Factibilidad de hospedaje ecoturístico en la localidad de Laquipampa (página 3)
D. Presupuesto de costos indirectos
Rubro | 2016 | 2017 | 2018 | 2019 | 2020 | |
Mano de obra indirecta | ||||||
Agente de seguridad | 17,970.04 | 18,868.55 | 19,811.97 | 20,802.57 | 21,842.70 | |
Materiales Indirectos | ||||||
Artículos de limpieza | 3,000.00 | 3,240.00 | 3,499.20 | 3,779.14 | 4,081.47 | |
Útiles de oficina | 2,000.00 | 2,200.00 | 2,420.00 | 2,662.00 | 2,928.20 | |
Gasolina | 10,950.00 | 10,950.00 | 10,950.00 | 10,950.00 | 10,950.00 | |
Sub Total | 15,950.00 | 16,390.00 | 16,869.20 | 17,391.14 | 17,959.67 | |
Costo de Servicios | ||||||
Energía eléctrica | 8,746.13 | 9,874.66 | 11,285.33 | 12,978.13 | 14,388.80 | |
Agua potable | 7,888.61 | 8,906.49 | 10,178.85 | 11,705.68 | 12,978.03 | |
Teléfono | 6,000.00 | 6,000.00 | 6,000.00 | 6,000.00 | 6,000.00 | |
Gas | 15,000.00 | 15,000.00 | 15,000.00 | 15,000.00 | 15,000.00 | |
Televisión por cable | 2,880.00 | 2,880.00 | 2,880.00 | 2,880.00 | 2,880.00 | |
Internet | 3,719.88 | 3,719.88 | 3,719.88 | 3,719.88 | 3,719.88 | |
Pasajes a Lima (ida y vuelta) | 4,920.00 | 5,560.00 | 6,200.00 | 6,840.00 | 7,480.00 | |
Mantenimiento | 20,000.00 | 23,000.00 | 26,450.00 | 30,417.50 | 34,980.13 | |
Sub Total | 69,154.62 | 74,941.04 | 81,714.06 | 89,541.19 | 97,426.84 | |
Total (S/.) | 103,074.66 | 110,199.59 | 118,395.23 | . 127,734.90 | 137,229.21 | |
Rubro | 2021 | 2022 | 2023 | 2024 | 2025 | |
Mano de obra indirecta | ||||||
Agente de seguridad | 17,970.04 | 18,868.55 | 19,811.97 | 20,802.57 | 21,842.70 | |
Materiales Indirectos | ||||||
Artículos de limpieza | 4,407.98 | 4,760.62 | 5,141.47 | 5,552.79 | 5,997.01 | |
Útiles de oficina | 3,221.02 | 3,543.12 | 3,897.43 | 4,287.18 | 4,715.90 | |
Gasolina | 10,950.00 | 10,950.00 | 10,950.00 | 10,950.00 | 10,950.00 | |
Sub Total | 18,579.00 | 19,253.74 | 19,988.90 | 20,789.97 | 21,662.91 | |
Costo de Servicios | ||||||
Energía eléctrica | 16,363.73 | 18,056.53 | 20,031.46 | 22,288.53 | 24,263.46 | |
Agua potable | 14,759.33 | 16,286.16 | 18,067.46 | 20,103.23 | 21,884.53 | |
Teléfono | 6,000.00 | 6,000.00 | 6,000.00 | 6,000.00 | 6,000.00 | |
Gas | 15,000.00 | 15,000.00 | 15,000.00 | 15,000.00 | 15,000.00 | |
Televisión por cable | 2,880.00 | 2,880.00 | 2,880.00 | 2,880.00 | 2,880.00 | |
Internet | 3,719.88 | 3,719.88 | 3,719.88 | 3,719.88 | 3,719.88 | |
Pasajes a Lima (ida y vuelta) | 8,120.00 | 8,760.00 | 9,400.00 | 10,020.00 | 10,660.00 | |
Mantenimiento | 40,227.14 | 46,261.22 | 53,200.40 | 61,180.46 | 70,357.53 | |
Sub Total | 107,070.08 | 116,963.79 | 128,299.20 | 141,192.09 | 154,765.39 | |
Total (S/.) | 143,619.13 | 155,086.08 | 168,100.07 | 182,784.64 | 198,271.01 | |
E. Presupuesto de gastos de venta
Son aquellos gastos en los que se incurren para que nuestros servicios sean conocidos por nuestros futuros clientes, como la publicidad, búsqueda de nuevos mercados y otros.
Rubro | 2016 | 2017 | 2018 | 2019 | 2020 | |
Publicidad y promoción | S/. 25,000.00 | S/. 31,250.00 | S/. 39,062.50 | S/. 48,828.13 | S/. 61,035.16 | |
Rubro | 2021 | 2022 | 2023 | 2024 | 2025 | |
Publicidad y promoción | S/. 76,293.95 | S/. 95,367.43 | S/. 119,209.29 | S/. 149,011.61 | S/. 186,264.51 | |
F. Presupuesto de gastos de administración
Rubro | 2016 | 2017 | 2018 | 2019 | 2020 | |
Sueldos administrativos | 84,079.99 | 88,704.00 | 93,139.20 | 97,796.16 | 102,685.96 | |
Materiales deoficina | 2,500.00 | 2,500.00 | 2,500.00 | 2,500.00 | 2,500.00 | |
Autoevalúo yarbitrios | 3,000.00 | 3,000.00 | 3,000.00 | 3,000.00 | 3,000.00 | |
Total (S/.) | S/. 89,579.99 | S/. 94,204.00 | S/. 98,639.20 | S/. 103,296.16 | S/. 108,185.96 | |
Rubro | 2021 | 2022 | 2023 | 2024 | 2025 | |
Sueldos administrativos | 107,820.27 | 113,211.29 | 118,871.83 | 124,815.43 | 131,056.21 | |
Materiales de oficina | 2,500.00 | 2,500.00 | 2,500.00 | 2,500.00 | 2,500.00 | |
Autoevalúo y arbitrios | 3,000.00 | 3,000.00 | 3,000.00 | 3,000.00 | 3,000.00 | |
Total (S/.) | S/. 113,320.27 | S/. 118,711.29 | S/. 124,371.83 | S/. 130,315.43 | S/. 136,556.21 | |
G. Presupuesto de gastos financieros
Este gasto corresponde al pago por los intereses de la deuda adquirida
con el Banco Continental BBVA.
Años | 2016 | 2017 | 2018 | 2019 |
Interés de la deuda | S/. 84,857.00 | S/. 60,897.38 | S/. 36,937.75 | S/. 12,978.13 |
Resumen de costos y egresos
Rubro | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
Mano de obra directa | 147,140.00 | 155,232.00 | 162,993.60 | 171,143.28 | 179,700.44 | 188,685.47 | 198,119.74 | 208,025.73 | 218,427.01 | 229,348.36 |
Mano de obra indirecta | 17,970.04 | 18,868.55 | 19,811.97 | 20,802.57 | 21,842.70 | 17,970.04 | 18,868.55 | 19,811.97 | 20,802.57 | 21,842.70 |
Insumos de servicios extras | 19,801.25 | 20,788.60 | 21,830.20 | 22,926.05 | 24,065.30 | 25,269.65 | 26,539.10 | 27,862.80 | 29,251.60 | 30,716.35 |
Materiales directos | 110,828.06 | 80,135.72 | 87,469.17 | 95,546.57 | 102,413.13 | 111,398.98 | 120,112.57 | 129,594.05 | 139,861.49 | 149,873.18 |
Materiales indirectos | 15,950.00 | 16,390.00 | 16,869.20 | 17,391.14 | 17,959.67 | 18,579.00 | 19,253.74 | 19,988.90 | 20,789.97 | 21,662.91 |
TOTAL (S/.) | 311,689.35 | 291,414.87 | 308,974.14 | 327,809.61 | 345,981.24 | 361,903.14 | 382,893.70 | 405,283.45 | 429,132.64 | 453,443.50 |
Servicios | ||||||||||
Energía eléctrica | 8,746.13 | 9,874.66 | 11,285.33 | 12,978.13 | 14,388.80 | 16,363.73 | 18,056.53 | 20,031.46 | 22,288.53 | 24,263.46 |
Agua potable | 7,888.61 | 8,906.49 | 10,178.85 | 11,705.68 | 12,978.03 | 14,759.33 | 16,286.16 | 18,067.46 | 20,103.23 | 21,884.53 |
Teléfono | 6,000.00 | 6,000.00 | 6,000.00 | 6,000.00 | 6,000.00 | 6,000.00 | 6,000.00 | 6,000.00 | 6,000.00 | 6,000.00 |
Gas | 15,000.00 | 15,000.00 | 15,000.00 | 15,000.00 | 15,000.00 | 15,000.00 | 15,000.00 | 15,000.00 | 15,000.00 | 15,000.00 |
Televisión por cable | 2,880.00 | 2,880.00 | 2,880.00 | 2,880.00 | 2,880.00 | 2,880.00 | 2,880.00 | 2,880.00 | 2,880.00 | 2,880.00 |
Internet | 3,719.88 | 3,719.88 | 3,719.88 | 3,719.88 | 3,719.88 | 3,719.88 | 3,719.88 | 3,719.88 | 3,719.88 | 3,719.88 |
Pasajes a Lima (ida y vuelta) | 4,920.00 | 5,560.00 | 6,200.00 | 6,840.00 | 7,480.00 | 8,120.00 | 8,760.00 | 9,400.00 | 10,020.00 | 10,660.00 |
Mantenimiento | 20,000.00 | 23,000.00 | 26,450.00 | 30,417.50 | 34,980.13 | 40,227.14 | 46,261.22 | 53,200.40 | 61,180.46 | 70,357.53 |
Total servicios | 69,154.62 | 74,941.03 | 81,714.06 | 89,541.19 | 97,426.84 | 107,070.08 | 116,963.79 | 128,299.20 | 141,192.10 | 154,765.40 |
Depreciación | 63,125.96 | 63,125.96 | 63,125.96 | 63,125.96 | 63,125.96 | 63,125.96 | 63,125.96 | 63,125.96 | 63,125.96 | 63,125.96 |
Amortización de intangibles | 3,170.00 | 3,170.00 | 3,170.00 | 3,170.00 | 3,170.00 | 3,170.00 | 3,170.00 | 3,170.00 | 3,170.00 | 3,170.00 |
447,139.93 | 432,651.86 | 456,984.16 | 483,646.76 | 509,704.04 | 535,269.18 | 566,153.45 | 599,878.61 | 636,620.70 | 674,504.86 | |
Gasto de ventas | 25,000.00 | 31,250.00 | 39,062.50 | 48,828.13 | 61,035.16 | 76,293.95 | 95,367.43 | 119,209.29 | 149,011.61 | 186,264.51 |
Gastos administrativos | 89,579.99 | 94,204.00 | 98,639.20 | 103,296.16 | 108,185.96 | 113,320.27 | 118,711.29 | 124,371.83 | 130,315.43 | 136,556.21 |
Gastos financieros | 84,857.00 | 60,897.38 | 36,937.75 | 12,978.13 | ||||||
TOTAL EGRESOS (S/.) | 621,576.92 | 587,753.24 | 592,561.11 | 599,921.05 | 617,890.00 | 648,589.45 | 684,864.74 | 724,250.44 | 766,936.13 | 811,061.07 |
Estado de ganancias y pérdidas
Este reporte resume todos los ingresos y gastos que se han generado en los 10 años que dura el proyecto. En la tabla se muestra el EGP proyectado y se observa que en el primer año del ejercicio existe una utilidad de S/. 116,842.48 y al final del horizonte de tiempo se llega a obtener una utilidad de S/. 696,194.87
Rubro | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
Ingresos | 813,494.75 | 927,251.38 | 1,046,183.09 | 1,170,305.59 | 1,277,464.12 | 1,409,364.57 | 1,547,250.33 | 1,690,406.87 | 1,838,120.75 | 1,991,889.68 |
Costo del servicio | 380,843.97 | 366,355.90 | 390,688.20 | 417,350.80 | 443,408.08 | 468,973.22 | 499,857.49 | 533,582.65 | 570,324.74 | 608,208.90 |
UTILIDAD BRUTA (S/.) | 432,650.78 | 560,895.48 | 655,494.89 | 752,954.79 | 834,056.03 | 940,391.36 | 1,047,392.84 | 1,156,824.22 | 1,267,796.01 | 1,383,680.78 |
Gastos de administración | 89,579.99 | 94,204.00 | 98,639.20 | 103,296.16 | 108,185.96 | 113,320.27 | 118,711.29 | 124,371.83 | 130,315.43 | 136,556.21 |
Gasto de ventas | 25,000.00 | 31,250.00 | 39,062.50 | 48,828.13 | 61,035.16 | 76,293.95 | 95,367.43 | 119,209.29 | 149,011.61 | 186,264.51 |
Depreciación | 63,125.96 | 63,125.96 | 63,125.96 | 63,125.96 | 63,125.96 | 63,125.96 | 63,125.96 | 63,125.96 | 63,125.96 | 63,125.96 |
Amortización de gastos pre-operativos | 3,170.00 | 3,170.00 | 3,170.00 | 3,170.00 | 3,170.00 | 3,170.00 | 3,170.00 | 3,170.00 | 3,170.00 | 3,170.00 |
UTILIDAD OPERATIVA (S/.) | 251,774.83 | 369,145.52 | 451,497.23 | 534,534.54 | 598,538.95 | 684,481.18 | 767,018.16 | 846,947.14 | 922,173.01 | 994,564.10 |
Gastos financieros | 84,857.00 | 60,897.38 | 36,937.75 | 12,978.13 | ||||||
Utilidad antes de impuestos | 166,917.83 | 308,248.14 | 414,559.48 | 521,556.41 | 598,538.95 | 684,481.18 | 767,018.16 | 846,947.14 | 922,173.01 | 994,564.10 |
Impuesto a la renta (30%) | 50,075.35 | 92,474.44 | 124,367.84 | 156,466.92 | 179,561.69 | 205,344.35 | 230,105.45 | 254,084.14 | 276,651.90 | 298,369.23 |
UTILIDAD NETA (S/.) | 116,842.48 | 215,773.70 | 290,191.64 | 365,089.48 | 418,977.27 | 479,136.82 | 536,912.71 | 592,863.00 | 645,521.11 | 696,194.87 |
Flujo de caja
El flujo de caja nos muestra las necesidades esperadas de efectivo a lo largo de la vida útil del proyecto. En la tabla se muestra el flujo de caja económico y flujo de caja financiero que servirá para determinar la rentabilidad de la inversión
Rubro | Año 0 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |||||
Ingresos | ||||||||||||||||
Ingreso por Ventas | 0.00 | 813,494.75 | 927,251.38 | 1,046,183.09 | 1,170,305.59 | 1,277,464.12 | 1,409,364.57 | 1,547,250.33 | 1,690,406.87 | 1,838,120.75 | 1,991,889.68 | |||||
Venta de Activos | 646,180.70 | |||||||||||||||
Recuperación del Capital de Trabajo | 29,528.97 | |||||||||||||||
Total Ingresos | 813,494.75 | 927,251.38 | 1,046,183.09 | 1,170,305.59 | 1,277,464.12 | 1,409,364.57 | 1,547,250.33 | 1,690,406.87 | 1,838,120.75 | 2,667,599.36 | ||||||
Egresos | ||||||||||||||||
Inversión de Activo Fijo | 1,395,100.28 | |||||||||||||||
Inversión de Activo Intangible | 31,700.00 | |||||||||||||||
Inversión de Capital de Trabajo | 29,528.97 | |||||||||||||||
Costo de Servicio | ||||||||||||||||
Gastos Administrativos | ||||||||||||||||
BALANCE GENERAL
Gastos de Venta | 25,000.00 | 31,250.00 | 39,062.50 | 48,828.13 | 61,035.16 | 76,293.95 | 95,367.43 | |
IGV por Pagar | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Impuesto a la Renta | 75,532.45 | 110,743.65 | 135,449.17 | 160,360.36 | 179,561.69 | 205,344.35 | 230,105.45 | |
Total Egresos | 1,456,329.25 | 574,126.41 | 605,723.55 | 667,009.07 | 733,005.45 | 795,360.89 | 867,101.79 | 947,211.66 |
FLUJO DE CAJA ECONÓMICO | – 1,456,329.25 | 239,368.34 | 321,527.82 | . 379,174.02 | 437,300.14 | 482,103.23 | 542,262.78 | 600,038.67 |
Flujo de Financiamiento Neto | ||||||||
Préstamo | 575,049.95 | |||||||
Amortización | 143,762.49 | 143,762.49 | 143,762.49 | 143,762.49 | ||||
Intereses | 84,857.00 | 60,897.38 | 36,937.75 | 12,978.13 | ||||
Escudo Tributario | 25,457.10 | 18,269.21 | 11,081.33 | 3,893.44 | ||||
Total Flujo Financiamiento | -575,049.95 | -203,162.39 | -186,390.65 | -169,618.91 | -152,847.18 | |||
FLUJO DE CAJA FINANCIERO | – 881,279.30 | 36,205.95 | . 135,137.17 | . 209,555.11 | 284,452.96 | 482,103.23 | 542,262.78 | 600,038.67 |
BALANCE GENERAL
Rubro | Año 0 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
ACTIVO CORRIENTE | ||||||||||||
Caja Bancos | 29,528.97 | 127,187.97 | 291,248.86 | 496,984.43 | 762,987.92 | 1,200,556.79 | 1,690,822.74 | 2,225,572.73 | 2,803,752.87 | 3,421,660.91 | 4,078,662.22 | |
Total Activos Corrientes | 29,528.97 | 127,187.97 | 291,248.86 | 496,984.43 | 762,987.92 | 1,200,556.79 | 1,690,822.74 | 2,225,572.73 | 2,803,752.87 | 3,421,660.91 | 4,078,662.22 | |
Activo No Corriente | ||||||||||||
Activo Fijo | 1,395,100.28 | 1,395,100.28 | 1,395,100.28 | 1,395,100.28 | 1,395,100.28 | 1,395,100.28 | 1,395,100.28 | 1,395,100.28 | 1,395,100.28 | 1,395,100.28 | 1,395,100.28 | |
Activo Intangible | 31,700.00 | 31,700.00 | 31,700.00 | 31,700.00 | 31,700.00 | 31,700.00 | 31,700.00 | 31,700.00 | 31,700.00 | 31,700.00 | 31,700.00 | |
Depreciación y Amortización Acumulado | 0.00 | 63,125.96 | 126,251.92 | 189,377.88 | 252,503.84 | 315,629.80 | 378,755.76 | 441,881.72 | 505,007.68 | 568,133.64 | 631,259.60 | |
Total Activos No Corrientes | 1,426,800.28 | 1,363,674.32 | 1,300,548.36 | 1,237,422.40 | 1,174,296.44 | 1,111,170.48 | 1,048,044.52 | 984,918.56 | 921,792.60 | 858,666.64 | 795,540.68 | |
1,937,284.36 | 4,280,327.55 | |||||||||||
PASIVO | ||||||||||||
PASIVO CORRIENTE | ||||||||||||
Cuentas por Pagar (Impuestos) | 0.00 | 50,075.35 | 92,474.44 | 124,367.84 | 156,466.92 | 179,561.69 | 205,344.35 | 230,105.45 | 254,084.14 | 276,651.90 | 298,369.23 | |
Dividendos por Pagar | 0.00 | 35,052.74 | 64,732.11 | 87,057.49 | 109,526.85 | 125,693.18 | 143,741.05 | 161,073.81 | 177,858.90 | 193,656.33 | 208,858.46 | |
Total Pasivo Corriente | 0.00 | 85,128.09 | 157,206.55 | 211,425.34 | 265,993.77 | 305,254.87 | 349,085.40 | 391,179.26 | 431,943.04 | 470,308.24 | 507,227.69 | |
PASIVO NO CORRIENTE | ||||||||||||
Préstamo | 575,356.50 | 431,287.46 | 287,524.98 | 143,762.49 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Total Pasivo No Corriente | 575,356.50 | 431,287.46 | 287,524.98 | 143,762.49 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Total Pasivo | 575,356.50 | 516,415.55 | 444,731.53 | 355,187.83 | 265,993.77 | 305,254.87 | 349,085.40 | 391,179.26 | 431,943.04 | 470,308.24 | 507,227.69 | |
PATRIMONIO | ||||||||||||
Capital Social | 880,972.75 | 880,972.75 | 880,972.75 | 880,972.75 | 880,972.75 | 880,972.75 | 880,972.75 | 880,972.75 | 880,972.75 | 880,972.75 | 880,972.75 | |
Reserva Legal Acumulada | 0.00 | 11,684.25 | 33,261.62 | 62,280.78 | 98,789.73 | 140,687.46 | 188,601.14 | 242,292.41 | 301,578.71 | 366,130.82 | 435,750.31 | |
Utilidad Retenida Acumulada | 0.00 | 81,789.74 | 232,831.32 | 435,965.47 | 691,528.11 | 984,812.20 | 1,320,207.97 | 1,696,046.87 | 2,111,050.97 | 2,562,915.74 | 3,050,252.15 | |
Total Patrimonio | 880,972.75 | 974,446.74 | 1,147,065.69 | 1,379,219.00 | 1,671,290.59 | 2,006,472.40 | 2,389,781.86 | 2,819,312.03 | 3,293,602.43 | 3,810,019.32 | 4,366,975.21 | |
1,937,284.36 | 4,874,202.90 | |||||||||||
4.7 EVALUACIÓN FINANCIERA
Costo de capital (COK)
Rubro | Porcentaje | ||
Tasa pasiva promedio anual en depósito a plazo | 7.26% | ||
Inflación proyectada 2016 | 2.60% | ||
Ganancia esperada del inversionista | 3.5% | ||
COK (%) | 13.36% | ||
Datos para calcular el WACC
Rubro | Cantidad |
AP | S/. 880,972.7512 |
COK | 13.36% |
MP | S/. 575,049.95 |
CP | 18% |
4.7.1 Indicadores de rentabilidad
Normalmente se debería emplear la tasa del costo ponderado de capital (WACC) para analizar el valor actual neto económico (VANE), sin embargo como el costo de capital (COK) es mayor que el WACC y se pretende un mayor grado de exigencia, el Valor Actual Neto Económico (VANE) y el Valor Actual Neto Financiero (VANF) se evaluarán con un COK de 13.36% redondeado a 14%.
Valor Actual Neto (en S/.)
Indicador de Rentabilidad | Monto |
VANE | S/. 1,088,099.50 |
VANF | S/. 1,136,529.54 |
Tasa Interna de Retorno (TIR)
La Tasa Interna de Retorno Económico (TIRE) y la Tasa de Retorno
Financiero (TIRF) del proyecto. Dado que ambos resultados son mayores al costo
de oportunidad (COK) de 14%, es recomendable llevar a cabo el proyecto.
Tasa interna de retorno (en porcentaje)
Indicador de rentabilidad | Porcentaje |
TIRE | 27% |
TIRF | 30% |
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