Beruflich Dokumente
Kultur Dokumente
ESTRUCTURA
FINANCIERA
ACTIVO
PASIVO
PATRIMONIO
2
$
11,000
5,000
6,000
3
%
100%
45%
55%
4
COSTO
12.0%
10.5%
5.5%
5.7%
11.2% IOP, TD, CPPK, WACC
0
INGRESOS
COSTOS
FFI
11,000
-11,000
1
15,000
8,000
7,000
2
18,000
9,000
9,000
3
19,000
11,000
8,000
4
25,000
12,500
12,500
C0 =
M
(1+i)^(n)
-11,000
1
-11000
C1 =
M
(1+i)^(n)
7,000
1.1
6,296
C0 =
M
(1+i)^(n)
9,000
1.24
7,281
C0 =
M
(1+i)^(n)
8,000
1.37
5,821
C0 =
M
(1+i)^(n)
12,500
1.53
8,180
TASA DE INTERES
IOP= INTERES DE OPORTUNIDAD
P, TD, CPPK, WACC
TD= TASA DE DESCUENTO
CPPk= COSTO PROMEDIO PONDERADO DEL CAPITAL
wacc
M = C (1+i)^(n)
AN (+) RENTABLE
UN PORYECTO
C=
M
(1+i)^(n)
CASO:
FLUJO DE FONDOS DEL INVERSIONISTA
0
INGRESOS DE OPERACIN
Unidades
Precio unitario de venta
Total ingresos de operacin
(-) COSTOS DE OPERACIN
Costos de operacin desembolsables
Costos de Produccin
Costos variables
Materia prima
Mano de obra
GIF Variables
Costos fijos de fabricacin
Gastos de marketing: Fijos
Variables
Gastos de administracin: Fijos
Variables
Total Costos de operacin desembolsables
(-) Depreciacin de Activos Fijos Tangibles
Mquinas
Mquinas
Obras Fsicas
Vehculos
(-) Amortizacin de Activos Nominales
Gastos de Costitucin
Gastos de Puesta en Marcha
Patentes
(-) Gasto Inters
UTILIDAD ANTES DE PARTICIPACION E IMPUESTOS
(-) Participacin a trabajadores (15%)
UTILIDAD ANTES DE IMPUESTOS
(-) Impuestos (22%)
UTILIDAD NETA
(+) Utilidad en venta de activos
(-) Impuesto a la utilidad en venta de activos
(+) Valor en libros de activos vendidos
(+) Ingresos no gravables
(-) Costos de operacin no deducibles
(+) Depreciacin
(+) Amortizacin
(-) Costos de inversin
Activos Fijos Tangibles
Mquinas cortadoras
Mquinas de Pegado
Obras Fsicas
Vehculos
Activos Fijos Intangibles (Nominales)
Gastos de constitucin
Gastos de puesta en marcha
Patentes
(-) Inversin en Capital de Trabajo
En Inventarios (Materia prima)
En efectivo
(+) Recuperacin de Capital de Trabajo
(+) Prstamo (Crdito)
(-) Amortizacin del Prstamo
(+) Aportes de capital-Inversin de Accionistas
(=) FLUJO DE EFECTIVO DEL PERIODO
(+) Saldo Inicial de efectivo
(=) Saldo Final de Efectivo
VAN
iop=
Clculo del iop
(1)
Concepto
(2)
Estructura
$
(3)
Estructura
%
(4)
Costo
(5)=(3)*(4)
iop
Activos
Pasivos
Patrimonio
Costo Histrico
(-) Dep.Acum.
Valor en Libros
Valor Comercial (mercado)
(-) Valor en libros
U.V.A. (P.V.A)
(-) Imp.a la UVA
U.Neta en la Vta.Activo
(+) Valor libros
Efectivo Neto Generado
(+) U.V.A. (P.V.A)
(-) Imp.a la UVA
(+) Valor libros
Efectivo Neto Generado
Valor Comercial (mercado)
(-) Imp.a la UVA
Efectivo Neto Generado
6-Jan-16
CASO: Fbrica de camisas
FLUJO DE FONDOS DEL INVERSIONISTA
MEDIDAS DE RENTABILIDAD
Ao
FFNP
1
-
2
-
3
-
VAN
iop=
VAN
PRC
Valor Actual
Acumulado
% Inv.Inicial
Diferencia
0%
- No Rentable
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
PRC
ao
#DIV/0!
meses
TUR
Valor actual de valores negativos
-
Negativos
Valor Actual
Positivos
Valor Futuro
TUR
Vehculos
-
REINGENIERIA I
Fecha:
1)
Obras Fsicas
RBC
1)
Sumatoria Valores Actuales de Flujos Operativos
Inversin Inicial
RBC
#DIV/0!
#DIV/0!
#DIV/0!
Total
-
20
360
18%
30
360
EMPAQUES (USD)
Inventario Inicial
(+) Compras
(-) Consumo en Produccin
350
45
360
18%
CASO:
ESTADO DE RESULTADOS
INGRESOS DE OPERACIN
Unidades
Precio unitario de venta
Total ingresos de operacin
4%
18%
18%
Empaque ($)
350
45
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%
5%
20%
10%
14%
Equipo de transporte
10%
(-) Impuestos
UTILIDAD NETA
35%
FLUJO DE EFECTIVO
Recuperacin
Contado
Crdito
Total recuperacin
Impuesto al valor agregado
(-) COSTOS DE OPERACIN
Costos de operacin desembolsables
Costos de Produccin
Costos variables
Materia prima: Contado
Crdito
Empaque: Contado
Crdito
Mano de obra
GIF
Mantenimiento de equipos e instalaciones
Seguros para proteccin de equipos e instalaciones
Administracin general de fbrica
Gastos de supervisin industrial
Servicios pblicos
Seguros de instalaciones
80%
20%
16%
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%
5%
20%
10%
14%
10%
35%
75%
Muebles y enseres
Equipos de oficina
Equipo de transporte
Activos Fijos Intangibles (Nominales)
Gastos de constitucin
Gastos de puesta en marcha
Intereses preoperacionales
Emisin 1
Emisin 2
Emisin 3
Prstamo 1
Prstamo 2
Prstamo 3
Gastos properatorios
Patentes
(-) Inversin en Capital de Trabajo
(+) Recuperacin de Capital de Trabajo
(+) Prstamo (Crdito)
Emisin 1
Emisin 2
Emisin 3
Prstamo 1
Prstamo 2
Prstamo 3
(-) Amortizacin del Prstamo y Emisiones
Emisin 1
Emisin 2
Emisin 3
Prstamo 1
Prstamo 2
Prstamo 3
32.0%
11,158,141,912
11,158,141,912
TIR
RODRIGUEZ MUOZ
PAUL ARMANDO:
VALOR AL CUAL SE
PUEDEN LIQUIDAR O
VENDER LOS ACTIVOS
RODRIGUEZ MUOZ
PAUL ARMANDO:
SIMILAR AL VALOR EN
LIBROS POR TANTO, NI
SE GANA NI SE PIERDE
EN TRMINOS
CONTABLES Y LA VENTA
TABLA DE AMORTIZACION
CREDITO =
PLAZO =
GRACIA =
TASA =
PAGOS =
m=
RODRIGUEZ MUOZ
PAUL ARMANDO:
SIMILAR AL VALOR EN
LIBROS POR TANTO, NI
0%
SE GANA NI SE PIERDE
EN TRMINOS
CONTABLES Y LA VENTA
35%
NO GENERA PAGO DE
IMPUESTOS NI AHORRO
DE IMPUESTOS
40,000
2
3
10%
Trimestrales
(1)
Perodo
1
2
3
4
5
6
7
8
Total
4
(2)
Capital al inicio
del perodo
40,000
40,000
40,000
40,000
32,000
24,000
16,000
8,000
REINGENIERIA I
Fecha:
6-Jan-16
1)
0
-2,175,819,474
FFNP
VAN
iop=
VAN
PRC
Valor Actual
Acumulado
-2,175,819,474
32%
1,264,728,208
-2,175,819,474
% Inv.Inicial
Diferencia
-2,175,819,474
PRC
TUR
Negativos
Valor Actual
Positivos
Valor Futuro
RBC
1)
Sumatoria Valores Actuales de Flujos Operativos
12.14%
Inversin Inicial
RBC
Concepto
Terrenos
Edificios
Mquinaria y equipos
industriales
Muebles y enseres
Equipos de oficina
Equipo de transporte
Emisin de bonos
Leasing
50%
25%
75%
100%
40%
25%
Emision de acciones
comunes
-320,000,000
-220,000,000.00
Concepto
Terrenos
Edificios
Mquinaria y equipos
industriales
Muebles y enseres
Equipos de oficina
Equipo de transporte
Total
-276,000,000
-162,400,000
-41,000,000
-1,019,400,000
60%
50%
25%
Emisin de bonos
Leasing
-320,000,000
-220,000,000
-41,000,000
-581,000,000
-607,500,000
-243,600,000
-82,000,000
-933,100,000
Trimestres
Fuentes de financiamiento
Primero
Emisin de acciones comunes
Emisin de bonos
Leasing
Emprstitos
Segundo
60%
50%
Fuentes de financiamiento
Primero
611,640,000
290,500,000
-
EMISION DE BONOS
Valor nominal al final
Valor de mercado al inicio:
Tasa de inters:
305,789,474
290,500,000
Amortizacin:
.(1)
Trimestres
1
2
3
4
5
6
.(2)
Capital al inicio
305,789,474
305,789,474
305,789,474
305,789,474
305,789,474
305,789,474
Tercero
20%
25%
50%
40%
Trimestres
Segundo
203,880,000
145,250,000
466,550,000
257,000,000
20%
25%
50%
20%
Tercero
203,880,000
145,250,000
466,550,000
128,500,000
100%
95%
30% Pagadero por trimestre
Anticipado sobre saldos
50% a los 2 aos
50% a los 4 aos
.(3)
.(4)
Interes
Amortizacin
91,736,842
91,736,842
91,736,842
91,736,842
91,736,842
91,736,842
7
8
9
10
11
12
13
14
15
16
EMPRESTITOS
Prstamo 1:
305,789,474
305,789,474
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
91,736,842
91,736,842
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
152,894,737
152,894,737
257,000,000
Tasa de inters:
Amortizacin:
Plazo:
.(1)
Trimestres
1
2
3
4
5
6
7
8
.(2)
Capital al inicio
257,000,000
257,000,000
192,750,000
192,750,000
128,500,000
128,500,000
64,250,000
64,250,000
LEASING
Inversiones/Ao
Mquinaria y equipos
industriales
Equipos de oficina
Equipo de transporte
279,500,000
109,600,000
39,600,000
1
0
307,500,000
122,800,000
45,500,000
338,200,000
137,500,000
52,400,000
0
126,667
120,000
6,667
6,667
125,067
124,800
6,933
6,933
130,069
129,792
7,211
0
857,638,889
791,666,667
6,250
65,972,222
933,258,333
922,366,667
7,375
76,863,889
1,149,391,849
1,131,928,373
8,703
65,972,222
76,863,889
94,327,364
0
49,875,000
44,333,333
350
5,541,667
5,541,667
52,567,433
51,652,533
413
6,456,567
6,456,567
64,854,921
63,387,989
487
7,923,499
.---------------------- n
3
120,000
25,000
3,000,000,000
124,800
29,500
3,681,600,000
129,792
34,810
4,518,059,520
-750,000,000
6,250
-42,000,000
350
-920,400,000
7,375
-51,542,400
413
-1,129,514,880
8,703
-63,252,833
487
-468,600,000
-16,900,000
-46,000,000
-24,200,000
-7,800,000
-15,500,000
-78,000,000
-68,400,000
-16,400,000
-126,000,000
-36,000,000
-44,000,000
-40,500,000
-27,600,000
-23,200,000
-552,948,000
-19,942,000
-54,280,000
-28,556,000
-9,204,000
-18,290,000
-92,040,000
-80,712,000
-19,352,000
-148,680,000
-42,480,000
-44,000,000
-40,500,000
-27,600,000
-23,200,000
-652,478,640
-23,531,560
-64,050,400
-33,696,080
-10,860,720
-21,582,200
-108,607,200
-95,240,160
-22,835,360
-175,442,400
-50,126,400
-44,000,000
-95,180,000
-27,600,000
-47,557,143
-8,200,000
-226,683,895
-4,600,000
-279,500,000
-109,600,000
-39,600,000
-366,947,368
-183,473,684
-183,473,684
-226,160,000
-141,350,000
-339,240,000
-939,928,632
-939,928,632
328,975,021
-610,953,611
2,750,000,000
2,750,000,000
480,000,000
-8,200,000
-12,300,000
-226,683,895
-226,683,895
-4,600,000
-4,600,000
-307,500,000
-338,200,000
-122,800,000
-137,500,000
-45,500,000
-52,400,000
-183,473,684
-183,473,684
-114,671,053
-91,736,842
-137,605,263
-91,736,842
-28,270,000
-28,270,000
-113,080,000
187,219,705
713,872,281
187,219,705
713,872,281
RODRIGUEZ MUOZ PAUL
-65,526,897
-249,855,298
ARMANDO:
121,692,808
464,016,982
EN PROYECTOS,
AL EXISTIR
UNA
PERDIDA, SE PUEDE CALCULAR
ANTICIPADAMENTE LOS
AHORROS QUE LA PERDIDA VA
A GENERAR EN EL FUTURO
CONSIDERANDO QUE LAS
PERDIDAS VAN A AMORTIZARSE
DE ACUERDO A LA LEY, LO CUAL
IMPLICA QUE VAN A
CONVERTIRSE EN GASTO,
DISMINUYEN
LA UTILIDAD
Y
3,374,800,000
4,141,554,560
GENERAN
AHOOROS
DE
250,000,000
306,800,000
IMPUESTOS
3,624,800,000
589,056,000
4,448,354,560
722,889,523
-816,601,042
-107,204,861
-45,996,504
-6,234,375
-1,005,717,868
-116,657,292
-56,748,056
-6,570,929
-468,600,000
-552,948,000
-652,478,640
-16,900,000
-46,000,000
-24,200,000
-7,800,000
-15,500,000
-78,000,000
-19,942,000
-54,280,000
-28,556,000
-9,204,000
-18,290,000
-92,040,000
-23,531,560
-64,050,400
-33,696,080
-10,860,720
-21,582,200
-108,607,200
-750,434,028
-43,640,625
-68,400,000
-16,400,000
-80,712,000
-19,352,000
-95,240,160
-22,835,360
-126,000,000
-36,000,000
-
-148,680,000
-42,480,000
-
-175,442,400
-50,126,400
-
-44,000,000
-40,500,000
-27,600,000
-23,200,000
-8,200,000
-44,000,000
-40,500,000
-27,600,000
-23,200,000 -8,200,000
-226,683,895
-4,600,000
-226,683,895
-4,600,000
-226,683,895
-4,600,000
-279,500,000
-109,600,000
-39,600,000
-307,500,000
-122,800,000
-45,500,000
-338,200,000
-137,500,000
-52,400,000
-366,947,368
-183,473,684
-183,473,684
-183,473,684
-114,671,053
-137,605,263
-183,473,684
-91,736,842
-91,736,842
-226,160,000
-141,350,000
-339,240,000
-28,270,000
-28,270,000
-113,080,000
328,975,021
-65,526,897
-249,855,298
-
-480,000,000
143,500,000
231,283,895
-640,000,000
-880,000,000
-202,500,000
-44,000,000
-95,180,000
-27,600,000
47,557,143
-12,300,000
-589,056,000
143,500,000
231,283,895
91,269,606
-722,889,523
226,637,143
231,283,895
-273,400,000
-276,000,000
-162,400,000
-82,000,000
-170,500,000
-41,000,000
-366,947,368
-137,605,263
-91,736,842
-310,970,000
-113,080,000
-113,080,000
-23,000,000
290,500,000
145,250,000
145,250,000
257,000,000
128,500,000
257,000,000
-2,175,819,474
0
-128,500,000
-64,250,000
-128,500,000
-152,894,737
-76,447,368
-76,447,368
-128,500,000
-64,250,000
-128,500,000
1,940,505,631
3,433,342,848
-2,175,819,474
Edificios
1,470,080,024
Mquinas
y equipos industriales
880,000,000
475,900,000
-308,000,000
-475,900,000
572,000,000
572,000,000
2
1,970,467,658
Muebles y enseres
276,000,000
-193,200,000
82,800,000
82,800,000
4,731,491,583
3
2,057,198,875
Equipos de
oficina
332,900,000
-284,185,714
48,714,286
48,714,286
-572,000,000
572,000,000
572,000,000
572,000,000
572,000,000
572,000,000
572,000,000
-82,800,000
82,800,000
82,800,000
82,800,000
82,800,000
82,800,000
82,800,000
-48,714,286
0
0
-0
0
48,714,286
48,714,286
0
-0
48,714,286
48,714,286
48,714,286
-0
48,714,286
(5)=(3)+(4)
Cuota
Total
1,000
1,000
1,000
9,000
8,800
8,600
8,400
8,200
46,000
(6)=(2)-(4)
Capital al final
del perodo
40,000
40,000
40,000
32,000
24,000
16,000
8,000
-
aos
trimestres
(3)
Intereses
(4)
Amortizacin
del prstamo
1,000
1,000
1,000
1,000
800
600
400
200
6,000
8,000
8,000
8,000
8,000
8,000
40,000
S DEL INVERSIONISTA
TABILIDAD
1
1,940,505,631
2
3,433,342,848
1,470,080,024
1,970,467,658
1,470,080,024
1,470,080,024
67.6%
-705,739,450
1
1,970,467,658
3,440,547,682
158.1%
1,264,728,208
0.3581583524
Rentable
ao
3,440,547,682
158.1%
1,264,728,208
#DIV/0!
12.00 meses
res negativos
-
res positivos
1,940,505,631
1,470,080,024
3,433,342,848
1,970,467,658
2,175,819,474
3,440,547,682
-
No Rentable
3,440,547,682
2,175,819,474
1.58
1.58
Emprstitos
50%
25%
Emprstitos
Total
-440,000,000
-640,000,000
-880,000,000
-202,500,000
-642,500,000
-810,000,000
-276,000,000
-406,000,000
-164,000,000
-3,176,000,000
-3,176,000,000
Cuarto
40%
Cuarto
257,000,000
Total
1,019,400,000
581,000,000
933,100,000
642,500,000
Amortizacin:
.(5)= (3)+(4)
Cuota total
91,736,842
91,736,842
91,736,842
91,736,842
91,736,842
91,736,842
.(1)
Capital al final
305,789,474
305,789,474
305,789,474
305,789,474
305,789,474
305,789,474
.(1)
Trimestres
1
2
3
4
5
6
91,736,842
244,631,579
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
198,763,158
305,789,474
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
-
7
8
9
10
11
12
13
14
15
16
Prstamo 2:
Tasa de inters:
Amortizacin:
Plazo:
.(5)= (3)+(4)
Cuota total
113,080,000
177,330,000
84,810,000
149,060,000
56,540,000
120,790,000
28,270,000
92,520,000
.(1)
Capital al final
257,000,000
192,750,000
192,750,000
128,500,000
128,500,000
64,250,000
64,250,000
-
.(1)
Trimestres
1
2
3
4
5
6
7
8
Valor de Opcin de
Compra
273,400,000
170,500,000
41,000,000
7,211
135,272
134,984
7,499
7,499
140,683
140,383
7,799
7,799
146,310
145,998
8,111
8,111
152,163
151,838
8,435
94,327,364
1,410,533,677
1,389,102,500
10,269
115,758,542
1,731,006,928
1,704,706,588
12,117
142,058,882
2,124,291,702
2,092,015,924
14,298
174,334,660
2,606,930,777
2,567,321,942
16,872
115,758,542
142,058,882
174,334,660
213,943,495
7,923,499
79,589,959
77,789,740
575
9,723,717
9,723,717
97,672,798
95,463,569
679
11,932,946
11,932,946
119,864,057
117,152,892
801
14,644,111
14,644,111
147,097,171
143,770,029
945
17,971,254
------------- n
4
134,984
41,076
5,544,562,643
140,383
48,469
6,804,287,275
145,998
57,194
8,350,221,344
151,838
67,489
10,247,391,634
-1,386,140,661
10,269
-77,623,877
575
-1,701,071,819
12,117
-95,260,022
679
-2,087,555,336
14,298
-116,903,099
801
-2,561,847,908
16,872
-143,463,483
945
-769,924,795
-27,767,241
-75,579,472
-39,761,374
-12,815,650
-25,466,996
-128,156,496
-112,383,389
-26,945,725
-207,022,032
-59,149,152
-44,000,000
-95,180,000
-27,600,000
-47,557,143
-908,511,258
-32,765,344
-89,183,777
-46,918,422
-15,122,467
-30,051,055
-151,224,665
-132,612,399
-31,795,955
-244,285,998
-69,795,999
-44,000,000
-95,180,000
-27,600,000
-47,557,143
-1,072,043,285
-38,663,106
-105,236,857
-55,363,738
-17,844,511
-35,460,245
-178,445,105
-156,482,631
-37,519,227
-288,257,477
-82,359,279
-44,000,000
-54,680,000
-27,600,000
-47,557,143
-1,265,011,076
-45,622,465
-124,179,491
-65,329,211
-21,056,522
-41,843,089
-210,565,224
-184,649,504
-44,272,688
-340,143,823
-97,183,950
-44,000,000
-54,680,000
-27,600,000
-47,557,143
-12,300,000
-12,300,000
-12,300,000
-12,300,000
-226,683,895
-4,600,000
-22,934,211
-45,868,421
2,069,102,114
2,069,102,114
-724,185,740
1,344,916,374
-226,683,895
-4,600,000
2,797,767,058
2,797,767,058
-979,218,470
1,818,548,587
3,891,950,306
3,891,950,306
-1,362,182,607
2,529,767,699
4,916,086,056
4,916,086,056
-1,720,630,120
3,195,455,936
5,082,515,756
376,504,960
5,459,020,716
887,130,023
6,237,263,336
462,046,887
6,699,310,223
1,088,685,964
7,654,369,566
567,023,940
8,221,393,505
1,336,035,415
10,247,391,634
695,851,779
10,943,243,413
1,639,582,661
-1,234,216,967
-143,673,981
-69,641,214
-8,106,865
-1,514,631,062
-176,316,710
-85,463,698
-9,948,745
-1,858,755,240
-216,375,866
-104,881,050
-12,209,100
-2,606,930,777
-265,536,463
-147,097,171
-14,983,007
-769,924,795
-908,511,258
-1,072,043,285
-1,265,011,076
-27,767,241
-75,579,472
-39,761,374
-12,815,650
-25,466,996
-128,156,496
-32,765,344
-89,183,777
-46,918,422
-15,122,467
-30,051,055
-151,224,665
-38,663,106
-105,236,857
-55,363,738
-17,844,511
-35,460,245
-178,445,105
-45,622,465
-124,179,491
-65,329,211
-21,056,522
-41,843,089
-210,565,224
-112,383,389
-26,945,725
-132,612,399
-31,795,955
-156,482,631
-37,519,227
-184,649,504
-44,272,688
-207,022,032
-59,149,152
-
-244,285,998
-69,795,999
-
-288,257,477
-82,359,279
-
-340,143,823
-97,183,950
-
-44,000,000
-95,180,000
-27,600,000
47,557,143
-12,300,000
-44,000,000
-95,180,000
-27,600,000
47,557,143
-12,300,000
-44,000,000
-54,680,000
-27,600,000
47,557,143
-12,300,000
-44,000,000
-54,680,000
-27,600,000
47,557,143
-12,300,000
-226,683,895
-4,600,000
-226,683,895
-4,600,000
-22,934,211
-45,868,421
-724,185,740
-
348,012,737
-887,130,023
226,637,143
231,283,895
-979,218,470
- 1,008,687,281
-1,088,685,964
226,637,143
231,283,895
-1,362,182,607
-
1,363,911,441
-1,336,035,415
186,137,143
-
-1,720,630,120
-
1,897,325,774
703,514,286
-1,639,582,661
186,137,143
-
-152,894,737
-76,447,368
-76,447,368
6,530,639,501
4
2,151,096,958
Equipo de
transporte
123,000,000
-77,900,000
45,100,000
45,100,000
7,872,087,140
5
1,964,356,177
Total
9,456,796,247
6
1,787,723,894
13,497,640,755
7
1,933,037,800
-45,100,000
45,100,000
45,100,000
45,100,000
45,100,000
45,100,000
45,100,000
703,514,286
152,894,737
145,250,000
.(2)
Capital al inicio
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
100%
95%
30% Pagadero por trimestre
Anticipado sobre saldos
50% a los 2 aos
50% a los 4 aos
.(3)
.(4)
.(5)= (3)+(4)
Interes
Amortizacin
Cuota total
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
.(1)
Capital al final
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
76,447,368
76,447,368
76,447,368
76,447,368
76,447,368
76,447,368
76,447,368
76,447,368
45,868,421
45,868,421
22,934,211
22,934,211
22,934,211
22,934,211
22,934,211
22,934,211
22,934,211
22,934,211
45,868,421
122,315,789
22,934,211
22,934,211
22,934,211
22,934,211
22,934,211
22,934,211
22,934,211
99,381,579
152,894,737
76,447,368
76,447,368
76,447,368
76,447,368
76,447,368
76,447,368
76,447,368
76,447,368
-
.(1)
Capital al final
128,500,000
96,375,000
96,375,000
64,250,000
64,250,000
32,125,000
32,125,000
-
76,447,368
76,447,368
128,500,000
.(2)
Capital al inicio
128,500,000
128,500,000
96,375,000
96,375,000
64,250,000
64,250,000
32,125,000
32,125,000
-308,000,000
-475,900,000
-193,200,000
-284,185,714
-77,900,000
rdida, sta va
LORTI), lo cual
onvertir en un gasto futuro,
utilidad lo cual implica
menor de impuestos, tanto
adores como impuesto
o pago menor tiene un
.(2)
Capital al inicio
1 152,894,737
2 152,894,737
3 152,894,737
4 152,894,737
5 152,894,737
6 152,894,737
100%
95%
30% Pagadero por trimestre
Anticipado sobre saldos
50% a los 2 aos
50% a los 4 aos
.(3)
.(4)
.(5)= (3)+(4)
Interes
Amortizacin
Cuota total
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
45,868,421
.(1)
Capital al final
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
152,894,737
7 152,894,737
8 152,894,737
9
76,447,368
10
76,447,368
11
76,447,368
12
76,447,368
13
76,447,368
14
76,447,368
15
76,447,368
16
76,447,368
Prstamo 3:
Tasa de inters:
Amortizacin:
Plazo:
.(1)
Trimestres
45,868,421
45,868,421
22,934,211
22,934,211
22,934,211
22,934,211
22,934,211
22,934,211
22,934,211
22,934,211
45,868,421
122,315,789
22,934,211
22,934,211
22,934,211
22,934,211
22,934,211
22,934,211
22,934,211
99,381,579
152,894,737
76,447,368
76,447,368
76,447,368
76,447,368
76,447,368
76,447,368
76,447,368
76,447,368
-
.(1)
Capital al final
257,000,000
192,750,000
192,750,000
128,500,000
128,500,000
64,250,000
64,250,000
-
76,447,368
76,447,368
257,000,000