RELACION DE INGRESOS Y GASTOS - CALCULO DEL MARGEN ECONOMICO

PROYECTO EDIFICIO "ESQUILACHE"

ITEM DESCRIPCION UND CANTIDAD P.UNITARIO
Tipo Cambio 1 US$ = S/. 3.22 S/.

1 TERRENO
1.1 Valor del Terreno m2 240.00 5,226.06
1.2 Alcabala % 3.00% 1,254,254.40
1.3 RegistrosPublicos % 0.30% 1,254,254.40
1.4 Gastos Notariales % 0.10% 1,254,254.40

2 ESTUDIOS Y PROYECTOS
2.1 Estudio de Suelos gbl 1.00 8,000.00
2.2 Estudio Topografico gbl 1.00 1,000.00
2.3 Estudio de Mercado gbl 1.00 5,000.00
2.4 CIRA gbl 1.00 0.00
2.5 Proyecto de Urbanismo y Lotizacion gbl 1.00 0.00
2.6 Anteproyecto de Arquitectura gbl 1.00 9,660.00
2.7 Redes Electricas y Detalles gbl 1.00 0.00
2.8 Redes Sanitarias y Detalles gbl 1.00 0.00
2.9 Arquitectura - Viviendas gbl 1.00 19,294.24
2.1 Estructura - Viviendas gbl 1.00 12,892.88
2.11 Instalaciones Sanitarias - Viviendas gbl 1.00 6,446.44
2.12 Instalaciones Electricas - Viviendas gbl 1.00 6,446.44
2.13 Control de Proyecto y otros gbl 1.00 4,000.00

3 APROBACIONES Y LICENCIAS
3.1 Certificado de Parametros gbl 1.00 350.00
3.2 Consultoria Tecnico Legal gbl 1.00 3,220.00
3.3 Ajustes de Zonificacion gbl 1.00 0.00
3.4 Aprobacion de Proyecto de Habilit. Urbana gbl 1.00 0.00
3.5 Autorizacion de Construccion simultanea gbl 1.00 0.00
3.6 Recepcion de Obras de Habilitacion Urbana gbl 1.00 0.00
3.7 Aprobacion de anteproyecto de Edificaciones gbl 1.00 1,000.00
3.8 Licencia de Construccion gbl 1.00 5,000.00
3.9 Certificado de Finalizacion de Obra gbl 1.00 1,000.00
3.1 Pre-Declaratoria de Fabrica gbl 1.00 2,500.00
3.11 Declaratoria de Fabrica gbl 1.00 5,000.00
3.12 Gastos de tramitacion y Gestion gbl 1.00 4,000.00
3.13 Expediente de demolicin (5 % CostoRescate) gbl 1.00 1,963.19

4 PRE - CONSTRUCCION
4.1 Vias de acceso (600 mts x 6.60 mts) m2 0.00 0.00
4.2 Caseta de Vigilancia gbl 1.00 1,200.00
4.3 Caseta de Oficina Tecnica - Ventas gbl 1.00 7,000.00
4.4 Departamento Piloto und 1.00 12,000.00
4.5 Tasacion de Terreno / Peritajes gbl 1.00 1,000.00
 4.6 Trazado y Lotizacion ha 0.00 0.00
4.7 Cerco temporal ml 14.00 180.00
4.8 Demolicin de vivienda (293.55 m2) gbl 1.00 25,000.00
4.9 Limpieza durante la demolicion Dias 5.00 90.00

5 CONSTRUCCION
5.1 Costo Parcial Fisico
5.1.1 Habilitacion Urbana
5.1.1.1 Movimiento de tierras m3 0.00 0.00
5.1.1.2 Red de agua potable gbl 0.00 0.00
5.1.1.3 Conexin domiciliaria de agua gbl 1.00 4,000.00
5.1.1.4 Red sanitaria de desague gbl 1.00 0.00
5.1.1.5 Conexin domiciliaria de desague gbl 1.00 2,000.00
5.1.1.6 Conexin domiciliaria de electricidad gbl 1.00 8,000.00
5.1.1.7 Redes electricas gbl 1.00 0.00
5.1.1.8 Reembolso de redes electricas gbl 1.00 0.00
5.1.1.9 Pavimentacion pistas (base 8", asfalto 2") gbl 1.00 0.00
5.1.1.10 Reparacin de Veredas (inc.sard.peraltados y sumergidogbl 1.00 700.00
5.1.1.11 Agua Para Construccin mes 8.00 400.00
5.1.1.12 Electricidad para la Construccin mes 8.00 850.00
5.1.1.13 Margen de Construccion sobre Habilitacion Urbana % 10% 24,700.00
5.1.2 Departamentos
5.1.2.1 Edificacion de Departamentos (US$700/m2 prom.) m2 601.76
a) Departamento 101 m2 156.42 2,254.00
b) Departamento 201 m2 156.42 2,254.00
c) Departamento 301 m2 156.42 2,254.00
c) Departamento 401 m2 132.50 2,254.00
5.1.3 Sotanos
5.1.3.1 Edificacin de Semisotano (US$600/m2) m2 202.81 966.00
Margen de construccion sobre Viviendas+Sotanos % 10.00% 1,552,281.50
5.16 Contingencias e imprevistos construccion % 1.50% 1,576,981.50
Margen Total de Construccin % 10% 1,576,981.50
6 POST - CONSTRUCCION
6.1 Servicios de Post Venta und 4.00 5,000.00
6.2 Mantenimiento de inventarios mes 6.00 500.00
6.3 Impuesto Predial y Arbitrios Municipales ao 1.00 10,000.00
6.4 Vigilancia mes 6.00 1,500.00
6.5 Otros derechos (Junta de propietarios) ao 1.00 2,000.00
6.6 Gastos Notariales y Legales gbl 1.00 4,500.00

7 GASTOS ADMINISTRATIVOS
7.1 Servicios (Luz, Agua) mes 8.00 120.00
7.2 Consultoria Legal mes 8.00 500.00
7.3 Consultoria Contable mes 8.00 1,500.00
7.4 Gerencia de Proyecto mes 8.00 10,000.00
7.5 Gastos de Oficina mes 8.00 600.00
7.6 Gastos Generales Directos de Obra (Ver Hoja GG) gbl 1.00 554,782.16

8 GASTOS DE ADMINISTRACION FINANCIERA

8.1 Gastos de Estructuracion Financiera gbl 1.00 6,000.00

9 GASTOS DE MARKETING, PROM. Y VENTAS

9.1 Comision de Venta % 3.00% 6,053,600.00
9.2 Promocion del Proyecto % 1.50% 6,053,600.00

10 TITULACION (Incluye departamento y estacionamientos)

DE DEPARTAMENTOS
10.1 Pre Independizacion / Derechos Registrales Dpto 4 1,500.00
10.2 Independizacion / Elaboracion de Planos Dpto 4 1,000.00
10.3 Declaracion de Fabrica Individual Dpto 4 1,500.00
10.4 Independizacion / Derechos Notariales Dpto 4 1,500.00
10.5 Levantamiento de Hipoteca Dpto 4 1,500.00
10.6 Certificado de Numeracion Municipal Dpto 4 100.00
10.7 Honorarios Legales Dpto 4 1,500.00
DE ESTACIONAMIENTOS
10.1 Pre Independizacion / Derechos Registrales Estac 9 500.00
10.2 Independizacion / Elaboracion de Planos Estac 9 200.00
10.3 Declaracion de Fabrica Individual Estac 9 1,000.00
10.4 Independizacion / Derechos Notariales Estac 9 500.00
10.5 Levantamiento de Hipoteca Estac 9 750.00
10.6 Certificado de Numeracion Municipal Estac 9 100.00
10.7 Honorarios Legales Estac 9 1,000.00

11 SUPERVISION EXTERNA
11.1 Supervision Entidad Bancaria mes 0.00 0.00
11.2 Supervision Entidad Promotora mes 8.00 2,000.00

GASTOS (COSTO TOTAL DEL PROYECTO)

 INGRESOS (VENTAS)
V1 Venta Dptos. (US$ 380,000 /dpto No incl IGV) und 4 1,223,600.00
V2 Venta Estacion. (US$40,000/Estac No Incl. IGV) und 9 128,800.00

UTILIDAD BRUTA = VENTAS - EGRESOS

28 % Impuesto a la Renta (S/.)

Utilidad Economico Despues de Imp
RGEN ECONOMICO
Incid.

P.PARCIAL IGV (1 8%) P.TOTAL

%
S/. S/. TOTAL

1,296,899.05 0.00 1,296,899.05 21.4%

1,254,254.40 0.00 1,254,254.40
37,627.63 0.00 37,627.63
3,762.76 0.00 3,762.76
1,254.25 0.00 1,254.25

72,740.00 11,354.40 84,094.40 1.4%

8,000.00 1,440.00 9,440.00
1,000.00 180.00 1,180.00
5,000.00 900.00 5,900.00
0.00 0.00 0.00
0.00 0.00 0.00
9,660.00 0.00 9,660.00
0.00 0.00 0.00
0.00 0.00 0.00
19,294.24 3,472.96 22,767.20
12,892.88 2,320.72 15,213.60
6,446.44 1,160.36 7,606.80
6,446.44 1,160.36 7,606.80
4,000.00 720.00 4,720.00

24,033.19 579.60 24,612.79 0.4%

350.00 0.00 350.00
3,220.00 579.60 3,799.60
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
1,000.00 0.00 1,000.00
5,000.00 0.00 5,000.00
1,000.00 0.00 1,000.00
2,500.00 0.00 2,500.00
5,000.00 0.00 5,000.00
4,000.00 0.00 4,000.00
1,963.19 0.00 1,963.19

49,170.00 8,850.60 58,020.60 1.0%

0.00 0.00 0.00
1,200.00 216.00 1,416.00
7,000.00 1,260.00 8,260.00
12,000.00 2,160.00 14,160.00
1,000.00 180.00 1,180.00
 0.00 0.00 0.00
2,520.00 453.60 2,973.60
25,000.00 4,500.00 29,500.00
450.00 81.00 531.00

1,734,679.65 312,686.94 2,049,836.59 33.9%

1,576,981.50 284,301.27 1,863,752.77
24,700.00 4,890.60 32,060.60
0.00 0.00 0.00
0.00 0.00 0.00
4,000.00 720.00 4,720.00
0.00 0.00 0.00
2,000.00 360.00 2,360.00
8,000.00 1,440.00 9,440.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
700.00 126.00 826.00
3,200.00 576.00 3,776.00
6,800.00 1,224.00 8,024.00
2,470.00 444.60 2,914.60
1,356,367.04 244,146.07 1,600,513.11
1,356,367.04 244,146.07 1,600,513.11
352,570.68 63,462.72 416,033.40
352,570.68 63,462.72 416,033.40
352,570.68 63,462.72 416,033.40
298,655.00 53,757.90 352,412.90
195,914.46 35,264.60 231,179.06
195,914.46 35,264.60 231,179.06
155,228.15 27,941.07 183,169.22
23,654.72 4,257.85 27,912.57
157,698.15 28,385.67 186,083.82
 48,500.00 6,930.00 55,430.00 0.9%
20,000.00 3,600.00 23,600.00
3,000.00 540.00 3,540.00
10,000.00 0.00 10,000.00
9,000.00 1,620.00 10,620.00
2,000.00 360.00 2,360.00
4,500.00 810.00 5,310.00

656,542.16 118,177.59 774,719.75 12.8%

960.00 172.80 1,132.80
4,000.00 720.00 4,720.00
12,000.00 2,160.00 14,160.00
80,000.00 14,400.00 94,400.00
4,800.00 864.00 5,664.00
554,782.16 99,860.79 654,642.95

6,000.00 0.00 6,000.00 0.1%

6,000.00 0.00 6,000.00

272,412.00 49,034.16 321,446.16 5.3%

181,608.00 32,689.44 214,297.44
90,804.00 16,344.72 107,148.72

34,400.00 6,192.00 40,592.00 0.7%

6,000.00 1,080.00 7,080.00

4,000.00 720.00 4,720.00
6,000.00 1,080.00 7,080.00
6,000.00 1,080.00 7,080.00
6,000.00 1,080.00 7,080.00
400.00 72.00 472.00
6,000.00 1,080.00 7,080.00

4,500.00 810.00 5,310.00

1,800.00 324.00 2,124.00
9,000.00 1,620.00 10,620.00
4,500.00 810.00 5,310.00
6,750.00 1,215.00 7,965.00
900.00 162.00 1,062.00
9,000.00 1,620.00 10,620.00

16,000.00 2,880.00 18,880.00 0.3%

0.00 0.00 0.00
16,000.00 2,880.00 18,880.00

4,211,376.05 516,685.29 4,730,531.34

 6,053,600.00
4,894,400.00
1,159,200.00

S/. 1,323,068.66 21.9%

========
sto a la Renta (S/.) 370,459.23 100.0%
nomico Despues de Impuestos (S/.) 952,609.44
 DETALLE Total

Inversion
Ventas
Operaciones
(a) FLUJO DE CAJA ECONOMICO (Margen Econo. d/Imp.) 952,609.44

(b) APORTE DE ACCIONISTAS 2,500,000.00

(c) FLUJO DE CAJA A FINANCIAR '(c) = (a)+(b)

FLUJO DE CAJA A FINANCIAR ACUMULADO

MONTO A FINANCIAR ACUMULADO

(d) FLUJO DEL CREDITO

Prestamos 1,216,732.00
Interes 27,830.00
Comision de desembolso y prepago
Amortizacion 1,216,732.00
Escudo Fiscal Intereses (30% Interes) 8,349.00

FLUJO DE CAJA FINANCIERO '(c) + (d)

VALOR ACTUAL NETO FINANCIERO (VAN-F) 2,877,480.16

() INVERSION INICIAL O EQUITY 2,500,000.00
VALOR ACTUAL NETO 377,480.16
Tasa de descuento anual 20.00%
Tasa de descuento mensual 1.53%
Tasa Interna de Retorno mes
TASA INTERNA DE RETORNO FINANCIERO (TIRF)

ANEXO

Detalle
FINANCIAMIENTO
Prestamos bancarios
Servicio a la deuda
Total Financiamiento

Saldo inicial caja

Saldo final caja despues de financiamiento

Servicio a la Deuda
Tasa de Interes Anual

Saldo Inicial
Prestamos
Amortizacion
Intereses
Total Pago
Saldo Final
 FLUJO DE CAJA - PROYE
Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15
Mes
Mes-4 Mes-3 Mes-2 Mes-1 Mes1 Mes2
Pre-Inversion

-52,523.60 -31,023.60 -41,023.60 -33,023.60 -1,450,976.03 -189,085.79

2,500,000.00

2,447,476.40 -31,023.60 -41,023.60 -33,023.60 -1,450,976.03 -189,085.79

2,447,476.40 2,416,452.80 2,375,429.20 2,342,405.60 891,429.57 702,343.77

0.00 0.00 0.00 0.00 0.00 0.00

0.00 1,216,732.00
8,426.00

2,528.00

2,447,476.40 -31,023.60 -41,023.60 -33,023.60 -1,450,976.03 1,021,748.21

2,447,476.40 2,416,452.80 2,375,429.20 2,342,405.60 891,429.57 1,913,177.77

1 2 3 4 5 6
2,410,594.31 -30,095.63 -39,196.80 -31,077.56 -1,344,894.78 932,776.44

932,776.44

0 Mes-4 Mes-3 Mes-2 Mes-1 Mes-1 Mes-2

CAJA - PROYECTO ESQUILACHE
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16
Mes3 Mes4 Mes5 Mes6 Mes7 Mes8 Mes9
Inversion
Pre-Ventas
Construccion
-218,867.68 -302,737.15 -331,557.49 -380,611.33 127,706.93 -112,542.47 509,001.00

-218,867.68 -302,737.15 -331,557.49 -380,611.33 127,706.93 -112,542.47 509,001.00

483,476.09 180,738.93 -150,818.56 -531,429.89 -403,722.96 -516,265.43 -7,264.43

0.00 0.00 150,818.56 531,429.89 403,722.96 516,265.43 7,264.43

11,545.00 7,858.00

388,565.00 828,167.00
3,464.00 2,357.00

-615,513.68 ### -331,557.49 -380,611.33 127,706.93 -112,542.47 509,001.00

1,297,664.09 161,258.93 -170,298.56 -550,909.89 -423,202.96 -535,745.43 -26,744.43

7 8 9 10 11 12 13
-553,448.24 ### -289,207.38 -326,992.54 108,062.80 -93,795.89 417,822.30

Mes-3 Mes-4 Mes-5 Mes-6 Mes-7 Mes-8 Mes-9

 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17
Mes10 Mes11 Mes12 Mes13 Mes14 Mes15

CIERRE
entas Post-Ventas
Post-Construccion
775,464.11 768,698.78 649,977.70 786,556.90 678,380.35 -199,203.97

775,464.11 768,698.78 649,977.70 786,556.90 678,380.35 -199,203.97

768,199.68 1,536,898.46 2,186,876.16 2,973,433.05 3,651,813.40 3,452,609.44

0.00 0.00 0.00 0.00 0.00 0.00

775,464.11 768,698.78 649,977.70 786,556.90 678,380.35 -199,203.97

748,719.68 1,517,418.46 2,167,396.16 2,953,953.05 3,632,333.40 3,433,129.44

14 15 16 17 18 19
626,960.67 612,125.39 509,786.44 607,610.93 516,148.07 -149,281.04

Mes-10 Mes-11 Mes-12 Mes-13 Mes-14 Mes-15

 TOTAL

952,609.44

2,500,000.00

Periodos Flujos
0 -2,500,000.00 Tasa de desc. mensual = 1.53% =
1 2,447,476.40
2 -31,023.60 Monto de Inversion inicial Io =
3 -41,023.60
4 -33,023.60
5 -1,450,976.03
1,216,732.00 6 1,021,748.21
27,829.00 7 -615,513.68
8 -1,136,405.15
1,216,732.00 9 -331,557.49 Val.Actualiz=
8,349.00 10 -380,611.33 Inversion =
11 127,706.93 VAN =
3,433,129.44 12 -112,542.47
13 509,001.00
14 775,464.11
15 768,698.78
16 649,977.70 VAN con EXCEL=
2,877,480.16 17 786,556.90
18 678,380.35
19 -199,203.97
20 #REF!
21 #REF!
e desc. mensual = 1.53% = 0.0153

de Inversion inicial Io = 2,500,000.00

#REF!
2,500,000.00
#REF!

#REF!
 Jul-15 Aug-15
DETALLE Total Mes
Mes-4 Mes-3
Inversion Pre-Inversion
Ventas
Operaciones
PROYECCION DE VENTAS Veloc.Ventas
N Deptos. vendidas 4 0.5 - -
N Estacionam. vendidas 9 2 - -
Total Viviendas vendidas acumuladas 4 - -
Total Estacionam. vendidas acumuladas 9 - -
PRECIO DEL DEPARTAMENTO 1,223,600 - -
PRECIO DE ESTACIONAMIENTO 128,800 - -
VALOR TOTAL DE VENTAS (US $) 6,053,600 - -
BANCO
(i) Ingesos ventas Totales recaud. por el Banco 6,053,600 0 0.00

Dpto Tot. Ingresos : Cta. Recaudadora x Dpto 4,894,400 - -

Total Ingresos Acum. Cta. Recaud. - -

Estac Tot Ing : Cta Recaud x Estacionamiento 1,159,200 - -

Tot. Ing. Acum. Cta. Recaud. X Estac. - -

PRODUCCION
1 HABILITACION URBANA
% de Avance Mensual Habilitacion Urbana
% de Avance acumulado
2 DEPARTAMENTOS Veloc.Const.
N Departamentos Construidos 4 1
 Total Dptos. Construidas Acumuladas - -
% de Avance Mensual Const. de Departamentos
% de Avance Acumulado
3 ESTACIONAMIENTOS Veloc.Const.
N Estacionamientos Construidos 9 2
Total Estacionamientos Construidas Acumuladas - -
% de Avance Mensual Const. de Departamentos
% de Avance Acumulado
COSTOS DEL PROYECTO

1 TERRENO 1,296,899.05 20,000.00 -

 2 ESTUDIOS Y PROYECTOS 84,094.40 21,023.60 21,023.60

3 APROBACIONES Y LICENCIAS 24,612.79 1,500.00 0.00

4 PRE - CONSTRUCCION 58,020.60 - -

5 CONSTRUCCION 2,049,836.59 - -

6 POST - CONSTRUCCION 55,430.00 -

7 GASTOS ADMINISTRATIVOS 774,719.75 10,000.00 10,000.00

8 GASTOS DE ADMINISTRACION FINANCIERA 6,000.00 -

9 GASTOS DE MARKETING, PROM. Y VENTAS 321,446.16 -

10 TITULACION 40,592.00 -

11 SUPERVISION EXTERNA 18,880.00 -

(g) COSTO TOTAL DEL PROYECTO 4,730,531.34 52,523.60 31,023.60

TOTAL COSTOS ACUMULADOS 52,523.60 83,547.20

SALDOS

(S) SALDO DE CAJA MENSUAL (Margen Economico) = Ingresos m - Egresosm =Utilidad Bruta
1,323,068.66 -52,523.60 -31,023.60
SALDO DE CAJA ACUMULADO -52,523.60 -83,547.20
(i) - (g)
IMPUESTO A LA RENTA MENSUAL

Utilidad Bruta de la Gestion (Margen Economico) 1,323,068.66

Impuesto a la Renta Total 370,459.23
Pago a cuenta de Impuesto a la Renta (tomar de Gastos de Mark.Prom.Ventas)
321,446.16
Pago de Saldo de Liquidacion de Renta 49,013.07
(R) TOTAL PAGO MENSUAL POR RENTA

(a) FLUJO DE CAJA ECONOMICO (Utilidad Econo. despues Imp.) (S) 952,609.44 -52,523.60 -31,023.60
FLUJO DE CAJA ECONOMICO ACUMULADO -52,523.60 -83,547.20

VALOR ACTUAL NETO ECONOMICO (VAN-E), en S/. 404,427.59 Periodos 1 2

Tasa de descuento anual 20% -51731.61634565 -30095.0672335443
Tasa de descuento mensual 1.53% 0.0153
TASA INTERNA DE RETORNO (TIR-E) 3.00%
 FLUJO DE CAJA - PROYECTO ESQUILACHE
Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16
Mes-2 Mes-1 Mes1 Mes2 Mes3 Mes4
Pre-Inversion Inversion

Construccion

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

0.00 0.00 0.00 0.00 0.00 0.00

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

15.00% 15.00% 15.00% 15.00%

15.00% 30.00% 45.00% 60.00%

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

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

- - 1,276,899.05 - - -
 21,023.60 21,023.60 - - - -

10,000.00 2,000.00 - - -

- - 30,000.00 - - -

- - 92,997.89 138,006.70 165,788.59 251,658.06

- - - - -

10,000.00 10,000.00 48,981.32 48,981.32 48,981.32 48,981.32

- - - 2,000.00 -

- -

- - - -

- - 2,097.78 2,097.78 2,097.78 2,097.78

41,023.60 33,023.60 1,450,976.03 189,085.79 218,867.68 302,737.15

124,570.80 157,594.40 1,608,570.43 1,797,656.23 2,016,523.91 2,319,261.07

-41,023.60 -33,023.60 -1,450,976.03 -189,085.79 -218,867.68 -302,737.15

-124,570.80 -157,594.40 -1,608,570.43 -1,797,656.23 -2,016,523.91 -2,319,261.07
 -41,023.60 -33,023.60 -1,450,976.03 -189,085.79 -218,867.68 -302,737.15
-124,570.80 -157,594.40 -1,608,570.43 -1,797,656.23 -2,016,523.91 -2,319,261.07

3 4 5 6 7 8
-39195.7029 -31076.3974 -1344832.05828 -172610.924795 -196785.26813 -268088.5260794
TO ESQUILACHE
Mar-16
Mes5
Inversion
Pre-Ventas

0.5
-
0.5
-
611,800.00
-

0.00
-
-
-
-

15.00%
75.00%

1
 1.00
25.00%
25.00%

-
-
-
-

-
 -

244,762.16

48,981.32

35,716.24

2,097.78

331,557.49

2,650,818.56

-331,557.49
-2,650,818.56
 -331,557.49
-2,650,818.56

9
-289183.10361
UILACHE
Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16
Mes6 Mes7 Mes8 Mes9 Mes10 Mes11 Mes12 Mes13 Mes14
Inversion
Pre-Ventas Post-Ventas
Post-Construccion

0.5 0.5 0.5 0.5 0.5 0.5 0.5 - -

- - 2.00 2.00 2.00 2.00 1.00 - -
1 1.5 2 2.5 3 3.5 4 - -
- - 2.00 4.00 6.00 8.00 9.00
611,800.00 611,800.00 611,800.00 611,800.00 611,800.00 611,800.00 611,800.00 - -
- - 257,600.00 257,600.00 257,600.00 257,600.00 128,800.00

611,800.00 611,800.00 611,800.00 869,400.00 869,400.00 869,400.00 869,400.00 740,600.00

- 611,800.00 611,800.00 611,800.00 611,800.00 611,800.00 611,800.00 611,800.00 611,800.00
- 611,800.00 1,223,600.00 1,835,400.00 2,447,200.00 3,059,000.00 3,670,800.00 4,282,600.00 4,894,400.00
- 0.00 0.00 0.00 257,600.00 257,600.00 257,600.00 257,600.00 128,800.00
- 0.00 0.00 0.00 257,600.00 515,200.00 772,800.00 1,030,400.00 1,159,200.00

15.00% 8% 2%
90.00% 98.00% 100.00%

1 1 1 - - -
 2.00 3.00 4.00
25.00% 25.00% 25.00%
50.00% 75.00% 100.00%

- - 2 2 2 2 1 - -
- - 2.00 4.00 6.00 8.00 9.00
- - 22.22% 22.22% 22.22% 22.22% 11.11%
- - 22.22% 44% 67% 89% 100%

- - - - - - - - -
 - - - - - - - - -
-
- 5,000.00 - - - - 4,000.00
-
- - 28,020.60 - - - - - -
- - - -
287,050.66 388,532.40 481,040.13 - - - -

- - - 9,238.33 9,238.33 9,238.33 9,238.33 9,238.33 9,238.33

48,981.32 48,981.32 48,981.32 48,981.32 48,981.32 48,981.32 48,981.32 48,981.32 48,981.32

- 2,000.00 - - - 2,000.00

35,716.24 35,716.24 35,716.24 35,716.24 35,716.24 35,716.24 35,716.24 17,858.12

6,765.33 6,765.33 6,765.33 6,765.33 6,765.33

2,097.78 2,097.78 2,097.78 2,097.78

380,611.33 484,093.07 600,856.06 102,799.00 93,935.89 100,701.22 95,935.89 82,843.10 62,219.65

3,031,429.89 3,515,522.96 4,116,379.02 4,219,178.02 4,313,113.91 4,413,815.14 4,509,751.03 4,592,594.13 4,654,813.78

-380,611.33 127,706.93 10,943.94 509,001.00 775,464.11 768,698.78 773,464.11 786,556.90 678,380.35

-3,031,429.89 -2,903,722.96 -2,892,779.02 -2,383,778.02 -1,608,313.91 -839,615.14 -66,151.03 720,405.87 1,398,786.22
 107,148.72 107,148.72
16,337.69 16,337.69
123,486.41 123,486.41

-380,611.33 127,706.93 -112,542.47 509,001.00 775,464.11 768,698.78 649,977.70 786,556.90 678,380.35

-3,031,429.89 -2,903,722.96 -3,016,265.43 -2,507,264.43 -1,731,800.32 -963,101.54 -313,123.84 473,433.05 1,151,813.40

10 11 12 13 14 15 16 17 18
-326962.042604 108051.7148458 -93785.394217 417771.636595 626878.7989912 612039.754682 509710.362476 607514.5888271 516061.417093
Jan-17
TOTAL
Mes15
Cierre

- 4
- 9
-

-
 -

- 1,296,899.05
 - 84,094.40

2,112.79 24,612.79

- 58,020.60

2,049,836.59

55,430.00

48,981.32 774,719.75

6,000.00

17,858.12 321,446.16

6,765.33 40,592.00

18,880.00

75,717.56 4,730,531.34

4,730,531.34

-75,717.56 1,323,068.66
1,323,068.66
 107,148.72 321,446.16
16,337.69 49,013.07
123,486.41 370,459.23

-199,203.97 952,609.44
952,609.44

19
-149254.584612 404,427.59
 PROYECTO VIVIENDA MULTIFAMILIAR "ESQUILACHE"
ESTADO DE PERDIDAS Y GANANCIAS (S/.)
PROYECTO Viabilidad
DESCRIPCION S/.
INGRESOS (VENTAS) 6,053,600.00
V1 Venta Dptos. (US$ 380,000 /dpto No incl IGV) 4,894,400.00
V2 Venta Estacion. (US$40,000/Estac No Incl. IGV) 1,159,200.00
GASTOS (DIREC. RELAC. CON EL PRODUCTO) 3,628,365.43
COSTOS VARIABLES
1 Terreno 1,296,899.05
2 Estudios y Proyectos 84,094.40
3 Aprobaciones y Licencias 24,612.79
4 Gastos de Pre-Construccion 58,020.60
5 Construccion 2,049,836.59
6 Post-Construccion 55,430.00
10 Gastos de Titulacion 40,592.00
11 Supervision Externa 18,880.00
UTILIDAD BRUTA 2,425,234.57
COSTOS FIJOS 1,102,165.91
7 Gastos Administrativos 774,719.75
8 Gastos Financieros 6,000.00
9 Gastos de Marketing, Promocion y Ventas 321,446.16
UTILIDAD OPERATIVA 1,323,068.66
INGRESOS FINANCIEROS 0.00
OTROS INGRESOS 0.00
EGRESOS FINANCIEROS 0.00
OTROS EGRESOS 0.00
UTILIDAD ANTES DE IMPUESTOS (EBIT) 1,323,068.66
Impuesto a la Renta (28%) 370,459.23
UTILIDAD NETA (DESPUES DE IMPUESTOS) 952,609.44

INDICADORES ECONOMICOS (D.R.P=Direc. Relac. c/el producto)

INGRESOS TOTALES 6,053,600.00

EGRESOS TOTALES 3,628,365.43
UTILIDAD OPERATIVA 1,323,068.66
MARGEN UTILIDAD OPERATIVA/ VENTAS (%) 21.9%
MARGEN UTILIDAD OPERATIVA / GASTOS D.R.P (%) 36.5%
VALOR DEL TERRENO 1,296,899.05
INCID. TERRENO / GASTOS D.R.P (%) 35.7%
UTILIDAD OPERATIVA / VENTAS DEL CONSTRUCTOR (%) 21.86%
 INDICADORES FINANCIEROS

TASA DE DESCUENTO 2,425,234.57

TEA 6,000.00
APORTE DE ACCIONISTAS 1,296,899.05
VAN ECONOMICO (S/.) 53.5%
VAN FINANCIERO (S/.) 21615.0%
TIR ECONOMICO (% ANUAL) 321,446.16
MAXIMA INVERSION 5357.4%
PERIODO DE REPAGO O EQUILIBRIO 0.1%

ROI (%) = Utilidad / Inversion 20.1%

ROE (%) = Utilidad / Aporte 952,609.44

UTILIDAD(Constructor) / VENTAS 3.07%

UTILIDAD GLOBAL / VENTAS (%) 69.2%

ESTRUCTURA Deuda / Capital (S/.)

MAXIMA INVERSION O EXPOSICION 3,708,315.29

APORTE DE ACCIONISTAS 2,500,000.00
DEUDA 1,216,732.00
INVENTARIOS 24,510,000.00
CAPITAL 23,301,684.71
RELACION Deuda / Capital 5.19%
 VAN -E (soles)
PRECIO DEL TERRENO
S/. /m2 S/. 45.00
1,508,754.43
40.00 1,694,783.65
45.00 1,508,754.43
50.00 1,322,725.21
55.00 1,136,695.99
60.00 95,066,677.00
65.00 764,637.54
70.00 578,608.32
75.00 392,579.10
80.00 206,549.88
85.00 20,520.66
90.00 (165,508.56)
95.00 (351,537.79)
100.00 (537,567.01)

Cuadro No.9.1

VAN (soles)
PRECIO DE VENTA
S/. 1,075.00
S/. /m2
1,508,754.43
750.00 (2,907,219.59)
800.00 (2,227,838.97)
850.00 (1,548,458.35)
900.00 (869,077.73)
950.00 (189,697.11)
1,000.00 489,683.50
1,050.00 1,169,064.12
1,075.00 1,508,754.43
1,150.00 2,527,825.36
1,200.00 3,207,205.98
1,250.00 3,886,586.60
1,300.00 4,565,967.21
1,350.00 5,245,347.83
 Cuadro No.9.2

VAN - E (soles)
COSTO CONSTRUCCION
S/. 500.00
S/. /m2
1,508,754.43
450.00 2,387,102.33
500.00 1,508,754.43
520.00 1,157,415.27
540.00 806,076.11
560.00 454,736.95
580.00 103,397.80
600.00 (297,941.36)
620.00 (599,280.52)
640.00 (950,619.68)
660.00 (1,301,958.84)
680.00 (1,653,298.00)
700.00 (2,004,637.16)
720.00 (2,355,976.32)

Cuadro No.9.3
mes CF
0
1 -52,523.60
2 -31,023.60
3 -41,023.60
4 -33,023.60
5 -1,450,976.03
6 -189,085.79
7 -218,867.68
8 -302,737.15
9 -331,557.49
10 -380,611.33
11 127,706.93
12 -112,542.47
13 509,001.00
14 775,464.11
15 768,698.78
16 649,977.70
17 786,556.90
18 678,380.35
19 -199,203.97
 FLUJO DE CAJA FLUJO CAJA
Saldo
ECONOMICO FINANCIERO
Saldo de Caja Saldo de Caja
Financiero
ITEM Mensual Acumulados
(S/.) (S/.) (S/.) (S/.)
0 0 2,326,500.00 2,326,500.00
Mes-4 -52,523.60 -52,523.60 2,273,976.40 2,273,976.40
Mes-3 -31,023.60 -83,547.20 2,242,952.80 2,242,952.80
Mes-2 -41,023.60 -124,570.80 2,201,929.20 2,201,929.20
Mes-1 -33,023.60 -157,594.40 2,168,905.60 2,168,905.60
Mes 1 -1,450,976.03 -1,608,570.43 717,929.57 717,929.57
Mes 2 -189,085.79 -1,797,656.23 528,843.77 528,843.77
Mes 3 -218,867.68 -2,016,523.91 309,976.09 309,976.09
Mes 4 -302,737.15 -2,319,261.07 7,238.93 7,238.93
Mes 5 -331,557.49 -2,650,818.56 -324,318.56 0.00
Mes 6 -380,611.33 -3,031,429.89 -704,929.89 0.00
Mes 7 127,706.93 -2,903,722.96 -577,222.96 0.00
Mes 8 -112,542.47 -3,016,265.43 -689,765.43 0.00
Mes 9 509,001.00 -2,507,264.43 -180,764.43 0.00
Mes 10 775,464.11 -1,731,800.32 594,699.68 594,699.68
Mes 11 768,698.78 -963,101.54 1,363,398.46 1,363,398.46
Mes 12 649,977.70 -313,123.84 2,013,376.16 2,013,376.16
Mes 13 786,556.90 473,433.05 2,799,933.05 2,799,933.05
Mes 14 678,380.35 1,151,813.40 3,478,313.40 3,478,313.40
Mes 15 -199,203.97 952,609.44 3,279,109.44 3,279,109.44
Mes 16 Err:509 Err:509 Err:509 Err:509
Mes 17 Err:509 Err:509 Err:509 Err:509
 FLUJO DE CAJA
inversion 8,000,000

6,000,000

Punto de equilibri
2,326,500.00
4,000,000
2,221,452.80
2,159,405.60
2,077,358.40 Mxima inversin
2,011,311.20 2,000,000
-890,640.87
VAN (S/.)

-1,268,812.46 Max.Inv. Aporte

-1,706,547.83
0
-2,312,022.13

Mes 2

Mes 3

Mes 4

Mes 5

Mes 6

Mes 7

Mes 8
Mes-4

Mes-3

Mes-2

Mes-1

Mes 1
-2,650,818.56
-3,031,429.89
-2,903,722.96 -2,000,000
-3,016,265.43 Inversion
-2,507,264.43
-1,137,100.64 -4,000,000 - 3'708,315
400,296.91 Pre-Inversion
1,700,252.31
3,273,366.11
-6,000,000
4,630,126.81
4,231,718.87 FLUJO CAJA FINANCIERO FLUJO CA
Err:509 Grafico No. 8.1
Err:509
 FLUJO DE CAJA

Punto de equilibrio

sin

Margen
Meses
Mes 3

Mes 4

Mes 5

Mes 6

Mes 7

Mes 8

Mes 10

Mes 11

Mes 12

Mes 13

Mes 14

Mes 15

Mes 16

Mes 17
Mes 9

Inversion

A FINANCIERO FLUJO CAJA ECONOMICO

Grafico No. 8.1

 FLUJO DE CAJA FLUJO CAJA
Saldo
ECONOMICO FINANCIERO
Saldo de Caja Saldo de Caja
Financiero
ITEM Mensual Acumulados
(S/.) (S/.) (S/.) (S/.)
0 0 2,326,500.00 2,326,500.00
Mes-4 -52,523.60 -52,523.60 2,273,976.40 2,273,976.40
Mes-3 -31,023.60 -83,547.20 2,242,952.80 2,242,952.80
Mes-2 -41,023.60 -124,570.80 2,201,929.20 2,201,929.20
Mes-1 -33,023.60 -157,594.40 2,168,905.60 2,168,905.60
Mes 1 -1,450,976.03 -1,608,570.43 717,929.57 717,929.57
Mes 2 -189,085.79 -1,797,656.23 528,843.77 528,843.77
Mes 3 -218,867.68 -2,016,523.91 309,976.09 309,976.09
Mes 4 -302,737.15 -2,319,261.07 7,238.93 7,238.93
Mes 5 -331,557.49 -2,650,818.56 -324,318.56 0.00
Mes 6 -380,611.33 -3,031,429.89 -704,929.89 0.00
Mes 7 127,706.93 -2,903,722.96 -577,222.96 0.00
Mes 8 -112,542.47 -3,016,265.43 -689,765.43 0.00
Mes 9 509,001.00 -2,507,264.43 -180,764.43 0.00
Mes 10 775,464.11 -1,731,800.32 594,699.68 594,699.68
Mes 11 768,698.78 -963,101.54 1,363,398.46 1,363,398.46
Mes 12 649,977.70 -313,123.84 2,013,376.16 2,013,376.16
Mes 13 786,556.90 473,433.05 2,799,933.05 2,799,933.05
Mes 14 678,380.35 1,151,813.40 3,478,313.40 3,478,313.40
Mes 15 -199,203.97 952,609.44 3,279,109.44 3,279,109.44
Mes 16 Err:509 Err:509 Err:509 Err:509
Mes 17 Err:509 Err:509 Err:509 Err:509
 inversion

FLUJO DE INVERSIO
2,326,500.00 2,326,500.00 6,000,000
2,221,452.80
2,159,405.60 Punto de equilibrio
2,077,358.40 4,000,000
2,011,311.20 Mxima inversin
-890,640.87
2,000,000
-1,268,812.46
-1,706,547.83 1,563,988.36
VAN (S/.)
-2,312,022.13
0
-2,650,818.56 Mes-4
Mes-3
Mes-2
Mes-1
MesMes
1 Mes
2 Mes
3 Mes
4 Mes
5 Mes
6 Mes
7 Mes
8 M
-3,031,429.89
-2,903,722.96 Aporte
-2,000,000
-3,016,265.43
-2,507,264.43
-1,137,100.64 -4,000,000
Pre-Inversion Inversio
400,296.91
1,700,252.31
3,273,366.11 -6,000,000
4,630,126.81
Meses
FLUJO CAJA FINANCIERO
4,231,718.87
Err:509 FLUJO CAJA ECONOMICO
INVERSION
Err:509
 FLUJO DE INVERSION

Punto de equilibrio

versin

Grafico No. 8.1

sMes
2 Mes
3 Mes
4 Mes
5 Mes
6 Mes
7 Mes
8 Mes
9 Mes
10 Mes
11 Mes
12 Mes
13 Mes 15Margen
14 Mes Mes
16 17

Inversion

Meses
FINANCIERO
ECONOMICO
 Desagregado de Gastos Generales
CANTIDAD
ITEM DESCRIPCION U
Cuadrilla

PERSONAL DE OBRA INGENIERIA

Ingenierio Residente de Obra mes 1.00
Asistente del Ingeniero Residente mes 1.00
Responsable de Seguridad en Obra mes 1.00
Maestro Capataz General mes 1.00
Topografo mes 1.00
Ayudante de Topografia (Zona) mes 1.00
Beneficios Sociales % 1.00
SUBTOTAL
PERSONAL DE ADMINISTRACION
Encargado de Almacen mes 1.00
Secretaria mes 1.00
Conserje mes 1.00
Mantenimiento y Limpieza mes 1.00
Guardian mes 1.00
Beneficios Sociales % 1.00
SUBTOTAL
EQUIPOS y MATERIALES
Computadora mes 2.00
Impresora Laser A4 mes 1.00
Papel A-4 mes 2.00
Internet mes 2.00
Camara Fotografica mes 1.00
Teodolito mes 1.00
Estacin Total mes 1.00
Nivel mes 1.00
Winche Electrico mes 1.00
Beneficios Sociales % 1.00
SUBTOTAL
TOTAL REMUNERACION PERSONAL DE OBRA

VEHICULOS
Camionetas Pick Up Doble Cabina 4x4 c/radio transmisor (*) mes 1.00
TOTAL COSTO DE VEHICULOS

CONTROL TECNICO Y OTROS

Ensayos Especiales de Laboratorio mes 5.00
TOTAL COSTO DE

SERVICIOS VARIOS
Asesoria Tecnica est 1.00
Fotocopias Planos mes 1.00
Fotocopias Documentos mes 1.00
TOTAL COSTO DE SERVICIOS Y GASTOS DE OFICINA DE OBRA

MATERIALES Y GASTOS VARIOS

Ultiles de Oficina mes 1.00
TOTAL COSTO MATERIALES DE OFICINA DE OBRA

SEGUROS (ver hoja de calculo anexa)

A.- SEGURO COMPLEMENTARIO DE TRABAJO DE RIESGO
B.- SEGUROS CONTRA TODO RIESGO (CAR)
TOTAL COSTOS DE SEGUROS

TOTAL GASTOS GENERALES VARIABLES

CANTIDAD VALOR UNITARIO S/. VALOR TOTAL
Veces / vez S/.

8.00 12,000.00 96,000.00

8.00 5,000.00 40,000.00
7.00 3,000.00 21,000.00
7.00 3,200.00 22,400.00
6.00 2,800.00 16,800.00
6.00 1,600.00 9,600.00
49.0% 205,800.00 100,842.00
306,642.00

7.00 2,000.00 14,000.00

7.00 1,500.00 10,500.00
7.00 1,500.00 10,500.00
7.00 750.00 5,250.00
7.00 1,400.00 9,800.00
49.0% 50,050.00 24,524.50
74,574.50

7.00 500.00 7,000.00

7.00 100.00 700.00
7.00 28.00 392.00
7.00 28.00 392.00
7.00 50.00 350.00
7.00 2,400.00 16,800.00
7.00 2,600.00 18,200.00
7.00 1,500.00 10,500.00
7.00 3,600.00 25,200.00
49.0% 79,534.00 38,971.66
118,505.66
499,722.16

7.00 3,000.00 21,000.00

21,000.00

7.00 250.00 8,750.00

8,750.00

1.00 2,000.00 2,000.00

7.00 250.00 1,750.00
7.00 80.00 560.00
4,310.00

7.00 200.00 1,400.00

1,400.00

12,600.00
7,000.00
19,600.00

554,782.16