Exemplos resolvidos engenharia economica analise de investimento

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Ex1
	Dados:	Ano	0	1	2	3	4	5	6	7	8	9	10
	Investimentos	R$ 270,000.00	reais	Receita Bruta	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00
	Capital de Giro Inicial	R$ 65,000.00	reais	(-) Impostos proporcionais	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00
	Receita	Receita Líquida	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00
	Produção:	R$ 500.00	placas/dia	(-) Custo Variável	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00
	Dias:	R$ 360.00	dias	(-) Custo Fixo	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00
	Preço placa:	R$ 4.10	reais/placa	Lucro Bruto	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00
	Custos Fixos	R$ 230,000.00	reais/ano	(-) Despesas Variaveis
	Custos variáveis	R$ 0.90	reais/placa	(-) Despesas Fixas	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00
	Despesas Fixas	R$ 90,000.00	reais	(-) Depreciação	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00
	ICMS, IPI, PIS, Cofins	18%	Lucro Antes de Juros e Imp.	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00
	IRPJ/CSL	35%	(-) Despesas financeiras
	Taxa de depreciação:	10%	Lucro antes do IR	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00
	Vida util do projeto	10	anos	(-) IR/CSLL	R$ 33,656.00	R$ 33,656.00	R$ 33,656.00	R$ 33,656.00	R$ 33,656.00	R$ 33,656.00	R$ 33,656.00	R$ 33,656.00	R$ 33,656.00	R$ 33,656.00
	Valor Residual Venda IF:	R$ 80,000.00	reais	Lucro Líquido Após IR	R$ 62,504.00	R$ 62,504.00	R$ 62,504.00	R$ 62,504.00	R$ 62,504.00	R$ 62,504.00	R$ 62,504.00	R$ 62,504.00	R$ 62,504.00	R$ 62,504.00
	TMA=	18%	ao ano	(+) Depreciação	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00
	Parcela Inv Fixo Financiada	60%	(-) Amortização
	Taxa de juros financiamento	12%	aa	(-) Investimento	R$ 270,000.00
	Amortização	4 anos SAC (1 ano de carência)	(-) Capital de giro	R$ 65,000.00
	(+) Valor residual	R$ 117,000.00
	Fluxo de caixa	-R$ 335,000.00	R$ 89,504.00	R$ 89,504.00	R$ 89,504.00	R$ 89,504.00	R$ 89,504.00	R$ 89,504.00	R$ 89,504.00	R$ 89,504.00	R$ 89,504.00	R$ 206,504.00
	TIR	24.73%
	VPL	R$ 89,593.24
	Ganho de Capital
	Depreciação acumulada	Valor contábil no último ano	Resultado da venda do ativo 	Tributos sobre venda ativo
	R$ 270,000.00	0.0	R$ 80,000.00	R$ 28,000.00
	Juros	12%
	Financiamento	R$ 162,000.00	Ano	0	1	2	3	4	5	6	7	8	9	10
	SAC	Receita Bruta	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00	R$ 738,000.00
	Prestação	Saldo devedor	Prestação	Amortização	Juros	(-) Impostos proporcionais	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00	R$ 132,840.00
	0	R$ 162,000.00	Receita Líquida	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00	R$ 605,160.00
	1	R$ 162,000.00	R$ 19,440.00	0.0	R$ 19,440.00	(-) Custo Variável	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00	R$ 162,000.00
	2	R$ 108,000.00	R$ 73,440.00	R$ 54,000.00	R$ 19,440.00	(-) Custo Fixo	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00	R$ 230,000.00
	3	R$ 54,000.00	R$ 66,960.00	R$ 54,000.00	R$ 12,960.00	Lucro Bruto	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00	R$ 213,160.00
	4	0.0	R$ 60,480.00	R$ 54,000.00	R$ 6,480.00	(-) Despesas Variaveis
	(-) Despesas Fixas	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00	R$ 90,000.00
	R$ 162,000.00	(-) Depreciação	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00
	Lucro Antes de Juros e Imp.	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00
	(-) Despesas financeiras (JUROS)	R$ 19,440.00	R$ 19,440.00	R$ 12,960.00	R$ 6,480.00
	Lucro antes do IR	R$ 76,720.00	R$ 76,720.00	R$ 83,200.00	R$ 89,680.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00	R$ 96,160.00
	(-) IR/CSLL	R$ 26,852.00	R$ 26,852.00	R$ 29,120.00	R$ 31,388.00	R$ 33,656.00	R$ 33,656.00	R$ 33,656.00	R$ 33,656.00	R$ 33,656.00	R$ 33,656.00
	Lucro Líquido Após IR	R$ 49,868.00	R$ 49,868.00	R$ 54,080.00	R$ 58,292.00	R$ 62,504.00	R$ 62,504.00	R$ 62,504.00	R$ 62,504.00	R$ 62,504.00	R$ 62,504.00
	(+) Depreciação	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00	R$ 27,000.00
	(-) Amortização	0.0	R$ 54,000.00	R$ 54,000.00	R$ 54,000.00
	(-) Investimento	R$ 270,000.00
	(-) Capital de giro	R$ 65,000.00
	(+) Liberação financiamento	R$ 162,000.00
	(+) Valor residual	R$ 117,000.00
	Fluxo de caixa	-R$ 173,000.00	R$ 76,868.00	R$ 22,868.00	R$ 27,080.00	R$ 31,292.00	R$ 89,504.00	R$ 89,504.00	R$ 89,504.00	R$ 89,504.00	R$ 89,504.00	R$ 206,504.00
	TIR	32.44%
	VPL	R$ 125,009.55
	Ganho de Capital
	Depreciação acumulada	Valor contábil no último ano	Resultado da venda do ativo 	Tributos sobre venda ativo
	R$ 270,000.00	0.0	R$ 80,000.00	R$ 28,000.00
	Fluxo de caixa incremental	-R$ 162,000.00	R$ 12,636.00	R$ 66,636.00	R$ 62,424.00	R$ 58,212.00	0.0	0.0	0.0	0.0	0.0	0.0
	TIR	7.80%
Ex2
	Produção anual	400	ton/ano	Receita Bruta	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00
	Preço	R$ 10,000.00	$/ton	(-) Impostos proporcionais	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00
	Custo variável	R$ 4,000.00	$/ton	Receita Líquida	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00
	Custo fixo	R$ 300,000.00	$/ano	(-) Custo Variável	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00
	Despesas variáveis	R$ 1,500.00	$/ton	(-) Custo Fixo	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00
	Despesas fixas	R$ 200,000.00	$/ano	Lucro Bruto	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00
	Investimento	R$ 2,000,000.00	$	(-) Despesas Variaveis	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00
	Capital de giro	R$ 200,000.00	$	(-) Despesas Fixas	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00
	Depreciação	10%	aa	(-) Depreciação	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00
R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00
	Parcela Inv total financiada	50.00%	Lucro Antes de Juros e Imp.	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00
	Taxa de juros financiamento	10.0%	aa	(-) Despesas financeiras
	Amortização	7 anos SAC (2 anos de carência)	Lucro antes do IR	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00
	Valor residual do Investimento	R$ 200,000.00	(-) IR/CSLL	R$ 147,000.00	R$ 147,000.00	R$ 147,000.00	R$ 147,000.00	R$ 147,000.00	R$ 147,000.00	R$ 147,000.00	R$ 147,000.00	R$ 147,000.00	R$ 147,000.00
	Vida util do projeto	* 10	anos	Lucro Líquido Após IR	R$ 273,000.00	R$ 273,000.00	R$ 273,000.00	R$ 273,000.00	R$ 273,000.00	R$ 273,000.00	R$ 273,000.00	R$ 273,000.00	R$ 273,000.00	R$ 273,000.00
	Produção no primeiro ano	100% da capacidade normal	(+) Depreciação	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00
	IRPJ/CSL	35%	(-) Amortização
	ICMS,IPI,PIS,Cofins	17%	(-) Investimento	R$ 2,000,000.00
	TMA	18%	(-) Capital de giro	R$ 200,000.00
	(+) Valor residual	R$ 330,000.00
	Fluxo de caixa	-R$ 2,200,000.00	R$ 473,000.00	R$ 473,000.00	R$ 473,000.00	R$ 473,000.00	R$ 473,000.00	R$ 473,000.00	R$ 473,000.00	R$ 473,000.00	R$ 473,000.00	R$ 803,000.00
	TIR	17.86%
	VPL	-R$ 11,245.91	Inviável
	Ganho de Capital
	Depreciação acumulada	Valor contábil no último ano	Resultado da venda do ativo 	Tributos sobre venda ativo
	R$ 2,000,000.00	0.0	R$ 200,000.00	R$ 70,000.00
	Taxa de juros	10%	aa
	Financiamento	R$ 1,100,000.0000
	SAC
	Ano	0	1	2	3	4	5	6	7	8	9	10
	Prestação	Saldo devedor	Prestação	Amortização	Juros	Receita Bruta	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00
	0	R$ 1,100,000.00	(-) Impostos proporcionais	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00
	1	R$ 1,100,000.00	R$ 110,000.00	0.0	R$ 110,000.00	Receita Líquida	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00
	2	R$ 1,100,000.00	R$ 110,000.00	0.0	R$ 110,000.00	(-) Custo Variável	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00
	3	R$ 880,000.00	R$ 330,000.00	R$ 220,000.00	R$ 110,000.00	(-) Custo Fixo	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00
	4	R$ 660,000.00	R$ 308,000.00	R$ 220,000.00	R$ 88,000.00	Lucro Bruto	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00
	5	R$ 440,000.00	R$ 286,000.00	R$ 220,000.00	R$ 66,000.00	(-) Despesas Variaveis	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00
	6	R$ 220,000.00	R$ 264,000.00	R$ 220,000.00	R$ 44,000.00	(-) Despesas Fixas	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00
	7	0.0	R$ 242,000.00	R$ 220,000.00	R$ 22,000.00	(-) Depreciação	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00
	Lucro Antes de Juros e Imp.	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00
	(-) Despesas financeiras (juros)	R$ 110,000.00	R$ 110,000.00	R$ 110,000.00	R$ 88,000.00	R$ 66,000.00	R$ 44,000.00	R$ 22,000.00
	Lucro antes do IR	R$ 310,000.00	R$ 310,000.00	R$ 310,000.00	R$ 332,000.00	R$ 354,000.00	R$ 376,000.00	R$ 398,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00
	(-) IR/CSLL	R$ 108,500.00	R$ 108,500.00	R$ 108,500.00	R$ 116,200.00	R$ 123,900.00	R$ 131,600.00	R$ 139,300.00	R$ 147,000.00	R$ 147,000.00	R$ 147,000.00
	Lucro Líquido Após IR	R$ 201,500.00	R$ 201,500.00	R$ 201,500.00	R$ 215,800.00	R$ 230,100.00	R$ 244,400.00	R$ 258,700.00	R$ 273,000.00	R$ 273,000.00	R$ 273,000.00
	(+) Depreciação	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00
	(-) Amortização	0.0	0.0	R$ 220,000.00	R$ 220,000.00	R$ 220,000.00	R$ 220,000.00	R$ 220,000.00
	(-) Investimento	R$ 2,000,000.00
	(-) Capital de giro	R$ 200,000.00
	(+) liberação financiamento	R$ 1,100,000.00
	(+) Valor residual	R$ 330,000.00
	Fluxo de caixa	-R$ 1,100,000.00	R$ 401,500.00	R$ 401,500.00	R$ 181,500.00	R$ 195,800.00	R$ 210,100.00	R$ 224,400.00	R$ 238,700.00	R$ 473,000.00	R$ 473,000.00	R$ 803,000.00
	TIR	26.67%
	VPL	R$ 375,860.18	Viável
	Ganho de Capital
	Depreciação acumulada	Valor contábil no último ano	Resultado da venda do ativo 	Tributos sobre venda ativo
	R$ 2,000,000.00	0.0	R$ 200,000.00	R$ 70,000.00
EX3
	Dados:	Ano	0	1	2	3	4	5
	Produção anual	400	ton/ano	Receita Bruta	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00
	Preço	R$ 10,000.00	$/ton	(-) Impostos proporcionais	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00
	Custo variável	R$ 4,000.00	$/ton	Receita Líquida	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00
	Custo fixo	R$ 300,000.00	$/ano	(-) Custo Variável	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00
	Despesas variáveis	R$ 1,500.00	$/ton	(-) Custo Fixo	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00
	Despesas fixas	R$ 200,000.00	$/ano	Lucro Bruto	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00
	Investimento	R$ 2,000,000.00	$	(-) Despesas Variaveis	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00
	Capital de giro	R$ 200,000.00	$	(-) Despesas Fixas	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00
	Depreciação	10%	aa	(-) Depreciação	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00
	Parcela Inv total financiada	50%	Lucro Antes de Juros e Imp.	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00
	Taxa de juros financiamento	10%	aa	(-) Despesas financeiras
	Amortização	5 anos SAC 	Lucro antes do IR	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00
	Valor residual do Investimento	R$ 1,200,000.00	(-) IR/CSLL	R$ 147,000.00	R$ 147,000.00	R$ 147,000.00	R$ 147,000.00	R$ 147,000.00
	Vida util do projeto	* 5	anos	Lucro Líquido Após IR	R$ 273,000.00	R$ 273,000.00	R$ 273,000.00	R$ 273,000.00	R$ 273,000.00
	Produção no primeiro ano	100% da capacidade normal	(+) Depreciação	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00
	IRPJ/CSL	35%	(-) Amortização
	ICMS,IPI,PIS,Cofins	17%	(-) Investimento	R$ 2,000,000.00
	TMA	18%	(-) Capital de giro	R$ 200,000.00
	(+) Valor residual	R$ 1,330,000.00
	Fluxo de caixa	-R$ 2,200,000.00	R$ 473,000.00	R$ 473,000.00	R$ 473,000.00	R$ 473,000.00	R$ 1,803,000.00
	TIR	15.72%
	VPL	-R$ 139,492.85	INVIÁVEL 
	Ganho de Capital
	Depreciação acumulada	Valor contábil no último ano	Resultado da venda do ativo 	Tributos sobre venda ativo
	R$ 1,000,000.00	R$ 1,000,000.00	R$ 200,000.00	R$ 70,000.00
	Financiamento	R$ 1,100,000.00
	SAC	10%
	Ano	0	1	2	3	4	5
	Prestação	Saldo devedor	Prestação	Amortização	Juros	Receita Bruta	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00	R$ 4,000,000.00
	0	R$ 1,100,000.00	(-) Impostos proporcionais	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00	R$ 680,000.00
	1	R$ 880,000.00
R$ 330,000.00	R$ 220,000.00	R$ 110,000.00	Receita Líquida	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00	R$ 3,320,000.00
	2	R$ 660,000.00	R$ 308,000.00	R$ 220,000.00	R$ 88,000.00	(-) Custo Variável	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00	R$ 1,600,000.00
	3	R$ 440,000.00	R$ 286,000.00	R$ 220,000.00	R$ 66,000.00	(-) Custo Fixo	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00	R$ 300,000.00
	4	R$ 220,000.00	R$ 264,000.00	R$ 220,000.00	R$ 44,000.00	Lucro Bruto	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00	R$ 1,420,000.00
	5	0.0	R$ 242,000.00	R$ 220,000.00	R$ 22,000.00	(-) Despesas Variaveis	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00	R$ 600,000.00
	(-) Despesas Fixas	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00
	(-) Depreciação	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00
	Lucro Antes de Juros e Imp.	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00	R$ 420,000.00
	(-) Despesas financeiras	R$ 110,000.00	R$ 88,000.00	R$ 66,000.00	R$ 44,000.00	R$ 22,000.00
	Lucro antes do IR	R$ 310,000.00	R$ 332,000.00	R$ 354,000.00	R$ 376,000.00	R$ 398,000.00
	(-) IR/CSLL	R$ 108,500.00	R$ 116,200.00	R$ 123,900.00	R$ 131,600.00	R$ 139,300.00
	Lucro Líquido Após IR	R$ 201,500.00	R$ 215,800.00	R$ 230,100.00	R$ 244,400.00	R$ 258,700.00
	(+) Depreciação	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00	R$ 200,000.00
	(-) Amortização	R$ 220,000.00	R$ 220,000.00	R$ 220,000.00	R$ 220,000.00	R$ 220,000.00
	(-) Investimento	R$ 2,000,000.00
	(-) Capital de giro	R$ 200,000.00
	(+) Liberação financiamento	R$ 1,100,000.00
	(+) Valor residual	R$ 1,330,000.00
	Fluxo de caixa	-R$ 1,100,000.00	R$ 181,500.00	R$ 195,800.00	R$ 210,100.00	R$ 224,400.00	R$ 1,568,700.00
	TIR	21.34%
	VPL	R$ 123,743.67	VIÁVEL
	Ganho de Capital
	Depreciação acumulada	Valor contábil no último ano	Resultado da venda do ativo 	Tributos sobre venda ativo
	R$ 1,000,000.00	R$ 1,000,000.00	R$ 200,000.00	R$ 70,000.00
	0
Ex4
	Potência 	350	MW	Ano	0	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20
	Investimento	R$ 800,000.00	$/MW	Receita Bruta	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00
	Capital de giro	R$ 25,000,000.00	$	(-) Impostos proporcionais	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00
	Produção de energia	* 3,800,000	MWh/ano	Receita Líquida	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00
	Preço energia	R$ 30.00	$/MWh	(-) Custo Variável	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00
	Custos	R$ 4.00	$/MWh	(-) Custo Fixo	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00
	Outros custos	R$ 1,000,000.00	$/ano	Lucro Bruto	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00
	Consumo de gás	* 500,000,000	m3/ano	(-) Despesas Variaveis
	Custo de gás	R$ 0.06	$/m3	(-) Despesas Fixas	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00
	Despesas Fixas	R$ 1,200,000.00	$/ano	(-) Depreciação	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00
	Vida	20 anos	Lucro Antes de Juros e Imp.	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00
	Valor residual	R$ 60,000,000.00	(-) Despesas financeiras (JUROS)
	TMA	15%	Lucro antes do IR	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00
	Depreciação	4%	(-) IR/CSLL	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00
	IR	35%	Lucro Líquido Após IR	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00
	ICMS,IPI,PIS,Cofins	18%	(+) Depreciação	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00
	Financiamento 	70%	SAC (INV Fixo)	(-) Amortização
	Período do financiamento	10	anos	(-) Investimento	R$ 280,000,000.00
	Juros	14.00%	aa	(-) Capital de giro	R$ 25,000,000.00
	(+) Valor residual	R$ 83,600,000.00
	Fluxo de caixa	-R$ 305,000,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 117,472,000.00
	TIR	9.81%
	VPL	-R$ 87,875,941.00
	Ganho de Capital
	Depreciação acumulada	Valor contábil no último ano	Resultado da venda do ativo 	Tributos sobre venda ativo
	R$ 224,000,000.00	R$
56,000,000.00	R$ 4,000,000.00	R$ 1,400,000.00
	Financiamento:
	SAC	10 anos sem carência
	70%	R$ 196,000,000.00	Ano	0	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20
	Juros	14.00%	Receita Bruta	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00	R$ 114,000,000.00
	(-) Impostos proporcionais	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00	R$ 20,520,000.00
	Data	Saldo devedor	Prestação	Amortização	Juros	Receita Líquida	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00	R$ 93,480,000.00
	0	R$ 196,000,000.00	(-) Custo Variável	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00	R$ 15,200,000.00
	1	R$ 176,400,000.00	R$ 47,040,000.00	R$ 19,600,000.00	R$ 27,440,000.00	(-) Custo Fixo	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00	R$ 31,000,000.00
	2	R$ 156,800,000.00	R$ 44,296,000.00	R$ 19,600,000.00	R$ 24,696,000.00	Lucro Bruto	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00	R$ 47,280,000.00
	3	R$ 137,200,000.00	R$ 41,552,000.00	R$ 19,600,000.00	R$ 21,952,000.00	(-) Despesas Variaveis
	4	R$ 117,600,000.00	R$ 38,808,000.00	R$ 19,600,000.00	R$ 19,208,000.00	(-) Despesas Fixas	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00	R$ 1,200,000.00
	5	R$ 98,000,000.00	R$ 36,064,000.00	R$ 19,600,000.00	R$ 16,464,000.00	(-) Depreciação	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00
	6	R$ 78,400,000.00	R$ 33,320,000.00	R$ 19,600,000.00	R$ 13,720,000.00	Lucro Antes de Juros e Imp.	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00
	7	R$ 58,800,000.00	R$ 30,576,000.00	R$ 19,600,000.00	R$ 10,976,000.00	(-) Despesas financeiras (JUROS)	R$ 27,440,000.00	R$ 24,696,000.00	R$ 21,952,000.00	R$ 19,208,000.00	R$ 16,464,000.00	R$ 13,720,000.00	R$ 10,976,000.00	R$ 8,232,000.00	R$ 5,488,000.00	R$ 2,744,000.00
	8	R$ 39,200,000.00	R$ 27,832,000.00	R$ 19,600,000.00	R$ 8,232,000.00	Lucro antes do IR	R$ 7,440,000.00	R$ 10,184,000.00	R$ 12,928,000.00	R$ 15,672,000.00	R$ 18,416,000.00	R$ 21,160,000.00	R$ 23,904,000.00	R$ 26,648,000.00	R$ 29,392,000.00	R$ 32,136,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00	R$ 34,880,000.00
	9	R$ 19,600,000.00	R$ 25,088,000.00	R$ 19,600,000.00	R$ 5,488,000.00	(-) IR/CSLL	R$ 2,604,000.00	R$ 3,564,400.00	R$ 4,524,800.00	R$ 5,485,200.00	R$ 6,445,600.00	R$ 7,406,000.00	R$ 8,366,400.00	R$ 9,326,800.00	R$ 10,287,200.00	R$ 11,247,600.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00	R$ 12,208,000.00
	10	0.0	R$ 22,344,000.00	R$ 19,600,000.00	R$ 2,744,000.00	Lucro Líquido Após IR	R$ 4,836,000.00	R$ 6,619,600.00	R$ 8,403,200.00	R$ 10,186,800.00	R$ 11,970,400.00	R$ 13,754,000.00	R$ 15,537,600.00	R$ 17,321,200.00	R$ 19,104,800.00	R$ 20,888,400.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00	R$ 22,672,000.00
	(+) Depreciação	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00	R$ 11,200,000.00
	(-) Amortização	R$ 19,600,000.00	R$ 19,600,000.00	R$ 19,600,000.00	R$ 19,600,000.00	R$ 19,600,000.00	R$ 19,600,000.00	R$ 19,600,000.00	R$ 19,600,000.00	R$ 19,600,000.00	R$ 19,600,000.00
	(-) Investimento	R$ 280,000,000.00
	(-) Capital de giro	R$ 25,000,000.00
	(+) Liberação financiamento	R$ 196,000,000.00
	(+) Valor residual	R$ 83,600,000.00
	Fluxo de caixa	-R$ 109,000,000.00	-R$ 3,564,000.00	-R$ 1,780,400.00	R$ 3,200.00	R$ 1,786,800.00	R$ 3,570,400.00	R$ 5,354,000.00	R$ 7,137,600.00	R$ 8,921,200.00	R$ 10,704,800.00	R$ 12,488,400.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 33,872,000.00	R$ 117,472,000.00
	TIR	10.18%
	VPL	-R$ 49,473,967.93
	Ganho de Capital
	Depreciação acumulada	Valor contábil no último ano	Resultado da venda do ativo 	Tributos sobre venda ativo
	R$ 224,000,000.00	R$ 56,000,000.00	R$ 4,000,000.00	R$ 1,400,000.00