Investimento 500,000 Ano 0 1 2 3

Depreciação 125,000 Receita 750,000 750,000 750,000

Estoques 50,000 CMV 450,000 450,000 450,000
Clientes 100,000 Depreciação 125,000 125,000 125,000
Fornecedores 75,000 Aluguel 50,000 50,000 50,000
Preco 500 Perda Receita 75,000 75,000 75,000
Custo 300 LAIR 50,000 50,000 50,000
Qtde 1,500 IR 20,000 20,000 20,000
Preparação 200,000 LL 30,000 30,000 30,000
Aluguel 50,000
Funcionários 120,000 FCx Operacoes 155,000 155,000 155,000
Redução receita 75,000
Valor residual 80,000 CGL 75,000 75,000 75,000 75,000
IR 40.0% Var CGL -75,000 0 0 0
TMA 20.0%
Duração 5 CAPEX -500,000 0 0 0

Valor Mercado 80,000 FCx PROJETO -575,000 155,000 155,000 155,000

Valor Contabil 0
Lucro 80,000 VPL -82,118
IR 32,000 TIR 13.66%
FCx Maquina 48,000
 4 5
750,000 750,000
450,000 450,000
125,000 0
50,000 50,000
75,000 75,000
50,000 175,000
20,000 70,000
30,000 105,000

155,000 105,000

75,000 0
0 75,000

0 48,000

155,000 228,000
MO 0.11 0.08 0.03 Ano 0 1
MP 0.30 0.28 0.02 Qtde 1,100,000
Invest 100,000 Ganho MO 33,000
Depreciação 20,000 Ganho MP 22,000
Manutenção 7,000 Depreciação 20,000
Manutenção 10,000 Manutenção 7,000
IR 30% LAIR 28,000
TMA 20% IR 8,400
LL 19,600

FCx Oper 39,600

Var CGL 0 0

CAPEX -100,000 0

FCx PROJETO -100,000 39,600

VPL 35,117
TIR 34.26%
 2 3 4 5
1,210,000 1,330,000 1,450,000 1,600,000
36,300 39,900 43,500 48,000
24,200 26,600 29,000 32,000
20,000 20,000 20,000 20,000
7,000 10,500 10,500 10,500
33,500 36,000 42,000 49,500
10,050 10,800 12,600 14,850
23,450 25,200 29,400 34,650

43,450 45,200 49,400 54,650

0 0 0 0

0 0 0 0

43,450 45,200 49,400 54,650

 FLUXO DE CAIXA NOMINAL FLUXO DE CAIXA REAL
Ano 0 1 2 3 Ano 0
Receita 1,000.0 1,200.0 1,500.0 Receita
CMV 600.0 700.0 850.0 CMV
Custo Fixo 200.0 250.0 350.0 Custo Fixo
Depreciação 100.0 100.0 100.0 Depreciação
LAIR 100.0 150.0 200.0 LAIR
IR 40.0 60.0 80.0 IR
LL 60.0 90.0 120.0 LL

FCx NOMINAL -300.0 160.0 190.0 220.0 FCx NOMINAL -300.0

VPL 92.59 VPL 92.59
TIR 37.86% 31.29% TIR 31.29%

TMA NOMINAL 20.00% INFLAÇÃO 5.00%

TMA REAL 14.29%
FLUXO DE CAIXA REAL
1 2 3
952.4 1,088.4 1,295.8
571.4 634.9 734.3
190.5 226.8 302.3
95.2 90.7 86.4
95.2 136.1 172.8
38.1 54.4 69.1
57.1 81.6 103.7

152.4 172.3 190.0

37.86%