Anexo 3

Datos de partida
10/14/2010
Explotaciones econmicas
Si aos 1 si bienios 2
Numero de periodos
Indice de precios (IPC) anual
Deuda Estado anual
Diferencial
Tasa Actualizacin
Tasa de impuestos
Porcentaje mobiliario/inmobiliario
1
35
1.610%
2.117%
7.073%
7.460%
30%
23%
est utilizando aos

aos
Tasa nominal anual
Tasa nominal anual
anual
Tasa real anual
Tasa real crecimiento construccin

Tasa real crecimiento suelo
Tasa Residual esttico
Tasa Residual real dinmico
0.00%
0.00%
24.00%
12.00%
anual
anual
Valor del suelo hoy
anual
0
Esta casilla se debe dejar a 0 si se quiere calcular el suelo por explotacin
Edificio a construir
Vida total edificio
Factor conservacin futura
Inversion en nuevo edificio
0
0.00
0
Edificio existente
Valor del edificio existente a nuevo
Antigedad actual y vida total
Factor conservacin actual
Factor de conservacin futuro
Inversin en edificio actual
ATENCIN
Se debe tener
en cuenta que solamente
se tendrn en cuenta los
valores de los 35 periodos
indicados en la celda E5
(Nmero de periodos)
11,079,024
0
1.00
1.00
0
Aos
Inversion inicial a realizar anual nuevo edificio
Inversion anual edificio antiguo
Aos
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
aos
35
Valor edificio estado actual

aos
1
0
0
2
0
3
0
Ingresos
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
Gastos
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
Canon
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4
0
11079024
5
0
Amortizacin Invers.Bruta
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
316,544
158,272
Resultados
Valores de hoy
16,847,079
16,847,079
VAN inmobiliario
Valor reposicin
Valor del suelo en caso de suelo terciario
Por Art 51
Por Residual esttico
Por Residual dinmico (1)
5,768,055
937,300
-215,805
Valores futuros
19,187,386
16,847,079
El Valor del suelo es el valor del Van menos el valor de construccin a nuevo
El Valor del suelo se calcula con el residual esttico
El Valor del suelo se calcula con el residual dinmico para una vida de
Valor Concesion
Por reposicin
Por actualizacin
Hoy
16,382,146
16,382,146
Al terminar las obras

16,382,146
18,722,453
dentro de 0 Aos
35 aos
(Tomando el CF de los aos posteriores el del ltimo ao)
CALCULO DEL VALOR POR ACTUALIZACIN

Para la determinacin del valor de mercado con este mtodo deben definirse los parmetros utilizados en
los clculos de actualizacin.
En este caso aplicaremos los siguientes:
I.P.C. Nom. 1.61%
Deuda Pblica Nominal: 2.117%
Diferencial: 7.07%
Deuda Pblica (Tasa real) 0.499%

Tipo actualizacin:
Porcentaje de impuestos:
Vida total edificio
7.460%
Tasa de crecimiento del suelo (Real)
0.00% anual
30%
Tasa de crec.de la construccin (Real)
0.00% anual
0.0001 aos
Edificio existente
Valor del edificio existente estado actual
11,079,024
Antigedad actual
Factor de conservacin
Valores en
Aos
Ingresos
Gastos
CF Bruto
Amortiz.
Inv. Bruta
Impuestos
FC Libre
FC actualiz.
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
1,606,460
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
1,494,937
3
4
6,300,000
6,300,000
3,743,414
3,743,414
2,556,586
2,556,586
316,544
316,544
158,272
158,272
672,013
672,013
1,726,301
1,726,301
1,391,157
1,294,581
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
1,204,710
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
1,121,077
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
1,043,251
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
970,827
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
903,431
10
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
840,714
11
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
782,351
12
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
728,039
13
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
677,498
14
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
630,465
15
16
6,300,000
6,300,000
3,743,414
3,743,414
2,556,586
2,556,586
316,544
316,544
158,272
158,272
672,013
672,013
1,726,301
1,726,301
586,697
545,968
17
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
508,066
18
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
472,796
19
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
439,974
20
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
409,430
21
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
381,007
22
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
354,557
23
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
329,943
24
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
307,038
25
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
285,723
26
27
6,300,000
6,300,000
3,743,414
3,743,414
2,556,586
2,556,586
316,544
316,544
158,272
158,272
672,013
672,013
1,726,301
1,726,301
265,888
247,430
28
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
230,253
29
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
214,269
30
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
199,394
31
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
185,552
32
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
172,670
33
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
160,683
34
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
149,529
35
6,300,000
3,743,414
2,556,586
316,544
158,272
672,013
1,726,301
139,148
Se ha tomado un porcentaje del mobiliario sobre el inmobilario del 23%

Total CFL Actualizado:
16,382,146.00
Total Inversiones actualizadas
Valor reversin suelo actualizado
464,932.71
Valor de la construccin
Valor reversin construccin act.
0.00
Valor del suelo
VAN inmobiliario hoy
16,847,078.71
0.00
11,079,024.00
5,768,054.71

CALCULO DEL VALOR DEL SUELO TERCIARIO
Para la determinacin del valor de mercado con este mtodo deben definirse los parmetros utilizados e
I.P.C. Nom. 1.61%

Diferencial: 7.07%
Tipo actualizacin:
7.460%
30% Tasa de crec.de la construccin (Real)
Vida total edificio
0.0001 aos
Edificio existente
lor del edificio existente estado actual
Antigedad actual
###
0
1
0.00% anual
0.00% anual
Inversion edificio antiguo ()

Inversin nuevo edificio (
Valores en
Aos
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
Ingresos
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
Gastos
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
0 distribuidos en 0 aos
CF Bruto
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
Amortiz.
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
Se ha tomado un porcentaje del mobiliario sobre el inmobilario del
Total CFL actualizado:

or reversin suelo act.
16,382,146.00
464,932.71
Inv. Bruta
Impuestos
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
FC Libre
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
FC actualiz.
1,606,460
1,494,937
1,391,157
1,294,581
1,204,710
1,121,077
1,043,251
970,827
903,431
840,714
782,351
728,039
677,498
630,465
586,697
545,968
508,066
472,796
439,974
409,430
381,007
354,557
329,943
307,038
285,723
265,888
247,430
230,253
214,269
199,394
185,552
172,670
160,683
149,529
139,148
23%

0.00
11,079,024.00

Para la determinacin del valor de mercado con este mtodo deben definirse los parmetros utilizados e
I.P.C. Nom. 1.61%

Diferencial: 7.07%
Tipo actualizacin:
7.460%
30% Tasa de crec.de la construccin (Real)
Vida total edificio
0.0001 aos
0.00% anual
0.00% anual
Edificio existente
Valor del edificio existente estado actu 11,079,024
Antigedad actual
0
1

Valores en
Aos
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
Ingresos
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
Gastos
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
CF Bruto
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
Amortiz.
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
Inv. Bruta
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
Impuestos
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
FC Libre
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301

16,382,146.00 Total Inversiones actualizadas
464,932.71
FC actualiz.
1,606,460
1,494,937
1,391,157
1,294,581
1,204,710
1,121,077
1,043,251
970,827
903,431
840,714
782,351
728,039
677,498
630,465
586,697
545,968
508,066
472,796
439,974
409,430
381,007
354,557
329,943
307,038
285,723
265,888
247,430
230,253
214,269
199,394
185,552
172,670
160,683
149,529
139,148
0.00
11,079,024.00

Para la determinacin del valor de mercado con este mtodo deben definirse los parmetros utilizados en
I.P.C. Nom. 1.61%

Diferencial: 7.07%
7.460%
30%
Tasa de crec.de la construccin (Real)
0.0001 aos
Tipo actualizacin:
Vida total edificio
Edificio existente
Valor del edificio existente estado actual
Antigedad actual
11,079,024
0
1
0.00% anual
0.00% anual

Valores en
Aos
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
Ingresos
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
6,300,000
Gastos
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
3,743,414
CF Bruto
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
2,556,586
Amortiz.
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
316,544
Inv. Bruta
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
158,272
Impuestos
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
672,013
FC Libre
FC actualiz.
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,726,301
1,606,460
1,494,937
1,391,157
1,294,581
1,204,710
1,121,077
1,043,251
970,827
903,431
840,714
782,351
728,039
677,498
630,465
586,697
545,968
508,066
472,796
439,974
409,430
381,007
354,557
329,943
307,038
285,723
265,888
247,430
230,253
214,269
199,394
185,552
172,670
160,683
149,529
139,148

16382146
464932.7113
0
11079024
CALCULO VALOR DE LA CONCESIN
Clculo a partir del Valor de Actualizacin

Valor actualizado de los Flujos de Caja
Valor actualizado de los cnones
Valor de la Inversin actualizada
Valor Concesin Hoy
16,382,146.00
(N1)
0.00
0.00
(N2)
(N3)
16,382,146.00
Clculo a partir del Valor de Reposicin

Valor Suelo Hoy
Valor construccin hoy
Valor actualizado de los cnones
Valor reversin del suelo
Valor reversin de la construccin
Valor concesin Hoy
5,768,055
11,079,024
0
464,933
0
16,382,146
(N1-N2-N3)

Anexo 3

Încărcat de

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Drepturi de autor

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Anexo 3

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Formate disponibile

Datos de partida

est utilizando aos

Tasa real crecimiento construccin

Valor del suelo hoy

Esta casilla se debe dejar a 0 si se quiere calcular el suelo por explotacin

Valor edificio estado actual

Al terminar las obras

(Tomando el CF de los aos posteriores el del ltimo ao)

CALCULO DEL VALOR POR ACTUALIZACIN

Deuda Pblica Nominal: 2.117%

Deuda Pblica (Tasa real) 0.499%

Tasa de crecimiento del suelo (Real)

Tasa de crec.de la construccin (Real)

Se ha tomado un porcentaje del mobiliario sobre el inmobilario del 23%

VAN inmobiliario hoy

CALCULO DEL VALOR POR ACTUALIZACIN

Deuda Pblica Nominal: 2.117%

Inversion edificio antiguo ()

Se ha tomado un porcentaje del mobiliario sobre el inmobilario del

Total CFL actualizado:

Total Inversiones actualizadas

CALCULO DEL VALOR POR ACTUALIZACIN

Deuda Pblica Nominal: 2.117%

Inversion edificio antiguo ()

Se ha tomado un porcentaje del mobiliario sobre el inmobilario del 23%

CALCULO DEL VALOR POR ACTUALIZACIN

Deuda Pblica Nominal: 2.117%

Inversion edificio antiguo ()

Se ha tomado un porcentaje del mobiliario sobre el inmobilario del 23%

CALCULO VALOR DE LA CONCESIN

Clculo a partir del Valor de Actualizacin

Clculo a partir del Valor de Reposicin

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