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{"sheet":"Exh 1-2","index":1,"n_rows":100,"n_cols":11,"rows_kept":100,"cut":false,"hidden":false,"merged":[]}
[null,null,"Exhibit 1. P&L company  LoA"]
["Profit and Loss Statement"]
["(million Brazilian real)",2022,{"$f":"B3+1","v":2023},{"$f":"C3+1","v":2024},null,null,null,null,{"$f":"B3","v":2022},{"$f":"C3","v":2023},{"$f":"D3","v":2024}]
["Sales",100,{"$f":"B4*(1+C83)","v":140},{"$f":"C4*(1+D83)","v":175},null,null,null,null,{"$f":"B4/B$4","v":1},{"$f":"C4/C$4","v":1},{"$f":"D4/D$4","v":1}]
["COGS",{"$f":"B4*B84","v":80},{"$f":"C4*C84","v":113.4},{"$f":"D4*D84","v":143.5},null,null,null,null,0.8,0.81,0.82]
["Gross Margin",{"$f":"B4-B5","v":20},{"$f":"C4-C5","v":26.599999999999994},{"$f":"D4-D5","v":31.5},null,null,null,null,0.2,0.18999999999999995,0.18]
["Salaries",{"$f":"B85","v":5},{"$f":"B7+(1+C87)","v":6.0600000000000005},{"$f":"C7+(1+D87)","v":7.1300000000000008},null,null,null,null,0.05,4.3285714285714288E-2,4.074285714285715E-2]
["Overhead",{"$f":"B86","v":5},{"$f":"B8+(1+C87)","v":6.0600000000000005},{"$f":"C8+(1+D87)","v":7.1300000000000008},null,null,null,null,0.05,4.3285714285714288E-2,4.074285714285715E-2]
["Opex, Operating Expenses",{"$f":"B7+B8","v":10},{"$f":"C7+C8","v":12.120000000000001},{"$f":"D7+D8","v":14.260000000000002},null,null,null,null,0.1,8.6571428571428577E-2,8.14857142857143E-2]
["EBITDA",{"$f":"B6-B9","v":10},{"$f":"C6-C9","v":14.479999999999993},{"$f":"D6-D9","v":17.239999999999998},null,null,null,null,0.1,0.10342857142857138,9.8514285714285707E-2]
["Depreciation",2,{"$f":"C89*B39","v":2},{"$f":"D89*C39","v":2.1},null,null,null,null,0.02,1.4285714285714285E-2,1.2E-2]
["EBIT",{"$f":"B10-B11","v":8},{"$f":"C10-C11","v":12.479999999999993},{"$f":"D10-D11","v":15.139999999999999},null,null,null,null,0.08,8.9142857142857093E-2,8.651428571428571E-2]
["Financial Expenses",{"$f":"B88*(B47+B45)","v":2},{"$f":"C88*(C47+C45)","v":2.2883277634988546},{"$f":"D88*(D47+D45)","v":4.2335080943575658},null,null,null,null,0.02,1.6345198310706105E-2,2.4191474824900375E-2]
["EBT",{"$f":"B12-B13","v":6},{"$f":"C12-C13","v":10.191672236501139},{"$f":"D12-D13","v":10.906491905642433},null,null,null,null,0.06,7.2797658832150988E-2,6.2322810889385329E-2]
["Taxes (25%)",{"$f":"B14*B90","v":1.5},{"$f":"C14*C90","v":2.5479180591252848},{"$f":"D14*D90","v":2.7266229764106082},null,null,null,null,1.4999999999999999E-2,1.8199414708037747E-2,1.5580702722346332E-2]
["Net Income",{"$f":"B14-B15","v":4.5},{"$f":"C14-C15","v":7.6437541773758539},{"$f":"D14-D15","v":8.1798689292318247},null,null,null,null,4.4999999999999998E-2,5.4598244124113245E-2,4.6742108167038998E-2]
[]
["P&L Ratios"]
["Growth of Sales",0.7,{"$f":"C4/B4-1","v":0.39999999999999991},{"$f":"D4/C4-1","v":0.25},{"$f":"AVERAGE(B19:D19)","v":0.44999999999999996},"average growth"]
["Gross Margin / Sales",{"$f":"B6/B4","v":0.2},{"$f":"C6/C4","v":0.18999999999999995},{"$f":"D6/D4","v":0.18},{"$f":"(D20-B20)*100","v":-2.0000000000000018},"pp, percentage points"]
["Opex / Sales",{"$f":"B9/B4","v":0.1},{"$f":"C9/C4","v":8.6571428571428577E-2},{"$f":"D9/D4","v":8.14857142857143E-2},{"$f":"(D21-B21)*100","v":-1.8514285714285705},"pp"]
["Increase of Opex",0.2,{"$f":"C9/B9-1","v":0.21200000000000019},{"$f":"D9/C9-1","v":0.17656765676567665},{"$f":"AVERAGE(B22:D22)","v":0.19618921892189226},"average increase"]
["EBITDA / Sales",{"$f":"B10/B4","v":0.1},{"$f":"C10/C4","v":0.10342857142857138},{"$f":"D10/D4","v":9.8514285714285707E-2},{"$f":"(D23-B23)*100","v":-0.14857142857142985},"pp"]
["ROS, Net Income / Sales",{"$f":"B16/B4","v":4.4999999999999998E-2},{"$f":"C16/C4","v":5.4598244124113245E-2},{"$f":"D16/D4","v":4.6742108167038998E-2},"ROS, Return on Sales"]
["ROA, Net Income / total assets",{"$f":"B16/B40","v":7.7076489910839971E-2},{"$f":"C16/C40","v":0.11130052558113004},{"$f":"D16/D40","v":8.8595019559929253E-2},"ROA, Return on Assets"]
["RONA, EBIT / Net Assets",{"$f":"B12/B59","v":0.14678899082568803},{"$f":"C12/C59","v":0.19826286826290682},{"$f":"D12/D59","v":0.17686325539326297},"RONA, Return on Net Assets"]
["ROE, Net Income / Equity ",{"$f":"B16/B48","v":0.15},{"$f":"C16/C48","v":0.22155809209785085},{"$f":"D16/D48","v":0.19409445335135914},"ROE, Return on Equity"]
["CFO Cash Flow from Operations",{"$f":"B16+B11","v":6.5},{"$f":"C16+C11","v":9.6437541773758539},{"$f":"D16+D11","v":10.279868929231824},"CFO =Net Income + Depreciation"]
["Inflation",0.09,0.1,0.11]
["Interest rate",{"$f":"B13/B61","v":0.1},{"$f":"C13/C61","v":0.11000000000000001},{"$f":"D13/D61","v":0.12}]
[]
[null,null,"Exhibit 2. Balance sheet company LoA"]
["Assets",null,null,null,null,"2022-24"]
[{"$f":"A3","v":"(million Brazilian real)"},{"$f":"B3","v":2022},{"$f":"C3","v":2023},{"$f":"D3","v":2024},null,"Differences"]
["Cash",{"$f":"MAX(B50-B36-B37-B39,B100)","v":7.1506849315068592},{"$f":"MAX(C50-C36-C37-C39,C100)","v":0},{"$f":"MAX(D50-D36-D37-D39,D100)","v":7.1054273576010019E-15},null,{"$f":"D35-B35","v":-7.1506849315068521}]
["Receivables",{"$f":"B4/365*B93","v":24.657534246575342},38.356164383561641,57.534246575342465,null,{"$f":"D36-B36","v":32.876712328767127}]
["Inventory",6.5753424657534243,9.3205479452054796,11.794520547945206,null,{"$f":"D37-B37","v":5.2191780821917817}]
["Current Assets, CA",{"$f":"SUM(B35:B37)","v":38.383561643835627},{"$f":"SUM(C35:C37)","v":47.676712328767124},{"$f":"SUM(D35:D37)","v":69.328767123287676}]
["Fixed (non current) Assets net, FA",20,{"$f":"B39+C97","v":21},{"$f":"C39+D97","v":23},null,{"$f":"D39-B39","v":3}]
["Total Assets",{"$f":"B38+B39","v":58.383561643835627},{"$f":"C38+C39","v":68.676712328767124},{"$f":"D38+D39","v":92.328767123287676}]
[null,null,null," "]
["Liabilities + Equity"]
["Payables",{"$f":"B52/365*B95","v":2.3835616438356162},{"$f":"C52/365*C95","v":3.1820604240945771},{"$f":"D52/365*D95","v":3.9992869206230064},null,{"$f":"D43-B43","v":1.6157252767873902}]
["Other Liabilities",{"$f":"B15","v":1.5},{"$f":"C15","v":2.5479180591252848},{"$f":"D15","v":2.7266229764106082},null,{"$f":"D44-B44","v":1.2266229764106082}]
["Bank Credit",{"$f":"MAX(B66-B67,0)","v":0},{"$f":"MAX(C66-C67,0)","v":5.8029796681714032},{"$f":"MAX(D66-D67,0)","v":25.279234119646382},null,{"$f":"D45-B45","v":25.279234119646382}]
["Current Liabilities",{"$f":"B43+B44+B45","v":3.8835616438356162},{"$f":"C43+C44+C45","v":11.532958151391265},{"$f":"D43+D44+D45","v":32.005144016679999}]
["Loan (Long-term Debt)",20,{"$f":"B47+C98","v":15},{"$f":"C47+D98","v":10},null,{"$f":"D47-B47","v":-10}]
["Equity + Reserves",30,{"$f":"B48+B49*(1-B99)","v":34.5},{"$f":"C48+C49*(1-C99)","v":42.143754177375854},null,{"$f":"D48-B48","v":12.143754177375854}]
["Net Income of the year",{"$f":"B16","v":4.5},{"$f":"C16","v":7.6437541773758539},{"$f":"D16","v":8.1798689292318247},null,{"$f":"D49-B49","v":3.6798689292318247}]
["Total Liabilities + Equity",{"$f":"B46+B47+B48+B49","v":58.38356164383562},{"$f":"C46+C47+C48+C49","v":68.67671232876711},{"$f":"D46+D47+D48+D49","v":92.328767123287676}]
[]
["Purchases",87,{"$f":"C5+(C37-B37)","v":116.14520547945206},{"$f":"D5+(D37-C37)","v":145.97397260273974},"COGS + inventory variation"]
["Capex o new investments in FA",null,{"$f":"C39-B39+C11","v":3},{"$f":"D39-C39+D11","v":4.0999999999999996},"Change in FA + depreciation"]
[]
["Short Balance Sheet",{"$f":"B3","v":2022},{"$f":"C3","v":2023},{"$f":"D3","v":2024},null,{"$f":"F34","v":"Differences"}]
["Cash Surplus",{"$f":"B35-B100","v":7.1506849315068592},{"$f":"C35-C100","v":0},{"$f":"D35-D100","v":7.1054273576010019E-15},null,{"$f":"D56-B56","v":-7.1506849315068521}]
["NFO or Net Current Assets",{"$f":"B100+B36+B37-B43-B44","v":27.349315068493151},{"$f":"C100+C36+C37-C43-C44","v":41.946733845547257},{"$f":"D100+D36+D37-D43-D44","v":62.602857226254059},null,{"$f":"D57-B57","v":35.253542157760904}]
["FA or Fixed Assets Net",{"$f":"B39","v":20},{"$f":"C39","v":21},{"$f":"D39","v":23},null,{"$f":"D58-B58","v":3}]
["NA, Net Assets",{"$f":"B56+B57+B58","v":54.500000000000014},{"$f":"C56+C57+C58","v":62.946733845547257},{"$f":"D56+D57+D58","v":85.602857226254059}]
[]
["D, Debt (long & short term)",{"$f":"B45+B47","v":20},{"$f":"C45+C47","v":20.802979668171403},{"$f":"D45+D47","v":35.279234119646382},null,{"$f":"D61-B61","v":15.279234119646382}]
["E, Equity",{"$f":"B48+B49","v":34.5},{"$f":"C48+C49","v":42.143754177375854},{"$f":"D48+D49","v":50.323623106607677},null,{"$f":"D62-B62","v":15.823623106607677}]
["Total Financing",{"$f":"B61+B62","v":54.5},{"$f":"C61+C62","v":62.946733845547257},{"$f":"D61+D62","v":85.602857226254059}]
[]
["Shortest  Balance Sheet: NFO vs WC"]
["NFO",{"$f":"B57","v":27.349315068493151},{"$f":"C57","v":41.946733845547257},62.602857226254059,null,{"$f":"D66-B66","v":35.253542157760904}]
["WC",{"$f":"B47+B48+B49-B39","v":34.5},{"$f":"C47+C48+C49-C39","v":36.143754177375854},{"$f":"D47+D48+D49-D39","v":37.323623106607677},null,{"$f":"D67-B67","v":2.8236231066076769}]
["Cash Surplus (+)",{"$f":"B67-B66","v":7.1506849315068486},{"$f":"C67-C66","v":-5.8029796681714032},{"$f":"D67-D66","v":-25.279234119646382},null,{"$f":"D68-B68","v":-32.429919051153234}]
["     Credit Needed (-)"]
[]
["Balance Sheet Ratios",{"$f":"B55","v":2022},{"$f":"C55","v":2023},2024,null,"In % of Sales 2024"]
["Receivables in Days",{"$f":"B36/B4*365","v":90},100,120,null,null,"Receivables =",{"$f":"D36/D4","v":0.32876712328767121}]
["Inventory in Days",30,30,30.000000000000004,null,null,"Inventory =",{"$f":"D37/D4","v":6.7397260273972609E-2}]
["Payables in Days",{"$f":"B43/B52*365","v":10},{"$f":"C43/C52*365","v":10},{"$f":"D43/D52*365","v":10},null,null,"Payables + other =",{"$f":"(D43+D44)/D4","v":3.8433770840192089E-2}]
["NFO / Sales in %",{"$f":"B66/B4","v":0.27349315068493152},{"$f":"C66/C4","v":0.2996195274681947},{"$f":"D66/D4","v":0.35773061272145179},null,null,"NFO =",{"$f":"H72+H73-H74","v":0.35773061272145179}]
["Leverage = Liabilities. / Equity",{"$f":"(B46+B47)/B62","v":0.69227714909668447},{"$f":"(C46+C47)/C62","v":0.62958221613856657},{"$f":"(D46+D47)/D62","v":0.83470031415851231}]
["Debt  / EBITDA",{"$f":"B61/B10","v":2},{"$f":"C61/C10","v":1.4366698665864235},{"$f":"D61/D10","v":2.0463592876825047}]
["Debt  / Net Income",{"$f":"B61/B16","v":4.4444444444444446},{"$f":"C61/C16","v":2.7215657627693606},{"$f":"D61/D16","v":4.3129339143285605}]
[]
["ASSUMPTIONS IN BOLD FONT"]
[]
["ASSUMPTIONS FOR THE P&L"]
["Sales growth","na",0.4,0.25]
["COGS in %",0.8,0.81,0.82]
["Salaries",5]
["Overhead",5]
["Increase of Opex",0.05,0.06,7.0000000000000007E-2]
["Interest",0.1,0.11,0.12]
["Depreciation",0.1,{"$f":"B89","v":0.1},{"$f":"C89","v":0.1}]
["Taxes",0.25,{"$f":"B90","v":0.25},{"$f":"C90","v":0.25}]
[]
["ASSUMPTIONS FOR THE BALANCE SHEET"]
["Receivables. Days",90,100,120]
["Inventory. Days",30,30,30]
["Payables. Days",10,10,10]
[]
["Increase of net FA",null,1,2]
["Increased of Long Term Debt",null,-5,-5]
["Pay out",0,0,0]
["Minimum cash",0,0,0]

{"sheet":"Anex 1-2","index":2,"n_rows":100,"n_cols":11,"rows_kept":100,"cut":false,"hidden":true,"merged":[]}
[null,null,"Anexo 1. PyG de la empresa LoA"]
["Cuenta de PyG"]
["(millones de reales)",2022,{"$f":"B3+1","v":2023},{"$f":"C3+1","v":2024},null,null,null,null,{"$f":"B3","v":2022},{"$f":"C3","v":2023},{"$f":"D3","v":2024}]
["Ventas",100,{"$f":"B4*(1+C83)","v":140},{"$f":"C4*(1+D83)","v":175},null,null,null,null,{"$f":"B4/B$4","v":1},{"$f":"C4/C$4","v":1},{"$f":"D4/D$4","v":1}]
["CMV",{"$f":"B4*B84","v":80},{"$f":"C4*C84","v":113.4},{"$f":"D4*D84","v":143.5},null,null,null,null,0.8,0.81,0.82]
["Margen bruto",{"$f":"B4-B5","v":20},{"$f":"C4-C5","v":26.599999999999994},{"$f":"D4-D5","v":31.5},null,null,null,null,0.2,0.18999999999999995,0.18]
["Salarios",{"$f":"B85","v":5},{"$f":"B7+(1+C87)","v":6.0600000000000005},{"$f":"C7+(1+D87)","v":7.1300000000000008},null,null,null,null,0.05,4.3285714285714288E-2,4.074285714285715E-2]
["Gastos generales",{"$f":"B86","v":5},{"$f":"B8+(1+C87)","v":6.0600000000000005},{"$f":"C8+(1+D87)","v":7.1300000000000008},null,null,null,null,0.05,4.3285714285714288E-2,4.074285714285715E-2]
["Opex o Gastos operativos (de estrucutra)",{"$f":"B7+B8","v":10},{"$f":"C7+C8","v":12.120000000000001},{"$f":"D7+D8","v":14.260000000000002},null,null,null,null,0.1,8.6571428571428577E-2,8.14857142857143E-2]
["EBITDA",{"$f":"B6-B9","v":10},{"$f":"C6-C9","v":14.479999999999993},{"$f":"D6-D9","v":17.239999999999998},null,null,null,null,0.1,0.10342857142857138,9.8514285714285707E-2]
["Amortización",2,{"$f":"C89*B39","v":2},{"$f":"D89*C39","v":2.1},null,null,null,null,0.02,1.4285714285714285E-2,1.2E-2]
["EBIT o BAIT",{"$f":"B10-B11","v":8},{"$f":"C10-C11","v":12.479999999999993},{"$f":"D10-D11","v":15.139999999999999},null,null,null,null,0.08,8.9142857142857093E-2,8.651428571428571E-2]
["Gastos financieros",{"$f":"B88*(B47+B45)","v":2},{"$f":"C88*(C47+C45)","v":2.2883277634988546},{"$f":"D88*(D47+D45)","v":4.2335080943575658},null,null,null,null,0.02,1.6345198310706105E-2,2.4191474824900375E-2]
["EBT o BAT Benef antes de impuestos",{"$f":"B12-B13","v":6},{"$f":"C12-C13","v":10.191672236501139},{"$f":"D12-D13","v":10.906491905642433},null,null,null,null,0.06,7.2797658832150988E-2,6.2322810889385329E-2]
["Impuestos (25%)",{"$f":"B14*B90","v":1.5},{"$f":"C14*C90","v":2.5479180591252848},{"$f":"D14*D90","v":2.7266229764106082},null,null,null,null,1.4999999999999999E-2,1.8199414708037747E-2,1.5580702722346332E-2]
["BN Beneficio neto o Resultado",{"$f":"B14-B15","v":4.5},{"$f":"C14-C15","v":7.6437541773758539},{"$f":"D14-D15","v":8.1798689292318247},null,null,null,null,4.4999999999999998E-2,5.4598244124113245E-2,4.6742108167038998E-2]
[]
["Ratios de cuenta de resultados"]
["Crecimiento de ventas",0.7,{"$f":"C4/B4-1","v":0.39999999999999991},{"$f":"D4/C4-1","v":0.25},{"$f":"AVERAGE(B19:D19)","v":0.44999999999999996},"Media de crecimiento ventas"]
["Margen bruto / Ventas",{"$f":"B6/B4","v":0.2},{"$f":"C6/C4","v":0.18999999999999995},{"$f":"D6/D4","v":0.18},{"$f":"(D20-B20)*100","v":-2.0000000000000018},"pp, puntos porcentuales"]
["Opex / Ventas",{"$f":"B9/B4","v":0.1},{"$f":"C9/C4","v":8.6571428571428577E-2},{"$f":"D9/D4","v":8.14857142857143E-2},{"$f":"(D21-B21)*100","v":-1.8514285714285705},"pp"]
["Aumento de Opex",0.2,{"$f":"C9/B9-1","v":0.21200000000000019},{"$f":"D9/C9-1","v":0.17656765676567665},{"$f":"AVERAGE(B22:D22)","v":0.19618921892189226},"media de 2 años"]
["EBITDA / Ventas",{"$f":"B10/B4","v":0.1},{"$f":"C10/C4","v":0.10342857142857138},{"$f":"D10/D4","v":9.8514285714285707E-2},{"$f":"(D23-B23)*100","v":-0.14857142857142985},"pp"]
["ROS, Beneficio / ventas",{"$f":"B16/B4","v":4.4999999999999998E-2},{"$f":"C16/C4","v":5.4598244124113245E-2},{"$f":"D16/D4","v":4.6742108167038998E-2},"Rentabilidad s/ ventas"]
["ROA, Benef. / activo total",{"$f":"B16/B40","v":7.7076489910839971E-2},{"$f":"C16/C40","v":0.11130052558113004},{"$f":"D16/D40","v":8.8595019559929253E-2},"Rentabilidad del activo total"]
["RONA, EBIT / activo neto",{"$f":"B12/B59","v":0.14678899082568803},{"$f":"C12/C59","v":0.19826286826290682},{"$f":"D12/D59","v":0.17686325539326297},"Rentabilidad  del activo neto"]
["ROE, Beneficio  / Equity",{"$f":"B16/B48","v":0.15},{"$f":"C16/C48","v":0.22155809209785085},{"$f":"D16/D48","v":0.19409445335135914},"Rentab del capital (equity)"]
["CFO = Beneficio neto + amortización",{"$f":"B16+B11","v":6.5},{"$f":"C16+C11","v":9.6437541773758539},{"$f":"D16+D11","v":10.279868929231824},"CFO cash flow operaciones"]
["Inflación",0.09,0.1,0.11]
["Tipo de interés ",{"$f":"B13/B61","v":0.1},{"$f":"C13/C61","v":0.11000000000000001},{"$f":"D13/D61","v":0.12}]
[]
[null,null,"Anexo 2. Balances de la empresa LoA"]
["Activo",null,null,null,null,"2022-24"]
[{"$f":"A3","v":"(millones de reales)"},{"$f":"B3","v":2022},{"$f":"C3","v":2023},{"$f":"D3","v":2024},null,"Diferencias"]
["Caja",{"$f":"MAX(B50-B36-B37-B39,B100)","v":7.1506849315068592},{"$f":"MAX(C50-C36-C37-C39,C100)","v":0},{"$f":"MAX(D50-D36-D37-D39,D100)","v":7.1054273576010019E-15},null,{"$f":"D35-B35","v":-7.1506849315068521}]
["Clientes",{"$f":"B4/365*B93","v":24.657534246575342},38.356164383561641,57.534246575342465,null,{"$f":"D36-B36","v":32.876712328767127}]
["Existencias",6.5753424657534243,9.3205479452054796,11.794520547945206,null,{"$f":"D37-B37","v":5.2191780821917817}]
["Activo corriente,  AC",{"$f":"SUM(B35:B37)","v":38.383561643835627},{"$f":"SUM(C35:C37)","v":47.676712328767124},{"$f":"SUM(D35:D37)","v":69.328767123287676}]
["Activo no corriente o fijo,  AF",20,{"$f":"B39+C97","v":21},{"$f":"C39+D97","v":23},null,{"$f":"D39-B39","v":3}]
["Activo total",{"$f":"B38+B39","v":58.383561643835627},{"$f":"C38+C39","v":68.676712328767124},{"$f":"D38+D39","v":92.328767123287676}]
[null,null,null," "]
["Pasivo y Patrimonio"]
["Proveedores",{"$f":"B52/365*B95","v":2.3835616438356162},{"$f":"C52/365*C95","v":3.1820604240945771},{"$f":"D52/365*D95","v":3.9992869206230064},null,{"$f":"D43-B43","v":1.6157252767873902}]
["Otros acreedores",{"$f":"B15","v":1.5},{"$f":"C15","v":2.5479180591252848},{"$f":"D15","v":2.7266229764106082},null,{"$f":"D44-B44","v":1.2266229764106082}]
["Deuda a corto (líneas de crédito)",{"$f":"MAX(B66-B67,0)","v":0},{"$f":"MAX(C66-C67,0)","v":5.8029796681714032},{"$f":"MAX(D66-D67,0)","v":25.279234119646382},null,{"$f":"D45-B45","v":25.279234119646382}]
["Pasivo corriente",{"$f":"B43+B44+B45","v":3.8835616438356162},{"$f":"C43+C44+C45","v":11.532958151391265},{"$f":"D43+D44+D45","v":32.005144016679999}]
["Deuda a largo (préstamos bancarios)",20,{"$f":"B47+C98","v":15},{"$f":"C47+D98","v":10},null,{"$f":"D47-B47","v":-10}]
["Patrimonio (Capital y reservas)",30,{"$f":"B48+B49*(1-B99)","v":34.5},{"$f":"C48+C49*(1-C99)","v":42.143754177375854},null,{"$f":"D48-B48","v":12.143754177375854}]
["Beneficio del año o Resultado",{"$f":"B16","v":4.5},{"$f":"C16","v":7.6437541773758539},{"$f":"D16","v":8.1798689292318247},null,{"$f":"D49-B49","v":3.6798689292318247}]
["Total pasivo y patrimonio",{"$f":"B46+B47+B48+B49","v":58.38356164383562},{"$f":"C46+C47+C48+C49","v":68.67671232876711},{"$f":"D46+D47+D48+D49","v":92.328767123287676}]
[]
["Compras",87,{"$f":"C5+(C37-B37)","v":116.14520547945206},{"$f":"D5+(D37-C37)","v":145.97397260273974},"CMV + variac existencias"]
["Capex o Nueva inversión bruta",null,{"$f":"C39-B39+C11","v":3},{"$f":"D39-C39+D11","v":4.0999999999999996},"Variación AF + amortización"]
[]
["Balance corto",{"$f":"B3","v":2022},{"$f":"C3","v":2023},{"$f":"D3","v":2024},null,{"$f":"F34","v":"Diferencias"}]
["Caja excedente",{"$f":"B35-B100","v":7.1506849315068592},{"$f":"C35-C100","v":0},{"$f":"D35-D100","v":7.1054273576010019E-15},null,{"$f":"D56-B56","v":-7.1506849315068521}]
["NOF o circulante neto",{"$f":"B100+B36+B37-B43-B44","v":27.349315068493151},{"$f":"C100+C36+C37-C43-C44","v":41.946733845547257},{"$f":"D100+D36+D37-D43-D44","v":62.602857226254059},null,{"$f":"D57-B57","v":35.253542157760904}]
["AF o activo fijo neto",{"$f":"B39","v":20},{"$f":"C39","v":21},{"$f":"D39","v":23},null,{"$f":"D58-B58","v":3}]
["AN o activo neto",{"$f":"B56+B57+B58","v":54.500000000000014},{"$f":"C56+C57+C58","v":62.946733845547257},{"$f":"D56+D57+D58","v":85.602857226254059}]
[]
["D, Deuda (a largo y corto)",{"$f":"B45+B47","v":20},{"$f":"C45+C47","v":20.802979668171403},{"$f":"D45+D47","v":35.279234119646382},null,{"$f":"D61-B61","v":15.279234119646382}]
["E, Equity o Patrimonio",{"$f":"B48+B49","v":34.5},{"$f":"C48+C49","v":42.143754177375854},{"$f":"D48+D49","v":50.323623106607677},null,{"$f":"D62-B62","v":15.823623106607677}]
["Financiación total",{"$f":"B61+B62","v":54.5},{"$f":"C61+C62","v":62.946733845547257},{"$f":"D61+D62","v":85.602857226254059}]
[]
["Extracto del balance, NOF vs FM"]
["NOF",{"$f":"B57","v":27.349315068493151},{"$f":"C57","v":41.946733845547257},62.602857226254059,null,{"$f":"D66-B66","v":35.253542157760904}]
["FM",{"$f":"B47+B48+B49-B39","v":34.5},{"$f":"C47+C48+C49-C39","v":36.143754177375854},{"$f":"D47+D48+D49-D39","v":37.323623106607677},null,{"$f":"D67-B67","v":2.8236231066076769}]
["Caja excedente (+)",{"$f":"B67-B66","v":7.1506849315068486},{"$f":"C67-C66","v":-5.8029796681714032},{"$f":"D67-D66","v":-25.279234119646382},null,{"$f":"D68-B68","v":-32.429919051153234}]
["     o crédito necesario (-)"]
[]
["Ratios de balance",{"$f":"B55","v":2022},{"$f":"C55","v":2023},2024,null,"En % de Ventas 2024"]
["Días de cobro",{"$f":"B36/B4*365","v":90},100,120,null,null,"Clientes =",{"$f":"D36/D4","v":0.32876712328767121}]
["Días de existencias",30,30,30.000000000000004,null,null,"Existencias =",{"$f":"D37/D4","v":6.7397260273972609E-2}]
["Días de pago",{"$f":"B43/B52*365","v":10},{"$f":"C43/C52*365","v":10},{"$f":"D43/D52*365","v":10},null,null,"Proveed + otros =",{"$f":"(D43+D44)/D4","v":3.8433770840192089E-2}]
["NOF / Ventas en %",{"$f":"B57/B4","v":0.27349315068493152},{"$f":"C57/C4","v":0.2996195274681947},0.35773061272145179,null,null,"NOF =",{"$f":"H72+H73-H74","v":0.35773061272145179}]
["Apalancamiento (Pasivo / Patrimonio)",{"$f":"(B46+B47)/B62","v":0.69227714909668447},{"$f":"(C46+C47)/C62","v":0.62958221613856657},{"$f":"(D46+D47)/D62","v":0.83470031415851231}]
["Deuda / EBITDA",{"$f":"B61/B10","v":2},{"$f":"C61/C10","v":1.4366698665864235},{"$f":"D61/D10","v":2.0463592876825047}]
["Deuda / Benef neto",{"$f":"B61/B16","v":4.4444444444444446},{"$f":"C61/C16","v":2.7215657627693606},{"$f":"D61/D16","v":4.3129339143285605}]
[]
["HIPOTESIS EN NEGRITA"]
["BALANCE CALCULADO EN FUNCION DEL AÑO QUE TERMINA NO DEL SIGUIENTE"]
["HIPOTESIS CUENTA DE RDOS"]
["Crecimiento ventas","na",0.4,0.25]
["CMV en %",0.8,0.81,0.82]
["Salarios",5]
["Gastos generales",5]
["Incremento de Opex",0.05,0.06,7.0000000000000007E-2]
["Intereses",0.1,0.11,0.12]
["Amortización",0.1,{"$f":"B89","v":0.1},{"$f":"C89","v":0.1}]
["Impuestos",0.25,{"$f":"B90","v":0.25},{"$f":"C90","v":0.25}]
[]
["HIPOTESIS DE BALANCE"]
["Clientes días",90,100,120]
["Existencias días",30,30,30]
["Proveedores días",10,10,10]
[]
["Inversión neta (aumento de AF neto)",null,1,2]
["Incr. Deuda largo",null,-5,-5]
["Pay out",0,0,0]
["Minimum cash",0,0,0]

{"sheet":"Anex 1-2 PT","index":3,"n_rows":100,"n_cols":11,"rows_kept":100,"cut":false,"hidden":true,"merged":[]}
[null,null,"Anexo 1. Demonstrativo de resultados. Companhia LoA"]
["Demonstrativo de Resultados"]
["(Milhões de reais)",2022,{"$f":"B3+1","v":2023},{"$f":"C3+1","v":2024},null,null,null,null,{"$f":"B3","v":2022},{"$f":"C3","v":2023},{"$f":"D3","v":2024}]
["Vendas",100,{"$f":"B4*(1+C83)","v":140},{"$f":"C4*(1+D83)","v":175},null,null,null,null,{"$f":"B4/B$4","v":1},{"$f":"C4/C$4","v":1},{"$f":"D4/D$4","v":1}]
["CMV",{"$f":"B4*B84","v":80},{"$f":"C4*C84","v":113.4},{"$f":"D4*D84","v":143.5},null,null,null,null,0.8,0.81,0.82]
["Margem bruta",{"$f":"B4-B5","v":20},{"$f":"C4-C5","v":26.599999999999994},{"$f":"D4-D5","v":31.5},null,null,null,null,0.2,0.18999999999999995,0.18]
["Salários",{"$f":"B85","v":5},{"$f":"B7+(1+C87)","v":6.0600000000000005},{"$f":"C7+(1+D87)","v":7.1300000000000008},null,null,null,null,0.05,4.3285714285714288E-2,4.074285714285715E-2]
["Despesas gerais",{"$f":"B86","v":5},{"$f":"B8+(1+C87)","v":6.0600000000000005},{"$f":"C8+(1+D87)","v":7.1300000000000008},null,null,null,null,0.05,4.3285714285714288E-2,4.074285714285715E-2]
["Opex o despesas operacionais",{"$f":"B7+B8","v":10},{"$f":"C7+C8","v":12.120000000000001},{"$f":"D7+D8","v":14.260000000000002},null,null,null,null,0.1,8.6571428571428577E-2,8.14857142857143E-2]
["EBITDA",{"$f":"B6-B9","v":10},{"$f":"C6-C9","v":14.479999999999993},{"$f":"D6-D9","v":17.239999999999998},null,null,null,null,0.1,0.10342857142857138,9.8514285714285707E-2]
["Amortização",2,{"$f":"C89*B39","v":2},{"$f":"D89*C39","v":2.1},null,null,null,null,0.02,1.4285714285714285E-2,1.2E-2]
["EBIT ou BAIT",{"$f":"B10-B11","v":8},{"$f":"C10-C11","v":12.479999999999993},{"$f":"D10-D11","v":15.139999999999999},null,null,null,null,0.08,8.9142857142857093E-2,8.651428571428571E-2]
["Despesas financeiras",{"$f":"B88*(B47+B45)","v":2},{"$f":"C88*(C47+C45)","v":2.2883277634988546},{"$f":"D88*(D47+D45)","v":4.2335080943575658},null,null,null,null,0.02,1.6345198310706105E-2,2.4191474824900375E-2]
["EBT ou BAT",{"$f":"B12-B13","v":6},{"$f":"C12-C13","v":10.191672236501139},{"$f":"D12-D13","v":10.906491905642433},null,null,null,null,0.06,7.2797658832150988E-2,6.2322810889385329E-2]
["Impostos (25%)",{"$f":"B14*B90","v":1.5},{"$f":"C14*C90","v":2.5479180591252848},{"$f":"D14*D90","v":2.7266229764106082},null,null,null,null,1.4999999999999999E-2,1.8199414708037747E-2,1.5580702722346332E-2]
["LL Lucro líquido",{"$f":"B14-B15","v":4.5},{"$f":"C14-C15","v":7.6437541773758539},{"$f":"D14-D15","v":8.1798689292318247},null,null,null,null,4.4999999999999998E-2,5.4598244124113245E-2,4.6742108167038998E-2]
[]
["Índices do demonstrativo de resultados"]
["Crescimento das vendas",0.7,{"$f":"C4/B4-1","v":0.39999999999999991},{"$f":"D4/C4-1","v":0.25},{"$f":"AVERAGE(B19:D19)","v":0.44999999999999996},"Crescimento médio de vendas"]
["Margem bruta / vendas",{"$f":"B6/B4","v":0.2},{"$f":"C6/C4","v":0.18999999999999995},{"$f":"D6/D4","v":0.18},{"$f":"(D20-B20)*100","v":-2.0000000000000018},"pp, pontos percentuais"]
["Opex / Vendas",{"$f":"B9/B4","v":0.1},{"$f":"C9/C4","v":8.6571428571428577E-2},{"$f":"D9/D4","v":8.14857142857143E-2},{"$f":"(D21-B21)*100","v":-1.8514285714285705},"pp"]
["Aumento de Opex",0.2,{"$f":"C9/B9-1","v":0.21200000000000019},{"$f":"D9/C9-1","v":0.17656765676567665},{"$f":"AVERAGE(B22:D22)","v":0.19618921892189226},"Crescimento médio de opex"]
["EBITDA / Vendas",{"$f":"B10/B4","v":0.1},{"$f":"C10/C4","v":0.10342857142857138},{"$f":"D10/D4","v":9.8514285714285707E-2},{"$f":"(D23-B23)*100","v":-0.14857142857142985},"pp"]
["ROS, Lucro líquido / vendas",{"$f":"B16/B4","v":4.4999999999999998E-2},{"$f":"C16/C4","v":5.4598244124113245E-2},{"$f":"D16/D4","v":4.6742108167038998E-2},"Rentabilidade s/ Vendas"]
["ROA, Lucro / ativo total",{"$f":"B16/B40","v":7.7076489910839971E-2},{"$f":"C16/C40","v":0.11130052558113004},{"$f":"D16/D40","v":8.8595019559929253E-2},"Rentabilidade do ativo total"]
["RONA, EBIT / ativo líquido",{"$f":"B12/B59","v":0.14678899082568803},{"$f":"C12/C59","v":0.19826286826290682},{"$f":"D12/D59","v":0.17686325539326297},"Rentabilidade do ativo liquido"]
["ROE, Lucro líquido / recursos próprios",{"$f":"B16/B48","v":0.15},{"$f":"C16/C48","v":0.22155809209785085},{"$f":"D16/D48","v":0.19409445335135914},"Rentabilidade do capital (equity)"]
["CFO = Lucro líquido + amortização",{"$f":"B16+B11","v":6.5},{"$f":"C16+C11","v":9.6437541773758539},{"$f":"D16+D11","v":10.279868929231824},"CFO cash flow operações"]
["Inflação",0.09,0.1,0.11]
["Juros",{"$f":"B13/B61","v":0.1},{"$f":"C13/C61","v":0.11000000000000001},{"$f":"D13/D61","v":0.12}]
[]
[null,null,"Anexo 2. Balanços da companhia LoA"]
["Ativo",null,null,null,null,"2022-24"]
[{"$f":"A3","v":"(Milhões de reais)"},{"$f":"B3","v":2022},{"$f":"C3","v":2023},{"$f":"D3","v":2024},null,"Diferenças"]
["Caixa",{"$f":"MAX(B50-B36-B37-B39,B100)","v":7.1506849315068592},{"$f":"MAX(C50-C36-C37-C39,C100)","v":0},{"$f":"MAX(D50-D36-D37-D39,D100)","v":7.1054273576010019E-15},null,{"$f":"D35-B35","v":-7.1506849315068521}]
["Clientes",{"$f":"B4/365*B93","v":24.657534246575342},38.356164383561641,57.534246575342465,null,{"$f":"D36-B36","v":32.876712328767127}]
["Estoques",6.5753424657534243,9.3205479452054796,11.794520547945206,null,{"$f":"D37-B37","v":5.2191780821917817}]
["Ativo corrente,  AC",{"$f":"SUM(B35:B37)","v":38.383561643835627},{"$f":"SUM(C35:C37)","v":47.676712328767124},{"$f":"SUM(D35:D37)","v":69.328767123287676}]
["Ativo não corrente o fixo,  AF",20,{"$f":"B39+C97","v":21},{"$f":"C39+D97","v":23},null,{"$f":"D39-B39","v":3}]
["Ativo total",{"$f":"B38+B39","v":58.383561643835627},{"$f":"C38+C39","v":68.676712328767124},{"$f":"D38+D39","v":92.328767123287676}]
[null,null,null," "]
["Passivo e Patrimônio"]
["Fornecedores",{"$f":"B52/365*B95","v":2.3835616438356162},{"$f":"C52/365*C95","v":3.1820604240945771},{"$f":"D52/365*D95","v":3.9992869206230064},null,{"$f":"D43-B43","v":1.6157252767873902}]
["Outros credores",{"$f":"B15","v":1.5},{"$f":"C15","v":2.5479180591252848},{"$f":"D15","v":2.7266229764106082},null,{"$f":"D44-B44","v":1.2266229764106082}]
["Dívida curto prazo (Crédito bancário)",{"$f":"MAX(B66-B67,0)","v":0},{"$f":"MAX(C66-C67,0)","v":5.8029796681714032},{"$f":"MAX(D66-D67,0)","v":25.279234119646382},null,{"$f":"D45-B45","v":25.279234119646382}]
["Passivo corrente",{"$f":"B43+B44+B45","v":3.8835616438356162},{"$f":"C43+C44+C45","v":11.532958151391265},{"$f":"D43+D44+D45","v":32.005144016679999},null,null,null,null,"Outros credores"]
["Dívida longo prazo (Empréstimo bancário)",20,{"$f":"B47+C98","v":15},{"$f":"C47+D98","v":10},null,{"$f":"D47-B47","v":-10}]
["Patrimônio (Capital próprio o equity)",30,{"$f":"B48+B49*(1-B99)","v":34.5},{"$f":"C48+C49*(1-C99)","v":42.143754177375854},null,{"$f":"D48-B48","v":12.143754177375854}]
["Lucro do ano ",{"$f":"B16","v":4.5},{"$f":"C16","v":7.6437541773758539},{"$f":"D16","v":8.1798689292318247},null,{"$f":"D49-B49","v":3.6798689292318247}]
["Total passivo e patrimônio",{"$f":"B46+B47+B48+B49","v":58.38356164383562},{"$f":"C46+C47+C48+C49","v":68.67671232876711},{"$f":"D46+D47+D48+D49","v":92.328767123287676}]
[]
["Compras",87,{"$f":"C5+(C37-B37)","v":116.14520547945206},{"$f":"D5+(D37-C37)","v":145.97397260273974},"CMV + Variac estoques"]
["Capex o Novo investimento bruto",null,{"$f":"C39-B39+C11","v":3},{"$f":"D39-C39+D11","v":4.0999999999999996},"Variação do AF + amortização"]
[]
["Balanço curto",{"$f":"B3","v":2022},{"$f":"C3","v":2023},{"$f":"D3","v":2024},null,{"$f":"F34","v":"Diferenças"}]
["Caixa excedente",{"$f":"B35-B100","v":7.1506849315068592},{"$f":"C35-C100","v":0},{"$f":"D35-D100","v":7.1054273576010019E-15},null,{"$f":"D56-B56","v":-7.1506849315068521}]
["NOF ou circulante líquido",{"$f":"B100+B36+B37-B43-B44","v":27.349315068493151},{"$f":"C100+C36+C37-C43-C44","v":41.946733845547257},{"$f":"D100+D36+D37-D43-D44","v":62.602857226254059},null,{"$f":"D57-B57","v":35.253542157760904}]
["AF ou ativo fixo líquido",{"$f":"B39","v":20},{"$f":"C39","v":21},{"$f":"D39","v":23},null,{"$f":"D58-B58","v":3}]
["AL ou ativo líquido",{"$f":"B56+B57+B58","v":54.500000000000014},{"$f":"C56+C57+C58","v":62.946733845547257},{"$f":"D56+D57+D58","v":85.602857226254059}]
[]
["D ou Dívida (a longo e a curto)",{"$f":"B45+B47","v":20},{"$f":"C45+C47","v":20.802979668171403},{"$f":"D45+D47","v":35.279234119646382},null,{"$f":"D61-B61","v":15.279234119646382}]
["E, Equity o Patrimônio",{"$f":"B48+B49","v":34.5},{"$f":"C48+C49","v":42.143754177375854},{"$f":"D48+D49","v":50.323623106607677},null,{"$f":"D62-B62","v":15.823623106607677}]
["Total financiamento",{"$f":"B61+B62","v":54.5},{"$f":"C61+C62","v":62.946733845547257},{"$f":"D61+D62","v":85.602857226254059}]
[]
["Extrato do balanço, NOF vs CG"]
["NOF",{"$f":"B57","v":27.349315068493151},{"$f":"C57","v":41.946733845547257},62.602857226254059,null,{"$f":"D66-B66","v":35.253542157760904}]
["CG",{"$f":"B47+B48+B49-B39","v":34.5},{"$f":"C47+C48+C49-C39","v":36.143754177375854},{"$f":"D47+D48+D49-D39","v":37.323623106607677},null,{"$f":"D67-B67","v":2.8236231066076769}]
["Caixa excedente (+)",{"$f":"B67-B66","v":7.1506849315068486},{"$f":"C67-C66","v":-5.8029796681714032},{"$f":"D67-D66","v":-25.279234119646382},null,{"$f":"D68-B68","v":-32.429919051153234}]
["     ou crédito necessário (-)"]
[]
["Índices do balanço",{"$f":"B55","v":2022},{"$f":"C55","v":2023},2024,null,"Em % das Vendas 2024"]
["Dias de cobrança",{"$f":"B36/B4*365","v":90},100,120,null,null,"Clientes =",{"$f":"D36/D4","v":0.32876712328767121}]
["Dias de estoques",30,30,30.000000000000004,null,null,"Estoques =",{"$f":"D37/D4","v":6.7397260273972609E-2}]
["Dias de pagamento",{"$f":"B43/B52*365","v":10},{"$f":"C43/C52*365","v":10},{"$f":"D43/D52*365","v":10},null,null,"Fornecedores + outros =",{"$f":"(D43+D44)/D4","v":3.8433770840192089E-2}]
["NOF / Vendas em %",{"$f":"B66/B4","v":0.27349315068493152},{"$f":"C66/C4","v":0.2996195274681947},{"$f":"D66/D4","v":0.35773061272145179},null,null,"NOF =",{"$f":"H72+H73-H74","v":0.35773061272145179}]
["Alavancagem (Passivo / Patrimônio)",{"$f":"(B46+B47)/B62","v":0.69227714909668447},{"$f":"(C46+C47)/C62","v":0.62958221613856657},{"$f":"(D46+D47)/D62","v":0.83470031415851231}]
["Dívida / Ebitda",{"$f":"B61/B10","v":2},{"$f":"C61/C10","v":1.4366698665864235},{"$f":"D61/D10","v":2.0463592876825047}]
["Dívida / Lucro liquido",{"$f":"B61/B16","v":4.4444444444444446},{"$f":"C61/C16","v":2.7215657627693606},{"$f":"D61/D16","v":4.3129339143285605}]
[]
["Hipóteses EM NEGRITO"]
["BALANÇO CALCULADO EM FUNÇÃO DO ANO QUE TERMINA E NÃO DO ANO SEGUINTE"]
["HIPÓTESES DEMONSTRATIVO DE RESULTADOS"]
["Crescimento das vendas","na",0.4,0.25]
["CMVen %",0.8,0.81,0.82]
["Salários",5]
["Despesas gerais",5]
["Incremento de Opex",0.05,0.06,7.0000000000000007E-2]
["Juros",0.1,0.11,0.12]
["Amortização",0.1,{"$f":"B89","v":0.1},{"$f":"C89","v":0.1}]
["Impostos",0.25,{"$f":"B90","v":0.25},{"$f":"C90","v":0.25}]
[]
["HIPÓTESES DO BALANÇO"]
["Clientes dias",90,100,120]
["Estoques dias",30,30,30]
["Fornecedores dias",10,10,10]
[]
["Incr. AF líquido",null,1,2]
["Incr. Dívida longo",null,-5,-5]
["Pay out",0,0,0]
["Minimum cash",0,0,0]

{"sheet":"Fig 1-3","index":4,"n_rows":86,"n_cols":27,"rows_kept":86,"cut":false,"hidden":false,"merged":[]}
[null,"VERSION EN ESPAÑOL Línea 30. PORTUGUÊS, linha 60"]
[]
[null,null,null,"Figure 1. Main items in the Balance Sheet",null,null,null,null,null,null,null,null,"Figure 2. The Short Balance Sheet"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Figure 3. NFO vs. WC"]
[1,null,null,"Cash (2$)",null,"Payables",null,null,null,null,"Cash (2$)",null,"Payables"]
[2,null,null,null,null,"(6$)",null,null,null,null,null,null,"(6$)"]
[3,null,null,null,null,null,null,"Spontaneous"]
[4,"Current",null,"Receivables",null,"Other Liab.",null,"Funds (SF)",null,null,"Receivables",null,"Other Liab."]
[5,"Assets",null,"(12$)",null,"(4$)",null,null,null,null,"(12$)",null,"(4$)"]
[6,"(CA)",null,null,null,null,null,null,null,null,null,null,null,null,null,"Cash (2$)",null,null,null,null,"Cash (2$)",null,null,null,"Cash (2$)"]
[7,null,null,null,null,"Credit",null,null,null,null,null,null,"Credit",null,null,null,null,"Credit",null,null,null,null,"Credit",null,null,null,"Credit"]
[8,null,null,"Inventory",null,"(6$)",null,"Debt (D)",null,null,"Inventory",null,"(6$)",null,null,"NFO",null,"(6$)",null,null,"NFO",null,"(6$)",null,"NFO",null,"(6$)"]
[9,null,null,"(6$)",null,"Long Term Debt",null,null,null,null,"(6$)",null,"Long Term Debt",null,null,"(8$)",null,"Long Term Debt",null,null,"(8$)",null,"Long Term Debt",null,"(8$)",null,"WC"]
[10,null,null,null,null,"(4$)",null,null,null,null,null,null,"(4$)",null,null,null,null,"(4$)",null,null,null,null,"(4$)",null,null,null,"(4$)"]
[11,"Fixed "]
[12,"Assets net",null,"Fixed Assets",null,"Equity",null,null,null,null,"Fixed Assets",null,"Equity",null,null,"Fixed Assets",null,"Equity",null,null,"Fixed Assets",null,"Equity"]
[13,"(FA)",null,"(10$)",null,"(10$)",null,"Equity (E)",null,null,"(10$)",null,"(10$)",null,null,"(10$)",null,"(10$)",null,null,"(10$)",null,"(10$)"]
[14]
[15]
[null,null,null,"30$",null,"30$",null,null,null,null,"30$",null,"30$",null,null,"18$",null,"20$"]
[null,null,null,"Total Assets",null,"Liab. + Equity",null,null,null,null,"Total Assets",null,"Liab. + Equity",null,null,"Net Assets",null,"Debt+ Equity",null,null,null,null,null,null,"NFO",{"$f":"Q24","v":8}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"WC",{"$f":"S25+S24-Q25","v":4}]
[null,null,null,"Cash",2,"Payables",6,null,null,null,null,null,null,null,null,"Cash Surplus",{"$f":"E23","v":2},"Debt Short",{"$f":"G25","v":6},null,null,null,null,null,"Credit",{"$f":"Z22-Z21","v":-4}]
[null,null,null,"Receivables",12,"Other Liabilities",4,null,null,null,null,null,null,null,null,"NFO",{"$f":"E24+E25-G23-G24","v":8},"Debt Long",{"$f":"G26","v":4}]
[null,null,null,"Inventory",6,"Credit",6,null," ",null,null,null,null,null,null,"FA",{"$f":"E26","v":10},"Equity",{"$f":"G27","v":10}]
[null,null,null,"Fixed Assets",10,"Long Term Debt",4,null,null,null,null,null,null,null,null,"NA",{"$f":"Q23+Q24+Q25","v":20},"Financing",{"$f":"S23+S24+S25","v":20}]
[null,null,null,null,null,"Equity",10]
[null,null,null,"Total Assets",{"$f":"SUM(E23:E26)","v":30},"Total Liab. + Equity",{"$f":"SUM(G23:G27)","v":30}]
[]
[]
[]
[null,null,null,"Figura 1. Elementos principales del balance",null,null,null,null,null,null,null,null,"Figura 2. El balance corto"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Figura 3. NFO frente a WC"]
[1,null,null,"Caja (2$)",null,"Proveedores",null,null,null,null,"Caja (2$)",null,"Proveedores"]
[2,null,null,null,null,"(6$)",null,null,null,null,null,null,"(6$)"]
[3,null,null,null,null,null,null,"Financiación "]
[4,"Activo",null,"Clientes",null,"Otros pasivos",null,"espontánea (FE)",null,null,"Clientes",null,"Otros pasivos"]
[5,"corriente",null,"(12$)",null,"(4$)",null,null,null,null,"(12$)",null,"(4$)"]
[6,"(AC)",null,null,null,null,null,null,null,null,null,null,null,null,null,"Caja (2$)",null,null,null,null,"Caja (2$)",null,null,null,"Caja (2$)"]
[7,null,null,null,null,"Crédito",null,null,null,null,null,null,"Crédito",null,null,null,null,"Crédito",null,null,null,null,"Crédito",null,null,null,"Crédito"]
[8,null,null,"Existencias",null,"(6$)",null,"Deuda (D)",null,null,"Existencias",null,"(6$)",null,null,"NOF",null,"(6$)",null,null,"NOF",null,"(6$)",null,"NOF",null,"(6$)"]
[9,null,null,"(6$)",null,"Deuda a largo",null,null,null,null,"(6$)",null,"Deuda a largo",null,null,"(8$)",null,"Deuda a largo",null,null,"(8$)",null,"Deuda a largo",null,"(8$)",null,"FM"]
[10,null,null,null,null,"(4$)",null,null,null,null,null,null,"(4$)",null,null,null,null,"(4$)",null,null,null,null,"(4$)",null,null,null,"(4$)"]
[11,"Activo "]
[12,"fijo",null,"Activo fijo neto",null,"Patrimonio neto",null,"Patrimonio",null,null,"Activo fijo neto",null,"Equity o ",null,null,"Activo fijo neto",null,"Patrimonio",null,null,"Activo fijo neto",null,"Equity o "]
[13,"(AF)",null,"(10$)",null,"(10$)",null,"o",null,null,"(10$)",null,"Patrimonio",null,null,"(10$)",null,"(10$)",null,null,"(10$)",null,"Patrimonio"]
[14,null,null,null,null,null,null,"Equity €",null,null,null,null,"(10$)",null,null,null,null,null,null,null,null,null,"(10$)"]
[15]
[null,null,null,"30$",null,"30$",null,null,null,null,"30$",null,"30$",null,null,"18$",null,"20$"]
[null,null,null,"Activo Total",null,"Pasivo + Patrimonio",null,null,null,null,"Activo Total",null,"Pasivo + Patrimonio",null,null,"Activo Neto",null,"Deuda + Patrimonio",null,null,null,null,null,null,"NOF",{"$f":"Q53","v":8}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"FM",{"$f":"S54+S53-Q54","v":4}]
[null,null,null,"Caja",2,"Proveedores",6,null,null,null,null,null,null,null,null,"Caja excedente",{"$f":"E52","v":2},"Crédito",{"$f":"G54","v":6},null,null,null,null,null,"Crédito",{"$f":"Z51-Z50","v":-4}]
[null,null,null,"Clientes",12,"Otros pasivos",4,null,null,null,null,null,null,null,null,"NOF",{"$f":"E53+E54-G52-G53","v":8},"Deuda a largo",{"$f":"G55","v":4}]
[null,null,null,"Existencias",6,"Crédito",6,null," ",null,null,null,null,null,null,"AF",{"$f":"E55","v":10},"Patrimonio",{"$f":"G56","v":10}]
[null,null,null,"Activo Fijo",10,"Deuda a largo",4,null,null,null,null,null,null,null,null,"AN",{"$f":"Q52+Q53+Q54","v":20},"Financiación",{"$f":"S52+S53+S54","v":20}]
[null,null,null,null,null,"Patrimonio neto",10]
[null,null,null,"Activo Total",{"$f":"SUM(E52:E55)","v":30},"Pasivo + Patrimonio",{"$f":"SUM(G52:G56)","v":30}]
[]
[]
[]
[null,null,null,"Figura 1. Principais itens do balanço",null,null,null,null,null,null,null,null,"Figura 2. O Balanço curto"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Figura 3. NOF vs. CG"]
[null,null,null,"Caixa (€ 2)",null,"Contas a Pagar",null,null,null,null,"Caixa (€ 2)",null,"Contas a Pagar"]
[null,null,null,null,null,"(€6)",null,null,null,null,null,null,"(€6)"]
[null,null,null,null,null,null,null,"Passivos "]
[null,"Ativo",null,"Contas a Receber",null,"Outros Passivos",null,"Espontâneos ",null,null,"Contas a Receber",null,"Outros Passivos"]
[null,"Circulante",null,"(€12)",null,"(€4)",null,"(PE)",null,null,"(€12)",null,"(€4)"]
[null,"(AC)",null,null,null,null,null,null,null,null,null,null,null,null,null,"Caixa (€ 2)",null,null,null,null,"Caixa (€ 2)",null,null,null,"Caixa (€ 2)"]
[null,null,null,null,null,"Crédito",null,null,null,null,null,null,"Crédito",null,null,null,null,"Crédito",null,null,null,null,"Crédito",null,null,null,"Crédito"]
[null,null,null,"Estoques",null,"(€6)",null,"Dívida (D)",null,null,"Estoques",null,"(€6)",null,null,"NOF",null,"(€6)",null,null,"NOF",null,"(€6)",null,"NOF",null,"(€6)"]
[null,null,null,"(€6)",null,"Dívida Longo Prazo",null,null,null,null,"(€6)",null,"Dívida Longo Prazo",null,null,"(€8)",null,"Dívida Longo Prazo",null,null,"(€8)",null,"Dívida Longo Prazo",null,"(€8)",null,"CG"]
[null,null,null,null,null,"(€4)",null,null,null,null,null,null,"(€4)",null,null,null,null,"(€4)",null,null,null,null,"(€4)",null,null,null,"(€4)"]
[null,"Ativos "]
[null,"Fixos Líq.",null,"Ativos Fixos",null,"Pat. Líquido",null,"Patrimônio",null,null,"Ativos Fixos",null,"Pat. Líquido",null,null,"Ativos Fixos",null,"Pat. Líquido",null,null,"Ativos Fixos",null,"Pat. Líquido"]
[null,"(AF)",null,"(€10)",null,"(€10)",null,"Líquido (PL)",null,null,"(€10)",null,"(€10)",null,null,"(€10)",null,"(€10)",null,null,"(€10)",null,"(€10)"]
[null,null,null,null,null,null,null,"ou "]
[null,null,null,null,null,null,null,"Rec. próprios (RP)"]
[null,null,null,30,null,30,null,null,null,null,30,null,30,null,null,18,null,20]
[null,null,null,"Total Ativos",null,"Passivo + PL",null,null,null,null,"Total Ativos",null,"Passivo + PL",null,null,"Ativos Líquidos",null,"Dívida + PL",null,null,null,null,null,null,"NOF",{"$f":"Q82","v":8}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"CG",{"$f":"S83+S82-Q83","v":4}]
[null,null,null,"Caixa",2,"Total Ativos",6,null,null,null,null,null,null,null,null,"Caixa",{"$f":"E81","v":2},"Crédito",{"$f":"G83","v":6},null,null,null,null,null,"Crédito",{"$f":"Z80-Z79","v":-4}]
[null,null,null,"Contas a Receber",12,"Outros Passivos",4,null,null,null,null,null,null,null,null,"NOF",{"$f":"E82+E83-G81-G82","v":8},"Dívida Longo Prazo",{"$f":"G84","v":4}]
[null,null,null,"Estoques",6,"Crédito",6,null," ",null,null,null,null,null,null,"AF",{"$f":"E84","v":10},"Pat. Líquido",{"$f":"G85","v":10}]
[null,null,null,"Ativos Fixos",10,"Dívida Longo Prazo",4,null,null,null,null,null,null,null,null,"AL",{"$f":"Q81+Q82+Q83","v":20},"Financiamento",{"$f":"S81+S82+S83","v":20}]
[null,null,null,null,null,"Pat. Líquido",10]
[null,null,null,"Total Ativos",{"$f":"SUM(E81:E84)","v":30},"Passivo + PL",{"$f":"SUM(G81:G85)","v":30}]

{"sheet":"Anex 3","index":5,"n_rows":86,"n_cols":3,"rows_kept":86,"cut":false,"hidden":false,"merged":[]}
["Anexo 3. Exhibit 3. VOCABULARY. "]
[]
["Pérdidas y Ganancias (PyG)","Profit and Loss Statement (P&L)","Demonstrativo de Resultados do Exercício "]
["Cuenta de Resultados ","Income Statement or","(DRE)"]
["Ventas o Ingresos","Net sales or Revenue","Vendas Líquidas ou Faturamento Líq."]
["Coste mercancías vendidas CMV","Cost of goods sold (COGS)","Custo das Mercadorias Vendidas (CMV)"]
["   Existencias iniciales","       Beginning inventory","Estoque Inicial"]
["   Compras","       Purchases","Compras"]
["   Existencias finales","       Ending inventory","Estoque Final"]
["Margen bruto","Gross margin  or gross  profit","Margem Bruta"]
["Gastos de personal o salarios","Personnel expenses, or labor or wages","Despesas de Pessoal e Salários"]
["Gastos de ventas ","Selling expenses","Despesas de Vendas"]
["Gastos generales","Overhead","Despesas Gerais"]
["Total Gastos de explotación (Opex)","Operating expenses","Despesas Operacionais"]
["EBITDA ","EBITDA","EBITDA"]
["Amortización","Depreciation or amortization","Depreciação e Amortização"]
["Beneficio antes de intereses e impuestos EBIT o BAIT","EBIT, Earnings before interest and taxes","LAJIR, Lucro antes dos juros e do imposto de renda"]
["Intereses o gastos financieros","Interest or financial expenses","Despesas Financeiras"]
["Beneficio antes de impuestos","Net income (o earnings) before taxes","LAIR, lucros antes do imposto de renda"]
["Impuestos","Accrued taxes or income taxes","Impostos"]
["Resultado o Beneficio neto (BN)","Net income or net profit or net earnings","Lucro Líquido"]
[]
["Otros términos y ratios","Other terms and ratios","Outros termos e índices"]
["Crecimiento de ventas (g)","Growth of sales  (g)","Crescimento das vendas (g)"]
["Crecimiento esperado E(g)","Expected sales growth  E(g)","Crescimento esperado E(g)"]
["Margen bruto / Ventas (margen%)","Margin / Sales or gross margin in %","Margem bruta / Vendas (margem%)"]
["ROS, beneficio neto /  Ventas","ROS, return on sales (Net income / Sales)","ROS, retorno sobre as vendas (Lucro Líq. / Vendas)"]
["RONA, rentabilidad s/activo neto (EBIT/AN)","RONA,  return on net assets (EBIT / NA)","RONA, retorno sobre os ativos líquidos (EBIT / AL)"]
["ROA, rentabilidad s/activos  (BN /Activo total)","ROA,  return on assets (NI / Total assets)","ROA, rentabilidade dos ativos (Lucro Líquido / Ativos)"]
["ROE, rentab. sobre recursos propios","ROE,  return on equity (net income / equity)","ROE, retorno sobre o patrimônio líquido (Lucro Líquido / PL)"]
["ROCE, rentab. sobre capital empleado","ROCE, return on capital employed (Ebit / NA)","ROCE, retorno sobre o capital empregado (EBIT / AL)"]
["EBIT / Intereses","EBIT / Interest expense","EBIT / Despesas com juros"]
["CFO Cash flow operativo (BN+amortizac.)","CFO, cash flow from operations (net inc+deprec)","FCO, fluxo de caixa operacional (Lucro Líquido + Depreciação)"]
["Creación de valor ","Value creation","Criação de Valor"]
["ROS o beneficio s/ ventas","ROS, net income / sales","ROS ou Lucro Líquido / Vendas"]
["Rotación o ventas / activos","Turnover, sales / assets","Rotação, vendas / ativos"]
["Apalancamiento o activos/ rec. Propios","Leverage, assets / equity ","Alavancagem, ativos / patrimônio líquido"]
[]
[]
[]
[]
[]
[]
["Balance","Balance Sheet","Balanço Patrimonial"]
[]
["ACTIVO","ASSETS","ATIVOS"]
["Efectivo y otros acitvos equivalentes (Caja y bancos)","Cash","Caixa e Equivalentes de Caixa"]
["Inversiones financieras a corto plazo","Marketable securities","Investimentos Financeiros de Curto Prazo"]
["Deudores comerciales y cuentas a cobrar (Clientes)","Accounts receivable","Contas a Receber"]
["Existencias","Inventory, Stocks","Estoques"]
["    Materia prima (MP)","    Raw material  (RM)","Matéria-prima (MP)"]
["    Producto en curso (PeC)","    Work in progress  (WiP)","Produtos em Processo (PP)"]
["    Producto acabado (PA)","    Finished goods  (FG)","Produto acabado (PA)"]
["Activo corriente (AC)","Current assets  (CA)","Ativo Circulante (AC)"]
["Activo no corriente","Non current assets ","Ativo Não Circulante (ANC)"]
["Activo fijo o inmovilizado  (AF)","Fixed assets net or property net FA)","Ativos Fixos ou Imobilizados (AF)"]
["TOTAL ACTIVO","TOTAL ASSETS","TOTAL DOS ATIVOS"]
[]
["PASIVO Y PATRIMONIO NETO","LIABILITIES & EQUITY","PASSIVO E PATRIMÔNIO LÍQUIDO"]
["Proveedores, cuentas a pagar","Accounts payable","Contas a Pagar"]
["Otros acreedores","Accrued expenses","Despesas acumuladas"]
["Impuestos a pagar","Accrued taxes","Impostos a pagar"]
["Acreedores por arrendamiento financiero","Leasing accrued expenses","Despesas acumuladas de Leasing"]
["Deuda con entidades de crédito a corto plazo (D-C)","Bank short term debt","Dívida bancária de curto prazo"]
["Provisiones a corto plazo","Short-term provisions","Provisões de curto prazo"]
["Pasivo corriente","Current liabilities","Passivo Circulante"]
["Pasivo por impuestos diferidos","Deferred taxes","Impostos diferidos"]
["Deuda a largo plazo (D-L)","Long-term debt","Dívida de longo prazo"]
["Provisiones a largo plazo","Long-term provisions","Provisões de longo prazo"]
["Pasivo no corriente","Non current (long term) liabilities"]
["Capital","     Common stock","Capital"]
["Reservas","     Reserves","Reservas"]
["Resultado del ejercicio","     Net income of the year","Lucro Líquido do Exercício"]
["Patrimonio neto","Equity or  net worth","Patrimônio Líquido"]
["TOTAL PASIVO Y PATRIMONIO","TOTAL LIABILITIES & EQUITY","TOTAL PASSIVO E PATRIMÔNIO LÍQUIDO"]
[null,"      "]
["Otros términos y ratios","Other terms and ratios","Outros termos e índices"]
["NOF, necesidades operativas de fondos","NFO, need of funds for operations","NOF, necessidades operacionais de fundos"]
["FM, fondo de maniobra","WC,    working capital ","CG, capital de giro"]
["Crédito Bancario","Bank credit","Crédito Bancário"]
["Caja excedente","Cash surplus","Excedente de Caixa"]
["Apalancamiento, pasivo /patrim.","Leverage, liabilities / equity","Alavancagem, Passivo / Patrim. Líquido"]
["Deuda / Ebitda","Debt / Ebitda","Dívida / EBITDA"]
["Plazo cobro","Collection period","Prazo de Cobrança"]
["Plazo pago","Payment period ","Prazo de Pagamento"]
["Plazo de existencias","Days of Inventory","Dias de Estoques"]

{"sheet":"Questions","index":6,"n_rows":53,"n_cols":23,"rows_kept":53,"cut":false,"hidden":false,"merged":[]}
[null,"Chapter 1. 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,"When we analyze sales we only look at size, seasonality and whether sales are cyclical.",null,{"$f":"IF(C9=\"\",0,IF(C9=E9,1,$C$5))","v":0},"F"]
[{"$f":"A9+1","v":2},"Margin% = (Sales – COGS)/ Sales.",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},"When there is big competition, the margin% is usually also big.",null,0,"F",null,null,2,"T",7,"F",12,"F",17,"T",22,"T",27,"T",32,"T",37,"T"]
[4,"To increase the margin% you can raise prices or lower COGS%.",null,0,"T",null,null,3,"F",8,"F",13,"T",18,"T",23,"F",28,"T",33,"F",38,"T"]
[5,"Most of the time the margin% is the main driver of profit.",null,0,"T",null,null,4,"T",9,"T",14,"T",19,"T",24,"F",29,"F",34,"F",39,"F"]
[6,"EBITDA% = margin% − opex%.",null,0,"T",null,null,5,"T",10,"F",15,"T",20,"F",25,"T",30,"T",35,"T",40,"F"]
[7,"NFO = current assets – current liabilities.",null,0,"F"]
[8,"If the sales are seasonal, the WC is also seasonal.",null,0,"F"]
[9,"The difference NFO – WC is covered with credit.",null,0,"T"]
[10,"La diferencia NFO – WC se puede cubrir también con recursos propios.  ",null,0,"F"]
[11,"WC = Equity + Debt long term −FA.",null,0,"T"]
[{"$f":"A19+1","v":12},"NFO is always a percentage of sales, which never changes.",null,0,"F"]
[13,"Net assets (NA) have two components: NFO and FA.",null,0,"T"]
[14,"Net assets (NA) are financed only with debt and equity.",null,0,"F"]
[15,"If the WC is greater than the NFO, the difference will be in credit.",null,0,"T"]
[16,"If debt + equity is greater than net assets, the difference will be in cash.",null,0,"T"]
[17,"In general, a decrease in assets is an increase in cash.",null,0,"T"]
[18,"If you cancel an asset from your balance (because it is obsolete), there is no cash generation but there is a decrease in profits.",null,0,"T"]
[19,"If your sales increase by 20% and your NFO% do not change, your NFO$ will increase by 20%.",null,0,"T"]
[20,"If you have plenty of excess cash, your NFOs will be very large.",null,0,"F"]
[21,"Monthly sale (uniform) = €100. In receivables there is €200, therefore your collection days are 60.",null,0,"T"]
[22,"The collection days increase to 120 days, therefore you will have €400 in receivables.",null,0,"T"]
[23,"Commercial enterprise. Monthly sale (uniform) = €100. CMV = 80%. Stock = €100, therefore the days of stock are 30.",null,0,"F"]
[null,"For the following questions. Seasonal sales. January 300, February 400, March 100, April 50."]
[24,"In receivables in March we have €700. Therefore we collect in 60 days.",null,0,"F"]
[25,"In receivables in March we have €300. Therefore we collect in 45 days.",null,0,"T"]
[26,"You have few and powerful clients. As a consequence you will have a high% margin.",null,0,"F"]
[27,"You have many clients and small ones. As a consequence you will have a higher% margin, but also higher distribution costs.",null,0,"T"]
[28,"The product you sell is a commodity. In most cases the competition will be very great.",null,0,"T"]
[29,"Boeing has less inventory (as a % of sales) than Procter & Gamble.",null,0,"F"]
[30,"Industrial companies usually invest more in FA than commercial companies (in proportion to net assets).",null,0,"T"]
[31,"Financial expenses and amortization are usually the most relevant expense in the P&L.",null,0,"F"]
[32,"The most useful tool for diagnosis is usually the difference in balances.",null,0,"T"]
[33,"If a company needs money it can only be because it has not made an adequate profit.",null,0,"F"]
[34,"Whenever NFOs grow we need more debt (whether short or long).",null,0,"F"]
[35,"If the company has a powerful profit, it will be able to invest more in FA and NFO.",null,0,"T"]
[36,"The NA increment always has to be equal to the D+Equity increment.",null,0,"T"]
[37,"A powerful company will be able to pay suppliers later and therefore can have smaller NFO%.",null,0,"T"]
[38,"And if they collecy cash the NFO% could be even negative.",null,0,"T"]
[39,"The FA is always greater than NFO, since the investment in a factory or a warehouse is always greater than the investment in customers.",null,0,"F"]
[40,"Current assets must always be financed with short term debt and the FA with long term debt.",null,0,"F"]
[]
[]
[null,"TOTAL CALIFICACION OBTENIDA",null,{"$f":"SUM(D9:D49)","v":0}]
[null,"Máxima calificación posible",null,40]

{"sheet":"Preguntas","index":7,"n_rows":53,"n_cols":23,"rows_kept":53,"cut":false,"hidden":true,"merged":[]}
[null,"Cap 1. Preguntas 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,"F",6,"V",11,"V",16,"V",21,"V",26,"F",31,"F",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,"F",12,"F",17,"V",22,"V",27,"V",32,"V",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,"F",13,"V",18,"V",23,"F",28,"V",33,"F",38,"V"]
[null,"Respuesta correcta = 1 punto. No respuesta = 0 puntos. Respuesta incorrecta =",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. Versión 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,"Respuestas","Calificación ","Respuesta"]
[null,"PREGUNTAS","V o F","Obtenida","Correcta"]
[1,"Cuando analizamos ventas miramos sólo al tamaño, estacionalidad y si las ventas son cíclicas.",null,{"$f":"IF(C9=\"\",0,IF(C9=E9,1,$C$5))","v":0},"F"]
[{"$f":"A9+1","v":2},"Margen% = (Ventas – CMV)/ Ventas.",null,{"$f":"IF(C10=\"\",0,IF(C10=E10,1,$C$5))","v":0},"V"]
[{"$f":"A10+1","v":3},"Cuando la competencia es grande, el margen% suele ser también grande.",null,0,"F"]
[4,"Para incrementar el margen% puedes subir precios o bajar CMV%. ",null,0,"V"]
[5,"La mayoría de las veces el margen% es el principal motor del beneficio.",null,0,"V"]
[6,"EBITDA% = margen% − opex%. ",null,0,"V"]
[7,"NOF = activo corriente – pasivo corriente.",null,0,"F"]
[8,"Si las ventas son estacionales el FM también lo es.  ",null,0,"F"]
[9,"La diferencia NOF – FM se cubre con crédito.  ",null,0,"V"]
[10,"La diferencia NOF – FM se puede cubrir también con recursos propios.  ",null,0,"F"]
[11,"FM = Equity + Deuda a largo −AF.",null,0,"V"]
[{"$f":"A19+1","v":12},"NOF es siempre un porcentaje de ventas, que nunca cambia. ",null,0,"F"]
[13,"El activo neto (AN) tiene dos componentes: NOF y AF.  ",null,0,"V"]
[14,"El activo neto (AN) se financia sólo con deuda y recursos propios. ",null,0,"V"]
[15,"Si el FM es mayor que las NOF la diferencia estará en crédito.  ",null,0,"V"]
[16,"Si deuda + recursos propios es mayor que activo neto la diferencia estará en caja.  ",null,0,"V"]
[17,"En general una disminución de activo es un aumento de caja.  ",null,0,"V"]
[18,"Si cancelas un activo de tu balance (por obsoleto), no hay generación de caja pero sí disminución de beneficios.  ",null,0,"V"]
[19,"Si tus ventas aumentan un 20% y tus NOF% no cambian tus NOF$ aumentan un 20%. ",null,0,"V"]
[20,"Si tienes mucha caja excedente tus NOF serán muy grandes.  ",null,0,"F"]
[21,"Venta mensual (uniforme) = 100€. En Clientes hay 200€, por tanto cobras a 60 días. ",null,0,"V"]
[22,"Los días de cobro suben a 120 días, por tanto tendrás 400€ en clientes.  ",null,0,"T"]
[23,"Empresa comercial. Venta mensual (uniforme) = 100€. CMV = 80%. Existencias = 100€.,por tanto los días de existencias son 30.  ",null,0,"F"]
[null,"Para las preguntas siguientes. Ventas estacionales. Enero 300, febrero 400, marzo 100, abril 50. ",null,0]
[24,"En clientes en marzo tenemos 700€. Por tanto cobramos a 60 días.  ",null,0,"F"]
[25,"En clientes en marzo tenemos 300€. Por tanto cobramos a 45 días. ",null,0,"v"]
[26,"Tienes pocos y poderosos clientes. Como consecuencia tendrás un margen% alto. ",null,0,"F"]
[27,"Tienes muchos clientes y pequeños. Como consecuencia tendrás un margen% más alto, pero también costes de distribución más altos.  ",null,0,"V"]
[28,"El producto que vendes es una commodity. En la mayoría de los casos la competencia será muy grande. ",null,0,"V"]
[29,"Boeing tiene menos existencias (en % sobre ventas) que Procter& Gamble.",null,0,"F"]
[30,"Habitualmente las empresas industriales invierten más en AF que las comerciales (en proporción sobre activo neto).",null,0,"V"]
[31,"Gastos financieros y amortizacion suelen ser el gasto más relevante en la PyG. ",null,0,"F"]
[32,"La herramienta más util para el diagnóstico suele ser la diferencia de balances.",null,0,"V"]
[33,"Si una empresa necesita dinero solo puede ser por que no ha tenido un beneficio adecuado. ",null,0,"F"]
[34,"Siempre que las NOF crecen necesitamos más deuda (sea a corto o largo).",null,0,"F"]
[35,"Si la empresa tiene un beneficio potente, podrá invertir más en AF y NOF. ",null,0,"V"]
[36,"El incremento de AN siempre tiene que ser igual al incremento de D+Equity.",null,0,"V"]
[37,"Una empresa potente podrá pagar más tarde a proveedores y por tanto puede tner NOF% más pequeñas.",null,0,"V"]
[38,"Y si cobra al contado las NOF% podrían ser negativas.",null,0,"V"]
[39,"El AF es siempre mayor que NOF, pues la inversión en una fábrica o una nave es siempre mayor que la inversión en clientes.",null,0,"F"]
[40,"El circulante hay que financiarlo siempre con deuda a corto y el AF con deuda a largo. ",null,0,"F"]
[]
[]
[null,"TOTAL CALIFICACION OBTENIDA",null,{"$f":"SUM(D9:D49)","v":0}]
[null,"Máxima calificación posible",null,40]

{"sheet":"Perguntas","index":8,"n_rows":53,"n_cols":23,"rows_kept":53,"cut":false,"hidden":true,"merged":[]}
[null,"Capítulo 1. Perguntas de Autoavaliação"]
[null,"Responda ao seguinte questionário. Escreva suas respostas na coluna C. V ou F (verdadeiro ou falso).",null,null,null,null,null,1,"F",6,"V",11,"V",16,"V",21,"V",26,"F",31,"F",36,"V"]
[null,"Verifique suas respostas clicando no \"2\" com o quadro no canto superior esquerdo; ou na cruz com o quadro acima da coluna F.",null,null,null,null,null,2,"V",7,"F",12,"F",17,"V",22,"F",27,"V",32,"V",37,"V"]
[null,"A coluna E será exibida com a resposta correta. Se você tiver menos de 30 pontos, é recomendável revisar o Capítulo 1.",null,null,null,null,null,3,"F",8,"F",13,"V",18,"V",23,"F",28,"V",33,"F",38,"V"]
[null,"Resposta correta = 1 ponto. Sem resposta = 0 pontos. Resposta incorreta =",0,null,null,null,null,4,"V",9,"V",14,"F",19,"V",24,"F",29,"F",34,"F",39,"F"]
[null,"© IESE. E.M. Abascal 2023. Versão 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,"Respostas","Pontuação"]
[null,"PREGUNTAS","V ou F","Obtida"]
[1,"Quando analisamos vendas, olhamos apenas para o tamanho, sazonalidade e se as vendas são cíclicas.",null,{"$f":"IF(C9=\"\",0,IF(C9=E9,1,$C$5))","v":0},"F"]
[{"$f":"A9+1","v":2},"Margem% = (Vendas – CMV) / Vendas.",null,0,"V"]
[3,"Quando a concorrência é grande, a margem% costuma ser grande também.",null,0,"F"]
[4,"Para aumentar a margem%, você pode aumentar os preços ou diminuir o CMV%.",null,0,"V"]
[5,"Na maioria das vezes, a margem% é o principal motor do lucro.",null,0,"V"]
[6,"EBITDA% = margem% − Opex%.",null,0,"V"]
[7,"NOF = ativo circulante – passivo circulante.",null,0,"F"]
[8,"Se as vendas são sazonais, o CG também é.",null,0,"F"]
[9,"A diferença NOF –CG é coberta com crédito.",null,0,"V"]
[10,"A diferença NOF – CG também pode ser coberta com recursos próprios (PL)..",null,0,"F"]
[11,"CG = PL + Dívida de Longo Prazo − AF.",null,0,"V"]
[12,"NOF é sempre uma porcentagem das vendas, que nunca muda.",null,0,"F"]
[13,"O Ativo Líquido (AL) tem dois componentes: NOF e AF.",null,0,"V"]
[14,"O Ativo Líquido (AL) é financiado apenas com dívida e recursos próprios (PL).",null,0,"F"]
[15,"Se o CG é maior que as NOF, a diferença estará em crédito.",null,0,"V"]
[16,"Se dívida + recursos próprios (PL) é maior que ativo líquido, a diferença estará no Caixa.",null,0,"V"]
[17,"Em geral, uma diminuição do ativo é um aumento de caixa.",null,0,"V"]
[18,"Se você cancela um ativo do seu balanço (por obsolescência), não há geração de caixa, mas há redução de lucros.",null,0,"V"]
[19,"Se suas vendas aumentam 20% e suas NOF% não muda, suas NOF$ aumentam 20%.",null,0,"V"]
[20,"Se você tem muito caixa excedente, suas NOF serão muito grandes.",null,0,"F"]
[21,"Venda mensal (uniforme) = €100. Em Clientes, há €200, então você recebe em 60 dias.",null,0,"V"]
[22,"Os dias de recebimento aumentam para 120 dias, então você terá €400 em Clientes.",null,0,"F"]
[23,"Empresa comercial. Venda mensal (uniforme) = €100. CMV = 80%. Estoques =€100, então os Dias de Estoque são 30.",null,0,"F"]
[null,"Para as próximas perguntas. Vendas sazonais. Janeiro 300, fevereiro 400, março 100, abril 50.",null,0]
[24,"Em Clientes, em março, temos €700. Portanto, recebemos em 60 dias.",null,0,"F"]
[{"$f":"A33+1","v":25},"Em clientes, em março, temos €300. Portanto, recebemos em 45 dias.",null,0,"v"]
[26,"Você tem poucos e poderosos clientes. Como consequência, terá uma margem% alta.",null,0,"F"]
[27,"Você tem muitos clientes pequenos. Como consequência, terá uma margem% mais alta, mas também custos de distribuição mais altos.",null,0,"V"]
[28,"O produto que você vende é uma Commodity. Na maioria dos casos, a concorrência será muito grande.",null,0,"V"]
[29,"A Boeing tem menos estoques (em % sobre vendas) do que a Procter & Gamble.",null,0,"F"]
[30,"Normalmente, as empresas industriais investem mais em AF do que as comerciais (em proporção do Ativo Líquido).",null,0,"V"]
[31,"Despesas financeiras e depreciação costumam ser o gasto mais relevante no DRE.",null,0,"F"]
[32,"A ferramenta mais útil para o diagnóstico geralmente é a diferença de balanços.",null,0,"V"]
[33,"Se uma empresa precisa de dinheiro, pode ser porque não teve lucro adequado.",null,0,"F"]
[34,"Sempre que as NOF crescem, precisamos de mais dívida (seja de curto ou longo prazo).",null,0,"F"]
[35,"Se a empresa tem um lucro robusto, pode investir mais em AF e NOF.",null,0,"V"]
[36,"O aumento do AL deve sempre ser igual ao aumento de Dívida + Patrimônio Líquido.",null,0,"V"]
[37,"Uma empresa robusta pode pagar mais tarde aos fornecedores e, portanto, pode ter um NOF% menor.",null,0,"V"]
[38,"E se cobrar à vista, o NOF% pode ser negativo.",null,0,"V"]
[39,"O AF é sempre maior que as NOF, pois o investimento em uma fábrica ou um armazém é sempre maior do que o investimento em Clientes.",null,0,"F"]
[40,"O Ativo Circulante deve sempre ser financiado com dívida de curto prazo e o AF com dívida de longo prazo.",null,0,"F"]
[]
[]
[null,"PONTUAÇÃO TOTAL OBTIDA",null,{"$f":"SUM(D9:D49)","v":0}]
[null,"Pontuação Máxima Possível",null,40]