PROYECTO DE INVERSIÓN

Proyecto Fabrica de Hielo - Aló HieloEvaluación del Proyecto (Años) 5Año de Inicio 2016

1.- Comercial

Proyección de VentasPrecio Sugerido

2.- Técnico

Estructura de Inversión ProductivaEstructura de Costos

3.- Administrativo

Estructura de Inversión AdministrativaEstructura de Gastos

PROYECTO DE INVERSIÓN

Fabrica de Hielo - Aló Hielo

4.- Legal

Marco TributarioGastos de Constitución y permisos

5.- Económico - Financiero

Capital de TrabajoEstructura de FinanciamientoServicio de DeudaDeterminación de COK y WACCFlujo de CajaEstado de ResultadosIndicadores de RentabilidadAnálisis de Riesgo

Año de Inicio###############

Empresa Inversiones y representaciones Brigal EIRLNombre Comercial Aló HieloRubro Fabricación de hieloDireccion Los Olivos

Principales Competidores

Iglu ChorrillosSuper Hielo CercadoHielo Glacial Santa AnitaPeru Hielo Carabayllo

Principales Clientes

Rustica Los OlivosEmbarcardero 41 IndependenciaChifa Palacio IndependenciaTumba Los OlivosChoza Nautica Los OlivosCasino Maximus Independencia

Solo modificar celdas azules 1.- Escenarios Escenario: Pesimista Aceptar

Indicador Resultado Indicador Resultado

Escenario 4 VAN Económico 247,965 PRI Económico 2 Años VAN Financiero 262,476 PRI Financiero 1 Años TIR Económico 66.6% Inversión S/. 184,515

Cod_Esc Nom_Esc Precio Venta Costos Variables Costos Fijos TIR Financiero 221.0%1 Normal 3.50 0.75 149,234 CPPC 15.3%2 Optimista 4.00 0.50 -5% 1 2 3 4 5 3 Moderado 3.70 0.60 5% PTO EQUILIBRIO UNDS 79,971 86,369 96,900 109,630 125,170 4 Pesimista 3.00 1.10 20% PTO EQUILIBRIO S/. 237,202 256,180 287,415 325,173 371,268

VENTAS EN UNDS 119,214 119,214 132,460 132,460 132,460

2.- Producción: UTILIDAD BRUTA 73,269 63,293 66,766 51,047 34,146 Costos Variables UTILIDAD NETA 16,077 6,199 4,043 -18,044 -44,448

Año % Cap Prod Agua S/. X 3.5 Kg Bolsa S/. X 3.5 Kg Luz S/. X 3.5 Kg % UTILIDAD NETA 5.3% 2.0% 1.2% -5.4% -13.2%1 90% 27% 20% 53%2 90% 27% 20% 53%3 100% 27% 20% 53%4 100% 27% 20% 53%5 100% 27% 20% 53%

Incremento CV 6% AnualProducto: Hielo 3.5 KgsDías a Producir x mes: 30 díasMantenimiento: 1 Por SemestreMeses de Mantmnto: 6 12

3.- Recursos Humanos

% Desde AñoAumento de Sueldo 5% 3

Costos Laborales:

%ESSALUD 9.00%CTS 8.33%VACACIONES 8.33%GRATIFICACIONES 16.67%OTROS 2.67%

45.00%

4.- Inflación proyectada:

Año % 1 3.00%2 3.00%

0 39,986 79,971 119,9570

39,986

79,971

119,957

0

118,601

237,202

355,803

0

43,984

87,968

131,952149,234 149,234 149,234 149,234149,234

193,218

237,202

281,186

PUNTO DE EQUILIBRIO

$ Ventas Costo Variable Costo Fijo Costo Total

Cantidad (Q)

Vent

as (S

/.)

3 3.00%4 3.00%5 3.00%

Promedio 3.00%

5.- Impuestos:

Tributo % IGV 18%Imp Renta 28%Imp Renta 27%Imp Renta 26%

6.- Gastos:

Detalle S/. X Mes % Aumento Desde AñoAlquiler 800 5% 2Combustible 400 5% 2Mantenimiento Maq 2,100 Cada 6 mesesMantenimiento Vehíc 400 AnualFiltros de sedimento 150 cambio cada 3 mesesFiltros de carbono 150 cambio cada 3 mesesFiltros ultravioleta 6,200 AnualTeléfono 100 5% 2Otros Gastos 700 5% 2

VENTAS

MESES

1 2 3 4

VENTAS 25,398.31 25,398.31 25,398.31 25,398.31

PRESUPUESTO DE VENTAS EN UNIDADES X 3.5 KG

1 2 3 4

CAPAC DE PRODUCCION KGS/MES 38,850 38,850 38,850 38,850 HIELO X 3.5 KGS 11,100 11,100 11,100 11,100 CAPACIDAD DE PRODUCCIÓN 90% 90% 90% 90%VENTAS HIELO X 3.5 KGS 9,990 9,990 9,990 9,990

precio 3.5 hielo kgs 3.5

VENTAS AÑO 2014

MES Base Imponible IGV Total Hielo x 3.5 KgsJan-14 10,509.75 1,891.75 12,401.50 3,543.29 Feb-14 9,605.51 1,728.99 11,334.50 3,238.43

Mar-14 12,949.58 2,330.92 15,280.50 4,365.86 Apr-14 9,264.83 1,667.67 10,932.50 3,123.57

May-14 11,767.37 2,118.13 13,885.50 3,967.29 Jun-14 10,505.93 1,891.07 12,397.00 3,542.00 Jul-14 12,111.02 2,179.98 14,291.00 4,083.14

Aug-14 11,760.59 2,116.91 13,877.50 3,965.00 Sep-14 14,702.97 2,646.53 17,349.50 4,957.00 Oct-14 11,735.59 2,112.41 13,848.00 3,956.57

Nov-14 13,757.63 2,476.37 16,234.00 4,638.29 Dec-14 17,727.97 3,191.03 20,919.00 5,976.86

TOTAL 146,398.73 26,351.77 172,750.50 49,357.29

PROMEDIO 12,199.89 4,113.11

3.5 41,828.21 14,396 12 3,485.68 30 116.19

VENTAS AÑO 2013

MES Base Imponible IGV Total Cantidad

Sep-13 25.42 4.58 30.00 8.57 Oct-13 1,558.05 280.45 1,838.50 525.29

Nov-13 4,539.41 817.09 5,356.50 1,530.43 Dec-13 6,244.07 1,123.93 7,368.00 2,105.14

MESES

5 6 7 8 9 10 11

25,398.31 24,551.69 25,398.31 25,398.31 25,398.31 25,398.31 25,398.31

PRESUPUESTO DE VENTAS EN UNIDADES X 3.5 KG

5 6 7 8 9 10 11

38,850 37,555 38,850 38,850 38,850 38,850 38,850 11,100 10,730 11,100 11,100 11,100 11,100 11,100

90% 90% 90% 90% 90% 90% 90% 9,990 9,657 9,990 9,990 9,990 9,990 9,990

Capac de producc x dia (Kgs) 1,200

Kilogramos Producc x Día (Kgs) Capac Prod Kgs dif 12,401.50 413.38 500.00 86.62 11,334.50 377.82 500.00 122.18 15,280.50 509.35 500.00 -9.35 10,932.50 364.42 500.00 135.58 13,885.50 462.85 500.00 37.15 12,397.00 413.23 500.00 86.77 14,291.00 476.37 500.00 23.63 13,877.50 462.58 500.00 37.42 17,349.50 578.32 850.00 271.68 13,848.00 461.60 850.00 388.40 16,234.00 541.13 850.00 308.87 20,919.00 697.30 850.00 152.70

172,750.50 5,758.35

14,395.88 479.86

50,386 480 50,385.56

Kilogramos Producc x Día (Kgs)

30.00 1.00 1,838.50 61.28 5,356.50 178.55 7,368.00 245.60

MESES

12 1 2 3 4 5

24,551.69 303,086.44 303,086.44 336,762.71 336,762.71 336,762.71

12 1 2 3 4 5

37,555 463,610 463,610 463,610 463,610 463,610 10,730 132,460 132,460 132,460 132,460 132,460

90% 90% 90% 100% 100% 100% 9,657 119,214 119,214 132,460 132,460 132,460

PUNTO DE EQUILIBRIO

1 2 3 4

CANTIDAD VENDIDA 119,214 119,214 132,460 132,460 V.VENTA S/. 2.97 2.97 2.97 2.97 COSTOS VARIABLES S/. 1.10 1.17 1.23 1.30 MARGEN DE CONTRIBUCIÓN S/. 1.87 1.80 1.73 1.67 COSTOS FIJOS S/. 149,234 155,474 168,034 182,874

PUNTO DE EQUILIBRIO EN UNDS 79,971 86,369 96,900 109,630

PUNTO DE EQUILIBRIO S/. 237,201.55 256,180.35 287,414.58 325,173.01

Datos para el gráfico

Q VentasDatos $ Ventas

Valor Venta 2.97 < Completar Costo VariableCoste Unitario 1.10 < Completar Costo Fijo

Gastos Fijos Mes 149,234 < Completar Costo TotalPto. Equilibrio 79,971 Q de Equilibrio Beneficio

$ Ventas Equilibrio 237,202 $ de Equilibrio Para alcanzar el punto de equilibrio debes vender 79971.000 unidades mes

5

132,460 2.97 1.36 1.60 200,535

125,170

371,267.70

Datos para el gráficoPÉRDIDA P.E. UTILIDAD

0 39,986 79,971 119,9570 118,601 237,202 355,8030 43,984 87,968 131,952

149,234 149,234 149,234 149,234149,234 193,218 237,202 281,186

-149,234 -74,617 0 74,617Para alcanzar el punto de equilibrio debes vender 79971.000 unidades mes

Activos Fijos

N° FECHA DETALLE CANT Cap Prod Kgs/Día 1 11/5/2013 Aire Acondicionado 12 8/1/2014 Camara Frigorifica para 1,050 Kgs. 13 5/15/2014 Congeladora 100 Lts. Horizontal 14 5/20/2014 Congeladora 100 Lts. Horizontal 15 10/13/2013 Congeladora 200 Lts. Horizontal 16 5/7/2014 Congeladora 200 Lts. Horizontal 17 5/7/2014 Congeladora 200 Lts. Horizontal 18 6/4/2014 Congeladora 200 Lts. Horizontal 19 6/4/2014 Congeladora 200 Lts. Horizontal 1

10 6/20/2014 Congeladora 200 Lts. Horizontal 111 7/2/2014 Congeladora 200 Lts. Horizontal 112 4/14/2014 Congeladora 210 Lts. Horizontal 113 10/2/2013 Congeladora 230 Lts. Horizontal 114 10/24/2013 Congeladora 420 Lts. Horizontal 115 11/5/2013 Congeladora 420 Lts. Horizontal 116 12/7/2013 Congeladora 420 Lts. Horizontal 117 12/7/2013 Congeladora 420 Lts. Horizontal 118 12/7/2013 Congeladora 420 Lts. Horizontal 119 12/1/2013 Congeladora 500 Lts. vertical 120 9/1/2013 Congeladora 700 Lts. Horizontal 121 9/1/2013 Congeladora 700 Lts. Horizontal 122 9/1/2013 Congeladora 700 Lts. Horizontal 123 10/27/2013 Congeladora 700 Lts. Horizontal 124 12/28/2013 Congeladora 700 Lts. Horizontal 125 9/1/2013 Maquina de Hielo x 125 Kg 1 115 26 11/22/2013 Maquina de Hielo x 125 Kg 1 115 27 12/10/2013 Maquina de Hielo x 125 Kg 1 115 28 12/10/2013 Maquina de Hielo x 125 Kg 1 115 29 1/28/2014 Maquina de Hielo x 125 Kg 1 115 30 8/1/2014 Maquina de Hielo x 380 Kg 1 360 31 12/29/2014 Maquina de Hielo x 380 Kg 1 360 32 9/1/2013 Vehiculo Furgon - 1 Tonelada 1

1,295

Hielo de 3.5 Kgs x Mes 11,100 Luz Enero 2015 3,575.00 Electricidad x Hielo de 3.5 Kgs 0.32

ventas ene-15 16,000 ventas feb-15 19,000

COSTO PRECIO VIDA DEPREC ANUAL DEPREC MES VALOR LIQ 1,100.85 1,299.00 5 220.17 18.35 275.21 13,559.32 16,000.00 5 2,711.86 225.99 3,389.83 507.63 599.00 5 101.53 8.46 126.91 572.03 675.00 5 114.41 9.53 143.01 1,090.68 1,287.00 5 218.14 18.18 272.67 677.12 799.00 5 135.42 11.29 169.28 677.12 799.00 5 135.42 11.29 169.28 677.12 799.00 5 135.42 11.29 169.28 677.12 799.00 5 135.42 11.29 169.28 677.12 799.00 5 135.42 11.29 169.28 677.12 799.00 5 135.42 11.29 169.28 990.68 1,169.00 5 198.14 16.51 247.67 761.86 898.99 5 152.37 12.70 190.46 1,559.32 1,840.00 5 311.86 25.99 389.83 1,609.32 1,899.00 5 321.86 26.82 402.33 1,609.32 1,899.00 5 321.86 26.82 402.33 1,609.32 1,899.00 5 321.86 26.82 402.33 1,609.32 1,899.00 5 321.86 26.82 402.33 2,516.10 2,969.00 5 503.22 41.94 629.03 2,838.14 3,349.00 5 567.63 47.30 709.53 2,838.14 3,349.00 5 567.63 47.30 709.53 2,838.14 3,349.00 5 567.63 47.30 709.53 2,779.66 3,280.00 5 555.93 46.33 694.92 2,575.42 3,039.00 5 515.08 42.92 643.86 8,025.42 9,470.00 5 1,605.08 133.76 2,006.36 7,297.53 8,611.09 5 1,459.51 121.63 1,824.38 7,159.75 8,448.50 5 1,431.95 119.33 1,789.94 7,159.75 8,448.50 5 1,431.95 119.33 1,789.94 7,075.00 8,348.50 5 1,415.00 117.92 1,768.75 30,593.22 36,100.00 5 6,118.64 509.89 7,648.31 31,860.18 37,595.02 5 6,372.04 531.00 7,965.05 10,169.49 12,000.00 5 2,033.90 169.49 2,542.37

156,368.30 184,514.60 31,273.66 2,606.14 39,092.08

2.97 2.64 89.1%

GASTOS ADMINISTRATIVOS

Personal Q Mensual Anual % Aumento 1Gerente General 1 1,600.00 27,840.00 5% 27,840.00 Contador 1 500.00 8,700.00 8,700.00

2,100.00 36,540.00 36,540.00

MANO DE OBRA DIRECTA

Personal Q Mensual Anual % Aumento 1Jefe de Planta 1 1,000.00 17,400.00

5% 17,400.00

Operarios 2 900.00 31,320.00 31,320.00 Ayudantes 1 500.00 8,700.00 8,700.00

2,400.00 57,420.00 57,420.00

4,500.00 93,960.00 93,960.00 2,100.00 36,540.00

2 3 4 5 27,840.00 29,232.00 30,693.60 32,228.28 8,700.00 9,135.00 9,591.75 10,071.34

36,540.00 38,367.00 40,285.35 42,299.62

2 3 4 5 17,400.00 18,270.00 19,183.50 20,142.68 31,320.00 32,886.00 34,530.30 36,256.82 8,700.00 9,135.00 9,591.75 10,071.34

57,420.00 60,291.00 63,305.55 66,470.83

93,960.00 98,658.00 103,590.90 108,770.45

PRESUPUESTO DE GASTOS DE VENTAS

MESES

1 2 3 4 5 6

Combustible 400.00 400.00 400.00 400.00 400.00 400.00 Teléfono 100.00 100.00 100.00 100.00 100.00 100.00 Otros Gastos 700.00 700.00 700.00 700.00 700.00 700.00

TOTAL GV 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00

TOTAL GV + IGV 1,416.00 1,416.00 1,416.00 1,416.00 1,416.00 1,416.00

MESES

7 8 9 10 11 12 1 2

400.00 400.00 400.00 400.00 400.00 400.00 4,800.00 6,048.00 100.00 100.00 100.00 100.00 100.00 100.00 1,200.00 1,512.00 700.00 700.00 700.00 700.00 700.00 700.00 8,400.00 10,584.00

1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 14,400.00 18,144.00

1,416.00 1,416.00 1,416.00 1,416.00 1,416.00 1,416.00 16,992.00 21,409.92

3 4 5

7,620.48 9,601.80 12,098.27 CF 1.20 1,905.12 2,400.45 3,024.57 CF 13,335.84 16,803.16 21,171.98 CF

22,861.44 28,805.41 36,294.82

26,976.50 33,990.39 42,827.89

COSTOS DE PRODUCCIÓN

MESES

1 2 3 4 5 6 7

MOD 4,785.00 4,785.00 4,785.00 4,785.00 4,785.00 4,785.00 4,785.00 MD 5,164.83 5,164.83 5,164.83 5,164.83 5,164.83 4,992.67 5,164.83 CIF 9,230.31 9,230.31 9,230.31 9,230.31 9,230.31 9,230.31 9,230.31

Costo Total S/. 19,180.14 19,180.14 19,180.14 19,180.14 19,180.14 19,007.98 19,180.14

Hielo x 3.5 Kgs 9,990 9,990 9,990 9,990 9,990 9,657 9,990

Costo Unitario S/. 1.92 1.92 1.92 1.92 1.92 1.97 1.92

MATERIALES DIRECTOS

1 2 3 4 5 6 7

Agua 2,967.03 2,967.03 2,967.03 2,967.03 2,967.03 2,868.13 2,967.03 Bolsas 2,197.80 2,197.80 2,197.80 2,197.80 2,197.80 2,124.54 2,197.80

TOTAL MD 5,164.83 5,164.83 5,164.83 5,164.83 5,164.83 4,992.67 5,164.83

TOTAL MD + IGV 6,094.50 6,094.50 6,094.50 6,094.50 6,094.50 5,891.35 6,094.50

COSTOS INDIRECTOS DE FABRICACIÓN

1 2 3 4 5 6 7

Luz 5,824.17 5,824.17 5,824.17 5,824.17 5,824.17 5,630.03 5,824.17 Alquiler Local 800.00 800.00 800.00 800.00 800.00 800.00 800.00 Deprec AF 2,606.14 2,606.14 2,606.14 2,606.14 2,606.14 2,606.14 2,606.14

TOTAL CIF 9,230.31 9,230.31 9,230.31 9,230.31 9,230.31 9,036.17 9,230.31

TOTAL A PAGAR (INC IGV)

1 2 3 4 5 6 7

Luz + IGV 6,872.52 6,872.52 6,872.52 6,872.52 6,872.52 6,643.44 6,872.52 Alquiler Local 800.00 800.00 800.00 800.00 800.00 800.00 800.00

7,672.52 7,672.52 7,672.52 7,672.52 7,672.52 7,443.44 7,672.52

ANÁLISIS COSTOS VARIABLES UNITARIO X HIELO 3.5 KGS

1 2 3 4 5 6 7

AGUA 0.30 0.30 0.30 0.30 0.30 0.30 0.30 Bolsas 0.22 0.22 0.22 0.22 0.22 0.22 0.22 LUZ 0.58 0.58 0.58 0.58 0.58 0.58 0.58

1.10 1.10 1.10 1.10 1.10 1.10 1.10

AGUA 27.0% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0%Bolsas 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%LUZ 53.0% 53.0% 53.0% 53.0% 53.0% 53.0% 53.0%

275320

100

MESES

8 9 10 11 12 1 2 3

4,785.00 4,785.00 4,785.00 4,785.00 4,785.00 57,420.00 57,420.00 60,291.00 5,164.83 5,164.83 5,164.83 5,164.83 4,992.67 61,633.64 65,331.66 76,699.64 9,230.31 9,230.31 9,230.31 9,230.31 9,230.31 110,763.70 117,041.53 133,005.70

19,180.14 19,180.14 19,180.14 19,180.14 19,007.98 229,817.34 239,793.18 269,996.34

9,990 9,990 9,990 9,990 9,657 119,214 119,214 132,460

1.92 1.92 1.92 1.92 1.97 1.93 2.01 2.04

8 9 10 11 12 1 2 3

2,967.03 2,967.03 2,967.03 2,967.03 2,868.13 35,406.56 37,530.95 44,061.49 2,197.80 2,197.80 2,197.80 2,197.80 2,124.54 26,227.08 27,800.70 32,638.14

5,164.83 5,164.83 5,164.83 5,164.83 4,992.67 61,633.64 65,331.66 76,699.64

6,094.50 6,094.50 6,094.50 6,094.50 5,891.35 72,727.69 77,091.35 90,505.57

8 9 10 11 12 1 2 3

5,824.17 5,824.17 5,824.17 5,824.17 5,630.03 69,501.76 73,671.87 86,491.08 800.00 800.00 800.00 800.00 800.00 9,600.00 12,096.00 15,240.96 2,606.14 2,606.14 2,606.14 2,606.14 2,606.14 31,273.66 31,273.66 31,273.66

9,230.31 9,230.31 9,230.31 9,230.31 9,036.17 110,375.42 117,041.53 133,005.70

8 9 10 11 12 1 2 3

6,872.52 6,872.52 6,872.52 6,872.52 6,643.44 82,012.08 86,932.80 102,059.48 800.00 800.00 800.00 800.00 800.00 9,600.00 12,096.00 15,240.96

7,672.52 7,672.52 7,672.52 7,672.52 7,443.44 91,612.08 99,028.80 117,300.44

8 9 10 11 12 1 2 3

0.30 0.30 0.30 0.30 0.30 0.30 0.31 0.33 0.22 0.22 0.22 0.22 0.22 0.22 0.23 0.25 0.58 0.58 0.58 0.58 0.58 0.58 0.62 0.65

1.10 1.10 1.10 1.10 1.10 1.10 1.17 1.23

27.0% 27.0% 27.0% 27.0% 27.0% 27.0% 28.6% 30.2%20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 21.2% 22.4%53.0% 53.0% 53.0% 53.0% 53.0% 53.0% 56.2% 59.4%

4 5

63,305.55 66,470.83 80,808.55 84,917.46 141,601.80 151,228.19

285,715.90 302,616.48

132,460 132,460

2.16 2.28

4 5

46,421.93 48,782.37 34,386.62 36,135.09

80,808.55 84,917.46

95,354.09 100,202.60

4 5

91,124.53 95,757.98 CV 19,203.61 24,196.55 CF 31,273.66 31,273.66 CF

141,601.80 151,228.19

4 5

107,526.95 112,994.42 19,203.61 24,196.55

126,730.56 137,190.97

4 5

0.35 0.37 0.26 0.27 0.69 0.72

1.30 1.36

31.9% 33.5%23.6% 24.8%62.5% 65.7%

PRESUPUESTO DE IGV

0 1 2 3 4 5

Ventas -54,556 -54,556 -60,617 -60,617 -67,654 Compras 28,146 26,196 28,287 33,489 36,133 39,055 Neto 28,146 -28,359 -26,269 -27,128 -24,484 -28,599 CF 28,146 - - - -

A pagar -213 -26,269 -27,128 -24,484 -28,599

ESTRUCTURA FINANCIERA:

% Aporte Aporte S/. % CostoAccionistas 17% 31,515 18.45%Edyficar 33% 60,000 24.00%Banco de Credito 22% 40,000 16.00%Banco Interbank 11% 20,000 29.00%Banco Falabella 18% 33,000 14.00%

100% 184,515

TMAR (Tasa Mínima Aceptable de Rendimiento)

Premio al Riesgo i 15.00%Inflación f 3.00%

i * f 0.45%

TAMR = 18.45%

Costo promedio ponderado de capital:

DETALLE TEA % Partic CPPC + IR IR CPPCAccionistas 18.45% 17% 3% 0% 3.15%Edyficar 24.00% 33% 8% 28% 5.62%Banco de Credito 16.00% 22% 3% 28% 2.50%Banco Interbank 29.00% 11% 3% 28% 2.26%Banco Falabella 14.00% 18% 3% 28% 1.80%

20.07% 15.33%

AMORTIZACIÓNMESES AÑO 1

Mes Entidad Importe Periodo Tasa Meses 1Sep-14 Edyficar 60,000.00 1.5 24% 18 2,849.89

May-14 Banco de Credito 40,000.00 4 16% 48 614.09 Oct-14 Banco Interbank 20,000.00 1.5 29% 18 922.13 Jan-15 Banco Falabella 33,000.00 4 14% 48 525.87

153,000.00 4,911.99

GASTOS FINANCIEROSMESES AÑO 1

Mes Entidad Importe Periodo Tasa Meses 1Sep-14 Edyficar 60,000.00 1.5 24% 18 1,085.25

May-14 Banco de Credito 40,000.00 4 16% 48 497.81 Oct-14 Banco Interbank 20,000.00 1.5 29% 18 428.94 Jan-15 Banco Falabella 33,000.00 4 14% 48 362.30

2,374.30

Acreedor EdyficarPrincipal 60,000 TCEA 24%TEM 1.81%Cuotas 18 MensualAños 1.5

N° Cuota Amortización Interés Cuota Saldo 0 60,000.00

1 2,849.89 S/.1,085.25 S/.3,935.15 57,150.11 2 2,901.44 S/.1,033.71 S/.3,935.15 54,248.67 3 2,953.92 S/.981.23 S/.3,935.15 51,294.75 4 3,007.35 S/.927.80 S/.3,935.15 48,287.40 5 3,061.75 S/.873.40 S/.3,935.15 45,225.65 6 3,117.12 S/.818.02 S/.3,935.15 42,108.53 7 3,173.51 S/.761.64 S/.3,935.15 38,935.02 8 3,230.91 S/.704.24 S/.3,935.15 35,704.11 9 3,289.35 S/.645.80 S/.3,935.15 32,414.77

10 3,348.84 S/.586.30 S/.3,935.15 29,065.92 11 3,409.42 S/.525.73 S/.3,935.15 25,656.51 12 3,471.08 S/.464.06 S/.3,935.15 22,185.43

13 3,533.87 S/.401.28 S/.3,935.15 18,651.56 14 3,597.79 S/.337.36 S/.3,935.15 15,053.77 15 3,662.86 S/.272.29 S/.3,935.15 11,390.91 16 3,729.11 S/.206.03 S/.3,935.15 7,661.80 17 3,796.56 S/.138.58 S/.3,935.15 3,865.23 18 3,865.23 S/.69.91 S/.3,935.15 -0.00

60,000.00 10,832.66 70,832.66

- 0.18

MESES AÑO 1

2 3 4 5 6 7 8 9 2,901.44 2,953.92 3,007.35 3,061.75 3,117.12 3,173.51 3,230.91 3,289.35 621.73 629.47 637.30 645.24 653.27 661.40 669.63 677.96 941.91 962.11 982.75 1,003.82 1,025.35 1,047.34 1,069.81 1,092.75 531.64 537.48 543.38 549.34 555.38 561.47 567.64 573.87

4,996.73 5,082.98 5,170.78 5,260.15 5,351.12 5,443.72 5,537.98 5,633.93

MESES AÑO 1

2 3 4 5 6 7 8 9 1,033.71 981.23 927.80 873.40 818.02 761.64 704.24 645.80 490.16 482.43 474.59 466.66 458.63 450.50 442.27 433.94 409.16 388.96 368.33 347.25 325.72 303.73 281.27 258.32 356.53 350.69 344.79 338.83 332.79 326.70 320.53 314.30

2,289.56 2,203.31 2,115.51 2,026.14 1,935.17 1,842.57 1,748.31 1,652.36

Acreedor Banco de CreditoPrincipal 40,000 TCEA 16%TEM 1.24%Cuotas 48 MensualAños 4.0

N° Cuota Amortización Interés Cuota Saldo 0 40,000.00

1 614.09 S/.497.81 S/.1,111.90 39,385.91 2 621.73 S/.490.16 S/.1,111.90 38,764.18 3 629.47 S/.482.43 S/.1,111.90 38,134.71 4 637.30 S/.474.59 S/.1,111.90 37,497.40 5 645.24 S/.466.66 S/.1,111.90 36,852.17 6 653.27 S/.458.63 S/.1,111.90 36,198.90 7 661.40 S/.450.50 S/.1,111.90 35,537.51 8 669.63 S/.442.27 S/.1,111.90 34,867.88 9 677.96 S/.433.94 S/.1,111.90 34,189.92

10 686.40 S/.425.50 S/.1,111.90 33,503.52 11 694.94 S/.416.96 S/.1,111.90 32,808.59 12 703.59 S/.408.31 S/.1,111.90 32,105.00

13 712.34 S/.399.55 S/.1,111.90 31,392.65 14 721.21 S/.390.69 S/.1,111.90 30,671.44 15 730.19 S/.381.71 S/.1,111.90 29,941.26 16 739.27 S/.372.62 S/.1,111.90 29,201.99 17 748.47 S/.363.42 S/.1,111.90 28,453.51 18 757.79 S/.354.11 S/.1,111.90 27,695.73 19 767.22 S/.344.68 S/.1,111.90 26,928.51 20 776.77 S/.335.13 S/.1,111.90 26,151.74 21 786.43 S/.325.46 S/.1,111.90 25,365.31 22 796.22 S/.315.67 S/.1,111.90 24,569.09 23 806.13 S/.305.77 S/.1,111.90 23,762.96 24 816.16 S/.295.73 S/.1,111.90 22,946.79 25 826.32 S/.285.58 S/.1,111.90 22,120.47 26 836.60 S/.275.29 S/.1,111.90 21,283.87 27 847.01 S/.264.88 S/.1,111.90 20,436.86 28 857.56 S/.254.34 S/.1,111.90 19,579.30 29 868.23 S/.243.67 S/.1,111.90 18,711.07 30 879.03 S/.232.86 S/.1,111.90 17,832.04 31 889.97 S/.221.92 S/.1,111.90 16,942.07 32 901.05 S/.210.85 S/.1,111.90 16,041.02 33 912.26 S/.199.63 S/.1,111.90 15,128.75 34 923.62 S/.188.28 S/.1,111.90 14,205.14 35 935.11 S/.176.78 S/.1,111.90 13,270.03 36 946.75 S/.165.15 S/.1,111.90 12,323.28 37 958.53 S/.153.36 S/.1,111.90 11,364.75 38 970.46 S/.141.44 S/.1,111.90 10,394.29 39 982.54 S/.129.36 S/.1,111.90 9,411.75 40 994.76 S/.117.13 S/.1,111.90 8,416.99 41 1,007.14 S/.104.75 S/.1,111.90 7,409.84 42 1,019.68 S/.92.22 S/.1,111.90 6,390.16 43 1,032.37 S/.79.53 S/.1,111.90 5,357.79 44 1,045.22 S/.66.68 S/.1,111.90 4,312.58 45 1,058.22 S/.53.67 S/.1,111.90 3,254.35 46 1,071.39 S/.40.50 S/.1,111.90 2,182.96 47 1,084.73 S/.27.17 S/.1,111.90 1,098.23 48 1,098.23 S/.13.67 S/.1,111.90 0.00

40,000.00 13,370.98 53,370.98

- 0.33

MESES AÑO 1 AÑOS

10 11 12 1 2 3 4 5 3,348.84 3,409.42 3,471.08 37,814.57 22,185.43 0 0 0 686.40 694.94 703.59 7,895.00 9,158.20 10,623.52 12,323.28 0 1,116.19 1,140.13 1,164.58 12,468.87 7,531.13 0 0 0 580.17 586.54 592.98 6,705.76 7,644.56 8,714.80 9,934.88 0

5,731.60 5,831.02 5,932.23 64,884.21 46,519.32 19,338.32 22,258.15 -

MESES AÑO 1 AÑOS

10 11 12 1 2 3 4 5 586.30 525.73 464.06 9,407.20 S/.1,425.46 0 0 0 425.50 416.96 408.31 5,447.74 S/.4,184.54 S/.2,719.23 S/.1,019.47 0 234.89 210.95 186.50 3,744.01 S/.575.31 0 0 0 308.00 301.63 295.19 3,952.28 S/.3,013.48 S/.1,943.24 S/.723.17 0

1,554.69 1,455.27 1,354.06 22,551.23 9,198.79 4,662.47 1,742.63 -

Acreedor Banco Interbank AcreedorPrincipal 20,000 PrincipalTCEA 29% TCEATEM 2.14% TEMCuotas 18 Mensual CuotasAños 1.5 Años

N° Cuota Amortización Interés Cuota Saldo N° Cuota0 20,000.00 0

1 922.13 S/.428.94 S/.1,351.07 19,077.87 12 941.91 S/.409.16 S/.1,351.07 18,135.95 23 962.11 S/.388.96 S/.1,351.07 17,173.84 34 982.75 S/.368.33 S/.1,351.07 16,191.09 45 1,003.82 S/.347.25 S/.1,351.07 15,187.27 56 1,025.35 S/.325.72 S/.1,351.07 14,161.92 67 1,047.34 S/.303.73 S/.1,351.07 13,114.57 78 1,069.81 S/.281.27 S/.1,351.07 12,044.77 89 1,092.75 S/.258.32 S/.1,351.07 10,952.02 9

10 1,116.19 S/.234.89 S/.1,351.07 9,835.83 1011 1,140.13 S/.210.95 S/.1,351.07 8,695.71 1112 1,164.58 S/.186.50 S/.1,351.07 7,531.13 12

13 1,189.55 S/.161.52 S/.1,351.07 6,341.57 1314 1,215.07 S/.136.01 S/.1,351.07 5,126.51 1415 1,241.13 S/.109.95 S/.1,351.07 3,885.38 1516 1,267.74 S/.83.33 S/.1,351.07 2,617.64 1617 1,294.93 S/.56.14 S/.1,351.07 1,322.71 1718 1,322.71 S/.28.37 S/.1,351.07 - 18

192021222324252627282930313233343536373839404142434445464748

20,000.00 4,319.32 24,319.32

- 0.22

Banco Falabella33,000

14%1.10%

48 Mensual 4.0

Amortización Interés Cuota Saldo 33,000.00

525.87 S/.362.30 S/.888.17 32,474.13 531.64 S/.356.53 S/.888.17 31,942.49 537.48 S/.350.69 S/.888.17 31,405.01 543.38 S/.344.79 S/.888.17 30,861.63 549.34 S/.338.83 S/.888.17 30,312.29 555.38 S/.332.79 S/.888.17 29,756.91 561.47 S/.326.70 S/.888.17 29,195.44 567.64 S/.320.53 S/.888.17 28,627.80 573.87 S/.314.30 S/.888.17 28,053.93 580.17 S/.308.00 S/.888.17 27,473.76 586.54 S/.301.63 S/.888.17 26,887.22 592.98 S/.295.19 S/.888.17 26,294.24

599.49 S/.288.68 S/.888.17 25,694.75 606.07 S/.282.10 S/.888.17 25,088.68 612.73 S/.275.44 S/.888.17 24,475.96 619.45 S/.268.72 S/.888.17 23,856.50 626.25 S/.261.92 S/.888.17 23,230.25 633.13 S/.255.04 S/.888.17 22,597.12 640.08 S/.248.09 S/.888.17 21,957.04 647.11 S/.241.06 S/.888.17 21,309.94 654.21 S/.233.96 S/.888.17 20,655.72 661.39 S/.226.78 S/.888.17 19,994.33 668.66 S/.219.51 S/.888.17 19,325.67 676.00 S/.212.17 S/.888.17 18,649.68 683.42 S/.204.75 S/.888.17 17,966.26 690.92 S/.197.25 S/.888.17 17,275.34 698.51 S/.189.66 S/.888.17 16,576.83 706.18 S/.181.99 S/.888.17 15,870.66 713.93 S/.174.24 S/.888.17 15,156.73 721.77 S/.166.40 S/.888.17 14,434.96 729.69 S/.158.48 S/.888.17 13,705.27 737.70 S/.150.47 S/.888.17 12,967.57 745.80 S/.142.37 S/.888.17 12,221.77 753.99 S/.134.18 S/.888.17 11,467.78 762.27 S/.125.90 S/.888.17 10,705.51 770.64 S/.117.53 S/.888.17 9,934.88 779.10 S/.109.07 S/.888.17 9,155.78 787.65 S/.100.52 S/.888.17 8,368.13 796.30 S/.91.87 S/.888.17 7,571.83 805.04 S/.83.13 S/.888.17 6,766.79 813.88 S/.74.29 S/.888.17 5,952.91 822.81 S/.65.36 S/.888.17 5,130.10 831.85 S/.56.32 S/.888.17 4,298.25 840.98 S/.47.19 S/.888.17 3,457.27 850.21 S/.37.96 S/.888.17 2,607.06 859.55 S/.28.62 S/.888.17 1,747.51 868.98 S/.19.19 S/.888.17 878.52 878.52 S/.9.65 S/.888.17 -0.00

33,000.00 9,632.17 42,632.17

- 0.29

Estado de Resultados (Nuevos Soles)

1 2 3 4 5 6 7 8

Ventas 25,398 25,398 25,398 25,398 25,398 24,552 25,398 25,398 Costo de Ventas (19,180) (19,180) (19,180) (19,180) (19,180) (19,008) (19,180) (19,180)

Utilidad Bruta 6,218 6,218 6,218 6,218 6,218 5,544 6,218 6,218 24.5% 24.5% 24.5% 24.5% 24.5% 22.6% 24.5% 24.5%

Gastos OperativosGastos de administración (3,045) (3,045) (3,045) (3,045) (3,045) (3,045) (3,045) (3,045)Gastos de ventas (1,200) (1,200) (1,200) (1,200) (1,200) (1,200) (1,200) (1,200)

Utilidad Operativa 1,973 1,973 1,973 1,973 1,973 1,299 1,973 1,973

Impuesto a la Renta (553) (553) (553) (553) (553) (364) (553) (553)

Utilidad Neta 1,421 1,421 1,421 1,421 1,421 935 1,421 1,421

% Utilidad Neta 6% 6% 6% 6% 6% 4% 6% 6%

9 10 11 12 1 2 3 4 5

25,398 25,398 25,398 24,552 303,086 303,086 336,763 336,763 336,763 (19,180) (19,180) (19,180) (19,008) (229,817) (239,793) (269,996) (285,716) (302,616)

6,218 6,218 6,218 5,544 73,269 63,293 66,766 51,047 34,146 24.5% 24.5% 24.5% 22.6% 24.2% 20.9% 19.8% 15.2% 10.1%

(3,045) (3,045) (3,045) (3,045) (36,540) (36,540) (38,367) (40,285) (42,300)(1,200) (1,200) (1,200) (1,200) (14,400) (18,144) (22,861) (28,805) (36,295)

1,973 1,973 1,973 1,299 22,329 8,609 5,538 (18,044) (44,448)

(553) (553) (553) (364) (6,252) (2,411) (1,495) 0 0

1,421 1,421 1,421 935 16,077 6,199 4,043 (18,044) (44,448)

6% 6% 6% 4% 5% 2% 1% -5% -13%

129,730 129,946 154,157 152,986 151,791

Período de Recuperación del Capital (PRI) - Económico

0 1 2 3 4 5

FCE (184,515) 148,613 114,564 130,520 118,215 133,894 FCE Actualizado (184,515) 128,855 86,126 85,076 66,811 65,612

0 1 2 3 4 5

Inversión por Recuperar (184,515) (55,660) 30,466 115,542 182,353 247,965 FCE Actualizado (184,515) 128,855 86,126 85,076 66,811 65,612

PRI E = 2 Años

Período de Recuperación del Capital (PRI) - Financiero

0 1 2 3 4 5

FCF (31,515) 67,492 61,329 107,778 94,667 133,894 FCF Actualizado (31,515) 58,519 46,106 70,252 53,503 65,612

0 1 2 3 4 5

Inversión por Recuperar (31,515) 27,004 73,110 143,362 196,865 262,476 FCF Actualizado (31,515) 58,519 46,106 70,252 53,503 65,612

PRI F = 1 Años

Flujo de Caja (Nuevos Soles)

0 1 2 3 4 5

Ingresos 357,642 357,642 397,380 397,380 397,380

EgresosInversión Inicial (184,515) 39,092 Capital de TrabajoPlanilla (93,960) (93,960) (93,960) (93,960) (93,960)Proveedores (108,604) (120,439) (144,277) (160,721) (180,019)IGV (213) (26,269) (27,128) (24,484) (28,599)Impuesto a la Renta (6,252) (2,411) (1,495) 0 0

Total Egresos (184,515) (209,029) (243,078) (266,860) (279,165) (263,486)

Flujo de Caja Económico (184,515) 148,613 114,564 130,520 118,215 133,894

Amortización 153,000 (64,884) (46,519) (19,338) (22,258) 0 Interés (22,551) (9,199) (4,662) (1,743) 0 Escudo Fiscal 6,314 2,484 1,259 453 0

Flujo de Caja Financiamiento Neto 153,000 (81,121) (53,234) (22,742) (23,548) 0

Flujo de Caja Financiero (31,515) 67,492 61,329 107,778 94,667 133,894

Indicadores de Evaluación:

Indicador Resultado Criterio DecisiónVANE 247,965 Si es >= 0, proyecto se acepta AceptarVANF 262,476 Si es >= 0, proyecto se acepta AceptarTIRE 66.59% Si es > costo de capital, proyecto se acepta AceptarTIRF 221.04% Si es > costo de capital, proyecto se acepta Aceptar

Costo de Capital 15.33%