Inflatio Mexic 7%

Cota de 35%
impozitare
2008 2009
Costuri de exploatare estimate, proces manual
Volumul unitar (anii 000) 496

Materiale 564,816
Muncă directă 1,115,184
Aeriene 1,680,000
Total 3,360,000
Materiale/unitate 1.1387
Forță de muncă directă/unitate 2.2484

Costuri de exploatare estimate, echipamente automate noi

Volumul unitar (anii 000)
Materiale 496
Muncă directă 542,223
Aeriene 524,136
Total 1,566,211
Materiale/unitate 2,632,570
Forță de muncă directă/ unitate 1.0932
1.0567
Flux de numerar (MXN)
(+) Costurilor
(-) Impozitul pe economii
(+) Vindeți mașină veche 727,430
Valoarea cărții vechi mach 254,601
Pierderi înregistrate la vânzarea activelor 175,000
250,000
(+) Scut fiscal de la scrierea de (-) Cumpara mach 75,000
nou amortizare 26,250
(+) Scut fiscal de la dep. 3,500,000
(-) Serviciul de împrumut 350,000
122,500
Echilibru 550,422
Către principal 3,500,000 3,271,928
Dobânda (9.21%) 228,072
(+) Dobânda fiscală Shiel 322,350
112,823
(+) Valoare sălbatică
Total flux de numerar (3,298,750) 157,730
NPV @ pesos @ 8% (532,801)
Convertiți în euro @ 15.99MXN / E (33,321)
 2010 2011 2012 2013 2014 2015

546 600 660 660 660 660

664,788 782,456 920,951 985,417 1,054,396 1,128,204
1,312,572 1,544,897 1,818,343 1,945,627 2,081,821 2,227,549
1,797,600 1,923,432 2,058,072 2,202,137 2,356,287 2,521,227
3,774,960 4,250,785 4,797,366 5,133,1815,492,504 5,876,980
1.2185 1.3037 1.395 1.4927 1.5971 1.7089
2.4057 2.5741 2.7543 2.9471 3.1534 3.3742

546 600 660 660 660 660

638,197 751,158 884,113 946,001 1,012,221 1,083,076
616,909 726,101 854,621 914,445 978,456 1,046,948
1,675,846 1,793,155 1,918,676 2,052,983 2,196,692 2,350,460
2,930,9523,270,414 3,657,410 3,913,429 4,187,369 4,480,484
1.1697 1.2516 1.3392 1.433 1.5333 1.6406
1.1307 1.2098 1.2945 1.3852 1.4821 1.5859

844,008 980,371 1,139,956 1,219,752 1,305,135 1,396,496

295,403 343,130 398,985 426,913 456,797 488,774

350,000 350,000 350,000 350,000 350,000 350,000

122,500 122,500 122,500 122,500 122,500 122,500
550,422 550,422 550,422 550,422 550,422 550,422
3,022,851 2,750,834 2,453,764 2,129,334 1,775,024 1,388,082
249,077 272,017 297,070 324,430 354,310 386,942
301,345 278,405 253,352 225,992 196,112 163,480
105,471 97,442 88,673 79,097 68,639 57,218

226,154 306,761 401,723 444,014 489,055 537,019

 2016 2017 CAGR 2018

660 660 660

1,207,178 1,291,681 1,382,099
2,383,477 2,550,321 2,728,843
2,697,713 2,886,553 3,088,611
6,288,368 6,728,555 7,199,553
1.8286 1.9566 2.0935
3.6104 3.8631 4.1335

660 660 660

1,158,891 1,240,014 1,326,815
1,120,234 1,198,651 1,282,556
2,514,993 2,691,042 2,879,415
4,794,118 5,129,707 5,488,786
1.7554 1.8783 2.0098
1.6969 1.8157 1.9427

1,494,250 1,598,848 1,710,767 10.0%

522,988 559,597 598,768

350,000 350,000 350,000

122,500 122,500 122,500
550,422 550,422 550,422
965,502 504,003 0
422,579 461,499 504,003
127,842 88,923 46,419
44,745 31,123 16,247
0
588,086 642,452 700,323
 Inflatio Mexic 7%
Cota de 35%
impozitare

2008 2009 2010

Costuri de exploatare estimate, proces manual
Volumul unitar (anii 000) 496 546
Materiale 564,816 664,788
Muncă directă 1,115,184 1,312,572
Aeriene 1,680,000 1,797,600
Total 3,360,000 3,774,960
Materiale/unitate 1.1387 1.2185
Forță de muncă directă/unitate 2.2484 2.4057

Costuri de exploatare estimate, echipamente automate noi

Volumul unitar (anii 000) 496
Materiale 542,223 546
Muncă directă 524,136 638,197
Aeriene 1,566,211 616,909
1,675,846
Total 2,632,570 2,930,952
Materiale/unitate 1.0932 1.1697
Forță de muncă directă/ unitate 1.0567 1.1307

Flux de numerar (MXN)

(+) Costurilor 727,430 844,008
(-) Impozitul pe economii 254,601 295,403
(+) Vindeți mașină veche 175,000
Valoarea cărții vechi mach 250,000
Pierderi înregistrate la vânzarea activelor 75,000
(-) Pierderea f deprecierea mașinii vechi (29,167) (29,167)
(+) Scut fiscal de la scrierea de 26,250
(-) Cumpărați mach nou 3,500,000
Amortizare 350,000 350,000
(+) Scut fiscal de la dep. 122,500 122,500
(+) Valoare sălbatică
Total flux de numerar (3,298,750) 566,163 641,938
NPV @ pesos @ 12.19% 1,478,997
a) Convertiți în euro @ 15.99MXN / E 92,495

Wacc în euro 8.00%

Wacc în pesos 12,19% Cu adjusment de efect Fisher

Euro CF -$206,301 $34,084 $37,201

 b) VAN în euro @ 8% VAN în pesos $92,495 $1,478,997

Inflația Mexic 7% 7% 7%
Inflație Euro 3% 3% 3%
PPP MXN/Euro $15.99 $16.61 $17.26

Rata guvernamentală I Mexic 9.12% 9.12% 9.12%

Rata guvernamentală I Franța 4.81% 4.81% 4.81%
Am șobolan MXN/Euro $15.99 $16.65 $17.33

Expe MXN/Euro $15.99 $20.00 $20.00

c) Ajustarea în funcție de inflație

(3,298,750)
NPV în pesos 566,162 621,430
869,715

Împrumut
Capex 3,298,750
Sedn în Franța 869,715Rata maximă int
4,168,465 12.19%

Echilibru 4,168,465 4,168,465 4,110,613

Interes 508,310 501,255
Principal 57,852 120,175
Echilibru 4,168,465 4,110,613 3,990,438
 2011 2012 2013 2014 2015 2016 2017

600 660 660 660 660 660 660

782,456 920,951 985,417 1,054,396 1,128,204 1,207,178 1,291,681
1,544,897 1,818,343 1,945,627 2,081,821 2,227,549 2,383,477 2,550,321
1,923,432 2,058,072 2,202,137 2,356,287 2,521,227 2,697,713 2,886,553
4,250,785 4,797,366 5,133,181 5,492,504 5,876,9806,288,368 6,728,555
1.3037 1.395 1.4927 1.5971 1.7089 1.8286 1.9566
2.5741 2.7543 2.9471 3.1534 3.3742 3.6104 3.8631

600 660 660 660 660 660 660

751,158 884,113 946,001 1,012,221 1,083,076 1,158,891 1,240,014
726,101 854,621 914,445 978,456 1,046,948 1,120,234 1,198,651
1,793,155 1,918,676 2,052,983 2,196,692 2,350,460 2,514,993 2,691,042
3,270,414 3,657,410 3,913,429 4,187,369 4,480,484 4,794,118 5,129,707
1.2516 1.3392 1.433 1.5333 1.6406 1.7554 1.8783
1.2098 1.2945 1.3852 1.4821 1.5859 1.6969 1.8157

980,371 1,139,956 1,219,752 1,305,135 1,396,496 1,494,250 1,598,848

343,130 398,985 426,913 456,797 488,774 522,988 559,597

(29,167)

350,000
122,500 350,000 350,000 350,000 350,000 350,000 350,000
122,500 122,500 122,500 122,500 122,500 122,500
730,574
863,471 915,339 970,838 1,030,222 1,093,763 1,161,751

$40,755 $46,367 $47,315 $48,308 $49,347 $50,432 $51,564

 7% 7% 7% 7% 7% 7% 7%
3% 3% 3% 3% 3% 3% 3%
$17.93 $18.62 $19.35 $20.10 $20.88 $21.69 $22.53

9.12% 9.12% 9.12% 9.12% 9.12% 9.12% 9.12%

4.81% 4.81% 4.81% 4.81% 4.81% 4.81% 4.81%
$18.04 $18.79 $19.56 $20.36 $21.20 $22.07 $22.98

$20.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00

683,820 783,440 915,339 970,838 1,030,222 866,394 888,710

3,990,438 3,793,219 3,472,331 2,980,414 2,373,014 1,632,161 964,795

486,601 462,552 423,422 363,437 289,369 199,029 117,649
197,219 320,888 491,917 607,401 740,853 667,365 771,061
3,793,219 3,472,331 2,980,414 2,373,014 1,632,161 964,795 193,734
 CAGR 2018

660 1,382,099
2,728,843
3,088,611
7,199,553
2.0935 4.1335

660 1,326,815
1,282,556
2,879,415
5,488,786
2.0098 1.9427

1,710,767
10.0%
598,768

350,000
122,500 0
1,234,499

$52,744
7%
3% $23.41
9.12%
4.81% $23.93
 $25.00

911,697

193,734
23,624
888,073
(694,339)