INVERSION EN TRACTOMULA

Un transportador piensa comprar una tractomula para explotar durante tres años,
con los siguientes datos:
ENTRADAS
PARÁMETROS VALOR OBSERVACIONES
INVERSIÓN INICIAL 950,000,000 $ 760,000,000.00 $ 190,000,000.00
SALVAMENTO FINANCIERO 80.0% DE LA INVERSIÓN INICIAL
PRECIO ACPM 9,750 POR GALÓN
SEGURO 3.5% DEL VALOR EN LIBROS (AÑO ANTICIPADO)
VIAJES POR MES 15
PRECIO DEL VIAJE 3,450,000 PESOS 51,750,000.00

GASTOS:
SUELDO CONDUCTOR1 2,350,000
COMISIÓN CONDUCTOR 2.5% DE LOS INGRESOS BRUTOS DEL CAMIÓN
GASTOS GENERALES 12,500,000 MENSUAL (LLANTAS, IMPUESTOS, ETC.)
CONSUMO ACPM 75 GALONES POR VIAJE
1
Se pagan prestaciones de ley

INCREMENTOS:
VALOR DEL VIAJE 7.0% ANUAL
GASTOS GENERALES 3.0% SEMESTRAL
PRECIO ACPM 0.5% MENSUAL
SUELDOS 6.0% ANUAL

El negocio se financia con un crédito a tres años, equivalente al 80% del valor del vehículo
El costo del crédito es 28% Efectiva y las cuotas se pagan trimestralmente (abono constante a capital)
Tasa impositiva 35.0%

CREAR VARIABLES QUE NO FIGURAN EN LAS ENTRADAS:

SEGURIDAD Y PRESTACIONES SOCIALES (Como % del sueldo)
SEGURIDAD Y PRESTACIONES QUE SE PAGAN MENSUALMENTE 28.00%
SEGURIDAD Y PRESTACIONES QUE SE PAGAN SEMESTRALMENTE 8.33%
SEGURIDAD Y PRESTACIONES QUE SE PAGAN ANUALMENTE 13.00%

FINANCIACION:
CREDITO 80.0% DEL VALOR DEL VEHICULO
TASA EFECTIVA 28.00% ANUAL
NUMERO DE CUOTAS 12 TRIMESTRAL

TASA DESEADA DE RENTABILIDAD 2.5% MENSUAL

PROCESO
DEPRECIACION 0 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
Plazo depreciación (meses) 60
Gasto depreciación mensual 15,833,333 15,569,444 15,309,954 15,054,788 14,803,875 14,557,143 14,314,524 14,075,949 13,841,350 13,610,661 13,383,816 13,160,753 12,941,407 12,725,717 12,513,621 12,305,061 12,099,977 11,898,310 11,700,005 11,505,005 11,313,255 11,124,701 10,939,289 10,756,968 10,577,685 10,401,390 10,228,034 10,057,566 9,889,940 9,725,108 9,563,023 9,403,639 9,246,912 9,092,797 8,941,250 8,792,229
Valor en libros 950,000,000 934,166,667 918,597,222 903,287,269 888,232,481 873,428,606 858,871,463 844,556,938 830,480,989 816,639,639 803,028,979 789,645,162 776,484,410 763,543,003 750,817,286 738,303,665 725,998,604 713,898,627 702,000,317 690,300,311 678,795,306 667,482,051 656,357,350 645,418,061 634,661,093 624,083,408 613,682,018 603,453,985 593,396,418 583,506,478 573,781,370 564,218,347 554,814,708 545,567,796 536,475,000 527,533,750 518,741,520

SEGUROS
Pago del seguro 33,250,000
Amortización del seguro 950,000,000 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833 2,770,833

VALOR DE SALVAMENTO FINANCIERO 760,000,000

VALOR CREDITO 760,000,000 CAPITAL $ 760,000,000

TASA TRIMESTRAL 6.37% #PERIODOS 12
No. Cuotas fijas 12 36 INTERES 6.3659%
Valor cuota fija $ 92,477,852.92 Cuota trimestral CUOTA $ 92,477,852.92

PERIODO INTERES CUOTA ABONO SALDO

0 760,000,000
1 48,380,976 92,477,853 44,096,877 715,903,123
2 45,573,805 92,477,853 46,904,048 668,999,076
3 42,587,932 92,477,853 49,889,921 619,109,155
4 39,411,981 92,477,853 53,065,872 566,043,283
5 36,033,851 92,477,853 56,444,002 509,599,281
6 32,440,672 92,477,853 60,037,181 449,562,100
7 28,618,754 92,477,853 63,859,099 385,703,002
8 24,553,537 92,477,853 67,924,316 317,778,685
9 20,229,530 92,477,853 72,248,323 245,530,363
10 15,630,261 92,477,853 76,847,592 168,682,771
11 10,738,207 92,477,853 81,739,646 86,943,125
12 5,534,728 92,477,853 86,943,125 0

CONSUMO MENSUAL DE ACPM 1,125 galones

VARIABLES 0 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
Precio del ACPM 9,750 9,799 9,848 9,897 9,946 9,996 10,046 10,096 10,147 10,198 10,249 10,300 10,351 10,403 10,455 10,507 10,560 10,613 10,666 10,719 10,773 10,827 10,881 10,935 10,990 11,045 11,100 11,155 11,211 11,267 11,324 11,380 11,437 11,494 11,552 11,610
Valor del viaje 3,450,000 3,450,000 3,450,000 3,450,000 3,450,000 3,450,000 3,450,000 3,450,000 3,450,000 3,450,000 3,450,000 3,450,000 3,691,500 3,691,500 3,691,500 3,691,500 3,691,500 3,691,500 3,691,500 3,691,500 3,691,500 3,691,500 3,691,500 3,691,500 3,949,905 3,949,905 3,949,905 3,949,905 3,949,905 3,949,905 3,949,905 3,949,905 3,949,905 3,949,905 3,949,905 3,949,905
Sueldo conductor 2,350,000 2,350,000 2,350,000 2,350,000 2,350,000 2,350,000 2,350,000 2,350,000 2,350,000 2,350,000 2,350,000 2,350,000 2,491,000 2,491,000 2,491,000 2,491,000 2,491,000 2,491,000 2,491,000 2,491,000 2,491,000 2,491,000 2,491,000 2,491,000 2,640,460 2,640,460 2,640,460 2,640,460 2,640,460 2,640,460 2,640,460 2,640,460 2,640,460 2,640,460 2,640,460 2,640,460
Gastos generales 12,500,000 12,500,000 12,500,000 12,500,000 12,500,000 12,500,000 12,875,000 12,875,000 12,875,000 12,875,000 12,875,000 12,875,000 13,261,250 13,261,250 13,261,250 13,261,250 13,261,250 13,261,250 13,659,088 13,659,088 13,659,088 13,659,088 13,659,088 13,659,088 14,068,860 14,068,860 14,068,860 14,068,860 14,068,860 14,068,860 14,490,926 14,490,926 14,490,926 14,490,926 14,490,926 14,490,926

FLUJO DE CAJA FINANCIERO

INGRESOS Total 1 2 Analisis vertical 3 4 Analisis vertical 5 6 Analisis vertical 7 8 Analisis vertical 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
Por ventas 1,996,452,900 51,750,000 51,750,000 91% 51,750,000 51,750,000 91% 51,750,000 51,750,000 91% 51,750,000 51,750,000 91% 51,750,000 51,750,000 91% 51,750,000 51,750,000 91% 55,372,500 55,372,500 91% 55,372,500 55,372,500 91% 55,372,500 55,372,500 91% 55,372,500 55,372,500 91% 55,372,500 55,372,500 91% 55,372,500 55,372,500 91% 59,248,575 59,248,575 92% 59,248,575 59,248,575 92% 59,248,575 59,248,575 92% 59,248,575 59,248,575 92% 59,248,575 59,248,575 92% 59,248,575 59,248,575 92%
Por salvamento financiero 190,000,000 5,277,778 5,277,778 9% 5,277,778 5,277,778 9% 5,277,778 5,277,778 9% 5,277,778 5,277,778 9% 5,277,778 5,277,778 9% 5,277,778 5,277,778 9% 5,277,778 5,277,778 9% 5,277,778 5,277,778 9% 5,277,778 5,277,778 9% 5,277,778 5,277,778 9% 5,277,778 5,277,778 9% 5,277,778 5,277,778 9% 5,277,778 5,277,778 8% 5,277,778 5,277,778 8% 5,277,778 5,277,778 8% 5,277,778 5,277,778 8% 5,277,778 5,277,778 8% 5,277,778 5,277,778 8%
TOTAL INGRESOS 2,186,452,900 57,027,778 57,027,778 100% 57,027,778 57,027,778 100% 57,027,778 57,027,778 100% 57,027,778 57,027,778 100% 57,027,778 57,027,778 100% 57,027,778 57,027,778 100% 60,650,278 60,650,278 100% 60,650,278 60,650,278 100% 60,650,278 60,650,278 100% 60,650,278 60,650,278 100% 60,650,278 60,650,278 100% 60,650,278 60,650,278 100% 64,526,353 64,526,353 100% 64,526,353 64,526,353 100% 64,526,353 64,526,353 100% 64,526,353 64,526,353 100% 64,526,353 64,526,353 100% 64,526,353 64,526,353 100% 2,186,452,917
EGRESOS Total 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
Compra vehículo
Combustible 431,467,901 10,968,750 11,023,594 19% 11,078,712 11,134,105 19% 11,189,776 11,245,725 20% 11,301,953 11,358,463 20% 11,415,255 11,472,332 20% 11,529,693 11,587,342 20% 11,645,278 11,703,505 19% 11,762,022 11,820,833 19% 11,879,937 11,939,336 20% 11,999,033 12,059,028 20% 12,119,323 12,179,920 20% 12,240,820 12,302,024 20% 12,363,534 12,425,351 19% 12,487,478 12,549,916 19% 12,612,665 12,675,729 20% 12,739,107 12,802,803 20% 12,866,817 12,931,151 20% 12,995,807 13,060,786 20%
Sueldo 89,777,520 2,350,000 2,350,000 4% 2,350,000 2,350,000 4% 2,350,000 2,350,000 4% 2,350,000 2,350,000 4% 2,350,000 2,350,000 4% 2,350,000 2,350,000 4% 2,491,000 2,491,000 4% 2,491,000 2,491,000 4% 2,491,000 2,491,000 4% 2,491,000 2,491,000 4% 2,491,000 2,491,000 4% 2,491,000 2,491,000 4% 2,640,460 2,640,460 4% 2,640,460 2,640,460 4% 2,640,460 2,640,460 4% 2,640,460 2,640,460 4% 2,640,460 2,640,460 4% 2,640,460 2,640,460 4%
Comisiones 49,911,323 1,293,750 1,293,750 2% 1,293,750 1,293,750 2% 1,293,750 1,293,750 2% 1,293,750 1,293,750 2% 1,293,750 1,293,750 2% 1,293,750 1,293,750 2% 1,384,313 1,384,313 2% 1,384,313 1,384,313 2% 1,384,313 1,384,313 2% 1,384,313 1,384,313 2% 1,384,313 1,384,313 2% 1,384,313 1,384,313 2% 1,481,214 1,481,214 2% 1,481,214 1,481,214 2% 1,481,214 1,481,214 2% 1,481,214 1,481,214 2% 1,481,214 1,481,214 2% 1,481,214 1,481,214 2%
Prestaciones mensuales 25,137,706 658,000 658,000 1% 658,000 658,000 1% 658,000 658,000 1% 658,000 658,000 1% 658,000 658,000 1% 658,000 658,000 1% 697,480 697,480 1% 697,480 697,480 1% 697,480 697,480 1% 697,480 697,480 1% 697,480 697,480 1% 697,480 697,480 1% 739,329 739,329 1% 739,329 739,329 1% 739,329 739,329 1% 739,329 739,329 1% 739,329 739,329 1% 739,329 739,329 1%
Prestaciones semestrales 7,478,467 195,755 195,755 0% 195,755 195,755 0% 195,755 195,755 0% 195,755 195,755 0% 195,755 195,755 0% 195,755 195,755 0% 207,500 207,500 0% 207,500 207,500 0% 207,500 207,500 0% 207,500 207,500 0% 207,500 207,500 0% 207,500 207,500 0% 219,950 219,950 0% 219,950 219,950 0% 219,950 219,950 0% 219,950 219,950 0% 219,950 219,950 0% 219,950 219,950 0%
Prestaciones anuales 11,671,078 305,500 305,500 1% 305,500 305,500 1% 305,500 305,500 1% 305,500 305,500 1% 305,500 305,500 1% 305,500 305,500 1% 323,830 323,830 1% 323,830 323,830 1% 323,830 323,830 1% 323,830 323,830 1% 323,830 323,830 1% 323,830 323,830 1% 343,260 343,260 1% 343,260 343,260 1% 343,260 343,260 1% 343,260 343,260 1% 343,260 343,260 1% 343,260 343,260 1%
Pago del seguro 99,750,000 2,770,833 2,770,833 5% 2,770,833 2,770,833 5% 2,770,833 2,770,833 5% 2,770,833 2,770,833 5% 2,770,833 2,770,833 5% 2,770,833 2,770,833 5% 2,770,833 2,770,833 5% 2,770,833 2,770,833 5% 2,770,833 2,770,833 5% 2,770,833 2,770,833 5% 2,770,833 2,770,833 5% 2,770,833 2,770,833 5% 2,770,833 2,770,833 4% 2,770,833 2,770,833 4% 2,770,833 2,770,833 4% 2,770,833 2,770,833 4% 2,770,833 2,770,833 4% 2,770,833 2,770,833 4%
Gastos generales 485,130,741 12,500,000 12,500,000 22% 12,500,000 12,500,000 22% 12,500,000 12,500,000 22% 12,875,000 12,875,000 23% 12,875,000 12,875,000 23% 12,875,000 12,875,000 23% 13,261,250 13,261,250 22% 13,261,250 13,261,250 22% 13,261,250 13,261,250 22% 13,659,088 13,659,088 23% 13,659,088 13,659,088 23% 13,659,088 13,659,088 23% 14,068,860 14,068,860 22% 14,068,860 14,068,860 22% 14,068,860 14,068,860 22% 14,490,926 14,490,926 22% 14,490,926 14,490,926 22% 14,490,926 14,490,926 22%
Pago de impuestos 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 0 0% 0 0 0% 0 0 0% 0 0 0% 0 0 0% 0 0 0% 0 0 0%
TOTAL EGRESOS 1,200,324,736 31,042,588 31,097,432 31,152,550 31,207,944 31,263,614 31,319,563 31,750,792 31,807,301 31,864,094 31,921,170 31,978,532 32,036,180 32,781,485 32,839,711 32,898,229 32,957,039 33,016,143 33,075,543 33,533,077 33,593,072 33,653,367 33,713,964 33,774,863 33,836,067 34,627,441 34,689,258 34,751,385 34,813,822 34,876,572 34,939,635 35,425,080 35,488,775 35,552,789 35,617,123 35,681,779 35,746,758 1,200,324,736
FLUJO NETO 986,128,164 25,985,189 25,930,346 25,875,228 25,819,834 25,764,164 25,708,215 25,276,986 25,220,476 25,163,684 25,106,608 25,049,246 24,991,598 27,868,793 27,810,567 27,752,049 27,693,239 27,634,135 27,574,735 27,117,201 27,057,206 26,996,911 26,936,314 26,875,415 26,814,210 29,898,912 29,837,095 29,774,968 29,712,530 29,649,781 29,586,718 29,101,273 29,037,578 28,973,564 28,909,229 28,844,574 28,779,595 986,128,164

SALIDA
VALOR PRESENTE NETO (VPN) 177,715,652
TASA INTERNA DE RETORNO (TIR) 13.88%

AÑO FLUJO DE CAJA

0 (760,000,000)
1 305,891,574
2 328,130,775
3 352,105,815
Tasa 0.025
Periodo 3 años
Inversion inicial (760,000,000)
 MEDIO

15
2570000

0.025
12500000
75

Page 3
Clase de viaje Corto Medio Largo

Viajes al mes 27 15 8

Valor viaje 2,750,000.00 3,450,000.00 7,450,000.00

Comision conductor 2% 3% 4%
Gastos mensuales 9,000,000.00 12,500,000.00 14,000,000.00
Combustible por viaje 40 75 185
VPN

Estado de resultados
Ingresos 74,250,000.00 51,750,000.00 59,600,000.00
Comisiones 1,485,000.00 1,293,750.00 2,384,000.00
Gastos 9,000,000.00 12,500,000.00 14,000,000.00
Combustible 10,530,000.00 10,968,750.00 14,430,000.00
Total 53,235,000.00 26,987,500.00 28,786,000.00

ESTADO DE RESULT
1 2 3
INGRESOS
Por ventas 74,250,000.00 74,250,000.00 74,250,000.00
Por salvamento financiero 5,277,777.78 5,277,777.78 5,277,777.78
TOTAL INGRESOS 79,527,777.78 79,527,777.78 79,527,777.78
EGRESOS
Combustible 10,530,000.00 10,530,000.00 10,530,000.00
Sueldo 2,350,000.00 2,350,000.00 2,350,000.00
Comisiones 1,485,000.00 1,485,000.00 1,485,000.00
Prestaciones mensuales 658,000.00 658,000.00 658,000.00
Prestaciones semestrales 195,755.00 195,755.00 195,755.00
Prestaciones anuales 305,500.00 305,500.00 305,500.00
Pago del seguro 2,770,833.33 2,770,833.33 2,770,833.33
Gastos generales 9,000,000.00 9,000,000.00 9,000,000.00
Pago de impuestos - - -
TOTAL EGRESOS 27,295,088.33 27,295,088.33 27,295,088.33
FLUJO NETO 52,232,689.44 52,232,689.44 52,232,689.44
VAN VIAJE CORTO $ 1,208,202,098.49

AÑO 1 626,792,273.33
AÑO 2 682,351,073.33
AÑO 3 684,631,445.27

ESTADO DE RESUL
1 2 3
INGRESOS
Por ventas 51,750,000.00 51,750,000.00 51,750,000.00
Por salvamento financiero 5,277,777.78 5,277,777.78 5,277,777.78
TOTAL INGRESOS 57,027,777.78 57,027,777.78 57,027,777.78
EGRESOS
Combustible 10,968,750.00 10,968,750.00 10,968,750.00
Sueldo 2,350,000.00 2,350,000.00 2,350,000.00
Comisiones 1,293,750.00 1,293,750.00 1,293,750.00
Prestaciones mensuales 658,000.00 658,000.00 658,000.00
Prestaciones semestrales 195,755.00 195,755.00 195,755.00
Prestaciones anuales 305,500.00 305,500.00 305,500.00
Pago del seguro 2,770,833.33 2,770,833.33 2,770,833.33
Gastos generales 12,500,000.00 12,500,000.00 12,500,000.00
Pago de impuestos - - -
TOTAL EGRESOS 31,042,588.33 31,042,588.33 31,042,588.33
FLUJO NETO 25,985,189.44 25,985,189.44 25,985,189.44
VAN VIAJE CORTO -$ 284,769,529.14
Incremento INCREMENTOS:
VALOR DEL 7.0% ANUAL
VIAJE
GASTOS 3.0% SEMESTRAL
7% GENERALES
PRECIO ACPM 0.5% MENSUAL

3.00 SUELDOS 6.0% ANUAL

0.5

ESTADO DE RESULTADOS POR VIAJE CORTO

4 5 6 7 8 9

74,250,000.00 74,250,000.00 74,250,000.00 74,250,000.00 74,250,000.00 74,250,000.00

5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78
79,527,777.78 79,527,777.78 79,527,777.78 79,527,777.78 79,527,777.78 79,527,777.78

10,530,000.00 10,530,000.00 10,530,000.00 10,530,000.00 10,530,000.00 10,530,000.00

2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00
1,485,000.00 1,485,000.00 1,485,000.00 1,485,000.00 1,485,000.00 1,485,000.00
658,000.00 658,000.00 658,000.00 658,000.00 658,000.00 658,000.00
195,755.00 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00
305,500.00 305,500.00 305,500.00 305,500.00 305,500.00 305,500.00
2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33
9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00 9,000,000.00
- - - - - -
27,295,088.33 27,295,088.33 27,295,088.33 27,295,088.33 27,295,088.33 27,295,088.33
52,232,689.44 52,232,689.44 52,232,689.44 52,232,689.44 52,232,689.44 52,232,689.44

ESTADO DE RESULTADOS POR VIAJE MEDIO

4 5 6 7 8 9

51,750,000.00 51,750,000.00 51,750,000.00 51,750,000.00 51,750,000.00 51,750,000.00

5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78
57,027,777.78 57,027,777.78 57,027,777.78 57,027,777.78 57,027,777.78 57,027,777.78

10,968,750.00 10,968,750.00 10,968,750.00 10,968,750.00 10,968,750.00 10,968,750.00

2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00
1,293,750.00 1,293,750.00 1,293,750.00 1,293,750.00 1,293,750.00 1,293,750.00
658,000.00 658,000.00 658,000.00 658,000.00 658,000.00 658,000.00
 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00
305,500.00 305,500.00 305,500.00 305,500.00 305,500.00 305,500.00
2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33
12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00
- - - - - -
31,042,588.33 31,042,588.33 31,042,588.33 31,042,588.33 31,042,588.33 31,042,588.33
25,985,189.44 25,985,189.44 25,985,189.44 25,985,189.44 25,985,189.44 25,985,189.44
OS:

10 11 12 1 2 3

74,250,000.00 74,250,000.00 74,250,000.00 79,447,500.00 79,447,500.00 79,447,500.00

5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78
79,527,777.78 79,527,777.78 79,527,777.78 84,725,277.78 84,725,277.78 84,725,277.78

10,530,000.00 10,530,000.00 10,530,000.00 10,582,650.00 10,582,650.00 10,582,650.00

2,350,000.00 2,350,000.00 2,350,000.00 2,491,000.00 2,491,000.00 2,491,000.00
1,485,000.00 1,485,000.00 1,485,000.00 1,588,950.00 1,588,950.00 1,588,950.00
658,000.00 658,000.00 658,000.00 658,000.00 658,000.00 658,000.00
195,755.00 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00
305,500.00 305,500.00 305,500.00 305,500.00 305,500.00 305,500.00
2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33
9,000,000.00 9,000,000.00 9,000,000.00 9,270,000.00 9,270,000.00 9,270,000.00
- - - - - -
27,295,088.33 27,295,088.33 27,295,088.33 27,862,688.33 27,862,688.33 27,862,688.33
52,232,689.44 52,232,689.44 52,232,689.44 56,862,589.44 56,862,589.44 56,862,589.44

10 11 12 1 2 3

51,750,000.00 51,750,000.00 51,750,000.00 55,372,500.00 55,372,500.00 55,372,500.00

5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78
57,027,777.78 57,027,777.78 57,027,777.78 60,650,277.78 60,650,277.78 60,650,277.78

10,968,750.00 10,968,750.00 10,968,750.00 11,023,593.75 11,023,593.75 11,023,593.75

2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00
1,293,750.00 1,293,750.00 1,293,750.00 1,384,312.50 1,384,312.50 1,384,312.50
658,000.00 658,000.00 658,000.00 658,000.00 658,000.00 658,000.00
 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00
305,500.00 305,500.00 305,500.00 305,500.00 305,500.00 305,500.00
2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33
12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00
- - - - - -
31,042,588.33 31,042,588.33 31,042,588.33 31,187,994.58 31,187,994.58 31,187,994.58
25,985,189.44 25,985,189.44 25,985,189.44 29,462,283.19 29,462,283.19 29,462,283.19
 4 5 6 7 8 9

79,447,500.00 79,447,500.00 79,447,500.00 79,447,500.00 79,447,500.00 79,447,500.00

5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78
84,725,277.78 84,725,277.78 84,725,277.78 84,725,277.78 84,725,277.78 84,725,277.78

10,582,650.00 10,582,650.00 10,582,650.00 10,582,650.00 10,582,650.00 10,582,650.00

2,491,000.00 2,491,000.00 2,491,000.00 2,491,000.00 2,491,000.00 2,491,000.00
1,588,950.00 1,588,950.00 1,588,950.00 1,588,950.00 1,588,950.00 1,588,950.00
658,000.00 658,000.00 658,000.00 658,000.00 658,000.00 658,000.00
195,755.00 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00
305,500.00 305,500.00 305,500.00 305,500.00 305,500.00 305,500.00
2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33
9,270,000.00 9,270,000.00 9,270,000.00 9,270,000.00 9,270,000.00 9,270,000.00
- - - - - -
27,862,688.33 27,862,688.33 27,862,688.33 27,862,688.33 27,862,688.33 27,862,688.33
56,862,589.44 56,862,589.44 56,862,589.44 56,862,589.44 56,862,589.44 56,862,589.44

4 5 6 7 8 9

55,372,500.00 55,372,500.00 55,372,500.00 55,372,500.00 55,372,500.00 55,372,500.00

5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78
60,650,277.78 60,650,277.78 60,650,277.78 60,650,277.78 60,650,277.78 60,650,277.78

11,023,593.75 11,023,593.75 11,023,593.75 11,023,593.75 11,023,593.75 11,023,593.75

2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00
1,384,312.50 1,384,312.50 1,384,312.50 1,384,312.50 1,384,312.50 1,384,312.50
658,000.00 658,000.00 658,000.00 658,000.00 658,000.00 658,000.00
 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00
305,500.00 305,500.00 305,500.00 305,500.00 305,500.00 305,500.00
2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33
12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00
- - - - - -
31,187,994.58 31,187,994.58 31,187,994.58 31,187,994.58 31,187,994.58 31,187,994.58
29,462,283.19 29,462,283.19 29,462,283.19 29,462,283.19 29,462,283.19 29,462,283.19
 10 11 12 1 2 3

79,447,500.00 79,447,500.00 79,447,500.00 79,811,325.00 79,811,325.00 79,811,325.00

5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78
84,725,277.78 84,725,277.78 84,725,277.78 85,089,102.78 85,089,102.78 85,089,102.78

10,582,650.00 10,582,650.00 10,582,650.00 10,582,913.25 10,582,913.25 10,582,913.25

2,491,000.00 2,491,000.00 2,491,000.00 2,640,460.00 2,649,427.60 2,649,965.66
1,588,950.00 1,588,950.00 1,588,950.00 1,596,226.50 1,596,226.50 1,596,226.50
658,000.00 658,000.00 658,000.00 658,000.00 658,000.00 658,000.00
195,755.00 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00
305,500.00 305,500.00 305,500.00 305,500.00 305,500.00 305,500.00
2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33
9,270,000.00 9,270,000.00 9,270,000.00 9,278,100.00 9,278,100.00 9,278,100.00
- - - - - -
27,862,688.33 27,862,688.33 27,862,688.33 28,027,788.08 28,036,755.68 28,037,293.74
56,862,589.44 56,862,589.44 56,862,589.44 57,061,314.69 57,052,347.09 57,051,809.04

10 11 12 1 2 3

55,372,500.00 55,372,500.00 55,372,500.00 55,626,075.00 55,626,075.00 55,626,075.00

5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78
60,650,277.78 60,650,277.78 60,650,277.78 60,903,852.78 60,903,852.78 60,903,852.78

11,023,593.75 11,023,593.75 11,023,593.75 11,023,593.75 10,968,750.00 10,968,750.00

2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00
1,384,312.50 1,384,312.50 1,384,312.50 1,390,651.88 1,390,651.88 1,390,651.88
658,000.00 658,000.00 658,000.00 658,000.00 658,000.00 658,000.00
 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00
305,500.00 305,500.00 305,500.00 305,500.00 305,500.00 305,500.00
2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33
12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00
- - - - - -
31,187,994.58 31,187,994.58 31,187,994.58 31,194,333.96 31,139,490.21 31,139,490.21
29,462,283.19 29,462,283.19 29,462,283.19 29,709,518.82 29,764,362.57 29,764,362.57
 4 5 6 7 8 9

79,811,325.00 79,811,325.00 79,811,325.00 79,811,325.00 79,811,325.00 79,811,325.00

5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78
85,089,102.78 85,089,102.78 85,089,102.78 85,089,102.78 85,089,102.78 85,089,102.78

10,582,913.25 10,582,913.25 10,582,913.25 10,582,913.25 10,582,913.25 10,582,913.25

2,649,997.94 2,649,999.88 2,649,999.99 2,650,000.00 2,650,000.00 2,650,000.00
1,596,226.50 1,596,226.50 1,596,226.50 1,596,226.50 1,596,226.50 1,596,226.50
658,000.00 658,000.00 658,000.00 658,000.00 658,000.00 658,000.00
195,755.00 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00
305,500.00 305,500.00 305,500.00 305,500.00 305,500.00 305,500.00
2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33
9,278,100.00 9,278,100.00 9,278,100.00 9,278,100.00 9,278,100.00 9,278,100.00
- - - - - -
28,037,326.02 28,037,327.96 28,037,328.08 28,037,328.08 28,037,328.08 28,037,328.08
57,051,776.76 57,051,774.82 57,051,774.70 57,051,774.69 57,051,774.69 57,051,774.69

4 5 6 7 8 9

55,626,075.00 55,626,075.00 55,626,075.00 55,626,075.00 55,626,075.00 55,626,075.00

5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78 5,277,777.78
60,903,852.78 60,903,852.78 60,903,852.78 60,903,852.78 60,903,852.78 60,903,852.78

10,968,750.00 10,968,750.00 10,968,750.00 10,968,750.00 10,968,750.00 10,968,750.00

2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00 2,350,000.00
1,390,651.88 1,390,651.88 1,390,651.88 1,390,651.88 1,390,651.88 1,390,651.88
658,000.00 658,000.00 658,000.00 658,000.00 658,000.00 658,000.00
 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00 195,755.00
305,500.00 305,500.00 305,500.00 305,500.00 305,500.00 305,500.00
2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33 2,770,833.33
12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00 12,500,000.00
- - - - - -
31,139,490.21 31,139,490.21 31,139,490.21 31,139,490.21 31,139,490.21 31,139,490.21
29,764,362.57 29,764,362.57 29,764,362.57 29,764,362.57 29,764,362.57 29,764,362.57
 10 11 12

79,811,325.00 79,811,325.00 79,811,325.00

5,277,777.78 5,277,777.78 5,277,777.78
85,089,102.78 85,089,102.78 85,089,102.78

10,582,913.25 10,582,913.25 10,582,913.25

2,650,000.00 2,650,000.00 2,650,000.00
1,596,226.50 1,596,226.50 1,596,226.50
658,000.00 658,000.00 658,000.00
195,755.00 195,755.00 195,755.00
305,500.00 305,500.00 305,500.00
2,770,833.33 2,770,833.33 2,770,833.33
9,278,100.00 9,278,100.00 9,278,100.00
- - -
28,037,328.08 28,037,328.08 28,037,328.08
57,051,774.69 57,051,774.69 57,051,774.69

10 11 12

55,626,075.00 55,626,075.00 55,626,075.00

5,277,777.78 5,277,777.78 5,277,777.78
60,903,852.78 60,903,852.78 60,903,852.78

10,968,750.00 10,968,750.00 10,968,750.00

2,350,000.00 2,350,000.00 2,350,000.00
1,390,651.88 1,390,651.88 1,390,651.88
658,000.00 658,000.00 658,000.00
 195,755.00 195,755.00 195,755.00
305,500.00 305,500.00 305,500.00
2,770,833.33 2,770,833.33 2,770,833.33
12,500,000.00 12,500,000.00 12,500,000.00
- - -
31,139,490.21 31,139,490.21 31,139,490.21
29,764,362.57 29,764,362.57 29,764,362.57