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{"sheet":"Table1","index":1,"n_rows":50,"n_cols":9,"rows_kept":50,"cut":false,"hidden":false,"merged":[]}
["Tabla 1.Cambios en el balance y generación de caja o CF",null,null,null,null,null,null,"Englis, row",18]
["Años ---->",1,{"$f":"B2+1","v":2},{"$f":"C2+1","v":3},{"$f":"D2+1","v":4},{"$f":"E2+1","v":5},null,"Português, linha",36]
["NOF",15,18,16,16,16]
["AF, activo fijo",10,11,10,10,10]
["AN, activo neto",{"$f":"B3+B4","v":25},{"$f":"C3+C4","v":29},{"$f":"D3+D4","v":26},{"$f":"E3+E4","v":26},{"$f":"F3+F4","v":26}]
[]
["D, Deuda",12,14,14,10,10]
["E, Equity ",13,{"$f":"B8+C14-C15","v":15},{"$f":"C8+D14-D15","v":15},{"$f":"D8+E14-E15","v":17},{"$f":"E8+F14-F15","v":17}]
["Financiación",{"$f":"B7+B8","v":25},{"$f":"C7+C8","v":29},{"$f":"D7+D8","v":29},{"$f":"E7+E8","v":27},{"$f":"F7+F8","v":27}]
[]
["Caja",{"$f":"B9-B5","v":0},{"$f":"C9-C5","v":0},{"$f":"D9-D5","v":3},{"$f":"E9-E5","v":1},{"$f":"F9-F5","v":1}]
["Cash Flow","nd",{"$f":"C11-B11+C15","v":0},{"$f":"D11-C11+D15","v":3},{"$f":"E11-D11+E15","v":-2},{"$f":"F11-E11+F15","v":2}]
[]
["Beneficio ",1,2,0,2,2]
["Dividendos",0,0,0,0,2]
[]
[]
["Table 1. Changes in the Balance sheet and cash generation or CF"]
["Years ---->",1,{"$f":"B19+1","v":2},{"$f":"C19+1","v":3},{"$f":"D19+1","v":4},{"$f":"E19+1","v":5}]
["NFO",15,18,16,16,16]
["FA, fixed assets",10,11,10,10,10]
["NA, net assets",{"$f":"B20+B21","v":25},{"$f":"C20+C21","v":29},{"$f":"D20+D21","v":26},{"$f":"E20+E21","v":26},{"$f":"F20+F21","v":26}]
[]
["D, Debt",12,14,14,10,10]
["E, Equity ",13,{"$f":"B25+C31-C32","v":15},{"$f":"C25+D31-D32","v":15},{"$f":"D25+E31-E32","v":17},{"$f":"E25+F31-F32","v":17}]
["Financing",{"$f":"B24+B25","v":25},{"$f":"C24+C25","v":29},{"$f":"D24+D25","v":29},{"$f":"E24+E25","v":27},{"$f":"F24+F25","v":27}]
[]
["Cash",{"$f":"B26-B22","v":0},{"$f":"C26-C22","v":0},{"$f":"D26-D22","v":3},{"$f":"E26-E22","v":1},{"$f":"F26-F22","v":1}]
["Cash Flow","nd",{"$f":"C28-B28+C32","v":0},{"$f":"D28-C28+D32","v":3},{"$f":"E28-D28+E32","v":-2},{"$f":"F28-E28+F32","v":2}]
[]
["Net Income",1,2,0,2,2]
["Dividends paid",0,0,0,0,2]
[]
[]
[]
["Tabela 1. Mudanças no balanço e geração de caixa ou CF"]
[null,1,{"$f":"B37+1","v":2},{"$f":"C37+1","v":3},{"$f":"D37+1","v":4},{"$f":"E37+1","v":5}]
["NOF",15,18,16,16,16]
["AF, Ativo fixo líquido",10,11,10,10,10]
["AL,  ATIVO LÍQUIDO",{"$f":"B38+B39","v":25},{"$f":"C38+C39","v":29},{"$f":"D38+D39","v":26},{"$f":"E38+E39","v":26},{"$f":"F38+F39","v":26}]
[]
["D, Dívida",12,14,14,10,10]
["RP, Recursos Próprios",13,{"$f":"B43+C49-C50","v":15},{"$f":"C43+D49-D50","v":15},{"$f":"D43+E49-E50","v":17},{"$f":"E43+F49-F50","v":17}]
["FINANCIAMENTO",{"$f":"B42+B43","v":25},{"$f":"C42+C43","v":29},{"$f":"D42+D43","v":29},{"$f":"E42+E43","v":27},{"$f":"F42+F43","v":27}]
[]
["Caixa",{"$f":"B44-B40","v":0},{"$f":"C44-C40","v":0},{"$f":"D44-D40","v":3},{"$f":"E44-E40","v":1},{"$f":"F44-F40","v":1}]
["Cash Flow","nd",{"$f":"C46-B46+C50","v":0},{"$f":"D46-C46+D50","v":3},{"$f":"E46-D46+E50","v":-2},{"$f":"F46-E46+F50","v":2}]
[]
["Lucro liquido",1,2,0,2,2]
["Dividendos pagos",0,0,0,0,2]

{"sheet":"Exhibit 1","index":2,"n_rows":43,"n_cols":15,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
["P&L",null,1,2,3,4,null,"Assumptions"]
["Sales",null,{"$f":"H2","v":100},120,140,140,null,100]
["CGS",null,{"$f":"$H3*C2","v":75},{"$f":"$H3*D2","v":90},{"$f":"$H3*E2","v":105},{"$f":"$H3*F2","v":105},null,0.75]
["Gross Margin",null,{"$f":"C2-C3","v":25},{"$f":"D2-D3","v":30},{"$f":"E2-E3","v":35},{"$f":"F2-F3","v":35}]
["Opex",null,5,5,5,5,null,5]
["EBITDA",null,{"$f":"C4-C5","v":20},{"$f":"D4-D5","v":25},{"$f":"E4-E5","v":30},{"$f":"F4-F5","v":30}]
["Depreciation",null,{"$f":"$B$20*H7","v":10},{"$f":"$B$20*H7","v":10},{"$f":"$B$20*H7+20*0.25","v":15},{"$f":"$B$20*H7+20*0.25","v":15},null,0.25]
["EBIT",null,{"$f":"C6-C7","v":10},{"$f":"D6-D7","v":15},{"$f":"E6-E7","v":15},{"$f":"F6-F7","v":15}]
["Fin expenses (5%)",null,{"$f":"$H9*B23","v":1},{"$f":"$H9*C23","v":0.75},{"$f":"$H9*D23","v":0.5},{"$f":"$H9*E23","v":0.25},null,0.05]
["EBT",null,{"$f":"C8-C9","v":9},{"$f":"D8-D9","v":14.25},{"$f":"E8-E9","v":14.5},{"$f":"F8-F9","v":14.75}]
["Taxes (30%)",null,{"$f":"$H11*C10","v":2.6999999999999997},{"$f":"$H11*D10","v":4.2749999999999995},{"$f":"$H11*E10","v":4.3499999999999996},{"$f":"$H11*F10","v":4.4249999999999998},null,0.3]
["Net Income",null,{"$f":"C10-C11","v":6.3000000000000007},{"$f":"D10-D11","v":9.9750000000000014},{"$f":"E10-E11","v":10.15},{"$f":"F10-F11","v":10.324999999999999}]
[]
["New investments in FA",null,0,20,0,0,null,"Average"]
["RONA (EBIT / Net assets)",null,{"$f":"C8/C21","v":0.2},{"$f":"D8/D21","v":0.234375},{"$f":"E8/E21","v":0.28301886792452829},"na",null,{"$f":"AVERAGE(C15:E15)","v":0.23913128930817609}]
["ROE (Net income / equity)",null,{"$f":"C12/C24","v":0.1735537190082645},{"$f":"D12/D24","v":0.21555915721231769},{"$f":"E12/E24","v":0.17988480283562253},{"$f":"F12/F24","v":0.15468164794007488},null,{"$f":"AVERAGE(C16:F16)","v":0.18091983174906992}]
[]
["Short Balance sheet",0,1,2,3,4]
["NFO",0,{"$f":"0.2*C2","v":20},24,28,0,null,0.2]
["FA, Fixed assets net",40,{"$f":"B20-C7+C14","v":30},{"$f":"C20-D7+D14","v":40},{"$f":"D20-E7+E14","v":25},0]
["NA, NET ASSETS",{"$f":"B19+B20","v":40},{"$f":"C19+C20","v":50},{"$f":"D19+D20","v":64},{"$f":"E19+E20","v":53},{"$f":"F19+F20","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,"Average","W","K","WxK"]
["D, Debt",20,{"$f":"B23+$H23","v":15},{"$f":"C23+$H23","v":10},{"$f":"D23+$H23","v":5},{"$f":"E23+$H23","v":0},null,{"$f":"-B23/4","v":-5},null,null,"Debt",{"$f":"SUM(B23:F23)/5","v":10},{"$f":"L23/L25","v":0.17497812773403326},{"$f":"5%*0.7","v":3.4999999999999996E-2},{"$f":"M23*N23","v":6.1242344706911632E-3}]
["E, Equity",30,{"$f":"B24+C12","v":36.299999999999997},{"$f":"C24+D12","v":46.274999999999999},{"$f":"D24+E12","v":56.424999999999997},{"$f":"E24+F12","v":66.75},null,null,null,null,"Equity",{"$f":"SUM(B24:F24)/5","v":47.15},{"$f":"L24/L25","v":0.82502187226596679},{"$f":"15%","v":0.15},{"$f":"M24*N24","v":0.12375328083989501}]
["FINANCING",{"$f":"B23+B24","v":50},{"$f":"C23+C24","v":51.3},{"$f":"D23+D24","v":56.274999999999999},{"$f":"E23+E24","v":61.424999999999997},{"$f":"F23+F24","v":66.75},null,null,null,null,"Financing",{"$f":"L23+L24","v":57.15},{"$f":"M23+M24","v":1},null,{"$f":"O23+O24","v":0.12987751531058617}]
[]
["Cash  (+) or credit necessary (-)",{"$f":"B25-B21","v":10},{"$f":"C25-C21","v":1.2999999999999972},{"$f":"D25-D21","v":-7.7250000000000014},{"$f":"E25-E21","v":8.4249999999999972},{"$f":"F25-F21","v":66.75}]
["Increase of Cash",{"$f":"-B24+B27","v":-20},{"$f":"C27-B27","v":-8.7000000000000028},{"$f":"D27-C27","v":-9.0249999999999986},{"$f":"E27-D27","v":16.149999999999999},{"$f":"F27-E27","v":58.325000000000003}]
[]
["CF shareholder and FCF",0,1,2,3,4,null,"Sum of CF"]
["Net Income",null,{"$f":"C12","v":6.3000000000000007},{"$f":"D12","v":9.9750000000000014},{"$f":"E12","v":10.15},{"$f":"F12","v":10.324999999999999},null,{"$f":"SUM(B31:F31)","v":36.75}]
["± Variation NA",{"$f":"-B20","v":-40},{"$f":"B21-C21","v":-10},{"$f":"C21-D21","v":-14},{"$f":"D21-E21","v":11},{"$f":"E21-F21","v":53},null,{"$f":"SUM(B32:F32)","v":0}]
["± Variation of Debt",{"$f":"B23","v":20},{"$f":"C23-B23","v":-5},{"$f":"D23-C23","v":-5},{"$f":"E23-D23","v":-5},{"$f":"F23-E23","v":-5},null,0]
["CF shareholder",{"$f":"B31+B32+B33","v":-20},{"$f":"C31+C32+C33","v":-8.6999999999999993},{"$f":"D31+D32+D33","v":-9.0249999999999986},{"$f":"E31+E32+E33","v":16.149999999999999},{"$f":"F31+F32+F33","v":58.325000000000003},null,36.750000000000007]
[]
["EBIT x (1 - t)",null,{"$f":"C8*(1-$H$11)","v":7},{"$f":"D8*(1-$H$11)","v":10.5},{"$f":"E8*(1-$H$11)","v":10.5},{"$f":"F8*(1-$H$11)","v":10.5},null,{"$f":"SUM(B36:F36)","v":38.5}]
["± Variation NA",{"$f":"B32","v":-40},{"$f":"C32","v":-10},-14,11,53,null,{"$f":"SUM(B37:F37)","v":0}]
["FCF or CF from the assets",{"$f":"B36+B37","v":-40},{"$f":"C36+C37","v":-3},{"$f":"D36+D37","v":-3.5},{"$f":"E36+E37","v":21.5},{"$f":"F36+F37","v":63.5},null,{"$f":"SUM(B38:F38)","v":38.5}]
[]
[]
[null,null,"Required return by the shareholder K =",0.15,null,null,"PV shareholder",{"$f":"NPV(D41,C34:F34)","v":29.576981214332438}]
[null,null,"IRR shareholder",{"$f":"IRR(B34:F34)","v":0.24301767808672836},null,null,"NPV shareholder",{"$f":"H41+B34","v":9.576981214332438}]
[null,null,"IRR of assets = IRR shaereholder if no debt",{"$f":"IRR(B38:F38)","v":0.18573995264123844}]

{"sheet":"Anexo 1","index":3,"n_rows":81,"n_cols":17,"rows_kept":81,"cut":false,"hidden":true,"merged":[]}
["Cta Rdos abreviada",null,1,2,3,4,null,"Hipótesis"]
["Ventas",null,{"$f":"H2","v":100},120,140,140,null,100]
["CMV",null,{"$f":"$H3*C2","v":75},{"$f":"$H3*D2","v":90},{"$f":"$H3*E2","v":105},{"$f":"$H3*F2","v":105},null,0.75]
["Margen bruto",null,{"$f":"C2-C3","v":25},{"$f":"D2-D3","v":30},{"$f":"E2-E3","v":35},{"$f":"F2-F3","v":35}]
["Gastos generales",null,5,5,5,5,null,5]
["EBITDA",null,{"$f":"C4-C5","v":20},{"$f":"D4-D5","v":25},{"$f":"E4-E5","v":30},{"$f":"F4-F5","v":30}]
["Amortización",null,{"$f":"$B$20*H7","v":10},{"$f":"$B$20*H7","v":10},{"$f":"$B$20*H7+20*0.25","v":15},{"$f":"$B$20*H7+20*0.25","v":15},null,0.25]
["EBIT",null,{"$f":"C6-C7","v":10},{"$f":"D6-D7","v":15},{"$f":"E6-E7","v":15},{"$f":"F6-F7","v":15}]
["Intereses (5%)",null,{"$f":"$H9*B23","v":1},{"$f":"$H9*C23","v":0.75},{"$f":"$H9*D23","v":0.5},{"$f":"$H9*E23","v":0.25},null,0.05]
["BAT benef ant imp. ",null,{"$f":"C8-C9","v":9},{"$f":"D8-D9","v":14.25},{"$f":"E8-E9","v":14.5},{"$f":"F8-F9","v":14.75}]
["Impuestos (30%)",null,{"$f":"$H11*C10","v":2.6999999999999997},{"$f":"$H11*D10","v":4.2749999999999995},{"$f":"$H11*E10","v":4.3499999999999996},{"$f":"$H11*F10","v":4.4249999999999998},null,0.3]
["Beneficio neto",null,{"$f":"C10-C11","v":6.3000000000000007},{"$f":"D10-D11","v":9.9750000000000014},{"$f":"E10-E11","v":10.15},{"$f":"F10-F11","v":10.324999999999999}]
[]
["Nuevas inversiones en AF",null,0,20,0,0]
["RONA (Ebit / Activo neto)",null,{"$f":"C8/C21","v":0.2},{"$f":"D8/D21","v":0.234375},{"$f":"E8/E21","v":0.28301886792452829},"na"]
["ROE (Benef / rec propios)",null,{"$f":"C12/C24","v":0.1735537190082645},{"$f":"D12/D24","v":0.21555915721231769},{"$f":"E12/E24","v":0.17988480283562253},{"$f":"F12/F24","v":0.15468164794007488}]
[]
["Balance corto",0,1,2,3,4]
["NOF",0,{"$f":"0.2*C2","v":20},24,28,0,null,0.2]
["AF, Activo fijo neto",40,{"$f":"B20-C7+C14","v":30},{"$f":"C20-D7+D14","v":40},{"$f":"D20-E7+E14","v":25},0]
["AN,  ACTIVO NETO",{"$f":"B19+B20","v":40},{"$f":"C19+C20","v":50},{"$f":"D19+D20","v":64},{"$f":"E19+E20","v":53},{"$f":"F19+F20","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,"Promedio ","W","K","WxK"]
["D, Deuda",20,{"$f":"B23+$H23","v":15},{"$f":"C23+$H23","v":10},{"$f":"D23+$H23","v":5},{"$f":"E23+$H23","v":0},null,{"$f":"-B23/4","v":-5},null,null,"Deuda",{"$f":"SUM(B23:F23)/5","v":10},{"$f":"L23/L25","v":0.17497812773403326},{"$f":"5%*0.7","v":3.4999999999999996E-2},{"$f":"M23*N23","v":6.1242344706911632E-3}]
["RP, Rec. Propios",30,{"$f":"B24+C12","v":36.299999999999997},{"$f":"C24+D12","v":46.274999999999999},{"$f":"D24+E12","v":56.424999999999997},{"$f":"E24+F12","v":66.75},null,null,null,null,"Rec Propios",{"$f":"SUM(B24:F24)/5","v":47.15},{"$f":"L24/L25","v":0.82502187226596679},{"$f":"15%","v":0.15},{"$f":"M24*N24","v":0.12375328083989501}]
["FINANCIACIÓN",{"$f":"B23+B24","v":50},{"$f":"C23+C24","v":51.3},{"$f":"D23+D24","v":56.274999999999999},{"$f":"E23+E24","v":61.424999999999997},{"$f":"F23+F24","v":66.75},null,null,null,null,"Financiación",{"$f":"L23+L24","v":57.15},{"$f":"M23+M24","v":1},null,{"$f":"O23+O24","v":0.12987751531058617}]
[]
["Caja  (+) o crédito necesario (-)",{"$f":"B25-B21","v":10},{"$f":"C25-C21","v":1.2999999999999972},{"$f":"D25-D21","v":-7.7250000000000014},{"$f":"E25-E21","v":8.4249999999999972},{"$f":"F25-F21","v":66.75}]
["Incremento de Caja",{"$f":"-B24+B27","v":-20},{"$f":"C27-B27","v":-8.7000000000000028},{"$f":"D27-C27","v":-9.0249999999999986},{"$f":"E27-D27","v":16.149999999999999},{"$f":"F27-E27","v":58.325000000000003}]
[]
["CF accionista y FCF",0,1,2,3,4,null,"Suma de CF"]
["Beneficio neto",null,{"$f":"C12","v":6.3000000000000007},{"$f":"D12","v":9.9750000000000014},{"$f":"E12","v":10.15},{"$f":"F12","v":10.324999999999999},null,{"$f":"SUM(B31:F31)","v":36.75}]
["± Variación AN",{"$f":"-B20","v":-40},{"$f":"B21-C21","v":-10},{"$f":"C21-D21","v":-14},{"$f":"D21-E21","v":11},{"$f":"E21-F21","v":53},null,{"$f":"SUM(B32:F32)","v":0}]
["± Variación Deuda",{"$f":"B23","v":20},{"$f":"C23-B23","v":-5},{"$f":"D23-C23","v":-5},{"$f":"E23-D23","v":-5},{"$f":"F23-E23","v":-5},null,0]
["CF accionista",{"$f":"B31+B32+B33","v":-20},{"$f":"C31+C32+C33","v":-8.6999999999999993},{"$f":"D31+D32+D33","v":-9.0249999999999986},{"$f":"E31+E32+E33","v":16.149999999999999},{"$f":"F31+F32+F33","v":58.325000000000003},null,36.750000000000007]
[]
["EBIT x (1 - t)",null,{"$f":"C8*(1-$H$11)","v":7},{"$f":"D8*(1-$H$11)","v":10.5},{"$f":"E8*(1-$H$11)","v":10.5},{"$f":"F8*(1-$H$11)","v":10.5},null,{"$f":"SUM(B36:F36)","v":38.5}]
["± Variación AN",{"$f":"B32","v":-40},{"$f":"C32","v":-10},-14,11,53,null,{"$f":"SUM(B37:F37)","v":0}]
["FCF o CF activo",{"$f":"B36+B37","v":-40},{"$f":"C36+C37","v":-3},{"$f":"D36+D37","v":-3.5},{"$f":"E36+E37","v":21.5},{"$f":"F36+F37","v":63.5},null,{"$f":"SUM(B38:F38)","v":38.5}]
[null,null,null,null,null,null,null,null,null,"Cta Rdos abreviada",null,1,2,3,4,null,"Hipótesis"]
[null,null,null,null,null,null,null,null,null,"Ventas",null,100,120,140,140,null,100]
[null,null,"Rentabilidad requerida por el accionista K =",0.15,null,null,"VA accionista",{"$f":"NPV(D41,C34:F34)","v":29.576981214332438},null,"CMV",null,75,90,105,105,null,0.75]
[null,null,"TIR del Accionista",{"$f":"IRR(B34:F34)","v":0.24301767808672836},null,null,"VAN accionista",{"$f":"H41+B34","v":9.576981214332438},null,"Margen bruto",null,25,30,35,35]
[null,null,"TIR del Activo o TIR del accionista sin deuda",{"$f":"IRR(B38:F38)","v":0.18573995264123844},null,null,null,null,null,"Gastos generales",null,5,5,5,5,null,5]
[null,null,null,null,null,null,null,null,null,"EBITDA",null,20,25,30,30]
[null,null,null,null,null,null,null,null,null,"Amortización",null,10,10,15,15,null,0.25]
[null,null,null,null,null,null,null,null,null,"EBIT",null,10,15,15,15]
[null,null,null,null,null,null,null,null,null,"Intereses (5%)",null,1,0.75,0.5,0.25,null,0.05]
[null,null,null,null,null,null,null,null,null,"BAT benef ant imp. ",null,9,14.25,14.5,14.75]
[null,null,null,null,null,null,null,null,null,"Impuestos (30%)",null,2.6999999999999997,4.2749999999999995,4.3499999999999996,4.4249999999999998,null,0.3]
[null,null,null,null,null,null,null,null,null,"Beneficio neto",null,6.3000000000000007,9.9750000000000014,10.15,10.324999999999999]
[]
[null,null,null,null,null,null,null,null,null,"Nuevas inversiones en AF",null,0,20,0,0]
[null,null,null,null,null,null,null,null,null,"RONA (Ebit / Activo neto)",null,0.2,0.234375,0.28301886792452829,"na"]
[null,null,null,null,null,null,null,null,null,"ROE (Benef / rec propios)",null,0.1735537190082645,0.21555915721231769,0.17988480283562253,0.15468164794007488]
[]
[null,null,null,null,null,null,null,null,null,"Balance corto",0,1,2,3,4]
[null,null,null,null,null,null,null,null,null,"NOF",0,20,24,28,0,null,0.2]
[null,null,null,null,null,null,null,null,null,"AF, Activo fijo neto",40,30,40,25,0]
[null,null,null,null,null,null,null,null,null,"AN,  ACTIVO NETO",40,50,64,53,0]
[]
[null,null,null,null,null,null,null,null,null,"D, Deuda",20,15,10,5,0,null,-5]
[null,null,null,null,null,null,null,null,null,"RP, Rec. Propios",30,36.299999999999997,46.274999999999999,56.424999999999997,66.75]
[null,null,null,null,null,null,null,null,null,"FINANCIACIÓN",50,51.3,56.274999999999999,61.424999999999997,66.75]
[]
[null,null,null,null,null,null,null,null,null,"Caja  (+) o crédito necesario (-)",10,1.2999999999999972,-7.7250000000000014,8.4249999999999972,66.75]
[null,null,null,null,null,null,null,null,null,"Incremento de Caja",-20,-8.7000000000000028,-9.0249999999999986,16.149999999999999,58.325000000000003]
[]
[null,null,null,null,null,null,null,null,null,"CF accionista y FCF",0,1,2,3,4,null,"Suma de CF"]
[null,null,null,null,null,null,null,null,null,"Beneficio neto",null,6.3000000000000007,9.9750000000000014,10.15,10.324999999999999,null,36.75]
[null,null,null,null,null,null,null,null,null,"± Variación AN",-40,-10,-14,11,53,null,0]
[null,null,null,null,null,null,null,null,null,"± Variación Deuda",20,-5,-5,-5,-5,null,0]
[null,null,null,null,null,null,null,null,null,"CF accionista",-20,-8.6999999999999993,-9.0249999999999986,16.149999999999999,58.325000000000003,null,36.750000000000007]
[]
[null,null,null,null,null,null,null,null,null,"EBIT x (1 - t)",null,7,10.5,10.5,10.5,null,38.5]
[null,null,null,null,null,null,null,null,null,"± Variación AN",-40,-10,-14,11,53,null,0]
[null,null,null,null,null,null,null,null,null,"FCF o CF activo",-40,-3,-3.5,21.5,63.5,null,38.5]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,"Rentabilidad requerida por el accionista K =",0.15,null,null,"VA accionista",29.576981214332438]
[null,null,null,null,null,null,null,null,null,null,null,"TIR del Accionista",0.24301767808672836,null,null,"VAN accionista",9.576981214332438]
[null,null,null,null,null,null,null,null,null,null,null,"TIR del Activo o TIR del accionista sin deuda",0.18573995264123844]

{"sheet":"Anexo 1 PT","index":4,"n_rows":43,"n_cols":15,"rows_kept":43,"cut":false,"hidden":true,"merged":[]}
["P&L ",null,1,2,3,4,null,"Hipóteses"]
["Vendas",null,{"$f":"H2","v":100},120,140,140,null,100]
["CMV",null,{"$f":"$H3*C2","v":75},{"$f":"$H3*D2","v":90},{"$f":"$H3*E2","v":105},{"$f":"$H3*F2","v":105},null,0.75]
["Margem bruta",null,{"$f":"C2-C3","v":25},{"$f":"D2-D3","v":30},{"$f":"E2-E3","v":35},{"$f":"F2-F3","v":35}]
["Despesas gerais",null,5,5,5,5,null,5]
["EBITDA",null,{"$f":"C4-C5","v":20},{"$f":"D4-D5","v":25},{"$f":"E4-E5","v":30},{"$f":"F4-F5","v":30}]
["Depreciação",null,{"$f":"$B$20*H7","v":10},{"$f":"$B$20*H7","v":10},{"$f":"$B$20*H7+20*0.25","v":15},{"$f":"$B$20*H7+20*0.25","v":15},null,0.25]
["EBIT",null,{"$f":"C6-C7","v":10},{"$f":"D6-D7","v":15},{"$f":"E6-E7","v":15},{"$f":"F6-F7","v":15}]
["Juros (5%)",null,{"$f":"$H9*B23","v":1},{"$f":"$H9*C23","v":0.75},{"$f":"$H9*D23","v":0.5},{"$f":"$H9*E23","v":0.25},null,0.05]
["EBT (earnings before taxes)",null,{"$f":"C8-C9","v":9},{"$f":"D8-D9","v":14.25},{"$f":"E8-E9","v":14.5},{"$f":"F8-F9","v":14.75}]
["Impostos (30%)",null,{"$f":"$H11*C10","v":2.6999999999999997},{"$f":"$H11*D10","v":4.2749999999999995},{"$f":"$H11*E10","v":4.3499999999999996},{"$f":"$H11*F10","v":4.4249999999999998},null,0.3]
["Lucro Líquido",null,{"$f":"C10-C11","v":6.3000000000000007},{"$f":"D10-D11","v":9.9750000000000014},{"$f":"E10-E11","v":10.15},{"$f":"F10-F11","v":10.324999999999999}]
[]
["Novos investimentos em AF",null,0,20,0,0]
["RONA (Ebit / Ativo líquido)",null,{"$f":"C8/C21","v":0.2},{"$f":"D8/D21","v":0.234375},{"$f":"E8/E21","v":0.28301886792452829},"na"]
["ROE (Lucro Líq.  / Rec. Próprios)",null,{"$f":"C12/C24","v":0.1735537190082645},{"$f":"D12/D24","v":0.21555915721231769},{"$f":"E12/E24","v":0.17988480283562253},{"$f":"F12/F24","v":0.15468164794007488}]
[]
["Balanço curto (ou resumido)",0,1,2,3,4]
["NOF",0,{"$f":"0.2*C2","v":20},24,28,0,null,0.2]
["AF, Ativo fixo líquido",40,{"$f":"B20-C7+C14","v":30},{"$f":"C20-D7+D14","v":40},{"$f":"D20-E7+E14","v":25},0]
["AL,  ATIVO LÍQUIDO",{"$f":"B19+B20","v":40},{"$f":"C19+C20","v":50},{"$f":"D19+D20","v":64},{"$f":"E19+E20","v":53},{"$f":"F19+F20","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,"Promedio ","W","K","WxK"]
["D, Dívida",20,{"$f":"B23+$H23","v":15},{"$f":"C23+$H23","v":10},{"$f":"D23+$H23","v":5},{"$f":"E23+$H23","v":0},null,{"$f":"-B23/4","v":-5},null,null,"Dívida",{"$f":"SUM(B23:F23)/5","v":10},{"$f":"L23/L25","v":0.17497812773403326},{"$f":"5%*0.7","v":3.4999999999999996E-2},{"$f":"M23*N23","v":6.1242344706911632E-3}]
["RP, Recursos Próprios",30,{"$f":"B24+C12","v":36.299999999999997},{"$f":"C24+D12","v":46.274999999999999},{"$f":"D24+E12","v":56.424999999999997},{"$f":"E24+F12","v":66.75},null,null,null,null,"Rec. Próprios",{"$f":"SUM(B24:F24)/5","v":47.15},{"$f":"L24/L25","v":0.82502187226596679},{"$f":"15%","v":0.15},{"$f":"M24*N24","v":0.12375328083989501}]
["FINANCIAMENTO",{"$f":"B23+B24","v":50},{"$f":"C23+C24","v":51.3},{"$f":"D23+D24","v":56.274999999999999},{"$f":"E23+E24","v":61.424999999999997},{"$f":"F23+F24","v":66.75},null,null,null,null,"Financiamento",{"$f":"L23+L24","v":57.15},{"$f":"M23+M24","v":1},null,{"$f":"O23+O24","v":0.12987751531058617}]
[]
["Caixa  (+) ou crédito necessário (-)",{"$f":"B25-B21","v":10},{"$f":"C25-C21","v":1.2999999999999972},{"$f":"D25-D21","v":-7.7250000000000014},{"$f":"E25-E21","v":8.4249999999999972},{"$f":"F25-F21","v":66.75}]
["Aumento de caixa",{"$f":"-B24+B27","v":-20},{"$f":"C27-B27","v":-8.7000000000000028},{"$f":"D27-C27","v":-9.0249999999999986},{"$f":"E27-D27","v":16.149999999999999},{"$f":"F27-E27","v":58.325000000000003}]
[]
["CF acionista e CF ativo",0,1,2,3,4,null,"Soma dos CF"]
["Lucro líquido",null,{"$f":"C12","v":6.3000000000000007},{"$f":"D12","v":9.9750000000000014},{"$f":"E12","v":10.15},{"$f":"F12","v":10.324999999999999},null,{"$f":"SUM(B31:F31)","v":36.75}]
["± Variação do AL",{"$f":"-B20","v":-40},{"$f":"B21-C21","v":-10},{"$f":"C21-D21","v":-14},{"$f":"D21-E21","v":11},{"$f":"E21-F21","v":53},null,{"$f":"SUM(B32:F32)","v":0}]
["± Variação Dívida",{"$f":"B23","v":20},{"$f":"C23-B23","v":-5},{"$f":"D23-C23","v":-5},{"$f":"E23-D23","v":-5},{"$f":"F23-E23","v":-5},null,0]
["CF acionista",{"$f":"B31+B32+B33","v":-20},{"$f":"C31+C32+C33","v":-8.6999999999999993},{"$f":"D31+D32+D33","v":-9.0249999999999986},{"$f":"E31+E32+E33","v":16.149999999999999},{"$f":"F31+F32+F33","v":58.325000000000003},null,36.750000000000007]
[]
["EBIT x (1 - t)",null,{"$f":"C8*(1-$H$11)","v":7},{"$f":"D8*(1-$H$11)","v":10.5},{"$f":"E8*(1-$H$11)","v":10.5},{"$f":"F8*(1-$H$11)","v":10.5},null,{"$f":"SUM(B36:F36)","v":38.5}]
["± Variação do AL",{"$f":"B32","v":-40},{"$f":"C32","v":-10},-14,11,53,null,{"$f":"SUM(B37:F37)","v":0}]
["FCF ou CF ativo",{"$f":"B36+B37","v":-40},{"$f":"C36+C37","v":-3},{"$f":"D36+D37","v":-3.5},{"$f":"E36+E37","v":21.5},{"$f":"F36+F37","v":63.5},null,{"$f":"SUM(B38:F38)","v":38.5}]
[]
[]
[null,null,"Rentabilidade requerida pelo acionista K = ",0.15,null,null,"VP acionista",{"$f":"NPV(D41,C34:F34)","v":29.576981214332438}]
[null,null,"TIR do Acionista",{"$f":"IRR(B34:F34)","v":0.24301767808672836},null,null,"VPL acionista",{"$f":"H41+B34","v":9.576981214332438}]
[null,null,"TIR do Ativo = TIR od acionista sem divida",{"$f":"IRR(B38:F38)","v":0.18573995264123844}]

{"sheet":"Questions","index":5,"n_rows":35,"n_cols":5,"rows_kept":35,"cut":false,"hidden":false,"merged":[[3,3,4,3]]}
[null,"Chapter 6. SELF-ASSESSMENT QUESTIONS "]
[null,"Write your answers T or F (True or False)  in column C. Right answer 1 point. Wrong 0 points."]
[null,"Check the correct answers in Col. E. Click on the 2 in the top left corner; or click \"+\" above column F."]
[null,null,"Answer","Your Mark"]
[null,"QUESTIONS","T or F",null,"E"]
[]
[1,"The NA on the balance sheet are composed of net FA and NFO. T or F?",null,{"$f":"IF(C7=E7,1,0)","v":0},"T"]
[2,"The amount of debt in the balance sheet is always a consequence of NA and equity. T or F?",null,{"$f":"IF(C8=E8,1,0)","v":0},"T"]
[3,"The return of the equity depends always on the return of fixed assets, the cost of the debt and the dividends paid. T or F?",null,0,"F"]
[4,"In the discounted cash flow formula (DCF) if we increase the K, the value for me also increases. T or F?",null,0,"F"]
[5,"The value of a project of long duration depends on three main variables: the cash flow that we expect to receive every year during many years, the expected growth (g) of that cash flow and the required return, K. T or F?",null,0,"T"]
[6,"In an investment project we pay an amount of money equal to the present value for us of that project. The return we expect toget is precisely K. T or F?",null,0,"T"]
[7,"We expect to get a CFshare of €10/year during many years. If we pay €100 for the company, the return we expect to get is 10 percent. T or F?",null,0,"T"]
[8,"We expect to get a CFshare of €8/year during many years. If our required return Ke is 16 per cent, we should pay €40 for thecompany. T or F?",null,0,"F"]
[9,"The CFshare is the difference in cash on the balance sheet from one year to another plus the dividends paid. T or F?",null,0,"T"]
[10,"CFshare = net income ± var. AN + depreciation − new investments. T or F?",null,0,"F"]
[11,"An increase of NA produces a decrease of cash. T or F?",null,0,"T"]
[12,"An increase of debt produces a decrease of cash. T or F?",null,0,"F"]
[13,"The CFshare is used to calculate the return for shareholders and to value companies. T or F?",null,0,"T"]
[14,"The CFshare can only go to the shareholder or to repay debt.T or F?",null,0,"F"]
[15,"FCF or cash flow from the assets = EBIT (1-t) ± variation of NA.T or F?",null,0,"T"]
[16,"FCF is the cash flow produced by the assets, without considering the financing. T or F?",null,0,"T"]
[17,"Two companies, A and B, have the same EBIT, but A requiresfrequent new investments, while B doesn’t. A will produce alarger FCF. T or F?",null,0,"F"]
[18,"The FCF can be used solely to repay debt or for new investments.T or F?",null,0,"F"]
[19,"The FCF is used solely to repay debt (interests and principal) and shareholders.T or F?",null,0,"T"]
[20,"Operational cash flow is equal to net earnings + depreciation.T or F?",null,0,"T"]
[21,"The increase in cash is the same as the year’s CFO. T or F?",null,0,"F"]
[22,"The return we require from an investment can be broken downinto two components: risk-free rate (rf) and risk premium (rp).T or F?",null,0,"T"]
[23,"The risk premium that we require from an investment dependson the risk of the project (‘objective’) and the aversion to risk ofthe investor (subjective). T or F?",null,0,"T"]
[24,"If one investor is more risk averse than another, she will have todemand a lower return, Ke. T or F?",null,0,"F"]
[25,"A company has always the same value, whatever the investor,because the value depends on the cash flow expected from thecompany. T or F?",null,0,"F"]
[]
[]
[null,"TOTAL QUALIFICATION OBTAINED",null,{"$f":"SUM(D7:D31)","v":0}]
[null,"Maximum rating possible",null,25]

{"sheet":"Preguntas","index":6,"n_rows":36,"n_cols":5,"rows_kept":36,"cut":false,"hidden":true,"merged":[]}
[null,"CAP. 6. PREGUNTAS DE AUTOEVALUACION"]
[null,"Escribir las respuestas V o F (Verdadero o Falso) en la columna C. Respuesta correcta 1 punto. Incorrecto 0 puntos."]
[null,"Las respuestas correctas están en la columna E. Hacer clic en el 2 en la esquina superior izquierda; o haga clic en \"+\" sobre la columna F."]
[null,null,"Respuestas","Calificación ","Respuesta"]
[null,"PREGUNTAS","V o F","Obtenida (4)","correcta"]
[]
[1,"El activo neto de un balance se compone de activo fijo neto y NOF. ¿Verdadero o falso?",null,{"$f":"IF(C7=E7,1,0)","v":0},"V"]
[2,"La deuda es siempre consecuencia del activo neto en que se invierte y de los recursos propios de que se dispone. ¿Verdadero o falso?",null,{"$f":"IF(C8=E8,1,0)","v":0},"V"]
[3,"La rentabilidad de los recursos propios depende exclusivamente de la rentabilidad de la inversión en activo fijo y del coste de la deuda y de los dividendos que se hayan pagado. ¿Verdadero o falso?",null,0,"F"]
[4,"En la fórmula del descuento de flujos, si aumentamos la K que le pedimos a la inversión, el valor «para mí» también aumenta. ¿Verdadero o falso?",null,0,"F"]
[5,"El valor de un proyecto de larga duración depende de tres variables: el CF que razonablemente esperamos para cada año, el crecimiento esperado g de los CF y la tasa de rentabilidad exigida K. ¿Verdadero o falso?",null,0,"V"]
[6,"Si pagamos por un proyecto una cantidad igual a su valor presente «para mí», la rentabilidad que esperamos obtener es K. ¿Verdadero o falso?",null,0,"V"]
[7,"Una empresa promete un CFacc de 10 €/año durante muchos años. Si pago por ella 100 €, espero obtener una rentabilidad del 10 %. ¿Verdadero o falso?",null,0,"V"]
[8,"Una empresa promete un CFacc de 8 €/año durante muchos años. Mi rentabilidad exigida es 16 %; por tanto, debería pagar por ella 40 €. ¿Verdadero o falso?",null,0,"F"]
[9,"El CFacc en un año concreto es la diferencia de caja de un año a otro en el balance más los dividendos pagados. ¿Verdadero o falso?",null,0,"V"]
[10,"CFacc = Beneficio neto − var. AN + amortización − nuevas inversiones. ¿Verdadero o falso?",null,0,"F"]
[11,"Un aumento de activo neto produce disminución de caja. ¿Verdadero o falso?",null,0,"V"]
[12,"Un aumento de deuda produce disminución de caja. ¿Verdadero o falso?",null,0,"F"]
[13,"El CFacc se usa para calcular la rentabilidad del accionista y para valoración de empresas. ¿Verdadero o falso?",null,0,"V"]
[14,"El CFacc se destina exclusivamente a devolver deuda y pagar al accionista. ¿Verdadero o falso?",null,0,"F"]
[15,"FCF = EBIT (1-t) − variación de activo neto AN. ¿Verdadero o falso?",null,0,"V"]
[16,"El FCF es el CF producido por el activo, sin tener en cuenta la financiación. ¿Verdadero o falso?",null,0,"V"]
[17,"Dos empresas A y B tienen el mismo EBIT, pero A requiere frecuente inversión nueva y B no. A producirá mayor FCF. ¿Verdadero o falso?",null,0,"F"]
[18,"El FCF se destina solo a repagar deuda o a nuevas inversiones. ¿Verdadero o falso?",null,0,"F"]
[19,"El FCF se destina solo a pagar deuda (intereses y principal) y accionistas. ¿Verdadero o falso?",null,0,"V"]
[20,"El CF operativo CFO es igual al beneficio neto + amortización. ¿Verdadero o falso?",null,0,"V"]
[21,"El aumento de caja es igual al CFO del año. ¿Verdadero o falso?",null,0,"F"]
[22,"La rentabilidad que le pedimos a una inversión se puede descomponer en dos componentes: tasa libre de riesgo (rf) y prima de riesgo (rp). ¿Verdadero o falso?",null,0,"V"]
[23,"La prima de riesgo que le pedimos a una inversión depende del riesgo «objetivo» del proyecto y de la aversión «subjetiva» al riesgo del inversor. ¿Verdadero o falso?",null,0,"V"]
[24,"Si un inversor es más averso al riesgo que otro, tenderá a pedir una rentabilidad K menor. ¿Verdadero o falso?",null,0,"F"]
[25,"Una empresa vale siempre lo mismo para cualquier inversor, pues su valor depende de los cash flows CF esperados. ¿Verdadero o falso?",null,0,"F"]
[]
[]
[]
[null,"TOTAL CALIFICACION OBTENIDA",null,{"$f":"SUM(D7:E31)","v":0}]
[null,"Máxima calificación posible",null,25]

{"sheet":"Perguntas PT","index":7,"n_rows":36,"n_cols":6,"rows_kept":36,"cut":false,"hidden":true,"merged":[]}
[null,"Cap 6. PERGUNTAS DE AUTO-AVALIAÇÃO"]
[null,"Escreva as respostas V ou F (Verdadeiro ou Falso) na coluna C. Resposta correta 1 ponto. 0 pontos incorretos."]
[null,"As respostas corretas estão na coluna E. Clique no 2 no canto superior esquerdo; ou clique em \"+\" na coluna F."]
[null,null,"Respostas","Qualificação","Resposta"]
[null,"PERGUNTAS","V o F","Obtida","correta"]
[]
[1,"O ativo líquido de um balanço é composto do ativo fixo líquido e das NOF. Verdadeiro ou falso?",null,{"$f":"IF(C7=E7,1,0)","v":0},"V"]
[2,"A dívida é sempre consequência do investimento em ativo líquido e dos recursos próprios. Verdadeiro ou falso?",null,{"$f":"IF(C8=E8,1,0)","v":0},"V"]
[3,"A rentabilidade dos recursos próprios depende exclusivamente da rentabilidade do investimento em ativo fixo, do custo de dívida e dos dividendos pagos. Verdadeiro ou falso?",null,0,"F"]
[4,"Tomando a fórmula de desconto de fluxos de caixa, se aumentarmos o K que exigimos do investimento, o valor “para mim” também aumenta. Verdadeiro ou falso?",null,0,"F"]
[5,"O valor de um projeto de longo prazo depende de três variáveis: de um CF esperado e razoável para cada ano, do crescimento esperado g dos CF e da taxa de retorno exigido K. Verdadeiro ou falso?",null,0,"V"]
[6,"Se pagamos por um projeto uma quantidade igual ao seu valor presente “para mim”, a rentabilidade que esperamos obter é K. Verdadeiro ou falso?",null,0,"V"]
[7,"Uma empresa promete um CFacion de € 10/ano durante muitos anos. Se pago € 100 por ela, espero obter uma rentabilidade de 10%. Verdadeiro ou falso?",null,0,"V"]
[8,"Uma empresa promete um CFacion de € 8/ano durante muitos anos. A rentabilidade que exijo é 16%. Portanto, eu deveria pagar € 40 por ela. Verdadeiro ou falso?",null,0,"F"]
[9,"O CFacion em um ano concreto é a diferença de caixa de um ano para outro no balanço mais os dividendos pagos. Verdadeiro ou falso?",null,0,"V"]
[10,"O CFacion = Lucro Líquido ± Δ AL + depreciações – novos investimentos. Verdadeiro ou falso?",null,0,"F"]
[11,"Um aumento do ativo líquido produz uma diminuição de caixa. Verdadeiro ou falso?",null,0,"V"]
[12,"Um aumento da dívida produz uma diminuição de caixa. Verdadeiro ou falso?",null,0,"F",{"$f":"8/0.16","v":50}]
[13,"O CFacion é usado para calcular a rentabilidade do acionista e para o valuation de empresas. Verdadeiro ou falso?",null,0,"V"]
[14,"O CFacion destina-se exclusivamente à devolução de dívida e ao pagamento ao acionista.  Verdadeiro ou falso?",null,0,"F"]
[15,"O FCF = EBIT (1-t) ± Δ Ativo líquido. Verdadeiro ou falso?",null,0,"V"]
[16,"O FCF é o CF produzido pelo ativo, sem levar em consideração o financiamento. Verdadeiro ou falso?",null,0,"V"]
[17,"Duas empresas, A e B, tem o mesmo EBIT, mas a empresa A demanda novos investimentos constantemente enquanto a empresa B não. A empresa A produzirá um FCF maior. Verdadeiro ou falso?",null,0,"F"]
[18,"O FCF destina-se somente ao pagamento de dívida e de novos investimentos. Verdadeiro ou falso?",null,0,"F"]
[19,"O FCF destina-se somente ao pagamento de dívida (juros e principal) e acionistas. Verdadeiro ou falso?",null,0,"V"]
[20,"O CF operacional, CFO, é igual ao lucro líquido + depreciações. Verdadeiro ou falso?",null,0,"V"]
[21,"O aumento de caixa é igual ao CFO do ano. Verdadeiro ou falso?",null,0,"F"]
[22,"A rentabilidade que pedimos de um investimento pode ser decomposta em dois componentes: taxa livre de risco (rf) e prêmio de risco (rp). Verdadeiro ou falso?",null,0,"V"]
[23,"O prêmio de risco que pedimos de um investimento depende do risco “objetivo” do projeto e da aversão “subjetiva” ao risco do investidor. Verdadeiro ou falso?",null,0,"V"]
[24,"Se um investidor é mais avesso ao risco que outro, ele estará mais inclinado a exigir uma rentabilidade K menor. Verdadeiro ou falso?",null,0,"F"]
[25,"Uma empresa vale sempre o mesmo para qualquer investidor, pois seu valor depende dos cash flows esperados. Verdadeiro ou falso?",null,0,"F"]
[]
[]
[]
[null,"TOTAL CALIFICACION OBTENIDA",null,{"$f":"SUM(D7:E31)","v":0}]
[null,"Máxima calificación posible",null,25]