Datos

Plazo evaluación años 15

# de pisos 40
IR 29.50%
Inflación anual 2.00%
IGV (supuesto) 18.00%
Inversión
Edificacio $MM 20
Depreciación (años) 30
Valor residual al año 15 10

GLA pisos (m2) 1200

GLA proyecto 48000
Ocupación Años 1 2 3 4
# pisos 20 35 40 40
GLA ocupados 24,000 42,000 48,000 48,000
Precio $/m2 90.0 91.8 93.6 95.5
Gastos
Mantenimiento anual $M 300 1.2
2.0
Endeudamiento
wd 60%
kd anual 8%
Plazo años 10
we 40%
ke 15%
 5 6 7 8 9 10
40 40 40 40 40 40
48,000 48,000 48,000 48,000 48,000 48,000
97.4 99.4 101.4 103.4 105.4 107.6

Año 0 1 2 3 4

Cronograma de Inversiones
Edificio 20,000,000
Total Inversiones 20,000,000 - - - -

Cronograma de amortizaciones
Edificio 666,667 666,667 666,667 666,667
Total amortizaciones 0 666,667 666,667 666,667 666,667

Cronograma de deuda
Préstamos 12,000,000
Saldo de Deuda 12,000,000 11,171,646 10,277,024 9,310,832 8,267,345
Amortización 828,354 894,622 966,192 1,043,487
Interés 960,000 893,732 822,162 744,867
Cuota 1,788,354 1,788,354 1,788,354 1,788,354

Capital de Trabajo
Gastos de Mantenimiento 606,000 618,120 630,482 643,092 655,954
Total Capital de Trabajo 606,000 618,120 630,482 643,092 655,954
P&L
Ingresos
Arrendamientos 2,160,000 3,855,600 4,494,528 4,584,419
Egresos
Gastos de Mantenimiento 300,000 306,000 312,120 318,362
Depreciación 666,667 666,667 666,667 666,667
Utilidad Operativa 1,193,333 2,882,933 3,515,741 3,599,389
Venta Activo Fijo
Costo de enajenación del Activo Fijo
Gastos Financieros 960,000 893,732 822,162 744,867
Utilidad antes de impuestos 233,333 1,989,202 2,693,579 2,854,523
Pérdidas acumuladas - - - -
Utilidad impositiva 233,333 1,989,202 2,693,579 2,854,523
IR 68,833 586,814 794,606 842,084
Utilidad Neta 164,500 1,402,387 1,898,973 2,012,439

FCF
EBITDA 1,860,000 3,549,600 4,182,408 4,266,056
IR - 68,833 - 586,814 - 794,606 - 842,084
EBITDA después de Impuestos 1,791,167 2,962,786 3,387,802 3,423,972

Inversiones
Edificio - 20,000,000
Var. Capital de Trabajo - 606,000 - 12,120 - 12,362 - 12,610 - 12,862
Total Inversiones - 20,606,000 - 12,120 - 12,362 - 12,610 - 12,862

Efecto Neto del IGV - 3,600,000 334,800 638,928 752,833 767,890

FC antes de la deuda - 24,206,000 2,113,847 3,589,351 4,128,026 4,179,000

Préstamo 12,000,000 - - - -
Egresos por Servicio de Deuda - 1,788,354 - 1,788,354 - 1,788,354 - 1,788,354
FC de la deuda 12,000,000 - 1,788,354 - 1,788,354 - 1,788,354 - 1,788,354

FC Financiero - 12,206,000 325,493 1,800,997 2,339,672 2,390,646

Aporte de capital 12,206,000

Saldo de Caja acumulado - 325,493 1,810,997 2,349,672 2,400,646
Retiro de accionistas - - 315,493 - 1,800,997 - 2,339,672
Saldo de Caja Mínimo 325,493
Celda de control 10,000
FC del Accionista - 12,206,000 - 315,493 1,800,997 2,339,672

Movimento del IGV

IGV de Ventas 388,800 694,008 809,015 825,195
IGV de Gastos - 54,000 - 55,080 - 56,182 - 57,305
IGV de Inversiones - 3,600,000
IGV Neto - 3,600,000 334,800 638,928 752,833 767,890
Crédito Fiscal del IGV - 3,600,000 - 3,265,200 - 2,626,272 - 1,873,439 - 1,105,548
Pago de IGV a Sunat - - - -
Efecto Neto del IGV - 3,600,000 334,800 638,928 752,833 767,890

RCSD 1.2 2.0 2.3 2.3

RCSD Min 1.2

RCSD Med 2.0
 11 12 13 14 15
40 40 40 40 40
48,000 48,000 48,000 48,000 48,000
109.7 111.9 114.1 116.4 118.8

5 6 7 8 9 10 11

- - - - - - -

666,667 666,667 666,667 666,667 666,667 666,667 666,667

666,667 666,667 666,667 666,667 666,667 666,667 666,667

7,140,378 5,923,255 4,608,761 3,189,108 1,655,883 -

1,126,966 1,217,124 1,314,493 1,419,653 1,533,225 1,655,883
661,388 571,230 473,860 368,701 255,129 132,471
1,788,354 1,788,354 1,788,354 1,788,354 1,788,354 1,788,354

669,073 682,454 696,104 710,026 724,226 738,711 753,485

669,073 682,454 696,104 710,026 724,226 738,711 753,485
 4,676,107 4,769,629 4,865,022 4,962,322 5,061,569 5,162,800 5,266,056

324,730 331,224 337,849 344,606 351,498 358,528 365,698

666,667 666,667 666,667 666,667 666,667 666,667 666,667
3,684,711 3,771,738 3,860,506 3,951,050 4,043,404 4,137,605 4,233,691

661,388 571,230 473,860 368,701 255,129 132,471 -

3,023,323 3,200,508 3,386,646 3,582,349 3,788,275 4,005,135 4,233,691
- - - - - - -
3,023,323 3,200,508 3,386,646 3,582,349 3,788,275 4,005,135 4,233,691
891,880 944,150 999,061 1,056,793 1,117,541 1,181,515 1,248,939
2,131,443 2,256,358 2,387,585 2,525,556 2,670,734 2,823,620 2,984,752

4,351,377 4,438,405 4,527,173 4,617,716 4,710,071 4,804,272 4,900,358

- 891,880 - 944,150 - 999,061 - 1,056,793 - 1,117,541 - 1,181,515 - 1,248,939
3,459,497 3,494,255 3,528,112 3,560,923 3,592,529 3,622,757 3,651,419

- 13,119 - 13,381 - 13,649 - 13,922 - 14,201 - 14,485 - 14,774

- 13,119 - 13,381 - 13,649 - 13,922 - 14,201 - 14,485 - 14,774

783,248 322,301 - - - - -

4,229,626 3,803,174 3,514,463 3,547,001 3,578,329 3,608,273 3,636,645

- - - - - - -
- 1,788,354 - 1,788,354 - 1,788,354 - 1,788,354 - 1,788,354 - 1,788,354 -
- 1,788,354 - 1,788,354 - 1,788,354 - 1,788,354 - 1,788,354 - 1,788,354 -

2,441,272 2,014,820 1,726,109 1,758,648 1,789,975 1,819,919 3,636,645

2,451,272 2,024,820 1,736,109 1,768,648 1,799,975 1,829,919 3,646,645

- 2,390,646 - 2,441,272 - 2,014,820 - 1,726,109 - 1,758,648 - 1,789,975 - 1,819,919

2,390,646 2,441,272 2,014,820 1,726,109 1,758,648 1,789,975 1,819,919

841,699 858,533 875,704 893,218 911,082 929,304 947,890

- 58,451 - 59,620 - 60,813 - 62,029 - 63,270 - 64,535 - 65,826

783,248 798,913 814,891 831,189 847,813 864,769 882,064

- 322,301 - - - - - -
- 476,612 814,891 831,189 847,813 864,769 882,064
783,248 322,301 - - - - -

2.4 2.1 2.0 2.0 2.0 2.0

 12 13 14 15

- - - -

666,667 666,667 666,667 666,667

666,667 666,667 666,667 666,667

12,000,000

12,000,000

768,555 783,926 395,844 -

768,555 783,926 395,844 -
 5,371,377 5,478,805 5,588,381 5,700,148

373,012 380,473 388,082 395,844

666,667 666,667 666,667 666,667
4,331,698 4,431,665 4,533,632 4,637,638
10,000,000
10,000,000
- - - -
4,331,698 4,431,665 4,533,632 4,637,638
- - - -
4,331,698 4,431,665 4,533,632 4,637,638
1,277,851 1,307,341 1,337,421 1,368,103
3,053,847 3,124,324 3,196,211 3,269,535 35,902,264

4,998,365 5,098,332 5,200,299 5,304,305

- 1,277,851 - 1,307,341 - 1,337,421 - 1,368,103
3,720,514 3,790,991 3,862,877 3,936,201

10,000,000
- 15,070 - 15,371 388,082 395,844
- 15,070 - 15,371 388,082 10,395,844

- - - -

3,705,444 3,775,620 4,250,959 14,332,045

- - - -
- - - -
- - - -

3,705,444 3,775,620 4,250,959 14,332,045 35,902,264 -

3,715,444 3,785,620 4,260,959 14,342,045

- 3,636,645 - 3,705,444 - 3,775,620 - 4,250,959

3,636,645 3,705,444 3,775,620 18,593,004 35,902,264

966,848 986,185 1,005,909 1,026,027

- 67,142 - 68,485 - 69,855 - 71,252

899,706 917,700 936,054 954,775

 - - - -
899,706 917,700 936,054 954,775
- - - -