Inflatio México 7%

Tipo impositivo 35%

2008 2009
Costes de explotación previstos, proceso manual
Volumen unitario (000s) 496

Materiales 564,816
Mano de obra directa 1,115,184
Sobrecarga 1,680,000
Total 3,360,000
Materiales/unidad 1.1387
Mano de obra directa/unidad 2.2484

Costes de explotación previstos, nuevos equipos automáticos

Volumen unitario (000s)
Materiales 496
Mano de obra directa 542,223
Sobrecarga 524,136
Total 1,566,211
Materiales/unidad 2,632,570
Mano de obra directa/ unidad 1.0932
1.0567
Flujo de caja (MXN)
(+) Ahorro de costes
(-) Fiscalidad del ahorro
(+) Vender máquina antigua 727,430
Valor contable antiguo mach 254,601
Pérdida contabilizada por venta de activos 175,000
250,000
(+) Escudo fiscal de la amortización de (-) Compra 75,000
de nueva maquinaria Amortización 26,250
(+) Escudo fiscal de dep. 3,500,000
(-) Servicio del préstamo 350,000
122,500
Saldo 550,422
Al director 3,500,000 3,271,928
Intereses (9,21%) 228,072
(+) Impuesto Shiel intereses 322,350
112,823
(+) Valor salvaje
Flujo de caja total (3,298,750) 157,730
VAN @ Pesos @8% (532,801)
Convertir en Euros @15.99MXN/E (33,321)
 2010 2011 2012 2013 2014 2015

546 600 660 660 660 660

664,788 782,456 920,951 985,417 1,054,396 1,128,204
1,312,572 1,544,897 1,818,343 1,945,627 2,081,821 2,227,549
1,797,600 1,923,432 2,058,072 2,202,137 2,356,287 2,521,227
3,774,960 4,250,785 4,797,366 5,133,1815,492,504 5,876,980
1.2185 1.3037 1.395 1.4927 1.5971 1.7089
2.4057 2.5741 2.7543 2.9471 3.1534 3.3742

546 600 660 660 660 660

638,197 751,158 884,113 946,001 1,012,221 1,083,076
616,909 726,101 854,621 914,445 978,456 1,046,948
1,675,846 1,793,155 1,918,676 2,052,983 2,196,692 2,350,460
2,930,9523,270,414 3,657,410 3,913,429 4,187,369 4,480,484
1.1697 1.2516 1.3392 1.433 1.5333 1.6406
1.1307 1.2098 1.2945 1.3852 1.4821 1.5859

844,008 980,371 1,139,956 1,219,752 1,305,135 1,396,496

295,403 343,130 398,985 426,913 456,797 488,774

350,000 350,000 350,000 350,000 350,000 350,000

122,500 122,500 122,500 122,500 122,500 122,500
550,422 550,422 550,422 550,422 550,422 550,422
3,022,851 2,750,834 2,453,764 2,129,334 1,775,024 1,388,082
249,077 272,017 297,070 324,430 354,310 386,942
301,345 278,405 253,352 225,992 196,112 163,480
105,471 97,442 88,673 79,097 68,639 57,218

226,154 306,761 401,723 444,014 489,055 537,019

 2016 2017 2018 CAGR

660 660 660

1,207,178 1,291,681 1,382,099
2,383,477 2,550,321 2,728,843
2,697,713 2,886,553 3,088,611
6,288,368 6,728,555 7,199,553
1.8286 1.9566 2.0935
3.6104 3.8631 4.1335

660 660 660

1,158,891 1,240,014 1,326,815
1,120,234 1,198,651 1,282,556
2,514,993 2,691,042 2,879,415
4,794,118 5,129,707 5,488,786
1.7554 1.8783 2.0098
1.6969 1.8157 1.9427

1,494,250 1,598,848 1,710,767 10.0%

522,988 559,597 598,768

350,000 350,000 350,000

122,500 122,500 122,500
550,422 550,422 550,422
965,502 504,003 0
422,579 461,499 504,003
127,842 88,923 46,419
44,745 31,123 16,247
0
588,086 642,452 700,323
 Inflatio México 7%
Tipo impositivo 35%

2008 2009 2010

Costes de explotación previstos, proceso manual
Volumen unitario (000s) 496 546
Materiales 564,816 664,788
Mano de obra directa 1,115,184 1,312,572
Sobrecarga 1,680,000 1,797,600
Total 3,360,000 3,774,960
Materiales/unidad 1.1387 1.2185
Mano de obra directa/unidad 2.2484 2.4057

Costes de explotación previstos, nuevos equipos automáticos

Volumen unitario (000s) 496
Materiales 542,223 546
Mano de obra directa 524,136 638,197
Sobrecarga 1,566,211 616,909
1,675,846
Total 2,632,570 2,930,952
Materiales/unidad 1.0932 1.1697
Mano de obra directa/ unidad 1.0567 1.1307

Flujo de caja (MXN)

(+) Ahorro de costes 727,430 844,008
(-) Fiscalidad del ahorro 254,601 295,403
(+) Vender máquina antigua 175,000
Valor contable antiguo mach 250,000
Pérdida contabilizada por venta de activos 75,000
(-) Pérdida por depreciación de máquina (29,167) (29,167)
antigua
(+) Escudo fiscal por amortización de 26,250
(-) Adquisición de nueva maquinaria 3,500,000
Amortización 350,000 350,000
(+) Escudo fiscal de dep. 122,500 122,500
(+) Valor salvaje
Flujo de caja total (3,298,750) 566,163 641,938
VAN @ Pesos @12,19% 1,478,997
a) Convertir en euros @15,99MXN/E 92,495

Wacc en euros 8.00%

Wacc en pesos 12,19% Con ajuste por efecto Fisher

Euros CF's -$206,301 $34,084 $37,201

 b) VAN en euros @8% VAN en pesos $92,495 $1,478,997

Inflación México 7% 7% 7%
Inflación Euro 3% 3% 3%
PPP MXN/Euro $15.99 $16.61 $17.26

Gov rate I rate México 9.12% 9.12% 9.12%

Gov rate I rate Francia 4.81% 4.81% 4.81%
I Rata MXN/Euro $15.99 $16.65 $17.33

Expe MXN/Euro $15.99 $20.00 $20.00

c) Ajuste por inflación

(3,298,750)
VAN en pesos 566,162 621,430
869,715

Préstamo
Capex 3,298,750
Sedn a francia 869,715Tasa int máxima
4,168,465 12.19%

Saldo 4,168,465 4,168,465 4,110,613

Interés 508,310 501,255
Principal 57,852 120,175
Saldo 4,168,465 4,110,613 3,990,438
 2011 2012 2013 2014 2015 2016 2017

600 660 660 660 660 660 660

782,456 920,951 985,417 1,054,396 1,128,204 1,207,178 1,291,681
1,544,897 1,818,343 1,945,627 2,081,821 2,227,549 2,383,477 2,550,321
1,923,432 2,058,072 2,202,137 2,356,287 2,521,227 2,697,713 2,886,553
4,250,785 4,797,366 5,133,181 5,492,504 5,876,9806,288,368 6,728,555
1.3037 1.395 1.4927 1.5971 1.7089 1.8286 1.9566
2.5741 2.7543 2.9471 3.1534 3.3742 3.6104 3.8631

600 660 660 660 660 660 660

751,158 884,113 946,001 1,012,221 1,083,076 1,158,891 1,240,014
726,101 854,621 914,445 978,456 1,046,948 1,120,234 1,198,651
1,793,155 1,918,676 2,052,983 2,196,692 2,350,460 2,514,993 2,691,042
3,270,414 3,657,410 3,913,429 4,187,369 4,480,484 4,794,118 5,129,707
1.2516 1.3392 1.433 1.5333 1.6406 1.7554 1.8783
1.2098 1.2945 1.3852 1.4821 1.5859 1.6969 1.8157

980,371 1,139,956 1,219,752 1,305,135 1,396,496 1,494,250 1,598,848

343,130 398,985 426,913 456,797 488,774 522,988 559,597

(29,167)

350,000
122,500 350,000 350,000 350,000 350,000 350,000 350,000
122,500 122,500 122,500 122,500 122,500 122,500
730,574
863,471 915,339 970,838 1,030,222 1,093,763 1,161,751

$40,755 $46,367 $47,315 $48,308 $49,347 $50,432 $51,564

 7% 7% 7% 7% 7% 7% 7%
3% 3% 3% 3% 3% 3% 3%
$17.93 $18.62 $19.35 $20.10 $20.88 $21.69 $22.53

9.12% 9.12% 9.12% 9.12% 9.12% 9.12% 9.12%

4.81% 4.81% 4.81% 4.81% 4.81% 4.81% 4.81%
$18.04 $18.79 $19.56 $20.36 $21.20 $22.07 $22.98

$20.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00

683,820 783,440 915,339 970,838 1,030,222 866,394 888,710

3,990,438 3,793,219 3,472,331 2,980,414 2,373,014 1,632,161 964,795

486,601 462,552 423,422 363,437 289,369 199,029 117,649
197,219 320,888 491,917 607,401 740,853 667,365 771,061
3,793,219 3,472,331 2,980,414 2,373,014 1,632,161 964,795 193,734
 2018 CAGR

660 1,382,099
2,728,843
3,088,611
7,199,553
2.0935 4.1335

660 1,326,815
1,282,556
2,879,415
5,488,786
2.0098 1.9427

1,710,767
10.0%
598,768

350,000
122,500 0
1,234,499

$52,744
7%
3% $23.41
9.12%
4.81% $23.93
 $25.00

911,697

193,734
23,624
888,073
(694,339)