Agroindustria. Estrictamente Privado y Confidencial 2 Proyecto 1 Tarapaga Proyecto 1 Horizonte...
Transcript of Agroindustria. Estrictamente Privado y Confidencial 2 Proyecto 1 Tarapaga Proyecto 1 Horizonte...
Agroindustria
Estrictamente Privado y Confidencial 2
Proyecto 1Tarapaga
Proyecto 1Horizonte Análisis 10 años con Valor Terminal
Estrictamente Privado y Confidencial 3
Proyecto 1Tarapaga – P&G
P&G 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Ingresos OperacionalesIngresos - 353.496.000 873.842.112 900.057.375 927.059.097 954.870.870 983.516.996 1.013.022.505 1.043.413.181 1.074.715.576 Valor Terminal - - - - - - - - - 1.400.000.000
Total Ingresos Operacionales - 353.496.000 873.842.112 900.057.375 927.059.097 954.870.870 983.516.996 1.013.022.505 1.043.413.181 2.474.715.576 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 137,18%
Costos y Gastos OperacionalesOpex 384.000.000 395.520.000 339.488.000 349.672.640 360.162.819 370.967.704 382.096.735 393.559.637 405.366.426 417.527.419
Total Costos y Gastos Operacionales 384.000.000 395.520.000 339.488.000 349.672.640 360.162.819 370.967.704 382.096.735 393.559.637 405.366.426 417.527.419 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00%
EBITDA (384.000.000) (42.024.000) 534.354.112 550.384.735 566.896.277 583.903.166 601.420.261 619.462.869 638.046.755 2.057.188.157 Margen EBITDA -11,89% 61,15% 61,15% 61,15% 61,15% 61,15% 61,15% 61,15% 83,13%
Costos No MonetariosDepreciacion - - - - - - - - - - Amortizacion - - - - - - - - - -
Total Costos No Monetarios - - - - - - - - - -
Utilidad Operacional (384.000.000) (42.024.000) 534.354.112 550.384.735 566.896.277 583.903.166 601.420.261 619.462.869 638.046.755 2.057.188.157
Ingresos / Costos No OperacionalesIngresos No Operacionales
ICR - 92.160.000 - - - - - - - - Egresos No Operacionales
Intereses Deuda Financiera 25.952.248 28.311.543 20.054.009 14.391.701 8.729.392 3.067.084 - - - - Total Ingresos / Costos No Operacionales (25.952.248) 63.848.457 (20.054.009) (14.391.701) (8.729.392) (3.067.084) - - - -
Utilidad / Perdida antes de Impuestos (409.952.248) 21.824.457 514.300.103 535.993.034 558.166.885 580.836.082 601.420.261 619.462.869 638.046.755 2.057.188.157
Impuestos 6.887.323 9.393.026 42.898.586 182.237.632 189.776.741 197.484.268 204.482.889 210.617.375 216.935.897 699.443.973
Utilidad / Perdida Despues de Impuestos (416.839.571) 12.431.431 471.401.516 353.755.403 368.390.144 383.351.814 396.937.372 408.845.493 421.110.858 1.357.744.184
Estrictamente Privado y Confidencial 4
Proyecto 1Tarapaga - FCT
Flujo de Caja de Tesorería 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Ingresos de TesoreríaIngresos - 353.496.000 873.842.112 900.057.375 927.059.097 954.870.870 983.516.996 1.013.022.505 1.043.413.181 2.474.715.576 Equity 1.085.180.000 230.720.000 - - - - - - - - Deuda Financiera 460.800.000 - - - - - - - - - ICR - 92.160.000 - - - - - - - -
Total Ingresos de Tesorería 1.545.980.000 676.376.000 873.842.112 900.057.375 927.059.097 954.870.870 983.516.996 1.013.022.505 1.043.413.181 2.474.715.576
Egresos de TesoreríaOpex 384.000.000 395.520.000 339.488.000 349.672.640 360.162.819 370.967.704 382.096.735 393.559.637 405.366.426 417.527.419 CAPEX 1.081.600.000 - - - - - - - - - Impuestos - 6.887.323 9.393.026 42.898.586 182.237.632 189.776.741 197.484.268 204.482.889 210.617.375 216.935.897
Total Egresos de Tesorería 1.465.600.000 402.407.323 348.881.026 392.571.226 542.400.451 560.744.445 579.581.003 598.042.526 615.983.801 634.463.315
Flujo de Caja del Periodo 80.380.000 273.968.677 524.961.086 507.486.149 384.658.646 394.126.425 403.935.993 414.979.980 427.429.379 1.840.252.261
Flujo de Caja Inicial - 54.427.752 207.924.887 620.671.963 1.021.606.412 968.385.720 935.733.931 994.653.292 1.052.389.637 1.111.858.072
CFADS - Cash Flow Available for Debt Service 80.380.000 328.396.429 732.885.973 1.128.158.113 1.406.265.057 1.362.512.145 1.339.669.924 1.409.633.271 1.479.819.016 2.952.110.333
Servicio Deuda FinancieraAmortizacion - 92.160.000 92.160.000 92.160.000 92.160.000 92.160.000 - - - - Intereses 25.952.248 28.311.543 20.054.009 14.391.701 8.729.392 3.067.084 - - - -
Total Servicio Deuda Financiera 25.952.248 120.471.543 112.214.009 106.551.701 100.889.392 95.227.084 - - - -
Flujo de Caja Disponible para Dividendos 54.427.752 207.924.887 620.671.963 1.021.606.412 1.305.375.665 1.267.285.061 1.339.669.924 1.409.633.271 1.479.819.016 2.952.110.333
Dividendos - - - - 336.989.945 331.551.130 345.016.633 357.243.635 367.960.944 378.999.772
Flujo de Caja Final 54.427.752 207.924.887 620.671.963 1.021.606.412 968.385.720 935.733.931 994.653.292 1.052.389.637 1.111.858.072 2.573.110.560
Estrictamente Privado y Confidencial 5
Proyecto 1Tarapaga - BG
Balance General 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
ActivosCaja + Bancos 54.427.752 207.924.887 620.671.963 1.021.606.412 968.385.720 935.733.931 994.653.292 1.052.389.637 1.111.858.072 2.573.110.560 Activos Fijos
Terrenos 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 Depreciacion Acumulada - - - - - - - - - -
Total Activos 1.136.027.752 1.289.524.887 1.702.271.963 2.103.206.412 2.049.985.720 2.017.333.931 2.076.253.292 2.133.989.637 2.193.458.072 3.654.710.560
PasivosImpuestos 6.887.323 9.393.026 42.898.586 182.237.632 189.776.741 197.484.268 204.482.889 210.617.375 216.935.897 699.443.973 Deuda Financiera 460.800.000 368.640.000 276.480.000 184.320.000 92.160.000 - - - - -
Total Pasivos 467.687.323 378.033.026 319.378.586 366.557.632 281.936.741 197.484.268 204.482.889 210.617.375 216.935.897 699.443.973
PatrimonioEquity 1.085.180.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 Reserva Legal - 1.243.143 48.383.295 83.758.835 120.597.849 158.933.031 198.626.768 239.511.317 281.622.403 417.396.822 Utilidad/Perdida del Ejercicio (416.839.571) 11.188.288 424.261.365 318.379.862 331.551.130 345.016.633 357.243.635 367.960.944 378.999.772 1.221.969.765 Utilidad/Perdida Acumuladas - (416.839.571) (405.651.282) 18.610.082 - - - - - -
Total Patrimonio 668.340.429 911.491.861 1.382.893.377 1.736.648.780 1.768.048.979 1.819.849.664 1.871.770.403 1.923.372.261 1.976.522.175 2.955.266.587
Estrictamente Privado y Confidencial 6
Proyecto 1Tarapaga - FCI
Flujo de Caja del Inversionista 2.015 2.016 2.017 2.018 2.019 2.020 2.021 2.022 2.023 2.024 (-) Equity (1.085.180.000) (230.720.000) - - - - - - - - (+) Dividendos - - - - 336.989.945 331.551.130 345.016.633 357.243.635 367.960.944 378.999.772 (+) Flujo de Caja Final - - - - - - - - - 2.573.110.560
Total Flujo del Inversionista ($Corrientes) (1.085.180.000) (230.720.000) - - 336.989.945 331.551.130 345.016.633 357.243.635 367.960.944 2.952.110.333 Factor Inf lación 1,00 1,03 1,06 1,09 1,13 1,16 1,19 1,23 1,27 1,30 Total Flujo del Inversionista ($Constantes) (1.085.180.000) (224.000.000) - - 299.411.201 285.998.917 288.945.998 290.471.767 290.471.767 2.262.546.755
TIR Nominal 18,52%TIR Real 15,07%
Estrictamente Privado y Confidencial 7
Proyecto 1Tarapaga
Proyecto 1Horizonte Análisis 20 años sin Valor Terminal
Estrictamente Privado y Confidencial 8
Proyecto 1Tarapaga – P&G
P&G 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Ingresos OperacionalesIngresos - 353.496.000 873.842.112 900.057.375 927.059.097 954.870.870 983.516.996 1.013.022.505 1.043.413.181 1.074.715.576 Valor Terminal - - - - - - - - - -
Total Ingresos Operacionales - 353.496.000 873.842.112 900.057.375 927.059.097 954.870.870 983.516.996 1.013.022.505 1.043.413.181 1.074.715.576 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00%
Costos y Gastos OperacionalesOpex 384.000.000 395.520.000 339.488.000 349.672.640 360.162.819 370.967.704 382.096.735 393.559.637 405.366.426 417.527.419
Total Costos y Gastos Operacionales 384.000.000 395.520.000 339.488.000 349.672.640 360.162.819 370.967.704 382.096.735 393.559.637 405.366.426 417.527.419 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00%
EBITDA (384.000.000) (42.024.000) 534.354.112 550.384.735 566.896.277 583.903.166 601.420.261 619.462.869 638.046.755 657.188.157 Margen EBITDA -11,89% 61,15% 61,15% 61,15% 61,15% 61,15% 61,15% 61,15% 61,15%
Costos No MonetariosDepreciacion - - - - - - - - - - Amortizacion - - - - - - - - - -
Total Costos No Monetarios - - - - - - - - - -
Utilidad Operacional (384.000.000) (42.024.000) 534.354.112 550.384.735 566.896.277 583.903.166 601.420.261 619.462.869 638.046.755 657.188.157
Ingresos / Costos No OperacionalesIngresos No Operacionales
ICR - 92.160.000 - - - - - - - - Egresos No Operacionales
Intereses Deuda Financiera 25.952.248 28.311.543 20.054.009 14.391.701 8.729.392 3.067.084 - - - - Total Ingresos / Costos No Operacionales (25.952.248) 63.848.457 (20.054.009) (14.391.701) (8.729.392) (3.067.084) - - - -
Utilidad / Perdida antes de Impuestos (409.952.248) 21.824.457 514.300.103 535.993.034 558.166.885 580.836.082 601.420.261 619.462.869 638.046.755 657.188.157
Impuestos 6.887.323 9.393.026 42.898.586 182.237.632 189.776.741 197.484.268 204.482.889 210.617.375 216.935.897 223.443.973
Utilidad / Perdida Despues de Impuestos (416.839.571) 12.431.431 471.401.516 353.755.403 368.390.144 383.351.814 396.937.372 408.845.493 421.110.858 433.744.184
Estrictamente Privado y Confidencial 9
Proyecto 1Tarapaga – P&G
P&G 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Ingresos OperacionalesIngresos 1.106.957.043 1.140.165.755 1.174.370.727 1.209.601.849 1.245.889.905 1.283.266.602 1.321.764.600 1.361.417.538 1.402.260.064 1.444.327.866 Valor Terminal - - - - - - - - - -
Total Ingresos Operacionales 1.106.957.043 1.140.165.755 1.174.370.727 1.209.601.849 1.245.889.905 1.283.266.602 1.321.764.600 1.361.417.538 1.402.260.064 1.444.327.866 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00%
Costos y Gastos OperacionalesOpex 430.053.241 442.954.839 456.243.484 469.930.788 484.028.712 498.549.573 513.506.061 528.911.242 544.778.580 561.121.937
Total Costos y Gastos Operacionales 430.053.241 442.954.839 456.243.484 469.930.788 484.028.712 498.549.573 513.506.061 528.911.242 544.778.580 561.121.937 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00%
EBITDA 676.903.802 697.210.916 718.127.243 739.671.061 761.861.193 784.717.028 808.258.539 832.506.295 857.481.484 883.205.929 Margen EBITDA 61,15% 61,15% 61,15% 61,15% 61,15% 61,15% 61,15% 61,15% 61,15% 61,15%
Costos No MonetariosDepreciacion - - - - - - - - - - Amortizacion - - - - - - - - - -
Total Costos No Monetarios - - - - - - - - - -
Utilidad Operacional 676.903.802 697.210.916 718.127.243 739.671.061 761.861.193 784.717.028 808.258.539 832.506.295 857.481.484 883.205.929
Ingresos / Costos No OperacionalesIngresos No Operacionales
ICR - - - - - - - - - - Egresos No Operacionales
Intereses Deuda Financiera - - - - - - - - - - Total Ingresos / Costos No Operacionales - - - - - - - - - -
Utilidad / Perdida antes de Impuestos 676.903.802 697.210.916 718.127.243 739.671.061 761.861.193 784.717.028 808.258.539 832.506.295 857.481.484 883.205.929
Impuestos 230.147.293 237.051.711 244.163.263 251.488.161 259.032.805 266.803.790 274.807.903 283.052.140 291.543.705 300.290.016
Utilidad / Perdida Despues de Impuestos 446.756.509 460.159.205 473.963.981 488.182.900 502.828.387 517.913.239 533.450.636 549.454.155 565.937.780 582.915.913
Estrictamente Privado y Confidencial 10
Proyecto 1Tarapaga – FCT
Flujo de Caja de Tesorería 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Ingresos de TesoreríaIngresos - 353.496.000 873.842.112 900.057.375 927.059.097 954.870.870 983.516.996 1.013.022.505 1.043.413.181 1.074.715.576 Equity 1.085.180.000 230.720.000 - - - - - - - - Deuda Financiera 460.800.000 - - - - - - - - - ICR - 92.160.000 - - - - - - - -
Total Ingresos de Tesorería 1.545.980.000 676.376.000 873.842.112 900.057.375 927.059.097 954.870.870 983.516.996 1.013.022.505 1.043.413.181 1.074.715.576
Egresos de TesoreríaOpex 384.000.000 395.520.000 339.488.000 349.672.640 360.162.819 370.967.704 382.096.735 393.559.637 405.366.426 417.527.419 CAPEX 1.081.600.000 - - - - - - - - - Impuestos - 6.887.323 9.393.026 42.898.586 182.237.632 189.776.741 197.484.268 204.482.889 210.617.375 216.935.897
Total Egresos de Tesorería 1.465.600.000 402.407.323 348.881.026 392.571.226 542.400.451 560.744.445 579.581.003 598.042.526 615.983.801 634.463.315
Flujo de Caja del Periodo 80.380.000 273.968.677 524.961.086 507.486.149 384.658.646 394.126.425 403.935.993 414.979.980 427.429.379 440.252.261
Flujo de Caja Inicial - 54.427.752 207.924.887 620.671.963 1.021.606.412 968.385.720 935.733.931 994.653.292 1.052.389.637 1.111.858.072
CFADS - Cash Flow Available for Debt Service 80.380.000 328.396.429 732.885.973 1.128.158.113 1.406.265.057 1.362.512.145 1.339.669.924 1.409.633.271 1.479.819.016 1.552.110.333
Servicio Deuda FinancieraAmortizacion - 92.160.000 92.160.000 92.160.000 92.160.000 92.160.000 - - - - Intereses 25.952.248 28.311.543 20.054.009 14.391.701 8.729.392 3.067.084 - - - -
Total Servicio Deuda Financiera 25.952.248 120.471.543 112.214.009 106.551.701 100.889.392 95.227.084 - - - -
Flujo de Caja Disponible para Dividendos 54.427.752 207.924.887 620.671.963 1.021.606.412 1.305.375.665 1.267.285.061 1.339.669.924 1.409.633.271 1.479.819.016 1.552.110.333
Dividendos - - - - 336.989.945 331.551.130 345.016.633 357.243.635 367.960.944 378.999.772
Flujo de Caja Final 54.427.752 207.924.887 620.671.963 1.021.606.412 968.385.720 935.733.931 994.653.292 1.052.389.637 1.111.858.072 1.173.110.560
Estrictamente Privado y Confidencial 11
Proyecto 1Tarapaga – FCT
Flujo de Caja de Tesorería 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Ingresos de TesoreríaIngresos 1.106.957.043 1.140.165.755 1.174.370.727 1.209.601.849 1.245.889.905 1.283.266.602 1.321.764.600 1.361.417.538 1.402.260.064 1.444.327.866 Equity - - - - - - - - - - Deuda Financiera - - - - - - - - - - ICR - - - - - - - - - -
Total Ingresos de Tesorería 1.106.957.043 1.140.165.755 1.174.370.727 1.209.601.849 1.245.889.905 1.283.266.602 1.321.764.600 1.361.417.538 1.402.260.064 1.444.327.866
Egresos de TesoreríaOpex 430.053.241 442.954.839 456.243.484 469.930.788 484.028.712 498.549.573 513.506.061 528.911.242 544.778.580 561.121.937 CAPEX - - - - - - - - - - Impuestos 223.443.973 230.147.293 237.051.711 244.163.263 251.488.161 259.032.805 266.803.790 274.807.903 283.052.140 291.543.705
Total Egresos de Tesorería 653.497.215 673.102.131 693.295.195 714.094.051 735.516.873 757.582.379 780.309.850 803.719.146 827.830.720 852.665.642
Flujo de Caja del Periodo 453.459.828 467.063.623 481.075.532 495.507.798 510.373.032 525.684.223 541.454.750 557.698.392 574.429.344 591.662.224
Flujo de Caja Inicial 1.173.110.560 1.236.200.624 1.301.183.389 1.368.115.636 1.437.055.852 1.508.064.274 1.581.202.948 1.656.535.783 1.734.128.603 1.759.103.792
CFADS - Cash Flow Available for Debt Service 1.626.570.389 1.703.264.247 1.782.258.921 1.863.623.434 1.947.428.884 2.033.748.497 2.122.657.698 2.214.234.175 2.308.557.946 2.350.766.016
Servicio Deuda FinancieraAmortizacion - - - - - - - - - - Intereses - - - - - - - - - -
Total Servicio Deuda Financiera - - - - - - - - - -
Flujo de Caja Disponible para Dividendos 1.626.570.389 1.703.264.247 1.782.258.921 1.863.623.434 1.947.428.884 2.033.748.497 2.122.657.698 2.214.234.175 2.308.557.946 2.350.766.016
Dividendos 390.369.765 402.080.858 414.143.284 426.567.583 439.364.610 452.545.548 466.121.915 480.105.572 549.454.155 565.937.780
Flujo de Caja Final 1.236.200.624 1.301.183.389 1.368.115.636 1.437.055.852 1.508.064.274 1.581.202.948 1.656.535.783 1.734.128.603 1.759.103.792 1.784.828.236
Estrictamente Privado y Confidencial 12
Proyecto 1Tarapaga – Balance General
Balance General 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
ActivosCaja + Bancos 54.427.752 207.924.887 620.671.963 1.021.606.412 968.385.720 935.733.931 994.653.292 1.052.389.637 1.111.858.072 1.173.110.560 Activos Fijos
Terrenos 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 Depreciacion Acumulada - - - - - - - - - -
Total Activos 1.136.027.752 1.289.524.887 1.702.271.963 2.103.206.412 2.049.985.720 2.017.333.931 2.076.253.292 2.133.989.637 2.193.458.072 2.254.710.560
PasivosImpuestos 6.887.323 9.393.026 42.898.586 182.237.632 189.776.741 197.484.268 204.482.889 210.617.375 216.935.897 223.443.973 Deuda Financiera 460.800.000 368.640.000 276.480.000 184.320.000 92.160.000 - - - - -
Total Pasivos 467.687.323 378.033.026 319.378.586 366.557.632 281.936.741 197.484.268 204.482.889 210.617.375 216.935.897 223.443.973
PatrimonioEquity 1.085.180.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 Reserva Legal - 1.243.143 48.383.295 83.758.835 120.597.849 158.933.031 198.626.768 239.511.317 281.622.403 324.996.822 Utilidad/Perdida del Ejercicio (416.839.571) 11.188.288 424.261.365 318.379.862 331.551.130 345.016.633 357.243.635 367.960.944 378.999.772 390.369.765 Utilidad/Perdida Acumuladas - (416.839.571) (405.651.282) 18.610.082 - - - - - -
Total Patrimonio 668.340.429 911.491.861 1.382.893.377 1.736.648.780 1.768.048.979 1.819.849.664 1.871.770.403 1.923.372.261 1.976.522.175 2.031.266.587
Balance General 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
ActivosCaja + Bancos 1.236.200.624 1.301.183.389 1.368.115.636 1.437.055.852 1.508.064.274 1.581.202.948 1.656.535.783 1.734.128.603 1.759.103.792 1.784.828.236 Activos Fijos
Terrenos 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 1.081.600.000 Depreciacion Acumulada - - - - - - - - - -
Total Activos 2.317.800.624 2.382.783.389 2.449.715.636 2.518.655.852 2.589.664.274 2.662.802.948 2.738.135.783 2.815.728.603 2.840.703.792 2.866.428.236
PasivosImpuestos 230.147.293 237.051.711 244.163.263 251.488.161 259.032.805 266.803.790 274.807.903 283.052.140 291.543.705 300.290.016 Deuda Financiera - - - - - - - - - -
Total Pasivos 230.147.293 237.051.711 244.163.263 251.488.161 259.032.805 266.803.790 274.807.903 283.052.140 291.543.705 300.290.016
PatrimonioEquity 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 1.315.900.000 Reserva Legal 369.672.473 415.688.393 463.084.791 511.903.081 562.185.920 613.977.244 667.322.307 667.322.307 667.322.307 667.322.307 Utilidad/Perdida del Ejercicio 402.080.858 414.143.284 426.567.583 439.364.610 452.545.548 466.121.915 480.105.572 549.454.155 565.937.780 582.915.913 Utilidad/Perdida Acumuladas - - - - - - - - - -
Total Patrimonio 2.087.653.331 2.145.731.677 2.205.552.374 2.267.167.691 2.330.631.468 2.395.999.159 2.463.327.880 2.532.676.462 2.549.160.087 2.566.138.220
Estrictamente Privado y Confidencial 13
Proyecto 1Tarapaga – Flujo del Inversionista
Flujo de Caja del Inversionista 2.015 2.016 2.017 2.018 2.019 2.020 2.021 2.022 2.023 2.024 (-) Equity (1.085.180.000) (230.720.000) - - - - - - - - (+) Dividendos - - - - 336.989.945 331.551.130 345.016.633 357.243.635 367.960.944 378.999.772 (+) Flujo de Caja Final - - - - - - - - - -
Total Flujo del Inversionista ($Corrientes) (1.085.180.000) (230.720.000) - - 336.989.945 331.551.130 345.016.633 357.243.635 367.960.944 378.999.772 Factor Inf lación 1,00 1,03 1,06 1,09 1,13 1,16 1,19 1,23 1,27 1,30 Total Flujo del Inversionista ($Constantes) (1.085.180.000) (224.000.000) - - 299.411.201 285.998.917 288.945.998 290.471.767 290.471.767 290.471.767
TIR Nominal 17,80%TIR Real 14,37%
Flujo de Caja del Inversionista 2.025 2.026 2.027 2.028 2.029 2.030 2.031 2.032 2.033 2.034 (-) Equity - - - - - - - - - - (+) Dividendos 390.369.765 402.080.858 414.143.284 426.567.583 439.364.610 452.545.548 466.121.915 480.105.572 549.454.155 565.937.780 (+) Flujo de Caja Final - - - - - - - - - 1.784.828.236
Total Flujo del Inversionista ($Corrientes) 390.369.765 402.080.858 414.143.284 426.567.583 439.364.610 452.545.548 466.121.915 480.105.572 549.454.155 2.350.766.016 Factor Inf lación 1,34 1,38 1,43 1,47 1,51 1,56 1,60 1,65 1,70 1,75 Total Flujo del Inversionista ($Constantes) 290.471.767 290.471.767 290.471.767 290.471.767 290.471.767 290.471.767 290.471.767 290.471.767 322.746.408 1.340.609.011
Estrictamente Privado y Confidencial 14
Proyecto 2Sinai
Proyecto 2Horizonte Análisis 10 años con Valor Terminal
Estrictamente Privado y Confidencial 15
Proyecto 2Sinai – P&G
P&G 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Ingresos OperacionalesCafé 765.000.000 787.950.000 811.588.500 835.936.155 861.014.240 886.844.667 913.450.007 940.853.507 969.079.112 998.151.486 Citricos - - - - 84.413.161 130.418.333 223.884.806 230.601.350 237.519.390 244.644.972 Aguacate - - - - 189.085.480 272.661.262 401.201.572 413.237.619 425.634.747 438.403.790 Valor Terminal - - - - - - - - - 4.300.000.000
Total Ingresos Operacionales 765.000.000 787.950.000 811.588.500 835.936.155 1.134.512.880 1.289.924.262 1.538.536.384 1.584.692.476 1.632.233.250 5.981.200.247 3,00% 3,00% 3,00% 35,72% 13,70% 19,27% 3,00% 3,00% 266,44%
Costos y Gastos OperacionalesCafé 612.000.000 630.360.000 649.270.800 668.748.924 688.811.392 709.475.733 730.760.005 752.682.806 775.263.290 798.521.189 Citricos 62.500.000 64.375.000 66.306.250 68.295.438 50.647.896 78.251.000 134.330.883 138.360.810 142.511.634 146.786.983 Aguacate 70.000.000 72.100.000 74.263.000 76.490.890 94.542.740 136.330.631 200.600.786 206.618.809 212.817.374 219.201.895
Total Costos y Gastos Operacionales 840.500.000 862.835.000 885.840.050 909.535.252 930.002.028 1.020.057.365 1.161.691.675 1.193.662.425 1.226.592.298 1.260.510.067 2,66% 2,67% 2,67% 2,25% 9,68% 13,88% 2,75% 2,76% 2,77%
EBITDA (75.500.000) (74.885.000) (74.251.550) (73.599.097) 204.510.852 269.866.898 376.844.709 391.030.051 405.640.952 4.720.690.181 Margen EBITDA -9,87% -9,50% -9,15% -8,80% 18,03% 20,92% 24,49% 24,68% 24,85% 78,93%
Costos No MoneatriosDepreciaciones - - - - - - - - - - Amortizaciones - - - - - - - - - -
Total Costos No Moneatrios - - - - - - - - - -
Utilidad Operativa (75.500.000) (74.885.000) (74.251.550) (73.599.097) 204.510.852 269.866.898 376.844.709 391.030.051 405.640.952 4.720.690.181
Ingresos / Egresos No OperacionalesIngresos No Operacionales
ICR - 169.600.000 - - - - - - - - Egresos No Operacionales
Intereses Deuda Financiera 47.759.344 52.101.103 36.904.948 26.484.727 16.064.507 5.644.286 - - - - Total Ingresos / Egresos No Operacionales (47.759.344) 117.498.897 (36.904.948) (26.484.727) (16.064.507) (5.644.286) - - - -
Utilidad / Perdida antes de Impuestos (123.259.344) 42.613.897 (111.156.498) (100.083.824) 188.446.346 264.222.612 376.844.709 391.030.051 405.640.952 4.720.690.181
Impuestos - 10.653.334 9.410.874 8.294.028 10.131.582 54.666.284 128.127.201 132.950.217 137.917.924 1.605.034.661
Utilidad / Perdida Despues de Impuestos (123.259.344) 31.960.563 (120.567.372) (108.377.852) 178.314.764 209.556.328 248.717.508 258.079.833 267.723.028 3.115.655.519
Estrictamente Privado y Confidencial 16
Proyecto 2Sinai - FCT
Flujo de Caja de Tesorería 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Ingresos de TesoreríaCafé 765.000.000 787.950.000 811.588.500 835.936.155 861.014.240 886.844.667 913.450.007 940.853.507 969.079.112 998.151.486 Citricos - - - - 84.413.161 130.418.333 223.884.806 230.601.350 237.519.390 244.644.972 Aguacate - - - - 189.085.480 272.661.262 401.201.572 413.237.619 425.634.747 438.403.790 Valor Terminal - - - - - - - - - 4.300.000.000 Equity - 1.125.090.000 - - - - - - - - Deuda Financiera 848.000.000 - - - - - - - - - ICR - 169.600.000 - - - - - - - -
Total Ingresos de Tesorería 1.613.000.000 2.082.640.000 811.588.500 835.936.155 1.134.512.880 1.289.924.262 1.538.536.384 1.584.692.476 1.632.233.250 5.981.200.247
Egresos de TesoreríaCafé 612.000.000 630.360.000 649.270.800 668.748.924 688.811.392 709.475.733 730.760.005 752.682.806 775.263.290 798.521.189 Citricos 62.500.000 64.375.000 66.306.250 68.295.438 50.647.896 78.251.000 134.330.883 138.360.810 142.511.634 146.786.983 Aguacate 70.000.000 72.100.000 74.263.000 76.490.890 94.542.740 136.330.631 200.600.786 206.618.809 212.817.374 219.201.895 CAPEX 710.000.000 402.500.000 - - - - - - - - Impuestos - - 10.653.334 9.410.874 8.294.028 10.131.582 54.666.284 128.127.201 132.950.217 137.917.924
Total Egresos de Tesorería 1.550.500.000 1.265.335.000 896.493.384 918.946.126 938.296.056 1.030.188.946 1.216.357.959 1.321.789.626 1.359.542.515 1.398.427.990
Flujo de Caja del Periodo 62.500.000 817.305.000 (84.904.884) (83.009.971) 196.216.824 259.735.316 322.178.425 262.902.850 272.690.735 4.582.772.257
Caja Inicial - 14.740.656 610.344.553 318.934.720 39.840.022 50.392.340 134.883.369 457.061.795 470.474.967 510.893.852
CFADS - Cash Flow Available for Debt Service 62.500.000 832.045.656 525.439.668 235.924.750 236.056.846 310.127.656 457.061.795 719.964.644 743.165.702 5.093.666.109
Servicio Deuda FinancieraAmortización - 169.600.000 169.600.000 169.600.000 169.600.000 169.600.000 - - - - Intereses 47.759.344 52.101.103 36.904.948 26.484.727 16.064.507 5.644.286 - - - -
Total Servicio Deuda Financiera 47.759.344 221.701.103 206.504.948 196.084.727 185.664.507 175.244.286 - - - -
Flujo de Caja Disponible para Dividendos 14.740.656 610.344.553 318.934.720 39.840.022 50.392.340 134.883.369 457.061.795 719.964.644 743.165.702 5.093.666.109
Dividendos - - - - - - - 249.489.677 232.271.850 240.950.726
Flujo de Caja Final 14.740.656 610.344.553 318.934.720 39.840.022 50.392.340 134.883.369 457.061.795 470.474.967 510.893.852 4.852.715.383
Estrictamente Privado y Confidencial 17
Proyecto 2Sinai - BG
Balance General 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
ActivosCaja + Bancos 14.740.656 610.344.553 318.934.720 39.840.022 50.392.340 134.883.369 457.061.795 470.474.967 510.893.852 4.852.715.383 Activos Fijos
Terrenos 710.000.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 Depreciación Acumulada - - - - - - - - - -
Total Activos 724.740.656 1.722.844.553 1.431.434.720 1.152.340.022 1.162.892.340 1.247.383.369 1.569.561.795 1.582.974.967 1.623.393.852 5.965.215.383
PasivosImpuestos - 10.653.334 9.410.874 8.294.028 10.131.582 54.666.284 128.127.201 132.950.217 137.917.924 1.605.034.661 Deuda Financiera 848.000.000 678.400.000 508.800.000 339.200.000 169.600.000 - - - - -
Total Pasivos 848.000.000 689.053.334 518.210.874 347.494.028 179.731.582 54.666.284 128.127.201 132.950.217 137.917.924 1.605.034.661
PatrimonioEquity - 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 Reserva Legal - 3.196.056 3.196.056 3.196.056 21.027.533 41.983.165 66.854.916 92.662.900 119.435.202 431.000.754 Utilidad / Periodo del Periodo (123.259.344) 28.764.506 (120.567.372) (108.377.852) 160.483.287 188.600.695 223.845.757 232.271.850 240.950.726 2.804.089.967 Utilidad / Periodo Acumulada - (123.259.344) (94.494.838) (215.062.210) (323.440.062) (162.956.775) 25.643.920 - - -
Total Patrimonio (123.259.344) 1.033.791.218 913.223.846 804.845.994 983.160.758 1.192.717.085 1.441.434.594 1.450.024.750 1.485.475.928 4.360.180.722
Estrictamente Privado y Confidencial 18
Proyecto 2Sinai - FCI
Flujo de Caja del Inversionista 2.015 2.016 2.017 2.018 2.019 2.020 2.021 2.022 2.023 2.024 (-) Capital - (1.125.090.000) - - - - - - - - (+) Dividendos - - - - - - - 249.489.677 232.271.850 240.950.726 (+) Caja Final - - - - - - - - - 4.852.715.383
Total Flujo del Inversionista ($Corrientes) - (1.125.090.000) - - - - - 249.489.677 232.271.850 5.093.666.109 Price Index 1,00 1,03 1,06 1,09 1,13 1,16 1,19 1,23 1,27 1,30 Total Flujo del Inversionista ($Constantes) - (1.092.320.388) - - - - - 202.857.939 183.357.543 3.903.870.935
TIR Nominal 22,63%TIR Real 19,06%
Estrictamente Privado y Confidencial 19
Proyecto 2Sinai
Proyecto 2Horizonte Análisis 20 años sin Valor Terminal
Estrictamente Privado y Confidencial 20
Proyecto 2Sinai – P&G
P&G 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Ingresos OperacionalesCafé 765.000.000 787.950.000 811.588.500 835.936.155 861.014.240 886.844.667 913.450.007 940.853.507 969.079.112 998.151.486 Citricos - - - - 84.413.161 130.418.333 223.884.806 230.601.350 237.519.390 244.644.972 Aguacate - - - - 189.085.480 272.661.262 401.201.572 413.237.619 425.634.747 438.403.790 Valor Terminal - - - - - - - - - -
Total Ingresos Operacionales 765.000.000 787.950.000 811.588.500 835.936.155 1.134.512.880 1.289.924.262 1.538.536.384 1.584.692.476 1.632.233.250 1.681.200.247 3,00% 3,00% 3,00% 35,72% 13,70% 19,27% 3,00% 3,00% 3,00%
Costos y Gastos OperacionalesCafé 612.000.000 630.360.000 649.270.800 668.748.924 688.811.392 709.475.733 730.760.005 752.682.806 775.263.290 798.521.189 Citricos 62.500.000 64.375.000 66.306.250 68.295.438 50.647.896 78.251.000 134.330.883 138.360.810 142.511.634 146.786.983 Aguacate 70.000.000 72.100.000 74.263.000 76.490.890 94.542.740 136.330.631 200.600.786 206.618.809 212.817.374 219.201.895
Total Costos y Gastos Operacionales 840.500.000 862.835.000 885.840.050 909.535.252 930.002.028 1.020.057.365 1.161.691.675 1.193.662.425 1.226.592.298 1.260.510.067 2,66% 2,67% 2,67% 2,25% 9,68% 13,88% 2,75% 2,76% 2,77%
EBITDA (75.500.000) (74.885.000) (74.251.550) (73.599.097) 204.510.852 269.866.898 376.844.709 391.030.051 405.640.952 420.690.181 Margen EBITDA -9,87% -9,50% -9,15% -8,80% 18,03% 20,92% 24,49% 24,68% 24,85% 25,02%
Costos No MoneatriosDepreciaciones - - - - - - - - - - Amortizaciones - - - - - - - - - -
Total Costos No Moneatrios - - - - - - - - - -
Utilidad Operativa (75.500.000) (74.885.000) (74.251.550) (73.599.097) 204.510.852 269.866.898 376.844.709 391.030.051 405.640.952 420.690.181
Ingresos / Egresos No OperacionalesIngresos No Operacionales
ICR - 169.600.000 - - - - - - - - Egresos No Operacionales
Intereses Deuda Financiera 47.759.344 52.101.103 36.904.948 26.484.727 16.064.507 5.644.286 - - - - Total Ingresos / Egresos No Operacionales (47.759.344) 117.498.897 (36.904.948) (26.484.727) (16.064.507) (5.644.286) - - - -
Utilidad / Perdida antes de Impuestos (123.259.344) 42.613.897 (111.156.498) (100.083.824) 188.446.346 264.222.612 376.844.709 391.030.051 405.640.952 420.690.181
Impuestos - 10.653.334 9.410.874 8.294.028 10.131.582 54.666.284 128.127.201 132.950.217 137.917.924 143.034.661
Utilidad / Perdida Despues de Impuestos (123.259.344) 31.960.563 (120.567.372) (108.377.852) 178.314.764 209.556.328 248.717.508 258.079.833 267.723.028 277.655.519
Estrictamente Privado y Confidencial 21
Proyecto 2Sinai – P&G
P&G 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Ingresos OperacionalesCafé 1.028.096.030 1.058.938.911 1.090.707.078 1.123.428.291 1.157.131.140 1.191.845.074 1.227.600.426 1.264.428.439 1.302.361.292 1.341.432.131 Citricos 251.984.321 259.543.851 267.330.166 275.350.071 283.610.573 292.118.891 300.882.457 309.908.931 319.206.199 328.782.385 Aguacate 451.555.903 465.102.581 479.055.658 493.427.328 508.230.148 523.477.052 539.181.364 555.356.804 572.017.509 589.178.034 Valor Terminal - - - - - - - - - -
Total Ingresos Operacionales 1.731.636.255 1.783.585.342 1.837.092.903 1.892.205.690 1.948.971.860 2.007.441.016 2.067.664.247 2.129.694.174 2.193.584.999 2.259.392.549 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00%
Costos y Gastos OperacionalesCafé 822.476.824 847.151.129 872.565.663 898.742.633 925.704.912 953.476.059 982.080.341 1.011.542.751 1.041.889.033 1.073.145.704 Citricos 151.190.593 155.726.310 160.398.100 165.210.043 170.166.344 175.271.334 180.529.474 185.945.359 191.523.719 197.269.431 Aguacate 225.777.952 232.551.290 239.527.829 246.713.664 254.115.074 261.738.526 269.590.682 277.678.402 286.008.754 294.589.017
Total Costos y Gastos Operacionales 1.295.445.369 1.331.428.730 1.368.491.592 1.406.666.339 1.445.986.329 1.486.485.919 1.528.200.497 1.571.166.512 1.615.421.507 1.661.004.152 2,77% 2,78% 2,78% 2,79% 2,80% 2,80% 2,81% 2,81% 2,82% 2,82%
EBITDA 436.190.886 452.156.613 468.601.311 485.539.351 502.985.531 520.955.097 539.463.750 558.527.662 578.163.492 598.388.397 Margen EBITDA 25,19% 25,35% 25,51% 25,66% 25,81% 25,95% 26,09% 26,23% 26,36% 26,48%
Costos No MoneatriosDepreciaciones - - - - - - - - - - Amortizaciones - - - - - - - - - -
Total Costos No Moneatrios - - - - - - - - - -
Utilidad Operativa 436.190.886 452.156.613 468.601.311 485.539.351 502.985.531 520.955.097 539.463.750 558.527.662 578.163.492 598.388.397
Ingresos / Egresos No OperacionalesIngresos No Operacionales
ICR - - - - - - - - - - Egresos No Operacionales
Intereses Deuda Financiera - - - - - - - - - - Total Ingresos / Egresos No Operacionales - - - - - - - - - -
Utilidad / Perdida antes de Impuestos 436.190.886 452.156.613 468.601.311 485.539.351 502.985.531 520.955.097 539.463.750 558.527.662 578.163.492 598.388.397
Impuestos 148.304.901 153.733.248 159.324.446 165.083.379 171.015.081 177.124.733 183.417.675 189.899.405 196.575.587 203.452.055
Utilidad / Perdida Despues de Impuestos 287.885.985 298.423.364 309.276.865 320.455.971 331.970.450 343.830.364 356.046.075 368.628.257 381.587.905 394.936.342
Estrictamente Privado y Confidencial 22
Proyecto 2Sinai – FCT
Flujo de Caja de Tesorería 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Ingresos de TesoreríaCafé 765.000.000 787.950.000 811.588.500 835.936.155 861.014.240 886.844.667 913.450.007 940.853.507 969.079.112 998.151.486 Citricos - - - - 84.413.161 130.418.333 223.884.806 230.601.350 237.519.390 244.644.972 Aguacate - - - - 189.085.480 272.661.262 401.201.572 413.237.619 425.634.747 438.403.790 Valor Terminal - - - - - - - - - - Equity - 1.125.090.000 - - - - - - - - Deuda Financiera 848.000.000 - - - - - - - - - ICR - 169.600.000 - - - - - - - -
Total Ingresos de Tesorería 1.613.000.000 2.082.640.000 811.588.500 835.936.155 1.134.512.880 1.289.924.262 1.538.536.384 1.584.692.476 1.632.233.250 1.681.200.247
Egresos de TesoreríaCafé 612.000.000 630.360.000 649.270.800 668.748.924 688.811.392 709.475.733 730.760.005 752.682.806 775.263.290 798.521.189 Citricos 62.500.000 64.375.000 66.306.250 68.295.438 50.647.896 78.251.000 134.330.883 138.360.810 142.511.634 146.786.983 Aguacate 70.000.000 72.100.000 74.263.000 76.490.890 94.542.740 136.330.631 200.600.786 206.618.809 212.817.374 219.201.895 CAPEX 710.000.000 402.500.000 - - - - - - - - Impuestos - - 10.653.334 9.410.874 8.294.028 10.131.582 54.666.284 128.127.201 132.950.217 137.917.924
Total Egresos de Tesorería 1.550.500.000 1.265.335.000 896.493.384 918.946.126 938.296.056 1.030.188.946 1.216.357.959 1.321.789.626 1.359.542.515 1.398.427.990
Flujo de Caja del Periodo 62.500.000 817.305.000 (84.904.884) (83.009.971) 196.216.824 259.735.316 322.178.425 262.902.850 272.690.735 282.772.257
Caja Inicial - 14.740.656 610.344.553 318.934.720 39.840.022 50.392.340 134.883.369 457.061.795 470.474.967 510.893.852
CFADS - Cash Flow Available for Debt Service 62.500.000 832.045.656 525.439.668 235.924.750 236.056.846 310.127.656 457.061.795 719.964.644 743.165.702 793.666.109
Servicio Deuda FinancieraAmortización - 169.600.000 169.600.000 169.600.000 169.600.000 169.600.000 - - - - Intereses 47.759.344 52.101.103 36.904.948 26.484.727 16.064.507 5.644.286 - - - -
Total Servicio Deuda Financiera 47.759.344 221.701.103 206.504.948 196.084.727 185.664.507 175.244.286 - - - -
Flujo de Caja Disponible para Dividendos 14.740.656 610.344.553 318.934.720 39.840.022 50.392.340 134.883.369 457.061.795 719.964.644 743.165.702 793.666.109
Dividendos - - - - - - - 249.489.677 232.271.850 240.950.726
Flujo de Caja Final 14.740.656 610.344.553 318.934.720 39.840.022 50.392.340 134.883.369 457.061.795 470.474.967 510.893.852 552.715.383
Estrictamente Privado y Confidencial 23
Proyecto 2Sinai – FCT
Flujo de Caja de Tesorería 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Ingresos de TesoreríaCafé 1.028.096.030 1.058.938.911 1.090.707.078 1.123.428.291 1.157.131.140 1.191.845.074 1.227.600.426 1.264.428.439 1.302.361.292 1.341.432.131 Citricos 251.984.321 259.543.851 267.330.166 275.350.071 283.610.573 292.118.891 300.882.457 309.908.931 319.206.199 328.782.385 Aguacate 451.555.903 465.102.581 479.055.658 493.427.328 508.230.148 523.477.052 539.181.364 555.356.804 572.017.509 589.178.034 Valor Terminal - - - - - - - - - - Equity - - - - - - - - - - Deuda Financiera - - - - - - - - - - ICR - - - - - - - - - -
Total Ingresos de Tesorería 1.731.636.255 1.783.585.342 1.837.092.903 1.892.205.690 1.948.971.860 2.007.441.016 2.067.664.247 2.129.694.174 2.193.584.999 2.259.392.549
Egresos de TesoreríaCafé 822.476.824 847.151.129 872.565.663 898.742.633 925.704.912 953.476.059 982.080.341 1.011.542.751 1.041.889.033 1.073.145.704 Citricos 151.190.593 155.726.310 160.398.100 165.210.043 170.166.344 175.271.334 180.529.474 185.945.359 191.523.719 197.269.431 Aguacate 225.777.952 232.551.290 239.527.829 246.713.664 254.115.074 261.738.526 269.590.682 277.678.402 286.008.754 294.589.017 CAPEX - - - - - - - - - - Impuestos 143.034.661 148.304.901 153.733.248 159.324.446 165.083.379 171.015.081 177.124.733 183.417.675 189.899.405 196.575.587
Total Egresos de Tesorería 1.438.480.030 1.479.733.631 1.522.224.840 1.565.990.785 1.611.069.709 1.657.501.000 1.705.325.230 1.754.584.187 1.805.320.912 1.857.579.740
Flujo de Caja del Periodo 293.156.225 303.851.711 314.868.063 326.214.905 337.902.152 349.940.016 362.339.017 375.109.987 388.264.087 401.812.810
Caja Inicial 552.715.383 595.981.641 640.735.966 687.023.000 734.888.726 784.380.504 835.547.115 888.438.804 943.107.324 999.605.980
CFADS - Cash Flow Available for Debt Service 845.871.608 899.833.352 955.604.028 1.013.237.905 1.072.790.878 1.134.320.520 1.197.886.132 1.263.548.792 1.331.371.411 1.401.418.790
Servicio Deuda FinancieraAmortización - - - - - - - - - - Intereses - - - - - - - - - -
Total Servicio Deuda Financiera - - - - - - - - - -
Flujo de Caja Disponible para Dividendos 845.871.608 899.833.352 955.604.028 1.013.237.905 1.072.790.878 1.134.320.520 1.197.886.132 1.263.548.792 1.331.371.411 1.401.418.790
Dividendos 249.889.967 259.097.386 268.581.028 278.349.179 288.410.374 298.773.405 309.447.328 320.441.467 331.765.431 343.429.114
Flujo de Caja Final 595.981.641 640.735.966 687.023.000 734.888.726 784.380.504 835.547.115 888.438.804 943.107.324 999.605.980 1.057.989.675
Estrictamente Privado y Confidencial 24
Proyecto 2Sinai – Balance General
Balance General 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
ActivosCaja + Bancos 14.740.656 610.344.553 318.934.720 39.840.022 50.392.340 134.883.369 457.061.795 470.474.967 510.893.852 552.715.383 Activos Fijos
Terrenos 710.000.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 Depreciación Acumulada - - - - - - - - - -
Total Activos 724.740.656 1.722.844.553 1.431.434.720 1.152.340.022 1.162.892.340 1.247.383.369 1.569.561.795 1.582.974.967 1.623.393.852 1.665.215.383
PasivosImpuestos - 10.653.334 9.410.874 8.294.028 10.131.582 54.666.284 128.127.201 132.950.217 137.917.924 143.034.661 Deuda Financiera 848.000.000 678.400.000 508.800.000 339.200.000 169.600.000 - - - - -
Total Pasivos 848.000.000 689.053.334 518.210.874 347.494.028 179.731.582 54.666.284 128.127.201 132.950.217 137.917.924 143.034.661
PatrimonioEquity - 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 Reserva Legal - 3.196.056 3.196.056 3.196.056 21.027.533 41.983.165 66.854.916 92.662.900 119.435.202 147.200.754 Utilidad / Periodo del Periodo (123.259.344) 28.764.506 (120.567.372) (108.377.852) 160.483.287 188.600.695 223.845.757 232.271.850 240.950.726 249.889.967 Utilidad / Periodo Acumulada - (123.259.344) (94.494.838) (215.062.210) (323.440.062) (162.956.775) 25.643.920 - - -
Total Patrimonio (123.259.344) 1.033.791.218 913.223.846 804.845.994 983.160.758 1.192.717.085 1.441.434.594 1.450.024.750 1.485.475.928 1.522.180.722
Balance General 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
ActivosCaja + Bancos 595.981.641 640.735.966 687.023.000 734.888.726 784.380.504 835.547.115 888.438.804 943.107.324 999.605.980 1.057.989.675 Activos Fijos
Terrenos 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 1.112.500.000 Depreciación Acumulada - - - - - - - - - -
Total Activos 1.708.481.641 1.753.235.966 1.799.523.000 1.847.388.726 1.896.880.504 1.948.047.115 2.000.938.804 2.055.607.324 2.112.105.980 2.170.489.675
PasivosImpuestos 148.304.901 153.733.248 159.324.446 165.083.379 171.015.081 177.124.733 183.417.675 189.899.405 196.575.587 203.452.055 Deuda Financiera - - - - - - - - - -
Total Pasivos 148.304.901 153.733.248 159.324.446 165.083.379 171.015.081 177.124.733 183.417.675 189.899.405 196.575.587 203.452.055
PatrimonioEquity 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 1.125.090.000 Reserva Legal 175.989.353 205.831.689 236.759.376 268.804.973 302.002.018 336.385.054 371.989.662 408.852.488 447.011.278 486.504.912 Utilidad / Periodo del Periodo 259.097.386 268.581.028 278.349.179 288.410.374 298.773.405 309.447.328 320.441.467 331.765.431 343.429.114 355.442.708 Utilidad / Periodo Acumulada - - - - - - - - - -
Total Patrimonio 1.560.176.739 1.599.502.717 1.640.198.555 1.682.305.347 1.725.865.423 1.770.922.382 1.817.521.129 1.865.707.919 1.915.530.393 1.967.037.620
Estrictamente Privado y Confidencial 25
Proyecto 2Sinai – Balance General
Flujo de Caja del Inversionista 2.015 2.016 2.017 2.018 2.019 2.020 2.021 2.022 2.023 2.024 (-) Capital - (1.125.090.000) - - - - - - - - (+) Dividendos - - - - - - - 249.489.677 232.271.850 240.950.726 (+) Caja Final - - - - - - - - - -
Total Flujo del Inversionista ($Corrientes) - (1.125.090.000) - - - - - 249.489.677 232.271.850 240.950.726 Price Index 1,00 1,03 1,06 1,09 1,13 1,16 1,19 1,23 1,27 1,30 Total Flujo del Inversionista ($Constantes) - (1.092.320.388) - - - - - 202.857.939 183.357.543 184.668.668
TIR Nominal 11,94%TIR Real 8,68%
Flujo de Caja del Inversionista 2.025 2.026 2.027 2.028 2.029 2.030 2.031 2.032 2.033 2.034 (-) Capital - - - - - - - - - - (+) Dividendos 249.889.967 259.097.386 268.581.028 278.349.179 288.410.374 298.773.405 309.447.328 320.441.467 331.765.431 343.429.114 (+) Caja Final - - - - - - - - - 1.057.989.675
Total Flujo del Inversionista ($Corrientes) 249.889.967 259.097.386 268.581.028 278.349.179 288.410.374 298.773.405 309.447.328 320.441.467 331.765.431 1.401.418.790 Price Index 1,34 1,38 1,43 1,47 1,51 1,56 1,60 1,65 1,70 1,75 Total Flujo del Inversionista ($Constantes) 185.941.604 187.177.465 188.377.329 189.542.246 190.673.234 191.771.280 192.837.344 193.872.358 194.877.225 799.209.553