Beruflich Dokumente
Kultur Dokumente
Negocio
Ganado
Mader
Palma de aceite
Economia. PIB
Compra
Cercas
Puas
Electrica
generales
1,000 cabezas
2,000 ha
13%
22%
28%
2%
3,000,000
1,320
20
1,300
3,960,000,000
1,980,000,000
340,000,000
10
20%
170,000,000
agropecuario
agroindustrial
entrada de divisas al pais
crecimiento deldebajo
pais de
x hta
ha
construccion
produccion
pago
2 contados inicio y 12 meses
construccion 1 ao
depreciacion aos una vez terminada
valor salvamento
2 pagos
inicio y 12 meses
45,000,000
15,000,000
60,000,000
10
100%
2,400,000
inversion
al inicio
mano de obra inicio
total
depreciar aos
deprecian
mantenimiento anual durante ultimos 5 aos por
1/3
39,000,000
5
100%
12,000,000
1,680,000
parte de la madera
inversion madera + panel
vida util aos
deprecian
mano de obra al inicio
mantenimiento a partir del segundo ai
1 ao
2 ao
se deprecia
Molinos
5
8,300,000
10
2
2
1
molinos
cada molino
aos depreciacion una vez comienza construccion
al comenzar el proyecto
al finalizar el 1 ao
final ao 2
se paga de adelantado previo a construccion
Maquinaria
Al inicio
92,000,000 tractor
12,000,000 zorro
Final 1 ao
16,000,000 arado
92,000,000 tractor
6,000,000 mata maleza
Final 2 ao
Caballos
5
1,000,000
5
700,000
3
1,200,000
800,000
Siembra pasto
semillero
caballos
inicio proyecto
venden al ao
p venta
compran ao 5
p compra 3 caballos
venden
no son depreciables
300 ha
600,000 x ha
al inicio proyetco
2 siembra
al final 1 ao
acaba al ao 1
Capataz
Salario
comision
peones
tractoristas
ley
inflacion
2,500,000 mensual
2,000 x cabeza venidda se ajust. Con infla
700,000
2 mes
al inicio
1,100,000
2 con la compra de cada tractor
56% fijo + variable
3.50%
Operacin
lista
compran
venden
p inicio proyecto
crece
vende
se compra lo que se vende
transporta
pago
Compra se hace cada 12 meses
se compra de
valor de res
incrementa
al final del ao 10 no se repone
Capacidad total
reses
hasta el ao
20%
800
60%
1,350,000
2%
40%
al final ao 2
cabezas
se venden a los 12 meses
reales
a los 24 meses
50,000 x cabeza
se ajusta con inf
35,000 x cabeza fondo
se ajusta con inf
4,000
6 aprox se llena
Proyecto
10
100%
85%
8,000,000
180,000,000
35%
aos
vende
ganado final
p venta
terrenox x ha
equipos y edificaciones
impuestos
10,740,000,000 Venta Af
4,077,320,000 bv
Estructura de capital
Deuda/patrimonio 0.80
ke
14.53%
Tasa banco
16.40%
patrimonio
0.556
deuda
0.444
KD
16.40%
1
Saldo inicial
Amortizacion
Intereses
Saldo final
FC
Monto
Amortizacion
Intereses
Shield
FC
KD
2
100
10
16
90
3
90
10
15
80.00
4
80
10
13
70.00
70
10
11
60.00
100
100
10.66%
10
16
6
(21)
10
15
5
(20)
10
13
5
(19)
6
60
10
10
50.00
7
50
10
8
40.00
5
10
11
4
(17)
8
40
10
7
30.00
6
10
10
3
(16)
9
30
10
5
20.00
7
10
8
3
(15)
20
10
3
10.00
8
10
7
2
(14)
10
5
2
(13)
10
10
10
2
-
10
10
3
1
(12)
10
2
1
(11)
Financiacin
Deuda
Patrimonio
Peso
0.44
0.56
Costo
Ponderacion
10.66% 0.04737778
14.53% 0.08072222
WACC
12.81%
Cercas
Puas
Electrica
Puas
Depreciacion
Inversion
Mano de obra
Mantenimiento
Flujos
VPN
Electrica
Depreciacion
Inversion
mano de obra
mantenimiento
Flujos
VPN
45,000,000
15,000,000
60,000,000
10
100%
2,400,000
inversion
al inicio
mano de obra inicio
total
depreciar aos
deprecian
mantenimiento anual durante ultimos 5 aos por
1/3
39,000,000
5
100%
12,000,000
1,680,000
parte de la madera
inversion madera + panel
vida util aos
deprecian
mano de obra al inicio
mantenimiento a partir del segundo ai
1
6,000,000
2
6,000,000
3
6,000,000
4
6,000,000
6,000,000
6,000,000
6,000,000
6,000,000
1
7,800,000
2
7,800,000
3
7,800,000
4
7,800,000
7,800,000
1680000
6,120,000
1680000
6,120,000
45,000,000
15,000,000
(60,000,000)
(31,835,647)
0
39,000,000
12,000,000
(51,000,000)
(25,440,000)
7,800,000
5
6,000,000
6
6,000,000
7
6,000,000
8
6,000,000
9
6,000,000
10
6,000,000
6,000,000
2,400,000
3,600,000
2,400,000
3,600,000
2,400,000
3,600,000
2,400,000
3,600,000
2,400,000
3,600,000
10
5
7,800,000
1680000 1,680,000
1,680,000
1,680,000
1,680,000
1,680,000
6,120,000 (1,680,000) (1,680,000) (1,680,000) (1,680,000) (1,680,000)
Construccion
Monto
340,000,000
Aos
10
Deprecia
80%
Dep. anual 0
0
Dep. anual 1
0
Dep. anual 2-10 27,200,000
VF
95,200,000
Cercas
Monto
Aos
Deprecia
Dep anual
VF
Molinos
Monto
Depre
Depr anual
Dep 1
Dep 2
Dep 3-10
VF
39,000,000
5
100%
7,800,000
1
16,600,000
10
1,660,000
1,660,000
2
16,600,000
10
1,660,000
3
8,300,000
10
830,000
3,320,000
-
1,660,000
Maquinaria
0 tractor
0 zorro
92,000,000
12,000,000
1 arado
1 tractor
1 mata maleza
16,000,000
92,000,000
6,000,000
Dep anual
Dep 1
9,200,000
9,200,000
1,200,000
1,200,000
10,400,000
10 1,600,000
10 9,200,000
10
600,000
2 cortador pasto
2 ensiladora
12,000,000
25,000,000
10
10
Pastos
Pasto 0
Amortizo
Pasto 1
Amortizo
Total pastos
Aos
4,150,000
1,660,000
180,000,000
18,000,000
320,000,000
35,555,555.56
53,555,555.56
10
10
1,200,000
2,500,000
Dep 2
Dep 3
VF
9,200,000
9,200,000
1,200,000
1,200,000
1,600,000
9,200,000
600,000
21,800,000
1,600,000
9,200,000
600,000
1,600,000
9,200,000
600,000
1,200,000
2,500,000
25,500,000
2,400,000
5,000,000
18,800,000
Sueldo Capataz
Tasa incremento
3.50%
Precio
1
Mensual
2,500,000
Anual
30,000,000
2
2,587,500
31,050,000
3
2,678,063
32,136,750
4
2,771,795
33,261,536
Comision Capataz
Tasa incremento
3.50%
Precio
1
X Cabeza
2,000
2
2,070
3
2,142
4
2,217
Peones
Tasa incremento
3.50%
Precio
1
mensual
700,000
Anual
8,400,000
Anual total
16,800,000
2
724,500
8,694,000
17,388,000
3
749,858
8,998,290
17,996,580
4
776,103
9,313,230
18,626,460
Tractoristas
Tasa incremento
3.50%
Precio
1
mensual
1,100,000
Mensual total 1,100,000
Anual total
13,200,000
2
1,138,500
1,138,500
13,662,000
3
1,178,348
2,356,695
28,280,340
4
1,219,590
2,439,179
29,270,152
Compra ganado
Tasa incremento
5.05%
Precio
1
x cabeza
700,000
2
735,368
3
772,522
4
811,554
2
51,750
3
53,561
4
55,436
Transporte
Tasa incremento
Precio
mensual
3.50%
1
50,000
mensual
35,000
Venta ganado
Tasa incremento
5.57%
Precio
1
mensual
1,350,000
36,225
37,493
38,805
2
1,425,195
3
1,504,578
4
1,588,383
5
2,868,808
34,425,690
6
2,969,216
35,630,589
7
3,073,138
36,877,660
8
3,180,698
38,168,378
9
3,292,023
39,504,271
10
3,407,243
40,886,921
5
2,295
6
2,375
7
2,459
8
2,545
9
2,634
10
2,726
5
803,266
9,639,193
19,278,386
6
831,380
9,976,565
19,953,130
7
860,479
10,325,745
20,651,489
8
890,595
10,687,146
21,374,292
9
921,766
11,061,196
22,122,392
10
954,028
11,448,338
22,896,676
5
1,262,275
2,524,551
30,294,607
6
1,306,455
2,612,910
31,354,918
7
1,352,181
2,704,362
32,452,341
8
1,399,507
2,799,014
33,588,173
9
1,448,490
2,896,980
34,763,759
10
1,499,187
2,998,374
35,980,490
5
852,557
6
895,633
7
940,885
8
988,423
9
1,038,363
10
1,090,826
5
57,376
6
59,384
7
61,463
8
63,614
9
65,840
10
68,145
10
40,163
41,569
43,024
44,530
46,088
47,701
5
1,676,856
6
1,770,257
7
1,868,861
8
1,972,956
9
2,082,850
10
2,198,864
Periodo
Capacidad
Inv inicial
Compra ganado
En cabezas
Venta ganado -12
En cabezas
Venta ganado -24
En cabezas
Total venta ao
Total venta ao cabezas
Inv final
Transporte compra
Fondo compra
Transporte venta
Fondo venta
Transporte venta
Fondo venta
Gasto
Capataz
Comision capataz
Tractoristas
Peones
Caballos
Ley
VENTA CABEZAS
INV I
vendo 3 de 2
vendo en 4 de 2
Control
compro 3
vendo en 4 de 3
vendo en 5 de 3
2
4,000
0
588,294,000
800
0
0
800
41,400,000
29,994,300
0
0
0
0
0
722,197,614
480
1,800
79,270,650
57,431,586
26,609,229
18,626,460
0
0
128,210,978
33,261,536
1,028,376
29,270,152
18,626,460
46,024,454
98,600,000
30,000,000
96,876,000
31,050,000
13,200,000
16,800,000
5,000,000
33,600,000
13,662,000
17,388,000
122,325,325
32,136,750
0
28,280,340
17,996,580
34,776,000
43,911,655
3
4,000
800
1,143,332,476
1,480
722,197,614
480
3
800
480
0
1,480
0
compro en 4
vendo en 5 de 4
vendo en 6 de 4
compro en 5
vendo en 6 de 5
vendo en 7 de 5
compro en 6
vendo en 7 de 6
vendo en 8 de 6
compro en 7
vendo en 8 de 7
vendo en 9 de 7
Compro en 8
vendo en 9 de 8
vendo en 10 de 8
compro en 9
vendo en 10 de 9
Venta ao
0
Costo ventas
1
0
-1
-2
Transporte
Fondo
Transporte
Fondo
0
0
0
0
480
0
0
0
0
0
0
0
3
395,204,400
352,976,400
0
24,840,000
17,388,000
0
0
2
0
0
0
0
0
0
0
4
4,000
1,800
1,791,910,380
2,208
1,410,484,438
888
508,282,680
320
1,918,767,118
1,208
2,800
122,402,453
88,680,577
50,950,021
35,665,015
18,360,368
12,852,258
5
4,000
2,800
2,486,739,309
2,917
2,221,499,266
1,325
992,698,948
592
3,214,198,214
1,917
3,800
167,354,754
121,248,520
78,672,341
55,070,639
35,155,515
24,608,860
6
4,000
3,800
2,537,578,559
2,833
3,098,091,769
1,750
1,563,491,184
883
4,661,582,953
2,633
4,000
168,252,393
121,898,859
107,564,758
75,295,331
54,283,915
37,998,741
7
4,000
4,000
2,697,222,791
2,867
3,177,003,141
1,700
2,180,436,987
1,167
5,357,440,128
2,867
4,000
176,194,575
127,652,969
108,141,702
75,699,191
74,219,683
51,953,778
8
4,000
4,000
2,820,291,480
2,853
3,393,509,726
1,720
2,235,974,810
1,133
5,629,484,536
2,853
4,000
181,511,299
131,504,936
113,246,420
79,272,494
74,617,774
52,232,442
135,216,660
34,425,690
2,678,662
30,294,607
19,278,386
146,086,940
35,630,589
4,399,144
31,354,918
19,953,130
3,600,000
51,149,158
150,128,957
36,877,660
6,255,021
32,452,341
20,651,489
156,278,655
38,168,378
7,047,783
33,588,173
21,374,292
161,695,363
39,504,271
7,260,452
34,763,759
22,122,392
53,892,446
56,100,030
58,044,489
48,539,314
4
320
888
592
2,208
1,325
883
0
2,917
1,750
1,167
0
2,833
1,700
1,133
0
2,867
1,720
0
2,853
1,208
1,917
2,633
2,867
2,853
4
1,030,325,148
685,999,485
235,317,600
47,562,390
33,293,673
16,560,000
11,592,000
5
1,711,233,763
1,075,146,228
457,332,990
73,441,472
51,409,030
31,708,260
22,195,782
6
2,462,743,255
1,492,043,585
716,764,152
100,412,853
70,288,997
48,960,981
34,272,687
7
2,802,661,533
1,522,547,136
994,695,724
100,951,436
70,666,005
66,941,902
46,859,331
8
2,927,495,192
1,618,333,675
1,015,031,424
105,716,745
74,001,721
67,300,957
47,110,670
9
4,000
4,000
2,968,337,048
2,859
3,565,828,095
1,712
2,388,352,145
1,147
5,954,180,240
2,859
4,000
188,216,130
136,362,586
116,663,665
81,664,565
78,140,030
54,698,021
6,285,828,080
2,859
2,509,629,813
1,141
8,795,457,893
4,000
0
0
0
0
0
0
0
167,376,661
40,886,921
7,528,645
35,980,490
22,896,676
17,008,959
0
10,903,179
0
0
60,083,930
6,105,780
10
4,000
4,000
0
10
1,147
1,712
1,141
2,859
1,715
1,143
2,859
2,857
1,143
9
3,076,017,840
1,692,174,888
1,078,889,116
108,906,779
76,234,745
70,477,830
49,334,481
10
4,539,848,744
2,968,337,048
1,128,116,592
188,216,130
131,751,291
72,604,519
50,823,164
Ao
Finca
Construccion
Cerca
Molinos
Maquinaria
Siembra
Caballos
Inversion
Deuda
Patrimonio
0
1,980,000,000
170,000,000
39,000,000
16,600,000
104,000,000
180,000,000
5,000,000
2,494,600,000
1,108,711,111
1,385,888,889
Ao
Finca
Construccion
Molinos
Maquinaria
Pastos
Inversion
Deuda
Patrimonio
1
1,980,000,000
170,000,000
16,600,000
114,000,000
320,000,000
2,600,600,000
1,155,822,222
1,444,777,778
Ao
Molinos
Maquinaria
Vacas
Inversion
Deuda
Patrimonio
PYG
Ventas
Compras
Transporte
Fondo
Depreciaciones
Amortizaciones
U bruta
Salarios
Comisiones
U operacional
Otros ingresos
Otros gastos
UAII
2
8,300,000
37,000,000
588,294,000
633,594,000
281,597,333
351,996,667
1
(98,600,000)
(96,876,000)
19,860,000
18,000,000
(42,860,000)
93,600,000
(136,460,000)
2
60,120,000
53,555,556
(113,675,556)
96,876,000
(210,551,556)
3
722,197,614
352,976,400
24,840,000
17,388,000
64,650,000
53,555,556
208,787,658
122,325,325
1,028,376
85,433,957
5,000,000
(141,460,000)
(210,551,556)
85,433,957
Gasto financiero
UAI
Impuestos
U neta
DEUDA
Monto
Amortizo
Intereses
Monto final
181,828,622
(323,288,622)
(323,288,622)
1
1,108,711,111
110,871,111
181,828,622
997,840,000
4.9
140.6
359,668,764
(570,220,320)
(570,220,320)
2
2,193,102,222
243,678,025
359,668,764
1,949,424,198
372,242,597
(286,808,640)
(286,808,640)
3
2,269,771,931
283,721,491
372,242,597
1,986,050,440
1
(136,460,000)
37,860,000
2,600,600,000
2
(210,551,556)
113,675,556
45,300,000
588,294,000
(2,699,200,000)
1,084,391,111
233,784,697
(1,848,593,586)
(730,470,000)
76,669,709
241,957,688
(895,757,979)
(0.56)
1.4
(0.15)
3.7
VPN Proyecto
Para tir
TIR Proyecto
4,236,407,301.74
(5,461,289,462.61)
21%
VPN Accionista
Para tir
TIR accionista
3,342,536,373.46
(3,995,270,675.58)
23%
2
5,582,258,444
5,733,794,000
151,535,556
3,349,355,067
2,232,903,378
3
5,464,052,889
5,733,794,000.00
269,741,111
3,278,431,733
2,185,621,156
ACTIVOS
Inversion
Dep y amortizacion
Patrimonio
Deuda
1
5,062,340,000
5,100,200,000
37,860,000
3,037,404,000
2,024,936,000
EBITDA
(98,600,000)
ROA
-2.7%
ROE
-10.6%
Margen Bruto
#DIV/0!
Margen operacional
#DIV/0!
Margen neto
#DIV/0!
EVA
(784,945,754.00)
Duration
Bajada de tasa
Var duration
Nuevo VPN
Var convexidad
Nuevo vPN
(96,876,000)
-3.8%
-17.0%
#DIV/0!
#DIV/0!
#DIV/0!
(925,638,862.29)
203,639,512
1.6%
-8.7%
28.9%
11.8%
-39.7%
(614,511,218.30)
4.89
-2.0%
8.7%
4,603,796,200
13.8%
4,819,036,881
12.81%
WACC
13%
14%
15%
16%
17%
18%
19%
20%
21%
22%
23%
VPN
WACC
4,236,407,302
4,109,554,637
3,476,059,660
2,896,035,629
2,364,544,267
1,877,146,213
1,429,846,450
1,019,046,134
641,500,035
294,278,879
(25,264,002)
(319,522,235)
13%
14%
15%
16%
17%
18%
19%
20%
21%
22%
23%
VPN
4,603,796,200
4,475,709,106
3,835,818,541
3,249,565,037
2,712,004,614
2,218,692,449
1,765,628,296
1,349,208,299
966,182,426
613,616,794
288,860,321
(10,484,861)
6,000,000,000
5,000,000,000
4,000,000,000
3,000,000,000
2,000,000,000
1,000,000,000
1,000,000,000
(1,000,000,000)
4
1,918,767,118
921,317,085
64,122,390
44,885,673
64,650,000
53,555,556
770,236,415
127,182,602
2,678,662
640,375,150
640,375,150
5
3,214,198,214
1,532,479,218
105,149,732
73,604,812
64,650,000
53,555,556
1,381,158,896
132,537,997
4,399,144
1,244,221,754
3,500,000
3,600,000
1,244,121,754
6
4,661,582,953
2,208,807,737
149,373,834
104,561,684
64,650,000
53,555,556
2,080,634,142
138,087,795
6,255,021
1,936,291,326
7
5,357,440,128
2,517,242,859
167,893,337
117,525,336
64,650,000
53,555,556
2,436,573,040
143,873,936
7,047,783
2,285,651,321
1,936,291,326
2,285,651,321
325,712,272
314,662,878
110,132,007
204,530,871
279,181,947
964,939,807
337,728,932
627,210,874
232,651,623
1,703,639,703
596,273,896
1,107,365,807
186,121,298
2,099,530,022
734,835,508
1,364,694,514
4
1,986,050,440
283,721,491
325,712,272
1,702,328,948
5
1,702,328,948
283,721,491
279,181,947
1,418,607,457
6
1,418,607,457
283,721,491
232,651,623
1,134,885,965
7
1,134,885,965
283,721,491
186,121,298
851,164,474
3
85,433,957
118,205,556
4
640,375,150
118,205,556
5
1,244,221,754
118,205,556
6
1,936,291,326
118,205,556
203,639,512
(283,721,491)
211,712,977
(291,794,956)
758,580,706
(283,721,491)
181,468,266
293,390,948
1,362,427,310
(283,721,491)
151,223,555
927,482,263
2,054,496,881
(283,721,491)
120,978,844
1,649,796,546
0.04
6.6
0.16
9.7
0.29
12.9
0.43
16.0
203,639,512
758,580,706
1,362,427,310
2,054,496,881
293,390,948
927,482,263
1,649,796,546
4
5,345,847,333
5,733,794,000.00
387,946,667
3,207,508,400
2,138,338,933
5
5,227,641,778
5,733,794,000.00
506,152,222
3,136,585,067
2,091,056,711
6
5,109,436,222
5,733,794,000.00
624,357,778
3,065,661,733
2,043,774,489
7
4,991,230,667
5,733,794,000.00
742,563,333
2,994,738,400
1,996,492,267
758,580,706
12.0%
6.4%
40.1%
33.4%
10.7%
(44,427,893.32)
Error
8.7%
8.9%
10.3%
12.2%
14.7%
18.2%
23.5%
32.4%
50.6%
108.5%
-1243.4%
-96.7%
1,362,427,310
23.8%
20.0%
43.0%
38.7%
19.5%
574,560,842.36
WACC
13%
14%
15%
16%
17%
18%
19%
20%
21%
22%
23%
2,054,496,881
37.9%
36.1%
44.6%
41.5%
23.8%
1,281,772,545.71
VPN
4,819,036,881
4,682,308,376
3,999,905,279
3,375,721,699
2,804,309,389
2,280,778,569
1,800,735,876
1,360,229,728
955,702,138
583,946,183
242,068,415
(72,544,405)
6,000,000,000
5,000,000,000
4,000,000,000
3,000,000,000
Series1
Series2
2,000,000,000
1,000,000,000
Series3
2,403,856,876
45.8%
45.6%
45.5%
42.7%
25.5%
1,646,274,672.18
Error
4.7%
4.6%
4.3%
3.9%
3.4%
2.8%
2.0%
0.8%
-1.1%
-4.8%
-16.2%
591.9%
1,000,000,000
1
(1,000,000,000)
9 10 11 12
8
5,629,484,536
2,633,365,098
173,017,702
121,112,391
64,650,000
53,555,556
2,583,783,789
149,230,872
7,260,452
2,427,292,465
9
5,954,180,240
2,771,064,005
179,384,609
125,569,226
64,650,000
53,555,556
2,759,956,845
154,434,911
7,528,645
2,597,993,289
2,427,292,465
2,597,993,289
10
8,795,457,893
4,096,453,640
260,820,649
182,574,454
64,650,000
53,555,556
4,137,403,594
159,848,016
10,903,179
3,966,652,399
2,400,000
3,969,052,399
139,590,974
2,287,701,491
800,695,522
1,487,005,969
93,060,649
2,504,932,640
876,726,424
1,628,206,216
46,530,325
3,922,522,074
1,372,882,726
2,549,639,348
8
851,164,474
283,721,491
139,590,974
567,442,983
9
567,442,983
283,721,491
93,060,649
283,721,491
10
283,721,491
283,721,491
46,530,325
-
7
2,285,651,321
118,205,556
8
2,427,292,465
118,205,556
9
2,597,993,289
118,205,556
2,403,856,876
(283,721,491)
90,734,133
2,029,401,252
2,545,498,021
(283,721,491)
60,489,422
2,201,287,107
2,716,198,844
(283,721,491)
30,244,711
2,402,232,642
10
3,966,652,399
118,205,556
10,740,000,000
2,331,938,000
2,137,181,547.04
132,002,390
14,762,103,891
(283,721,491)
14,478,382,400
0.50
18.9
0.53
21.6
0.57
23.9
3.09
25.9
2,403,856,876
2,545,498,021
2,716,198,844
14,762,103,891
2,029,401,252
2,201,287,107
2,402,232,642
14,478,382,400
8
4,873,025,111
5,733,794,000.00
860,768,889
2,923,815,067
1,949,210,044
9
4,754,819,556
5,733,794,000.00
978,974,444
2,852,891,733
1,901,927,822
10
4,636,614,000
5,733,794,000.00
1,097,180,000
2,781,968,400
1,854,645,600
2,545,498,021
49.8%
50.9%
45.9%
43.1%
26.4%
1,803,057,948.48
2,716,198,844
54.6%
57.1%
46.4%
43.6%
27.3%
1,988,900,903.79
4,084,857,955
85.6%
91.6%
47.0%
45.1%
29.0%
3,372,702,145.65