UNIVERSITA’ DEGLI STUDI DI PADOVA
Dipartimento di Ingegneria Industriale DII
Corso di Laurea Magistrale in Ingegneria Energetica
REDAZIONE DEL BUSINESS PLAN
DI UNA NUOVA ESCo
Relatore: Prof. Arturo Lorenzoni
Correlatrice:
Dott.ssa Laura Bano
Galileia s.r.l. – spin off dell'Università di Padova
Laureando: Davide Silvestri
Matricola 1020436
Anno Accademico 2012/2013
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J(T388(!$D!"!%73.()*&!$+!-N&/3F*!F1*!7&F/*!K*FF*!0388(!C%B&!0(!7&F/*/1*)3+!
B`%J-!MSP-SR-E-!
!
J(T388(!$G!"!%73.()*&!$+!-N&/3F*!F1*!7&F/*!?()*(T*8*!0388(!C%B&!0(!7&F/*/1*)3+!
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%3)?*2*!0*!7&.F183.2(!
J(T388(!$@!"!%73.()*&!$+!-N&/3F*!F1*!N&FF*T*8*!)*7(?*!0388(!C%B&!0(!7&F/*/1*)3+!!
!
!
"!H,!"!
!
!"#$%&'(")#"*)+,-&("--).*$()#&),($)(,'/$)012')
!
OMM&"#$%&'O1'2$+")'#$'D=$3.MM)'#&33+'D)%$&-N'$"'+DD&"/+'#$'%+8
M$-+3$'&D-&,"$'
!
!
S%%Idm-`d- !RS%C!
!
% accantonamento annuo svalutazione crediti
0 ANNO
15,00%
I ANNO
15,00%
II ANNO
15,00%
III ANNO
15,00%
IV ANNO
15,00%
V ANNO
15,00%
Crediti Commerciali (aggiustabili fino a 360 giorni)................................................................................................................................................................................................................
(in giorni)................................................................................................................................................................................................................
60 giorni
!
Debiti Commerciali .....................................................................................................................................................................................................................
(in giorni)................................................................................................................................................................................................................
30 giorni
!
!
!
!
B`dJ`!CB`d`Q-B`!
!
Anno 0
RICAVI
Ricavi
Altro
TOTALE RICAVI
COSTI
Acquisti di materie prime, consumo e merci
Costi per Servizi
Costo del personale
Spese promozione
Spese ricerca
Accantonamento svalutazione crediti
TFR
TOTALE COSTI
Margine Operativo Lordo
(Ro)
Ammortamenti immobilizzazioni materiali
Ammortamenti immobilizzazioni immateriali
Margine Operativo Netto
Proventi finanziari
Oneri finanziari
Utile prima delle imposte
Imposte
Utile (perdita)
!
!
!
!
"!HH!"!
!
Anno 1
Anno 2
Anno 3
Anno 4
Anno 5
142
186
268
368
475
589
142
186
268
368
475
589
0
61
60
0
0
4
3
128
0
75
80
0
0
5
4
164
0
88
120
0
0
7
7
221
0
102
160
0
0
9
9
280
0
115
200
0
0
12
11
338
0
129
240
0
0
15
13
397
14
22
46
88
137
192
1
0
1
0
1
0
1
0
1
0
2
0
14
21
46
87
136
191
0
0
0
0
0
0
0
0
0
0
0
0
14
7
21
12
46
25
87
48
136
75
191
105
6
9
20
39
61
86
!
!"#$%&'(")#"*)+,-&("--).*$()#&),($)(,'/$)012')
)
!
!
!
!
%JSJ`!6SJP-Q`d-SEC!
!
Anno 0
ATTIVO
Cassa e banche
Crediti Commerciali (60 giorni)
(-) Fondo svalutazione crediti
Tot. attivo a breve
Anno 1
Anno 2
Anno 3
Anno 4
Anno 5
0
24
-4
20
11
31
-8
34
31
45
-15
61
72
61
-24
109
139
79
-36
182
234
98
-51
282
Immobilizzazioni Materiali
(Fondo ammortamento Imm. Mat)
Immoblizzazioni Imm.Mat.nette
5
1
5
7
1
6
9
2
7
11
3
8
13
5
9
15
6
9
Immobilizzazioni Immateriali
(Fondo ammortamento Imm. Immat.)
Immoblizzazioni Imm. nette
Tot. attivo a lungo
0
0
0
5
0
0
0
6
0
0
0
7
0
0
0
8
0
0
0
9
0
0
0
9
25
40
68
117
191
291
PASSIVO E NETTO
Debiti verso fornitori (30giorni)
Debiti v/erario per imposte
Tot. passivo a breve
5
0
5
6
0
6
7
0
7
8
0
8
10
0
10
11
0
11
Passività a medio-lungo
Fondo T.F.R.
Totale passivo a medio lungo
0
3
3
0
8
8
0
14
14
0
23
23
0
34
34
0
48
48
TOTALE PASSIVO
8
14
22
32
44
59
Capitale sociale
Utile d'esercizio
Utili (perdite) portati a nuovo
TOTALE PATRIMONIO NETTO
10
6
16
10
9
6
26
10
20
16
46
10
39
36
85
10
61
75
147
10
86
137
232
TOTALE PASSIVO E NETTO
25
40
68
117
191
291
0
0
0
0
0
0
TOTALE ATTIVO
(riga di controllo)
!
!!!
!
!
!
!
!
!
"!H4!"!
!
!"#$%&'(")#"*)+,-&("--).*$()#&),($)(,'/$)012')
!
BS%w!LE`n!
Anno 0
Anno 1
Anno 2
Anno 3
Anno 4
Anno 5
Entrate di cassa
Cassa iniziale
Incassi da clienti
Proventi finanziari
Tot. Cash flow in
10
118
0
128
0
179
0
179
0
254
0
254
0
351
0
351
0
458
0
458
0
570
0
570
Uscite di cassa
Spese immediate
Tot. pagam. a fornitori
Restituzione debito a MT
Imposte
Investimenti
Oneri finanziari
Tot. Cash flow out
60
56
0
7
5
0
128
80
74
0
12
2
0
168
120
87
0
25
2
0
234
160
101
0
48
2
0
311
200
114
0
75
2
0
391
240
128
0
105
2
0
475
-0
11
20
41
67
96
Cash flow netto
!
!
!
!
!
-d>-B-!
Anno 1
Anno 2
Anno 3
Anno 4
Anno 5
Indice di redditività del capitale proprio
ROE
(Rn/Cp)
37,03%
44,46%
46,02%
41,71%
36,96%
Indice di redditività del capitale investito
ROI
(Ro/Ci)
54,89%
68,43%
75,46%
71,94%
66,12%
Indice di redditività delle vendite
ROS
(Ro/V)
11,69%
17,34%
24,02%
28,84%
32,64%
Indice di indebitamento
leverage (Ci/Cp)
1,55
1,47
1,37
1,30
1,25
Anno 1
186
21
5
161
86%
105
122
35%
Anno 2
268
21
7
240
90%
105
117
56%
Anno 3
368
21
9
338
92%
105
114
69%
Anno 4
475
21
12
443
93%
105
113
76%
Anno 5
589
21
15
554
94%
105
112
81%
!
!
!
SdSE-%-!>CE!6IdJ`!>-!6SPC]]-`!!
RICAVI
COSTI VARIABILI
ACC. SVAL CREDITI
MARGINE DI CONTRIBUZIONE
MARGINE DI CONTRIBUZIONE %
TOTALE COSTI FISSI
FATTURATO DI PAREGGIO OPERATIVO
MARGINE DI SICUREZZA %
!
"!4=!"!
!
'
!
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)
OMM&"#$%&'P1'2$+")'#$'D=$3.MM)'#&33+'D)%$&-N'"&3'%+D)'#$',&M&8
,$*&"-)'#$'."'=&"-.,&'%+M$-+3$D-''
!
!
S%%Idm-`d- !RS%C!
!
% accantonamento annuo svalutazione crediti
0 ANNO
5,00%
I ANNO
II ANNO
5,00%
III ANNO
5,00%
5,00%
IV ANNO
5,00%
V ANNO
5,00%
Crediti Commerciali (aggiustabili fino a 360 giorni)................................................................................................................................................................................................................
(in giorni)...........................................................................................................................................................................................
60 giorni
!
Debiti Commerciali .....................................................................................................................................................................................................................
(in giorni)...........................................................................................................................................................................................
30 giorni
!
!
!
!
B`dJ`!CB`d`Q-B`!
!
Anno 0
RICAVI
Ricavi
Altro (ricapitalizzazione)
TOTALE RICAVI
Anno 1
Anno 2
Anno 3
Anno 4
Anno 5
404
532
754
989
1.329
1.683
404
532
754
989
1.329
1.683
COSTI
Acquisti di materie prime, consumo e merci
Costi per Servizi
Costo del personale
Spese promozione
Spese ricerca
Accantonamento svalutazione crediti
TFR
TOTALE COSTI
0
65
200
0
0
3
11
279
1
70
200
0
0
4
11
287
2
98
240
0
0
6
13
360
3
132
280
0
0
8
16
438
4
171
360
0
0
11
20
566
5
221
440
0
0
14
24
705
Margine Operativo Lordo
125
246
394
551
763
978
2
0
90
0
195
0
318
0
477
0
670
0
122
156
199
232
287
308
0
0
0
0
0
0
0
0
0
0
0
0
122
67
156
86
199
110
232
128
287
158
308
169
55
70
90
105
129
138
(Ro)
Ammortamenti immobilizzazioni materiali
Ammortamenti immobilizzazioni immateriali
Margine Operativo Netto
Proventi finanziari
Oneri finanziari
Utile prima delle imposte
Imposte
Utile (perdita)
!
!
!
!
!
"!45!"!
!
!"#$%&'(")#"*)+,-&("--).*$()#&),($)(,'/$)012')
!
!
!
!
!
%JSJ`!6SJP-Q`d-SEC!
!
Anno 0
ATTIVO
Cassa e banche
Crediti Commerciali (60 giorni)
(-) Fondo svalutazione crediti
Tot. attivo a breve
Anno 1
Anno 2
Anno 3
Anno 4
Anno 5
501
67
-3
565
306
89
-8
387
154
126
-14
265
72
165
-22
214
21
222
-33
209
40
280
-47
273
Immobilizzazioni Materiali
(Fondo ammortamento Imm. Mat)
Immoblizzazioni Imm.Mat.nette
9
2
6
359
92
267
781
287
494
1.273
605
668
1.907
1.082
825
2.681
1.752
929
Immobilizzazioni Immateriali
(Fondo ammortamento Imm. Immat.)
Immoblizzazioni Imm. nette
Tot. attivo a lungo
0
0
0
6
0
0
0
267
0
0
0
494
0
0
0
668
0
0
0
825
0
0
0
929
572
653
759
882
1.034
1.201
PASSIVO E NETTO
Debiti verso fornitori (30giorni)
Debiti v/erario per imposte
Tot. passivo a breve
5
0
5
6
0
6
8
0
8
11
0
11
15
0
15
19
0
19
Passività a medio-lungo
Fondo T.F.R.
Totale passivo a medio lungo
0
11
11
0
22
22
0
36
36
0
51
51
0
71
71
0
96
96
TOTALE PASSIVO
17
28
44
62
86
114
Capitale sociale
Utile d'esercizio
Utili (perdite) portati a nuovo
TOTALE PATRIMONIO NETTO
500
55
555
500
70
55
625
500
90
125
715
500
105
215
820
500
129
320
949
500
138
449
1.087
TOTALE PASSIVO E NETTO
572
653
759
882
1.034
1.201
0
0
0
0
0
0
TOTALE ATTIVO
(riga di controllo)
!!!
!
!
!
!
!
!
"!4#!"!
!
!
!"#$%&'(")#"*)+,-&("--).*$()#&),($)(,'/$)012')
)
BS%w!LE`n!
Anno 0
Anno 1
Anno 2
Anno 3
Anno 4
Anno 5
Entrate di cassa
Cassa iniziale
Incassi da clienti
Proventi finanziari
Tot. Cash flow in
500
337
0
837
0
511
0
511
0
717
0
717
0
950
0
950
0
1.272
0
1.272
0
1.624
0
1.624
Uscite di cassa
Spese immediate
Tot. pagam. a fornitori
Restituzione debito a MT
Imposte
Investimenti
Oneri finanziari
Tot. Cash flow out
200
60
0
67
9
0
335
200
71
0
86
350
0
706
240
98
0
110
422
0
869
280
132
0
128
492
0
1.032
360
171
0
158
634
0
1.323
440
222
0
169
774
0
1.605
Cash flow netto
501
-195
-152
-82
-51
18
!
!
!
!
!
-d>-B-!
Anno 1
Anno 2
Anno 3
Anno 4
Anno 5
Indice di redditività del capitale proprio
ROE
(Rn/Cp)
11,23%
12,54%
12,76%
13,60%
12,74%
Indice di redditività del capitale investito
ROI
(Ro/Ci)
37,60%
51,96%
62,43%
73,81%
81,39%
Indice di redditività delle vendite
ROS
(Ro/V)
46,16%
52,30%
55,67%
57,43%
58,12%
Indice di indebitamento
leverage (Ci/Cp)
1,04
1,06
1,08
1,09
1,11
Anno 1
532
25
4
503
94%
249
263
51%
Anno 2
754
375
6
373
49%
245
496
34%
Anno 3
989
473
8
508
51%
287
559
43%
Anno 4
1.329
577
11
741
56%
327
586
56%
Anno 5
1.683
756
14
913
54%
409
754
55%
!
!
!
!
SdSE-%-!>CE!6IdJ`!>-!6SPC]]-`!!
RICAVI
COSTI VARIABILI
ACC. SVAL CREDITI
MARGINE DI CONTRIBUZIONE
MARGINE DI CONTRIBUZIONE %
TOTALE COSTI FISSI
FATTURATO DI PAREGGIO OPERATIVO
MARGINE DI SICUREZZA %
!
'
"!4$!"!
!
!"#$%&'(")#"*)+,-&("--).*$()#&),($)(,'/$)012')
!
OMM&"#$%&'@1'2$+")'#$'D=$3.MM)'#&33+'D)%$&-N'"&3'%+D)'#$',&M&8
,$*&"-)'#$'."'=&"-.,&'%+M$-+3$D-'&'#$'."'$D-$-.-)'U+"%+,$)'$"-&8
,&DD+-)'+3'M,)9&--)'
!
!
S%%Idm-`d- !RS%C!
!
% accantonamento annuo svalutazione crediti
0 ANNO
5,00%
I ANNO
II ANNO
5,00%
III ANNO
5,00%
5,00%
IV ANNO
5,00%
V ANNO
5,00%
Crediti Commerciali (aggiustabili fino a 360 giorni)................................................................................................................................................................................................................
(in giorni)................................................................................................................................................................................................................
60 giorni
!
Debiti Commerciali .....................................................................................................................................................................................................................
(in giorni)................................................................................................................................................................................................................
30 giorni
!
!
!
!
B`dJ`!CB`d`Q-B`!
!
Anno 0
RICAVI
Ricavi
Altro (ricapitalizzazione)
TOTALE RICAVI
Anno 1
Anno 2
Anno 3
Anno 4
Anno 5
400
543
866
1.213
1.709
2.266
400
543
866
1.213
1.709
2.266
COSTI
Acquisti di materie prime, consumo e merci
Costi per Servizi
Costo del personale
Spese promozione
Spese ricerca
Accantonamento svalutazione crediti
TFR
TOTALE COSTI
0
65
200
0
0
3
11
279
1
70
200
0
0
5
11
287
2
102
240
0
0
7
13
365
3
140
280
0
0
10
16
449
4
185
360
0
0
14
20
583
5
243
440
0
0
19
24
731
Margine Operativo Lordo
121
256
501
764
1.126
1.535
2
0
102
0
223
0
363
0
544
0
765
0
118
154
278
401
582
770
0
0
0
48
0
58
0
67
0
86
0
106
118
65
106
58
221
121
334
184
495
272
664
365
53
48
99
150
223
299
(Ro)
Ammortamenti immobilizzazioni materiali
Ammortamenti immobilizzazioni immateriali
Margine Operativo Netto
Proventi finanziari
Oneri finanziari
Utile prima delle imposte
Imposte
Utile (perdita)
!
!
!
"!4D!"!
!
!
!"#$%&'(")#"*)+,-&("--).*$()#&),($)(,'/$)012')
)
!
!
!
!
!
%JSJ`!6SJP-Q`d-SEC!
!
Anno 0
ATTIVO
Cassa e banche
Crediti Commerciali (60 giorni)
(-) Fondo svalutazione crediti
Tot. attivo a breve
Anno 1
Anno 2
Anno 3
Anno 4
Anno 5
500
67
-3
563
842
90
-8
925
772
144
-15
901
814
202
-25
991
1.052
285
-39
1.298
1.428
378
-58
1.747
Immobilizzazioni Materiali
(Fondo ammortamento Imm. Mat)
Immoblizzazioni Imm.Mat.nette
9
2
6
409
104
304
891
327
564
1.453
690
763
2.177
1.234
942
3.061
1.999
1.061
Immobilizzazioni Immateriali
(Fondo ammortamento Imm. Immat.)
Immoblizzazioni Imm. nette
Tot. attivo a lungo
0
0
0
6
0
0
0
304
0
0
0
564
0
0
0
763
0
0
0
942
0
0
0
1.061
570
1.229
1.464
1.754
2.240
2.808
PASSIVO E NETTO
Debiti verso fornitori (30giorni)
Debiti v/erario per imposte
Tot. passivo a breve
5
0
5
6
0
6
9
0
9
12
0
12
16
0
16
21
0
21
Passività a medio-lungo
Fondo T.F.R.
Totale passivo a medio lungo
0
11
11
600
22
622
720
36
756
840
51
891
1.080
71
1.151
1.320
96
1.416
TOTALE PASSIVO
17
628
764
903
1.167
1.436
Capitale sociale
Utile d'esercizio
Utili (perdite) portati a nuovo
TOTALE PATRIMONIO NETTO
500
53
553
500
48
53
601
500
99
101
700
500
150
200
851
500
223
351
1.073
500
299
573
1.372
TOTALE PASSIVO E NETTO
570
1.229
1.464
1.754
2.240
2.808
0
0
0
0
0
0
TOTALE ATTIVO
(riga di controllo)
!
!!!
!
!
!
!
!
"!4G!"!
!
!"#$%&'(")#"*)+,-&("--).*$()#&),($)(,'/$)012')
!
!
BS%w!LE`n!
Anno 0
Anno 1
Anno 2
Anno 3
Anno 4
Anno 5
Entrate di cassa
Cassa iniziale
Incassi da clienti
Proventi finanziari
Tot. Cash flow in
500
333
0
833
0
519
0
519
0
812
0
812
0
1.155
0
1.155
0
1.627
0
1.627
0
2.173
0
2.173
Uscite di cassa
Spese immediate
Tot. pagam. a fornitori
Restituzione debito a MT
Imposte
Investimenti
Oneri finanziari
Tot. Cash flow out
200
60
0
65
9
0
333
200
71
-600
58
400
48
177
240
101
-120
121
482
58
882
280
140
-120
184
562
67
1.113
360
185
-240
272
724
86
1.388
440
243
-240
365
884
106
1.798
Cash flow netto
500
342
-71
42
238
375
!
!
!
!
!
-d>-B-!
Anno 1
Anno 2
Anno 3
Anno 4
Anno 5
Indice di redditività del capitale proprio
ROE
(Rn/Cp)
7,92%
14,19%
17,67%
20,76%
21,78%
Indice di redditività del capitale investito
ROI
(Ro/Ci)
20,82%
34,21%
43,59%
50,25%
54,65%
Indice di redditività delle vendite
ROS
(Ro/V)
47,17%
57,88%
62,99%
65,86%
67,73%
Indice di indebitamento
leverage (Ci/Cp)
2,05
2,09
2,06
2,09
2,05
Anno 1
543
25
5
513
95%
249
263
52%
Anno 2
866
425
7
433
50%
245
489
43%
Anno 3
1.213
537
10
666
55%
287
523
57%
Anno 4
1.709
655
14
1.040
61%
327
538
69%
Anno 5
2.266
860
19
1.387
61%
409
668
71%
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