States

Financial
Projected
The projections of the Financial Statements aim to
show in advance the impact that the situation will have
financial and the outcome of the future management of the company to
include operations that have not been carried out.

1
 Fixed Assets
Investments Working Capital
Pre-operative
Variables
EXPENSES Costs
Fixed
Administrative

Expenses Sales
Distribution

For the sale of the Products

For the sale of assets (Replacement of
assets)
INGRESOS Waste Value
Working Capital Recovery
For the sale of waste and
subproductos
Cash outflows aimed at supporting the
business operations or the purchase of goods that are
used for production, management or
marketing of the product or products of the project.
They are classified into:

Investments in Fixed Assets.

Investments in prior expenses

Pre-operative.

Investments in Working Capital

Current assets
Define the investment needs in assets
fixed, specific to each project that
they relate to those of higher occurrence:

. Lands, Buildings, Facilities of

communication, fire prevention
first aid, hydraulics, electrical
mechanics, etc.
. Natural Resources; machinery; equipment;
vehicles; furniture and fixtures; and intangibles
such as: patents, licenses, copyrights,
among others.
. Unforeseen events: consider the effect of possible
undetected investments or deviations in
los precios.
These investments are associated with expenses.
that are carried out in the period of time prior
to the operation of the project.

The raising of capital.

The preparatory studies.
Assembly.
Designs.
Promotion.
launch of the project.
They are the necessary resources to ensure the
normal operation of the project during its cycle
productive; that is, from the first disbursement
what is done to cover the supplies for the
production

. Labor, raw materials, materials, and expenses

connections to be able to produce and operate the business,
until when are these supplies sold
transformed into finished products and they
perceive the product of the sale to cancel
new supplies
 Working capital can be
calculate as the difference between the
current assets and liabilities
currents.

ICT = Activos Corrientes –

Current Liabilities
It is a table, in the form that is shown, where we
systematize the information about investments
during the project evaluation period
In market studies, technical,
organizational and legal have been
determined the different rubles
related to the necessary expenses
to produce, operate and finance the
commercial activity.
The project expenses can be
classify into three categories, as follows:
They are related to the
production or attainment of
product of the project; they can be
live broadcasts, when they can be
directly associate with the product
or indirect when such
association
On the otheris nothand,
evident.
they can be
variables when their value
depends on the quantity or fixed
when its value is
regardless of the quantity
produced.
The most common items to consider
under this category are:
We can define as the wear, the deterioration, the
obsolescence that tangible assets suffer in the
time due to its exploration

According to the tax guidelines, it is established

what should be considered a useful life for the assets
tangibles, like this:

Real estate (excluding land): 20 years

Personal property: 10 years
Automobiles and airplanes: 5 years
Furniture and appliances: 10 years
Although there are several methods for the
calculation of depreciation; in projects it
propone el uso del método de línea recta, la
which is calculated as:

DLR(VA–VS)/n

Where:
DLRDepreciation by straight-line method
VAAcquisition value of the asset
VSSalvage value of the asset
They refer to the necessary expenses for
operate the business, the most important concepts
common:

General administrative expenses

General sales expenses
General distribution expenses
Amortization of pre-operating expenses.
According to tax legislation the
Amortizations are tax deductions.
Amortizable investments are the pre-expenses
operational. According to the law, the amortization
it must be done within a period of 5 years

The method of calculating depreciation is carried out

how:

AD(j) = (GPO/5)
WHERE:
Amortization of deferred items in the period
j;
GPO : Gastos pre-operativos y
They are basically composed of two rubles,
which are related to financing
what suppliers and financing offer
what is obtained from the financial sector.

Interests about the

credits of the
suppliers

Interests about
bank loans
4
AMORTIZATION OF CREDITS
BANKING
In practice, different are used.
forms of loan amortization,
the most common are:
Constant principal repayment plan.
Constant installment plan.
Increasing payment plan or
decreasing arithmetically.
Growing installment plan or
decrecientes geométricamente.
PLAN OF CONSTANT SUBSCRIPTIONS TO
CAPITAL
To illustrate this type of amortization, the following example is used:
Find the amortization schedule for the loan of $155,000,000 for which
equal capital payments are agreed for 3 years, with an effective interest
annual of 30%. QUOTE CREDIT OF
PERIOD INTERESTS BALANCE
SEMESTRAL CAPITAL

0 155,000,000
1 98,166.666 46,500,000 51,666.666 103,333.334
2 82,666.666 31,000,000 51,666.666 51,666.668
3 67,666,666 15,500,000 51,666.666 2

. The repayment of the principal is calculated as the value of the debt divided by
for the number of periods
. The fee is calculated as the sum of the principal fee plus the
intereses
PLAN OF CONSTANT INSTALLMENTS
It consists of making constant payments in each
one of the agreed periods for the
debt cancellation. For the preparation of
the amortization table must refer to the
financial mathematics, particularly to the
formulation that allows determining the Vp of
a constant fee for an interest (i) during
in periods

Vp = A[ ( 1 - (1 + i)-n) / ( i )
PLAN OF CONSTANT INSTALLMENTS
To illustrate this type of amortization, the following example is used:
Find the amortization plan for the loan of $30,000,000 for which
agreement for equal capital payments over 6 semesters, with effective interest
6%.
annual del1PERIOD QUOTA CREDIT OF
INTERESTS BALANCE
O SEMESTRAL CAPITAL
0 30,000,000
1 8,141,696.11 4,800,000.00 3,341,696.11 26,658,303.89

2 8,141,696.11 4,265,328.62 3,876,367.48 22,781,936.41

3 8,141,696.11 3´645.109,83 4,496,586.28 18,285.35013

4 8,141,696.11 2,925,656.02 5,216,040.09 13,069,310.04

5 8,141,696.11 2,091,089.61 6,050,606.50 7,018,703.54
6 8,141,696.11 1,122,992.57 7,018,703.54 0

The constant payment is calculated by isolating A from Vp = A[ ( 1- (1+i)^{-n}) / ( i )]

Interest is calculated on the balances.
The payment to the principal is calculated as the difference between the constant installment and
the interests.
GROWING INSTALLMENT PLAN OR
ARITHMETICALLY DECREASING
For this payment method, the installments for each period
they are agreed upon in an increasing (decreasing) manner. The
installments are formed by adding (subtracting) to the installment
previously a fixed amount, starting from a fee
base.

Just like in the previous case, it is necessary to resort to the

financial mathematical formulation, in particular to the
which allows finding the present value of a growing annuity
arithmetic for an interest (i) over n periods

Vp = A[(1-(1+i)-n)/( i )]+(g/i)[((1- (1+i)-n)/

PLAN OF INCREASING OR DECREASING INSTALLMENTS
ARITHMETICALLY
To illustrate this type of amortization, the following example is used:
Find the amortization schedule for the loan of $30,000,000 for which payments are agreed upon.
of equal capital over 6 semesters, with an effective annual interest rate of 16% and
gradientPERIO
of 100,000QUOTA INTERESTS
PAYMENT OF
BALANCE
DO SEMESTRAL CAPITAL
0 30,000,000
1 7,934,407.91 4,800,000.00 3,134,407.91 26´865.592,09
2 8,034,407.91 4,298,494.73 3,735,913.17 23,129.68
3 8´134.407,91 3,700,748.63 4´433.659,29 18,696,019.64
4 8,234,407.91 2,991,363.14 5,243,044.76 13'452.974.88
5 8,334,407.91 2,152,475.98 6´181.931,93 7,271,042.95
6 8,434,407.91 1,163,366.87 7,271,041.03 1,92

The base quota A is calculated from the formula Vp = A[(1-(1+i))/(i)]

-n + (g/i)[((1-(1+i))/(i))–
-n

n(1+i)-n]
The 2nd semiannual installment is calculated as A+100,000; the 3rd as A+2(100,000); the 4th
like A+3(100,000) and so on.
GROWING INSTALLMENT PLAN OR
Geometrically decreasing
For this payment method, the installments for each
periods are agreed upon in an increasing or decreasing manner.
Each installment is formed by increasing or decreasing by
a percentage of the previous fee.
Resorting to financial mathematical formulation, in
particularly the one that relates Vp with an increasing fee
geometric for an interest (i) during n periods

Vp = A[((1+t)/(1+i))n-1]/(t-i); if t ≠ i
Vp = An / (1+i); if t = i
GROWING INSTALLMENT PLAN OR
Decreasing geometrically
To illustrate this type of amortization, the following example is used:
Find the amortization plan for the loan of $30,000,000 for which terms are agreed
equal capital payments for 6 semesters, with an annual effective interest rate of 16%
and gradient
PERIODt=12% QUOTE PAYMENT OF
INTERESTS BALANCE
O SEMESTRAL CAPITAL
0 30,000,000
1 6,320,454.41 4,800,000.00 1´520.454,41 28,479,545.59
2 7,078,908.94 4,556,727.29 2´522.181,64 25´957.363,95
3 7,928,378.01 4,153,178.23 3,775,199.78 22,182,164.17
4 8´879.783,37 3,549,146.27 5,330,637.10 16,851,527.06
5 9´945.357,38 2,696,244.33 7,249,113.05 9,602,414.02
6 11,138,800.26 1,536,386.24 9,602,414.02 0

The base quota is calculated by isolating A from Vp = A[((1+t)/(1+i)) -1]/(t-i);

n if t ≠
i
The 2nd semiannual installment is calculated as A(1+0.12); the 3rd as A(1+0.12);2 the 4th
like A(1+0.12)3and so on
Interest is calculated on the balances.
El abono al capital se calcula como la diferencia entre la cuota y los intereses
The Cost and Expense Calendar is a table, in the form shown,
where information about costs and expenses is systematized during the
project evaluation time
They come from the sales of the product or
project products, there are others
income that contributes to the flow of
box and therefore impact the
project profitability.
On the other hand, there are others
non-monetary income that yes
bien no aportan al flujo deben
to keep in mind at the moment of
to carry out the evaluation of the
project
The Income Calendar is a table, in the way that it is
sample, where the information about the income is systematized
during the project evaluation period.
Income Entries

0 1 2 3 4 … n-1 n

Cash Outflows

FLOW CHART OF
PROJECT
 OPERATION MOMENT

0 1 2 3 4 … n-1 n

Moment Final Moment

Previous
 In this case, it should
include the effect of
Finance part of the
Project through
credits.

That is to say, include the loan

and the payment of the installments

discriminated in: expenses

financial and payment of
capital.
It is the financial statement through which
it can be visualized for each period
of evaluation, the cost structure and
expenses and the way they are distributed and
accumulate the profits
Through this financial statement, we
make the planning of the entries and
cash outflows in order to have
synchronization between these two rubles for
that the cash is available for
cover investments, operating costs and
other expenses
Show it that the company has:
The assets and the way these goods are
financed; through debt - liabilities - or through
own resources – Heritage.

According to the accounting equation, the sum of the

liabilities and equity equal assets. Through
the projected balance seeks to forecast the
basic accounting entries of the company – Assets,
Liabilities and Equity - in each of the years in which
how the project is evaluated.