Redazione del business plan di una nuova...

UNIVERSITA’ DEGLI STUDI DI PADOVA

Dipartimento di Ingegneria Industriale DII

Corso di Laurea Magistrale in Ingegneria Energetica

Anno Accademico 2012/2013

Laureando: Davide Silvestri

Matricola 1020436

Relatore: Prof. Arturo Lorenzoni

Correlatrice:

Dott.ssa Laura Bano

Galileia s.r.l. – spin off dell'Università di Padova

REDAZIONE DEL BUSINESS PLAN

DI UNA NUOVA ESCo

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http://www.autorita.energia.it/allegati/ee/scheda_2x.pdf


http://www.autorita.energia.it/allegati/ee/scheda3.pdf








http://www.autorita.energia.it/allegati/ee/017-09_8bis.pdf

http://www.autorita.energia.it/allegati/ee/017-09_8bis.pdf

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http://www.autorita.energia.it/allegati/ee/scheda_21bis.pdf






http://www.autorita.energia.it/allegati/ee/scheda_23.pdf











http://www.autorita.energia.it/allegati/ee/scheda_29a.pdf

http://www.autorita.energia.it/allegati/ee/scheda_29a.pdf

http://www.autorita.energia.it/allegati/ee/scheda_29b.pdf


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Crediti Commerciali (aggiustabili fino a 360 giorni)................................................................................................................................................................................................................(in giorni)................................................................................................................................................................................................................60 giorniDebiti Commerciali .....................................................................................................................................................................................................................(in giorni)................................................................................................................................................................................................................30 giorni

Anno 0 Anno 1 Anno 2 Anno 3 Anno 4 Anno 5

RICAVIRicavi 142 186 268 368 475 589AltroTOTALE RICAVI 142 186 268 368 475 589

COSTIAcquisti di materie prime, consumo e merci 0 0 0 0 0 0Costi per Servizi 61 75 88 102 115 129Costo del personale 60 80 120 160 200 240Spese promozione 0 0 0 0 0 0Spese ricerca 0 0 0 0 0 0Accantonamento svalutazione crediti 4 5 7 9 12 15TFR 3 4 7 9 11 13TOTALE COSTI 128 164 221 280 338 397

Margine Operativo Lordo (Ro) 14 22 46 88 137 192

Ammortamenti immobilizzazioni materiali 1 1 1 1 1 2Ammortamenti immobilizzazioni immateriali 0 0 0 0 0 0

Margine Operativo Netto 14 21 46 87 136 191

Proventi finanziari 0 0 0 0 0 0Oneri finanziari 0 0 0 0 0 0

Utile prima delle imposte 14 21 46 87 136 191Imposte 7 12 25 48 75 105

Utile (perdita) 6 9 20 39 61 86

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ATTIVOCassa e banche 0 11 31 72 139 234Crediti Commerciali (60 giorni) 24 31 45 61 79 98(-) Fondo svalutazione crediti -4 -8 -15 -24 -36 -51Tot. attivo a breve 20 34 61 109 182 282

Immobilizzazioni Materiali 5 7 9 11 13 15(Fondo ammortamento Imm. Mat) 1 1 2 3 5 6Immoblizzazioni Imm.Mat.nette 5 6 7 8 9 9

Immobilizzazioni Immateriali 0 0 0 0 0 0(Fondo ammortamento Imm. Immat.) 0 0 0 0 0 0Immoblizzazioni Imm. nette 0 0 0 0 0 0Tot. attivo a lungo 5 6 7 8 9 9

TOTALE ATTIVO 25 40 68 117 191 291

PASSIVO E NETTODebiti verso fornitori (30giorni) 5 6 7 8 10 11Debiti v/erario per imposte 0 0 0 0 0 0Tot. passivo a breve 5 6 7 8 10 11

Passività a medio-lungo 0 0 0 0 0 0Fondo T.F.R. 3 8 14 23 34 48Totale passivo a medio lungo 3 8 14 23 34 48

TOTALE PASSIVO 8 14 22 32 44 59

Capitale sociale 10 10 10 10 10 10Utile d'esercizio 6 9 20 39 61 86Utili (perdite) portati a nuovo 6 16 36 75 137TOTALE PATRIMONIO NETTO 16 26 46 85 147 232

TOTALE PASSIVO E NETTO 25 40 68 117 191 291

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Entrate di cassaCassa iniziale 10 0 0 0 0 0Incassi da clienti 118 179 254 351 458 570Proventi finanziari 0 0 0 0 0 0Tot. Cash flow in 128 179 254 351 458 570

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Cash flow netto -0 11 20 41 67 96

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 Anno 2 Anno 3 Anno 4 Anno 5RICAVI 186 268 368 475 589COSTI VARIABILI 21 21 21 21 21ACC. SVAL CREDITI 5 7 9 12 15MARGINE DI CONTRIBUZIONE 161 240 338 443 554MARGINE DI CONTRIBUZIONE % 86% 90% 92% 93% 94%TOTALE COSTI FISSI 105 105 105 105 105FATTURATO DI PAREGGIO OPERATIVO 122 117 114 113 112MARGINE DI SICUREZZA % 35% 56% 69% 76% 81%

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Margine Operativo Lordo (Ro) 125 246 394 551 763 978





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Immobilizzazioni Materiali 9 359 781 1.273 1.907 2.681(Fondo ammortamento Imm. Mat) 2 92 287 605 1.082 1.752Immoblizzazioni Imm.Mat.nette 6 267 494 668 825 929

Immobilizzazioni Immateriali 0 0 0 0 0 0(Fondo ammortamento Imm. Immat.) 0 0 0 0 0 0Immoblizzazioni Imm. nette 0 0 0 0 0 0Tot. attivo a lungo 6 267 494 668 825 929

TOTALE ATTIVO 572 653 759 882 1.034 1.201


Passività a medio-lungo 0 0 0 0 0 0Fondo T.F.R. 11 22 36 51 71 96Totale passivo a medio lungo 11 22 36 51 71 96

TOTALE PASSIVO 17 28 44 62 86 114

Capitale sociale 500 500 500 500 500 500Utile d'esercizio 55 70 90 105 129 138Utili (perdite) portati a nuovo 55 125 215 320 449TOTALE PATRIMONIO NETTO 555 625 715 820 949 1.087

TOTALE PASSIVO E NETTO 572 653 759 882 1.034 1.201


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Uscite di cassaSpese immediate 200 200 240 280 360 440Tot. pagam. a fornitori 60 71 98 132 171 222Restituzione debito a MT 0 0 0 0 0 0Imposte 67 86 110 128 158 169Investimenti 9 350 422 492 634 774Oneri finanziari 0 0 0 0 0 0Tot. Cash flow out 335 706 869 1.032 1.323 1.605

Cash flow netto 501 -195 -152 -82 -51 18






Anno 1 Anno 2 Anno 3 Anno 4 Anno 5RICAVI 532 754 989 1.329 1.683COSTI VARIABILI 25 375 473 577 756ACC. SVAL CREDITI 4 6 8 11 14MARGINE DI CONTRIBUZIONE 503 373 508 741 913MARGINE DI CONTRIBUZIONE % 94% 49% 51% 56% 54%TOTALE COSTI FISSI 249 245 287 327 409FATTURATO DI PAREGGIO OPERATIVO 263 496 559 586 754MARGINE DI SICUREZZA % 51% 34% 43% 56% 55%

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Margine Operativo Lordo (Ro) 121 256 501 764 1.126 1.535





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Immobilizzazioni Materiali 9 409 891 1.453 2.177 3.061(Fondo ammortamento Imm. Mat) 2 104 327 690 1.234 1.999Immoblizzazioni Imm.Mat.nette 6 304 564 763 942 1.061

Immobilizzazioni Immateriali 0 0 0 0 0 0(Fondo ammortamento Imm. Immat.) 0 0 0 0 0 0Immoblizzazioni Imm. nette 0 0 0 0 0 0Tot. attivo a lungo 6 304 564 763 942 1.061

TOTALE ATTIVO 570 1.229 1.464 1.754 2.240 2.808


Passività a medio-lungo 0 600 720 840 1.080 1.320Fondo T.F.R. 11 22 36 51 71 96Totale passivo a medio lungo 11 622 756 891 1.151 1.416

TOTALE PASSIVO 17 628 764 903 1.167 1.436

Capitale sociale 500 500 500 500 500 500Utile d'esercizio 53 48 99 150 223 299Utili (perdite) portati a nuovo 53 101 200 351 573TOTALE PATRIMONIO NETTO 553 601 700 851 1.073 1.372

TOTALE PASSIVO E NETTO 570 1.229 1.464 1.754 2.240 2.808


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Uscite di cassaSpese immediate 200 200 240 280 360 440Tot. pagam. a fornitori 60 71 101 140 185 243Restituzione debito a MT 0 -600 -120 -120 -240 -240Imposte 65 58 121 184 272 365Investimenti 9 400 482 562 724 884Oneri finanziari 0 48 58 67 86 106Tot. Cash flow out 333 177 882 1.113 1.388 1.798

Cash flow netto 500 342 -71 42 238 375






Anno 1 Anno 2 Anno 3 Anno 4 Anno 5RICAVI 543 866 1.213 1.709 2.266COSTI VARIABILI 25 425 537 655 860ACC. SVAL CREDITI 5 7 10 14 19MARGINE DI CONTRIBUZIONE 513 433 666 1.040 1.387MARGINE DI CONTRIBUZIONE % 95% 50% 55% 61% 61%TOTALE COSTI FISSI 249 245 287 327 409FATTURATO DI PAREGGIO OPERATIVO 263 489 523 538 668MARGINE DI SICUREZZA % 52% 43% 57% 69% 71%

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