CONFIDENTIAL DOCUMENT Hotel de Capricho, s.l. - MADP … · 2015. 10. 7. · MADP Business Plan & Legal Services ... 3.4.2 Risk to a change in the cost of supplies 28 Benefits for

MADP Business Plan & Legal Services ®

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Hotel de Capricho, s.l.

MADP Business Plan & Legal Services ®

CONFIDENTIAL DOCUMENT

PRIVACY STATEMENT OF DOCUMENT:

Tenderers may submit, at the time of

delivering the documentation a statement

which of the documents relating to

technical or trade secrets and confidential

aspects of the tender noted, are considered

documentation confidential, for the

purposes specified in Article 140.1 of the

TRLCSP to prevent improper disclosure

thereof occurs.

Activity: Hotel en Palma de Mallorca

Evolution of the benefits and monthly losses

Madp Business Plan & Legal Services ®[email protected]

-80.000

-60.000

-40.000

-20.000

0

20.000

40.000

60.000

80.000

100.000

Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

January February March April May June July August September October November December

Página 1 MADP Bussines Plan Legal Services ®© www.madp.es [email protected] Tel. 656405583 Producto Registrado ®©.

Pág. Pág.1. Previous data: trade name, Idea, identifying features, promoters partners. 3 Benefits for every day and every month. 56

1.1 General Information 4 6.3.- Year: 2018 571.2 Marketing Plan. 5 Economic Result 571.3 Plan of Operations 7 Financial plan. Cashflow 581.4.- Human Resources Plan. 8 Deadpoint. Breakeven 591.5.- commercial legal Plan. 9 Productivity of the items of the income statement. 601.6.- Basis of economic and financial plan. 10 Benefits for each hour of work each month. 611.7 Structure Fixed and Variable Costs 11 Benefits for every day and every month. 621.8 Income and estimated expenses of the first full year 12 6.4.- Year: 2019 631.9.- Structure of estimated annual expenses and its specific weight. 13 Economic Result 631.10 Structure of income and its specific weight 14 Financial plan. Cashflow 641.11.- minimum income to cover costs. Breakeven. 15 Deadpoint. Breakeven 65

2. Financial Report Business 16 Productivity of the items of the income statement. 662.1 Executive summary of the project. 17 Benefits for each hour of work each month. 672.2 Detailed study of the Season 18 Benefits for every day and every month. 68

3. Investments required 23 6.5.- Year: 2020 693.1 Cast investments or refinancing needed the first year of study. 24 Economic Result 693.2 Term of payback. 25 Financial plan. Cashflow 703.3 Cash flow Approximate 26 Deadpoint. Breakeven 713.4. Calculate business risk. Elasticity of the variables involved 27 Productivity of the items of the income statement. 72

3.4.1 Risk to a change in sales 27 Benefits for each hour of work each month. 733.4.2 Risk to a change in the cost of supplies 28 Benefits for every day and every month. 743.4.3 Risk to a change in the cost of overheads 29 7. Valuation of the company 753.4.4 Risk to a change in financial costs 30 7.1.-evaluation by different methods, with projection to 10 years. 763.4.5 Risk to a change of personnel costs 31 7.2.-Assessment by Cash Flow long plazo.VAN / TIR 773.4.6.- Study of budgetary deviations. 32 8. Details of business taxes, taxes, rent and societies 78

3.5.- Investments summary of our business plan. 33 8.1.- value added tax I.V.A. 793.6.- Plan Investment payback. 34 8.2.- Income tax of individuals with income tax 80

4. Analysis of the products. 35 8.3.- Income tax. I.S. 814.1 Detailed analysis of units sold 36 8.4.- Profitability for members. 824.2 Composition of the sales price 37 9. Detailed study of the workforce 834.3 Cost of product sales 38 9.1.- weekly hours of each worker in each month. 84

5. Financial statements for the first five years: balance sheet, income, sources and uses of funds account. 39 9.2 Study of the productivity of workers in 855.1 Profit and Loss Account. 40 9.3.- Working hours needed each day and week according to the budget. 865.2 Balance Sheet. 41 9.4.- Detail workers needed every hour, day and month. 875.3 State of Origin and Application of Funds. 42 10. Ratios accounting and balance sheet analysis 935.4 Chart Evolution of sales, expenses, profits and gains 43 10.1 On the balance sheet. 94

6. Detailed analysis of the first five years 44 10.2 On the income statement 956.1.- Year: 2016 45 10.3 Financial Analysis 96

Economic Result 45 10.4.- Performance Analysis 97Financial plan. Cashflow 46 10.5.- Management Analysis 98Deadpoint. Breakeven 47 11. Plan loan repayment 99Productivity of the items of the income statement. 48 11.1 Amortization table by the German system 100Benefits for each hour of work each month. 49 12. Conclusions. Logical Framework. Is it logical business plan? 104Benefits for every day and every month. 50 12.1 Year: 2016 105

6.2.- Year: 2017 51 12.2 Year: 2017 107Economic Result 51 12.3 Year: 2018 109Financial plan. Cashflow 52 12.4 Year: 2019 111Deadpoint. Breakeven 53 12.5 Year: 2020 113Productivity of the items of the income statement. 54 12.6.- Summary five years analyzed 115Benefits for each hour of work each month. 55 13. Analysis of the return on my main product: Estancia Hotelera 116

IndexMadp Business Plan & Legal Services ® 656405583 [email protected]

Activity: Hotel en Palma de Mallorca



1. Previous data: trade name, Idea, identifying features, promoters partners.


1.1 General Information

.- Company Name .- Promoters Partners

50,000% Madp Business Plan & Legal Services ®

.- Origin of the Idea 50,000% Miguel Ángel

.- Economic activity.


Hotel en Palma de Mallorca

Empresario con experiencia

Profesional con experiencia

Madp Business Plan & Legal Services ®


1.2 Marketing Plan.

Market characteristics .- .- Competitive Analysis

Product Estancia Hotelera

my business competitor 1 competitor 2 competitor 3 competitor 4 competitor 5

price 60,00 46,82 36,18 40,45 73,18 81,77

quality Alta Alta Alta Alta Alta Alta

.- Barriers to entry service Alta Alta Alta Alta Alta Alta

experience Alta Alta Alta Alta Alta Alta

location Buena Buena Buena Buena Buena Buena

Methods of Sale Reservas Reservas Reservas Reservas Reservas Reservas

advertising Agencias Agencias Agencias Agencias Agencias Agencias

Image Lujo Lujo Lujo Lujo Lujo Lujo

.- OpportunitiesProduct Cafetería, Comida y Bebida


price 14,66 11,98 17,53 14,58 18,18 11,71


service Alta Alta Alta Alta Alta Alta

.- Customers experience Alta Alta Alta Alta Alta Alta





.- Suppliers Product Comunic., Alquil.loc. 229 m2 y Varios


price 4,40 2,86 6,03 3,65 5,76 6,55


service Alta Alta Alta Alta Alta Alta

experience Alta Alta Alta Alta Alta Alta

.- Pricing Policy location Buena Buena Buena Buena Buena Buena




Product Spa & Wellness Center


.- Location price 0,62 0,48 0,33 0,31 0,56 0,83


.- Location Paseo Marítimo service Alta Alta Alta Alta Alta Alta

07014 Palma de Mallorca experience Alta Alta Alta Alta Alta Alta


.- Public transport Methods of Sale Reservas Reservas Reservas Reservas Reservas Reservas


.- Location map Image Lujo Lujo Lujo Lujo Lujo Lujo

.- Photographs

The market is not an open market. the work is not protected by a service contract that allows us to have a monopoly over any period of time

The market is an open market, the barrier to entry is not protected by a contract and the relationship can be suspended easily.

The communications are very good and can be accessed whatever the way except bysubway or train. There is bus or taxi easy parking

The location map of our business is attached in a separate report.

Our forecast is a policy of increasing prices, starting from a very competitive starting point, to open the market, and that way they can get the highest number of contracts.

The opportunities offered by this activity are a large manufacturing cost savings, since you can have the products at very low costs

Customers are of European nationalities and most speak English. The percentage varies, but dominates the German market, followed by English and far behind the French

Suppliers are located in our environment, since they have better conditions of service and the price differences are not significant.

The photos are attached in a separate report.


Communication strategy .-

Imagen .- The Imagen is adjuntan a dossier aside.

Actions concrete .-

Personal selling Yes

direct Marketing Yes

Telemarkering Yes

Merchandising Yes

advertising Yes

Press Yes

Radio Yes

TV Yes

Internet Yes

.- Selling price Cost price Margin and commercial units sold during the last year studied

Product Estancia Hotelera

ene-20 feb-20 mar-20 abr-20 may-20 jun-20 jul-20 ago-20 sep-20 oct-20 nov-20 dic-20 Total

Number of units 2.662 2.662 3.146 3.388 3.872 4.114 4.840 4.840 4.356 3.872 3.388 3.872 45.017

Sale price. 64,95 64,95 64,95 64,95 64,95 64,95 64,95 64,95 64,95 64,95 64,95 64,95

Cost. 3,17 3,17 3,17 3,17 3,17 3,17 3,17 3,17 3,17 3,17 3,17 3,17

Margin per unit 61,77 61,77 61,77 61,77 61,77 61,77 61,77 61,77 61,77 61,77 61,77 61,77

Total margin 164.456 164.456 194.357 209.307 239.208 254.159 299.010 299.010 269.109 239.208 209.307 239.208 2.780.794

Product Cafetería, Comida y Bebida


Number of units 4.524 4.524 5.346 5.757 6.580 6.991 8.225 8.225 7.402 6.580 5.757 6.580 76.491

Sale price. 15,87 15,87 15,87 15,87 15,87 15,87 15,87 15,87 15,87 15,87 15,87 15,87

Cost. 5,42 5,42 5,42 5,42 5,42 5,42 5,42 5,42 5,42 5,42 5,42 5,42

Margin per unit 10,45 10,45 10,45 10,45 10,45 10,45 10,45 10,45 10,45 10,45 10,45 10,45

Total margin 47.281 47.281 55.878 60.176 68.773 73.071 85.966 85.966 77.369 68.773 60.176 68.773 799.485

Product Comunic., Alquil.loc. 229 m2 y Varios


Number of units 1.796 1.796 2.122 2.286 2.612 2.775 3.265 3.265 2.939 2.612 2.286 2.612 30.365

Sale price. 4,76 4,76 4,76 4,76 4,76 4,76 4,76 4,76 4,76 4,76 4,76 4,76

Cost. 0,06 0,06 0,06 0,06 0,06 0,06 0,06 0,06 0,06 0,06 0,06 0,06

Margin per unit 4,70 4,70 4,70 4,70 4,70 4,70 4,70 4,70 4,70 4,70 4,70 4,70

Total margin 8.446 8.446 9.981 10.749 12.285 13.052 15.356 15.356 13.820 12.285 10.749 12.285 142.810

Product Spa & Wellness Center


Number of units 1.702 1.702 2.012 2.167 2.476 2.631 3.095 0 2.786 2.476 2.167 2.476 25.689

Sale price. 0,67 0,67 0,67 0,67 0,67 0,67 0,67 0,67 0,67 0,67 0,67 0,67

Cost. 0,20 0,20 0,20 0,20 0,20 0,20 0,20 0,20 0,20 0,20 0,20 0,20

Margin per unit 0,47 0,47 0,47 0,47 0,47 0,47 0,47 0,47 0,47 0,47 0,47 0,47

Total margin 804 804 950 1.023 1.169 1.242 1.461 0 1.315 1.169 1.023 1.169 12.127


1.3 Plan of Operations

.- Date of commencement of operations .- Analysis of material resources

.- Manufacturing processes and protocols in performing services .- Analysis of material resources

Internal analysis .- .- Of external factors

Basically the know-how, experience and know-how of the entrepreneur.

1 de octubre de 2016

The design of protocols, being a small company, is controlled by the daily management. This control is thorough and comprehensive, covering all processes daily

No problem for the development of the activity in terms of time, dedication and resources. There is availability, resources and economic viability. At this point you are ready to launch the business.

Material resources are detailed in inventories and highlights including the resources already available and being fully qualified for use

The company subcontracted the system of prevention of occupational risks because cost savings and efficiency obviously is good.


1.4.- Human Resources Plan.

.- Work areas .- Wage cost and social security

.- Wage cost and social security 32%

.- Organization. .- Analysis of intangible resources

.- Applicable Convention .- Prevention of occupational hazards

Types .- the first 36 contract workers. The rest are listed in paragraph 9. .- Planning human resources.

number contract number contract number contract allocation Worker

Worker 1 Fixed 13 Fixed 25 Fixed Administration, reception and direction. 7,00% 5,76 139.267 44.784

Worker 2 Fixed 14 Fixed 26 Fixed Commercial management. 8,00% 6,58 159.162 51.181

Worker 3 Fixed 15 Fixed 27 Fixed Estancia Hotelera 63,26% 52,03 1.258.495 404.692

Worker 4 Fixed 16 Fixed 28 Fixed Cafetería, Comida y Bebida 18,19% 14,96 361.820 116.350

Worker 5 Fixed 17 Fixed 29 Fixed Comunic., Alquil.loc. 229 m2 y Varios 3,25% 2,67 64.631 20.783

Worker 6 Fixed 18 Fixed 30 Fixed Spa & Wellness Center 0,31% 0,25 6.149 1.977

Worker 7 Fixed 19 Fixed 31 Fixed 100,00% 82,25 1.989.524 639.768

Worker 8 Fixed 20 Fixed 32 Fixed





Basically the know-how, experience and know-how of the entrepreneur.

Hotel en Palma de Mallorca

As a small company matches the organizational work areas.

Wages and salaries

The company has several areas, including an administrative area that a commercial department headed by the direction most likely be outsourced and production or income-generating function template detailed

personal.

The company subcontracted the system of prevention of occupational risks because cost savings and efficiency obviously is good.

social Security


1.5.- commercial legal Plan.

.- Legal form of the company. .- Governing Body

.- Taxation. .- Recruitment

.- Wording of the activity. .- Insurance

.- Social security system of the partners. Licensing .- urbanism.

.- Cost of Legal plan

planning permission

Administrative Permission

Cost of fiscal management 7.714

Cost accounting management. 9.642

Cost of labor management. 29.176

Cost of legal management 7.169

Cost of general management. 0

Insurance

Liability. 11.020

Shop. 1.783

Currency exchange 0

In principle, we are awaiting the decision of the council but nothing suggests that it may be denied.

Any required license will be requested through our advisors to ensure their achievement

Contracts shall be made by the board with advice from partners and external advisors of the company

The company will hire Liability insurance to ensure economic viability for any possible misfortune.

The partners are autonomous and trubutarán for that special regime as managers and partners or self to be the most economical regime. In the future, other possibilities will be explored

The company is sugeta to I.V.A. generally the detailed general regime and further taxed by the tax detailed in the report.

The juríduca shape may vary depending on the needs. In the economic study the formation of both companies through the development of joint property or even self is anticipated

In principle it will be chosen by a single administrator or operator to be backed constant communication with partners and external consultants

The SAI should not be paid the first year of activity regardless of sales volume. The event will coincide with the products and services offered.

Any required license will be requested through our advisors to ensure their achievement


1.6.- Basis of economic and financial plan.

.- Total monthly sales per year in euros.


Operating income Year: 2016 0 0 0 0 0 0 0 0 0 331.776 290.304 331.776 953.856

Operating income Year: 2017 232.658 232.658 274.959 296.110 338.412 359.562 423.014 423.014 380.713 338.412 296.110 338.412 3.934.034




.- Forecast sold for the first 5 years in units.


Estancia Hotelera 10.806 43.693 44.130 44.571 45.017

Cafetería, Comida y Bebida 18.361 74.242 74.984 75.734 76.491

Comunic., Alquil.loc. 229 m2 y Varios 7.289 29.472 29.766 30.064 30.365

Spa & Wellness Center 6.909 27.938 28.217 28.499 28.784

units 43.365 175.344 177.097 178.868 180.657

.- Monthly purchases for years.


Used in Operations. Year: 2016 0 0 0 0 0 0 0 0 0 -43.554 -38.109 -43.554 -125.217

Used in Operations. Year: 2017 -30.542 -30.542 -36.095 -38.872 -44.425 -47.201 -55.531 -55.531 -49.978 -44.425 -38.872 -44.425 -516.437




- Forecast purchases in the first 5 years in euros. .- Increases Expected

Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Year: 2017 Year: 2018 Year: 2019 Year: 2020

Used in Operations. -125.217 -516.437 -532.034 -548.101 -564.654 Annual increase expected sales. 0,00% 1,00% 1,00% 1,00%

Expected annual increase purchases and expenses. 2,00% 2,00% 2,00% 2,00%


1.7 Structure Fixed and Variable Costs

.- Sales and costs. .- Increases Expected

Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Year: 2016 Year: 2017 Year: 2018 Year: 2019

Operating income 953.856 3.934.034 4.052.842 4.175.238 4.301.330 Annual increase expected sales. 0,00% 1,00% 1,00% 1,00%

Expected annual increase purchases and expenses. 2,00%

consumption 125.217 516.437 532.034 548.101 564.654

Direct Labor 31.315 430.315 443.311 456.698 470.491

Other General production costs 216.782 60.545 58.991 53.041 54.082

Total 373.313 1.007.297 1.034.335 1.057.841 1.089.227

GROSS MARGIN 580.543 2.926.737 3.018.506 3.117.397 3.212.103

staff 629.004 2.251.500 2.319.401 2.389.353 2.461.417

other Expenses 13.500 567.628 568.729 576.916 575.510

Total 642.504 2.819.128 2.888.130 2.966.269 3.036.927

.- FIXED COSTS + VARIABLE COSTS. 1.015.817 3.826.425 3.922.466 4.024.110 4.126.154

.- benefit -61.961 107.609 130.376 151.128 175.176

.- Variable costs.

.- Fixed costs (excluding interest)

Distribution between fixed and variable costs

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


.- Variable costs. .- Fixed costs (excluding interest)

0%

0%

0%

1%

1%

1%

1%

1%

2%

2%

2%

Year: 2016 Year: 2017 Year: 2018 Year: 2019

Annual increase expected sales. Expected annual increase purchases and expenses.

C


1.8 Income and estimated expenses of the first full year

budget Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 budget Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

Operating income 3.856.896 953.856 3.934.034 4.052.842 4.175.238 4.301.330 100,00% 100,00% 100,00% 100,00% 100,00% 100,00%

Estancia Hotelera 2.621.558 648.342 2.673.990 2.754.744 2.837.937 2.923.643 67,97% 67,97% 67,97% 67,97% 67,97% 67,97%

Cafetería, Comida y Bebida 1.088.323 269.155 1.110.089 1.143.614 1.178.151 1.213.731 28,22% 28,22% 28,22% 28,22% 28,22% 28,22%

Comunic., Alquil.loc. 229 m2 y Varios 129.609 32.054 132.201 136.194 140.307 144.544 3,36% 3,36% 3,36% 3,36% 3,36% 3,36%

Spa & Wellness Center 17.406 4.305 17.754 18.290 18.842 19.411 0,45% 0,45% 0,45% 0,45% 0,45% 0,45%

Operating income 3.856.896 953.856 3.934.034 4.052.842 4.175.238 4.301.330 100,00% 100,00% 100,00% 100,00% 100,00% 100,00%

Used in Operations. 506.311 125.217 516.437 532.034 548.101 564.654 13,13% 13,13% 13,13% 13,13% 13,13% 13,13%

Estancia Hotelera 128.089 31.678 130.651 134.597 138.662 142.849 3,32% 3,32% 3,32% 3,32% 3,32% 3,32%

Cafetería, Comida y Bebida 371.445 91.863 378.873 390.315 402.103 414.246 9,63% 9,63% 9,63% 9,63% 9,63% 9,63%

Comunic., Alquil.loc. 229 m2 y Varios 1.555 385 1.586 1.634 1.684 1.735 0,04% 0,04% 0,04% 0,04% 0,04% 0,04%

Spa & Wellness Center 5.222 1.291 5.326 5.487 5.653 5.823 0,14% 0,14% 0,14% 0,14% 0,14% 0,14%

leases 0 0 0 0 0 0 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%

Repairs and maintenance 62.839 62.839 64.096 65.378 66.686 68.019 1,63% 6,59% 1,63% 1,61% 1,60% 1,58%

professional services 53.701 13.425 54.775 55.870 56.987 58.127 1,39% 1,41% 1,39% 1,38% 1,36% 1,35%

transportation 829 205 846 863 880 898 0,02% 0,02% 0,02% 0,02% 0,02% 0,02%

Insurance premiums 12.803 12.803 12.803 12.803 15.616 15.928 0,33% 1,34% 0,33% 0,32% 0,37% 0,37%

Banking and similar services. 19.284 4.769 19.670 20.064 20.465 20.874 0,50% 0,50% 0,50% 0,50% 0,49% 0,49%

advertising 19.178 4.743 19.561 19.952 20.351 20.759 0,50% 0,50% 0,50% 0,49% 0,49% 0,48%

Supplies. 25.700 6.356 26.214 26.738 27.273 27.819 0,67% 0,67% 0,67% 0,66% 0,65% 0,65%

other services 27.648 6.838 28.201 28.765 29.340 29.927 0,72% 0,72% 0,72% 0,71% 0,70% 0,70%

other taxes 3.502 3.502 3.502 3.644 3.717 3.791 0,09% 0,37% 0,09% 0,09% 0,09% 0,09%

Depreciation 310.703 77.676 310.703 310.703 310.703 310.703 8,06% 8,14% 7,90% 7,67% 7,44% 7,22%

Wages and salaries 1.989.524 499.651 2.029.315 2.090.600 2.153.736 2.218.779 51,58% 52,38% 51,58% 51,58% 51,58% 51,58%

social Security 639.768 160.668 652.501 672.112 692.316 713.129 16,59% 16,84% 16,59% 16,58% 16,58% 16,58%

Operating expenses 3.671.791 978.692 3.738.624 3.839.526 3.946.171 4.053.407 95,20% 102,60% 95,03% 94,74% 94,51% 94,24%

Result of exploitation 185.105 -24.836 195.410 213.316 229.066 247.923 4,80% -2,60% 4,97% 5,26% 5,49% 5,76%

Financial Expenses 90.000 37.125 87.801 82.940 77.938 72.747 2,33% 3,89% 2,23% 2,05% 1,87% 1,69%

Result of the excersice 95.105 -61.961 107.609 130.376 151.128 175.176 2,47% -6,50% 2,74% 3,22% 3,62% 4,07%

EBITDA 495.808 52.840 506.113 524.019 539.769 558.626 12,86% 5,54% 12,86% 12,93% 12,93% 12,99%

Desired monthly billing: 321.408 317.952 327.836 337.737 347.936 358.444 8,33% 33,33% 8,33% 8,33% 8,33% 8,33%

Weekly turnover desired: 74.995 74.189 76.495 78.805 81.185 83.637 1,94% 7,78% 1,94% 1,94% 1,94% 1,94%

Daily turnover desired: 10.714 10.598 10.928 11.258 11.598 11.948 0,28% 1,11% 0,28% 0,28% 0,28% 0,28%

Daily turnover per worker: 126 34 131 137 137 143 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%

Turnover time per worker: 22 6 23 24 24 25 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%

%Euros


1.9.- Structure of estimated annual expenses and its specific weight.

Detail of the estimated annual expenditures budget % Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

Used in Operations. 506.311 13,79% 125.217 516.437 532.034 548.101 564.654 6,93% 7,22% 7,23% 7,24% 7,25%

Estancia Hotelera 128.089 3,49% 648.342 2.673.990 2.754.744 2.837.937 2.923.643 35,87% 37,37% 37,43% 37,47% 37,53%

Cafetería, Comida y Bebida 371.445 10,12% 269.155 1.110.089 1.143.614 1.178.151 1.213.731 14,89% 15,51% 15,54% 15,56% 15,58%

Comunic., Alquil.loc. 229 m2 y Varios 1.555 0,04% 32.054 132.201 136.194 140.307 144.544 1,77% 1,85% 1,85% 1,85% 1,86%

Spa & Wellness Center 5.222 0,14% 4.305 17.754 18.290 18.842 19.411 0,24% 0,25% 0,25% 0,25% 0,25%

leases 0 0,00% Minimum cost 0 0 0 0 0 0,00% 0,00% 0,00% 0,00% 0,00%

Repairs and maintenance 62.839 1,71% 62.839 64.096 65.378 66.686 68.019 3,48% 0,90% 0,89% 0,88% 0,87%

professional services 53.701 1,46% 13.425 54.775 55.870 56.987 58.127 0,74% 0,77% 0,76% 0,75% 0,75%

transportation 829 0,02% 205 846 863 880 898 0,01% 0,01% 0,01% 0,01% 0,01%

Insurance premiums 12.803 0,35% 12.803 12.803 12.803 15.616 15.928 0,71% 0,18% 0,17% 0,21% 0,20%

Banking and similar services. 19.284 0,53% 4.769 19.670 20.064 20.465 20.874 0,26% 0,27% 0,27% 0,27% 0,27%

advertising 19.178 0,52% 4.743 19.561 19.952 20.351 20.759 0,26% 0,27% 0,27% 0,27% 0,27%

Supplies. 25.700 0,70% 6.356 26.214 26.738 27.273 27.819 0,35% 0,37% 0,36% 0,36% 0,36%

other services 27.648 0,75% 6.838 28.201 28.765 29.340 29.927 0,38% 0,39% 0,39% 0,39% 0,38%

other taxes 3.502 0,10% 3.502 3.502 3.644 3.717 3.791 0,19% 0,05% 0,05% 0,05% 0,05%

Depreciation 310.703 8,46% 77.676 310.703 310.703 310.703 310.703 4,30% 4,34% 4,22% 4,10% 3,99%

Wages and salaries 1.989.524 54,18% Maximum cost 499.651 2.029.315 2.090.600 2.153.736 2.218.779 27,65% 28,36% 28,40% 28,44% 28,48%

social Security 639.768 17,42% 160.668 652.501 672.112 692.316 713.129 8,89% 9,12% 9,13% 9,14% 9,15%

Total Compras y gastos: 3.671.791 100,00% 1.807.332 7.156.221 7.360.334 7.573.308 7.790.083 100,00% 100,00% 100,00% 100,00% 100,00%

Evolution of the absolute amounts Changes in relative amounts

Detail of estimated annual expenses and its importance

Used in Operations. leases Repairs and maintenance professional services transportation

Insurance premiums Banking and similar services. advertising Supplies. other services

other taxes Depreciation Wages and salaries social Security


1.10 Structure of income and its specific weight

Detail of the estimated annual revenue budget % Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

Estancia Hotelera 2.621.558 67,97% Máxima Venta 648.342 2.673.990 2.754.744 2.837.937 2.923.643 67,97% 67,97% 67,97% 67,97% 67,97%

Cafetería, Comida y Bebida 1.088.323 28,22% 269.155 1.110.089 1.143.614 1.178.151 1.213.731 28,22% 28,22% 28,22% 28,22% 28,22%

Comunic., Alquil.loc. 229 m2 y Varios 129.609 3,36% 32.054 132.201 136.194 140.307 144.544 3,36% 3,36% 3,36% 3,36% 3,36%

Spa & Wellness Center 17.406 0,45% Mínima Venta 4.305 17.754 18.290 18.842 19.411 0,45% 0,45% 0,45% 0,45% 0,45%

Total Ingresos: 3.856.896 100,00% 953.856 3.934.034 4.052.842 4.175.238 4.301.330 100,00% 100,00% 100,00% 100,00% 100,00%

Detail of the estimated annual revenue Changes in relative amountsEvolution of the absolute amounts

Estancia Hotelera Cafetería, Comida y Bebida Comunic., Alquil.loc. 229 m2 y Varios Spa & Wellness Center


1.11.- minimum income to cover costs. Breakeven.

budget Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

Annual evolution of breakeven 3.747.419 0 3.789.389 3.877.791 3.972.827 4.066.752

Operating income 3.747.419 0 3.789.389 3.877.791 3.972.827 4.066.752 Year: 2017 Year: 2018 Year: 2019 Year: 2020

Variation 3.789.389 88.402 95.036 93.925

Used in Operations. 491.939 Year: 2017 Year: 2018 Year: 2019 Year: 2020

leases 0 Evolution 0,00% 2,33% 2,45% 2,36%

Repairs and maintenance 62.839

professional services 53.701

transportation 829

Insurance premiums 12.803

Banking and similar services. 19.284

advertising 19.178

Supplies. 25.700

other services 27.648

other taxes 3.502

Depreciation 310.703

Wages and salaries 1.989.524

social Security 639.768

Operating expenses 3.657.419

Result of exploitation 90.000

Financial Expenses 90.000

Result of the excersice 0 0 0 0 0 0

Deadpoint. Breakeven 3.747.419 0 3.789.389 3.877.791 3.972.827 4.066.752

From this sales figure the company will earn money

budget Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

Number of days Open 365 92 365 365 365 365 0,00% 296,74% 0,00% 0,00% 0,00%

Minimum monthly billing: 312.285 0 315.782 323.149 331.069 338.896 0,00% 0,00% 2,33% 2,45% 2,36%

Minimum weekly turnover: 72.866 0 73.682 75.401 77.249 79.076 0,00% 0,00% 2,33% 2,45% 2,37%

Minimum daily turnover: 10.409 0 10.526 10.772 11.036 11.297 0,00% 0,00% 2,34% 2,45% 2,36%

Daily turnover per worker: 126 0 126 131 131 137 0,00% 0,00% 3,97% 0,00% 4,58%

Turnover time per worker: 22 0 22 23 23 24 0,00% 0,00% 4,55% 0,00% 4,35%

Annual evolution of breakeven

Annual change:

Evolution and variation of breakeven


0

500.000

1.000.000

1.500.000

2.000.000

2.500.000

3.000.000

3.500.000

4.000.000

4.500.000

budget Year:2016

Year: 2017

Year: 2018

Year: 2019

Year: 2020

C1


Hotel de Capricho, s.l.2. Financial Report Business


2.1 Executive summary of the project.Initial business idea: Items:

Expected sales of items for the next five years are as follows:


Estancia Hotelera 648.342 2.673.990 2.754.744 2.837.937 2.923.643Cafetería, Comida y Bebida 269.155 1.110.089 1.143.614 1.178.151 1.213.731

Comunic., Alquil.loc. 229 m2 y Varios 32.054 132.201 136.194 140.307 144.544Spa & Wellness Center 4.305 17.754 18.290 18.842 19.411

953.856 3.934.034 4.052.842 4.175.238 4.301.330

Activity: Regular billing. Result of the excersice. Result of exploitation.

We hope that the early years grow the following rate:

Turnover: Increase: Benefits Increase:Operating

ProfitIncrease:

Year: 2016 953.856 0,00% -61.961 0,00% -24.836 0,00%

Year: 2017 3.934.034 312,43% 107.609 0,00% 195.410 0,00%

Year: 2018 4.052.842 3,02% 130.376 21,16% 213.316 9,16%

Year: 2019 4.175.238 3,02% 151.128 15,92% 229.066 7,38%

Year: 2020 4.301.330 3,02% 175.176 15,91% 247.923 8,23%

Investments: Cash Flow and Ebitda:

Annual investments or refinancing to do is the following We hope that the early years grow the following rate:

Active Mismatches Total Increase: Cash flow: Increase: Accumulated Increase: Ebitda Increase:

Year: 2016 4.882.193 40.399 4.922.592 0,00% Year: 2016 80.517 0% 80.517 0% 52.840 0,00%

Year: 2017 0 10.479 10.479 -99,79% Year: 2017 269.779 235% 350.296 335% 506.113 857,83%

Year: 2018 0 0 0 -100,00% Year: 2018 242.128 -10% 592.424 69% 524.019 3,54%

Year: 2019 0 0 0 0,00% Year: 2019 262.316 8% 854.739 44% 539.769 3,01%

Year: 2020 0 0 0 0,00% Year: 2020 282.879 8% 1.137.618 33% 558.626 3,49%

Total 4.882.193 50.878 4.933.071

funding: Deadpoint. Breakeven

To finance investments resort to the following sources: We hope that the early years grow the following rate:

Money

Partners:

Loan amount

received.Total Increase:

Deadpoint.

BreakevenIncrease: Obtaining

Year: 2016 1.922.592 3.000.000 4.922.592 0,00% Year: 2016 0 0,00% -----------

Year: 2017 10.479 0 10.479 -99,79% Year: 2017 3.789.389 0,00% 43.069

Year: 2018 0 0 0 -100,00% Year: 2018 3.877.791 2,33% 43.434

Year: 2019 0 0 0 0,00% Year: 2019 3.972.827 2,45% 43.799

Year: 2020 0 0 0 0,00% Year: 2020 4.066.752 2,36% 44.165

Total 1.933.071 3.000.000 4.933.071

General Expenses and Financial Expenses: Staff costs and workforce:

Its estimated evolution is the following according to our studies:

Amount Increase: Amount Increase:Wages and

salariessocial Security Total Increase:

Year: 2016 193.157 0,00% 37.125 0,00% Year: 2016 499.651 160.668 660.319 0,00%

Year: 2017 540.372 179,76% 87.801 136,50% Year: 2017 2.029.315 652.501 2.681.815 306,14%

Year: 2018 544.780 0,82% 82.940 -5,54% Year: 2018 2.090.600 672.112 2.762.712 3,02%

Year: 2019 552.019 1,33% 77.938 -6,03% Year: 2019 2.153.736 692.316 2.846.052 3,02%

Year: 2020 556.845 0,87% 72.747 -6,66% Year: 2020 2.218.779 713.129 2.931.908 3,02%

Gastos generales Gastos financieros

We estimate that the company will require to achieve the estimated turnover ofconducting171560 annual working hours of workers and to this end therecruitment of a maximum estimated89 self-employed workers or both, during thesame month.

The activity to be developed is toHotel en Palma de Mallorca I think the place to start would belocatedPaseo Marítimo with little seasonality as it is the best place right now. The activity willrun for a total of 12 months each year and the duration of the lease is local 35 años.

The initial idea of business is Madp Business Plan & Legal Services ® he has desired for quitesome time devoted to the activity Hotel en Palma de Mallorca and, with the know-howaccumulated over the years, he has decided to undertake this adventure not without firstmaking a detailed study of all the variables that may affect the business to minimize the risk toa minimum.


2.2 Detailed study of the Season

ene-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sep-16 oct-16 nov-16 dic-16

Turnover: 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 100,00% 87,50% 100,00%

Staff costs 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 100,00% 93,05% 100,00%

Result of the excersice 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%

Cash Flow of the month 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 100,00% 85,05% -54,02%

Year: 2016

ene-16feb-16

mar-16abr-16

may-16jun-16

jul-16ago-16

sep-16oct-16

nov-16dic-16

Turnover:

Staff costs

Result of the excersice

Cash Flow of the month

-60,00%

-40,00%

-20,00%

0,00%

20,00%

40,00%

60,00%

80,00%

100,00%

ene-16feb-16

mar-16abr-16

may-16jun-16

jul-16ago-16

sep-16oct-16

nov-16dic-16

Turnover:

Staff costs



Turnover:

Staff costs





Turnover: 55,00% 55,00% 65,00% 70,00% 80,00% 85,00% 100,00% 100,00% 90,00% 80,00% 70,00% 80,00%

Staff costs 83,91% 75,80% 87,49% 86,40% 92,85% 91,59% 100,00% 100,00% 93,32% 92,85% 86,40% 92,85%

Result of the excersice -81,19% -50,34% -40,90% -9,84% 19,48% 51,20% 99,95% 100,00% 71,67% -5,28% -9,48% 19,84%

Cash Flow of the month -25,34% -13,84% -26,55% 30,94% 49,25% 5,34% 100,00% 97,51% -10,04% 18,49% 13,48% -18,99%

Year: 2017

ene-17feb-17

mar-17abr-17

may-17jun-17

jul-17ago-17

sep-17oct-17

nov-17dic-17

Turnover:


-100,00%

-80,00%

-60,00%

-40,00%

-20,00%

0,00%

20,00%

40,00%

60,00%

80,00%

100,00%

Turnover:

Staff costs





Turnover: 55,00% 55,00% 65,00% 70,00% 80,00% 85,00% 100,00% 100,00% 90,00% 80,00% 70,00% 80,00%

Staff costs 83,91% 75,80% 87,48% 86,40% 92,85% 91,59% 100,00% 100,00% 93,32% 92,85% 86,40% 92,85%

Result of the excersice -77,75% -47,46% -38,23% -7,74% 21,01% 52,14% 99,95% 100,00% 72,21% 2,53% -7,39% 21,36%

Cash Flow of the month -24,44% -12,94% -34,58% 31,26% 49,48% -15,58% 100,00% 97,52% -13,29% 21,99% 13,87% -22,18%

Year: 2018

ene-18feb-18

mar-18abr-18

may-18jun-18

jul-18ago-18

sep-18oct-18

nov-18dic-18

Turnover:


-80,00%

-60,00%

-40,00%

-20,00%

0,00%

20,00%

40,00%

60,00%

80,00%

100,00%

Turnover:

Staff costs





Turnover: 55,00% 55,00% 65,00% 70,00% 80,00% 85,00% 100,00% 100,00% 90,00% 80,00% 70,00% 80,00%

Staff costs 83,91% 75,80% 87,48% 86,40% 92,85% 91,59% 100,00% 100,00% 93,32% 92,85% 86,40% 92,85%



Year: 2019

ene-19feb-19

mar-19abr-19

may-19jun-19

jul-19ago-19

sep-19oct-19

nov-19dic-19

Turnover:


-80,00%

-60,00%

-40,00%

-20,00%

0,00%

20,00%

40,00%

60,00%

80,00%

100,00%

Turnover:

Staff costs





Turnover: 55,00% 55,00% 65,00% 70,00% 80,00% 85,00% 100,00% 100,00% 90,00% 80,00% 70,00% 80,00%

Staff costs 83,91% 75,80% 87,48% 86,40% 92,85% 91,59% 100,00% 100,00% 93,32% 92,85% 86,40% 92,85%



Year: 2020

ene-20feb-20

mar-20abr-20

may-20jun-20

jul-20ago-20

sep-20oct-20

nov-20dic-20

Turnover:


-80,00%

-60,00%

-40,00%

-20,00%

0,00%

20,00%

40,00%

60,00%

80,00%

100,00%

Turnover:

Staff costs




Hotel de Capricho, s.l.3. Investments required


3.1 Cast investments or refinancing needed the first year of study.

Amount % Qualification

200 Expenditure on Research 0 0,00% Mínima Inver.

201 Development Expenditures 0 0,00% Mínima Inver.

202 Administrative Concessions 0 0,00% Mínima Inver.

203 Industrial property 0 0,00% Mínima Inver.

205 Leaseholds. 0 0,00% Mínima Inver.

206 Computer Applications 0 0,00% Mínima Inver.

209 Advances for intangible assets 0 0,00% Mínima Inver.

210 Land and Natural Assets 0 0,00% Mínima Inver.

211 constructions 1.605.114 32,88% Máxima Inver.

212 Technical Installations 921.962 18,88%

213 machinery 553.016 11,33%

214 tools 196.351 4,02%

215 Other facilities. 0 0,00% Mínima Inver.

216 furniture 608.311 12,46%

217 Information processing equipment. 46.098 0,94%

218 Elements of Transportation 46.098 0,94%

219 Other tangible assets 23.049 0,47%

300 Stock. 42.193 0,86%

260 Local bonds and other fixed assets fianciero. 0 0,00% Mínima Inver.

570 Dinero de capital circulante extra. 0 0,00% Mínima Inver.

refinancing 0 0,00%

I.V.A. investment 840.000 17,21%

Inversión Total: 4.882.193 100,00%

Expected contribution by the partners: 1.933.071 39,59%

Required bank financing (past and present): 3.000.000 61,45%

Loan interest: 3,00%

Year loan 15,00

The estimated amount of annual interest: 90.000

Importe de la cuota mensual del préstamo actual: 20.717

Cuota del préstamo anual: 248.609

Cast investments or refinancing projectInvestments required

Expenditure on Research Development Expenditures

Administrative Concessions Industrial property

Leaseholds. Computer Applications

Advances for intangible assets Land and Natural Assets

constructions Technical Installations

machinery tools

Other facilities. furniture

Information processing equipment. Elements of Transportation

Other tangible assets Stock.

Local bonds and other fixed assets fianciero. Dinero de capital circulante extra.

refinancing


3.2 Term of payback.

Maximum investment partners: 1.933.071

Estimated net annual profit for the partners: 95.105 Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

Years needed: 20 Contributions from partners -1.922.592 -10.479 0 0 0

Years of operation: 35 Duración alquiler Unrestricted Cash Flow 0 35.605 101.693 117.880 136.637

Expected benefit to the operation: 6.131.154 Balance -1.922.592 25.126 101.693 117.880 136.637

Recovery -1.922.592 -1.897.466 -1.795.772 -1.677.892 -1.541.255

Expected benefit to the operation: 6.131.154

Investments paid: 4.882.192,58

Total Benefits 11.013.347

Possibility of payback

Outline of payback with distributable profitsTerm payback.

-2.500.000

-2.000.000

-1.500.000

-1.000.000

-500.000

0

500.000


Contributions from partners Unrestricted Cash Flow Balance Recovery


3.3 Cash flow Approximate


income 953.856 3.934.034 4.052.842 4.175.238 4.301.330

Loan amount received. 3.000.000 0 0 0 0

Contributions from partners 1.922.592 10.479 0 0 0

Vat on income 95.386 393.403 405.284 417.524 430.133

5.971.833 4.337.917 4.458.126 4.592.761 4.731.463


shopping 43.554 514.804 529.518 545.509 561.984

775.800 2.911.484 2.996.789 3.087.367 3.178.050

Interests. 37.125 87.801 85.167 77.938 72.747

capital 65.426 160.809 163.443 170.671 175.862

inversion 4.882.193 0 0 0 0

I.S. liquidation 0 0 36.049 35.993 37.803

V.A.T. 87.219 393.240 405.033 412.967 422.138

5.891.317 4.068.137 4.215.998 4.330.446 4.448.584


Balance 80.517 269.779 242.128 262.316 282.879

Accumulated balance: 80.517 350.296 592.424 854.739 1.137.618

COLLECTIONS

PAYMENTS

Cash Flow and profit before tax

Balance

Total expenses excluding amortization and interest.

80.517

350.296

592.424

854.739

1.137.618

-61.961

45.648

176.024

327.152

502.328

80.517

269.779322.644

532.095

605.523

-61.961

107.609 130.376 151.128 175.176

-1.842.075

259.300322.644

532.095

605.523

-2.000.000

-1.500.000

-1.000.000

-500.000

0

500.000

1.000.000

1.500.000


Cumulative cash flow Income before taxes

Cash flow: Income before taxes

Cash flow after deducting contributions from partners.


3.4. Calculate business risk. Elasticity of the variables involved

3.4.1 Risk to a change in sales Individualized risk analysis

When the Change in sales is 1%, the Variation of results is the 133,74% at Year: 2016





Variation of results

Change in sales

Elasticity between sales results

Reading Explanation: When the turnover is12903989 The result reaches%1595317 euros the first year 6942802 the second and 7171992 the third.

-6.000.000

-4.000.000

-2.000.000

0

2.000.000

4.000.000

6.000.000

8.000.000

10.000.000

0 430.132

860.265

1.290.3981.720.5312.150.6642.580.7973.010.9303.441.0633.871.1964.301.3294.731.4625.161.5955.591.7286.021.8616.451.9946.882.1277.312.2607.742.3938.172.5268.602.6599.032.7929.462.9259.893.05810.323.19110.753.32411.183.45711.613.59012.043.72312.473.85612.903.989



3.4.2 Risk to a change in the cost of supplies Individualized risk analysis

When the Change in cost of sales is 1%, the Variation of results is the -20,21% at Year: 2016





Change in cost of sales


Elasticity between the results and the cost of sales

Reading Explanation: When the cost of sales is39 The result reaches%-312395 euros the first year-925266 the second and-933692 the third.

-1.200.000

-1.000.000

-800.000

-600.000

-400.000

-200.000

0

200.000

400.000

600.000

800.000

1.000.000

0,00%

1,31%

2,63%

3,94%

5,25%

6,56%

7,88%

9,19%

10,50%

11,81%

13,13%

14,44%

15,75%

17,07%

18,38%

19,69%

21,00%

22,32%

23,63%

24,94%

26,25%

27,57%

28,88%

30,19%

31,51%

32,82%

34,13%

35,44%

36,76%

38,07%

39,38%



3.4.3 Risk to a change in the cost of overheads Individualized risk analysis

When the Variation of overheads is 1%, the Variation of results is the -13,08% at Year: 2016





Reading Explanation: When the overheads are1670534 euros, the result reached-1539339 euros the first year-1022554 the second and-995378 the third.

Elasticity between the results and overhead

Variation of overheads


-2.000.000

-1.500.000

-1.000.000

-500.000

0

500.000

1.000.000

0 55.684

111.368

167.053

222.737

278.422

334.106

389.791

445.475

501.160

556.844

612.529

668.213

723.898

779.582

835.267

890.951

946.636

1.002.3201.058.0051.113.6891.169.3741.225.0581.280.7431.336.4271.392.1121.447.7961.503.4811.559.1651.614.8501.670.534



3.4.4 Risk to a change in financial costs Individualized risk analysis

When the Variation of financial expenses is 1%, the Variation of results is the -7,46% at Year: 2016





Reading Explanation: When financial expenses are 218241 euros, the result reached -243078 euros the first year -22832 the second and-4926 the third.

Variation of financial expenses

Elasticity between results and financial expenses


-300.000

-200.000

-100.000

0

100.000

200.000

300.000

0 7.274

14.549

21.824

29.098

36.373

43.648

50.923

58.197

65.472

72.747

80.022

87.296

94.571

101.846

109.120

116.395

123.670

130.945

138.219

145.494

152.769

160.044

167.318

174.593

181.868

189.143

196.417

203.692

210.967

218.241



3.4.5 Risk to a change of personnel costs Individualized risk analysis

When the Variation in staff costs is 1%, the Variation of results is the -12,56% at Year: 2016





Variation in staff costs

Reading Explanation: When staff costs is 8795724 euros, the result reached -8197367 euros the first year-6006300 the second and-5902637 the third.


Elasticity between the results and the cost of staff

-10.000.000

-8.000.000

-6.000.000

-4.000.000

-2.000.000

0

2.000.000

4.000.000

0 293.191

586.382

879.572

1.172.763

1.465.954

1.759.145

2.052.336

2.345.526

2.638.717

2.931.908

3.225.099

3.518.290

3.811.481

4.104.671

4.397.862

4.691.053

4.984.244

5.277.435

5.570.625

5.863.816

6.157.007

6.450.198

6.743.389

7.036.579

7.329.770

7.622.961

7.916.152

8.209.343

8.502.533

8.795.724

Variación de Coste de Personal



3.4.6.- Study of budgetary deviations.

Analysis of deviations once finished Year: 2020 STUDIED SCENARIO:You provided staff

Profit and loss account Real Estimation Deviation sales 4.301.330 3.225.997 WHAT IF SALES ARE lower than expected?

A) CONTINUING OPERATIONS 0 0 0 Cost of sales -564.654 -373.456 WHAT IF consumption is lower than expected?

1. Net of turnover 3.225.997 4.301.330 -1.075.332 Personal expenses. -2.931.908 -2.962.921 WHAT IF THE PERSONAL IS higher than expected?

a) Sales 3.225.997 4.301.330 -1.075.332 other Expenses -556.845 -581.080 What if the costs are higher than expected?

700 SALES OF GOODS 3.225.997 4.301.330 -1.075.332

4. Procurements. Purchases. -373.456 -564.654 191.197 RESULTS OF THE STUDY: a) Consumption of Goods -373.456 -564.654 191.197 The result would be different: -939.383

600 PURCHASES OF GOODS -373.456 -564.654 191.197

6. Staff costs -2.962.921 -2.931.908 -31.013 ANALYSIS:

a) Salaries, wages and auxiliary -2.242.635 -2.218.779 -23.856 Real Estimation Deviation Evolucion Culpa

640 SALARIES AND WAGES -2.242.635 -2.218.779 -23.856 sales 3.225.997 4.301.330 -1.075.332 -25,00% -433,28%

b) Social security -720.286 -713.129 -7.157 Cost of sales -373.456 -564.654 191.197 -33,86% 138,08% The highest percentage must

642 SOCIAL SECURITY BY THE COMPANY -720.286 -713.129 -7.157 Personal expenses. -2.962.921 -2.931.908 -31.013 1,06% -82,30% be the first to be solved

7. Other operating expenses -581.080 -556.845 -24.235 other Expenses -581.080 -556.845 -24.235 4,35% -86,17%

a) External services -581.080 -556.845 -24.235 Gastos financieros -72.747 -72.747 0 0,00% 0,00%

621 LEASES AND CHARGES 0 0 0 Result of exploitation -764.207 175.176 -939.383 -536,25%

622 REPAIR AND CONSERVATION -74.821 -68.019 -6.802

623 PROFESSIONAL SERVICES -63.940 -58.127 -5.813 Importance of the error

624 TRANSPORT -988 -898 -90 I was wrong in: en un -25,00% and this has been an error in the result of: -433,28%

625 INSURANCE PREMIUMS -17.521 -15.928 -1.593 I was wrong in: en un -33,86% and this has been an error in the result of: 138,08%

626 BANKING AND SIMILAR -22.962 -20.874 -2.087 I was wrong in: en un 1,06% and this has been an error in the result of: -82,30%

627 ADVERTISING -22.834 -20.759 -2.076 I was wrong in: en un 4,35% and this has been an error in the result of: -86,17%

628 SUPPLIES -30.600 -27.819 -2.782 I was wrong in: en un 0,00% and this has been an error in the result of: 0,00%

629 OTHER SERVICES -32.920 -29.927 -2.993

631 OTHER TAXES -3.791 -3.791 0

680 DEPRECIATION -310.703 -310.703 0

A.1) OPERATING INCOME -691.460 247.923 -939.383

15. Financial expenses -72.747 -72.747 0

b) On debts to third parties -72.747 -72.747 0

662 INTEREST ON DEBT -72.747 -72.747 0

669 OTHER FINANCIAL EXPENSES 0 0 0

A.2) FINANCIAL -72.747 -72.747 0

A.3) PROFIT BEFORE TAX -764.207 175.176 -939.383

A.4) exercised RESULT FROM CONTINUING OPERAC.IONES -764.207 175.176 -939.383

B) DISCONTINUED OPERATIONS 0 0 0

A.5) PROFIT FOR THE YEAR -764.207 175.176 -939.383

sales

Gastos financieros

Personal expenses.

other Expenses

Cost of sales

Summary of the elasticity of the variables

-500,00%

-400,00%

-300,00%

-200,00%

-100,00%

0,00%

100,00%

200,00%

sales Cost of sales Personal expenses. other Expenses Gastos financieros

Variation of variables



3.5.- Investments summary of our business plan.


Total Investment: 4.882.193 840.000 Bank money: 3.000.000 0 0 0 0

Bank money: 3.000.000 V.A.T. 1.010.548 Payment of investments including VAT. -4.882.193 0 0 0 0

Money for investment partners: 1.882.193 Total 1.850.548 Payment of Capital: -65.426 -160.809 -163.443 -170.671 -175.862

Payment of investments including VAT. 840.000 Interest payment: -37.125 -87.801 -85.167 -77.938 -72.747

Base investment 4.042.193 Coste efectivo: 3.031.644 -1.984.744 -248.609 -248.609 -248.609 -248.609

T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4

Input VAT on capital goods 0 0 1.014.559 0 0 0 0 0 0 0 0 0

Year: 2016 ene-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sep-16 oct-16 nov-16 dic-16 Total

Bank money: 0 0 0 0 0 0 900.000 1.050.000 1.050.000 0 0 0 3.000.000

Money for investment partners: 0 0 0 0 0 0 564.658 658.767 658.767 0 0 0 1.882.193

Payment of investments including VAT. 0 0 0 0 0 0 -1.464.658 -1.708.767 -1.708.767 0 0 0 -4.882.193

Payment of Capital: 0 0 0 0 0 0 -3.965 -8.591 -13.217 -13.217 -13.217 -13.217 -65.426

Interest payment: 0 0 0 0 0 0 -2.250 -4.875 -7.500 -7.500 -7.500 -7.500 -37.125

0 0 0 0 0 0 -6.215 -13.466 -20.717 -20.717 -20.717 -20.717 -102.551


Bank money: 0 0 0 0 0 0 0 0 0 0 0 0 0

Money for investment partners: 0 0 0 0 0 0 0 0 0 0 0 0 0

Payment of investments including VAT. 0 0 0 0 0 0 0 0 0 0 0 0 0

Payment of Capital: -13.217 -13.250 -13.284 -13.317 -13.350 -13.383 -13.417 -13.450 -13.484 -13.518 -13.552 -13.586 -160.809

Interest payment: -7.500 -7.467 -7.434 -7.401 -7.367 -7.334 -7.300 -7.267 -7.233 -7.200 -7.166 -7.132 -87.801

-20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -248.609


Bank money: 0 0 0 0 0 0 0 0 0 0 0 0 0





-20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -248.609


Bank money: 0 0 0 0 0 0 0 0 0 0 0 0 0





-20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -248.609


Bank money: 0 0 0 0 0 0 0 0 0 0 0 0 0





-20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -20.717 -248.609

Value added tax. VAT

Summary

Year: 2017 Year: 2018

Tax Benefits

Year: 2016


3.6.- Plan Investment payback.

.- Fixed Assets. .- Table of loan repayments

Amount Años Year: 2016 Year: 2017 Year: 2018 Amount 3.000.000

Expenditure on Research 0 0 0 0 0 Term 15,00

Development Expenditures 0 0 0 0 0 Interest 3,00%

Administrative Concessions 0 0 0 0 0

Industrial property 0 0 0 0 0

Leaseholds. 0 0 0 0 0 Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

Computer Applications 0 0 0 0 0 Principal 65.426 160.809 163.443 170.671 175.862

Advances for intangible assets 0 0 0 0 0 Interests. 37.125 87.801 85.167 77.938 72.747

Land and Natural Assets 0 0 0 0 0 Total 102.551 248.609 248.609 248.609 248.609

constructions 1.605.114 35 11.465 45.860 45.860

Technical Installations 921.962 8 27.659 110.635 110.635

machinery 553.016 10 13.825 55.302 55.302

tools 196.351 10 4.909 19.635 19.635

Other facilities. 0 0 0 0 0

furniture 608.311 10 15.208 60.831 60.831

Information processing equipment. 46.098 4 2.881 11.525 11.525

Elements of Transportation 46.098 10 1.152 4.610 4.610

Other tangible assets 23.049 10 576 2.305 2.305

0 0 0 0 0

4.000.000 77.676 310.703 310.703

.- Box investments. Financial table .-

FIXED ASSETS Amount % Initial funding

INTANGIBLE ASSETS 0 0,00% Amount %

INMOBILIZED MATERIAL 4.000.000 81,93% EQUITY 1.042.193 25,78%

FINANCIAL ASSETS 0 0,00% LONG-TERM DEBT 3.000.000 74,22%

FIXED 4.000.000 81,93% Long term 4.042.193 100,00%

LIABILITIES 0 0,00%

Short Term 0 0,00%

ASSETS. Amount %

STOCKS 42.193 0,86%

DEBTORS 840.000 17,21% TOTAL FINANCING 4.042.193 100,00%

TREASURY 0 0,00%

ASSETS. 882.193 18,07%

TOTAL INVESTMENTS 4.882.193 100,00%

Structure of investment financing

Distribution of investments

Local bonds and other fixed assets fianciero.

Investments:

INTANGIBLE ASSETS

INMOBILIZED MATERIAL

STOCKS

DEBTORS

EQUITY

LONG-TERM DEBT


Hotel de Capricho, s.l.4. Analysis of the products.


4.1 Detailed analysis of units soldProduct Estancia Hotelera Product Cafetería, Comida y Bebida

Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

units 10.806 43.693 44.130 44.571 45.017 units 18.361 74.242 74.984 75.734 76.491

Sale price. 60,00 61,20 62,42 63,67 64,95 Sale price. 14,66 14,95 15,25 15,56 15,87

Cost. 2,93 2,99 3,05 3,11 3,17 Cost. 5,00 5,10 5,21 5,31 5,42

Margin per unit.

57,07 58,21 59,37 60,56 61,77 Margin per unit.

9,66 9,85 10,05 10,25 10,45

Total margin 616.664 2.543.338 2.620.147 2.699.276 2.780.794 Total margin 177.292 731.216 753.299 776.048 799.485

Personal expenses. 45,48 45,68 46,59 47,52 48,47 Personal expenses. 7,69 7,73 7,88 8,04 8,20

leases 0,00 0,00 0,00 0,00 0,00 leases 0,00 0,00 0,00 0,00 0,00

Repairs and maintenance 4,33 1,09 1,10 1,11 1,12 Repairs and maintenance 0,73 0,18 0,19 0,19 0,19

professional services 0,92 0,93 0,94 0,95 0,96 professional services 0,16 0,16 0,16 0,16 0,16

transportation 0,01 0,01 0,01 0,01 0,01 transportation 0,00 0,00 0,00 0,00 0,00

Insurance premiums 0,88 0,22 0,22 0,26 0,26 Insurance premiums 0,15 0,04 0,04 0,04 0,04

Banking and similar services. 0,33 0,34 0,34 0,34 0,35 Banking and similar services. 0,06 0,06 0,06 0,06 0,06

advertising 0,33 0,33 0,34 0,34 0,34 advertising 0,06 0,06 0,06 0,06 0,06

Supplies. 0,44 0,45 0,45 0,46 0,46 Supplies. 0,07 0,08 0,08 0,08 0,08

Miscellaneous expense. 0,47 0,48 0,49 0,49 0,49 Miscellaneous expense. 0,08 0,08 0,08 0,08 0,08

Taxes. 0,24 0,06 0,06 0,06 0,06 Taxes. 0,04 0,01 0,01 0,01 0,01

Amortization 5,35 5,29 5,24 5,19 5,14 Amortization 0,91 0,90 0,89 0,88 0,87

Gastos financieros 2,56 1,50 1,40 1,30 1,20 Gastos financieros 0,43 0,25 0,24 0,22 0,20

Indirect cost. 61,34 56,38 57,18 58,04 58,88 Indirect cost. 10,38 9,54 9,67 9,82 9,96

Earnings per unit -4,27 1,83 2,20 2,52 2,90 Earnings per unit -0,72 0,31 0,37 0,43 0,49

Total profit. -46.111 80.081 97.024 112.468 130.364 Total profit. -13.257 23.024 27.895 32.335 37.480

Product Comunic., Alquil.loc. 229 m2 y Varios Product Spa & Wellness Center


units 7.289 29.472 29.766 30.064 30.365 units 6.909 27.938 28.217 28.499 28.784

Sale price. 4,40 4,49 4,58 4,67 4,76 Sale price. 0,62 0,64 0,65 0,66 0,67

Cost. 0,05 0,05 0,05 0,06 0,06 Cost. 0,19 0,19 0,19 0,20 0,20

Margin per unit.

4,34 4,43 4,52 4,61 4,70 Margin per unit.

0,44 0,44 0,45 0,46 0,47

Total margin 31.669 130.615 134.560 138.623 142.810 Total margin 3.013 12.428 12.803 13.190 13.588

Personal expenses. 3,46 3,48 3,55 3,62 3,69 Personal expenses. 0,35 0,35 0,36 0,36 0,37

leases 0,00 0,00 0,00 0,00 0,00 leases 0,00 0,00 0,00 0,00 0,00

Repairs and maintenance 0,33 0,08 0,08 0,08 0,09 Repairs and maintenance 0,03 0,01 0,01 0,01 0,01

professional services 0,07 0,07 0,07 0,07 0,07 professional services 0,01 0,01 0,01 0,01 0,01

transportation 0,00 0,00 0,00 0,00 0,00 transportation 0,00 0,00 0,00 0,00 0,00

Insurance premiums 0,07 0,02 0,02 0,02 0,02 Insurance premiums 0,01 0,00 0,00 0,00 0,00

Banking and similar services. 0,03 0,03 0,03 0,03 0,03 Banking and similar services. 0,00 0,00 0,00 0,00 0,00

advertising 0,02 0,03 0,03 0,03 0,03 advertising 0,00 0,00 0,00 0,00 0,00

Supplies. 0,03 0,03 0,03 0,03 0,04 Supplies. 0,00 0,00 0,00 0,00 0,00

Miscellaneous expense. 0,04 0,04 0,04 0,04 0,04 Miscellaneous expense. 0,00 0,00 0,00 0,00 0,00

Taxes. 0,02 0,00 0,00 0,00 0,00 Taxes. 0,00 0,00 0,00 0,00 0,00

Amortization 0,41 0,40 0,40 0,39 0,39 Amortization 0,04 0,04 0,04 0,04 0,04

Gastos financieros 0,19 0,11 0,11 0,10 0,09 Gastos financieros 0,02 0,01 0,01 0,01 0,01

Indirect cost. 4,67 4,29 4,35 4,42 4,48 Indirect cost. 0,47 0,43 0,44 0,44 0,45

Earnings per unit -0,32 0,14 0,17 0,19 0,22 Earnings per unit -0,03 0,01 0,02 0,02 0,02

Total profit. -2.368 4.113 4.983 5.776 6.695 Total profit. -225 391 474 550 637


4.2 Composition of the sales price

Details of the composition of the sales price.

budget Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 budget Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

Cost. 506.311 125.217 516.437 532.034 548.101 564.654 13,13% 13,13% 13,13% 13,13% 13,13% 13,13%

Personal expenses. 2.629.292 660.319 2.681.815 2.762.712 2.846.052 2.931.908 68,17% 69,23% 68,17% 68,17% 68,17% 68,16%

leases 0 0 0 0 0 0 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%

Repairs and maintenance 62.839 62.839 64.096 65.378 66.686 68.019 1,63% 6,59% 1,63% 1,61% 1,60% 1,58%

professional services 53.701 13.425 54.775 55.870 56.987 58.127 1,39% 1,41% 1,39% 1,38% 1,36% 1,35%

transportation 829 205 846 863 880 898 0,02% 0,02% 0,02% 0,02% 0,02% 0,02%

Insurance premiums 12.803 12.803 12.803 12.803 15.616 15.928 0,33% 1,34% 0,33% 0,32% 0,37% 0,37%

Banking and similar services. 19.284 4.769 19.670 20.064 20.465 20.874 0,50% 0,50% 0,50% 0,50% 0,49% 0,49%

advertising 19.178 4.743 19.561 19.952 20.351 20.759 0,50% 0,50% 0,50% 0,49% 0,49% 0,48%

Supplies. 25.700 6.356 26.214 26.738 27.273 27.819 0,67% 0,67% 0,67% 0,66% 0,65% 0,65%

Miscellaneous expense. 27.648 6.838 28.201 28.765 29.340 29.927 0,72% 0,72% 0,72% 0,71% 0,70% 0,70%

Taxes. 3.502 3.502 3.502 3.644 3.717 3.791 0,09% 0,37% 0,09% 0,09% 0,09% 0,09%

Amortization 310.703 77.676 310.703 310.703 310.703 310.703 8,06% 8,14% 7,90% 7,67% 7,44% 7,22%

Gastos financieros 90.000 37.125 87.801 82.940 77.938 72.747 2,33% 3,89% 2,23% 2,05% 1,87% 1,69%

Result of the excersice 95.105 -61.961 107.609 130.376 151.128 175.176 2,47% -6,50% 2,74% 3,22% 3,62% 4,07%

3.856.896 953.856 3.934.034 4.052.842 4.175.238 4.301.330 100,00% 100,00% 100,00% 100,00% 100,00% 100,00%

Euros %

Composition of the sales price of the items

Cost. Personal expenses. leases Repairs and maintenance professional services transportation Insurance premiums Banking and similar services. advertising Supplies. Miscellaneous expense. Taxes. Amortization Gastos financieros Result of the excersice


4.3 Cost of product sales

Estancia Hotelera Cafetería, Comida y BebidaSale price. 60,00 100,00% Sale price. 14,66 100,00%

Cost. 2,93 4,89% Cost. 5,00 34,13%

Margin per unit: 57,07 95,11% Margin per unit: 9,66 65,87%

Comunic., Alquil.loc. 229 m2 y Varios Spa & Wellness CenterSale price. 4,40 100,00% Sale price. 0,62 100,00%

Cost. 0,05 1,20% Cost. 0,19 30,00%

Margin per unit: 4,34 98,80% Margin per unit: 0,44 70,00%

Details of the cost price and profit margin

Details of the cost price and profit marginDetails of the cost price and profit margin

Details of the cost price and profit margin

Cost.5%

Margin per unit:95%

Cost. Margin per unit:

Cost.34%

Margin per unit:66%


Cost.1%

Margin per unit:99%


Cost.30%

Margin per unit:70%



5. Financial statements for the first five years: balance sheet, income, sources and uses of funds account.Hotel de Capricho, s.l.


5.1 Profit and Loss Account.

Percentage

Previous data. Investments: Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

A) CONTINUING OPERATIONS 0 0 0 0 0 0 0 0,00% 0,00% 0,00% 0,00% 0,00%

1. Net of turnover 0 0 953.856 3.934.034 4.052.842 4.175.238 4.301.330 100,00% 100,00% 100,00% 100,00% 100,00%

a) Sales 0 0 953.856 3.934.034 4.052.842 4.175.238 4.301.330 100,00% 100,00% 100,00% 100,00% 100,00%

700 SALES OF GOODS 0 0 953.856 3.934.034 4.052.842 4.175.238 4.301.330 100,00% 100,00% 100,00% 100,00% 100,00%

4. Procurements. Purchases. 0 0 -125.217 -516.437 -532.034 -548.101 -564.654 -13,13% -13,13% -13,13% -13,13% -13,13%

a) Consumption of Goods 0 0 -125.217 -516.437 -532.034 -548.101 -564.654 -13,13% -13,13% -13,13% -13,13% -13,13%

600 PURCHASES OF GOODS 0 0 -125.217 -516.437 -532.034 -548.101 -564.654 -13,13% -13,13% -13,13% -13,13% -13,13%

6. Staff costs 0 0 -660.319 -2.681.815 -2.762.712 -2.846.052 -2.931.908 -69,23% -68,17% -68,17% -68,17% -68,16%

a) Salaries, wages and auxiliary 0 0 -499.651 -2.029.315 -2.090.600 -2.153.736 -2.218.779 -52,38% -51,58% -51,58% -51,58% -51,58%

640 SALARIES AND WAGES 0 0 -499.651 -2.029.315 -2.090.600 -2.153.736 -2.218.779 -52,38% -51,58% -51,58% -51,58% -51,58%

b) Social security 0 0 -160.668 -652.501 -672.112 -692.316 -713.129 -16,84% -16,59% -16,58% -16,58% -16,58%

642 SOCIAL SECURITY BY THE COMPANY 0 0 -160.668 -652.501 -672.112 -692.316 -713.129 -16,84% -16,59% -16,58% -16,58% -16,58%

7. Other operating expenses 0 0 -193.157 -540.372 -544.780 -552.019 -556.845 -20,25% -13,74% -13,44% -13,22% -12,95%

a) External services 0 0 -193.157 -540.372 -544.780 -552.019 -556.845 -20,25% -13,74% -13,44% -13,22% -12,95%

621 LEASES AND CHARGES 0 0 0 0 0 0 0 0,00% 0,00% 0,00% 0,00% 0,00%

622 REPAIR AND CONSERVATION 0 0 -62.839 -64.096 -65.378 -66.686 -68.019 -6,59% -1,63% -1,61% -1,60% -1,58%

623 PROFESSIONAL SERVICES 0 0 -13.425 -54.775 -55.870 -56.987 -58.127 -1,41% -1,39% -1,38% -1,36% -1,35%

624 TRANSPORT 0 0 -205 -846 -863 -880 -898 -0,02% -0,02% -0,02% -0,02% -0,02%

625 INSURANCE PREMIUMS 0 0 -12.803 -12.803 -12.803 -15.616 -15.928 -1,34% -0,33% -0,32% -0,37% -0,37%

626 BANKING AND SIMILAR 0 0 -4.769 -19.670 -20.064 -20.465 -20.874 -0,50% -0,50% -0,50% -0,49% -0,49%

627 ADVERTISING 0 0 -4.743 -19.561 -19.952 -20.351 -20.759 -0,50% -0,50% -0,49% -0,49% -0,48%

628 SUPPLIES 0 0 -6.356 -26.214 -26.738 -27.273 -27.819 -0,67% -0,67% -0,66% -0,65% -0,65%

629 OTHER SERVICES 0 0 -6.838 -28.201 -28.765 -29.340 -29.927 -0,72% -0,72% -0,71% -0,70% -0,70%

631 OTHER TAXES 0 0 -3.502 -3.502 -3.644 -3.717 -3.791 -0,37% -0,09% -0,09% -0,09% -0,09%

680 DEPRECIATION 0 0 -77.676 -310.703 -310.703 -310.703 -310.703 -8,14% -7,90% -7,67% -7,44% -7,22%

A.1) OPERATING INCOME 0 0 -24.836 195.410 213.316 229.066 247.923 -2,60% 4,97% 5,26% 5,49% 5,76%

15. Financial expenses 0 0 -37.125 -87.801 -82.940 -77.938 -72.747 -3,89% -2,23% -2,05% -1,87% -1,69%

b) On debts to third parties 0 0 -37.125 -87.801 -82.940 -77.938 -72.747 -3,89% -2,23% -2,05% -1,87% -1,69%

662 INTEREST ON DEBT 0 0 -37.125 -87.801 -82.940 -77.938 -72.747 -3,89% -2,23% -2,05% -1,87% -1,69%

669 OTHER FINANCIAL EXPENSES 0 0 0 0 0 0 0 0,00% 0,00% 0,00% 0,00% 0,00%

A.2) FINANCIAL 0 0 -37.125 -87.801 -82.940 -77.938 -72.747 -3,89% -2,23% -2,05% -1,87% -1,69%

A.3) PROFIT BEFORE TAX 0 0 -61.961 107.609 130.376 151.128 175.176 -6,50% 2,74% 3,22% 3,62% 4,07%

A.4) exercised RESULT FROM CONTINUING OPERAC.IONES0 0 -61.961 107.609 130.376 151.128 175.176 -6,50% 2,74% 3,22% 3,62% 4,07%

B) DISCONTINUED OPERATIONS 0 0 0 0 0 0 0 0,00% 0,00% 0,00% 0,00% 0,00%

A.5) PROFIT FOR THE YEAR 0 0 -61.961 107.609 130.376 151.128 175.176 -6,50% 2,74% 3,22% 3,62% 4,07%


5.2 Balance Sheet.

Percentage

ACTIVE Previous data. Investments: Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Previous data. Investments: Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

FIXED 0 4.000.000 3.922.324 3.611.621 3.300.918 2.990.215 2.679.512 0,00% 98,96% 89,73% 83,29% 76,57% 69,54% 62,21%

INTANGIBLE ASSETS 0 0 0 0 0 0 0 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%

INMOBILIZED MATERIAL 0 4.000.000 4.000.000 4.000.000 4.000.000 4.000.000 4.000.000 0,00% 98,96% 91,51% 92,24% 92,78% 93,03% 92,86%

FINANCIAL ASSETS 0 0 0 0 0 0 0 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%

ACCUMULATED DEPRECIATION 0 0 -77.676 -388.379 -699.082 -1.009.785 -1.320.488 0,00% 0,00% -1,78% -8,96% -16,22% -23,48% -30,66%

ASSETS. 1.933.071 42.193 448.890 724.692 1.010.305 1.309.600 1.627.915 100,00% 1,04% 10,27% 16,71% 23,43% 30,46% 37,79%

STOCKS 0 42.193 42.193 43.036 43.897 44.775 44.775 0,00% 1,04% 0,97% 0,99% 1,02% 1,04% 1,04%

DEBTORS 0 0 1.066.535 650.436 339.844 346.641 346.641 0,00% 0,00% 24,40% 15,00% 7,88% 8,06% 8,05%

TREASURY 1.933.071 0 -659.837 31.220 626.563 918.184 1.236.499 100,00% 0,00% -15,10% 0,72% 14,53% 21,35% 28,71%

TOTAL ASSETS 1.933.071 4.042.193 4.371.214 4.336.314 4.311.223 4.299.816 4.307.428 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00%

LIABILITIESEQUITY 1.933.071 1.042.193 980.231 1.098.320 1.228.696 1.379.824 1.554.999 100,00% 25,78% 22,42% 25,33% 28,50% 32,09% 36,10%

+ Temporary Capital Contributions of the partners 1.933.071 1.042.193 1.042.193 1.052.672 1.052.672 1.052.672 1.052.672 100,00% 25,78% 23,84% 24,28% 24,42% 24,48% 24,44%

reservations 0 0 0 0 107.609 237.985 389.113 0,00% 0,00% 0,00% 0,00% 2,50% 5,53% 9,03%

benefits 0 0 -61.961 107.609 130.376 151.128 175.176 0,00% 0,00% -1,42% 2,48% 3,02% 3,51% 4,07%

Losses prior years 0 0 -61.961 -61.961 -61.961 -61.961 0,00% 0,00% 0,00% -1,43% -1,44% -1,44% -1,44%

LONG-TERM DEBT 0 3.000.000 3.000.000 2.839.191 2.675.749 2.505.078 2.329.216 0,00% 74,22% 68,63% 65,47% 62,06% 58,26% 54,07%

LIABILITIES 0 0 390.983 398.802 406.779 414.914 423.212 0,00% 0,00% 8,94% 9,20% 9,44% 9,65% 9,83%

TOTAL LIABILITIES 1.933.071 4.042.193 4.371.214 4.336.314 4.311.223 4.299.816 4.307.428 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00%


5.3 State of Origin and Application of Funds.

Percentage

APPLICATIONS AND INVESTMENT Previous data. Investments: Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Previous data. Investments: Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

FIXED 0 4.000.000 4.000.000 0 0 0 0 0,00% 100,00% 81,78% 0,00% 0,00% 0,00% 0,00%

DECREASE IN LONG-TERM LIABILITIES 0 0 0 160.809 163.443 170.671 175.862 0,00% 0,00% 0,00% 100,00% 100,00% 100,00% 100,00%

LOSS 0 0 -61.961 0 0 0 0 0,00% 0,00% -1,27% 0,00% 0,00% 0,00% 0,00%

DECREASE OF EQUITY 0 0 952.840 0 0 0 0 0,00% 0,00% 19,48% 0,00% 0,00% 0,00% 0,00%

Loss carryforwards 0 0 0 0

TOTAL APPLICATIONS 0 4.000.000 4.890.878 160.809 163.443 170.671 175.862 0,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00%

ORIGINS Previous data. Investments: Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Previous data. Investments: Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

INCREASE OF CAPITAL OR EQUITY 1.933.071 1.042.193 0 10.479 0 0 0 100,00% 25,78% 0,00% 2,44% 0,00% 0,00% 0,00%

INCREASE IN LONG-TERM LIABILITIES 0 3.000.000 3.000.000 0 0 0 0 0,00% 74,22% 97,48% 0,00% 0,00% 0,00% 0,00%

RESERVATIONS 0 0

PROFIT FOR THE YEAR 0 0 0 107.609 130.376 151.128 175.176 0,00% 0,00% 0,00% 25,10% 29,56% 32,72% 36,05%

DEPRECIATION 0 77.676 310.703 310.703 310.703 310.703 0,00% 0,00% 2,52% 72,46% 70,44% 67,28% 63,95%

FIXED 0 0

TOTAL SOURCES 1.933.071 4.042.193 3.077.676 428.791 441.079 461.831 485.879 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00%

Previous data. Investments: Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Previous data. Investments: Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

ORIGINS LESS APPLICATIONS 1.933.071 42.193 -1.813.203 267.983 277.636 291.160 310.017 100,00% 1,04% -37,07% 62,50% 62,94% 63,04% 63,81%

VARIATION IN WORKING CAPITAL Previous data. Investments: Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Previous data. Investments: Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

STOCKS 0 42.193 42.193 844 861 878 0 0,00% 100,00% 1,63% 0,12% 0,14% 0,30% 0,00%

DEBTORS 0 0 1.066.535 -416.099 -310.592 6.797 0 0,00% 0,00% 41,13% -60,21% -52,17% 2,33% 0,00%

CREDITORS 0 0 -390.983 -7.820 -7.976 -8.136 -8.298 0,00% 0,00% -15,08% -1,13% -1,34% -2,79% -2,61%

TREASURY 1.933.071 0 -2.592.908 691.057 595.343 291.621 318.315 100,00% 0,00% -100,00% 100,00% 100,00% 100,00% 100,00%

INCREASE (+) OR DECREASE (-) IN WORKING CAPITAL1.933.071 42.193 -1.875.164 267.983 277.636 291.160 310.017 100,00% 100,00% -72,32% 38,78% 46,63% 99,84% 97,39%


5.4 Chart Evolution of sales, expenses, profits and gains

ene-16

jul-16

ene-17

jul-17

ene-18

jul-18

ene-19

jul-19

ene-20

jul-20

Op

erat

ing

in

com

e

Sta

ff c

ost

s

Fin

anci

al E

xpen

ses

-100.000,00

0,00

100.000,00

200.000,00

300.000,00

400.000,00

500.000,00

Operating income

Used in Operations.

Staff costs

Miscellaneous expense.

Financial Expenses



6. Detailed analysis of the first five yearsHotel de Capricho, s.l.


6.1.- Year: 2016

Economic Result Year: 2016

Profit and loss account ene-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sep-16 oct-16 nov-16 dic-16 Total

A) CONTINUING OPERATIONS 0 0 0 0 0 0 0 0 0 0 0 0 0

1. Net of turnover 0 0 0 0 0 0 0 0 0 331.776 290.304 331.776 953.856

a) Sales 0 0 0 0 0 0 0 0 0 331.776 290.304 331.776 953.856

700 SALES OF GOODS 0 0 0 0 0 0 0 0 0 331.776 290.304 331.776 953.856

4. Procurements. Purchases. 0 0 0 0 0 0 0 0 0 -43.554 -38.109 -43.554 -125.217

a) Consumption of Goods 0 0 0 0 0 0 0 0 0 -43.554 -38.109 -43.554 -125.217

600 PURCHASES OF GOODS 0 0 0 0 0 0 0 0 0 -43.554 -38.109 -43.554 -125.217

6. Staff costs 0 0 0 0 0 0 0 0 0 -225.325 -209.668 -225.325 -660.319

a) Salaries, wages and auxiliary 0 0 0 0 0 0 0 0 0 -170.504 -158.642 -170.504 -499.651

640 SALARIES AND WAGES 0 0 0 0 0 0 0 0 0 -170.504 -158.642 -170.504 -499.651

b) Social security 0 0 0 0 0 0 0 0 0 -54.821 -51.026 -54.821 -160.668

642 SOCIAL SECURITY BY THE COMPANY 0 0 0 0 0 0 0 0 0 -54.821 -51.026 -54.821 -160.668

7. Other operating expenses 0 0 0 0 0 0 0 0 0 -76.499 -56.465 -60.193 -193.157

a) External services 0 0 0 0 0 0 0 0 0 -76.499 -56.465 -60.193 -193.157

621 LEASES AND CHARGES 0 0 0 0 0 0 0 0 0 0 0 0 0

622 REPAIR AND CONSERVATION 0 0 0 0 0 0 0 0 0 -21.857 -19.125 -21.857 -62.839

623 PROFESSIONAL SERVICES 0 0 0 0 0 0 0 0 0 -4.475 -4.475 -4.475 -13.425

624 TRANSPORT 0 0 0 0 0 0 0 0 0 -71 -62 -71 -205

625 INSURANCE PREMIUMS 0 0 0 0 0 0 0 0 0 -12.803 0 0 -12.803

626 BANKING AND SIMILAR 0 0 0 0 0 0 0 0 0 -1.659 -1.452 -1.659 -4.769

627 ADVERTISING 0 0 0 0 0 0 0 0 0 -1.650 -1.443 -1.650 -4.743

628 SUPPLIES 0 0 0 0 0 0 0 0 0 -2.211 -1.934 -2.211 -6.356

629 OTHER SERVICES 0 0 0 0 0 0 0 0 0 -2.378 -2.081 -2.378 -6.838

631 OTHER TAXES 0 0 0 0 0 0 0 0 0 -3.502 0 0 -3.502

680 DEPRECIATION 0 0 0 0 0 0 0 0 0 -25.892 -25.892 -25.892 -77.676

A.1) OPERATING INCOME 0 0 0 0 0 0 0 0 0 -13.602 -13.938 2.704 -24.836

15. Financial expenses 0 0 0 0 0 0 -2.250 -4.875 -7.500 -7.500 -7.500 -7.500 -37.125

b) On debts to third parties 0 0 0 0 0 0 -2.250 -4.875 -7.500 -7.500 -7.500 -7.500 -37.125

662 INTEREST ON DEBT 0 0 0 0 0 0 -2.250 -4.875 -7.500 -7.500 -7.500 -7.500 -37.125

669 OTHER FINANCIAL EXPENSES 0 0 0 0 0 0 0 0 0 0 0 0 0

A.2) FINANCIAL 0 0 0 0 0 0 -2.250 -4.875 -7.500 -7.500 -7.500 -7.500 -37.125

A.3) PROFIT BEFORE TAX 0 0 0 0 0 0 -2.250 -4.875 -7.500 -21.102 -21.438 -4.796 -61.961

A.4) exercised RESULT FROM CONTINUING OPERAC.IONES 0 0 0 0 0 0 -2.250 -4.875 -7.500 -21.102 -21.438 -4.796 -61.961

B) DISCONTINUED OPERATIONS 0 0 0 0 0 0 0 0 0 0 0 0 0

A.5) PROFIT FOR THE YEAR 0 0 0 0 0 0 -2.250 -4.875 -7.500 -21.102 -21.438 -4.796 -61.961

Average daily cash during this month: 0 0 0 0 0 0 0 0 0 11.059 9.677 11.059 10.598

Average weekly cash during the month: 0 0 0 0 0 0 0 0 0 77.414 67.738 77.414 74.189


Financial plan. Cashflow Year: 2016

Estimated Cash flow ene-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sep-16 oct-16 nov-16 dic-16 Total

Money Partners: 0 0 0 0 0 0 570.873 672.234 679.485 0 0 0 1.922.592

Loan amount received. 0 0 0 0 0 0 900.000 1.050.000 1.050.000 0 0 0 3.000.000

700 SALES OF GOODS 0 0 0 0 0 0 0 0 0 331.776 290.304 331.776 953.856

Iva sales 0 0 0 0 0 0 0 0 0 33.178 29.030 33.178 95.386

600 PURCHASES OF GOODS 0 0 0 0 0 0 0 0 0 0 0 -43.554 -43.554

640 SALARIES AND WAGES 0 0 0 0 0 0 0 0 0 -170.504 -158.642 -170.504 -499.651

642 SOCIAL SECURITY BY THE COMPANY 0 0 0 0 0 0 0 0 0 -54.821 -51.026 -54.821 -160.668


622 REPAIR AND CONSERVATION 0 0 0 0 0 0 0 0 0 -21.857 -19.125 -21.857 -62.839

623 PROFESSIONAL SERVICES 0 0 0 0 0 0 0 0 0 -4.475 -4.475 -4.475 -13.425

624 TRANSPORT 0 0 0 0 0 0 0 0 0 -71 -62 -71 -205


626 BANKING AND SIMILAR 0 0 0 0 0 0 0 0 0 -1.659 -1.452 -1.659 -4.769

627 ADVERTISING 0 0 0 0 0 0 0 0 0 -1.650 -1.443 -1.650 -4.743

628 SUPPLIES 0 0 0 0 0 0 0 0 0 -2.211 -1.934 -2.211 -6.356

629 OTHER SERVICES 0 0 0 0 0 0 0 0 0 -2.378 -2.081 -2.378 -6.838

631 OTHER TAXES 0 0 0 0 0 0 0 0 0 -3.502 0 0 -3.502

680 DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0

662 INTERESES DE DEUDAS 0 0 0 0 0 0 -2.250 -4.875 -7.500 -7.500 -7.500 -7.500 -37.125

669 OTROS GASTOS FINANCIEROS 0 0 0 0 0 0 0 0 0 0 0 0 0

VAT on purchases 0 0 0 0 0 0 0 0 0 0 0 -4.355 -4.355

VAT on expenditure 0 0 0 0 0 0 0 0 0 -6.855 -6.115 -6.855 -19.825

Payment of investments including VAT. 0 0 0 0 0 0 -1.464.658 -1.708.767 -1.708.767 0 0 0 -4.882.193

Loan Payments 0 0 0 0 0 0 -3.965 -8.591 -13.217 -13.217 -13.217 -13.217 -65.426

Cumulative cash flow 0 0 0 -63.039 -63.039

I.S. liquidation 0 0

Cash flow: 0 0 0 0 0 0 0 0 0 61.449 52.261 -33.193 80.517

Cumulative cash flow 0 0 0 0 0 0 0 0 0 61.449 113.710 80.517


Deadpoint. Breakeven

----------- Year: 2016Business deadlock is reached when the turnover reaches 1055660 euros to be achieved approximately during the month of:

-600.000

-400.000

-200.000

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000


Operating income Variable costs Fixed costs Fixed costs variable costs Result:


Productivity of the items of the income statement.

Year: 2016

Each euro euro needs these results ene-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sep-16 oct-16 nov-16 dic-16

income 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 -15,72 -13,54 -69,17

Used in Operations. 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 -2,06 -1,78 -9,08

Personal expenses. 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 -10,68 -9,78 -46,98

external expenditure 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 -3,63 -2,63 -12,55

Gastos financieros 0,00 0,00 0,00 0,00 0,00 0,00 -1,00 -1,00 -1,00 -0,36 -0,35 -1,56

ene-16 feb-16 mar-16abr-16 may-16 jun-16

jul-16ago-16

sep-16oct-16

nov-16dic-16

-70,00

-60,00

-50,00

-40,00

-30,00

-20,00

-10,00

0,00

income

Used in Operations.

Personal expenses.

external expenditure

Gastos financieros


Benefits for each hour of work each month. Year: 2016

ener

o-16

febr

ero-

16

mar

zo-1

6

abril

-16

may

o-16

juni

o-16

julio

-16

agos

to-1

6

sept

iem

bre-

16

octu

bre-

16

novi

embr

e-16

dici

embr

e-16

1,00

3,00

5,00

7,00

9,00

11,00

13,00

15,00

17,00

19,00

21,00

23,00

-1.200,00

-1.000,00

-800,00

-600,00

-400,00

-200,00

0,00


Benefits for every day and every month.

Year: 2016

-25.000

-20.000

-15.000

-10.000

-5.000

0


Monday Tuesday Wednesday Thursday Friday Saturday Sunday


6.2.- Year: 2017




1. Net of turnover 232.658 232.658 274.959 296.110 338.412 359.562 423.014 423.014 380.713 338.412 296.110 338.412 3.934.034

a) Sales 232.658 232.658 274.959 296.110 338.412 359.562 423.014 423.014 380.713 338.412 296.110 338.412 3.934.034

700 SALES OF GOODS 232.658 232.658 274.959 296.110 338.412 359.562 423.014 423.014 380.713 338.412 296.110 338.412 3.934.034

4. Procurements. Purchases. -30.542 -30.542 -36.095 -38.872 -44.425 -47.201 -55.531 -55.531 -49.978 -44.425 -38.872 -44.425 -516.437

a) Consumption of Goods -30.542 -30.542 -36.095 -38.872 -44.425 -47.201 -55.531 -55.531 -49.978 -44.425 -38.872 -44.425 -516.437

600 PURCHASES OF GOODS -30.542 -30.542 -36.095 -38.872 -44.425 -47.201 -55.531 -55.531 -49.978 -44.425 -38.872 -44.425 -516.437

6. Staff costs -207.700 -187.625 -216.551 -213.856 -229.827 -226.704 -247.528 -247.528 -230.987 -229.827 -213.856 -229.827 -2.681.815

a) Salaries, wages and auxiliary -157.151 -141.943 -163.857 -161.815 -173.914 -171.548 -187.324 -187.324 -174.793 -173.914 -161.815 -173.914 -2.029.315

640 SALARIES AND WAGES -157.151 -141.943 -163.857 -161.815 -173.914 -171.548 -187.324 -187.324 -174.793 -173.914 -161.815 -173.914 -2.029.315

b) Social security -50.548 -45.682 -52.694 -52.041 -55.913 -55.156 -60.204 -60.204 -56.194 -55.913 -52.041 -55.913 -652.501

642 SOCIAL SECURITY BY THE COMPANY -50.548 -45.682 -52.694 -52.041 -55.913 -55.156 -60.204 -60.204 -56.194 -55.913 -52.041 -55.913 -652.501

7. Other operating expenses -39.835 -39.835 -41.541 -42.393 -44.098 -44.951 -47.509 -47.509 -45.804 -60.404 -42.393 -44.098 -540.372

a) External services -39.835 -39.835 -41.541 -42.393 -44.098 -44.951 -47.509 -47.509 -45.804 -60.404 -42.393 -44.098 -540.372


622 REPAIR AND CONSERVATION -3.791 -3.791 -4.480 -4.824 -5.514 -5.858 -6.892 -6.892 -6.203 -5.514 -4.824 -5.514 -64.096

623 PROFESSIONAL SERVICES -4.565 -4.565 -4.565 -4.565 -4.565 -4.565 -4.565 -4.565 -4.565 -4.565 -4.565 -4.565 -54.775

624 TRANSPORT -50 -50 -59 -64 -73 -77 -91 -91 -82 -73 -64 -73 -846


626 BANKING AND SIMILAR -1.163 -1.163 -1.375 -1.481 -1.692 -1.798 -2.115 -2.115 -1.904 -1.692 -1.481 -1.692 -19.670

627 ADVERTISING -1.157 -1.157 -1.367 -1.472 -1.683 -1.788 -2.103 -2.103 -1.893 -1.683 -1.472 -1.683 -19.561

628 SUPPLIES -1.550 -1.550 -1.832 -1.973 -2.255 -2.396 -2.819 -2.819 -2.537 -2.255 -1.973 -2.255 -26.214

629 OTHER SERVICES -1.668 -1.668 -1.971 -2.123 -2.426 -2.578 -3.032 -3.032 -2.729 -2.426 -2.123 -2.426 -28.201

631 OTHER TAXES 0 0 0 0 0 0 0 0 0 -3.502 0 0 -3.502

680 DEPRECIATION -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -310.703

A.1) OPERATING INCOME -45.419 -25.344 -19.227 989 20.062 40.706 72.446 72.446 53.945 3.756 989 20.062 195.410

15. Financial expenses -7.500 -7.467 -7.434 -7.401 -7.367 -7.334 -7.300 -7.267 -7.233 -7.200 -7.166 -7.132 -87.801

b) On debts to third parties -7.500 -7.467 -7.434 -7.401 -7.367 -7.334 -7.300 -7.267 -7.233 -7.200 -7.166 -7.132 -87.801

662 INTEREST ON DEBT -7.500 -7.467 -7.434 -7.401 -7.367 -7.334 -7.300 -7.267 -7.233 -7.200 -7.166 -7.132 -87.801


A.2) FINANCIAL -7.500 -7.467 -7.434 -7.401 -7.367 -7.334 -7.300 -7.267 -7.233 -7.200 -7.166 -7.132 -87.801

A.3) PROFIT BEFORE TAX -52.919 -32.811 -26.661 -6.412 12.694 33.372 65.146 65.179 46.711 -3.444 -6.177 12.930 107.609

A.4) exercised RESULT FROM CONTINUING OPERAC.IONES -52.919 -32.811 -26.661 -6.412 12.694 33.372 65.146 65.179 46.711 -3.444 -6.177 12.930 107.609


A.5) PROFIT FOR THE YEAR -52.919 -32.811 -26.661 -6.412 12.694 33.372 65.146 65.179 46.711 -3.444 -6.177 12.930 107.609

Average daily cash during this month: 7.755 7.755 9.165 9.870 11.280 11.985 14.100 14.100 12.690 11.280 9.870 11.280 10.928

Average weekly cash during the month: 54.287 54.287 64.157 69.092 78.963 83.898 98.703 98.703 88.833 78.963 69.092 78.963 76.495




Money Partners: 0 0 10.479 0 0 0 0 0 0 0 0 0 10.479

Loan amount received. 0 0 0 0 0 0 0 0 0 0 0 0 0

700 SALES OF GOODS 232.658 232.658 274.959 296.110 338.412 359.562 423.014 423.014 380.713 338.412 296.110 338.412 3.934.034

Iva sales 23.266 23.266 27.496 29.611 33.841 35.956 42.301 42.301 38.071 33.841 29.611 33.841 393.403







624 TRANSPORT -50 -50 -59 -64 -73 -77 -91 -91 -82 -73 -64 -73 -846



627 ADVERTISING -1.157 -1.157 -1.367 -1.472 -1.683 -1.788 -2.103 -2.103 -1.893 -1.683 -1.472 -1.683 -19.561

628 SUPPLIES -1.550 -1.550 -1.832 -1.973 -2.255 -2.396 -2.819 -2.819 -2.537 -2.255 -1.973 -2.255 -26.214

629 OTHER SERVICES -1.668 -1.668 -1.971 -2.123 -2.426 -2.578 -3.032 -3.032 -2.729 -2.426 -2.123 -2.426 -28.201

631 OTHER TAXES 0 0 0 0 0 0 0 0 0 -3.502 0 0 -3.502

680 DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0

662 INTERESES DE DEUDAS -7.500 -7.467 -7.434 -7.401 -7.367 -7.334 -7.300 -7.267 -7.233 -7.200 -7.166 -7.132 -87.801


VAT on purchases -3.811 -4.355 -3.054 -3.054 -3.610 -3.887 -4.442 -4.720 -5.553 -5.553 -4.998 -4.442 -51.480

VAT on expenditure -2.684 -2.684 -2.998 -3.154 -3.468 -3.625 -4.095 -4.095 -3.782 -3.468 -3.154 -3.468 -40.675


Loan Payments -13.217 -13.250 -13.284 -13.317 -13.350 -13.383 -13.417 -13.450 -13.484 -13.518 -13.552 -13.586 -160.809

Cumulative cash flow -55.944 -76.111 -94.598 -74.431 -301.084

I.S. liquidation 0 0 0 0

Cash flow: -31.041 -16.955 -32.520 37.896 60.329 6.543 122.490 119.436 -12.295 22.644 16.516 -23.264 269.779

Cumulative cash flow 49.475 32.520 0 37.896 98.225 104.768 227.258 346.694 334.399 357.044 373.560 350.296



nov-17 Year: 2017Business deadlock is reached when the turnover reaches 3789389 euros to be achieved approximately during the month of:

-3.000.000

-2.000.000

-1.000.000

0

1.000.000

2.000.000

3.000.000

4.000.000

5.000.000





Year: 2017


income -4,40 -7,09 -10,31 -46,18 26,66 10,77 6,49 6,49 8,15 -98,27 -47,94 26,17

Used in Operations. -0,58 -0,93 -1,35 -6,06 3,50 1,41 0,85 0,85 1,07 -12,90 -6,29 3,44

Personal expenses. -3,92 -5,72 -8,12 -33,36 18,10 6,79 3,80 3,80 4,94 -66,74 -34,62 17,78

external expenditure -0,75 -1,21 -1,56 -6,61 3,47 1,35 0,73 0,73 0,98 -17,54 -6,86 3,41

Gastos financieros -0,14 -0,23 -0,28 -1,15 0,58 0,22 0,11 0,11 0,15 -2,09 -1,16 0,55

ene-17 feb-17mar-17

abr-17may-17

jun-17jul-17

ago-17sep-17

oct-17nov-17

dic-17

-100,00

-80,00

-60,00

-40,00

-20,00

0,00

20,00

40,00

income Used in Operations.

Personal expenses. external expenditure

Gastos financieros


Benefits for each hour of work each month.

ener

o-17

febr

ero-

17

mar

zo-1

7

abril

-17

may

o-17

juni

o-17

julio

-17

agos

to-1

7

sept

iem

bre-

17

octu

bre-

17

novi

embr

e-17

dici

embr

e-17

1,002,00

3,004,00

5,006,00

7,008,00

9,0010,00

11,0012,00

13,0014,00

15,0016,00

17,0018,00

19,0020,00

21,0022,00

23,0024,00

-3.000,00

-2.000,00

-1.000,00

0,00

1.000,00

2.000,00

3.000,00

4.000,00



Year: 2017

-60.000

-40.000

-20.000

0

20.000

40.000

60.000

80.000




6.3.- Year: 2018




1. Net of turnover 239.684 239.684 283.263 305.053 348.632 370.421 435.789 435.789 392.210 348.632 305.053 348.632 4.052.842

a) Sales 239.684 239.684 283.263 305.053 348.632 370.421 435.789 435.789 392.210 348.632 305.053 348.632 4.052.842

700 SALES OF GOODS 239.684 239.684 283.263 305.053 348.632 370.421 435.789 435.789 392.210 348.632 305.053 348.632 4.052.842




6. Staff costs -213.965 -193.283 -223.083 -220.307 -236.760 -233.543 -254.996 -254.996 -237.955 -236.760 -220.307 -236.760 -2.762.712










624 TRANSPORT -51 -51 -60 -65 -74 -79 -93 -93 -84 -74 -65 -74 -863



627 ADVERTISING -1.180 -1.180 -1.395 -1.502 -1.716 -1.824 -2.145 -2.145 -1.931 -1.716 -1.502 -1.716 -19.952

628 SUPPLIES -1.581 -1.581 -1.869 -2.013 -2.300 -2.444 -2.875 -2.875 -2.588 -2.300 -2.013 -2.300 -26.738

629 OTHER SERVICES -1.701 -1.701 -2.010 -2.165 -2.474 -2.629 -3.093 -3.093 -2.784 -2.474 -2.165 -2.474 -28.765

631 OTHER TAXES -216 -216 -255 -274 -313 -333 -392 -392 -353 -313 -274 -313 -3.644

680 DEPRECIATION -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -310.703

A.1) OPERATING INCOME -46.074 -25.393 -19.113 1.703 21.329 42.586 75.253 75.253 56.214 8.526 1.703 21.329 213.316



662 INTEREST ON DEBT -7.098 -7.064 -7.031 -6.997 -6.963 -6.929 -6.895 -6.861 -6.827 -6.793 -6.758 -6.724 -82.940


A.2) FINANCIAL -7.098 -7.064 -7.031 -6.997 -6.963 -6.929 -6.895 -6.861 -6.827 -6.793 -6.758 -6.724 -82.940

A.3) PROFIT BEFORE TAX -53.172 -32.458 -26.144 -5.294 14.366 35.657 68.357 68.392 49.387 1.734 -5.055 14.606 130.376

A.4) exercised RESULT FROM CONTINUING OPERAC.IONES -53.172 -32.458 -26.144 -5.294 14.366 35.657 68.357 68.392 49.387 1.734 -5.055 14.606 130.376


A.5) PROFIT FOR THE YEAR -53.172 -32.458 -26.144 -5.294 14.366 35.657 68.357 68.392 49.387 1.734 -5.055 14.606 130.376






Money Partners: 0 0 0 0 0 0 0 0 0 0 0 0 0


700 SALES OF GOODS 239.684 239.684 283.263 305.053 348.632 370.421 435.789 435.789 392.210 348.632 305.053 348.632 4.052.842

Iva sales 23.968 23.968 28.326 30.505 34.863 37.042 43.579 43.579 39.221 34.863 30.505 34.863 405.284







624 TRANSPORT -51 -51 -60 -65 -74 -79 -93 -93 -84 -74 -65 -74 -863



627 ADVERTISING -1.180 -1.180 -1.395 -1.502 -1.716 -1.824 -2.145 -2.145 -1.931 -1.716 -1.502 -1.716 -19.952

628 SUPPLIES -1.581 -1.581 -1.869 -2.013 -2.300 -2.444 -2.875 -2.875 -2.588 -2.300 -2.013 -2.300 -26.738

629 OTHER SERVICES -1.701 -1.701 -2.010 -2.165 -2.474 -2.629 -3.093 -3.093 -2.784 -2.474 -2.165 -2.474 -28.765

631 OTHER TAXES -216 -216 -255 -274 -313 -333 -392 -392 -353 -313 -274 -313 -3.644

680 DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0



VAT on purchases -3.887 -4.442 -3.146 -3.146 -3.719 -4.005 -4.577 -4.863 -5.721 -5.721 -5.149 -4.577 -52.952


Payment of investments including VAT. 0

Loan Payments -13.442 -13.475 -13.507 -13.539 -13.571 -13.604 -13.636 -13.669 -13.701 -13.734 -13.767 -13.799 -163.443


I.S. liquidation 0 -26.902 -4.573 -4.573 -36.049

Cash flow: -30.963 -16.391 -43.814 39.600 62.692 -19.735 126.694 123.547 -16.839 27.864 17.575 -28.102 242.128

Cumulative cash flow 319.332 302.942 259.127 298.727 361.419 341.685 468.378 591.926 575.086 602.951 620.525 592.424




-4.000.000

-3.000.000

-2.000.000

-1.000.000

0

1.000.000

2.000.000

3.000.000

4.000.000

5.000.000





Year: 2018


income -4,51 -7,38 -10,83 -57,62 24,27 10,39 6,38 6,37 7,94 201,09 -60,34 23,87

Used in Operations. 0,59 0,97 1,42 7,56 -3,19 -1,36 -0,84 -0,84 -1,04 -26,40 7,92 -3,13

Personal expenses. 4,02 5,95 8,53 41,61 -16,48 -6,55 -3,73 -3,73 -4,82 -136,56 43,58 -16,21

external expenditure 0,76 1,24 1,61 8,12 -3,12 -1,28 -0,71 -0,71 -0,94 -33,21 8,51 -3,07

Gastos financieros 0,13 0,22 0,27 1,32 -0,48 -0,19 -0,10 -0,10 -0,14 -3,92 1,34 -0,46

ene-18

feb-18

mar-18

abr-18

may-18

jun-18

jul-18 ago-18

sep-18

oct-18

nov-18

dic-18

-150,00

-100,00

-50,00

0,00

50,00

100,00

150,00

200,00

250,00

income

Used in Operations.

Personal expenses.


Gastos financieros



ener

o-18

febr

ero-

18

mar

zo-1

8

abril

-18

may

o-18

juni

o-18

julio

-18

agos

to-1

8

sept

iem

bre-

18

octu

bre-

18

novi

embr

e-18

dici

embr

e-18

1,002,00

3,004,00

5,006,00

7,008,00

9,0010,00

11,0012,00

13,0014,00

15,0016,00

17,0018,00

19,0020,00

21,0022,00

23,0024,00

-3.000,00

-2.000,00

-1.000,00

0,00

1.000,00

2.000,00

3.000,00

4.000,00



Year: 2018

-60.000

-40.000

-20.000

0

20.000

40.000

60.000

80.000




6.4.- Year: 2019




1. Net of turnover 246.923 246.923 291.818 314.265 359.160 381.608 448.950 448.950 404.055 359.160 314.265 359.160 4.175.238

a) Sales 246.923 246.923 291.818 314.265 359.160 381.608 448.950 448.950 404.055 359.160 314.265 359.160 4.175.238

700 SALES OF GOODS 246.923 246.923 291.818 314.265 359.160 381.608 448.950 448.950 404.055 359.160 314.265 359.160 4.175.238




6. Staff costs -220.418 -199.113 -229.812 -226.952 -243.902 -240.588 -262.689 -262.689 -245.133 -243.902 -226.952 -243.902 -2.846.052










624 TRANSPORT -52 -52 -62 -66 -76 -80 -95 -95 -85 -76 -66 -76 -880

625 INSURANCE PREMIUMS -804 -804 -950 0 0 0 0 0 0 -13.059 0 0 -15.616


627 ADVERTISING -1.204 -1.204 -1.422 -1.532 -1.751 -1.860 -2.188 -2.188 -1.969 -1.751 -1.532 -1.751 -20.351

628 SUPPLIES -1.613 -1.613 -1.906 -2.053 -2.346 -2.493 -2.933 -2.933 -2.639 -2.346 -2.053 -2.346 -27.273

629 OTHER SERVICES -1.735 -1.735 -2.051 -2.208 -2.524 -2.682 -3.155 -3.155 -2.839 -2.524 -2.208 -2.524 -29.340

631 OTHER TAXES -220 -220 -260 -280 -320 -340 -400 -400 -360 -320 -280 -320 -3.717

680 DEPRECIATION -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -310.703




662 INTEREST ON DEBT -6.689 -6.654 -6.619 -6.584 -6.549 -6.513 -6.478 -6.442 -6.406 -6.371 -6.335 -6.299 -77.938


A.2) FINANCIAL -6.689 -6.654 -6.619 -6.584 -6.549 -6.513 -6.478 -6.442 -6.406 -6.371 -6.335 -6.299 -77.938










Money Partners: 0 0 0 0 0 0 0 0 0 0 0 0 0


700 SALES OF GOODS 246.923 246.923 291.818 314.265 359.160 381.608 448.950 448.950 404.055 359.160 314.265 359.160 4.175.238

Iva sales 24.692 24.692 29.182 31.427 35.916 38.161 44.895 44.895 40.406 35.916 31.427 35.916 417.524







624 TRANSPORT -52 -52 -62 -66 -76 -80 -95 -95 -85 -76 -66 -76 -880



627 ADVERTISING -1.204 -1.204 -1.422 -1.532 -1.751 -1.860 -2.188 -2.188 -1.969 -1.751 -1.532 -1.751 -20.351

628 SUPPLIES -1.613 -1.613 -1.906 -2.053 -2.346 -2.493 -2.933 -2.933 -2.639 -2.346 -2.053 -2.346 -27.273

629 OTHER SERVICES -1.735 -1.735 -2.051 -2.208 -2.524 -2.682 -3.155 -3.155 -2.839 -2.524 -2.208 -2.524 -29.340

631 OTHER TAXES -220 -220 -260 -280 -320 -340 -400 -400 -360 -320 -280 -320 -3.717

680 DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0



VAT on purchases -4.005 -4.577 -3.241 -3.241 -3.831 -4.125 -4.715 -5.010 -5.894 -5.894 -5.304 -4.715 -54.551



Loan Payments -14.028 -14.063 -14.098 -14.134 -14.169 -14.204 -14.240 -14.275 -14.311 -14.347 -14.383 -14.419 -170.671


I.S. liquidation -4.573 -23.447 -3.986 -3.986 -35.993

Cash flow: -31.893 -16.881 -49.109 41.637 65.448 -14.211 131.425 128.183 -14.523 29.698 18.946 -26.405 262.316

Cumulative cash flow 560.530 543.650 494.541 536.177 601.625 587.414 718.839 847.022 832.499 862.198 881.144 854.739




-4.000.000

-3.000.000

-2.000.000

-1.000.000

0

1.000.000

2.000.000

3.000.000

4.000.000

5.000.000





Year: 2019


income -4,57 -7,56 -11,09 -81,30 21,89 9,95 6,23 6,23 7,70 101,85 -86,90 21,56





ene-19 feb-19 mar-19 abr-19 may-19jun-19 jul-19

ago-19sep-19

oct-19nov-19

dic-19

-100,00

-80,00

-60,00

-40,00

-20,00

0,00

20,00

40,00

60,00

80,00

100,00

120,00

income

Used in Operations.

Personal expenses.


Gastos financieros



ener

o-19

febr

ero-

19

mar

zo-1

9

abril

-19

may

o-19

juni

o-19

julio

-19

agos

to-1

9

sept

iem

bre-

19

octu

bre-

19

novi

embr

e-19

dici

embr

e-19

1,002,00

3,004,00

5,006,00

7,008,00

9,0010,00

11,0012,00

13,0014,00

15,0016,00

17,0018,00

19,0020,00

21,0022,00

23,0024,00

-3.000,00

-2.000,00

-1.000,00

0,00

1.000,00

2.000,00

3.000,00

4.000,00

5.000,00



Year: 2019

-80.000

-60.000

-40.000

-20.000

0

20.000

40.000

60.000

80.000




6.5.- Year: 2020




1. Net of turnover 254.380 254.380 300.631 323.756 370.007 393.132 462.509 462.509 416.258 370.007 323.756 370.007 4.301.330

a) Sales 254.380 254.380 300.631 323.756 370.007 393.132 462.509 462.509 416.258 370.007 323.756 370.007 4.301.330

700 SALES OF GOODS 254.380 254.380 300.631 323.756 370.007 393.132 462.509 462.509 416.258 370.007 323.756 370.007 4.301.330




6. Staff costs -227.067 -205.118 -236.744 -233.798 -251.260 -247.846 -270.614 -270.614 -252.528 -251.260 -233.798 -251.260 -2.931.908










624 TRANSPORT -53 -53 -63 -68 -77 -82 -97 -97 -87 -77 -68 -77 -898



627 ADVERTISING -1.228 -1.228 -1.451 -1.562 -1.786 -1.897 -2.232 -2.232 -2.009 -1.786 -1.562 -1.786 -20.759

628 SUPPLIES -1.645 -1.645 -1.944 -2.094 -2.393 -2.543 -2.991 -2.991 -2.692 -2.393 -2.094 -2.393 -27.819

629 OTHER SERVICES -1.770 -1.770 -2.092 -2.253 -2.574 -2.735 -3.218 -3.218 -2.896 -2.574 -2.253 -2.574 -29.927

631 OTHER TAXES -224 -224 -265 -285 -326 -347 -408 -408 -367 -326 -285 -326 -3.791

680 DEPRECIATION -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -25.892 -310.703




662 INTEREST ON DEBT -6.263 -6.227 -6.190 -6.154 -6.118 -6.081 -6.045 -6.008 -5.971 -5.934 -5.897 -5.860 -72.747


A.2) FINANCIAL -6.263 -6.227 -6.190 -6.154 -6.118 -6.081 -6.045 -6.008 -5.971 -5.934 -5.897 -5.860 -72.747










Money Partners: 0 0 0 0 0 0 0 0 0 0 0 0 0


700 SALES OF GOODS 254.380 254.380 300.631 323.756 370.007 393.132 462.509 462.509 416.258 370.007 323.756 370.007 4.301.330

Iva sales 25.438 25.438 30.063 32.376 37.001 39.313 46.251 46.251 41.626 37.001 32.376 37.001 430.133







624 TRANSPORT -53 -53 -63 -68 -77 -82 -97 -97 -87 -77 -68 -77 -898



627 ADVERTISING -1.228 -1.228 -1.451 -1.562 -1.786 -1.897 -2.232 -2.232 -2.009 -1.786 -1.562 -1.786 -20.759

628 SUPPLIES -1.645 -1.645 -1.944 -2.094 -2.393 -2.543 -2.991 -2.991 -2.692 -2.393 -2.094 -2.393 -27.819

629 OTHER SERVICES -1.770 -1.770 -2.092 -2.253 -2.574 -2.735 -3.218 -3.218 -2.896 -2.574 -2.253 -2.574 -29.927

631 OTHER TAXES -224 -224 -265 -285 -326 -347 -408 -408 -367 -326 -285 -326 -3.791

680 DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0



VAT on purchases -4.125 -4.715 -3.339 -3.339 -3.947 -4.250 -4.857 -5.161 -6.072 -6.072 -5.464 -4.857 -56.198



Loan Payments -14.455 -14.491 -14.527 -14.563 -14.600 -14.636 -14.673 -14.710 -14.746 -14.783 -14.820 -14.857 -175.862


I.S. liquidation -3.986 -25.237 -4.290 -4.290 -37.803

Cash flow: -32.036 -16.570 -48.572 43.739 68.291 -14.963 136.304 132.965 -14.398 31.595 20.364 -23.840 282.879

Cumulative cash flow 822.703 806.133 757.561 801.300 869.591 854.628 990.932 1.123.897 1.109.499 1.141.095 1.161.458 1.137.618




-4.000.000

-3.000.000

-2.000.000

-1.000.000

0

1.000.000

2.000.000

3.000.000

4.000.000

5.000.000





Year: 2020


income -4,70 -7,93 -11,79 -135,71 19,98 9,56 6,09 6,09 7,47 68,76 -152,08 19,71





ene-20 feb-20 mar-20 abr-20 may-20jun-20 jul-20

ago-20sep-20

oct-20nov-20

dic-20

-200,00

-150,00

-100,00

-50,00

0,00

50,00

100,00

150,00

income

Used in Operations.

Personal expenses.


Gastos financieros



ener

o-20

febr

ero-

20

mar

zo-2

0

abril

-20

may

o-20

juni

o-20

julio

-20

agos

to-2

0

sept

iem

bre-

20

octu

bre-

20

novi

embr

e-20

dici

embr

e-20

1,002,00

3,004,00

5,006,00

7,008,00

9,0010,00

11,0012,00

13,0014,00

15,0016,00

17,0018,00

19,0020,00

21,0022,00

23,0024,00

-3.000,00

-2.000,00

-1.000,00

0,00

1.000,00

2.000,00

3.000,00

4.000,00

5.000,00



Year: 2020

-80.000

-60.000

-40.000

-20.000

0

20.000

40.000

60.000

80.000

100.000




7. Valuation of the companyHotel de Capricho, s.l.


7.1.-evaluation by different methods, with projection to 10 years.

1. ASSESSMENT BY VALUE OF EQUITY TO 10 YEARS. 2. ASSESSMENT BY 10 YEARS WITH EBITDA MÚLTIPLO 5

You provided ExerciseResult of the

excersiceYou provided Exercise Ebitda

Discount rate: 20,00% Year: 2016 -46.471 Multiple 5,00 Year: 2016 52.840

Average result of 10 years 114.085 Year: 2017 80.707 Average EBITDA 383.724 Year: 2017 506.113

Value of the company: 570.426 Year: 2018 97.782 Value of the company: 1.918.621 Year: 2018 524.019

Year: 2019 113.346 Year: 2019 539.769

Year: 2020 131.382 Year: 2020 558.626

10% of the company is worth: 57.043 Year: 2021 138.735 10% of the company is worth: 191.862 Year: 2021 533.363

Year: 2022 145.920 Year: 2022 157.417

Year: 2023 152.955 Year: 2023 169.343

Year: 2024 159.857 Year: 2024 418.311

Year: 2025 166.640 Year: 2025 377.441

3. ASSESSMENT OF THE COMPANY BY THE METHOD OF CASH FLOW DISCOUNTPROJECTION TO 10 YEARS AND DISCOUNT RATE OF 10% MEDIA AND COMPARISON OF THREE SYSTEMS

You provided Exercise Cash flow:Discounted

cash flows: 1. ASSESSMENT BY VALUE OF EQUITY TO 10 YEARS.

Discount rate: 10,00% 1 Inicio -4.042.193 -4.042.193 2. ASSESSMENT BY 10 YEARS WITH EBITDA MÚLTIPLO 5

Flows 10 years 113.735 1 Year: 2016 31.205 28.368 3. ASSESSMENT OF THE COMPANY BY THE METHOD OF CASH FLOW DISCOUNT

Discounted cash flows: -1.631.678 2 Year: 2017 418.312 345.712

Value of the company: -1.631.678 3 Year: 2018 441.079 331.389

4 Year: 2019 461.831 315.437

5 Year: 2020 485.879 301.693

10% of the company is worth: -163.168 6 Year: 2021 449.438 253.696 Value of the company:

7 Year: 2022 456.623 234.320

8 Year: 2023 463.658 216.300

9 Year: 2024 470.560 199.563 10% of the company is worth:

10 Year: 2025 477.343 184.037

28.579

285.790

-1.631.678

1.918.621

570.426


7.2.-Assessment by Cash Flow long plazo.VAN / TIR

1. ASSESSMENT OF INVESTMENT FLOWS BY ITS. NPV and IRR of the project.

Number of years of the project 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14

Inicio Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Year: 2021 Year: 2022 Year: 2023 Year: 2024 Year: 2025 Year: 2026 Year: 2027 Year: 2028 Year: 2029 next

Flows of the project: -4.042.193 40.118 259.300 242.128 262.316 282.950 159.242 247.704 184.958 169.773 128.903 86.724 43.204 -1.689 -47.987 -4.177.441

10% of project -404.219 4.012 25.930 24.213 26.232 28.295 15.924 24.770 18.496 16.977 12.890 8.672 4.320 -169 -4.799 -417.744

TOTAL YEARS STUDIED 35 SUPONDREMOS QUE LA INVERSIÓN SE VENDE AL FINAL DEL PERIODO POR IMPORTE DE 5.647.129

This estimate is based on an approximate start of the project in jul-16 jun-51

The duration of the works would extend from the start of the project jul-16 oct-16

The actual operation would be from the opening oct-16 jun-51

100% of the project 10% of project

TIR PROJECT 0,00% TIR PROJECT 0,00%

VAN PROJECT -4.451.125 4,25% VAN PROJECT -445.112 4,25%

2.- VALORACIÓN DE LAS PARTICIPACIONES POR SUS FLUJOS


Inicio Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Year: 2021 Year: 2022 Year: 2023 Year: 2024 Year: 2025 Year: 2026 Year: 2027 Year: 2028 Year: 2029 Siguientes

Unrestricted Cash Flow -1.933.071 0 83.935 101.693 117.880 136.637 145.438 157.417 169.343 181.233 193.105 204.975 216.860 228.774 240.733 12.258.327

10% of project -193.307 0 8.394 10.169 11.788 13.664 14.544 15.742 16.934 18.123 19.310 20.498 21.686 22.877 24.073 1.225.833

AÑOS TOTALES ANALIZADOS 35 SUPONDREMOS QUE LA INVERSIÓN SE VENDE AL FINAL DEL PERIODO POR IMPORTE DE 5.647.129



VAN PROJECT 1.796.717 10,00% VAN PROJECT 179.672 10,00%

3.- EBITDA


Inicio Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 Year: 2021 Year: 2022 Year: 2023 Year: 2024 Year: 2025 Year: 2026 Year: 2027 Year: 2028 Year: 2029 Sigueintes

Ebitda: -4.042.193 52.840 506.113 524.019 539.769 558.626 533.363 496.242 457.901 418.311 377.441 335.262 291.742 246.849 200.551 -3.709.604

Cada 10% -404.219 5.284 50.611 52.402 53.977 55.863 53.336 49.624 45.790 41.831 37.744 33.526 29.174 24.685 20.055 -370.960

AÑOS TOTALES ANALIZADOS 35 SUPONDREMOS QUE LA INVERSIÓN SE VENDE AL FINAL DEL PERIODO POR IMPORTE DE 5.647.129



VAN PROJECT -1.752.415 10% VAN PROJECT -175.241 10%

ending

until the opening in

until completion


8. Details of business taxes, taxes, rent and societiesHotel de Capricho, s.l.


8.1.- value added tax I.V.A.

T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4

Vat on income 0 0 0 95.386 74.028 99.408 122.674 97.293 76.263 102.411 126.379 100.232

Total vat payable 0 0 0 95.386 74.028 99.408 122.674 97.293 76.263 102.411 126.379 100.232

VAT on expenditure 0,00 0 0 32.347 18.083 23.297 28.077 22.863 18.544 23.896 28.802 23.450

Vat on investments 0 0 1.014.559 0 0 0 0 0 0 0 0 0

Total deductible vay 0 0 1.014.559 32.347 18.083 23.297 28.077 22.863 18.544 23.896 28.802 23.450

Results for the quarter 0 0 -1.014.559 63.039 55.944 76.111 94.598 74.431 57.719 78.514 97.577 76.781

Fees to offset previous quarters 0 0 0 1.014.559 951.520 895.576 819.464 724.867 650.436 592.717 514.202 416.626

Result of the settlement 0 0 -1.014.559 -951.520 -895.576 -819.464 -724.867 -650.436 -592.717 -514.202 -416.626 -339.844

Year: 2017

QUARTERLY VAT SETTLEMENTSQUARTERLY VAT SETTLEMENTS

Year: 2018

QUARTERLY VAT SETTLEMENTS

Year: 2016


8.2.- Income tax of individuals with income tax

T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4

Operating income 0 0 0 953.856 740.275 1.734.359 2.961.101 3.934.034 762.632 1.786.737 3.050.526 4.052.842

expenses 0 0 14.625 1.015.817 852.667 1.807.096 2.856.801 3.826.425 874.405 1.853.781 2.931.434 3.922.466

Rendimeinto net. 0 0 -14.625 -61.961 -112.391 -72.737 104.300 107.609 -111.774 -67.044 119.092 130.376

20% of net income. 0 0 0 0 0 0 20.860 21.522 0 0 23.818 26.075

previous payments 0 0 0 0 0 20.860 0 0 23.818

Withholdings and payments on account0 0 0 0 0 0 0 0 0 0 0 0

Installments. 0 0 0 0 0 0 20.860 662 0 0 23.818 2.257

Previous settlements 0 0 0 0 0 0 20.860 662 0 0 23.818 2.257

difference 0 0 0 0 0 0 20.860 662 0 0 23.818 2.257

0 0 0 0 0 0 20.860 662 0 0 23.818 2.257

0 0 0 0 0 0 20.860 662 0 0 23.818 2.257

Result: 0 0 0 0 0 0 20.860 662 0 0 23.818 2.257

negative X X X X X X X X

Year: 2016 Year: 2018

QUARTERLY SETTLEMENT INCOME TAX IF YOU CHOOSE BECOMING A PERSON

Year: 2017


8.3.- Income tax. I.S.

1P IS 3P 4P 1P IS 3P 4P 1P IS 3P 4P

Operating income 0 0 953.856 740.275 2.961.101 3.934.034 762.632 3.050.526 4.052.842

expenses 0 14.625 1.015.817 852.667 2.856.801 3.826.425 874.405 2.931.434 3.922.466

Rendimeinto net. 0 -14.625 -61.961 -112.391 104.300 107.609 -111.774 119.092 130.376

20% of net income. 0 -3.656 -15.490 -28.098 26.075 26.902 -27.943 29.773 32.594

previous payments 0 0 0 26.075 0 29.773

Withholdings and payments on account0 0 0 0 0 0 0 0 0

Installments. 0 -3.656 -15.490 -28.098 26.075 827 -27.943 29.773 2.821

negative 0 0 0 0 26.075 827 0 29.773 2.821

difference 0 0 0 0 26.075 827 0 29.773 2.821

0 0 0 0 26.075 827 0 29.773 2.821

0 0 0 0 26.075 827 0 29.773 2.821

Result: 26.075 827 29.773 2.821

negative X X X X X X X X

Year: 2017 Year: 2016 Year: 2018

QUARTERLY SETTLEMENT IS If you choose to set up a company


8.4.- Profitability for members.


Benefits Before Interest -24.836 195.410 213.316 229.066 247.923 -24.836 195.410 213.316 229.066 247.923

Financial Expenses 37.125 87.801 82.940 77.938 72.747 37.125 87.801 82.940 77.938 72.747

Profit before tax B.A.T. -61.961 107.609 130.376 151.128 175.176 -61.961 107.609 130.376 151.128 175.176

Corporation tax 13.631 -23.674 -28.683 -33.248 -38.539

Profit after tax. B.D.T. -48.330 83.935 101.693 117.880 136.637 -61.961 107.609 130.376 151.128 175.176

Taxable -48.330 35.605 101.693 117.880 136.637 -61.961 45.648 130.376 151.128 175.176

Corporation tax payable. 0 8.901 25.423 29.470 34.159

Capital contributed 1.042.193 1.052.672 1.052.672 1.052.672 1.052.672 1.042.193 1.052.672 1.052.672 1.052.672 1.052.672

Unrestricted Cash Flow 0 83.935 101.693 117.880 136.637 0 107.609 130.376 151.128 175.176

Real yield available (minus previous losses) 0,00% 3,38% 13,04% 24,24% 37,22% 0,00% 4,34% 16,72% 31,08% 47,72%


Madp Business Plan & Legal Services ® 50,000% 0 14.064 40.169 46.563 53.972 0 13.746 41.025 45.988 52.599

Miguel Ángel 50,000% 0 14.064 40.169 46.563 53.972 0 13.746 41.025 45.988 52.599

0,000% 0 0 0 0 0 0 0 0 0 0

0,000% 0 0 0 0 0 0 0 0 0 0

0,000% 0 0 0 0 0 0 0 0 0 0

0,000% 0 0 0 0 0 0 0 0 0 0

0,000% 0 0 0 0 0 0 0 0 0 0

0,000% 0 0 0 0 0 0 0 0 0 0

0,000% 0 0 0 0 0 0 0 0 0 0

0,000% 0 0 0 0 0 0 0 0 0 0

Liquid approximate result after tax partner

Operating as a society

Liquid approximate result after tax partner

Operating as an individual / C.B.

Operating as a society Operating as an individual / C.B.


Hotel de Capricho, s.l.9. Detailed study of the workforce


9.1.- weekly hours of each worker in each month.

Months January February March April May June July August September October November December

Worker 1 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 2 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 3 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 4 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 5 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 6 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 7 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 8 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 9 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 10 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 11 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 12 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 13 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 14 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 15 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 16 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 17 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 18 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 19 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 20 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 21 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 22 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 23 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 24 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 25 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 26 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 27 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 28 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 29 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 30 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 31 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 32 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 33 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 34 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 35 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 36 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 37 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 38 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 39 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 40 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 41 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 42 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 43 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 44 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 45 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 46 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 47 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 48 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 49 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 50 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 51 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 52 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 53 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 54 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 55 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 56 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 57 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 58 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 59 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Worker 60 12,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

contract

Fixed

Fixed

budget

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed


9.2 Study of the productivity of workers in Year: 2020

Year: 2020


Monthly working hours 13688 12364 14272 14095 15148 14942 16316 16316 15225 15148 14095 15148

Turnover per hour of work 19 21 21 23 24 26 28 28 27 24 23 24

Benefits per hour of work -4 -3 -2 0 1 3 5 5 4 0 0 1

-2000

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

Janu

ary

Febru

ary

March

April

May

June July

Augus

t

Septe

mber

Octobe

r

Novem

ber

Decem

ber

Monthly working hours Turnover per hour of work Benefits per hour of work


9.3.- Working hours needed each day and week according to the budget.-


January 408,00 408,00 480,00 552,00 408,00 408,00 336,00

February 408,00 408,00 480,00 552,00 408,00 408,00 336,00

March 408,00 408,00 480,00 552,00 472,00 472,00 336,00

April 408,00 408,00 480,00 552,00 504,00 504,00 336,00

May 408,00 408,00 480,00 552,00 568,00 568,00 336,00

June 408,00 408,00 480,00 552,00 600,00 600,00 336,00

July 408,00 408,00 480,00 552,00 696,00 696,00 336,00

August 408,00 408,00 480,00 552,00 696,00 696,00 336,00

September 408,00 408,00 480,00 552,00 632,00 632,00 336,00

October 408,00 408,00 480,00 552,00 568,00 568,00 336,00

November 408,00 408,00 480,00 552,00 504,00 504,00 336,00

December 408,00 408,00 480,00 552,00 568,00 568,00 336,00

0,00

500,00

1000,00

1500,00

2000,00

2500,00

3000,00

3500,00

4000,00




9.4.- Detail workers needed every hour, day and month.

ene-17 55,00% feb-17 55,00%

Monthly cost HoursNumber of

workersMonthly cost Hours

Number of

workers

154070 3000,00 75,00 139160 3000,00 75,00

Hourly Wage 11,60 11,60 11,60 11,60 11,60 11,60 11,60 Hourly Wage 11,60 11,60 11,60 11,60 11,60 11,60 11,60

Daily cost: 4731,44 4731,44 5566,40 6401,36 4731,44 4731,44 3896,48 Daily cost: 4731,44 4731,44 5566,40 6401,36 4731,44 4731,44 3896,48

Hour Monday Tuesday Wednesday Thursday Friday Saturday Sunday Hour Monday Tuesday Wednesday Thursday Friday Saturday Sunday

1,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 1,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

2,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 2,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

3,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 3,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

4,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 4,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

5,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 5,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

6,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 6,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

7,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 7,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

8,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 8,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

9,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 9,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

10,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 10,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

11,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 11,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

12,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 12,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

13,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 13,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

14,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 14,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

15,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 15,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

16,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 16,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

17,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 17,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

18,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 18,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

19,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 19,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

20,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 20,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

21,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 21,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

22,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 22,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

23,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 23,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

24,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00 24,00 23,00 23,00 27,00 31,00 21,00 21,00 19,00

408,00 408,00 480,00 552,00 408,00 408,00 336,00 408,00 408,00 480,00 552,00 408,00 408,00 336,00


mar-17 65,00% abr-17 70,00%



Number of

workers

160644 3128,00 78,20 158642 3192,00 79,80




1,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 1,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

2,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 2,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

3,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 3,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

4,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 4,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

5,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 5,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

6,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 6,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

7,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 7,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

8,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 8,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

9,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 9,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

10,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 10,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

11,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 11,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

12,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 12,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

13,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 13,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

14,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 14,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

15,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 15,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

16,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 16,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

17,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 17,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

18,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 18,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

19,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 19,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

20,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 20,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

21,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 21,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

22,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 22,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

23,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 23,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

24,00 23,00 23,00 27,00 31,00 25,00 25,00 19,00 24,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00

408,00 408,00 480,00 552,00 472,00 472,00 336,00 408,00 408,00 480,00 552,00 504,00 504,00 336,00


may-17 80,00% jun-17 85,00%



Number of

workers

170504 3320,00 83,00 168185 3384,00 84,60




1,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 1,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

2,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 2,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

3,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 3,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

4,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 4,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

5,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 5,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

6,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 6,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

7,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 7,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

8,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 8,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

9,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 9,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

10,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 10,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

11,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 11,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

12,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 12,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

13,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 13,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

14,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 14,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

15,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 15,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

16,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 16,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

17,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 17,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

18,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 18,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

19,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 19,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

20,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 20,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

21,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 21,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

22,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 22,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

23,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 23,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

24,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00 24,00 23,00 23,00 27,00 31,00 33,00 33,00 19,00

408,00 408,00 480,00 552,00 568,00 568,00 336,00 408,00 408,00 480,00 552,00 600,00 600,00 336,00


jul-17 100,00% ago-17 100,00%



Number of

workers

183651 3576,00 89,40 183651 3576,00 89,40




1,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 1,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

2,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 2,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

3,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 3,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

4,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 4,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

5,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 5,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

6,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 6,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

7,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 7,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

8,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 8,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

9,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 9,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

10,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 10,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

11,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 11,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

12,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 12,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

13,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 13,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

14,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 14,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

15,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 15,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

16,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 16,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

17,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 17,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

18,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 18,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

19,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 19,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

20,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 20,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

21,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 21,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

22,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 22,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

23,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 23,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

24,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00 24,00 23,00 23,00 27,00 31,00 39,00 39,00 19,00

408,00 408,00 480,00 552,00 696,00 696,00 336,00 408,00 408,00 480,00 552,00 696,00 696,00 336,00


sep-17 90,00% oct-17 80,00%



Number of

workers

171366 3448,00 86,20 170504 3320,00 83,00




1,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 1,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

2,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 2,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

3,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 3,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

4,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 4,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

5,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 5,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

6,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 6,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

7,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 7,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

8,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 8,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

9,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 9,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

10,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 10,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

11,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 11,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

12,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 12,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

13,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 13,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

14,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 14,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

15,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 15,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

16,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 16,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

17,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 17,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

18,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 18,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

19,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 19,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

20,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 20,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

21,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 21,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

22,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 22,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

23,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 23,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

24,00 23,00 23,00 27,00 31,00 35,00 35,00 19,00 24,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

408,00 408,00 480,00 552,00 632,00 632,00 336,00 408,00 408,00 480,00 552,00 568,00 568,00 336,00


nov-17 70,00% dic-17 80,00%



Number of

workers

158642 3192,00 79,80 170504 3320,00 83,00




1,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 1,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

2,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 2,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

3,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 3,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

4,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 4,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

5,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 5,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

6,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 6,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

7,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 7,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

8,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 8,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

9,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 9,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

10,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 10,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

11,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 11,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

12,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 12,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

13,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 13,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

14,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 14,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

15,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 15,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

16,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 16,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

17,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00 17,00 5,00 5,00 6,00 7,00 9,00 9,00 4,00

18,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 18,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

19,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 19,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

20,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 20,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

21,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 21,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

22,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 22,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

23,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 23,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

24,00 23,00 23,00 27,00 31,00 27,00 27,00 19,00 24,00 23,00 23,00 27,00 31,00 31,00 31,00 19,00

408,00 408,00 480,00 552,00 504,00 504,00 336,00 408,00 408,00 480,00 552,00 568,00 568,00 336,00


10. Ratios accounting and balance sheet analysisHotel de Capricho, s.l.


10.1 On the balance sheet. Análisis de balances

PERIODS PERIODS

ACTIVE Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 LIABILITIES Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

FIXED 3.922.324 3.611.621 3.300.918 2.990.215 2.679.512 EQUITY 1.860.630 1.978.719 2.109.095 2.260.223 2.435.399

Land and buildings 1.605.114 1.605.114 1.605.114 1.605.114 1.605.114 capital 1.922.592 1.933.071 1.933.071 1.933.071 1.933.071

Other tangible assets 2.394.886 2.394.886 2.394.886 2.394.886 2.394.886 reservations 0 0 107.609 237.985 389.113

Intangible Assets 0 0 0 0 0 Profit and loss -61.961 107.609 130.376 151.128 175.176

Depreciation and amortization. 77.676 388.379 699.082 1.009.785 1.320.488 other Resources 0 -61.961 -61.961 -61.961 -61.961

STOCKS 42.193 43.036 43.897 44.775 44.775 LONG-TERM DEBT 3.000.000 2.839.191 2.675.749 2.505.078 2.329.216

realizable 1.066.535 650.436 339.844 346.641 346.641 Debts to credit institutions 3.000.000 2.839.191 2.675.749 2.505.078 2.329.216

customers 0 0 0 0 0 Other long-term doubts 0 0 0 0 0

Other realizable 1.066.535 650.436 339.844 346.641 346.641 LIABILITIES 390.983 398.802 406.779 414.914 423.212

available -659.837 31.220 626.563 918.184 1.236.499 providers 92.824 94.680 96.574 98.505 100.475

Cash account -65.984 3.122 62.656 91.818 123.650 Credit institutions 65.426 160.809 163.443 0 0

banks -593.853 28.098 563.907 826.366 1.112.849 Other liabilities Short 232.733 143.314 146.762 316.409 322.737

TOTAL ASSETS 4.371.214 4.336.314 4.311.223 4.299.816 4.307.428 TOTAL LIABILITIES 5.251.613 5.216.713 5.191.622 5.180.215 5.187.827

ACTIVE Year: 2016LIABILITIES Year:

2016ACTIVE Year: 2017

LIABILITIES Year:


LIABILITIES Year:


LIABILITIES Year:


LIABILITIES Year:

2020

Long term 3.922.324 4.860.630 3.611.621 4.817.910 3.300.918 4.784.844 2.990.215 4.765.301 2.679.512 4.764.614

Short Term 448.890 390.983 724.692 398.802 1.010.305 406.779 1.309.600 414.914 1.627.915 423.212

Balance sheet analysis

Short Term; 448890

Long term; 3.922.324

Short Term; 390983


Short Term; 724692


Short Term; 398802


Short Term; 1010305


Short Term; 406779


Short Term; 1309600


Short Term; 414914


Short Term; 1627915


Short Term; 423212


0%

20%

40%

60%

80%

100%

ACTIVE Year: 2016 LIABILITIES Year:2016

ACTIVE Year: 2017

LIABILITIES Year: 2017

ACTIVE Year: 2018


ACTIVE Year: 2019


ACTIVE Year: 2020


Short Term Long term


10.2 On the income statement Balance sheet analysis

PERIODS

INCOME STATEMENT Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

REVENUE 953.856 3.934.034 4.052.842 4.175.238 4.301.330

Operating income 953.856 3.934.034 4.052.842 4.175.238 4.301.330

other income 0 0 0 0 0

CONSUMPTION 125.217 516.437 532.034 548.101 564.654

Used in Operations. 125.217 516.437 532.034 548.101 564.654

Changes in inventories 0 0 0 0 0

EXPENDITURE 775.800 2.911.484 2.996.789 3.087.367 3.178.050

Wages and salaries 499.651 2.029.315 2.090.600 2.153.736 2.218.779

Social insurance 160.668 652.501 672.112 692.316 713.129

Services and supplies 111.978 226.166 230.433 237.599 242.351

other taxes 3.502 3.502 3.644 3.717 3.791

other Expenses 0 0 0 0 0

GROSS REVENUE GENERATION 52.840 506.113 524.019 539.769 558.626

Financial Expenses 37.125 87.801 82.940 77.938 72.747

CASH FLOW 15.715 418.312 441.079 461.831 485.879

Depreciation 77.676 310.703 310.703 310.703 310.703

RESULT OF EXPLOITATION -61.961 107.609 130.376 151.128 175.176

extraordinary income 0 0 0 0 0

Income tax 0 0 0 0 0

NET INCOME -61.961 107.609 130.376 151.128 175.176

EXTRAORDINARY INCOME 0 0 0 0 0

TOTAL INCOME -61.961 107.609 130.376 151.128 175.176

Composition of items in the income statement for the first 5 years

Operating income; 953856

Used in Operations.; 125.216,68

General expenses; 775800

Depreciation; 77.675,75

Result of the activities; -61.961,22

Result Total; -61.961,22




Depreciation; 310.702,98Result of the activities; 107.609,04

Result Total; 107.609,04




Depreciation; 310.702,98Result of the activities; 130.375,94

Result Total; 130.375,94





Result of the activities; 151.128,04Result Total; 151.128,04





Result of the activities; 175.175,84Result Total; 175.175,84

-20%

0%

20%

40%

60%

80%

100%


Operating income Used in Operations. General expenses

Depreciation Result of the activities Result Total


10.3 Financial Analysis

RATIOS Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

RATIOS: the higher = better RATIOS: STORY MAYOR, worse WORKING CAPITAL

LIABILITIES

0,57

1,64

938.306

2,38Ability to meet payment obligations in

the short term unsold stocks

1,82

CURRENT LIABILITIES

3,74AVAILABLE + REALIZABLE

FORMULA EXPLANATION

SHORT TERM LIABILITIES

2,48

TOTAL ASSETS

3,05

1.775.085

LONG LIABILITIES + EQUITY

RESOURCES LONG - FIXED

Financing structure of fixed assets

Working capital. Part of current assets

financed with long-term resources.

FIXED

Relationship between own and other

funding1,46

OWN RESOURCES

TREASURY

Ability to meet short-term obligations

based on the realization of current

assets

Financial autonomy. Indicates the level

of self-financing

LIQUIDITY 1,15

1,04

OWN RESOURCES0,46

3,161,82

1,71

ASSETS.3,85

AUTONOMY 0,43

1.483.9251.206.289

STABILITY 0,69

DEBT

0,81 0,75

0,49

2.085.102

0,53

1,29 1,13

0,63 0,56

Working capital

0,00

0,50

1,00

1,50

2,00

2,50

3,00

3,50

4,00

4,50


TREASURY LIQUIDITY AUTONOMY

0,00

0,20

0,40

0,60

0,80

1,00

1,20

1,40

1,60

1,80

2,00


DEBT STABILITY

0

500.000

1.000.000

1.500.000

2.000.000

2.500.000



10.4.- Performance Analysis

RATIOS Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

GLOBAL

6,69%

TOTAL RESOURCES2,51%

RETURN ON

SALES-6,50%

NET x 100CAPITAL

2,74%

86,87%

5,57%

MARGIN ON

SALES

NET x 100

3,22%

86,87%86,87%

CAPITAL

2,92% 3,38%

Financial performance of all employees

in the company resourcesTOTAL RESOURCES

FORMULA EXPLANATION

Return on sales86,87%

Return on equity7,19%

MARGIN x100

9,06%

Profitability of capital

Profitability of all resources usedNET x 100

NET x 100

4,11%

6,18%

86,87%

(PROFIT + EXPENSE) x1004,78%

-3,33%

FINANCIAL -0,47%

OWN RESOURCESOWN RESOURCES

4,42%

7,82%

-1,18% 2,06%

6,74%

3,62% 4,07%SALES

SALES

3,75%

-3,22%

5,44%

Profitability of capital

RENTABILIDAD DE LOS CAPITALES

-4,00%

-2,00%

0,00%

2,00%

4,00%

6,00%

8,00%

10,00%


FINANCIAL OWN RESOURCES GLOBAL CAPITAL

RENTABILIDAD DE LAS VENTAS

-20,00%

0,00%

20,00%

40,00%

60,00%

80,00%

100,00%


RETURN ON SALES MARGIN ON SALES


10.5.- Management Analysis

RATIOS Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020 EXPLICACIÓN

0

-1923

0

1,191,19

22

PRODUCTIVITY

TURNOVER OF

TREASURY

1,191,08

DAYS OF PAYMENT

TO SUPPLIERS

DAYS OF CHARGE

TO CLIENTS0

271

PLAZAO DAYS OF

PURCHASE OF

STOCK

123

FORMULA

1,19

66

430

30

SHOPPING

SALES

67

30Number of days it takes to empty the

inventory balance

Number of days granted by suppliers

Medium term granted to customers

RESULT MANAGEMENT

SHOPPING

PERSONAL EXPENSES

611

CONSUMPTION

66365 x SUPPLIERS

365 x STOCKS

365 x AVAILABLE

65

0365 x CUSTOMERS

29

Relationship between the result of the

management and staff costs

0

30

Days of purchase covered with the

available balance799

NÚMERO DE DÍAS DE GESTIÓN

-2500

-2000

-1500

-1000

-500

0

500

1000


Existencias Proveedores Clientes Tesorería

EVOLUCIÓN DE LA PRODUCTIVIDAD DEL PERSONAL

1,02

1,04

1,06

1,08

1,10

1,12

1,14

1,16

1,18

1,20



11. Plan loan repaymentHotel de Capricho, s.l.


11.1 Amortization table by the German system

Initial Capital 3.000.000 Period Share Initial CapitalOutstanding

CapitalAmortization

Accumulated

depreciation

Outstanding

Capital

Type of interest: 3,00% 43 20.717 2.415.445 6.039 14.679 599.234 2.400.766

Term in years 15,00 44 20.717 2.400.766 6.002 14.716 613.950 2.386.050

Pay Periods 12 45 20.717 2.386.050 5.965 14.752 628.702 2.371.298

46 20.717 2.371.298 5.928 14.789 643.491 2.356.509

Period Share Initial CapitalOutstanding

CapitalAmortization

Accumulated

depreciation

Outstanding

Capital47 20.717 2.356.509 5.891 14.826 658.317 2.341.683

1 20.717 3.000.000 7.500 13.217 13.217 2.986.783 48 20.717 2.341.683 5.854 14.863 673.181 2.326.819

2 20.717 2.986.783 7.467 13.250 26.468 2.973.532 49 20.717 2.326.819 5.817 14.900 688.081 2.311.919

3 20.717 2.973.532 7.434 13.284 39.752 2.960.248 50 20.717 2.311.919 5.780 14.938 703.019 2.296.981

4 20.717 2.960.248 7.401 13.317 53.068 2.946.932 51 20.717 2.296.981 5.742 14.975 717.994 2.282.006

5 20.717 2.946.932 7.367 13.350 66.419 2.933.581 52 20.717 2.282.006 5.705 15.012 733.006 2.266.994

6 20.717 2.933.581 7.334 13.383 79.802 2.920.198 53 20.717 2.266.994 5.667 15.050 748.056 2.251.944

7 20.717 2.920.198 7.300 13.417 93.219 2.906.781 54 20.717 2.251.944 5.630 15.088 763.144 2.236.856

8 20.717 2.906.781 7.267 13.450 106.669 2.893.331 55 20.717 2.236.856 5.592 15.125 778.269 2.221.731

9 20.717 2.893.331 7.233 13.484 120.154 2.879.846 56 20.717 2.221.731 5.554 15.163 793.432 2.206.568

10 20.717 2.879.846 7.200 13.518 133.671 2.866.329 57 20.717 2.206.568 5.516 15.201 808.633 2.191.367

11 20.717 2.866.329 7.166 13.552 147.223 2.852.777 58 20.717 2.191.367 5.478 15.239 823.872 2.176.128

12 20.717 2.852.777 7.132 13.586 160.809 2.839.191 59 20.717 2.176.128 5.440 15.277 839.149 2.160.851

13 20.717 2.839.191 7.098 13.619 174.428 2.825.572 60 20.717 2.160.851 5.402 15.315 854.465 2.145.535

14 20.717 2.825.572 7.064 13.654 188.082 2.811.918 61 20.717 2.145.535 5.364 15.354 869.818 2.130.182

15 20.717 2.811.918 7.030 13.688 201.769 2.798.231 62 20.717 2.130.182 5.325 15.392 885.210 2.114.790

16 20.717 2.798.231 6.996 13.722 215.491 2.784.509 63 20.717 2.114.790 5.287 15.430 900.641 2.099.359

17 20.717 2.784.509 6.961 13.756 229.247 2.770.753 64 20.717 2.099.359 5.248 15.469 916.110 2.083.890

18 20.717 2.770.753 6.927 13.791 243.038 2.756.962 65 20.717 2.083.890 5.210 15.508 931.617 2.068.383

19 20.717 2.756.962 6.892 13.825 256.863 2.743.137 66 20.717 2.068.383 5.171 15.546 947.164 2.052.836

20 20.717 2.743.137 6.858 13.860 270.722 2.729.278 67 20.717 2.052.836 5.132 15.585 962.749 2.037.251

21 20.717 2.729.278 6.823 13.894 284.617 2.715.383 68 20.717 2.037.251 5.093 15.624 978.374 2.021.626

22 20.717 2.715.383 6.788 13.929 298.546 2.701.454 69 20.717 2.021.626 5.054 15.663 994.037 2.005.963

23 20.717 2.701.454 6.754 13.964 312.510 2.687.490 70 20.717 2.005.963 5.015 15.703 1.009.740 1.990.260

24 20.717 2.687.490 6.719 13.999 326.508 2.673.492 71 20.717 1.990.260 4.976 15.742 1.025.481 1.974.519

25 20.717 2.673.492 6.684 14.034 340.542 2.659.458 72 20.717 1.974.519 4.936 15.781 1.041.263 1.958.737

26 20.717 2.659.458 6.649 14.069 354.611 2.645.389 73 20.717 1.958.737 4.897 15.821 1.057.083 1.942.917

27 20.717 2.645.389 6.613 14.104 368.715 2.631.285 74 20.717 1.942.917 4.857 15.860 1.072.943 1.927.057

28 20.717 2.631.285 6.578 14.139 382.854 2.617.146 75 20.717 1.927.057 4.818 15.900 1.088.843 1.911.157

29 20.717 2.617.146 6.543 14.175 397.029 2.602.971 76 20.717 1.911.157 4.778 15.940 1.104.783 1.895.217

30 20.717 2.602.971 6.507 14.210 411.239 2.588.761 77 20.717 1.895.217 4.738 15.979 1.120.762 1.879.238

31 20.717 2.588.761 6.472 14.246 425.484 2.574.516 78 20.717 1.879.238 4.698 16.019 1.136.781 1.863.219

32 20.717 2.574.516 6.436 14.281 439.765 2.560.235 79 20.717 1.863.219 4.658 16.059 1.152.841 1.847.159

33 20.717 2.560.235 6.401 14.317 454.082 2.545.918 80 20.717 1.847.159 4.618 16.100 1.168.940 1.831.060

34 20.717 2.545.918 6.365 14.353 468.435 2.531.565 81 20.717 1.831.060 4.578 16.140 1.185.080 1.814.920

35 20.717 2.531.565 6.329 14.389 482.823 2.517.177 82 20.717 1.814.920 4.537 16.180 1.201.260 1.798.740

36 20.717 2.517.177 6.293 14.425 497.248 2.502.752 83 20.717 1.798.740 4.497 16.221 1.217.481 1.782.519

37 20.717 2.502.752 6.257 14.461 511.708 2.488.292 84 20.717 1.782.519 4.456 16.261 1.233.742 1.766.258

38 20.717 2.488.292 6.221 14.497 526.205 2.473.795 85 20.717 1.766.258 4.416 16.302 1.250.044 1.749.956

39 20.717 2.473.795 6.184 14.533 540.738 2.459.262 86 20.717 1.749.956 4.375 16.343 1.266.386 1.733.614

40 20.717 2.459.262 6.148 14.569 555.307 2.444.693 87 20.717 1.733.614 4.334 16.383 1.282.770 1.717.230

41 20.717 2.444.693 6.112 14.606 569.913 2.430.087 88 20.717 1.717.230 4.293 16.424 1.299.194 1.700.806

42 20.717 2.430.087 6.075 14.642 584.555 2.415.445 89 20.717 1.700.806 4.252 16.465 1.315.660 1.684.340



CapitalAmortization

Accumulated

depreciation

Outstanding

CapitalPeriod Share Initial Capital

Outstanding

CapitalAmortization

Accumulated

depreciation

Outstanding

Capital

90 20.717 1.684.340 4.211 16.507 1.332.166 1.667.834 110 20.717 1.346.249 3.366 17.352 1.671.103 1.328.897

91 20.717 1.667.834 4.170 16.548 1.348.714 1.651.286 111 20.717 1.328.897 3.322 17.395 1.688.498 1.311.502

92 20.717 1.651.286 4.128 16.589 1.365.303 1.634.697 112 20.717 1.311.502 3.279 17.439 1.705.937 1.294.063

93 20.717 1.634.697 4.087 16.631 1.381.934 1.618.066 113 20.717 1.294.063 3.235 17.482 1.723.419 1.276.581

94 20.717 1.618.066 4.045 16.672 1.398.606 1.601.394 114 20.717 1.276.581 3.191 17.526 1.740.945 1.259.055

95 20.717 1.601.394 4.003 16.714 1.415.320 1.584.680 115 20.717 1.259.055 3.148 17.570 1.758.515 1.241.485

96 20.717 1.584.680 3.962 16.756 1.432.076 1.567.924 116 20.717 1.241.485 3.104 17.614 1.776.129 1.223.871

97 20.717 1.567.924 3.920 16.798 1.448.874 1.551.126 117 20.717 1.223.871 3.060 17.658 1.793.786 1.206.214

98 20.717 1.551.126 3.878 16.840 1.465.713 1.534.287 118 20.717 1.206.214 3.016 17.702 1.811.488 1.188.512

99 20.717 1.534.287 3.836 16.882 1.482.595 1.517.405 119 20.717 1.188.512 2.971 17.746 1.829.235 1.170.765

100 20.717 1.517.405 3.794 16.924 1.499.519 1.500.481 120 20.717 1.170.765 2.927 17.791 1.847.025 1.152.975

101 20.717 1.500.481 3.751 16.966 1.516.485 1.483.515 121 20.717 1.152.975 2.882 17.835 1.864.860 1.135.140

102 20.717 1.483.515 3.709 17.009 1.533.494 1.466.506 122 20.717 1.135.140 2.838 17.880 1.882.740 1.117.260

103 20.717 1.466.506 3.666 17.051 1.550.545 1.449.455 123 20.717 1.117.260 2.793 17.924 1.900.664 1.099.336

104 20.717 1.449.455 3.624 17.094 1.567.639 1.432.361 124 20.717 1.099.336 2.748 17.969 1.918.633 1.081.367

105 20.717 1.432.361 3.581 17.137 1.584.775 1.415.225 125 20.717 1.081.367 2.703 18.014 1.936.647 1.063.353

106 20.717 1.415.225 3.538 17.179 1.601.955 1.398.045 126 20.717 1.063.353 2.658 18.059 1.954.706 1.045.294

107 20.717 1.398.045 3.495 17.222 1.619.177 1.380.823 127 20.717 1.045.294 2.613 18.104 1.972.810 1.027.190

108 20.717 1.380.823 3.452 17.265 1.636.443 1.363.557 128 20.717 1.027.190 2.568 18.149 1.990.960 1.009.040

109 20.717 1.363.557 3.409 17.309 1.653.751 1.346.249 129 20.717 1.009.040 2.523 18.195 2.009.155 990.845



CapitalAmortization

Accumulated

depreciation

Outstanding


Outstanding

CapitalAmortization

Accumulated

depreciation

Outstanding

Capital

130 20.717 990.845 2.477 18.240 2.027.395 972.605 150 20.717 617.243 1.543 19.174 2.401.931 598.069

131 20.717 972.605 2.432 18.286 2.045.681 954.319 151 20.717 598.069 1.495 19.222 2.421.154 578.846

132 20.717 954.319 2.386 18.332 2.064.013 935.987 152 20.717 578.846 1.447 19.270 2.440.424 559.576

133 20.717 935.987 2.340 18.377 2.082.390 917.610 153 20.717 559.576 1.399 19.319 2.459.742 540.258

134 20.717 917.610 2.294 18.423 2.100.814 899.186 154 20.717 540.258 1.351 19.367 2.479.109 520.891

135 20.717 899.186 2.248 18.469 2.119.283 880.717 155 20.717 520.891 1.302 19.415 2.498.524 501.476

136 20.717 880.717 2.202 18.516 2.137.799 862.201 156 20.717 501.476 1.254 19.464 2.517.988 482.012

137 20.717 862.201 2.156 18.562 2.156.361 843.639 157 20.717 482.012 1.205 19.512 2.537.501 462.499

138 20.717 843.639 2.109 18.608 2.174.969 825.031 158 20.717 462.499 1.156 19.561 2.557.062 442.938

139 20.717 825.031 2.063 18.655 2.193.624 806.376 159 20.717 442.938 1.107 19.610 2.576.672 423.328

140 20.717 806.376 2.016 18.702 2.212.325 787.675 160 20.717 423.328 1.058 19.659 2.596.331 403.669

141 20.717 787.675 1.969 18.748 2.231.074 768.926 161 20.717 403.669 1.009 19.708 2.616.039 383.961

142 20.717 768.926 1.922 18.795 2.249.869 750.131 162 20.717 383.961 960 19.758 2.635.797 364.203

143 20.717 750.131 1.875 18.842 2.268.711 731.289 163 20.717 364.203 911 19.807 2.655.604 344.396

144 20.717 731.289 1.828 18.889 2.287.600 712.400 164 20.717 344.396 861 19.856 2.675.460 324.540

145 20.717 712.400 1.781 18.936 2.306.537 693.463 165 20.717 324.540 811 19.906 2.695.366 304.634

146 20.717 693.463 1.734 18.984 2.325.520 674.480 166 20.717 304.634 762 19.956 2.715.322 284.678

147 20.717 674.480 1.686 19.031 2.344.552 655.448 167 20.717 284.678 712 20.006 2.735.328 264.672

148 20.717 655.448 1.639 19.079 2.363.630 636.370 168 20.717 264.672 662 20.056 2.755.384 244.616

149 20.717 636.370 1.591 19.127 2.382.757 617.243 169 20.717 244.616 612 20.106 2.775.490 224.510



CapitalAmortization

Accumulated

depreciation

Outstanding


Outstanding

CapitalAmortization

Accumulated

depreciation

Outstanding

Capital

170 20.717 224.510 561 20.156 2.795.646 204.354 0 0 0 0 0

171 20.717 204.354 511 20.207 2.815.852 184.148 0 0 0 0 0

172 20.717 184.148 460 20.257 2.836.110 163.890 0 0 0 0 0

173 20.717 163.890 410 20.308 2.856.417 143.583 0 0 0 0 0

174 20.717 143.583 359 20.358 2.876.776 123.224 0 0 0 0 0

175 20.717 123.224 308 20.409 2.897.185 102.815 0 0 0 0 0

176 20.717 102.815 257 20.460 2.917.646 82.354 0 0 0 0 0

177 20.717 82.354 206 20.512 2.938.157 61.843 0 0 0 0 0

178 20.717 61.843 155 20.563 2.958.720 41.280 0 0 0 0 0

179 20.717 41.280 103 20.614 2.979.334 20.666 0 0 0 0 0

180 20.717 20.666 52 20.666 3.000.000 -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 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



12. Conclusions. Logical Framework. Is it logical business plan?


12.1 Year: 2016 Year: 2016 Year: 2016

1. With respect to debt: 2. With respect to profit and loansRisk Percentage Qualification Risk Percentage Qualification

What investments are going to do? 4.882.193 100,00% Risk What will you earn before taxes? -61.961 100,00% Risk

How much money will you put in your pocket? 1.922.592 39,38% ok How you pay loans? 65.426 -105,59% ok

How much money will you ask the bank? 3.000.000 61,45% ok What will be your cash flow? 80.517 -129,95% ok

What will you earn before taxes? -61.961 -1,27% Risk What is the price of rent for the first year? 0 0,00% ok

How you pay loans? 65.426 1,34% Risk

3. Do you think you should be opened every month?ene-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sep-16 oct-16 nov-16 dic-16

Open or closed: Cerrado Cerrado Cerrado Cerrado Cerrado Cerrado Cerrado Cerrado Cerrado Abierto Abierto Abierto

Results for the month: 0 0 0 0 0 0 -2.250 -4.875 -7.500 -21.102 -21.438 -4.796

Sales of the month: 0 0 0 0 0 0 0 0 0 331.776 290.304 331.776

Number of workers 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 83,00 79,80 83,00

Number of monthly working hours 0 0 0 0 0 0 0 0 0 14.703 13.680 14.703

Turnover per hour of work 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 22,57 21,22 22,57

Profit per hour of work: 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 -1,44 -1,57 -0,33

4. Do you think that this sale has indicated that it is possible to perform?


Daily turnover: 0 0 0 0 0 0 0 0 0 10.702 9.677 10.702

Sales units for each day of work: ene-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sep-16 oct-16 nov-16 dic-16

Estancia Hotelera 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 121,25 109,63 121,25

Cafetería, Comida y Bebida 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 206,01 186,27 206,01

Comunic., Alquil.loc. 229 m2 y Varios 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 81,78 73,95 81,78

Spa & Wellness Center 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 77,52 70,09 77,52

Sales units per hour of work: ene-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sep-16 oct-16 nov-16 dic-16





Average number of customers served per hour and worker: 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 1,03 0,96 1,03

Number of hours needed to sell each unit ene-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sep-16 oct-16 nov-16 dic-16






5. Do you worth undertaking for the money you have left?

If you invoices as individual or community property ene-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sep-16 oct-16 nov-16 dic-16 Total

Result: 0 0 0 0 0 0 -2.250 -4.875 -7.500 -21.102 -21.438 -4.796 -61.961

Income tax 0 0 0 0 0 0 0 0 0 0 0 0 0

Liquid spend before income tax 0 0 0 0 0 0 -2.250 -4.875 -7.500 -21.102 -21.438 -4.796 -61.961

If as a society bills ene-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sep-16 oct-16 nov-16 dic-16 Total

Result: 0 0 0 0 0 0 -2.250 -4.875 -7.500 -21.102 -21.438 -4.796 -61.961

Corporate tax forecast 15.490 0

Result to be distributed by the company 0 0 0 0 0 0 -2.250 -4.875 -7.500 -21.102 -21.438 10.694 -46.471

Withholding tax if the distribution occurs: 9.759 9.759

Liquid money available to spend by partners SL: -36.712 -36.712

Distribution of profits and losses

Madp Business Plan & Legal Services ®50%

Miguel Ángel50%

0%0%0%0%0%0%0%0%

Madp Business Plan & LegalServices ®Miguel Ángel


12.2 Year: 2017 Year: 2017 Year: 2017


What investments are going to do? 0 0,00% ok What will you earn before taxes? 107.609 100,00% ok

How much money will you put in your pocket? 10.479 100,00% ok How you pay loans? 0 0,00% ok

How much money will you ask the bank? 0 0,00% ok What will be your cash flow? 350.296 325,53% ok

What will you earn before taxes? 107.609 100,00% Risk What is the price of rent for the first year? 0 0,00% ok



Open or closed: Abierto Abierto Abierto Abierto Abierto Abierto Abierto Abierto Abierto Abierto Abierto Abierto

Results for the month: -52.919 -32.811 -26.661 -6.412 12.694 33.372 65.146 65.179 46.711 -3.444 -6.177 12.930

Sales of the month: 232.658 232.658 274.959 296.110 338.412 359.562 423.014 423.014 380.713 338.412 296.110 338.412


Number of monthly working hours 13.286 12.000 13.853 13.680 14.703 14.503 15.837 15.837 14.777 14.703 13.680 14.703


Profit per hour of work: -3,98 -2,73 -1,92 -0,47 0,86 2,30 4,11 4,12 3,16 -0,23 -0,45 0,88



Daily turnover: 7.505 8.309 8.870 9.870 10.917 11.985 13.646 13.646 12.690 10.917 9.870 10.917




















Result: -52.919 -32.811 -26.661 -6.412 12.694 33.372 65.146 65.179 46.711 -3.444 -6.177 12.930 107.609

Income tax 0 0 0 0 0 0 0 0 0 0 0 0 0

Liquid spend before income tax -52.919 -32.811 -26.661 -6.412 12.694 33.372 65.146 65.179 46.711 -3.444 -6.177 12.930 107.609


Result: -52.919 -32.811 -26.661 -6.412 12.694 33.372 65.146 65.179 46.711 -3.444 -6.177 12.930 107.609

Corporate tax forecast -26.902 0

Result to be distributed by the company -52.919 -32.811 -26.661 -6.412 12.694 33.372 65.146 65.179 46.711 -3.444 -6.177 -13.973 80.707

Withholding tax if the distribution occurs: -16.948 -16.948

Liquid money available to spend by partners SL: 63.758 63.758



Miguel Ángel50%

0%0%0%0%0%0%0%0%

Madp Business Plan & LegalServices ®Miguel Ángel


12.3 Year: 2018 Year: 2018 Year: 2018


What investments are going to do? 4.882.193 100,00% Risk What will you earn before taxes? 130.376 100,00% ok

How much money will you put in your pocket? 1.933.071 39,59% ok How you pay loans? 248.609 190,69% Risk to the bank






Results for the month: -53.172 -32.458 -26.144 -5.294 14.366 35.657 68.357 68.392 49.387 1.734 -5.055 14.606





Profit per hour of work: -4,00 -2,70 -1,89 -0,39 0,98 2,46 4,32 4,32 3,34 0,12 -0,37 0,99



Daily turnover: 7.732 8.560 9.138 10.168 11.246 12.347 14.058 14.058 13.074 11.246 10.168 11.246




















Result: -53.172 -32.458 -26.144 -5.294 14.366 35.657 68.357 68.392 49.387 1.734 -5.055 14.606 130.376

Income tax 0 0 0 0 0 0 0 0 -23.818 0 0 -2.257 -26.075

Liquid spend before income tax -53.172 -32.458 -26.144 -5.294 14.366 35.657 68.357 68.392 25.569 1.734 -5.055 12.349 104.301


Result: -53.172 -32.458 -26.144 -5.294 14.366 35.657 68.357 68.392 49.387 1.734 -5.055 14.606 130.376

Corporate tax forecast -32.594 -26.075

Result to be distributed by the company -53.172 -32.458 -26.144 -5.294 14.366 35.657 68.357 68.392 49.387 1.734 -5.055 -17.988 97.782




Madp Business Plan & Legal Services ®

50%

Miguel Ángel50%

00%0

0%0

0%0

0%0

0%0

0%0

0%0

0%Madp Business Plan & LegalServices ®Miguel Ángel

0

0

0

0

0

0

0

0


12.4 Year: 2019 Year: 2019 Year: 2019



How much money will you put in your pocket? 0 0,00% ok How you pay loans? 170.671 112,93% Risk to the bank














Daily turnover: 7.965 8.819 9.413 10.476 11.586 12.720 14.482 14.482 13.469 11.586 10.476 11.586




















Result: -54.022 -32.681 -26.304 -3.865 16.407 38.351 72.066 72.102 52.506 3.526 -3.616 16.657 151.128

Income tax 0 0 0 0 0 0 0 0 -23.818 0 0 -2.257 -26.075



Result: -54.022 -32.681 -26.304 -3.865 16.407 38.351 72.066 72.102 52.506 3.526 -3.616 16.657 151.128

Corporate tax forecast -37.782 -26.075






Miguel Ángel50%

00%0

0%0

0%0

0%0

0%0

0%0

0%0

0%

Madp Business Plan & Legal Services®Miguel Ángel

0

0

0

0

0

0

0

0


12.5 Year: 2020 Year: 2020 Year: 2020



How much money will you put in your pocket? 0 0,00% ok How you pay loans? 175.862 100,39% Risk to the bank














Daily turnover: 8.206 9.085 9.698 10.792 11.936 13.104 14.920 14.920 13.875 11.936 10.792 11.936




















Result: -54.076 -32.091 -25.501 -2.386 18.518 41.133 75.895 75.931 55.725 5.381 -2.129 18.775 175.176

Income tax 0 0 0 0 0 0 0 0 0 0 0 0 0



Result: -54.076 -32.091 -25.501 -2.386 18.518 41.133 75.895 75.931 55.725 5.381 -2.129 18.775 175.176

Corporate tax forecast -43.794 0






Miguel Ángel50%

00%0

0%0

0%0

0%0

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0%0

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0%Madp Business Plan & Legal Services ®

Miguel Ángel

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12.6.- Summary five years analyzed


What investments are going to do? 4.882.193 100,00% Risk What will you earn before taxes? 502.328 100,00% ok

How much money will you put in your pocket? 1.933.071 39,59% ok How you pay loans? 736.211 146,56% Risk to the bank

How much money will you ask the bank? 3.000.000 61,45% ok What will be your cash flow? 1.137.618 226,47% ok



3. Do you think you should be opened every month?Results for the month: January February March April May June July August September October November December Total

Year: 2016 Year: 2016 0 0 0 0 0 0 -2.250 -4.875 -7.500 -21.102 -21.438 -4.796 -61.961 Year: 2017 Year: 2017 -52.919 -32.811 -26.661 -6.412 12.694 33.372 65.146 65.179 46.711 -3.444 -6.177 12.930 107.609 Year: 2018 Year: 2018 -53.172 -32.458 -26.144 -5.294 14.366 35.657 68.357 68.392 49.387 1.734 -5.055 14.606 130.376 Year: 2019 Year: 2019 -54.022 -32.681 -26.304 -3.865 16.407 38.351 72.066 72.102 52.506 3.526 -3.616 16.657 151.128 Year: 2020 Year: 2020 -54.076 -32.091 -25.501 -2.386 18.518 41.133 75.895 75.931 55.725 5.381 -2.129 18.775 175.176

4. Do you think that this sale has indicated that it is possible to perform?Sales of the month: January February March April May June July August September October November December Total

Year: 2016 0 0 0 0 0 0 0 0 0 331.776 290.304 331.776 953.856 Year: 2017 232.658 232.658 274.959 296.110 338.412 359.562 423.014 423.014 380.713 338.412 296.110 338.412 3.934.034 Year: 2018 239.684 239.684 283.263 305.053 348.632 370.421 435.789 435.789 392.210 348.632 305.053 348.632 4.052.842 Year: 2019 246.923 246.923 291.818 314.265 359.160 381.608 448.950 448.950 404.055 359.160 314.265 359.160 4.175.238 Year: 2020 254.380 254.380 300.631 323.756 370.007 393.132 462.509 462.509 416.258 370.007 323.756 370.007 4.301.330

Daily turnover: January February March April May June July August September October November December

Year: 2016 0 0 0 0 0 0 0 0 0 10.702 9.677 10.702

Year: 2017 7.505 8.309 8.870 9.870 10.917 11.985 13.646 13.646 12.690 10.917 9.870 10.917

Year: 2018 7.732 8.560 9.138 10.168 11.246 12.347 14.058 14.058 13.074 11.246 10.168 11.246

Year: 2019 7.965 8.819 9.413 10.476 11.586 12.720 14.482 14.482 13.469 11.586 10.476 11.586

Year: 2020 8.206 9.085 9.698 10.792 11.936 13.104 14.920 14.920 13.875 11.936 10.792 11.936

Sales units per hour of work: January February March April May June July August September October November December

Year: 2016 0 0 0 0 0 0 0 0 0 1 1 1

Year: 2017 1 1 1 1 1 1 1 1 1 1 1 1

Year: 2018 1 1 1 1 1 1 1 1 1 1 1 1

Year: 2019 1 1 1 1 1 1 1 1 1 1 1 1

Year: 2020 1 1 1 1 1 1 1 1 1 1 1 1

Evolution of the benefits and monthly losses

-80.000

-60.000

-40.000

-20.000

0

20.000

40.000

60.000

80.000

100.000




13. Analysis of the return on my main product: Estancia HoteleraHotel de Capricho, s.l.


Estancia Hotelera stays 160,00 Room 80,00

January February March April May June July August September October November December Media

Year: 2016 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 75,78% 68,52% 75,78% 72,76% Year: 2017 52,10% 57,68% 61,57% 68,52% 75,78% 83,20% 94,72% 94,72% 88,09% 75,78% 68,52% 75,78% 74,70% Year: 2018 52,62% 58,25% 62,18% 69,20% 76,53% 84,03% 95,67% 95,67% 88,97% 76,53% 69,20% 76,53% 75,45% Year: 2019 53,14% 58,84% 62,81% 69,89% 77,30% 84,87% 96,62% 96,62% 89,86% 77,30% 69,89% 77,30% 76,20% Year: 2020 53,68% 59,43% 63,43% 70,59% 78,07% 85,72% 97,59% 97,59% 90,76% 78,07% 70,59% 78,07% 76,97%

Monthly income for each of the Room

January February March April May June July August September October November December Total

Year: 2016 0 0 0 0 0 0 0 0 0 4.147 3.629 4.147 11.923 Year: 2017 2.908 2.908 3.437 3.701 4.230 4.495 5.288 5.288 4.759 4.230 3.701 4.230 49.175 Year: 2018 2.996 2.996 3.541 3.813 4.358 4.630 5.447 5.447 4.903 4.358 3.813 4.358 50.661 Year: 2019 3.087 3.087 3.648 3.928 4.490 4.770 5.612 5.612 5.051 4.490 3.928 4.490 52.190 Year: 2020 3.180 3.180 3.758 4.047 4.625 4.914 5.781 5.781 5.203 4.625 4.047 4.625 53.767

EBITDA (Earnings before interest, taxes, depreciation and amortization) monthly for each Room


Year: 2016 0 0 0 0 0 0 0 0 0 154 149 357 660 Year: 2017 -244 7 83 336 574 832 1.229 1.229 998 371 336 574 6.326 Year: 2018 -252 6 85 345 590 856 1.264 1.264 1.026 430 345 590 6.550 Year: 2019 -268 -2 78 358 611 884 1.305 1.305 1.060 447 358 611 6.747 Year: 2020 -274 0 82 371 632 914 1.348 1.348 1.095 465 371 632 6.983

EBITDA daily by each Room


Year: 2016 0 0 0 0 0 0 0 0 0 5 5 12 7 Year: 2017 -8 0 3 11 19 28 40 40 33 12 11 19 17 Year: 2018 -8 0 3 11 19 29 41 41 34 14 11 19 18 Year: 2019 -9 -0 3 12 20 29 42 42 35 14 12 20 18 Year: 2020 -9 0 3 12 20 30 43 43 36 15 12 20 19

Monthly exploitation result (EBIT) for each of the Room


Year: 2016 0 0 0 0 0 0 0 0 0 -170 -174 34 -310 Year: 2017 -568 -317 -240 12 251 509 906 906 674 47 12 251 2.443 Year: 2018 -576 -317 -239 21 267 532 941 941 703 107 21 267 2.666 Year: 2019 -592 -325 -246 34 287 561 982 982 736 124 34 287 2.863 Year: 2020 -598 -323 -241 47 308 590 1.024 1.024 771 141 47 308 3.099

RevPAR (Revenue Per Available Room / Table) Daily revenues for each of the Room


Year: 2016 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 133,78 120,96 133,78 32,67 Year: 2017 93,81 103,87 110,87 123,38 136,46 149,82 170,57 170,57 158,63 136,46 123,38 136,46 134,73

Year: 2018 96,65 107,00 114,22 127,11 140,58 154,34 175,72 175,72 163,42 140,58 127,11 140,58 138,80 Year: 2019 99,57 110,23 117,67 130,94 144,82 159,00 181,03 181,03 168,36 144,82 130,94 144,82 142,99 Year: 2020 102,57 113,56 121,22 134,90 149,20 163,81 186,50 186,50 173,44 149,20 134,90 149,20 147,31

Daily operating result for each of the Room


Year: 2016 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 -5,48 -5,81 1,09 -3,37 Year: 2017 -18,31 -11,31 -7,75 0,41 8,09 16,96 29,21 29,21 22,48 1,51 0,41 8,09 6,69

Year: 2018 -18,58 -11,34 -7,71 0,71 8,60 17,74 30,34 30,34 23,42 3,44 0,71 8,60 7,31 Year: 2019 -19,09 -11,62 -7,94 1,13 9,26 18,69 31,67 31,67 24,55 3,99 1,13 9,26 7,84 Year: 2020 -19,28 -11,55 -7,79 1,57 9,93 19,67 33,04 33,04 25,71 4,56 1,57 9,93 8,49


Earnings before interest, taxes, depreciation and amortization (EBITDA). Operating results (EBIT / GOP). Sales. Net operating income (NOI)

Monthly variables

-1.000

0

1.000

2.000

3.000

4.000

5.000

6.000

ene-

16

feb-

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8

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18

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9

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EBITDA (Earnings before interest, taxes, depreciation and amortization) monthly for each Room

Monthly exploitation result (EBIT) for each of the Room

Monthly income for each of the Room

NOI. (EBITDA - 4%). Net income from operations


Earnings before interest, taxes, depreciation and amortization (EBITDA). Operating results (EBIT / GOP). Sales. Net operating income (NOI)

stays: 160

Annual Variables

660

6.326 6.550 6.747 6.983

-310

2.443 2.666 2.863 3.099

11.923

49.175

50.661

52.190 52.190

634

6.073 6.288 6.477 6.704

-10.000

0

10.000

20.000

30.000

40.000

50.000

60.000


EBITDA Result of exploitation Operating income NOI. (EBITDA - 4%). Net income from operations


200 Expenditure on Research 0 Year: 2016 Year: 2017 Year: 2018 Year: 2019 Year: 2020

201 Development Expenditures 0 Operating income 953.856 3.934.034 4.052.842 4.175.238 4.301.330202 Administrative Concessions 0 Used in Operations. 125.217 516.437 532.034 548.101 564.654203 Industrial property 0 % 13,13% 13,13% 13,13% 13,13% 13,13%

205 Leaseholds. 0 Total margin 828.639 3.417.597 3.520.808 3.627.137 3.736.676206 Computer Applications 0 % 86,87% 86,87% 86,87% 86,87% 86,87%

209 Advances for intangible assets 0 leases 0 0 0 0 0210 Land and Natural Assets 0 Repairs and maintenance 62.839 64.096 65.378 66.686 68.019211 constructions 1.605.114 professional services 13.425 54.775 55.870 56.987 58.127212 Technical Installations 921.962 transportation 205 846 863 880 898213 machinery 553.016 Insurance premiums 12.803 12.803 12.803 15.616 15.928214 tools 196.351 Banking and similar services. 4.769 19.670 20.064 20.465 20.874215 Other facilities. 0 advertising 4.743 19.561 19.952 20.351 20.759216 furniture 608.311 Supplies. 6.356 26.214 26.738 27.273 27.819217 Information processing equipment. 46.098 other services 6.838 28.201 28.765 29.340 29.927218 Elements of Transportation 46.098 other taxes 3.502 3.502 3.644 3.717 3.791219 Other tangible assets 23.049 Depreciation 77.676 310.703 310.703 310.703 310.703300 Stock. 42.193 Wages and salaries 499.651 2.029.315 2.090.600 2.153.736 2.218.779260 Local bonds and other fixed assets fianciero. 0 social Security 160.668 652.501 672.112 692.316 713.129570 Dinero de capital circulante extra. 0 Operating expenses 853.476 3.222.187 3.307.492 3.398.070 3.488.753

refinancing 0I.V.A. investment 840.000 Result of exploitation -24.836 195.410 213.316 229.066 247.923

Inversión Total: 4.882.193Expected contribution by the partners: 1.933.071 Financial Expenses 37.125 87.801 82.940 77.938 72.747

Required bank financing (past and present): 3.000.000Loan interest: 3,00% Result of the excersice -61.961 107.609 130.376 151.128 175.176

Year loan 15 % CAPITAL -3,22% 5,57% 6,74% 7,82% 9,06%

The estimated amount of annual interest: 90.000Importe de la cuota mensual del préstamo actual: 20.717 Desired monthly billing: 317.952 327.836 337.737 347.936 358.444

Cuota del préstamo anual: 248.609 Weekly turnover desired: 74.189 76.495 78.805 81.185 83.637Daily turnover desired: 10.598 10.928 11.258 11.598 11.948Number of days Open 92 365 365 365 365

Minimum monthly billing: 0 315.782 323.149 331.069 338.896Minimum weekly turnover: 0 73.682 75.401 77.249 79.076

Minimum daily turnover: 0 10.526 10.772 11.036 11.297Annual evolution of breakeven 0 3.789.389 3.877.791 3.972.827 4.066.752

Sales units for each day of work: 471,36 480,40 485,20 490,05 494,95Sale price. 24,20 24,68 25,17 25,68 26,19

Cost. 2,89 2,95 3,00 3,06 3,13Margin per unit: 21,31 21,73 22,17 22,61 23,06

Wages and salaries 1.988 1.988 2.008 2.028 2.048Worker 20,94 85,07 86,77 88,50 90,27


Years of operation: 35 income 953.856 3.934.034 4.052.842 4.175.238 4.301.330Expected benefit to the operation: 6.131.154 Loan amount received. 3.000.000 0 0 0 0Investments paid: 4.882.193 Contributions from partners 1.922.592 10.479 0 0 0Total Benefits 11.013.347 Vat on income 95.386 393.403 405.284 417.524 430.133

COLLECTIONS 5.971.833 4.337.917 4.458.126 4.592.761 4.731.463


shopping 43.554 514.804 529.518 545.509 561.984TIR PROJECT 0,00% Total expenses excluding amortization and interest. 775.800 2.911.484 2.996.789 3.087.367 3.178.050VAN PROJECT 4,25% -4.451.125 Interests. 37.125 87.801 85.167 77.938 72.747

capital 65.426 160.809 163.443 170.671 175.862inversion 4.882.193 0 0 0 0

I.S. liquidation 0 0 36.049 35.993 37.803V.A.T. 87.219 393.240 405.033 412.967 422.138

PAYMENTS 5.891.317 4.068.137 4.215.998 4.330.446 4.448.584

Balance 80.517 269.779 242.128 262.316 282.879Accumulated balance: 80.517 350.296 592.424 854.739 1.137.618


Contributions from partners -1.922.592 -10.479 0 0 0Unrestricted Cash Flow 0 35.605 101.693 117.880 136.637

Balance -1.922.592 25.126 101.693 117.880 136.637Outline of payback with distributable profits -1.922.592 -1.897.466 -1.795.772 -1.677.892 -1.541.255

Years needed: 20

Investments required

Outline of payback with distributable profits

SUPONDREMOS QUE LA INVERSIÓN SE VENDE AL FINAL DEL PERIODO POR IMPORTE DE

12.6.- Summary five years analyzed

Cash Flow and profit before taxValue of the company:

Profit and loss account

5.647.129


Outline of payback with distributable

profits

-2.500.000

-2.000.000

-1.500.000

-1.000.000

-500.000

0

Year:

2016

Year:

2017

Year:

2018

Year:

2019

Year:

2020

Outline of payback withdistributable profits

-3.000.000

-2.000.000

-1.000.000

0

1.000.000

2.000.000

3.000.000

4.000.000

5.000.000


Operating income



Outline of payback with distributable profits


CONFIDENTIAL DOCUMENT Hotel de Capricho, s.l. - MADP … · 2015. 10. 7. · MADP Business Plan & Legal Services ... 3.4.2 Risk to a change in the cost of supplies 28 Benefits for

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