Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Estudio de Factibilidad
1. Demanda
Demanda Inicial
Crecimiento
Precio
Crecimiento Perpetuo
2. Costos y gastos
Mano de Obra
Materiales
Indirectos
Directos
Gastos Operativos
Impuestos
3. Prstamo Bancario
Principal
Plazo (aos)
Inters
4. Informacin de Mercado
Premio Histrico
Bonos Estados Unidos
Bonos de Costa Rica
Prima de Riesgo
5. Inversiones y Depreciacin
Edificio
Valor Depreciable
Vida til
Equipos de Planta
Valor Depreciable
Vida til
Equipos de Oficina
Valor Depreciable
Vida til
Activos Nominales
Valor Depreciable
Vida til
Terrenos
6. Capital de Trabajo
Rotacin de Inventarios
Inventario Final
Inventario Inicial
Inventario Promedio
2,000,000
10.0%
$1.30
3.0%
Escenario
2,000,000.00
10.0%
$1.30
3.0%
Escenario
$0.065
$0.410
$0.110
70.0%
30.0%
25.0%
$5,000,000
5
7.85%
30.0%
$4,965,291
5
7.85%
7.10%
3.60%
5.20%
4.50%
$90,000
$4,500,000
50
$275,000
$2,750,000
10
$100,000
$500,000
5
$15,000
$75,000
5
$3,000,000
2007
$67,117
2008
4.59
$82,440
$67,117
$74,779
2009
4.55
$82,535
$82,440
$82,488
$319,605
343500
375160
43.20
$85,800
$715,000
45.57
$94,932
$750,000
44.38
$102,329
$830,000
65.29
$40,577
$223,724
72.59
$48,485
$240,450
69.25
$50,515
$262,612
7. Capital de Trabajo
Inventario Incremental
Cuentas por Cobrar
Cuentas por Pagar
Capital de Trabajo Neto
0
$255,971
$320,549
$157,268
$419,252
2
$281,568
$352,604
$172,995
$41,925
Escenario
Inventario Incremental
Cuentas por Cobrar
Cuentas por Pagar
Capital de Trabajo Neto
0
$223,471
$320,549
$202,823
$341,197
2
$245,818
$352,604
$223,106
$34,120
8. Razn Debt/Equity
Debt
Equity
Financiamiento Total
Razn Debt/Equity
9. Beta
Beta Hans
Beta Apalancada
Razn D/E
Tasa Impositiva Efectiva
Beta Desapalancada
Beta FNG
Proyecto
$5,000,000
$6,244,252
$11,244,252
Escenario
44.5%
55.5%
100.0%
80.1%
Escenario 1
0.74
0
37.6%
0.74
1.184
10.Tabla de Amortizacin
0
1
2
3
4
5
Cuota
Escenario 1
Cuota
0
1
2
3
% del Total
44.5%
55.5%
100.0%
80.1%
$1,247,335
$1,247,335
$1,247,335
$1,247,335
$1,247,335
$1,238,677
$1,238,677
$1,238,677
1.184
Intereses
$392,500
$325,395
$253,023
$174,970
$90,789
Intereses
$389,775
$323,137
$251,267
Amortizacin
$854,835
$921,940
$994,312
$1,072,366
$1,156,547
Amortizacin
$848,901
$915,540
$987,410
4
5
$1,238,677
$1,238,677
$173,755
$90,159
$1,064,922
$1,148,518
acional de Gaseosas
Pgina: 1
Cambio Precio
0.000%
Promedio
4.57
Escenario
5.24
78.76
68.76
44.4
69.0
89.0
3
$309,725
$387,864
$190,294
$46,118
4
$340,698
$426,650
$209,323
$50,730
5
$374,768
$469,315
$230,256
$55,802
3
$270,400
$387,864
$245,416
$37,532
4
$297,440
$426,650
$269,958
$41,285
5
$327,184
$469,315
$296,954
$45,413
Saldo
$5,000,000
$4,145,165
$3,223,225
$2,228,912
$1,156,547
$0
Saldo
$4,965,291
$4,116,390
$3,200,850
$2,213,440
$1,148,518
$0
1. Flujo de Efectivo
Ingresos:
Ventas de Gaseosas
$2,600,000
$2,860,000
$3,146,000
10.0%
10.0%
$2,600,000
$2,860,000
$3,146,000
$130,000
$143,000
$157,300
5.0%
5.0%
5.0%
$820,000
$902,000
$992,200
31.5%
31.5%
31.5%
$220,000
$242,000
$266,200
% cambio
Total de Ingresos
Costos y Gastos de Produccin
Mano de Obra
% de las ventas
Materiales
% de las ventas
Indirectos
% de las ventas
8.5%
8.5%
8.5%
$300,000
$378,000
$463,800
% de las ventas
11.5%
13.2%
14.7%
Depreciacin
$480,000
$480,000
$480,000
% de las ventas
18.5%
16.8%
15.3%
$1,950,000
$2,145,000
$2,359,500
75.0%
75.0%
75.0%
$650,000
$715,000
$786,500
25.0%
27.5%
30.3%
$162,500
$178,750
$196,625
25.0%
25.0%
25.0%
$487,500
$536,250
$589,875
18.8%
20.6%
22.7%
$480,000
$480,000
($41,925)
$480,000
($46,118)
($2,750,000)
$967,500
$974,325
($1,726,243)
($854,835)
($294,375)
($921,940)
($244,047)
($994,312)
($189,767)
($181,710)
($191,662)
($2,910,322)
Impuesto de Ventas
Tasa de impuesto
Utilidad Neta
% margen
Flujo de Efectivo
Depreciacin
Capital de Trabajo
Inversiones
Valor Residual
Flujo de caja libre
Prstamo
Amortizaciones
Intereses despus de impuestos
Flujo de caja del socio
($419,252)
($10,825,000)
($11,244,252)
$5,000,000
($6,244,252)
2.Mtricas de Evaluacin
Proyecto sin financiamiento
WACC
VAN (12.67%)
3. Sensibilidad
12.67%
($5,023,083)
18.11%
($4,836,922)
seosas
Pgina: 2
$3,460,600
$3,806,660
10.0%
10.0%
$3,460,600
$3,806,660
$173,030
$190,333
5.0%
5.0%
$1,091,420
$1,200,562
31.5%
31.5%
$292,820
$322,102
8.5%
8.5%
$283,180
$386,998
8.2%
10.2%
$755,000
$755,000
21.8%
19.8%
$2,595,450
$2,854,995
75.0%
75.0%
$865,150
$951,665
33.3%
36.6%
$216,288
$237,916
25.0%
25.0%
$648,863
$713,749
25.0%
27.5%
$755,000
($50,730)
$755,000
($55,802)
$1,353,133
$7,598,869
$9,011,816
($1,072,366)
($131,227)
($1,156,547)
($68,092)
$149,540
$7,787,177
1. Flujo de Efectivo
Ingresos:
Ventas de Gaseosas
$2,600,000
$2,860,000
$3,146,000
10.0%
10.0%
$2,600,000
$2,860,000
$3,146,000
$130,000
$143,000
$157,300
5.0%
5.0%
5.0%
$820,000
$902,000
$992,200
31.5%
31.5%
31.5%
$220,000
$242,000
$266,200
% cambio
Total de Ingresos
Costos y Gastos de Produccin
Mano de Obra
% de las ventas
Materiales
% de las ventas
Indirectos
% de las ventas
8.5%
8.5%
8.5%
$300,000
$378,000
$463,800
% de las ventas
11.5%
13.2%
14.7%
Depreciacin
$480,000
$480,000
$480,000
% de las ventas
18.5%
16.8%
15.3%
$1,950,000
$2,145,000
$2,359,500
75.0%
75.0%
75.0%
$650,000
$715,000
$786,500
25.0%
27.5%
30.3%
$162,500
$178,750
$196,625
25.0%
25.0%
25.0%
$487,500
$536,250
$589,875
18.8%
20.6%
22.7%
$480,000
$480,000
($34,120)
$480,000
($37,532)
($2,750,000)
$982,130
($1,717,657)
($848,901)
($292,332)
($915,540)
($242,352)
($987,410)
($188,450)
($173,733)
($175,762)
($2,893,517)
Impuesto de Ventas
Tasa de impuesto
Utilidad Neta
% margen
Flujo de Efectivo
Depreciacin
Capital de Trabajo
Inversiones
Valor Residual
Flujo de caja libre
Prstamo
Amortizaciones
Intereses despus de impuestos
Flujo de caja del socio
($341,197)
($10,825,000)
($11,166,197)
$4,965,291
($6,200,906)
$967,500
2.Mtricas de Evaluacin
Proyecto sin financiamiento
WACC
VAN (12.67%)
12.67%
($4,921,296)
18.11%
($4,747,858)
2. Sensibilidad
Reduccin Gastos Operativos (-0.5%)
Reduccin Gastos Operativos (-1%)
Reduccin Gastos Operativos (-1.5%)
Reduccin Gastos Operativos (-2%)
Reduccin Gastos Operativos (-2.5%)
Reduccin Gastos Operativos (-3%)
Reduccin Gastos Operativos (-3.5%)
Reduccin Gastos Operativos (-4%)
Reduccin Gastos Operativos (-4.5%)
Reduccin Gastos Operativos (-5%)
Reduccin Gastos Operativos (-5.5%)
Reduccin Gastos Operativos (-6%)
Reduccin Gastos Operativos (-6.5%)
Reduccin Gastos Operativos (-7%)
Reduccin Gastos Operativos (-7.5%)
Reduccin Gastos Operativos (-8%)
Reduccin Gastos Operativos (-8.5%)
Reduccin Gastos Operativos (-9%)
Reduccin Gastos Operativos (-9.5%)
Reduccin Gastos Operativos (-10%)
Reduccin Gastos Operativos (-10.5%)
Reduccin Gastos Operativos (-11%)
Reduccin Gastos Operativos (-11.5%)
Reduccin Gastos Operativos (-12%)
1
$287,000
$274,000
$261,000
$248,000
$235,000
$222,000
$209,000
$196,000
$183,000
$170,000
$157,000
$144,000
$131,000
$118,000
$105,000
$92,000
$79,000
$66,000
$53,000
$40,000
$27,000
$14,000
$1,000
-$12,000
2
$363,700
$349,400
$335,100
$320,800
$306,500
$292,200
$277,900
$263,600
$249,300
$235,000
$220,700
$206,400
$192,100
$177,800
$163,500
$149,200
$134,900
$120,600
$106,300
$92,000
$77,700
$63,400
$49,100
$34,800
3
$448,070
$432,340
$416,610
$400,880
$385,150
$369,420
$353,690
$337,960
$322,230
$306,500
$290,770
$275,040
$259,310
$243,580
$227,850
$212,120
$196,390
$180,660
$164,930
$149,200
$133,470
$117,740
$102,010
$86,280
aseosas
Pgina: 3
$3,460,600
$3,806,660
10.0%
10.0%
$3,460,600
$3,806,660
$173,030
$190,333
5.0%
5.0%
$1,091,420
$1,200,562
31.5%
31.5%
$292,820
$322,102
8.5%
8.5%
$283,180
$386,998
8.2%
10.2%
$755,000
$755,000
21.8%
19.8%
$2,595,450
$2,854,995
75.0%
75.0%
$865,150
$951,665
33.3%
36.6%
$216,288
$237,916
25.0%
25.0%
$648,863
$713,749
25.0%
27.5%
$755,000
($41,285)
$755,000
($45,413)
$1,362,578
$7,598,869
$9,022,205
($1,064,922)
($130,316)
($1,148,518)
($67,619)
$167,340
$7,806,068
4
$265,877
$248,574
$231,271
$213,968
$196,665
$179,362
$162,059
$144,756
$127,453
$110,150
$92,847
$75,544
$58,241
$40,938
$23,635
$6,332
-$10,971
-$28,274
-$45,577
-$62,880
-$80,183
-$97,486
-$114,789
-$132,092
5
$367,965
$348,931
$329,898
$310,865
$291,832
$272,798
$253,765
$234,732
$215,698
$196,665
$177,632
$158,598
$139,565
$120,532
$101,499
$82,465
$63,432
$44,399
$25,365
$6,332
-$12,701
-$31,735
-$50,768
-$69,801
VAN (12.67%)
-$4,796,350
-$4,671,405
-$4,546,460
-$4,421,514
-$4,296,569
-$4,171,623
-$4,046,678
-$3,921,732
-$3,796,787
-$3,671,841
-$3,546,896
-$3,421,950
-$3,297,005
-$3,172,059
-$3,047,114
-$2,922,168
-$2,797,223
-$2,672,277
-$2,547,332
-$2,422,386
-$2,297,441
-$2,172,495
-$2,047,550
-$1,922,604
VAN (18.11%)
-$4,645,750
-$4,543,643
-$4,441,536
-$4,339,428
-$4,237,321
-$4,135,214
-$4,033,106
-$3,930,999
-$3,828,892
-$3,726,784
-$3,624,677
-$3,522,570
-$3,420,462
-$3,318,355
-$3,216,248
-$3,114,140
-$3,012,033
-$2,909,926
-$2,807,818
-$2,705,711
-$2,603,604
-$2,501,496
-$2,399,389
-$2,297,282