Estudio Economico-financiero (1)

7/18/2019 Estudio Economico-financiero (1)

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CÁCULOS PREVIOS

CAPITAL FIJO.(En €)Cantidad Coste unitario Coste total

Terrenos: 11800 m2 60 €/m2 708,000.00

Obra civil:Oficinas y laboratorio 1040 m2 400 €/m2 416,000.00Vestuarios y aseos 169 m2 400 €/m2 67,600.00Nae !e "ro!ucci#n 892,$ m2 200 €/m2 178,$00.00sala !e cal!eras, control, taller y lim"ie%a $40 m2 200 €/m2 108,000.00&aseta i'ilante (2 200 €/m2 6,400.00)nfraestructuras * * 60,000.00+O+- 8(6,$00.00

Instalaciones:e! abastecimiento a'ua * * 6,000.00e! saneamiento * * $,000.00

e! elctrica * * (0,000.00)nstrumentaci#n y control 10 ma3uinaria * * 14(,$10.00+uber5as lulas y co!os (0 ma3uinaria * * 4(0,$(0.00ericios auiliares 10 ma3uinaria * * 14(,$10.00+elefon5a * * 2,000.00+O+- 760,$$0.00

Maquinaria:Tanques de almacenamiento ceites usa!os +*101 a +*104 4 98000 €/uni! (92,000.00etanol +*10$ 1 47800 €/uni! 47,800.00:licerina +*106 1 47800 €/uni! 47,800.00;io!isel +*107 y +*108 2 98000 €/uni! 196,000.00

Mecladores*201 1 (900 €/uni! (,900.00*(01 1 (900 €/uni! (,900.00<*401 1 (900 €/uni! (,900.00Intercambiadores de calor =*202 1 (6800 €/uni! (6,800.00=*(02 1 (6800 €/uni! (6,800.00=*402 1 7200 €/uni! 7,200.00Reactores*20( 1 164000 €/uni! 164,000.00*(0( 1 164000 €/uni! 164,000.00!estilador "las#>*204 1 2$000 €/uni! 2$,000.00>*(04 1 (7000 €/uni! (7,000.00Centr$"u%a&*20$ 1 11$00 €/uni! 11,$00.00&*(0$ 1 11$00 €/uni! 11,$00.00Caldera va&or 1 246000 €/uni! 246,000.00+O+- 1,4($,100.00Estudios &revios'&ro(ecto ( direcci)n de obra: 8ca"ital fi?o (99,42$.28Puesta en marc#a: $ca"ital fi?o 249,640.80Constituci)n' or%aniaci)n ( %esti)n: 610,000.00

&>@8(6$00A701600A760$$0A14($100A0.08B&>A0.0$B&>A610000



Ca&ital "i*o+ ,'--.'/01233 4



CÁLCULO DE LOS COSTES PARA LA PRODUCCI!

5MORTI65CI7894O;R5 CIVIL:

Oficinas y laboratorio2esto( +O+-I8ST5L5CIO8ES:e! abastecimiento a'ua2.$e! saneamiento$e! elctrica6 +elefon5a8 esto10 +O+-M5<UI85RI5:+O+-10

5CTIVO I8M5TERI5L:Cst. "reios,"royecto y !irecci#n !e obra10Duesta en marcEa10 &onstituci#n, or'ani%aci#n y 'esti#n10+O+-

TOT5L 5MORTI65CI78+

M58O !E O;R5<irector 'eneral 1 (2000+cnico su"erior7 28000+cnico 'ra!o me!io$ 26000

!ministratios6 22000 uiliar tcnico4 22000Vi'ilante $ 1$000Oficial 1F6 20000Obrero18 18000

TOT5L M58O !E O;R5+

M5TERI5S PRIM5S = 5U>ILI5RES

Sustan"ia #$%& T'%ao Pre"io (€%t')

ceite usa!o $,000 (9,600 190etanol $$0 4,($6 $00

TOT5L M5T2 PRIM5S+

?5STOS !E @5;RIC5CI78

Co'ustile #$%ao l%ao Pre"io

;io!iesel "ara cal!era 28$,120 (16,800 0,4 €/l>lui!o trmico cal!era 1,092,000 * 0,$( €/G'

Ele"tri"idad Pot. !o'inal (#*) #*%ao Pre"io (€%#*)



e%cla!or, *201 0.($ 2,772 0.07&entr5fu'a, &*20$ 7 $$,440 0.07

<iisor, <*401 0.2 1,$84 0.07

e%cla!or, *(01 0.($ 2,772 0.07

&entr5fu'a, &*(0$ 7 $$,440 0.07

TOT5L ?5STOS @5;RIC52+

COSTES !E @5;RIC5CI78. D) H .IJ)-)C 9,702,000.00.O; 1,097,000.00:+O >;)&&)KN 1,0(4,92(.81

TOT5L COSTES @5;RIC5CI78+ 00'/AA'-.A2/0

COSTES !E ESTRUCTUR5

Laboratorio: 14 mano !e obra !irectaSuministros: 2 !el ca"ital fi?oLim&iea' se%uridad' &ersonal ( se%uro de res&onsabilidad civil:

5dministraci)n: 1 sobre los costes !e fabricaci#n

TOT5L COSTES ESTRUCTUR52+



8,(20.0012,61$.0020,9($.00

1$0.002$0.00

1,800.00160.00

71,7$$.0074,11$.00

14(,$10.00

(9,942.$(24,964.0861,000.00

12$,906.61A1,',11210 4

(2,000.00196,000.001(0,000.00

1(2,000.0088,000.007$,000.00

120,000.00(24,000.00

0'3-B'333233 4

Coste (€%ao)

7,$24,0002,178,000

-B3.333233 4

Coste (€%ao)

126,720.00$78,760.00

Coste (€%ao)



194.04(,880.80

110.88

194.04

(,880.80

0'3A,'-.A2/0 4

4

Coste (€)1$(,$80.00

99,8$6.(2220,000.00118,((9.24

-0'BB21 4



+astos ,inan"ieros-

TIPO !E @I858CI5CI78

C@: ,'--.'/01233 4

Aorta"i/n roia- un tercio !e &> 1,664,272.00 4Subvenciones: un tercio !el &> 1,664,272.00 4Prestamo a lar%o &lao: resto !e &> 1,664,272.00 4

inters $,7$&omisi#n !e a"ertura y cancelaci#n 1,$ !el "rstamo

5&ertura: 24,964.08Cierre: (,120.$1!evoluci)n &or aDo: 208,0(4.00

5O 0 . A , <ueda &or &a%ar 1,664,272.00 1,664,272.00 1,664,272.00 1,4$6,2(8.00 1,248,204.00Intereses 9$,69$.64 9$,69$.64 9$,69$.64 8(,7((.69 71,771.7(

C2C: ,0331B2/ 4

Pr0sta'o a "orto la1o ("aital "ir"ulante)

Drstamo al 8 "ara financiar el ca"ital circulante.Obseran!o los alores !e la ca?a final en el "lan !e tesorer5a, !e!ucimos 3ue se "ue!e !eoler

5O !EVOLUCI78 I8TERFS P5?O 94

1 2,0$2,$((.91 (28,40$.4( 2,(80,9(9.((2 2,0$2,$((.91 164,202.71 2,216,7(6.62



5Do !evoluci)n 94 Intereses 940 0.00 120,6$9.72. 0.00 9$,69$.64A 208,0(4.00 9$,69$.64, 208,0(4.00 8(,7((.69 208,0(4.00 71,771.7(1 208,0(4.00 $9,809.78B 208,0(4.00 47,847.82/ 208,0(4.00 ($,88$.87- 208,0(4.00 2(,92(.9103 208,0(4.00 1$,082.47

Total a &a%ar:

1 B / - 031,040,170.00 8(2,1(6.00 624,102.00 416,068.00 208,0(4.00

$9,809.78 47,847.82 ($,88$.87 2(,92(.91 11,961.96

este "rstamo en !os aLos.



Pa%o 94120,6$9.729$,69$.64(0(,729.64291,767.69279,80$.7(267,84(.782$$,881.8224(,919.872(1,9$7.9122(,116.47

.'A0,'AB/2. 4



CAPITAL CIRCULA!TE

Ca*a:

03GCa&ital "i*o: 499,281.60 €

StoH materias &rimas:Tm Precio 94Tm Coste 94

ceite usa!o 1$ !5as 1,800.00 190.00 (42,000.00etanol 10 !5as 1(2.00 $00.00 66,000.00

TOT5L: ,3/'333233 4

Clientes:Precio 94l Produc29H%aDo Prod2 9laDo Pa%o 94aDo

bio!isel 0.60 (9,(14,880.00 4(,68(,200.00 26,209,920.00'licerina 0.2$ 4,1$6,099.20 (,298,491.4( 824,622.86

Cada . meses: ,'3'BB20, 4

Proveedores:Cada . meses: 0'10B'333233 4

StoH &roductos terminados:Tm Precio 94Tm Coste 94

;io!isel 7 !5as 841.84 28$.84 240,6(0.67

:licerina 10 !5as 2(9.29 28$.84 68,(98.40TOT5L: A3-'3.-23B 4

5Do 0 5Do . 5Do A5CTIVO CIRCUL58TE

ca*a 499,281.60 $11,76(.64 $24,$$7.7( clientes 4,$0$,7$7.14 4,618,401.07 4,7((,861.10 stocH de PT ( MT 717,029.07 7(4,9$4.80 7$(,(28.67 5C $,722,067.81 $,86$,119.$1 6,011,747.$0

P5SIVO CIRCUL58TE

&roveedores 9PC 1,617,000.00 1,6$7,42$.00 1,698,860.6(

C5PIT5L CIRCUL58TE 95CJPC 4,10$,067.81 4,207,694.$1 4,(12,886.87



5Do , 5Do 5Do 1 5Do B 5Do /

$(7,671.67 $$1,11(.47 $64,891.(0 $79,01(.$9 $9(,488.924,8$2,207.6( 4,97(,$12.82 $,097,8$0.64 $,22$,296.90 $,($$,929.((

772,161.89 791,46$.9( 811,2$2.$8 8(1,$((.90 8$2,(22.246,162,041.19 6,(16,092.22 6,47(,994.$2 6,6($,844.(8 6,801,740.49

1,741,((2.14 1,784,86$.44 1,829,487.08 1,87$,224.26 1,922,104.86

4,420,709.04 4,$(1,226.77 4,644,$07.44 4,760,620.1( 4,879,6($.6(



5Do - 5Do 03

608,(26.1$ 62(,$(4.(0$,489,827.$6 $,627,07(.2$

87(,6(0.(0 89$,471.066,971,784.01 7,146,078.61

1,970,1$7.49 2,019,411.42

$,001,626.$2 $,126,667.18



PL58 @I858CIERO

I8?RESOS Lo 0 Lo 1 Lo 2 Lo (5&ortaci)n &ro&ia 1,664,272.00 0.00 0.00 0.00

Subvenci)n 1,664,272.00 0.00 0.00 0.00PrKstamo a lar%o &lao 1,664,272.00 0.00 0.00 0.00PrKstamo a corto &lao 4,10$,067.81 0.00 0.00 0.00

TOT5L -'3-B'//A2/0 3233 3233 3233

P5?OSPrKstamo a corto &lao

!evoluci)n 0.00 2,0$2,$((.91 2,0$2,$((.91 0.00Intereses 0.00 (28,40$.4( 164,202.71 0.00

PrKstamo a lar%o &lao!evoluci)n 0.00 0.00 0.00 208,0(4.00Intereses 0.00 9$,69$.64 9$,69$.64 9$,69$.64

Comisiones 0.00 24,964.08 0.00 0.00TOT5L 3233 .'30'--23 .'A0.',A.2.1 A3A'B.-21,



Lo 4 Lo $ Lo 6 Lo 7 Lo 8 Lo 9 Lo 100.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.003233 3233 3233 3233 3233 3233 3233

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

208,0(4.00 208,0(4.00 208,0(4.00 208,0(4.00 208,0(4.00 ($,88$.87 24(,919.878(,7((.69 71,771.7( $9,809.78 47,847.82 ($,88$.87 2(,92(.91 11,961.96

0.00 0.00 0.00 0.00 0.00 0.00 (,120.$1.-0'B1B21- .B-'/32BA .1B'/,A2B/ .'//02/. .,A'-0-2/B -'/3-2B/ .-'33.2AA



CUE!TA DE RESULTADOS

C@ 4,992,816 4CC 4,10$,068 4

Precio ;iodiKsel €/l 0.6 0.6Dro!ucci#n anual l/aLo 4(,68(,200.00 4(,68(,200.00 ctuali%aci#n 1 1.02$Precio %licerina €/l 0.2$ 0.2$Dro!ucci#n anual l/aLo (,298,491.4( (,298,491.4( ctuali%aci#n 1 1.02$

I8?RESOS Lo 1 Lo 2

Ventas brutas 27,0(4,$42.86 27,710,406.4(Variaci)n de eistencias

tocG D 408,000.00 0.00tocG D+ (09,029.07 0.00

Ventas 8etas 27,0(4,$42.86 27,710,406.4(

TOT5L .B'B0'B02-A .B'B03',312,A

P5?OS Lo 1 Lo 2Mano de obra 1,097,000.00 1,124,42$.00Materias &rimas

ceites 7,$24,000.00 7,712,100.00etanol 2,178,000.00 2,2(2,4$0.00

?astos de "abricaci)n&ombustibles 1,022,946.00 1,048,$19.6$Clectrici!a! 11,977.81 12,277.26

5mortiaci)n directa (64,466.61 (64,466.61O;R5 CIVIL

C!if !e oficinas 8,(20.00esto 12,61$.00

I8ST5L5CIO8ES

e! abastecim 1$0.00e! saneamien 2$0.00

e! elctrica 1,800.00+elefon5a 160.00esto 71,7$$.00

M5<UI85RI5 14(,$10.00

12$,906.61Variaci)n de eistencias 408,000.00 0.00

tocG !e D 408,000.00 0.00Costes de comercialiaci)n9AGV; 9,462,090.00 9,698,642.2$

TOT5L ..'31/',/32,. ..'0-.'//32BB

5Do0 5Do.

5CTIVOI8M5TERI5L



M5R?E8 !E VE8T5S $,68(,091.$1 $,$17,$2$.66

Costes de estructuras $91,77$.$6 606,$69.9$

RESULT5!O OPER5TIVO $,091,(1$.9$ 4,910,9$$.72

?5STOS @I858CIEROSDrstamo a lar'o "la%o 120,6$9.72 9$,69$.64Drstamo a corto "la%o (28,40$.4( 164,202.71

RESULT5!O 58TES !E IMPUESTOS 4,642,2$0.81 4,6$1,0$7.(6

IMPUESTOS 1,(92,67$.24 1,(9$,(17.21

;E8E@ICIO !ISPO8I;LE (,249,$7$.$6 (,2$$,740.1$

@O8!O !E ;E8E@ICIO A'.,-'B21 1'3'A02B.



0.6 0.6 0.6 0.6 0.64(,68(,200.00 4(,68(,200.00 4(,68(,200.00 4(,68(,200.00 4(,68(,200.00

1.02$ 1.02$ 1.02$ 1.02$ 1.02$0.2$ 0.2$ 0.2$ 0.2$ 0.2$

(,298,491.4( (,298,491.4( (,298,491.4( (,298,491.4( (,298,491.4(1.02$ 1.02$ 1.02$ 1.02$ 1.02$

Lo ( Lo 4 Lo $ Lo 6 Lo 7

28,40(,166.$9 29,11(,24$.7$ 29,841,076.90 (0,$87,10(.82 (1,($1,781.42

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

28,40(,166.$9 29,11(,24$.7$ 29,841,076.90 (0,$87,10(.82 (1,($1,781.42

./',3A'0112- .-'00A'.,2B .-'/,0'3B12-3 A3'/B'03A2/. A0'A0'B/02,.

Lo ( Lo 4 Lo $ Lo 6 Lo 71,1$2,$($.6( 1,181,(49.02 1,210,882.74 1,241,1$4.81 1,272,18(.68

7,904,902.$0 8,102,$2$.06 8,(0$,088.19 8,$12,71$.(9 8,72$,$((.282,288,261.2$ 2,(4$,467.78 2,404,104.48 2,464,207.09 2,$2$,812.26

1,074,7(2.64 1,101,600.96 1,129,140.98 1,1$7,(69.$1 1,186,(0(.7412,$84.19 12,898.79 1(,221.26 1(,$$1.79 1(,890.$9

(64,466.61 (64,466.61 (64,466.61 (64,466.61 (64,466.61

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

9,941,108.(1 10,189,6(6.01 10,444,(76.91 10,70$,486.(4 10,97(,12(.$0

..'BA/'-020. .A'.-B'-,,2.A .A'/B0'./020B .,',/'-02, .'310'A0A211

5DoA 5Do, 5Do 5Do1 5DoB



$,664,$7$.47 $,81$,(01.$2 $,969,79$.7( 6,128,1$2.28 6,290,467.76

621,7(4.20 6(7,277.$$ 6$(,209.49 669,$(9.7( 686,278.22

$,042,841.27 $,178,02(.97 $,(16,$86.24 $,4$8,612.$6 $,604,189.$4

9$,69$.64 8(,7((.69 71,771.7( $9,809.78 47,847.820.00 0.00 0.00 0.00 0.00

4,947,14$.6( $,094,290.29 $,244,814.$1 $,(98,802.78 $,$$6,(41.72

1,484,14(.69 1,$28,287.09 1,$7(,444.($ 1,619,640.8( 1,666,902.$1

(,46(,001.94 (,$66,00(.20 (,671,(70.1$ (,779,161.9$ (,889,4(9.20

-'-1/'A0B211 0A'A,'A.32/1 0B'.3'1-023. .3'-/,'/.2-1 .,'/B,'.-.20B



0.6 0.6 0.64(,68(,200.00 4(,68(,200.00 4(,68(,200.00

1.02$ 1.02$ 1.02$0.2$ 0.2$ 0.2$

(,298,491.4( (,298,491.4( (,298,491.4(1.02$ 1.02$ 1.02$

Lo 8 Lo 9 Lo 10

(2,1($,$7$.9$ (2,9(8,96$.($ ((,762,4(9.48

0.00 0.00 0.000.00 0.00 0.00

(2,1($,$7$.9$ (2,9(8,96$.($ ((,762,4(9.48

A.'0A'B2- A.'-A/'-12A AA'B1.',A-2,/

Lo 8 Lo 9 Lo 101,(0(,988.27 1,((6,$87.98 1,(70,002.68

8,94(,671.61 9,167,26(.40 9,(96,444.992,$88,9$7.$7 2,6$(,681.$1 2,720,02(.$$

1,21$,961.(4 1,246,(60.(7 1,277,$19.(814,2(7.8$ 14,$9(.80 14,9$8.6$

(64,466.61 (64,466.61 (64,466.61

0.00 0.00 0.000.00 0.00 0.00

11,247,4$1.$8 11,$28,6(7.87 11,816,8$(.82

.'1B/'BA,2/, .1'A00'-02, .1'-13'.1-21B

5Do/ 5Do- 5Do03



6,4$6,841.11 6,627,(7(.81 6,802,169.82

70(,4($.18 721,021.0$ 7(9,046.$8

$,7$(,40$.94 $,906,($2.7$ 6,06(,12(.24

($,88$.87 2(,92(.91 1$,082.470.00 0.00 0.00

$,717,$20.07 $,882,428.84 6,048,040.77

1,71$,2$6.02 1,764,728.6$ 1,814,412.2(

4,002,264.0$ 4,117,700.19 4,2((,628.$4

./'/B1'12.. A.'--,'.12,0 AB'..B'//,2-



PLA! DE TESORERIA

C@ 4,992,816 4CC 4,10$,068 4

Precio ;iodiKsel €/l 0.6 0.6Dro!ucci#n anual l/aLo 4(,68(,200.00 4(,68(,200.00 ctuali%aci#n 1 1.02$Precio %licerina €/l 0.2$ 0.2$Dro!ucci#n anual l/aLo (,298,491.4( (,298,491.4( ctuali%aci#n 1 1.02$

Lo 0 Lo 1 Lo 2I!+RESOS

E&lotaciones

Ventas 0.00 27,0(4,$42.86 27,710,406.4(

Patrimonialesubenciones 1,664,272.00 0.00 0.00 "ortaciones "ro"ias 1,664,272.00 0.00 0.00

Ei%ible corto "la%o 4,10$,067.81 *2,0$2,$((.91 *2,0$2,$((.91 lar'o "la%o 1,664,272.00 0.00 0.00

Clientes 0.00 4,$0$,7$7.14 4,618,401.07Clientes anteriores 0.00 0.00 4,$0$,7$7.14

TOT5L !E I8?RESOS -'3-B'//A2/0 .3',B1'.02/0 .','../2-

PA+OS Lo 0 Lo 1 Lo 2Inversiones

)nmoili%a!o 4,992,816.00 0.00 0.00Cistencias 0.00 408,000.00 0.00

Proveedores 0.00 1,617,000.00 1,6$7,42$.00Proveedor anterior 0.00 0.00 1,617,000.00

Costes de "abricaci)nMano de obra 0.00 1,097,000.00 1,124,42$.00Materias primas 0.00 9,702,000.00 9,944,$$0.00Gastos de fabricación 0.00 1,0(4,92(.81 1,060,796.91

Costes de estructura 0.00 $91,77$.$6 606,$69.9$

?astos de comercialiaci)n 0.00 9,462,090.00 9,698,642.2$

?astos "inancieros-ar'o "la%o 0.00 120,6$9.72 9$,69$.64&orto "la%o 0.00 (28,40$.4( 164,202.71

Im&uestos 0.00 0.00 1,(92,67$.24



TOT5L P5?OS ,'--.'/01233 .0'0.B'/,2. .,'3,B'0A.2B3

ca?a inicial 0.00 4,10$,067.81 (,4$(,46$.11

ca?a "erio!o 4,10$,067.81 *6$1,602.71 1,498,09$.89

ca?a final ,'03'31B2/0 A',A',1200 ,'-0'10233



0.6 0.6 0.6 0.6 0.6 0.64(,68(,200.00 4(,68(,200.00 4(,68(,200.00 4(,68(,200.00 4(,68(,200.00 4(,68(,200.00

1.02$ 1.02$ 1.02$ 1.02$ 1.02$ 1.02$0.2$ 0.2$ 0.2$ 0.2$ 0.2$ 0.2$

(,298,491.4( (,298,491.4( (,298,491.4( (,298,491.4( (,298,491.4( (,298,491.4(1.02$ 1.02$ 1.02$ 1.02$ 1.02$ 1.02$

Lo ( Lo 4 Lo $ Lo 6 Lo 7 Lo 8

28,40(,166.$9 29,11(,24$.7$ 29,841,076.90 (0,$87,10(.82 (1,($1,781.42 (2,1($,$7$.9$

0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00*208,0(4.00 *208,0(4.00 *208,0(4.00 *208,0(4.00 *208,0(4.00 *208,0(4.00

4,7((,861.10 4,8$2,207.6( 4,97(,$12.82 $,097,8$0.64 $,22$,296.90 $,($$,929.((4,618,401.07 4,7((,861.10 4,8$2,207.6( 4,97(,$12.82 $,097,8$0.64 $,22$,296.90

./'3B-'1B.21 ./'B/1'/12.A .-'00'BAB2B0 A3'.,'BA.233 A0'301'A3020 A0'B-1'-3-2A

Lo ( Lo 4 Lo $ Lo 6 Lo 7 Lo 8

0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00

1,698,860.6( 1,741,((2.14 1,784,86$.44 1,829,487.08 1,87$,224.26 1,922,104.861,6$7,42$.00 1,698,860.6( 1,741,((2.14 1,784,86$.44 1,829,487.08 1,87$,224.26

1,1$2,$($.6( 1,181,(49.02 1,210,882.74 1,241,1$4.81 1,272,18(.68 1,(0(,988.2710,19(,16(.7$ 10,447,992.84 10,709,192.66 10,976,922.48 11,2$1,(4$.$4 11,$(2,629.18

1,087,(16.8( 1,114,499.7$ 1,142,(62.24 1,170,921.(0 1,200,194.(( 1,2(0,199.19

621,7(4.20 6(7,277.$$ 6$(,209.49 669,$(9.7( 686,278.22 70(,4($.18

9,941,108.(1 10,189,6(6.01 10,444,(76.91 10,70$,486.(4 10,97(,12(.$0 11,247,4$1.$8

9$,69$.64 8(,7((.69 71,771.7( $9,809.78 47,847.82 ($,88$.870.00 0.00 0.00 0.00 0.00 0.00

1,(9$,(17.21 1,484,14(.69 1,$28,287.09 1,$7(,444.($ 1,619,640.8( 1,666,902.$1



.,',,',A2-A .'3-1'01023A .'B01',-2B .1'A.'1B20 .B'33,'/B12B .B'1BA'10020/

4,9$1,$61.00 8,$8$,797.6( 12,276,$01.82 16,071,689.96 19,97(,764.82 2(,98$,189.22

(,6(4,2(6.6( (,690,704.19 (,79$,188.14 (,902,074.8$ 4,011,424.40 4,12(,298.($

/'/'B-B21A 0.'.B1'302/. 01'3B0'1/-2-1 0-'-BA'B1,2/. .A'-/'0/-2.. ./'03/',/B2B



0.6 0.64(,68(,200.00 4(,68(,200.00

1.02$ 1.02$0.2$ 0.2$

(,298,491.4( (,298,491.4(1.02$ 1.02$

Lo 9 Lo 10

(2,9(8,96$.($ ((,762,4(9.48

0.00 0.000.00 0.00

0.00 0.00*($,88$.87 *24(,919.87

$,489,827.$6 $,627,07(.2$$,($$,929.(( $,489,827.$6

A.'B1-'0/02. AA'A/0'.BA2-A

Lo 9 Lo 10

0.00 0.000.00 0.00

1,970,1$7.49 2,019,411.421,922,104.86 1,970,1$7.49

1,((6,$87.98 1,(70,002.6811,820,944.91 12,116,468.$(1,260,9$4.17 1,292,478.0(

721,021.0$ 7(9,046.$8

11,$28,6(7.87 11,816,8$(.82

2(,92(.91 1$,082.470.00 0.00

1,71$,2$6.02 1,764,728.6$



./'A-'.BA2A3 .-'31',312/.

28,108,487.$7 (2,$18,(9$.$2

4,409,907.9$ 4,(1$,867.11

A.'0/'A-2. A1'/A,'.1.21A



2ALA!CE

C@ 4,992,816.00 4CC 4,10$,067.81 4

Lo 0 Lo 1 Lo 2 Lo (

Inmoviliado 4,992,816.00 4,992,816.00 4,992,816.00 4,992,816.00

@onde de amortiaci)n 0.00 *(64,466.61 *728,9((.22 *1,09(,(99.82

!is&onible en ca*a 4,10$,067.81 (,4$(,46$.11 4,9$1,$61.00 8,$8$,797.6(

Eistencias de mat &rimas 0.00 408,000.00 408,000.00 408,000.00

Clientes 0.00 4,$0$,7$7.14 4,618,401.07 4,7((,861.10

Eistencias de &rod termi 0.00 (09,029.07 (09,029.07 (09,029.07

TOT5L 5CTIVO -'3-B'//A2/0 0A'A3,'1332B0 0,'3'/BA2-A 0B'-A1'03A2-/

P5SIVORecursos Pro&ios

&a"ital 1,664,272.00 1,664,272.00 1,664,272.00 1,664,272.00ubenciones 1,664,272.00 1,664,272.00 1,664,272.00 1,664,272.00

PrKstamosD. -ar'o Dla%o 1,664,272.00 1,664,272.00 1,664,272.00 1,4$6,2(8.00D. &orto Dla%o 4,10$,067.81 2,0$2,$((.91 0.00 0.00

Ei%ible a corto &lao

Droee!ores 0.00 1,617,000.00 1,6$7,42$.00 1,698,860.6()m"uestos 0.00 1,(92,67$.24 1,(9$,(17.21 1,484,14(.69

@ondo de bene"icio 0.00 (,249,$7$.$6 6,$0$,(1$.72 9,968,(17.66

TOT5L P5SIVO -'3-B'//A2/0 0A'A3,'1332B0 0,'3'/BA2-A 0B'-A1'03A2-/

5CTIVO J P5SIVO 3233 3233 3233 3233



Lo 4 Lo $ Lo 6 Lo 7 Lo 8 Lo 9 Lo 10

4,992,816.00 4,992,816.00 4,992,816.00 4,992,816.00 4,992,816.00 4,992,816.00 4,992,816.00

*1,4$7,866.4( *1,822,(((.04 *2,186,799.6$ *2,$$1,266.26 *2,91$,7(2.86 *(,280,199.47 *(,644,666.08

12,276,$01.82 16,071,689.96 19,97(,764.82 2(,98$,189.22 28,108,487.$7 (2,$18,(9$.$2 (6,8(4,262.6(

408,000.00 408,000.00 408,000.00 408,000.00 408,000.00 408,000.00 408,000.00

4,8$2,207.6( 4,97(,$12.82 $,097,8$0.64 $,22$,296.90 $,($$,929.(( $,489,827.$6 $,627,07(.2$

(09,029.07 (09,029.07 (09,029.07 (09,029.07 (09,029.07 (09,029.07 (09,029.07

.0'A/3'1//23- .,'-A.'B0,2/0 ./'-,'1132// A.'A1-'31,2-, A1'./'.-203 ,3',AB'/1/21/ ,,'.1'0,2/B

1,664,272.00 1,664,272.00 1,664,272.00 1,664,272.00 1,664,272.00 1,664,272.00 1,664,272.001,664,272.00 1,664,272.00 1,664,272.00 1,664,272.00 1,664,272.00 1,664,272.00 1,664,272.00

1,248,204.00 1,040,170.00 8(2,1(6.00 624,102.00 416,068.00 (80,182.14 1(6,262.270.00 0.00 0.00 0.00 0.00 0.00 0.00

1,741,((2.14 1,784,86$.44 1,829,487.08 1,87$,224.26 1,922,104.86 1,970,1$7.49 2,019,411.421,$28,287.09 1,$7(,444.($ 1,619,640.8( 1,666,902.$1 1,71$,2$6.02 1,764,728.6$ 1,814,412.2(

1(,$(4,(20.86 17,20$,691.02 20,984,8$2.96 24,874,292.17 28,876,$$6.22 (2,994,2$6.41 (7,227,884.9$

.0'A/3'1//23- .,'-A.'B0,2/0 ./'-,'1132// A.'A1-'31,2-, A1'./'.-203 ,3',AB'/1/21/ ,,'.1'0,2/B

3233 3233 3233 3233 3233 3233 3233



T.I.R SI! FI!A!CIACI!

5Do 3 5Do 0 5Do . 5Do A 5Do ,

Ca&ital "i*o 4,992,816.00 0.00 0.00 0.00 0.00

Ca&ital circulante 4,10$,067.81 0.00 0.00 0.00 0.00

Total ca&ital 9,097,88(.81 0.00 0.00 0.00 0.00

;en" dis&onible 0.00 (,249,$7$.$6 (,2$$,740.1$ (,46(,001.94 (,$66,00(.20

5mortiaci)n 0.00 (64,466.61 (64,466.61 (64,466.61 (64,466.61

Coste "inanciero 0.00 449,06$.1$ 2$9,898.($ 9$,69$.64 8(,7((.69

Valor residual 0.00 0.00 0.00 0.00

+O+- *9,097,88(.81 4,06(,107.(2 (,880,10$.12 (,92(,164.19 4,014,20(.49

T2I2R2 ,A2A1G



5Do 5Do 1 5Do B 5Do / 5Do - 5Do 03

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 0.00

(,671,(70.1$ (,779,161.9$ (,889,4(9.20 4,002,264.0$ 4,117,700.19 4,2((,628.$4

(64,466.61 (64,466.61 (64,466.61 (64,466.61 (64,466.61 (64,466.61

71,771.7( $9,809.78 47,847.82 ($,88$.87 2(,92(.91 1$,082.47

0.00 0.00 0.00 0.00 0.00 1,(48,149.92

4,107,608.49 4,20(,4(8.(( 4,(01,7$(.6( 4,402,616.$( 4,$06,090.71 $,961,(27.$(



An3lisis de sensiilidad

5O 0 . A ,

C2Comerciales 9,462,090.00 9,698,642.2$ 9,941,108.(1 10,189,6(6.01 10,444,(76.91

G A12,1 A12/1 A12-A A12-, A12-

C2@abricaci)n ano !e obra 1,097,000.00 1,124,42$.00 1,1$2,$($.6( 1,181,(49.02 1,210,882.74

at. Drimas 9,702,000.00 9,944,$$0.00 10,19(,16(.7$ 10,447,992.84 10,709,192.66

:.>abricaci#n 1,0(4,92(.81 1,060,796.91 1,087,(16.8( 1,114,499.7$ 1,142,(62.24

+otal &.>ab. 11,8((,92(.81 12,129,771.91 12,4((,016.20 12,74(,841.61 1(,062,4(7.6$

G ,213 ,123- ,120- ,12.3 ,12.0

5mortiaci)n (64,466.61 (64,466.61 (64,466.61 (64,466.61 (64,466.61

G 02,3 02A- 02A 02A. 02.-

;ene"icio dis&onibl (,249,$7$.$6 (,2$$,740.1$ (,46(,001.94 (,$66,00(.20 (,671,(70.1$G 0.2. 0.2AB 0.2/1 0.2-A 0.2--

C2Estructura $91,77$.$6 606,$69.9$ 621,7(4.20 6(7,277.$$ 6$(,209.49

G .2./ .2A0 .2A0 .2A0 .2A0

?2@inancieros 449,06$.1$ 2$9,898.($ 9$,69$.64 8(,7((.69 71,771.7(

G 02BA 32-- 32A1 32A3 32.

TOT5L .'-3'/-121- .1'A0'3/-2.. .1'-0-'3..2-3 .B'/,'-/21B ./'.1B'1A.2

G 033 033 033 033 033



1 B / - 03

10,70$,486.(4 10,97(,12(.$0 11,247,4$1.$8 11,$28,6(7.87 11,816,8$(.82

A12-1 A12-B A12-B A12-/ A12--

1,241,1$4.81 1,272,18(.68 1,(0(,988.27 1,((6,$87.98 1,(70,002.68

10,976,922.48 11,2$1,(4$.$4 11,$(2,629.18 11,820,944.91 12,116,468.$(

1,170,921.(0 1,200,194.(( 1,2(0,199.19 1,260,9$4.17 1,292,478.0(

1(,(88,998.$9 1(,72(,72(.$6 14,066,816.6$ 14,418,487.06 14,778,949.24

,12.. ,12.A ,12., ,12. ,12.1

(64,466.61 (64,466.61 (64,466.61 (64,466.61 (64,466.61

02.1 02.A 02.3 020B 020,

(,779,161.9$ (,889,4(9.20 4,002,264.0$ 4,117,700.19 4,2((,628.$40A23 0A203 0A201 0A2.0 0A2.

669,$(9.7( 686,278.22 70(,4($.18 721,021.0$ 7(9,046.$8

.2A0 .2A0 .2A0 .2A0 .2A0

$9,809.78 47,847.82 ($,88$.87 2(,92(.91 1$,082.47

32.0 3201 320. 323/ 323

./'-1B',1.2-- .-'1/,'/B/2-3 A3',.3'A0-2-A A0'0B,'.A12B3 A0'-,/'3.B2.

033 033 033 033 033

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Estudio Economico-financiero (1)