Académique Documents
Professionnel Documents
Culture Documents
b) 0.25%
0.20%
0.15%
0.10%
0.05%
0.00%
1.20% 1.40% 1.60% 1.80% 2.00% 2.20% 2.40% 2.60% 2.80%
-0.05%
-0.10%
-0.15%
Bradesco 100% 90% 80% 70% 60% 50% 40% 30% 20% 10%
-0.30% -0.48% -0.65% -0.83% -1.01% -1.19% -1.37% -1.55% -1.73% -1.91%
-0.05% 0.22% 0.49% 0.77% 1.04% 1.31% 1.58% 1.85% 2.12% 2.39%
1.45% 1.44% 1.44% 1.44% 1.43% 1.43% 1.43% 1.42% 1.42% 1.42%
2.71% 2.79% 2.87% 2.95% 3.03% 3.11% 3.18% 3.26% 3.34% 3.42%
1.97% 1.78% 1.59% 1.40% 1.21% 1.03% 0.84% 0.65% 0.46% 0.27%
1.81% 1.83% 1.84% 1.86% 1.87% 1.89% 1.90% 1.92% 1.93% 1.95%
-0.25% -0.20% -0.16% -0.11% -0.07% -0.02% 0.02% 0.07% 0.11% 0.16%
Risco 1.77% 1.72% 1.69% 1.67% 1.67% 1.68% 1.72% 1.77% 1.83% 1.91%
Retorno 0.17% 0.17% 0.18% 0.18% 0.19% 0.19% 0.20% 0.20% 0.21% 0.21%
e) 0.25%
0.20%
0.15%
0.10%
0.05%
0.00%
1.65% 1.70% 1.75% 1.80% 1.85% 1.90% 1.95% 2.00% 2.05%
0% Renner
-2.09%
2.67%
1.41%
3.50%
0.08%
1.96%
0.20%
1.99%
0.22%
20%
Periodo Montante/Princ Juros
0 R$ 12,800,000.00
1 R$ 11,520,000.00 R$ 2,304,000.00
2 R$ 10,240,000.00 R$ 2,048,000.00
3 R$ 8,960,000.00 R$ 1,792,000.00
4 R$ 7,680,000.00 R$ 1,536,000.00
5 R$ 6,400,000.00 R$ 1,280,000.00
6 R$ 5,120,000.00 R$ 1,024,000.00
7 R$ 3,840,000.00 R$ 768,000.00
8 R$ 2,560,000.00 R$ 512,000.00
9 R$ 1,280,000.00 R$ 256,000.00
10 R$ - R$ -
R$ 11,520,000.00
IR 30%
Juros 20%
Valor equipamento novo R$ 32,000,000.00 8
Valor equipamento atual R$ 2,140,000.00 2
Equipamento Produção Custo Fixo
Atual 1,800,000 R$ 12,200,000.00
Novo 1,800,000 R$ 9,800,000.00
Cenário 2 0 1
(+) Aumento da receita operacional líquida R$ -
(+) Economia no CV -R$ 360,000
(+) Economia no CF R$ 2,400,000
(=) EBITDA R$ 2,040,000
(-) Depreciação incremental -R$ 2,930,000
(=) LAJIR -R$ 890,000
(-) Impostos sobre LAJIR R$ 267,000
(+) Depreciação R$ 2,930,000
(=) Geração Bruta de Caixa R$ 2,307,000
1,500,000 (-) Dispêndios de capital -R$ 29,860,000
1,440,000 - 60,000 (-) Aumento de capital de giro R$ 60,000
(=) Fluxo de caixa livre (FCL) -R$ 29,800,000 R$ 2,307,000
(+) Novos financiamentos R$ 12,800,000.00
(-) Amortizações -R$ 1,280,000
(-) Juros -R$ 2,304,000
(+) Benefícios dos juros sobre os impostos R$ 460,800
(=) Fluxo dos acionistas (FCA) -R$ 17,000,000 -R$ 816,200
R$ 1,280,000.00 R$ 3,584,000.00
R$ 1,280,000.00 R$ 3,328,000.00
R$ 1,280,000.00 R$ 3,072,000.00
R$ 1,280,000.00 R$ 2,816,000.00
R$ 1,280,000.00 R$ 2,560,000.00
R$ 1,280,000.00 R$ 2,304,000.00
R$ 1,280,000.00 R$ 2,048,000.00
R$ 1,280,000.00 R$ 1,792,000.00
R$ 1,280,000.00 R$ 1,536,000.00
R$ 1,280,000.00 R$ 1,280,000.00
2
R$ -
-R$ 360,000
R$ 2,400,000
R$ 2,040,000
-R$ 2,930,000
-R$ 890,000
R$ 267,000
R$ 2,930,000
R$ 2,307,000
1,800,000
1,980,000 180,000
R$ 2,307,000
-R$ 1,280,000
-R$ 2,048,000
R$ 614,400
-R$ 406,600
25%
Periodo Montante/Princ Juros Amortização
0 R$ 12,800,000.00
1 R$ 11,520,000.00 R$ 2,880,000.00 R$ 1,280,000.00
2 R$ 10,240,000.00 R$ 2,560,000.00 R$ 1,280,000.00
3 R$ 8,960,000.00 R$ 2,240,000.00 R$ 1,280,000.00
4 R$ 7,680,000.00 R$ 1,920,000.00 R$ 1,280,000.00
5 R$ 6,400,000.00 R$ 1,600,000.00 R$ 1,280,000.00
6 R$ 5,120,000.00 R$ 1,280,000.00 R$ 1,280,000.00
7 R$ 3,840,000.00 R$ 960,000.00 R$ 1,280,000.00
8 R$ 2,560,000.00 R$ 640,000.00 R$ 1,280,000.00
9 R$ 1,280,000.00 R$ 320,000.00 R$ 1,280,000.00
10 R$ - R$ - R$ 1,280,000.00
R$ 14,400,000.00
IR 30%
Juros 20%
Valor equipamento novo R$ 32,000,000.00 8 anos
Valor equipamento atual R$ 2,140,000.00 2 anos
Equipamento Produção Custo Fixo CV/u
Atual 2,160,000 R$ 12,200,000.00 5
Novo 1,800,000 R$ 9,800,000.00 6.6
Cenário 1 0 1 2
(+) Aumento da receita operacional líquida R$ 3,600,000 R$ 3,600,000
(+) Economia no CV R$ 1,080,000 R$ 1,080,000
(+) Economia no CF R$ 2,400,000 R$ 2,400,000
(=) EBITDA R$ 7,080,000 R$ 7,080,000
(-) Depreciação incremental -R$ 2,930,000 -R$ 2,930,000
(=) LAJIR R$ 4,150,000 R$ 4,150,000
(-) Impostos sobre LAJIR -R$ 1,245,000 -R$ 1,245,000
(+) Depreciação R$ 2,930,000 R$ 2,930,000
(=) Geração Bruta de Caixa R$ 5,835,000 R$ 5,835,000
(-) Dispêndios de capital -R$ 29,860,000
(-) Aumento de capital de giro -R$ 180,000
(=) Fluxo de caixa livre (FCL) -R$ 30,040,000 R$ 5,835,000 R$ 5,835,000
(+) Novos financiamentos R$ 12,800,000.00
(-) Amortizações R$ - R$ -
(-) Juros R$ - -R$ 2,880,000
(+) Benefícios dos juros sobre os impostos R$ - R$ 864,000
(=) Fluxo dos acionistas (FCA) -R$ 17,240,000 R$ 5,835,000 R$ 3,819,000
R$ 4,160,000.00
R$ 3,840,000.00
R$ 3,520,000.00
R$ 3,200,000.00
R$ 2,880,000.00
R$ 2,560,000.00
R$ 2,240,000.00
R$ 1,920,000.00
R$ 1,600,000.00
R$ 1,280,000.00
Fator Ambiental
40%
50%
60%
70%
80%
90%
Preço Internacional
0.3
0.4
0.5
0.6
0.7
0.8
Baixa produtividade:
R$ 1,850.00 LO: R$ 300.00
Fator Ambiental
40%
50%
60%
70%
80%
90%
Preço Internacional
0.3
0.4
0.5
0.6
0.7
0.8
Baixa produtividade:
R$ 950.00 LO: -R$ 240.00
Fator Ambiental
40%
50%
60%
70%
80%
90%
Preço Internacional
0.3
0.4
0.5
0.6
0.7
0.8
Baixa produtividade:
R$ 3,350.00 LO: R$ 1,200.00