ESTIMAREA FLUXURILOR DE NUMERAR ANUALE ALE VULCAN MOLD-MAKER

COSTUL FORȚEI DE MUNCĂ ($38,170.00) ($39,315.00) ($40,494.00)

MANOPERA SEMI-AUTO $0.00 $0.00 $0.00
ÎNTREȚINERE ($59,500.00) ($61,285.00) ($63,124.00)
COMBUSTIBIL ($26,850.00) ($27,656.00) ($28,485.00)
SAV MUNCĂ $5,200.00 $5,356.00 $5,517.00
AMORTIZARE ($126,250.00) ($126,250.00) ($126,250.00)
COSTURI ÎNAINTE DE ($245,570.00) ($249,150.00) ($252,836.00)
IMPOZITARE
IMPOZITELE $105,595.00 $107,134.00 $108,720.00
COST DUPĂ IMPOZITARE ($139,975.00) ($142,016.00) ($144,116.00)
+ DEPREC $126,250.00 $126,250.00 $126,250.00
- CHELTUIELI CAP ($813,296.00) $0.00 $0.00 $0.00
FLUXUL DE NUMERAR ($13,725.00) ($15,766.00) ($17,866.00)

ESTIMAREA FLUXURILOR DE NUMERAR ANUALE ALE MAȘINILOR SEMIAUTOMATE

MANOPERA DE EXPLOATARE ($295,546.00) ($304,412.00) ($313,544.00)

FORȚA DE MUNCĂ ÎNTREȚINUTĂ ($39,564.00) ($40,751.00) ($41,973.00)
MAINTEN SUPP ($4,000.00) ($4,120.00) ($4,244.00)
COMBUSTIBIL ($12,300.00) ($12,669.00) ($13,049.00)
AMORTIZARE ($47,521.00) ($47,521.00) ($47,521.00)
COSTUL ÎNAINTE DE IMPOZITARE ($398,931.00) ($409,473.00) ($420,331.00)
IMPOZITELE $171,540.00 $176,073.00 $180,742.00
COST DUPĂ IMPOZITARE ($227,391.00) ($233,400.00) ($239,589.00)
+AMORTIZARE $47,521.00 $47,521.00 $47,521.00
-CHELTUIELI PAC $0.00 $0.00 $0.00
FLUXUL DE NUMERAR ($179,870.00) ($185,879.00) ($192,068.00)
 ($41,709.00) ($42,960.00) ($44,249.00) ($45,576.00) ($46,944.00)
$0.00 $0.00 $0.00 $0.00 $0.00
($65,017.00) ($66,968.00) ($68,977.00) ($71,046.00) ($73,177.00)
($29,340.00) ($30,220.00) ($31,127.00) ($32,060.00) ($33,022.00)
$5,682.00 $5,853.00 $6,028.00 $6,209.00 $6,395.00
($126,250.00) ($126,250.00) ($126,250.00) ($126,250.00) ($126,250.00)
($256,634.00) ($260,545.00) ($264,575.00) ($268,723.00) ($272,998.00)
$110,353.00 $112,034.00 $113,767.00 $115,551.00 $117,389.00
($146,281.00) ($148,511.00) ($150,808.00) ($153,172.00) ($155,609.00)
$126,250.00 $126,250.00 $126,250.00 $126,250.00 $126,250.00
$0.00 $0.00 $0.00 $0.00 $0.00
($20,031.00) ($22,261.00) ($24,558.00) ($26,922.00) ($29,359.00)

($322,951.00) ($332,639.00) ($342,618.00) ($352,897.00) ($363,484.00)

($43,233.00) ($44,530.00) ($45,866.00) ($47,241.00) ($48,659.00)
($4,371.00) ($4,502.00) ($4,637.00) ($4,776.00) ($4,919.00)
($13,441.00) ($13,844.00) ($14,259.00) ($14,687.00) ($15,127.00)
($47,521.00) ($47,521.00) ($47,521.00) $0.00
($431,517.00) ($443,036.00) ($454,901.00) ($419,601.00) ($432,189.00)
$185,552.00 $190,505.00 $195,607.00 $180,429.00 $185,841.00
($245,965.00) ($252,531.00) ($259,294.00) ($239,172.00) ($246,348.00)
$47,521.00 $47,521.00 $47,521.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
($198,444.00) ($205,010.00) ($211,773.00) ($239,172.00) ($246,348.00)
ÎNTREBAREA 2: VULCAN CASH FLOW
0 12
COSTUL FORȚEI DE ($38,170.00) ($38,170.00) ($38,170.00)
MUNCĂ
MANOPERA SEMI-AUTO $0.00 $0.00 $0.00
ÎNTREȚINERE ($59,500.00) ($59,500.00) ($59,500.00)
COMBUSTIBIL ($26,850.00) ($26,850.00) ($26,850.00)
SAV MUNCĂ $5,200.00 $5,200.00 $5,200.00
AMORTIZARE ($126,250.00) ($126,250.00) ($126,250.00)
COSTURI ÎNAINTE DE ($245,570.00) ($245,570.00) ($245,570.00)
IMPOZITARE
IMPOZITELE $105,595.00 $105,595.00 $105,595.00
COST DUPĂ IMPOZITARE ($139,975.00) ($139,975.00) ($139,975.00)
+ DEPREC $126,250.00 $126,250.00 $126,250.00
- CHELTUIELI CAP ($813,296.00) $0.00 $0.00 $0.00
FLUXUL DE NUMERAR ($13,725.00) ($13,725.00) ($13,725.00)

ÎNTREBAREA 3: FLUX DE NUMERAR SEMIAUTOMAT

MANOPERA DE EXPLOATARE ($295,546.00) ($295,546.00) ($295,546.00)
FORȚA DE MUNCĂ ÎNTREȚINUTĂ ($39,564.00) ($39,564.00) ($39,564.00)
MAINTEN SUPP ($4,000.00) ($4,000.00) ($4,000.00)
COMBUSTIBIL ($12,300.00) ($12,300.00) ($12,300.00)
AMORTIZARE ($47,521.00) ($47,521.00) ($47,521.00)
COSTUL ÎNAINTE DE IMPOZITARE ($398,931.00) ($398,931.00) ($398,931.00)
IMPOZITELE $171,540.00 $171,540.00 $171,540.00
COST DUPĂ IMPOZITARE ($227,391.00) ($227,391.00) ($227,391.00)
+AMORTIZARE $47,521.00 $47,521.00 $47,521.00
-CHELTUIELI PAC $0.00 $0.00 $0.00
FLUXUL DE NUMERAR ($179,870.00) ($179,870.00) ($179,870.00)
6 7 8
($38,170.00) ($38,170.00)
$0.00 $0.00
($59,500.00) ($59,500.00)
($26,850.00) ($26,850.00)
$5,200.00 $5,200.00
($126,250.00) ($126,250.00)
($245,570.00) ($245,570.00)
$105,595.00 $105,595.00
($139,975.00) ($139,975.00)
$126,250.00 $126,250.00
$0.00 $0.00
($13,725.00) ($13,725.00)

($295,546.00) ($295,546.00)
($39,564.00) ($39,564.00)
($4,000.00) ($4,000.00)
($12,300.00) ($12,300.00)
$0.00 $0.00
($351,410.00) ($351,410.00)
$151,106.00 $151,106.00
($200,304.00) ($200,304.00)
$0.00 $0.00
$0.00 $0.00
($200,304.00) ($200,304.00)
 Fonderia Di Torino S.P.A.

Mașină veche Mașină nouă

Vânzări 280,000,000 280,000,000
Costă 351409.6 119319.6
Amortizare 47520 126,250
EBIT 279,601,070 279,754,430
Impozit(43%) 120228460.3 120294405.1
Venit net 159,372,610 159,460,025
Fluxul de numerar operațional 159,420,130 159,586,275

Costurile mașinii Vechi Nou

# angajati 24 2
salariu 7.33 11.36
Ore 8 8
întreținere 188.4 59500
# de angajați echivalenți 3 0
salariu 7.85 0
Ore 8 0
Livrările 4000 0
putere 12300 26850
Economii 0 5200
Zile 210 210
costă 351409.6 119319.6

Valoarea contabilă
Pierdere de capital = Valoarea de revânzare - Valoarea contabilă
Economii fiscale = Pierdere de capital* Rata de impozitare
Cheltuieli de capital = costul revânzării de mașini noi Valoarea mașinilor
vechi

CASH FlOWS

CF0 -813298.25
CF1 166145
CF2 166145
CF3 166145
CF4 166145
CF5 166145
CF6 166145
CF7 166145
CF8 451270
 Jaimini Patel
Sarah Fitzpatrick
Jessica Hicks

Deprecierea pentru mașina nouă

126,250

-166,145

Noua mașină ar economisi 166.145 pe an cu nivelul actual al vânzărilor. Este un flux de

numerar incremental pozitiv.

(415807-130682) 285125
(130000-285125) 155125
(155125*0.43) 66703.75
813296.25

economii
electronice în
impozite
Rata
18% 19%

VAN -59976.96 -85397.98

RIIRE 15.84%
Indicele rentabilității 0.93 0.89
Perioada de rambursare 4.90

Adormirea Maicii Domnului din 1984 14%

Asumarea acționarului majoritar 18%

Costul capitalului propriu 12.80%

WACC 9.86%
17%

-33100.66

0.96
 Costul capitalului propriu = Rf + β( E(Rm) - Rf )

Rata fără risc 5.30%

Prima de risc 6.00%
β (beta) 1.25

WACC = Re ( E/(D+E) ) + Rd (D/D+E) )*(1-T)

Rata dobânzii datoriei 6.80%

Rata de impozitare 43.00%
Datorie 33.0%
Echitate 67.0%