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caso de estudio 1

año unidades a vender precio venta costo unitario


1 80,000 1,400 - 650
2 90,000 1,350 - 620
3 100,000 1,300 - 610
4 110,000 1,300 - 630
5 160,000 1,320 - 620
6 150,000 1,220 - 660
7 130,000 1,290 - 670
8 130,000 1,300 - 680
9 140,000 1,310 - 690
10 140,000 1,310 - 690

activo valor adquisicion vida contable vida real


camioneta 9,500,000 5 3
camion 25,000,000 10 6
instalaciones 90,000,000 20 40
equipo 1 30,000,000 8 12
equipo 2 15,000,000 5 5
equipo 3 22,000,000 6 8
activos no despreciables 20,000,000
total 211,500,000
Flujo Caja 0
Ingresos
Venta de activos
Interes
Costos Fijos
AMORt. act intagibles.
Prestamo
Costos Variables
Depresiacion
valor libro
UAI
Impuesto 24%
UDI
Prestamo
AMORTIZACION
Depresiacion
valor libro
Inversion activos - 211,500,000
Valor de desecho
Capital de trabajo - 52,000,000
Flujo - 263,500,000
Van* - 263,500,000
VAN 197,426,222
Tir 23%

inciso c

Periodo
-
1
2
3
4
5
6

Flujo Caja 0
Ingresos
Venta de activos
Interes
Costos Fijos
AMORt. act intagibles.
Costos Variables
Depresiacion
valor libro
UAI
Impuesto 24%
UDI
Prestamo 105,750,000
AMORTIZACION
Depresiacion
valor libro
Inversion activos - 211,500,000
Valor de desecho
Capital de trabajo - 52,000,000
Flujo - 157,750,000
Van* - 157,750,000
VAN 80,879,285
Tir 22%

D)

A=

Ingresos
Costos
Venta Act.
Interéses
Depreciacion
V.L.
UAI
i=0.24
UDI
Dep. Activos
Valor libro
Amortizacion
Préstamo
K de trabajo
Inversión
V. desecho
FLUJO NETO
VAN
PRI
calendario de inversiones
0 1 2
activo
camioneta 9,500,000
camion 25,000,000
instalaciones 90,000,000
equipo 1 30,000,000
equipo 2 15,000,000
equipo 3 22,000,000
activos no despreciables 20,000,000
total 211,500,000 - -

calendario de depreciaciones
1 2 3
activo
camioneta 1,900,000 1,900,000 1,900,000
camion 2,500,000 2,500,000 2,500,000
instalaciones 4,500,000 4,500,000 4,500,000
equipo 1 3,750,000 3,750,000 3,750,000
equipo 2 3,000,000 3,000,000 3,000,000
equipo 3 3,666,667 3,666,667 3,666,667
activos no despreciables
total 19,316,667 19,316,667 19,316,667

calendario valor libro


1 2 3
activo
camioneta 3,800,000
camion
instalaciones
equipo 1
equipo 2
equipo 3
activos no despreciables
total - - 3,800,000

venta de activo 1 2 3
activo
camioneta 950,000
camion
instalaciones
equipo 1
equipo 2
equipo 3
activos no despreciables
total - - 950,000

1 2 3 4 5
112,000,000 121,500,000 130,000,000 143,000,000 211,200,000
950,000 1,500,000
- - - - -
- - - - -
- - - - -
- - - - -
- 52,000,000 - 55,800,000 - 61,000,000 - 69,300,000 - 99,200,000
- 19,316,667 - 19,316,667 - 19,316,667 - 19,316,667 - 19,316,667
- 3,800,000
40,683,333 46,383,333 46,833,333 54,383,333 94,183,333
- 9,764,000 - 11,132,000 - 11,240,000 - 13,052,000 - 22,604,000
30,919,333 35,251,333 35,593,333 41,331,333 71,579,333
- - - - -
- - - - -
19,316,667 19,316,667 19,316,667 19,316,667 19,316,667
3,800,000
- 9,500,000 - 15,000,000

50,236,000 54,568,000 49,210,000 60,648,000 75,896,000


44,853,571 43,501,276 35,026,706 38,542,900 43,065,429

cuota interes amortizacion saldo


- - - 105,750,000
22,185,906 7,402,500 14,783,406 90,966,594
22,185,906 6,367,662 15,818,244 75,148,350
22,185,906 5,260,384 16,925,521 58,222,829
22,185,906 4,075,598 18,110,308 40,112,521
22,185,906 2,807,876 19,378,029 20,734,491
22,185,906 1,451,414 20,734,491 0

1 2 3 4 5
112,000,000 121,500,000 130,000,000 143,000,000 211,200,000
2,370,000 3,000,000
- 7,402,500 - 6,367,662 - 5,260,384 - 4,075,598 - 2,807,876
- - - - -
- - - - -
- 52,000,000 - 55,800,000 - 61,000,000 - 69,300,000 - 99,200,000
- 19,316,667 - 19,316,667 - 19,316,667 - 19,316,667 - 19,316,667
- - - 3,800,000 - -
33,280,833 40,015,672 42,992,949 50,307,735 92,875,457
- 7,987,400 - 9,603,761 - 10,318,308 - 12,073,856 - 22,290,110
25,293,433 30,411,911 32,674,641 38,233,879 70,585,347
- - - - -
- 14,783,406 - 15,818,244 - 16,925,521 - 18,110,308 - 19,378,029
19,316,667 19,316,667 19,316,667 19,316,667 19,316,667
- - 3,800,000 - -
- - - 9,500,000 - - 15,000,000

29,826,694 33,910,333 29,365,786 39,440,238 55,523,985


26,630,977 27,033,110 20,901,987 25,064,984 31,505,800

FLUJO DE CAJA PARA EL INVERSIONISTA

prestamo= 211,500,000 Periodo cuota


tasa= 0.06 - -
n= 8 1 34,059,102
2 34,059,102
34,059,102 3 34,059,102
4 34,059,102
5 34,059,102
6 34,059,102
7 34,059,102
8 34,059,102

FLUJO DE CAJA

0 1 2 3 4
112,000,000 121,500,000 130,000,000 143,000,000
- 52,000,000 - 55,800,000 - 61,000,000 - 69,300,000
- - - 2,375,000 -
- 12,690,000 - 11,407,854 - 10,048,779 - 8,608,160
- - 19,316,667 - 19,316,667 - 19,316,667 - 19,316,667
- - - - 3,800,000 -
- 27,993,333 34,975,479 38,209,554 45,775,174
- - 6,718,400 - 8,394,115 - 9,170,293 - 10,986,042
- 21,274,933 26,581,364 29,039,261 34,789,132
- 19,316,667 19,316,667 19,316,667 19,316,667
- - - 3,800,000 -
- 21,369,102 - 22,651,248 - 24,010,323 - 25,450,942
211,500,000
- 52,000,000
- 211,500,000 - - - 9,500,000 -

- 52,000,000 19,222,498 23,246,783 18,645,605 28,654,856


-52000000 17,162,945 18,532,193 13,271,573 18,210,679
- 52,000,000 - 34,837,055 - 16,304,862 - 3,033,289 15,177,391

VAN= 230,270,227

TIR 56%
3 4 5 6 7

9,500,000 9,500,000
25,000,000

15,000,000

9,500,000 - 15,000,000 34,500,000 -

4 5 6 7 8

1,900,000 1,900,000 1,900,000 1,900,000 1,900,000


2,500,000 2,500,000 2,500,000 2,500,000 2,500,000
4,500,000 4,500,000 4,500,000 4,500,000 4,500,000
3,750,000 3,750,000 3,750,000 3,750,000 3,750,000
3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
3,666,667 3,666,667 3,666,667

19,316,667 19,316,667 19,316,667 15,650,000 15,650,000

4 5 6 7 8

3,800,000
10,000,000

- - 13,800,000 - -

4 5 6 7 8

950,000
2,500,000
1,500,000
2,200,000

- 1,500,000 3,450,000 - 2,200,000

6 7 8 9 10
183,000,000 167,700,000 169,000,000 183,400,000 183,400,000
3,450,000 2,200,000 950,000 38,200,000
- - - - -
- - - - -
- - - - -
- - - - -
- 99,000,000 - 87,100,000 - 88,400,000 - 96,600,000 - 96,600,000
- 19,316,667 - 15,650,000 - 15,650,000 - 15,566,667 - 15,566,667
- 13,800,000 - 3,800,000 - 102,266,667
54,333,333 64,950,000 67,150,000 68,383,333 7,166,667
- 13,040,000 - 15,588,000 - 16,116,000 - 16,412,000 - 1,720,000
41,293,333 49,362,000 51,034,000 51,971,333 5,446,667
- - - - -
- - - - -
19,316,667 15,650,000 15,650,000 15,566,667 15,566,667
13,800,000 3,800,000 102,266,667
- 34,500,000 - 22,000,000 - 9,500,000
$ 340,172,916.67
52,000,000
39,910,000 65,012,000 44,684,000 61,838,000 515,452,917
20,219,648 29,408,127 18,047,118 22,299,403 165,962,044

prestamo 105,750,000
periodo 6
interes 7%

6 7 8 9 10
183,000,000 167,700,000 169,000,000 183,400,000 183,400,000
9,875,000 5,500,000 2,375,000 3,000,000
- 1,451,414 - - - -
- - - - -
- - - - -
- 99,000,000 - 87,100,000 - 88,400,000 - 96,600,000 - 96,600,000
- 19,316,667 - 15,650,000 - 15,650,000 - 15,566,667 - 15,566,667
- 13,800,000 - - - 3,800,000 - 82,266,667
59,306,919 64,950,000 70,450,000 69,808,333 - 8,033,334
- 14,233,661 - 15,588,000 - 16,908,000 - 16,754,000 1,928,000
45,073,258 49,362,000 53,542,000 53,054,333 - 6,105,334
- - - - -
- 20,734,491 - - - -
19,316,667 15,650,000 15,650,000 15,566,667 15,566,667
13,800,000 - - 3,800,000 82,266,667
- 34,500,000 - - 22,000,000 - 9,500,000 - 15,000,000

22,955,434 65,012,000 47,192,000 62,921,000 76,728,000


11,629,937 29,408,127 19,060,057 22,689,943 24,704,363

interes amortizacion saldo


- - 211,500,000
12,690,000 21,369,102 190,130,898
11,407,854 22,651,248 167,479,650
10,048,779 24,010,323 143,469,327
8,608,160 25,450,942 118,018,385
7,081,103 26,977,999 91,040,386
5,462,423 28,596,679 62,443,708
3,746,622 30,312,479 32,131,228
1,927,874 32,131,228 0

5 6 7 8 9
211,200,000 183,000,000 167,700,000 169,000,000 183,400,000
- 99,200,000 - 99,000,000 - 87,100,000 - 88,400,000 - 96,600,000
3,000,000 9,875,000 - 5,500,000 2,375,000
- 7,081,103 - 5,462,423 - 3,746,622 - 1,927,874
- 19,316,667 - 19,316,667 - 15,650,000 - 15,650,000 - 15,566,667
- - 13,800,000 - - - 3,800,000
88,602,230 55,295,910 61,203,378 68,522,126 69,808,333
- 21,264,535 - 13,271,018 - 14,688,811 - 16,445,310 - 16,754,000
67,337,695 42,024,892 46,514,567 52,076,816 53,054,333
19,316,667 19,316,667 15,650,000 15,650,000 15,566,667
- 13,800,000 - - 3,800,000
- 26,977,999 - 28,596,679 - 30,312,479 - 32,131,228

- 15,000,000 - 34,500,000 - - 22,000,000 - 9,500,000


257,204,724
44,676,363 12,044,880 289,056,812 13,595,588 62,921,000
25,350,568 6,102,311 130,754,622 5,491,030 22,689,943
40,527,959 46,630,270 177,384,892 182,875,922 205,565,865
8 9 10

9,500,000

22,000,000

22,000,000 9,500,000 -

9 10

1,900,000 1,900,000
2,500,000 2,500,000
4,500,000 4,500,000
- -
3,000,000 3,000,000
3,666,667 3,666,667

15,566,667 15,566,667 178,333,333

9 10

3,800,000 7,600,000
15,000,000
45,000,000
-
-
14,666,667
20,000,000
3,800,000 102,266,667

9 10 0.1 venta activo

950,000 950,000
2,500,000
9,000,000
3,000,000
1,500,000
2,200,000
20,000,000
950,000 38,200,000

impuesto -24%
trema 12%

56,470,750
10
183,400,000
- 96,600,000
3,000,000

- 15,566,667
- 82,266,667
- 8,033,333
1,928,000
- 6,105,333
15,566,667
82,266,667

- 15,000,000

76,728,000
24,704,362
230,270,227