Professional Documents
Culture Documents
TASA DE DESCUENTO
36.00%
ao
0
1
2
3
4
5
6
7
8
9
10
valor
(3,000,000)
1,000,000
1,150,000
1,200,000
1,300,000
1,450,000
1,600,000
1,850,000
2,000,000
2,100,000
4,500,000
8.00
EJEMPLOS 2
0
1
2
(1,000,000.00)
900,000.00
800,000.00
i=
VPN(30%)=
TIR=
30%
Ejemplo 3
Para el proyecto siguiente:
Ao
0
1
2
3
4
i=
B=
C=
B/C=
Flujo de caja
(2,000.00)
1,200.00
(1,800.00)
2,900.00
1,700.00
10%
VPN
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
22%
24%
26%
28%
30%
32%
34%
36%
38%
5.00
3.34
1.96
0.86
(0.02)
(0.68)
(1.15)
(1.44)
(1.58)
(1.57)
(1.44)
(1.20)
(0.85)
(0.41)
0.12
0.72
1.39
2.13
2.91
3.75
Ejemplo 4
EJEMPLO DE UN FLUJO DE CAJA CON DOS TIR
periodo
0.00
228.00
1.00
(537.00)
2.00
314.00
TIR semilla 7%
TIR semilla 18%
Ejemplo 5
Alternativa Inversin
A
B
Ao
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
20,000.00
10,000.00
A
(20,000.00)
3,116.00
3,116.00
3,116.00
3,116.00
3,116.00
3,116.00
3,116.00
3,116.00
3,116.00
Beneficios Vida
esperada
en aos
anuales
3,116.00
1,628.00
B
(10,000.00)
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
VPN
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
22%
24%
26%
28%
30%
32%
34%
36%
38%
10.00
10.00
Valor final
del
proyecto
0.00
0.00
10.00
i= 5%
3,116.00
1,628.00
TIRA
MALA
MALA
MALA
PEOR
MALA
PEOR
MALA
MALA
VPNA
RB/C
Ejemplo 6
Se tienen dos alternativas mutuamente excluyentes A y B con
las siguientes caractersticas.
Alternativa Inversin
A
B
(A-B)
Beneficios Vida
anuales
esperada
(aos)
Valor final
del
proyecto
20,000
10,000
3,116
1,628
10
10
10,000.00
1,488.00
10
TIR INCREMENTAL
Ejemplo 7
.
Relacin B/C incremental
Ao
A
B
(B-A)
0.00
(1,000.00)
(2,500.00)
(1,500.00)
1.00
400.00
200.00
(200.00)
2.00
400.00
700.00
300.00
3.00
400.00
1,200.00
800.00
4.00
400.00
2,000.00
1,600.00
A
i=
VPC(B-A)
VPB(B-A)
(VPB/ VPC)( B- A)
B
10.0%
0
0
EJEMPLO 1
TASA DE DESCUENTO
36.00%
ao
0
1
2
3
4
5
6
7
8
9
10
Valor Presente Neto al 36% anual
EJEMPLOS 2 Y 3
0
1
2
(1,000,000.00)
900,000.00
800,000.00
i=
VPN(30%)=
TIR=
30%
$165,680.473
45.12%
Ejemplo 4
Para el proyecto siguiente:
Ao
0
1
2
3
4
i=
B=
C=
B/C=
Flujo de caja
(2,000.00)
1,200.00
(1,800.00)
2,900.00
1,700.00
10%
4,430.84
3,487.60
1.27
valor
(3,000,000)
1,000,000
1,150,000
1,200,000
1,300,000
1,450,000
1,600,000
1,850,000
2,000,000
2,100,000
4,500,000
$504,317
7.95%
27.57%
TIR semilla 7%
TIR semilla 18%
VPN
6.00
5.00
4.00
3.00
2.00
VPN
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
22%
24%
26%
28%
30%
32%
34%
36%
38%
VPN
1.00
0.00
(1.00)
0%
10%
20%
30%
40%
(2.00)
Ejemplo 5
Alternat Inversin
iva
A
B
Ao
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
20,000.00
10,000.00
A
(20,000.00)
3,116.00
3,116.00
3,116.00
3,116.00
3,116.00
3,116.00
3,116.00
3,116.00
3,116.00
Beneficios
anuales
3,116.00
1,628.00
B
(10,000.00)
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
Vida
aos
esperada
en Valor
final
del
proyecto
10.00
10.00
0.00
0.00
5.00
3.34
1.96
0.86
(0.02)
(0.68)
(1.15)
(1.44)
(1.58)
(1.57)
(1.44)
(1.20)
(0.85)
(0.41)
0.12
0.72
1.39
2.13
2.91
3.75
10.00
i= 5%
TIRA
VPNA
RB/C
3,116.00
1,628.00
9%
BUENA
$4,060.93
BUENA
MEJOR
1.20
BUENA
10%
BUENA
$2,570.98
BUENA
PEOR
1.26
BUENA
Ejemplo 6
Se tienen dos alternativas mutuamente excluyentes A y B con
las siguientes caractersticas.
Alternat Inversin
iva
A
B
(A-B)
Beneficios
anuales
Vida
(aos)
esperada Valor
final
del
proyecto
20,000
10,000
3,116
1,628
10
10
10,000.00
1,488.00
10
TIR INCREMENTAL
7.97%
Ejemplo 7
.
Relacin B/C incremental
Ao
A
B
0.00
(1,000.00)
1.00
400.00
2.00
400.00
3.00
400.00
4.00
400.00
(2,500.00)
200.00
700.00
1,200.00
2,000.00
A
i=
VPC(B-A)
10.0%
1,681.82
VPB(B-A)
(VPB/ VPC)(B-A)
(B-A)
1,941.81
1.15
(1,500.00)
(200.00)
300.00
800.00
1,600.00
0
0
A
(10.00)
2.00
4.00
6.00
8.00
VPN A
2%
B
(10.00)
7.00
5.00
4.00
2.00
VPN B
i
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
Pgina 7
VPN A
VPN B
12.000
10.000
8.000
6.000
4.000
2.000
0.000
-2.000
-4.000
-6.000
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
Pgina 8
i
2%
VPN A
8.850
VPN B
7.286
12.000
10.000
8.000
6.000
4.000
VPN A
2.000
VPN B
0.000
-2.000
0%
20%
40%
60%
80%
-4.000
-6.000
Pgina 9
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%
21%
22%
23%
24%
25%
26%
27%
28%
29%
30%
31%
32%
33%
34%
35%
36%
37%
38%
39%
40%
41%
42%
43%
44%
VPN A
10.000
9.413
8.850
8.311
7.794
7.298
6.821
6.364
5.924
5.502
5.096
4.705
4.329
3.967
3.619
3.283
2.959
2.647
2.346
2.055
1.775
1.504
1.242
0.989
0.745
0.509
0.280
0.059
-0.155
-0.362
-0.563
-0.757
-0.945
-1.128
-1.305
-1.477
-1.643
-1.805
-1.961
-2.114
-2.262
-2.405
-2.545
-2.680
-2.812
VPN B
8.000
7.636
7.286
6.947
6.619
6.303
5.996
5.700
5.414
5.136
4.867
4.607
4.354
4.109
3.872
3.641
3.418
3.200
2.989
2.784
2.585
2.391
2.203
2.019
1.841
1.667
1.498
1.333
1.173
1.017
0.864
0.715
0.571
0.429
0.291
0.157
0.025
-0.103
-0.229
-0.351
-0.471
-0.588
-0.702
-0.814
-0.923
45%
46%
47%
48%
49%
50%
51%
52%
53%
54%
55%
56%
57%
58%
59%
60%
Pgina 10
-2.940
-3.065
-3.186
-3.304
-3.419
-3.531
-3.640
-3.746
-3.849
-3.950
-4.048
-4.143
-4.236
-4.327
-4.416
-4.502
-1.030
-1.134
-1.237
-1.337
-1.435
-1.531
-1.625
-1.717
-1.807
-1.895
-1.982
-2.067
-2.150
-2.232
-2.312
-2.390
REINVERSION
0
1
2
3
4
5
6
7
8
9
10
VPN
TIR
Pgina 11
REINVERSION
0
1
2
3
4
5
6
7
8
9
10
VPN
TIR
(3,000,000.00)
1,000,000.00
1,150,000.00
1,200,000.00
1,300,000.00
1,450,000.00
1,600,000.00
1,850,000.00
2,000,000.00
2,100,000.00
4,500,000.00
504,317.09
41.54%
15,916,595.35
13,458,885.78
10,326,510.83
8,225,774.55
6,746,251.76
5,473,632.26
4,653,593.60
3,699,200.00
2,856,000.00
4,500,000.00
Pgina 12
(3,000,000.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
75,856,444.12
504,317.09
38.13%
TIR PONDERADA
ALT B
VALOR
0
1
2
3
4
5
6
7
8
9
10
(20,000.00)
(20,000.00)
3,116.00
4,833.94
0.00
3,116.00
4,603.75
0.00
3,116.00
4,384.52
0.00
3,116.00
4,175.74
0.00
3,116.00
3,976.89
0.00
3,116.00
3,787.52
0.00
3,116.00
3,607.16
0.00
3,116.00
3,435.39
0.00
3,116.00
3,271.80
0.00
3,116.00
3,116.00
39,192.71
4,060.93 VPN
4,060.93
9.00% TIR con reinversin
6.96%
TIR PONDA
6.96%
VPN
TIR
AO
VALOR
0
1
2
3
4
5
6
7
8
9
10
VPN
TIR
(10,000.00)
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
1,628.00
2,570.98
10.01%
Ejemplo 2
En este ejemplo se muestra que la TIR ponderada sirve tambin
cuando hay ms de un perodo de inversin.
TASA DE DESCUENTO
5.00%
TASA DE REINVERSION
5.00%
ALT A
AO
ALT B
VALOR
0
1
2
(20,000.00)
(5,000.00)
3,116.00
4,603.75
(20,000.00)
(5,000.00)
0.00
Pgina 13
AO
VALOR
0
1
2
(10,000.00)
(2,000.00)
1,628.00
TIR PONDERADA
3
4
5
6
7
8
9
10
3,116.00
4,384.52
3,116.00
4,175.74
3,116.00
3,976.89
6,230.00
7,572.60
5,500.00
6,366.94
6,230.00
6,868.58
6,230.00
6,541.50
6,230.00
6,230.00
6,376.10 VPN
TIR
con
9.02% reinversin
TIR PONDa
VPN
TIR
0.00
0.00
0.00
0.00
0.00
0.00
0.00
50,720.52
6,376.10
3
4
5
6
7
8
9
10
VPN
7.48%
7.48%
TIR
1,628.00
1,628.00
1,628.00
3,250.00
3,250.00
3,250.00
3,250.00
3,250.00
4,617.99
10.80%
Ejemplo 3
En este ejemplo se muestra que la TIR ponderada sirve tambin
cuando hay ms de un perodo de inversin.
TASA DE DESCUENTO
5.00%
TASA DE REINVERSION
5.00%
ALT A
VALOR
AO
0
1
2
3
4
5
6
7
8
9
10
VPN
TIR
(20,000.00)
(5,000.00)
3,116.00
4,603.75
3,116.00
4,384.52
3,116.00
4,175.74
3,116.00
3,976.89
6,230.00
7,572.60
5,500.00
6,366.94
6,230.00
6,868.58
6,230.00
6,541.50
6,230.00
6,230.00
6,376.10 VPN
TIR
(20,000.00)
(5,000.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
50,720.52
6,376.10
DEL
DE
EN
(1,000.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,551.33
(0.00) VPN
FLUJO TOTAL DE
LA INVERSION EN
A Y EL SOBRANTE
POR INVERTIR A
LA
TASA
DE
DESCUENTO
(20,000.00)
(6,000.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
52,271.85
6,376.10
con
9.02% reinversin
7.48%
Pgina 14
7.41%
TIR PONDERADA
REINVERSION AL NUEVO
FLUJO INVERSION
PERIODO 10
CON
SOBRANTE
REINVERSION
DESPUES
HABER
INVERTIDO
ALT B
2,525.56
2,405.30
2,290.76
2,181.68
2,077.79
1,978.84
1,884.61
1,794.87
1,709.40
1,628.00
VPN
TIR con reinversin
(10,000.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
20,476.81
2,570.98
7.43%
2,405.30
FLUJO TOTAL DE
LA INVERSION EN
B Y EL SOBRANTE
POR INVERTIR A LA
TASA
DE
DESCUENTO
DE
EN
(10,000.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
16,288.95
0.00 VPN
5.00% TIR PONDB
REINVERSION AL NUEVO
FLUJO INVERSION
PERIODO 10
CON
SOBRANTE
REINVERSION
DESPUES
HABER
INVERTIDO
ALT B
(10,000.00)
(2,000.00)
0.00
DEL
DEL
(20,000.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
36,765.76
2,570.98
6.28%
FLUJO TOTAL DE
LA INVERSION EN
B Y EL SOBRANTE
POR INVERTIR A LA
TASA
DE
DESCUENTO
DE
EN
(10,000.00)
(3,000.00)
0.00
(20,000.00)
(5,000.00)
0.00
Pgina 15
TIR PONDERADA
2,290.76
2,181.68
2,077.79
3,950.40
3,762.28
3,583.13
3,412.50
3,250.00
VPN
TIR
reinversin
0.00
0.00
0.00
0.00
0.00
0.00
0.00
26,913.82
4,617.99
0.00
0.00
0.00
0.00
0.00
0.00
0.00
20,942.93
0.00 VPN
0.00
0.00
0.00
0.00
0.00
0.00
0.00
47,856.75
4,617.99
con
8.56%
ALT B
VALOR
AO
0
1
2
3
4
5
6
7
8
9
10
VPN
TIR
6.85%
(10,000.00)
(6,000.00)
1,628.00
3,250.00
3,250.00
3,250.00
3,250.00
3,250.00
3,250.00
3,250.00
3,250.00
4,814.91
10.29%
2,405.30
4,573.08
4,355.31
4,147.92
3,950.40
3,762.28
3,583.13
3,412.50
3,250.00
VPN
TIR
con
reinversin
Pgina 16
(10,000.00) (10,000.00)
(6,000.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
33,439.90
16,288.95
4,814.91
0.00 VPN
7.95%
TIR PONDERADA
Pgina 17
TIR PONDERADA
FLUJO TOTAL
DE
LA
INVERSION
EN B Y EL
SOBRANTE
POR INVERTIR
A LA TASA DE
DESCUENTO
(20,000.00)
(6,000.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
49,728.85
4,814.91
6.86%
Pgina 18
RACIONAMIENTO DE CAPITAL
Ejemplo 1
Supngase un inversionista que tiene una restriccin de capital de $90
millones y estudia la posibilidad de emprender 5 proyectos as:
Proyecto
1
2
3
4
5
Orden
I
II
III
IV
V
Inversin VPN
(Millones) (Millones)
51.00
27.00
8.00
17.00
35.00
40.00
18.00
15.00
36.00
10.00
Proyecto
VPN
Inversin
40.00
35.00
3.0
27.00
51.00
1.0
2.0
17.00
8.00
4.0
15.00
18.00
5.0
10.00
36.00
Proyecto
VPN
Capital
Indice
5.0
10.00
36.00
0.28
1.0
27.00
51.00
0.53
15.00
18.00
0.83
4.0
40.00
35.00
1.14
3.0
17.00
8.00
2.13
2.0
SE ELIMINAN LOS PROYECTOS 5 Y 1 Y SE ACEPTAN LOS PROYECTOS 2, 3 Y 4. ESTO TIENE UN VPN DE 71.
Ejemplo 2
Use Solver; sirve para resolver problemas de Programacin Lineal
INVERSION
PROYECTO AO 1
AO 2
AO 3 vpn
VARIABLE VPN TOTAL
1
10.00
20.00
10.00
100.00
100.00
1.00
2
5.00
8.00
13.00
110.00
110.00
1.00
3
22.00
7.00
5.00
150.00
150.00
1.00
4
14.00
12.00
21.00
200.00
0.00
0.00
5
5.00
10.00
11.00
80.00
0.00
0.00
CONSUMO
37.00
35.00
28.00
VPN TOTAL 360.00
presup
40.00
35.00
38.00
FALTANTE
(3.00)
0.00
(10.00)
Pgina 19
RACIONAMIENTO DE CAPITAL
Pgina 20
CERREJON
1) REEMPLAZO DE EQUIPOS
a) alt actual
COSTO DE OPERACION ANUAL
COSTO DE ALQUILER ANUAL
NO DE VEHICULOS PROPIOS
DISPONIBILIDAD ACTUAL %
DISPONIBILIDAD REAL PROPIA
DISPONIBILIDAD DESEADA
DISPONIBILIDAD DE ALQUILER
VEHICULOS REQUERIDOS EN ALQUILER
DISPON REAL DE VEHIC EN ALQUILER
DISPONIBILIDAD TOTAL
VALOR DE SALVAMENTO
0.00
COSTO COMERCIAL
?????????
COSTO OPERAC VEHICULOS PROPIOS
ALQUILER
SALVAMENTO
TOTAL
#VALUE!
VPN A
12,000.00
9,125.00
100.00
60.00%
60.00
85.00
90.00%
27.78
25.00
85.00
1.00
12,000.00
9,125.00
100.00
60.00%
60.00
85.00
90.00%
27.78
25.00
85.00
2.00
(1,200,000.00)
(253,472.22)
(1,200,000.00)
(253,472.22)
(1,453,472.22)
(1,453,472.22)
0.00
9,125.00
0.00
60.00%
0.00
85.00
90.00%
94.44
85.00
85.00
0.00
9,125.00
0.00
60.00%
0.00
85.00
90.00%
94.44
85.00
85.00
#VALUE!
1.00
2.00
(861,805.56)
(861,805.56)
(861,805.56)
(861,805.56)
#VALUE!
C) RECONSTRUIR VEHICULOS
0.00
1.00
2.00
100.00
100.00
Pgina 21
CERREJON
DISPONIBILIDAD ACTUAL %
DISPONIBILIDAD REAL PROPIA
DISPONIBILIDAD DESEADA
DISPONIBILIDAD DE ALQUILER
VEHICULOS REQUERIDOS EN ALQUILER
DISPON REAL DE VEHIC EN ALQUILER
DISPONIBILIDAD TOTAL
VALOR DE SALVAMENTO UNITARIO
COSTO DE OPERACION
COSTO DE ALQUILER ANUAL
COSTO COMERCIAL
?????????
RECONSTRUCCION
########
COSTO OPERAC VEHICULOS PROPIOS
ALQUILER
SALVAMENTO
TOTAL
#VALUE!
VPN C
85.00%
85.00
85.00
90.00%
0.00
0.00
85.00
8,000.00
9,125.00
(800,000.00)
0.00
(1,000,000.00)
(20,277.78)
(800,000.00)
(1,020,277.78)
0.00
1.00
INVERSION INICIAL/VEHICULO
20,000.00
DISPON VEHIC NUEVO %
DISPONIBILIDAD DESEADA
NO DE VEHICULOS COMPRADOS
100.00
DISPONIBILIDAD REAL PROPIA
DISPONIBILIDAD DESEADA
DISPONIBILIDAD DE ALQUILER
VEHICULOS REQUERIDOS EN ALQUILER
DISPON REAL DE VEHIC EN ALQUILER
DISPONIBILIDAD TOTAL
VALOR DE SALVAMENTO UNITARIO
COSTO DE OPERACION
COSTO DE ALQUILER ANUAL
INVERSION INICIAL
########
COSTO OPERAC VEHICULOS PROPIOS
ALQUILER
SALVAMENTO
TOTAL
########
90.00%
85.00%
100.00
90.00
85.00
90.00%
0.00
0.00
90.00
4,000.00
9,125.00
2.00
90.00%
85.00%
100.00
90.00
85.00
90.00%
0.00
0.00
90.00
5,000.00
9,125.00
(400,000.00)
0.00
(500,000.00)
0.00
(400,000.00)
(500,000.00)
#VALUE!
10,000.00
9,125.00
#VALUE!
VPN D
83.00%
83.00
85.00
90.00%
2.22
2.00
85.00
?????????
Pgina 22
3.00
CERREJON
MEJOR VPN
#VALUE!
150.00
109,500.00
62.00%
65.00%
67,890.00
71,175.00
3,285.00
150.00
109,500.00
62.00%
65.00%
67,890.00
71,175.00
3,285.00
1.00
(492,750.00)
2.00
(492,750.00)
#VALUE!
B) REPARAR
COSTO DE REPARACION
COSTO DE OPERACION MAQUINA/HORA
50,000.00
60.00
109,500.00
62.00%
65.00%
67,890.00
71,175.00
3,285.00
REPARACION
COSTO DE OPERACION
TOTAL
VPN B
########
1.00
(197,100.00)
(197,100.00)
2.00
(197,100.00)
(197,100.00)
#VALUE!
TASA DE DESCUENTO
MEJOR VPN
0.00
########
109,500.00
62.00%
65.00%
67,890.00
71,175.00
3,285.00
?????????
3) COMPRA DE EQUIPO
Pgina 23
#VALUE!
CERREJON
SE SUPONE QUE LOS 20k SON EL COSTO DEL GRUPO Y QUE LA VIDA
UTIL DEL EQUIPO ES DE 5 ANOS
COSTO DEL COMPUTADOR
AUMENTO DE PRODUCTIVIDAD
NUMERO DE PERSONAS DEL GRUPO
COSTO ANUAL DEL GRUPO
INVERSION
AHORRO POR AUMENTO
EN PRODUCTIVIDAD
TOTAL
TASA DE DESCUENTO
VPN
0.00
########
########
?????????
#VALUE!
Pgina 24
30,000.00
30.00%
30.00
20,000.00
1.00
2.00
6,000.00
6,000.00
6,000.00
6,000.00
CERREJON
12,000.00
9,125.00
100.00
60.00%
60.00
85.00
90.00%
27.78
25.00
85.00
3.00
(1,200,000.00)
(253,472.22)
(1,453,472.22)
0.00
9,125.00
0.00
60.00%
0.00
85.00
90.00%
94.44
85.00
85.00
2,000.00
3.00
(861,805.56)
188,888.89
(672,916.67)
3.00
100.00
Pgina 25
CERREJON
80.00%
80.00
85.00
90.00%
5.56
5.00
85.00
2,000.00
14,000.00
9,125.00
(1,400,000.00)
(50,694.44)
200,000.00
(1,250,694.44)
3.00
85.00%
85.00%
100.00
85.00
85.00
90.00%
0.00
0.00
85.00
7,000.00
9,125.00
(700,000.00)
0.00
??????????????
#VALUE!
4.00
5.00
83.00%
85.00%
100.00
83.00
85.00
90.00%
2.22
2.00
85.22
80.00%
85.00%
100.00
80.00
85.00
90.00%
5.56
5.00
85.56
5,000.00
9,000.00 12,000.00
9,125.00
9,125.00
(900,000.00) ########
(20,277.78) ########
########
(920,277.78) ########
PERIODOS
Pgina 26
CERREJON
0.62
0.65
150.00
109,500.00
62.00%
65.00%
67,890.00
71,175.00
3,285.00
150.00
150.00
150.00
150.00
150.00
150.00
150.00
109,500.00 ######## ######## ######## ######## ######## ########
62.00%
62.00%
62.00%
62.00%
62.00%
62.00%
62.00%
65.00%
65.00%
65.00%
65.00%
65.00%
65.00%
65.00%
67,890.00 67,890.00 67,890.00 67,890.00 67,890.00 67,890.00 67,890.00
71,175.00 71,175.00 71,175.00 71,175.00 71,175.00 71,175.00 71,175.00
3,285.00
3,285.00
3,285.00
3,285.00
3,285.00
3,285.00
3,285.00
3.00
(492,750.00)
4.00
5.00
6.00
7.00
8.00
9.00
10.00
(492,750.00) ######## ######## ######## ######## ######## ########
109,500.00
62.00%
65.00%
67,890.00
71,175.00
3,285.00
3.00
(197,100.00)
(197,100.00)
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Pgina 27
CERREJON
3.00
4.00
5.00
6,000.00
6,000.00
6,000.00
6,000.00
6,000.00
6,000.00
Pgina 28
VPN caso 1
300.00
200.00
100.00
$ VPN
0.00
0.00
10.00
20.00
30.00
40.00
50.00
60.00
A
B
(100.00)
(200.00)
(300.00)
(400.00)
i%
FINANCIACION
A
0.00
1.00
2.00
Imporrenta
tof
Z
1,000
(300)
(1,300)
30%
40%
30.00%
DESventaja financiera
($0.00)
i
15.00
16.00
17.00
18.00
19.00
20.00
21.00
22.00
23.00
24.00
25.00
26.00
27.00
28.00
29.00
30.00
31.00
32.00
33.00
34.00
35.00
36.00
37.00
38.00
39.00
40.00
41.00
42.00
43.00
44.00
45.00
46.00
47.00
48.00
49.00
50.00
51.00
52.00
53.00
54.00
55.00
B
1,000
0
(1,690)
30%
B
120
120
top
($0.00)
A
(243.86)
(224.73)
(206.08)
(187.88)
(170.12)
(152.78)
(135.85)
(119.32)
(103.18)
(87.41)
(72.00)
(56.94)
(42.22)
(27.83)
(13.76)
0.00
13.46
26.63
39.52
52.13
64.47
76.56
88.39
99.98
111.33
122.45
133.34
144.02
154.48
164.74
174.79
184.65
194.32
203.80
213.10
222.22
231.17
239.96
248.58
257.04
265.35
Pgina 30
B
(277.88)
(255.95)
(234.57)
(213.73)
(193.42)
(173.61)
(154.29)
(135.45)
(117.06)
(99.12)
(81.60)
(64.50)
(47.80)
(31.49)
(15.56)
0.00
15.21
30.07
44.60
58.81
72.70
86.29
99.58
112.58
125.30
137.76
149.94
161.87
173.55
184.99
196.20
207.17
217.92
228.45
238.77
248.89
258.80
268.52
278.06
287.40
296.57
0
276
45.96%
ventaja tributaria
138.54
129.54
195.09
192.63
190.23
187.88
185.58
183.33
181.14
178.98
176.88
174.82
172.80
170.82
168.89
166.99
165.13
163.31
161.53
159.78
158.06
156.38
154.73
153.11
151.53
149.97
148.44
146.94
145.47
144.02
142.60
141.20
139.83
138.49
137.17
135.87
134.59
133.33
132.10
130.89
129.69
128.52
127.37
208.70
205.11
201.62
198.22
194.90
191.67
188.51
185.43
182.43
179.50
176.64
173.85
171.12
168.46
165.86
163.31
160.83
158.40
156.03
153.71
151.44
149.22
147.05
144.93
142.85
140.82
138.83
136.88
134.97
133.10
131.27
129.48
127.72
126.00
124.32
122.67
121.05
119.46
117.90
116.38
114.88
FINANCIACION
56.00
57.00
58.00
59.00
60.00
61.00
62.00
63.00
64.00
65.00
273.50
281.51
289.38
297.10
304.69
312.14
319.46
326.66
333.73
340.68
Pgina 31
305.56
314.37
323.03
331.51
339.84
348.02
356.04
363.92
371.65
379.25
126.23
125.12
124.02
122.94
121.87
120.83
119.80
118.79
117.79
116.80
113.41
111.97
110.56
109.17
107.81
106.48
105.17
103.88
102.62
101.38
FINANCIACION
A
1,000
(180)
(1,180)
18.00%
138.54
B
1,000
0
(1,414)
18.91%
ZZZZZZ
129.54
-
G*(1-T)
VTAS
1,000.00
GASTOS
600.00
INTERESES
100.00
UTILIDAD
300.00
IMPUESTOS
120.00
UDESP I
180.00
8.99
Pgina 32