INVERSIONES

Costo Años Tasa Valor final Ganancia

Terreno 140,000,000 10 4% 207,234,200 67,234,200

Depreciación
Costo Vida Depreciación acumulada Valor en libros
Maquinaria y equipo 180,000,000 10 18,000,000 180,000,000 -
Muebles 17,000,000 5 3,400,000 17,000,000 -
Vehículo 55,000,000 10 5,500,000 55,000,000 -
Planta 220,000,000 20 11,000,000 110,000,000 110,000,000
Computo 15,000,000 5 3,000,000 15,000,000 -
Total 487,000,000 40,900,000 110,000,000

Costo Vida Amortización

Licencias 5,000,000 10 500,000

Total Activos 632,000,000

CAPITAL DE TRABAJO
1 2 3 4 5
Capacidad instalada 10,000 10,000 10,000 10,000 10,000
Capacidad utilizada 80% 85% 90% 95% 100%
Unidades producidas 8,000 8,500 9,000 9,500 10,000
Requerimiento de CT 12,000 12,000 12,000 12,000 12,000
Capital de trabajo anual 96,000,000 102,000,000 108,000,000 114,000,000 120,000,000
Aumento en CT 6,000,000 6,000,000 6,000,000 6,000,000

INVERSION INICIAL 728,000,000

INGRESOS 1 2 3 4 5
Unidades 8,000 8,500 9,000 9,500 10,000
Precio unitario 70,000 70,000 70,000 70,000 70,000
Ingresos operacionales 560,000,000 595,000,000 630,000,000 665,000,000 700,000,000

COSTOS DE FABRICACION

Horas de mano
Unidades requeridas de obra directa Kg de materia Kg de insumos
1 prima para para para 1
para una autoparte para 1 dispositivo dispositivo
Dispositivo dispositivo Total HMOD
A 2 1 2 2 2
B 3 2 3 2 6
C 2 2 1 3 4

Costo MOD 500

Costo MD 1,000
Costo Insumos 500

COSTOS DE ENSAMBLE
Costo MOD Ensamble Cantidad HMOD Costo ensamble
600 2 1,200

COSTOS EMPAQUE
Costo caja Cantidad cajas Costo empaque
2,500 1 2,500

COSTO UNITARIO TOTAL 32,700

Gastos de publicidad 4% de ingresos
Gasto de distribución 2,000 por unidad
Gastos comision ventas 2% de ventas
Gastos de ventas 3,000 por unidad
COSTOS DE FABRICACION 1 2 3 4 5
Unidades 8,000 8,500 9,000 9,500 10,000
Costo unitario fabricación 32,700 32,700 32,700 32,700 32,700
Costo total de fabricación 261,600,000 277,950,000 294,300,000 310,650,000 327,000,000
Costos fijos de producción 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
Gastos de publicidad 22,400,000 23,800,000 25,200,000 26,600,000 28,000,000
Gastos de distribución 16,000,000 17,000,000 18,000,000 19,000,000 20,000,000
Gastos de comisiones 11,200,000 11,900,000 12,600,000 13,300,000 14,000,000
Gastos de admon 24,000,000 25,500,000 27,000,000 28,500,000 30,000,000

SERVICIO DE LA DEUDA
Porcentaje de deuda 45%
Porcentaje propio 55%
Monto deuda 327,600,000
Costo deuda 14.75%
Plazo 10

1 2 3 4 5
Deuda al inicio 327,600,000 311,268,708 292,528,175 271,022,981 246,345,278
Interes generado 48,328,535 45,919,294 43,154,634 39,982,123 36,341,595
Pago realizado 64,659,827 64,659,827 64,659,827 64,659,827 64,659,827
Abno a capital 16,331,292 18,740,533 21,505,193 24,677,704 28,318,233
Deuda al final 311,268,708 292,528,175 271,022,981 246,345,278 218,027,045

CALCULO DEL WACC

Libre de riesgo 8%
Mercado 14%
Impuesto 33%
Beta sector 1.25
Beta proyecto 1.94
Costo propio 19.6%

Fuente Participación Costo AI Costo DI Costo Ponderado

Deuda 45% 14.75% 9.88% 4.45%
Propio 55% 19.61% 10.79%
Total 100.00% WACC 15.23%

FLUJO DE EFECTIVO - 1 2 3 4
Ingresos operacionales 560,000,000 595,000,000 630,000,000 665,000,000
Costos variables 261,600,000 277,950,000 294,300,000 310,650,000
Margen de contribución 298,400,000 317,050,000 335,700,000 354,350,000
Costos fijos 20,000,000 20,000,000 20,000,000 20,000,000
Depreciación 40,900,000 40,900,000 40,900,000 40,900,000
Amortización 500,000 500,000 500,000 500,000
Gastos de ventas 49,600,000 52,700,000 55,800,000 58,900,000
Gastos de administracion 24,000,000 24,000,000 24,000,000 24,000,000
Utilidad Operacional 163,400,000 178,950,000 194,500,000 210,050,000
Otros ingresos no operacionales
Otros egresos no operacionales
Utilidad AII 163,400,000 178,950,000 194,500,000 210,050,000
Intereses 48,328,535 45,919,294 43,154,634 39,982,123
Utilidad AI 115,071,465 133,030,706 151,345,366 170,067,877
Impuestos 37,973,583 43,900,133 49,943,971 56,122,399
Utilidad Neta 77,097,882 89,130,573 101,401,395 113,945,477
Inversion 728,000,000
Credito 327,600,000
Abono a capital 16,331,292 18,740,533 21,505,193 24,677,704
Depreciación 40,900,000 40,900,000 40,900,000 40,900,000
Amortización 500,000 500,000 500,000 500,000
Aumento CT 6,000,000 6,000,000 6,000,000 6,000,000
Recuperacion CT
Recuperacion activos
Flujo Neto de Efectivo - 400,400,000 96,166,589 105,790,040 115,296,202 124,667,774
WACC 15.23%
VPN 238,034,381
TIR 27.32%
 Ganancia
Valor venta Perdida
20,000,000 20,000,000
- -
5,000,000 5,000,000
7,500,000 - 102,500,000
- -
- 77,500,000

6 7 8 9 10
10,000 10,000 10,000 10,000 10,000
100% 100% 100% 100% 100%
10,000 10,000 10,000 10,000 10,000
12,000 12,000 12,000 12,000 12,000
120,000,000 120,000,000 120,000,000 120,000,000 120,000,000
- - - - -

6 7 8 9 10
10,000 10,000 10,000 10,000 10,000
70,000 70,000 70,000 70,000 70,000
700,000,000 700,000,000 700,000,000 700,000,000 700,000,000

Total MD Total Insumos Total HMOD Total MD Total Insumos

4 4 1,000 4,000 2,000
9 6 3,000 9,000 3,000
2 6 2,000 2,000 3,000
Total 6,000 15,000 8,000
Costo unitario fabricación 29,000
 6 7 8 9 10
10,000 10,000 10,000 10,000 10,000
32,700 32,700 32,700 32,700 32,700
327,000,000 327,000,000 327,000,000 327,000,000 327,000,000
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
28,000,000 28,000,000 28,000,000 28,000,000 28,000,000
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
14,000,000 14,000,000 14,000,000 14,000,000 14,000,000
30,000,000 30,000,000 30,000,000 30,000,000 30,000,000

6 7 8 9 10
218,027,045 185,531,222 148,241,517 105,450,724 56,347,304
32,164,004 27,370,123 21,869,033 15,556,407 8,312,523
64,659,827 64,659,827 64,659,827 64,659,827 64,659,827
32,495,823 37,289,705 42,790,794 49,103,420 56,347,304
185,531,222 148,241,517 105,450,724 56,347,304 -
 5 6 7 8 9 10
700,000,000 700,000,000 700,000,000 700,000,000 700,000,000 700,000,000
327,000,000 327,000,000 327,000,000 327,000,000 327,000,000 327,000,000
373,000,000 373,000,000 373,000,000 373,000,000 373,000,000 373,000,000
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
40,900,000 40,900,000 40,900,000 40,900,000 40,900,000 40,900,000
500,000 500,000 500,000 500,000 500,000 500,000
62,000,000 62,000,000 62,000,000 62,000,000 62,000,000 62,000,000
24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000
225,600,000 225,600,000 225,600,000 225,600,000 225,600,000 225,600,000
- 10,265,800
-
225,600,000 225,600,000 225,600,000 225,600,000 225,600,000 215,334,200
36,341,595 32,164,004 27,370,123 21,869,033 15,556,407 8,312,523
189,258,405 193,435,996 198,229,877 203,730,967 210,043,593 207,021,677
62,455,274 63,833,879 65,415,860 67,231,219 69,314,386 68,317,153
126,803,132 129,602,117 132,814,018 136,499,748 140,729,207 138,704,523
32,000,000

28,318,233 32,495,823 37,289,705 42,790,794 49,103,420 56,347,304

40,900,000 40,900,000 40,900,000 40,900,000 40,900,000 40,900,000
500,000 500,000 500,000 500,000 500,000 500,000
- - - - - -
120,000,000
110,000,000
107,884,899 138,506,294 136,924,313 135,108,954 133,025,787 353,757,219
Capacidad 50,000

1 2 3 4 5
Capacidad 10,000 10,000 10,000 10,000 10,000
Utilizacion 70% 80% 90% 100% 100%
Unidades 7,000 8,000 9,000 10,000 10,000
Precio 80,000 80,000 80,000 80,000 80,000
Ingresos 560,000,000 640,000,000 720,000,000 800,000,000 800,000,000

REQUERIMIENTOS
Hmod 14,000 16,000 18,000 20,000 20,000
Costo HMOD 10,000 10,000 10,000 10,000 10,000
Costo total MOD 140,000,000 160,000,000 180,000,000 200,000,000 200,000,000
Cantidad MP 14,000 16,000 18,000 20,000 20,000
Costo MP 6,000 6,000 6,000 6,000 6,000
Costo toal MP 84,000,000 96,000,000 108,000,000 120,000,000 120,000,000
CGF 5,000 5,000 5,000 5,000 5,000
Costo Total GF 35,000,000 40,000,000 45,000,000 50,000,000 50,000,000
Costos fijos 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
Costos totales 279,000,000 316,000,000 353,000,000 390,000,000 390,000,000
Gastos de administracion 13,950,000 15,800,000 17,650,000 19,500,000 19,500,000
Gastos de ventas 56,000,000 64,000,000 72,000,000 80,000,000 80,000,000

Capital de trabajo 70,000,000 80,000,000 90,000,000 100,000,000 100,000,000

Aumento en CT 10,000,000 10,000,000 10,000,000 -

ACTIVOS
Costo Valorizacion Valor final Venta Perdida
Terreno 230,000,000 1% 254,063,089 140,000 229,860,000

Costo Vida Deprec Anual Depre Acumu Valor en libros

Edificio 50,000,000 20 2,500,000 25,000,000 25,000,000
Maquinaria Equipo 100,000 10 10,000 100,000 -
Vehículo 55,000 10 5,500 55,000 -
Total 50,155,000 2,515,500 25,000,000
Licencias 4,000 10 400

Inversion total 350,159,000

Deuda 300,000,000
Porcentaje deuda 86%
Porcentaje propio 14%
Costo deuda 10%
Plazo 5
Decrecen 500
 1 2 3 4 5
Deuda al inicio 300,000,000 250,859,851 196,806,186 137,347,656 71,943,772
Interes generado 30,000,000 25,085,985 19,680,619 13,734,766 7,194,377
Pago realizado 79,140,149 79,139,649 79,139,149 79,138,649 79,138,149
Abono a capital 49,140,149 54,053,664 59,458,531 65,403,884 71,943,772
Deuda al final 250,859,851 196,806,186 137,347,656 71,943,772 -

CALCULO DEL WACC

Libre de riesgo 7%
Mercado 12%
Impuesto 35%
Beta sector 1.40
Beta proyecto 6.84
Costo propio 41.2%

Fuente Participación Costo AI Costo DI Costo Ponderado

Deuda 86% 10.00% 6.50% 5.57%
Propio 14% 41.21% 5.90%
Total 100.00% WACC 11.47%

FLUJO DE EFECTIVO 1 2 3 4
Ingresos 560,000,000 640,000,000 720,000,000 800,000,000
Costos totales 279,000,000 316,000,000 353,000,000 390,000,000
Gastos de admon 13,950,000 15,800,000 17,650,000 19,500,000
Gastos de ventas 56,000,000 64,000,000 72,000,000 80,000,000
Depreciación 2,515,500 2,515,500 2,515,500 2,515,500
Amortización0 400 400 400 400
Utilidad Operativa 208,534,100 241,684,100 274,834,100 307,984,100
Otros ingresos
Otros egresos
UAII 208,534,100 241,684,100 274,834,100 307,984,100
Intereses 30,000,000 25,085,985 19,680,619 13,734,766
UAI 178,534,100 216,598,115 255,153,481 294,249,334
Impuesto 62,486,935 75,809,340 89,303,718 102,987,267
Utilidad Neta 116,047,165 140,788,775 165,849,763 191,262,067
Inversion 350,159,000
CreditO 300,000,000
Abono a capital 49,140,149 54,053,664 59,458,531 65,403,884
Depreciación 2,515,500 2,515,500 2,515,500 2,515,500
Amortización0 400 400 400 400
Aumento CT 10,000,000 10,000,000 10,000,000 -
Recuperacion CT
Recuperacion activos
Flujo Neto Efectivo - 50,159,000 59,422,916 79,251,010 98,907,132 128,374,084
WACC 11.47%
VPN 794,247,715
TIR 146%
 6 7 8 9 10
10,000 10,000 10,000 10,000 10,000
100% 100% 100% 100% 100%
10,000 10,000 10,000 10,000 10,000
80,000 80,000 80,000 80,000 80,000
800,000,000 800,000,000 800,000,000 800,000,000 800,000,000

20,000 20,000 20,000 20,000 20,000

10,000 10,000 10,000 10,000 10,000
200,000,000 200,000,000 200,000,000 200,000,000 200,000,000
20,000 20,000 20,000 20,000 20,000
6,000 6,000 6,000 6,000 6,000
120,000,000 120,000,000 120,000,000 120,000,000 120,000,000
5,000 5,000 5,000 5,000 5,000
50,000,000 50,000,000 50,000,000 50,000,000 50,000,000
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
390,000,000 390,000,000 390,000,000 390,000,000 390,000,000
19,500,000 19,500,000 19,500,000 19,500,000 19,500,000
80,000,000 80,000,000 80,000,000 80,000,000 80,000,000

100,000,000 100,000,000 100,000,000 100,000,000 100,000,000

- - - - -

Venta Utilidad
25,000,000 -
- -
- -
-
 5 6 7 8 9 10
800,000,000 800,000,000 800,000,000 800,000,000 800,000,000 800,000,000
390,000,000 390,000,000 390,000,000 390,000,000 390,000,000 390,000,000
19,500,000 19,500,000 19,500,000 19,500,000 19,500,000 19,500,000
80,000,000 80,000,000 80,000,000 80,000,000 80,000,000 80,000,000
2,515,500 2,515,500 2,515,500 2,515,500 2,515,500 2,515,500
400 400 400 400 400 400
307,984,100 307,984,100 307,984,100 307,984,100 307,984,100 307,984,100

229,860,000
307,984,100 307,984,100 307,984,100 307,984,100 307,984,100 78,124,100
7,194,377 - - - - -
300,789,723 307,984,100 307,984,100 307,984,100 307,984,100 78,124,100
105,276,403 107,794,435 107,794,435 107,794,435 107,794,435 27,343,435
195,513,320 200,189,665 200,189,665 200,189,665 200,189,665 50,780,665

71,943,772 - - - - -
2,515,500 2,515,500 2,515,500 2,515,500 2,515,500 2,515,500
400 400 400 400 400 400
- - - - - -
100,000,000
255,000,000
126,085,448 202,705,565 202,705,565 202,705,565 202,705,565 408,296,565