n indice 0 i1 % i2 %

9.5

ANII I (mil euro) VB (mil euro) R (mil euro) T adv (mil euro) T pp(mil euro)

0 350.0000 0.0000 0.0000 0.0000 0.0000

1 - 520000.0000 65000.0000 5200.0000 23400.0000

2 - 518440.0000 64805.0000 5184.4000 23329.8000

3 - 516884.6800 64610.5850 5168.8468 23259.8106

4 - 515334.0260 64416.7532 5153.3403 23190.0312

5 - 513788.0239 64223.5030 5137.8802 23120.4611

6 - 512246.6598 64030.8325 5122.4666 23051.0997

7 - 510709.9198 63838.7400 5107.0992 22981.9464

8 - 509177.7901 63647.2238 5091.7779 22913.0006

9 - 507650.2567 63456.2821 5076.5026 22844.2616

10 - 506127.3059 63265.9132 5061.2731 22775.7288

11 - 504608.9240 63076.1155 5046.0892 22707.4016

12 - 503095.0972 62886.8872 5030.9510 22639.2794

13 - 501585.8119 62698.2265 5015.8581 22571.3615

14 - 500081.0545 62510.1318 5000.8105 22503.6475

∑ NCFA

∑ NCFA (i1=10.3%

3000000.0000
 ∑ NCFA (i1=10.3%

3000000.0000

2500000.0000

2000000.0000

15540
1500000.0000
1356270.2112

1137286.9090

1000000.0000 894787.7554

626255.4486

500000.0000
328903.9755

-350.0000
0.0000
-2 -1 0 1 2 3 4 5

-500000.0000
 i3 % POT(ANI) 0(X2=2;-46548.2740)

-0.3321 p(X3=3;238096.5226)

Cop (mil euro) VNîT (mil euro) D(mil euro) A( mil euro) VNT (mil euro)

0.0000 0.0000 0.0000 0.0000 0.0000

23000.0000 403400.0000 52000.0000 94800.0000 256600.0000

23046.0000 402074.8000 51844.0000 88028.5714 262202.2286

23092.0920 400753.3456 51688.4680 81257.1429 267807.7347

23138.2762 399435.6251 51533.4026 74485.7143 273416.5082

23184.5527 398121.6268 51378.8024 67714.2857 279028.5387

23230.9218 396811.3392 51224.6660 60942.8571 284643.8161

23277.3837 395504.7506 51070.9920 54171.4286 290262.3300

23323.9385 394201.8494 50917.7790 47400.0000 295884.0704

23370.5863 392902.6242 50765.0257 40628.5714 301509.0271

23417.3275 391607.0634 50612.7306 33857.1429 307137.1899

23464.1622 390315.1555 50460.8924 27085.7143 312768.5488

23511.0905 389026.8893 50309.5097 20314.2857 318403.0938

23558.1127 387742.2531 50158.5812 13542.8571 324040.8148

23605.2289 386461.2358 50008.1055 6771.4286 329681.7018

∑ NCFA (i1=10.3%) in raport cu ANII

 ∑ NCFA (i1=10.3%) in raport cu ANII

2580652.8671
2493333.3390
2396609.4246
2289471.8051
2170803.1726
2039366.7084
1893793.3343
1732567.6076

1554012.1158

1356270.2112

1137286.9090

.7554
∑ NCFA

4 5 6 7 8 9 10 11 12 13 14

ANII
Tprofit(mil euro) VNDT (mil euro) NCF(mil euro) fa=10.3% NCFA ∑ NCFA
0.0000 0.0000 -350.0000 1.0000 -350.0000 -350.0000

41056.0000 362344.0000 362344.0000 0.9087 329253.9755 328903.9755

41952.3566 360122.4434 360122.4434 0.8257 297351.4731 626255.4486

42849.2376 357904.1080 357904.1080 0.7503 268532.3068 894787.7554

43746.6413 355688.9838 355688.9838 0.6818 242499.1536 1137286.9090

44644.5662 353477.0606 353477.0606 0.6195 218983.3022 1356270.2112

45543.0106 351268.3286 351268.3286 0.5629 197741.9047 1554012.1158

46441.9728 349062.7778 349062.7778 0.5115 178555.4918 1732567.6076

47341.4513 346860.3981 346860.3981 0.4648 161225.7267 1893793.3343

48241.4443 344661.1798 344661.1798 0.4224 145573.3741 2039366.7084

49141.9504 342465.1130 342465.1130 0.3838 131436.4642 2170803.1726

50042.9678 340272.1877 340272.1877 0.3487 118668.6324 2289471.8051

50944.4950 338082.3942 338082.3942 0.3169 107137.6195 2396609.4246

51846.5304 335895.7228 335895.7228 0.2880 96723.9144 2493333.3390

52749.0723 333712.1635 333712.1635 0.2617 87319.5281 2580652.8671

 2580652.8671
2493333.3390
6609.4246

∑ NCFA

12 13 14 15
 n indice 0 i1 % i2 %

9.5 19.5

ANII I (mil euro) VB (mil euro) R (mil euro) T adv (mil euro) T pp(mil euro)

0 350 0.0000 0.0000 0.0000 0.0000

1 - 520000.0000 65000.0000 5200.0000 23400.0000

2 - 518440.0000 64805.0000 5184.4000 23329.8000

3 - 516884.6800 64610.5850 5168.8468 23259.8106

4 - 515334.0260 64416.7532 5153.3403 23190.0312

5 - 513788.0239 64223.5030 5137.8802 23120.4611

6 - 512246.6598 64030.8325 5122.4666 23051.0997

7 - 510709.9198 63838.7400 5107.0992 22981.9464

8 - 509177.7901 63647.2238 5091.7779 22913.0006

9 - 507650.2567 63456.2821 5076.5026 22844.2616

10 - 506127.3059 63265.9132 5061.2731 22775.7288

11 - 504608.9240 63076.1155 5046.0892 22707.4016

12 - 503095.0972 62886.8872 5030.9510 22639.2794

13 - 501585.8119 62698.2265 5015.8581 22571.3615

14 - 500081.0545 62510.1318 5000.8105 22503.6475

∑ NCFA

∑ NCFA
 ∑ NCFA
∑ NCFA

1800000.0000

1600000.0000

1400000.0000

1188566
1200000.0000
1071221.5225

1000000.0000
929462.5969

800000.0000 758216.0759

600000.0000 551354.3280

400000.0000
301477.5718

200000.0000

-350.0000
0.0000
0 1 2 3 4 5 6

-200000.0000
 i3 % POT(ANI) 0(X2=2;-125970.257)

-0.6653 p(X3=3;93303.6203)

Cop (mil euro) VNîT (mil euro) D(mil euro) A( mil euro) VNT (mil euro)

0.0000 0.0000 0.0000 0.0000 0.0000

23000.0000 403400.0000 52000.0000 94800.0000 256600.0000

23046.0000 402074.8000 51844.0000 88028.5714 262202.2286

23092.0920 400753.3456 51688.4680 81257.1429 267807.7347

23138.2762 399435.6251 51533.4026 74485.7143 273416.5082

23184.5527 398121.6268 51378.8024 67714.2857 279028.5387

23230.9218 396811.3392 51224.6660 60942.8571 284643.8161

23277.3837 395504.7506 51070.9920 54171.4286 290262.3300

23323.9385 394201.8494 50917.7790 47400.0000 295884.0704

23370.5863 392902.6242 50765.0257 40628.5714 301509.0271

23417.3275 391607.0634 50612.7306 33857.1429 307137.1899

23464.1622 390315.1555 50460.8924 27085.7143 312768.5488

23511.0905 389026.8893 50309.5097 20314.2857 318403.0938

23558.1127 387742.2531 50158.5812 13542.8571 324040.8148

23605.2289 386461.2358 50008.1055 6771.4286 329681.7018

∑ NCFA (i2=20.3) in raport cu ANII

 ∑ NCFA (i2=20.3) in raport cu ANII

16
1602269.1275
1571044.5668
1533315.4549
1487728.2836
1432648.1871
1366100.5115
1285700.2608
1188566.9058

1071221.5225

929462.5969

59

4 5 6 7 8 9 10 11 12 13

ANII
Tprofit(mil euro) VNDT (mil euro) NCF(mil euro) fa=20.3% NCFA ∑ NCFA
0.0000 0.0000 -350.0000 1.0000 -350.0000 -350.0000

41056.0000 362344.0000 362344.0000 0.8330 301827.5718 301477.5718

41952.3566 360122.4434 360122.4434 0.6939 249876.7561 551354.3280

42849.2376 357904.1080 357904.1080 0.5780 206861.7480 758216.0759

43746.6413 355688.9838 355688.9838 0.4815 171246.5209 929462.5969

44644.5662 353477.0606 353477.0606 0.4010 141758.9256 1071221.5225

45543.0106 351268.3286 351268.3286 0.3341 117345.3833 1188566.9058

46441.9728 349062.7778 349062.7778 0.2783 97133.3550 1285700.2608

47341.4513 346860.3981 346860.3981 0.2318 80400.2507 1366100.5115

48241.4443 344661.1798 344661.1798 0.1931 66547.6756 1432648.1871

49141.9504 342465.1130 342465.1130 0.1608 55080.0965 1487728.2836

50042.9678 340272.1877 340272.1877 0.1340 45587.1713 1533315.4549

50944.4950 338082.3942 338082.3942 0.1116 37729.1119 1571044.5668

51846.5304 335895.7228 335895.7228 0.0930 31224.5607 1602269.1275

52749.0723 333712.1635 333712.1635 0.0774 25840.5489 1628109.6764

 1628109.6764
1602269.1275
1571044.5668
3315.4549

∑ NCFA

11 12 13 14 15
 n indice 0 i1 % i2 %

9.5 19.5

ANII I (mil euro) VB (mil euro) R (mil euro) T adv (mil euro) T pp(mil euro)

0 350 0.0000 0.0000 0.0000 0.0000

1 520000.0000 65000.0000 5200.0000 23400.0000

2 - 518440.0000 64805.0000 5184.4000 23329.8000

3 - 516884.6800 64610.5850 5168.8468 23259.8106

4 - 515334.0260 64416.7532 5153.3403 23190.0312

5 - 513788.0239 64223.5030 5137.8802 23120.4611

6 - 512246.6598 64030.8325 5122.4666 23051.0997

7 - 510709.9198 63838.7400 5107.0992 22981.9464

8 - 509177.7901 63647.2238 5091.7779 22913.0006

9 - 507650.2567 63456.2821 5076.5026 22844.2616

10 - 506127.3059 63265.9132 5061.2731 22775.7288

11 - 504608.9240 63076.1155 5046.0892 22707.4016

12 - 503095.0972 62886.8872 5030.9510 22639.2794

13 - 501585.8119 62698.2265 5015.8581 22571.3615

14 - 500081.0545 62510.1318 5000.8105 22503.6475

∑ NCFA
 ∑ NCFA
1400000.0000

1200000.0000

1000000.0000

800000.0000

653913.380

600000.0000
491195.3749

400000.0000

278268.9927

200000.0000

-350.0000
0.0000
0 1 2 3

-200000.0000
 i3 % POT(ANI) 0(X3=3;-17279.1535)

29.5 -2.2589 p(X4=4;114494.1901)

Cop (mil euro) VNîT (mil euro) D(mil euro) A( mil euro) VNT (mil euro)

0.0000 0.0000 0.0000 0.0000 0.0000

23000.0000 403400.0000 52000.0000 94800.0000 256600.0000

23046.0000 402074.8000 51844.0000 88028.5714 262202.2286

23092.0920 400753.3456 51688.4680 81257.1429 267807.7347

23138.2762 399435.6251 51533.4026 74485.7143 273416.5082

23184.5527 398121.6268 51378.8024 67714.2857 279028.5387

23230.9218 396811.3392 51224.6660 60942.8571 284643.8161

23277.3837 395504.7506 51070.9920 54171.4286 290262.3300

23323.9385 394201.8494 50917.7790 47400.0000 295884.0704

23370.5863 392902.6242 50765.0257 40628.5714 301509.0271

23417.3275 391607.0634 50612.7306 33857.1429 307137.1899

23464.1622 390315.1555 50460.8924 27085.7143 312768.5488

23511.0905 389026.8893 50309.5097 20314.2857 318403.0938

23558.1127 387742.2531 50158.5812 13542.8571 324040.8148

23605.2289 386461.2358 50008.1055 6771.4286 329681.7018

∑ NCFA((i3=30.03%) in raport cu ANII

 ∑ NCFA((i3=30.03%) in raport cu ANII

1100889.7743 111979
1076143.3320
1043754.2110
1001363.3863
945884.0771
873277.3509

778258.5704

653913.3809

491195.3749

278268.9927

1 2 3 4 5 6 7 8 9 10 1

ANII
 Tprofit(mil euro) VNDT (mil euro) NCF(mil euro) fa=30.3% NCFA ∑ NCFA
0.0000 0.0000 -350.0000 1.0000 -350.0000 -350.0000

41056.0000 362344.0000 362344.0000 0.7689 278618.9927 278268.9927

41952.3566 360122.4434 360122.4434 0.5913 212926.3822 491195.3749

42849.2376 357904.1080 357904.1080 0.4546 162718.0060 653913.3809

43746.6413 355688.9838 355688.9838 0.3496 124345.1895 778258.5704

44644.5662 353477.0606 353477.0606 0.2688 95018.7805 873277.3509

45543.0106 351268.3286 351268.3286 0.2067 72606.7262 945884.0771

46441.9728 349062.7778 349062.7778 0.1589 55479.3092 1001363.3863

47341.4513 346860.3981 346860.3981 0.1222 42390.8247 1043754.2110

48241.4443 344661.1798 344661.1798 0.0940 32389.1210 1076143.3320

49141.9504 342465.1130 342465.1130 0.0723 24746.4423 1100889.7743

50042.9678 340272.1877 340272.1877 0.0556 18906.5606 1119796.3349

50944.4950 338082.3942 338082.3942 0.0427 14444.3591 1134240.6940

51846.5304 335895.7228 335895.7228 0.0329 11034.9365 1145275.6305

52749.0723 333712.1635 333712.1635 0.0253 8429.9897 1153705.6203

t cu ANII
t cu ANII

1153705.6203
1134240.6940 1145275.6305
1100889.7743 1119796.3349
1076143.3320
.2110

∑ NCFA

9 10 11 12 13 14 15
 n indice 0 i1 % i2 %

9.5 20.03

ANII I (mil euro) VB (mil euro) R (mil euro) T adv (mil euro) T pp(mil euro)

0 350 0.0000 0.0000 0.0000 0.0000

1 - 520000.0000 65000.0000 5200.0000 23400.0000

2 - 518440.0000 64805.0000 5184.4000 23329.8000

3 - 516884.6800 64610.5850 5168.8468 23259.8106

4 - 515334.0260 64416.7532 5153.3403 23190.0312

5 - 513788.0239 64223.5030 5137.8802 23120.4611

6 - 512246.6598 64030.8325 5122.4666 23051.0997

7 - 510709.9198 63838.7400 5107.0992 22981.9464

8 - 509177.7901 63647.2238 5091.7779 22913.0006

9 - 507650.2567 63456.2821 5076.5026 22844.2616

10 - 506127.3059 63265.9132 5061.2731 22775.7288

11 - 504608.9240 63076.1155 5046.0892 22707.4016

12 - 503095.0972 62886.8872 5030.9510 22639.2794

13 - 501585.8119 62698.2265 5015.8581 22571.3615

14 - 500081.0545 62510.1318 5000.8105 22503.6475

 i3 % in1% POT(ANI) 0(X3=3;-17279.1535)

30.03 54 -4.6658 p(X4=4;114494.1901)

10.3

Cop (mil euro) VNîT (mil euro) D(mil euro) A( mil euro) VNT (mil euro)

0.0000 0.0000 0.0000 0.0000 0.0000

23000.0000 403400.0000 52000.0000 94800.0000 256600.0000

23046.0000 402074.8000 51844.0000 88028.5714 262202.2286

23092.0920 400753.3456 51688.4680 81257.1429 267807.7347

23138.2762 399435.6251 51533.4026 74485.7143 273416.5082

23184.5527 398121.6268 51378.8024 67714.2857 279028.5387

23230.9218 396811.3392 51224.6660 60942.8571 284643.8161

23277.3837 395504.7506 51070.9920 54171.4286 290262.3300

23323.9385 394201.8494 50917.7790 47400.0000 295884.0704

23370.5863 392902.6242 50765.0257 40628.5714 301509.0271

23417.3275 391607.0634 50612.7306 33857.1429 307137.1899

23464.1622 390315.1555 50460.8924 27085.7143 312768.5488

23511.0905 389026.8893 50309.5097 20314.2857 318403.0938

23558.1127 387742.2531 50158.5812 13542.8571 324040.8148

23605.2289 386461.2358 50008.1055 6771.4286 329681.7018

Tprofit(mil euro) VNDT (mileuro) NCF(mil euro) fa=30.03% NCFA ∑ NCFA
0.0000 0.0000 -350.0000 1.0000 -350.0000 -350.0000

41056.0000 362344.0000 362344.0000 0.6494 235288.3117 234938.3117

41952.3566 360122.4434 360122.4434 0.4217 151847.8847 386786.1964

42849.2376 357904.1080 357904.1080 0.2738 97995.1362 484781.3326

43746.6413 355688.9838 355688.9838 0.1778 63239.3695 548020.7021

44644.5662 353477.0606 353477.0606 0.1155 40809.1577 588829.8598

45543.0106 351268.3286 351268.3286 0.0750 26333.8689 615163.7287

46441.9728 349062.7778 349062.7778 0.0487 16992.5476 632156.2763

47341.4513 346860.3981 346860.3981 0.0316 10964.5030 643120.7793

48241.4443 344661.1798 344661.1798 0.0205 7074.6650 650195.4443

49141.9504 342465.1130 342465.1130 0.0133 4564.6673 654760.1116

50042.9678 340272.1877 340272.1877 0.0087 2945.0897 657705.2013

50944.4950 338082.3942 338082.3942 0.0056 1900.0888 659605.2901

51846.5304 335895.7228 335895.7228 0.0036 1225.8437 660831.1338

52749.0723 333712.1635 333712.1635 0.0024 790.8278 661621.9617

 n indice 0 i1 % i2 %

9.5 19.5

ANII I (mil euro) VB (mil euro) R (mil euro) T adv (mil euro) T pp(mil euro)

0 350 0.0000 0.0000 0.0000 0.0000

1 - 520000.0000 65000.0000 5200.0000 23400.0000

2 - 518440.0000 64805.0000 5184.4000 23329.8000

3 - 516884.6800 64610.5850 5168.8468 23259.8106

4 - 515334.0260 64416.7532 5153.3403 23190.0312

5 - 513788.0239 64223.5030 5137.8802 23120.4611

6 - 512246.6598 64030.8325 5122.4666 23051.0997

7 - 510709.9198 63838.7400 5107.0992 22981.9464

8 - 509177.7901 63647.2238 5091.7779 22913.0006

9 - 507650.2567 63456.2821 5076.5026 22844.2616

10 - 506127.3059 63265.9132 5061.2731 22775.7288

11 - 504608.9240 63076.1155 5046.0892 22707.4016

12 - 503095.0972 62886.8872 5030.9510 22639.2794

13 - 501585.8119 62698.2265 5015.8581 22571.3615

14 - 500081.0545 62510.1318 5000.8105 22503.6475

i%

1 10.3

2 20.3
 3 30.3

IRR+ 53

IRR- 54

IRR 108.2096
 i3 % in2% POT(ANI) 0(X3=3;-17279.1535)

29.5 53 -4.5528 p(X4=4;114494.1901)

IRR 108.2096

Cop (mil euro) VNîT (mil euro) D(mil euro) A( mil euro) VNT (mil euro)

0.0000 0.0000 0.0000 0.0000 0.0000

23000.0000 403400.0000 52000.0000 94800.0000 256600.0000

23046.0000 402074.8000 51844.0000 88028.5714 262202.2286

23092.0920 400753.3456 51688.4680 81257.1429 267807.7347

23138.2762 399435.6251 51533.4026 74485.7143 273416.5082

23184.5527 398121.6268 51378.8024 67714.2857 279028.5387

23230.9218 396811.3392 51224.6660 60942.8571 284643.8161

23277.3837 395504.7506 51070.9920 54171.4286 290262.3300

23323.9385 394201.8494 50917.7790 47400.0000 295884.0704

23370.5863 392902.6242 50765.0257 40628.5714 301509.0271

23417.3275 391607.0634 50612.7306 33857.1429 307137.1899

23464.1622 390315.1555 50460.8924 27085.7143 312768.5488

23511.0905 389026.8893 50309.5097 20314.2857 318403.0938

23558.1127 387742.2531 50158.5812 13542.8571 324040.8148

23605.2289 386461.2358 50008.1055 6771.4286 329681.7018

∑ NCFA
∑ NCFA

2580652.867136

1628109.676429

3000000
 ∑ NC
1153705.620256

673826.8575 3000000

661621.9617
2580652.86713568
0
2500000

2000000

1628109.6764294

1500000

1153705.62025606

1000000

500000

10.3 20.3 30.3

0
Tprofit(mil euro) VNDT (mil euro) NCF(mil euro) fa=30.05 % NCFA ∑ NCFA
0.0000 0.0000 -350.0000 1.0000 -350.0000 -350.0000

41056.0000 362344.0000 362344.0000 0.6536 236826.1438 236476.1438

41952.3566 360122.4434 360122.4434 0.4272 153839.3111 390315.4549

42849.2376 357904.1080 357904.1080 0.2792 99929.1954 490244.6504

43746.6413 355688.9838 355688.9838 0.1825 64908.9661 555153.6164

44644.5662 353477.0606 353477.0606 0.1193 42160.3377 597313.9541

45543.0106 351268.3286 351268.3286 0.0780 27383.5916 624697.5458

46441.9728 349062.7778 349062.7778 0.0510 17785.3954 642482.9412

47341.4513 346860.3981 346860.3981 0.0333 11551.0981 654034.0392

48241.4443 344661.1798 344661.1798 0.0218 7501.8693 661535.9085

49141.9504 342465.1130 342465.1130 0.0142 4871.9411 666407.8496

50042.9678 340272.1877 340272.1877 0.0093 3163.8852 669571.7348

50944.4950 338082.3942 338082.3942 0.0061 2054.5910 671626.3258

51846.5304 335895.7228 335895.7228 0.0040 1334.1844 672960.5103

52749.0723 333712.1635 333712.1635 0.0026 866.3473 673826.8575

∑ NCFA in raport cu I%
∑ NCFA I%
 ∑ NCFA in raport cu I%
∑ NCFA I%

94

1153705.62025606

673826.857531848
661621.961662973

30.3 5354

I%
 0
108.209553999575
 n indice 0 i1 % i2 %

9.5

ANII I (mil euro) VB (mil euro) R (mil euro) T adv (mil euro) T pp(mil euro)

0 350.0000 0.0000 0.0000 0.0000 0.0000

1 - 494000.0000 61750.0000 4940.0000 22230.0000

2 - 467892.1000 58486.5125 4678.9210 21055.1445

3 - 443164.0025 55395.5003 4431.6400 19942.3801

4 - 419742.7850 52467.8481 4197.4278 18888.4253

5 - 397559.3788 49694.9223 3975.5938 17890.1720

6 - 376548.3656 47068.5457 3765.4837 16944.6765

7 - 356647.7845 44580.9731 3566.4778 16049.1503

8 - 337798.9491 42224.8686 3377.9895 15200.9527

9 - 319946.2746 39993.2843 3199.4627 14397.5824

10 - 303037.1140 37879.6393 3030.3711 13636.6701

11 - 287021.6025 35877.7003 2870.2160 12915.9721

12 - 271852.5108 33981.5639 2718.5251 12233.3630

13 - 257485.1056 32185.6382 2574.8511 11586.8298

14 - 243877.0178 30484.6272 2438.7702 10974.4658

∑ NCFA (mil euro)

 ∑ NCFA (mil euro)

1800000.0000

1600000.0000

1400000.0000

1200000.0000

1000000.0000 9357

800000.0000 762628.3883

600000.0000 553934.6275

400000.0000
302483.8028

200000.0000

-350.0000
0.0000
0 1 2 3

-200000.0000
 i3 % i4 % POT(ANI) 0(X2=2;-127070.5986)

12.5 -0.6543 p(X3=3;91023.2285)

Cop (mil euro) VNîT (mil euro) D(mil euro) A( mil euro) VNT (mil euro)

0.0000 0.0000 0.0000 0.0000 0.0000

23000.0000 382080.0000 49400.0000 94800.0000 237880.0000

23046.0000 360625.5220 46789.2100 88028.5714 225807.7406

23092.0920 340302.3901 44316.4003 81257.1429 214728.8470

23138.2762 321050.8075 41974.2785 74485.7143 204590.8147

23184.5527 302814.1379 39755.9379 67714.2857 195343.9143

23230.9218 285538.7380 37654.8366 60942.8571 186941.0443

23277.3837 269173.7996 35664.7785 54171.4286 179337.5926

23323.9385 253671.1998 33779.8949 47400.0000 172491.3049

23370.5863 238985.3589 31994.6275 40628.5714 166362.1600

23417.3275 225073.1060 30303.7114 33857.1429 160912.2517

23464.1622 211893.5519 28702.1603 27085.7143 156105.6774

23511.0905 199407.9684 27185.2511 20314.2857 151908.4316

23558.1127 187579.6740 25748.5106 13542.8571 148288.3063

23605.2289 176373.9257 24387.7018 6771.4286 145214.7954

il euro) ∑ NCFA ((i4=14.1%) in raport cu timpul

il euro) ∑ NCFA ((i4=14.1%) in raport cu timpul

1547310.8663
1501339.6147
1445648.8560
1378245.2867
1296733.3409
1198234.6961

1079291.7410

935751.8136

762628.3883

553934.6275

.8028

2 3 4 5 6 7 8 9 10 11

TIMP (ANI)
 Tprofit(mil euro) VNDT (mil euro) NCF(mil euro) fa=14.1% NCFA(mil euro) ∑ NCFA(mil euro)
0.0000 0.0000 -350.0000 1.0000 -350.0000 -350.0000

38060.8000 344019.2000 344019.2000 0.8803 302833.8028 302483.8028

36129.2385 324496.2835 324496.2835 0.7749 251450.8247 553934.6275

34356.6155 305945.7745 305945.7745 0.6821 208693.7608 762628.3883

32734.5304 288316.2771 288316.2771 0.6005 173123.4253 935751.8136

31255.0263 271559.1116 271559.1116 0.5286 143539.9274 1079291.7410

29910.5671 255628.1709 255628.1709 0.4653 118942.9551 1198234.6961

28694.0148 240479.7848 240479.7848 0.4096 98498.6447 1296733.3409

27598.6088 226072.5910 226072.5910 0.3606 81511.9459 1378245.2867

26617.9456 212367.4133 212367.4133 0.3174 67403.5693 1445648.8560

25745.9603 199327.1457 199327.1457 0.2794 55690.7587 1501339.6147

24976.9084 186916.6435 186916.6435 0.2459 45971.2517 1547310.8663

24305.3491 175102.6194 175102.6194 0.2165 37909.9024 1585220.7687

23726.1290 163853.5450 163853.5450 0.1906 31227.5228 1616448.2915

23234.3673 153139.5585 153139.5585 0.1678 25691.5763 1642139.8678

pul
pul

1642139.8678
1616448.2915
1585220.7687
1547310.8663
1501339.6147
445648.8560

∑ NCFA

9 10 11 12 13 14 15
 n indice 0 i1 % i2 %

9.5

i5%

15

ANII I (mil euro) VB (mil euro) R (mil euro) T adv (mil euro) T pp(mil euro)

0 350.0000 0.0000 0.0000 0.0000 0.0000

1 - 494000.0000 61750.0000 4940.0000 22230.0000

2 - 467892.1000 58486.5125 4678.9210 21055.1445

3 - 443164.0025 55395.5003 4431.6400 19942.3801

4 - 419742.7850 52467.8481 4197.4278 18888.4253

5 - 397559.3788 49694.9223 3975.5938 17890.1720

6 - 376548.3656 47068.5457 3765.4837 16944.6765

7 - 356647.7845 44580.9731 3566.4778 16049.1503

8 - 337798.9491 42224.8686 3377.9895 15200.9527

9 - 319946.2746 39993.2843 3199.4627 14397.5824

10 - 303037.1140 37879.6393 3030.3711 13636.6701

11 - 287021.6025 35877.7003 2870.2160 12915.9721

12 - 271852.5108 33981.5639 2718.5251 12233.3630

13 - 257485.1056 32185.6382 2574.8511 11586.8298

14 - 243877.0178 30484.6272 2438.7702 10974.4658

∑ NCFA(mil lei) ∑ NCFA (

1600000.0000
 ∑ NCFA(mil lei) ∑ NCFA (

1600000.0000

1400000.0000

1200000.0000
110939

1007932.8617
1000000.0000

882202.3556

800000.0000
726487.4492

600000.0000
533739.2940

400000.0000
295265.7308

200000.0000

350.0000
0.0000
0 1 2 3 4 5 6
 i3 % i4 % POT(ANI) 0(X2=2;-149065.3485)

12.5 -0.7691 p(X3=3;52365.0364)

Cop (mil euro) VNîT (mil euro) D(mil euro) A( mil euro) VNT (mil euro) Tprofit(mil euro)

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

23000.0000 382080.0000 49400.0000 94800.0000 237880.0000 38060.8000

23046.0000 360625.5220 46789.2100 88028.5714 225807.7406 36129.2385

23092.0920 340302.3901 44316.4003 81257.1429 214728.8470 34356.6155

23138.2762 321050.8075 41974.2785 74485.7143 204590.8147 32734.5304

23184.5527 302814.1379 39755.9379 67714.2857 195343.9143 31255.0263

23230.9218 285538.7380 37654.8366 60942.8571 186941.0443 29910.5671

23277.3837 269173.7996 35664.7785 54171.4286 179337.5926 28694.0148

23323.9385 253671.1998 33779.8949 47400.0000 172491.3049 27598.6088

23370.5863 238985.3589 31994.6275 40628.5714 166362.1600 26617.9456

23417.3275 225073.1060 30303.7114 33857.1429 160912.2517 25745.9603

23464.1622 211893.5519 28702.1603 27085.7143 156105.6774 24976.9084

23511.0905 199407.9684 27185.2511 20314.2857 151908.4316 24305.3491

23558.1127 187579.6740 25748.5106 13542.8571 148288.3063 23726.1290

23605.2289 176373.9257 24387.7018 6771.4286 145214.7954 23234.3673

∑ NCFA (i5=17.4%) in raport cu timpul

1437057.4990 14
1414928.8866
1387343.7128
 ∑ NCFA (i5=17.4%) in raport cu timpul

1437057.4990 14
1414928.8866
1387343.7128
1352994.5782
1310265.9434
1257162.1936
1191219.0014

1109394.1223

1007932.8617

882202.3556

492

4 5 6 7 8 9 10 11 12 13

TIMP (ANI)
 VNDT (mil euro) NCF(mil euro) fa=17.4% NCFA(mil euro) ∑ NCFA(mil euro)
0.0000 350.0000 1.0000 350.0000 350.0000

344019.2000 344019.2000 0.8573 294915.7308 295265.7308

324496.2835 324496.2835 0.7349 238473.5632 533739.2940

305945.7745 305945.7745 0.6300 192748.1552 726487.4492

288316.2771 288316.2771 0.5401 155714.9064 882202.3556

271559.1116 271559.1116 0.4630 125730.5061 1007932.8617

255628.1709 255628.1709 0.3969 101461.2606 1109394.1223

240479.7848 240479.7848 0.3403 81824.8792 1191219.0014

226072.5910 226072.5910 0.2917 65943.1922 1257162.1936

212367.4133 212367.4133 0.2501 53103.7498 1310265.9434

199327.1457 199327.1457 0.2144 42728.6347 1352994.5782

186916.6435 186916.6435 0.1838 34349.1346 1387343.7128

175102.6194 175102.6194 0.1575 27585.1738 1414928.8866

163853.5450 163853.5450 0.1351 22128.6124 1437057.4990

153139.5585 153139.5585 0.1158 17729.6837 1454787.1826

1437057.4990 1454787.1826
414928.8866
 1437057.4990 1454787.1826
414928.8866

∑ NCFA

12 13 14 15
 n indice 16 i1 % i2 %

10.3

i5% in1%

17.4 45

ANII I (mil euro) VB (mil euro) R (mil euro) T adv (mil euro) T pp(mil euro)

0 350.0000 0.0000 0.0000 0.0000 0.0000

1 - 600400.0000 75050.0000 6004.0000 27018.0000

2 - 568668.8600 71083.6075 5686.6886 25590.0987

3 - 538614.7107 67326.8388 5386.1471 24237.6620

4 - 510148.9233 63768.6154 5101.4892 22956.7015

5 - 483187.5527 60398.4441 4831.8755 21743.4399

6 - 457651.0905 57206.3863 4576.5109 20594.2991

7 - 433464.2304 54183.0288 4334.6423 19505.8904

8 - 410555.6458 51319.4557 4105.5565 18475.0041

9 - 388857.7799 48607.2225 3888.5778 17498.6001

10 - 368306.6463 46038.3308 3683.0665 16573.7991

11 - 348841.6400 43605.2050 3488.4164 15697.8738

12 - 330405.3593 41300.6699 3304.0536 14868.2412

13 - 312943.4361 39117.9295 3129.4344 14082.4546

14 - 296404.3755 37050.5469 2964.0438 13338.1969

 i3 % i4 % POT(ANI) 0(X2=2;-149065.3485)

14.1 -1.9454 p(X3=3;52365.0364)

Cop (mil euro) VNîT (mil euro) D(mil euro) A( mil euro) VNT (mil euro) Tprofit(mil euro)

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

79000.0000 413328.0000 60040.0000 94800.0000 258488.0000 41358.0800

79158.0000 387150.4652 56866.8860 88028.5714 242255.0078 38760.8012

79316.3160 362347.7468 53861.4711 81257.1429 227229.1329 36356.6613

79474.9486 338847.1685 51014.8923 74485.7143 213346.5618 34135.4499

79633.8985 316579.8947 48318.7553 67714.2857 200546.8537 32087.4966

79793.1663 295480.7279 45765.1091 60942.8571 188772.7617 30203.6419

79952.7527 275487.9163 43346.4230 54171.4286 177970.0647 28475.2103

80112.6582 256542.9714 41055.5646 47400.0000 168087.4068 26893.9851

80272.8835 238590.4961 38885.7780 40628.5714 159076.1466 25452.1835

80433.4292 221578.0207 36830.6646 33857.1429 150890.2132 24142.4341

80594.2961 205455.8487 34884.1640 27085.7143 143485.9704 22957.7553

80755.4847 190176.9100 33040.5359 20314.2857 136822.0883 21891.5341

80916.9957 175696.6219 31294.3436 13542.8571 130859.4212 20937.5074

81078.8297 161972.7583 29640.4375 6771.4286 125560.8921 20089.7427

VNDT (mil euro) NCF(mil euro) fa=45 % NCFA ∑ NCFA
0.0000 -350.0000 1.0000 -350.0000 -350.0000

371969.9200 371969.9200 0.6897 256530.9793 256180.9793

348389.6640 348389.6640 0.4756 165702.5750 421883.5543

325991.0856 325991.0856 0.3280 106930.5295 528814.0838

304711.7186 304711.7186 0.2262 68931.4077 597745.4915

284492.3981 284492.3981 0.1560 44384.4308 642129.9224

265277.0860 265277.0860 0.1076 28542.4813 670672.4036

247012.7059 247012.7059 0.0742 18329.1902 689001.5938

229648.9863 229648.9863 0.0512 11752.2363 700753.8301

213138.3126 213138.3126 0.0353 7522.2801 708276.1103

197435.5866 197435.5866 0.0243 4805.5756 713081.6858

182498.0934 182498.0934 0.0168 3063.4465 716145.1324

168285.3758 168285.3758 0.0116 1948.1857 718093.3181

154759.1145 154759.1145 0.0080 1235.5838 719328.9019

141883.0155 141883.0155 0.0055 781.2290 720110.1309

 n indice 0 i1 % i2 %

9.5

i5% in2%

16.6 44

ANII I (mil euro) VB (mil euro) R (mil euro) T adv (mil euro) T pp(mil euro)

0 350.0000 0.0000 0.0000 0.0000 0.0000

1 - 494000.0000 61750.0000 4940.0000 22230.0000

2 - 467892.1000 58486.5125 4678.9210 21055.1445

3 - 443164.0025 55395.5003 4431.6400 19942.3801

4 - 419742.7850 52467.8481 4197.4278 18888.4253

5 - 397559.3788 49694.9223 3975.5938 17890.1720

6 - 376548.3656 47068.5457 3765.4837 16944.6765

7 - 356647.7845 44580.9731 3566.4778 16049.1503

8 - 337798.9491 42224.8686 3377.9895 15200.9527

9 - 319946.2746 39993.2843 3199.4627 14397.5824

10 - 303037.1140 37879.6393 3030.3711 13636.6701

11 - 287021.6025 35877.7003 2870.2160 12915.9721

12 - 271852.5108 33981.5639 2718.5251 12233.3630

13 - 257485.1056 32185.6382 2574.8511 11586.8298

14 - 243877.0178 30484.6272 2438.7702 10974.4658

 4

IRR(A)+

IRR(A)-

IRR
 i3 % i4 % POT(ANI) 0(X2=2;-149065.3485)

14.1 -1.8555 p(X3=3;52365.0364)

IRR 21.7281

Cop (mil euro) VNîT (mil euro) D(mil euro) A( mil euro) VNT (mil euro) Tprofit(mil euro)

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

23000.0000 382080.0000 49400.0000 94800.0000 237880.0000 38060.8000

23046.0000 360625.5220 46789.2100 88028.5714 225807.7406 36129.2385

23092.0920 340302.3901 44316.4003 81257.1429 214728.8470 34356.6155

23138.2762 321050.8075 41974.2785 74485.7143 204590.8147 32734.5304

23184.5527 302814.1379 39755.9379 67714.2857 195343.9143 31255.0263

23230.9218 285538.7380 37654.8366 60942.8571 186941.0443 29910.5671

23277.3837 269173.7996 35664.7785 54171.4286 179337.5926 28694.0148

23323.9385 253671.1998 33779.8949 47400.0000 172491.3049 27598.6088

23370.5863 238985.3589 31994.6275 40628.5714 166362.1600 26617.9456

23417.3275 225073.1060 30303.7114 33857.1429 160912.2517 25745.9603

23464.1622 211893.5519 28702.1603 27085.7143 156105.6774 24976.9084

23511.0905 199407.9684 27185.2511 20314.2857 151908.4316 24305.3491

23558.1127 187579.6740 25748.5106 13542.8571 148288.3063 23726.1290

23605.2289 176373.9257 24387.7018 6771.4286 145214.7954 23234.3673

∑ NCFA(mil euro)

1800000
 ∑ NCFA(mil euro)
I% ∑ NCFA
13.6 1642139.86783902 1800000

15 1454787.18260866 1642139.86783902

1600000
44 689166.7420
1454787.18260866
45 720110.130933168
1400000
21.7281 0
1200000

1000000

800000

600000

400000

200000

13.6 15
0
12.00 14.00 16.00 18.
 VNDT (mil euro) NCF(mil euro) fa=44 % NCFA ∑ NCFA
0.0000 -350.0000 1.0000 -350.0000 -350.0000

344019.2000 344019.2000 0.6944 238902.2222 238552.2222

324496.2835 324496.2835 0.4823 156489.3343 395041.5565

305945.7745 305945.7745 0.3349 102460.6209 497502.1773

288316.2771 288316.2771 0.2326 67053.1513 564555.3286

271559.1116 271559.1116 0.1615 43858.3126 608413.6412

255628.1709 255628.1709 0.1122 28670.4005 637084.0418

240479.7848 240479.7848 0.0779 18730.1446 655814.1863

226072.5910 226072.5910 0.0541 12227.7901 668041.9764

212367.4133 212367.4133 0.0376 7976.7402 676018.7167

199327.1457 199327.1457 0.0261 5199.2599 681217.9766

186916.6435 186916.6435 0.0181 3385.7942 684603.7708

175102.6194 175102.6194 0.0126 2202.6360 686806.4068

163853.5450 163853.5450 0.0087 1431.3421 688237.7489

153139.5585 153139.5585 0.0061 928.9931 689166.7420

∑ NCFA in raport cu I%
A(mil euro) ∑ NCFA I%
 ∑ NCFA in raport cu I%
A(mil euro) ∑ NCFA I%

39.86783902

1454787.18260866

13.6 15 21.7281426956213
0

14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 30.00 32.00 34.00 36.00 38.00

i%
 720110.130933168
689166.742035812

44 45

34.00 36.00 38.00 40.00 42.00 44.00 46.00 48.00

 n indice 0 i1 % i2 %

10.3

ANII I (mil euro) VB (mil euro) R (mil euro) T adv (mil euro) T pp(mil euro)

0 350.0000 0.0000 0.0000 0.0000 0.0000

1 - 520000.0000 65000.0000 5200.0000 23400.0000

2 - 518440.0000 64805.0000 5184.4000 23329.8000

3 - 516884.6800 64610.5850 5168.8468 23259.8106

4 - 515334.0260 64416.7532 5153.3403 23190.0312

5 - 513788.0239 64223.5030 5137.8802 23120.4611

6 - 512246.6598 64030.8325 5122.4666 23051.0997

7 - 510709.9198 63838.7400 5107.0992 22981.9464

8 - 509177.7901 63647.2238 5091.7779 22913.0006

9 - 507650.2567 63456.2821 5076.5026 22844.2616

10 - 506127.3059 63265.9132 5061.2731 22775.7288

11 - 504608.9240 63076.1155 5046.0892 22707.4016

12 - 503095.0972 62886.8872 5030.9510 22639.2794

13 - 501585.8119 62698.2265 5015.8581 22571.3615

14 - 500081.0545 62510.1318 5000.8105 22503.6475

 i3 % i6% POT(ANI) 0(X2=2;-76574.1644)

12.8 -0.4409 p(X3=3;182333.4064)

Cop (mil euro) VNîT (mil euro) D(mil euro) A( mil euro) VNT (mil euro)

0.0000 0.0000 0.0000 0.0000 0.0000

23690.0000 402710.0000 52000.0000 94800.0000 255910.0000

24449.5014 400671.2986 51844.0000 88028.5714 260798.7272

25233.3524 398612.0852 51688.4680 81257.1429 265666.4743

26042.3337 396531.5676 51533.4026 74485.7143 270512.4507

26877.2509 394428.9287 51378.8024 67714.2857 275335.8406

27738.9356 392303.3255 51224.6660 60942.8571 280135.8023

28628.2459 390153.8884 51070.9920 54171.4286 284911.4679

29546.0674 387979.7204 50917.7790 47400.0000 289661.9414

30493.3143 385779.8962 50765.0257 40628.5714 294386.2991

31470.9300 383553.4609 50612.7306 33857.1429 299083.5874

32479.8880 381299.4297 50460.8924 27085.7143 303752.8230

33521.1932 379016.7865 50309.5097 20314.2857 308392.9911

34595.8827 376704.4831 50158.5812 13542.8571 313003.0448

35705.0267 374361.4380 50008.1055 6771.4286 317581.9040

∑ NCFA (mil euro)

2500000.0000
 ∑ NCFA (mil euro)

2500000.0000

2000000.0000

1500000.0000

1062855.1979
1000000.0000
846965.8429

600820.9639

500000.0000

320212.4226

350.0000
0.0000
0 1 2 3 4
 Tprofit(mil euro) VNDT (mil euro) NCF(mil euro) fa=13.6% NCFA(mil euro) ∑ NCFA(mil euro)
0.0000 0.0000 350.0000 1.0000 350.0000 350.0000

40945.6000 361764.4000 361764.4000 0.8842 319862.4226 320212.4226

41727.7963 358943.5023 358943.5023 0.7818 280608.5413 600820.9639

42506.6359 356105.4493 356105.4493 0.6912 246144.8790 846965.8429

43281.9921 353249.5755 353249.5755 0.6112 215889.3550 1062855.1979

44053.7345 350375.1942 350375.1942 0.5404 189330.3888 1252185.5867

44821.7284 347481.5971 347481.5971 0.4778 166018.3829 1418203.9697

45585.8349 344568.0536 344568.0536 0.4224 145558.2331 1563762.2028

46345.9106 341633.8098 341633.8098 0.3735 127602.7414 1691364.9442

47101.8079 338678.0883 338678.0883 0.3302 111846.8237 1803211.7679

47853.3740 335700.0869 335700.0869 0.2920 98022.4164 1901234.1843

48600.4517 332698.9780 332698.9780 0.2582 85893.9970 1987128.1813

49342.8786 329673.9079 329673.9079 0.2283 75254.6460 2062382.8273

50080.4872 326623.9960 326623.9960 0.2018 65922.5842 2128305.4115

50813.1046 323548.3334 323548.3334 0.1785 57738.1279 2186043.5394

o) ∑ NCFA (i6= 13.6%) in raport cu timpul

o) ∑ NCFA (i6= 13.6%) in raport cu timpul

2062382.8
1987128.1813
1901234.1843
1803211.7679
1691364.9442

1563762.2028

1418203.9697

1252185.5867

1062855.1979

846965.8429

0820.9639

2 3 4 5 6 7 8 9 10 11 12

TIMP (ANI)
2186043.5394
 2186043.5394
2128305.4115
2062382.8273
1987128.1813
4.1843

∑ NCFA

0 11 12 13 14 15
 n indice 0 i1 % i2 %

9.5

i7%

15.85

ANII I (mil euro) VB (mil euro) R (mil euro) T adv (mil euro) T pp(mil euro)

0 350.0000 0.0000 0.0000 0.0000 0.0000

1 - 520000.0000 65000.0000 5200.0000 23400.0000

2 - 518440.0000 64805.0000 5184.4000 23329.8000

3 - 516884.6800 64610.5850 5168.8468 23259.8106

4 - 515334.0260 64416.7532 5153.3403 23190.0312

5 - 513788.0239 64223.5030 5137.8802 23120.4611

6 - 512246.6598 64030.8325 5122.4666 23051.0997

7 - 510709.9198 63838.7400 5107.0992 22981.9464

8 - 509177.7901 63647.2238 5091.7779 22913.0006

9 - 507650.2567 63456.2821 5076.5026 22844.2616

10 - 506127.3059 63265.9132 5061.2731 22775.7288

11 - 504608.9240 63076.1155 5046.0892 22707.4016

12 - 503095.0972 62886.8872 5030.9510 22639.2794

13 - 501585.8119 62698.2265 5015.8581 22571.3615

14 - 500081.0545 62510.1318 5000.8105 22503.6475

 i3 % i6% POT(ANI) 0(X2=2;-100803.0590)

13.35 -0.5428 p(X3=3;138329.3311)

Cop (mil euro) VNîT (mil euro) D(mil euro) A( mil euro) VNT (mil euro)

0.0000 0.0000 0.0000 0.0000 0.0000

23690.0000 402710.0000 52000.0000 94800.0000 255910.0000

24449.5014 400671.2986 51844.0000 88028.5714 260798.7272

25233.3524 398612.0852 51688.4680 81257.1429 265666.4743

26042.3337 396531.5676 51533.4026 74485.7143 270512.4507

26877.2509 394428.9287 51378.8024 67714.2857 275335.8406

27738.9356 392303.3255 51224.6660 60942.8571 280135.8023

28628.2459 390153.8884 51070.9920 54171.4286 284911.4679

29546.0674 387979.7204 50917.7790 47400.0000 289661.9414

30493.3143 385779.8962 50765.0257 40628.5714 294386.2991

31470.9300 383553.4609 50612.7306 33857.1429 299083.5874

32479.8880 381299.4297 50460.8924 27085.7143 303752.8230

33521.1932 379016.7865 50309.5097 20314.2857 308392.9911

34595.8827 376704.4831 50158.5812 13542.8571 313003.0448

35705.0267 374361.4380 50008.1055 6771.4286 317581.9040

∑ NCFA(mil euro) ∑ NCFA (i7= 16.6

2000000.0000
 ∑ NCFA(mil euro) ∑ NCFA (i7= 16.6

2000000.0000

1800000.0000

1600000.0000

142
1400000.0000
1306491.1019

1200000.0000 1164971.5241

999227.7283
1000000.0000

805136.9989
800000.0000

600000.0000 577878.0587

400000.0000
311813.1080

200000.0000

350.0000
0.0000
0 1 2 3 4 5 6

TIM
Tprofit(mil euro) VNDT (mil euro) NCF(mil euro) fa=16.65% NCFA(mil euro) ∑ NCFA(mil euro)
0.0000 0.0000 350.0000 1.0000 350.0000 350.0000

40945.6000 361764.4000 361764.4000 0.8610 311463.1080 311813.1080

41727.7963 358943.5023 358943.5023 0.7412 266064.9506 577878.0587

42506.6359 356105.4493 356105.4493 0.6382 227258.9402 805136.9989

43281.9921 353249.5755 353249.5755 0.5494 194090.7294 999227.7283

44053.7345 350375.1942 350375.1942 0.4730 165743.7958 1164971.5241

44821.7284 347481.5971 347481.5971 0.4073 141519.5778 1306491.1019

45585.8349 344568.0536 344568.0536 0.3506 120820.4672 1427311.5690

46345.9106 341633.8098 341633.8098 0.3019 103135.2513 1530446.8203

47101.8079 338678.0883 338678.0883 0.2599 88026.6496 1618473.4699

47853.3740 335700.0869 335700.0869 0.2238 75120.6457 1693594.1156

48600.4517 332698.9780 332698.9780 0.1927 64097.3554 1757691.4710

49342.8786 329673.9079 329673.9079 0.1659 54683.2108 1812374.6818

50080.4872 326623.9960 326623.9960 0.1428 46644.2704 1859018.9522

50813.1046 323548.3334 323548.3334 0.1230 39780.4937 1898799.4459

∑ NCFA (i7= 16.65%) in raport cu timpul

1898799.4
1859018.9522
 ∑ NCFA (i7= 16.65%) in raport cu timpul

1898799.4
1859018.9522
1812374.6818
1757691.4710
1693594.1156
1618473.4699
1530446.8203

1427311.5690

1306491.1019

1164971.5241

27.7283

4 5 6 7 8 9 10 11 12 13 14

TIMP (ANI)
 1898799.4459
1859018.9522
 1898799.4459
1859018.9522
18

∑ NCFA

13 14 15
 n indice 0 i1 % i2 %

9.5

i7% in1%

15.85 53

ANII I (mil euro) VB (mil euro) R (mil euro) T adv (mil euro) T pp(mil euro)

0 350.0000 0.0000 0.0000 0.0000 0.0000

1 - 520000.0000 65000.0000 5200.0000 23400.0000

2 - 518440.0000 64805.0000 5184.4000 23329.8000

3 - 516884.6800 64610.5850 5168.8468 23259.8106

4 - 515334.0260 64416.7532 5153.3403 23190.0312

5 - 513788.0239 64223.5030 5137.8802 23120.4611

6 - 512246.6598 64030.8325 5122.4666 23051.0997

7 - 510709.9198 63838.7400 5107.0992 22981.9464

8 - 509177.7901 63647.2238 5091.7779 22913.0006

9 - 507650.2567 63456.2821 5076.5026 22844.2616

10 - 506127.3059 63265.9132 5061.2731 22775.7288

11 - 504608.9240 63076.1155 5046.0892 22707.4016

12 - 503095.0972 62886.8872 5030.9510 22639.2794

13 - 501585.8119 62698.2265 5015.8581 22571.3615

14 - 500081.0545 62510.1318 5000.8105 22503.6475

 i3 % i6% POT(ANI) 0(X2=2;-76574.1644)

13.35 -1.9168 p(X3=3;182333.4064)

Cop (mil euro) VNîT (mil euro) D(mil euro) A( mil euro) VNT (mil euro)

0.0000 0.0000 0.0000 0.0000 0.0000

23690.0000 402710.0000 52000.0000 94800.0000 255910.0000

24449.5014 400671.2986 51844.0000 88028.5714 260798.7272

25233.3524 398612.0852 51688.4680 81257.1429 265666.4743

26042.3337 396531.5676 51533.4026 74485.7143 270512.4507

26877.2509 394428.9287 51378.8024 67714.2857 275335.8406

27738.9356 392303.3255 51224.6660 60942.8571 280135.8023

28628.2459 390153.8884 51070.9920 54171.4286 284911.4679

29546.0674 387979.7204 50917.7790 47400.0000 289661.9414

30493.3143 385779.8962 50765.0257 40628.5714 294386.2991

31470.9300 383553.4609 50612.7306 33857.1429 299083.5874

32479.8880 381299.4297 50460.8924 27085.7143 303752.8230

33521.1932 379016.7865 50309.5097 20314.2857 308392.9911

34595.8827 376704.4831 50158.5812 13542.8571 313003.0448

35705.0267 374361.4380 50008.1055 6771.4286 317581.9040

Tprofit(mil euro) VNDT (mil euro) NCF(mil euro) fa=53 % NCFA ∑ NCFA
0.0000 0.0000 -350.0000 1.0000 -350.0000 -350.0000

40945.6000 361764.4000 361764.4000 0.6536 236447.3203 236097.3203

41727.7963 358943.5023 358943.5023 0.4272 153335.6838 389433.0041

42506.6359 356105.4493 356105.4493 0.2792 99426.9980 488860.0021

43281.9921 353249.5755 353249.5755 0.1825 64463.8034 553323.8055

44053.7345 350375.1942 350375.1942 0.1193 41790.3682 595114.1737

44821.7284 347481.5971 347481.5971 0.0780 27088.3919 622202.5656

45585.8349 344568.0536 344568.0536 0.0510 17556.3809 639758.9464

46345.9106 341633.8098 341633.8098 0.0333 11377.0429 651135.9894

47101.8079 338678.0883 338678.0883 0.0218 7371.6418 658507.6311

47853.3740 335700.0869 335700.0869 0.0142 4775.7012 663283.3323

48600.4517 332698.9780 332698.9780 0.0093 3093.4687 666376.8010

49342.8786 329673.9079 329673.9079 0.0061 2003.4910 668380.2921

50080.4872 326623.9960 326623.9960 0.0040 1297.3570 669677.6491

50813.1046 323548.3334 323548.3334 0.0026 839.9610 670517.6101

 n indice 0 i1 % i2 %

9.5

i7% in2%

15.85 52

ANII I (mil euro) VB (mil euro) R (mil euro) T adv (mil euro) T pp(mil euro)

0 350.0000 0.0000 0.0000 0.0000 0.0000

1 - 520000.0000 65000.0000 5200.0000 23400.0000

2 - 518440.0000 64805.0000 5184.4000 23329.8000

3 - 516884.6800 64610.5850 5168.8468 23259.8106

4 - 515334.0260 64416.7532 5153.3403 23190.0312

5 - 513788.0239 64223.5030 5137.8802 23120.4611

6 - 512246.6598 64030.8325 5122.4666 23051.0997

7 - 510709.9198 63838.7400 5107.0992 22981.9464

8 - 509177.7901 63647.2238 5091.7779 22913.0006

9 - 507650.2567 63456.2821 5076.5026 22844.2616

10 - 506127.3059 63265.9132 5061.2731 22775.7288

11 - 504608.9240 63076.1155 5046.0892 22707.4016

12 - 503095.0972 62886.8872 5030.9510 22639.2794

13 - 501585.8119 62698.2265 5015.8581 22571.3615

14 - 500081.0545 62510.1318 5000.8105 22503.6475

 i3 % i6% POT(ANI) 0(X2=2;-76574.1644)

13.35 -1.8758 p(X3=3;182333.4064)

IRR 106.4317

Cop (mil euro) VNîT (mil euro) D(mil euro) A( mil euro) VNT (mil euro)

0.0000 0.0000 0.0000 0.0000 0.0000

23690.0000 402710.0000 52000.0000 94800.0000 255910.0000

24449.5014 400671.2986 51844.0000 88028.5714 260798.7272

25233.3524 398612.0852 51688.4680 81257.1429 265666.4743

26042.3337 396531.5676 51533.4026 74485.7143 270512.4507

26877.2509 394428.9287 51378.8024 67714.2857 275335.8406

27738.9356 392303.3255 51224.6660 60942.8571 280135.8023

28628.2459 390153.8884 51070.9920 54171.4286 284911.4679

29546.0674 387979.7204 50917.7790 47400.0000 289661.9414

30493.3143 385779.8962 50765.0257 40628.5714 294386.2991

31470.9300 383553.4609 50612.7306 33857.1429 299083.5874

32479.8880 381299.4297 50460.8924 27085.7143 303752.8230

33521.1932 379016.7865 50309.5097 20314.2857 308392.9911

34595.8827 376704.4831 50158.5812 13542.8571 313003.0448

35705.0267 374361.4380 50008.1055 6771.4286 317581.9040

i% ∑ NCFA
 6 12.8 2186043.53939

7 15.85 1898799.445923

irr(b)+ 52 683066.6750

irr(b)- 53 670517.6101

irr 106.4317 0
Tprofit(mil euro) VNDT (mil euro) NCF(mil euro) fa=52 % NCFA ∑ NCFA
0.0000 0.0000 -350.0000 1.0000 -350.0000 -350.0000

40945.6000 361764.4000 361764.4000 0.6579 238002.8947 237652.8947

41727.7963 358943.5023 358943.5023 0.4328 155359.8954 393012.7901

42506.6359 356105.4493 356105.4493 0.2848 101402.3117 494415.1018

43281.9921 353249.5755 353249.5755 0.1873 66177.0337 560592.1355

44053.7345 350375.1942 350375.1942 0.1232 43183.2587 603775.3942

44821.7284 347481.5971 347481.5971 0.0811 28175.4124 631950.8066

45585.8349 344568.0536 344568.0536 0.0533 18381.0321 650331.8387

46345.9106 341633.8098 341633.8098 0.0351 11989.8056 662321.6442

47101.8079 338678.0883 338678.0883 0.0231 7819.7849 670141.4292

47853.3740 335700.0869 335700.0869 0.0152 5099.3588 675240.7880

48600.4517 332698.9780 332698.9780 0.0100 3324.8496 678565.6376

49342.8786 329673.9079 329673.9079 0.0066 2167.5121 680733.1496

50080.4872 326623.9960 326623.9960 0.0043 1412.8025 682145.9521

50813.1046 323548.3334 323548.3334 0.0028 920.7229 683066.6750

∑ NCFA in r
∑ NCFA(mil euro) ∑ NCF

2500000
 ∑ NCFA in r
∑ NCFA(mil euro) ∑ NCF

2500000

2186043.53939008

2000000 1898799.44592301

1500000

1000000

683066.674968643
670517.6100852

500000

12.8 15.85 5253

0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
.0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0
10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56
∑ NCFA in raport cu i%
∑ NCFA I%
 ∑ NCFA in raport cu i%
∑ NCFA I%

683066.674968643
670517.610085244

5253 0
106.431679277736

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
.0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0
42 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 100 102 104 106 108 110
i%
 0
106.431679277736

0 0 0 0 0 0 0 0 0
.0 .0 .0 .0 .0 .0 .0 .0 .0
94 96 98 100 102 104 106 108 110