PROBLEMA 6

SC CONCEPT SRL are la dispozitie 2 proiecte de investitii pentru

achizitionarea unei linii tehnologice de imbuteliat suc in sticle de 2 litri,
caracterizate de datele din urmatorul table:

Nr.
Indicator U.M. Varianta 1 Varianta 2
Crt.
1. Capacitatea anuala de productie Mii doze 2.150 2.090
2. Venituri anuale Mii lei 245 255
3. Cheltuieli anuale de productie Mii lei 130 150
4. Durata eficienta se functionare Ani 10 10
5. Durata de proiectare Ani 3 3
Valoarea investitiei Mii lei 150 180
An 1 Mii lei 50 50
6.
An 2 Mii lei 50 50
An 3 Mii lei 50 80

Consiliul de Administratie trebuie sa aleaga varianta optima pe baza

indicatorilor dinamici si de eficienta, cunoscand rata de actualizare a = 15%.

REZOLVARE

Marimea investitiilor
d
Mi   Ih   d  h  k 
h 1

M1 = 50  (3-1+0.5) + 50  (3-2+0.5) + 50  (3-3+0.5) =

= 50  2.5 + 50  1.5 + 50  0.5 =
= 125 + 75 + 25 =
= 225

M2 = 50  (3-1+0.5) + 50  (3-2+0.5) + 80  (3-3+0.5) =

= 50  2.5 + 50  1.5 + 80  0.5 =
= 125 + 75 + 40 =
= 240

1
Efectul economic al imobilizarilor

E = e  Mi
E1 = 0.15  225 = 33.75 mil
E2 = 0.15  240 = 36 mil

Efectul economic specific al imobilizarilor

E
e
It

33,75
e1   0,225 lei la 1 leu investit
150
36
e2   0,2 lei la 1 leu investit
180

A. Momentul inceperii lucrarilor de investitii (momentul M)

Investitia actualizata
n
1
n
I act   Ih 
h 1 1  a  h
1 1 1
1
I act  50   50   50  
1  0.15 1 1  0.15 2 1  0.15 3
 50  0.8696  50  0.7561  50  0.6575  43.48  37.805  32.875  114.16

1 1 1
2
I act  50   50   80  
1  0.15 1
1  0.15 2
1  0.15 3
 50  0.8696  50  0.7561  80  0.6575  43.48  37.805  52.6  133.885

Profitul actualizat
d D
1 1 1  a  D  1
n
Pact   Ph  1  a 
h 1
h
Ph cons tan t  Ph 
1  a  h

1  a  D  a

Ph1 = V – Ch = 245 – 130 = 115

Ph2 = V – Ch = 255 – 150 = 105

1
Pact  115 
11  0.15 10  1  115  0.7561  5.0188  436.39

1  0.15 3 1  0.15 10  0.15
2
Pact  105 
1

1  0.15 10  1  105  0.7561  5.0188  398.44
1  0.15 3 1  0.15 10  0.15

Randamentul economic al investitiei

2
 n
Pact
n
R act  n
1
I act
436.39
1
Ract   1  3.82  1  2.82 profit actualizat ce revine la 1 leu investitie actualizata
114 .16
398.44
2
Ract   1  2.97  1  1.97 profit actualizat ce revine la 1 leu investitie actualizata
133.885
Termenul de recuperare a investitiei

Ta 

log Ph  log Ph  Iact  1  a   a
d

log1  a 

Ta 1 

log 115  log 115  114 .16  1  0.15  0.15


log 115  log 115  114 .16  1.15  0.15
3
 3

log1  0.15 log 1.15
log 115  log 115  114 .16  1.520875  0.15 log 115  log 115  26.0434635 
 
log 1.15 log 1.15
log 115  log 88.9565365 2.06  1.94
   2 ani
log 1.15 0.06

Ta 2 

log 105  log 105  133.885  1  0.15  0.15


log 105  log 105  133.885  1.15  0.15
3
 3

log1  0.15 log 1.15

log 105  log105  133.885  1.520875  0.15 log 105  log105  30.543351
 
log 1.15 log 1.15
log 105  log 74.45665 2.02  1.87
   2.5 ani
log 1.15 0.06
B. Momentul punerii in functiune (momentul L)
Investitia actualizata
d 1
  Ih  1  a 
n h
I act
h0
 50  1  0.15  50  1  0.15  50  1  0.15
2 1 0
1
I act  50  1.3225  50  1.1500  50  1
 66.125  57.5  50  173.625

 50  1  0.15  50  1  0.15  80  1  0.15

2 1 0
2
I act  50  1.3225  50  1.1500  80  1
 66.125  57.5  80  203.625

Profitul actualizat
D
1 1  a  D  1
n
Pact   Ph  1  a 
h 0
h
Ph cons tan t  Ph 
1  a  D  a

Pact = 115 × 5.0188 = 577.162

Pact = 105 × 5.0188 = 526.974

Randamentul economic

Pact
R n act  1
I act

3
 577.162
1
R act   1  3.324  1  2.324
173.625
526.974
2
R act   1  2.587  1  1.587
203.625

Termenul de recuperare a investitiei

- la fel ca si in momentul M

C. Momentul scoaterii din functiune (momentul P)

Investitia actualizata
d  D 1

 Ih  1  a  h
n
I act 
hd
 50  1  0.15  50  1  0.15  50  1  0.15
12 11 10
1
I act  50  5.3503  50  4.6524  50  4.0456
 267.515  232.62  202.28  702.415

 50  1  0.15  50  1  0.15  80  1  0.15

12 11 10
2
I act  50  5.3503  50  4.6524  80  4.0456
 267.515  232.62  371.648  871.783

Profitul actualizat
D 1
1  a  D 1
n
Pact   Ph  1  a 
hD
h
Ph cons tan t  Ph 
a

Pact1 = 115 × 20.304 = 2334.96

Pact2 = 105 × 20.304 = 2131.92

Randamentul economic

Pact
R n act  1
I act

2334.96
1
Ract   1  3.324  1  2.324
702.415
2131.92
2
Ract   1  2.445  1  1.445
871.783

Termenul de recuperare a investitiei

- la fel ca si in momentul M