Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Econmica e Financeira
Maio de 2010
ndice
1. Sumrio Executivo
2. Projeces de Actividade
3. Demonstraes Financeiras
1. Sumrio Executivo
A VRSA Sociedade de Gesto Urbana EM SA, no mbito das actividades delegadas, quer
ser reconhecida como o parceiro de excelncia no sector, cujo contributo para a melhoria
das condies ambientais e de sade pblica merecedor da confiana dos nossos
clientes, do Municpio e da populao em geral, assegurando um forte compromisso
pblico de responsabilidade ambiental e social e garantindo um ambiente de trabalho de
grande qualidade para os nossos colaboradores. Esta a nossa Viso.
Para que o contedo da Viso possa ser traduzido em termos operacionais, desdobramolo em 5 perspectivas (recursos, clientes, processos, financeira e misso), e para cada um
deles definimos objectivos estratgicos que identificam os aspectos essenciais para
realizar com sucesso a nossa Viso:
Objectivos Estratgicos
Perspectiva de Recursos
Perspectiva Clientes
Perspectiva Processos
Perspectiva Financeira
Perspectiva Misso
Contribuir para a melhoria da qualidade das guas do rio Guadiana e das guas
balneares nas praias do concelho;
Abastecimento de gua
Tarifa Fixa
Domstico
Tarifa Variavel
Domstico
Geral
Social
1 Nivel
2 Nivel
3 Nivel
4 Nivel
5 Nivel
8,0000
1,9300
No Domstica
0 - 20
20 - 30
30 - 50
50 - 100
100 - 300
0_5
5_15
15_25
> 25
10,0000
No Domstico
14,5000
72,5000 qq consumo
Aut., EM, IPSS,Culturais, Despot. E de Interesse Publico
145,0000
290,0000 qq consumo
Outros Servios Publicos Estatais
qq consumo
0,2000
0,4000
1,2000
1,8000
0,4400
0,2750
1,8000
Saneamento
Tarifa Fixa
Domstico
Tarifa Variavel
Domstico
Geral
Social
1 Nivel
2 Nivel
3 Nivel
4 Nivel
5 Nivel
8,0000
1,3800
No Domstica
0 - 20
20 - 30
30 - 50
50 - 100
100 - 300
0_5
5_15
15_25
> 25
20,0000
No Domstico
29,0000
145,0000 qq consumo
Aut., EM, IPSS,Culturais, Despot. E de Interesse Publico
290,0000
580,0000 qq consumo
Outros Servios Publicos Estatais
qq consumo
0,2000
0,4000
0,8500
2,0000
0,4500
0,2500
0,4500
2. Projeces da Actividade
2.1 Pressupostos Gerais
Esta orientao poder sofrer alteraes, sob dois pressupostos: (1) candidatura ou
processo de concurso ao fundo comunitrio no se desenvolver como o esperado e (2) a
conjuntura econmica e social no o permita, sendo a palavra, determinada pela CM
VRSA, conforme estipula o Contrato de Gesto.
2.2 Investimento
Desta forma, e para que o caudal interceptado e conduzido para tratamento pelo sistema
multimunicipal corresponda efectivamente produo de guas residuais no concelho,
ser necessrio reconfigurar, ampliar e reforar os sistemas municipais de drenagem,
construindo para o efeito novos colectores, estaes e condutas elevatrias.
10
Face s concluses a que foi possvel chegar a partir do levantamento e anlise das infraestruturas actualmente existentes, apresentam-se as obras a realizar (quadro n 1), nos
domnios do abastecimento de gua e do saneamento de guas residuais no concelho de
Vila Real de Santo Antnio, assim como o tipo e objectivos inerentes a cada interveno.
11
11.400.000
1.000.000
1.250.000
4.500.000
3.150.000
Subtotal 21.300.000
Saneamento (candidadatas)
1 Ligao dos Efluentes de Casas de Audincia+
3
325.074
1.546.239
975.000
7.500.000
1.118.277
250.000
3.800.000
3.400.000
935.944
9.300.000
1.200.000
1.500.000
900.000
300.000
4.100.000
200.000
1.022.984
400.000
Subtotal 38.773.518
900.000
900.000
1.000.000
700.000
2.300.000
3.850.000
350.000
250.000
300.000
700.000
1.200.000
3.500.000
3.600.000
2.550.000
5.500.000
Subtotal 27.600.000
TOTAL GLOBAL
87.673.518
12
AA_AR
15.000
10.000
5.000
0
13
Volumes Facturados
800.000,00
700.000,00
600.000,00
500.000,00
400.000,00
300.000,00
200.000,00
100.000,00
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
2034
2036
2038
2040
2042
2044
2046
2048
2050
2052
2054
2056
2058
2060
0,00
AA_AR
2.3.2 Tarifrio
Os valores propostos representam o nvel mnimo a partir do qual a empresa gera fundos
suficientes para satisfazer os compromissos decorrentes da sua actividade, para
desenvolver o plano de investimentos e para efectuar os pagamentos ao Municpio.
Tendo em conta os pressupostos, concluimos que a tarifa mdia ter que evoluir para 2,50
e 2,72 por m3 de gua facturada, para os servios de abastecimento de gua e
saneamento de guas residuais, respectivamente.
14
Evoluo tarifa
9,00
8,00
Ttulo do Eixo
7,00
6,00
5,00
4,00
AA
3,00
ARD
2,00
1,00
0,00
2.3.3
Proveitos
15
Proveitos Operacionais
90.000.000
80.000.000
70.000.000
60.000.000
50.000.000
40.000.000
AR
30.000.000
AA
20.000.000
10.000.000
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
2034
2036
2038
2040
2042
2044
2046
2048
2050
2052
2054
2056
2058
2060
16
Custos Operacionais
10.000.000
9.000.000
8.000.000
7.000.000
6.000.000
5.000.000
Pessoal
4.000.000
Subcontratos ETAR
3.000.000
Aquisio gua
2.000.000
1.000.000
2058
2055
2052
2049
2046
2043
2040
2037
2034
2031
2028
2025
2022
2019
2016
2013
2010
2.5 Financiamento
A estruturao financeira da empresa, nos anos de projeco, foi realizada tendo em conta
o recurso a trs fontes de financiamento, para alem do auto-financiamento. Seguem-se os
montantes:
17
2.5 Resultados
Resultados
80.000.000
70.000.000
60.000.000
50.000.000
40.000.000
30.000.000
EBITDA
Resultados Liquidos
20.000.000
10.000.000
0
-10.000.000
Daqui resulta que o modelo est criado por forma a concretizar as obras candidatadas ao
POVT at ao final de 2012, nos termos definidos, pelo enquadramento legal respectivo e
subsidirio, concretamente a lei 12/2008 e 53 F de 2006.
No final dos oito primeiros anos a VRSA SGU, dever com o Municpio, promover uma
avaliao da rede existente, avaliar as dinmicas de crescimento de consumos e clientes e
aferir do nvel de servio prestado, com a finalidade de construir o novo plano estratgico
municipal de renovao de redes infra-estruturais, para o sector, deixando graus de
liberdade totais s novas geraes, sendo que esta opo existe porque neste momento
torna-se o servio de abastecimento de gua e recolha de guas residuais domsticas
sustentvel.
18
3. Demonstraes financeiras
19
Volume de negcios
VENDAS
Abastecimento gua
TOTAL
PRESTAO DE SERVIOS
Disponibilizao bastecimento gua
Disponilizao Saneamento
Recolha de guas Residuais
TOTAL
TOTAL VOLUME DE NEGCIOS
IVA
TOTAL VOLUME DE NEGCIOS + IVA
2010
425.816,34
425.816,34
2010
963.162,00
1.121.868,00
392.402
2.477.432
2011
903.497,11
903.497,11
2011
2.024.921,37
2.358.496,39
832.598
5.216.015
2012
958.520,08
958.520,08
2012
2.128.541,53
2.479.100,48
883.303
5.490.945
2013
1.016.893,96
1.016.893,96
2013
2.237.439,65
2.605.845,05
937.096
5.780.381
2014
1.361.621,01
1.361.621,01
2014
2.968.397,06
3.457.043,26
1.254.771
7.680.212
2015
1.823.210,53
1.823.210,53
2015
3.938.112,22
4.586.239,90
1.680.139
10.204.491
2016
1.934.244,05
1.934.244,05
2016
4.139.458,94
4.820.570,20
1.782.459
10.742.489
2017
2.052.039,51
2.052.039,51
2017
4.351.056,16
5.066.825,60
1.891.011
11.308.893
2018
2.177.008,72
2.177.008,72
2018
4.573.424,41
5.325.611,56
2.006.174
11.905.210
2019
2.309.588,55
2.309.588,55
2019
4.807.110,64
5.597.564,23
2.128.350
12.533.025
2020
2.450.242,49
2.450.242,49
2020
5.052.689,52
5.883.352,01
2.257.966
13.194.008
2.903.248
6.119.512
6.449.465
6.797.275
9.041.833
12.027.702
12.676.733
13.360.932
14.082.218
14.842.613
15.644.250
145.162
305.976
322.473
339.864
452.092
601.385
633.837
668.047
704.111
742.131
782.213
3.048.410
6.425.488
6.771.938
7.137.138
9.493.924
12.629.087
13.310.569
14.028.979
14.786.329
15.584.744
16.426.463
20
Volume de negcios
VENDAS
Abastecimento gua
TOTAL
PRESTAO DE SERVIOS
Disponibilizao bastecimento gua
Disponilizao Saneamento
Recolha de guas Residuais
TOTAL
TOTAL VOLUME DE NEGCIOS
IVA
TOTAL VOLUME DE NEGCIOS + IVA
2021
2.599.462,26
2.599.462,26
2021
5.310.764,86
6.183.677,18
2.395.476
13.889.918
2022
2.757.769,51
2.757.769,51
2022
5.581.971,10
6.499.277,63
2.541.361
14.622.610
2023
2.925.717,67
2.925.717,67
2023
5.866.974,82
6.830.928,65
2.696.130
15.394.033
2024
3.103.893,88
3.103.893,88
2024
6.166.476,40
7.179.444,84
2.860.324
16.206.245
2025
3.292.921,02
3.292.921,02
2025
6.481.211,75
7.545.682,09
3.034.518
17.061.412
2026
3.493.459,91
3.493.459,91
2026
6.811.954,05
7.930.539,66
3.219.320
17.961.814
2027
4.741.890,23
4.741.890,23
2027
7.159.515,70
8.334.962,41
2.356.160
17.850.638
2028
3.931.919,90
3.931.919,90
2028
7.524.750,28
8.759.943,07
3.623.373
19.908.066
2029
4.171.373,83
4.171.373,83
2029
7.908.554,61
9.206.524,71
3.844.036
20.959.116
2030
4.425.410,49
4.425.410,49
2030
8.311.871,01
9.675.803,22
4.078.138
22.065.812
16.489.381
17.380.379
18.319.751
19.310.139
20.354.333
21.455.274
22.592.528
23.839.986
25.130.489
26.491.223
824.469
869.019
915.988
965.507
1.017.717
1.072.764
1.129.626
1.191.999
1.256.524
1.324.561
17.313.850
18.249.398
19.235.738
20.275.646
21.372.049
22.528.037
23.722.154
25.031.985
26.387.014
27.815.784
21
Volume de negcios
VENDAS
Abastecimento gua
TOTAL
PRESTAO DE SERVIOS
Disponibilizao bastecimento gua
Disponilizao Saneamento
Recolha de guas Residuais
TOTAL
TOTAL VOLUME DE NEGCIOS
IVA
TOTAL VOLUME DE NEGCIOS + IVA
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
4.694.917,99 4.980.838,50 5.284.171,56 5.605.977,61 5.947.381,65 6.309.577,19 6.693.830,44 7.101.484,71 7.533.965,13 7.992.783,61
4.694.917,99 4.980.838,50 5.284.171,56 5.605.977,61 5.947.381,65 6.309.577,19 6.693.830,44 7.101.484,71 7.533.965,13 7.992.783,61
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
8.735.689,52 9.181.050,38 9.649.046,56 10.140.826,39 10.657.596,42 11.200.624,34 11.771.242,08 12.370.849,06 13.000.915,62 13.662.986,59
10.168.930,08 10.687.115,10 11.231.629,39 11.803.808,49 12.405.055,62 13.036.845,08 13.700.725,90 14.398.325,59 15.131.354,10 15.901.608,06
4.326.497
4.589.980
4.869.510
5.166.063
5.480.677
5.814.450
6.168.550
6.544.215
6.942.757
7.365.571
23.231.116
24.458.146
25.750.186
27.110.698
28.543.329
30.051.919
31.640.518
33.313.389
35.075.027
36.930.166
27.926.034
29.438.984
31.034.358
32.716.676
34.490.710
36.361.496
38.334.348
40.414.874
42.608.992
44.922.949
1.396.302
1.471.949
1.551.718
1.635.834
1.724.536
1.818.075
1.916.717
2.020.744
2.130.450
2.246.147
29.322.336
30.910.934
32.586.076
34.352.510
36.215.246
38.179.571
40.251.066
42.435.618
44.739.442
47.169.097
22
Volume de negcios
VENDAS
Abastecimento gua
TOTAL
PRESTAO DE SERVIOS
Disponibilizao bastecimento gua
Disponilizao Saneamento
Recolha de guas Residuais
TOTAL
TOTAL VOLUME DE NEGCIOS
IVA
TOTAL VOLUME DE NEGCIOS + IVA
2041
2042
2043
2044
2045
8.479.544,13 8.995.948,37 9.543.801,62 9.830.115,67 10.125.019,14
8.479.544,13 8.995.948,37 9.543.801,62 9.830.115,67 10.125.019,14
2041
2042
2043
2044
2045
14.358.685,10 15.089.716,49 15.857.872,53 16.179.646,36 16.507.855,67
16.710.975,09 17.561.438,46 18.455.081,91 18.829.218,22 19.210.837,26
7.814.134
8.290.015
8.794.877
9.058.723
9.330.485
38.883.795
40.941.170
43.107.832
44.067.588
45.049.178
2046
10.428.769,72
10.428.769,72
2046
16.842.629,17
19.600.088,68
9.610.400
46.053.117
2047
10.741.632,81
10.741.632,81
2047
17.184.098,14
19.997.125,12
9.898.712
47.079.935
2048
11.063.881,79
11.063.881,79
2048
17.532.396,48
20.402.102,30
10.195.673
48.130.172
2049
11.395.798,25
11.395.798,25
2049
17.887.660,79
20.815.179,02
10.501.543
49.204.383
2050
11.737.672,19
11.737.672,19
2050
18.250.030,39
21.236.517,27
10.816.589
50.303.137
47.363.339
49.937.118
52.651.633
53.897.704
55.174.197
56.481.887
57.821.568
59.194.054
60.600.181
62.040.809
2.368.167
2.496.856
2.632.582
2.694.885
2.758.710
2.824.094
2.891.078
2.959.703
3.030.009
3.102.040
49.731.506
52.433.974
55.284.215
56.592.589
57.932.907
59.305.982
60.712.646
62.153.756
63.630.190
65.142.850
23
Volume de negcios
VENDAS
Abastecimento gua
TOTAL
PRESTAO DE SERVIOS
Disponibilizao bastecimento gua
Disponilizao Saneamento
Recolha de guas Residuais
TOTAL
TOTAL VOLUME DE NEGCIOS
IVA
TOTAL VOLUME DE NEGCIOS + IVA
2051
12.089.802,36
12.089.802,36
2051
18.619.647,39
21.666.282,28
11.141.087
51.427.017
2052
12.452.496,43
12.452.496,43
2052
18.996.656,72
22.104.642,60
11.475.320
52.576.619
2053
12.826.071,32
12.826.071,32
2053
19.381.206,23
22.551.770,13
11.819.579
53.752.556
2054
13.210.853,46
13.210.853,46
2054
19.773.446,74
23.007.840,20
12.174.167
54.955.454
2055
13.607.179,07
13.607.179,07
2055
20.173.532,06
23.473.031,68
12.539.392
56.185.955
2056
14.015.394,44
14.015.394,44
2056
20.581.619,08
23.947.526,98
12.915.573
57.444.720
2057
14.435.856,27
14.435.856,27
2057
20.997.867,85
24.431.512,19
13.303.041
58.732.421
2058
14.868.931,96
14.868.931,96
2058
21.422.441,59
24.925.177,11
13.702.132
60.049.751
2059
15.314.999,92
15.314.999,92
2059
21.855.506,81
25.428.715,32
14.113.196
61.397.418
2060
15.774.449,92
15.774.449,92
2060
22.297.233,32
25.942.324,30
14.536.592
62.776.149
63.516.819
65.029.116
66.578.627
68.166.307
69.793.135
71.460.114
73.168.277
74.918.683
76.712.418
78.550.599
3.175.841
3.251.456
3.328.931
3.408.315
3.489.657
3.573.006
3.658.414
3.745.934
3.835.621
3.927.530
66.692.660
68.280.571
69.907.558
71.574.622
73.282.791
75.033.120
76.826.691
78.664.617
80.548.039
82.478.129
24
2010
Abastecimento gua
714.793,20
TOTAL CMVMC
IVA
TOTAL CMVMC + IVA
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
1.451.030,20 1.472.795,65 1.494.887,59 1.517.310,90 1.540.070,56 1.563.171,62 1.586.619,20 1.610.418,48 1.634.574,76 1.659.093,38
714.793,20 1.451.030,20 1.472.795,65 1.494.887,59 1.517.310,90 1.540.070,56 1.563.171,62 1.586.619,20 1.610.418,48 1.634.574,76 1.659.093,38
35.739,66
72.551,51
73.639,78
74.744,38
75.865,54
77.003,53
78.158,58
79.330,96
80.520,92
81.728,74
82.954,67
750.532,86 1.523.581,71 1.546.435,43 1.569.631,96 1.593.176,44 1.617.074,09 1.641.330,20 1.665.950,16 1.690.939,41 1.716.303,50 1.742.048,05
25
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
Abastecimento gua 1.683.979,78 1.709.239,48 1.734.878,07 1.760.901,24 1.787.314,76 1.814.124,48 1.841.336,35 1.868.956,40 1.896.990,74 1.925.445,60
TOTAL CMVMC
IVA
TOTAL CMVMC + IVA
1.683.979,78 1.709.239,48 1.734.878,07 1.760.901,24 1.787.314,76 1.814.124,48 1.841.336,35 1.868.956,40 1.896.990,74 1.925.445,60
84.198,99
85.461,97
86.743,90
88.045,06
89.365,74
90.706,22
92.066,82
93.447,82
94.849,54
96.272,28
1.768.178,77 1.794.701,45 1.821.621,98 1.848.946,30 1.876.680,50 1.904.830,71 1.933.403,17 1.962.404,22 1.991.840,28 2.021.717,88
26
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
Abastecimento gua 1.954.327,29 1.983.642,20 2.013.396,83 2.043.597,78 2.074.251,75 2.105.365,52 2.136.946,01 2.169.000,20 2.201.535,20 2.234.558,23
TOTAL CMVMC
IVA
TOTAL CMVMC + IVA
1.954.327,29 1.983.642,20 2.013.396,83 2.043.597,78 2.074.251,75 2.105.365,52 2.136.946,01 2.169.000,20 2.201.535,20 2.234.558,23
97.716,36
99.182,11
100.669,84
102.179,89
103.712,59
105.268,28
106.847,30
108.450,01
110.076,76
111.727,91
2.052.043,65 2.082.824,31 2.114.066,67 2.145.777,67 2.177.964,34 2.210.633,80 2.243.793,31 2.277.450,21 2.311.611,96 2.346.286,14
27
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
Abastecimento gua 2.268.076,60 2.302.097,75 2.336.629,22 2.371.678,65 2.407.253,83 2.443.362,64 2.480.013,08 2.517.213,28 2.554.971,48 2.593.296,05
TOTAL CMVMC
IVA
TOTAL CMVMC + IVA
2.268.076,60 2.302.097,75 2.336.629,22 2.371.678,65 2.407.253,83 2.443.362,64 2.480.013,08 2.517.213,28 2.554.971,48 2.593.296,05
113.403,83
115.104,89
116.831,46
118.583,93
120.362,69
122.168,13
124.000,65
125.860,66
127.748,57
129.664,80
2.381.480,43 2.417.202,64 2.453.460,68 2.490.262,59 2.527.616,53 2.565.530,77 2.604.013,74 2.643.073,94 2.682.720,05 2.722.960,85
28
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
Abastecimento gua 2.632.195,49 2.671.678,42 2.711.753,60 2.752.429,90 2.793.716,35 2.835.622,10 2.878.156,43 2.921.328,77 2.965.148,71 3.009.625,94
TOTAL CMVMC
IVA
TOTAL CMVMC + IVA
2.632.195,49 2.671.678,42 2.711.753,60 2.752.429,90 2.793.716,35 2.835.622,10 2.878.156,43 2.921.328,77 2.965.148,71 3.009.625,94
131.609,77
133.583,92
135.587,68
137.621,50
139.685,82
141.781,10
143.907,82
146.066,44
148.257,44
150.481,30
2.763.805,26 2.805.262,34 2.847.341,28 2.890.051,40 2.933.402,17 2.977.403,20 3.022.064,25 3.067.395,21 3.113.406,14 3.160.107,23
29
N Meses
Taxa de crescimento
Subcontratos etar
Outros Fornecimentos
Forn. Ser. Estrutura
Tx IVA CF
CV Valor Mensal
5%
0% 100%
78.289
20% 100%
0%
171.989
0% 100%
0%
79.167
TOTAL FSE
2011
12
1,00%
2012
12
1,00%
2013
12
1,00%
2014
12
1,00%
2015
12
1,00%
2016
12
1,00%
2017
12
1,00%
2018
12
1,00%
2019
12
1,00%
2020
12
1,00%
2010
469.733
171.989
475.000
1.116.722
2011
948.861
482.024
959.500
2.390.385
2012
958.349
1.871.376
969.095
3.798.820
2013
967.933
1.862.404
978.786
3.809.123
2014
977.612
1.853.344
988.574
3.819.530
2015
987.388
1.844.189
998.460
3.830.037
2016
997.262
1.834.946
1.008.444
3.840.652
2017
1.007.235
1.825.607
1.018.529
3.851.370
2018
1.017.307
1.816.178
1.028.714
3.862.199
2019
1.027.480
1.806.653
1.039.001
3.873.134
2020
1.037.755
1.797.032
1.049.391
3.884.178
646.989
1.441.524
2.840.471
2.841.190
2.841.918
2.842.649
2.843.390
2.844.135
2.844.892
2.845.654
2.846.423
469.733
948.861
958.349
967.933
977.612
987.388
997.262
1.007.235
1.017.307
1.027.480
1.037.755
1.116.722
2.390.385
3.798.820
3.809.123
3.819.530
3.830.037
3.840.652
3.851.370
3.862.199
3.873.134
3.884.178
57.884
143.848
422.193
420.878
419.549
418.207
416.852
415.483
414.101
412.705
411.294
1.174.606
2.534.232
4.221.012
4.230.000
4.239.080
4.248.244
4.257.504
4.266.853
4.276.299
4.285.839
4.295.472
TOTAL FSE
IVA
FSE + IVA
30
2022
12
1,00%
2023
12
1,00%
2024
12
1,00%
2025
12
1,00%
2026
12
1,00%
2027
12
1,00%
2028
12
1,00%
2029
12
1,00%
2030
12
1,00%
2021
1.048.132
1.787.314
1.059.885
3.895.331
2022
1.058.614
1.777.499
1.070.484
3.906.597
2023
1.069.200
1.767.588
1.081.189
3.917.976
2024
1.079.892
1.757.579
1.092.001
3.929.471
2025
1.090.691
1.747.472
1.102.921
3.941.083
2026
1.101.598
1.737.261
1.113.950
3.952.808
2027
1.112.614
1.726.946
1.125.089
3.964.648
2028
1.123.740
1.716.532
1.136.340
3.976.611
2029
1.134.977
1.706.012
1.147.704
3.988.693
2030
1.146.327
1.695.387
1.159.181
4.000.895
2.847.199
2.847.983
2.848.776
2.849.579
2.850.392
2.851.211
2.852.035
2.852.872
2.853.716
2.854.568
1.048.132
1.058.614
1.069.200
1.079.892
1.090.691
1.101.598
1.112.614
1.123.740
1.134.977
1.146.327
TOTAL FSE
3.895.331
3.906.597
3.917.976
3.929.471
3.941.083
3.952.808
3.964.648
3.976.611
3.988.693
4.000.895
409.869
408.431
406.978
405.510
404.029
402.532
401.020
399.493
397.951
396.394
4.305.201
4.315.027
4.324.954
4.334.981
4.345.112
4.355.340
4.365.668
4.376.105
4.386.644
4.397.289
N Meses
Taxa de crescimento
Subcontratos etar
Outros Fornecimentos
Forn. Ser. Estrutura
Tx IVA CF
CV Valor Mensal
5%
0% 100%
78.289
20% 100%
0%
171.989
0% 100%
0%
79.167
TOTAL FSE
IVA
FSE + IVA
31
2032
12
1,00%
2033
12
1,00%
2034
12
1,00%
2035
12
1,00%
2036
12
1,00%
2037
12
1,00%
2038
12
1,00%
2039
12
1,00%
2040
12
1,00%
2031
1.157.790
1.684.657
1.170.772
4.013.219
2032
1.169.368
1.673.820
1.182.480
4.025.668
2033
1.181.062
1.662.871
1.194.305
4.038.237
2034
1.192.872
1.651.814
1.206.248
4.050.935
2035
1.204.801
1.640.645
1.218.310
4.063.757
2036
1.216.849
1.629.368
1.230.493
4.076.711
2037
1.229.018
1.617.978
1.242.798
4.089.794
2038
1.241.308
1.606.473
1.255.226
4.103.008
2039
1.253.721
1.594.854
1.267.779
4.116.353
2040
1.266.258
1.583.114
1.280.456
4.129.828
2.855.429
2.856.300
2.857.175
2.858.062
2.858.956
2.859.862
2.860.777
2.861.700
2.862.633
2.863.570
1.157.790
1.169.368
1.181.062
1.192.872
1.204.801
1.216.849
1.229.018
1.241.308
1.253.721
1.266.258
TOTAL FSE
4.013.219
4.025.668
4.038.237
4.050.935
4.063.757
4.076.711
4.089.794
4.103.008
4.116.353
4.129.828
394.821
393.232
391.627
390.006
388.369
386.716
385.047
383.360
381.657
379.936
4.408.040
4.418.901
4.429.864
4.440.941
4.452.126
4.463.427
4.474.841
4.486.368
4.498.010
4.509.764
N Meses
Taxa de crescimento
Subcontratos etar
Outros Fornecimentos
Forn. Ser. Estrutura
Tx IVA CF
CV Valor Mensal
5%
0% 100%
78.289
20% 100%
0%
171.989
0% 100%
0%
79.167
TOTAL FSE
IVA
FSE + IVA
32
2042
12
1,00%
2043
12
1,00%
2044
12
1,00%
2045
12
1,00%
2046
12
1,00%
2047
12
1,00%
2048
12
1,00%
2049
12
1,00%
2050
12
1,00%
2041
1.278.921
1.571.258
1.293.261
4.143.440
2042
1.291.710
1.559.287
1.306.194
4.157.191
2043
1.304.627
1.547.194
1.319.256
4.171.076
2044
1.317.673
1.534.978
1.332.448
4.185.099
2045
1.330.850
1.522.639
1.345.773
4.199.262
2046
1.344.158
1.510.178
1.359.230
4.213.566
2047
1.357.600
1.497.592
1.372.823
4.228.015
2048
1.371.176
1.484.883
1.386.551
4.242.610
2049
1.384.888
1.472.043
1.400.416
4.257.348
2050
1.398.737
1.459.079
1.414.421
4.272.237
2.864.519
2.865.481
2.866.449
2.867.426
2.868.412
2.869.408
2.870.415
2.871.434
2.872.460
2.873.500
1.278.921
1.291.710
1.304.627
1.317.673
1.330.850
1.344.158
1.357.600
1.371.176
1.384.888
1.398.737
TOTAL FSE
4.143.440
4.157.191
4.171.076
4.185.099
4.199.262
4.213.566
4.228.015
4.242.610
4.257.348
4.272.237
378.198
376.443
374.670
372.879
371.070
369.243
367.398
365.535
363.653
361.753
4.521.638
4.533.633
4.545.746
4.557.978
4.570.332
4.582.810
4.595.413
4.608.145
4.621.001
4.633.989
N Meses
Taxa de crescimento
Subcontratos etar
Outros Fornecimentos
Forn. Ser. Estrutura
Tx IVA CF
CV Valor Mensal
5%
0% 100%
78.289
20% 100%
0%
171.989
0% 100%
0%
79.167
TOTAL FSE
IVA
FSE + IVA
33
2052
12
1,00%
2053
12
1,00%
2054
12
1,00%
2055
12
1,00%
2056
12
1,00%
2057
12
1,00%
2058
12
1,00%
2059
12
1,00%
2060
12
1,00%
2051
1.412.724
1.439.294
1.428.565
4.280.583
2052
1.426.851
1.432.756
1.442.850
4.302.458
2053
1.441.120
1.419.397
1.457.279
4.317.796
2054
1.455.531
1.405.906
1.471.852
4.333.288
2055
1.470.086
1.392.281
1.486.570
4.348.937
2056
1.484.787
1.378.517
1.501.436
4.364.740
2057
1.499.635
1.364.619
1.516.450
4.380.704
2058
1.514.631
1.350.581
1.531.615
4.396.827
2059
1.529.778
1.336.402
1.546.931
4.413.111
2060
1.545.076
1.322.083
1.562.400
4.429.559
2.867.859
2.875.607
2.876.676
2.877.757
2.878.851
2.879.952
2.881.069
2.882.195
2.883.333
2.884.483
1.412.724
1.426.851
1.441.120
1.455.531
1.470.086
1.484.787
1.499.635
1.514.631
1.529.778
1.545.076
TOTAL FSE
4.280.583
4.302.458
4.317.796
4.333.288
4.348.937
4.364.740
4.380.704
4.396.827
4.413.111
4.429.559
358.495
357.894
355.935
353.958
351.960
349.943
347.906
345.848
343.769
341.670
4.639.078
4.660.352
4.673.732
4.687.246
4.700.898
4.714.682
4.728.610
4.742.675
4.756.880
4.771.229
N Meses
Taxa de crescimento
Subcontratos etar
Outros Fornecimentos
Forn. Ser. Estrutura
Tx IVA CF
CV Valor Mensal
5%
0% 100%
78.289
20% 100%
0%
171.989
0% 100%
0%
79.167
TOTAL FSE
IVA
FSE + IVA
34
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
319.200 644.784 651.232 657.744 664.320 670.965 677.675 684.454 691.298 698.211 705.195
75.810 153.136 154.668 156.214 157.776 159.354 160.948 162.558 164.183 165.825 167.484
2.554
5.158
5.210
5.262
5.315
5.368
5.421
5.476
5.530
5.586
5.642
62.049 62.669 63.296 63.929 64.568 65.214 65.866 66.525 67.190 67.862 68.540
0
0
0
0
0
0
0
0
0
0
0
4.788
9.672
9.768
9.866
9.965 10.064 10.165 10.267 10.369 10.473 10.578
6.384 12.896 13.025 13.155 13.286 13.419 13.553 13.689 13.826 13.964 14.104
470.784 888.315 897.199 906.170 915.230 924.385 933.629 942.967 952.397 961.921 971.542
35
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
712.249 719.373
726.567
733.832
741.168
748.580
756.067
763.626
771.261
778.973
169.159 170.851
172.560
174.285
176.027
177.788
179.566
181.361
183.175
185.006
5.698
5.755
5.813
5.871
5.929
5.989
6.049
6.109
6.170
6.232
69.226 69.918
70.617
71.323
72.037
72.757
73.485
74.220
74.962
75.711
0
0
0
0
0
0
0
0
0
0
10.684 10.791
10.899
11.007
11.118
11.229
11.341
11.454
11.569
11.685
14.245 14.387
14.531
14.677
14.823
14.972
15.121
15.273
15.425
15.579
981.260 991.075 1.000.987 1.010.996 1.021.103 1.031.313 1.041.629 1.052.043 1.062.562 1.073.187
36
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
786.762
794.628
802.576
810.601
818.708
826.893
835.161
843.511
851.945
860.467
186.856
188.724
190.612
192.518
194.443
196.387
198.351
200.334
202.337
204.361
6.294
6.357
6.421
6.485
6.550
6.615
6.681
6.748
6.816
6.884
76.468
77.233
78.005
78.786
79.573
80.369
81.173
81.985
82.804
83.632
0
0
0
0
0
0
0
0
0
0
11.801
11.919
12.039
12.159
12.281
12.403
12.527
12.653
12.779
12.907
15.735
15.893
16.052
16.212
16.374
16.538
16.703
16.870
17.039
17.209
1.083.917 1.094.754 1.105.704 1.116.760 1.127.929 1.139.206 1.150.596 1.162.101 1.173.720 1.185.461
37
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
869.072
877.762
886.540
895.407
904.363
913.408
922.543
931.768
941.088
950.498
206.405
208.468
210.553
212.659
214.786
216.934
219.104
221.295
223.508
225.743
6.953
7.022
7.092
7.163
7.235
7.307
7.380
7.454
7.529
7.604
84.469
85.313
86.167
87.028
87.899
88.777
89.665
90.562
91.468
92.382
0
0
0
0
0
0
0
0
0
0
13.036
13.166
13.298
13.431
13.565
13.701
13.838
13.977
14.116
14.257
17.381
17.555
17.731
17.908
18.087
18.268
18.451
18.635
18.822
19.010
1.197.316 1.209.287 1.221.381 1.233.596 1.245.935 1.258.397 1.270.982 1.283.691 1.296.531 1.309.495
38
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
960.004
969.605
979.301
989.094
998.984 1.008.975 1.019.062 1.029.252 1.039.543 1.049.937
228.001
230.281
232.584
234.910
237.259
239.631
242.027
244.447
246.891
249.360
7.680
7.757
7.834
7.913
7.992
8.072
8.152
8.234
8.316
8.399
93.306
94.239
95.181
96.133
97.095
98.066
99.046
100.037
101.037
102.047
0
0
0
0
0
0
0
0
0
0
14.400
14.544
14.690
14.836
14.985
15.135
15.286
15.439
15.593
15.749
19.200
19.392
19.586
19.782
19.980
20.179
20.381
20.585
20.791
20.999
1.322.591 1.335.818 1.349.177 1.362.669 1.376.294 1.390.058 1.403.955 1.417.994 1.432.172 1.446.491
39
2011
2012
2013
2014
254.034
0
0
254.034
0
535.457
0
0
535.457
0
564.328
0
0
564.328
0
594.762
0
0
594.762
0
791.160
0
0
791.160
0
1.052.424
0
0
1.052.424
0
1.109.214
0
0
1.109.214
0
1.169.082
0
0
1.169.082
0
1.232.194
0
0
1.232.194
0
1.298.729
0
0
1.298.729
0
1.368.872
0
0
1.368.872
320.857
28.102
250.000
598.958
676.302
31.510
250.000
957.812
961.241
9.839
250.000
1.221.080
966.605
11.549
250.000
1.228.154
972.043
21.163
250.000
1.243.206
977.553
33.869
250.000
1.261.422
983.139
36.840
250.000
1.269.979
988.801
39.960
250.000
1.278.761
994.540
43.237
250.000
1.287.777
1.000.357
46.679
250.000
1.297.036
1.006.253
50.295
250.000
1.306.548
-344.924
-422.355
-656.752
-633.392
-452.046
-208.998
-160.765
-109.679
-55.583
1.693
62.324
-344.924
-77.431
-234.397
23.360
181.347
243.047
48.233
51.086
54.097
57.275
60.631
28.102
18.487,00
5.320,00
4.294,86
31.510
18.671,87
5.373,20
7.464,69
9.839
18.858,60
5.426,93
-14.446,59
11.549
19.047,16
5.481,20
-12.979,85
21.163
19.237,60
5.536,00
-3.610,28
33.869
19.430,03
5.591,38
8.847,85
36.840
19.624,33
5.647,29
11.568,82
39.960
19.820,63
5.703,78
14.436,05
43.237
20.018,83
5.760,81
17.457,43
46.679
20.219,03
5.818,43
20.641,44
50.295
20.421,27
5.876,62
23.996,98
ESTADO
SS
IRS
IVA
2015
2016
2017
2018
2019
2020
40
2022
2023
2024
2025
2026
2027
2028
2029
2030
0
1.442.821
0
0
1.442.821
0
1.520.783
0
0
1.520.783
0
1.602.978
0
0
1.602.978
0
1.689.637
0
0
1.689.637
0
1.781.004
0
0
1.781.004
0
1.877.336
0
0
1.877.336
0
1.976.846
0
0
1.976.846
0
2.085.999
0
0
2.085.999
0
2.198.918
0
0
2.198.918
0
2.317.982
0
0
2.317.982
1.012.230
54.094
250.000
1.316.324
1.018.288
58.087
250.000
1.326.375
1.024.429
62.284
250.000
1.336.713
1.030.655
66.695
250.000
1.347.350
1.036.965
71.333
250.000
1.358.298
1.043.362
76.210
250.000
1.369.571
1.049.845
81.240
250.000
1.381.085
1.056.418
86.732
250.000
1.393.150
1.063.081
92.405
250.000
1.405.486
1.069.834
98.374
250.000
1.418.208
126.497
194.408
266.265
342.287
422.706
507.765
595.761
692.849
793.432
899.774
64.173
67.911
71.857
76.022
80.418
85.059
87.996
97.088
100.583
106.342
54.094
20.625,53
5.935,41
27.533,38
58.087
20.831,83
5.994,77
31.260,53
62.284
21.040,18
6.054,73
35.188,84
66.695
21.250,56
6.115,27
39.329,30
71.333
21.462,99
6.176,40
43.693,50
76.210
21.677,62
6.238,16
48.293,78
81.240
21.894,45
6.300,56
53.044,98
86.732
22.113,34
6.363,55
58.254,85
92.405
22.334,44
6.427,18
63.643,63
98.374
22.557,77
6.491,45
69.324,59
41
2032
2033
2034
2035
2036
2037
2038
2039
2040
0
2.443.528
0
0
2.443.528
0
2.575.911
0
0
2.575.911
0
2.715.506
0
0
2.715.506
0
2.862.709
0
0
2.862.709
0
3.017.937
0
0
3.017.937
0
3.181.631
0
0
3.181.631
0
3.354.255
0
0
3.354.255
0
3.536.301
0
0
3.536.301
0
3.728.287
0
0
3.728.287
0
3.930.758
0
0
3.930.758
1.076.681
104.653
250.000
1.431.334
1.083.621
111.261
250.000
1.444.882
1.090.655
118.214
250.000
1.458.870
1.097.786
125.533
250.000
1.473.319
1.105.015
133.235
250.000
1.488.251
1.112.343
141.344
250.000
1.503.687
1.119.772
149.880
250.000
1.519.652
1.127.303
158.867
250.000
1.536.170
1.134.937
168.330
250.000
1.553.267
1.142.675
178.295
250.000
1.570.970
1.012.194
1.131.029
1.256.637
1.389.390
1.529.687
1.677.944
1.834.603
2.000.131
2.175.020
2.359.788
112.420
118.835
125.607
132.753
140.297
148.257
156.660
165.528
174.888
184.768
104.653
22.783,32
6.556,35
75.313,71
111.261
23.011,10
6.621,90
81.627,89
118.214
23.241,26
6.688,13
88.285,07
125.533
133.235
141.344
149.880
158.867
168.330
178.295
23.473,65
23.708,42
23.945,45
24.184,86
24.426,69
24.670,92
24.917,69
6.755,01
6.822,57
6.890,78
6.959,67
7.029,26
7.099,54
7.170,56
95.303,95 102.704,48 110.507,53 118.735,30 127.411,14 136.559,67 146.206,99
42
2042
2043
2044
2045
2046
2047
2048
2049
2050
0
4.144.292
0
0
4.144.292
0
4.369.498
0
0
4.369.498
0
4.607.018
0
0
4.607.018
0
4.716.049
0
0
4.716.049
0
4.827.742
0
0
4.827.742
0
4.942.165
0
0
4.942.165
0
5.059.387
0
0
5.059.387
0
5.179.480
0
0
5.179.480
0
5.302.516
0
0
5.302.516
0
5.428.571
0
0
5.428.571
1.150.520
188.790
250.000
1.589.309
1.158.473
199.842
250.000
1.608.315
1.166.535
211.484
250.000
1.628.018
1.174.707
217.010
250.000
1.641.717
1.182.991
222.665
250.000
1.655.656
1.191.390
228.453
250.000
1.669.843
1.199.904
234.376
250.000
1.684.281
1.208.537
240.439
250.000
1.698.976
1.217.287
246.645
250.000
1.713.932
1.226.158
252.998
250.000
1.729.156
2.554.983
2.761.183
2.979.000
3.074.333
3.172.086
3.272.322
3.375.106
3.480.504
3.588.584
3.699.415
195.195
206.200
217.817
95.333
97.753
100.236
102.784
105.398
108.080
110.831
188.790
199.842
211.484
217.010
222.665
228.453
234.376
240.439
246.645
252.998
25.166,89
25.418,51
25.672,71
25.929,49
26.188,84
26.450,78
26.715,32
26.982,46
27.252,34
27.524,84
7.242,27
7.314,68
7.387,83
7.461,72
7.536,36
7.611,73
7.687,86
7.764,74
7.842,40
7.920,82
156.380,45 167.109,01 178.423,34 183.618,50 188.939,74 194.390,23 199.973,28 205.692,22 211.550,62 217.551,91
43
2052
2053
2054
2055
2056
2057
2058
2059
2060
0
5.557.722
0
0
5.557.722
0
5.690.048
0
0
5.690.048
0
5.825.630
0
0
5.825.630
0
5.964.552
0
0
5.964.552
0
6.106.899
0
0
6.106.899
0
6.252.760
0
0
6.252.760
0
6.402.224
0
0
6.402.224
0
6.555.385
0
0
6.555.385
0
6.712.337
0
0
6.712.337
0
6.873.177
0
0
6.873.177
1.233.814
259.611
250.000
1.743.425
1.244.269
266.156
250.000
1.760.425
1.253.512
272.970
250.000
1.776.483
1.262.883
279.946
250.000
1.792.829
1.272.383
287.088
250.000
1.809.471
1.282.014
294.400
250.000
1.826.414
1.291.779
301.886
250.000
1.843.665
1.301.678
309.551
250.000
1.861.229
1.311.714
317.399
250.000
1.879.114
1.321.889
325.435
250.000
1.897.325
3.814.296
3.929.622
4.049.147
4.171.723
4.297.428
4.426.346
4.558.559
4.694.156
4.833.223
4.975.853
114.881
115.326
119.525
122.575
125.705
128.918
132.213
135.596
139.067
142.630
259.611
266.156
27.800,11
28.078,14
8.000,03
8.080,04
223.811,35 229.998,17
272.970
279.946
287.088
294.400
301.886
309.551
317.399
325.435
28.358,94
28.642,53
28.928,91
29.218,23
29.510,34
29.805,41
30.103,44
30.404,42
8.160,85
8.242,45
8.324,87
8.408,12
8.492,19
8.577,10
8.662,86
8.749,47
236.450,68 243.061,35 249.834,21 256.773,49 263.883,38 271.168,33 278.632,84 286.281,53
44
2010
425.816
2.477.432
2011
903.497
5.216.015
2012
958.520
5.490.945
570.558
2013
1.016.894
5.780.381
570.558
2014
2015
1.361.621 1.823.211
7.680.212 10.204.491
570.558
570.558
6.900.000
2.903.248 6.119.512 7.020.023 7.367.833 9.612.391 19.498.260
714.793 1.451.030 1.472.796 1.494.888 1.517.311 1.540.071
469.733
948.861
958.349
967.933
977.612
987.388
1.718.722 3.719.622 4.588.878 4.905.012 7.117.468 16.970.801
59%
61%
65%
67%
74%
87%
646.989 1.441.524 2.840.471 2.841.190 2.841.918 2.842.649
1.071.733 2.278.098 1.748.407 2.063.822 4.275.550 14.128.152
470.784
16%
888.315
15%
897.199
13%
906.170
12%
924.385
5%
2017
2.052.040
11.308.893
570.558
6.900.000
20.831.490
1.586.619
1.007.235
18.237.637
88%
2.844.135
15.393.501
933.629
5%
942.967
5%
2018
2019
2020
2.177.009 2.309.589 2.450.242
11.905.210 12.533.025 13.194.008
570.558
570.558
570.558
6.900.000
21.552.776 15.413.171 16.214.808
1.610.418 1.634.575 1.659.093
1.017.307 1.027.480 1.037.755
18.925.051 12.751.116 13.517.960
88%
83%
83%
2.844.892 2.845.654 2.846.423
16.080.159 9.905.462 10.671.537
952.397
4%
961.921
6%
971.542
6%
600.948 1.389.782
851.209 1.157.652 3.360.320 13.203.767 13.809.839 14.450.534 15.127.763
16.000
172.228 1.678.377 1.678.377 1.678.377 1.678.377 1.678.377 1.678.377 1.678.377
0
0
0
0
0
0
0
0
0
584.948 1.217.554
-827.168
-520.725 1.681.943 11.525.390 12.131.462 12.772.157 13.449.386
251.010 1.726.186 4.494.425 4.780.226 4.923.414 4.285.099 3.618.148 2.860.887 2.241.181
66.045
141.536
0
0
0
0
0
0
20.572
-184.965 -1.584.649 -4.494.425 -4.780.226 -4.923.414 -4.285.099 -3.618.148 -2.860.887 -2.220.609
8.943.541
1.678.377
0
7.265.164
2.039.703
37.009
-2.002.694
9.699.995
1.678.377
0
8.021.618
1.838.226
66.600
-1.771.626
399.983
59.997
339.986
5.262.470
789.371
4.473.100
0
36%
29%
6.249.992
937.499
5.312.493
0
34%
33%
39%
12%
915.230
10%
2016
1.934.244
10.742.489
570.558
6.900.000
20.147.291
1.563.172
997.262
17.586.857
87%
2.843.390
14.743.467
8.513.314
1.276.997
7.236.316
-8.076.862
27%
36%
9.911.270 11.228.778
1.486.691 1.684.317
8.424.580 9.544.461
-840.545
0
26%
25%
40%
44%
45
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2.599.462 2.757.770 2.925.718 3.103.894 3.292.921 3.493.460 4.741.890 3.931.920 4.171.374 4.425.410
13.889.918 14.622.610 15.394.033 16.206.245 17.061.412 17.961.814 17.850.638 19.908.066 20.959.116 22.065.812
570.558
452.905
452.905
452.905
452.905
452.905
452.905
452.905
452.905
452.905
17.059.939 17.833.284 18.772.656 19.763.044 20.807.238 21.908.179 23.045.433 24.292.891 25.583.394 26.944.128
1.683.980 1.709.239 1.734.878 1.760.901 1.787.315 1.814.124 1.841.336 1.868.956 1.896.991 1.925.446
1.048.132 1.058.614 1.069.200 1.079.892 1.090.691 1.101.598 1.112.614 1.123.740 1.134.977 1.146.327
14.327.826 15.065.431 15.968.578 16.922.251 17.929.232 18.992.456 20.091.483 21.300.195 22.551.427 23.872.355
84%
84%
85%
86%
86%
87%
87%
88%
88%
89%
2.847.199 2.847.983 2.848.776 2.849.579 2.850.392 2.851.211 2.852.035 2.852.872 2.853.716 2.854.568
11.480.628 12.217.448 13.119.802 14.072.672 15.078.840 16.141.246 17.239.448 18.447.323 19.697.711 21.017.787
981.260
6%
991.075
6%
1.000.987
5%
1.010.996
5%
1.021.103
5%
1.031.313
5%
1.041.629
5%
1.052.043
4%
1.062.562
4%
1.073.187
4%
10.499.367 11.226.373 12.118.815 13.061.676 14.057.737 15.109.932 16.197.820 17.395.281 18.635.149 19.944.601
1.622.463 1.444.463 1.444.463 1.444.463 1.444.463 1.444.463 1.444.463 1.444.463 1.444.463 1.444.463
0
0
0
0
0
0
0
0
0
0
8.876.904 9.781.910 10.674.352 11.617.213 12.613.274 13.665.469 14.753.357 15.950.818 17.190.686 18.500.138
1.636.749 1.435.272 1.233.794 1.032.317
830.840
629.362
511.258
393.153
275.048
183.365
102.386
143.787
191.950
247.283
310.147
388.733
474.944
569.606
676.703
792.842
-1.534.363 -1.291.484 -1.041.844
-785.034
-520.692
-240.630
-36.314
176.453
401.655
609.477
7.342.541
1.101.381
6.241.160
0
32%
37%
8.490.425
1.273.564
7.216.862
0
30%
40%
46
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
4.694.918 4.980.838 5.284.172 5.605.978 5.947.382 6.309.577 6.693.830 7.101.485 7.533.965 7.992.784
23.231.116 24.458.146 25.750.186 27.110.698 28.543.329 30.051.919 31.640.518 33.313.389 35.075.027 36.930.166
452.905
370.291
370.291
370.291
370.291
370.291
370.291
370.291
370.291
370.291
28.378.939 29.809.275 31.404.649 33.086.967 34.861.001 36.731.787 38.704.639 40.785.165 42.979.283 45.293.240
1.954.327 1.983.642 2.013.397 2.043.598 2.074.252 2.105.366 2.136.946 2.169.000 2.201.535 2.234.558
1.157.790 1.169.368 1.181.062 1.192.872 1.204.801 1.216.849 1.229.018 1.241.308 1.253.721 1.266.258
25.266.822 26.656.265 28.210.190 29.850.497 31.581.948 33.409.573 35.338.676 37.374.857 39.524.027 41.792.424
89%
89%
90%
90%
91%
91%
91%
92%
92%
92%
2.855.429 2.856.300 2.857.175 2.858.062 2.858.956 2.859.862 2.860.777 2.861.700 2.862.633 2.863.570
22.411.393 23.799.965 25.353.015 26.992.434 28.722.993 30.549.711 32.477.899 34.513.157 36.661.394 38.928.854
1.083.917
4%
1.094.754
4%
1.105.704
4%
1.116.760
3%
1.127.929
3%
1.139.206
3%
1.150.596
3%
1.162.101
3%
1.173.720
3%
1.185.461
3%
21.327.475 22.705.211 24.247.311 25.875.675 27.595.064 29.410.505 31.327.303 33.351.056 35.487.674 37.743.393
1.416.506 1.283.006 1.283.006 1.283.006 1.283.006 1.283.006 1.283.006 1.283.006 1.283.006 1.283.006
0
0
0
0
0
0
0
0
0
0
19.910.969 21.422.205 22.964.305 24.592.668 26.312.058 28.127.499 30.044.297 32.068.050 34.204.668 36.460.387
91.683
0
0
0
0
0
0
0
0
0
918.548 1.062.314 1.216.069 1.380.544 1.556.350 1.744.133 1.944.574 2.158.394 2.386.350 2.629.244
826.865 1.062.314 1.216.069 1.380.544 1.556.350 1.744.133 1.944.574 2.158.394 2.386.350 2.629.244
20.737.834 22.484.518 24.180.374 25.973.213 27.868.408 29.871.632 31.988.871 34.226.444 36.591.018 39.089.631
3.110.675 3.372.678 3.627.056 3.895.982 4.180.261 4.480.745 4.798.331 5.133.967 5.488.653 5.863.445
17.627.159 19.111.841 20.553.318 22.077.231 23.688.147 25.390.887 27.190.541 29.092.477 31.102.365 33.226.187
0
0
0
0
0
0
0
0
0
0
19%
18%
17%
16%
15%
14%
14%
13%
12%
12%
62%
64%
65%
67%
68%
69%
70%
71%
72%
73%
47
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
8.479.544 8.995.948 9.543.802 9.830.116 10.125.019 10.428.770 10.741.633 11.063.882 11.395.798 11.737.672
38.883.795 40.941.170 43.107.832 44.067.588 45.049.178 46.053.117 47.079.935 48.130.172 49.204.383 50.303.137
370.291
370.291
370.291
370.291
370.291
370.291
370.291
370.291
370.291
370.291
47.733.630 50.307.409 53.021.924 54.267.995 55.544.488 56.852.178 58.191.859 59.564.345 60.970.472 62.411.100
2.268.077 2.302.098 2.336.629 2.371.679 2.407.254 2.443.363 2.480.013 2.517.213 2.554.971 2.593.296
1.278.921 1.291.710 1.304.627 1.317.673 1.330.850 1.344.158 1.357.600 1.371.176 1.384.888 1.398.737
44.186.632 46.713.602 49.380.668 50.578.643 51.806.384 53.064.657 54.354.246 55.675.955 57.030.613 58.419.068
93%
93%
93%
93%
93%
93%
93%
93%
94%
94%
2.864.519 2.865.481 2.866.449 2.867.426 2.868.412 2.869.408 2.870.415 2.871.434 2.872.460 2.873.500
41.322.113 43.848.121 46.514.219 47.711.217 48.937.972 50.195.249 51.483.831 52.804.521 54.158.153 55.545.568
1.197.316
3%
1.209.287
2%
1.221.381
2%
1.233.596
2%
1.245.935
2%
1.258.397
2%
1.270.982
2%
1.283.691
2%
1.296.531
2%
1.309.495
2%
40.124.797 42.638.834 45.292.838 46.477.620 47.692.037 48.936.852 50.212.849 51.520.830 52.861.622 54.236.073
1.283.006 1.283.006 1.283.006 1.283.006 1.283.006 1.283.006 1.283.006 1.283.006 1.283.006 1.283.006
0
0
0
0
0
0
0
0
0
0
38.841.791 41.355.828 44.009.832 45.194.614 46.409.031 47.653.846 48.929.843 50.237.824 51.578.616 52.953.067
0
0
0
0
0
0
0
0
0
0
2.887.923 3.163.278 3.456.252 3.757.390 4.067.624 4.387.190 4.716.332 5.055.298 5.404.346 5.763.737
2.887.923 3.163.278 3.456.252 3.757.390 4.067.624 4.387.190 4.716.332 5.055.298 5.404.346 5.763.737
41.729.714 44.519.106 47.466.084 48.952.004 50.476.655 52.041.037 53.646.174 55.293.122 56.982.962 58.716.803
6.259.457 6.677.866 7.119.913 7.342.801 7.571.498 7.806.155 8.046.926 8.293.968 8.547.444 8.807.520
35.470.257 37.841.240 40.346.171 41.609.204 42.905.157 44.234.881 45.599.248 46.999.154 48.435.518 49.909.283
0
0
0
0
0
0
0
0
0
0
11%
11%
10%
10%
10%
10%
9%
9%
9%
9%
74%
75%
76%
77%
77%
78%
78%
79%
79%
80%
48
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
12.089.802 12.452.496 12.826.071 13.210.853 13.607.179 14.015.394 14.435.856 14.868.932 15.315.000 15.774.450
51.427.017 52.576.619 53.752.556 54.955.454 56.185.955 57.444.720 58.732.421 60.049.751 61.397.418 62.776.149
370.291
63.887.110 65.029.116 66.578.627 68.166.307 69.793.135 71.460.114 73.168.277 74.918.683 76.712.418 78.550.599
2.632.195 2.671.678 2.711.754 2.752.430 2.793.716 2.835.622 2.878.156 2.921.329 2.965.149 3.009.626
1.412.724 1.426.851 1.441.120 1.455.531 1.470.086 1.484.787 1.499.635 1.514.631 1.529.778 1.545.076
59.842.191 60.930.586 62.425.754 63.958.346 65.529.332 67.139.705 68.790.485 70.482.722 72.217.491 73.995.898
94%
94%
94%
94%
94%
94%
94%
94%
94%
94%
2.867.859 2.875.607 2.876.676 2.877.757 2.878.851 2.879.952 2.881.069 2.882.195 2.883.333 2.884.483
56.974.332 58.054.979 59.549.077 61.080.589 62.650.481 64.259.752 65.909.416 67.600.527 69.334.158 71.111.415
1.322.591
2%
1.335.818
2%
1.349.177
2%
1.362.669
2%
1.376.294
2%
1.390.058
2%
1.403.955
2%
1.417.994
2%
1.432.172
2%
1.446.491
2%
55.651.741 56.719.161 58.199.900 59.717.920 61.274.187 62.869.695 64.505.461 66.182.533 67.901.986 69.664.923
1.210.649
16.000
16.000
16.000
16.000
16.000
16.000
16.000
16.000
0
0
0
0
0
0
0
0
0
0
0
54.441.093 56.703.161 58.183.900 59.701.920 61.258.187 62.853.695 64.489.461 66.166.533 67.885.986 69.664.923
0
0
0
0
0
0
0
0
0
0
6.133.778 6.511.986 6.900.476 7.300.407 7.712.079 8.135.796 8.571.873 9.020.631 9.482.402 9.957.524
6.133.778 6.511.986 6.900.476 7.300.407 7.712.079 8.135.796 8.571.873 9.020.631 9.482.402 9.957.524
60.574.871 63.215.147 65.084.376 67.002.328 68.970.266 70.989.490 73.061.334 75.187.165 77.368.388 79.622.447
9.086.231 9.482.272 9.762.656 10.050.349 10.345.540 10.648.424 10.959.200 11.278.075 11.605.258 11.943.367
51.488.640 53.732.875 55.321.720 56.951.978 58.624.726 60.341.067 62.102.134 63.909.090 65.763.130 67.679.080
0
0
0
0
0
0
0
0
0
0
8%
7%
6%
6%
6%
6%
6%
6%
6%
6%
81%
83%
83%
84%
84%
84%
85%
85%
86%
86%
49
2011
497.206 1.034.921
16.000
172.228
0
0
513.206 1.207.149
2012
2014
2015
2016
2017
2018
2019
2020
-703.093
-442.616
1.678.377
1.678.377
0 17.640.450
975.284 18.876.211
1.429.652
9.796.582 10.311.742 10.856.333 11.431.978
1.678.377
1.678.377
1.678.377
1.678.377
1.678.377
0
0
0
0
0
3.108.028 11.474.959 11.990.119 12.534.710 13.110.355
6.175.390
1.678.377
0
7.853.766
6.818.375
1.678.377
0
8.496.752
234.397
-23.360
-570.558
-570.558
639.123 18.282.293
-181.347
-243.047
-48.233
-51.086
-54.097
-570.558
-570.558
-570.558
-570.558
-570.558
2.356.124 10.661.353 11.371.328 11.913.066 12.485.700
-57.275
-570.558
7.225.933
-60.631
-570.558
7.865.563
7.796.491
8.436.121
344.924
858.130 1.284.580
77.431
2013
Free cash-flow
-8.742.796
50
2022
2023
2024
2025
2026
2027
2028
2029
2030
7.545.369
1.622.463
0
9.167.832
8.314.623
9.073.199 9.874.631 10.721.283 11.615.649
1.444.463
1.444.463 1.444.463 1.444.463 1.444.463
0
0
0
0
0
9.759.086 10.517.662 11.319.094 12.165.746 13.060.112
12.540.353
1.444.463
0
13.984.816
13.558.195
1.444.463
0
15.002.658
14.612.083
1.444.463
0
16.056.546
15.725.117
1.444.463
0
17.169.580
-64.173
-570.558
8.533.101
-67.911
-452.905
9.238.270
-87.996
-452.905
13.443.915
-97.088
-452.905
14.452.665
-100.583
-452.905
15.503.058
-106.342
-452.905
16.610.333
13.896.820
14.905.570
15.955.963
17.063.238
9.103.659
-71.857
-76.022
-80.418
-85.059
-452.905
-452.905
-452.905
-452.905
9.992.900 10.790.167 11.632.423 12.522.148
42.133.357 51.824.532 62.270.337 73.513.409 85.598.737 98.573.790 112.470.610 127.376.180 143.332.143 160.395.381
51
2032
2033
2034
2035
2036
2037
2038
2039
2040
16.924.324
1.416.506
0
18.340.830
18.208.874
1.283.006
0
19.491.880
19.519.659
1.283.006
0
20.802.665
20.903.768
1.283.006
0
22.186.774
22.365.249
1.283.006
0
23.648.255
23.908.374
1.283.006
0
25.191.380
25.537.652
1.283.006
0
26.820.658
27.257.843
1.283.006
0
28.540.849
29.073.968
1.283.006
0
30.356.974
30.991.329
1.283.006
0
32.274.335
-112.420
-452.905
17.775.505
-118.835
-370.291
19.002.754
-125.607
-370.291
20.306.767
-132.753
-370.291
21.683.730
-140.297
-370.291
23.137.668
-148.257
-370.291
24.672.832
-156.660
-370.291
26.293.708
-165.528
-370.291
28.005.030
-174.888
-370.291
29.811.795
-184.768
-370.291
31.719.276
18.228.410
19.373.045
20.677.058
22.054.021
23.507.959
25.043.123
26.663.999
28.375.321
30.182.086
32.089.567
178.623.791 197.996.835 218.673.893 240.727.914 264.235.873 289.278.996 315.942.995 344.318.315 374.500.401 406.589.968
52
2042
2043
2044
2045
2046
2047
2048
2049
2050
33.015.522
1.283.006
0
34.298.528
35.152.454
1.283.006
0
36.435.460
37.408.357
1.283.006
0
38.691.363
38.415.422
1.283.006
0
39.698.428
39.447.677
1.283.006
0
40.730.683
40.505.769
1.283.006
0
41.788.776
41.590.366
1.283.006
0
42.873.372
42.702.150
1.283.006
0
43.985.156
43.841.824
1.283.006
0
45.124.830
45.010.107
1.283.006
0
46.293.113
-195.195
-370.291
33.733.042
-206.200
-370.291
35.858.969
-217.817
-370.291
38.103.256
-95.333
-370.291
39.232.804
-97.753
-370.291
40.262.638
-100.236
-370.291
41.318.248
-102.784
-370.291
42.400.297
-105.398
-370.291
43.509.468
-108.080
-370.291
44.646.459
-110.831
-370.291
45.811.991
34.103.333
36.229.260
38.473.547
39.603.095
40.632.929
41.688.539
42.770.588
43.879.759
45.016.750
46.182.282
440.693.301 476.922.561 515.396.108 554.999.203 595.632.132 637.320.671 680.091.260 723.971.019 768.987.768 815.170.050
53
2052
2053
2054
2055
2056
2057
2058
2059
2060
46.274.929
1.210.649
0
47.485.577
48.197.687
16.000
0
48.213.687
49.456.315
16.000
0
49.472.315
50.746.632
16.000
0
50.762.632
52.069.459
16.000
0
52.085.459
53.425.640
16.000
0
53.441.640
54.816.042
16.000
0
54.832.042
56.241.553
16.000
0
56.257.553
57.703.088
16.000
0
57.719.088
59.215.185
0
0
59.215.185
-114.881
-370.291
47.000.405
-115.326
0
48.098.361
-119.525
0
49.352.790
-122.575
0
50.640.057
-125.705
0
51.959.754
-128.918
0
53.312.722
-132.213
0
54.699.828
-135.596
0
56.121.957
-139.067
-142.630
57.580.021
59.072.555
47.370.696
48.098.361
49.352.790
50.640.057
51.959.754
53.312.722
54.699.828
56.121.957
57.580.021
59.072.555
862.540.746 910.639.107 959.991.897 1.010.631.954 1.062.591.708 1.115.904.430 1.170.604.259 1.226.726.216 1.284.306.237 1.343.378.792
54
Plano de Financiamento
2010
2011
2012
ORIGENS DE FUNDOS
Meios Libertos Brutos
600.948 1.389.782
851.209
Capital Social (entrada de fundos)
0
0
0
Emprstimos Obtidos
10.000.394 16.608.075 24.351.307
Desinvest. em Capital Fixo
Desinvest. em FMN
344.924
77.431
234.397
Emprstimos de scios / suprimentos
0
0
0
Proveitos Financeiros
66.045
141.536
0
Total das Origens
APLICAES DE FUNDOS
Inv. Capital Fixo
Inv Fundo de Maneio
Imposto sobre os Lucros
Pagamento de Dividendos
Reembolso de Emprstimos
Encargos Financeiros
Total das Aplicaes
Saldo de Tesouraria Anual
Saldo de Tesouraria Acumulado
Aplicaes / Emprstimo Curto Prazo
4.012.574 52.235.944
0
0
59.997
0
526.337
251.010
1.633.542
1.726.186
2013
2014
1.157.652
0
0
0
0
0
1.157.652
2015
2016
2017
2018
2019
2020
8.943.541
0
0
9.699.995
0
0
0
0
20.572
0
0
37.009
0
0
66.600
8.980.550
9.766.595
0
0
0
0
0
0
0
0
0
0
0
0
0
23.360
0
0
181.347
0
0
243.047
0
0
48.233
1.086.044
0
51.086
1.276.997
0
54.097
1.486.691
0
57.275
1.684.317
0
60.631
789.371
2.851.107
4.780.226
2.851.107
4.923.414
2.851.107
4.285.099
2.851.107
3.618.148
2.851.107
2.860.887
2.851.107
2.241.181
2.851.107
2.039.703
2.851.107
1.838.226
7.040.077
7.410.457
-5.576.382
-5.576.382
6.633.075
8.515.260
2.938.878
2.938.878
6.632.402
2.348.148
5.287.026
5.287.026
5.539.334
4.227.260
9.514.286
9.514.286
2.851.107
4.494.425
55
Plano de Financiamento
2021
2022
2023
2024
2025
2026
2027
2028
2029
ORIGENS DE FUNDOS
Meios Libertos Brutos
10.499.367 11.226.373 12.118.815 13.061.676 14.057.737 15.109.932 16.197.820 17.395.281 18.635.149
Capital Social (entrada de fundos)
0
0
0
0
0
0
0
0
0
Emprstimos Obtidos
0
0
0
0
0
0
0
0
0
Desinvest. em Capital Fixo
Desinvest. em FMN
0
0
0
0
0
0
0
0
0
Emprstimos de scios / suprimentos
0
0
0
0
0
0
0
0
0
Proveitos Financeiros
102.386
143.787
191.950
247.283
310.147
388.733
474.944
569.606
676.703
2030
19.944.601
0
0
0
0
792.842
5.489.527
5.455.671
5.430.322
5.404.322
5.387.192
4.272.211
4.356.881
4.441.699
4.012.287
4.146.124
5.112.226
5.914.489
6.880.443
7.904.637
8.980.693 11.226.454 12.315.882 13.523.188 15.299.565 16.591.319
14.626.512 20.541.001 27.421.444 35.326.081 44.306.774 55.533.228 67.849.110 81.372.298 96.671.863 113.263.182
14.626.512 20.541.001 27.421.444 35.326.081 44.306.774 55.533.228 67.849.110 81.372.298 96.671.863 113.263.182
0
0
0
0
0
0
0
0
0
0
Soma Controlo
20.737.443
0
64.173
937.499
0
67.911
1.101.381
0
71.857
1.273.564
0
76.022
1.444.876
0
80.418
1.624.827
0
85.059
1.813.887
0
87.996
2.013.726
0
97.088
2.207.556
0
100.583
2.419.091
0
106.342
2.638.851
2.851.107
1.636.749
2.851.107
1.435.272
2.851.107
1.233.794
2.851.107
1.032.317
2.851.107
830.840
1.743.902
629.362
1.743.902
511.258
1.743.902
393.153
1.217.565
275.048
1.217.565
183.365
56
Plano de Financiamento
2031
ORIGENS DE FUNDOS
Meios Libertos Brutos
Capital Social (entrada de fundos)
Emprstimos Obtidos
Desinvest. em Capital Fixo
Desinvest. em FMN
Emprstimos de scios / suprimentos
Proveitos Financeiros
Total das Origens
APLICAES DE FUNDOS
Inv. Capital Fixo
Inv Fundo de Maneio
Imposto sobre os Lucros
Pagamento de Dividendos
Reembolso de Emprstimos
Encargos Financeiros
2032
2033
2034
2035
2036
2037
2038
2039
2040
21.327.475
0
0
22.705.211
0
0
24.247.311
0
0
25.875.675
0
0
27.595.064
0
0
29.410.505
0
0
31.327.303
0
0
33.351.056
0
0
35.487.674
0
0
37.743.393
0
0
0
0
918.548
0
0
1.062.314
0
0
1.216.069
0
0
1.380.544
0
0
1.556.350
0
0
1.744.133
0
0
1.944.574
0
0
2.158.394
0
0
2.386.350
0
0
2.629.244
22.246.023
23.767.525
25.463.380
27.256.219
29.151.414
31.154.638
33.271.877
35.509.450
37.874.024
40.372.638
0
112.420
2.866.442
0
118.835
3.110.675
0
125.607
3.372.678
0
132.753
3.627.056
0
140.297
3.895.982
0
148.257
4.180.261
0
156.660
4.480.745
0
165.528
4.798.331
0
174.888
5.133.967
0
184.768
5.488.653
1.217.565
91.683
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
57
Plano de Financiamento
2041
ORIGENS DE FUNDOS
Meios Libertos Brutos
Capital Social (entrada de fundos)
Emprstimos Obtidos
Desinvest. em Capital Fixo
Desinvest. em FMN
Emprstimos de scios / suprimentos
Proveitos Financeiros
Total das Origens
APLICAES DE FUNDOS
Inv. Capital Fixo
Inv Fundo de Maneio
Imposto sobre os Lucros
Pagamento de Dividendos
Reembolso de Emprstimos
Encargos Financeiros
2042
2043
2044
2045
2046
2047
2048
2049
2050
40.124.797
0
0
42.638.834
0
0
45.292.838
0
0
46.477.620
0
0
47.692.037
0
0
48.936.852
0
0
50.212.849
0
0
51.520.830
0
0
52.861.622
0
0
54.236.073
0
0
0
0
2.887.923
0
0
3.163.278
0
0
3.456.252
0
0
3.757.390
0
0
4.067.624
0
0
4.387.190
0
0
4.716.332
0
0
5.055.298
0
0
5.404.346
0
0
5.763.737
43.012.720
45.802.112
48.749.090
50.235.011
51.759.661
53.324.043
54.929.180
56.576.128
58.265.968
59.999.809
0
195.195
5.863.445
0
206.200
6.259.457
0
217.817
6.677.866
0
95.333
7.119.913
0
97.753
7.342.801
0
100.236
7.571.498
0
102.784
7.806.155
0
105.398
8.046.926
0
108.080
8.293.968
0
110.831
8.547.444
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
58
Plano de Financiamento
2051
ORIGENS DE FUNDOS
Meios Libertos Brutos
Capital Social (entrada de fundos)
Emprstimos Obtidos
Desinvest. em Capital Fixo
Desinvest. em FMN
Emprstimos de scios / suprimentos
Proveitos Financeiros
Total das Origens
APLICAES DE FUNDOS
Inv. Capital Fixo
Inv Fundo de Maneio
Imposto sobre os Lucros
Pagamento de Dividendos
Reembolso de Emprstimos
Encargos Financeiros
2052
2053
2054
2055
2056
2057
2058
2059
2060
55.651.741
0
0
56.719.161
0
0
58.199.900
0
0
59.717.920
0
0
61.274.187
0
0
62.869.695
0
0
64.505.461
0
0
66.182.533
0
0
67.901.986
0
0
69.664.923
0
0
0
0
6.133.778
0
0
6.511.986
0
0
6.900.476
0
0
7.300.407
0
0
7.712.079
0
0
8.135.796
0
0
8.571.873
0
0
9.020.631
0
0
9.482.402
0
0
9.957.524
61.785.520
63.231.147
65.100.376
67.018.328
68.986.266
71.005.490
73.077.334
75.203.165
77.384.388
79.622.447
0
114.881
8.807.520
0
115.326
9.086.231
0
119.525
9.482.272
0
122.575
9.762.656
0
125.705
10.050.349
0
128.918
10.345.540
0
132.213
10.648.424
0
135.596
10.959.200
0
139.067
11.278.075
0
142.630
11.605.258
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
59
60