Estudiante Brayan García Toloza 2903340

$ 200,000 20% 30%

Activos Pasivos Patrimonio UNAII Interéses UAI Impuestos
$ 10,000,000 $ 10,000,000 $ 2,000,000 $ - $ 2,000,000 $ 600,000
$ 10,000,000 $ 200,000 $ 9,800,000 $ 2,000,000 $ 40,000 $ 1,960,000 $ 588,000
$ 10,000,000 $ 400,000 $ 9,600,000 $ 2,000,000 $ 80,000 $ 1,920,000 $ 576,000
$ 10,000,000 $ 600,000 $ 9,400,000 $ 2,000,000 $ 120,000 $ 1,880,000 $ 564,000
$ 10,000,000 $ 800,000 $ 9,200,000 $ 2,000,000 $ 160,000 $ 1,840,000 $ 552,000
$ 10,000,000 $ 1,000,000 $ 9,000,000 $ 2,000,000 $ 200,000 $ 1,800,000 $ 540,000
$ 10,000,000 $ 1,200,000 $ 8,800,000 $ 2,000,000 $ 240,000 $ 1,760,000 $ 528,000
$ 10,000,000 $ 1,400,000 $ 8,600,000 $ 2,000,000 $ 280,000 $ 1,720,000 $ 516,000
$ 10,000,000 $ 1,600,000 $ 8,400,000 $ 2,000,000 $ 320,000 $ 1,680,000 $ 504,000
$ 10,000,000 $ 1,800,000 $ 8,200,000 $ 2,000,000 $ 360,000 $ 1,640,000 $ 492,000
$ 10,000,000 $ 2,000,000 $ 8,000,000 $ 2,000,000 $ 400,000 $ 1,600,000 $ 480,000
$ 10,000,000 $ 2,200,000 $ 7,800,000 $ 2,000,000 $ 440,000 $ 1,560,000 $ 468,000
$ 10,000,000 $ 2,400,000 $ 7,600,000 $ 2,000,000 $ 480,000 $ 1,520,000 $ 456,000
$ 10,000,000 $ 2,600,000 $ 7,400,000 $ 2,000,000 $ 520,000 $ 1,480,000 $ 444,000
$ 10,000,000 $ 2,800,000 $ 7,200,000 $ 2,000,000 $ 560,000 $ 1,440,000 $ 432,000
$ 10,000,000 $ 3,000,000 $ 7,000,000 $ 2,000,000 $ 600,000 $ 1,400,000 $ 420,000
$ 10,000,000 $ 3,200,000 $ 6,800,000 $ 2,000,000 $ 640,000 $ 1,360,000 $ 408,000
$ 10,000,000 $ 3,400,000 $ 6,600,000 $ 2,000,000 $ 680,000 $ 1,320,000 $ 396,000
$ 10,000,000 $ 3,600,000 $ 6,400,000 $ 2,000,000 $ 720,000 $ 1,280,000 $ 384,000
$ 10,000,000 $ 3,800,000 $ 6,200,000 $ 2,000,000 $ 760,000 $ 1,240,000 $ 372,000
$ 10,000,000 $ 4,000,000 $ 6,000,000 $ 2,000,000 $ 800,000 $ 1,200,000 $ 360,000
$ 10,000,000 $ 4,200,000 $ 5,800,000 $ 2,000,000 $ 840,000 $ 1,160,000 $ 348,000
$ 10,000,000 $ 4,400,000 $ 5,600,000 $ 2,000,000 $ 880,000 $ 1,120,000 $ 336,000
$ 10,000,000 $ 4,600,000 $ 5,400,000 $ 2,000,000 $ 920,000 $ 1,080,000 $ 324,000
$ 10,000,000 $ 4,800,000 $ 5,200,000 $ 2,000,000 $ 960,000 $ 1,040,000 $ 312,000
$ 10,000,000 $ 5,000,000 $ 5,000,000 $ 2,000,000 $ 1,000,000 $ 1,000,000 $ 300,000
$ 10,000,000 $ 5,200,000 $ 4,800,000 $ 2,000,000 $ 1,040,000 $ 960,000 $ 288,000
$ 10,000,000 $ 5,400,000 $ 4,600,000 $ 2,000,000 $ 1,080,000 $ 920,000 $ 276,000
$ 10,000,000 $ 5,600,000 $ 4,400,000 $ 2,000,000 $ 1,120,000 $ 880,000 $ 264,000
$ 10,000,000 $ 5,800,000 $ 4,200,000 $ 2,000,000 $ 1,160,000 $ 840,000 $ 252,000
$ 10,000,000 $ 6,000,000 $ 4,000,000 $ 2,000,000 $ 1,200,000 $ 800,000 $ 240,000
$ 10,000,000 $ 6,200,000 $ 3,800,000 $ 2,000,000 $ 1,240,000 $ 760,000 $ 228,000
$ 10,000,000 $ 6,400,000 $ 3,600,000 $ 2,000,000 $ 1,280,000 $ 720,000 $ 216,000
$ 10,000,000 $ 6,600,000 $ 3,400,000 $ 2,000,000 $ 1,320,000 $ 680,000 $ 204,000
$ 10,000,000 $ 6,800,000 $ 3,200,000 $ 2,000,000 $ 1,360,000 $ 640,000 $ 192,000
$ 10,000,000 $ 7,000,000 $ 3,000,000 $ 2,000,000 $ 1,400,000 $ 600,000 $ 180,000
$ 10,000,000 $ 7,200,000 $ 2,800,000 $ 2,000,000 $ 1,440,000 $ 560,000 $ 168,000
$ 10,000,000 $ 7,400,000 $ 2,600,000 $ 2,000,000 $ 1,480,000 $ 520,000 $ 156,000
$ 10,000,000 $ 7,600,000 $ 2,400,000 $ 2,000,000 $ 1,520,000 $ 480,000 $ 144,000
$ 10,000,000 $ 7,800,000 $ 2,200,000 $ 2,000,000 $ 1,560,000 $ 440,000 $ 132,000
$ 10,000,000 $ 8,000,000 $ 2,000,000 $ 2,000,000 $ 1,600,000 $ 400,000 $ 120,000
$ 10,000,000 $ 8,200,000 $ 1,800,000 $ 2,000,000 $ 1,640,000 $ 360,000 $ 108,000
$ 10,000,000 $ 8,400,000 $ 1,600,000 $ 2,000,000 $ 1,680,000 $ 320,000 $ 96,000
 Utilidad Neta Apalancamiento Utilidad Neta/Patrimonio
$ 1,400,000 0.0000 0.14
$ 1,372,000 0.0204 0.14 Chart Ti
$ 1,344,000 0.0417 0.14 0.16
$ 1,316,000 0.0638 0.14 0.14

Utilidad Neta/Patrimonio
$ 1,288,000 0.0870 0.14 0.12
$ 1,260,000 0.1111 0.14
0.1
$ 1,232,000 0.1364 0.14
0.08
$ 1,204,000 0.1628 0.14
0.06
$ 1,176,000 0.1905 0.14
0.04
$ 1,148,000 0.2195 0.14
$ 1,120,000 0.2500 0.14 0.02

$ 1,092,000 0.2821 0.14 0

0.0000 1.0000 2.0000 3.0
$ 1,064,000 0.3158 0.14
Apalanca
$ 1,036,000 0.3514 0.14
$ 1,008,000 0.3889 0.14
$ 980,000 0.4286 0.14
$ 952,000 0.4706 0.14
$ 924,000 0.5152 0.14
$ 896,000 0.5625 0.14
$ 868,000 0.6129 0.14
$ 840,000 0.6667 0.14
$ 812,000 0.7241 0.14
$ 784,000 0.7857 0.14
$ 756,000 0.8519 0.14
$ 728,000 0.9231 0.14
$ 700,000 1.0000 0.14
$ 672,000 1.0833 0.14
$ 644,000 1.1739 0.14
$ 616,000 1.2727 0.14
$ 588,000 1.3810 0.14
$ 560,000 1.5000 0.14
$ 532,000 1.6316 0.14
$ 504,000 1.7778 0.14
$ 476,000 1.9412 0.14
$ 448,000 2.1250 0.14
$ 420,000 2.3333 0.14
$ 392,000 2.5714 0.14
$ 364,000 2.8462 0.14
$ 336,000 3.1667 0.14
$ 308,000 3.5455 0.14
$ 280,000 4.0000 0.14
$ 252,000 4.5556 0.14
$ 224,000 5.2500 0.14
 Chart Title
6
4
2
1
8
6
4
2
0
.0000 1.0000 2.0000 3.0000 4.0000 5.0000 6.0000
Apalancamiento
 $ 200,000 15% 30%
Activos Pasivos Patrimonio UNAII Interéses UAI Impuestos
$ 10,000,000 $ 10,000,000 $ 2,000,000 $ - $ 2,000,000 $ 600,000
$ 10,000,000 $ 200,000 $ 9,800,000 $ 2,000,000 $ 30,000 $ 1,970,000 $ 591,000
$ 10,000,000 $ 400,000 $ 9,600,000 $ 2,000,000 $ 60,000 $ 1,940,000 $ 582,000
$ 10,000,000 $ 600,000 $ 9,400,000 $ 2,000,000 $ 90,000 $ 1,910,000 $ 573,000
$ 10,000,000 $ 800,000 $ 9,200,000 $ 2,000,000 $ 120,000 $ 1,880,000 $ 564,000
$ 10,000,000 $ 1,000,000 $ 9,000,000 $ 2,000,000 $ 150,000 $ 1,850,000 $ 555,000
$ 10,000,000 $ 1,200,000 $ 8,800,000 $ 2,000,000 $ 180,000 $ 1,820,000 $ 546,000
$ 10,000,000 $ 1,400,000 $ 8,600,000 $ 2,000,000 $ 210,000 $ 1,790,000 $ 537,000
$ 10,000,000 $ 1,600,000 $ 8,400,000 $ 2,000,000 $ 240,000 $ 1,760,000 $ 528,000
$ 10,000,000 $ 1,800,000 $ 8,200,000 $ 2,000,000 $ 270,000 $ 1,730,000 $ 519,000
$ 10,000,000 $ 2,000,000 $ 8,000,000 $ 2,000,000 $ 300,000 $ 1,700,000 $ 510,000
$ 10,000,000 $ 2,200,000 $ 7,800,000 $ 2,000,000 $ 330,000 $ 1,670,000 $ 501,000
$ 10,000,000 $ 2,400,000 $ 7,600,000 $ 2,000,000 $ 360,000 $ 1,640,000 $ 492,000
$ 10,000,000 $ 2,600,000 $ 7,400,000 $ 2,000,000 $ 390,000 $ 1,610,000 $ 483,000
$ 10,000,000 $ 2,800,000 $ 7,200,000 $ 2,000,000 $ 420,000 $ 1,580,000 $ 474,000
$ 10,000,000 $ 3,000,000 $ 7,000,000 $ 2,000,000 $ 450,000 $ 1,550,000 $ 465,000
$ 10,000,000 $ 3,200,000 $ 6,800,000 $ 2,000,000 $ 480,000 $ 1,520,000 $ 456,000
$ 10,000,000 $ 3,400,000 $ 6,600,000 $ 2,000,000 $ 510,000 $ 1,490,000 $ 447,000
$ 10,000,000 $ 3,600,000 $ 6,400,000 $ 2,000,000 $ 540,000 $ 1,460,000 $ 438,000
$ 10,000,000 $ 3,800,000 $ 6,200,000 $ 2,000,000 $ 570,000 $ 1,430,000 $ 429,000
$ 10,000,000 $ 4,000,000 $ 6,000,000 $ 2,000,000 $ 600,000 $ 1,400,000 $ 420,000
$ 10,000,000 $ 4,200,000 $ 5,800,000 $ 2,000,000 $ 630,000 $ 1,370,000 $ 411,000
$ 10,000,000 $ 4,400,000 $ 5,600,000 $ 2,000,000 $ 660,000 $ 1,340,000 $ 402,000
$ 10,000,000 $ 4,600,000 $ 5,400,000 $ 2,000,000 $ 690,000 $ 1,310,000 $ 393,000
$ 10,000,000 $ 4,800,000 $ 5,200,000 $ 2,000,000 $ 720,000 $ 1,280,000 $ 384,000
$ 10,000,000 $ 5,000,000 $ 5,000,000 $ 2,000,000 $ 750,000 $ 1,250,000 $ 375,000
$ 10,000,000 $ 5,200,000 $ 4,800,000 $ 2,000,000 $ 780,000 $ 1,220,000 $ 366,000
$ 10,000,000 $ 5,400,000 $ 4,600,000 $ 2,000,000 $ 810,000 $ 1,190,000 $ 357,000
$ 10,000,000 $ 5,600,000 $ 4,400,000 $ 2,000,000 $ 840,000 $ 1,160,000 $ 348,000
$ 10,000,000 $ 5,800,000 $ 4,200,000 $ 2,000,000 $ 870,000 $ 1,130,000 $ 339,000
$ 10,000,000 $ 6,000,000 $ 4,000,000 $ 2,000,000 $ 900,000 $ 1,100,000 $ 330,000
$ 10,000,000 $ 6,200,000 $ 3,800,000 $ 2,000,000 $ 930,000 $ 1,070,000 $ 321,000
$ 10,000,000 $ 6,400,000 $ 3,600,000 $ 2,000,000 $ 960,000 $ 1,040,000 $ 312,000
$ 10,000,000 $ 6,600,000 $ 3,400,000 $ 2,000,000 $ 990,000 $ 1,010,000 $ 303,000
$ 10,000,000 $ 6,800,000 $ 3,200,000 $ 2,000,000 $ 1,020,000 $ 980,000 $ 294,000
$ 10,000,000 $ 7,000,000 $ 3,000,000 $ 2,000,000 $ 1,050,000 $ 950,000 $ 285,000
$ 10,000,000 $ 7,200,000 $ 2,800,000 $ 2,000,000 $ 1,080,000 $ 920,000 $ 276,000
$ 10,000,000 $ 7,400,000 $ 2,600,000 $ 2,000,000 $ 1,110,000 $ 890,000 $ 267,000
$ 10,000,000 $ 7,600,000 $ 2,400,000 $ 2,000,000 $ 1,140,000 $ 860,000 $ 258,000
$ 10,000,000 $ 7,800,000 $ 2,200,000 $ 2,000,000 $ 1,170,000 $ 830,000 $ 249,000
$ 10,000,000 $ 8,000,000 $ 2,000,000 $ 2,000,000 $ 1,200,000 $ 800,000 $ 240,000
$ 10,000,000 $ 8,200,000 $ 1,800,000 $ 2,000,000 $ 1,230,000 $ 770,000 $ 231,000
$ 10,000,000 $ 8,400,000 $ 1,600,000 $ 2,000,000 $ 1,260,000 $ 740,000 $ 222,000
 Utilidad Neta Apalancamiento Utilidad Neta/Patrimonio
$ 1,400,000 0.0000 0.14
$ 1,379,000 0.0204 0.140714285714286 Chart Ti
$ 1,358,000 0.0417 0.141458333333333 0.35
$ 1,337,000 0.0638 0.142234042553192
0.3

Utilidad Neta/Patrimonio
$ 1,316,000 0.0870 0.14304347826087
0.25
$ 1,295,000 0.1111 0.143888888888889
$ 1,274,000 0.1364 0.144772727272727 0.2
$ 1,253,000 0.1628 0.145697674418605 0.15
$ 1,232,000 0.1905 0.146666666666667 0.1
$ 1,211,000 0.2195 0.147682926829268
0.05
$ 1,190,000 0.2500 0.14875
$ 1,169,000 0.2821 0.149871794871795 0
0.0000 1.0000 2.0000 3.0
$ 1,148,000 0.3158 0.151052631578947
Apalanca
$ 1,127,000 0.3514 0.152297297297297
$ 1,106,000 0.3889 0.153611111111111
$ 1,085,000 0.4286 0.155
$ 1,064,000 0.4706 0.156470588235294
$ 1,043,000 0.5152 0.158030303030303
$ 1,022,000 0.5625 0.1596875
$ 1,001,000 0.6129 0.161451612903226
$ 980,000 0.6667 0.163333333333333
$ 959,000 0.7241 0.165344827586207
$ 938,000 0.7857 0.1675
$ 917,000 0.8519 0.169814814814815
$ 896,000 0.9231 0.172307692307692
$ 875,000 1.0000 0.175
$ 854,000 1.0833 0.177916666666667
$ 833,000 1.1739 0.181086956521739
$ 812,000 1.2727 0.184545454545455
$ 791,000 1.3810 0.188333333333333
$ 770,000 1.5000 0.1925
$ 749,000 1.6316 0.197105263157895
$ 728,000 1.7778 0.202222222222222
$ 707,000 1.9412 0.207941176470588
$ 686,000 2.1250 0.214375
$ 665,000 2.3333 0.221666666666667
$ 644,000 2.5714 0.23
$ 623,000 2.8462 0.239615384615385
$ 602,000 3.1667 0.250833333333333
$ 581,000 3.5455 0.264090909090909
$ 560,000 4.0000 0.28
$ 539,000 4.5556 0.299444444444444
$ 518,000 5.2500 0.32375
 Chart Title
5
3
5
2
5
1
5
0
.0000 1.0000 2.0000 3.0000 4.0000 5.0000 6.0000
Apalancamiento
 $ 200,000 25% 30%
Activos Pasivos Patrimonio UNAII Interéses UAI Impuestos
$ 10,000,000 $ 10,000,000 $ 2,000,000 $ - $ 2,000,000 $ 600,000
$ 10,000,000 $ 200,000 $ 9,800,000 $ 2,000,000 $ 50,000 $ 1,950,000 $ 585,000
$ 10,000,000 $ 400,000 $ 9,600,000 $ 2,000,000 $ 100,000 $ 1,900,000 $ 570,000
$ 10,000,000 $ 600,000 $ 9,400,000 $ 2,000,000 $ 150,000 $ 1,850,000 $ 555,000
$ 10,000,000 $ 800,000 $ 9,200,000 $ 2,000,000 $ 200,000 $ 1,800,000 $ 540,000
$ 10,000,000 $ 1,000,000 $ 9,000,000 $ 2,000,000 $ 250,000 $ 1,750,000 $ 525,000
$ 10,000,000 $ 1,200,000 $ 8,800,000 $ 2,000,000 $ 300,000 $ 1,700,000 $ 510,000
$ 10,000,000 $ 1,400,000 $ 8,600,000 $ 2,000,000 $ 350,000 $ 1,650,000 $ 495,000
$ 10,000,000 $ 1,600,000 $ 8,400,000 $ 2,000,000 $ 400,000 $ 1,600,000 $ 480,000
$ 10,000,000 $ 1,800,000 $ 8,200,000 $ 2,000,000 $ 450,000 $ 1,550,000 $ 465,000
$ 10,000,000 $ 2,000,000 $ 8,000,000 $ 2,000,000 $ 500,000 $ 1,500,000 $ 450,000
$ 10,000,000 $ 2,200,000 $ 7,800,000 $ 2,000,000 $ 550,000 $ 1,450,000 $ 435,000
$ 10,000,000 $ 2,400,000 $ 7,600,000 $ 2,000,000 $ 600,000 $ 1,400,000 $ 420,000
$ 10,000,000 $ 2,600,000 $ 7,400,000 $ 2,000,000 $ 650,000 $ 1,350,000 $ 405,000
$ 10,000,000 $ 2,800,000 $ 7,200,000 $ 2,000,000 $ 700,000 $ 1,300,000 $ 390,000
$ 10,000,000 $ 3,000,000 $ 7,000,000 $ 2,000,000 $ 750,000 $ 1,250,000 $ 375,000
$ 10,000,000 $ 3,200,000 $ 6,800,000 $ 2,000,000 $ 800,000 $ 1,200,000 $ 360,000
$ 10,000,000 $ 3,400,000 $ 6,600,000 $ 2,000,000 $ 850,000 $ 1,150,000 $ 345,000
$ 10,000,000 $ 3,600,000 $ 6,400,000 $ 2,000,000 $ 900,000 $ 1,100,000 $ 330,000
$ 10,000,000 $ 3,800,000 $ 6,200,000 $ 2,000,000 $ 950,000 $ 1,050,000 $ 315,000
$ 10,000,000 $ 4,000,000 $ 6,000,000 $ 2,000,000 $ 1,000,000 $ 1,000,000 $ 300,000
$ 10,000,000 $ 4,200,000 $ 5,800,000 $ 2,000,000 $ 1,050,000 $ 950,000 $ 285,000
$ 10,000,000 $ 4,400,000 $ 5,600,000 $ 2,000,000 $ 1,100,000 $ 900,000 $ 270,000
$ 10,000,000 $ 4,600,000 $ 5,400,000 $ 2,000,000 $ 1,150,000 $ 850,000 $ 255,000
$ 10,000,000 $ 4,800,000 $ 5,200,000 $ 2,000,000 $ 1,200,000 $ 800,000 $ 240,000
$ 10,000,000 $ 5,000,000 $ 5,000,000 $ 2,000,000 $ 1,250,000 $ 750,000 $ 225,000
$ 10,000,000 $ 5,200,000 $ 4,800,000 $ 2,000,000 $ 1,300,000 $ 700,000 $ 210,000
$ 10,000,000 $ 5,400,000 $ 4,600,000 $ 2,000,000 $ 1,350,000 $ 650,000 $ 195,000
$ 10,000,000 $ 5,600,000 $ 4,400,000 $ 2,000,000 $ 1,400,000 $ 600,000 $ 180,000
$ 10,000,000 $ 5,800,000 $ 4,200,000 $ 2,000,000 $ 1,450,000 $ 550,000 $ 165,000
$ 10,000,000 $ 6,000,000 $ 4,000,000 $ 2,000,000 $ 1,500,000 $ 500,000 $ 150,000
$ 10,000,000 $ 6,200,000 $ 3,800,000 $ 2,000,000 $ 1,550,000 $ 450,000 $ 135,000
$ 10,000,000 $ 6,400,000 $ 3,600,000 $ 2,000,000 $ 1,600,000 $ 400,000 $ 120,000
$ 10,000,000 $ 6,600,000 $ 3,400,000 $ 2,000,000 $ 1,650,000 $ 350,000 $ 105,000
$ 10,000,000 $ 6,800,000 $ 3,200,000 $ 2,000,000 $ 1,700,000 $ 300,000 $ 90,000
$ 10,000,000 $ 7,000,000 $ 3,000,000 $ 2,000,000 $ 1,750,000 $ 250,000 $ 75,000
$ 10,000,000 $ 7,200,000 $ 2,800,000 $ 2,000,000 $ 1,800,000 $ 200,000 $ 60,000
$ 10,000,000 $ 7,400,000 $ 2,600,000 $ 2,000,000 $ 1,850,000 $ 150,000 $ 45,000
$ 10,000,000 $ 7,600,000 $ 2,400,000 $ 2,000,000 $ 1,900,000 $ 100,000 $ 30,000
$ 10,000,000 $ 7,800,000 $ 2,200,000 $ 2,000,000 $ 1,950,000 $ 50,000 $ 15,000
$ 10,000,000 $ 8,000,000 $ 2,000,000 $ 2,000,000 $ 2,000,000 $ - $ -
$ 10,000,000 $ 8,200,000 $ 1,800,000 $ 2,000,000 $ 2,050,000 -$ 50,000 $ -
$ 10,000,000 $ 8,400,000 $ 1,600,000 $ 2,000,000 $ 2,100,000 -$ 100,000 $ -
 Utilidad Neta Apalancamiento Utilidad Neta/Patrimonio
$ 1,400,000 0.0000 0.14
$ 1,365,000 0.0204 0.139285714285714 Chart Ti
$ 1,330,000 0.0417 0.138541666666667 0.2
$ 1,295,000 0.0638 0.137765957446808
0.15

Utilidad Neta/Patrimonio
$ 1,260,000 0.0870 0.13695652173913
$ 1,225,000 0.1111 0.136111111111111 0.1
$ 1,190,000 0.1364 0.135227272727273
$ 1,155,000 0.1628 0.134302325581395 0.05
$ 1,120,000 0.1905 0.133333333333333 0
$ 1,085,000 0.2195 0.132317073170732 0.0000 1.0000 2.0000 3.0
$ 1,050,000 0.2500 0.13125 -0.05
$ 1,015,000 0.2821 0.130128205128205 -0.1
$ 980,000 0.3158 0.128947368421053
Apalanca
$ 945,000 0.3514 0.127702702702703
$ 910,000 0.3889 0.126388888888889
$ 875,000 0.4286 0.125
$ 840,000 0.4706 0.123529411764706
$ 805,000 0.5152 0.121969696969697
$ 770,000 0.5625 0.1203125
$ 735,000 0.6129 0.118548387096774
$ 700,000 0.6667 0.116666666666667
$ 665,000 0.7241 0.114655172413793
$ 630,000 0.7857 0.1125
$ 595,000 0.8519 0.110185185185185
$ 560,000 0.9231 0.107692307692308
$ 525,000 1.0000 0.105
$ 490,000 1.0833 0.102083333333333
$ 455,000 1.1739 0.0989130434782609
$ 420,000 1.2727 0.0954545454545455
$ 385,000 1.3810 0.0916666666666667
$ 350,000 1.5000 0.0875
$ 315,000 1.6316 0.0828947368421053
$ 280,000 1.7778 0.0777777777777778
$ 245,000 1.9412 0.0720588235294118
$ 210,000 2.1250 0.065625
$ 175,000 2.3333 0.0583333333333333
$ 140,000 2.5714 0.05
$ 105,000 2.8462 0.0403846153846154
$ 70,000 3.1667 0.0291666666666667
$ 35,000 3.5455 0.0159090909090909
$ - 4.0000 0
-$ 50,000 4.5556 -0.0277777777777778
-$ 100,000 5.2500 -0.0625
 Chart Title
.2

15

.1

05

0
0.0000 1.0000 2.0000 3.0000 4.0000 5.0000 6.0000
05

.1
Apalancamiento
 1% $ 200,000 20%
Tasa de interés Activos Pasivos Patrimonio UNAII Interéses UAI
10% $ 10,000,000 $ 10,000,000 $ 2,000,000 $ - $ 2,000,000
11% $ 10,000,000 $ 200,000 $ 9,800,000 $ 2,000,000 $ 22,000 $ 1,978,000
12% $ 10,000,000 $ 400,000 $ 9,600,000 $ 2,000,000 $ 48,000 $ 1,952,000
13% $ 10,000,000 $ 600,000 $ 9,400,000 $ 2,000,000 $ 78,000 $ 1,922,000
14% $ 10,000,000 $ 800,000 $ 9,200,000 $ 2,000,000 $ 112,000 $ 1,888,000
15% $ 10,000,000 $ 1,000,000 $ 9,000,000 $ 2,000,000 $ 150,000 $ 1,850,000
16% $ 10,000,000 $ 1,200,000 $ 8,800,000 $ 2,000,000 $ 192,000 $ 1,808,000
17% $ 10,000,000 $ 1,400,000 $ 8,600,000 $ 2,000,000 $ 238,000 $ 1,762,000
18% $ 10,000,000 $ 1,600,000 $ 8,400,000 $ 2,000,000 $ 288,000 $ 1,712,000
19% $ 10,000,000 $ 1,800,000 $ 8,200,000 $ 2,000,000 $ 342,000 $ 1,658,000
20% $ 10,000,000 $ 2,000,000 $ 8,000,000 $ 2,000,000 $ 400,000 $ 1,600,000
21% $ 10,000,000 $ 2,200,000 $ 7,800,000 $ 2,000,000 $ 462,000 $ 1,538,000
22% $ 10,000,000 $ 2,400,000 $ 7,600,000 $ 2,000,000 $ 528,000 $ 1,472,000
23% $ 10,000,000 $ 2,600,000 $ 7,400,000 $ 2,000,000 $ 598,000 $ 1,402,000
24% $ 10,000,000 $ 2,800,000 $ 7,200,000 $ 2,000,000 $ 672,000 $ 1,328,000
25% $ 10,000,000 $ 3,000,000 $ 7,000,000 $ 2,000,000 $ 750,000 $ 1,250,000
26% $ 10,000,000 $ 3,200,000 $ 6,800,000 $ 2,000,000 $ 832,000 $ 1,168,000
27% $ 10,000,000 $ 3,400,000 $ 6,600,000 $ 2,000,000 $ 918,000 $ 1,082,000
28% $ 10,000,000 $ 3,600,000 $ 6,400,000 $ 2,000,000 $ 1,008,000 $ 992,000
29% $ 10,000,000 $ 3,800,000 $ 6,200,000 $ 2,000,000 $ 1,102,000 $ 898,000
30% $ 10,000,000 $ 4,000,000 $ 6,000,000 $ 2,000,000 $ 1,200,000 $ 800,000
31% $ 10,000,000 $ 4,200,000 $ 5,800,000 $ 2,000,000 $ 1,302,000 $ 698,000
32% $ 10,000,000 $ 4,400,000 $ 5,600,000 $ 2,000,000 $ 1,408,000 $ 592,000
33% $ 10,000,000 $ 4,600,000 $ 5,400,000 $ 2,000,000 $ 1,518,000 $ 482,000
34% $ 10,000,000 $ 4,800,000 $ 5,200,000 $ 2,000,000 $ 1,632,000 $ 368,000
35% $ 10,000,000 $ 5,000,000 $ 5,000,000 $ 2,000,000 $ 1,750,000 $ 250,000
36% $ 10,000,000 $ 5,200,000 $ 4,800,000 $ 2,000,000 $ 1,872,000 $ 128,000
37% $ 10,000,000 $ 5,400,000 $ 4,600,000 $ 2,000,000 $ 1,998,000 $ 2,000
38% $ 10,000,000 $ 5,600,000 $ 4,400,000 $ 2,000,000 $ 2,128,000 -$ 128,000
39% $ 10,000,000 $ 5,800,000 $ 4,200,000 $ 2,000,000 $ 2,262,000 -$ 262,000
40% $ 10,000,000 $ 6,000,000 $ 4,000,000 $ 2,000,000 $ 2,400,000 -$ 400,000
41% $ 10,000,000 $ 6,200,000 $ 3,800,000 $ 2,000,000 $ 2,542,000 -$ 542,000
42% $ 10,000,000 $ 6,400,000 $ 3,600,000 $ 2,000,000 $ 2,688,000 -$ 688,000
43% $ 10,000,000 $ 6,600,000 $ 3,400,000 $ 2,000,000 $ 2,838,000 -$ 838,000
44% $ 10,000,000 $ 6,800,000 $ 3,200,000 $ 2,000,000 $ 2,992,000 -$ 992,000
45% $ 10,000,000 $ 7,000,000 $ 3,000,000 $ 2,000,000 $ 3,150,000 -$ 1,150,000
46% $ 10,000,000 $ 7,200,000 $ 2,800,000 $ 2,000,000 $ 3,312,000 -$ 1,312,000
47% $ 10,000,000 $ 7,400,000 $ 2,600,000 $ 2,000,000 $ 3,478,000 -$ 1,478,000
48% $ 10,000,000 $ 7,600,000 $ 2,400,000 $ 2,000,000 $ 3,648,000 -$ 1,648,000
49% $ 10,000,000 $ 7,800,000 $ 2,200,000 $ 2,000,000 $ 3,822,000 -$ 1,822,000
50% $ 10,000,000 $ 8,000,000 $ 2,000,000 $ 2,000,000 $ 4,000,000 -$ 2,000,000
51% $ 10,000,000 $ 8,200,000 $ 1,800,000 $ 2,000,000 $ 4,182,000 -$ 2,182,000
52% $ 10,000,000 $ 8,400,000 $ 1,600,000 $ 2,000,000 $ 4,368,000 -$ 2,368,000
 30%
Impuestos Utilidad Neta Apalancamiento Utilidad Neta/Patrimonio
$ 600,000 $ 1,400,000 0.0000 0.14
$ 593,400 $ 1,384,600 0.0204 0.141285714285714
$ 585,600 $ 1,366,400 0.0417 0.142333333333333 0.4
$ 576,600 $ 1,345,400 0.0638 0.143127659574468 0.2

Utilidad Neta/Patrimonio
$ 566,400 $ 1,321,600 0.0870 0.143652173913043 0
0.0000 1.0000
$ 555,000 $ 1,295,000 0.1111 0.143888888888889 -0.2
$ 542,400 $ 1,265,600 0.1364 0.143818181818182 -0.4
$ 528,600 $ 1,233,400 0.1628 0.143418604651163 -0.6
-0.8
$ 513,600 $ 1,198,400 0.1905 0.142666666666667
-1
$ 497,400 $ 1,160,600 0.2195 0.141536585365854
-1.2
$ 480,000 $ 1,120,000 0.2500 0.14
-1.4
$ 461,400 $ 1,076,600 0.2821 0.138025641025641 -1.6
$ 441,600 $ 1,030,400 0.3158 0.135578947368421
$ 420,600 $ 981,400 0.3514 0.132621621621622
$ 398,400 $ 929,600 0.3889 0.129111111111111
$ 375,000 $ 875,000 0.4286 0.125
$ 350,400 $ 817,600 0.4706 0.120235294117647
$ 324,600 $ 757,400 0.5152 0.114757575757576
$ 297,600 $ 694,400 0.5625 0.1085
$ 269,400 $ 628,600 0.6129 0.101387096774194
$ 240,000 $ 560,000 0.6667 0.0933333333333333
$ 209,400 $ 488,600 0.7241 0.0842413793103447
$ 177,600 $ 414,400 0.7857 0.0739999999999999
$ 144,600 $ 337,400 0.8519 0.0624814814814814
$ 110,400 $ 257,600 0.9231 0.0495384615384614
$ 75,000 $ 175,000 1.0000 0.0349999999999999
$ 38,400 $ 89,600 1.0833 0.0186666666666665
$ 600 $ 1,400 1.1739 0.000304347826086779
$ - -$ 128,000 1.2727 -0.0290909090909094
$ - -$ 262,000 1.3810 -0.0623809523809527
$ - -$ 400,000 1.5000 -0.1
$ - -$ 542,000 1.6316 -0.142631578947369
$ - -$ 688,000 1.7778 -0.191111111111112
$ - -$ 838,000 1.9412 -0.246470588235295
$ - -$ 992,000 2.1250 -0.310000000000001
$ - -$ 1,150,000 2.3333 -0.383333333333334
$ - -$ 1,312,000 2.5714 -0.468571428571429
$ - -$ 1,478,000 2.8462 -0.568461538461539
$ - -$ 1,648,000 3.1667 -0.686666666666668
$ - -$ 1,822,000 3.5455 -0.828181818181819
$ - -$ 2,000,000 4.0000 -1
$ - -$ 2,182,000 4.5556 -1.21222222222222
$ - -$ 2,368,000 5.2500 -1.48
 Chart Title
0.4
0.2
Utilidad Neta/Patrimonio

0
0.0000 1.0000 2.0000 3.0000 4.0000 5.0000 6.0000
-0.2
-0.4
-0.6
-0.8
-1
-1.2
-1.4
-1.6
Apalancamiento
Precio de venta $ 100
Costo variable $ 60
$ 20,000 $ 40 A B A B

Gastos Gastos Número de Número de

Ventas UAII
financieros financieros acciones acciones

$ - -$ 10,000,000 $ 1,000,000 $ - 30000 50000

$ 20,000 -$ 9,200,000 $ 1,000,000 30000 50000
$ 40,000 -$ 8,400,000 $ 1,000,000 30000 50000
$ 60,000 -$ 7,600,000 $ 1,000,000 30000 50000
$ 80,000 -$ 6,800,000 $ 1,000,000 30000 50000
$ 100,000 -$ 6,000,000 $ 1,000,000 30000 50000
$ 120,000 -$ 5,200,000 $ 1,000,000 30000 50000
$ 140,000 -$ 4,400,000 $ 1,000,000 30000 50000
$ 160,000 -$ 3,600,000 $ 1,000,000 30000 50000
$ 180,000 -$ 2,800,000 $ 1,000,000 30000 50000
$ 200,000 -$ 2,000,000 $ 1,000,000 30000 50000
$ 220,000 -$ 1,200,000 $ 1,000,000 30000 50000
$ 240,000 -$ 400,000 $ 1,000,000 30000 50000
$ 260,000 $ 400,000 $ 1,000,000 30000 50000
$ 280,000 $ 1,200,000 $ 1,000,000 30000 50000
$ 300,000 $ 2,000,000 $ 1,000,000 30000 50000
$ 320,000 $ 2,800,000 $ 1,000,000 30000 50000
$ 340,000 $ 3,600,000 $ 1,000,000 30000 50000
$ 360,000 $ 4,400,000 $ 1,000,000 30000 50000
$ 380,000 $ 5,200,000 $ 1,000,000 30000 50000
$ 400,000 $ 6,000,000 $ 1,000,000 30000 50000
$ 420,000 $ 6,800,000 $ 1,000,000 30000 50000
 30% 30%
A B A B A B A

Utilidad por
UAI UAI Impuestos Impuestos Utilidad neta Utildad Neta
acción

-$ 11,000,000 -$ 10,000,000 $ - $ - -$ 11,000,000 -$ 10,000,000 -$ 367

-$ 10,200,000 -$ 9,200,000 $ - $ - -$ 10,200,000 -$ 9,200,000 -$ 340
-$ 9,400,000 -$ 8,400,000 $ - $ - -$ 9,400,000 -$ 8,400,000 -$ 313
-$ 8,600,000 -$ 7,600,000 $ - $ - -$ 8,600,000 -$ 7,600,000 -$ 287
-$ 7,800,000 -$ 6,800,000 $ - $ - -$ 7,800,000 -$ 6,800,000 -$ 260
-$ 7,000,000 -$ 6,000,000 $ - $ - -$ 7,000,000 -$ 6,000,000 -$ 233
-$ 6,200,000 -$ 5,200,000 $ - $ - -$ 6,200,000 -$ 5,200,000 -$ 207
-$ 5,400,000 -$ 4,400,000 $ - $ - -$ 5,400,000 -$ 4,400,000 -$ 180
-$ 4,600,000 -$ 3,600,000 $ - $ - -$ 4,600,000 -$ 3,600,000 -$ 153
-$ 3,800,000 -$ 2,800,000 $ - $ - -$ 3,800,000 -$ 2,800,000 -$ 127
-$ 3,000,000 -$ 2,000,000 $ - $ - -$ 3,000,000 -$ 2,000,000 -$ 100
-$ 2,200,000 -$ 1,200,000 $ - $ - -$ 2,200,000 -$ 1,200,000 -$ 73
-$ 1,400,000 -$ 400,000 $ - $ - -$ 1,400,000 -$ 400,000 -$ 47
-$ 600,000 $ 400,000 $ - $ 120,000 -$ 600,000 $ 280,000 -$ 20
$ 200,000 $ 1,200,000 $ 60,000 $ 360,000 $ 140,000 $ 840,000 $ 5
$ 1,000,000 $ 2,000,000 $ 300,000 $ 600,000 $ 700,000 $ 1,400,000 $ 23
$ 1,800,000 $ 2,800,000 $ 540,000 $ 840,000 $ 1,260,000 $ 1,960,000 $ 42
$ 2,600,000 $ 3,600,000 $ 780,000 $ 1,080,000 $ 1,820,000 $ 2,520,000 $ 61
$ 3,400,000 $ 4,400,000 $ 1,020,000 $ 1,320,000 $ 2,380,000 $ 3,080,000 $ 79
$ 4,200,000 $ 5,200,000 $ 1,260,000 $ 1,560,000 $ 2,940,000 $ 3,640,000 $ 98
$ 5,000,000 $ 6,000,000 $ 1,500,000 $ 1,800,000 $ 3,500,000 $ 4,200,000 $ 117
$ 5,800,000 $ 6,800,000 $ 1,740,000 $ 2,040,000 $ 4,060,000 $ 4,760,000 $ 135

Ventas y Utilidades por acción

$200

$100

$-
$- $100,000 $200,000 $300,000 $400,000 $500,000
$(100)

$(200)

$(300)

$(400)

Column N Column O

Grado de Apalancamiento Financiero

7
6
5
4
 Grado de Apalancamiento Financiero
7
6
5
4
3
2
1
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22
-1
-2

GAF (A) GAF (B)

 B A B A B A B A
Cambio Cambio Cambio Cambio
Utilidad por
GAF (A) GAF (B) Utilidad Utilidad Utilidad Utilidad GAF
acción neta neta Operacional Operacional
-$ 200 0.90909091 1 -0.07272727 -0.08 -0.08 -0.08 0.9091
-$ 184 0.90196078 1 -0.07843137 -0.08695652 -0.08695652 -0.08695652 0.9020
-$ 168 0.89361702 1 -0.08510638 -0.0952381 -0.0952381 -0.0952381 0.8936
-$ 152 0.88372093 1 -0.09302326 -0.10526316 -0.10526316 -0.10526316 0.8837
-$ 136 0.87179487 1 -0.1025641 -0.11764706 -0.11764706 -0.11764706 0.8718
-$ 120 0.85714286 1 -0.11428571 -0.13333333 -0.13333333 -0.13333333 0.8571
-$ 104 0.83870968 1 -0.12903226 -0.15384615 -0.15384615 -0.15384615 0.8387
-$ 88 0.81481481 1 -0.14814815 -0.18181818 -0.18181818 -0.18181818 0.8148
-$ 72 0.7826087 1 -0.17391304 -0.22222222 -0.22222222 -0.22222222 0.7826
-$ 56 0.73684211 1 -0.21052632 -0.28571429 -0.28571429 -0.28571429 0.7368
-$ 40 0.66666667 1 -0.26666667 -0.4 -0.4 -0.4 0.6667
-$ 24 0.54545455 1 -0.36363636 -0.66666667 -0.66666667 -0.66666667 0.5455
-$ 8 0.28571429 1 -0.57142857 -1.7 -2 -2 0.2857
$ 6 -0.66666667 1 -1.23333333 2 2 2 -0.6167
$ 17 6 1 4 0.66666667 0.66666667 0.66666667 6.0000
$ 28 2 1 0.8 0.4 0.4 0.4 2.0000
$ 39 1.55555556 1 0.44444444 0.28571429 0.28571429 0.28571429 1.5556
$ 50 1.38461538 1 0.30769231 0.22222222 0.22222222 0.22222222 1.3846
$ 62 1.29411765 1 0.23529412 0.18181818 0.18181818 0.18181818 1.2941
$ 73 1.23809524 1 0.19047619 0.15384615 0.15384615 0.15384615 1.2381
$ 84 1.2 1 0.16 0.13333333 0.13333333 0.13333333 1.2000
$ 95 1.17241379 1 -1 -1 -1 -1 1.0000

Línea naranja, sale de unas perdidas de 200 y a medida de que crecen las ventas las perdidas se disminuyen ha
Línea naranja, sale de unas perdidas de 200 y a medida de que crecen las ventas las perdidas se disminuyen ha
00 $500,000

entre más vendo pierdo menos o gano más

azul pierdo más y despues de la interseccion gano más

8 19 20 21 22
 B

GAF

1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.8500
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000

las perdidas se disminuyen hasta generar utilidad

las perdidas se disminuyen hasta generar utilidad