Imobilizado (Fixed Assets)

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

(+) Alienaes de Investimentos

(-) Aquisioes de Investimentos

500,000

(2)(=) Cash Flow Invest Activ

-500,000

(+) Fundos Prprios (equity)

(+) Receb Emprstimos ( Proceeds from Loans)
(-) Dividendos ( Dividens Paid)
(-) Pagamento Juros + Emprestimos (Loan + Interest payments)
(3)(=) Cash Flows Financ, Activit
(1+2+3) Variaco Cash ( Total Cash Flows)

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

(+) Cash Incio Perodo

(=) Cash Final do Perodo

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

Imob Liquido (Net Fixed Assets)

Stocks (inventories)
Clientes (payables)
Cash
Total Activo ( Total Assets)
CP ( Equity)
Emprestimo Bancario (Bank Debt)
Fornecedores (Payables)
Total CP + Passivo ( Equity + Debt)
Linha de controle
FCFF
EBIT (1-t)
(+) Amortiz
(=) Operat Cash Flows
(-) CAPEX
(-) Inv WCR
(=) FCFF
FCFE
(+) RL
( +) Amortiz
(-) Capex
(-) Inv WCR
(+) Dividas obtidas
(-) Reemb Dividas
(=) FCFE
FCFE
(+) FCFF
(-) juros (1-t)
(-) Reemb Dvida
(+) Novas Dvidas
(=) FCFE

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

Prazo Mdio Recebimentos

Prazo Mdio Rotao
Prazo Mdio Pagamentos Fornecedores
(+) Stock Finais (Inventories)
(+) Consumo (CMVC)
(-) Stock inicial (initial Inventories)
(=) Compras (purchasing)
100,000
300,000

100,000
200,000

100,000
100,000

Debt Service (Servio daDvida)

Debt (Dvida) em t-1
Principal Payment (Reembolso)
Debt (Dvida) em t
Interests (Juros) em t

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

Autonomia Financeira ( Equity/Total Inv)

Solvabilidade ( Equity/Debt)
Endividamento (Debt/Equity)
ROA ( EBIT/Total Inv)
ROE (RL/ Equity)

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

Economic Value Added

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

Spread= ROIC - WACC

EVA

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