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[null,null,null,null,"Exhibit 1. P&L Forecast, company LoA"]
["P&L",null,null,null,"Previous years",null,null,"Forecast"]
["(million Brazilian real)","Assumptions",null,2022,{"$f":"D3+1","v":2023},{"$f":"E3+1","v":2024},null,2025,{"$f":"H3+1","v":2026}]
["Sales",null,null,100,140,175,null,{"$f":"F4*(1+H19)","v":210},{"$f":"H4*(1+I19)","v":231.00000000000003}]
["COGS",null,null,80,113.4,143.5,null,{"$f":"H4*(1-H20)","v":174.29999999999998},{"$f":"I4*(1-I20)","v":194.04000000000002}]
["Gross Margin",null,null,20,26.599999999999994,31.5,null,{"$f":"H4-H5","v":35.700000000000017},{"$f":"I4-I5","v":36.960000000000008}]
["Salaries",null,null,5,6.0600000000000005,7.1300000000000008,null,{"$f":"F7*(1+H22)","v":7.8430000000000017},{"$f":"H7*(1+I22)","v":8.6273000000000017}]
["Overhead",null,null,5,6.0600000000000005,7.1300000000000008,null,{"$f":"F8*(1+H22)","v":7.8430000000000017},{"$f":"H8*(1+I22)","v":8.6273000000000017}]
["Opex Operating Expenses",null,null,10,12.120000000000001,14.260000000000002,null,{"$f":"H7+H8","v":15.686000000000003},{"$f":"I7+I8","v":17.254600000000003}]
["EBITDA",null,null,10,14.479999999999993,17.239999999999998,null,{"$f":"H6-H9","v":20.014000000000014},{"$f":"I6-I9","v":19.705400000000004}]
["Depreciation",0.1,"x FA",2,2,2.1,null,{"$f":"$B$11*F68","v":2.3000000000000003},{"$f":"$B$11*H68","v":2.37}]
["EBIT",null,null,8,12.479999999999993,15.139999999999999,null,{"$f":"H10-H11","v":17.714000000000013},{"$f":"I10-I11","v":17.335400000000003}]
["Financial Expenses",0.1,"x Debt",2,2.2883277634988546,4.2335080943575658,null,{"$f":"$B$13*F71","v":3.5279234119646383},{"$f":"$B$13*H71","v":4.1802659239854654}]
["EBT",null,null,6,10.191672236501139,10.906491905642433,null,{"$f":"H12-H13","v":14.186076588035375},{"$f":"I12-I13","v":13.155134076014537}]
["Taxes (25%)",0.25,null,1.5,2.5479180591252848,2.7266229764106082,null,{"$f":"H14*$B$15","v":3.5465191470088437},{"$f":"I14*$B$15","v":3.2887835190036343}]
["Net Income",null,null,4.5,7.6437541773758539,8.1798689292318247,null,{"$f":"H14-H15","v":10.639557441026531},{"$f":"I14-I15","v":9.8663505570109038}]
[]
["P&L Ratios",null,null,null,null,null,null,"Assumptions"]
["Growth of Sales",null,null,0.7,{"$f":"E4/D4-1","v":0.39999999999999991},{"$f":"F4/E4-1","v":0.25},null,0.2,0.1]
["Gross Margin / Sales",null,null,{"$f":"D6/D4","v":0.2},{"$f":"E6/E4","v":0.18999999999999995},{"$f":"F6/F4","v":0.18},null,0.17,0.16]
["Opex / Sales",null,null,{"$f":"D9/D4","v":0.1},{"$f":"E9/E4","v":8.6571428571428577E-2},{"$f":"F9/F4","v":8.14857142857143E-2},null,{"$f":"H9/H4","v":7.4695238095238106E-2},{"$f":"I9/I4","v":7.4695238095238106E-2}]
["Increase of Opex",null,null,0.2,{"$f":"E9/D9-1","v":0.21200000000000019},{"$f":"F9/E9-1","v":0.17656765676567665},null,0.1,0.1]
["EBITDA / Sales",null,null,{"$f":"D10/D4","v":0.1},{"$f":"E10/E4","v":0.10342857142857138},{"$f":"F10/F4","v":9.8514285714285707E-2},null,{"$f":"H10/H4","v":9.5304761904761975E-2},{"$f":"I10/I4","v":8.5304761904761911E-2}]
["ROS, Net Income / Sales",null,null,{"$f":"D16/D4","v":4.4999999999999998E-2},{"$f":"E16/E4","v":5.4598244124113245E-2},{"$f":"F16/F4","v":4.6742108167038998E-2},null,{"$f":"H16/H4","v":5.0664559242983478E-2},{"$f":"I16/I4","v":4.2711474272774469E-2}]
["ROA, Net Income / Total assets ",null,null,{"$f":"D16/D40","v":7.7076489910839971E-2},{"$f":"E16/E40","v":0.11130052558113004},{"$f":"F16/F40","v":8.8595019559929253E-2},null,{"$f":"H16/H40","v":9.9372777696098563E-2},{"$f":"I16/I40","v":8.4891039205428828E-2}]
["RONA, EBIT / Net Assets",null,null,{"$f":"D12/D69","v":0.14678899082568803},{"$f":"E12/E69","v":0.19826286826290682},{"$f":"F12/F69","v":0.17686325539326297},null,{"$f":"H12/H69","v":0.17951697470663011},{"$f":"I12/I69","v":0.16114815585767478}]
["ROE, Net Income / Equity ",null,null,{"$f":"D16/D48","v":0.15},{"$f":"E16/E48","v":0.22155809209785085},{"$f":"F16/F48","v":0.19409445335135914},null,{"$f":"H16/H48","v":0.23012564546630501},{"$f":"I16/I48","v":0.19138093055185509}]
["CFO =Net Income + Depreciation",null,null,{"$f":"D16+D11","v":6.5},{"$f":"E16+E11","v":9.6437541773758539},{"$f":"F16+F11","v":10.279868929231824},null,{"$f":"H16+H11","v":12.939557441026531},{"$f":"I16+I11","v":12.236350557010905}]
["Inflation",null,null,0.09,0.1,0.11,null,0.1,0.1]
["Interest rate",null,null,{"$f":"D13/D71","v":0.1},{"$f":"E13/E71","v":0.11000000000000001},{"$f":"F13/F71","v":0.12},null,0.1,0.1]
[]
[null,null,null,null,"Exhibit 2. Balance sheet Forecast, company LoA"]
["Assets"]
["(million Brazilian real)",null,null,{"$f":"D3","v":2022},{"$f":"E3","v":2023},{"$f":"F3","v":2024},null,{"$f":"H3","v":2025},{"$f":"I3","v":2026},"In % Sales"]
["Cash",null,null,{"$f":"MAX(D50-D36-D37-D39,0)","v":7.1506849315068592},{"$f":"MAX(E50-E36-E37-E39,0)","v":0},{"$f":"MAX(F50-F36-F37-F39,0)","v":7.1054273576010019E-15},null,{"$f":"MAX(H50-H36-H37-H39,0)","v":7.1054273576010019E-15},{"$f":"MAX(I50-I36-I37-I39,0)","v":7.1054273576010019E-15},"year 2025"]
["Receivables",null,null,24.657534246575342,38.356164383561641,57.534246575342465,null,{"$f":"H4/365*H57","v":69.041095890410958},{"$f":"I4/365*I57","v":75.945205479452056},{"$f":"H36/H$4","v":0.32876712328767121}]
["Inventory",null,null,6.5753424657534243,9.3205479452054796,11.794520547945206,null,{"$f":"H5/365*H58","v":14.326027397260273},{"$f":"I5/365*I58","v":15.948493150684934},{"$f":"H37/H$4","v":6.8219178082191773E-2}]
["Current Assets, CA",null,null,{"$f":"SUM(D35:D37)","v":38.383561643835627},{"$f":"SUM(E35:E37)","v":47.676712328767124},{"$f":"SUM(F35:F37)","v":69.328767123287676},null,{"$f":"SUM(H35:H37)","v":83.367123287671234},{"$f":"SUM(I35:I37)","v":91.893698630136996}]
["Fixed (non current) Assets net, FA",null,null,20,21,23,null,{"$f":"F39+H53-H11","v":23.7},{"$f":"H39+I53-I11","v":24.33}]
["Total Assets",null,null,{"$f":"D38+D39","v":58.383561643835627},{"$f":"E38+E39","v":68.676712328767124},{"$f":"F38+F39","v":92.328767123287676},null,{"$f":"H38+H39","v":107.06712328767124},{"$f":"I38+I39","v":116.22369863013699}]
[null,null,null,null,null," ",null," "," "]
["Liabilities + Equity"]
["Payables",null,null,2.3835616438356162,3.1820604240945771,3.9992869206230064,null,{"$f":"H52/365*H59","v":4.8446988177894532},{"$f":"I52/365*I59","v":5.360615500093826},{"$f":"H43/H$4","v":2.3069994370425968E-2}]
["Other Liabilities",null,null,1.5,2.5479180591252848,2.7266229764106082,null,{"$f":"H15","v":3.5465191470088437},{"$f":"I15","v":3.2887835190036343},{"$f":"H44/H$4","v":1.6888186414327828E-2}]
["Bank Credit",null,null,{"$f":"MAX(D76-D77,0)","v":0},{"$f":"MAX(E76-E77,0)","v":5.8029796681714032},{"$f":"MAX(F76-F77,0)","v":25.279234119646382},null,{"$f":"MAX(H76-H77,0)","v":36.802659239854648},{"$f":"MAX(I76-I77,0)","v":46.1544816915236}]
["Current Liabilities",null,null,{"$f":"D43+D44+D45","v":3.8835616438356162},{"$f":"E43+E44+E45","v":11.532958151391265},{"$f":"F43+F44+F45","v":32.005144016679999},null,{"$f":"H43+H44+H45","v":45.193877204652949},{"$f":"I43+I44+I45","v":54.803880710621058}]
["Loan (Long-term Debt)",5,"Payment",20,15,10,null,{"$f":"F47-$B$47","v":5},{"$f":"H47-B47","v":0}]
["Equity + Reserves",null,null,30,34.5,42.143754177375854,null,{"$f":"F48+F49*(1-H54)","v":46.233688641991769},{"$f":"H48+H49*(1-I54)","v":51.553467362505032}]
["Net Income of the year",null,null,4.5,7.6437541773758539,8.1798689292318247,null,{"$f":"H16","v":10.639557441026531},{"$f":"I16","v":9.8663505570109038}]
["Total Liabilities + Equity",null,null,{"$f":"D46+D47+D48+D49","v":58.38356164383562},{"$f":"E46+E47+E48+E49","v":68.67671232876711},{"$f":"F46+F47+F48+F49","v":92.328767123287676},null,{"$f":"H46+H47+H48+H49","v":107.06712328767124},{"$f":"I46+I47+I48+I49","v":116.22369863013699}]
[]
["Purchases",null,null,87,{"$f":"E5+(E37-D37)","v":116.14520547945206},{"$f":"F5+(F37-E37)","v":145.97397260273974},null,{"$f":"H5+(H37-F37)","v":176.83150684931505},{"$f":"I5+(I37-H37)","v":195.66246575342467}]
["Capex o new investments in FA",null,null,null,3,4.0999999999999996,null,3,3]
["Pay Out or % dividends",null,null,null,null,null,null,0.5,0.5]
[]
["Balance Sheet Ratios",null,null,{"$f":"D65","v":2022},{"$f":"E65","v":2023},{"$f":"F65","v":2024}]
["Receivables in Days",null,null,90,100,120,null,120,120]
["Inventory in Days",null,null,30,30,30.000000000000004,null,30,30]
["Payables in Days",null,null,10,10,10,null,10,10]
["NFO / Sales in %",null,null,{"$f":"D67/D4","v":0.27349315068493152},{"$f":"E67/E4","v":0.2996195274681947},{"$f":"F67/F4","v":0.35773061272145179},null,{"$f":"H67/H4","v":0.3570281205851093},{"$f":"I67/I4","v":0.36036493338112352}]
["Leverage = Liabilities. / Equity",null,null,{"$f":"(D46+D47)/D72","v":0.69227714909668447},{"$f":"(E46+E47)/E72","v":0.62958221613856657},{"$f":"(F46+F47)/F72","v":0.83470031415851231},null,{"$f":"(H46+H47)/H72","v":0.88255692547220832},{"$f":"(I46+I47)/I72","v":0.89228334708571833}]
["Debt  / EBITDA",null,null,{"$f":"D71/D10","v":2},{"$f":"E71/E10","v":1.4366698665864235},{"$f":"F71/F10","v":2.0463592876825047},null,{"$f":"H71/H10","v":2.0886708923680732},{"$f":"I71/I10","v":2.3422250597056435}]
["Debt  / Net Income",null,null,{"$f":"D71/D16","v":4.4444444444444446},{"$f":"E71/E16","v":2.7215657627693606},{"$f":"F71/F16","v":4.3129339143285605},null,{"$f":"H71/H16","v":3.9289847788839443},{"$f":"I71/I16","v":4.6779689637853794}]
[]
["Short Balance Sheet",null,null,{"$f":"D3","v":2022},{"$f":"E3","v":2023},{"$f":"F3","v":2024},null,{"$f":"H3","v":2025},{"$f":"I3","v":2026},"Diff. 2026-24"]
["Cash Surplus",null,null,{"$f":"D35-0","v":7.1506849315068592},{"$f":"E35-E99","v":0},{"$f":"F35-F99","v":7.1054273576010019E-15},null,{"$f":"H35-H99","v":7.1054273576010019E-15},{"$f":"I35-I99","v":7.1054273576010019E-15}]
["NFO or Net Current Assets",null,null,{"$f":"D36+D37-D43-D44","v":27.349315068493151},{"$f":"E36+E37-E43-E44","v":41.946733845547257},{"$f":"F36+F37-F43-F44","v":62.602857226254059},null,{"$f":"H36+H37-H43-H44","v":74.975905322872947},{"$f":"I36+I37-I43-I44","v":83.244299611039537},{"$f":"I67-F67","v":20.641442384785478}]
["FA or Fixed Assets Net",null,null,{"$f":"D39","v":20},{"$f":"E39","v":21},{"$f":"F39","v":23},null,{"$f":"H39","v":23.7},{"$f":"I39","v":24.33},{"$f":"I68-F68","v":1.3299999999999983}]
["NA, Net Assets",null,null,{"$f":"D66+D67+D68","v":54.500000000000014},{"$f":"E66+E67+E68","v":62.946733845547257},{"$f":"F66+F67+F68","v":85.602857226254059},null,{"$f":"H66+H67+H68","v":98.675905322872964},{"$f":"I66+I67+I68","v":107.57429961103954}]
[]
["D, Debt (long & short term)",null,null,{"$f":"D45+D47","v":20},{"$f":"E45+E47","v":20.802979668171403},{"$f":"F45+F47","v":35.279234119646382},null,{"$f":"H45+H47","v":41.802659239854648},{"$f":"I45+I47","v":46.1544816915236},{"$f":"I71-F71","v":10.875247571877217}]
["E, Equity",null,null,{"$f":"D48+D49","v":34.5},{"$f":"E48+E49","v":42.143754177375854},{"$f":"F48+F49","v":50.323623106607677},null,{"$f":"H48+H49","v":56.873246083018302},{"$f":"I48+I49","v":61.419817919515936},{"$f":"I72-F72","v":11.096194812908259}]
["Total Financing",null,null,{"$f":"D71+D72","v":54.5},{"$f":"E71+E72","v":62.946733845547257},{"$f":"F71+F72","v":85.602857226254059},null,{"$f":"H71+H72","v":98.67590532287295},{"$f":"I71+I72","v":107.57429961103954}]
[]
["Shortest  Balance Sheet: NFO vs WC",null,null,{"$f":"D65","v":2022},{"$f":"E65","v":2023},{"$f":"F65","v":2024},null,{"$f":"H65","v":2025},{"$f":"I65","v":2026}]
["NFO",null,null,{"$f":"D67","v":27.349315068493151},{"$f":"E67","v":41.946733845547257},{"$f":"F67","v":62.602857226254059},null,{"$f":"H67","v":74.975905322872947},{"$f":"I67","v":83.244299611039537},{"$f":"I76-F76","v":20.641442384785478}]
["WC",null,null,{"$f":"D47+D48+D49-D39","v":34.5},{"$f":"E47+E48+E49-E39","v":36.143754177375854},{"$f":"F47+F48+F49-F39","v":37.323623106607677},null,{"$f":"H47+H48+H49-H39","v":38.173246083018299},{"$f":"I47+I48+I49-I39","v":37.089817919515937},{"$f":"I77-F77","v":-0.2338051870917397}]
["Cash Surplus (+)",null,null,{"$f":"D77-D76","v":7.1506849315068486},{"$f":"E77-E76","v":-5.8029796681714032},{"$f":"F77-F76","v":-25.279234119646382},null,{"$f":"H77-H76","v":-36.802659239854648},{"$f":"I77-I76","v":-46.1544816915236}]
["     Credit Needed (-)"]

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[null,null,null,null,"Anexo 1. Previsión de PyG, empresa LoA"]
["Cuenta de PyG",null,null,null,"Años anteriores",null,null,"Previsión "]
["(millones de reales)","Hipótesis",null,2022,{"$f":"D3+1","v":2023},{"$f":"E3+1","v":2024},null,2025,{"$f":"H3+1","v":2026}]
["Ventas",null,null,100,140,175,null,{"$f":"F4*(1+H19)","v":210},{"$f":"H4*(1+I19)","v":231.00000000000003}]
["CMV",null,null,80,113.4,143.5,null,{"$f":"H4*(1-H20)","v":174.29999999999998},{"$f":"I4*(1-I20)","v":194.04000000000002}]
["Margen bruto",null,null,20,26.599999999999994,31.5,null,{"$f":"H4-H5","v":35.700000000000017},{"$f":"I4-I5","v":36.960000000000008}]
["Salarios",null,null,5,6.0600000000000005,7.1300000000000008,null,{"$f":"F7*(1+H22)","v":7.8430000000000017},{"$f":"H7*(1+I22)","v":8.6273000000000017}]
["Gastos generales",null,null,5,6.0600000000000005,7.1300000000000008,null,{"$f":"F8*(1+H22)","v":7.8430000000000017},{"$f":"H8*(1+I22)","v":8.6273000000000017}]
["Opex o Gastos operativos (de estructura)",null,null,10,12.120000000000001,14.260000000000002,null,{"$f":"H7+H8","v":15.686000000000003},{"$f":"I7+I8","v":17.254600000000003}]
["EBITDA",null,null,10,14.479999999999993,17.239999999999998,null,{"$f":"H6-H9","v":20.014000000000014},{"$f":"I6-I9","v":19.705400000000004}]
["Amortización",0.1,"x AF",2,2,2.1,null,{"$f":"$B$11*F68","v":2.3000000000000003},{"$f":"$B$11*H68","v":2.37}]
["EBIT o BAIT",null,null,8,12.479999999999993,15.139999999999999,null,{"$f":"H10-H11","v":17.714000000000013},{"$f":"I10-I11","v":17.335400000000003}]
["Gastos financieros",0.1,"x Deuda",2,2.2883277634988546,4.2335080943575658,null,{"$f":"$B$13*F71","v":3.5279234119646383},{"$f":"$B$13*H71","v":4.1802659239854654}]
["EBT o BAT Benef antes de impuestos",null,null,6,10.191672236501139,10.906491905642433,null,{"$f":"H12-H13","v":14.186076588035375},{"$f":"I12-I13","v":13.155134076014537}]
["Impuestos (25%)",0.25,null,1.5,2.5479180591252848,2.7266229764106082,null,{"$f":"H14*$B$15","v":3.5465191470088437},{"$f":"I14*$B$15","v":3.2887835190036343}]
["BN Beneficio neto o Resultado",null,null,4.5,7.6437541773758539,8.1798689292318247,null,{"$f":"H14-H15","v":10.639557441026531},{"$f":"I14-I15","v":9.8663505570109038}]
[]
["Ratios de cuenta de resultados",null,null,null,null,"Hipótesis en negrita y verde",null,"Hipótesis"]
["Crecimiento de ventas (g)",null,null,0.7,{"$f":"E4/D4-1","v":0.39999999999999991},{"$f":"F4/E4-1","v":0.25},null,0.2,0.1,null,null,null,{"$f":"AVERAGE(D19:F19)","v":0.44999999999999996},"Media de crecimiento ventas"]
["Margen bruto / Ventas",null,null,{"$f":"D6/D4","v":0.2},{"$f":"E6/E4","v":0.18999999999999995},{"$f":"F6/F4","v":0.18},null,0.17,0.16,null,null,null,{"$f":"(F20-D20)*100","v":-2.0000000000000018},"pp, puntos porcentuales"]
["Opex / Ventas",null,null,{"$f":"D9/D4","v":0.1},{"$f":"E9/E4","v":8.6571428571428577E-2},{"$f":"F9/F4","v":8.14857142857143E-2},null,{"$f":"H9/H4","v":7.4695238095238106E-2},{"$f":"I9/I4","v":7.4695238095238106E-2},null,null,null,{"$f":"(F21-D21)*100","v":-1.8514285714285705},"pp"]
["Aumento de Opex",null,null,0.2,{"$f":"E9/D9-1","v":0.21200000000000019},{"$f":"F9/E9-1","v":0.17656765676567665},null,0.1,0.1,null,null,null,{"$f":"AVERAGE(D22:F22)","v":0.19618921892189226},"media de 2 años"]
["EBITDA / Ventas",null,null,{"$f":"D10/D4","v":0.1},{"$f":"E10/E4","v":0.10342857142857138},{"$f":"F10/F4","v":9.8514285714285707E-2},null,{"$f":"H10/H4","v":9.5304761904761975E-2},{"$f":"I10/I4","v":8.5304761904761911E-2},null,null,null,{"$f":"(F23-D23)*100","v":-0.14857142857142985},"pp"]
["ROS, Beneficio / ventas",null,null,{"$f":"D16/D4","v":4.4999999999999998E-2},{"$f":"E16/E4","v":5.4598244124113245E-2},{"$f":"F16/F4","v":4.6742108167038998E-2},null,{"$f":"H16/H4","v":5.0664559242983478E-2},{"$f":"I16/I4","v":4.2711474272774469E-2},null,null,null,"Rentabilidad s/ ventas"]
["ROA, Benef. / activo total",null,null,{"$f":"D16/D40","v":7.7076489910839971E-2},{"$f":"E16/E40","v":0.11130052558113004},{"$f":"F16/F40","v":8.8595019559929253E-2},null,{"$f":"H16/H40","v":9.9372777696098563E-2},{"$f":"I16/I40","v":8.4891039205428828E-2},null,null,null,"Rentabilidad del activo total"]
["RONA, EBIT / activo neto",null,null,{"$f":"D12/D69","v":0.14678899082568803},{"$f":"E12/E69","v":0.19826286826290682},{"$f":"F12/F69","v":0.17686325539326297},null,{"$f":"H12/H69","v":0.17951697470663011},{"$f":"I12/I69","v":0.16114815585767478},null,null,null,"Rentabilidad  del activo neto"]
["ROE, Beneficio  / Equity",null,null,{"$f":"D16/D48","v":0.15},{"$f":"E16/E48","v":0.22155809209785085},{"$f":"F16/F48","v":0.19409445335135914},null,{"$f":"H16/H48","v":0.23012564546630501},{"$f":"I16/I48","v":0.19138093055185509},null,null,null,"Rentab del capital (equity)"]
["CFO = Beneficio neto + amortización",null,null,{"$f":"D16+D11","v":6.5},{"$f":"E16+E11","v":9.6437541773758539},{"$f":"F16+F11","v":10.279868929231824},null,{"$f":"H16+H11","v":12.939557441026531},{"$f":"I16+I11","v":12.236350557010905},null,null,null,"CFO cash flow operaciones"]
["Inflación",null,null,0.09,0.1,0.11,null,0.1,0.1]
["Tipo de interés ",null,null,{"$f":"D13/D71","v":0.1},{"$f":"E13/E71","v":0.11000000000000001},{"$f":"F13/F71","v":0.12},null,0.1,0.1]
[]
[null,null,null,null,"Anexo 2. Previsión de Balances, empresa LoA"]
["Activo"]
[{"$f":"A3","v":"(millones de reales)"},null,null,{"$f":"D3","v":2022},{"$f":"E3","v":2023},{"$f":"F3","v":2024},null,{"$f":"H3","v":2025},{"$f":"I3","v":2026},"En % Vtas"]
["Caja",null,null,{"$f":"MAX(D50-D36-D37-D39,0)","v":7.1506849315068592},{"$f":"MAX(E50-E36-E37-E39,0)","v":0},{"$f":"MAX(F50-F36-F37-F39,0)","v":7.1054273576010019E-15},null,{"$f":"MAX(H50-H36-H37-H39,0)","v":7.1054273576010019E-15},{"$f":"MAX(I50-I36-I37-I39,0)","v":7.1054273576010019E-15},"año 2025"]
["Clientes",null,null,24.657534246575342,38.356164383561641,57.534246575342465,null,{"$f":"H4/365*H57","v":69.041095890410958},{"$f":"I4/365*I57","v":75.945205479452056},{"$f":"H36/H$4","v":0.32876712328767121}]
["Existencias",null,null,6.5753424657534243,9.3205479452054796,11.794520547945206,null,{"$f":"H5/365*H58","v":14.326027397260273},{"$f":"I5/365*I58","v":15.948493150684934},{"$f":"H37/H$4","v":6.8219178082191773E-2}]
["Activo corriente,  AC",null,null,{"$f":"SUM(D35:D37)","v":38.383561643835627},{"$f":"SUM(E35:E37)","v":47.676712328767124},{"$f":"SUM(F35:F37)","v":69.328767123287676},null,{"$f":"SUM(H35:H37)","v":83.367123287671234},{"$f":"SUM(I35:I37)","v":91.893698630136996}]
["Activo no corriente o fijo,  AF",null,null,20,21,23,null,{"$f":"F39+H53-H11","v":23.7},{"$f":"H39+I53-I11","v":24.33}]
["Activo total",null,null,{"$f":"D38+D39","v":58.383561643835627},{"$f":"E38+E39","v":68.676712328767124},{"$f":"F38+F39","v":92.328767123287676},null,{"$f":"H38+H39","v":107.06712328767124},{"$f":"I38+I39","v":116.22369863013699}]
[null,null,null,null,null," ",null," "," "]
["Pasivo y Patrimonio"]
["Proveedores",null,null,2.3835616438356162,3.1820604240945771,3.9992869206230064,null,{"$f":"H52/365*H59","v":4.8446988177894532},{"$f":"I52/365*I59","v":5.360615500093826},{"$f":"H43/H$4","v":2.3069994370425968E-2}]
["Otros acreedores",null,null,1.5,2.5479180591252848,2.7266229764106082,null,{"$f":"H15","v":3.5465191470088437},{"$f":"I15","v":3.2887835190036343},{"$f":"H44/H$4","v":1.6888186414327828E-2}]
["Deuda a corto (líneas de crédito)",null,null,{"$f":"MAX(D76-D77,0)","v":0},{"$f":"MAX(E76-E77,0)","v":5.8029796681714032},{"$f":"MAX(F76-F77,0)","v":25.279234119646382},null,{"$f":"MAX(H76-H77,0)","v":36.802659239854648},{"$f":"MAX(I76-I77,0)","v":46.1544816915236}]
["Pasivo corriente",null,null,{"$f":"D43+D44+D45","v":3.8835616438356162},{"$f":"E43+E44+E45","v":11.532958151391265},{"$f":"F43+F44+F45","v":32.005144016679999},null,{"$f":"H43+H44+H45","v":45.193877204652949},{"$f":"I43+I44+I45","v":54.803880710621058}]
["Deuda a largo",5,"Pago anual",20,15,10,null,{"$f":"F47-$B$47","v":5},{"$f":"H47-B47","v":0}]
["Patrimonio (Capital y reservas)",null,null,30,34.5,42.143754177375854,null,{"$f":"F48+F49*(1-H54)","v":46.233688641991769},{"$f":"H48+H49*(1-I54)","v":51.553467362505032}]
["Beneficio del año o Resultado",null,null,4.5,7.6437541773758539,8.1798689292318247,null,{"$f":"H16","v":10.639557441026531},{"$f":"I16","v":9.8663505570109038}]
["Total pasivo y patrimonio",null,null,{"$f":"D46+D47+D48+D49","v":58.38356164383562},{"$f":"E46+E47+E48+E49","v":68.67671232876711},{"$f":"F46+F47+F48+F49","v":92.328767123287676},null,{"$f":"H46+H47+H48+H49","v":107.06712328767124},{"$f":"I46+I47+I48+I49","v":116.22369863013699}]
[]
["Compras",null,null,87,{"$f":"E5+(E37-D37)","v":116.14520547945206},{"$f":"F5+(F37-E37)","v":145.97397260273974},null,{"$f":"H5+(H37-F37)","v":176.83150684931505},{"$f":"I5+(I37-H37)","v":195.66246575342467},null,"CMV + variac existencias"]
["Capex o Nueva inversión bruta",null,null,null,3,4.0999999999999996,null,3,3,null,"Variación AF + amortización"]
["Pay Out o % dividendos",null,null,null,null,null,null,0.5,0.5]
[]
["Ratios de balance",null,null,{"$f":"D65","v":2022},{"$f":"E65","v":2023},{"$f":"F65","v":2024},null,null,null,null,"En % de Ventas 2024"]
["Días de cobro",null,null,90,100,120,null,120,120,null,null,"Clientes =",{"$f":"F36/F4","v":0.32876712328767121}]
["Días de existencias",null,null,30,30,30.000000000000004,null,30,30,null,null,"Existencias =",{"$f":"F37/F4","v":6.7397260273972609E-2}]
["Días de pago",null,null,10,10,10,null,10,10,null,null,"Proveed + otros =",{"$f":"(F43+F44)/F4","v":3.8433770840192089E-2}]
["NOF / Ventas en %",null,null,{"$f":"D67/D4","v":0.27349315068493152},{"$f":"E67/E4","v":0.2996195274681947},{"$f":"F67/F4","v":0.35773061272145179},null,{"$f":"H67/H4","v":0.3570281205851093},{"$f":"I67/I4","v":0.36036493338112352},null,null,"NOF =",{"$f":"M57+M58-M59","v":0.35773061272145179}]
["Apalancamiento (Pasivo / Patrimonio)",null,null,{"$f":"(D46+D47)/D72","v":0.69227714909668447},{"$f":"(E46+E47)/E72","v":0.62958221613856657},{"$f":"(F46+F47)/F72","v":0.83470031415851231},null,{"$f":"(H46+H47)/H72","v":0.88255692547220832},{"$f":"(I46+I47)/I72","v":0.89228334708571833}]
["Deuda / EBITDA",null,null,{"$f":"D71/D10","v":2},{"$f":"E71/E10","v":1.4366698665864235},{"$f":"F71/F10","v":2.0463592876825047},null,{"$f":"H71/H10","v":2.0886708923680732},{"$f":"I71/I10","v":2.3422250597056435}]
["Deuda / Benef neto",null,null,{"$f":"D71/D16","v":4.4444444444444446},{"$f":"E71/E16","v":2.7215657627693606},{"$f":"F71/F16","v":4.3129339143285605},null,{"$f":"H71/H16","v":3.9289847788839443},{"$f":"I71/I16","v":4.6779689637853794}]
[]
["Balance corto",null,null,{"$f":"D3","v":2022},{"$f":"E3","v":2023},{"$f":"F3","v":2024},null,{"$f":"H3","v":2025},{"$f":"I3","v":2026},"Dif. 2026-24"]
["Caja excedente",null,null,{"$f":"D35-0","v":7.1506849315068592},{"$f":"E35-E99","v":0},{"$f":"F35-F99","v":7.1054273576010019E-15},null,{"$f":"H35-H99","v":7.1054273576010019E-15},{"$f":"I35-I99","v":7.1054273576010019E-15}]
["NOF o circulante neto",null,null,{"$f":"D36+D37-D43-D44","v":27.349315068493151},{"$f":"E36+E37-E43-E44","v":41.946733845547257},{"$f":"F36+F37-F43-F44","v":62.602857226254059},null,{"$f":"H36+H37-H43-H44","v":74.975905322872947},{"$f":"I36+I37-I43-I44","v":83.244299611039537},{"$f":"I67-F67","v":20.641442384785478},null,4.5999999999999999E-2]
["AF o activo fijo neto",null,null,{"$f":"D39","v":20},{"$f":"E39","v":21},{"$f":"F39","v":23},null,{"$f":"H39","v":23.7},{"$f":"I39","v":24.33},{"$f":"I68-F68","v":1.3299999999999983},null,0.2]
["AN o activo neto",null,null,{"$f":"D66+D67+D68","v":54.500000000000014},{"$f":"E66+E67+E68","v":62.946733845547257},{"$f":"F66+F67+F68","v":85.602857226254059},null,{"$f":"H66+H67+H68","v":98.675905322872964},{"$f":"I66+I67+I68","v":107.57429961103954},null,null,{"$f":"L68-L67","v":0.15400000000000003}]
[]
["D, Deuda (a largo y corto)",null,null,{"$f":"D45+D47","v":20},{"$f":"E45+E47","v":20.802979668171403},{"$f":"F45+F47","v":35.279234119646382},null,{"$f":"H45+H47","v":41.802659239854648},{"$f":"I45+I47","v":46.1544816915236},{"$f":"I71-F71","v":10.875247571877217},null,{"$f":"L67/L69","v":0.29870129870129863}]
["E, Equity o Patrimonio",null,null,{"$f":"D48+D49","v":34.5},{"$f":"E48+E49","v":42.143754177375854},{"$f":"F48+F49","v":50.323623106607677},null,{"$f":"H48+H49","v":56.873246083018302},{"$f":"I48+I49","v":61.419817919515936},{"$f":"I72-F72","v":11.096194812908259}]
["Financiación total",null,null,{"$f":"D71+D72","v":54.5},{"$f":"E71+E72","v":62.946733845547257},{"$f":"F71+F72","v":85.602857226254059},null,{"$f":"H71+H72","v":98.67590532287295},{"$f":"I71+I72","v":107.57429961103954}]
[]
["Extracto del balance, NOF vs FM",null,null,{"$f":"D65","v":2022},{"$f":"E65","v":2023},{"$f":"F65","v":2024},null,{"$f":"H65","v":2025},{"$f":"I65","v":2026}]
["NOF",null,null,{"$f":"D67","v":27.349315068493151},{"$f":"E67","v":41.946733845547257},{"$f":"F67","v":62.602857226254059},null,{"$f":"H67","v":74.975905322872947},{"$f":"I67","v":83.244299611039537},{"$f":"I76-F76","v":20.641442384785478}]
["FM",null,null,{"$f":"D47+D48+D49-D39","v":34.5},{"$f":"E47+E48+E49-E39","v":36.143754177375854},{"$f":"F47+F48+F49-F39","v":37.323623106607677},null,{"$f":"H47+H48+H49-H39","v":38.173246083018299},{"$f":"I47+I48+I49-I39","v":37.089817919515937},{"$f":"I77-F77","v":-0.2338051870917397}]
["Caja excedente (+)",null,null,{"$f":"D77-D76","v":7.1506849315068486},{"$f":"E77-E76","v":-5.8029796681714032},{"$f":"F77-F76","v":-25.279234119646382},null,{"$f":"H77-H76","v":-36.802659239854648},{"$f":"I77-I76","v":-46.1544816915236}]
["     o crédito necesario (-)"]

{"sheet":"Anex 1-2 PT","index":3,"n_rows":79,"n_cols":10,"rows_kept":79,"cut":false,"hidden":true,"merged":[[1,7,1,8],[17,7,17,8]]}
[null,null,null,null,"Anexo 1. Previsão Conta de resultados. Companhia LoA"]
["Conta de Resultados",null,null,null,"Anos anteriores",null,null,"Previsão"]
["(Milhões de reais)","Hipóteses",null,2022,{"$f":"D3+1","v":2023},{"$f":"E3+1","v":2024},null,2025,{"$f":"H3+1","v":2026}]
["Vendas",null,null,100,140,175,null,{"$f":"F4*(1+H19)","v":210},{"$f":"H4*(1+I19)","v":231.00000000000003}]
["CMV",null,null,80,113.4,143.5,null,{"$f":"H4*(1-H20)","v":174.29999999999998},{"$f":"I4*(1-I20)","v":194.04000000000002}]
["Margem bruta",null,null,20,26.599999999999994,31.5,null,{"$f":"H4-H5","v":35.700000000000017},{"$f":"I4-I5","v":36.960000000000008}]
["Salários",null,null,5,6.0600000000000005,7.1300000000000008,null,{"$f":"F7*(1+H22)","v":7.8430000000000017},{"$f":"H7*(1+I22)","v":8.6273000000000017}]
["Despesas gerais",null,null,5,6.0600000000000005,7.1300000000000008,null,{"$f":"F8*(1+H22)","v":7.8430000000000017},{"$f":"H8*(1+I22)","v":8.6273000000000017}]
["Opex o despesas operacionais",null,null,10,12.120000000000001,14.260000000000002,null,{"$f":"H7+H8","v":15.686000000000003},{"$f":"I7+I8","v":17.254600000000003}]
["EBITDA",null,null,10,14.479999999999993,17.239999999999998,null,{"$f":"H6-H9","v":20.014000000000014},{"$f":"I6-I9","v":19.705400000000004}]
["Amortização",0.1,"x AF",2,2,2.1,null,{"$f":"$B$11*F68","v":2.3000000000000003},{"$f":"$B$11*H68","v":2.37}]
["EBIT ou BAIT",null,null,8,12.479999999999993,15.139999999999999,null,{"$f":"H10-H11","v":17.714000000000013},{"$f":"I10-I11","v":17.335400000000003}]
["Despesas financeiras",0.1,"x Divida",2,2.2883277634988546,4.2335080943575658,null,{"$f":"$B$13*F71","v":3.5279234119646383},{"$f":"$B$13*H71","v":4.1802659239854654}]
["EBT ou BAT",null,null,6,10.191672236501139,10.906491905642433,null,{"$f":"H12-H13","v":14.186076588035375},{"$f":"I12-I13","v":13.155134076014537}]
["Impostos (25%)",0.25,null,1.5,2.5479180591252848,2.7266229764106082,null,{"$f":"H14*$B$15","v":3.5465191470088437},{"$f":"I14*$B$15","v":3.2887835190036343}]
["LL Lucro líquido",null,null,4.5,7.6437541773758539,8.1798689292318247,null,{"$f":"H14-H15","v":10.639557441026531},{"$f":"I14-I15","v":9.8663505570109038}]
[]
["Índices da conta de resultados",null,null,null,null,null,null,"Hipóteses"]
["Crescimento das vendas",null,null,0.7,{"$f":"E4/D4-1","v":0.39999999999999991},{"$f":"F4/E4-1","v":0.25},null,0.2,0.1]
["Margem bruta / vendas",null,null,{"$f":"D6/D4","v":0.2},{"$f":"E6/E4","v":0.18999999999999995},{"$f":"F6/F4","v":0.18},null,0.17,0.16]
["Opex / Vendas",null,null,{"$f":"D9/D4","v":0.1},{"$f":"E9/E4","v":8.6571428571428577E-2},{"$f":"F9/F4","v":8.14857142857143E-2},null,{"$f":"H9/H4","v":7.4695238095238106E-2},{"$f":"I9/I4","v":7.4695238095238106E-2}]
["Aumento de Opex",null,null,0.2,{"$f":"E9/D9-1","v":0.21200000000000019},{"$f":"F9/E9-1","v":0.17656765676567665},null,0.1,0.1]
["EBITDA / Vendas",null,null,{"$f":"D10/D4","v":0.1},{"$f":"E10/E4","v":0.10342857142857138},{"$f":"F10/F4","v":9.8514285714285707E-2},null,{"$f":"H10/H4","v":9.5304761904761975E-2},{"$f":"I10/I4","v":8.5304761904761911E-2}]
["ROS, Lucro líquido / vendas",null,null,{"$f":"D16/D4","v":4.4999999999999998E-2},{"$f":"E16/E4","v":5.4598244124113245E-2},{"$f":"F16/F4","v":4.6742108167038998E-2},null,{"$f":"H16/H4","v":5.0664559242983478E-2},{"$f":"I16/I4","v":4.2711474272774469E-2}]
["ROA, Lucro / ativo total",null,null,{"$f":"D16/D40","v":7.7076489910839971E-2},{"$f":"E16/E40","v":0.11130052558113004},{"$f":"F16/F40","v":8.8595019559929253E-2},null,{"$f":"H16/H40","v":9.9372777696098563E-2},{"$f":"I16/I40","v":8.4891039205428828E-2}]
["RONA, EBIT / ativo líquido",null,null,{"$f":"D12/D69","v":0.14678899082568803},{"$f":"E12/E69","v":0.19826286826290682},{"$f":"F12/F69","v":0.17686325539326297},null,{"$f":"H12/H69","v":0.17951697470663011},{"$f":"I12/I69","v":0.16114815585767478}]
["ROE, Lucro líquido / recursos próprios",null,null,{"$f":"D16/D48","v":0.15},{"$f":"E16/E48","v":0.22155809209785085},{"$f":"F16/F48","v":0.19409445335135914},null,{"$f":"H16/H48","v":0.23012564546630501},{"$f":"I16/I48","v":0.19138093055185509}]
["CFO = Lucro líquido + amortização",null,null,{"$f":"D16+D11","v":6.5},{"$f":"E16+E11","v":9.6437541773758539},{"$f":"F16+F11","v":10.279868929231824},null,{"$f":"H16+H11","v":12.939557441026531},{"$f":"I16+I11","v":12.236350557010905}]
["Inflação",null,null,0.09,0.1,0.11,null,0.1,0.1]
["Juros",null,null,{"$f":"D13/D71","v":0.1},{"$f":"E13/E71","v":0.11000000000000001},{"$f":"F13/F71","v":0.12},null,0.1,0.1]
[]
[null,null,null,null,"Anexo 2. Previsão de Balanço. Companhia LoA"]
["Ativo"]
[{"$f":"A3","v":"(Milhões de reais)"},null,null,{"$f":"D3","v":2022},{"$f":"E3","v":2023},{"$f":"F3","v":2024},null,{"$f":"H3","v":2025},{"$f":"I3","v":2026},"En % Vtas"]
["Caixa",null,null,{"$f":"MAX(D50-D36-D37-D39,0)","v":7.1506849315068592},{"$f":"MAX(E50-E36-E37-E39,0)","v":0},{"$f":"MAX(F50-F36-F37-F39,0)","v":7.1054273576010019E-15},null,{"$f":"MAX(H50-H36-H37-H39,0)","v":7.1054273576010019E-15},{"$f":"MAX(I50-I36-I37-I39,0)","v":7.1054273576010019E-15},"ano 2025"]
["Clientes",null,null,24.657534246575342,38.356164383561641,57.534246575342465,null,{"$f":"H4/365*H57","v":69.041095890410958},{"$f":"I4/365*I57","v":75.945205479452056},{"$f":"H36/H$4","v":0.32876712328767121}]
["Estoques",null,null,6.5753424657534243,9.3205479452054796,11.794520547945206,null,{"$f":"H5/365*H58","v":14.326027397260273},{"$f":"I5/365*I58","v":15.948493150684934},{"$f":"H37/H$4","v":6.8219178082191773E-2}]
["Ativo corrente,  AC",null,null,{"$f":"SUM(D35:D37)","v":38.383561643835627},{"$f":"SUM(E35:E37)","v":47.676712328767124},{"$f":"SUM(F35:F37)","v":69.328767123287676},null,{"$f":"SUM(H35:H37)","v":83.367123287671234},{"$f":"SUM(I35:I37)","v":91.893698630136996}]
["Ativo não corrente o fixo,  AF",null,null,20,21,23,null,{"$f":"F39+H53-H11","v":23.7},{"$f":"H39+I53-I11","v":24.33}]
["Ativo total",null,null,{"$f":"D38+D39","v":58.383561643835627},{"$f":"E38+E39","v":68.676712328767124},{"$f":"F38+F39","v":92.328767123287676},null,{"$f":"H38+H39","v":107.06712328767124},{"$f":"I38+I39","v":116.22369863013699}]
[null,null,null,null,null," ",null," "," "]
["Passivo e Patrimônio"]
["Fornecedores",null,null,2.3835616438356162,3.1820604240945771,3.9992869206230064,null,{"$f":"H52/365*H59","v":4.8446988177894532},{"$f":"I52/365*I59","v":5.360615500093826},{"$f":"H43/H$4","v":2.3069994370425968E-2}]
["Outros credores",null,null,1.5,2.5479180591252848,2.7266229764106082,null,{"$f":"H15","v":3.5465191470088437},{"$f":"I15","v":3.2887835190036343},{"$f":"H44/H$4","v":1.6888186414327828E-2}]
["Dívida curto prazo (Crédito bancário)",null,null,{"$f":"MAX(D76-D77,0)","v":0},{"$f":"MAX(E76-E77,0)","v":5.8029796681714032},{"$f":"MAX(F76-F77,0)","v":25.279234119646382},null,{"$f":"MAX(H76-H77,0)","v":36.802659239854648},{"$f":"MAX(I76-I77,0)","v":46.1544816915236}]
["Passivo corrente",null,null,{"$f":"D43+D44+D45","v":3.8835616438356162},{"$f":"E43+E44+E45","v":11.532958151391265},{"$f":"F43+F44+F45","v":32.005144016679999},null,{"$f":"H43+H44+H45","v":45.193877204652949},{"$f":"I43+I44+I45","v":54.803880710621058}]
["Dívida longo prazo (Empréstimo bancário)",5,"Pago anual",20,15,10,null,{"$f":"F47-$B$47","v":5},{"$f":"H47-B47","v":0}]
["Patrimônio (Capital próprio o equity)",null,null,30,34.5,42.143754177375854,null,{"$f":"F48+F49*(1-H54)","v":46.233688641991769},{"$f":"H48+H49*(1-I54)","v":51.553467362505032}]
["Lucro do ano ",null,null,4.5,7.6437541773758539,8.1798689292318247,null,{"$f":"H16","v":10.639557441026531},{"$f":"I16","v":9.8663505570109038}]
["Total passivo e patrimônio",null,null,{"$f":"D46+D47+D48+D49","v":58.38356164383562},{"$f":"E46+E47+E48+E49","v":68.67671232876711},{"$f":"F46+F47+F48+F49","v":92.328767123287676},null,{"$f":"H46+H47+H48+H49","v":107.06712328767124},{"$f":"I46+I47+I48+I49","v":116.22369863013699}]
[]
["Compras",null,null,87,{"$f":"E5+(E37-D37)","v":116.14520547945206},{"$f":"F5+(F37-E37)","v":145.97397260273974},null,{"$f":"H5+(H37-F37)","v":176.83150684931505},{"$f":"I5+(I37-H37)","v":195.66246575342467}]
["Capex o Novo investimento bruto",null,null,null,3,4.0999999999999996,null,3,3]
["Pay Out o % dividendos",null,null,null,null,null,null,0.5,0.5]
[]
["Índices do balanço",null,null,{"$f":"D65","v":2022},{"$f":"E65","v":2023},{"$f":"F65","v":2024}]
["Dias de cobrança",null,null,90,100,120,null,120,120]
["Dias de estoques",null,null,30,30,30.000000000000004,null,30,30]
["Dias de pagamento",null,null,10,10,10,null,10,10]
["NOF / Vendas em %",null,null,{"$f":"D67/D4","v":0.27349315068493152},{"$f":"E67/E4","v":0.2996195274681947},{"$f":"F67/F4","v":0.35773061272145179},null,{"$f":"H67/H4","v":0.3570281205851093},{"$f":"I67/I4","v":0.36036493338112352}]
["Alavancagem (Passivo / Patrimônio)",null,null,{"$f":"(D46+D47)/D72","v":0.69227714909668447},{"$f":"(E46+E47)/E72","v":0.62958221613856657},{"$f":"(F46+F47)/F72","v":0.83470031415851231},null,{"$f":"(H46+H47)/H72","v":0.88255692547220832},{"$f":"(I46+I47)/I72","v":0.89228334708571833}]
["Dívida / Ebitda",null,null,{"$f":"D71/D10","v":2},{"$f":"E71/E10","v":1.4366698665864235},{"$f":"F71/F10","v":2.0463592876825047},null,{"$f":"H71/H10","v":2.0886708923680732},{"$f":"I71/I10","v":2.3422250597056435}]
["Dívida / Lucro liquido",null,null,{"$f":"D71/D16","v":4.4444444444444446},{"$f":"E71/E16","v":2.7215657627693606},{"$f":"F71/F16","v":4.3129339143285605},null,{"$f":"H71/H16","v":3.9289847788839443},{"$f":"I71/I16","v":4.6779689637853794}]
[]
["Balanço curto",null,null,{"$f":"D3","v":2022},{"$f":"E3","v":2023},{"$f":"F3","v":2024},null,{"$f":"H3","v":2025},{"$f":"I3","v":2026},"Dif. 2026-24"]
["Caixa excedente",null,null,{"$f":"D35-0","v":7.1506849315068592},{"$f":"E35-E99","v":0},{"$f":"F35-F99","v":7.1054273576010019E-15},null,{"$f":"H35-H99","v":7.1054273576010019E-15},{"$f":"I35-I99","v":7.1054273576010019E-15}]
["NOF ou circulante líquido",null,null,{"$f":"D36+D37-D43-D44","v":27.349315068493151},{"$f":"E36+E37-E43-E44","v":41.946733845547257},{"$f":"F36+F37-F43-F44","v":62.602857226254059},null,{"$f":"H36+H37-H43-H44","v":74.975905322872947},{"$f":"I36+I37-I43-I44","v":83.244299611039537},{"$f":"I67-F67","v":20.641442384785478}]
["AF ou ativo fixo líquido",null,null,{"$f":"D39","v":20},{"$f":"E39","v":21},{"$f":"F39","v":23},null,{"$f":"H39","v":23.7},{"$f":"I39","v":24.33},{"$f":"I68-F68","v":1.3299999999999983}]
["AL ou ativo líquido",null,null,{"$f":"D66+D67+D68","v":54.500000000000014},{"$f":"E66+E67+E68","v":62.946733845547257},{"$f":"F66+F67+F68","v":85.602857226254059},null,{"$f":"H66+H67+H68","v":98.675905322872964},{"$f":"I66+I67+I68","v":107.57429961103954}]
[]
["D ou Dívida (a longo e a curto)",null,null,{"$f":"D45+D47","v":20},{"$f":"E45+E47","v":20.802979668171403},{"$f":"F45+F47","v":35.279234119646382},null,{"$f":"H45+H47","v":41.802659239854648},{"$f":"I45+I47","v":46.1544816915236},{"$f":"I71-F71","v":10.875247571877217}]
["E, Equity o Patrimônio",null,null,{"$f":"D48+D49","v":34.5},{"$f":"E48+E49","v":42.143754177375854},{"$f":"F48+F49","v":50.323623106607677},null,{"$f":"H48+H49","v":56.873246083018302},{"$f":"I48+I49","v":61.419817919515936},{"$f":"I72-F72","v":11.096194812908259}]
["Total financiamento",null,null,{"$f":"D71+D72","v":54.5},{"$f":"E71+E72","v":62.946733845547257},{"$f":"F71+F72","v":85.602857226254059},null,{"$f":"H71+H72","v":98.67590532287295},{"$f":"I71+I72","v":107.57429961103954}]
[]
["Extrato do balanço, NOF vs CG",null,null,{"$f":"D65","v":2022},{"$f":"E65","v":2023},{"$f":"F65","v":2024},null,{"$f":"H65","v":2025},{"$f":"I65","v":2026}]
["NOF",null,null,{"$f":"D67","v":27.349315068493151},{"$f":"E67","v":41.946733845547257},{"$f":"F67","v":62.602857226254059},null,{"$f":"H67","v":74.975905322872947},{"$f":"I67","v":83.244299611039537},{"$f":"I76-F76","v":20.641442384785478}]
["CG",null,null,{"$f":"D47+D48+D49-D39","v":34.5},{"$f":"E47+E48+E49-E39","v":36.143754177375854},{"$f":"F47+F48+F49-F39","v":37.323623106607677},null,{"$f":"H47+H48+H49-H39","v":38.173246083018299},{"$f":"I47+I48+I49-I39","v":37.089817919515937},{"$f":"I77-F77","v":-0.2338051870917397}]
["Caixa excedente (+)",null,null,{"$f":"D77-D76","v":7.1506849315068486},{"$f":"E77-E76","v":-5.8029796681714032},{"$f":"F77-F76","v":-25.279234119646382},null,{"$f":"H77-H76","v":-36.802659239854648},{"$f":"I77-I76","v":-46.1544816915236}]
["     ou crédito necessário (-)"]

{"sheet":"Questions","index":4,"n_rows":51,"n_cols":23,"rows_kept":51,"cut":false,"hidden":false,"merged":[]}
[null,"Chapter 2. Self-assessment questions"]
[null,"Answer the following questions. Write your answers in column C. T or F (true or false).",null,null,null,null,null,1,"F",6,"V",11,"V",16,"V",21,"V",26,"F",31,"F",36,"V"]
[null,"Check your answers by clicking on the 2 with box in the upper left corner; or in the cross with a box above column F.",null,null,null,null,null,2,"V",7,"F",12,"F",17,"V",22,"V",27,"V",32,"V",37,"V"]
[null,"Column E will be displayed with the correct answer. If you have less than 30 points, it is recommended to review Chapter 1.",null,null,null,null,null,3,"F",8,"F",13,"V",18,"V",23,"F",28,"V",33,"F",38,"V"]
[null,"Correct answer = 1 point. No response = 0 points. Wrong answer =",0,null,null,null,null,4,"V",9,"V",14,"V",19,"V",24,"F",29,"F",34,"F",39,"F"]
[null,"© IESE. E.M. Abascal 2023. Version 26/9/23",null,null,null,null,null,5,"V",10,"F",15,"V",20,"F",25,"v",30,"V",35,"V",40,"F"]
[null,null,"Answer","Your","Correct"]
[null,"QUESTIONS","T or F","Points","Answer",null,null,"English"]
[1,"In the P&L forecast, the variables that usually weigh the most are sales, % margin and opex growth.",null,{"$f":"IF(C9=\"\",0,IF(C9=E9,1,$C$5))","v":0},"T"]
[{"$f":"A9+1","v":2},"If the margin% and the opex% do not vary, the EBITDA% does not change either.",null,{"$f":"IF(C10=\"\",0,IF(C10=E10,1,$C$5))","v":0},"T",null,null,1,"F",6,"T",11,"T",16,"T",21,"T",26,"F",31,"F",36,"T"]
[{"$f":"A10+1","v":3},"If the margin% and the opex% do not vary, the EBITDA in euros does not change either.",null,0,"F",null,null,2,"T",7,"F",12,"F",17,"T",22,"T",27,"T",32,"T",37,"T"]
[4,"In service companies, the depreciation of fixed assets is usually an important expense.",null,0,"F",null,null,3,"F",8,"F",13,"T",18,"T",23,"F",28,"T",33,"F",38,"T"]
[5,"In most companies, financial expense is very relevant and is what causes a company to go into losses.",null,0,"F",null,null,4,"T",9,"T",14,"T",19,"T",24,"F",29,"F",34,"F",39,"F"]
[6,"NFOs are always a percentage of sales.",null,0,"F",null,null,5,"T",10,"F",15,"T",20,"F",25,"T",30,"T",35,"T",40,"F"]
[7,"If sales are uniform (the same every month) the NFO is a % of the annual sale.",null,0,"T"]
[8,"Uniform sales. Clients to 90 days. Customers = 25% of annual sales.",null,0,"T"]
[9,"Uniform sales. Stocks at 90 days. Stock = 25% of annual sales.",null,0,"F"]
[10,"The figure in suppliers depends on purchases and payment days.",null,0,"T"]
[11,"If the company does not grow much, it is reasonable to assume that purchases = CMV.",null,0,"T"]
[12,"The % of suppliers on sales depends on the quantity you buy.",null,0,"F"]
[13,"Commercial enterprise. Uniform sales. The % of suppliers on sales depends on the days of payment and the margin on sales.",null,0,"T"]
[14,"NFO% = customers% + stock% − suppliers% − other creditors%.",null,0,"T"]
[15,"If you do not invest anything (capex = 0) the FA remains constant.",null,0,"F"]
[16,"Sales grow. NFO% constant. Therefore, NFO in euros is also constant.",null,0,"F"]
[17,"If capex < depreciation, the net FA goes down.",null,0,"T"]
[18,"A long-term loan is usually repaid in equal installments (each year or quarter or month).",null,0,"T"]
[19,"We take out long-term loans to meet our urgent financing needs.",null,0,"F"]
[20,"We use a line of credit to balance our financing needs.",null,0,"T"]
[21,"The balance forecast is always balanced with cash or credit.",null,0,"T"]
[22,"If the NA > Financing, the difference is in Cash.",null,0,"F"]
[23,"Uniform sales = €100/month. You collect in 45 days. In customers you have €45.",null,{"$f":"IF(C31=\"\",0,IF(C31=E31,1,$C$5))","v":0},"F"]
[{"$f":"A31+1","v":24},"Monthly COGS = €80/month. Stock policy, 60 days. In stock you have €160.",null,{"$f":"IF(C32=\"\",0,IF(C32=E32,1,$C$5))","v":0},"T"]
[25,"Monthly purchase = €80. You pay in 15 days. In suppliers you have €40.",null,0,"T"]
[26,"Engineering company with very long projects. Usually they will have a lot of work in progress and a lot of customer accounts.",null,0,"T"]
[27,"If you pay your suppliers late, collect in cash and barely have any stock, your NFO can be negative.",null,0,"T"]
[28,"The monthly purchase increases by 50%, you maintain the payment days, the supplier's financing will increase by 50%.",null,0,"T"]
[29,"Once you have made a large investment in AM it is reasonable to assume that you will not have opex in the next 5 or 10 years.",null,0,"F"]
[30,"To keep the FA in good condition it is reasonable to assume that you will need capex = depreciation.",null,0,"T"]
[31,"Equity increases with the year's profits and decreases with the dividends paid.",null,0,"T"]
[32,"Companies that need a lot of investment (capex) often also pay a lot of dividends.",null,0,"F"]
[33,"A shipyard has a long production process and therefore a lot of inventory of work in progress.",null,0,"T"]
[34,"A shipyard asks its customers for advances and these advances increase the NFO.",null,0,"F"]
[35,"Equity year 2025 = €100. Profit year 2026 = €10. Equity year 2026 = €110. It follows that the company has not paid dividends.",null,0,"T"]
[36,"Sales quarter 3 = €100. Sales quarter 4 = €600. In December we have €300 in receivables. The company collects within 45 days.",null,0,"T"]
[37,"COGS quarter 3 = €100. COGS quarter 4 = €600. In December we have €200 in inventory. The company has 30 days of stock.",null,0,"T"]
[38,"NFO = €100. WC = €70. We will necessarily have €30 in credit.",null,0,"T"]
[39,"If NFO% does not change and sales grow by 30%, NFO€ grows by 30%.",null,0,"T"]
[40,"The maximum growth without extra credit depends only on the ROS.",null,0,"F"]
[]
[null,"TOTAL CALIFICACION OBTENIDA",null,{"$f":"SUM(D9:D48)","v":0}]
[null,"Máxima calificación posible",null,40]

{"sheet":"Preguntas","index":5,"n_rows":51,"n_cols":23,"rows_kept":51,"cut":false,"hidden":true,"merged":[]}
[null,"Cap 2. Prguntas de autoevaluación"]
[null,"Contesta el siguiente cuestionario. Escribe tus respuestas en la columna C. V o F (verdadero o falso).",null,null,null,null,null,1,"V",6,"F",11,"V",16,"F",21,"V",26,"V",31,"V",36,"V"]
[null,"Comprueba tus respuestas pinchando en el 2 con recuadro de la esquina superior izquierda; o en la cruz con recuadro encima de la columna F. ",null,null,null,null,null,2,"V",7,"V",12,"F",17,"V",22,"F",27,"V",32,"F",37,"V"]
[null,"Se desplegará la columna E con la respuesta correcta. Si tienes menos de 30 puntos se recomienda repasar el Cap 1. ",null,null,null,null,null,3,"F",8,"V",13,"V",18,"V",23,"F",28,"V",33,"V",38,"V"]
[null,"Respuesta correcta = 1 punto. No respuesta = 0 puntos. Respuesta incorrecta =",0,null,null,null,null,4,"F",9,"F",14,"V",19,"F",24,"V",29,"F",34,"F",39,"V"]
[null,"© IESE. E.M. Abascal 2023. Versión 26/9/23",null,null,null,null,null,5,"F",10,"V",15,"F",20,"V",25,"V",30,"V",35,"V",40,"F"]
[null,null,"Respuestas","Calificación ","Respuesta"]
[null,"PREGUNTAS","V o F","Obtenida","Correcta"]
[1,"En la previsión de PyG las variables que más pesas habitualmente son ventas, margen% y crecimiento de opex.",null,{"$f":"IF(C9=\"\",0,IF(C9=E9,1,$C$5))","v":0},"V",null,null,1,"V","T"]
[{"$f":"A9+1","v":2},"Si el margen% y el opex% no varían, el EBITDA% tampoco varía.",null,{"$f":"IF(C10=\"\",0,IF(C10=E10,1,$C$5))","v":0},"V",null,null,2,"V","T"]
[{"$f":"A10+1","v":3},"Si el margen% y el opex% no varían, el EBITDA en euros tampoco varía.",null,0,"F",null,null,3,"F","F"]
[4,"En empresas de servicios la amortización del activo fijo suele ser un gasto importante.",null,0,"F",null,null,4,"F","F"]
[5,"En la mayoría de las empresas el gasto financiero es muy relevante y es lo que hace que una empresa entre en pérdidas.",null,0,"F",null,null,5,"F","F"]
[6,"Las NOF son siempre un porcentaje de ventas.",null,0,"F",null,null,6,"F","F"]
[7,"Si las ventas son uniformes (iguales cada mes) las NOF son un % de la venta anual.",null,0,"V",null,null,7,"V","T"]
[8,"Ventas uniformes. Clientes a 90 días. Clientes = 25% de las ventas anuales.",null,0,"V",null,null,8,"V","T"]
[9,"Ventas uniformes. Existencias a 90 días. Existencias = 25% de las ventas anuales.",null,0,"F",null,null,9,"F","F"]
[10,"La cifra en proveedores depende de compras y de días de pago.",null,0,"V",null,null,10,"V","T"]
[11,"Si la empresa no crece mucho es razonable asumir que compras = CMV.",null,0,"V",null,null,11,"V","T"]
[12,"El % de proveedores sobre ventas depende de la cantidad que compres.",null,0,"F",null,null,12,"F","F"]
[13,"Empresa comercial. Ventas uniformes. El % de proveedores sobre ventas depende de los días de pago y del margen sobre ventas.",null,0,"V",null,null,13,"V","T"]
[14,"NOF% = clientes% + existencias% − proveedores% − otros acreedores%. ",null,0,"V",null,null,14,"V","T"]
[15,"Si no inviertes nada (capex = 0) el AF permanece constante.",null,0,"F",null,null,15,"F","F"]
[16,"Ventas crecen. NOF% constante. Por tanto, NOF en euros también constante.",null,0,"F",null,null,16,"F","F"]
[17,"Si capex < amortización, el AF neto baja.",null,0,"V",null,null,17,"V","T"]
[18,"Un préstamo a largo habitualmente se amortiza en cuotas iguales (cada año o trimestre o mes).",null,0,"V",null,null,18,"V","T"]
[19,"Pedimos préstamos a largo para cuadrar nuestras necesidades de financiación urgentes.",null,0,"F",null,null,19,"F","F"]
[20,"Usamos línea de crédito para cuadrar nuestras necesidades de financiación.",null,0,"V",null,null,20,"V","T"]
[21,"La previsión de balance se cuadra siempre por caja o crédito.",null,0,"V",null,null,21,"V","T"]
[22,"Si el AN > Financiación, la diferencia está en Caja.",null,0,"F",null,null,22,"F","F"]
[23,"Ventas uniformes = 100€/mes. Cobras a 45 días. En clientes tienes 45€.",null,0,"F",null,null,23,"F","F"]
[24,"CMV mensual = 80€/mes. Política de existencias, 60 días. En existencias tienes 160€.",null,0,"V",null,null,24,"V","T"]
[25,"Compra mensual = 80€. Pagas a 15 días. En provedores tienes 40€.",null,0,"V",null,null,25,"V","T"]
[26,"Empresa de ingeniería con proyectos muy largos. Lo normal es que tenga mucha existencia de producto en curso y mucha cuenta de clientes.",null,0,"V",null,null,26,"V","T"]
[27,"Si pagas tarde a tus proveedores, cobas al contado y apenas tienes existencias tus NOF pueden ser negativas.",null,0,"V",null,null,27,"V","T"]
[28,"La compra mensual aumenta un 50%, mantienes los días de pago, la financiación del proveedor aumentará un 50%.",null,0,"V",null,null,28,"V","T"]
[29,"Una vez que has hecho una gran inversión en AF es razonable asumir que no tendrás opex en los próximos 5 o 10 años.",null,0,"F",null,null,29,"F","F"]
[30,"Para mantener el AF en buen estado es razonable asumir que necesitarás un capex = amortización.",null,0,"V",null,null,30,"V","T"]
[31,"El equity aumenta con los beneficios del año y baja con los dividendos pagados.",null,0,"V",null,null,31,"V","T"]
[32,"Las empresas que necesitan mucha inversión (capex) es frecuente que paguen también mucho dividendo.",null,0,"F",null,null,32,"F","F"]
[33,"Un astillero tiene un largo proceso de producción y por tanto mucha existencia de producto en curso.",null,0,"V",null,null,33,"V","T"]
[34,"Un astillero pide anticipos a sus clientes y estos anticipos aumentan las NOF.",null,0,"F",null,null,34,"F","F"]
[35,"Patrimonio año 2025 = 100€. Beneficio año 2026 = 10€. Patrimonio año 2026 = 110€. Se deduce que la compañía no ha pagado dividendos.",null,0,"V",null,null,35,"V","T"]
[36,"Ventas trimestre 3 = 100€. Ventas trimestre 4 = 600€. En diciembre tenemos 300€ en clientes. La compañía cobra a 45 días.",null,0,"V",null,null,36,"V","T"]
[37,"CMV trimestre 3 = 100€. CMV trimestre 4 = 600€. En diciembre tenemos 200€ en existencias. La compañía tienes 30 días de existencias.",null,0,"V",null,null,37,"V","T"]
[38,"NOF = 100€. FM = 70€. Necesariamente tendremos 30€ en crédito.",null,0,"V",null,null,38,"V","T"]
[39,"Si NOF% no cambia y ventas crecen un 30%, NOF€ crece un 30%.",null,0,"V",null,null,39,"V","T"]
[40,"El crecimiento posible sin crédito extra depende sólo del ROS.",null,0,"F",null,null,40,"F","F"]
[]
[null,"TOTAL CALIFICACION OBTENIDA",null,{"$f":"SUM(D9:D48)","v":0}]
[null,"Máxima calificación posible",null,40]

{"sheet":"Perguntas","index":6,"n_rows":51,"n_cols":23,"rows_kept":51,"cut":false,"hidden":true,"merged":[]}
[null,"Cap 2. Prguntas de autoevaluación"]
[null,"Contesta el siguiente cuestionario. Escribe tus respuestas en la columna C. V o F (verdadero o falso).",null,null,null,null,null,1,"V",6,"F",11,"V",16,"F",21,"V",26,"V",31,"V",36,"V"]
[null,"Comprueba tus respuestas pinchando en el 2 con recuadro de la esquina superior izquierda; o en la cruz con recuadro encima de la columna F. ",null,null,null,null,null,2,"V",7,"V",12,"F",17,"V",22,"F",27,"V",32,"F",37,"V"]
[null,"Se desplegará la columna E con la respuesta correcta. Si tienes menos de 30 puntos se recomienda repasar el Cap 1. ",null,null,null,null,null,3,"F",8,"V",13,"V",18,"V",23,"F",28,"V",33,"V",38,"V"]
[null,"Respuesta correcta = 1 punto. No respuesta = 0 puntos. Respuesta incorrecta =",0,null,null,null,null,4,"F",9,"F",14,"V",19,"F",24,"V",29,"F",34,"F",39,"V"]
[null,"© IESE. E.M. Abascal 2023. Versión 26/9/23",null,null,null,null,null,5,"F",10,"V",15,"F",20,"V",25,"V",30,"V",35,"V",40,"F"]
[null,null,"Respuestas","Calificación ","Respuesta"]
[null,"PREGUNTAS","V o F","Obtenida","Correcta"]
[1,"En la previsión de PyG las variables que más pesas habitualmente son ventas, margen% y crecimiento de opex.",null,{"$f":"IF(C9=\"\",0,IF(C9=E9,1,$C$5))","v":0},"V",null,null,1,"V","T"]
[{"$f":"A9+1","v":2},"Si el margen% y el opex% no varían, el EBITDA% tampoco varía.",null,{"$f":"IF(C10=\"\",0,IF(C10=E10,1,$C$5))","v":0},"V",null,null,2,"V","T"]
[{"$f":"A10+1","v":3},"Si el margen% y el opex% no varían, el EBITDA en euros tampoco varía.",null,0,"F",null,null,3,"F","F"]
[4,"En empresas de servicios la amortización del activo fijo suele ser un gasto importante.",null,0,"F",null,null,4,"F","F"]
[5,"En la mayoría de las empresas el gasto financiero es muy relevante y es lo que hace que una empresa entre en pérdidas.",null,0,"F",null,null,5,"F","F"]
[6,"Las NOF son siempre un porcentaje de ventas.",null,0,"F",null,null,6,"F","F"]
[7,"Si las ventas son uniformes (iguales cada mes) las NOF son un % de la venta anual.",null,0,"V",null,null,7,"V","T"]
[8,"Ventas uniformes. Clientes a 90 días. Clientes = 25% de las ventas anuales.",null,0,"V",null,null,8,"V","T"]
[9,"Ventas uniformes. Existencias a 90 días. Existencias = 25% de las ventas anuales.",null,0,"F",null,null,9,"F","F"]
[10,"La cifra en proveedores depende de compras y de días de pago.",null,0,"V",null,null,10,"V","T"]
[11,"Si la empresa no crece mucho es razonable asumir que compras = CMV.",null,0,"V",null,null,11,"V","T"]
[12,"El % de proveedores sobre ventas depende de la cantidad que compres.",null,0,"F",null,null,12,"F","F"]
[13,"Empresa comercial. Ventas uniformes. El % de proveedores sobre ventas depende de los días de pago y del margen sobre ventas.",null,0,"V",null,null,13,"V","T"]
[14,"NOF% = clientes% + existencias% − proveedores% − otros acreedores%. ",null,0,"V",null,null,14,"V","T"]
[15,"Si no inviertes nada (capex = 0) el AF permanece constante.",null,0,"F",null,null,15,"F","F"]
[16,"Ventas crecen. NOF% constante. Por tanto, NOF en euros también constante.",null,0,"F",null,null,16,"F","F"]
[17,"Si capex < amortización, el AF neto baja.",null,0,"V",null,null,17,"V","T"]
[18,"Un préstamo a largo habitualmente se amortiza en cuotas iguales (cada año o trimestre o mes).",null,0,"V",null,null,18,"V","T"]
[19,"Pedimos préstamos a largo para cuadrar nuestras necesidades de financiación urgentes.",null,0,"F",null,null,19,"F","F"]
[20,"Usamos línea de crédito para cuadrar nuestras necesidades de financiación.",null,0,"V",null,null,20,"V","T"]
[21,"La previsión de balance se cuadra siempre por caja o crédito.",null,0,"V",null,null,21,"V","T"]
[22,"Si el AN > Financiación, la diferencia está en Caja.",null,0,"F",null,null,22,"F","F"]
[23,"Ventas uniformes = 100€/mes. Cobras a 45 días. En clientes tienes 45€.",null,0,"F",null,null,23,"F","F"]
[24,"CMV mensual = 80€/mes. Política de existencias, 60 días. En existencias tienes 160€.",null,0,"V",null,null,24,"V","T"]
[25,"Compra mensual = 80€. Pagas a 15 días. En provedores tienes 40€.",null,0,"V",null,null,25,"V","T"]
[26,"Empresa de ingeniería con proyectos muy largos. Lo normal es que tenga mucha existencia de producto en curso y mucha cuenta de clientes.",null,0,"V",null,null,26,"V","T"]
[27,"Si pagas tarde a tus proveedores, cobas al contado y apenas tienes existencias tus NOF pueden ser negativas.",null,0,"V",null,null,27,"V","T"]
[28,"La compra mensual aumenta un 50%, mantienes los días de pago, la financiación del proveedor aumentará un 50%.",null,0,"V",null,null,28,"V","T"]
[29,"Una vez que has hecho una gran inversión en AF es razonable asumir que no tendrás opex en los próximos 5 o 10 años.",null,0,"F",null,null,29,"F","F"]
[30,"Para mantener el AF en buen estado es razonable asumir que necesitarás un capex = amortización.",null,0,"V",null,null,30,"V","T"]
[31,"El equity aumenta con los beneficios del año y baja con los dividendos pagados.",null,0,"V",null,null,31,"V","T"]
[32,"Las empresas que necesitan mucha inversión (capex) es frecuente que paguen también mucho dividendo.",null,0,"F",null,null,32,"F","F"]
[33,"Un astillero tiene un largo proceso de producción y por tanto mucha existencia de producto en curso.",null,0,"V",null,null,33,"V","T"]
[34,"Un astillero pide anticipos a sus clientes y estos anticipos aumentan las NOF.",null,0,"F",null,null,34,"F","F"]
[35,"Patrimonio año 2025 = 100€. Beneficio año 2026 = 10€. Patrimonio año 2026 = 110€. Se deduce que la compañía no ha pagado dividendos.",null,0,"V",null,null,35,"V","T"]
[36,"Ventas trimestre 3 = 100€. Ventas trimestre 4 = 600€. En diciembre tenemos 300€ en clientes. La compañía cobra a 45 días.",null,0,"V",null,null,36,"V","T"]
[37,"CMV trimestre 3 = 100€. CMV trimestre 4 = 600€. En diciembre tenemos 200€ en existencias. La compañía tienes 30 días de existencias.",null,0,"V",null,null,37,"V","T"]
[38,"NOF = 100€. FM = 70€. Necesariamente tendremos 30€ en crédito.",null,0,"V",null,null,38,"V","T"]
[39,"Si NOF% no cambia y ventas crecen un 30%, NOF€ crece un 30%.",null,0,"V",null,null,39,"V","T"]
[40,"El crecimiento posible sin crédito extra depende sólo del ROS.",null,0,"F",null,null,40,"F","F"]
[]
[null,"TOTAL CALIFICACION OBTENIDA",null,{"$f":"SUM(D9:D48)","v":0}]
[null,"Máxima calificación posible",null,40]

{"sheet":"Exh3 DONE","index":7,"n_rows":74,"n_cols":11,"rows_kept":74,"cut":false,"hidden":false,"merged":[[0,7,0,8],[49,7,49,8]]}
["Profit and Loss Statement",null,null,null,null,null,null,"Forecast"]
["(million of Euros)",2019,{"$f":"B2+1","v":2020},{"$f":"C2+1","v":2021},null,null,null,{"$f":"D2+1","v":2022},{"$f":"H2+1","v":2023}]
["Sales",87000,84016,74233,null,null,null,{"$f":"D3*(1+H19)","v":77944.650000000009},{"$f":"H3*(1+I19)","v":81841.882500000007},null,{"$f":"H3*1.05","v":81841.882500000007}]
["COGS",63895,60810,53350,null,null,null,{"$f":"H3-H5","v":56120.148000000001},{"$f":"I3-I5","v":58926.155400000003}]
["Gross Margin",{"$f":"B3-B4","v":23105},{"$f":"C3-C4","v":23206},{"$f":"D3-D4","v":20883},null,null,null,{"$f":"H3*H20","v":21824.502000000004},{"$f":"I3*I20","v":22915.727100000004}]
["Marketing, Selling and Administrative Expenses",{"$f":"16640-6264","v":10376},{"$f":"15455-4126","v":11329},{"$f":"13534-3334","v":10200}]
["Other Operating Expenses",6782,5819,{"$f":"5067","v":5067}]
["Opex",{"$f":"B6+B7","v":17158},{"$f":"C6+C7","v":17148},{"$f":"D6+D7","v":15267},null,null,null,{"$f":"D8*(1+H22)","v":15267},{"$f":"H8*(1+I22)","v":15267}]
["EBITDA",{"$f":"B5-B8","v":5947},{"$f":"C5-C8","v":6058},{"$f":"D5-D8","v":5616},null,null,null,{"$f":"H5-H8","v":6557.502000000004},{"$f":"I5-I8","v":7648.7271000000037}]
["Depreciation",6264,4126,3334,null,null,null,{"$f":"D10","v":3334},{"$f":"H10","v":3334}]
["EBIT",{"$f":"B9-B10","v":-317},{"$f":"C9-C10","v":1932},{"$f":"D9-D10","v":2282},null,null,null,{"$f":"H9-H10","v":3223.502000000004},{"$f":"I9-I10","v":4314.7271000000037}]
["Financial Income / Expense",{"$f":"2762+49+173-32+43","v":2995},{"$f":"1321-114+18+94+224","v":1543},{"$f":"642+142+61+31+214","v":1090},null,null,null,1500,1500]
["EBT",{"$f":"B11+B12","v":2678},{"$f":"C11+C12","v":3475},{"$f":"D11+D12","v":3372},null,null,null,{"$f":"H11+H12","v":4723.502000000004},{"$f":"I11+I12","v":5814.7271000000037}]
["Taxes",781,849,867,null,null,null,{"$f":"0.25*H13","v":1180.875500000001},{"$f":"0.25*I13","v":1453.6817750000009}]
["Minorities",191,-29,-60]
["Net Income",{"$f":"B13-B14+B15","v":2088},{"$f":"C13-C14+C15","v":2597},{"$f":"D13-D14+D15","v":2445},null,null,null,{"$f":"H13-H14","v":3542.626500000003},{"$f":"I13-I14","v":4361.0453250000028}]
[]
["P&L Ratios (Profitability Ratios)",null,null,null,null,null,null,null,"Hypothesis for the Forecast"]
["Growth of Sales","na",{"$f":"C3/B3-1","v":-3.4298850574712603E-2},{"$f":"D3/C3-1","v":-0.11644210626547324},null,null,null,0.05,0.05]
["Gross Margin / Sales",{"$f":"B5/B3","v":0.26557471264367816},{"$f":"C5/C3","v":0.2762092934679109},{"$f":"D5/D3","v":0.2813169345169938},null,null,null,0.28000000000000003,0.28000000000000003]
["Opex / Sales",{"$f":"B8/B3","v":0.19721839080459769},{"$f":"C8/C3","v":0.20410398019424872},{"$f":"D8/D3","v":0.20566324949820161},null,null,null,{"$f":"H8/H3","v":0.19586976142685866},{"$f":"I8/I3","v":0.18654262993034157}]
["Increase of Opex","na",{"$f":"C8/B8-1","v":-5.8281851031594112E-4},{"$f":"D8/C8-1","v":-0.10969209237228827},null,null,null,0,0]
["EBITDA / Sales",{"$f":"B9/B3","v":6.8356321839080456E-2},{"$f":"C9/C3","v":7.2105313273662153E-2},{"$f":"D9/D3","v":7.5653685018792174E-2},null,null,null,{"$f":"H9/H3","v":8.4130238573141364E-2},{"$f":"I9/I3","v":9.3457370069658444E-2}]
["ROS, Return on Sales",{"$f":"B16/B3","v":2.4E-2},{"$f":"C16/C3","v":3.0910778899257283E-2},{"$f":"D16/D3","v":3.29368340226045E-2},null,null,null,{"$f":"H16/H3","v":4.545054086457509E-2},{"$f":"I16/I3","v":5.3286229394833413E-2}]
["ROE, Return on Equity",{"$f":"B16/B44","v":8.110627719080174E-2},{"$f":"C16/C44","v":0.12098765432098765},{"$f":"D16/D44","v":0.11162344777209642},null,null,null,{"$f":"H16/D58","v":0.14549371637438921},{"$f":"I16/H58","v":0.1652435224104131}]
["RONA, Return on Net Assets",{"$f":"B11/B55","v":-4.0348242242191279E-3},{"$f":"C11/C55","v":2.8151364583485116E-2},{"$f":"D11/D55","v":3.3396262311396002E-2},null,null,null,{"$f":"H11/H55","v":4.6368681770265902E-2},{"$f":"I11/I55","v":6.1072600999033284E-2}]
["CFO, Cash Flow from Operations",{"$f":"B16+B10","v":8352},{"$f":"C16+C10","v":6723},{"$f":"D16+D10","v":5779},null,null,null,{"$f":"H16+H10","v":6876.626500000003},{"$f":"I16+I10","v":7695.0453250000028}]
[]
[]
["Assets (million Euros)",{"$f":"B2","v":2019},{"$f":"C2","v":2020},{"$f":"D2","v":2021},null,"Diff. 2019-21"]
["Cash",{"$f":"7802+791","v":8593},{"$f":"11196+399","v":11595},{"$f":"12149+650","v":12799},null,{"$f":"D31-B31","v":4206}]
["Receivables",{"$f":"17734+1113+10167","v":29014},{"$f":"15230+1212+5353","v":21795},20324,null,{"$f":"D32-B32","v":-8690},null,null,null,null,20324]
["Inventory",13406,10672,10366,null,{"$f":"D33-B33","v":-3040},null,null,null,null,10366]
["Current Assets",{"$f":"SUM(B31:B33)","v":51013},{"$f":"SUM(C31:C33)","v":44062},{"$f":"SUM(D31:D33)","v":43489}]
["Fixed Assets Net",{"$f":"90118-51013","v":39105},{"$f":"77939-44062","v":33877},{"$f":"77605-43489","v":34116},null,{"$f":"D35-B35","v":-4989}]
["Total Assets",{"$f":"B34+B35","v":90118},{"$f":"C34+C35","v":77939},{"$f":"D34+D35","v":77605}]
[null," "]
["Liabilities + Equity"]
["Payables",10798,8649,8404,null,{"$f":"D39-B39","v":-2394},null,null,null,null,8404]
["Other Liabilities",754,661,870,null,{"$f":"D40-B40","v":116}]
["Bank Credit",{"$f":"2637+10864+19471","v":32972},{"$f":"2103+9608+13691","v":25402},{"$f":"1745+8884+12125","v":22754},null,{"$f":"D41-B41","v":-10218}]
["Current Liabilities",{"$f":"B39+B40+B41","v":44524},{"$f":"C39+C40+C41","v":34712},{"$f":"D39+D40+D41","v":32028}]
["Loan",{"$f":"9973+4721+111+2957","v":17762},{"$f":"10243+5326+195+3401","v":19165},{"$f":"11433+5843+534+3418","v":21228},null,{"$f":"D43-B43","v":3466}]
["Equity + Reserves",{"$f":"23812+4020-2088","v":25744},{"$f":"23521+541-2597","v":21465},{"$f":"23715-2445+634","v":21904},null,{"$f":"D44-B44","v":-3840}]
["Net Income of the year",{"$f":"B16","v":2088},{"$f":"C16","v":2597},{"$f":"D16","v":2445},null,{"$f":"D45-B45","v":357}]
["Total Liab.+ Equity",{"$f":"B42+B43+B44+B45","v":90118},{"$f":"C42+C43+C44+C45","v":77939},{"$f":"D42+D43+D44+D45","v":77605}]
[]
["Purchases",{"$f":"B4","v":63895},{"$f":"C4+(C33-B33)","v":58076},{"$f":"D4+(D33-C33)","v":53044}]
["New Investments Gross",null,{"$f":"C35-B35+C10","v":-1102},{"$f":"D35-C35+D10","v":3573},null,"Variation Assets Net + Depreciation"]
[null,null,null,null,null,null,null,"Forecast"]
["Short Balance Sheet",{"$f":"B30","v":2019},2020,2021,null,{"$f":"F30","v":"Diff. 2019-21"},null,{"$f":"D30+1","v":2022},{"$f":"H51+1","v":2023}]
["Cash Surplus",8593,11595,12799,null,{"$f":"D52-B52","v":4206},null,{"$f":"D52","v":12799},{"$f":"H52","v":12799}]
["NFO or Current Assets Net",{"$f":"B32+B33-B39-B40","v":30868},{"$f":"C32+C33-C39-C40","v":23157},{"$f":"D32+D33-D39-D40","v":21416},null,{"$f":"D53-B53","v":-9452},null,{"$f":"H72*H3","v":22603.948500000002},{"$f":"I72*I3","v":23734.145925000001}]
["FA or Fixed Assets Net",{"$f":"B35","v":39105},{"$f":"C35","v":33877},{"$f":"D35","v":34116},null,{"$f":"D54-B54","v":-4989},null,{"$f":"D54","v":34116},{"$f":"H54","v":34116}]
["NA Net Assets",{"$f":"B52+B53+B54","v":78566},{"$f":"C52+C53+C54","v":68629},{"$f":"D52+D53+D54","v":68331},null,null,null,{"$f":"H52+H53+H54","v":69518.948499999999},{"$f":"I52+I53+I54","v":70649.145925000004}]
[]
["Debt",{"$f":"B41+B43","v":50734},{"$f":"C41+C43","v":44567},{"$f":"D41+D43","v":43982},null,{"$f":"D57-B57","v":-6752},null,{"$f":"H55-H58","v":43127.322},{"$f":"I55-I58","v":41396.474099999999}]
["Equity",{"$f":"B44+B45","v":27832},{"$f":"C44+C45","v":24062},{"$f":"D44+D45","v":24349},null,{"$f":"D58-B58","v":-3483},null,{"$f":"D58-1500+H16","v":26391.626500000002},{"$f":"H58-1500+I16","v":29252.671825000005}]
["Total Financing",{"$f":"B57+B58","v":78566},{"$f":"C57+C58","v":68629},{"$f":"D57+D58","v":68331},null,null,null,{"$f":"H57+H58","v":69518.948499999999},{"$f":"I57+I58","v":70649.145925000004}]
[]
["Shortest  Balance Sheet version - used in Operational Finance"]
["NFO",{"$f":"B53","v":30868},{"$f":"C53","v":23157},{"$f":"D53","v":21416},null,{"$f":"D62-B62","v":-9452}]
["WC",{"$f":"B43+B44+B45-B35","v":6489},{"$f":"C43+C44+C45-C35","v":9350},{"$f":"D43+D44+D45-D35","v":11461},null,{"$f":"D63-B63","v":4972}]
["Cash Surplus (+)",{"$f":"B63-B62","v":-24379},{"$f":"C63-C62","v":-13807},{"$f":"D63-D62","v":-9955},null,{"$f":"D64-B64","v":14424}]
["     Credit needed (-)"]
["Verify: Cash - Credit  =",{"$f":"B31-B41","v":-24379},{"$f":"C31-C41","v":-13807},{"$f":"D31-D41","v":-9955},null,null,null,null,"The result must be the same as in line 64"]
[]
["Balance Sheet Ratios",null,null,null,null,null,null,null,"Hypothesis for the Forecast"]
["Receivables in days",{"$f":"B32/B3*360","v":120.05793103448276},{"$f":"C32/C3*360","v":93.389354408684056},{"$f":"D32/D3*360","v":98.563172712944365}]
["Inventory in days",{"$f":"(B33/B4)*360","v":75.532670788011572},{"$f":"(C33/C4)*360","v":63.17908238776517},{"$f":"(D33/D4)*360","v":69.948641049671977}]
["Payables in days",{"$f":"(B39/B4)*360","v":60.838563267861332},{"$f":"(C39/C4)*360","v":51.202762703502721},{"$f":"(D39/D4)*360","v":56.709278350515469}]
["NFO / Sales in %",{"$f":"B62/B3","v":0.35480459770114942},{"$f":"C62/C3","v":0.27562607122452865},{"$f":"D62/D3","v":0.28849702962294399},null,null,null,0.28999999999999998,0.28999999999999998]
["Leverage = Liab. / Equity",{"$f":"(B42+B43)/B58","v":2.2379275653923543},{"$f":"(C42+C43)/C58","v":2.2390906824037904},{"$f":"(D42+D43)/D58","v":2.1871945459772477}]
["(Debt - Cash) / Ebitda",{"$f":"(B57-B52)/B9","v":7.0860938288212543},{"$f":"(C57-C52)/C9","v":5.4427203697589963},{"$f":"(D57-D52)/D9","v":5.5525284900284904},null,null,null,{"$f":"(H57-H52)/H9","v":4.6249809759874996},{"$f":"(I57-I52)/I9","v":3.7388540244820585}]

{"sheet":"Anex3 HECHO","index":8,"n_rows":74,"n_cols":9,"rows_kept":74,"cut":false,"hidden":true,"merged":[[0,7,0,8]]}
["Pérdidas y Ganancias PyG",null,null,null,null,null,null,"Previsión"]
["(millones Euros)",2019,{"$f":"B2+1","v":2020},{"$f":"C2+1","v":2021},null,null,null,{"$f":"D2+1","v":2022},{"$f":"H2+1","v":2023}]
["Ventas",87000,84016,74233,null,null,null,{"$f":"D3*(1+H19)","v":77944.650000000009},{"$f":"H3*(1+I19)","v":81841.882500000007}]
["CMV",63895,60810,53350,null,null,null,{"$f":"H3-H5","v":56120.148000000001},{"$f":"I3-I5","v":58926.155400000003}]
["Margen bruto",{"$f":"B3-B4","v":23105},{"$f":"C3-C4","v":23206},{"$f":"D3-D4","v":20883},null,null,null,{"$f":"H3*H20","v":21824.502000000004},{"$f":"I3*I20","v":22915.727100000004}]
["Gastos de ventas y advos.",{"$f":"16640-6264","v":10376},{"$f":"15455-4126","v":11329},{"$f":"13534-3334","v":10200}]
["Otros gastos operativos",6782,5819,{"$f":"5067","v":5067}]
["Opex",{"$f":"B6+B7","v":17158},{"$f":"C6+C7","v":17148},{"$f":"D6+D7","v":15267},null,null,null,{"$f":"D8*(1+H22)","v":15267},{"$f":"H8*(1+I22)","v":15267}]
["EBITDA",{"$f":"B5-B8","v":5947},{"$f":"C5-C8","v":6058},{"$f":"D5-D8","v":5616},null,null,null,{"$f":"H5-H8","v":6557.502000000004},{"$f":"I5-I8","v":7648.7271000000037}]
["Amortización",6264,4126,3334,null,null,null,{"$f":"D10","v":3334},{"$f":"H10","v":3334}]
["EBIT",{"$f":"B9-B10","v":-317},{"$f":"C9-C10","v":1932},{"$f":"D9-D10","v":2282},null,null,null,{"$f":"H9-H10","v":3223.502000000004},{"$f":"I9-I10","v":4314.7271000000037}]
["Resultado financiero",{"$f":"2762+49+173-32+43","v":2995},{"$f":"1321-114+18+94+224","v":1543},{"$f":"642+142+61+31+214","v":1090},null,null,null,1500,1500]
["EBT",{"$f":"B11+B12","v":2678},{"$f":"C11+C12","v":3475},{"$f":"D11+D12","v":3372},null,null,null,{"$f":"H11+H12","v":4723.502000000004},{"$f":"I11+I12","v":5814.7271000000037}]
["Impuestos (25%)",781,849,867,null,null,null,{"$f":"0.25*H13","v":1180.875500000001},{"$f":"0.25*I13","v":1453.6817750000009}]
["Minoritarios",191,-29,-60]
["Resultado del ejercicio",{"$f":"B13-B14+B15","v":2088},{"$f":"C13-C14+C15","v":2597},{"$f":"D13-D14+D15","v":2445},null,null,null,{"$f":"H13-H14","v":3542.626500000003},{"$f":"I13-I14","v":4361.0453250000028}]
[]
["Ratios de cuenta de resultados",null,null,null,null,null,null,null,"Hipótesis para previsión"]
["Crecimiento de ventas","na",{"$f":"C3/B3-1","v":-3.4298850574712603E-2},{"$f":"D3/C3-1","v":-0.11644210626547324},null,null,null,0.05,0.05]
["Margen bruto / Ventas",{"$f":"B5/B3","v":0.26557471264367816},{"$f":"C5/C3","v":0.2762092934679109},{"$f":"D5/D3","v":0.2813169345169938},null,null,null,0.28000000000000003,0.28000000000000003]
["Opex / Ventas",{"$f":"B8/B3","v":0.19721839080459769},{"$f":"C8/C3","v":0.20410398019424872},{"$f":"D8/D3","v":0.20566324949820161},null,null,null,{"$f":"H8/H3","v":0.19586976142685866},{"$f":"I8/I3","v":0.18654262993034157}]
["Aumento de Opex","na",{"$f":"C8/B8-1","v":-5.8281851031594112E-4},{"$f":"D8/C8-1","v":-0.10969209237228827},null,null,null,0,0]
["EBITDA / Ventas",{"$f":"B9/B3","v":6.8356321839080456E-2},{"$f":"C9/C3","v":7.2105313273662153E-2},{"$f":"D9/D3","v":7.5653685018792174E-2},null,null,null,{"$f":"H9/H3","v":8.4130238573141364E-2},{"$f":"I9/I3","v":9.3457370069658444E-2}]
["ROS, rentabilidad s/ ventas",{"$f":"B16/B3","v":2.4E-2},{"$f":"C16/C3","v":3.0910778899257283E-2},{"$f":"D16/D3","v":3.29368340226045E-2},null,null,null,{"$f":"H16/H3","v":4.545054086457509E-2},{"$f":"I16/I3","v":5.3286229394833413E-2}]
["ROE, rentab. recursos propios",{"$f":"B16/B44","v":8.110627719080174E-2},{"$f":"C16/C44","v":0.12098765432098765},{"$f":"D16/D44","v":0.11162344777209642},null,null,null,{"$f":"H16/D58","v":0.14549371637438921},{"$f":"I16/H58","v":0.1652435224104131}]
["RONA, rentabilidad  activo",{"$f":"B11/B55","v":-4.0348242242191279E-3},{"$f":"C11/C55","v":2.8151364583485116E-2},{"$f":"D11/D55","v":3.3396262311396002E-2},null,null,null,{"$f":"H11/H55","v":4.6368681770265902E-2},{"$f":"I11/I55","v":6.1072600999033284E-2}]
["CFO, Cash Flow Operaciones",{"$f":"B16+B10","v":8352},{"$f":"C16+C10","v":6723},{"$f":"D16+D10","v":5779},null,null,null,{"$f":"H16+H10","v":6876.626500000003},{"$f":"I16+I10","v":7695.0453250000028}]
[]
[]
["Activo (millón Euros)",{"$f":"B2","v":2019},{"$f":"C2","v":2020},{"$f":"D2","v":2021},null,"Dife. 21-19"]
["Caja",{"$f":"7802+791","v":8593},{"$f":"11196+399","v":11595},{"$f":"12149+650","v":12799},null,{"$f":"D31-B31","v":4206}]
["Clientes",{"$f":"17734+1113+10167","v":29014},{"$f":"15230+1212+5353","v":21795},20324,null,{"$f":"D32-B32","v":-8690}]
["Existencias",13406,10672,10366,null,{"$f":"D33-B33","v":-3040}]
["Activo corriente,  AC",{"$f":"SUM(B31:B33)","v":51013},{"$f":"SUM(C31:C33)","v":44062},{"$f":"SUM(D31:D33)","v":43489}]
["Activo fijo neto,  AF",{"$f":"90118-51013","v":39105},{"$f":"77939-44062","v":33877},{"$f":"77605-43489","v":34116},null,{"$f":"D35-B35","v":-4989}]
["Activo total",{"$f":"B34+B35","v":90118},{"$f":"C34+C35","v":77939},{"$f":"D34+D35","v":77605}]
[null," "]
["Pasivo y rec. propios "]
["Proveedores",10798,8649,8404,null,{"$f":"D39-B39","v":-2394}]
["Otros acreedores",754,661,870,null,{"$f":"D40-B40","v":116}]
["Crédito bancario",{"$f":"2637+10864+19471","v":32972},{"$f":"2103+9608+13691","v":25402},{"$f":"1745+8884+12125","v":22754},null,{"$f":"D41-B41","v":-10218}]
["Pasivo corriente",{"$f":"B39+B40+B41","v":44524},{"$f":"C39+C40+C41","v":34712},{"$f":"D39+D40+D41","v":32028}]
["Préstamo bancario",{"$f":"9973+4721+111+2957","v":17762},{"$f":"10243+5326+195+3401","v":19165},{"$f":"11433+5843+534+3418","v":21228},null,{"$f":"D43-B43","v":3466}]
["Patrimonio",{"$f":"23812+4020-2088","v":25744},{"$f":"23521+541-2597","v":21465},{"$f":"23715-2445+634","v":21904},null,{"$f":"D44-B44","v":-3840}]
["Beneficio del año ",{"$f":"B16","v":2088},{"$f":"C16","v":2597},{"$f":"D16","v":2445},null,{"$f":"D45-B45","v":357}]
["Total pasivo y patrimonio",{"$f":"B42+B43+B44+B45","v":90118},{"$f":"C42+C43+C44+C45","v":77939},{"$f":"D42+D43+D44+D45","v":77605}]
[]
["Compras",{"$f":"B4","v":63895},{"$f":"C4+(C33-B33)","v":58076},{"$f":"D4+(D33-C33)","v":53044},null,"CMV + variac. existencias"]
["Capex o Nueva inversión bruta",null,{"$f":"C35-B35+C10","v":-1102},{"$f":"D35-C35+D10","v":3573},null,"Variación AF + amortización"]
[null,null,null,null,null,null,null,"Previsión","Previsión"]
["Balance resumido",{"$f":"B30","v":2019},2020,2021,null,{"$f":"F30","v":"Dife. 21-19"},null,{"$f":"D30+1","v":2022},{"$f":"H51+1","v":2023}]
["Caja excedente",8593,11595,12799,null,{"$f":"D52-B52","v":4206},null,{"$f":"D52","v":12799},{"$f":"H52","v":12799}]
["NOF o circulante neto",{"$f":"B32+B33-B39-B40","v":30868},{"$f":"C32+C33-C39-C40","v":23157},{"$f":"D32+D33-D39-D40","v":21416},null,{"$f":"D53-B53","v":-9452},null,{"$f":"H72*H3","v":22603.948500000002},{"$f":"I72*I3","v":23734.145925000001}]
["AF o activo fijo neto",{"$f":"B35","v":39105},{"$f":"C35","v":33877},{"$f":"D35","v":34116},null,{"$f":"D54-B54","v":-4989},null,{"$f":"D54","v":34116},{"$f":"H54","v":34116}]
["AN o activos netos",{"$f":"B52+B53+B54","v":78566},{"$f":"C52+C53+C54","v":68629},{"$f":"D52+D53+D54","v":68331},null,null,null,{"$f":"H52+H53+H54","v":69518.948499999999},{"$f":"I52+I53+I54","v":70649.145925000004}]
[]
["Deuda (a largo y corto)",{"$f":"B41+B43","v":50734},{"$f":"C41+C43","v":44567},{"$f":"D41+D43","v":43982},null,{"$f":"D57-B57","v":-6752},null,{"$f":"H55-H58","v":43127.322},{"$f":"I55-I58","v":41396.474099999999}]
["Recursos propios + Beneficio",{"$f":"B44+B45","v":27832},{"$f":"C44+C45","v":24062},{"$f":"D44+D45","v":24349},null,{"$f":"D58-B58","v":-3483},null,{"$f":"D58-1500+H16","v":26391.626500000002},{"$f":"H58-1500+I16","v":29252.671825000005}]
["Total financiación",{"$f":"B57+B58","v":78566},{"$f":"C57+C58","v":68629},{"$f":"D57+D58","v":68331},null,null,null,{"$f":"H57+H58","v":69518.948499999999},{"$f":"I57+I58","v":70649.145925000004}]
[]
["Extracto del balance usado en finanzas operativas"]
["NOF",{"$f":"B53","v":30868},{"$f":"C53","v":23157},{"$f":"D53","v":21416},null,{"$f":"D62-B62","v":-9452}]
["FM",{"$f":"B43+B44+B45-B35","v":6489},{"$f":"C43+C44+C45-C35","v":9350},{"$f":"D43+D44+D45-D35","v":11461},null,{"$f":"D63-B63","v":4972}]
["Caja excedente (+)",{"$f":"B63-B62","v":-24379},{"$f":"C63-C62","v":-13807},{"$f":"D63-D62","v":-9955},null,{"$f":"D64-B64","v":14424}]
["     o crédito necesario (-)"]
["Verificación: Caja - Crédito  =",{"$f":"B31-B41","v":-24379},{"$f":"C31-C41","v":-13807},{"$f":"D31-D41","v":-9955},null,null,null,null,"Debe ser igual a línea 64."]
[]
["Ratios de balance",null,null,null,null,null,null,null,"Hipótesis para previsión"]
["Días de cobro",{"$f":"B32/B3*360","v":120.05793103448276},{"$f":"C32/C3*360","v":93.389354408684056},{"$f":"D32/D3*360","v":98.563172712944365}]
["Días de existencias",{"$f":"(B33/B4)*360","v":75.532670788011572},{"$f":"(C33/C4)*360","v":63.17908238776517},{"$f":"(D33/D4)*360","v":69.948641049671977}]
["Días de pago",{"$f":"(B39/B4)*360","v":60.838563267861332},{"$f":"(C39/C4)*360","v":51.202762703502721},{"$f":"(D39/D4)*360","v":56.709278350515469}]
["NOF / Ventas en %",{"$f":"B62/B3","v":0.35480459770114942},{"$f":"C62/C3","v":0.27562607122452865},{"$f":"D62/D3","v":0.28849702962294399},null,null,null,0.28999999999999998,0.28999999999999998]
["Apalancamiento (pasivo /  rec. propios)",{"$f":"(B42+B43)/B58","v":2.2379275653923543},{"$f":"(C42+C43)/C58","v":2.2390906824037904},{"$f":"(D42+D43)/D58","v":2.1871945459772477}]
["(Deuda - Caja) / Ebitda",{"$f":"(B57-B52)/B9","v":7.0860938288212543},{"$f":"(C57-C52)/C9","v":5.4427203697589963},{"$f":"(D57-D52)/D9","v":5.5525284900284904},null,null,null,{"$f":"(H57-H52)/H9","v":4.6249809759874996},{"$f":"(I57-I52)/I9","v":3.7388540244820585}]

{"sheet":"Anex3 FEITO","index":9,"n_rows":74,"n_cols":11,"rows_kept":74,"cut":false,"hidden":true,"merged":[[0,7,0,8]]}
["Conta de Resultados",null,null,null,null,null,null,"Previsão"]
["(em € milhões)",2019,{"$f":"B2+1","v":2020},{"$f":"C2+1","v":2021},null,null,null,{"$f":"D2+1","v":2022},{"$f":"H2+1","v":2023}]
["Vendas",87000,84016,74233,null,null,null,{"$f":"D3*(1+H19)","v":77944.650000000009},{"$f":"H3*(1+I19)","v":81841.882500000007}]
["CMV",63895,60810,53350,null,null,null,{"$f":"H3-H5","v":56120.148000000001},{"$f":"I3-I5","v":58926.155400000003}]
["Margem Bruta",{"$f":"B3-B4","v":23105},{"$f":"C3-C4","v":23206},{"$f":"D3-D4","v":20883},null,null,null,{"$f":"H3*H20","v":21824.502000000004},{"$f":"I3*I20","v":22915.727100000004}]
["Salário",{"$f":"16640-6264","v":10376},{"$f":"15455-4126","v":11329},{"$f":"13534-3334","v":10200}]
["Despesas Gerais",6782,5819,{"$f":"5067","v":5067}]
["Opex",{"$f":"B6+B7","v":17158},{"$f":"C6+C7","v":17148},{"$f":"D6+D7","v":15267},null,null,null,{"$f":"D8*(1+H22)","v":15267},{"$f":"H8*(1+I22)","v":15572.34}]
["EBITDA",{"$f":"B5-B8","v":5947},{"$f":"C5-C8","v":6058},{"$f":"D5-D8","v":5616},null,null,null,{"$f":"H5-H8","v":6557.502000000004},{"$f":"I5-I8","v":7343.3871000000036}]
["Depreciação",6264,4126,3334,null,null,null,{"$f":"D10","v":3334},{"$f":"H10","v":3334}]
["EBIT ou LAJIR",{"$f":"B9-B10","v":-317},{"$f":"C9-C10","v":1932},{"$f":"D9-D10","v":2282},null,null,null,{"$f":"H9-H10","v":3223.502000000004},{"$f":"I9-I10","v":4009.3871000000036}]
["Despesas Financeiras",{"$f":"2762+49+173-32+43","v":2995},{"$f":"1321-114+18+94+224","v":1543},{"$f":"642+142+61+31+214","v":1090},null,null,null,1500,1500]
["EBT ou LAIR",{"$f":"B11+B12","v":2678},{"$f":"C11+C12","v":3475},{"$f":"D11+D12","v":3372},null,null,null,{"$f":"H11+H12","v":4723.502000000004},{"$f":"I11+I12","v":5509.3871000000036}]
["Impostos (30%)",781,849,867,null,null,null,{"$f":"0.25*H13","v":1180.875500000001},{"$f":"0.25*I13","v":1377.3467750000009}]
["Minoritários",191,-29,-60]
["Lucro Líquido do exercício",{"$f":"B13-B14+B15","v":2088},{"$f":"C13-C14+C15","v":2597},{"$f":"D13-D14+D15","v":2445},null,null,null,{"$f":"H13-H14","v":3542.626500000003},{"$f":"I13-I14","v":4132.0403250000027}]
[]
["Índices da conta de resultados",null,null,null,null,null,null,null,"Hipóteses para previsão"]
["Crescimento das vendas","na",{"$f":"C3/B3-1","v":-3.4298850574712603E-2},{"$f":"D3/C3-1","v":-0.11644210626547324},null,null,null,0.05,0.05]
["Margen bruta / Vendas",{"$f":"B5/B3","v":0.26557471264367816},{"$f":"C5/C3","v":0.2762092934679109},{"$f":"D5/D3","v":0.2813169345169938},null,null,null,0.28000000000000003,0.28000000000000003]
["Opex / Vendas",{"$f":"B8/B3","v":0.19721839080459769},{"$f":"C8/C3","v":0.20410398019424872},{"$f":"D8/D3","v":0.20566324949820161},null,null,null,{"$f":"H8/H3","v":0.19586976142685866},{"$f":"I8/I3","v":0.19027348252894841}]
["Aumento de Opex","na",{"$f":"C8/B8-1","v":-5.8281851031594112E-4},{"$f":"D8/C8-1","v":-0.10969209237228827},null,null,null,0,0.02]
["EBITDA / Vendas",{"$f":"B9/B3","v":6.8356321839080456E-2},{"$f":"C9/C3","v":7.2105313273662153E-2},{"$f":"D9/D3","v":7.5653685018792174E-2},null,null,null,{"$f":"H9/H3","v":8.4130238573141364E-2},{"$f":"I9/I3","v":8.9726517471051606E-2}]
["ROS, Lucro Líq. / Vendas",{"$f":"B16/B3","v":2.4E-2},{"$f":"C16/C3","v":3.0910778899257283E-2},{"$f":"D16/D3","v":3.29368340226045E-2},null,null,null,{"$f":"H16/H3","v":4.545054086457509E-2},{"$f":"I16/I3","v":5.0488089945878292E-2}]
["ROE, Lucro Líq. / PL",{"$f":"B16/B44","v":8.110627719080174E-2},{"$f":"C16/C44","v":0.12098765432098765},{"$f":"D16/D44","v":0.11162344777209642},null,null,null,{"$f":"H16/D58","v":0.14549371637438921},{"$f":"I16/H58","v":0.15656633838009196}]
["RONA, EBIT / Ativo Líquido",{"$f":"B11/B55","v":-4.0348242242191279E-3},{"$f":"C11/C55","v":2.8151364583485116E-2},{"$f":"D11/D55","v":3.3396262311396002E-2},null,null,null,{"$f":"H11/H55","v":4.6368681770265902E-2},{"$f":"I11/I55","v":5.6750680386940623E-2}]
["CFO, FC operacional",{"$f":"B16+B10","v":8352},{"$f":"C16+C10","v":6723},{"$f":"D16+D10","v":5779},null,null,null,{"$f":"H16+H10","v":6876.626500000003},{"$f":"I16+I10","v":7466.0403250000027}]
[]
[]
["Ativo (em € milhões)",{"$f":"B2","v":2019},{"$f":"C2","v":2020},{"$f":"D2","v":2021},null,"Dif. 2019-21"]
["Caixa",{"$f":"7802+791","v":8593},{"$f":"11196+399","v":11595},{"$f":"12149+650","v":12799},null,{"$f":"D31-B31","v":4206}]
["Clientes ou Contas a Rec.",{"$f":"17734+1113+10167","v":29014},{"$f":"15230+1212+5353","v":21795},20324,null,{"$f":"D32-B32","v":-8690},null,null,null,null,20324]
["Estoques",13406,10672,10366,null,{"$f":"D33-B33","v":-3040},null,null,null,null,10366]
["Ativo Circulante,  AC",{"$f":"SUM(B31:B33)","v":51013},{"$f":"SUM(C31:C33)","v":44062},{"$f":"SUM(D31:D33)","v":43489}]
["Ativo Fixo Líquido,  AF",{"$f":"90118-51013","v":39105},{"$f":"77939-44062","v":33877},{"$f":"77605-43489","v":34116},null,{"$f":"D35-B35","v":-4989}]
["Ativo Total",{"$f":"B34+B35","v":90118},{"$f":"C34+C35","v":77939},{"$f":"D34+D35","v":77605}]
[null," "]
["Passivo e Patrimônio Líquido"]
["Fornecedores",10798,8649,8404,null,{"$f":"D39-B39","v":-2394},null,null,null,null,8404]
["Outros Passivos",754,661,870,null,{"$f":"D40-B40","v":116}]
["Crédito bancário",{"$f":"2637+10864+19471","v":32972},{"$f":"2103+9608+13691","v":25402},{"$f":"1745+8884+12125","v":22754},null,{"$f":"D41-B41","v":-10218}]
["Passivo Circulante",{"$f":"B39+B40+B41","v":44524},{"$f":"C39+C40+C41","v":34712},{"$f":"D39+D40+D41","v":32028}]
["Empréstimo Bancário",{"$f":"9973+4721+111+2957","v":17762},{"$f":"10243+5326+195+3401","v":19165},{"$f":"11433+5843+534+3418","v":21228},null,{"$f":"D43-B43","v":3466}]
["Recursos Próprios",{"$f":"23812+4020-2088","v":25744},{"$f":"23521+541-2597","v":21465},{"$f":"23715-2445+634","v":21904},null,{"$f":"D44-B44","v":-3840}]
["Lucro do ano",{"$f":"B16","v":2088},{"$f":"C16","v":2597},{"$f":"D16","v":2445},null,{"$f":"D45-B45","v":357}]
["Total pasivo",{"$f":"B42+B43+B44+B45","v":90118},{"$f":"C42+C43+C44+C45","v":77939},{"$f":"D42+D43+D44+D45","v":77605}]
[]
["Compras",{"$f":"B4","v":63895},{"$f":"C4+(C33-B33)","v":58076},{"$f":"D4+(D33-C33)","v":53044},null,"CMV + variação de estoques"]
["Novos investimentos brutos",null,{"$f":"C35-B35+C10","v":-1102},{"$f":"D35-C35+D10","v":3573},null,"Variação do AF + depreciação"]
[null,null,null,null,null,null,null,"Previsão","Previsão"]
["Balanço simplificado",{"$f":"B30","v":2019},2020,2021,null,{"$f":"F30","v":"Dif. 2019-21"},null,{"$f":"D30+1","v":2022},{"$f":"H51+1","v":2023}]
["Caixa Excedente",8593,11595,12799,null,{"$f":"D52-B52","v":4206},null,{"$f":"D52","v":12799},{"$f":"H52","v":12799}]
["NOF ou circulante líq.",{"$f":"B32+B33-B39-B40","v":30868},{"$f":"C32+C33-C39-C40","v":23157},{"$f":"D32+D33-D39-D40","v":21416},null,{"$f":"D53-B53","v":-9452},null,{"$f":"H72*H3","v":22603.948500000002},{"$f":"I72*I3","v":23734.145925000001}]
["AF o u Ativo Fixo Líquido",{"$f":"B35","v":39105},{"$f":"C35","v":33877},{"$f":"D35","v":34116},null,{"$f":"D54-B54","v":-4989},null,{"$f":"D54","v":34116},{"$f":"H54","v":34116}]
["AL ou Ativo Líquido",{"$f":"B52+B53+B54","v":78566},{"$f":"C52+C53+C54","v":68629},{"$f":"D52+D53+D54","v":68331},null,null,null,{"$f":"H52+H53+H54","v":69518.948499999999},{"$f":"I52+I53+I54","v":70649.145925000004}]
[]
["D, Dívida (de curto e longo)",{"$f":"B41+B43","v":50734},{"$f":"C41+C43","v":44567},{"$f":"D41+D43","v":43982},null,{"$f":"D57-B57","v":-6752},null,{"$f":"H55-H58","v":43127.322},{"$f":"I55-I58","v":41625.479099999997}]
["PL, Patrimônio Líquido",{"$f":"B44+B45","v":27832},{"$f":"C44+C45","v":24062},{"$f":"D44+D45","v":24349},null,{"$f":"D58-B58","v":-3483},null,{"$f":"D58-1500+H16","v":26391.626500000002},{"$f":"H58-1500+I16","v":29023.666825000004}]
["Total Financiamento",{"$f":"B57+B58","v":78566},{"$f":"C57+C58","v":68629},{"$f":"D57+D58","v":68331},null,null,null,{"$f":"H57+H58","v":69518.948499999999},{"$f":"I57+I58","v":70649.145925000004}]
[]
["Extrato do balanço usado em finanças operacionais"]
["NOF",{"$f":"B53","v":30868},{"$f":"C53","v":23157},{"$f":"D53","v":21416},null,{"$f":"D62-B62","v":-9452}]
["CG",{"$f":"B43+B44+B45-B35","v":6489},{"$f":"C43+C44+C45-C35","v":9350},{"$f":"D43+D44+D45-D35","v":11461},null,{"$f":"D63-B63","v":4972}]
["Caixa excedente (+)",{"$f":"B63-B62","v":-24379},{"$f":"C63-C62","v":-13807},{"$f":"D63-D62","v":-9955},null,{"$f":"D64-B64","v":14424}]
["     ou crédito necessário (-)"]
["Verificação: Caixa - Crédito  =",{"$f":"B31-B41","v":-24379},{"$f":"C31-C41","v":-13807},{"$f":"D31-D41","v":-9955},null,null,null,null,"Deveria ser igual à linha 64."]
[]
["Índices do Balanço",null,null,null,null,null,null,null,"Hipótese para previsão"]
["Días de Cobrança",{"$f":"B32/B3*360","v":120.05793103448276},{"$f":"C32/C3*360","v":93.389354408684056},{"$f":"D32/D3*360","v":98.563172712944365}]
["Dias de Estoques",{"$f":"(B33/B4)*360","v":75.532670788011572},{"$f":"(C33/C4)*360","v":63.17908238776517},{"$f":"(D33/D4)*360","v":69.948641049671977}]
["Dias de Pagamento",{"$f":"(B39/B4)*360","v":60.838563267861332},{"$f":"(C39/C4)*360","v":51.202762703502721},{"$f":"(D39/D4)*360","v":56.709278350515469}]
["NOF / Vendas (em %)",{"$f":"B62/B3","v":0.35480459770114942},{"$f":"C62/C3","v":0.27562607122452865},{"$f":"D62/D3","v":0.28849702962294399},null,null,null,0.28999999999999998,0.28999999999999998]
["Alavancagem (passivo /  PL)",{"$f":"(B42+B43)/B58","v":2.2379275653923543},{"$f":"(C42+C43)/C58","v":2.2390906824037904},{"$f":"(D42+D43)/D58","v":2.1871945459772477}]
["(Dívida - Caixa) / Ebitda",{"$f":"(B57-B52)/B9","v":7.0860938288212543},{"$f":"(C57-C52)/C9","v":5.4427203697589963},{"$f":"(D57-D52)/D9","v":5.5525284900284904},null,null,null,{"$f":"(H57-H52)/H9","v":4.6249809759874996},{"$f":"(I57-I52)/I9","v":3.9255017756043369}]

{"sheet":"Exh3 TO DO","index":10,"n_rows":74,"n_cols":9,"rows_kept":74,"cut":false,"hidden":false,"merged":[[0,7,0,8],[49,7,49,8]]}
["Profit and Loss Statement",null,null,null,null,null,null,"Forecast"]
["(million of Euros)",2019,{"$f":"B2+1","v":2020},{"$f":"C2+1","v":2021},null,null,null,{"$f":"D2+1","v":2022},{"$f":"H2+1","v":2023}]
["Sales",87000,84016,74233]
["COGS",63895,60810,53350]
["Gross Margin",{"$f":"B3-B4","v":23105},{"$f":"C3-C4","v":23206},{"$f":"D3-D4","v":20883}]
["Marketing, Selling and Administrative Expenses",{"$f":"16640-6264","v":10376},{"$f":"15455-4126","v":11329},{"$f":"13534-3334","v":10200}]
["Other Operating Expenses",6782,5819,{"$f":"5067","v":5067}]
["Opex",{"$f":"B6+B7","v":17158},{"$f":"C6+C7","v":17148},{"$f":"D6+D7","v":15267},null,null,null,{"$f":"D8*(1+H22)","v":15267},{"$f":"H8*(1+I22)","v":15267}]
["EBITDA",{"$f":"B5-B8","v":5947},{"$f":"C5-C8","v":6058},{"$f":"D5-D8","v":5616}]
["Depreciation",6264,4126,3334,null,null,null,{"$f":"D10","v":3334},{"$f":"H10","v":3334}]
["EBIT",{"$f":"B9-B10","v":-317},{"$f":"C9-C10","v":1932},{"$f":"D9-D10","v":2282}]
["Financial Income / Expense",{"$f":"2762+49+173-32+43","v":2995},{"$f":"1321-114+18+94+224","v":1543},{"$f":"642+142+61+31+214","v":1090},null,null,null,1500,1500]
["EBT",{"$f":"B11+B12","v":2678},{"$f":"C11+C12","v":3475},{"$f":"D11+D12","v":3372}]
["Taxes",781,849,867]
["Minorities",191,-29,-60]
["Net Income",{"$f":"B13-B14+B15","v":2088},{"$f":"C13-C14+C15","v":2597},{"$f":"D13-D14+D15","v":2445}]
[]
["P&L Ratios (Profitability Ratios)",null,null,null,null,null,null,null,"Hypothesis for the Forecast"]
["Growth of Sales","na",null,null,null,null,null,0.05,0.05]
["Gross Margin / Sales",null,null,null,null,null,null,0.28000000000000003,0.28000000000000003]
["Opex / Sales"]
["Increase of Opex","na",null,null,null,null,null,0,0]
["EBITDA / Sales"]
["ROS, Return on Sales"]
["ROE, Return on Equity"]
["RONA, Return on Net Assets"]
["CFO, Cash Flow from Operations"]
[]
[]
["Assets (million Euros)",{"$f":"B2","v":2019},{"$f":"C2","v":2020},{"$f":"D2","v":2021},null,"Diff. 2019-21"]
["Cash",{"$f":"7802+791","v":8593},{"$f":"11196+399","v":11595},{"$f":"12149+650","v":12799}]
["Receivables",{"$f":"17734+1113+10167","v":29014},{"$f":"15230+1212+5353","v":21795},20324]
["Inventory",13406,10672,10366]
["Current Assets",{"$f":"SUM(B31:B33)","v":51013},{"$f":"SUM(C31:C33)","v":44062},{"$f":"SUM(D31:D33)","v":43489}]
["Fixed Assets Net",{"$f":"90118-51013","v":39105},{"$f":"77939-44062","v":33877},{"$f":"77605-43489","v":34116}]
["Total Assets",{"$f":"B34+B35","v":90118},{"$f":"C34+C35","v":77939},{"$f":"D34+D35","v":77605}]
[null," "]
["Liabilities + Equity"]
["Payables",10798,8649,8404]
["Other Liabilities",754,661,870]
["Bank Credit",{"$f":"2637+10864+19471","v":32972},{"$f":"2103+9608+13691","v":25402},{"$f":"1745+8884+12125","v":22754}]
["Current Liabilities",{"$f":"B39+B40+B41","v":44524},{"$f":"C39+C40+C41","v":34712},{"$f":"D39+D40+D41","v":32028}]
["Loan",{"$f":"9973+4721+111+2957","v":17762},{"$f":"10243+5326+195+3401","v":19165},{"$f":"11433+5843+534+3418","v":21228}]
["Equity + Reserves",{"$f":"23812+4020-2088","v":25744},{"$f":"23521+541-2597","v":21465},{"$f":"23715-2445+634","v":21904}]
["Net Income of the year",{"$f":"B16","v":2088},{"$f":"C16","v":2597},{"$f":"D16","v":2445}]
["Total Liab.+ Equity",{"$f":"B42+B43+B44+B45","v":90118},{"$f":"C42+C43+C44+C45","v":77939},{"$f":"D42+D43+D44+D45","v":77605}]
[]
["Purchases",{"$f":"B4","v":63895},{"$f":"C4+(C33-B33)","v":58076},{"$f":"D4+(D33-C33)","v":53044}]
["New Investments Gross",null,{"$f":"C35-B35+C10","v":-1102},{"$f":"D35-C35+D10","v":3573},null,"Variation Assets Net + Depreciation"]
[null,null,null,null,null,null,null,"Forecast"]
["Short Balance Sheet",{"$f":"B30","v":2019},{"$f":"C30","v":2020},{"$f":"D30","v":2021},null,{"$f":"F30","v":"Diff. 2019-21"},null,{"$f":"D30+1","v":2022},{"$f":"H51+1","v":2023}]
["Cash Surplus",null,null,null,null,null,null,12799,12799]
["NFO or Current Assets net"]
["FA or Fixed Assets Net",{"$f":"B35","v":39105},{"$f":"C35","v":33877},{"$f":"D35","v":34116},null,null,null,{"$f":"D54","v":34116},{"$f":"H54","v":34116}]
["NA Net Assets"]
[]
["Debt"]
["Equity"]
["Total Financing"]
[]
["Shortest  Balance Sheet Version - used in Operational Finance"]
["NFO"]
["WC"]
["Cash Surplus (+)"]
["     Credit Needed (-)"]
["Verify: Cash - Credit  =",null,null,null,null,null,null,null,"The result must be the same as in line 64"]
[]
["Balance Sheet Ratios",null,null,null,null,null,null,null,"Hypothesis for the Forecast"]
["Receivables in days"]
["Inventory in days"]
["Payables in days"]
["NFO / Sales in %",null,null,null,null,null,null,0.28999999999999998,0.28999999999999998]
["Leverage = Liab. / Equity"]
["(Debt - Cash) / Ebitda"]

{"sheet":"Anex3 HACER","index":11,"n_rows":74,"n_cols":11,"rows_kept":74,"cut":false,"hidden":true,"merged":[[0,7,0,8]]}
["Pérdidas y Ganancias PyG",null,null,null,null,null,null,"Previsión"]
["(millones Euros)",2019,{"$f":"B2+1","v":2020},{"$f":"C2+1","v":2021},null,null,null,{"$f":"D2+1","v":2022},{"$f":"H2+1","v":2023}]
["Ventas",87000,84016,74233]
["CMV",63895,60810,53350]
["Margen bruto",{"$f":"B3-B4","v":23105},{"$f":"C3-C4","v":23206},{"$f":"D3-D4","v":20883}]
["Gastos de ventas y advos.",{"$f":"16640-6264","v":10376},{"$f":"15455-4126","v":11329},{"$f":"13534-3334","v":10200}]
["Otros gastos operativos",6782,5819,{"$f":"5067","v":5067}]
["Opex",{"$f":"B6+B7","v":17158},{"$f":"C6+C7","v":17148},{"$f":"D6+D7","v":15267},null,null,null,{"$f":"D8*(1+H22)","v":15267},{"$f":"H8*(1+I22)","v":15267}]
["EBITDA",{"$f":"B5-B8","v":5947},{"$f":"C5-C8","v":6058},{"$f":"D5-D8","v":5616}]
["Amortización",6264,4126,3334,null,null,null,{"$f":"D10","v":3334},{"$f":"H10","v":3334}]
["EBIT",{"$f":"B9-B10","v":-317},{"$f":"C9-C10","v":1932},{"$f":"D9-D10","v":2282}]
["Resultado financiero",{"$f":"2762+49+173-32+43","v":2995},{"$f":"1321-114+18+94+224","v":1543},{"$f":"642+142+61+31+214","v":1090},null,null,null,1500,1500]
["EBT",{"$f":"B11+B12","v":2678},{"$f":"C11+C12","v":3475},{"$f":"D11+D12","v":3372}]
["Impuestos (25%)",781,849,867]
["Minoritarios",191,-29,-60]
["Resultado del ejercicio",{"$f":"B13-B14+B15","v":2088},{"$f":"C13-C14+C15","v":2597},{"$f":"D13-D14+D15","v":2445}]
[]
["Ratios de cuenta de resultados",null,null,null,null,null,null,null,"Hipótesis para previsión"]
["Crecimiento de ventas","na",null,null,null,null,null,0.05,0.05]
["Margen bruto / Ventas",null,null,null,null,null,null,0.28000000000000003,0.28000000000000003]
["Opex / Ventas"]
["Aumento de Opex","na",null,null,null,null,null,0,0]
["EBITDA / Ventas"]
["ROS, rentabilidad s/ ventas"]
["ROE, rentab. recursos propios"]
["RONA, rentabilidad  activo"]
["CFO, Cash Flow Operaciones"]
[]
[]
["Activo (millón Euros)",{"$f":"B2","v":2019},{"$f":"C2","v":2020},{"$f":"D2","v":2021},null,"Dife. 21-19"]
["Caja",{"$f":"7802+791","v":8593},{"$f":"11196+399","v":11595},{"$f":"12149+650","v":12799}]
["Clientes",{"$f":"17734+1113+10167","v":29014},{"$f":"15230+1212+5353","v":21795},20324,null,null,null,null,null,null,20324]
["Existencias",13406,10672,10366,null,null,null,null,null,null,10366]
["Activo corriente,  AC",{"$f":"SUM(B31:B33)","v":51013},{"$f":"SUM(C31:C33)","v":44062},{"$f":"SUM(D31:D33)","v":43489}]
["Activo fijo neto,  AF",{"$f":"90118-51013","v":39105},{"$f":"77939-44062","v":33877},{"$f":"77605-43489","v":34116}]
["Activo total",{"$f":"B34+B35","v":90118},{"$f":"C34+C35","v":77939},{"$f":"D34+D35","v":77605}]
[null," "]
["Pasivo y rec. propios "]
["Proveedores",10798,8649,8404,null,null,null,null,null,null,8404]
["Otros acreedores",754,661,870]
["Crédito bancario",{"$f":"2637+10864+19471","v":32972},{"$f":"2103+9608+13691","v":25402},{"$f":"1745+8884+12125","v":22754}]
["Pasivo corriente",{"$f":"B39+B40+B41","v":44524},{"$f":"C39+C40+C41","v":34712},{"$f":"D39+D40+D41","v":32028}]
["Préstamo bancario",{"$f":"9973+4721+111+2957","v":17762},{"$f":"10243+5326+195+3401","v":19165},{"$f":"11433+5843+534+3418","v":21228}]
["Patrimonio",{"$f":"23812+4020-2088","v":25744},{"$f":"23521+541-2597","v":21465},{"$f":"23715-2445+634","v":21904}]
["Beneficio del año ",{"$f":"B16","v":2088},{"$f":"C16","v":2597},{"$f":"D16","v":2445}]
["Total pasivo y patrimonio",{"$f":"B42+B43+B44+B45","v":90118},{"$f":"C42+C43+C44+C45","v":77939},{"$f":"D42+D43+D44+D45","v":77605}]
[]
["Compras",{"$f":"B4","v":63895},{"$f":"C4+(C33-B33)","v":58076},{"$f":"D4+(D33-C33)","v":53044},null,"CMV + Variac. existencias"]
["Nueva inversión bruta",null,{"$f":"C35-B35+C10","v":-1102},{"$f":"D35-C35+D10","v":3573},null,"Variación AF + Amortización"]
[null,null,null,null,null,null,null,"Previsión","Previsión"]
["Balance resumido",{"$f":"B30","v":2019},{"$f":"C30","v":2020},{"$f":"D30","v":2021},null,{"$f":"F30","v":"Dife. 21-19"},null,{"$f":"D30+1","v":2022},{"$f":"H51+1","v":2023}]
["Caja excedente",null,null,null,null,null,null,12799,12799]
["NOF o circulante neto"]
["AF o activo fijo neto",{"$f":"B35","v":39105},{"$f":"C35","v":33877},{"$f":"D35","v":34116},null,null,null,{"$f":"D54","v":34116},{"$f":"H54","v":34116}]
["AN o activos netos"]
[]
["Deuda (a largo y corto)"]
["Recursos propios + Beneficio"]
["Total financiación"]
[]
["Extracto del balance usado en finanzas operativas"]
["NOF"]
["FM"]
["Caja excedente (+)"]
["     o crédito necesario (-)"]
["Verificación: Caja - Crédito  =",null,null,null,null,null,null,null,"Debe ser igual a línea 64."]
[]
["Ratios de balance",null,null,null,null,null,null,null,"Hipótesis para previsión"]
["Días de cobro"]
["Días de existencias"]
["Días de pago"]
["NOF / Ventas en %",null,null,null,null,null,null,0.28999999999999998,0.28999999999999998]
["Apalancamiento (pasivo / rec. propios)"]
["(Deuda - Caja) / Ebitda"]

{"sheet":"Anex3 FAZER","index":12,"n_rows":74,"n_cols":11,"rows_kept":74,"cut":false,"hidden":true,"merged":[[0,7,0,8],[49,7,49,8]]}
["Conta de Resultados",null,null,null,null,null,null,"Previsão"]
["(em € milhões)",2019,{"$f":"B2+1","v":2020},{"$f":"C2+1","v":2021},null,null,null,{"$f":"D2+1","v":2022},{"$f":"H2+1","v":2023}]
["Vendas",87000,84016,74233]
["CMV",63895,60810,53350]
["Margem Bruta",{"$f":"B3-B4","v":23105},{"$f":"C3-C4","v":23206},{"$f":"D3-D4","v":20883}]
["Salário",{"$f":"16640-6264","v":10376},{"$f":"15455-4126","v":11329},{"$f":"13534-3334","v":10200}]
["Despesas Gerais",6782,5819,{"$f":"5067","v":5067}]
["Opex",{"$f":"B6+B7","v":17158},{"$f":"C6+C7","v":17148},{"$f":"D6+D7","v":15267},null,null,null,{"$f":"D8*(1+H22)","v":15267},{"$f":"H8*(1+I22)","v":15267}]
["EBITDA",{"$f":"B5-B8","v":5947},{"$f":"C5-C8","v":6058},{"$f":"D5-D8","v":5616}]
["Depreciação",6264,4126,3334,null,null,null,{"$f":"D10","v":3334},{"$f":"H10","v":3334}]
["EBIT ou LAJIR",{"$f":"B9-B10","v":-317},{"$f":"C9-C10","v":1932},{"$f":"D9-D10","v":2282}]
["Despesas Financeiras",{"$f":"2762+49+173-32+43","v":2995},{"$f":"1321-114+18+94+224","v":1543},{"$f":"642+142+61+31+214","v":1090},null,null,null,1500,1500]
["EBT ou LAIR",{"$f":"B11+B12","v":2678},{"$f":"C11+C12","v":3475},{"$f":"D11+D12","v":3372}]
["Impostos (30%)",781,849,867]
["Minoritários",191,-29,-60]
["Lucro Líquido do exercício",{"$f":"B13-B14+B15","v":2088},{"$f":"C13-C14+C15","v":2597},{"$f":"D13-D14+D15","v":2445}]
[]
["Índices da conta de resultados",null,null,null,null,null,null,null,"Hipóteses para previsão"]
["Crescimento das vendas","na",null,null,null,null,null,0.05,0.05]
["Margen bruta / Vendas",null,null,null,null,null,null,0.28000000000000003,0.28000000000000003]
["Opex / Vendas"]
["Aumento de Opex","na",null,null,null,null,null,0,0]
["EBITDA / Vendas"]
["ROS, Lucro Líq. / Vendas"]
["ROE, Lucro Líq. / PL"]
["RONA, EBIT / Ativo Líquido"]
["CFO, FC operacional"]
[]
[]
["Ativo (em € milhões)",{"$f":"B2","v":2019},{"$f":"C2","v":2020},{"$f":"D2","v":2021},null,"Dif. 2019-21"]
["Caixa",{"$f":"7802+791","v":8593},{"$f":"11196+399","v":11595},{"$f":"12149+650","v":12799}]
["Clientes ou Contas a Rec.",{"$f":"17734+1113+10167","v":29014},{"$f":"15230+1212+5353","v":21795},20324,null,null,null,null,null,null,20324]
["Estoques",13406,10672,10366,null,null,null,null,null,null,10366]
["Ativo Circulante,  AC",{"$f":"SUM(B31:B33)","v":51013},{"$f":"SUM(C31:C33)","v":44062},{"$f":"SUM(D31:D33)","v":43489}]
["Ativo Fixo Líquido,  AF",{"$f":"90118-51013","v":39105},{"$f":"77939-44062","v":33877},{"$f":"77605-43489","v":34116}]
["Ativo Total",{"$f":"B34+B35","v":90118},{"$f":"C34+C35","v":77939},{"$f":"D34+D35","v":77605}]
[null," "]
["Passivo e Patrimônio Líquido"]
["Fornecedores",10798,8649,8404,null,null,null,null,null,null,8404]
["Outros Passivos",754,661,870]
["Crédito bancário",{"$f":"2637+10864+19471","v":32972},{"$f":"2103+9608+13691","v":25402},{"$f":"1745+8884+12125","v":22754}]
["Passivo Circulante",{"$f":"B39+B40+B41","v":44524},{"$f":"C39+C40+C41","v":34712},{"$f":"D39+D40+D41","v":32028}]
["Empréstimo Bancário",{"$f":"9973+4721+111+2957","v":17762},{"$f":"10243+5326+195+3401","v":19165},{"$f":"11433+5843+534+3418","v":21228}]
["Recursos Próprios",{"$f":"23812+4020-2088","v":25744},{"$f":"23521+541-2597","v":21465},{"$f":"23715-2445+634","v":21904}]
["Lucro do ano",{"$f":"B16","v":2088},{"$f":"C16","v":2597},{"$f":"D16","v":2445}]
["Total pasivo",{"$f":"B42+B43+B44+B45","v":90118},{"$f":"C42+C43+C44+C45","v":77939},{"$f":"D42+D43+D44+D45","v":77605}]
[]
["Compras",{"$f":"B4","v":63895},{"$f":"C4+(C33-B33)","v":58076},{"$f":"D4+(D33-C33)","v":53044},null,"CMV + variação de estoques"]
["Novos investimentos brutos",null,{"$f":"C35-B35+C10","v":-1102},{"$f":"D35-C35+D10","v":3573},null,"Variação do AF + depreciação"]
[null,null,null,null,null,null,null,"Previsão"]
["Balanço simplificado",{"$f":"B30","v":2019},{"$f":"C30","v":2020},{"$f":"D30","v":2021},null,{"$f":"F30","v":"Dif. 2019-21"},null,{"$f":"D30+1","v":2022},{"$f":"H51+1","v":2023}]
["Caixa Excedente"]
["NOF ou circulante líq."]
["AF o u Ativo Fixo Líquido",{"$f":"B35","v":39105},{"$f":"C35","v":33877},{"$f":"D35","v":34116},null,null,null,{"$f":"D54","v":34116},{"$f":"H54","v":34116}]
["AL ou Ativo Líquido"]
[]
["D, Dívida (de curto e longo)"]
["PL, Patrimônio Líquido"]
["Total Financiamento"]
[]
["Extrato do balanço usado em finanças operacionais"]
["NOF"]
["CG"]
["Caixa excedente (+)"]
["     ou crédito necessário (-)"]
["Verificação: Caixa - Crédito  =",null,null,null,null,null,null,null,"Deveria ser igual à linha 64."]
[]
["Índices do Balanço",null,null,null,null,null,null,null,"Hipótese para previsão"]
["Días de Cobrança"]
["Dias de Estoques"]
["Dias de Pagamento"]
["NOF / Vendas (em %)",null,null,null,null,null,null,0.28999999999999998,0.28999999999999998]
["Alavancagem (passivo /  PL)"]
["(Dívida - Caixa) / Ebitda"]

{"sheet":"Tables","index":13,"n_rows":13,"n_cols":13,"rows_kept":13,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Loja A","Loja B",null,null,null,"Janeiro","Fevereiro","Março","Abril","Maio","Junho"]
[null,"Vendas",100,100,null,null,"Vendas",100,100,100,400,400,400]
[null,"Lucro Líquido",10,25,null,null,"Clientes, 30 dias",100,100,100,400,400,400]
[null,"Ativos",100,250,null,null,"Clientes, 60 dias",null,200,200,500,800,800]
[null,"Patrimônio Líquido",50,125,null,null,"Clientes, 90 dias",null,null,300,600,900,"1.200"]
[]
[null,"ROS",0.1,2.5000000000000001E-2]
[null,"Giro",1,4]
[null,"Alavacangem",2,2]
[null,"ROE",0.2,0.2]
[]
[null,"ROA",0.1,0.1]