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Cash Flow and ROI _xls_

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Cash Flow and ROI _xls_ Powered By Docstoc
					                       PROJECT EMINESCU STREET - OFFICE/COMMERCIAL

                                                 2006 Q4 2007 Q1         2007 Q2     2007 Q3    2007 Q4     2008 Q1      2008 Q2     2008 Q3   TOTAL
Land aquisition                                  2,000,000                                                                                      2,000,000


Architects                                                    123,500       61,750     61,750                                                     247,000
Construction of 7600sqm at EUR 650/sqm                        988,000      741,000    741,000    988,000       741,000     741,000              4,940,000
Legal                                                          49,400       49,400     49,400     24,700        24,700      49,400                247,000
Authorizations                                                 74,100       74,100                49,400                    49,400                247,000
Unexpected costs                                               49,400       24,700     49,400     24,700        49,400      49,400                247,000
Exterior Works                                                                                    44,460        44,460      59,280                148,200

Interest paid to bank for mortgage/credit line                 60,000       50,000     50,000     50,000        80,000                            290,000
Necessary Financing Total                        2,000,000 1,344,400 1,000,950        951,550 1,181,260        939,560     948,480              8,366,200

Paid by Investors for land                       2,000,000                                                                                      2,000,000
Paid by investors for project                      200,000    445,000      180,000              1,250,000      960,000 1,450,000                4,485,000


Sales office surface                                                                                                                           12,320,000

Sales Commercial Surface                                                                                                                        5,600,000
Sales Garages                                                                                                                                   1,250,000
Mortgage Land/credit line                                    1,000,000     940,000 1,000,000                                                    2,940,000
Cash Inflow BRUTTO                               2,200,000 1,445,000 1,120,000 1,000,000 1,250,000             960,000 1,450,000               28,595,000

Cash Flow at end of period                         200,000 100,600     119,050         48,450    68,740         20,440   501,520
Minus Development Fees                             100,000       600    19,050        -51,550   -31,260        -79,560 -509,920
Development Fees fix and variable                  100,000 100,000     100,000        100,000 100,000          100,000 1,422,880                2,022,880
        Necessary Financing Total                2,000,000 1,344,400 1,000,950        951,550 1,181,260        939,560   948,480
             Cash Inflow Netto                   2,100,000 1,345,000 1,020,000        900,000 138,560          920,000   438,560
  Difference between Cash In- and Outflow                                                                                                      20,228,800
           Returned Capital to Inv.                                                                                                             6,485,000
      Returned Mortgage/Credit to Bank                                                                                                          2,940,000
     Development Fees from Month 1-24                                                                                                           2,022,880
       SPV Netto Profit before Taxes                                                                                                            8,780,920

    SPV Netto Profit before Taxes in %                                                                                                              135%

                                                                                      DATA

               Surface Land                 PriceLand   Built Surface                                 Cost Inv.Amount  Total Cost
                   1000                     2,000,000         6,000                                   650     2,000,000 8,366,200
                POT 80%                     Land/sqm
               Underground                    2,000     BuiltUndergr. TotlBuiltSurf      Total Constr.Cost              Cost/sqm
                  CUT 6                                       1,600          7,600        4,940,000                          1,101


        Flats and Garages for sale
                                                                                                             If building not soled but rented
                Description                  Surface         Price      Total                                     m2      per month per year
Sale Commercial Surface                        1600        3,500    5,600,000                  Rent/m2              4,400         20 1,056,000 OFFICE
Sales Constructed Surface for Offices          4,400       2800    12,320,000                  Rent/m2               1600         50     960000 COMMERCIAL
                                                                                               YIELD                                        31%




Sale Garages unit price                           50        25,000 1,250,000
Total for Investors                                               19,170,000




Max.Credit Limit equivalent in LEI of EUR   2,940,000
(Construction Cost - Price Land)*100%
Interest for Credit Line in LEI p.a.             10%
Cost of Credit Line creation                      1%
      3500000




      3000000




      2500000




      2000000
EUR




      1500000




      1000000




       500000




            0
                1   2   3   4   5          6   7
                                    TIME
             Necessary Financing Total
             Cash Inflow Netto




8   9   10
      3500000




      3000000




      2500000




      2000000
EUR




      1500000




      1000000




       500000




            0
                1   2   3   4   5          6   7
                                    TIME
             Necessary Financing Total
             Cash Inflow Netto




8   9   10
                                  Investor's Cash Flow / Payments into the SPV and Exit (EUR)




                               Month 1-3 Month 3-6 Month 6-9 Month 9-12 Month 12-15 Month 15-18

Land acquisition               6,485,000

Returned Capital to Investor                                                            6,485,000

Divident payed
Capital Gains of SPV

SPV Profit Before Taxes                                                                 8,780,920



         7,000,000
         6,000,000
                                                                                                Land acquisition
         5,000,000
         4,000,000                                                                              Returned Capital to Investor
   EUR




         3,000,000
         2,000,000                                                                              Divident payed
                                                                                                Capital Gains of SPV
         1,000,000
                   0
                       Month Month Month Month Month Month Month Month
                        1-3   3-6   6-9  9-12 12-15 15-18 18-21 21-24
                                                    TIME
and Exit (EUR)




                      Month 18-21 Month 21-24




                         6,485,000




                 Land acquisition


                 Returned Capital to Investor


                 Divident payed
                 Capital Gains of SPV
Profit & Loss Statement Project Eminescu Office
                                                                          Remarks/Info
Sales of flats + garages + commercial Surface        19,170,000           Ex pre-sell,ex broker comm., if necess.
Initial investment from investors                     2,000,000
Paid by investors for project                         4,485,000
Mortgage/Credit Line bank                             2,940,000           see DATA in ROI
Total cash inflow                                    28,595,000

Purchase of plot of land                              2,000,000

Building costs
Construction costs                                    4,940,000
Unexpected costs                                        247,000       5% of construction costs
Exterior work                                           148,200       3% of construction costs
Subtotal Building Costs                               5,335,200

Third party costs
Legal costs                                            247,000
Costs of authorisations                                247,000
Architects                                             247,000
Subtotal Third Party Costs                             741,000

Costs of Leader Inv. & Cons.
Costs of Project Management                            600,000    fixed   100'000/Q * 6
Of which including:
Costs of Accounting, Control & Legal (fixed)            40,000       ==> average of EUR 2000/month * 20
Administrative Costs                                    30,000       ==> average of EUR 1500/month* 20
Marketing                                               50,000
Subtotal Project Company Costs                         600,000

Total Costs *                                         8,676,200

Gross margin                                         19,918,800
Success fee for Leader Inv. & Cons.                   1,422,880     7.1% of Gross Margin
(fee before PC's corporate & dividend tax)
Pay back credit to bank                               2,940,000
Pay back investors                                    6,485,000

Earnings before Interest & Tax                        9,070,920

Paid interest to the bank                              290,000

Earnings before tax                                   8,780,920    =         135% ROI
Corporate tax                                         1,404,947     16% of earnings before tax
Net profit SPV                                        7,375,973
Dividend tax                                          1,180,156      16% of net profit SPV
Dividend paid to investors                            6,195,817
Return on investment after taxes and interest in %         96%

				
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