FORMATO

solucionario evaluacion de inversiones de largo plazo

CASO; BATERIAS
MODULO DE VENTAS
Ao 1

Unidades
162.00 Valor de venta
IGV 18%
Precio de Venta

Ao 2

Ao 3

5,600.00
907,200.00
163,296.00

6,800.00
1,101,600.00
198,288.00

8,000.00
1,296,000.00
233,280.00

1,070,496.00

1,299,888.00

1,529,280.00

MODULO DE INVERSIONES,COSTOS Y GASTOS EN EFECTIVO

120.00

Ao 0
170,000.00

Ao 1

Ao 2

Ao 3

0.00

0.00

0.00

672,000.00
180,072.00

816,000.00
182,016.00

960,000.00
183,960.00

12,000.00

12,000.00

12,000.00

120,000.00

120,000.00

120,000.00

9,072.00

11,016.00

12,960.00

Gastos de Seguros

24,000.00

24,000.00

24,000.00

Gastos generales

15,000.00

15,000.00

15,000.00

1,143,960.00

INVERSIONES
Mobiliario

25,000.00

Equipos diversos

60,000.00

Derecho de marca

85,000.00

COSTO DE LA MERCADERIA
GASTOS OPERATIVOS
Alquiler de local
Planilla de sueldos
Gastos de Publicidad

TOTAL SIN IGV

170,000.00

852,072.00

998,016.00

Ao 0
200,600.00

Ao 1

Ao 2

INVERSIONES
Mobiliario

Ao 3

0.00

0.00

0.00

792,960.00
190,884.96

962,880.00
193,178.88

1,132,800.00
195,472.80

14,160.00

14,160.00

14,160.00

29,500.00

Equipos diversos

70,800.00

Derecho de marca

100,300.00

COSTO DE LA MERCADERIA
GASTOS OPERATIVOS
Alquiler de local
Planilla de sueldos

120,000.00

120,000.00

120,000.00

Gastos de Publicidad

10,704.96

12,998.88

15,292.80

Gastos de Seguros

28,320.00

28,320.00

28,320.00

Gastos generales

TOTAL CON IGV

200,600.00

17,700.00

17,700.00

17,700.00

983,844.96

1,156,058.88

1,328,272.80

MODULO DE LIQUIDACION DEL IGV

Ao 0

Ao 1

Ao 2

Ao 3

IGV -VENTAS
IGV COMPRAS

Liquidacin IGV
Crdito Fiscal
Neto a Pagar

30,600.00
-30,600.00
-30,600.00
0.00

163,296.00
131,772.96
31,523.04

198,288.00
158,042.88
40,245.12

233,280.00
184,312.80
48,967.20

923.04

40,245.12

48,967.20

MODULO DE LA PROYECCION DEL ESTADO DE RESULTADOS

Ao 1
Ao 2

Ventas
(-) Costo de Ventas
Utilidad Bruta
( - )Gastos de Operacin
DEPRECIACION
AMORTIZACION INTANGIBLES

Alquiler de local
Planilla de sueldos
Gastos de Publicidad
Gastos de Seguros
Gastos generales
Utilidad Operativa

Ao 3

907,200.00
-672,000.00
235,200.00
218,322.00
17,000.00
21,250.00
12,000.00
120,000.00
9,072.00
24,000.00
15,000.00
16,878.00

1,101,600.00
-816,000.00
285,600.00
220,266.00
17,000.00
21,250.00
12,000.00
120,000.00
11,016.00
24,000.00
15,000.00
65,334.00

1,296,000.00
-960,000.00
336,000.00
222,210.00
17,000.00
21,250.00
12,000.00
120,000.00
12,960.00
24,000.00
15,000.00
113,790.00

19,273.10
-2,395.10
0.00
-2,395.10

13,014.90
52,319.10
15,695.73
36,623.37

5,066.97
108,723.03
32,616.91
76,106.12

LIQUIDACION

( + ) OTROS INGRESOS

( - ) Gastos Financieros
Utilidad antes de Impuestos
( - ) Impuesto a la Renta
Utilidad Neta

MODULO DEL FLUJO DE CAJA

Ao 0
Entradas de Efectivo

Ao 1
0.00

Ventas
Recuperacin capital trabajo

Ao 2

Ao 3

1,070,496.00

1,299,888.00

1,529,280.00

1,070,496.00

1,299,888.00

1,529,280.00

-995,663.40

-1,221,736.20

-1,411,377.00

Recuperacin del activo fijo

Recuperacin del intangible
Salidas de Efectivo

-227,816.00

Inversiones

-200,600.00
-27,216.00

Capital de trabajo

Pago Liquidacin del IGV

Pago del Impuesto a la Renta
Pago compra de LAS BATERIAS

Pago gastos operativos

FLUJO DE CAJA ECONOMICO

Financiamiento

-227,816.00

-5,832.00
-923.04
-5,063.40
-792,960.00
-190,884.96
74,832.60

-5,832.00
-40,245.12
-48,967.20
-19,600.20
-34,137.00
-962,880.00 -1,132,800.00
-193,178.88
-195,472.80
78,151.80

117,903.00

Prstamo
Amortizacin
Escudo Fiscal
Intereses

90,000.00

-137,816.00
137,816.00
0.00

FLUJO DE CAJA FINANCIERO

SALDO INICIAL DE CAJA

SALDO FINAL DE CAJA

23,178.55
5,063.40
19,273.10

29,436.76
3,904.47
13,014.90

37,384.69
1,520.09
5,066.97

37,444.34
0.00
37,444.34

39,604.61
37,444.34
77,048.95

76,971.43
77,048.95
154,020.39

BALANCE GENERAL PROYECTADO

Ao 0

Ao 1

Ao 2

Ao 3

ACTIVO

CAJA BANCOS
CAPITAL DE TRABAJO
IGV-CREDITO FISCAL
ACTIVO FIJO
( - ) DEPREC.ACUM
ACTIVO INTANGIBLES
( - ) AMORTIZAC.ACUM.

0.00
27,216.00
30,600.00
85,000.00

37,444.34
33,048.00

77,048.95
38,880.00

154,020.39
38,880.00

85,000.00
-17,000.00
85,000.00
-21,250.00

85,000.00
-34,000.00
85,000.00
-42,500.00

85,000.00
-51,000.00
85,000.00
-63,750.00

227,816.00

202,242.34

209,428.95

248,150.39

IGV POR PAGAR

PRESTAMOS POR PAGAR
CAPITAL
RESULTADO ACUMULADO
RESULTADO EJERCICIO

0.00
90,000.00
137,816.00
0.00
0.00

0.00
66,821.45
137,816.00
0.00
-2,395.10

0.00
37,384.69
137,816.00
-2,395.10
36,623.37

0.00
137,816.00
34,228.27
76,106.12

TOTAL PASIVO Y PATRIM.

227,816.00

202,242.34

209,428.95

248,150.39

85,000.00

TOTAL ACTIVO

PASIVO

PARTICP. %
PASIVO
PATIMONIO
TOTAL

COSTO

90,000.00
137,816.00
227,816.00

meses
0.00
1.00
2.00

AJUSTE
0.00%
0.00%
Tasa Wacc =

amortizac
1,727.04
1,761.78

0.0201178
interes
1,810.60
1,775.85

cuota
3,537.64
3,537.64

3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
21.00
22.00
23.00
24.00
25.00
26.00
27.00
28.00
29.00
30.00
31.00
32.00
33.00
34.00
35.00
36.00

1,797.23
1,833.38
1,870.27
1,907.89
1,946.27
1,985.43
2,025.37
2,066.12
2,107.68
2,150.09
2,193.34
2,237.47
2,282.48
2,328.40
2,375.24
2,423.02
2,471.77
2,521.50
2,572.22
2,623.97
2,676.76
2,730.61
2,785.54
2,841.58
2,898.75
2,957.06
3,016.55
3,077.24
3,139.15
3,202.30
3,266.72
3,332.44
3,399.48
3,467.87

1,740.41
1,704.26
1,667.37
1,629.75
1,591.36
1,552.21
1,512.27
1,471.52
1,429.95
1,387.55
1,344.30
1,300.17
1,255.16
1,209.24
1,162.40
1,114.62
1,065.87
1,016.14
965.42
913.67
860.88
807.03
752.10
696.06
638.89
580.57
521.09
460.40
398.49
335.34
270.92
205.20
138.16
69.77

3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64
3,537.64

LIQUIDACION

94,130.00

38,880.00
34,000.00
21,250.00
0.00

94,130.00

94,130.00
154,020.39
248,150.39

LIQUIDACION

248,150.39

248,150.39

137,816.00
110,334.39
0.00
248,150.39

WACC

saldo
90,000.00
88,272.96
86,511.18

84,713.95
82,880.57
81,010.30
79,102.41
77,156.13
75,170.71
73,145.33
71,079.22
68,971.53
66,821.45
64,628.11
62,390.64
60,108.16
57,779.77
55,404.53
52,981.51
50,509.74
47,988.24
45,416.02
42,792.05
40,115.29
37,384.69
34,599.14
31,757.56
28,858.82
25,901.75
22,885.20
19,807.96
16,668.82
13,466.52
10,199.80
6,867.35
3,467.87
0.00

FORMATO
solucionario evaluacion de inversiones de largo plazo
CASO; THERMAS

MODULO DEL FLUJO DE CAJA

Ao 0
Entradas de Efectivo

Ao 1
3,034,500.00

Ao 2
3,337,950.00

3,034,500.00

3,337,950.00

1,329,400.00

2,550,280.00

2,843,315.00

1,201,900.00
127,500.00

12,750.00
120,600.00
2,142,000.00
274,930.00

14,025.00
50,521.00
141,570.00
2,356,200.00
280,999.00

484,220.00

494,635.00

116,279.00
79,264.00

186,047.00
58,333.00

264,212.00

194,444.00

182,993.00
0.00
182,993.00

172,477.00
182,993.00
355,470.00

0.00

Ventas
Recuperacin capital trabajo
Recuperacin del activo fijo
Recuperacin del intangible
Salidas de Efectivo

Inversiones
Capital de trabajo

Pago Liquidacin del IGV

Pago del Impuesto a la Renta
Pago compra de LAS thermas

Pago gastos operativos

FLUJO DE CAJA ECONOMICO

-1,329,400.00

Financiamiento

Prstamo
Amortizacin
Escudo Fiscal

600,000.00

Intereses
-729,400.00
729,400.00
0.00

FLUJO DE CAJA FINANCIERO

SALDO INICIAL DE CAJA

SALDO FINAL DE CAJA

VALOR ACTUAL DE LOS FLUJOS

(1,2663) 1
(1,2663) 2
1.266300
1.603516
382,389.64
308,469.07

(1+wacc) elevada a la n
26.63% es la tasa WACC del proyectro

INVERSION INICIAL

1,264,749.63
-1,329,400.00

VAN ECONOMICO

-64,650.37

SUMATORIA DE LOS VALORES ACTUALES

TIR ECONOMICA

24.0589635%

SUMATORIA DE LOS VALORES ACTUALES

INVERSION INICIAL
VAN FINANCIERO
TIR FINANCIERA

PARTICP. %
PASIVO
PATIMONIO
TOTAL

600,000.00
729,400.00
1,329,400.00

45.13%
54.87%

COSTO
60.00%
14.00%

rgo plazo

Ao 3
3,671,745.00

Impuesto a la Renta 30%

RESULTADO DESPUES DEL IR

1 AO
0.00
0.00
13,200.00
0.00
8,200.00
5,000.00
-13,200.00
-3,960.00
-17,160.00

INVERSIONES
Inversion en Capital de Trabajo

10,000.00

861,275.00

3,671,745.00
154,275.00
497,000.00
210,000.00
3,186,592.00

FLUJO DE CAJA

LIQUIDACION

0.00

INGRESOS
VENTAS
EGRESOS
Costos de Comercializacion

Costos de Administracion
Otros Costos, Publicidad

RESULTADO ANTES DEL IR

142,460.00
164,637.00
2,591,820.00
287,675.00

485,153.00

861,275.00

FINANCIAMIENTO
PRESTAMO
PAGO DE INTERESES
AMORTIZACION
FLUJO DE FINANCIAMIENTO / F
FINANCIERO

297,674.00
24,845.00
82,816.00
129,508.00
355,470.00
484,978.00

861,275.00
484,978.00
1,346,253.00

(1,2663) 3
(1,2663) 4
2.030532
2.571263
238,929.02
334,961.90

SION INICIAL

890,593.78
-729,400.00

FINANCIERO
NANCIERA

161,193.78
21.81%

ORIA DE LOS VALORES ACTUALES

FLUJO DEL PROYECTO / FLUJO

ECONOMICO

SALDO INICIAL
SALDO FINAL

AJUSTE
42.00%
14.00%
Tasa Wacc =

WACC
18.96%
7.68%
26.63%

FLUJO DE CAJA
2 AO
555,110.00
55,110.00
269,600.00
255,100.00
9,500.00
5,000.00
285,510.00
85,653.00
371,163.00

3 AO
600,000.00
60,000.00
390,600.00
375,000.00
10,600.00
5,000.00
209,400.00
62,820.00
272,220.00

12,000.00

13,000.00

TOTAL

1,155,110.00
115,110.00
673,400.00
630,100.00
28,300.00
15,000.00
481,710.00
144,513.00
626,223.00

Ao 0
Entradas de Efectivo

507,105.00

Ao 2
55,110.00
55,110.00

1,329,400.00

2,550,280.00

2,843,315.00

1,201,900.00
127,500.00

12,750.00
120,600.00
2,142,000.00
274,930.00

14,025.00
50,521.00
141,570.00
2,356,200.00
280,999.00

-2,043,175.00

-2,788,205.00

116,279.00
79,264.00
264,212.00

186,047.00
58,333.00
194,444.00

-2,344,402.00
0.00
-2,344,402.00

-3,110,363.00
-2,344,402.00
-5,454,765.00

0.00

Ventas
Recuperacin capital trabajo
Recuperacin del activo fijo
Recuperacin del intangible
Salidas de Efectivo

Inversiones
Capital de trabajo

Pago Liquidacin del IGV

Pago del Impuesto a la Renta
Pago compra de LAS thermas

Pago gastos operativos

FLUJO DE CAJA ECONOMICO

-1,329,400.00

Ao 1
507,105.00

Financiamiento

Prstamo
Amortizacin
Escudo Fiscal
Intereses
FLUJO DE CAJA FINANCIERO

SALDO INICIAL DE CAJA

SALDO FINAL DE CAJA

600,000.00

-729,400.00
729,400.00
0.00

Ao 3
60,000.00
60,000.00

LIQUIDACION

861,275.00

154,275.00
497,000.00
210,000.00
3,186,592.00

0.00

142,460.00
164,637.00
2,591,820.00
287,675.00
-3,126,592.00

861,275.00

297,674.00
24,845.00
82,816.00
-3,482,237.00
-5,454,765.00
-8,937,002.00

861,275.00
-8,937,002.00
-8,075,727.00