Diplomado en Evaluacin Financiera de Proyectos

Mdulo I - Nivelacin en Matemtica Financiera

Conferencista: Luis Fernando Gmez

MONTO 300,000,000 DTF

PLAZO 36 MESES DTF MES VENCIDO
PERIODO GRACIA 0 MESES PUNTOS
INTERES 26.56% ANUAL PAGADERO MV INTERES EFECTIVO
AMORTIZACION MES VENCIDO INTERES EFECTIVO MENSUAL

PERIODO SALDO INICIAL ABONO CAPITAL ABONO INTERES CUOTA

0 300,000,000
1 300,000,000 5,536,870 6,639,967 12,176,837
2 294,463,130 5,659,419 6,517,418 12,176,837
3 288,803,712 5,784,680 6,392,157 12,176,837
4 283,019,032 5,912,713 6,264,124 12,176,837
5 277,106,319 6,043,581 6,133,256 12,176,837
6 271,062,738 6,177,345 5,999,492 12,176,837
7 264,885,393 6,314,069 5,862,768 12,176,837
8 258,571,324 6,453,820 5,723,017 12,176,837
9 252,117,504 6,596,664 5,580,173 12,176,837
10 245,520,840 6,742,669 5,434,168 12,176,837
11 238,778,171 6,891,906 5,284,931 12,176,837
12 231,886,265 7,044,446 5,132,391 12,176,837
13 224,841,818 7,200,363 4,976,474 12,176,837
14 217,641,456 7,359,730 4,817,107 12,176,837
15 210,281,726 7,522,624 4,654,213 12,176,837
16 202,759,101 7,689,124 4,487,713 12,176,837
17 195,069,977 7,859,309 4,317,527 12,176,837
18 187,210,667 8,033,261 4,143,576 12,176,837
19 179,177,406 8,211,063 3,965,774 12,176,837
20 170,966,343 8,392,801 3,784,036 12,176,837
21 162,573,542 8,578,560 3,598,277 12,176,837
22 153,994,982 8,768,432 3,408,405 12,176,837
23 145,226,550 8,962,505 3,214,332 12,176,837
24 136,264,045 9,160,874 3,015,963 12,176,837
25 127,103,171 9,363,634 2,813,203 12,176,837
26 117,739,537 9,570,881 2,605,956 12,176,837
27 108,168,655 9,782,716 2,394,121 12,176,837
28 98,385,939 9,999,239 2,177,598 12,176,837
29 88,386,701 10,220,554 1,956,283 12,176,837
30 78,166,146 10,446,768 1,730,069 12,176,837
31 67,719,378 10,677,989 1,498,848 12,176,837
32 57,041,389 10,914,327 1,262,510 12,176,837
33 46,127,062 11,155,896 1,020,941 12,176,837
34 34,971,166 11,402,812 774,025 12,176,837
35 23,568,354 11,655,193 521,644 12,176,837
36 11,913,160 11,913,160 263,677 12,176,837

TIRmensual 2.213%

Pgina 1 de 22
 Diplomado en Evaluacin Financiera de Proyectos
Mdulo I - Nivelacin en Matemtica Financiera
Conferencista: Luis Fernando Gmez

7.80%
35.04%
-5%
30.04%
2.213%

FLUJO NETO SALDO FINAL

-300,000,000 300,000,000
12,176,837 294,463,130
12,176,837 288,803,712
12,176,837 283,019,032
12,176,837 277,106,319
12,176,837 271,062,738
12,176,837 264,885,393
12,176,837 258,571,324
12,176,837 252,117,504
12,176,837 245,520,840
12,176,837 238,778,171
12,176,837 231,886,265
12,176,837 224,841,818 70,963,862 97,738,647
12,176,837 217,641,456
12,176,837 210,281,726
12,176,837 202,759,101
12,176,837 195,069,977
12,176,837 187,210,667
12,176,837 179,177,406
12,176,837 170,966,343
12,176,837 162,573,542
12,176,837 153,994,982
12,176,837 145,226,550
12,176,837 136,264,045
12,176,837 127,103,171 48,383,396 127,103,171
12,176,837 117,739,537
12,176,837 108,168,655
12,176,837 98,385,939
12,176,837 88,386,701
12,176,837 78,166,146
12,176,837 67,719,378
12,176,837 57,041,389
12,176,837 46,127,062
12,176,837 34,971,166
12,176,837 23,568,354
12,176,837 11,913,160
12,176,837 0 19,018,872

Pgina 2 de 22
Informacin soporte Empresa XYZ

MACROECONOMIA 2014 2015 2016

INFLACION Colombia 3.70% 6.77% 6.50%
IMPUESTO RENTA 0.385 0.385 38.50%
Tasa Interes Referencia BR (fin de ao) 4.500 5.750 7.75%
DTF 90 das (fin de ao) 4.340 5.250 7.80%
Divisa (COP/USD) promedio ao 2,019 2,741.00 3063
Devaluacin nominal (Var % annual) 36% 11.75%
IMPUESTO PRESUNTIVO 0.060 0.060 6.00%

INGRESOS 2014 2015 2016

VOLUMEN DE VENTAS
Tanque Industrial 83 83 85
Tanque Automotriz (Agua) 600 600 618
Tanque Automotriz (Combustible) 643 643 662
Radiador Industrial 380 380 391
Radiador Automotriz 2,400 2,400 2,472
Tapa Industrial Acero 360 360 371
PRECIO UNITARIO PROMEDIO
Tanque Industrial 35,062,684 36,142,615 38,589,470
Tanque Automotriz (Agua) 339,708 350,171 373,877
Tanque Automotriz (Combustible) 242,648 250,122 267,055
Radiador Industrial 3,105,899 3,201,560 3,418,306
Radiador Automotriz 1,186,550 1,223,096 1,305,900
Tapa Industrial Acero 515,628 531,509 567,492
INGRESOS ANUALES ($)
Tanque Industrial 2,910,202,760 2,999,837,005 3,299,013,749
Tanque Automotriz (Agua) 203,824,598 210,102,396 231,056,118
Tanque Automotriz (Combustible) 156,022,877 160,828,382 176,867,957
Radiador Industrial 1,180,241,483 1,216,592,921 1,337,924,949
Radiador Automotriz 2,847,720,815 2,935,430,616 3,228,184,047
Tapa Industrial Acero 185,625,973 191,343,253 210,426,107
INGRESO VENTAS TOTAL ### ### 8,483,472,927

COSTOS VARIABLES 2014 2015 2016

COSTO VARIABLE ($/UND)
Tanque Industrial 18,751,863 19,329,420 20,638,022
Tanque Automotriz (Agua) 145,589 150,073 160,233
Tanque Automotriz (Combustible) 118,655 122,310 130,590
Radiador Industrial 1,903,443 1,962,069 2,094,901
Radiador Automotriz 847,207 873,301 932,423
Tapa Industrial Acero 357,906 368,930 393,906
COSTO VARIABLE TOTAL
Tanque Industrial 1,556,404,632 1,604,341,894 1,764,344,516
Tanque Automotriz (Agua) 87,353,399 90,043,884 99,024,051
Tanque Automotriz (Combustible) 76,295,187 78,645,079 86,488,431
Radiador Industrial 723,308,227 745,586,120 819,944,169
Radiador Automotriz 2,033,295,956 2,095,921,471 2,304,949,816
Tapa Industrial Acero 128,846,264 132,814,729 146,060,474
COSTO VARIABLE TOTAL ### ### 5,220,811,457

COSTOS FIJOS 2014 2015 2016

ARRIENDO 65,515,049 67,532,913 72,104,891
CAFETERIA 0 0 0
CELULARES 4,852,967 5,002,438 5,341,103
MANTENIMIENTO 24,264,833 25,012,190 27,506,681
PAPELERIA 4,367,670 4,502,194 4,806,993
PUBLICIDAD 48,529,666 50,024,380 55,013,361
SERVICIOS PUBLICOS 93,419,608 96,296,931 105,900,721
TEMPORAL ADMINISTRATIVA 146,802,240 151,323,749 161,568,367
TRANSPORTE 3,639,725 3,751,828 4,005,827
VARIOS 18,198,625 18,759,142 20,029,136
HONORARIOS 15,772,142 16,257,923 17,358,585
CONTADOR 5,823,560 6,002,926 6,409,324
SEGURIDAD 6,066,208 6,253,047 6,676,379
TEMPORAL PLANTA 368,825,463 380,185,288 405,923,832
COSTO FIJO TOTAL 806,077,756 830,904,951 892,645,200

DATOS PARA CAPITAL DE TRABAJO 2014 2015 2016

DIAS DE CARTERA 32.4 32.4 20
DIAS DE MATERIA PRIMA 35 34.52 35
DIAS DE PRODUCTO PROCESO 16 15.78 16
DIAS DE PRODUCTO TERMINADO 23 22.69 23
DIAS DE PROVEEDORES 20 19.73 25
DEPRECIACION 52,800,000 130,906,918 150,906,918
CARTERA 664,301,062 684,761,535 464,847,832
PRODUCTO TERMINADO 344,330,884 354,833,800 394,740,718
PROVEEDORES 299,418,160 308,551,130 429,065,998
MATERIA PRIMA 523,981,780 539,964,478 600,692,397
PRODUCTO PROCESO 239,534,528 246,840,904 274,602,239

GASTOS DE ADMON Y VENTAS 2014 2015 2016

GASTOS DE ADMON 823,200,236 848,554,803 906,001,963
GASTOS DE VENTAS 486,436,503 501,418,747 551,425,740

GASTOS FINANCIEROS 2014 2015 2016

CREDITO BANCOLOMBIA 70,963,862
CREDITO BANCO DE BOGOTA
CREDITO BANCO DE OCCIDENTE
CREDITO DIAN
CREDITO TERCEROS
GASTO FINANCIERO 0 0 70,963,862

CAPEX 2014 2015 2016

INVERSIN EN ACTIVOS FIJOS 200,000,000
DEPRECIACIN ACTIVOS NUEVOS 20,000,000
 2017 2018
3.73% 3.10%
38.50% 38.50%
5.25% 5.00%
6.10% 5.80%
3168 3003
3.43% -5.20%
6.00% 6.00%

2017 2018

89 93
643 675
689 723
407 427
2,571 2,699
386 405

41,097,785 42,630,732
398,179 413,031
284,414 295,022
3,640,496 3,776,286
1,390,783 1,442,659
604,379 626,923

3,653,987,629 3,979,795,436
255,917,756 278,736,663
195,898,949 213,366,279
1,481,885,674 1,614,018,010
3,575,536,650 3,894,349,375
233,067,956 253,849,461
9,396,294,614 10,234,115,223 769,338,355

2017 2018

21,979,494 22,799,329
170,648 177,013
139,078 144,266
2,231,069 2,314,288
993,031 1,030,071
419,510 435,158

1,954,187,986 2,128,433,158
 109,679,038 119,458,570
95,794,586 104,336,110
908,170,162 989,147,154
2,552,962,416 2,780,597,310
161,776,582 176,201,390
5,782,570,770 6,298,173,692 473,458,280

2017 2018
76,791,709 79,656,040
0 0
5,688,275 5,900,447
30,173,453 32,237,891 2,494,491
5,119,447 5,310,403
60,346,907 64,475,782 4,988,981
116,167,796 124,115,880 9,603,789
172,070,311 178,488,534
4,266,206 4,425,336
21,331,030 22,126,678
18,486,893 19,176,454
6,825,930 7,080,537
7,110,343 7,375,559
432,308,881 448,434,002
956,687,181 998,803,542 61,740,249

2017 2018
20 20
35 35
16 16
23 23
28 30
160,906,918 160,906,918
514,865,458 560,773,437
434,804,909 469,948,864
529,327,716 612,976,780
661,659,645 715,139,576
302,472,981 326,920,949

2017 2018
964,892,091 1,000,882,566 57,447,160
610,759,150 665,217,490 50,006,993

2017 2018
48,383,396 19,018,872
 48,383,396 19,018,872

2017 2018
100,000,000
10,000,000 0
ESTADO DE RESULTADO Empresa XYZ

2014 2015 2016

INGRESOS 7,483,638,506 7,714,134,572 8,483,472,927
COSTOS FIJOS 806,077,756 830,904,951 892,645,200
DEPRECIACION 52,800,000 130,906,918 150,906,918
AMORTIZACION DE DIFERIDOS 0 0
COSTOS VARIABLES 4,605,503,664 4,747,353,177 5,220,811,457
CMV 5,464,381,420 5,709,165,046 6,264,363,574
UTILIDAD BRUTA 2,019,257,086 2,004,969,526 2,219,109,353
GASTOS ADMON 823,200,236 848,554,803 906,001,963
GASTOS VENTAS 486,436,503 501,418,747 551,425,740
UTILIDAD OPERACIONAL 709,620,347 654,995,976 761,681,650
OTROS INGRESOS 0 0 0
OTROS EGRESOS 100,005,016 111,987,689 -
UAFI 609,615,331 543,008,288 761,681,650
GASTOS FINANCIEROS 0 0 70,963,862
CORRECCION MONETARIA 0 0
UAI 609,615,331 543,008,288 690,717,788
IMPUESTO (38.5%) 234,701,902 209,058,191 265,926,348
UTILIDAD NETA 374,913,428 333,950,097 424,791,440
Check
-11% 27%
 2017 2018
9,396,294,614 10,234,115,223
956,687,181 998,803,542
160,906,918 160,906,918

5,782,570,770 6,298,173,692
6,900,164,868 7,457,884,151
2,496,129,746 2,776,231,072
964,892,091 1,000,882,566
610,759,150 665,217,490
920,478,505 1,110,131,017
0 0
- -
920,478,505 1,110,131,017
48,383,396 19,018,872

872,095,110 1,091,112,144
335,756,617 420,078,176
536,338,492 671,033,969

26% 25%
BALANCE GENERAL Empresa XYZ

Histrico
2014 2015
DESCRIPCIN
ACTIVO CORRIENTE
DISPONIBLE 1,631,616,222 1,642,656,623
INVERSIONES 2,343,240 2,343,240
DEUDORES-CLIENTES 664,301,062 684,761,535
DEUDORES-OTROS 81,348,149 65,078,519
INVENTARIOS 1,373,538,934 1,449,635,923
MATERIAS PRIMAS 523,981,780 539,964,478
PRODUCTO EN PROCESO 239,534,528 246,840,904
PRODUCTO TERMINADO 344,330,884 354,833,800
MERCANCIA EN TRANSITO
OTROS INVENTARIO
ajuste inventarios 265,691,742 307,996,741
TOTAL ACTIVO CORRIENTE 3,753,147,606 3,844,475,839
ACTIVOS FIJOS
PROPIEDADES ,PLANTA Y EQUIPO 5,144,957,586 5,273,241,758
A.INFLACION-ACTIVOS FIJOS
DEPRECIACION ACUMULADA -3,103,581,369 -3,234,488,286
A.INFLACION-DEPRECIACION
TOTAL ACTIVO FIJO 2,041,376,217 2,038,753,471
OTROS ACTIVOS
INTANGIBLES 2,225,520 2,225,520
DIFERIDOS - -
OTROS ACTIVOS 11,880,000 11,880,000
VALORIZACIONES AF 1,303,092,360 1,303,092,360
TOTAL OTROS ACTIVOS 1,317,197,880 1,317,197,880
TOTAL ACTIVOS 7,111,721,703 7,200,427,190
PASIVO CORRIENTE
Crdito Bancolombia
Banco Bogota
PROVEEDORES Nacionales 299,418,160 308,551,130
DIAN
Cuentas terceros
IMPUESTOS, GRAV. Y TASAS 39,116,984 39,854,892
CUENTAS POR PAGAR 55,354,935 44,283,948
OTROS PASIVOS
TOTAL PASIVO CORRIENTE 393,890,079 392,689,971
OTRAS OBLIGACIONES FINANCIERAS
PROVEEDORES Nacionales
CUENTAS POR PAGAR
Crdito Bancolombia LP
OBLIGACIONES LABORALES 16,944,370 13,555,496
PASIVOS EST. Y PROVISIONES 46,175,386 36,940,309
DIFERIDOS 14,189,561 11,351,649
OTROS PASIVOS 1,887,814 1,510,251
BONOS Y PAPELES COMERCIALES
TOTAL PASIVOS NO CORRIENTE 79,197,131 63,357,705
TOTAL PASIVO 473,087,210 456,047,676
PATRIMONIO
CAPITAL SOCIAL 328,351,680 328,351,680
SUPERAVIT DE CAPITAL 3,911,760 3,911,760
RESERVAS 801,593,640 801,593,640
REVALORIZACION DEL PATRIMONIO 2,043,708,518 1,815,503,443
DIVIDENDOS O PARTICIPACIONES
RESULTADO DEL EJERCICIO 374,913,428 333,950,097
RESUL. EJERCICIOS ANTERIORES 1,783,063,107 2,157,976,535
SUPERAVIT POR VALORIZACIONES AF 1,303,092,360 1,303,092,360
AJUSTES POR INFLACION
TOTAL PATRIMONIO 6,638,634,493 6,744,379,515
TOTAL PASIVO + PATRIMONIO 7,111,721,703 7,200,427,190
- -

RAZONES FINANCIERAS PRINCIPALES

INDICADORES DE LIQUIDEZ

INDICE DE LIQUIDEZ 0.53 0.53

PRUEBA ACIDA 0.33 0.33

INDICE DE INVENTARIO

INDICADORES DE RENTABILIDAD

MARGEN NETO 0.05 0.04

RENTABILIDAD SOBRE ACTIVO 0.05 0.05

RENTABILIDAD SOBRE PATRIMONIO 0.06 0.05

INDICADORES DE ENDEUDAMIENTO

NIVEL DE APALANCAMIENTO 6.7% 6.3%

RAZON DE ENDEUDAMIENTO 0% 0%

NIVEL DE ENDEUDAMIENTO 7% 6%
 Variacin
2016 2017 2018 2015vs2014 2016vs2015 2017vs2016

2,514,159,697 2,993,322,802 3,683,775,963 11,040,401 871,503,074 479,163,105

2,343,240 2,343,240 2,343,240 - - -
464,847,832 514,865,458 560,773,437 20,460,473 -219,913,703 50,017,627
52,062,815 41,650,252 33,320,202 -16,269,630 -13,015,704 -10,412,563
1,520,035,355 1,598,937,535 1,662,009,390 76,096,989 70,399,432 78,902,180
600,692,397 661,659,645 715,139,576 15,982,698 60,727,919 60,967,247
274,602,239 302,472,981 326,920,949 7,306,376 27,761,335 27,870,742
394,740,718 434,804,909 469,948,864 10,502,916 39,906,919 40,064,191
- - -
- - -
250,000,000 200,000,000 150,000,000 42,304,999 -57,996,741 -50,000,000
4,553,448,939 5,151,119,287 5,942,222,231 91,328,233 708,973,100 597,670,348
- - -
5,473,241,758 5,573,241,758 5,573,241,758 128,284,172 200,000,000 100,000,000
- - -
-3,385,395,204 -3,546,302,121 -3,707,209,039 -130,906,918 -150,906,918 -160,906,918
- - -
2,087,846,554 2,026,939,636 1,866,032,719 -2,622,745 49,093,082 -60,906,918
- - -
2,225,520 2,225,520 2,225,520 - - -
- - -
11,880,000 11,880,000 11,880,000 - - -
1,303,092,360 1,303,092,360 1,303,092,360 - - -
1,317,197,880 1,317,197,880 1,317,197,880 - - -
7,958,493,372 8,495,256,803 9,125,452,830 88,705,488 758,066,182 536,763,431
- - -
97,738,647 127,103,171 - 97,738,647 29,364,523
- - -
429,065,998 529,327,716 612,976,780 9,132,970 120,514,868 100,261,718
- - -
- - -
44,321,058 55,959,436 70,013,029 737,909 4,466,166 11,638,378
35,427,159 28,341,727 22,673,381 -11,070,987 -8,856,790 -7,085,432
- - -
606,552,862 740,732,050 705,663,190 -1,200,108 213,862,891 134,179,187
- - -
- - -
- - -
127,103,171 - -0 - 127,103,171 -127,103,171
10,844,396 8,675,517 6,940,414 -3,388,874 -2,711,099 -2,168,879
33,246,278 29,921,650 26,929,485 -9,235,077 -3,694,031 -3,324,628
 10,216,484 9,194,836 8,275,352 -2,837,912 -1,135,165 -1,021,648
1,359,226 1,223,304 1,100,973 -377,563 -151,025 -135,923
- - -
182,769,556 49,015,307 43,246,224 -15,839,426 119,411,851 -133,754,249
789,322,418 789,747,357 748,909,415 -17,039,534 333,274,742 424,938
- - -
328,351,680 328,351,680 328,351,680 - - -
3,911,760 3,911,760 3,911,760 - - -
801,593,640 801,593,640 801,593,640 - - -
1,815,503,443 1,815,503,443 1,815,503,443 -228,205,075 - -
- - -
424,791,440 536,338,492 671,033,969 -40,963,332 90,841,343 111,547,053
2,491,926,632 2,916,718,072 3,453,056,564 374,913,428 333,950,097 424,791,440
1,303,092,360 1,303,092,360 1,303,092,360 - - -
- - -
7,169,170,954 7,705,509,447 8,376,543,416 105,745,022 424,791,440 536,338,492
7,958,493,372 8,495,256,803 9,125,452,830 88,705,488 758,066,182 536,763,431
- - -

0.57 0.61 0.65

0.38 0.42 0.47

0.05 0.06 0.07

0.05 0.06 0.07

0.06 0.07 0.08

9.9% 9.3% 8.2%

3% 1% 0%

10% 9% 8%
2018vs2017

690,453,162
-
45,907,979
-8,330,050
63,071,855
53,479,931
24,447,969
35,143,955
-
-
-50,000,000
791,102,944
- 3,451,785,868
- 2,007,714,928
-
-160,906,918
-
-160,906,918
-
-
-
-
-
-
630,196,027
-
-127,103,171
-
83,649,064
-
-
14,053,593
-5,668,345
-
-35,068,859
-
-
-
-0
-1,735,103
-2,992,165
 -919,484
-122,330
-
-5,769,082
-40,837,942
-
-
-
-
-
-
134,695,476
536,338,492
-
-
671,033,969
630,196,027
FLUJO DE EFECTIVO

2015 2016 2017

UTILIDAD OPERATIVA 654,995,976 761,681,650 920,478,505
IMPUESTOS 208,320,282 261,460,183 324,118,239
DEPRECIACION 130,906,918 150,906,918 160,906,918
AMORTIZACION DIFERIDOS -
INGRESO NETO OPERATIVO 577,582,612 651,128,385 757,267,184

NETO NO OPERACIONAL -111,987,689 - -

CAMBIOS EN EL CAPITAL DE TRABAJO -87,424,492 270,029,139 -28,658,089

CAMBIO EN LOS ACTIVOS

CAMBIO EN OTROS ACTIVOS CORRIENTES 16,269,630 13,015,704 10,412,563
CAMBIO EN ACTIVOS FIJOS -128,284,172 -200,000,000 -100,000,000
CAMBIO EN A.INFLACIN - - -
CAMBIO EN INTANGIBLES - - -
CAMBIO EN OTROS ACTIVOS - - -

CAMBIO EN LOS PASIVOS

CAMBIO EN CxP -11,070,987 -8,856,790 -7,085,432
CAMBIO OBLIGACIONES LABORALES -3,388,874 -2,711,099 -2,168,879
CAMBIO PASIVOS EST.Y PROVI -9,235,077 -3,694,031 -3,324,628
CAMBIO EN DIFERIDOS(ANTICIPOS) -2,837,912 -1,135,165 -1,021,648
CAMBIO OTROS PASIVOS -377,563 -151,025 -135,923

FLUJO DE CAJA LIBRE 239,245,476 717,625,118 625,285,148

CAMBIO EN OTRAS OBLIGACIONES - - -

CAMBIO BONOS Y PAPELES Co - - -
INTERESES CRDITOS - -70,963,862 -48,383,396
CAMBIO POR CAPITAL CREDITOS - 224,841,818 -97,738,647

FLUJO DE CAJA NETO 239,245,476 871,503,074 479,163,105

CAMBIO EN EL PATRIMONIO
DIVIDENDOS - - -
CAPITALIZACION DE ACCIONISTAS - - -
SUPERAVIT POR VALORIZACIONES AF - - -
SUPERAVIT CAPITAL - - -
RESERVAS - - -
OTROS CAMBIOS EN EL PATRIMONIO -228,205,075 - -
CREDITO ADICIONAL DE ACCIONISTAS - - -

FLUJO NETO DEL AO 11,040,401 871,503,074 479,163,105

SALDO EFECTIVO INICIAL 1,631,616,222 1,642,656,623 2,514,159,697
SALDO EFECTIVO FINAL 1,642,656,623 2,514,159,697 2,993,322,802

BALANCE-CTA EFECTIVO 1,642,656,623 2,514,159,697 2,993,322,802

DIFERENCIA 0 0 0
2018
1,110,131,017
406,024,583
160,906,918

865,013,352

-25,330,770

8,330,050
-
-
-
-

-5,668,345
-1,735,103
-2,992,165
-919,484
-122,330

836,575,205

-
-
-19,018,872
-127,103,171

690,453,162

-
-
-
-
-
-
-

690,453,162
 2,993,322,802
3,683,775,963

3,683,775,963
0
VALORACION POR FCL

FLUJO DE CAJA LIBRE

2015 2016 2017
Utilidad Operativa 654,995,976 761,681,650 920,478,505
Impuestos 208,320,282 261,460,183 324,118,239
Depreciacin 130,906,918 150,906,918 160,906,918
Amortizacin de Diferidos - - -
Flujo Caja Operativo 577,582,612 651,128,385 757,267,184
Capital Trabajo -87,424,492 270,029,139 -28,658,089
Inversiones -128,284,172 -200,000,000 -100,000,000
Otros -122,628,472 -3,532,406 -3,323,947
FCL 239,245,476 717,625,118 625,285,148

Costo Deuda 18.48%

Costo Patrimonio 26.05% 12.80% 26.05%
Estructura Deuda 6%
Estructura Patrimonio 94%
Costo Capital 25.57%
11.75%
FCL 2018 836,575,205
Costo Capital Deflactado 17.61%
Crecimiento 2.00%
Valor Residual 5,359,791,843

VALOR EMPRESA POR FCL

Valor Horizonte Corto 968,046,965
Valor Perpetuidad o Horizonte Largo 3,399,171,723
Valor Empresa En Marcha 4,367,218,688
Deudas (Total pasivos 2015) 456,047,676
Valor Empresa Para Accionistas 3,911,171,012

Metodos de valoracion
FCD El valor presente representa el valor de la empresa Costo capital promedio ponderado:((Costo de la deu
EVA Costo del patrimonio: Rf +(Rm -Rf)+ Riesgo pais
NPER
MULTIPLOS
RE
2018
1,110,131,017
406,024,583
160,906,918
-
865,013,352
-25,330,770
-
-3,107,377
836,575,205

nderado:((Costo de la deuda*(Pasivo/total de Activos))+Costo capital *(patrimonio/)

(Rm -Rf)+ Riesgo pais