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ESCUELA TECNICA SUPERIOR DE INGENIEROS PLAN DE EMPRESA Y ESTUDIO DE VIABILIDAD PARA RESIDENCIA UNIVERSITARIA

110

DEPARTAMENTO DE ORGANIZACIÓN INDUSTRIAL Y GESTION DE EMPRESA AUTOR: Ignacio Palomo Muñoz

TUTOR: Ángel Vargas Arcos

ANEXOS


111



ANEXO 1. Números de matriculados en los programas

Evolución del número de alumnos matriculados en los programas tipo master del IE desde el

curso académico 1998-1999 hasta la actualidad.

PROGRAMAS 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09

International MBA 51 89 95 92 150 236 220 221 238 285 385

International Executive MBA* 18 25 29 51 51 32 69 71 32

International Executive MBA* 21 31

Global MBA** 33 34 23 34

Master in Financial Management 17 20 29

Master in Finance 32

Master in Management 39

Master in Marketing 38 45 49

Master in Telecom & Digital

Business** 12 10 10

Master in Global Supply Chains** 15 10

Master in International Legal

Practice 17 17 18 22 40

Executive Master in Laws 10 14 18

Master in International Relations 19

Master in Biotechnology

Management** 15

Master in Sports Management** 14

Master in Digital Ad & Com** 13

Programas Doctorales 7 16 10 19

51 89 113 117 179 287 290 327 455 587 718

Fuente: IE Business School.

* Clases quincenales.

** No presenciales (online).


112



ANEXO 2. Resultado Encuesta

ANALISIS DE LOS RESULTADOS DE LOS CUESTIONARIOS.

Muestra: 200

Cuanto pagas al mes

Nada 8,1%

Menos de 500! 23,2%

Entre 500 y 800! 28,3%

Entre 800 y 1200! 31,3%

Más de 1200! 9,1%

Media 691,45

Cuanto tardas en llegar a la escuela de negocio

Menos de 5 mins 9%

De 5 a 10 mins 13%

De 10 a 20 mins 44%

De 20 a 30 mins 26%

Más de 30 mins 8%

Media 17,5

En que medio de transporte te desplazas

Andando 63,6%

Con vehículo propio 14,1%

Bus 22,2%

Metro 23,2%

Taxi 7,1%

Cuanto tardaste en encontrar vivienda

Menos de 1 semana 33%

De 1 a 2 semanas 39,2%

De 2 a 4 semanas 14,4%

Mas de un mes 13,4%

Media en días 13,7

A través de que medio encontraste vivienda

Amigos/familiares 42,60%

Dflat 8,5%

Internet 33%

Agencias inmobiliarias 9,6%

Student office 6,4%

Como te gustaría venir a la escuela de negocio

Andando 77,6%

Metro 42,9%

Bus 26,5%

Taxi 11,2%

Vehículo propio 13,3%


113



Que tiempo máximo estarías dispuesto a tardar

Menos de 5 mins 3,1%

De 5 a 10 mins 13,4%

De 10 a 20 mins 48,5%

De 20 a 30 mins 26,8%

Mas de 30 mins 8,2%

Estarías dispuesto a vivir en una residencia

Si 52%

No 48%

Que servicios le incluirías en la residencia

Lavandería 90,7%

Gimnasio 80,20%

Aulas de estudio 73,30%

Restaurante 67,40%

Aulas de informática 53,50%

Bar 45,30%


114



ANEXO 3. Plano de habitación tipo


115



ANEXO 4. Listado de residencia en Madrid

NOMBRE Precio

(!) Plazas

Colegio Mayor Alcor 755 60

Colegio Mayor Berrospe 875 112

Colegio Mayor Juan XXIII Roncalli 830 165

Colegio Mayor Mara 875 212

Colegio Mayor Zurbarán 734 62

Colegio Mayor Padre Poveda 750 125

Colegio Mayor Santa María del Estudiante 770 220

Colegio Mayor Santa María del Pino 912 195

Colegio Mayor Somosierra 858 72

Colegio Mayor Alcalá 860 183

Colegio Mayor Moncloa 975 94

Colegio Mayor Santa Mónica 844 212

Colegio Mayor Teresa de Jesús 669 -----

Colegio Mayor Vedruna 843 92

Colegio Mayor Diego de Covarrubias 669 135

Colegio Mayor Elías Ahúja 970 175

Colegio Mayor Jorge Juan ----- 119

Colegio Mayor Universitario Loyola 970 200

Colegio Mayor Montalbán 760 55

Colegio Mayor Marques de la Ensenada 900 264

Colegio Mayor Universitario Mendel 835 270

Colegio Mayor Pío XII 600 150

Colegio Mayor San Agustín 965 170

Colegio Mayor Hispanomexicano "Santiago Galas Arce" 630 120

Colegio Mayor San Juan Evangelista 650 405

Colegio Mayor Santillana 780 46

Colegio Mayor Aquinas 890 155

Colegio Mayor Castilla 1000 40

Residencia Universitaria Presentación de María 700 38

Colegio Mayor César Carlos ----- 99

Colegio Mayor Juan Luis Vives 800 200


116



Colegio Mayor Nuestra Señora de Africa 795 154

Colegio Mayor Nuestra Señora de Guadalupe 1000 212

Colegio Mayor Argetino Nuestra Señora de Luján 930 85

Residencia Universitaria Tagaste 920 214

Residencia Universitaria Sagrado Corazón 710 50

Residencia Universitaria OSCUS 750 83

Residencia Universitaria Madre del Divino Pastor 623 25

Residencia María Inmaculada ----- 45

Residencia Universitaria Nuestra Señora de Coromoto 630 30

Residencia Universitaria Patrocinio de San José 700 40

Residencia "Santísima Trinidad" 745 103

Residencia Universitaria Instituto Trinitarias de Madrid 592 35

Residencia Universitaria Porta Coeli 510 96

Residencia Trinitarias de Madrid ----- 53

Residencia Universitaria Verbo Encarnado 740 32

Residencia Virgen del Pilar ----- 62

Residencia Universitaria El Pilar 564 90

Residencia Universitaria Augustinus-Nebrija 1100 155

Residencia Universitaria Santo Tomas de Villanueva 630 92

Residencia de Estudiantes Asociación Católica Internacional 625 10

Colegio Mayor Fundación SEPI (antes Empresa Pública) 1100 156

Residencias León XIII y Pío XI 600 175

Residencia Universitaria Nuestra Señora del Rosario ----- 60

Residencia Universitaria Ciudad Escolar 450 136

Residencia Universitaria La Inmaculada 954 61

Residencia de Estudiantes Arti 860 250

Residencia Universitaria Gómez-Pardo 740 115

Residencia de Estudiantes EASO ----- 70

Residencia Universitaria Siervas del Sagrado Corazón de Jesús 560 90

Residencia Universitaria Sofía Barat 750 40

Hogar Nuestra Señora del Sagrado Corazón ----- 25

Residencia Universitaria Emiliani 560 50

Residencia Universitaria Virgen de las Nieves ----- 39

Colegio Mayor Ximénez de Cisneros 670 140

Colegio Mayor Universitario Colombiano Miguel Antonio Caro 740 144


117



Colegio Mayor Santa María de Europa 670 226

Colegio Mayor Antonio de Nebrija 1200 180

Residencia Universitaria Camila Trulock 1200 72

Residencia Universitaria Camilo José Cela 1200 130

Colegio Mayor Mater Salvatoris 880 55

Residencia Menéndez Pelayo 850 45

Colegio Mayor Isabel de España 980 160

Club Universitario 850 22

Colegio Mayor Chaminade 780 280

Residencia Universitaria Cardenal Spinola 830 82

Residencia Universitaria Virgen de Los Dolores 800 65

Residencia Universitaria María Inmaculada 530 140

Colegio Mayor Jaime del Amo 873 137

Colegio Mayor Barberán ----- 197

Residencia Universitaria Benito Pérez Galdós S.L. 1300 370

IES. Escuela de la Vid e Industrias Lácteas ----- 36


118



ANEXO 5. Distribución en planta del edificio


119



ANEXO 6. Cuadrante de horarios

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ANEXO 6.1: Cuadro de horario (diario) según puesto. Fuente: Elaboración propia.


120



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ANEXO 6.2: Cuadro de horario (semanal) según puesto. Fuente: Elaboración propia.


121



ANEXO 7. Datos y tablas del estudio de sensibilidad OPTIMISTA

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122



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ANEXO 7.2: Balance para el año 2010 (escenario optimista). Fuente: Elaboración propia.


123



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ANEXO 7.3: Cuenta de resultado para el año 2011 (escenario optimista). Fuente: Elaboración propia.


124



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127



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129



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ANEXO 7.9: Cuenta de resultado para el periodo comprendido desde el año 2010 hasta el 2020 (escenario optimista). Fuente: Elaboración propia.


130



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ANEXO 7.10: Flujos de Caja del Accionista (escenario optimista).

Fuente: Elaboración propia.


131



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8+9:"*"#' 1070' 5613' ;2574' ;2574' ;2574' ;2574' ;2574' 5613' ;2574' ;2574' ;2574' ;2574'

<)$="#&#'(+=.&#' ;62;' 2167' >502' >502' >502' >502' >502' 2167' >502' >502' >502' >502'

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@CDC!' ;;2>0' ;;2>0' ;;2>0' ;;2>0' ;;2>0' ;;2>0' ;;2>0' ;;2>0' ;;2>0' ;;2>0' ;;2>0' ;;2>0'

E+#*&#'E")"=+%"#' 1777' 1777' 1777' 1777' 1777' 1777' 1777' 1777' 1777' 1777' 1777' 1777'

!3:% -BC.A% D/CBE% DB@ED% DB@ED% DB@ED% DB@ED% DB@ED% D/CBE% DB@ED% DB@ED% DB@ED% DB@ED%

'' %% %% %% %% %% %% %% %% %% %% %% %%

2;<;FGHGI%2JK=I% -@@C/% C-L@/% LED/B% LED/B% LED/B% LED/B% LED/B% C-L@/% LED/B% LED/B% LED/B% LED/B%

'' %% %% %% %% %% %% %% %% %% %% %% %%

!"#$%&#"'E+#*&#'FGH%&*+/.I)' %% %% %% %% %% %% %% %% %% %% %% %%

JA&=*.K+/.I)' 263;4' 263;4' 263;4' 263;4' 263;4' 263;4' 263;4' 263;4' 263;4' 263;4' 263;4' 263;4'

L"$:=&#' >77' >77' >77' >77' >77' >77' >77' >77' >77' >77' >77' >77'

8>?=I%M;%;NOPI=>HGQ<% -AE/B% -AE/B% -AE/B% -AE/B% -AE/B% -AE/B% -AE/B% -AE/B% -AE/B% -AE/B% -AE/B% -AE/B%

%% %% %% %% %% %% %% %% %% %% %% %% %%

MJ<N' O0241' ;25>0' >5377' >5377' >5377' >5377' >5377' ;25>0' >5377' >5377' >5377' >5377'

<)*"="#"#' 7' ;>241' ;>241' ;>241' ;>241' ;>241' ;>241' ;>241' ;>241' ;>241' ;>241' ;>241'

'' %% %% %% %% %% %% %% %% %% %% %% %%

MJN' O0241' O002' 2322>' 2322>' 2322>' 2322>' 2322>' O002' 2322>' 2322>' 2322>' 2322>'

<AH:"#*&#'P>7QR' 7' 7' 1;32' 4314' 4314' 4314' 4314' 7' 40>0' 4314' 4314' 4314'

?=SB.*&'T.#/+%' ;25>' ;0;3' 7' 7' 7' 7' 7' ;>>' 7' 7' 7' 7'

'' %% %% %% %% %% %% %% %% %% %% %% %%

2+5% RC-BL% RCC-% /A.B-% /BL@L% /BL@L% /BL@L% /BL@L% RCC-% /BBEA% /BL@L% /BL@L% /BL@L%

ANEXO 7.11: Cuenta de resultado para el año 2010 (escenario neutro). Fuente: Elaboración propia.


132



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":;<=>'%<?:@ABC;D' EF((G' **GGG(' *H*I)(' *JFKGI' ((K)E)' (HJJKH' (EGHFE' K*(((H' KGJ*)(' KJKJGF' G*EHE*' GHHKKH'

7"238$94$

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/9@1618$ --)++++$ --(,%..$ --*',-'$ --+-,++$ -&%&'..$ -&,)--'$ -&'.-++$ -&-(&..$ -&&*)-'$ -&)+)++$ -&(%...$ -&*,(-'$

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!90'"%3.3#"9,' MG(FI' MGF*J' *GKHG' K()*)' GEIIF' IFK(K' JGEFE' JGHKF' *)(K(I' **EEJ(' *KFIKE' *HH(EH'

6>;BA'7BL<=>' *)I**((G' *)HEJE(H' *)I)IHIJ' *)I*(FEI' *)I*E)(G' *)I(H(H*' *)IK*GFE' *)I*EI)E' *)I(HEIE' *)IK(*EF' *)IKJG(G' *)IGGIH('

$$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$

-.' M(EEE)' ME*H' GFIFK' EGJGI' *G()*E' *JE*E(' (KIKIH' (IHGKE' K*(FGH' KHEE*J' G)F)E*' GHG(IG'

ANEXO 7.12: Balance para el año 2010 (escenario neutro). Fuente: Elaboración propia.


133



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!"#$%&%'()*+,)-.//)4567) 89) 89) 89) 89) 89) 89) 89) 1/) 89) 89) 89) 89)

!"#$%&'()*"#+,%-.//% '0'&,% 1'2&'&,% 3#&4,% #2&5*% 3#6,% 7)05,% 7)*5,% #8,(",% ('9"5'32&'% ,!")2&'% 0,:5'32&'% +5!5'32&'%

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8+9:"*"#' 132;<' 132;<' 132;<' 132;<' 132;<' 132;<' 132;<' 12<41' 132;<' 132;<' 132;<' 132;<'

=)$>"#&#'(+>.&#' 3005' 3005' 3005' 3005' 3005' 3005' 3005' 3107' 3005' 3005' 3005' 3005'

:;<=>?% /[email protected]% /[email protected]% /[email protected]% /[email protected]% /[email protected]% /[email protected]% /[email protected]% @BCDD% /[email protected]% /[email protected]% /[email protected]% /[email protected]%

!"#$%&#"'?@(' '' '' '' '' '' '' '' '' '' '' '' ''

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'' %% %% %% %% %% %% %% %% %% %% %% %%

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'' %% %% %% %% %% %% %% %% %% %% %% %%

!"#$%&#"'E+#*&#'FGH%&*+/.I)' %% %% %% %% %% %% %% %% %% %% %% %%

JA&>*.K+/.I)' 60415' 60415' 60415' 60415' 60415' 60415' 60415' 60415' 60415' 60415' 60415' 60415'

L"$:>&#' 32;' 32;' 32;' 32;' 32;' 32;' 32;' 32;' 32;' 32;' 32;' 32;'

8>?=J%M;%;NOPJ=>IHQ<% -A@-E% -A@-E% -A@-E% -A@-E% -A@-E% -A@-E% -A@-E% -A@-E% -A@-E% -A@-E% -A@-E% -A@-E%

%% %% %% %% %% %% %% %% %% %% %% %% %%

MJ=N' 30037' 30037' 30037' 30037' 30037' 30037' 30037' 66<52' 30037' 30037' 30037' 30037'

=)*">"#"#' 1365;' 1365;' 1365;' 1365;' 1365;' 1365;' 1365;' 1365;' 1365;' 1365;' 1365;' 1365;'

'' %% %% %% %% %% %% %% %% %% %% %% %%

MJN' 6;;;6' 6;;;6' 6;;;6' 6;;;6' 6;;;6' 6;;;6' 6;;;6' 010<' 6;;;6' 6;;;6' 6;;;6' 6;;;6'

=AH:"#*&#'O32PQ' 5000' 5000' 5000' 5000' 5000' 5000' 5000' 6547' 5000' 5000' 5000' 5000'

?>RB.*&'S.#/+%' 2' 2' 2' 2' 2' 2' 2' 2' 2' 2' 2' 2'

'' %% %% %% %% %% %% %% %% %% %% %% %%

2+5% /@BBE% /@BBE% /@BBE% /@BBE% /@BBE% /@BBE% /@BBE% BCEB% /@BBE% /@BBE% /@BBE% /@BBE%



134



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7"238$94$

!852313:61;5$'.,%,(($ '.*,-%+$ '.-&&.-$ '.++)+*$ '.(*+),$ ',.,&(.$ ',,(**($ ',*-'&+$ ',-*.--$ ','.%,*$ ',(''',$ ').-,*.$

<8=1>1"?18$ '',&(($ '').(.$ ''*,',$ ''%)+*$ ''-*--$ ''+%%+$ '''-*($ ''(+*.$ '(&'),$ '(.(,*$ '()&.-$ '(*.&+$

/9@11618$ )*(,+(($ )%&)'--$ )%.*(),$ )%,%((($ )%)+&--$ )%*'.),$ )%%(.(($ )%+&,--$ )%'.)),$ )%(,)(($ )-&)*--$ )-.*%),$

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$$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$

-.' JHGJ)(' E*JEK*' EH*HH(' G)FKE*' GGK)((' H)H()(' HGEJK*' HF)JJE' IJKG*E' IKHHFE' KJEKIE' KKJ)GE'



135



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!"#$%&'()*"#+,%-./-% '0'&,% 1'2&'&,% 3#&4,% #2&5*% 3#6,% 7)05,% 7)*5,% #8,(",% ('9"5'32&'% ,!")2&'% 0,:5'32&'% +5!5'32&'%

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8+9:"*"#' ;<<13' ;<<13' ;<<13' ;<<13' ;<<13' ;<<13' ;<<13' ;3767' ;<<13' ;<<13' ;<<13' ;<<13'

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'' %% %% %% %% %% %% %% %% %% %% %% %%

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%% %% %% %% %% %% %% %% %% %% %% %% %%

MJ=N' 5;<23' 5;<23' 5;<23' 5;<23' 5;<23' 5;<23' 5;<23' 1<665' 5;<23' 5;<23' 5;<23' 5;<23'

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136



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$$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$

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137



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3<=<EFGFH%3IJ>H% K-LL.% K-LL.% K-LL.% K-LL.% K-LL.% K-LL.% K-LL.% DAAKA% K-LL.% K-LL.% K-LL.% K-LL.%

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%% %% %% %% %% %% %% %% %% %% %% %% %%

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<)*"="#"#' :;B52' :;B52' :;B52' :;B52' :;B52' :;B52' :;B52' :;B52' :;B52' :;B52' :;B52' :;B52'

'' %% %% %% %% %% %% %% %% %% %% %% %%

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3+6% -.LCA% -.LCA% -.LCA% -.LCA% -.LCA% -.LCA% -.LCA% KBDA% -.LCA% -.LCA% -.LCA% -.LCA%



138



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/01234561"2$ %+))$ %+))$ %+))$ %+))$ %+))$ %+))$ %+))$ %+))$ %+))$ %+))$ %+))$ %+))$

";<=>?'%=@;ABCD<E' *FG+HII' *H)(+FJ' *HF**(*' *HIJKJ+' *G*KGGH' *GHIF+K' *GJG(*)' *I(((H(' *IG*)(F' *IJJIJG' *K+KHGK' *KII+F)'

7"238$94$!852313:61;5$ %&+,%))$ %&&)*&($ %&(..,.$ %&)')(+$ %.,,''*$ %.*%.),$ %.+.-+)$ %..'+-($ %.%-(..$ %.)%,*+$ %(,&+%*$ %('*%+,$

<8=1>1"?18$ -%*))$ -)'),$ ,-+%*$ ,,&(+$ ,*...$ ,'(&($ ,+%+)$ ,&)+,$ ,(-'*$ ,%,*+$ ,)*,.$ *-'-($

/9@11618$ '%&()))$ '%.)-..$ '%%-,'*$ '%),,))$ ')-**..$ '),'''*$ ')*+'))$ ')'&+..$ ')+.&'*$ ')&(&))$ ').%...$ ')()('*$

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$$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$

./' *++G+G+' *+KGHG+' *F+GIGF' *FKGJGF' *H+I*GH' *HKI+GI' *G+IHGI' *GIH)+K' *I(H(+K' *IIHF+J' *K(HG+J' *KIHKF)'



139



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:+;<"*"#' 580966' 547546' 541512' 596504' 592120' 594178' 593149' 515116' 517138' 511101' 536356'

=)$>"#&#'(+>.&#' 75336' 71516' 70683' 46072' 73350' 70128' 46921' 45485' 42784' 48880' 47278'

<=>?@A* 4476538* 4297752* 45346:8* 4529698* 456776:* 4593687* 45;75:5* 4623533* 466724:* 4693457* 46;7375*

!"#$%&#"'?@(' '' '' '' '' '' '' '' '' '' '' ''

?&#*"'?&A"B&>' 225367' 277025' 270128' 247424' 243442' 298876' 293523' 212059' 211167' 232702' 231236'

@CDC!' 587363' 581467' 576266' 572309' 574408' 573230' 546034' 548935' 549811' 540618' 595116'

E+#*&#'E")">+%"#' 12666' 18776' 17336' 19826' 11196' 10266' 36976' 32636' 38426' 37096' 39766'

0B<* 62:842* 677:87* 686:35* 695962* 6:4;37* 6;3:2;* 6;;975* 73:899* 749834* 728727* 757673*

'' '' '' '' '' '' '' '' '' '' '' ''

,=>=CDEDF*,GH?F* 9278;5* :4;88:* :588:5* :75956* :85865* :9;858* :;7853* ;44825* ;29849* ;65843* ;7;835*

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L"$<>&#' 8966' 8912' 8177' 8359' 8333' 8096' 7682' 7567' 7519' 7273' 7826'

+@A?F*I=*=JKLF?@EDM>* 579:36* 579:98* 579;6:* 57:323* 57:3;2* 57:486* 57:258* 57:53:* 57:5:3* 57:672* 459423*

** ** ** ** ** ** ** ** ** ** ** **

MJ=N' 891330' 795102' 713184' 704157' 464445' 425712' 481807' 448854' 490281' 434543' 322738'

=)*">"#"#' 579680' 540859' 540859' 540859' 540859' 540859' 540859' 540859' 540859' 540859' 540859'

'' ** ** ** ** ** ** ** ** ** ** **

MJN' 225346' 862719' 850750' 889803' 879284' 892541' 813613' 807666' 760025' 724372' 998593'

=AH<"#*&#'O86PQ' 99444' 06178' 04329' 566050' 568315' 563971' 558728' 553266' 522019' 521148' 503046'

?>RB.*&'S.#/+%' 6' 6' 6' 6' 6' 6' 6' 6' 6' 6' 6'

'' ** ** ** ** ** ** ** ** ** ** **

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,(N*'0$B$%'()* 4772;7* 58932:* 7;3824* :28433* 438:687* 426;287* 4659:89* 4856293* 4:5:697* 23736:4* 2627294*

(N<N(".()#* 3* 3* 3* 3* 9293;* 98375* 9;5;8* :2963* :83:5* :;629* 45;287*

ANEXO 7.19: Cuenta de resultado para el periodo comprendido desde el año 2010 hasta el 2020 (escenario neutro). Fuente: Elaboración propia.


140



!"#$%&'()'*+$+',-)#./%0'

'' +1%&' 2343' 2344' 2342' 2345' 2346' 2347' 2348' 2349' 234:' 234;' 2323'

<' =(>' 4772;7' 244955' 2257;5' 25769;' 262587' 275743' 286877' 297:33' 2:8;67' 2;:3;3' 686249'

!" #$%&'()#*(%+,-" ./0120" ./0120" ./0120" ./0120" ./0120" ./0120" ./0120" ./0120" ./0120" ./0120" 3.1422"

<' )*!' 73;6;;' 787;59' 7999;9' 7:;8:5' 7;878;' 839946' 84::7;' 853336' 86446;' 8722;6' 7;9349'

ANEXO 7.20: Flujos de Caja del Accionista (escenario neutro).



141



PESIMISTA: !"#$%&%'()*+,)-./.)0) -10) 210) 1.0) 1.0) 1.0) 1.0) 1.0) 210) 1.0) 1.0) 1.0) 1.0)

!"#$%&%'()*+,)-./.)3456) 2.) 7-) 8.) 8.) 8.) 8.) 8.) 7-) 8.) 8.) 8.) 8.)

!"#$%&'()*"#+,%-./.% '0'&,% 1'2&'&,% 3#&4,% #2&5*% 3#6,% 7)05,% 7)*5,% #8,(",% ('9"5'32&'% ,!")2&'% 0,:5'32&'% +5!5'32&'%

!"#$%&#"'(")*+#' '' '' '' '' '' '' '' '' '' '' '' ''

,+-.*+/.&)"#' 01234' 56734' 31344' 31344' 31344' 31344' 31344' 56734' 31344' 31344' 31344' 31344'

8+9:"*"#' 5071' 3122' ;3<;' ;3<;' ;3<;' ;3<;' ;3<;' 3122' ;3<;' ;3<;' ;3<;' ;3<;'

=)$>"#&#'(+>.&#' 60;6' 621<' 0376' 0376' 0376' 0376' 0376' 621<' 0376' 0376' 0376' 0376'

:;<=>?% @A@..% BCB-.% D.E..% D.E..% D.E..% D.E..% D.E..% BCB-.% D.E..% D.E..% D.E..% D.E..%

!"#$%&#"'?@(' '' '' '' '' '' '' '' '' '' '' '' ''

?&#*"'?&A"B&>' 72;<' 1517' 6<377' 6<377' 6<377' 6<377' 6<377' 1517' 6<377' 6<377' 6<377' 6<377'

@CDC!' 660<5' 660<5' 660<5' 660<5' 660<5' 660<5' 660<5' 660<5' 660<5' 660<5' 660<5' 660<5'

E+#*&#'E")">+%"#' 7444' 7444' 7444' 7444' 7444' 7444' 7444' 7444' 7444' 7444' 7444' 7444'

!3:% -B./D% -ED@.% @.F..% @.F..% @.F..% @.F..% @.F..% -ED@.% @.F..% @.F..% @.F..% @.F..%

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L"$:>&#' <44' <44' <44' <44' <44' <44' <44' <44' <44' <44' <44' <44'

8>?=J%M;%;NOPJ=>IHQ<% -CF/D% -CF/D% -CF/D% -CF/D% -CF/D% -CF/D% -CF/D% -CF/D% -CF/D% -CF/D% -CF/D% -CF/D%

%% %% %% %% %% %% %% %% %% %% %% %% %%

MJ=N' O6;3<5' O2602' 11;<' 11;<' 11;<' 11;<' 11;<' O2602' 11;<' 11;<' 11;<' 11;<'

=)*">"#"#' 4' 6<027' 6<027' 6<027' 6<027' 6<027' 6<027' 6<027' 6<027' 6<027' 6<027' 6<027'

'' %% %% %% %% %% %% %% %% %% %% %% %%

MJN' O6;3<5' O04545' O<015' O<015' O<015' O<015' O<015' O04545' O<015' O<015' O<015' O<015'

=AH:"#*&#'P<4QR' 4' 4' 4' 4' 4' 4' 4' 4' 4' 4' 4' 4'

?>SB.*&'T.#/+%' 3374' 667;6' 60771' 6<73;' 65757' 637<5' 67700' 0025<' 0<2<6' 05261' 03242' 07713'

'' %% %% %% %% %% %% %% %% %% %% %% %%

2+5% R/FA@B% R-.B.B% R@-CB% R@-CB% R@-CB% R@-CB% R@-CB% R-.B.B% R@-CB% R@-CB% R@-CB% R@-CB%ANEXO 7.21: Cuenta de resultado para el año 2010 (escenario pesimista). Fuente: Elaboración propia.


142



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!852313:61;5$*.%,...$ *.(-('*$ *.'%*%,$ *.,.+*-$ *.&,-()$ &++(*.%$ &+)%%-.$ &+(&'+*$ &+''&,,$ &+*())-$ &+.+'&)$ &%+*.-%$

<8=1>1"?18$ &,&...$ &*++.%$ &*%%&)$ &*))*-$ &*((,,$ &*--'*$ &*''-.$ &*,,-%$ &***()$ &*&&)-$ &*..%,$ &&%++*$

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B5C8D1>1E"98$F438$ &.-&'...$ &.'%''%,$ &.'-'+()$ &.'*-'-.$ &.,+-+,,$ &.,(('&)$ &.,,(+..$ &.,.),%,$ &.*))%()$ &.*'%,-.$ &.*&%%,,$ &.&%+,&)$

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H4:9"$J"?K8$G>"E8$ '%-'*%($ '%-'*%($ '%-'*%($ '%-'*%($ '%-'*%($ '%-'*%($ '%-'*%($ '%-'*%($ '%-'*%($ '%-'*%($ '%-'*%($ '%-'*%($

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!90'"%3.3#"9,' M*EHJI' MJEFJE' MI((J*' MIHH(H' MIEE*F' MH(**(' MHHI)G' MKHE)F' MKF*)J' ME(JFK' MEHGF)' MEEFEI'

6>;BA'7BL<=>' *)HFGFGG' *)HGIK)H' *)HIFFEJ' *)HJH(G*' *)H()HJF' *)H)HE*G' *)IF*)FI' *)IHF(G(' *)IIIHI)' *)I(FE*E' *)I*H)FG' *)I))JKJ'

$$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$

-.' MII(IE' MJH*JH' MEF*J' *KJ**' IJHJI' GFKHK' FHFE)' *)H)FJ' *J*J*G' *HKHJF' *EJKG(' ()FFEG'

ANEXO 7.22: Balance para el año 2010 (escenario pesimista). Fuente: Elaboración propia.


143



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!"#$%&%'()*+,)-.//)3456) 7.) 7.) 7.) 7.) 7.) 7.) 7.) 28) 7.) 7.) 7.) 7.)

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7+89"*"#' 4:12' 4:12' 4:12' 4:12' 4:12' 4:12' 4:12' 020:' 4:12' 4:12' 4:12' 4:12'

;)$<"#&#'(+<.&#' 6005' 6005' 6005' 6005' 6005' 6005' 6005' 6=>6' 6005' 6005' 6005' 6005'

:;<=>?% @-.AB% @-.AB% @-.AB% @-.AB% @-.AB% @-.AB% @-.AB% C@AC/% @-.AB% @-.AB% @-.AB% @-.AB%

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2+5% R-BC/% R-BC/% R-BC/% R-BC/% R-BC/% R-BC/% R-BC/% R/B.F@% R-BC/% R-BC/% R-BC/% R-BC/%

ANEXO 7.23: Cuenta de resultado para el año 2011 (escenario pesimista). Fuente: Elaboración propia.


144



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145



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146




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148



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=AH<"#*&#'P84QR' 4' 4' 4' 4' 4' 103' 8753' 0421' 2298' 4' 4'

?>SB.*&'T.#/+%' 70093' 89461' 12801' 31514' 35421' 4' 4' 4' 4' O66548' O97085'

'' ** ** ** ** ** ** ** ** ** ** **

,(/* O<<=<8* O865:6* O766:=* O46494* O;<69* 65<9* ;:86* 686=:* 45;96* 7=565* 4:=;;=*

,(/*'2$0$%'()* O<<=<8* O675589* O6:6468* O6<48::* O6=54<6* O6<=6=:* O6<6999* O6:;79=* O68::5;* O65;9=<* 6:46<6*

(/>/("P()#* 5* 5* 5* 5* 5* 5* 5* 5* 5* 5* 5*

ANEXO 7.29: Cuenta de resultado para el periodo comprendido desde el año 2010 hasta el 2020 (escenario pesimista). Fuente: Elaboración propia.


150



!"#$%&'()'*+$+',-)&./.&0+1'

'' +2%&' 3454' 3455' 3453' 3456' 3457' 3458' 3459' 345:' 345;' 345<' 3434'

=' >(.' ?;;<;7' ?75495' ?6559<' ?35383' ?:;58' 54;8' :975' 575<9' 34:85' 6<454' 39<::<'

!" #$%&'()#*(%+,-" ./0120" ./0120" ./0120" ./0120" ./0120" ./0120" ./0120" ./0120" ./0120" ./0120" 3.1422"

=' )*!' 398334' 656576' 636468' 663<83' 6796;<' 6883;<' 695;78' 69;744' 6:7<88' 6<6357' 7438:<'

ANEXO 7.30: Flujos de Caja del Accionista (escenario neutro).


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