ESTADOO DE GANANCIAS Y PERDIDAS

AO 0 AO 1 AO 2 AO 3
Precio unitario 8 8 8
Cantidad vendida 30,000.00 33,000.00 36,300.00
Ingreso por ventas 240,000.00 264,000.00 290,400.00
Costo de ventas -96,000.00 -105,600.00 -116,160.00
Utilidad bruta 144,000.00 158,400.00 174,240.00
Gasto de ventas -44,000.00 -46,400.00 -49,040.00
Gastos administrativos -50,000.00 -50,000.00 -50,000.00
Depreciacion -34,500.00 -34,500.00 -34,500.00
UAII 15,500.00 27,500.00 40,700.00
Gastos Financieros -9,648.00 -8,599.35 -7,456.33
UAIDI 5,852.00 18,900.65 33,243.67
Utilidad extraordinaria
UAI 5,852.00 18,900.65 33,243.67
Impuestos (30%) -1,755.60 -5,670.19 -9,973.10
Utilidad Neta 4,096.40 13,230.45 23,270.57
DIVIDENDOS (40%) -1,638.56 -5,292.18 -9,308.23
UTILIDAD RETENIDA 2,457.84 7,938.27 13,962.34

BALANCE GENERAL
AO 0 AO 1 AO 2 AO 3
ACTIVO
Efectivo 4000 22,906.22 49,604.22 80,879.27
Cuentas por cobrar 20,000.00 22,000.00 24,200.00
Existencias 24000 26,400.00 29,040.00 31,944.00
Total Activo corriente 28000 69,306.22 100,644.22 137,023.27
Activo fijo neto 240,000.00 205,500.00 171,000.00 136,500.00
Total Activo 268000 274,806.22 271,644.22 273,523.27
PASIVO Y PATRIMONIO
Cuentas por pagar 16,000.00 17,600.00 19,360.00
Deuda financiera 107200 95,548.38 82,848.11 69,004.81
Total pasivo 107200 111,548.38 100,448.11 88,364.81
Capital 160800 160,800.00 160,800.00 160,800.00
Reservas 2,457.84 10,396.11 24,358.45
Total patrimonio 160800 163,257.84 171,196.11 185,158.45
Total pasivo y patrimo 268000 274,806.22 271,644.22 273,523.27
0.00 0.00 0.00 0.00
FLUJO DE EFECTIVO
AO 0 AO 1 AO 2 AO 3
INGRESOS
Utilidad neta 4,096.40 13,230.45 23,270.57
Depreciacion 34,500.00 34,500.00 34,500.00
Aumento de deuda -11,651.62 -12,700.27 -13,843.29
Ampliacion de capital 0.00 0.00 0.00
Total de ingresos 26,944.78 35,030.18 43,927.28
EGRESOS
Inversiones 240,000.00 0.00 0.00 0.00
Cuentas por cobrar 20,000.00 2,000.00 2,200.00
Existencias 24,000.00 2,400.00 2,640.00 2,904.00
Cuentas por pagar -16,000.00 -1,600.00 -1,760.00
Dividendos 1,638.56 5,292.18 9,308.23
Total de egresos 264,000.00 8,038.56 8,332.18 12,652.23
Efectivo del ao 18,906.22 26,698.00 31,275.05
Efectivo del ao anterior 4,000.00 22,906.22 49,604.22
Saldo Efectivo 0.00 22,906.22 49,604.22 80,879.27

NECESIDADES DE CAPTAL DE TRABAJO

AO 0 AO 1 AO 2 AO 3
Activo corriente 28000 69306.216595 100644.2184 137023.266234408
Pasivo corriente -16000 -17600 -19360
Capital de trabajo 28000 53306.216595 83044.21845 117663.266234408
Capital de trabajo 28000 25306.216595 29738.00185 34619.047785248

FLUJOS DE CAJA
AO 0 AO 1 AO 2 AO 3
UAII 15,500.00 27,500.00 40,700.00
Impuestos (30%) -4,650.00 -8,250.00 -12,210.00
Utilidad Neta 10,850.00 19,250.00 28,490.00
Depreciacion 34,500.00 34,500.00 34,500.00
FC OPERATIVO 45,350.00 53,750.00 62,990.00
Inversiones -240,000.00
Venta de activos
Capital de trabajo -28,000.00 -25,306.22 -29,738.00 -34,619.05
Valor residual
FC INVERSIONES (FCI) -268,000.00 -25,306.22 -29,738.00 -34,619.05
FC LIBRE (FCL) -268,000.00 20,043.78 24,012.00 28,370.95
Prestamo 107,200.00
Amortizacion -11,651.62 -12,700.27 -13,843.29
Inters -9,648.00 -8,599.35 -7,456.33
FC DEUDA (FCD) 107,200.00 -21,299.62 -21,299.62 -21,299.62
Ahorro de impuestos 2,894.40 2,579.81 2,236.90
FC ACCIONISTAS (FCA) -160,800.00 1,638.56 5,292.18 9,308.23
FC CAPITAL (FCC) -268,000.00 22,938.18 26,591.80 30,607.85
FC LIBRE AJUSTADO (FC-268,000.00 21,596.28 25,564.50 29,923.45
FCA=DIV-Ampl. Capital 1,638.56 5,292.18 9,308.23
0.00 0.00 0.00
CUADRO DEL SERVICIO DE LA DEUDA
AO 0 AO 1 AO 2 AO 3
Principal 107200 S/. 95,548.38 S/. 82,848.11 S/. 69,004.81
Inters 9648 8599.353894 7456.3296376021
Amortizacion S/. 11,651.62 S/. 12,700.27 S/. 13,843.29
Pago S/. 21,299.62 S/. 21,299.62 S/. 21,299.62

EVALUACION
Tasa libre de riesgo(Rf)
Prima del mercado(Rm-Rf)
Beta desapalancada (Bu)
C. CAPITAL sin deuda 0.15
 periodod de vida
AO 4 AO 5 activos tangib 240000
8 8 180000 8 22500
39,930.00 43,923.00 80000 5 16000
319,440.00 351,384.00 60000 5 12000
-127,776.00 -140,553.60 38500
191,664.00 210,830.40
-51,944.00 -55,138.40
-50,000.00 -50,000.00
-34,500.00 -38,500.00
55,220.00 67,192.00
-6,210.43 -4,852.41
49,009.57 62,339.59
4,000.00
53,009.57 62,339.59
-15,902.87 -18,701.88
37,106.70 43,637.72
-14,842.68 -17,455.09
22,264.02 26,182.63

AO 4 AO 5

50,875.69 133,717.11
26,620.00 29,282.00
35,138.40 0.00
112,634.09 162,999.11
170,000.00 131,500.00
282,634.09 294,499.11

21,296.00 23,425.60
53,915.62 37,468.41
75,211.62 60,894.01
160,800.00 160,800.00
46,622.47 72,805.10
207,422.47 233,605.10
282,634.09 294,499.11
0.00 0.00

AO 4 AO 5

37,106.70 43,637.72
34,500.00 38,500.00
 -15,089.19 -16,447.22
0.00 0.00
56,517.51 65,690.50

68,000.00 0.00
2,420.00 2,662.00
3,194.40 -35,138.40
-1,936.00 -2,129.60
14,842.68 17,455.09
86,521.08 -17,150.91
-30,003.57 82,841.41
80,879.27 50,875.69
50,875.69 133,717.11

AO 4 AO 5
112634.09408502 162999.106206881
-21296 -23425.6
91338.0940850203 139573.506206881
-26325.172149387 48235.4121218603

AO 4 AO 5
55,220.00 67,192.00
-16,566.00 -20,157.60
38,654.00 47,034.40
34,500.00 38,500.00
73,154.00 85,534.40
80,000.00
14,800.00
26,325.17 -48,235.41
268,216.67
121,125.17 219,981.25
194,279.17 305,515.65

-15,089.19 -16,447.22
-6,210.43 -4,852.41
-21,299.62 -21,299.62
1,863.13 1,455.72
174,842.68 285,671.75
196,142.30 306,971.38
195,831.67 307,248.15
 14,842.68 17,455.09
160,000.00 268,216.67

AO 4 AO 5
S/. 53,915.62 S/. 37,468.41
6210.4331985757 4852.406080037
S/. 15,089.19 S/. 16,447.22
S/. 21,299.62 S/. 21,299.62
VC