LEASING

Precio Venta $1,240,560.00 precio de venta

IGV $0.00
Valor Venta $1,240,560.00 valor venta
Costo de Activación $480.00
Valor a Financiar $1,241,040.00 Valor a financiar
TEA 5.60% TEA ANUAL
Equivalente 30 dias DE TEA A TEM 0.004551 tasa diaria
n 3 (periodo de duración del contrato)
Cuota mensual 12
Número de cuotas 36
Comisiones $78.50
Seguro 0.0570% Saldo deudor
Valor de Recompra $1.00 $1.00
IGV
Impuesto Renta 29.50%
WACC: Costo Oportunidad 7.50% 0.006045

(1) (2)

Periodo Saldo Amortización

Cuota - Interes
1 $1,241,040.00
2 $1,241,040.00 -$5,647.98
3 $1,246,687.98 -$5,673.69
4 $1,252,361.67 -$5,699.51
5 $1,258,061.17 -$5,725.44
6 $1,263,786.62 -$5,751.50
7 $1,269,538.12 -$5,777.68
8 $1,275,315.80 -$5,803.97
9 $1,281,119.77 -$5,830.38
10 $1,286,950.15 -$5,856.92
11 $1,292,807.07 -$5,883.57
12 $1,298,690.64 -$5,910.35
13 $1,304,600.99 -$5,937.25
14 $1,310,538.24 -$5,964.27
15 $1,316,502.51 -$5,991.41
16 $1,322,493.92 -$6,018.68
17 $1,328,512.60 -$6,046.07
18 $1,334,558.67 -$6,073.59
19 $1,340,632.25 -$6,101.23
20 $1,346,733.48 -$6,128.99
21 $1,352,862.47 -$6,156.89
22 $1,359,019.36 -$6,184.91
23 $1,365,204.26 -$6,213.05
24 $1,371,417.32 -$6,241.33
 25 $1,377,658.65 -$6,269.73
26 $1,383,928.38 -$6,298.27
27 $1,390,226.65 -$6,326.93
28 $1,396,553.58 -$6,355.72
29 $1,402,909.30 -$6,384.65
30 $1,409,293.95 -$6,413.71
31 $1,415,707.66 -$6,442.89
32 $1,422,150.55 -$6,472.22
33 $1,428,622.77 -$6,501.67
34 $1,435,124.44 -$6,531.26
35 $1,441,655.70 -$6,560.98
36 $1,448,216.69 -$6,590.84

El flujo de caja de desembolso neto $9.131,68 incluye el valor de recompra

io de venta

r a financiar

30/360 -1 MENSUAL 0.0047 1--12

iodo de duración del contrato) AÑOS PERO VAMOS A MES

Trimestral el precio cif es sin igc

0.004551
(3) (4) (5) (6) (7)

intereses Cuota Seguro Comisiones Depreciación

Saldo * Tasa M Saldo * Segu entre 36 MESES

$707.39 $78.50 $34,460.00
$5,647.98 $0.00 $707.39 $78.50 $34,460.00
$5,673.69 $0.00 $710.61 $78.50 $34,460.00
$5,699.51 $0.00 $713.85 $78.50 $34,460.00
$5,725.44 $0.00 $717.09 $78.50 $34,460.00
$5,751.50 $0.00 $720.36 $78.50 $34,460.00
$5,777.68 $0.00 $723.64 $78.50 $34,460.00
$5,803.97 $0.00 $726.93 $78.50 $34,460.00
$5,830.38 $0.00 $730.24 $78.50 $34,460.00
$5,856.92 $0.00 $733.56 $78.50 $34,460.00
$5,883.57 $0.00 $736.90 $78.50 $34,460.00
$5,910.35 $0.00 $740.25 $78.50 $34,460.00
$5,937.25 $0.00 $743.62 $78.50 $34,460.00
$5,964.27 $0.00 $747.01 $78.50 $34,460.00
$5,991.41 $0.00 $750.41 $78.50 $34,460.00
$6,018.68 $0.00 $753.82 $78.50 $34,460.00
$6,046.07 $0.00 $757.25 $78.50 $34,460.00
$6,073.59 $0.00 $760.70 $78.50 $34,460.00
$6,101.23 $0.00 $764.16 $78.50 $34,460.00
$6,128.99 $0.00 $767.64 $78.50 $34,460.00
$6,156.89 $0.00 $771.13 $78.50 $34,460.00
$6,184.91 $0.00 $774.64 $78.50 $34,460.00
$6,213.05 $0.00 $778.17 $78.50 $34,460.00
$6,241.33 $0.00 $781.71 $78.50 $34,460.00
$6,269.73 $0.00 $785.27 $78.50 $34,460.00
$6,298.27 $0.00 $788.84 $78.50 $34,460.00
$6,326.93 $0.00 $792.43 $78.50 $34,460.00
$6,355.72 $0.00 $796.04 $78.50 $34,460.00
$6,384.65 $0.00 $799.66 $78.50 $34,460.00
$6,413.71 $0.00 $803.30 $78.50 $34,460.00
$6,442.89 $0.00 $806.95 $78.50 $34,460.00
$6,472.22 $0.00 $810.63 $78.50 $34,460.00
$6,501.67 $0.00 $814.31 $78.50 $34,460.00
$6,531.26 $0.00 $818.02 $78.50 $34,460.00
$6,560.98 $0.00 $821.74 $78.50 $34,460.00
$6,590.84 $0.00 $825.48 $78.50 $34,460.00
 De acuerdos con la norma de la sunat
Préstamo
Precio Venta $1,240,560.00
IGV $0.00
Valor Venta $1,240,560.00
TEA 5.60%
Equivalente 30 dias 0.004551
n 5
Cuota mensual 12
Número de cuotas 60
Cuota mensual $23,673.93
Comisiones $78.50
Seguro 0.0570%
Depreciación 5
IGV
Impuesto Renta 29.50%
WACC: Costo
7.50%
Oportunidad

INTERES+ SEGU+ COMISIONES + DEPRECIA * IMPUESTO A LA RE

(8) (9) (1)

Ahorros Tributarios Desembolso Neto Periodo Saldo

(3+5+6+7)*29,5% (4+5+6-8) Precio Venta

$10,397.54 -$9,611.65 1 $1,240,560.00
$12,063.69 -$11,277.80 2 $1,222,531.87
$12,072.23 -$11,283.11 3 $1,204,421.68
$12,080.80 -$11,288.45 4 $1,186,229.08
$12,089.41 -$11,293.81 5 $1,167,953.69
$12,098.06 -$11,299.20 6 $1,149,595.12
$12,106.74 -$11,304.61 7 $1,131,153.00
$12,115.47 -$11,310.04 8 $1,112,626.96
$12,124.24 -$11,315.50 9 $1,094,016.60
$12,133.05 -$11,320.99 10 $1,075,321.54
$12,141.90 -$11,326.50 11 $1,056,541.41
$12,150.79 -$11,332.03 12 $1,037,675.80
$12,159.71 -$11,337.59 13 $1,018,724.34
$12,168.68 -$11,343.18 14 $999,686.63
$12,177.69 -$11,348.79 15 $980,562.28
$12,186.75 -$11,354.42 16 $961,350.89
$12,195.84 -$11,360.09 17 $942,052.08
$12,204.97 -$11,365.77 18 $922,665.43
$12,214.15 -$11,371.49 19 $903,190.55
$12,223.36 -$11,377.23 20 $883,627.05
$12,232.62 -$11,382.99 21 $863,974.51
$12,241.92 -$11,388.78 22 $844,232.53
$12,251.27 -$11,394.60 23 $824,400.71
$12,260.65 -$11,400.45 24 $804,478.63
$12,270.08 -$11,406.32 25 $784,465.89
$12,279.55 -$11,412.21 26 $764,362.06
$12,289.07 -$11,418.14 27 $744,166.75
$12,298.63 -$11,424.09 28 $723,879.52
$12,308.23 -$11,430.07 29 $703,499.97
$12,317.87 -$11,436.08 30 $683,027.67
$12,327.56 -$11,442.11 31 $662,462.21
$12,337.30 -$11,448.17 32 $641,803.15
$12,347.07 -$11,454.26 33 $621,050.06
$12,356.90 -$11,460.37 34 $600,202.54
$12,366.76 -$11,466.52 35 $579,260.13
$12,376.67 -$11,471.69 36 $558,222.41
Valor Actual -$365,082.63 37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

El primer flujo de de ahorros tributarios tiene el gasto de activa

Saldo deudor
Años 60

0.006045 Trimestral

(2) (3) (4) (5) (6) (7)

Amortización Intereses Cuota Seguro Comisiones Depreciación

Cuota - Interés
$18,028.13 $5,645.80 $23,673.93 $707.12 $78.50 $20,676.00
$18,110.18 $5,563.75 $23,673.93 $696.84 $78.50 $20,676.00
$18,192.60 $5,481.33 $23,673.93 $686.52 $78.50 $20,676.00
$18,275.40 $5,398.54 $23,673.93 $676.15 $78.50 $20,676.00
$18,358.57 $5,315.36 $23,673.93 $665.73 $78.50 $20,676.00
$18,442.12 $5,231.82 $23,673.93 $655.27 $78.50 $20,676.00
$18,526.05 $5,147.88 $23,673.93 $644.76 $78.50 $20,676.00
$18,610.36 $5,063.57 $23,673.93 $634.20 $78.50 $20,676.00
$18,695.05 $4,978.88 $23,673.93 $623.59 $78.50 $20,676.00
$18,780.14 $4,893.80 $23,673.93 $612.93 $78.50 $20,676.00
$18,865.60 $4,808.33 $23,673.93 $602.23 $78.50 $20,676.00
$18,951.46 $4,722.47 $23,673.93 $591.48 $78.50 $20,676.00
$19,037.71 $4,636.22 $23,673.93 $580.67 $78.50 $20,676.00
$19,124.35 $4,549.58 $23,673.93 $569.82 $78.50 $20,676.00
$19,211.39 $4,462.55 $23,673.93 $558.92 $78.50 $20,676.00
$19,298.82 $4,375.11 $23,673.93 $547.97 $78.50 $20,676.00
$19,386.65 $4,287.29 $23,673.93 $536.97 $78.50 $20,676.00
$19,474.88 $4,199.06 $23,673.93 $525.92 $78.50 $20,676.00
$19,563.51 $4,110.43 $23,673.93 $514.82 $78.50 $20,676.00
$19,652.54 $4,021.39 $23,673.93 $503.67 $78.50 $20,676.00
$19,741.98 $3,931.95 $23,673.93 $492.47 $78.50 $20,676.00
$19,831.82 $3,842.11 $23,673.93 $481.21 $78.50 $20,676.00
$19,922.08 $3,751.85 $23,673.93 $469.91 $78.50 $20,676.00
$20,012.74 $3,661.19 $23,673.93 $458.55 $78.50 $20,676.00
 $20,103.82 $3,570.11 $23,673.93 $447.15 $78.50 $20,676.00
$20,195.31 $3,478.62 $23,673.93 $435.69 $78.50 $20,676.00
$20,287.22 $3,386.71 $23,673.93 $424.18 $78.50 $20,676.00
$20,379.55 $3,294.38 $23,673.93 $412.61 $78.50 $20,676.00
$20,472.30 $3,201.63 $23,673.93 $400.99 $78.50 $20,676.00
$20,565.47 $3,108.46 $23,673.93 $389.33 $78.50 $20,676.00
$20,659.06 $3,014.87 $23,673.93 $377.60 $78.50 $20,676.00
$20,753.08 $2,920.85 $23,673.93 $365.83 $78.50 $20,676.00
$20,847.53 $2,826.40 $23,673.93 $354.00 $78.50 $20,676.00
$20,942.41 $2,731.53 $23,673.93 $342.12 $78.50 $20,676.00
$21,037.71 $2,636.22 $23,673.93 $330.18 $78.50 $20,676.00
$21,133.46 $2,540.47 $23,673.93 $318.19 $78.50 $20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00

ributarios tiene el gasto de activación de US$350,00 que es un gasto

Interes + Seguro + Comisiones + Depreciación
(8) (9)
Ahorros Desembolso
Tributarios Neto
(3+5+6+7)*29,5% (4+5+6-8)
$7,996.69 $16,462.86
$7,969.45 $16,479.82
$7,942.09 $16,496.86
$7,914.61 $16,513.97
$7,887.00 $16,531.16
$7,859.27 $16,548.43
$7,831.41 $16,565.78
$7,803.42 $16,583.21
$7,775.31 $16,600.72
$7,747.06 $16,618.30
$7,718.69 $16,635.97
$7,690.19 $16,653.72
$7,661.56 $16,671.54
$7,632.80 $16,689.45
$7,603.91 $16,707.44
$7,574.89 $16,725.51
$7,545.73 $16,743.67
$7,516.45 $16,761.91
$7,487.02 $16,780.23
$7,457.47 $16,798.63
$7,427.78 $16,817.12
$7,397.96 $16,835.69
$7,368.00 $16,854.34
$7,337.90 $16,873.08
 $7,307.67 $16,891.91
$7,277.30 $16,910.82
$7,246.79 $16,929.82
$7,216.14 $16,948.90
$7,185.35 $16,968.07
$7,154.43 $16,987.33
$7,123.36 $17,006.68
$7,092.15 $17,026.11
$7,060.80 $17,045.63
$7,029.30 $17,065.25
$6,997.66 $17,084.95
$6,965.88 $17,104.74
$460,615.42

$540,879.13
$80,263.71
Estructura de Capital

Bonos Corporativos

Préstamo Bancario

Arrendamiento Financiero
Total deuda
Patrimonio

Total Patrimonio

Total financiamiento

Estructura de Deuda

Bonos Corporativos
Préstamo Bancario
Arrendamiento Financiero
Total deuda

Estructura de Capital

Deuda

Patrimonio

Emisión de Bonos
Valor Nominal (M)
Interés por cupón (I) TEA
Años de la redención
Prima a la redención
Importe de la prima a la redención
Cotización de los Bonos 100,2/8%
Valor de Cotización
Costos de estructuración
Costos de Colocación
Costos de Flotación

Periodos

0
1
2
3
4

Préstamo Bancario
Años
TEA
Tasa Equivalente semestral
Periodos de Gracia Total (Diferido)
Periodos de Gracia Normal (Servicio de la Deuda)
Gastos Adinistrativos, comisiones, etc.

Periodo
0
1
2
3
4
5
6
7
8

Leasing
Años
TEA
Tasa Equivalente trimestral
Gastos Adinistrativos, comisiones, etc.
Valor de recompra
Periodo
0
1
2
3
4
 5
6
7
8
9
10
11
12

Cálculo del Costo del Patrimonio

Rentabilidad Promedio Anual T-Bond 10 Y

Rentabilidad Promedio Anual Índice S&Poor´s 500

Beta promedio últmo 60 meses

Riesgo País

KS = CAPM + Riesgo País

CAPM = KLR + (KM-KLR)*Beta

CAPM= 3,67% +(7,14%-3,67%)*0,976

KS

WACC=WD* [KD (1 -t)] +WS*KS

WACC=0,7222*[7,38% *(1-0,295)] +0,2778 (8,817%)

Importe

8,000,000.00

2,000,000.00

3,000,000.00
13,000,000.00
5,000,000.00

5,000,000.00

18,000,000.00

Promedio
Importe Peso Kd
Ponderado
8,000,000.00 61.54% 4.72% 2.91%
2,000,000.00 15.38% 12.52% 1.93%
3,000,000.00 23.08% 11.04% 2.55%
13,000,000.00 100.00% 7.38%

Importe Peso

13,000,000.00 72.22% Wd WACC= Wd [Kd (1-t)]+Ws Ks

5,000,000.00 27.78% Ws

18,000,000.00 100.00%

8,000,000.00
10,000.00
4.50%
4
1%
100.00
100.25% 0.25
10,025.00
0.087%
 0.065%
0.058%

Costos Costos de
Valor de Cotización Intereses
Estructuración Colocación
-10,025.00 -8.72 -6.52
450.00
450.00
450.00
450.00

2,000,000.00
4
12.50%
0.06066 0.060660
2
1
198.90 128,679.66 2,121,320.34
121,320.34
Saldo Amortización Interés Cuota

2,000,000.00
2,121,320.34
2,250,000.00 136,485.39 136,485.39
2,250,000.00 398,616.16 136,485.39 535,101.54
1,851,383.84 422,796.28 112,305.26 535,101.54
1,428,587.56 448,443.18 86,658.37 535,101.54
980,144.39 475,645.82 59,455.73 535,101.54
504,498.57 504,498.57 30,602.97 535,101.54

3,000,000.00
3
11%
0.02643 0.02643
185.00
$1.00 fija
Saldo Amortización Interés Cuota

3,000,000.00 215,705.37 79,299.98 295,005.35

2,784,294.63 221,407.18 73,598.17 295,005.35
2,562,887.44 227,259.71 67,745.64 295,005.35
2,335,627.73 233,266.94 61,738.41 295,005.35
2,102,360.79 239,432.96 55,572.39 295,005.35
1,862,927.83 245,761.97 49,243.38 295,005.35
1,617,165.85 252,258.28 42,747.07 295,005.35
1,364,907.57 258,926.31 36,079.05 295,005.35
1,105,981.27 265,770.59 29,234.76 295,005.35
840,210.68 272,795.79 22,209.56 295,005.35
567,414.89 280,006.69 14,998.66 295,005.35
287,408.20 287,408.20 7,597.15 295,005.35

3.67%

7.14%

0.976

1.76%

7.057%

8.817%

6.207%
 Kd

CC= Wd [Kd (1-t)]+Ws Ks

 Prima Devolución Valor
Costos de Flotación
redención Nominal
-5.81 -10,003.95
450.00
450.00
450.00
100.00 10,550.00
Kd 4.72% 4.722%

2,250,000.00

Comisiones Total Cuota

-2,000,000.00
198.90 198.90
198.90 198.90
198.90 136,684.29
198.90 535,300.44
198.90 535,300.44
198.90 535,300.44
198.90 535,300.44
198.90 535,300.44
TIR Sem 6.077% 6.07744%
Costo Anual 12.524% 12.52424%

Comisiones Total Cuota

-3,000,000.00
185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
 185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
TIR Trim 2.654% 2.654%
Costo Anual 11.045% 11.045%
LEASING
Precio Venta $1,240,560.00 precio de venta
IGV $0.00
Valor Venta $1,240,560.00 valor venta
Costo de Activación $480.00
Valor a Financiar $1,241,040.00 Valor a financiar
TEA 5.60% TEA ANUAL
Equivalente 30 dias DE TEA A TEM 0.004551 tasa diaria
n 3 (periodo de duración del contrato)
Cuota mensual 12
Número de cuotas 36
Comisiones $78.50
Seguro 0.0570% Saldo deudor
Valor de Recompra $1.00 $1.00
IGV
Impuesto Renta 29.50%
WACC: Costo Oportunidad 7.50% 0.006045

(1) (2)

Periodo Saldo Amortización

Cuota - Interes
1 $1,241,040.00 $31,804.63
2 $1,209,235.37 $31,949.37
3 $1,177,286.00 $32,094.78
4 $1,145,191.22 $32,240.84
5 $1,112,950.38 $32,387.57
6 $1,080,562.82 $32,534.96
7 $1,048,027.85 $32,683.03
8 $1,015,344.82 $32,831.77
9 $982,513.05 $32,981.19
10 $949,531.86 $33,131.29
11 $916,400.58 $33,282.07
12 $883,118.51 $33,433.53
13 $849,684.98 $33,585.69
14 $816,099.29 $33,738.54
15 $782,360.75 $33,892.08
16 $748,468.67 $34,046.33
17 $714,422.34 $34,201.27
18 $680,221.07 $34,356.92
19 $645,864.15 $34,513.28
20 $611,350.87 $34,670.35
21 $576,680.52 $34,828.13
22 $541,852.39 $34,986.64
23 $506,865.75 $35,145.86
24 $471,719.89 $35,305.81
 25 $436,414.07 $35,466.49
26 $400,947.59 $35,627.90
27 $365,319.69 $35,790.04
28 $329,529.65 $35,952.92
29 $293,576.73 $36,116.54
30 $257,460.19 $36,280.91
31 $221,179.28 $36,446.02
32 $184,733.26 $36,611.89
33 $148,121.37 $36,778.51
34 $111,342.86 $36,945.89
35 $74,396.97 $37,114.03
36 $37,282.94 $37,282.94

El flujo de caja de desembolso neto $9.131,68 incluye el valor de recompra

io de venta

r a financiar

30/360 -1 MENSUAL 0.0047 1--12

iodo de duración del contrato) AÑOS PERO VAMOS A MES

Trimestral el precio cif es sin igc

0.004551
(3) (4) (5) (6) (7)

intereses Cuota Seguro Comisiones Depreciación

Saldo * Tasa M Saldo * Segu entre 36 MESES

$5,647.98 $37,452.61 $707.39 $78.50 $34,460.00
$5,503.24 $37,452.61 $689.26 $78.50 $34,460.00
$5,357.84 $37,452.61 $671.05 $78.50 $34,460.00
$5,211.77 $37,452.61 $652.76 $78.50 $34,460.00
$5,065.04 $37,452.61 $634.38 $78.50 $34,460.00
$4,917.65 $37,452.61 $615.92 $78.50 $34,460.00
$4,769.58 $37,452.61 $597.38 $78.50 $34,460.00
$4,620.84 $37,452.61 $578.75 $78.50 $34,460.00
$4,471.42 $37,452.61 $560.03 $78.50 $34,460.00
$4,321.33 $37,452.61 $541.23 $78.50 $34,460.00
$4,170.55 $37,452.61 $522.35 $78.50 $34,460.00
$4,019.08 $37,452.61 $503.38 $78.50 $34,460.00
$3,866.92 $37,452.61 $484.32 $78.50 $34,460.00
$3,714.07 $37,452.61 $465.18 $78.50 $34,460.00
$3,560.53 $37,452.61 $445.95 $78.50 $34,460.00
$3,406.29 $37,452.61 $426.63 $78.50 $34,460.00
$3,251.34 $37,452.61 $407.22 $78.50 $34,460.00
$3,095.69 $37,452.61 $387.73 $78.50 $34,460.00
$2,939.33 $37,452.61 $368.14 $78.50 $34,460.00
$2,782.26 $37,452.61 $348.47 $78.50 $34,460.00
$2,624.48 $37,452.61 $328.71 $78.50 $34,460.00
$2,465.97 $37,452.61 $308.86 $78.50 $34,460.00
$2,306.75 $37,452.61 $288.91 $78.50 $34,460.00
$2,146.80 $37,452.61 $268.88 $78.50 $34,460.00
$1,986.12 $37,452.61 $248.76 $78.50 $34,460.00
$1,824.72 $37,452.61 $228.54 $78.50 $34,460.00
$1,662.57 $37,452.61 $208.23 $78.50 $34,460.00
$1,499.69 $37,452.61 $187.83 $78.50 $34,460.00
$1,336.07 $37,452.61 $167.34 $78.50 $34,460.00
$1,171.70 $37,452.61 $146.75 $78.50 $34,460.00
$1,006.59 $37,452.61 $126.07 $78.50 $34,460.00
$840.72 $37,452.61 $105.30 $78.50 $34,460.00
$674.10 $37,452.61 $84.43 $78.50 $34,460.00
$506.72 $37,452.61 $63.47 $78.50 $34,460.00
$338.58 $37,452.61 $42.41 $78.50 $34,460.00
$169.67 $37,452.61 $21.25 $78.50 $34,460.00
 De acuerdos con la norma de la sunat
Préstamo
Precio Venta $1,240,560.00
IGV $0.00
Valor Venta $1,240,560.00
TEA 5.60%
Equivalente 30 dias 0.004551
n 5
Cuota mensual 12
Número de cuotas 60
Cuota mensual $23,673.93
Comisiones $78.50
Seguro 0.0570%
Depreciación 5
IGV
Impuesto Renta 29.50%
WACC: Costo
7.50%
Oportunidad

INTERES+ SEGU+ COMISIONES + DEPRECIA * IMPUESTO A LA RE

(8) (9) (1)

Ahorros Tributarios Desembolso Neto Periodo Saldo

(3+5+6+7)*29,5% (4+5+6-8) Precio Venta

$12,063.69 $26,174.81 1 $1,240,560.00
$12,015.65 $26,204.73 2 $1,222,531.87
$11,967.38 $26,234.78 3 $1,204,421.68
$11,918.89 $26,264.98 4 $1,186,229.08
$11,870.19 $26,295.31 5 $1,167,953.69
$11,821.26 $26,325.77 6 $1,149,595.12
$11,772.11 $26,356.38 7 $1,131,153.00
$11,722.74 $26,387.12 8 $1,112,626.96
$11,673.14 $26,418.01 9 $1,094,016.60
$11,623.31 $26,449.03 10 $1,075,321.54
$11,573.26 $26,480.20 11 $1,056,541.41
$11,522.98 $26,511.51 12 $1,037,675.80
$11,472.47 $26,542.96 13 $1,018,724.34
$11,421.74 $26,574.55 14 $999,686.63
$11,370.77 $26,606.29 15 $980,562.28
$11,319.57 $26,638.17 16 $961,350.89
$11,268.13 $26,670.20 17 $942,052.08
$11,216.47 $26,702.37 18 $922,665.43
$11,164.56 $26,734.69 19 $903,190.55
$11,112.42 $26,767.16 20 $883,627.05
$11,060.05 $26,799.77 21 $863,974.51
$11,007.43 $26,832.54 22 $844,232.53
$10,954.58 $26,865.45 23 $824,400.71
$10,901.48 $26,898.51 24 $804,478.63
$10,848.15 $26,931.72 25 $784,465.89
$10,794.57 $26,965.08 26 $764,362.06
$10,740.74 $26,998.60 27 $744,166.75
$10,686.68 $27,032.27 28 $723,879.52
$10,632.36 $27,066.09 29 $703,499.97
$10,577.80 $27,100.06 30 $683,027.67
$10,522.99 $27,134.19 31 $662,462.21
$10,467.93 $27,168.48 32 $641,803.15
$10,412.62 $27,202.92 33 $621,050.06
$10,357.06 $27,237.51 34 $600,202.54
$10,301.25 $27,272.27 35 $579,260.13
$10,245.18 $27,308.18 36 $558,222.41
Valor Actual $861,652.01 37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

El primer flujo de de ahorros tributarios tiene el gasto de activa

Saldo deudor
Años 60

0.006045 Trimestral

(2) (3) (4) (5) (6) (7)

Amortización Intereses Cuota Seguro Comisiones Depreciación

Cuota - Interés
$18,028.13 $5,645.80 $23,673.93 $707.12 $78.50 $20,676.00
$18,110.18 $5,563.75 $23,673.93 $696.84 $78.50 $20,676.00
$18,192.60 $5,481.33 $23,673.93 $686.52 $78.50 $20,676.00
$18,275.40 $5,398.54 $23,673.93 $676.15 $78.50 $20,676.00
$18,358.57 $5,315.36 $23,673.93 $665.73 $78.50 $20,676.00
$18,442.12 $5,231.82 $23,673.93 $655.27 $78.50 $20,676.00
$18,526.05 $5,147.88 $23,673.93 $644.76 $78.50 $20,676.00
$18,610.36 $5,063.57 $23,673.93 $634.20 $78.50 $20,676.00
$18,695.05 $4,978.88 $23,673.93 $623.59 $78.50 $20,676.00
$18,780.14 $4,893.80 $23,673.93 $612.93 $78.50 $20,676.00
$18,865.60 $4,808.33 $23,673.93 $602.23 $78.50 $20,676.00
$18,951.46 $4,722.47 $23,673.93 $591.48 $78.50 $20,676.00
$19,037.71 $4,636.22 $23,673.93 $580.67 $78.50 $20,676.00
$19,124.35 $4,549.58 $23,673.93 $569.82 $78.50 $20,676.00
$19,211.39 $4,462.55 $23,673.93 $558.92 $78.50 $20,676.00
$19,298.82 $4,375.11 $23,673.93 $547.97 $78.50 $20,676.00
$19,386.65 $4,287.29 $23,673.93 $536.97 $78.50 $20,676.00
$19,474.88 $4,199.06 $23,673.93 $525.92 $78.50 $20,676.00
$19,563.51 $4,110.43 $23,673.93 $514.82 $78.50 $20,676.00
$19,652.54 $4,021.39 $23,673.93 $503.67 $78.50 $20,676.00
$19,741.98 $3,931.95 $23,673.93 $492.47 $78.50 $20,676.00
$19,831.82 $3,842.11 $23,673.93 $481.21 $78.50 $20,676.00
$19,922.08 $3,751.85 $23,673.93 $469.91 $78.50 $20,676.00
$20,012.74 $3,661.19 $23,673.93 $458.55 $78.50 $20,676.00
 $20,103.82 $3,570.11 $23,673.93 $447.15 $78.50 $20,676.00
$20,195.31 $3,478.62 $23,673.93 $435.69 $78.50 $20,676.00
$20,287.22 $3,386.71 $23,673.93 $424.18 $78.50 $20,676.00
$20,379.55 $3,294.38 $23,673.93 $412.61 $78.50 $20,676.00
$20,472.30 $3,201.63 $23,673.93 $400.99 $78.50 $20,676.00
$20,565.47 $3,108.46 $23,673.93 $389.33 $78.50 $20,676.00
$20,659.06 $3,014.87 $23,673.93 $377.60 $78.50 $20,676.00
$20,753.08 $2,920.85 $23,673.93 $365.83 $78.50 $20,676.00
$20,847.53 $2,826.40 $23,673.93 $354.00 $78.50 $20,676.00
$20,942.41 $2,731.53 $23,673.93 $342.12 $78.50 $20,676.00
$21,037.71 $2,636.22 $23,673.93 $330.18 $78.50 $20,676.00
$21,133.46 $2,540.47 $23,673.93 $318.19 $78.50 $20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00
$20,676.00

ributarios tiene el gasto de activación de US$350,00 que es un gasto

Interes + Seguro + Comisiones + Depreciación
(8) (9)
Ahorros Desembolso
Tributarios Neto
(3+5+6+7)*29,5% (4+5+6-8)
$7,996.69 $16,462.86
$7,969.45 $16,479.82
$7,942.09 $16,496.86
$7,914.61 $16,513.97
$7,887.00 $16,531.16
$7,859.27 $16,548.43
$7,831.41 $16,565.78
$7,803.42 $16,583.21
$7,775.31 $16,600.72
$7,747.06 $16,618.30
$7,718.69 $16,635.97
$7,690.19 $16,653.72
$7,661.56 $16,671.54
$7,632.80 $16,689.45
$7,603.91 $16,707.44
$7,574.89 $16,725.51
$7,545.73 $16,743.67
$7,516.45 $16,761.91
$7,487.02 $16,780.23
$7,457.47 $16,798.63
$7,427.78 $16,817.12
$7,397.96 $16,835.69
$7,368.00 $16,854.34
$7,337.90 $16,873.08
 $7,307.67 $16,891.91
$7,277.30 $16,910.82
$7,246.79 $16,929.82
$7,216.14 $16,948.90
$7,185.35 $16,968.07
$7,154.43 $16,987.33
$7,123.36 $17,006.68
$7,092.15 $17,026.11
$7,060.80 $17,045.63
$7,029.30 $17,065.25
$6,997.66 $17,084.95
$6,965.88 $17,104.74
$460,615.42

$540,879.13
$80,263.71
LEASING
Precio Venta $450,000.00 precio venta
IGV $68,644.07
Valor Venta $381,355.93 Valor venta
Costo de Activación $350.00
Valor a Financiar $381,705.93 Valor a financiar
TEA 4.00%
Equivalente 90 dias 0.009853
n 3 (periodo de duración del contrato)
Cuota trimestral 4
Número de cuotas 12
Comisiones $26.50
Seguro 0.0670% Saldo deudor
Valor de Recompra $1.00 $1.00
IGV 18%
Impuesto Renta 29.50%
WACC: Costo Oportunidad 6.50% 0.015868 Trimestral

0.009853
(1) (2) (3) (4)

Periodo Saldo Amortización intereses Cuota

1 $381,705.93 $30,121.60 $3,761.10 $33,882.71

2 $351,584.33 $30,418.40 $3,464.30 $33,882.71
3 $321,165.93 $30,718.13 $3,164.58 $33,882.71
4 $290,447.80 $31,020.81 $2,861.90 $33,882.71
5 $259,426.99 $31,326.47 $2,556.24 $33,882.71
6 $228,100.53 $31,635.14 $2,247.57 $33,882.71
7 $196,465.39 $31,946.85 $1,935.85 $33,882.71
8 $164,518.54 $32,261.64 $1,621.07 $33,882.71
9 $132,256.90 $32,579.52 $1,303.18 $33,882.71
10 $99,677.37 $32,900.54 $982.16 $33,882.71
11 $66,776.83 $33,224.73 $657.98 $33,882.71
12 $33,552.10 $33,552.10 $330.60 $33,882.71

El flujo de caja de desembolso neto $9.131,68 incluye el valor de recompra

 #VALUE!

(5) (6) (7) (8) (9)

Ahorros
Seguro Comisiones Depreciación Desembolso Neto
Tributarios
(3+5+6+7)*29,5% (4+5+6-8)
$255.74 $26.50 $31,779.66 $10,567.79 $23,597.16
$235.56 $26.50 $31,779.66 $10,474.28 $23,670.49
$215.18 $26.50 $31,779.66 $10,379.85 $23,744.54
$194.60 $26.50 $31,779.66 $10,284.49 $23,819.32
$173.82 $26.50 $31,779.66 $10,188.18 $23,894.84
$152.83 $26.50 $31,779.66 $10,090.93 $23,971.10
$131.63 $26.50 $31,779.66 $9,992.73 $24,048.11
$110.23 $26.50 $31,779.66 $9,893.55 $24,125.88
$88.61 $26.50 $31,779.66 $9,793.40 $24,204.42
$66.78 $26.50 $31,779.66 $9,692.26 $24,283.73
$44.74 $26.50 $31,779.66 $9,590.12 $24,363.83
$22.48 $26.50 $31,779.66 $9,486.98 $24,445.71
Valor Actual $260,365.96
De acuerdo con las normas de sunat
Préstamo
Precio Venta $450,000.00
IGV $68,644.07
Valor Venta $381,355.93
TEA 4.00%
Equivalente 90 dias 0.009853
n 3
Cuota trimestral 4
Número de cuotas 12
Cuota trimestral $39,944.93 ESTABLE
Comisiones $26.50
Seguro 0.0670% Saldo deudor
Depreciación 5 Años 20
IGV 18%
Impuesto Renta 29.50%
WACC: Costo
6.50% 0.015868 Trimestral
Oportunidad

(1) (2) (3) (4) (5)

Periodo Saldo Amortización Intereses Cuota Seguro

(-) Amortización Cuota - Interes

1 $450,000.00 $35,510.90 $4,434.03 $39,944.93 $301.50
2 $414,489.10 $35,860.80 $4,084.13 $39,944.93 $277.71
3 $378,628.30 $36,214.15 $3,730.78 $39,944.93 $253.68
4 $342,414.14 $36,570.99 $3,373.95 $39,944.93 $229.42
5 $305,843.16 $36,931.34 $3,013.60 $39,944.93 $204.91
6 $268,911.82 $37,295.23 $2,649.70 $39,944.93 $180.17
7 $231,616.59 $37,662.72 $2,282.21 $39,944.93 $155.18
8 $193,953.87 $38,033.83 $1,911.11 $39,944.93 $129.95
9 $155,920.04 $38,408.59 $1,536.34 $39,944.93 $104.47
10 $117,511.45 $38,787.04 $1,157.89 $39,944.93 $78.73
11 $78,724.41 $39,169.23 $775.70 $39,944.93 $52.75
12 $39,555.18 $39,555.18 $389.75 $39,944.93 $26.50
13
14
15
16
17
18
19
20
El primer flujo de de ahorros tributarios tiene el gasto de activación de US$350,00 que es un gasto
 (6) (7) (8) (9)
Ahorros Desembolso
Comisiones Depreciación
Tributarios Neto
(3+5+6+7)*29,5% (4+5+6-8)
$26.50 $19,067.80 $7,029.80 $33,243.13
$26.50 $19,067.80 $6,919.56 $33,329.58
$26.50 $19,067.80 $6,808.23 $33,416.88
$26.50 $19,067.80 $6,695.81 $33,505.04
$26.50 $19,067.80 $6,582.28 $33,594.07
$26.50 $19,067.80 $6,467.63 $33,683.97
$26.50 $19,067.80 $6,351.85 $33,774.77
$26.50 $19,067.80 $6,234.93 $33,866.45
$26.50 $19,067.80 $6,116.86 $33,959.04
$26.50 $19,067.80 $5,997.62 $34,052.54
$26.50 $19,067.80 $5,877.21 $34,146.97
$26.50 $19,067.80 $47,705.11 -$7,707.17
$19,067.80 $142,201.68 $361,434.96
$19,067.80
$19,067.80
$19,067.80
$19,067.80
$19,067.80
$19,067.80
$19,067.80
$219,233.28
Estructura de Capital

Bonos Corporativos

Préstamo Bancario

Arrendamiento Financiero
Total deuda
Patrimonio

Total Patrimonio

Total financiamiento

Estructura de Deuda
Bonos Corporativos
Préstamo Bancario
Arrendamiento Financiero
Total deuda

Estructura de Capital

Deuda

Patrimonio

Emisión de Bonos
Valor Nominal (M)
Interés por cupón (I) TEA
Años de la redención
Prima a la redención
Importe de la prima a la redención
Cotización de los Bonos 102,2/6%
Valor de Cotización
Costos de estructuración
Costos de Colocación
Costos de Flotación
 Periodos

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Préstamo Bancario
Años
TEA
Tasa Equivalente TRIMESTRE
TEA2
TASA EQUIVALENTE 2
Periodos de Gracia Total (Diferido)
Periodos de Gracia Normal (Servicio de la Deuda)
Gastos Adinistrativos, comisiones, etc.

Periodo
0
1
2
3
4
5
6
7
8
 9
10
11
12

Leasing
Años
TEA
Tasa Equivalente semestral
Gastos Adinistrativos, comisiones, etc.
Valor de recompra

Periodo
0
1
2
3
4
5
6
7
8
9
10

Cálculo del Costo del Patrimonio

Rentabilidad Promedio Anual T-Bond 10 Y

Rentabilidad Promedio Anual Índice S&Poor´s 500

Beta promedio últmo 12 meses

Riesgo País

KS = CAPM + Riesgo País

CAPM = KLR + (KM-KLR)*Beta

CAPM= 3,56% +(7,86%-3,65%)*0,98

KS
WACC=WD* [KD (1 -t)] +WS*KS

WACC=0,7601*[8.61% *(1-0,295)] +(0,2399)*(9.034%)

Importe

10,000,000.00

4,000,000.00

2,000,000.00
16,000,000.00
5,050,000.00

5,050,000.00

21,050,000.00 5,050,000.00 Total de la inversión

De todos los financiamiento

Importe Peso Kd Anual
10,000,000.00 62.50% 6.57%
4,000,000.00 25.00% 12.87%
2,000,000.00 12.50% 10.52%
16,000,000.00 100.00%

Importe Peso

16,000,000.00 76.01% Wd

5,050,000.00 23.99% Ws

21,050,000.00 100.00%

10,000,000.00 valor nominal

20,000.00 Valor nominal bono

6.87% 3.38% Semetral
10 n 20
0%
-
102.33% 0.333333333333333 0.333333333333
20,466.66
0.038%
0.058%
0.087%
 Costos
Valor de Cotización Intereses
Estructuración
-20,466.66 -7.78
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59

4,000,000.00
3 12 trim
13.00%
0.03103 0.063015
12%
0.02874
3 Solo cuentas saldos + comisiones
2 saldo + comisiones + intereses
167.67 127,954.39
124,103.94
Saldo Amortización Interés

4,000,000.00 0
4,124,103.94 0
4,252,058.33 0
4,383,982.62 - 136,017.38
4,383,982.62 - 136,017.38
4,383,982.62 S/570,363.04 136,017.38
3,813,619.58 S/588,059.12 118,321.30
3,225,560.46 S/606,304.23 100,076.19
 2,619,256.23 S/627,253.91 75,270.47
1,992,002.32 S/645,279.52 57,244.86
1,346,722.80 S/663,823.14 38,701.24
682,899.66 S/682,899.66 19,624.72

2,000,000.00
5 sem 10
11%
0.05119 0.05119
165.00
$1.00
$1.00 2
Saldo Amortización Interés

2,000,000.00 - -
2,102,379.60 - -
2,210,000.00 - 113,129.46
2,210,000.00 - 113,129.46
2,210,000.00 - 113,129.46
2,210,000.00 399,004.87 113,129.46
1,810,995.13 419,429.85 92,704.48
1,391,565.28 440,900.38 71,233.95
950,664.90 463,469.98 48,664.35
487,194.92 487,194.92 24,939.41

3.56% KLR

7.86% KM

0.98 BETA

1.26%

7.7740% 7.8%

9.034%
6.796%
e la inversión

os los financiamiento
Promedio Ponderado
4.10% peso * kd
3.22%
1.31%
8.64% Kd

WACC= Wd [Kd (1-t)]+Ws Ks

102.33
Costos de Colocación Costos de Flotación Prima redención

-11.85 -17.81

Kd
kd anual

12

4,124,103.94 4,252,058.33

Cuota Comisiones Total Cuota

-4,000,000.00
0 167.67 S/167.67
0 167.67 S/167.67
0 167.67 S/167.67
136,017.38 167.67 S/136,185.05
136,017.38 167.67 S/136,185.05
S/706,380.42 167.67 S/706,548.09
S/706,380.42 167.67 S/706,548.09
S/706,380.42 167.67 S/706,548.09
 S/702,524.38 167.67 S/702,692.05
S/702,524.38 167.67 S/702,692.05
S/702,524.38 167.67 S/702,692.05
S/702,524.38 167.67 S/702,692.05
TIR tri 3.074%
Costo Anual 12.87%

3
Cuota Comisiones Total Cuota
$ (2,000,000.00)
- 165.00 $ 165.00
- 165.00 $ 165.00
113,129.46 165.00 $ 113,294.46
113,129.46 165.00 $ 113,294.46
113,129.46 165.00 $ 113,294.46
S/512,134.33 165.00 $ 512,299.33
S/512,134.33 165.00 $ 512,299.33
S/512,134.33 165.00 $ 512,299.33
S/512,134.33 165.00 $ 512,299.33
S/512,134.33 165.00 $ 512,299.33
TIR SEM 5.128%
Costo Anual 10.52%
Devolución Valor
Nominal
-20,429.23
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
675.59
20,675.59
3.23% 3.231%
6.57% 6.57%
3.07402%
6.24254%

5.128%
10.5190%
Nueva máquina
Valor de la máquina
Costo de Instalación
Valor a financiar

KD
 ER La antigua máquina
1200000 Venta Total 185000
150000
1350000
Valor neto 320000
Depreciación 160000
10%

30000
Para analizar la factibilidad financiera del proyecto de adquirir la nueva máquina, necesitamos elaborar el flujo de caja increme

Flujos de Caja Incrementales:

Inversión Inicial:

Costo de la nueva máquina: US$1,200,000.00

Costo de instalación: US$150,000.00
Valor de venta de la máquina antigua: -US$185,000.00 (se resta porque es una entrada de efectivo por la venta)
Inversión Inicial Total = US$1,200,000.00 + US$150,000.00 - US$185,000.00
Ahorros Operativos Anuales:

Costos operativos actuales - Costos operativos con la nueva máquina

Ahorros Operativos Anuales = US$320,000.00
Impuestos sobre Ganancias de Capital:

Impuesto sobre la ganancia por la venta de la máquina antigua: (Valor de venta - Valor en libros) * Tasa de impuesto
Impuesto sobre Ganancias de Capital = (US$185,000.00 - US$480,000.00) * 29.5%
Flujo de Caja Neto Anual:

Ahorros operativos anuales - Impuestos sobre ganancias de capital

Flujo de Caja Neto Anual = Ahorros Operativos Anuales - Impuesto sobre Ganancias de Capital

Análisis mediante VAN y TIR:

Ahora, utilizando el flujo de caja neto anual, puedes calcular el Valor Actual Neto (VAN) y la Tasa Interna de Retorno (TIR). Es

VAN: Es la suma de los flujos de caja netos descontados a una tasa de descuento específica (10% en este caso). Si VAN > 0,
TIR: Es la tasa de descuento que hace que el VAN sea igual a cero. Si TIR > Costo de capital (10%), el proyecto es viable.

Estos cálculos proporcionarán información sobre la factibilidad financiera del proyecto de adquirir la nueva máquina.
borar el flujo de caja incremental, que incluye los ingresos y egresos asociados con la inversión. Aquí están los pasos para calcular los flujo

o por la venta)

Tasa de impuesto

nterna de Retorno (TIR). Estos cálculos generalmente se realizan utilizando una tasa de descuento igual al costo de capital, que en este c

% en este caso). Si VAN > 0, el proyecto es viable.

%), el proyecto es viable.

a nueva máquina.
pasos para calcular los flujos de caja y luego utilizar el Valor Actual Neto (VAN) y la Tasa Interna de Retorno (TIR):

sto de capital, que en este caso es del 10%.

Estructura de Capital

Bonos Corporativos

Préstamo Bancario

Arrendamiento Financiero
Total deuda
Patrimonio

Total Patrimonio

Total financiamiento

Estructura de Deuda

Bonos Corporativos
Préstamo Bancario
Arrendamiento Financiero
Total deuda

Estructura de Capital

Deuda

Patrimonio

Emisión de Bonos
Valor Nominal (M)
Interés por cupón (I) TEA
Años de la redención
Prima a la redención
Importe de la prima a la redención
Cotización de los Bonos 100,2/8%
Valor de Cotización
Costos de estructuración
Costos de Colocación
Costos de Flotación

Periodos

0
1
2
3
4

Préstamo Bancario
Años
TEA
Tasa Equivalente semestral
Periodos de Gracia Total (Diferido)
Periodos de Gracia Normal (Servicio de la Deuda)
Gastos Adinistrativos, comisiones, etc.

Periodo
0
1
2
3
4
5
6
7
8

Leasing
Años
TEA
Tasa Equivalente trimestral
Gastos Adinistrativos, comisiones, etc.
Valor de recompra
Periodo
0
1
2
3
4
 5
6
7
8
9
10
11
12

Cálculo del Costo del Patrimonio

Rentabilidad Promedio Anual T-Bond 10 Y

Rentabilidad Promedio Anual Índice S&Poor´s 500

Beta promedio últmo 60 meses

Riesgo País

KS = CAPM + Riesgo País

CAPM = KLR + (KM-KLR)*Beta

CAPM= 3,67% +(7,14%-3,67%)*0,976

KS

WACC=WD* [KD (1 -t)] +WS*KS

WACC=0,7222*[7,38% *(1-0,295)] +0,2778 (8,817%)

Importe

8,000,000.00

2,000,000.00

3,000,000.00
13,000,000.00
5,000,000.00

5,000,000.00

18,000,000.00

Promedio
Importe Peso Kd
Ponderado
8,000,000.00 61.54% 4.72% 2.91%
2,000,000.00 15.38% 12.52% 1.93%
3,000,000.00 23.08% 11.05% 2.55%
13,000,000.00 100.00% 7.38%

Importe Peso

13,000,000.00 72.22% Wd WACC= Wd [Kd (1-t)]+Ws Ks

5,000,000.00 27.78% Ws

18,000,000.00 100.00%

8,000,000.00
10,000.00
4.50%
4
1%
100.00
100.25% 0.25
10,025.00
0.087%
 0.065%
0.058%

Costos Costos de
Valor de Cotización Intereses
Estructuración Colocación
-10,025.00 -8.72 -6.52
450.00
450.00
450.00
450.00

2,000,000.00
4
12.50%
0.06066 0.060660
2
1
198.90 128,679.66 2,121,320.34
121,320.34
Saldo Amortización Interés Cuota

2,000,000.00 0 0
2,121,320.34 0 0
2,250,000.00 0 136,485.39 136,485.39
2,250,000.00 398,616.16 136,485.39 535,101.54
1,851,383.84 422,796.28 112,305.26 535,101.54
1,428,587.56 448,443.18 86,658.37 535,101.54
980,144.39 475,645.82 59,455.73 535,101.54
504,498.57 504,498.57 30,602.97 535,101.54

3,000,000.00
3
11%
0.02643 0.02643
185.00
$1.00
Saldo Amortización Interés Cuota

3,000,000.00 215,705.37 79,299.98 295,005.35

2,784,294.63 221,407.18 73,598.17 295,005.35
2,562,887.44 227,259.71 67,745.64 295,005.35
2,335,627.73 233,266.94 61,738.41 295,005.35
2,102,360.79 239,432.96 55,572.39 295,005.35
1,862,927.83 245,761.97 49,243.38 295,005.35
1,617,165.85 252,258.28 42,747.07 295,005.35
1,364,907.57 258,926.31 36,079.05 295,005.35
1,105,981.27 265,770.59 29,234.76 295,005.35
840,210.68 272,795.79 22,209.56 295,005.35
567,414.89 280,006.69 14,998.66 295,005.35
287,408.20 287,408.20 7,597.15 295,005.35

3.67%

7.14%

0.976

1.76%

7.057%

8.817%

6.207%
 Kd

CC= Wd [Kd (1-t)]+Ws Ks

 Prima Devolución Valor
Costos de Flotación
redención Nominal
-5.81 -10,003.95
450.00
450.00
450.00
100.00 10,550.00
Kd 4.72% 4.722%

2,250,000.00

Comisiones Total Cuota

-2,000,000.00
198.90 198.90
198.90 198.90
198.90 136,684.29
198.90 535,300.44
198.90 535,300.44
198.90 535,300.44
198.90 535,300.44
198.90 535,300.44
TIR Sem 6.077% 6.07744%
Costo Anual 12.524% 12.52424%

Comisiones Total Cuota

-3,000,000.00
185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
 185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
185.00 295,190.35
185.00 295,191.35
TIR Trim 2.654% 2.654%
Costo Anual 11.045% 11.045%
Inversión Inicial Valor Venta
Linea de Producción 970,338.98
Linea de Empaque al vacio 825,000.00
Terreno 478,900.00
Construcción 1,228,813.56
Capital de Trabajo 388,900.00
Total Inversión 3,891,952.54

Estructura de Capital Importe

Bonos Corporativos 1,200,000.00

Préstamo Bancario 800,000.00

Arrendamiento Financiero 825,000.00

Total deuda 2,825,000.00
Patrimonio 1,462,800.00

Total Patrimonio 1,462,800.00

Total financiamiento 4,287,800.00

Estructura de Deuda Importe

Bonos Corporativos 1,200,000.00
Préstamo Bancario 800,000.00
Arrendamiento Financiero 825,000.00
Total deuda 2,825,000.00

Estructura de Capital Importe

Deuda 2,825,000.00

Patrimonio 1,462,800.00

4,287,800.00

Emisión de Bonos 1,200,000.00

Valor Nominal (M) 10,000.00
Interés por cupón (I) TEA 4.80%
Años de la redención 5
Prima a la redención
Importe de la prima a la redención -
Cotización de los Bonos (Valor par) 100.00%
Valor de Cotización 10,000.00
Costos de estructuración 0.086%
Costos de Colocación 0.0670%
Costos de Flotación 0.0467%

Periodos x

0 -10,000.00
1
2
3
4
5

Préstamo Bancario 800,000.00

Años 5
TEA para los 2 primeros años 13.00%
Tasa Equivalente trimestral 90 dias 0.03103
Periodos de Gracia Total (Diferido) 3
Periodos de Gracia Normal (Servicio de la Deuda) 2
Gastos Adinistrativos, comisiones, etc. 134.68

Periodo Saldo
0
1 800,000.00
2 824,820.79
3 850,411.67
4 876,796.52
5 876,796.52
6 876,796.52
7 800,673.78
8 722,189.26
9 641,269.67
10 557,839.48
11 471,820.78
12 383,133.27
13 291,694.14
14 197,418.02
15 100,216.89
Leasing 825,000.00
Años 3
TEA 9.00%
Tasa Equivalente mensual 30 dias 0.00721
TEA (3er año) 8.50%
Tasa Equivalente mensual 30 dias 0.00682
Gastos Adinistrativos, comisiones, etc. 76.45
Valor de recompra $1.00
Periodo Saldo
0
1 825,000.00
2 804,845.91
3 784,546.56
4 764,100.90
5 743,507.89
6 722,766.46
7 701,875.54
8 680,834.05
9 659,640.90
10 638,295.02
11 616,795.28
12 595,140.59
13 573,329.83
14 551,361.86
15 529,235.57
16 506,949.81
17 484,503.43
18 461,895.27
19 439,124.16
20 416,188.94
21 393,088.41
22 369,821.39
23 346,386.68
24 322,783.07
25 299,009.33
26 275,012.98
27 250,852.93
28 226,528.08
29 202,037.29
30 177,379.44
31 152,553.39
32 127,557.99
33 102,392.08
34 77,054.50
35 51,544.08
 36 25,859.64

Cálculo del Costo del Patrimonio

Rentabilidad Promedio Anual T-Bond 10 Y 2.66%

Rentabilidad Promedio Anual Índice S&Poor´s 500 7.67%

Beta promedio últmo 12 meses 1.34

Riesgo País 1.56%

KS = CAPM + Riesgo País

CAPM = KLR + (KM-KLR)*Beta

CAPM= 2,66% +(7,67%-2,66%)*1.34 9.373%

KS 10.933%

WACC=WD* [KD (1 -t)] +WS*KS

WACC= 7.651%
IGV 18% Inversiones
174,661.02 1,145,000.00
825,000.00
478,900.00
221,186.44 1,450,000.00
388,900.00
395,847.46 4,287,800.00
Total de lo que necesitan de inversión - financiamiento financiero = Patrimonio

financiamiento 1

financiamiento 2

financiamiento 3

total deuda + patrimonio

Peso Kd
42.48% 4.85%
28.32% 13.09%
29.20% 9.16%
100.00%

Peso

65.88% Wd

34.12% Ws

100.00%
Valor a la par 1,000,000.00

Intereses Costos Estructuración

-8.60
480.00
480.00
480.00
480.00
480.00

0.031026
27,203.48
26,384.86
25,590.88
24,820.79
Amortización Interés

0
0
0
0 27,203.48
0 27,203.48
76,122.74 27,203.48
78,484.52 24,841.69
80,919.58 22,406.63
83,430.19 19,896.02
86,018.70 17,307.52
88,687.51 14,638.70
91,439.13 11,887.09
94,276.12 9,050.10
97,201.13 6,125.09
100,216.89 3,109.33
 0.00721

Amortización Interés

20,154.09 5,946.04
20,299.35 5,800.78
20,445.65 5,654.48
20,593.01 5,507.12
20,741.43 5,358.70
20,890.92 5,209.21
21,041.49 5,058.64
21,193.14 4,906.99
21,345.89 4,754.25
21,499.74 4,600.40
21,654.69 4,445.44
21,810.76 4,289.37
21,967.96 4,132.17
22,126.29 3,973.84
22,285.76 3,814.37
22,446.38 3,653.75
22,608.16 3,491.97
22,771.11 3,329.03
22,935.22 3,164.91
23,100.53 2,999.61
23,267.02 2,833.12
23,434.71 2,665.42
23,603.61 2,496.52
23,773.73 2,326.40
23,996.36 2,039.69
24,160.05 1,876.00
24,324.85 1,711.19
24,490.79 1,545.26
24,657.85 1,378.20
24,826.05 1,209.99
24,995.40 1,040.64
25,165.91 870.14
25,337.58 698.47
25,510.42 525.63
25,684.44 351.61
25,859.64 176.40
cesitan de inversión - financiamiento financiero = Patrimonio

Promedio Ponderado
2.06%
3.71%
2.68%
8.44% Kd

WACC= Wd [Kd (1-t)]+Ws Ks

0.08
Costos de Colocación Costos de Flotación Prima redención

-6.70 -4.67

Anual(Kd
Anual Kd

876,796.52 904,000.00
850,411.67 876,796.52
824,820.79 850,411.67

Cuota Comisiones Total Cuota

-800,000.00
0 134.68 134.68
0 134.68 134.68
0 134.68 134.68
27,203.48 167.67 27,371.15
27,203.48 134.68 27,338.16
103,326.22 134.68 103,460.90
103,326.22 134.68 103,460.90
103,326.22 134.68 103,460.90
103,326.22 134.68 103,460.90
103,326.22 134.68 103,460.90
103,326.22 134.68 103,460.90
103,326.22 134.68 103,460.90
103,326.22 134.68 103,460.90
103,326.22 134.68 103,460.90
103,326.22 134.68 103,460.90
 TIR Trim 3.124%
Costo Anual 13.093%

Cuota Comisiones Total Cuota

-825,000.00
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,100.13 76.45 26,176.58
26,036.05 76.45 26,112.50
26,036.05 76.45 26,112.50
26,036.05 76.45 26,112.50
26,036.05 76.45 26,112.50
26,036.05 76.45 26,112.50
26,036.05 76.45 26,112.50
26,036.05 76.45 26,112.50
26,036.05 76.45 26,112.50
26,036.05 76.45 26,112.50
26,036.05 76.45 26,112.50
26,036.05 76.45 26,112.50
26,036.05 76.45 26,113.50
TIR Mensual 0.733%
Costo Anual 9.161%
Devolución Valor
Nominal
-9,980.03
480.00
480.00
480.00
480.00
10,480.00
4.85%
4.85%
 3.12373%
13.09268%
0.733%
2.965%