1. Таблица 10. Краткое описание инвестиционного проекта по строительству
апартамент-отеля GASPRA PARADISE
6

2. Таблица 11. Входные данные, используемые для осуществления технико-
экономического обоснования строительства апартамент-отеля GASPRA
PARADISE
6
Таблица 12. Описание денежных потоков от реализации инвестиционного
проекта по строительству
апартамент-отеля GASPRA PARADISE
6
2015 2016 2017 2018 2019 2020
Project costs 1 2 3 4 5 6 TOTAL
Land cost -$ -$ -$ -$ -$ -$ -$
Shell-and-core -$ 641 250$ 641 250$ -$ -$ -$ 1 282 500$
Public development/Infrastructure cost -$ 128 250$ -$ -$ -$ -$ 128 250$
Design & Project management -$ 32 063$ 32 063$ -$ -$ -$ 64 125$
Fit-out -$ -$ 996 000$ -$ -$ -$ 996 000$
Development management -$ 74 126$ 74 126$ -$ -$ -$ 148 253$
VAT -$ 157 624$ 313 819$ -$ -$ -$ 471 443$
TOTAL -$ 1 033 313$ 2 057 258$ -$ -$ -$ 3 090 570$
Project income
Rental proceeds -$ -$ -$ 451 040$ -$ -$ 451 040$
less brokerage fees -$ -$ -$ -36 083$ -$ -$ -36 083$
Sales proceeds -$ -$ -$ 4 510 400$ -$ -$ 4 510 400$
less sales fees -$ -$ -$ -67 656$ -$ -$ -67 656$
VAT repayment at sale -$ -$ -$ 235 721$ -$ -$ 235 721$
Total income -$ -$ -$ 5 093 422$ -$ -$ 5 093 422$
Project cash flows (w/o Landvalue) -$ -1 033 313$ -2 057 258$ 5 093 422$ -$ -$ 2 002 852$
NPV/SuggestedLandmarket value 1 128 370$ discounted at WACC 270 000$ Price proposed by the Seller

3. 6
6
Project cash flows (w/t Landvalue) based on above mentioned NPV
Project costs 270 000$ 1 033 313$ 2 057 258$ -$ -$ -$ 3 360 570$
Project proceeds -$ -$ -$ 5 093 422$ -$ -$ 5 093 422$
Project cash flows -270 000$ -1 033 313$ -2 057 258$ 5 093 422$ -$ -$ 1 732 852$
Accumulated -270 000$ -1 303 313$ -3 360 570$ 1 732 852$ 1 732 852$ 1 732 852$
Debt/Equity split
Equity contribution 504 086$
Debt contribution 2 856 485$
Total 3 360 570$
Project financing
Debt -$ 799 227$ 2 057 258$ -$ -$ -$ 2 856 485$
Accumulated debt -$ 799 227$ 2 856 485$ 2 856 485$ 2 856 485$ 2 856 485$ 2 856 485$
Equity 270 000$ 234 086$ -$ -$ -$ -$ 504 086$
Accumulated equity 270 000$ 504 086$ 504 086$ 504 086$ 504 086$ 504 086$ 504 086$
Interest calculation Click to view
Compounded annually
Bank financing
Period costs -$ 799 227$ 2 057 258$ -$ -$ -$ 2 856 485$
Period interest -$ 71 930$ 263 557$ -$ -$ -$ 335 488$
Cumulative interest -$ 71 930$ 335 488$ 335 488$ 335 488$ 335 488$ 335 488$
Cumulative principal -$ 799 227$ 2 856 485$ 2 856 485$ 2 856 485$ 2 856 485$ 2 856 485$
TOTAL DEBT -$ 799 227$ 2 928 415$ -$ -$ -$
DEBT SERVICE -$ -$ 3 191 973$ -$ -$ 3 191 973$
Interest repayment -$ -$ 335 488$ -$ -$ 335 488$
Principal repayment -$ -$ 2 856 485$ -$ -$ 2 856 485$
Equity cash flow -270 000$ -234 086$ -$ 1 901 450$ -$ -$ 1 397 364$
Accumulated cash flow -270 000$ -504 086$ -504 086$ 1 397 364$ 1 397 364$ 1 397 364$
Project performance (unleveraged) Equity performance (leveraged)
Cash flows 1 732 852$ Cash flows 1 397 364$
IRR 31.29% IRR 66.71%
NPV 881 343$ NPV 819 311$
Development yield (stabilized rent income) 13.42% after construction completion Profit-on-cost 277.21% after sale
Profit-on-cost 51.56% after sale Max(-) cash flow -504 086$
Max(-) cash flow -3 360 570$