Kaubanduskeskuse tasuvusaja kalkulatsioon

Antud lõputöös on käsitletud OÜ Kantauro tellitud ja AS Nordeconi poolt ehitatava kaubanduskeskuse tasuvusaja arvutust. Kaubanduskeskuse põhilisteks tuluallikateks on järgmised: müügibokside välja rentimine, reklaam ja kommunaalteenuste edasimüük. Põhilisteks iga kuu kuluallikateks tulid järgmised: kindlustusmaksed, tööjõu palgakulu, remondifondi sissemaksed. Analüüsiti eelnevate aastate hindu. Esitati võimalikud investeerimisallikat, milleks on pangad, krediidi asutused ja eraisikute investeering. Kuna krediidi asutused ei finantseeri kinnisvara arendust, siis see variant ei sobinud. Eraisikute investoriteks on võetud Maxima pood ja pangaks valitud SEB. Töös oli eeskujuks võetud Tallinna suurimate kaubanduskeskuste, Rocca al Mare, Kristiine keskus, Magistral ja Ülemiste keskus, majandusaasta aruanded. Tasuvusaega arvutati lihttasuvuse meetodil ja kahel erineval tingimusel. Esimeseks oli variant, kus hoone ehitamist rahastati koostööpartnerite poolt ning teiseks kui võeti laenu pangast ja Maximalt. Tasuvusaegadeks tuli arvutuslikult vastavalt viis ja kümme aastat. Teise finantseerimise varianti puhul suureneb tasuvus rohkem kui kaks korda on põhjendatud sellega, et iga-aastased väljamaksed suurenevad seoses intresside lisandumisega võrreldes esimese finantseerimisvariandiga. Kuigi on tõenäolisem, et projekt viiakse ellu pangalaenu ja Maxima investeeringutega on selle teostamine keerukam ja võtab rohkem aega.

This final thesis is concerned with the calculations of pay-back period of a shopping centre, commissioned by OÜ Kantauro and constructed by AS Nordecon. The main sources of revenue for the shopping centre are the following: renting out sales booths, advertising, and resale of utility services. The main monthly expenses were the following: insurance payments, labour costs, payments into the repair fund. Prices of previous years were analysed. Potential investment sources were provided, which are banks, credit institutions and investments by private persons. As credit institutions do not finance real estate development, this option was not suitable. Maxima store is provided as the private investor and SEB is selected as the bank. The paper takes as basis the annual accounts of Tallinn’s biggest shopping centres Rocca al Mare, Kristiine centre, Magistral and Ülemiste centre. The pay-back period was calculated with the method of simple pay-back period and with two different conditions. The first was the option where construction of the building was funded by partners and the second option was taking a loan from the bank and Maxima. The pay-back periods calculated were five and ten years respectively. In the case of the second option of financing, pay-back increases over two times, which can be explained by annual payments increasing due to added interest compared to the first option of financing. Although it is more likely for the project to be completed with a bank loan and investments by Maxima, it is more complicated to execute and will take more time.