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Ejemplo: Leaseback a tasa de 15%

PERIODO
1ER AO
2DO AO
3ER AO
TOTAL

SALDOS
AMORTIZ
CAPITAL
CAPITAL
5,839.57
1,624.07
4,215.50
1,867.68
2,347.82
2,147.83
200.00
200.00
5,839.57

Principal
Tasa de inters
Tasa de Impuestos
N Cuotas anuales
Cuota excel
Cuota frmul

$2,500.00
$2,500.00

1,860.43

$5,708.06 0.22813125
0.52088

Monto = cuota x (1+i) ^n - 1 / (1+i)^n x i


$5,708.06

875.93
632.32
352.17

$5,708.06
15.0%
30%
3

Es - Pago (Tasa;nper;va;vf;tipo)

Monto =

INTERES

2500

0.5209
0.22813125

CUOTAS
2,500.00
2,500.00
2,500.00
200.00
7,700.00

OTAS

2,500.00
2,500.00
2,500.00
200.00
7,700.00

PERIODO
1ER AO
2DO AO
3ER AO
TOTAL

SALDOS AMORTIZ INTERES CUOTAS


CAPITAL CAPITAL
3,496.97
940.49
559.51
1,500.00
2,556.48
1,090.96
409.04
1,500.00
1,465.52
1,265.52
234.48
1,500.00
200.00
200.00
200.00
3,496.97
1,203.03
4,700.00

Principal
Tasa de inters
Tasa de Impuestos
N Cuotas anuales
Cuota excel
Cuota frmul

$3,368.83
16.0%
30%
3
$1,500.00
$1,500.00

$3,368.83 0.24974336
0.56090

Es - Pago (Tasa;nper;va;vf;tipo)

Monto = cuota x (1+i) ^n - 1 / (1+i)^n x i


Monto =

$3,368.83

1500

0.5609
0.24974336

OTAS

,500.00
,500.00
,500.00
200.00
,700.00

CASO 2 FINANCIAMIENTO

El horizonte del prstamo es 3 aos


Valor delActivo fijo
Tasa activa ( prstamo)
Tasa de arrendamiento
Impuesto

S/. 1,000
16%
16%
30%
Cuota
prstamo =
excel

n=
Tasa Activa
Aos
1
2
3

Prstamo =

Es - Pago (Tasa;nper;va;vf;tipo)

S/. 445.26
S/. 1,000

16%
Impuesto =
30%
CRONOGRAMA DE PAGOS DE LA DEUDA
Saldo
Capital
Intereses
S/. 1,000
S/. 285
S/. 160
S/. 715
S/. 331
S/. 114
S/. 384
S/. 384
S/. 61

M x ((1+i)^n x i)/ (1+i)^n-1


Cuota
prstamo = S/. 445.26
Pago
S/. 445.26
S/. 445.26
S/. 445.26

Dado que la tasa activa como de arrendamiento son iguales las cuotas son las mismas
FLUJO DE EGRESOS DE LA DEUDA

Aos
1
2
3

Pago
-S/. 445.26
-S/. 445.26
-S/. 445.26

Escudo fiscal
de la
depreciacin

Escudo fiscal
de los
intereses

100
100
100

48
34
18

Valor presente del flujo de la deuda

Flujo neto A mano


S/. -297
-256.26
S/. -311
-231.09
S/. -327
-209.39
S/. -935
S/. -696.73
-696.73
S/. -696.73 S/. -696.73

FLUJO DE CAJA DEL ARRENDAMIENTO


Aos
1
2
3

Cuota de
arrendamiento

Escudo fiscal
de las cuotas

-S/. 445.26
-S/. 445.26
-S/. 445.26

S/. 133.58
S/. 133.58
S/. 133.58

Valor presente del arrendamiento

Flujo neto
S/. -312
S/. -312
S/. -312
S/. -935
-S/. 700

La fuente de la deuda es ms econmica.

-268.69
-231.63
-199.68
-700.00
S/. -700.00

Aos
1
2
3
4
5
6
7
8
9
10

FLUJO DE EGRESOS DE LA DEUDA

Pago
-S/. 445.26
-S/. 445.26
-S/. 445.26
S/. 0.00
S/. 0.00
S/. 0.00
S/. 0.00
S/. 0.00
S/. 0.00
S/. 0.00

Escudo fiscal Escudo


de la
fiscal de los
depreciacin intereses

30
30
30
30
30
30
30
30

48
34
18
0
0
0
0
0

Flujo neto
-S/. 367.26
-S/. 380.95
-S/. 396.83
S/. 30.00
S/. 30.00
S/. 30.00
S/. 30.00
S/. 30.00 En horizonte 3 aos

30
30

0
0

S/. 30.00 En horizonte 5 aos


S/. 30.00

VAN

S/. -776.32

S/. -853.94
S/. -823.09

WACC

8%

Se vende al cuarto ao. No se considera seguro.

Leasing
Desembolso

2
2,601

VAN
Rec IGV

$8,881
-$2,288
$6,592

Contado

Desembolso
$13,300

VAN
VAN Neto
Rec IGV

$2,643
$10,657
-$2,217
$8,440

3
2,656

2
798

4
2,714

3
798

2,776

4
798

798

LEASING

Contado

Tasa de Descuento de la Operacin


Principal
Tasa de inters
Tasa de Impuestos
N Cuotas anuales
Cuota Anual
Es - Pago (D7;D9;D6;;0)
n
Deuda
0
$13,300
1
10,260
2
7,037
3
3,621
4
0

8%

$13,300
6.0%
30%
4
$3,838
Es - Pago (Tasa;nper;va;vf;tipo)
Amortizacin
Inters

WACC

Tasa de IGV

18%

-$3,838

Cuota excel

Cuota

Depreciacin Deprec + Int.

Ahorro Fiscal

3,040
3,223
3,416
3,621

798
616
422
217

3,838
3,838
3,838
3,838

3,325
3,325
3,325
3,325

4,123
3,941
3,747
3,542

1,237
1,182
1,124
1,063

13,300

2,053

15,353

13,300

15,353

4,606

Cuota
Ahorro Fiscal

1
3,838
1,237

2
3,838
1,182

3
3,838
1,124

4
3,838
1,063

Cuota
Ahorro Fiscal

1
0
798

Flujo de Pago Neto

2,601

2,656

2,714

2,776

Flujo de Pago Neto

-798

VALOR NETO ACTUAL

$8,881
$691
$2,288
2,601
1.08

2,656
1.17

2,714
1.26

2,776
1.36

2,409

2,277

2,155

2,040

Total

Rec IGV

8,881

Valor actual
$691

$691

Compra vehculo
Recuperacin IGV

PAGARE
Taas de descuento de la operacin
Principal
Tasa de interes
Tasa de Impuestos
N Cuotas anuales
Cuota Anual
n
0
1
2
3
4
5

8%

WACC

$13,300
6.0%
30%
4
$3,838

Deuda
$13,300
10,260
7,037
3,621
0

Tasa de IGV
IGV Inversin

18%
$2,394

Amortizacin

Inters

Cuota

3,040
3,223
3,416
3,621

798
616
422
217

3,838
3,838
3,838
3,838

$2,660
$2,660
$2,660
$2,660
$2,660

3,458
3,276
3,082
2,877
2,660

1,037
983
925
863
798

13,300

2,053

15,353

13,300

15,353

4,606

1
3,838
1,037

Flujo de Pago Neto

2,801

2
3,838
983
0
2,856

3
3,838
925
0
2,914

4
3,838
863
0
2,975

Cuota
Ahorro Fiscal

Total

-$3,186

$691

Depreciacin Deprec + Int.

798
-798

Ahorro Fiscal

13,300
$10,113.82
$2,217

VALOR NETO ACTUAL

$8,998

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