Translated from Spanish to English - www.onlinedoctranslator.

com

ENTREPRENEURSHIP PROJECT “CACHAMAS EL GORDO SAS”

4.4.1 IDENTIFICATION OF COSTS AND EXPENSES.

4.4.1.1 ADAPTATION COSTS.
The adaptations are part of the initial investment and guarantee the operational functioning
of the company. In the case of CACHAMAS EL GORDO SAS, the stripping for the construction of
ponds and drains is identified as adaptation costs.

ADAPTIONS
ADEQUACY AMOUNT PRICE TOTAL VALUE

UNCOVERED AND
CONSTRUCTION OF 50 hours $80,000/hr $ 4,000,000
PONDS

ADEQUACY OF
7 days $30,000.00 $210,000.00
DRAINS

TOTAL $4,210,000.00
Table 14.Adjustments of the company CACHAMAS EL GORDO SAS Source (Author, 2016)

4.4.1.2 PRODUCTION COSTS.

Production costs or operating costs are those that are closely related to the production of the
product. In the fish farming case, the production costs are the raw materials necessary for the
breeding and fattening of the fish, such as the acquisition of the fry and the purchase of
complementary food to the natural one.

SEED COST

When we talk about seed for fish farming processes, we are referring to the acquisition of fry of a
specific species. The fry are the male offspring suitable for fattening processes and subsequent
commercialization.

According to the production capacity of the company CACHAMAS EL GORDO SAS, the cost
for each Cachama Blanca type fry is $90 Cop and the annual purchase of 24,701 units is
projected. The cost of each Red Tilapia fry is $100 Cop and it is planned to acquire
approximately 8,055 units per year. For a total projected annual cost of $3,028,608 Cop.

Fry cost
Number of fry/
Species Unt Price Total price
Year
White Cachama 24701.2 90 2223108
Red Tilapia 8055 100 805500
Total 32756.2 3028608

63
 ENTREPRENEURSHIP PROJECT “CACHAMAS EL GORDO SAS”

Table 15. Costs of fingerlings of the company CACHAMAS EL GORDO SAS Source (Author, 2016)

COST OF FOOD.

Below, the quantity and cost of food consumed by each fish is specifically described according
to the type of species grown in the company, according to the experiences developed in the
company's operational practice in past harvests.

UNIT COST OF FEED FOR CACHAMA BLANCA IN A HARVEST PERIOD

GRAMS
COST BY
PRICE CONSUMED
TIME TIME KIND OF INDIVIDUAL
% TIME BY BY INDIVIDUAL
(DAYS) ACCUMULATED FOOD BY TYPE OF
GRAM BY TYPE OF
FOOD
FOOD
MOJARRA
25.00 0-25 13.66 $2.88 25.00 $71.88
Four. Five

MOJARRA
25.00 25-50 13.66 $2.88 25.00 $71.88
40
MOJARRA
33.00 50-88 18.03 $1.95 80.00 $156.00
3. 4
MOJARRA
50.00 88-138 27.32 $1.88 210.00 $393.75
30
MOJARRA
50.00 138-183 27.32 $1.70 330.00 $561.00
24
183.00 183.00 100.00 670.00 $1,254.50
Table 16.Unit cost of feed for Cachama Blanca in a harvest period. Source (Author, 2016)

The unit cost of feeding a Cachama Blanca type fish corresponds to the sum of the cost per
gram per type of food consumed in a harvest period, which for this type of fish is
approximately 6 months. Resulting according to records obtained in past experiences to a
total of $1,254 Cop.

UNIT COST OF FEED FOR RED TILAPIA IN A HARVEST PERIOD

GRAMS
COST BY
PRICE CONSUMED
TIME KIND OF INDIVIDUAL
TIME % TIME BY BY INDIVIDUAL
ACCUMULATED FOOD BY TYPE OF
GRAM BY TYPE OF
FOOD
FOOD
MOJARRA
35.00 0-35 14.29 $2.88 25.00 $71.88
Four. Five

MOJARRA
35.00 35-70 14.29 $2.88 40.00 $115.00
40
MOJARRA
50.00 70-120 20.41 $1.95 120.00 $234.00
3. 4
MOJARRA
60.00 120-180 24.49 $1.88 260.00 $487.50
30

64
 ENTREPRENEURSHIP PROJECT “CACHAMAS EL GORDO SAS”

MOJARRA
65.00 180-245 26.53 $1.70 440.00 $748.00
24
245.00 245.00 100.00 893.33 $1,673.67
Table 17.Unit cost of feed for Red Tilapia in a harvest period. Source (Author, 2016)

The unit cost of feeding a Red Tilapia fish corresponds to the sum of the cost per gram
per type of food consumed in a harvest period, which for this type of fish is approximately
8 months. In the case of Red Tilapia, the total cost of feeding is approximately $1,673 Cop.

It should be noted that the cost of feeding is closely related to the behavior of the fish and in turn
to the environmental conditions, more specifically the quality of the water in the ponds and the
amount of natural food that the environment provides to the animal.

4.4.1.3 OPERATIONAL EXPENSES.

Operational expenses are the company's expenses related mainly to administrative aspects
and include the payment of payroll, additional personnel, supplies and others.

The operational expenses or fixed costs of the company CACHAMAS EL GORDO SAS
that are described below are projected for a standard production of 24,700 units of
Cachama Blanca type fish and 8,055 units of Red Tilapia type fish.

OPERATIONAL EXPENSES OF THE COMPANY CACHAMAS EL GORDO SAS

Item Description Annual value Monthly value

Rent Finca San Miguel Family Property 50% profit -

Gasoline used for filling, emptying and

Gasoline $1,440,000.00 $120,000.00
periodic maintenance of the tanks.

Additional services of zootechnicians

Services
and fish farming specialists offered $1,200,000.00 $100,000.00
Technicians
by food and seed suppliers.

MOD direct labor $24,887,218.29 $2,073,934.86

Indirect labor - Corresponding to

MOI the wages used for each of the $1,680,000.00 $140,000.00
crops.

Supplies Chemicals (Copper sulfate, CAL, Blue

$288,000.00 $24,000.00
Additional methylene), gloves,

Depreciation Machinery depreciation $317,952.00 $26,496.00

65
 ENTREPRENEURSHIP PROJECT “CACHAMAS EL GORDO SAS”

NOTE: AS INSURANCE A
PROGRAMMED SAVINGS
TOTAL $29,813,170.29 $2,484,430.86
Table 18.Operational expenses of the company CACHAMAS EL GORDO SAS Source (Author, 2016)

Finally, the total costs and expenses will be given by the sum of the production costs and
operational expenses for a monthly and annual total of $2,484,430.86 COP and $29,813,170.29 COP
respectively.

4.4.2 PRICE DETERMINATION.

Price determination is carried out through the margin methodology based on the
variable unit cost of each product as explained below.

to. Determination of unit variable cost

The unit variable cost for the products of the company CACHAMAS EL GORDO SAS is
determined by the production costs, which are those related to the production of the
product.

TYPE OF FISH UNIT VARIABLE COST (CVU)

WHITE CACHAMA $1344.50

RED TILAPIA $1773.67

b. Expected profit margin.

The expected profit margin in the case of White Cachama and Red Tilapia was estimated at
30%.

WHITE CACHAMA

Price = . . =$1344.5= $1792.66

1− . 1−0.25

RED TILAPIA

Price = . . =$1773.67= $2364.89

1− . 1−0.25

c. Higher tax margin.

The margin of higher taxes is given only by the income tax corresponding to 34% according to
the current legal standard, since VAT or any other type of tax does not apply to the activity
carried out.

66
 ENTREPRENEURSHIP PROJECT “CACHAMAS EL GORDO SAS”

WHITE CACHAMA

Price = =$1792.66= $2716.15

1−% 1−0.34

RED TILAPIA

Price = =$2364.89= $3583.16

1−% 1−0.34

d. Lower tax margin.

The lower tax margin is given by advertising expenses among other commercial aspects
and is assumed to be 1%.

WHITE CACHAMA

Price = =$2716,156= $2743.58

1−% 1−0.01

RED TILAPIA

Price = =$3583.16= $3619.35

1−% 1−0.01

Taking into account the information collected from the surveys applied to the main
clients, it is established that the prices in the product market and the prices determined
by margins are coherent and realistic, which allows a successful venture into the local
market.

4.4.3BREAKEVEN.
The break-even point is a financial tool that allows identifying the moment at which sales will
be equal to total costs expressed either in values or units. Furthermore, the magnitude of the
profit or loss for the financial year is determined through the break-even point.

4.4.3.1 UNIT BALANCE POINT

The unitary equilibrium point is given from the following formula.

PEC =

to. Annual balance point for Cachama Blanca.

=$29,813,170
PEC = =20.8423 Units
$2800−$1344 .50

b. Balance point for Red Tilapia.

=$29,813,170
PEC = =17270 Units
$3500−$1773 .67

67
 ENTREPRENEURSHIP PROJECT “CACHAMAS EL GORDO SAS”

4.4.3.2 MIXED BALANCE POINT.

The mixed balance point seeks to combine the different production lines to find the
financial balance that covers total costs and expenses through a contribution margin of
each product.

THEORETICAL PEC MIX

Margin
Units Units Cost Point of
Sales value Margin % of contribution *
Line budgeted Budgeted Variable balance
Unit. contribution contribution % of
(Year) (Month) Unitary combined
contribution

CACHAMA
20,483 1,707 $ 2,800 $ 1,345 $ 1,456 54.26% 789.70 853
WHITE

TILAPIA
17,270 1,439 $ 3,500 $ 1,774 $ 1,726 45.74% 789.70 720
RED

TOTAL 37,753 3,146 1,579.39 1,573

Table 19. Mixed accounting break-even point. Source (Author, 2016)

The mixed equilibrium point arises from the unit equilibrium point of each of the products,
determining a contribution margin according to the unit variable cost of each one. For the
theoretical case, 853 units of White Cachama and 720 units of Red Tilapia should be produced
monthly. However, the market study indicates that the Cachama Blanca type fish is more
accepted in the region, which is why we adapted the contribution margins to the market study
as shown in the following table:

ADAPTED PEC MIX

Margin
Units Units Cost Point of
Sales value Margin % of contribution *
Line budgeted Budgeted Variable balance
Unit. contribution contribution % of
(Year) (Month) Unitary combined
contribution

CACHAMA
18,983 1,582 $ 2,800 $ 1,345 $ 1,456 75.00% 1,091.63 1,223
WHITE

TILAPIA
16,005 1,334 $ 3,500 $ 1,774 $ 1,726 25.00% 431.58 408
RED

TOTAL 34,988 2,916 1,523.21 1,631

Table 20. Adapted mixed accounting break-even point. Source (Author, 2016)

The result of the exercise adapted from the mixed equilibrium point indicates that monthly to
cover total expenses, a minimum of 1,223 units of Cachama Blanca and 408 units of Red
Tilapia must be sold.

4.4.4 INITIAL BALANCE.

The initial balance sheet of the company is the private document by which assets, liabilities and
equity are recognized in accounting. This balance turns out to be a snapshot at a certain moment
for the company; which in this case would be the moment of legal constitution.

68
 ENTREPRENEURSHIP PROJECT “CACHAMAS EL GORDO SAS”

The company CACHAMAS EL GORDO SAS in its initial balance sheet has an equity of
$20,000,000 of which $10,000,000 is in cash and $10,000,000 was used for
adaptations and the acquisition of machinery.

CACHAMAS EL GORDO SAS

NIT 901040436-7

INITIAL BALANCE SHEET JANUARY 2017

ASSETS PASSIVES

CURRENT ASSETS TOTAL, LIABILITIES 0

General Cash 10,000,000

Property, plant and 10,000,000 HERITAGE

equipment buildings 5,687,200 Subscribed and paid capital 20,000,000

machinery 4,312,800

TOTAL, ASSETS 20,000,000 TOTAL, LIABILITIES PLUS EQUITY 20,000,000

MIGUEL ANTONIO MORENO LUZ MYRIAM VALBUENA PULGARIN

Legal representative Public Accountant
TP 186452-T
Table 21. Initial balance CACHAMAS EL GORDO SAS Source (Author, 2016)

BALANCE SHEET.

The balance sheetIt is an accounting financial report that reflects the economic and financial
situation of a company at a given time or also defined as the financial statement that
demonstrates the financial situation of a company at a given date (Avila, 2007). And it is
defined from the following formula:

ASSETS = LIABILITIES + EQUITY

To develop a general accounting balance sheet, the company's assets must first be taken into
account, which in our case will be determined by the cash that comes in from sales, products
in process and/or finished products and property, plant and equipment. Secondly, the
company's liabilities will be recognized where all the amounts that the company owes to
suppliers, partners or customers will be recorded. Finally, the equity is identified, which
basically contains the share capital plus the profits for the year.

69
 ENTREPRENEURSHIP PROJECT “CACHAMAS EL GORDO SAS”

The closing balance sheet as of December 31, 2016 is our reference as year 0 in the
projections that will be shown below in the financial evaluation. This year, the company
was operating through the natural person who is today the legal representative of
CACHAMAS EL GORDO SAS and shows an insignificant movement of capital due to
inconveniences that may have occurred in the production plant this year. However, the
projection of the 2016-2025 balance sheet is made which shows the growth of the
company CACHAMAS EL GORDO SAS according to the profits collected annually.

BALANCE SHEET AS OF DECEMBER 2016

DECEMBER
ASSET
Available
- Box 239,280
- Banks 0
- Savings account 0
Total available 239,280

Inventories
- Product on process 4,580,500
- Finished product 0
Total, Inventories 4,580,500

Property, Plant and Equipment

constructions and buildings 5,687,200
- machinery and equipment 4,312,800
- Computer and Communication Equipment
- hotel and restaurant team
- Accumulated depreciation Total, - 317,952
Property, Plant and Equipment 9,682,048

TOTAL, ASSETS 14,501,828

PASSIVE
Total, Accounts Payable - 4,210,000

Other passives
Income Received for Third Parties
Total Other Liabilities 0
TOTAL LIABILITIES - 4,210,000

HERITAGE

70
ENTREPRENEURSHIP PROJECT “CACHAMAS EL GORDO SAS”

SOCIAL CAPITAL
Subscribed and paid capital 20,000,000
Results for the year
Previous year profit 0
- Profits for the period Total - 1,288,172
Fiscal Year Results - 1,288,172

Result of Previous Exercises

- Result of Previous Exercises Total 0
Result from Previous Years 0

TOTAL ASSETS 18,711,828

TOTAL LIABILITIES + EQUITY 14,501,828

MIGUEL ANTONIO MORENO
MANAGER

Table 22.Balance sheet December 31, 2016. Source (Author, 2017)

71
 BALANCE SHEET 2016-2025

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
ASSET

Available

- Box 239,280.00 3,493,070.46 9,203,006.38 9,748,565.89 9,052,199.71 11,159,565.17 11,935,475.12 12,750,618.52 13,624,728.01 13.6 02,742.15

Total available 239,280.00 3,493,070.46 9,203,006.38 9,748,565.89 9,052,199.71 11,159,565.17 11,935,475.12 12,750,618.52 13,624,728.01 13.6 02,742.15

Inventories

- Product on process 4,580,500.00 5,947,732.00 765,684.00 9,347,732.00 9,665,684.00 9,347,732.00 9,665,684.00 10,619,540.00 11,573,396.00 10,619,540.00

- Finished product 0.00 0.00 0,000,000,000,000,000,000,000,00

Total Inventories 4,580,500.00 5,947,732.00 765,684.00 9,347,732.00 9,665,684.00 9,347,732.00 9,665,684.00 10,619,540.00 11,573,396.00 10,619,540.00

Property, Plant and Equipment

constructions and buildings 5,687,200.00 5,687,200.00 5,687,200.00 5,687,200.00 5,687,200.00 5,687,200.00 5,687,200.00 5,687,200.00 5,687,200.00 5,687. 200.00

New Adjustments 0.00 3,400,000,000,000,000,000,000,000,000,000.00

Environmental costs 0,000,00 8,900,000,000,000,000,000,000,000,000,00

- machinery and equipment 4,312,800.00 4,312,800.00 4,312,800.00 4,312,800.00 4,312,800.00 4,312,800.00 4,312,800.00 4,312,800.00 4,312,800.00 4,312. 800.00

- Accumulated depreciation - 317,952.00 -635,904.00 -953,856.00 -635,904.00 -953,856.00 -635,904.00 -953,856.00 -1,907,712.00 -2,861,568.00 -1,907,712.00

Total Property, Plant and Equipment 9,682,048.00 12,764,096.00 17,946,144.00 9,364,096.00 9,046,144.00 9,364,096.00 9,046,144.00 8,092,288.00 7,138,432.00 8.09 2,288.00

TOTAL ASSETS 14,501,828.00 22,204,898.46 27,914,834.38 28,460,393.89 27,764,027.71 29,871,393.17 30,647,303.12 31,462,446.52 32,336,556, 01 32,314,570.15

PASSIVE

- Suppliers 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

- Other Accounts Payable

- Tax for paying 0.00 1,799,461.00 4,740,942.68 5,021,988.00 4,663,254.40 5,748,867.00 6,148,578.09 6,568,500.00 7,018,799.28 7,007,473.00

Total Accounts Payable 0.00 0,000,000,000,000,000,000,000,000,00

TOTAL LIABILITIES 0.00 1,799,460.54 4,740,942.68 5,021,988.49 4,663,254.40 5,748,866.91 6,148,578.09 6,568,500.45 7,018,799.28 7,007,473.23

HERITAGE

SOCIAL CAPITAL

Subscribed and paid capital 20,000,000.00 18,711,828.00 18,711,828.00 18,711,828.00 18,711,828.00 18,711,828.00 18,711,828.00 18,711,828.00 00 18,711,828.00
 ENTREPRENEURSHIP PROJECT “CACHAMAS EL GORDO SAS”

Exercise Results

Previous year profit 0.00 -1,288,172.00 3,493,070.46 9,203,006.38 9,748,565.89 9,052,199.71 11,159,565.17 11,935,475.12 12,750,618.52 13,624,728.01

- Profits for the period 1 3,602,742, fifteen

Total Fiscal Year Results 18,711,828.00 22,204,898.46 27,914,834.38 28,460,393.89 27,764,027.71 29,871,393.17 30,647,303.12 31,462,446.52 32,336,556, 01 32,314,570.15

TOTAL ASSETS 18,711,828.00 22,204,898.46 27,914,834.38 28,460,393.89 27,764,027.71 29,871,393.17 30,647,303.12 31,462,446.52 32,336,556, 01 32,314,570.15

TOTAL LIABILITIES + EQUITY 18,711,828.00 24,004,359.00 32,655,777.06 33,482,382.37 32,427,282.11 35,620,260.08 36,795,881.21 38,030,946.97 39,355,355, 29 39,322,043.39

Table 23.General balance 2016-2025. Source (Author, 2017)

73
 4.4.5 INCOME STATEMENT.
The income statement or profit or loss statement, like the balance sheet, is an accounting
report, which describes the company's income and subtracts it from the expenses to
determine the profit, to later apply taxes to this value and establish the net profit to be
distributed among shareholders. The income statement is developed as follows:

STATEMENT OF INCOME
+ Sales
+ Operational Sales
= Gross profit

- Operational costs
- Operational expenses
= Operating Profit
- Financial expenses
= Profit before taxes
- Taxes.
= Net profit

The income statement for the year 2016 presents a loss of $ 1,288,172 Cop, considered a
significant value, however it is not alarming since this value is the result of construction costs,
adaptation, acquisition of machinery, costs of production and operating expenses that are
included in the initial investment of the company CACHAMAS EL GORDO SAS

In the projection of the 2016-2025 income statements, the variables are described with their
respective increases according to the estimated rates for inflation, the increase in prices, salaries
and rents. In this way, it is possible to identify the values in the income from sales and expenses
from production costs and operational expenses. Estimating the net profit of the company
CACHAMAS EL GOROD SAS year by year.

According to these projections, a trend behavior is identified according to the cash flow presented
in the financial evaluation in table 30. The company CACHAMAS EL GORDO SAS presents an
increase in its profits with an upward trend behavior until the year 2024 and decreases a little for
the last year. Furthermore, as evidence of the solidity of the company to date, the month-by-month
financial statements of the current year are presented, in which the income and expenses of the
first quarter of 2017 are recorded. In these month-by-month financial statements, it is possible to
recognize the entries in the month of January and April that exceed the expenses corresponding to
this period. Leaving a profit margin in this period of $2,247,516 Cop. However, the reservation is
made that this margin will be used to cover the expenses of the following months in which no sale
is made.
 ENTREPRENEURSHIP PROJECT “CACHAMAS EL GORDO SAS”

STATEMENT OF INCOME
FROM JANUARY 1 TO DECEMBER 31, 2016
INCOME DECEMBER
OPERATIONAL
Sales 10,314,280
Other operating income TOTAL 0
OPERATIONAL INCOME 10,314,280

NON-OPERATIONAL
Financial 0
TOTAL NON-OPERATING INCOME 0

TOTAL INCOME 10,314,280

EXPENSES
OPERATIONAL
Production costs 6,287,500

Total Programs and events 6,287,500

Administration
Machinery and tools 1,371,000
Personnel expenses 2,667,000
Supplies 147,500
Gasoline 811,500
Depreciation 317,952
Others 0
Total Administrative 5,314,952

TOTAL OPERATIONS 11,602,452

NON-OPERATIONAL
Financial 0
TOTAL NON-OPERATIONAL 0

TOTAL EXPENSES 11,602,452

PROFIT OR LOSS FOR THE YEAR - 1,288,172

Table 24.Profit and loss statements December 31, 2016. Source (Author, 2017)

75
 STATEMENT OF INCOME

FROM JANUARY 2016 TO DECEMBER 31, 2025

INCOME 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

OPERATIONAL
10,314,280 25,315,500 92,484,875 97,109,118 101,964,574 107,062,803 112,415,943 118,036,740 123,938,577 130,135,506
Sales , 00,00,00,75,69,42,59,77,81,70
Other operating income 0,000,000,000,000,000,000,000,000,000,00

TOTAL INCOME 10,314,280 25,315,500 92,484,875 97,109,118 101,964,574 107,062,803 112,415,943 118,036,740 123,938,577 130,135,506
OPERATIONAL , 00,00,00,75,69,42,59,77,81,70

NON-OPERATIONAL
Financial 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL INCOME NO
OPERATIONAL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

10,314,280 25,315,500 92,484,875 97,109,118 101,964,574 107,062,803 112,415,943 118,036,740 123,938,577 130,135,506
TOTAL INCOME , 00,00,00,75,69,42,59,77,81,70

EXPENSES

OPERATIONAL
6,287,500, 14,722,000 49,635,042 51,868,619 54,202,707, 56,641,829, 59,190,711, 61,854,293, 64,637,736,
Production costs 67,546,434, 00.00.5 8.49372052547490
6,287,500, 14,722,000 49,635,042 51,868,619 54,202,707, 56,641,829, 59,190,711, 61,854,293, 64,637,736,
Total Programs and events 67,546,434, 00.00.5 8.49372052547490

Administration
 ENTREPRENEURSHIP PROJECT “CACHAMAS EL GORDO SAS”

1,371,000,
Machinery and tools 00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2,667,000, 2,870,000, 25,520,921 26,796,967 28,136,815, 29,543,656, 31,020,839, 32,571,881, 34,200,475, 35,910,499, 00
Personal expenses 00 , 36 , 43805942404724
Supplies 147,500.00 646,000.00 300,960.00 314,503.20 328,655.84 343,445.36 358,900.40 375,050.92 391,928.21 409,564.98
1,220,000, 1,504,800, 1,572,516, 1,643,279.2 1,717,226.7 1,794,501.9 1,875,254.5 1,959,641.0 2,047,824.8 00
Gasoline 811,500.00 00 00289848
2,097,929.0 1,425,268.9
Machinery replacement 0.00 0.00 0.00 0.00 9 0.00 0.00 0.00 0.00 9
1,000,000, 1,045,000, 1,092,025.0 1,141,166.1 1,192,518.6 1,246,181.9 1,302,260.1 1,360,861.8 00
Technical services 0.00 0.00 00 0 3 0 4 2 3
Commercial registration renewal 0.00 0.00 0.00 150,000.00 156,750.00 163,803.75 171,174.92 178,877.79 186,927.29 195,339.02
Others 0.00 247,017.00 261,250.00 273,006.25 273,006.25 285,291.53 285,291.53 298,129.65 298,129.65 311,545.48
4,997,000, 4,983,017, 28,587,931 30,151,992 33,728,461, 33,194,590, 34,823,226, 36,545,376, 38,339,361, 41,660,904, 00
Total Administrative 00 , 36 , 88211486277742

11,284,500 19,705,017 78,222,973 82,020,612 87,931,168, 89,836,419, 94,013,938, 98,399,669, 102,977,098 109,207,339
TOTAL OPERATIONS , 00,00,94,3858353880 , 52 , 32

NON-OPERATIONAL
Depreciation 317,952.00 317,952.00 317,952.00 317,952.00 317,952.00 317,952.00 317,952.00 317,952.00 317,952.00 317,952.00
TOTAL NON-OPERATIONAL 317,952.00 317,952.00 317,952.00 317,952.00 317,952.00 317,952.00 317,952.00 317,952.00 317,952.00 317,952.00

11,602,452 20,022,969 78,540,925 82,338,564 88,249,120, 90,154,371, 94,331,890, 98,717,621, 103,295,050 109,525,291
TOTAL EXPENSES , 00,00,94,3858353880 , 52 , 32

-
PROFIT OR LOSS FOR 1,288,172, 5,292,531, 13,943,949 14,770,554 13,715,454, 16,908,432, 18,084,053, 19,319,118, 20,643,527, 20,610,215, 00
THE YEAR 00 , 06 , 37110821972939

1,799,460, 4,740,942, 5,021,988, 4,663,254.4 5,748,866.9 6,148,578.0 6,568,500.4 7,018,799.2 7,007,473.2 54

INCOME TAX (34%) 0.00 68 49019583

77
 ENTREPRENEURSHIP PROJECT “CACHAMAS EL GORDO SAS”

-
1,288,172, 3,493,070, 9,203,006, 9,748,565, 9,052,199.7 11,159,565, 11,935,475, 12,750,618, 13,624,728,
NET PROFIT 13,602,742, 0046388 9 11712520115

-
1,288,172, 3,493,070, 9,203,006, 9,748,565, 9,052,199.7 11,159,565, 11,935,475, 12,750,618, 13,624,728,
PROFIT TO BE DISTRIBUTED 13,602,742, 0046388 9 11712520115

Table 25.Projected profit and loss statements 2016-2025. Source (Author, 2017)

78
 STATEMENT OF INCOME
FROM JANUARY 1 TO APRIL 31, 2017

INCOME DECEMBER JANUARY FEBRUARY MARCH APRIL

OPERATIONAL
Sales 10,314,280 3,263,500 0 0 5,040,000

Other operating income 0 0 0 0 0

TOTAL OPERATIONAL INCOME 10,314,280 3,263,500 0 0 5,040,000

NON-OPERATIONAL
Financial 0 0 0 0 0
TOTAL NON-OPERATING INCOME 0 0 0 0 0

TOTAL INCOME 10,314,280 3,263,500 0 0 5,040,000

EXPENSES

OPERATIONAL
Production costs 6,287,500 617,000 1,234,000 1,236,000 626,000

Total Programs and events 6,287,500 617,000 1,234,000 1,236,000 626,000

Administration
Personal expenses 2,667,000 320,000 150,000 150,000 450,000

Supplies 147,500 0 385,000 0 87,000

Gasoline 811,500 200,000 100,000 110,000 170,000

Depreciation 317,952 26,496 26,496 26,496 26,496

Others 0 50,000 0 0 65,000

Total Administrative 3,943,952 596,496 661,496 286,496 798,496

DEPRECIATIONS
Depreciations for the period 2002 0

TOTAL OPERATIONS 10,231,452 1,213,496 1,895,496 1,522,496 1,424,496

NON-OPERATIONAL
Financial 0 0 0 0 0
TOTAL NON-OPERATIONAL 0 0 0 0 0

TOTAL EXPENSES 10,231,452 1,213,496 1,895,496 1,522,496 1,424,496

PROFIT OR LOSS FOR THE YEAR 82,828 2,050,004 - 1,895,496 - 1,522,496 3,615,504
Table 26.Profit and loss statements for the first quarter of 2017. Source (Author, 2017)
 4.4.6 FINANCIAL EVALUATION.
The financial evaluation aims to provide a determining concept about the profitability of a project.
This evaluation is based on projecting the entries Increase of
coming from the sales made according to the increase in Wages 5.00%

prices and the outputs coming from the ten-year costs and
Projected inflation 4.50%
expenses.
UNCLE 14%
The costs include adjustments, depreciation, as well as
fixed assets and their replacement according to their CPI 2016 7.20%
useful life. The expenses refer more to the fixed costs
and their projection which is given by different rates DTF 2016 6.80%

according to the element to be projected, so then the

inflation projected for 2017, the consumer price indices Table 27.Projection indicators.
Source (Author, 2017)
and the increase in rents and salaries, will help to later
obtain values that allow us to determine
the future states of the company such as; VAN I, VAN II, TIO and the IRR.

The percentages for salary increases fluctuate according to the average of recent years,
being consistent with the salary policy. In addition to being above the inflation values
determined for each year.

4.4.6.1 CASH FLOW.

Free cash flow (FCF) mathematically relates money inflows and outflows in order to determine
the free money or profit that the project has each year, taking into account the factors that
can influence and/or affect year after year. year such as; projected inflation, consumer price
indices and the increase in rents and salaries.

For year zero (2016) the free cash flow closed at $14,819,780COP, taking into account that in this
year the $20,000,000 corresponding to the initial investment is taken into account. In addition, free
cash flow will fluctuate in the future projection according to the specific expenses of each year.
Subsequently, the TIO is taken into account to determine the NPV 1 or Present Value to have a
complete analysis in the financial evaluation of the project.
 PROJECTED COSTS OF THE COMPANY CACHAMAS EL GORDO SAS

Annual value
Item Description
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
ITALCOL brand fingerlings
Seed Cachama Blanca species 490,500.00 1,330,000.00 3,164,895.36 3,307,315.65 3,456,144.86 3,611,671.37 3,774,196.59 3,944,035.43 4,121,517.03 4,306,985.29
and Red Tilapia.

Gasoline used for

filling, emptying and
Gasoline 811,500.00 1,220,000.00 1,504,800.00 1,572,516.00 1,643,279.22 1,717,226.78 1,794,501.99 1,875,254.58 1,959,641.04 2,047,824.88
periodic maintenance
of the ponds.
Additional services of
zootechnician and

Services fish farming specialists

0.00 0.00 1,000,000.00 1,045,000.00 1,092,025.00 1,141,166.13 1,192,518.60 1,246,181.94 1,302,260.12 1,360,861.83
Technicians offered by
providers of
food and seed.
MOD direct labor 2,870,000.00 23,756,921.36 24,944,767.43 26,192,005.80 27,501,606.09 28,876,686.40 30,320,520.72 31,836,546.76 33,428,374.09

Indirect labor- 2,176,000.00

Corresponding to the
MOI wages used for 0.00 1,764,000.00 1,852,200.00 1,944,810.00 2,042,050.50 2,144,153.03 2,251,360.68 2,363,928.71 2,482,125.15
each of the
crops.
Feeding
focused and managed
of fish species
Feeding 6,287,500.00 13,392,000.00 46,470,147.22 48,561,303.84 50,746,562.52 53,030,157.83 55,416,514.93 57,910,258.10 60,516,219.72 63,239,449.61
White Cachama and
Brand Red Tilapia
ITALCOL.

Chemicals (Sulfate
Supplies
copper, CAL, Methylene 147,500.00 646,000.00 300,960.00 314,503.20 328,655.84 343,445.36 358,900.40 375,050.92 391,928.21 409,564.98
Additional
blue), gloves,

Purchase of tools
Replenishment of
and machinery when 1,371,000.00 0.00 0.00 0.00 2,097,929.09 0.00 0.00 0.00 0.00 1,425,268.99
machinery
They fulfill their useful life.

Plant implementation
Technologies 0.00 0.00 2,500,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
wastewater
 ENTREPRENEURSHIP PROJECT “CACHAMAS EL GORDO SAS”

Implementation of 4
mechanical aerators
by pallets to
0.00 0.00 6,400,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
increase oxygen
dissolved in the
ponds.
Register of
Registration before registration
tuition 0.00 0.00 0.00 150,000.00 156,750.00 163,803.75 171,174.92 178,877.79 186,927.29 195,339.02
trade
trade

tax
Income tax. 0.00 0.00 0.00 5,021,988.49 4,663,254.40 5,748,866.91 6,148,578.09 6,568,500.45 7,018,799.28 7,007,473.23
income 34%

New construction
infrastructure intended
New
to increase 4,210,000.00 3,400,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
buildings
production capacity
of the company.

Dividend payment to
Pay of partners/investors on a
0.00 0.00 0.00 3,493,070.46 9,203,006.38 9,748,565.89 9,052,199.71 11,159,565.17 11,935,475.12 12,750,618.52
Dividends staggered basis and to two
future years.

Corresponding to
Others unforeseen expenses in the 0.00 250,000.00 261,250.00 273,006.25 273,006.25 285,291.53 285,291.53 298,129.65 298,129.65 311,545.48
production.

NOTE: AS SURE
PRESENT A SAVING
PROGRAMMED

TOTAL 15,494,500 23,110,017.00 87,122,973.94 90,535,671.32 101,797,429.35 105,333,852.14 109,214,716.18 116,127,735.42 121,931,372.92 128,965,431.07

Table 28.Projected costs and expenses of the company CACHAMAS EL GORDO SAS Source (Author, 2017)

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
FCL 0 1 2 3 4 5 6 7 8 9
K 20,000,000.00

Income 10,314,280.00 25,315,500.00 92,484,875.00 97,109,118.75 101,964,574.69 107,062,803.42 112,415,943.59 118,036,740.77 123,938,577.81 130,135,506.70

Costs and expenses 15,494,500.00 23,110,017.00 87,122,973.94 90,535,671.32 101,797,429.35 105,333,852.14 109,214,716.18 116,127,735.42 121,931,372.92 128,965,431.07

FCL 14,819,780.00 2,205,483.00 5,361,901.06 6,573,447.43 167,145.33 1,728,951.28 3,201,227.41 1,909,005.35 2,007,204.89 1,170,075.64

Table 29.Projected free cash flow 2016-2025 of the company CACHAMAS EL GORDO SAS Source (Author, 2017)

82
For the projection of the sale price of the White Cachama and Red Tilapia, the income is estimated
based on the future value formula, starting from the point found in the average sale of each of the
products and increasing tendentially 5% of the price. of the immediately preceding year
corresponding to approximately $150 Cop.

4.4.6.2 INTERNAL OPPORTUNITY RATE (IOR).

This internal opportunity rate refers to the market rate at which projects similar to the proposed one
perform. In the case of the business plan of the fish farming company CACHAMAS EL GORDO SAS, an
IOR of 14% is proposed. This internal opportunity rate was contemplated from the sum of the CPI of the
food and non-alcoholic beverages sector (7.2%), one of the highest in 2016, and the DTF (6.8%) with
which it closed the same year ( DANE, 2017). The TIO will then allow us to have a reference or
comparison point according to the performance of our project and, together with other variables, will
determine the results of the net present value of the project.

4.4.6.3 NET PRESENT VALUE (NPV).

GO

The NPV represents a current value of net benefits after having recovered the amounts invested in
the project and its corresponding opportunity costs. A NPV when it is equal to zero does not mean
that there are no benefits, but rather that those benefits only compensate for the capital invested
and its opportunity cost; When the NPV is negative, it does not necessarily imply that there are no
positive net income, they are those that are not able to compensate the opportunity costs to make
way for new investment alternatives, on the other hand, a positive value indicates that the project
yields a benefit even after recovering the money invested and covering the opportunity cost in
investment alternatives.

In the case of CACHAMAS EL GORDO SAS, the net current value (NPV) is $5,963,891.80,
showing it as a positive value, indicating it as the benefit obtained after a period of more than
10 years, in which the money is recovered. initially invested, being ready to cover opportunity
costs generated by the company's future production processes. For this reason, CACHAMAS EL
GORDO SAS is classified as an attractive project from a financial point of view to remain in the
local market of the municipality of Granada, Meta.
 n 0 1 2 3 4 5 6 7 8 9 10
TO - 20,000,000.00

FCL 14,819,780.00 2,205,483.00 5,361,901.06 6,573,447.43 167,145.33 1,728,951.28 3,201,227.41 1,909,005.35 2,007,204.89 1,170,075.64

r 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14
(1+r)̂ n 1.00 1.14 1.30 1.48 1.69 1.93 2.19 2.50 2.85 3.25 3.71
CDF - 20,000,000.00 12,999,807.02 1,697,047.55 3,619,130.49 3,892,008.58 86,810.05 787,686.95 1,279,329.95 669,219.11 617,231.45 315,620.66

GO 5,963,891.80

Table 30.Net Present Value of the company CACHAMAS EL GORDO SAS Source (Author, 2017)

VAN II

Additionally, the result obtained was corroborated manually with the mathematical formula presented as an Excel tool,
giving exactly the same result in both cases.

VAN II

TO - 20,000,000.00

FCL (VNA) 25,963,891.80

GO 5,963,891.80
Table 31.Net Present Value II of the company CACHAMAS EL GORDO SAS Source (Author, 2017)

4.4.6.4 INTERNAL RATE OF RETURN (IRR)

0 1 2 3 4 5 6 7 8 9 10
- 14,819,780.0 2,205,483.0 5,361,901.0 6,573,447.4 167,145.3 1,728,951.2 3,201,227.4 1,909,005.3 2,007,204.8 1,170,075.6 0
A and FCL
20,000,000.00 063 3 81594
IRR 27%
RATE
TIR-UNCLE(r)
REAL
Table 32.Internal Rate of Return (IRR) of the company CACHAMAS EL GORDO SAS Source (Author, 2017)
The IRR is a “critical value” of the opportunity interest rate, it indicates the rate of profitability
generated by the invested funds, assuming that the fruits of the investments are reinvested in the
project, that is, they remain “internal” in the project. project. That is, the profitability of the money
kept within the project is measured. Our investment project manages an IRR of 27% annually,
higher than the opportunity interest rate with a value of 14%, which indicates that the project will
therefore yield a positive NPV or NPV, making the company CACHAMAS THE GORDO SAS is
financially profitable since it covers opportunity costs.

Finally, in the playback, which is the general cash flow balance, it tells us that by 2019 the
investment will be fully recovered and from that moment on the profit is positive for the
company.

PAYBACK

N TO FCL PR
0 - 20,000,000.00 14,819,780.00 - 5,180,220.00

1 - 5,180,220.00 2,205,483.00 - 2,974,737.00

2 - 2,974,737.00 5,361,901.06 2,387,164.06

3 2,387,164.06 6,573,447.43 8,960,611.48

4 8,960,611.48 167,145.33 9,127,756.82

5 9,127,756.82 1,728,951.28 10,856,708.10

6 10,856,708.10 3,201,227.41 14,057,935.51

7 14,057,935.51 1,909,005.35 15,966,940.86

8 15,966,940.86 2,007,204.89 17,974,145.75

9 17,974,145.75 1,170,075.64 19,144,221.39

Table 33.Payback from the company CACHAMAS EL GORDO SAS Source (Author, 2017)

According to the results obtained in the financial plan, it is determined that CACHAMAS EL
GORDO SAS is a financially profitable project, since when setting financial variables it gave us
an Internal Rate of Return (IRR) of 27%. Value that is above the Internal Opportunity Rate (IRR)
of 14%. And added to the opportunity to enter the local market and the possibility of
maintaining the operation of the business, the positive feasibility of the project is established.