MARIA CAROLINA MEDINA HERNANDEZ

JUAN DAVID CHAVARRO GUTIERREZ

(1+I)=(1+R)*(1+INFLA)
CAPM=TLR+((TLR-Tmercado)*Beta)
Genrales
Años Proyecto 20
Meses de proyecto 240
Dias Por año 360
Dias Proyecto 7200
Semestre 180
Inflacion 3%
Tx 33%
Tx Ganancia Ocasional 10%
Estructura capital Deuda / Patrimonio 60%
Deuda + patrimonio 1.00
División 1.6000
Patrimonio 62.50%
Deuda 0.375
Tasa Libre de Riesgo 6.02%
Risk de mercado Spread de Mercado 6.97%
Beta 1.2958
CAPM 15.05%

Valor Venta 1er año tonelada
Costo por tonelada
Costo por 2,7 Toneladas
Carbón A
Carbón B
Carbón C
Para producir Coque Toneladas
Produccion
$ 320,000.00
$ 159,259.26
$ 430,000.00
$ 80,000.00 20%
$ 105,000.00 30%
$ 120,000.00 50%
Se necesitan Toneldas
2.70 Carbon Natural

Nomina
Gerente General $ 6,000,000.00 Desde el Inicio
Comision Gerente Ventas $ 2,000.00 Con la Venta
Operarios $ 2,650,000.00 Empieza la producción
Director Planta $ 1,800,000.00 Desde el Inicio
Asitente $ 1,200,000.00 Desde el Inicio
Secretaria $ 700,000.00 Desde el Inicio
Horneros $ 1,200,000.00 Empieza la producción
Comision Horneros $ 10,000.00 Empieza la producción
Carga Prestacional 56%

Gastos
Energia Agua $ 2,800,000.00
Telfono $ 650,000.00
Gastos varios 5% Total de Ventas
Seguro $ 180,000,000.00 20
 Seguro Amortizacion $ 9,000,000.00
Capital Trabajo
Capital de Trabajo $ 200,000,000.00
Incrementos CT 6 6%
Incrementos CT 14 %
Venta 90%

Activos Fijos
1 Hornos $ 1,200,000,000.00 20
2 Terrenos $ 520,000,000.00
Venta Hornos y Terrenos $ 800,000,000.00

3 Cargador
Mantenimieto Cargador
Mantenimieto Cargador
Arreglo Cargador año 20
Venta Cargador
$ 250,000,000.00 10
$ 200,000.00 10
$ 400,000.00 10
$ 15,000,000.00
$ 45,000,000.00

4 Camioneta Mes Cero $ 35,000,000.00 10

Mantenimiento Camioneta $ 80,000.00 Mensuales durante 1er Año
Venta $ 6,000,000.00

5 Maquinaria y Equipos $ 45,000,000.00 10

Venta $ 16,000,000.00

Total Activos $ 2,050,000,000.00

Diferencia $ -

Variable Capital de
Periodos Inversion en Activos Capital de Trabajo
Trabajo Producción
Inicial $ 2,050,000,000.00 $ 200,000,000.00
1 6% $ 212,000,000.00
2 6% $ 224,720,000.00
3 40% $ 314,608,000.00
4 29% $ 404,496,000.00
5 6% $ 426,968,000.00
6 0% $ 426,968,000.00
7 0% $ 426,968,000.00
8 0% $ 426,968,000.00
9 0% $ 426,968,000.00
10 0% $ 426,968,000.00
11 0% $ 426,968,000.00
12 0% $ 426,968,000.00
13 0% $ 426,968,000.00
14 0% $ 426,968,000.00
 15 0% $ 426,968,000.00
16 0% $ 426,968,000.00
17 0% $ 426,968,000.00
18 0% $ 426,968,000.00
19 0% $ 426,968,000.00
20 0% $ 426,968,000.00

$ 2,050,000,000.00

Valor Libros
90% Venta
Perdida
33% Tx

Deuda 0.375 Tx
Años 10
Inversion $ 2,430,000,000.00
Valor en pesos $ 911,250,000.00
IEA 12.40%
Cuota $ 163,926,429.75
Comision 1%

Periodos Prestamo Cuota

Inicial $ 911,250,000.00
1 $ 911,250,000.00 $ 163,926,429.75
2 $ 860,318,570.25 $ 163,926,429.75
3 $ 803,071,643.21 $ 163,926,429.75
4 $ 738,726,097.21 $ 163,926,429.75
5 $ 666,401,703.52 $ 163,926,429.75
6 $ 585,109,085.00 $ 163,926,429.75
7 $ 493,736,181.79 $ 163,926,429.75
8 $ 391,033,038.58 $ 163,926,429.75
9 $ 275,594,705.61 $ 163,926,429.75
10 $ 145,842,019.35 $ 163,926,429.75

Periodo Flujo Caja Libre Flujo Financiación Flujo de Accionista

0 $ (2,430,000,000.00) $ 902,137,500.00 -$ 1,527,862,500.00
1 $ (22,823,004.48) $ (132,234,140.45) -$ 155,057,144.93
 2 $ 265,839,596.35 $ (133,913,859.01) $ 131,925,737.34
3 $ 381,763,213.16 $ (135,801,862.66) $ 245,961,350.50
4 $ 586,219,917.34 $ (137,923,978.77) $ 448,295,938.57
5 $ 722,173,474.06 $ (140,309,237.27) $ 581,864,236.79
6 $ 765,975,038.28 $ (142,990,267.83) $ 622,984,770.45
7 $ 787,944,489.43 $ (146,003,746.18) $ 641,940,743.25
8 $ 810,573,024.11 $ (149,390,895.84) $ 661,182,128.27
9 $ 833,880,414.84 $ (153,198,052.06) $ 680,682,362.78
10 $ 857,887,027.28 $ (157,477,295.66) $ 700,409,731.63
11 $ 870,668,855.64 $ - $ 870,668,855.64
12 $ 896,105,821.31 $ - $ 896,105,821.31
13 $ 922,305,895.95 $ - $ 922,305,895.95
14 $ 949,291,972.83 $ - $ 949,291,972.83
15 $ 977,087,632.01 $ - $ 977,087,632.01
16 $ 1,005,717,160.97 $ - $ 1,005,717,160.97
17 $ 1,035,205,575.80 $ - $ 1,035,205,575.80
18 $ 1,065,578,643.08 $ - $ 1,065,578,643.08
19 $ 1,096,862,902.37 $ - $ 1,096,862,902.37
20 $ 2,361,246,833.44 $ - $ 2,361,246,833.44

VPN $ 2,032,551,971.35 VPN $ 1,494,042,244.22

TIR 24%
 Valor de Costo Toneladas
Toneladas de crudo a coque
Tipo %
Carbón A 20%
Carbón B 30%
Carbón C 50%

Costo

Valor de Costo Toneladas

Costo

Produccion 1 Horno
Toneladas Hornadas Coque 2.7
Dias de produccción 3

Toneladas por dias 0.900

Ajutes con la inflación

Ajutes con la inflación
Ajutes con la inflación
Ajutes con la inflación
Ajutes con la inflación
Ajutes con la inflación

4.00 Detalle Toneladas

Toneladas Diarias 0.9
Toneladas Anuales 324
Ajutes con la inflación Toneladas Semestrales 162
Tonelada Vendida AXI
Ajutes con la inflación
Ajutes con la inflación Capacidad Planta
Ajutes con la inflación Años Incremento
Ajutes con la inflación 1er año 6 meses 30%
Ajutes con la inflación 2do año 20%
Tonelada Producida AXI 3er año 20%
Fijos y variables 4to año 20%
5to año 5%
6to año
Ajutes con la inflación 7mo año
Ajutes con la inflación 8vo año
Ajutes con la inflación 9no año
Amortización 10mo año

Primeros años
Delta de la producción
Depreciación Sin Salvamento
Depreciación NA
Depreciación Sin Salvamento
Primeros años Cargador
del 11 al 20 Cargador
Depreciación Sin Salvamento
Ajutes con la inflación
Depreciación Sin Salvamento
Inversion Captal Trabajo
$ 200,000,000.00 $
$ 12,000,000.00
$ 12,720,000.00
$ 89,888,000.00
$ 89,888,000.00
$ 22,472,000.00
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
11mo año
12mo año
13ro año
14to año
15to año
16to año
17mo año
18vo año
19no año
20mo año
Seguros
Ingresos Costos Utilidad Bruta
180,000,000.00 $ - $ - $ -
$ 497,664,000.00 $ 247,680,000.00 $ 249,984,000.00
$ 1,708,646,400.00 $ 850,368,000.00 $ 858,278,400.00
$ 2,463,868,108.80 $ 1,226,230,656.00 $ 1,237,637,452.80
$ 3,262,865,338.37 $ 1,623,879,740.16 $ 1,638,985,598.21
$ 3,547,459,703.99 $ 1,765,518,139.72 $ 1,781,941,564.27
$ 3,653,883,495.11 $ 1,818,483,683.91 $ 1,835,399,811.20
$ 3,763,499,999.97 $ 1,873,038,194.43 $ 1,890,461,805.54
$ 3,876,404,999.96 $ 1,929,229,340.26 $ 1,947,175,659.70
$ 3,992,697,149.96 $ 1,987,106,220.47 $ 2,005,590,929.50
$ 4,112,478,064.46 $ 2,046,719,407.08 $ 2,065,758,657.38
$ 4,235,852,406.40 $ 2,108,120,989.29 $ 2,127,731,417.10
$ 4,362,927,978.59 $ 2,171,364,618.97 $ 2,191,563,359.61
$ 4,493,815,817.95 $ 2,236,505,557.54 $ 2,257,310,260.40
$ 4,628,630,292.48 $ 2,303,600,724.27 $ 2,325,029,568.22
$ - $ 4,767,489,201.26 $ 2,372,708,746.00 $ 2,394,780,455.26
$ - $ 4,910,513,877.30 $ 2,443,890,008.38 $ 2,466,623,868.92
$ - $ 5,057,829,293.62 $ 2,517,206,708.63 $ 2,540,622,584.99
$ - $ 5,209,564,172.42 $ 2,592,722,909.89 $ 2,616,841,262.54
$ - $ 5,365,851,097.60 $ 2,670,504,597.18 $ 2,695,346,500.41
$ - $ 5,526,826,630.52 $ 2,750,619,735.10 $ 2,776,206,895.43

$ 426,968,000.00 ### $ 39,535,497,977.27 ###

$ 426,968,000.00
$ 384,271,200.00
$ (42,696,800.00)
$ (14,089,944.00)

33%

Amortización Intereses Saldo Flujos

$ 911,250,000.00 Inicial
$ 50,931,429.75 $ 112,995,000.00 $ 860,318,570.25 Flujo
$ 57,246,927.04 $ 106,679,502.71 $ 803,071,643.21 Flujo
$ 64,345,545.99 $ 99,580,883.76 $ 738,726,097.21 Flujo
$ 72,324,393.70 $ 91,602,036.05 $ 666,401,703.52 Flujo
$ 81,292,618.52 $ 82,633,811.24 $ 585,109,085.00 Flujo
$ 91,372,903.21 $ 72,553,526.54 $ 493,736,181.79 Flujo
$ 102,703,143.21 $ 61,223,286.54 $ 391,033,038.58 Flujo
$ 115,438,332.97 $ 48,488,096.78 $ 275,594,705.61 Flujo
$ 129,752,686.26 $ 34,173,743.50 $ 145,842,019.35 Flujo
$ 145,842,019.35 $ 18,084,410.40 $ - Flujo

Fuentes Solicitado Recibido % Fuente

Deuda $ 911,250,000.00 $ 902,137,500.00 9.07%
Equity $ 1,527,862,500.00 $ 1,527,862,500.00 15.05%
$ 2,439,112,500.00 $ 2,430,000,000.00
 2.7 Gastos
4 Inicial
Toneladas Valor Tonelada Valor Utilizado 1
0.8 $ 80,000.00 $ 64,000.00 2
1.2 $ 105,000.00 $ 126,000.00 3
2 $ 120,000.00 $ 240,000.00 4
5
4 $ 305,000.00 $ 430,000.00 6
7
1 8
9
$ 159,259.26 10
11
12
13
14
15
16
17
18
19
20

Hornos Toneladas * Hornos

32 28.80
32 10,368.00
32 5,184.00

Capcidad U. Dias Producción Toneladas * Hornos Toneladas Produccidas Costo Tonelada

30% 180 5,184.00 1,555.20 $ 159,259.26
50% 360 10,368.00 5,184.00 $ 164,037.04
70.00% 360 10,368.00 7,257.60 $ 168,958.15
90.00% 360 10,368.00 9,331.20 $ 174,026.89
95.00% 360 10,368.00 9,849.60 $ 179,247.70
95.00% 360 10,368.00 9,849.60 $ 184,625.13
95.00% 360 10,368.00 9,849.60 $ 190,163.88
95.00% 360 10,368.00 9,849.60 $ 195,868.80
95.00% 360 10,368.00 9,849.60 $ 201,744.86
95.00% 360 10,368.00 9,849.60 $ 207,797.21
 95.00% 360 10,368.00 9,849.60 $ 214,031.13
95.00% 360 10,368.00 9,849.60 $ 220,452.06
95.00% 360 10,368.00 9,849.60 $ 227,065.62
95.00% 360 10,368.00 9,849.60 $ 233,877.59
95.00% 360 10,368.00 9,849.60 $ 240,893.92
95.00% 360 10,368.00 9,849.60 $ 248,120.74
95.00% 360 10,368.00 9,849.60 $ 255,564.36
95.00% 360 10,368.00 9,849.60 $ 263,231.29
95.00% 360 10,368.00 9,849.60 $ 271,128.23
95.00% 360 10,368.00 9,849.60 $ 279,262.08

Nominas

Margen Sueldo Fijo Sueldo Variable Carga Prestacional Gastos

0% $ - $ - $ - $ -
50% $ 139,500,000.00 18,662,400.00 $ 88,570,944.00 $ 171,643,200.00
50% $ 167,478,000.00 64,074,240.00 $ 129,669,254.40 $ 233,535,120.00
50% $ 172,502,340.00 92,395,054.08 $ 148,342,540.68 $ 272,679,289.44
50% $ 177,677,410.20 122,357,450.19 $ 168,019,521.82 $ 314,053,727.44
50% $ 183,007,732.51 133,029,738.90 $ 176,980,983.99 $ 329,750,759.54
50% $ 188,497,964.48 137,020,631.07 $ 182,290,413.51 $ 336,583,282.32
50% $ 194,152,903.42 141,131,250.00 $ 187,759,125.91 $ 343,620,780.79
50% $ 199,977,490.52 145,365,187.50 $ 193,391,899.69 $ 350,869,404.21
50% $ 205,976,815.23 149,726,143.12 $ 199,193,656.68 $ 358,335,486.34
50% $ 212,156,119.69 154,217,927.42 $ 205,169,466.38 $ 366,025,550.93
50% $ 218,520,803.28 158,844,465.24 $ 211,324,550.37 $ 342,520,918.15
50% $ 225,076,427.38 163,609,799.20 $ 217,664,286.88 $ 350,726,545.69
50% $ 231,828,720.20 168,518,093.17 $ 224,194,215.49 $ 359,178,342.06
50% $ 238,783,581.81 173,573,635.97 $ 230,920,041.95 $ 367,883,692.33
 50% $ 245,947,089.26 178,780,845.05 $ 237,847,643.21 $ 376,850,203.10
50% $ 253,325,501.94 184,144,270.40 $ 244,983,072.51 $ 386,085,709.19
50% $ 260,925,267.00 189,668,598.51 $ 252,332,564.68 $ 395,598,280.46
50% $ 268,753,025.01 195,358,656.47 $ 259,902,541.63 $ 405,396,228.88
50% $ 276,815,615.76 201,219,416.16 $ 267,699,617.87 $ 415,488,115.74
50% $ 285,120,084.23 207,255,998.64 $ 275,730,606.41 $ 425,882,759.22

$ 4,346,022,891.91 $ 2,978,953,801.08 $ 4,101,986,948.07 ###

Periodos Prestamo Comisiones Tx Comisiones Intereses

0 $ 911,250,000.00 $ (9,112,500.00)
1 $ (8,603,185.70) $ 3,007,125.00 $ (112,995,000.00)
2 $ (8,030,716.43) $ 2,839,051.28 $ (106,679,502.71)
3 $ (7,387,260.97) $ 2,650,136.42 $ (99,580,883.76)
4 $ (6,664,017.04) $ 2,437,796.12 $ (91,602,036.05)
5 $ (5,851,090.85) $ 2,199,125.62 $ (82,633,811.24)
6 $ (4,937,361.82) $ 1,930,859.98 $ (72,553,526.54)
7 $ (3,910,330.39) $ 1,629,329.40 $ (61,223,286.54)
8 $ (2,755,947.06) $ 1,290,409.03 $ (48,488,096.78)
9 $ (1,458,420.19) $ 909,462.53 $ (34,173,743.50)
10 $ - $ 481,278.66 $ (18,084,410.40)

Participacion Fuente WACC

0.3736 3%
0.6264 9%
WACC 12.8165%
WACC 12.8165%
 Inflacion Inflacion
3% 3%
Energia Agua Telefono
$ - $ -
$ 33,600,000.00 $ 7,800,000.00
$ 34,608,000.00 $ 8,034,000.00
$ 35,646,240.00 $ 8,275,020.00
$ 36,715,627.20 $ 8,523,270.60
$ 37,817,096.02 $ 8,778,968.72
$ 38,951,608.90 $ 9,042,337.78
$ 40,120,157.16 $ 9,313,607.91
$ 41,323,761.88 $ 9,593,016.15
$ 42,563,474.73 $ 9,880,806.63
$ 43,840,378.98 $ 10,177,230.83
$ 45,155,590.35 $ 10,482,547.76
$ 46,510,258.06 $ 10,797,024.19
$ 47,905,565.80 $ 11,120,934.92
$ 49,342,732.77 $ 11,454,562.96
$ 50,823,014.76 $ 11,798,199.85
$ 52,347,705.20 $ 12,152,145.85
$ 53,918,136.35 $ 12,516,710.22
$ 55,535,680.44 $ 12,892,211.53
$ 57,201,750.86 $ 13,278,977.88
$ 58,917,803.38 $ 13,677,347.21
$ 902,844,582.83 $ 209,588,921.01
Costo Ingresos Tonelada
$ 247,680,000.00 $ 320,000.00
$ 850,368,000.00 $ 329,600.00
$ 1,226,230,656.00 $ 339,488.00
$ 1,623,879,740.16 $ 349,672.64
$ 1,765,518,139.72 $ 360,162.82
$ 1,818,483,683.91 $ 370,967.70
$ 1,873,038,194.43 $ 382,096.73
$ 1,929,229,340.26 $ 393,559.64
$ 1,987,106,220.47 $ 405,366.43
$ 2,046,719,407.08 $ 417,527.42
Ventas
5%
Varios Amortizaciones Depreciacion Mantenimientos
$ - $ - $ - $ -
$ 24,883,200.00 $ 9,000,000.00 $ 93,000,000.00 $ 3,360,000.00
$ 85,432,320.00 $ 9,000,000.00 $ 93,000,000.00 $ 3,460,800.00
$ 123,193,405.44 $ 9,000,000.00 $ 93,000,000.00 $ 3,564,624.00
$ 163,143,266.92 $ 9,000,000.00 $ 93,000,000.00 $ 3,671,562.72
$ 177,372,985.20 $ 9,000,000.00 $ 93,000,000.00 $ 3,781,709.60
$ 182,694,174.76 $ 9,000,000.00 $ 93,000,000.00 $ 3,895,160.89
$ 188,175,000.00 $ 9,000,000.00 $ 93,000,000.00 $ 4,012,015.72
$ 193,820,250.00 $ 9,000,000.00 $ 93,000,000.00 $ 4,132,376.19
$ 199,634,857.50 $ 9,000,000.00 $ 93,000,000.00 $ 4,256,347.47
$ 205,623,903.22 $ 9,000,000.00 $ 93,000,000.00 $ 4,384,037.90
$ 211,792,620.32 $ 9,000,000.00 $ 60,000,000.00 $ 6,090,159.72
$ 218,146,398.93 $ 9,000,000.00 $ 60,000,000.00 $ 6,272,864.52
$ 224,690,790.90 $ 9,000,000.00 $ 60,000,000.00 $ 6,461,050.45
$ 231,431,514.62 $ 9,000,000.00 $ 60,000,000.00 $ 6,654,881.96
$ 238,374,460.06 $ 9,000,000.00 $ 60,000,000.00 $ 6,854,528.42
$ 245,525,693.86 $ 9,000,000.00 $ 60,000,000.00 $ 7,060,164.28
$ 252,891,464.68 $ 9,000,000.00 $ 60,000,000.00 $ 7,271,969.20
$ 260,478,208.62 $ 9,000,000.00 $ 60,000,000.00 $ 7,490,128.28
$ 268,292,554.88 $ 9,000,000.00 $ 60,000,000.00 $ 7,714,832.13
$ 276,341,331.53 $ 9,000,000.00 $ 60,000,000.00 $ 7,946,277.09
$ 3,971,938,401.44 $ 180,000,000.00 ### $ 108,335,490.55
Ingresos Variacion Producción
$ 497,664,000.00
$ 1,708,646,400.00
$ 2,463,868,108.80 40%
$ 3,262,865,338.37 29%
$ 3,547,459,703.99 6%
$ 3,653,883,495.11 0%
$ 3,763,499,999.97 0%
$ 3,876,404,999.96 0%
$ 3,992,697,149.96 0%
$ 4,112,478,064.46 0%
$ 2,108,120,989.29 $ 430,053.24 $ 4,235,852,406.40 0%
$ 2,171,364,618.97 $ 442,954.84 $ 4,362,927,978.59 0%
$ 2,236,505,557.54 $ 456,243.48 $ 4,493,815,817.95 0%
$ 2,303,600,724.27 $ 469,930.79 $ 4,628,630,292.48 0%
$ 2,372,708,746.00 $ 484,028.71 $ 4,767,489,201.26 0%
$ 2,443,890,008.38 $ 498,549.57 $ 4,910,513,877.30 0%
$ 2,517,206,708.63 $ 513,506.06 $ 5,057,829,293.62 0%
$ 2,592,722,909.89 $ 528,911.24 $ 5,209,564,172.42 0%
$ 2,670,504,597.18 $ 544,778.58 $ 5,365,851,097.60 0%
$ 2,750,619,735.10 $ 561,121.94 $ 5,526,826,630.52 0%

Tx VSN

Utilidad Operacional 33% Utilidad Neta Depreciacion Amortizacion Vta Activos Fijos
$ - $ - $ - $ - $ - $ -
$ (168,392,544.00) $ 55,569,539.52 $ (112,823,004.48) $ 93,000,000.00 $ 9,000,000.00 $ -
$ 263,521,785.60 $ (86,962,189.25) $ 176,559,596.35 $ 93,000,000.00 $ 9,000,000.00 $ -
$ 551,718,228.60 $ (182,067,015.44) $ 369,651,213.16 $ 93,000,000.00 $ 9,000,000.00 $ -
$ 856,877,488.56 $ (282,769,571.23) $ 574,107,917.34 $ 93,000,000.00 $ 9,000,000.00 $ -
$ 959,172,349.35 $ (316,526,875.28) $ 642,645,474.06 $ 93,000,000.00 $ 9,000,000.00 $ -
$ 991,007,519.83 $ (327,032,481.54) $ 663,975,038.28 $ 93,000,000.00 $ 9,000,000.00 $ -
$ 1,023,797,745.42 $ (337,853,255.99) $ 685,944,489.43 $ 93,000,000.00 $ 9,000,000.00 $ -
$ 1,057,571,677.78 $ (348,998,653.67) $ 708,573,024.11 $ 93,000,000.00 $ 9,000,000.00 $ -
$ 1,092,358,828.12 $ (360,478,413.28) $ 731,880,414.84 $ 93,000,000.00 $ 9,000,000.00 $ -
$ 1,128,189,592.96 $ (372,302,565.68) $ 755,887,027.28 $ 93,000,000.00 $ 9,000,000.00 $ -
$ 1,196,520,680.06 $ (394,851,824.42) $ 801,668,855.64 $ 60,000,000.00 $ 9,000,000.00 $ -
$ 1,234,486,300.46 $ (407,380,479.15) $ 827,105,821.31 $ 60,000,000.00 $ 9,000,000.00 $ -
$ 1,273,590,889.48 $ (420,284,993.53) $ 853,305,895.95 $ 60,000,000.00 $ 9,000,000.00 $ -
$ 1,313,868,616.16 $ (433,576,643.33) $ 880,291,972.83 $ 60,000,000.00 $ 9,000,000.00 $ -
$ 1,355,354,674.64 $ (447,267,042.63) $ 908,087,632.01 $ 60,000,000.00 $ 9,000,000.00 $ -
$ 1,398,085,314.88 $ (461,368,153.91) $ 936,717,160.97 $ 60,000,000.00 $ 9,000,000.00 $ -
$ 1,442,097,874.33 $ (475,892,298.53) $ 966,205,575.80 $ 60,000,000.00 $ 9,000,000.00 $ -
$ 1,487,430,810.56 $ (490,852,167.48) $ 996,578,643.08 $ 60,000,000.00 $ 9,000,000.00 $ -
$ 1,534,123,734.88 $ (506,260,832.51) $ 1,027,862,902.37 $ 60,000,000.00 $ 9,000,000.00 $ -
$ 1,582,217,446.92 $ (522,131,757.48) $ 1,060,085,689.44 $ 60,000,000.00 $ 9,000,000.00 $ 867,000,000.00

$ 21,573,599,014.59 ### $ 14,454,311,339.77 $ 1,530,000,000.00 $ 180,000,000.00 $ 867,000,000.00

Valor en Libros $ 2,050,000,000.00

Depreciación $ (1,530,000,000.00)
Adicion de arreglos $ 15,000,000.00
Costo Activo Fijo $ 535,000,000.00
Planta Terreno $ 800,000,000.00
Cargador $ 45,000,000.00
Caminoneta $ 6,000,000.00
Maquinas $ 16,000,000.00
Valor Recibido $ 867,000,000.00
Utilidad $ 332,000,000.00
TX 10% $ 33,200,000.00

Tx Intreses Amortización Flujo de Caja Deuda

$ 902,137,500.00
$ 37,288,350.00 $ (50,931,429.75) $ (132,234,140.45)
$ 35,204,235.89 $ (57,246,927.04) $ (133,913,859.01)
$ 32,861,691.64 $ (64,345,545.99) $ (135,801,862.66)
$ 30,228,671.90 $ (72,324,393.70) $ (137,923,978.77)
$ 27,269,157.71 $ (81,292,618.52) $ (140,309,237.27)
$ 23,942,663.76 $ (91,372,903.21) $ (142,990,267.83)
$ 20,203,684.56 $ (102,703,143.21) $ (146,003,746.18)
$ 16,001,071.94 $ (115,438,332.97) $ (149,390,895.84)
$ 11,277,335.35 $ (129,752,686.26) $ (153,198,052.06)
$ 5,967,855.43 $ (145,842,019.35) $ (157,477,295.66)

TIR 9.07%
 Gastos
$ -
$ 171,643,200.00
$ 233,535,120.00
$ 272,679,289.44
$ 314,053,727.44
$ 329,750,759.54
$ 336,583,282.32
$ 343,620,780.79
$ 350,869,404.21
$ 358,335,486.34
$ 366,025,550.93
$ 342,520,918.15
$ 350,726,545.69
$ 359,178,342.06
$ 367,883,692.33
$ 376,850,203.10
$ 386,085,709.19
$ 395,598,280.46
$ 405,396,228.88
$ 415,488,115.74
$ 425,882,759.22
###
 12.8165%

Tx 10% Vta KNO Tx 33% Flujo Caja Libre Fcj/(1+Tim)^j Wi

$ - $ - $ - $ (2,430,000,000.00)
$ - $ - $ - $ (22,823,004.48) $ (20,230,206.44) -0.0045333268
$ - $ - $ - $ 265,839,596.35 $ 208,869,326.72 0.0468049063
$ - $ - $ - $ 381,763,213.16 $ 265,874,431.47 0.0595790107
$ - $ - $ - $ 586,219,917.34 $ 361,884,986.41 0.0810937304
$ - $ - $ - $ 722,173,474.06 $ 395,165,505.41 0.0885514629
$ - $ - $ - $ 765,975,038.28 $ 371,517,786.81 0.083252316
$ - $ - $ - $ 787,944,489.43 $ 338,756,873.11 0.0759110203
$ - $ - $ - $ 810,573,024.11 $ 308,895,895.92 0.0692195627
$ - $ - $ - $ 833,880,414.84 $ 281,676,920.87 0.0631201435
$ - $ - $ - $ 857,887,027.28 $ 256,865,093.67 0.0575601349
$ - $ - $ - $ 870,668,855.64 $ 231,076,349.79 0.051781212
$ - $ - $ - $ 896,105,821.31 $ 210,809,067.12 0.0472395769
$ - $ - $ - $ 922,305,895.95 $ 192,323,552.17 0.0430972129
$ - $ - $ - $ 949,291,972.83 $ 175,462,694.47 0.0393189134
$ - $ - $ - $ 977,087,632.01 $ 160,083,289.82 0.0358725883
$ - $ - $ - $ 1,005,717,160.97 $ 146,054,803.40 0.0327289865
$ - $ - $ - $ 1,035,205,575.80 $ 133,258,243.73 0.0298614435
$ - $ - $ - $ 1,065,578,643.08 $ 121,585,137.21 0.0272456518
$ - $ - $ - $ 1,096,862,902.37 $ 110,936,594.24 0.0248594515
$ (33,200,000.00) $ 384,271,200.00 $ 14,089,944.00 $ 2,361,246,833.44 $ 211,685,625.45 0.0474360023

$ (33,200,000.00) $ 384,271,200.00 $ 14,089,944.00 $ 14,739,504,483.77 ### 1.00

VPN WACC $2,032,551,971.35

TIR 21%
Wi*J Duration Ji*(1+Ji)*Fcl (1+Tim)^(Ji+2) Convexidad

-0.0045333268 $ (45,646,008.96) 1.435877873 $ (31,789,617.92)

0.0936098125 $ 1,595,037,578.11 1.6199067089 $ 984,647,800.60
0.178737032 $ 4,581,158,557.91 1.8275215427 $ 2,506,760,358.74
0.3243749216 $ 11,724,398,346.75 2.0617452663 $ 5,686,637,694.08
0.4427573146 $ 21,665,204,221.85 2.3259881997 $ 9,314,408,484.30
0.4995138959 $ 32,170,951,607.91 2.6240977456 $ 12,259,814,506.43
0.5313771418 $ 44,124,891,408.19 2.9604144077 $ 14,904,971,173.61
0.5537565015 $ 58,361,257,736.28 3.3398349889 $ 17,474,293,769.00
0.5680812916 $ 75,049,237,335.46 3.7678838896 $ 19,918,139,606.86
0.5756013495 $ 94,367,573,001.20 4.250793543 $ 22,199,989,730.64
0.5695933322 $ 114,928,288,944.49 4.7955951602 $ 23,965,385,964.84
0.5668749231 $ 139,792,508,124.25 5.4102211052 $ 25,838,594,283.88
0.5602637671 $ 167,859,673,062.64 6.1036203912 $ 27,501,656,771.57
0.5504647875 $ 199,351,314,293.68 6.8858889785 $ 28,950,701,197.16
0.5380888251 $ 234,501,031,682.84 7.7684167732 $ 30,186,463,796.72
0.5236637846 $ 273,555,067,784.44 8.7640534651 $ 31,213,304,308.70
0.5076445402 $ 316,772,906,195.22 9.8872956204 $ 32,038,377,161.63
0.4904217326 $ 364,427,895,931.79 11.1544977532 $ 32,670,937,230.49
0.4723295783 $ 416,807,902,899.72 12.5841104486 $ 33,121,761,335.50
0.9487200454 $ 991,723,670,044.25 14.1969490055 $ 69,854,703,969.19

9.49 98.72
1 Hornos
Depreciación Años 20
Hornos 32
Valor Unitario $ 37,500,000.00
Total $ 1,200,000,000.00
Valor Salvamento $ -
Valor a Depreciar $ 1,200,000,000.00
Depreciacion $ 60,000,000.00

HORNOS Costo Historico Adiciones Retiro Ajustes

0 $ 1,200,000,000.00 $ 1,200,000,000.00 $ - $ -
1 $ 1,200,000,000.00 $ - $ - $ -
2 $ 1,200,000,000.00 $ - $ - $ -
3 $ 1,200,000,000.00 $ - $ - $ -
4 $ 1,200,000,000.00 $ - $ - $ -
5 $ 1,200,000,000.00 $ - $ - $ -
6 $ 1,200,000,000.00 $ - $ - $ -
7 $ 1,200,000,000.00 $ - $ - $ -
8 $ 1,200,000,000.00 $ - $ - $ -
9 $ 1,200,000,000.00 $ - $ - $ -
10 $ 1,200,000,000.00 $ - $ - $ -
11 $ 1,200,000,000.00 $ - $ - $ -
12 $ 1,200,000,000.00 $ - $ - $ -
13 $ 1,200,000,000.00 $ - $ - $ -
14 $ 1,200,000,000.00 $ - $ - $ -
15 $ 1,200,000,000.00 $ - $ - $ -
16 $ 1,200,000,000.00 $ - $ - $ -
17 $ 1,200,000,000.00 $ - $ - $ -
18 $ 1,200,000,000.00 $ - $ - $ -
19 $ 1,200,000,000.00 $ - $ - $ -
20 $ 1,200,000,000.00 $ - $ - $ -

2 Terrenos
Depreciación Años 0
Terreno 1
Valor Unitario $ 520,000,000.00
Total $ 520,000,000.00
Depreciacion N/A $ -

3 Cargador
Depreciación Años 10
Cargador $ 1.00
Valor Unitario $ 250,000,000.00
Total $ 250,000,000.00
Valor salvamento $ -
Valor depreciar $ 250,000,000.00
Depreciacion $ 25,000,000.00
Mantenimiento 10 $ 2,400,000.00
 Mantenimiento 10 $ 4,800,000.00

CARGADOR Costo Historico Adiciones Retiro Ajustes

0 $ 250,000,000.00 $ 250,000,000.00 $ - $ -
1 $ 250,000,000.00 $ - $ - $ -
2 $ 250,000,000.00 $ - $ - $ -
3 $ 250,000,000.00 $ - $ - $ -
4 $ 250,000,000.00 $ - $ - $ -
5 $ 250,000,000.00 $ - $ - $ -
6 $ 250,000,000.00 $ - $ - $ -
7 $ 250,000,000.00 $ - $ - $ -
8 $ 250,000,000.00 $ - $ - $ -
9 $ 250,000,000.00 $ - $ - $ -
10 $ 250,000,000.00 $ - $ - $ -
11
12
13
14
15
16
17
18
19
20

4 Camioneta
Depreciación Años 10
Cargador $ 1.00
Valor Unitario $ 35,000,000.00
Total $ 35,000,000.00
Valor salvamento $ -
Valor depreciar $ 35,000,000.00
Depreciacion $ 3,500,000.00
Mantenimiento por
mes 1er año $ 80,000.00 $ 960,000.00
Mantenimieto Ajsutes Inflación 3%

CAMIONETA Costo Historico Adiciones Retiro Ajustes

Inicial $ 35,000,000.00 $ 35,000,000.00 $ - $ -
1 $ 35,000,000.00 $ - $ - $ -
2 $ 35,000,000.00 $ - $ - $ -
3 $ 35,000,000.00 $ - $ - $ -
4 $ 35,000,000.00 $ - $ - $ -
5 $ 35,000,000.00 $ - $ - $ -
6 $ 35,000,000.00 $ - $ - $ -
7 $ 35,000,000.00 $ - $ - $ -
8 $ 35,000,000.00 $ - $ - $ -
9 $ 35,000,000.00 $ - $ - $ -
10 $ 35,000,000.00 $ - $ - $ -
 11
12
13
14
15
16
17
18
19
20

6 Maquinaria
Depreciación Años 10
Cargador $ 1.00
Valor Unitario $ 45,000,000.00
Total $ 45,000,000.00
Valor salvamento $ -
Valor depreciar $ 45,000,000.00
Depreciacion $ 4,500,000.00

MAQUINARIA Costo Historico Adiciones Retiro Ajustes

Inicial $ 45,000,000.00 $ 45,000,000.00 $ - $ -
1 $ 45,000,000.00 $ - $ - $ -
2 $ 45,000,000.00 $ - $ - $ -
3 $ 45,000,000.00 $ - $ - $ -
4 $ 45,000,000.00 $ - $ - $ -
5 $ 45,000,000.00 $ - $ - $ -
6 $ 45,000,000.00 $ - $ - $ -
7 $ 45,000,000.00 $ - $ - $ -
8 $ 45,000,000.00 $ - $ - $ -
9 $ 45,000,000.00 $ - $ - $ -
10 $ 45,000,000.00 $ - $ - $ -

DEPRECIACION Hornos Cargador Camioneta Maquinaria

Inicial $ - $ - $ - $ -
1 $ 60,000,000.00 $ 25,000,000.00 $ 3,500,000.00 $ 4,500,000.00
2 $ 60,000,000.00 $ 25,000,000.00 $ 3,500,000.00 $ 4,500,000.00
3 $ 60,000,000.00 $ 25,000,000.00 $ 3,500,000.00 $ 4,500,000.00
4 $ 60,000,000.00 $ 25,000,000.00 $ 3,500,000.00 $ 4,500,000.00
5 $ 60,000,000.00 $ 25,000,000.00 $ 3,500,000.00 $ 4,500,000.00
6 $ 60,000,000.00 $ 25,000,000.00 $ 3,500,000.00 $ 4,500,000.00
7 $ 60,000,000.00 $ 25,000,000.00 $ 3,500,000.00 $ 4,500,000.00
 8 $ 60,000,000.00 $ 25,000,000.00 $ 3,500,000.00 $ 4,500,000.00
9 $ 60,000,000.00 $ 25,000,000.00 $ 3,500,000.00 $ 4,500,000.00
10 $ 60,000,000.00 $ 25,000,000.00 $ 3,500,000.00 $ 4,500,000.00
11 $ 60,000,000.00 $ - $ - $ -
12 $ 60,000,000.00 $ - $ - $ -
13 $ 60,000,000.00 $ - $ - $ -
14 $ 60,000,000.00 $ - $ - $ -
15 $ 60,000,000.00 $ - $ - $ -
16 $ 60,000,000.00 $ - $ - $ -
17 $ 60,000,000.00 $ - $ - $ -
18 $ 60,000,000.00 $ - $ - $ -
19 $ 60,000,000.00 $ - $ - $ -
20 $ 60,000,000.00 $ - $ - $ -
$ 1,200,000,000.00 $ 250,000,000.00 $ 35,000,000.00 $ 45,000,000.00

Maquinaria Hornos Cargador Camioneta Maquinaria

Inicial $ - $ - $ - $ -
1 $ - $ 2,400,000.00 $ 960,000.00 $ -
2 $ - $ 2,472,000.00 $ 988,800.00 $ -
3 $ - $ 2,546,160.00 $ 1,018,464.00 $ -
4 $ - $ 2,622,544.80 $ 1,049,017.92 $ -
5 $ - $ 2,701,221.14 $ 1,080,488.46 $ -
6 $ - $ 2,782,257.78 $ 1,112,903.11 $ -
7 $ - $ 2,865,725.51 $ 1,146,290.20 $ -
8 $ - $ 2,951,697.28 $ 1,180,678.91 $ -
9 $ - $ 3,040,248.20 $ 1,216,099.28 $ -
10 $ - $ 3,131,455.64 $ 1,252,582.26 $ -
11 $ - $ 4,800,000.00 $ 1,290,159.72 $ -
12 $ - $ 4,944,000.00 $ 1,328,864.52 $ -
13 $ - $ 5,092,320.00 $ 1,368,730.45 $ -
14 $ - $ 5,245,089.60 $ 1,409,792.36 $ -
15 $ - $ 5,402,442.29 $ 1,452,086.14 $ -
16 $ - $ 5,564,515.56 $ 1,495,648.72 $ -
17 $ - $ 5,731,451.02 $ 1,540,518.18 $ -
18 $ - $ 5,903,394.55 $ 1,586,733.73 $ -
19 $ - $ 6,080,496.39 $ 1,634,335.74 $ -
20 $ - $ 6,262,911.28 $ 1,683,365.81 $ -
$ - $ 82,539,931.04 $ 25,795,559.51 $ -
 Costo Ajustado Depreciación Depreciacion Acumulada Saldo en Libros
$ 1,200,000,000.00 $ - $ - $ 1,200,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 60,000,000.00 $ 1,140,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 120,000,000.00 $ 1,080,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 180,000,000.00 $ 1,020,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 240,000,000.00 $ 960,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 300,000,000.00 $ 900,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 360,000,000.00 $ 840,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 420,000,000.00 $ 780,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 480,000,000.00 $ 720,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 540,000,000.00 $ 660,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 600,000,000.00 $ 600,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 660,000,000.00 $ 540,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 720,000,000.00 $ 480,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 780,000,000.00 $ 420,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 840,000,000.00 $ 360,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 900,000,000.00 $ 300,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 960,000,000.00 $ 240,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 1,020,000,000.00 $ 180,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 1,080,000,000.00 $ 120,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 1,140,000,000.00 $ 60,000,000.00
$ 1,200,000,000.00 $ 60,000,000.00 $ 1,200,000,000.00 $ -
 Costo Ajustado Depreciación Depreciacion Acumulada Saldo en Libros Mantenimientos
$ 250,000,000.00 $ - $ - $ 250,000,000.00
$ 250,000,000.00 $ 25,000,000.00 $ 25,000,000.00 $ 225,000,000.00 $ 2,400,000.00
$ 250,000,000.00 $ 25,000,000.00 $ 50,000,000.00 $ 200,000,000.00 $ 2,472,000.00
$ 250,000,000.00 $ 25,000,000.00 $ 75,000,000.00 $ 175,000,000.00 $ 2,546,160.00
$ 250,000,000.00 $ 25,000,000.00 $ 100,000,000.00 $ 150,000,000.00 $ 2,622,544.80
$ 250,000,000.00 $ 25,000,000.00 $ 125,000,000.00 $ 125,000,000.00 $ 2,701,221.14
$ 250,000,000.00 $ 25,000,000.00 $ 150,000,000.00 $ 100,000,000.00 $ 2,782,257.78
$ 250,000,000.00 $ 25,000,000.00 $ 175,000,000.00 $ 75,000,000.00 $ 2,865,725.51
$ 250,000,000.00 $ 25,000,000.00 $ 200,000,000.00 $ 50,000,000.00 $ 2,951,697.28
$ 250,000,000.00 $ 25,000,000.00 $ 225,000,000.00 $ 25,000,000.00 $ 3,040,248.20
$ 250,000,000.00 $ 25,000,000.00 $ 250,000,000.00 $ - $ 3,131,455.64
$ 4,800,000.00
$ 4,944,000.00
$ 5,092,320.00
$ 5,245,089.60
$ 5,402,442.29
$ 5,564,515.56
$ 5,731,451.02
$ 5,903,394.55
$ 6,080,496.39
$ 6,262,911.28

Costo Ajustado Depreciación Depreciacion Acumulada Saldo en Libros Mantenimientos

$ 35,000,000.00 $ - $ - $ 35,000,000.00 $ -
$ 35,000,000.00 $ 3,500,000.00 $ 3,500,000.00 $ 31,500,000.00 $ 960,000.00
$ 35,000,000.00 $ 3,500,000.00 $ 7,000,000.00 $ 28,000,000.00 $ 988,800.00
$ 35,000,000.00 $ 3,500,000.00 $ 10,500,000.00 $ 24,500,000.00 $ 1,018,464.00
$ 35,000,000.00 $ 3,500,000.00 $ 14,000,000.00 $ 21,000,000.00 $ 1,049,017.92
$ 35,000,000.00 $ 3,500,000.00 $ 17,500,000.00 $ 17,500,000.00 $ 1,080,488.46
$ 35,000,000.00 $ 3,500,000.00 $ 21,000,000.00 $ 14,000,000.00 $ 1,112,903.11
$ 35,000,000.00 $ 3,500,000.00 $ 24,500,000.00 $ 10,500,000.00 $ 1,146,290.20
$ 35,000,000.00 $ 3,500,000.00 $ 28,000,000.00 $ 7,000,000.00 $ 1,180,678.91
$ 35,000,000.00 $ 3,500,000.00 $ 31,500,000.00 $ 3,500,000.00 $ 1,216,099.28
$ 35,000,000.00 $ 3,500,000.00 $ 35,000,000.00 $ - $ 1,252,582.26
 $ 1,290,159.72
$ 1,328,864.52
$ 1,368,730.45
$ 1,409,792.36
$ 1,452,086.14
$ 1,495,648.72
$ 1,540,518.18
$ 1,586,733.73
$ 1,634,335.74
$ 1,683,365.81

Costo Ajustado Depreciación Depreciacion Acumulada Saldo en Libros

$ 45,000,000.00 $ - $ - $ 45,000,000.00
$ 45,000,000.00 $ 4,500,000.00 $ 4,500,000.00 $ 40,500,000.00
$ 45,000,000.00 $ 4,500,000.00 $ 9,000,000.00 $ 36,000,000.00
$ 45,000,000.00 $ 4,500,000.00 $ 13,500,000.00 $ 31,500,000.00
$ 45,000,000.00 $ 4,500,000.00 $ 18,000,000.00 $ 27,000,000.00
$ 45,000,000.00 $ 4,500,000.00 $ 22,500,000.00 $ 22,500,000.00
$ 45,000,000.00 $ 4,500,000.00 $ 27,000,000.00 $ 18,000,000.00
$ 45,000,000.00 $ 4,500,000.00 $ 31,500,000.00 $ 13,500,000.00
$ 45,000,000.00 $ 4,500,000.00 $ 36,000,000.00 $ 9,000,000.00
$ 45,000,000.00 $ 4,500,000.00 $ 40,500,000.00 $ 4,500,000.00
$ 45,000,000.00 $ 4,500,000.00 $ 45,000,000.00 $ -

Depreciaciones
$ -
$ 93,000,000.00
$ 93,000,000.00
$ 93,000,000.00
$ 93,000,000.00
$ 93,000,000.00
$ 93,000,000.00
$ 93,000,000.00
$ 93,000,000.00
$ 93,000,000.00
$ 93,000,000.00
$ 60,000,000.00
$ 60,000,000.00
$ 60,000,000.00
$ 60,000,000.00
$ 60,000,000.00
$ 60,000,000.00
$ 60,000,000.00
$ 60,000,000.00
$ 60,000,000.00
$ 60,000,000.00
$ 1,530,000,000.00

Maquinaria
$ -
$ 3,360,000.00
$ 3,460,800.00
$ 3,564,624.00
$ 3,671,562.72
$ 3,781,709.60
$ 3,895,160.89
$ 4,012,015.72
$ 4,132,376.19
$ 4,256,347.47
$ 4,384,037.90
$ 6,090,159.72
$ 6,272,864.52
$ 6,461,050.45
$ 6,654,881.96
$ 6,854,528.42
$ 7,060,164.28
$ 7,271,969.20
$ 7,490,128.28
$ 7,714,832.13
$ 7,946,277.09
$ 108,335,490.55
 Inflación 3% Factor 56%
Salarios Mes Año Comisión Valor Toneladas Valor Prestaciones Valor Nomina Total

1 $ 13,550,000.00 $ 139,500,000.00 1 $ 12,000.00 1,555.20 18,662,400.00 1 $ 88,570,944.00 $ 246,733,344.00

2 $ 13,956,500.00 $ 167,478,000.00 2 $ 12,360.00 5,184.00 64,074,240.00 2 $ 129,669,254.40 $ 361,221,494.40
3 $ 14,375,195.00 $ 172,502,340.00 3 $ 12,730.80 7,257.60 92,395,054.08 3 $ 148,342,540.68 $ 413,239,934.76
4 $ 14,806,450.85 $ 177,677,410.20 4 $ 13,112.72 9,331.20 122,357,450.19 4 $ 168,019,521.82 $ 468,054,382.21
5 $ 15,250,644.38 $ 183,007,732.51 5 $ 13,506.11 9,849.60 133,029,738.90 5 $ 176,980,983.99 $ 493,018,455.39
6 $ 15,708,163.71 $ 188,497,964.48 6 $ 13,911.29 9,849.60 137,020,631.07 6 $ 182,290,413.51 $ 507,809,009.05
7 $ 16,179,408.62 $ 194,152,903.42 7 $ 14,328.63 9,849.60 141,131,250.00 7 $ 187,759,125.91 $ 523,043,279.33
8 $ 16,664,790.88 $ 199,977,490.52 8 $ 14,758.49 9,849.60 145,365,187.50 8 $ 193,391,899.69 $ 538,734,577.71
9 $ 17,164,734.60 $ 205,976,815.23 9 $ 15,201.24 9,849.60 149,726,143.12 9 $ 199,193,656.68 $ 554,896,615.04
10 $ 17,679,676.64 $ 212,156,119.69 10 $ 15,657.28 9,849.60 154,217,927.42 10 $ 205,169,466.38 $ 571,543,513.49
11 $ 18,210,066.94 $ 218,520,803.28 11 $ 16,127.00 9,849.60 158,844,465.24 11 $ 211,324,550.37 $ 588,689,818.89
12 $ 18,756,368.95 $ 225,076,427.38 12 $ 16,610.81 9,849.60 163,609,799.20 12 $ 217,664,286.88 $ 606,350,513.46
13 $ 19,319,060.02 $ 231,828,720.20 13 $ 17,109.13 9,849.60 168,518,093.17 13 $ 224,194,215.49 $ 624,541,028.86
14 $ 19,898,631.82 $ 238,783,581.81 14 $ 17,622.40 9,849.60 173,573,635.97 14 $ 230,920,041.95 $ 643,277,259.73
15 $ 20,495,590.77 $ 245,947,089.26 15 $ 18,151.08 9,849.60 178,780,845.05 15 $ 237,847,643.21 $ 662,575,577.52
16 $ 21,110,458.49 $ 253,325,501.94 16 $ 18,695.61 9,849.60 184,144,270.40 16 $ 244,983,072.51 $ 682,452,844.85
17 $ 21,743,772.25 $ 260,925,267.00 17 $ 19,256.48 9,849.60 189,668,598.51 17 $ 252,332,564.68 $ 702,926,430.19
18 $ 22,396,085.42 $ 268,753,025.01 18 $ 19,834.17 9,849.60 195,358,656.47 18 $ 259,902,541.63 $ 724,014,223.10
19 $ 23,067,967.98 $ 276,815,615.76 19 $ 20,429.20 9,849.60 201,219,416.16 19 $ 267,699,617.87 $ 745,734,649.79
20 $ 23,760,007.02 $ 285,120,084.23 20 $ 21,042.07 9,849.60 207,255,998.64 20 $ 275,730,606.41 $ 768,106,689.28

1 Año Salario Meses 6 meses Meses 6-12 meses Total Año Ingreso Varible Tonelada Vendida Tonelada producida Variables Total Año Caga Prestacional Nomina Año
56%
Gerente General $ 6,000,000.00 6 $ 36,000,000.00 6 $ 36,000,000.00 $ 72,000,000.00 $ 2,000.00 1,555.20 $ 3,110,400.00 $ 75,110,400.00 $ 42,061,824.00 $ 117,172,224.00
Operarios $ 2,650,000.00 - $ - 6 $ 15,900,000.00 $ 15,900,000.00 $ - $ - $ 15,900,000.00 $ 8,904,000.00 $ 24,804,000.00
Director Planta $ 1,800,000.00 6 $ 10,800,000.00 6 $ 10,800,000.00 $ 21,600,000.00 $ - $ - $ 21,600,000.00 $ 12,096,000.00 $ 33,696,000.00
Asitente $ 1,200,000.00 6 $ 7,200,000.00 6 $ 7,200,000.00 $ 14,400,000.00 $ - $ - $ 14,400,000.00 $ 8,064,000.00 $ 22,464,000.00
Secretaria $ 700,000.00 6 $ 4,200,000.00 6 $ 4,200,000.00 $ 8,400,000.00 $ - $ - $ 8,400,000.00 $ 4,704,000.00 $ 13,104,000.00
Horneros $ 1,200,000.00 - $ - 6 $ 7,200,000.00 $ 7,200,000.00 $ 10,000.00 1,555.20 $ 15,552,000.00 $ 22,752,000.00 $ 12,741,120.00 $ 35,493,120.00
### ### ### $ 139,500,000.00 $ 12,000.00 1,555.20 1,555.20 $ 18,662,400.00 ### $ 88,570,944.00 ###

$ 38,000,000.00
$ 89,135,000.00
$ 44,567,500.00
Deuda ### Tx 0%
Dias 30
Inversion ###
Valor en pesos ###
IEA 8.62% 0.022973% 0.02395%
Cuota $ 1,871,183.54 8.62%
Comision 1%

Periodos Prestamo Cuota Amortización Intereses

Inicial ###
1 ### $ 1,871,183.54 $ 1,858,333.15 $ 12,850.40
2 ### $ 1,871,183.54 $ 1,858,760.07 $ 12,423.48
3 ### $ 1,871,183.54 $ 1,859,187.09 $ 11,996.46
4 ### $ 1,871,183.54 $ 1,859,614.20 $ 11,569.34
5 ### $ 1,871,183.54 $ 1,860,041.42 $ 11,142.12
6 ### $ 1,871,183.54 $ 1,860,468.73 $ 10,714.81
7 ### $ 1,871,183.54 $ 1,860,896.15 $ 10,287.40
8 ### $ 1,871,183.54 $ 1,861,323.66 $ 9,859.89
9 ### $ 1,871,183.54 $ 1,861,751.26 $ 9,432.28
10 ### $ 1,871,183.54 $ 1,862,178.97 $ 9,004.57
11 ### $ 1,871,183.54 $ 1,862,606.78 $ 8,576.77
12 ### $ 1,871,183.54 $ 1,863,034.68 $ 8,148.86
13 ### $ 1,871,183.54 $ 1,863,462.68 $ 7,720.86
14 ### $ 1,871,183.54 $ 1,863,890.78 $ 7,292.76
15 ### $ 1,871,183.54 $ 1,864,318.98 $ 6,864.57
16 ### $ 1,871,183.54 $ 1,864,747.28 $ 6,436.27
17 ### $ 1,871,183.54 $ 1,865,175.67 $ 6,007.87
18 ### $ 1,871,183.54 $ 1,865,604.16 $ 5,579.38
19 ### $ 1,871,183.54 $ 1,866,032.76 $ 5,150.79
20 ### $ 1,871,183.54 $ 1,866,461.45 $ 4,722.10
21 ### $ 1,871,183.54 $ 1,866,890.23 $ 4,293.31
22 ### $ 1,871,183.54 $ 1,867,319.12 $ 3,864.42
23 ### $ 1,871,183.54 $ 1,867,748.11 $ 3,435.44
24 ### $ 1,871,183.54 $ 1,868,177.19 $ 3,006.35
25 ### $ 1,871,183.54 $ 1,868,606.38 $ 2,577.17
26 $ 9,349,473.07 $ 1,871,183.54 $ 1,869,035.66 $ 2,147.89
27 $ 7,480,437.41 $ 1,871,183.54 $ 1,869,465.04 $ 1,718.51
28 $ 5,610,972.38 $ 1,871,183.54 $ 1,869,894.52 $ 1,289.03
29 $ 3,741,077.86 $ 1,871,183.54 $ 1,870,324.09 $ 859.45
30 $ 1,870,753.77 $ 1,871,183.54 $ 1,870,753.77 $ 429.77

$ 56,135,506.32 $ 199,402.32
Gravamen MF $ 225,340.00 $ 797.61
Intereses $ 199,402.00
Total $ 424,742.00
 $ 66,338,349 $ 14,146,106 $ 80,484,456
$ 12,604,286 $ 2,687,760 $ 15,292,047
$ 78,942,636 $ 16,833,867 $ 95,776,502

$ 47,888,251

Saldo
$ 55,936,104.00
$ 54,077,770.85
$ 52,219,010.79
$ 50,359,823.70
$ 48,500,209.50
$ 46,640,168.08
$ 44,779,699.34
$ 42,918,803.20
$ 41,057,479.54
$ 39,195,728.28
$ 37,333,549.31
$ 35,470,942.53
$ 33,607,907.85
$ 31,744,445.17
$ 29,880,554.39
$ 28,016,235.41
$ 26,151,488.14
$ 24,286,312.47
$ 22,420,708.30
$ 20,554,675.55
$ 18,688,214.10
$ 16,821,323.87
$ 14,954,004.75
$ 13,086,256.64
$ 11,218,079.45
$ 9,349,473.07
$ 7,480,437.41
$ 5,610,972.38
$ 3,741,077.86
$ 1,870,753.77
$ -

$ 226,137.61