18%

Descontando planilla 10,620.00

Años 0 1 2 3 4 5
Ingresos 60,000.00 65,000.00 68,000.00 70,000.00 75,000.00
Costos Operativos Inc IGV - 11,800.00 - 11,800.00 - 11,800.00 - 11,800.00 - 11,800.00
Gatos publicitarios Inc IGV - 2,000.00 - 2,000.00 - 2,000.00 - 2,000.00 - 2,000.00
EBIT 46,201.00 51,202.00 54,203.00 56,204.00 61,205.00

Inversión inc. IGV - 59,000.00

MÓDULO DE IGV

Años 0 1 2 3 4 5

IGV INGRESOS 10,800.00 11,700.00 12,240.00 12,600.00 13,500.00

IGV GASTOS OP. - 1,911.60 - 1,911.60 - 1,911.60 - 1,911.60 - 1,911.60
IGV GASTOS PUBLIC. - 360.00 - 360.00 - 360.00 - 360.00 - 360.00
DIFERENCIA 8,528.40 9,428.40 9,968.40 10,328.40 11,228.40
IGV EQUIP. - 9,000.00
CRÉDITO TRIBUTARIO - 9,000.00 - 471.60 - - - -
IGV POR PAGAR 0 0 - 9,900.00 - 9,968.40 - 10,328.40 - 11,228.40
Años 1 2 3 4 5
Ventas incluído IGV 60,000 65,000 68,000 70,000 75,000

Costos y Gastos Operativos

Años 1 2 3 4 5
Costos Operativos(sin IGV) 10,000 10,000 10,000 10,000 10,000
Gastos Publicitarios(con IGV) 2,000 2,000 2,000 2,000 2,000
*El 10% de los costos operativos son Planillas
 4 5
000 70,000 75,000

3 4 5
10,000 10,000 10,000
2,000 2,000 2,000
AÑOS 0 1 2 3 4
Q 30,000.00 50,000.00 70,000.00 80,000.00
P 90.00 90.00 90.00 90.00
INGRESOS DE PROY 2,700,000.00 4,500,000.00 6,300,000.00 7,200,000.00
INGRESO INCREM 400,000.00 400,000.00 400,000.00 400,000.00
INGRESOS TOTALES 3,100,000.00 4,900,000.00 6,700,000.00 7,600,000.00
CV - 900,000.00 - 1,500,000.00 - 2,100,000.00 - 2,400,000.00
CF - 1,200,000.00 - 1,200,000.00 - 1,200,000.00 - 1,200,000.00
DEPREC - 500,000.00 - 500,000.00 - 500,000.00 - 500,000.00
EBIT 500,000.00 1,700,000.00 2,900,000.00 3,500,000.00
IR - 150,000.00 - 510,000.00 - 870,000.00 - 1,050,000.00
DEPREC 500,000.00 500,000.00 500,000.00 500,000.00
FCO 850,000.00 1,690,000.00 2,530,000.00 2,950,000.00
CT (8.5%) - 500,000.00 - - - 500,000.00
GNK - 2,500,000.00 587,500.00
FCDLD - 3,000,000.00 850,000.00 1,690,000.00 2,530,000.00 4,037,500.00
FINANCIAMIENTO 1,200,000.00
Servicio de la deuda
Amortización ( - ) - 400,000.00 - 400,000.00 - 400,000.00
Intereses ( - ) - 180,000.00 - 120,000.00 - 60,000.00
Escudo fiscal 54,000.00 36,000.00 18,000.00
FC FINANCIERO 1,200,000.00 - 526,000.00 - 484,000.00 - 442,000.00
FC NETO del
INVERSIONISTA - 1,800,000.00 324,000.00 1,206,000.00 2,088,000.00 4,037,500.00

VANE 2,792,749.38 Es viable

VANF 2,440,747.89 Es viable

Sdo Inicial Cuota Interes amortizac Sdo Final

1 1,200,000 1,600,000 180,000 400,000 800,000
2 800,000 1,200,000 120,000 400,000 400,000
3 400,000 800,000 60,000 400,000 0
3,600,000 360,000 1,200,000
CVU 30.00

GNK 2,500,000.00

DEPREC ANUAL 500,000.00

AÑOS 5.00

VL 500,000.00
VM 625,000.00
VRT 587,500.00

BETA 1.2
rendimiento libre de riesg 3%
prima de riesgo 11%
riesgo país 4%
D 40%
TEA 15%
Tiempo 3 años
IR 30%
E 60%

COK 20%
WACC 16%

0
1
2
3
Compra
AÑOS 0 1 2 3 4 5
COSTOS - 12,000.00 - 12,000.00 - 12,000.00 - 12,000.00 - 12,000.00
DEPREC - 22,500.00 - 22,500.00 - 22,500.00 - 22,500.00 -
EBIT - 34,500.00 - 34,500.00 - 34,500.00 - 34,500.00 - 12,000.00
IR 10,350.00 10,350.00 10,350.00 10,350.00 3,600.00
DEPREC 22,500.00 22,500.00 22,500.00 22,500.00 -
INVERSIÓN - 90,000.00
FCN - 90,000.00 - 1,650.00 - 1,650.00 - 1,650.00 - 1,650.00 - 8,400.00
VPN - 99,778.01
CAE -S/ 27,679.39

Alquiler
AÑOS 0 1 2 3 4 5
COSTOS - 28,000.00 - 28,000.00 - 28,000.00 - 28,000.00 - 28,000.00
DEPREC -
EBIT - 28,000.00 - 28,000.00 - 28,000.00 - 28,000.00 - 28,000.00
IR 8,400.00 8,400.00 8,400.00 8,400.00 8,400.00
DEPREC - - - - -
INVERSIÓN
FCN - - 19,600.00 - 19,600.00 - 19,600.00 - 19,600.00 - 19,600.00
VPN - 70,653.61
CAE -S/ 14,130.72 Es más conveniente alquilar, el costo es más bajo
INVERSIÓN 90,000.00
Deprec anual 22,500.00

IR 30%
Tasa dscto 12%
BASE
IR 30%
TASA DSCTO 28%
CVU 300
PVU 800
CANT 6,000

A 0 1 2
Ingresos 4,800,000 4,800,000
Ingresos total 4,800,000 4,800,000
Costos variables -1,800,000 -1,800,000
Costos fijos -450,000 -450,000
Alquiler(Costo de oport)
Depreciación -312,500 -312,500
EBIT 2,237,500 2,237,500
IR -671,250 -671,250
Depreciación 312,500 312,500
FCE 1,878,750 1,878,750
GNK -1,250,000
Capital de trabajo -1,000,000 - -
FCLD -2,250,000 1,878,750 1,878,750
1,467,773 1,146,698

VANE 2,332,747

VANE 2,332,747 65%

OPTIMISTA
IR 30%
TASA DSCTO 28%
CVU 285
PVU 960
CANT 6,900

A 0 1 2
Ingresos 6,624,000 6,624,000
Ingresos total 6,624,000 6,624,000
Costos variables -1,966,500 -1,966,500
Costos fijos -450,000 -450,000
Alquiler(Costo de oport)
Depreciación -312,500 -312,500
EBIT 3,895,000 3,895,000
IR -1,168,500 -1,168,500
Depreciación 312,500 312,500
FCE 3,039,000 3,039,000
GNK -1,250,000
Capital de trabajo -1,000,000 - -
 FCLD -2,250,000 3,039,000 3,039,000
2,374,219 1,854,858

VANE 4,932,830

VANE 4,932,830 20%

PESIMISTA
IR 30%
TASA DSCTO 28%
CVU 315
PVU 560
CANT 5,400

A 0 1 2
Ingresos 3,024,000 3,024,000
Ingresos total 3,024,000 3,024,000
Costos variables -1,701,000 -1,701,000
Costos fijos -450,000 -450,000
Alquiler(Costo de oport)
Depreciación -312,500 -312,500
EBIT 560,500 560,500
IR -168,150 -168,150
Depreciación 312,500 312,500
FCE 704,850 704,850
GNK -1,250,000
Capital de trabajo -1,000,000 - -
FCLD -2,250,000 704,850 704,850
550,664 430,206

VANE -297,925

VANE -297,925 15%

VANE Esperado 2,458,163

GNK 1,250,000
V. UTIL 4
DEPREC ANUAL 312,500

3 4
4,800,000 4,800,000
4,800,000 4,800,000
-1,800,000 -1,800,000
-450,000 -450,000

-312,500 -312,500
2,237,500 2,237,500
-671,250 -671,250
312,500 312,500
1,878,750 1,878,750

- 1,000,000
1,878,750 2,878,750
895,858 1,072,418

1,516,286

GNK 1,250,000
V. UTIL 4
DEPREC ANUAL 312,500

3 4
6,624,000 6,624,000
6,624,000 6,624,000
-1,966,500 -1,966,500
-450,000 -450,000

-312,500 -312,500
3,895,000 3,895,000
-1,168,500 -1,168,500
312,500 312,500
3,039,000 3,039,000

- 1,000,000
 3,039,000 4,039,000
1,449,108 1,504,645

986,566

GNK 1,250,000
V. UTIL 4
DEPREC ANUAL 312,500

3 4
3,024,000 3,024,000
3,024,000 3,024,000
-1,701,000 -1,701,000
-450,000 -450,000

-312,500 -312,500
560,500 560,500
-168,150 -168,150
312,500 312,500
704,850 704,850

- 1,000,000
704,850 1,704,850
336,099 635,106

-44,689