ACTIVOS CAPEX Depreciación SEM 1 SEM 2 SEM 3

TERRENOS 200,000.00 0% - -
EDIFICIOS 100,000.00 5% 2,500.00 2,500.00 2,500.00
MAQUINARUA 150,000.00 10% 7,500.00 7,500.00 7,500.00
EQUIPOS 50,000.00 10% 2,500.00 2,500.00 2,500.00
MUEBLES Y ENSERES 80,000.00 10% 4,000.00 4,000.00 4,000.00
EQUIPOS DE COMPUTO 50,000.00 50% 12,500.00 12,500.00 12,500.00
VEHICULOS 180,000.00 20% 18,000.00 18,000.00 18,000.00
HERRAMIENTAS 30,000.00 10% 1,500.00 1,500.00 1,500.00
INTANGIBLES 50,000.00 20% 5,000.00 5,000.00 5,000.00

890,000.00 53,500.00 53,500.00 53,500.00

ACTIVOS COMPRA FUT

TERRENOS 200,000.00
EDIFICIOS 100,000.00
MAQUINARUA 150,000.00
EQUIPOS 50,000.00
MUEBLES Y ENSERES 80,000.00
1.20 EQUIPOS DE COMPUTO 50,000.00
VEHICULOS 180,000.00
HERRAMIENTAS 30,000.00
INTANGIBLES 50,000.00
0.00 0.00 0.00

VENTAS DE ACT. DEPRECIADOS

TERRENOS 200,000.00
EDIFICIOS 100,000.00
MAQUINARUA 150,000.00
EQUIPOS 50,000.00
MUEBLES Y ENSERES 80,000.00
0.20 EQUIPOS DE COMPUTO 50,000.00
VEHICULOS 180,000.00
HERRAMIENTAS 30,000.00
INTANGIBLES 50,000.00
0.00 0.00 0.00
SEM 4 SEM 5 SEM 6 TOTAL DEPRE VR
200,000.00
2,500.00 2,500.00 2,500.00 15,000.00 85,000.00
7,500.00 7,500.00 7,500.00 45,000.00 105,000.00
2,500.00 2,500.00 2,500.00 15,000.00 35,000.00
4,000.00 4,000.00 4,000.00 24,000.00 56,000.00
12,500.00 15,000.00 15,000.00 80,000.00 30,000.00
18,000.00 18,000.00 18,000.00 108,000.00 72,000.00
1,500.00 1,500.00 1,500.00 9,000.00 21,000.00
5,000.00 5,000.00 5,000.00 30,000.00 20,000.00

53,500.00 56,000.00 56,000.00 624,000.00

60,000.00

60,000.00 0.00 0.00

10,000.00

10,000.00 0.00 0.00

PROYECCIÓN DE VENTAS MÍNIMOS CUADRADOS

PARA GRAFICAR
SEM 1 5,000 -3 5,000
SEM 2 5,200 -2 5,200
SEM 3 5,300 -1 5,300
SEM 4 5,600 0 5,600
SEM 5 5,800 1 5,800
SEM 6 6,200 2 6,200
SEM 7 6,400 3 6,400
4 6,600
5 6,839
PROYECCIONES 6 7,079
7 7,318
8 7,557
9 7,797
10 8,036

CÁLCULO DE PROYECCION DE VTS. POR METODO DEL PBI

PBI 3% 3% 3% 3% 3%
AÑO BASE AÑO 1 AÑO 2 AÑO 3 AÑO 4 AÑO 5
5,000 5,150 5,305 5,464 5,628 5,796

CÁLCULO DE PROMEDIOS MÓVILES (CONSUMO MASIVO)

2,018 2,500
2,020 2,850 N=2
2,021 3,275 2,675
2,022 4,500 3,063
2,023 5,000 3,888
2,024 4,750 4,750
2,025 4,875 4,875
2,026 4,813 4,813
2,027 4,844 4,844
2,028 4,828 4,828
 Chart Title
7,000

f(x) = 239.285714285714 x +6,000

5642.85714285714
R² = 0.979275741710297
5,000

4,000

3,000

2,000

1,000

0
-4 -3 -2 -1 0 1 2 3 4

MEF BCR P, CEPLAN

R= POR ENCIMA DE 0.6

A C MOD 25

B C MP directa 35

C CIF 6
servicios
depreciación
MO indirecta
MP indire

CVU 66 99
mcu 50%

PV 132 66
 INFLACIÓN 1.75% 1.75% 1.75%

BASE SEM 1 SEM 2 SEM 3

Unid 6,600 6,839 7,079
cvu 66 67 68 70
mcu 50%
VV (sin igv) 132 134 137 139

INGRESO TOT 886,454 934,668 984,299

CV 443,227 467,334 492,149
CF 35,000 35,613 36,236 36,870
UTIL BRUTA 407,615 431,099 455,280
G.ADMIN 5% 44,323 46,733 49,215
G. VENTAS 7% 62,052 65,427 68,901
EBIDTA 301,240 318,938 337,164
depreciacion 53,500 53,500 53,500
EBIT 247,740 265,438 283,664
IR 29.50% 73,083 78,304 83,681
depreciacion 53,500 53,500 53,500
NOPAT 228,157 240,634 253,483
CAPEX -890,000 0 0 0
REC. CAPEX
Capital trabj -49,883 6,305 -2,425 -2,496
REC capital trab
FLUJO DE CAJA OPERATIVO -939,883 234,462 238,209 250,986
Financiamiento 639,883
Amortizacion -127,977 -127,977 -127,977
Interes -43,325 -34,660 -25,995
FLUJO DE CAJA FINANCIER0 -300,000 63,160 75,572 97,015

COK 20%
VAN 270,207
TIR 39%
B/C 190%

CAPITAL DE TRABAJO
SEM 1 SEM 2 SEM 3
INGRESO TOTAL 886,454 934,668 984,299
COSTO TOTAL 478,840 503,570 529,019

% CAJA 3% 26,594 28,040 29,529

 Cuentas por cobrar 15 36,936 38,945 41,012
Inventarios 15 19,952 20,982 22,042
Cuentas por pagar 30 39,903 41,964 44,085
49,883 43,578 46,002 48,499
CICLO DE CAJA 49,883 -6,305 2,425 2,496

Tiempo de compra de MP insumos T. PRODUCCIÓN T. VENTA

Dáis 8 7 10

FINANCIAMIENTO

Inv. Proyectos 939,883

Aporte socio 300,000
Financiamiento 639,883 lo que se va a financiar
Banco PICHINCHA
TASA 14% TEA 7%
Periodo 5

METODO AMORTIZACIÒNES CONSTANTES

SEM 1 SEM 2 SEM 3
FINANCIAMIENTO 639,883 511,906 383,930 255,953
AMORTIZACION 127,977 127,977 127,977
INTERES 43,325 34,660 25,995
CUOTA 171,302 162,637 153,972

CÁLCULO DEL COK

PAS CTE

PAS NO CTE
DEUDA LARGO PLAZO 639,883 68%
PATRIMONIO
APORTE DE SOCIOS 300,000 32%
939,883
 1.75% 1.75% 1.75%

SEM 4 SEM 5 SEM 6

7,318 7,557 7,797
71 72 73

141 144 146

1,035,380 1,087,948 1,142,038

517,690 543,974 571,019
37,515 38,172 38,840
480,175 505,802 532,180
51,769 54,397 57,102
72,477 76,156 79,943
355,929 375,249 395,135
53,500 56,000 56,000
302,429 319,249 339,135
89,217 94,178 100,045
53,500 56,000 56,000
266,713 281,070 295,090
-60,000 0 0
624,000
-2,570 -2,645 -2,722
49,883
204,143 278,425 966,251

-127,977 -127,977 0
-17,330 -8,665 0
58,836 141,784 966,251

SEM 4 SEM 5 SEM 6

1,035,380 1,087,948 1,142,038
555,205 582,146 609,859

31,061 32,638 34,261

 43,141 45,331 47,585
23,134 24,256 25,411
46,267 48,512 50,822
51,069 53,714 56,435
2,570 2,645 2,722

T. VENTA T. COBRANZA 886,454 Ing S1

10 15 40 Total dias
22,161

TES

SEM 4 SEM 5
127,977 0
127,977 127,977
17,330 8,665
145,307 136,642

7% 5%

20% 6%
11%
tasa de Inflacion
11%
A) PRECIO Y COSTO DE CADA TIPO DE QUESO
Queso andino CTU 18.50
cfu
cvu
mcu 32.50%
pv 27.41
prop 35.00%

Queso Gouda CTU 25.50

cfu
cvu
mcu 26.00%
pv 34.46
prop 40.00%

Queso fresco
CTU 12.5
cfu
cvu
mcu 12.5%
pv 14.29
prop 25.00%

B) DEPRECIACION

ACTIVOS CAPEX mes 1 mes 2

Terrenos 500,000.00 0%
Edificios 600,000.00 5% 2,500 2,500
Maq y equis 350,000.00 10% 2,917 2,917
Muebles 120,000.00 10% 1,000 1,000
Eq computo 80,000.00 50% 3,333 3,333
Vehiculos 150,000.00 20% 2,500 2,500
Herramientas 20,000.00 10% 167 167
 Intangibles 50,000.00 20% 833 833

1,870,000 13,250 13,250

B) CAPITAL DE TRABAJO
mes 1 mes 2

INGRESOS TOT 195,911 199,414

CT 143,946 146,520

%CAJA 7% 13,713.74 13,958.96

CxC 30 16,326 16,618
Invetnarios 25 9,996 10,175
CxP 45 17,993 18,315
23,816 22,043 22,437
CICLO CAJA 23,816 -1,774 394

C) FLUJO DE CAJA FINANCIERO

BASE mes 1 mes 2 mes 3

Unid 7,270 7,400 7,530

INGRESO TOT 195,911 199,414 202,917

CT 143,946 146,520 149,094

UTIL BRUTA 51,965 52,894 53,823

G.ADMIN 5% 9,796 9,971 10,146
G. VENTAS 10% 19,591 19,941 20,292
EBIDTA 22,578 22,982 23,385
depreciacion 13,250 13,250 13,250
EBIT 9,328 9,732 10,135
IR 29.50% 229 239 249
depreciacion 13,250 13,250 13,250
NOPAT 22,349 22,742 23,136
CAPEX -1,870,000 0 0 0
REC. CAPEX
Capital trabj -23,816 1,774 -394 -394
REC capital trab
FLUJO DE CAJA OPERATIVO -1,893,816 24,122 22,348 22,742
Financiamiento 1,041,599
Amortizacion -104,160 -104,160 -104,160
Interes -9,492 -8,542 -7,593
FLUJO DE CAJA FINANCIER0 -852,217 -89,529 -90,354 -89,011
COK 1%
VAN -96,412
TIR 0.43%
B/C 89%

Inv. Proyectos 1,893,816

Aporte socio 852,217
Financiamiento 1,041,599 lo que se va a financiar
Banco PICHINCHA
TASA 12% TEA
0.91% TEM
Periodo 10

METODO AMORTIZACIÒNES CONSTANTES

mes 1 mes 2 mes 3
FINANCIAMIENTO 1,041,599 937,439 833,279 729,119
AMORTIZACION 104,160 104,160 104,160
INTERES 9,492 8,542 7,593
CUOTA 113,651 112,702 111,753

PAS CTE

PAS NO CTE
DEUDA LARGO PLAZO 1,041,599 55%
PATRIMONIO
APORTE DE SOCIOS 852,217 45%
1,893,816
VENTAS

agosto -2 6,500
setiembre -1 6,850
octubre 0 7,000
noviembre 1 6,950
diciembre 2 7,100 7,100
enero 3 7,270 7,146
febrero 4 7,400 7,192
marzo 5 7,530 7,238
abril 6 7,660 7,284
mayo 7 7,790 7,331
junio 8 7,920 7,379
julio 9 8,050 7,426
agosto 10 8,180 7,474
setiembre 11 8,310 7,522
octubre 12 8,440 7,570

Queso andino Ctu 18.50

cvu mcu 32.50%
ctu pv
prop 35.00%

Queso Gouda Ctu 25.50

mcu 26.00%
pv
prop 40.00%

Queso fresco
Ctu 1250.00%
mcu 12.50%
pv
prop 25.00%

ACTIVOS CAPEX
Terrenos 500,000.00 0%
Edificios 600,000.00 5%
Maq y equis 350,000.00 10%
Muebles 120,000.00 10%
Eq computo 80,000.00 50%
Vehiculos 150,000.00 20%
 Herramientas 20,000.00 10%
Intangibles 50,000.00 20%

Préstamos= 55% req de inversión

PBI anual 8%
Gadmin 5%
Ventas 10%
IR 29.50%
TEA 11.50%
Rentabilidad anual 20%

BASE mes 1 mes 2 mes 3 mes 4 mes 5

Unid 7,270 7,400 7,530 7,660 7,790
Queso andino 2,545 2,590 2,636 2,681 2,727
Queso Gouda 2,908 2,960 3,012 3,064 3,116
Queso fresco 1,818 1,850 1,883 1,915 1,948

INGRESOS TOT 195,911 199,414 202,917 206,420 209,923

CT 143,946 146,520 149,094 151,668 154,242

mes 3 mes 4 mes 5 mes 6 mes 7 mes 8 mes 9

2,500 2,500 2,500 2,500 2,500 2,500 2,500

2,917 2,917 2,917 2,917 2,917 2,917 2,917
1,000 1,000 1,000 1,000 1,000 1,000 1,000
3,333 3,333 3,333 3,333 3,333 3,333 3,333
2,500 2,500 2,500 2,500 2,500 2,500 2,500
167 167 167 167 167 167 167
 833 833 833 833 833 833 833

13,250 13,250 13,250 13,250 13,250 13,250 13,250

mes 3 mes 4 mes 5 mes 6 mes 7 mes 8 mes 9

202,917 206,420 209,923 213,427 216,930 220,433 223,936

149,094 151,668 154,242 156,816 159,390 161,964 164,538

14,204.19 14,449.41 14,694.64 14,939.86 15,185.09 15,430.31 15,675.54

16,910 17,202 17,494 17,786 18,077 18,369 18,661
10,354 10,533 10,711 10,890 11,069 11,248 11,426
18,637 18,959 19,280 19,602 19,924 20,246 20,567
22,831 23,225 23,619 24,013 24,408 24,802 25,196
394 394 394 394 394 394 394

mes 4 mes 5 mes 6 mes 7 mes 8 mes 9 mes 10

7,660 7,790 7,920 8,050 8,180 8,310 8,440

206,420 209,923 213,427 216,930 220,433 223,936 227,439

151,668 154,242 156,816 159,390 161,964 164,538 167,112

54,752 55,681 56,611 57,540 58,469 59,398 60,327

10,321 10,496 10,671 10,846 11,022 11,197 11,372
20,642 20,992 21,343 21,693 22,043 22,394 22,744
23,789 24,193 24,597 25,000 25,404 25,808 26,212
13,250 13,250 13,250 13,250 13,250 13,250 13,250
10,539 10,943 11,347 11,750 12,154 12,558 12,962
259 269 279 289 299 309 319
13,250 13,250 13,250 13,250 13,250 13,250 13,250
23,530 23,924 24,318 24,711 25,105 25,499 25,893
0 0 0
0 1,737,500
-394 -394 -394 -394 -394 -394 -394
23,816
23,136 23,530 23,924 24,317 24,711 25,105 1,786,815

-104,160 -104,160 -104,160 -104,160 -104,160 -104,160 -104,160

-6,644 -5,695 -4,746 -3,797 -2,847 -1,898 -949
-87,668 -86,325 -84,982 -83,639 -82,296 -80,953 1,681,706
mes 4 mes 5 mes 6 mes 7 mes 8 mes 9 mes 10
624,959 520,799 416,640 312,480 208,320 104,160 0
104,160 104,160 104,160 104,160 104,160 104,160 104,160
6,644 5,695 4,746 3,797 2,847 1,898 949
110,804 109,855 108,906 107,957 107,007 106,058 105,109

0.91% 1%

2% 1%
1%
tasa de Inflacion
1.25% COK
 Chart Title
7,200
7,100
f(x) = 130 x + 6880
R² = 0.793427230046948
7,000
6,900
6,800
0.00643
6,700
0.00643
0.00643 6,600
0.00643 6,500
0.00643 6,400
0.00643 6,300
0.00643 6,200
0.00643 -4 -2 0 2 4

0.00643
0.00643

VENTAS
Contado 80%
Crédio 20% 30 dias CxC

45 dias CxP
25 dias proceso de fabricacion de calzado
7% efectivo de ventas

7,270

2,545
mes 6 mes 7 mes 8 mes 9 mes 10
7,920 8,050 8,180 8,310 8,440
2,772 2,818 2,863 2,909 2,954
3,168 3,220 3,272 3,324 3,376
1,980 2,013 2,045 2,078 2,110

213,427 216,930 220,433 223,936 227,439

156,816 159,390 161,964 164,538 167,112

mes 10 DEP TOTAL VR

500,000
2,500 25,000 575,000
2,917 29,167 320,833
1,000 10,000 110,000
3,333 33,333 46,667
2,500 25,000 125,000
167 1,667 18,333
 833 8,333 41,667

13,250 1,737,500

mes 10

227,439
167,112

15,920.76
18,953
11,605
20,889
25,590
394
2 4