Ano 1 Ano 2 Ano 3

Crescimento das Vendas (TCA) P1 e CMC 25% 15%

Crescimento das Vendas (TCA) P2 e CMC 25% 15%
Crescimento das Vendas (TCA) P3 e CMC 25% 15%
Crescimento das Vendas (TCA) P4 e CMC 30% 15%
Custos Materias Consumidas (indice) 1.25 1.35
Fornecimento serviços de Terceiros (Indice) 1.2 1.25
Pessoal Admisntrativo 1 1
Pessoal Técnico/Operacional 1.4 1.6

Taxa de atratividade varia de grupo para grupos entre os 10% aos 35%
Taxa du juro de financimanto varia de 16% a 20%

Imposto sobre lucros 25%

Dias Ano 1 Ano 2

Vendas a pp e a 7 dias 7 2,962,553.42 3,703,191.78
Prazo medio Pagamento Materias-Primas 15 4,314,689.15 5,393,361.43
Prazo media Pagamento FSE 30 247,068.49 296,482.19
7,030,174.08 8,800,071.02
NFM 7,030,174.08 1,769,896.94
Ano 4 Ano 5
5% 0%
5% 0%
10% 5%
10% 5%
1.05 1.05
1.25 1.25
1 1
1.6 1.6

Ano 3 Ano 4 Ano 5

4,258,670.55 4,471,604.08 4,617,496.54
6,202,365.65 6,512,483.93 6,512,483.93
308,835.62 307,504.11 308,835.62
10,152,200.58 10,676,583.90 10,821,144.86
1,352,129.56 524,383.32 144,560.96
 Diario Semanal
Produtos Quant Preço Unitário Valor dias Valor
p1 1350 35.00 47,250.00 7.00 330,750.00
p2 2500 45.00 112,500.00 7.00 787,500.00
p3 1500 100.00 150,000.00 7.00 1,050,000.00
p4 2000 75.00 150,000.00 7.00 1,050,000.00
Total das Vendas 459,750.00 3,218,250.00
 Mensal Anual
semans Valor mes Ano 1 Ano 2
4.00 1,323,000.00 12.00 15,876,000.00 19,845,000.00
4.00 3,150,000.00 12.00 37,800,000.00 47,250,000.00
4.00 4,200,000.00 12.00 50,400,000.00 63,000,000.00
4.00 4,200,000.00 12.00 50,400,000.00 63,000,000.00
12,873,000.00 154,476,000.00 193,095,000.00
 Anual
Ano 3 Ano 4 Ano 5
22,821,750.00 23,962,837.50 23,962,837.50
54,337,500.00 57,054,375.00 57,054,375.00
72,450,000.00 76,072,500.00 79,876,125.00
72,450,000.00 76,072,500.00 79,876,125.00
222,059,250.00 233,162,212.50 240,769,462.50
Custo da materias Prima consumidas
Produto 1
Quantidade de produto 1 -Output
Ingredientes são os inputs
Ingredientes UFM Qt (de Ingredientes ) PU(UFM)
Farinha
fermento
sal
agua

Total
Quantidade Produzida
Custo Unitário de Produção

Diária
Venda Margem CMC = PC
p1 35.00 35% 25.93
p2 45.00 35% 33.33
p3 100.00 30% 76.92
p4 75.00 35% 55.56

CMV
Diario
Produtos Quant Custo Unitário Valor
pao de forma 1350 25.93 35,000.00
p2 2500 33.33 83,333.33
p3 1500 76.92 115,384.62
p4 2000 55.56 111,111.11
Total das Vendas 344,829.06

Anual
Meses Ano 1 Ano 2 Ano 3
12.00 11,760,000.00 14,700,000.00 16,905,000.00
12.00 28,000,000.00 35,000,000.00 40,250,000.00
12.00 33,230,769.23 41,538,461.54 47,769,230.77
12.00 32,000,000.00 40,000,000.00 46,000,000.00
104,990,769.23 131,238,461.54 150,924,230.77
Valor Imputado
-

104,990,769.23
104,990,769.23
1,250.00
83,992.62

Diária
Quant Custo
1350 35,000.00
2500 83,333.33
750 57,692.31
500 27,777.78
203,803.42
CMV
Semanal Mensal
dias Valor semans Valor
7.00 245,000.00 4.00 980,000.00
7.00 583,333.33 4.00 2,333,333.33
6.00 692,307.69 4.00 2,769,230.77
6.00 666,666.67 4.00 2,666,666.67
2,187,307.69 8,749,230.77

Ano 4 Ano 5
17,750,250.00 17,750,250.00
42,262,500.00 42,262,500.00
50,157,692.31 50,157,692.31
48,300,000.00 48,300,000.00
158,470,442.31 158,470,442.31
Taxa de crescimento custo com pessoal 1,5% ao ano
Mensal
OS e AdmistraSalário Base CSS(8%) Subsídios Custo C/Pessoal mês
Gerente 150,000.00 12,000.00 1 162,000.00 14
Auxiliar 60,000.00 4,800.00 1 64,800.00 14
Caixa 45,000.00 3,600.00 1 48,600.00 14
3 275,400.00
Pessoal Operacional
Mensal
OS e AdmistraSalário Base CSS(8%) Subsídios Custo C/Pessoal mês
Padeiro 60,000.00 4,800.00 3 194,400.00 14
Auxiliar 45,000.00 3,600.00 3 145,800.00 14
Auxiliar2 30,000.00 2,400.00 1 32,400.00 14
7

Total Custo com pessoal 10

 Ano 1 Ano 2 Ano 3 Ano 4 Ano 5
2,268,000.00 2,268,000.00 2,268,000.00 2,268,000.00 2,268,000.00
907,200.00 907,200.00 907,200.00 907,200.00 907,200.00
680,400.00 680,400.00 680,400.00 680,400.00 680,400.00
3,855,600.00 3,855,600.00 3,855,600.00 3,855,600.00 3,855,600.00

Ano 1 Ano 2 Ano 3 Ano 4 Ano 5

2,721,600.00 3,810,240.00 4,354,560.00 4,354,560.00 4,354,560.00
2,041,200.00 2,857,680.00 3,265,920.00 3,265,920.00 3,265,920.00
453,600.00 635,040.00 725,760.00 725,760.00 725,760.00
5,216,400.00 5,310,295.20 5,405,880.51 5,503,186.36 5,602,243.72

9,072,000.00 9,165,895.20 9,261,480.51 9,358,786.36 9,457,843.72

Forneciemnto serviços externo
Tca 2.0%
mês m Ano 1 Ano 2
Agua 3,750.00 12 45,000.00 54,000.00
Energia 6,750.00 12 81,000.00 97,200.00
Comunicação 15,000.00 12 180,000.00 216,000.00
Higiene 27,000.00 12 324,000.00 388,800.00
Segurança 60,000.00 12 720,000.00 864,000.00
Assistência Técnica 54,000.00 12 648,000.00 777,600.00
Serviço Contabilidade 84,000.00 12 1,008,000.00 1,209,600.00
TOTAL 250,500.00 3,006,000.00 3,607,200.00
 1.5% 0.0% 0.0%
Ano 3 Ano 4 Ano 5
56,250.00 56,250.00 56,250.00
101,250.00 85,050.00 101,250.00
225,000.00 225,000.00 225,000.00
405,000.00 405,000.00 405,000.00
900,000.00 900,000.00 900,000.00
810,000.00 810,000.00 810,000.00
1,260,000.00 1,260,000.00 1,260,000.00
3,757,500.00 3,741,300.00 3,757,500.00
 Ano 1 Ano 2 Ano 3 Ano 4
Vendas 154,476,000.00 193,095,000.00 222,059,250.00 233,162,212.50
CMC 104,990,769.23 131,238,461.54 150,924,230.77 158,470,442.31
Custo com Pessoal 9,072,000.00 9,165,895.20 9,261,480.51 9,358,786.36
FSE 3,006,000.00 3,607,200.00 3,757,500.00 3,741,300.00
RAAJ 37,407,230.77 49,083,443.26 58,116,038.72 61,591,683.83
Amortização 6,550,000.00 6,550,000.00 6,550,000.00 6,550,000.00
RAJ 30,857,230.77 42,533,443.26 51,566,038.72 55,041,683.83
CFFinaciamento 1,085,501.36 842,024.42 598,547.48 355,070.54
RAI 29,771,729.41 41,691,418.84 50,967,491.24 54,686,613.29
Imposto (25%) 7,442,932.35 10,422,854.71 12,741,872.81 13,671,653.32
Resultado Liquido 22,328,797.06 31,268,564.13 38,225,618.43 41,014,959.97

60
12
5
77
 Ano 5
240,769,462.50
158,470,442.31
9,457,843.72
3,757,500.00
69,083,676.47 Acumulada Inv Activo Fixo Valor Residual
6,550,000.00 32,750,000.00 45,850,000.00 13,100,000.00
62,533,676.47
111,593.60
62,422,082.88
15,605,520.72
46,816,562.16
 Amortização
Actvo Valor Vida Util Quotas consta Ano 1 Ano 2
A 240,000.00 4 60,000.00 60,000.00 60,000.00
B 3,200,000.00 10 320,000.00 320,000.00 320,000.00
C
D
E
 Ano 3 Ano 4 Ano 5 Valor Residual
60,000.00 60,000.00 -
320,000.00 320,000.00 320,000.00 1,600,000.00
Metodo Quotas Constantes

Capital 6,956,484.00
Taxa juro ao anoi 17.5%
Anos /meses 5 60
Periodo de capiatalização 12
Taxa Juro mensal Equivalente 1.5%
mês Mensal
0 6,956,484.00 Amo Juros
1 6,840,542.60 115,941.40 99,757.91
2 6,724,601.20 115,941.40 98,067.10
3 6,608,659.80 115,941.40 96,376.29
4 6,492,718.40 115,941.40 94,685.48
5 6,376,777.00 115,941.40 92,994.66
6 6,260,835.60 115,941.40 91,303.85
7 6,144,894.20 115,941.40 89,613.04
8 6,028,952.80 115,941.40 87,922.23
9 5,913,011.40 115,941.40 86,231.42
10 5,797,070.00 115,941.40 84,540.60
11 5,681,128.60 115,941.40 82,849.79
12 5,565,187.20 115,941.40 81,158.98
13 5,449,245.80 115,941.40 79,468.17
14 5,333,304.40 115,941.40 77,777.36
15 5,217,363.00 115,941.40 76,086.54
16 5,101,421.60 115,941.40 74,395.73
17 4,985,480.20 115,941.40 72,704.92
18 4,869,538.80 115,941.40 71,014.11
19 4,753,597.40 115,941.40 69,323.30
20 4,637,656.00 115,941.40 67,632.48
21 4,521,714.60 115,941.40 65,941.67
22 4,405,773.20 115,941.40 64,250.86
23 4,289,831.80 115,941.40 62,560.05
24 4,173,890.40 115,941.40 60,869.23
25 4,057,949.00 115,941.40 59,178.42
26 3,942,007.60 115,941.40 57,487.61
27 3,826,066.20 115,941.40 55,796.80
28 3,710,124.80 115,941.40 54,105.99
29 3,594,183.40 115,941.40 52,415.17
30 3,478,242.00 115,941.40 50,724.36
31 3,362,300.60 115,941.40 49,033.55
32 3,246,359.20 115,941.40 47,342.74
33 3,130,417.80 115,941.40 45,651.93
34 3,014,476.40 115,941.40 43,961.11
35 2,898,535.00 115,941.40 42,270.30
36 2,782,593.60 115,941.40 40,579.49
37 2,666,652.20 115,941.40 38,888.68
38 2,550,710.80 115,941.40 37,197.87
39 2,434,769.40 115,941.40 35,507.05
40 2,318,828.00 115,941.40 33,816.24
41 2,202,886.60 115,941.40 32,125.43
42 2,086,945.20 115,941.40 30,434.62
43 1,971,003.80 115,941.40 28,743.81
44 1,855,062.40 115,941.40 27,052.99
45 1,739,121.00 115,941.40 25,362.18
46 1,623,179.60 115,941.40 23,671.37
47 1,507,238.20 115,941.40 21,980.56
48 1,391,296.80 115,941.40 20,289.75
49 1,275,355.40 115,941.40 18,598.93
50 1,159,414.00 115,941.40 16,908.12
51 1,043,472.60 115,941.40 15,217.31
52 927,531.20 115,941.40 13,526.50
53 811,589.80 115,941.40 11,835.68
54 695,648.40 115,941.40 10,144.87
55 579,707.00 115,941.40 8,454.06
56 463,765.60 115,941.40 6,763.25
57 347,824.20 115,941.40 5,072.44
58 231,882.80 115,941.40 3,381.62
59 115,941.40 115,941.40 1,690.81
60 - 0.00 115,941.40 - 0.00
al Anual
Prestação Amo Juros Prestação
215,699.31
214,008.50
212,317.69
210,626.88
208,936.06
207,245.25
205,554.44
203,863.63
202,172.82
200,482.00
198,791.19
197,100.38 1,391,296.80 1,085,501.36 2,476,798.16
195,409.57
193,718.76
192,027.94
190,337.13
188,646.32
186,955.51
185,264.70
183,573.88
181,883.07
180,192.26
178,501.45
176,810.64 1,391,296.80 842,024.42 2,233,321.22
175,119.82
173,429.01
171,738.20
170,047.39
168,356.57
166,665.76
164,974.95
163,284.14
161,593.33
159,902.51
158,211.70
156,520.89 1,391,296.80 598,547.48 1,989,844.28
154,830.08
153,139.27
151,448.45
149,757.64
148,066.83
146,376.02
144,685.21
142,994.39
141,303.58
139,612.77
137,921.96
136,231.15 1,391,296.80 355,070.54 1,746,367.34
134,540.33
132,849.52
131,158.71
129,467.90
127,777.08
126,086.27
124,395.46
122,704.65
121,013.84
119,323.02
117,632.21
115,941.40 1,391,296.80 111,593.60 1,502,890.40
Taxa de actratividade 16.0%

Investimento em Activo Fixo 45,850,000.00

Invest e Imo. Incorporeas 7.5% 3,438,750.00
Total 1 49,288,750.00
Fundo Maneio 10% 4,585,000.00
Total de Investimento 53,873,750.00

Entrado dos Sócios 35% 18,855,812.50

Emprestimos Bancários 65% 35,017,937.50

Ano
A - Cash Flow de Exploraçã 0 1 2 3
Resultado Líquido do Exercício 22,328,797.06 31,268,564.13 38,225,618.43
(+) Amortizações 6,550,000.00 6,550,000.00 6,550,000.00
(+) Provissões - - -
(-) Amortização da Dívida 1,391,296.80 1,391,296.80 1,391,296.80
Total Cash Flow de Exploração 27,487,500.26 36,427,267.33 43,384,321.63

B - Cash Flow de Investime 0 1 2 3

Entrada dos Sócios 18,855,812.50
(+) Fundo de Maneio -
( +) Nec em Fundo de Maneio 7,030,174.08 1,769,896.94 1,352,129.56
(-) Valor Residual
Total Cash Flow de Invest 18,855,812.50 7,030,174.08 1,769,896.94 1,352,129.56

C - Cash Flow Líquido = A - - 18,855,812.50 20,457,326.18 34,657,370.39 42,032,192.07

Factor de actualização 1.0000 0.8621 0.7432 0.6407

Cash Flor Actualizado - 18,855,812.50 17,635,626.02 25,756,071.93 26,928,246.39

VAL 95,116,015.18

IRP
Soma do Cash Flow Expl. A 181,526,872.89
Investimento 18,855,812.50
IRP 963%

Calculo Da TIR
Taxa 50.00%
VAL1 0 1 2 3
Cash Flow Líquido - 18,855,812.50 20,457,326.18 34,657,370.39 42,032,192.07
Factor actualização 1.0000 0.6667 0.4444 0.2963
Cash Flow Actuakiado - 18,855,812.50 13,638,217.45 15,403,275.73 12,453,982.84
Val1 36,757,144.89
Taxa 51.00%
VAL2 0 1 2 3
Cash Flow Líquido - 18,855,812.50 20,457,326.18 34,657,370.39 42,032,192.07
Factor actualização 1.0000 0.6623 0.4386 0.2904
Cash Flow Actuakiado - 18,855,812.50 13,547,898.13 15,199,934.38 12,208,187.71
Val1 35,814,523.49

TIR 88.99%

PayBack 1 2 3
Cash Flow de Explo Actualiado 20,457,326.18 34,657,370.39 42,032,192.07
Cash Flow de Expl Actualiado e Acumulado 20,457,326.18 55,114,696.57 97,146,888.64
Deduzir Investimento ano a ano 1,601,513.68 36,258,884.07 78,291,076.14

Está entre 2º e 3º ano 2

Meses - 4.48
Dias 23.7
 4 5
41,014,959.97 46,816,562.16
6,550,000.00 6,550,000.00
- -
1,391,296.80 1,391,296.80
46,173,663.17 51,975,265.36

4 5

- -
524,383.32 144,560.96
- 13,100,000.00
524,383.32 13,244,560.96

45,649,279.85 38,730,704.40

0.5523 0.4761
25,211,690.89 18,440,192.46

4 5
45,649,279.85 38,730,704.40
0.1975 0.1317
9,017,141.70 5,100,339.67
 4 5
45,649,279.85 38,730,704.40
0.1924 0.1274
8,780,639.39 4,933,676.38

4 5
45,649,279.85 38,730,704.40
142,796,168.49 181,526,872.89
123,940,355.99 162,671,060.39
Taxa de actratividade 16.0%

Investimento em Activo Fixo 45,850,000.00

Invetimento e Imo. Incorporeas 7.5% 3,438,750.00
Total 1 49,288,750.00
Fundo Maneio 10% 4,585,000.00
Total de Investimento 53,873,750.00

Entrado dos Sócios 35% 18,855,812.50

Emprestimos Bancários 65% 35,017,937.50
Taxa imposto 25% 25%

Ano
A - Cash Flow de Exploração 0 1 2
Resultado Líquido do Exercício 22,328,797.06 31,268,564.13
(+) Amortizações 6,550,000.00 6,550,000.00
(+) Provissões - -
(+) CFF(1-t) impostos sobre lucro 814,126.02 631,518.31
Total Cash Flow de Exploração 29,692,923.08 38,450,082.45

B - Cash Flow de Investimento 0 1 2

Investimento 49,288,750.00
(+) Fundo de Maneio 4,585,000.00
( +) Necessidade em Fundo de Maneio 7,030,174.08 1,769,896.94
(-) Valor Residual
Total Cash Flow de Investimento 53,873,750.00 7,030,174.08 1,769,896.94

C - Cash Flow Líquido = A -B - 53,873,750.00 22,662,749.00 36,680,185.50

Factor de actualização 1.0000 0.8621 0.7432

Cash Flor Actualizado - 53,873,750.00 19,536,852.59 27,259,353.08

VAL 66,299,268.84

IRP
Soma do Cash Flow Expl. Actualizado 190,727,909.93
Investimento 53,873,750.00
IRP 354%

Calculo Da TIR
Taxa 29.00%
VAL! 0 1 2
Cash Flow Líquido - 53,873,750.00 22,662,749.00 36,680,185.50
Factor actualização 1.0000 0.7752 0.6009
Cash Flow Actuakiado - 53,873,750.00 17,568,022.48 22,042,056.07
Val1 34,511,453.56
Taxa 30.00%
VAL" 0 1 2
Cash Flow Líquido - 53,873,750.00 22,662,749.00 36,680,185.50
Factor actualização 1.0000 0.7692 0.5917
Cash Flow Actuakiado - 53,873,750.00 17,432,883.85 21,704,251.78
Val1 32,624,632.65

TIR 47.29%

PayBack 1 2
Cash Flow de Explo Actualiado 22,662,749.00 36,680,185.50
Cash Flow de Expl Actualiado e Acumulado 22,662,749.00 59,342,934.50
Deduzir Investimento ano a ano - 31,211,001.00 5,469,184.50

Está entre 2º e 3º ano 2 anos

Meses - 3.93 - 4 meses
Dias 7.5 dias
Ano
3 4 5
38,225,618.43 41,014,959.97 46,816,562.16
6,550,000.00 6,550,000.00 6,550,000.00
- - -
448,910.61 266,302.90 83,695.20
45,224,529.04 47,831,262.87 53,450,257.36

3 4 5

- -
1,352,129.56 524,383.32 144,560.96
- 13,100,000.00
1,352,129.56 524,383.32 13,244,560.96

43,872,399.48 47,306,879.56 40,205,696.40

0.6407 0.5523 0.4761

28,107,189.38 26,127,168.45 19,142,455.35

3 4 5
43,872,399.48 47,306,879.56 40,205,696.40
0.4658 0.3611 0.2799
20,437,240.55 17,083,051.93 11,254,832.54
 3 4 5
43,872,399.48 47,306,879.56 40,205,696.40
0.4552 0.3501 0.2693
19,969,230.53 16,563,453.50 10,828,562.99

3 4 5
43,872,399.48 47,306,879.56 40,205,696.40
103,215,333.98 150,522,213.54 190,727,909.93
49,341,583.98 96,648,463.54 136,854,159.93