ESTIMATIVA DOS FLUXOS DE CAIXA ANUAIS DA FABRICANTE DE MOLDES VULCAN

CUSTO DA MÃO DE OBRA ($38,170.00) ($39,315.00) ($40,494.00)

SEMI AUTO LABOR $0.00 $0.00 $0.00
MANUTENÇÃO ($59,500.00) ($61,285.00) ($63,124.00)
COMBUSTÍVEL ($26,850.00) ($27,656.00) ($28,485.00)
MÃO DE OBRA $5,200.00 $5,356.00 $5,517.00
DEPRECIAÇÃO ($126,250.00) ($126,250.00) ($126,250.00)
CUSTOS ANTES DE ($245,570.00) ($249,150.00) ($252,836.00)
IMPOSTOS $105,595.00 $107,134.00 $108,720.00
CUSTO APÓS IMPOSTOS ($139,975.00) ($142,016.00) ($144,116.00)
+ DEPREC $126,250.00 $126,250.00 $126,250.00
- CAP GASTAR ($813,296.00) $0.00 $0.00 $0.00
FLUXO DE CAIXA ($13,725.00) ($15,766.00) ($17,866.00)

ESTIMATIVA DE FLUXOS DE CAIXA ANUAIS DE MÁQUINAS SEMI-AUTOMATIZADAS

MÃO DE OBRA OPERACIONAL ($295,546.00) ($304,412.00) ($313,544.00)

MÃO DE OBRA DE MANUTENÇÃO ($39,564.00) ($40,751.00) ($41,973.00)
MAINTEN SUPP ($4,000.00) ($4,120.00) ($4,244.00)
COMBUSTÍVEL ($12,300.00) ($12,669.00) ($13,049.00)
DEPRECIAÇÃO ($47,521.00) ($47,521.00) ($47,521.00)
CUSTO ANTES DE IMPOSTOS ($398,931.00) ($409,473.00) ($420,331.00)
IMPOSTOS $171,540.00 $176,073.00 $180,742.00
CUSTO APÓS IMPOSTOS ($227,391.00) ($233,400.00) ($239,589.00)
+DEPRECIAÇÃO $47,521.00 $47,521.00 $47,521.00
-DESPESAS DA PAC $0.00 $0.00 $0.00
FLUXO DE CAIXA ($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)
QUESTÃO 2 FLUXO DE CAIXA VULCAN
0 12
CUSTO DA MÃO DE ($38,170.00) ($38,170.00) ($38,170.00)
OBRAAUTO LABOR
SEMI $0.00 $0.00 $0.00
MANUTENÇÃO ($59,500.00) ($59,500.00) ($59,500.00)
COMBUSTÍVEL ($26,850.00) ($26,850.00) ($26,850.00)
MÃO DE OBRA $5,200.00 $5,200.00 $5,200.00
DEPRECIAÇÃO ($126,250.00) ($126,250.00) ($126,250.00)
CUSTOS ANTES DE ($245,570.00) ($245,570.00) ($245,570.00)
IMPOSTOS $105,595.00 $105,595.00 $105,595.00
CUSTO APÓS IMPOSTOS ($139,975.00) ($139,975.00) ($139,975.00)
+ DEPREC $126,250.00 $126,250.00 $126,250.00
- CAP GASTAR ($813,296.00) $0.00 $0.00 $0.00
FLUXO DE CAIXA ($13,725.00) ($13,725.00) ($13,725.00)

QUESTÃO 3 FLUXO DE CAIXA SEMI-AUTOMATIZADO

MÃO DE OBRA OPERACIONAL ($295,546.00) ($295,546.00) ($295,546.00)
MÃO DE OBRA DE MANUTENÇÃO ($39,564.00) ($39,564.00) ($39,564.00)
MAINTEN SUPP ($4,000.00) ($4,000.00) ($4,000.00)
COMBUSTÍVEL ($12,300.00) ($12,300.00) ($12,300.00)
DEPRECIAÇÃO ($47,521.00) ($47,521.00) ($47,521.00)
CUSTO ANTES DE IMPOSTOS ($398,931.00) ($398,931.00) ($398,931.00)
IMPOSTOS $171,540.00 $171,540.00 $171,540.00
CUSTO APÓS IMPOSTOS ($227,391.00) ($227,391.00) ($227,391.00)
+DEPRECIAÇÃO $47,521.00 $47,521.00 $47,521.00
-DESPESAS DA PAC $0.00 $0.00 $0.00
FLUXO DE CAIXA ($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.

Máquina Nova Máquina

Venda antiga280,000,000 280,000,000
Custos 351409.6 119319.6
Depreciação 47520 126,250
EBIT 279,601,070 279,754,430
Impostos(43%) 120228460.3 120294405.1
Lucro Líquido 159,372,610 159,460,025
Fluxo de Caixa Operacional 159,420,130 159,586,275

Custos da máquina Velho Novo

# funcionários 24 2
salário 7.33 11.36
Horas 8 8
manutenção 188.4 59500
# de empregados equivalentes 3 0
salário 7.85 0
Horas 8 0
suprimentos 4000 0
poder 12300 26850
poupança 0 5200
Dias 210 210
Custos 351409.6 119319.6

Valor contábil
Perda de Capital = Valor de Revenda - Valor Contábil
Poupança Fiscal=Perda de Capital*Taxa de Imposto
Despesas de Capital = Custo da Nova Máquina-Valor de Revenda da
Máquina Velha

Fluxos

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

depreciação para máquina nova

126,250

-166,145

A Nova Máquina economizaria 166.145 por ano com o nível atual de vendas. É um Fluxo
de Caixa Incremental positivo.

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

e-savings em
Impostos
Taxa de desconto
18% 19%

VPL -59976.96 -85397.98

TIR 15.84%
Índice de Rentabilidade 0.93 0.89
Período de Payback 4.90

Assunção de 1984 14%

Assunção do Acionista Majoritário 18%

Custo de Capital Próprio 12.80%

WACC 9.86%
17%

-33100.66

0.96
 Custo de Patrimônio Líquido = Rf + β( E(Rm) - Rf )

Taxa livre de risco 5.30%

Prêmio de Risco 6.00%
β (Beta) 1.25

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

Taxa de Juros da Dívida 6.80%

Alíquota 43.00%
Dívida 33.0%
Equidade 67.0%