3 Elaboracion

$ in mln 2016
Receivables - Discounters 44.6

Receivables - Other 33.1
Receivables - Grocery 31.7
Receivables - Retail 20.1
Receivables - Supermarkets 14.4
Trade Receivables 143.9
Inventory - Discounters 29.8

Inventory - Supermarkets 18.7
Inventory - Grocery 16.2
Inventory - Retail 11.1
Inventory - Other 9.4
Inventory 85.0
PP&E - Machinery 346.5

PP&E - Other 139.5
PP&E - IT 125.6
PP&E - Vehicles 20.9
PP&E 632.5
Cash - Bank Accounts 16.1

Cash - T-bills 6.2
Cash - Cash at hand 2.5
Cash 24.8
Other assets 45.9

Other assets 45.9
Assets 932.1
Trade Payables - Discounters 17.0

Trade Payables - Other 17.0
Trade Payables - Supermarkets 15.0
Trade Payables - Grocery 10.2
Trade Payables - Retail 8.8
Trade Payables 68.0
Provisions - Taxes 22.4

Provisions - Legal 6.8
Provisions - Other 3.3
Provisions 32.5
Financial Liabilities vs. Banks 615.8

Financial Liabilities 615.8
Other liabilities 48.3

Retained Earnings 132.3

Minority interest 18.4
Share Capital 16.8
Equity 167.5
Liabilities & Equity 932.1

$ in mln 2017

Inventory 92.0

PP&E - Other 139.5
PP&E - IT 125.6
PP&E 632.5

Cash - T-bills 5.5
Cash 21.8
Other assets 46.9

Other assets 46.9
Assets 948.0

Trade Payables 68.9

Provisions 28.7



Share Capital 16.8
Equity 196.7

$ in mln 2018

Inventory 110.0

PP&E - Other 146.7
PP&E - IT 133.7
PP&E 659.5

Cash - T-bills 59.4
Cash 220.0
Other assets 68.0

Other assets 68.0
Assets 1226.8

Trade Payables 68.9

Provisions 28.7



Share Capital 16.8
Equity 485.3

Date Year Financials Amount
Jan-16 2016 Revenue - Supermarkets 72
Jan-16 2016 Cogs - Supermarkets 47
Jan-16 2016 Revenue - Discounters 37
Jan-16 2016 Cogs - Discounters 20
Jan-16 2016 Revenue - Grocery 36
Jan-16 2016 Cogs - Grocery 17
Jan-16 2016 Revenue - Retail 57
Jan-16 2016 Cogs - Retail 32
Jan-16 2016 Operating expenses 95.4
Jan-16 2016 D&A 2
Jan-16 2016 Interest expenses 5
Jan-16 2016 Taxes 17
Feb-16 2016 Revenue - Supermarkets 75
Feb-16 2016 Cogs - Supermarkets 55
Feb-16 2016 Revenue - Discounters 26
Feb-16 2016 Cogs - Discounters 18
Feb-16 2016 Revenue - Grocery 42
Feb-16 2016 Cogs - Grocery 18
Feb-16 2016 Revenue - Retail 54
Feb-16 2016 Cogs - Retail 33
Feb-16 2016 Operating expenses 96.3
Feb-16 2016 D&A 2
Feb-16 2016 Interest expenses 5
Feb-16 2016 Taxes 17
Mar-16 2016 Revenue - Supermarkets 69
Mar-16 2016 Cogs - Supermarkets 58
Mar-16 2016 Revenue - Discounters 32
Mar-16 2016 Cogs - Discounters 12
Mar-16 2016 Revenue - Grocery 41
Mar-16 2016 Cogs - Grocery 11
Mar-16 2016 Revenue - Retail 64
Mar-16 2016 Cogs - Retail 35
Mar-16 2016 Operating expenses 96.6
Mar-16 2016 D&A 3
Mar-16 2016 Interest expenses 5
Mar-16 2016 Taxes 18
Apr-16 2016 Revenue - Supermarkets 68
Apr-16 2016 Cogs - Supermarkets 50
Apr-16 2016 Revenue - Discounters 29
Apr-16 2016 Cogs - Discounters 19
Apr-16 2016 Revenue - Grocery 38
Apr-16 2016 Cogs - Grocery 15
Apr-16 2016 Revenue - Retail 60
Apr-16 2016 Cogs - Retail 32
Apr-16 2016 Operating expenses 99.52
Apr-16 2016 D&A 2
Apr-16 2016 Interest expenses 5
Apr-16 2016 Taxes 17
May-16 2016 Revenue - Supermarkets 68
May-16 2016 Cogs - Supermarkets 54
May-16 2016 Revenue - Discounters 32
May-16 2016 Cogs - Discounters 19
May-16 2016 Revenue - Grocery 50
May-16 2016 Cogs - Grocery 14
May-16 2016 Revenue - Retail 64
May-16 2016 Cogs - Retail 30
May-16 2016 Operating expenses 105.92
May-16 2016 D&A 3
May-16 2016 Interest expenses 5
May-16 2016 Taxes 19
Jun-16 2016 Revenue - Supermarkets 56
Jun-16 2016 Cogs - Supermarkets 49
Jun-16 2016 Revenue - Discounters 31
Jun-16 2016 Cogs - Discounters 14
Jun-16 2016 Revenue - Grocery 36
Jun-16 2016 Cogs - Grocery 15
Jun-16 2016 Revenue - Retail 57
Jun-16 2016 Cogs - Retail 33
Jun-16 2016 Operating expenses 93.12
Jun-16 2016 D&A 3
Jun-16 2016 Interest expenses 4
Jun-16 2016 Taxes 16
Jul-16 2016 Revenue - Supermarkets 66
Jul-16 2016 Cogs - Supermarkets 55
Jul-16 2016 Revenue - Discounters 38
Jul-16 2016 Cogs - Discounters 17
Jul-16 2016 Revenue - Grocery 43
Jul-16 2016 Cogs - Grocery 17
Jul-16 2016 Revenue - Retail 68
Jul-16 2016 Cogs - Retail 33
Jul-16 2016 Operating expenses 114.58
Jul-16 2016 D&A 3
Jul-16 2016 Interest expenses 4
Jul-16 2016 Taxes 19
Aug-16 2016 Revenue - Supermarkets 57
Aug-16 2016 Cogs - Supermarkets 52
Aug-16 2016 Revenue - Discounters 35
Aug-16 2016 Cogs - Discounters 19
Aug-16 2016 Revenue - Grocery 38
Aug-16 2016 Cogs - Grocery 16
Aug-16 2016 Revenue - Retail 57
Aug-16 2016 Cogs - Retail 33
Aug-16 2016 Operating expenses 104.38
Aug-16 2016 D&A 3
Aug-16 2016 Interest expenses 5
Aug-16 2016 Taxes 16
Sep-16 2016 Revenue - Supermarkets 60
Sep-16 2016 Cogs - Supermarkets 57
Sep-16 2016 Revenue - Discounters 28
Sep-16 2016 Cogs - Discounters 11
Sep-16 2016 Revenue - Grocery 44
Sep-16 2016 Cogs - Grocery 12
Sep-16 2016 Revenue - Retail 67
Sep-16 2016 Cogs - Retail 31
Sep-16 2016 Operating expenses 108.5
Sep-16 2016 D&A 2
Sep-16 2016 Interest expenses 4
Sep-16 2016 Taxes 17
Oct-16 2016 Revenue - Supermarkets 59
Oct-16 2016 Cogs - Supermarkets 57
Oct-16 2016 Revenue - Discounters 40
Oct-16 2016 Cogs - Discounters 11
Oct-16 2016 Revenue - Grocery 35
Oct-16 2016 Cogs - Grocery 15
Oct-16 2016 Revenue - Retail 61
Oct-16 2016 Cogs - Retail 35
Oct-16 2016 Operating expenses 97.03
Oct-16 2016 D&A 3
Oct-16 2016 Interest expenses 4
Oct-16 2016 Taxes 17
Nov-16 2016 Revenue - Supermarkets 69
Nov-16 2016 Cogs - Supermarkets 45
Nov-16 2016 Revenue - Discounters 25
Nov-16 2016 Cogs - Discounters 17
Nov-16 2016 Revenue - Grocery 45
Nov-16 2016 Cogs - Grocery 10
Nov-16 2016 Revenue - Retail 63
Nov-16 2016 Cogs - Retail 31
Nov-16 2016 Operating expenses 97.6
Nov-16 2016 D&A 2
Nov-16 2016 Interest expenses 5
Nov-16 2016 Taxes 18
Dec-16 2016 Revenue - Supermarkets 74
Dec-16 2016 Cogs - Supermarkets 55
Dec-16 2016 Revenue - Discounters 31
Dec-16 2016 Cogs - Discounters 19
Dec-16 2016 Revenue - Grocery 42
Dec-16 2016 Cogs - Grocery 19
Dec-16 2016 Revenue - Retail 59
Dec-16 2016 Cogs - Retail 34
Dec-16 2016 Operating expenses 103.23
Dec-16 2016 D&A 3
Dec-16 2016 Interest expenses 5
Dec-16 2016 Taxes 18
Jan-17 2017 D&A 4
Feb-17 2017 D&A 3
Mar-17 2017 D&A 4
Apr-17 2017 D&A 3
May-17 2017 D&A 3
Jun-17 2017 D&A 4
Jul-17 2017 D&A 4
Aug-17 2017 D&A 4
Sep-17 2017 Operating expenses 96
Sep-17 2017 D&A 4
Oct-17 2017 D&A 4
Nov-17 2017 D&A 4
Dec-17 2017 D&A 3
Jan-18 2018 D&A 3
Feb-18 2018 D&A 4
Mar-18 2018 D&A 4
Apr-18 2018 D&A 3
May-18 2018 D&A 4
Jun-18 2018 D&A 3
Jul-18 2018 D&A 3
Aug-18 2018 D&A 4
Sep-18 2018 Operating expenses 78.78
Sep-18 2018 D&A 3
Oct-18 2018 D&A 3
Nov-18 2018 D&A 3
Dec-18 2018 D&A 4
Dec-16 2016 Other revenue 524
Mapping
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Revenue
Cost of goods sold
Operating expenses
D&A
Interest expenses
Taxes
Revenue
Revenue
Revenue
escenario positivo
2016 2017 2018

Ingresos Revenue $ 2,922 $ 2,984 $ 3,040
costo de los bienes vendidos Cost of goods sold $ 1,401 $ 1,383 $ 1,367
ingreso bruto Gross Profit 1,521.0 1,601.0 1,673.0
gastos operativos Operating expenses $ 1,212 $ 1,245 $ 1,068
EBITDA EBITDA 308.8 355.7 604.8
depreciacion y amortización D&A $ 31 $ 44 $ 41
EBIT EBIT 277.8 311.7 563.8
gastos en intereses Interest expenses $ 56 $ 65 $ 52
EBT EBT 221.8 246.7 511.8
impuestos Taxes $ 208 $ 210 $ 209
ingreso neto Net Income 14.3 36.7 303.2
REVENUE
positivo
base
negativo
COGS
positivo 48% 46% 45%
base 48% 46% 45%
negativo 48% 46% 45%
OPEX
positivo 41% 42% 35%
base 41% 42% 35%
negativo 41% 42% 35%
taxes
proyección
Var % 16-17 Var % 17-18 2019 2020 2021 2022 2023
2% 2% $ 3,131.2 $ 3,225 $ 3,322 $ 3,421 $ 3,524
-1% -1% $ 1,409 $ 1,451 $ 1,495 $ 1,540 $ 1,586
5% 4% 1,722.1 1,773.8 1,827.0 1,881.8 1,938.2
3% -14% $ 1,096 $ 1,129 $ 1,163 $ 1,198 $ 1,233
15% 70% 626.2 645.0 664.4 684.3 704.8
42% -7% $ 44 $ 45 $ 46 $ 47 $ 48 ACTIVOS FIJOS
12% 81% 581.9 599.8 618.1 637.1 656.6
16% -20% -$ 54.45 -$ 50.87 -$ 46.96 -$ 42.70 -$ 38.06 PASIVOS FINANCIEROS
11% 107% 527.5 548.9 571.2 594.4 618.5 cambios la formula luego
1% -1% $ 185 $ 192 $ 200 $ 208 $ 216
157% 727% 342.9 356.8 371.3 386.3 402.0
3% 3% 3% 3% 3%
3% 3% 3% 3% 3%
2% 2% 2% 2% 2%
1% 1% 1% 1% 1%
45% 45% 45% 45% 45%

45% 45% 45% 45% 45%
46% 46% 46% 46% 46%
47% 47% 47% 47% 47%
35% 35% 35% 35% 35%

35% 35% 35% 35% 35%
39% 39% 39% 39% 39%
42% 42% 42% 42% 42%
35% 35% 35% 35% 35%

CTIVOS FIJOS
ASIVOS FINANCIEROS
ambios la formula luego de calcular los gastos por intereses
proyección
2016 2017 2018 31-Dec-19 31-Dec-20
EBITDA $ 356 $ 605 $ 626 $ 645
interest expenses $ 65 $ 52 -$ 54 -$ 51
taxes -$ 210 -$ 209 -$ 185 -$ 192
change in trade receivable -$ 11 -$ 15 $ 6 -$ 5
change in inventory -$ 7 -$ 18 $ 12 -$ 3
change in trade payable $ 1 $ - $ 1 $ 2
change in other assets -$ 1 -$ 21 $ 12 -$ 2
change in other liabilities -$ 5 -$ 4 $ 7 $ 1
capex -$ 44 -$ 68 -$ 58 -$ 60
operating cash flow $ 144 $ 322 $ 367 $ 336
dividends -$ 15 -$ 121 -$ 137 -$ 143
change in financial liabilites -$ 5 -$ 5 -$ 40 -$ 43
change in provisions -$ 4 $ - $ - $ -
change in equity $ - $ - $ - $ -
net cash flow $ 120 $ 196 $ 190 $ 150
variaciones de cuentas del activo =-[hoy-ayer]

variaciones de cuentas del pasivo =[hoy -ayer]
proyección
31-Dec-21 31-Dec-22 31-Dec-23
$ 664 $ 684 $ 705
-$ 47 -$ 43 -$ 38 PASIVO FINANCIERO
-$ 200 -$ 208 -$ 216 multiplicamos por -1
-$ 5 -$ 5 -$ 5
-$ 3 -$ 3 -$ 3 -1
$ 2 $ 2 $ 2
-$ 2 -$ 2 -$ 2
$ 1 $ 1 $ 1
-$ 61 -$ 62 -$ 64 ACTIVOS FIJOS multiplicamos por -1
$ 350 $ 365 $ 380
-$ 149 -$ 155 -$ 161 VARIACION EN EQUITY
-$ 47 -$ 52 -$ 56 VARIACION PASIVOS FINANCIEROS
$ - $ - $ -
$ - $ - $ - VARIACION EQUITY (VALOR FINAL HOY - VALOR FINAL AYER - NET INCOME - DIVIDEN
$ 155 $ 159 $ 163
L AYER - NET INCOME - DIVIDENDOS)
2016 2017 2018
cuentas por cobrar Trade Receivables $ 144 $ 155 $ 169
inventario Inventory $ 85 $ 92 $ 110
propiedad, planta y equipo PP&E $ 633 $ 633 $ 660
efectivo Cash $ 25 $ 22 $ 220
otros activos Other assets $ 46 $ 47 $ 68
total activos Assets $ 932 $ 948 $ 1,227
cuentas por pagar Trade Payables $ 68 $ 69 $ 69
provisiones Provisions $ 33 $ 29 $ 29
pasivos financieros Financial Liabilities $ 616 $ 610 $ 605
otros pasivos Other liabilities $ 48 $ 43 $ 39
total pasivos Liabilities $ 765 $ 751 $ 742
capital Equity $ 168 $ 197 $ 485
pasivos + capital Liabilities & Equity $ 932 $ 948 $ 1,227
check 0.0 0.0 0.0
CxC / REVENUE*360 DSO 18 19 20

CxP / COGS*360 DPO 17 18 18
INVENTARIO / COGS*360 DIO 22 24 29
OTHER ASSETS / REVENUE Other assets % 1.6% 1.6% 2.2%
OTHER LIABILITIES / REVENUE Other liabilities % 1.7% 1.5% 1.3%
proyección
2019 2020 2021 2022 2023
$ 164 $ 169 $ 174 $ 179 $ 184 DSO * REVENUE/360
$ 98 $ 100 $ 103 $ 107 $ 110 DIO * COGS/360
$ 674 $ 688 $ 703 $ 718 $ 733 ACTIVOS FIJOS
$ 410 $ 560 $ 714 $ 873 $ 1,036 ANTERIOR + CASH FLOW
$ 56 $ 58 $ 60 $ 61 $ 63 % OTHER ASSETS * REVENUE
$ 1,401 $ 1,575 $ 1,754 $ 1,938 $ 2,126 SUMA
$ 70 $ 72 $ 74 $ 76 $ 79 DPO * COGS/360
$ 29 $ 29 $ 29 $ 29 $ 29 NO VARIAN
$ 565 $ 522 $ 474 $ 423 $ 367 PASIVOS FINANCIEROS
$ 46 $ 47 $ 49 $ 50 $ 51 % OTHER LIABILITIES * REVENUE
$ 710 $ 670 $ 626 $ 578 $ 526 SUMA
$ 691 $ 905 $ 1,128 $ 1,360 $ 1,601 VARIACION EN EQUITY
$ 1,401 $ 1,575 $ 1,754 $ 1,938 $ 2,126 SUMA
0.0 0.0 0.0 0.0 0.0 ASSETS - (LIABILITIES + EQUITY)
19 19 19 19 19 la proyeccion se hace con promedios}

1.8% 1.8% 1.8% 1.8% 1.8% la proyeccion se hace con promedios}
1.5% 1.5% 1.5% 1.5% 1.5% la proyeccion se hace con promedios}
2016 2017 2018
valor inicial PP&E $ 633 $ 633
D&A $ 44 $ 41
Capex $ 44 $ 68
valor final PP&E $ 633 $ 660
D&A como un % del valor inicial PP&E 7% 6%

Capex como un % del valor inicial PP&E 7% 11%
proyección
2019 2020 2021 2022 2023
$ 660 $ 674 $ 688 $ 703 $ 718
$ 44 $ 45 $ 46 $ 47 $ 48 P&G
$ 58 $ 60 $ 61 $ 62 $ 64 cash flow
$ 674 $ 688 $ 703 $ 718 $ 733 P&G
7% 7% 7% 7% 7%
9% 9% 9% 9% 9%
pr
2016 2017 2018 2019
valor inicial deuda $ 615.8 $ 610 $ 605
new debt $ - $ - $ -
principal repayment -$ 5.4 -$ 5.4 -$ 40
valor final deuda $ 616 $ 610.4 $ 605 $ 565
suponemos que la deuda restante a dic del 18 debe ser pagada en 10 años pagando un interes anu
plazo 10
interes 9%
cuota -$ 94.27
realizamos una tabla de amortizacion para saber cual es el valor a pagar en capital
periodo 1 2 3 4
cuota -$ 94.27 -$ 94.27 -$ 94.27 -$ 94.27
intereses -$ 54.45 -$ 50.87 -$ 46.96 -$ 42.70
capital -$ 39.82 -$ 43.41 -$ 47.31 -$ 51.57
residual $ 565 $ 522 $ 474 $ 423
proyección
2020 2021 2022 2023
$ 565 $ 522 $ 474 $ 423
$ - $ - $ - $ -
-$ 43 -$ 47 -$ 52 -$ 56
$ 522 $ 474 $ 423 $ 367 cash flow
años pagando un interes anual de 9% y calculamos una cuota
gar en capital
5 6 7 8 9 10
-$ 94.27 -$ 94.27 -$ 94.27 -$ 94.27 -$ 94.27 -$ 94.27
-$ 38.06 -$ 33.00 -$ 27.49 -$ 21.48 -$ 14.93 -$ 7.78 cash flow
-$ 56.21 -$ 61.27 -$ 66.78 -$ 72.79 -$ 79.35 -$ 86.49
$ 367 $ 305 $ 239 $ 166 $ 86 $ - balance
$ in million 2016 2017
valor inicial equity $ 168
increase capital $ -
net income (loss) $ 37
dividends -$ 15
valor final equity $ 168 $ 197
dividends as a % of net income 40% 40% 40%

asumimos un pago de dividendo de 40% sobre el ingreso neto
proyección
2018 2019 2020 2021 2022 2023
$ 197 $ 485 $ 691 $ 905 $ 1,128 $ 1,360
$ - $ - $ - $ - $ - $ -
$ 303 $ 343 $ 357 $ 371 $ 386 $ 402
-$ 121 -$ 137 -$ 143 -$ 149 -$ 155 -$ 161 cash flow
$ 485 $ 691 $ 905 $ 1,128 $ 1,360 $ 1,601 balance & cash flow
40% 40% 40% 40% 40% 40%

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$ in mln 2016

Receivables - Discounters 44.6

Inventory - Discounters 29.8

PP&E - Machinery 346.5

Cash - Bank Accounts 16.1

Other assets 45.9

Trade Payables - Discounters 17.0

Provisions - Taxes 22.4

Financial Liabilities vs. Banks 615.8

Other liabilities 48.3

Retained Earnings 132.3

Liabilities & Equity 932.1

Inventory - Discounters 24.8

PP&E - Machinery 346.5

Cash - Bank Accounts 13.3

Other assets 46.9

Trade Payables - Discounters 20.0

Provisions - Taxes 17.5

Financial Liabilities vs. Banks 610.4

Other liabilities 43.3

Retained Earnings 161.5

Liabilities & Equity 948.0

Inventory - Discounters 26.4

PP&E - Machinery 350.5

Cash - Bank Accounts 125.4

Other assets 68.0

Trade Payables - Discounters 20.0

Provisions - Taxes 17.5

Financial Liabilities vs. Banks 605.0

Other liabilities 38.9

Retained Earnings 450.1

Liabilities & Equity 1226.8

2016 2017 2018

45% 45% 45% 45% 45%

35% 35% 35% 35% 35%

35% 35% 35% 35% 35%

variaciones de cuentas del activo =-[hoy-ayer]

check 0.0 0.0 0.0

CxC / REVENUE*360 DSO 18 19 20

0.0 0.0 0.0 0.0 0.0 ASSETS - (LIABILITIES + EQUITY)

19 19 19 19 19 la proyeccion se hace con promedios}

D&A como un % del valor inicial PP&E 7% 6%

años pagando un interes anual de 9% y calculamos una cuota

dividends as a % of net income 40% 40% 40%

40% 40% 40% 40% 40% 40%

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