CONSTELACION INDUSTRIAL DEL ASEO

Millones de peso

Proyecion Estados de R
ESTADO DE RESULTADOS
2015 2014 2013 2016 2017

Ventas 718 1,800 2,164 767 100% 819 100%

Costo de venta 236 1,070 1,479 411 54% 438 54%
Utilidad Bruta 482 730 685 356 46% 380 46%
0% 0%
Gastos de Administracion 402 556 578 429 -56% 458 -56%
Gastos de Ventas - - - - 0% - 0%
Utilidad Operacional 80 174 107 (73) -10% (78) -10%
No Operacionales 0% 0%
Total Ingresos No Operacionales 1 1 39 230 30% 299 37%
Gastos Financieros y Otros No operacionales 36 21 41 56 -7% 68 -8%
Correccion Monetaria - - - 0% 0%
Utilidad Antes de Impuestos 45 154 105 101 13% 153 19%
Impuestos y Otros 0% 0%
Impuesto de Renta 20 52 60 33 4% 50 6%
UTILIDAD NETA 0% 0%
Utilidad Neta 25 102 45 68 9% 102 13%

Inflacion 6.77% 6.77% 6.77%

costo de ventas 53.6%
gastos 6.77% 6.77% 6.77%
gastos financieros 18.00

Plan de Costo Ingreso Impuest

Amortiz de s No o de
ación Ventas Operaci Renta
onales

Intereses año 1 20.00 32.9% 30.0% 33.0%

Intereses año 2 12.00 59.4%
Intereses año 3 4.00 68.3%
53.6%
 Millones de pesos

yecion Estados de Resultados

2018 2019 2020

874 100% 933 100% 996 100% 63 -6.3%

468 54% 500 54% 534 54% 34 -6.3%
406 46% 433 46% 463 46% 29 -6.3%
0% 0% 0% 0 #DIV/0!
489 -56% 522 -56% 489 -49% 33 6.8%
- 0% - 0% - 0% 0 #DIV/0!
(83) -10% (89) -10% (27) -3% 62 235.1%
0% 0% 0% 0 #DIV/0!
389 44% 505 54% 657 66% 152
72 -8% 72 -8% 72 -7% 0 0.0%
0% 0% 0% 0 #DIV/0!
233 27% 344 37% 558 56% 214 -38.3%
0% 0% 0%
77 9% 114 12% 184 18%
0% 0% 0%
156 18% 231 25% 374 38%

6.77% 6.77%

6.77% 6.77%
 Plazo 60 Meses
Periodicidad Mensual
valor $180,000,000
Tasa DTF + 6,0
Credito Capital de
Trabajo

0 $0.00 $0.00 $0.00 $180,000,000.00

1 $5,000,000.00 $2,000,120.28 $7,000,120.28 $175,000,000.00
2 $5,000,000.00 $1,944,561.38 $6,944,561.38 $170,000,000.00
3 $5,000,000.00 $1,889,002.48 $6,889,002.48 $165,000,000.00
4 $5,000,000.00 $1,833,443.59 $6,833,443.59 $160,000,000.00
5 $5,000,000.00 $1,777,884.69 $6,777,884.69 $155,000,000.00
6 $5,000,000.00 $1,722,325.79 $6,722,325.79 $150,000,000.00
7 $5,000,000.00 $1,666,766.90 $6,666,766.90 $145,000,000.00
8 $5,000,000.00 $1,611,208.00 $6,611,208.00 $140,000,000.00
9 $5,000,000.00 $1,555,649.10 $6,555,649.10 $135,000,000.00
10 $5,000,000.00 $1,500,090.21 $6,500,090.21 $130,000,000.00
11 $5,000,000.00 $1,444,531.31 $6,444,531.31 $125,000,000.00
12 $5,000,000.00 $1,388,972.41 $6,388,972.41 $120,000,000.00
13 $5,000,000.00 $1,333,413.52 $6,333,413.52 $115,000,000.00
14 $5,000,000.00 $1,277,854.62 $6,277,854.62 $110,000,000.00
15 $5,000,000.00 $1,222,295.72 $6,222,295.72 $105,000,000.00
16 $5,000,000.00 $1,166,736.83 $6,166,736.83 $100,000,000.00
17 $5,000,000.00 $1,111,177.93 $6,111,177.93 $95,000,000.00
18 $5,000,000.00 $1,055,619.03 $6,055,619.03 $90,000,000.00
19 $5,000,000.00 $1,000,060.14 $6,000,060.14 $85,000,000.00
20 $5,000,000.00 $944,501.24 $5,944,501.24 $80,000,000.00
21 $5,000,000.00 $888,942.35 $5,888,942.35 $75,000,000.00
22 $5,000,000.00 $833,383.45 $5,833,383.45 $70,000,000.00
23 $5,000,000.00 $777,824.55 $5,777,824.55 $65,000,000.00
24 $5,000,000.00 $722,265.66 $5,722,265.66 $60,000,000.00
25 $5,000,000.00 $666,706.76 $5,666,706.76 $55,000,000.00
26 $5,000,000.00 $611,147.86 $5,611,147.86 $50,000,000.00
27 $5,000,000.00 $555,588.97 $5,555,588.97 $45,000,000.00
28 $5,000,000.00 $500,030.07 $5,500,030.07 $40,000,000.00
29 $5,000,000.00 $444,471.17 $5,444,471.17 $35,000,000.00
30 $5,000,000.00 $388,912.28 $5,388,912.28 $30,000,000.00
31 $5,000,000.00 $333,353.38 $5,333,353.38 $25,000,000.00
32 $5,000,000.00 $277,794.48 $5,277,794.48 $20,000,000.00
33 $5,000,000.00 $222,235.59 $5,222,235.59 $15,000,000.00
34 $5,000,000.00 $166,676.69 $5,166,676.69 $10,000,000.00
35 $5,000,000.00 $111,117.79 $5,111,117.79 $5,000,000.00
36 $5,000,000.00 $55,558.90 $5,055,558.90 $0.00

$37,002,225.12
1 año $20,334,556.14
2 año $12,334,075.04
3 año $4,333,593.94

$37,002,225.12
 FLUJO DE CAJA LIBRE SCADA
en millones de pesos

2015 2016 2017 2018

EBIT (UT. OP) 482 356 380 406

Menos Impuesto Renta (33%) 159 118 125 134

NOPAT (Ut. Desp. Imptos) 323 239 255 272

Depreciaciones - - - -

FCL BRUTO 323 239 255 272

Mas o menos KTNO 647 673 718 767

Activo Corriente 627 861 919 981

Mas Variacion del Circulante 234 58 62

Menos Inv. Activos Fijos - - - -

FCL-CASCH FLOW 647 439 660 705

Vr. Terminal o a Perpetuidad

Flujo a Descontar 647 439 660 705

Valor Presente de Los Flujos 359 442 386

ENTERPRICE VALUE 3,859.55

Pasivos No operacionales 47
Activos No Operacionales 196

EQUITY VALUE 4,009

PARAMETROS DE VALORACION

ROTACION
2015
 Costo de ventas COSTO DE
/inventario PROMEDIO
promedio de DE
ROTACION INVENTARIOS productos 0 VTAS/ROTA
INVENTARI
terminados=veces OS=
CION
Ventas a VTAS
crédito/Promedio PROMEDIO
ROTACION CUENTAS X CxC CUENTAS
1 CREDITO/R
COBRAR Clientes=veces en POR
el año COBRAR=
OTACION
Cuentas por pagar COSTO DE
promedio * PROMEDIO
365/Compras a DE
ROTACION PROVEEDORES 83.5 VTAS*ROT
crédito del periodo PROVEEDO
= días RES
ACION/365

ACTIVO CORRIENTE 627

COSTO DE CAPITAL (WACC) 22.2%

 2019 2020

433 463

143 153

290 310

- -

290 310

819 874

1,047 1,118

66 71

- -

752 803
5,558.50

752 6,362

337 2,335

DE VALORACION

2016 2017 2018 2019 2020

 - - - - -

767 819 874 933 996

94 100 107 114 122

861 919 981 1,047 1,118