Embed Size (px)
Citation preview
mano de obraconductores peonesotro personalS.S.
Coste total mano de obra: (con seguros sociales) Costes operativos + mantenimiento:Seguros: 3% de maquinaria y camionesAlquiler de terrenos
Producción estimada: 280 días al 75% de producción 6500
Cobros anuales16 € cada m2 16Pagos variables: 9.5 € cada m2 9.5
Hipótesis de cálculo:U. Producidas = U. VendidasOperación realizada al contadoIngresos = CobrosPagos = Gastos Beneficio = Flujo neto de caja.Desembolso inicial: maquinaria, camiones y circulante
1,000,000.00 €600,000.00 €400,000.00 €
12%2,240,000.00 €
850,000.00 €198,000.00 €
2,400,000.00 €
1365000
2184000012967500
11,600,000.00 €
años 0 1 2 3 4 5 6 7desembolso inic -11600000Cobros 21,840,000 21,840,000 21,840,000 21,840,000 21,840,000 21,840,000 21,840,000Pagos fijos: 5,688,000 5,688,000 5,688,000 5,688,000 5,688,000 5,688,000 5,688,000Pagos variables: 12,967,500 12,967,500 12,967,500 12,967,500 12,967,500 12,967,500 12,967,500FNC act. prod. 3,184,500 3,184,500 3,184,500 3,184,500 3,184,500 3,184,500 3,184,500amortizaciones 1,120,000 1,120,000 1,120,000 1,120,000 1,120,000B.I. 2,064,500 2,064,500 2,064,500 2,064,500 2,064,500 3,184,500 3,184,500Impuestos(30%) 619,350 619,350 619,350 619,350 619,350 955,350 955,350Valor residual 1,000,000Rec. circulante 5,000,000FNC 3,184,500 3,184,500 3,184,500 3,184,500 3,184,500 3,184,500 9,184,500FNC act. prod. 3,184,500 3,184,500 3,184,500 3,184,500 3,184,500 3,184,500 3,184,500(-) Impuestos 619,350 619,350 619,350 619,350 619,350 955,350 955,350(+)Valor residual 1,000,000(+)circulante 5,000,000FNC -11600000 2,565,150 2,565,150 2,565,150 2,565,150 2,565,150 2,229,150 8,229,150
Caso 3: GENERACIÓN FLUJOS DE CAJA
años 0 1desembolso inic -11600000Cobros 21,840,000Pagos fijos: 5,688,000Pagos variables: 12,967,500FNC act. prod. 3,184,500amortizaciones 1,120,000B.I. 2,064,500Impuestos(30%) 619,350Valor residualRec. circulanteFNC 3,184,500FNC act. prod. 3,184,500(-) Impuestos 619,350(+)Valor residual(+)circulanteFNC -11600000 2,565,150
calculo del VAN (10%) 3,605,088.87 €calculo del VAN (5%) 7,017,486.40 €calculo del VAN (3%) 8,705,565.93 €Cálculo de la TIR 17.56%
Calculo del VAN ajustado (Amp. Cap.) N-0,02N = 11600000N=
Variacion D= N-DCalculo del VAN ajustado (A. Cap) (10%) 3,368,354.18 €Calculo del VAN ajustado (A. Cap) (5%) 6,780,751.71 €Calculo del VAN ajustado (A. Cap) (3%) 8,468,831.24 €
Caso 3: GENERACIÓN FLUJOS DE CAJA
2 3 4 5
21,840,000 21,840,000 21,840,000 21,840,0005,688,000 5,688,000 5,688,000 5,688,000
12,967,500 12,967,500 12,967,500 12,967,5003,184,500 3,184,500 3,184,500 3,184,5001,120,000 1,120,000 1,120,000 1,120,0002,064,500 2,064,500 2,064,500 2,064,500
619,350 619,350 619,350 619,350
3,184,500 3,184,500 3,184,500 3,184,5003,184,500 3,184,500 3,184,500 3,184,500
619,350 619,350 619,350 619,350
2,565,150 2,565,150 2,565,150 2,565,150
N-0,02N = 1160000011836734.69388236734.6938776
6 7
21,840,000 21,840,0005,688,000 5,688,000
12,967,500 12,967,5003,184,500 3,184,500
3,184,500 3,184,500955,350 955,350
1,000,0005,000,000
3,184,500 9,184,5003,184,500 3,184,500
955,350 955,3501,000,0005,000,000
2,229,150 8,229,150
Caso 3: GENERACIÓN FLUJOS DE CAJA
años 0 1desembolso inic -11600000Cobros 21,840,000Pagos fijos: 5,688,000Pagos variables: 12,967,500FNC act. prod. 3,184,500amortizaciones 1,120,000B.I. 2,064,500Impuestos(30%) 619,350Valor residualRec. circulanteFNC 3,184,500FNC act. prod. 3,184,500(-) Impuestos 619,350(+)Valor residual(+)circulanteFNC -11600000 2,565,150
calculo del VAN (10%) 3,605,088.87 €calculo del VAN (5%) 7,017,486.40 €calculo del VAN (3%) 8,705,565.93 €Cálculo de la TIR 17.56%
Calculo del VAN ajustado (prestamo) Anualidad
VAN credito(10%) 1,840,232.63 €VAN credito(5%) 0.00 €VAN credito(3%) -889,909.88 €
CON AHORRO FISCAL:tipo fiscal 30.00%tipo de interes 10.00%
Cuadro del prestamoPeríodo Rédito Término
período amortizativoOrigen
1 5.00% 2,004,710 2 5.00% 2,004,710 3 5.00% 2,004,710 4 5.00% 2,004,710 5 5.00% 2,004,710 6 5.00% 2,004,710 7 5.00% 2,004,710
Calculo del VAN ajus(prest) (10%)Calculo del VAN ajus(prest) (5%)Calculo del VAN ajus(prest) (3%)
Caso 3: GENERACIÓN FLUJOS DE CAJA
2 3 4 5
21,840,000 21,840,000 21,840,000 21,840,0005,688,000 5,688,000 5,688,000 5,688,000
12,967,500 12,967,500 12,967,500 12,967,5003,184,500 3,184,500 3,184,500 3,184,5001,120,000 1,120,000 1,120,000 1,120,0002,064,500 2,064,500 2,064,500 2,064,500
619,350 619,350 619,350 619,350
3,184,500 3,184,500 3,184,500 3,184,5003,184,500 3,184,500 3,184,500 3,184,500
619,350 619,350 619,350 619,350
2,565,150 2,565,150 2,565,150 2,565,150
n = 7 a=i= 5.00%
C0 = (11,600,000)
Calculo del VAN ajus(prest) (10%)Calculo del VAN ajus(prest) (5%)Calculo del VAN ajus(prest) (3%)
5.00% 3.00%
Cuota de Cuota de Capital Capitalinterés amortización amortizado vivo
11,600,000580,000 1,424,710 1,424,710 10,175,290 508,765 1,495,945 2,920,655 8,679,345 433,967 1,570,743 4,491,398 7,108,602 355,430 1,649,280 6,140,678 5,459,322 272,966 1,731,744 7,872,422 3,727,578 186,379 1,818,331 9,690,752 1,909,248 95,462 1,909,248 11,600,000 0
5,997,391.29 €7,648,066.61 €8,483,088.46 €
6 7
21,840,000 21,840,0005,688,000 5,688,000
12,967,500 12,967,5003,184,500 3,184,500
3,184,500 3,184,500955,350 955,350
1,000,0005,000,000
3,184,500 9,184,5003,184,500 3,184,500
955,350 955,3501,000,0005,000,000
2,229,150 8,229,150
2,004,710
5,445,321.50 €7,017,486.40 €7,815,656.05 €
ahorro fiscal va ahorro fiscal va ahorro fiscal va ahorro fiscal10.00% 5.00% 3.00%
174000 158181.818181818 165714.285714286 168932.038834951152629.351590366 126139.959992038 138439.3211704 143867.802422817130190.170760251 97813.8022240803 112463.164461938 119142.448901007
106629.03088863 72829.0628294719 87723.9675967358 94738.512876349581889.8340234276 50847.1440869213 64162.8277251146 70638.890180369955913.6773149653 31561.8131777372 41723.6468949993 46826.824484573428638.7127710799 14696.1879541571 20352.9984853656 23285.8942499656
552069.788446224 630580.212048839 667432.411950034
Caso 3: GENERACIÓN FLUJOS DE CAJA
años 0 1desembolso inic -11600000Cobros 21,840,000Pagos fijos: 5,688,000Pagos variables: 12,967,500FNC act. prod. 3,184,500amortizaciones 1,120,000B.I. 2,064,500Impuestos(30%) 619,350Valor residualRec. circulanteFNC 3,184,500FNC act. prod. 3,184,500(-) Impuestos 619,350(+)Valor residual(+)circulanteFNC -11600000 2,565,150
calculo del VAN (10%) 3,277,353.52 €calculo del VAN (5%) 6,683,320.38 €calculo del VAN (3%) 8,452,005.76 €Cálculo de la TIR 17.56%
Cálculo del VAN con Inflación afecta a FNC=
años 0 1FNC -11600000 2565150
FNC con inflación -11600000 2515820.19230769
calculo del VAN (10%) 2,197,311.40 €calculo del VAN (5%) 5,225,320.52 €calculo del VAN (3%) 6,798,026.92 €Cálculo de la TIR 15.30%
Caso 3: GENERACIÓN FLUJOS DE CAJA
2 3 4 5
21,840,000 21,840,000 21,840,000 21,840,0005,688,000 5,688,000 5,688,000 5,688,000
12,967,500 12,967,500 12,967,500 12,967,5003,184,500 3,184,500 3,184,500 3,184,5001,120,000 1,120,000 1,120,000 1,120,0002,064,500 2,064,500 2,064,500 2,064,500
619,350 619,350 619,350 619,350
3,184,500 3,184,500 3,184,500 3,184,5003,184,500 3,184,500 3,184,500 3,184,500
619,350 619,350 619,350 619,350
2,565,150 2,565,150 2,565,150 2,565,150
2.00% Inflación= 4.00%
2 3 4 52565150 2565150 2565150 2565150
2467439.03476331 2419988.28409479 2373450.047862 2327806.777711
6 7
21,840,000 21,840,0005,688,000 5,688,000
12,967,500 12,967,5003,184,500 3,184,500
3,184,500 3,184,500955,350 955,350
1,000,0005,000,000
3,184,500 9,184,5003,184,500 3,184,500
955,350 955,3501,000,0005,000,000
2,229,150 8,229,150
6 72229150 8229150
1983993.69661437 7183280.17537904
