2,004.00 € 2,005.00 € 2,006.

00 €
Evolución inversiones

Gastos iniciales 1,260,528.00 €

Expropiaciones 4,366,033.00 €
Movimiento tierras 17,825,236.00 €
Estructuras 26,252,632.00 €
Señalización 3,693,558.00 €
Reposición de servicios 2,187,517.00 €
Varios desvíos y seguridad 1,609,409.00 €
Instalaciones control tráfico
Control y vigilancia

Total inversiones sin IVA ### 5,626,561.00 € 44,077,868.00 € 7,490,484.00 €

IVA Pagado 900,250.00 € 7,052,459.00 € 1,198,477.00 €
IVA Recuperado - 900,250.00 € - 7,052,459.00 €
Total inversiones con IVA 6,526,811.00 € 50,230,077.00 € 1,636,502.00 €

Evolución amortizaciones
Amortización Gastos iniciales y exp. 1,125,312.00 € 1,125,312.00 €
Amortización Mov. Tierras y Estructuras 881,557.00 €
Amortización Señalización, reposición y varios
Amortización Instalaciones y Control
Total gasto amortización 1,125,312.00 € 2,006,869.00 €

EVOLUCIÓN FLUJOS DE CAJA

Ingresos de explotación
Costes de personal
Servicios exteriores y varios
costes de mantenimiento
TOTAL GASTOS DE EXPLOTACIÓN
Tributos en explotación (IAE)
TOTAL COSTES DE EXPLOTACIÓN
BAAIT
Amortización 1,125,312.00 € 2,006,869.00 €
BAIT - 1,125,312.00 € - 2,006,869.00 €
Impuestos
BaiDT -1,125,312.00 € - 2,006,869.00 €
Amortización 1,125,312.00 € 2,006,869.00 €
Fcaja libre operativo - € - €
Fcaja libre inversión ### - 6,526,811.00 € - 50,230,077.00 € - 1,636,502.00 €
FCL Total ### - 6,526,811.00 € - 50,230,077.00 € - 1,636,502.00 €

EVOLUCIÓN SERVICIO DEUDA

FCL Total ### - 6,526,811.00 € - 50,230,077.00 € - 1,636,502.00 €
Crédito IVA 3,750,000.00 € - 3,750,000.00 €
Gastos Financieros - 187,500.00 €
Deuda Subordinada 15,000,000.00 € 15,000,000.00 €
Gastos financieros (1-t) - € 1,500,000.00 €
Deuda Senior 26,006,887.00 € 45,000,000.00 €
Gastos Financieros (1-t) 1,560,413.22 €
TOTAL SERVICIO DEUDA 44,756,887.00 € 11,493,113.00 €
FCL para el accionista - 6,526,811.00 € - 5,473,190.00 € 6,796,197.78 €

PÉRDIDAS Y GANANCIAS
Ingresos - € - € - €
Costes explotación - € - € - €
Amortizaciones - € 1,125,312.00 € 2,006,869.00 €
BAIT - € - 1,125,312.00 € - 2,006,869.00 €
Gastos financieros ### - € 3,247,913.22 €
BAT - € - 1,125,312.00 € - 5,254,782.22 €
Impuestos - € - € - €
Bneto - € - 1,125,312.00 € - 5,254,782.22 €

BALANCE
Activo fijo bruto 6,526,811.00 € 56,756,888.00 € 58,393,390.00 €
Amortización acumulada - € 1,125,312.00 € 3,132,181.00 €
Caja
TOTAL ACTIVO 6,526,811.00 € 55,631,576.00 € 55,261,209.00 €

Deuda a LP - € 44,756,887.00 € 56,250,000.00 €

Capital Social 6,526,811.00 € 12,000,000.00 € 12,000,000.00 €
Reservas y beneficios - € - 1,125,311.00 € - 12,988,791.00 €

TOTAL PASIVO 6,526,811.00 € 55,631,576.00 € 55,261,209.00 €

Diferencia Activo-pasivo - € - € - €

Métricas PF y Valoración
DSCR 1.12228710187105 0.14238979465355
TIR Proyecto 7.39%
TIR Equity Cash Flow 8.56%
2009 2010 2011
WACC 5.3% 5.3% 5.3%
Factor descuento 1 1.05309515194595 1.10931027860627
Flujo de caja descontado 4,434,766.00 € 4,454,580.38 € 4,472,649.44 €
Valor Actual Neto en 2009 84,235,748.39 €
Valor Equity en 2009 33,235,748.39 €
 2,007.00 € 2,008.00 € 2,009.00 € 2,010.00 € 2,011.00 € 2,012.00 €

1,804,260.00 €
1,122,000.00 €

2,926,260.00 € - € - € - € - € - €

- 1,198,477.00 €
1,727,783.00 € - € - € - € - € - €

1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 €

881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 €
453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 €
132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 €
2,460,508.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €

2,479,476.00 € 5,209,838.00 € 5,472,505.00 € 5,764,072.00 € 6,071,018.00 € 6,379,719.00 €

310,483.00 € 612,671.00 € 635,952.00 € 660,118.00 € 685,203.00 € 711,241.00 €
20,384.00 € 39,913.00 € 41,110.00 € 42,344.00 € 43,614.00 € 44,922.00 €
162,572.00 € 318,327.00 € 327,877.00 € 337,713.00 € 347,845.00 € 358,280.00 €
493,439.00 € 970,911.00 € 1,004,939.00 € 1,040,175.00 € 1,076,662.00 € 1,114,443.00 €
32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 €
526,239.00 € 1,003,711.00 € 1,037,739.00 € 1,072,975.00 € 1,109,462.00 € 1,147,243.00 €
1,953,237.00 € 4,206,127.00 € 4,434,766.00 € 4,691,097.00 € 4,961,556.00 € 5,232,476.00 €
2,460,508.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
- 507,271.00 € 1,613,325.00 € 1,841,964.00 € 2,098,295.00 € 2,368,754.00 € 2,639,674.00 €

- 507,271.00 € 1,613,325.00 € 1,841,964.00 € 2,098,295.00 € 2,368,754.00 € 2,639,674.00 €

2,460,508.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
1,953,237.00 € 4,206,127.00 € 4,434,766.00 € 4,691,097.00 € 4,961,556.00 € 5,232,476.00 €
- 1,727,783.00 € - € - € - € - € - €
225,454.00 € 4,206,127.00 € 4,434,766.00 € 4,691,097.00 € 4,961,556.00 € 5,232,476.00 €

225,454.00 € 4,206,127.00 € 4,434,766.00 € 4,691,097.00 € 4,961,556.00 € 5,232,476.00 €

14,000,000.00 € 13,000,000.00 € 12,000,000.00 € 11,000,000.00 € 10,000,000.00 € 9,000,000.00 €

1,500,000.00 € 1,400,000.00 € 1,300,000.00 € 1,200,000.00 € 1,100,000.00 € 1,000,000.00 €
43,000,000.00 € 41,000,000.00 € 39,000,000.00 € 37,000,000.00 € 35,000,000.00 € 33,000,000.00 €
2,700,000.00 € 2,580,000.00 € 2,460,000.00 € 2,340,000.00 € 2,220,000.00 € 2,100,000.00 €
750,000.00 € - 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 €
- 3,224,546.00 € - 2,773,873.00 € - 2,325,234.00 € - 1,848,903.00 € - 1,358,444.00 € - 867,524.00 €
 2,479,476.00 € 5,209,838.00 € 5,472,505.00 € 5,764,072.00 € 6,071,018.00 € 6,379,719.00 €
526,239.00 € 1,003,711.00 € 1,037,739.00 € 1,072,975.00 € 1,109,462.00 € 1,147,243.00 €
2,460,508.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
- 507,271.00 € 1,613,325.00 € 1,841,964.00 € 2,098,295.00 € 2,368,754.00 € 2,639,674.00 €
4,200,000.00 € 3,980,000.00 € 3,760,000.00 € 3,540,000.00 € 3,320,000.00 € 3,100,000.00 €
- 4,707,271.00 € - 2,366,675.00 € - 1,918,036.00 € - 1,441,705.00 € - 951,246.00 € - 460,326.00 €
- € - € - € - € - € - €
- 4,707,271.00 € - 2,366,675.00 € - 1,918,036.00 € - 1,441,705.00 € - 951,246.00 € - 460,326.00 €

60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 €

5,592,689.00 € 8,185,491.00 € 10,778,293.00 € 13,371,095.00 € 15,963,897.00 € 18,556,699.00 €

54,528,484.00 € 51,935,682.00 € 49,342,880.00 € 46,750,078.00 € 44,157,276.00 € 41,564,474.00 €

57,000,000.00 € 54,000,000.00 € 51,000,000.00 € 48,000,000.00 € 45,000,000.00 € 42,000,000.00 €

12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 €
- 14,471,516.00 € - 14,064,318.00 € - 13,657,120.00 € - 13,249,922.00 € - 12,842,724.00 € - 12,435,526.00 €

54,528,484.00 € 51,935,682.00 € 49,342,880.00 € 46,750,078.00 € 44,157,276.00 € 41,564,474.00 €

- € - € - € - € - € - €

-0.3006053333333 1.40204233333333 1.47825533333333 1.563699 1.653852 1.74415866666667

2012 2013 2014 2015 2016 2017

5.4% 5.4% 5.4% 5.5% 5.5% 5.6%
1.16887837357269 1.23205989649048 1.29914835865398 1.37047764073722 1.44643176689568 1.52745824555988
4,476,493.12 € 4,444,811.50 € 5,467,485.64 € 5,438,076.32 € 5,422,266.84 € 5,371,547.81 €
 2,013.00 € 2,014.00 € 2,015.00 € 2,016.00 € 2,017.00 € 2,018.00 €

- € - € - € - € - € - €

- € - € - € - € - € - €

1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 €

881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 €
453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 €
132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €

6,662,641.00 € 8,329,954.00 € 8,721,594.00 € 9,155,216.00 € 9,562,081.00 € 10,012,463.00 €

738,268.00 € 766,322.00 € 795,442.00 € 825,669.00 € 857,044.00 € 889,612.00 €
46,270.00 € 47,658.00 € 49,088.00 € 50,560.00 € 52,077.00 € 53,640.00 €
369,029.00 € 380,099.00 € 391,502.00 € 403,248.00 € 415,345.00 € 427,805.00 €
1,153,567.00 € 1,194,079.00 € 1,236,032.00 € 1,279,477.00 € 1,324,466.00 € 1,371,057.00 €
32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 €
1,186,367.00 € 1,226,879.00 € 1,268,832.00 € 1,312,277.00 € 1,357,266.00 € 1,403,857.00 €
5,476,274.00 € 7,103,075.00 € 7,452,762.00 € 7,842,939.00 € 8,204,815.00 € 8,608,606.00 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
2,883,472.00 € 4,510,273.00 € 4,859,960.00 € 5,250,137.00 € 5,612,013.00 € 6,015,804.00 €

2,883,472.00 € 4,510,273.00 € 4,859,960.00 € 5,250,137.00 € 5,612,013.00 € 6,015,804.00 €

2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
5,476,274.00 € 7,103,075.00 € 7,452,762.00 € 7,842,939.00 € 8,204,815.00 € 8,608,606.00 €
- € - € - € - € - € - €
5,476,274.00 € 7,103,075.00 € 7,452,762.00 € 7,842,939.00 € 8,204,815.00 € 8,608,606.00 €

5,476,274.00 € 7,103,075.00 € 7,452,762.00 € 7,842,939.00 € 8,204,815.00 € 8,608,606.00 €

8,000,000.00 € 7,000,000.00 € 6,000,000.00 € 5,000,000.00 € 4,000,000.00 € 3,000,000.00 €

900,000.00 € 800,000.00 € 700,000.00 € 600,000.00 € 500,000.00 € 400,000.00 €
31,000,000.00 € 29,000,000.00 € 27,000,000.00 € 25,000,000.00 € 23,000,000.00 € 21,000,000.00 €
1,980,000.00 € 1,860,000.00 € 1,740,000.00 € 1,620,000.00 € 1,500,000.00 € 1,380,000.00 €
- 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 €
- 403,726.00 € 1,443,075.00 € 2,012,762.00 € 2,622,939.00 € 3,204,815.00 € 3,828,606.00 €
 6,662,641.00 € 8,329,954.00 € 8,721,594.00 € 9,155,216.00 € 9,562,081.00 € 10,012,463.00 €
1,186,367.00 € 1,226,879.00 € 1,268,832.00 € 1,312,277.00 € 1,357,266.00 € 1,403,857.00 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
2,883,472.00 € 4,510,273.00 € 4,859,960.00 € 5,250,137.00 € 5,612,013.00 € 6,015,804.00 €
2,880,000.00 € 2,660,000.00 € 2,440,000.00 € 2,220,000.00 € 2,000,000.00 € 1,780,000.00 €
3,472.00 € 1,850,273.00 € 2,419,960.00 € 3,030,137.00 € 3,612,013.00 € 4,235,804.00 €
- € - € - € - € - € - €
3,472.00 € 1,850,273.00 € 2,419,960.00 € 3,030,137.00 € 3,612,013.00 € 4,235,804.00 €

60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 €

21,149,501.00 € 23,742,303.00 € 26,335,105.00 € 28,927,907.00 € 31,520,709.00 € 34,113,511.00 €

38,971,672.00 € 36,378,870.00 € 33,786,068.00 € 31,193,266.00 € 28,600,464.00 € 26,007,662.00 €

39,000,000.00 € 36,000,000.00 € 33,000,000.00 € 30,000,000.00 € 27,000,000.00 € 24,000,000.00 €

12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 €
- 12,028,328.00 € - 11,621,130.00 € - 11,213,932.00 € - 10,806,734.00 € - 10,399,536.00 € - 9,992,338.00 €

38,971,672.00 € 36,378,870.00 € 33,786,068.00 € 31,193,266.00 € 28,600,464.00 € 26,007,662.00 €

- € - € - € - € - € - €

1.82542466666667 2.36769166666667 2.484254 2.614313 2.73493833333333 2.86953533333333

2018 2019 2020 2021 2022 2023

5.7% 5.8% 5.9% 6.0% 6.1% 6.3%
1.61408672959946 1.70695585653057 1.80685312183764 1.91477639969793 2.03232139158462 2.16103883068467
5,333,422.20 € 4,802,765.09 € 3,921,279.22 € 3,848,959.28 € 3,782,459.05 € 3,711,620.44 €
 2,019.00 € 2,020.00 € 2,021.00 € 2,022.00 € 2,023.00 € 2,024.00 €

- € - € - € - € - € - €

- € - € - € - € - € - €

1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 €

881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 €
453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 €
132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €

10,484,230.00 € 11,006,218.00 € 11,495,995.00 € 12,038,064.00 € 12,606,717.00 € 13,235,917.00 €

923,417.00 € 958,507.00 € 994,930.00 € 1,032,738.00 € 1,071,982.00 € 1,112,717.00 €
55,249.00 € 56,906.00 € 58,613.00 € 60,732.00 € 62,183.00 € 64,048.00 €
440,639.00 € 453,859.00 € 467,474.00 € 481,499.00 € 495,944.00 € 510,822.00 €
1,419,305.00 € 1,469,272.00 € 1,521,017.00 € 1,574,969.00 € 1,630,109.00 € 1,687,587.00 €
32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 €
1,452,105.00 € 1,502,072.00 € 1,553,817.00 € 1,607,769.00 € 1,662,909.00 € 1,720,387.00 €
9,032,125.00 € 9,504,146.00 € 9,942,178.00 € 10,430,295.00 € 10,943,808.00 € 11,515,530.00 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
6,439,323.00 € 6,911,344.00 € 7,349,376.00 € 7,837,493.00 € 8,351,006.00 € 8,922,728.00 €
- 834,017.00 € - 2,418,970.40 € - 2,572,281.60 € - 2,743,122.55 € - 2,922,852.10 € - 3,122,954.80 €
5,605,306.00 € 4,492,373.60 € 4,777,094.40 € 5,094,370.45 € 5,428,153.90 € 5,799,773.20 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
8,198,108.00 € 7,085,175.60 € 7,369,896.40 € 7,687,172.45 € 8,020,955.90 € 8,392,575.20 €
- € - € - € - € - € - €
8,198,108.00 € 7,085,175.60 € 7,369,896.40 € 7,687,172.45 € 8,020,955.90 € 8,392,575.20 €

8,198,108.00 € 7,085,175.60 € 7,369,896.40 € 7,687,172.45 € 8,020,955.90 € 8,392,575.20 €

2,000,000.00 € 1,000,000.00 € - €
261,144.19 € 130,000.00 € 65,000.00 €
19,000,000.00 € 17,000,000.00 € 15,000,000.00 € 13,000,000.00 € 11,000,000.00 € 9,000,000.00 €
1,096,805.61 € 741,000.00 € 663,000.00 € 585,000.00 € 507,000.00 € 429,000.00 €
- 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 € - 2,000,000.00 € - 2,000,000.00 € - 2,000,000.00 €
3,840,158.20 € 3,214,175.60 € 3,641,896.40 € 5,102,172.45 € 5,513,955.90 € 5,963,575.20 €
 10,484,230.00 € 11,006,218.00 € 11,495,995.00 € 12,038,064.00 € 12,606,717.00 € 13,235,917.00 €
1,452,105.00 € 1,502,072.00 € 1,553,817.00 € 1,607,769.00 € 1,662,909.00 € 1,720,387.00 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
6,439,323.00 € 6,911,344.00 € 7,349,376.00 € 7,837,493.00 € 8,351,006.00 € 8,922,728.00 €
1,560,000.00 € 1,340,000.00 € 1,120,000.00 € 900,000.00 € 780,000.00 € 660,000.00 €
4,879,323.00 € 5,571,344.00 € 6,229,376.00 € 6,937,493.00 € 7,571,006.00 € 8,262,728.00 €
- 834,017.00 € - 2,418,970.40 € - 2,572,281.60 € - 2,743,122.55 € - 2,922,852.10 € - 3,122,954.80 €
4,045,306.00 € 3,152,373.60 € 3,657,094.40 € 4,194,370.45 € 4,648,153.90 € 5,139,773.20 €

60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 €

36,706,313.00 € 39,299,115.00 € 41,891,917.00 € 44,484,719.00 € 47,077,521.00 € 49,670,323.00 €

23,414,860.00 € 20,822,058.00 € 18,229,256.00 € 15,636,454.00 € 13,043,652.00 € 10,450,850.00 €

21,000,000.00 € 18,000,000.00 € 15,000,000.00 € 13,000,000.00 € 11,000,000.00 € 9,000,000.00 €

12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 €
- 9,585,140.00 € - 9,177,942.00 € - 8,770,744.00 € - 9,363,546.00 € - 9,956,348.00 € - 10,549,150.00 €

23,414,860.00 € 20,822,058.00 € 18,229,256.00 € 15,636,454.00 € 13,043,652.00 € 10,450,850.00 €

- € - € - € - € - € - €

2.73270266666667 2.3617252 2.45663213333333 3.843586225 4.01047795 4.1962876

2024 2025 2026

6.6% 6.8% 8.6%
2.30291711342421 2.46057107576979 2.67130035301952
3,644,323.61 € 3,530,818.25 € 7,677,424.19 €
 2,025.00 € 2,026.00 €

- € - €

- € - €

1,125,312.00 € 1,125,312.00 €
881,557.00 € 881,557.00 €
453,639.00 € 453,639.00 €
132,294.00 € 132,294.00 €
2,592,802.00 € 2,592,802.00 €

13,749,684.00 € 14,162,175.00 €
1,155,000.00 € 1,198,890.00 €
65,970.00 € 67,949.00 €
526,147.00 € 541,931.00 €
1,747,117.00 € 1,808,770.00 €
32,800.00 € 32,800.00 €
1,779,917.00 € 1,841,570.00 €
11,969,767.00 € 12,320,605.00 €
2,592,802.00 € 2,592,802.00 €
9,376,965.00 € 9,727,803.00 €
- 3,281,937.75 € - 3,404,731.05 €
6,095,027.25 € 6,323,071.95 €
2,592,802.00 € 2,592,802.00 €
8,687,829.25 € 8,915,873.95 €
- € 11,592,832.00 €
8,687,829.25 € 20,508,705.95 €

8,687,829.25 € 20,508,705.95 €

7,000,000.00 €
351,000.00 € 273,000.00 €
- 2,000,000.00 € - 7,000,000.00 €
6,336,829.25 € 13,235,705.95 €
 13,749,684.00 € 14,162,175.00 €
1,779,917.00 € 1,841,570.00 €
2,592,802.00 € 2,592,802.00 €
9,376,965.00 € 9,727,803.00 €
540,000.00 € 420,000.00 €
8,836,965.00 € 9,307,803.00 €
- 3,281,937.75 € - 3,404,731.05 €
5,555,027.25 € 5,903,071.95 €

60,121,173.00 € 60,121,173.00 €
52,263,125.00 € 54,855,927.00 €

7,858,048.00 € 5,265,246.00 €

7,000,000.00 € - €
12,000,000.00 € 12,000,000.00 €
- 11,141,952.00 € - 6,734,754.00 €

7,858,048.00 € 5,265,246.00 €
- € - € - €

4.343914625 2.92981513571429
 4,925,254 5,418,227 5,828,178 6,252,125 6,662,641
41,110 42,344 43,614 44,922 46,270
327,877 337,713 347,845 358,280 369,029
1,004,940 1,040,175 1,076,662 1,114,443 1,153,566
32,800 32,800 32,800 32,800 32,800
1,037,740 1,072,975 1,109,462 1,147,243 1,186,366
3,887,515 4,345,252 4,718,716 5,104,882 5,476,274
-2,592,803 -2,592,803 -2,592,803 -2,592,803 -2,592,803
1,294,712 1,752,450 2,125,914 2,512,079 2,883,472
0 0 0 0 0
1,294,712 1,752,450 2,125,914 2,512,079 2,883,472
2,592,803 2,592,803 2,592,803 2,592,803 2,592,803
3,887,515 4,345,252 4,718,716 5,104,882 5,476,274
0 0 0 0 0
3,887,515 4,345,252 4,718,716 5,104,882 5,476,274
 2,004.00 € 2,005.00 € 2,006.00 €
Evolución inversiones

Gastos iniciales 1,260,528.00 €

Expropiaciones 4,366,033.00 €
Movimiento tierras 17,825,236.00 €
Estructuras 26,252,632.00 €
Señalización 3,693,558.00 €
Reposición de servicios 2,187,517.00 €
Varios desvíos y seguridad 1,609,409.00 €
Instalaciones control tráfico
Control y vigilancia

Total inversiones sin IVA ### 5,626,561.00 € 44,077,868.00 € 7,490,484.00 €

IVA Pagado 900,250.00 € 7,052,459.00 € 1,198,477.00 €
IVA Recuperado - 900,250.00 € - 7,052,459.00 €
Total inversiones con IVA 6,526,811.00 € 50,230,077.00 € 1,636,502.00 €

Evolución amortizaciones
Amortización Gastos iniciales y exp. 1,125,312.00 € 1,125,312.00 €
Amortización Mov. Tierras y Estructuras 881,557.00 €
Amortización Señalización, reposición y varios
Amortización Instalaciones y Control
Total gasto amortización 1,125,312.00 € 2,006,869.00 €

EVOLUCIÓN FLUJOS DE CAJA

Descensos esperados
Ingresos de explotación
Costes de personal
Servicios exteriores y varios
costes de mantenimiento
TOTAL GASTOS DE EXPLOTACIÓN
Tributos en explotación (IAE)
TOTAL COSTES DE EXPLOTACIÓN
BAAIT
Amortización 1,125,312.00 € 2,006,869.00 €
BAIT - 1,125,312.00 € - 2,006,869.00 €
Impuestos
BaiDT -1,125,312.00 € - 2,006,869.00 €
Amortización 1,125,312.00 € 2,006,869.00 €
Fcaja libre operativo - € - €
Fcaja libre inversión ### - 6,526,811.00 € - 50,230,077.00 € - 1,636,502.00 €
FCL Total ### - 6,526,811.00 € - 50,230,077.00 € - 1,636,502.00 €

EVOLUCIÓN SERVICIO DEUDA

FCL Total ### - 6,526,811.00 € - 50,230,077.00 € - 1,636,502.00 €
Crédito IVA 3,750,000.00 € - 3,750,000.00 €
Gastos Financieros - 187,500.00 €
Deuda Subordinada 15,000,000.00 € 15,000,000.00 €
Gastos financieros (1-t) - € 1,500,000.00 €
Deuda Senior 26,006,887.00 € 45,000,000.00 €
Gastos Financieros (1-t) 1,560,413.22 €
TOTAL SERVICIO DEUDA 44,756,887.00 € 11,493,113.00 €
FCL para el accionista - 6,526,811.00 € - 5,473,190.00 € 6,796,197.78 €

PÉRDIDAS Y GANANCIAS
Ingresos - € - € - €
Costes explotación - € - € - €
Amortizaciones - € 1,125,312.00 € 2,006,869.00 €
BAIT - € - 1,125,312.00 € - 2,006,869.00 €
Gastos financieros ### - € 3,247,913.22 €
BAT - € - 1,125,312.00 € - 5,254,782.22 €
Impuestos - € - € - €
Bneto - € - 1,125,312.00 € - 5,254,782.22 €

BALANCE
Activo fijo bruto 6,526,811.00 € 56,756,888.00 € 58,393,390.00 €
Amortización acumulada - € 1,125,312.00 € 3,132,181.00 €
Caja
TOTAL ACTIVO 6,526,811.00 € 55,631,576.00 € 55,261,209.00 €

Deuda a LP - € 44,756,887.00 € 56,250,000.00 €

Capital Social 6,526,811.00 € 12,000,000.00 € 12,000,000.00 €
Reservas y beneficios - € - 1,125,311.00 € - 12,988,791.00 €

TOTAL PASIVO 6,526,811.00 € 55,631,576.00 € 55,261,209.00 €

Diferencia Activo-pasivo - € - € - €

Métricas PF y Valoración
DSCR 1.12228710187105 0.14238979465355
TIR Proyecto 7.17%
TIR Equity Cash Flow 7.94% Ke Esperado 8.56%
2009 2010 2011
WACC 5.3% 5.3% 5.3%
Factor descuento 1 1.05308666666667 1.10929193433918
Flujo de caja descontado 3,887,515.50 € 4,126,206.15 € 4,253,808.34 €
Valor Actual Neto en 2009 83,040,666.46 €
Valor Equity en 2009 32,040,666.46 €
 2,007.00 € 2,008.00 € 2,009.00 € 2,010.00 € 2,011.00 € 2,012.00 €

1,804,260.00 €
1,122,000.00 €

2,926,260.00 € - € - € - € - € - €

- 1,198,477.00 €
1,727,783.00 € - € - € - € - € - €

1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 €

881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 €
453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 €
132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 €
2,460,508.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €

ensos esperados 12% 10% 6% 4% 2%

2,479,476.00 € 4,584,657.44 € 4,925,254.50 € 5,418,227.68 € 5,828,177.28 € 6,252,124.62 €
310,483.00 € 612,671.00 € 635,952.00 € 660,118.00 € 685,203.00 € 711,241.00 €
20,384.00 € 39,913.00 € 41,110.00 € 42,344.00 € 43,614.00 € 44,922.00 €
162,572.00 € 318,327.00 € 327,877.00 € 337,713.00 € 347,845.00 € 358,280.00 €
493,439.00 € 970,911.00 € 1,004,939.00 € 1,040,175.00 € 1,076,662.00 € 1,114,443.00 €
32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 €
526,239.00 € 1,003,711.00 € 1,037,739.00 € 1,072,975.00 € 1,109,462.00 € 1,147,243.00 €
1,953,237.00 € 3,580,946.44 € 3,887,515.50 € 4,345,252.68 € 4,718,715.28 € 5,104,881.62 €
2,460,508.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
- 507,271.00 € 988,144.44 € 1,294,713.50 € 1,752,450.68 € 2,125,913.28 € 2,512,079.62 €

- 507,271.00 € 988,144.44 € 1,294,713.50 € 1,752,450.68 € 2,125,913.28 € 2,512,079.62 €

2,460,508.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
1,953,237.00 € 3,580,946.44 € 3,887,515.50 € 4,345,252.68 € 4,718,715.28 € 5,104,881.62 €
- 1,727,783.00 € - € - € - € - € - €
225,454.00 € 3,580,946.44 € 3,887,515.50 € 4,345,252.68 € 4,718,715.28 € 5,104,881.62 €

225,454.00 € 3,580,946.44 € 3,887,515.50 € 4,345,252.68 € 4,718,715.28 € 5,104,881.62 €

14,000,000.00 € 13,000,000.00 € 12,000,000.00 € 11,000,000.00 € 10,000,000.00 € 9,000,000.00 €

1,500,000.00 € 1,400,000.00 € 1,300,000.00 € 1,200,000.00 € 1,100,000.00 € 1,000,000.00 €
43,000,000.00 € 41,000,000.00 € 39,000,000.00 € 37,000,000.00 € 35,000,000.00 € 33,000,000.00 €
2,700,000.00 € 2,580,000.00 € 2,460,000.00 € 2,340,000.00 € 2,220,000.00 € 2,100,000.00 €
750,000.00 € - 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 €
- 3,224,546.00 € - 3,399,053.56 € - 2,872,484.50 € - 2,194,747.32 € - 1,601,284.72 € - 995,118.38 €
 2,479,476.00 € 4,584,657.44 € 4,925,254.50 € 5,418,227.68 € 5,828,177.28 € 6,252,124.62 €
526,239.00 € 1,003,711.00 € 1,037,739.00 € 1,072,975.00 € 1,109,462.00 € 1,147,243.00 €
2,460,508.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
- 507,271.00 € 988,144.44 € 1,294,713.50 € 1,752,450.68 € 2,125,913.28 € 2,512,079.62 €
4,200,000.00 € 3,980,000.00 € 3,760,000.00 € 3,540,000.00 € 3,320,000.00 € 3,100,000.00 €
- 4,707,271.00 € - 2,991,855.56 € - 2,465,286.50 € - 1,787,549.32 € - 1,194,086.72 € - 587,920.38 €
- € - € - € - € - € - €
- 4,707,271.00 € - 2,991,855.56 € - 2,465,286.50 € - 1,787,549.32 € - 1,194,086.72 € - 587,920.38 €

60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 €

5,592,689.00 € 8,185,491.00 € 10,778,293.00 € 13,371,095.00 € 15,963,897.00 € 18,556,699.00 €

54,528,484.00 € 51,935,682.00 € 49,342,880.00 € 46,750,078.00 € 44,157,276.00 € 41,564,474.00 €

57,000,000.00 € 54,000,000.00 € 51,000,000.00 € 48,000,000.00 € 45,000,000.00 € 42,000,000.00 €

12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 €
- 14,471,516.00 € - 14,064,318.00 € - 13,657,120.00 € - 13,249,922.00 € - 12,842,724.00 € - 12,435,526.00 €

54,528,484.00 € 51,935,682.00 € 49,342,880.00 € 46,750,078.00 € 44,157,276.00 € 41,564,474.00 €

- € - € - € - € - € - €

-0.3006053333333 1.19364881333333 1.2958385 1.44841756 1.57290509333333 1.70162720666667

2012 2013 2014 2015 2016 2017

5.4% 5.4% 5.4% 5.5% 5.5% 5.6%
1.16884858574726 1.232016830297 1.29908987989975 1.37040125370704 1.44633453460293 1.52733668564087
4,367,444.75 € 4,444,966.87 € 5,467,731.76 € 5,438,379.44 € 5,422,631.36 € 5,371,975.33 €
 2,013.00 € 2,014.00 € 2,015.00 € 2,016.00 € 2,017.00 € 2,018.00 €

- € - € - € - € - € - €

- € - € - € - € - € - €

1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 €

881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 €
453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 €
132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €

6,662,641.00 € 8,329,954.00 € 8,721,594.00 € 9,155,216.00 € 9,562,081.00 € 10,012,463.00 €

738,268.00 € 766,322.00 € 795,442.00 € 825,669.00 € 857,044.00 € 889,612.00 €
46,270.00 € 47,658.00 € 49,088.00 € 50,560.00 € 52,077.00 € 53,640.00 €
369,029.00 € 380,099.00 € 391,502.00 € 403,248.00 € 415,345.00 € 427,805.00 €
1,153,567.00 € 1,194,079.00 € 1,236,032.00 € 1,279,477.00 € 1,324,466.00 € 1,371,057.00 €
32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 €
1,186,367.00 € 1,226,879.00 € 1,268,832.00 € 1,312,277.00 € 1,357,266.00 € 1,403,857.00 €
5,476,274.00 € 7,103,075.00 € 7,452,762.00 € 7,842,939.00 € 8,204,815.00 € 8,608,606.00 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
2,883,472.00 € 4,510,273.00 € 4,859,960.00 € 5,250,137.00 € 5,612,013.00 € 6,015,804.00 €

2,883,472.00 € 4,510,273.00 € 4,859,960.00 € 5,250,137.00 € 5,612,013.00 € 6,015,804.00 €

2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
5,476,274.00 € 7,103,075.00 € 7,452,762.00 € 7,842,939.00 € 8,204,815.00 € 8,608,606.00 €
- € - € - € - € - € - €
5,476,274.00 € 7,103,075.00 € 7,452,762.00 € 7,842,939.00 € 8,204,815.00 € 8,608,606.00 €

5,476,274.00 € 7,103,075.00 € 7,452,762.00 € 7,842,939.00 € 8,204,815.00 € 8,608,606.00 €

8,000,000.00 € 7,000,000.00 € 6,000,000.00 € 5,000,000.00 € 4,000,000.00 € 3,000,000.00 €

900,000.00 € 800,000.00 € 700,000.00 € 600,000.00 € 500,000.00 € 400,000.00 €
31,000,000.00 € 29,000,000.00 € 27,000,000.00 € 25,000,000.00 € 23,000,000.00 € 21,000,000.00 €
1,980,000.00 € 1,860,000.00 € 1,740,000.00 € 1,620,000.00 € 1,500,000.00 € 1,380,000.00 €
- 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 €
- 403,726.00 € 1,443,075.00 € 2,012,762.00 € 2,622,939.00 € 3,204,815.00 € 3,828,606.00 €
 6,662,641.00 € 8,329,954.00 € 8,721,594.00 € 9,155,216.00 € 9,562,081.00 € 10,012,463.00 €
1,186,367.00 € 1,226,879.00 € 1,268,832.00 € 1,312,277.00 € 1,357,266.00 € 1,403,857.00 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
2,883,472.00 € 4,510,273.00 € 4,859,960.00 € 5,250,137.00 € 5,612,013.00 € 6,015,804.00 €
2,880,000.00 € 2,660,000.00 € 2,440,000.00 € 2,220,000.00 € 2,000,000.00 € 1,780,000.00 €
3,472.00 € 1,850,273.00 € 2,419,960.00 € 3,030,137.00 € 3,612,013.00 € 4,235,804.00 €
- € - € - € - € - € - €
3,472.00 € 1,850,273.00 € 2,419,960.00 € 3,030,137.00 € 3,612,013.00 € 4,235,804.00 €

60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 €

21,149,501.00 € 23,742,303.00 € 26,335,105.00 € 28,927,907.00 € 31,520,709.00 € 34,113,511.00 €

38,971,672.00 € 36,378,870.00 € 33,786,068.00 € 31,193,266.00 € 28,600,464.00 € 26,007,662.00 €

39,000,000.00 € 36,000,000.00 € 33,000,000.00 € 30,000,000.00 € 27,000,000.00 € 24,000,000.00 €

12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 €
- 12,028,328.00 € - 11,621,130.00 € - 11,213,932.00 € - 10,806,734.00 € - 10,399,536.00 € - 9,992,338.00 €

38,971,672.00 € 36,378,870.00 € 33,786,068.00 € 31,193,266.00 € 28,600,464.00 € 26,007,662.00 €

- € - € - € - € - € - €

1.82542466666667 2.36769166666667 2.484254 2.614313 2.73493833333333 2.86953533333333

2018 2019 2020 2021 2022 2023

5.7% 5.8% 5.9% 6.0% 6.1% 6.3%
1.6139366757167 1.70677226959081 1.80662982584367 1.91450570011127 2.0319950859157 2.16064687913789
5,333,918.07 € 4,803,281.69 € 3,921,763.88 € 3,849,503.50 € 3,783,066.46 € 3,712,293.75 €
 2,019.00 € 2,020.00 € 2,021.00 € 2,022.00 € 2,023.00 € 2,024.00 €

- € - € - € - € - € - €

- € - € - € - € - € - €

1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 €

881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 €
453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 €
132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €

10,484,230.00 € 11,006,218.00 € 11,495,995.00 € 12,038,064.00 € 12,606,717.00 € 13,235,917.00 €

923,417.00 € 958,507.00 € 994,930.00 € 1,032,738.00 € 1,071,982.00 € 1,112,717.00 €
55,249.00 € 56,906.00 € 58,613.00 € 60,732.00 € 62,183.00 € 64,048.00 €
440,639.00 € 453,859.00 € 467,474.00 € 481,499.00 € 495,944.00 € 510,822.00 €
1,419,305.00 € 1,469,272.00 € 1,521,017.00 € 1,574,969.00 € 1,630,109.00 € 1,687,587.00 €
32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 €
1,452,105.00 € 1,502,072.00 € 1,553,817.00 € 1,607,769.00 € 1,662,909.00 € 1,720,387.00 €
9,032,125.00 € 9,504,146.00 € 9,942,178.00 € 10,430,295.00 € 10,943,808.00 € 11,515,530.00 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
6,439,323.00 € 6,911,344.00 € 7,349,376.00 € 7,837,493.00 € 8,351,006.00 € 8,922,728.00 €
- 834,017.00 € - 2,418,970.40 € - 2,572,281.60 € - 2,743,122.55 € - 2,922,852.10 € - 3,122,954.80 €
5,605,306.00 € 4,492,373.60 € 4,777,094.40 € 5,094,370.45 € 5,428,153.90 € 5,799,773.20 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
8,198,108.00 € 7,085,175.60 € 7,369,896.40 € 7,687,172.45 € 8,020,955.90 € 8,392,575.20 €
- € - € - € - € - € - €
8,198,108.00 € 7,085,175.60 € 7,369,896.40 € 7,687,172.45 € 8,020,955.90 € 8,392,575.20 €

8,198,108.00 € 7,085,175.60 € 7,369,896.40 € 7,687,172.45 € 8,020,955.90 € 8,392,575.20 €

2,000,000.00 € 1,000,000.00 € - €
261,144.19 € 130,000.00 € 65,000.00 €
19,000,000.00 € 17,000,000.00 € 15,000,000.00 € 13,000,000.00 € 11,000,000.00 € 9,000,000.00 €
1,096,805.61 € 741,000.00 € 663,000.00 € 585,000.00 € 507,000.00 € 429,000.00 €
- 3,000,000.00 € - 3,000,000.00 € - 3,000,000.00 € - 2,000,000.00 € - 2,000,000.00 € - 2,000,000.00 €
3,840,158.20 € 3,214,175.60 € 3,641,896.40 € 5,102,172.45 € 5,513,955.90 € 5,963,575.20 €
 10,484,230.00 € 11,006,218.00 € 11,495,995.00 € 12,038,064.00 € 12,606,717.00 € 13,235,917.00 €
1,452,105.00 € 1,502,072.00 € 1,553,817.00 € 1,607,769.00 € 1,662,909.00 € 1,720,387.00 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
6,439,323.00 € 6,911,344.00 € 7,349,376.00 € 7,837,493.00 € 8,351,006.00 € 8,922,728.00 €
1,560,000.00 € 1,340,000.00 € 1,120,000.00 € 900,000.00 € 780,000.00 € 660,000.00 €
4,879,323.00 € 5,571,344.00 € 6,229,376.00 € 6,937,493.00 € 7,571,006.00 € 8,262,728.00 €
- 834,017.00 € - 2,418,970.40 € - 2,572,281.60 € - 2,743,122.55 € - 2,922,852.10 € - 3,122,954.80 €
4,045,306.00 € 3,152,373.60 € 3,657,094.40 € 4,194,370.45 € 4,648,153.90 € 5,139,773.20 €

60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 €

36,706,313.00 € 39,299,115.00 € 41,891,917.00 € 44,484,719.00 € 47,077,521.00 € 49,670,323.00 €

23,414,860.00 € 20,822,058.00 € 18,229,256.00 € 15,636,454.00 € 13,043,652.00 € 10,450,850.00 €

21,000,000.00 € 18,000,000.00 € 15,000,000.00 € 13,000,000.00 € 11,000,000.00 € 9,000,000.00 €

12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 €
- 9,585,140.00 € - 9,177,942.00 € - 8,770,744.00 € - 9,363,546.00 € - 9,956,348.00 € - 10,549,150.00 €

23,414,860.00 € 20,822,058.00 € 18,229,256.00 € 15,636,454.00 € 13,043,652.00 € 10,450,850.00 €

- € - € - € - € - € - €

2.73270266666667 2.3617252 2.45663213333333 3.843586225 4.01047795 4.1962876

2024 2025 2026

6.6% 6.8% 8.6%
2.30244704717731 2.46000713405836 2.67058374473375
3,645,067.63 € 3,531,627.66 € 7,679,484.30 €
 2,025.00 € 2,026.00 €

- € - €

- € - €

1,125,312.00 € 1,125,312.00 €
881,557.00 € 881,557.00 €
453,639.00 € 453,639.00 €
132,294.00 € 132,294.00 €
2,592,802.00 € 2,592,802.00 €

13,749,684.00 € 14,162,175.00 €
1,155,000.00 € 1,198,890.00 €
65,970.00 € 67,949.00 €
526,147.00 € 541,931.00 €
1,747,117.00 € 1,808,770.00 €
32,800.00 € 32,800.00 €
1,779,917.00 € 1,841,570.00 €
11,969,767.00 € 12,320,605.00 €
2,592,802.00 € 2,592,802.00 €
9,376,965.00 € 9,727,803.00 €
- 3,281,937.75 € - 3,404,731.05 €
6,095,027.25 € 6,323,071.95 €
2,592,802.00 € 2,592,802.00 €
8,687,829.25 € 8,915,873.95 €
- € 11,592,832.00 €
8,687,829.25 € 20,508,705.95 €

8,687,829.25 € 20,508,705.95 €

7,000,000.00 €
351,000.00 € 273,000.00 €
- 2,000,000.00 € - 7,000,000.00 €
6,336,829.25 € 13,235,705.95 €
 13,749,684.00 € 14,162,175.00 €
1,779,917.00 € 1,841,570.00 €
2,592,802.00 € 2,592,802.00 €
9,376,965.00 € 9,727,803.00 €
540,000.00 € 420,000.00 €
8,836,965.00 € 9,307,803.00 €
- 3,281,937.75 € - 3,404,731.05 €
5,555,027.25 € 5,903,071.95 €

60,121,173.00 € 60,121,173.00 €
52,263,125.00 € 54,855,927.00 €

7,858,048.00 € 5,265,246.00 €

7,000,000.00 € - €
12,000,000.00 € 12,000,000.00 €
- 11,141,952.00 € - 6,734,754.00 €

7,858,048.00 € 5,265,246.00 €
- € - € - €

4.343914625 2.92981513571429
 4,925,254 5,418,227 5,828,178 6,252,125 6,662,641
41,110 42,344 43,614 44,922 46,270
327,877 337,713 347,845 358,280 369,029
1,004,940 1,040,175 1,076,662 1,114,443 1,153,566
32,800 32,800 32,800 32,800 32,800
1,037,740 1,072,975 1,109,462 1,147,243 1,186,366
3,887,515 4,345,252 4,718,716 5,104,882 5,476,274
-2,592,803 -2,592,803 -2,592,803 -2,592,803 -2,592,803
1,294,712 1,752,450 2,125,914 2,512,079 2,883,472
0 0 0 0 0
1,294,712 1,752,450 2,125,914 2,512,079 2,883,472
2,592,803 2,592,803 2,592,803 2,592,803 2,592,803
3,887,515 4,345,252 4,718,716 5,104,882 5,476,274
0 0 0 0 0
3,887,515 4,345,252 4,718,716 5,104,882 5,476,274
 2004 2005 2006
Evolución inversiones

Gastos iniciales 1,260,528.00 €

Expropiaciones 4,366,033.00 €
Movimiento tierras 17,825,236.00 €
Estructuras 26,252,632.00 €
Señalización 3,693,558.00 €
Reposición de servicios 2,187,517.00 €
Varios desvíos y seguridad 1,609,409.00 €
Instalaciones control tráfico
Control y vigilancia

Total inversiones sin IVA ### 5,626,561.00 € 44,077,868.00 € 7,490,484.00 €

IVA Pagado 900,250.00 € 7,052,459.00 € 1,198,477.00 €
IVA Recuperado - 900,250.00 € - 7,052,459.00 €
Total inversiones con IVA 6,526,811.00 € 50,230,077.00 € 1,636,502.00 €

Evolución amortizaciones
Amortización Gastos iniciales y exp. 1,125,312.00 € 1,125,312.00 €
Amortización Mov. Tierras y Estructuras 881,557.00 €
Amortización Señalización, reposición y varios
Amortización Instalaciones y Control
Total gasto amortización 1,125,312.00 € 2,006,869.00 €

EVOLUCIÓN FLUJOS DE CAJA

Descenso esperado
Ingresos de explotación
Costes de personal
Servicios exteriores y varios
costes de mantenimiento
Descenso esperado
TOTAL GASTOS DE EXPLOTACIÓN
Tributos en explotación (IAE)
TOTAL COSTES DE EXPLOTACIÓN
BAAIT
Amortización 1,125,312.00 € 2,006,869.00 €
BAIT - 1,125,312.00 € - 2,006,869.00 €
Impuestos
BaiDT -1,125,312.00 € - 2,006,869.00 €
Amortización 1,125,312.00 € 2,006,869.00 €
Fcaja libre operativo - € - €
Fcaja libre inversión ### - 6,526,811.00 € - 50,230,077.00 € - 1,636,502.00 €
FCL Total ### - 6,526,811.00 € - 50,230,077.00 € - 1,636,502.00 €

EVOLUCIÓN SERVICIO DEUDA

FCL Total ### - 6,526,811.00 € - 50,230,077.00 € - 1,636,502.00 €
Crédito IVA 3,750,000.00 € - 3,750,000.00 €
Gastos Financieros - 187,500.00 €
Deuda Subordinada 15,000,000.00 € 15,000,000.00 €
Gastos financieros (1-t) - € 1,500,000.00 €
Deuda Senior 26,006,887.00 € 45,000,000.00 €
Gastos Financieros (1-t) 1,560,413.22 €
TOTAL SERVICIO DEUDA 44,756,887.00 € 11,493,113.00 €
FCL para el accionista - 6,526,811.00 € - 5,473,190.00 € 6,796,197.78 €

PÉRDIDAS Y GANANCIAS
Ingresos - € - € - €
Costes explotación - € - € - €
Amortizaciones - € 1,125,312.00 € 2,006,869.00 €
BAIT - € - 1,125,312.00 € - 2,006,869.00 €
Gastos financieros ### - € 3,247,913.22 €
BAT - € - 1,125,312.00 € - 5,254,782.22 €
Impuestos - € - € - €
Bneto - € - 1,125,312.00 € - 5,254,782.22 €

BALANCE
Activo fijo bruto 6,526,811.00 € 56,756,888.00 € 58,393,390.00 €
Amortización acumulada - € 1,125,312.00 € 3,132,181.00 €
Caja
TOTAL ACTIVO 6,526,811.00 € 55,631,576.00 € 55,261,209.00 €

Deuda a LP - € 44,756,887.00 € 56,250,000.00 €

Capital Social 6,526,811.00 € 12,000,000.00 € 12,000,000.00 €
Reservas y beneficios - 0.00 € - 1,125,311.00 € - 12,988,791.00 €

TOTAL PASIVO 6,526,811.00 € 55,631,576.00 € 55,261,209.00 €

Diferencia Activo-pasivo - € - € - €
Métricas PF
DSCR 1.12228710187105 0.14238979465355
TIR Proyecto 7.21%
TIR Equity Cash Flow 8.75% Ke Esperado 8.56%
2009 2010 2011
WACC 4.79% 4.79% 4.79%
Factor descuento 1 1.04787619047619 1.09804451056689
Flujo de caja descontado 3,887,515.50 € 4,245,988.43 € 4,346,407.03 €
VAN en 2009 83,876,175.43 €
Valor Equity en 2009 32,876,175.43 €
 2007 2008 2009 2010 2011 2012

1,804,260.00 €
1,122,000.00 €

2,926,260.00 € - € - € - € - € - €

- 1,198,477.00 €
1,727,783.00 € - € - € - € - € - €

1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 €

881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 €
453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 €
132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 €
2,460,508.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €

enso esperado 12% 10% 6% 4% 2%

2,479,476.00 € 4,584,657.44 € 4,925,254.50 € 5,418,227.68 € 5,828,177.28 € 6,252,124.62 €
310,483.00 € 612,671.00 € 635,952.00 € 660,118.00 € 685,203.00 € 711,241.00 €
20,384.00 € 39,913.00 € 41,110.00 € 42,344.00 € 43,614.00 € 44,922.00 €
162,572.00 € 318,327.00 € 327,877.00 € 337,713.00 € 347,845.00 € 358,280.00 €
enso esperado 10% 5% 2%
493,439.00 € 970,911.00 € 1,004,939.00 € 936,157.50 € 1,022,828.90 € 1,092,154.14 €
32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 €
526,239.00 € 1,003,711.00 € 1,037,739.00 € 968,957.50 € 1,055,628.90 € 1,124,954.14 €
1,953,237.00 € 3,580,946.44 € 3,887,515.50 € 4,449,270.18 € 4,772,548.38 € 5,127,170.48 €
2,460,508.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
- 507,271.00 € 988,144.44 € 1,294,713.50 € 1,856,468.18 € 2,179,746.38 € 2,534,368.48 €

- 507,271.00 € 988,144.44 € 1,294,713.50 € 1,856,468.18 € 2,179,746.38 € 2,534,368.48 €

2,460,508.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
1,953,237.00 € 3,580,946.44 € 3,887,515.50 € 4,449,270.18 € 4,772,548.38 € 5,127,170.48 €
- 1,727,783.00 € - € - € - € - € - €
225,454.00 € 3,580,946.44 € 3,887,515.50 € 4,449,270.18 € 4,772,548.38 € 5,127,170.48 €

225,454.00 € 3,580,946.44 € 3,887,515.50 € 4,449,270.18 € 4,772,548.38 € 5,127,170.48 €

14,000,000.00 € 13,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 €

1,500,000.00 € 1,400,000.00 € 1,300,000.00 € 720,000.00 € 720,000.00 € 720,000.00 €
43,000,000.00 € 41,000,000.00 € 39,000,000.00 € 39,000,000.00 € 39,000,000.00 € 39,000,000.00 €
2,700,000.00 € 2,580,000.00 € 2,460,000.00 € 2,340,000.00 € 2,340,000.00 € 2,340,000.00 €
750,000.00 € - 3,000,000.00 € - 3,000,000.00 € - € - € - €
- 3,224,546.00 € - 3,399,053.56 € - 2,872,484.50 € 1,389,270.18 € 1,712,548.38 € 2,067,170.48 €
 2,479,476.00 € 4,584,657.44 € 4,925,254.50 € 5,418,227.68 € 5,828,177.28 € 6,252,124.62 €
526,239.00 € 1,003,711.00 € 1,037,739.00 € 968,957.50 € 1,055,628.90 € 1,124,954.14 €
2,460,508.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
- 507,271.00 € 988,144.44 € 1,294,713.50 € 1,856,468.18 € 2,179,746.38 € 2,534,368.48 €
4,200,000.00 € 3,980,000.00 € 3,760,000.00 € 3,540,000.00 € 3,540,000.00 € 3,540,000.00 €
- 4,707,271.00 € - 2,991,855.56 € - 2,465,286.50 € - 1,683,531.82 € - 1,360,253.62 € - 1,005,631.52 €
- € - € - € - € - € - €
- 4,707,271.00 € - 2,991,855.56 € - 2,465,286.50 € - 1,683,531.82 € - 1,360,253.62 € - 1,005,631.52 €

60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 €

5,592,689.00 € 8,185,491.00 € 10,778,293.00 € 13,371,095.00 € 15,963,897.00 € 18,556,699.00 €

54,528,484.00 € 51,935,682.00 € 49,342,880.00 € 46,750,078.00 € 44,157,276.00 € 41,564,474.00 €

57,000,000.00 € 54,000,000.00 € 51,000,000.00 € 51,000,000.00 € 51,000,000.00 € 51,000,000.00 €

12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 €
- 14,471,516.00 € - 14,064,318.00 € - 13,657,120.00 € - 16,249,922.00 € - 18,842,724.00 € - 21,435,526.00 €

54,528,484.00 € 51,935,682.00 € 49,342,880.00 € 46,750,078.00 € 44,157,276.00 € 41,564,474.00 €

- € - € - € - € - € - €

-0.3006053333333 1.19364881333333 1.2958385 0 0 0

2012 2013 2014 2015 2016 2017

4.79% 4.87% 4.96% 5.07% 5.21% 5.39%
1.15061469870613 1.20660134448618 1.26643780206956 1.33067566919969 1.40003948119558 1.4755184097058
4,456,027.27 € 4,557,715.24 € 5,627,561.47 € 5,619,312.66 € 5,620,219.03 € 5,578,584.63 €
 2013 2014 2015 2016 2017 2018

- € - € - € - € - € - €

- € - € - € - € - € - €

1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 €

881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 €
453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 €
132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €

6,662,641.00 € 8,329,954.00 € 8,721,594.00 € 9,155,216.00 € 9,562,081.00 € 10,012,463.00 €

738,268.00 € 766,322.00 € 795,442.00 € 825,669.00 € 857,044.00 € 889,612.00 €
46,270.00 € 47,658.00 € 49,088.00 € 50,560.00 € 52,077.00 € 53,640.00 €
369,029.00 € 380,099.00 € 391,502.00 € 403,248.00 € 415,345.00 € 427,805.00 €
2% 2% 2% 2% 2% 2%
1,130,495.66 € 1,170,197.42 € 1,211,311.36 € 1,253,887.46 € 1,297,976.68 € 1,343,635.86 €
32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 €
1,163,295.66 € 1,202,997.42 € 1,244,111.36 € 1,286,687.46 € 1,330,776.68 € 1,376,435.86 €
5,499,345.34 € 7,126,956.58 € 7,477,482.64 € 7,868,528.54 € 8,231,304.32 € 8,636,027.14 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
2,906,543.34 € 4,534,154.58 € 4,884,680.64 € 5,275,726.54 € 5,638,502.32 € 6,043,225.14 €

2,906,543.34 € 4,534,154.58 € 4,884,680.64 € 5,275,726.54 € 5,638,502.32 € 6,043,225.14 €

2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
5,499,345.34 € 7,126,956.58 € 7,477,482.64 € 7,868,528.54 € 8,231,304.32 € 8,636,027.14 €
- € - € - € - € - € - €
5,499,345.34 € 7,126,956.58 € 7,477,482.64 € 7,868,528.54 € 8,231,304.32 € 8,636,027.14 €

5,499,345.34 € 7,126,956.58 € 7,477,482.64 € 7,868,528.54 € 8,231,304.32 € 8,636,027.14 €

10,800,000.00 € 9,600,000.00 € 8,400,000.00 € 7,200,000.00 € 6,000,000.00 € 4,800,000.00 €

648,000.00 € 576,000.00 € 504,000.00 € 432,000.00 € 360,000.00 € 288,000.00 €
35,100,000.00 € 31,200,000.00 € 27,300,000.00 € 23,400,000.00 € 19,500,000.00 € 15,600,000.00 €
2,340,000.00 € 2,106,000.00 € 1,872,000.00 € 1,638,000.00 € 1,404,000.00 € 1,170,000.00 €
- 5,100,000.00 € - 5,100,000.00 € - 5,100,000.00 € - 5,100,000.00 € - 5,100,000.00 € - 5,100,000.00 €
- 2,588,654.66 € - 655,043.42 € 1,482.64 € 698,528.54 € 1,367,304.32 € 2,078,027.14 €
 6,662,641.00 € 8,329,954.00 € 8,721,594.00 € 9,155,216.00 € 9,562,081.00 € 10,012,463.00 €
1,163,295.66 € 1,202,997.42 € 1,244,111.36 € 1,286,687.46 € 1,330,776.68 € 1,376,435.86 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
2,906,543.34 € 4,534,154.58 € 4,884,680.64 € 5,275,726.54 € 5,638,502.32 € 6,043,225.14 €
3,540,000.00 € 3,186,000.00 € 2,832,000.00 € 2,478,000.00 € 2,124,000.00 € 1,770,000.00 €
- 633,456.66 € 1,348,154.58 € 2,052,680.64 € 2,797,726.54 € 3,514,502.32 € 4,273,225.14 €
- € - € - € - € - € - €
- 633,456.66 € 1,348,154.58 € 2,052,680.64 € 2,797,726.54 € 3,514,502.32 € 4,273,225.14 €

60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 €

21,149,501.00 € 23,742,303.00 € 26,335,105.00 € 28,927,907.00 € 31,520,709.00 € 34,113,511.00 €

38,971,672.00 € 36,378,870.00 € 33,786,068.00 € 31,193,266.00 € 28,600,464.00 € 26,007,662.00 €

45,900,000.00 € 40,800,000.00 € 35,700,000.00 € 30,600,000.00 € 25,500,000.00 € 20,400,000.00 €

12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 €
- 18,928,328.00 € - 16,421,130.00 € - 13,913,932.00 € - 11,406,734.00 € - 8,899,536.00 € - 6,392,338.00 €

38,971,672.00 € 36,378,870.00 € 33,786,068.00 € 31,193,266.00 € 28,600,464.00 € 26,007,662.00 €

- € - € - € - € - € - €

1.07830300784314 1.39744246666667 1.46617306666667 1.54284873333333 1.61398123921569 1.69333865490196

2018 2019 2020 2021 2022 2023

5.63% 5.95% 6.42% 7.17% 8.56% 8.56%
1.55852998245924 1.65123682636091 1.75722837940435 1.88322473706445 2.04442877455716 2.21943187765926
5,541,136.35 € 4,982,019.52 € 4,042,887.21 € 3,923,944.64 € 3,770,073.65 € 3,623,516.18 €
 2019 2020 2021 2022 2023 2024

- € - € - € - € - € - €

- € - € - € - € - € - €

1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 € 1,125,312.00 €

881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 € 881,557.00 €
453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 € 453,639.00 €
132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 € 132,294.00 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €

10,484,230.00 € 11,006,218.00 € 11,495,995.00 € 12,038,064.00 € 12,606,717.00 € 13,235,917.00 €

923,417.00 € 958,507.00 € 994,930.00 € 1,032,738.00 € 1,071,982.00 € 1,112,717.00 €
55,249.00 € 56,906.00 € 58,613.00 € 60,732.00 € 62,183.00 € 64,048.00 €
440,639.00 € 453,859.00 € 467,474.00 € 481,499.00 € 495,944.00 € 510,822.00 €
2% 2% 2% 2% 2% 2%
1,390,918.90 € 1,439,886.56 € 1,490,596.66 € 1,543,469.62 € 1,597,506.82 € 1,653,835.26 €
32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 € 32,800.00 €
1,423,718.90 € 1,472,686.56 € 1,523,396.66 € 1,576,269.62 € 1,630,306.82 € 1,686,635.26 €
9,060,511.10 € 9,533,531.44 € 9,972,598.34 € 10,461,794.38 € 10,976,410.18 € 11,549,281.74 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
6,467,709.10 € 6,940,729.44 € 7,379,796.34 € 7,868,992.38 € 8,383,608.18 € 8,956,479.74 €
- 834,017.00 € - 2,429,255.30 € - 2,582,928.72 € - 2,754,147.33 € - 2,934,262.86 € - 3,134,767.91 €
5,633,692.10 € 4,511,474.14 € 4,796,867.62 € 5,114,845.05 € 5,449,345.32 € 5,821,711.83 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
8,226,494.10 € 7,104,276.14 € 7,389,669.62 € 7,707,647.05 € 8,042,147.32 € 8,414,513.83 €
- € - € - € - € - € - €
8,226,494.10 € 7,104,276.14 € 7,389,669.62 € 7,707,647.05 € 8,042,147.32 € 8,414,513.83 €

8,226,494.10 € 7,104,276.14 € 7,389,669.62 € 7,707,647.05 € 8,042,147.32 € 8,414,513.83 €

3,600,000.00 € 2,400,000.00 € 1,200,000.00 €

188,146.60 € 93,600.00 € 46,800.00 € - € - € - €
11,700,000.00 € 7,800,000.00 € 3,900,000.00 € - €
815,301.94 € 456,300.00 € 304,200.00 € 152,100.00 € - € - €
- 5,100,000.00 € - 5,100,000.00 € - 5,100,000.00 € - 5,100,000.00 € - € - €
2,123,045.55 € 1,454,376.14 € 1,938,669.62 € 2,455,547.05 € 8,042,147.32 € 8,414,513.83 €
 10,484,230.00 € 11,006,218.00 € 11,495,995.00 € 12,038,064.00 € 12,606,717.00 € 13,235,917.00 €
1,423,718.90 € 1,472,686.56 € 1,523,396.66 € 1,576,269.62 € 1,630,306.82 € 1,686,635.26 €
2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 € 2,592,802.00 €
6,467,709.10 € 6,940,729.44 € 7,379,796.34 € 7,868,992.38 € 8,383,608.18 € 8,956,479.74 €
1,416,000.00 € 1,062,000.00 € 708,000.00 € 354,000.00 € - € - €
5,051,709.10 € 5,878,729.44 € 6,671,796.34 € 7,514,992.38 € 8,383,608.18 € 8,956,479.74 €
- 834,017.00 € - 2,429,255.30 € - 2,582,928.72 € - 2,754,147.33 € - 2,934,262.86 € - 3,134,767.91 €
4,217,692.10 € 3,449,474.14 € 4,088,867.62 € 4,760,845.05 € 5,449,345.32 € 5,821,711.83 €

60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 € 60,121,173.00 €

36,706,313.00 € 39,299,115.00 € 41,891,917.00 € 44,484,719.00 € 47,077,521.00 € 49,670,323.00 €

23,414,860.00 € 20,822,058.00 € 18,229,256.00 € 15,636,454.00 € 13,043,652.00 € 10,450,850.00 €

15,300,000.00 € 10,200,000.00 € 5,100,000.00 € - € - € - €

12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 € 12,000,000.00 €
- 3,885,140.00 € - 1,377,942.00 € 1,129,256.00 € 3,636,454.00 € 1,043,652.00 € - 1,549,150.00 €

23,414,860.00 € 20,822,058.00 € 18,229,256.00 € 15,636,454.00 € 13,043,652.00 € 10,450,850.00 €

- € - € - € - € - € - €

1.61303805882353 1.39299532078431 1.44895482764706 1.51130334254902 0 0

2024 2025 2026

8.56% 8.56% 8.56%
2.40941524638689 2.61566119147761 2.83956178946809
3,492,346.89 € 3,330,149.10 € 7,230,770.62 €
 2025 2026

- € - €

- € - €

1,125,312.00 € 1,125,312.00 €
881,557.00 € 881,557.00 €
453,639.00 € 453,639.00 €
132,294.00 € 132,294.00 €
2,592,802.00 € 2,592,802.00 €

13,749,684.00 € 14,162,175.00 €
1,155,000.00 € 1,198,890.00 €
65,970.00 € 67,949.00 €
526,147.00 € 541,931.00 €
2% 2%
1,712,174.66 € 1,772,594.60 €
32,800.00 € 32,800.00 €
1,744,974.66 € 1,805,394.60 €
12,004,709.34 € 12,356,780.40 €
2,592,802.00 € 2,592,802.00 €
9,411,907.34 € 9,763,978.40 €
- 3,294,167.57 € - 3,417,392.44 €
6,117,739.77 € 6,346,585.96 €
2,592,802.00 € 2,592,802.00 €
8,710,541.77 € 8,939,387.96 €
- € 11,592,832.00 €
8,710,541.77 € 20,532,219.96 €

8,710,541.77 € 20,532,219.96 €

- € - €

- € - €
- € - €
8,710,541.77 € 20,532,219.96 €
 13,749,684.00 € 14,162,175.00 €
1,744,974.66 € 1,805,394.60 €
2,592,802.00 € 2,592,802.00 €
9,411,907.34 € 9,763,978.40 €
- € - €
9,411,907.34 € 9,763,978.40 €
- 3,294,167.57 € - 3,417,392.44 €
6,117,739.77 € 6,346,585.96 €

60,121,173.00 € 60,121,173.00 €
52,263,125.00 € 54,855,927.00 €

7,858,048.00 € 5,265,246.00 €

- € - €
12,000,000.00 € 12,000,000.00 €
- 4,141,952.00 € - 6,734,754.00 €

7,858,048.00 € 5,265,246.00 €
- € - € - €

0 0
 4,925,254 5,418,227 5,828,178 6,252,125 6,662,641
41,110 42,344 43,614 44,922 46,270
327,877 337,713 347,845 358,280 369,029
1,004,940 1,040,175 1,076,662 1,114,443 1,153,566
32,800 32,800 32,800 32,800 32,800
1,037,740 1,072,975 1,109,462 1,147,243 1,186,366
3,887,515 4,345,252 4,718,716 5,104,882 5,476,274
-2,592,803 -2,592,803 -2,592,803 -2,592,803 -2,592,803
1,294,712 1,752,450 2,125,914 2,512,079 2,883,472
0 0 0 0 0
1,294,712 1,752,450 2,125,914 2,512,079 2,883,472
2,592,803 2,592,803 2,592,803 2,592,803 2,592,803
3,887,515 4,345,252 4,718,716 5,104,882 5,476,274
0 0 0 0 0
3,887,515 4,345,252 4,718,716 5,104,882 5,476,274