tag:blogger.com,1999:blog-41430144278009096982024-03-13T14:15:59.443-07:00Como Hacer un Estudio de FactibilidadMAGISTER DAVID ALLEN HERRERAhttp://www.blogger.com/profile/08921369129762492818noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-4143014427800909698.post-70399105396242325182011-05-28T19:41:00.001-07:002014-08-17T19:28:05.201-07:00COMO HACER UN ESTUDIO DE FACTIBILIDAD PARA VIVIENDAS<div dir="ltr" style="text-align: left;" trbidi="on">
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<u><strong>ANTECEDENTES:</strong></u><br />
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Aqui te mostramos los pasos a seguir en un estudio de factibilidad para viviendas el cual abarca, los Aspectos Generales del proyecto el estudio de mercadeo; el estudioTécnico y el Estudio Financiero y puede ser adaptado a cualquier otro estudio de factibilidad.<br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 16pt;">INTRODUCCIÒN</span></b></div>
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<span style="font-family: "Arial", "sans-serif";">En una época en que el mundo experimenta<span style="mso-spacerun: yes;"> </span>una alta competitividad de los servicios como lo es en el cambiante mundo del mercadeo, es<span style="mso-spacerun: yes;"> </span>necesario estar alerta a las exigencias y expectativas del <a href="http://www.monografias.com/trabajos13/mercado/mercado.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">mercado</span></a>, para ello es de vital importancia y para asegurar el <a href="http://www.monografias.com/trabajos15/llave-exito/llave-exito.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">éxito</span></a> de las <a href="http://www.monografias.com/trabajos11/empre/empre.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">empresas</span></a>, hacer uso de <a href="http://www.monografias.com/trabajos6/juti/juti.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">técnicas</span></a> y <span style="mso-spacerun: yes;"> </span><a href="http://www.monografias.com/trabajos11/contrest/contrest.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">herramientas</span></a>, una de ellas es llevar a cabo un <a href="http://www.monografias.com/trabajos13/mercado/mercado.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">estudio de mercado</span></a>, en conjunto con una serie de <a href="http://www.monografias.com/trabajos11/norma/norma.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">investigaciones</span></a> como lo son, <a href="http://www.monografias.com/trabajos7/compro/compro.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">competencia</span></a>, los <a href="http://www.monografias.com/trabajos11/travent/travent.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">canales de distribución</span></a>, lugares de <a href="http://www.monografias.com/trabajos12/curclin/curclin.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">venta</span></a> del <a href="http://www.monografias.com/trabajos12/elproduc/elproduc.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">producto</span></a>, que tanta <a href="http://www.monografias.com/trabajos11/teopub/teopub.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">publicidad</span></a> existe en el mercado, <a href="http://www.monografias.com/trabajos16/fijacion-precios/fijacion-precios.shtml#ANTECED"><span style="color: windowtext; text-decoration: none; text-underline: none;">precios</span></a>, etc.</span></div>
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<span style="font-family: "Arial", "sans-serif";">Es muy frecuente que los empresarios no tengan claro què es lo que venden. Muchas veces parece irrelevante preguntarse què vendemos. Evidentemente, todos los vendedores conocen los productos que ofrecen a los consumidores, pero no necesariamente conocen que buscan los consumidores en nuestros productos.</span></div>
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<span style="font-family: "Arial", "sans-serif";">La frase precisa es conocer el mercado. Las necesidades del mercado ,o de los<span style="mso-spacerun: yes;"> </span>consumidores son las que dan la pauta para <a href="http://www.monografias.com/trabajos12/foucuno/foucuno.shtml#CONCEP"><span style="color: windowtext; text-decoration: none; text-underline: none;">poder</span></a> definir mejor que es, lo que vamos a vender y a quienes, así como dónde y como lo haremos. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><u>ESTUDIO DE MERCADO DE VIVIENDAS DE TIPO SOCIAL</u>.</span></b></div>
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<span style="font-family: "Georgia", "serif"; mso-bidi-font-family: Arial;">El estudio de mercado estará dirigido<span style="mso-spacerun: yes;"> </span>a consumidores, <a href="http://www.monografias.com/trabajos11/sercli/sercli.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">clientes</span></a> y público con gran potencial dentro de los requisitos con ingresos desde 200 hasta 325. Con este estudio definiremos<span style="mso-spacerun: yes;"> </span>las oportunidades y problemas del mercado para generar, refinar y evaluar las medidas<span style="mso-spacerun: yes;"> </span>de mercadeo.</span></div>
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<span style="font-family: "Georgia", "serif"; mso-bidi-font-family: Arial;">Dicho de otra manera este estudio de mercado es una herramienta de mercadeo que permitirá y facilitará la obtención de <a href="http://www.monografias.com/trabajos11/basda/basda.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">datos</span></a>, resultados que de una u otra forma serán analizados, procesados mediante herramientas <a href="http://www.monografias.com/trabajos15/estadistica/estadistica.shtml"><span style="color: windowtext; text-decoration: none; text-underline: none;">estadísticas</span></a> y así obtener como resultados la aceptación o no y sus complicaciones de un producto dentro del mercado de las casas de bajos costos.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>2.1 El Consumidor</span></b></div>
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<span style="font-family: "Georgia", "serif"; mso-bidi-font-family: Arial;">Las motivaciones de consumo en estas soluciones habitacionales radican en que es un producto accesible a un numero importante de habitante del corregimiento de <personname productid="la Chorrera" w:st="on">la Chorrera</personname> y que en su mayoría tienen su puesto de empleo en la ciudad de Panamá<span style="mso-spacerun: yes;"> </span>y <personname productid="la Chorrera." w:st="on">la Chorrera.</personname></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"> </span></b><span style="font-family: "Georgia", "serif"; mso-bidi-font-family: Arial;"></span></div>
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<span style="font-family: "Georgia", "serif"; mso-bidi-font-family: Arial;">Los hábitos de compra de la mayoría de consumidores de este producto tradicionalmente se observan atrves de proyectos que salen en los periódicos y en algunos casos por la difusión de algunos Bancos que financian </span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span></span></b><span style="font-family: "Georgia", "serif"; mso-bidi-font-family: Arial;">el proyecto habitacional.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>2.1.1 Consumidores Actuales</span></b></div>
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<span style="font-family: "Arial", "sans-serif";">Los consumidores actuales están en una población con ingresos mínimos mensuales y cuya área es el Corregimiento de <personname productid="la Chorrera. El" w:st="on"><personname productid="la Chorrera." w:st="on">la Chorrera.</personname> El</personname> Ministerio de Vivienda posee listados o bases de datos actualizados hasta mediados del mes de agosto del 2007, de personas de bajos ingresos con necesidades habitacionales y que las cuales cumplen con todo los requisitos para obtener crédito de los bancos y con las condiciones para obtener un subsidio del Gobierno Nacional aproximadamente de B/ 3000.00 por familia. </span><span style="font-family: "Arial", "sans-serif";">Según cifras del MIVI al 31 de agosto del 2007, existe en <personname productid="la Chorrera" w:st="on">la Chorrera</personname> un monto de 1500 familias en sus bases de datos con necesidades habitacionales y que se encuentran en el rango de los B/ 200.00 hasta 325.00 en ingresos familiar mensual. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.1.2 Consumidores Potenciales</span></b></div>
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<span style="font-family: "Arial", "sans-serif";">Existe un numero importante de consumidores potenciales en el sector de Panamá que según el Censo del 2000 cuenta con una población con este tipo de de 45,000 familias, quienes pueden optar por una vivienda de bajo precio en el área de Chorrera.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.2.<span style="mso-spacerun: yes;"> </span>Estrategia Comercial </span></b><br />
<span style="font-family: "Arial", "sans-serif";">Nuestro mercado meta único<span style="mso-spacerun: yes;"> </span>estará orientado hacia una población de ingresos familiares bajos, por lo que la composición y segmentación del mercado según el censo del 2000 <span style="mso-spacerun: yes;"> </span>es la siguiente. S</span><span style="font-family: "Arial", "sans-serif";">egún el Censo del 2000 <personname productid="la Poblaci�n" w:st="on">la Población</personname> de hogares con ingresos mensuales de B/ 249.00 ascendía a un total de 65,000, la población con hogares con ingreso de B/ 250.00 estaban por el monto de 66,000 y la población con hogares con ingresos de B/ 399.00 estaban por el orden de 100,000.</span></div>
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<span style="font-family: "Arial", "sans-serif";">Segmentación total de Hogares del Corregimiento de Chorrera, Panamá y otros, según<span style="mso-spacerun: yes;"> </span>ingreso mensual </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 8pt; line-height: 150%;">Fuente: Panamá<span style="mso-spacerun: yes;"> </span>en cifras censo del año 2000</span></b></div>
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<span style="font-family: "Arial", "sans-serif";">Según la segmentación de hogares del corregimiento de Panamá existe en la capital un monto de 139,000 hogares con ingresos entre 249.00 y 399.00 , lo que representa un 60% de la población con estos ingresos.</span></div>
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<span style="font-family: "Arial", "sans-serif";">En el corregimiento de <personname productid="la Chorrera" w:st="on">la Chorrera</personname> según el Censo del 2000 existían 45,000 hogares con ingresos promedios entre 249.00 y 399 y por último el resto del país suman 47,000 hogares con este mismo ingreso.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>2.2.1 El Producto o Servicio</span></b></div>
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<span style="color: #445555; font-family: "Arial", "sans-serif";">Las soluciones habitacionales tendrán una superficie cuadrada de <metricconverter productid="250 metros" w:st="on">250 metros</metricconverter>, con estructuras prefabricadas importadas de otros países, sobre las cuales se construirá dos habitaciones una sala, cocina y un baño con pisos de azulejos y baldosas en los baños, techos acústicos que se ajustan al calor y a condiciones lluviosas de nuestro medio ambiente. Este producto tuenen una garantía de mas de 25 años debido a sus sólidas estructura prefabricadas de acero.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>2.2.2 El Precio </span></b></div>
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<span style="font-family: "Georgia", "serif"; mso-bidi-font-family: Arial;">La aceptación del precio de nuestras soluciones habitacionales y la preferencia de las mismas radican que este tipo de casas se edifican con materiales de buena calidad y el mismo tiene un precio preferencial en el mercado por ser subsidiado por el Gobierno Nacional con un subsidio de B/ 3,000.00 por cada familia.<span style="mso-spacerun: yes;"> </span>Estas casas tendrán un precio de venta de B/ 16,000. </span></div>
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<span style="font-family: "Georgia", "serif"; mso-bidi-font-family: Arial;">Las opiniones de muchas personas sobre nuestro producto es buena ya que se esta tomando en cuenta un segmento de la población con grandes carencias y ganas de poseer casas propias a bajos precios. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>2.2.3 Plaza y Canales de Distribución</span></b></div>
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<personname productid="La Plaza" w:st="on"><span style="font-family: "Arial", "sans-serif";">La Plaza</span></personname><span style="font-family: "Arial", "sans-serif";"> o canales de Distribución de este tipo de casas estarán a cargo de <personname productid="la Comercializadora" w:st="on">la Comercializadora</personname> que incluirá los siguientes canales:</span></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Arial", "sans-serif";">Centro de Atención al Cliente</span></u></b></div>
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<span style="font-family: "Arial", "sans-serif";">La comercializadora contará con un centro de venta ubicado en <personname productid="la Avenida" w:st="on">la Avenida</personname> central de <personname productid="la Chorrera" w:st="on">la Chorrera</personname> calle <span style="mso-spacerun: yes;"> </span>42 este, para informar a clientes sobre los requisitos para la aplicar en estas soluciones de vivienda y aprovechar para impulsar las ventas que tendrán<span style="mso-spacerun: yes;"> </span>como destino final la aprobación de las viviendas en<span style="mso-spacerun: yes;"> </span>algunos de los bancos que participaran en el financiamiento de la obra.</span></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Arial", "sans-serif";">Ministerio de Vivienda</span></u></b></div>
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<span style="font-family: "Arial", "sans-serif";">Existe un volumen importante de consumidores<span style="mso-spacerun: yes;"> </span>de este producto en las bases de datos del MIVI, que es el principal organismo para el proyecto y es el ente que avala los proyectos de estas índoles, ya que con la aprobación por parte de ellos el Gobierno Nacional otorga subsidios<span style="mso-spacerun: yes;"> </span>a las familias aplicantes. La comercializadora tendrá como objetivo principal logar de estas bases de datos una población de 500 familias para realizar la preventa de las viviendas.</span></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Arial", "sans-serif";">Entidades Bancarias</span></u></b></div>
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<span style="font-family: "Arial", "sans-serif";">Una de las entidades bancarias que se dedica a aprobar estos tipos de soluciones habitacionales es Banvivienda, a través de este ente financiero se podrá captar compradores de las soluciones habitacionales en<span style="mso-spacerun: yes;"> </span>un 25% del total de las casas, también en preventa. Este banco ofrece un buen plan de financiamiento basado<span style="mso-spacerun: yes;"> </span>en 6.5% de interés anual y es la entidad que trabaja con el MIVI para el otorgamiento del subsidio por parte del estado.</span></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Arial", "sans-serif";">Otros Bancos</span></u></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">:</span></b></div>
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<span style="font-family: "Arial", "sans-serif";">Existe una red de otros canales en donde se incluirán y colocaran nuestro producto, tales como <personname productid="la Caja" w:st="on">la Caja</personname> de Ahorros, Banco Nacional de Panamá y Banco General entre otros. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.2.4 Publicidad y Promoción</span></b><br />
<span style="font-family: "Arial", "sans-serif";">La publicidad y promoción de este proyecto estará a cargo de <personname productid="la Comercializadora" w:st="on">la Comercializadora</personname> del Proyecto quienes estarán promoviendo las casas a través de las ferias de Capac, Ferias Bancarias <span style="mso-spacerun: yes;"> </span>y otras que se realicen el la capital.</span></div>
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<span style="font-family: "Arial", "sans-serif";">La <span style="mso-spacerun: yes;"> </span>publicidad se hará a través de periódicos y la radio, la publicidad a través de la prensa se iniciará con cuatro meses de anticipación antes del inicio del proyecto. Las menciones por la radio iniciaran al<span style="mso-spacerun: yes;"> </span>tercer mes del proyecto con a 10 menciones diarias los fines de semana.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.3 Análisis del Medio Ambiente</span></b></div>
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<span style="font-family: "Arial", "sans-serif";">Durante los 8 últimos años, Panamá ha vivido un notable proceso de toma de conciencia respecto al ambiente y los recursos naturales. Este proceso le ha permitido identificar los principales problemas ambientales del país, a saber:</span></div>
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<span style="font-family: "Arial", "sans-serif"; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">a.<span style="font-family: "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif";">La contaminación del suelo u del agua debido a la baja cobertura de los servicios de recolección de basuras y la inadecuada disposición de los desecho sólidos( la recolección de basura es apenas el 75% en las ciudades y el 40% en el campo y casi todas ellas se depositan de manera inapropiadas)</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">b.<span style="font-family: "Times New Roman";"> </span></span></span></b><span style="font-family: "Arial", "sans-serif";">La contaminación de los recursos hídricos por la falta de tratamiento de las aguas servidas de las ciudades, incluyendo la intensa contaminación de la bahía de Panamá con descargas de fuentes domesticas, industriales, del transporte y la navegación<b style="mso-bidi-font-weight: normal;">.</b></span></div>
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<span style="font-family: "Arial", "sans-serif"; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">c.<span style="font-family: "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif";">La contaminación del aire, agua y suelo por fuerte concentraciones de plaguicidas en las zonas de monocultivos y de otras sustancia químicas en la extracción de minerales no metálicos.</span></div>
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<span style="font-family: "Arial", "sans-serif"; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">d.<span style="font-family: "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif";">L perdida de la biodiversidad y deforestación, que afecta ya el 60%<span style="mso-spacerun: yes;"> </span>de la cuenca del canal.</span></div>
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<span style="font-family: "Arial", "sans-serif"; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">e.<span style="font-family: "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif";">L a contaminación del aire con gases y partículas de origen industrial y automotor en las ciudades de Panamá Y colon, con alto impacto en las enfermedades respiratorias</span></div>
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<span style="font-family: "Arial", "sans-serif"; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">f.<span style="font-family: "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif";">La vulnerabilidad creciente a los desastre de origen socio-natural, especialmente en inundaciones, deslizamientos, incendios y vendavales.</span></div>
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<span style="font-family: "Arial", "sans-serif";">La estrategia nacional del ambiente impulsada desde 1998 por <personname productid="la Autoridad Nacional" w:st="on"><personname productid="la Autoridad" w:st="on">la Autoridad</personname> Nacional</personname> del Ambiente (ANAM) busca explícitamente conciliar la sustentabilidad ambiental con el desarrollo sostenible de los recursos naturales en pro del desarrollo nacional con 7<span style="mso-spacerun: yes;"> </span>estrategias con perspectivas al 2020.</span></div>
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<span style="font-family: "Arial", "sans-serif";">Así mismo al Autoridad de <personname productid="la Regi�n Interoce£nica" w:st="on">la Región Interoceánica</personname> (ARI) ha puesto una estrategia de sostenibilidad ambiental en la zona del canal.</span><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.3.1 Factores Económicos</span></b></div>
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<span style="font-family: "Arial", "sans-serif";">Respecto al PIB debemos decir que, según los datos de <span style="mso-spacerun: yes;"> </span><personname productid="la Contralor■a General" w:st="on">la Contraloría General</personname> de <personname productid="la Republica" w:st="on">la Republica</personname>, el año 2005 termino con un crecimiento de 6.4% y el año 2006 con un crecimiento de 8.1%.Los sectores que han empujado este crecimiento han sido <personname productid="la Zona Libre" w:st="on"><personname productid="la Zona" w:st="on">la Zona</personname> Libre</personname> de Colon, electricidad y agua, construcción, puertos y el canal de Panamá.La construcción seguirá en auge ya que hay muchos proyectos en ejecución.</span></div>
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<span style="font-family: "Arial", "sans-serif";">Los sectores ligados al comercio internacional continuaran favorecidos por el crecimiento de la economía mundial. Existe la preocupación de que la economía mundial se vea afectada por el aumento de los intereses y por<span style="mso-spacerun: yes;"> </span>losaltos precios del petróleo. En Panamá se noto en el 2005 un leve aumento de la inflación pero de acuerdo ala cifras del 2006 y el primer trimestre del 2007 la inflación se </span><span style="font-family: "Arial", "sans-serif";">ha duplicado con respecto al 2005. Sin embargo la actividad económica no ha afectado el ritmo de crecimiento de la economía.</span></div>
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<span style="font-family: "Arial", "sans-serif";">Hay que tener en cuenta que al utilizar Panamá el dólar Estadounidense como moneda de curso legal, la inflación no es un fenómeno monetario nacional, sino el producto de lla evolución de los precios internacionales, del tipo de cambio del dólar y de factores de política económica interna.</span></div>
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<span style="font-family: "Arial", "sans-serif";">Producto interno bruto por sector y población ocupada de más de 15 año de edad.en el año 2005.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.4 Análisis de <personname productid="la Demanda" w:st="on">la Demanda</personname></span></b></div>
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<span style="font-family: "Arial", "sans-serif";">Las actividades mas importantes de la industria se dirigen a la construcción deobras de infraestructuras y desarrollo de viviendas que se complementan con la construcción comercial, en donde la inversión en turismo (hoteles) y el desarrollo portuario, esta jugando un papel importante.</span></div>
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<span style="font-family: "Arial", "sans-serif";">Elsector es muy dinámico tanto en el sector público como en el privado. Cuando hablamos de inversión pública nos referimos a carreteras, caminos infraestructuras para la educación, salud, electricidad, agua potable, etc.; es decir proyectos como el puente sobre el canal de Panamá. Por otro lado la <b style="mso-bidi-font-weight: normal;">inversión Privada la localizamos en viviendas, </b>oficinas, Centros Comerciales, áreas turísticas e infraestructura portuaria y marítima.</span></div>
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<span style="font-family: "Arial", "sans-serif";">Alojamiento. La evolución del mercado laboral y la renta se configuran como dos de las variables explicativas de la emancipación de los jóvenes y los cambios de vivienda de las familias y, por tanto, de la concreción de la demanda potencial en explicita.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.4.1 Comportamiento Histórico de <personname productid="la Demanda" w:st="on">la Demanda</personname></span></b></div>
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<span style="font-family: "Arial", "sans-serif";">Según el número y monto de hipotecas aprobadas<span style="mso-spacerun: yes;"> </span>mostrado en el cuadro de abajo muestra un incremento histórico desde el año 1999 hasta el 2004 que inicia desde el año 1999 con el número de hipotecas aprobadas 10,000 mostrando un crecimiento hasta el 2004 con<span style="mso-spacerun: yes;"> </span>18,000 hipoteca aprobadas. Demostrándose así que el comportamiento histórico de la demanda<span style="mso-spacerun: yes;"> </span>ha venido en aumento hasta nuestros días.</span></div>
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<span style="font-family: "Arial", "sans-serif";">Según la variación de la demanda mostrado en el cuadro de arriba muestra un incremento de 44.80% para vivienda<span style="mso-spacerun: yes;"> </span>menor de 15,000 dólares entre el año 2004 y 2005 .</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.4.2 Comportamiento Actual de <personname productid="la Demanda" w:st="on">la Demanda</personname></span></b></div>
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<span style="font-family: "Arial", "sans-serif";">La variación de la demanda actual para el primer trimestre del 2006 vs. 2007 de acuerdo con el rango de las hipotecas nos indican que las viviendas menores a </span><span style="font-family: "Arial", "sans-serif";">15,000 dólares registran un aumento de 44.8% y las viviendas mayores de100,000 dólares del 35.6%. Por lo que se apunta un aumento de las ventas<span style="mso-spacerun: yes;"> </span>de todos los rangos en la posición actual.<span style="mso-spacerun: yes;"> </span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.4.3 Proyecciones de Demanda Futuras</span></b></div>
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<span style="font-family: "Arial", "sans-serif";">La<span style="mso-spacerun: yes;"> </span>demanda de viviendas principales la necesidad de viviendas principales se deriva directamente de la creación de nuevos hogares en el período de referencia, pues en realidad un hogar tal y como es definido por el INE es “el conjunto de personas que, residiendo en la misma vivienda, comparten gastos ocasionados por el uso de la vivienda y/o gastos de alimentación”. Es decir, se asimila el concepto de hogar al hogar-vivienda o “grupo que reside habitualmente en una misma vivienda”<span style="mso-spacerun: yes;"> </span></span></div>
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<span style="font-family: "Arial", "sans-serif";">¿Cuáles son las hipótesis del saldo de hogares para los próximos años? Para contestar a este interrogante es imprescindible realizar un análisis independiente de los factores que determinan la creación y destrucción de hogares. La creación de hogares debida a la dinámica vegetativa </span></div>
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<span style="font-family: "Arial", "sans-serif";">Existen dos tipos de factores que influyen en la evolución del número de hogares y en los cambios en su tamaño: los efectos demográficos y los efectos estructurales. El efecto demográfico (ED) se refiere a la proporción del crecimiento total de los hogares que se puede imputar al aumento de la población; es decir, la razón entre el crecimiento hipotético que habrían experimentado los hogares si hubiesen crecido al mismo ritmo que la población y el crecimiento que realmente han experimentado</span></div>
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<span style="font-family: "Arial", "sans-serif";">Para tal fin el MIVI para el presupuesto del 2008 Tiene previsto en su renglón de inversiones un monto de 61,500 soluciones de vivienda en el área urbana.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.5 Análisis de <personname productid="la Oferta" w:st="on">la Oferta</personname></span></b></div>
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<span style="font-family: "Arial", "sans-serif";">El mercado de ofertantes en este tipo de soluciones habitacionales ha ido en aumento de la mano con el incremento del producto interno bruto que en el año </span></div>
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<span style="font-family: "Arial", "sans-serif";">2006 tuvo un incremento de 8.1%, situación que también aumento el segmento </span></div>
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<span style="font-family: "Arial", "sans-serif";">de la contracción de casas<span style="mso-spacerun: yes;"> </span>con valores inferiores a los 15,000 dólares. </span></div>
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<span style="font-family: "Arial", "sans-serif";">También a la hora de tomar decisiones para posicionarse en el mercado panameño hay que tener en cuenta<span style="mso-spacerun: yes;"> </span>la dolarización de la demanda, considerando segmentos totalmente diferenciados:</span></div>
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<span style="font-family: "Arial", "sans-serif"; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">a.<span style="font-family: "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif";">Viviendas de medio y bajo costo, en las cuales el consumidor se centre en el precio<span style="mso-spacerun: yes;"> </span>a la hora de tomar decisiones.</span></div>
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<span style="font-family: "Arial", "sans-serif"; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">b.<span style="font-family: "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif";">Un segundo segmento en el que predominan, la calidad y diseños dela casas.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.5.1 Comportamiento Histórico de <personname productid="la Oferta" w:st="on">la Oferta</personname></span></b></div>
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<span style="font-family: "Arial", "sans-serif";">Según el cuadro mostrado abajo cuya fuente es de <personname productid="la CAPAC" w:st="on">la CAPAC</personname> muestra un incremento año a año dela inversión Privada y Publica cuyo comportamiento Histórico de la oferta ha venido aumentando iniciando con una inversión desde desde el año 2000 con un monto de 709,090 millones hasta su punto mas alto en el cuadro en el año 2003 y 2005 con 1296,14 millones y 726,98 millones este ultimo hasta el mes de agosto.</span></div>
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<span style="font-family: "Arial", "sans-serif";">Esto nos muestra que el comportamenito histórico de la oferta va aumentando de la mano con el comportamiento de la demanda de forma histórica.</span></div>
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<personname productid="La Inversi�n Privada" w:st="on"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">La Inversión Privada</span></b></personname><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";"></span></b></div>
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<span style="font-family: "Arial", "sans-serif";">La inversión privada se ha caracterizado en los últimos años por invertir un promedio de <metricconverter productid="500 a" w:st="on">500 a</metricconverter> 600 millones dedolares por año.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><shape id="_x0000_i1026" style="height: 210pt; width: 425.25pt;" type="#_x0000_t75"><imagedata o:title="" src="file:///C:\DOCUME~1\dallen\CONFIG~1\Temp\msohtmlclip1\01\clip_image003.png"></imagedata></shape></span></b><br /></div>
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<span style="font-family: "Arial", "sans-serif";">En el periodo comprendido entre enero y junio del 2005, la banca hipotecaria privada y estatal, aprobó 9,498 hipotecas: lo que implica un crecimiento del mercado en 10,31% respecto al año anterior, manteniendo la tendencia de crecimiento.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;">16</b></span></div>
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<span style="font-family: "Arial", "sans-serif";">Las cantidades prestadas a partir de estos créditos se elevaron situándose en 365,948 millones de dólares. Dicho aumento es impulsado por la baja de la tasa del interés del mercado hipotecario, gracias<span style="mso-spacerun: yes;"> </span>ala ley de interés preferencial.</span></div>
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<span style="font-family: "Arial", "sans-serif";">La oferta de viviendas al tercer trimestre del 2005 reflejo un incremento del 18.21% con relación a la fecha del mismo año del mes anterior. Los rangos de precios que muestran más dinamismo están ubicados entre viviendas menores de 20,000 y el intermedio de 20,000hasta 50,000</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.5.2 Comportamiento Actual de <personname productid="la Oferta" w:st="on">la <span style="mso-spacerun: yes;"> </span>Oferta</personname></span></b></div>
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<span style="font-family: "Arial", "sans-serif";">El valor declarado de los permisos para realizar construcciones, adicionales y reparaciones, entre el primer trimestre del año2006y 2007 aumento 30.6%, principalmente en los distritos de Arrijan, Panamá y San Miguelito, en 116.6%, 31.5% y<span style="mso-spacerun: yes;"> </span>19.7%, respectivamente. D e igual manera otros distritos como Aguadulce, David, Bugaba, Chitré y <personname productid="la Chorrera" w:st="on">La Chorrera</personname> totalizaron un crecimiento de 67.3%.<span style="mso-tab-count: 1;"> </span>as construcciones según cifras de la contraloría General de <personname productid="la RepublicaLa" w:st="on">la RepublicaLa</personname> oferta de viviendas menores a 15,000 dólares (Vivienda de interés social)</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.5.3 Proyecciones de la oferta futura</span></b></div>
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<span style="font-family: "Arial", "sans-serif";">Las proyecciones de la oferta futura se espera un crecimiento similar a las dela actualidad que estarán por el orden del<span style="mso-spacerun: yes;"> </span>50 cal 67.3 % en elsector de la construcción en el distrito de <personname productid="la Chorrera." w:st="on">La Chorrera.</personname></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.6 Analisis de <personname productid="la Competencia" w:st="on">la Competencia</personname></span></b></div>
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<span style="font-family: "Arial", "sans-serif";">La competencia en este mercado va de la mano con la demanda. Según<span style="mso-spacerun: yes;"> </span>cifras del 2006 de <personname productid="la CAPAC" w:st="on">la CAPAC</personname> existe un promedio de 55 constructoras dedicadas a la construcción de casas con perfil de bajos costos, por lo que puede apreciarse que existe unan marcada demanda que ha traído mucha competencia en este </span><span style="font-family: "Arial", "sans-serif";">mercado, debido a los incentivos fiscales, sociales y políticos en este tipo de negocio.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.61.2 Comportamiento actual de la competencia</span></b></div>
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<span style="font-family: "Arial", "sans-serif";">Para el año 2005 según cifras del MIVI se construyeron un torradle 45,000 viviendas de costos no mayor a los B/15,000, cifra que aumento en el año 2006 con<span style="mso-spacerun: yes;"> </span>52,000 viviendas.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.61.2 Comportamiento actual de la competencia</span></b></div>
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<span style="font-family: "Arial", "sans-serif";">En la actualidad comprendiendo el año fiscal 2007 la inversión de vivienda con costos por debajo de los B/ 15,000, según cifras del MIVI se espera concluir con una inversión privada de B/ 60,000 viviendas de soluciones sociales</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">2.6.2 Análisis de <personname productid="la Comercializaci�n" w:st="on">la Comercialización</personname></span></b></div>
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<span style="font-family: "Arial", "sans-serif";">La comercialización de las viviendas de bajo costo en Panamá tiene su mercado de distribución a través de los bancos, Entidades Gubernamentales como el MIVI que ayudan en gran parte a comercializar el producto. También ya es costumbre en los proyectos contar con un centro de atención a clientes para promover y comercializar las viviendas ofrecidas en los distintos proyectos habitacionales.</span></div>
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<span style="font-family: "Arial", "sans-serif";">Los márgenes comerciales de este tipo de vivienda por lo general superan el 45% de utilidad neta antes de impuesto en la mayoría de estas contriciones según cifras de <personname productid="la CAPAC.," w:st="on">la CAPAC.,</personname> también debido a que este producto no puede tener un precio<span style="mso-spacerun: yes;"> </span>superior a los B/ 16,000 en el mercado para poder acogerse a los beneficios fiscales otorgado por e le Gobierno, por lo que su precio esta controlado para la comercialización del mismo.<span style="mso-spacerun: yes;"> </span></span></div>
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<span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 16pt;">ESTUDIO TÉCNICO DEL PROYECTO DE INVERSION<span style="mso-spacerun: yes;"> </span></span></div>
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<span style="mso-spacerun: yes;"> </span>1500 CASAS DE TIPO SOCIAL:</div>
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<span style="font-family: "Arial", "sans-serif"; font-size: 16pt; line-height: 150%;">3.1 Estudio Básico</span></div>
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<span style="font-family: "Arial", "sans-serif";"><span style="font-size: small;">Este estudio técnico<span style="mso-spacerun: yes;"> </span>estará orientado a diseñar la producción óptima de casas de bajo costos.</span></span></div>
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<span style="font-family: "Arial", "sans-serif";"><span style="font-size: small;">El lugar donde se realizara el proyecto será en el distrito de <personname productid="la Chorrera" w:st="on">La Chorrera</personname> en el sector ubicado en calle 45 Oeste, donde se encuentra <metricconverter productid="45 hectáreas" w:st="on">45 hectáreas</metricconverter>, terreno que es n posesión de los dueños de proyecto.</span></span></div>
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<span style="font-family: "Arial", "sans-serif";"><span style="font-size: small;">El proyecto de Inversión para la construcción de 1596 casas será construido desde el 2 de enero del 2008 con fecha de finalización al<span style="mso-spacerun: yes;"> </span>31 de diciembre del mismo año.</span></span></div>
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<span style="font-family: "Arial", "sans-serif";"><span style="font-size: small;">El mismo será construido y financiado con inversión bancaria y aportación de los socios del proyectos quienes aportaran el terreno.</span></span></div>
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<span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>3.1.1 Tamaño y Proceso</span></div>
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<span style="font-family: "Georgia", "serif"; mso-bidi-font-family: Arial;"><span style="font-size: small;"><span style="mso-spacerun: yes;"> </span>Tomando en cuenta los ingresos mínimos previstos para que la empresa sobreviva en el mercado tenemos:</span></span></div>
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<span style="font-family: "Arial", "sans-serif"; font-size: 10pt;"><strong>CONSTRUCCION DE VIVIENDAS TIPO SOCIAL</strong></span></div>
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<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">1500 UNIDADES</span></b></div>
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<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">Tamaño del Terreno</span></b></div>
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<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">500,000 mtrs 2<span style="mso-spacerun: yes;"> </span></span></b></div>
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<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">Tamaño de cada casa</span></b></div>
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<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">250 mtrs2</span></b></div>
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<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">Área de construcción de las 1596 casas</span></b></div>
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<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">399,000 mtrs2</span></b></div>
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<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">Área deConstruccion Urbanismo </span></b></div>
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<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">99,500 mtrs2</span></b></div>
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<b><span style="color: red; font-family: "Arial", "sans-serif"; font-size: 10pt;">*</span></b></div>
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<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">Urbanismo (Calles, Puentes,Acuaductos,parques) <span style="color: red;">*</span></span></b></div>
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</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">Área de Construcción de Planta de Tratamiento</span></b></div>
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<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">500,mtrs2</span></b></div>
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<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">Cantidad de socios </span></b></div>
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<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">2 Unidad</span></b></div>
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<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 8;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">Aportación de los Socios( Terreno)</span></b></div>
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<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">B/<span style="mso-spacerun: yes;"> </span>848,872</span></b></div>
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<tr style="height: 12.75pt; mso-yfti-irow: 13;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">INGRESO ESTIMADO POR CASA</span></b></div>
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<b><span style="color: red; font-family: "Arial", "sans-serif"; font-size: 10pt;">16,000.00</span></b></div>
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<span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>3.1.2 Localización</span></div>
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3.2 Estudios Complementarios: Aspectos Organizacionales<span style="font-size: small;"> están en una población con ingresos mínimos mensuales y cuya área es el Corregimiento de <personname productid="la Chorrera. El Ministerio" w:st="on"><personname productid="la Chorrera. El" w:st="on"><personname productid="la Chorrera." w:st="on">la Chorrera.</personname> El</personname> Ministerio</personname> de Vivienda posee listados o bases de datos actualizados hasta mediados del mes de agosto del 2007, d personas de bajos ingresos con necesidades habitacionales y que los cuales cumplen con todo los requisitos para obtener crédito de los bancos y con las condiciones para obtener un subsidio del Gobierno Nacional aproximadamente de B/ 3000.00 por familia.</span></div>
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<span style="font-family: "Arial", "sans-serif";"><span style="font-size: small;">Según cifras del MIVI al 31 de agosto del 2007, existe un monto de 1500 familias en sus bases de datos con necesidades habitacionales y que se encuentran en el rango de los B/ 200.00 hasta 325.00en ingresos familiar</span></span></div>
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<span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">3.2.1 Organización Empresarial</span></div>
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<span style="font-family: "Arial", "sans-serif";"><span style="font-size: small;">Existe un numero importante de consumidores potenciales en el sector de Panamá que según el Censo del 2000 cuenta con una población con este tipo de de 45,000 familias, quienes pueden optar por una vivienda de bajo precio en el área de Chorrera.</span></span></div>
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<span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">3.2.2<span style="mso-spacerun: yes;"> </span>Organización para <personname productid="la Operaci�n" w:st="on">la Operación</personname> </span></div>
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<span style="font-family: "Arial", "sans-serif";"><span style="font-size: small;">Nuestro mercado meta único<span style="mso-spacerun: yes;"> </span>estará orientado hacia una población de ingresos familiares bajos, por lo que la composición y segmentación del mercado es la siguiente:</span></span></div>
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<span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">3.2.3 Cronograma de Actividades</span></div>
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<span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>3.3 Análisis de Costos Totales </span></div>
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<span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">3.3.1 Inversión Inicial Total</span></div>
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<tr style="height: 13.5pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td nowrap="nowrap" style="background-color: transparent; border-color: teal rgb(236, 233, 216) teal teal; border-style: double none solid double; border-width: 2.25pt medium 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">INVERSION INICIAL</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal; border-style: double solid solid; border-width: 2.25pt 1pt 1pt; height: 13.5pt; mso-border-alt: solid teal .5pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>B/</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal teal teal rgb(236, 233, 216); border-style: double double solid none; border-width: 2.25pt 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">FINANCIAMINETO</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 1;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">ACTIVOS FIJOS</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>118,750 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 3;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 4;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">ACTIVOS NOMINALES</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>751,485 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 8;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 9;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background: white; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: red; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 10;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">CAPITAL DE TRABAJO</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1.5pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal 1.5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>21,690,535 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 11;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 12;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 13;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 14;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 9pt;">INVERSION TOTAL</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid double none; border-width: medium 1pt 2.25pt medium; height: 13.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>22,560,770 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 15; mso-yfti-lastrow: yes;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 263pt;" valign="bottom" width="351"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 93.7pt;" valign="bottom" width="125"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
</tbody></table>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin: 0cm 0cm 0pt -3pt; mso-margin-bottom-alt: auto;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin: 0cm 0cm 0pt -3pt; mso-margin-bottom-alt: auto;">
</div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">3.3.1.2 Costos de Equipos y Maquinarias</span></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 6.75pt 0cm; text-align: justify;">
</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin: auto auto auto 2.35pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt; width: 601px;"><tbody>
<tr style="height: 13.5pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td nowrap="nowrap" style="background-color: transparent; border-color: teal rgb(236, 233, 216) teal teal; border-style: double none solid double; border-width: 2.25pt medium 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">COSTOS DE EQUIPO Y MAQUINARIAS</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal rgb(236, 233, 216); border-style: double none solid; border-width: 2.25pt medium 1pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">B/</span></b></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal teal teal rgb(236, 233, 216); border-style: double double solid none; border-width: 2.25pt 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 1;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 3;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">ACTIVOS FIJOS</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid double none; border-width: medium 1pt 2.25pt medium; height: 13.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>118,750 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 4;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 13.5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">Edificios Y Mejoras</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>62,000 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;">Contracción de 3 Galeras para Almacenar Materiales</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>40,000 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;">Oficinas Administrativas</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>15,000 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 8;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 9pt;">Cafetería para empleados</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>7,000 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 9;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 10;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">Equipo y Maquinaria de Oficina</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>16,050 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 11;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;">5 computadoras Compaq-Pentium</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>7,500 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 12;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 9pt;">3 Impresora Canon a Colores</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>2,400 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 13;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">2 Escáner Compaq</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>400 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 14;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">1 Servidor Compaq</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>2,500 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 15;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">6 Escritorios para Ejecutivos</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>3,000 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 16;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">1 Fax Canon </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>250 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 17;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 18;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 9pt;">Equipo y Maquinaria de Construcción</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>40,700 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 19;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 9pt;">Herramientas Pequeñas</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>5,000 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 20;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">2 Grúa de Cargar y almacenar<span style="mso-spacerun: yes;"> </span>Materiales Mack</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>8,500 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 21;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">1 Vehiculo para mensajera Toyota Crecida año 2005</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>10,500 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 22;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">1 Motor Honda año2005</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>3,000 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 23;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">50 Taladros I industriales Multiusos, marca General Electric</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>7,500 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 24;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">50 Pistolas engrapadoras para Techos, Marca General Electric</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>6,200 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 25;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 26; mso-yfti-lastrow: yes;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid double double; border-width: medium 1pt 2.25pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid double none; border-width: medium 1pt 2.25pt medium; height: 13.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 84.05pt;" valign="bottom" width="112"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double double none; border-width: medium 2.25pt 2.25pt medium; height: 13.5pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</tbody></table>
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<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
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<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"></span></b><br /></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
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<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>4. ESTUDIO FIANANCIERO DEL PROYECTO DE 1500 CASAS.</span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>4.1 Recurso Financiero para <personname productid="la Inversión" w:st="on">la Inversión</personname></span></b></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>4.1.1 Necesidades totales de capital</span></b></div>
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</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin: auto auto auto 2.35pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt; width: 600px;"><tbody>
<tr style="height: 13.5pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td nowrap="nowrap" style="background-color: transparent; border-color: teal rgb(236, 233, 216) teal teal; border-style: double none solid double; border-width: 2.25pt medium 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">NECESIDAD TOTAL DE CAPITAL</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal; border-style: double solid solid; border-width: 2.25pt 1pt 1pt; height: 13.5pt; mso-border-alt: solid teal .5pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>B/ </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal teal teal rgb(236, 233, 216); border-style: double double solid none; border-width: 2.25pt 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">FINANCIAMINETO</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 1;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">ACTIVOS FIJOS</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>118,750 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 3;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
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<tr style="height: 12.75pt; mso-yfti-irow: 4;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">ACTIVOS NOMINALES</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>751,485 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 8;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 9;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background: white; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: red; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 10;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">CAPITAL DE TRABAJO</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1.5pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal 1.5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>21,690,535 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 11;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 12;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 13;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 14;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 9pt;">INVERSION TOTAL</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid double none; border-width: medium 1pt 2.25pt medium; height: 13.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>22,560,770 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 15;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 15pt; mso-yfti-irow: 16;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 15pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 15pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 15pt; mso-yfti-irow: 17;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 15pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 11pt;">Aportación de Socios( Terreno)</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>848,872 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 15pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">4%</span></b></div>
</td></tr>
<tr style="height: 15.75pt; mso-yfti-irow: 18;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 15.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 11pt;">Financiamiento Bancario</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1.5pt medium; height: 15.75pt; mso-border-bottom-alt: solid teal 1.5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>21,711,898 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 15.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">96%</span></b></div>
</td></tr>
<tr style="height: 16.5pt; mso-yfti-irow: 19;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 16.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 11pt;">Total del Financiamiento</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid double none; border-width: medium 1pt 2.25pt medium; height: 16.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>22,560,770 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 16.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">100%</span></b></div>
</td></tr>
<tr style="height: 14.25pt; mso-yfti-irow: 20;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 14.25pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 14.25pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 14.25pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 21;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 22; mso-yfti-lastrow: yes;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid double double; border-width: medium 1pt 2.25pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid double none; border-width: medium 1pt 2.25pt medium; height: 13.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double double none; border-width: medium 2.25pt 2.25pt medium; height: 13.5pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
</tbody></table>
<br />
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">3.3.1.3 Gastos Nominales</span></b></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 6.75pt 0cm; text-align: justify;">
</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin: auto auto auto 2.35pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt; width: 600px;"><tbody>
<tr style="height: 13.5pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td nowrap="nowrap" style="background-color: transparent; border-color: teal rgb(236, 233, 216) teal teal; border-style: double none solid double; border-width: 2.25pt medium 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">GASTOS NOMINALES</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal rgb(236, 233, 216); border-style: double none solid; border-width: 2.25pt medium 1pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>B/ </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal teal teal rgb(236, 233, 216); border-style: double double solid none; border-width: 2.25pt 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 1;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 3;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">ACTIVOS NOMINALES</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid double none; border-width: medium 1pt 2.25pt medium; height: 13.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>(751,485)</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 4;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 13.5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">Preliminar e imprevistos</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>(440,000)</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Planos, Estudios y Anteproyectos</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>(311,485)</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 8;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 9;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 10;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 11;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 12; mso-yfti-lastrow: yes;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid double double; border-width: medium 1pt 2.25pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid double none; border-width: medium 1pt 2.25pt medium; height: 13.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double double none; border-width: medium 2.25pt 2.25pt medium; height: 13.5pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
</tbody></table>
<br />
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">Aporte de los socios</span></b></div>
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin: auto auto auto 2.35pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt; width: 600px;"><tbody>
<tr style="height: 13.5pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td nowrap="nowrap" style="background-color: transparent; border-color: teal rgb(236, 233, 216) teal teal; border-style: double none solid double; border-width: 2.25pt medium 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">APORTE DE LOS SOCIOS</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal rgb(236, 233, 216); border-style: double none solid; border-width: 2.25pt medium 1pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal teal teal rgb(236, 233, 216); border-style: double double solid none; border-width: 2.25pt 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 1;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Aportaciones de los socios</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> 5</span> socios </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;">Terreno (50Hectareas)</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>848,872 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 3;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 4;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
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<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>4.1.1.2 Financiamiento Bancario</span></b></div>
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<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin: auto auto auto 2.35pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt; width: 600px;"><tbody>
<tr style="height: 13.5pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td nowrap="nowrap" style="background-color: transparent; border-color: teal rgb(236, 233, 216) teal teal; border-style: double none solid double; border-width: 2.25pt medium 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">FINANCIAMIENTO BANCARIO</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal rgb(236, 233, 216); border-style: double none solid; border-width: 2.25pt medium 1pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>B/ </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal teal teal rgb(236, 233, 216); border-style: double double solid none; border-width: 2.25pt 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 1;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Financiamiento de la Banca</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>21,711,898 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 3;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 4;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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<tr style="height: 12.75pt; mso-yfti-irow: 5;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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<tr style="height: 12.75pt; mso-yfti-irow: 8;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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<tr style="height: 12.75pt; mso-yfti-irow: 9; mso-yfti-lastrow: yes;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
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<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">3.3.1.4 Capital de Trabajo Inventarios (Insumos)</span></b></div>
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<div class="MsoNormal" style="background: white; line-height: 150%; margin: 6.75pt 0cm; text-align: justify;">
</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin: auto auto auto 2.35pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt; width: 600px;"><tbody>
<tr style="height: 13.5pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td nowrap="nowrap" style="background-color: transparent; border-color: teal rgb(236, 233, 216) teal teal; border-style: double none solid double; border-width: 2.25pt medium 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">CAPITAL DE TRABAJO , INVENTARIOS E INSUMOS</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal rgb(236, 233, 216); border-style: double none solid; border-width: 2.25pt medium 1pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>B/ </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal teal teal rgb(236, 233, 216); border-style: double double solid none; border-width: 2.25pt 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 1;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) rgb(236, 233, 216) teal teal; border-style: none none solid double; border-width: medium medium 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) rgb(236, 233, 216) teal; border-style: none none solid; border-width: medium medium 1pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 15.75pt; mso-yfti-irow: 2;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) rgb(236, 233, 216) teal teal; border-style: none none solid double; border-width: medium medium 1pt 2.25pt; height: 15.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 11pt;">CAPITAL DE TRABAJO</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) rgb(236, 233, 216) teal; border-style: none none double; border-width: medium medium 2.25pt; height: 15.75pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>21,690,535 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 15.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 3;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 4;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">URBANISMO</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>4,400,409 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Movimientos de Tierras</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>187,667 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Acueductos y Calles</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>2,262,120 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 8;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Sistemas Eléctricos</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>421,922 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 9;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Sistema Pluvial</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>415,725 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 10;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Sistema Sanitario</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>727,728 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 11;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Planta de Tratamiento </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>205,247 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 12;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Puentes y Cajones</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>180,000 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 13;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: red; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 14;"><td style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 15;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 9pt;">COMPRA DE TERRENO</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>848,872 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 16;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 17;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 9pt;">MATERIALES Y MANO DE OBRA DIRECTA</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>13,548,540 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 18;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal; border-style: none solid none double; border-width: medium 1pt medium 2.25pt; height: 12.75pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none double none none; border-width: medium 2.25pt medium medium; height: 12.75pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 19;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal; border-style: none solid none double; border-width: medium 1pt medium 2.25pt; height: 12.75pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 9pt;">GASTOS OPERATIVOS</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>2,892,714 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none double none none; border-width: medium 2.25pt medium medium; height: 12.75pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 20;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal; border-style: none solid none double; border-width: medium 1pt medium 2.25pt; height: 12.75pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none double none none; border-width: medium 2.25pt medium medium; height: 12.75pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 21;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal; border-style: none solid none double; border-width: medium 1pt medium 2.25pt; height: 12.75pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Gastos Administrativos</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>549,378 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none double none none; border-width: medium 2.25pt medium medium; height: 12.75pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 22;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal; border-style: none solid none double; border-width: medium 1pt medium 2.25pt; height: 12.75pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Gastos de Inspección</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>171,289 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none double none none; border-width: medium 2.25pt medium medium; height: 12.75pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 23;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal; border-style: none solid none double; border-width: medium 1pt medium 2.25pt; height: 12.75pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Gasto de Publicidad y Comisiones</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>848,223 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none double none none; border-width: medium 2.25pt medium medium; height: 12.75pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 24;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal; border-style: none solid none double; border-width: medium 1pt medium 2.25pt; height: 12.75pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Gastos de Intereses Bancarios</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>1,323,824 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none double none none; border-width: medium 2.25pt medium medium; height: 12.75pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 25;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal; border-style: none solid none double; border-width: medium 1pt medium 2.25pt; height: 12.75pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none double none none; border-width: medium 2.25pt medium medium; height: 12.75pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 26;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal; border-style: none solid none double; border-width: medium 1pt medium 2.25pt; height: 12.75pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none double none none; border-width: medium 2.25pt medium medium; height: 12.75pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 27; mso-yfti-lastrow: yes;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid double double; border-width: medium 1pt 2.25pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid double none; border-width: medium 1pt 2.25pt medium; height: 13.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: red; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double double none; border-width: medium 2.25pt 2.25pt medium; height: 13.5pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td></tr>
</tbody></table>
<br />
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">3.3.2 Costo Total de <personname productid="la Operaci�n" w:st="on">la Operación</personname></span></b></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 6.75pt 0cm; text-align: justify;">
</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin: auto auto auto 2.35pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt; width: 600px;"><tbody>
<tr style="height: 13.5pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td nowrap="nowrap" style="background-color: transparent; border-color: teal; border-style: double solid solid double; border-width: 2.25pt 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid .5pt; mso-border-color-alt: teal; mso-border-left-alt: double 2.25pt; mso-border-right-alt: solid .5pt; mso-border-top-alt: double 2.25pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">COSTO TOTAL DE OPERACIÓN</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal teal teal rgb(236, 233, 216); border-style: double solid solid none; border-width: 2.25pt 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>B/ </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal teal teal rgb(236, 233, 216); border-style: double double solid none; border-width: 2.25pt 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; mso-border-top-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 1;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 15pt; mso-yfti-irow: 2;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 15pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 11pt;">TOTAL DE COSTOS DE OPERACIÓN</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 15pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 11pt;"><span style="mso-spacerun: yes;"> </span>22,560,770 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 15pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 11pt;">100%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 3;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 4;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">ACTIVOS FIJOS</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>118,750 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">1%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">ACTIVOS NOMINALES</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>751,485 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">3%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">Preliminar e imprevistos</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>440,000 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">2%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 8;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Planos, Estudios y Anteproyectos</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>311,485 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">1%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 9;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 10;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal rgb(236, 233, 216) rgb(236, 233, 216); border-style: none solid none none; border-width: medium 1pt medium medium; height: 12.75pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 15pt; mso-yfti-irow: 11;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 15pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 11pt;">CAPITAL DE TRABAJO</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: teal teal teal rgb(236, 233, 216); border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; mso-border-top-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>21,690,535 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 15pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">96%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 12;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 13;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">URBANISMO</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>4,400,409 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">20%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 14;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Movimientos de Tierras</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>187,667 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">1%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 15;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Acueductos y Calles</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>2,262,120 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">10%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 16;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Sistemas Eléctricos</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>421,922 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">2%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 17;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Sistema Pluvial</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>415,725 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">2%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 18;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Sistema Sanitario</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>727,728 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">3%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 19;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Planta de Tratamiento </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>205,247 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">1%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 20;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Puentes y Cajones</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>180,000 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">1%</span></b></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 21;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: red; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span></span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 22;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 23;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 9pt;">COMPRA DE TERRENO</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>848,872 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">4%</span></b></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 24;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 13.5pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 25;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 9pt;">MATERIALES Y MANO DE OBRA DIRECTA</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>13,548,540 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">60%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 26;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 27;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 9pt;">GASTOS OPERATIVOS</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>2,892,714 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 10pt;">13%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 28;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Gastos Administrativos</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>549,378 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">2%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 29;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Gastos de Inspección</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>171,289 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">1%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 30;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Gasto de Publicidad y Comisiones</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>848,223 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">4%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 31;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 9pt;">Gastos de Intereses Bancarios</span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;">
<b><span style="color: black; font-family: "Arial", "sans-serif"; font-size: 9pt;"><span style="mso-spacerun: yes;"> </span>1,323,824 </span></b></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial", "sans-serif"; font-size: 10pt;">6%</span></b></div>
</td></tr>
<tr style="height: 12.75pt; mso-yfti-irow: 32;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid solid double; border-width: medium 1pt 1pt 2.25pt; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double solid none; border-width: medium 2.25pt 1pt medium; height: 12.75pt; mso-border-bottom-alt: solid teal .5pt; mso-border-right-alt: double teal 2.25pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
<tr style="height: 13.5pt; mso-yfti-irow: 33; mso-yfti-lastrow: yes;"><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal; border-style: none solid double double; border-width: medium 1pt 2.25pt 2.25pt; height: 13.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-left-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 275pt;" valign="bottom" width="367"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none solid double none; border-width: medium 1pt 2.25pt medium; height: 13.5pt; mso-border-bottom-alt: double teal 2.25pt; mso-border-right-alt: solid teal .5pt; padding: 0cm 3.5pt; width: 83pt;" valign="bottom" width="111"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<br /></div>
</td><td nowrap="nowrap" style="background-color: transparent; border-color: rgb(236, 233, 216) teal teal rgb(236, 233, 216); border-style: none double double none; border-width: medium 2.25pt 2.25pt medium; height: 13.5pt; padding: 0cm 3.5pt; width: 92pt;" valign="bottom" width="123"><div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<br /></div>
</td></tr>
</tbody></table>
<b style="mso-bidi-font-weight: normal;"><span style="color: teal; font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">5. EVALUACION FINANCIERA DEL PROYECTO DE 1500 CASAS</span></b><br />
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 0cm 0cm 0pt -3.1pt; mso-margin-bottom-alt: auto; text-align: justify;">
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 6.75pt 0cm; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">Tasa de Retorno (TIR)</span></b></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 6.75pt 0cm; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">Valor Actual Neto (VAN)</span></b></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 6.75pt 0cm; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">Análisis de <personname productid="la Sensibilidad" w:st="on">la Sensibilidad</personname></span></b></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 6.75pt 0cm; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">Otros Indicadores Financieros</span></b></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 6.75pt 0cm; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; line-height: 150%;">Conclusiones de Estudio Financiero</span></b></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 6.75pt 0cm; text-align: justify;">
Si deseas un un estudio de factibilidad completo para viviendas, adquiero. El estudio abarca la evaluación financiera del proyecto que comprende la Tasa de Retorno(TIR); Valor actual Neto (VAN); Analisis de la Sensibilidad; Otros indicadores Financieros y las conclusiones del estudio financiero, el material incluye flujos de efectivos proyectados y presupuestos. </div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin: 6.75pt 0cm; text-align: justify;">
EL AUTOR DE ESTE BLOG ESTA ASOCIADO A ALLEN AND ALLEN CONSULTANTS (CONTADORES PUBLICOS AUTORIZADOS EN PANAMÁ)<br />
TE RECOMENDAMOS EL LIBRO "CONVIERTETE EN MILLONARIO EN 10 MINUTOS GARANTIZADOS" ENTRA AL SIGUIENTE LINK:</div>
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