Punto eq tradicional

Vts
48,816.08 52,352.26 56,700.48 61,118.81 65,889.13
Costos fijos
Ao 1
Ao 2
Ao 3
Ao 4
Ao 5
Sueldos y salarios
2,582.16 2,765.04 2,960.88 3,155.55 3,347.02
Gastos Generales
2,326.62 2,466.85 2,615.54 2,760.05 2,913.09
Depreciacin.
11,250.00 11,250.00 11,250.00 11,250.00 14,048.29
Total costos fijos
16,158.78 16,481.89 16,826.42 17,165.60 20,308.40
Margen bruto
66.90%
68.52%
70.32%
71.91%
69.18%
Regalas
3,018.01
3,117.30 3,356.28 3,575.33 3,809.85
Publicidad y promocin
1,464.48
1,570.57 1,701.01 1,833.56 1,976.67
Total costos variables
4,482.49
4,687.87 5,057.29 5,408.90 5,786.53
% que representan las regalas sobre6.18%
el valor de 5.95%
las ventas. 5.92%
5.85%
5.78%
% que representa la publicidad.
3.00%
3.00%
3.00%
3.00%
3.00%
Margen de contribucin a costos fijos
57.72%
descontando
59.56%
gastos variables
61.40% de 63.06%
ventas y publicidad.
60.40%
Punto de equilibrio.
27,996.92 27,671.43 27,402.48 27,219.09 33,625.58
Precio de venta
7.42
7.91
8.42
8.93
9.43
Punto de equilibrio en unidades 3,773.17 3,499.89 3,252.66 3,046.57 3,565.91
Inventario inicial
400.00
548.25
551.79
560.86
570.07
Inventario final
548.25
551.79
560.86
570.07
582.28
Compras en unidades
3,921.42 3,503.43 3,261.72 3,055.79 3,578.11
Precio de compra
3.53
3.80
3.97
4.05
4.17
Precio de compra con base en punto de
4.47
equilibrio 4.74
5.03
5.33
5.63
Nmina extra
0.00
7.35
28.00
51.65
85.43
Nmina extra como %
0.00%
0.01%
0.05%
0.08%
0.13%
Margen de contribucin a costos fijos
57.72%
descontando
59.55%
gastos variables
61.36% de 62.98%
ventas y publicidad
60.27% y extras.
pto equilibrio con om xtr en pesos
27,996.92 27,677.96 27,424.54 27,255.62 33,697.92
pt equil en unidades
3,773.17 3,500.71 3,255.28 3,050.66 3,573.58
6,579.0

Tabla 37 Puntos de equilibrio dinmicos proyectados

Ao 1
Ao 2
Ao 3
Ao 4
Ao 5
Punto equilibrio para utilidad bruta7,943.44 7,773.04 6,979.99 5,707.18 5,364.47
Aumento real para utilidad bruta
-64.51%
6.23%
20.29%
19.54%
2.66%
Punto de equilibrio UAII
6,756.49
6,880.67
7,074.03
7,334.80
7,301.40
Aumento real para UAII
-12.18%
-2.81%
-3.16%
-5.42%
4.99%
Punto equilibrio utilidad neta
6,473.38
6,683.35
7,009.91
7,359.28
6,950.00
Aumento real para utilidad neta
0.31%
-6.50%
-8.08%
-8.36% 21.25528%
Unidades para saldo operativo
7,441.58
7,381.52 7,202.74
N.C
6,454.48
Aumento para saldo operativo
-42.38%
3.52%
4.59%
N.c
9.40%
unidades vendidas
Aumento real de precios en
ventas

6,578.99
0.0%

6,621.52
1.0%

6,730.31
1.0%

6,840.89
1.0%

6,987.37
1.0%

Aumento real de precios en

ventas original

0.0%

1.0%

1.0%

1.0%

1.0%

aprox

menos 1%

CXP

Precio inicial
-281.83%
Coeficiente de elasticidad
236.88%
Precio de compra base
205.47%
Fraccin ventas para exportacin
-64.41%
Nivel critico de CxC
-24.07%
Cuentas por cobrar de contado
108.43%
Valor de activos fijos
145.68%
Tasa libre de riesgo Rf
64.05%
Tasa de impuestos
24.06%
Salarios de administracin
22.89%
Beta
17.62%
Prima de riesgo de mercado PRM
17.62%
Inflacin del ao 6
12.05%
Cuentas por pagar de contado
8.18%
Patrimonio
4.17%
D% perp
-3.74%
Aumento de precios de venta ao 2
-3.28%
Prima de riesgo para deuda
-3.22%
Fraccin de reduccin de ventas por C C de contado
2.83%
Tasa de inters real
-2.37%
Poltica de inventarios
1.97%
Aumento en volumen ao 2
-1.61%
Puntos % por encima de prime rate
-1.08%
Aumento en costo unitario yr 1
1.01%
Crecimiento g real
-0.68%
Inflacin de E.E: U.U. ao 1
-0.53%
Poltica de dividendos
-0.16796%
Riesgo en "prime rate"
-0.15175%
Inflacin del ao 1
0.23997%
Proporcin de prstamo en USD$
0.16634%
0.00%
NPV
0.0%
0.0%

ms 1%

val -

abs

val+

abs

eq -

eq+

357.00%
-129.80%
-219.05%
155.05%
122.06%
-10.47%
-160.21%
-62.92%
-24.09%
-22.89%
-17.54%
-17.54%
-11.96%
-8.18%
-4.17%
3.74%
3.28%
3.23%
-2.83%
2.37%
-1.97%
1.61%
1.08%
-1.01%
0.68%
0.53%
0.16796%
0.15175%
-0.23985%
-0.16634%

357.00%
236.88%
219.05%
155.05%
122.06%
108.43%
160.21%
64.05%
24.09%
22.89%
17.62%
17.62%
12.05%
8.18%
4.17%
3.74%
3.28%
3.23%
2.83%
2.37%
1.97%
1.61%
1.08%
1.01%
0.68%
0.53%
0.16796%
0.15175%
0.23997%
0.16634%

-3.69%
3.18%
2.68%
-0.85%
-0.32%
1.43%
1.00%
0.84%
0.32%
0.29%
0.23%
0.23%
0.16%
0.11%
0.05%
-0.05%
-0.04%
-0.04%
0.04%
-0.03%
0.03%
-0.02%
-0.01%
0.01%
-0.01%
-0.01%
-0.00221%
-0.00200%
0.00137%
0.00219%

4.70%
-1.72%
-2.85%
2.07%
1.61%
-0.14%
-1.19%
-0.83%
-0.32%
-0.29%
-0.23%
-0.23%
-0.16%
-0.11%
-0.05%
0.05%
0.04%
0.04%
-0.04%
0.03%
-0.03%
0.02%
0.01%
-0.01%
0.01%
0.01%
0.00221%
0.00200%
-0.00136%
-0.00219%

4.70%
3.18%
2.85%
2.07%
1.61%
1.43%
1.19%
0.84%
0.32%
0.29%
0.23%
0.23%
0.16%
0.11%
0.05%
0.05%
0.04%
0.04%
0.04%
0.03%
0.03%
0.02%
0.01%
0.01%
0.01%
0.01%
0.00%
0.00%
0.00%
0.00%

-11.61%
9.76%
8.46%
-2.65%
-0.99%
4.47%
6.00%
2.64%
0.99%
0.94%
0.73%
0.73%
0.50%
0.34%
-0.79%
-0.15%
-0.14%
-0.13%
0.12%
-0.10%
0.08%
-0.07%
-0.04%
0.04%
-0.03%
-0.02%
-0.01%
-0.01%
0.01%
0.01%

14.71%
-5.35%
-9.02%
6.39%
5.03%
-0.43%
-6.60%
-2.59%
-0.99%
-0.94%
-0.72%
-0.72%
-0.49%
-0.34%
0.79%
0.15%
0.13%
0.13%
-0.12%
0.10%
-0.08%
0.07%
0.04%
-0.04%
0.03%
0.02%
0.01%
0.01%
-0.01%
-0.01%

0.00%

0.00%

0.000%

0.000%

0.000%

0.00%

0.00%

val

equi
0.00000%
0.00000%
0.00000%
0.00000%

abs

abs vpn+
14.71%
9.76%
9.02%
6.39%
5.03%
4.47%
6.60%
2.64%
0.99%
0.94%
0.73%
0.73%
0.50%
0.34%
0.79%
0.15%
0.14%
0.13%
0.12%
0.10%
0.08%
0.07%
0.04%
0.04%
0.03%
0.02%
0.01%
0.01%
0.01%
0.01%
0.00%

abs val +

abs equi+

357.00%
129.80%
219.05%
155.05%

4.70%
3.18%
2.85%
2.07%

14.71%
9.76%
9.02%
6.39%

10.47%
160.21%
62.92%
24.09%
22.89%
17.54%
17.54%
11.96%
8.18%
4.17%
3.74%

1.43%
1.19%
0.84%
0.32%
0.29%
0.23%
0.23%
0.16%
0.11%
0.05%
0.05%

4.47%
6.60%
2.64%
0.99%
0.94%
0.73%
0.73%
0.50%
0.34%
0.79%
0.15%

3.23%
2.83%
2.37%
1.97%
1.61%

0.04%
0.04%
0.03%
0.03%
0.02%

0.13%
0.12%
0.10%
0.08%
0.07%

0.24%

0.00%

0.01%

Resumen de escenario
Valores actuales:

CIGE5

Celdas cambiantes:
Activos fijos
45,000.0
45,500.0
Precio inicial de compra
4.20
4.30
Ventas de contado
95.0%
96.0%
Nivel crtico de CXC
85.0%
84.0%
Coeficiente de elasticidad
-0.350
-0.360
Precio del estudio de mercado
7.0
6.9
Fraccin ventas para exportacin
25.0%
23.0%
Celdas de resultado:
Valor total
48,877.6
29,523.5
Valor patrimonio
15,644.52
-4,225.21
VPN
644.52
-19,225.21
Notas: La columna de valores actuales representa los valores de las celdas cambiantes
en el momento en que se cre el Informe resumen de escenario. Las celdas cambiantes de
cada escenario se muestran en gris.

CIGE6

44,500.0
4.10
92.0%
86.0%
-0.340
7.1
26.0%
67,772.9
35,023.61
20,023.61

eldas cambiantes
eldas cambiantes de

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

Estados financieros proyectados

Ao 0

Parmetros
Informacin bsica
Activos fijos
Depreciacin lineal (Aos)
Inversin inicial de patrimonio
Proporcin del prstamo inicial en USD
Tasa de impuestos
Inventario final ao 0 unidades
Inversiones Nacionales De Chocolates
Inversiones alimenticias Noel S.A.
Carulla Vivero S.A.
Promedio
Inflacin ao 0
PRM USA
Inflacion USA ao 0
PRM
Rf
Ku nominal observado en ao 0

Ku real observado en ao 0
Precio de compra Base (Ao 0)
Endeudamiento constante a perpetuidad
Inflacin esperada ao 6 y siguientes
% de impuestos pagados en el mismo ao
Gastos generales estimados a ao 0
Nmina administrativa y de ventas fija
Porcentaje de exportacin sobre el total
TRM al da de hoy
Cantidad de nmina por unidad extra sobre
31 volumen inicial
32
33 Tasa de inflacin local
34 Tasa de inflacin USA
35 Aumento real de precios de venta local
36
37
38
39
40
41
42
43

Aumento real de precios del producto en USD$

Aumento real de precios en costo unitario
Aumento real de los gastos generales
Aumento real en nmina
Aumento real en precio de activos fijos
Aumento de volumen
Tasa de inters real
Prima de riesgo para la deuda

Ao 1

45,000.0
4.0
15,000.0
50.0%
35.0%
400.0

Food-Confectionery
Food-Misc/Diversified
Food-Retail

Beta
0.89
0.58
0.58

D/P
11.88%
3.87%
58.80%

5.01%
5.50%
1.98%
8.635%
8.44000%
14.5659100%
9.10%
4.20

100%
2,184.0
2,400.0
25.0%
1,000.00

7.48%
5.50%
0.1339574074

25.0%

0.15
6.0%
2.0%
0.0%
0.000%
0.5%
0.5%
1.5%
0.2%
0.0%
2.0%
4.91%

42
43
44
45
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90

Prima de riesgo en prime rate

0.54%
4.00%

Puntos por encima de prime para crdito en USD

Polticas y metas
Publicidad y promocin como % de las ventas
Fraccin de ventas como inventario
Porcentaje de recaudos recibido el mismo ao
Fraccin crtica para reduccin en vts por pago de
contado
Fraccin de reduccin en ventas por aumento de
pago en efectivo fraccin de cada punto >85%
Porcentaje de facturas pagadas el mismo ao
Payout ratio (fraccin de utilidades repartidas)
Saldo mnimo de caja

Ao 0

3.0%
8.3%
95.0%
100.0%
15.0%
90.0%
100.0%
100.0

nivel de endeudamiento D% crtico

100.00%

Tabla de descuentos de volumen en compra

hasta

Precio Base (Ao 0)

Ao 0
0
5,000
5,925
5,000
5,925
6,525
6,675
6,825
6,975
7,125
7,275
7,425
7,575
7,725
7,875
8,025
8,175
8,325
8,475
8,625
8,775
8,925
9,075
9,225

Investigacin de mercados
Findings of a market research

Ao 1

0
0
5,000
5,925
6,525
6,675
6,825
6,975
7,125
7,275
7,425
7,575
7,725
7,875
8,025
8,175
8,325
8,475
8,625
8,775
8,925
9,075
9,225

Ao 1
4.20
4.20
3.78
3.57
3.36
3.32
3.19
3.11
3.02
2.90
2.81
2.73
2.65
2.56
2.48
2.39
2.35
2.27
2.18
2.14
2.06
1.97

4.47
4.47
4.03
3.80
3.58
3.53
3.40
3.31
3.22
3.09
3.00
2.91
2.82
2.73
2.64
2.55
2.51
2.42
2.33
2.28
2.19
2.10

91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109

De esta Tabla podemos encontrar "la frmula" para simular el estudio de mercado

Datos y coeficientes para simular el estudio de mercado y la elasticidad

Coeficiente de elasticidad b
-0.350
Coeficiente de elasticidad b0
9,750.00
Precio de venta determinado en el estudio de
110 mercado
7.0
b
111 Frmula
Q=b0Price
112 Tabla para word
113
114
115
116
117
118
119
120
121 Aumentos de precios y de costos
122
123
124
125
126
127
128
129
130
131
132
133
134
135

6,450
6,485
6,520
6,630
6,750
6,880
6,950

7313
6,579.0

Regala unitaria en USD$

0.000410000
0.0004242
0.000432726
0.000441424
0.000450297
0.000459348
0.000467294
Ao 0

Ao 1

Aumento nominal de precio de venta anual local

Aumento de precio del producto de exportacin
Aumento nominal de precio de compra anual
Aumento nominal de gastos generales anual
Aumento nominal de nmina anual
Aumento nominal de activos fijos anual

6.0%
2.00%
6.5%
6.5%
7.6%
6.2%

Simulacin de la elasticidad precio demanda y esfuerzo de mercado

Ao 0

Elasticidad= -0.35*(Aumento real en precio de

venta)
Factor de ajuste (1+elasticidad)
D%
Factor de ajuste al aumento por D%

Ao 1
0.00000
1.00000

68.92%

60.65%
1.00000

136 (1+ aumento en volumen ajustado)

1.00000

1+ aumento neto en la demanda como el esfuerzo

de mercado, D% y la elasticidad = (1+ aumento en
137 volumen ajustado)*(1 + elasticidad)

1.00000

138
139 Clculo de las variables bsicas
140 Unidades segn estudio de mercado local
141 Unidades para exportacin (1/3)
142 Unidades vendidas sin efecto de reduccin de AR
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163

164
165

Ao 0

Ao 1
4,934.24
1,644.75
6,578.99

6,579.0

1,000.00

1.0000
6,579.0
1,644.7
4,934.2
3.92%
1,039.22

ajuste por Reduccin en vts por aumento en pago

de contado
Unidades ajustadas totales
Unidades para exportacin
Unidades vendidas en mercado local
Cambio en precio de divisa
TRM USD$

Precio de venta local

Precio de venta en USD$
Facturacin local
Facturacin en USD$
Facturacin
Regalas unitarias en USD$

7.0
0.007000

Regala unitaria en Col$

Gastos generales
Nmina administrativa y de ventas
Costo de unidad extra en nmina por unidad
vendida
Nmina extra
Regalas en USD
Publicidad y promocin
Saldo mnimo de caja para Ao 0 (basado en 20%
de los gastos generales, la nmina y las
comisionesgastos)

166 Factor de aumento del precio de los activos fijos

167 Precio del activo fijo adquirido en el futuro
168 Tasa de rendimiento de inversiones temporales

Tasa de inters local usando el CAPM

169 Kd=Rf+prima de riesgo
170 prime rate
171 Tasa de inters en USD = prime rate + puntos

2,184.0
2,400.0

7.4
0.007140
36,612.1
12,204.0
48,816.1
0.00044142
0.4587
2,326.6
2,582.2
0.161
0.0
3,018.0
1,464.5

1,585.4

1.06
8.12%
13.03%
4.60%
8.60%

172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
211
212
213
214
214
215

Tabla de depreciacin
Ao 0

Activos fijos netos iniciales

Depreciacin anual
Depreciacin acumulada
Nuevos activos fijos
Activos fijos netos
Inventarios valuados a PEPS
Inventarios y compras en unidades
Unidades vendidas
Inventario final en unidades
Inventario inicial en unidades
Compras en unidades

0.0
45,000.0

Ao 0

Ao 1
45,000.0
11,250.0
11,250.0
0.0
33,750.0

Ao 1
0.0
400.0
0.0
400.0

6,579.0
548.2
400.0
6,727.2

Costo unitario
Ao 0

Compras en unidades
Costo unitario con aumento y volumen

6,727.2
3.53

4.200

Determinacin del costo de ventas

Inventario inicial
Compras
Inventario final
Costo de ventas
Costo promedio unitario

Ao 0

Clculo de los gastos administrativos y de ventas

Regalas
Gastos generales
Pago de nmina
Pago de nmina extra
Publicidad y promocin
Gastos administrativos y de ventas

Ao 0

Balance al constituir la empresa

Activo
Caja y bancos

Ao 1

400

Ao 1
0.0
1,680.0
1,680.0
0.0

1,680.0
23,778.5
1,937.9
23,520.7
3.5751
Ao 1
3,018.0
2,326.6
2,582.2
0.0
1,464.5
9,391.3

Total

15,000.0
15,000.0

Pasivo y patrimonio
Pasivo
Capital
Total
Chequeo

0.0
15,000.0
15,000.0
0.0

216
217
218
221
222
223
224
225
226
227
226

227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256

Balance despus de adquirir activos y pasivo

Activo
Caja y bancos
Inventarios
Activos fijos
Total

1,585.4
1,680.0
45,000.0
48,265.4

Pasivo y patrimonio
Pasivo por diferencia (Tot activos - patrimonio)
Capital
Total

33,265.4
15,000.0
48,265.4

Flujo de tesorera para el ao 0 para determinar

monto del prstamo (verificacin independiente)
Ingresos de caja
Total cuentas por cobrar
Total ingresos de caja
Egresos de efectivo
Pagos totales
Gastos generales
Pagos de nmina
Comisiones de venta
Publicidad
Compra de activos fijos
Compra de activos fijos ao 4
Impuestos
Egresos de caja totales
Saldo neto de caja
Prstamo 1 LP
Prstamo 3 LP
Prstamo 2 CP
Prstamo en divisas
Pago de prstamos
Prstamo 1 LP
Prstamo 3 LP
Prstamo 2 CP
Prstamo en divisas
Inters pagado
Saldo neto de caja despus de transacciones
financieras
Patrimonio invertido
Pago de dividendos
Recompra de acciones
Saldo neto de caja despus de transacciones con
los accionistas

0.0
1,680.0

45,000.0

46,680.0
-46,680.0
33,265.4

-13,414.6
15,000.0

1,585.4

257 Venta de inversiones temporales

258 Inters recibido de inversiones temporales
259 Inversiones temporales

0.0

Saldo neto de caja despus de transacciones

260 discrecionales
261 Saldo acumulado de caja al final de ao
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302

1,585.4
1,585.4

Tabla de amortizacin prstamo 1

Ao 0

Saldo inicial
Intereses prstamo LP 1
Pago capital prstamo LP 1
Pago total prstamo LP 1
Saldo final
Tasa de inters
Tabla de amortizacin prstamo 2

Ao 1

16,632.7

Ao 0

Ao 1

Saldo inicial
Intereses prstamo CP 2
Pago capital prstamo CP 2
Pago total prstamo CP 2
Saldo final

0.0
0.0

Saldo inicial
Intereses prstamo LP 3
Pago capital prstamo LP 3
Pago total prstamo LP 3
Saldo final
Tasa de inters
Valor del prstamo en USD 1
Saldo inicial
Intereses prstamo en divisas
Pago capital prstamo en divisas
Pago total prstamo en divisas
Saldo final
Tasa de inters
en pesos
Saldo inicial
Intereses prstamo en divisas
Pago capital prstamo en divisas
Pago total prstamo en divisas
Saldo final

16,632.7
2,167.2
3,326.5
5,493.8
13,306.1
13.03%

0.0
13.03%
0

16.63

16,632.68

16.63
1.43
3.33
4.76
13.31
8.60%

16,632.68
1,486.95
3,456.99
4,943.93
13,827.95

303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347

diff en TRM

39.22

Prdida en cambio por pago de capital

Prdida en cambio por saldo en USD
Prdida en cambio total
int + perd cam

130.45
521.81
652.26
2,139.21

D%
CxP por efecto D%

68.92%

Ventas y compras
Ventas totales
Ventas de contado
Ventas a crdito
Compras totales
Compras de contado
Compras a crdito

Ao 0

Recaudos
Ventas de contado
Recaudos de cartera
Total de ingresos por ventas y recaudos
Compras de contado
Pago de cuentas por pagar
Total de pagos por compras

Ao 0

Estado de resultados
Ventas
Costo de ventas
Utilidad bruta
Gastos de ventas y administrativos
Depreciacin
Utilidad antes de intereses e impuestos (UAII o
Utilidad operativa UO)
Inters recibido por inversiones temporales
Gastos financieros en moneda local
Gastos financieros en moneda extranjera
Prdida en cambio por prstamos en divisas
Gastos financieros convertidos a moneda local
Utilidad antes de impuestos
Impuestos

Ao 0

60.65%
0.90000

Ao 1
48,816.1
46,375.3
2,440.8
23,778.5
21,400.7
2,377.9

1,680.0
0.0

Ao 1
0.0
0.0
0.0
1,680.0
0.0
1,680.0

46,375.3
0.0
46,375.3
21,400.7
0.0
21,400.7
Ao 1
48,816.1
23,520.7
25,295.4
9,391.3
11,250.0
4,654.2
0.0
2,167.2
1,486.9
652.3
4,306.4
347.7
121.70

348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370

Utilidad neta
Dividendos
Utilidades retenidas acumuladas
Tabla 11 Flujo de tesorera FT

226.0
226.0
226.0
Ao 0

Ao 1

Mdulo 1: Saldo operativo

Ingresos de caja
Total cuentas por cobrar
Total ingresos de caja
Egresos de efectivo
Pagos totales por compras
Gastos generales
Pagos de nmina fija y extra
Comisiones de venta
Publicidad
Compra de activos fijos
Compra de activos fijos ao 4
Impuestos
Egresos de caja totales
Saldo neto de caja

0.0
0.0

46,375.3
46,375.3

1,680.0
0.0
0.0
0.0
0.0
45,000.0
0.0
0.0
46,680.0
-46,680.0

21,400.7
2,326.6
2,582.2
3,018.0
1,464.5

Mdulo 2: Financiacin externa

Prstamo 1 LP
Prstamo 3 LP

16,632.7

371 Prstamo 2 CP

Prstamo en divisas
Pago de prstamos
Prstamo 1 LP
Prstamo 3 LP
Prstamo 2 CP
Prstamo en divisas
Inters pagado
Saldo neto de caja despus de transacciones
379 financieras
372
373
374
375
376
377
378

380
381
382
383

0.0
16,632.7

0.0

3,326.5
0.0
0.0
3,457.0
3,654.2

-13,414.6

5,023.9

Mdulo 3: Transacciones con el inversionista

Patrimonio invertido
Pago de dividendos
Recompra de acciones
Saldo neto de caja despus de transacciones con
384 los accionistas
385
386
387
388

0.0
121.7
30,913.6
15,461.6

15,000.0
0.0
0.0
1,585.4

5,023.9

0.0
0.0

0.0
0.0
6,509.3

Mdulo 4: Otras transacciones

Venta de inversiones temporales

Inters recibido de inversiones temporales
Inversiones temporales

Saldo neto de caja despus de transacciones

389 discrecionales
390 Saldo acumulado de caja al final de ao
391
392
393 Balance general
394 Activos
395
396 Caja y bancos
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432

1,585.4
1,585.4

Ao 0

-1,485.4
100.0

Ao 1

1,585.4

100.0

0.0
1,680.0
0.0
0.0
3,265.4
45,000.0
48,265.4

2,440.8
1,937.9
6,509.3
0.0
10,988.0
33,750.0
44,738.0

0.0
0.0
0.0
0.0
16,632.7
16,632.7
33,265.4
15,000.0
0.0
48,265.4
68.92%
0.0

2,377.9
0.0
0.0
2,377.9
13,306.1
13,828.0
29,511.9
15,000.0
226.0
44,738.0
60.65%
0.0

FCD
menos nueva deuda
ms Pago de deuda
pago de intereses
FCD

-33,265.4
0.0
0.0
-33,265.4

0.0
6,783.5
3,654.2
10,437.7

FCA
menos emisin de acciones
ms recompra de acciones
ms dividendos
FCA

-15,000.0
0.0
0.0
-15,000.0

0.0
0.0
0.0
0.0

FCD

-33,265.4

10,437.7

Cuentas por cobrar

Inventario
Inversiones temporales
Inters causado
Activo corriente
Activos fijos netos
Total
Pasivos y patrimonio
Cuentas por pagar
Deuda corto plazo
Impuestos causados y por pagar
Pasivos corrientes
Deuda en moneda local
Deuda en divisas
Total Pasivos
Patrimonio
Utilidades retenidas
Total
D%

Chequeo
CCF desde the CF statement

433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467

FCA
CCF= FCD + FCA
ventas
UODI
crec UODI
Tasa de inflacin esperada
tasa de crecimiento real en unidades
crecimiento g real
crecimiento g ajustado por inflacin ao 6 en adelante
Valor Total en libros
ROMVIC=UODI/Mkt val
ROMVIC promedio
ROMVIC real
ROMVIC ao N+1
h=g/ROMVIC
Ku para N+1 y sig
WACC(N+1) = Ku - KdT(D%perp)

-15,000.0
-48,265.4

0.0
10,437.7

0.00

48,816.08
3,025.21

0.0%

48,265.4

44,738.0
6.3%

33,265.4

27,134.1

UODI
(UODI)(1-h))(1+g)/(WACCN-g)
Caja y bancos
CxC
Invers tempor
CxP
Liquid act ctes
VT ajustado
deuda balance
CCF=FCD+FCA
WACC para CCF Ku

tot val
468 Patrimonio = val tot -deuda
469 VPN
470
471
FCD
menos nueva deuda
ms Pago de deuda
pago de intereses
FCD
VT FCD
FCD + VT

10,437.7
15.65%
54,374.4

52,444.1

21,109.01

25,309.97

6,109.01
6,109.01
0.00
0.0
6,783.5
3,654.2
10,437.7
10,437.7

486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
501
502
503
504
505
506
507
508
509
510
511
512
513
514
515
516
517
518
519
520
521
522

FCA
menos emisin de acciones
ms recompra de acciones
ms dividendos
FCA
VT FCA = VT - Deuda
FCA
Ku
Kd
Ke
Levered equity

0.0
0.0
0.0
0.0

21,109.0

0.0
15.65%
12.95%
19.90%
25,310.0

0.0
1,680.0
1,680.0

2,440.8
1,937.9
4,378.7

0.0
0.0
0.0
0.0

2,377.9
0.0
0.0
2,377.9

1,680.0

2,000.8
320.8

0.0
0.0
0.0
0.0
-45,000.0

4,654.2
-1,629.0
11,250.0
-320.8
0.0

-45,000.0

13,954.4

D%

cap traba
Cuentas por cobrar
Inventario
act cor
Cuentas por pagar
Deuda corto plazo
Impuestos causados y por pagar
pas cor
cap tr
camb cap tr
Utilidad antes de intereses e impuestos (UAII o Utilidad operativa UO) 0
imp ebit
Depreciacin
0
menos camb cap tr
menos inver
mas TV
fcl fcf
ts
ccf
vt
ccf +vt
val firm
Levered equity
FCA CFE
Levered equity
Ke
CFE
CFE suponiendo que invers no en cap trab
CFE sin repartir
CFE suponiendo que invers no en cap trab
CFE con repartir

1,507.3
15,461.6

56,554.5
23,289.1
23,289.1

15,461.6
49,941.4
5,023.9
22,807.3
19.5%
5,024
5,024
6,609

CFE con repartir y suponiendo que invers no en cap trab

5,024

FCF
FCF suponiendo que invers no en cap trab
FCF sin repartir
FCF suponiendo que invers no en cap trab
FCF con repartir
FCF con repartir y suponiendo que invers no en cap trab

8,930
13,954
8,930
13,954
15,540
13,954

WACC
PV(FCF)

54,374.4

12.87%
52,444.1

con ft
levered value
54,374.4
0
54,374.4
1
54,374.4
0.00%

se inv exc
se reparte todo explic

si inv exc es refer

se inv exc
se reparte todo explic

0
1

0.00%
0.00%

562
563
564
565 GL
566
567
568
569
570
571
572
573
574

2500

Costos legales y de RR HH
=SI(D%>55%;GL*D%;0)

1516.27905

1.00

Activos fijos
Precio inicial de compra
Ventas de contado
Nivel crtico de CXC

45,000.00
4.20
95.0%
85.0%

45,500.00
4.40
92.0%
86.0%

Coeficiente de elasticidad
Precio del estudio de mercado

-0.350
7.0

-0.340
7.1

CxP

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%

CFD with negative debt

FCD + VT
Invest mkt sec
Venta de inversiones temporales
Inters recibido de inversiones temporales
Inversiones temporales

10,437.7
-6,509.3

NEW CFD

16,947.0

CFE
Interest = Int payments - returns
TS
New debt with neg debt
Kd
FCF = CFD+CFE-TS
WACC = Ku - TS/TV
Tval
FCF as trad

39,774.6

56,204.6

3,654.2
1,279.0
33,596.6
9.19%
15,668.0
13.4%
48,051.4
8,930.5

WACC = Ku - TS/TV
Tval
CFE
equity= totval-debt
Ke
PV(CFE)

50,524.0

15.6%
49,498.4
-

16,430.0
17,394.9

30.4%
22,685.5

Ao 2

Ao 3

Ao 4

Ao 5

Ao 6

48,877.625658
54,374.362515
-5,496.73686
-11.24592%
Se reparte todo? S = 1 No = 0

Beta desapalancada
0.7937065
0.5622376
0.3658783

0.0
1.50%
1.98%
2.004000000%
2.00%

-5,496.74
-5,496.74
-5,496.74
-5,496.7369
-5,496.74

0.5739408

rp

1.17%

Ku nom
0.14565908

30.0%
4.5%

25.0%

25.0%

25.0%

25.0%

5.5%
2.8%
1.0%

5.5%
1.6%
1.0%

5.0%
2.2%
1.0%

4.5%
1.9%
1.0%

1.000%
0.5%
0.5%
1.5%
0.2%
1.0%
2.0%
4.9%

1.000%
0.5%
0.5%
1.5%
0.2%
2.0%
2.0%
4.9%

1.000%
1.0%
0.5%
1.5%
0.2%
2.0%
2.0%
4.9%

1.000%
1.0%
1.0%
1.5%
0.2%
2.5%
2.0%
4.9%

2.0%
4.9%

0.54%
4.00%

Ao 2

0.54%
4.00%

Ao 3

0.54%
4.00%

Ao 4

0.54%
4.00%

Ao 5

3.0%
8.3%

3.0%
8.3%

3.0%
8.3%

3.0%
8.3%

110.0

120.0

130.0

140.0

Ao 2

Ao 3

Ao 4

4.74
4.74
4.27
4.03
3.80
3.75
3.61
3.51
3.42
3.27
3.18
3.08
2.99
2.89
2.80
2.70
2.66
2.56
2.47
2.42
2.32
2.23

5.03
5.03
4.53
4.28
4.02
3.97
3.82
3.72
3.62
3.47
3.37
3.27
3.17
3.07
2.97
2.87
2.82
2.72
2.62
2.57
2.46
2.36

3.0
3.5
4.0

Q sold
6,637.6
6,289.0
6,001.8

Price

Ao 5
5.33
5.33
4.80
4.53
4.27
4.21
4.05
3.95
3.84
3.68
3.57
3.47
3.36
3.25
3.15
3.04
2.99
2.88
2.77
2.72
2.61
2.51

5.63
5.63
5.07
4.79
4.50
4.45
4.28
4.17
4.05
3.88
3.77
3.66
3.55
3.43
3.32
3.21
3.15
3.04
2.93
2.87
2.76
2.65

Descuento
100%
90.00%
85.00%
80.00%
79.00%
76.00%
74.00%
72.00%
69.00%
67.00%
65.00%
63.00%
61.00%
59.00%
57.00%
56.00%
54.00%
52.00%
51.00%
49.00%
47.00%

0%
10%
15%
20%
21%
24%
26%
28%
31%
33%
35%
37%
39%
41%
43%
44%
46%
48%
49%
51%
53%

50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%

4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
9.0
9.5
10.0
10.5
11.0

5,759.4
5,550.9
5,368.8
5,207.8
5,063.9
4,934.2
4,816.5
4,708.9
4,610.1
4,518.8
4,434.1
4,355.2
4,281.4
4,212.3

6578.987152

1.00

5,000
6,000
6,490
6,520
6,660
6,750
6,950
Ao 2

Ao 3
6.6%
3.83%
6.0%
6.0%
7.1%
5.7%

Ao 2

Regala unitaria en USD$

0.000410000
0.000424200
0.000432726
0.000441424
0.000450297
0.000459348
0.000467294
Ao 4

6.6%
2.62%
6.0%
6.0%
7.1%
5.7%

Ao 3

Ao 5
6.1%
3.22%
6.1%
5.5%
6.6%
5.2%

Ao 4

5.5%
2.92%
5.5%
5.5%
6.1%
4.7%

6.1%

Ao 5

-0.00350
0.99650

-0.00350
0.99650

-0.00350
0.99650

-0.00350
0.99650

51.18%

38.98%

60.09%

54.00%

1.00000

1.00000

1.00000

1.00000

50%
55%
60%

1.01000

1.02000

1.02000

1.02500

65%

1.00647

1.01643

1.01643

1.02141

70%
75%
80%

6,987.4 -0.062074

85%

Ao 2

Ao 3

Ao 4

Ao 5

6,621.5

6,730.3

6,840.9

1.0000
6,621.5
2,207.2
4,414.3
2.63%
1,066.51

1.0000
6,730.3
2,243.4
4,486.9
3.84%
1,107.45

1.0000
6,840.9
2,280.3
4,560.6
2.74%
1,137.79

1.0000
6,987.4
2,329.1
4,658.2
2.55%
1,166.82

7.9
0.007413
34,901.5
17,450.8
52,352.3
0.00044142
0.4708
2,466.9
2,765.0

8.4
0.007607
37,800.3
18,900.2
56,700.5
0.00045030
0.4987
2,615.5
2,960.9

8.9
0.007852
40,745.9
20,372.9
61,118.8
0.00045935
0.5226
2,760.1
3,155.6

9.4
0.008082
43,926.1
21,963.0
65,889.1
0.00046729
0.5452
2,913.1
3,347.0

0.173
7.4
3,117.3
1,570.6

0.185
28.0
3,356.3
1,701.0

0.197
51.7
3,575.3
1,833.6

0.209
85.4
3,809.9
1,976.7

1.12

1.19

7.61%

7.61%

1.25
56,193.16
7.10%

1.31
0.0
6.59%

12.52%
5.42%
9.42%

12.52%
4.19%
8.19%

12.01%
4.81%
8.81%

90%
95%
100%

-8.8023

11.50% 11.50000%
4.50%
8.50%

Ao 2
33,750.0
11,250.0
22,500.0
0.0
22,500.0

Ao 2
6,621.5
551.8
548.2
6,625.1

4
Ao 2
6,625.1
3.80
Ao 2

Ao 3
22,500.0
11,250.0
33,750.0
0.0
11,250.0

Ao 4
11,250.0
11,250.0
45,000.0
56,193.2
56,193.2

Ao 3
Ao 4
Ao 5
6,730.3
6,840.9
6,987.4
560.9
570.1
582.3
551.8
560.9
570.1
6,739.4
6,850.1
6,999.6

Ao 3
Ao 4
Ao 5
6,739.4
6,850.1
6,999.6
3.97
4.05
4.17

1,937.9
25,143.2
2,094.1
24,986.9
3.774

Ao 3
Ao 4
2,094.1
26,779.7
2,228.6
26,645.2
3.959

3,117.3
2,466.9
2,765.0
7.4
1,570.6
9,927.1

Ao 3
Ao 4
3,356.3
2,615.5
2,960.9
28.0
1,701.0
10,661.7

Ao 2

Ao 5
56,193.2
14,048.3
59,048.3
0.0
42,144.9

Ao 5
2,228.6
27,770.3
2,311.1
27,687.8
4.047

2,311.1
29,161.5
2,425.9
29,046.7
4.157
Ao 5

3,575.3
2,760.1
3,155.6
51.7
1,833.6
11,376.2

3,809.9
2,913.1
3,347.0
85.4
1,976.7
12,132.1

Ao 2
13,306.1
1,665.9
3,326.5
4,992.5
9,979.6
12.52%
Ao 2

Ao 3
Ao 4
9,979.6
1,249.4
3,326.5
4,576.0
6,653.1
12.52%
Ao 3

Ao 5
6,653.1
799.0
3,326.5
4,125.6
3,326.5
12.01%

Ao 4

3,326.5
382.6
3,326.5
3,709.1
0.0
11.50%
Ao 5

0.0
0.0

0.0
0.0

0.0
0.0

0.0

0.0

0.0

0.0

1,955.4

29,961.0
3,445.5
5,992.2
9,437.7
23,968.8
11.50%

0.0

0.0

12.52%

12.52%

0.0
29,961.0
12.01%

13.31
1.25
3.33
4.58
9.98
9.42%

9.98
0.82
3.33
4.14
6.65
8.19%

6.65
0.59
3.33
3.91
3.33
8.81%

3.33
0.28
3.33
3.61
8.50%

13,827.95
1,337.23
3,547.78
4,885.01
10,643.35

10,643.35
905.41
3,683.97
4,589.38
7,367.94

7,367.94
666.72
3,784.90
4,451.62
3,784.90

3,784.90
329.93
3,881.47
4,211.40
-

27.29

40.94

30.34

29.03

90.80
272.39
363.19
1,700.41

136.18
272.37
408.55
1,313.96

100.93
100.93
201.86
868.58

96.57
96.57
426.50

54.00%
0.90000

51.18%
0.90000

38.98%
0.90000

60.09%
0.90000

52,352.3
49,734.6
2,617.6
25,143.2
22,628.8
2,514.3

Ao 3
Ao 4
56,700.5
53,865.5
2,835.0
26,779.7
24,101.7
2,678.0

61,118.8
58,062.9
3,055.9
27,770.3
24,993.2
2,777.0

49,734.6
2,440.8
52,175.5
22,628.8
2,377.9
25,006.7

Ao 3
Ao 4
53,865.5
2,617.6
56,483.1
24,101.7
2,514.3
26,616.0

52,352.3
24,986.9
27,365.4
9,927.1
11,250.0

Ao 3
Ao 4
56,700.5
26,645.2
30,055.3
10,661.7
11,250.0

Ao 2

Ao 2

Ao 2

6,188.3
495.4
1,665.9
1,337.2
363.2
3,366.3
3,317.3
1,161.04

8,143.6
987.1
1,249.4
905.4
408.6
2,563.4
6,567.3
2,298.57

Ao 5
65,889.1
62,594.7
3,294.5
29,161.5
26,245.4
2,916.2

Ao 5
58,062.9
2,835.0
60,897.9
24,993.2
2,678.0
27,671.2

62,594.7
3,055.9
65,650.6
26,245.4
2,777.0
29,022.4
Ao 5

61,118.8
27,687.8
33,431.0
11,376.2
11,250.0

65,889.1
29,046.7
36,842.4
12,132.1
14,048.3

10,804.8
1,386.9
799.0
666.7
201.9
1,667.6
10,524.1
3,683.45

10,662.1
0.0
3,828.1
329.9
96.6
4,254.6
6,407.5
2,242.62

82,716.1

18,986.0

2,156.2
2,156.2
2,156.2
Ao 2

4,268.8
4,268.8
4,268.8
Ao 3

6,840.7
6,840.7
6,840.7
Ao 4

4,164.9
4,164.9
4,164.9

6,651.0
21.255281760%
21.255281761%
21.255281762%
21.255281763%
21.255281764%
21.255281765%
21.255281766%

Ao 5

52,175.5
52,175.5

56,483.1
56,483.1

60,897.9
60,897.9

65,650.6
65,650.6

25,006.7
2,466.9
2,772.4
3,117.3
1,570.6

26,616.0
2,615.5
2,988.9
3,356.3
1,701.0

27,671.2
2,760.1
3,207.2
3,575.3
1,833.6

29,022.4
2,913.1
3,432.4
3,809.9
1,976.7

0.0
1,161.0
36,094.9
16,080.6

0.0
2,298.6
39,576.3
16,906.8

56,193.2
3,683.5
98,924.0
-38,026.1

0.0
2,242.6
43,397.1
22,253.5

4,164.9
4164.870678
4164.870678
4164.870678
4164.870678
4164.870678
4164.870678
4164.870678

48,449.0

29,961.0
0.0

0.0

0.0

1,955.4

3,326.5
0.0
0.0
3,547.8
3,003.2

3,326.5
0.0
0.0
3,684.0
2,154.9

3,326.5
0.0
0.0
3,784.9
1,465.8

3,326.5
5,992.2
0.0
3,881.5
4,158.0

6,203.1

7,741.4

-16,642.2

6,850.7

226.0
0.0

2,156.2
0.0

4,268.8
0.0

6,840.7
0.0

5,977.1

5,585.2

-20,911.0

10.0

6,509.3
495.4
12,971.7

12,971.7
987.1
19,534.1

19,534.1
1,386.9
0.0

0.0
0.0
0.0

54,374.4
21,109.0
6,109.0

0.00

10.0
110.0

Ao 2

10.0
120.0

Ao 3

10.0
130.0

Ao 4

10.0
140.0

Ao 5

110.0

120.0

130.0

140.0

0.21%

2,617.6
2,094.1
12,971.7
0.0
17,793.5
22,500.0
40,293.5

2,835.0
2,228.6
19,534.1
0.0
24,717.7
11,250.0
35,967.7

3,055.9
2,311.1
0.0
0.0
5,497.0
56,193.2
61,690.2

3,294.5
2,425.9
0.0
0.0
5,860.3
42,144.9
48,005.2

5.00%
3.68%
0.00%
0.00%

2,514.3
0.0
0.0
2,514.3
9,979.6
10,643.4
23,137.3
15,000.0
2,156.2
40,293.5
51.18%
0.0

2,678.0
0.0
0.0
2,678.0
6,653.1
7,367.9
16,699.0
15,000.0
4,268.8
35,967.7
38.98%
0.0

2,777.0
0.0
0.0
2,777.0
33,287.6
3,784.9
39,849.5
15,000.0
6,840.7
61,690.2
60.09%
0.0

2,916.2
1,955.4
0.0
4,871.5
23,968.8
0.0
28,840.3
15,000.0
4,164.9
48,005.2
54.00%
0.0

0.0
6,874.3
3,003.2
9,877.5

0.0
7,010.5
2,154.9
9,165.4

-29,961.0
7,111.4
1,465.8
-21,383.8

-1,955.4
13,200.2
4,158.0
15,402.8

0.0
0.0
226.0
226.0

0.0
0.0
2,156.2
2,156.2

0.0
0.0
4,268.8
4,268.8

0.0
0.0
6,840.7
6,840.7

9,877.5

9,165.4

-21,383.8

15,402.8

63.96%
72.86%
4.43%
0.00%
36.38%
43.77%
22.77%
6.32%

226.0
10,103.5

2,156.2
11,321.6

4,268.8
-17,115.1

6,840.7
22,243.5

52,352.26
7.24%
4,022.37
32.96%

56,700.48
8.31%
5,293.34
31.60%

61,118.81
7.79%
7,023.15
32.68%

65,889.13
7.80%
6,930.34
-1.32%

1.0%

2.0%

2.0%

40,293.5
9.0%

35,967.7
13.1%

61,690.2
19.5%

7.79%

15.68%
promedio
2.5%
1.5%
1.8%
6.32875%

11.2%
12.8%
7.9445%
12.80%
0.49
14.01%
12.80%
6,930.3 7,368.94
57,560.87
140.0
3,294.5
2,920.6 discounted with wacc perp
0.0
-2,585.2 discounted with wacc perp
475.4
58,036.2

20,623.0

14,021.0

37,072.5

25,924.2

10,103.5
15.10%

11,321.6
15.10%

-17,115.1
14.56%

80,279.8
14.01%

50,259.9

46,527.8

70,415.0

29,636.93

32,506.79

33,342.52

0.0
6,874.3
3,003.2
9,877.5

0.0
7,010.5
2,154.9
9,165.4

-29,961.0
7,111.4
1,465.8
-21,383.8

9,877.5

9,165.4

-21,383.8

-1,955.4
13,200.2
4,158.0
15,402.8
25,924.2
41,327.0

0.0
0.0
226.0
226.0

0.0
0.0
2,156.2
2,156.2

0.0
0.0
4,268.8
4,268.8

0.0
0.0
6,840.7
6,840.7
32,112.0
38,952.7
14.01%
11.48%
16.83% no rep
rep

226.0
15.10%
12.41%
17.99%
29,636.9

2,156.2
15.10%
12.43%
16.96%
32,506.8

4,268.8
14.56%
11.89%
15.70%
33,342.5

2,617.6
2,094.1
4,711.8

2,835.0
2,228.6
5,063.7

3,055.9
2,311.1
5,367.0

3,294.5
2,425.9
5,720.3

2,514.3
0.0
0.0
2,514.3

2,678.0
0.0
0.0
2,678.0

2,777.0
0.0
0.0
2,777.0

2,916.2
1,955.4
0.0
4,871.5

2,197.4
196.6

2,385.7
188.3

2,590.0
204.3

848.8
-1,741.2

6,188.3
-2,165.9
11,250.0
-196.6
0.0

8,143.6
-2,850.3
11,250.0
-188.3
0.0

10,804.8
-3,781.7
11,250.0
-204.3
-56,193.2

15,075.8

16,355.1

-38,124.3

10,662.1
-3,731.7
14,048.3
1,741.2
0.0
58,036.2
80,756.0

1,178.2
16,254.0

897.2
17,252.3

583.7
-37,540.6

1,489.1
82,245.1

16,254.0
41,228.8

17,252.3
30,202.3

-37,540.6
72,138.9

82,245.1

6,376.5
20,605.8
18.3%

8,086.9
16,181.3
17.8%

-16,156.8
35,066.4
16.9%

40,918.1

226
6,376
226
6,376
6,376

2,156
8,087
2,156
8,087
8,087

4,269
-16,157
4,269
-16,157
3,627

38,953
40,918
38,953
40,918
17,560

16.7%

6,376

8,087

3,627

81,936

8,925
15,076
8,925
15,076
15,076
15,076

10,424
16,355
10,424
16,355
16,355
16,355

-17,699
-38,124
-17,699
-38,124
-38,124
-38,124

78,791
80,756
78,791
80,756
78,661
85,140

12.85%
50,259.9

13.32%
46,527.8

13.30%
70,415.0

11.89%

con ft
equity
21,109.01
21,109.0
21,109.0
0.00%

con er
con er
levered value equity
56,554.5
23,289.1
56,554.5
23,289.1
56,554.5
23,289.1
0.00%
0.00%

0.00%
0.00%

4.01%
4.01%

10.33%
10.33%

1502.364633
NPV

99.0%
1.01
1.00

0.69300
0.70700
0.70000

4.01%
4.01%
4.01%

val
6,109.0
6,109.01
6,109.01
6,109.01

54,374.4
54,374.36
54,374.36
54,374.36
pas
CxC

6,109.01
50%
55%

50%
2,679.93
2,207.59

55%
3,392.48
3,083.13

10.33%
10.33%
10.33%

equi
21,109.01 NPV
val
21,109.01
0.0000000%
21,109.01
0.0000000%
21,109.01
0.0000000%

0.0000000%
0.0000000%
0.0000000%

60%
4,058.14
3,748.79

65%
4,692.05
4,414.45

70%
5,259.09
4,997.78

75%
5,826.13
5,564.82

60%
65%
70%
75%
80%
85%
90%
95%
100%

1,795.85
1,286.08
-1,404.14
-1,897.88
-2,292.46
-2,865.53
-4,088.45
-4,663.47
-5,237.55
2,679.93

2,614.22
2,130.94
1,682.19
-964.38
-1,457.32
-1,863.20
-2,444.24
-3,680.26
-4,263.15
3,392.48

54,374.4

21,109.0

6,109.0

48,984.92

15,751.82

751.82

48,963.45

15,730.35

730.35

-0.04%

-0.14%

-2.9%

48,941.98

15,708.88

708.88

-0.09%

-0.27%

-5.7%

48,920.52
48,899.07
48,877.63
48,856.19
48,834.76
48,813.33
48,791.91
48,770.50

15,687.42
15,665.97
15,644.52
15,623.08
15,601.65
15,580.23
15,558.81
15,537.40

687.42
665.97
644.52
623.08
601.65
580.23
558.81
537.40

-0.13%
-0.18%
-0.22%
-0.26%
-0.31%
-0.35%
-0.39%
-0.44%

-0.41%
-0.55%
-0.68%
-0.82%
-0.95%
-1.09%
-1.23%
-1.36%

-8.6%
-11.4%
-14.3%
-17.1%
-20.0%
-22.8%
-25.7%
-28.5%

9,877.5

9,165.4

-21,383.8

41,327.0

6,509.3
495.4
-12,971.7

12,971.7
987.1
-19,534.1

19,534.1
1,386.9
-0.0

0.0
0.0
-

15,844.6

14,740.6

-42,304.8

41,327.0

226

2,156

4,269

38,953

2,507.8
877.7
27,185.3
7.46%
15,192.9
13.3%
39,236.8

1,167.7
408.7
-5,513.1
4.30%
16,488.1
14.1%
28,265.0

78.8
27.6
37,072.5
-1.43%
-38,063.7
14.5%
70,415.0

4,158.0
1,455.3
23,968.8
11.22%
78,824.5
11.9%

8,925.3

10,424.4

-17,698.7

78,790.7

max

3,439.44 4,105.10
3,011.52 3,795.75
2,528.38 3,365.10
2,075.87 2,924.84
-576.26 2,468.25
-1,028.05 -189.72
-1,436.69 -645.45
-2,026.51 -1,013.36
-3,276.59 -2,275.87
4,058.14 4,692.05

4,736.46
4,461.41
4,152.06
3,718.47
3,274.40
2,859.17
195.04
-70.19
-644.16
5,259.09

5,303.51
5,042.19
4,780.88
4,508.37
4,071.60
3,615.83
994.16
577.77
307.81
5,826.13

15.1%
48,047.5
226.0

15.1%
44,878.3
2,156.2

14.6%
69,109.0
4,268.8

26.4%
28,450.5

25.4%
33,527.9

11.9%
33,257.8

14.0%
38,952.7
17.1%

Base Price (Ao 0)

10.00%
15.00%
20.00%
21.00%
24.00%
26.00%
28.00%
31.00%
33.00%
35.00%
37.00%
39.00%
41.00%
43.00%
44.00%
46.00%
48.00%
49.00%
51.00%
53.00%

83.20%
73.84%
71.67%
69.57%
67.52%
65.54%
63.61%
61.74%
59.93%
58.17%
56.46%
54.80%
53.19%
51.62%
50.11%
48.63%
47.21%
45.82%
44.47%
43.16%

Crec
-1.4746
1.8585

CXP
0.0354
0.8676

1.0133
1.004334

1.1212
1.04747

88.53%
88.71%

0.980976

0.97374

88.88%

0.943226

0.90001

89.06%

0.891084
0.82455
0.743624

0.82628
0.75255
0.67882

89.24%
89.42%
89.59%

0.648306

0.60509

89.77%

0.538596
0.414494
0.276

0.53136
0.45763
0.3839

89.95%
90.12%
90.30%

51,122.3 -0.059808
17,889.2 -0.152531
2,889.2 -0.527056

Precio inicial
Coeficiente de elasticidad
Precio de compra base
Nivel crtico de CxC
Cuentas por cobrar
Valor de activos fijos

equi
0.0000000%
0.0000000%
0.0000000%

80%
6,393.17
6,131.86

85%
90%
6,960.21 3,848.36
6,698.90 3,583.61

95%
3,457.24
3,194.08

100% max
2,498.96 6,960.21
2,235.59 6,698.90

5,870.55
5,609.24
5,347.92
5,086.61
4,825.30
4,377.51
3,955.75
1,327.11
906.59
6,393.17

6,437.59
6,176.28
5,914.97
5,653.66
5,392.34
5,131.03
4,663.06
4,293.92
1,657.85
6,960.21

3,318.86
3,054.10
2,789.35
2,524.60
2,259.84
1,946.13
1,542.40
1,175.10
806.47
3,848.36

Activos fijos
Precio inicial de compra
Ventas de contado
Nivel crtico de CXC
Coeficiente de elasticidad
Precio del estudio de mercado

2,930.92 1,972.21
2,667.76 1,708.84
2,404.60 1,445.46
2,141.44 1,182.08
1,878.29
918.71
910.91
600.97
644.52
310.72
204.17
-73.27
-167.50 -3,688.88
3,457.24 2,498.96

6,437.59
6,176.28
5,914.97
5,653.66
5,392.34
5,131.03
4,663.06
4,293.92
1,657.85