Analisis Financiero de La Empresa

De acuerdo a tus datos, tus ventas mensuales para los tres primeros aos seran:
$4,000,000,000,000,000.00
$3,500,000,000,000,000.00
$3,000,000,000,000,000.00
$2,500,000,000,000,000.00
$2,000,000,000,000,000.00
$1,500,000,000,000,000.00
$1,000,000,000,000,000.00
$500,000,000,000,000.00
$-
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 3
8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Sueldos y Salarios:
Comisin Mensual
Nmero de Nominal por Sueldo base +
Selecciona puesto: 0 Sueldo Anual Total Nmina
puestos puesto (% comisiones
de ventas)
Director general 1 $5,000,000.00 $ 60,000,000.00 $ 60,000,000.00 0.00% $5,000,000.00
Director de Finanzas 0 $2,000,000.00 $ 24,000,000.00 $ - 0.00% $2,000,000.00
Contador 0 $2,400,000.00 $ 28,800,000.00 $ - 0.00% $2,400,000.00
Jefe de cobranza 0 $2,000,000.00 $ 24,000,000.00 $ - 0.00% $2,000,000.00
Auxiliar contable 0 $2,500,000.00 $ 30,000,000.00 $ - 0.00% $2,500,000.00
Director general 0 $2,500,000.00 $ 30,000,000.00 $ - 0.00% $2,500,000.00
Cobradores 0 $1,200,000.00 $ 14,400,000.00 $ - 0.00% $1,200,000.00
Asistentes 0 $1,100,000.00 $ 13,200,000.00 $ - 0.00% $1,100,000.00
Recepcin 0 $ 980,000.00 $ 11,760,000.00 $ - 0.00% $ 980,000.00
Director de Operaciones 0 $2,400,000.00 $ 28,800,000.00 $ - 0.00% $2,400,000.00

Total Mensual
Gastos fijos
Gastos fijos mensuales oficina corporativa.
Renta (m) $ 5,400,000.00
Luz $ 800,000.00
Agua $ 400,000.00
Comunicaciones $ 250,000.00
Seguros y fianzas $ 540,000.00
Seguridad $ 1,200,000.00
Papelera y gastos de
oficina $ 3,400,000.00
Otros $ 900,000.00
SubTotal gastos fijos $ 12,890,000.00
Gastos fijos mensuales planta y bodegas.

Renta (m) $ -
Luz $ -
Agua $ -
Comunicaciones $ -
Seguros y fianzas $ -
Seguridad $ -
Papelera y gastos de
planta $ -
Otros $ -
SubTotal gastos fijos $ - Sin contar inflacin
Total Gastos Fijos $ 12,890,000.00 Incremento Mensual: 0.0%
Gastos variables de produccin para el primer mes:

Costos Unitarios
papeleria $ -
isumos $ -
tintas $ -
banners $ -
material p.o.p $ -
No aplica $ -
No aplica $ -
No aplica $ -
No aplica $ -
No aplica $ -
Inventario requerido para
el segundo mes, % de 0%
ventas estimadas
Total Gastos Variables
Gastos de instalacin oficinas corporativas: Necesitas hacer ms gastos de instalacin? OPCIONAL
Primer mes: Mes 2 Mes 12 Mes 24
Terreno $ 6,000,000 $ - $ - $ -
Edificio $ 1,200,000 $ - $ - $ -
Comunicaciones $ 1,000,000 $ - $ - $ -
Mobiliario y equipo $ 3,000,000 $ - $ - $ -
Acondicionamiento
(m) $ 1,200,000 $ - $ - $ -
Computadoras y
maquinas $ 4,500,000 $ - $ -
Otros $ - $ - $ - $ -
Total gastos de
instalacin $ 16,900,000 $ - $ - $ -
Si tus ingresos son por comisin, puedes saltarte esta hoja y pasar a Financiamiento.
Cuentas por Cobrar:

Determina tus ventas a crdito:
Del total de tus ventas, qu porcentaje se vende a crdito? 6%
Con estos datos, tus ventas a contado son: 94%
Determina el plazo promedio de cobro:
Del total de tus ventas a crdito, a qu plazo estas vendiendo? 15 das
Se asume constante para todos los periodos, productos, servicios y puntos de venta.
Inventarios:
Determina el monto de inventarios requeridos para cada periodo:
Tu inventario para el siguiente periodo es del 0.0% de las ventas.

Viene de la hoja de "Gastos"
Se asume constante para todos los meses, para todos los prductos, para todos los servicios
Cuentas por Pagar:

Determina tus compras a crdito:
Del total de tus compras, qu porcentaje se compra a crdito? 41%
Con estos datos, tus compras a contado son: 59%
Determina el plazo promedio de pago:
Del total de tus compras a crdito, a qu plazo estas pagando? 15 das
Se asume constante para todos los periodos.

Esta hoja describe tus fuentes de financiamiento:
De acuerdo a tus datos, para el primer mes:
Tu empresa: NO REQUIERE financiamiento.
El monto de la inversin inicial es: $40,000,000 Asume un 10% adicional.
Es importante determinar de donde se obtienen los fondos.
Existen dos fuentes principales, deuda y capital 0

Deuda se divide en deuda de corto plazo y de largo plazo.
Capital se divide en capital propio y capital externo.
Determina, del total de la inversin inicial requerida:

Inversin que se debe conseguir: $0
Cunto se financa con capital propio? $2,000,000
Cunto se financa con capital externo? $8,000,000
Cunto se financa con deuda a corto plazo? $10,000,000
Cunto se financa con deuda a largo plazo? $20,000,000
TOTAL: $40,000,000
n 10% adicional.
Mes 0 Mes 1 Mes 2
smark
Estado de Resultados:
Ingresos:
Nacional:
Ingresos por productos $0 $0
Ingresos por servicios $258,789,249,000,000 $265,460,835,839,220
Internacional:
Ingresos por productos $0 $0
Ingresos por servicios $0 $0
Total Ingresos $258,789,249,000,000 $265,460,835,839,220
Egresos:
Gastos fijos $12,890,000 $12,941,560
Sueldos y salarios $5,000,000 $5,000,000
Gastos Variables $0 $0
Otros (Gtos de Venta, etc.)
Total costos $17,890,000 $17,941,560
Utilidad antes de I,I,D,A. $258,789,231,110,000 $265,460,817,897,660

Depreciacin y Amortizacin $543,815 $543,815
Utilidad (perdida) de Operacin $258,789,230,566,185 $265,460,817,353,845
Gastos financieros corto plazo -$184,165 -$184,165
Gastos financieros largo plazo -$158,159 -$158,159
Utilidad antes de impuestos $258,789,230,223,861 $265,460,817,011,521
ISR (35%) ### $92,911,285,954,033
PTU (10%) ### $26,546,081,701,152
Utilidad (prdida neta) ### $146,003,449,356,337
Margen de utilidades netas: 55.00% 55.00%
smark
Balance General
Activo circulante
Caja y bancos $134,570,422,393,957 $280,373,723,943,627
Clientes $7,763,677,470,000 $7,963,825,075,177
Inventarios. $0 $0
Total activo circulante $142,334,099,863,957 $288,337,549,018,803
Activo Fijo
Terreno $5,950,000 $5,900,000
Edificio $1,190,000 $1,180,000
Comunicaciones $991,667 $983,333
Mobiliario y equipo $2,975,000 $2,950,000
Acondicionamiento (m) $1,190,000 $1,180,000
Computadoras y maquinas $4,462,500 $4,425,000
Otros $0 $0
Depreciacin acumulada: -$140,833 -$281,667
Total activo fijo $16,759,167 $16,618,333
Activo total $142,334,116,623,124 $288,337,565,637,137

Pasivo Circulante
Proveedores $0 $0
Crditos bancarios $10,000,000 $9,815,835
Total pasivo circulante $10,000,000 $9,815,835
Pasivo largo plazo $20,000,000 $19,841,841
Pasivo total $30,000,000 $29,657,676
Capital Contable
Capital social $10,000,000 $10,000,000
Resultados de ejercicios anteriores $0 $142,334,076,623,124
Resultado del ejercicio $142,334,076,623,124 $146,003,449,356,337
Total Capital Contable $142,334,086,623,124 $288,337,535,979,461
Pasivo + Capital $142,334,116,623,124 $288,337,565,637,137
smark
Flujo de Efectivo
Utilidad neta $142,334,076,623,124 $146,003,449,356,337
+ depreciacin y amortizacin -$140,833 -$140,833
Generacin bruta de efectivo $142,334,076,763,957 $146,003,449,497,170
Usos Operativos
Financiamiento a cuentas por cobrar -$7,763,677,470,000 -$200,147,605,177
Financiamiento a inventarios $0 $0
Total usos operativos ### -$200,147,605,177
Fuentes Operativas
Financiamiento (amort.) proveedores $0 $0
Total fuentes operativas $0 $0
Generacin Neta Operativa $134,570,399,293,957 $145,803,301,891,994
Fuentes de Instituciones de Crdito

Financ. (amort.) crditos bancarios corto plazo $10,000,000 -$184,165
Financ. (amort.) crditos bancarios largo plazo $20,000,000 -$158,159
Financiamiento neto con costo $30,000,000 -$342,324
Usos no operativos
Venta (inversin) en activos fijos -$16,900,000 $0
Venta (inversin) en activos diferidos $0 $0
Pago de dividendos $0 $0
Total de usos no operativos -$16,900,000 $0
Fuentes no operativas
Aportaciones (retiros) de capital $10,000,000 $0
Total fuentes no operativas $10,000,000 $0
Generacin de flujo no operativa $23,100,000 -$342,324

Generacin Neta de Flujo de Efectivo ### $145,803,301,549,670
Caja inicial $0 $134,570,422,393,957

Caja final $134,570,422,393,957 $280,373,723,943,627
Razones Financieras
Actividad
Ventas netas a activos fijos 1544165376.16% 1597397467.69%
Ventas netas a capital contable 181.82% 92.07%
Gastos a ventas netas 0.00% 0.00%
Apalancamiento
Pasivo total a capital contable 0.00% 0.00%
Productividad
Utilidad de operacin a ventas netas 100.00% 100.00%
Utilidad neta a ventas netas 55.00% 55.00%
Integracin de activos fijos
1. Valor de activos fijos

Terreno $5,950,000 $5,900,000
Edificio $1,190,000 $1,180,000
Comunicaciones $991,667 $983,333
Mobiliario y equipo $2,975,000 $2,950,000
Acondicionamiento (m) $1,190,000 $1,180,000
Computadoras y maquinas $4,462,500 $4,425,000
Otros $0 $0
Propiedades, planta y equipo $16,759,167 $16,618,333
2. Inversin ($) en activos fijos

Terreno $6,000,000 $0
Edificio $1,200,000 $0
Comunicaciones $1,000,000 $0
Mobiliario y equipo $3,000,000 $0
Acondicionamiento (m) $1,200,000 $0
Maquinaria $4,500,000 $0
Otros $0 $0
Inversin total $16,900,000 $0
Depreciacin activos fijos ($)

Terreno -$50,000 -$50,000
Edificio -$10,000 -$10,000
Comunicaciones -$8,333 -$8,333
Mobiliario y equipo -$25,000 -$25,000
Acondicionamiento (m) -$10,000 -$10,000
Maquinaria -$37,500 -$37,500
Otros $0 $0
Depreciacin acumulada -$140,833 -$281,666.67
Depreciacin Mensual -$140,833 -$140,833
Depreciacin (%)
Terreno 0.83% 0.83%
Edificio 0.83% 0.83%
Comunicaciones 0.83% 0.83%
Mobiliario y equipo 0.83% 0.83%
Acondicionamiento (m) 0.83% 0.83%
Maquinaria 0.83% 0.83%
Otros 0.83% 0.83%
Inflacin mensual 0.40% 0.40%

Mes 3 Mes 4 Mes 5 Mes 6
$0 $0 $0 $0
$272,304,416,187,155 $282,062,898,781,915 $292,171,092,864,597 $302,641,530,929,221
$0 $0 $0 $0
$0 $0 $0 $0
$272,304,416,187,155 $282,062,898,781,915 $292,171,092,864,597 $302,641,530,929,221
$12,993,326 $13,045,300 $13,097,481 $13,149,871

$5,000,000 $5,000,000 $5,000,000 $5,000,000
$0 $0 $0 $0
$17,993,326 $18,045,300 $18,097,481 $18,149,871
$272,304,398,193,829 $282,062,880,736,616 $292,171,074,767,116 $302,641,512,779,350

$543,815 $543,815 $543,815 $543,815
$272,304,397,650,014 $282,062,880,192,801 $292,171,074,223,301 $302,641,512,235,536
-$184,165 -$184,165 -$184,165 -$184,165
-$158,159 -$158,159 -$158,159 -$158,159
$272,304,397,307,690 $282,062,879,850,477 $292,171,073,880,977 $302,641,511,893,212
$95,306,539,057,692 $98,722,007,947,667 $102,259,875,858,342 $105,924,529,162,624
$27,230,439,730,769 $28,206,287,985,048 $29,217,107,388,098 $30,264,151,189,321
$149,767,418,519,230 $155,134,583,917,763 $160,694,090,634,538 $166,452,831,541,267
55.00% 55.00% 55.00% 55.00%
$429,935,834,850,928 $584,777,664,089,357 $745,168,508,699,924 $911,307,226,897,761

$8,169,132,485,615 $8,461,886,963,457 $8,765,132,785,938 $9,079,245,927,877
$0 $0 $0 $0
$438,104,967,336,543 $593,239,551,052,815 $753,933,641,485,861 $920,386,472,825,637
$5,850,000 $5,800,000 $5,750,000 $5,700,000

$1,170,000 $1,160,000 $1,150,000 $1,140,000
$975,000 $966,667 $958,333 $950,000
$2,925,000 $2,900,000 $2,875,000 $2,850,000
$1,170,000 $1,160,000 $1,150,000 $1,140,000
$4,387,500 $4,350,000 $4,312,500 $4,275,000
$0 $0 $0 $0
-$422,500 -$563,333 -$704,167 -$845,000
$16,477,500 $16,336,667 $16,195,833 $16,055,000
$438,104,983,814,042 $593,239,567,389,481 $753,933,657,681,695 $920,386,488,880,637

$0 $0 $0 $0
$9,631,670 $9,447,504 $9,263,339 $9,079,174
$9,631,670 $9,447,504 $9,263,339 $9,079,174
$19,683,683 $19,525,524 $19,367,365 $19,209,206
$29,315,352 $28,973,028 $28,630,704 $28,288,380
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$288,337,525,979,461 $438,104,944,498,690 $593,239,528,416,453 $753,933,619,050,991
$149,767,418,519,230 $155,134,583,917,763 $160,694,090,634,538 $166,452,831,541,267
$438,104,954,498,690 $593,239,538,416,453 $753,933,629,050,990 $920,386,460,592,257
$438,104,983,814,042 $593,239,567,389,481 $753,933,657,681,695 $920,386,488,880,637
$149,767,418,519,230 $155,134,583,917,763 $160,694,090,634,538 $166,452,831,541,267

-$140,833 -$140,833 -$140,833 -$140,833
$149,767,418,660,063 $155,134,584,058,596 $160,694,090,775,371 $166,452,831,682,100
-$205,307,410,438 -$292,754,477,843 -$303,245,822,480 -$314,113,141,939

$0 $0 $0 $0
-$205,307,410,438 -$292,754,477,843 -$303,245,822,480 -$314,113,141,939
$0 $0 $0 $0
$0 $0 $0 $0
$149,562,111,249,625 $154,841,829,580,753 $160,390,844,952,890 $166,138,718,540,161
-$184,165 -$184,165 -$184,165 -$184,165

-$158,159 -$158,159 -$158,159 -$158,159
-$342,324 -$342,324 -$342,324 -$342,324
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$342,324 -$342,324 -$342,324 -$342,324

$149,562,110,907,301 $154,841,829,238,429 $160,390,844,610,567 $166,138,718,197,837
$280,373,723,943,627 $429,935,834,850,928 $584,777,664,089,357 $745,168,508,699,924

$429,935,834,850,928 $584,777,664,089,357 $745,168,508,699,924 $911,307,226,897,761
1652583317.78% 1726563346.96% 1803989253.60% 1885029778.44%
62.16% 47.55% 38.75% 32.88%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$5,850,000 $5,800,000 $5,750,000 $5,700,000

$1,170,000 $1,160,000 $1,150,000 $1,140,000
$975,000 $966,667 $958,333 $950,000
$2,925,000 $2,900,000 $2,875,000 $2,850,000
$1,170,000 $1,160,000 $1,150,000 $1,140,000
$4,387,500 $4,350,000 $4,312,500 $4,275,000
$0 $0 $0 $0
$16,477,500 $16,336,667 $16,195,833 $16,055,000
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$50,000 -$50,000 -$50,000 -$50,000

-$10,000 -$10,000 -$10,000 -$10,000
-$8,333 -$8,333 -$8,333 -$8,333
-$25,000 -$25,000 -$25,000 -$25,000
-$10,000 -$10,000 -$10,000 -$10,000
-$37,500 -$37,500 -$37,500 -$37,500
$0.00 $0.00 $0.00 $0.00
-$422,500.00 -$563,333.33 -$704,166.67 -$845,000.00
-$140,833 -$140,833 -$140,833 -$140,833
0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.40% 0.40% 0.40% 0.40%

$0 $0 $0 $0
$316,530,759,588,666 $331,057,411,248,722 $346,250,739,375,630 $365,623,468,243,697
$0 $0 $0 $0
$0 $0 $0 $0
$316,530,759,588,666 $331,057,411,248,722 $346,250,739,375,630 $365,623,468,243,697
$13,202,470 $13,255,280 $13,308,301 $13,361,534

$5,000,000 $5,000,000 $5,000,000 $5,000,000
$0 $0 $0 $0
$18,202,470 $18,255,280 $18,308,301 $18,361,534
$316,530,741,386,196 $331,057,392,993,442 $346,250,721,067,329 $365,623,449,882,162

$543,815 $543,815 $543,815 $543,815
$316,530,740,842,381 $331,057,392,449,627 $346,250,720,523,514 $365,623,449,338,348
-$184,165 -$184,165 -$184,165 -$184,165
-$158,159 -$158,159 -$158,159 -$158,159
$316,530,740,500,057 $331,057,392,107,303 $346,250,720,181,190 $365,623,448,996,024
$110,785,759,175,020 $115,870,087,237,556 $121,187,752,063,417 $127,968,207,148,608
$31,653,074,050,006 $33,105,739,210,730 $34,625,072,018,119 $36,562,344,899,602
$174,091,907,275,032 $182,081,565,659,017 $190,437,896,099,655 $201,092,896,947,813
55.00% 55.00% 55.00% 55.00%
$1,084,982,457,111,520 $1,266,628,223,019,243 $1,456,610,319,073,600 $1,657,122,033,953,880

$9,495,922,787,660 $9,931,722,337,462 $10,387,522,181,269 $10,968,704,047,311
$0 $0 $0 $0
$1,094,478,379,899,180 $1,276,559,945,356,700 $1,466,997,841,254,869 $1,668,090,738,001,190
$5,650,000 $5,600,000 $5,550,000 $5,500,000

$1,130,000 $1,120,000 $1,110,000 $1,100,000
$941,667 $933,333 $925,000 $916,667
$2,825,000 $2,800,000 $2,775,000 $2,750,000
$1,130,000 $1,120,000 $1,110,000 $1,100,000
$4,237,500 $4,200,000 $4,162,500 $4,125,000
$0 $0 $0 $0
-$985,833 -$1,126,667 -$1,267,500 -$1,408,333
$15,914,167 $15,773,333 $15,632,500 $15,491,667
$1,094,478,395,813,345 $1,276,559,961,130,038 $1,466,997,856,887,369 $1,668,090,753,492,860

$0 $0 $0 $0
$8,895,009 $8,710,843 $8,526,678 $8,342,513
$8,895,009 $8,710,843 $8,526,678 $8,342,513
$19,051,048 $18,892,889 $18,734,730 $18,576,571
$27,946,056 $27,603,732 $27,261,408 $26,919,084
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$920,386,450,592,257 $1,094,478,357,867,290 $1,276,559,923,526,310 $1,466,997,819,625,960
$174,091,907,275,032 $182,081,565,659,017 $190,437,896,099,655 $201,092,896,947,813
$1,094,478,367,867,290 $1,276,559,933,526,310 $1,466,997,829,625,960 $1,668,090,726,573,770
$1,094,478,395,813,345 $1,276,559,961,130,038 $1,466,997,856,887,370 $1,668,090,753,492,860
$174,091,907,275,032 $182,081,565,659,017 $190,437,896,099,655 $201,092,896,947,813

-$140,833 -$140,833 -$140,833 -$140,833
$174,091,907,415,865 $182,081,565,799,850 $190,437,896,240,488 $201,092,897,088,646
-$416,676,859,783 -$435,799,549,802 -$455,799,843,807 -$581,181,866,042

$0 $0 $0 $0
-$416,676,859,783 -$435,799,549,802 -$455,799,843,807 -$581,181,866,042
$0 $0 $0 $0
$0 $0 $0 $0
$173,675,230,556,082 $181,645,766,250,049 $189,982,096,396,681 $200,511,715,222,604
-$184,165 -$184,165 -$184,165 -$184,165

-$158,159 -$158,159 -$158,159 -$158,159
-$342,324 -$342,324 -$342,324 -$342,324
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$342,324 -$342,324 -$342,324 -$342,324

$173,675,230,213,758 $181,645,765,907,725 $189,982,096,054,357 $200,511,714,880,280
$911,307,226,897,761 $1,084,982,457,111,520 $1,266,628,223,019,243 $1,456,610,319,073,600

$1,084,982,457,111,520 $1,266,628,223,019,243 $1,456,610,319,073,600 $1,657,122,033,953,880
1988987335.74% 2098842421.27% 2214941560.06% 2360129972.53%
28.92% 25.93% 23.60% 21.92%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$5,650,000 $5,600,000 $5,550,000 $5,500,000

$1,130,000 $1,120,000 $1,110,000 $1,100,000
$941,667 $933,333 $925,000 $916,667
$2,825,000 $2,800,000 $2,775,000 $2,750,000
$1,130,000 $1,120,000 $1,110,000 $1,100,000
$4,237,500 $4,200,000 $4,162,500 $4,125,000
$0 $0 $0 $0
$15,914,167 $15,773,333 $15,632,500 $15,491,667
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$50,000 -$50,000 -$50,000 -$50,000

-$10,000 -$10,000 -$10,000 -$10,000
-$8,333 -$8,333 -$8,333 -$8,333
-$25,000 -$25,000 -$25,000 -$25,000
-$10,000 -$10,000 -$10,000 -$10,000
-$37,500 -$37,500 -$37,500 -$37,500
$0.00 $0.00 $0.00 $0.00
-$985,833.33 -$1,126,666.67 -$1,267,500.00 -$1,408,333.33
-$140,833 -$140,833 -$140,833 -$140,833
0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.40% 0.40% 0.40% 0.40%

AO 1
Mes 11 Mes 12 Acumulado Mes 13
$0 $0 $0 $0
$386,080,101,291,931 $407,681,282,959,215 $3,826,653,786,309,969 $430,847,771,863,372
$0
$0 $0 $0 $0
$0 $0 $0 $0
$386,080,101,291,931 $407,681,282,959,215 $3,826,653,786,309,969 $430,847,771,863,372
$13,414,980 $13,468,640 $158,128,744 $13,522,515

$5,000,000 $5,000,000 $60,000,000 $5,245,351
$0 $0 $0 $0
$0
$18,414,980 $18,468,640 $218,128,744 $18,767,866
$386,080,082,876,951 $407,681,264,490,575 $3,826,653,568,181,225 $430,847,753,095,507

$543,815 $543,815 -$1,690,000 $543,815
$386,080,082,333,136 $407,681,263,946,760 $3,826,653,569,871,225 $430,847,752,551,692
-$184,165 -$184,165 -$2,209,983 -$184,165
-$158,159 -$158,159 -$1,897,905 -$158,159
$386,080,081,990,812 $407,681,263,604,436 $3,826,653,565,763,340 $430,847,752,209,368
$135,128,028,696,784 $142,688,442,261,553 $1,339,328,748,017,168 $150,796,713,273,279
$38,608,008,199,081 $40,768,126,360,444 $382,665,356,576,334 $43,084,775,220,937
$212,344,045,094,947 $224,224,694,982,440 $2,104,659,461,169,840 $236,966,263,715,152
55.00% 55.00% 55.00% 55.00%
$1,868,852,379,855,890 $2,092,429,039,186,820 $2,092,429,039,186,820 $2,328,700,308,033,360

$11,582,403,038,758 $12,230,438,488,777 $12,230,438,488,777 $12,925,433,155,901
$0 $0 $0 $0
$1,880,434,782,894,650 $2,104,659,477,675,597 $2,104,659,477,675,597 $2,341,625,741,189,260
$5,450,000 $5,400,000 $5,400,000 $5,350,000

$1,090,000 $1,080,000 $1,080,000 $1,070,000
$908,333 $900,000 $900,000 $891,667
$2,725,000 $2,700,000 $2,700,000 $2,675,000
$1,090,000 $1,080,000 $1,080,000 $1,070,000
$4,087,500 $4,050,000 $4,050,000 $4,012,500
$0 $0 $0 $0
-$1,549,167 -$1,690,000 -$1,690,000 -$1,830,833
$15,350,833 $15,210,000 $15,210,000 $15,069,167
$1,880,434,798,245,481 $2,104,659,492,885,597 $2,104,659,492,885,597 $2,341,625,756,258,425

$0 $0 $0 $0
$8,158,348 $7,974,183 $7,974,183 $7,790,017
$8,158,348 $7,974,183 $7,974,183 $7,790,017
$18,418,413 $18,260,254 $18,260,254 $18,102,095
$26,576,761 $26,234,437 $26,234,437 $25,892,113
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$1,668,090,716,573,770 $1,880,434,761,668,720 $1,880,434,761,668,720 $2,104,659,456,651,160
$212,344,045,094,947 $224,224,694,982,440 $224,224,694,982,440 $236,966,263,715,152
$1,880,434,771,668,720 $2,104,659,466,651,160 $2,104,659,466,651,160 $2,341,625,730,366,312
$1,880,434,798,245,480 $2,104,659,492,885,600 $2,104,659,492,885,600 $2,341,625,756,258,420
$212,344,045,094,947 $224,224,694,982,440 $2,104,659,461,169,840 $236,966,263,715,152

-$140,833 -$140,833 -$140,833 -$140,833
$212,344,045,235,780 $224,224,695,123,273 $2,104,659,461,310,669 $236,966,263,855,986
-$613,698,991,447 -$648,035,450,019 -$648,035,450,019 -$694,994,667,125

$0 $0 $0 $0
-$613,698,991,447 -$648,035,450,019 -$648,035,450,019 -$694,994,667,125
$0 $0 $0 $0
$0 $0 $0 $0
$211,730,346,244,333 $223,576,659,673,255 $2,104,011,425,860,650 $236,271,269,188,861
-$184,165 -$184,165 $7,974,183 -$184,165

-$158,159 -$158,159 $18,260,254 -$158,159
-$342,324 -$342,324 $26,234,437 -$342,324
$0 $0 -$16,900,000 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 -$16,900,000 $0
$0 $0 $10,000,000 $0
$0 $0 $10,000,000 $0
-$342,324 -$342,324 $19,334,437 -$342,324

$211,730,345,902,009 $223,576,659,330,931 $2,104,011,445,195,087 $236,271,268,846,537
$1,657,122,033,953,880 $1,868,852,379,855,890 $2,092,429,039,186,820 $2,092,429,039,186,820

$1,868,852,379,855,890 $2,092,429,039,186,820 $4,196,440,484,381,910 $2,328,700,308,033,360
2515043274.25% 2680350315.31% 25158802013.87% 2859134691.35%
20.53% 19.37% 181.82% 18.40%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$5,450,000 $5,400,000 $5,400,000 $5,350,000

$1,090,000 $1,080,000 $1,080,000 $1,070,000
$908,333 $900,000 $900,000 $891,667
$2,725,000 $2,700,000 $2,700,000 $2,675,000
$1,090,000 $1,080,000 $1,080,000 $1,070,000
$4,087,500 $4,050,000 $4,050,000 $4,012,500
$0 $0 $0 $0
$15,350,833 $15,210,000 $15,210,000 $15,069,167
$0 $0 $6,000,000 $0
$0 $0 $1,200,000 $0
$0 $0 $1,000,000 $0
$0 $0 $3,000,000 $0
$0 $0 $1,200,000 $0
$0 $0 $4,500,000 $0
$0 $0 $0 $0
$0 $0 $16,900,000 $0
-$50,000 -$50,000 -$600,000 -$50,000

-$10,000 -$10,000 -$120,000 -$10,000
-$8,333 -$8,333 -$100,000 -$8,333
-$25,000 -$25,000 -$300,000 -$25,000
-$10,000 -$10,000 -$120,000 -$10,000
-$37,500 -$37,500 -$450,000 -$37,500
$0.00 $0.00 $0 $0.00
-$1,549,166.67 -$1,690,000.00 -$1,690,000.00 -$1,830,833.33
-$140,833 -$140,833 -$140,833 -$140,833
0.83% 0.83% 0.83%

0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.40% 0.40% 0.40%

$0 $0 $0 $0
$455,330,696,499,509 $481,204,863,328,093 $518,235,983,585,507 $558,116,833,702,329
$0 $0 $0 $0
$0 $0 $0 $0
$455,330,696,499,509 $481,204,863,328,093 $518,235,983,585,507 $558,116,833,702,329
$13,576,605 $13,630,911 $13,685,435 $13,740,177

$5,245,351 $5,245,351 $5,245,351 $5,245,351
$0 $0 $0 $0
$18,821,956 $18,876,262 $18,930,786 $18,985,528
$455,330,677,677,553 $481,204,844,451,831 $518,235,964,654,720 $558,116,814,716,801

$543,815 $543,815 $543,815 $543,815
$455,330,677,133,738 $481,204,843,908,016 $518,235,964,110,906 $558,116,814,172,987
-$184,165 -$184,165 -$184,165 -$184,165
-$158,159 -$158,159 -$158,159 -$158,159
$455,330,676,791,414 $481,204,843,565,692 $518,235,963,768,582 $558,116,813,830,663
$159,365,736,876,995 $168,421,695,247,992 $181,382,587,319,004 $195,340,884,840,732
$45,533,067,679,141 $48,120,484,356,569 $51,823,596,376,858 $55,811,681,383,066
$250,431,872,235,278 $264,662,663,961,131 $285,029,780,072,720 $306,964,247,606,865
55.00% 55.00% 55.00% 55.00%
$2,578,397,692,328,060 $2,842,284,131,082,843 $3,126,202,977,346,350 $3,431,970,799,248,219

$13,659,920,894,985 $14,436,145,899,843 $15,547,079,507,565 $16,743,505,011,070
$0 $0 $0 $0
$2,592,057,613,223,046 $2,856,720,276,982,686 $3,141,750,056,853,915 $3,448,714,304,259,289
$5,300,000 $5,250,000 $5,200,000 $5,150,000

$1,060,000 $1,050,000 $1,040,000 $1,030,000
$883,333 $875,000 $866,667 $858,333
$2,650,000 $2,625,000 $2,600,000 $2,575,000
$1,060,000 $1,050,000 $1,040,000 $1,030,000
$3,975,000 $3,937,500 $3,900,000 $3,862,500
$0 $0 $0 $0
-$1,971,667 -$2,112,500 -$2,253,333 -$2,394,167
$14,928,333 $14,787,500 $14,646,667 $14,505,833
$2,592,057,628,151,380 $2,856,720,291,770,186 $3,141,750,071,500,580 $3,448,714,318,765,120

$0 $0 $0 $0
$7,605,852 $7,421,687 $7,237,522 $7,053,356
$7,605,852 $7,421,687 $7,237,522 $7,053,356
$17,943,937 $17,785,778 $17,627,619 $17,469,460
$25,549,789 $25,207,465 $24,865,141 $24,522,817
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$2,341,625,720,366,312 $2,592,057,592,601,590 $2,856,720,256,562,720 $3,141,750,036,635,440
$250,431,872,235,278 $264,662,663,961,131 $285,029,780,072,720 $306,964,247,606,865
$2,592,057,602,601,590 $2,856,720,266,562,720 $3,141,750,046,635,440 $3,448,714,294,242,300
$2,592,057,628,151,378 $2,856,720,291,770,185 $3,141,750,071,500,581 $3,448,714,318,765,120
$250,431,872,235,278 $264,662,663,961,131 $285,029,780,072,720 $306,964,247,606,865

-$140,833 -$140,833 -$140,833 -$140,833
$250,431,872,376,111 $264,662,664,101,964 $285,029,780,213,553 $306,964,247,747,698
-$734,487,739,084 -$776,225,004,858 -$1,110,933,607,722 -$1,196,425,503,505

$0 $0 $0 $0
-$734,487,739,084 -$776,225,004,858 -$1,110,933,607,722 -$1,196,425,503,505
$0 $0 $0 $0
$0 $0 $0 $0
$249,697,384,637,027 $263,886,439,097,106 $283,918,846,605,831 $305,767,822,244,193
-$184,165 -$184,165 -$184,165 -$184,165

-$158,159 -$158,159 -$158,159 -$158,159
-$342,324 -$342,324 -$342,324 -$342,324
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$342,324 -$342,324 -$342,324 -$342,324

$249,697,384,294,703 $263,886,438,754,783 $283,918,846,263,507 $305,767,821,901,869
$2,328,700,308,033,360 $2,578,397,692,328,060 $2,842,284,131,082,843 $3,126,202,977,346,350

$2,578,397,692,328,060 $2,842,284,131,082,843 $3,126,202,977,346,350 $3,431,970,799,248,219
3050110727.92% 3254132634.51% 3538252049.97% 3847533753.33%
17.57% 16.84% 16.50% 16.18%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$5,300,000 $5,250,000 $5,200,000 $5,150,000

$1,060,000 $1,050,000 $1,040,000 $1,030,000
$883,333 $875,000 $866,667 $858,333
$2,650,000 $2,625,000 $2,600,000 $2,575,000
$1,060,000 $1,050,000 $1,040,000 $1,030,000
$3,975,000 $3,937,500 $3,900,000 $3,862,500
$0 $0 $0 $0
$14,928,333 $14,787,500 $14,646,667 $14,505,833
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$50,000 -$50,000 -$50,000 -$50,000

-$10,000 -$10,000 -$10,000 -$10,000
-$8,333 -$8,333 -$8,333 -$8,333
-$25,000 -$25,000 -$25,000 -$25,000
-$10,000 -$10,000 -$10,000 -$10,000
-$37,500 -$37,500 -$37,500 -$37,500
$0.00 $0.00 $0.00 $0.00
-$1,971,666.67 -$2,112,500.00 -$2,253,333.33 -$2,394,166.67
-$140,833 -$140,833 -$140,833 -$140,833
0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.40% 0.40% 0.40% 0.40%

$0 $0 $0 $0
$601,066,714,639,892 $653,371,540,147,856 $710,227,931,571,522 $772,031,966,176,876
$0 $0 $0 $0
$0 $0 $0 $0
$601,066,714,639,892 $653,371,540,147,856 $710,227,931,571,522 $772,031,966,176,876
$13,795,138 $13,850,318 $13,905,719 $13,961,342

$5,245,351 $5,245,351 $5,245,351 $5,245,351
$0 $0 $0 $0
$19,040,489 $19,095,669 $19,151,070 $19,206,693
$601,066,695,599,403 $653,371,521,052,186 $710,227,912,420,451 $772,031,946,970,182

$543,815 $543,815 $543,815 $543,815
$601,066,695,055,589 $653,371,520,508,372 $710,227,911,876,637 $772,031,946,426,368
-$184,165 -$184,165 -$184,165 -$184,165
-$158,159 -$158,159 -$158,159 -$158,159
$601,066,694,713,265 $653,371,520,166,048 $710,227,911,534,313 $772,031,946,084,044
$210,373,343,149,643 $228,680,032,058,117 $248,579,769,037,010 $270,211,181,129,415
$60,106,669,471,327 $65,337,152,016,605 $71,022,791,153,431 $77,203,194,608,404
$330,586,682,092,296 $359,354,336,091,326 $390,625,351,343,872 $424,617,570,346,224
55.00% 55.00% 55.00% 55.00%
$3,761,268,984,710,897 $4,119,054,175,835,494 $4,507,973,835,235,165 $4,930,737,284,341,738

$18,032,001,439,197 $19,601,146,204,436 $21,306,837,947,146 $23,160,958,985,306
$0 $0 $0 $0
$3,779,300,986,150,094 $4,138,655,322,039,930 $4,529,280,673,182,311 $4,953,898,243,327,044
$5,100,000 $5,050,000 $5,000,000 $4,950,000

$1,020,000 $1,010,000 $1,000,000 $990,000
$850,000 $841,667 $833,333 $825,000
$2,550,000 $2,525,000 $2,500,000 $2,475,000
$1,020,000 $1,010,000 $1,000,000 $990,000
$3,825,000 $3,787,500 $3,750,000 $3,712,500
$0 $0 $0 $0
-$2,535,000 -$2,675,833 -$2,816,667 -$2,957,500
$14,365,000 $14,224,167 $14,083,333 $13,942,500
$3,779,301,000,515,094 $4,138,655,336,264,096 $4,529,280,687,265,644 $4,953,898,257,269,544

$0 $0 $0 $0
$6,869,191 $6,685,026 $6,500,861 $6,316,696
$6,869,191 $6,685,026 $6,500,861 $6,316,696
$17,311,302 $17,153,143 $16,994,984 $16,836,825
$24,180,493 $23,838,169 $23,495,845 $23,153,521
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$3,448,714,284,242,300 $3,779,300,966,334,600 $4,138,655,302,425,930 $4,529,280,653,769,799
$330,586,682,092,296 $359,354,336,091,326 $390,625,351,343,872 $424,617,570,346,224
$3,779,300,976,334,600 $4,138,655,312,425,930 $4,529,280,663,769,799 $4,953,898,234,116,023
$3,779,301,000,515,093 $4,138,655,336,264,100 $4,529,280,687,265,644 $4,953,898,257,269,544
$330,586,682,092,296 $359,354,336,091,326 $390,625,351,343,872 $424,617,570,346,224

-$140,833 -$140,833 -$140,833 -$140,833
$330,586,682,233,129 $359,354,336,232,160 $390,625,351,484,705 $424,617,570,487,057
-$1,288,496,428,127 -$1,569,144,765,239 -$1,705,691,742,710 -$1,854,121,038,161

$0 $0 $0 $0
-$1,288,496,428,127 -$1,569,144,765,239 -$1,705,691,742,710 -$1,854,121,038,161
$0 $0 $0 $0
$0 $0 $0 $0
$329,298,185,805,002 $357,785,191,466,921 $388,919,659,741,995 $422,763,449,448,897
-$184,165 -$184,165 -$184,165 -$184,165

-$158,159 -$158,159 -$158,159 -$158,159
-$342,324 -$342,324 -$342,324 -$342,324
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$342,324 -$342,324 -$342,324 -$342,324

$329,298,185,462,678 $357,785,191,124,597 $388,919,659,399,671 $422,763,449,106,573
$3,431,970,799,248,219 $3,761,268,984,710,897 $4,119,054,175,835,494 $4,507,973,835,235,165

$3,761,268,984,710,897 $4,119,054,175,835,494 $4,507,973,835,235,165 $4,930,737,284,341,738
4184244445.81% 4593390639.04% 5043038567.37% 5537256346.97%
15.90% 15.79% 15.68% 15.58%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$5,100,000 $5,050,000 $5,000,000 $4,950,000

$1,020,000 $1,010,000 $1,000,000 $990,000
$850,000 $841,667 $833,333 $825,000
$2,550,000 $2,525,000 $2,500,000 $2,475,000
$1,020,000 $1,010,000 $1,000,000 $990,000
$3,825,000 $3,787,500 $3,750,000 $3,712,500
$0 $0 $0 $0
$14,365,000 $14,224,167 $14,083,333 $13,942,500
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$50,000 -$50,000 -$50,000 -$50,000

-$10,000 -$10,000 -$10,000 -$10,000
-$8,333 -$8,333 -$8,333 -$8,333
-$25,000 -$25,000 -$25,000 -$25,000
-$10,000 -$10,000 -$10,000 -$10,000
-$37,500 -$37,500 -$37,500 -$37,500
$0.00 $0.00 $0.00 $0.00
-$2,535,000.00 -$2,675,833.33 -$2,816,666.67 -$2,957,500.00
-$140,833 -$140,833 -$140,833 -$140,833
0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.40% 0.40% 0.40% 0.40%

AO 2
Mes 22 Mes 23 Mes 24 Acumulado
$0 $0 $0 $0
$862,525,693,092,298 $963,626,642,208,112 $1,076,578,139,074,540 $8,083,164,775,889,900
$0
$0 $0 $0 $0
$0 $0 $0 $0
$862,525,693,092,298 $963,626,642,208,112 $1,076,578,139,074,540 $8,083,164,775,889,900
$14,017,188 $14,073,256 $14,129,549 $165,888,154

$5,245,351 $5,245,351 $5,245,351 $62,944,212
$0 $0 $0 $0
$0
$19,262,539 $19,318,607 $19,374,900 $228,832,367
$862,525,673,829,760 $963,626,622,889,504 $1,076,578,119,699,640 $8,083,164,547,057,533

$543,815 $543,815 $543,815 -$1,690,000
$862,525,673,285,945 $963,626,622,345,690 $1,076,578,119,155,820 $8,083,164,548,747,533
-$184,165 -$184,165 -$184,165 -$2,209,983
-$158,159 -$158,159 -$158,159 -$1,897,905
$862,525,672,943,621 $963,626,622,003,366 $1,076,578,118,813,500 $8,083,164,544,639,646
$301,883,985,530,267 $337,269,317,701,178 $376,802,341,584,724 $2,829,107,590,623,876
$86,252,567,294,362 $96,362,662,200,337 $107,657,811,881,350 $808,316,454,463,965
$474,389,120,118,992 $529,994,642,101,851 $592,117,965,347,423 $4,445,740,499,551,810
55.00% 55.00% 55.00% 55.00%
$5,402,411,592,451,776 $5,929,373,205,878,662 $6,518,102,626,118,602 $6,518,102,626,118,602

$25,875,770,792,769 $28,908,799,266,243 $32,297,344,172,236 $32,297,344,172,236
$0 $0 $0 $0
$5,428,287,363,244,545 $5,958,282,005,144,905 $6,550,399,970,290,838 $6,550,399,970,290,838
$4,900,000 $4,850,000 $4,800,000 $4,800,000

$980,000 $970,000 $960,000 $960,000
$816,667 $808,333 $800,000 $800,000
$2,450,000 $2,425,000 $2,400,000 $2,400,000
$980,000 $970,000 $960,000 $960,000
$3,675,000 $3,637,500 $3,600,000 $3,600,000
$0 $0 $0 $0
-$3,098,333 -$3,239,167 -$3,380,000 -$3,380,000
$13,801,667 $13,660,833 $13,520,000 $13,520,000
$5,428,287,377,046,212 $5,958,282,018,805,738 $6,550,399,983,810,838 $6,550,399,983,810,838

$0 $0 $0 $0
$6,132,530 $5,948,365 $5,764,200 $5,764,200
$6,132,530 $5,948,365 $5,764,200 $5,764,200
$16,678,667 $16,520,508 $16,362,349 $16,362,349
$22,811,197 $22,468,873 $22,126,549 $22,126,549
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$4,953,898,224,116,023 $5,428,287,344,235,015 $5,958,281,986,336,866 $5,958,281,986,336,866
$474,389,120,118,992 $529,994,642,101,851 $592,117,965,347,423 $592,117,965,347,423
$5,428,287,354,235,015 $5,958,281,996,336,866 $6,550,399,961,684,289 $6,550,399,961,684,289
$5,428,287,377,046,212 $5,958,282,018,805,739 $6,550,399,983,810,838 $6,550,399,983,810,838
$474,389,120,118,992 $529,994,642,101,851 $592,117,965,347,423 $4,445,740,499,551,810

-$140,833 -$140,833 -$140,833 -$281,667
$474,389,120,259,825 $529,994,642,242,684 $592,117,965,488,256 $4,445,740,499,833,472
-$2,714,811,807,463 -$3,033,028,473,474 -$3,388,544,905,993 -$3,388,544,905,993

$0 $0 $0 $0
-$2,714,811,807,463 -$3,033,028,473,474 -$3,388,544,905,993 -$3,388,544,905,993
$0 $0 $0 $0
$0 $0 $0 $0
$471,674,308,452,362 $526,961,613,769,210 $588,729,420,582,264 $4,442,351,954,927,480
-$184,165 -$184,165 -$184,165 -$2,209,983

-$158,159 -$158,159 -$158,159 -$1,897,905
-$342,324 -$342,324 -$342,324 -$4,107,887
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$342,324 -$342,324 -$342,324 -$4,107,887

$471,674,308,110,038 $526,961,613,426,886 $588,729,420,239,940 $4,442,351,950,819,592
$4,930,737,284,341,738 $5,402,411,592,451,776 $5,929,373,205,878,662 $6,518,102,626,118,602

$5,402,411,592,451,776 $5,929,373,205,878,662 $6,518,102,626,118,602 $10,960,454,576,938,200
6249431419.58% 7053937477.28% 7962856058.24% 59786721715.16%
15.89% 16.17% 16.44% 123.40%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$4,900,000 $4,850,000 $4,800,000 $4,800,000

$980,000 $970,000 $960,000 $960,000
$816,667 $808,333 $800,000 $800,000
$2,450,000 $2,425,000 $2,400,000 $2,400,000
$980,000 $970,000 $960,000 $960,000
$3,675,000 $3,637,500 $3,600,000 $3,600,000
$0 $0 $0 $0
$13,801,667 $13,660,833 $13,520,000 $13,520,000
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$50,000 -$50,000 -$50,000 -$600,000

-$10,000 -$10,000 -$10,000 -$120,000
-$8,333 -$8,333 -$8,333 -$100,000
-$25,000 -$25,000 -$25,000 -$300,000
-$10,000 -$10,000 -$10,000 -$120,000
-$37,500 -$37,500 -$37,500 -$450,000
$0.00 $0.00 $0.00 $0
-$3,098,333.33 -$3,239,166.67 -$3,380,000.00 -$3,380,000.00
-$140,833 -$140,833 -$140,833 -$281,667
0.83% 0.83% 0.83%

0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.40% 0.40% 0.40%

$0 $0 $0 $0
$1,171,230,889,061,969 $1,274,205,508,828,300 $1,386,233,657,164,480 $1,619,823,269,954,411
$0 $0 $0 $0
$0 $0 $0 $0
$1,171,230,889,061,969 $1,274,205,508,828,300 $1,386,233,657,164,480 $1,619,823,269,954,411
$14,186,068 $14,242,812 $14,299,783 $14,356,982

$5,245,351 $5,245,351 $5,245,351 $5,245,351
$0 $0 $0 $0
$19,431,419 $19,488,163 $19,545,134 $19,602,333
$1,171,230,869,630,550 $1,274,205,489,340,130 $1,386,233,637,619,347 $1,619,823,250,352,080

$543,815 $543,815 $543,815 $543,815
$1,171,230,869,086,740 $1,274,205,488,796,320 $1,386,233,637,075,530 $1,619,823,249,808,260
-$184,165 -$184,165 -$184,165 -$184,165
-$158,159 -$158,159 -$158,159 -$158,159
$1,171,230,868,744,410 $1,274,205,488,453,996 $1,386,233,636,733,210 $1,619,823,249,465,940
$409,930,804,060,544 $445,971,920,958,899 $485,181,772,856,623 $566,938,137,313,079
$117,123,086,874,441 $127,420,548,845,400 $138,623,363,673,321 $161,982,324,946,594
$644,176,977,809,427 $700,813,018,649,698 $762,428,500,203,265 $890,902,787,206,267
55.00% 55.00% 55.00% 55.00%
$7,159,440,021,226,915 $7,857,163,801,082,132 $8,616,231,456,633,820 $9,500,126,555,254,900

$35,136,926,671,859 $38,226,165,264,849 $41,587,009,714,935 $48,594,698,098,632
$0 $0 $0 $0
$7,194,576,947,898,774 $7,895,389,966,346,981 $8,657,818,466,348,754 $9,548,721,253,353,530
$4,750,000 $4,700,000 $4,650,000 $4,600,000

$950,000 $940,000 $930,000 $920,000
$791,667 $783,333 $775,000 $766,667
$2,375,000 $2,350,000 $2,325,000 $2,300,000
$950,000 $940,000 $930,000 $920,000
$3,562,500 $3,525,000 $3,487,500 $3,450,000
$0 $0 $0 $0
-$3,520,833 -$3,661,667 -$3,802,500 -$3,943,333
$13,379,167 $13,238,333 $13,097,500 $12,956,667
$7,194,576,961,277,941 $7,895,389,979,585,314 $8,657,818,479,446,254 $9,548,721,266,310,200

$0 $0 $0 $0
$5,580,035 $5,395,869 $5,211,704 $5,027,539
$5,580,035 $5,395,869 $5,211,704 $5,027,539
$16,204,191 $16,046,032 $15,887,873 $15,729,714
$21,784,225 $21,441,901 $21,099,577 $20,757,253
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$6,550,399,951,684,289 $7,194,576,929,493,716 $7,895,389,948,143,414 $8,657,818,448,346,679
$644,176,977,809,427 $700,813,018,649,698 $762,428,500,203,265 $890,902,787,206,267
$7,194,576,939,493,716 $7,895,389,958,143,414 $8,657,818,458,346,679 $9,548,721,245,552,950
$7,194,576,961,277,941 $7,895,389,979,585,315 $8,657,818,479,446,256 $9,548,721,266,310,200
$644,176,977,809,427 $700,813,018,649,698 $762,428,500,203,265 $890,902,787,206,267

-$140,833 -$140,833 -$140,833 -$140,833
$644,176,977,950,260 $700,813,018,790,531 $762,428,500,344,098 $890,902,787,347,100
-$2,839,582,499,623 -$3,089,238,592,990 -$3,360,844,450,086 -$7,007,688,383,698

$0 $0 $0 $0
-$2,839,582,499,623 -$3,089,238,592,990 -$3,360,844,450,086 -$7,007,688,383,698
$0 $0 $0 $0
$0 $0 $0 $0
$641,337,395,450,637 $697,723,780,197,541 $759,067,655,894,012 $883,895,098,963,402
-$184,165 -$184,165 -$184,165 -$184,165

-$158,159 -$158,159 -$158,159 -$158,159
-$342,324 -$342,324 -$342,324 -$342,324
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$342,324 -$342,324 -$342,324 -$342,324

$641,337,395,108,313 $697,723,779,855,217 $759,067,655,551,689 $883,895,098,621,078
$6,518,102,626,118,602 $7,159,440,021,226,915 $7,857,163,801,082,132 $8,616,231,456,633,820

$7,159,440,021,226,915 $7,857,163,801,082,132 $8,616,231,456,633,820 $9,500,126,555,254,900
8754139314.07% 9625120298.34% 10583956153.19% 12501851839.11%
16.28% 16.14% 16.01% 16.96%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$4,750,000 $4,700,000 $4,650,000 $4,600,000

$950,000 $940,000 $930,000 $920,000
$791,667 $783,333 $775,000 $766,667
$2,375,000 $2,350,000 $2,325,000 $2,300,000
$950,000 $940,000 $930,000 $920,000
$3,562,500 $3,525,000 $3,487,500 $3,450,000
$0 $0 $0 $0
$13,379,167 $13,238,333 $13,097,500 $12,956,667
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$50,000 -$50,000 -$50,000 -$50,000

-$10,000 -$10,000 -$10,000 -$10,000
-$8,333 -$8,333 -$8,333 -$8,333
-$25,000 -$25,000 -$25,000 -$25,000
-$10,000 -$10,000 -$10,000 -$10,000
-$37,500 -$37,500 -$37,500 -$37,500
$0.00 $0.00 $0.00 $0.00
-$3,520,833.33 -$3,661,666.67 -$3,802,500.00 -$3,943,333.33
-$140,833 -$140,833 -$140,833 -$140,833
0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.40% 0.40% 0.40% 0.40%

$0 $0 $0 $0
$1,892,774,289,763,529 $2,211,719,376,083,950 $2,406,173,743,629,250 $2,617,724,539,169,130
$0 $0 $0 $0
$0 $0 $0 $0
$1,892,774,289,763,529 $2,211,719,376,083,950 $2,406,173,743,629,250 $2,617,724,539,169,130
$14,414,410 $14,472,068 $14,529,956 $14,588,076

$5,245,351 $5,245,351 $5,245,351 $5,245,351
$0 $0 $0 $0
$19,659,761 $19,717,419 $19,775,307 $19,833,427
$1,892,774,270,103,770 $2,211,719,356,366,530 $2,406,173,723,853,940 $2,617,724,519,335,710

$543,815 $543,815 $543,815 $543,815
$1,892,774,269,559,950 $2,211,719,355,822,720 $2,406,173,723,310,128 $2,617,724,518,791,892
-$184,165 -$184,165 -$184,165 -$184,165
-$158,159 -$158,159 -$158,159 -$158,159
$1,892,774,269,217,630 $2,211,719,355,480,390 $2,406,173,722,967,804 $2,617,724,518,449,568
$662,470,994,226,170 $774,101,774,418,137 $842,160,803,038,731 $916,203,581,457,349
$189,277,426,921,763 $221,171,935,548,039 $240,617,372,296,780 $261,772,451,844,957
$1,041,025,848,069,696 $1,216,445,645,514,220 $1,323,395,547,632,292 $1,439,748,485,147,260
55.00% 55.00% 55.00% 55.00%
$10,532,963,872,528,800 $11,739,841,165,251,900 $13,057,403,081,656,400 $14,490,805,042,736,000

$56,783,228,692,906 $66,351,581,282,519 $72,185,212,308,878 $78,531,736,175,074
$0 $0 $0 $0
$10,589,747,101,221,700 $11,806,192,746,534,500 $13,129,588,293,965,300 $14,569,336,778,911,000
$4,550,000 $4,500,000 $4,450,000 $4,400,000

$910,000 $900,000 $890,000 $880,000
$758,333 $750,000 $741,667 $733,333
$2,275,000 $2,250,000 $2,225,000 $2,200,000
$910,000 $900,000 $890,000 $880,000
$3,412,500 $3,375,000 $3,337,500 $3,300,000
$0 $0 $0 $0
-$4,084,167 -$4,225,000 -$4,365,833 -$4,506,667
$12,815,833 $12,675,000 $12,534,167 $12,393,333
$10,589,747,114,037,600 $11,806,192,759,209,500 $13,129,588,306,499,400 $14,569,336,791,304,400

$0 $0 $0 $0
$4,843,374 $4,659,209 $4,475,043 $4,290,878
$4,843,374 $4,659,209 $4,475,043 $4,290,878
$15,571,556 $15,413,397 $15,255,238 $15,097,080
$20,414,930 $20,072,606 $19,730,282 $19,387,958
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$9,548,721,235,552,950 $10,589,747,083,622,600 $11,806,192,729,136,900 $13,129,588,276,769,200
$1,041,025,848,069,696 $1,216,445,645,514,220 $1,323,395,547,632,292 $1,439,748,485,147,260
$10,589,747,093,622,600 $11,806,192,739,136,900 $13,129,588,286,769,200 $14,569,336,771,916,400
$10,589,747,114,037,600 $11,806,192,759,209,500 $13,129,588,306,499,400 $14,569,336,791,304,400
$1,041,025,848,069,696 $1,216,445,645,514,220 $1,323,395,547,632,292 $1,439,748,485,147,260

-$140,833 -$140,833 -$140,833 -$140,833
$1,041,025,848,210,530 $1,216,445,645,655,050 $1,323,395,547,773,130 $1,439,748,485,288,100
-$8,188,530,594,274 -$9,568,352,589,613 -$5,833,631,026,359 -$6,346,523,866,197

$0 $0 $0 $0
-$8,188,530,594,274 -$9,568,352,589,613 -$5,833,631,026,359 -$6,346,523,866,197
$0 $0 $0 $0
$0 $0 $0 $0
$1,032,837,317,616,260 $1,206,877,293,065,436 $1,317,561,916,746,770 $1,433,401,961,421,900
-$184,165 -$184,165 -$184,165 -$184,165

-$158,159 -$158,159 -$158,159 -$158,159
-$342,324 -$342,324 -$342,324 -$342,324
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$342,324 -$342,324 -$342,324 -$342,324

$1,032,837,317,273,930 $1,206,877,292,723,112 $1,317,561,916,404,440 $1,433,401,961,079,580
$9,500,126,555,254,900 $10,532,963,872,528,800 $11,739,841,165,251,900 $13,057,403,081,656,400

$10,532,963,872,528,800 $11,739,841,165,251,900 $13,057,403,081,656,400 $14,490,805,042,736,000
14769030156.16% 17449462533.21% 19196918372.15% 21122037701.74%
17.87% 18.73% 18.33% 17.97%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$4,550,000 $4,500,000 $4,450,000 $4,400,000

$910,000 $900,000 $890,000 $880,000
$758,333 $750,000 $741,667 $733,333
$2,275,000 $2,250,000 $2,225,000 $2,200,000
$910,000 $900,000 $890,000 $880,000
$3,412,500 $3,375,000 $3,337,500 $3,300,000
$0 $0 $0 $0
$12,815,833 $12,675,000 $12,534,167 $12,393,333
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$50,000 -$50,000 -$50,000 -$50,000

-$10,000 -$10,000 -$10,000 -$10,000
-$8,333 -$8,333 -$8,333 -$8,333
-$25,000 -$25,000 -$25,000 -$25,000
-$10,000 -$10,000 -$10,000 -$10,000
-$37,500 -$37,500 -$37,500 -$37,500
$0.00 $0.00 $0.00 $0.00
-$4,084,166.67 -$4,225,000.00 -$4,365,833.33 -$4,506,666.67
-$140,833 -$140,833 -$140,833 -$140,833
0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.40% 0.40% 0.40% 0.40%

$0 $0 $0 $0
$2,847,874,880,652,884 $3,126,947,633,124,330 $3,433,367,654,852,961 $3,769,814,795,910,852
$0 $0 $0 $0
$0 $0 $0 $0
$2,847,874,880,652,884 $3,126,947,633,124,330 $3,433,367,654,852,961 $3,769,814,795,910,852
$14,646,428 $14,705,014 $14,763,834 $14,822,889

$5,245,351 $5,245,351 $5,245,351 $5,245,351
$0 $0 $0 $0
$19,891,779 $19,950,365 $20,009,185 $20,068,240
$2,847,874,860,761,105 $3,126,947,613,173,960 $3,433,367,634,843,776 $3,769,814,775,842,610

$543,815 $543,815 $543,815 $543,815
$2,847,874,860,217,290 $3,126,947,612,630,150 $3,433,367,634,299,960 $3,769,814,775,298,797
-$184,165 -$184,165 -$184,165 -$184,165
-$158,159 -$158,159 -$158,159 -$158,159
$2,847,874,859,874,970 $3,126,947,612,287,826 $3,433,367,633,957,640 $3,769,814,774,956,473
$996,756,200,956,238 $1,094,431,664,300,739 $1,201,678,671,885,173 $1,319,435,171,234,770
$284,787,485,987,497 $312,694,761,228,783 $343,336,763,395,764 $376,981,477,495,647
$1,566,331,172,931,230 $1,719,821,186,758,300 $1,888,352,198,676,700 $2,073,398,126,226,060
55.00% 55.00% 55.00% 55.00%
$16,050,231,705,221,200 $17,761,680,709,203,900 $19,640,840,307,027,200 $21,704,145,018,820,000

$85,436,246,419,587 $93,808,428,993,730 $103,001,029,645,589 $113,094,443,877,326
$0 $0 $0 $0
$16,135,667,951,640,800 $17,855,489,138,197,600 $19,743,841,336,672,800 $21,817,239,462,697,400
$4,350,000 $4,300,000 $4,250,000 $4,200,000

$870,000 $860,000 $850,000 $840,000
$725,000 $716,667 $708,333 $700,000
$2,175,000 $2,150,000 $2,125,000 $2,100,000
$870,000 $860,000 $850,000 $840,000
$3,262,500 $3,225,000 $3,187,500 $3,150,000
$0 $0 $0 $0
-$4,647,500 -$4,788,333 -$4,929,167 -$5,070,000
$12,252,500 $12,111,667 $11,970,833 $11,830,000
$16,135,667,963,893,300 $17,855,489,150,309,300 $19,743,841,348,643,600 $21,817,239,474,527,400

$0 $0 $0 $0
$4,106,713 $3,922,548 $3,738,383 $3,554,217
$4,106,713 $3,922,548 $3,738,383 $3,554,217
$14,938,921 $14,780,762 $14,622,603 $14,464,445
$19,045,634 $18,703,310 $18,360,986 $18,018,662
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$14,569,336,761,916,400 $16,135,667,934,847,600 $17,855,489,121,605,900 $19,743,841,320,282,600
$1,566,331,172,931,230 $1,719,821,186,758,300 $1,888,352,198,676,700 $2,073,398,126,226,060
$16,135,667,944,847,600 $17,855,489,131,605,900 $19,743,841,330,282,600 $21,817,239,456,508,700
$16,135,667,963,893,300 $17,855,489,150,309,300 $19,743,841,348,643,600 $21,817,239,474,527,400
$1,566,331,172,931,230 $1,719,821,186,758,300 $1,888,352,198,676,700 $2,073,398,126,226,060

-$140,833 -$140,833 -$140,833 -$140,833
$1,566,331,173,072,060 $1,719,821,186,899,140 $1,888,352,198,817,534 $2,073,398,126,366,890
-$6,904,510,244,513 -$8,372,182,574,143 -$9,192,600,651,859 -$10,093,414,231,737

$0 $0 $0 $0
-$6,904,510,244,513 -$8,372,182,574,143 -$9,192,600,651,859 -$10,093,414,231,737
$0 $0 $0 $0
$0 $0 $0 $0
$1,559,426,662,827,550 $1,711,449,004,324,990 $1,879,159,598,165,675 $2,063,304,712,135,160
-$184,165 -$184,165 -$184,165 -$184,165

-$158,159 -$158,159 -$158,159 -$158,159
-$342,324 -$342,324 -$342,324 -$342,324
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$342,324 -$342,324 -$342,324 -$342,324

$1,559,426,662,485,230 $1,711,449,003,982,670 $1,879,159,597,823,351 $2,063,304,711,792,830
$14,490,805,042,736,000 $16,050,231,705,221,200 $17,761,680,709,203,900 $19,640,840,307,027,200

$16,050,231,705,221,200 $17,761,680,709,203,900 $19,640,840,307,027,200 $21,704,145,018,820,000
23243214696.21% 25817649372.16% 28681108150.53% 31866566322.15%
17.65% 17.51% 17.39% 17.28%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$4,350,000 $4,300,000 $4,250,000 $4,200,000

$870,000 $860,000 $850,000 $840,000
$725,000 $716,667 $708,333 $700,000
$2,175,000 $2,150,000 $2,125,000 $2,100,000
$870,000 $860,000 $850,000 $840,000
$3,262,500 $3,225,000 $3,187,500 $3,150,000
$0 $0 $0 $0
$12,252,500 $12,111,667 $11,970,833 $11,830,000
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$50,000 -$50,000 -$50,000 -$50,000

-$10,000 -$10,000 -$10,000 -$10,000
-$8,333 -$8,333 -$8,333 -$8,333
-$25,000 -$25,000 -$25,000 -$25,000
-$10,000 -$10,000 -$10,000 -$10,000
-$37,500 -$37,500 -$37,500 -$37,500
$0.00 $0.00 $0.00 $0.00
-$4,647,500.00 -$4,788,333.33 -$4,929,166.67 -$5,070,000.00
-$140,833 -$140,833 -$140,833 -$140,833
0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.40% 0.40% 0.40% 0.40%

AO 3
Acumulado Mes 37 Mes 38 Mes 39
$0 $0 $0 $0
$27,757,890,238,196,000 $3,826,362,017,849,510 $3,883,757,448,117,257 $3,942,013,809,839,020
$0
$0 $0 $0 $0
$0 $0 $0 $0
$27,757,890,238,196,000 $3,826,362,017,849,510 $3,883,757,448,117,257 $3,942,013,809,839,020
$174,028,320 $14,882,181 $14,941,710 $15,001,476

$62,944,212 $5,245,351 $5,245,351 $5,245,351
$0 $0 $0 $0
$0
$236,972,533 $20,127,532 $20,187,061 $20,246,827
$27,757,890,001,223,500 $3,826,361,997,721,980 $3,883,757,427,930,200 $3,942,013,789,592,188

-$1,690,000 $543,815 $543,815 $543,815
$27,757,890,002,913,500 $3,826,361,997,178,168 $3,883,757,427,386,382 $3,942,013,789,048,370
-$2,209,983 -$184,165 -$184,165 -$184,165
-$1,897,905 -$158,159 -$158,159 -$158,159
$27,757,889,998,805,600 $3,826,361,996,835,844 $3,883,757,427,044,058 $3,942,013,788,706,050
$9,715,261,499,581,970 $1,339,226,698,892,550 $1,359,315,099,465,420 $1,379,704,826,047,120
$2,775,788,999,880,560 $382,636,199,683,584 $388,375,742,704,406 $394,201,378,870,605
$15,266,839,499,343,100 $2,104,499,098,259,710 $2,136,066,584,874,230 $2,168,107,583,788,327
55.00% 55.00% 55.00% 55.00%
$21,704,145,018,820,000 $23,806,947,700,220,100 $25,941,292,421,984,800 $28,107,652,314,720,000

$113,094,443,877,326 $114,790,860,535,485 $116,512,723,443,518 $118,260,414,295,170
$0 $0 $0 $0
$21,817,239,462,697,400 $23,921,738,560,755,600 $26,057,805,145,428,300 $28,225,912,729,015,200
$4,200,000 $4,150,000 $4,100,000 $4,050,000

$840,000 $830,000 $820,000 $810,000
$700,000 $691,667 $683,333 $675,000
$2,100,000 $2,075,000 $2,050,000 $2,025,000
$840,000 $830,000 $820,000 $810,000
$3,150,000 $3,112,500 $3,075,000 $3,037,500
$0 $0 $0 $0
-$5,070,000 -$5,210,833 -$5,351,667 -$5,492,500
$11,830,000 $11,689,167 $11,548,333 $11,407,500
$21,817,239,474,527,400 $23,921,738,572,444,800 $26,057,805,156,976,700 $28,225,912,740,422,700

$0 $0 $0 $0
$3,554,217 $3,370,052 $3,185,887 $3,001,722
$3,554,217 $3,370,052 $3,185,887 $3,001,722
$14,464,445 $14,306,286 $14,148,127 $13,989,968
$18,018,662 $17,676,338 $17,334,014 $16,991,690
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$19,743,841,320,282,600 $21,817,239,446,508,700 $23,921,738,544,768,400 $26,057,805,129,642,700
$2,073,398,126,226,060 $2,104,499,098,259,710 $2,136,066,584,874,230 $2,168,107,583,788,327
$21,817,239,456,508,700 $23,921,738,554,768,400 $26,057,805,139,642,700 $28,225,912,723,431,000
$21,817,239,474,527,400 $23,921,738,572,444,800 $26,057,805,156,976,700 $28,225,912,740,422,700
$15,266,839,499,343,100 $2,104,499,098,259,710 $2,136,066,584,874,230 $2,168,107,583,788,327

-$422,500 -$140,833 -$140,833 -$140,833
$15,266,839,499,765,600 $2,104,499,098,400,550 $2,136,066,585,015,070 $2,168,107,583,929,160
-$10,093,414,231,737 -$1,696,416,658,160 -$1,721,862,908,032 -$1,747,690,851,653

$0 $0 $0 $0
-$10,093,414,231,737 -$1,696,416,658,160 -$1,721,862,908,032 -$1,747,690,851,653
$0 $0 $0 $0
$0 $0 $0 $0
$15,256,746,085,533,900 $2,102,802,681,742,388 $2,134,344,722,107,030 $2,166,359,893,077,510
-$2,209,983 -$184,165 -$184,165 -$184,165

-$1,897,905 -$158,159 -$158,159 -$158,159
-$4,107,887 -$342,324 -$342,324 -$342,324
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$4,107,887 -$342,324 -$342,324 -$342,324

$15,256,746,081,426,000 $2,102,802,681,400,064 $2,134,344,721,764,710 $2,166,359,892,735,180
$21,704,145,018,820,000 $21,704,145,018,820,000 $23,806,947,700,220,100 $25,941,292,421,984,800

$36,960,891,100,246,000 $23,806,947,700,220,100 $25,941,292,421,984,800 $28,107,652,314,720,000
234639816045.61% 32734258369.00% 33630458491.42% 34556334077.05%
127.23% 16.00% 14.90% 13.97%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$4,200,000 $4,150,000 $4,100,000 $4,050,000

$840,000 $830,000 $820,000 $810,000
$700,000 $691,667 $683,333 $675,000
$2,100,000 $2,075,000 $2,050,000 $2,025,000
$840,000 $830,000 $820,000 $810,000
$3,150,000 $3,112,500 $3,075,000 $3,037,500
$0 $0 $0 $0
$11,830,000 $11,689,167 $11,548,333 $11,407,500
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$600,000 -$50,000 -$50,000 -$50,000

-$120,000 -$10,000 -$10,000 -$10,000
-$100,000 -$8,333 -$8,333 -$8,333
-$300,000 -$25,000 -$25,000 -$25,000
-$120,000 -$10,000 -$10,000 -$10,000
-$450,000 -$37,500 -$37,500 -$37,500
$0 $0.00 $0.00 $0.00
-$5,070,000.00 -$5,210,833.33 -$5,351,666.67 -$5,492,500.00
-$422,500 -$140,833 -$140,833 -$140,833
0.83% 0.83% 0.83%

0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.40% 0.40% 0.40%

$0 $0 $0 $0
$4,001,144,016,986,600 $4,061,161,177,241,399 $4,122,078,594,900,020 $4,183,909,773,823,520
$0 $0 $0 $0
$0 $0 $0 $0
$4,001,144,016,986,600 $4,061,161,177,241,399 $4,122,078,594,900,020 $4,183,909,773,823,520
$15,061,482 $15,121,728 $15,182,215 $15,242,944

$5,245,351 $5,245,351 $5,245,351 $5,245,351
$0 $0 $0 $0
$20,306,833 $20,367,079 $20,427,566 $20,488,295
$4,001,143,996,679,767 $4,061,161,156,874,320 $4,122,078,574,472,450 $4,183,909,753,335,220

$543,815 $543,815 $543,815 $543,815
$4,001,143,996,135,950 $4,061,161,156,330,505 $4,122,078,573,928,639 $4,183,909,752,791,410
-$184,165 -$184,165 -$184,165 -$184,165
-$158,159 -$158,159 -$158,159 -$158,159
$4,001,143,995,793,630 $4,061,161,155,988,181 $4,122,078,573,586,315 $4,183,909,752,449,086
$1,400,400,398,527,770 $1,421,406,404,595,860 $1,442,727,500,755,210 $1,464,368,413,357,180
$400,114,399,579,363 $406,116,115,598,818 $412,207,857,358,631 $418,390,975,244,909
$2,200,629,197,686,500 $2,233,638,635,793,500 $2,267,143,215,472,470 $2,301,150,363,847,000
55.00% 55.00% 55.00% 55.00%
$30,306,507,605,990,600 $32,538,345,726,774,900 $34,803,661,419,516,200 $37,102,956,847,794,000

$120,034,320,509,598 $121,834,835,317,242 $123,662,357,847,001 $125,517,293,214,706
$0 $0 $0 $0
$30,426,541,926,500,200 $32,660,180,562,092,200 $34,927,323,777,363,200 $37,228,474,141,008,700
$4,000,000 $3,950,000 $3,900,000 $3,850,000

$800,000 $790,000 $780,000 $770,000
$666,667 $658,333 $650,000 $641,667
$2,000,000 $1,975,000 $1,950,000 $1,925,000
$800,000 $790,000 $780,000 $770,000
$3,000,000 $2,962,500 $2,925,000 $2,887,500
$0 $0 $0 $0
-$5,633,333 -$5,774,167 -$5,915,000 -$6,055,833
$11,266,667 $11,125,833 $10,985,000 $10,844,167
$30,426,541,937,766,800 $32,660,180,573,218,000 $34,927,323,788,348,200 $37,228,474,151,852,800

$0 $0 $0 $0
$2,817,556 $2,633,391 $2,449,226 $2,265,061
$2,817,556 $2,633,391 $2,449,226 $2,265,061
$13,831,810 $13,673,651 $13,515,492 $13,357,334
$16,649,366 $16,307,042 $15,964,718 $15,622,394
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$28,225,912,713,431,000 $30,426,541,911,117,500 $32,660,180,546,911,000 $34,927,323,762,383,400
$2,200,629,197,686,500 $2,233,638,635,793,500 $2,267,143,215,472,470 $2,301,150,363,847,000
$30,426,541,921,117,500 $32,660,180,556,911,000 $34,927,323,772,383,500 $37,228,474,136,230,400
$30,426,541,937,766,800 $32,660,180,573,218,000 $34,927,323,788,348,200 $37,228,474,151,852,800
$2,200,629,197,686,500 $2,233,638,635,793,500 $2,267,143,215,472,470 $2,301,150,363,847,000

-$140,833 -$140,833 -$140,833 -$140,833
$2,200,629,197,827,330 $2,233,638,635,934,330 $2,267,143,215,613,307 $2,301,150,363,987,831
-$1,773,906,214,428 -$1,800,514,807,644 -$1,827,522,529,759 -$1,854,935,367,705

$0 $0 $0 $0
-$1,773,906,214,428 -$1,800,514,807,644 -$1,827,522,529,759 -$1,854,935,367,705
$0 $0 $0 $0
$0 $0 $0 $0
$2,198,855,291,612,900 $2,231,838,121,126,690 $2,265,315,693,083,550 $2,299,295,428,620,126
-$184,165 -$184,165 -$184,165 -$184,165

-$158,159 -$158,159 -$158,159 -$158,159
-$342,324 -$342,324 -$342,324 -$342,324
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$342,324 -$342,324 -$342,324 -$342,324

$2,198,855,291,270,580 $2,231,838,120,784,370 $2,265,315,692,741,220 $2,299,295,428,277,802
$28,107,652,314,720,000 $30,306,507,605,990,600 $32,538,345,726,774,900 $34,803,661,419,516,200

$30,306,507,605,990,600 $32,538,345,726,774,900 $34,803,661,419,516,200 $37,102,956,847,794,000
35513112576.80% 36502085332.11% 37524611696.86% 38582123481.04%
13.15% 12.43% 11.80% 11.24%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$4,000,000 $3,950,000 $3,900,000 $3,850,000

$800,000 $790,000 $780,000 $770,000
$666,667 $658,333 $650,000 $641,667
$2,000,000 $1,975,000 $1,950,000 $1,925,000
$800,000 $790,000 $780,000 $770,000
$3,000,000 $2,962,500 $2,925,000 $2,887,500
$0 $0 $0 $0
$11,266,667 $11,125,833 $10,985,000 $10,844,167
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$50,000 -$50,000 -$50,000 -$50,000

-$10,000 -$10,000 -$10,000 -$10,000
-$8,333 -$8,333 -$8,333 -$8,333
-$25,000 -$25,000 -$25,000 -$25,000
-$10,000 -$10,000 -$10,000 -$10,000
-$37,500 -$37,500 -$37,500 -$37,500
$0.00 $0.00 $0.00 $0.00
-$5,633,333.33 -$5,774,166.67 -$5,915,000.00 -$6,055,833.33
-$140,833 -$140,833 -$140,833 -$140,833
0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.40% 0.40% 0.40% 0.40%

$0 $0 $0 $0
$4,246,668,420,430,872 $4,310,368,446,737,330 $4,375,023,973,438,394 $4,440,649,333,039,970
$0 $0 $0 $0
$0 $0 $0 $0
$4,246,668,420,430,872 $4,310,368,446,737,330 $4,375,023,973,438,394 $4,440,649,333,039,970
$15,303,916 $15,365,131 $15,426,592 $15,488,298

$5,245,351 $5,245,351 $5,245,351 $5,245,351
$0 $0 $0 $0
$20,549,267 $20,610,483 $20,671,943 $20,733,649
$4,246,668,399,881,605 $4,310,368,426,126,852 $4,375,023,952,766,451 $4,440,649,312,306,320

$543,815 $543,815 $543,815 $543,815
$4,246,668,399,337,790 $4,310,368,425,583,040 $4,375,023,952,222,640 $4,440,649,311,762,510
-$184,165 -$184,165 -$184,165 -$184,165
-$158,159 -$158,159 -$158,159 -$158,159
$4,246,668,398,995,470 $4,310,368,425,240,710 $4,375,023,951,880,310 $4,440,649,311,420,180
$1,486,333,939,648,410 $1,508,628,948,834,250 $1,531,258,383,158,110 $1,554,227,258,997,060
$424,666,839,899,547 $431,036,842,524,071 $437,502,395,188,031 $444,064,931,142,018
$2,335,667,619,447,510 $2,370,702,633,882,390 $2,406,263,173,534,172 $2,442,357,121,281,100
55.00% 55.00% 55.00% 55.00%
$39,436,741,707,641,800 $41,805,533,340,533,500 $44,209,856,848,065,100 $46,650,245,208,356,700

$127,400,052,612,926 $129,311,053,402,120 $131,250,719,203,152 $133,219,479,991,199
$0 $0 $0 $0
$39,564,141,760,254,700 $41,934,844,393,935,600 $44,341,107,567,268,300 $46,783,464,688,347,900
$3,800,000 $3,750,000 $3,700,000 $3,650,000

$760,000 $750,000 $740,000 $730,000
$633,333 $625,000 $616,667 $608,333
$1,900,000 $1,875,000 $1,850,000 $1,825,000
$760,000 $750,000 $740,000 $730,000
$2,850,000 $2,812,500 $2,775,000 $2,737,500
$0 $0 $0 $0
-$6,196,667 -$6,337,500 -$6,478,333 -$6,619,167
$10,703,333 $10,562,500 $10,421,667 $10,280,833
$39,564,141,770,958,000 $41,934,844,404,498,100 $44,341,107,577,689,900 $46,783,464,698,628,700

$0 $0 $0 $0
$2,080,896 $1,896,730 $1,712,565 $1,528,400
$2,080,896 $1,896,730 $1,712,565 $1,528,400
$13,199,175 $13,041,016 $12,882,857 $12,724,699
$15,280,070 $14,937,746 $14,595,422 $14,253,098
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$37,228,474,126,230,400 $39,564,141,745,677,900 $41,934,844,379,560,400 $44,341,107,553,094,500
$2,335,667,619,447,510 $2,370,702,633,882,390 $2,406,263,173,534,172 $2,442,357,121,281,100
$39,564,141,755,677,900 $41,934,844,389,560,400 $44,341,107,563,094,500 $46,783,464,684,375,600
$39,564,141,770,958,000 $41,934,844,404,498,100 $44,341,107,577,689,900 $46,783,464,698,628,700
$2,335,667,619,447,510 $2,370,702,633,882,390 $2,406,263,173,534,172 $2,442,357,121,281,100

-$140,833 -$140,833 -$140,833 -$140,833
$2,335,667,619,588,340 $2,370,702,634,023,226 $2,406,263,173,675,010 $2,442,357,121,421,930
-$1,882,759,398,221 -$1,911,000,789,194 -$1,939,665,801,032 -$1,968,760,788,047

$0 $0 $0 $0
-$1,882,759,398,221 -$1,911,000,789,194 -$1,939,665,801,032 -$1,968,760,788,047
$0 $0 $0 $0
$0 $0 $0 $0
$2,333,784,860,190,120 $2,368,791,633,234,032 $2,404,323,507,873,970 $2,440,388,360,633,886
-$184,165 -$184,165 -$184,165 -$184,165

-$158,159 -$158,159 -$158,159 -$158,159
-$342,324 -$342,324 -$342,324 -$342,324
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$342,324 -$342,324 -$342,324 -$342,324

$2,333,784,859,847,800 $2,368,791,632,891,708 $2,404,323,507,531,650 $2,440,388,360,291,562
$37,102,956,847,794,000 $39,436,741,707,641,800 $41,805,533,340,533,500 $44,209,856,848,065,100

$39,436,741,707,641,800 $41,805,533,340,533,500 $44,209,856,848,065,100 $46,650,245,208,356,700
39676129745.54% 40808221980.95% 41980079706.75% 43193476531.15%
10.73% 10.28% 9.87% 9.49%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$3,800,000 $3,750,000 $3,700,000 $3,650,000

$760,000 $750,000 $740,000 $730,000
$633,333 $625,000 $616,667 $608,333
$1,900,000 $1,875,000 $1,850,000 $1,825,000
$760,000 $750,000 $740,000 $730,000
$2,850,000 $2,812,500 $2,775,000 $2,737,500
$0 $0 $0 $0
$10,703,333 $10,562,500 $10,421,667 $10,280,833
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$50,000 -$50,000 -$50,000 -$50,000

-$10,000 -$10,000 -$10,000 -$10,000
-$8,333 -$8,333 -$8,333 -$8,333
-$25,000 -$25,000 -$25,000 -$25,000
-$10,000 -$10,000 -$10,000 -$10,000
-$37,500 -$37,500 -$37,500 -$37,500
$0.00 $0.00 $0.00 $0.00
-$6,196,666.67 -$6,337,500.00 -$6,478,333.33 -$6,619,166.67
-$140,833 -$140,833 -$140,833 -$140,833
0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.40% 0.40% 0.40% 0.40%

AO 4
Mes 48 Acumulado Mes 49 Mes 50
$0 $0 $0 $0
$4,507,259,073,035,569 $49,900,396,085,439,500 $4,541,063,516,083,336 $4,575,121,492,453,961
$0
$0 $0 $0 $0
$0 $0 $0 $0
$4,507,259,073,035,569 $49,900,396,085,439,500 $4,541,063,516,083,336 $4,575,121,492,453,961
$15,550,252 $182,567,926 $15,612,453 $15,674,902

$5,245,351 $62,944,212 $5,245,351 $5,245,351
$0 $0 $0 $0
$0
$20,795,603 $245,512,138 $20,857,804 $20,920,253
$4,507,259,052,239,966 $49,900,395,839,927,300 $4,541,063,495,225,532 $4,575,121,471,533,708

$543,815 -$1,690,000 $543,815 $543,815
$4,507,259,051,696,151 $49,900,395,841,617,300 $4,541,063,494,681,717 $4,575,121,470,989,893
-$184,165 -$2,209,983 -$184,165 -$184,165
-$158,159 -$1,897,905 -$158,159 -$158,159
$4,507,259,051,353,827 $49,900,395,837,509,400 $4,541,063,494,339,393 $4,575,121,470,647,569
$1,577,540,667,973,840 $17,465,138,543,128,300 $1,589,372,223,018,790 $1,601,292,514,726,649
$450,725,905,135,383 $4,990,039,583,750,944 $454,106,349,433,939 $457,512,147,064,757
$2,478,992,478,244,605 $27,445,217,710,630,200 $2,497,584,921,886,666 $2,516,316,808,856,163
55.00% 55.00% 55.00% 55.00%
$49,127,239,394,199,900 $49,127,239,394,199,900 $51,623,810,182,593,700 $54,139,105,251,957,200

$135,217,772,191,067 $135,217,772,191,067 $136,231,905,482,500 $137,253,644,773,619
$0 $0 $0 $0
$49,262,457,166,391,000 $49,262,457,166,391,000 $51,760,042,088,076,200 $54,276,358,896,730,800
$3,600,000 $3,600,000 $3,550,000 $3,500,000

$720,000 $720,000 $710,000 $700,000
$600,000 $600,000 $591,667 $583,333
$1,800,000 $1,800,000 $1,775,000 $1,750,000
$720,000 $720,000 $710,000 $700,000
$2,700,000 $2,700,000 $2,662,500 $2,625,000
$0 $0 $0 $0
-$6,760,000 -$6,760,000 -$6,900,833 -$7,041,667
$10,140,000 $10,140,000 $9,999,167 $9,858,333
$49,262,457,176,531,000 $49,262,457,176,531,000 $51,760,042,098,075,300 $54,276,358,906,589,200

$0 $0 $0 $0
$1,344,235 $1,344,235 $1,160,069 $975,904
$1,344,235 $1,344,235 $1,160,069 $975,904
$12,566,540 $12,566,540 $12,408,381 $12,250,222
$13,910,775 $13,910,775 $13,568,451 $13,226,127
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$46,783,464,674,375,600 $46,783,464,674,375,600 $49,262,457,152,620,200 $51,760,042,074,506,900
$2,478,992,478,244,605 $2,478,992,478,244,605 $2,497,584,921,886,666 $2,516,316,808,856,163
$49,262,457,162,620,200 $49,262,457,162,620,200 $51,760,042,084,506,900 $54,276,358,893,363,000
$49,262,457,176,531,000 $49,262,457,176,531,000 $51,760,042,098,075,300 $54,276,358,906,589,200
$2,478,992,478,244,605 $27,445,217,710,630,200 $2,497,584,921,886,666 $2,516,316,808,856,163

-$140,833 -$563,333 -$140,833 -$140,833
$2,478,992,478,385,440 $27,445,217,711,193,500 $2,497,584,922,027,500 $2,516,316,808,997,000
-$1,998,292,199,868 -$1,998,292,199,868 -$1,014,133,291,433 -$1,021,739,291,119

$0 $0 $0 $0
-$1,998,292,199,868 -$1,998,292,199,868 -$1,014,133,291,433 -$1,021,739,291,119
$0 $0 $0 $0
$0 $0 $0 $0
$2,476,994,186,185,570 $27,443,219,418,993,700 $2,496,570,788,736,070 $2,515,295,069,705,878
-$184,165 -$2,209,983 -$184,165 -$184,165

-$158,159 -$1,897,905 -$158,159 -$158,159
-$342,324 -$4,107,887 -$342,324 -$342,324
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$342,324 -$4,107,887 -$342,324 -$342,324

$2,476,994,185,843,250 $27,443,219,414,885,800 $2,496,570,788,393,740 $2,515,295,069,363,554
$46,650,245,208,356,700 $49,127,239,394,199,900 $49,127,239,394,199,900 $51,623,810,182,593,700

$49,127,239,394,199,900 $76,570,458,809,085,700 $51,623,810,182,593,700 $54,139,105,251,957,200
44450286716.33% 492114359816.96% 45414419695.81% 46408671098.43%
9.15% 101.29% 8.77% 8.43%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$3,600,000 $3,600,000 $3,550,000 $3,500,000

$720,000 $720,000 $710,000 $700,000
$600,000 $600,000 $591,667 $583,333
$1,800,000 $1,800,000 $1,775,000 $1,750,000
$720,000 $720,000 $710,000 $700,000
$2,700,000 $2,700,000 $2,662,500 $2,625,000
$0 $0 $0 $0
$10,140,000 $10,140,000 $9,999,167 $9,858,333
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$50,000 -$600,000 -$50,000 -$50,000

-$10,000 -$120,000 -$10,000 -$10,000
-$8,333 -$100,000 -$8,333 -$8,333
-$25,000 -$300,000 -$25,000 -$25,000
-$10,000 -$120,000 -$10,000 -$10,000
-$37,500 -$450,000 -$37,500 -$37,500
$0.00 $0 $0.00 $0.00
-$6,760,000.00 -$6,760,000.00 -$6,900,833.33 -$7,041,666.67
-$140,833 -$563,333 -$140,833 -$140,833
0.83% 0.83% 0.83%

0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.83% 0.83% 0.83%
0.40% 0.40% 0.40%

$0 $0 $0 $0
$4,609,434,903,647,366 $4,644,005,665,424,722 $4,678,835,707,915,408 $4,713,926,975,724,774
$0 $0 $0 $0
$0 $0 $0 $0
$4,609,434,903,647,366 $4,644,005,665,424,722 $4,678,835,707,915,408 $4,713,926,975,724,774
$15,737,602 $15,800,552 $15,863,755 $15,927,210

$5,245,351 $5,245,351 $5,245,351 $5,245,351
$0 $0 $0 $0
$20,982,953 $21,045,903 $21,109,106 $21,172,561
$4,609,434,882,664,413 $4,644,005,644,378,819 $4,678,835,686,806,302 $4,713,926,954,552,213

$543,815 $543,815 $543,815 $543,815
$4,609,434,882,120,598 $4,644,005,643,835,004 $4,678,835,686,262,487 $4,713,926,954,008,398
-$184,165 -$184,165 -$184,165 -$184,165
-$158,159 -$158,159 -$158,159 -$158,159
$4,609,434,881,778,274 $4,644,005,643,492,680 $4,678,835,685,920,163 $4,713,926,953,666,074
$1,613,302,208,622,400 $1,625,401,975,222,438 $1,637,592,490,072,057 $1,649,874,433,783,130
$460,943,488,177,827 $464,400,564,349,268 $467,883,568,592,016 $471,392,695,366,607
$2,535,189,184,978,050 $2,554,203,103,920,974 $2,573,359,627,256,090 $2,592,659,824,516,340
55.00% 55.00% 55.00% 55.00%
$56,673,265,034,398,000 $59,226,431,015,264,100 $61,798,745,741,044,000 $64,390,352,827,324,600

$138,283,047,109,421 $139,320,169,962,742 $140,365,071,237,462 $141,417,809,271,743
$0 $0 $0 $0
$56,811,548,081,507,400 $59,365,751,185,226,900 $61,939,110,812,281,500 $64,531,770,636,596,300
$3,450,000 $3,400,000 $3,350,000 $3,300,000

$690,000 $680,000 $670,000 $660,000
$575,000 $566,667 $558,333 $550,000
$1,725,000 $1,700,000 $1,675,000 $1,650,000
$690,000 $680,000 $670,000 $660,000
$2,587,500 $2,550,000 $2,512,500 $2,475,000
$0 $0 $0 $0
-$7,182,500 -$7,323,333 -$7,464,167 -$7,605,000
$9,717,500 $9,576,667 $9,435,833 $9,295,000
$56,811,548,091,224,900 $59,365,751,194,803,500 $61,939,110,821,717,300 $64,531,770,645,891,300

$0 $0 $0 $0
$791,739 $607,574 $423,409 $239,243
$791,739 $607,574 $423,409 $239,243
$12,092,064 $11,933,905 $11,775,746 $11,617,588
$12,883,803 $12,541,479 $12,199,155 $11,856,831
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$54,276,358,883,363,000 $56,811,548,068,341,100 $59,365,751,172,262,100 $61,939,110,799,518,200
$2,535,189,184,978,050 $2,554,203,103,920,974 $2,573,359,627,256,090 $2,592,659,824,516,340
$56,811,548,078,341,100 $59,365,751,182,262,100 $61,939,110,809,518,200 $64,531,770,634,034,500
$56,811,548,091,224,900 $59,365,751,194,803,600 $61,939,110,821,717,300 $64,531,770,645,891,300
$2,535,189,184,978,050 $2,554,203,103,920,974 $2,573,359,627,256,090 $2,592,659,824,516,340

-$140,833 -$140,833 -$140,833 -$140,833
$2,535,189,185,118,884 $2,554,203,104,061,810 $2,573,359,627,396,923 $2,592,659,824,657,174
-$1,029,402,335,802 -$1,037,122,853,321 -$1,044,901,274,721 -$1,052,738,034,281

$0 $0 $0 $0
-$1,029,402,335,802 -$1,037,122,853,321 -$1,044,901,274,721 -$1,052,738,034,281
$0 $0 $0 $0
$0 $0 $0 $0
$2,534,159,782,783,082 $2,553,165,981,208,487 $2,572,314,726,122,200 $2,591,607,086,622,893
-$184,165 -$184,165 -$184,165 -$184,165

-$158,159 -$158,159 -$158,159 -$158,159
-$342,324 -$342,324 -$342,324 -$342,324
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$342,324 -$342,324 -$342,324 -$342,324

$2,534,159,782,440,758 $2,553,165,980,866,163 $2,572,314,725,779,880 $2,591,607,086,280,569
$54,139,105,251,957,200 $56,673,265,034,398,000 $59,226,431,015,264,100 $61,798,745,741,044,000

$56,673,265,034,398,000 $59,226,431,015,264,100 $61,798,745,741,044,000 $64,390,352,827,324,600
47434369988.65% 48492923760.09% 49585823982.15% 50714652778.10%
8.11% 7.82% 7.55% 7.30%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$3,450,000 $3,400,000 $3,350,000 $3,300,000

$690,000 $680,000 $670,000 $660,000
$575,000 $566,667 $558,333 $550,000
$1,725,000 $1,700,000 $1,675,000 $1,650,000
$690,000 $680,000 $670,000 $660,000
$2,587,500 $2,550,000 $2,512,500 $2,475,000
$0 $0 $0 $0
$9,717,500 $9,576,667 $9,435,833 $9,295,000
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$50,000 -$50,000 -$50,000 -$50,000

-$10,000 -$10,000 -$10,000 -$10,000
-$8,333 -$8,333 -$8,333 -$8,333
-$25,000 -$25,000 -$25,000 -$25,000
-$10,000 -$10,000 -$10,000 -$10,000
-$37,500 -$37,500 -$37,500 -$37,500
$0.00 $0.00 $0.00 $0.00
-$7,182,500.00 -$7,323,333.33 -$7,464,166.67 -$7,605,000.00
-$140,833 -$140,833 -$140,833 -$140,833
0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.40% 0.40% 0.40% 0.40%

$0 $0 $0 $0
$4,749,281,428,042,710 $4,784,901,038,753,031 $4,820,787,796,543,679 $4,856,943,705,017,757
$0 $0 $0 $0
$0 $0 $0 $0
$4,749,281,428,042,710 $4,784,901,038,753,031 $4,820,787,796,543,679 $4,856,943,705,017,757
$15,990,918 $16,054,882 $16,119,102 $16,183,578

$5,245,351 $5,245,351 $5,245,351 $5,245,351
$0 $0 $0 $0
$21,236,270 $21,300,233 $21,364,453 $21,428,929
$4,749,281,406,806,440 $4,784,901,017,452,798 $4,820,787,775,179,226 $4,856,943,683,588,828

$543,815 $543,815 $543,815 $359,649
$4,749,281,406,262,625 $4,784,901,016,908,983 $4,820,787,774,635,411 $4,856,943,683,229,179
-$184,165 -$184,165 -$184,165 -$184,165
-$158,159 -$158,159 -$158,159 -$158,159
$4,749,281,405,920,301 $4,784,901,016,566,659 $4,820,787,774,293,087 $4,856,943,682,886,855
$1,662,248,492,072,110 $1,674,715,355,798,330 $1,687,275,721,002,580 $1,699,930,289,010,400
$474,928,140,592,030 $478,490,101,656,666 $482,078,777,429,309 $485,694,368,288,686
$2,612,104,773,256,166 $2,631,695,559,111,660 $2,651,433,275,861,198 $2,671,319,025,587,770
55.00% 55.00% 55.00% 55.00%
$67,001,396,966,809,700 $69,632,023,937,527,700 $72,282,380,610,637,800 $74,952,614,958,954,100

$142,478,442,841,281 $143,547,031,162,591 $144,623,633,896,310 $145,708,311,150,533
$0 $0 $0 $0
$67,143,875,409,651,000 $69,775,570,968,690,300 $72,427,004,244,534,100 $75,098,323,270,104,600
$3,250,000 $3,200,000 $3,150,000 $3,100,000

$650,000 $640,000 $630,000 $620,000
$541,667 $533,333 $525,000 $516,667
$1,625,000 $1,600,000 $1,575,000 $1,550,000
$650,000 $640,000 $630,000 $620,000
$2,437,500 $2,400,000 $2,362,500 $2,325,000
$0 $0 $0 $0
-$7,745,833 -$7,886,667 -$8,027,500 -$8,168,333
$9,154,167 $9,013,333 $8,872,500 $8,731,667
$67,143,875,418,805,200 $69,775,570,977,703,600 $72,427,004,253,406,600 $75,098,323,278,836,200

$0 $0 $0 $0
$55,078 $0 $0 $0
$55,078 $0 $0 $0
$11,459,429 $11,301,270 $11,143,111 $10,984,953
$11,514,507 $11,301,270 $11,143,111 $10,984,953
$10,000,000 $10,000,000 $10,000,000 $10,000,000

$64,531,770,624,034,500 $67,143,875,397,290,700 $69,775,570,956,402,300 $72,427,004,232,263,500
$2,612,104,773,256,166 $2,631,695,559,111,660 $2,651,433,275,861,198 $2,671,319,025,587,770
$67,143,875,407,290,700 $69,775,570,966,402,300 $72,427,004,242,263,500 $75,098,323,267,851,300
$67,143,875,418,805,200 $69,775,570,977,703,600 $72,427,004,253,406,600 $75,098,323,278,836,300
$2,612,104,773,256,166 $2,631,695,559,111,660 $2,651,433,275,861,198 $2,671,319,025,587,770

-$140,833 -$140,833 -$140,833 -$140,833
$2,612,104,773,397,000 $2,631,695,559,252,496 $2,651,433,276,002,030 $2,671,319,025,728,604
-$1,060,633,569,538 -$1,068,588,321,310 -$1,076,602,733,719 -$1,084,677,254,222

$0 $0 $0 $0
-$1,060,633,569,538 -$1,068,588,321,310 -$1,076,602,733,719 -$1,084,677,254,222
$0 $0 $0 $0
$0 $0 $0 $0
$2,611,044,139,827,460 $2,630,626,970,931,190 $2,650,356,673,268,312 $2,670,234,348,474,380
-$184,165 -$55,078 $0 $0
-$158,159 -$158,159 -$158,159 -$158,159
-$342,324 -$213,237 -$158,159 -$158,159
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$342,324 -$213,237 -$158,159 -$158,159

$2,611,044,139,485,140 $2,630,626,970,717,950 $2,650,356,673,110,150 $2,670,234,348,316,223
$64,390,352,827,324,600 $67,001,396,966,809,700 $69,632,023,937,527,700 $72,282,380,610,637,800

$67,001,396,966,809,700 $69,632,023,937,527,700 $72,282,380,610,637,800 $74,952,614,958,954,100
51881089792.00% 53086919808.65% 54334041099.39% 55624474575.50%
7.07% 6.86% 6.66% 6.47%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00%

55.00% 55.00% 55.00% 55.00%
$3,250,000 $3,200,000 $3,150,000 $3,100,000

$650,000 $640,000 $630,000 $620,000
$541,667 $533,333 $525,000 $516,667
$1,625,000 $1,600,000 $1,575,000 $1,550,000
$650,000 $640,000 $630,000 $620,000
$2,437,500 $2,400,000 $2,362,500 $2,325,000
$0 $0 $0 $0
$9,154,167 $9,013,333 $8,872,500 $8,731,667
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$50,000 -$50,000 -$50,000 -$50,000

-$10,000 -$10,000 -$10,000 -$10,000
-$8,333 -$8,333 -$8,333 -$8,333
-$25,000 -$25,000 -$25,000 -$25,000
-$10,000 -$10,000 -$10,000 -$10,000
-$37,500 -$37,500 -$37,500 -$37,500
$0.00 $0.00 $0.00 $0.00
-$7,745,833.33 -$7,886,666.67 -$8,027,500.00 -$8,168,333.33
-$140,833 -$140,833 -$140,833 -$140,833
0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.40% 0.40% 0.40% 0.40%

AO 5
Mes 59 Mes 60 Acumulado
$0 $0 $0
$4,893,370,782,805,390 $4,930,071,063,676,431 $56,797,744,076,088,600
$0
$0 $0 $0
$0 $0 $0
$4,893,370,782,805,390 $4,930,071,063,676,431 $56,797,744,076,088,600
$16,248,312 $16,313,306 $191,526,572

$5,245,351 $5,245,351 $62,944,212
$0 $0 $0
$0
$21,493,663 $21,558,657 $254,470,784
$4,893,370,761,311,727 $4,930,071,042,117,774 $56,797,743,821,617,800

$201,491 $17,325 -$1,690,000
$4,893,370,761,110,236 $4,930,071,042,100,449 $56,797,743,823,307,800
-$184,165 $0 -$2,025,817
-$158,159 -$158,159 -$1,897,905
$4,893,370,760,767,912 $4,930,071,041,942,290 $56,797,743,819,384,100
$1,712,679,766,268,769 $1,725,524,864,679,800 $19,879,210,336,784,400
$489,337,076,076,791 $493,007,104,194,229 $5,679,774,381,938,408
$2,691,353,918,422,352 $2,711,539,073,068,260 $31,238,759,100,661,200
55.00% 55.00% 55.00%
$77,642,876,065,025,400 $80,353,314,129,650,200 $80,353,314,129,650,200

$146,801,123,484,162 $147,902,131,910,293 $147,902,131,910,293
$0 $0 $0
$77,789,677,188,509,600 $80,501,216,261,560,500 $80,501,216,261,560,500
$3,050,000 $3,000,000 $3,000,000

$610,000 $600,000 $600,000
$508,333 $500,000 $500,000
$1,525,000 $1,500,000 $1,500,000
$610,000 $600,000 $600,000
$2,287,500 $2,250,000 $2,250,000
$0 $0 $0
-$8,309,167 -$8,450,000 -$8,450,000
$8,590,833 $8,450,000 $8,450,000
$77,789,677,197,100,400 $80,501,216,270,010,500 $80,501,216,270,010,500

$0 $0 $0
$0 $0 $0
$0 $0 $0
$10,826,794 $10,668,635 $10,668,635
$10,826,794 $10,668,635 $10,668,635
$10,000,000 $10,000,000 $10,000,000

$75,098,323,257,851,300 $77,789,677,176,273,700 $77,789,677,176,273,700
$2,691,353,918,422,352 $2,711,539,073,068,260 $2,711,539,073,068,260
$77,789,677,186,273,700 $80,501,216,259,341,900 $80,501,216,259,341,900
$77,789,677,197,100,500 $80,501,216,270,010,600 $80,501,216,270,010,600
$2,691,353,918,422,352 $2,711,539,073,068,260 $31,238,759,100,661,200

-$140,833 -$140,833 -$704,167
$2,691,353,918,563,190 $2,711,539,073,209,093 $31,238,759,101,365,400
-$1,092,812,333,629 -$1,101,008,426,131 -$1,101,008,426,131

$0 $0 $0
-$1,092,812,333,629 -$1,101,008,426,131 -$1,101,008,426,131
$0 $0 $0
$0 $0 $0
$2,690,261,106,229,560 $2,710,438,064,782,962 $31,237,658,092,939,300
$0 $0 -$1,344,235
-$158,159 -$158,159 -$1,897,905
-$158,159 -$158,159 -$3,242,139
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
-$158,159 -$158,159 -$3,242,139

$2,690,261,106,071,398 $2,710,438,064,624,800 $31,237,658,089,697,100
$74,952,614,958,954,100 $77,642,876,065,025,400 $80,353,314,129,650,200

$77,642,876,065,025,400 $80,353,314,129,650,200 $111,590,972,219,347,000
56960373841.95% 58344036256.53% 672162651788.03%
6.29% 6.12% 70.56%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
100.00% 100.00% 100.00%

55.00% 55.00% 55.00%
$3,050,000 $3,000,000 $3,000,000

$610,000 $600,000 $600,000
$508,333 $500,000 $500,000
$1,525,000 $1,500,000 $1,500,000
$610,000 $600,000 $600,000
$2,287,500 $2,250,000 $2,250,000
$0 $0 $0
$8,590,833 $8,450,000 $8,450,000
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
-$50,000 -$50,000 -$600,000

-$10,000 -$10,000 -$120,000
-$8,333 -$8,333 -$100,000
-$25,000 -$25,000 -$300,000
-$10,000 -$10,000 -$120,000
-$37,500 -$37,500 -$450,000
$0.00 $0.00 $0
-$8,309,166.67 -$8,450,000.00 -$8,450,000.00
-$140,833 -$140,833 -$704,167
0.83% 0.83%
0.83% 0.83%
0.83% 0.83%
0.83% 0.83%
0.83% 0.83%
0.83% 0.83%
0.83% 0.83%
0.40% 0.40%

Analisis Financiero de La Empresa

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Analisis Financiero de La Empresa

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De acuerdo a tus datos, tus ventas mensuales para los tres primeros aos seran:

Director general 1 $5,000,000.00 $ 60,000,000.00 $ 60,000,000.00 0.00% $5,000,000.00

Director de Finanzas 0 $2,000,000.00 $ 24,000,000.00 $ - 0.00% $2,000,000.00

Contador 0 $2,400,000.00 $ 28,800,000.00 $ - 0.00% $2,400,000.00

Jefe de cobranza 0 $2,000,000.00 $ 24,000,000.00 $ - 0.00% $2,000,000.00

Auxiliar contable 0 $2,500,000.00 $ 30,000,000.00 $ - 0.00% $2,500,000.00

Director general 0 $2,500,000.00 $ 30,000,000.00 $ - 0.00% $2,500,000.00

Cobradores 0 $1,200,000.00 $ 14,400,000.00 $ - 0.00% $1,200,000.00

Asistentes 0 $1,100,000.00 $ 13,200,000.00 $ - 0.00% $1,100,000.00

Recepcin 0 $ 980,000.00 $ 11,760,000.00 $ - 0.00% $ 980,000.00

Director de Operaciones 0 $2,400,000.00 $ 28,800,000.00 $ - 0.00% $2,400,000.00

SubTotal gastos fijos $ 12,890,000.00

Gastos fijos mensuales planta y bodegas.

SubTotal gastos fijos $ - Sin contar inflacin

Total Gastos Fijos $ 12,890,000.00 Incremento Mensual: 0.0%

Gastos variables de produccin para el primer mes:

Total Gastos Variables

Gastos de instalacin oficinas corporativas: Necesitas hacer ms gastos de instalacin? OPCIONAL

Primer mes: Mes 2 Mes 12 Mes 24

Cuentas por Cobrar:

Del total de tus ventas, qu porcentaje se vende a crdito? 6%

Con estos datos, tus ventas a contado son: 94%

Determina el plazo promedio de cobro:

Del total de tus ventas a crdito, a qu plazo estas vendiendo? 15 das

Determina el monto de inventarios requeridos para cada periodo:

Tu inventario para el siguiente periodo es del 0.0% de las ventas.

Cuentas por Pagar:

Del total de tus compras, qu porcentaje se compra a crdito? 41%

Con estos datos, tus compras a contado son: 59%

Determina el plazo promedio de pago:

Del total de tus compras a crdito, a qu plazo estas pagando? 15 das

Se asume constante para todos los periodos.

De acuerdo a tus datos, para el primer mes:

Tu empresa: NO REQUIERE financiamiento.

El monto de la inversin inicial es: $40,000,000 Asume un 10% adicional.

Es importante determinar de donde se obtienen los fondos.

Existen dos fuentes principales, deuda y capital 0

Determina, del total de la inversin inicial requerida:

Utilidad antes de I,I,D,A. $258,789,231,110,000 $265,460,817,897,660

Activo total $142,334,116,623,124 $288,337,565,637,137

Pasivo largo plazo $20,000,000 $19,841,841

Pasivo total $30,000,000 $29,657,676

Pasivo + Capital $142,334,116,623,124 $288,337,565,637,137

Generacin Neta Operativa $134,570,399,293,957 $145,803,301,891,994

Fuentes de Instituciones de Crdito

Generacin de flujo no operativa $23,100,000 -$342,324

Caja inicial $0 $134,570,422,393,957

Integracin de activos fijos

1. Valor de activos fijos

2. Inversin ($) en activos fijos

Depreciacin activos fijos ($)

Inflacin mensual 0.40% 0.40%

$12,993,326 $13,045,300 $13,097,481 $13,149,871

$17,993,326 $18,045,300 $18,097,481 $18,149,871

$272,304,398,193,829 $282,062,880,736,616 $292,171,074,767,116 $302,641,512,779,350

$429,935,834,850,928 $584,777,664,089,357 $745,168,508,699,924 $911,307,226,897,761

$5,850,000 $5,800,000 $5,750,000 $5,700,000

$438,104,983,814,042 $593,239,567,389,481 $753,933,657,681,695 $920,386,488,880,637

$19,683,683 $19,525,524 $19,367,365 $19,209,206

$29,315,352 $28,973,028 $28,630,704 $28,288,380

$10,000,000 $10,000,000 $10,000,000 $10,000,000

$438,104,983,814,042 $593,239,567,389,481 $753,933,657,681,695 $920,386,488,880,637

$149,767,418,519,230 $155,134,583,917,763 $160,694,090,634,538 $166,452,831,541,267

-$205,307,410,438 -$292,754,477,843 -$303,245,822,480 -$314,113,141,939