EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

“Año de la Consolidación del Mar de Grau”

UNIVERSIDAD NACIONAL FEDERICO

VILLARREAL

EVALUACIÓN
DE PROYECTO:
EXAMEN
PARCIAL
ING. ROBERTO ESPARZA SILVA
CARMEN MILAGROS OJEA CANEPA
 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

INDICE
1. RESOLUCION DE CASO PRÁCTICO
2. HALLANDO LA DEMANDA
3. CAPACIDAD INSTALADA
4. INGRESOS POR VENTA
5. DEPRECIACIÓN
6. AMORTIZACIÓN
7. COSTOS DE FINANCIACIÓN Y PAGO PRÉSTAMO
8. COSTO DE MATERIA PRIMA DE LAS UNIDADES VENDIDAS
9. COSTO DE MANO DE OBRA DE LAS UNIDADES VENDIDAS
10. GASTOS GENERALES DE FABRICACIÓN DE LAS UNIDADES VENDIDAS
11. COSTOS DE OPERACIÓN Y DE FINANCIACIÓN
12. CAPITAL DE TRABAJO - SALDO DE EFECTIVO REQUERIDO DE CAJA
13. CÁLCULO CAPITAL DE TRABAJO
14. INVERSIONES EN EL PROYECTO
15. ESTADO DE PÉRDIDAS Y GANANCIAS O ESTADO DE RESULTADOS
15.1 ESTADO DE PÉRDIDAS Y GANANCIAS O ESTADO DE RESULTADOS ECONOMICO
16. ACTIVOS TOTALES
17. RECURSOS FINANCIEROS
18.1 CUADRO DE FUENTES Y USO DE FONDOS DE EFECTIVO
18.2 CUADRO DE FUENTES Y USO DE FONDOS DE EFECTIVO ECONOMICO
19. BALANCE PROYECTADO
20. INDICADORES PARA LOS ANÁLISIS FINANCIEROS
21. PUNTO DE EQUILIBRIO
21.1 PUNTO DE EQUILIBRIO ECONOMICO
22. FLUJO DE CAJA
23. COSTOS DE OPERACIÓN Y FINANCIACIÓN
24. ANALISIS DE SENSIBILIDAD
25. BENEFICIO - COSTO
26. TIEMPO DE PAGO
27. CAPACIDAD DE PAGO
28. RENTABILIDAD
29. FLUJO DE CAJA ECONOMICO
30. VAN - TIR FINANCIERO
30.1 VAN - TIR ECONOMICO
24. RESUMEN
 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

RESOLUCIÓN DEL CASO PRÁCTICA

1 2 Añ o D e p re c ia c ió n
Ga s tos Ope ra tivos 1,200,000 600,000
Ta s a d e P re s ta m o 26% Ga s to s G. d e Ad m . 14,000,000
Te rre no 6,000,000
C o s to u n ita rio 80 Ga s to s G. d e Ve n ta s 8,000,000
Edificios 10,000,000 6,000,000 20
C o s to Ma n o d e Ob ra 100 Ga s to s G. d e D is tr. 4,000,000
Ma quina ria y Equipo 4,000,000 10
Ga s to s d e Fa b ric a c ió n 20 Im p u e s to 30%
Ve hículos 4,000,000 5
Mue ble s y Ens e re s 2,000,000 10

P re c io Ve n ta 1240

HALLANDO LA DEMANDA
P R O YE C C IO N D E LA D E M A N D A
D EM A N D A P R O D UC C IO N D EM A N D A
A ÑO S
P R O YE C T A D A A C T UA L IN S A T IS F E C H A
2016 74200 32000 42200
2017 75300 32000 43300
2018 76700 32000 44700
2019 78400 32000 46400
2020 80600 32000 48600
2021 83200 32000 51200
2022 86200 33000 53200
2023 89900 33000 56900
2024 94200 33000 61200

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

demanda
100000
80000
60000
40000
20000
0
2016 2017 2018 2019 2020 2021 2022 2023 2024

DEMANDA PROYECTADA DEMANDA INSATISFECHA

CAPACIDAD INSTALADA
% D E LA 61000
A ÑO S C A P A C ID A D C A P A C ID A D
IN S T A LA D A

1 69% 42200
2 71% 43300
3 73% 44700
4 76% 46400
5 80% 48600
6 84% 51200
7 87% 53200
8 93% 56900
9 100% 61000

INGRESOS POR VENTA

Fas e Invers ión Opera ciona l

Año 1 2 3 4 5 6 7 8 9
Nive l de Producc ión 73% 76% 80% 84% 87% 93% 100%

Unidade s Ve ndida s 44,700 46,400 48,600 51,200 53,200 56,900 61,000

Pre cio Venta 1,240.00 1,240.00 1,240.00 1,240.00 1,240.00 1,240.00 1,240.00

Ingres os por Venta 55,428,000 57,536,000 60,264,000 63,488,000 65,968,000 70,556,000 75,640,000

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

DEPRECIÓN
Fas e Inve rs ión Ope ra c iona l
Año 1 2 3 4 5 6 7 8 9 Va lor e n Libros
Nive l de Producc ión 73% 76% 80% 84% 87% 93% 100% e n e l a ño 8

AC TIVO FIJO
Edificios S/. 800,000.00 S /. 800,000.00 S /. 800,000.00 S/. 800,000.00 S/. 800,000.00 S /. 800,000.00 S /. 800,000.00 S /. 10,400,000.00
Ma quina ria y Equipo S/. 400,000.00 S /. 400,000.00 S /. 400,000.00 S/. 400,000.00 S/. 400,000.00 S /. 400,000.00 S /. 400,000.00 S /. 1,200,000.00
Ve hículos S/. 800,000.00 S /. 800,000.00 S /. 800,000.00 S/. 800,000.00 S/. 800,000.00 S /. 800,000.00 S /. 800,000.00 S /. 2,400,000.00
Mue ble s y Ens e re s S/. 200,000.00 S /. 200,000.00 S /. 200,000.00 S/. 200,000.00 S/. 200,000.00 S /. 200,000.00 S /. 200,000.00 S /. 600,000.00
Tota l S/. 2,200,000.00 S /. 2,200,000.00 S /. 2,200,000.00 S/. 2,200,000.00 S/. 2,200,000.00 S /. 2,200,000.00 S /. 2,200,000.00 S /. 14,600,000.00

AMORTIZACIÓN
Fas e Invers ión Operacional
Año 1 2 3 4 5 6 7 8 9
Nivel de Producción 73% 76% 80% 84% 87% 93% 100%

Am o rtiz a c ió n 300,000 300,000 300,000 300,000 300,000 300,000

COSTOS DE FINANCIACIÓN Y PAGO PRÉSTAMO

Fa s e Inve rs ión O pe ra cional
Año 1 2 3 4 5 6 7 8 9
Nive l de Produc c ión 73% 76% 80% 84% 87% 93% 100%

Inte res e s S/. 1,040,000.00 S/. 891,428.57 S/. 742,857.14 S/. 594,285.71 S/. 445,714.29 S/. 297,142.86 S/. 148,571.43
Pa go e n Pré s ta mos S/. 571,428.57 S/. 571,428.57 S/. 571,428.57 S/. 571,428.57 S/. 571,428.57 S/. 571,428.57 S/. 571,428.57

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

Inte re s e s 26%
Año Va lor de l Pré s ta m o Inte re s e s P a go de P re s ta m os
1 S /. 4,000,000 S /. 1,040,000 S /. 571,429
2 S /. 3,428,571 S /. 891,429 S /. 571,429
3 S /. 2,857,143 S /. 742,857 S /. 571,429
4 S /. 2,285,714 S /. 594,286 S /. 571,429
5 S /. 1,714,286 S /. 445,714 S /. 571,429
6 S /. 1,142,857 S /. 297,143 S /. 571,429
7 S /. 571,429 S /. 148,571 S /. 571,429

COSTO DE MATERIA PRIMA DE LAS UNIDADES VENDIDAS

Fas e Invers ión Ope racional
Año 1 2 3 4 5 6 7 8 9
Nivel de Producción 0% 0% 73% 76% 80% 84% 87% 93% 100%

Unida de s de P rodución 44,700 46,400 48,600 51,200 53,200 56,900 61,000

Cos to Unita rio 80 80 80 80 80 80 80

Tota l Cos to Ma te ria P rim a S /. 3,576,000.00 S /. 3,712,000.00 S /. 3,888,000.00 S /. 4,096,000.00 S /. 4,256,000.00 S /. 4,552,000.00 S /. 4,880,000.00

COSTO DE MANO DE OBRA DE LAS UNIDADES VENDIDAS

Fas e Inve rs ión Ope rac ional
Año 1 2 3 4 5 6 7 8 9
Nivel de Producción 0% 0% 73% 76% 80% 84% 87% 93% 100%

Unida de s de P rodución 44,700 46,400 48,600 51,200 53,200 56,900 61,000

Cos to Unita rio 100 100 100 100 100 100 100

Tota l Cos to Ma no Obra S /. 4,470,000.00 S /. 4,640,000.00 S /. 4,860,000.00 S /. 5,120,000.00 S /. 5,320,000.00 S /. 5,690,000.00 S /. 6,100,000.00

GASTOS GENERALES DE FABRICACIÓN DE LAS UNIDADES VENDIDAS

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

Fas e Inve rs ión Ope rac ional

Año 1 2 3 4 5 6 7 8 9
Nivel de Producción 73% 76% 80% 84% 87% 93% 100%

Unida de s de P roducida s 44,700 46,400 48,600 51,200 53,200 56,900 61,000

Cos to Unita rio ga s tos ge ne ra le s de Fa brica ción 20 20 20 20 20 20 20
Total Gas tos G enerales de Fa bricac ión S /. 894,000.00 S /. 928,000.00 S /. 972,000.00 S /. 1,024,000.00 S /. 1,064,000.00 S /. 1,138,000.00 S /. 1,220,000.00

COSTOS DE OPERACIÓN Y DE FINANCIACIÓN

Fas e Inve rs ión Ope rac ional
Año 1 2 3 4 5 6 7 8 9
Nivel de Producción 0% 0% 73% 76% 80% 84% 87% 93% 100%

Ma te ria le s e Ins um os S /. 3,576,000.00 S /. 3,712,000.00 S /. 3,888,000.00 S /. 4,096,000.00 S /. 4,256,000.00 S /. 4,552,000.00 S /. 4,880,000.00

Ma no de Obra Dire cta S /. 4,470,000.00 S /. 4,640,000.00 S /. 4,860,000.00 S /. 5,120,000.00 S /. 5,320,000.00 S /. 5,690,000.00 S /. 6,100,000.00
Ga s tos Ge ne ra le s de Fa brica ción S /. 894,000.00 S /. 928,000.00 S /. 972,000.00 S /. 1,024,000.00 S /. 1,064,000.00 S /. 1,138,000.00 S /. 1,220,000.00
De pre cia ción S /. 2,200,000.00 S /. 2,200,000.00 S /. 2,200,000.00 S /. 2,200,000.00 S /. 2,200,000.00 S /. 2,200,000.00 S /. 2,200,000.00

1. Cos tos de Ve nta S /. 11,140,000.00 S /. 11,480,000.00 S /. 11,920,000.00 S /. 12,440,000.00 S /. 12,840,000.00 S /. 13,580,000.00 S /. 14,400,000.00

Ga s tos Ge ne ra le s de Adm inis tra ción S /. 14,000,000.00 S /. 14,000,000.00 S /. 14,000,000.00 S /. 14,000,000.00 S /. 14,000,000.00 S /. 14,000,000.00 S /. 14,000,000.00
Ga s tos Ge ne ra le s de Ve nta s S /. 8,000,000.00 S /. 8,000,000.00 S /. 8,000,000.00 S /. 8,000,000.00 S /. 8,000,000.00 S /. 8,000,000.00 S /. 8,000,000.00
Ga s tos Ge ne ra le s de Dis tribución S /. 4,000,000.00 S /. 4,000,000.00 S /. 4,000,000.00 S /. 4,000,000.00 S /. 4,000,000.00 S /. 4,000,000.00 S /. 4,000,000.00
Am ortiza ción Dife ridos S /. 300,000.00 S /. 300,000.00 S /. 300,000.00 S /. 300,000.00 S /. 300,000.00 S /. 300,000.00 S /. -

2. Ga s tos Ope ra tivos S /. 26,300,000.00 S /. 26,300,000.00 S /. 26,300,000.00 S /. 26,300,000.00 S /. 26,300,000.00 S /. 26,300,000.00 S /. 26,000,000.00

Cos to de Ope ra ción (1+2) S /. 37,440,000.00 S /. 37,780,000.00 S /. 38,220,000.00 S /. 38,740,000.00 S /. 39,140,000.00 S /. 39,880,000.00 S /. 40,400,000.00

Inte re s e s S /. 1,040,000.00 S /. 891,428.57 S /. 742,857.14 S /. 594,285.71 S /. 445,714.29 S /. 297,142.86 S /. 148,571.43

To ta l d e C o s to s d e Ope ra c ió n y d e Fin a n c ia c ió n S /. 38,480,000.00 S /. 38,671,428.57 S /. 38,962,857.14 S /. 39,334,285.71 S /. 39,585,714.29 S /. 40,177,142.86 S /. 40,548,571.43

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

CAPITAL DE TRABAJO – SALDO DE EFECTIVO REQUERIDO EN CAJA

Día s de Coe ficie nte de Año
Cobe rtura Re nova ción 1 2 3 4 5 6 7 8 9

Ma te ria le s e Ins um os 15 24 S /. 149,000.00 S /. 154,666.67 S /. 162,000.00 S /. 170,666.67 S /. 177,333.33 S /. 189,666.67 S /. 203,333.33

Ma no de Obra Dire cta 15 24 S /. 186,250.00 S /. 193,333.33 S /. 202,500.00 S /. 213,333.33 S /. 221,666.67 S /. 237,083.33 S /. 254,166.67
Ga s tos Ge ne ra le s de Fa brica ción 15 24 S /. 37,250.00 S /. 38,666.67 S /. 40,500.00 S /. 42,666.67 S /. 44,333.33 S /. 47,416.67 S /. 50,833.33
Ga s tos Ge ne ra le s de Adm inis tra ción
15 24 S /. 583,333.33 S /. 583,333.33 S /. 583,333.33 S /. 583,333.33 S /. 583,333.33 S /. 583,333.33 S /. 583,333.33
Ga s tos Ge ne ra le s de Ve nta s 15 24 S /. 333,333.33 S /. 333,333.33 S /. 333,333.33 S /. 333,333.33 S /. 333,333.33 S /. 333,333.33 S /. 333,333.33
Ga s tos Ge ne ra le s de Dis tribución 15 24 S /. 166,666.67 S /. 166,666.67 S /. 166,666.67 S /. 166,666.67 S /. 166,666.67 S /. 166,666.67 S /. 166,666.67

S a ldo de Efe ctivo

Re que rido e n Ca ja S /. 1,455,833.33 S /. 1,470,000.00 S /. 1,488,333.33 S /. 1,510,000.00 S /. 1,526,666.67 S /. 1,557,500.00 S /. 1,591,666.67

CÁLCULO CAPITAL DE TRABAJO

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

Día s de Coe ficie nte de Año

Cobe rtura Re nova ción 1 2 3 4 5 6 7 8 9
Acivo Corrie nte
S a ldo Efe ctivo Re que rido e n ca ja S /. 1,455,833 S /. 1,470,000 S /. 1,488,333 S /. 1,510,000 S /. 1,526,667 S /. 1,557,500 S /. 1,591,667
Cue nta s por cobra r 30 12 S /. 3,120,000 S /. 3,148,333 S /. 3,185,000 S /. 3,228,333 S /. 3,261,667 S /. 3,323,333 S /. 3,366,667
Exis te ncia o Inve nta rios
Ma te ria le s e ins um os 30 12 S /. 298,000 S /. 309,333 S /. 324,000 S /. 341,333 S /. 354,667 S /. 379,333 S /. 406,667
P roductos e n proce s o 9 40 S /. 278,500 S /. 287,000 S /. 298,000 S /. 311,000 S /. 321,000 S /. 339,500 S /. 360,000
P roductos te rm ina dos 15 24 S /. 1,047,500 S /. 1,061,667 S /. 1,080,000 S /. 1,101,667 S /. 1,118,333 S /. 1,149,167 S /. 1,183,333

Tota lm
Incre Activo Corrie
e nto de nte
l Activo S /. 6,199,833 S /. 6,276,333 S /. 6,375,333 S /. 6,492,333 S /. 6,582,333 S /. 6,748,833 S /. 6,908,333
corrie nte S /. 6,199,833 S /. 76,500 S /. 99,000 S /. 117,000 S /. 90,000 S /. 166,500 S /. 159,500

P a s ivo Corrie nte

Cue nta s por pa ga r
Ma te ria le s e Ins um os 45 8 S /. 447,000 S /. 464,000 S /. 486,000 S /. 512,000 S /. 532,000 S /. 569,000 S /. 610,000
Ma no de Obra Dire cta
Ga s tos Ge ne ra le s de Fa brica ción
Ga s tos Ge ne ra le s de Adm inis tra ción
Ga s tos Ge ne ra le s de Ve nta s
Ga s tos Ge ne ra le s de Dis tribución

Tota lm
Incre pae snto
ivode
corrie
l nte S /. 447,000 S /. 464,000 S /. 486,000 S /. 512,000 S /. 532,000 S /. 569,000 S /. 610,000
pa s ivo corrie nte S /. 447,000 S /. 17,000 S /. 22,000 S /. 26,000 S /. 20,000 S /. 37,000 S /. 41,000

CAP ITAL DE TRABAJ O S /. 5,752,833 S /. 5,812,333 S /. 5,889,333 S /. 5,980,333 S /. 6,050,333 S /. 6,179,833 S /. 6,298,333

Incre m e nto de l ca pita l de tra ba jo S /. 5,752,833 S /. 59,500 S /. 77,000 S /. 91,000 S /. 70,000 S /. 129,500 S /. 118,500

INVERSIONES DEL PROYECTO

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

Fas e Invers ión Operacional

Año 1 2 3 4 5 6 7 8 9
Nivel de Producción

1. Inve rs ione s Fija s

Te rre nos 6,000,000 -

Edificios 10,000,000 6,000,000
Ma quina ria y Equipos - 4,000,000
Ve hiculos - 4,000,000 4,000,000
Mue ble s y Ens e re s - 2,000,000

Tota l Inve rs ione s Fija s 16,000,000 16,000,000 - - - - - 4,000,000 -

2. Ga s tos P re ope ra tivos 1,200,000 600,000

3. Incre m e nto de l Ca pita l Tra ba jo S /. 5,752,833 S /. 59,500 S /. 77,000 S /. 91,000 S /. 70,000 S /. 129,500 S /. 118,500

Tota l Inve rs ione s 17,200,000 16,600,000 5,752,833 59,500 77,000 91,000 70,000 4,129,500 118,500

ESTADO DE PÉRDIDAS Y GANANCIAS

Fas e Invers ión Operacional

Año 1 2 3 4 5 6 7 8 9
Nivel de Producción

Ingre s os por Conce pto de Ve nta s 55,428,000 57,536,000 60,264,000 63,488,000 65,968,000 70,556,000 75,640,000
Ma s otros ingre s os - - - - - - -
Me nos Cos tos de Ope ra ción y Fina ncia ción S /. 38,480,000 S /. 38,671,429 S /. 38,962,857 S /. 39,334,286 S /. 39,585,714 S /. 40,177,143 S /. 40,548,571
Me nos otros e gre s os S /. 0 S /. 0 S /. 0 S /. 0 S /. 0 S /. 0 S /. 0
Utilida de s a nte s de im pue s tos S /. 16,948,000 S /. 18,864,571 S /. 21,301,143 S /. 24,153,714 S /. 26,382,286 S /. 30,378,857 S /. 35,091,429
Me nos im pue s to a la re nta S /. 5,084,400 S /. 5,659,371 S /. 6,390,343 S /. 7,246,114 S /. 7,914,686 S /. 9,113,657 S /. 10,527,429
Utilida d ne ta S /. 11,863,600 S /. 13,205,200 S /. 14,910,800 S /. 16,907,600 S /. 18,467,600 S /. 21,265,200 S /. 24,564,000
Me nos divide ndos S /. 0 S /. 0 S /. 0 S /. 0 S /. 0 S /. 0 S /. 0
Utilida de s no re pa rtida s S /. 11,863,600 S /. 13,205,200 S /. 14,910,800 S /. 16,907,600 S /. 18,467,600 S /. 21,265,200 S /. 24,564,000
Utilida de s no re pa rtida s a cum ula da s S /. 11,863,600 S /. 1,341,600 S /. 13,569,200 S /. 3,338,400 S /. 15,129,200 S /. 6,136,000 S /. 18,428,000

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ESTADO DE PÉRDIDAS Y GANANCIAS ECONOMICO

Fas e Invers ión Operacional
Año 1 2 3 4 5 6 7 8 9
Nivel de Producción

Ingre s os por Conce pto de Ve nta s 55,428,000 57,536,000 60,264,000 63,488,000 65,968,000 70,556,000 75,640,000
Ma s otros ingre s os - - - - - - -
Me nos Cos tos de Ope ra ción S /. 37,440,000 S /. 37,780,000 S /. 38,220,000 S /. 38,740,000 S /. 39,140,000 S /. 39,880,000 S /. 40,400,000
Me nos otros e gre s os S /. 0 S /. 0 S /. 0 S /. 0 S /. 0 S /. 0 S /. 0
Utilida de s a nte s de im pue s tos S /. 17,988,000 S /. 19,756,000 S /. 22,044,000 S /. 24,748,000 S /. 26,828,000 S /. 30,676,000 S /. 35,240,000
Me nos im pue s to a la re nta S /. 5,396,400 S /. 5,926,800 S /. 6,613,200 S /. 7,424,400 S /. 8,048,400 S /. 9,202,800 S /. 10,572,000
Utilida d ne ta S /. 12,591,600 S /. 13,829,200 S /. 15,430,800 S /. 17,323,600 S /. 18,779,600 S /. 21,473,200 S /. 24,668,000
Me nos divide ndos S /. 0 S /. 0 S /. 0 S /. 0 S /. 0 S /. 0 S /. 0
Utilida de s no re pa rtida s S /. 12,591,600 S /. 13,829,200 S /. 15,430,800 S /. 17,323,600 S /. 18,779,600 S /. 21,473,200 S /. 24,668,000
Utilida de s no re pa rtida s a cum ula da s S /. 12,591,600 S /. 1,237,600 S /. 14,193,200 S /. 3,130,400 S /. 15,649,200 S /. 5,824,000 S /. 18,844,000

ACTIVOS TOTALES
Fa s e Inve rs ión Ope rac ional
Año 1 2 3 4 5 6 7 8 9
Nive l de Produc ción

Inve rs ione s Fija s

(Inicia le s y Re pos ición ) 16,000,000 16,000,000 4,000,000
Ga s tos P re ope ra tivos 1,200,000 600,000
Incre m e nto de l Activo Corrie nte S /. 6,199,833.33 S /. 76,500.00 S /. 99,000.00 S /. 117,000.00 S /. 90,000.00 S/. 166,500.00 S /. 159,500.00

Tota l 17,200,000 16,600,000 6,199,833 76,500 99,000 117,000 90,000 4,166,500 159,500

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RECURSOS FINANCIEROS
Fa s e Inve rs ión Ope rac ional
Año 1 2 3 4 5 6 7 8 9
Nive l de Produc ción 0% 0% 0% 0% 0% 0% 0%

Aporte s de Ca pita l o Ca pita

17,200,000
l S ocia l 12,600,000 S/. 5,752,833 S /. 59,500 S/. 77,000 S /. 91,000 S /. 70,000 S/. 4,129,500 S /. 118,500
Cré ditos de los a ba cte ce dore s 0 0 S/. 0 S /. 0 S /. 0 S /. 0 S /. 0 S /. 0 S /. 0
P ré s ta m os Ba nca rios 4,000,000
Re ndim ie ntos Fina ncie ros
Incre m e nto de l P a s ivo Corrie nte S /. 447,000 S /. 17,000 S/. 22,000 S /. 26,000 S /. 20,000 S /. 37,000 S /. 41,000
Otros Re curs os

Tota l 17,200,000 16,600,000 6,199,833 76,500 99,000 117,000 90,000 4,166,500 159,500

CUADRO DE FUENTES Y USO DE FONDOS DE EFECTIVO

Fa s e Inve rs ión Ope rac iona l
Año 1 2 3 4 5 6 7 8 9
Nivel de Produc c ión 73% 76% 80% 84% 87% 93% 100%
En tra d a s d e Efe c tivo
Re curs os Fina ncie ros 17,200,000 16,600,000 6,199,833 76,500 99,000 117,000 90,000 4,166,500 159,500
Ingreso por concepto de ventas S /. 55,428,000.00 S /. 57,536,000.00 S /. 60,264,000.00 S /. 63,488,000.00 S /. 65,968,000.00 S /. 70,556,000.00 S /. 75,640,000.00
Va lor re m a ne nte e n e l ultim o a ño S /. 26,898,333.33
Tota l de Entra da s e n e fe ctivo
17,200,000 16,600,000 61,627,833 57,612,500 60,363,000 63,605,000 66,058,000 74,722,500 102,697,833

S a lid a s d e Efe c tivo

Incre m e nto de los a ctivos 17,200,000
tota le s 16,600,000 6,199,833 76,500 99,000 117,000 90,000 4,166,500 159,500
Cos tos de Ope ra ción S /. 34,940,000 S /. 35,280,000 S /. 35,720,000 S /. 36,240,000 S /. 36,640,000 S /. 37,380,000 S /. 38,200,000
Cos tos de fina ncia cion S /. 1,040,000 S /. 891,429 S /. 742,857 S /. 594,286 S /. 445,714 S /. 297,143 S /. 148,571
P a go de l pre s ta m o S /. 571,429 S /. 571,429 S /. 571,429 S /. 571,429 S /. 571,429 S /. 571,429 S /. 571,429
Im pue s tos S /. 5,084,400 S /. 5,659,371 S /. 6,390,343 S /. 7,246,114 S /. 7,914,686 S /. 9,113,657 S /. 10,527,429
Divide ndos 0 0 0 0 0 0 0
Tota l de S a lida e n e fe ctivo17,200,000 16,600,000 47,835,662 42,478,729 43,523,629 44,768,829 45,661,829 51,528,729 49,606,929

ENTRADAS MENOS S ALIDAS - - 13,792,171 15,133,771 16,839,371 18,836,171 20,396,171 23,193,771 53,090,905
S ALDO ACUMULADO DE EFECTIVO
- - 13,792,171 28,925,943 45,765,314 64,601,486 84,997,657 108,191,429 161,282,333

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

CUADRO DE FUENTES Y USO DE FONDOS DE EFECTIVO ECONOMICO

Fas e Inve rs ión Ope rac iona l
Año 1 2 3 4 5 6 7 8 9
Nivel de Produc c ión 73% 76% 80% 84% 87% 93% 100%
En tra d a s d e Efe c tivo
Re curs os Fina ncie ros 17,200,000 12,600,000 6,199,833 76,500 99,000 117,000 90,000 4,166,500 159,500
Ingreso por concepto de ventas S /. 55,428,000 S /. 57,536,000 S /. 60,264,000 S /. 63,488,000 S /. 65,968,000 S /. 70,556,000 S /. 75,640,000
Va lor re m a ne nte e n e l ultim o a ño S /. 26,898,333.33
Tota l de Entra da s e n e fe ctivo 17,200,000 12,600,000 61,627,833 57,612,500 60,363,000 63,605,000 66,058,000 74,722,500 102,697,833

S a lida s d e Efe c tivo

Incre m e nto de los a ctivos tota le s 17,200,000 16,600,000 6,199,833 76,500 99,000 117,000 90,000 4,166,500 159,500
Costos de Ope ra ción S /. 34,940,000 S /. 35,280,000 S /. 35,720,000 S /. 36,240,000 S /. 36,640,000 S /. 37,380,000 S /. 38,200,000
Im pue s tos S /. 5,084,400 S /. 5,659,371 S /. 6,390,343 S /. 7,246,114 S /. 7,914,686 S /. 9,113,657 S /. 10,527,429
Divide ndos 0 0 0 0 0 0 0
Tota l de S a lida e n e fe ctivo 17,200,000 16,600,000 46,224,233 41,015,871 42,209,343 43,603,114 44,644,686 50,660,157 48,886,929

ENTRADAS MENOS S ALIDAS - -4,000,000 15,403,600 16,596,629 18,153,657 20,001,886 21,413,314 24,062,343 53,810,905
S ALDO ACUMULADO DE EFECTIVO - -4,000,000 11,403,600 28,000,229 46,153,886 66,155,771 87,569,086 111,631,429 165,442,333

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

BALANCE PROYECTADO

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

Fas e Invers ión Opera cional

Año 1 2 3 4 5 6 7 8 9
Nivel de Producción

ACTIVOS
Activos Corrie nte s
1. Efe ctivo S /. 15,248,004.76 S /. 30,395,942.86 S /. 47,253,647.62 S /. 66,111,485.71 S /. 86,524,323.81 S /. 109,748,928.57 S /. 162,874,000.00
2. Cue nta s por Cobra r S /. 3,120,000.00 S /. 3,148,333.33 S /. 3,185,000.00 S /. 3,228,333.33 S /. 3,261,666.67 S /. 3,323,333.33 S /. 3,366,666.67
3. inve nta rio de Ma te ria s P rim a s S /. 298,000.00 S /. 309,333.33 S /. 324,000.00 S /. 341,333.33 S /. 354,666.67 S /. 379,333.33 S /. 406,666.67
4. Inve nta rio de P roductos e n P roce s o S /. 278,500.00 S /. 287,000.00 S /. 298,000.00 S /. 311,000.00 S /. 321,000.00 S /. 339,500.00 S /. 360,000.00
5. Inve nta rio de P roductos Te rm ina dos S /. 1,047,500.00 S /. 1,061,666.67 S /. 1,080,000.00 S /. 1,101,666.67 S /. 1,118,333.33 S /. 1,149,166.67 S /. 1,183,333.33
6. Inve nta rio de Re s pue s tos y S um inis tros

Tota l Activos Corrie nte s S /. 19,992,004.76 S /. 35,202,276.19 S /. 52,140,647.62 S /. 71,093,819.05 S /. 91,579,990.48 S /. 114,940,261.90 S /. 168,190,666.67

ACTIIVOS FIJ OS
No de pre cia ble s
7. Te rre nos 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000

De pre cia ble s

8. Edificios 10,000,000 16,000,000 S /. 15,200,000.00 S /. 14,400,000.00 S /. 13,600,000.00 S /. 12,800,000.00 S /. 12,000,000.00 S /. 11,200,000.00 S /. 10,400,000.00
9. Ma quina s y e quipos 4,000,000 S /. 3,600,000.00 S /. 3,200,000.00 S /. 2,800,000.00 S /. 2,400,000.00 S /. 2,000,000.00 S /. 1,600,000.00 S /. 1,200,000.00
10. Mue ble s y Ens e re s 2,000,000 S /. 1,800,000.00 S /. 1,600,000.00 S /. 1,400,000.00 S /. 1,200,000.00 S /. 1,000,000.00 S /. 800,000.00 S /. 600,000.00
11. Ve hiculos 4,000,000 S /. 3,200,000.00 S /. 2,400,000.00 S /. 1,600,000.00 S /. 800,000.00 S /. - S /. 3,200,000.00 S /. 2,400,000.00

Tota l Activos Fijos 16,000,000 32,000,000 29,800,000 27,600,000 25,400,000 23,200,000 21,000,000 22,800,000 20,600,000

ACTIVOS DIFERIDOS
13. Ga s tos P re ope ra tivos 1,200,000 1,800,000 1,500,000 1,200,000 900,000 600,000 300,000 - -

Tota l Activos Dife ridos 1,200,000 1,800,000 1,500,000 1,200,000 900,000 600,000 300,000 - -
Tota l Activos 17,200,000 33,800,000 31,300,000 28,800,000 26,300,000 23,800,000 21,300,000 22,800,000 20,600,000

P AS IVO Y P ATRIMONIO
P a s ivo
14. P a s ivos Corrie nte s S /. 447,000 S /. 464,000 S /. 486,000 S /. 512,000 S /. 532,000 S /. 569,000 S /. 610,000
15. P ré s ta m os a Corto, Me dia do y La rgo PSla/.zo
4,000,000 S /. 3,428,571 S /. 2,857,143 S /. 2,285,714 S /. 1,714,286 S /. 1,142,857 S /. 571,429 S /. 0

Tota l P a s ivo 0 S /. 4,000,000 S /. 3,875,571 S /. 3,321,143 S /. 2,771,714 S /. 2,226,286 S /. 1,674,857 S /. 1,140,429 S /. 610,000

P a trim onio
16. Ca pita l S ocia l S /. 17,200,000 S /. 29,800,000 S /. 35,552,833 S /. 35,612,333 S /. 35,689,333 S /. 35,780,333 S /. 35,850,333 S /. 39,979,833 S /. 40,098,333
17. Re s e rva s S /. 11,863,600 S /. 1,341,600 S /. 13,569,200 S /. 3,338,400 S /. 15,129,200 S /. 6,136,000 S /. 18,428,000

Tota l P a trim onio 17,200,000 29,800,000 47,416,433 36,953,933 49,258,533 39,118,733 50,979,533 46,115,833 58,526,333
Tota l P a s ivo y P a trim onio 17,200,000 33,800,000 51,292,005 40,275,076 52,030,248 41,345,019 52,654,390 47,256,262 59,136,333

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

INDICADORES PARA LOS ANÁLISIS FINANCIEROS

Fa s e Invers ión Ope ra c iona l
Año 1 2 3 4 5 6 7 8 9

A. IN D IC AD OR ES D E LIQU ID EZ
1. Ra zón corrie nte o cirucula nte 44.72 75.87 107.29 138.86 172.14 202.00 275.72
2. P rue ba Acida o ra zón a cida 41.09 72.29 103.78 135.43 168.77 198.72 272.53
3. Re s pa ldo de Activos Fijos S /. 8.00 S /. 8.69 S /. 9.66 S /. 11.11 S /. 13.53 S /. 18.38 S /. 39.90
4. Ca pita l de Tra ba jo ne to (S /.) 19,545,005 34,738,276 51,654,648 70,581,819 91,047,990 114,371,262 167,580,667

D . IN D IC AD OR ES D E C OS TOS
1. Indice de cos tos de ve nta s 20.10% 19.95% 19.78% 19.59% 19.46% 19.25% 19.04%
2. Indice de ga s tos ope ra tivos 47.45% 45.71% 43.64% 41.43% 39.87% 37.28% 34.37%
3. Indice de cos tos fina ncie ros 1.88% 1.55% 1.23% 0.94% 0.68% 0.42% 0.20%

E. IN D IC AD OR ES D E R EN TABILID AD
1. Indice de re ndim ie nto bruto e n ve nta s 79.90% 80.05% 80.22% 80.41% 80.54% 80.75% 80.96%
2. Indice de re ndim ie nto ope ra tivo e n ve nta s 32.45% 34.34% 36.58% 38.98% 40.67% 43.48% 46.59%
3. Indice de re ndim ie nto ne to e n ve nta s 21.40% 22.95% 24.74% 26.63% 27.99% 30.14% 32.47%
4. Indice de re ndim ie nto pa trim onia l 25.02% 35.73% 30.27% 43.22% 36.23% 46.11% 41.97%
5. Indice de re ndim ie nto de la inve rs ión 37.90% 45.85% 56.70% 71.04% 86.70% 93.27% 119.24%

PUNTO DE EQUILIBRIO
Fa s e Invers ión Ope ra c iona l
Año 1 2 3 4 5 6 7 8 9
Nivel de Produc c ión 73% 76% 80% 84% 87% 93% 100%

Expre s a do e n unida de s 28403.84615 28260.98901 28118.13187 27975.27473 27832.41758 27689.56044 27258.24176

Expre s a do e n unida de s m one ta ria s 35220769.23 35043626.37 34866483.52 34689340.66 34512197.8 34335054.95 33800219.78
Ta s a de utiliza ción de
la ca pa cida d e n e l 68.34% 64.83% 60.84% 56.73% 53.83% 49.35% 44.69%

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

PUNTO DE EQUILIBRIO ECONOMICO

Fas e Invers ión Operacional
Año 1 2 3 4 5 6 7 8 9
Nivel de Producción 0% 0% 0% 0% 0% 0% 0%

Expre s a do e n unida de s 27404 27404 27404 27404 27404 27404 27115

Expre s a do e n unida de s m one ta ria s 33980769 33980769 33980769 33980769 33980769 33980769 33623077
Ta s a de utiliza ción de la ca pa cida d
e n e l punto de e quilibrio (%) 65.93% 62.86% 59.30% 55.57% 53.01% 48.84% 44.45%

FLUJO DE CAJA
Fa s e Inve rs ión Ope ra c ional
Año 1 2 3 4 5 6 7 8 9
Nivel de Producc ión 73% 76% 80% 84% 87% 93% 100%

ENTRADAS EN EFECTIVO
PRÉS TAMO S /. 4,000,000
INGRESO POR CONCEP TO DE VENTAS S /. 55,428,000 S/. 57,536,000 S /. 60,264,000 S /. 63,488,000 S /. 65,968,000 S /. 70,556,000 S /. 75,640,000
OTROS INGRES OS
VALOR REMANENTE EN EL ULTIMO AÑO S /. 26,898,333
TOTAL ENTRADAS DE EFECTIVO S /. 4,000,000 S /. 55,428,000 S/. 57,536,000 S /. 60,264,000 S /. 63,488,000 S /. 65,968,000 S /. 70,556,000 S/. 102,538,333

SALIDAS DE EFECTIVO
INVERSIONES TOTALES S/. 17,200,000 S /. 16,600,000 S/. 5,752,833 S /. 59,500 S/. 77,000 S/. 91,000 S /. 70,000 S/. 4,129,500 S/. 118,500
COSTOS DE OP ERACIÓN S /. 34,940,000 S/. 35,280,000 S /. 35,720,000 S /. 36,240,000 S /. 36,640,000 S /. 37,380,000 S /. 38,200,000

COSTOS DE FINANCIACIÓN (INTERESES ) S/. 1,040,000 S/. 891,429 S /. 742,857 S /. 594,286 S /. 445,714 S /. 297,143 S/. 148,571
PAGO DEL P RÉSTAMO S /. 571,429 S/. 571,429 S /. 571,429 S /. 571,429 S /. 571,429 S /. 571,429 S/. 571,429
IMP UESTOS S/. 5,084,400 S /. 5,659,371 S/. 6,390,343 S/. 7,246,114 S/. 7,914,686 S/. 9,113,657 S /. 10,527,429
TOTAL DE S ALIDAS D E EFEC TIVO S/. 17,200,000 S /. 16,600,000 S /. 47,388,662 S/. 42,461,729 S /. 43,501,629 S /. 44,742,829 S /. 45,641,829 S /. 51,491,729 S /. 49,565,929
EN TR AD AS MEN OS S ALID AS -S /. 17,200,000 -S/. 12,600,000 S/. 8,039,338 S/. 15,074,271 S /. 16,762,371 S /. 18,745,171 S /. 20,326,171 S /. 19,064,271 S /. 52,972,405
S ALD O AC UMULADO EFEC TIVO -S /. 17,200,000 -S/. 29,800,000 -S /. 21,760,662 -S/. 6,686,390 S /. 10,075,981 S /. 28,821,152 S /. 49,147,324 S /. 68,211,595 S/. 121,184,000

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

FLUJO DE CAJA ECONOMICO

Fa s e Invers ión Opera c iona l
Año 1 2 3 4 5 6 7 8 9
Nivel de Producc ión 0% 0% 0% 0% 0% 0% 0%

ENTRADAS EN EFECTIVO
INGRESO POR CONCEPTO DE VENTAS S /. 55,428,000 S /. 57,536,000 S /. 60,264,000 S /. 63,488,000 S /. 65,968,000 S /. 70,556,000 S /. 75,640,000
OTROS INGRESOS S /. 0 S /. 0 S /. 0 S /. 0 S /. 0 S /. 0 S /. 0
VALOR REMANENTE EN EL ULTIMO AÑO S /. 26,898,333
TOTAL ENTRADAS DE EFECTIVO S /. 55,428,000 S /. 57,536,000 S /. 60,264,000 S /. 63,488,000 S /. 65,968,000 S /. 70,556,000 S /. 102,538,333
SALIDAS DE EFECTIVO

INVERSIONES TOTALES S /. 17,200,000 S /. 16,600,000 S /. 5,752,833 S /. 59,500 S /. 77,000 S /. 91,000 S /. 70,000 S /. 4,129,500 S /. 118,500
COSTOS DE OPERACIÓN S /. 34,940,000 S /. 35,280,000 S /. 35,720,000 S /. 36,240,000 S /. 36,640,000 S /. 37,380,000 S /. 38,200,000
(NETOS DE DEP R ECIACIÓN Y AMORTIZACIÓN DE DIFER IDOS )
IMPUESTOS S /. 5,396,400 S /. 5,926,800 S /. 6,613,200 S /. 7,424,400 S /. 8,048,400 S /. 9,202,800 S /. 10,572,000
TOTAL DE SALIDAS DE EFECTIVO S /. 17,200,000 S /. 16,600,000 S /. 46,089,233 S /. 41,266,300 S /. 42,410,200 S /. 43,755,400 S /. 44,758,400 S /. 50,712,300 S /. 48,890,500
ENTRADAS MENOS SALIDAS -S /. 17,200,000 -S /. 16,600,000 S /. 9,338,767 S /. 16,269,700 S /. 17,853,800 S /. 19,732,600 S /. 21,209,600 S /. 19,843,700 S /. 53,647,833
SALDO ACUMULADO EFECTIVO -S /. 17,200,000 -S /. 33,800,000 -S /. 24,461,233 -S /. 8,191,533 S /. 9,662,267 S /. 29,394,867 S /. 50,604,467 S /. 70,448,167 S /. 124,096,000

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

COSTO DE OPERACIÓN Y DE FINANCIACIÓN

Fas e Invers ión Operacional
Año 1 2 3 4 5 6 7 8 9
Nivel de Producción 0% 0% 73% 76% 80% 84% 87% 93% 100%

CO S TO S VARIABLES
Materiales e Insumos S/. 3,576,000 S/. 3,712,000 S/. 3,888,000 S/. 4,096,000 S/. 4,256,000 S/. 4,552,000 S/. 4,880,000
Mano de Obra Directa S/. 4,470,000 S/. 4,640,000 S/. 4,860,000 S/. 5,120,000 S/. 5,320,000 S/. 5,690,000 S/. 6,100,000
Gastos Generales de Fabricación S/. 894,000 S/. 928,000 S/. 972,000 S/. 1,024,000 S/. 1,064,000 S/. 1,138,000 S/. 1,220,000
Total de Costos Variables S/. 8,940,000 S/. 9,280,000 S/. 9,720,000 S/. 10,240,000 S/. 10,640,000 S/. 11,380,000 S/. 12,200,000
Costo Unitario Variable S/. 200 S/. 200 S/. 200 S/. 200 S/. 200 S/. 200 S/. 200
COSTOS FIJOS
Gastos Generales de Administración S/. 14,000,000 S/. 14,000,000 S/. 14,000,000 S/. 14,000,000 S/. 14,000,000 S/. 14,000,000 S/. 14,000,000
Gastos Generales de Ventas S/. 8,000,000 S/. 8,000,000 S/. 8,000,000 S/. 8,000,000 S/. 8,000,000 S/. 8,000,000 S/. 8,000,000
Gastos Generales de Distribución S/. 4,000,000 S/. 4,000,000 S/. 4,000,000 S/. 4,000,000 S/. 4,000,000 S/. 4,000,000 S/. 4,000,000
Depreciación S/. 2,200,000 S/. 2,200,000 S/. 2,200,000 S/. 2,200,000 S/. 2,200,000 S/. 2,200,000 S/. 2,200,000
Amortización Diferidos S/. 300,000 S/. 300,000 S/. 300,000 S/. 300,000 S/. 300,000 S/. 300,000 S/. 0
Total de Costos Fijos S/. 28,500,000 S/. 28,500,000 S/. 28,500,000 S/. 28,500,000 S/. 28,500,000 S/. 28,500,000 S/. 28,200,000
Costos de Financiación S/. 1,040,000 S/. 891,429 S/. 742,857 S/. 594,286 S/. 445,714 S/. 297,143 S/. 148,571
Total de Costos Fijos de Financiación S/. 29,540,000 S/. 29,391,429 S/. 29,242,857 S/. 29,094,286 S/. 28,945,714 S/. 28,797,143 S/. 28,348,571

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

ANALISIS DE SENSIBILIDAD
VARIACIÓN DEL PUNTO DE EQUILIBRIO EXPRESADO EN
PRECIO DE PRECIO DE UNIDADES INGRESOS % UTILIZACIÓN
VENTA K% VENTA (MILES) (MILLONES) CAPACIDAD
150% 1,860 17,616 32,766,093 28.88%
140% 1,736 19,038 33,050,521 31.21%
135% 1,674 19,839 33,210,680 32.52%
130% 1,612 20,710 33,384,905 33.95%
125% 1,550 21,661 33,575,132 35.51%
120% 1,488 22,704 33,783,673 37.22%
115% 1,426 23,852 34,013,307 39.10%
110% 1,364 25,123 34,267,403 41.18%
105% 1,302 26,536 34,550,091 43.50%
100% 1,240 28,118 34,866,484 46.10%
95% 1,178 29,901 35,222,992 49.02%
90% 1,116 31,925 35,627,760 52.34%
85% 1,054 34,242 36,091,301 56.13%
80% 992 36,923 36,627,417 60.53%
75% 930 40,059 37,254,599 65.67%
70% 868 43,777 37,998,204 71.77%
65% 806 48,256 38,893,965 79.11%
60% 744 53,755 39,993,908 88.12%
50% 620 69,626 43,168,027 114.14%

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

VARIACIÓN COSTOS PUNTO DE EQUILIBRIO EXPRESADO EN

COSTOS VARIABLE UNIDADES INGRESOS % UTILIZACIÓN
VARIABLES UNITARIO (MILES) (MILLONES) CAPACIDAD
250% 500 39,517 28,622,857 64.78%
200% 400 34,813 28,746,857 57.07%
180% 360 33,231 28,796,457 54.48%
160% 320 31,786 28,846,057 52.11%
150% 300 31,109 28,870,857 51.00%
140% 280 30,461 28,895,657 49.94%
130% 260 29,840 28,920,457 48.92%
120% 240 29,243 28,945,257 47.94%
110% 220 28,669 28,970,057 47.00%
100% 200 28,118 28,994,857 46.10%
90% 180 27,588 29,019,657 45.23%
80% 160 27,077 29,044,457 44.39%
70% 140 26,584 29,069,257 43.58%
60% 120 26,110 29,094,057 42.80%
50% 100 25,652 29,118,857 42.05%
40% 80 25,209 29,143,657 41.33%
30% 60 24,782 29,168,457 40.63%
20% 40 24,369 29,193,257 39.95%
10% 20 23,970 29,218,057 39.29%

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

VARIACIÓN COSTOS PUNTO DE EQUILIBRIO EXPRESADO EN

COSTOS FIJOS UNIDADES INGRESOS % UTILIZACIÓN
FIJOS MENOS DEP (MILES) (MILLONES) CAPACIDAD
250% 67,607,143 67,122 83,231,593 110.04%
200% 54,085,714 54,121 67,109,890 88.72%
180% 48,677,143 48,920 60,661,209 80.20%
160% 43,268,571 43,720 54,212,527 71.67%
150% 40,564,286 41,120 50,988,187 67.41%
140% 37,860,000 38,519 47,763,846 63.15%
130% 35,155,714 35,919 44,539,505 58.88%
120% 32,451,429 33,319 41,315,165 54.62%
110% 29,747,143 30,718 38,090,824 50.36%
100% 27,042,857 28,118 34,866,484 46.10%
95% 25,690,714 26,818 33,254,313 43.96%
90% 24,338,571 25,518 31,642,143 41.83%
85% 22,986,429 24,218 30,029,973 39.70%
80% 21,634,286 22,918 28,417,802 37.57%
75% 20,282,143 21,617 26,805,632 35.44%
70% 18,930,000 20,317 25,193,462 33.31%
65% 17,577,857 19,017 23,581,291 31.18%
60% 16,225,714 17,717 21,969,121 29.04%
50% 13,521,429 15,117 18,744,780 24.78%

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

BENEFICIO – COSTO FINANCIERO BENEFICIO – COSTO ECONOMICO

BENEFICIO / COSTO BENEFICIO / COSTO ECONÓMICO
FLUJO DE CAJA ACTUALIZADO 9,461,412 FLUJO DE CAJA ACTUALIZADO 9,259,125
INVERSIÓN TOTAL 33,800,000 INVERSIÓN TOTAL 33,800,000
B/C 0.2799 B/C 0.2739

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

RELACION BENEFICIO COSTO

0.3
B/C SIN FINANCIAMIENTO B/C CON FINANCIAMIENTO
0.25

0.2

UNIDADES0.15
MONETARIAS OBTENIDAS

0.1

0.05

0
0 0.2 0.4 0.6 0.8 1
UNIDADES MONETARIAS INVERTIDAS

TIEMPO DE PAGO
TIEMPO DE PAGO FINANCIERO
INVERSION TOTAL 33,800,000
UTILIDAD MEDIA 17,312,000 AÑO MESES DIAS HORAS
TIEMPO DE PAGO FINANCIERO 1.952 1 11 43 21
TIEMPO DE PAGO ECONOMICO
INVERSION TOTAL 33,800,000
UTILIDAD MEDIA 17,728,000 AÑO MESES DIAS HORAS
TIEMPO DE PAGO CON ECONOMICO 1.907 1 11 26 33

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

CAPACIDAD DE PAGO
CAPACIDAD DE PAGO FINANCIERO CAPACIDAD DE PAGO ECONOMICO
UTILIDAD MEDIA 17,312,000 UTILIDAD MEDIA 17,728,000
DEPRECIACION 2,200,000 DEPRECIACION 2,200,000
CAPACIDAD DE PAGO US$ 15,112,000 CAPACIDAD DE PAGO US$ 15,528,000

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

RENTABILIDAD
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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

% RENTABILIDAD FINANCIERO % DE RENTABILIDAD ECONOMICO

UTILIDAD MEDIA 17,312,000 UTILIDAD MEDIA 17,728,000
INVERSION TOTAL 33,800,000 INVERSION TOTAL 33,800,000
PORCENTAJE DE RENTABILIDAD % 51.22% PORCENTAJE DE RENTABILIDAD% 52.45%

VAN TIR FINANCIERO

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

FASE INVERSIÓN OPERACIONAL

AÑO 1 2 3 4 5 6 7 8 9
NIVEL DE PRODUCCIÓN 73% 76% 80% 84% 87% 93% 100%
ENTRADAS MENOS SALIDAS -17,200,000 -12,600,000 8,039,338 15,074,271 16,762,371 18,745,171 20,326,171 19,064,271 52,972,405
FACTOR ACTUALIZACION 0.781 0.610 0.477 0.373 0.291 0.227 0.178 0.139 0.108
VALOR ACTUALIZADO -13,437,500 -7,690,430 3,833,455 5,615,604 4,878,492 4,262,159 3,610,653 2,645,699 5,743,280

SUMA VALOR ACTUALIZADO 9,461,412

V.A.N.F -20,338,588
T.I.R.F. 39.16%

VAN TIR ECONOMICO

FASE INVERSIÓN OPERACIONAL
AÑO 1 2 3 4 5 6 7 8 9
NIVEL DE PRODUCCIÓN 73% 76% 80% 84% 87% 93% 100%
ENTRADAS MENOS SALIDAS -17,200,000 -16,600,000 9,338,767 16,269,700 17,853,800 19,732,600 21,209,600 19,843,700 53,647,833
FACTOR ACTUALIZACION 0.783 0.613 0.479 0.375 0.294 0.230 0.180 0.141 0.110
VALOR ACTUALIZADO -13,462,393 -10,169,410 4,477,865 6,105,973 5,244,449 4,536,776 3,816,711 2,794,945 5,914,209

SUMA VALOR ACTUALIZADO 9,259,125

V.A.N.E -24,540,875
T.I.R.E. 37.96%

DATO:
COSTO DE OPORTUBIDAD 28% ANUAL

COSTO DE CAPITAL PONDERADO

COSTO DE OPORTUNIDAD 28.00%
APORTE % DE LA INVERSION % DE INTERES INDICE
APORTE PROPIO 29,800,000 88.17% 28% 24.7%
APORTE DE TERCEROS 4,000,000 11.83% 26% 3.1%
INVERSION TOTAL 33,800,000 100%
COSTO DE CAPITAL PONDERADO 27.76%
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EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

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 EVALUACIÓN DE PROYECTO: EXAMEN PARCIAL

RESUMEN
CONCLUSIONES

Según el cuadro resumen se puede ver que el VANF y VANE

resulta negativo en ambos casos por lo que el proyecto en
CUADRO REUSMEN ECONOMICO FINANCIERO
sí no es rentable ni considerando el prestamo para
VAN -24,540,875 -20,338,588
financierlo.A pesar de ello, aunque la TIR resulte mayor
TIR 37.96% 39.16%
que el costo de oportunidad no es rentable, asi mismo el
RENTABILIDAD 52.45% 51.22%
B/C en ambos casos resulta menor que 1.
B/C 0.27 0.28

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