Professional Documents
Culture Documents
Exploração
Amortizações
Balanço
DR
EOEP
Fundo de Maneio
Pressupostos
Contas de Exploração
Sensibilidade
Plano Financeiro
Cash-Flow
Merchandising e Rendas
Análise de Equilíbrio
Pessoal
xploração
Índice
PERÍODOS DAS PROJECÇÕES E UNIDADE MONETÁRIA
Ano Base 2009 2010 2011
Ano 0 1 2
Unidade Monetária €
PRESSUPOSTOS MACROECONÓMICOS
INDICADORES 0 1 2
Taxa de Inflação 0.00% 0.70% 1.00%
Factor Acumulado de Inflação 1.0000 1.0070 1.0171
Taxa de Inflação (Custos com o Pessoal) 0.00% 1.70% 2.00%
Factor Acumulado de Inflação (Custos com o Pessoal) 1.0000 1.0170 1.0373
3 4 5 6 7 8
1.40% 1.80% 1.90% 2.00% 2.20% 2.40%
1.0313 1.0499 1.0698 1.0912 1.1152 1.1420
2.40% 2.80% 2.90% 3.00% 3.20% 3.40%
1.0622 1.0920 1.1236 1.1574 1.1944 1.2350
Financiamento
3,806,937.06 €
1,670,811.17 €
315,533.66 €
124,585.01 €
5,917,866.90 €
Capitais Próprios 1,369,437.06 €
Total Dívida + CP 7,287,303.96 €
Debt/Equity 4.32
2018 2019 2020
9 10 11
9 10 11
2.50% 2.50% 2.50%
1.1705 1.1998 1.2298
3.50% 3.50% 3.50%
1.2782 1.3230 1.3693
Índice
MAPA DE INVESTIMENTO EM CAPITAL FIXO - REINVESTIMENTOS REALIZADOS NO ANO POSTERIOR AO ÚLTIMO ANO DE AMORTIZAÇÃO - A PR
C. Aquisição Vida Útil Taxa (QC) 0
IMOBILIZADO CORPÓREO
Terrenos e Outras Construções
Terreno 3,250,000.00 € 0 0.00% 3,250,000.00 €
Sub-Total 3,250,000.00 € - - 3,250,000.00 €
Equipamento Básico
Material de Incêndio 14,195.48 € 4 25.00% €
Máquinas Especificadas 565,861.71 € 8 12.50% €
Equipamento de Energia Solar 55,540.00 € 4 25.00% €
Aparelhagem e Máq. Electrónicas 146,436.31 € 5 20.00% €
Ar Condicionado 130,361.67 € 8 12.50% €
Sub-Total 912,395.17 € - - €
Equipamentos Administrativos
Material de Escritório 214.56 € 3 33.33% €
Programa de Computadores 12,567.50 € 3 33.33% €
Mobiliário 16,346.59 € 8 12.50% €
Sub-Total 29,128.65 € - - €
IMOBILIZADO INCORPOREO
Despesas de Instalação
Despesas de Constituição 3,500.00 € 3 33.33% 3,500.00 €
Sub-Total 3,500.00 € - - 3,500.00 €
Propriedade Industrial
Patente (logotipo) 2,600.00 € 3 33.33% €
Site 5,000.00 € 10 10.00% €
Sub-Total 7,600.00 € - - €
MAPA DE INVESTIMENTO EM CAPITAL FIXO - REINVESTIMENTOS REALIZADOS NO ANO POSTERIOR AO ÚLTIMO ANO DE AMORTIZAÇÃO - A PR
C. Aquisição Vida Útil Taxa (QC) 0
IMOBILIZADO CORPÓREO
Terrenos e Outras Construções
Terreno 3,250,000.00 € 0 0.00% 3,250,000.00 €
Sub-Total 3,250,000.00 € - - 3,250,000.00 €
Equipamento Básico
Material de Incêndio 14,195.48 € 4 25.00% €
Máquinas Não Especificadas 565,861.71 € 8 12.50% €
Equipamento de Energia Solar 55,540.00 € 4 25.00% €
Aparelhagem e Máq. Electrónicas 146,436.31 € 5 20.00% €
Ar Condicionado 130,361.67 € 8 12.50% €
Sub-Total 912,395.17 € - - €
Equipamentos Administrativos
Material de Escritório 214.56 € 3 33.33% €
Programa de Computadores 12,567.50 € 3 33.33% €
Mobiliário 16,346.59 € 8 12.50% €
Sub-Total 29,128.65 € - - €
IMOBILIZADO INCORPOREO
Despesas de Instalação
Despesas de Constituição 3,500.00 € 3 33.33% 3,500.00 €
Sub-Total 3,500.00 € - - 3,500.00 €
Propriedade Industrial
Patente (logotipo) 2,600.00 € 3 33.33% €
Site 5,000.00 € 10 10.00% €
Sub-Total 7,600.00 € - - €
€ € € € € € € € €
€ € € € € € € € €
1,670,811.17 € 278,468.53 € € € € € € € €
1,670,811.17 € 278,468.53 € € € € € € € €
€ 14,195.48 € € € € 14,195.48 € € € €
€ 441,276.70 € € 124,585.01 € € € € € €
€ 55,540.00 € € € € 55,540.00 € € € €
€ 146,436.31 € € € € € 146,436.31 € € €
€ 130,361.67 € € € € € € € €
€ 787,810.16 € € 124,585.01 € € 69,735.48 € 146,436.31 € € €
€ € € € € € € € €
€ € € € € € € € €
€ € € € € € € € €
€ 286,960.00 € € € € € € € €
€ 286,960.00 € € € € € € € €
€ € € € € € € € €
€ € € € € € € € €
1,670,811.17 € 278,468.53 € € € € € € € €
1,670,811.17 € 278,468.53 € € € € € € € €
€ 14,437.80 € € € € 15,490.34 € € € €
€ 441,276.70 € € 124,585.01 € € € € € €
€ 56,488.07 € € € € 60,606.17 € € € €
€ 148,935.98 € € € € € 163,309.18 € € €
€ 132,586.94 € € € € € € € €
€ 793,725.49 € € 124,585.01 € € 76,096.51 € 163,309.18 € € €
€ € € € € € € € €
€ € € € € € € € €
€ € € € € € € € €
€ 291,858.41 € € € € € € € €
€ 291,858.41 € € € € € € € €
€ €
€ €
€ €
€ €
14,195.48 € €
441,276.70 € €
55,540.00 € €
€ €
130,361.67 € €
641,373.85 € €
€ 214.56 €
€ 12,567.50 €
16,346.59 € €
16,346.59 € 12,782.06 €
657,720.44 € 12,782.06 €
€ €
€ €
€ €
€ €
€ €
2,600.00 € €
€ €
2,600.00 € €
2,600.00 € €
660,320.44 € 12,782.06 €
€
10 11
1.1998 1.2298
€ €
€ €
€ €
€ €
17,031.76 € €
441,276.70 € €
66,636.99 € €
€ €
156,408.17 € €
681,353.62 € €
€ 263.87 €
€ 15,455.47 €
19,612.67 € €
19,612.67 € 15,719.34 €
700,966.29 € 15,719.34 €
€ €
€ €
€ €
€ €
€ €
3,119.48 € €
€ €
3,119.48 € €
3,119.48 € €
704,085.78 € 15,719.34 €
Índice
Equipamento Básico
Material de Incêndio 14,195.48 € 4 25.00% € €
Máquinas Não Especificadas 565,861.71 € 8 12.50% € €
Equipamento de Energia Solar 55,540.00 € 4 25.00% € €
Aparelhagem e Máq. Electrónicas 146,436.31 € 5 20.00% € €
Ar Condicionado 130,361.67 € 8 12.50% € €
Sub-Total 898,199.69 € - - € €
Equipamentos Administrativos
Material de Escritório 214.56 € 3 33.33% € €
Programa de Computadores 12,567.50 € 3 33.33% € €
Mobiliário 16,346.59 € 8 12.50% € €
Sub-Total 29,128.65 € - - € €
IMOBILIZADO INCORPOREO
Despesas de Instalação
Despesas de Constituição 3,500.00 € 3 33.33% € 1,166.67 €
Sub-Total 3,500.00 € - - € 1,166.67 €
Propriedade Industrial
Patente (logotipo) 2,600.00 € 3 33.33% € 866.67 €
Site 5,000.00 € 10 10.00% € €
Sub-Total 5,000.00 € - - € 866.67 €
IMOBILIZADO INCORPÓREO 305,460.00 € - - € 5,366.67 €
MAPA DE INVESTIMENTO EM CAPITAL FIXO - REINVESTIMENTOS REALIZADOS NO ANO POSTERIOR AO ÚLTIMO ANO DE AMORTIZAÇÃO - A PR
C. Aquisição Vida Útil Taxa (QC) 0 1
IMOBILIZADO CORPÓREO
Terrenos e Outras Construções
Terreno 3,250,000.00 € 0 0.00% € €
Sub-Total 3,250,000.00 € - - € €
Equipamento Básico
Material de Incêndio 14,195.48 € 4 25.00% € €
Máquinas Não Especificadas 565,861.71 € 8 12.50% € €
Equipamento de Energia Solar 55,540.00 € 4 25.00% € €
Aparelhagem e Máq. Electrónicas 146,436.31 € 5 20.00% € €
Ar Condicionado 130,361.67 € 8 12.50% € €
Sub-Total 898,199.69 € - - € €
Equipamentos Administrativos
Material de Escritório 214.56 € 3 33.33% € €
Programa de Computadores 12,567.50 € 3 33.33% € €
Mobiliário 16,346.59 € 8 12.50% € €
Sub-Total 29,128.65 € - - € €
IMOBILIZADO INCORPOREO
Despesas de Instalação
Despesas de Constituição 3,500.00 € 3 33.33% € 1,166.67 €
Sub-Total 3,500.00 € - - € 1,166.67 €
€ € € € € € € €
€ € € € € € € €
1,166.67 € 1,166.67 € € € € € € €
1,166.67 € 1,166.67 € € € € € € €
3,333.33 € 3,333.33 € € € € € € €
95,653.33 € 95,653.33 € 95,653.33 € € € € € €
98,986.67 € 98,986.67 € 95,653.33 € € € € € €
€ € € € € € € €
€ € € € € € € €
1,166.67 € 1,166.67 € € € € € € €
1,166.67 € 1,166.67 € € € € € € €
3,333.33 € 3,333.33 € € € € € € €
97,286.14 € 97,286.14 € 97,286.14 € € € € € €
100,619.47 € 100,619.47 € 97,286.14 € € € € € €
872.73 € 872.73 € 909.89 € 909.89 € 909.89 € 966.53 € 966.53 € 966.53 €
508.54 € 508.54 € 508.54 € 508.54 € 508.54 € 508.54 € 508.54 € 508.54 €
1,381.27 € 1,381.27 € 1,418.42 € 1,418.42 € 1,418.42 € 1,475.06 € 1,475.06 € 1,475.06 €
€ €
€ €
11,138.74 € 11,138.74 €
11,138.74 € 11,138.74 €
3,548.87 € 3,548.87 €
70,732.71 € 70,732.71 €
13,885.00 € 13,885.00 €
29,287.26 € 29,287.26 €
16,295.21 € 16,295.21 €
133,749.05 € 133,749.05 €
71.52 € 71.52 €
4,189.17 € 4,189.17 €
2,043.32 € 2,043.32 €
6,304.01 € 6,304.01 €
151,191.81 € 151,191.81 €
€ €
€ €
€ €
€ €
€ €
866.67 € 866.67 €
500.00 € 500.00 €
1,366.67 € 1,366.67 €
1,366.67 € 1,366.67 €
152,558.47 € 152,558.47 €
€
10 11
1.2 1.23
€ €
€ €
11,138.74 € 11,138.74 €
11,138.74 € 11,138.74 €
4,257.94 € 4,257.94 €
70,732.71 € 70,732.71 €
16,659.25 € 16,659.25 €
32,661.84 € 32,661.84 €
19,551.02 € 19,551.02 €
143,862.76 € 143,862.76 €
81.68 € 87.96 €
4,783.98 € 5,151.82 €
2,451.58 € 2,451.58 €
7,317.24 € 7,691.36 €
162,318.74 € 162,692.86 €
€ €
€ €
€ €
€ €
€ €
1,039.83 € 1,039.83 €
508.54 € 508.54 €
1,548.36 € 1,548.36 €
1,548.36 € 1,548.36 €
163,867.10 € 164,241.23 €
MAPA DE IMOBILIZADO - A PREÇOS CONSTANTES DO ANO 0
C. Aquisição Vida Útil
IMOBILIZADO CORPÓREO
Terrenos e Outras Construções
Terreno 3,250,000.00 € 0
Sub-Total 3,250,000.00 € -
Equipamento Básico
Material de Incêndio 14,195.48 € 4
Máquinas Não Especificadas 565,861.71 € 8
Equipamento de Energia Solar 55,540.00 € 4
Aparelhagem e Máq. Electrónicas 146,436.31 € 5
Ar Condicionado 130,361.67 € 8
Sub-Total 912,395.17 € -
Equipamentos Administrativos
Material de Escritório 214.56 € 3
Programa de Computadores 12,567.50 € 3
Mobiliário 16,346.59 € 8
Sub-Total 29,128.65 € -
IMOBILIZADO INCORPOREO
Despesas de Instalação
Despesas de Constituição 3,500.00 € 3
Sub-Total 3,500.00 € -
Propriedade Industrial
Patente (logotipo) 2,600.00 € 3
Site 5,000.00 € 10
Sub-Total 7,600.00 € -
TOTAL IMOBILIZADO INCORPÓREO 308,060.00 € -
IMOBILIZADO CORPÓREO
Terrenos e Outras Construções
Terreno 3,250,000.00 € 0
Sub-Total 3,250,000.00 € -
Equipamento Básico
Material de Incêndio 14,195.48 € 4
Máquinas Não Especificadas 565,861.71 € 8
Equipamento de Energia Solar 55,540.00 € 4
Aparelhagem e Máq. Electrónicas 146,436.31 € 5
Ar Condicionado 130,361.67 € 8
Sub-Total 912,395.17 € -
Equipamentos Administrativos
Material de Escritório 214.56 € 3
Programa de Computadores 12,567.50 € 3
Mobiliário 16,346.59 € 8
Sub-Total 29,128.65 € -
IMOBILIZADO INCORPOREO
Despesas de Instalação
Despesas de Constituição 3,500.00 € 3
Sub-Total 3,500.00 € -
Taxa (QC) 0 1 2 3
Taxa (QC) 0 1 2 3
4 5 6 7 8
9 10 11
Equipamento Básico
Material de Incêndio 14,195.48 € 4
Máquinas Não Especificadas 565,861.71 € 8
Equipamento de Energia Solar 55,540.00 € 4
Aparelhagem e Máq. Electrónicas 146,436.31 € 5
Ar Condicionado 130,361.67 € 8
Sub-Total 912,395.17 € -
Equipamentos Administrativos
Material de Escritório 214.56 € 3
Programa de Computadores 12,567.50 € 3
Mobiliário 16,346.59 € 8
Sub-Total 29,128.65 € -
IMOBILIZADO INCORPOREO
Despesas de Instalação
Despesas de Constituição 3,500.00 € 3
Sub-Total 3,500.00 € -
Propriedade Industrial
Patente (logotipo) 2,600.00 € 3
Site 5,000.00 € 10
Sub-Total 7,600.00 € -
TOTAL IMOBILIZADO INCORPÓREO 308,060.00 € -
IMOBILIZADO CORPÓREO
Terrenos e Outras Construções
Terreno 3,250,000.00 € 0
Sub-Total 3,250,000.00 € -
Equipamento Básico
Material de Incêndio 14,195.48 € 4
Máquinas Não Especificadas 565,861.71 € 8
Equipamento de Energia Solar 55,540.00 € 4
Aparelhagem e Máq. Electrónicas 146,436.31 € 5
Ar Condicionado 130,361.67 € 8
Sub-Total 912,395.17 € -
Equipamentos Administrativos
Material de Escritório 214.56 € 3
Programa de Computadores 12,567.50 € 3
Mobiliário 16,346.59 € 8
Sub-Total 29,128.65 € -
IMOBILIZADO INCORPOREO
Despesas de Instalação
Despesas de Constituição 3,500.00 € 3
Sub-Total 3,500.00 € -
0% € € € € €
- € € € € €
Taxa (QC) 0 1 2 3 4
0% € € € € €
- € € € € €
€ € € € €
€ € € € €
5 6 7 8 9
€ € € € €
€ € € € €
€ €
€ €
100,248.67 € 111,387.41 €
100,248.67 € 111,387.41 €
3,548.87 € 7,097.74 €
164,171.47 € 234,904.19 €
13,885.00 € 27,770.00 €
117,149.05 € 146,436.31 €
16,295.21 € 32,590.42 €
315,049.60 € 448,798.65 €
214.56 € 71.52 €
12,567.50 € 4,189.17 €
2,043.32 € 4,086.65 €
14,825.38 € 8,347.33 €
430,123.65 € 568,533.40 €
3,500.00 € 3,500.00 €
3,500.00 € 3,500.00 €
10,000.00 € 10,000.00 €
286,960.00 € 286,960.00 €
296,960.00 € 296,960.00 €
866.67 € 1,733.33 €
4,500.00 € 5,000.00 €
5,366.67 € 6,733.33 €
305,826.67 € 307,193.33 €
735,950.32 € 875,726.73 €
€
10 11
1.1998 1.2298
€ €
€ €
100,248.67 € 111,387.41 €
100,248.67 € 111,387.41 €
4,257.94 € 8,515.88 €
164,171.47 € 234,904.19 €
16,659.25 € 33,318.50 €
130,647.35 € 163,309.18 €
19,551.02 € 39,102.04 €
335,287.03 € 479,149.79 €
245.03 € 87.96 €
14,351.94 € 5,151.82 €
2,451.58 € 4,903.17 €
17,048.55 € 10,142.95 €
452,584.25 € 600,680.15 €
3,500.00 € 3,500.00 €
3,500.00 € 3,500.00 €
10,000.00 € 10,000.00 €
291,858.41 € 291,858.41 €
301,858.41 € 301,858.41 €
1,039.83 € 2,079.66 €
4,576.82 € 5,085.35 €
5,616.64 € 7,165.01 €
310,975.05 € 312,523.41 €
763,559.30 € 913,203.56 €
Índice
PRESSUPOSTOS PARA PREVISÃO DA PROCURA
Taxas Crescimento País = Taxas Crescimento Grande Lisboa
Todos os Federados de Futebol Frequentam um Clube ou Academia
PREÇO
Livre 8 vezes por mês
Cartão Bronze Off Peak Peak Off Peak
Musculação e Cardio 45.00 € 55.00 € 25.00 €
Piscina 45.00 € 55.00 € 20.00 €
Aulas de Grupo 40.00 € 50.00 € 20.00 €
Média 43.33 € 53.33 € 21.67 €
Cartão Prata Média 65.00 € 80.00 € 32.50 €
Cartão Ouro 70.00 € 85.00 € 55.00 €
CAPACIDADE
2011 2012 2013 2014
Capacidade Instalada 8256 8256 10631 10631
Capacidade Máxima 10631 10631 10631 10631
Vendas
Cartão Ouro - Livre - Peak 85.00 € 2,396,873.76 €
Cartão Ouro - Livre - Off Peak 70.00 € 493,474.01 €
Cartão Ouro - 8 vezes mês - Peak 65.00 € 610,967.82 €
Cartão Ouro - 8 vezes mês - Off Peak 55.00 € 129,243.19 €
Cartão Prata - Livre - Peak 80.00 € 140,992.57 €
Cartão Prata - Livre - Off Peak 65.00 € 76,370.98 €
Cartão Prata - 8 vezes mês - Peak 47.50 € 83,714.34 €
Cartão Prata - 8 vezes mês - Off Peak 32.50 € 38,185.49 €
Cartão Bronze - Livre - Peak 53.33 € 93,995.05 €
Cartão Bronze - Livre - Off Peak 43.33 € 50,913.99 €
Cartão Bronze - 8 vezes mês - Peak 31.67 € 55,809.56 €
Cartão Bronze - 8 vezes mês - Off Peak 21.67 € 25,456.99 €
Total Vendas 4,195,997.76 €
Total Vendas Ajustadas 2,799,158.01 €
Vendas
Cartão Ouro - Livre - Peak 85.00 € 2,437,788.40 €
Cartão Ouro - Livre - Off Peak 70.00 € 501,897.61 €
Cartão Ouro - 8 vezes mês - Peak 65.00 € 621,397.04 €
Cartão Ouro - 8 vezes mês - Off Peak 55.00 € 131,449.37 €
Cartão Prata - Livre - Peak 80.00 € 143,399.32 €
Cartão Prata - Livre - Off Peak 65.00 € 77,674.63 €
Cartão Prata - 8 vezes mês - Peak 47.50 € 85,143.34 €
Cartão Prata - 8 vezes mês - Off Peak 32.50 € 38,837.32 €
Cartão Bronze - Livre - Peak 53.33 € 95,599.55 €
Cartão Bronze - Livre - Off Peak 43.33 € 51,783.09 €
Cartão Bronze - 8 vezes mês - Peak 31.67 € 56,762.23 €
Cartão Bronze - 8 vezes mês - Off Peak 21.67 € 25,891.54 €
Total Vendas 4,267,623.44 €
Total Vendas Ajustadas 2,846,939.64 €
2014 2015 2016 2017 2018 2019
6857 7028 7203 7383 7567 7756
95 98 100 103 105 108
266 273 280 287 294 302
7028 7203 7383 7567 7756 7950
€
8 vezes por mês
Peak
35.00 €
30.00 €
30.00 €
31.67 €
47.50 € 25%
65.00 €
80.00%
20.00%
80.00%
20.00%
60.00%
40.00%
60.00%
40.00%
60.00%
40.00%
60.00%
40.00%
2020
55.00%
15.00%
15.00%
5.00%
10.00%
100.00%
€
2018 2019 2020
73.82% 75.39% 76.64%
7848 8014 8148
3.46% 2.12% 1.67%
58.58% 59.75% 60.95%
Pressupostos
Contrato Arrendamento com duração igual à vida útil do Projecto
Margem de Lucro 1.50
Evolução Rendas Ritmo de inflação
Valor Construção
2,506,216.76
Bar € € 9,642.59 €
Centro Estética € € 5,659.78 €
Sala Massagens € € 4,863.22 €
TOTAL € € 20,165.59 €
€
2017 2018 2019 2020
3,992,046.97 € 4,206,593.63 € 4,371,639.10 € 4,522,128.13 €
9,980.12 € 10,516.48 € 10,929.10 € 11,305.32 €
€
2017 2018 2019 2020
€
2017 2018 2019 2020
12,641.01 € 12,641.01 € 12,641.01 € 12,641.01 €
7,419.72 € 7,419.72 € 7,419.72 € 7,419.72 €
6,375.46 € 6,375.46 € 6,375.46 € 6,375.46 €
26,436.19 € 26,436.19 € 26,436.19 € 26,436.19 €
€
2017 2018 2019 2020
€
2017 2018 2019 2020
4,035.00 € 2,966.00 € 2,818.00 € 2,677.00 €
€
2017 2018 2019 2020
Merchandising
C.M.V 5% € € 6,648.00 € 8,013.30 € 8,225.64 €
Finais 1 € € 554.00 € 667.77 € 685.47 €
Iniciais € € € 554.00 € 667.77 €
Merchandising
C.M.V 5% € € 6,761.48 € 8,264.18 € 8,635.87 €
Finais 1 € € 563.46 € 688.68 € 719.66 €
Iniciais € € € 563.46 € 688.68 €
€
5 6 7 8 9 10 11
PESSOAL AO SERVIÇO
2009 2010 2011 2012
Director Geral 0 0 1 1
Director Operacional 0 0 1 1
Director Comercial 0 0 1 1
Responsável Manutenção 0 0 1 1
Lojista 0 0 1 1
Empregadas de Limpeza
A 0 0 1 1
B 0 0 1 1
C 0 0 1 1
D 0 0 1 1
E 0 0 1 1
Professores
A 0 0 1 1
B 0 0 1 1
C 0 0 1 1
D 0 0 1 1
E 0 0 1 1
F 0 0 1 1
G 0 0 1 1
H 0 0 1 1
I 0 0 1 1
J 0 0 1 1
K 0 0 1 1
L 0 0 1 1
M 0 0 1 1
N 0 0 1 1
O 0 0 1 1
P 0 0 1 1
R 0 0 1 1
S 0 0 0 0
T 0 0 0 0
Personal Treiners
A 0 0 1 1
B 0 0 1 1
C 0 0 1 1
D 0 0 1 1
E 0 0 1 1
F 0 0 1 1
G 0 0 0 0
Recepcionistas
A 0 0 1 1
B 0 0 1 1
C 0 0 1 1
D 0 0 1 1
E 0 0 1 1
F 0 0 1 1
G 0 0 1 1
Vigilantes
A 0 0 1 1
B 0 0 1 1
Responsável Wii
A 0 0 1 1
B 0 0 1 1
C 0 0 1 1
D 0 0 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 0 1 1 1 1 1
1 0 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 0 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
15,360.00 € 15,360.00 €
15,360.00 € 15,360.00 €
15,360.00 € 15,360.00 €
15,360.00 € 15,360.00 €
15,360.00 € 15,360.00 €
15,360.00 € 15,360.00 €
15,360.00 € 15,360.00 €
8,960.00 € 8,960.00 €
8,960.00 € 8,960.00 €
8,960.00 € 8,960.00 €
3,584.00 € 3,584.00 €
3,584.00 € 3,584.00 €
6,944.00 € 6,944.00 €
6,944.00 € 6,944.00 €
17,920.00 € 17,920.00 €
4,480.00 € 4,480.00 €
15,680.00 € 15,680.00 €
15,680.00 € 15,680.00 €
4,480.00 € 4,480.00 €
4,480.00 € 4,480.00 €
732,636.00 € 732,636.00 €
32,767.92 € 32,767.92 €
62,441.05 € 62,441.05 €
4,864.84 € 4,864.84 €
100,073.81 € 100,073.81 €
832,709.81 € 832,709.81 €
€
2019 2020
1.322963 1.369267
51,860.15 € 53,675.26 €
37,042.97 € 38,339.47 €
35,190.82 € 36,422.50 €
12,038.96 € 12,460.33 €
5,556.45 € 5,750.92 €
14,817.19 € 15,335.79 €
14,817.19 € 15,335.79 €
14,817.19 € 15,335.79 €
14,817.19 € 15,335.79 €
5,926.87 € 6,134.32 €
16,955.10 € 17,548.52 €
19,622.19 € 20,308.97 €
28,449.00 € 29,444.71 €
27,496.47 € 28,458.84 €
26,543.93 € 27,472.97 €
22,733.80 € 23,529.48 €
23,559.33 € 24,383.90 €
20,511.22 € 21,229.11 €
21,781.26 € 22,543.61 €
26,035.91 € 26,947.17 €
26,670.94 € 27,604.42 €
26,670.94 € 27,604.42 €
26,670.94 € 27,604.42 €
26,670.94 € 27,604.42 €
26,670.94 € 27,604.42 €
26,670.94 € 27,604.42 €
26,670.94 € 27,604.42 €
26,670.94 € 27,604.42 €
26,670.94 € 27,604.42 €
20,320.71 € 21,031.94 €
20,320.71 € 21,031.94 €
20,320.71 € 21,031.94 €
20,320.71 € 21,031.94 €
20,320.71 € 21,031.94 €
20,320.71 € 21,031.94 €
20,320.71 € 21,031.94 €
11,853.75 € 12,268.63 €
11,853.75 € 12,268.63 €
11,853.75 € 12,268.63 €
4,741.50 € 4,907.45 €
4,741.50 € 4,907.45 €
9,186.66 € 9,508.19 €
9,186.66 € 9,508.19 €
23,707.50 € 24,537.26 €
5,926.87 € 6,134.32 €
20,744.06 € 21,470.10 €
20,744.06 € 21,470.10 €
5,926.87 € 6,134.32 €
5,926.87 € 6,134.32 €
969,250.39 € 1,003,174.16 €
41,884.78 € 43,350.75 €
82,607.21 € 85,498.46 €
6,436.00 € 6,661.26 €
130,927.99 € 135,510.47 €
1,100,178.38 € 1,138,684.63 €
Remuneração
Mês Taxa IRS Empregado Valor IRS N.º dias trabalho Mês
800.00 € 5.00% 40.00 € 22
800.00 € 5.00% 40.00 € 22
800.00 € 5.00% 40.00 € 22
800.00 € 5.00% 40.00 € 22
320.00 € 0.00% € 8
Remuneração
Mês Valor IRS N.º Dias Trabalho Mês
300.00 € € 22
Remuneração
Semana Mês
267.00 € 1,068.00 €
309.00 € 1,236.00 €
448.00 € 1,792.00 €
433.00 € 1,732.00 €
418.00 € 1,672.00 €
358.00 € 1,432.00 €
371.00 € 1,484.00 €
323.00 € 1,292.00 €
343.00 € 1,372.00 €
410.00 € 1,640.00 €
420.00 € 1,680.00 €
420.00 € 1,680.00 €
420.00 € 1,680.00 €
420.00 € 1,680.00 €
420.00 € 1,680.00 €
420.00 € 1,680.00 €
420.00 € 1,680.00 €
420.00 € 1,680.00 €
420.00 € 1,680.00 €
420.00 € 1,680.00 €
0
Remuneração
Mês
1,280.00 €
1,280.00 €
1,280.00 €
1,280.00 €
1,280.00 €
1,280.00 €
1,280.00 €
Remuneração
Mês Taxa IRS empregado Valor IRS N.º Dias Trabalho Mês
640.00 € 2% 12.80 € 22
640.00 € 2% 12.80 € 22
640.00 € 2% 12.80 € 22
256.00 € 0% € 8
256.00 € 0% € 8
496.00 € 0% € 24
496.00 € 0% € 24
Remuneração
Mês Taxa IRS Empregado Valor IRS N.º Dias Trabalho Mês
1,280.00 € 11% 140.80 € 22
320.00 € 0% € 8
Remuneração
Mês Taxa IRS Empregado Valor IRS N.º Dias Trabalho Mês
1,120.00 € 9% 100.80 € 22
1,120.00 € 9% 100.80 € 22
320.00 € 0% € 8
320.00 € 0% € 8
MAPA AUXILIAR REMUNERAÇÕES ANUAIS - PREÇOS CONSTANTES DO ANO 0
2009 2010 2011 2012 2013
Empregadas de Limpeza
A € € 8,800.00 € 11,200.00 € 11,200.00 €
B € € 8,800.00 € 11,200.00 € 11,200.00 €
C € € 8,800.00 € 11,200.00 € 11,200.00 €
D € € 8,800.00 € 11,200.00 € 11,200.00 €
E € € 3,520.00 € 4,480.00 € 4,480.00 €
Pessoal Superior
Director Geral € € 30,800.00 € 39,200.00 € 39,200.00 €
Director Operacional € € 22,000.00 € 28,000.00 € 28,000.00 €
Director Comercial € € 26,600.00 € 26,600.00 € 26,600.00 €
Responsável Manutenção € € 7,150.00 € 9,100.00 € 9,100.00 €
Recepcionistas
A € € 7,040.00 € 8,960.00 € 8,960.00 €
B € € 7,040.00 € 8,960.00 € 8,960.00 €
C € € 7,040.00 € 8,960.00 € 8,960.00 €
D € € 2,816.00 € 3,584.00 € 3,584.00 €
E € € 2,816.00 € 3,584.00 € 3,584.00 €
F € € 5,456.00 € 6,944.00 € 6,944.00 €
G € € 5,456.00 € 6,944.00 € 6,944.00 €
Vigilantes
A € € 14,080.00 € 17,920.00 € 17,920.00 €
B € € 3,520.00 € 4,480.00 € 4,480.00 €
Responsável Wii
A € € 12,320.00 € 15,680.00 € 15,680.00 €
B € € 12,320.00 € 15,680.00 € 15,680.00 €
C € € 3,520.00 € 4,480.00 € 4,480.00 €
D € € 3,520.00 € 4,480.00 € 4,480.00 €
Empregadas de Limpeza
A € € 9,128.59 € 11,897.04 € 12,230.16 €
B € € 9,128.59 € 11,897.04 € 12,230.16 €
C € € 9,128.59 € 11,897.04 € 12,230.16 €
D € € 9,128.59 € 11,897.04 € 12,230.16 €
E € € 3,651.44 € 4,758.82 € 4,892.06 €
Pessoal Superior
Director Geral € € 31,950.07 € 41,639.66 € 42,805.57 €
Director Operacional € € 22,821.48 € 29,742.61 € 30,575.41 €
Director Comercial € € 27,593.24 € 28,255.48 € 29,046.64 €
Responsável Manutenção € € 7,416.98 € 9,666.35 € 9,937.01 €
Recepcionistas
A € € 7,302.87 € 9,517.64 € 9,784.13 €
B € € 7,302.87 € 9,517.64 € 9,784.13 €
C € € 7,302.87 € 9,517.64 € 9,784.13 €
D € € 2,921.15 € 3,807.05 € 3,913.65 €
E € € 2,921.15 € 3,807.05 € 3,913.65 €
F € € 5,659.73 € 7,376.17 € 7,582.70 €
G € € 5,659.73 € 7,376.17 € 7,582.70 €
Vigilantes
A € € 14,605.75 € 19,035.27 € 19,568.26 €
B € € 3,651.44 € 4,758.82 € 4,892.06 €
Responsável Wii
A € € 12,780.03 € 16,655.86 € 17,122.23 €
B € € 12,780.03 € 16,655.86 € 17,122.23 €
C € € 3,651.44 € 4,758.82 € 4,892.06 €
D € € 3,651.44 € 4,758.82 € 4,892.06 €
Empregadas de Limpeza
A € € 829.87 € 849.79 € 873.58 €
B € € 829.87 € 849.79 € 873.58 €
C € € 829.87 € 849.79 € 873.58 €
D € € 829.87 € 849.79 € 873.58 €
E € € 331.95 € 339.92 € 349.43 €
Pessoal Superior
Director Geral € € 2,904.55 € 2,974.26 € 3,057.54 €
Director Operacional € € 2,074.68 € 2,124.47 € 2,183.96 €
Director Comercial € € 1,970.95 € 2,018.25 € 2,074.76 €
Responsável Manutenção € € 674.27 € 690.45 € 709.79 €
Recepcionistas
A € € 663.90 € 679.83 € 698.87 €
B € € 663.90 € 679.83 € 698.87 €
C € € 663.90 € 679.83 € 698.87 €
D € € 265.56 € 271.93 € 279.55 €
E € € 265.56 € 271.93 € 279.55 €
F € € 514.52 € 526.87 € 541.62 €
G € € 514.52 € 526.87 € 541.62 €
Vigilantes
A € € 1,327.80 € 1,359.66 € 1,397.73 €
B € € 331.95 € 339.92 € 349.43 €
Responsável Wii
A € € 1,161.82 € 1,189.70 € 1,223.02 €
B € € 1,161.82 € 1,189.70 € 1,223.02 €
C € € 331.95 € 339.92 € 349.43 €
D € € 331.95 € 339.92 € 349.43 €
€
2014 2015 2016 2017 2018 2019 2020
€
2014 2015 2016 2017 2018 2019 2020
€
2014 2015 2016 2017 2018 2019 2020
€ € € € € € €
1,812,057.48 € 1,921,861.13 € 2,077,071.70 € 2,241,931.43 € 2,437,531.99 € 2,588,677.05 € 2,726,485.58 €
480,195.23 € 509,293.20 € 550,424.00 € 594,111.83 € 645,945.98 € 685,999.42 € 722,518.68 €
€
2014 2015 2016 2017 2018 2019 2020
28,281.97 € 28,847.61 € 29,482.25 € 30,189.83 € 30,944.57 € 31,718.19 € 32,511.14 €
3,717,675.68 € 3,989,514.61 € 4,266,584.58 € 4,574,877.41 € 4,939,760.98 € 5,261,594.34 € 5,578,494.41 €
8,797.23 € 9,441.04 € 10,097.21 € 10,827.32 € 11,694.45 € 12,457.11 € 13,208.09 €
€ € € € € € €
1,885,398.74 € 2,024,100.88 € 2,222,703.79 € 2,445,791.75 € 2,714,919.78 € 2,936,526.64 € 3,155,130.89 €
499,630.67 € 536,386.73 € 589,016.51 € 648,134.81 € 719,453.74 € 778,179.56 € 836,109.69 €
MAPAS DE ESTADO E OUTROS ENTES PÚBLICOS - IVA, SEGURANÇA SOCIAL E IRS - A PREÇOS CONSTANTES DO ANO 0
IMPOSTO SOBRE O VALOR ACRESCENTADO 2009 2010 2011
Vendas Merchandising 20% € € 1,399.58 €
Vendas Totais 5% € € 140,058.78 €
IVA LIQUIDADO € € 141,458.35 €
Empregadas de Limpeza
A 5.00% € € 440.00 €
B 5.00% € € 440.00 €
C 5.00% € € 440.00 €
D 5.00% € € 440.00 €
E 0.00% € € €
Pessoal Superior
Director Geral 22.00% € € 6,776.00 €
Director Operacional 17.00% € € 3,740.00 €
Director Comercial 16.00% € € 4,256.00 €
Responsável Manutenção 2.00% € € 143.00 €
Lojista 0.00% € € €
Recepcionistas
A 2.00% € € 140.80 €
B 2.00% € € 140.80 €
C 2.00% € € 140.80 €
D 0.00% € € €
E 0.00% € € €
F 0.00% € € €
G 0.00% € € €
Vigilantes
A 11.00% € € 1,548.80 €
B 0.00% € € €
Responsável Wii
A 9.00% € € 1,108.80 €
B 9.00% € € 1,108.80 €
C 0.00% € € €
D 0.00% € € €
MAPAS DE ESTADO E OUTROS ENTES PÚBLICOS - IVA, SEGURANÇA SOCIAL E IRS - A PREÇOS CORRENTES
IMPOSTO SOBRE O VALOR ACRESCENTADO 2009 2010 2011
Vendas Merchandising 20% Err:509 Err:509 1,423.47 €
Vendas Totais 5% € € 142,449.58 €
IVA LIQUIDADO Err:509 € 143,873.05 €
Empregadas de Limpeza
A € € 456.43 €
B € € 456.43 €
C € € 456.43 €
D € € 456.43 €
E € € €
Pessoal Superior
Director Geral € € 7,029.02 €
Director Operacional € € 4,107.87 €
Director Comercial € € 4,690.85 €
Responsável Manutenção € € 222.51 €
Lojista € € €
Recepcionistas
A € € 146.06 €
B € € 146.06 €
C € € 146.06 €
D € € €
E € € €
F € € €
G € € €
Vigilantes €
A € € 1,752.69 €
B € € €
Responsável Wii €
A € € 1,150.20 €
B € € 1,150.20 €
C € € €
D € € €
€ € € € € € € €
€ € € € € € € €
€ € € € € € € €
2,284.23 € 2,543.87 € 2,617.65 € 2,696.18 € 2,996.49 € 3,098.37 € 3,206.81 € 3,556.12 €
€ € € € € € € €
€ € € € € € € €
1,499.03 € 1,883.44 € 1,938.06 € 2,177.68 € 2,247.37 € 2,323.78 € 2,605.53 € 2,696.73 €
1,499.03 € 1,883.44 € 1,938.06 € 2,177.68 € 2,247.37 € 2,323.78 € 2,605.53 € 2,696.73 €
€ € € € € € € €
€ € € € € € € €
179.20 €
179.20 €
179.20 €
€
€
€
€
1,971.20 €
€
1,411.20 €
1,411.20 €
€
€
93,120.00 €
2,116.10 €
7,760.00 €
9,876.10 €
€
2020
2,780.65 €
278,229.56 €
281,010.21 €
119,109.03 €
€
3,143.87 €
28,536.85 €
150,789.74 €
130,220.47 €
10,851.71 €
2020
365,643.53 €
85,498.46 €
39,684.04 €
10,431.87 €
1,226.86 €
1,226.86 €
1,226.86 €
1,226.86 €
€
12,882.06 €
8,434.68 €
7,648.72 €
623.02 €
613.43 €
613.43 €
613.43 €
€
€
285.25 €
285.25 €
€
3,680.59 €
€
€
3,005.81 €
3,005.81 €
€
€
127,506.13 €
3,883.25 €
10,625.51 €
14,508.76 €
Índice
RECURSOS DE EXPLORAÇÃO
Fornecedores (Merchandising e FSE) 1 0.00 0.00 33,956.16 46,927.32 47,092.45
Fornecedores (FSE 5%) 1 0.00 0.00 15,329.33 24,636.66 25,289.51
IVA a Pagar 1 0.00 0.00 0.00 5,085.96 3,281.92
Estado (Segurança Social) 1 0.00 0.00 6,151.09 7,618.58 7,618.58
Estado (IRS) 1 0.00 0.00 6,862.65 8,948.10 9,876.10
TOTAL DOS RECURSOS DE EXPLORAÇÃO 0.00 0.00 62,299.23 93,216.63 93,158.56
RECURSOS DE EXPLORAÇÃO
Fornecedores (Mercadorias e FSE) 1 0.00 0.00 34,535.79 48,397.35 49,442.31
Fornecedores (FSE 5%) 1 0.00 0.00 15,857.14 26,203.51 27,874.91
IVA a Pagar 1 Err:509 0.00 0.00 5,207.06 3,485.69
Estado (Segurança Social) 1 0.00 0.00 6,380.77 8,092.74 8,319.33
Estado (IRS) 1 0.00 0.00 7,179.27 9,601.04 11,041.96
TOTAL DOS RECURSOS DE EXPLORAÇÃO Err:509 0.00 63,952.97 97,501.70 100,164.20
€
2014 2015 2016 2017 2018 2019 2020
NECESSIDADES FINANCEIRAS
Investimento em Capital Fixo 3,820,437.06 1,673,411.17 1,387,367.34 0.00
Investimento em Fundo de Maneio 114,087.41 220,594.82 0.00 0.00
TOTAL DAS NECESSIDADES FINANCEIRAS 3,934,524.47 1,894,006.00 1,387,367.34 0.00
NECESSIDADES FINANCEIRAS
Investimento em Capital Fixo 3,820,437.06 1,673,429.37 1,398,763.65 0.00
Investimento em Fundo de Maneio Err:509 220,598.46 0.00 0.00
TOTAL DAS NECESSIDADES FINANCEIRAS Err:509 1,894,027.84 1,398,763.65 0.00
2,055,236.10 2,156,525.37
0.00 28,935.98
2,055,236.10 2,185,461.35
660,320.44 12,782.06
31,952.09 0.00
692,272.53 12,782.06
6,842,079.30 9,014,758.60
€
2019 2020 VC
2,322,214.19 2,483,262.43
0.00 23,571.16
2,322,214.19 2,506,833.59
704,085.78 15,719.34
22,328.21 0.00
726,413.99 15,719.34
7,726,465.33 10,217,579.59
PRESSUPOSTOS DE MERCADO
β Levered 0.9
β Debt 0.00
Equity 18.79%
Debt 81.21%
Debt/Equity do Negócio 4.32
Debt/Equity do Mercado 81.62%
Efeito Fiscal 73.50%
β Unlevered do Negócio 0.5625
Rendibilidade do Activo sem Risco 4.68%
Prémio de Risco de Mercado 6.50%
β Levered do Negócio 2.35
Prémio de Risco do Negócio 3.66%
TAXA DE ACTUALIZAÇÃO
0 1
Taxa Nominal de Actualização Unlevered 8.34% 8.34%
Taxa de Inflação Anual 0.00% 0.70%
Taxa Real de Actualização Unlevered 8.34% 7.58%
2 3 4 5 6 7 8
8.34% 8.34% 8.34% 8.34% 8.34% 8.34% 8.34%
1.00% 1.40% 1.80% 1.90% 2.00% 2.20% 2.40%
7.26% 6.84% 6.42% 6.32% 6.21% 6.00% 5.80%
2 3 4 5 6 7 8
65,235.26 € 1,677,435.38 € 1,340,515.83 € 1,472,625.68 € 1,494,139.82 € 1,526,974.71 € 1,788,270.55 €
7 Anos e 0 Meses
Err:509
2,516,025.40 €
12,574,403.78 €
2,154,337.39 € 1,595,800.19 € 15,065,518.04 €
CÁLCULO DO PAYBACK PERIOD
7 -77659.55
8 1061634.1
7.07 7.00
0.07 0.82 0
11 Err:509
12 Err:509
Err:509 Err:509
Err:509 Err:509 Err:509
ANÁLISE DA VIABILIDADE FINANCEIRA DO PROJECTO
PRESSUPOSTOS
Despesas de Investimento 5,917,866.90 €
Margem Accionistas 25%
Disponibilidade dos Accionistas 1,479,466.73 €
Montante do Empréstimo 5,917,866.90 €
Taxa de IRC 26.50%
CONTRATO DE LEASING
0 1
Montante do Contrato 315,533.66 €
Valor Residual (em Percentagem) 0.00%
Valor Residual (em Euros) €
Taxa de Juro Anual do Contrato 5.00%
Número de Prestações 5
Valor Actual do Valor Residual €
Renda Normal / Antecipada Antecipada
Valor Actual da Renda 4.55
Renda Anual 69,409.83 €
Juros Intercalares €
Imputação Anual dos Juros Intercalares (3 Anos) €
CONTRATO DE LEASING
0 1
Montante do Contrato 124,585.01 €
Valor Residual (em Percentagem) 0.00%
Valor Residual (em Euros) €
Taxa de Juro Anual do Contrato 5.00%
Número de Prestações 5
Valor Actual do Valor Residual €
Renda Normal / Antecipada Antecipada
Valor Actual da Renda 4.55
Renda Anual 27,405.71 €
Juros Intercalares €
Imputação Anual dos Juros Intercalares (3 Anos) €
2 3 4 5 6 7
€ € € € € €
€ € € € € €
3,806,937.06 € 3,504,268.15 € 3,186,465.79 € 2,852,773.31 € 2,502,396.21 € 2,134,500.26 €
190,346.85 € 175,213.41 € 159,323.29 € 142,638.67 € 125,119.81 € 106,725.01 €
302,668.91 € 317,802.36 € 333,692.48 € 350,377.10 € 367,895.96 € 386,290.75 €
493,015.77 € 493,015.77 € 493,015.77 € 493,015.77 € 493,015.77 € 493,015.77 €
3,504,268.15 € 3,186,465.79 € 2,852,773.31 € 2,502,396.21 € 2,134,500.26 € 1,748,209.50 €
- - - -
7,613.87 € 7,008.54 € 6,372.93 € 5,705.55 € 5,004.79 € 4,269.00 €
50,441.92 € 46,431.55 € 42,220.67 € 37,799.25 € 33,156.75 € 28,282.13 €
2,017.68 € 1,857.26 € 1,688.83 € 1,511.97 € 1,326.27 € 1,131.29 €
605.30 € 605.30 € 605.30 € 605.30 € 605.30 € 605.30 €
5,604.66 € 5,604.66 € 5,604.66 € € € €
58,669.55 € 54,498.78 € 50,119.46 € 39,916.52 € 35,088.32 € 30,018.72 €
0.9070 0.8638 0.8227 0.7835 0.7462 0.7107
53,215.01 € 47,078.09 € 41,233.40 € 31,275.64 € 26,183.45 € 21,333.74 €
2 3 4 5 6 7
€ € € € € €
€ € € € € €
1,670,811.17 € 1,537,974.04 € 1,398,495.05 € 1,252,042.11 € 1,098,266.53 € 936,802.16 €
83,540.56 € 76,898.70 € 69,924.75 € 62,602.11 € 54,913.33 € 46,840.11 €
132,837.13 € 139,478.99 € 146,452.94 € 153,775.58 € 161,464.36 € 169,537.58 €
216,377.69 € 216,377.69 € 216,377.69 € 216,377.69 € 216,377.69 € 216,377.69 €
1,537,974.04 € 1,398,495.05 € 1,252,042.11 € 1,098,266.53 € 936,802.16 € 767,264.58 €
- - - -
3,341.62 € 3,075.95 € 2,796.99 € 2,504.08 € 2,196.53 € 1,873.60 €
22,138.25 € 20,378.16 € 18,530.06 € 16,589.56 € 14,552.03 € 12,412.63 €
885.53 € 815.13 € 741.20 € 663.58 € 582.08 € 496.51 €
265.66 € 265.66 € 265.66 € 265.66 € 265.66 € 265.66 €
7,379.42 € 7,379.42 € 7,379.42 € € € €
30,668.85 € 28,838.36 € 26,916.34 € 17,518.80 € 15,399.77 € 13,174.79 €
0.9070 0.8638 0.8227 0.7835 0.7462 0.7107
27,817.55 € 24,911.66 € 22,144.14 € 13,726.44 € 11,491.55 € 9,363.08 €
2 3 4 5 6 7
315,533.66 € 246,123.83 € 189,020.19 € 129,061.37 € 66,104.60 € 0.00 €
69,409.83 € 69,409.83 € 69,409.83 € 69,409.83 € 69,409.83 € €
€ 12,306.19 € 9,451.01 € 6,453.07 € 3,305.23 € 0.00 €
69,409.83 € 57,103.64 € 59,958.82 € 62,956.76 € 66,104.60 € 0.00 €
246,123.83 € 189,020.19 € 129,061.37 € 66,104.60 € 0.00 € 0.00 €
€ 3,261.14 € 2,504.52 € 1,710.06 € 875.89 € 0.00 €
€ € € € € €
€ 3,261.14 € 2,504.52 € 1,710.06 € 875.89 € 0.00 €
0.9070 0.8638 0.8227 0.7835 0.7462 0.7107
€ 2,817.10 € 2,060.47 € 1,339.88 € 653.60 € 0.00 €
2 3 4 5 6 7
€ 659,096.58 € € €
€ 12,923.46 € € €
1,748,209.50 € 1,342,604.21 € 270,545.54 € €
87,410.48 € 67,130.21 € 13,527.28 € €
405,605.29 € 425,885.56 € 270,545.54 € €
493,015.77 € 493,015.77 € 284,072.82 € €
1,342,604.21 € 270,545.54 € € €
8 9 10 11
€ 402,334.93 € € €
€ 7,888.92 € € €
767,264.58 € 589,250.12 € 7,888.92 € €
38,363.23 € 29,462.51 € 394.45 € €
178,014.46 € 186,915.18 € 7,888.92 € €
216,377.69 € 216,377.69 € 8,283.37 € €
589,250.12 € 7,888.92 € € €
8 9 10 11
0.00 € 0.00 € 0.00 € 0.00 €
€ € € €
0.00 € 0.00 € 0.00 € 0.00 €
0.00 € 0.00 € 0.00 € 0.00 €
0.00 € 0.00 € 0.00 € 0.00 €
0.00 € 0.00 € 0.00 € 0.00 €
€ € € €
0.00 € 0.00 € 0.00 € 0.00 €
0.6768 0.6446 0.6139 0.5847
0.00 € 0.00 € 0.00 € 0.00 €
8 9 10 11
€ € € € € € €
1,483,059.22 € 1,643,495.33 € 1,920,958.65 € 2,114,852.69 € 2,320,126.89 € 2,574,755.33 € 2,726,485.58 €
393,010.69 € 435,526.26 € 509,054.04 € 560,435.96 € 614,833.63 € 682,310.16 € 722,518.68 €
€ € € € € € €
€ 53,445.98 € 375,956.69 € 491,753.33 € 541,285.16 € 596,721.12 € 633,696.31 €
€
2014 2015 2016 2017 2018 2019 2020
28,281.97 € 28,847.61 € 29,482.25 € 30,189.83 € 30,944.57 € 31,718.19 € 32,511.14 €
3,717,675.68 € 3,989,514.61 € 4,266,584.58 € 4,574,877.41 € 4,939,760.98 € 5,261,594.34 € 5,578,494.41 €
8,797.23 € 9,441.04 € 10,097.21 € 10,827.32 € 11,694.45 € 12,457.11 € 13,208.09 €
3,737,160.42 € 4,008,921.18 € 4,285,969.63 € 4,594,239.92 € 4,959,011.10 € 5,280,855.42 € 5,597,797.47 €
€ € € € € € €
1,556,400.48 € 1,745,735.08 € 2,066,590.75 € 2,318,713.01 € 2,597,514.69 € 2,922,604.92 € 3,155,130.89 €
412,446.13 € 462,619.80 € 547,646.55 € 614,458.95 € 688,341.39 € 774,490.30 € 836,109.69 €
€ € € € € € €
€ 130,785.61 € 477,527.99 € 537,938.71 € 604,046.15 € 675,969.85 € 731,744.97 €
NECESSIDADES FINANCEIRAS
Investimento em Imobilizado 3,820,437.06 1,673,411.17 1,387,367.34 0.00
Juros Intercalares 63,448.95 273,887.41 0.00 0.00
Investimento em Fundo de Maneio 114,087.41 220,594.82 0.00 0.00
Reembolso Antecipado 0.00 0.00 0.00 0.00
Distribuição de Dividendos 0.00 0.00 0.00 0.00
Estado e Outros Entes Públicos - IRC 0.00 0.00 0.00 316,568.62
Reembolso do Empréstimo Bancário em Euros 0.00 0.00 435506.04 457281.35
Reembolso do Contrato de Leasing 0.00 0.00 69,409.83 57,103.64
Reembolso do Financiamento de Curto Prazo 0.00 0.00 0.00 0.00
Juros do Empréstimo Bancário em Euros 0.00 0.00 273,887.41 252,112.11
Juros do Contrato de Leasing 0.00 0.00 0.00 12,306.19
Imposto sobre Rendimentos de Aplicações Financeiras 0.00 734.67 296.45 3,774.69
TOTAL DAS NECESSIDADES FINANCEIRAS 3,997,973.42 2,168,628.08 2,166,467.07 1,099,146.60
NECESSIDADES FINANCEIRAS
Investimento em Imobilizado 3,820,437.06 1,673,429.37 1,398,763.65 0.00
Juros Intercalares 63,448.95 273,887.41 0.00 0.00
Investimento em Fundo de Maneio Err:509 220,598.46 0.00 0.00
Reembolso Antecipado 0.00 0.00 0.00 0.00
Distribuição de Dividendos 0.00 Err:509 Err:509 Err:509
Estado e Outros Entes Públicos - IRC 0.00 Err:509 Err:509 Err:509
Reembolso do Empréstimo Bancário em Euros 0.00 0.00 435,506.04 457,281.35
Reembolso do Contrato de Leasing 0.00 0.00 69,409.83 57,103.64
Reembolso do Financiamento de Curto Prazo 0.00 Err:509 0.00 0.00
Juros do Empréstimo Bancário em Euros 0.00 0.00 273,887.41 252,112.11
Juros do Contrato de Leasing 0.00 0.00 0.00 12,306.19
Imposto sobre Rendimentos de Aplicações Financeiras 0.00 Err:509 Err:509 Err:509
TOTAL DAS NECESSIDADES FINANCEIRAS Err:509 Err:509 Err:509 Err:509
Existências € € 554.00 €
Estado e Outros Entes Públicos 114,087.41 € 334,682.23 € 196,670.50 €
Aplicações Financeiras 120,536.48 € 48,637.60 € 619,309.60 €
Disponibilidades € € 111,966.32 €
Sub-Total 234,623.89 € 383,319.83 € 928,500.42 €
Existências € € 563.46 €
Estado e Outros Entes Públicos Err:509 334,685.87 € 197,398.38 €
Aplicações Financeiras Err:509 Err:509 Err:509
Disponibilidades Err:509 Err:509 Err:509
Sub-Total Err:509 383,301.63 € 932,139.08 €
916,718.66 € € € €
402,334.93 € € € €
0.00 € 0.00 € 0.00 € 0.00 €
0.00 € 0.00 € 0.00 € 0.00 €
1,319,053.59 € 0.00 € 0.00 € 0.00 €
76,369.21 € 77,987.45 € 79,230.81 € 80,365.11 €
24,681.68 € 25,701.33 € € 26,680.70 €
560,435.96 € 614,833.63 € 682,310.16 € 722,518.68 €
425,885.56 € 270,545.54 € € €
186,915.18 € 7,888.92 € € €
0.00 € 0.00 € 0.00 € €
0.00 € 0.00 € 0.00 € €
491,753.33 € 541,285.16 € 596,721.12 € 633,696.31 €
1,766,040.93 € 1,538,242.03 € 1,358,262.09 € 1,463,260.80 €
€
2017 2018 2019 2020
916,718.66 € € € €
402,334.93 € € € €
0.00 € 0.00 € 0.00 € 0.00 €
0.00 € 0.00 € 0.00 € 0.00 €
1,319,053.59 € 0.00 € 0.00 € 0.00 €
425,885.56 € 270,545.54 € € €
186,915.18 € 7,888.92 € € €
0.00 € 0.00 € 0.00 € €
0.00 € 0.00 € 0.00 € €
537,938.71 € 604,046.15 € 675,969.85 € 731,744.97 €
1,887,346.14 € 1,700,665.79 € 1,564,461.70 € 1,711,813.92 €
2020
12,979,695.79 €
6,697,740.58 €
6,281,955.21 €
91,337.57 €
107,045.81 €
15,708.24 €
8,311,987.74 €
1,356,214.99 €
6,955,772.75 €
6,297,663.45 €
1,478,624.73 €
28,935.98 €
1,650,346.91 €
2020
14.63%
100.00%
51.48%
51.48%
103.97%
74.51%
5.83%
70.00%
11.39%
12.86%
16.27%
2020
88.94%
804.38%
11.06%
100.00%
544.46%
544.40%
2020
12,979,695.79 €
6,130,073.85 €
6,849,621.94 €
112,326.65 €
143,959.26 €
31,632.61 €
9,319,124.64 €
1,567,854.65 €
7,751,269.99 €
6,881,254.55 €
1,618,401.14 €
23,571.16 €
1,885,821.95 €
2020
15.76%
100.00%
44.29%
44.29%
103.81%
74.47%
5.39%
70.00%
12.40%
14.16%
17.71%
ANÁLISE DE SENSIBILIDADE DO VALOR ACTUAL LIQUIDO AO PREÇO DE VENDA
Efeito VAL TIR PAYBACK
0.8 255,356.03 € 0.61% 10.67
0.85 1,271,976.37 € 2.91% 9.56
0.9 2,288,596.70 € 5.04% 8.71
0.95 3,305,217.04 € 7.02% 8.02
1 4,321,837.38 € 8.90% 7.42
1.05 5,338,457.71 € 10.68% 6.91
1.1 6,355,078.05 € 12.37% 6.47
1.15 7,371,698.39 € 13.99% 6.09
1.2 8,388,318.72 € 15.55% 5.75
0 1
Vendas Ajustadas Err:509 Err:509
Custos Operacionais € €
EBITDA Err:509 Err:509
Amortizações do Exercício € 5,366.67 €
EBIT(1-t) Err:509 Err:509
Imposto Err:509 Err:509
CF Operacional Err:509 Err:509
Variação Necessidades FM Err:509 220,598.46 €
Investimento Capital Fixo 3,820,437.06 € 1,673,429.37 €
Free Cash Flow to the Firm Err:509 Err:509
Taxa Retenção 1
PV 1
Custos Operacionais 1
Despesas de Investimento 1
0 1
Vendas Ajustadas € €
Custos Operacionais € €
EBITDA € €
Amortizações do Exercício € 5,366.67 €
EBIT(1-t) € 5,366.67 €
Imposto € 1,422.17 €
CF Operacional € 3,944.50 €
Variação Necessidades Fundo de Maneio Err:509 220,598.46 €
Investimento Capital Fixo 3,820,437.06 € 1,673,429.37 €
Free Cash Flow Firm Err:509 1,897,972.34 €
VAL Err:509
TIR Err:509
PAYBACK Err:509 =
2 3 4 5 6 7
2,876,274.51 € 3,519,780.41 € 3,677,237.35 € 3,745,957.65 € 4,018,362.22 € 4,296,066.84 €
1,151,337.10 € 1,607,890.37 € 1,721,289.33 € 1,706,540.63 € 1,838,950.39 € 1,915,120.82 €
1,724,937.42 € 1,911,890.04 € 1,955,948.02 € 2,039,417.02 € 2,179,411.82 € 2,380,946.01 €
237,138.68 € 237,138.68 € 248,211.81 € 152,558.47 € 152,558.47 € 152,558.47 €
1,487,798.74 € 1,674,751.36 € 1,707,736.22 € 1,886,858.55 € 2,026,853.35 € 2,228,387.54 €
394,266.67 € 443,809.11 € 452,550.10 € 500,017.52 € 537,116.14 € 590,522.70 €
1,093,532.07 € 1,230,942.25 € 1,255,186.12 € 1,386,841.03 € 1,489,737.21 € 1,637,864.84 €
130,178.17 € 231,727.60 € 498.47 € 2,123.80 € 301.16 € 1,853.92 €
1,398,763.65 € € 124,696.48 € 674.26 € 5,170.64 € 14,543.12 €
175,053.41 € 1,462,669.85 € 1,129,991.17 € 1,388,290.58 € 1,484,867.73 € 1,621,467.81 €
2 3 4 5 6 7
2,875,211.41 € 3,599,731.63 € 3,771,552.79 € 3,852,851.56 € 4,144,582.30 € 4,443,165.43 €
1,151,337.10 € 1,607,890.37 € 1,721,289.33 € 1,706,540.63 € 1,838,950.39 € 1,915,120.82 €
1,723,874.31 € 1,991,841.27 € 2,050,263.46 € 2,146,310.93 € 2,305,631.91 € 2,528,044.61 €
237,138.68 € 237,138.68 € 248,211.81 € 152,558.47 € 152,558.47 € 152,558.47 €
1,486,735.63 € 1,754,702.59 € 1,802,051.66 € 1,993,752.45 € 2,153,073.44 € 2,375,486.13 €
393,984.94 € 464,996.19 € 477,543.69 € 528,344.40 € 570,564.46 € 629,503.83 €
1,092,750.69 € 1,289,706.40 € 1,324,507.97 € 1,465,408.05 € 1,582,508.98 € 1,745,982.31 €
130,178.17 € 231,727.60 € 498.47 € 2,123.80 € 301.16 € 1,853.92 €
1,398,763.65 € € 124,696.48 € 674.26 € 5,170.64 € 14,543.12 €
175,834.79 € 1,521,434.00 € 1,199,313.02 € 1,466,857.60 € 1,577,639.49 € 1,729,585.28 €
Err:509
11 Err:509
12 Err:509
Err:509 Err:509
Err:509 Err:509 Err:509
ANÁLISE DE SENSIBILIDADE DO VALOR ACTUAL LIQUIDO AOS CUSTOS OPERACIONAIS
Efeito VAL TIR PAYBACK
0.8 6,095,764.40 € 12.06% 6.54
0.85 5,652,282.64 € 11.29% 6.74
0.9 5,208,800.89 € 10.50% 6.96
0.95 4,765,319.13 € 9.71% 7.18
1 4,321,837.38 € 8.90% 7.42
1.05 3,878,355.62 € 8.07% 7.68
1.1 3,434,873.87 € 7.23% 7.95
1.15 2,991,392.11 € 6.37% 8.24
1.2 2,547,910.36 € 5.50% 8.55
8 9 10 11
4,605,067.24 € 4,970,705.55 € 5,293,312.53 € 5,611,005.55 €
2,000,725.78 € 2,097,236.06 € 2,192,918.78 € 2,291,633.44 €
2,604,341.46 € 2,873,469.49 € 3,100,393.74 € 3,319,372.12 €
152,558.47 € 152,558.47 € 152,558.47 € 152,558.47 €
2,451,782.98 € 2,720,911.02 € 2,947,835.27 € 3,166,813.64 €
649,722.49 € 721,041.42 € 781,176.35 € 839,205.62 €
1,802,060.49 € 1,999,869.60 € 2,166,658.92 € 2,327,608.03 €
2,775.56 € 321.64 € 22,328.21 € 23,571.16 €
922.46 € € 34,600.42 € 1,122.37 €
1,803,913.59 € 2,000,191.24 € 2,109,730.29 € 2,350,056.82 €
8 9 10 11
4,775,648.17 € 5,168,319.49 € 5,518,063.24 € 5,614,297.43 €
2,000,725.78 € 2,097,236.06 € 2,192,918.78 € 2,291,633.44 €
2,774,922.39 € 3,071,083.43 € 3,325,144.46 € 3,322,663.99 €
152,558.47 € 152,558.47 € 152,558.47 € 152,558.47 €
2,622,363.92 € 2,918,524.96 € 3,172,585.98 € 3,170,105.52 €
694,926.44 € 773,409.11 € 840,735.29 € 840,077.96 €
1,927,437.48 € 2,145,115.84 € 2,331,850.70 € 2,330,027.56 €
2,775.56 € 321.64 € 22,328.21 € 23,571.16 €
922.46 € € 34,600.42 € 1,122.37 €
1,929,290.57 € 2,145,437.49 € 2,274,922.06 € 2,352,476.35 €
9000000
8000000
7000000
6000000 Preço
5000000 Facto
de R
4000000 Custo
VAL
Desp
3000000
2000000
1000000
Preço Venda
Factor Correctivo da
Taxa de Retenção
Custos Operacionais
TIR
Despesas
Investimento
1.2
12
10
Pr
8
Venda Fa
6 Ta
r Correctivo da
PAYBACK
de Retenção Cu
4 D
s Operacionais
2 In
esas
timento
0.8 0.85 0.9 0.95 1 1.05 1.1000 1.1499 1.2
00000 99999
00000 99999
01 99
Efeito
PAYBACK
Preço Venda
Factor Correctivo da
Taxa de Retenção
Custos Operacionais
Despesas
Investimento
499 1.2
999
999