You are on page 1of 21

Dados Gerais:

rea do Terreno + zona envolvente =


rea da Cave (garagens) =
rea do R/Cho (comrio) =
rea do 1 e 2 pisos (habitao) =
rea do 3 piso (habitao) =

1200
400
288
576
288

rea de Habitao =
rea de Comrio =
rea de Escritrios =
rea de Garagens =

864
288
0
400

Custos:
Infraestruturas:
Infraestruturas =
8.00 /m2 de terreno envolvente
Total para Infraestruturas =
9,600.00
% incio construo =
65.00%
% final construo =
Custo Construo:
Para Habitao =
Para Comrcio =
Para Escritrios =
Para Garagens =

700.00
450.00
550.00
300.00

/m2 de Construo
/m2 de Construo
/m2 de Construo
/m2 de Construo

Construo Sem Enc. Indirectos=

854,400.00

Encargos Indirectos:
Valor mdio =
5% dos custos de construo
Total para Custos Indirectos =
42,720.00
Total para Custos Construo =
897,120.00
Taxas Camarrias:
Valor mdio =
Projectos:
Valor mdio =

1.7% do total dos custos de construo


Total para Taxas =
15,251.04
5.0% do total dos custos de construo
Total para Projectos =
44,856.00

Fiscalizao e acompanhamento da obra:


Valor mdio =
1.0% do total dos custos de construo
Total para Fiscalizao =
8,971.20

Prazo de Construo:
Incio da construo aps compra =
Durao da construo (meses) =

Vendas:

3
21

N. Apart.
4
1
2

Tipo
T3
T5
Lojas

Valor Unit.
300,000.00
500,000.00
190,000.00
Total para Habitao =
Total para Comrio =
Total para Escritrios =
Total para Vendas =

Custos de Promoo e Comercializao:


Percentagem =
3.00%
Valor mdio c/IVA=
3.63%

Margem de LUCRO nas vendas:


Valor mdio =

Total
1,200,000.00
500,000.00
380,000.00
1,700,000.00
380,000.00
0.00
2,080,000.00

do valor das vendas


do valor das vendas
Total =
75,504.00

10%

do valor das vendas


Total =
208,000.00
(Quem comprar e fizer a construo ganha no final da comercializao este valor)

Prazo de Vendas:
Incio da comercializao =
Prazo para a concluso das vendas =

18 meses aps inio das obras


15 meses aps final das obras

Vendas - Autofinanciamento
%comercializao com a obra concluida:
% sinais com a obra concluida:
Coeficiente de Autofinanciamento =
Total do Autofinanciamento =
% vendas para habitao =
% vendas para comrcio =
% vendas para escritrios =

14.42%
20.00%
2.88%
60,000.00
3.53%
0.00%
0.00%

Valores Financeiros:
Capital Prprio a Investir:

Valor Terreno

Capitalizao dos Capitais Prprios:


Prmio de RISCO ANUAL=
Taxa PURA ANUAL (Euribor a1ano)=
Inflaco mdia ANUAL=
Taxa Capitalizao ANUAL=

7.00%
4.20%
3.10%
7.86%

Capitalizao dos Capitais Alheios:


Taxa PURA ANUAL (Euribor a1ano)=
Spread bancrio =

4.20%
1.70%

Juros sobre Saldo Negativo ANUAL =

5.90%

Impostos Considerados:
I.M.T. =

6.50%

m2
m2
m2
m2
m2
m2
m2
m2
m2

35.00%

meses
meses

al da comercializao este valor)

ps inio das obras


ps final das obras

(equivalente a
a 1T3)

(excepto para
compra do terreno)

Valores dos Dados Gerais:


Total para Taxas =
Total para Infraestruturas =
Total para Construo =
Total para Projectos =

15,251.04
9,600.00
897,120.00
44,856.00

Para Habitao = 1,700,000.00


Para Comrio =
380,000.00
Para Escritorios =
0.00
Custos Comercializao:
3% do valor das vendas
Margens de promoao e gesto:
10% do valor das vendas (inclui LUCRO)

VENDAS:

Taxa de Capitalizao Cp =

7.86% ANUAL

Taxa de inflao =

3.10% ANUAL

Juros sobre Saldo Negativo =

5.90% ANUAL

I.M.T. =

6.50%

Pelo Mtodo dos Custos SEM Capitalizao dos Capitais Investidos na Compra do Terreno
FLUXOS DE PROJECTO:
Faseamento - Construo
.Taxas
. Infraestruturas
. Construo
. Projectos

DURAO DO EMPREENDIMENTO EM ANOS


1
2
3
100.00%
100.00%
50.00%
50.00%
100.00%

Custos da Construo
. Taxas
. Infraestruturas
. Construo
. Gesto e Projecto

14,792.47
9,311.35
857,063.77
43,507.27
Total dos custos :

924,674.86

15,251.04
9,600.00
448,560.00
44,856.00
518,267.04

0.00
0.00
448,560.00
0.00

0.00
0.00
0.00
0.00

CONTROL
SOMA
TOTAL
100.00%
100.00%
100.00%
100.00%

0.00
0.00
0.00
0.00

448,560.00

0.00

0.00

20.00%
50.00%

60.00%
50.00%

20.00%

0.00
0.00
0.00
0.00
0.00

15,251.04
9,600.00
897,120.00
44,856.00
966,827.04

Faseamento - Receitas
Habitaes
Comrio
Escritrios
Receitas
Habitaes
. Custos de Comercializao
. Margem de promoo, gesto e Fiscalizao

1,551,507.50
-46,545.23
-155,150.75

0.00
0.00
0.00

340,000.00
-10,200.00
-34,000.00

1,020,000.00
-30,600.00
-102,000.00

340,000.00
-10,200.00
-34,000.00

0.00
0.00
0.00

1,700,000.00
-51,000.00
-170,000.00

Comrios
. Custos de Comercializao
. Margem de promoo, gesto e Fiscalizao

352,117.43
-10,563.52
-35,211.74

0.00
0.00
0.00

190,000.00
-5,700.00
-19,000.00

190,000.00
-5,700.00
-19,000.00

0.00
0.00
0.00

0.00
0.00
0.00

380,000.00
-11,400.00
-38,000.00

Escritrios
. Custos de Comercializao
. Margem de promoo, gesto e Fiscalizao

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

Total das Receitas :

1,656,153.69

0.00

461,100.00

1,052,700.00

295,800.00

0.00

1,809,600.00

(VAL)

731,478.83

-518,267.04

12,540.00

1,052,700.00

295,800.00

0.00

842,772.96

CUSTO BRUTO DO TERRENO:

673,839.53
0.00
-518,267.04

-30,577.76
-536,304.80

-31,641.98
484,753.22

0.00
780,553.22

0.00
780,553.22

-62,219.74
991,287.83

FLUXOS DO PROJECTO

A - CAPITAL ALHEIO
Juros do periodo
Dvida final do ano
B - CAPITAL PRPRIO (Compra terreno)
Custos de transaco - IMT (6,5%)

VALOR LQUIDO DO TERRENO

-57,639.30

41,126.36

632,713.17

100.00%
100.00%
0.00%

Valores dos Dados Gerais:


Total para Taxas =
Total para Infraestruturas =
Total para Construo =
Total para Projectos =

15,251.04
9,600.00
897,120.00
44,856.00

Para Habitao = 1,700,000.00


Para Comrio =
380,000.00
Para Escritorios =
0.00
Custos Comercializao:
3% do valor das vendas
Margens de promoao e gesto:
10% do valor das vendas (inclui LUCRO)

VENDAS:

Taxa de Capitalizao Cp =

7.86% ANUAL

Taxa de inflao =

3.10% ANUAL

Juros sobre Saldo Negativo =

5.90% ANUAL

I.M.T. =

6.50%

FLUXOS DO PROJECTO:
Faseamento - Construo
.Taxas
. Infraestruturas
. Construo
. Projectos

Nota: Valores POSITIVOS => RECEITAS ; Valores NEGATI


0
Valores
Actualizados:

Custos da Construo
. Taxas
. Infraestruturas
. Construo
. Gesto e Projecto

-14,792.47
-9,311.35
-857,063.77
-43,507.27
Total dos custos :

Faseamento - Receitas
Habitaes
Comrio
Escritrios
Receitas
Habitaes
. Custos de Comercializao
. Margem de promoo, gesto e Fiscalizao

DURAO DO EMPREENDIM
1
100.00%
100.00%
50.00%
100.00%
-15,251.04
-9,600.00
-448,560.00
-44,856.00

-924,674.86 -518,267.04

Valores
Actualizados:

0.00%
0.00%
0.00%

1,551,507.50
-46,545.23
-155,150.75

0.00
0.00
0.00

Comrios
. Custos de Comercializao
. Margem de promoo, gesto e Fiscalizao

352,117.43
-10,563.52
-35,211.74

0.00
0.00
0.00

Escritrios
. Custos de Comercializao
. Margem de promoo, gesto e Fiscalizao

0.00
0.00
0.00

0.00
0.00
0.00

1,656,153.69

0.00

Total das Receitas :


Encargos Financeiros considerando:
A - CAPITAL ALHEIO - PARA CONSTRUO

Juros do periodo
CASH FLOWS
VAL =

-32,946.27

0.00

0.00

-518,267.04

677,529.15 (Com taxa actualizao = taxa inflaco

B - CAPITAL PRPRIO - PARA COMPRA DO TERRENO


CUSTO BRUTO DO TERRENO:
Valores dos Juros NO Capitalizados da compra
Tendo capitalizao dos juros:
Custos de transaco - IMT (6,5%)
Dvida final do ano

VALOR LQUIDO DO TERRENO

677,529.15
-119,504.38
-34,057.85

523,966.92

-39,974.22
-717,503.37

clui LUCRO)

S => RECEITAS ; Valores NEGATIVOS => DESPESAS


DURAO DO EMPREENDIMENTO EM ANOS
2
3
4
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
50.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00
0.00
-448,560.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

5
0.00%
0.00%
0.00%
0.00%
0.00
0.00
0.00
0.00

SOMA
TOTAL
100.00%
100.00%
100.00%
100.00%
-15,251.04
-9,600.00
-897,120.00
-44,856.00

-448,560.00

0.00

0.00

0.00

-966,827.04

20.00%
50.00%
0.00%

60.00%
50.00%
0.00%

20.00%
0.00%
0.00%

0.00%
0.00%
0.00%

100.00%
100.00%
0.00%

340,000.00
-10,200.00
-34,000.00

1,020,000.00
-30,600.00
-102,000.00

340,000.00
-10,200.00
-34,000.00

0.00
0.00
0.00

1,700,000.00
-51,000.00
-170,000.00

190,000.00
-5,700.00
-19,000.00

190,000.00
-5,700.00
-19,000.00

0.00
0.00
0.00

0.00
0.00
0.00

380,000.00
-11,400.00
-38,000.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

461,100.00

1,052,700.00

295,800.00

0.00

1,809,600.00

-33,687.36

-1,374.58

0.00

0.00

-35,061.94

-21,147.36

1,051,325.42

295,800.00

0.00

807,711.02

0.00
0.00

0.00
0.00

-127,137.25

m taxa actualizao = taxa inflaco)

-42,332.70
-759,836.07

-44,830.33
291,489.35

Valores dos Dados Gerais:


CONSTRUO:
Total para Infraestruturas =
Total para Construo (inclui E.I.)=
Total para Taxas =
Total para Projectos =
Total para Fiscalizao =
VENDAS:

9,600.00
897,120.00
15,251.04
44,856.00
8,971.20

No inio obra =
65.0%
Iniio da Construo =
Durao da Construo =
Total =

Para Habitao = 1,700,000.00


Para Comrio =
380,000.00
Para Escritorios =
0.00
Custos Promoo e Comercializao:
Margens de Lucro (sobre as vendas):

CAPITAIS:
CAPITAIS PRPRIOS (Cp) =
Coeficiente autofinanciamento =
Para Habitao =

No final obra =
35.0%
1.00 trimestres aps compra terreno
7 trimestres

975,798.24

Inio da comercializao =
Prazo para a concluso das vendas =
Total =
2,080,000.00
3.63% do valor das vendas
10.00% do valor das vendas (inclui LUCRO)

6 trimestres aps inio das obra


5 trimestres aps final das obras

631,254.11 Equivalente ao valor do terreno


2.88%
Para Comrio =
0.00%
3.53% Para Escritorios =
0.00%

TAXAS DE JURO:
Prmio/risco =

7.00% ANUAL

1.71% TRIMESTRAL

Taxa PURA de actualizao =

4.20% ANUAL

1.03% TRIMESTRAL

Taxa de Inflao =

3.10% ANUAL

0.77% TRIMESTRAL

Taxa Capitalizao Cap. Proprios =

7.86% ANUAL

1.91% TRIMESTRAL

5.90% ANUAL

1.44% TRIMESTRAL

Juros sobre Capitais Alheios =


Taxa ACTUALIZAO PROVEITOS =

100.00% da INFLAO =

0.77% TRIMESTRAL

Taxa ACTUALIZAO CUSTOS =

60.00% da INFLAO =

0.46% TRIMESTRAL

I.M.T. =

6.50%

ANLISE ECONMICA:
Faseamento - Construo
.Taxas
. Infraestruturas
. Construo
. Projectos

Nota: Valores POSITIVOS => PROVEITOS ; Valores NEGATIVOS => DESPESAS


DURAO DO EMPREENDIMENTO EM TRIMESTRES:
0
1
2
0.00%
70.00%
0.00%
0.00%
65.00%
0.00%
0.00%
5.24%
3.15%
Acumulado:
0.00%
5.24%
8.38%
0.00%
100.00%
0.00%

3
0.00%
0.00%
6.21%
14.60%
0.00%

4
0.00%
0.00%
13.28%
27.87%
0.00%

5
0.00%
0.00%
20.71%
48.58%
0.00%

6
0.00%
0.00%
20.52%
69.10%
0.00%

7
0.00%
0.00%
22.10%
91.20%
0.00%

8
30.00%
35.00%
8.80%
100.00%
0.00%

Custos da Construo
Taxa de Actualizao =

60.00% da Inflao =

. Taxas
Total actualizado para TAXAS =

100.00%

99.54%

99.09%

98.63%

98.18%

97.73%

97.29%

96.84%

96.40%

0.00
Actualizao =

-10,675.73
-10,626.88

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-4,575.31
-4,410.48

-6,240.00
-6,211.45

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-3,360.00
-3,238.95

-46,966.87
-46,751.96

-28,241.64
-27,983.78

-55,735.89
-54,974.26

-119,120.83
-116,955.43

-185,764.78
-181,553.33

-184,053.52
-179,057.75

-198,302.86
-192,037.55

-78,933.59
-76,089.93

-1,121.40
-1,116.27

-1,121.40
-1,111.16

-1,121.40
-1,106.08

-1,121.40
-1,101.01

-1,121.40
-1,095.98

-1,121.40
-1,090.96

-1,121.40
-1,085.97

-1,121.40
-1,081.00

-15,037.36
0.00
Actualizao =

. Infraestruturas
Total actualizado INFRAESTRUTURAS =

-9,450.40
0.00
Actualizao =

. Custos da Construo
Total actualizado para CONSTRUO =
. Fiscalizao e acompanhamento da obra

-875,403.99

Total actualizado para FISCALIZAO =

-8,788.43

0.00
Actualizao =

0.00
Actualizao =

. Projecto
Total actualizado para PROJECTO =

TOTAL CUSTOS :
Total dos custos actualizados:
Faseamento - Receitas/Proveitos
Habitaes
Nota: Retirou-se a percentagem do
Comrio
AUTOFINANCIAMENTO pelas
Escritrios
vendas antecipadas
PROVEITOS
Taxa de Actualizao =

-44,856.00
-44,650.74

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-44,650.74
0.00

-109,860.00

-29,363.04

-56,857.29

-120,242.23

-186,886.18

-185,174.92

-199,424.26

-87,990.31

1
0.00%
0.00%
0.00%

2
0.00%
0.00%
0.00%

3
0.00%
0.00%
0.00%

4
0.00%
0.00%
0.00%

5
0.00%
0.00%
0.00%

6
0.00%
0.00%
0.00%

7
0.00%
0.00%
0.00%

8
16.08%
16.67%
16.67%

-953,330.92

0
0.00%
0.00%
0.00%

100.00% da Inflao =

100.00%

99.24%

98.49%

97.74%

96.99%

96.26%

95.52%

94.80%

94.08%

Total das Vendas:


. Custos de Comercializao
. Margem de Lucro sobre as Vendas

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

273,333.33
63,333.33
0.00
336,666.67
-12,221.00
-33,666.67

TOTAL PROVEITOS :

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

290,779.00

Actualizao =

0.00

0.00

0.00

0.00

0.00

0.00

0.00

273,555.66

3,141.18

1,888.82

3,727.65

7,966.88

12,424.08

12,309.63

13,262.63

5,279.13

-106,718.82
-27,474.22
-53,129.63
-112,275.35
-174,462.11
-172,865.30
833,087.07 SEM CONSIDERAR JUROS (teria capitalizar e depois actualizar mas, usando a mesma taxa, anular-se-iam)

-186,161.63

208,067.83

Habitaes
Comrios
Escritrios

Total das PROVEITOS actualizados:

1,610,449.78

Encargos Financeiros - considerando apenas o auto-financiamento:


Autofinanciamento:

Fluxos do Projecto - CASH FLOWS:


VALOR MXIMO DO INVESTIMENTO =
Para Taxa Actualizao = Taxa Inflao =

VAL =
Para Taxa Actualizao = Taxa Capitalizao C.P.=

VAL =
Determinao da TIR (para VAL = 0) =>

TIR =

TIRANUAL =

0.00

0.00

0.77% TRIMESTRAL

723,766.52
1.91% TRIMESTRAL

587,347.19
12.382% TRIMESTRAL

49.618% ANUAL

(Nota: Sem os custos do terreno e sem custos financeiros)

ANLISE FINANCEIRA:
0.00

-106,718.82

-134,193.05

-187,322.68

-299,598.03

-474,060.14

-646,925.43

-833,087.07

-625,019.24

A - CAPITAL ALHEIO - PARA CONSTRUO


Juros do periodo
Capitalizao C. A. =
0.00
Taxa de Actualizao = Taxa de inflao =
Total de Juros Actualizados =
-51,480.89

CASH FLOWS ACUMULADOS =

-1,540.43
-1,528.72

-1,959.24
-1,929.56

-2,732.18
-2,670.33

-4,363.97
-4,232.76

-6,905.79
-6,647.22

-9,437.70
-9,015.25

-12,161.38
-11,528.70

-9,197.35
-8,652.58

0.00
672,285.62
0.00

0.00
672,285.62
0.00

0.00
672,285.62
0.00

0.00
672,285.62
0.00

0.00
672,285.62
0.00

0.00
672,285.62
0.00

B - CAPITAL PRPRIO - PARA COMPRA DO TERRENO


CUSTO BRUTO DO TERRENO:
Juros dos Capitais Prprios:

Juros C. P. =

672,285.62 (=VAL com taxa actualizao = taxa inflaco )


0.00
Capital em dvida =

Taxa de Actualizao = Taxa de inflao =


Total de Juros Actualizados =
0.00
Custos de transaco - IMT (6,5%)

VALOR LQUIDO DO TERRENO

-41,031.52

631,254.11

0.00
672,285.62
0.00

0.00
672,285.62
0.00

9
0.00%
0.00%
0.00%
100.00%
0.00%

10
0.00%
0.00%
0.00%
100.00%
0.00%

11
0.00%
0.00%
0.00%
100.00%
0.00%

12
0.00%
0.00%
0.00%
100.00%
0.00%

13
0.00%
0.00%
0.00%
100.00%
0.00%

14
0.00%
0.00%
0.00%
100.00%
0.00%

15
0.00%
0.00%
0.00%
100.00%
0.00%

16
0.00%
0.00%
0.00%
100.00%
0.00%

SOMA
TOTAL
100.00%
100.00%
100.00%
100.00%

95.96%

95.52%

95.08%

94.65%

94.21%

93.78%

93.35%

92.92%

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-15,251.04

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-9,600.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-897,120.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-8,971.20

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-44,856.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

-975,798.24

9
16.08%
16.67%
16.67%

10
16.08%
16.67%
16.67%

11
16.08%
16.67%
16.67%

12
16.08%
16.67%
16.67%

13
16.08%
16.67%
16.67%

14
0.00%
0.00%
0.00%

15
0.00%
0.00%
0.00%

16
0.00%
0.00%
0.00%

96.47%
100.00%
100.00%

93.36%

92.65%

91.95%

91.25%

90.55%

89.87%

89.18%

88.50%

273,333.33
63,333.33
0.00
336,666.67
-12,221.00
-33,666.67

273,333.33
63,333.33
0.00
336,666.67
-12,221.00
-33,666.67

273,333.33
63,333.33
0.00
336,666.67
-12,221.00
-33,666.67

273,333.33
63,333.33
0.00
336,666.67
-12,221.00
-33,666.67

273,333.33
63,333.33
0.00
336,666.67
-12,221.00
-33,666.67

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

290,779.00

290,779.00

290,779.00

290,779.00

290,779.00

0.00

0.00

0.00 1,744,674.00

271,475.75

269,411.65

267,363.25

265,330.42

263,313.05

0.00

0.00

0.00

1,610,449.78

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

60,000.00

290,779.00

290,779.00

290,779.00

290,779.00

290,779.00

0.00

0.00

0.00

828,875.76

1,640,000.00
380,000.00
0.00
2,020,000.00
-73,326.00
-202,000.00

0.00

-334,240.24

-43,461.24

247,317.76

538,096.76

828,875.76

828,875.76

828,875.76

828,875.76

416,291.63

-4,957.33
-4,628.24

-698.90
-647.54

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-53,954.27

0.00
672,285.62
0.00

0.00
672,285.62
0.00

0.00
424,967.86
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00

Valores dos Dados Gerais:


CONSTRUO:
Total para Infraestruturas =
Total para Construo (inclui E.I.)=
Total para Taxas =
Total para Projectos =
Total para Fiscalizao =
VENDAS:

9,600.00
897,120.00
15,251.04
44,856.00
8,971.20

No inio obra =
65.0%
Iniio da Construo =
Durao da Construo =

Para Habitao = 1,700,000.00


Para Comrio =
380,000.00
Para Escritorios =
0.00
Custos Promoo e Comercializao:
Margens de Lucro (sobre as vendas):

CAPITAIS:
CAPITAIS PRPRIOS (Cp) =
Coeficiente autofinanciamento =
Para Habitao =

Total =

No final obra =
35.0%
1.00 trimestres aps compra terreno
7 trimestres

975,798.24

Inio da comercializao =
Prazo para a concluso das vendas =
Total =
2,080,000.00
3.63% do valor das vendas
10.00% do valor das vendas (inclui LUCRO)

481,646.11 Equivalente ao valor do terreno


2.88%
Para Comrio =
0.00%
3.53% Para Escritorios =
0.00%

TAXAS DE JURO:
Prmio/risco =

7.00% ANUAL

1.71% TRIMESTRAL

Taxa PURA de actualizao =

4.20% ANUAL

1.03% TRIMESTRAL

Taxa de Inflao =

3.10% ANUAL

0.77% TRIMESTRAL

Taxa Capitalizao Cap. Proprios =

7.86% ANUAL

1.91% TRIMESTRAL

5.90% ANUAL

1.44% TRIMESTRAL

Juros sobre Capitais Alheios =


Taxa ACTUALIZAO PROVEITOS =

100.00% da INFLAO =

0.77% TRIMESTRAL

Taxa ACTUALIZAO CUSTOS =

60.00% da INFLAO =

0.46% TRIMESTRAL

I.M.T. =

6.50%

6
5

tres aps compra terreno

trimestres aps inio das obra


trimestres aps final das obras

Valores dos Dados Gerais:


CONSTRUO:
Total para Infraestruturas =
Total para Construo (inclui E.I.)=
Total para Taxas =
Total para Projectos =
Total para Fiscalizao =
VENDAS:

9,600.00
897,120.00
15,251.04
44,856.00
8,971.20

No incio obra =
65.0%
Iniio da Construo =
Durao da Construo =
Total =

Para Habitao = 1,700,000.00


Para Comrio =
380,000.00
Para Escritorios =
0.00
Custos Promoo e Comercializao:
Margens de Lucro (sobre as vendas):

No final obra =
35.0%
1.00 trimestres aps compra terreno
7 trimestres

975,798.24

Inio da comercializao =
Prazo para a concluso das vendas =
Total =
2,080,000.00
3.63% do valor das vendas
0.00% do valor das vendas (estar englobada na TIR)

6
5

CAPITAIS:
Custo Lquido do Terreno =
CAPITAIS PRPRIOS (Cp) =
Coeficiente autofinanciamento =
Para Habitao =

631,254.11 (Valor de compra)


631,254.11 Equivalente ao valor do terreno
2.88%
Para Comrio =
3.53%
Para Escritorios =

0.00%
0.00%

TAXAS DE JURO:
Prmio/risco =

7.00% ANUAL

1.71% TRIMESTRAL

Taxa PURA de actualizao =

4.20% ANUAL

1.03% TRIMESTRAL

Taxa de Inflao =

3.10% ANUAL

0.77% TRIMESTRAL

Taxa Capitalizao Cap. Proprios =

7.86% ANUAL

1.91% TRIMESTRAL

Juros sobre Capitais Alheios =

5.90% ANUAL

1.44% TRIMESTRAL

Taxa ACTUALIZAO PROVEITOS =

100.00% da INFLAO =

0.77% TRIMESTRAL

Taxa ACTUALIZAO CUSTOS =

60.00% da INFLAO =

0.46% TRIMESTRAL

I.M.T. =

6.50%

ANLISE ECONMICA:
Faseamento - Construo
.Taxas
. Infraestruturas
. Construo
. Projectos

Nota: Valores POSITIVOS => PROVEITOS ; Valores NEGATIVOS => DESPESAS


DURAO DO EMPREENDIMENTO EM TRIMESTRES:
0
1
2
0.00%
70.00%
0.00%
0.00%
65.00%
0.00%
0.00%
5.24%
3.15%
Acumulado:
0.00%
5.24%
8.38%
0.00%
100.00%
0.00%

3
0.00%
0.00%
6.21%
14.60%
0.00%

Custos da Construo
Taxa de Actualizao =

60.00% da Inflao =

. Taxas
Total actualizado para TAXAS =

100.00%

99.54%

99.09%

98.63%

0.00
Actualizao =

-10,675.73
-10,626.88

0.00
0.00

0.00
0.00

-6,240.00
-6,211.45

0.00
0.00

0.00
0.00

-46,966.87
-46,751.96

-28,241.64
-27,983.78

-55,735.89
-54,974.26

-1,121.40
-1,116.27

-1,121.40
-1,111.16

-1,121.40
-1,106.08

-44,856.00
-44,650.74

0.00
0.00

0.00
0.00

-15,037.36
0.00
Actualizao =

. Infraestruturas
Total actualizado INFRAESTRUTURAS =

-9,450.40
0.00
Actualizao =

. Custos da Construo
Total actualizado para CONSTRUO =
. Fiscalizao e acompanhamento da obra

-875,403.99

Total actualizado para FISCALIZAO =

-8,788.43

0.00
Actualizao =
0.00
Actualizao =

. Projecto
Total actualizado para PROJECTO =

-44,650.74

Custo Bruto do Terreno =

-631,254.11

Custos de transaco - IMT (6,5%):

-41,031.52

Custos do Terreno:

TOTAL CUSTOS :

-672,285.62

Total dos custos actualizados:

-1,625,616.54

Faseamento - Receitas/Proveitos
Habitaes
Nota: Retirou-se a percentagem do
Comrio
AUTOFINANCIAMENTO pelas
Escritrios
vendas antecipadas
PROVEITOS
Taxa de Actualizao =

100.00% da Inflao =

Habitaes
Comrios
Escritrios
Total das Vendas:
. Custos de Comercializao
. Margem de Lucro sobre as Vendas

TOTAL PROVEITOS :
Total das PROVEITOS actualizados:

0
0.00%
0.00%
0.00%

-109,860.00

-29,363.04

-56,857.29

1
0.00%
0.00%
0.00%

2
0.00%
0.00%
0.00%

3
0.00%
0.00%
0.00%

100.00%

99.24%

98.49%

97.74%

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00

0.00

0.00

0.00

Actualizao =

0.00

0.00

0.00

1,796,909.17

Encargos Financeiros - considerando apenas o auto-financiamento:


Autofinanciamento:

Fluxos do Projecto - CASH FLOWS:


VALOR MXIMO DO INVESTIMENTO =
Para Taxa Actualizao = Taxa Inflao =

VAL =
Para Taxa Actualizao = Taxa Capitalizao C.P.=

VAL =
Determinao da TIR para VAL = 0 =>

TIR =

TIRANUAL =

0.00

3,141.18

1,888.82

3,727.65

-672,285.62

-106,718.82

-27,474.22

-53,129.63

1,505,372.69 SEM CONSIDERAR JUROS


0.77% TRIMESTRAL

241,634.14

(porque no so considerados os encargos financeiros)

1.91% TRIMESTRAL

90,262.78

(porque no so considerados os encargos financeiros)

2.696% TRIMESTRAL
10.790% ANUAL

(porque no so considerados os encargos financeiros)

ANLISE FINANCEIRA:
CASH FLOWS ACUMULADOS =

-672,285.62

-779,004.45

-806,478.67

-859,608.30

12,832.34
-685,117.96
12,734.77

13,077.28
-698,195.24
12,879.18

13,326.89
-711,522.14
13,025.22

-1,540.43
-1,528.72

-1,959.24
-1,929.56

-2,732.18
-2,670.33

-672,285.62

-121,091.59

-42,510.74

-69,188.71

-672,285.62

-793,377.21

-835,887.95

-905,076.66

B - CAPITAL PRPRIO - PARA COMPRA DO TERRENO


CUSTO TOTAL DO TERRENO:

-672,285.62

Juros C. P. =

0.00
Capital em dvida =

Juros dos Capitais Prprios:

Taxa de Actualizao = Taxa de inflao =


Total de Juros Actualizados =
162,717.45
A - CAPITAL ALHEIO - PARA CONSTRUO
Juros do periodo
Capitalizao C. A. =
0.00
Taxa de Actualizao = Taxa de inflao =
Total de Juros Actualizados =
-49,462.23

CASH FLOWS C/ ENCARGOS FINANC. =


CASH FLOWS ACUMULADOS =

VALOR MXIMO DO INVESTIMENTO =


Para Taxa Actualizao = Taxa Inflao =

VAL =
Para Taxa Actualizao = Taxa Capitalizao C.P.=

VAL =
Determinao da TIR (para VAL = 0) =>

TIR =

TIRANUAL =

1,639,610.27 CONSIDERARANDO JUROS


0.77% TRIMESTRAL

31,067.72
1.91% TRIMESTRAL

-103,377.15
1.013% TRIMESTRAL
4.051% ANUAL

Para este valor da TIR corresponde um PRMIO DE RISCO =

(PORQUE EST INCLUIDA A MARGEM DE LUCRO DAS VENDAS - CON

3.077%

DETERMINAO do IR - Indice de Rendibilidade (ou Rentabilidade)


Periodo total do investimento =
13.00 trimestres
Investimento Inicial = Actualizao Custos + Actualizao dos Juros =
2,029,495.14
CAPITALIZAO CASH FLOWS =
0.00
0.00
Cash Flows capitalizados para periodo investimento pela taxa inflao =
1,807,426.95
Investimento = 1,807,426.95
VAL =
31,067.72

IR =

0.00

0.00

-835,887.95

-905,076.66

1.017 (por cada investido gerado este retorno)

DETERMINAO do Rcio Custo/Benefio


C/B =

0.983

DETERMINAO do PAYBACK - Periodo de Recuperao


CASH FLOWS ACUMULADOS c/ Enc. Finaneiros=
Ano cash flow acumulado muda de sinal no =

PAYBACK =
equivalente a =
+
+

-672,285.62
-793,377.21
13.0 trimestres
12.582 Trimestres
3 anos
1 meses
22 dias

tres aps compra terreno

trimestres aps inio das obra


trimestres aps final das obras

4
0.00%
0.00%
13.28%
27.87%
0.00%

5
0.00%
0.00%
20.71%
48.58%
0.00%

6
0.00%
0.00%
20.52%
69.10%
0.00%

7
0.00%
0.00%
22.10%
91.20%
0.00%

8
30.00%
35.00%
8.80%
100.00%
0.00%

9
0.00%
0.00%
0.00%
100.00%
0.00%

10
0.00%
0.00%
0.00%
100.00%
0.00%

11
0.00%
0.00%
0.00%
100.00%
0.00%

98.18%

97.73%

97.29%

96.84%

96.40%

95.96%

95.52%

95.08%

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-4,575.31
-4,410.48

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-3,360.00
-3,238.95

0.00
0.00

0.00
0.00

0.00
0.00

-119,120.83
-116,955.43

-185,764.78
-181,553.33

-184,053.52
-179,057.75

-198,302.86
-192,037.55

-78,933.59
-76,089.93

0.00
0.00

0.00
0.00

0.00
0.00

-1,121.40
-1,101.01

-1,121.40
-1,095.98

-1,121.40
-1,090.96

-1,121.40
-1,085.97

-1,121.40
-1,081.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-120,242.23

-186,886.18

-185,174.92

-199,424.26

-87,990.31

0.00

0.00

0.00

4
0.00%
0.00%
0.00%

5
0.00%
0.00%
0.00%

6
0.00%
0.00%
0.00%

7
0.00%
0.00%
0.00%

8
16.08%
16.67%
16.67%

9
16.08%
16.67%
16.67%

10
16.08%
16.67%
16.67%

11
16.08%
16.67%
16.67%

96.99%

96.26%

95.52%

94.80%

94.08%

93.36%

92.65%

91.95%

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

273,333.33
63,333.33
0.00
336,666.67
-12,221.00
0.00

273,333.33
63,333.33
0.00
336,666.67
-12,221.00
0.00

273,333.33
63,333.33
0.00
336,666.67
-12,221.00
0.00

273,333.33
63,333.33
0.00
336,666.67
-12,221.00
0.00

0.00

0.00

0.00

0.00

324,445.67

324,445.67

324,445.67

324,445.67

0.00

0.00

0.00

0.00

305,228.19

302,907.47

300,604.39

298,318.82

7,966.88

12,424.08

12,309.63

13,262.63

5,279.13

0.00

0.00

0.00

-112,275.35

-174,462.11

-172,865.30

-186,161.63

241,734.49

324,445.67

324,445.67

324,445.67

-971,883.65

-1,146,345.76

-1,319,211.06

-1,505,372.69

-1,263,638.20

-939,192.53

-614,746.86

-290,301.20

13,581.27
-725,103.41
13,172.91

13,840.51
-738,943.91
13,322.28

14,104.69
-753,048.60
13,473.35

14,373.91
-767,422.52
13,626.13

14,648.28
-782,070.79
13,780.64

14,927.88
-796,998.67
13,936.90

15,212.82
-812,211.49
14,094.93

15,503.19
-827,714.68
14,254.76

-4,363.97
-4,232.76

-6,905.79
-6,647.22

-9,437.70
-9,015.25

-12,161.38
-11,528.70

-8,711.39
-8,195.40

-3,978.40
-3,714.29

0.00
0.00

0.00
0.00

-130,220.59

-195,208.40

-196,407.68

-212,696.93

218,374.82

305,539.39

309,232.85

308,942.47

-1,035,297.25

-1,230,505.66

-1,426,913.34

-1,639,610.27

-1,421,235.45

-1,115,696.06

-806,463.21

-497,520.73

dos os encargos financeiros)

dos os encargos financeiros)

dos os encargos financeiros)

A MARGEM DE LUCRO DAS VENDAS - CONSIDEROU-SE INICIALMENTE NULA)

0.00

0.00

0.00

0.00

226,869.39

315,011.11

316,395.01

313,694.53

-1,035,297.25

-1,230,505.66

-1,426,913.34

-1,639,610.27

-1,421,235.45

-1,115,696.06

-806,463.21

-497,520.73

12
0.00%
0.00%
0.00%
100.00%
0.00%

13
0.00%
0.00%
0.00%
100.00%
0.00%

14
0.00%
0.00%
0.00%
100.00%
0.00%

15
0.00%
0.00%
0.00%
100.00%
0.00%

16
0.00%
0.00%
0.00%
100.00%
0.00%

SOMA
TOTAL
100.00%
100.00%
100.00%
100.00%

94.65%

94.21%

93.78%

93.35%

92.92%

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-15,251.04

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-9,600.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-897,120.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-8,971.20

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-44,856.00

0.00

0.00

0.00

0.00

0.00

-1,648,083.86

12
16.08%
16.67%
16.67%

13
16.08%
16.67%
16.67%

14
0.00%
0.00%
0.00%

15
0.00%
0.00%
0.00%

16
0.00%
0.00%
0.00%

96.47%
100.00%
100.00%

91.25%

90.55%

89.87%

89.18%

88.50%

273,333.33
63,333.33
0.00
336,666.67
-12,221.00
0.00

273,333.33
63,333.33
0.00
336,666.67
-12,221.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

324,445.67

324,445.67

0.00

0.00

0.00 1,946,674.00

296,050.62

293,799.68

0.00

0.00

0.00

1,640,000.00
380,000.00
0.00
2,020,000.00
-73,326.00
0.00
1,796,909.17

0.00

0.00

0.00

0.00

0.00

60,000.00

324,445.67

324,445.67

0.00

0.00

0.00

358,590.14

34,144.47

358,590.14

358,590.14

358,590.14

358,590.14

15,799.11
0.00
14,416.40

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

171,228.17

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

-51,790.48

308,646.55

324,445.67

0.00

0.00

0.00

-188,874.18

135,571.49

135,571.49

135,571.49

135,571.49

311,011.25

324,445.67

0.00

0.00

0.00

-188,874.18

135,571.49

135,571.49

135,571.49

135,571.49

You might also like