2019 2020 2021

Vanzari 516,475 568,123

Cheltuieli variabile 135,592 149,151
Cheltuieli fixe 344,814 344,814
Amortizare 16,552 16,552
EBIT 19,517 57,605
EBIT *t 3,123 9,217
EBIT (1-t) 16,394 48,388
Investitii 82,760
Imobilizari nete 0 0
Active circulante nete 51,648 5,165
Cash flow disponibil -82,760 -18,701 111,423
Valoarea prezenta 305,862 -16,262 84,252

Cota de impozit 16%

K 15.0%

Indicatori Valori Active circula

Valoarea actualizata neta 223,102 ACN1
Rata interna de rentabilitate 66% ACN2
RIR modificata 45% ACN3
Termenul de recuperare 1.91 ACN4
TR actualizat 2.77 ACN5
Indicele de profitabilitate 3.696

Determinarea termenului de recuperare Column1 Column2 Column3

-82,760 -18,701 111,423 99,618
0 1
Cash-flow-uri cumulative (82,760) (101,461)
Termenul de recuperare 0.00
CF actualiz. cumulative (82,760) (99,022)
TR actualizat 0.00

Mediul incert
Analiza de senzitivitate

Cifra de afaceri VAN

-20% 413,180 -121,276
-10% 464,828 34,625
0% 516,475 223,102
 10% 568,123 395,293
20% 619,770 567,480

Cheltuieli fixe VAN

-20% 275,851 273,475
-10% 310,333 248,288
0% 344,814 223,102
10% 379,295 197,916
20% 413,777 172,729

D Matricea VAN pt. diferite variatii fata de starea initiala

initial Cifra de afaceri CV/CA Ch.fixe

-20%-0.2/-0.02 -121276 635393 273475
-10%-0.1/-0.01 34625 635489 248288
0 223102 223102 223102
10%+0.1/+0.01 395293 634852 197916
20%+0.2/+0.02 567480 634661 172729
Variatie 688,756 732 100,746

Matricea VAN pentru diferite variati i

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
-20%-0.2/-0.02 -10%-0.1/-0.01 0 10%+0.1/+0.01 20%+0.2/+0.02 Vari atie
Matri cea VAN pt. di feri te vari atii fata de starea i ni tia la Ci fra de afa ceri
CV/CA
Ch.fixe
Rata de actua l i zare
 2022 2023 2024 VR
624,935 687,428 756,171
164,066 180,473 198,520
344,814 344,814 344,814
16,552 16,552 16,552
99,502 145,589 196,285
15,920 23,294 31,406
83,582 122,295 164,879

0 0 0
5,681 6,249 6,874 6,874
99,618 138,279 180,806
65,500 79,061 89,893 3,418

Valori
51,647.50
56,812.25
62,493.48
68,742.82
75,617.10

Column4 Column5 Column6 Column7

138,279 180,806
2 3 4 5
9,962 109,580 247,858 428,665
1.91 2.10 3.792 5.371
(14,770) 50,730 129,792 219,684
0.00 2.77 4.64 5.39

Cheltuieli
Variabile/CA VAN
0.5 0.4 635,393
0.6 0.4 635,489
0.7 0.3 223,102
 0.8 0.5 634,852
0.9 0.5 634,661

Rata de
actualizare VAN
0.130 243,665
0.140 233,159
15.0% 223,102
0.160 213,472
0.170 204,246

a de starea initiala
Rata de
actualizare
243665
233159
223102
213472
204246
39,419