NPV - Net Present Value Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year

Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12

Sales 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00

Taxes 5% (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00)

COGS 40% (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00)

GROSS MARGIN 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00

OPEX 5% (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00)

EBIT 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00

(-) Operacional Income Tax (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00)

D&A 240.00 240.00 240.00 240.00 240.00 240.00 240.00 240.00 240.00 240.00 240.00 240.00

EBITDA 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00

Cash Flow From Operations 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00

Fixed Asset Investment (6,000.00)

Working Capital Investment (2,000.00)

Free Cash Flow to Company (8,000.00) 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00

Book Value 8,000.00 7,760.00 7,520.00 7,280.00 7,040.00 6,800.00 6,560.00 6,320.00 6,080.00 5,840.00 5,600.00 5,360.00 5,120.00

ROI 41.25% 42.53% 43.88% 45.33% 46.88% 48.53% 50.30% 52.22% 54.28% 56.51% 58.93% 61.57%

NPV (PV of FCFF) 19,882.36

IRR 44.25%

MIRR 44.25%

Tx. Investimento 44.25%

Tx. Reinvestimento 44.25%

WACC 12.00%

Nominal Payback 2.26

Real Payback 2.80

EVA - Economic Value Added Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12

NOPBT 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00

(-) Income Tax (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00)

NOPAT 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00

Fixed Assets 6,000.00

Net Working Capital 2,000.00

Invested Capital (Book Value) 8,000.00 7,760.00 7,520.00 7,280.00 7,040.00 6,800.00 6,560.00 6,320.00 6,080.00 5,840.00 5,600.00 5,360.00 5,120.00

Cost of Capital @ WACC 960.00 931.20 902.40 873.60 844.80 816.00 787.20 758.40 729.60 700.80 672.00 643.20

EVA 2,340.00 2,368.80 2,397.60 2,426.40 2,455.20 2,484.00 2,512.80 2,541.60 2,570.40 2,599.20 2,628.00 2,656.80

ROCE 29.25% 30.53% 31.88% 33.33% 34.88% 36.53% 38.30% 40.22% 42.28% 44.51% 46.93% 49.57%

MVA (PV of EVA) 19,882.36

CVA - Cash Value Added Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12

NOPAT + Depreciation 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00

Economic Depreciation (45.00) (45.00) (45.00) (45.00) (45.00) (45.00) (45.00) (45.00) (45.00) (45.00) (45.00) (45.00)

Gross Capital Employed 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00

Cost of Capital (960.00) (960.00) (960.00) (960.00) (960.00) (960.00) (960.00) (960.00) (960.00) (960.00) (960.00) (960.00)

CVA 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00

CFROI 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69%

MCVA (PV of CVA) 19,882.36

Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25

10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00

(500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00)

(4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00) (4,000.00)

5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00 5,500.00

(500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00) (500.00)

5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00

(1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00)

240.00 240.00 240.00 240.00 240.00 240.00 240.00 240.00 240.00 240.00 240.00 240.00 240.00

5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00 5,240.00

3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00

2,000.00

3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 5,540.00

4,880.00 4,640.00 4,400.00 4,160.00 3,920.00 3,680.00 3,440.00 3,200.00 2,960.00 2,720.00 2,480.00 2,240.00 2,000.00

64.45% 67.62% 71.12% 75.00% 79.33% 84.18% 89.67% 95.93% 103.13% 111.49% 121.32% 133.06% 147.32%
Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25

5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00

(1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00) (1,700.00)

3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00 3,300.00

4,880.00 4,640.00 4,400.00 4,160.00 3,920.00 3,680.00 3,440.00 3,200.00 2,960.00 2,720.00 2,480.00 2,240.00 2,000.00

614.40 585.60 556.80 528.00 499.20 470.40 441.60 412.80 384.00 355.20 326.40 297.60 268.80

2,685.60 2,714.40 2,743.20 2,772.00 2,800.80 2,829.60 2,858.40 2,887.20 2,916.00 2,944.80 2,973.60 3,002.40 3,031.20

52.45% 55.62% 59.12% 63.00% 67.33% 72.18% 77.67% 83.93% 91.13% 99.49% 109.32% 121.06% 135.32%

Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25

3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00 3,540.00

(45.00) (45.00) (45.00) (45.00) (45.00) (45.00) (45.00) (45.00) (45.00) (45.00) (45.00) (45.00) (45.00)

8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00

(960.00) (960.00) (960.00) (960.00) (960.00) (960.00) (960.00) (960.00) (960.00) (960.00) (960.00) (960.00) (960.00)

2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00 2,535.00

43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69%
 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7
ROI 41.25% 42.53% 43.88% 45.33% 46.88% 48.53% 50.30%
ROCE 29.25% 30.53% 31.88% 33.33% 34.88% 36.53% 38.30%
CFROI 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69%

ROI, ROCE, CFROI

160.00%

140.00%

120.00%

100.00%
R
80.00% R
C
60.00%

40.00%

20.00%

0.00%
1 2 3 4 5 6 7 8 9 1 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7 18 1 9 20 2 1 2 2 2 3 2 4 25
YR YR YR YR YR YR YR YR YR YR YR YR YR YR YR YR YR YR YR YR YR YR YR YR YR
 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17
52.22% 54.28% 56.51% 58.93% 61.57% 64.45% 67.62% 71.12% 75.00% 79.33%
40.22% 42.28% 44.51% 46.93% 49.57% 52.45% 55.62% 59.12% 63.00% 67.33%
43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69%

ROI
ROCE
CFROI

1 2 2 2 3 2 4 25
YR YR YR YR
YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25
84.18% 89.67% 95.93% 103.13% 111.49% 121.32% 133.06% 147.32%
72.18% 77.67% 83.93% 91.13% 99.49% 109.32% 121.06% 135.32%
43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69% 43.69%