r

20%

proiect A
An
0
1
2
3
4
5
total

flux net
-3,000
1,500
1,200
1,200
1,000
500
2,400

VAN
TR
TRA
IRR
IP

flux net
cumulat
-3,000
-1,500
-300
900
1,900
2,400

factor de
acualizare

flux net
actualizat

1
0.833333333
0.694444444
0.578703704
0.482253086
0.401877572

-3,000
1,250
833
694
482
201
461
461

3.2 ani
3.5 ani

27.89%

0
1
2
3
4
5
total

-3,000
1,500
1,200
1,200
1,000
500
2,400

flux net
cumulat
-3,000
-1,500
-300
900
1,900
2,400

4.4 ani
25.61%

1.15

flux net

flux net
actualizat
cumulat
-3,000
-2,583
-1,889
-1,194
-326
477

477

2.3 ani

proiect A
An

proiect B
flux net
flux net flux net
actualizat flux net
cumulat actualizat
cumulat
-3,000 -3,000
-3,000
-3,000
-1,750
500
-2,500
417
-917
1,000
-1,500
694
-222
1,200
-300
694
260
1,800
1,500
868
461
2,000
3,500
804
3,500
477

factor de
acualizare

flux net
actualizat
1
1
1
1
1
1

-3,000
1,500
1,200
1,200
1,000
500
2,400

1.16

proiect B
flux net
flux net flux net
actualizat flux net
cumulat actualizat
cumulat
-3,000 -3,000
-3,000
-3,000
-1,500
500
-2,500
500
-300
1,000
-1,500
1,000
900
1,200
-300
1,200
1,900
1,800
1,500
1,800
2,400
2,000
3,500
2,000
3,500
3,500

flux net
actualizat
cumulat
-3,000
-2,500
-1,500
-300
1,500
3,500

Tabel 1 - inputuri
Indicatori/proiect
Investitie
Durata normata de
functionare
amortizare
pret de vanzare
cheltuieli variabile unitare
chletuieli fixe/an excl
amortizare

UM
u.m.

A
30,000

Tabel 2 - inputuri
cantitati
vandute
ani
1
50,000

B
45,000

5
5
lineara
lineara
u.m./buc
2.50
2.50
u.m./buc
1.50
1.30
u.m.

40,000

2
3
4
5

60,000
70,000
80,000
90,000

40,000

Tabel 3 -Determinarea fluxurilor nete anuale de numerar

proiect A
indicatori/ani
1
2
3
cifra de afaceri
125,000 150,000
175,000
cheltuieli variabile
75,000
90,000
105,000
Marja asupra
cheltuielilor variabile
50,000
60,000
70,000
Cheltuieli fixe exclusiv
amortizare
40,000
40,000
40,000
Amortizare
6,000
6,000
6,000
Rezultat brut
4,000
14,000
24,000
Impozit pe profit
640
2,240
3,840
Rezultat net
3,360
11,760
20,160
amortizare
6,000
6,000
6,000
flux net de numerar
9,360
17,760
26,160

4
200,000
120,000

5
225,000
135,000

1
125,000
65,000

2
150,000
78,000

proiect B
3
175,000
91,000

4
200,000
104,000

5
225,000
117,000

80,000

90,000

60,000

72,000

84,000

96,000

108,000

40,000
6,000
34,000
5,440
28,560
6,000
34,560

40,000
6,000
44,000
7,040
36,960
6,000
42,960

40,000
9,000
11,000
1,760
9,240
9,000
18,240

40,000
9,000
23,000
3,680
19,320
9,000
28,320

40,000
9,000
35,000
5,600
29,400
9,000
38,400

40,000
9,000
47,000
7,520
39,480
9,000
48,480

40,000
9,000
59,000
9,440
49,560
9,000
58,560

r
Tabel 4 - Determinarea fluxurilor nete anuale actualizate de numerar
proiect A
An

flux net

0
1
2
3
4
5
total

-30,000
9,360
17,760
26,160
34,560
42,960
100,800
VAN
IRR
TR
TRA
IP

flux net
cumulat
-30,000
-20,640
-2,880
23,280
57,840
100,800

factor de
actualizare
1
0.83333333
0.69444444
0.5787037
0.48225309
0.40187757

20%
proiect B

flux net
actualizat
-30,000
7,800
12,333
15,139
16,667
17,265
39,204

flux net
actualizat
cumulat
-30,000
-22,200
-9,867
5,272
21,939
39,204

flux net
-45,000
18,240
28,320
38,400
48,480
58,560
147,000

flux net
cumulat

flux net
actualizat

-45,000
-26,760
1,560
39,960
88,440
147,000

39,204
57%
2.1 ani

-45,000
15,200
19,667
22,222
23,380
23,534
59,002

flux net
actualizat
cumulat
-45,000
-29,800
-10,133
12,089
35,469
59,002

59,002
60%
1.9 ani

2.7 ani
2.31

2.5 ani
2.31

Indicatori/proiect
Investitie
Durata normata de
functionare
amortizare
pret de vanzare
cheltuieli variabile unitare
cheltuieli fixe/an excl
amortizare

indicatori/ani
cifra de afaceri
cheltuieli variabile
Marja asupra
cheltuielilor variabile
Cheltuieli fixe exclusiv
amortizare
Amortizare
Rezultat brut
Impozit pe profit
Rezultat net
amortizare
flux net de numerar

UM
u.m.

A
30,000

ani
1

45,000

5
5
lineara
lineara
u.m./buc
2.50
2.50
u.m./buc
1.50
1.30
u.m.

40,000

2
3
4
5

cantitati
vandute
50,000
60,000
70,000
80,000
90,000

40,000

proiect A
3

proiect B
3

20%

proiect A
An

flux net

0
1
2
3
4
5
total
VAN
IRR
TR
TRA

flux net
cumulat

factor de
actualizare

proiect B
flux net
actualizat

flux net
actualizat
cumulat

flux net

flux net
cumulat

flux net
actualizat

flux net
actualizat
cumulat

VAN1
VAN2
VAN3
VAN4
VAN5
VAN6
VAN7
VAN8

1
2
3
4
5
6
7
8

0
-I1
-I1
-I2
-I2
-I2
-I2
-I2
-I2

0
-8,000
-8,000
-4,000
-4,000
-4,000
-4,000
-4,000
-4,000

1
M1
m1
M2
M2
m1
m2
m2
m2

1
3,500
2,800
1,600
1,600
1,600
1,100
1,100
1,100

2
M1
m1
M2
M2
m1
m2
m2
m2

2
3,500
2,800
1,600
1,600
1,600
1,100
1,100
1,100

20%
3
M1
m1
M2
-I3+M2
-I3+M2
m2
-I3+m2
-I3+m2

3
3,500
2,800
1,600
-3,400
-3,400
1,100
-3,900
-3,900

4
M1
m1
M2
M1
m1
m2
M1
m1

4
3,500
2,800
1,600
3,500
2,800
1,100
3,500
2,800

5
M1
m1
M2
M1
m1
m2
M1
m1

5
3,500
2,800
1,600
3,500
2,800
1,100
3,500
2,800

6
M1
m1
M2
M1
m1
m2
M1
m1

6
3,500
2,800
1,600
3,500
2,800
1,100
3,500
2,800

7
M1
m1
M2
M1
m1
m2
M1
m1

7
3,500
2,800
1,600
3,500
2,800
1,100
3,500
2,800

pM
pm

VAN
4,616
2,093
1,767
1,720
672
-35
667
-382

I1
CF M1
CFm1
I2
CFM2
CFm2

8,000
3,500
0.7
2,800
0.3
4,000
1,600
0.7
1,100
0.3
I3
5,000
CFM1 3,500
CFm1 2800

pM
pm
pM
pm
0.7 pM
0.3 pm

3,859

3,859
optim

1,767
1,406

352

1,767

352

1,343