AÑO 2017 2018 2019 2020 2021

UNDE $ 1,484,668.00 $ 1,575,063.00 $ 1,311,271.00 $ 1,137,265.00 $ 854,231.00

IT $ 1,000,000.00 $ 1,000,000.00 $ 1,000,000.00 $ 1,000,000.00 $ 1,000,000.00
RSI 148.47% 157.51% 131.13% 113.73% 85.42%

AÑO 2016 2017 2018 2019 2020

UNDE $1,536,483.00 $1,484,668.00 $1,575,063.00 $1,311,271.00 $1,137,265.00
AF $2,915,136.00 $2,915,136.04 $2,915,136.04 $2,915,136.04 $2,915,136.04
RAF 0.53 0.51 0.54 0.45 0.39
 2021
$854,231.00
$2,915,136.04
0.29
 Flujo de Flujo Flujo de
Año Año
efectivo acumulado efectivo
0 ### -$5,000,000.00 0 ### $1,171,893.54
1 ### -$2,663,798.94 1 ### $1,677,823.23
2 ### -$1,246,242.64 2 ### $862,768.53
3 ### -$66,098.72 3 ### $608,705.11
4 ### $957,439.55 4 ### $447,398.01
5 $768,807.90 $1,726,247.45 5 $768,807.90 $284,790.69
$5,053,379.11
 $940,703.66
$1,081,124.10
$446,260.36
$252,735.14
$149,113.65
$76,192.78
$2,946,129.69 $2,107,249.41
 2016 2017 2018 2019 2020
Unidades vendidas 28670 33859 39670 38649 41483
Precio unitario (aum. 6% anual) $232 $246 $261 $276 $293
Ventas $6,651,440 $8,326,605 $10,340,985 $10,679,326 $12,150,149
Costos directos (40% + 5% anual) $2,660,576 $3,746,972 $5,170,493 $5,873,629 $7,290,089
Utilidad Bruta (UB) $3,990,864 $4,579,633 $5,170,493 $4,805,697 $4,860,060
Gastos de operación (25% de ventas) $1,662,860 $2,081,651 $2,585,246 $2,669,831 $3,037,537
Utilidad de operación $2,328,004 $2,497,982 $2,585,246 $2,135,865 $1,822,522
Intereses devengados $0 $0 $0 $0 $0
Intereses pagados $0 $200,000 $160,000 $120,000 $80,000
Utilidad antes de impuestos $2,328,004 $2,297,982 $2,425,246 $2,015,865 $1,742,522
Impuestos (34%) $791,521 $781,314 $824,584 $685,394 $592,458
IVA (de intereses) $0 $32,000 $25,600 $19,200 $12,800
Utilidad neta $1,536,483 $1,484,668 $1,575,063 $1,311,271 $1,137,265
Reparto de utilidades (10%) $153,648 $148,467 $157,506 $131,127 $113,726
Préstamos bancarios (Inversión) $0 $1,000,000 $0 $0 $0
Flujo de efectivo $1,382,834 $2,336,201 $1,417,556 $1,180,144 $1,023,538
Inflación 20.00% 20.00% 20.00% 20.00% 20.00%
 2021
43289
$310
$13,439,864
$8,735,911
$4,703,952
$3,359,966
$1,343,986
$0
$40,000
$1,303,986
$443,355
$6,400
$854,231
$85,423
$0
$768,808 $8,109,082
20.00%
 2016 2017 2018 2019
Unidades vendidas 28670 33859 39670 38649
Precio unitario (aum. 10% anual) $232 $255 $281 $309
Ventas $6,651,440 $8,640,817 $11,136,162 $11,934,502
Costos directos (40% + 5% anual) $2,660,576 $3,888,368 $5,568,081 $6,563,976
Utilidad Bruta (UB) $3,990,864 $4,752,449 $5,568,081 $5,370,526
Gastos de operación (25% de ventas) $1,662,860 $2,160,204 $2,784,041 $2,983,626
Utilidad de operación $2,328,004 $2,592,245 $2,784,041 $2,386,900
Intereses devengados $0 $0 $0 $0
Intereses pagados $0 $200,000 $160,000 $120,000
Utilidad antes de impuestos $2,328,004 $2,392,245 $2,624,041 $2,266,900
Impuestos (34%) $791,521 $813,363 $892,174 $770,746
IVA (de intereses) $0 $32,000 $25,600 $19,200
Utilidad neta $1,536,483 $1,546,882 $1,706,267 $1,476,954
Reparto de utilidades (10%) $153,648 $154,688 $170,627 $147,695
Préstamos bancarios (Inversión) $0 $1,000,000 $0 $0
Flujo de efectivo $1,382,834 $2,392,194 $1,535,640 $1,329,259
Inflación 20.00% 20.00% 20.00% 20.00%

Flujo
Año Flujo de efectivo
acumulado
2016 $1,382,834 -$1,000,000.00
2017 $2,392,194 -$2,392,194.00
2018 $1,535,640 -$856,554.00
2019 $1,329,259 $472,705.00
2020 $1,196,431 $1,669,136.00
2021 $931,241 $2,600,377.00

Flujo de
Año
efectivo VP FLUJO
0 ### $1,171,893.54 $921,889.59
1 $2,392,194 $1,718,036.16 $1,063,197.14
2 $1,535,640 $934,637.98 $455,004.48
3 $1,329,259 $685,616.92 $262,569.65
4 $1,196,431 $522,970.89 $157,554.66
5 $931,241 $344,961.07 $81,755.05
$8,767,598.70 $5,378,116.57 $2,941,970.56 $2,436,146.02
$2,378,116.57

32 $2,436,146.02
31.237754166 $2,378,116.57

TIR 49.237754166 0.4923775417

 2020 2021
41483 43289
$340 $374
$14,090,580 $16,174,429
$8,454,348 $10,513,379
$5,636,232 $5,661,050
$3,522,645 $4,043,607
$2,113,587 $1,617,443
$0 $0
$80,000 $40,000
$2,033,587 $1,577,443
$691,420 $536,331
$12,800 $6,400
$1,329,367 $1,034,712
$132,937 $103,471
$0 $0
$1,196,431 $931,241 $8,767,599
20.00% 20.00%

926598.224241
1074085.62945
462012.083591
267975.28243
161619.600421
84292.6882352
$2,976,583.51
 2016 2017 2018 2019
Unidades vendidas 28670 33859 39670 38649
Precio unitario (aum. 2% anual) $232 $237 $241 $246
Ventas $6,651,440 $8,012,394 $9,575,259 $9,515,394
Costos directos (40% + 5% anual) $2,660,576 $3,605,577 $4,787,629 $5,233,467
Utilidad Bruta (UB) $3,990,864 $4,406,817 $4,787,629 $4,281,927
Gastos de operación (25% de ventas) $1,662,860 $2,003,098 $2,393,815 $2,378,848
Utilidad de operación $2,328,004 $2,403,718 $2,393,815 $1,903,079
Intereses devengados $0 $0 $0 $0
Intereses pagados $0 $200,000 $160,000 $120,000
Utilidad antes de impuestos $2,328,004 $2,203,718 $2,233,815 $1,783,079
Impuestos (34%) $791,521 $749,264 $759,497 $606,247
IVA (de intereses) $0 $32,000 $25,600 $19,200
Utilidad neta $1,536,483 $1,422,454 $1,448,718 $1,157,632
Reparto de utilidades (10%) $153,648 $142,245 $144,872 $115,763
Préstamos bancarios (Inversión) $0 $1,000,000 $0 $0
Flujo de efectivo $1,382,834 $2,280,209 $1,303,846 $1,041,869
Inflación 20.00% 20.00% 20.00% 20.00%

Año Flujo de efectivo Flujo acumulado

2016 $1,382,834.38 -$1,000,000.00

2017 $2,280,208.57 -$2,280,208.57
2018 $1,303,846 -$976,362.61
2019 $1,041,869 $65,506.16
2020 $869,149 $934,655.41
2021 $629,127 $1,563,782.60

Flujo de
Año
efectivo FLUJO PRESENTE
0 ### $1,171,893.54 $953,678.88
1 ### $1,637,610.29 $1,084,522.51
2 ### $793,560.90 $427,683.29
3 ### $537,384.32 $235,689.92
4 $869,149.25 $379,913.15 $135,598.33
5 $629,127.19 $233,048.55 $67,690.92
$7,507,034.11 $4,753,410.76 $2,904,863.85 $1,848,546.90
$1,753,410.76

0.45 26.4 $1,848,546.90

25.041314257 $1,753,410.76

TIR 43.041314257 0.4304131426

 2020 2021
41483 43289
$251 $256
$10,417,388 $11,088,337
$6,250,433 $7,207,419
$4,166,955 $3,880,918
$2,604,347 $2,772,084
$1,562,608 $1,108,834
$0 $0
$80,000 $40,000
$1,482,608 $1,068,834
$504,087 $363,403
$12,800 $6,400
$965,721 $699,030
$96,572 $69,903
$0 $0
$869,149 $629,127 $7,507,034
20.00% 20.00%

966737.74789
1114426.9082
445493.9492
248866.85161
145139.9266
73446.22918
$2,994,111.61
 2016 2017 2018 2019 2020
Unidades vendidas 28670 33859 39670 38649 41483
Precio unitario (aum. 6% anual) $200 $212 $225 $238 $252
Ventas $5,734,000 $7,178,108 $8,914,642 $9,206,315 $10,474,266
Costos directos (40% + 5% anual) $2,293,600 $3,230,149 $4,457,321 $5,063,474 $6,284,560
Utilidad Bruta (UB) $3,440,400 $3,947,959 $4,457,321 $4,142,842 $4,189,707
Gastos de operación (25% de ventas) $1,433,500 $1,794,527 $2,228,661 $2,301,579 $2,618,567
Utilidad de operación $2,006,900 $2,153,432 $2,228,661 $1,841,263 $1,571,140
Intereses devengados $0 $0 $0 $0 $0
Intereses pagados $0 $200,000 $160,000 $120,000 $80,000
Utilidad antes de impuestos $2,006,900 $1,953,432 $2,068,661 $1,721,263 $1,491,140
Impuestos (34%) $682,346 $664,167 $703,345 $585,229 $506,988
IVA (de intereses) $0 $32,000 $25,600 $19,200 $12,800
Utilidad neta $1,324,554 $1,257,265 $1,339,716 $1,116,834 $971,352
Reparto de utilidades (10%) $132,455 $125,727 $133,972 $111,683 $97,135
Préstamos bancarios (Inversión) $0 $1,000,000 $0 $0 $0
Flujo de efectivo $1,192,099 $2,131,539 $1,205,744 $1,005,150 $874,217
Inflación 20.00% 20.00% 20.00% 20.00% 20.00%
 2021
43289
$268
$11,586,089
$7,530,958
$4,055,131
$2,896,522
$1,158,609
$0
$40,000
$1,118,609
$380,327
$6,400
$731,882
$73,188
$0
$658,694 $7,067,443
20.00%
 2016 2017 2018 2019
Unidades vendidas 28670 33859 39670 38649
Precio unitario (aum. 10% anual) $200 $220 $242 $266
Ventas $5,734,000 $7,448,980 $9,600,140 $10,288,364
Costos directos (40% + 5% anual) $2,293,600 $3,352,041 $4,800,070 $5,658,600
Utilidad Bruta (UB) $3,440,400 $4,096,939 $4,800,070 $4,629,764
Gastos de operación (25% de ventas) $1,433,500 $1,862,245 $2,400,035 $2,572,091
Utilidad de operación $2,006,900 $2,234,694 $2,400,035 $2,057,673
Intereses devengados $0 $0 $0 $0
Intereses pagados $0 $200,000 $160,000 $120,000
Utilidad antes de impuestos $2,006,900 $2,034,694 $2,240,035 $1,937,673
Impuestos (34%) $682,346 $691,796 $761,612 $658,809
IVA (de intereses) $0 $32,000 $25,600 $19,200
Utilidad neta $1,324,554 $1,310,898 $1,452,823 $1,259,664
Reparto de utilidades (10%) $132,455 $131,090 $145,282 $125,966
Préstamos bancarios (Inversión) $0 $1,000,000 $0 $0
Flujo de efectivo $1,192,099 $2,179,808 $1,307,541 $1,133,698
Inflación 20.00% 20.00% 20.00% 20.00%

Flujo
Año Flujo de efectivo
acumulado
2016 $1,382,834.38 -$1,000,000.00
2017 $2,280,208.57 -$2,280,208.57
2018 $1,303,846 -$976,362.61
2019 $1,041,869 $65,506.16
2020 $869,149 $934,655.41
2021 $629,127 $1,563,782.60

Flujo de
Año
efectivo FLUJO PRESENTE
0 $1,192,099 $1,010,253.05 $810,951.43
1 $2,179,808 $1,565,504.33 $1,008,750.17
2 $1,307,541 $795,809.69 $411,626.42
3 $1,133,698 $584,748.62 $242,788.38
4 $1,023,262 $447,277.40 $149,073.45
5 $798,722 $295,871.94 $79,157.45
$7,635,130 $4,699,465.04 $2,702,347.30 $1,997,117.73
$1,699,465.04

0.47 26.4 $1,997,117.73

22.465313992 $1,699,465.04

TIR 40.465313992 0.4046531399

 2020 2021
41483 43289
$293 $322
$12,147,052 $13,943,473
$7,288,231 $9,063,258
$4,858,821 $4,880,216
$3,036,763 $3,485,868
$1,822,058 $1,394,347
$0 $0
$80,000 $40,000
$1,742,058 $1,354,347
$592,300 $460,478
$12,800 $6,400
$1,136,958 $887,469
$113,696 $88,747
$0 $0
$1,023,262 $798,722 $7,635,130
20.00% 20.00%

848678.27232
1104790.9308
471789.16524
291219.77189
187129.18168
103987.52873
$3,007,594.85
 2016 2017 2018 2019
Unidades vendidas 28670 33859 39670 38649
Precio unitario (aum. 2% anual) $200 $204 $208 $212
Ventas $5,734,000 $6,907,236 $8,254,534 $8,202,926
Costos directos (40% + 5% anual) $2,293,600 $3,108,256 $4,127,267 $4,511,609
Utilidad Bruta (UB) $3,440,400 $3,798,980 $4,127,267 $3,691,317
Gastos de operación (25% de ventas) $1,433,500 $1,726,809 $2,063,633 $2,050,731
Utilidad de operación $2,006,900 $2,072,171 $2,063,633 $1,640,585
Intereses devengados $0 $0 $0 $0
Intereses pagados $0 $200,000 $160,000 $120,000
Utilidad antes de impuestos $2,006,900 $1,872,171 $1,903,633 $1,520,585
Impuestos (34%) $682,346 $636,538 $647,235 $516,999
IVA (de intereses) $0 $32,000 $25,600 $19,200
Utilidad neta $1,324,554 $1,203,633 $1,230,798 $984,386
Reparto de utilidades (10%) $132,455 $120,363 $123,080 $98,439
Préstamos bancarios (Inversión) $0 $1,000,000 $0 $0
Flujo de efectivo $1,192,099 $2,083,269 $1,107,718 $885,948
Inflación 20.00% 20.00% 20.00% 20.00%

Flujo de Flujo
Año
efectivo acumulado
2016 $1,382,834.38 -$1,000,000.00
2017 ### $2,663,042.95
2018 $1,303,846 $3,966,888.91
2019 $1,041,869 $5,008,757.68
2020 $869,149 $5,877,906.92
2021 $629,127 $6,507,034.11

Flujo de
Año
efectivo FLUJO PRESENTE
0 $1,192,099 $1,010,253.05 $794,732.40
1 $2,083,269 $1,496,171.69 $925,897.54
2 $1,107,718 $674,191.52 $328,212.81
3 $885,948 $456,961.90 $175,001.99
4 $741,123 $323,951.76 $97,596.46
5 $538,279 $199,395.63 $47,256.34
$6,548,436 $4,160,925.54 $2,368,697.54 $1,792,227.99
$1,160,925.54

0.5 26.4 $1,792,227.99

17.100745149 $1,160,925.54

TIR 35.100745149 0.3510074515

 2020 2021
41483 43289
$216 $221
$8,980,507 $9,558,911
$5,388,304 $6,213,292
$3,592,203 $3,345,619
$2,245,127 $2,389,728
$1,347,076 $955,891
$0 $0
$80,000 $40,000
$1,267,076 $915,891
$430,806 $311,403
$12,800 $6,400
$823,470 $598,088
$82,347 $59,809
$0 $0
$741,123 $538,279 $6,548,436
20.00% 20.00%

882377.51663
1141379.2096
449216.88674
265935.94319
164665.13457
88524.037369
$2,992,098.73