CIGE 10 Yrs Forecast Corp Fin Book V 11 para 2008 II

B
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
C
Year
Input data. Datos de entrada

Fixed assets. Activos fijos AF
Lineal Depreciation (4 years)
Equity investment. Inversin de patrimonio
Corporate tax rate. Tasa de impuestos
Initial inventory (units)
Initial purchase price. Precio de compra inicial
Estimated Overhead expenses. Gastos
generales. GG
Administrative and Sales payroll. Gastos
laborales.
Long term (LT) years Loan 1 at (N years).
Prstamo a largo plazo (N aos)
Long term (LT) years Loan 3 (M years).
Short term loan 2 (1 year). Prstamo a corto
plazo
Taxes are paid the same year as accrued. Los
impuestos se pagan el mismo ao que se
provisionan
Inflation rate. Tasa de inflacin
Real increase in selling price. Aumento real
de precio de venta
Real increase in purchase price. Aumento real
de precio de compra
Real increase in overhead expenses. Aumento
real de GG
Real increase in payroll expenses. Aumento
real de nmina.
Real increase in price fixed assets. Aumento
real de precio de AF
Increase in sales volume (units). Aumento de
volumen
Real interest rate. Tasa de inters real
Risk premium for cost of debt. Prima de
riesgo para la deuda
25
26
27 Policies and goals. Polticas y metas
Promotion and advertising as % of sales.

28 Gastos de publicidad y promocin
Inventory as % of volume sold. Poltica de
29 inventario % de ventas del ao.
Accounts receivable as % of sales. Cuentas
30 por cobrar CxC como % de ventas.
D
0
E
1
F
2
45.0
4.0
15.0
35.0%
4.0
5.0
22.0
24.0
5.0
10.0
1.0
Year
6.0%
5.5%
0.8%
1.1%
0.5%
0.6%
0.5%
1.0%
1.5%
2.0%
0.2%
0.3%
0.0%
2.0%
0.8%
3.0%
5.00%
4.92%
2
3.0%
2.7%
1/12
2/25
5.0%
6.0%
Accounts payable as % of purchases. Cuentas

31 por pagar CxP como % de Compras
10.0%
11.0%
70.0%
73.0%
10.0
11.0
Payout ratio. Proporcin de utilidades

32 repartidas
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
Minimum cash required. Saldo mnimo de

caja.
Minimum cash required for initial year (based
on overhead, payroll and sales comissions).
Saldo mnimo de caja para ao 0 com % de
gastos de nmina, GG y de comisiones de
ventas
Selling comissions. Comisiones de ventas
Market research. Investigacin de mercado.
Selling price. Precio de venta.
Quantity sold for first year. Cantidad que se
espera vender para ao 1
Repurchase of equity as a % of funds
generated by depreciation. Recompra de
participacin como % de la depreciacin.
Nominal increase in prices. Aumento nominal
de precios.
Selling. Venta
Purchase. Compra
Overhead expenses. GG
Payroll expenses. Gastos de personal.
Nominal increase in price of fixed assets.
Aumento nominal en precio de AF
13.0
4.00%
7.0
51.0
0%
Year
Year
0%
2
6.8%
6.5%
6.5%
7.6%
6.7%
6.1%
6.6%
7.6%
6.2%
5.8%
Increase factor in volume. Factor de aumento

48 acumulado de volumen
49
50
51
52
53
54
55
56
57
58
59
Basic input variables calculation. Clculo de

la proyeccin de las variables bsicas.
Sales in units. Ventas en unidades.
Selling price. Precio de venta
Total sales. Ventas totales
Factor for increase in prices for fixed assets

Price of asset in year 4
Return of short term investment
Risk free rate, Rf
Cost of debt, Kd, from CAPM= Rf+risk
60 premium in cost of debt
61
62 Depreciation schedule
1.000
Year
2
51.0
7.5
381.4
7.0
Year
1.008
51.4
8.0
410.1
2
1.06
1.12
7.71%
8.12%
8.23%
8.66%
13.12%
13.59%
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
Year
Beginning fixed assets

Annual depreciation
Cumulated depreciation
New fixed assets
Net fixed assets
Inventory valuation using FIFO
Inventory and purchases in units
Units sold
Final inventory in units
Initial inventory in units
Purchases in units
Unitary cost of purchase
Year
1
0.0
4.0
0.0
4.0
Purchases in units
Forecasted unit cost
Sales and purchases

Total sales revenues
Inflow of sales revenues for current year
Credit sales (1 year)
Total purchases
Purchases paid the same year
Purchases on credit (1 year)
Year
Inflows from sales

Inflows from Accounts Receivables
Total inflows
Purchases paid the current year
Payment of Accounts Payable
Total payments for purchases
Year
20.0
273.0
22.6
270.3
23.4
2
16.4
27.8
12.3
56.5
2
381.4
362.4
19.1
273.0
245.7
27.3
20.0
0.0
1
0.0
0.0
0.0
20.0
0.0
20.0
22.6
289.8
23.2
289.2
25.0
15.3
25.8
11.4
52.5
24.0
51.3
5.65
2
51.4
4.1
4.3
51.3
51.3
5.33
0.0
20.0
20.0
0.0
22.0
Year
4.0
Year
33.8
11.3
22.5
0.0
22.5
51.0
4.3
4.0
51.3
5.00
Cost of goods sold (COGS) calculation

Initial inventory in dollars
Purchases in dollars
Final inventory in dollars
COGS
Overhead expenses. Gastos generales
Administrative and selling expenses
Sales commisions
Payroll expenses. Gastos de nmina
Selling commisions. Comisiones de venta
2
45.0
11.3
11.3
0.0
33.8
0.0
45.0
Year
Cash Budget. Flujo de Tesorera
410.1
385.5
24.6
289.8
258.0
31.9
2
362.4
0.0
362.4
245.7
0.0
245.7
385.5
19.1
404.6
258.0
27.3
285.3
Module 1: Operating activities. Modulo 1:

110 Actividades operativas
111 Cash inflows. Ingresos de caja.
112
113
114
115
116
117
118
119
Total AR plus sales on cash. Total de

ingresos por ventas y cartera
Total inflows. Total de ingresos
Cash outflows. Egresos
Total payments for purchases. Pago total de
compras
Income Taxes. Impuesto de renta
Total cash outflows. Egresos totales
Net cash balance NCB before fixed assets
purchase. Saldo neto de caja antes de
compra de activos
Year
362.4
362.4
404.6
404.6
20.0
245.7
76.0
5.5
327.1
285.3
81.5
8.3
375.0
-20.0
35.3
29.6
0.0
0.0
-45.0
0.0
0.0
-65.0
35.3
29.6
30.0
33.0
2.07
0.0
6.94
0.00
6.0
6.0
3.9
33.0
4.3
0.0
0.0
3.3
2.1
0.3
0.7
0.9
-38.3
-13.2
0.0
20.0
Module 2: Investment in assets. Mdulo 2:

120 Inversin en activos fijos
Purchase of fixed assets. Compra de activos

121 fijos
Purchase of fixed assets Year 4. Compra de

122 activos fijos en ao 4
NCB of investment in assets. Saldo neto de
123 caja SNC por compra de activos
NCB after fixed assets investment. Saldo
neto de caja SNC despus de compra de
124 activos.
45.0
Module 3: External financing. Mdulo 3:

125 Financiacin externa
126 Inflow of loans. Ingreso de prstamos
127
128
129
130
131
132
133
134
135
136
137
LT Loan 1 - 5 years. Prstamo de largo

plazo a 5 aos
ST Loan 2. Prstamo a corto plazo
LT loan 3 10 years. Prstamo a largo plazo
de 10 aos
Payment of loans. Pago de prstamos
Principal LT loan 1. Abono a capital del
prstamo de LP a 5 aos
Interest LT loan 1. Intereses del prstamo
a LP
Principal ST loan 2. Abono a capital CP
Interest ST loan 2. Intereses de prstamo a CP
Principal LT loan 3. Abono de prstamo a LP
Interest LT loan 3. Intereses a LP
NCB of financing actividies. SNC de la
financiacin
63.0
Module 4: Transactions with owners. Mdulo 4:

138 transacciones con los dueos
Initial Invested equity. Patrimonio inical

139 invertido
15.0
140 Dividends payment. Pago de dividendos

141 Repurchase of stock. Recompra de acciones
0.0
0.0
7.1
0.0
0.0
-7.1
0.0
0.0
0.00
0.0
0.00
0.0
8.21
0.0
13.0
13.0
0.0
-3.0
10.0
-8.2
1.0
11.0
NCB of transactions with owners. SNC de las

15.0
Module 5: Discretionary transactions.

143 Mdulo 5: Transacciones discrecionales
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
Sale of short term ST investment. Venta de

inversiones temporales
Return from ST investments. Rendimiento de
las inversiones temporales
ST investments. Inversiones temporales
NCB of discretionary transactions. SNC de
transacciones discrecionales
Year NCB. SNC del ao
Cumulated NCB. SNC acumulado
LT Loan 1 schedule
Year
Beginning balance
Interest payment LT1
Principal payments LT 1
Total payment LT1
Ending balance
Interest rate
ST Loan 2 schedule
30.0
Year
Beginning balance
Interest payment ST2
Principal payments ST 2
Total payment ST2
Ending balance
Interest rate
33.0
Year
Beginning balance
Total payment LT 3
Ending balance
Interest rate
Income Statement. Estado de resultados
Sales revenues
COGS
Gross Income
0.0
Year
30.0
3.9
6.0
9.9
24.0
13.12%
24.0
3.3
6.0
9.3
18.0
13.59%
4.3
33.0
37.3
2.1
13.12%
1
0.0
0.0
0.0
0.0
6.9
13.12%
0.3
2.1
2.3
0.0
13.59%
2
6.9
0.9
0.7
1.6
6.2
13.59%
2
381.4
270.3
111.1
23.4
52.5
410.1
289.2
120.9
25.0
56.5
182 Depreciation
183 Earnings Before Interest and Taxes (EBIT)
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
Interest payments. Gastos financieros (pago

de intereses)
Return (interest) from ST investment. Inters
recibido
Earnings BeforeTaxes EBT, Utilidad antes de
impuestos
Net Income. Utilidad neta
Dividends. Dividendos
Cumulated retained earnings. Uilidades
acumuladas
Repurchase of equity. Recompra de acciones
Balance Sheet. Balance general

Assets. Activos
Cash. Caja y bancos
Accounts Receivable AR. Cuentas por cobrar
CxC
Inventory. Inventario
Current assets. Activos corrientes
Total fixed assets. Total de activos fijos netos
200
201 Total
202 Liabilities and equity. Pasivos y patrimonio
203
204
205
206
207
208
209
Accounts Payable AP. Cuentas por pagar,

CxP
Short term debt. Deuda a corto plazo
Current liabilities. Pasivos corrientes
Long term debt. Deuda largo plazo
Total Liabilities. Pasivos totales
Equity investment. Inversin de capital
Retained earnings. Utilidades retenidas
Year
214
215
216
217
218
219
220
FCD
ingreso de prstamos
Pago de capital
Pago de intereses
FCD
11.3
28.2
8.3
4.5
0.0
0.0
15.6
5.5
10.2
7.1
23.7
8.3
15.4
11.2
10.2
0.0
18.4
0.0
CB
13.0
10.0
11.0
IT
IT
CB
0.0
20.0
0.0
33.0
19.1
22.6
0.0
51.7
24.6
23.2
8.2
67.1
IT
45.0
78.00
33.8
85.46
22.5
89.56
IT
CB
0.0
33.0
33.0
30.0
63.0
15.0
0.0
27.3
2.1
29.4
30.9
60.3
15.0
10.2
31.9
0.0
31.9
24.2
56.1
15.0
18.4
0.0
0.0
85.46
0.0
89.56
0.0
CB
ID
IS
210
Total Liabilities and equity. Total pasivos y

211 patrimonio
212 Check
11.3
23.9
78.00
0.0
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
FCA
Aportes de patrimonio
Pago de utilidades o dividendos
Recompra de acciones
FCA
264
265
266
267
268
Inventario final ao 0 unidades
FCC
AI
FCL
Cap trabajo
Activo corriente
Pasivos corrientes menos deuda financiera
CT
cambio CT
inversion en activos
AF netos
Depreciacin
inversion en activos
FCL indir
UO
menos Impuesto UO
UODI
ms depreciacin
menos cambio en CT
menos inversion en activos
Intereses
menos imp sobre intereses
FCL
FCA indirecto
UN
mas dep
menso VCT
menos pago (ing) prest
menos inv act
mas VT
FCA
Inversiones Nacionales De Chocolates

Inversiones alimenticias Noel S.A.
Carulla Vivero S.A.
4.0 Damodaran
Beta de la accion D/P

Food-Confectionery0.8880
0.1188
Food-Misc/Diversified
0.5840
0.0387
Food-Retail 0.5810
0.5880
Beta desapalancada
0.793706522
0.562237593
0.365878274
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
Promedio
Inflacin ao 0
PRM USA
Inflacion USA ao 0
Cambio de precio del USD
Riesgo pas Rp
PRM
Rf
Ku nominal observado en ao 0
Ku real observado en ao 0
Precio de compra Base (Ao 0)
Endeudamiento constante a perpetuidad
Inflacin esperada ao 6 y siguientes
crecimiento g real ao 6 en adelante
Kur
Inflacion
Ku
Datos
Endeudamiento constante a perpetuidad, D%
Inflacin ao 6 en adelante
T
Crecimiento real (gr)
Tasa real de inters
Prima de riesgo para la deuda
Kur
g nominal del ao 6 en adelante
Kd
Kur
Ku para N+1 y siguientes
CPPCperp
UODI = Uox(1-T)
VT=UODIx(1+g)/CPPCperp
Caja y bancos
CxC (descontadas a CPPCperp)
Inversin temporales
CxP (descontadas a CPPCperp)
Liquidacin de activos corrientes
VT ajustado
FCC
V
Patrimonio
VPN firma
VPN patrimonio
Beta u
5.01000%
<====
10.63584%
1.98000%
2.00000%
1.17000%
10.95185%
5.01000%
########## <=====
7.1000% <==== Calcular
5.00
a =====>
a =====>
a =====>
0.5739408
G
3
H
4
I
5
J
6
K
7
L
8
M
9
10
5.5%
5.0%
4.5%
4.0%
3.5%
3.0%
3.0%
3.0%
1.0%
1.2%
0.8%
1.0%
1.0%
1.0%
1.0%
1.0%
0.7%
0.5%
0.4%
0.5%
0.5%
0.5%
0.5%
0.5%
0.4%
0.8%
1.2%
0.9%
0.9%
0.9%
0.9%
0.9%
1.0%
1.1%
0.8%
1.9%
1.9%
1.9%
1.9%
1.9%
0.4%
0.1%
0.5%
0.2%
0.2%
0.2%
0.2%
0.2%
1.7%
4.0%
1.5%
1.0%
2.1%
2.0%
1.5%
2.4%
1.5%
2.4%
1.5%
2.4%
1.5%
2.4%
1.5%
2.4%
5.30%
5.20%
5.06% 5.06% 5.06%
5.06%
4.90% 5.06%
3.1%
3.2%
2.9% 2.98%
2.98% 2.98% 2.98%
2.98%
1/11
4/47
1/12 8.45%
8.45% 8.45% 8.45%
8.45%
4.0%
7.0%
3.0%
12.0%
7.0%
8.0%
77.0%
60.0%
65.0%
12.0
13.0
14.0
14.8
2.67%
15.7
16.5
17.5
18.4
2.67% 2.67% 2.67%
2.67%
0%
0%
0%
0%
0%
0%
0%
0%
3
6.6%
6.2%
5.9%
6.6%
4
6.3%
5.5%
5.8%
6.2%
5
5.3%
4.9%
5.8%
5.3%
5.0%
4.6%
4.9%
6.0%
4.5%
4.1%
4.4%
5.5%
4.0%
3.6%
3.9%
5.0%
4.0%
3.6%
3.9%
5.0%
4.0%
3.6%
3.9%
5.0%
5.9%
5.1%
5.0%
4.2%
3.7%
3.2%
3.2%
3.2%
1.017
1.015
1.021
1.015
1.015
1.015
1.015
1.015
52.3
8.5
444.4
53.1
9.0
479.3
54.2
9.5
515.5
55.0
10.0
549.6
55.8
10.4
583.2
56.7
10.9
615.8
57.6
11.3
650.3
58.4
11.8
686.7
5
1.37
1.42
1.47
1.56
5.06%
5.47%
10.54%
1.19
9.23%
9.72%
1.25
56.31
5.75%
6.05%
1.31
6.26% 6.08%
6.59% 6.50%
1.51
68.07
5.57% 5.06% 5.06%
5.98% 5.47% 5.47%
15.02%
11.25%
11.49% #####
11.05% ##### #####
4
22.5
11.3
33.8
0.0
11.3
5
11.3
11.3
45.0
56.3
56.3
4
52.3
4.7
4.1
52.9
42.2
14.1
73.2
0.0
28.2
28.2
14.1
87.2
0.0
14.1
14.1
14.1
101.3
0.0
0.0
0.0
14.1
115.4
68.1
54.0
54.0
14.1
129.5
0.0
39.9
54.2
4.6
4.5
54.2
55.0
4.6
4.6
55.1
55.8
4.7
4.6
55.9
56.7
4.8
4.7
56.8
57.6
4.9
4.8
57.6
58.4
4.9
4.9
58.5
54.2
6.65
55.1
6.95
55.9
7.23
56.8
7.49
57.6
7.76
58.5
8.03
30.3
383.1
32.3
381.1
31.1
32.3
404.5
34.1
402.7
32.4
34.1
425.3
35.9
423.6
33.7
35.9
447.2
37.7
445.3
35.0
37.7
470.1
39.7
468.2
36.3
22.0
35.1
16.5
73.6
23.3
37.0
17.5
77.8
24.6
38.9
18.5
82.0
26.0
40.8
19.5
86.3
27.5
42.8
20.6
90.9
5
53.1
4.5
4.7
52.9
4
52.9
6.01
56.3
14.1
59.1
0.0
42.2
5
52.9
6.34
23.2
317.6
28.3
312.5
26.5
3
17.8
29.6
13.3
60.7
28.3
335.1
28.6
334.8
28.0
4
19.2
31.4
14.4
65.0
28.6
360.5
30.3
358.9
29.6
5
20.6
33.1
15.5
69.2
3
444.4
426.6
17.8
317.6
279.5
38.1
4
479.3
445.8
33.6
335.1
311.6
23.5
5
515.5
500.0
15.5
360.5
331.7
28.8
549.6
549.6
0.0
383.1
383.1
0.0
583.2
583.2
0.0
404.5
404.5
0.0
615.8
615.8
0.0
425.3
425.3
0.0
650.3
650.3
0.0
447.2
447.2
0.0
686.7
686.7
0.0
470.1
470.1
0.0
3
426.6
24.6
451.2
279.5
31.9
311.3
4
445.8
17.8
463.5
311.6
38.1
349.7
5
500.0
33.6
533.6
331.7
23.5
355.1
549.6
15.5
565.1
383.1
28.8
411.9
583.2
0.0
583.2
404.5
0.0
404.5
615.8
0.0
615.8
425.3
0.0
425.3
650.3
0.0
650.3
447.2
0.0
447.2
686.7
0.0
686.7
470.1
0.0
470.1
15.3
25.8
11.4
52.5
16.4
27.8
12.3
56.5
17.8
29.6
13.3
60.7
451.2
451.2
463.5
463.5
533.6
533.6
565.1
565.1
583.2
583.2
615.8
615.8
650.3
650.3
686.7
686.7
311.3
87.2
10.7
409.2
349.7
93.0
14.0
456.7
355.1
98.8
13.1
467.0
411.9
104.6
16.4
532.9
404.5
110.3
18.9
533.7
425.3
115.6
22.1
563.0
447.2
121.3
25.6
594.0
470.1
127.2
28.2
625.5
42.0
6.8
66.5
32.2
49.5
52.8
56.3
61.2
0.0
56.3
0.0
0.0
0.0
0.0
68.1
0.0
0.0
-56.3
0.0
0.0
0.0
0.0
-68.1
0.0
42.0
-49.5
66.5
32.2
49.5
52.8
-11.8
61.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.00
44.36
0.00
0.00
0.00
0.00
0.00
0.00
6.0
6.0
6.0
0.0
0.0
0.0
0.0
0.0
2.7
0.0
0.0
0.7
0.9
1.4
0.0
0.0
0.7
0.6
0.7
0.0
0.0
5.1
5.7
0.0
0.0
0.0
5.1
5.1
0.0
0.0
0.0
5.1
4.3
0.0
0.0
0.0
5.1
3.6
0.0
0.0
0.0
5.1
3.0
0.0
0.0
0.0
5.1
2.5
-10.3
35.7
-17.5
-10.2
-9.4
-8.7
-8.2
-7.6
11.2
0.0
15.3
0.0
15.6
0.0
15.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-11.2
-15.3
-15.6
-15.8
0.0
0.0
0.0
0.0
8.2
28.4
0.0
32.5
39.8
81.2
128.5
114.1
0.8
28.44
1.6
0.00
0.0
32.47
2.0
39.81
2.2
4.1
6.5
81.18 128.51 114.14
5.8
172.49
-19.5
1.0
12.0
30.1
1.0
13.0
-32.5
1.0
14.0
-5.4
0.8
14.8
-39.1
0.9
15.7
-43.2
0.9
16.5
20.9
0.9
17.5
-52.6
1.0
18.4
6.0
0.0
0.7
0.0
6.0
6.7
0.0
0.0
0.0
11.49% #####
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
11.05% ##### #####
0.0
0.0
10.54%
3
18.0
2.7
6.0
8.7
12.0
15.02%
3
4
12.0
1.4
6.0
7.4
6.0
11.25%
4
0.0
0.0
0.0
0.0
15.02%
3
6.2
0.9
0.7
1.6
5.5
15.02%
0.0
0.0
0.0
0.0
11.25%
4
5.5
0.6
0.7
1.3
49.2
11.25%
3
444.4
312.5
131.9
26.5
60.7
4
479.3
334.8
144.6
28.0
65.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
11.49% #####
5
6
49.2
44.1
5.7
5.1
5.1
5.1
10.8
10.2
44.1
39.0
11.49% #####
5
515.5
358.9
156.6
29.6
69.2
549.6
381.1
168.6
31.1
73.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
11.05% ##### #####
7
8
9
39.0
33.8
28.7
4.3
3.6
3.0
5.1
5.1
5.1
9.4
8.7
8.2
33.8
28.7
23.6
11.05% ##### #####
583.2
402.7
180.5
32.4
77.8
615.8
423.6
192.3
33.7
82.0
650.3
445.3
205.0
35.0
86.3
10
0.0
0.0
0.0
0.0
10.54%
10
23.6
2.5
5.1
7.6
18.4
10.54%
686.7
468.2
218.5
36.3
90.9
23.4
52.5
25.0
56.5
26.5
60.7
11.3
33.5
11.3
40.3
14.1
43.8
14.1
49.9
14.1
56.2
14.1
62.6
14.1
69.6
14.1
77.2
3.6
2.0
6.3
5.1
4.3
3.6
3.0
2.5
0.8
1.6
0.0
2.0
2.2
4.1
6.5
5.8
30.6
10.7
19.9
15.3
40.0
14.0
26.0
15.6
37.4
13.1
24.3
15.8
46.8
16.4
30.4
0.0
54.1
18.9
35.1
0.0
63.1
22.1
41.0
0.0
73.1
25.6
47.5
0.0
80.5
28.2
52.3
0.0
27.1
0.0
37.8
0.0
46.5
0.0
61.1
0.0
96.2
0.0
137.2
0.0
184.8
0.0
237.1
0.0
12.0
13.0
14.0
14.8
15.7
16.5
17.5
18.4
17.8
28.3
28.4
86.5
33.6
28.6
0.0
75.1
15.5
30.3
32.5
92.2
0.0
32.3
39.8
86.9
0.0
34.1
81.2
131.0
0.0
35.9
128.5
180.9
0.0
37.7
114.1
169.3
0.0
39.7
172.5
230.6
11.3
97.73
56.3
131.44
14.1
0.0
54.0
145.05 180.94 223.32
39.9
270.52
38.1
0.0
38.1
17.5
55.7
15.0
27.1
23.5
0.0
23.5
55.2
78.7
15.0
37.8
28.8
0.0
28.8
44.1
72.9
15.0
46.5
0.0
0.0
0.0
39.0
39.0
15.0
61.1
0.0
0.0
0.0
33.8
33.8
15.0
96.2
0.0
0.0
0.0
28.7
28.7
15.0
137.2
0.0
0.0
0.0
23.6
23.6
15.0
184.8
0.0
0.0
0.0
18.4
18.4
15.0
237.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
97.73
0.0
131.44
0.0
145.05 180.94 223.32

0.0
0.0
0.0
270.52
0.0
42.2
28.2
134.43 115.03
134.43 115.03
0.0
0.0
11.3
23.9
11.3
28.2
11.3
33.5
Beta desapalancada
19.2
31.4
14.4
65.0
20.6
33.1
15.5
69.2
28.0
65.0
29.6
69.2
11.3
40.3
14.1
43.8
B
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

generales. GG
laborales.
plazo
% of deficit covered by debt
provisionan
de precio de venta
de precio de compra
real de GG
real de nmina.
C
Year
D
0
E
1
F
2
G
3
H
4
I
5
J
6
45.0
4.0
15.0
35.0%
4.0
5.0
35.0%
22.0
24.0
5.0
10.0
1.0
60%
6.0%
5.5%
5.5%
5.0%
4.5%
4.0%
0.8%
1.1%
1.0%
1.2%
0.8%
1.03%
0.5%
0.6%
0.7%
0.5%
0.4%
0.55%
0.5%
1.0%
0.4%
0.8%
1.2%
0.85%
1.5%
2.0%
1.0%
1.1%
0.8%
1.91%
0.2%
0.3%
0.4%
0.1%
0.5%
0.2%
C
Year

24 volumen
25 Real interest rate. Tasa de inters real
26 riesgo para la deuda
D
0
E
1
1.22%
27 Risk premium for ST investment

28 Risk free rate, Rf
30
31
32
33
34
35
36
37
38
39
40
41

Gastos de publicidad y promocin
inventario % de ventas del ao.
por cobrar CxC como % de ventas.
por pagar CxP como % de Compras
repartidas
ventas
Price of new asset in year 5
Year
F
2
G
3
H
4
I
5
J
6
0.0%
3.0%
0.8%
3.0%
1.7%
3.0%
1.5%
3.0%
2.1%
3.0%
3.0%
3.0%
5.00%
4.92%
5.30%
5.20%
4.90%
5.08%
-0.41%
9.18%
-0.43%
8.66%
-0.49%
8.66%
-0.30%
8.15%
-0.33%
7.63%
-0.41%
3.0%
2.7%
3.1%
3.2%
2.9%
8.3%
8.0%
9.0%
8.5%
8.4%
8.49%
6.0%
6.0%
4.0%
7.0%
3.0%
5.20%
10.0%
11.0%
12.0%
7.0%
8.0%
9.60%
72.0%
10.0
73.0%
11.0
77.0%
12.0
65.0%
13.0
65.0%
14.0
71.79%
2.16%
4.00%
4%
4%
4%
59.13
4%
13.0
7.0
51.0
42
43
44
45
46
47
48
49
50

de precios.
Selling. Venta
Purchase. Compra
Aumento nominal en precio de AF
C
Year
Year
Year
D
0
E
1
F
2
G
3
H
4
I
5
J
6
0%
0%
0%
0%
0%
0%
1
6.85%
6.53%
6.53%
7.59%
2
6.66%
6.13%
6.56%
7.61%
3
6.56%
6.24%
5.92%
6.56%
4
6.26%
5.53%
5.84%
6.16%
5
5.34%
4.92%
5.75%
5.34%
5.07%
4.57%
4.88%
5.99%
6.21%
5.82%
5.92%
5.11%
5.02%
4.21%

2
1.000
1.008
1.017
1.015
1.021
1.030
52
53
54
55
56
57
58
59
60
61
62

Year
Year
2
51.0
7.5
381.4
7.0

Risk free rate, Rf
64 Minimum cash
66
67 Beginning fixed assets
51.4
8.0
410.1
2
1.06
Year
52.3
8.5
444.4
3
1.12
53.1
9.0
479.3
4
1.19
54.2
9.5
515.5
5
1.25
56.31
1.31
1.04
7.12%
6.71%
8.77%
8.23%
8.18%
7.85%
7.31%
14.18%
13.59%
13.97%
13.35%
12.54%
2
45.0
3
33.8
4
22.5
55.8
10.0
557.9
12.20%
12.06
5
11.3
56.3
42.2
B
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
C
Year
D
0
E
1
F
2
G
3
H
4
I
5
Deprec Invstmt yr 4
J
6
14.1
14.1
0.0
14.1
59.1
42.2
14.1
73.2
14.1
42.2
5
54.18
4.55
4.51
54.22
6.65
55.81
4.74
4.55
55.99
6.95
Deprec Invtmt yr 5
Deprec Invtmt yr 6
Deprec Invtmt yr 7
Deprec Invtmt yr 8
Deprec Invtmt yr 9
Annual depreciation
New fixed assets
Net fixed assets
Units sold
Purchases in units
COGS
0.0
45.0
Year
1
0.0
4.0
0.0
4.0
5.00
Year
Year
11.3
45.0
56.3
56.3
4
52.3
4.7
4.1
52.9
6.01
53.1
4.5
4.7
52.9
6.34
22.6
289.8
23.2
289.2
25.0
23.2
317.6
28.3
312.5
26.5
3
28.3
335.1
28.6
334.8
28.0
4
28.6
360.5
30.3
358.9
29.6
5
16.4
27.8
12.3
56.5
17.8
29.6
13.3
60.7
19.2
31.4
14.4
65.0
20.6
33.1
15.5
69.19
2
15.3
25.8
11.4
52.5
11.3
33.8
0.0
11.3
51.4
4.1
4.3
51.3
5.65
20.0
273.0
22.6
270.3
23.4
24.0
Year
11.3
22.5
0.0
22.5
51.0
4.3
4.0
51.3
5.33
0.0
20.0
20.0
0.0
22.0

Sales commisions
Advertising and promotion. Publicidad
Sales and purchases
11.3
11.3
0.0
33.8
30.3
389.3
32.9
386.7
31.1
73.34
B
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
122
123
124
125
126
D
0

Total purchases
Inflows from sales
Total inflows
E
1
381.4
358.6
22.9
273.0
245.7
27.3
20.0
0.0
Year
F
2
1
0.0
0.0
0.0
20.0
0.0
20.0
410.1
385.5
24.6
289.8
258.0
31.9
G
3
444.4
426.6
17.8
317.6
279.5
38.1
H
4
479.3
445.8
33.6
335.1
311.6
23.5
I
5
515.5
500.0
15.5
360.5
331.7
28.8
J
6
557.9
528.9
29.0
389.3
351.9
37.4
385.5
22.9
408.4
258.0
27.3
285.3
3
426.6
24.6
451.2
279.5
31.9
311.3
4
445.8
17.8
463.5
311.6
38.1
349.7
5
500.0
33.6
533.6
331.7
23.5
355.1
528.9
15.5
544.3
351.9
28.8
380.8
2
358.6
0.0
358.6
245.7
0.0
245.7

119
120
121
C
Year

ingresos por ventas y cartera
Total inflows. Total de ingresos
Cash outflows. Egresos
compras
Overhead and Administrative and selling
expenses
compra de activos
Year
0.0
358.56
358.56
408.39
408.39
451.25
451.25
463.55
463.55
533.59
533.59
544.32
544.32
20.0
245.68
285.26
311.33
349.73
355.15
380.79
20.0
75.96
5.24
326.88
81.47
8.37
375.10
87.17
10.64
409.14
92.98
13.97
456.68
98.80
12.88
466.83
104.39
17.29
502.47
-20.0
31.68
33.29
42.11
6.86
66.76
41.86
C
Year
D
0
E
1
F
2
G
3
H
4
I
5
J
6

128
129
130
131

fijos
activos fijos en ao 4
caja SNC por compra de activos
activos.
45.0
0.00
0.00
0.00
56.31
0.00
14.08
-45.0
0.00
0.00
0.00
-56.31
0.00
-14.08
-65.0
31.68
33.29
42.11
-49.44
66.76
27.78
30.0
33.0
0.00
0.00
0.00
0.00
0.00
0.00
13.25
0.00
0.00
40.30
0.00
0.00
6.00
6.00
6.00
6.00
6.00
4.25
33.00
4.68
0.00
0.00
3.26
0.00
0.00
1.33
1.80
2.51
0.00
0.00
1.33
1.67
1.60
0.00
0.00
1.33
1.42
0.75
0.00
0.00
5.17
6.21
0.00
0.00
5.36
5.41
-34.68
-12.39
-11.50
29.96
-18.13
-10.76


134 plazo a 5 aos
135 ST Loan 2. Prstamo a corto plazo
136
137
138
139
140
141
142
143
144

de 10 aos
a LP
financiacin
63.0


146 invertido
15.0
0.00
C
Year
D
0
E
1
0.00
0.00
7.00
0.00
G
3
11.35
0.00
0.00
-3.00
-7.00
13.90
-11.35
19.25
-15.21
-34.70
-16.98
31.65
-17.17
-0.15
0.00
10.00
13.73
33.10
0.00
30.65
0.00
0.00
10.00
0.82
13.73
1.12
33.10
2.60
0.00
0.00
30.65
2.06
34.50
0.0
13.0
13.0
-10.00
-13.00
0.00
-2.90
11.00
11.00
-18.25
1.00
12.00
35.70
1.00
13.00
-30.65
1.00
14.00
-1.79
-1.94
12.06
1.00
30.00
4.25
6.00
10.25
24.00
14.18%
2.00
24.00
3.26
6.00
9.26
18.00
13.59%
3.00
18.00
2.51
6.00
8.51
12.00
13.97%
4.00
12.00
1.60
6.00
7.60
6.00
13.35%
5.00
6.00
0.75
6.00
6.75
0.00
12.54%

149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173

transacciones con los dueos
NCB for the year after previous transactions
Mdulo 5: Transacciones discrecionales
Redemption of short term ST investment.
Venta de inversiones temporales
15.0
13.0
F
2
H
4
15.21
0.00
I
5
16.98
0.00
J
6
17.17
0.00
LT Loan 1 schedule
Year
Beginning balance
Total payment LT1
Ending balance
Interest rate
ST Loan 2 schedule
30.0
Year
Beginning balance
Total payment ST2
2
4.68
33.00
37.68
3
0.00
0.00
0.00
4
0.00
0.00
0.00
5
0.00
0.00
0.00
0.00
0.00
0.00
0.00
12.20%
6
0.00
0.00
0.00
0.00
0.00
0.00
B
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
C
Year
D
0
Ending balance
Interest rate
33.0
Year
Beginning balance
Total payment LT 3
new debt
Ending balance
Interest rate
Sales revenues
COGS
Gross Income
Overhead expenses
Depreciation
Earnings Before Interest and Taxes (EBIT)
de intereses)
recibido
impuestos
acumuladas
199
200 Repurchase of equity. Recompra de acciones
201
202 Balance Sheet. Balance general
0.0
Year
E
1
F
2
G
3
0.00
14.18%
1
0.00
0.00
0.00
0.00
13.25
13.25
14.18%
0.00
13.59%
2
13.25
1.80
1.33
3.13
0.00
11.93
13.59%
H
4
I
5
J
6
0.00
13.97%
3
11.93
1.67
1.33
2.99
0.00
10.60
13.97%
0.00
13.35%
4
10.60
1.42
1.33
2.74
40.30
49.58
13.35%
0.00
12.54%
5
49.51
6.21
5.17
11.37
44.34
12.54%
0.00
12.20%
6
44.34
5.41
5.17
10.58
0.00
39.17
12.20%
381.4
270.3
111.1
23.4
52.5
11.3
23.9
410.1
289.2
120.9
25.0
56.5
11.3
28.2
3
444.4
312.5
131.9
26.5
60.7
11.3
33.5
4
479.3
334.8
144.6
28.0
65.0
11.3
40.3
5
515.5
358.9
156.6
29.6
69.2
14.1
43.8
557.9
386.7
171.2
31.1
73.3
14.1
52.7
8.9
5.1
4.2
3.0
7.0
5.4
0.0
0.8
1.1
2.6
0.0
2.1
15.0
5.2
9.7
7.0
23.9
8.4
15.6
11.4
30.4
10.6
19.8
15.2
39.9
14.0
25.9
16.9
36.8
12.9
23.9
17.2
49.4
17.3
32.1
23.1
0.0
0.0
2.7
0.0
6.9
0.0
11.5
0.0
20.5
0.0
27.3
0.0
B
203 Assets. Activos
204 Cash. Caja y bancos
205
206
207
208
211
212
213
214
215
216
217
218
219
220
221

CxC
Fixed assets
Cunulated depreciation
Total net fixed assets. Total de activos fijos
netos
Total
Liabilities and equity. Pasivos y patrimonio
CxP
Current year Net Income
C
Year
Year
D
0
0
E
1
1
G
3
3
H
4
4
I
5
5
J
6
CB
13.0
0.0
11.0
12.0
13.0
14.0
12.1
IT
IT
CB
0.0
20.0
0.0
33.0
45.0
0.0
22.9
22.6
10.0
55.5
45.0
11.3
24.6
23.2
13.7
72.6
45.0
22.5
17.8
28.3
33.1
91.1
45.0
33.8
33.6
28.6
0.0
75.1
101.3
45.0
15.5
30.3
30.7
90.4
101.3
59.1
29.0
32.9
34.5
108.5
115.4
73.2
IT
45.0
78.00
33.8
89.27
22.5
95.08
11.3
102.39
56.3
131.44
42.2
132.61
42.2
150.73
IT
CB
0.0
33.0
33.0
30.0
63.0
15.0
0.0
27.3
0.0
27.3
37.3
64.6
15.0
0.0
9.7
31.9
0.0
31.9
29.9
61.8
15.0
2.7
15.6
38.1
0.0
38.1
22.6
60.7
15.0
6.9
19.8
23.5
0.0
23.5
55.6
79.0
15.0
11.5
25.9
28.8
0.0
28.8
44.3
73.2
15.0
20.5
23.9
37.4
0.0
37.4
39.2
76.5
15.0
27.3
32.1
0.0
0.0
0.0
0.0
0.0
0.0
CB
ID
IS
222

223 patrimonio
224 Check
F
2
2
78.00
0.0000000
89.27
0.0000000
95.08
102.39
131.44
132.61
150.92
0.0000000 0.0000000 0.0000000 0.0000000 0.1868526
K
7
L
8
M
9
10
35.0%
35.0%
35.0%
35.0%
17
18
3.5%
3.0%
3.0%
3.0%
19
1.03%
1.03%
1.03%
1.03%
20
0.5%
0.5%
0.5%
0.5%
21
0.9%
0.9%
0.9%
0.9%
22
1.9%
1.9%
1.9%
1.9%
23
0.2%
0.2%
0.2%
0.2%
4
5
6
7
8
9
10
11
12
13
14
15
16
K
7
L
8
M
9
10
24
25
3.0%
3.0%
3.0%
3.0%
4.0%
3.0%
4.0%
3.0%
26
5.08%
5.08%
5.08%
5.08%
27
28
-0.41%
-0.41%
-0.41%
-0.41%
#NAME?
29
30
#NAME?
31
8.49%
8.49%
8.49%
8.49%
32
5.2%
5.2%
5.2%
5.2%
33
9.6%
9.6%
9.6%
9.6%
34
35
71.8%
71.8%
2.2%
71.8%
2.2%
71.8%
2.2%
36
37
38
39
40
41
2.16%
K
7
L
8
M
9
10
42
0%
0%
0%
0%
43
44
45
46
47
4.56%
4.07%
4.38%
5.48%
4.06%
3.57%
3.88%
4.97%
4.06%
3.57%
3.88%
4.97%
4.06%
3.57%
3.88%
4.97%
48
49
50
3.71%
3.21%
3.21%
3.21%
#NAME?
#NAME?
#NAME?
51
52
1.030
1.030
1.040
1.040
#NAME?
#NAME?
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
57.5
10.5
600.8
59.2
10.9
643.9
61.6
11.3
696.9
64.0
11.8
754.1
1.08
1.15
1.19
6.60%
6.20%
1.12
65.95
6.09%
5.68%
6.09%
5.68%
6.09%
5.68%
11.68%
12.99
11.17%
13.92
11.17%
15.07
11.17%
16.30
42.2
42.2
108.2
108.2
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
K
7
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
L
8
14.1
M
9
10
14.1
0.0
0.0
0.0
3.5
3.5
4.4
3.5
4.4
22.0
17.6
90.7
17.6
42.2
22.0
112.7
87.9
108.2
29.9
142.6
29.9
108.2
3.5
4.4
22.0
7.5
37.4
180.0
37.4
108.2
57.48
4.88
4.74
57.62
7.24
59.20
5.02
4.88
59.35
7.49
61.57
5.22
5.02
61.77
7.76
64.04
5.43
5.22
64.24
8.04
32.9
417.0
35.3
414.6
32.4
35.3
444.8
37.6
442.4
33.7
37.6
479.5
40.6
476.6
35.0
40.6
516.4
43.7
513.3
36.3
77.35
81.20
85.23
89.47
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
K
7
600.8
569.6
31.2
417.0
376.9
40.0
L
8
643.9
610.4
33.5
444.8
402.1
42.7
M
9
696.9
660.6
36.2
479.5
433.4
46.0
10
754.1
714.9
39.2
516.4
466.9
49.6
569.6
29.0
598.6
376.9
37.4
414.3
610.4
31.2
641.7
402.1
40.0
442.1
660.6
33.5
694.1
433.4
42.7
476.1
714.9
36.2
751.1
466.9
46.0
512.9
117
118
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
119
120
121
598.58
598.58
641.69
641.69
694.10
694.10
751.14
751.14
#NAME?
#NAME?
#NAME?
122
414.32
442.13
476.14
512.88
#NAME?
123
124
125
109.77
19.74
543.83
114.87
22.09
579.08
120.21
22.98
619.33
125.80
25.91
664.59
#NAME?
#NAME?
#NAME?
126
54.75
62.61
74.77
86.55
#NAME?
K
7
L
8
M
9
10
127
#NAME?
128
#NAME?
129
17.60
87.95
29.91
37.38
#NAME?
130
-17.60
-87.95
-29.91
-37.38
#NAME?
131
37.15
-25.34
44.86
49.17
#NAME?
132
133
#NAME?
#NAME?
134
135
#NAME?
#NAME?
136
137
0.00
0.00
0.00
0.00
0.00
11.53
0.00
0.00
138
#NAME?
#NAME?
#NAME?
139
140
141
142
143
0.00
0.00
5.17
4.58
0.00
0.00
5.17
3.80
0.00
0.00
6.32
4.51
0.00
0.00
6.32
3.80
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
144
-9.74
2.56
-10.83
-10.12
#NAME?
145
146
#NAME?
0.00
7.68
0.00
0.00
#NAME?
147
148
K
7
23.05
0.00
L
8
26.32
0.00
M
9
29.45
0.00
10
30.64
0.00
#NAME?
#NAME?
149
150
-23.05
4.36
-18.64
-41.42
-29.45
4.59
-30.64
8.40
#NAME?
#NAME?
151
#NAME?
152
34.50
40.07
0.00
3.44
#NAME?
153
154
2.14
40.07
2.28
0.00
0.00
3.44
0.20
10.80
#NAME?
#NAME?
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
-3.43
0.93
12.99
42.35
0.93
13.92
-3.44
1.14
15.07
-7.17
1.24
16.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
11.68%
0.00
0.00
11.17%
0.00
0.00
11.17%
0.00
0.00
11.17%
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
8
0.00
0.00
0.00
9
0.00
0.00
0.00
10
0.00
0.00
0.00
0.00
0.00
0.00
K
7
L
8
M
9
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
0.00
11.68%
7
39.17
4.58
5.17
9.74
0.00
34.00
11.68%
0.00
11.17%
8
34.00
3.80
5.17
8.96
11.53
40.36
11.17%
0.00
11.17%
9
40.36
4.51
6.32
10.83
0.00
34.04
11.17%
10
0.00
11.17%
10
34.04
3.80
6.32
10.12
0.00
27.72
11.17%
600.8
414.6
186.2
32.4
77.4
17.6
58.8
643.9
442.4
201.5
33.7
81.2
22.0
64.6
696.9
476.6
220.3
35.0
85.2
29.9
70.2
754.1
513.3
240.8
36.3
89.5
37.4
77.6
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
193
4.6
3.8
4.5
3.8
#NAME?
194
2.1
2.3
0.0
0.2
#NAME?
195
196
197
198
56.4
19.7
36.7
26.3
63.1
22.1
41.0
29.4
65.7
23.0
42.7
30.6
74.0
25.9
48.1
34.5
#NAME?
#NAME?
#NAME?
#NAME?
199
200
201
202
36.3
0.0
46.7
0.0
58.2
0.0
70.3
0.0
#NAME?
#NAME?
#NAME?
#NAME?
K
7
203
204
L
8
M
9
10
13.0
13.9
15.1
16.3
#NAME?
#NAME?
205
206
207
208
31.2
35.3
40.1
119.6
133.0
90.7
33.5
37.6
0.0
85.1
220.9
112.7
36.2
40.6
3.4
95.3
250.8
142.6
39.2
43.7
10.8
110.0
288.2
180.0
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
211
212
213
42.2
161.83
108.2
193.24
108.2
203.48
108.2
218.18
#NAME?
#NAME?
#NAME?
214
215
216
217
218
219
220
221
40.0
0.0
40.0
33.9
73.9
15.0
36.3
36.7
42.7
0.0
42.7
40.2
82.9
22.7
46.7
41.0
46.0
0.0
46.0
33.9
79.9
22.7
58.2
42.7
49.6
0.0
49.6
27.6
77.2
22.7
70.3
48.1
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
222
0.0
0.0
0.0
0.0
#NAME?
223
161.90
193.31
203.55
218.25
224 0.0688736 0.0688736 0.0688736 0.0688736
#NAME?
#NAME?
B
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

generales. GG
laborales.
plazo
provisionan
de precio de venta
de precio de compra
real de GG
real de nmina.
volumen
C
Year
D
0
E
1
F
2
G
3
H
4
I
5
45.0
4.0
15.0
35.0%
4.0
5.0
J
6
35.0%
22.0
24.0
5.0
10.0
1.0
6.0%
5.5%
5.5%
5.0%
4.5%
4.0%
0.8%
1.1%
1.0%
1.2%
0.8%
1.03%
0.5%
0.6%
0.7%
0.5%
0.4%
0.55%
0.5%
1.0%
0.4%
0.8%
1.2%
0.85%
1.5%
2.0%
1.0%
1.1%
0.8%
1.91%
0.2%
0.3%
0.4%
0.1%
0.5%
0.2%
0.0%
0.8%
1.7%
1.5%
2.1%
1.52%
C
Year
D
0
E
1
2.0%
3.0%
G
3
4.0%
5.00%
4.92%
5.30%
5.20%
4.90%
5.08%
-0.41%
-0.43%
-0.49%
-0.30%
-0.33%
-0.39%
24 Real interest rate. Tasa de inters real
F
2
H
4
1.0%
I
5
2.0%
J
6
2.4%

25 riesgo para la deuda
26 Risk premium for ST investment
28
29
30
31
32
33
34
35
36
37
38
39
40

Gastos de publicidad y promocin
inventario % de ventas del ao.
por cobrar CxC como % de ventas.
por pagar CxP como % de Compras
repartidas
ventas
de precios.
Year
3.0%
2.7%
3.1%
3.2%
2.9%
1/12
2/25
1/11
4/47
1/12
5.96%
6.0%
6.0%
4.0%
7.0%
3.0%
5.20%
10.0%
11.0%
12.0%
7.0%
8.0%
9.50%
72.0%
10.0
73.0%
11.0
77.0%
12.0
65.0%
13.0
65.0%
14.0
71.75%
2.69%
4.00%
4%
4%
4%
4%
4%
0%
0%
0%
0%
0%
0%
13.0
7.0
51.0
Year
C
Year
D
0
E
1
Selling. Venta
Purchase. Compra
45 Aumento nominal en precio de AF
41
42
43
44
46
47
Year
F
2
6.8%
6.5%
6.5%
7.6%
6.7%
6.1%
6.6%
7.6%
G
3
6.6%
6.2%
5.9%
6.6%
6.2%
5.8%
5.9%
5.1%
5.0%
1.017
1.015
1.021
52.3
8.5
444.4
53.1
9.0
479.3
54.2
9.5
515.5

2
1.000
1.008
H
4
6.3%
5.5%
5.8%
6.2%
I
5
5.3%
4.9%
5.8%
5.3%
J
6
5.1%
4.6%
4.9%
6.0%
4.2%
1.015
49
50
51
52
53
54
55
56
57
58
59

Year

Risk free rate, Rf
61 Minimum cash
63
64
65
66
67
68
69
51.4
8.0
410.1
2
1.06
1.12
1.19
7.71%
8.12%
8.23%
8.66%
13.12%
13.59%
55.0
10.0
549.9
1.31
1.37
9.23%
9.72%
1.25
56.31
5.75%
6.05%
6.26%
6.59%
6.10%
6.50%
15.02%
11.25%
11.49%
11.58%
14.8
Year
Beginning fixed assets

Annual depreciation
New fixed assets
Net fixed assets
51.0
7.5
381.4
7.0
Year
0.0
45.0
2
45.0
11.3
11.3
0.0
33.8
3
33.8
11.3
22.5
0.0
22.5
4
22.5
11.3
33.8
0.0
11.3
5
11.3
11.3
45.0
56.3
56.3
56.3
14.1
59.1
0.0
42.2
42.2
14.1
73.2
0.0
28.2
B
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101

Units sold
Purchases in units
Unitary cost of purchase
C
Year
D
0
Year
Purchases in units
0
15.3
25.8
11.4
52.5
20.0
0.0
52.3
4.7
4.1
52.9
53.1
4.5
4.7
52.9
4
52.9
6.01
54.2
4.6
4.5
54.2
55.0
3.3
4.6
53.7
54.2
6.65
53.7
6.95
30.3
373.6
22.8
381.1
31.1
5
52.9
6.34
22.6
289.8
23.2
289.2
25.0
23.2
317.6
28.3
312.5
26.5
3
28.3
335.1
28.6
334.8
28.0
4
28.6
360.5
30.3
358.9
29.6
5
16.4
27.8
12.3
56.5
17.8
29.6
13.3
60.7
19.2
31.4
14.4
65.0
20.6
33.1
15.5
69.2
73.3
410.1
385.5
24.6
289.8
258.0
31.9
3
444.4
426.6
17.8
317.6
279.5
38.1
4
479.3
445.8
33.6
335.1
311.6
23.5
5
515.5
500.0
15.5
360.5
331.7
28.8
549.9
521.3
28.6
373.6
338.1
35.5
2
381.4
358.6
22.9
273.0
245.7
27.3
J
6
I
5
H
4
51.3
5.65
20.0
273.0
22.6
270.3
23.4
24.0
Year
G
3
51.4
4.1
4.3
51.3
51.3
5.33
0.0
20.0
20.0
0.0
22.0
Year
Sales and purchases

Total purchases
4.0

Sales commisions
Advertising and promotios. Publicidad
2
51.0
4.3
4.0
51.3
5.00
Year
F
2
1
0.0
4.0
0.0
4.0
Year

COGS
E
1
B
102
103
104
105
106
107
108
109
110
Inflows from sales

Total inflows
C
Year
Year
D
0
0
E
1
1
0.0
0.0
0.0
20.0
0.0
20.0
F
2
2
358.6
0.0
358.6
245.7
0.0
245.7
385.5
22.9
408.4
258.0
27.3
285.3
G
3
3
426.6
24.6
451.2
279.5
31.9
311.3
H
4
4
445.8
17.8
463.5
311.6
38.1
349.7
I
5
5
500.0
33.6
533.6
331.7
23.5
355.1
J
6
521.3
15.5
536.8
338.1
28.8
367.0

Year

113 ingresos por ventas y cartera
114 Total inflows. Total de ingresos
115 Cash outflows. Egresos
116
117
118
119
120

compras
Overhead and Administrative and selling
expenses
compra de activos
0.0
358.6
358.6
408.4
408.4
451.2
451.2
463.5
463.5
533.6
533.6
536.8
536.8
20.0
245.7
285.3
311.3
349.7
355.1
367.0
20.0
76.0
5.5
327.1
81.5
8.1
374.8
87.2
10.7
409.2
93.0
14.0
456.7
98.8
13.1
467.0
104.4
16.5
487.8
-20.0
31.4
33.6
42.1
6.8
66.6
48.9
0.0
0.0
0.0
56.3
0.0
0.0
0.0
0.0
0.0
-56.3
0.0
0.0


122 fijos

123 activos fijos en ao 4
124 caja SNC por compra de activos
45.0
-45.0

125 activos.
C
Year
D
0
E
1
F
2
G
3
H
4
I
5
J
6
-65.0
31.4
33.6
42.1
-49.5
66.6
48.9
30.0
33.0
5.88
0.0
0.0
0.0
0.0
0.0
6.94
0.00
0.00
44.67
0.00
0.00
6.0
6.0
6.0
6.0
6.0
0.0
3.9
33.0
4.3
0.0
0.0
3.3
5.9
0.8
0.7
0.9
2.7
0.0
0.0
0.7
0.9
1.4
0.0
0.0
0.7
0.6
0.7
0.0
0.0
5.2
5.7
0.0
0.0
0.0
5.2
5.1
-34.4
-17.6
-10.3
36.0
-17.5
-10.3
0.0
0.0
7.3
0.0
11.0
0.0
15.3
0.0
16.9
0.0
15.8
0.0
0.0
-3.0
-7.3
8.7
-11.0
20.7
-15.3
-28.7
-16.9
32.1
-15.8
22.8


128 plazo a 5 aos
129 ST Loan 2. Prstamo a corto plazo
130
131
132
133
134
135
136
137
138

de 10 aos
a LP
financiacin
63.0


140 invertido

144 NCB for the year after previous transactions
145 Mdulo 5: Transacciones discrecionales
15.0
15.0
13.0
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
C
Year
D
0
Sale of short term ST investment. Venta de

inversiones temporales
E
1
F
2
G
3
H
4
I
5
J
6
0.0
0.0
7.7
28.1
0.0
31.1
0.00
0.0
0.00
0.0
7.67
0.7
28.12
1.6
0.00
0.0
31.12
1.9
55.06
0.0
13.0
13.0
0.0
-3.0
10.0
-7.7
1.0
11.0
-19.7
1.0
12.0
29.7
1.0
13.0
-31.1
1.0
14.0
-22.0
0.77
14.8
LT Loan 1 schedule
Year
Beginning balance
Total payment LT1
Ending balance
Interest rate
ST Loan 2 schedule
30.0
Year
Beginning balance
Total payment ST2
Ending balance
Interest rate
33.0
Year
Beginning balance
Total payment LT 3
30.0
3.9
6.0
9.9
24.0
13.12%
24.0
3.3
6.0
9.3
18.0
13.59%
4.3
33.0
37.3
5.9
13.12%
1
0.0
0.0
0.0
0.0
0.8
5.9
6.7
0.0
13.59%
2
6.9
0.9
0.7
1.6
3
18.0
2.7
6.0
8.7
12.0
15.02%
3
0.0
0.0
0.0
0.0
15.02%
3
6.2
0.9
0.7
1.6
4
12.0
1.4
6.0
7.4
6.0
11.25%
4
0.0
0.0
0.0
0.0
11.25%
4
5.5
0.6
0.7
1.3
5
6.0
0.7
6.0
6.7
0.0
11.49%
5
0.0
0.0
0.0
0.0
11.49%
5
49.5
5.7
5.2
10.9
0.0
0.0
0.0
0.0
11.58%
6
0.0
0.0
0.0
0.0
11.58%
6
44.4
5.1
5.2
10.3
B
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
C
Year
D
0
new debt
Ending balance
Interest rate
0.0

Sales revenues
COGS
Gross Income
Overhead expenses
Depreciation
Earnings Before Interest and Taxes (EBIT)
de intereses)
recibido
impuestos
acumuladas
Year
E
1
F
2
6.9
13.12%
6.2
13.59%
Balance Sheet. Balance general

Assets. Activos
Cash. Caja y bancos
CxC
Year
G
3
H
4
I
5
J
6
5.5
15.02%
49.5
11.25%
44.4
11.49%
39.2
11.58%
381.4
270.3
111.1
23.4
52.5
11.3
23.9
410.1
289.2
120.9
25.0
56.5
11.3
28.2
3
444.4
312.5
131.9
26.5
60.7
11.3
33.5
4
479.3
334.8
144.6
28.0
65.0
11.3
40.3
5
515.5
358.9
156.6
29.6
69.2
14.1
43.8
549.9
381.1
168.8
31.1
73.3
14.1
50.3
8.3
5.0
3.6
2.0
6.4
5.1
0.0
0.0
0.7
1.6
0.0
1.9
15.6
5.5
10.2
7.3
23.2
8.1
15.1
11.0
30.5
10.7
19.8
15.3
40.0
14.0
26.0
16.9
37.4
13.1
24.3
15.8
47.1
16.5
30.6
22.0
10.2
0.0
17.9
0.0
26.7
0.0
37.5
0.0
44.9
0.0
59.7
0.0
CB
13.0
10.0
11.0
12.0
13.0
14.0
14.8
IT
IT
CB
0.0
20.0
0.0
33.0
22.9
22.6
0.0
55.5
24.6
23.2
7.7
66.5
17.8
28.3
28.1
86.2
33.6
28.6
0.0
75.1
15.5
30.3
31.1
90.9
28.6
22.8
55.1
121.2
C
Year
D
0
E
1
F
2
G
3
H
4
I
5
J
6
Total fixed assets. Total de activos fijos netos

203
204 Total
205 Liabilities and equity. Pasivos y patrimonio
206
207
208
209
210
211
212

CxP
IT
45.0
78.00
33.8
89.27
22.5
89.02
11.3
97.40
56.3
131.44
42.2
133.08
28.2
149.38
IT
CB
0.0
33.0
33.0
30.0
63.0
15.0
0.0
27.3
5.9
33.2
30.9
64.1
15.0
10.2
31.9
0.0
31.9
24.2
56.1
15.0
17.9
38.1
0.0
38.1
17.5
55.7
15.0
26.7
23.5
0.0
23.5
55.5
79.0
15.0
37.5
28.8
0.0
28.8
44.4
73.2
15.0
44.9
35.5
0.0
35.5
39.2
74.7
15.0
59.7
0.0
0.0
0.0
0.0
0.0
0.0
CB
ID
IS
213

214 patrimonio
215 Check
78.00
0.0000000
89.27
0.0000000
89.02
97.40
131.44
133.08
149.38
0.0000000 ######## ######## ######## 0.0000000
K
7
L
8
M
9
10
35.0%
35.0%
35.0%
35.0%
16
17
3.5%
3.0%
3.0%
3.0%
18
1.0%
1.0%
1.0%
1.0%
19
0.5%
0.5%
0.5%
0.5%
20
0.9%
0.9%
0.9%
0.9%
21
1.9%
1.9%
1.9%
1.9%
22
0.2%
0.2%
0.2%
0.2%
23
1.5%
1.5%
1.5%
1.5%
4
5
6
7
8
9
10
11
12
13
14
15
24
K
7
2.4%
L
8
2.4%
M
9
2.4%
10
2.4%
25
5.1%
5.1%
5.1%
5.1%
26
-0.39%
-0.39%
-0.39%
-0.39%
29
5.96%
5.96%
5.96%
5.96%
30
5.2%
5.2%
5.2%
5.2%
31
9.5%
9.5%
9.5%
9.5%
32
33
71.8%
2.69%
71.8%
2.7%
71.8%
2.7%
71.8%
2.7%
4%
4%
4%
4%
0%
0%
0%
0%
27
28
34
35
36
37
38
39
40
K
7
4.6%
4.1%
4.4%
5.5%
L
8
4.1%
3.6%
3.9%
5.0%
M
9
4.1%
3.6%
3.9%
5.0%
10
4.1%
3.6%
3.9%
5.0%
45
46
47
3.7%
3.2%
3.2%
3.2%
#NAME?
#NAME?
#NAME?
48
49
1.015
1.015
1.015
1.015
#NAME?
#NAME?
41
42
43
44
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
55.8
10.5
583.7
56.7
10.9
616.7
57.6
11.3
651.5
58.4
11.8
688.2
1.42
1.51
1.56
5.18%
5.57%
1.47
200
4.67%
5.06%
4.67%
5.06%
4.67%
5.06%
10.65%
10.14%
10.14%
10.14%
15.7
16.6
17.5
18.5
28.2
14.1
87.2
0.0
14.1
14.1
14.1
101.3
200.0
200.0
200.0
50.0
151.3
0.0
150.0
150.0
50.0
201.3
0.0
100.0
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
K
7
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
L
8
M
9
10
55.8
3.3
3.3
55.9
56.7
3.4
3.3
56.7
57.6
3.4
3.4
57.6
58.4
3.5
3.4
58.5
55.9
7.24
56.7
7.49
57.6
7.76
58.5
8.04
22.8
404.5
24.1
403.2
32.4
24.1
425.3
25.3
424.1
33.7
25.3
447.2
26.6
445.9
35.0
26.6
470.2
28.0
468.8
36.3
77.4
81.2
85.2
89.5
583.7
553.4
30.4
404.5
366.1
38.4
616.7
584.6
32.1
425.3
384.9
40.4
651.5
617.6
33.9
447.2
404.7
42.5
688.2
652.4
35.8
470.2
425.5
44.7
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
K
7
102
103
104
105
106
107
108
109
110
L
8
553.4
28.6
582.0
366.1
35.5
401.5
M
9
584.6
30.4
615.0
384.9
38.4
423.3
10
617.6
32.1
649.7
404.7
40.4
445.1
652.4
33.9
686.3
425.5
42.5
468.0
111
112
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
113
114
115
582.0
582.0
615.0
615.0
649.7
649.7
686.3
686.3
#NAME?
#NAME?
#NAME?
116
401.5
423.3
445.1
468.0
#NAME?
117
118
119
109.8
19.4
530.7
114.9
22.3
560.5
120.2
7.8
573.1
125.8
11.5
605.3
#NAME?
#NAME?
#NAME?
120
51.3
54.4
76.5
81.0
#NAME?
121
#NAME?
122
#NAME?
123
0.0
200.0
0.0
0.0
#NAME?
124
0.0
-200.0
0.0
0.0
#NAME?
K
7
125
L
8
51.3
M
9
-145.6
10
76.5
81.0
#NAME?
126
127
#NAME?
#NAME?
128
129
#NAME?
#NAME?
0.0
0.0
0.0
0.0
130
131
0.00
100.31
0.00
0.00
#NAME?
#NAME?
132
0.0
0.0
0.0
0.0
#NAME?
133
134
135
136
137
0.0
0.0
0.0
5.2
4.2
0.0
0.0
0.0
5.2
3.5
0.0
0.0
0.0
15.2
13.1
0.0
0.0
0.0
15.2
11.6
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
138
-9.3
91.7
-28.3
-26.8
#NAME?
139
#NAME?
140
141
142
22.0
0.0
25.8
0.0
29.8
0.0
10.4
0.0
#NAME?
#NAME?
#NAME?
143
144
-22.0
20.0
-25.8
-79.7
-29.8
18.5
-10.4
43.9
#NAME?
#NAME?
145
#NAME?
K
7
L
8
M
9
10
146
55.1
77.0
0.0
17.6
#NAME?
147
148
2.8
76.98
3.6
0.00
0.0
17.56
0.8
61.26
#NAME?
#NAME?
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
-19.1
0.91
15.7
80.6
0.88
16.6
-17.6
0.93
17.5
-42.9
0.99
18.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
10.65%
0.0
0.0
10.14%
0.0
0.0
10.14%
0.0
0.0
10.14%
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
7
0.0
0.0
0.0
0.0
10.65%
7
39.2
4.2
5.2
9.3
8
0.0
0.0
0.0
0.0
10.14%
8
34.0
3.5
5.2
8.6
9
0.0
0.0
0.0
0.0
10.14%
9
129.2
13.1
15.2
28.3
10
0.0
0.0
0.0
0.0
10.14%
10
114.0
11.6
15.2
26.8
K
7
34.0
10.65%
L
8
100.3
129.2
10.14%
114.0
10.14%
98.8
10.14%
583.7
403.2
180.5
32.4
77.4
14.1
56.7
616.7
424.1
192.6
33.7
81.2
14.1
63.7
651.5
445.9
205.6
35.0
85.2
50.0
35.4
688.2
468.8
219.4
36.3
89.5
50.0
43.6
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
187
4.2
3.5
13.1
11.6
#NAME?
188
2.8
3.6
0.0
0.8
#NAME?
189
190
191
192
55.4
19.4
36.0
25.8
63.8
22.3
41.5
29.8
22.3
7.8
14.5
10.4
32.9
11.5
21.4
15.3
#NAME?
#NAME?
#NAME?
#NAME?
193
194
195
196
197
198
73.7
0.0
89.4
0.0
74.1
0.0
85.1
0.0
15.7
16.6
17.5
18.5
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
199
200
201
202
30.4
24.1
77.0
147.1
32.1
25.3
0.0
74.0
33.9
26.6
17.6
95.6
35.8
28.0
61.3
143.5
#NAME?
#NAME?
#NAME?
#NAME?
175
176
177
178
179
180
181
182
183
184
185
186
M
9
10
K
7
L
8
M
9
10
203
204
205
14.1
161.18
200.0
273.95
150.0
245.56
100.0
243.53
#NAME?
#NAME?
#NAME?
206
207
208
209
210
211
212
38.4
0.0
38.4
34.0
72.5
15.0
73.7
40.4
0.0
40.4
129.2
169.6
15.0
89.4
42.5
0.0
42.5
114.0
156.5
15.0
74.1
44.7
0.0
44.7
98.8
143.5
15.0
85.1
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
213
0.0
0.0
0.0
0.0
#NAME?
214
161.18
273.95
245.56
243.53
215 0.0000000 0.0000000 0.0000000 0.0000000
#NAME?
#NAME?

CIGE 10 Yrs Forecast Corp Fin Book V 11 para 2008 II

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CIGE 10 Yrs Forecast Corp Fin Book V 11 para 2008 II

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B

Input data. Datos de entrada

Promotion and advertising as % of sales.

Accounts payable as % of purchases. Cuentas

Payout ratio. Proporcin de utilidades

Minimum cash required. Saldo mnimo de

Increase factor in volume. Factor de aumento

Basic input variables calculation. Clculo de

Factor for increase in prices for fixed assets

Beginning fixed assets

Sales and purchases

Inflows from sales

Cost of goods sold (COGS) calculation

Cash Budget. Flujo de Tesorera

Module 1: Operating activities. Modulo 1:

Total AR plus sales on cash. Total de

Module 2: Investment in assets. Mdulo 2:

Purchase of fixed assets. Compra de activos

Purchase of fixed assets Year 4. Compra de

Module 3: External financing. Mdulo 3:

LT Loan 1 - 5 years. Prstamo de largo

Module 4: Transactions with owners. Mdulo 4:

Initial Invested equity. Patrimonio inical

140 Dividends payment. Pago de dividendos

NCB of transactions with owners. SNC de las

Module 5: Discretionary transactions.

Sale of short term ST investment. Venta de

Interest payments. Gastos financieros (pago

Balance Sheet. Balance general

Accounts Payable AP. Cuentas por pagar,

Total Liabilities and equity. Total pasivos y

Inventario final ao 0 unidades

Inversiones Nacionales De Chocolates

Beta de la accion D/P

5.06% 5.06% 5.06%

2.98% 2.98% 2.98%

8.45% 8.45% 8.45%

2.67% 2.67% 2.67%

11.05% ##### #####

145.05 180.94 223.32

Input data. Datos de entrada

Increase in sales volume (units). Aumento de

27 Risk premium for ST investment

Promotion and advertising as % of sales.

Repurchase of equity as a % of funds

Increase factor in volume. Factor de aumento

Basic input variables calculation. Clculo de

Factor for increase in prices for fixed assets

Administrative and selling expenses

Total sales revenues

Cash Budget. Flujo de Tesorera

Module 1: Operating activities. Modulo 1:

Total AR plus sales on cash. Total de

Module 2: Investment in assets. Mdulo 2:

Purchase of fixed assets. Compra de activos

Module 3: External financing. Mdulo 3:

LT Loan 1 - 5 years. Prstamo de largo

LT loan 3 10 years. Prstamo a largo plazo

Module 4: Transactions with owners. Mdulo 4:

Initial Invested equity. Patrimonio inical

147 Dividends payment. Pago de dividendos

NCB of transactions with owners. SNC de las

Accounts Receivable AR. Cuentas por cobrar