EVALUACIÓN FINANCIERA DE PROYECTO DE INVERSIÓN Página 1 de 51 Datos del proyecto caso ilustrativo Capacidad Nominal 1650000 Unidades/año Año 2014 2015 2016 2017 Producción (en millones de Kg por año) 990000 1059300 1133451 1212793 Presupuesto de Inversion $ 3,250,000,000 % participacion ienes de Capital (Activos fijos depreciables $ 2,197,325,000 67.61% OTROS Activos Fjos $ 549,250,000 16.90% Activos diferidos $ 274,625,000 8.45% Capital de trabajo $ 228,800,000 7.04% Total $ 3,250,000,000 3350 Año Inflacion Constante 2014 al 2023 7.00% Costo variable $/Kg $ 2,455 En $ constantes del año inicial del proyecto Costos fijos por año $ 410,000,000 En $ constantes del año inicial del proyecto Vlr de rescate $ 4,000,000,000 en $ corrientes del año final del proyecto Vlr de rescate $ 2,033,397,169 en $ constantes de año inicial del proyecto Impuesto de renta 33.00% Prestamo (en millones) $ 1,462,500,000 Interes nominal 12% Anual / TA Interes efectivo 3.0928% Trimestral vencido Interes efectivo 12.96% EA Forma de pago Cuota Fija Numero de cuotas en que amortiza 6 CCPP adi en terminos reales 18.00% CCPP ddi en terminos reales 12.00% Tarifa imp de ind. y comercio 0.70% Cuadro 1 Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro antes de impuestos (En Millones de Pesos Constantes del año inicial del proyecto) Concepto 2013 2014 2015 2016 Ventas netas $ 3,316,500,000 $ 3,548,655,000 $ 3,797,060,850 Valor de rescate Total ingresos $ 3,316,500,000 $ 3,548,655,000 $ 3,797,060,850 Total costo variable $ 2,430,450,000 $ 2,600,581,500 $ 2,782,622,205 Costos fijos $ 410,000,000 $ 410,000,000 $ 410,000,000 Total costos $ 2,840,450,000 $ 3,010,581,500 $ 3,192,622,205 Renta bruta $ 476,050,000 $ 538,073,500 $ 604,438,645 Inversion total $ 3,250,000,000 Recuperación de inv. en terreno Recuperacion de inv. en capital de Trabajo Flujo pp adi $ -3,250,000,000 $ 476,050,000 $ 538,073,500 $ 604,438,645 Tir pp adi 20.18% VPN(CCPP adi) $ 342,133,426 Cuadro 2 Cuadr Depreciacion por el método de Linea Recta Amortizacion d nes de $ constantes d Fin Año Fin Año 2014 $ 274,657,500 $ 256,689,252 2014 2015 $ 274,657,500 $ 239,896,498 2015 2016 $ 274,657,500 $ 224,202,334 2016 2017 $ 274,657,500 $ 209,534,892 2017 2018 $ 274,657,500 $ 195,827,002 2018 2019 $ 274,657,500 $ 183,015,889 2020 $ 274,657,500 $ 171,042,887 2021 $ 274,657,500 $ 159,853,166 2022 $ 274,657,500 $ 149,395,482 2023 $ 274,657,500 $ 139,621,946 Precio venta ($/kg)($ constantes de año de inicio) Depreciación anual (En Millones de $ corrientes) Depreciación anual (En Millones de $ constantes del año inicial del proyecto)
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Puntos 1 al 4Datos del proyecto caso ilustrativoCapacidad Nominal1650000Unidades/aoAo2014201520162017201820192020202120222023Produccin (en millones de Kg por ao)990000105930011334511212793129768813885261485723165000016500001650000Presupuesto de Inversion$ 3,250,000,000% participacionBienes de Capital (Activos fijos depreciables)$ 2,197,325,00067.61%OTROS Activos Fjos$ 549,250,00016.90%Activos diferidos$ 274,625,0008.45%Capital de trabajo$ 228,800,0007.04%Total$ 3,250,000,000Precio venta ($/kg)($ constantes de ao de inicio)3350AoInflacion Constante2014 al 20237.00%Costo variable $/Kg$ 2,455En $ constantes del ao inicial del proyectoCostos fijos por ao$ 410,000,000En $ constantes del ao inicial del proyectoVlr de rescate$ 4,000,000,000en $ corrientes del ao final del proyectoVlr de rescate$ 2,033,397,169en $ constantes de ao inicial del proyectoImpuesto de renta33.00%Prestamo (en millones)$ 1,462,500,000Interes nominal12%Anual / TAInteres efectivo3.0928%Trimestral vencidoInteres efectivo12.96%EAForma de pagoCuota FijaNumero de cuotas en que amortiza6CCPP adi en terminos reales18.00%CCPP ddi en terminos reales12.00%Tarifa imp de ind. y comercio0.70%Cuadro 1Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520162017201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de rescate$ 2,033,397,169Total ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Total costo variable$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169Inversion total$ 3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 228,800,000Flujo pp adi$ -3,250,000,000$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,328,947,169Tir pp adi20.18%VPN(CCPP adi)$ 342,133,426Cuadro 2Cuadro 3Depreciacion por el mtodo de Linea RectaAmortizacion de Inversiones(En Millones de $ constantes del ao inicial del proyecto)Fin AoDepreciacin anual (En Millones de $ corrientes)Depreciacin anual (En Millones de $ constantes del ao inicial del proyecto)Fin AoAmortizacin anualAmortizacin anual (En Millones de $ constantes del ao inicial del proyecto)2014$ 274,657,500$ 256,689,2522014$ 54,925,000$ 51,331,7762015$ 274,657,500$ 239,896,4982015$ 54,925,000$ 47,973,6222016$ 274,657,500$ 224,202,3342016$ 54,925,000$ 44,835,1612017$ 274,657,500$ 209,534,8922017$ 54,925,000$ 41,902,0202018$ 274,657,500$ 195,827,0022018$ 54,925,000$ 39,160,7662019$ 274,657,500$ 183,015,8892020$ 274,657,500$ 171,042,8872021$ 274,657,500$ 159,853,1662022$ 274,657,500$ 149,395,4822023$ 274,657,500$ 139,621,946Cuadro 4Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520162017201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Imp. de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 52,926,280Total Costos Variables$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169amortizacion de inversiones$ 51,331,776$ 47,973,622$ 44,835,161$ 41,902,020$ 39,160,766depeciacion$ 256,689,252$ 239,896,498$ 224,202,334$ 209,534,892$ 195,827,002$ 183,015,889$ 171,042,887$ 159,853,166$ 149,395,482$ 139,621,946deduccin imp de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 52,926,280Total deducciones$ 331,236,528$ 312,710,705$ 295,616,921$ 279,876,897$ 265,418,552$ 215,576,829$ 205,883,093$ 198,545,666$ 188,087,982$ 192,548,226RLG$ 144,813,472$ 225,362,795$ 308,821,724$ 395,572,453$ 486,012,252$ 617,154,132$ 713,839,036$ 868,204,334$ 878,662,018$ 2,907,598,943Impuesto de renta$ 47,788,446$ 74,369,722$ 101,911,169$ 130,538,910$ 160,384,043$ 203,660,864$ 235,566,882$ 286,507,430$ 289,958,466$ 959,507,651Inversin total$ 3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 228,800,000Flujo pp ddi$ -3,250,000,000$ 405,046,054$ 438,863,193$ 475,948,050$ 516,470,455$ 560,615,977$ 596,509,158$ 649,315,041$ 741,550,070$ 738,099,034$ 2,316,513,237TIR pp ddi14.03%VPN(CCPP ddi)$ 354,060,670Cuadro 5Flujo de Caja del Prestamo e Interese DeduciblesFin aoint + saldocuota en $ corrientessaldo despues del pagoint deducibles en $ corrientesCuota en $ constantes del ao inicial del proyectoInt deducibles en $ constantes del ao inicial del proyecto2013$ 1,462,500,0000.0$ 1,462,500,0000.00.00.02014$ 1,651,995,796$ 189,495,796$ 1,462,500,000$ 189,495,796$ 177,098,874$ 177,098,8742015$ 1,651,995,796$ 189,495,796$ 1,462,500,000$ 189,495,796$ 165,512,967$ 165,512,9672016$ 1,651,995,796$ 365,410,892$ 1,286,584,903$ 189,495,796$ 298,284,135$ 154,685,0162017$ 1,453,287,420$ 365,410,892$ 1,087,876,527$ 166,702,516$ 278,770,220$ 127,176,5512018$ 1,228,832,444$ 365,410,892$ 863,421,552$ 140,955,917$ 260,532,916$ 100,499,6202019$ 975,294,888$ 365,410,892$ 609,883,996$ 111,873,336$ 243,488,706$ 74,545,9282020$ 688,906,528$ 365,410,892$ 323,495,636$ 79,022,532$ 227,559,539$ 49,211,2612021$ 365,410,892$ 365,410,8920.0$ 41,915,257$ 212,672,466$ 24,395,06120222023Cuadro 6Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520162017201820192020202120222023Flujo pp adi$ -3,250,000,000$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,328,947,169prestamo$ 1,462,500,000Pago prestamo$ 177,098,874$ 165,512,967$ 298,284,135$ 278,770,220$ 260,532,916$ 243,488,706$ 227,559,539$ 212,672,466Flujo inv adi$ -1,787,500,000$ 298,951,126$ 372,560,533$ 306,154,510$ 396,679,130$ 490,897,889$ 589,242,254$ 692,162,589$ 854,077,534$ 1,066,750,000$ 3,328,947,169TIR inv adi26.41%VPN(CCPP adi)$ 878,256,423Cuadro 7Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520162017201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Imp. de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 52,926,280Total Costos Variables$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169Amortizacion de inversiones$ 51,331,776$ 47,973,622$ 44,835,161$ 41,902,020$ 39,160,766Depeciacion$ 256,689,252$ 239,896,498$ 224,202,334$ 209,534,892$ 195,827,002$ 183,015,889$ 171,042,887$ 159,853,166$ 149,395,482$ 139,621,946Int deducibles$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,061deduccin imp de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 52,926,280Total deducciones$ 508,335,402$ 478,223,671$ 450,301,937$ 407,053,448$ 365,918,173$ 290,122,757$ 255,094,354$ 222,940,727$ 188,087,982$ 192,548,226RLG$ -32,285,402$ 59,849,829$ 154,136,708$ 268,395,902$ 385,512,632$ 542,608,204$ 664,627,774$ 843,809,273$ 878,662,018$ 2,907,598,943Impuesto de renta0.0$ 19,750,443$ 50,865,114$ 88,570,648$ 127,219,169$ 179,060,707$ 219,327,165$ 278,457,060$ 289,958,466$ 959,507,651Prestamo$ 1,462,500,000Pago prestamo$ 177,098,874$ 165,512,967$ 298,284,135$ 278,770,220$ 260,532,916$ 243,488,706$ 227,559,539$ 212,672,4660.00.0Inversin total$ -3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de trabajo$ 228,800,000Flujo inv ddi$ -1,787,500,000$ 275,735,626$ 327,969,505$ 228,709,970$ 279,668,497$ 333,247,935$ 377,620,607$ 437,995,219$ 536,927,974$ 738,099,034$ 2,316,513,237Tir Inv ddi19.55%VPN(CCPP ddi)$ 868,085,781
&C&"Arial,Negrita"EVALUACIN FINANCIERA DE PROYECTO DE INVERSIN&RPgina &P de &N
Punto 5Datos del proyecto caso ilustrativoCapacidad Nominal1650000Unidades/aoAo2014201520152016201820192020202120222023Produccin (en millones de Kg por ao)990000105930011334511212793129768813885261485723165000016500001650000Presupuesto de Inversion3250000000% participacionBienes de Capital (Activos fijos depreciables)$ 2,197,325,00067.61%OTROS Activos Fjos$ 549,250,00016.90%Activos diferidos$ 274,625,0008.45%Capital de trabajo$ 228,800,0007.04%Total$ 3,250,000,000Precio venta ($/kg)($ constantes de ao de inicio)$ 3,350AoInflacion Constante2014 al 20237.00%Costo variable $/Kg$ 2,455En $ constantes del ao inicial del proyectoCostos fijos por ao$ 410,000,000En $ constantes del ao inicial del proyectoVlr de rescate$ 4,000,000,000en $ corrientes del ao final del proyectoVlr de rescate$ 2,033,397,169en $ constantes de ao inicial del proyectoImpuesto de renta33.00%Prestamo (en millones)$ 1,462,500,000Interes nominal12%Anual / TAInteres efectivo3.0928%Trimestral vencidoInteres efectivo12.96%EAForma de pagoCuota FijaNumero de cuotas en que amortiza6CCPP adi en terminos reales18.00%CCPP ddi en terminos reales12.00%Tarifa imp de ind. y comercio0.70%Cuadro 1Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de rescate$ 2,033,397,169Total ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Total costo variable$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169Inversion total$ 3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 228,800,000Flujo pp adi$ -3,250,000,000$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,328,947,169Tir pp adi20.18%VPN(CCPP adi)$ 342,133,426n10Cuadro 2Cuadro 3Depreciacion Suma de DigitosAmortizacion de Inversiones(En Millones de $ constantes del ao inicial del proyecto)Fin AoDepreciacin anual (En Millones de $ corrientes)Depreciacin anual (En Millones de $ constantes del ao inicial del proyecto)Fin AoAmortizacin anualAmortizacin anual (En Millones de $ constantes del ao inicial del proyecto)2014$ 499,377,273$ 466,707,7322014$ 54,925,000$ 51,331,7762015$ 449,439,545$ 392,557,9052015$ 54,925,000$ 47,973,6222016$ 399,501,818$ 326,112,4862016$ 54,925,000$ 44,835,1612017$ 349,564,091$ 266,680,7712017$ 54,925,000$ 41,902,0202018$ 299,626,364$ 213,629,4562018$ 54,925,000$ 39,160,7662019$ 249,688,636$ 166,378,0812020$ 199,750,909$ 124,394,8272021$ 149,813,182$ 87,192,6362022$ 99,875,455$ 54,325,6302023$ 49,937,727$ 25,385,808Cuadro 4Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Imp. de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total Costos Variables$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169amortizacion de inversiones$ 51,331,776$ 47,973,622$ 44,835,161$ 41,902,020$ 39,160,766depeciacion$ 466,707,732$ 392,557,905$ 326,112,486$ 266,680,771$ 213,629,456$ 166,378,081$ 124,394,827$ 87,192,636$ 54,325,630$ 25,385,808deduccin imp de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total deducciones$ 541,255,007$ 465,372,112$ 397,527,073$ 337,022,777$ 283,221,007$ 198,939,021$ 159,235,033$ 125,885,136$ 93,018,130$ 64,078,308RLG$ -65,205,007$ 72,701,388$ 206,911,572$ 338,426,574$ 468,209,798$ 633,791,940$ 760,487,096$ 940,864,864$ 973,731,870$ 3,036,068,860Impuesto de renta0.0$ 23,991,458$ 68,280,819$ 111,680,769$ 154,509,233$ 209,151,340$ 250,960,742$ 310,485,405$ 321,331,517$ 1,001,902,724Inversin total$ 3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 228,800,000Flujo pp ddi$ -3,250,000,000$ 452,834,500$ 489,241,457$ 509,578,400$ 535,328,595$ 566,490,787$ 591,018,681$ 633,921,181$ 717,572,095$ 706,725,983$ 2,288,351,945TIR pp ddi14.55%VPN(CCPP ddi)$ 436,335,834Cuadro 5Flujo de Caja del Prestamo e Interese DeduciblesFin aoint + saldocuota en $ corrientessaldo despues del pagoint deducibles en $ corrientesCuota en $ constantes del ao inicial del proyectoInt deducibles en $ constantes del ao inicial del proyecto2013$ 1,462,500,0000.0$ 1,462,500,0000.00.00.02014$ 1,651,995,796$ 189,495,796$ 1,462,500,000$ 189,495,796$ 177,098,874$ 177,098,8742015$ 1,651,995,796$ 189,495,796$ 1,462,500,000$ 189,495,796$ 165,512,967$ 165,512,9672016$ 1,651,995,796$ 365,410,892$ 1,286,584,903$ 189,495,796$ 298,284,135$ 154,685,0162017$ 1,453,287,420$ 365,410,892$ 1,087,876,527$ 166,702,516$ 278,770,220$ 127,176,5512018$ 1,228,832,444$ 365,410,892$ 863,421,552$ 140,955,917$ 260,532,916$ 100,499,6202019$ 975,294,888$ 365,410,892$ 609,883,996$ 111,873,336$ 243,488,706$ 74,545,9282020$ 688,906,528$ 365,410,892$ 323,495,636$ 79,022,532$ 227,559,539$ 49,211,2612021$ 365,410,892$ 365,410,8920.0$ 41,915,257$ 212,672,466$ 24,395,06120222023Cuadro 6Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Flujo pp adi$ -3,250,000,000$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,328,947,169prestamo$ 1,462,500,000Pago prestamo$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,061Flujo inv adi$ -1,787,500,000$ 298,951,126$ 372,560,533$ 449,753,629$ 548,272,799$ 650,931,184$ 758,185,033$ 870,510,867$ 1,042,354,939$ 1,066,750,000$ 3,328,947,169TIR inv adi30.01%VPN(CCPP adi)$ 1,282,456,335Cuadro 7Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Imp. de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total Costos Variables$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169Amortizacion de inversiones$ 51,331,776$ 47,973,622$ 44,835,161$ 41,902,020$ 39,160,766Depeciacion$ 466,707,732$ 392,557,905$ 326,112,486$ 266,680,771$ 213,629,456$ 166,378,081$ 124,394,827$ 87,192,636$ 54,325,630$ 25,385,808Int deducibles$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,061deduccin imp de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total deducciones$ 718,353,882$ 630,885,079$ 552,212,088$ 464,199,328$ 383,720,627$ 273,484,948$ 208,446,294$ 150,280,197$ 93,018,130$ 64,078,308RLG$ -242,303,882$ -92,811,579$ 52,226,557$ 211,250,022$ 367,710,177$ 559,246,013$ 711,275,834$ 916,469,803$ 973,731,870$ 3,036,068,860Impuesto de renta0.00.0$ 17,234,764$ 69,712,507$ 121,344,358$ 184,551,184$ 234,721,025$ 302,435,035$ 321,331,517$ 1,001,902,724Prestamo$ 1,462,500,000Pago prestamo$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,0610.00.0Inversin total$ -3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de trabajo$ 228,800,000Flujo inv ddi$ -1,787,500,000$ 275,735,626$ 347,719,948$ 405,939,440$ 450,120,306$ 499,156,041$ 541,072,910$ 600,949,636$ 701,227,404$ 706,725,983$ 2,288,351,945Tir Inv ddi24.14%VPN(CCPP ddi)$ 1,414,944,561
&C&"Arial,Negrita"EVALUACIN FINANCIERA DE PROYECTO DE INVERSIN&RPgina &P de &N
Punto 6Datos del proyecto caso ilustrativoCapacidad Nominal1650000Unidades/aoAo2014201520152016201820192020202120222023Produccin (en millones de Kg por ao)990000105930011334511212793129768813885261485723165000016500001650000Presupuesto de Inversion$ 3,250,000,000% participacionBienes de Capital (Activos fijos depreciables)$ 2,197,325,00067.61%OTROS Activos Fjos$ 549,250,00016.90%Activos diferidos$ 274,625,0008.45%Capital de trabajo$ 228,800,0007.04%Total$ 3,250,000,000Precio venta ($/kg)($ constantes de ao de inicio)$ 3,350AoInflacion Constante2014 al 20237.00%Costo variable $/Kg$ 2,455En $ constantes del ao inicial del proyectoCostos fijos por ao$ 410,000,000En $ constantes del ao inicial del proyectoVlr de rescate$ 4,000,000,000en $ corrientes del ao final del proyectoVlr de rescate$ 2,033,397,169en $ constantes de ao inicial del proyectoImpuesto de renta33.00%Prestamo (en millones)$ 1,462,500,000Interes nominal12.0000%Anual / TAInteres efectivo3.0928%Trimestral vencidoInteres efectivo12.96%EAForma de pagoCuota FijaNumero de cuotas en que amortiza6CCPP adi en terminos reales18.00%CCPP ddi en terminos reales12.00%Tarifa imp de ind. y comercio0.70%Cuadro 1Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de rescate$ 2,033,397,169Total ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Total costo variable$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169Inversion total$ 3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 228,800,000Flujo pp adi$ -3,250,000,000$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,328,947,169Tir pp adi20.18%VPN(CCPP adi)$ 342,133,426n10Cuadro 2Cuadro 3Depreciacion LINEA RECTAAmortizacion de Inversiones(En Millones de $ constantes del ao inicial del proyecto)Fin AoDepreciacin anual (En Millones de $ corrientes)Depreciacin anual (En Millones de $ constantes del ao inicial del proyecto)Fin AoAmortizacin anualAmortizacin anual (En Millones de $ constantes del ao inicial del proyecto)2014$ 274,657,500$ 256,689,2522014$ 54,925,000$ 51,331,7762015$ 274,657,500$ 239,896,4982015$ 54,925,000$ 47,973,6222016$ 274,657,500$ 224,202,3342016$ 54,925,000$ 44,835,1612017$ 274,657,500$ 209,534,8922017$ 54,925,000$ 41,902,0202018$ 274,657,500$ 195,827,0022018$ 54,925,000$ 39,160,7662019$ 274,657,500$ 183,015,8892020$ 274,657,500$ 171,042,8872021$ 274,657,500$ 159,853,1662022$ 274,657,500$ 149,395,4822023$ 274,657,500$ 139,621,946Cuadro 4Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Imp. de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total Costos Variables$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169amortizacion de inversiones$ 51,331,776$ 47,973,622$ 44,835,161$ 41,902,020$ 39,160,766depeciacion$ 256,689,252$ 239,896,498$ 224,202,334$ 209,534,892$ 195,827,002$ 183,015,889$ 171,042,887$ 159,853,166$ 149,395,482$ 139,621,946deduccin imp de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total deducciones$ 331,236,528$ 312,710,705$ 295,616,921$ 279,876,897$ 265,418,552$ 215,576,829$ 205,883,093$ 198,545,666$ 188,087,982$ 178,314,446RLG$ 144,813,472$ 225,362,795$ 308,821,724$ 395,572,453$ 486,012,252$ 617,154,132$ 713,839,036$ 868,204,334$ 878,662,018$ 2,921,832,723Impuesto de renta$ 47,788,446$ 74,369,722$ 101,911,169$ 130,538,910$ 160,384,043$ 203,660,864$ 235,566,882$ 286,507,430$ 289,958,466$ 964,204,799Inversin total$ 3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 228,800,000Flujo pp ddi$ -3,250,000,000$ 405,046,054$ 438,863,193$ 475,948,050$ 516,470,455$ 560,615,977$ 596,509,158$ 649,315,041$ 741,550,070$ 738,099,034$ 2,326,049,870TIR pp ddi14.04%VPN(CCPP ddi)$ 357,131,211Cuadro 5Flujo de Caja del Prestamo e Interese DeduciblesFin aoint + saldocuota en $ corrientessaldo despues del pagoint deducibles en $ corrientesCuota en $ constantes del ao inicial del proyectoInt deducibles en $ constantes del ao inicial del proyecto2013$ 1,462,500,0000.0$ 1,462,500,0000.00.00.02014$ 1,651,995,796$ 189,495,796$ 1,462,500,000$ 189,495,796$ 177,098,874$ 177,098,8742015$ 1,651,995,796$ 189,495,796$ 1,462,500,000$ 189,495,796$ 165,512,967$ 165,512,9672016$ 1,651,995,796$ 243,750,000$ 1,218,750,000$ 189,495,796$ 353,657,623$ 154,685,0162017$ 1,376,663,163$ 243,750,000$ 975,000,000$ 157,913,163$ 306,426,904$ 120,471,1962018$ 1,101,330,530$ 243,750,000$ 731,250,000$ 126,330,530$ 263,862,303$ 90,071,9222019$ 825,997,898$ 243,750,000$ 487,500,000$ 94,747,898$ 225,555,442$ 63,134,5252020$ 550,665,265$ 243,750,000$ 243,750,000$ 63,165,265$ 191,131,402$ 39,336,1532021$ 275,332,633$ 243,750,0000.0$ 31,582,633$ 160,246,099$ 18,381,38020222023Cuadro 6Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Flujo pp adi$ -3,250,000,000$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,328,947,169prestamo$ 1,462,500,000Pago prestamo$ 177,098,874$ 165,512,967$ 154,685,016$ 120,471,196$ 90,071,922$ 63,134,525$ 39,336,153$ 18,381,380Flujo inv adi$ -1,787,500,000$ 298,951,126$ 372,560,533$ 449,753,629$ 554,978,154$ 661,358,882$ 769,596,436$ 880,385,976$ 1,048,368,620$ 1,066,750,000$ 3,328,947,169TIR inv adi30.15%VPN(CCPP adi)$ 1,299,399,982Cuadro 7Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Imp. de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total Costos Variables$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169Amortizacion de inversiones$ 51,331,776$ 47,973,622$ 44,835,161$ 41,902,020$ 39,160,766Depeciacion$ 256,689,252$ 239,896,498$ 224,202,334$ 209,534,892$ 195,827,002$ 183,015,889$ 171,042,887$ 159,853,166$ 149,395,482$ 139,621,946Int deducibles$ 177,098,874$ 165,512,967$ 154,685,016$ 120,471,196$ 90,071,922$ 63,134,525$ 39,336,153$ 18,381,380deduccin imp de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total deducciones$ 508,335,402$ 478,223,671$ 450,301,937$ 400,348,093$ 355,490,474$ 278,711,354$ 245,219,245$ 216,927,045$ 188,087,982$ 178,314,446RLG$ -32,285,402$ 59,849,829$ 154,136,708$ 275,101,257$ 395,940,330$ 554,019,607$ 674,502,883$ 849,822,955$ 878,662,018$ 2,921,832,723Impuesto de renta0.0$ 19,750,443$ 50,865,114$ 90,783,415$ 130,660,309$ 182,826,470$ 222,585,951$ 280,441,575$ 289,958,466$ 964,204,799Prestamo$ 1,462,500,000Pago prestamo$ 177,098,874$ 165,512,967$ 154,685,016$ 120,471,196$ 90,071,922$ 63,134,525$ 39,336,153$ 18,381,3800.00.0Inversin total$ -3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de trabajo$ 228,800,000Flujo inv ddi$ -1,787,500,000$ 275,735,626$ 327,969,505$ 372,309,090$ 435,754,754$ 500,267,789$ 554,209,026$ 622,959,819$ 729,234,545$ 738,099,034$ 2,326,049,870Tir Inv ddi23.96%VPN(CCPP ddi)$ 1,418,137,706
&C&"Arial,Negrita"EVALUACIN FINANCIERA DE PROYECTO DE INVERSIN&RPgina &P de &N
Punto 7 okDatos del proyecto caso ilustrativoCapacidad Nominal1650000Unidades/aoAo2014201520152016201820192020202120222023Produccin (en millones de Kg por ao)990000105930011334511212793129768813885261485723165000016500001650000Presupuesto de Inversion$ 5,560,162,826Bienes de Capital (Activos fijos depreciables)$ 3,759,226,08767.61%OTROS Activos Fjos$ 939,667,51816.90%Activos diferidos$ 469,833,7598.45%Capital de trabajo$ 391,435,4637.04%Total$ 5,560,162,826Precio venta ($/kg)($ constantes de ao de inicio)$ 3,350AoInflacion Constante2014 al 20237.00%Costo variable $/Kg$ 2,455En $ constantes del ao inicial del proyectoCostos fijos por ao$ 410,000,000En $ constantes del ao inicial del proyectoVlr de rescate$ 4,000,000,000en $ corrientes del ao final del proyectoVlr de rescate$ 2,033,397,169en $ constantes de ao inicial del proyectoImpuesto de renta33.00%Prestamo (en millones)$ 2,502,073,272Interes nominal12%Anual / TAInteres efectivo3.0928%Trimestral vencidoInteres efectivo12.96%EAForma de pagoCuota FijaNumero de cuotas en que amortiza6CCPP adi en terminos reales18.00%CCPP ddi en terminos reales12.00%Tarifa imp de ind. y comercio0.70%Cuadro 1Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de rescate$ 2,033,397,169Total ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Total costo variable$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169Inversion total$ 5,560,162,826Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 391,435,463Flujo pp adi$ -5,560,162,826$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,491,582,632Tir pp adi9.80%VPN(CCPP adi)$ -1,936,955,542Cuadro 2Cuadro 3Depreciacion por el mtodo de Linea RectaAmortizacion de Inversiones(En Millones de $ constantes del ao inicial del proyecto)Fin AoDepreciacin anual (En Millones de $ corrientes)Depreciacin anual (En Millones de $ constantes del ao inicial del proyecto)Fin AoAmortizacin anualAmortizacin anual (En Millones de $ constantes del ao inicial del proyecto)2014$ 469,889,360$ 439,148,9352014$ 93,966,752$ 87,819,3942015$ 469,889,360$ 410,419,5652015$ 93,966,752$ 82,074,2002016$ 469,889,360$ 383,569,6872016$ 93,966,752$ 76,704,8602017$ 469,889,360$ 358,476,3432017$ 93,966,752$ 71,686,7852018$ 469,889,360$ 335,024,6202018$ 93,966,752$ 66,996,9952019$ 469,889,360$ 313,107,1212020$ 469,889,360$ 292,623,4782021$ 469,889,360$ 273,479,8862022$ 469,889,360$ 255,588,6782023$ 469,889,360$ 238,867,924Cuadro 4Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Imp. de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total Costos Variables$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169amortizacion de inversiones$ 87,819,394$ 82,074,200$ 76,704,860$ 71,686,785$ 66,996,995depeciacion$ 439,148,935$ 410,419,565$ 383,569,687$ 358,476,343$ 335,024,620$ 313,107,121$ 292,623,478$ 273,479,886$ 255,588,678$ 238,867,924deduccin imp de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total deducciones$ 550,183,829$ 517,334,351$ 486,853,973$ 458,603,114$ 432,452,400$ 345,668,061$ 327,463,683$ 312,172,386$ 294,281,178$ 277,560,424RLG$ -74,133,829$ 20,739,149$ 117,584,672$ 216,846,236$ 318,978,405$ 487,062,900$ 592,258,445$ 754,577,614$ 772,468,822$ 2,822,586,745Impuesto de renta0.0$ 6,843,919$ 38,802,942$ 71,559,258$ 105,262,874$ 160,730,757$ 195,445,287$ 249,010,613$ 254,914,711$ 931,453,626Inversin total$ 5,560,162,826Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 391,435,463Flujo pp ddi$ -5,560,162,826$ 452,834,500$ 506,388,996$ 539,056,277$ 575,450,106$ 615,737,146$ 639,439,264$ 689,436,636$ 779,046,887$ 773,142,789$ 2,521,436,506TIR pp ddi5.85%VPN(CCPP ddi)$ -1,612,263,715Cuadro 5Flujo de Caja del Prestamo e Interese DeduciblesFin aoint + saldocuota en $ corrientessaldo despues del pagoint deducibles en $ corrientesCuota en $ constantes del ao inicial del proyectoInt deducibles en $ constantes del ao inicial del proyecto2013$ 2,502,073,2720.0$ 2,502,073,2720.00.00.02014$ 2,826,266,342$ 324,193,070$ 2,502,073,272$ 324,193,070$ 302,984,178$ 302,984,1782015$ 2,826,266,342$ 324,193,070$ 2,502,073,272$ 324,193,070$ 283,162,783$ 283,162,7832016$ 2,826,266,342$ 625,152,018$ 2,201,114,324$ 324,193,070$ 510,310,265$ 264,638,1152017$ 2,486,312,211$ 625,152,018$ 1,861,160,193$ 285,197,887$ 476,925,481$ 217,576,1032018$ 2,102,310,300$ 625,152,018$ 1,477,158,282$ 241,150,107$ 445,724,749$ 171,936,6932019$ 1,668,553,348$ 625,152,018$ 1,043,401,330$ 191,395,066$ 416,565,186$ 127,534,6142020$ 1,178,594,605$ 625,152,018$ 553,442,587$ 135,193,275$ 389,313,258$ 84,191,5772021$ 625,152,018$ 625,152,0180.0$ 71,709,431$ 363,844,166$ 41,735,54220222023Cuadro 6Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Flujo pp adi$ -5,560,162,826$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,491,582,632prestamo$ 2,502,073,272Pago prestamo$ 302,984,178$ 283,162,783$ 264,638,115$ 217,576,103$ 171,936,693$ 127,534,614$ 84,191,577$ 41,735,542Flujo inv adi$ -3,058,089,554$ 173,065,822$ 254,910,717$ 339,800,530$ 457,873,248$ 579,494,111$ 705,196,347$ 835,530,551$ 1,025,014,458$ 1,066,750,000$ 3,491,582,632TIR inv adi15.98%VPN(CCPP adi)$ -328,232,932Cuadro 7Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas0.0$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Imp. de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total Costos Variables$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169Amortizacion de inversiones$ 87,819,394$ 82,074,200$ 76,704,860$ 71,686,785$ 66,996,995Depeciacion$ 439,148,935$ 410,419,565$ 383,569,687$ 358,476,343$ 335,024,620$ 313,107,121$ 292,623,478$ 273,479,886$ 255,588,678$ 238,867,924Int deducibles$ 302,984,178$ 283,162,783$ 264,638,115$ 217,576,103$ 171,936,693$ 127,534,614$ 84,191,577$ 41,735,542deduccin imp de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total deducciones$ 853,168,007$ 800,497,134$ 751,492,088$ 676,179,217$ 604,389,093$ 473,202,675$ 411,655,261$ 353,907,928$ 294,281,178$ 277,560,424RLG$ -377,118,007$ -262,423,634$ -147,053,443$ -729,867$ 147,041,711$ 359,528,286$ 508,066,868$ 712,842,072$ 772,468,822$ 2,822,586,745Impuesto de renta0.00.00.00.0$ 48,523,765$ 118,644,334$ 167,662,066$ 235,237,884$ 254,914,711$ 931,453,626Prestamo$ 2,502,073,272Pago prestamo$ 302,984,178$ 283,162,783$ 264,638,115$ 217,576,103$ 171,936,693$ 127,534,614$ 84,191,577$ 41,735,5420.00.0Inversin total$ -5,560,162,826Recuperacin de inv. en terrenoRecuperacion de inv. en capital de trabajo$ 391,435,463Flujo inv ddi$ -3,058,089,554$ 149,850,322$ 230,070,132$ 313,221,104$ 429,433,262$ 500,539,562$ 553,991,073$ 633,028,279$ 751,084,074$ 773,142,789$ 2,521,436,506Tir Inv ddi12.00%VPN(CCPP ddi)0.0InversionVPN$ 3,250$ 868$ 5,5600.0
&C&"Arial,Negrita"EVALUACIN FINANCIERA DE PROYECTO DE INVERSIN&RPgina &P de &N
Punto 7 ok
VPNInversion Inicial - Inversion CriticaVPN en Millones
Punto 8 okDatos del proyecto caso ilustrativoCapacidad Nominal1650000Unidades/aoAo2014201520152016201820192020202120222023Produccin (en millones de Kg por ao)990000105930011334511212793129768813885261485723165000016500001650000Presupuesto de Inversion$ 3,250,000,000% participacionBienes de Capital (Activos fijos depreciables)$ 2,197,325,00067.61%OTROS Activos Fjos$ 549,250,00016.90%Activos diferidos$ 274,625,0008.45%Capital de trabajo$ 228,800,0007.04%Total$ 3,250,000,000Precio venta ($/kg)($ constantes de ao de inicio)$ 3,350AoInflacion Constante2014 al 20237.00%Costo variable $/Kg$ 2,710En $ constantes del ao inicial del proyectoCostos fijos por ao$ 410,000,000En $ constantes del ao inicial del proyectoVlr de rescate$ 4,000,000,000en $ corrientes del ao final del proyectoVlr de rescate$ 2,033,397,169en $ constantes de ao inicial del proyectoImpuesto de renta33.00%Prestamo (en millones)$ 1,462,500,000Interes nominal12.0000%Anual / TAInteres efectivo3.0928%Trimestral vencidoInteres efectivo12.96%EAForma de pagoCuota FijaNumero de cuotas en que amortiza6CCPP adi en terminos reales18.00%CCPP ddi en terminos reales12.00%Tarifa imp de ind. y comercio0.70%Cuadro 1Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de rescate$ 2,033,397,169Total ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Total costo variable$ 2,683,060,783$ 2,870,875,038$ 3,071,836,291$ 3,286,864,831$ 3,516,945,369$ 3,763,131,545$ 4,026,550,753$ 4,471,767,972$ 4,471,767,972$ 4,471,767,972Costos fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total costos$ 3,093,060,783$ 3,280,875,038$ 3,481,836,291$ 3,696,864,831$ 3,926,945,369$ 4,173,131,545$ 4,436,550,753$ 4,881,767,972$ 4,881,767,972$ 4,881,767,972Renta bruta$ 223,439,217$ 267,779,962$ 315,224,559$ 365,990,278$ 420,309,598$ 478,431,270$ 540,621,458$ 645,732,028$ 645,732,028$ 2,679,129,196Inversion total$ 3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 228,800,000Flujo pp adi$ -3,250,000,000$ 223,439,217$ 267,779,962$ 315,224,559$ 365,990,278$ 420,309,598$ 478,431,270$ 540,621,458$ 645,732,028$ 645,732,028$ 2,907,929,196Tir pp adi10.81%VPN(CCPP adi)$ -1,084,062,870Cuadro 2Cuadro 3Depreciacion por el mtodo de Linea RectaAmortizacion de Inversiones(En Millones de $ constantes del ao inicial del proyecto)Fin AoDepreciacin anual (En Millones de $ corrientes)Depreciacin anual (En Millones de $ constantes del ao inicial del proyecto)Fin AoAmortizacin anualAmortizacin anual (En Millones de $ constantes del ao inicial del proyecto)2014$ 274,657,500$ 256,689,2522014$ 54,925,000$ 51,331,7762015$ 274,657,500$ 239,896,4982015$ 54,925,000$ 47,973,6222016$ 274,657,500$ 224,202,3342016$ 54,925,000$ 44,835,1612017$ 274,657,500$ 209,534,8922017$ 54,925,000$ 41,902,0202018$ 274,657,500$ 195,827,0022018$ 54,925,000$ 39,160,7662019$ 274,657,500$ 183,015,8892020$ 274,657,500$ 171,042,8872021$ 274,657,500$ 159,853,1662022$ 274,657,500$ 149,395,4822023$ 274,657,500$ 139,621,946Cuadro 4Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Imp. de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total Costos Variables$ 2,683,060,783$ 2,870,875,038$ 3,071,836,291$ 3,286,864,831$ 3,516,945,369$ 3,763,131,545$ 4,026,550,753$ 4,471,767,972$ 4,471,767,972$ 4,471,767,972Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 3,093,060,783$ 3,280,875,038$ 3,481,836,291$ 3,696,864,831$ 3,926,945,369$ 4,173,131,545$ 4,436,550,753$ 4,881,767,972$ 4,881,767,972$ 4,881,767,972Renta bruta$ 223,439,217$ 267,779,962$ 315,224,559$ 365,990,278$ 420,309,598$ 478,431,270$ 540,621,458$ 645,732,028$ 645,732,028$ 2,679,129,196amortizacion de inversiones$ 51,331,776$ 47,973,622$ 44,835,161$ 41,902,020$ 39,160,766depeciacion$ 256,689,252$ 239,896,498$ 224,202,334$ 209,534,892$ 195,827,002$ 183,015,889$ 171,042,887$ 159,853,166$ 149,395,482$ 139,621,946deduccin imp de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total deducciones$ 331,236,528$ 312,710,705$ 295,616,921$ 279,876,897$ 265,418,552$ 215,576,829$ 205,883,093$ 198,545,666$ 188,087,982$ 178,314,446RLG$ -107,797,311$ -44,930,743$ 19,607,638$ 86,113,381$ 154,891,045$ 262,854,441$ 334,738,366$ 447,186,362$ 457,644,046$ 2,500,814,751Impuesto de renta0.00.0$ 6,470,521$ 28,417,416$ 51,114,045$ 86,741,965$ 110,463,661$ 147,571,499$ 151,022,535$ 825,268,868Inversin total$ 3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 228,800,000Flujo pp ddi$ -3,250,000,000$ 200,223,717$ 242,939,377$ 282,174,613$ 309,132,877$ 338,764,768$ 359,128,364$ 395,317,592$ 459,468,028$ 456,016,993$ 2,043,967,829TIR pp ddi6.50%VPN(CCPP ddi)$ -919,143,091Cuadro 5Flujo de Caja del Prestamo e Interese DeduciblesFin aoint + saldocuota en $ corrientessaldo despues del pagoint deducibles en $ corrientesCuota en $ constantes del ao inicial del proyectoInt deducibles en $ constantes del ao inicial del proyecto2013$ 1,462,500,0000.0$ 1,462,500,0000.00.00.02014$ 1,651,995,796$ 189,495,796$ 1,462,500,000$ 189,495,796$ 177,098,874$ 177,098,8742015$ 1,651,995,796$ 189,495,796$ 1,462,500,000$ 189,495,796$ 165,512,967$ 165,512,9672016$ 1,651,995,796$ 365,410,892$ 1,286,584,903$ 189,495,796$ 298,284,135$ 154,685,0162017$ 1,453,287,420$ 365,410,892$ 1,087,876,527$ 166,702,516$ 278,770,220$ 127,176,5512018$ 1,228,832,444$ 365,410,892$ 863,421,552$ 140,955,917$ 260,532,916$ 100,499,6202019$ 975,294,888$ 365,410,892$ 609,883,996$ 111,873,336$ 243,488,706$ 74,545,9282020$ 688,906,528$ 365,410,892$ 323,495,636$ 79,022,532$ 227,559,539$ 49,211,2612021$ 365,410,892$ 365,410,8920.0$ 41,915,257$ 212,672,466$ 24,395,06120222023Cuadro 6Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Flujo pp adi$ -3,250,000,000$ 223,439,217$ 267,779,962$ 315,224,559$ 365,990,278$ 420,309,598$ 478,431,270$ 540,621,458$ 645,732,028$ 645,732,028$ 2,907,929,196prestamo$ 1,462,500,000Pago prestamo$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,061Flujo inv adi$ -1,787,500,000$ 46,340,342$ 102,266,995$ 160,539,543$ 238,813,727$ 319,809,977$ 403,885,342$ 491,410,197$ 621,336,967$ 645,732,028$ 2,907,929,196TIR inv adi16.64%VPN(CCPP adi)$ -143,739,961Cuadro 7Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas0.0$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Imp. de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total Costos Variables$ 2,683,060,783$ 2,870,875,038$ 3,071,836,291$ 3,286,864,831$ 3,516,945,369$ 3,763,131,545$ 4,026,550,753$ 4,471,767,972$ 4,471,767,972$ 4,471,767,972Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 3,093,060,783$ 3,280,875,038$ 3,481,836,291$ 3,696,864,831$ 3,926,945,369$ 4,173,131,545$ 4,436,550,753$ 4,881,767,972$ 4,881,767,972$ 4,881,767,972Renta bruta$ 223,439,217$ 267,779,962$ 315,224,559$ 365,990,278$ 420,309,598$ 478,431,270$ 540,621,458$ 645,732,028$ 645,732,028$ 2,679,129,196Amortizacion de inversiones$ 51,331,776$ 47,973,622$ 44,835,161$ 41,902,020$ 39,160,766Depeciacion$ 256,689,252$ 239,896,498$ 224,202,334$ 209,534,892$ 195,827,002$ 183,015,889$ 171,042,887$ 159,853,166$ 149,395,482$ 139,621,946Int deducibles$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,061deduccin imp de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total deducciones$ 508,335,402$ 478,223,671$ 450,301,937$ 407,053,448$ 365,918,173$ 290,122,757$ 255,094,354$ 222,940,727$ 188,087,982$ 178,314,446RLG$ -284,896,186$ -210,443,710$ -135,077,378$ -41,063,170$ 54,391,425$ 188,308,513$ 285,527,104$ 422,791,301$ 457,644,046$ 2,500,814,751Impuesto de renta0.00.00.00.0$ 17,949,170$ 62,141,809$ 94,223,944$ 139,521,129$ 151,022,535$ 825,268,868Prestamo$ 1,462,500,000Pago prestamo$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,0610.00.0Inversin total$ -3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de trabajo$ 228,800,000Flujo inv ddi$ -1,787,500,000$ 23,124,842$ 77,426,410$ 133,960,118$ 210,373,741$ 271,430,022$ 309,182,593$ 362,346,047$ 443,123,337$ 456,016,993$ 2,043,967,829Tir Inv ddi12.00%VPN(CCPP ddi)0.00Costo Variable UnitarioVPN$ 2,455$ 868$ 2,7100.0
&C&"Arial,Negrita"EVALUACIN FINANCIERA DE PROYECTO DE INVERSIN&RPgina &P de &N
Punto 8 ok
VPNCosto Variable Inicial - Costo Variable CriticoVPN en Millones
Punto 9 okDatos del proyecto caso ilustrativoCapacidad Nominal1650000Unidades/aoAo2014201520152016201820192020202120222023Produccin (en millones de Kg por ao)990000105930011334511212793129768813885261485723165000016500001650000Presupuesto de Inversion$ 3,250,000,000% participacionBienes de Capital (Activos fijos depreciables)$ 2,197,325,00067.61%OTROS Activos Fjos$ 549,250,00016.90%Activos diferidos$ 274,625,0008.45%Capital de trabajo$ 228,800,0007.04%Total$ 3,250,000,000Precio venta ($/kg)($ constantes de ao de inicio)3093AoInflacion Constante2014 al 20237.00%Costo variable $/Kg$ 2,455En $ constantes del ao inicial del proyectoCostos fijos por ao$ 410,000,000En $ constantes del ao inicial del proyectoVlr de rescate$ 4,000,000,000en $ corrientes del ao final del proyectoVlr de rescate$ 2,033,397,169en $ constantes de ao inicial del proyectoImpuesto de renta33.00%Prestamo (en millones)$ 1,462,500,000Interes nominal12.0000%Anual / TAInteres efectivo3.0928%Trimestral vencidoInteres efectivo12.96%EAForma de pagoCuota FijaNumero de cuotas en que amortiza6CCPP adi en terminos reales18.00%CCPP ddi en terminos reales12.00%Tarifa imp de ind. y comercio0.70%Cuadro 1Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,062,108,476$ 3,276,456,069$ 3,505,807,994$ 3,751,214,554$ 4,013,799,572$ 4,294,765,543$ 4,595,399,130$ 5,103,514,127$ 5,103,514,127$ 5,103,514,127Valor de rescate$ 2,033,397,169Total ingresos$ 3,062,108,476$ 3,276,456,069$ 3,505,807,994$ 3,751,214,554$ 4,013,799,572$ 4,294,765,543$ 4,595,399,130$ 5,103,514,127$ 5,103,514,127$ 7,136,911,295Total costo variable$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 221,658,476$ 265,874,569$ 313,185,789$ 363,808,794$ 417,975,410$ 475,933,689$ 537,949,047$ 642,764,127$ 642,764,127$ 2,676,161,295Inversion total$ 3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 228,800,000Flujo pp adi$ -3,250,000,000$ 221,658,476$ 265,874,569$ 313,185,789$ 363,808,794$ 417,975,410$ 475,933,689$ 537,949,047$ 642,764,127$ 642,764,127$ 2,904,961,295Tir pp adi10.74%VPN(CCPP adi)$ -1,094,116,620Cuadro 2Cuadro 3Depreciacion por el mtodo de Linea RectaAmortizacion de Inversiones(En Millones de $ constantes del ao inicial del proyecto)Fin AoDepreciacin anual (En Millones de $ corrientes)Depreciacin anual (En Millones de $ constantes del ao inicial del proyecto)Fin AoAmortizacin anualAmortizacin anual (En Millones de $ constantes del ao inicial del proyecto)2014$ 274,657,500$ 256,689,2522014$ 54,925,000$ 51,331,7762015$ 274,657,500$ 239,896,4982015$ 54,925,000$ 47,973,6222016$ 274,657,500$ 224,202,3342016$ 54,925,000$ 44,835,1612017$ 274,657,500$ 209,534,8922017$ 54,925,000$ 41,902,0202018$ 274,657,500$ 195,827,0022018$ 54,925,000$ 39,160,7662019$ 274,657,500$ 183,015,8892020$ 274,657,500$ 171,042,8872021$ 274,657,500$ 159,853,1662022$ 274,657,500$ 149,395,4822023$ 274,657,500$ 139,621,946Cuadro 4Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,062,108,476$ 3,276,456,069$ 3,505,807,994$ 3,751,214,554$ 4,013,799,572$ 4,294,765,543$ 4,595,399,130$ 5,103,514,127$ 5,103,514,127$ 5,103,514,127Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,062,108,476$ 3,276,456,069$ 3,505,807,994$ 3,751,214,554$ 4,013,799,572$ 4,294,765,543$ 4,595,399,130$ 5,103,514,127$ 5,103,514,127$ 7,136,911,295Imp. de ind y comercio$ 21,434,759$ 22,935,192$ 24,540,656$ 26,258,502$ 28,096,597$ 30,063,359$ 32,167,794$ 35,724,599$ 35,724,599$ 35,724,599Total Costos Variables$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 221,658,476$ 265,874,569$ 313,185,789$ 363,808,794$ 417,975,410$ 475,933,689$ 537,949,047$ 642,764,127$ 642,764,127$ 2,676,161,295amortizacion de inversiones$ 51,331,776$ 47,973,622$ 44,835,161$ 41,902,020$ 39,160,766depeciacion$ 256,689,252$ 239,896,498$ 224,202,334$ 209,534,892$ 195,827,002$ 183,015,889$ 171,042,887$ 159,853,166$ 149,395,482$ 139,621,946deduccin imp de ind y comercio$ 21,434,759$ 22,935,192$ 24,540,656$ 26,258,502$ 28,096,597$ 30,063,359$ 32,167,794$ 35,724,599$ 35,724,599$ 35,724,599Total deducciones$ 329,455,787$ 310,805,312$ 293,578,151$ 277,695,413$ 263,084,365$ 213,079,248$ 203,210,681$ 195,577,765$ 185,120,081$ 175,346,545RLG$ -107,797,311$ -44,930,743$ 19,607,638$ 86,113,381$ 154,891,045$ 262,854,441$ 334,738,366$ 447,186,362$ 457,644,046$ 2,500,814,751Impuesto de renta0.00.0$ 6,470,521$ 28,417,416$ 51,114,045$ 86,741,965$ 110,463,661$ 147,571,499$ 151,022,535$ 825,268,868Inversin total$ 3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 228,800,000Flujo pp ddi$ -3,250,000,000$ 200,223,717$ 242,939,377$ 282,174,613$ 309,132,877$ 338,764,768$ 359,128,364$ 395,317,592$ 459,468,028$ 456,016,993$ 2,043,967,829TIR pp ddi6.50%VPN(CCPP ddi)$ -919,143,091Cuadro 5Flujo de Caja del Prestamo e Interese DeduciblesFin aoint + saldocuota en $ corrientessaldo despues del pagoint deducibles en $ corrientesCuota en $ constantes del ao inicial del proyectoInt deducibles en $ constantes del ao inicial del proyecto2013$ 1,462,500,0000.0$ 1,462,500,0000.00.00.02014$ 1,651,995,796$ 189,495,796$ 1,462,500,000$ 189,495,796$ 177,098,874$ 177,098,8742015$ 1,651,995,796$ 189,495,796$ 1,462,500,000$ 189,495,796$ 165,512,967$ 165,512,9672016$ 1,651,995,796$ 365,410,892$ 1,286,584,903$ 189,495,796$ 298,284,135$ 154,685,0162017$ 1,453,287,420$ 365,410,892$ 1,087,876,527$ 166,702,516$ 278,770,220$ 127,176,5512018$ 1,228,832,444$ 365,410,892$ 863,421,552$ 140,955,917$ 260,532,916$ 100,499,6202019$ 975,294,888$ 365,410,892$ 609,883,996$ 111,873,336$ 243,488,706$ 74,545,9282020$ 688,906,528$ 365,410,892$ 323,495,636$ 79,022,532$ 227,559,539$ 49,211,2612021$ 365,410,892$ 365,410,8920.0$ 41,915,257$ 212,672,466$ 24,395,06120222023Cuadro 6Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Flujo pp adi$ -3,250,000,000$ 221,658,476$ 265,874,569$ 313,185,789$ 363,808,794$ 417,975,410$ 475,933,689$ 537,949,047$ 642,764,127$ 642,764,127$ 2,904,961,295prestamo$ 1,462,500,000Pago prestamo$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,061Flujo inv adi$ -1,787,500,000$ 44,559,602$ 100,361,603$ 158,500,773$ 236,632,243$ 317,475,789$ 401,387,761$ 488,737,785$ 618,369,066$ 642,764,127$ 2,904,961,295TIR inv adi16.55%VPN(CCPP adi)$ -153,793,711Cuadro 7Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas0.0$ 3,062,108,476$ 3,276,456,069$ 3,505,807,994$ 3,751,214,554$ 4,013,799,572$ 4,294,765,543$ 4,595,399,130$ 5,103,514,127$ 5,103,514,127$ 5,103,514,127Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,062,108,476$ 3,276,456,069$ 3,505,807,994$ 3,751,214,554$ 4,013,799,572$ 4,294,765,543$ 4,595,399,130$ 5,103,514,127$ 5,103,514,127$ 7,136,911,295Imp. de ind y comercio$ 21,434,759$ 22,935,192$ 24,540,656$ 26,258,502$ 28,096,597$ 30,063,359$ 32,167,794$ 35,724,599$ 35,724,599$ 35,724,599Total Costos Variables$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 221,658,476$ 265,874,569$ 313,185,789$ 363,808,794$ 417,975,410$ 475,933,689$ 537,949,047$ 642,764,127$ 642,764,127$ 2,676,161,295Amortizacion de inversiones$ 51,331,776$ 47,973,622$ 44,835,161$ 41,902,020$ 39,160,766Depeciacion$ 256,689,252$ 239,896,498$ 224,202,334$ 209,534,892$ 195,827,002$ 183,015,889$ 171,042,887$ 159,853,166$ 149,395,482$ 139,621,946Int deducibles$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,061deduccin imp de ind y comercio$ 21,434,759$ 22,935,192$ 24,540,656$ 26,258,502$ 28,096,597$ 30,063,359$ 32,167,794$ 35,724,599$ 35,724,599$ 35,724,599Total deducciones$ 506,554,662$ 476,318,279$ 448,263,167$ 404,871,965$ 363,583,985$ 287,625,176$ 252,421,943$ 219,972,826$ 185,120,081$ 175,346,545RLG$ -284,896,186$ -210,443,710$ -135,077,378$ -41,063,170$ 54,391,425$ 188,308,513$ 285,527,104$ 422,791,301$ 457,644,046$ 2,500,814,751Impuesto de renta0.00.00.00.0$ 17,949,170$ 62,141,809$ 94,223,944$ 139,521,129$ 151,022,535$ 825,268,868Prestamo$ 1,462,500,000Pago prestamo$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,0610.00.0Inversin total$ -3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de trabajo$ 228,800,000Flujo inv ddi$ -1,787,500,000$ 23,124,842$ 77,426,410$ 133,960,118$ 210,373,741$ 271,430,022$ 309,182,593$ 362,346,047$ 443,123,337$ 456,016,993$ 2,043,967,829Tir Inv ddi12.00%VPN(CCPP ddi)0.00Precio UnitarioVPN$ 3,0930.0$ 3,350$ 868
&C&"Arial,Negrita"EVALUACIN FINANCIERA DE PROYECTO DE INVERSIN&RPgina &P de &N
Punto 9 ok
VPNPrecio Unitario Critico- Precio Unitario InicialVPN en Millones
Punto 10Datos del proyecto caso ilustrativoCapacidad Nominal1650000Unidades/aoAo2014201520152016201820192020202120222023Produccin (en millones de Kg por ao)990000105930011334511212793129768813885261485723165000016500001650000Presupuesto de Inversion$ 3,250,000,000% participacionBienes de Capital (Activos fijos depreciables)$ 2,197,325,00067.61%OTROS Activos Fjos$ 549,250,00016.90%Activos diferidos$ 274,625,0008.45%Capital de trabajo$ 228,800,0007.04%Total$ 3,250,000,000Precio venta ($/kg)($ constantes de ao de inicio)$ 3,350AoInflacion Constante2014 al 20237.00%Costo variable $/Kg$ 2,455En $ constantes del ao inicial del proyectoCostos fijos por ao$ 410,000,000En $ constantes del ao inicial del proyectoVlr de rescate$ 4,000,000,000en $ corrientes del ao final del proyectoVlr de rescate$ 2,033,397,169en $ constantes de ao inicial del proyectoImpuesto de renta33.00%Prestamo (en millones)$ 1,462,500,000Interes nominal12%Anual / TAInteres efectivo3.0928%Trimestral vencidoInteres efectivo12.96%EAForma de pagoCuota FijaNumero de cuotas en que amortiza6CCPP adi en terminos reales18.00%CCPP ddi en terminos reales12.00%Tarifa imp de ind. y comercio0.70%Cuadro 1Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de rescate$ 2,033,397,169Total ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Total costo variable$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169Inversion total$ 3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 228,800,000Flujo pp adi$ -3,250,000,000$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,328,947,169Tir pp adi20.18%VPN(CCPP adi)$ 342,133,426Cuadro 2Cuadro 3Depreciacion por el mtodo de Linea RectaAmortizacion de Inversiones(En Millones de $ constantes del ao inicial del proyecto)Fin AoDepreciacin anual (En Millones de $ corrientes)Depreciacin anual (En Millones de $ constantes del ao inicial del proyecto)Fin AoAmortizacin anualAmortizacin anual (En Millones de $ constantes del ao inicial del proyecto)2014$ 274,657,500$ 256,689,2522014$ 54,925,000$ 51,331,7762015$ 274,657,500$ 239,896,4982015$ 54,925,000$ 47,973,6222016$ 274,657,500$ 224,202,3342016$ 54,925,000$ 44,835,1612017$ 274,657,500$ 209,534,8922017$ 54,925,000$ 41,902,0202018$ 274,657,500$ 195,827,0022018$ 54,925,000$ 39,160,7662019$ 274,657,500$ 183,015,8892020$ 274,657,500$ 171,042,8872021$ 274,657,500$ 159,853,1662022$ 274,657,500$ 149,395,4822023$ 274,657,500$ 139,621,946Cuadro 4Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Imp. de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total Costos Variables$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169amortizacion de inversiones$ 51,331,776$ 47,973,622$ 44,835,161$ 41,902,020$ 39,160,766depeciacion$ 256,689,252$ 239,896,498$ 224,202,334$ 209,534,892$ 195,827,002$ 183,015,889$ 171,042,887$ 159,853,166$ 149,395,482$ 139,621,946deduccin imp de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total deducciones$ 331,236,528$ 312,710,705$ 295,616,921$ 279,876,897$ 265,418,552$ 215,576,829$ 205,883,093$ 198,545,666$ 188,087,982$ 178,314,446RLG$ 144,813,472$ 225,362,795$ 308,821,724$ 395,572,453$ 486,012,252$ 617,154,132$ 713,839,036$ 868,204,334$ 878,662,018$ 2,921,832,723Impuesto de renta$ 47,788,446$ 74,369,722$ 101,911,169$ 130,538,910$ 160,384,043$ 203,660,864$ 235,566,882$ 286,507,430$ 289,958,466$ 964,204,799Inversin total$ 3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 228,800,000Flujo pp ddi$ -3,250,000,000$ 405,046,054$ 438,863,193$ 475,948,050$ 516,470,455$ 560,615,977$ 596,509,158$ 649,315,041$ 741,550,070$ 738,099,034$ 2,326,049,870TIR pp ddi14.04%VPN(CCPP ddi)$ 357,131,211Cuadro 5Flujo de Caja del Prestamo e Interese DeduciblesFin aoint + saldocuota en $ corrientessaldo despues del pagoint deducibles en $ corrientesCuota en $ constantes del ao inicial del proyectoInt deducibles en $ constantes del ao inicial del proyecto2013$ 1,462,500,0000.0$ 1,462,500,0000.00.00.02014$ 1,651,995,796$ 189,495,796$ 1,462,500,000$ 189,495,796$ 177,098,874$ 177,098,8742015$ 1,651,995,796$ 189,495,796$ 1,462,500,000$ 189,495,796$ 165,512,967$ 165,512,9672016$ 1,651,995,796$ 365,410,892$ 1,286,584,903$ 189,495,796$ 298,284,135$ 154,685,0162017$ 1,453,287,420$ 365,410,892$ 1,087,876,527$ 166,702,516$ 278,770,220$ 127,176,5512018$ 1,228,832,444$ 365,410,892$ 863,421,552$ 140,955,917$ 260,532,916$ 100,499,6202019$ 975,294,888$ 365,410,892$ 609,883,996$ 111,873,336$ 243,488,706$ 74,545,9282020$ 688,906,528$ 365,410,892$ 323,495,636$ 79,022,532$ 227,559,539$ 49,211,2612021$ 365,410,892$ 365,410,8920.0$ 41,915,257$ 212,672,466$ 24,395,06120222023Cuadro 6Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Flujo pp adi$ -3,250,000,000$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,328,947,169prestamo$ 1,462,500,000Pago prestamo$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,061Flujo inv adi$ -1,787,500,000$ 298,951,126$ 372,560,533$ 449,753,629$ 548,272,799$ 650,931,184$ 758,185,033$ 870,510,867$ 1,042,354,939$ 1,066,750,000$ 3,328,947,169TIR inv adi30.01%VPN(CCPP adi)$ 1,282,456,335Cuadro 7Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas0.0$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Imp. de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total Costos Variables$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169Amortizacion de inversiones$ 51,331,776$ 47,973,622$ 44,835,161$ 41,902,020$ 39,160,766Depeciacion$ 256,689,252$ 239,896,498$ 224,202,334$ 209,534,892$ 195,827,002$ 183,015,889$ 171,042,887$ 159,853,166$ 149,395,482$ 139,621,946Int deducibles$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,061deduccin imp de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total deducciones$ 508,335,402$ 478,223,671$ 450,301,937$ 407,053,448$ 365,918,173$ 290,122,757$ 255,094,354$ 222,940,727$ 188,087,982$ 178,314,446RLG$ -32,285,402$ 59,849,829$ 154,136,708$ 268,395,902$ 385,512,632$ 542,608,204$ 664,627,774$ 843,809,273$ 878,662,018$ 2,921,832,723Impuesto de renta0.0$ 19,750,443$ 50,865,114$ 88,570,648$ 127,219,169$ 179,060,707$ 219,327,165$ 278,457,060$ 289,958,466$ 964,204,799Prestamo$ 1,462,500,000Pago prestamo$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,0610.00.0Inversin total$ -3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de trabajo$ 228,800,000Flujo inv ddi$ -1,787,500,000$ 275,735,626$ 327,969,505$ 372,309,090$ 431,262,165$ 493,281,231$ 546,563,386$ 616,343,496$ 725,205,379$ 738,099,034$ 2,326,049,870Tir Inv ddi23.84%VPN(CCPP ddi)$ 1,402,824,504FinanciacionVPN10000000%357.1310%$ 591.6220%$ 826.1130%$ 1,060.6040%$ 1,291.3850%$ 1,514.2760%$ 1,737.1770%$ 1,951.6280%$ 2,164.8390%$ 2,377.92100%$ 2,583.07
&C&"Arial,Negrita"EVALUACIN FINANCIERA DE PROYECTO DE INVERSIN&RPgina &P de &N
Punto 10
VPNPorcentaje Financiacion del proyecto con PrstamoVPN en Millones
Punto 11Datos del proyecto caso ilustrativoCapacidad Nominal1650000Unidades/aoAo2014201520152016201820192020202120222023Produccin (en millones de Kg por ao)990000105930011334511212793129768813885261485723165000016500001650000Presupuesto de Inversion$ 3,250,000,000% participacionBienes de Capital (Activos fijos depreciables)$ 2,197,325,00067.61%OTROS Activos Fjos$ 549,250,00016.90%Activos diferidos$ 274,625,0008.45%Capital de trabajo$ 228,800,0007.04%Total$ 3,250,000,000Precio venta ($/kg)($ constantes de ao de inicio)$ 3,350AoInflacion Constante2014 al 20237.00%Costo variable $/Kg$ 2,455En $ constantes del ao inicial del proyectoCostos fijos por ao410000000.00En $ constantes del ao inicial del proyectoVlr de rescate4000000000en $ corrientes del ao final del proyectoVlr de rescate2033397169en $ constantes de ao inicial del proyectoImpuesto de renta33.00%Prestamo (en millones)$ 1,462,500,000Interes nominal12%Anual / TAInteres efectivo3.0928%Trimestral vencidoInteres efectivo12.96%EAForma de pagoCuota FijaNumero de cuotas en que amortiza6CCPP adi en terminos reales18.00%CCPP ddi en terminos reales12.00%Tarifa imp de ind. y comercio0.70%Cuadro 1Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de rescate$ 2,033,397,169Total ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Total costo variable$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169Inversion total$ 3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 228,800,000Flujo pp adi$ -3,250,000,000$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,328,947,169Tir pp adi20.18%VPN(CCPP adi)$ 342,133,426Cuadro 2Cuadro 3Depreciacion Ajuste inflacin activosAmortizacion de Inversiones(En Millones de $ constantes del ao inicial del proyecto)Fin AoDepreciacin anual (En Millones de $ corrientes)Depreciacin anual (En Millones de $ constantes del ao inicial del proyecto)Fin AoAmortizacin anualAmortizacin anual (En Millones de $ constantes del ao inicial del proyecto)2014$ 293,883,525$ 274,657,5002014$ 58,769,750$ 54,925,0002015$ 314,455,372$ 274,657,5002015$ 62,883,633$ 54,925,0002016$ 336,467,248$ 274,657,5002016$ 67,285,487$ 54,925,0002017$ 360,019,955$ 274,657,5002017$ 71,995,471$ 54,925,0002018$ 385,221,352$ 274,657,5002018$ 77,035,154$ 54,925,0002019$ 412,186,847$ 274,657,5002020$ 441,039,926$ 274,657,5002021$ 471,912,721$ 274,657,5002022$ 504,946,611$ 274,657,5002023$ 540,292,874$ 274,657,500Cuadro 4Flujo de caja proyectado para el calculo de la TIR y VPN del proyecto puro despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Imp. de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total Costos Variables$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169amortizacion de inversiones$ 54,925,000$ 54,925,000$ 54,925,000$ 54,925,000$ 54,925,000depeciacion$ 274,657,500$ 274,657,500$ 274,657,500$ 274,657,500$ 274,657,500$ 274,657,500$ 274,657,500$ 274,657,500$ 274,657,500$ 274,657,500deduccin imp de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total deducciones$ 352,798,000$ 354,423,085$ 356,161,926$ 358,022,486$ 360,013,285$ 307,218,440$ 309,497,705$ 313,350,000$ 313,350,000$ 313,350,000RLG$ 123,252,000$ 183,650,415$ 248,276,719$ 317,426,864$ 391,417,520$ 525,512,521$ 610,224,423$ 753,400,000$ 753,400,000$ 2,786,797,169Impuesto de renta$ 40,673,160$ 60,604,637$ 81,931,317$ 104,750,865$ 129,167,782$ 173,419,132$ 201,374,060$ 248,622,000$ 248,622,000$ 919,643,066Inversin total$ 3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de Trabajo$ 228,800,000Flujo pp ddi$ -3,250,000,000$ 412,161,340$ 452,628,278$ 495,927,902$ 542,258,499$ 591,832,238$ 626,750,889$ 683,507,863$ 779,435,500$ 779,435,500$ 2,370,611,603TIR pp ddi14.82%VPN(CCPP ddi)$ 498,124,381Cuadro 5Flujo de Caja del Prestamo e Interese DeduciblesFin aoint + saldocuota en $ corrientessaldo despues del pagoint deducibles en $ corrientesCuota en $ constantes del ao inicial del proyectoInt deducibles en $ constantes del ao inicial del proyecto2013$ 1,462,500,0000.0$ 1,462,500,0000.00.00.02014$ 1,651,995,796$ 189,495,796$ 1,462,500,000$ 189,495,796$ 177,098,874$ 177,098,8742015$ 1,651,995,796$ 189,495,796$ 1,462,500,000$ 189,495,796$ 165,512,967$ 165,512,9672016$ 1,651,995,796$ 365,410,892$ 1,286,584,903$ 189,495,796$ 298,284,135$ 154,685,0162017$ 1,453,287,420$ 365,410,892$ 1,087,876,527$ 166,702,516$ 278,770,220$ 127,176,5512018$ 1,228,832,444$ 365,410,892$ 863,421,552$ 140,955,917$ 260,532,916$ 100,499,6202019$ 975,294,888$ 365,410,892$ 609,883,996$ 111,873,336$ 243,488,706$ 74,545,9282020$ 688,906,528$ 365,410,892$ 323,495,636$ 79,022,532$ 227,559,539$ 49,211,2612021$ 365,410,892$ 365,410,8920.0$ 41,915,257$ 212,672,466$ 24,395,06120222023Cuadro 6Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista antes de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Flujo pp adi$ -3,250,000,000$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,328,947,169prestamo$ 1,462,500,000Pago prestamo$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,061Flujo inv adi$ -1,787,500,000$ 298,951,126$ 372,560,533$ 449,753,629$ 548,272,799$ 650,931,184$ 758,185,033$ 870,510,867$ 1,042,354,939$ 1,066,750,000$ 3,328,947,169TIR inv adi30.01%VPN(CCPP adi)$ 1,282,456,335Cuadro 7Flujo de caja proyectado para el calculo de la TIR y VPN del inversionista despues de impuestos(En Millones de Pesos Constantes del ao inicial del proyecto)Concepto20132014201520152016201820192020202120222023Ventas netas$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 5,527,500,000Valor de Rescate0.00.00.00.00.00.00.00.00.0$ 2,033,397,169Total Ingresos$ 3,316,500,000$ 3,548,655,000$ 3,797,060,850$ 4,062,855,110$ 4,347,254,967$ 4,651,562,815$ 4,977,172,212$ 5,527,500,000$ 5,527,500,000$ 7,560,897,169Imp. de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total Costos Variables$ 2,430,450,000$ 2,600,581,500$ 2,782,622,205$ 2,977,405,759$ 3,185,824,163$ 3,408,831,854$ 3,647,450,084$ 4,050,750,000$ 4,050,750,000$ 4,050,750,000Costos Fijos$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000$ 410,000,000Total Costos$ 2,840,450,000$ 3,010,581,500$ 3,192,622,205$ 3,387,405,759$ 3,595,824,163$ 3,818,831,854$ 4,057,450,084$ 4,460,750,000$ 4,460,750,000$ 4,460,750,000Renta bruta$ 476,050,000$ 538,073,500$ 604,438,645$ 675,449,350$ 751,430,805$ 832,730,961$ 919,722,128$ 1,066,750,000$ 1,066,750,000$ 3,100,147,169Amortizacion de inversiones$ 54,925,000$ 54,925,000$ 54,925,000$ 54,925,000$ 54,925,000Depeciacion$ 274,657,500$ 274,657,500$ 274,657,500$ 274,657,500$ 274,657,500$ 274,657,500$ 274,657,500$ 274,657,500$ 274,657,500$ 274,657,500Int deducibles$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,061deduccin imp de ind y comercio$ 23,215,500$ 24,840,585$ 26,579,426$ 28,439,986$ 30,430,785$ 32,560,940$ 34,840,205$ 38,692,500$ 38,692,500$ 38,692,500Total deducciones$ 529,896,874$ 519,936,052$ 510,846,942$ 485,199,037$ 460,512,905$ 381,764,367$ 358,708,967$ 337,745,061$ 313,350,000$ 313,350,000RLG$ -53,846,874$ 18,137,448$ 93,591,703$ 190,250,313$ 290,917,899$ 450,966,594$ 561,013,161$ 729,004,939$ 753,400,000$ 2,786,797,169Impuesto de renta0.0$ 5,985,358$ 30,885,262$ 62,782,603$ 96,002,907$ 148,818,976$ 185,134,343$ 240,571,630$ 248,622,000$ 919,643,066Prestamo$ 1,462,500,000Pago prestamo$ 177,098,874$ 165,512,967$ 154,685,016$ 127,176,551$ 100,499,620$ 74,545,928$ 49,211,261$ 24,395,0610.00.0Inversin total$ -3,250,000,000Recuperacin de inv. en terrenoRecuperacion de inv. en capital de trabajo$ 228,800,000Flujo inv ddi$ -1,787,500,000$ 275,735,626$ 341,734,590$ 392,288,941$ 457,050,210$ 524,497,493$ 576,805,118$ 650,536,318$ 763,090,809$ 779,435,500$ 2,370,611,603Tir Inv ddi24.82%VPN(CCPP ddi)$ 1,537,464,741
&C&"Arial,Negrita"EVALUACIN FINANCIERA DE PROYECTO DE INVERSIN&RPgina &P de &N
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