Documente Academic
Documente Profesional
Documente Cultură
Corporeo
Equipt
Mobiliario
IT
Outros
Incorporeo
despesas constituio
Outros
Total Fixed Assets
Amortiz Exercicio (depreciation)
Imobilizado Liquido (NetFixed Assets)
Income Statement
Year 0
300,000
100,000
50,000
20,000
10,000
20,000
500,000
500000
Year 0
Vendas ( Sales)
CMCV ( CGS)
Margem Bruta
Salrios
FSE
Outros Custos Operac
EBITDA
Amortiz ( Depreciation)
EBIT
Enc financ (Interest Expenses)
EBT
Taxes
Net Income (Resultado Liquido = Lucros)
Dividendos ( Divdends)
Reteined net income (Lucros retidos)
Cash Flows Statement
Year 1
100,000
400,000
Year 1
300,000
90,000
210,000
10,000
5,000
0
195,000
100,000
95,000
40,000
55,000
22,000
33,000
6,600
26,400
Year 0
(+) EBITDA
(-) Impostos de rendimento
(-) Variaes Working Capital
(1)(=) Cash Flows Operat Actv
500,000
-500,000
200,000
400,000
0
0
600,000
100,000
Year 1
195,000
22,000
17,031
155,969
0
0
0
0
0
6,600
140,000
-146,600
9,369
0
100,000
100,000
109,369
Balance Sheet
Year 0
500,000
0
0
100,000
600,000
200,000
400,000
0
600,000
0
Year 1
400,000
3,750
25,000
109,369
538,119
226,400
300,000
11,719
538,119
0
Year 0
Year 1
57,000
100,000
157,000
500,000
17,031
-517,031
500,000
17,031
400,000
#REF!
#REF!
33,000
100,000
0
#REF!
0
-117,031
#REF!
-517,031
#REF!
24000
0
0
#REF!
#REF!
400,000
-117,031
Year 2
Year 3
Year 4
100,000
200,000
100,000
100,000
Year 2
Year 3
Year 4
25%
375,000
112,500
262,500
10,250
5,000
0
247,250
100,000
147,250
30,000
117,250
46,900
70,350
14,070
56,280
20%
450,000
135,000
315,000
10,506
5,000
0
299,494
100,000
199,494
20,000
179,494
71,798
107,696
21,539
86,157
15%
517,500
155,250
362,250
10,769
5,000
0
346,481
100,000
246,481
10,000
236,481
94,592
141,889
28,378
113,511
Year 2
247,250
46,900
4,727
195,623
0
0
Year 3
299,494
71,798
4,375
223,321
0
0
Year 4
346,481
94,592
3,949
247,939
0
0
0
0
0
0
0
0
0
0
0
14,070
130,000
-144,070
51,553
21,539
120,000
-141,539
81,782
28,378
110,000
-138,378
109,562
Working Capital
NFCE
Stocks ( Inventories)
Dvidas de 3 (Receivables)
Total NFCE
RFCE
Dvidas a 3 (Payables)
Total RFCE
Working Capital
Var Working Capital
109,369
160,922
160,922
242,704
242,704
352,266
Year 2
300,000
4,688
31,250
160,922
496,860
282,680
200,000
14,180
496,860
0
Year 3
200,000
5,625
37,500
242,704
485,829
368,837
100,000
16,992
485,829
0
Year 4
100,000
6,469
43,125
352,266
501,860
482,348
0
19,512
501,860
0
Year 2
Year 3
Year 4
88,350
100,000
188,350
119,696
100,000
219,696
147,889
100,000
247,889
4,727
183,623
4,375
215,321
3,949
243,939
EBIT (1-t)
Net Fixed Assets
Inv WCR
(=) Invested Capital
ROIC = EBIT (1-t)/Invested Capital
WACC
70,350
100,000
0
4,727
0
107,696
100,000
0
4,375
0
141,889
100,000
0
3,949
0
165,623
203,321
237,939
183,623
18000
0
0
165,623
0
215,321
12000
0
0
203,321
0
243,939
6000
0
0
237,939
0
30
15
45
Year 0
Year 0
400,000
Year 0
Year 0
Year 1
Year 2
Year 3
Year 4
3,750
90,000
0
93,750
4,688
112,500
3,750
113,438
5,625
135,000
4,688
135,938
6,469
155,250
5,625
156,094
Year 1
Year 2
Year 3
Year 4
400,000
100,000
300,000
40,000
300,000
100,000
200,000
30,000
200,000
100,000
100,000
20,000
100,000
100,000
0
10,000
Year 1
Year 2
Year 3
Year 4
3,750
25,000
28,750
4,688
31,250
35,938
5,625
37,500
43,125
6,469
43,125
49,594
11,719
11,719
17,031
17,031
14,180
14,180
21,758
4,727
16,992
16,992
26,133
4,375
19,512
19,512
30,082
3,949
Year 1
Year 2
Year 3
Year 4
Year 0
Year 1
Year 3
Year 4
57,000
Year 2
88,350
119,696
147,889
400,000
#REF!
#REF!
300,000
4,727
304,727
200,000
4,375
204,375
100,000
3,949
103,949