Volumen de Ventas 150000Precio de venta por tonelada 2,000.00$ Costo variable por tonelada 1,400.00$ Costos fijos 60,000,000.00$

Costo hornoGastos instalacin

Venta horno viejoImpuesto x la venta

Horno actual

Ao0

150000 2000 1,400.00$ 1157500 2080 1,456.00$ 2165375 2163.2 1,514.24$ 3

173643.75 2249.728 1,574.81$ 4182325.938 2339.71712 1,637.80$ 5191442.234 2433.3058 1,703.31$ 6201014.346 2530.63804 1,771.45$ 7211065.063 2631.86356 1,842.30$ 8221618.317 2737.1381 1,916.00$ 9232699.232 2846.62362 1,992.64$ 10

Horno 2

0160000 2,080.00$ 1,350.00$ 1168000 2,163.20$ 1,404.00$ 2176400 2,249.73$ 1,460.16$ 3185220 2,339.72$ 1,518.57$ 4194481 2,433.31$ 1,579.31$ 5

204205.05 2,530.64$ 1,642.48$ 6214415.303 2,631.86$ 1,708.18$ 7225136.068 2,737.14$ 1,776.51$ 8

236392.871 2,846.62$ 1,847.57$ 9248212.515 2,960.49$ 1,921.47$ 10260623.14 3,078.91$ 1,998.33$

2017

Ventas 332,800,000.00$ Costo de Ventas 216,000,000.00$ U bruta 116,800,000.00$ Costos fijos 70,000,000.00$ UAII 46,800,000.00$

Intereses 640000 Intereses 6,350,760.00$ UAI 40,449,240.00$ Impuestos 12,134,772.00$ UN 28,314,468.00$

GAO 2016GAF 2016GAC 2016

Volumen de ventas crecer 5%Inflacin 4%Costos de ventas y costos de produccin incrementan linealmente con la inflacin

Inversin inicial

30,000,000.00$ Volumen de Ventas4,000,000.00$ Precio de venta por tonelada

34,000,000.00$ Costo variable por tonelada4,000,000.00$ Costos fijos

Impuesto x la venta -$ Depreciacin30,000,000.00$

Inversin inicial Ventas CV CF Depreciacin18,000,000.00-$

300,000,000.00$ 210,000,000.00$ 60,000,000.00$ 1,800,000.00$ 327,600,000.00$ 229,320,000.00$ 60,000,000.00$ 1,800,000.00$ 357,739,200.00$ 250,417,440.00$ 60,000,000.00$ 1,800,000.00$ 390,651,206.40$ 273,455,844.48$ 60,000,000.00$ 1,800,000.00$ 426,591,117.39$ 298,613,782.17$ 60,000,000.00$ -$ 465,837,500.19$ 326,086,250.13$ 60,000,000.00$ -$ 508,694,550.21$ 356,086,185.14$ 60,000,000.00$ -$ 555,494,448.82$ 388,846,114.18$ 60,000,000.00$ -$ 606,599,938.12$ 424,619,956.68$ 60,000,000.00$ -$ 662,407,132.42$ 463,684,992.70$ 60,000,000.00$ -$

Inversin inicial Ventas CV CF Depreciacin30,000,000.00-$

332,800,000.00$ 216,000,000.00$ 70,000,000.00$ 3,400,000.00$ 363,417,600.00$ 235,872,000.00$ 70,000,000.00$ 3,400,000.00$ 396,852,019.20$ 257,572,224.00$ 70,000,000.00$ 3,400,000.00$ 433,362,404.97$ 281,268,868.61$ 70,000,000.00$ 3,400,000.00$ 473,231,746.22$ 307,145,604.52$ 70,000,000.00$ 3,400,000.00$ 516,769,066.88$ 335,403,000.14$ 70,000,000.00$ 3,400,000.00$ 564,311,821.03$ 366,260,076.15$ 70,000,000.00$ 3,400,000.00$ 616,228,508.56$ 399,956,003.15$ 70,000,000.00$ 3,400,000.00$

672,921,531.35$ 436,751,955.44$ 70,000,000.00$ 3,400,000.00$ 734,830,312.24$ 476,933,135.34$ 70,000,000.00$ 3,400,000.00$

2016

300,000,000.00$ Unidades210,000,000.00$ Peq 2016 0.66666666790,000,000.00$ 60,000,000.00$ Peq 2017 0.80645161330,000,000.00$ 4,071,000.00$

25,929,000.00$ 7,778,700.00$

18,150,300.00$

3 GAO 20161.157005669 GAF 20163.471017008 GAC 2016

Costo inicial 18,000,000.00$ Depreciacin 1,800,000.00$ Capital de trabajo 7%

1600002,080.00$ Volumen de ventas crecer 1,350.00$ Inflacin

70,000,000.00$ Tasa marginal 3,400,000.00$

UAII Impuestos UDI Depreciacin Capital de trabajo

28,200,000.00$ 8,460,000.00$ 19,740,000.00$ 1,800,000.00$ 21,000,000.00$ 36,480,000.00$ 10,944,000.00$ 25,536,000.00$ 1,800,000.00$ 22,932,000.00$ 45,521,760.00$ 13,656,528.00$ 31,865,232.00$ 1,800,000.00$ 25,041,744.00$ 55,395,361.92$ 16,618,608.58$ 38,776,753.34$ 1,800,000.00$ 27,345,584.45$ 67,977,335.22$ 20,393,200.56$ 47,584,134.65$ -$ 29,861,378.22$ 79,751,250.06$ 23,925,375.02$ 55,825,875.04$ -$ 32,608,625.01$ 92,608,365.06$ 27,782,509.52$ 64,825,855.54$ -$ 35,608,618.51$

106,648,334.65$ 31,994,500.39$ 74,653,834.25$ -$ 38,884,611.42$ 121,979,981.44$ 36,593,994.43$ 85,385,987.00$ -$ 42,461,995.67$ 138,722,139.73$ 41,616,641.92$ 97,105,497.81$ -$ 46,368,499.27$

UAII Impuestos UDI Depreciacin Capital de trabajo

43,400,000.00$ 13,020,000.00$ 30,380,000.00$ 3,400,000.00$ 23,296,000.00$ 54,145,600.00$ 16,243,680.00$ 37,901,920.00$ 3,400,000.00$ 25,439,232.00$ 65,879,795.20$ 19,763,938.56$ 46,115,856.64$ 3,400,000.00$ 27,779,641.34$ 78,693,536.36$ 23,608,060.91$ 55,085,475.45$ 3,400,000.00$ 30,335,368.35$ 92,686,141.70$ 27,805,842.51$ 64,880,299.19$ 3,400,000.00$ 33,126,222.24$

107,966,066.74$ 32,389,820.02$ 75,576,246.72$ 3,400,000.00$ 36,173,834.68$ 124,651,744.88$ 37,395,523.46$ 87,256,221.42$ 3,400,000.00$ 39,501,827.47$ 142,872,505.41$ 42,861,751.62$ 100,010,753.79$ 3,400,000.00$ 43,135,995.60$

162,769,575.91$ 48,830,872.77$ 113,938,703.13$ 3,400,000.00$ 47,104,507.19$ 184,497,176.89$ 55,349,153.07$ 129,148,023.82$ 3,400,000.00$ 51,438,121.86$

$200,000,000.00$

244,193,548.39$

31.0217983653.065395095

Costo de capital

Acciones preferentes

Dp 100Pp 1000

5% g 0.044%

30% Kp 0.14

Ka

KaFlujo total

18,000,000.00-$ tasa de retorno 540,000.00$

4,404,000.00$ 300 bps8,623,488.00$ 1 bps =

13,231,168.90$ 17,722,756.43$ 23,217,250.03$ 29,217,237.03$ VPN 58,031,866.72$ $76,031,866.7235,769,222.84$ TIR 48%42,923,991.34$ IR -4.22399259650,736,998.54$

Flujo total30,000,000.00-$ 10,484,000.00$ 15,862,688.00$ 21,736,215.30$ VPN 123,371,292.50$ $153,371,292.5028,150,107.10$ TIR 65%35,154,076.96$ IR -5.11237641742,802,412.04$ 51,154,393.94$ 60,274,758.19$

70,234,195.94$ 81,109,901.97$

0.080.3

Ks 0.165 AtKd 0.056

4480000 + 16800000 + 33000000

0.1357VP flujos

0.1657-$463,240.97

x x = 3 % -$3,240,960.350.01 % -$5,444,055.88

-$7,165,574.69-$8,233,742.61-$9,253,158.46-$9,989,219.78

-$10,490,957.62-$10,799,880.01-$10,951,076.36

VP flujos

-$8,993,737.67-$11,673,556.49-$13,722,193.45-$15,245,190.85-$16,332,088.21-$17,058,760.21-$17,489,418.44-$17,678,324.64

-$17,671,257.15-$17,506,765.39

DPBP PBP18,000,000.00-$ 18,000,000.00-$ 17,536,759.03-$ 17,460,000.00-$ 14,295,798.68-$ 13,056,000.00-$ 8,851,742.81-$ 4,432,512.00-$ 1,686,168.12-$ 8,798,656.90$ 6,547,574.49$ 26,521,413.33$ 0.204787567 49,738,663.36$

78,955,900.39$

-0.335005322

DPBP PBP30,000,000.00-$ 30,000,000.00-$ 21,006,262.33-$ 19,516,000.00-$ 9,332,705.84-$ 3,653,312.00-$ 4,389,487.61$ 18,082,903.30$ 0.680117641 46,233,010.40$

81,387,087.36$ 0.17-$