Inflatio México 7%

Alíquota 35%

2008 2009
Custos Operacionais Projetados, Processo Manual
Volume unitário (000s) 496

Materiais 564,816
Mão de Obra Direta 1,115,184
Overhead 1,680,000
Total 3,360,000
Materiais/unidade 1.1387
Mão de obra direta/unidade 2.2484

Custos Operacionais Projetados, Novos Equipamentos Automáticos

Volume unitário (000s)
Materiais 496
Mão de Obra Direta 542,223
Overhead 524,136
Total 1,566,211
Materiais/unidade 2,632,570
Mão de obra direta/unidade 1.0932
1.0567
Fluxo de Caixa (MXN)
(+) Redução de Custos
(-) Imposto sobre a poupança
(+) Venda máquina antiga 727,430
Valor Contábil mach antigo 254,601
Perda contabilizada na venda de ativos 175,000
250,000
(+) Escudo fiscal da escrita de (-) Compra de novo 75,000
mach Depreciação 26,250
(+) Escudo fiscal do dep. 3,500,000
(-) Serviço de empréstimo 350,000
122,500
Equilíbrio 550,422
Para o principal 3,500,000 3,271,928
Juros (9,21%) 228,072
(+) Juros fiscais 322,350
112,823
(+) Valor selvagem
Fluxo de caixa total (3,298,750) 157,730
VPL @ Pesos @8% (532,801)
Converter em Euros @15.99MXN/E (33,321)
 2010 2011 2012 2013 2014 2015

546 600 660 660 660 660

664,788 782,456 920,951 985,417 1,054,396 1,128,204
1,312,572 1,544,897 1,818,343 1,945,627 2,081,821 2,227,549
1,797,600 1,923,432 2,058,072 2,202,137 2,356,287 2,521,227
3,774,960 4,250,785 4,797,366 5,133,1815,492,504 5,876,980
1.2185 1.3037 1.395 1.4927 1.5971 1.7089
2.4057 2.5741 2.7543 2.9471 3.1534 3.3742

546 600 660 660 660 660

638,197 751,158 884,113 946,001 1,012,221 1,083,076
616,909 726,101 854,621 914,445 978,456 1,046,948
1,675,846 1,793,155 1,918,676 2,052,983 2,196,692 2,350,460
2,930,9523,270,414 3,657,410 3,913,429 4,187,369 4,480,484
1.1697 1.2516 1.3392 1.433 1.5333 1.6406
1.1307 1.2098 1.2945 1.3852 1.4821 1.5859

844,008 980,371 1,139,956 1,219,752 1,305,135 1,396,496

295,403 343,130 398,985 426,913 456,797 488,774

350,000 350,000 350,000 350,000 350,000 350,000

122,500 122,500 122,500 122,500 122,500 122,500
550,422 550,422 550,422 550,422 550,422 550,422
3,022,851 2,750,834 2,453,764 2,129,334 1,775,024 1,388,082
249,077 272,017 297,070 324,430 354,310 386,942
301,345 278,405 253,352 225,992 196,112 163,480
105,471 97,442 88,673 79,097 68,639 57,218

226,154 306,761 401,723 444,014 489,055 537,019

 2016 2017 CAGR de 2018

660 660 660

1,207,178 1,291,681 1,382,099
2,383,477 2,550,321 2,728,843
2,697,713 2,886,553 3,088,611
6,288,368 6,728,555 7,199,553
1.8286 1.9566 2.0935
3.6104 3.8631 4.1335

660 660 660

1,158,891 1,240,014 1,326,815
1,120,234 1,198,651 1,282,556
2,514,993 2,691,042 2,879,415
4,794,118 5,129,707 5,488,786
1.7554 1.8783 2.0098
1.6969 1.8157 1.9427

1,494,250 1,598,848 1,710,767 10.0%

522,988 559,597 598,768

350,000 350,000 350,000

122,500 122,500 122,500
550,422 550,422 550,422
965,502 504,003 0
422,579 461,499 504,003
127,842 88,923 46,419
44,745 31,123 16,247
0
588,086 642,452 700,323
 Inflatio México 7%
Alíquota 35%

2008 2009 2010

Custos Operacionais Projetados, Processo Manual
Volume unitário (000s) 496 546
Materiais 564,816 664,788
Mão de Obra Direta 1,115,184 1,312,572
Overhead 1,680,000 1,797,600
Total 3,360,000 3,774,960
Materiais/unidade 1.1387 1.2185
Mão de obra direta/unidade 2.2484 2.4057

Custos Operacionais Projetados, Novos Equipamentos Automáticos

Volume unitário (000s) 496
Materiais 542,223 546
Mão de Obra Direta 524,136 638,197
Overhead 1,566,211 616,909
1,675,846
Total 2,632,570 2,930,952
Materiais/unidade 1.0932 1.1697
Mão de obra direta/unidade 1.0567 1.1307

Fluxo de Caixa (MXN)

(+) Redução de Custos 727,430 844,008
(-) Imposto sobre a poupança 254,601 295,403
(+) Venda máquina antiga 175,000
Valor Contábil mach antigo 250,000
Perda contabilizada na venda de ativos 75,000
(-) Perda f depreciação de máquina antiga (29,167) (29,167)
(+) Escudo fiscal da escrita de 26,250
(-) Comprar novo mach 3,500,000
Depreciação 350,000 350,000
(+) Escudo fiscal do dep. 122,500 122,500
(+) Valor selvagem
Fluxo de caixa total (3,298,750) 566,163 641,938
VPL @ Pesos @12.19% 1,478,997
a) Converter em Euros @15.99MXN/E 92,495

Wacc em Euros 8.00%

Wacc em pesos 12,19% Com efeito Fisher adjusment

Euros CF's -$206,301 $34,084 $37,201

 b) VPL em Euros @8% VPL em pesos $92,495 $1,478,997

Inflação México 7% 7% 7%
Inflação Euro 3% 3% 3%
PPP MXN/Euro $15.99 $16.61 $17.26

Taxa Gov I taxa México 9.12% 9.12% 9.12%

Taxa Gov I taxa França 4.81% 4.81% 4.81%
Eu Rato MXN/Euro $15.99 $16.65 $17.33

Expe MXN/Euro $15.99 $20.00 $20.00

c) Reajuste pela inflação

(3,298,750)
VPL em pesos 566,162 621,430
869,715

Empréstimo
Capex 3,298,750
Sedn para França 869,715Taxa máxima int
4,168,465 12.19%

Equilíbrio 4,168,465 4,168,465 4,110,613

Interesse 508,310 501,255
Principal 57,852 120,175
Equilíbrio 4,168,465 4,110,613 3,990,438
 2011 2012 2013 2014 2015 2016 2017

600 660 660 660 660 660 660

782,456 920,951 985,417 1,054,396 1,128,204 1,207,178 1,291,681
1,544,897 1,818,343 1,945,627 2,081,821 2,227,549 2,383,477 2,550,321
1,923,432 2,058,072 2,202,137 2,356,287 2,521,227 2,697,713 2,886,553
4,250,785 4,797,366 5,133,181 5,492,504 5,876,9806,288,368 6,728,555
1.3037 1.395 1.4927 1.5971 1.7089 1.8286 1.9566
2.5741 2.7543 2.9471 3.1534 3.3742 3.6104 3.8631

600 660 660 660 660 660 660

751,158 884,113 946,001 1,012,221 1,083,076 1,158,891 1,240,014
726,101 854,621 914,445 978,456 1,046,948 1,120,234 1,198,651
1,793,155 1,918,676 2,052,983 2,196,692 2,350,460 2,514,993 2,691,042
3,270,414 3,657,410 3,913,429 4,187,369 4,480,484 4,794,118 5,129,707
1.2516 1.3392 1.433 1.5333 1.6406 1.7554 1.8783
1.2098 1.2945 1.3852 1.4821 1.5859 1.6969 1.8157

980,371 1,139,956 1,219,752 1,305,135 1,396,496 1,494,250 1,598,848

343,130 398,985 426,913 456,797 488,774 522,988 559,597

(29,167)

350,000
122,500 350,000 350,000 350,000 350,000 350,000 350,000
122,500 122,500 122,500 122,500 122,500 122,500
730,574
863,471 915,339 970,838 1,030,222 1,093,763 1,161,751

$40,755 $46,367 $47,315 $48,308 $49,347 $50,432 $51,564

 7% 7% 7% 7% 7% 7% 7%
3% 3% 3% 3% 3% 3% 3%
$17.93 $18.62 $19.35 $20.10 $20.88 $21.69 $22.53

9.12% 9.12% 9.12% 9.12% 9.12% 9.12% 9.12%

4.81% 4.81% 4.81% 4.81% 4.81% 4.81% 4.81%
$18.04 $18.79 $19.56 $20.36 $21.20 $22.07 $22.98

$20.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00

683,820 783,440 915,339 970,838 1,030,222 866,394 888,710

3,990,438 3,793,219 3,472,331 2,980,414 2,373,014 1,632,161 964,795

486,601 462,552 423,422 363,437 289,369 199,029 117,649
197,219 320,888 491,917 607,401 740,853 667,365 771,061
3,793,219 3,472,331 2,980,414 2,373,014 1,632,161 964,795 193,734
 CAGR de 2018

660 1,382,099
2,728,843
3,088,611
7,199,553
2.0935 4.1335

660 1,326,815
1,282,556
2,879,415
5,488,786
2.0098 1.9427

1,710,767
10.0%
598,768

350,000
122,500 0
1,234,499

$52,744
7%
3% $23.41
9.12%
4.81% $23.93
 $25.00

911,697

193,734
23,624
888,073
(694,339)