Credit BRD

Valoare: 400.000 Euro 400000

Dobândă: 7% plătibilă anual 7%
Scadenţă: 10 ani 10
Rambursare: serii anuale egale
Perioadă de graţie: 3 ani 3

Anii Principal Dobanda Anuitate Capital ramas An (LEI)

0 -400,000 400,000 -1,400,000
1 -00 -00 -00 428,000 -00
2 -00 -00 -00 457,960 -00
3 -00 -00 -00 490,017 -00
4 70,002 34,301 104,304 420,015 379,886
5 70,002 29,401 99,403 350,012 365,659
6 70,002 24,501 94,503 280,010 351,110
7 70,002 19,601 89,603 210,007 336,233
8 70,002 14,701 84,703 140,005 321,024
9 70,002 9,800 79,803 70,002 305,477
10 70,002 4,900 74,903 -00 289,587

RIR 8.07%
 Credit CITIBANK
Valoare: 500.000 USD 500000
Dobândă: 9% plătibilă anual 9%
Scadenţă: 10 ani 10
Rambursare: anuităţi constante

Curs Anii Principal Dobanda Anuitate Capital ramas

3.50 0 -500,000 500,000
3.54 1 32,910 45,000 77,910 467,090
3.57 2 35,872 42,038 77,910 431,218
3.61 3 39,100 38,810 77,910 392,118
3.64 4 42,619 35,291 77,910 349,498
3.68 5 46,455 31,455 77,910 303,043
3.72 6 50,636 27,274 77,910 252,407
3.75 7 55,193 22,717 77,910 197,213
3.79 8 60,161 17,749 77,910 137,052
3.83 9 65,575 12,335 77,910 71,477
3.87 10 71,477 6,433 77,910 -00

RIR 9.54%
An (LEI) Curs
-1,400,000 2.80
219,239 2.81
220,335 2.83
221,437 2.84
222,544 2.86
223,657 2.87
224,775 2.89
225,899 2.90
227,028 2.91
228,163 2.93
229,304 2.94
1 Credit BRD
Valoare: 400.000 Euro 400000
Dobândă: 7% plătibilă anual 7%
Scadenţă: 10 ani 10
Rambursare: serii anuale egale
Perioadă de graţie: 3 ani 3

Anii Principal Dobanda Anuitate Capital ramas

1 - € - € - € 428,000 €
2 - € - € - € 457,960 €
3 - € - € - € 490,017 €
4 70,002 € 34,301 € 104,304 € 420,015 €
5 70,002 € 29,401 € 99,403 € 350,012 €
6 70,002 € 24,501 € 94,503 € 280,010 €
7 70,002 € 19,601 € 89,603 € 210,007 €
8 70,002 € 14,701 € 84,703 € 140,005 €
9 70,002 € 9,800 € 79,803 € 70,002 €
10 70,002 € 4,900 € 74,903 € - €

2 RIC Euro 7.00%

RIC RON 8.07%

Ne putem da seama din analizarea

coeficientului RIC in valuta
creditului si in RON ca finantarea
in valuta USD are o diferenta de
RIC mai mica decat creditul in
valuta EUR. Asta inseamnca ca
optiunea de finantare in EUR este
mai expusa riscului valutar
 Credit CITIBANK
Valoare: 500.000 USD 500000
Dobândă: 9% plătibilă anual 9%
Scadenţă: 10 ani 10
Rambursare: anuităţi constante

An (LEI) Curs Anii Principal Dobanda

- lei 3.54 1 $ 32,910 $ 45,000
- lei 3.57 2 $ 35,872 $ 42,038
- lei 3.61 3 $ 39,100 $ 38,810
379,886 lei 3.64 4 $ 42,619 $ 35,291
365,659 lei 3.68 5 $ 46,455 $ 31,455
351,110 lei 3.72 6 $ 50,636 $ 27,274
336,233 lei 3.75 7 $ 55,193 $ 22,717
321,024 lei 3.79 8 $ 60,161 $ 17,749
305,477 lei 3.83 9 $ 65,575 $ 12,335
289,587 lei 3.87 10 $ 71,477 $ 6,433

RIC USD 9.00%

RIC RON 9.54%
Anuitate Capital ramas An (LEI) Curs
$ 77,910 $ 467,090 219,239 lei 2.81
$ 77,910 $ 431,218 220,335 lei 2.83
$ 77,910 $ 392,118 221,437 lei 2.84
$ 77,910 $ 349,498 222,544 lei 2.86
$ 77,910 $ 303,043 223,657 lei 2.87
$ 77,910 $ 252,407 224,775 lei 2.89
$ 77,910 $ 197,213 225,899 lei 2.90
$ 77,910 $ 137,052 227,028 lei 2.91
$ 77,910 $ 71,477 228,163 lei 2.93
$ 77,910 $ - 229,304 lei 2.94
1
Credit 400,000 €
Dobanda 7%
Maturitate 10
Perioada de gratie 3
Rambursare Anuitati constante
Curs 3.50 lei
Depreciere 1%
Rata de actualizare RON 9.50%

Anii Principal Dobanda Anuitate Capital ramas

1 28,951 € 28,000 € 56,951 € 371,049 €
2 30,978 € 25,973 € 56,951 € 340,071 €
3 33,146 € 23,805 € 56,951 € 306,925 €
4 35,466 € 21,485 € 56,951 € 271,459 €
5 37,949 € 19,002 € 56,951 € 233,510 €
6 40,605 € 16,346 € 56,951 € 192,905 €
7 43,448 € 13,503 € 56,951 € 149,457 €
8 46,489 € 10,462 € 56,951 € 102,968 €
9 49,743 € 7,208 € 56,951 € 53,225 €
10 53,225 € 3,726 € 56,951 € - €
2 RIR

3 Impozit profit 20%

Pondere credit 20%
Pondere obligatiuni 50%
Pondere actiuni 30%

CPM 7.12%

4 Beta 1.2
RFR 7.0%
Prima de rsc 3.0%

E(RET) 10.6%
 Valoare 1,000,000
Cupon 8%
Maturita 10
Pret de 9 1,000,000
Valoare 10 1,111,111
Pret de 11 1,222,222
Nr actiun 111,111

An (LEI) Curs Anii Principal Cupon Prima An (EUR)

201,322 lei 3.54 1 111,111 € 88,889 € 11,111 € 211,111 €
203,335 lei 3.57 2 111,111 € 80,000 € 11,111 € 202,222 €
205,368 lei 3.61 3 111,111 € 71,111 € 11,111 € 193,333 €
207,422 lei 3.64 4 111,111 € 62,222 € 11,111 € 184,444 €
209,496 lei 3.68 5 111,111 € 53,333 € 11,111 € 175,556 €
211,591 lei 3.72 6 111,111 € 44,444 € 11,111 € 166,667 €
213,707 lei 3.75 7 111,111 € 35,556 € 11,111 € 157,778 €
215,844 lei 3.79 8 111,111 € 26,667 € 11,111 € 148,889 €
218,003 lei 3.83 9 111,111 € 17,778 € 11,111 € 140,000 €
220,183 lei 3.87 10 111,111 € 8,889 € 11,111 € 131,111 €
8.07%
 Valoare 600,000
Valoare nominala 10
Divident pe primul an 1
Rata crestere divident 1%
Pret rascumparare 16
Numar actiuni 60,000

Anii Divident
Cap ramas An (LEI) Curs 0
1,000,000 € 746,278 lei 3.54 2 12,000
888,889 € 722,004 lei 3.57 3 18,000
777,778 € 697,170 lei 3.61 4 24,000
666,667 € 671,768 lei 3.64 5 30,000
555,556 € 645,787 lei 3.68 6 36,000
444,444 € 619,220 lei 3.72 7 42,000
333,333 € 592,057 lei 3.75 8 48,000
222,222 € 564,289 lei 3.79 9 54,000
111,111 € 535,906 lei 3.83 10 60,000
- € 506,899 lei 3.87

RIR 7.15%
Rata divident Pret rascumparare Anuitati An (LEI)
1% -2,100,000
2% 12,000 € 42,844
3% 18,000 € 64,909
4% 24,000 € 87,411
5% 30,000 € 110,356
6% 36,000 € 133,752
7% 42,000 € 157,604
8% 48,000 € 181,920
9% 54,000 € 206,707
10% 960,000 € 1,020,000 € 3,943,501

RIR 9.89%
1 Valoare credit 400,000.00 €
Dobanda 7%
Scadenta (ani) 10
Curs 3.50 lei
Perioada g 3
Rata de actualizare 9.50%

Anii Principal Dobanda Anuitate Capital ramas An(LEI)

1 0€ 0€ 0€ 428,000 € - lei
2 0€ 0€ 0€ 457,960 € - lei
3 0€ 0€ 0€ 490,017 € - lei
4 70,002 € 34,301 € 104,304 € 420,015 € 379,886 lei
5 70,002 € 29,401 € 99,403 € 350,012 € 365,659 lei
6 70,002 € 24,501 € 94,503 € 280,010 € 351,110 lei
7 70,002 € 19,601 € 89,603 € 210,007 € 336,233 lei
8 70,002 € 14,701 € 84,703 € 140,005 € 321,024 lei
9 70,002 € 9,800 € 79,803 € 70,002 € 305,477 lei
10 70,002 € 4,900 € 74,903 € 0€ 289,587 lei

2 VAN 114,522
VA 1,285,478
3 RIR 8.07%

4 Cea mai convenabila varianta este creditul in euro, deoarece coeficientul VAN este cel mai mare, iar coeficientu
 Valoare c $500,000
Dobanda 9%
Scadenta 10
Curs 2.80 lei

Rata de a 9.50%

Curs Anuitati actualizate Anii Principal Dobanda Anuitate Capital ramas

3.54 -00 1 $32,910 $45,000 $77,910 $467,090
3.57 -00 2 $35,872 $42,038 $77,910 $431,218
3.61 -00 3 $39,100 $38,810 $77,910 $392,118
3.64 264,239 4 $42,619 $35,291 $77,910 $349,498
3.68 232,277 5 $46,455 $31,455 $77,910 $303,043
3.72 203,685 6 $50,636 $27,274 $77,910 $252,407
3.75 178,132 7 $55,193 $22,717 $77,910 $197,213
3.79 155,319 8 $60,161 $17,749 $77,910 $137,052
3.83 134,974 9 $65,575 $12,335 $77,910 $71,477
3.87 116,852 10 $71,477 $6,433 $77,910 $-00

VAN -2,763
VA 1,402,763
RIR 9.54%

el mai mare, iar coeficientul RIR este cel mai mic

 Valoare credit 1,400,000 lei
Dobanda 10%
Scadenta (ani) 10
Rata de actualiza 9.5%

An(LEI) Curs Anuitati actualizate Anii Principal

219,239 lei 2.81 200,218 1 0
220,335 lei 2.83 183,762 2 0
221,437 lei 2.84 168,658 3 0
222,544 lei 2.86 154,796 4 0
223,657 lei 2.87 142,073 5 0
224,775 lei 2.89 130,396 6 0
225,899 lei 2.90 119,678 7 0
227,028 lei 2.91 109,842 8 0
228,163 lei 2.93 100,814 9 0
229,304 lei 2.94 92,528 10 1,863,400 lei

VAN -54,390
VA 1,454,390
RIR 10.00%
Dobanda Anuitate Capital ramas Anuitati actualizate
0 0 1,540,000 lei -00
0 0 1,694,000 lei -00
0 0 1,863,400 lei -00
186,340 lei 186,340 1,863,400 lei 129,613
186,340 lei 186,340 1,863,400 lei 118,368
186,340 lei 186,340 1,863,400 lei 108,099
186,340 lei 186,340 1,863,400 lei 98,720
186,340 lei 186,340 1,863,400 lei 90,156
186,340 lei 186,340 1,863,400 lei 82,334
186,340 lei 2,049,740 -00 lei 827,099
Intrări de numerar proiectate (Euro) Anul 1 Anul 2 Anul 3 Anul 4 Anul 5
Încasări din vânzări 3,000,000 3,150,000 3,307,500 3,472,875 3,646,519
Alte încasări 180,000 189,000 198,450 208,373 218,791
Intrări generate de operaţiuni 3,180,000 3,339,000 3,505,950 3,681,248 3,865,310
Vânzări de proprietăţi -00 -00 -00 -00 -00
Vânzări bunuri de echipament -00 -00 -00 -00 -00
Alte activităţi 60,000 63,000 66,150 69,458 72,930
Intrări generate de investiţii 60,000 63,000 66,150 69,458 72,930
TOTAL INTRĂRI 3,240,000 3,402,000 3,572,100 3,750,705 3,938,240

Ieşiri de numerar proiectate (Euro) Anul 1 Anul 2 Anul 3 Anul 4 Anul 5

Stocuri 150,000 153,000 156,060 159,181 162,365
Asigurări 15,000 15,300 15,606 15,918 16,236
Chirii şi leasing 160,000 163,200 166,464 169,793 173,189
Publicitate 15,000 15,300 15,606 15,918 16,236
Salarii 20,000 20,400 20,808 21,224 21,649
Alte plăţi 10,000 10,200 10,404 10,612 10,824
Taxe 80,000 81,600 83,232 84,897 86,595
Ieşiri generate de operaţiuni 450,000 459,000 468,180 477,544 487,094
Cheltuieli de capital 1,650,000 1,683,000 1,716,660 1,750,993 1,786,013
Cumpărări 450,000 459,000 468,180 477,544 487,094
Alte utilizări 120,000 122,400 124,848 127,345 129,892
Ieşiri generate de investiţii 2,220,000 2,264,400 2,309,688 2,355,882 2,402,999
TOTAL IEŞIRI 2,670,000 2,723,400 2,777,868 2,833,425 2,890,094

Cashflow 570,000 678,600 794,232 917,280 1,048,146

R 3,240,000
E 2,670,000
gr 5%
ge 2%
T 40%
Alfa 1.3
i 10%
n 10
c -00

133,917
 Anul 6 Anul 7 Anul 8 Anul 9 Anul 10
3,828,845 4,020,287 4,221,301 4,432,366 4,653,985
229,731 241,217 253,278 265,942 279,239
4,058,575 4,261,504 4,474,579 4,698,308 4,933,224
-00 -00 -00 -00 -00
-00 -00 -00 -00 -00
76,577 80,406 84,426 88,647 93,080
76,577 80,406 84,426 88,647 93,080
4,135,152 4,341,910 4,559,005 4,786,956 5,026,303

Anul 6 Anul 7 Anul 8 Anul 9 Anul 10

165,612 168,924 172,303 175,749 179,264
16,561 16,892 17,230 17,575 17,926
176,653 180,186 183,790 187,466 191,215
16,561 16,892 17,230 17,575 17,926
22,082 22,523 22,974 23,433 23,902
11,041 11,262 11,487 11,717 11,951
88,326 90,093 91,895 93,733 95,607
496,836 506,773 516,909 527,247 537,792
1,821,733 1,858,168 1,895,331 1,933,238 1,971,903
496,836 506,773 516,909 527,247 537,792
132,490 135,139 137,842 140,599 143,411
2,451,059 2,500,081 2,550,082 2,601,084 2,653,106
2,947,896 3,006,854 3,066,991 3,128,331 3,190,897

1,187,256 1,335,056 1,492,014 1,658,625 1,835,406