Tomada De Decisão Gerencial Na Construção De Um Edifício Utilizando O Fluxo De Caixa Como Elemento Central Da Análise

Abstract

Increasing competition in building construction development markets recommends a better understanding and awareness in connection to financial and economical cash flow issues. This research work deals with simulating cash flow positions for a building developer in the city of Florianópolis, Santa Catarina, south of Brazil. Price, costs and financial arrangement's timing were varied according to what might be expected to occur in this market. A set of 36 different simulated studies were performed and analyzed. Comparisons were made in terms of classical measures of Net Present Value, Internal Rate of Return and Payback period. Moreover a new form of data presentation is introduced, showing discounted costs and recipes according to the Minimum Required Rate of Return imposed by the developer. This novel form of data presentation allows the developer to take decisions while the project is under way, regulating the profit prospects of new apartment sales. It makes it easier to access new sales impact on the financial position of the project as a whole.. Conclusions point to the desirability of selling apartments as soon as possible during the construction period, even if later sales might be negotiated at higher prices. This contradicts current practice in the development market of the city, where it is still common to self-finance apartments in order to benefit from better negotiation terms prices afterwards, as ready for occupation apartments attract better prices and shorter periods for loans. Most of the discussion applies for Brazilian circumstances, where housing acquisition is generally not supported by mortgage arrangements with commercial banks, leaving developers with the burden of financing both construction and clients. RESUMO Em virtude da crescente concorrência na construção civil e a constante busca por investidores, a otimização do fluxo de caixa se tornou uma ferramenta imprescindível. A partir deste cenário, o presente trabalho aborda a simulação da utilização de um fluxo de caixa em conformidade com as condições de