FlujoFLUJO DE CAJA ESPERADO2008200920102011201220132014201520162017DETALLEAO 0AO 1AO 2AO 3AO 4AO 5AO 6AO 7AO 8AO 9AO 10Ingresos72,000,00075,600,00079,380,00083,349,00087,516,45091,892,27396,486,886101,311,230106,376,792111,695,632Ventas de ActivoCostos Fijos-69,424,740-71,838,574-75,062,555-78,443,531-81,990,024-85,711,076-89,616,287-93,715,847-98,020,583-102,541,996Publicidad-1,000,000-1,040,000-1,081,600-1,124,864-1,169,859-1,216,653-1,265,319-1,315,932-1,368,569-1,423,312Interses Prstamo-1,200,000-1,162,077-1,115,053-1,056,743-984,439-894,782-783,607-645,750-474,807-262,838Depreciacin-428,571-428,571-642,857-642,857-642,857-642,857-642,857-214,286-214,2860.0Amortizacin Intangibles-140,000-140,000-140,000-140,000-140,0000.00.00.00.00.0Utilidad antes de Impuesto-193,311990,7771,337,9341,941,0052,589,2723,426,9044,178,8165,419,4166,298,5477,467,486Tasa Impuesto Renta17.0%17.0%17.0%17.0%17.0%17.0%17.0%17.0%17.0%17.0%Impuesto Renta168,432227,449329,971440,176582,574710,399921,3011,070,7531,269,473Utilidad neta-193,311822,3451,110,4851,611,0342,149,0962,844,3303,468,4174,498,1155,227,7946,198,013Depreciacin428,571428,571642,857642,857642,857642,857642,857214,286214,2860.0Amortizacin Intangibles140,000140,000140,000140,000140,0000.00.00.00.00.0Valor LibroInversin Inicial-3,700,000Inversin de Reemplazo0.0-1,500,0000.00.00.00.00.00.00.0Inversin de AmpliacinInversin en Cap. De Trabajo-5,000,000Prstamo5,000,000Amortizacin Deuda-158,011-195,934-242,958-301,268-373,572-463,229-574,404-712,261-883,204-1,095,173Valor de Desecho7,000,000FLUJO DE CAJA-3,700,000217,2491,194,983150,3852,092,6232,558,3813,023,9583,536,8704,000,1394,558,87612,102,840CALCULO DEL V.A.N. Y PERIODO DE RECUPERACIONTasa de Descuento16.77%AO 1AO 2AO 3AO 4AO 5AO 6AO 7AO 8AO 9AO 10Descuento de Flujos-3,700,000186,048876,39294,4511,125,5481,178,4381,192,8491,194,8051,157,2351,129,4642,567,853Periodo de Recuperacin1,062,4401,156,8922,282,4403,460,8784,653,7275,848,5327,005,7678,135,23110,703,084Valor Actual Neto7,003,084T. I. R.38.51%Se acepta el proyectoCALCULO DE LA TASA DE COSTO DE CAPITALDETALLEMONTO INVERSIONTCCPONDERAC.TCCPFINANCIAMIENTO PROPIO3,700,0000.070.42530.0298FINANCIAMIENTO DEUDA5,000,0000.240.57470.1379TOTAL INVERSIN INICIAL8,700,0001.00000.1677

PrestamoPrstamo5,000,000pesosPeriodo10aosTasa de Inters24%Considerando 2% mensual en crditos de consumo, base Banco SantanderCuota1,358,011$1,358,011($42,972,127.53)($42,972,139.07)CuotasPago CuotaCuota de CapitalCuota IntersDeuda ExtinguidaDeuda Residual05,000,00011,358,011158,0111,200,000158,0114,841,98921,358,011195,9341,162,077353,9454,646,05531,358,011242,9581,115,053596,9034,403,09741,358,011301,2681,056,743898,1714,101,82951,358,011373,572984,4391,271,7433,728,25761,358,011463,229894,7821,734,9723,265,02871,358,011574,404783,6072,309,3762,690,62481,358,011712,261645,7503,021,6371,978,36391,358,011883,204474,8073,904,8411,095,159101,358,0111,095,173262,8385,000,0140.013,580,1105,000,0148,580,09613,580,110

Ventas_2ANALISIS VENTASCervezasVENTASTotalescervezas mensualesValor Cerveza$1,500costo cerveza700Totales0.00.00.0mensuales7500anuales90000Ao 1Ao 2Ao 3Ao 4Ao 5Ao 6Ao 7Ao 8Ao 9Ao 10$72,000,000$75,600,000$79,380,000$83,349,000$87,516,450$91,892,273$96,486,886$101,311,230$106,376,792$111,695,632CRECIMIENTO5%5%5%5%5%5%5%5%5%

Cuadros de Amort y Deprec.CLCULO DE LA DEPRECIACIONAo 0Ao 1Ao 2Ao 3Ao 4Ao 5Ao 6Ao 7Ao 8Ao 9Ao 10inversin fija73,000,000428,571428,571428,571428,571428,571428,571428,571ReinversionesAo 270.00.00.00.00.00.00.0Ao 371,500,000214,286214,286214,286214,286214,286214,286214,286Ao 4Ao 5Ao 6Ao 7Ao 8Ao 9Ao 10Total Depreciacin Anual428,571428,571642,857642,857642,857642,857642,857214,286214,2860.0CLCULO DE LA AMORTIZACIONAo 0Ao 1Ao 2Ao 3Ao 4Ao 5Inversin Nominal5700,000140,000140,000140,000140,000140,000

Inversiones del ProyectoINVERSION FIJA TOTALNCONCEPTOMONTO PESOS1remodelacion1,000,0002equipamiento2,000,000TOTAL INVERSION FIJA3,000,000INVERSIONES NOMINALESNCONCEPTOMONTO PESOS1Constitucin Sociedad (con Inscripciones)500,0002Derechos Municipales (construccin y patente)200,000TOTAL INVERSION NOMINAL700,000

Costos Fijos y VariablesCOSTOS FIJOSAo 1Ao 2Ao 3Ao 4Ao 5Ao 6Ao 7Ao 8Ao 9Ao 10Mano de Obra Directa58,318,80060,651,55263,077,61465,600,71968,224,74770,953,73773,791,88776,743,56279,813,30583,005,837Costos Varios7,800,0008,424,0009,097,9209,825,75410,611,81411,460,75912,377,62013,367,82914,437,25615,592,2360.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL AOS66,118,80069,075,55272,175,53475,426,47278,836,56182,414,49686,169,50690,111,39294,250,56098,598,073Costos VariosElectricidad100,000Agua50,000Calefaccin y gas400,000Gastos Varios (Caja Chica)100,000Sub. Total650,000Total Anual (11 Meses)7,800,000

Balance recursos HumanosBALANCE RECURSOS HUMANOSNCARGONUMERO DE PUESTOSMONTO MENSUAL POR PUESTOMONTO TOTAL MENSUAL POR PUESTOSLey 16744 Accidentes del Trabajo, (0,95 + 1,7%)Seguro de CesantaCosto Mensual por cargosImponible001Gerencia General1600,000600,00015,90018,000633,9002Gerencia de RRHH1600,000600,00015,90018,000633,9003Gerencia de operaciones2600,0001,200,00031,80036,0001,267,8004Marketing y desarrollo2350,000700,00018,55021,000739,5505Garzones6130,000780,00020,67023,400824,0706contador externo170,00070,0001,8552,10073,9557cajero1200,000200,0005,3006,000211,3008portero/guardia1200,000200,0005,3006,000211,3009cocinero1250,000250,0006,6257,500264,125TOTAL COSTOS PERSONAL MENSUAL164,600,000121,900138,0004,859,900Costo Anual de Recursos Humanos58,318,800