Inflatio Mexiko 7%

Steuersatz 35%

2008 2009
Voraussichtliche Betriebskosten, manueller Prozess
Einheitsvolumen (in Tsd.) 496

Materialien 564,816
Direkte Arbeit 1,115,184
Gemeinkosten 1,680,000
Summe 3,360,000
Materialien/Einheit 1.1387
Direkte Arbeit/Einheit 2.2484

Voraussichtliche Betriebskosten, neue automatische Ausrüstung

Einheitsvolumen (in Tsd.)
Materialien 496
Direkte Arbeit 542,223
Gemeinkosten 524,136
Summe 1,566,211
Materialien/Einheit 2,632,570
Direkte Arbeit/ Einheit 1.0932
1.0567
Cashflow (MXN)
(+) Kosteneinsparungen
(-) Spareinlagensteuer
(+) Alte Maschine verkaufen 727,430
Buchwert alt mach 254,601
Gebuchter Verlust aus dem Verkauf von 175,000
250,000
Vermögenswerten 75,000
(+) Steuerschild aus Schreiben von (-) Neukauf 26,250
mach Abschreibung 3,500,000
(+) Steuerschild von ab. 350,000
122,500
(-) Kreditservice 550,422
Saldo 3,500,000 3,271,928
An den Vollmachtgeber 228,072
Zinsen (9,21%) 322,350
112,823
(+) Steuer-SHIEL-ZINS
(+) Wilder Wert (3,298,750) 157,730
Gesamt-Cashflow (532,801)
NPV @ Pesos @8% (33,321)
In Euro umrechnen @15,99MXN/E
 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 Mexiko 7%
Steuersatz 35%

2008 2009 2010

Voraussichtliche Betriebskosten, manueller Prozess
Einheitsvolumen (in Tsd.) 496 546
Materialien 564,816 664,788
Direkte Arbeit 1,115,184 1,312,572
Gemeinkosten 1,680,000 1,797,600
Summe 3,360,000 3,774,960
Materialien/Einheit 1.1387 1.2185
Direkte Arbeit/Einheit 2.2484 2.4057

Voraussichtliche Betriebskosten, neue automatische Ausrüstung

Einheitsvolumen (in Tsd.) 496
Materialien 542,223 546
Direkte Arbeit 524,136 638,197
Gemeinkosten 1,566,211 616,909
1,675,846
Summe 2,632,570 2,930,952
Materialien/Einheit 1.0932 1.1697
Direkte Arbeit/ Einheit 1.0567 1.1307

Cashflow (MXN)
(+) Kosteneinsparungen 727,430 844,008
(-) Spareinlagensteuer 254,601 295,403
(+) Alte Maschine verkaufen 175,000
Buchwert alt mach 250,000
Gebuchter Verlust aus dem Verkauf von 75,000
Vermögenswerten
(-) Verlust f Abschreibung Altmaschine (29,167) (29,167)
(+) Steuerschild vom Schreiben von 26,250
(-) Neue Mach kaufen 3,500,000
Abschreibung 350,000 350,000
(+) Steuerschild von ab. 122,500 122,500
(+) Wilder Wert
Gesamt-Cashflow (3,298,750) 566,163 641,938
NPV @ Pesos @12,19% 1,478,997
a) In Euro umrechnen @15,99MXN/E 92,495

Wacc in Euro 8.00%

Wacc in Pesos 12,19 % mit Fisher-Effekt-Anpassung

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

 b) NPV in Euro bei8% NPV in Pesos $92,495 $1,478,997

Inflation Mexiko 7% 7% 7%
Inflation Euro 3% 3% 3%
PPP MXN/Euro $15.99 $16.61 $17.26

Gov rate I rate Mexiko 9.12% 9.12% 9.12%

Gov rate I rate Frankreich 4.81% 4.81% 4.81%
I Rat MXN/Euro $15.99 $16.65 $17.33

EXPE MXN/Euro $15.99 $20.00 $20.00

c) Anpassung durch Inflation

(3,298,750)
NPV in Pesos 566,162 621,430
869,715

Darlehen
Investitionsaufwand 3,298,750
Sedn nach Frankreich 869,715Max. INT-Rate
4,168,465 12.19%

Saldo 4,168,465 4,168,465 4,110,613

Zinsen 508,310 501,255
Schulleiter 57,852 120,175
Saldo 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)