Investimento

R$ 1,500,000.00
R$ 2,376,000.00
R$ 876,000.00
 VPL VPL
Custo da maq. Nova R$ 16,794,271.60 Taxa de juros R$ 16,794,271.60
R$ 27,000,000.00 20%
R$ 32,000,000.00 21%
R$ 37,000,000.00 22%
R$ 39,000,000.00 23%
R$ 41,000,000.00 24%
R$ 43,000,000.00 25%
R$ 45,000,000.00 26%
R$ 47,000,000.00 27%
R$ 49,000,000.00 28%
R$ 51,000,000.00 29%
30%

Juros
R$ 16,794,271.60 20% 21% 22% 23%
R$ 20,000,000.00
R$ 25,000,000.00
R$ 30,000,000.00
R$ 35,000,000.00
R$ 40,000,000.00
R$ 45,000,000.00
R$ 50,000,000.00
R$ 55,000,000.00
R$ 60,000,000.00
R$ 65,000,000.00
Periodo Principal
1 R$ 12,800,000.00
2 R$ 11,520,000.00
3 R$ 10,240,000.00
4 R$ 8,960,000.00
5 R$ 7,680,000.00
6 R$ 6,400,000.00
7 R$ 5,120,000.00
8 R$ 3,840,000.00
9 R$ 2,560,000.00
10 R$ 1,280,000.00

TMA 20%

IR 30%
Juros 25%

Valor equip. novo R$ 32,000,000.00

Valor equip. velho R$ 2,000,000.00

Cenario 1
Maquina Produção
Antiga R$ 1,800,000.00
Nova R$ 2,160,000.00

Receita
Antiga R$ 18,000,000.00
Nova R$ 30,240,000.00

Fluxo de caixa incremental 0

(+) receitas
(-) cv
(-) custo fixo
(=)EBITDA
(+) depreciação da maq. Velha
(-)depreciação da maq. Nova
(=)LAJIR
(-) Imposto sobre a LAJIR
(+) depreciação
(=) Geração bruta de caixa
(-) investimentos -R$ 32,000,000.00
(+) receita liquid. Venda da velha R$ 2,140,000.00
(+) receita liquid. Venda da nova
 (-/+) aumento no CG -R$ 876,000.00
a) (=) Fluxo de caixa livre da empresa (FCL) -R$ 30,736,000.00
(+) novos financiamentos R$ 12,800,000.00
(-) amortizações
(-) Juros
(+) benefico fiscal do pagamento dos juros
a) (=) Fluxo de caixa livre dos acionistas (FDA) -R$ 17,936,000.00

VPL DO FCL R$ 19,991,168.00

VPL DO FDA R$ 16,794,271.60

b) Sim, porque VPL é positivo.

c)Sim, pois o VPL continua positivo.

24% 25% 26% 27%

Juros Amortização Parcelas
R$ 2,560,000.00 R$ 1,280,000.00 R$ 3,840,000.00
R$ 2,304,000.00 R$ 1,280,000.00 R$ 3,584,000.00
R$ 2,048,000.00 R$ 1,280,000.00 R$ 3,328,000.00
R$ 1,792,000.00 R$ 1,280,000.00 R$ 3,072,000.00
R$ 1,536,000.00 R$ 1,280,000.00 R$ 2,816,000.00
R$ 1,280,000.00 R$ 1,280,000.00 R$ 2,560,000.00
R$ 1,024,000.00 R$ 1,280,000.00 R$ 2,304,000.00
R$ 768,000.00 R$ 1,280,000.00 R$ 2,048,000.00
R$ 512,000.00 R$ 1,280,000.00 R$ 1,792,000.00
R$ 256,000.00 R$ 1,280,000.00 R$ 1,536,000.00

Retorno 35% Os acionistas esperam um retorno de 35% ao ano

Venda da velha
Valor contabil
lucro
IR
8 anos depreciação novo R$ 4,000,000.00 Receita liquida
2 anos depreciação velho R$ 1,000,000.00

Custo fixo CV Preço

R$ 12,200,000.00 R$ 5.00 R$ 10.00
R$ 9,800,000.00 R$ 6.60 R$ 14.00

Custo fixo CV
R$ 12,200,000.00 R$ 9,000,000.00
R$ 9,800,000.00 R$ 14,256,000.00

1 2
R$ 12,240,000.00 R$ 12,240,000.00
R$ 5,256,000.00 R$ 5,256,000.00
R$ 2,400,000.00 R$ 2,400,000.00
R$ 19,896,000.00 R$ 19,896,000.00
R$ 1,000,000.00 R$ 1,000,000.00
-R$ 8,000,000.00 -R$ 8,000,000.00
R$ 12,896,000.00 R$ 12,896,000.00
-R$ 3,868,800.00 -R$ 3,868,800.00
R$ 7,000,000.00 R$ 7,000,000.00
R$ 16,027,200.00 R$ 16,027,200.00 maq. Nova R$ 48,000,000.00
valor contabil R$ 32,000,000.00
lucro R$ 16,000,000.00
R$ 43,200,000.00 (-) depreciação R$ 16,000,000.00
 ir R$ 4,800,000.00
R$ 16,027,200.00 R$ 59,227,200.00 receita liquida R$ 43,200,000.00

-R$ 1,280,000.00 -R$ 11,520,000.00

-R$ 2,560,000.00 -R$ 2,304,000.00
R$ 640,000.00 R$ 576,000.00
R$ 12,827,200.00 R$ 45,979,200.00

28% 29% 30%

o de 35% ao ano

R$ 2,200,000.00
R$ 2,000,000.00
R$ 200,000.00
R$ 60,000.00
R$ 2,140,000.00
Juros

Cenario 2
Maquina
Antiga
Nova

Antiga
Nova

Fluxo de caixa incremental

(+) receitas
(-) cv
(-) custo fixo
(=)EBITDA
(+) depreciação da maq. Velha
(-)depreciação da maq. Nova
(=)LAJIR
(-) Imposto sobre a LAJIR
(+) depreciação
(=) Geração bruta de caixa
(-) investimentos
(+) receita liquid. Venda da velha
(+) receita liquid. Venda da nova
 (-/+) aumento no CG
d) (=) Fluxo de caixa livre da empresa (FCL)
(+) novos financiamentos
(-) amortizações
(-) Juros
(+) benefico fiscal do pagamento dos juros
d) (=) Fluxo de caixa livre dos acionistas (FDA)

VPL DO FCL
VPL DO FDA

Custo da maq. Nova

R$ 17,000,000.00
R$ 22,000,000.00
R$ 27,000,000.00
R$ 32,000,000.00
R$ 37,000,000.00
R$ 42,000,000.00
R$ 47,000,000.00
R$ 52,000,000.00
R$ 57,000,000.00
R$ 62,000,000.00

R$ 65,455,308.64
Investimento R$ 20,000,000.00
R$ 25,000,000.00
R$ 30,000,000.00
R$ 35,000,000.00
R$ 40,000,000.00
R$ 45,000,000.00
R$ 50,000,000.00
R$ 55,000,000.00
R$ 60,000,000.00
R$ 65,000,000.00
 20%

Produção Custo fixo CV Preço

R$ 1,800,000.00 R$ 12,200,000.00 R$ 5.00 R$ 10.00
R$ 1,800,000.00 R$ 9,800,000.00 R$ 4.80 R$ 10.00

Receita Custo fixo CV

R$ 18,000,000.00 R$ 12,200,000.00 R$ 9,000,000.00
R$ 18,000,000.00 R$ 9,800,000.00 R$ 8,640,000.00

0 1 2
R$ - R$ -
-R$ 360,000.00 -R$ 360,000.00
R$ 2,400,000.00 R$ 2,400,000.00
R$ 2,040,000.00 R$ 2,040,000.00
R$ 1,000,000.00 R$ 1,000,000.00
-R$ 8,000,000.00 -R$ 8,000,000.00
-R$ 4,960,000.00 -R$ 4,960,000.00
R$ 1,488,000.00 R$ 1,488,000.00
R$ 7,000,000.00 R$ 7,000,000.00
R$ 3,528,000.00 R$ 3,528,000.00
R$ 32,000,000.00
R$ 2,140,000.00
R$ 43,200,000.00 R$ 1,500,000.00
R$ 60,000.00 R$ 1,440,000.00
R$ 34,200,000.00 R$ 3,528,000.00 R$ 46,728,000.00 -R$ 60,000.00
R$ 12,800,000.00
-R$ 1,280,000.00 -R$ 11,520,000.00
-R$ 2,560,000.00 -R$ 2,304,000.00
R$ 512,000.00 R$ 460,800.00
R$ 47,000,000.00 R$ 200,000.00 R$ 33,364,800.00

R$ 69,590,000.00
R$ 65,455,308.64

VPL VPL
R$ 65,455,308.64 Taxa de juros R$ 65,455,308.64
20%
21%
22%
23%
24%
25%
26%
27%
28%
29%
30%

Juros
20% 21% 22% 23% 24%
25% 26% 27% 28% 29%
30%