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{"sheet":"Exh 1-2","index":1,"n_rows":138,"n_cols":13,"rows_kept":138,"cut":false,"hidden":false,"merged":[[1,8,1,9],[56,8,56,9]]}
[null,null,null,null,"Exhibit 1. Doniphon. P&L and Forecast"]
["Profit and Loss Statement",null,null,"Past P&L",null,null,null,null,"Forecast"]
["(Thousands of euros)",2018,2019,{"$f":"C3+1","v":2020},{"$f":"D3+1","v":2021},{"$f":"E3+1","v":2022},null,null,{"$f":"F3+1","v":2023},{"$f":"I3+1","v":2024}]
["Sales",32850,{"$f":"B4*(1+C97)","v":39748.5},{"$f":"C4*(1+D97)","v":39351.014999999999},{"$f":"D4*(1+E97)","v":45253.667249999999},{"$f":"E4*(1+F97)","v":49779.033975000006},null,null,{"$f":"F4*(1+I20)","v":49779.033975000006},{"$f":"I4*(1+J20)","v":49779.033975000006}]
["Cost of components",{"$f":"B4*B98","v":17804.7},{"$f":"C4*C98","v":21066.705000000002},{"$f":"D4*D98","v":23728.662044999997},{"$f":"E4*E98","v":27785.751691499998},{"$f":"F4*F98","v":29867.420385000001},null,null,"-------","-------"]
["Labor",{"$f":"B4*B99","v":5715.9},{"$f":"C4*C99","v":6359.76},{"$f":"D4*D99","v":8421.1172100000003},{"$f":"E4*E99","v":9729.5384587499993},{"$f":"F4*F99","v":10602.934236675001},null,null,"-------","-------"]
["Total COGS",{"$f":"B5+B6","v":23520.6},{"$f":"C5+C6","v":27426.465000000004},{"$f":"D5+D6","v":32149.779254999998},{"$f":"E5+E6","v":37515.290150249995},{"$f":"F5+F6","v":40470.354621675004},null,null,"-------","-------"]
["Gross Margin",{"$f":"B4-B7","v":9329.4000000000015},{"$f":"C4-C7","v":12322.034999999996},{"$f":"D4-D7","v":7201.2357450000018},{"$f":"E4-E7","v":7738.3770997500033},{"$f":"F4-F7","v":9308.679353325002},null,null,{"$f":"I4*I21","v":9955.8067950000022},{"$f":"J4*J21","v":10453.597134750002}]
["Operating Expenses (Opex )",3660,4020,4230,3960,4050,null,null,{"$f":"F9*(1+I23)","v":4252.5},{"$f":"I9*(1+J23)","v":4465.125}]
["EBITDA",{"$f":"B8-B9","v":5669.4000000000015},{"$f":"C8-C9","v":8302.0349999999962},{"$f":"D8-D9","v":2971.2357450000018},{"$f":"E8-E9","v":3778.3770997500033},{"$f":"F8-F9","v":5258.679353325002},null,null,{"$f":"I8-I9","v":5703.3067950000022},5988.4721347500017]
["Depreciation",1591.1999999999998,1591.1999999999998,1694.16,1719.12,1560,null,null,1500,1500]
["EBIT",{"$f":"B10-B11","v":4078.2000000000016},{"$f":"C10-C11","v":6710.8349999999964},{"$f":"D10-D11","v":1277.0757450000017},{"$f":"E10-E11","v":2059.2570997500034},{"$f":"F10-F11","v":3698.679353325002},null,null,{"$f":"I10-I11","v":4203.3067950000022},4488.4721347500017]
["Extraordinary Results",0,0,0,1100,0,null,null,0,0]
["Financial Expenses",{"$f":"B103*(B48+B46)","v":321.63111968184955},{"$f":"C103*(C48+C46)","v":267.89925521198757},{"$f":"D103*(D48+D46)","v":555.84491138557973},{"$f":"E103*(E48+E46)","v":1060.5171051067691},{"$f":"F103*(F48+F46)","v":1191.9900860797902},null,null,{"$f":"I28*F64","v":1069.7346926357093},{"$f":"J28*I64","v":517.14742755718635}]
["EBT",{"$f":"B12+B13-B14","v":3756.568880318152},{"$f":"C12+C13-C14","v":6442.9357447880084},{"$f":"D12+D13-D14","v":721.23083361442195},{"$f":"E12+E13-E14","v":2098.7399946432342},{"$f":"F12+F13-F14","v":2506.6892672452118},null,null,{"$f":"I12+I13-I14","v":3133.5721023642927},{"$f":"J12+J13-J14","v":3971.3247071928154}]
["Taxes (25%)",{"$f":"B15*B106","v":939.14222007953799},{"$f":"C15*C106","v":1610.7339361970021},{"$f":"D15*D106","v":180.30770840360549},{"$f":"E15*E106","v":524.68499866080856},{"$f":"F15*F106","v":626.67231681130295},null,null,{"$f":"0.25*I15","v":783.39302559107318},{"$f":"0.25*J15","v":992.83117679820384}]
["Net Income",{"$f":"B15-B16","v":2817.4266602386142},{"$f":"C15-C16","v":4832.2018085910058},{"$f":"D15-D16","v":540.92312521081647},{"$f":"E15-E16","v":1574.0549959824257},{"$f":"F15-F16","v":1880.0169504339087},null,null,{"$f":"I15-I16","v":2350.1790767732195},{"$f":"J15-J16","v":2978.4935303946113}]
[]
["P&L Ratios (Profitability Ratios)",null,null,null,null,null,null,null,"P&L Assumptions"]
["Growth of Sales",0.41,{"$f":"C97","v":0.21},{"$f":"D4/C4-1","v":-1.0000000000000009E-2},{"$f":"E4/D4-1","v":0.14999999999999991},0.10000000000000009,null,null,0,0]
["Gross Margin / Sales",{"$f":"B8/B4","v":0.28400000000000003},{"$f":"C8/C4","v":0.30999999999999989},{"$f":"D8/D4","v":0.18300000000000005},{"$f":"E8/E4","v":0.17100000000000007},{"$f":"F8/F4","v":0.18700000000000003},null,null,0.2,0.21]
["Opex / Sales",{"$f":"B9/B4","v":0.11141552511415526},{"$f":"C9/C4","v":0.10113589192044983},{"$f":"D9/D4","v":0.10749405066171737},{"$f":"E9/E4","v":8.7506720242656141E-2},{"$f":"F9/F4","v":8.1359553944618301E-2},null,null,{"$f":"I9/I4","v":8.5427531641849214E-2},8.9698908223941679E-2]
["Increase in Opex","na",{"$f":"C9/B9-1","v":9.8360655737705027E-2},{"$f":"D9/C9-1","v":5.2238805970149294E-2},{"$f":"E9/D9-1","v":-6.3829787234042534E-2},{"$f":"F9/E9-1","v":2.2727272727272707E-2},null,null,0.05,0.05]
["EBITDA / Sales",{"$f":"B10/B4","v":0.1725844748858448},{"$f":"C10/C4","v":0.20886410807955008},{"$f":"D10/D4","v":7.5505949338282682E-2},{"$f":"E10/E4","v":8.3493279757343941E-2},{"$f":"F10/F4","v":0.10564044605538173},null,null,{"$f":"I10/I4","v":0.11457246835815081},{"$f":"J10/J4","v":0.12030109177605834}]
["ROS, Net Income / Sales",{"$f":"B17/B4","v":8.5766412792651875E-2},{"$f":"C17/C4","v":0.12156941289837367},{"$f":"D17/D4","v":1.3746103504847753E-2},{"$f":"E17/E4","v":3.4782926813128626E-2},{"$f":"F17/F4","v":3.7767244566820839E-2},null,null,{"$f":"I17/I4","v":4.7212227500307159E-2},{"$f":"J17/J4","v":5.9834297545638758E-2}]
["ROE, Net Income / Equity",{"$f":"B17/B49","v":0.17849244138983547},{"$f":"C17/C49","v":0.27768086349217491},{"$f":"D17/D49","v":2.4328427910251974E-2},{"$f":"E17/E49","v":6.9112909123132088E-2},{"$f":"F17/F49","v":7.7210695249020633E-2},null,null,{"$f":"I17/F65","v":8.960164788810443E-2},{"$f":"J17/I65","v":0.10421829195194487}]
["RONA, EBIT / Net Assets",{"$f":"B12/B62","v":0.16452838825410113},{"$f":"C12/C62","v":0.24414465618214951},{"$f":"D12/D62","v":4.0416273267786323E-2},{"$f":"E12/E62","v":5.3237616573681007E-2},{"$f":"F12/F62","v":8.9100931129945535E-2},null,null,{"$f":"I12/I62","v":0.11686501770210041},{"$f":"J12/J62","v":0.12834615489499351}]
["Cost of Debt",{"$f":"B103","v":5.1999999999999998E-2},{"$f":"C103","v":5.0999999999999997E-2},{"$f":"D103","v":6.3E-2},{"$f":"E103","v":7.3999999999999996E-2},{"$f":"F103","v":7.8E-2},null,null,7.0000000000000007E-2,7.0000000000000007E-2]
["EBIT / Fin expenses",{"$f":"B12/B14","v":12.679743191622961},{"$f":"C12/C14","v":25.049845676837514},{"$f":"D12/D14","v":2.297539689293147},{"$f":"E12/E14","v":1.9417481244139712},{"$f":"F12/F14","v":3.1029447279122904},null,null,{"$f":"I12/I14","v":3.9292983801838886},{"$f":"J12/J14","v":8.6792893004455003}]
[]
[null,null,null,null,"Exhibit 2. Doniphon. Balance sheet and Forecast"]
[]
["Assets",null,null,null,null,null,null,"Differences"]
["(Thousands of euros)",{"$f":"B3","v":2018},{"$f":"C3","v":2019},{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},null,"2019-22"]
["Cash",690,630,360,180,120,null,{"$f":"F35-C35","v":-510}]
["Receivables",{"$f":"B4/365*B110","v":8640},10756.631111111112,12047.426844444448,18594.252221754388,20786.257564969343,null,{"$f":"F36-C36","v":10029.626453858231}]
["Inventory",7350,8946.1350000000002,10726.655444999999,13321.9357425,13256.224938000001,null,{"$f":"F37-C37","v":4310.089938000001}]
["Current Assets, CA",{"$f":"SUM(B35:B37)","v":16680},{"$f":"SUM(C35:C37)","v":20332.766111111112},{"$f":"SUM(D35:D37)","v":23134.082289444446},{"$f":"SUM(E35:E37)","v":32096.187964254386},{"$f":"SUM(F35:F37)","v":34162.482502969346}]
["Fixed Assets net, FA",15300,16290,16530,15570,15060,null,{"$f":"F39-C39","v":-1230}]
["Total Assets",{"$f":"B38+B39","v":31980},{"$f":"C38+C39","v":36622.766111111108},{"$f":"D38+D39","v":39664.082289444443},{"$f":"E38+E39","v":47666.187964254386},{"$f":"F38+F39","v":49222.482502969346}]
[null,null,null," "," "," "]
["Liabilities + Equity"]
["Payables",{"$f":"B54/365*B113","v":3810},{"$f":"C54/365*C113","v":4421.117417074749},{"$f":"D54/365*D113","v":4942.326781777685},{"$f":"E54/365*E113","v":6840.3297226267778},{"$f":"F54/365*F113","v":5837.9359307691284},null,{"$f":"F43-C43","v":1416.8185136943794}]
["Advances from customers",2370,3199.5,2143.665,1436.2555500000001,962.29121850000013,null,-2237.2087815]
["Taxes and other payables",1012.788241129892,1515.0223938267484,980.03255367199336,709.11261183626721,911.13637413739866,null,-603.88601968934972]
["Bank Credit",{"$f":"IF(B71<0,(-B71+B35),0)","v":4235.2138400355689},{"$f":"IF(C71<0,(-C71+C35),0)","v":3452.9265727840702},{"$f":"IF(D71<0,(-D71+D35),0)","v":7172.9351013584092},{"$f":"IF(E71<0,(-E71+E35),0)","v":12831.312231172556},{"$f":"IF(F71<0,(-F71+F35),0)","v":13931.92418051013},null,10478.99760772606]
["Current Liabilities",{"$f":"B43+B44+B45+B46","v":11428.002081165461},{"$f":"C43+C44+C45+C46","v":12588.566383685567},{"$f":"D43+D44+D45+D46","v":15238.959436808087},{"$f":"E43+E44+E45+E46","v":21817.010115635603},{"$f":"F43+F44+F45+F46","v":21643.287703916656}]
["Loan (Long-term Debt)",1950,{"$f":"B48+C116","v":1800},{"$f":"C48+D116","v":1650},{"$f":"D48+E116","v":1500},{"$f":"E48+F116","v":1350},null,-450]
["Capital & reserves",15784.571258595923,{"$f":"B49+B50-C118","v":17401.997918834539},{"$f":"C49+C50","v":22234.199727425545},{"$f":"D49+D50","v":22775.122852636359},{"$f":"E49+E50","v":24349.177848618783}]
["Net income for the year",{"$f":"B17","v":2817.4266602386142},{"$f":"C17","v":4832.2018085910058},{"$f":"D17","v":540.92312521081647},{"$f":"E17","v":1574.0549959824257},{"$f":"F17","v":1880.0169504339087}]
["Equity",{"$f":"B49+B50","v":18601.997918834539},{"$f":"C49+C50","v":22234.199727425545},{"$f":"D49+D50","v":22775.122852636359},{"$f":"E49+E50","v":24349.177848618783},{"$f":"F49+F50","v":26229.194799052693},null,{"$f":"F51-C51","v":3994.9950716271487}]
["Liabilities + Equity",{"$f":"B47+B48+B51","v":31980},{"$f":"C47+C48+C51","v":36622.766111111108},{"$f":"D47+D48+D51","v":39664.082289444443},{"$f":"E47+E48+E51","v":47666.187964254386},{"$f":"F47+F48+F51","v":49222.482502969346}]
[]
["Purchases",20110,{"$f":"C5+(C37-B37)","v":22662.840000000004},{"$f":"D5+(D37-C37)","v":25509.182489999996},{"$f":"E5+(E37-D37)","v":30381.031988999999},{"$f":"F5+(F37-E37)","v":29801.709580500003}]
["Dividends paid",null,{"$f":"B49+B50-C49","v":1200},{"$f":"C49+C50-D49","v":0},{"$f":"D49+D50-E49","v":0},{"$f":"E49+E50-F49","v":0}]
["Capex",null,null,{"$f":"D39-C39+D11","v":1934.16},{"$f":"E39-D39+E11","v":759.11999999999989},{"$f":"F39-E39+F11","v":1050}]
[null,null,null,null,null,null,null,{"$f":"H33","v":"Differences"},"Forecast"]
["Short Balance Sheet",{"$f":"B3","v":2018},{"$f":"C3","v":2019},{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},null,{"$f":"H34","v":"2019-22"},{"$f":"F58+1","v":2023},{"$f":"I58+1","v":2024}]
["Cash surplus",{"$f":"B35-B109","v":690},{"$f":"C35-C109","v":630},{"$f":"D35-D109","v":360},{"$f":"E35-E109","v":180},{"$f":"F35-F109","v":120},null,{"$f":"F59-C59","v":-510},0,0]
["NFO or Current Assets, Net",{"$f":"B109+B36+B37-B43-B44-B45","v":8797.2117588701076},{"$f":"C109+C36+C37-C43-C44-C45","v":10567.126300209615},{"$f":"D109+D36+D37-D43-D44-D45","v":14708.057953994768},{"$f":"E109+E36+E37-E43-E44-E45","v":22930.49007979134},{"$f":"F109+F36+F37-F43-F44-F45","v":26331.118979562823},null,{"$f":"F60-C60","v":15763.992679353209},{"$f":"I4*I78","v":20907.194269500003},{"$f":"J4*J78","v":19911.613590000004}]
["FA or Fixed Assets, Net",{"$f":"B39","v":15300},{"$f":"C39","v":16290},{"$f":"D39","v":16530},{"$f":"E39","v":15570},{"$f":"F39","v":15060},null,{"$f":"F61-C61","v":-1230},{"$f":"F61","v":15060},{"$f":"I61","v":15060}]
["NA, Net Assets",{"$f":"B59+B60+B61","v":24787.211758870108},{"$f":"C59+C60+C61","v":27487.126300209617},{"$f":"D59+D60+D61","v":31598.057953994768},{"$f":"E59+E60+E61","v":38680.490079791343},{"$f":"F59+F60+F61","v":41511.118979562823},null,null,{"$f":"I59+I60+I61","v":35967.194269500003},34971.613590000008]
[]
["D, Debt",{"$f":"B46+B48","v":6185.2138400355689},{"$f":"C46+C48","v":5252.9265727840702},{"$f":"D46+D48","v":8822.9351013584092},{"$f":"E46+E48","v":14331.312231172556},{"$f":"F46+F48","v":15281.92418051013},null,{"$f":"F64-C64","v":10028.99760772606},{"$f":"I62-I65","v":7387.8203936740902},{"$f":"J62-J65","v":3413.7461837794835}]
["E, Equity",{"$f":"B51","v":18601.997918834539},{"$f":"C51","v":22234.199727425545},{"$f":"D51","v":22775.122852636359},{"$f":"E51","v":24349.177848618783},{"$f":"F51","v":26229.194799052693},null,{"$f":"F65-C65","v":3994.9950716271487},{"$f":"F65+I17","v":28579.373875825913},{"$f":"I65+J17","v":31557.867406220525}]
["Debt + Equity",{"$f":"B64+B65","v":24787.211758870108},{"$f":"C64+C65","v":27487.126300209617},{"$f":"D64+D65","v":31598.057953994768},{"$f":"E64+E65","v":38680.490079791343},{"$f":"F64+F65","v":41511.118979562823},null,null,{"$f":"I64+I65","v":35967.194269500003},{"$f":"J64+J65","v":34971.613590000008}]
[]
["Shortest  Balance Sheet: NFO vs WC"]
["NFO",{"$f":"B60","v":8797.2117588701076},{"$f":"C60","v":10567.126300209615},{"$f":"D60","v":14708.057953994768},{"$f":"E60","v":22930.49007979134},{"$f":"F60","v":26331.118979562823},null,{"$f":"F69-C69","v":15763.992679353209}]
["WC",{"$f":"B48+B51-B39","v":5251.9979188345387},{"$f":"C48+C51-C39","v":7744.1997274255446},{"$f":"D48+D51-D39","v":7895.1228526363593},{"$f":"E48+E51-E39","v":10279.177848618783},{"$f":"F48+F51-F39","v":12519.194799052693},null,{"$f":"F70-C70","v":4774.9950716271487}]
["     Credit Needed (-) or",{"$f":"B70-B69","v":-3545.2138400355689},{"$f":"C70-C69","v":-2822.9265727840702},{"$f":"D70-D69","v":-6812.9351013584092},{"$f":"E70-E69","v":-12651.312231172556},{"$f":"F70-F69","v":-13811.92418051013},null,{"$f":"F71-C71","v":-10988.99760772606}]
["Cash Surplus (+)"]
[]
["Balance Sheet Ratios",null,null,null,null,null,null,"En% Sales","Balance Assumptions"]
["Receivables in Days",{"$f":"B36/B4*365","v":95.999999999999986},98.775308641975315,111.74580371617412,149.97463130328629,152.41324319439667,null,{"$f":"F36/F4","v":0.41757052929971689},"-----","-----",null,120,{"$f":"L75/365","v":0.32876712328767121}]
["Inventory in Days",150.67650676506764,155,165,175,162,null,{"$f":"F37/F4","v":0.26630136986301367},"-----","-----"]
["Payables in Days",{"$f":"B43/B54*365","v":69.152163102933869},{"$f":"C43/C54*365","v":71.205014783331791},{"$f":"D43/D54*365","v":70.717643580151261},{"$f":"E43/E54*365","v":82.180235011857292},{"$f":"F43/F54*365","v":71.500818064645443},null,{"$f":"(F43+F44+F45)/F4","v":0.15491187569608772},"-----","-----"]
["NFO / Sales in %",{"$f":"B69/B4","v":0.26779944471446293},{"$f":"C69/C4","v":0.26584968741486131},{"$f":"D69/D4","v":0.37376565646387439},{"$f":"E69/E4","v":0.50671009607053097},{"$f":"F69/F4","v":0.52896002346664306},null,{"$f":"H75+H76-H77","v":0.52896002346664295},0.42,0.4]
["Debt / EBITDA",{"$f":"B64/B10","v":1.0909820862940642},{"$f":"C64/C10","v":0.63272758700536347},{"$f":"D64/D10","v":2.9694497032777196},{"$f":"E64/E10","v":3.79298091556843},{"$f":"F64/F10","v":2.906038408835014}]
["Debt / Net Income",{"$f":"B64/B17","v":2.1953415601993802},{"$f":"C64/C17","v":1.0870668860404531},{"$f":"D64/D17","v":16.310885392300072},{"$f":"E64/E17","v":9.1047087095123107},{"$f":"F64/F17","v":8.1286097856633983}]
[null,null,null,null,null,null,null,null,null,"© E.M. Abascal 2023"]
[]
[]
["Clientes / Ventas",{"$f":"B36/B$4","v":0.26301369863013696},0.27061728395061729,0.30615288689362774,0.41088940083092135,0.41757052929971689]
["Existencias / Ventas",0.22374429223744291,0.22506849315068495,0.27258904109589038,0.29438356164383561,0.26630136986301367]
["Proveedores / ventas",{"$f":"B43/B4","v":0.11598173515981736},{"$f":"C43/C4","v":0.11122727693056968},{"$f":"D43/D4","v":0.12559591618609292},{"$f":"E43/E4","v":0.15115525742561289},{"$f":"F43/F4","v":0.11727700328015712}]
["anticipos clientes /ventas",{"$f":"B44/B$4","v":7.2146118721461192E-2},8.049360353220876E-2,5.4475469057151386E-2,3.1737881972427329E-2,1.9331255383205737E-2]
["hacienda y otros /ventas",3.0830692271838416E-2,3.8115209223662488E-2,2.4904886282399407E-2,1.566972700618572E-2,1.8303617032724841E-2]
["Pasivo espontáneo / ventas",{"$f":"B87+B88","v":0.10297681099329961},{"$f":"C87+C88","v":0.11860881275587125},{"$f":"D87+D88","v":7.938035533955079E-2},{"$f":"E87+E88","v":4.7407608978613049E-2},{"$f":"F87+F88","v":3.7634872415930581E-2}]
["NOF / Ventas",{"$f":"B84+B85-B86-B89","v":0.26779944471446293},{"$f":"C84+C85-C86-C89","v":0.26584968741486131},{"$f":"D84+D85-D86-D89","v":0.37376565646387439},{"$f":"E84+E85-E86-E89","v":0.50671009607053097},{"$f":"F84+F85-F86-F89","v":0.52896002346664295}]
[]
[]
[]
["HIPÓTESIS EN NEGRITA"]
["BALANCE CALCULADO EN FUNCIÓN DEL AÑO QUE TERMINA NO DEL SIGUIENTE"]
["HIPÓTESIS CUENTA DE RDOS"]
["Crecimiento ventas",null,0.21,-0.01,0.15,0.1]
["Material en %",0.54200000000000004,0.53,0.60299999999999998,0.61399999999999999,0.6]
["Mano de obra en %",0.17399999999999999,0.16,0.214,0.215,0.21299999999999999]
["CMV en %"]
[]
["Crecimiento Gastos generales",null,9.8360655737705027E-2,5.2238805970149294E-2,-6.3829787234042534E-2,2.2727272727272707E-2]
["Intereses",5.1999999999999998E-2,5.0999999999999997E-2,6.3E-2,7.3999999999999996E-2,7.8E-2]
["Amortización % del AF",0.1,{"$f":"B104","v":0.1},0.1,0.1,0.1]
["Amortización, fijo en $"]
["Impuestos",0.25,0.25,0.25,0.25,0.25]
[]
["HIPÓTESIS DE BALANCE"]
["Caja mínima ",0,0,0]
["Clientes días",96,98.775308641975315,111.74580371617412,149.97463130328632,152.41324319439667]
["Existencias días",150.67650676506764,155,165,175,162]
["AF nueva inversión",null,1600,1600,1600]
["Proveedores días",69.152163102933869,71.205014783331791,70.717643580151261,82.180235011857292,71.500818064645443]
["Anticipo clientes /ventas"]
["Otros acreedores / ventas"]
["Incr. Deuda largo",null,-150,-150,-150,-150]
["Payout",0,0,0,0,0]
["Dividendos pagados",0,1200,0,0,0]
[]
[]
[null,null,null,null,null,null,null,"COAF"]
["Balance resumido",2006,2007,2008,2009,2010,null,"2007-10"]
["Caja excedente",{"$f":"B59/1000","v":0.69},0.63,0.36,0.18,0.12,null,{"$f":"F123-C123","v":-0.51}]
["NOF o circulante neto",8.7972117588701071,10.567126300209615,14.708057953994768,22.93049007979134,26.331118979562824,null,{"$f":"F124-C124","v":15.763992679353208}]
["AF o activo fijo neto",15.3,16.29,16.53,15.57,15.06,null,{"$f":"F125-C125","v":-1.2299999999999986}]
["AN o activo neto",{"$f":"B123+B124+B125","v":24.787211758870107},{"$f":"C123+C124+C125","v":27.487126300209617},{"$f":"D123+D124+D125","v":31.598057953994768},{"$f":"E123+E124+E125","v":38.68049007979134},{"$f":"F123+F124+F125","v":41.511118979562823}]
[]
["Deuda (a largo y corto)",{"$f":"B64/1000","v":6.1852138400355692},{"$f":"C64/1000","v":5.2529265727840704},8.822935101358409,14.331312231172557,15.28192418051013,null,{"$f":"F128-C128","v":10.028997607726058}]
["Patrimonio neto (Equity)",{"$f":"B65/1000","v":18.601997918834538},22.234199727425544,22.775122852636358,24.349177848618783,26.229194799052692,null,{"$f":"F129-C129","v":3.9949950716271481}]
["Deuda + Equity",{"$f":"B128+B129","v":24.787211758870107},{"$f":"C128+C129","v":27.487126300209614},{"$f":"D128+D129","v":31.598057953994768},{"$f":"E128+E129","v":38.68049007979134},{"$f":"F128+F129","v":41.511118979562823}]
[]
[]
[null,null,null,null,null,null,null,"COAF"]
[null,2006,2007,2008,2009,2010,null,"2007-10"]
["NOF",{"$f":"B124","v":8.7972117588701071},{"$f":"C124","v":10.567126300209615},{"$f":"D124","v":14.708057953994768},{"$f":"E124","v":22.93049007979134},{"$f":"F124","v":26.331118979562824},null,{"$f":"F135-C135","v":15.763992679353208}]
["FM",{"$f":"B70/1000","v":5.2519979188345385},{"$f":"C70/1000","v":7.7441997274255447},{"$f":"D70/1000","v":7.8951228526363595},{"$f":"E70/1000","v":10.279177848618783},{"$f":"F70/1000","v":12.519194799052693},null,{"$f":"F136-C136","v":4.7749950716271483}]
["Crédito necesario (-) +",{"$f":"B136-B135","v":-3.5452138400355686},{"$f":"C136-C135","v":-2.8229265727840707},{"$f":"D136-D135","v":-6.8129351013584083},{"$f":"E136-E135","v":-12.651312231172557},{"$f":"F136-F135","v":-13.811924180510131},null,{"$f":"F137-C137","v":-10.988997607726059}]
["Caja excedente (+)"]

{"sheet":"Exh 1-2 TO DO","index":2,"n_rows":138,"n_cols":13,"rows_kept":138,"cut":false,"hidden":false,"merged":[[1,8,1,9],[56,8,56,9]]}
[null,null,null,null,"Exhibit 1. Doniphon. P&L and Forecast"]
["Profit and Loss Statement",null,null,"Past P&L",null,null,null,null,"Forecast"]
["(Thousands of euros)",2018,2019,{"$f":"C3+1","v":2020},{"$f":"D3+1","v":2021},{"$f":"E3+1","v":2022},null,null,{"$f":"F3+1","v":2023},{"$f":"I3+1","v":2024}]
["Sales",32850,{"$f":"B4*(1+C97)","v":39748.5},{"$f":"C4*(1+D97)","v":39351.014999999999},{"$f":"D4*(1+E97)","v":45253.667249999999},{"$f":"E4*(1+F97)","v":49779.033975000006}]
["Cost of components",{"$f":"B4*B98","v":17804.7},{"$f":"C4*C98","v":21066.705000000002},{"$f":"D4*D98","v":23728.662044999997},{"$f":"E4*E98","v":27785.751691499998},{"$f":"F4*F98","v":29867.420385000001},null,null,"-------","-------"]
["Labor",{"$f":"B4*B99","v":5715.9},{"$f":"C4*C99","v":6359.76},{"$f":"D4*D99","v":8421.1172100000003},{"$f":"E4*E99","v":9729.5384587499993},{"$f":"F4*F99","v":10602.934236675001},null,null,"-------","-------"]
["Total COGS",{"$f":"B5+B6","v":23520.6},{"$f":"C5+C6","v":27426.465000000004},{"$f":"D5+D6","v":32149.779254999998},{"$f":"E5+E6","v":37515.290150249995},{"$f":"F5+F6","v":40470.354621675004},null,null,"-------","-------"]
["Gross Margin",{"$f":"B4-B7","v":9329.4000000000015},{"$f":"C4-C7","v":12322.034999999996},{"$f":"D4-D7","v":7201.2357450000018},{"$f":"E4-E7","v":7738.3770997500033},{"$f":"F4-F7","v":9308.679353325002},null,null,{"$f":"I4*I21","v":0},{"$f":"J4*J21","v":0}]
["Operating Expenses (Opex )",3660,4020,4230,3960,4050]
["EBITDA",{"$f":"B8-B9","v":5669.4000000000015},{"$f":"C8-C9","v":8302.0349999999962},{"$f":"D8-D9","v":2971.2357450000018},{"$f":"E8-E9","v":3778.3770997500033},{"$f":"F8-F9","v":5258.679353325002},null,null,{"$f":"I8-I9","v":0},0]
["Depreciation",1591.1999999999998,1591.1999999999998,1694.16,1719.12,1560,null,null,1500,1500]
["EBIT",{"$f":"B10-B11","v":4078.2000000000016},{"$f":"C10-C11","v":6710.8349999999964},{"$f":"D10-D11","v":1277.0757450000017},{"$f":"E10-E11","v":2059.2570997500034},{"$f":"F10-F11","v":3698.679353325002},null,null,{"$f":"I10-I11","v":-1500},-1500]
["Extraordinary Results",0,0,0,1100,0,null,null,0,0]
["Financial Expenses",{"$f":"B103*(B48+B46)","v":321.63111968184955},{"$f":"C103*(C48+C46)","v":91.8},{"$f":"D103*(D48+D46)","v":103.95},{"$f":"E103*(E48+E46)","v":111},{"$f":"F103*(F48+F46)","v":105.3}]
["EBT",{"$f":"B12+B13-B14","v":3756.568880318152},{"$f":"C12+C13-C14","v":6619.0349999999962},{"$f":"D12+D13-D14","v":1173.1257450000016},{"$f":"E12+E13-E14","v":3048.2570997500034},{"$f":"F12+F13-F14","v":3593.3793533250018},null,null,{"$f":"I12+I13-I14","v":-1500},{"$f":"J12+J13-J14","v":-1500}]
["Taxes (25%)",{"$f":"B15*B106","v":939.14222007953799},{"$f":"C15*C106","v":1654.7587499999991},{"$f":"D15*D106","v":293.28143625000041},{"$f":"E15*E106","v":762.06427493750084},{"$f":"F15*F106","v":898.34483833125046}]
["Net Income",{"$f":"B15-B16","v":2817.4266602386142},{"$f":"C15-C16","v":4964.2762499999972},{"$f":"D15-D16","v":879.84430875000123},{"$f":"E15-E16","v":2286.1928248125023},{"$f":"F15-F16","v":2695.0345149937511},null,null,{"$f":"I15-I16","v":-1500},{"$f":"J15-J16","v":-1500}]
[]
["P&L Ratios (Profitability Ratios)",null,null,null,null,null,null,null,"P&L Assumptions"]
["Growth of Sales",0.41,{"$f":"C97","v":0.21},null,null,null,null,null,0,0]
["Gross Margin / Sales",{"$f":"B8/B4","v":0.28400000000000003},null,null,null,null,null,null,0.2,0.21]
["Opex / Sales",{"$f":"B9/B4","v":0.11141552511415526}]
["Increase in Opex","na",null,null,null,null,null,null,0.05,0.05]
["EBITDA / Sales",{"$f":"B10/B4","v":0.1725844748858448}]
["ROS, Net Income / Sales",{"$f":"B17/B4","v":8.5766412792651875E-2}]
["ROE, Net Income / Equity",{"$f":"B17/B49","v":0.17849244138983547}]
["RONA, EBIT / Net Assets",{"$f":"B12/B62","v":0.16452838825410113}]
["Cost of Debt",{"$f":"B103","v":5.1999999999999998E-2},null,null,null,null,null,null,7.0000000000000007E-2,7.0000000000000007E-2]
["EBIT / Fin expenses",{"$f":"B12/B14","v":12.679743191622961}]
[]
[null,null,null,null,"Exhibit 2. Doniphon. Balance sheet and Forecast"]
[]
["Assets",null,null,null,null,null,null,"Differences"]
["(Thousands of euros)",{"$f":"B3","v":2018},{"$f":"C3","v":2019},{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},null,"2019-22"]
["Cash",690,630,360,180,120]
["Receivables",{"$f":"B4/365*B110","v":8640},10756.631111111112,12047.426844444448,18594.252221754388,20786.257564969343]
["Inventory",7350,8946.1350000000002,10726.655444999999,13321.9357425,13256.224938000001]
["Current Assets, CA",{"$f":"SUM(B35:B37)","v":16680},{"$f":"SUM(C35:C37)","v":20332.766111111112},{"$f":"SUM(D35:D37)","v":23134.082289444446},{"$f":"SUM(E35:E37)","v":32096.187964254386},{"$f":"SUM(F35:F37)","v":34162.482502969346}]
["Fixed Assets net, FA",15300,16290,16530,15570,15060]
["Total Assets",{"$f":"B38+B39","v":31980},{"$f":"C38+C39","v":36622.766111111108},{"$f":"D38+D39","v":39664.082289444443},{"$f":"E38+E39","v":47666.187964254386},{"$f":"F38+F39","v":49222.482502969346}]
[null,null,null," "," "," "]
["Liabilities + Equity"]
["Payables",{"$f":"B54/365*B113","v":3810},{"$f":"C54/365*C113","v":4421.117417074749},{"$f":"D54/365*D113","v":0},{"$f":"E54/365*E113","v":0},{"$f":"F54/365*F113","v":0}]
["Advances from customers",2370,3199.5,2143.665,1436.2555500000001,962.29121850000013]
["Taxes and other payables",1012.788241129892,1515.0223938267484,980.03255367199336,709.11261183626721,911.13637413739866]
["Bank Credit",{"$f":"IF(B71<0,(-B71+B35),0)","v":4235.2138400355689},{"$f":"IF(C71<0,(-C71+C35),0)","v":0},{"$f":"IF(D71<0,(-D71+D35),0)","v":0},{"$f":"IF(E71<0,(-E71+E35),0)","v":0},{"$f":"IF(F71<0,(-F71+F35),0)","v":0}]
["Current Liabilities",{"$f":"B43+B44+B45+B46","v":11428.002081165461},{"$f":"C43+C44+C45+C46","v":9135.6398109014972},{"$f":"D43+D44+D45+D46","v":3123.6975536719933},{"$f":"E43+E44+E45+E46","v":2145.3681618362671},{"$f":"F43+F44+F45+F46","v":1873.4275926373989}]
["Loan (Long-term Debt)",1950,{"$f":"B48+C116","v":1800},{"$f":"C48+D116","v":1650},{"$f":"D48+E116","v":1500},{"$f":"E48+F116","v":1350}]
["Capital & reserves",15784.571258595923,{"$f":"B49+B50-C118","v":17401.997918834539},{"$f":"C49+C50","v":22366.274168834534},{"$f":"D49+D50","v":23246.118477584536},{"$f":"E49+E50","v":25532.311302397036}]
["Net income for the year",{"$f":"B17","v":2817.4266602386142},{"$f":"C17","v":4964.2762499999972},{"$f":"D17","v":879.84430875000123},{"$f":"E17","v":2286.1928248125023},{"$f":"F17","v":2695.0345149937511}]
["Equity",{"$f":"B49+B50","v":18601.997918834539},{"$f":"C49+C50","v":22366.274168834534},{"$f":"D49+D50","v":23246.118477584536},{"$f":"E49+E50","v":25532.311302397036},{"$f":"F49+F50","v":28227.345817390786}]
["Liabilities + Equity",{"$f":"B47+B48+B51","v":31980},{"$f":"C47+C48+C51","v":33301.913979736033},{"$f":"D47+D48+D51","v":28019.816031256531},{"$f":"E47+E48+E51","v":29177.679464233304},{"$f":"F47+F48+F51","v":31450.773410028185}]
[]
["Purchases",20110,{"$f":"C5+(C37-B37)","v":22662.840000000004}]
["Dividends paid",null,{"$f":"B49+B50-C49","v":1200}]
["Capex"]
[null,null,null,null,null,null,null,{"$f":"H33","v":"Differences"},"Forecast"]
["Short Balance Sheet",{"$f":"B3","v":2018},{"$f":"C3","v":2019},{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},null,{"$f":"H34","v":"2019-22"},{"$f":"F58+1","v":2023},{"$f":"I58+1","v":2024}]
["Cash surplus",{"$f":"B35-B109","v":690},{"$f":"C35-C109","v":630},{"$f":"D35-D109","v":360},{"$f":"E35-E109","v":180},{"$f":"F35-F109","v":120},null,null,0,0]
["NFO or Current Assets, Net",{"$f":"B109+B36+B37-B43-B44-B45","v":8797.2117588701076}]
["FA or Fixed Assets, Net",{"$f":"B39","v":15300},{"$f":"C39","v":16290},{"$f":"D39","v":16530},{"$f":"E39","v":15570},{"$f":"F39","v":15060},null,null,{"$f":"F61","v":15060},{"$f":"I61","v":15060}]
["NA, Net Assets",{"$f":"B59+B60+B61","v":24787.211758870108},null,null,null,null,null,null,{"$f":"I59+I60+I61","v":15060},15060]
[]
["D, Debt",{"$f":"B46+B48","v":6185.2138400355689},null,null,null,null,null,{"$f":"F64-C64","v":0}]
["E, Equity",{"$f":"B51","v":18601.997918834539},null,null,null,null,null,{"$f":"F65-C65","v":0}]
["Debt + Equity",{"$f":"B64+B65","v":24787.211758870108},null,null,null,null,null,null,{"$f":"I64+I65","v":0},{"$f":"J64+J65","v":0}]
[]
["Shortest  Balance Sheet: NFO vs WC"]
["NFO",{"$f":"B60","v":8797.2117588701076}]
["WC",{"$f":"B48+B51-B39","v":5251.9979188345387}]
["     Credit Needed (-) or",{"$f":"B70-B69","v":-3545.2138400355689}]
["Cash Surplus (+)"]
[]
["Balance Sheet Ratios",null,null,null,null,null,null,"En% Sales","Balance Assumptions"]
["Receivables in Days",{"$f":"B36/B4*365","v":95.999999999999986},null,null,null,null,null,null,"-----","-----",null,120,{"$f":"L75/365","v":0.32876712328767121}]
["Inventory in Days",150.67650676506764,null,null,null,null,null,null,"-----","-----"]
["Payables in Days",{"$f":"B43/B54*365","v":69.152163102933869},null,null,null,null,null,null,"-----","-----"]
["NFO / Sales in %",{"$f":"B69/B4","v":0.26779944471446293},null,null,null,null,null,null,0.42,0.4]
["Debt / EBITDA",{"$f":"B64/B10","v":1.0909820862940642}]
["Debt / Net Income",{"$f":"B64/B17","v":2.1953415601993802}]
[null,null,null,null,null,null,null,null,null,"© E.M. Abascal 2023"]
[]
[]
["Clientes / Ventas",{"$f":"B36/B$4","v":0.26301369863013696},0.27061728395061729,0.30615288689362774,0.41088940083092135,0.41757052929971689]
["Existencias / Ventas",0.22374429223744291,0.22506849315068495,0.27258904109589038,0.29438356164383561,0.26630136986301367]
["Proveedores / ventas",{"$f":"B43/B4","v":0.11598173515981736},{"$f":"C43/C4","v":0.11122727693056968},{"$f":"D43/D4","v":0},{"$f":"E43/E4","v":0},{"$f":"F43/F4","v":0}]
["anticipos clientes /ventas",{"$f":"B44/B$4","v":7.2146118721461192E-2},8.049360353220876E-2,5.4475469057151386E-2,3.1737881972427329E-2,1.9331255383205737E-2]
["hacienda y otros /ventas",3.0830692271838416E-2,3.8115209223662488E-2,2.4904886282399407E-2,1.566972700618572E-2,1.8303617032724841E-2]
["Pasivo espontáneo / ventas",{"$f":"B87+B88","v":0.10297681099329961},{"$f":"C87+C88","v":0.11860881275587125},{"$f":"D87+D88","v":7.938035533955079E-2},{"$f":"E87+E88","v":4.7407608978613049E-2},{"$f":"F87+F88","v":3.7634872415930581E-2}]
["NOF / Ventas",{"$f":"B84+B85-B86-B89","v":0.26779944471446293},{"$f":"C84+C85-C86-C89","v":0.26584968741486131},{"$f":"D84+D85-D86-D89","v":0.49936157264996728},{"$f":"E84+E85-E86-E89","v":0.65786535349614383},{"$f":"F84+F85-F86-F89","v":0.64623702674680006}]
[]
[]
[]
["HIPÓTESIS EN NEGRITA"]
["BALANCE CALCULADO EN FUNCIÓN DEL AÑO QUE TERMINA NO DEL SIGUIENTE"]
["HIPÓTESIS CUENTA DE RDOS"]
["Crecimiento ventas",null,0.21,-0.01,0.15,0.1]
["Material en %",0.54200000000000004,0.53,0.60299999999999998,0.61399999999999999,0.6]
["Mano de obra en %",0.17399999999999999,0.16,0.214,0.215,0.21299999999999999]
["CMV en %"]
[]
["Crecimiento Gastos generales",null,9.8360655737705027E-2,5.2238805970149294E-2,-6.3829787234042534E-2,2.2727272727272707E-2]
["Intereses",5.1999999999999998E-2,5.0999999999999997E-2,6.3E-2,7.3999999999999996E-2,7.8E-2]
["Amortización % del AF",0.1,{"$f":"B104","v":0.1},0.1,0.1,0.1]
["Amortización, fijo en $"]
["Impuestos",0.25,0.25,0.25,0.25,0.25]
[]
["HIPÓTESIS DE BALANCE"]
["Caja mínima ",0,0,0]
["Clientes días",96,98.775308641975315,111.74580371617412,149.97463130328632,152.41324319439667]
["Existencias días",150.67650676506764,155,165,175,162]
["AF nueva inversión",null,1600,1600,1600]
["Proveedores días",69.152163102933869,71.205014783331791,70.717643580151261,82.180235011857292,71.500818064645443]
["Anticipo clientes /ventas"]
["Otros acreedores / ventas"]
["Incr. Deuda largo",null,-150,-150,-150,-150]
["Payout",0,0,0,0,0]
["Dividendos pagados",0,1200,0,0,0]
[]
[]
[null,null,null,null,null,null,null,"COAF"]
["Balance resumido",2006,2007,2008,2009,2010,null,"2007-10"]
["Caja excedente",{"$f":"B59/1000","v":0.69},0.63,0.36,0.18,0.12,null,{"$f":"F123-C123","v":-0.51}]
["NOF o circulante neto",8.7972117588701071,0,0,0,0,null,{"$f":"F124-C124","v":0}]
["AF o activo fijo neto",15.3,16.29,16.53,15.57,15.06,null,{"$f":"F125-C125","v":-1.2299999999999986}]
["AN o activo neto",{"$f":"B123+B124+B125","v":24.787211758870107},{"$f":"C123+C124+C125","v":16.919999999999998},{"$f":"D123+D124+D125","v":16.89},{"$f":"E123+E124+E125","v":15.75},{"$f":"F123+F124+F125","v":15.18}]
[]
["Deuda (a largo y corto)",{"$f":"B64/1000","v":6.1852138400355692},{"$f":"C64/1000","v":0},0,0,0,null,{"$f":"F128-C128","v":0}]
["Patrimonio neto (Equity)",{"$f":"B65/1000","v":18.601997918834538},0,0,0,0,null,{"$f":"F129-C129","v":0}]
["Deuda + Equity",{"$f":"B128+B129","v":24.787211758870107},{"$f":"C128+C129","v":0},{"$f":"D128+D129","v":0},{"$f":"E128+E129","v":0},{"$f":"F128+F129","v":0}]
[]
[]
[null,null,null,null,null,null,null,"COAF"]
[null,2006,2007,2008,2009,2010,null,"2007-10"]
["NOF",{"$f":"B124","v":8.7972117588701071},{"$f":"C124","v":0},{"$f":"D124","v":0},{"$f":"E124","v":0},{"$f":"F124","v":0},null,{"$f":"F135-C135","v":0}]
["FM",{"$f":"B70/1000","v":5.2519979188345385},{"$f":"C70/1000","v":0},{"$f":"D70/1000","v":0},{"$f":"E70/1000","v":0},{"$f":"F70/1000","v":0},null,{"$f":"F136-C136","v":0}]
["Crédito necesario (-) +",{"$f":"B136-B135","v":-3.5452138400355686},{"$f":"C136-C135","v":0},{"$f":"D136-D135","v":0},{"$f":"E136-E135","v":0},{"$f":"F136-F135","v":0},null,{"$f":"F137-C137","v":0}]
["Caja excedente (+)"]

{"sheet":"Anex 1-2","index":3,"n_rows":138,"n_cols":13,"rows_kept":138,"cut":false,"hidden":true,"merged":[[1,8,1,9],[56,8,56,9]]}
[null,null,null,null,"Anexo 1. Doniphon. Cuenta de PyG y Forecast"]
["Cuenta de PyG",null,null,"Datos pasados",null,null,null,null,"Forecast"]
["(miles de euros)",2018,2019,{"$f":"C3+1","v":2020},{"$f":"D3+1","v":2021},{"$f":"E3+1","v":2022},null,null,{"$f":"F3+1","v":2023},{"$f":"I3+1","v":2024}]
["Ventas",32850,{"$f":"B4*(1+C97)","v":39748.5},{"$f":"C4*(1+D97)","v":39351.014999999999},{"$f":"D4*(1+E97)","v":45253.667249999999},{"$f":"E4*(1+F97)","v":49779.033975000006},null,null,{"$f":"F4*(1+I20)","v":49779.033975000006},{"$f":"I4*(1+J20)","v":49779.033975000006}]
["   Coste de materiales",{"$f":"B4*B98","v":17804.7},{"$f":"C4*C98","v":21066.705000000002},{"$f":"D4*D98","v":23728.662044999997},{"$f":"E4*E98","v":27785.751691499998},{"$f":"F4*F98","v":29867.420385000001},null,null,"-------","-------"]
["   Mano de obra",{"$f":"B4*B99","v":5715.9},{"$f":"C4*C99","v":6359.76},{"$f":"D4*D99","v":8421.1172100000003},{"$f":"E4*E99","v":9729.5384587499993},{"$f":"F4*F99","v":10602.934236675001},null,null,"-------","-------"]
["Total CMV",{"$f":"B5+B6","v":23520.6},{"$f":"C5+C6","v":27426.465000000004},{"$f":"D5+D6","v":32149.779254999998},{"$f":"E5+E6","v":37515.290150249995},{"$f":"F5+F6","v":40470.354621675004},null,null,"-------","-------"]
["Margen bruto",{"$f":"B4-B7","v":9329.4000000000015},{"$f":"C4-C7","v":12322.034999999996},{"$f":"D4-D7","v":7201.2357450000018},{"$f":"E4-E7","v":7738.3770997500033},{"$f":"F4-F7","v":9308.679353325002},null,null,{"$f":"I4*I21","v":9955.8067950000022},{"$f":"J4*J21","v":10453.597134750002}]
["Gastos generales (Opex)",3660,4020,4230,3960,4050,null,null,{"$f":"F9*(1+I23)","v":4252.5},{"$f":"I9*(1+J23)","v":4465.125}]
["EBITDA",{"$f":"B8-B9","v":5669.4000000000015},{"$f":"C8-C9","v":8302.0349999999962},{"$f":"D8-D9","v":2971.2357450000018},{"$f":"E8-E9","v":3778.3770997500033},{"$f":"F8-F9","v":5258.679353325002},null,null,{"$f":"I8-I9","v":5703.3067950000022},5988.4721347500017]
["Amortización",1591.1999999999998,1591.1999999999998,1694.16,1719.12,1560,null,null,1500,1500]
["EBIT o BAIT",{"$f":"B10-B11","v":4078.2000000000016},{"$f":"C10-C11","v":6710.8349999999964},{"$f":"D10-D11","v":1277.0757450000017},{"$f":"E10-E11","v":2059.2570997500034},{"$f":"F10-F11","v":3698.679353325002},null,null,{"$f":"I10-I11","v":4203.3067950000022},4488.4721347500017]
["Resultados extraordinarios",0,0,0,1100,0,null,null,0,0]
["Gastos financieros",{"$f":"B103*(B48+B46)","v":321.63111968184955},{"$f":"C103*(C48+C46)","v":267.89925521198757},{"$f":"D103*(D48+D46)","v":555.84491138557973},{"$f":"E103*(E48+E46)","v":1060.5171051067691},{"$f":"F103*(F48+F46)","v":1191.9900860797902},null,null,{"$f":"I28*F64","v":1069.7346926357093},{"$f":"J28*I64","v":517.14742755718635}]
["Bº antes impuestos",{"$f":"B12+B13-B14","v":3756.568880318152},{"$f":"C12+C13-C14","v":6442.9357447880084},{"$f":"D12+D13-D14","v":721.23083361442195},{"$f":"E12+E13-E14","v":2098.7399946432342},{"$f":"F12+F13-F14","v":2506.6892672452118},null,null,{"$f":"I12+I13-I14","v":3133.5721023642927},{"$f":"J12+J13-J14","v":3971.3247071928154}]
["Impuestos (25%)",{"$f":"B15*B106","v":939.14222007953799},{"$f":"C15*C106","v":1610.7339361970021},{"$f":"D15*D106","v":180.30770840360549},{"$f":"E15*E106","v":524.68499866080856},{"$f":"F15*F106","v":626.67231681130295},null,null,{"$f":"0.25*I15","v":783.39302559107318},{"$f":"0.25*J15","v":992.83117679820384}]
["Beneficio neto, BN ",{"$f":"B15-B16","v":2817.4266602386142},{"$f":"C15-C16","v":4832.2018085910058},{"$f":"D15-D16","v":540.92312521081647},{"$f":"E15-E16","v":1574.0549959824257},{"$f":"F15-F16","v":1880.0169504339087},null,null,{"$f":"I15-I16","v":2350.1790767732195},{"$f":"J15-J16","v":2978.4935303946113}]
[]
["Ratios de PyG",null,null,null,null,null,null,null,"Hipótesis de PyG"]
["Crecimiento de ventas",0.41,{"$f":"C97","v":0.21},{"$f":"D4/C4-1","v":-1.0000000000000009E-2},{"$f":"E4/D4-1","v":0.14999999999999991},0.10000000000000009,null,null,0,0]
["Margen bruto / Ventas",{"$f":"B8/B4","v":0.28400000000000003},{"$f":"C8/C4","v":0.30999999999999989},{"$f":"D8/D4","v":0.18300000000000005},{"$f":"E8/E4","v":0.17100000000000007},{"$f":"F8/F4","v":0.18700000000000003},null,null,0.2,0.21]
["Opex / Ventas",{"$f":"B9/B4","v":0.11141552511415526},{"$f":"C9/C4","v":0.10113589192044983},{"$f":"D9/D4","v":0.10749405066171737},{"$f":"E9/E4","v":8.7506720242656141E-2},{"$f":"F9/F4","v":8.1359553944618301E-2},null,null,{"$f":"I9/I4","v":8.5427531641849214E-2},8.9698908223941679E-2]
["Aumento de Opex","na",{"$f":"C9/B9-1","v":9.8360655737705027E-2},{"$f":"D9/C9-1","v":5.2238805970149294E-2},{"$f":"E9/D9-1","v":-6.3829787234042534E-2},{"$f":"F9/E9-1","v":2.2727272727272707E-2},null,null,0.05,0.05]
["EBITDA / Ventas",{"$f":"B10/B4","v":0.1725844748858448},{"$f":"C10/C4","v":0.20886410807955008},{"$f":"D10/D4","v":7.5505949338282682E-2},{"$f":"E10/E4","v":8.3493279757343941E-2},{"$f":"F10/F4","v":0.10564044605538173},null,null,{"$f":"I10/I4","v":0.11457246835815081},{"$f":"J10/J4","v":0.12030109177605834}]
["ROS (Bº neto / Ventas)",{"$f":"B17/B4","v":8.5766412792651875E-2},{"$f":"C17/C4","v":0.12156941289837367},{"$f":"D17/D4","v":1.3746103504847753E-2},{"$f":"E17/E4","v":3.4782926813128626E-2},{"$f":"F17/F4","v":3.7767244566820839E-2},null,null,{"$f":"I17/I4","v":4.7212227500307159E-2},{"$f":"J17/J4","v":5.9834297545638758E-2}]
["ROE (Bº neto / Equity)",{"$f":"B17/B49","v":0.17849244138983547},{"$f":"C17/C49","v":0.27768086349217491},{"$f":"D17/D49","v":2.4328427910251974E-2},{"$f":"E17/E49","v":6.9112909123132088E-2},{"$f":"F17/F49","v":7.7210695249020633E-2},null,null,{"$f":"I17/F65","v":8.960164788810443E-2},{"$f":"J17/I65","v":0.10421829195194487}]
["RONA (EBIT / Activo neto)",{"$f":"B12/B62","v":0.16452838825410113},{"$f":"C12/C62","v":0.24414465618214951},{"$f":"D12/D62","v":4.0416273267786323E-2},{"$f":"E12/E62","v":5.3237616573681007E-2},{"$f":"F12/F62","v":8.9100931129945535E-2},null,null,{"$f":"I12/I62","v":0.11686501770210041},{"$f":"J12/J62","v":0.12834615489499351}]
["Coste deuda",{"$f":"B103","v":5.1999999999999998E-2},{"$f":"C103","v":5.0999999999999997E-2},{"$f":"D103","v":6.3E-2},{"$f":"E103","v":7.3999999999999996E-2},{"$f":"F103","v":7.8E-2},null,null,7.0000000000000007E-2,7.0000000000000007E-2]
["EBIT / Gastos financieros",{"$f":"B12/B14","v":12.679743191622961},{"$f":"C12/C14","v":25.049845676837514},{"$f":"D12/D14","v":2.297539689293147},{"$f":"E12/E14","v":1.9417481244139712},{"$f":"F12/F14","v":3.1029447279122904},null,null,{"$f":"I12/I14","v":3.9292983801838886},{"$f":"J12/J14","v":8.6792893004455003}]
[]
[null,null,null,null,"Anexo 2. Doniphon. Balances y Forecast"]
[]
["Activo",null,null,null,null,null,null,"Diferencias"]
["(miles de euros)",{"$f":"B3","v":2018},{"$f":"C3","v":2019},{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},null,"2019-22"]
["Caja",690,630,360,180,120,null,{"$f":"F35-C35","v":-510}]
["Clientes",{"$f":"B4/365*B110","v":8640},10756.631111111112,12047.426844444448,18594.252221754388,20786.257564969343,null,{"$f":"F36-C36","v":10029.626453858231}]
["Existencias",7350,8946.1350000000002,10726.655444999999,13321.9357425,13256.224938000001,null,{"$f":"F37-C37","v":4310.089938000001}]
["Activo corriente,  AC",{"$f":"SUM(B35:B37)","v":16680},{"$f":"SUM(C35:C37)","v":20332.766111111112},{"$f":"SUM(D35:D37)","v":23134.082289444446},{"$f":"SUM(E35:E37)","v":32096.187964254386},{"$f":"SUM(F35:F37)","v":34162.482502969346}]
["Activo fijo neto,  AF",15300,16290,16530,15570,15060,null,{"$f":"F39-C39","v":-1230}]
["Activo total",{"$f":"B38+B39","v":31980},{"$f":"C38+C39","v":36622.766111111108},{"$f":"D38+D39","v":39664.082289444443},{"$f":"E38+E39","v":47666.187964254386},{"$f":"F38+F39","v":49222.482502969346}]
[null,null,null," "," "," "]
["Pasivo"]
["Proveedores",{"$f":"B54/365*B113","v":3810},{"$f":"C54/365*C113","v":4421.117417074749},{"$f":"D54/365*D113","v":4942.326781777685},{"$f":"E54/365*E113","v":6840.3297226267778},{"$f":"F54/365*F113","v":5837.9359307691284},null,{"$f":"F43-C43","v":1416.8185136943794}]
["Anticipos de clientes",2370,3199.5,2143.665,1436.2555500000001,962.29121850000013,null,-2237.2087815]
["Hacienda y otros acreedores",1012.788241129892,1515.0223938267484,980.03255367199336,709.11261183626721,911.13637413739866,null,-603.88601968934972]
["Crédito bancario",{"$f":"IF(B71<0,(-B71+B35),0)","v":4235.2138400355689},{"$f":"IF(C71<0,(-C71+C35),0)","v":3452.9265727840702},{"$f":"IF(D71<0,(-D71+D35),0)","v":7172.9351013584092},{"$f":"IF(E71<0,(-E71+E35),0)","v":12831.312231172556},{"$f":"IF(F71<0,(-F71+F35),0)","v":13931.92418051013},null,10478.99760772606]
["Pasivo corriente",{"$f":"B43+B44+B45+B46","v":11428.002081165461},{"$f":"C43+C44+C45+C46","v":12588.566383685567},{"$f":"D43+D44+D45+D46","v":15238.959436808087},{"$f":"E43+E44+E45+E46","v":21817.010115635603},{"$f":"F43+F44+F45+F46","v":21643.287703916656}]
["Préstamo bancario",1950,{"$f":"B48+C116","v":1800},{"$f":"C48+D116","v":1650},{"$f":"D48+E116","v":1500},{"$f":"E48+F116","v":1350},null,-450]
["Capital y reservas",15784.571258595923,{"$f":"B49+B50-C118","v":17401.997918834539},{"$f":"C49+C50","v":22234.199727425545},{"$f":"D49+D50","v":22775.122852636359},{"$f":"E49+E50","v":24349.177848618783}]
["Beneficio del año ",{"$f":"B17","v":2817.4266602386142},{"$f":"C17","v":4832.2018085910058},{"$f":"D17","v":540.92312521081647},{"$f":"E17","v":1574.0549959824257},{"$f":"F17","v":1880.0169504339087}]
["Patrimonio neto ",{"$f":"B49+B50","v":18601.997918834539},{"$f":"C49+C50","v":22234.199727425545},{"$f":"D49+D50","v":22775.122852636359},{"$f":"E49+E50","v":24349.177848618783},{"$f":"F49+F50","v":26229.194799052693},null,{"$f":"F51-C51","v":3994.9950716271487}]
["Total pasivo y Patrimonio",{"$f":"B47+B48+B51","v":31980},{"$f":"C47+C48+C51","v":36622.766111111108},{"$f":"D47+D48+D51","v":39664.082289444443},{"$f":"E47+E48+E51","v":47666.187964254386},{"$f":"F47+F48+F51","v":49222.482502969346}]
[]
["Pro memoria: Compras",20110,{"$f":"C5+(C37-B37)","v":22662.840000000004},{"$f":"D5+(D37-C37)","v":25509.182489999996},{"$f":"E5+(E37-D37)","v":30381.031988999999},{"$f":"F5+(F37-E37)","v":29801.709580500003}]
["Pro memoria: Dividendos",null,{"$f":"B49+B50-C49","v":1200},{"$f":"C49+C50-D49","v":0},{"$f":"D49+D50-E49","v":0},{"$f":"E49+E50-F49","v":0}]
["Capex",null,null,{"$f":"D39-C39+D11","v":1934.16},{"$f":"E39-D39+E11","v":759.11999999999989},{"$f":"F39-E39+F11","v":1050}]
[null,null,null,null,null,null,null,{"$f":"H33","v":"Diferencias"},"Forecast"]
["Balance corto",{"$f":"B3","v":2018},{"$f":"C3","v":2019},{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},null,{"$f":"H34","v":"2019-22"},{"$f":"F58+1","v":2023},{"$f":"I58+1","v":2024}]
["Caja excedente",{"$f":"B35-B109","v":690},{"$f":"C35-C109","v":630},{"$f":"D35-D109","v":360},{"$f":"E35-E109","v":180},{"$f":"F35-F109","v":120},null,{"$f":"F59-C59","v":-510},0,0]
["NOF o circulante neto",{"$f":"B109+B36+B37-B43-B44-B45","v":8797.2117588701076},{"$f":"C109+C36+C37-C43-C44-C45","v":10567.126300209615},{"$f":"D109+D36+D37-D43-D44-D45","v":14708.057953994768},{"$f":"E109+E36+E37-E43-E44-E45","v":22930.49007979134},{"$f":"F109+F36+F37-F43-F44-F45","v":26331.118979562823},null,{"$f":"F60-C60","v":15763.992679353209},{"$f":"I4*I78","v":20907.194269500003},{"$f":"J4*J78","v":19911.613590000004}]
["AF o activo fijo neto",{"$f":"B39","v":15300},{"$f":"C39","v":16290},{"$f":"D39","v":16530},{"$f":"E39","v":15570},{"$f":"F39","v":15060},null,{"$f":"F61-C61","v":-1230},{"$f":"F61","v":15060},{"$f":"I61","v":15060}]
["AN o activo neto",{"$f":"B59+B60+B61","v":24787.211758870108},{"$f":"C59+C60+C61","v":27487.126300209617},{"$f":"D59+D60+D61","v":31598.057953994768},{"$f":"E59+E60+E61","v":38680.490079791343},{"$f":"F59+F60+F61","v":41511.118979562823},null,null,{"$f":"I59+I60+I61","v":35967.194269500003},34971.613590000008]
[]
["Deuda (a largo y corto)",{"$f":"B46+B48","v":6185.2138400355689},{"$f":"C46+C48","v":5252.9265727840702},{"$f":"D46+D48","v":8822.9351013584092},{"$f":"E46+E48","v":14331.312231172556},{"$f":"F46+F48","v":15281.92418051013},null,{"$f":"F64-C64","v":10028.99760772606},{"$f":"I62-I65","v":7387.8203936740902},{"$f":"J62-J65","v":3413.7461837794835}]
["Patrimonio neto (Equity)",{"$f":"B51","v":18601.997918834539},{"$f":"C51","v":22234.199727425545},{"$f":"D51","v":22775.122852636359},{"$f":"E51","v":24349.177848618783},{"$f":"F51","v":26229.194799052693},null,{"$f":"F65-C65","v":3994.9950716271487},{"$f":"F65+I17","v":28579.373875825913},{"$f":"I65+J17","v":31557.867406220525}]
["Deuda + Equity",{"$f":"B64+B65","v":24787.211758870108},{"$f":"C64+C65","v":27487.126300209617},{"$f":"D64+D65","v":31598.057953994768},{"$f":"E64+E65","v":38680.490079791343},{"$f":"F64+F65","v":41511.118979562823},null,null,{"$f":"I64+I65","v":35967.194269500003},{"$f":"J64+J65","v":34971.613590000008}]
[]
["Extracto del balance, NOF vs FM"]
["NOF",{"$f":"B60","v":8797.2117588701076},{"$f":"C60","v":10567.126300209615},{"$f":"D60","v":14708.057953994768},{"$f":"E60","v":22930.49007979134},{"$f":"F60","v":26331.118979562823},null,{"$f":"F69-C69","v":15763.992679353209}]
["FM",{"$f":"B48+B51-B39","v":5251.9979188345387},{"$f":"C48+C51-C39","v":7744.1997274255446},{"$f":"D48+D51-D39","v":7895.1228526363593},{"$f":"E48+E51-E39","v":10279.177848618783},{"$f":"F48+F51-F39","v":12519.194799052693},null,{"$f":"F70-C70","v":4774.9950716271487}]
["Crédito necesario (-) o",{"$f":"B70-B69","v":-3545.2138400355689},{"$f":"C70-C69","v":-2822.9265727840702},{"$f":"D70-D69","v":-6812.9351013584092},{"$f":"E70-E69","v":-12651.312231172556},{"$f":"F70-F69","v":-13811.92418051013},null,{"$f":"F71-C71","v":-10988.99760772606}]
["Caja excedente (+)"]
[]
["Ratios de balance",null,null,null,null,null,null,"En% Vtas","Hipótesis de Balance"]
["Días de cobro",{"$f":"B36/B4*365","v":95.999999999999986},98.775308641975315,111.74580371617412,149.97463130328629,152.41324319439667,null,{"$f":"F36/F4","v":0.41757052929971689},"-----","-----",null,120,{"$f":"L75/365","v":0.32876712328767121}]
["Días de existencias",150.67650676506764,155,165,175,162,null,{"$f":"F37/F4","v":0.26630136986301367},"-----","-----"]
["Días de pago",{"$f":"B43/B54*365","v":69.152163102933869},{"$f":"C43/C54*365","v":71.205014783331791},{"$f":"D43/D54*365","v":70.717643580151261},{"$f":"E43/E54*365","v":82.180235011857292},{"$f":"F43/F54*365","v":71.500818064645443},null,{"$f":"(F43+F44+F45)/F4","v":0.15491187569608772},"-----","-----"]
["NOF / Ventas en %",{"$f":"B69/B4","v":0.26779944471446293},{"$f":"C69/C4","v":0.26584968741486131},{"$f":"D69/D4","v":0.37376565646387439},{"$f":"E69/E4","v":0.50671009607053097},{"$f":"F69/F4","v":0.52896002346664306},null,{"$f":"H75+H76-H77","v":0.52896002346664295},0.42,0.4]
["Deuda / EBITDA",{"$f":"B64/B10","v":1.0909820862940642},{"$f":"C64/C10","v":0.63272758700536347},{"$f":"D64/D10","v":2.9694497032777196},{"$f":"E64/E10","v":3.79298091556843},{"$f":"F64/F10","v":2.906038408835014}]
["Deuda / Bº Neto",{"$f":"B64/B17","v":2.1953415601993802},{"$f":"C64/C17","v":1.0870668860404531},{"$f":"D64/D17","v":16.310885392300072},{"$f":"E64/E17","v":9.1047087095123107},{"$f":"F64/F17","v":8.1286097856633983}]
[null,null,null,null,null,null,null,null,null,"© E.M. Abascal 2023"]
[]
[]
["Clientes / Ventas",{"$f":"B36/B$4","v":0.26301369863013696},0.27061728395061729,0.30615288689362774,0.41088940083092135,0.41757052929971689]
["Existencias / Ventas",0.22374429223744291,0.22506849315068495,0.27258904109589038,0.29438356164383561,0.26630136986301367]
["Proveedores / ventas",{"$f":"B43/B4","v":0.11598173515981736},{"$f":"C43/C4","v":0.11122727693056968},{"$f":"D43/D4","v":0.12559591618609292},{"$f":"E43/E4","v":0.15115525742561289},{"$f":"F43/F4","v":0.11727700328015712}]
["anticipos clientes /ventas",{"$f":"B44/B$4","v":7.2146118721461192E-2},8.049360353220876E-2,5.4475469057151386E-2,3.1737881972427329E-2,1.9331255383205737E-2]
["hacienda y otros /ventas",3.0830692271838416E-2,3.8115209223662488E-2,2.4904886282399407E-2,1.566972700618572E-2,1.8303617032724841E-2]
["Pasivo espontáneo / ventas",{"$f":"B87+B88","v":0.10297681099329961},{"$f":"C87+C88","v":0.11860881275587125},{"$f":"D87+D88","v":7.938035533955079E-2},{"$f":"E87+E88","v":4.7407608978613049E-2},{"$f":"F87+F88","v":3.7634872415930581E-2}]
["NOF / Ventas",{"$f":"B84+B85-B86-B89","v":0.26779944471446293},{"$f":"C84+C85-C86-C89","v":0.26584968741486131},{"$f":"D84+D85-D86-D89","v":0.37376565646387439},{"$f":"E84+E85-E86-E89","v":0.50671009607053097},{"$f":"F84+F85-F86-F89","v":0.52896002346664295}]
[]
[]
[]
["HIPÓTESIS EN NEGRITA"]
["BALANCE CALCULADO EN FUNCIÓN DEL AÑO QUE TERMINA NO DEL SIGUIENTE"]
["HIPÓTESIS CUENTA DE RDOS"]
["Crecimiento ventas",null,0.21,-0.01,0.15,0.1]
["Material en %",0.54200000000000004,0.53,0.60299999999999998,0.61399999999999999,0.6]
["Mano de obra en %",0.17399999999999999,0.16,0.214,0.215,0.21299999999999999]
["CMV en %"]
[]
["Crecimiento Gastos generales",null,9.8360655737705027E-2,5.2238805970149294E-2,-6.3829787234042534E-2,2.2727272727272707E-2]
["Intereses",5.1999999999999998E-2,5.0999999999999997E-2,6.3E-2,7.3999999999999996E-2,7.8E-2]
["Amortización % del AF",0.1,{"$f":"B104","v":0.1},0.1,0.1,0.1]
["Amortización, fijo en $"]
["Impuestos",0.25,0.25,0.25,0.25,0.25]
[]
["HIPÓTESIS DE BALANCE"]
["Caja mínima ",0,0,0]
["Clientes días",96,98.775308641975315,111.74580371617412,149.97463130328632,152.41324319439667]
["Existencias días",150.67650676506764,155,165,175,162]
["AF nueva inversión",null,1600,1600,1600]
["Proveedores días",69.152163102933869,71.205014783331791,70.717643580151261,82.180235011857292,71.500818064645443]
["Anticipo clientes /ventas"]
["Otros acreedores / ventas"]
["Incr. Deuda largo",null,-150,-150,-150,-150]
["Payout",0,0,0,0,0]
["Dividendos pagados",0,1200,0,0,0]
[]
[]
[null,null,null,null,null,null,null,"COAF"]
["Balance resumido",2006,2007,2008,2009,2010,null,"2007-10"]
["Caja excedente",{"$f":"B59/1000","v":0.69},0.63,0.36,0.18,0.12,null,{"$f":"F123-C123","v":-0.51}]
["NOF o circulante neto",8.7972117588701071,10.567126300209615,14.708057953994768,22.93049007979134,26.331118979562824,null,{"$f":"F124-C124","v":15.763992679353208}]
["AF o activo fijo neto",15.3,16.29,16.53,15.57,15.06,null,{"$f":"F125-C125","v":-1.2299999999999986}]
["AN o activo neto",{"$f":"B123+B124+B125","v":24.787211758870107},{"$f":"C123+C124+C125","v":27.487126300209617},{"$f":"D123+D124+D125","v":31.598057953994768},{"$f":"E123+E124+E125","v":38.68049007979134},{"$f":"F123+F124+F125","v":41.511118979562823}]
[]
["Deuda (a largo y corto)",{"$f":"B64/1000","v":6.1852138400355692},{"$f":"C64/1000","v":5.2529265727840704},8.822935101358409,14.331312231172557,15.28192418051013,null,{"$f":"F128-C128","v":10.028997607726058}]
["Patrimonio neto (Equity)",{"$f":"B65/1000","v":18.601997918834538},22.234199727425544,22.775122852636358,24.349177848618783,26.229194799052692,null,{"$f":"F129-C129","v":3.9949950716271481}]
["Deuda + Equity",{"$f":"B128+B129","v":24.787211758870107},{"$f":"C128+C129","v":27.487126300209614},{"$f":"D128+D129","v":31.598057953994768},{"$f":"E128+E129","v":38.68049007979134},{"$f":"F128+F129","v":41.511118979562823}]
[]
[]
[null,null,null,null,null,null,null,"COAF"]
[null,2006,2007,2008,2009,2010,null,"2007-10"]
["NOF",{"$f":"B124","v":8.7972117588701071},{"$f":"C124","v":10.567126300209615},{"$f":"D124","v":14.708057953994768},{"$f":"E124","v":22.93049007979134},{"$f":"F124","v":26.331118979562824},null,{"$f":"F135-C135","v":15.763992679353208}]
["FM",{"$f":"B70/1000","v":5.2519979188345385},{"$f":"C70/1000","v":7.7441997274255447},{"$f":"D70/1000","v":7.8951228526363595},{"$f":"E70/1000","v":10.279177848618783},{"$f":"F70/1000","v":12.519194799052693},null,{"$f":"F136-C136","v":4.7749950716271483}]
["Crédito necesario (-) +",{"$f":"B136-B135","v":-3.5452138400355686},{"$f":"C136-C135","v":-2.8229265727840707},{"$f":"D136-D135","v":-6.8129351013584083},{"$f":"E136-E135","v":-12.651312231172557},{"$f":"F136-F135","v":-13.811924180510131},null,{"$f":"F137-C137","v":-10.988997607726059}]
["Caja excedente (+)"]

{"sheet":"Anex 1-2 HACER","index":4,"n_rows":138,"n_cols":13,"rows_kept":138,"cut":false,"hidden":true,"merged":[[1,8,1,9],[56,8,56,9]]}
[null,null,null,null,"Anexo 1. Doniphon. Cuenta de PyG y Forecast"]
["Cuenta de PyG",null,null,"Datos pasados",null,null,null,null,"Forecast"]
["(miles de euros)",2018,2019,{"$f":"C3+1","v":2020},{"$f":"D3+1","v":2021},{"$f":"E3+1","v":2022},null,null,{"$f":"F3+1","v":2023},{"$f":"I3+1","v":2024}]
["Ventas",32850,{"$f":"B4*(1+C97)","v":39748.5},{"$f":"C4*(1+D97)","v":39351.014999999999},{"$f":"D4*(1+E97)","v":45253.667249999999},{"$f":"E4*(1+F97)","v":49779.033975000006}]
["   Coste de materiales",{"$f":"B4*B98","v":17804.7},{"$f":"C4*C98","v":21066.705000000002},{"$f":"D4*D98","v":23728.662044999997},{"$f":"E4*E98","v":27785.751691499998},{"$f":"F4*F98","v":29867.420385000001},null,null,"-------","-------"]
["   Mano de obra",{"$f":"B4*B99","v":5715.9},{"$f":"C4*C99","v":6359.76},{"$f":"D4*D99","v":8421.1172100000003},{"$f":"E4*E99","v":9729.5384587499993},{"$f":"F4*F99","v":10602.934236675001},null,null,"-------","-------"]
["Total CMV",{"$f":"B5+B6","v":23520.6},{"$f":"C5+C6","v":27426.465000000004},{"$f":"D5+D6","v":32149.779254999998},{"$f":"E5+E6","v":37515.290150249995},{"$f":"F5+F6","v":40470.354621675004},null,null,"-------","-------"]
["Margen bruto",{"$f":"B4-B7","v":9329.4000000000015},{"$f":"C4-C7","v":12322.034999999996},{"$f":"D4-D7","v":7201.2357450000018},{"$f":"E4-E7","v":7738.3770997500033},{"$f":"F4-F7","v":9308.679353325002},null,null,{"$f":"I4*I21","v":0},{"$f":"J4*J21","v":0}]
["Gastos generales (Opex)",3660,4020,4230,3960,4050]
["EBITDA",{"$f":"B8-B9","v":5669.4000000000015},{"$f":"C8-C9","v":8302.0349999999962},{"$f":"D8-D9","v":2971.2357450000018},{"$f":"E8-E9","v":3778.3770997500033},{"$f":"F8-F9","v":5258.679353325002},null,null,{"$f":"I8-I9","v":0},0]
["Amortización",1591.1999999999998,1591.1999999999998,1694.16,1719.12,1560,null,null,1500,1500]
["EBIT o BAIT",{"$f":"B10-B11","v":4078.2000000000016},{"$f":"C10-C11","v":6710.8349999999964},{"$f":"D10-D11","v":1277.0757450000017},{"$f":"E10-E11","v":2059.2570997500034},{"$f":"F10-F11","v":3698.679353325002},null,null,{"$f":"I10-I11","v":-1500},-1500]
["Resultados extraordinarios",0,0,0,1100,0,null,null,0,0]
["Gastos financieros",{"$f":"B103*(B48+B46)","v":321.63111968184955},{"$f":"C103*(C48+C46)","v":91.8},{"$f":"D103*(D48+D46)","v":103.95},{"$f":"E103*(E48+E46)","v":111},{"$f":"F103*(F48+F46)","v":105.3}]
["Bº antes impuestos",{"$f":"B12+B13-B14","v":3756.568880318152},{"$f":"C12+C13-C14","v":6619.0349999999962},{"$f":"D12+D13-D14","v":1173.1257450000016},{"$f":"E12+E13-E14","v":3048.2570997500034},{"$f":"F12+F13-F14","v":3593.3793533250018},null,null,{"$f":"I12+I13-I14","v":-1500},{"$f":"J12+J13-J14","v":-1500}]
["Impuestos (25%)",{"$f":"B15*B106","v":939.14222007953799},{"$f":"C15*C106","v":1654.7587499999991},{"$f":"D15*D106","v":293.28143625000041},{"$f":"E15*E106","v":762.06427493750084},{"$f":"F15*F106","v":898.34483833125046}]
["Beneficio neto, BN ",{"$f":"B15-B16","v":2817.4266602386142},{"$f":"C15-C16","v":4964.2762499999972},{"$f":"D15-D16","v":879.84430875000123},{"$f":"E15-E16","v":2286.1928248125023},{"$f":"F15-F16","v":2695.0345149937511},null,null,{"$f":"I15-I16","v":-1500},{"$f":"J15-J16","v":-1500}]
[]
["Ratios de cuenta de resultados",null,null,null,null,null,null,null,"Hipótesis de PyG"]
["Crecimiento de ventas",0.41,{"$f":"C97","v":0.21},null,null,null,null,null,0,0]
["Margen bruto / Ventas",{"$f":"B8/B4","v":0.28400000000000003},null,null,null,null,null,null,0.2,0.21]
["Opex / Ventas",{"$f":"B9/B4","v":0.11141552511415526}]
["Aumento de Opex","na",null,null,null,null,null,null,0.05,0.05]
["EBITDA / Ventas",{"$f":"B10/B4","v":0.1725844748858448}]
["ROS (Bº neto / Ventas)",{"$f":"B17/B4","v":8.5766412792651875E-2}]
["ROE (Bº neto / Equity)",{"$f":"B17/B49","v":0.17849244138983547}]
["RONA (EBIT / Activo neto)",{"$f":"B12/B62","v":0.16452838825410113}]
["Coste deuda",{"$f":"B103","v":5.1999999999999998E-2},null,null,null,null,null,null,7.0000000000000007E-2,7.0000000000000007E-2]
["EBIT / Gastos financieros",{"$f":"B12/B14","v":12.679743191622961}]
[]
[null,null,null,null,"Anexo 2. Doniphon. Balances y Forecast"]
[]
["Activo",null,null,null,null,null,null,"Diferencias"]
["(miles de euros)",{"$f":"B3","v":2018},{"$f":"C3","v":2019},{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},null,"2019-22"]
["Caja",690,630,360,180,120]
["Clientes",{"$f":"B4/365*B110","v":8640},10756.631111111112,12047.426844444448,18594.252221754388,20786.257564969343]
["Existencias",7350,8946.1350000000002,10726.655444999999,13321.9357425,13256.224938000001]
["Activo corriente,  AC",{"$f":"SUM(B35:B37)","v":16680},{"$f":"SUM(C35:C37)","v":20332.766111111112},{"$f":"SUM(D35:D37)","v":23134.082289444446},{"$f":"SUM(E35:E37)","v":32096.187964254386},{"$f":"SUM(F35:F37)","v":34162.482502969346}]
["Activo fijo neto,  AF",15300,16290,16530,15570,15060]
["Activo total",{"$f":"B38+B39","v":31980},{"$f":"C38+C39","v":36622.766111111108},{"$f":"D38+D39","v":39664.082289444443},{"$f":"E38+E39","v":47666.187964254386},{"$f":"F38+F39","v":49222.482502969346}]
[null,null,null," "," "," "]
["Pasivo"]
["Proveedores",{"$f":"B54/365*B113","v":3810},{"$f":"C54/365*C113","v":4421.117417074749},{"$f":"D54/365*D113","v":0},{"$f":"E54/365*E113","v":0},{"$f":"F54/365*F113","v":0}]
["Anticipos de clientes",2370,3199.5,2143.665,1436.2555500000001,962.29121850000013]
["Hacienda y otros acreedores",1012.788241129892,1515.0223938267484,980.03255367199336,709.11261183626721,911.13637413739866]
["Crédito bancario",{"$f":"IF(B71<0,(-B71+B35),0)","v":4235.2138400355689},{"$f":"IF(C71<0,(-C71+C35),0)","v":0},{"$f":"IF(D71<0,(-D71+D35),0)","v":0},{"$f":"IF(E71<0,(-E71+E35),0)","v":0},{"$f":"IF(F71<0,(-F71+F35),0)","v":0}]
["Pasivo corriente",{"$f":"B43+B44+B45+B46","v":11428.002081165461},{"$f":"C43+C44+C45+C46","v":9135.6398109014972},{"$f":"D43+D44+D45+D46","v":3123.6975536719933},{"$f":"E43+E44+E45+E46","v":2145.3681618362671},{"$f":"F43+F44+F45+F46","v":1873.4275926373989}]
["Préstamo bancario",1950,{"$f":"B48+C116","v":1800},{"$f":"C48+D116","v":1650},{"$f":"D48+E116","v":1500},{"$f":"E48+F116","v":1350}]
["Capital y reservas",15784.571258595923,{"$f":"B49+B50-C118","v":17401.997918834539},{"$f":"C49+C50","v":22366.274168834534},{"$f":"D49+D50","v":23246.118477584536},{"$f":"E49+E50","v":25532.311302397036}]
["Beneficio del año ",{"$f":"B17","v":2817.4266602386142},{"$f":"C17","v":4964.2762499999972},{"$f":"D17","v":879.84430875000123},{"$f":"E17","v":2286.1928248125023},{"$f":"F17","v":2695.0345149937511}]
["Patrimonio neto ",{"$f":"B49+B50","v":18601.997918834539},{"$f":"C49+C50","v":22366.274168834534},{"$f":"D49+D50","v":23246.118477584536},{"$f":"E49+E50","v":25532.311302397036},{"$f":"F49+F50","v":28227.345817390786}]
["Total pasivo y Patrimonio",{"$f":"B47+B48+B51","v":31980},{"$f":"C47+C48+C51","v":33301.913979736033},{"$f":"D47+D48+D51","v":28019.816031256531},{"$f":"E47+E48+E51","v":29177.679464233304},{"$f":"F47+F48+F51","v":31450.773410028185}]
[]
["Pro memoria: Compras",20110,{"$f":"C5+(C37-B37)","v":22662.840000000004}]
["Pro memoria: Dividendos",null,{"$f":"B49+B50-C49","v":1200}]
["Capex"]
[null,null,null,null,null,null,null,{"$f":"H33","v":"Diferencias"},"Forecast"]
["Balance corto",{"$f":"B3","v":2018},{"$f":"C3","v":2019},{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},null,{"$f":"H34","v":"2019-22"},{"$f":"F58+1","v":2023},{"$f":"I58+1","v":2024}]
["Caja excedente",{"$f":"B35-B109","v":690},{"$f":"C35-C109","v":630},{"$f":"D35-D109","v":360},{"$f":"E35-E109","v":180},{"$f":"F35-F109","v":120},null,{"$f":"F59-C59","v":-510},0,0]
["NOF o circulante neto",{"$f":"B109+B36+B37-B43-B44-B45","v":8797.2117588701076}]
["AF o activo fijo neto",{"$f":"B39","v":15300},{"$f":"C39","v":16290},{"$f":"D39","v":16530},{"$f":"E39","v":15570},{"$f":"F39","v":15060},null,{"$f":"F61-C61","v":-1230},{"$f":"F61","v":15060},{"$f":"I61","v":15060}]
["AN o activo neto",{"$f":"B59+B60+B61","v":24787.211758870108},{"$f":"C59+C60+C61","v":16920},{"$f":"D59+D60+D61","v":16890},{"$f":"E59+E60+E61","v":15750},{"$f":"F59+F60+F61","v":15180},null,null,{"$f":"I59+I60+I61","v":15060},15060]
[]
["Deuda (a largo y corto)",{"$f":"B46+B48","v":6185.2138400355689}]
["Patrimonio neto (Equity)",{"$f":"B51","v":18601.997918834539}]
["Deuda + Equity",{"$f":"B64+B65","v":24787.211758870108}]
[]
["Extracto del balance, NOF vs FM"]
["NOF",{"$f":"B60","v":8797.2117588701076}]
["FM",{"$f":"B48+B51-B39","v":5251.9979188345387}]
["Crédito necesario (-) o",{"$f":"B70-B69","v":-3545.2138400355689}]
["Caja excedente (+)"]
[]
["Ratios de balance",null,null,null,null,null,null,"En% Vtas","Hipótesis de Balance"]
["Días de cobro",{"$f":"B36/B4*365","v":95.999999999999986},null,null,null,null,null,null,"-----","-----",null,120,{"$f":"L75/365","v":0.32876712328767121}]
["Días de existencias",150.67650676506764,null,null,null,null,null,null,"-----","-----"]
["Días de pago",{"$f":"B43/B54*365","v":69.152163102933869},null,null,null,null,null,null,"-----","-----"]
["NOF / Ventas en %",{"$f":"B69/B4","v":0.26779944471446293},null,null,null,null,null,null,0.42,0.4]
["Deuda / EBITDA",{"$f":"B64/B10","v":1.0909820862940642}]
["Deuda / Bº Neto",{"$f":"B64/B17","v":2.1953415601993802}]
[null,null,null,null,null,null,null,null,null,"© E.M. Abascal 2023"]
[]
[]
["Clientes / Ventas",{"$f":"B36/B$4","v":0.26301369863013696},0.27061728395061729,0.30615288689362774,0.41088940083092135,0.41757052929971689]
["Existencias / Ventas",0.22374429223744291,0.22506849315068495,0.27258904109589038,0.29438356164383561,0.26630136986301367]
["Proveedores / ventas",{"$f":"B43/B4","v":0.11598173515981736},{"$f":"C43/C4","v":0.11122727693056968},{"$f":"D43/D4","v":0},{"$f":"E43/E4","v":0},{"$f":"F43/F4","v":0}]
["anticipos clientes /ventas",{"$f":"B44/B$4","v":7.2146118721461192E-2},8.049360353220876E-2,5.4475469057151386E-2,3.1737881972427329E-2,1.9331255383205737E-2]
["hacienda y otros /ventas",3.0830692271838416E-2,3.8115209223662488E-2,2.4904886282399407E-2,1.566972700618572E-2,1.8303617032724841E-2]
["Pasivo espontáneo / ventas",{"$f":"B87+B88","v":0.10297681099329961},{"$f":"C87+C88","v":0.11860881275587125},{"$f":"D87+D88","v":7.938035533955079E-2},{"$f":"E87+E88","v":4.7407608978613049E-2},{"$f":"F87+F88","v":3.7634872415930581E-2}]
["NOF / Ventas",{"$f":"B84+B85-B86-B89","v":0.26779944471446293},{"$f":"C84+C85-C86-C89","v":0.26584968741486131},{"$f":"D84+D85-D86-D89","v":0.49936157264996728},{"$f":"E84+E85-E86-E89","v":0.65786535349614383},{"$f":"F84+F85-F86-F89","v":0.64623702674680006}]
[]
[]
[]
["HIPÓTESIS EN NEGRITA"]
["BALANCE CALCULADO EN FUNCIÓN DEL AÑO QUE TERMINA NO DEL SIGUIENTE"]
["HIPÓTESIS CUENTA DE RDOS"]
["Crecimiento ventas",null,0.21,-0.01,0.15,0.1]
["Material en %",0.54200000000000004,0.53,0.60299999999999998,0.61399999999999999,0.6]
["Mano de obra en %",0.17399999999999999,0.16,0.214,0.215,0.21299999999999999]
["CMV en %"]
[]
["Crecimiento Gastos generales",null,9.8360655737705027E-2,5.2238805970149294E-2,-6.3829787234042534E-2,2.2727272727272707E-2]
["Intereses",5.1999999999999998E-2,5.0999999999999997E-2,6.3E-2,7.3999999999999996E-2,7.8E-2]
["Amortización % del AF",0.1,{"$f":"B104","v":0.1},0.1,0.1,0.1]
["Amortización, fijo en $"]
["Impuestos",0.25,0.25,0.25,0.25,0.25]
[]
["HIPÓTESIS DE BALANCE"]
["Caja mínima ",0,0,0]
["Clientes días",96,98.775308641975315,111.74580371617412,149.97463130328632,152.41324319439667]
["Existencias días",150.67650676506764,155,165,175,162]
["AF nueva inversión",null,1600,1600,1600]
["Proveedores días",69.152163102933869,71.205014783331791,70.717643580151261,82.180235011857292,71.500818064645443]
["Anticipo clientes /ventas"]
["Otros acreedores / ventas"]
["Incr. Deuda largo",null,-150,-150,-150,-150]
["Payout",0,0,0,0,0]
["Dividendos pagados",0,1200,0,0,0]
[]
[]
[null,null,null,null,null,null,null,"COAF"]
["Balance resumido",2006,2007,2008,2009,2010,null,"2007-10"]
["Caja excedente",{"$f":"B59/1000","v":0.69},0.63,0.36,0.18,0.12,null,{"$f":"F123-C123","v":-0.51}]
["NOF o circulante neto",8.7972117588701071,0,0,0,0,null,{"$f":"F124-C124","v":0}]
["AF o activo fijo neto",15.3,16.29,16.53,15.57,15.06,null,{"$f":"F125-C125","v":-1.2299999999999986}]
["AN o activo neto",{"$f":"B123+B124+B125","v":24.787211758870107},{"$f":"C123+C124+C125","v":16.919999999999998},{"$f":"D123+D124+D125","v":16.89},{"$f":"E123+E124+E125","v":15.75},{"$f":"F123+F124+F125","v":15.18}]
[]
["Deuda (a largo y corto)",{"$f":"B64/1000","v":6.1852138400355692},{"$f":"C64/1000","v":0},0,0,0,null,{"$f":"F128-C128","v":0}]
["Patrimonio neto (Equity)",{"$f":"B65/1000","v":18.601997918834538},0,0,0,0,null,{"$f":"F129-C129","v":0}]
["Deuda + Equity",{"$f":"B128+B129","v":24.787211758870107},{"$f":"C128+C129","v":0},{"$f":"D128+D129","v":0},{"$f":"E128+E129","v":0},{"$f":"F128+F129","v":0}]
[]
[]
[null,null,null,null,null,null,null,"COAF"]
[null,2006,2007,2008,2009,2010,null,"2007-10"]
["NOF",{"$f":"B124","v":8.7972117588701071},{"$f":"C124","v":0},{"$f":"D124","v":0},{"$f":"E124","v":0},{"$f":"F124","v":0},null,{"$f":"F135-C135","v":0}]
["FM",{"$f":"B70/1000","v":5.2519979188345385},{"$f":"C70/1000","v":0},{"$f":"D70/1000","v":0},{"$f":"E70/1000","v":0},{"$f":"F70/1000","v":0},null,{"$f":"F136-C136","v":0}]
["Crédito necesario (-) +",{"$f":"B136-B135","v":-3.5452138400355686},{"$f":"C136-C135","v":0},{"$f":"D136-D135","v":0},{"$f":"E136-E135","v":0},{"$f":"F136-F135","v":0},null,{"$f":"F137-C137","v":0}]
["Caja excedente (+)"]

{"sheet":"Anex 1-2 PT","index":5,"n_rows":138,"n_cols":13,"rows_kept":138,"cut":false,"hidden":true,"merged":[[1,8,1,9],[56,8,56,9]]}
[null,null,null,null,"Anexo 1. Doniphon. DRE e previsão"]
["DRE",null,null,"Dados históricos",null,null,null,null,"Previsão"]
["(milhares de euros)",2018,2019,{"$f":"C3+1","v":2020},{"$f":"D3+1","v":2021},{"$f":"E3+1","v":2022},null,null,{"$f":"F3+1","v":2023},{"$f":"I3+1","v":2024}]
["Vendas",32850,{"$f":"B4*(1+C97)","v":39748.5},{"$f":"C4*(1+D97)","v":39351.014999999999},{"$f":"D4*(1+E97)","v":45253.667249999999},{"$f":"E4*(1+F97)","v":49779.033975000006},null,null,{"$f":"F4*(1+I20)","v":49779.033975000006},{"$f":"I4*(1+J20)","v":49779.033975000006}]
["Custo de materiais",{"$f":"B4*B98","v":17804.7},{"$f":"C4*C98","v":21066.705000000002},{"$f":"D4*D98","v":23728.662044999997},{"$f":"E4*E98","v":27785.751691499998},{"$f":"F4*F98","v":29867.420385000001},null,null,"-------","-------"]
["Mão de obra",{"$f":"B4*B99","v":5715.9},{"$f":"C4*C99","v":6359.76},{"$f":"D4*D99","v":8421.1172100000003},{"$f":"E4*E99","v":9729.5384587499993},{"$f":"F4*F99","v":10602.934236675001},null,null,"-------","-------"]
["Total CMV",{"$f":"B5+B6","v":23520.6},{"$f":"C5+C6","v":27426.465000000004},{"$f":"D5+D6","v":32149.779254999998},{"$f":"E5+E6","v":37515.290150249995},{"$f":"F5+F6","v":40470.354621675004},null,null,"-------","-------"]
["Margem bruta",{"$f":"B4-B7","v":9329.4000000000015},{"$f":"C4-C7","v":12322.034999999996},{"$f":"D4-D7","v":7201.2357450000018},{"$f":"E4-E7","v":7738.3770997500033},{"$f":"F4-F7","v":9308.679353325002},null,null,{"$f":"I4*I21","v":9955.8067950000022},{"$f":"J4*J21","v":10453.597134750002}]
["Despesas gerais (Opex)",3660,4020,4230,3960,4050,null,null,{"$f":"F9*(1+I23)","v":4252.5},{"$f":"I9*(1+J23)","v":4465.125}]
["EBITDA",{"$f":"B8-B9","v":5669.4000000000015},{"$f":"C8-C9","v":8302.0349999999962},{"$f":"D8-D9","v":2971.2357450000018},{"$f":"E8-E9","v":3778.3770997500033},{"$f":"F8-F9","v":5258.679353325002},null,null,{"$f":"I8-I9","v":5703.3067950000022},{"$f":"J8-J9","v":5988.4721347500017}]
["Amortização",1591.1999999999998,1591.1999999999998,1694.16,1719.12,1560,null,null,1500,1500]
["EBIT ou LAJIR",{"$f":"B10-B11","v":4078.2000000000016},{"$f":"C10-C11","v":6710.8349999999964},{"$f":"D10-D11","v":1277.0757450000017},{"$f":"E10-E11","v":2059.2570997500034},{"$f":"F10-F11","v":3698.679353325002},null,null,{"$f":"I10-I11","v":4203.3067950000022},{"$f":"J10-J11","v":4488.4721347500017}]
["Resultados extraordinários",0,0,0,1100,0,null,null,0,0]
["Despesas financeiras",{"$f":"B103*(B48+B46)","v":321.63111968184955},{"$f":"C103*(C48+C46)","v":267.89925521198757},{"$f":"D103*(D48+D46)","v":555.84491138557973},{"$f":"E103*(E48+E46)","v":1060.5171051067691},{"$f":"F103*(F48+F46)","v":1191.9900860797902},null,null,{"$f":"I28*F64","v":1069.7346926357093},{"$f":"J28*I64","v":517.14742755718635}]
["Lucro antes de impostos",{"$f":"B12+B13-B14","v":3756.568880318152},{"$f":"C12+C13-C14","v":6442.9357447880084},{"$f":"D12+D13-D14","v":721.23083361442195},{"$f":"E12+E13-E14","v":2098.7399946432342},{"$f":"F12+F13-F14","v":2506.6892672452118},null,null,{"$f":"I12+I13-I14","v":3133.5721023642927},{"$f":"J12+J13-J14","v":3971.3247071928154}]
["Impostos (25%)",{"$f":"B15*B106","v":939.14222007953799},{"$f":"C15*C106","v":1610.7339361970021},{"$f":"D15*D106","v":180.30770840360549},{"$f":"E15*E106","v":524.68499866080856},{"$f":"F15*F106","v":626.67231681130295},null,null,{"$f":"0.25*I15","v":783.39302559107318},{"$f":"0.25*J15","v":992.83117679820384}]
["Lucro líquido, LL",{"$f":"B15-B16","v":2817.4266602386142},{"$f":"C15-C16","v":4832.2018085910058},{"$f":"D15-D16","v":540.92312521081647},{"$f":"E15-E16","v":1574.0549959824257},{"$f":"F15-F16","v":1880.0169504339087},null,null,{"$f":"I15-I16","v":2350.1790767732195},{"$f":"J15-J16","v":2978.4935303946113}]
[]
["Índices de demonstração de resultados",null,null,null,null,null,null,null,"Hipóteses do DRE"]
["Crescimento das vendas",0.41,{"$f":"C97","v":0.21},{"$f":"D4/C4-1","v":-1.0000000000000009E-2},{"$f":"E4/D4-1","v":0.14999999999999991},{"$f":"F4/E4-1","v":0.10000000000000009},null,null,0,0]
["Margem bruta / Vendas",{"$f":"B8/B4","v":0.28400000000000003},{"$f":"C8/C4","v":0.30999999999999989},{"$f":"D8/D4","v":0.18300000000000005},{"$f":"E8/E4","v":0.17100000000000007},{"$f":"F8/F4","v":0.18700000000000003},null,null,0.2,0.21]
["Opex / Vendas",{"$f":"B9/B4","v":0.11141552511415526},{"$f":"C9/C4","v":0.10113589192044983},{"$f":"D9/D4","v":0.10749405066171737},{"$f":"E9/E4","v":8.7506720242656141E-2},{"$f":"F9/F4","v":8.1359553944618301E-2},null,null,{"$f":"I9/I4","v":8.5427531641849214E-2},{"$f":"J9/J4","v":8.9698908223941679E-2}]
["Aumento de Opex","na",{"$f":"C9/B9-1","v":9.8360655737705027E-2},{"$f":"D9/C9-1","v":5.2238805970149294E-2},{"$f":"E9/D9-1","v":-6.3829787234042534E-2},{"$f":"F9/E9-1","v":2.2727272727272707E-2},null,null,0.05,0.05]
["EBITDA / Vendas",{"$f":"B10/B4","v":0.1725844748858448},{"$f":"C10/C4","v":0.20886410807955008},{"$f":"D10/D4","v":7.5505949338282682E-2},{"$f":"E10/E4","v":8.3493279757343941E-2},{"$f":"F10/F4","v":0.10564044605538173},null,null,{"$f":"I10/I4","v":0.11457246835815081},{"$f":"J10/J4","v":0.12030109177605834}]
["ROS (Lucro líquido / Vendas)",{"$f":"B17/B4","v":8.5766412792651875E-2},{"$f":"C17/C4","v":0.12156941289837367},{"$f":"D17/D4","v":1.3746103504847753E-2},{"$f":"E17/E4","v":3.4782926813128626E-2},{"$f":"F17/F4","v":3.7767244566820839E-2},null,null,{"$f":"I17/I4","v":4.7212227500307159E-2},{"$f":"J17/J4","v":5.9834297545638758E-2}]
["ROE (Lucro líquido / Patrimônio)",{"$f":"B17/B49","v":0.17849244138983547},{"$f":"C17/C49","v":0.27768086349217491},{"$f":"D17/D49","v":2.4328427910251974E-2},{"$f":"E17/E49","v":6.9112909123132088E-2},{"$f":"F17/F49","v":7.7210695249020633E-2},null,null,{"$f":"I17/F65","v":8.960164788810443E-2},{"$f":"J17/I65","v":0.10421829195194487}]
["RONA (EBIT / Ativo líquido)",{"$f":"B12/B62","v":0.16452838825410113},{"$f":"C12/C62","v":0.24414465618214951},{"$f":"D12/D62","v":4.0416273267786323E-2},{"$f":"E12/E62","v":5.3237616573681007E-2},{"$f":"F12/F62","v":8.9100931129945535E-2},null,null,{"$f":"I12/I62","v":0.11686501770210041},{"$f":"J12/J62","v":0.12834615489499351}]
["Custo da dívida",{"$f":"B103","v":5.1999999999999998E-2},{"$f":"C103","v":5.0999999999999997E-2},{"$f":"D103","v":6.3E-2},{"$f":"E103","v":7.3999999999999996E-2},{"$f":"F103","v":7.8E-2},null,null,7.0000000000000007E-2,7.0000000000000007E-2]
["EBIT / Despesas financeiras",{"$f":"B12/B14","v":12.679743191622961},{"$f":"C12/C14","v":25.049845676837514},{"$f":"D12/D14","v":2.297539689293147},{"$f":"E12/E14","v":1.9417481244139712},{"$f":"F12/F14","v":3.1029447279122904},null,null,{"$f":"I12/I14","v":3.9292983801838886},{"$f":"J12/J14","v":8.6792893004455003}]
[]
[null,null,null,null,"Anexo 2. Doniphon. Balanços e Previsão"]
[]
["Ativo",null,null,null,null,null,null,"Diferenças"]
["(milhares de euros)",{"$f":"B3","v":2018},{"$f":"C3","v":2019},{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},null,"2019-22"]
["Caixa",690,630,360,180,120,null,{"$f":"F35-C35","v":-510}]
["Clientes",{"$f":"B4/365*B110","v":8640},10756.631111111112,12047.426844444448,18594.252221754388,20786.257564969343,null,{"$f":"F36-C36","v":10029.626453858231}]
["Estoque",7350,8946.1350000000002,10726.655444999999,13321.9357425,13256.224938000001,null,{"$f":"F37-C37","v":4310.089938000001}]
["Ativo circulante, AC",{"$f":"SUM(B35:B37)","v":16680},{"$f":"SUM(C35:C37)","v":20332.766111111112},{"$f":"SUM(D35:D37)","v":23134.082289444446},{"$f":"SUM(E35:E37)","v":32096.187964254386},{"$f":"SUM(F35:F37)","v":34162.482502969346}]
["Ativo fixo líquido, AF",15300,16290,16530,15570,15060,null,{"$f":"F39-C39","v":-1230}]
["Ativo total",{"$f":"B38+B39","v":31980},{"$f":"C38+C39","v":36622.766111111108},{"$f":"D38+D39","v":39664.082289444443},{"$f":"E38+E39","v":47666.187964254386},{"$f":"F38+F39","v":49222.482502969346}]
[null,null,null," "," "," "]
["Passivo"]
["Fornecedores",{"$f":"B54/365*B113","v":3810},{"$f":"C54/365*C113","v":4421.117417074749},{"$f":"D54/365*D113","v":4942.326781777685},{"$f":"E54/365*E113","v":6840.3297226267778},{"$f":"F54/365*F113","v":5837.9359307691284},null,{"$f":"F43-C43","v":1416.8185136943794}]
["Adiantamentos de clientes",2370,3199.5,2143.665,1436.2555500000001,962.29121850000013,null,{"$f":"F44-C44","v":-2237.2087815}]
["Impostos diferidos e outros credores",1012.788241129892,1515.0223938267484,980.03255367199336,709.11261183626721,911.13637413739866,null,{"$f":"F45-C45","v":-603.88601968934972}]
["Crédito bancário",{"$f":"IF(B71<0,(-B71+B35),0)","v":4235.2138400355689},{"$f":"IF(C71<0,(-C71+C35),0)","v":3452.9265727840702},{"$f":"IF(D71<0,(-D71+D35),0)","v":7172.9351013584092},{"$f":"IF(E71<0,(-E71+E35),0)","v":12831.312231172556},{"$f":"IF(F71<0,(-F71+F35),0)","v":13931.92418051013},null,{"$f":"F46-C46","v":10478.99760772606}]
["Passivo circulante",{"$f":"B43+B44+B45+B46","v":11428.002081165461},{"$f":"C43+C44+C45+C46","v":12588.566383685567},{"$f":"D43+D44+D45+D46","v":15238.959436808087},{"$f":"E43+E44+E45+E46","v":21817.010115635603},{"$f":"F43+F44+F45+F46","v":21643.287703916656}]
["Empréstimo bancário",1950,{"$f":"B48+C116","v":1800},{"$f":"C48+D116","v":1650},{"$f":"D48+E116","v":1500},{"$f":"E48+F116","v":1350},null,{"$f":"F48-C48","v":-450}]
["Capital e reservas",15784.571258595923,{"$f":"B49+B50-C118","v":17401.997918834539},{"$f":"C49+C50","v":22234.199727425545},{"$f":"D49+D50","v":22775.122852636359},{"$f":"E49+E50","v":24349.177848618783}]
["Lucro do ano",{"$f":"B17","v":2817.4266602386142},{"$f":"C17","v":4832.2018085910058},{"$f":"D17","v":540.92312521081647},{"$f":"E17","v":1574.0549959824257},{"$f":"F17","v":1880.0169504339087}]
["Patrimônio líquido",{"$f":"B49+B50","v":18601.997918834539},{"$f":"C49+C50","v":22234.199727425545},{"$f":"D49+D50","v":22775.122852636359},{"$f":"E49+E50","v":24349.177848618783},{"$f":"F49+F50","v":26229.194799052693},null,{"$f":"F51-C51","v":3994.9950716271487}]
["Total passivo e Patrimônio",{"$f":"B47+B48+B51","v":31980},{"$f":"C47+C48+C51","v":36622.766111111108},{"$f":"D47+D48+D51","v":39664.082289444443},{"$f":"E47+E48+E51","v":47666.187964254386},{"$f":"F47+F48+F51","v":49222.482502969346}]
[]
["Pro memória: Compras",20110,{"$f":"C5+(C37-B37)","v":22662.840000000004},{"$f":"D5+(D37-C37)","v":25509.182489999996},{"$f":"E5+(E37-D37)","v":30381.031988999999},{"$f":"F5+(F37-E37)","v":29801.709580500003}]
["Pro memória: Dividendos",null,{"$f":"B49+B50-C49","v":1200},{"$f":"C49+C50-D49","v":0},{"$f":"D49+D50-E49","v":0},{"$f":"E49+E50-F49","v":0}]
["Capex",null,null,{"$f":"D39-C39+D11","v":1934.16},{"$f":"E39-D39+E11","v":759.11999999999989},{"$f":"F39-E39+F11","v":1050}]
[null,null,null,null,null,null,null,{"$f":"H33","v":"Diferenças"},{"$f":"I2","v":"Previsão"}]
["Balanço curto",{"$f":"B3","v":2018},{"$f":"C3","v":2019},{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},null,{"$f":"H34","v":"2019-22"},{"$f":"F58+1","v":2023},{"$f":"I58+1","v":2024}]
["Excedente de caixa",{"$f":"B35-B109","v":690},{"$f":"C35-C109","v":630},{"$f":"D35-D109","v":360},{"$f":"E35-E109","v":180},{"$f":"F35-F109","v":120},null,{"$f":"F59-C59","v":-510},0,0]
["NOF ou circulante líquido",{"$f":"B109+B36+B37-B43-B44-B45","v":8797.2117588701076},{"$f":"C109+C36+C37-C43-C44-C45","v":10567.126300209615},{"$f":"D109+D36+D37-D43-D44-D45","v":14708.057953994768},{"$f":"E109+E36+E37-E43-E44-E45","v":22930.49007979134},{"$f":"F109+F36+F37-F43-F44-F45","v":26331.118979562823},null,{"$f":"F60-C60","v":15763.992679353209},{"$f":"I4*I78","v":20907.194269500003},{"$f":"J4*J78","v":19911.613590000004}]
["AF ou ativo fixo líquido",{"$f":"B39","v":15300},{"$f":"C39","v":16290},{"$f":"D39","v":16530},{"$f":"E39","v":15570},{"$f":"F39","v":15060},null,{"$f":"F61-C61","v":-1230},{"$f":"F61","v":15060},{"$f":"I61","v":15060}]
["AN ou ativo líquido",{"$f":"B59+B60+B61","v":24787.211758870108},{"$f":"C59+C60+C61","v":27487.126300209617},{"$f":"D59+D60+D61","v":31598.057953994768},{"$f":"E59+E60+E61","v":38680.490079791343},{"$f":"F59+F60+F61","v":41511.118979562823},null,null,{"$f":"I59+I60+I61","v":35967.194269500003},{"$f":"J59+J60+J61","v":34971.613590000008}]
[]
["Dívida (curto e longo prazo)",{"$f":"B46+B48","v":6185.2138400355689},{"$f":"C46+C48","v":5252.9265727840702},{"$f":"D46+D48","v":8822.9351013584092},{"$f":"E46+E48","v":14331.312231172556},{"$f":"F46+F48","v":15281.92418051013},null,{"$f":"F64-C64","v":10028.99760772606},{"$f":"I62-I65","v":7387.8203936740902},{"$f":"J62-J65","v":3413.7461837794835}]
["Patrimônio líquido (Equity)",{"$f":"B51","v":18601.997918834539},{"$f":"C51","v":22234.199727425545},{"$f":"D51","v":22775.122852636359},{"$f":"E51","v":24349.177848618783},{"$f":"F51","v":26229.194799052693},null,{"$f":"F65-C65","v":3994.9950716271487},{"$f":"F65+I17","v":28579.373875825913},{"$f":"I65+J17","v":31557.867406220525}]
["Dívida + Equity",{"$f":"B64+B65","v":24787.211758870108},{"$f":"C64+C65","v":27487.126300209617},{"$f":"D64+D65","v":31598.057953994768},{"$f":"E64+E65","v":38680.490079791343},{"$f":"F64+F65","v":41511.118979562823},null,null,{"$f":"I64+I65","v":35967.194269500003},{"$f":"J64+J65","v":34971.613590000008}]
[]
["Extrato do balanço, NOF vs CG"]
["NOF",{"$f":"B60","v":8797.2117588701076},{"$f":"C60","v":10567.126300209615},{"$f":"D60","v":14708.057953994768},{"$f":"E60","v":22930.49007979134},{"$f":"F60","v":26331.118979562823},null,{"$f":"F69-C69","v":15763.992679353209}]
["CG",{"$f":"B48+B51-B39","v":5251.9979188345387},{"$f":"C48+C51-C39","v":7744.1997274255446},{"$f":"D48+D51-D39","v":7895.1228526363593},{"$f":"E48+E51-E39","v":10279.177848618783},{"$f":"F48+F51-F39","v":12519.194799052693},null,{"$f":"F70-C70","v":4774.9950716271487}]
["Crédito necessário (-) ou",{"$f":"B70-B69","v":-3545.2138400355689},{"$f":"C70-C69","v":-2822.9265727840702},{"$f":"D70-D69","v":-6812.9351013584092},{"$f":"E70-E69","v":-12651.312231172556},{"$f":"F70-F69","v":-13811.92418051013},null,{"$f":"F71-C71","v":-10988.99760772606}]
["Excedente de caixa (+)"]
[]
["Índices de balanço",null,null,null,null,null,null,"% Vendas","Hipóteses do Balanço"]
["Dias de cobrança",{"$f":"B36/B4*365","v":95.999999999999986},98.775308641975315,111.74580371617412,149.97463130328629,152.41324319439667,null,{"$f":"F36/F4","v":0.41757052929971689},"-----","-----",null,120,{"$f":"L75/365","v":0.32876712328767121}]
["Dias de estoque",150.67650676506764,155,165,175,162,null,{"$f":"F37/F4","v":0.26630136986301367},"-----","-----"]
["Dias de pagamento",{"$f":"B43/B54*365","v":69.152163102933869},{"$f":"C43/C54*365","v":71.205014783331791},{"$f":"D43/D54*365","v":70.717643580151261},{"$f":"E43/E54*365","v":82.180235011857292},{"$f":"F43/F54*365","v":71.500818064645443},null,{"$f":"(F43+F44+F45)/F4","v":0.15491187569608772},"-----","-----"]
["NOF / Vendas em %",{"$f":"B69/B4","v":0.26779944471446293},{"$f":"C69/C4","v":0.26584968741486131},{"$f":"D69/D4","v":0.37376565646387439},{"$f":"E69/E4","v":0.50671009607053097},{"$f":"F69/F4","v":0.52896002346664306},null,{"$f":"H75+H76-H77","v":0.52896002346664295},0.42,0.4]
["Dívida / EBITDA",{"$f":"B64/B10","v":1.0909820862940642},{"$f":"C64/C10","v":0.63272758700536347},{"$f":"D64/D10","v":2.9694497032777196},{"$f":"E64/E10","v":3.79298091556843},{"$f":"F64/F10","v":2.906038408835014}]
["Dívida / Lucro líquido",{"$f":"B64/B17","v":2.1953415601993802},{"$f":"C64/C17","v":1.0870668860404531},{"$f":"D64/D17","v":16.310885392300072},{"$f":"E64/E17","v":9.1047087095123107},{"$f":"F64/F17","v":8.1286097856633983}]
[null,null,null,null,null,null,null,null,null,"© E.M. Abascal 2023"]
[]
[]
["Clientes / Vendas",{"$f":"B36/B$4","v":0.26301369863013696},0.27061728395061729,0.30615288689362774,0.41088940083092135,0.41757052929971689]
["Estoques / Vendas",0.22374429223744291,0.22506849315068495,0.27258904109589038,0.29438356164383561,0.26630136986301367]
["Fornecedores / vendas",{"$f":"B43/B4","v":0.11598173515981736},{"$f":"C43/C4","v":0.11122727693056968},{"$f":"D43/D4","v":0.12559591618609292},{"$f":"E43/E4","v":0.15115525742561289},{"$f":"F43/F4","v":0.11727700328015712}]
["Adiantamento Clientes / vendas",{"$f":"B44/B$4","v":7.2146118721461192E-2},8.049360353220876E-2,5.4475469057151386E-2,3.1737881972427329E-2,1.9331255383205737E-2]
["Impostos diferidos e outros /vendas",3.0830692271838416E-2,3.8115209223662488E-2,2.4904886282399407E-2,1.566972700618572E-2,1.8303617032724841E-2]
["Passivo espontâneo / vendas",{"$f":"B87+B88","v":0.10297681099329961},{"$f":"C87+C88","v":0.11860881275587125},{"$f":"D87+D88","v":7.938035533955079E-2},{"$f":"E87+E88","v":4.7407608978613049E-2},{"$f":"F87+F88","v":3.7634872415930581E-2}]
["NOF / Vendas",{"$f":"B84+B85-B86-B89","v":0.26779944471446293},{"$f":"C84+C85-C86-C89","v":0.26584968741486131},{"$f":"D84+D85-D86-D89","v":0.37376565646387439},{"$f":"E84+E85-E86-E89","v":0.50671009607053097},{"$f":"F84+F85-F86-F89","v":0.52896002346664295}]
[]
[]
[]
["HIPÓTESES EM NEGRITO"]
["BALANÇO CALCULADO COM BASE NO ANO QUE TERMINA, NÃO NO PRÓXIMO"]
["HIPÓTESES DRE"]
["Crescimento das vendas",null,0.21,-0.01,0.15,0.1]
["Material em %",0.54200000000000004,0.53,0.60299999999999998,0.61399999999999999,0.6]
["Mão de obra em %",0.17399999999999999,0.16,0.214,0.215,0.21299999999999999]
["CMV em %"]
[]
["Crescimento de Despesas Gerais",null,9.8360655737705027E-2,5.2238805970149294E-2,-6.3829787234042534E-2,2.2727272727272707E-2]
["Juros",5.1999999999999998E-2,5.0999999999999997E-2,6.3E-2,7.3999999999999996E-2,7.8E-2]
["Depreciação % do AF",0.1,{"$f":"B104","v":0.1},{"$f":"C104","v":0.1},{"$f":"D104","v":0.1},{"$f":"E104","v":0.1}]
["Depreciação, fixo em $"]
["Impostos",0.25,{"$f":"B106","v":0.25},{"$f":"C106","v":0.25},{"$f":"D106","v":0.25},{"$f":"E106","v":0.25}]
[]
["HIPÓTESES DE BALANÇO"]
["Caixa mínima",0,0,0]
["Clientes em dias",96,98.775308641975315,111.74580371617412,149.97463130328632,152.41324319439667]
["Estoque em dias",150.67650676506764,155,165,175,162]
["Novo investimento em AF",null,1600,1600,1600]
["Fornecedores em dias",69.152163102933869,71.205014783331791,70.717643580151261,82.180235011857292,71.500818064645443]
["Adiantamento de clientes / vendas"]
["Outros credores / vendas"]
["Aumento de Dívida de longo prazo",null,-150,-150,-150,-150]
["Payout",0,0,0,0,0]
["Dividendos pagos",0,1200,0,0,0]
[]
[]
[null,null,null,null,null,null,null,"DOAR"]
["Balanço resumido",2006,2007,2008,2009,2010,null,"2007-10"]
["Caixa excedente",{"$f":"B59/1000","v":0.69},0.63,0.36,0.18,0.12,null,{"$f":"F123-C123","v":-0.51}]
["CG ou circulante líquido",8.7972117588701071,10.567126300209615,14.708057953994768,22.93049007979134,26.331118979562824,null,{"$f":"F124-C124","v":15.763992679353208}]
["AF ou ativo fixo líquido",15.3,16.29,16.53,15.57,15.06,null,{"$f":"F125-C125","v":-1.2299999999999986}]
["AN ou ativo líquido",{"$f":"B123+B124+B125","v":24.787211758870107},{"$f":"C123+C124+C125","v":27.487126300209617},{"$f":"D123+D124+D125","v":31.598057953994768},{"$f":"E123+E124+E125","v":38.68049007979134},{"$f":"F123+F124+F125","v":41.511118979562823}]
[]
["Dívida (a longo e curto prazo)",{"$f":"B64/1000","v":6.1852138400355692},5.2529265727840704,8.822935101358409,14.331312231172557,15.28192418051013,null,{"$f":"F128-C128","v":10.028997607726058}]
["Patrimônio líquido (Equity)",18.601997918834538,22.234199727425544,22.775122852636358,24.349177848618783,26.229194799052692,null,{"$f":"F129-C129","v":3.9949950716271481}]
["Dívida + Equity",{"$f":"B128+B129","v":24.787211758870107},{"$f":"C128+C129","v":27.487126300209614},{"$f":"D128+D129","v":31.598057953994768},{"$f":"E128+E129","v":38.68049007979134},{"$f":"F128+F129","v":41.511118979562823}]
[]
[]
[null,null,null,null,null,null,null,"DOAR"]
[null,2006,2007,2008,2009,2010,null,"2007-10"]
["NOF",{"$f":"B124","v":8.7972117588701071},{"$f":"C124","v":10.567126300209615},{"$f":"D124","v":14.708057953994768},{"$f":"E124","v":22.93049007979134},{"$f":"F124","v":26.331118979562824},null,{"$f":"F135-C135","v":15.763992679353208}]
["CG",{"$f":"B70/1000","v":5.2519979188345385},{"$f":"C70/1000","v":7.7441997274255447},{"$f":"D70/1000","v":7.8951228526363595},{"$f":"E70/1000","v":10.279177848618783},{"$f":"F70/1000","v":12.519194799052693},null,{"$f":"F136-C136","v":4.7749950716271483}]
["Crédito necessário (-) +",{"$f":"B136-B135","v":-3.5452138400355686},{"$f":"C136-C135","v":-2.8229265727840707},{"$f":"D136-D135","v":-6.8129351013584083},{"$f":"E136-E135","v":-12.651312231172557},{"$f":"F136-F135","v":-13.811924180510131},null,{"$f":"F137-C137","v":-10.988997607726059}]
["Caixa excedente (+)"]

{"sheet":"Anex 1-2 FAZER","index":6,"n_rows":138,"n_cols":13,"rows_kept":138,"cut":false,"hidden":true,"merged":[[1,8,1,9],[56,8,56,9]]}
[null,null,null,null,"Anexo 1. Doniphon. DRE e previsão"]
["DRE",null,null,"Dados históricos",null,null,null,null,"Previsão"]
["(milhares de euros)",2018,2019,{"$f":"C3+1","v":2020},{"$f":"D3+1","v":2021},{"$f":"E3+1","v":2022},null,null,{"$f":"F3+1","v":2023},{"$f":"I3+1","v":2024}]
["Vendas",32850,{"$f":"B4*(1+C97)","v":39748.5},{"$f":"C4*(1+D97)","v":39351.014999999999},{"$f":"D4*(1+E97)","v":45253.667249999999},{"$f":"E4*(1+F97)","v":49779.033975000006}]
["Custo de materiais",{"$f":"B4*B98","v":17804.7},{"$f":"C4*C98","v":21066.705000000002},{"$f":"D4*D98","v":23728.662044999997},{"$f":"E4*E98","v":27785.751691499998},{"$f":"F4*F98","v":29867.420385000001},null,null,"-------","-------"]
["Mão de obra",{"$f":"B4*B99","v":5715.9},{"$f":"C4*C99","v":6359.76},{"$f":"D4*D99","v":8421.1172100000003},{"$f":"E4*E99","v":9729.5384587499993},{"$f":"F4*F99","v":10602.934236675001},null,null,"-------","-------"]
["Total CMV",{"$f":"B5+B6","v":23520.6},{"$f":"C5+C6","v":27426.465000000004},{"$f":"D5+D6","v":32149.779254999998},{"$f":"E5+E6","v":37515.290150249995},{"$f":"F5+F6","v":40470.354621675004},null,null,"-------","-------"]
["Margem bruta",{"$f":"B4-B7","v":9329.4000000000015},{"$f":"C4-C7","v":12322.034999999996},{"$f":"D4-D7","v":7201.2357450000018},{"$f":"E4-E7","v":7738.3770997500033},{"$f":"F4-F7","v":9308.679353325002},null,null,{"$f":"I4*I21","v":0},{"$f":"J4*J21","v":0}]
["Despesas gerais (Opex)",3660,4020,4230,3960,4050]
["EBITDA",{"$f":"B8-B9","v":5669.4000000000015},{"$f":"C8-C9","v":8302.0349999999962},{"$f":"D8-D9","v":2971.2357450000018},{"$f":"E8-E9","v":3778.3770997500033},{"$f":"F8-F9","v":5258.679353325002},null,null,{"$f":"I8-I9","v":0},{"$f":"J8-J9","v":0}]
["Amortização",1591.1999999999998,1591.1999999999998,1694.16,1719.12,1560,null,null,1500,1500]
["EBIT ou LAJIR",{"$f":"B10-B11","v":4078.2000000000016},{"$f":"C10-C11","v":6710.8349999999964},{"$f":"D10-D11","v":1277.0757450000017},{"$f":"E10-E11","v":2059.2570997500034},{"$f":"F10-F11","v":3698.679353325002},null,null,{"$f":"I10-I11","v":-1500},{"$f":"J10-J11","v":-1500}]
["Resultados extraordinários",0,0,0,1100,0,null,null,0,0]
["Despesas financeiras",{"$f":"B103*(B48+B46)","v":321.63111968184955},{"$f":"C103*(C48+C46)","v":91.8},{"$f":"D103*(D48+D46)","v":103.95},{"$f":"E103*(E48+E46)","v":111},{"$f":"F103*(F48+F46)","v":105.3}]
["Lucro antes de impostos",{"$f":"B12+B13-B14","v":3756.568880318152},{"$f":"C12+C13-C14","v":6619.0349999999962},{"$f":"D12+D13-D14","v":1173.1257450000016},{"$f":"E12+E13-E14","v":3048.2570997500034},{"$f":"F12+F13-F14","v":3593.3793533250018},null,null,{"$f":"I12+I13-I14","v":-1500},{"$f":"J12+J13-J14","v":-1500}]
["Impostos (25%)",{"$f":"B15*B106","v":939.14222007953799},{"$f":"C15*C106","v":1654.7587499999991},{"$f":"D15*D106","v":293.28143625000041},{"$f":"E15*E106","v":762.06427493750084},{"$f":"F15*F106","v":898.34483833125046}]
["Lucro líquido, LL",{"$f":"B15-B16","v":2817.4266602386142},{"$f":"C15-C16","v":4964.2762499999972},{"$f":"D15-D16","v":879.84430875000123},{"$f":"E15-E16","v":2286.1928248125023},{"$f":"F15-F16","v":2695.0345149937511},null,null,{"$f":"I15-I16","v":-1500},{"$f":"J15-J16","v":-1500}]
[]
["Índices de demonstração de resultados",null,null,null,null,null,null,null,"Hipóteses do DRE"]
["Crescimento das vendas",0.41,{"$f":"C97","v":0.21},null,null,null,null,null,0,0]
["Margem bruta / Vendas",{"$f":"B8/B4","v":0.28400000000000003},null,null,null,null,null,null,0.2,0.21]
["Opex / Vendas",{"$f":"B9/B4","v":0.11141552511415526}]
["Aumento de Opex","na",null,null,null,null,null,null,0.05,0.05]
["EBITDA / Vendas",{"$f":"B10/B4","v":0.1725844748858448}]
["ROS (Lucro líquido / Vendas)",{"$f":"B17/B4","v":8.5766412792651875E-2}]
["ROE (Lucro líquido / Patrimônio)",{"$f":"B17/B49","v":0.17849244138983547}]
["RONA (EBIT / Ativo líquido)",{"$f":"B12/B62","v":0.16452838825410113}]
["Custo da dívida",{"$f":"B103","v":5.1999999999999998E-2},null,null,null,null,null,null,7.0000000000000007E-2,7.0000000000000007E-2]
["EBIT / Despesas financeiras",{"$f":"B12/B14","v":12.679743191622961}]
[]
[null,null,null,null,"Anexo 2. Doniphon. Balanços e Previsão"]
[]
["Ativo",null,null,null,null,null,null,"Diferenças"]
["(milhares de euros)",{"$f":"B3","v":2018},{"$f":"C3","v":2019},{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},null,"2019-22"]
["Caixa",690,630,360,180,120]
["Clientes",{"$f":"B4/365*B110","v":8640},10756.631111111112,12047.426844444448,18594.252221754388,20786.257564969343]
["Estoque",7350,8946.1350000000002,10726.655444999999,13321.9357425,13256.224938000001]
["Ativo circulante, AC",{"$f":"SUM(B35:B37)","v":16680},{"$f":"SUM(C35:C37)","v":20332.766111111112},{"$f":"SUM(D35:D37)","v":23134.082289444446},{"$f":"SUM(E35:E37)","v":32096.187964254386},{"$f":"SUM(F35:F37)","v":34162.482502969346}]
["Ativo fixo líquido, AF",15300,16290,16530,15570,15060]
["Ativo total",{"$f":"B38+B39","v":31980},{"$f":"C38+C39","v":36622.766111111108},{"$f":"D38+D39","v":39664.082289444443},{"$f":"E38+E39","v":47666.187964254386},{"$f":"F38+F39","v":49222.482502969346}]
[null,null,null," "," "," "]
["Passivo"]
["Fornecedores",{"$f":"B54/365*B113","v":3810},{"$f":"C54/365*C113","v":4421.117417074749},{"$f":"D54/365*D113","v":0},{"$f":"E54/365*E113","v":0},{"$f":"F54/365*F113","v":0}]
["Adiantamentos de clientes",2370,3199.5,2143.665,1436.2555500000001,962.29121850000013]
["Impostos diferidos e outros credores",1012.788241129892,1515.0223938267484,980.03255367199336,709.11261183626721,911.13637413739866]
["Crédito bancário",{"$f":"IF(B71<0,(-B71+B35),0)","v":4235.2138400355689},{"$f":"IF(C71<0,(-C71+C35),0)","v":0},{"$f":"IF(D71<0,(-D71+D35),0)","v":0},{"$f":"IF(E71<0,(-E71+E35),0)","v":0},{"$f":"IF(F71<0,(-F71+F35),0)","v":0}]
["Passivo circulante",{"$f":"B43+B44+B45+B46","v":11428.002081165461},{"$f":"C43+C44+C45+C46","v":9135.6398109014972},{"$f":"D43+D44+D45+D46","v":3123.6975536719933},{"$f":"E43+E44+E45+E46","v":2145.3681618362671},{"$f":"F43+F44+F45+F46","v":1873.4275926373989}]
["Empréstimo bancário",1950,{"$f":"B48+C116","v":1800},{"$f":"C48+D116","v":1650},{"$f":"D48+E116","v":1500},{"$f":"E48+F116","v":1350}]
["Capital e reservas",15784.571258595923,{"$f":"B49+B50-C118","v":17401.997918834539},{"$f":"C49+C50","v":22366.274168834534},{"$f":"D49+D50","v":23246.118477584536},{"$f":"E49+E50","v":25532.311302397036}]
["Lucro do ano",{"$f":"B17","v":2817.4266602386142},{"$f":"C17","v":4964.2762499999972},{"$f":"D17","v":879.84430875000123},{"$f":"E17","v":2286.1928248125023},{"$f":"F17","v":2695.0345149937511}]
["Patrimônio líquido",{"$f":"B49+B50","v":18601.997918834539},{"$f":"C49+C50","v":22366.274168834534},{"$f":"D49+D50","v":23246.118477584536},{"$f":"E49+E50","v":25532.311302397036},{"$f":"F49+F50","v":28227.345817390786}]
["Total passivo e Patrimônio",{"$f":"B47+B48+B51","v":31980},{"$f":"C47+C48+C51","v":33301.913979736033},{"$f":"D47+D48+D51","v":28019.816031256531},{"$f":"E47+E48+E51","v":29177.679464233304},{"$f":"F47+F48+F51","v":31450.773410028185}]
[]
["Pro memória: Compras",20110,{"$f":"C5+(C37-B37)","v":22662.840000000004}]
["Pro memória: Dividendos",null,{"$f":"B49+B50-C49","v":1200}]
["Capex"]
[null,null,null,null,null,null,null,{"$f":"H33","v":"Diferenças"},"Previsão"]
["Balanço curto",{"$f":"B3","v":2018},{"$f":"C3","v":2019},{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},null,{"$f":"H34","v":"2019-22"},{"$f":"F58+1","v":2023},{"$f":"I58+1","v":2024}]
["Excedente de caixa",{"$f":"B35-B109","v":690},{"$f":"C35-C109","v":630},{"$f":"D35-D109","v":360},{"$f":"E35-E109","v":180},{"$f":"F35-F109","v":120},null,{"$f":"F59-C59","v":-510},0,0]
["NOF ou circulante líquido",{"$f":"B109+B36+B37-B43-B44-B45","v":8797.2117588701076}]
["AF ou ativo fixo líquido",{"$f":"B39","v":15300},{"$f":"C39","v":16290},{"$f":"D39","v":16530},{"$f":"E39","v":15570},{"$f":"F39","v":15060},null,{"$f":"F61-C61","v":-1230},{"$f":"F61","v":15060},{"$f":"I61","v":15060}]
["AN ou ativo líquido",{"$f":"B59+B60+B61","v":24787.211758870108},{"$f":"C59+C60+C61","v":16920},{"$f":"D59+D60+D61","v":16890},{"$f":"E59+E60+E61","v":15750},{"$f":"F59+F60+F61","v":15180},null,null,{"$f":"I59+I60+I61","v":15060},{"$f":"J59+J60+J61","v":15060}]
[]
["Dívida (curto e longo prazo)",{"$f":"B46+B48","v":6185.2138400355689}]
["Patrimônio líquido (Equity)",{"$f":"B51","v":18601.997918834539}]
["Dívida + Equity",{"$f":"B64+B65","v":24787.211758870108}]
[]
["Extrato do balanço, NOF vs CG"]
["NOF",{"$f":"B60","v":8797.2117588701076}]
["CG",{"$f":"B48+B51-B39","v":5251.9979188345387}]
["Crédito necessário (-) ou",{"$f":"B70-B69","v":-3545.2138400355689}]
["Excedente de caixa (+)"]
[]
["Índices de balanço",null,null,null,null,null,null,"% Vendas","Hipóteses do Balanço"]
["Dias de cobrança",{"$f":"B36/B4*365","v":95.999999999999986},null,null,null,null,null,null,"-----","-----",null,120,{"$f":"L75/365","v":0.32876712328767121}]
["Dias de estoque",{"$f":"B37/B5*365","v":150.67650676506764},null,null,null,null,null,null,"-----","-----"]
["Dias de pagamento",{"$f":"B43/B54*365","v":69.152163102933869},null,null,null,null,null,null,"-----","-----"]
["NOF / Vendas em %",{"$f":"B69/B4","v":0.26779944471446293},null,null,null,null,null,null,0.42,0.4]
["Dívida / EBITDA",{"$f":"B64/B10","v":1.0909820862940642}]
["Dívida / Lucro líquido",{"$f":"B64/B17","v":2.1953415601993802}]
[null,null,null,null,null,null,null,null,null,"© E.M. Abascal 2023"]
[]
[]
["Clientes / Vendas",{"$f":"B36/B$4","v":0.26301369863013696},0.27061728395061729,0.30615288689362774,0.41088940083092135,0.41757052929971689]
["Estoques / Vendas",0.22374429223744291,0.22506849315068495,0.27258904109589038,0.29438356164383561,0.26630136986301367]
["Fornecedores / vendas",{"$f":"B43/B4","v":0.11598173515981736},{"$f":"C43/C4","v":0.11122727693056968},{"$f":"D43/D4","v":0},{"$f":"E43/E4","v":0},{"$f":"F43/F4","v":0}]
["Adiantamento Clientes / vendas",{"$f":"B44/B$4","v":7.2146118721461192E-2},8.049360353220876E-2,5.4475469057151386E-2,3.1737881972427329E-2,1.9331255383205737E-2]
["Impostos diferidos e outros /vendas",3.0830692271838416E-2,3.8115209223662488E-2,2.4904886282399407E-2,1.566972700618572E-2,1.8303617032724841E-2]
["Passivo espontâneo / vendas",{"$f":"B87+B88","v":0.10297681099329961},{"$f":"C87+C88","v":0.11860881275587125},{"$f":"D87+D88","v":7.938035533955079E-2},{"$f":"E87+E88","v":4.7407608978613049E-2},{"$f":"F87+F88","v":3.7634872415930581E-2}]
["NOF / Vendas",{"$f":"B84+B85-B86-B89","v":0.26779944471446293},{"$f":"C84+C85-C86-C89","v":0.26584968741486131},{"$f":"D84+D85-D86-D89","v":0.49936157264996728},{"$f":"E84+E85-E86-E89","v":0.65786535349614383},{"$f":"F84+F85-F86-F89","v":0.64623702674680006}]
[]
[]
[]
["HIPÓTESES EM NEGRITO"]
["BALANÇO CALCULADO COM BASE NO ANO QUE TERMINA, NÃO NO PRÓXIMO"]
["HIPÓTESES DRE"]
["Crescimento das vendas",null,0.21,-0.01,0.15,0.1]
["Material em %",0.54200000000000004,0.53,0.60299999999999998,0.61399999999999999,0.6]
["Mão de obra em %",0.17399999999999999,0.16,0.214,0.215,0.21299999999999999]
["CMV em %"]
[]
["Crescimento de Despesas Gerais",null,9.8360655737705027E-2,5.2238805970149294E-2,-6.3829787234042534E-2,2.2727272727272707E-2]
["Juros",5.1999999999999998E-2,5.0999999999999997E-2,6.3E-2,7.3999999999999996E-2,7.8E-2]
["Depreciação % do AF",0.1,{"$f":"B104","v":0.1},{"$f":"C104","v":0.1},{"$f":"D104","v":0.1},{"$f":"E104","v":0.1}]
["Depreciação, fixo em $"]
["Impostos",0.25,{"$f":"B106","v":0.25},{"$f":"C106","v":0.25},{"$f":"D106","v":0.25},{"$f":"E106","v":0.25}]
[]
["HIPÓTESES DE BALANÇO"]
["Caixa mínima",0,0,0]
["Clientes em dias",96,98.775308641975315,111.74580371617412,149.97463130328632,152.41324319439667]
["Estoque em dias",150.67650676506764,155,165,175,162]
["Novo investimento em AF",null,1600,1600,1600]
["Fornecedores em dias",69.152163102933869,71.205014783331791,70.717643580151261,82.180235011857292,71.500818064645443]
["Adiantamento de clientes / vendas"]
["Outros credores / vendas"]
["Aumento de Dívida de longo prazo",null,-150,-150,-150,-150]
["Payout",0,0,0,0,0]
["Dividendos pagos",0,1200,0,0,0]
[]
[]
[null,null,null,null,null,null,null,"COAF"]
["Balanço resumido",2006,2007,2008,2009,2010,null,"2007-10"]
["Caixa excedente",{"$f":"B59/1000","v":0.69},0.63,0.36,0.18,0.12,null,{"$f":"F123-C123","v":-0.51}]
["CG ou circulante líquido",8.7972117588701071,0,0,0,0,null,{"$f":"F124-C124","v":0}]
["AF ou ativo fixo líquido",15.3,16.29,16.53,15.57,15.06,null,{"$f":"F125-C125","v":-1.2299999999999986}]
["AN ou ativo líquido",{"$f":"B123+B124+B125","v":24.787211758870107},{"$f":"C123+C124+C125","v":16.919999999999998},{"$f":"D123+D124+D125","v":16.89},{"$f":"E123+E124+E125","v":15.75},{"$f":"F123+F124+F125","v":15.18}]
[]
["Dívida (a longo e curto prazo)",{"$f":"B64/1000","v":6.1852138400355692},0,0,0,0,null,{"$f":"F128-C128","v":0}]
["Patrimônio líquido (Equity)",18.601997918834538,0,0,0,0,null,{"$f":"F129-C129","v":0}]
["Dívida + Equity",{"$f":"B128+B129","v":24.787211758870107},{"$f":"C128+C129","v":0},{"$f":"D128+D129","v":0},{"$f":"E128+E129","v":0},{"$f":"F128+F129","v":0}]
[]
[]
[null,null,null,null,null,null,null,"COAF"]
[null,2006,2007,2008,2009,2010,null,"2007-10"]
["NOF",{"$f":"B124","v":8.7972117588701071},{"$f":"C124","v":0},{"$f":"D124","v":0},{"$f":"E124","v":0},{"$f":"F124","v":0},null,{"$f":"F135-C135","v":0}]
["CG",{"$f":"B70/1000","v":5.2519979188345385},{"$f":"C70/1000","v":0},{"$f":"D70/1000","v":0},{"$f":"E70/1000","v":0},{"$f":"F70/1000","v":0},null,{"$f":"F136-C136","v":0}]
["Crédito necessário (-) +",{"$f":"B136-B135","v":-3.5452138400355686},{"$f":"C136-C135","v":0},{"$f":"D136-D135","v":0},{"$f":"E136-E135","v":0},{"$f":"F136-F135","v":0},null,{"$f":"F137-C137","v":0}]
["Caixa excedente (+)"]