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New Heritage Doll

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New Heritage Doll Company: Capital Budgeting
Match my doll clothing line expansion 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Ingresos 4,500 6,860 8,409 9,082 9,808 10,593 11,440 12,355 13,344 14,411 Crecimiento de Ingresos 52.4% 22.6% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
Costos de Producción
Gastos Fijos de Producción (sin depreciación) 575 575 587 598 610 622 635 648 660 674
Costos Variables de Producción 2,035 3,404 4,291 4,669 5,078 5,521 6,000 6,519 7,079 7,685
Depreciación 152 152 152 152 164 178 192 207 224 242
Total de Costos de Producción 0 2,762 4,131 5,029 5,419 5,853 6,321 6,827 7,373 7,963 8,600
Gastos de Ventas, Generales y Administrativos 1,250 1,155 1,735 2,102 2,270 2,452 2,648 2,860 3,089 3,336 3,603
Total de Gastos Operativos 1,250 3,917 5,866 7,132 7,690 8,305 8,969 9,687 10,462 11,299 12,203 Utilidad de Operación -1,250 583 994 1,277 1,392 1,503 1,623 1,753 1,893 2,045 2,209 Supuestos de Capital de Trabajo
Saldo minimo de caja como % de Ventas 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Días pendientes de venta 59.2 59.2 59.2 59.2 59.2 59.2 59.2 59.2 59.2 59.2
Rotación de Inventarios 7.7 8.3 12.7 12.7 12.7 12.7 12.7 12.7 12.7 12.7
Días pendientes de pago (basado en gastos de operación) 30.8 30.9 31.0 31.0 31.0 31.0 31.0 31.0 31.0 31.0 Gastos de Capital 1,470 952 152 152 334 361 389 421 454 491 530

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Capital de trabajo neto Saldo minimo en caja 135 206 252 272 294 318 343 371 400 432 Cuentas por cobrar 76 116 142 153 166 179 193 209 226 244 Inventario 360 500 396 427 461 498 538 581 627 677 Cuentas por pagar 127 190 230 248 268 289 312 337 364 394 Capital de Trabajo neto 800 443 632 560 605 653 705 762 823 888 960 Cambio en Capital de Trabajo 800 357 189 72 44 48 52 56 61 66 71 Flujo de Caja Operativo EBIT 1250 583 994 1277 1392 1503 1623 1753 1893 2045 2209 Impuesto (40%) 40% 0 233 398 511 557 601 649 701 757 818 883 Ganancias despues de impuestos 1250 350 596 766 835 902 974 1052 1136 1227 1325 Depreciación 0 152 152 152 152 164 178 192 207 224 242 Flujo de Caja Operativo Total 1250 502 749 919 987 1066 1152 1244 1343 1451 1567 Flujo de Efectivo Libre Flujo de Caja operativo total 1250 502 749 919 987 1066 1152 1244 1343 1451 1567 Cambio en Capital de Trabajo 800 357 189 72 44 48 52 56 61 66 71 Gasto de Capital 1470 952 152 152 334 361 389 421 454 491 530 Beneficio Tributario 500 Total Flujo de Efectivo Libre 3520 406 408 838 609 657 710 767 828 894 966 Periodo (año) 0 1 2 3 4 5 6 7 8 9 10 Riesgo bajo Flujo de Efectivo 3520 406 408 838 609 657 710 767 828 894 966 Flujo Descontado 3114 2706 1868 1259 601 109 875 1703 2598 3564 Riesgo medio Flujo de Efectivo 3520 406 408 838 609 657 710 767 828 894 966 Flujo Descontado 3114 2706 1868 1259 601 109 875 1703 2598 3564 Riesgo alto Flujo de Efectivo 3520 406 408 838 609 657 710 767 828 894 966 Flujo Descontado 3114 2706 1868 1259 601 109 875 1703 2598 3564 Nivel de Riesgo Porcentaje VNA PRI TIR Bajo 7.70% 1,073.33852324915 5.846926792 13.19% Medio 8.40% 911.91082939066 5.846926792 13.19% Alto 9% 779.97648876555 5.846926792 13.19%

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