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)LH GRX SURLHFWH SHQWUX FDUH GRULP V FRPSDU P YDORULOH DFHVWHL UDWH 9DORDUHD DFWXDOD QHW GHVFUHWH
FkQGUDWDGHDFWXDOL]DUHFUHWH
b, proiectul II va fi preferabil:
VAN (II) > VAN (I)
$VWIHO vQ IXQF LH GH UDWD GH DFWXDOL]DUH UH LQXW SHQWUX VWDELOLUHD 9$1 DMXQJHP OD UH]XOWDWH
FRQWUDGLFWRULL $FHDVW VHQVLELOLWDWH D PHWRGHL OD UDWD GH DFWXDOL]DUH LQWURGXFH XQ ULVF PDMRU SULQ DOHJHUHD
DFHVWHLUDWH'LQIHULFLUHDOHJHUHDDFHVWHLUDWHQXHVWHRDOHJHUHGLVFUH LRQDU DvQW
5DWDLQWHUQ
GHUHQWDELOLWDWH5,5
zero.
Fo =
F1
F2
Fn
+
+...+
2
1+ r (1+ r )
(1+ r ) n
SHQWUXSURLHFWHOH,LUHVSHFWLY,,
$FHDVW UDW FRUHVSXQGH FRVWXOXL PD[LP SH FDUH vQWUHSULQGHUHD DU SXWHD V
-l suporte pentru
ILQDQ DUHD LQYHVWL LHL 5,5 WUHEXLH VD ILH LQWHUSUHWDW SULQ FRPSDUDUHD FX FRVWXO PHGLX SRQGHUDW &03 DO
resurselor ntreprinderii.
'DF U!&03LQYHVWL LDHVWHDYDWDMRDV HDSHUPLWHFRPSHQVDUHDFRVWXOXLUHVXUVHORUGHILQDQ DUH
STUDIU DE CAZ
SELECTAREA PROIECTEL25'(,19(67,
,,
6WXGLXO D IRVW HIHFWXDW OD 6RFLHWDWHD FRPHUFLDO '(/7$ 5RPkQLD 65/ 'XS Fk LYD DQL GH
DFWLYLWDWH vQWUHSULQGHUHD FDUH DUH FD SULQFLSDO RELHFW GH DFWLYLWDWH GLVWULEXLUHD vQ DU GH H
ELURX FDOFXODWRDUH FRSLDWRDUH ID[XUL YL]HD] GH]YROWDUHD DFWLYLW
SRVLELOLW
chipamente de
L
-VSRULUHDYkQ]
-VSRULUHDYkQ]
(proiectul 2).
ULORUSULQFHQWUHSURSULLGHGHVIDFHUHvQILLQ DWHvQGLIHULWHORFDOLW
L
proiectul 1);
&RVWXO LQL LDO DO ILHF UXLD GLQWUH DFHVWH GRX SURLHFWH HVWH HVWLPDW OD PLOLDUGH OHL $FHDVW
LQYHVWL LHDUXUPDV VHDPRUWL]H]HvQDQL&RVWXULOH
-n mii lei(OHPHQWHGHFRPSDUD LH
Proiectul 1
60000000
20000000
20000000
20000000
20000000
&RVWLQL LDO
0DUMDEUXW
1
2
3
4
GHDXWRILQDQ DUH
Proiectul 2
60000000
10000000
10000000
30000000
40000000
UHQWDELOLWDWHDPHGLHDQXDO vQH[SORDWDUH
termenul de recuperare a cheltuielilor;
YDORDUHDDFWXDO QHW ODRUDW GHLDSRLGH
UDWDLQWHUQ GH rentabilitate.
D0HWRGDUHQWDELOLW
LLPHGLL'XS FULWHULXOUHQWDELOLW
LLPHGLLSURLHFWHOHDYXWHvQYHGHUHWUHEXLH
V ILHFRPSDUDWHSHED]DUDWHLPHGLLGHUHQWDELOLWDWHDDFHVWRUDU
m.
rm =
WRDUH
RN = MBA - AP
&RVWXO LQL LDO ILLQG DPRUWL]DW vQSDWUXDQLUDWDPHGLHGHUHQWDELOLWDWH D FHORUGRX SURLHFWHVH SUH]LQW vQ
WDEORXOXUP WRUYDORULvQPLOLRDQHOHL
Anii
1
2
3
4
rm
Concluzii
Proiectul 1
Rezultat net
20000 - 15000 = 5000
5000
5000
5000
Rezultat net mediu = 5000
rm =
5000
= 0,125
40000
rm = 12,5%
Proiectul 2 mai bun
Proiectul 2
Rezultat net
10000 - 15000 = -5000
10000 - 15000 = -5000
30000 - 15000 = 15000
40000 - 15000 = 25000
Rezultat net mediu = 7500
rm =
7500
= 0,1875
40000
rm = 18,75%
dect proiectul 1
WHUPHQXO GH UHFXSHUDUH SRDWH IL RE LQXW UDSRUWkQG IRQGXULOH LQL LDOH DYDQVDWH OD PDUMD EUXW GH
tr =
Deci tr P
Costul ini]ial
MBA anual \ medie
VRDU QXP UXO GH DQL QHFHVDUL SHQWUX FD VXUSOXVXULOH PRQHWDUH JHQHUDWH GH ILHFDUH
90000
= 22500
4
80000
= 20000
4
MBA medie
pe 4 ani
tr
tr =
60000
= 3 ani
20000
Concluzii
tr =
60000
= 2,66 ani
22500
'XS R D GRXD PRGDOLWDWH FDOFXODUHD WHUPHQXOXL GH UHFXSHUDUH FRQVW vQ D FRPSDUD DQ GXS DQ
FRVWXO LQL LDO FX VXUSOXVXULOH E QHWL FXPXODWH GHJDMDWH GH ILHFDUH SURLHFW SHQWUX D GHWHUPLQD PRPHQWXO vQ
1
2
3
4
FXPXODW
20000
40000
60000
80000
tr = 3 ani
termen de
recuperare
10000
20000
50000
90000
t r
DQLL]LOH
90 =
Concluzie
Proiectul 1 mai
10000
360
40000
bun dect proiectul 2
GRX SURLHFWH 0RGDOLWDWHD D GRXD FDUH HYLGHQ LD] PDL ELQH GHUXODUHD SURFHVXOXL GH UHFXSHUDUH HVWH GH
preferat.
F9DORDUHDDFWXDO
QHW
Proiectul 1
n valori actualizate
FXRUDW GH
vQPLLOHLFXUHQ L
0
1
2
3
4
RUDW GH
-60000000
+20000000
+20000000
+20000000
+20000000
vQPLLOHLFXUHQ L
0
1
2
3
4
-60000000
+10000000
+10000000
+30000000
+40000000
Total VAN (II) (10%)
QUH]XPDWSXWHPVFULHF SHQWUXU
Proiectul 1
n valori actualizate
FXRUDW GH
PLLOHLFXUHQ L
-60000000
+20000000
+20000000
+20000000
+20000000
Total VAN(I) (20%)
Proiectul 2
RUDW GH
0
1
2
3
4
vQPLLOHLFXUHQ L
0
1
2
3
4
-60000000
+10000000
+10000000
+30000000
+40000000
Total VAN (II) (20%)
QUH]XPDWSXWHPVFULHF SHQWUXU
FDUH IDFH QXO 9$1 DGLF HJDOL]HD] FRVWXO LQL LDO DO SURLHFWHORU FX YDORDUHD DFWXDOL]DW D FDVK
-flow-urilor
previzionate.
&DOFXODUHD5,5VHIDFHGHUHJXO FXDMXWRUXOFDOFXODWRUXOXLGDUVHSRDWHIDFHLPDQXDOFDOFXOkQGX
VHSULQDSUR[LP ULVXFFHVLYHUDWDFDUHDQXOHD] 9$1SHQWUXILHFDUHSURLHFWQFD]XOVWXGLDWGL
spunem de o
Proiectul 2
VAN (10%) = +7212000
VAN (20%) = -8080000
10% < r0 < 20%
Pentru determinarea RIR, vom face calcule de tatonare, de exemplu cu rate de actualizare de la 11%
ODSHQWUXSURLHFWXOLFXUDWHGHODODSHQWUXSURLHFWXO
Proiectul 1
(rezultate rotunjite)
Proiectul 2
(rezultate rotunjite)
Pentru proiectul 1:
VAN (12%) = +747000
VAN (13%) = -510000
r = 1%
VAN = -1257000
747000
r0 = 12% +
% = 12% + 0,594% = 12,59%
1257000
Pentru proiectul 2:
VAN (14%) = +399000
VAN (15%) = -1147000
r = 1% VAN = -1546000
r0 = 14% +
399
% = 14% + 0,258% = 14,26%
1546
'HFLVSXQHPF SHQWUXSURLHFWXODYHP5,5
LDUSHQWUXSURLHFWXODYHP5,5
e) Sinteza metodeORUGHDSUHFLHUHDLQYHVWL
Criterii
Rentabilitate medie
Termen de recuperare
-GXS 0%$PHGLH
-GXS 0%$FXPXODW
VAN (10%)
VAN (20%)
RIR
LLORU
Proiectul 1
Proiectul 2
rm = 12,5%
rm = 18,75%
Proiect
avantajos
proiectul 2
tr = 3 ani
tr = 3 ani
+3380000
-8234000
r0 = 12,59%
tr = 2,66 ani
tr = 3,25 ani
+7204000
-8080000
r0 = 14,26%
proiectul 2
proiectul 1
proiectul 2
proiectul 2
proiectul 2
&X H[FHS LD WHUPHQXOXL GH UHFXSHUDUH FkQG DFHVWD HVWH FDOFXODW SH ED]D FDVK
celelaltHFULWHULLXWLOL]DWHHYLGHQ LD]
VXSHULRULWDWHDSURLHFWXOXLID
L DO SDWUXOHD GH H[SORDWDUH $FHVW DVSHFW IDFH 9$1 IRDUWH VHQVLELO OD FUHWHUHD UDWHL GH
DFWXDOL]DUH $VWIHO FkQG U FUHWH GH OD OD 9$1 SHQWUX SURLHFWXO SLHUGH PLL OHL GH OD
7204000 la -8080000), n timp ce VAN pentru proiectul 1 nu "pierde" dect 11614000 mii lei (de la +3380000 la
-'DUSHQWUXUDWHOHGHDFWXDOL]DUHUH LQXWHSHQWUXDFHDVW DSOLFD- LHGH]DYDQWDMXOPHQ LRQDWHFRPSHQVDW
GHVXUSOXVXOPRQHWDUGHJDMDW3XWHPYHULILFDIDSWXOF SHQWUXUDWHGHDFWXOL]DUHPai mari de 20% proiectul 2 este
LQIHULRUvQFRQGL LLOHvQFDUH9$1GHYLQHQHJDWLY SHQWUXDPEHOHSURLHFWH
$5(,%8*(78/,19(67,
,,/25
de previziuQHILQDQFLDU
FDUH YRU SXWHD IL FRQIUXQWDWH FX DOWH LQGLFD LL FDOLWDWLYH VDX FDQWLWDWLYH
UHVSRQVDELOLLFXJHVWLXQHDSHUVRQDOXOXLLILVFDOLWLLvLYRUH[SULPDSXQFWHOHGHYHGHUHFDUHSRWV FRQYHDUJ
FXFHOHDOHILQDQ LWLORUGDUFDUHSRWILLGLYHUJHQWH
FRQYHUJHQWHILHSHQWUXDWUDQDvQWUHLQGLFD LLFDUHFRQGXFODFRQFOX]LLGLYHUJHQWH