35Cuadro 35. Resumen de InversionesRESUMEN DE INVERSIONESGASTOS PRE OPERATIVOS 95,982.00ACTIVO FIJO2,346,362.45Inmuebles196,000.00Maquinaria y Equipo2,150,362.45CAPITAL DE TRABAJO8,368,128.72TOTAL 10,810,473.17

36Cuadro 36.ESTIMACION DE LA INVERSION INICIAL EN CAPITAL DE TRABAJOMES123456789101112Costos de Produccion Desembolsable222,029222,029222,029444,057444,057444,057666,086666,086666,086888,114888,114888,114Gastos de Administracion y Ventas Des142,273142,273142,273142,273142,273142,273142,273142,274142,273142,273142,273142,273

Total Gastos364,303364,304364,305586,334586,335586,336808,366808,368808,3681,030,3971,030,3981,030,399

Gastos Acumulados364,303728,6071,092,9121,679,2462,265,5812,851,9173,660,2834,468,6515,277,0196,307,4167,337,8148,368,213

37

Cuadro 37.CAPITAL DE TRABAJO( EN NUEVO SOLES)AO012345678910caja8,368,129464,1451,997,4242,087,0522,163,8762,207,1542,251,2972,296,3232,342,2492,389,0942,436,876cx cobrar4,641,4504,641,4505,217,6305,409,6905,517,8845,628,2415,740,8065,855,6225,972,7356,092,190materia prima62,585250,341250,341250,341250,341250,341250,341250,341250,341250,341producto en proceso3,996,5144,076,4454,156,9044,238,9724,322,6824,408,0664,495,1584,583,9914,674,6010producto terminado111,014449,608458,526467,577476,810486,227495,833505,631515,625525,818Total act circulares8,368,1299,275,70811,415,26812,170,45312,530,45612,774,87113,024,17213,278,46113,537,83413,802,3969,305,225cx pagar277,536452,938461,878470,997480,298489,785499,462509,332519,400331,043stock capital trabajo8,368,1298,998,17210,962,33011,708,57512,059,45912,294,57312,534,38712,778,99913,028,50213,282,9968,974,182inversion capital trabajo8,368,129630,0442,316,266394,135350,885235,113239,815244,611249,504254,494-4,308,814

38Cuadro 38.INVERSIONES ACTIVO FIJO: ADMINISTRACIN Y VENTASdescripcion del biencantidadp.ucosto totalvida utilvida economicainmueble2020escritorio5300.001,5001010archivadores5350.001,7501010cajoneras5250.001,2501010computadora e impresora52300.0011,50055total16,000

39Cuadro 39.PRODUCCION: FLUJO DE INVERSION - DEPRECIACION Y AMORTIZACION(En Nuevos Soles)AO012345678910

INVERSION - PRODUCCIONINMUEBLES196,000MAQUINARIA Y EQUIPO, MUEBLES Y ENSERES2,134,362Sub-Total2,330,3620000000000GASTOS PRE-OPERATIVOS95,982Sub-Total95,9820000000000

Total2,426,3440000000000DEPRECIACION - PRODUCCIONINMUEBLES9,800.009,800.009,800.009,800.009,800.009,800.009,800.009,800.009,800.009,800.00MAQUINARIA Y EQUIPO, MUEBLES Y ENSERES213,436213,436213,436213,436213,436213,436213,436213,436213,436213,436Total223,236223,236223,236223,236223,236223,236223,236223,236223,236223,236AMORTIZACION - PRODUCCIONGASTOS PRE-OPERATIVOS95,982Total95,982000000000

40Cuadro 40.ADMINISTRACION Y VENTAS: FLUJO DE INVERSION - DEPRECIACION Y AMORTIZACIONAO012345678910INVERSIONMAQUINARIA Y EQUIPO, MUEBLES Y ENSERES16,000Total16,00000000000DEPRECIACIONMAQUINARIA Y EQUIPO, MUEBLES Y ENSERES1,6001,6001,6001,6001,6001,6001,6001,6001,6001,600Total1,6001,6001,6001,6001,6001,6001,6001,6001,6001,600

41Cuadro 41.COSTOS PERSONAL PRODUCCION(En Nuevos Soles)CargoRemuneracin mensual CantidadMesesRemuneracin bsica totalBBSS y otros costosCosto Total

Jefe de operaciones4,00012184,00036,120120,120Profesional de produccin3,500221147,00063,210210,210Tcnicos2,500721367,500158,025525,525Operarios calificados1,5002221693,000297,990990,990Vigilantes1,200721176,40075,852252,252TOTAL PERSONAL PRODUCCION1,467,900631,1972,099,097

42cuadro 42.PRODUCCION PRODUCTOS TERMINADOS(KG.FILETE

01 CAMPAA(UNIDAD)3,804,48701 COSECHA(UNIDAD)951,122(-)SOBREVIVENCIA80%SOBREVIVENCIAPESO POR UNIDAD(KG)0.333KG-UNI250,00KG-PPFILETE(KG- PT/KG-PP)0,55INDICE DE CONVECION ALIMENTICIA1,18KG- PT/KG-PFILETE POR COSECHA(KG)137,500KG-PTCONSUMO ALIMENTO294,432KGCANTIDAD VENDIDA ESTIMADAAO12345678910COSECHA POR AO1444444444FILETE EN KG. VENDIDO POR AO137.,5550,00550,00550,00550,00550,00550,00550,00550,00550,00

43cuadro 43.PROYECCION DE COSTOS DE PRODUCCION PROMEDIO POR COSECHAAO12345678910Costo de Ovas74,56876,05977,58079,13280,71582,32983,97685,65587,36889,116

Costo de Alimentos1,502,0451,532,0861,562,7281,593,9821,625,8621,658,3791,691,5471,725,3781,759,8851,795,083

Costo de Suministros y otros3,0003,0603,1213,1843,2473,3123,3783,4463,5153,585

Seguros34,95535,65535,65535,65535,65535,65535,65535,65535,65535,655

Costo de Personal de Produccin524,774535,270545,975556,895568,033579,393590,981602,801614,857627,154

Costo de Fileteo 525,000535,500546,210557,134568,277579,642591,235603.06615,121627,424Costos Produccion (01 Cosecha)2,664,3432,717,6302,771,2692,825,9812,881,7882,938,7112,996,7723,055,9943,116,4013,178,016

Costo por Kg Entero8.568.738.99.089.259.449.629.8110.0110.2Costo por Kg Fileteado19.3819.7620.1520.5520.9621.3721.7922.2322.6623.11ESTIMACION DE COSTO DE PRODUCCION ANUAL Y DE INVENTARIO DE PRODUCTOS EN PROCESOEn Nuevos SolesAO12345678910Costo de Produccin Anual6,660,85710,870,51911,085,07711,303,92611,527,15211,754,84311,987,08712,223,97712,465,6047,945,040Costo de Produccin Anual Total6,660,85710,870,51911,085,07711,303,92611,527,15211,754,84311,987,08712,223,97712,465,6047,945,040Inventario de Ptos. en Proceso3,996,5144,076,4454,156,9044,238,9724,322,6824,408,0664,495,1584,583,9914,674,6010Inventario de productos en Proceso3,9%,5144,076,4454,156,9044,238,9724,322,6824,408,0664,495,1584,583,9914,674,601-

Costos de Venta2,664,34310,790,58811,004,61711,221,85711,443,44211,669,45911,899,99512,135,14312,374,99412,619,641(+) Depreciacin319,218223,236223,236223,236223,236223,236223,236223,236223,236223,236Costos de Venta (inc. Dep.)2,983,56111,013,82511,227,85411,445,09411,666,67811,892,69512,123,23212,358,37912,598,23012,842,877

44Cuadro 44.

COSTOS DE PERSONAL ADMINISTRACION Y VENTAS

Estructura OrganizacionalPuestoNumeroRemuneracin Numero mensualRemuneracin anualBBSSyotros costosCosto TotalSI.SI.Gerencia GeneralGerente General17,000.0084,000.0036,120.00120,120.00SecretaraSecretaria11,500.0018,000.007,740.0025,740.00Dpto. Administracin y FinanzasJefe de Administracin y Finanzas14,500.0054,000.0023,220.0077,220.00Dpto. de OperacionesJefe de Operaciones15,000.0060,000.0025,800.0085,800.00rea de Operaciones y Control de Cal idadAsistente de Operaciones y Control de Calidad4,000.0048,000.0020,640.0068,640.00TOTAL1377,520.00

GASTOS DE ADMISTRACION (En Nuevos Soles)Servicios y Gastos DiversosUtiles de Escritorio500.00Internet400.00Telfono3,000.00Combustible y otros8,000.00Energa Elctrica8,400.00Agua600.00Viticos3,000.00Pasajes700.00Renov. De CertificacinSeguros34,955.44Total59,555.44

GASTOS DE ADMINISTRACION(En Nuevos Soles)AO12345678910Costo de Personal377,520385,070392.772400.627408.640416.813425.149433,652442,325451,171Servicios y Gastos Diversos59,55560,74761.96163.20164.46565.75467.06968,41069,77971,174Seguros240245250255260265270276281287Fondos de contingencia139,244599,227626.116649.163662.146675.389688.897702,675716,728731,063Depreciacin1,6001,6001.6001,6001.6001.6001,6001,6001,6001,600Gastos de Administracin578,1591,046,8891,082,6991,114,8451,137,1101,159,8211,182,9851,206,6131,230,7131,255,295

c.45

Cuadro 45.

GASTOS DE VENTAS (En Nuevos Soles)Total AoNro. Ferias AoGasto por FeriaPromocin en Ferias Internacionales8.007,000.00Soles porKg-PTKmDistribucin0.015560Soles porKg-PTRefrigeracin0.25

GASTOS DE VENTA(En Nuevos Soles)AO12345678910Promocin en Ferias Internacionales56,00057,12058,26259,42860,61661,82963,06564,32665,61366,925Distribucin1,155,0004,712,4004,806,6484,902,7815,000,8375,100,8535,202,8705,306,9285,413,0665,521,328Refrigeracin34,375140,250137,500137,500137,500137,500137,500137,500137,500137,500Visitas a clientes, Representacin, Varios24,821106,327110,809114,650116,814119,021121,272123,568125,911128,300Gastos de Venta1,270,1965,016,0975,113,2195,214,3585,315,7665,419,2035,524,7085,632,3235,742,0905,854,053

c.46Cuadro 46.PRESUPUESTO DE VENTAS (En Nuevos Soles)AO12345678910Filete (Kg)137500550000550000550000550000550000550000550000550000550,000Precio Mayorista (Kg)42.245.447.4349.1850.165.1752.1953.2354.3055.38Precio Venta33.7636.3237.9539.3440.1340.9341.7542.5943.4444.31Ingreso4,642,000.0019,976,000.0020,872,500.0021,637,000.0022,071,500.0022,511,500.0022,962,500.0023,424,500.0023,892,000.0024,370,500.00A partir del ao 5 crece al ritmo de la inflacin.

PRECIOS PROMEDIO ANUAL EN EL MERCADO MAYORISTA (Kg. Filete)AO2009201020112012201320142015201620172018TRUCHA36.9639.5842.2045.4047.4349.18Proyeccin segn tendencia temporalFuente: principales Acuicolas

c.47SERIVICIO DE DEUDAInversin Inicial10,810,473Capital5,405,237Deuda5,405,237Tasa de Interes (Kd)8%Corto PlazoTasa de Interes (Kd)8.50%Mediano y Largo PlazoPeriodo10aosDeuda5,405,237Cuota823,799.70AO12345678910Saldo Inicial5,405,2375,040,8824,645,5574,216,6303,751,2443,246,3002,698,4362,104,0031,459,043759,262Amortizacin364,355395,325428,927465,386504,944547,864594,433644,959699,781759,262Intereses459,445428,475394,872358,414318,856275,935229,367178,840124,01964,537Cuota823,800823,800823,800823,800823,800823,800823,800823,800823,800823,800Saldo Final5,040,8824,645,5574,216,6303,751,2443,246,3002,698,4362,104,0031,459,043759,262-

c.48

Cuadro 48.EscenariosPesimistaEsperadoOptimistaVar % Precio Anual-15%0%15%Var. % Cantidad-10%0%10%Var. % Costo Alimen15%0%-15%

c.49

FLUJO DE CAJA ECONOMICO (FCE)En nuevos solesAO01234567891011Flujo de Caja OperativoVentas4,641,45019,974,24020,870,52021,638,76022,071,53522,512,96622,963,22523,422,49023,890,94024,368,758Costo de Ventas-2,667,560-10,803,619-11,017,909-11,235,415-11,457,271-11,683,564-11,914,383-12,149,818-12,389,962-12,634,909Gastos Adm y Ventas-1,384,293-4,169,611-4,264,675-4,359,336-4,443,612-4,529,573-4,617,254-4,706,688-4,797,910-4,890,957(-) Depredacin y Amortizacin-320,818-320,818-320,818-320,818-320,818-320,818-320,818-320,818-320,818-320,818Utilidad Operativa268,7794,680,1915,267,1185,723,1915,849,8345,979,0116,110,7716,245,1666,382,2496,522,074Impuesto a la Renta----------Utilidad Neta Econmico268,7794,680,1915,267,1185,723,1915,849,8345,979,0116,110,7716,245,1666,382,2496,522,074(+) Depreciaan y Amortizaanp320,818 r320,818 r320,818 "320,818 r320,818 r320,818 r320,818 r320,818 r320,818 r320,818Flujo de Caja Operativo589,5975,001,0105,587,9366,044,0096,170,6526,299,8296,431,5896,565,9846,703,0676,842,892Flujo de Caja de InversionesInversin Activo Fijo-196,000Maquinaria, Equipo, Computo-2,346,362----------Gastos preoperativos-95,982----------Total Inversin AF-2,442,344----------Capital de Trabajo-7,912,110-1,090,688-2,316,560-394,234-350,986-235,215239,919244,718249,612254,6M4,314,229Recuperacin Cap. Trabajo8,974,417Valor Residual0|Flujo de Inversiones-10,354,454-1,090,688-2,316,560-394,234-350,986-235,215-239,919-244,718-249,612-254,6044,314,2298,974,4171

Flujo de Caja Econmico-10,354,454-501,0912,684,4505,193,7025,693,0235,935,4376,059,9106,186,8716,316,3726,448,46311,157,1218,974,417

C.50Cuadro 50. Escenario OptimistaFLUJO DE CAJA ECONOMICO (FCE)En nuevos solesAO0i234567891011Flujo de Caja OperativoVentas5,871,43425,267,41426,401,20827,373,03127,920,49228,478,90229,048,48029,629,45030,222,03830,826,479Costo de Ventas-2,812,510-11,390,666-11,616,697-11,846,178-12,080,250-12,319,002-12,562,530-12,810,928-13,064,294-13,322,728Gastos Adm y Ventas-2,010,342-6,733,512-6,883,906-7,033,931-7,171,424-7,311,666-7,454,714-7,600,622-7,749,448-7,901,251(-) Depreciacin y Amortizacin-320,818-320,818-320,818-320,818-320,818-320,818-320,818-320,818-320,818-320,818Utilidad Operativa727,7646,822,4177,579,7868,172,1038,348,0008,527,4158,710,4188,897,0819,087,4789,281,682Impuesto a la Renta----------Utilidad Neta Econmico727,7646,822,4177,579,7868,172,1038,348,0008,527,4158,710,4188,897,0819,087,4789,281,682(+) Depreciacin yAmortizadn320,818320,818320,818320,818320,818320,818320,818320,818320,818320,818Flujo de Caja Operativo1,048,5827,143,2357,900,6058,492,9228,668,8188,848,2339,031,2369,217,9009,408,2969,602,501Flujo de Caja de InversionesInversin Activo Fijo-196,000Maquinaria, Equipo, Computo-2,346,362----------Gastos pre operativos-95,982----------Total Inversin AF-2,442,344-------***1Capital de Trabajo-8,863,635-1,701,646-2,832,818-481,795-426,760-279,966-285,565-291,276-297,102-303,0444,513,836Recuperacin Cap. Trabajo11,249,772Valor Residual0Flujo de Inversiones-11,305,979-1,701,646-2,832,818-481,795-426,760-279,966-285,565-291,276-297,102-303,0444,513,83611,249,7721

Flujo de Caja Econmico-11,305,979-653,0644,310,4177,418,8098,066,1618,388,8538,562,6688,739,9608,920,7989,105,25214,116,33711,249,772

C.51Cuadro 51. Escenario PesimistaFLUJO DE CAJA ECONOMICO (FCE)En nuevos solesAO01234567891011Flujo de Caja OperativoVentas3,550,70915,280,29415,965,94816,553,65116,884,72417,222,41917,566,86717,918,20518,276,56918,642,100Costo de Ventas-2,495,308-10,105,997-10,306,334-10,509,609-10,716,948-10,928,435-11,144,151-11,364,182-11,588,613-11,817,533Gastos Adm y Ventas-1,691,242-5,413,433-5,529,843-5,647,197-5,757,505-5,870,019-5,984,783-6,101,843-6,221,243-6,343,032(-) Depreciacin y Amortizacin-320,818-320,818-320,818-320,818-320,818-320,818-320,818-320,818-320,818-320,818Utilidad Operativa-956,659-559,955-191,04776,02889,453103,147117,115131,362145,894160,717Impuesto a la Renta----------Utilidad Neta Econmico-956,659-559,955-191,04776,02889,453103,147117,115131,362145,894160,717(+) Depreciacin yAmortizadn320,818320,818320,818320,818320,818320,818320,818320,818320,818320,818Flujo de Caja Operativo-635,840-239,137129,771396,846410,271423,965437,933452,180466,712481,535Flujo de Caja de InversionesInversin Activo Fijo195,000Maquinaria, Equipo, Computo-2,346,362----------Gastos pre operativos-95,982----------Total Inversin AF-2,442,344----------Capital de Trabajo-7,821,150267,846-1,851,576-315,248-282,426-194,140-198,023-201,983-206,023-210,1434,063,659Recuperacin Cap. Trabajo6,949,208Valor Residual0Flujo de Inversiones10,263,495267,846-1,851,576-315,248-282,426-194,140-198,023-201,983-206,023-210,1434,063,6596,949,2081

Flujo de Caja Econmico-10,263,495-367,994-2,090,713-185,477114,420216,131225,942235,950246,157256,5694,545,1946,949,208

C52

Cuadro n52 Escenario esperadoFLUJO DE CAJA FINANCIERO (FCF)(En nuevos soles)AO01234567891011

Flujo de Caja Econmico-10,810,473-501,292804,4003,275,8503,736,8133,940,1034,024,6694,110,9264,198,9084,288,6508,948,5848,974,1811(+) Servicio de Deuda Neto DIPDesembolso Inicial5,405,237Amortizacin-364,355-395,325-428,927-465,386-504,944-547,864-594,433-644,959-699,781-759,262Intereses-459,445-428,475-394,872-358,414-318,856-275,935-229,367-178,840-124,019-64,537Escudo Tributario Intereses---------Serivicio de Deuda Neto DCPAmortizacin1,383,637138,845-1,199,476-323,007------Intereses-55,345-116,245-73,820-12,920------Escudo Tributario InteresesServicio de Deuda Neto5,405,237504,492-801,200-2,097,095-1,159,727-823,800-823,800-823,800-823,800-823,800-823,800

Flujo de Caja Financiero-5,405,2373,2003,2001,178,7552,577,0873,116,3043,200,8693,287,1263,375,1083,464,8508,124,7848,974,181

Escudos Tributarios Totales----------

C.53Cuadro 53. Escenario Optimista

FLUJO DE CAJA FINANCIERO (FCF)(En nuevos soles)AO0i234567891011

Flujo de Caja Econmico-11,305,979-653,0644,310,4177,418,8098,066,1618,388,8538,562,6688,739,9608,920,7989,105,25214,116,33711,249,7721(+) Servicio de Deuda Neto DIPDesembolso Inicial5,652,990Amortizacin-381,055-413,445-448,588-486,717-528,088-572,976-621,679-674,522-731,856-794,064Intereses-480,504-448,114-412,972-374,842-333,471-288,583-239,880-187,038-129,703-67,495Escudo Tributario Intereses----------Seriviclo de Deuda Neto DCPAmortizacin1,581,066-1,581,066--------Intereses-63,243-63,243--------Escudo Tributario InteresesServicio de Deuda Neto5,652,990656,264-2,505,868-861,559-861,559-861,559-861,559-861,559-861,559-861,559-861,559

Flujo de Caja Financiero-5,652,9903,2001,804,5496,557,2507,204,6027,527,2937,701,1097,878,4018,059,2388,243,69313,254,77811,249,772

Escudos Tributarios Totales----------

C.54Cuadro 54: Escenario PesimistaFLUJO DE CAJA FINANCIERO (FCF)(En nuevos soles)AO01234567891011

Flujo de Caja Economico-10,263,495-367,994-2,090,713-185,477114,420216,131225,942235,950246,157256,5694,545,1946,949,2081(+) Servicio de Deuda Neto DIP Desembolso Inicial 5,131,747Amortizaciones-345,919-375,322-407,225-441,839-479,395-520,144-564,356-612,326-664,374-720,846 Intereses-436,199-406,795-374,893-340,279-302,723-261,974-217,762-169,791-117,744-61,272Escudo tributario intereses

Serivicio de Deuda Neto DCP Amortizacin1,201,3673,095,9791,369,3571,171,0771,162,7181,249,3911,343,0831,444,3731,553,892-2,783,934-10,807,303Intereses -48,055-219,949-398,562-500,179-593,531-690,016-793,714-905,213-1,025,143-975,942Escudo Tributario InteresesServicio de Deuda Neto5,131,747371,1942,093,913188,677-111,220-212,931-222,742-232,750-242,957-253,369-4,541,994-10,807,303

Flujo de Caja Financiero-5,131,7473,2003,2003,2003,2003,2003,2003,2003,2003,2003,200-3,858,095

Escudos Tributarios Totales----------

C.58Cuadro 58.Estimacin del RoaBoa0.68Rf5.21%Rm- Rf6.29%(+) R.P.1.80%Roa11.3%(+) Prima Tamao2.10%Roa final13.4%Elaboracin propia

C.59Cuadro 59. Estimacin Costo de Deuda (Kd) *Empresas seleccionadas20082009201020112012Promedio perodoSaudi Fisheries Company0.00%3.33%1.66%2.39%2.88%2.57%Dias Aquaculture SA0.00%4.35%4.60%5.82%8.07%5.71%Cermaq0.00%4.50%3.46%3.43%2.39%3.44%International Fish Farming Company0.00%0.00%0.00%12.09%11.12%11.61%Hellenic Fish Farming S.A.0.00%9.43%6.25%8.16%8.29%8.03%Galaxidi Fish Farming SA0.00%4.74%5.91%6.76%8.20%6.40%An Giang Fisheries Import & Export Joint Stock Company6.23%6.68%6.65%7.08%6.65%6.77%Dong Won Fisheries Co., Ltd.5.25%0.00%6.55%3.08%5.17%4.94%Imestment Commerce Fisheries Corp4.15%6.54%5.14%5.50%5.10%5.57%Promedio ao1.74%4.40%4.47%6.03%6.43%6.11%(+) Riesgo Pais1.80%1.80%Kd8.23%7.92%Fuente: Bloomberg * Pago de Intereses / Deuda Financiera de Corto y Largo Plazo.

C.60

Cuadro 60.Beta Apalancado (Be)%D0.36%K0.64t15.00%Kd8.50%Boa68.0%B apalancado (Be)1.00Elaboracin: Propia

C.61

Cuadro 61. Estimacin del Roe y WACCBe1.00Rf5.21%Rm-Rf6.29%(+) R.P.1.80%Roe13.3%(+) Prima Tamao2.10%Roe Final15.4%WACC12.5%Elaboracin propia

C.62Cuadro 62.EscenariosPesimistaEsperadoOptimistaVar% Precio Anual-15%0%15%Var. % Cantidad-10%0%10%Var. % Costo Alimento15%0%-15%VANE (millones S/.)-8.787.1826.38TIRENA22.55%41.43%VANF (millones S/.)-8.787.1826.38TIRFNA29.61%58.14%Periodo RecuperoMas de 10 aos4.92.9

C.63Cuadro 63.PUNTOS DE EQUIUBRIOVANE = 0VANE = 0VANE (millones S/.)7.1800Variacin % Precio Promedio cada ao y Precio S/.42.20%-8%38.95Variacin % Costos de Alimentos y Costo S/.4.80%45%6.96

CANTIDAD DE EQUILIBRIO (VANE = 0)

PRODUCCION PRODUCTOS TERMINADOS (Kg. FILETE)EscenarioPesimistaEsperadoOptimista01 Ciclo (Unidades)NA1,629,622745,44601 Cosecha (Unidades)NA407,406186,362(-) SobrevivenciaNA80%80%Peso por unidad (Kg)NA0.330.33NA107,08648,985Fileteado (33%)NA0.550.55Indice de Conversin AlimentosNA1.181.18Fileteado por cosecha (Kg)NA58,89726,942Consumo de AlimentoNA126,11857,691

PUNTO DE EQUILIBRIO FILETE (Kg.) (VANE= 0)AO12345678910EscenarioPesimistaCosechas al ao1444444444Flete (Kg.)NANANANANANANANANANAEsperadoCosechas al ao1444444444Filete (Kg.)58,897235,588235,588235,588235,588235,588235,588235,588235,588235,588OptimistaCosechas al ao1444444444Filete (Kg.)26,942107,766107,766107,766107,766107,766107,766107,766107,766107,766

C.64

Cuadro 64.Var% Precio AnualVANE (millones S/.)TIRE7.1822.55%-15%-6.843.73%-10%-2.1710.54%-5%2.5116.79%0%7.1822.55%5%11.8527.90%10%16.5332.91%15%21.2037.63%Var. % Costo AlimentoVANE (millones S/.)TIRE7.1822.55%-15%9.5725.64%-10%8.7724.61%-5%7.9823.58%0%7.1822.55%5%6.3821.53%10%5.5920.51%15%4.7919.50%

Anexo 5

INVERSION ACTIVO FIJO - PRODUCCIONVIDA UTIL TRIBUTARIA VIDA UTIL TRIBUTARIA VIDA UTIL ECONOMICAINMUEBLEs/.Construccin de centro de reproduccin y alevinos Construccin rea de 300 m284,000.00Construccin de almacnConstruccin rea de 100 m228.00000Construccin de campamentoConstruccin rea de 300 m284.00000TOTAL INMUEBLE196,000.0020.0020.00MAQUINARIA Y EQUIPO, MUEBLES Y ENSERESJaulas para engordeMetlica de 10x10x7896,000.00Jaulas para juvenilesMetlica de 10x10x5224.000.00Jaulas para alevinajeMetlica de 5x5x5300.000.00Engorde1.5"110.44800Juveniles (a)1''29,736.00Juveniles (b)1/231.860.00Alevinaje1/4"132.160.00AnclajePara Jaulas para engordeMetlica de 10x10x712.00000Para Jaulas para juvenilesMetlica de 10x10x53.000.00Para Jaulas para alevinajeMetlica de 5x5x512.00000Infraestructura para sala de incubacinArtesasfibra de vidrio de 0.4x0 4x4119,569.58Tanques7 m3con sist. hidrulico97,267.14Soporte para artesas de tres pisosmetal16.200.00Sala de incubacin y alevinajem274,121.74Materiales y equipos diversosEmbarcacin SL 19c/motor f bordaunidad32.00000Embarcacin para manejo c/motor f bordaunidad25.000.00Seleccionadores e ctiometrosglobal5,000.00Ox metrounidad4.000.00Otros aparejosglobal10.000.00TOTAL MAQUINARIA Y EQUIPO, MUEBLES Y ENSERES2,134,362.4510.0010.00

TOTAL ACTIVO FIJO2,330,362

Anexo 6

GASTOS PRE OPERATIVOS(En Nuevos Soles)GASTOS DE GESTIONFormulador de la etapa proyecto39,900.00Proceso de implementacin15,000.00Estudio Impacto Ambiental7,735.00Formulario de Verificacin170.00Certificacin Ambiental del EIA16,800.00Obtencin de Concesin2,590.00Derecho de uso de rea acutica0.00Gastos diversos1,500.00Software Office 365112.00Protocolos tcnicos sanitarios requeridosCosntitucion de la empresa3,500.00Autorizacin de instalacin de planta1,873.00Licencia de operacin de planta1,888.00Constancia de verificacin del plan anlisis de peligros y puntos crticos de control300.00Certificado oficial sanitario con fines de exportacin76.00Emisin de protocolo tcnico para registro sanitario375.00Certificado de libre venta187.00Emisin de acta de inspeccin para certificado oficial sanitario para exportacin976.00Otros gastos (planos, memoria descriptiva, plan de BPM3,000.00TOTAL95,982.00

Anexo 7

COSTOS DE PRODUCCION POR COSECHA(En Nuevos Soles)PARTIDADESCRIPCIONUNIDADCOSTOCANTIDADCOSTO PORCOSTO POR (*)COSTO UNITARIO1,0001,000250Mili.Mil.Mili.Materiales e insumosOvas embrionadas de EEUU Millar78.403,804298,27274,5683.54%SUB-TOTAL COMPRA DE OVAS EMBRIONADAS74,568ALIMENTOSMateriales e insumosINICIO 1 Kg7.075,54239,1709,7930.47%Materiales e insumosINICIO 2 Kg6.3025,001157,51239,3781.87%Materiales e insumosCREC1Kg5.2944,250234,02958,5072.78%Materiales e insumosCREC2 Kg5.29102,936544,403136,1016.47%Materiales e insumosACB (engorde) Kg4.80621,2992,981,184745,29635.42%Materiales e insumosACB - P Kg5.42378,7012,051,882512,97124.38%SUB-TOTAL COMPRA DE AUMENTOS6,008,1811,502,045SUMINISTROS Y OTROS12,0003,0000.14%COSTOS DE PERSONAL PRODUCCION2,099,097524,77424.94%TOTAL COSTOS DE PRODUCCION8,417,5502,104,387(*) Una cosecha para el proyecto

Anexo 8BALANCE GENERAL(Nuevo soles )AO012345678910Caja8.368.129464.1451,997.4242.087.0522.163.8762,207.1542.251.2972.296.3232.342.2492.389.0942,436.876Exceso de caja0001,085,6582,452,9983,834,9055,236,9756,658,2168,097,49814,121,938CxCobrar4.641.4504,993.5605,217.6305.409,6905.517.8845.628.2415.740.8065,855.6225.972.7356.092.190Materia Prima62.585250.341250.341250.341250.341250,341250.341250.341250.341250,341Productos en proceso3.996.5144.076.4454.156.9044.238.9724.322.6824.408,0664.495.1584,583.9914.674.601:Productos Terminados111.014449.6C8458.526467.577476.810486.227495.833505.631515,625525.818Total Act Circulante8,368,1299,275,70911,767,37712,170,45213,616,11515,227,86816,859,07718,515,43520,196,05121,899,89423,427,163Inmuebles196.000196.000196.000196.000196,000196,000196,000196.000196.000196.000196.000Maquinaria, Equipo, Computo2.150.3622.150.3622.150.3622.150.3622.150.3622.150.3622.150.3622.150.3622.150.3622.150.3622.150.362Intangibles (6. Preoperativos)95.98295.98295.98295.98295,98295.98295,96295.98295.98295,98295.982Depredacin y Amortizacin Acum.-317.618-539.254-760.891-982,527-1,204.163-1.425.799-1.647.436-1,869.072-2.090.708-2.312.344Total Act Fijo2,442,3442,124,7261,903,0901,681,4541,459,8171,238,1811,016,545794,909573,272351,636130,000Total Activos10,810,47311,400,43513,670,46713,851,90615,075,93216,466,04917,875,62219,310,34420,769,32322,251,53123,557,163Linea de crdito1,383,6371,522,482323,0070000000CxPagar277.536452.938461.878470.997480.298489,785499.462509.332519.400331.043Deuda a LP5.405.2375.040.8824,645.5574.216.6303.751.2443.246,3002.698,4362.104.0031.459.043759.262:Total Pasivo5,405,2376,702,0556,620,9785,001,5154,222,2413,726,5983,188,2212,603,4651,968,3761,278,663331,043PatrimonioReserva Legal0235,111532,757881,9091,081,0471,081,0471,081,0471,081,0471,081,0171,081,047Capital5.405.2375.405.2375.405.2375.405.2375.405.2375.405.2375.405.2375,405.2375.405,2375.405.2375.405.237Utilidades Acumuladas---941,968-64.0591.075.0172,621.6434.437.4056.319.2628.269.92810.29229612,389.440Utilidades del Aerado0-706.8572.351.1092.976.4573.491.5293.631.5243.763.7123.901.3344,044.7354.194.2884.350.396Total Patrimonio5,405,2374,698,3807,019,4898,850,39110,853,69212,739,45114,687,40216,706,87918,800,94720,972,86823,226,120Pasivo+Patrimonio10,810,47311,400,43513,670,46713,851,90615,075,93216,466,04917,875,62219,310,34420,769,32322,251,53123,557,163

Anexo 9

ESTADO DE GANANCIAS Y PERDIDAS(En Nuevos Soles)AO012345678910Ventas4,641,45019,974,24020,870,52021,638,76022,071,53522,512,96622,963,22523,422,49023,890,94024,368,758Costo de Ventas2,664,34310,790,58811,004,61711,221,85711,443,44211,669,45911,899,99512,135,14312,374,99412,619,641Depreciacin y Amort.319,218223,236223,236223,236223,236223,236223,236223,236223,236223,236Utilidad Bruta1,657,8898,960,4159,642,66610,193,66610,404,85710,620,27110,839,99311,064,11011,292,71011,525,881Gastos de Ventas y Distribucin1,270,1965,016,0975,113,2195,214,3585,315,7665,419,2035,524,7085,632,3235,742,0905,854,053Gastos Adm.578,1591,046,8891,082,6991,114,8451,137,1101,159,8211,182,9851,206,6131,230,7131,255,295Depreciacin y Amort.1,6001,6001,6001,6001,6001,6001,6001,6001,6001.600Utilidad Operativa0-192,0662,895,8293,445,1493,862,8623,950,3804,039,6484,130,7014,223,5754,318,3074,414,933Gastos Financieros-514,791-544,720-468,692-371,334-318,856-275,935-229,367-178,840-124,019-64,537Utilidad antes Imp.0-706,8572,351,1092,976,4573,491,5293,631,5243,763,7123,901,3344,044,7354,194,2884,350,396Impto Rta0000000000Utilidad Neta0-706,8572,351,1092,976,4573,491,5293,631,5243,763,7123,901,3344,044,7354,194,2884,350,396

Anexo 10

FLUJO DE OPERACIONES(En nuevo soles )AO12345678910FLUJO DE OPERACIONESUtilidad Neta-706857.002,351,1092,976,4573,491,5293,631,5243,763,7123,901,3344,044,7354,194,2884,350,396(+) Depreciacin317,618221,636221,636221,636221,636221,636221,636221,636221,636221,636-389,2392,572,7463,198,0933,713,1653,853,1603,985,3494,122,9704,266,3714,415,9244,572,032Variacin CxC-4,641,450-352,110-224,070-192,060-108,194-110,358-112,565-114,816-117,112-119,455Variacin Materia Prima-62,585-187,75600000000Variacin Productos en proceso-3,996,514-79,930-80,459-82,068-83,710-85,384-87,092-88,834-90,6104,674,601Variacin Productos Terminados-111,014-338,594-8,918-9,052-9,233-9,417-9,606-9,798-9,994-10,194Variacin CxP277,536175,4038,9409,1199,3019,4879,6779,87010,068-188,357-8,534,028-782,987-304,507-274,061-191,835-195,672-199,585-203,577-207,6494,356,596

Flujo Operativo-8,923,2671,789,7592,893,5863,439,1043,661,3253,789,6773,923,3854,062,7944,208,2768,928,628FLUJO DE INVERSIONMaquinaria000000000CIntagibles0000000000Flujo de Inversin0000000000FLUJO DE FINANCIMIENTOLinea de Crdito1,383,637138,845-1,199,476-323,00700000cAmortizacin DLP-364,355-395,325-428,927-465,386-504,944-547,864-594,433-644,959-699,781-759,262Pago de Dividendos00-1,175,555-1,488,228-1,745,764-1,815,762-1,881,856-1,950,667-2,022,367-2,097,144Flujo de Financiamiento1,019,283-256,480-2,803,958-2,276,621-2,250,708-2,363,626-2,476,289-2,595,626-2,722,148-2,856,406

Saldo de Caja del Ejercicio-7,903,9841,533,27989,6281,162,4821,410,6171,426,0501,447,0961,467,1681,486,1276,072,222Saldo de Caja Inicial8.368,129 464,1451,997,4242.087,0523,249.5344,660.1516,086,2017,533,2979.000,46510,486,59216,558.814