UNIVERSIDAD AUTONOMA DE QUERETARO

FACULTAD DE CONTADURÍA Y ADMINISTRACION

International Global Business Management
Name: ___________SOFÍA MURADAS HERNÁNDEZ Date:_________13 DE NOVIEMBRE DEL 2020

The High Performance Specialties company attends the automotive market by offering their product at a sale price of 3 usd/kg.
HPS maked an investment to purchase of new assets who was financed a long-term debt $100MM through a bank loan amortized to 5 years
at a yearly interest rate of CETES + 5 Pts payed monthly.
The maximum asset capacity (MAC) operation is 7,500 tons / year. The company currently volume production is 70% from MAC.
The depreciation of these new assets is by a 10-year straight line with 15% of salvage value. The tax rate of ISR is 30% and 10% PTU.
The manufacturing units costs are shown in Table 1.
INVESTMENT= Long term debt + working capital WC= $20MM
Analysis
1) Fill the blank on next table HPS by projecting the income statement to 5 years. (2 pt.)

Base Period 1 Period 2 Period 3 Period 4 Period 5

EBITDA
Cash Flow

2 ) Calculate the NPV at a discount rate of 5 , 15, 25 , 35 and 45 %. Develop graphical and make correlational analysis. (2.5 pts)

Disc. Rate 5% 15% 25% 35% 45% 50%

NPV

3) Calculate Pay back at a discount rate of 5 , 15, 25 , 35 and 45 %. Develop graphical and make correlational analysis. (2.5 pts)

Disc. Rate 5% 15% 25% 35% 45% 50%

Pay back

4) Perform risk analysis according to the current economic environment supporting their assumptions for the probability criteria. (3 points)
Advice: Table from critical variable change and estándar deviation needed.

Additional pBased on the financial position of the company HPS. Issue an advice and recommendations you would make
to recover the investment made by HPS in the shortest time possible. (1 point)
Table 1 Units: Pesos mn/kg
VARIABLES: 200Y Period
  Main Raw Material 16.005
  Other Commodities 0.313
  packing 1.282
  Material Operation 0.288
  fuel 0.855
  electricity 1.397
  water 0.284
  TOTAL VARIABLE: 20.424
  FIXED:
  Labor 0.634
Ind. Labor plant 0.401
Ind. Labor Complex 0.542
  Total Labor 1.577
  salaries 0.200
Ind Salaries Plant 0.329
  Indirect Salaries Complex 0.625
  Total Wages 1.154
  operation 0.035
Ind.Operation Plant 0.015
Ind Operation Complex 0.068
  Total Mat. Operation 0.118
  maintenance 0.488
  Ind. Maintenance Plant 0.039
  Ind. Maintenance Complex 0.080
  Total Maintenance 0.607
  other Expenses 0.101
  Other ind. Expenses Plant 0.034
  Other ind. Expenses complex 0.136
  Total Other Expenses 0.271
  TOTAL FIXED: 3.727
  GRAND TOTAL: 24.151
0
Programación de la amortización de préstamo
Especificar valores Resumen del préstamo
Importe del préstamo 100,000,000.00 € Pago programado 2,082,636.76 €
Tasa de interés anual 9.14 % Número de pagos programado 60
Plazo del préstamo en años 5 Número de pagos real 60
Número de pagos al año 12 Total de pagos anticipados 59.00 €
Fecha inicial del préstamo 1/1/2021 Interés total 24,958,189.73 €
Pagos adicionales opcionales 1.00 €

ombre de entidad de crédito:

Nº Fecha de pago Saldo inicial Pago programado Pago adicional Pago total Capital Interés Saldo final Interés acumulativo
Pago

1 2/1/2021 100,000,000.00 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,320,971.09 € 761,666.67 € 98,679,028.91 € 761,666.67 €

2 3/1/2021 98,679,028.91 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,331,032.49 € 751,605.27 € 97,347,996.42 € 1,513,271.94 €
3 4/1/2021 97,347,996.42 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,341,170.52 € 741,467.24 € 96,006,825.90 € 2,254,739.18 €
4 5/1/2021 96,006,825.90 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,351,385.77 € 731,251.99 € 94,655,440.14 € 2,985,991.17 €
5 6/1/2021 94,655,440.14 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,361,678.82 € 720,958.94 € 93,293,761.32 € 3,706,950.10 €
6 7/1/2021 93,293,761.32 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,372,050.28 € 710,587.48 € 91,921,711.04 € 4,417,537.58 €
7 8/1/2021 91,921,711.04 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,382,500.72 € 700,137.03 € 90,539,210.32 € 5,117,674.62 €
8 9/1/2021 90,539,210.32 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,393,030.77 € 689,606.99 € 89,146,179.55 € 5,807,281.60 €
9 10/1/2021 89,146,179.55 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,403,641.02 € 678,996.73 € 87,742,538.52 € 6,486,278.34 €
10 11/1/2021 87,742,538.52 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,414,332.09 € 668,305.67 € 86,328,206.43 € 7,154,584.00 €
11 12/1/2021 86,328,206.43 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,425,104.58 € 657,533.17 € 84,903,101.85 € 7,812,117.18 €
12 1/1/2022 84,903,101.85 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,435,959.13 € 646,678.63 € 83,467,142.72 € 8,458,795.80 €
13 2/1/2022 83,467,142.72 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,446,896.35 € 635,741.40 € 82,020,246.36 € 9,094,537.21 €
14 3/1/2022 82,020,246.36 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,457,916.88 € 624,720.88 € 80,562,329.48 € 9,719,258.08 €
15 4/1/2022 80,562,329.48 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,469,021.35 € 613,616.41 € 79,093,308.14 € 10,332,874.49 €
16 5/1/2022 79,093,308.14 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,480,210.39 € 602,427.36 € 77,613,097.74 € 10,935,301.86 €
17 6/1/2022 77,613,097.74 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,491,484.66 € 591,153.09 € 76,121,613.08 € 11,526,454.95 €
18 7/1/2022 76,121,613.08 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,502,844.80 € 579,792.95 € 74,618,768.28 € 12,106,247.90 €
19 8/1/2022 74,618,768.28 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,514,291.47 € 568,346.29 € 73,104,476.80 € 12,674,594.19 €
20 9/1/2022 73,104,476.80 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,525,825.33 € 556,812.43 € 71,578,651.48 € 13,231,406.62 €
21 10/1/2022 71,578,651.48 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,537,447.03 € 545,190.73 € 70,041,204.45 € 13,776,597.35 €
22 11/1/2022 70,041,204.45 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,549,157.25 € 533,480.51 € 68,492,047.20 € 14,310,077.86 €
23 12/1/2022 68,492,047.20 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,560,956.66 € 521,681.09 € 66,931,090.54 € 14,831,758.95 €
24 1/1/2023 66,931,090.54 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,572,845.95 € 509,791.81 € 65,358,244.58 € 15,341,550.76 €
25 2/1/2023 65,358,244.58 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,584,825.79 € 497,811.96 € 63,773,418.79 € 15,839,362.72 €
26 3/1/2023 63,773,418.79 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,596,896.88 € 485,740.87 € 62,176,521.91 € 16,325,103.59 €
27 4/1/2023 62,176,521.91 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,609,059.92 € 473,577.84 € 60,567,461.99 € 16,798,681.43 €
28 5/1/2023 60,567,461.99 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,621,315.59 € 461,322.17 € 58,946,146.40 € 17,260,003.60 €
29 6/1/2023 58,946,146.40 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,633,664.61 € 448,973.15 € 57,312,481.79 € 17,708,976.75 €
30 7/1/2023 57,312,481.79 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,646,107.69 € 436,530.07 € 55,666,374.11 € 18,145,506.82 €
31 8/1/2023 55,666,374.11 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,658,645.54 € 423,992.22 € 54,007,728.57 € 18,569,499.04 €
32 9/1/2023 54,007,728.57 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,671,278.89 € 411,358.87 € 52,336,449.67 € 18,980,857.90 €
 Nº
Pago Fecha de pago Saldo inicial Pago programado Pago adicional Pago total Capital Interés Saldo final Interés acumulativo

33 10/1/2023 52,336,449.67 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,684,008.47 € 398,629.29 € 50,652,441.21 € 19,379,487.19 €

34 11/1/2023 50,652,441.21 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,696,835.00 € 385,802.76 € 48,955,606.21 € 19,765,289.95 €
35 12/1/2023 48,955,606.21 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,709,759.22 € 372,878.53 € 47,245,846.99 € 20,138,168.49 €
36 1/1/2024 47,245,846.99 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,722,781.89 € 359,855.87 € 45,523,065.10 € 20,498,024.36 €
37 2/1/2024 45,523,065.10 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,735,903.74 € 346,734.01 € 43,787,161.36 € 20,844,758.37 €
38 3/1/2024 43,787,161.36 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,749,125.54 € 333,512.21 € 42,038,035.81 € 21,178,270.58 €
39 4/1/2024 42,038,035.81 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,762,448.05 € 320,189.71 € 40,275,587.76 € 21,498,460.29 €
40 5/1/2024 40,275,587.76 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,775,872.03 € 306,765.73 € 38,499,715.73 € 21,805,226.01 €
41 6/1/2024 38,499,715.73 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,789,398.26 € 293,239.50 € 36,710,317.47 € 22,098,465.52 €
42 7/1/2024 36,710,317.47 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,803,027.51 € 279,610.25 € 34,907,289.97 € 22,378,075.77 €
43 8/1/2024 34,907,289.97 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,816,760.57 € 265,877.19 € 33,090,529.40 € 22,643,952.96 €
44 9/1/2024 33,090,529.40 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,830,598.22 € 252,039.53 € 31,259,931.18 € 22,895,992.49 €
45 10/1/2024 31,259,931.18 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,844,541.28 € 238,096.48 € 29,415,389.90 € 23,134,088.97 €
46 11/1/2024 29,415,389.90 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,858,590.54 € 224,047.22 € 27,556,799.36 € 23,358,136.19 €
47 12/1/2024 27,556,799.36 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,872,746.80 € 209,890.96 € 25,684,052.56 € 23,568,027.14 €
48 1/1/2025 25,684,052.56 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,887,010.89 € 195,626.87 € 23,797,041.67 € 23,763,654.01 €
49 2/1/2025 23,797,041.67 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,901,383.62 € 181,254.13 € 21,895,658.04 € 23,944,908.14 €
50 3/1/2025 21,895,658.04 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,915,865.83 € 166,771.93 € 19,979,792.22 € 24,111,680.07 €
51 4/1/2025 19,979,792.22 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,930,458.34 € 152,179.42 € 18,049,333.88 € 24,263,859.49 €
52 5/1/2025 18,049,333.88 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,945,162.00 € 137,475.76 € 16,104,171.88 € 24,401,335.25 €
53 6/1/2025 16,104,171.88 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,959,977.65 € 122,660.11 € 14,144,194.23 € 24,523,995.36 €
54 7/1/2025 14,144,194.23 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,974,906.14 € 107,731.61 € 12,169,288.09 € 24,631,726.97 €
55 8/1/2025 12,169,288.09 € 2,082,636.76 € 1.00 € 2,082,637.76 € 1,989,948.35 € 92,689.41 € 10,179,339.74 € 24,724,416.38 €
56 9/1/2025 10,179,339.74 € 2,082,636.76 € 1.00 € 2,082,637.76 € 2,005,105.12 € 77,532.64 € 8,174,234.62 € 24,801,949.02 €
57 10/1/2025 8,174,234.62 € 2,082,636.76 € 1.00 € 2,082,637.76 € 2,020,377.34 € 62,260.42 € 6,153,857.28 € 24,864,209.44 €
58 11/1/2025 6,153,857.28 € 2,082,636.76 € 1.00 € 2,082,637.76 € 2,035,765.88 € 46,871.88 € 4,118,091.41 € 24,911,081.32 €
59 12/1/2025 4,118,091.41 € 2,082,636.76 € 1.00 € 2,082,637.76 € 2,051,271.63 € 31,366.13 € 2,066,819.78 € 24,942,447.45 €
60 1/1/2026 2,066,819.78 € 2,082,636.76 € - € 2,066,819.78 € 2,051,077.50 € 15,742.28 € - € 24,958,189.73 €
61 2/1/2026 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
62 3/1/2026 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
63 4/1/2026 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
64 5/1/2026 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
65 6/1/2026 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
66 7/1/2026 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
67 8/1/2026 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
68 9/1/2026 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
69 10/1/2026 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
70 11/1/2026 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
71 12/1/2026 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
72 1/1/2027 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
73 2/1/2027 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
74 3/1/2027 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
75 4/1/2027 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
76 5/1/2027 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
77 6/1/2027 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
 Nº
Pago Fecha de pago Saldo inicial Pago programado Pago adicional Pago total Capital Interés Saldo final Interés acumulativo

78 7/1/2027 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €

79 8/1/2027 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
80 9/1/2027 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
81 10/1/2027 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
82 11/1/2027 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
83 12/1/2027 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
84 1/1/2028 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
85 2/1/2028 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
86 3/1/2028 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
87 4/1/2028 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
88 5/1/2028 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
89 6/1/2028 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
90 7/1/2028 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
91 8/1/2028 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
92 9/1/2028 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
93 10/1/2028 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
94 11/1/2028 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
95 12/1/2028 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
96 1/1/2029 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
97 2/1/2029 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
98 3/1/2029 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
99 4/1/2029 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
100 5/1/2029 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
101 6/1/2029 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
102 7/1/2029 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
103 8/1/2029 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
104 9/1/2029 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
105 10/1/2029 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
106 11/1/2029 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
107 12/1/2029 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
108 1/1/2030 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
109 2/1/2030 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
110 3/1/2030 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
111 4/1/2030 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
112 5/1/2030 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
113 6/1/2030 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
114 7/1/2030 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
115 8/1/2030 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
116 9/1/2030 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
117 10/1/2030 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
118 11/1/2030 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
119 12/1/2030 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
120 1/1/2031 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
121 2/1/2031 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
122 3/1/2031 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
 Nº
Pago Fecha de pago Saldo inicial Pago programado Pago adicional Pago total Capital Interés Saldo final Interés acumulativo

123 4/1/2031 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €

124 5/1/2031 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
125 6/1/2031 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
126 7/1/2031 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
127 8/1/2031 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
128 9/1/2031 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
129 10/1/2031 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
130 11/1/2031 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
131 12/1/2031 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
132 1/1/2032 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
133 2/1/2032 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
134 3/1/2032 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
135 4/1/2032 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
136 5/1/2032 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
137 6/1/2032 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
138 7/1/2032 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
139 8/1/2032 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
140 9/1/2032 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
141 10/1/2032 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
142 11/1/2032 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
143 12/1/2032 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
144 1/1/2033 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
145 2/1/2033 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
146 3/1/2033 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
147 4/1/2033 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
148 5/1/2033 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
149 6/1/2033 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
150 7/1/2033 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
151 8/1/2033 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
152 9/1/2033 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
153 10/1/2033 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
154 11/1/2033 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
155 12/1/2033 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
156 1/1/2034 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
157 2/1/2034 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
158 3/1/2034 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
159 4/1/2034 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
160 5/1/2034 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
161 6/1/2034 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
162 7/1/2034 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
163 8/1/2034 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
164 9/1/2034 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
165 10/1/2034 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
166 11/1/2034 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
167 12/1/2034 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
 Nº
Pago Fecha de pago Saldo inicial Pago programado Pago adicional Pago total Capital Interés Saldo final Interés acumulativo

168 1/1/2035 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €

169 2/1/2035 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
170 3/1/2035 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
171 4/1/2035 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
172 5/1/2035 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
173 6/1/2035 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
174 7/1/2035 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
175 8/1/2035 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
176 9/1/2035 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
177 10/1/2035 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
178 11/1/2035 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
179 12/1/2035 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
180 1/1/2036 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
181 2/1/2036 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
182 3/1/2036 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
183 4/1/2036 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
184 5/1/2036 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
185 6/1/2036 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
186 7/1/2036 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
187 8/1/2036 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
188 9/1/2036 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
189 10/1/2036 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
190 11/1/2036 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
191 12/1/2036 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
192 1/1/2037 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
193 2/1/2037 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
194 3/1/2037 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
195 4/1/2037 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
196 5/1/2037 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
197 6/1/2037 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
198 7/1/2037 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
199 8/1/2037 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
200 9/1/2037 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
201 10/1/2037 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
202 11/1/2037 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
203 12/1/2037 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
204 1/1/2038 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
205 2/1/2038 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
206 3/1/2038 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
207 4/1/2038 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
208 5/1/2038 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
209 6/1/2038 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
210 7/1/2038 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
211 8/1/2038 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
212 9/1/2038 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
 Nº
Pago Fecha de pago Saldo inicial Pago programado Pago adicional Pago total Capital Interés Saldo final Interés acumulativo

213 10/1/2038 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €

214 11/1/2038 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
215 12/1/2038 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
216 1/1/2039 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
217 2/1/2039 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
218 3/1/2039 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
219 4/1/2039 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
220 5/1/2039 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
221 6/1/2039 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
222 7/1/2039 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
223 8/1/2039 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
224 9/1/2039 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
225 10/1/2039 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
226 11/1/2039 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
227 12/1/2039 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
228 1/1/2040 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
229 2/1/2040 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
230 3/1/2040 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
231 4/1/2040 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
232 5/1/2040 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
233 6/1/2040 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
234 7/1/2040 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
235 8/1/2040 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
236 9/1/2040 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
237 10/1/2040 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
238 11/1/2040 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
239 12/1/2040 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
240 1/1/2041 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
241 2/1/2041 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
242 3/1/2041 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
243 4/1/2041 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
244 5/1/2041 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
245 6/1/2041 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
246 7/1/2041 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
247 8/1/2041 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
248 9/1/2041 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
249 10/1/2041 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
250 11/1/2041 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
251 12/1/2041 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
252 1/1/2042 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
253 2/1/2042 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
254 3/1/2042 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
255 4/1/2042 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
256 5/1/2042 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
257 6/1/2042 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
 Nº
Pago Fecha de pago Saldo inicial Pago programado Pago adicional Pago total Capital Interés Saldo final Interés acumulativo

258 7/1/2042 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €

259 8/1/2042 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
260 9/1/2042 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
261 10/1/2042 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
262 11/1/2042 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
263 12/1/2042 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
264 1/1/2043 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
265 2/1/2043 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
266 3/1/2043 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
267 4/1/2043 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
268 5/1/2043 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
269 6/1/2043 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
270 7/1/2043 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
271 8/1/2043 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
272 9/1/2043 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
273 10/1/2043 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
274 11/1/2043 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
275 12/1/2043 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
276 1/1/2044 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
277 2/1/2044 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
278 3/1/2044 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
279 4/1/2044 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
280 5/1/2044 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
281 6/1/2044 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
282 7/1/2044 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
283 8/1/2044 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
284 9/1/2044 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
285 10/1/2044 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
286 11/1/2044 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
287 12/1/2044 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
288 1/1/2045 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
289 2/1/2045 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
290 3/1/2045 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
291 4/1/2045 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
292 5/1/2045 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
293 6/1/2045 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
294 7/1/2045 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
295 8/1/2045 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
296 9/1/2045 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
297 10/1/2045 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
298 11/1/2045 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
299 12/1/2045 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
300 1/1/2046 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
301 2/1/2046 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
302 3/1/2046 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
 Nº
Pago Fecha de pago Saldo inicial Pago programado Pago adicional Pago total Capital Interés Saldo final Interés acumulativo

303 4/1/2046 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €

304 5/1/2046 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
305 6/1/2046 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
306 7/1/2046 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
307 8/1/2046 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
308 9/1/2046 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
309 10/1/2046 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
310 11/1/2046 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
311 12/1/2046 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
312 1/1/2047 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
313 2/1/2047 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
314 3/1/2047 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
315 4/1/2047 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
316 5/1/2047 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
317 6/1/2047 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
318 7/1/2047 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
319 8/1/2047 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
320 9/1/2047 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
321 10/1/2047 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
322 11/1/2047 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
323 12/1/2047 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
324 1/1/2048 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
325 2/1/2048 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
326 3/1/2048 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
327 4/1/2048 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
328 5/1/2048 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
329 6/1/2048 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
330 7/1/2048 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
331 8/1/2048 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
332 9/1/2048 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
333 10/1/2048 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
334 11/1/2048 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
335 12/1/2048 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
336 1/1/2049 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
337 2/1/2049 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
338 3/1/2049 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
339 4/1/2049 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
340 5/1/2049 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
341 6/1/2049 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
342 7/1/2049 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
343 8/1/2049 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
344 9/1/2049 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
345 10/1/2049 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
346 11/1/2049 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
347 12/1/2049 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
 Nº
Pago Fecha de pago Saldo inicial Pago programado Pago adicional Pago total Capital Interés Saldo final Interés acumulativo

348 1/1/2050 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €

349 2/1/2050 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
350 3/1/2050 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
351 4/1/2050 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
352 5/1/2050 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
353 6/1/2050 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
354 7/1/2050 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
355 8/1/2050 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
356 9/1/2050 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
357 10/1/2050 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
358 11/1/2050 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
359 12/1/2050 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
360 1/1/2051 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
361 2/1/2051 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
362 3/1/2051 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
363 4/1/2051 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
364 5/1/2051 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
365 6/1/2051 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
366 7/1/2051 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
367 8/1/2051 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
368 9/1/2051 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
369 10/1/2051 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
370 11/1/2051 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
371 12/1/2051 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
372 1/1/2052 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
373 2/1/2052 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
374 3/1/2052 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
375 4/1/2052 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
376 5/1/2052 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
377 6/1/2052 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
378 7/1/2052 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
379 8/1/2052 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
380 9/1/2052 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
381 10/1/2052 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
382 11/1/2052 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
383 12/1/2052 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
384 1/1/2053 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
385 2/1/2053 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
386 3/1/2053 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
387 4/1/2053 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
388 5/1/2053 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
389 6/1/2053 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
390 7/1/2053 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
391 8/1/2053 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
392 9/1/2053 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
 Nº
Pago Fecha de pago Saldo inicial Pago programado Pago adicional Pago total Capital Interés Saldo final Interés acumulativo

393 10/1/2053 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €

394 11/1/2053 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
395 12/1/2053 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
396 1/1/2054 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
397 2/1/2054 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
398 3/1/2054 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
399 4/1/2054 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
400 5/1/2054 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
401 6/1/2054 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
402 7/1/2054 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
403 8/1/2054 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
404 9/1/2054 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
405 10/1/2054 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
406 11/1/2054 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
407 12/1/2054 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
408 1/1/2055 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
409 2/1/2055 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
410 3/1/2055 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
411 4/1/2055 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
412 5/1/2055 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
413 6/1/2055 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
414 7/1/2055 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
415 8/1/2055 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
416 9/1/2055 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
417 10/1/2055 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
418 11/1/2055 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
419 12/1/2055 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
420 1/1/2056 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
421 2/1/2056 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
422 3/1/2056 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
423 4/1/2056 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
424 5/1/2056 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
425 6/1/2056 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
426 7/1/2056 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
427 8/1/2056 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
428 9/1/2056 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
429 10/1/2056 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
430 11/1/2056 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
431 12/1/2056 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
432 1/1/2057 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
433 2/1/2057 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
434 3/1/2057 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
435 4/1/2057 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
436 5/1/2057 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
437 6/1/2057 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
 Nº
Pago Fecha de pago Saldo inicial Pago programado Pago adicional Pago total Capital Interés Saldo final Interés acumulativo

438 7/1/2057 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €

439 8/1/2057 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
440 9/1/2057 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
441 10/1/2057 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
442 11/1/2057 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
443 12/1/2057 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
444 1/1/2058 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
445 2/1/2058 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
446 3/1/2058 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
447 4/1/2058 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
448 5/1/2058 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
449 6/1/2058 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
450 7/1/2058 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
451 8/1/2058 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
452 9/1/2058 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
453 10/1/2058 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
454 11/1/2058 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
455 12/1/2058 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
456 1/1/2059 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
457 2/1/2059 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
458 3/1/2059 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
459 4/1/2059 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
460 5/1/2059 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
461 6/1/2059 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
462 7/1/2059 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
463 8/1/2059 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
464 9/1/2059 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
465 10/1/2059 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
466 11/1/2059 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
467 12/1/2059 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
468 1/1/2060 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
469 2/1/2060 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
470 3/1/2060 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
471 4/1/2060 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
472 5/1/2060 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
473 6/1/2060 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
474 7/1/2060 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
475 8/1/2060 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
476 9/1/2060 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
477 10/1/2060 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
478 11/1/2060 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
479 12/1/2060 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
480 1/1/2061 - € 2,082,636.76 € - € - € - € - € - € 24,958,189.73 €
 Table 1 Units: Pesos mn/kg

VARIABLES: 200Y Period DOLAR VS PE 20.52

  Main Raw Material 16.005 sales price 61.56 KG
  Other Commodities 0.313 long-term debt 100,000,000
  packing 1.282 bank loan 5 years
  Material Operation 0.288 bank loan % 9.14%
  fuel 0.855 MAC 7500000 TONS
  electricity 1.397 VOLUME PRO 5250000 tons
  water 0.284 DEPRECIATIO 10 YEARS
  TOTAL VARIABLE: 20.424 SALVAGE VAL 15%
  FIXED: ISR 30%
  Labor 0.634 PTU 10%
Ind. Labor plant 0.401 Working Cap 20,000,000
Ind. Labor Complex 0.542 Investment 120,000,000
  Total Labor 1.577
  salaries 0.200
Ind Salaries Plant 0.329 PERIOD PAYMENT
  Indirect Salaries Complex 0.625 1 $ 8,458,795.80
  Total Wages 1.154 2 $ 6,882,754.95
  operation 0.035 3 $ 5,156,473.60
Ind.Operation Plant 0.015 4 $ 3,265,629.65
Ind Operation Complex 0.068 5 $ 1,194,535.72
  Total Mat. Operation 0.118
  maintenance 0.488
  Ind. Maintenance Plant 0.039 PAYMENTS
  Ind. Maintenance Complex 0.080 CAPITAL 120,000,000
  Total Maintenance 0.607 years 5
  other Expenses 0.101 Months 120
  Other ind. Expenses Plant 0.034 Bank loan An 9.14%
  Other ind. Expenses complex 0.136 Bank loan Mo 0.76%
  Total Other Expenses 0.271 Monthly Pay $ 2,082,636.76
  TOTAL FIXED: 3.727
  GRAND TOTAL: 24.151
DEPRECIATION
Value Equipm 100,000,000
Depreciation straight-line
time 10
salvage Value 15%
dep base $ 15,000,000.00
depreciation $ 8,500,000.00
 income statement
CONCEPT VARIATION YEAR BASE 1
Selling Price 0% $ 61.56 61.56
Volume 0% 5250000 5250000
variable unit cost 0% $ 20.42 20.424
Sales $ 323,190,000.00 $ 323,190,000.00
Variable Cost $ 107,226,000.00 $ 107,226,000.00
Gross Margin $ 215,964,000.00 $ 215,964,000.00
Fixed Cost 0% $ 19,566,750.00 $ 19,566,750.00
EBITDA $ 196,397,250.00 $ 196,397,250.00
Financial Expenses
starts at period 1 Depreciation $ - $ 8,500,000.00
starts at period 1 Interest Expenses $ - $ 8,458,795.80
EBIT $ 196,397,250.00 $ 179,438,454.20
Taxes $ 58,919,175.00 $ 53,831,536.26
Employed Benefits $ 19,639,725.00 $ 17,943,845.42
OIAT $ 117,838,350.00 $ 107,663,072.52
Plus Depreciation $ - $ 8,500,000.00
Cash Flow $ 117,838,350.00 $ 116,163,072.52
Discount Rate 0.00% -100,000,000 $ 116,163,072.52
Discount Factor 1
Present Value $ 116,163,072.52
Acumulated $ 116,163,072.52
IRR 114%
NET PRESENT VALUE $ 120,521,628.57

PAYBACK 5.00% 1
Cash Flow $ 116,163,072.52
Discount Factor 0.95
Present Value $ 110,631,497.64
-100,000,000 10,631,498
Pay Back 0.9 0.9

Discount rate PAYBACK

5% 0.904 PAYBA
15% 0.990 1.600
25% 1.094
1.400
35% 1.217
45% 1.357 1.200
50% 1.433 1.000

0.800

0.600

0.400

0.200

0.000
1.000

0.800

0.600

0.400

0.200

0.000
0% 10% 20% 30
income statement
2 3
61.56 61.56
5250000 5250000
20.424 20.424
$ 323,190,000.00 $ 323,190,000.00
$ 107,226,000.00 $ 107,226,000.00
$ 215,964,000.00 $ 215,964,000.00
$ 19,566,750.00 $ 19,566,750.00
$ 196,397,250.00 $ 196,397,250.00
$ 8,500,000.00 $ 8,500,000.00
$ 6,882,754.95 $ 5,156,473.60
$ 181,014,495.05 $ 182,740,776.40
$ 54,304,348.51 $ 54,822,232.92
$ 18,101,449.50 $ 18,274,077.64
$ 108,608,697.03 $ 109,644,465.84
$ 8,500,000.00 $ 8,500,000.00
$ 117,108,697.03 $ 118,144,465.84
$ 117,108,697.03 $ 118,144,465.84
1 1
$ 117,108,697.03 $ 118,144,465.84
$ 117,108,697.03 $ 118,144,465.84
2 3
$ 117,108,697.03 $ 118,144,465.84 $
0.91 0.86
$ 106,221,040.39 $ 102,057,631.65 $
116,852,538 218,910,170
- -
PAYBACK
4 5
61.56 61.56
5250000 5250000
20.424 20.424
$ 323,190,000.00 $ 323,190,000.00
$ 107,226,000.00 $ 107,226,000.00
$ 215,964,000.00 $ 215,964,000.00
$ 19,566,750.00 $ 19,566,750.00
$ 196,397,250.00 $ 196,397,250.00
$ 8,500,000.00 $ 8,500,000.00
$ 3,265,629.65 $ 1,194,535.72
$ 184,631,620.35 $ 186,702,714.28
$ 55,389,486.10 $ 56,010,814.28
$ 18,463,162.03 $ 18,670,271.43
$ 110,778,972.21 $ 112,021,628.57
$ 8,500,000.00 $ 8,500,000.00
$ 119,278,972.21 $ 120,521,628.57
$ 119,278,972.21 $ 120,521,628.57
1 1
$ 119,278,972.21 $ 120,521,628.57
$ 119,278,972.21 $ 120,521,628.57
4 5
119,278,972.21 $ 120,521,628.57
0.82 0.78
98,131,105.63 $ 94,431,849.61
317,041,275 411,473,125
- -
Discount rate NET PRESENT VALUE
5% $ 94,431,849.61
15% $ 59,920,549.83
25% $ 39,492,527.25
35% $ 26,877,950.45
45% $ 18,802,906.24
50% $ 15,871,160.96
% 10% 20% 30% 40% 50% 60%
 RISK ANALYSIS
I USED THE SAME AS IN CLASS STAGES SELLING PRICVOLUME PRO
UP SIDE 10% 10%
DOWN SIDE 0% 0%
EXPECTED 5% 7%
SLOWLY GRO 1% 0%

RISK ANALYSIS
STAGES IRR PROBABILITY
UP SIDE 163 0.4
DOWN SIDE 111 0.1
EXPECTED 148 0.4
SLOWLY GRO 109 0.1
TOTAL 1

NET PRESENT VALUE

$100,000,000.00
$90,000,000.00
$80,000,000.00 f(x) = − 165066067.18962 x + 90710426.986687
$70,000,000.00 R² = 0.915934395743599

$60,000,000.00
$50,000,000.00
$40,000,000.00
$30,000,000.00
$20,000,000.00
$10,000,000.00
$-
$60,000,000.00
$50,000,000.00
$40,000,000.00
$30,000,000.00
$20,000,000.00
$10,000,000.00
$-
0% 10% 20% 30% 40% 50% 60%
RISK ANALYSIS
VARIABLE COFIXED COST INTEREST RATE
-4% -3% 7%
3% 5% 15%
0% -2% 10%
7% 10% 10%

RISK ANALYSIS
RENDIMIENT X X^2 X^2Y
65.2 16.6 275.56 110.224
11.1 -35.4 1253.16 125.316
59.2 1.6 2.56 1.024
10.9 -37.4 1398.76 139.876
146.4 VARIANZA 376.44
DESV. ESTAN 19.40
LIM SUP. 165.80
LIM INF. 127.00
Analysis
1) Fill the blank on next table HPS by projecting the income statement to 5 years. (2 pt.)

Base Period 1 Period 2 Period 3

EBITDA $ 196,397,250.00 $ 196,397,250.00 $ 196,397,250.00 $ 196,397,250.00
Cash Flow $ 117,838,350.00 $ 116,163,072.52 $ 117,108,697.03 $ 118,144,465.84

2 ) Calculate the NPV at a discount rate of 5 , 15, 25 , 35 and 45 %. Develop graphical and make correlational analysis. (2.5 pt

Disc. Rate 5% 15% 25% 35%

NPV $ 94,431,849.61 $ 59,920,549.83 $ 39,492,527.25 $ 26,877,950.45

3) Calculate Pay back at a discount rate of 5 , 15, 25 , 35 and 45 %. Develop graphical and make correlational analysis. (2.5 pt

Disc. Rate 5% 15% 25% 35%

Pay back 0.903901710964 0.9899875881986 1.09432398816296 1.2171474258167

4) Perform risk analysis according to the current economic environment supporting their assumptions for the probability criteria
Advice: Table from critical variable change and estándar deviation needed.

RISK ANALYSIS
STAGES IRR PROBABILITY RENDIMIENTO X
UP SIDE 163 0.4 65.2 16.6
DOWN SIDE 111 0.1 11.1 -35.4
EXPECTED 148 0.4 59.2 1.6
SLOWLY GRO 109 0.1 10.9 -37.4
TOTAL 1 146.4

Additional poin Based on the financial position of the company HPS. Issue an advice and recommendations you would make
to recover the investment made by HPS in the shortest time possible. (1 point)
 Period 4 Period 5 NET PRESENT VALUE
$ 196,397,250.00 $ 196,397,250.00 $100,000,000.00
$ 119,278,972.21 $ 120,521,628.57 $90,000,000.00
$80,000,000.00
$70,000,000.00 f(x) = − 165066067.18962 x + 90710426.986687
R² = 0.915934395743599
phical and make correlational analysis. (2.5 pts) $60,000,000.00
$50,000,000.00
$40,000,000.00
45% 50% $30,000,000.00
$20,000,000.00
$ 18,802,906.24 $ 15,871,160.96 $10,000,000.00
$-
0% 10% 20% 30% 40% 50% 60%
phical and make correlational analysis. (2.5 pts)

45% 50%
1.3570490143742 1.4334041152419
PAYBACK
1.600
1.400
ng their assumptions for the probability criteria. (3 points)
1.200
1.000
0.800
0.600
0.400
X^2 X^2Y 0.200
275.56 110.224 0.000
0% 10% 20% 30% 40% 50% 60%
1253.16 125.316
2.56 1.024
1398.76 139.876
VARIANZA 376.44
DESV. ESTAN 19.40
LIM SUP. 165.80
LIM INF. 127.00

dvice and recommendations you would make