8/18/2019 118531306 Corrida Financiera
1/35
FORMATO CORRIDA FINANCIERA
ECRETARIA DE LA REFORMA AGRARIA
NOMBRE DEL PROYECTO: ENGORDA DE B
A
BCALCULOS TECNICOS
B.I. MEMORIAS DE CALCULO
B. II.C PROYECCION FINANCIERA MINIMA A 5 AC.I.C.II.C.III.C.IV
D ANALISIS DE RENTABILIDADD.I.D.II.D.III.
FAPPA - PROMUSAG 2013
PRESUPUESTO DE INVERSION
DESARROLLO DE ENGORDA
MEMORIAS 2
PROYECCION DE COSTOS
COSTOS TOTALES
PROYECCION DE INGRESOS
ESTADO DE RESULTADOS
FLUJO DE EFECTIVO
PUNTO DE EQUILIBRIO
ANALISIS DE RENTABILIDAD (VAN, TIR, B/C)
ESQUEMA DE CAPITALIZACION Y AHORRO
http://var/www/apps/conversion/tmp/scratch_2/http://var/www/apps/conversion/tmp/scratch_2/http://var/www/apps/conversion/tmp/scratch_2/http://var/www/apps/conversion/tmp/scratch_2/
8/18/2019 118531306 Corrida Financiera
2/35
VINOS
OS.
8/18/2019 118531306 Corrida Financiera
3/35
ENGORDA DE B
PRESUPUESTO DE I
CONCEPTOS UNIDAD CANTIDADACTIVO FIJO
Tubos para construccion de corr p!"# $%& !"#$%%Mano de obra p'!p!*+ $ &'(%%%$%%)a*era con co+ederos , bebede +'# $ #!(%%%$%%-erra+ientas +enores -+*# $ !(%%%$%%Po.o +'# $ &!(%%%$%%/ecerros para en0orda 2 1(%%%$%%
ACTIVO DIFERIDOC#p#*#+0 1 #*!0# *!0# p'!p!*+ $ &'(%%%$%%
CAPITAL DE TRA/AJOC#p*#- ! *'##3+ 4!0#- -+*! $ 22("!1$3"
TOTAL
COSTOUNITARIO
8/18/2019 118531306 Corrida Financiera
4/35
OVINOS
VERSION
MONTOS PRO)RAMA SOCIOS TOTAL
444 444 '%(%'%$%%444 &'(%%%$%% &'(%%%$%%444 #!(%%%$%% #!(%%%$%%
!(%%%$%% !(%%%$%% !(%%%$%%444 &!(%%%$%% &!(%%%$%%444 444 444
444 444 &'(%%%$%% 5
5
444 22("!1$3" 22("!1$3"
444 444 444 444
8/18/2019 118531306 Corrida Financiera
5/35
DESARROLLO DE BECERROS DEST
CONCEPTO INC.PESO PESO SITUACION(KG/DIA) (KG) ACTUAL 1 2 3
COPRAS (C!) $5 $5 $5 M! $ &.6& 2& & $2 $2 $2 M! 2 &.6& 277 & $2 $2 $2 M! 5 $.2 5$ & $2 $2 $2 M! % $.5& 5% & $2 $2 $2 M! $.5& 565 & $2 $2 $2 M! 8 $.5& %52 & $2 $2 $2 M! 7 &.6& 2& & $2 $2 $2 M! 9 &.6& 277 & $2 $2 $2 M! 6 $.2 5$ & $2 $2 $2
M! $& $.5& 5% & $2 $2 $2 M! $$ $.5& 565 & $2 $2 $2 M! $2 $.5& %52 & $2 $2 $2
TOTAL CB. FINALES 2% 2% 2% TOTAL :G. 9,97.9& 9,97.9& 9,97.9&COPRAS"
C+4p'# (C) 2 2 2 2
C+4p'# (:;) & & & &"
P'4!' M! (C) & & & &S!;0+ M! (C) & & & &
T!'!!' M! (C) & & & &C#'*+ M! (C) & & & &Q0*+ M! (C) & & & &S!
8/18/2019 118531306 Corrida Financiera
6/35
1$ $5
$2$2$2$2$2$2$2$2$2$2$2$22%
9,97.9&
2
&
&&
&&&&
&
2%9,97.9&
2&&.&?
,%82.9&
8/18/2019 118531306 Corrida Financiera
7/35
CALCULO DE COSTO DE
ALIENTO % PROTEINA .S. CONSUO KG PROTEINA CONSUO
CRUDA RACION (%) (KG/DIA) CRUDA RACION S/KG/DIA
C+0!0*'#+ $7.&&? 6.&&? 2.& &.5
S'!*+" 2.$ $.3
8/18/2019 118531306 Corrida Financiera
8/35
C*+-'+ -*0*+
C-0 1 2 3 4 5
I : : : : :
V!0*# ! !!''+ > > > > >
E 59,974.28 9,962.52 9,95$.82 9,939.17 9,927.58
C **!+ 59,764.28 9,752.52 9,74$.82 9,729.17 9,717.58
M#*!'# p'4# #-4!0*#+0 2,52. 2,5%&.76 2,526.&6 2,5$7.%% 2,5&.9
M!0# 1 #0# $8$.75 $8$.75 $8$.75 $8$.75 $8$.75
F-!*! $,2&.&& $,2&.&& $,2&.&& $,2&.&& $,2&.&&
C+4p'# ! !!''+ &,&&&.&&
GASTOS DE OPERACIN 8,&&&.&& 8,&&&.&& 8,&&&.&& 8,&&&.&& 8,&&&.&&
C 21$.$$ 21$.$$ 21$.$$ 21$.$$ 21$.$$
P#;+ ! -" $&.&& $&.&& $&.&& $&.&& $&.&&P#;+ ! #;# 8&.&& 8&.&& 8&.&& 8&.&& 8&.&&
F-3+ ! !!*+ > 6,67%.29 > 6,682.2 > 6,6&.92 > 6,656.$7 > 6,627.9
F-3+ ! !!*+ #4-#+ : 59,974.28 : 69,936.8$ : 79,887.62 : 89,826.79 : 99,754.37
8/18/2019 118531306 Corrida Financiera
9/35
*!* +' E- '*+
6 7 8 9 1$ 11
131,$$$.29 : : : : :
$5$,&&&.26
9,916.$5 59,974.28 9,962.52 9,95$.82 9,95$.82 9,927.58
9,7$6.$5 59,764.28 9,752.52 9,74$.82 9,729.17 9,717.58
2,26%.52 2,52. 2,5%&.76 2,526.&6 2,5$7.%% 2,5&.9
$8$.75 $8$.75 $8$.75 $8$.75 $8$.75 $8$.75
$,2&.&& $,2&.&& $,2&.&& $,2&.&& $,2&.&& $,2&.&&
&,&&&.&&
8,&&&.&& 8,&&&.&& 8,&&&.&& 8,&&&.&& 8,&&&.&& 8,&&&.&&
21$.$$ 21$.$$ 21$.$$ 21$.$$ 21$.$$ 21$.$$
$&.&& $&.&& $&.&& $&.&& $&.&& $&.&&8&.&& 8&.&& 8&.&& 8&.&&
$2$,&9%.2% > 6,67%.29 > 6,682.2 > 6,6&.92 > 6,6&.92 > 6,627.9
21,329.87 : 38,644.41 : 48,6$6.93 : 58,557.75 : 68,5$8.56 : 78,436.15
8/18/2019 118531306 Corrida Financiera
10/35
12 *+
131,$$$.29 262,$$$.58
:
$5$,&&&.26 262,$$$.58
:
:
9,916.$5 219,352.49
9,7$6.$5 216,82$.84
2,26%.52 27,88$.1$
$8$.75 1,94$.75
$,2&.&& 15,$$$.$$
1$$,$$$.$$
8,&&&.&& 72,$$$.$$
21$.$$ 2,52$.$$
$&.&& 1,8$$.$$8&.&& 72$.$$
:
$2$,&9%.2% 42,648.$9
42,648.$9
8/18/2019 118531306 Corrida Financiera
11/35
ENGORDA DE BOVINO
PROYECCION DE COST
COSTOS DEL PRO6ECTO COSTOS A7O A7OCONCEPTO COSTO MENSUA & #
A40*'#+0 3(%%%$%% 38(%%%$%% 38(38%$%%
P#;+ ! #;# 8%$%% "#%$%% "#"$#%
P#;+ ! -" %$%% &(11%$%% &(1!1$1%
C+*# p#'# !- !;'+ ;#0#!'+ #%'$33 #(!%%$%% #(!#!$%%
M#0*!04!0*+ ! +0*'+0! 3%%$%% 3(8%%$%% 3(838$%%
A-4!0*#+0 ! #04#-! #(381$3' #'(3"#$!% #'(8!8$#3
M!0# 1 V#0# &8&$"3 &(21%$"! &(28%$&!
F-!*! &(#!%$%% &!(%%%$%% &!(&!%$%%
M#0+ ! O'# 8(%%%$%% "#(%%%$%% "#("#%$%%
C+4p'# ! !!''+ p#'# !0;+'# 5 &%%(%%%$%%
TOTAL &3(181$11 &8&(!"3$#! #83(&''$2'
E0 !- #+ $ ! 0!'+0, # p#'*'!- #+ 2 ! !-! !0 +*+
8/18/2019 118531306 Corrida Financiera
12/35
S
A7O A7O A7O A7O A7O A7O3 1 ! 8 " '
38("#3$8% 3"(%2%$'1 444 3"('38$38 3'(#&1$"3 3'(!28$'" "31$1" "1&$'# "12$#3 "!8$"3 "81$#2 ""&$21 &(18'$21 &(1'3$83 &(12'$1" &(!&3$1! &(!#'$!2 &(!13$'" #(!!%$#! #(!"!$"! #(8%&$!& #(8#"$!3 #(8!3$'% #(8'%$31 3(8"#$38 3("%2$%' 3("18$&" 3("'3$81 3('#&$1" 3('!2$82 #'(21#$"2 #2(#3#$## 444 #2('&2$"' 3%(&&"$2' 3%(1&2$&8 &(2"2$"! &(222$!! #(%&2$!! #(%32$"1 #(%8%$&1 #(%'%$"1 &!(3%&$!% &!(1!1$!# 444 &!("8!$&! &!(2##$'% &8(%'#$%3 "3(11"$#% "1(&'&$8" 444 "!(8"#$"# "8(1#2$1! ""(&23$"!
444 &%#(%&%$%% 444 444 444 444
444 #8'(1"2$%' 444 444 444 444
8/18/2019 118531306 Corrida Financiera
13/35
A7O A7O2 &%
444 32(3"#$8" ""2$88 "'"$1! &(!!2$3& &(!"1$2& #("%"$&1 #("31$#& 3('2'$#' 3(23"$#"
444 3&(%3%$!2 #(&%&$!! #(#$!8
444 &8(1%!$#'444 "'("1!$31
444 444
444 444
8/18/2019 118531306 Corrida Financiera
14/35
ENGORDA DE BOVINO
COSTOS TOTALESCOSTOS FIJOS A7O & A7O # A7O 3
A40*'#+0 38(%%%$%% 38(38%$%% 38("#3$8%
P#;+ ! #;# "#%$%% "#"$#% "31$1"
P#;+ ! -" &(11%$%% &(1!1$1% &(18'$21C+*# p#'# !- !;'+ ;#0#!'+ #(!%%$%% #(!#!$%% #(!!%$#!
M#0*!04!0*+ ! +0*'+0! 3(8%%$%% 3(838$%% 3(8"#$38
TOTAL 11(#8%$%% 11("%#$8% 1!(&12$83
COSTOS VARIA/LES A7O & A7O # A7O 3 A-4!0*#+0 ! #04#-! #'(3"#$!% #'(8!8$#3 #'(21#$"2M!0# 1 V#0# &(21%$"! &(28%$&! &(2"2$"!
F-!*!
&!(%%%$%% &!(&!%$%% &!(3%&$!%M#0+ ! O'# "#(%%%$%% "#("#%$%% "3(11"$#%
C+4p'# ! !!''+ p#'# !0;+'# 5 &%%(%%%$%% &%&(%%%$%%
TOTAL 444 444 ##%(8"&$#1
A7O & A7O # A7O 3COSTOS FIJOS 11(#8%$%% 11("%#$8% 1!(&12$83COSTOS VARIA/LES &&"(3&3$#! #&'(1'8$3' ##%(8"&$#1COSTOS TOTALES ### ### $ 265,8208!
8/18/2019 118531306 Corrida Financiera
15/35
S
A7O 1 A7O ! A7O 8 A7O " A7O ' A7O 2 3"(%2%$'1 3"(18&$"1 3"('38$38 3'(#&1$"3 3'(!28$'" 3'(2'#$'1 "1&$'# "12$#3 "!8$"3 "81$#2 ""&$21 ""2$88
&(1'3$83 &(12'$1" &(!&3$1! &(!#'$!2 &(!13$'" &(!!2$3& #(!"!$"! #(8%&$!& #(8#"$!3 #(8!3$'% #(8'%$31 #("%"$&1 3("%2$%' 3("18$&" 3("'3$81 3('#&$1" 3('!2$82 3('2'$#'
1!(8%&$ 18(%!"$&3 18(!&"$"% 444 444 444
A7O 1 A7O ! A7O 8 A7O " A7O ' A7O 2 #2(#3#$## #2(!#1$!1 #2('&2$"' 3%(&&"$2' 3%(1&2$&8 3%("#3$3! &(222$!! #(%&2$!! #(%32$"1 #(%8%$&1 #(%'%$"1 #(&%&$!!
&!(1!1$!# &!(8%2$%8 &!("8!$&! &!(2##$'% &8(%'#$%3 &8(#1#$'! "1(&'&$8" "1(2#3$12 "!(8"#$"# "8(1#2$1! ""(&23$"! ""(28!$8' &%#(%&%$%% &%3(%3%$&% &%1(%8%$1% 444 444 444
444 ##!(&%8$"3 444 444 444 444
A7O 1 A7O ! A7O 8 A7O " A7O ' A7O 2 1!(8%&$ 18(%!"$&3 18(!&"$"% 18(2'#$'' 1"(1!#$"& 1"(2#"$#1
###('""$2! ##!(&%8$"3 ##"(3!"$'% 444 444 444
### $ 2!1,1638! ### ### ### ###
8/18/2019 118531306 Corrida Financiera
16/35
A7O &% 32(3"#$8" "'"$1!
&(!"1$2& #("31$#& 3(23"$#"
1'(1%8$!&
A7O &% 3&(%3%$!2 #(#$!8
&8(1%!$#' "'("1!$31 &%'(#'!$8"
444
A7O &% 1'(1%8$!&
#38(!'2$11
###
8/18/2019 118531306 Corrida Financiera
17/35
ENGORDA
PROYECCI
VOLUMEN PRECIO VENTASCONCEPTO Venta9cic*o UNITARIO CICLO
5
2% $&,9&&.&#(%%%$!'
TOTAL #8#(%%%$!'
N+--+ ! %52 -+ !0P'+4!+
8/18/2019 118531306 Corrida Financiera
18/35
DE BOVINOS
N INGRESOS
A7O A7O A7O A7O A7O A7O& # 3 1 ! 8
5 5 5 5 5
444 #"!(&%%$8& 444 3%3(#2'$1# 3&'(183$31 444
### ### ### ### ### ###
8/18/2019 118531306 Corrida Financiera
19/35
A7O A7O A7O A7O" ' 2 &%
444 444 444 444
### ### ### ###
8/18/2019 118531306 Corrida Financiera
20/35
ENGORDA DE BOVINOS
ESTADO DE RESULTADOS
CONCEPTOS A7O & A7O # A7O 3: ; < VENTAS 444 #"!(&%%$8& 444
COSTOS FIJOS 11(#8%$%% 11("%#$8% 1!(&12$83COSTOS VARIA/LES 444 #&'(1'8$3' 444: 5 < COSTOS TOTALES 444 #83(&''$2' 444: = < UTILIDAD /RUTA 444 &&(2&&$83 #3(%31$"": 5 < DEPRECIACION !("!1$%% 8(%1&$"% 8(313$"2: = < UTILIDAD ANTES DE IM 21(8"3$33 !('82$23 &8(82%$2': 5 < IMPUESTOS 2(18"$33 !'8$22 &(882$&%: = < UTILIDAD DEL EJERCICI '!(#%8$%% !(#'#$21 &!(%#&$'2
COSTOS DE DEPRECIACIONESACTIVO FIJO ALOR ORI)INA TASA A7OST+ p#'# +0*'+0 ! +''#- 9&,&9&.&& ? &%$%%G#-!'# +0 +4!!'+ 1 !!!'+ 2,&&&.&& ? &%$%%H!''#4!0*# 4!0+'! ,&&&.&& $&? &%$%%
TOTAL 444
8/18/2019 118531306 Corrida Financiera
21/35
A7O 1 A7O ! A7O 8 A7O " A7O ' A7O 2444 444 444 444 444 444
1!(8%&$ 18(%!"$&3 444 18(2'#$'' 444 1"(2#"$#1444 444 444 444 444 444
444 444 444 444 444 444
31('&2$31 1"(#22$1" 444 "1(12&$!" 444 444
8(88%$2" 8(221$%# "(313$"# "("&%$2& '(%28$18 '(!%&$#'
#'(&!'$3" 1%(3%!$1! 444 88("'%$88 444 28(1&'$82
#('&!$'1 1(%3%$!1 !(3&8$"3 8(8"'$%" '(&&'$13 2(81&$'"
#!(31#$!3 38(#"1$2% 444 8%(&%#$!2 444 '8(""8$'#
DEP ANUAL ALOR RESCATE
1(%%1$%% 1%(%1%$%% &(#!%$%% (!%%$%% !%%$%% 5
!("!1$%% !#(!1%$%%
8/18/2019 118531306 Corrida Financiera
22/35
A7O &%444
1'(1%8$!&444
444
444
'(2#8$31
444
&&(#!#$88
444
8/18/2019 118531306 Corrida Financiera
23/35
ENGORDA DE BOVIN
FLU"O DE EFECTIVO
CONCEPTOS 9 A7O A7O % A7O & A7O #: ; < VENTAS 5 #8#(%%%$!' #"!(&%%$8&
: ; < VALOR DE RESCATE 5 444 5: = < IN)RESOS TOTALES 5 #8#(%%%$!' #"!(&%%$8&COSTOS FIJOS 5 11(#8%$%% 11("%#$8%COSTOS VARIA/LES 5 &&"(3&3$#! #&'(1'8$3': = < COSTOS TOTALES 5 &8&(!"3$#! #83(&''$2'COMPRA ACTIVO FIJO #13(%'%$%% 5 5COMPRA ACTIVO DIFERIDO &'(%%%$%% 5 5COMPRA CAPITAL DE TRA/AJO 22("!1$3" 5 5: = < SALDO FINAL 5 38%('31$3" &%%(1#"$33 &&(2&&$83
8/18/2019 118531306 Corrida Financiera
24/35
S
A7O 3 A7O 1 A7O ! A7O 8 A7O " A7O '444 3%3(#2'$1# 3&'(183$31 444 444 444
5 5 5 444 5 444444 3%3(#2'$1# 3&'(183$31 444 444 444
1!(&12$83 1!(8%&$ 18(%!"$&3 18(!&"$"% 18(2'#$'' 1"(1!#$"&
444 ###('""$2! ##!(&%8$"3 444 444 444
444 #8'(1"2$%' #"&(&83$'" 444 444 444
5 5 5 444 5 444
5 5 5 444 5 444
5 5 5 444 5 444
#3(%31$"" 31('&2$31 1"(#22$1" 8%(!&&$%% "1(12&$!" '2(#'%$"#
8/18/2019 118531306 Corrida Financiera
25/35
A7O 2 A7O &% 3'"(%21$&' 1%8(11'$'2
5 !#(!1%$%% 3'"(%21$&' 1!'(2''$'2
1"(2#"$#1 1'(1%8$!&
#31(#18$2" #38(!'2$11
#'#(&"1$#& #'1(22!$2!
5 5
444 5
444 5
&%1(2&2$2" &"3(22#$21
8/18/2019 118531306 Corrida Financiera
26/35
ENGORDA DE
PUNTO DE E
CONCEPTOS 9 A7O A7O & A7O #
VENTAS #8#(%%%$!' #"!(&%%$8&COSTOS FIJOS 11(#8%$%% 11("%#$8%COSTOS VARIA/LES &&"(3&3$#! #&'(1'8$3'COSTOS TOTALES &8&(!"3$#! #83(&''$2'PUNTO DE E>UILI/RIO '%(&18$#1 #&"(#&2$18PUNTO DE E>UILI/RIO ? 3&? "2?
INTERPRETACIONE* punto de e@ui*ibrio indica e* porcetae de Bentas @ue se debe tenerpara cubrir *os costos tota*es( sin @ue se ten0a 0anancias( es *o+ini+o @ue se debe Bender en porcentae , en Ba*or :< para no tenerperdidas
8/18/2019 118531306 Corrida Financiera
27/35
BOVINOS
UILIBRIO
A7O 3 A7O 1 A7O ! A7O 8 A7O "
#''('!!$81 3%3(#2'$1# 3&'(183$31 444 3!&(&%!$'3 1!(&12$83 1!(8%&$ 18(%!"$&3 18(!&"$"% 18(2'#$''
##%(8"&$#1 ###('""$2! ##!(&%8$"3 444 ##2(83&$3'
#8!('#%$'" #8'(1"2$%' #"&(&83$'" 444 #"8(8&1$#8
&2&(#"&$32 &"&(2'%$18 &!"(&$"% 444 &3!("2"$'%
88? !"? 12? 13? 32?
8/18/2019 118531306 Corrida Financiera
28/35
A7O ' A7O 2 A7O &%
444 444 444 1"(1!#$"& 1"(2#"$#1 1'(1%8$!&
444 444 444
444 444 444
444 444 444
3!? 3&? #'?
8/18/2019 118531306 Corrida Financiera
29/35
TASA DE ACTUALIZACION 10
A7O IN)RESOS COSTOS FLUJO DE TASA IN)RESOS E)RESOSEFECTIVO :&;t
8/18/2019 118531306 Corrida Financiera
30/35
ENGORDA DE BOVINOS
E&'()*+ ) +./+/+/4 +
D! #!'+ # '!;-# ! Op!'#@0 $&? +4+ 404+ 1 ! #*# !- &? ! -+ +-*#+
PORCENTA"E AO PAGOS2&? $ 5,8&$.8& 5,8&$.8&
2 5,8&$.8& 7,2&5.2&S+-*#+ 5 5,8&$.8& $&,9&%.9& $9&,&9&.&& % 5,8&$.8& $%,%&8.%&
5,8&$.8& $9,&&9.&&M+0*+ # #+''#' 8 5,8&$.8& 2$,8&6.8&
58,&$8.&& 7 5,8&$.8& 2,2$$.2&9 5,8&$.8& 29,9$2.9&
6 5,8&$.8& 52,%$%.%&$& 5,8&$.8& 58,&$8.&&
MONTO DEA9ORRO
8/18/2019 118531306 Corrida Financiera
31/35
7
8/18/2019 118531306 Corrida Financiera
32/35
M# C+''# F0#0!'# !0
P'++0 ! 4#"J*+4#*! # #4p+ #!'*+J*+4#*! !0 0!'0#!'+ + ## +4'#M!-+0 !0 0!'0#!'+E0;+'# ! !!''+B+0+ ! +-! p'+p+*+V## -!!'#
E-#+'#+0 ! p'+*+ -#*!+P'++0 1 !0;+'# ! +''!;+P'++0 1 !0;+'# ! #'# (+)C#'# -!!'#P'++0 ! 4+3#''# *-#p#M!- #p+-#
P'++0 1 !0;+'# ! !'+E0;+'# ! p+--+S-+M#" p#'# -+
AK+0 ! *'#*+ p#'# -*+ ! '3+-T!0# ! ##''+*!I0*'#-"#+0 ! 4#0;+
I0*'#-"#+0 ! *#4#'0+C+0# !+0+4#L!;# !0 0!'0#!'+E+*'4+C+0*'+0 ! ### 1 #-!'#
**p//.#;'+p'+1!*+.+';/
http://www.agroproyectos.org/http://www.agroproyectos.org/
8/18/2019 118531306 Corrida Financiera
33/35
P'++0 ! -+F#'4##C-*+ 1 p'++0 ! ## ! #"#'P#0#!'#
C#'0!'#Z#p#*!'#P'#+'# ! #;#P+--!'#T+'*--!'# ! #'0# ! *';+T+'*--!'# ! 4#"
C!'#! 0*!'0!*C!' 1 p#p!-!'#E*!*#E-#+'#+0 ! K!+ 1 !0*# ! -!!F!''!*!'#V!'+ ! -!V!'+ ! p-#0*# '*#-!
C-*+ ! 4#0;+ #!0 A;'++''#3!'#T'#C-*+ 1 p'++0 ! p#p#1#C-*+ 1 !0!+ ! #=P#p!-!'#V!0*# ! p'+*+ F+#41M!'!'#M0p!'P#*!-!'#P0+-!C-*+ 1 p'++0 ! -*
8/18/2019 118531306 Corrida Financiera
34/35
T#--!' 4!#0+T#--!' ! +*'#E4p#K! ! "#'"#4+'#
A*+-##+, -##+ ! #*+
R!0*# ! 4+-#'+P'++0 1 !0*# ! !-+*!P'++0 1 #+p+ ! 4!- #p+-#I0*'#-"#+0 ! -! ##0!'+C-! ##0!'+ !0 0!'0#!'+C-*+ 1 p'++0 ! -! !''#0+
T'#0+'4#+0 ! p#*# ! p!#+P'++0 1 !0*# ! C#'*+J#*'+p# '#C-*+ ! #-#-# +''#3!'+P'++0 1 +4!'#-"#+0 ! !-#P'++0 1 +4!'#-"#+0 ! !-#+'#P#-!*!'# !0*# ! #;#, p#-!*# 1 0!!.
C#'p0*!'#P'++0 ! +0;+ '!+C-*+ 1 p'++0 ! +0;+ !*#R#*'+ TIFC-*+, p'++0 1 #+p+ ! p4!0*# 0!;'#I0*'#-"#+0 ! *+4#*! # p'! ! *+4#*!
C-*+ 1 p'++0 ! p#C#= 4+'*!#+ (!0!+ ! #!)B#0# ! 4# ! !0*+Ep0## !0 0!'0#!'+V!0*# ! !Kp+ ! +4p*+
L##0!'#
8/18/2019 118531306 Corrida Financiera
35/35
P'++0 1 !0*# ! -!+0! A+p+ 1 +4!'#-"#+0 ! +3# ! 4#"L##0!'#E0;+'# ! !'+
T#K!'#P""!'#P!*+ ! *#+V!0*# ! *#4#-!P+--+ '+*"#+ (#"#+, !0-#+, '#0!'+)P+--+ !*-+ !0*1
V!0*# ! !'*-"#0*! 1 #;'+04+T'#*+' #;'+-# ! 4p-!4!0*+P'++0 ! +''#3! !'! '+p+0+P'++0 ! !+--# '+--#C-*+ 1 p'++0 ! -4+0 p!'#C-*+ 1 p'++0 ! 0#'#03#C-*+ 1 p'++0 ! 4#0#'0#
C-*+ 1 p'++0 ! *+'+03#C'# 1 !0;+'# ! +0!3+C#0+-# +''#3!'+
A+p+ ! ;'#0+E0;+'# ! #4#'+0C-*+ ! '3+-
Recommended