Super

The Super Project Project

Project Request Detail 1st per.

1. Land RETURN ON NEW FUNDS EMPLOYED - 10YR AVG.

2. Buildings 80
3. Machinery and Equipment 120 A. New funds employed (line 21) 380 380
4. Engineering B. Profit before taxes (line 35) 240
5. Other C. Net profit (line 37) 116
6. Expense Portion (before tax) D. Calculated return 30.49% 63.08%
7. Sub-total 200 PAYBACK YEARS FROM OPERATIONAL DATE
8. Less: Salvage value (old asset) Part year calculation for first period
9. Total project cost 200 Number of full years to payback 6
10. Less:Taxes on Exp. portion Part year calculation for last period 0.83
11. Net project cost 200 Total years to payback 6.83

1st per. 2nd per. 3rd per. 4th per. 5th per. 6th per. 7th per. 8th per. 9th per.
Funds Employed Fiscal 68 Fiscal 69 Fiscal 70 Fiscal 71 Fiscal 72 Fiscal 73 Fiscal 74 Fiscal 75 Fiscal 76

12. Net project cost (line 11) 200 200 200 200 200 200 200 200 200
13. Deduct depreciation (cum.) 19 37 54 70 85 98 110 121 131
14. Capital funds employed 181 163 146 130 115 102 90 79 69
15. Cash 124 134 142 151 160 160 169 169 178
16. Receivables
17. Inventories 207 222 237 251 266 266 281 281 296
18. Prepaid and deferred exp.
19. Less: current liabilities (2) (82) (108) (138) (185) (184) (195) (195) (207)
20. Total working funds (15 thru 19) 329 274 271 264 241 242 255 255 267
21. Total new funds employed (14+20) 510 437 417 394 356 344 345 334 336
Profit and Loss
22. Unit volume 1,100 1,200 1,300 1,400 1,500 1,500 1,600 1,600 1,700
23. Gross Sales 2,200 2,400 2,600 2,800 3,000 3,000 3,200 3,200 3,400
24. Deductions 88 96 104 112 120 120 128 128 136
25. Net sales 2,112 2,304 2,496 2,688 2,880 2,880 3,072 3,072 3,264
26. Cost of goods sold 1,100 1,200 1,300 1,400 1,500 1,500 1,600 1,600 1,700
27. Gross Profit 1,012 1,104 1,196 1,288 1,380 1,380 1,472 1,472 1,564
28. Advertising expense
29. Selling expense 1,100 1,050 1,000 900 700 700 730 730 750
30. General and Admin. costs
31. Research expense
32. Start-up costs 15
33. Other: Test market 360
34. Adjustments: Erosion 180 200 210 220 230 230 240 240 250
35. Profit before taxes (643) (146) (14) 168 450 450 502 502 564
36. Taxes (334) (76) Super
(7) Project
87 234 234 261 261 293
36A. Add: Investment credit (1) (1) (1) (1) (1) (1) (1) (1) -
37. Net profit (308) (69) (6) 82 217 217 242 242 271
38. Cumulative net profit (308) (377) (382) (301) (84) 133 375 617 888
39. New funds to repay (21 less 38) 818 814 799 695 440 211 (30) (283) (552)

Base Case Assumptions: Senstivity
Jell-O erosion factor 50% base case 44
Building and agglom 100% (after 3 years) Jello to 60% (15)
Facilities overhead 100% (after 3 years) Jello to 100% (250)
Additional overhead 75% Facilities to 1971 107
Distribution system alloc 0% Facilities to 1969 (23)
Internal rate of return 10.7% Bldg & Agglom usage allocation 230
NPV @ 10% $44 NPV at 11% 65
Inflation in cost of bldg & agglom. 25%

1967 1968 1969 1970 1971 1972 1973 1974 1975

Depreciation rates 9.5% 9.0% 8.5% 8.0% 7.5% 6.5% 6.0% 5.5%

Net sales 2,112 2,304 2,496 2,688 2,880 2,880 3,072 3,072
COGS (1,100) (1,200) (1,300) (1,400) (1,500) (1,500) (1,600) (1,600)
Selling expense (1,100) (1,050) (1,000) (900) (700) (700) (730) (730)
Depreciation (new) (19) (18) (17) (16) (15) (13) (12) (11)
Depreciation (Jell-O) (100) (95) (89) (84) (79)
Depreciation (dist system) - - - - - - - -
Start-up costs (15)
Facilities overhead (28) (28) (28) (28) (28)
Additional overhead (68) (68) (68) (68)
Jell-O erosion #VALUE! (90) (100) (105) (110) (115) (115) (120) (120)
Profit before taxes #VALUE! (197) (64) 74 134 360 367 431 437
Taxes @ 52% #VALUE! 102 33 (38) (70) (187) (191) (224) (227)
Investment tax credit - 8 - - - - - - -
Net profit #VALUE! (87) (31) 36 64 173 176 207 210
Depreciation add-back - 19 18 17 116 110 102 96 90
Operating cash flow #VALUE! (68) (13) 53 180 282 279 303 299

New plant & equipment 200

Jell-O building 250
Jell-O equipment 800
Distribution system -
Change in NWC - 329 (55) (3) (7) (23) 1 13 -
Investment outflow 200 329 (55) 1,047 (7) (23) 1 13 -

Recovery of working capital

 Super Project

Recovery of pl&eq (book)

Net cash flow (207) (397) 42 (994) 187 305 278 290 299
NPV $44 > 0 :)
TIR 10.7% No es valido debido a que existe màs de un cambio de signo.
 Super Project

RETURN ON NEW FUNDS EMPLOYED - 10YR AVG.

10th per.
Fiscal 77 10-yr avg

200
140
60 114
178 157

296 260

(207) (150)
267 267
327 380

1,700 1,460
3,400 2,920
136 117
3,264 2,803
1,700 1,460
1,564 1,343

750 841

2
36
250 225
564 240
Super
293 Project
125
- (1)
271 116
1,159
(832)

1976 1977
5.0% 4.5%

3,264 3,264
(1,700) (1,700)
(750) (750)
(10) (9)
(68) (63)
- -

(28) (28)
(68) (68)
(125) (125)
515 522
(268) (271)
- -
247 250
78 72
326 322

12 -
12 -

267
Super Project

533

314 1,122
 Super
The Super Project
Project

Project Request Detail 1st per.

1. Land RETURN ON NEW FUNDS EMPLOYED - 10YR AVG.

2. Buildings 80
3. Machinery and Equipment 120 A. New funds employed (line 21) 380
4. Engineering B. Profit before taxes (line 35)
5. Other C. Net profit (line 37) 116
6. Expense Portion (before tax) D. Calculated return 30.49%
7. Sub-total 200 PAYBACK YEARS FROM OPERATIONAL DATE
8. Less: Salvage value (old asset) Part year calculation for first period
9. Total project cost 200 Number of full years to payback
10. Less:Taxes on Exp. portion Part year calculation for last period
11. Net project cost 200 Total years to payback

1st per. 2nd per. 3rd per. 4th per. 5th per. 6th per. 7th per. 8th per.
Funds Employed Fiscal 68 Fiscal 69 Fiscal 70 Fiscal 71 Fiscal 72 Fiscal 73 Fiscal 74 Fiscal 75

12. Net project cost (line 11) 200 200 200 200 200 200 200 200
13. Deduct depreciation (cum.) 19 37 54 70 85 98 110 121
14. Capital funds employed 181 163 146 130 115 102 90 79
15. Cash 124 134 142 151 160 160 169 169
16. Receivables
17. Inventories 207 222 237 251 266 266 281 281
18. Prepaid and deferred exp.
19. Less: current liabilities (2) (82) (108) (138) (185) (184) (195) (195)
20. Total working funds (15 thru 19) 329 274 271 264 241 242 255 255
21. Total new funds employed (14+20) 510 437 417 394 356 344 345 334
Profit and Loss
22. Unit volume 1,100 1,200 1,300 1,400 1,500 1,500 1,600 1,600
23. Gross Sales 2,200 2,400 2,600 2,800 3,000 3,000 3,200 3,200
24. Deductions 88 96 104 112 120 120 128 128
25. Net sales 2,112 2,304 2,496 2,688 2,880 2,880 3,072 3,072
26. Cost of goods sold 1,100 1,200 1,300 1,400 1,500 1,500 1,600 1,600
27. Gross Profit 1,012 1,104 1,196 1,288 1,380 1,380 1,472 1,472
28. Advertising expense
29. Selling expense 1,100 1,050 1,000 900 700 700 730 730
30. General and Admin. costs
31. Research expense
32. Start-up costs 15
33. Other: Test market 360
34. Adjustments: Erosion 180 200 210 220 230 230 240 240
35. Profit before taxes (643) (146) (14) 168 450 450 502 502
36. Taxes (334) Super
(76) Project
(7) 87 234 234 261 261
36A. Add: Investment credit (1) (1) (1) (1) (1) (1) (1) (1)
37. Net profit (308) (69) (6) 82 217 217 242 242
38. Cumulative net profit (308) (377) (382) (301) (84) 133 375 617
39. New funds to repay (21 less 38) 818 814 799 695 440 211 (30) (283)

Base Case Assumptions:
Jell-O erosion factor 50%
Building and agglom 100% (after 3 years)
Facilities overhead 100% (after 3 years)
Additional overhead 75%
Distribution system alloc 0%
Internal rate of return 10.3%
NPV @ 10% $23
Inflation in cost of bldg & agglom. 25%
Depreciation rates 9.5% 9.0% 8.5% 8.0% 7.5% 6.5% 6.0%

0 1 2 3 4 5 6 7
Año 1967 1968 1969 1970 1971 1972 1973 1974
Ventas 2,112 2,304 2,496 2,688 2,880 2,880 3,072
-Costos (1,100) (1,200) (1,300) (1,400) (1,500) (1,500) (1,600)
-Gastos de ventas (1,100) (1,050) (1,000) (900) (700) (700) (730)
-Depreciation (nueva) (19) (18) (17) (16) (15) (13) (12)
-Depreciación (Jell-O) (100) (95) (89) (84)
-Depreciacion (sistema de distribución) - - - - - - -
-Gastos de lanzamiento (15)
-Gastos generales (28) (28) (28) (28)
-Gastos adicionales (68) (68) (68)
-Erosion Jell-O #VALUE! (90) (100) (105) (110) (115) (115) (120)
Utilidad antes de impuestos #VALUE! (197) (64) 74 134 360 367 431
Impuestos (52%) 8 102 33 (38) (70) (187) (191) (224)
Investment tax credit - 8 - - - - - -
+Depreciacion - 19 18 17 116 110 102 96
Total flujo de Operaciones (7) (68) (13) 53 180 282 279 303

Inv en activo fijo inicial (200)

Inv en edificio de Jell-O (250)
Inv en equipo Jell-O (800)
Inv en sistema de distribución -
Rescate de activos fijos (valor en libros)
Inversion en cap de trabajo (329) 55 3 7 23 (1) (13) -
Recuperación cap de trabajo
Flujo de inversiones (529) 55 3 (1,043) 23 (1) (13) -
 Super Project

Flujo económico (536) (13) (10) (990) 203 281 266 303

Tasa de descuento 10%

VAN $23 > 0 :) Valor actual neto
TIR 10.3% > 10% :) Tasa interna de retorno
IR 1.04 >1 :) Indice de rentabilidad
Periodo de recuperación 8.64 años
(536) (549) (558) (1,549) (1,346) (1,064) (799) (496)
 Super Project

RETURN ON NEW FUNDS EMPLOYED - 10YR AVG.

380
240

63.08%
PAYBACK YEARS FROM OPERATIONAL DATE

6
0.83
6.83

9th per. 10th per.

Fiscal 76 Fiscal 77 10-yr avg

200 200
131 140
69 60 114
178 178 157

296 296 260

(207) (207) (150)

267 267 267
336 327 380

1,700 1,700 1,460

3,400 3,400 2,920
136 136 117
3,264 3,264 2,803
1,700 1,700 1,460
1,564 1,564 1,343

750 750 841

2
36
250 250 225
564 564 240
 Super Project
293 293 125
- - (1)
271 271 116
888 1,159
(552) (832)

5.5% 5.0% 4.5%

8 9 10
1975 1976 1977
3,072 3,264 3,264
(1,600) (1,700) (1,700)
(730) (750) (750)
(11) (10) (9)
(79) (68) (63)
- - -

(28) (28) (28)

(68) (68) (68)
(120) (125) (125)
437 515 522
(227) (268) (271)
- - -
90 78 72
299 326 322

533
(12) -
267
(12) - 800
 Super Project

287 326 1,122

(209) 117
0.64
 Super
The Super Project
Project

Project Request Detail 1st per.

1. Land RETURN ON NEW FUNDS EMPLOYED - 10YR AVG.

2. Buildings 80
3. Machinery and Equipment 120 A. New funds employed (line 21) 380
4. Engineering B. Profit before taxes (line 35)
5. Other C. Net profit (line 37) 116
6. Expense Portion (before tax) D. Calculated return 30.49%
7. Sub-total 200 PAYBACK YEARS FROM OPERATIONAL DATE
8. Less: Salvage value (old asset) Part year calculation for first period
9. Total project cost 200 Number of full years to payback
10. Less:Taxes on Exp. portion Part year calculation for last period
11. Net project cost 200 Total years to payback

1st per. 2nd per. 3rd per. 4th per. 5th per. 6th per. 7th per. 8th per.
Funds Employed Fiscal 68 Fiscal 69 Fiscal 70 Fiscal 71 Fiscal 72 Fiscal 73 Fiscal 74 Fiscal 75

12. Net project cost (line 11) 200 200 200 200 200 200 200 200
13. Deduct depreciation (cum.) 19 37 54 70 85 98 110 121
14. Capital funds employed 181 163 146 130 115 102 90 79
15. Cash 124 134 142 151 160 160 169 169
16. Receivables
17. Inventories 207 222 237 251 266 266 281 281
18. Prepaid and deferred exp.
19. Less: current liabilities (2) (82) (108) (138) (185) (184) (195) (195)
20. Total working funds (15 thru 19) 329 274 271 264 241 242 255 255
21. Total new funds employed (14+20) 510 437 417 394 356 344 345 334
Profit and Loss
22. Unit volume 1,100 1,200 1,300 1,400 1,500 1,500 1,600 1,600
23. Gross Sales 2,200 2,400 2,600 2,800 3,000 3,000 3,200 3,200
24. Deductions 88 96 104 112 120 120 128 128
25. Net sales 2,112 2,304 2,496 2,688 2,880 2,880 3,072 3,072
26. Cost of goods sold 1,100 1,200 1,300 1,400 1,500 1,500 1,600 1,600
27. Gross Profit 1,012 1,104 1,196 1,288 1,380 1,380 1,472 1,472
28. Advertising expense
29. Selling expense 1,100 1,050 1,000 900 700 700 730 730
30. General and Admin. costs
31. Research expense
32. Start-up costs 15
33. Other: Test market 360
34. Adjustments: Erosion 180 200 210 220 230 230 240 240
35. Profit before taxes (643) (146) (14) 168 450 450 502 502
36. Taxes (334) Super
(76) Project
(7) 87 234 234 261 261
36A. Add: Investment credit (1) (1) (1) (1) (1) (1) (1) (1)
37. Net profit (308) (69) (6) 82 217 217 242 242
38. Cumulative net profit (308) (377) (382) (301) (84) 133 375 617
39. New funds to repay (21 less 38) 818 814 799 695 440 211 (30) (283)

Base Case Assumptions:
Jell-O erosion factor 48%
Building and agglom 100% (after 3 years)
Facilities overhead 100% (after 3 years)
Additional overhead 75%
Distribution system alloc 0%
Internal rate of return 22.9%
NPV @ 10% $627
Inflation in cost of bldg & agglom. 25%
Depreciation rates 9.5% 9.0% 8.5% 8.0% 7.5% 6.5% 6.0%
-52% -52% -52% -52% -52% -52% -52%
0 1 2 3 4 5 6 7
Año 1967 1968 1969 1970 1971 1972 1973 1974
Ventas 2,112 2,304 2,496 2,688 2,880 2,880 3,072
-Costos (1,100) (1,200) (1,300) (1,400) (1,500) (1,500) (1,600)
-Gastos de ventas (1,100) (1,050) (1,000) (900) (700) (700) (730)
-Depreciation (nueva) (19) (18) (17) (16) (15) (13) (12)
-Depreciación (Jell-O) - - - -
-Depreciacion (sistema de distribución) - - - - - - -
-Gastos de lanzamiento (15)
-Gastos generales
-Gastos adicionales
-Erosion Jell-O #VALUE! (86.40) (96) (101) (106) (110) (110) (115)
Utilidad antes de impuestos #VALUE! (193) (60) 78 266 555 557 615
Impuestos (52%) 8 101 31 (41) (139) (288) (289) (320)
Investment tax credit - 8 - - - - - -
+Depreciacion - 19 18 17 16 15 13 12
Total flujo de Operaciones (7) (66) (11) 55 144 281 280 307

Inv en activo fijo inicial (200)

Inv en edificio de Jell-O
Inv en equipo Jell-O
Inv en sistema de distribución -
Rescate de activos fijos (valor en libros)
Inversion en cap de trabajo (329) 55 3 7 23 (1) (13) -
Recuperación cap de trabajo
Flujo de inversiones (529) 55 3 7 23 (1) (13) -
 Super Project

Flujo económico (536) (11) (8) 62 167 280 267 307

Tasa de descuento 10%

VAN $627 > 0 :) Valor actual neto
TIR 22.9% > 10% :) Tasa interna de retorno
IR 2.17 >1 :) Indice de rentabilidad
Periodo de recuperación 5.21 años
(536) (547) (555) (493) (326) (46) 221 528
0.17

(100) 60 40 2 2 2 2
(100) 30 40 30 30 30 30

ex ante facto
 Super Project

RETURN ON NEW FUNDS EMPLOYED - 10YR AVG.

380
240

63.08%
PAYBACK YEARS FROM OPERATIONAL DATE

6
0.83
6.83

9th per. 10th per.

Fiscal 76 Fiscal 77 10-yr avg

200 200
131 140
69 60 114
178 178 157

296 296 260

(207) (207) (150)

267 267 267
336 327 380

1,700 1,700 1,460

3,400 3,400 2,920
136 136 117
3,264 3,264 2,803
1,700 1,700 1,460
1,564 1,564 1,343

750 750 841

2
36
250 250 225
564 564 240
 Super Project
293 293 125
- - (1)
271 271 116
888 1,159
(552) (832)

5.5% 5.0% 4.5%

-52% -52% -52%
8 9 10
1975 1976 1977
3,072 3,264 3,264
(1,600) (1,700) (1,700)
(730) (750) (750)
(11) (10) (9)
- - -
- - -

(115) (120) (120)

616 684 685
(320) (356) (356)
- - -
11 10 9
307 338 338

60
(12) -
267
(12) - 327
Super Project

295 338 665

823 1,161
 Super
The Super Project
Project

Project Request Detail 1st per.

1. Land RETURN ON NEW FUNDS EMPLOYED - 10YR AVG.

2. Buildings 80
3. Machinery and Equipment 120 A. New funds employed (line 21) 380
4. Engineering B. Profit before taxes (line 35)
5. Other C. Net profit (line 37) 116
6. Expense Portion (before tax) D. Calculated return 30.49%
7. Sub-total 200 PAYBACK YEARS FROM OPERATIONAL DATE
8. Less: Salvage value (old asset) Part year calculation for first period
9. Total project cost 200 Number of full years to payback
10. Less:Taxes on Exp. portion Part year calculation for last period
11. Net project cost 200 Total years to payback

1st per. 2nd per. 3rd per. 4th per. 5th per. 6th per. 7th per. 8th per.
Funds Employed Fiscal 68 Fiscal 69 Fiscal 70 Fiscal 71 Fiscal 72 Fiscal 73 Fiscal 74 Fiscal 75

12. Net project cost (line 11) 200 200 200 200 200 200 200 200
13. Deduct depreciation (cum.) 19 37 54 70 85 98 110 121
14. Capital funds employed 181 163 146 130 115 102 90 79
15. Cash 124 134 142 151 160 160 169 169
16. Receivables
17. Inventories 207 222 237 251 266 266 281 281
18. Prepaid and deferred exp.
19. Less: current liabilities (2) (82) (108) (138) (185) (184) (195) (195)
20. Total working funds (15 thru 19) 329 274 271 264 241 242 255 255
21. Total new funds employed (14+20) 510 437 417 394 356 344 345 334
Profit and Loss
22. Unit volume 1,100 1,200 1,300 1,400 1,500 1,500 1,600 1,600
23. Gross Sales 2,200 2,400 2,600 2,800 3,000 3,000 3,200 3,200
24. Deductions 88 96 104 112 120 120 128 128
25. Net sales 2,112 2,304 2,496 2,688 2,880 2,880 3,072 3,072
26. Cost of goods sold 1,100 1,200 1,300 1,400 1,500 1,500 1,600 1,600
27. Gross Profit 1,012 1,104 1,196 1,288 1,380 1,380 1,472 1,472
28. Advertising expense
29. Selling expense 1,100 1,050 1,000 900 700 700 730 730
30. General and Admin. costs
31. Research expense
32. Start-up costs 15
33. Other: Test market 360
34. Adjustments: Erosion 180 200 210 220 230 230 240 240
35. Profit before taxes (643) (146) (14) 168 450 450 502 502
 Super Project
36. Taxes (334) (76) (7) 87 234 234 261 261
36A. Add: Investment credit (1) (1) (1) (1) (1) (1) (1) (1)
37. Net profit (308) (69) (6) 82 217 217 242 242
38. Cumulative net profit (308) (377) (382) (301) (84) 133 375 617
39. New funds to repay (21 less 38) 818 814 799 695 440 211 (30) (283)
0.52
Base Case Assumptions:
Jell-O erosion factor 48%
Building and agglom 100% (after 3 years)
Facilities overhead 100% (after 3 years)
Additional overhead 75%
Distribution system alloc 0%
Internal rate of return 13.5%
NPV @ 10% $165
Inflation in cost of bldg & agglom. 25%
Depreciation rates 9.5% 9.0% 8.5% 8.0% 7.5% 6.5% 6.0%
-52% -52% -52% -52% -52% -52% -52%
0 1 2 3 4 5 6 7
Año 1967 1968 1969 1970 1971 1972 1973 1974
Ventas 2,112 2,304 2,496 2,688 2,880 2,880 3,072
-erosion de ventas (422) (461) (499) (538) (576) (576) (614)
-Costos ventas (1,100) (1,200) (1,300) (1,400) (1,500) (1,500) (1,600)
+costo erosion de ventas 220 239.62 259.58 279.55 299.52 299.52 319.49
-Gastos de ventas (1,100) (1,050) (1,000) (900) (700) (700) (730)
-Depreciation (nueva) (19) (18) (17) (16) (15) (13) (12)
-Depreciación (Jell-O) - - - -
-Depreciacion (sistema de distribución) - - - - - - -
-Gastos de lanzamiento (15)
-Gastos generales +
-Gastos adicionales

Utilidad antes de impuestos (15) (310) (185) (61) 114 389 391 435
Impuestos (52%) 8 161 96 32 (59) (202) (203) (226)
+Depreciacion - 19 18 17 16 15 13 12
Total flujo de Operaciones (7) (130) (71) (12) 71 201 200 221

Inv en activo fijo inicial (200)

Inv en edificio de Jell-O
Inv en equipo Jell-O
Inv en sistema de distribución -
Rescate de activos fijos (valor en libros)
Inversion en cap de trabajo (329) 55 3 7 23 (1) (13) -
Recuperación cap de trabajo
Flujo de inversiones (529) 55 3 7 23 (1) (13) -
 Super Project

Flujo económico (536) (75) (68) (5) 94 200 187 221

Tasa de descuento 10%

VAN $165 > 0 :) Valor actual neto
TIR 13.5% > 10% :) Tasa interna de retorno
IR (BC) 1.31 >1 :) Indice de rentabilidad
Periodo de recuperación 6.92 años - - - - - -
(536) (611) (679) (684) (590) (390) (202) 19
0.92
6.92 años

(100) 60 40 2 2 2 2
(100) 30 40 30 30 30 30

ex ante facto
 Super Project

RETURN ON NEW FUNDS EMPLOYED - 10YR AVG.

380
240

63.08%
PAYBACK YEARS FROM OPERATIONAL DATE

6
0.83
6.83

9th per. 10th per.

Fiscal 76 Fiscal 77 10-yr avg

200 200
131 140
69 60 114
178 178 157

296 296 260

(207) (207) (150)

267 267 267
336 327 380

1,700 1,700 1,460

3,400 3,400 2,920
136 136 117
3,264 3,264 2,803
1,700 1,700 1,460
1,564 1,564 1,343

750 750 841

2
36
250 250 225
564 564 240
 Super Project
293 293 125
- - (1)
271 271 116
888 1,159
(552) (832)

5.5% 5.0% 4.5%

-52% -52% -52%
8 9 10
1975 1976 1977
3,072 3,264 3,264
(614) (653) (653)
(1,600) (1,700) (1,700)
319.49 339.46 339.46
(730) (750) (750)
(11) (10) (9)
- - -
- - -

436 491 492

(227) (255) (256)
11 10 9
220 246 245

60
(12) -
267
(12) - 327
Super Project

208 246 572

227 472
 Ventas 1000  200  800 
0.52  Costos 520  104  416 
480  96  384 
0.48*200 ­96 
384 

­100  60  40  2  2  2 

­100  ­40  0  2  4  6 

2 años

­100  35  35  35  35  35 

­100  ­65  ­30  5  40  75 

3 años