46 Marzo de 2009 C3VUEFMB4PDJFEBE"OÓOJNB4" 4J FM DPOUSJCVZFOUF JOEJDBEP QFSDJCF BEFNÃT PUSBT SFOUBT BGFDUBT BM *NQVFTUP (MPCBM $PNQMFNFOUBSJP UBMFT DPNP TVFMEPT IPOPSBSJPT JOUFSFTFT FUD EFCFSÃ DPOTJEFSBSMBT FO MB CBTFJNQPOJCMFEFM*NQVFTUP(MPCBM$PNQMFNFOUBSJPTFHÙOMPJOTUSVJEPQBSBUBMFTFGFDUPTF JODMVJSMBTFOFM'PSNVMBSJP EjEmplos numéricos 3FOUBTPSJHJOBEBTFOMBWFOUBEFBDDJPOFTPCUFOJEBTQPSVOBQFSTPOBOBUVSBMFMDVBMOPUJFOF PUSBTSFOUBTZFOMBWFOUBEFBDDJPOFTOPTFDVNQMFDPOBMHVOPEFMPTSFRVJTJUPTEFMBSUÎDVMP UFSMPRVFTJHOJàDBRVFMBSFOUBPHBOBODJBTFEFCFDPOTJEFSBSiJOHSFTPBGFDUPBM*NQVFTUPBMB 3FOUBu "/5&$&%&/5&4 BBDDJPOFTEFVOB4PDJFEBE"OÓOJNB$$DPNQSBEBFMEFGFCSFSPEFBUSBWÊT EFVOBDPSSFEPSBEFCPMTBFOMBTVNBEF C-BTBDDJPOFTTFÒBMBEBTTPOWFOEJEBTFMEFPDUVCSFEFBVOGBNJMJBSNFEJBOUFVO DPOUSBUPQSJWBEPEFWFOUBFOMBTVNBEF D-BWBSJBDJÓOEFM±OEJDFEF1SFDJPTBM$POTVNJEPS*1$ FOUSFMBGFDIBEFMBDPNQSBZMBEF WFOUBFTEFTFHÙOMPQSFDJTBFMBSUÎDVMP/EFMB-FZTPCSF*NQVFTUPBMB3FOUB E-BWBSJBDJÓOEFM*1$FOUSFMBGFDIBEFWFOUBZFMEJDJFNCSFEFFTEF F-BTBDDJPOFTUJFOFOQSFTFODJBCVSTÃUJMEFM %&4"330--0 4F EFCF EFUFSNJOBS TJ MBT HBOBODJBT FTUÃO BGFDUBT B JNQVFTUP 1BSB FTUP EFCF WFSJàDBS MPT SFRVJTJUPTEFMBSUÎDVMPUFSEFMB-FZTPCSF*NQVFTUPBMB3FOUB 4JDVNQMFODPOMPTJHVJFOUFMPT*OHSFTPT/0TFBGFDUBSÃODPOJNQVFTUPT B-BTBDDJPOFTEFCFOTFSDPNQSBEBTZWFOEJEBTQPSJOUFSNFEJPEFMBCPMTBEFWBMPSFTQPS JOUFSNFEJBDJÓOEFVODPSSFEPSEFWBMPSFT C-BTBDDJPOFTEFCFOUFOFSVOBQSFTFODJBCVSTÃUJMJHVBMPTVQFSJPSBM 4FHÙOMPTBOUFDFEFOUFTEBEPRVFMBWFOUBOPTFSFBMJ[BFOMBCPMTBEFDPNFSDJPDPNPUBNQPDP JOUFSWJFOFVODPSSFEPSEFWBMPSFTOPDPSSFTQPOEFBQMJDBSFMBSUÎDVMPUFSQPSMPUBOUPMBHBOBODJB FTUÃBGFDUBBJNQVFTUPT 1BSBMBEFUFSNJOBDJÓOEFMNBZPSWBMPSPCUFOJEPFOMBWFOUBEFBDDJPOFTTFQPESÃVUJMJ[BSFM BTJTUFOUFEFDÃMDVMPSFTQFDUJWPDVZBTJNÃHFOFTTFNVFTUSBOBMàOBMEFMBOÃMJTJTEFMFKFNQMP Valor de Venta $ 11.000.000 Precio de compra actualizado a la fecha de venta ( Precio de compra 25/02/2006 $ 8.000.000 actualizado al 30/10/2008; 18,9%) -$ 9.512.000 $ 1.488.000 Utilidad Obtenida al 30/10/2008 Más: Actualización al 31/12/2008; 0,7% Utilidad Neta Actualizada al 31/12/2008 Mayor Valor $ 1.488.000 $ 10.416 $ 1.498.416 &M NBZPS WBMPS EFUFSNJOBEP DPOTUJUVZF VOB SFOUB BGFDUB B JNQVFTUP QBSB MP DVBM EFCFNPT JEFOUJàDBSMBPQFSBDJÓODPOSFTQFDUPBMBMFUSBDEFMDVBESPSFTVNFORVFTFJOEJDB r-BDPNQSBTFSFBMJ[ÓFMEFGFCSFSPEF r-BWFOUBTFFGFDUVÓFMEFPDUVCSFEF %BEP MP BOUFSJPS TF QVFEF TFÒBMBS RVF MB PQFSBDJÓO EF MB WFOUB TF DMBTJàDB FO MB MFUSB D FOBKFOBDJÓOEFTQVÊTEFVOBÒPEFTEFRVFTFDPNQSBSPOMBTBDDJPOFTZOPFYJTUFOOPSNBTEF SFMBDJÓO DPO MP DVBM DPSSFTQPOEF BQMJDBS BM NBZPS WBMPS MB USJCVUBDJÓO EFM *NQVFTUP ¼OJDP EF 1SJNFSB$BUFHPSÎBDPOUBTBEFM 1PSUSBUBSTFEFVOBQFSTPOBOBUVSBMFMBSUÎDVMP/FTUBCMFDFFOTVJODJTPUFSDFSPMBTJHVJFOUF FYFODJÓOEFJNQVFTUPi&TUBSÃOFYFOUBTEFFTUFJNQVFTUPMBTDBOUJEBEFTPCUFOJEBTQPSQFSTPOBT RVF OP FTUÊO PCMJHBEBT B EFDMBSBS TV SFOUB FGFDUJWB FO MB QSJNFSB DBUFHPSÎB EF MB -FZ TPCSF *NQVFTUPBMB3FOUBZTJFNQSFRVFTVNPOUPOPFYDFEBMBT6OJEBEFT5SJCVUBSJBT.FOTVBMFT 65. QPSDBEBNFTDVBOEPFMJNQVFTUPEFCBSFUFOFSTFZEF6OJEBEFT5SJCVUBSJBT"OVBMFT 65" u 1PS UBOUP BOUFT EF EFUFSNJOBS FM FO DBSÃDUFS EF *NQVFTUP ¼OJDP EF 1SJNFSB $BUFHPSÎB EFCFNPTDPNQBSBS r.BZPSWBMPSEFUFSNJOBEP r.POUPEFMBFYFODJÓOFRVJWBMFOUFB65"QPSDPOTJEFSBOEPRVFFMWBMPSEFVOB 65"EFMBÒPFRVJWBMFB &MNBZPSWBMPSOPFYDFEFBMBFYFODJÓOEFMBT65"QPSMPDVBMOPDPSSFTQPOEFBGFDUBSDPO JNQVFTUPBMNBZPSWBMPSFOMBWFOUBEFBDDJPOFT%JDIPNBZPSWBMPSHBOBODJB OPRVFEBBGFDUP BMJNQVFTUPTFÒBMBEP