $ - $ - $ - $ -
$ 563,880,924 $ 841,598,095 $ 1,106,780,191 ### ### ###

$ 726,077,554 $ 1,003,794,725 $ 1,268,976,820 ### ### ###

$ 1,513,080,735 $ 1,978,943,882 $ 2,461,680,203 ### ### ###

$ (8,914,292) $ (13,259,072) $ (17,528,943) $ (21,723,904) $ (25,843,955) $ (29,889,095)

3 4 5
$ 14,165,980,325 $ 26,058,614,405 $ 32,980,766,070
$ 240,476,107 $ 339,862,145 $ -
$ 287,331,807 $ 419,707,815 $ 597,896,452
$ - $ - $ -

$ 14,693,788,239 $ 26,818,184,365 $ 33,578,662,521

$ 95,000,000 $ 95,000,000 $ 95,000,000

$ (40,500,000) $ (49,000,000) $ (57,500,000)
$ 54,500,000 $ 46,000,000 $ 37,500,000

$ 54,500,000 $ 46,000,000 $ 37,500,000

$ 14,748,288,239 $ 26,864,184,365 $ 33,616,162,521

$ - $ - $ -
$ 739,790,911 $ 1,074,915,715 $ 1,289,202,944
$ 107,914,993 $ 151,461,701 $ 209,964,393
$ 2,869,513,914 $ 4,226,438,209 $ 6,051,113,372
$ 343,576,937 $ 602,597,922 $ 998,496,027

$ 4,060,796,755 $ 6,055,413,547 $ 8,548,776,736

$ 151,383,521 $ 75,691,761 $ (0)

$ 151,383,521 $ 75,691,761 $ (0)

$ 4,212,180,276 $ 6,131,105,307 $ 8,548,776,736

$ 162,196,630 $ 162,196,630 $ 162,196,630

$ 700,046,629 $ 3,767,695,244 $ 6,165,790,613
$ 4,213,964,082 $ 7,829,551,613 $ 12,711,087,745
$ 6,695,532,466 $ 9,861,689,155 $ 14,119,264,534

$ 11,771,739,806 $ 21,621,132,642 $ 33,158,339,522

$ 15,983,920,082 $ 27,752,237,949 $ 41,707,116,257

 9 10 11 12 13 14
### ### ### ### ### ###
$ 109,800,000 $ 96,075,000 $ 150,975,000 $ 109,867,500 $ 180,134,575 $ 157,632,163
$ 125,476,000 $ 83,652,000 $ 73,196,000 $ 115,020,000 $ 85,775,588 $ 137,240,120

### ### ### ### ### ###

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ (10,125,000) $ (11,250,000) $ (12,375,000) $ (13,500,000) $ (14,625,000) $ (15,750,000)
$ 84,875,000 $ 83,750,000 $ 82,625,000 $ 81,500,000 $ 80,375,000 $ 79,250,000

$ 84,875,000 $ 83,750,000 $ 82,625,000 $ 81,500,000 $ 80,375,000 $ 79,250,000

### ### ### ### ### ###

$ 325,451,250 $ 228,408,750 $ 233,313,750 $ 302,940,000 $ 275,020,514 $ 374,736,633

$ 60,365,475 $ 69,475,402 $ 77,745,521 $ 46,138,664 $ 53,077,214 $ 23,683,263
$ 835,773,859 $ 926,106,166 ### ### ### ###
$ - $ - $ - $ - $ - $ -

### ### ### ### ### ###

$ 321,689,982 $ 315,382,335 $ 309,074,689 $ 302,767,042 $ 296,459,395 $ 290,151,749

$ 321,689,982 $ 315,382,335 $ 309,074,689 $ 302,767,042 $ 296,459,395 $ 290,151,749

### ### ### ### ### ###

$ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630

$ - $ - $ - $ - ### ###
### ### ### ### $ 212,016,024 $ 560,766,744

### ### ### ### ### ###

### ### ### ### ### ###

$ (33,859,326) $ (37,754,647) $ (41,575,057) $ (45,320,558) $ (44,886,480) $ (48,482,161)

 15 16 17 18 19 20
### ### $ 5,776,234,854 $ 5,982,034,985 $ 6,421,331,857 $ 6,573,913,066
$ 225,162,455 $ 270,213,390 $ 180,134,575 $ 157,632,163 $ 112,581,227 $ 270,213,390
$ 120,086,642 $ 171,551,175 $ 205,862,230 $ 137,240,120 $ 120,086,642 $ 85,775,588

### ### $ 6,162,231,658 $ 6,276,907,268 $ 6,653,999,727 $ 6,929,902,043

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ (16,875,000) $ (18,000,000) $ (19,125,000) $ (20,250,000) $ (21,375,000) $ (22,500,000)
$ 78,125,000 $ 77,000,000 $ 75,875,000 $ 74,750,000 $ 73,625,000 $ 72,500,000

$ 78,125,000 $ 77,000,000 $ 75,875,000 $ 74,750,000 $ 73,625,000 $ 72,500,000

### ### $ 6,238,106,658 $ 6,351,657,268 $ 6,727,624,727 $ 7,002,402,043

$ 371,508,828 $ 505,013,148 $ 533,948,114 $ 374,736,633 $ 315,218,214 $ 320,059,922

$ 36,317,593 $ 53,307,750 $ 73,235,714 $ 52,949,911 $ 65,835,549 $ 75,900,455
### $ 558,610,774 $ 785,619,776 $ 935,008,978 $ 1,064,984,735 $ 1,156,147,387
$ - $ 712,147,828 $ 712,147,828 $ 534,110,871 $ 534,110,871 $ 534,110,871

### ### $ 2,104,951,432 $ 1,896,806,393 $ 1,980,149,369 $ 2,086,218,635

$ 283,844,102 $ 277,536,455 $ 271,228,808 $ 264,921,162 $ 258,613,515 $ 252,305,868

$ 283,844,102 $ 277,536,455 $ 271,228,808 $ 264,921,162 $ 258,613,515 $ 252,305,868

### ### $ 2,376,180,241 $ 2,161,727,555 $ 2,238,762,884 $ 2,338,524,503

$ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630

$ 263,758,455 $ 263,758,455 $ 263,758,455 $ 263,758,455 $ 263,758,455
### ### $ 1,661,678,265 $ 1,661,678,265 $ 1,661,678,265 $ 1,661,678,265
$ 864,219,426 ### $ 1,833,112,811 $ 2,181,687,615 $ 2,484,964,382 $ 2,697,677,236

### ### $ 3,920,746,160 $ 4,269,320,965 $ 4,572,597,732 $ 4,785,310,586

### ### $ 6,296,926,401 $ 6,431,048,520 $ 6,811,360,616 $ 7,123,835,089

$ (52,002,931) $ (55,448,792) $ (58,819,743) $ (79,391,251) $ (83,735,889) $ (121,433,046)

 21 22 23 24 25
$ 7,348,127,156 $ 7,784,090,288 $ 8,157,256,960 $ 8,732,815,353 $ 9,087,891,035
$ 180,134,575 $ 157,632,163 $ 247,687,922 $ 165,955,289 $ 274,271,848
$ 205,862,230 $ 137,240,120 $ 120,086,642 $ 188,704,653 $ 130,608,061

$ 7,734,123,960 $ 8,078,962,571 $ 8,525,031,525 $ 9,087,475,295 $ 9,492,770,943

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ (23,625,000) $ (24,750,000) $ (25,875,000) $ (27,000,000) $ (28,125,000)
$ 71,375,000 $ 70,250,000 $ 69,125,000 $ 68,000,000 $ 66,875,000

$ 71,375,000 $ 70,250,000 $ 69,125,000 $ 68,000,000 $ 66,875,000

$ 7,805,498,960 $ 8,149,212,571 $ 8,594,156,525 $ 9,155,475,295 $ 9,559,645,943

$ 533,948,114 $ 374,736,633 $ 382,771,562 $ 489,865,520 $ 418,755,189

$ 96,051,135 $ 110,538,983 $ 123,647,336 $ 73,444,818 $ 83,056,232
$ 1,383,089,575 $ 1,532,411,962 $ 1,662,320,905 $ 1,869,806,459 $ 2,011,192,317
$ 356,073,914 $ 356,073,914 $ 356,073,914 $ 178,036,957 $ 178,036,957

$ 2,369,162,738 $ 2,373,761,492 $ 2,524,813,716 $ 2,611,153,754 $ 2,691,040,695

$ 245,998,222 $ 239,690,575 $ 233,382,928 $ 227,075,282 $ 220,767,635

$ 245,998,222 $ 239,690,575 $ 233,382,928 $ 227,075,282 $ 220,767,635

$ 2,615,160,959 $ 2,613,452,067 $ 2,758,196,645 $ 2,838,229,035 $ 2,911,808,330

$ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630

$ 263,758,455 $ 263,758,455 $ 263,758,455 $ 263,758,455 $ 263,758,455
$ 1,661,678,265 $ 1,661,678,265 $ 1,661,678,265 $ 1,661,678,265 $ 6,024,560,002
$ 3,227,209,007 $ 3,575,627,911 $ 3,878,748,777 $ 4,362,881,737 $ 329,900,335

$ 5,314,842,357 $ 5,663,261,261 $ 5,966,382,127 $ 6,450,515,087 $ 6,780,415,422

$ 7,930,003,316 $ 8,276,713,328 $ 8,724,578,772 $ 9,288,744,122 $ 9,692,223,752

$ (124,504,356) $ (127,500,757) $ (130,422,247) $ (133,268,828) $ (132,577,809)

 26 27 28 29 30
$ 9,903,715,060 $ 10,320,685,756 $ 8,486,075,200 $ 9,794,927,003 $ 10,049,003,546
$ 239,999,775 $ 342,863,626 $ 411,407,771 $ 274,271,848 $ 239,999,775
$ 208,967,817 $ 182,847,898 $ 261,211,888 $ 313,451,725 $ 208,967,817

$ 10,352,682,652 $ 10,846,397,281 $ 9,158,694,860 $ 10,382,650,576 $ 10,497,971,138

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ (29,250,000) $ (30,375,000) $ (31,500,000) $ (32,625,000) $ (33,750,000)
$ 65,750,000 $ 64,625,000 $ 63,500,000 $ 62,375,000 $ 61,250,000

$ 65,750,000 $ 64,625,000 $ 63,500,000 $ 62,375,000 $ 61,250,000

$ 10,418,432,652 $ 10,911,022,281 $ 9,222,194,860 $ 10,445,025,576 $ 10,559,221,138

$ 570,585,949 $ 565,691,640 $ 768,930,508 $ 813,015,016 $ 570,585,949

$ 34,520,414 $ 52,982,817 $ 78,074,683 $ 107,636,410 $ 77,802,264
$ 2,240,541,169 $ 2,440,337,566 $ 858,894,211 $ 1,206,283,458 $ 1,435,521,192
$ 178,036,957 $ - $ 1,374,307,747 $ 1,374,307,747 $ 1,030,730,810

$ 3,023,684,489 $ 3,059,012,023 $ 3,080,207,149 $ 3,501,242,632 $ 3,114,640,215

$ 214,459,988 $ 208,152,341 $ 201,844,695 $ 195,537,048 $ 189,229,401

$ 214,459,988 $ 208,152,341 $ 201,844,695 $ 195,537,048 $ 189,229,401

$ 3,238,144,477 $ 3,267,164,364 $ 3,282,051,844 $ 3,696,779,680 $ 3,303,869,616

$ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630

$ 263,758,455 $ 263,758,455 $ 700,046,629 $ 700,046,629 $ 700,046,629
$ 6,024,560,002 $ 6,024,560,002 $ 4,213,964,082 $ 4,213,964,082 $ 4,213,964,082
$ 865,047,657 $ 1,331,239,250 $ 2,004,086,492 $ 2,814,661,402 $ 3,349,549,447

$ 7,315,562,744 $ 7,781,754,336 $ 7,080,293,832 $ 7,890,868,742 $ 8,425,756,787

$ 10,553,707,222 $ 11,048,918,701 $ 10,362,345,676 $ 11,587,648,422 $ 11,729,626,403

$ (135,274,569) $ (137,896,420) $ (1,140,150,816) $ (1,142,622,846) $ (1,170,405,265)

 31 32 33 34 35
$ 10,728,380,377 $ 10,973,017,848 $ 12,089,595,884 $ 12,763,704,900 $ 13,342,175,796
$ 171,431,813 $ 411,407,771 $ 274,271,848 $ 239,999,775 $ 377,135,699
$ 182,847,898 $ 130,608,061 $ 313,451,725 $ 208,967,817 $ 182,847,898

$ 11,082,660,089 $ 11,515,033,681 $ 12,677,319,457 $ 13,212,672,492 $ 13,902,159,393

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ (34,875,000) $ (36,000,000) $ (37,125,000) $ (38,250,000) $ (39,375,000)
$ 60,125,000 $ 59,000,000 $ 57,875,000 $ 56,750,000 $ 55,625,000

$ 60,125,000 $ 59,000,000 $ 57,875,000 $ 56,750,000 $ 55,625,000

$ 11,142,785,089 $ 11,574,033,681 $ 12,735,194,457 $ 13,269,422,492 $ 13,957,784,393

$ 479,975,733 $ 487,323,151 $ 813,015,016 $ 570,585,949 $ 582,827,676

$ 96,635,063 $ 111,170,137 $ 141,058,726 $ 162,322,038 $ 181,481,698
$ 1,635,206,470 $ 1,775,813,963 $ 2,123,105,152 $ 2,352,244,827 $ 2,551,832,046
$ 1,030,730,810 $ 1,030,730,810 $ 687,153,874 $ 687,153,874 $ 687,153,874

$ 3,242,548,076 $ 3,405,038,061 $ 3,764,332,767 $ 3,772,306,687 $ 4,003,295,294

$ 182,921,755 $ 176,614,108 $ 170,306,461 $ 163,998,814 $ 157,691,168

$ 182,921,755 $ 176,614,108 $ 170,306,461 $ 163,998,814 $ 157,691,168

$ 3,425,469,831 $ 3,581,652,169 $ 3,934,639,228 $ 3,936,305,502 $ 4,160,986,462

$ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630

$ 700,046,629 $ 700,046,629 $ 700,046,629 $ 700,046,629 $ 700,046,629
$ 4,213,964,082 $ 4,213,964,082 $ 4,213,964,082 $ 4,213,964,082 $ 4,213,964,082
$ 3,815,481,762 $ 4,143,565,913 $ 4,953,912,020 $ 5,488,571,262 $ 5,954,274,774

$ 8,891,689,102 $ 9,219,773,253 $ 10,030,119,360 $ 10,564,778,602 $ 11,030,482,114

$ 12,317,158,933 $ 12,801,425,422 $ 13,964,758,589 $ 14,501,084,104 $ 15,191,468,576

$ (1,174,373,844) $ (1,227,391,741) $ (1,229,564,132) $ (1,231,661,612) $ (1,233,684,182)

 36 37 38 39 40
$ 14,165,980,325 $ 14,684,432,361 $ 15,887,761,376 $ 16,425,587,965 $ 17,949,363,132
$ 240,476,107 $ 400,647,472 $ 350,575,838 $ 500,790,740 $ 600,958,808
$ 287,331,807 $ 190,778,684 $ 305,243,250 $ 267,088,394 $ 381,552,960

$ 14,693,788,239 $ 15,275,858,518 $ 16,543,580,464 $ 17,193,467,099 $ 18,931,874,899

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ (40,500,000) $ (41,208,333) $ (41,916,667) $ (42,625,000) $ (43,333,333)
$ 54,500,000 $ 53,791,667 $ 53,083,333 $ 52,375,000 $ 51,666,667

$ 54,500,000 $ 53,791,667 $ 53,083,333 $ 52,375,000 $ 51,666,667

$ 14,748,288,239 $ 15,329,650,184 $ 16,596,663,797 $ 17,245,842,099 $ 18,983,541,566

$ 739,790,911 $ 611,684,901 $ 833,460,822 $ 826,293,560 $ 1,123,201,733

$ 107,914,993 $ 120,712,346 $ 47,995,553 $ 73,742,197 $ 109,167,526
$ 2,869,513,914 $ 3,080,102,765 $ 3,417,920,757 $ 3,712,582,687 $ 1,267,065,262
$ 343,576,937 $ 343,576,937 $ 343,576,937 $ - $ 2,410,391,688

$ 4,060,796,755 $ 4,156,076,949 $ 4,642,954,069 $ 4,612,618,444 $ 4,909,826,209

$ 151,383,521 $ 145,075,874 $ 138,768,228 $ 132,460,581 $ 126,152,934

$ 151,383,521 $ 145,075,874 $ 138,768,228 $ 132,460,581 $ 126,152,934

$ 4,212,180,276 $ 4,301,152,823 $ 4,781,722,296 $ 4,745,079,025 $ 5,035,979,144

$ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630

$ 700,046,629 $ 700,046,629 $ 700,046,629 $ 700,046,629 $ 1,369,599,875
$ 4,213,964,082 $ 10,909,496,548 $ 10,909,496,548 $ 10,909,496,548 $ 7,829,551,613
$ 6,695,532,466 $ 491,373,986 $ 1,279,615,966 $ 1,967,160,469 $ 2,956,485,612

$ 11,771,739,806 $ 12,263,113,792 $ 13,051,355,772 $ 13,738,900,275 $ 12,317,833,730

$ 15,983,920,082 $ 16,564,266,615 $ 17,833,078,068 $ 18,483,979,300 $ 17,353,812,873

$ (1,235,631,843) $ (1,234,616,431) $ (1,236,414,271) $ (1,238,137,201) $ 1,629,728,692

 41 42 43 44 45
$ 19,873,183,242 $ 20,160,044,924 $ 21,164,636,108 $ 21,537,012,042 $ 23,079,120,759
$ 400,647,472 $ 350,575,838 $ 250,407,770 $ 600,958,808 $ 400,647,472
$ 457,862,670 $ 305,243,250 $ 267,088,394 $ 190,778,684 $ 457,862,670

$ 20,731,693,383 $ 20,815,864,012 $ 21,682,132,272 $ 22,328,749,534 $ 23,937,630,901

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ (44,041,667) $ (44,750,000) $ (45,458,333) $ (46,166,667) $ (46,875,000)
$ 50,958,333 $ 50,250,000 $ 49,541,667 $ 48,833,333 $ 48,125,000

$ 50,958,333 $ 50,250,000 $ 49,541,667 $ 48,833,333 $ 48,125,000

$ 20,782,651,717 $ 20,866,114,012 $ 21,731,673,939 $ 22,377,582,867 $ 23,985,755,901

$ 1,187,583,091 $ 833,460,822 $ 701,102,075 $ 711,840,568 $ 1,187,583,091

$ 151,117,405 $ 109,199,506 $ 135,467,878 $ 155,453,486 $ 197,861,501
$ 1,777,263,164 $ 2,114,924,637 $ 2,409,430,049 $ 2,617,661,513 $ 3,127,721,973
$ 2,410,391,688 $ 1,807,793,766 $ 1,807,793,766 $ 1,807,793,766 $ 1,205,195,844

$ 5,526,355,347 $ 4,865,378,731 $ 5,053,793,768 $ 5,292,749,333 $ 5,718,362,409

$ 119,845,287 $ 113,537,641 $ 107,229,994 $ 100,922,347 $ 94,614,701

$ 119,845,287 $ 113,537,641 $ 107,229,994 $ 100,922,347 $ 94,614,701

$ 5,646,200,635 $ 4,978,916,372 $ 5,161,023,762 $ 5,393,671,681 $ 5,812,977,110

$ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630

$ 2,355,768,791 $ 3,767,695,244 $ 3,767,695,244 $ 3,767,695,244 $ 3,767,695,244
$ 7,829,551,613 $ 7,829,551,613 $ 7,829,551,613 $ 7,829,551,613 $ 7,829,551,613
$ 4,146,947,382 $ 4,934,824,153 $ 5,622,003,447 $ 6,107,876,863 $ 7,298,017,938

$ 14,494,464,415 $ 16,694,267,640 $ 17,381,446,934 $ 17,867,320,350 $ 19,057,461,425

$ 20,140,665,050 $ 21,673,184,012 $ 22,542,470,696 $ 23,260,992,031 $ 24,870,438,535

$ 641,986,667 $ (807,070,000) $ (810,796,757) $ (883,409,164) $ (884,682,634)

 46 47 48 49 50
$ 24,075,776,043 $ 24,932,730,632 $ 26,058,614,405 $ 26,797,795,106 $ 28,525,086,824
$ 350,575,838 $ 550,887,174 $ 339,862,145 $ 570,740,480 $ 499,391,412
$ 305,243,250 $ 267,088,394 $ 419,707,815 $ 271,770,273 $ 434,833,362

$ 24,731,595,131 $ 25,750,706,200 $ 26,818,184,365 $ 27,640,305,858 $ 29,459,311,598

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ (47,583,333) $ (48,291,667) $ (49,000,000) $ (49,708,333) $ (50,416,667)
$ 47,416,667 $ 46,708,333 $ 46,000,000 $ 45,291,667 $ 44,583,333

$ 47,416,667 $ 46,708,333 $ 46,000,000 $ 45,291,667 $ 44,583,333

$ 24,779,011,797 $ 25,797,414,533 $ 26,864,184,365 $ 27,685,597,525 $ 29,503,894,932

$ 833,460,822 $ 851,341,777 $ 1,074,915,715 $ 871,364,479 $ 1,187,294,297

$ 227,665,764 $ 254,392,272 $ 151,461,701 $ 168,698,871 $ 66,088,848
$ 3,465,246,006 $ 3,759,613,977 $ 4,226,438,209 $ 4,530,221,087 $ 5,013,876,340
$ 1,205,195,844 $ 1,205,195,844 $ 602,597,922 $ 602,597,922 $ 602,597,922

$ 5,731,568,436 $ 6,070,543,870 $ 6,055,413,547 $ 6,172,882,359 $ 6,869,857,408

$ 88,307,054 $ 81,999,407 $ 75,691,761 $ 69,384,114 $ 63,076,467

$ 88,307,054 $ 81,999,407 $ 75,691,761 $ 69,384,114 $ 63,076,467

$ 5,819,875,490 $ 6,152,543,277 $ 6,131,105,307 $ 6,242,266,473 $ 6,932,933,875

$ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630

$ 3,767,695,244 $ 3,767,695,244 $ 3,767,695,244 $ 3,767,695,244 $ 3,767,695,244
$ 7,829,551,613 $ 7,829,551,613 $ 7,829,551,613 $ 17,691,240,768 $ 17,691,240,768
$ 8,085,574,014 $ 8,772,432,613 $ 9,861,689,155 $ 708,826,714 $ 1,837,355,639

$ 19,845,017,501 $ 20,531,876,100 $ 21,621,132,642 $ 22,329,959,356 $ 23,458,488,281

$ 25,664,892,992 $ 26,684,419,377 $ 27,752,237,949 $ 28,572,225,829 $ 30,391,422,156

$ (885,881,194) $ (887,004,844) $ (888,053,584) $ (886,628,304) $ (887,527,224)

 51 52 53 54 55
$ 29,189,071,970 $ 21,508,847,393 $ 24,260,071,840 $ 24,543,568,651 $ 25,985,611,910
$ 713,412,585 $ 856,084,689 $ 570,740,480 $ 499,391,412 $ 356,719,307
$ 380,482,084 $ 543,540,546 $ 652,247,730 $ 434,833,362 $ 380,482,084

$ 30,282,966,639 $ 22,908,472,628 $ 25,483,060,050 $ 25,477,793,425 $ 26,722,813,302

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ (51,125,000) $ (51,833,333) $ (52,541,667) $ (53,250,000) $ (53,958,333)
$ 43,875,000 $ 43,166,667 $ 42,458,333 $ 41,750,000 $ 41,041,667

$ 43,875,000 $ 43,166,667 $ 42,458,333 $ 41,750,000 $ 41,041,667

$ 30,326,841,639 $ 22,951,639,295 $ 25,525,518,383 $ 25,519,543,425 $ 26,763,854,968

$ 1,177,116,448 $ 1,600,043,838 $ 1,691,774,635 $ 1,187,294,297 $ 998,769,809

$ 101,618,109 $ 150,930,430 $ 209,532,776 $ 151,379,962 $ 187,634,295
$ 5,436,073,803 $ 1,816,026,747 $ 2,545,185,082 $ 3,028,622,814 $ 3,450,602,755
$ - $ 3,993,984,108 $ 3,993,984,108 $ 2,995,488,081 $ 2,995,488,081

$ 6,714,808,359 $ 7,560,985,123 $ 8,440,476,600 $ 7,362,785,154 $ 7,632,494,939

$ 56,768,820 $ 50,461,174 $ 44,153,527 $ 37,845,880 $ 31,538,234

$ 56,768,820 $ 50,461,174 $ 44,153,527 $ 37,845,880 $ 31,538,234

$ 6,771,577,180 $ 7,611,446,297 $ 8,484,630,127 $ 7,400,631,034 $ 7,664,033,173

$ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630

$ 3,767,695,244 $ 4,753,864,160 $ 6,165,790,613 $ 6,165,790,613 $ 6,165,790,613
$ 17,691,240,768 $ 12,711,087,745 $ 12,711,087,745 $ 12,711,087,745 $ 12,711,087,745
$ 2,822,483,051 $ 4,237,395,744 $ 5,938,765,192 $ 7,066,786,565 $ 8,051,406,427

$ 24,443,615,693 $ 21,864,544,278 $ 24,977,840,179 $ 26,105,861,553 $ 27,090,481,415

$ 31,215,192,873 $ 29,475,990,575 $ 33,462,470,307 $ 33,506,492,587 $ 34,754,514,588

$ (888,351,234) $ (6,524,351,280) $ (7,936,951,924) $ (7,986,949,162) $ (7,990,659,620)

 56 57 58 59 60
$ 26,529,702,783 $ 28,596,967,825 $ 30,027,454,177 $ 31,258,961,991 $ 32,980,766,070
$ 856,084,689 $ 570,740,480 $ 499,391,412 $ 784,761,652 $ -
$ 271,770,273 $ 652,247,730 $ 434,833,362 $ 380,482,084 $ 597,896,452

$ 27,657,557,745 $ 29,819,956,034 $ 30,961,678,951 $ 32,424,205,727 $ 33,578,662,521

$ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000 $ 95,000,000

$ (54,666,667) $ (55,375,000) $ (56,083,333) $ (56,791,667) $ (57,500,000)
$ 40,333,333 $ 39,625,000 $ 38,916,667 $ 38,208,333 $ 37,500,000

$ 40,333,333 $ 39,625,000 $ 38,916,667 $ 38,208,333 $ 37,500,000

$ 27,697,891,078 $ 29,859,581,034 $ 31,000,595,618 $ 32,462,414,061 $ 33,616,162,521

$ 1,014,036,584 $ 1,691,774,635 $ 1,187,294,297 $ 1,212,790,982 $ 1,289,202,944

$ 214,933,576 $ 274,170,404 $ 315,447,988 $ 352,336,803 $ 209,964,393
$ 3,749,709,678 $ 4,478,677,668 $ 4,961,925,055 $ 5,383,714,651 $ 6,051,113,372
$ 2,995,488,081 $ 1,996,992,054 $ 1,996,992,054 $ 1,996,992,054 $ 998,496,027

$ 7,974,167,918 $ 8,441,614,760 $ 8,461,659,395 $ 8,945,834,490 $ 8,548,776,736

$ 25,230,587 $ 18,922,940 $ 12,615,293 $ 6,307,647 $ (0)

$ 25,230,587 $ 18,922,940 $ 12,615,293 $ 6,307,647 $ (0)

$ 7,999,398,505 $ 8,460,537,700 $ 8,474,274,688 $ 8,952,142,137 $ 8,548,776,736

$ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630 $ 162,196,630

$ 6,165,790,613 $ 6,165,790,613 $ 6,165,790,613 $ 6,165,790,613 $ 6,165,790,613
$ 12,711,087,745 $ 12,711,087,745 $ 12,711,087,745 $ 12,711,087,745 $ 12,711,087,745
$ 8,749,322,582 $ 10,450,247,892 $ 11,577,825,128 $ 12,562,000,852 $ 14,119,264,534

$ 27,788,397,569 $ 29,489,322,880 $ 30,616,900,116 $ 31,601,075,840 $ 33,158,339,522

$ 35,787,796,074 $ 37,949,860,580 $ 39,091,174,804 $ 40,553,217,977 $ 41,707,116,257

$ (8,089,904,996) $ (8,090,279,546) $ (8,090,579,186) $ (8,090,803,916) $ (8,090,953,736)

INDICADORES ECONOMICOS DE BONDAD DEL PROYECTO

WACC - Proyecto 16.27% EA

TIR - Proyecto - Flujo de caja libre 52.49% MV
VPN (valor presente neto) del Proyecto - Flujo de caja libre $ 25,014,898,855
Costo de la deuda SOCIOS 18.72% EA
TIR - Accionistas 114.92% MV
VPN - Accionistas $ 6,304,413,429

INDICADORES FINANCIEROS Hacer analisis financiero, argumentar si es bueno o malo el

AÑO 1 2
LIQUIDEZ
Razon corriente 3.01 3.48
Prueba acida 2.94 3.42
Fondo de maniobra $ 2,975,727,662 $ 6,476,321,541
ACTIVIDAD
Liquidez de inventario - Dias 6.82 6.28
Periodo promedio de cobro - Dias 4.01 4.01
Ciclo operacional 10.83 10.29
Periodo promedio de pago - Dias 18.80 18.53
Periodo de Caja -7.97 -8.24
Rotacion de activos 2.30 1.87
RENTABILIDAD
Margen bruto 43.8% 43.8%
Margen operativo 36% 36%
Margen neto 25% 25%
ROE 94% 68%
ROA 58% 48%
GENERACION DE EFECTIVO - CAPACIDAD DE PAGO
EBITDA $ 3,785,148,517 $ 6,248,959,866
Cubrimiento de intereses 1027.53 2249.71
 1.26% MV
15709.05% EA

1.44% MV
971094.16% EA

mentar si es bueno o malo el resultado

3 4 5

3.62 4.43 3.93

3.56 4.37 3.93
$ 10,632,991,484 $ 20,762,770,818 $ 25,029,885,786

5.98 5.78 #DIV/0!

4.01 4.01 4.02
9.99 9.80 #DIV/0!
18.38 18.29 15.40
-8.39 -8.49 #DIV/0!
1.77 1.42 1.62

43.8% 43.8% 43.8%

37% 37% 37%
26% 26% 26%
57% 46% 43%
45% 37% 42%
CIDAD DE PAGO
$ 9,580,419,130 $ 14,097,601,194 $ 20,178,952,816
5108.49 14467.72 269262.44
 Actividades Procesos
Creación de estrategias, objetivos, metas a corto y largo plazo Infraestructura de la empresa
Planear y dirigir la compañia Infraestructura de la empresa
Aumentar el numero y calidad de clientes Infraestructura de la empresa
Tomar decisiones en cuanto a las personas a contratar, capacitar y ubicInfraestructura de la empresa
Ir a ruedas de negocios para presentar los productos Infraestructura de la empresa
Gestión de contenidos para la capacitación dirigida a agricultores Infraestructura de la empresa
Gestión de preguntas y respuestas Infraestructura de la empresa
Registro de operaciones contables Infraestructura de la empresa
Preparar y asegurarse de que la empresa cumpla con los requerimientoInfraestructura de la empresa
Ley de protección 99 de 1993 para la preservación del medio ambiente,Infraestructura de la empresa
aplicar el reglamento técnico de fertilizantes y acondicionadores de s Infraestructura de la empresa
Constitución de la empresa y legalización de la misma Infraestructura de la empresa
Realizar el procedimiento para obtener el RUT Infraestructura de la empresa
Registro de factura y resolución Infraestructura de la empresa
Aplicar la resolución 293 de 1992 que regula el transporte por medio Infraestructura de la empresa
Aplicar y gestionar la Norma iso 22000, esta norma regula la seguridad Infraestructura
a de la empresa
Realizar la resolución 2387 de 1999 del ministerio de salud Infraestructura de la empresa
Busqueda de personal con preparación adecuada Infraestructura de la empresa
Contratación por tiempo definido de 1 año Administración de recursos humanos
Entrenamiento del personal en la venta y asistencia tecnica a los agricuAdministración de recursos humanos
Selección de logo y linea grafica Administración de recursos humanos
Creación de comunicación persuasiva para desempeñarse de manera dig Administración de recursos humanos
Realización de impresos en forma de cartillas en las que se explique el Administración de recursos humanos
El canal será directo, por medio telefónico y presencial, mientras se ed Administración de recursos humanos
Realizar matriz de calificación y selección de los proveedores destaca Logística interna
Contar con los proveedores suplentes como segunda opción en caso deLogística interna
Establecer los proveedores de los insumos por medio de las ofertas emiLogística interna
Establecer los tiempos de Recompra y abastecimiento Logística interna
Proyectar la demanda del producto final para evitar la acumulacion delLogística interna
Establecer las fechas de entrega y planes de contingencia con los prov Logística interna
Contar con un sitio o lugar de acopio de los insumos. Logística interna
Ficha técnica de los insumos, incluyendo el detalle de los componentesLogística interna
Manual de almacenamiento y manipulación de la materia prima. Logística interna
Contar con una flota de camiones Turbo cada uno tomara una ruta puntu Logística Externa
Programar la distribucion del producto en determinado momento de l Logística Externa
Distribucion en zonas rurales. Llegar hasta los clientes Logística Externa
Programar pedidos en las zonas rurales Logística Externa
Cronograma de distribucion Rural y Urbana Logística Externa
Correcta y fluida comunicación con los proveedores. Aprovisionamiento
Acordar fechas y horas de entrega teniendo en cuenta el tiempo en la el Aprovisionamiento
Realizar planes de mitigación del riesgo de abastecimiento de insumos.Aprovisionamiento
Programación de mantenimientos y revisiones periódicas a las máquinaAprovisionamiento
Contratos de entrega claros entre comerciantes (B2B). Aprovisionamiento
Recolectar residuos de producciones agrícolas Operaciones
Recolectar residuos de producciones pecuarias Operaciones
Recolectar residuos forestales Operaciones
Recolectar basura domestica Operaciones
Seleccionar un sitio cubierto, seco y firme. Operaciones
Señalizar los espacios y áreas de proceso. Operaciones
Seleccionar y acopiar los residuos orgánicos. Operaciones
Usar los elementos de protección personal. Operaciones
Alistar los materiales, insumos y herramientas requeridos. Operaciones
Triturar los residuos de consistencia gruesa hasta obtener un (tamaño iOperaciones
Pesar la cantidad de residuos e insumos a utilizar y registre la informacOperaciones
Disuelver la fuente de energía (melaza, guarapo y otros) en agua y adi Operaciones
Disponer los residuos en capas intercaladas: Operaciones
Mezclar homogéneamente todos los materiales, y haga una pila entre 1Operaciones
tomar la temperatura de la pila Operaciones
Controlar temperatura y registrar. Operaciones
Empaca en bolsas especiales, resistentes y certificadas para envasado Operaciones
Se utilizará diferentes niveles de tecnología para el debido proceso de Desarrollo tecnologico
Se tendrá un óptimo transporte para la recolección de insumos . Desarrollo tecnologico
Tendremos un software óptimo para el control de producción y distribuDesarrollo tecnologico
Requerimos maquinaria necesaria para la elaboración del producto finaDesarrollo tecnologico
Aumentar la capacidad de intercambio catiónico con nuestros abono Desarrollo tecnologico
Tener efecto quelante sobre el hierro, magnesio, cobre, zinc etc Desarrollo tecnologico
Mantener un producto útil durante un tiempo considerable con un emDesarrollo tecnologico
Agradecer la compra. Servicio Post venta
Darle seguimiento a un cliente. Servicio Post venta
Escuchar lo que el cliente tiene para decir Servicio Post venta
Establecer una relación a largo plazo con los clientes Servicio Post venta
Capacitar el personal para el manejo de incidencias y quejas Servicio Post venta
Ofrecer servicios de asesoramiento en el uso y mantenimiento de los pServicio Post venta
Los servicios de solución deben ser rápidos y de calidad. Servicio Post venta
Selección de logo y línea gráfica Marketing y Ventas
Creación de comunicación persuasiva para desempeñarse de manera dig Marketing y Ventas
Creacion Pagina Web y perfiles en redes sociales Marketing y Ventas
Realización de impresos en forma de cartillas en las que se explique el Marketing y Ventas
 Responsable Insumos necesarios
Gerente General pliegos de papel periodico y marcadores.
Gerente General Computador
Gerente General material pop
Gerente General Papeleria necesaria para realizar las contratac
Gerente General y asistente montaje, muebles, pendones, vitrina
Gerente e Ingeniero Agronomo tablero, productos organicos practicos de ens
Gerente y asesor comercial telefono
Asistente de contabilidad Computador
Gerente y abogado freelance Recurso humano
Gerente, abogado freelance y agronomo Recurso humano
Gerente, abogado freelance y agronomo Recurso humano
Gerente y representante legal Recurso humano
Gerente y representante legal Recurso humano
Gerente y representante legal internet
Gerente y abogado freelance camion
Gerente, abogado freelance y agronomo Recurso humano
Gerente y abogado freelance rotulado organico
Asistente de recursos humanos Computador, impresora con fotocopiadora, esf
Asistente de recursos humanos Recurso humano
Asistente de Gerencia y Agronomo tablero, proyector, cartillas informativas
Diseñador Grafico freelance Recurso humano
Mercadologo Recurso humano
Diseñador grafico freelance y mercadologo cartillas
asistente de gerencia telefono
Gerente General y asistente de compras Computador
Gerente General y asistente de compras Matriz de resultados luego de la validacion de
Gerente General y asistente de compras Reporte de situacion actual de los proveedore
Gerente de Compras Reporte de capacidad intalada
Gerente de Compras Software que reporte las Ordenes de Compra
Gerente de Compras Software de registro de inventario y comunica
Gerente administrativo Bodega
Proveedores de los insumos Reporte detallado de los componentes y tiemp
Proveedores de los insumos e ingeniero agro Recurso humano
Gerente logistico y Analista de compras Camion Turbo
Analista de Compras Calendario virtual y fisico compartido con los c
Gerente logistico Motos todoterreno
Gerente logistico y Analista de compras Matriz con la ubicacion geografica de los client
Gerente logistico Matriz con ruta de distribucion para cada cam
Analista de Compras Telefono celular
Analista de Compras Software para conectar con los proveedores
Analista de Compras Computador
Analista de Compras Computador
Abogado Software para conectar con los proveedores
personal de operaciones
personal de operaciones
personal de operaciones
personal de operaciones
personal de operaciones
personal de operaciones
personal de operaciones
personal de operaciones
personal de operaciones
personal de operaciones
personal de operaciones
personal de operaciones
personal de operaciones
personal de operaciones
personal de operaciones
personal de operaciones
personal de operaciones
ingeniero quimico
personal logistico
ingeniero de sistemas
ingeniero industrial
ingeniero quimico
ingeniero quimico
ingeniero quimico
personal de atencion al cliente
personal de atencion al cliente
personal de atencion al cliente
personal de atencion al cliente
personal de atencion al cliente
personal de atencion al cliente
personal de atencion al cliente
Empresa de Publicidad
Empresa de Publicidad
Empresa de Publicidad
Empresa de Publicidad
transporte
transporte
transporte
transporte
infraestructura
infraestructura
infraestructura
elementos de proteccion personal
estanteria
maquina trituradora
bascula
maquina dilusora
maquina distribuidora
mezcladoras
termometros especializados
termometros especializados
empaques y maquinas
elementos tecnologicos
transporte
Computador
maquinaria
equipos de pruebas
equipos de pruebas
empaques
telefono, computadores
bases de datos
paginas de internet, callcenter, centro de pqrs
sistemas de informacion
cursos de atencion al cliente
cartillas, pagina web, telefono
internet, telefono
Profesional en publicidad y Diseño grafico
Profesional en publicidad y Diseño grafico
Ingeniero de telecomunicaciones
Profesional en publicidad y Diseño grafico
 Agrupacion de Insumos Numero de unidades
Papeleria 3
Tecnologicos 1
Papeleria 100
Papeleria 1 resma de papel, 4 marcadores y 10 lapices
Muebles y enseres 2 pendones, 1 vitrina y 1 mesa
Muebles y enseres 1 tablero (restos de cosecha, excrementos de animales y otros residuos)
Tecnologicos 1 telefono
Tecnologicos 1
Recurso humano 1
Recurso humano 1
Recurso humano 1
Recurso humano 1
Recurso humano 1
Tecnologicos
Vehiculos 1
Recurso humano 1
Organicos 1000 unidades de rotulado organico
Tecnologicos 1 computador, 1 impresora multifuncional 2 esferos y 1 agenda
Recurso humano 1
Muebles y enseres 1 tablero, 1 proyector y 20 cartillas informativas
Recurso humano 1
Recurso humano 1
Papeleria 100 cartillas
Tecnologicos 1 telefono
Tecnologicos 1
Tecnologicos 1
Papeleria 1
Papeleria 1
Tecnologicos 1
Tecnologicos 1
Adecuacion Infraestructura 1
Papeleria 1
Recurso humano 1
Vehiculos 2
Papeleria 1
Vehiculos 2
Tecnologicos 1
Tecnologicos 4
Tecnologicos 1
Tecnologicos 1
Tecnologicos 1
Tecnologicos 1
Tecnologicos 1
Vehiculos
Vehiculos
Vehiculos
Vehiculos
Adecuacion Infraestructura
Adecuacion Infraestructura
Adecuacion Infraestructura
Muebles y enseres
Muebles y enseres
Maquinaria
Muebles y enseres
Maquinaria
Maquinaria
Maquinaria
Maquinaria
Maquinaria
Muebles y enseres
Tecnologicos
Vehiculos
Tecnologicos 1
Maquinaria
Tecnologicos
Tecnologicos
Muebles y enseres
Tecnologicos
Tecnologicos
Tecnologicos
Tecnologicos
Recurso humano
Papeleria
Tecnologicos
Publicidad
Publicidad
Publicidad
Publicidad
Caracteristicas demograficas

Poblacion
Numero de personas a las cuales podria llegar

Poblacion de la Ubicación geografica

Segmento Objetivo (Cantidad de personas)

Caracteristicas Comportame
Descripcion
Unidades Vendidas 2015
Unidades Vendidas 2015
Total
Kg por persona por año
precio promedio de esas unidades a vender
Valor del mercado anual
Valor del mercado mensual

Tamaño del mercado

Porcentaje
100%
38.24%

Cantidad ( # unidades a vender) año

Presentacion de 20 Kg
Precio de Venta estimado
Ingresos año

Cuota del mercado Objetivo

¿Capacidad operativa?
Capacidad de distribucion
 Ubicación geografica Cundinamarca - Arbelaez
Edad 35 - 60
sexo Principalmente masculino
Nivel de ingresos SMMLV - $ 7.000.000
Estrato economico Baja - Media
Nivel de estudios Básico - Primaria

Poblacion
Indicador Cantidad
Poblacion Colombia 45,500,000
Cundinamarca 2,680,041
Personas en la zona rural 696,707
Area rural dispersa correspondiente a cultivo 43,893
Personas con Cultivos permanentes en Cundinamarca 32,832

32,832

Caracteristicas Comportamentales
Indicador Cantidad
Abono Organico en KG 579,750
Compost en KG 13,091,990
Total 13,671,740
416
$ 2,648
$ 36,197,070,962
$ 3,016,422,580

38.24%

Poblacion Kg Total Anuales

32,832 13,671,740
12,555 5,228,073

Cantidad ( # unidades a vender) año

261,404
$ 40,000
$ 10,456,146,752

Numero de unidades año

Restricciones
Restricciones
 Porcentaje Fuente
100.0% Dane
5.9% http://noticias.universia.net.co/actualidad/noticia/2013/10/28/1059442/produccion-organica-favorable
26.0% El tiempo
6.3% https://www.dane.gov.co/files/CensoAgropecuario/avanceCNA/CNA_agosto_2015_new_present.pdf
74.8% https://www.dane.gov.co/files/CensoAgropecuario/avanceCNA/CNA_agosto_2015_new_present.pdf

Fuente
(Pag.13) https://www.ica.gov.co/Areas/Agricola/Servicios/Fertilizantes-y-Bio-insumos-Agricolas/Estadistic
(Pag.15) https://www.ica.gov.co/Areas/Agricola/Servicios/Fertilizantes-y-Bio-insumos-Agricolas/Estadistic

Und presentacion 20kg Costo total

683,587 $ 36,197,070,962
261,403.67 $ 13,841,759,936
ccion-organica-favorable-colombia.html

15_new_present.pdf
15_new_present.pdf

umos-Agricolas/Estadisticas/Estadisticas-Fertilizantes-2015-22-12-2016-2.aspx
umos-Agricolas/Estadisticas/Estadisticas-Fertilizantes-2015-22-12-2016-2.aspx
 Nombre producto Presentacion Tamaño x unidad Precio Precio unitario
Fulvat 3 en 1 Kg 30 $ 77,000 $ 2,567
Compost, Compostaje Kg 30 $ 55,000 $ 1,833
Sin marca Kg 5 $ 18,000 $ 3,600
Sin marca Kg 15 $ 32,000 $ 2,133
Sin marca Kg 25 $ 40,000 $ 1,600
Thermo King Residuos Organicos Lt 400 $ 959,900 $ 2,400
Sin marca Kg 1 $ 4,400 $ 4,400
Precio promedio $ 2,648
 Fuente
https://listado.mercadolibre.com.co/abonos-organicos
https://articulo.mercadolibre.com.co/MCO-487022211-abono-o-fertilizante-organico-3-en-1-presentacion-x-30-kilos-_JM
https://articulo.mercadolibre.com.co/MCO-451859431-compost-compostaje-o-abono-organico-por-5kilos-para-cultivo-_JM
https://articulo.mercadolibre.com.co/MCO-451859434-compost-compostaje-o-abono-organico-por-15-kg-para-cultivo-_JM
https://articulo.mercadolibre.com.co/MCO-474594622-compost-bioambientar-abono-organico-_JM
https://articulo.mercadolibre.com.co/MCO-453809922-compostadora-400-lts-thermo-king-residuos-organicos-en-abono-_JM
https://articulo.mercadolibre.com.co/MCO-451859435-compost-compostaje-o-abono-organico-por-1-kilo-para-cultivo-_JM
cion-x-30-kilos-_JM
kilos-para-cultivo-_JM
5-kg-para-cultivo-_JM

organicos-en-abono-_JM
-kilo-para-cultivo-_JM