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["Tabla 2. Estado de situación Financiera"]
[null,null,null,null,null,null,null,null,null,"Análisis horizontal interanual ",null,null,null,null,null,null,"Análisis horizontal acumulado",null,null,null,null,null,null,"Análisis horizontal interanual "]
["Descripción",2014,2015,2016,2017,2018,2019,2020,null,"15/14","16/15","17/16","18/17","19/18","20/19",null,"15/14","16/14","17/14","18/14","19/14","20/14",null,{"$f":"+B3","v":2014},{"$f":"+C3","v":2015},2016,2017,2018,2019,2020]
["ACTIVO",null,null,null,null,null,null,null,null,{"$f":"IFERROR(((C4-B4)/B4)*100,\" \")","v":" "},{"$f":"IFERROR(((D4-C4)/C4)*100,\" \")","v":" "}," "," "," "," ",null,{"$f":"IFERROR(((C4-$B4)/$B4)*100,\" \")","v":" "},{"$f":"IFERROR(((D4-$B4)/$B4)*100,\" \")","v":" "},{"$f":"IFERROR(((E4-$B4)/$B4)*100,\" \")","v":" "},{"$f":"IFERROR(((F4-$B4)/$B4)*100,\" \")","v":" "},{"$f":"IFERROR(((G4-$B4)/$B4)*100,\" \")","v":" "},{"$f":"IFERROR(((H4-$B4)/$B4)*100,\" \")","v":" "},null,{"$f":"IFERROR(((Q4-P4)/P4)*100,\" \")","v":" "},{"$f":"IFERROR(((R4-Q4)/Q4)*100,\" \")","v":" "},{"$f":"IFERROR(((S4-R4)/R4)*100,\" \")","v":" "},{"$f":"IFERROR(((T4-S4)/S4)*100,\" \")","v":" "},{"$f":"IFERROR(((U4-T4)/T4)*100,\" \")","v":" "},{"$f":"IFERROR(((V4-U4)/U4)*100,\" \")","v":" "}]
["Activo corriente",null,null,null,null,null,null,null,null,{"$f":"IFERROR(((C5-B5)/B5)*100,\" \")","v":" "}," "," "," "," "," ",null,{"$f":"IFERROR(((C5-$B5)/$B5)*100,\" \")","v":" "}," "," "," "," "," ",null,{"$f":"IFERROR(((Q5-P5)/P5)*100,\" \")","v":" "}," "," "," "," "," "]
["Caja",2000000,734074,0,1282100,2622419,6183817,2010809,null,-63.296300000000002,-100," ",104.54090944544107,135.80583423167693,-67.482721432409789,null,-63.296300000000002,-100,-35.894999999999996,31.120949999999997,209.19085000000001,0.54044999999999999]
["Caja dólares",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Bancos nacionales",1224412104.3599999,900183901.76999998,206347570.63999999,362982970.81,118278874.28,298745173.75999999,79092905.060000002,null,-26.480316670789041,-77.077176093210952,75.908526416950522,-67.414759426300492,152.57695051508904,-73.524959729210508,null,-26.480316670789041,-83.147212453616021,-70.354509766976619,-90.339945688316732,-75.600929401449022,-93.540336233335282]
["Bancos moneda extranjera",0,0,0,0,21314882.77,823676.37,1858012.25,null," "," "," "," ",-96.135674876151327,125.57551942396987,null," "," "," "," "," "," "]
["Total efectivo",{"$f":"+SUM(B4:B9)","v":1226412104.3599999},{"$f":"+SUM(C4:C9)","v":900917975.76999998},206347570.63999999,364265070.81,142216176.05000001,305752667.13,82961726.310000002,null,-26.540355189975738,-77.095853763641685,76.529856726788182,-60.95805295474522,114.99148382565443,-72.866393255458888,null,-26.540355189975738,-83.174695528002644,-70.298314121737178,-88.403883527860714,-75.069337130396619,-93.235411978154488]
["Bonos publicos en moneda extranjera",0,0,0,null,null,null,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Certificados de Deposito a término",23135998,23966489,25066661,26222817,27252026,13140000,13140000,"Depósito Canon arrendamiento",3.5896052549797073,4.5904596205142933,4.6123255107650758,3.9248605517858741,-51.783401351517867,0,null,3.5896052549797073,8.3448442552597033,13.342061146443736,17.790578992961532,-43.205389281240429,-43.205389281240429]
["F I C Credifondo",0,0,0,3096088.6,1263555.6200000001,5532906.2999999998,8017722.6299999999,null," "," "," ",-59.188647895929073,337.88387407908482,44.909785116006759,null," "," "," "," "," "," "]
["Total Inversiones a corto plazo",{"$f":"+SUM(B11:B13)","v":23135998},{"$f":"+SUM(C11:C13)","v":23966489},25066661,29318905.600000001,28515581.620000001,18672906.300000001,{"$f":"+SUM(H11:H13)","v":21157722.629999999},null,3.5896052549797073,4.5904596205142933,16.96374559020845,-2.7399521351847471,-34.516831713846699,13.30706795224479,null,3.5896052549797073,8.3448442552597033,26.724187994829535,23.252005900069673,-19.290681560397779,-8.5506377118462797]
["Clientes nacionales",906980508,1562449941,696082324,605530219,902410309,1306399520,774495396,null,72.269406808464737,-55.449303959492426,-13.00882120948671,49.02812125384613,44.76779653012585,-40.715272461214617,null,72.269406808464737,-23.252780201975408,-33.23668880875222,-0.50389164482463167,44.038323699013823,-14.607272243605923]
["Clientes del exterior",12734204,70138696.900000006,50371543,0,14084192,0,1142119,null,450.78980123139229,-28.182950031397009,-100," ",-100," ",null,450.78980123139229,295.56098677231807,-100,10.601275116999853,-100,-91.031092324263057]
["Cuentas por cobrar a accionistas",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Anticipos y avances",43182861,6183644,0,22454045,0,0,1011200,null,-85.680328128328512,-100," ",-100," "," ",null,-85.680328128328512,-100,-48.00241466168719,-100,-100,-97.658330234302909]
["Anticipo de impuestos y contribuciones a favor",152499983,195825803,150062878,159695695,74502485,106652197,62866077,"Ant Renta",28.410376937550215,-23.369200738066169,6.4191871623307124,-53.347217656681359,43.152536455663196,-41.055056746744754,null,28.410376937550215,-1.5981018174933175,4.7185001981278907,-51.145906029379681,-30.064125318623809,-58.776338355395097]
["Reclamaciones",0,0,0,0,222235,0,0,null," ",{"$f":"IFERROR(((D20-C20)/C20)*100,\" \")","v":" "},{"$f":"IFERROR(((E20-D20)/D20)*100,\" \")","v":" "},{"$f":"IFERROR(((F20-E20)/E20)*100,\" \")","v":" "},{"$f":"IFERROR(((G20-F20)/F20)*100,\" \")","v":-100},{"$f":"IFERROR(((H20-G20)/G20)*100,\" \")","v":" "},null," "," "," "," "," "," "]
["Cuentas por cobrar a trabajadores",5031611,1699997,620000,37000,0,0,1028896,null,-66.213663973625941,-63.529347404730721,-94.032258064516128,-100," "," ",null,-66.213663973625941,-87.677902763150811,-99.264649035865446,-100,-100,-79.55136038934647]
["Provisiones",-12225355,0,-5644816,-1862914,0,0,0,null,-100," ",-66.997790539142471,-100," "," ",null,-100,-53.826976803536589,-84.761882170292807,-100,-100,-100]
["Total Inversiones a corto plazo",{"$f":"+SUM(B15:B22)","v":1108203812},{"$f":"+SUM(C15:C22)","v":1836298081.9000001},891491929,785854045,991219221,1413051717,{"$f":"+SUM(H15:H22)","v":840543688},null,65.70039391815412,-51.451676730088302,-11.849561455760526,26.132737663773177,42.556932620256362,-40.515716594964516,null,65.70039391815412,-19.555237101097429,-29.087588718743735,-10.556234307557137,27.508288791195749,-24.152608130534027]
["Materias Primas",0,0,0,0,null,null,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Productos en proceso",0,0,0,null,null,null,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Mercancia no fabricada por la empresa",775457560,841372799.10000002,1660776692.0999999,1036257618.1,837462161.42999995,1059394825.4299999,984769926,null,8.5001736394187741,97.388921281565104,-37.604036531263887,-19.18398023789641,26.500619875295754,-7.0441064689654578,null,8.5001736394187741,114.16732233547377,33.631764206412534,7.9958729695020256,36.615448746157035,26.992111083422799]
["Inventario de materiales, repuestos y accesorios",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Inventarios en transito",88194032,0,0,68711361,242185397,162283420,24916170,null,-100," "," ",252.46776293661247,-32.992070533468208,-84.646509175120912,null,-100,-100,-22.090690898449907,174.60519890960421,84.007257996776929,-71.748462526353251]
["Provisión para protección de Inventarios",-245333429,0,-94578519,-165636316,0,0,0,null,-100," ",75.131010457036226,-100," "," ",null,-100,-61.448988266495064,-32.48522360970221,-100,-100,-100]
["Total Inventarios",{"$f":"+SUM(B24:B29)","v":618318163},{"$f":"+SUM(C24:C29)","v":841372799.10000002},1566198173.0999999,939332663.0999999,1079647558.4299998,1221678245.4299998,1009686096,null,36.074411111872841,86.147944736902758,-40.024661040131058,14.937721303859549,13.155282563370768,-17.352535352332804,null,36.074411111872841,153.29971959759493,51.917365413055137,74.610358070623235,97.580844059727198,63.295558244825486]
["TOTAL ACTIVO CORRIENTE",{"$f":"+B10+B14+B23+B30","v":2976070077.3599997},{"$f":"+C10+C14+C23+C30","v":3602555345.77},2689104333.7399998,2118770684.51,2241598537.0999999,2959155535.8599997,1954349232.9400001,null,21.05075660603195,-25.355641325609163,-21.209056192951099,5.7971281879617775,32.010950528559739,-33.955846211644953,null,21.05075660603195,-9.642439060929652,-28.806424935077114,-24.679242126970742,-0.56835158649908157,-34.331209207490964]
["Activo fijo",null,null,null,null,null,null,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Equipo de oficina",20459105,19704285,19704285,19533602,20749138,26701360,27669589,null,-3.6894087009182468,0,-0.86622275307122287,6.2227949560966795,28.686598932447215,3.6261411403763701,null,-3.6894087009182468,-3.6894087009182468,-4.5236729563683262,1.4176231071691552,30.510889894743688,35.243398965888296]
["Equipos de computación y comunicación",19475186,22279806,27029806,30236220,33472442,39419342,42668342,null,14.40099211375953,21.319754759085424,11.862512072783653,10.703130219319743,17.766555544408742,8.2421467106173409,null,14.40099211375953,38.79100307437372,55.25510257000883,71.87225837021532,102.40803861898931,119.09080611604941]
["Flota y equipo de transporte",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Depreciación acumulada",-25276061,-28781492,-33355186,-36854497,-42636786,-48632989,-56780555,null,13.86858102613378,15.891094179551221,10.491055273983482,15.689507307615678,14.063449810686951,16.753167279107604,null,13.86858102613378,31.963544477915288,45.807912870601157,68.68445601551602,92.407309825688415,124.64162829801684]
["Total activo fijo",{"$f":"+SUM(B32:B36)","v":14658230},{"$f":"+SUM(C32:C36)","v":13202599},13378905,12915325,11584794,17487713,13557376,null,-9.9304690948361429,1.335388585232347,-3.4650070390663514,-10.301955235350253,50.954026459167082,-22.474848483618185,null,-9.9304690948361429,-8.7276908603562653,-11.890282796763319,-20.967306421034461,19.303033176584076,-7.5101427662139288]
["Inversiones permanentes",null,null,null,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Acciones y aportes en sociedades",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Otras inversiones largo plazo",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Provisión para protección de inversiones",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Total Inversiones permanentes",{"$f":"+SUM(B39:B41)","v":0},{"$f":"+SUM(C39:C41)","v":0},0,0,0,0,{"$f":"+SUM(H39:H41)","v":0},null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Otros activos",null,null,null,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Crédito mercantil",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Derechos fiduciarios",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Cargos diferidos",0,5006462,0,0,0,0,0,null," ",-100," "," "," "," ",null," "," "," "," "," "," "]
["Bienes recibidos en pago",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Corrección monetaria diferida",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Total otros activos",{"$f":"+SUM(B43:B48)","v":0},{"$f":"+SUM(C43:C48)","v":5006462},0,0,0,0,0,null," ",-100," "," "," "," ",null," "," "," "," "," "," "]
["Valorizaciones",null,null,null,null,null,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["De inversiones",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Propiedades, planta y equipo",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Total valorizaciones",{"$f":"+SUM(B51:B52)","v":0},{"$f":"+SUM(C51:C52)","v":0},0,0,0,0,{"$f":"+SUM(H51:H52)","v":0},null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["TOTAL ACTIVO",{"$f":"+B31+B37+B42+B49+B53","v":2990728307.3599997},{"$f":"+C31+C37+C42+C49+C53","v":3620764406.77},2702483238.7399998,2131686009.51,2253183331.0999999,2976643248.8599997,{"$f":"+H31+H37+H42+H49+H53","v":1967906608.9400001},null,21.066310097761807,-25.361527701526914,-21.121212559161961,5.6995880747900536,32.108346789819713,-33.888395604892438,null,21.066310097761807,-9.6379556748985316,-28.723515129607364,-24.661049097804927,-0.47095747431612334,-34.199753147181504]
["PASIVO Y PATRIMONIO",null,null,null,null,null,null,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Pasivo",null,null,null,null,null,null,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Bancos nacionales",1152875.0900000001,812448.55,1900417.05,137200,150000,156000,162050.87,null,-29.528484304401097,133.9122951231804,-92.780532041637912,9.3294460641399422,4,3.8787628205128177,null,-29.528484304401097,64.841539771667712,-88.099317854113764,-86.989050132048561,-86.468612137330496,-85.943761695813905]
["Bancos del exterior",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Total obligaciones",{"$f":"+SUM(B57:B58)","v":1152875.0900000001},{"$f":"+SUM(C57:C58)","v":812448.55},1900417.05,137200,150000,156000,162050.87,null,-29.528484304401097,133.9122951231804,-92.780532041637912,9.3294460641399422,4,3.8787628205128177,null,-29.528484304401097,64.841539771667712,-88.099317854113764,-86.989050132048561,-86.468612137330496,-85.943761695813905]
["Proveedores nacionales",53586476,36630662,3521177,13016669,0,0,8712924,null,-31.641965036103514,-90.387350902912971,269.66812517519003,-100," "," ",null,-31.641965036103514,-93.428981969256569,-75.709040840827086,-100,-100,-83.74044227129248]
["Proveedores del exterior",107704027,1054608692.47,239114698,167595857,537696681,1444787655,263930927,"Importaciones \"Permoda\"",879.17294445267123,-77.326690012390358,-29.909847281742589,220.82933947466253,168.6993812781225,-81.732199462903083,null,879.17294445267123,122.01091701055896,55.607790783904484,399.2354473431156,1241.4425581320186,145.05205083928757]
["Total Proveedores",{"$f":"+SUM(B60:B61)","v":161290503},{"$f":"+SUM(C60:C61)","v":1091239354.47},{"$f":"+SUM(D60:D61)","v":242635875},{"$f":"+SUM(E60:E61)","v":180612526},{"$f":"+SUM(F60:F61)","v":537696681},{"$f":"+SUM(G60:G61)","v":1444787655},272643851,null,576.56764296283461,-77.765109551254696,-25.562315960078042,197.7073035344182,168.6993812781225,-81.129140323392363,null,576.56764296283461,50.434074224444572,11.979640859573735,233.37156931056256,795.76734409464893,69.038998532976237]
["Costos y gastos por pagar",26536186,45182948.740000002,21488111,65570869.450000003,11695222,22527968,101619875,null,70.26918917435988,-52.441990619844617,205.14952873242325,-82.163997369414176,92.625398645703356,351.08318246900916,null,70.26918917435988,-19.023363040943412,147.09982606392646,-55.927268523065067,-15.104725298503711,282.94830688931711]
["Dividendos por pagar",516061748,0,0,0,99064575.450000003,86943879.450000003,77865291.680000007,null,-100," "," "," ",-12.235146564694634,-10.441894044101106,null,-100,-100,-100,-80.803736019202105,-83.152427052198419,-84.911632768410499]
["Retención en la fuente",10658000,12438000,3137000,3570000,4599000,10116000,6192000,null,16.701069619065489,-74.77890336066892,13.802996493465095,28.823529411764703,119.96086105675148,-38.790035587188612,null,16.701069619065489,-70.566710452242447,-66.504034528054049,-56.849315068493155,-5.0853818727716273,-41.902796021767685]
["Impuesto a las ventas retenido",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Impuesto de ind. y comercio retenido",263000,294000,132000,559000,250000,358000,493000,null,11.787072243346007,-55.102040816326522,323.4848484848485,-55.277280858676207,43.2,37.709497206703915,null,11.787072243346007,-49.809885931558931,112.54752851711028,-4.9429657794676807,36.121673003802279,87.452471482889734]
["Retención y aportes de nómina",0,194332,0,0,0,0,0,null," ",-100," "," "," "," ",null," ",{"$f":"IFERROR(((D68-$B68)/$B68)*100,\" \")","v":" "},{"$f":"IFERROR(((E68-$B68)/$B68)*100,\" \")","v":" "},{"$f":"IFERROR(((F68-$B68)/$B68)*100,\" \")","v":" "},{"$f":"IFERROR(((G68-$B68)/$B68)*100,\" \")","v":" "},{"$f":"IFERROR(((H68-$B68)/$B68)*100,\" \")","v":" "}]
["Acreedores varios",0,0,0,0,0,0,0,null,{"$f":"IFERROR(((C69-B69)/B69)*100,\" \")","v":" "}," "," "," "," "," ",null,{"$f":"IFERROR(((C69-$B69)/$B69)*100,\" \")","v":" "}," "," "," "," "," "]
["Total cuentas por pagar",{"$f":"+SUM(B63:B69)","v":553518934},{"$f":"+SUM(C63:C69)","v":58109280.740000002},24757111,69699869.450000003,115608797.45,119945847.45,186170166.68000001,null,-89.501844079646247,-57.395598973645122,181.53474551210763,65.866591088715438,3.7514878587641602,55.211848211423856,null,-89.501844079646247,-95.527323551320464,-87.407861742630104,-79.113849527322586,-78.330308128176867,-66.366070744022636]
["Renta y complementarios",356886000,298757000,88691000,112291000,97160000,0,0,null,-16.287834210364093,-70.313331570473665,26.609238817918389,-13.474810982180227,-100," ",null,-16.287834210364093,-75.148646906855404,-68.535891012816421,-72.775620226066579,-100,-100]
["Impuesto sobre las ventas por pagar",93360000,100051000,0,51011000,44582000,34779000,112986000,null,7.1668808911739506,-100," ",-12.603164023445924,-21.988694989009016,224.86845510221687,null,7.1668808911739506,-100,-45.360968294772924,-52.247215081405315,-62.747429305912597,21.02185089974293]
["De industria y comercio",2537000,10061000,1663000,1066000,1733000,0,364000,null,296.57075285770594,-83.470827949507992,-35.898977751052314,62.570356472795496,-100," ",null,296.57075285770594,-34.45013795821837,-57.981868348443044,-31.690973590855343,-100,-85.652345289712258]
["Otros impuestos",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Total Impuestos, gravamenes y tasas",{"$f":"+SUM(B71:B74)","v":452783000},{"$f":"+SUM(C71:C74)","v":408869000},90354000,164368000,143475000,34779000,113350000,null,-9.6986856838706412,-77.901479446962227,81.915576510171107,-12.711111651903048,-75.759539989545218,225.91506368785761,null,-9.6986856838706412,-80.04474549618692,-63.698283725316543,-68.312635412548616,-92.318837058811837,-74.96593290825848]
["Salarios por pagar",0,6615949,0,8298479,0,19662840,null,null," ",-100," ",-100," ",-100,null," "," "," "," "," "," "]
["Cesantias consolidadas",16051680,12492519,11169997,13922924,6824598,16398686,13044427,"Planta 6",-22.173137017433689,-10.586511815591395,24.645727299658184,-50.983011901810279,140.28794076955157,-20.454437629941815,null,-22.173137017433689,-30.412287062787197,-13.261889098212773,-57.48359050267635,2.1618048702690311,-18.734817788543008]
["Intereses de cesantias",1808141,1341355,1441480,2299144,1258660,1964626,1358159,null,-25.815796445078121,7.4644669010068183,59.498848405805148,-45.255277616365049,56.088697503694405,-30.86933594485668,null,-25.815796445078121,-20.278341124945452,27.155127835716353,-30.389278269780952,8.6544688716200788,-24.88644414346005]
["Vacaciones consolidadas",8007971,7699296,5479305,10439808,5735289,9566364,10817949,null,-3.8545968760376379,-28.833688170970433,90.531609392067054,-45.06327127855225,66.798290373859103,13.083183955785083,null,-3.8545968760376379,-31.576862603523416,30.36770487805213,-28.380247630766895,19.460522521872271,35.089762437950888]
["Aportes voluntarios AFC",0,2144375,0,0,0,0,0,null," ",-100," "," "," "," ",null," "," "," "," "," "," "]
["Total obligaciones laborales",{"$f":"+SUM(B76:B80)","v":25867792},{"$f":"+SUM(C76:C80)","v":30293494},18090782,34960355,13818547,47592516,25220535,null,17.108928353838625,-40.281626147185264,93.249551069710535,-60.473665098652461,244.41042173247305,-47.007350903658882,null,17.108928353838625,-30.064452350629693,35.150131870551611,-46.580106257232934,83.983681328503025,-2.5021733590559254]
["Para costos y gastos",0,0,0,0,0,0,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Para obligaciones laborales",0,0,0,0,0,0,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Para obligaciones fiscales",0,0,0,0,0,null,null,null," ",{"$f":"IFERROR(((D84-C84)/C84)*100,\" \")","v":" "},{"$f":"IFERROR(((E84-D84)/D84)*100,\" \")","v":" "},{"$f":"IFERROR(((F84-E84)/E84)*100,\" \")","v":" "},{"$f":"IFERROR(((G84-F84)/F84)*100,\" \")","v":" "},{"$f":"IFERROR(((H84-G84)/G84)*100,\" \")","v":" "},null," "," "," "," "," "," "]
["Total pasivos, estim. y provisiones",{"$f":"+SUM(B82:B84)","v":0},{"$f":"+SUM(C82:C84)","v":0},0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Ingresos recibidos por anticipado",0,0,0,0,0,0,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Anticipos y avances recibidos",24627283,0,135558578,0,0,5377974,309615000,null,-100," ",-100," "," ",5657.0936564587337,null,-100,450.44065559322968,-100,-100,-78.162536240802524,1157.2032408122325]
["Ingreso recibidos para terceros",0,0,0,0,0,0,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Retención a terceros sobre contratos",0,0,0,0,0,0,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Total diferidos y otros pasivos",{"$f":"+SUM(B86:B89)","v":24627283},{"$f":"+SUM(C86:C89)","v":0},135558578,0,0,5377974,{"$f":"+SUM(H86:H89)","v":309615000},null,-100," ",-100," "," ",5657.0936564587337,null,-100,450.44065559322968,-100,-100,-78.162536240802524,1157.2032408122325]
["TOTAL PASIVO CORRIENTE",{"$f":"+B59+B62+B70+B75+B81+B85+B90","v":1219240387.0900002},{"$f":"+C59+C62+C70+C75+C81+C85+C90","v":1589323577.76},513296763.05000001,449777950.44999999,810749025.45000005,1652638992.45,{"$f":"+H59+H62+H70+H75+H81+H85+H90","v":907161603.54999995},null,30.35358692089336,-67.703445023231652,-12.374676244317692,80.255395943454062,103.84100881684259,-45.10830207357305,null,30.35358692089336,-57.90028213590417,-63.1099859213572,-33.503759058946486,35.546608359521798,-25.596165189774311]
["TOTAL PASIVO",{"$f":"+B91","v":1219240387.0900002},{"$f":"+C91","v":1589323577.76},513296763.05000001,449777950.44999999,810749025.45000005,1652638992.45,{"$f":"+H91","v":907161603.54999995},null,30.35358692089336,-67.703445023231652,-12.374676244317692,80.255395943454062,103.84100881684259,-45.10830207357305,null,30.35358692089336,-57.90028213590417,-63.1099859213572,-33.503759058946486,35.546608359521798,-25.596165189774311]
["PATRIMONIO Y SUPERAVIT",null,null,null,null,null,null,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Capital suscrito y pagado",180000000,180000000,180000000,180000000,180000000,180000000,180000000,null,0,0,0,0,0,0,null,0,0,0,0,0,0]
["Reserva legal",78840194,90000000,90000000,90000000,90000000,90000000,90000000,null,14.154970242716553,0,0,0,0,0,null,14.154970242716553,14.154970242716553,14.154970242716553,14.154970242716553,14.154970242716553,14.154970242716553]
["Utilidades acumuladas",838779414,1213949920.28,1761440829.01,1196644075.6900001,1002182259.05,1172434305.6500001,1046864256.41,null,44.72814902441084,45.099958374207077,-32.064474946764932,-16.25059786702834,16.98813215486247,-10.710199167226159,null,44.72814902441084,110.00048399018053,42.664931413063989,19.481027111855173,39.778621897604189,24.808053099166784]
["Utilidad o pérdida del ejercicio",673868312.26999998,547490908.73000002,157745646.68000001,215263983.37,170252046.59999999,-118430049.23999999,-256119251.01999998,null,-18.754020813693359,-71.187531306059796,36.462709368253229,-20.910110491002388,-169.5616009352571,116.26204891713847,null,-18.754020813693359,-76.591027681860226,-68.055482139402073,-74.73511611987108,-117.57465770145139,-138.00731483533244]
["Total patrimonio",{"$f":"+SUM(B94:B97)","v":1771487920.27},{"$f":"+SUM(C94:C97)","v":2031440829.01},2189186475.6900001,1681908059.0599999,1442434305.6499999,1324004256.4100001,{"$f":"+SUM(H94:H97)","v":1060745005.3899999},null,14.674269339662191,7.7652100138636895,-23.172005777630854,-14.238219034626622,-8.2104293260435171,-19.883565309209821,null,14.674269339662191,23.578967185750656,-5.0567582304680236,-18.574984952189098,-25.260328266409914,-40.12123970744733]
["TOTAL PASIVO Y PATRIMONIO",{"$f":"+B92+B98","v":2990728307.3600001},{"$f":"+C92+C98","v":3620764406.77},2702483238.7400002,2131686009.51,2253183331.0999999,2976643248.8600001,{"$f":"+H92+H98","v":1967906608.9399998},null,21.066310097761786,-25.361527701526903,-21.121212559161975,5.6995880747900536,32.108346789819734,-33.888395604892459,null,21.066310097761786,-9.6379556748985298,-28.723515129607375,-24.661049097804938,-0.47095747431612323,-34.199753147181525]
[null,{"$f":"+B99-B54","v":0},{"$f":"+C99-C54","v":0},0,0,0,0,{"$f":"+H99-H54","v":0},null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Descripción",2014,2015,2016,2017,2018,2019,2020,null,4.9652432969215489E-2,4.9627791563275431E-2,4.96031746031746E-2,4.9578582052553291E-2,4.9554013875123884E-2,4.9529470034670627E-2,null,4.9652432969215489E-2,9.9304865938430978E-2,0.14895729890764647,0.19860973187686196,0.24826216484607747,0.29791459781529295]
["Ventas brutas nacionales",5804357818,5133783033,3303906223,2616778661,2207165749,3175383761,2321156037,null,-11.552953936100705,-35.643828308238518,-20.797429334301054,-15.653326668579096,43.867027768017437,-26.9015586239247,null,-11.552953936100705,-43.078867178825604,-54.916999553592994,-61.973988885466056,-45.293108030784055,{"$f":"IFERROR(((H102-$B102)/$B102)*100,\" \")","v":-60.010114645209832}]
["ventas brutas exterior",58980866,39859399,14879344,128118428,16169719,4449882,204775171,null,-32.41978000119564,-62.670425612789593,761.04890108058521,-87.379084139246544,-72.480152561711179,4501.8112615121036,null,-32.41978000119564,-74.772591504505883,117.2203236215623,-72.584805723266257,-92.455380360132395,247.18915622568173]
["Total ventas brutas",{"$f":"+SUM(B102:B103)","v":5863338684},{"$f":"+SUM(C102:C103)","v":5173642432},3318785567,2744897089,2223335468,3179833643,2525931208,"50 posiciones ( Estibas)",-11.762858827890284,-35.852049873554151,-17.292122868871086,-19.001135710702048,43.020866116097963,-20.564045431731412,null,-11.762858827890284,-43.397682687913445,-53.185424944147741,-62.080725882898705,-45.767525732784364,-56.919916379846633]
["Descuentos comerciales",265088065,83780060,6197948,2622913,0,0,0,null,-68.395385888082131,-92.602120361336574,-57.680945370951811,-100," "," ",null,-68.395385888082131,-97.661928687736278,-99.010550324097011,-100,-100,-100]
["Devoluciones y descuentos en ventas",274946597,340979393,190316225,53076743,51046509,74192240,156630542,null,24.0165896652287,-44.185417386792054,-72.111288462137153,-3.8250915283177798,45.342436639496739,111.11445347923178,null,24.0165896652287,-30.780658107217818,-80.695617411114924,-81.434027714116425,-73.015763493883142,-43.03237657456804]
["Ventas Netas",{"$f":"+B104-B105-B106","v":5323304022},{"$f":"+C104-C105-C106","v":4748882979},3122271394,2689197433,2172288959,3105641403,2369300666,null,-10.790686397508935,-34.252509320466032,-13.870477814075633,-19.221663224010673,42.966311647123739,-23.709779766868984,null,-10.790686397508935,-41.347114853925959,-49.482550275427421,-59.192844330843663,-41.659514651707035,-55.491915242709766]
["Costo deventas",2840650741,2800340034.4000001,1866430298,1497273400,1191769145,2313965225.3000002,1371898785,null,-1.4190659209941889,-33.349869120451267,-19.778766900407444,-20.404039435950708,94.162202890392848,-40.712212525919163,null,-1.4190659209941889,-34.295678414060973,-47.291183024037942,-58.045910826036319,-18.5410162572323,-51.704770840041824]
["Utilidad Bruta",{"$f":"+B107-B108","v":2482653281},{"$f":"+C107-C108","v":1948542944.5999999},1255841096,1191924033,980519814,791676177.69999981,997401881,null,-21.513690231640528,-35.54973476564556,-5.0895820501163147,-17.736383624039235,-19.259543112098719,25.986092432095198,null,-21.513690231640528,-49.415365181635288,-51.98991167546766,-60.505165118946792,-68.111689869915438,-59.825164124478484]
["Gastos de Administración",null,null,null,null,null,null,null,null," "," "," "," "," "," ",null," "," "," "," "," "," ",null,{"$f":"+X$3","v":2014},{"$f":"+Y3","v":2015},2016,2017,2018,2019,2020]
["Gastos de personal",119673712,256099193,92275068,85532117,64406207,65143691,73110972,null,113.99786863801802,-63.969012584901044,-7.3074462540629064,-24.699388651867462,1.1450511283795985,12.230318665855147,null,113.99786863801802,-22.894454882455722,-28.528901150822495,-46.181825629341219,-45.565580016436691,-38.908076988536969,null,{"$f":"+IFERROR(B111/B$125*100,\" \")","v":27.668220720578805},{"$f":"+IFERROR(C111/C$125*100,\" \")","v":42.663719525421541},{"$f":"+IFERROR(D111/D$125*100,\" \")","v":30.886714740403747},{"$f":"+IFERROR(E111/E$125*100,\" \")","v":26.423207092150154},{"$f":"+IFERROR(F111/F$125*100,\" \")","v":17.755289789192126},{"$f":"+IFERROR(G111/G$125*100,\" \")","v":22.576928311982627},{"$f":"+IFERROR(H111/H$125*100,\" \")","v":31.702132901399775}]
["Honorarios",35616252,47877638,36098330,38657787,34465474,34874158,35940614,null,34.426379283255301,-24.602943027389948,7.0902365843516861,-10.844679236294617,1.1857779759535587,3.0580121819715331,null,34.426379283255301,1.3535337744128719,8.5397391056195353,-3.2310474442959354,-2.0835825173294484,0.91071345744072119,null,{"$f":"+IFERROR(B112/B$125*100,\" \")","v":8.2343758299713841},7.9759646847917418,12.082991055774231,11.942446269922561,9.5013276995471365,12.0863794025235,15.584447729485932]
["Impuestos",83793139.989999995,29955664.199999999,3892000,1363000,0,0,0,null,-64.2504574914188,-87.007465519659561,-64.979445015416232,-100," "," ",null,-64.2504574914188,-95.355228363008621,-98.373375194959081,-100,-100,-100,null,19.372734858543357,4.9903322250082649,1.3027472791420907,0.42106792781243396,0,0,0]
["Arrendamientos",43641000,45176788,47790223,50725506,52427622,41542300,35079947,null,3.5191402580142528,5.7849066206300455,6.142015700575409,3.3555426731475086,-20.7625705396289,-15.556078984553093,null,3.5191402580142528,9.5076258564194216,16.233601429848079,20.133869526362822,-4.809009876034005,-19.61699548589629,null,10.089674668625468,7.5260284490292388,15.99655266773992,15.670494276344233,14.453073157502109,14.397365494916089,15.211248210023257]
["Contribuciones y afiliaciones",0,0,162000,31284693.420000002,35349179.990000002,20955855.34,31797100,null," "," ",19211.539148148149,12.991933516604684,-40.717563049756059,51.733725415189859,null," "," "," "," "," "," ",null,0,0,5.4225349234588563E-2,9.6646962807092365,9.7449448394432174,7.2626963020480106,13.78775117473611]
["Seguros",4763060,8337584,8287924,9051756,3380000,12190494,4278641,null,75.046797646890866,-0.59561618809477657,9.2162042026447146,-62.659179058737337,260.66550295857985,-64.901824323116031,null,75.046797646890866,74.004190583364476,90.040772108686426,-29.037215571502355,155.93828337245384,-10.17033167753503,null,1.1012058804139051,1.3889631635646826,2.7741702057390629,2.7963346602962336,0.93178720317234931,4.2248743493157974,1.8552898683849812]
["Servicios",42550551,31448979,20252291.609999999,13622487,10674965,17824810.18,14027969,null,-26.090313143065995,-35.602705544113213,-32.736071244038342,-21.637179760200908,66.977692011168187,-21.300878616144679,null,-26.090313143065995,-52.404161323316359,-67.985168981713073,-74.91227551906438,-58.109096683612862,-67.032227150243017,null,9.8375659714661925,5.2391044411329792,6.7789357120554188,4.2083583072207045,2.9428389885540582,6.177566168434609,6.0827605680678971]
["Gastos legales",3007980,3224340,2632813,2666712,8164399,3916590,4703915,null,7.1928669738495596,-18.345676944739079,1.2875582124518528,206.15975778411766,-52.02843467106397,20.102308385610954,null,7.1928669738495596,-12.472390108976789,-11.345421179662099,171.42464378087621,30.206650310174936,56.381192694100356,null,0.69543639260631152,0.53714475162207043,0.88126669379237543,0.8238201730833099,2.2507344703529957,1.3573773653296377,2.0396957448040482]
["Mantenimiento y reparaciones",7303985,3940124,6227586,5487636,5390059,6430400,2161067,null,-46.055146608324087,58.05558403745669,-11.881811025973789,-1.7781244965956196,19.30110598047257,-66.392961557601396,null,-46.055146608324087,-14.73714691363687,-24.867917992712197,-26.203859947686091,-11.960388746691018,-70.412494001562166,null,1.68866048978072,0.65638764129718297,2.08452485023725,1.6952806449808615,1.4859136096283876,2.2285915579664204,0.93707457811981099]
["Adecuaciones e instalaciones",361000,2195648,1255000,1065795,787956,354729,96100,null,508.21274238227147,-42.8414755006267,-15.07609561752988,-26.068709273359325,-54.981115696815564,-72.908896650682635,null,508.21274238227147,247.64542936288086,195.23407202216066,118.27036011080332,-1.737119113573407,-73.37950138504155,null,8.3462169871767244E-2,0.36577432888885658,0.42007909437906571,0.32925318571009027,0.21722109984108631,0.12293886146520749,4.1670557626077222E-2]
["Gastos de viaje",62516754,61611979.109999999,53410031,70588264,134218250.72999999,69470882,13239620.15,null,-1.4472518678752908,-13.312262044620432,32.162933962723216,90.142444542905878,-48.240361037225085,-80.942202302829557,null,-1.4472518678752908,-14.566851951398499,12.910955037748762,114.69165006551682,11.12362295713562,-78.822284743062639,null,14.453695130691093,10.263976880845426,17.877639404970381,21.806642736872366,37.00084274035261,24.076608165849926,5.7409194007070576]
["Depreciaciones",4883249,3505431,4573694,4097773,5782289,5996203,8147566,null,-28.21519033741675,30.474512263969821,-10.40561524229649,41.10808480606417,3.6994691894507521,35.878755272294818,null,-28.21519033741675,-6.3391197131254211,-16.08511054832551,18.41069337238384,22.791260490710179,66.847236337938114,null,1.1289932342496884,0.58397187139796247,1.5309268792724833,1.265914002755496,1.5940422766994793,2.0781113749771278,3.5329200677967485]
["Diversos",15776203,103337110,16251486,7804131,7697365.1500000004,9840871,8034953,null,555.01889142780431,-84.27333026828407,-51.978969800053974,-1.3680683986468145,27.847267321078039,-18.351200823585636,null,555.01889142780431,3.0126577351977533,-50.532260519213658,-51.209013030575221,-37.622056460607155,-49.069158149144002,null,3.6474131155608975,17.21499168334995,5.4397685427841163,2.4109092212375485,2.1219841257144414,3.4105626451910558,3.4840891988483045]
["Provisiones",8644404,3563468.38,5644816,1753083,0,0,0,null,-58.77716520421766,58.40791605396538,-68.943487263358094,-100," "," ",null,-58.77716520421766,-34.699766461632287,-79.720024654099916,-100,-100,-100,null,1.9985615376403996,0.59364035365011192,1.8894575244752669,0.54157522090477273,0,0,0]
["Subtotal administrativos",{"$f":"SUM(B111:B124)","v":432531289.99000001},{"$f":"SUM(C111:C124)","v":600273946.68999994},298753262.61000001,323700740.42000002,362743766.87,288540983.51999998,230618464.15000001,null,38.781623568523351,-50.230513208615825,8.3505289924036958,12.061457258127326,-20.455977504526711,-20.074278067325267,null,38.781623568523351,-30.929098189195258,-25.161312508169321,-16.13467620379868,-33.290147973648111,-46.681669167719207,null,100,100,100,100,100,100,100]
["Gastos de ventas",null,null,null,null,null,null,null,null," "," "," "," "," "," ",null," "," "," "," "," "," ",null,{"$f":"+X$3","v":2014},{"$f":"+Y$3","v":2015},2016,2017,2018,2019,2020]
["Gastos de personal",369866712,367288707,378114998,350578712,207476617,412844049,340835422,"(+) Gerente de cuenta",-0.69700919719425847,2.9476242513494975,-7.2825162042368925,-40.81882045365036,98.983410742618773,-17.442089131336854,null,-0.69700919719425847,2.2300698420246046,-5.2148515598235292,-43.905031118345136,11.619682335727472,-7.8491221453851736,null,{"$f":"+IFERROR(B127/B$140*100,\" \")","v":37.54926138214325},{"$f":"+IFERROR(C127/C$140*100,\" \")","v":70.829820622730352},{"$f":"+IFERROR(D127/D$140*100,\" \")","v":64.33501423967833},{"$f":"+IFERROR(E127/E$140*100,\" \")","v":64.985944015481863},{"$f":"+IFERROR(F127/F$140*100,\" \")","v":68.195380492268427},{"$f":"+IFERROR(G127/G$140*100,\" \")","v":70.96076234501794},{"$f":"+IFERROR(H127/H$140*100,\" \")","v":66.443033131382435}]
["Honorarios",196135217,150000,400000,400000,0,0,0,null,-99.923522148498193,166.66666666666669,0,-100," "," ",null,-99.923522148498193,-99.796059062661854,-99.796059062661854,-100,-100,-100,null,{"$f":"+IFERROR(B128/B$140*100,\" \")","v":19.911855515606351},2.8926762219807518E-2,6.8058674826411758E-2,7.4147050908763529E-2,0,0,0]
["Impuestos",1427000,52167500,42545000,32547000,23890000,34284000,23981000,null,3555.7463209530483,-18.445392246130254,-23.499823716065343,-26.598457615141179,43.507743825868566,-30.051919262629802,null,3555.7463209530483,2881.4295725297829,2180.7988787666432,1574.1415557112823,2302.5227750525578,1580.5185704274702,null,0.14487055540245108,10.060245787345391,7.2388908012242208,6.033160164818816,7.8523915779882447,5.892827526833492,4.674896664712513]
["Afiliaciones y sostenimiento",1531530,0,1175333,0,0,0,0,null,-100," ",-100," "," "," ",null,-100,-23.257592081121491,-100,-100,-100,-100,null,0.15548255200806999,0,0.19997901614937755,0,0,0,0]
["Seguros",12233805,1430638,0,497458.48,0,0,84034,null,-88.305862321657074,-100," ",-100," "," ",null,-88.305862321657074,-100,-95.933738685552044,-100,-100,-99.313100053499298,null,1.2419888752875143,0.27589150165747323,0,9.2212698103890295E-2,0,0,1.6381729966325483E-2]
["Servicios",123429257,49724807,274253,59392583,44113532,60546816,87553610,null,-59.713921797325575,-99.448458392206533,21556.12882994899,-25.725520306129805,37.252251758031981,44.604812910393179,null,-59.713921797325575,{"$f":"IFERROR(((D132-$B132)/$B132)*100,\" \")","v":-99.77780551656403},{"$f":"IFERROR(((E132-$B132)/$B132)*100,\" \")","v":-51.881276414067699},{"$f":"IFERROR(((F132-$B132)/$B132)*100,\" \")","v":-64.260068421217184},{"$f":"IFERROR(((G132-$B132)/$B132)*100,\" \")","v":-50.946139131340637},{"$f":"IFERROR(((H132-$B132)/$B132)*100,\" \")","v":-29.065756265550558},null,12.530669246322265,9.5891844567654694,4.6663239367919759E-2,11.009462188259906,14.49965371084617,10.406952047220933,17.067848687400033]
["Gastos legales",256900,0,50184902,0,0,154500,0,null,{"$f":"IFERROR(((C133-B133)/B133)*100,\" \")","v":-100}," ",-100," "," ",-100,null,{"$f":"IFERROR(((C133-$B133)/$B133)*100,\" \")","v":-100},19434.800311405215,-100,-100,-39.85986765278318,-100,null,2.6080760814919186E-2,0,8.5387948160333522,0,0,2.6555881836885266E-2,0]
["Mantenimiento y reparaciones",356653,11207,210000,0,0,0,0,null,-96.857730062553799,1773.8288569643973,-100," "," "," ",null,-96.857730062553799,-41.119239148415964,-100,-100,-100,-100,null,3.6207791307603633E-2,2.1612148279825526E-3,3.5730804283866172E-2,0,0,0,0]
["Adecuaciones e Instalaciones",0,299000,0,0,0,0,0,null," ",-100," "," "," "," ",null," "," "," "," "," "," ",null,0,5.7660679358149655E-2,0,0,0,0,0]
["Gastos de viaje",91417914,27178877.98,0,10405938,18707590,57821133.950000003,12359603.52,null,-70.269636670992071,-100," ",79.778026738195067,209.07847536748454,-78.624418658603645,null,-70.269636670992071,-100,-88.617178466793717,-79.536188060471389,-36.75076205523569,-86.480107695303573,null,9.2808437105210295,5.2413129381908163,0,1.928924036598592,6.1489879514632539,9.9384543744395817,2.4094019962810993]
["Depreciaciones",7850283,0,8890974,0,0,0,0,null,-100," ",-100," "," "," ",null,-100,13.256732273218685,-100,-100,-100,-100,null,0.79696906676693757,0,1.5127697708902035,0,0,0,0]
["Diversos",96914855,20300212,11354185,14589034,10050782,16141515.9,6522121,null,-79.053559952186887,-44.068638297964576,28.490367208214419,-31.107282360161747,60.599602100612671,-59.594123374744498,null,-79.053559952186887,-88.28437085315764,-84.946545088469676,-89.629265812759044,-83.344642160378811,-93.270256659827851,null,9.8388989983167576,3.9147960369045545,1.9318769620848049,2.7043346167692048,3.3035862674338992,2.7744478246511637,1.2714332892603077]
["Provisiones",83597151,0,94578519,71057797,0,0,41638115,"Cartera dif cobro",-100," ",-24.868989542963767,-100," "," ",null,-100,13.136055318440217,-14.999738448024383,-100,-100,-50.191944938410636,null,8.4868715455028507,0,16.092221675461516,13.171815229058959,0,0,8.1170045009972931]
["Subtotal de distri. y ventas",{"$f":"+SUM(B127:B139)","v":985017277},{"$f":"+SUM(C127:C139)","v":518550948.98000002},587728164,539468522.48000002,304238521,581792014.85000002,{"$f":"+SUM(H127:H139)","v":512973905.51999998},null,-47.356156984442414,13.340485666080243,-8.2112181236221957,-43.604027237515204,91.228912413099721,-11.828644528189857,null,-47.356156984442414,-40.333212652878167,-45.232582709308147,-69.113382262025041,-40.935856818478925,-47.922344359042143,null,{"$f":"+SUM(X127:X139)","v":100},{"$f":"+SUM(Y127:Y139)","v":99.999999999999986},99.999999999999986,99.999999999999986,100,99.999999999999986,100.00000000000001]
["TOTAL GASTOS OPERACIONALES",{"$f":"+B125+B140","v":1417548566.99},1118824895.6700001,886481426.61000001,863169262.9000001,666982287.87,870332998.37,743592369.66999996,null,-21.073258319064511,-20.766741065487544,-2.6297407943613811,-22.728679467902779,30.48817250446006,-14.562314532180876,null,-21.073258319064511,-37.463770395370616,-39.108311136539051,-52.948187920907742,-38.602950287759718,-47.543781780335607]
["UTILIDAD O PERDIDA OPERACIONAL",{"$f":"+B109-B141","v":1065104714.01},829718048.92999983,369359669.38999999,328754770.0999999,313537526.13,-78656820.670000196,253809511.33000004,null,-22.099861354832964,-55.483712826745865,-10.993322404977064,-4.6287522962392798,-125.08689203517771,-422.67959621053342,null,-22.099861354832964,-65.321750572354318,-69.134042336337515,-70.562751060450552,-107.38489085959128,-76.170463993682304]
["Gastos no operacionales",null,null,null,null,null,null,null,null," "," "," "," "," "," ",null," "," "," "," "," "," ",null,{"$f":"+X$3","v":2014},{"$f":"+Y$3","v":2015},2016,2017,2018,2019,2020]
["Financieros por intereses",831585.83,831585.83,77999.350000000006,2927610.73,10140052.699999999,16621,{"$f":"577543.87","v":577543.87},null,0,-90.620408960070904,3653.3783678966552,246.35932284617633,-99.8360856645252,3374.7841285121231,null,0,-90.620408960070904,252.05154108987165,1119.3633337884075,-98.001288694397303,-30.549096778140143,null,{"$f":"+IFERROR(B144/B$149*100,\" \")","v":0.51741990398730653},{"$f":"+IFERROR(C144/C$149*100,\" \")","v":0.60900233278466476},{"$f":"+IFERROR(D144/D$149*100,\" \")","v":2.7013460142130945E-2},{"$f":"+IFERROR(E144/E$149*100,\" \")","v":5.077073595806203},{"$f":"+IFERROR(F144/F$149*100,\" \")","v":13.157340509119589},{"$f":"+IFERROR(G144/G$149*100,\" \")","v":2.5250264784066109E-2},{"$f":"+IFERROR(H144/H$149*100,\" \")","v":9.7188034420343225E-2}]
["Otros Gastos Financieros (diferencia en cambio)",155209633.25999999,131397858.70999999,251778400.28,{"$f":"16587444.22","v":16587444.220000001},44632558.18,47617973.520000003,{"$f":"108051898.52","v":108051898.52},null,-15.341685982925824,91.615299329713125,-93.411887516342432,169.07435279381454,6.6888734630895037,126.91410518470964,null,-15.341685982925824,62.218281811305154,-89.312877125214598,-71.243693292391455,-69.320220324061594,-30.383252475703966,null,{"$f":"+IFERROR(B145/B$149*100,\" \")","v":96.572777748382592},96.227712871562261,87.198236659834606,28.766008475201282,57.913482616056911,72.340198535626527,18.182777409697369]
["Pérdida en venta de activos",0,0,0,972221,0,0,0,null," "," "," ",-100," "," ",null," "," "," "," "," "," ",null,0,0,0,1.6860293336840935,0,0,0]
["Gastos extraordinarios",4563269,1220578,1988690,23928775,3546361,7520485,37466760.43,null,-73.252113780712904,62.930185535049787,1103.2430896720957,-85.179512950412217,112.06202639832775,398.19606621115526,null,-73.252113780712904,-56.419619356211527,424.37791854918044,-22.284638490520724,64.804770439787802,721.05088325934753,null,2.8393054843758616,0.89387628135226949,0.68874161195002759,41.497372067797947,4.6016209802599803,11.424958639949306,6.3048384571887039]
["Gastos diversos",113301,3098851.78,34897446.829999998,13247299.300000001,18748674.829999998,10669972.779999999,448157887.66000003,null,2635.0612792473148,{"$f":"IFERROR(((D148-C148)/C148)*100,\" \")","v":1026.1412067278673},{"$f":"IFERROR(((E148-D148)/D148)*100,\" \")","v":-62.039345272067855},{"$f":"IFERROR(((F148-E148)/E148)*100,\" \")","v":41.528279881167904},{"$f":"IFERROR(((G148-F148)/F148)*100,\" \")","v":-43.089456312257134},{"$f":"IFERROR(((H148-G148)/G148)*100,\" \")","v":4100.1783594053377},null,2635.0612792473148,30700.652094862358,11592.129195682299,16447.669332132988,9317.3685845667733,395446.27731441031,null,7.0496863254230574E-2,2.2694085143008156,12.086008268073243,22.973516527510469,24.327555894563528,16.20959255964009,75.415196098693585]
["Subtotal gastos no operacionales",{"$f":"+SUM(B144:B148)","v":160717789.09},{"$f":"+SUM(C144:C148)","v":136548874.31999999},{"$f":"+SUM(D144:D148)","v":288742536.45999998},57663350.25,77067646.709999993,{"$f":"+SUM(G144:G148)","v":65825052.300000004},{"$f":"+SUM(H144:H148)","v":594254090.48000002},null,-15.038108044446599,111.45728069741293,-80.029492378588913,33.651004278926706,-14.587956022979478,802.77799973734307,null,-15.038108044446599,79.658106358287242,-64.121364177235392,-52.047842901296349,-59.043082490925272,269.75004064249845,null,{"$f":"+SUM(X144:X148)","v":99.999999999999986},{"$f":"+SUM(Y144:Y148)","v":100.00000000000001},100,100,100.00000000000001,99.999999999999986,100]
["Ingresos no operacionales",null,null,null,null,null,null,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Otras ventas",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Financieros",94306600,140914964.12,161262038.94,19310528.109999999,25939243.739999998,23586102.699999999,78001110.780000001,null,49.42216570208236,14.43925770911944,-88.025372718259632,34.326951558447043,-9.0717411177693776,230.70792479844496,null,49.42216570208236,70.997617282353502,-79.523672669781334,-72.494773706188127,-74.98997662941936,-17.28987071954667]
["Servicios",0,3873105,0,0,988200,0,0,null," ",-100," "," ",-100," ",null," "," "," "," "," "," "]
["Recuperaciones",31266716,7645856,3969966.47,35054083,2381334.06,1252439,769407,null,-75.546341355452867,-48.076886747540101,782.98184039826413,-93.206685623469326,-47.405993092796059,-38.567307469665188,null,-75.546341355452867,-87.302899127621842,12.113094960148677,-92.383805002098711,-95.994337876737674,-97.539213904012172]
["Utilidad en venta de propiedad, planta y equipo",0,86207,0,200000,0,0,0,null," ",-100," ",-100," "," ",null," "," "," "," "," "," "]
["Indemnizaciones",515959,0,0,860488,1476624,111098,0,null,-100," "," ",71.603090339435298,-92.476216017076794,-100,null,-100,-100,66.774491771633009,186.1901817780095,-78.467668942687311,-100]
["Devoluciones otras ventas",0,0,0,0,0,0,0,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Diversos",278112.34999999998,558602,587508.34,1038464.41,156765.38,1102184.03,5554810.3499999996,null,100.85479842948364,5.1747648594168956,76.757390371683925,-84.904116261432591,603.07872184534619,403.98211177129826,null,100.85479842948364,111.24856195706521,273.3974453130183,-43.632355772765926,296.30891256716939,1897.3260266938883]
[null,{"$f":"+SUM(B151:B158)","v":126367387.34999999},{"$f":"+SUM(C151:C158)","v":153078734.12},165819513.75,56463563.519999996,30942167.179999996,26051823.73,{"$f":"+SUM(H151:H158)","v":84325328.129999995},null,21.13784840389043,8.3230239022047083,-65.948782357950918,-45.199762021679781,-15.804786463570508,223.68301353465355,null,21.13784840389043,31.220180481162735,-55.317930754069678,-75.514119719592358,-79.384060811636303,-33.26970676663278]
["UTILIDAD O (PERDIDA) ANTES DE IMPUESTOS",{"$f":"+B142-B149+B159","v":1030754312.27},{"$f":"+C142-C149+C159","v":846247908.7299999},246436646.68000001,327554983.36999989,267412046.60000002,-118430049.2400002,{"$f":"+H142-H149+H159","v":-256119251.01999998},null,-17.900134041997561,-70.878906271114118,32.91650725767775,-18.361172878894514,-144.28747722691421,116.26204891713812,null,-17.900134041997561,-76.091621083080412,-68.221817801699501,-74.056664772899538,-111.48964868060413,-124.84774965005541]
["Corrección monetaria",null,null,null,null,null,null,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Provisión Impuesto de renta",356886000,298757000,88691000,112291000,97160000,0,0,null,-16.287834210364093,-70.313331570473665,26.609238817918389,-13.474810982180227,-100," ",null,-16.287834210364093,-75.148646906855404,-68.535891012816421,-72.775620226066579,-100,-100]
["UTILIDAD O (PERDIDA) NETA",{"$f":"+B160-B162","v":673868312.26999998},{"$f":"+C160-C162","v":547490908.7299999},157745646.68000001,215263983.36999989,170252046.60000002,-118430049.2400002,{"$f":"+H160-H162","v":-256119251.01999998},null,-18.75402081369338,-71.187531306059782,36.462709368253151,-20.910110491002332,-169.56160093525722,116.26204891713812,null,-18.75402081369338,-76.591027681860226,-68.055482139402073,-74.73511611987108,-117.57465770145141,-138.00731483533244]
[null,{"$f":"+B163-B97","v":0},0,0,0,0,-2.0861625671386719E-7,0,null," "," "," "," "," ",-100,null," "," "," "," "," "," "]
["Datos desagregados",null,null,null,null,null,null,null,null," "," "," "," "," "," ",null," "," "," "," "," "," "]
["Gastos por intereses",831586,831586,77999,2927610.73,10140052.699999999,16621,577543.87,null,0,-90.62045296577864,3653.3952101950026,246.35932284617633,-99.8360856645252,3374.7841285121231,null,0,-90.62045296577864,252.05146912045174,1119.3630845156122,-98.001289102991151,-30.549110975894255]
["Tasa de Impuestos",{"$f":"9%+25%","v":0.33999999999999997},{"$f":"9%+25%","v":0.33999999999999997},{"$f":"9%+25%","v":0.33999999999999997},0.33,0.33,0.33,0.32,0.31,0,0,-2.9411764705882217,0,0,-3.0303030303030329,null,0,0,-2.9411764705882217,-2.9411764705882217,-2.9411764705882217,-5.8823529411764603]

{"sheet":"Indice","index":1,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"Integrantes","index":2,"n_rows":5,"n_cols":2,"rows_kept":5,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Haiver Bello Garzón"]
[null,"Jhon Edison Castaño Rodriguez"]
[null,"Luisa Fernanda Lozano Ramirez"]

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["ESTADOS FINANCIEROS CIFRAS HISTORICAS"]
[]
["GL Retail comunicaciones S.A.S."]
["ESTADO DE SITUACIÓN FINANCIERA"]
[" Pesos Colombianos"]
["a 31 de Diciembre"]
["ACTIVO",null,null,null,null,2014,2015,2016,2017,2018,2019,2020,{"$f":"F15","v":2014},{"$f":"M15+1","v":2015},{"$f":"N15+1","v":2016},{"$f":"O15+1","v":2017},{"$f":"P15+1","v":2018},{"$f":"Q15+1","v":2019},2020]
["Activo Corriente",null,null,null,null,null,null,null,null,null,null,null,"ANÁLISIS VERTICAL"]
["Efectivo y equivalentes de efectivo",null,null,null,null,{"$f":"+BD_0!B10","v":1226412104.3599999},{"$f":"+BD_0!C10","v":900917975.76999998},{"$f":"+BD_0!D10","v":206347570.63999999},{"$f":"+BD_0!E10","v":364265070.81},{"$f":"+BD_0!F10","v":142216176.05000001},{"$f":"+BD_0!G10","v":305752667.13},{"$f":"+BD_0!H10","v":82961726.310000002},{"$f":"+F17/F$31","v":0.41007138673943555},{"$f":"+G17/G$31","v":0.24881982768210209},7.6354801273885817E-2,0.17088120350976632,6.3117889293353838E-2,0.10271726961136432,4.2157349303627162E-2]
["Activos financieros",null,null,null,null,{"$f":"+BD_0!B14","v":23135998},{"$f":"+BD_0!C14","v":23966489},{"$f":"+BD_0!D14","v":25066661},{"$f":"+BD_0!E14","v":29318905.600000001},{"$f":"+BD_0!F14","v":28515581.620000001},{"$f":"+BD_0!G14","v":18672906.300000001},{"$f":"+BD_0!H14","v":21157722.629999999},7.7359076526823658E-3,6.6191793520694571E-3,9.2754177493759513E-3,1.3753857495522707E-2,1.2655686391075309E-2,6.2731421735377204E-3,1.0751385525046063E-2]
["Deudores comerciales y otros",null,null,null,null,{"$f":"+BD_0!B23-F21","v":1065020951},{"$f":"+BD_0!C23-G21","v":1830114437.9000001},{"$f":"+BD_0!D23-H21","v":891491929},{"$f":"+BD_0!E23-I21","v":763400000},{"$f":"+BD_0!F23-J21","v":991219221},{"$f":"+BD_0!G23-K21","v":1413051717},{"$f":"+BD_0!H23-L21","v":839532488},0.35610755693823759,0.50544974273335908,0.32987880043823969,0.35812028441068527,0.43991947185056113,0.47471315803167652,0.4266119561701196]
["Inventarios",null,null,null,null,{"$f":"+BD_0!B30","v":618318163},{"$f":"+BD_0!C30","v":841372799.10000002},{"$f":"+BD_0!D30","v":1566198173.0999999},{"$f":"+BD_0!E30","v":939332663.0999999},{"$f":"+BD_0!F30","v":1079647558.4299998},{"$f":"+BD_0!G30","v":1221678245.4299998},{"$f":"+BD_0!H30","v":1009686096},0.20674501307201887,0.23237435651069305,0.57954038369178595,0.44065245017765053,0.47916542942953422,0.41042145238529354,0.51307622598201486]
["Pagos anticipados",null,null,null,null,{"$f":"+BD_0!B18","v":43182861},{"$f":"+BD_0!C18","v":6183644},{"$f":"+BD_0!D18","v":0},{"$f":"+BD_0!E18","v":22454045},{"$f":"+BD_0!F18","v":0},{"$f":"+BD_0!G18","v":0},{"$f":"+BD_0!H18","v":1011200},1.4438911382799171E-2,1.7078283216764953E-3,0,1.0533467358619762E-2,0,0,5.1384552265144141E-4]
["TOTAL ACTIVO CORRIENTE",null,null,null,null,{"$f":"SUM(F17:F21)","v":2976070077.3599997},3602555345.77,2689104333.7399998,2118770684.51,2241598537.0999999,{"$f":"SUM(K17:K21)","v":2959155535.8599997},1954349232.9400001,0.99509877578517347,0.99497093459990016,0.99504940315328738,0.99394126295224461,0.99485847696452456,0.99412502220187204,0.9931107625034592]
["Activo No Corriente"]
["Activos financieros",null,null,null,null,{"$f":"+BD_0!B38","v":0},{"$f":"+BD_0!C38","v":0},{"$f":"+BD_0!D38","v":0},{"$f":"+BD_0!E38","v":0},{"$f":"+BD_0!F38","v":0},{"$f":"+BD_0!G38","v":0},{"$f":"+BD_0!H38","v":0},{"$f":"+F24/F$31","v":0},0,0,0,0,0,0]
["Deudores",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
["Propiedades, planta y equipo",null,null,null,null,{"$f":"+BD_0!B37","v":14658230},{"$f":"+BD_0!C37","v":13202599},{"$f":"+BD_0!D37","v":13378905},{"$f":"+BD_0!E37","v":12915325},{"$f":"+BD_0!F37","v":11584794},{"$f":"+BD_0!G37","v":17487713},{"$f":"+BD_0!H37","v":13557376},4.9012242148265325E-3,3.6463568232481969E-3,4.9505968467126382E-3,6.0587370477553498E-3,5.1415230354754692E-3,5.8749777981279673E-3,6.8892374965408504E-3]
["Activos intangibles",null,null,null,null,{"$f":"+BD_0!B49","v":0},{"$f":"+BD_0!C49","v":5006462},{"$f":"+BD_0!D49","v":0},{"$f":"+BD_0!E49","v":0},{"$f":"+BD_0!F49","v":0},{"$f":"+BD_0!G49","v":0},{"$f":"+BD_0!H49","v":0},0,1.3827085768516347E-3,0,0,0,0,0]
["Activos por impuestos diferidos",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
["TOTAL ACTIVO NO CORRIENTE",null,null,null,null,{"$f":"SUM(F24:F28)","v":14658230},18209061,13378905,12915325,11584794,{"$f":"SUM(K24:K28)","v":17487713},13557376,4.9012242148265325E-3,5.0290654000998318E-3,4.9505968467126382E-3,6.0587370477553498E-3,5.1415230354754692E-3,5.8749777981279673E-3,6.8892374965408504E-3]
[]
["0 TOTAL ACTIVO",null,null,null,null,{"$f":"F22+F29","v":2990728307.3599997},3620764406.77,2702483238.7399998,2131686009.51,2253183331.0999999,{"$f":"K22+K29","v":2976643248.8599997},1967906608.9400001]
[]
["Pasivo Corriente"]
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["Proveedores",null,null,null,null,{"$f":"+BD_0!B62","v":161290503},{"$f":"+BD_0!C62","v":1091239354.47},{"$f":"+BD_0!D62","v":242635875},{"$f":"+BD_0!E62","v":180612526},{"$f":"+BD_0!F62","v":537696681},{"$f":"+BD_0!G62","v":1444787655},{"$f":"+BD_0!H62","v":272643851},0.13228769708404853,0.68660615732385843,0.47270096456144017,0.40155931570077702,0.66320977777500945,0.8742306466206119,0.30054606580907028]
["Cuentas por pagar Varios",null,null,null,null,{"$f":"+BD_0!B63+BD_0!B64++BD_0!B65+BD_0!B66+BD_0!B67+BD_0!B68","v":553518934},{"$f":"+BD_0!C63+BD_0!C64++BD_0!C65+BD_0!C66+BD_0!C67+BD_0!C68","v":58109280.740000002},{"$f":"+BD_0!D63+BD_0!D64++BD_0!D65+BD_0!D66+BD_0!D67+BD_0!D68","v":24757111},{"$f":"+BD_0!E63+BD_0!E64++BD_0!E65+BD_0!E66+BD_0!E67+BD_0!E68","v":69699869.450000003},{"$f":"+BD_0!F63+BD_0!F64++BD_0!F65+BD_0!F66+BD_0!F67+BD_0!F68","v":115608797.45},{"$f":"+BD_0!G63+BD_0!G64++BD_0!G65+BD_0!G66+BD_0!G67+BD_0!G68","v":119945847.45},{"$f":"+BD_0!H63+BD_0!H64++BD_0!H65+BD_0!H66+BD_0!H67+BD_0!H68","v":186170166.68000001},0.45398671161238452,3.6562271870338378E-2,4.8231574368195307E-2,0.15496506527335482,0.14259504954178912,7.257837192391485E-2,0.20522271440001361]
["Impuestos corrientes por pagar",null,null,null,null,{"$f":"+BD_0!B75","v":452783000},{"$f":"+BD_0!C75","v":408869000},{"$f":"+BD_0!D75","v":90354000},{"$f":"+BD_0!E75","v":164368000},{"$f":"+BD_0!F75","v":143475000},{"$f":"+BD_0!G75","v":34779000},{"$f":"+BD_0!H75","v":113350000},0.37136483075390209,0.25725975863031103,0.17602682600824945,0.36544254745158328,0.17696598515226744,2.1044523431243092E-2,0.12495017376884877]
["Otros pasivos",null,null,null,null,{"$f":"+BD_0!B69","v":0},{"$f":"+BD_0!C69","v":0},{"$f":"+BD_0!D69","v":0},{"$f":"+BD_0!E69","v":0},{"$f":"+BD_0!F69","v":0},{"$f":"+BD_0!G69","v":0},{"$f":"+BD_0!H69","v":0},0,0,0,0,0,0,0]
["0 TOTAL PASIVO CORRIENTE",null,null,null,null,{"$f":"SUM(F34:F38)","v":1168745312.0900002},1559030083.76,359647403.05000001,414817595.44999999,796930478.45000005,{"$f":"SUM(K34:K38)","v":1599668502.45},572326068.54999995,0.95858480777484889,0.98093937922779972,0.70066173983444135,0.92227196783430054,0.98295582656750025,0.96794793645678634,0.63089758904071069]
["Pasivo No Corriente"]
["Obligaciones financieras",null,null,null,null,0,0,0,0,0,0,0,{"$f":"+F41/F$46","v":0},0,0,0,0,0,0]
["Provisiones",null,null,null,null,{"$f":"+BD_0!B81+BD_0!B85","v":25867792},{"$f":"+BD_0!C81+BD_0!C85","v":30293494},{"$f":"+BD_0!D81+BD_0!D85","v":18090782},{"$f":"+BD_0!E81+BD_0!E85","v":34960355},{"$f":"+BD_0!F81+BD_0!F85","v":13818547},{"$f":"+BD_0!G81+BD_0!G85","v":47592516},{"$f":"+BD_0!H81+BD_0!H85","v":25220535},2.1216318187867352E-2,1.9060620772200328E-2,3.5244293948991423E-2,7.7728032165699512E-2,1.7044173432499806E-2,2.8797890051864967E-2,2.7801590037876776E-2]
["Otros pasivos",null,null,null,null,{"$f":"+BD_0!B90","v":24627283},{"$f":"+BD_0!C90","v":0},{"$f":"+BD_0!D90","v":135558578},{"$f":"+BD_0!E90","v":0},{"$f":"+BD_0!F90","v":0},{"$f":"+BD_0!G90","v":5377974},{"$f":"+BD_0!H90","v":309615000},2.0198874037283755E-2,0,0.26409396621656722,0,0,3.2541734913486913E-3,0.34130082092141256]
["0 TOTAL PASIVO NO CORRIENTE",null,null,null,null,{"$f":"SUM(F41:F43)","v":50495075},30293494,153649360,34960355,13818547,{"$f":"SUM(K41:K43)","v":52970490},334835535,4.141519222515111E-2,1.9060620772200328E-2,0.29933826016555865,7.7728032165699512E-2,1.7044173432499806E-2,3.205206354321366E-2,0.36910241095928936]
[]
["0 TOTAL PASIVO",null,null,null,null,{"$f":"F39+F44","v":1219240387.0900002},1589323577.76,513296763.05000001,449777950.44999999,810749025.45000005,{"$f":"K39+K44","v":1652638992.45},907161603.54999995]
[]
["Patrimonio"]
["Capital suscrito y pagado",null,null,null,null,{"$f":"+BD_0!B94","v":180000000},{"$f":"+BD_0!C94","v":180000000},{"$f":"+BD_0!D94","v":180000000},{"$f":"+BD_0!E94","v":180000000},{"$f":"+BD_0!F94","v":180000000},{"$f":"+BD_0!G94","v":180000000},{"$f":"+BD_0!H94","v":180000000},{"$f":"+F49/F$53","v":0.10160949896433132},8.8607060284261879E-2,8.2222324136762531E-2,0.10702130775245826,0.12478904536237242,0.13595122457390346,0.16969205519268046]
["Superavit de capital",null,null,null,null,{"$f":"+BD_0!B96","v":838779414},{"$f":"+BD_0!C96","v":1213949920.28},{"$f":"+BD_0!D96","v":1761440829.01},{"$f":"+BD_0!E96","v":1196644075.6900001},{"$f":"+BD_0!F96","v":1002182259.05},{"$f":"+BD_0!G96","v":1172434305.6500001},{"$f":"+BD_0!H96","v":1046864256.41},0.47348864443408573,0.59758074315736032,0.80460977105882181,0.71148007719208584,0.69478537436641841,0.88552155325317639,0.98691415098872282]
["Reservas",null,null,null,null,{"$f":"+BD_0!B95","v":78840194},{"$f":"+BD_0!C95","v":90000000},{"$f":"+BD_0!D95","v":90000000},{"$f":"+BD_0!E95","v":90000000},{"$f":"+BD_0!F95","v":90000000},{"$f":"+BD_0!G95","v":90000000},{"$f":"+BD_0!H95","v":90000000},4.450507005883711E-2,4.430353014213094E-2,4.1111162068381266E-2,5.3510653876229129E-2,6.2394522681186212E-2,6.7975612286951731E-2,8.4846027596340232E-2]
["Resultados del Ejercicio",null,null,null,null,{"$f":"+BD_0!B97","v":673868312.26999998},{"$f":"+BD_0!C97","v":547490908.73000002},{"$f":"+BD_0!D97","v":157745646.68000001},{"$f":"+BD_0!E97","v":215263983.37},{"$f":"+BD_0!F97","v":170252046.59999999},{"$f":"+BD_0!G97","v":-118430049.23999999},{"$f":"+BD_0!H97","v":-256119251.01999998},0.38039678654274584,0.26950866641624682,7.2056742736034324E-2,0.12798796117922681,0.11803105759002301,-8.9448390114031592E-2,-0.24145223377774344]
["0 TOTAL PATRIMONIO",null,null,null,null,{"$f":"SUM(F49:F52)","v":1771487920.27},2031440829.01,2189186475.6900001,1681908059.0599999,1442434305.6499999,{"$f":"SUM(K49:K52)","v":1324004256.4100001},1060745005.3899999,1,1,1,1,1,1,1]
[]
["0 TOTAL PASIVO Y PATRIMONIO",null,null,null,null,{"$f":"F46+F53","v":2990728307.3600001},3620764406.77,2702483238.7400002,2131686009.51,2253183331.0999999,{"$f":"K46+K53","v":2976643248.8600001},1967906608.9399998]
[]
["CONTROL (Pasivo y Patrimonio - Activo)",null,null,null,null,{"$f":"F55-F31","v":0},0,0,0,0,0,{"$f":"L55-L31","v":0}]
[]
[{"$f":"A11","v":"GL Retail comunicaciones S.A.S."}]
["ESTADO DE RESULTADO"]
[" Pesos Colombianos"]
["a 31 de Diciembre"]
["CUENTAS DE RESULTADO ",null,null,null,null,{"$f":"F15","v":2014},2015,2016,2017,2018,2019,2020,2014,2015,2016,2017,2018,2019,2020,"Promedio Estructural",null,"Cuentas","Estructuras"]
["Operacional",null,null,null,null,null,null,null,null,null,null,null,"ANÁLISIS VERTICAL - BASE EN VENTAS"]
["Ventas, Ingresos de actividades ordinarias",null,null,null,null,{"$f":"+BD_0!B107","v":5323304022},{"$f":"+BD_0!C107","v":4748882979},{"$f":"+BD_0!D107","v":3122271394},{"$f":"+BD_0!E107","v":2689197433},{"$f":"+BD_0!F107","v":2172288959},{"$f":"+BD_0!G107","v":3105641403},{"$f":"+BD_0!H107","v":2369300666},{"$f":"+F65/F$65","v":1},{"$f":"+G65/G$65","v":1},{"$f":"+H65/H$65","v":1},{"$f":"+I65/I$65","v":1},{"$f":"+J65/J$65","v":1},1,1,{"$f":"AVERAGE(M65:S65)","v":1},null,"Ventas",{"$f":"+T65","v":1}]
["Costo de Ventas",null,null,null,null,{"$f":"+BD_0!B108","v":2840650741},{"$f":"+BD_0!C108","v":2800340034.4000001},{"$f":"+BD_0!D108","v":1866430298},{"$f":"+BD_0!E108","v":1497273400},{"$f":"+BD_0!F108","v":1191769145},{"$f":"+BD_0!G108","v":2313965225.3000002},{"$f":"+BD_0!H108","v":1371898785},{"$f":"+F66/F$65","v":0.53362549447866192},0.58968394184134731,0.59777964900382397,0.55677332635621324,0.54862367184733274,0.74508448498424407,0.5790311059660167,{"$f":"AVERAGE(N66:S66)","v":0.60282936333316306},null,"Costos",{"$f":"+T66","v":0.60282936333316306},{"$f":"+W66-50%","v":0.10282936333316306}]
["UTILIDAD BRUTA",null,null,null,null,{"$f":"F65-F66","v":2482653281},1948542944.5999999,1255841096,1191924033,980519814,791676177.69999981,{"$f":"L65-L66","v":997401881},0.46637450552133802,0.41031605815865269,0.40222035099617609,0.44322667364378671,0.45137632815266726,0.25491551501575593,0.4209688940339833,{"$f":"AVERAGE(N67:S67)","v":0.39717063666683705},null,"Gastos",{"$f":"+T68+T69","v":0.29027074569738048},{"$f":"+W67-30%","v":-9.7292543026195055E-3}]
["Gastos de administración",null,null,null,null,{"$f":"+BD_0!B125","v":432531289.99000001},{"$f":"+BD_0!C125","v":600273946.68999994},{"$f":"+BD_0!D125","v":298753262.61000001},{"$f":"+BD_0!E125","v":323700740.42000002},{"$f":"+BD_0!F125","v":362743766.87},{"$f":"+BD_0!G125","v":288540983.51999998},{"$f":"+BD_0!H125","v":230618464.15000001},8.1252411698157181E-2,0.12640318772740178,9.5684591411274361E-2,0.12037076060231387,0.16698688513197935,9.2908660749201108E-2,9.7336090543267501E-2,{"$f":"AVERAGE(N68:S68)","v":0.11661502936090634},null,"Total Erogación",{"$f":"+W66+W67","v":0.89310010903054349},{"$f":"+J78*100%/W74","v":1158177187.7551022}]
["Gastos de ventas y distribución",null,null,null,null,{"$f":"+BD_0!B140","v":985017277},{"$f":"+BD_0!C140","v":518550948.98000002},{"$f":"+BD_0!D140","v":587728164},{"$f":"+BD_0!E140","v":539468522.48000002},{"$f":"+BD_0!F140","v":304238521},{"$f":"+BD_0!G140","v":581792014.85000002},{"$f":"+BD_0!H140","v":512973905.51999998},0.1850387039570065,0.10919429922217083,0.18823737267984592,0.20060577027926979,0.14005435130511107,0.1873339318209753,0.21650857271147197,{"$f":"AVERAGE(N69:S69)","v":0.17365571633647414},null,"Total operación",{"$f":"+W65-W68","v":0.10689989096945651}]
["UTILIDAD OPERACIONAL",null,null,null,null,{"$f":"F67-F68-F69","v":1065104714.01},829718048.92999983,369359669.38999999,328754770.0999999,313537526.13,-78656820.670000196,{"$f":"L67-L68-L69","v":253809511.33000004},0.20008338986617435,0.17471857120908008,0.11829838690505583,0.12225014276220303,0.14433509171557687,-2.5327077554420468E-2,0.10712423077924381,{"$f":"AVERAGE(N70:S70)","v":0.10689989096945653},null,"Ingresos no ope",{"$f":"+T72","v":2.7427188584534121E-2}]
["No Operacional",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Gastos no ope",{"$f":"+T73+T74","v":7.5026985103415628E-2}]
["Otros ingresos",null,null,null,null,{"$f":"+BD_0!B159","v":126367387.34999999},{"$f":"+BD_0!C159","v":153078734.12},{"$f":"+BD_0!D159","v":165819513.75},{"$f":"+BD_0!E159","v":56463563.519999996},{"$f":"+BD_0!F159","v":30942167.179999996},{"$f":"+BD_0!G159","v":26051823.73},{"$f":"+BD_0!H159","v":84325328.129999995},{"$f":"+F72/F$65","v":2.3738525327081157E-2},{"$f":"+G72/G$65","v":3.2234682302539001E-2},{"$f":"+H72/H$65","v":5.3108616396592458E-2},{"$f":"+I72/I$65","v":2.0996436642069335E-2},{"$f":"+J72/J$65","v":1.4244038322711925E-2},8.3885485635380678E-3,3.5590809279753943E-2,{"$f":"AVERAGE(N72:S72)","v":2.7427188584534121E-2},null,"Tx",{"$f":"+T77","v":2.9633377738249592E-2}]
["Gasto no operacional",null,null,null,null,{"$f":"+BD_0!B149-BD_0!B144","v":159886203.25999999},{"$f":"+BD_0!C149-BD_0!C144","v":135717288.48999998},{"$f":"+BD_0!D149-BD_0!D144","v":288664537.10999995},{"$f":"+BD_0!E149-BD_0!E144","v":54735739.520000003},{"$f":"+BD_0!F149-BD_0!F144","v":66927594.00999999},{"$f":"+BD_0!G149-BD_0!G144","v":65808431.300000004},{"$f":"+BD_0!H149-BD_0!H144","v":593676546.61000001},3.0035144075789551E-2,2.8578781387150282E-2,9.2453377904534575E-2,2.0353931194608575E-2,3.0809710528018199E-2,2.1189964571064163E-2,0.25057037088175116,{"$f":"AVERAGE(N73:S73)","v":7.399268941118782E-2},null,"Margen Neto",{"$f":"+W69+W70-W71-W72","v":2.9666716712325427E-2}]
["Gasto Financiero",null,null,null,null,{"$f":"+BD_0!B144","v":831585.83},{"$f":"+BD_0!C144","v":831585.83},{"$f":"+BD_0!D144","v":77999.350000000006},{"$f":"+BD_0!E144","v":2927610.73},{"$f":"+BD_0!F144","v":10140052.699999999},{"$f":"+BD_0!G144","v":16621},{"$f":"+BD_0!H144","v":577543.87},1.5621610686957678E-4,1.7511188076803523E-4,2.4981604786146917E-5,1.0886559291163804E-3,4.6679115400319075E-3,5.3518735240792387E-6,2.4376132514031886E-4,{"$f":"AVERAGE(N74:S74)","v":1.0342956922278113E-3},null,null,0.14699999999999999,{"$f":"+J78/Q78*W74","v":319326476.97299999}]
["Resultados Netos"]
["UTILIDAD ANTES DE IMPUESTOS",null,null,null,null,{"$f":"F70+F72-F73-F74","v":1030754312.2699999},846247908.72999978,246436646.68000004,327554983.36999989,267412046.60000002,-118430049.24000019,{"$f":"L70+L72-L73-L74","v":-256119251.01999998},{"$f":"+F76/F$65","v":0.19363055501059637},{"$f":"+G76/G$65","v":0.17819936024370076},{"$f":"+H76/H$65","v":7.8928643792327571E-2},{"$f":"+I76/I$65","v":0.1218039922805474},{"$f":"+J76/J$65","v":0.12310150797023869},-3.8133845435470638E-2,-0.10809909214789373,{"$f":"AVERAGE(N76:S76)","v":5.9300094450574992E-2}]
["Gasto por impuesto",null,null,null,null,{"$f":"+BD_0!B162","v":356886000},{"$f":"+BD_0!C162","v":298757000},{"$f":"+BD_0!D162","v":88691000},{"$f":"+BD_0!E162","v":112291000},{"$f":"+BD_0!F162","v":97160000},{"$f":"+BD_0!G162","v":0},{"$f":"+BD_0!H162","v":0},6.7042197575992585E-2,6.2911004823898817E-2,2.8405922742794087E-2,4.1756324255720796E-2,4.4727014607083865E-2,0,0,{"$f":"AVERAGE(N77:S77)","v":2.9633377738249592E-2}]
["UTILIDAD NETA",null,null,null,null,{"$f":"F76-F77","v":673868312.26999986},547490908.72999978,157745646.68000004,215263983.36999989,170252046.60000002,-118430049.24000019,{"$f":"L76-L77","v":-256119251.01999998},0.12658835743460378,0.11528835541980192,5.0522721049533481E-2,8.0047668024826601E-2,7.8374493363154829E-2,-3.8133845435470638E-2,-0.10809909214789373,{"$f":"AVERAGE(N78:S78)","v":2.9666716712325406E-2}]
[]
[]
[]
["Detalles de Depreciación y Amortización",null,null,null,null,{"$f":"F63","v":2014},2015,2016,2017,2018,{"$f":"K63","v":2019},2020]
["Depreciaciones",null,null,null,null,{"$f":"+BD_0!B137+BD_0!B122","v":12733532},{"$f":"+BD_0!C137+BD_0!C122","v":3505431},{"$f":"+BD_0!D137+BD_0!D122","v":13464668},{"$f":"+BD_0!E137+BD_0!E122","v":4097773},{"$f":"+BD_0!F137+BD_0!F122","v":5782289},{"$f":"+BD_0!G137+BD_0!G122","v":5996203},{"$f":"+BD_0!H137+BD_0!H122","v":8147566}]
["Amortizaciones",null,null,null,null,{"$f":"+'Analisis Financiero'!F99","v":0},{"$f":"+'Analisis Financiero'!G99","v":0},{"$f":"+'Analisis Financiero'!H99","v":0},{"$f":"+'Analisis Financiero'!I99","v":0},{"$f":"+'Analisis Financiero'!J99","v":0},{"$f":"+'Analisis Financiero'!K99","v":0},{"$f":"+'Analisis Financiero'!L99","v":0}]

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[null,null,null,null,null,null,"Sector y tamaño","Empresas con Activos entre 2,500 y 3,000 millones CIIU G,4690"]
["Descripción",2016,2017,2018,2019,2020]
["ACTIVO"]
["TOTAL ACTIVO CORRIENTE",2156773359,2379677242,2703893629,3068853593,3179166130]
["INVENTARIOS",836754783,929422261,1002998357,1097740396,1164246424]
["CXC CLIENTES",1012450087,1116089229,1186556211,1424209880,1286157817]
["PPYE",75724858,71010676,87231536,56979786,603060577]
["TOTAL ACTIVO NO CORRIENTE",607776751,640437103,836905804,936151799,1018490892]
["TOTAL ACTIVO",{"$f":"B6+B10","v":2764550110},{"$f":"C6+C10","v":3020114345},{"$f":"D6+D10","v":3540799433},{"$f":"E6+E10","v":4005005392},{"$f":"F6+F10","v":4197657022}]
["PASIVO Y PATRIMONIO"]
["TOTAL PASIVO CORRIENTE",1414597232,1477660072,1675689525,1930994474,1863202342]
["CXP PROVEEDORES",852404670,887593799,1098825000,1194697134,1129114072]
["TOTAL PASIVO NO CORRIENTE",348681493,444578111,563403013,626652507,637258581]
["TOTAL PASIVO",{"$f":"B13+B15","v":1763278725},{"$f":"C13+C15","v":1922238183},{"$f":"D13+D15","v":2239092538},{"$f":"E13+E15","v":2557646981},{"$f":"F13+F15","v":2500460923}]
["PATRIMONIO Y SUPERAVIT"]
["Total patrimonio",{"$f":"B11-B16","v":1001271385},{"$f":"C11-C16","v":1097876162},{"$f":"D11-D16","v":1301706895},{"$f":"E11-E16","v":1447358411},{"$f":"F11-F16","v":1697196099}]
["TOTAL PASIVO Y PATRIMONIO",{"$f":"+B16+B18","v":2764550110},{"$f":"+C16+C18","v":3020114345},3540799433,{"$f":"+E16+E18","v":4005005392},{"$f":"+F16+F18","v":4197657022}]
[null,{"$f":"+B19-B11","v":0},0,0,0,0]
["Descripción",2016,2017,2018,2019,2020]
["Ventas brutas nacionales",5240816733,5117966741,5520109788,6468865993,5653625856]
["ventas brutas exterior"]
["Total ventas brutas",{"$f":"+SUM(B22:B23)","v":5240816733},{"$f":"+SUM(C22:C23)","v":5117966741},5520109788,6468865993,5653625856]
["Descuentos comerciales"]
["Devoluciones y descuentos en ventas"]
["Ventas Netas",{"$f":"+B24-B25-B26","v":5240816733},5117966741,5520109788,6468865993,5653625856]
["Costo deventas",4160890344,4086653577,4366655694,5159484030,4347868340]
["Utilidad Bruta",{"$f":"+B27-B28","v":1079926389},1031313164,1153454094,1309381963,1305757516]
["Gastos de Administración"]
["Gastos de personal"]
["Honorarios"]
["Impuestos"]
["Arrendamientos"]
["Contribuciones y afiliaciones"]
["Seguros"]
["Servicios"]
["Gastos legales"]
["Mantenimiento y reparaciones"]
["Adecuaciones e instalaciones"]
["Gastos de viaje"]
["Depreciaciones"]
["Diversos"]
["Provisiones"]
["Subtotal administrativos",{"$f":"SUM(B31:B44)","v":0},0,0,0,0]
["Gastos de ventas"]
["Gastos de personal"]
["Honorarios"]
["Impuestos"]
["Afiliaciones y sostenimiento"]
["Seguros"]
["Servicios"]
["Gastos legales"]
["Mantenimiento y reparaciones"]
["Adecuaciones e Instalaciones"]
["Gastos de viaje"]
["Depreciaciones"]
["Diversos"]
["Provisiones"]
["Subtotal de distri. y ventas",{"$f":"+SUM(B47:B59)","v":0},0,0,0,{"$f":"+SUM(F47:F59)","v":0}]
["TOTAL GASTOS OPERACIONALES",{"$f":"+B45+B60","v":0},0,0,0,0]
["UTILIDAD O PERDIDA OPERACIONAL",258067695,215941683,186786664,286697392,331036040]
["Gastos no operacionales"]
["Financieros por intereses"]
["Otros Gastos Financieros (diferencia en cambio)"]
["Pérdida en venta de activos"]
["Gastos extraordinarios"]
["Gastos diversos"]
["Subtotal gastos no operacionales",{"$f":"+SUM(B64:B68)","v":0},0,0,{"$f":"+SUM(E64:E68)","v":0},{"$f":"+SUM(F64:F68)","v":0}]
["Ingresos no operacionales"]
["Otras ventas"]
["Financieros"]
["Servicios"]
["Recuperaciones"]
["Utilidad en venta de propiedad, planta y equipo"]
["Indemnizaciones"]
["Devoluciones otras ventas"]
["Diversos"]
[null,{"$f":"+SUM(B71:B78)","v":0},0,0,0,0]
["UTILIDAD O (PERDIDA) ANTES DE IMPUESTOS",198007117,147411393,86612376,200027675,255497742]
["Gastos financieros",126060116,94260114,135188203,154254939,161409414]
["impuesto o gasto por impuesto",76488763,79667720,74941209,86140857,83035558]
["UTILIDAD O (PERDIDA) NETA",121752674,66135328,27729754,113859235,171191615]
[]
["Datos desagregados"]
["Gastos por intereses",77999,2927610.73,10140052.699999999,16621,577543.87]
["Tasa de Impuestos",{"$f":"9%+25%","v":0.33999999999999997},0.33,0.33,0.33,0.32,0.31,0.35,0.35,0.35,0.35,0.35]

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["ESTADOS FINANCIEROS PROYECTADOS"]
[]
[{"$f":"+'Cifras Historicas'!A11:Q11","v":"GL Retail comunicaciones S.A.S."}]
["ANÁLISIS FINANCIERO"]
[" Pesos Colombianos"]
["a 31 de Diciembre"]
["Periodos",null,null,null,null,{"$f":"'Cifras Historicas'!F15","v":2014},{"$f":"'Cifras Historicas'!G15","v":2015},{"$f":"'Cifras Historicas'!H15","v":2016},{"$f":"'Cifras Historicas'!I15","v":2017},{"$f":"'Cifras Historicas'!J15","v":2018},{"$f":"'Cifras Historicas'!K15","v":2019},{"$f":"'Cifras Historicas'!L15","v":2020},{"$f":"L7+1","v":2021},{"$f":"M7+1","v":2022},2023,2024,2025]
[]
["CIFRAS FUNDAMENTALES DE PROYECCIÓN"]
[]
["EMPRESA PROTOTIPO S.A.S"]
["CIFRAS DE PROYECCIÓN "]
[]
["PLANES, POLITICAS Y EXPECTATIVAS "]
[null,null,null,null,null,"CIFRAS HISTÓRICAS",null,null,null,null,null,null,"CIFRAS PROYECTADAS"]
["VARIABLE MACROECONÓMICA",null,null,null,null,{"$f":"F7","v":2014},{"$f":"G7","v":2015},2016,2017,2018,2019,2020,2021,2022,2023,2024,2025]
["DTF EA ",null,null,null,null,4.0599999999999997E-2,4.3400000000000001E-2,6.9199999999999998E-2,5.28E-2,4.5400000000000003E-2,4.5199999999999997E-2,1.9300000000000001E-2,2.3300000000000001E-2,3.6700000000000003E-2,4.5900000000000003E-2,5.1400000000000001E-2,5.4800000000000001E-2]
["Spread de Tasa (Colocación)",null,null,null,null,0.1019,0.125,0.1381,0.115,0.109,0.11550000000000001,8.1299999999999997E-2,{"$f":"AVERAGE(F18:L18)","v":0.11225714285714286},{"$f":"AVERAGE(G18:M18)","v":0.11373673469387756},{"$f":"AVERAGE(H18:N18)","v":0.11212769679300291},{"$f":"AVERAGE(I18:O18)","v":0.10841736776343192},{"$f":"AVERAGE(J18:P18)","v":0.10747699172963647}]
["Costo del Dinero, Tasa de Colocación",null,null,null,null,{"$f":"((1+F17)*(1+F18))-1","v":0.14663714000000017},{"$f":"((1+G17)*(1+G18))-1","v":0.17382500000000012},0.21685652000000011,0.17387200000000003,0.15934860000000017,0.16592059999999975,{"$f":"((1+L17)*(1+L18))-1","v":0.10216909000000007},{"$f":"((1+M17)*(1+M18))-1","v":0.13817273428571442},0.15461087285714292,0.16317435807580183,0.16539002046647244,0.16816673087642053,null,"https://www.grupobancolombia.com/wps/portal/empresas/capital-inteligente/investigaciones-economicas/publicaciones/tablas-macroeconomicos-proyectados"]
["Inflación en Colombia",null,null,null,null,1.9400000000000001E-2,3.6600000000000001E-2,5.7500000000000002E-2,4.0899999999999999E-2,3.1800000000000002E-2,3.7999999999999999E-2,1.6199999999999999E-2,2.4E-2,0.03,3.5000000000000003E-2,3.6999999999999998E-2,3.1E-2]
["Inflación en Estados Unidos",null,null,null,null,1.6199999999999999E-2,1.2E-2,1.26E-2,2.1299999999999999E-2,2.4400000000000002E-2,1.8100000000000002E-2,1.24E-2,2.3699999999999999E-2,2.5399999999999999E-2,2.3300000000000001E-2,2.3099999999999999E-2,2.1999999999999999E-2]
["Variación PIB real",null,null,null,null,4.4999999999999998E-2,0.03,2.1000000000000001E-2,1.14E-2,2.5999999999999999E-2,3.3000000000000002E-2,-6.8000000000000005E-2,0.08,2.7E-2,2.7E-2,0.03,2.8000000000000001E-2]
["Crecimiento nominal de la economía",null,null,null,null,{"$f":"((1+F20)*(1+F22))-1","v":6.5272999999999914E-2},{"$f":"((1+G20)*(1+G22))-1","v":6.7698000000000036E-2},7.9707500000000042E-2,5.2766260000000065E-2,5.862680000000009E-2,7.225400000000004E-2,-5.2901600000000104E-2,{"$f":"((1+M20)*(1+M22))-1","v":0.10592000000000001},5.7809999999999917E-2,6.2944999999999807E-2,6.8109999999999893E-2,5.9868000000000032E-2]
["Crecimiento en ventas Real (1+ tasa)/(1+IPC)-1",null,null,null,null,null,{"$f":"((1+('Cifras Historicas'!G65/'Cifras Historicas'!F65)-1)/(1+G20))-1","v":-0.13940465365144639},{"$f":"((1+('Cifras Historicas'!H65/'Cifras Historicas'!G65)-1)/(1+H20))-1","v":-0.37827431981528159},{"$f":"((1+('Cifras Historicas'!I65/'Cifras Historicas'!H65)-1)/(1+I20))-1","v":-0.17254758203550424},{"$f":"((1+('Cifras Historicas'!J65/'Cifras Historicas'!I65)-1)/(1+J20))-1","v":-0.21711245613501329},{"$f":"((1+('Cifras Historicas'!K65/'Cifras Historicas'!J65)-1)/(1+K20))-1","v":0.37732477502046025},{"$f":"((1+('Cifras Historicas'!L65/'Cifras Historicas'!K65)-1)/(1+L20))-1","v":-0.24925978908550472},{"$f":"(1+M23)/(1+M20)-1","v":8.0000000000000071E-2},{"$f":"(1+N23)/(1+N20)-1","v":2.6999999999999913E-2},{"$f":"(1+O23)/(1+O20)-1","v":2.6999999999999913E-2},{"$f":"(1+P23)/(1+P20)-1","v":3.0000000000000027E-2},{"$f":"(1+Q23)/(1+Q20)-1","v":2.8000000000000025E-2}]
[null,null,null,null,null,null,"Crecimiento Real Historico",null,null,null,null,null,"Crecimiento Real Proyectado"]
[]
[]
["ESTADOS FINANCIEROS PROYECTADOS"]
[]
["EMPRESA PROTOTIPO S.A.S"]
["PROYECCIÓN DE ESTADOS FINANCIERO"]
[]
["ACTIVO",null,null,null,null,2014,2015,2016,2017,2018,2019,2020,{"$f":"M7","v":2021},{"$f":"N7","v":2022},{"$f":"O7","v":2023},{"$f":"P7","v":2024},{"$f":"Q7","v":2025}]
["Activo Corriente"]
["Efectivo y equivalentes de efectivo",null,null,null,null,{"$f":"'Cifras Historicas'!F17","v":1226412104.3599999},{"$f":"'Cifras Historicas'!G17","v":900917975.76999998},{"$f":"'Cifras Historicas'!H17","v":206347570.63999999},{"$f":"'Cifras Historicas'!I17","v":364265070.81},{"$f":"'Cifras Historicas'!J17","v":142216176.05000001},{"$f":"'Cifras Historicas'!K17","v":305752667.13},{"$f":"'Cifras Historicas'!L17","v":82961726.310000002},{"$f":"+L35*(1+M$24)","v":89598664.414800003},{"$f":"+M35*(1+N$24)","v":92017828.3539996},94502309.719557583,97337379.01114431,100062825.62345636]
["Activos financieros",null,null,null,null,{"$f":"'Cifras Historicas'!F18","v":23135998},{"$f":"'Cifras Historicas'!G18","v":23966489},{"$f":"'Cifras Historicas'!H18","v":25066661},{"$f":"'Cifras Historicas'!I18","v":29318905.600000001},{"$f":"'Cifras Historicas'!J18","v":28515581.620000001},{"$f":"'Cifras Historicas'!K18","v":18672906.300000001},{"$f":"'Cifras Historicas'!L18","v":21157722.629999999},{"$f":"+L36*(1+M$24)","v":22850340.440400001},{"$f":"+M36*(1+N$24)","v":23467299.632290799},24100916.722362649,24823944.224033527,25519014.662306465]
["Deudores comerciales y otros",null,null,null,null,{"$f":"'Cifras Historicas'!F19","v":1065020951},{"$f":"'Cifras Historicas'!G19","v":1830114437.9000001},{"$f":"'Cifras Historicas'!H19","v":891491929},{"$f":"'Cifras Historicas'!I19","v":763400000},{"$f":"'Cifras Historicas'!J19","v":991219221},{"$f":"'Cifras Historicas'!K19","v":1413051717},{"$f":"'Cifras Historicas'!L19","v":839532488},{"$f":"+L37*(1+M$24)","v":906695087.04000008},{"$f":"+M37*(1+N$24)","v":931175854.39007998},956317602.45861208,985007130.53237045,1012587330.1872768]
["Inventarios",null,null,null,null,{"$f":"'Cifras Historicas'!F20","v":618318163},{"$f":"'Cifras Historicas'!G20","v":841372799.10000002},{"$f":"'Cifras Historicas'!H20","v":1566198173.0999999},{"$f":"'Cifras Historicas'!I20","v":939332663.0999999},{"$f":"'Cifras Historicas'!J20","v":1079647558.4299998},{"$f":"'Cifras Historicas'!K20","v":1221678245.4299998},{"$f":"'Cifras Historicas'!L20","v":1009686096},{"$f":"+L38*(1+M$24)","v":1090460983.6800001},{"$f":"+M38*(1+N$24)","v":1119903430.2393599},1150140822.8558226,1184645047.5414972,1217815108.8726592]
["Pagos anticipados",null,null,null,null,{"$f":"'Cifras Historicas'!F21","v":43182861},{"$f":"'Cifras Historicas'!G21","v":6183644},{"$f":"'Cifras Historicas'!H21","v":0},{"$f":"'Cifras Historicas'!I21","v":22454045},{"$f":"'Cifras Historicas'!J21","v":0},{"$f":"'Cifras Historicas'!K21","v":0},{"$f":"'Cifras Historicas'!L21","v":1011200},{"$f":"+L39*(1+M$24)","v":1092096},{"$f":"+M39*(1+N$24)","v":1121582.5919999999},1151865.3219839998,1186421.2816435199,1219641.0775295384]
["TOTAL ACTIVO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F22","v":2976070077.3599997},{"$f":"'Cifras Historicas'!G22","v":3602555345.77},{"$f":"'Cifras Historicas'!H22","v":2689104333.7399998},{"$f":"'Cifras Historicas'!I22","v":2118770684.51},{"$f":"'Cifras Historicas'!J22","v":2241598537.0999999},{"$f":"'Cifras Historicas'!K22","v":2959155535.8599997},{"$f":"'Cifras Historicas'!L22","v":1954349232.9400001},{"$f":"+SUM(M35:M39)","v":2110697171.5752001},{"$f":"+SUM(N35:N39)","v":2167685995.2077303},2226213517.0783386,2292999922.5906892,2357203920.4232283]
["Activo No Corriente"]
["Activos financieros",null,null,null,null,{"$f":"'Cifras Historicas'!F24","v":0},{"$f":"'Cifras Historicas'!G24","v":0},{"$f":"'Cifras Historicas'!H24","v":0},{"$f":"'Cifras Historicas'!I24","v":0},{"$f":"'Cifras Historicas'!J24","v":0},{"$f":"'Cifras Historicas'!K24","v":0},{"$f":"'Cifras Historicas'!L24","v":0},{"$f":"+L42*(1+M$24)","v":0},{"$f":"+M42*(1+N$24)","v":0},0,0,0]
["Deudores",null,null,null,null,{"$f":"'Cifras Historicas'!F25","v":0},{"$f":"'Cifras Historicas'!G25","v":0},{"$f":"'Cifras Historicas'!H25","v":0},{"$f":"'Cifras Historicas'!I25","v":0},{"$f":"'Cifras Historicas'!J25","v":0},{"$f":"'Cifras Historicas'!K25","v":0},{"$f":"'Cifras Historicas'!L25","v":0},{"$f":"+L43*(1+M$24)","v":0},{"$f":"+M43*(1+N$24)","v":0},0,0,0]
["Propiedades, planta y equipo",null,null,null,null,{"$f":"'Cifras Historicas'!F26","v":14658230},{"$f":"'Cifras Historicas'!G26","v":13202599},{"$f":"'Cifras Historicas'!H26","v":13378905},{"$f":"'Cifras Historicas'!I26","v":12915325},{"$f":"'Cifras Historicas'!J26","v":11584794},{"$f":"'Cifras Historicas'!K26","v":17487713},{"$f":"'Cifras Historicas'!L26","v":13557376},{"$f":"+L44*(1+M$24)","v":14641966.08},{"$f":"+M44*(1+N$24)","v":15037299.164159998},15443306.241592318,15906605.428840088,16351990.380847611]
["Activos intangibles",null,null,null,null,{"$f":"'Cifras Historicas'!F27","v":0},{"$f":"'Cifras Historicas'!G27","v":5006462},{"$f":"'Cifras Historicas'!H27","v":0},{"$f":"'Cifras Historicas'!I27","v":0},{"$f":"'Cifras Historicas'!J27","v":0},{"$f":"'Cifras Historicas'!K27","v":0},{"$f":"'Cifras Historicas'!L27","v":0},{"$f":"+L45*(1+M$24)","v":0},{"$f":"+M45*(1+N$24)","v":0},0,0,0]
["Activos por impuestos diferidos",null,null,null,null,{"$f":"'Cifras Historicas'!F28","v":0},{"$f":"'Cifras Historicas'!G28","v":0},{"$f":"'Cifras Historicas'!H28","v":0},{"$f":"'Cifras Historicas'!I28","v":0},{"$f":"'Cifras Historicas'!J28","v":0},{"$f":"'Cifras Historicas'!K28","v":0},{"$f":"'Cifras Historicas'!L28","v":0},{"$f":"+L46*(1+M$24)","v":0},{"$f":"+M46*(1+N$24)","v":0},0,0,0]
["TOTAL ACTIVO NO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F29","v":14658230},{"$f":"'Cifras Historicas'!G29","v":18209061},{"$f":"'Cifras Historicas'!H29","v":13378905},{"$f":"'Cifras Historicas'!I29","v":12915325},{"$f":"'Cifras Historicas'!J29","v":11584794},{"$f":"'Cifras Historicas'!K29","v":17487713},{"$f":"'Cifras Historicas'!L29","v":13557376},{"$f":"+SUM(M42:M46)","v":14641966.08},15037299.164159998,15443306.241592318,15906605.428840088,16351990.380847611]
[]
["0 TOTAL ACTIVO",null,null,null,null,{"$f":"F40+F47","v":2990728307.3599997},3620764406.77,2702483238.7399998,2131686009.51,2253183331.0999999,{"$f":"K40+K47","v":2976643248.8599997},1967906608.9400001,{"$f":"+M40+M47","v":2125339137.6552},{"$f":"+N40+N47","v":2182723294.3718901},2241656823.319931,2308906528.0195293,2373555910.8040757]
[]
["Pasivo Corriente"]
["Obligaciones financieras",null,null,null,null,{"$f":"'Cifras Historicas'!F34","v":1152875.0900000001},{"$f":"'Cifras Historicas'!G34","v":812448.55},{"$f":"'Cifras Historicas'!H34","v":1900417.05},{"$f":"'Cifras Historicas'!I34","v":137200},{"$f":"'Cifras Historicas'!J34","v":150000},{"$f":"'Cifras Historicas'!K34","v":156000},{"$f":"'Cifras Historicas'!L34","v":162050.87},{"$f":"+L52*(1+M$24)","v":175014.93960000001},{"$f":"+M52*(1+N$24)","v":179740.34296919999},184593.33222936839,190131.13219624944,195454.80389774442]
["Proveedores",null,null,null,null,{"$f":"'Cifras Historicas'!F35","v":161290503},{"$f":"'Cifras Historicas'!G35","v":1091239354.47},{"$f":"'Cifras Historicas'!H35","v":242635875},{"$f":"'Cifras Historicas'!I35","v":180612526},{"$f":"'Cifras Historicas'!J35","v":537696681},{"$f":"'Cifras Historicas'!K35","v":1444787655},{"$f":"'Cifras Historicas'!L35","v":272643851},{"$f":"+L53*(1+M$24)","v":294455359.08000004},{"$f":"+M53*(1+N$24)","v":302405653.77516001},310570606.42708933,319887724.61990201,328844580.90925926]
["Cuentas por pagar Varios",null,null,null,null,{"$f":"'Cifras Historicas'!F36","v":553518934},{"$f":"'Cifras Historicas'!G36","v":58109280.740000002},{"$f":"'Cifras Historicas'!H36","v":24757111},{"$f":"'Cifras Historicas'!I36","v":69699869.450000003},{"$f":"'Cifras Historicas'!J36","v":115608797.45},{"$f":"'Cifras Historicas'!K36","v":119945847.45},{"$f":"'Cifras Historicas'!L36","v":186170166.68000001},{"$f":"+L54*(1+M$24)","v":201063780.01440004},{"$f":"+M54*(1+N$24)","v":206492502.07478881},212067799.63080809,218429833.61973232,224545868.96108484]
["Impuestos corrientes por pagar",null,null,null,null,{"$f":"'Cifras Historicas'!F37","v":452783000},{"$f":"'Cifras Historicas'!G37","v":408869000},{"$f":"'Cifras Historicas'!H37","v":90354000},{"$f":"'Cifras Historicas'!I37","v":164368000},{"$f":"'Cifras Historicas'!J37","v":143475000},{"$f":"'Cifras Historicas'!K37","v":34779000},{"$f":"'Cifras Historicas'!L37","v":113350000},{"$f":"+L55*(1+M$24)","v":122418000.00000001},{"$f":"+M55*(1+N$24)","v":125723286},129117814.72199999,132991349.16365999,136715106.94024247]
["Otros pasivos",null,null,null,null,{"$f":"'Cifras Historicas'!F38","v":0},{"$f":"'Cifras Historicas'!G38","v":0},{"$f":"'Cifras Historicas'!H38","v":0},{"$f":"'Cifras Historicas'!I38","v":0},{"$f":"'Cifras Historicas'!J38","v":0},{"$f":"'Cifras Historicas'!K38","v":0},{"$f":"'Cifras Historicas'!L38","v":0},{"$f":"+L56*(1+M$24)","v":0},{"$f":"+M56*(1+N$24)","v":0},0,0,0]
["0 TOTAL PASIVO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F39","v":1168745312.0900002},{"$f":"'Cifras Historicas'!G39","v":1559030083.76},{"$f":"'Cifras Historicas'!H39","v":359647403.05000001},{"$f":"'Cifras Historicas'!I39","v":414817595.44999999},{"$f":"'Cifras Historicas'!J39","v":796930478.45000005},{"$f":"'Cifras Historicas'!K39","v":1599668502.45},{"$f":"'Cifras Historicas'!L39","v":572326068.54999995},{"$f":"+SUM(M52:M56)","v":618112154.03400004},634801182.19291794,651940814.11212671,671499038.53549051,690301011.61448431]
["Pasivo No Corriente"]
["Obligaciones financieras",null,null,null,null,{"$f":"'Cifras Historicas'!F41","v":0},{"$f":"'Cifras Historicas'!G41","v":0},{"$f":"'Cifras Historicas'!H41","v":0},{"$f":"'Cifras Historicas'!I41","v":0},{"$f":"'Cifras Historicas'!J41","v":0},{"$f":"'Cifras Historicas'!K41","v":0},null,{"$f":"+L59*(1+M$24)","v":0},{"$f":"+M59*(1+N$24)","v":0},0,0,0]
["Provisiones",null,null,null,null,{"$f":"'Cifras Historicas'!F42","v":25867792},{"$f":"'Cifras Historicas'!G42","v":30293494},{"$f":"'Cifras Historicas'!H42","v":18090782},{"$f":"'Cifras Historicas'!I42","v":34960355},{"$f":"'Cifras Historicas'!J42","v":13818547},{"$f":"'Cifras Historicas'!K42","v":47592516},{"$f":"'Cifras Historicas'!L42","v":25220535},{"$f":"+L60*(1+M$24)","v":27238177.800000001},{"$f":"+M60*(1+N$24)","v":27973608.600599997},28728896.032816194,29590762.913800679,30419304.275387097]
["Otros pasivos",null,null,null,null,{"$f":"'Cifras Historicas'!F43","v":24627283},{"$f":"'Cifras Historicas'!G43","v":0},{"$f":"'Cifras Historicas'!H43","v":135558578},{"$f":"'Cifras Historicas'!I43","v":0},{"$f":"'Cifras Historicas'!J43","v":0},{"$f":"'Cifras Historicas'!K43","v":5377974},{"$f":"'Cifras Historicas'!L43","v":309615000},{"$f":"+L61*(1+M$24)","v":334384200},{"$f":"+M61*(1+N$24)","v":343412573.39999998},352684712.88179994,363265254.26825392,373436681.38776505]
["0 TOTAL PASIVO NO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F44","v":50495075},{"$f":"'Cifras Historicas'!G44","v":30293494},{"$f":"'Cifras Historicas'!H44","v":153649360},{"$f":"'Cifras Historicas'!I44","v":34960355},{"$f":"'Cifras Historicas'!J44","v":13818547},{"$f":"'Cifras Historicas'!K44","v":52970490},{"$f":"'Cifras Historicas'!L44","v":334835535},{"$f":"+SUM(M59:M61)","v":361622377.80000001},{"$f":"+SUM(N59:N61)","v":371386182.00059998},381413608.91461611,392856017.18205458,403855985.66315216]
[]
["0 TOTAL PASIVO",null,null,null,null,{"$f":"F57+F62","v":1219240387.0900002},1589323577.76,513296763.05000001,449777950.44999999,810749025.45000005,1652638992.45,907161603.54999995,979734531.83400011,1006187364.1935179,1033354423.0267428,1064355055.717545,1094156997.2776365]
[]
["Patrimonio"]
["Capital suscrito y pagado",null,null,null,null,{"$f":"'Cifras Historicas'!F49","v":180000000},{"$f":"'Cifras Historicas'!G49","v":180000000},{"$f":"'Cifras Historicas'!H49","v":180000000},{"$f":"'Cifras Historicas'!I49","v":180000000},{"$f":"'Cifras Historicas'!J49","v":180000000},{"$f":"'Cifras Historicas'!K49","v":180000000},{"$f":"'Cifras Historicas'!L49","v":180000000},{"$f":"+L67","v":180000000},{"$f":"+M67","v":180000000},{"$f":"+N67","v":180000000},{"$f":"+O67","v":180000000},{"$f":"+P67","v":180000000}]
["Superavit de capital",null,null,null,null,{"$f":"'Cifras Historicas'!F50","v":838779414},{"$f":"'Cifras Historicas'!G50","v":1213949920.28},{"$f":"'Cifras Historicas'!H50","v":1761440829.01},{"$f":"'Cifras Historicas'!I50","v":1196644075.6900001},{"$f":"'Cifras Historicas'!J50","v":1002182259.05},{"$f":"'Cifras Historicas'!K50","v":1172434305.6500001},{"$f":"'Cifras Historicas'!L50","v":1046864256.41},{"$f":"+L68*(1+M24)","v":1130613396.9228001},{"$f":"+M68*(1+N24)","v":1161139958.6397157},1192490737.5229878,1228265459.6486776,1262656892.5188406]
["Reservas",null,null,null,null,{"$f":"'Cifras Historicas'!F51","v":78840194},{"$f":"'Cifras Historicas'!G51","v":90000000},{"$f":"'Cifras Historicas'!H51","v":90000000},{"$f":"'Cifras Historicas'!I51","v":90000000},{"$f":"'Cifras Historicas'!J51","v":90000000},{"$f":"'Cifras Historicas'!K51","v":90000000},{"$f":"'Cifras Historicas'!L51","v":90000000},-240921312.49930999,-242566187.93679094,-244255475.01108408,-246183139.26141644,-248036267.16073656]
["Resultados del Ejercicio",null,null,null,null,{"$f":"'Cifras Historicas'!F52","v":673868312.26999998},{"$f":"'Cifras Historicas'!G52","v":547490908.73000002},{"$f":"'Cifras Historicas'!H52","v":157745646.68000001},{"$f":"'Cifras Historicas'!I52","v":215263983.37},{"$f":"'Cifras Historicas'!J52","v":170252046.59999999},{"$f":"'Cifras Historicas'!K52","v":-118430049.23999999},{"$f":"'Cifras Historicas'!L52","v":-256119251.01999998},{"$f":"+M93","v":75912521.397709414},{"$f":"+N93","v":77962159.475447506},80067137.781284645,82469151.914723307,84778288.168335319]
["0 TOTAL PATRIMONIO",null,null,null,null,{"$f":"'Cifras Historicas'!F53","v":1771487920.27},{"$f":"'Cifras Historicas'!G53","v":2031440829.01},{"$f":"'Cifras Historicas'!H53","v":2189186475.6900001},{"$f":"'Cifras Historicas'!I53","v":1681908059.0599999},{"$f":"'Cifras Historicas'!J53","v":1442434305.6499999},{"$f":"'Cifras Historicas'!K53","v":1324004256.4100001},{"$f":"'Cifras Historicas'!L53","v":1060745005.3899999},{"$f":"+SUM(M67:M70)","v":1145604605.8211994},{"$f":"+SUM(N67:N70)","v":1176535930.1783721},1208302400.2931883,1244551472.3019845,1279398913.5264392]
[]
["0 TOTAL PASIVO Y PATRIMONIO",null,null,null,null,{"$f":"F64+F71","v":2990728307.3600001},3620764406.77,2702483238.7400002,2131686009.51,2253183331.0999999,2976643248.8600001,{"$f":"L64+L71","v":1967906608.9399998},2125339137.6551995,2182723294.3718901,2241656823.319931,2308906528.0195293,2373555910.8040757]
[]
["CONTROL (Pasivo y Patrimonio - Activo)",null,null,null,null,{"$f":"F49-F73","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[]
["CUENTAS DE RESULTADO ",null,null,null,null,{"$f":"'Cifras Historicas'!F63","v":2014},{"$f":"'Cifras Historicas'!G63","v":2015},{"$f":"'Cifras Historicas'!H63","v":2016},{"$f":"'Cifras Historicas'!I63","v":2017},{"$f":"'Cifras Historicas'!J63","v":2018},2019,2020,{"$f":"M33","v":2021},{"$f":"N33","v":2022},{"$f":"O33","v":2023},{"$f":"P33","v":2024},{"$f":"Q33","v":2025}]
["Operacional"]
["Ventas, Ingresos de actividades ordinarias",null,null,null,null,{"$f":"+'Cifras Historicas'!F65","v":5323304022},{"$f":"+'Cifras Historicas'!G65","v":4748882979},{"$f":"+'Cifras Historicas'!H65","v":3122271394},{"$f":"+'Cifras Historicas'!I65","v":2689197433},{"$f":"+'Cifras Historicas'!J65","v":2172288959},{"$f":"+'Cifras Historicas'!K65","v":3105641403},{"$f":"+'Cifras Historicas'!L65","v":2369300666},{"$f":"+L80*(1+M$24)","v":2558844719.2800002},{"$f":"+M80*(1+N$24)","v":2627933526.7005601},2698887731.9214749,2779854363.8791194,2857690286.0677347]
["Costo de Ventas",null,null,null,null,{"$f":"+'Cifras Historicas'!F66","v":2840650741},{"$f":"+'Cifras Historicas'!G66","v":2800340034.4000001},{"$f":"+'Cifras Historicas'!H66","v":1866430298},{"$f":"+'Cifras Historicas'!I66","v":1497273400},{"$f":"+'Cifras Historicas'!J66","v":1191769145},{"$f":"+'Cifras Historicas'!K66","v":2313965225.3000002},{"$f":"+'Cifras Historicas'!L66","v":1371898785},{"$f":"+M80*'Cifras Historicas'!$T$66","v":1542546732.9919889},{"$f":"+N80*'Cifras Historicas'!$T$66","v":1584195494.7827725},{"$f":"+O80*'Cifras Historicas'!$T$66","v":1626968773.1419072},{"$f":"+P80*'Cifras Historicas'!$T$66","v":1675777836.3361645},{"$f":"+Q80*'Cifras Historicas'!$T$66","v":1722699615.7535772}]
["UTILIDAD BRUTA",null,null,null,null,{"$f":"F80-F81","v":2482653281},1948542944.5999999,1255841096,1191924033,980519814,791676177.69999981,{"$f":"L80-L81","v":997401881},1016297986.2880113,1043738031.9177876,1071918958.7795677,1104076527.5429549,1134990670.3141575]
["Gastos de administración",null,null,null,null,{"$f":"+'Cifras Historicas'!F68","v":432531289.99000001},{"$f":"+'Cifras Historicas'!G68","v":600273946.68999994},{"$f":"+'Cifras Historicas'!H68","v":298753262.61000001},{"$f":"+'Cifras Historicas'!I68","v":323700740.42000002},{"$f":"+'Cifras Historicas'!J68","v":362743766.87},{"$f":"+'Cifras Historicas'!K68","v":288540983.51999998},{"$f":"+'Cifras Historicas'!L68","v":230618464.15000001},{"$f":"+M80*'Cifras Historicas'!$T$68","v":298399752.06883734},{"$f":"+N80*'Cifras Historicas'!$T$68","v":306456545.37469596},{"$f":"+O80*'Cifras Historicas'!$T$68","v":314730872.09981275},{"$f":"+P80*'Cifras Historicas'!$T$68","v":324172798.26280713},{"$f":"+Q80*'Cifras Historicas'!$T$68","v":333249636.61416572}]
["Gastos de ventas y distribución",null,null,null,null,{"$f":"+'Cifras Historicas'!F69","v":985017277},{"$f":"+'Cifras Historicas'!G69","v":518550948.98000002},{"$f":"+'Cifras Historicas'!H69","v":587728164},{"$f":"+'Cifras Historicas'!I69","v":539468522.48000002},{"$f":"+'Cifras Historicas'!J69","v":304238521},{"$f":"+'Cifras Historicas'!K69","v":581792014.85000002},{"$f":"+'Cifras Historicas'!L69","v":512973905.51999998},{"$f":"+M80*'Cifras Historicas'!$T$69","v":444358012.7203725},{"$f":"+N80*'Cifras Historicas'!$T$69","v":456355679.06382257},{"$f":"+O80*'Cifras Historicas'!$T$69","v":468677282.39854574},{"$f":"+P80*'Cifras Historicas'!$T$69","v":482737600.87050211},{"$f":"+Q80*'Cifras Historicas'!$T$69","v":496254253.69487619}]
["UTILIDAD OPERACIONAL",null,null,null,null,{"$f":"F82-F83-F84","v":1065104714.01},829718048.92999983,369359669.38999999,328754770.0999999,313537526.13,-78656820.670000196,{"$f":"L82-L83-L84","v":253809511.33000004},273540221.49880141,280925807.47926897,288510804.28120923,297166128.40964568,305486780.00511551]
["No Operacional"]
["Otros ingresos",null,null,null,null,{"$f":"+'Cifras Historicas'!F72","v":126367387.34999999},{"$f":"+'Cifras Historicas'!G72","v":153078734.12},{"$f":"+'Cifras Historicas'!H72","v":165819513.75},{"$f":"+'Cifras Historicas'!I72","v":56463563.519999996},{"$f":"+'Cifras Historicas'!J72","v":30942167.179999996},{"$f":"+'Cifras Historicas'!K72","v":26051823.73},{"$f":"+'Cifras Historicas'!L72","v":84325328.129999995},{"$f":"+M80*'Cifras Historicas'!$T$72","v":70181916.674231842},{"$f":"+N80*'Cifras Historicas'!$T$72","v":72076828.424436092},{"$f":"+O80*'Cifras Historicas'!$T$72","v":74022902.791895866},{"$f":"+P80*'Cifras Historicas'!$T$72","v":76243589.875652745},{"$f":"+Q80*'Cifras Historicas'!$T$72","v":78378410.392171025}]
["Gasto no operacional",null,null,null,null,{"$f":"+'Cifras Historicas'!F73","v":159886203.25999999},{"$f":"+'Cifras Historicas'!G73","v":135717288.48999998},{"$f":"+'Cifras Historicas'!H73","v":288664537.10999995},{"$f":"+'Cifras Historicas'!I73","v":54735739.520000003},{"$f":"+'Cifras Historicas'!J73","v":66927594.00999999},{"$f":"+'Cifras Historicas'!K73","v":65808431.300000004},{"$f":"+'Cifras Historicas'!L73","v":593676546.61000001},{"$f":"+M80*'Cifras Historicas'!$T$73","v":189335802.56514314},{"$f":"+N80*'Cifras Historicas'!$T$73","v":194447869.234402},{"$f":"+O80*'Cifras Historicas'!$T$73","v":199697961.70373082},{"$f":"+P80*'Cifras Historicas'!$T$73","v":205688900.55484277},{"$f":"+Q80*'Cifras Historicas'!$T$73","v":211448189.77037838}]
["Gasto Financiero",null,null,null,null,{"$f":"+'Cifras Historicas'!F74","v":831585.83},{"$f":"+'Cifras Historicas'!G74","v":831585.83},{"$f":"+'Cifras Historicas'!H74","v":77999.350000000006},{"$f":"+'Cifras Historicas'!I74","v":2927610.73},{"$f":"+'Cifras Historicas'!J74","v":10140052.699999999},{"$f":"+'Cifras Historicas'!K74","v":16621},{"$f":"+'Cifras Historicas'!L74","v":577543.87},{"$f":"+M80*'Cifras Historicas'!$T$74","v":2646602.0702311872},{"$f":"+N80*'Cifras Historicas'!$T$74","v":2718060.326127429},{"$f":"+O80*'Cifras Historicas'!$T$74","v":2791447.9549328694},{"$f":"+P80*'Cifras Historicas'!$T$74","v":2875191.3935808558},{"$f":"+Q80*'Cifras Historicas'!$T$74","v":2955696.7526011197}]
["Resultados Netos"]
["UTILIDAD ANTES DE IMPUESTOS",null,null,null,null,{"$f":"F85+F87-F88-F89","v":1030754312.2699999},846247908.72999978,246436646.68000004,327554983.36999989,267412046.60000002,-118430049.24000019,{"$f":"L85+L87-L88-L89","v":-256119251.01999998},{"$f":"M85+M87-M88-M89","v":151739733.5376589},155836706.34317562,160044297.41444141,164845626.33687478,169461303.87430704]
["Gasto por impuesto",null,null,null,null,{"$f":"+'Cifras Historicas'!F77","v":356886000},{"$f":"+'Cifras Historicas'!G77","v":298757000},{"$f":"+'Cifras Historicas'!H77","v":88691000},{"$f":"+'Cifras Historicas'!I77","v":112291000},{"$f":"+'Cifras Historicas'!J77","v":97160000},{"$f":"+'Cifras Historicas'!K77","v":0},{"$f":"+'Cifras Historicas'!L77","v":0},{"$f":"+M80*'Cifras Historicas'!$T$77","v":75827212.139949486},{"$f":"+N80*'Cifras Historicas'!$T$77","v":77874546.867728114},{"$f":"+O80*'Cifras Historicas'!$T$77","v":79977159.633156762},{"$f":"+P80*'Cifras Historicas'!$T$77","v":82376474.422151476},{"$f":"+Q80*'Cifras Historicas'!$T$77","v":84683015.705971718}]
["UTILIDAD NETA",null,null,null,null,{"$f":"F91-F92","v":673868312.26999986},547490908.72999978,157745646.68000004,215263983.36999989,170252046.60000002,-118430049.24000019,{"$f":"L91-L92","v":-256119251.01999998},75912521.397709414,77962159.475447506,80067137.781284645,82469151.914723307,84778288.168335319]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+M85+M98","v":279320903.7705701},{"$f":"+N85+N98","v":286765160.17683458},294417208.89397126,303101881.34994513,311685101.50831491]
["Datos Informativos"]
["Detalles de Depreciación y Amortización",null,null,null,null,{"$f":"F78","v":2014},2015,2016,2017,2018,2019,2020,{"$f":"M78","v":2021},2022,2023,2024,2025]
["Depreciaciones",null,null,null,null,5369989.2911904762,5369989.2911904762,5700966.3200000003,4097773,5782289,5996203,8147566,{"$f":"+AVERAGE(F98:L98)","v":5780682.2717687069},5839352.6975655975,5906404.6127620433,5935752.9402994784,6198321.5031994041]
["Amortizaciones",null,null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]

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["PROYECCIONES MEJORAS, TRATAMIENTOS Y ESTRATEGIAS"]
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[]
["ESTRATEGIA 3 AJUSTE ESTRUCTURA DE COSTOS Y GASTOS"]
["COSTOS",null,null,null,{"$f":"'Analisis Financiero'!M78","v":2021},{"$f":"'Valoración Sin Estrategia'!G54","v":2022},{"$f":"'Valoración Sin Estrategia'!H54","v":2023},{"$f":"'Valoración Sin Estrategia'!I54","v":2024},{"$f":"'Valoración Sin Estrategia'!J54","v":2025},"Objetivo"]
["REDUCCIÓN DE COSTOS",null,null,null,4.0000000000000001E-3,8.0000000000000002E-3,1.3100000000000001E-2,7.0000000000000001E-3,5.0000000000000001E-3,{"$f":"+SUM(E6:I6)","v":3.7100000000000001E-2}]
["REDUCCIÓN DE COSTOS $ Proyección",null,null,null,{"$f":"+E6*'Analisis Financiero'!M81","v":6170186.931967956},{"$f":"+F6*'Analisis Financiero'!N81","v":12673563.958262181},{"$f":"+G6*'Analisis Financiero'!O81","v":21313290.928158984},{"$f":"+H6*'Analisis Financiero'!P81","v":11730444.854353152},{"$f":"+I6*'Analisis Financiero'!Q81","v":8613498.0787678864},{"$f":"+SUM(E7:I7)","v":60500984.751510158}]
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[]
["GASTOS ADMINISTRATIVOS",null,null,null,{"$f":"E5","v":2021},{"$f":"F5","v":2022},{"$f":"G5","v":2023},{"$f":"H5","v":2024},{"$f":"I5","v":2025},"Objetivo"]
["REDUCCIÓN DE GASTOS ADMINISTRATIVOS",null,null,null,1.1999999999999999E-3,3.0000000000000001E-3,4.0000000000000001E-3,3.0000000000000001E-3,2E-3,{"$f":"+SUM(E11:I11)","v":1.3199999999999998E-2}]
["REDUCCIÓN DE GASTOS ADMON $ Proyección",null,null,null,{"$f":"+E11*'Analisis Financiero'!M83","v":358079.70248260477},{"$f":"+F11*'Analisis Financiero'!N83","v":919369.63612408785},{"$f":"+G11*'Analisis Financiero'!O83","v":1258923.4883992509},{"$f":"+H11*'Analisis Financiero'!P83","v":972518.39478842146},{"$f":"+I11*'Analisis Financiero'!Q83","v":666499.27322833147},{"$f":"+SUM(E12:I12)","v":4175390.4950226964}]
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[]
["GASTOS DE VENTAS",null,null,null,{"$f":"E10","v":2021},{"$f":"F10","v":2022},{"$f":"G10","v":2023},{"$f":"H10","v":2024},{"$f":"I10","v":2025},"Objetivo"]
["REDUCCIÓN DE GASTOS DE VENTAS",null,null,null,5.0000000000000001E-3,1.0999999999999999E-2,0.02,0.01,8.9999999999999993E-3,{"$f":"+SUM(E16:I16)","v":5.5000000000000007E-2}]
["REDUCCIÓN GASTOS DE VENTAS $ Proyección",null,null,null,{"$f":"+E16*'Analisis Financiero'!M84","v":2221790.0636018626},{"$f":"+F16*'Analisis Financiero'!N84","v":5019912.4697020482},{"$f":"+G16*'Analisis Financiero'!O84","v":9373545.6479709148},{"$f":"+H16*'Analisis Financiero'!P84","v":4827376.0087050209},{"$f":"+I16*'Analisis Financiero'!Q84","v":4466288.2832538858},{"$f":"+SUM(E17:I17)","v":25908912.473233733}]
[" "]
[]
["PLAN DE REDUCCIÓN EN PESOS",null,null,null,{"$f":"E15","v":2021},{"$f":"F15","v":2022},{"$f":"G15","v":2023},{"$f":"H15","v":2024},{"$f":"I15","v":2025}]
["COSTO DE VENTAS Y DE PRESTACIÓN DE SERVICIOS ",null,null,null,{"$f":"+'Analisis Financiero'!M81-'Estrategias Operativas'!E7","v":1536376546.0600209},{"$f":"+'Analisis Financiero'!N81-'Estrategias Operativas'!F7","v":1571521930.8245103},{"$f":"+'Analisis Financiero'!O81-'Estrategias Operativas'!G7","v":1605655482.2137482},{"$f":"+'Analisis Financiero'!P81-'Estrategias Operativas'!H7","v":1664047391.4818113},{"$f":"+'Analisis Financiero'!Q81-'Estrategias Operativas'!I7","v":1714086117.6748095},{"$f":"+(I21-'Estados financieros + Estrategi'!L90)/'Estados financieros + Estrategi'!L90","v":0.24942607750382217}]
["GASTOS OPERACIONALES DE ADMINISTRACIÓN ",null,null,null,{"$f":"+'Analisis Financiero'!M83-'Estrategias Operativas'!E12","v":298041672.36635476},{"$f":"+'Analisis Financiero'!N83-'Estrategias Operativas'!F12","v":305537175.73857188},{"$f":"+'Analisis Financiero'!O83-'Estrategias Operativas'!G12","v":313471948.61141348},{"$f":"+'Analisis Financiero'!P83-'Estrategias Operativas'!H12","v":323200279.86801869},{"$f":"+'Analisis Financiero'!Q83-'Estrategias Operativas'!I12","v":332583137.34093738}]
["GASTOS OPERACIONALES DE VENTAS ",null,null,null,{"$f":"+'Analisis Financiero'!M84-'Estrategias Operativas'!E17","v":442136222.65677065},{"$f":"+'Analisis Financiero'!N84-'Estrategias Operativas'!F17","v":451335766.5941205},{"$f":"+'Analisis Financiero'!O84-'Estrategias Operativas'!G17","v":459303736.75057483},{"$f":"+'Analisis Financiero'!P84-'Estrategias Operativas'!H17","v":477910224.86179709},{"$f":"+'Analisis Financiero'!Q84-'Estrategias Operativas'!I17","v":491787965.41162229}]
[]
[]
["ESTRATEGIA 1  INCREMENTO el total de ingresos operativos",null,null,null,{"$f":"E$20","v":2021},{"$f":"F$20","v":2022},2023,2024,2025]
["Gradiente Crecimiento Valoración Natural",null,null,null,{"$f":"+'Analisis Financiero'!M24","v":8.0000000000000071E-2},{"$f":"+'Analisis Financiero'!N24","v":2.6999999999999913E-2},{"$f":"+'Analisis Financiero'!O24","v":2.6999999999999913E-2},{"$f":"+'Analisis Financiero'!P24","v":3.0000000000000027E-2},{"$f":"+'Analisis Financiero'!Q24","v":2.8000000000000025E-2}]
["INCREMENTO EN VENTAS",null,null,null,{"$f":"E20","v":2021},null,null,null,null,"Objetivo"]
["CRECIMIENTO ADICIONAL DE VENTAS",null,null,null,0.03,0.04,0.04,0.02,0.03,{"$f":"+SUM(E29:I29)","v":0.16}]
["INCREMENTO GRADIENTE DE CRECIMIENTO",null,null,null,{"$f":"+(1+E27)*(1+E29)-1","v":0.11240000000000006},{"$f":"+(1+F27)*(1+F29)-1","v":6.8079999999999918E-2},6.8079999999999918E-2,5.0599999999999978E-2,5.8840000000000003E-2,{"$f":"+SUM(E30:I30)","v":0.35799999999999987}]
["VENTAS CON TRATAMIENTO",null,null,null,{"$f":"+'Analisis Financiero'!L80*(1+'Estrategias Operativas'!E30)","v":2635610060.8584003},{"$f":"+E31*(1+F30)","v":2815042393.80164},{"$f":"+F31*(1+G30)","v":3006690479.9716554},3158829018.2582211,3344694517.6925349]
[]
["ESTRATEGIA 3 DISMINUCIÓN DE ACTIVOS OCIOSOS",null,null,null,{"$f":"E$20","v":2021},{"$f":"F$20","v":2022},2023,2024,2025,"Objetivo"]
["REDUCCIÓN DE INVENTARIOS",null,null,null,-0.1,-0.08,-0.16,-0.03,-0.03,-0.4]
["REDUCCIÓN DE INVENTARIOS  $ Proyección",null,null,null,{"$f":"+'Analisis Financiero'!L38*1+'Estrategias Operativas'!E34","v":1009686095.9},{"$f":"+E35*(1+F34)","v":928911208.22800004},{"$f":"+F35*(1+G34)","v":780285414.91152},{"$f":"+G35*(1+H34)","v":756876852.46417439},{"$f":"+H35*(1+I34)","v":734170546.89024913},"Objetivo"]
["% MAXIMO DE INVENTARIO DE BAJA",null,null,null,81171741,{"$f":"+F35*3%","v":27867336.24684},{"$f":"+G35*3%","v":23408562.4473456},22706305.573925231,22025116.406707473]
["REDUCCIÓN DE CUENTAS POR COBRAR COMERCIALES",null,null,null,-0.08,-0.06,-0.02,-0.03,-0.01,-0.2]
["REDUCCIÓN DE CUENTAS POR COBRAR COMERCIALES PROYECCIÓN $ Proyección",null,null,null,{"$f":"+'Analisis Financiero'!L37*(1+'Estrategias Operativas'!E37)","v":772369888.96000004},{"$f":"+E38*(1+F37)","v":726027695.62240005},{"$f":"+F38*(1+G37)","v":711507141.709952},{"$f":"+G38*(1+H37)","v":690161927.45865345},{"$f":"+H38*(1+I37)","v":683260308.18406689}]
[]
["* Limite fiscal max pérdida activos",null,null,null,{"$f":"+('Estados financieros + Estrategi'!L47+'Estados financieros + Estrategi'!M90)*3%","v":76381879.261800632},{"$f":"+('Estados financieros + Estrategi'!M47+'Estados financieros + Estrategi'!N90)*3%","v":77436240.801735297},{"$f":"+('Estados financieros + Estrategi'!N47+'Estados financieros + Estrategi'!O90)*3%","v":76037000.71325244},{"$f":"+('Estados financieros + Estrategi'!O47+'Estados financieros + Estrategi'!P90)*3%","v":73329984.191799939},{"$f":"+('Estados financieros + Estrategi'!P47+'Estados financieros + Estrategi'!Q90)*3%","v":74128889.104169503}]
[]
[]
["EFECTO DISMINUCIÓN EN OTROS RUBROS",null,null,null,{"$f":"E$20","v":2021},{"$f":"F$20","v":2022},2023,2024,2025]
["REDUCCIÓN EN CXP A PROVEEDORES",null,null,null,-0.1,-0.08,-0.16,-0.03,-0.03]
["REDUCCIÓN DE INVENTARIOS  $ Proyección",null,null,null,{"$f":"+'Analisis Financiero'!L44*1+'Estrategias Operativas'!E44","v":13557375.9},{"$f":"+E45*(1+F44)","v":12472785.828000002},{"$f":"+F45*(1+G44)","v":10477140.095520001},{"$f":"+G45*(1+H44)","v":10162825.8926544},{"$f":"+H45*(1+I44)","v":9857941.1158747673}]
["REDUCCIÓN DE CUENTAS POR COBRAR COMERCIALES",null,null,null,-0.08,-0.06,-0.02,-0.03,-0.01]
["REDUCCIÓN DE CUENTAS POR COBRAR COMERCIALES PROYECCIÓN $ Proyección",null,null,null,{"$f":"+'Analisis Financiero'!L43*(1+'Estrategias Operativas'!E46)","v":0},{"$f":"+E47*(1+F46)","v":0},{"$f":"+F47*(1+G46)","v":0},{"$f":"+G47*(1+H46)","v":0},{"$f":"+H47*(1+I46)","v":0}]
[]
["ESTRATEGIA 1  INCREMENTO EN EL PASIVO POR IMPUESTOSs",null,null,null,{"$f":"E$20","v":2021},{"$f":"F$20","v":2022},2023,2024,2025]
["Gradiente Crecimiento Valoración Natural",null,null,null,{"$f":"+E27","v":8.0000000000000071E-2},{"$f":"+F27","v":2.6999999999999913E-2},2.6999999999999913E-2,3.0000000000000027E-2,2.8000000000000025E-2]
["INCREMENTO EN VENTAS",null,null,null,{"$f":"E43","v":2021},{"$f":"F43","v":2022},{"$f":"G43","v":2023},{"$f":"H43","v":2024},{"$f":"I43","v":2025},"Objetivo"]
["CRECIMIENTO ADICIONAL DE TASA IMPOSITIVA",null,null,null,{"$f":"+(31%-32%)/32%","v":-3.1250000000000028E-2},{"$f":"+(38%-31%)/31%","v":0.22580645161290325},{"$f":"+(38%-38%)/38%","v":0},{"$f":"+(38%-38%)/38%","v":0},0,{"$f":"+SUM(E52:I52)","v":0.19455645161290322}]
["INCREMENTO GRADIENTE DE CRECIMIENTO",null,null,null,{"$f":"+(1+E50)*(1+E52)-1","v":4.6250000000000124E-2},{"$f":"+(1+F50)*(1+F52)-1","v":0.25890322580645142},2.6999999999999913E-2,3.0000000000000027E-2,2.8000000000000025E-2,{"$f":"+SUM(E53:I53)","v":0.39015322580645151}]
["PASIVOS POR IMPUESTOS CON CRECIMIENTO",null,null,null,{"$f":"+'Estados financieros + Estrategi'!L64*(1+'Estrategias Operativas'!E53)","v":118592437.50000001},{"$f":"+E54*(1+F53)","v":149296402.125},{"$f":"+F54*(1+G53)","v":153327404.982375},{"$f":"+G54*(1+H53)","v":157927227.13184625},{"$f":"+H54*(1+I53)","v":162349189.49153796}]
[]
["Cálculo Impuesto a la renta",null,null,null,"Porcentaje promedio de Gastos no deducibles",null,null,{"$f":"+AVERAGE('Estados financieros + Estrategi'!F104:K104)","v":1.1717107122890849E-2}]
[null,null,null,null,{"$f":"E$20","v":2021},{"$f":"F$20","v":2022},2023,2024,2025]
["Total Utilidad Antes de Impuestos",null,null,null,{"$f":"+'Estados financieros + Estrategi'!M100","v":152429376.17527729},{"$f":"+'Estados financieros + Estrategi'!N100","v":352652075.50745416},{"$f":"+'Estados financieros + Estrategi'!O100","v":485141457.35400987},{"$f":"+'Estados financieros + Estrategi'!P100","v":543311503.53956461},{"$f":"+'Estados financieros + Estrategi'!Q100","v":647030518.8051827}]
["(+) Valor de destrucción de activos no deducible",null,null,null,{"$f":"+IF(E36>E40,(E36-E40),0)","v":4789861.7381993681},{"$f":"+IF(F36>F40,(F36-F40),0)","v":0},0,0,0]
["(+) Valor indicador Gastos no deducibles ( Eb base a ingresos)",null,null,null,{"$f":"+'Estados financieros + Estrategi'!M89*'Estrategias Operativas'!$H$56","v":30881725.417246748},{"$f":"+'Estados financieros + Estrategi'!N89*'Estrategias Operativas'!$H$56","v":32984153.283652905},{"$f":"+'Estados financieros + Estrategi'!O89*'Estrategias Operativas'!$H$56","v":35229714.439203992},{"$f":"+'Estados financieros + Estrategi'!P89*'Estrategias Operativas'!$H$56","v":37012337.989827715},{"$f":"+'Estados financieros + Estrategi'!Q89*'Estrategias Operativas'!$H$56","v":39190143.957149178}]
["Total Utilidad Base impositiva",null,null,null,{"$f":"+SUM(E58:E60)","v":188100963.3307234},{"$f":"+SUM(F58:F60)","v":385636228.79110706},520371171.79321384,580323841.52939236,686220662.76233184]
["Tarifa de Impuesto a la Renta",null,null,null,{"$f":"+Indicadores!J106","v":0.31},{"$f":"+Indicadores!K106","v":0.38},{"$f":"+Indicadores!L106","v":0.38},{"$f":"+Indicadores!M106","v":0.38},{"$f":"+Indicadores!N106","v":0.38}]
["Valor Impuesto a la renta",null,null,null,{"$f":"+E61*E62","v":58311298.632524252},{"$f":"+F61*F62","v":146541766.94062069},197741045.28142127,220523059.78116909,260763851.84968612]

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["EMPRESA PROTOTIPO S.A.S"]
["ANÁLISIS FINANCIERO"]
[" Pesos Colombianos"]
["a 31 de Diciembre"]
["Periodos",null,null,null,null,{"$f":"'Cifras Historicas'!F15","v":2014},{"$f":"'Cifras Historicas'!G15","v":2015},{"$f":"'Cifras Historicas'!H15","v":2016},{"$f":"'Cifras Historicas'!I15","v":2017},{"$f":"'Cifras Historicas'!J15","v":2018},{"$f":"'Cifras Historicas'!K15","v":2019},{"$f":"'Cifras Historicas'!L15","v":2020},{"$f":"L15+1","v":2021},{"$f":"M15+1","v":2022},2023,2024,2025]
[]
[]
["CIFRAS FUNDAMENTALES DE PROYECCIÓN"]
[]
["EMPRESA PROTOTIPO S.A.S"]
["CIFRAS DE PROYECCIÓN "]
[]
["PLANES, POLITICAS Y EXPECTATIVAS "]
[null,null,null,null,null,"CIFRAS HISTÓRICAS",null,null,null,null,null,null,"CIFRAS PROYECTADAS"]
["VARIABLE MACROECONÓMICA",null,null,null,null,{"$f":"F15","v":2014},2015,2016,2017,2018,2019,2020,{"$f":"L25+1","v":2021},{"$f":"M25+1","v":2022},{"$f":"N25+1","v":2023},{"$f":"O25+1","v":2024},{"$f":"P25+1","v":2025}]
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["Spread de Tasa (Colocación)",null,null,null,null,{"$f":"+'Analisis Financiero'!F18","v":0.1019},{"$f":"+'Analisis Financiero'!G18","v":0.125},{"$f":"+'Analisis Financiero'!H18","v":0.1381},{"$f":"+'Analisis Financiero'!I18","v":0.115},{"$f":"+'Analisis Financiero'!J18","v":0.109},{"$f":"+'Analisis Financiero'!K18","v":0.11550000000000001},{"$f":"+'Analisis Financiero'!L18","v":8.1299999999999997E-2},{"$f":"+'Analisis Financiero'!M18","v":0.11225714285714286},{"$f":"+'Analisis Financiero'!N18","v":0.11373673469387756},{"$f":"+'Analisis Financiero'!O18","v":0.11212769679300291},{"$f":"+'Analisis Financiero'!P18","v":0.10841736776343192},{"$f":"+'Analisis Financiero'!Q18","v":0.10747699172963647}]
["Costo del Dinero, Tasa de Colocación",null,null,null,null,{"$f":"+'Analisis Financiero'!F19","v":0.14663714000000017},{"$f":"+'Analisis Financiero'!G19","v":0.17382500000000012},{"$f":"+'Analisis Financiero'!H19","v":0.21685652000000011},{"$f":"+'Analisis Financiero'!I19","v":0.17387200000000003},{"$f":"+'Analisis Financiero'!J19","v":0.15934860000000017},{"$f":"+'Analisis Financiero'!K19","v":0.16592059999999975},{"$f":"+'Analisis Financiero'!L19","v":0.10216909000000007},{"$f":"+'Analisis Financiero'!M19","v":0.13817273428571442},{"$f":"+'Analisis Financiero'!N19","v":0.15461087285714292},{"$f":"+'Analisis Financiero'!O19","v":0.16317435807580183},{"$f":"+'Analisis Financiero'!P19","v":0.16539002046647244},{"$f":"+'Analisis Financiero'!Q19","v":0.16816673087642053}]
["Inflación en Colombia",null,null,null,null,{"$f":"+'Analisis Financiero'!F20","v":1.9400000000000001E-2},{"$f":"+'Analisis Financiero'!G20","v":3.6600000000000001E-2},{"$f":"+'Analisis Financiero'!H20","v":5.7500000000000002E-2},{"$f":"+'Analisis Financiero'!I20","v":4.0899999999999999E-2},{"$f":"+'Analisis Financiero'!J20","v":3.1800000000000002E-2},{"$f":"+'Analisis Financiero'!K20","v":3.7999999999999999E-2},{"$f":"+'Analisis Financiero'!L20","v":1.6199999999999999E-2},{"$f":"+'Analisis Financiero'!M20","v":2.4E-2},{"$f":"+'Analisis Financiero'!N20","v":0.03},{"$f":"+'Analisis Financiero'!O20","v":3.5000000000000003E-2},{"$f":"+'Analisis Financiero'!P20","v":3.6999999999999998E-2},{"$f":"+'Analisis Financiero'!Q20","v":3.1E-2}]
["Inflación en Estados Unidos",null,null,null,null,{"$f":"+'Analisis Financiero'!F21","v":1.6199999999999999E-2},{"$f":"+'Analisis Financiero'!G21","v":1.2E-2},{"$f":"+'Analisis Financiero'!H21","v":1.26E-2},{"$f":"+'Analisis Financiero'!I21","v":2.1299999999999999E-2},{"$f":"+'Analisis Financiero'!J21","v":2.4400000000000002E-2},{"$f":"+'Analisis Financiero'!K21","v":1.8100000000000002E-2},{"$f":"+'Analisis Financiero'!L21","v":1.24E-2},{"$f":"+'Analisis Financiero'!M21","v":2.3699999999999999E-2},{"$f":"+'Analisis Financiero'!N21","v":2.5399999999999999E-2},{"$f":"+'Analisis Financiero'!O21","v":2.3300000000000001E-2},{"$f":"+'Analisis Financiero'!P21","v":2.3099999999999999E-2},{"$f":"+'Analisis Financiero'!Q21","v":2.1999999999999999E-2}]
["Variación PIB real",null,null,null,null,{"$f":"+'Analisis Financiero'!F22","v":4.4999999999999998E-2},{"$f":"+'Analisis Financiero'!G22","v":0.03},{"$f":"+'Analisis Financiero'!H22","v":2.1000000000000001E-2},{"$f":"+'Analisis Financiero'!I22","v":1.14E-2},{"$f":"+'Analisis Financiero'!J22","v":2.5999999999999999E-2},{"$f":"+'Analisis Financiero'!K22","v":3.3000000000000002E-2},{"$f":"+'Analisis Financiero'!L22","v":-6.8000000000000005E-2},{"$f":"+'Analisis Financiero'!M22","v":0.08},{"$f":"+'Analisis Financiero'!N22","v":2.7E-2},{"$f":"+'Analisis Financiero'!O22","v":2.7E-2},{"$f":"+'Analisis Financiero'!P22","v":0.03},{"$f":"+'Analisis Financiero'!Q22","v":2.8000000000000001E-2}]
["Crecimiento nominal de la economía",null,null,null,null,{"$f":"((1+F29)*(1+F31))-1","v":6.5272999999999914E-2},{"$f":"((1+G29)*(1+G31))-1","v":6.7698000000000036E-2},7.9707500000000042E-2,5.2766260000000065E-2,5.862680000000009E-2,7.225400000000004E-2,-5.2901600000000104E-2,0.10592000000000001,5.7809999999999917E-2,6.2944999999999807E-2,6.8109999999999893E-2,5.9868000000000032E-2]
["Crecimiento en ventas Real (1+ tasa)/(1+IPC)-1",null,null,null,null,null,{"$f":"((1+('Cifras Historicas'!G65/'Cifras Historicas'!F65)-1)/(1+G29))-1","v":-0.13940465365144639},{"$f":"((1+('Cifras Historicas'!H65/'Cifras Historicas'!G65)-1)/(1+H29))-1","v":-0.37827431981528159},{"$f":"((1+('Cifras Historicas'!I65/'Cifras Historicas'!H65)-1)/(1+I29))-1","v":-0.17254758203550424},{"$f":"((1+('Cifras Historicas'!J65/'Cifras Historicas'!I65)-1)/(1+J29))-1","v":-0.21711245613501329},{"$f":"((1+('Cifras Historicas'!K65/'Cifras Historicas'!J65)-1)/(1+K29))-1","v":0.37732477502046025},{"$f":"((1+('Cifras Historicas'!L65/'Cifras Historicas'!K65)-1)/(1+L29))-1","v":-0.24925978908550472},{"$f":"+'Estrategias Operativas'!E30","v":0.11240000000000006},{"$f":"+'Estrategias Operativas'!F30","v":6.8079999999999918E-2},{"$f":"+'Estrategias Operativas'!G30","v":6.8079999999999918E-2},{"$f":"+'Estrategias Operativas'!H30","v":5.0599999999999978E-2},{"$f":"+'Estrategias Operativas'!I30","v":5.8840000000000003E-2},null,"Modificar la tasa a la tasa de crecimiento + tratamiento"]
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[]
[]
["ESTADOS FINANCIEROS PROYECTADOS"]
[]
["EMPRESA PROTOTIPO S.A.S"]
["PROYECCIÓN DE ESTADOS FINANCIERO"]
[]
["ACTIVO",null,null,null,null,{"$f":"+'Cifras Historicas'!F15","v":2014},{"$f":"+'Cifras Historicas'!G15","v":2015},{"$f":"+'Cifras Historicas'!H15","v":2016},{"$f":"+'Cifras Historicas'!I15","v":2017},{"$f":"+'Cifras Historicas'!J15","v":2018},{"$f":"+'Cifras Historicas'!K15","v":2019},{"$f":"+'Cifras Historicas'!L15","v":2020},{"$f":"M15","v":2021},{"$f":"N15","v":2022},{"$f":"O15","v":2023},{"$f":"P15","v":2024},{"$f":"Q15","v":2025}]
["Activo Corriente"]
["Efectivo y equivalentes de efectivo",null,null,null,null,{"$f":"'Cifras Historicas'!F17","v":1226412104.3599999},{"$f":"'Cifras Historicas'!G17","v":900917975.76999998},{"$f":"'Cifras Historicas'!H17","v":206347570.63999999},{"$f":"'Cifras Historicas'!I17","v":364265070.81},{"$f":"'Cifras Historicas'!J17","v":142216176.05000001},{"$f":"'Cifras Historicas'!K17","v":305752667.13},{"$f":"'Cifras Historicas'!L17","v":82961726.310000002},{"$f":"+L44*(1+M$33)","v":92286624.347244009},{"$f":"+M44*(1+N$33)","v":98569497.732804373},105280109.13845369,110607282.66085945,117115415.17262442]
["Activos financieros",null,null,null,null,{"$f":"'Cifras Historicas'!F18","v":23135998},{"$f":"'Cifras Historicas'!G18","v":23966489},{"$f":"'Cifras Historicas'!H18","v":25066661},{"$f":"'Cifras Historicas'!I18","v":29318905.600000001},{"$f":"'Cifras Historicas'!J18","v":28515581.620000001},{"$f":"'Cifras Historicas'!K18","v":18672906.300000001},{"$f":"'Cifras Historicas'!L18","v":21157722.629999999},{"$f":"+L45*(1+M$33)","v":23535850.653611999},{"$f":"+M45*(1+N$33)","v":25138171.3661099},26849578.07271466,28208166.723194022,29867935.253186759]
["Deudores comerciales y otros",null,null,null,null,{"$f":"'Cifras Historicas'!F19","v":1065020951},{"$f":"'Cifras Historicas'!G19","v":1830114437.9000001},{"$f":"'Cifras Historicas'!H19","v":891491929},{"$f":"'Cifras Historicas'!I19","v":763400000},{"$f":"'Cifras Historicas'!J19","v":991219221},{"$f":"'Cifras Historicas'!K19","v":1413051717},{"$f":"'Cifras Historicas'!L19","v":839532488},{"$f":"+'Estrategias Operativas'!E38","v":772369888.96000004},{"$f":"+'Estrategias Operativas'!F38","v":726027695.62240005},{"$f":"+'Estrategias Operativas'!G38","v":711507141.709952},{"$f":"+'Estrategias Operativas'!H38","v":690161927.45865345},{"$f":"+'Estrategias Operativas'!I38","v":683260308.18406689}]
["Inventarios",null,null,null,null,{"$f":"'Cifras Historicas'!F20","v":618318163},{"$f":"'Cifras Historicas'!G20","v":841372799.10000002},{"$f":"'Cifras Historicas'!H20","v":1566198173.0999999},{"$f":"'Cifras Historicas'!I20","v":939332663.0999999},{"$f":"'Cifras Historicas'!J20","v":1079647558.4299998},{"$f":"'Cifras Historicas'!K20","v":1221678245.4299998},{"$f":"'Cifras Historicas'!L20","v":1009686096},{"$f":"+'Estrategias Operativas'!E35","v":1009686095.9},{"$f":"+'Estrategias Operativas'!F35","v":928911208.22800004},{"$f":"+'Estrategias Operativas'!G35","v":780285414.91152},{"$f":"+'Estrategias Operativas'!H35","v":756876852.46417439},{"$f":"+'Estrategias Operativas'!I35","v":734170546.89024913}]
["Pagos anticipados",null,null,null,null,{"$f":"'Cifras Historicas'!F21","v":43182861},{"$f":"'Cifras Historicas'!G21","v":6183644},{"$f":"'Cifras Historicas'!H21","v":0},{"$f":"'Cifras Historicas'!I21","v":22454045},{"$f":"'Cifras Historicas'!J21","v":0},{"$f":"'Cifras Historicas'!K21","v":0},{"$f":"'Cifras Historicas'!L21","v":1011200},{"$f":"+L48*(1+M$33)","v":1124858.8800000001},{"$f":"+M48*(1+N$33)","v":1201439.2725504001},1283233.2582256312,1348164.861091848,1427490.8815184922]
["TOTAL ACTIVO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F22","v":2976070077.3599997},{"$f":"'Cifras Historicas'!G22","v":3602555345.77},{"$f":"'Cifras Historicas'!H22","v":2689104333.7399998},{"$f":"'Cifras Historicas'!I22","v":2118770684.51},{"$f":"'Cifras Historicas'!J22","v":2241598537.0999999},{"$f":"'Cifras Historicas'!K22","v":2959155535.8599997},{"$f":"'Cifras Historicas'!L22","v":1954349232.9400001},{"$f":"+SUM(M44:M48)","v":1899003318.7408562},{"$f":"+SUM(N44:N48)","v":1779848012.2218647},1625205477.0908661,1587202394.1679733,1565841696.3816459]
["Activo No Corriente"]
["Activos financieros",null,null,null,null,{"$f":"'Cifras Historicas'!F24","v":0},{"$f":"'Cifras Historicas'!G24","v":0},{"$f":"'Cifras Historicas'!H24","v":0},{"$f":"'Cifras Historicas'!I24","v":0},{"$f":"'Cifras Historicas'!J24","v":0},{"$f":"'Cifras Historicas'!K24","v":0},{"$f":"'Cifras Historicas'!L24","v":0},{"$f":"+L51*(1+M$33)","v":0},{"$f":"+M51*(1+N$33)","v":0},0,0,0]
["Deudores",null,null,null,null,{"$f":"'Cifras Historicas'!F25","v":0},{"$f":"'Cifras Historicas'!G25","v":0},{"$f":"'Cifras Historicas'!H25","v":0},{"$f":"'Cifras Historicas'!I25","v":0},{"$f":"'Cifras Historicas'!J25","v":0},{"$f":"'Cifras Historicas'!K25","v":0},{"$f":"'Cifras Historicas'!L25","v":0},{"$f":"+L52*(1+M$33)","v":0},{"$f":"+M52*(1+N$33)","v":0},0,0,0]
["Propiedades, planta y equipo",null,null,null,null,{"$f":"'Cifras Historicas'!F26","v":14658230},{"$f":"'Cifras Historicas'!G26","v":13202599},{"$f":"'Cifras Historicas'!H26","v":13378905},{"$f":"'Cifras Historicas'!I26","v":12915325},{"$f":"'Cifras Historicas'!J26","v":11584794},{"$f":"'Cifras Historicas'!K26","v":17487713},{"$f":"'Cifras Historicas'!L26","v":13557376},{"$f":"+L53*(1+M$33)","v":15081225.0624},{"$f":"+M53*(1+N$33)","v":16107954.864648191},17204584.431833439,18075136.404084209,19138677.430100523]
["Activos intangibles",null,null,null,null,{"$f":"'Cifras Historicas'!F27","v":0},{"$f":"'Cifras Historicas'!G27","v":5006462},{"$f":"'Cifras Historicas'!H27","v":0},{"$f":"'Cifras Historicas'!I27","v":0},{"$f":"'Cifras Historicas'!J27","v":0},{"$f":"'Cifras Historicas'!K27","v":0},{"$f":"'Cifras Historicas'!L27","v":0},{"$f":"+L54*(1+M$33)","v":0},{"$f":"+M54*(1+N$33)","v":0},0,0,0]
["Activos por impuestos diferidos",null,null,null,null,{"$f":"'Cifras Historicas'!F28","v":0},{"$f":"'Cifras Historicas'!G28","v":0},{"$f":"'Cifras Historicas'!H28","v":0},{"$f":"'Cifras Historicas'!I28","v":0},{"$f":"'Cifras Historicas'!J28","v":0},{"$f":"'Cifras Historicas'!K28","v":0},{"$f":"'Cifras Historicas'!L28","v":0},{"$f":"+L55*(1+M$33)","v":0},{"$f":"+M55*(1+N$33)","v":0},0,0,0]
["TOTAL ACTIVO NO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F29","v":14658230},{"$f":"'Cifras Historicas'!G29","v":18209061},{"$f":"'Cifras Historicas'!H29","v":13378905},{"$f":"'Cifras Historicas'!I29","v":12915325},{"$f":"'Cifras Historicas'!J29","v":11584794},{"$f":"'Cifras Historicas'!K29","v":17487713},{"$f":"'Cifras Historicas'!L29","v":13557376},{"$f":"+SUM(M51:M55)","v":15081225.0624},{"$f":"+SUM(N51:N55)","v":16107954.864648191},17204584.431833439,18075136.404084209,19138677.430100523]
[]
["0 TOTAL ACTIVO",null,null,null,null,{"$f":"F49+F56","v":2990728307.3599997},3620764406.77,2702483238.7399998,2131686009.51,2253183331.0999999,2976643248.8599997,1967906608.9400001,1914084543.8032563,1795955967.0865128,1642410061.5226996,1605277530.5720575,1584980373.8117464]
[]
["Pasivo Corriente"]
["Obligaciones financieras",null,null,null,null,{"$f":"'Cifras Historicas'!F34","v":1152875.0900000001},{"$f":"'Cifras Historicas'!G34","v":812448.55},{"$f":"'Cifras Historicas'!H34","v":1900417.05},{"$f":"'Cifras Historicas'!I34","v":137200},{"$f":"'Cifras Historicas'!J34","v":150000},{"$f":"'Cifras Historicas'!K34","v":156000},{"$f":"'Cifras Historicas'!L34","v":162050.87},{"$f":"+L61*(1+M$33)","v":180265.38778799999},{"$f":"+M61*(1+N$33)","v":192537.85538860701},205645.83258346337,216051.51171218662,228763.98266133168]
["Proveedores",null,null,null,null,{"$f":"'Cifras Historicas'!F35","v":161290503},{"$f":"'Cifras Historicas'!G35","v":1091239354.47},{"$f":"'Cifras Historicas'!H35","v":242635875},{"$f":"'Cifras Historicas'!I35","v":180612526},{"$f":"'Cifras Historicas'!J35","v":537696681},{"$f":"'Cifras Historicas'!K35","v":1444787655},{"$f":"'Cifras Historicas'!L35","v":272643851},{"$f":"+L62*(1+M$33)","v":303289019.8524},{"$f":"+M62*(1+N$33)","v":323936936.32395136},345990562.94888592,363497685.43409956,384885889.24504197]
["Cuentas por pagar Varios",null,null,null,null,{"$f":"'Cifras Historicas'!F36","v":553518934},{"$f":"'Cifras Historicas'!G36","v":58109280.740000002},{"$f":"'Cifras Historicas'!H36","v":24757111},{"$f":"'Cifras Historicas'!I36","v":69699869.450000003},{"$f":"'Cifras Historicas'!J36","v":115608797.45},{"$f":"'Cifras Historicas'!K36","v":119945847.45},{"$f":"'Cifras Historicas'!L36","v":186170166.68000001},{"$f":"+L63*(1+M$33)","v":207095693.41483203},{"$f":"+M63*(1+N$33)","v":221194768.22251377},236253708.04310247,248208145.67008346,262812712.96131116]
["Impuestos corrientes por pagar",null,null,null,null,{"$f":"'Cifras Historicas'!F37","v":452783000},{"$f":"'Cifras Historicas'!G37","v":408869000},{"$f":"'Cifras Historicas'!H37","v":90354000},{"$f":"'Cifras Historicas'!I37","v":164368000},{"$f":"'Cifras Historicas'!J37","v":143475000},{"$f":"'Cifras Historicas'!K37","v":34779000},{"$f":"'Cifras Historicas'!L37","v":113350000},{"$f":"+'Estrategias Operativas'!E54","v":118592437.50000001},{"$f":"+'Estrategias Operativas'!F54","v":149296402.125},{"$f":"+'Estrategias Operativas'!G54","v":153327404.982375},{"$f":"+'Estrategias Operativas'!H54","v":157927227.13184625},{"$f":"+'Estrategias Operativas'!I54","v":162349189.49153796}]
["Otros pasivos",null,null,null,null,{"$f":"'Cifras Historicas'!F38","v":0},{"$f":"'Cifras Historicas'!G38","v":0},{"$f":"'Cifras Historicas'!H38","v":0},{"$f":"'Cifras Historicas'!I38","v":0},{"$f":"'Cifras Historicas'!J38","v":0},{"$f":"'Cifras Historicas'!K38","v":0},{"$f":"'Cifras Historicas'!L38","v":0},{"$f":"+L65*(1+M$33)","v":0},{"$f":"+M65*(1+N$33)","v":0},0,0,0]
["0 TOTAL PASIVO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F39","v":1168745312.0900002},{"$f":"'Cifras Historicas'!G39","v":1559030083.76},{"$f":"'Cifras Historicas'!H39","v":359647403.05000001},{"$f":"'Cifras Historicas'!I39","v":414817595.44999999},{"$f":"'Cifras Historicas'!J39","v":796930478.45000005},{"$f":"'Cifras Historicas'!K39","v":1599668502.45},{"$f":"'Cifras Historicas'!L39","v":572326068.54999995},{"$f":"+SUM(M61:M65)","v":629157416.15502},{"$f":"+SUM(N61:N65)","v":694620644.52685368},735777321.80694687,769849109.74774146,810276555.68055236]
["Pasivo No Corriente"]
["Obligaciones financieras",null,null,null,null,{"$f":"'Cifras Historicas'!F41","v":0},{"$f":"'Cifras Historicas'!G41","v":0},{"$f":"'Cifras Historicas'!H41","v":0},{"$f":"'Cifras Historicas'!I41","v":0},{"$f":"'Cifras Historicas'!J41","v":0},{"$f":"'Cifras Historicas'!K41","v":0},{"$f":"'Cifras Historicas'!L41","v":0},{"$f":"+J68*(1+M$33)","v":0},{"$f":"+M68*(1+N$33)","v":0},0,0,0]
["Provisiones",null,null,null,null,{"$f":"'Cifras Historicas'!F42","v":25867792},{"$f":"'Cifras Historicas'!G42","v":30293494},{"$f":"'Cifras Historicas'!H42","v":18090782},{"$f":"'Cifras Historicas'!I42","v":34960355},{"$f":"'Cifras Historicas'!J42","v":13818547},{"$f":"'Cifras Historicas'!K42","v":47592516},{"$f":"'Cifras Historicas'!L42","v":25220535},{"$f":"+J69*(1+M$33)","v":15371751.682800001},{"$f":"+M69*(1+N$33)","v":16418260.537365023},17536015.714748833,18423338.109915122,19507367.324302528]
["Otros pasivos",null,null,null,null,{"$f":"'Cifras Historicas'!F43","v":24627283},{"$f":"'Cifras Historicas'!G43","v":0},{"$f":"'Cifras Historicas'!H43","v":135558578},{"$f":"'Cifras Historicas'!I43","v":0},{"$f":"'Cifras Historicas'!J43","v":0},{"$f":"'Cifras Historicas'!K43","v":5377974},{"$f":"'Cifras Historicas'!L43","v":309615000},{"$f":"+J70*(1+M$33)","v":0},{"$f":"+M70*(1+N$33)","v":0},0,0,0]
["0 TOTAL PASIVO NO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F44","v":50495075},{"$f":"'Cifras Historicas'!G44","v":30293494},{"$f":"'Cifras Historicas'!H44","v":153649360},{"$f":"'Cifras Historicas'!I44","v":34960355},{"$f":"'Cifras Historicas'!J44","v":13818547},{"$f":"'Cifras Historicas'!K44","v":52970490},{"$f":"'Cifras Historicas'!L44","v":334835535},{"$f":"+SUM(M68:M70)","v":15371751.682800001},{"$f":"+SUM(N68:N70)","v":16418260.537365023},17536015.714748833,18423338.109915122,19507367.324302528]
[]
["0 TOTAL PASIVO",null,null,null,null,{"$f":"F66+F71","v":1219240387.0900002},1589323577.76,513296763.05000001,449777950.44999999,810749025.45000005,1652638992.45,907161603.54999995,644529167.83782005,711038905.06421876,753313337.52169573,788272447.8576566,829783923.00485492]
[]
["Patrimonio"]
["Capital suscrito y pagado",null,null,null,null,{"$f":"'Cifras Historicas'!F49","v":180000000},{"$f":"'Cifras Historicas'!G49","v":180000000},{"$f":"'Cifras Historicas'!H49","v":180000000},{"$f":"'Cifras Historicas'!I49","v":180000000},{"$f":"'Cifras Historicas'!J49","v":180000000},{"$f":"'Cifras Historicas'!K49","v":180000000},{"$f":"'Cifras Historicas'!L49","v":180000000},{"$f":"+L76","v":180000000},{"$f":"+M76","v":180000000},{"$f":"+N76","v":180000000},{"$f":"+O76","v":180000000},{"$f":"+P76","v":180000000}]
["Superavit de capital",null,null,null,null,{"$f":"'Cifras Historicas'!F50","v":838779414},{"$f":"'Cifras Historicas'!G50","v":1213949920.28},{"$f":"'Cifras Historicas'!H50","v":1761440829.01},{"$f":"'Cifras Historicas'!I50","v":1196644075.6900001},{"$f":"'Cifras Historicas'!J50","v":1002182259.05},{"$f":"'Cifras Historicas'!K50","v":1172434305.6500001},{"$f":"'Cifras Historicas'!L50","v":1046864256.41},905437298.42268324,608806753.45546055,331696311.9284153,224216638.95600533,98929783.851394892]
["Reservas",null,null,null,null,{"$f":"'Cifras Historicas'!F51","v":78840194},{"$f":"'Cifras Historicas'!G51","v":90000000},{"$f":"'Cifras Historicas'!H51","v":90000000},{"$f":"'Cifras Historicas'!I51","v":90000000},{"$f":"'Cifras Historicas'!J51","v":90000000},{"$f":"'Cifras Historicas'!K51","v":90000000},{"$f":"'Cifras Historicas'!L51","v":90000000},{"$f":"+L78","v":90000000},{"$f":"+M78","v":90000000},90000000,90000000,90000000]
["Resultados del Ejercicio",null,null,null,null,{"$f":"'Cifras Historicas'!F52","v":673868312.26999998},{"$f":"'Cifras Historicas'!G52","v":547490908.73000002},{"$f":"'Cifras Historicas'!H52","v":157745646.68000001},{"$f":"'Cifras Historicas'!I52","v":215263983.37},{"$f":"'Cifras Historicas'!J52","v":170252046.59999999},{"$f":"'Cifras Historicas'!K52","v":-118430049.23999999},{"$f":"'Cifras Historicas'!L52","v":-256119251.01999998},{"$f":"+M102","v":94118077.542753041},{"$f":"+N102","v":206110308.56683347},287400412.07258856,322788443.75839555,386266666.95549655]
["0 TOTAL PATRIMONIO",null,null,null,null,{"$f":"'Cifras Historicas'!F53","v":1771487920.27},{"$f":"'Cifras Historicas'!G53","v":2031440829.01},{"$f":"'Cifras Historicas'!H53","v":2189186475.6900001},{"$f":"'Cifras Historicas'!I53","v":1681908059.0599999},{"$f":"'Cifras Historicas'!J53","v":1442434305.6499999},{"$f":"'Cifras Historicas'!K53","v":1324004256.4100001},{"$f":"'Cifras Historicas'!L53","v":1060745005.3899999},{"$f":"+SUM(M76:M79)","v":1269555375.9654362},{"$f":"+SUM(N76:N79)","v":1084917062.022294},889096724.00100386,817005082.71440089,755196450.80689144]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+Q80-SUM(M79:Q79)","v":-541487458.0891757}]
["0 TOTAL PASIVO Y PATRIMONIO",null,null,null,null,{"$f":"F73+F80","v":2990728307.3600001},3620764406.77,2702483238.7400002,2131686009.51,2253183331.0999999,2976643248.8600001,1967906608.9399998,1914084543.8032563,1795955967.0865128,1642410061.5226996,1605277530.5720575,1584980373.8117464]
[]
["CONTROL (Pasivo y Patrimonio - Activo)",null,null,null,null,{"$f":"F58-F82","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[]
["CUENTAS DE RESULTADO ",null,null,null,null,{"$f":"'Cifras Historicas'!F63","v":2014},{"$f":"'Cifras Historicas'!G63","v":2015},{"$f":"'Cifras Historicas'!H63","v":2016},{"$f":"'Cifras Historicas'!I63","v":2017},{"$f":"'Cifras Historicas'!J63","v":2018},{"$f":"'Cifras Historicas'!K63","v":2019},{"$f":"'Cifras Historicas'!L63","v":2020},{"$f":"M42","v":2021},{"$f":"N42","v":2022},{"$f":"O42","v":2023},{"$f":"P42","v":2024},{"$f":"Q42","v":2025}]
["Operacional"]
["Ventas, Ingresos de actividades ordinarias",null,null,null,null,{"$f":"+'Analisis Financiero'!F80","v":5323304022},{"$f":"+'Analisis Financiero'!G80","v":4748882979},{"$f":"+'Analisis Financiero'!H80","v":3122271394},{"$f":"+'Analisis Financiero'!I80","v":2689197433},{"$f":"+'Analisis Financiero'!J80","v":2172288959},{"$f":"+'Analisis Financiero'!K80","v":3105641403},{"$f":"+'Analisis Financiero'!L80","v":2369300666},{"$f":"+L89*(1+M$33)","v":2635610060.8584003},{"$f":"+M89*(1+N$33)","v":2815042393.80164},3006690479.9716554,3158829018.2582211,3344694517.6925349]
["Costo de Ventas",null,null,null,null,{"$f":"+'Analisis Financiero'!F81","v":2840650741},{"$f":"+'Analisis Financiero'!G81","v":2800340034.4000001},{"$f":"+'Analisis Financiero'!H81","v":1866430298},{"$f":"+'Analisis Financiero'!I81","v":1497273400},{"$f":"+'Analisis Financiero'!J81","v":1191769145},{"$f":"+'Analisis Financiero'!K81","v":2313965225.3000002},{"$f":"+'Analisis Financiero'!L81","v":1371898785},{"$f":"+'Estrategias Operativas'!E21","v":1536376546.0600209},{"$f":"+'Estrategias Operativas'!F21","v":1571521930.8245103},{"$f":"+'Estrategias Operativas'!G21","v":1605655482.2137482},{"$f":"+'Estrategias Operativas'!H21","v":1664047391.4818113},{"$f":"+'Estrategias Operativas'!I21","v":1714086117.6748095},{"$f":"+Q91/Q89*100","v":48.752087564118199}]
["UTILIDAD BRUTA",null,null,null,null,{"$f":"F89-F90","v":2482653281},1948542944.5999999,1255841096,1191924033,980519814,791676177.69999981,997401881,1099233514.7983794,1243520462.9771297,1401034997.7579072,1494781626.7764099,1630608400.0177255]
["Gastos de administración",null,null,null,null,{"$f":"+'Analisis Financiero'!F83","v":432531289.99000001},{"$f":"+'Analisis Financiero'!G83","v":600273946.68999994},{"$f":"+'Analisis Financiero'!H83","v":298753262.61000001},{"$f":"+'Analisis Financiero'!I83","v":323700740.42000002},{"$f":"+'Analisis Financiero'!J83","v":362743766.87},{"$f":"+'Analisis Financiero'!K83","v":288540983.51999998},{"$f":"+'Analisis Financiero'!L83","v":230618464.15000001},{"$f":"+'Estrategias Operativas'!E22","v":298041672.36635476},{"$f":"+'Estrategias Operativas'!F22","v":305537175.73857188},{"$f":"+'Estrategias Operativas'!G22","v":313471948.61141348},{"$f":"+'Estrategias Operativas'!H22","v":323200279.86801869},{"$f":"+'Estrategias Operativas'!I22","v":332583137.34093738}]
["Gastos de ventas y distribución",null,null,null,null,{"$f":"+'Analisis Financiero'!F84","v":985017277},{"$f":"+'Analisis Financiero'!G84","v":518550948.98000002},{"$f":"+'Analisis Financiero'!H84","v":587728164},{"$f":"+'Analisis Financiero'!I84","v":539468522.48000002},{"$f":"+'Analisis Financiero'!J84","v":304238521},{"$f":"+'Analisis Financiero'!K84","v":581792014.85000002},{"$f":"+'Analisis Financiero'!L84","v":512973905.51999998},{"$f":"+'Estrategias Operativas'!E23","v":442136222.65677065},{"$f":"+'Estrategias Operativas'!F23","v":451335766.5941205},{"$f":"+'Estrategias Operativas'!G23","v":459303736.75057483},{"$f":"+'Estrategias Operativas'!H23","v":477910224.86179709},{"$f":"+'Estrategias Operativas'!I23","v":491787965.41162229},{"$f":"+Q94/Q89*100","v":24.104960647389088}]
["UTILIDAD OPERACIONAL",null,null,null,null,{"$f":"F91-F92-F93","v":1065104714.01},829718048.92999983,369359669.38999999,328754770.0999999,313537526.13,-78656820.670000196,253809511.33000004,359055619.77525407,486647520.64443731,628259312.39591885,693671122.04659414,806237297.26516581]
["No Operacional",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+Q96/Q94*100","v":0}]
["Otros ingresos",null,null,null,null,{"$f":"+'Analisis Financiero'!F87","v":126367387.34999999},{"$f":"+'Analisis Financiero'!G87","v":153078734.12},{"$f":"+'Analisis Financiero'!H87","v":165819513.75},{"$f":"+'Analisis Financiero'!I87","v":56463563.519999996},{"$f":"+'Analisis Financiero'!J87","v":30942167.179999996},{"$f":"+'Analisis Financiero'!K87","v":26051823.73},{"$f":"+'Analisis Financiero'!L87","v":84325328.129999995},{"$f":"+M89*'Cifras Historicas'!$T$72*0","v":0},{"$f":"+N89*'Cifras Historicas'!$T$72*0","v":0},{"$f":"+O89*'Cifras Historicas'!$T$72*0","v":0},{"$f":"+P89*'Cifras Historicas'!$T$72*0","v":0},{"$f":"+Q89*'Cifras Historicas'!$T$72*0","v":0}]
["Gasto no operacional",null,null,null,null,{"$f":"+'Analisis Financiero'!F88","v":159886203.25999999},{"$f":"+'Analisis Financiero'!G88","v":135717288.48999998},{"$f":"+'Analisis Financiero'!H88","v":288664537.10999995},{"$f":"+'Analisis Financiero'!I88","v":54735739.520000003},{"$f":"+'Analisis Financiero'!J88","v":66927594.00999999},{"$f":"+'Analisis Financiero'!K88","v":65808431.300000004},{"$f":"+'Analisis Financiero'!L88","v":593676546.61000001},{"$f":"+M89*'Cifras Historicas'!$T$73-(M89*'Cifras Historicas'!$T$72)+'Estrategias Operativas'!E36","v":203900243.46763864},{"$f":"+N89*'Cifras Historicas'!$T$73-(+N89*'Cifras Historicas'!$T$72)","v":131083858.91563547},{"$f":"+O89*'Cifras Historicas'!$T$73-(+O89*'Cifras Historicas'!$T$72)","v":140008048.03061193},{"$f":"+P89*'Cifras Historicas'!$T$73-(+P89*'Cifras Historicas'!$T$72)","v":147092455.26096088},{"$f":"+Q89*'Cifras Historicas'!$T$73-(+Q89*'Cifras Historicas'!$T$72)","v":155747375.32851583}]
["Gasto Financiero",null,null,null,null,{"$f":"+'Analisis Financiero'!F89","v":831585.83},{"$f":"+'Analisis Financiero'!G89","v":831585.83},{"$f":"+'Analisis Financiero'!H89","v":77999.350000000006},{"$f":"+'Analisis Financiero'!I89","v":2927610.73},{"$f":"+'Analisis Financiero'!J89","v":10140052.699999999},{"$f":"+'Analisis Financiero'!K89","v":16621},{"$f":"+'Analisis Financiero'!L89","v":577543.87},{"$f":"+M89*'Cifras Historicas'!$T$74","v":2726000.1323381229},{"$f":"+N89*'Cifras Historicas'!$T$74","v":2911586.2213477022},{"$f":"+O89*'Cifras Historicas'!$T$74","v":3109807.0112970537},{"$f":"+P89*'Cifras Historicas'!$T$74","v":3267163.2460686844},{"$f":"+Q89*'Cifras Historicas'!$T$74","v":3459403.1314673657}]
["Resultados Netos"]
["UTILIDAD ANTES DE IMPUESTOS",null,null,null,null,{"$f":"F94+F96-F97-F98","v":1030754312.2699999},846247908.72999978,246436646.68000004,327554983.36999989,267412046.60000002,-118430049.24000019,-256119251.01999998,152429376.17527729,352652075.50745416,485141457.35400987,543311503.53956461,647030518.8051827]
["Gasto por impuesto",null,null,null,null,{"$f":"+'Analisis Financiero'!F92","v":356886000},{"$f":"+'Analisis Financiero'!G92","v":298757000},{"$f":"+'Analisis Financiero'!H92","v":88691000},{"$f":"+'Analisis Financiero'!I92","v":112291000},{"$f":"+'Analisis Financiero'!J92","v":97160000},{"$f":"+'Analisis Financiero'!K92","v":0},{"$f":"+'Analisis Financiero'!L92","v":0},{"$f":"+'Estrategias Operativas'!E63","v":58311298.632524252},{"$f":"+'Estrategias Operativas'!F63","v":146541766.94062069},{"$f":"+'Estrategias Operativas'!G63","v":197741045.28142127},{"$f":"+'Estrategias Operativas'!H63","v":220523059.78116909},{"$f":"+'Estrategias Operativas'!I63","v":260763851.84968612}]
["UTILIDAD NETA",null,null,null,null,{"$f":"F100-F101","v":673868312.26999986},547490908.72999978,157745646.68000004,215263983.36999989,170252046.60000002,-118430049.24000019,-256119251.01999998,94118077.542753041,206110308.56683347,287400412.07258856,322788443.75839555,386266666.95549655]
[]
["Tasa Efectiva de tributación",null,null,null,null,{"$f":"((F101/BD_0!B167)-F100)/F89","v":3.552379036440689E-3},{"$f":"((G101/BD_0!C167)-G100)/G89","v":6.8330068854134431E-3},{"$f":"((H101/BD_0!D167)-H100)/H89","v":4.6181878041256456E-3},{"$f":"((I101/BD_0!E167)-I100)/I89","v":4.7303236458792492E-3},{"$f":"((J101/BD_0!F167)-J100)/J89","v":1.2434899930015441E-2},{"$f":"((K101/BD_0!G167)-K100)/K89","v":3.8133845435470638E-2},{"$f":"((L101/BD_0!H167)-L100)/L89","v":0.10809909214789373},{"$f":"+(M89-L89)/L89","v":0.11240000000000014},{"$f":"+(N89-M89)/M89","v":6.8079999999999918E-2},6.8079999999999891E-2,5.0600000000000006E-2,{"$f":"+(Q89-P89)/P89","v":5.884000000000001E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+(Q89-L89)/L89","v":0.41168006479281299}]
["Detalles de Depreciación y Amortización",null,null,null,null,{"$f":"F87","v":2014},2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025]
["Depreciaciones",null,null,null,null,{"$f":"+'Analisis Financiero'!F98","v":5369989.2911904762},{"$f":"+'Analisis Financiero'!G98","v":5369989.2911904762},{"$f":"+'Analisis Financiero'!H98","v":5700966.3200000003},{"$f":"+'Analisis Financiero'!I98","v":4097773},{"$f":"+'Analisis Financiero'!J98","v":5782289},{"$f":"+'Analisis Financiero'!K98","v":5996203},{"$f":"+'Analisis Financiero'!L98","v":8147566},{"$f":"+AVERAGE(F107:L107)","v":5780682.2717687069},{"$f":"+AVERAGE(G107:M107)","v":5839352.6975655975},{"$f":"+AVERAGE(H107:N107)","v":5906404.6127620433},{"$f":"+AVERAGE(I107:O107)","v":5935752.9402994784},{"$f":"+AVERAGE(J107:P107)","v":6198321.5031994041}]
["Amortizaciones",null,null,null,null,{"$f":"+'Analisis Financiero'!F99","v":0},{"$f":"+'Analisis Financiero'!G99","v":0},{"$f":"+'Analisis Financiero'!H99","v":0},{"$f":"+'Analisis Financiero'!I99","v":0},{"$f":"+'Analisis Financiero'!J99","v":0},{"$f":"+'Analisis Financiero'!K99","v":0},{"$f":"+'Analisis Financiero'!L99","v":0},{"$f":"+AVERAGE(F108:J108)","v":0},{"$f":"+AVERAGE(G108:M108)","v":0},{"$f":"+AVERAGE(H108:N108)","v":0},{"$f":"+AVERAGE(I108:O108)","v":0},{"$f":"+AVERAGE(J108:P108)","v":0}]

{"sheet":"Detalle empresas Sector","index":8,"n_rows":30,"n_cols":84,"rows_kept":30,"cut":false,"hidden":true,"merged":[]}
["NIT","Razón social de la sociedad","Fecha de Corte","Clasificación Industrial Internacional Uniforme Versión 4 A.C (CIIU)","Periodo","Efectivo y equivalentes al efectivo","Cuentas comerciales por cobrar y otras cuentas por cobrar corrientes","Inventarios corrientes","Activos por impuestos corrientes, corriente","Activos biológicos corrientes, al costo menos depreciación acumulada y deterioro de valor","Activos biológicos corrientes, al valor razonable","Otros activos financieros corrientes","Otros activos no financieros corrientes","Activos corrientes distintos al efectivo pignorados como garantía colateral para las que el receptor de transferencias tiene derecho por contrato o costumbre a vender o pignorar de nuevo dicha garantía colateral","Total activos corrientes distintos de los activos no corrientes o grupo de activos para su disposición clasificados como mantenidos para la venta o como mantenidos para distribuir a los propietarios","Activos no corrientes o grupos de activos para su disposición clasificados como mantenidos para la venta o como mantenidos para distribuir a los propietarios","Activos corrientes totales","Propiedades, planta y equipo","Propiedades de inversión al costo menos depreciación acumulada y deterioro","Propiedades de inversión a valor razonable con cambios en resultados","Plusvalía","Activos intangibles distintos de la plusvalía","Activos biológicos no corrientes, al costo menos depreciación acumulada y deterioro del valor","Activos biológicos no corrientes, al valor razonable","Cuentas comerciales por cobrar y otras cuentas por cobrar no corrientes","Inventarios no corrientes","Activos por impuestos diferidos","Activos por impuestos corrientes, no corriente","Otros activos financieros no corrientes","Otros activos no financieros no corrientes","Activos no corrientes distintos al efectivo pignorados como garantía colateral para las que el receptor de transferencias tiene derecho por contrato o costumbre a vender o pignorar de nuevo dicha garantía colateral","Total de activos no corrientes","Total de activos","Provisiones corrientes por beneficios a los empleados","Otras provisiones corrientes","Total provisiones corrientes","Cuentas por pagar comerciales y otras cuentas por pagar","Pasivos por impuestos corrientes, corriente","Otros pasivos financieros corrientes","Préstamos corrientes","Parte corriente de préstamos no corrientes","Otros pasivos no financieros corrientes","Total pasivos corrientes distintos de los pasivos incluidos en grupos de activos para su disposición clasificados como mantenidos para la venta","Pasivos incluidos en grupos de activos para su disposición clasificados como mantenidos para la venta","Pasivos corrientes totales","Provisiones no corrientes por beneficios a los empleados","Otras provisiones no corrientes","Total provisiones no corrientes","Cuentas comerciales por pagar y otras cuentas por pagar no corrientes","Pasivo por impuestos diferidos","Pasivos por impuestos corrientes, no corriente","Otros pasivos financieros no corrientes","Parte no corriente de préstamos no corrientes","Otros pasivos no financieros no corrientes","Total de pasivos no corrientes","Total pasivos","Capital emitido","Prima de emisión","Acciones propias en cartera","Inversión suplementaria al capital asignado","Otras participaciones en el patrimonio","Superavit por revaluación","Otras reservas","Ganancias acumuladas","Patrimonio total","Total de patrimonio y pasivos","Ingresos de actividades ordinarias","Costo de ventas","Ganancia bruta","Otros ingresos","Gastos de ventas","Gastos de administración","Otros gastos","Otras ganancias (pérdidas)","Ganancia (pérdida) por actividades de operación","Ingresos financieros","Costos financieros","Ganancia (pérdida), antes de impuestos","Ingreso (gasto) por impuestos","Ganancia (pérdida) procedente de operaciones continuadas","Ganancia (pérdida) procedente de operaciones discontinuadas","Ganancia (pérdida)","EBITDA","gasto por depreciaci´+on"]
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[900223777,"BRANDING ARTICULOS PUBLICITARIOS LTDA","2020-12-31","G4690 - Comercio al por mayor no especializado",2019,305170,1039374,488489,100378,0,0,0,102807,0,2036218,0,2036218,340390,0,0,0,0,0,0,0,0,0,0,0,0,0,340390,2376608,0,0,0,643473,8409,0,0,0,14674,666556,0,666556,0,0,0,0,0,0,194912,194912,0,194912,861468,140000,0,0,0,0,0,70000,1305140,1515140,2376608,5471299,4437479,1033820,19481,339332,478733,731,0,234505,167669,23452,378722,129630,249092,0,249092,268626,34121]
[900265799,"AMAGRAN SAS","2020-12-31","G4690 - Comercio al por mayor no especializado",2019,10307,788733,1472074,0,0,0,0,0,0,2271114,0,2271114,77066,0,0,0,0,0,0,0,0,609,0,0,0,0,77675,2348789,48409,0,48409,646760,84470,410053,410053,0,49191,1238883,0,1238883,0,0,0,574047,4275,0,0,0,0,578322,1817205,168000,0,0,0,0,123287,19913,220384,531584,2348789,4007694,3065383,942311,0,64792,509930,933,0,366656,0,176709,189947,60163,129784,0,129784,366656,0]
[900269636,"SURTIALIADOS S.A.S.","2020-12-31","G4690 - Comercio al por mayor no especializado",2019,361420,1065571,1334144,152401,0,0,0,3863,0,2917399,0,2917399,523365,0,0,0,0,0,0,0,0,0,0,0,0,0,523365,3440764,83835,0,83835,733301,226822,0,0,0,250000,1293958,0,1293958,0,0,0,0,0,0,0,0,0,0,1293958,200000,0,0,0,0,0,1756361,190445,2146806,3440764,11563773,9484804,2078969,125591,49593,1902926,4035,0,248006,0,57561,190445,0,190445,0,190445,371632,123626]
[900358394,"SOLUCIONES EN MATERIALES COMPUESTOS SAS","2020-12-31","G4690 - Comercio al por mayor no especializado",2019,1031566,1043657,1983699,414751,0,0,0,0,0,4473673,0,4473673,3354,0,0,0,0,0,0,0,0,0,0,0,0,0,3354,4477027,0,0,0,1996591,0,180124,0,0,0,2176715,0,2176715,0,0,0,0,0,0,0,0,0,0,2176715,1526715,0,0,0,0,0,0,773597,2300312,4477027,8385285,6671316,1713969,797824,684157,591358,488472,-151544,596262,0,0,596262,197934,398328,0,398328,608780,12518]
[900410345,"P&A ASOCIADOS SAS","2020-12-31","G4690 - Comercio al por mayor no especializado",2019,236825,283209,0,126184,0,0,643044,0,0,1289262,0,1289262,1634322,0,0,0,0,0,0,0,0,0,0,0,0,0,1634322,2923584,72520,0,72520,29985,180890,0,0,0,0,283395,0,283395,0,0,0,0,0,0,0,0,0,0,283395,10000,0,0,0,0,0,5000,2625189,2640189,2923584,813490,0,813490,387034,346,744078,818,0,455282,26192,2511,478963,67558,411405,0,411405,621390,166108]
[900454029,"CISNE NEGRO INVERSIONES SAS","2020-12-31","G4690 - Comercio al por mayor no especializado",2019,99396,886166,918039,254595,0,0,185041,0,0,2343237,0,2343237,56179,0,0,0,0,0,0,0,0,0,0,0,0,0,56179,2399416,3458,0,3458,65440,47589,23839,23839,0,16837,157163,0,157163,0,0,0,1588781,0,0,18088,18088,0,1606869,1764032,130000,0,0,0,0,0,50099,455285,635384,2399416,2707914,1764365,943549,13811,191513,669313,7836,0,88698,0,25413,63285,34911,28374,0,28374,132413,43715]
[900566998,"LABORATORIOS LOUIS PASTEUR SAS","2020-12-31","G4690 - Comercio al por mayor no especializado",2019,229521,731645,52034,120462,0,0,0,0,0,1133662,0,1133662,1025327,0,0,0,12821,0,0,0,0,0,0,0,0,0,1038148,2171810,0,1444,1444,445266,22470,6385,6385,0,12875,488440,0,488440,0,0,0,0,0,0,0,0,0,0,488440,100000,0,0,0,0,0,158337,1425033,1683370,2171810,4674427,2642057,2032370,4980,319155,1032073,129929,0,556193,16734,111587,461340,0,461340,0,461340,802199,246006]
[860530570,"COMERCIALIZADORA Y DISTRIBUIDORA INTERAMERICANA LTDA","2020-12-31","G4690 - Comercio al por mayor no especializado",2020,30903,2854854,46939,0,0,0,0,32706,0,2965402,0,2965402,1909,0,0,0,0,0,0,0,0,0,0,0,0,0,1909,2967311,0,0,0,1043968,49949,0,0,0,5139,1099056,0,1099056,0,0,0,0,0,0,0,0,0,0,1099056,400000,0,0,0,0,0,200000,1268255,1868255,2967311,30996,0,30996,921,0,13651,1599,0,16667,0,0,16667,5500,11167,0,11167,{"$f":"+BW10+CF10","v":17087},420]
[900223777,"BRANDING ARTICULOS PUBLICITARIOS LTDA","2020-12-31","G4690 - Comercio al por mayor no especializado",2020,557414,1197412,126236,207315,0,0,0,0,0,2088377,0,2088377,422779,0,0,0,0,0,0,0,0,0,0,0,0,0,422779,2511156,0,0,0,179595,159232,0,0,0,25611,364438,0,364438,0,0,0,0,0,0,281819,281819,0,281819,646257,140000,0,0,0,0,100000,430000,1194899,1864899,2511156,5058460,4178267,880193,22797,237606,334819,13820,0,316745,186403,136381,366767,117008,249759,0,249759,{"$f":"+BW11+CF11","v":348239},31494]
[900265799,"AMAGRAN SAS","2020-12-31","G4690 - Comercio al por mayor no especializado",2020,15254,416236,2385146,0,0,0,0,0,0,2816636,0,2816636,77066,0,0,0,0,0,0,0,0,609,0,0,0,0,77675,2894311,37464,0,37464,891291,137837,582875,582875,0,45239,1694706,0,1694706,0,0,0,615577,4275,0,0,0,0,619852,2314558,168000,0,0,0,0,123287,19913,268553,579753,2894311,3076186,2379665,696521,81111,67040,550601,0,0,159991,0,83299,76692,28523,48169,0,48169,{"$f":"+BW12+CF13","v":262941},0]
[900269636,"SURTIALIADOS S.A.S.","2020-12-31","G4690 - Comercio al por mayor no especializado",2020,317312,1139017,587906,73858,0,0,0,8561,0,2126654,0,2126654,775796,0,0,0,0,0,0,0,0,0,0,0,0,0,775796,2902450,58394,0,58394,343653,49860,0,0,0,250000,701907,0,701907,0,0,0,0,0,0,0,0,0,0,701907,200000,0,0,0,0,0,1946806,53737,2200543,2902450,5903457,4547843,1355614,6,0,1281697,3641,0,70282,0,16545,53737,0,53737,0,53737,{"$f":"+BW13+CF14","v":73636},102950]
[900358394,"SOLUCIONES EN MATERIALES COMPUESTOS SAS","2020-12-31","G4690 - Comercio al por mayor no especializado",2020,584837,702564,1293135,170544,0,0,0,0,0,2751080,0,2751080,0,0,0,0,0,0,0,0,0,0,0,0,6084,0,6084,2757164,0,0,0,379494,0,0,0,0,0,379494,0,379494,0,0,0,0,0,0,0,0,0,0,379494,1526715,0,0,0,0,0,0,850955,2377670,2757164,5535660,4447261,1088399,645252,631341,375300,579662,-36000,111348,0,0,111348,33990,77358,0,77358,{"$f":"+BW14+CF15","v":357551},3354]
[900410345,"P&A ASOCIADOS SAS","2020-12-31","G4690 - Comercio al por mayor no especializado",2020,224512,57098,0,98163,0,0,341275,0,0,721048,0,721048,1976228,0,0,0,0,0,0,0,0,0,0,0,0,0,1976228,2697276,50413,0,50413,40320,99506,0,0,0,0,190239,0,190239,0,0,0,0,0,0,0,0,0,0,190239,10000,0,0,0,0,0,5000,2492037,2507037,2697276,696755,0,696755,688,0,684072,42036,0,-28665,12328,6539,-22876,9851,-32727,0,-32727,{"$f":"+BW15+CF16","v":9368},246203]
[900454029,"CISNE NEGRO INVERSIONES SAS","2020-12-31","G4690 - Comercio al por mayor no especializado",2020,11823,349445,1513487,319020,0,0,376486,0,0,2570261,0,2570261,31926,0,0,0,0,0,0,0,0,0,0,0,0,0,31926,2602187,13860,0,13860,97360,52169,23882,23882,0,32199,219470,0,219470,0,0,0,1736447,0,0,0,0,0,1736447,1955917,130000,0,0,0,0,0,52936,463334,646270,2602187,1232815,714194,518621,35935,139384,356725,11736,0,46711,0,17020,29691,18805,10886,0,10886,{"$f":"+BW16+CF17","v":266122},38033]
[900566998,"LABORATORIOS LOUIS PASTEUR SAS","2020-12-31","G4690 - Comercio al por mayor no especializado",2020,552794,1189117,40931,198334,0,0,0,0,0,1981176,0,1981176,931535,0,0,0,0,0,0,0,0,0,0,0,0,0,931535,2912711,0,0,0,360021,46881,2605,2605,0,13894,423401,0,423401,0,0,0,0,0,0,0,0,0,0,423401,100000,0,0,0,0,0,158337,2230973,2489310,2912711,7192199,4446968,2745231,1874,415761,1220864,328262,0,782218,23722,0,805940,0,805940,0,805940,{"$f":"+BW17+CF18","v":1408312},219411]
[null,null,null,null,2019,{"$f":"+SUM(F2:F9)","v":2306375},{"$f":"+SUM(G2:G9)","v":9221647},6527800,1168771,0,0,828085,106670,0,20159348,0,20159348,3662332,0,0,0,12821,0,0,0,0,609,0,0,0,0,3675762,23835110,208222,1444,209666,5575274,601274,620401,440277,0,347778,7354393,0,7354393,0,0,0,2162828,4275,0,213000,213000,0,2380103,9734496,2674715,0,0,0,0,123287,2259710,9042902,14100614,23835110,37762401,28065404,9696997,1348867,{"$f":"+SUM(BS2:BS9)","v":1648888},5995258,634393,-151544,2615781,210595,397233,2429143,513396,1915747,0,1915747,{"$f":"+SUM(CE2:CE9)","v":3241875},626094]
[null,null,null,null,2020,{"$f":"+SUM(F10:F17)","v":2294849},{"$f":"+SUM(G10:G17)","v":7905743},5993780,1067234,0,0,717761,41267,0,18020634,0,18020634,4217239,0,0,0,0,0,0,0,0,609,0,0,6084,0,4223932,22244566,160131,0,160131,3335702,595434,609362,609362,0,372082,5072711,0,5072711,0,0,0,2352024,4275,0,281819,281819,0,2638118,7710829,2674715,0,0,0,0,223287,2812992,8822743,14533737,22244566,28726528,20714198,8012330,788584,{"$f":"+SUM(BS10:BS17)","v":1491132},4817729,980756,-36000,1475297,222453,259784,1437966,213677,1224289,0,1224289,{"$f":"+SUM(CE10:CE17)","v":2743256},641865]
[]
[null,null,null,null,"VENTAS 19","EBITDA 19","VENTAS 20","EBITDA 20","VAR 20 - 19"]
[null,null,null,"GL RETAIL"]
[null,null,null,{"$f":"+B10","v":"COMERCIALIZADORA Y DISTRIBUIDORA INTERAMERICANA LTDA"}]
[null,null,null,{"$f":"+B11","v":"BRANDING ARTICULOS PUBLICITARIOS LTDA"}]
[null,null,null,"AMAGRAN SAS"]
[null,null,null,"SURTIALIADOS S.A.S."]
[null,null,null,"SOLUCIONES EN MATERIALES COMPUESTOS SAS"]
[null,null,null,"P&A ASOCIADOS SAS"]
[null,null,null,"CISNE NEGRO INVERSIONES SAS"]
[null,null,null,"LABORATORIOS LOUIS PASTEUR SAS"]

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["MODELOS DE VALORACIÓN"]
[]
["EMPRESA PROTOTIPO S.A.S"]
["VALORACIÓN"]
[" Pesos Colombianos"]
["a 31 de Diciembre"]
["COSTO DE CAPITAL"]
["CALCULO DEL COSTO DE LOS RECURSOS PROPIOS",null,null,null,null,null,null,null,"TASAS HISTORICAS"]
["CONCEPTO",null,null,null,null,{"$f":"'Analisis Financiero'!L7","v":2020},null,null,"Años","Rentabilidad acciones USA S&P","Rentabilidad Bonos del Tesoro USA","Inflación USA","Inflación Colombia","RIESGO PAÍS"]
["Tasa libre de riesgo nominal en dólares      KL  USA",null,null,null,null,{"$f":"+AVERAGE(K10:K22)","v":4.9092566769377413E-2},"Kl",null,2008,-0.36552344111798191,0.20101279926977011,3.8399999999999997E-2,5.6899999999999999E-2,2.0299999999999999E-2]
["Inflación en USA",null,null,null,null,{"$f":"+AVERAGE(L10:L22)","v":1.7592307692307692E-2},null,null,2009,0.25935233877663982,-0.11116695313259162,-3.5999999999999999E-3,7.6700000000000004E-2,3.9E-2]
["Tasa libre de riesgo real en dólares",null,null,null,null,{"$f":"+(1+F10)/(1+F11)-1","v":3.0955677277578753E-2},null,null,2010,0.14821092278719414,8.4629338803557719E-2,1.6400000000000001E-2,0.02,0.03]
[null,null,null,null,null,null,null,null,2011,2.09837473362805E-2,0.16035334999461354,3.1600000000000003E-2,3.1699999999999999E-2,0.03]
["Inflación COLOMBIA",null,null,null,null,{"$f":"+AVERAGE(M10:M22)","v":3.7492307692307686E-2},null,null,2012,0.15890585241730293,2.971571978018946E-2,2.07E-2,3.73E-2,0.03]
["Tasa libre de riesgo  nominal en $COL",null,null,null,null,{"$f":"(1+F14)*(1+F12)-1","v":6.9608584747201219E-2},null,null,2013,0.32145085858125483,-9.104568794347262E-2,1.46E-2,2.4399999999999998E-2,1.0200000000000001E-2]
[null,null,null,null,null,null,null,null,2014,0.13524421649462237,0.10746180452004755,1.6199999999999999E-2,{"$f":"+'Analisis Financiero'!F20","v":1.9400000000000001E-2},1.9199999999999998E-2]
["Riesgo país Colombia",null,null,null,null,{"$f":"+AVERAGE(N10:N22)","v":2.5223076923076921E-2},"RP",null,2015,1.38E-2,1.2842996709792224E-2,1.1999999999999999E-3,{"$f":"+'Analisis Financiero'!G20","v":3.6600000000000001E-2},3.39E-2]
[null,null,null,null,null,null,null,null,2016,0.1177,6.8999999999999999E-3,1.26E-2,{"$f":"+'Analisis Financiero'!H20","v":5.7500000000000002E-2},3.2599999999999997E-2]
[null,null,null,null,null,null,null,null,2017,0.21609999999999999,2.8000000000000001E-2,2.1299999999999999E-2,{"$f":"+'Analisis Financiero'!I20","v":4.0899999999999999E-2},2.5100000000000001E-2]
["Rentabilidad Mercado en dólares                Km USA",null,null,null,null,{"$f":"+AVERAGE(J10:J22)","v":0.11354803809810098},"Km",null,2018,-4.2299999999999997E-2,-2.0000000000000001E-4,2.4400000000000002E-2,{"$f":"+'Analisis Financiero'!J20","v":3.1800000000000002E-2},1.8100000000000002E-2]
["Inflación en USA",null,null,null,null,{"$f":"+F11","v":1.7592307692307692E-2},null,null,2019,0.31209999999999999,9.64E-2,2.29E-2,{"$f":"+'Analisis Financiero'!K20","v":3.7999999999999999E-2},2.5499999999999998E-2]
["Rentabilidad del Mercado real en dólares  Km USA",null,null,null,null,{"$f":"+(1+F20)/(1+F21)-1","v":9.4296831531088587E-2},null,null,2020,0.18010000000000001,0.1133,1.2E-2,{"$f":"+'Analisis Financiero'!L20","v":1.6199999999999999E-2},1.4E-2]
[null,null,null,null,null,null,null,null,"Fuente: www.damodaran.com"]
["Inflación COLOMBIA",null,null,null,null,{"$f":"+F14","v":3.7492307692307686E-2}]
["Rentabilidad del Mercado en $COL",null,null,null,null,{"$f":"+(1+F24)*(1+F22)-1","v":0.13532454504556957}]
[]
["Prima de riesgo del mercado                (Km - KL)",null,null,null,null,{"$f":"+F25-F15","v":6.5715960298368348E-2}]
[]
[]
["Beta Desapalancada BU Sectorial ",null,null,null,null,0.95," Fuente: Damodaran"]
[]
[null,null,null,null,null,{"$f":"'Analisis Financiero'!M7","v":2021},{"$f":"'Analisis Financiero'!N7","v":2022},{"$f":"'Analisis Financiero'!O7","v":2023},{"$f":"'Analisis Financiero'!P7","v":2024},{"$f":"'Analisis Financiero'!Q7","v":2025}]
["Deuda     D",null,null,null,null,{"$f":"+'Analisis Financiero'!L52+'Analisis Financiero'!L59","v":162050.87},{"$f":"+'Analisis Financiero'!M52+'Analisis Financiero'!M59","v":175014.93960000001},{"$f":"+'Analisis Financiero'!N52+'Analisis Financiero'!N59","v":179740.34296919999},{"$f":"+'Analisis Financiero'!O52+'Analisis Financiero'!O59","v":184593.33222936839},{"$f":"+'Analisis Financiero'!P52+'Analisis Financiero'!P59","v":190131.13219624944},"Al inicio del año y se suman deudas contraidas durante el año (Se toma el año anterior)"]
["Patrimonio       K",null,null,null,null,{"$f":"+'Analisis Financiero'!L71","v":1060745005.3899999},{"$f":"+'Analisis Financiero'!M71","v":1145604605.8211994},{"$f":"+'Analisis Financiero'!N71","v":1176535930.1783721},{"$f":"+'Analisis Financiero'!O71","v":1208302400.2931883},{"$f":"+'Analisis Financiero'!P71","v":1244551472.3019845},"Al inicio del año y se suman los aportes realizados durante el año (Se toma el Año Anterior)"]
["Beta Apalancada     BL = BU * ( 1 + (1-t) * D/P)",null,null,null,null,{"$f":"$F$30*(1+(1-('Analisis Financiero'!L92/'Analisis Financiero'!L91))*(F33/F34))","v":0.95014513226620689},{"$f":"$F$30*(1+(1-('Analisis Financiero'!M92/'Analisis Financiero'!M91))*(G33/G34))","v":0.95007260693034756},{"$f":"$F$30*(1+(1-('Analisis Financiero'!N92/'Analisis Financiero'!N91))*(H33/H34))","v":0.95007260693034756},{"$f":"$F$30*(1+(1-('Analisis Financiero'!O92/'Analisis Financiero'!O91))*(I33/I34))","v":0.95007260693034756},{"$f":"$F$30*(1+(1-('Analisis Financiero'!P92/'Analisis Financiero'!P91))*(J33/J34))","v":0.95007260693034756},"Impuesto real del año proyectado"]
[]
["Costo del Patrimonio    Ke =         Kl +    (Km - KL)*B + RP",null,null,null,null,{"$f":"($F$15+($F$25-$F$15)*F35+$F$17)","v":0.15727136145997214},{"$f":"($F$15+($F$25-$F$15)*G35+$F$17)","v":0.15726659538788018},{"$f":"($F$15+($F$25-$F$15)*H35+$F$17)","v":0.15726659538788018},{"$f":"($F$15+($F$25-$F$15)*I35+$F$17)","v":0.15726659538788018},0.15726659538788018]
[]
[]
["Estructura Deuda       D/(D+ K)",null,null,null,null,{"$f":"+F33/(F33+F34)","v":1.5274747117930912E-4},{"$f":"+G33/(G33+G34)","v":1.5274747117930917E-4},1.5274747117930912E-4,1.5274747117930909E-4,1.5274747117930904E-4]
["Estructura Patrimonio      K/(D+ K)",null,null,null,null,{"$f":"+F34/(F33+F34)","v":0.99984725252882067},{"$f":"+G34/(G33+G34)","v":0.99984725252882067},0.99984725252882067,0.99984725252882067,0.99984725252882078]
["Total Estructura de Capital   D+K",null,null,null,null,{"$f":"+F40+F41","v":1},{"$f":"+G40+G41","v":1},1,1,1]
[]
["Costo Despues de Impuestos (Escudo Fiscal)  Kd*(1- tx)",null,null,null,null,{"$f":"+('Analisis Financiero'!L19*(1-('Analisis Financiero'!L92/'Analisis Financiero'!L91)))","v":0.10216909000000007},{"$f":"+('Analisis Financiero'!M19*(1-('Analisis Financiero'!M92/'Analisis Financiero'!M91)))","v":6.9125208035515195E-2},{"$f":"+('Analisis Financiero'!N19*(1-('Analisis Financiero'!N92/'Analisis Financiero'!N91)))","v":7.734889814587366E-2},{"$f":"+('Analisis Financiero'!O19*(1-('Analisis Financiero'!O92/'Analisis Financiero'!O91)))","v":8.1633047984182708E-2},{"$f":"+('Analisis Financiero'!P19*(1-('Analisis Financiero'!P92/'Analisis Financiero'!P91)))","v":8.2741502010827903E-2},"Se toma la tasa de costo de deuda y se realiza el escudo fiscal con los impuestos reales del año proyectado"]
[]
["Aporte Costo de la Deuda    Estructura deuda * Costo",null,null,null,null,{"$f":"+F40*F44","v":1.5606070130191252E-5},{"$f":"+G40*G44","v":1.0558700722168608E-5},1.1814848590288154E-5,1.2469241644243103E-5,1.2638555193731676E-5]
["Aporte Costo Patrimonio     Estructura Patromonio * Costo",null,null,null,null,{"$f":"+F41*F37","v":0.15724733865722021},{"$f":"+G41*G37","v":0.15724257331313371},0.15724257331313371,0.15724257331313371,0.15724257331313371]
[]
["COSTO DE CAPITAL - WACC",null,null,null,null,{"$f":"+F46+F47","v":0.15726294472735039},{"$f":"+G46+G47","v":0.15725313201385588},0.15725438816172399,0.15725504255477796,0.15725521186832744]
[]
["FLUJO DE CAJA PROYECTADO"]
[]
[]
[null,null,null,null,null,{"$f":"F32","v":2021},{"$f":"G32","v":2022},{"$f":"H32","v":2023},{"$f":"I32","v":2024},{"$f":"J32","v":2025}]
[null,"UTILIDAD DEL EJERCICIO",null,null,null,{"$f":"+'Analisis Financiero'!M93","v":75912521.397709414},{"$f":"+'Analisis Financiero'!N93","v":77962159.475447506},{"$f":"+'Analisis Financiero'!O93","v":80067137.781284645},{"$f":"+'Analisis Financiero'!P93","v":82469151.914723307},{"$f":"+'Analisis Financiero'!Q93","v":84778288.168335319}]
[null,"(+) Impuestos CAUSADOS",null,null,null,{"$f":"+'Analisis Financiero'!M92","v":75827212.139949486},{"$f":"+'Analisis Financiero'!N92","v":77874546.867728114},{"$f":"+'Analisis Financiero'!O92","v":79977159.633156762},{"$f":"+'Analisis Financiero'!P92","v":82376474.422151476},{"$f":"+'Analisis Financiero'!Q92","v":84683015.705971718}]
[null,"(+) Gastos financiero",null,null,null,{"$f":"+'Analisis Financiero'!M89","v":2646602.0702311872},{"$f":"+'Analisis Financiero'!N89","v":2718060.326127429},{"$f":"+'Analisis Financiero'!O89","v":2791447.9549328694},{"$f":"+'Analisis Financiero'!P89","v":2875191.3935808558},{"$f":"+'Analisis Financiero'!Q89","v":2955696.7526011197}]
[null,"EBIT",null,null,null,{"$f":"+F55+F56+F57","v":154386335.6078901},{"$f":"+G55+G56+G57","v":158554766.66930306},162835745.36937428,167720817.73045564,172417000.62690815]
[]
[null,"(-) Impuestos AJUSTADOS\nImpuestos operacionales",null,null,null,{"$f":"+F58*('Analisis Financiero'!M92/'Analisis Financiero'!M91)","v":77149769.204936326},{"$f":"+G58*('Analisis Financiero'!N92/'Analisis Financiero'!N91)","v":79232812.9734696},{"$f":"+H58*('Analisis Financiero'!O92/'Analisis Financiero'!O91)","v":81372098.923753262},{"$f":"+I58*('Analisis Financiero'!P92/'Analisis Financiero'!P91)","v":83813261.891465873},{"$f":"+J58*('Analisis Financiero'!Q92/'Analisis Financiero'!Q91)","v":86160033.22442691}]
[null,"UODI   RODI   NOPAT  NOPLAT   EBIT (1 - tx)",null,null,null,{"$f":"+F58-F60","v":77236566.402953774},{"$f":"+G58-G60","v":79321953.695833459},81463646.445621014,83907555.838989764,86256967.402481243]
[]
[null,"(+) Depreciación",null,null,null,{"$f":"+'Analisis Financiero'!M98","v":5780682.2717687069},{"$f":"+'Analisis Financiero'!N98","v":5839352.6975655975},{"$f":"+'Analisis Financiero'!O98","v":5906404.6127620433},{"$f":"+'Analisis Financiero'!P98","v":5935752.9402994784},{"$f":"+'Analisis Financiero'!Q98","v":6198321.5031994041}]
[null,"(+) Amortizacion",null,null,null,{"$f":"+'Analisis Financiero'!M99","v":0},{"$f":"+'Analisis Financiero'!N99","v":0},{"$f":"+'Analisis Financiero'!O99","v":0},{"$f":"+'Analisis Financiero'!P99","v":0},{"$f":"+'Analisis Financiero'!Q99","v":0}]
[null,"(+) Provisiones"]
[null,"1 Flujo operativo o flujo bruto",null,null,null,{"$f":"+F61+F63+F64+F65","v":83017248.674722478},{"$f":"+G61+G63+G64+G65","v":85161306.39339906},87370051.058383062,89843308.779289246,92455288.905680642]
[]
[null,"(-) Variación del capital de trabajo",null,null,null,{"$f":"+F74-E74","v":126125978.64000034},{"$f":"+G74-F74","v":45972919.214279413},47214188.033065557,53876634.56662035,51793404.696711063]
[null,"(-) Inversión en activos",null,null,null,{"$f":"+'Analisis Financiero'!M44-'Analisis Financiero'!J44","v":3057172.08},{"$f":"+'Analisis Financiero'!N44-'Analisis Financiero'!M44","v":395333.08415999822},{"$f":"+'Analisis Financiero'!O44-'Analisis Financiero'!N44","v":406007.07743231952},{"$f":"+'Analisis Financiero'!P44-'Analisis Financiero'!O44","v":463299.18724776991},{"$f":"+'Analisis Financiero'!Q44-'Analisis Financiero'!P44","v":445384.95200752281}]
[null,"2 Financiación de inversiones",null,null,null,{"$f":"+F68+F69","v":129183150.72000034},{"$f":"+G68+G69","v":46368252.298439413},47620195.110497877,54339933.753868118,52238789.648718588]
[]
[null,"(1 - 2) FCLO",null,null,null,{"$f":"+F66-F70","v":-46165902.045277864},{"$f":"+G66-G70","v":38793054.094959646},39749855.947885185,35503375.025421128,40216499.256962053]
["Anexo KTNO"]
["Calculo KTNO ",null,null,null,{"$f":"('Analisis Financiero'!L37+'Analisis Financiero'!L38)-'Analisis Financiero'!L53","v":1576574733},{"$f":"('Analisis Financiero'!M37+'Analisis Financiero'!M38)-'Analisis Financiero'!M53","v":1702700711.6400003},{"$f":"('Analisis Financiero'!N37+'Analisis Financiero'!N38)-'Analisis Financiero'!N53","v":1748673630.8542798},{"$f":"('Analisis Financiero'!O37+'Analisis Financiero'!O38)-'Analisis Financiero'!O53","v":1795887818.8873453},{"$f":"('Analisis Financiero'!P37+'Analisis Financiero'!P38)-'Analisis Financiero'!P53","v":1849764453.4539657},{"$f":"('Analisis Financiero'!Q37+'Analisis Financiero'!Q38)-'Analisis Financiero'!Q53","v":1901557858.1506767}]
["MÉTODO FLUJO DE CAJA DESCONTADO FCLD"]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J54","v":2025}]
[null,null,null,null,"FCLOn","Ultimo FCLO conocido",null,null,null,{"$f":"+J72","v":40216499.256962053}]
[null,null,null,null,"WACC n","Ultimo costo de capital conocido",null,null,null,{"$f":"+J49","v":0.15725521186832744}]
[null,null,null,null,"g","Gradiente a perpetuidad",null,{"$f":"AVERAGE('Analisis Financiero'!M22:Q22)","v":3.8400000000000004E-2},1.4999999999999999E-2,{"$f":"+(1+H82)*(1+I82)-1","v":5.3975999999999802E-2}]
[]
[null,null,null,null,"M1","MODELO ANUALIDAD PERPETUA"]
[null,null,null,null,null,"FCLO (último valor conocido)",null,null,null,{"$f":"+J80","v":40216499.256962053},"Representa una serie de pagos Futuros Constantes y perpetuos"]
[null,null,null,null,null,"WACC (último valor conocido)",null,null,null,{"$f":"+J81","v":0.15725521186832744}]
[null,null,null,null,null,"VALOR TERMINAL",null,null,null,{"$f":"+J85/J86","v":255740326.6903232}]
[]
[null,null,null,null,"M2","MODELO CRECIMIENTO CONSTANTE"]
[null,null,null,null,null,"FCLO (último valor conocido)",null,null,null,{"$f":"+J85","v":40216499.256962053},"Representa pagos perpetuos con un grado de crecimiento constante"]
[null,null,null,null,null,"WACC (último valor conocido)",null,null,null,{"$f":"+J86","v":0.15725521186832744}]
[null,null,null,null,null,"Tasa de crecimiento - perpetuidad  g",null,null,null,{"$f":"+J82","v":5.3975999999999802E-2}]
[null,null,null,null,null,"VALOR TERMINAL                                  FCLO*(1+g) / (WAAC - g)",null,null,null,{"$f":"+J85*(1+J92)/(J91-J92)","v":410413908.6082105}]
[]
[]
["VALOR PRESENTE FLUJOS DE CAJA PROYECTADOS",null,null,null,null,{"$f":"F54","v":2021},{"$f":"G54","v":2022},{"$f":"H54","v":2023},{"$f":"I54","v":2024},{"$f":"J54","v":2025},"MÉTODO FLUJO DE CAJA LIBRE DESCONTADO"]
["Costo de Capital",null,null,null,null,{"$f":"+F49","v":0.15726294472735039},{"$f":"+G49","v":0.15725313201385588},0.15725438816172399,0.15725504255477796,0.15725521186832744]
["Tasa Acumulada",null,null,null,null,{"$f":"+F97","v":0.15726294472735039},{"$f":"(1+F98)*(1+G97)-1","v":0.33924616734930413},{"$f":"(1+G98)*(1+H97)-1","v":0.54984850399375285},0.79356999644274961,1.0756182262340297]
[]
["FCL",null,null,null,null,{"$f":"+F72","v":-46165902.045277864},{"$f":"+G72","v":38793054.094959646},39749855.947885185,35503375.025421128,40216499.256962053]
["Valor Terminal",null,null,null,null,null,null,null,null,{"$f":"+J93","v":410413908.6082105}]
[]
["Valor presente Flujos de caja Proyectados",null,null,null,null,{"$f":"+F100/(1+F98)","v":-39892318.557002179},{"$f":"+G100/(1+G98)","v":28966335.719847973},25647575.131024167,19794808.731098436,19375672.630284358]
["Valor Terminal",null,null,null,null,null,null,null,null,{"$f":"+J101/(1+J98)","v":197730923.45255578}]
[]
["(+) VALOR PRESENTE DE LOS FLUJOS",null,null,null,null,{"$f":"+SUM(F103:J103)","v":53892073.655252755}]
["(+) VALOR PRESENTE DEL VALOR TERMINAL",null,null,null,null,{"$f":"+J104","v":197730923.45255578}]
["(=)VALOR DE LAS OPERACIONES O DE MERCADO",null,null,null,null,{"$f":"+F106+F107","v":251622997.10780853}]
[]
["Valor de mercado de la empresa",null,null,null,null,{"$f":"+F108","v":251622997.10780853}]
["(Menos) Deuda operacional (Pasivo Corriente - Oblig.Finan CP)",null,null,null,null,{"$f":"+'Analisis Financiero'!J57-'Analisis Financiero'!J52","v":796780478.45000005}]
["(Más) Activo corriente (Disp. Inver, Clientes, Invet.)",null,null,null,null,{"$f":"+'Analisis Financiero'!J36+'Analisis Financiero'!J37+'Analisis Financiero'!J38+'Analisis Financiero'!J35","v":2241598537.0999999}]
["(Menos) Deuda financiera CP + LP",null,null,null,null,{"$f":"+'Analisis Financiero'!J52+'Analisis Financiero'!J59","v":150000}]
["VALOR DE MERCADO DEL PATRIMONIO",null,null,null,null,{"$f":"+F110-F111+F112-F113","v":1696291055.7578084}]
[]
["Patrimonio contable",null,null,null,null,{"$f":"+'Analisis Financiero'!L71","v":1060745005.3899999}]
[]
["Numero de Acciones",null,null,null,null,180000,"Valor Hipotético"]
["Valor en Libros por acción",null,null,null,null,{"$f":"+F116/F118","v":5893.027807722221}]
["Valor de Mercado de la Acción",null,null,null,null,{"$f":"+F114/F118","v":9423.8391986544921}]
["P/BV",null,null,null,null,{"$f":"+F120/F119","v":1.5991506414250238}]
[]
[]
[]
["MÉTODOS CONTABLES O DE BALANCE"]
[]
[]
["VALOR PATRIMONIAL O VALOR EN LIBROS",null,null,null,null,{"$f":"F96","v":2021},{"$f":"G96","v":2022},{"$f":"H96","v":2023},{"$f":"I96","v":2024},{"$f":"J96","v":2025},"MÉTODOS CONTABLES O DEL BALANCE"]
["Activos Totales",null,null,null,null,{"$f":"+'Analisis Financiero'!M49","v":2125339137.6552},{"$f":"+'Analisis Financiero'!N49","v":2182723294.3718901},{"$f":"+'Analisis Financiero'!O49","v":2241656823.319931},{"$f":"+'Analisis Financiero'!P49","v":2308906528.0195293},{"$f":"+'Analisis Financiero'!Q49","v":2373555910.8040757}]
["Pasivos Totales",null,null,null,null,{"$f":"+'Analisis Financiero'!M64","v":979734531.83400011},{"$f":"+'Analisis Financiero'!N64","v":1006187364.1935179},{"$f":"+'Analisis Financiero'!O64","v":1033354423.0267428},{"$f":"+'Analisis Financiero'!P64","v":1064355055.717545},{"$f":"+'Analisis Financiero'!Q64","v":1094156997.2776365}]
["Patrimonio            A - P = Pat",null,null,null,null,{"$f":"+F129-F130","v":1145604605.8211999},{"$f":"+G129-G130","v":1176535930.1783721},1208302400.2931881,1244551472.3019843,1279398913.5264392]
["Valor en Libros Acción",null,null,null,null,{"$f":"+F131/$F$118","v":6364.4700323399993},{"$f":"+G131/$F$118","v":6536.3107232131788},6712.7911127399339,6914.174846122135,7107.7717418135508]
["P/BV",null,null,null,null,{"$f":"+F132/$F$119","v":1.08},{"$f":"+G132/$F$119","v":1.1091599999999999},1.1391073199999999,1.1732805396000003,1.2061323947087998]
[]
[]
[]
[]
["VALOR SUSTANCIAL NETO",null,null,null,null,{"$f":"F128","v":2021},2022,2023,2024,2025]
["Activos totales",null,null,null,null,{"$f":"+F129","v":2125339137.6552},{"$f":"+G129","v":2182723294.3718901},2241656823.319931,2308906528.0195293,2373555910.8040757]
["Pasivo Exigible Deudas    Financiacion con terceros  FIN  CP + FIN LP + PROVE",null,null,null,null,{"$f":"+'Analisis Financiero'!M52+'Analisis Financiero'!M59+'Analisis Financiero'!M53","v":294630374.01960003},{"$f":"+'Analisis Financiero'!N52+'Analisis Financiero'!N59+'Analisis Financiero'!N53","v":302585394.11812919},{"$f":"+'Analisis Financiero'!O52+'Analisis Financiero'!O59+'Analisis Financiero'!O53","v":310755199.75931871},{"$f":"+'Analisis Financiero'!P52+'Analisis Financiero'!P59+'Analisis Financiero'!P53","v":320077855.75209826},{"$f":"+'Analisis Financiero'!Q52+'Analisis Financiero'!Q59+'Analisis Financiero'!Q53","v":329040035.713157}]
["Patrimonio            Act   -    financiacion con terceros = Pat",null,null,null,null,{"$f":"+F139-F140","v":1830708763.6356001},{"$f":"+G139-G140","v":1880137900.2537608},1930901623.5606122,1988828672.267431,2044515875.0909188]
["Valor de la Acción",null,null,null,null,{"$f":"+F141/$F$118","v":10170.60424242},{"$f":"+G141/$F$118","v":10445.210556965338},10727.231242003401,11049.048179263506,11358.421528282883]
["P/BV",null,null,null,null,{"$f":"+F142/$F$119","v":1.7258707364476449},{"$f":"+G142/$F$119","v":1.7724692463317309},1.8203259159826877,1.8749356934621686,1.927433892879109]
[]
[]
[]
[]
[]
[]
["MÉTODO VALOR PRESENTE EBITDA´S  PROYECTADOS"]
[]
[]
["VALOR PRESENTE FLUJOS DE CAJA PROYECTADOS",null,null,null,null,{"$f":"F138","v":2021},2022,2023,2024,2025,"MÉTODO DE DESCUENTO DE EBITDA, PERCEPCIÓN DE CAJA OPERATIVA"]
["EBIT",null,null,null,null,{"$f":"+F58","v":154386335.6078901},{"$f":"+G58","v":158554766.66930306},162835745.36937428,167720817.73045564,172417000.62690815]
["(+) Depreciación",null,null,null,null,{"$f":"+F63","v":5780682.2717687069},{"$f":"+G63","v":5839352.6975655975},5906404.6127620433,5935752.9402994784,6198321.5031994041]
["(+) Amortizacion",null,null,null,null,{"$f":"+F64","v":0},{"$f":"+G64","v":0},0,0,0]
["EBITDA",null,null,null,null,{"$f":"SUM(F154:F156)","v":160167017.87965882},{"$f":"SUM(G154:G156)","v":164394119.36686864},168742149.98213631,173656570.67075512,178615322.13010755]
[]
["VALOR PRESENTE FLUJOS DE CAJA PROYECTADOS",null,null,null,null,{"$f":"F153","v":2021},{"$f":"G153","v":2022},{"$f":"H153","v":2023},{"$f":"I153","v":2024},{"$f":"J153","v":2025}]
["Costo de Capital",null,null,null,null,{"$f":"+F49","v":0.15726294472735039},{"$f":"+G49","v":0.15725313201385588},0.15725438816172399,0.15725504255477796,0.15725521186832744]
["Tasa Acumulada",null,null,null,null,{"$f":"+F98","v":0.15726294472735039},{"$f":"+G98","v":0.33924616734930413},0.54984850399375285,0.79356999644274961,1.0756182262340297]
[]
["EBITDA PROYECTADO",null,null,null,null,{"$f":"+F157","v":160167017.87965882},{"$f":"+G157","v":164394119.36686864},168742149.98213631,173656570.67075512,178615322.13010755]
[]
["Valor presente Flujos de caja Proyectados",null,null,null,null,{"$f":"+F163/(1+F161)","v":138401578.14557344},{"$f":"+G163/(1+G161)","v":122751233.77223833},108876544.73796007,96821741.563013598,86054034.3462798]
[]
["(+) VALOR PRESENTO DE LOS FLUJOS",null,null,null,null,{"$f":"+SUM(F165:J165)","v":552905132.56506526}]
[]
["Valor de mercado de la empresa",null,null,null,null,{"$f":"+F167","v":552905132.56506526}]
["(Menos) Deuda operacional (Pasivo Corriente - Oblig.Finan CP)",null,null,null,null,{"$f":"+F111","v":796780478.45000005}]
["(Más) Activo corriente (Disp. Inver, Clientes, Invet.)",null,null,null,null,{"$f":"+F112","v":2241598537.0999999}]
["(Menos) Deuda financiera CP + LP",null,null,null,null,150000]
["VALOR DE MERCADO DEL PATRIMONIO",null,null,null,null,{"$f":"+F169-F170+F171-F172","v":1997573191.215065}]
[]
["Patrimonio contable",null,null,null,null,{"$f":"+F116","v":1060745005.3899999}]
[]
["Numero de Acciones",null,null,null,null,{"$f":"+F118","v":180000},"Valor Hipotético"]
["Valor en Libros por acción",null,null,null,null,{"$f":"+F175/F177","v":5893.027807722221}]
["Valor de Mercado de la Acción",null,null,null,null,{"$f":"+F175","v":1060745005.3899999}]
["P/BV",null,null,null,null,{"$f":"+F173/F179","v":1.8831794456393649}]
[]
[]
[]
[]
["RESUMEN RESULTADOS DE VALORACIÓN"]
[]
["Método",null,null,null,null,"Valor Empresa \nUltimo Conocido","Ultimo Patrimonio \nReal","Valor Creado \nProyectado 5 Años","P/BV","P/BV Sector \n(Damodaran)","Diferencia",null,null,null,"Niveles","Valor","Método"]
["Patrimonial",null,null,null,null,{"$f":"+'Analisis Financiero'!Q71","v":1279398913.5264392},{"$f":"+$F$175","v":1060745005.3899999},{"$f":"+F188-G188","v":218653908.13643932},{"$f":"+F188/G188","v":1.2061323947087996},1.97,{"$f":"+I188-J188","v":-0.76386760529120035},null,null,null,"Nivel Alto",{"$f":"+AVERAGE(F190:F191)","v":1846932123.4864368},"Dinámicos"]
["Sustancial  Neto",null,null,null,null,{"$f":"+'Valoración Sin Estrategia'!J141","v":2044515875.0909188},{"$f":"+$F$175","v":1060745005.3899999},{"$f":"+F189-G189","v":983770869.70091891},{"$f":"+F189/G189","v":1.9274338928791088},1.97,{"$f":"+I189-J189","v":-4.256610712089115E-2},null,null,null,"Nivel Medio",{"$f":"+L190","v":1754444758.897558},"Promedio"]
["EBITDA",null,null,null,null,{"$f":"+'Valoración Sin Estrategia'!F173","v":1997573191.215065},1060745005.3899999,936828185.82506514,1.8831794456393649,1.97,-8.6820554360635072E-2,{"$f":"+AVERAGE(F188:F191)","v":1754444758.897558},null,{"$f":"L190/G188","v":1.6539740936630745},"Nivel Bajo",{"$f":"+AVERAGE(F188:F189)","v":1661957394.3086791},"Contable"]
["FCLD",null,null,null,null,{"$f":"+F114","v":1696291055.7578084},1060745005.3899999,635546050.36780858,1.5991506414250236,1.97,-0.37084935857497636,null,null,"Valor Medio "]

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[null,"R/I",2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,null,"2016 S","2017 S","2018 S","2019 S","2020 S","Promedio Sector"]
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["0. Análisis vertical","Importancia Activo corriente",{"$f":"+'Estados financieros + Estrategi'!F49/'Estados financieros + Estrategi'!F58","v":0.99509877578517347},{"$f":"+'Estados financieros + Estrategi'!G49/'Estados financieros + Estrategi'!G58","v":0.99497093459990016},{"$f":"+'Estados financieros + Estrategi'!H49/'Estados financieros + Estrategi'!H58","v":0.99504940315328738},{"$f":"+'Estados financieros + Estrategi'!I49/'Estados financieros + Estrategi'!I58","v":0.99394126295224461},{"$f":"+'Estados financieros + Estrategi'!J49/'Estados financieros + Estrategi'!J58","v":0.99485847696452456},{"$f":"+'Estados financieros + Estrategi'!K49/'Estados financieros + Estrategi'!K58","v":0.99412502220187204},{"$f":"+'Estados financieros + Estrategi'!L49/'Estados financieros + Estrategi'!L58","v":0.9931107625034592},{"$f":"+'Estados financieros + Estrategi'!M49/'Estados financieros + Estrategi'!M58","v":0.99212092009664632},{"$f":"+'Estados financieros + Estrategi'!N49/'Estados financieros + Estrategi'!N58","v":0.99103098563670289},{"$f":"+'Estados financieros + Estrategi'!O49/'Estados financieros + Estrategi'!O58","v":0.98952479357324263},{"$f":"+'Estados financieros + Estrategi'!P49/'Estados financieros + Estrategi'!P58","v":0.98874017977586537},{"$f":"+'Estados financieros + Estrategi'!Q49/'Estados financieros + Estrategi'!Q58","v":0.98792497513134914},null,{"$f":"Info_Sector!B6/Info_Sector!B11","v":0.78015346916609152},{"$f":"Info_Sector!C6/Info_Sector!C11","v":0.78794276314064526},{"$f":"Info_Sector!D6/Info_Sector!D11","v":0.76363930806131031},{"$f":"Info_Sector!E6/Info_Sector!E11","v":0.7662545471549268},{"$f":"Info_Sector!F6/Info_Sector!F11","v":0.75736681518712223},null,"Activo corriente / Total de activos"]
["0. Análisis vertical","Importancia Activo no corriente",{"$f":"+'Estados financieros + Estrategi'!F56/'Estados financieros + Estrategi'!F58","v":4.9012242148265325E-3},{"$f":"+'Estados financieros + Estrategi'!G56/'Estados financieros + Estrategi'!G58","v":5.0290654000998318E-3},{"$f":"+'Estados financieros + Estrategi'!H56/'Estados financieros + Estrategi'!H58","v":4.9505968467126382E-3},{"$f":"+'Estados financieros + Estrategi'!I56/'Estados financieros + Estrategi'!I58","v":6.0587370477553498E-3},{"$f":"+'Estados financieros + Estrategi'!J56/'Estados financieros + Estrategi'!J58","v":5.1415230354754692E-3},{"$f":"+'Estados financieros + Estrategi'!K56/'Estados financieros + Estrategi'!K58","v":5.8749777981279673E-3},{"$f":"+'Estados financieros + Estrategi'!L56/'Estados financieros + Estrategi'!L58","v":6.8892374965408504E-3},{"$f":"+'Estados financieros + Estrategi'!M56/'Estados financieros + Estrategi'!M58","v":7.8790799033536113E-3},{"$f":"+'Estados financieros + Estrategi'!N56/'Estados financieros + Estrategi'!N58","v":8.9690143632971692E-3},{"$f":"+'Estados financieros + Estrategi'!O56/'Estados financieros + Estrategi'!O58","v":1.0475206426757302E-2},{"$f":"+'Estados financieros + Estrategi'!P56/'Estados financieros + Estrategi'!P58","v":1.1259820224134668E-2},{"$f":"+'Estados financieros + Estrategi'!Q56/'Estados financieros + Estrategi'!Q58","v":1.2075024868650953E-2},null,{"$f":"Info_Sector!B10/Info_Sector!B11","v":0.21984653083390845},{"$f":"Info_Sector!C10/Info_Sector!C11","v":0.21205723685935474},{"$f":"Info_Sector!D10/Info_Sector!D11","v":0.23636069193868967},{"$f":"Info_Sector!E10/Info_Sector!E11","v":0.23374545284507323},{"$f":"Info_Sector!F10/Info_Sector!F11","v":0.24263318481287774},null,"Activo no corriente / Total de activos"]
[]
["tabla 17.",null,{"$f":"+C3","v":2014},{"$f":"+D3","v":2015},2016,2017,2018,2019,2020,{"$f":"+J3","v":2021},2022,2023,2024,2025]
["1. Liquidez","Capital de Trabajo",{"$f":"+'Estados financieros + Estrategi'!F49-'Estados financieros + Estrategi'!F66","v":1807324765.2699995},{"$f":"+'Estados financieros + Estrategi'!G49-'Estados financieros + Estrategi'!G66","v":2043525262.01},{"$f":"+'Estados financieros + Estrategi'!H49-'Estados financieros + Estrategi'!H66","v":2329456930.6899996},{"$f":"+'Estados financieros + Estrategi'!I49-'Estados financieros + Estrategi'!I66","v":1703953089.0599999},{"$f":"+'Estados financieros + Estrategi'!J49-'Estados financieros + Estrategi'!J66","v":1444668058.6499999},{"$f":"+'Estados financieros + Estrategi'!K49-'Estados financieros + Estrategi'!K66","v":1359487033.4099996},{"$f":"+'Estados financieros + Estrategi'!L49-'Estados financieros + Estrategi'!L66","v":1382023164.3900001},{"$f":"+'Estados financieros + Estrategi'!M49-'Estados financieros + Estrategi'!M66","v":1269845902.5858362},{"$f":"+'Estados financieros + Estrategi'!N49-'Estados financieros + Estrategi'!N66","v":1085227367.6950111},{"$f":"+'Estados financieros + Estrategi'!O49-'Estados financieros + Estrategi'!O66","v":889428155.28391922},{"$f":"+'Estados financieros + Estrategi'!P49-'Estados financieros + Estrategi'!P66","v":817353284.42023182},{"$f":"+'Estados financieros + Estrategi'!Q49-'Estados financieros + Estrategi'!Q66","v":755565140.70109355},null,{"$f":"Info_Sector!B13-Info_Sector!B15","v":1065915739},{"$f":"Info_Sector!C13-Info_Sector!C15","v":1033081961},{"$f":"Info_Sector!D13-Info_Sector!D15","v":1112286512},{"$f":"Info_Sector!E13-Info_Sector!E15","v":1304341967},{"$f":"Info_Sector!F13-Info_Sector!F15","v":1225943761},null,"Activo Corriente - Pasivo Corriente"]
["1. Liquidez","Razon Corriente",{"$f":"+'Estados financieros + Estrategi'!F49/'Estados financieros + Estrategi'!F66","v":2.5463803333149326},{"$f":"+'Estados financieros + Estrategi'!G49/'Estados financieros + Estrategi'!G66","v":2.310767048883057},{"$f":"+'Estados financieros + Estrategi'!H49/'Estados financieros + Estrategi'!H66","v":7.4770575595290669},{"$f":"+'Estados financieros + Estrategi'!I49/'Estados financieros + Estrategi'!I66","v":5.1077165186581048},{"$f":"+'Estados financieros + Estrategi'!J49/'Estados financieros + Estrategi'!J66","v":2.8127905729742264},{"$f":"+'Estados financieros + Estrategi'!K49/'Estados financieros + Estrategi'!K66","v":1.8498554740109301},{"$f":"+'Estados financieros + Estrategi'!L49/'Estados financieros + Estrategi'!L66","v":3.4147478864476408},{"$f":"+'Estados financieros + Estrategi'!M49/'Estados financieros + Estrategi'!M66","v":3.0183277983851262},{"$f":"+'Estados financieros + Estrategi'!N49/'Estados financieros + Estrategi'!N66","v":2.5623310021748953},{"$f":"+'Estados financieros + Estrategi'!O49/'Estados financieros + Estrategi'!O66","v":2.2088279006746654},{"$f":"+'Estados financieros + Estrategi'!P49/'Estados financieros + Estrategi'!P66","v":2.0617058252987475},{"$f":"+'Estados financieros + Estrategi'!Q49/'Estados financieros + Estrategi'!Q66","v":1.9324780970202122},null,{"$f":"Info_Sector!B6/Info_Sector!B13","v":1.5246554356328614},{"$f":"Info_Sector!C6/Info_Sector!C13","v":1.6104361802096525},{"$f":"Info_Sector!D6/Info_Sector!D13","v":1.6136006036082371},{"$f":"Info_Sector!E6/Info_Sector!E13","v":1.5892606811261127},{"$f":"Info_Sector!F6/Info_Sector!F13","v":1.7062913985967929},null,"Activo Corriente / Pasivo Corriente"]
["1. Liquidez","Prueba Acida",{"$f":"+('Estados financieros + Estrategi'!F49-'Estados financieros + Estrategi'!F47)/'Estados financieros + Estrategi'!F66","v":2.017335932790838},{"$f":"+('Estados financieros + Estrategi'!G49-'Estados financieros + Estrategi'!G47)/'Estados financieros + Estrategi'!G66","v":1.7710899715358295},{"$f":"+('Estados financieros + Estrategi'!H49-'Estados financieros + Estrategi'!H47)/'Estados financieros + Estrategi'!H66","v":3.1222418155036356},{"$f":"+('Estados financieros + Estrategi'!I49-'Estados financieros + Estrategi'!I47)/'Estados financieros + Estrategi'!I66","v":2.8432690279941695},{"$f":"+('Estados financieros + Estrategi'!J49-'Estados financieros + Estrategi'!J47)/'Estados financieros + Estrategi'!J66","v":1.4580330531842016},{"$f":"+('Estados financieros + Estrategi'!K49-'Estados financieros + Estrategi'!K47)/'Estados financieros + Estrategi'!K66","v":1.0861483412150308},{"$f":"+('Estados financieros + Estrategi'!L49-'Estados financieros + Estrategi'!L47)/'Estados financieros + Estrategi'!L66","v":1.6505680744777602},{"$f":"+('Estados financieros + Estrategi'!M49-'Estados financieros + Estrategi'!M47)/'Estados financieros + Estrategi'!M66","v":1.4135051101769651},{"$f":"+('Estados financieros + Estrategi'!N49-'Estados financieros + Estrategi'!N47)/'Estados financieros + Estrategi'!N66","v":1.2250381711207086},{"$f":"+('Estados financieros + Estrategi'!O49-'Estados financieros + Estrategi'!O47)/'Estados financieros + Estrategi'!O66","v":1.1483366463434381},{"$f":"+('Estados financieros + Estrategi'!P49-'Estados financieros + Estrategi'!P47)/'Estados financieros + Estrategi'!P66","v":1.0785562147053387},{"$f":"+('Estados financieros + Estrategi'!Q49-'Estados financieros + Estrategi'!Q47)/'Estados financieros + Estrategi'!Q66","v":1.0264040637247305},null,{"$f":"(Info_Sector!B6-Info_Sector!B7)/Info_Sector!B13","v":0.93314092954481331},{"$f":"(Info_Sector!C6-Info_Sector!C7)/Info_Sector!C13","v":0.98145372435833134},{"$f":"(Info_Sector!D6-Info_Sector!D7)/Info_Sector!D13","v":1.0150420150176687},{"$f":"(Info_Sector!E6-Info_Sector!E7)/Info_Sector!E13","v":1.0207761977261878},{"$f":"(Info_Sector!F6-Info_Sector!F7)/Info_Sector!F13","v":1.081428281072867},null,"(Activo Corriente - Inventarios) / Pasivo Corriente"]
[]
[null,null,{"$f":"+C$3","v":2014},2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,null,"2016 S","2017 S","2018 S","2019 S","2020 S","Promedio Sector"]
["2. Capital de trabajo","Cuentas por cobrar comerciales",{"$f":"+'Estados financieros + Estrategi'!F46","v":1065020951},{"$f":"+'Estados financieros + Estrategi'!G46","v":1830114437.9000001},{"$f":"+'Estados financieros + Estrategi'!H46","v":891491929},{"$f":"+'Estados financieros + Estrategi'!I46","v":763400000},{"$f":"+'Estados financieros + Estrategi'!J46","v":991219221},{"$f":"+'Estados financieros + Estrategi'!K46","v":1413051717},{"$f":"+'Estados financieros + Estrategi'!L46","v":839532488},{"$f":"+'Estados financieros + Estrategi'!M46","v":772369888.96000004},{"$f":"+'Estados financieros + Estrategi'!N46","v":726027695.62240005},{"$f":"+'Estados financieros + Estrategi'!O46","v":711507141.709952},{"$f":"+'Estados financieros + Estrategi'!P46","v":690161927.45865345},{"$f":"+'Estados financieros + Estrategi'!Q46","v":683260308.18406689}]
["2. Capital de trabajo","Inventario",{"$f":"+'Estados financieros + Estrategi'!F47","v":618318163},{"$f":"+'Estados financieros + Estrategi'!G47","v":841372799.10000002},{"$f":"+'Estados financieros + Estrategi'!H47","v":1566198173.0999999},{"$f":"+'Estados financieros + Estrategi'!I47","v":939332663.0999999},{"$f":"+'Estados financieros + Estrategi'!J47","v":1079647558.4299998},{"$f":"+'Estados financieros + Estrategi'!K47","v":1221678245.4299998},{"$f":"+'Estados financieros + Estrategi'!L47","v":1009686096},{"$f":"+'Estados financieros + Estrategi'!M47","v":1009686095.9},{"$f":"+'Estados financieros + Estrategi'!N47","v":928911208.22800004},{"$f":"+'Estados financieros + Estrategi'!O47","v":780285414.91152},{"$f":"+'Estados financieros + Estrategi'!P47","v":756876852.46417439},{"$f":"+'Estados financieros + Estrategi'!Q47","v":734170546.89024913}]
["2. Capital de trabajo","KTO ( Capital de trabajo operativo)",{"$f":"+C14+C15","v":1683339114},{"$f":"+'Estados financieros + Estrategi'!G46+'Estados financieros + Estrategi'!G47","v":2671487237},{"$f":"+'Estados financieros + Estrategi'!H46+'Estados financieros + Estrategi'!H47","v":2457690102.0999999},{"$f":"+'Estados financieros + Estrategi'!I46+'Estados financieros + Estrategi'!I47","v":1702732663.0999999},{"$f":"+'Estados financieros + Estrategi'!J46+'Estados financieros + Estrategi'!J47","v":2070866779.4299998},{"$f":"+'Estados financieros + Estrategi'!K46+'Estados financieros + Estrategi'!K47","v":2634729962.4299998},{"$f":"+'Estados financieros + Estrategi'!L46+'Estados financieros + Estrategi'!L47","v":1849218584},{"$f":"+'Estados financieros + Estrategi'!M46+'Estados financieros + Estrategi'!M47","v":1782055984.8600001},{"$f":"+'Estados financieros + Estrategi'!N46+'Estados financieros + Estrategi'!N47","v":1654938903.8504},{"$f":"+'Estados financieros + Estrategi'!O46+'Estados financieros + Estrategi'!O47","v":1491792556.6214719},{"$f":"+'Estados financieros + Estrategi'!P46+'Estados financieros + Estrategi'!P47","v":1447038779.9228277},{"$f":"+'Estados financieros + Estrategi'!Q46+'Estados financieros + Estrategi'!Q47","v":1417430855.074316},null,{"$f":"Info_Sector!B8+Info_Sector!B7","v":1849204870},{"$f":"Info_Sector!C8+Info_Sector!C7","v":2045511490},{"$f":"Info_Sector!D8+Info_Sector!D7","v":2189554568},{"$f":"Info_Sector!E8+Info_Sector!E7","v":2521950276},{"$f":"Info_Sector!F8+Info_Sector!F7","v":2450404241},null,"Cxc clientes + Inventario"]
["2. Capital de trabajo","Ingresos Operacionales",{"$f":"+'Estados financieros + Estrategi'!F89","v":5323304022},{"$f":"+'Estados financieros + Estrategi'!G89","v":4748882979},{"$f":"+'Estados financieros + Estrategi'!H89","v":3122271394},{"$f":"+'Estados financieros + Estrategi'!I89","v":2689197433},{"$f":"+'Estados financieros + Estrategi'!J89","v":2172288959},{"$f":"+'Estados financieros + Estrategi'!K89","v":3105641403},{"$f":"+'Estados financieros + Estrategi'!L89","v":2369300666},{"$f":"+'Estados financieros + Estrategi'!M89","v":2635610060.8584003},{"$f":"+'Estados financieros + Estrategi'!N89","v":2815042393.80164},{"$f":"+'Estados financieros + Estrategi'!O89","v":3006690479.9716554},{"$f":"+'Estados financieros + Estrategi'!P89","v":3158829018.2582211},{"$f":"+'Estados financieros + Estrategi'!Q89","v":3344694517.6925349}]
["2. Capital de trabajo","PKTO (Productividad KTO)",{"$f":"C17/Indicadores!C16","v":3.1623479652597202},{"$f":"D17/Indicadores!D16","v":1.7776176929569962},{"$f":"E17/Indicadores!E16","v":1.2704089060423613},{"$f":"F17/Indicadores!F16","v":1.5793421311975302},{"$f":"G17/Indicadores!G16","v":1.0489757142165932},{"$f":"H17/Indicadores!H16","v":1.1787323358693202},{"$f":"I17/Indicadores!I16","v":1.2812442436496734},{"$f":"J17/Indicadores!J16","v":1.4789715268487797},{"$f":"K17/Indicadores!K16","v":1.7009947540976467},{"$f":"L17/Indicadores!L16","v":2.0154883241816406},{"$f":"M17/Indicadores!M16","v":2.1829608591600325},{"$f":"N17/Indicadores!N16","v":2.3596879563604336},null,{"$f":"Info_Sector!B22/Indicadores!P16","v":2.8340920024723926},{"$f":"Info_Sector!C22/Indicadores!Q16","v":2.5020474174896958},{"$f":"Info_Sector!D22/Indicadores!R16","v":2.5211108545434526},{"$f":"Info_Sector!E22/Indicadores!S16","v":2.5650251928281871},{"$f":"Info_Sector!F22/Indicadores!T16","v":2.3072217070979186},{"$f":"+AVERAGE(P18:T18)","v":2.5458994348863291},"Ingresos operacionales / KTO"]
[]
["2. Capital de trabajo","Figura 16 Estructura del KTNO",{"$f":"+C$3","v":2014},{"$f":"+D3","v":2015},2016,2017,2018,2019,2020,2021,2022,2023,2024,2025]
["2. Capital de trabajo","Cuentas por cobrar comerciales",{"$f":"+'Estados financieros + Estrategi'!F46","v":1065020951},{"$f":"+'Estados financieros + Estrategi'!G46","v":1830114437.9000001},{"$f":"+'Estados financieros + Estrategi'!H46","v":891491929},{"$f":"+'Estados financieros + Estrategi'!I46","v":763400000},{"$f":"+'Estados financieros + Estrategi'!J46","v":991219221},{"$f":"+'Estados financieros + Estrategi'!K46","v":1413051717},{"$f":"+'Estados financieros + Estrategi'!L46","v":839532488},{"$f":"+'Estados financieros + Estrategi'!M46","v":772369888.96000004},{"$f":"+'Estados financieros + Estrategi'!N46","v":726027695.62240005},{"$f":"+'Estados financieros + Estrategi'!O46","v":711507141.709952},{"$f":"+'Estados financieros + Estrategi'!P46","v":690161927.45865345},{"$f":"+'Estados financieros + Estrategi'!Q46","v":683260308.18406689}]
["2. Capital de trabajo","Inventarios",{"$f":"+'Estados financieros + Estrategi'!F47","v":618318163},{"$f":"+'Estados financieros + Estrategi'!G47","v":841372799.10000002},{"$f":"+'Estados financieros + Estrategi'!H47","v":1566198173.0999999},{"$f":"+'Estados financieros + Estrategi'!I47","v":939332663.0999999},{"$f":"+'Estados financieros + Estrategi'!J47","v":1079647558.4299998},{"$f":"+'Estados financieros + Estrategi'!K47","v":1221678245.4299998},{"$f":"+'Estados financieros + Estrategi'!L47","v":1009686096},{"$f":"+'Estados financieros + Estrategi'!M47","v":1009686095.9},{"$f":"+'Estados financieros + Estrategi'!N47","v":928911208.22800004},{"$f":"+'Estados financieros + Estrategi'!O47","v":780285414.91152},{"$f":"+'Estados financieros + Estrategi'!P47","v":756876852.46417439},{"$f":"+'Estados financieros + Estrategi'!Q47","v":734170546.89024913}]
["2. Capital de trabajo","Cuentas por pagar comerciales",{"$f":"+'Estados financieros + Estrategi'!F62++'Estados financieros + Estrategi'!F63","v":714809437},{"$f":"+'Estados financieros + Estrategi'!G62++'Estados financieros + Estrategi'!G63","v":1149348635.21},{"$f":"+'Estados financieros + Estrategi'!H62++'Estados financieros + Estrategi'!H63","v":267392986},{"$f":"+'Estados financieros + Estrategi'!I62++'Estados financieros + Estrategi'!I63","v":250312395.44999999},{"$f":"+'Estados financieros + Estrategi'!J62++'Estados financieros + Estrategi'!J63","v":653305478.45000005},{"$f":"+'Estados financieros + Estrategi'!K62++'Estados financieros + Estrategi'!K63","v":1564733502.45},{"$f":"+'Estados financieros + Estrategi'!L62++'Estados financieros + Estrategi'!L63","v":458814017.68000001},{"$f":"+'Estados financieros + Estrategi'!M62++'Estados financieros + Estrategi'!M63","v":510384713.26723206},{"$f":"+'Estados financieros + Estrategi'!N62++'Estados financieros + Estrategi'!N63","v":545131704.54646516},{"$f":"+'Estados financieros + Estrategi'!O62++'Estados financieros + Estrategi'!O63","v":582244270.99198842},{"$f":"+'Estados financieros + Estrategi'!P62++'Estados financieros + Estrategi'!P63","v":611705831.10418296},{"$f":"+'Estados financieros + Estrategi'!Q62++'Estados financieros + Estrategi'!Q63","v":647698602.20635319}]
["2. Capital de trabajo","KTNO ( Capital de trabajo Neto Operativo)",{"$f":"+C21+C22-C23","v":968529677},{"$f":"+D21+D22-D23","v":1522138601.79},2190297116.0999999,1452420267.6499999,1417561300.9799998,1069996459.9799998,1390404566.3199999,1271671271.5927682,1109807199.3039348,909548285.62948346,835332948.81864476,769732252.86796284,null,{"$f":"P16-Info_Sector!B14","v":996800200},{"$f":"Q16-Info_Sector!C14","v":1157917691},{"$f":"R16-Info_Sector!D14","v":1090729568},{"$f":"S16-Info_Sector!E14","v":1327253142},{"$f":"T16-Info_Sector!F14","v":1321290169},null,"KTO - CXP  Proveedores"]
[]
[null,null,{"$f":"+C$3","v":2014},{"$f":"+D$3","v":2015},2016,2017,2018,2019,2020,2021,2022,2023,2024,2025]
[null,"EBITDA",{"$f":"+C101","v":0.20271603929466314},{"$f":"+D101","v":0.17659974152022379},0.12193221013445316,0.12442583128852774,0.1469969332611242,-2.3396332107052411E-2,0.11056303705525572,{"$f":"+J101","v":0.13842575101120916},0.17494827632053789,0.21091821045130504,0.22147663010553501,0.24290275673033809]
[null,"PKTO (Productividad KTO)",{"$f":"+C18","v":3.1623479652597202},{"$f":"+D18","v":1.7776176929569962},1.2704089060423613,1.5793421311975302,1.0489757142165932,1.1787323358693202,1.2812442436496734,1.4789715268487797,1.7009947540976467,2.0154883241816406,2.1829608591600325,2.3596879563604336]
["2. Capital de trabajo","PKTNO (Productividad KTNO)",{"$f":"+'Estados financieros + Estrategi'!F$89/Indicadores!C24","v":5.4962735251322608},{"$f":"+'Estados financieros + Estrategi'!G$89/Indicadores!D24","v":3.1198755313185167},{"$f":"+'Estados financieros + Estrategi'!H$89/Indicadores!E24","v":1.425501303475875},{"$f":"+'Estados financieros + Estrategi'!I$89/Indicadores!F24","v":1.8515284404224763},{"$f":"+'Estados financieros + Estrategi'!J$89/Indicadores!G24","v":1.532412712944573},{"$f":"+'Estados financieros + Estrategi'!K$89/Indicadores!H24","v":2.9024782035802716},{"$f":"+'Estados financieros + Estrategi'!L$89/Indicadores!I24","v":1.704036884941234},{"$f":"+'Estados financieros + Estrategi'!M$89/Indicadores!J24","v":2.0725561076466712},{"$f":"+'Estados financieros + Estrategi'!N$89/Indicadores!K24","v":2.5365148068666521},{"$f":"+'Estados financieros + Estrategi'!O$89/Indicadores!L24","v":3.3056963852015553},{"$f":"+'Estados financieros + Estrategi'!P$89/Indicadores!M24","v":3.7815209165705013},{"$f":"+'Estados financieros + Estrategi'!Q$89/Indicadores!N24","v":4.345270066611425},null,{"$f":"Info_Sector!B22/Indicadores!P24","v":5.2576401298876148},{"$f":"Info_Sector!C22/Indicadores!Q24","v":4.4199745636324339},{"$f":"Info_Sector!D22/Indicadores!R24","v":5.0609334797092433},{"$f":"Info_Sector!E22/Indicadores!S24","v":4.8738750644449409},{"$f":"Info_Sector!F22/Indicadores!T24","v":4.2788677223556943},null,"Ingresos operacionales / KTNO"]
["2. Capital de trabajo","PDC (Palanca de Crecimiento) KTO",{"$f":"+C28*C27","v":0.64105865438898746},{"$f":"+D28*D27","v":0.31392682509798209},0.15490376568823797,0.19651095756324774,0.15419621305523665,-2.7578013195320262E-2,0.14165825478747193,{"$f":"+J28*J27","v":0.20472774432823704},0.29758610025966048,0.42510319052189138,0.48347481473904741,0.57317470962332706,null,{"$f":"P101*P18","v":0.21660985350963305},{"$f":"Q101*Q18","v":0.15709480419491556},{"$f":"R101*R18","v":0.13552609847538635},{"$f":"S101*S18","v":0.17463606447409591},{"$f":"T101*T18","v":0.20402458730481768},null,"EBITDA% * PKTO"]
["2. Capital de trabajo","PDC (Palanca de Crecimiento) KTNO",{"$f":"+C27*C29","v":1.1141827998949281},{"$f":"+D27*D29","v":0.55096921240612085},0.17381452448235726,0.23037796535391794,0.22525996929321168,-6.7907343984444909E-2,0.18840349325328018,{"$f":"+J27*J29","v":0.28689513571385894},0.44375889332284285,0.69723156586206003,0.83751850927562865,1.0554780779177351,null,{"$f":"P101*P29","v":0.40184180942178788},{"$f":"Q101*Q29","v":0.27751474003517923},{"$f":"R101*R29","v":0.27205807626918571},{"$f":"S101*S29","v":0.33183079931258513},{"$f":"T101*T29","v":0.37837465662699565},null,"EBITDA% * PKTNO"]
[null,null,null,null,null,null," "]
[null,"Tabla 3. Nivel de endeudamiento",{"$f":"+C$3","v":2014},{"$f":"+D$3","v":2015},2016,2017,2018,2019,2020,2021,2022,2023,2024,2025]
[null,"Endeudamiento a corto plazo",{"$f":"+'Cifras Historicas'!F39/'Cifras Historicas'!F46","v":0.95858480777484889},{"$f":"+'Cifras Historicas'!G39/'Cifras Historicas'!G46","v":0.98093937922779972},{"$f":"+'Cifras Historicas'!H39/'Cifras Historicas'!H46","v":0.70066173983444135},{"$f":"+'Cifras Historicas'!I39/'Cifras Historicas'!I46","v":0.92227196783430054},{"$f":"+'Cifras Historicas'!J39/'Cifras Historicas'!J46","v":0.98295582656750025},{"$f":"+'Cifras Historicas'!K39/'Cifras Historicas'!K46","v":0.96794793645678634},{"$f":"+'Cifras Historicas'!L39/'Cifras Historicas'!L46","v":0.63089758904071069},{"$f":"+'Estados financieros + Estrategi'!M66/'Estados financieros + Estrategi'!M73","v":0.97615041731258312},{"$f":"+'Estados financieros + Estrategi'!N66/'Estados financieros + Estrategi'!N73","v":0.97690947651326865},{"$f":"+'Estados financieros + Estrategi'!O66/'Estados financieros + Estrategi'!O73","v":0.97672148514927382},{"$f":"+'Estados financieros + Estrategi'!P66/'Estados financieros + Estrategi'!P73","v":0.97662821000532807},{"$f":"+'Estados financieros + Estrategi'!Q66/'Estados financieros + Estrategi'!Q73","v":0.97649102762359929}]
[null,"Endeudamiento a largo plazo",{"$f":"1-C34","v":4.141519222515111E-2},{"$f":"1-D34","v":1.9060620772200276E-2},0.29933826016555865,7.7728032165699457E-2,1.7044173432499754E-2,3.205206354321366E-2,0.36910241095928931,{"$f":"1-J34","v":2.3849582687416881E-2},{"$f":"1-K34","v":2.3090523486731351E-2},2.3278514850726184E-2,2.3371789994671932E-2,2.3508972376400705E-2]
[null,"Total Nivel de endeudamiento",{"$f":"+'Cifras Historicas'!F46/'Cifras Historicas'!F31","v":0.40767340319397255},{"$f":"+'Cifras Historicas'!G46/'Cifras Historicas'!G31","v":0.43894697340382849},{"$f":"+'Cifras Historicas'!H46/'Cifras Historicas'!H31","v":0.18993522538527138},{"$f":"+'Cifras Historicas'!I46/'Cifras Historicas'!I31","v":0.21099634207074813},{"$f":"+'Cifras Historicas'!J46/'Cifras Historicas'!J31","v":0.35982381649086403},{"$f":"+'Cifras Historicas'!K46/'Cifras Historicas'!K31","v":0.55520223764904675},{"$f":"+'Cifras Historicas'!L46/'Cifras Historicas'!L31","v":0.46097797498563031},{"$f":"+'Estados financieros + Estrategi'!M73/'Estados financieros + Estrategi'!M58","v":0.3367297280177346},{"$f":"+'Estados financieros + Estrategi'!N73/'Estados financieros + Estrategi'!N58","v":0.39591110143847275},{"$f":"+'Estados financieros + Estrategi'!O73/'Estados financieros + Estrategi'!O58","v":0.45866337230258392},{"$f":"+'Estados financieros + Estrategi'!P73/'Estados financieros + Estrategi'!P58","v":0.49105057091078042},{"$f":"+'Estados financieros + Estrategi'!Q73/'Estados financieros + Estrategi'!Q58","v":0.52352946239283293}]
[]
["6. Endeudamiento","Nivel de Endeudamiento",{"$f":"+'Estados financieros + Estrategi'!F73/'Estados financieros + Estrategi'!F58","v":0.40767340319397255},{"$f":"+'Estados financieros + Estrategi'!G73/'Estados financieros + Estrategi'!G58","v":0.43894697340382849},{"$f":"+'Estados financieros + Estrategi'!H73/'Estados financieros + Estrategi'!H58","v":0.18993522538527138},{"$f":"+'Estados financieros + Estrategi'!I73/'Estados financieros + Estrategi'!I58","v":0.21099634207074813},{"$f":"+'Estados financieros + Estrategi'!J73/'Estados financieros + Estrategi'!J58","v":0.35982381649086403},{"$f":"+'Estados financieros + Estrategi'!K73/'Estados financieros + Estrategi'!K58","v":0.55520223764904675},{"$f":"+'Estados financieros + Estrategi'!L73/'Estados financieros + Estrategi'!L58","v":0.46097797498563031},{"$f":"+'Estados financieros + Estrategi'!M73/'Estados financieros + Estrategi'!M58","v":0.3367297280177346},{"$f":"+'Estados financieros + Estrategi'!N73/'Estados financieros + Estrategi'!N58","v":0.39591110143847275},{"$f":"+'Estados financieros + Estrategi'!O73/'Estados financieros + Estrategi'!O58","v":0.45866337230258392},{"$f":"+'Estados financieros + Estrategi'!P73/'Estados financieros + Estrategi'!P58","v":0.49105057091078042},{"$f":"+'Estados financieros + Estrategi'!Q73/'Estados financieros + Estrategi'!Q58","v":0.52352946239283293},null,{"$f":"Info_Sector!B16/Info_Sector!B11","v":0.63781760316871228},{"$f":"Info_Sector!C16/Info_Sector!C11","v":0.63647861087855595},{"$f":"Info_Sector!D16/Info_Sector!D11","v":0.63236920937453167},{"$f":"Info_Sector!E16/Info_Sector!E11","v":0.63861261862690644},{"$f":"Info_Sector!F16/Info_Sector!F11","v":0.59568014011031323},null,"Total Pasivo / Total Activo"]
["6. Endeudamiento","Cobertura de Intereses a UAII",{"$f":"('Estados financieros + Estrategi'!F100+BD_0!B166)/BD_0!B166","v":1240.5041670614944},{"$f":"('Estados financieros + Estrategi'!G100+BD_0!C166)/BD_0!C166","v":1018.6312597013415},{"$f":"('Estados financieros + Estrategi'!H100+BD_0!D166)/BD_0!D166","v":3160.4846944191595},{"$f":"('Estados financieros + Estrategi'!I100+BD_0!E166)/BD_0!E166","v":112.88474615612571},{"$f":"('Estados financieros + Estrategi'!J100+BD_0!F166)/BD_0!F166","v":27.37185964526595},{"$f":"('Estados financieros + Estrategi'!K100+BD_0!G166)/BD_0!G166","v":-7124.326348595162},{"$f":"('Estados financieros + Estrategi'!L100+BD_0!H166)/BD_0!H166","v":-442.46285074413476},null,null,null,null,null,null,{"$f":"Info_Sector!B81/Indicadores!P100","v":0.3147128422963365},{"$f":"Info_Sector!C81/Indicadores!Q100","v":0.29333522358912006},{"$f":"Info_Sector!D81/Indicadores!R100","v":0.45557521207629847},{"$f":"Info_Sector!E81/Indicadores!S100","v":0.35024232166772967},{"$f":"Info_Sector!F81/Indicadores!T100","v":0.32285581823680704},null,"UAII"]
["6. Endeudamiento","Cobertura de Intereses a Utilidad Operativa",{"$f":"('Estados financieros + Estrategi'!F94+BD_0!B166)/BD_0!B166","v":1281.8112618658804},{"$f":"('Estados financieros + Estrategi'!G94+BD_0!C166)/BD_0!C166","v":998.75374877643424},{"$f":"('Estados financieros + Estrategi'!H94+BD_0!D166)/BD_0!D166","v":4736.4410875780459},{"$f":"('Estados financieros + Estrategi'!I94+BD_0!E166)/BD_0!E166","v":113.29456386778577},{"$f":"('Estados financieros + Estrategi'!J94+BD_0!F166)/BD_0!F166","v":31.920699862832073},{"$f":"('Estados financieros + Estrategi'!K94+BD_0!G166)/BD_0!G166","v":-4731.3759503038445},{"$f":"('Estados financieros + Estrategi'!L94+BD_0!H166)/BD_0!H166","v":440.46360530153328},null,null,null,null,null,null,{"$f":"(Info_Sector!B81/Info_Sector!B62)","v":0.48847693238008733},{"$f":"(Info_Sector!C81/Info_Sector!C62)","v":0.43650726756630864},{"$f":"(Info_Sector!D81/Info_Sector!D62)","v":0.72375725389045975},{"$f":"(Info_Sector!E81/Info_Sector!E62)","v":0.53804095643813876},{"$f":"(Info_Sector!F81/Info_Sector!F62)","v":0.48758864442675182},null,"Utilidad Operativa/ Gasto por intereses"]
["6. Endeudamiento","Cobertura de Intereses a EBITDA",{"$f":"C100/BD_0!B166","v":1297.6638703648093},{"$f":"D100/BD_0!C166","v":1008.4964232216395},{"$f":"E100/BD_0!D166","v":4880.9017001500015},{"$f":"F100/BD_0!E166","v":114.29307273375102},{"$f":"G100/BD_0!F166","v":31.490942362656558},{"$f":"H100/BD_0!G166","v":-4371.615286083882},{"$f":"I100/BD_0!H166","v":453.57087303168856},null,null,null,null,null,null,{"$f":"P39","v":0.3147128422963365},{"$f":"Q39","v":0.29333522358912006},{"$f":"R39","v":0.45557521207629847},0.35024232166772967,0.32285581823680704]
["6. Endeudamiento","Cobertura de Intereses a FCL",null,{"$f":"D73/BD_0!C166","v":-4.6066182331113179},{"$f":"E73/BD_0!D166","v":-5332.5383053628884},{"$f":"F73/BD_0!E166","v":350.6673848507175},{"$f":"G73/BD_0!F166","v":21.359020843155982},{"$f":"H73/BD_0!G166","v":13431.712517899032},{"$f":"I73/BD_0!H166","v":-918.33952196566497},null,null,null,null,null,null,{"$f":"P73/Info_Sector!B81","v":0},{"$f":"Q73/Info_Sector!C81","v":0},{"$f":"R73/Info_Sector!D81","v":0},{"$f":"S73/Info_Sector!E81","v":0},{"$f":"T73/Info_Sector!F81","v":0}]
["6. Endeudamiento","Cobertura de P, P y E",{"$f":"+'Estados financieros + Estrategi'!F80/'Estados financieros + Estrategi'!F53","v":120.85278510911617},{"$f":"+'Estados financieros + Estrategi'!G80/'Estados financieros + Estrategi'!G53","v":153.86673707275364},{"$f":"+'Estados financieros + Estrategi'!H80/'Estados financieros + Estrategi'!H53","v":163.62971974836506},{"$f":"+'Estados financieros + Estrategi'!I80/'Estados financieros + Estrategi'!I53","v":130.22576350653196},{"$f":"+'Estados financieros + Estrategi'!J80/'Estados financieros + Estrategi'!J53","v":124.5110017191501},{"$f":"+'Estados financieros + Estrategi'!K80/'Estados financieros + Estrategi'!K53","v":75.710543534766387},{"$f":"+'Estados financieros + Estrategi'!L80/'Estados financieros + Estrategi'!L53","v":78.241173320707475},{"$f":"+'Estados financieros + Estrategi'!M80/'Estados financieros + Estrategi'!M53","v":84.181183604947904},{"$f":"+'Estados financieros + Estrategi'!N80/'Estados financieros + Estrategi'!N53","v":67.352874473428031},{"$f":"+'Estados financieros + Estrategi'!O80/'Estados financieros + Estrategi'!O53","v":51.677895942427924},{"$f":"+'Estados financieros + Estrategi'!P80/'Estados financieros + Estrategi'!P53","v":45.200493343430182},{"$f":"+'Estados financieros + Estrategi'!Q80/'Estados financieros + Estrategi'!Q53","v":39.459176506060423},null,{"$f":"Info_Sector!B18/Info_Sector!B9","v":13.222492738117779},{"$f":"Info_Sector!C18/Info_Sector!C9","v":15.460719765574405},{"$f":"Info_Sector!D18/Info_Sector!D9","v":14.922434645653837},{"$f":"Info_Sector!E18/Info_Sector!E9","v":25.401260913826526},{"$f":"Info_Sector!F18/Info_Sector!F9","v":2.814304505598614}]
["6. Endeudamiento","Concentracion de Endeudamiento a Corto Plazo",{"$f":"+'Estados financieros + Estrategi'!F66/'Estados financieros + Estrategi'!F73","v":0.95858480777484889},{"$f":"+'Estados financieros + Estrategi'!G66/'Estados financieros + Estrategi'!G73","v":0.98093937922779972},{"$f":"+'Estados financieros + Estrategi'!H66/'Estados financieros + Estrategi'!H73","v":0.70066173983444135},{"$f":"+'Estados financieros + Estrategi'!I66/'Estados financieros + Estrategi'!I73","v":0.92227196783430054},{"$f":"+'Estados financieros + Estrategi'!J66/'Estados financieros + Estrategi'!J73","v":0.98295582656750025},{"$f":"+'Estados financieros + Estrategi'!K66/'Estados financieros + Estrategi'!K73","v":0.96794793645678634},{"$f":"+'Estados financieros + Estrategi'!L66/'Estados financieros + Estrategi'!L73","v":0.63089758904071069},{"$f":"+'Estados financieros + Estrategi'!M66/'Estados financieros + Estrategi'!M73","v":0.97615041731258312},{"$f":"+'Estados financieros + Estrategi'!N66/'Estados financieros + Estrategi'!N73","v":0.97690947651326865},{"$f":"+'Estados financieros + Estrategi'!O66/'Estados financieros + Estrategi'!O73","v":0.97672148514927382},{"$f":"+'Estados financieros + Estrategi'!P66/'Estados financieros + Estrategi'!P73","v":0.97662821000532807},{"$f":"+'Estados financieros + Estrategi'!Q66/'Estados financieros + Estrategi'!Q73","v":0.97649102762359929},null,{"$f":"Info_Sector!B13/Info_Sector!B16","v":0.80225389891209631},{"$f":"Info_Sector!C13/Info_Sector!C16","v":0.76871851005157144},{"$f":"Info_Sector!D13/Info_Sector!D16","v":0.74837886177618984},{"$f":"Info_Sector!E13/Info_Sector!E16","v":0.7549886627610396},{"$f":"Info_Sector!F13/Info_Sector!F16","v":0.74514355527882814},null,"Pasivo Corriente / Pasivo Total"]
["6. Endeudamiento","Concentracion de Endeudamiento a Largo Plazo",{"$f":"1-C44","v":4.141519222515111E-2},{"$f":"1-D44","v":1.9060620772200276E-2},0.29933826016555865,7.7728032165699457E-2,1.7044173432499754E-2,3.205206354321366E-2,0.36910241095928931,2.3849582687416881E-2,2.3090523486731351E-2,2.3278514850726184E-2,2.3371789994671932E-2,2.3508972376400705E-2,null,{"$f":"Info_Sector!B15/Info_Sector!B16","v":0.19774610108790372},{"$f":"Info_Sector!C15/Info_Sector!C16","v":0.23128148994842851},{"$f":"Info_Sector!D15/Info_Sector!D16","v":0.25162113822381021},{"$f":"Info_Sector!E15/Info_Sector!E16","v":0.24501133723896043},{"$f":"Info_Sector!F15/Info_Sector!F16","v":0.25485644472117192},null,"Pasivo No Corriente / Pasivo Total"]
[]
[null,null,{"$f":"+C3","v":2014},{"$f":"+D3","v":2015},2016,2017,2018,2019,2020,{"$f":"+J3","v":2021},2022,2023,2024,2025,null,"2016 S","2017 S","2018 S","2019 S","2020 S","Promedio Sector"]
["0. Actividad","Rotación del Patrimonio",{"$f":"+'Estados financieros + Estrategi'!F89/'Estados financieros + Estrategi'!F80","v":3.0049903028346097},{"$f":"+'Estados financieros + Estrategi'!G89/'Estados financieros + Estrategi'!G80","v":2.3376920022397676},{"$f":"+'Estados financieros + Estrategi'!H89/'Estados financieros + Estrategi'!H80","v":1.4262245033356078},{"$f":"+'Estados financieros + Estrategi'!I89/'Estados financieros + Estrategi'!I80","v":1.5988968115789652},{"$f":"+'Estados financieros + Estrategi'!J89/'Estados financieros + Estrategi'!J80","v":1.5059881413601766},{"$f":"+'Estados financieros + Estrategi'!K89/'Estados financieros + Estrategi'!K80","v":2.3456430656959202},{"$f":"+'Estados financieros + Estrategi'!L89/'Estados financieros + Estrategi'!L80","v":2.2336194410162591},{"$f":"+'Estados financieros + Estrategi'!M89/'Estados financieros + Estrategi'!M80","v":2.0760103188520977},{"$f":"+'Estados financieros + Estrategi'!N89/'Estados financieros + Estrategi'!N80","v":2.5947074595309418},{"$f":"+'Estados financieros + Estrategi'!O89/'Estados financieros + Estrategi'!O80","v":3.3817360910310366},{"$f":"+'Estados financieros + Estrategi'!P89/'Estados financieros + Estrategi'!P80","v":3.8663517340227465},{"$f":"+'Estados financieros + Estrategi'!Q89/'Estados financieros + Estrategi'!Q80","v":4.4289065634761497},null,{"$f":"Info_Sector!B22/Info_Sector!B18","v":5.2341620978212617},{"$f":"Info_Sector!C22/Info_Sector!C18","v":4.661697665132472},{"$f":"Info_Sector!D22/Info_Sector!D18","v":4.2406703146486748},{"$f":"Info_Sector!E22/Info_Sector!E18","v":4.4694292331714651},{"$f":"Info_Sector!F22/Info_Sector!F18","v":3.3311565230035329},{"$f":"+AVERAGE(P48:T48)","v":4.3874231667554806},"Ventas / Patrimonio"]
["0. Actividad","Rotación del Activo total",{"$f":"+'Estados financieros + Estrategi'!F89/'Estados financieros + Estrategi'!F58","v":1.7799356795131387},{"$f":"+'Estados financieros + Estrategi'!G89/'Estados financieros + Estrategi'!G58","v":1.3115691731062857},{"$f":"+'Estados financieros + Estrategi'!H89/'Estados financieros + Estrategi'!H58","v":1.1553342308445627},{"$f":"+'Estados financieros + Estrategi'!I89/'Estados financieros + Estrategi'!I58","v":1.2615354329872215},{"$f":"+'Estados financieros + Estrategi'!J89/'Estados financieros + Estrategi'!J58","v":0.96409774074597498},{"$f":"+'Estados financieros + Estrategi'!K89/'Estados financieros + Estrategi'!K58","v":1.0433367868955759},{"$f":"+'Estados financieros + Estrategi'!L89/'Estados financieros + Estrategi'!L58","v":1.2039700742080479},{"$f":"+'Estados financieros + Estrategi'!M89/'Estados financieros + Estrategi'!M58","v":1.3769559288230206},{"$f":"+'Estados financieros + Estrategi'!N89/'Estados financieros + Estrategi'!N58","v":1.5674339713174255},{"$f":"+'Estados financieros + Estrategi'!O89/'Estados financieros + Estrategi'!O58","v":1.8306576112813835},{"$f":"+'Estados financieros + Estrategi'!P89/'Estados financieros + Estrategi'!P58","v":1.967777507688991},{"$f":"+'Estados financieros + Estrategi'!Q89/'Estados financieros + Estrategi'!Q58","v":2.1102434913113921},null,{"$f":"Info_Sector!B22/Info_Sector!B11","v":1.8957213739923853},{"$f":"Info_Sector!C22/Info_Sector!C11","v":1.6946268108931486},{"$f":"Info_Sector!D22/Info_Sector!D11","v":1.5590009805562461},{"$f":"Info_Sector!E22/Info_Sector!E11","v":1.6151953268081893},{"$f":"Info_Sector!F22/Info_Sector!F11","v":1.3468527386514049},{"$f":"+AVERAGE(P49:T49)","v":1.622279446180275},"Ventas / Activo Total"]
["0. Actividad","Rotación de cartera",{"$f":"+'Estados financieros + Estrategi'!F46/'Estados financieros + Estrategi'!F89*365","v":73.024693969845927},{"$f":"+'Estados financieros + Estrategi'!G46/'Estados financieros + Estrategi'!G89*365","v":140.66292489990204},{"$f":"+'Estados financieros + Estrategi'!H46/'Estados financieros + Estrategi'!H89*365","v":104.21725501194531},{"$f":"+'Estados financieros + Estrategi'!I46/'Estados financieros + Estrategi'!I89*365","v":103.61492859568709},{"$f":"+'Estados financieros + Estrategi'!J46/'Estados financieros + Estrategi'!J89*365","v":166.55013328961087},{"$f":"+'Estados financieros + Estrategi'!K46/'Estados financieros + Estrategi'!K89*365","v":166.07322281535156},{"$f":"+'Estados financieros + Estrategi'!L46/'Estados financieros + Estrategi'!L89*365","v":129.33325116450206},{"$f":"+'Estados financieros + Estrategi'!M46/'Estados financieros + Estrategi'!M89*365","v":106.96385389369101},{"$f":"+'Estados financieros + Estrategi'!N46/'Estados financieros + Estrategi'!N89*365","v":94.137164500851583},{"$f":"+'Estados financieros + Estrategi'!O46/'Estados financieros + Estrategi'!O89*365","v":86.374074236793646},{"$f":"+'Estados financieros + Estrategi'!P46/'Estados financieros + Estrategi'!P89*365","v":79.747622320283497},{"$f":"+'Estados financieros + Estrategi'!Q46/'Estados financieros + Estrategi'!Q89*365","v":74.562867002645021},null,{"$f":"(Info_Sector!B8/Info_Sector!B22)*365","v":70.512727420533523},{"$f":"(Info_Sector!C8/Info_Sector!C22)*365","v":79.596564260869627},{"$f":"(Info_Sector!D8/Info_Sector!D22)*365","v":78.457319446161705},{"$f":"(Info_Sector!E8/Info_Sector!E22)*365","v":80.359773531020494},{"$f":"(Info_Sector!F8/Info_Sector!F22)*365","v":83.0347842538592},78.392233782488901,"(Cuentas Por Cobrar Clientes / Ventas ) * 365"]
["0. Actividad","Rotación de Inventarios",{"$f":"+'Estados financieros + Estrategi'!F47/'Estados financieros + Estrategi'!F90*365","v":79.448742584789315},{"$f":"+'Estados financieros + Estrategi'!G47/'Estados financieros + Estrategi'!G90*365","v":109.66563627952395},{"$f":"+'Estados financieros + Estrategi'!H47/'Estados financieros + Estrategi'!H90*365","v":306.28646234154735},{"$f":"+'Estados financieros + Estrategi'!I47/'Estados financieros + Estrategi'!I90*365","v":228.98718566128267},{"$f":"+'Estados financieros + Estrategi'!J47/'Estados financieros + Estrategi'!J90*365","v":330.66081671962564},{"$f":"+'Estados financieros + Estrategi'!K47/'Estados financieros + Estrategi'!K90*365","v":192.70495282578781},{"$f":"+'Estados financieros + Estrategi'!L47/'Estados financieros + Estrategi'!L90*365","v":268.63164328846602},{"$f":"+'Estados financieros + Estrategi'!M47/'Estados financieros + Estrategi'!M90*365","v":239.87311310407273},{"$f":"+'Estados financieros + Estrategi'!N47/'Estados financieros + Estrategi'!N90*365","v":215.74792203207346},{"$f":"+'Estados financieros + Estrategi'!O47/'Estados financieros + Estrategi'!O90*365","v":177.37564477408304},{"$f":"+'Estados financieros + Estrategi'!P47/'Estados financieros + Estrategi'!P90*365","v":166.01693711584613},{"$f":"+'Estados financieros + Estrategi'!Q47/'Estados financieros + Estrategi'!Q90*365","v":156.335347945324},null,{"$f":"(Info_Sector!B7/Info_Sector!B28)*365","v":73.401476738123819},{"$f":"(Info_Sector!C7/Info_Sector!C28)*365","v":83.011471090738851},{"$f":"(Info_Sector!D7/Info_Sector!D28)*365","v":83.838622955327523},{"$f":"(Info_Sector!E7/Info_Sector!E28)*365","v":77.658006539076354},{"$f":"(Info_Sector!F7/Info_Sector!F28)*365","v":97.73753746186344},83.129422957026009,"(Inventarios / Costo de Ventas) * 365"]
["0. Actividad","Ciclo Operacional",{"$f":"C50+C51","v":152.47343655463524},{"$f":"D50+D51","v":250.328561179426},410.50371735349268,332.60211425696974,497.21095000923651,358.77817564113934,397.96489445296811,{"$f":"J50+J51","v":346.83696699776374},309.88508653292502,263.74971901087667,245.76455943612962,230.89821494796902,null,{"$f":"P50+P51","v":143.91420415865736},{"$f":"Q50+Q51","v":162.60803535160846},162.29594240148924,158.01778007009685,180.77232171572263,161.5216567395149,"Periodo de Cobro +  Rotacion de Inventarios"]
["0. Actividad","Periodo de Pago a Proveedores",{"$f":"('Estados financieros + Estrategi'!F62/'Estados financieros + Estrategi'!F90)*365","v":20.724488493180793},{"$f":"('Estados financieros + Estrategi'!G62/'Estados financieros + Estrategi'!G90)*365","v":142.23357145515016},{"$f":"('Estados financieros + Estrategi'!H62/'Estados financieros + Estrategi'!H90)*365","v":47.449987534975179},{"$f":"('Estados financieros + Estrategi'!I62/'Estados financieros + Estrategi'!I90)*365","v":44.029081121724332},{"$f":"('Estados financieros + Estrategi'!J62/'Estados financieros + Estrategi'!J90)*365","v":164.67894758678284},{"$f":"('Estados financieros + Estrategi'!K62/'Estados financieros + Estrategi'!K90)*365","v":227.89776108525166},{"$f":"('Estados financieros + Estrategi'!L62/'Estados financieros + Estrategi'!L90)*365","v":72.538154201368428},{"$f":"('Estados financieros + Estrategi'!M62/'Estados financieros + Estrategi'!M90)*365","v":72.052969390878289},{"$f":"('Estados financieros + Estrategi'!N62/'Estados financieros + Estrategi'!N90)*365","v":75.23724578008806},{"$f":"('Estados financieros + Estrategi'!O62/'Estados financieros + Estrategi'!O90)*365","v":78.65109101874684},{"$f":"('Estados financieros + Estrategi'!P62/'Estados financieros + Estrategi'!P90)*365","v":79.731296033161414},{"$f":"('Estados financieros + Estrategi'!Q62/'Estados financieros + Estrategi'!Q90)*365","v":81.95816308518306},null,{"$f":"(Info_Sector!B14/Info_Sector!B28)*365","v":74.77431002204753},{"$f":"(Info_Sector!C14/Info_Sector!C28)*365","v":79.275556523395522},{"$f":"(Info_Sector!D14/Info_Sector!D28)*365","v":91.848580035996761},{"$f":"(Info_Sector!E14/Info_Sector!E28)*365","v":84.517066314090329},{"$f":"(Info_Sector!F14/Info_Sector!F28)*365","v":94.78820517366448},85.040743613838927,"(Cuentas por pagar Proveedores / Costo de Ventas) * 365"]
["0. Actividad","CCE (Ciclo de conversión del efectivo)",{"$f":"+C52-C53","v":131.74894806145446},{"$f":"+D52-D53","v":108.09498972427585},363.05372981851747,288.5730331352454,332.53200242245367,130.88041455588768,325.42674025159965,{"$f":"+J52-J53","v":274.78399760688546},234.64784075283694,185.09862799212982,166.0332634029682,148.94005186278596,null,69.139894136609826,83.332478828212942,70.447362365492481,73.500713756006519,85.984116542058146,76.480913125675968]
[]
[null,"Flujo de caja Libre"]
[]
["4. Estructura de caja","FCL",null,{"$f":"+D$3","v":2015},{"$f":"+E3","v":2016},{"$f":"+F3","v":2017},{"$f":"+G3","v":2018},{"$f":"+H3","v":2019},{"$f":"+I3","v":2020},{"$f":"+J3","v":2021},2022,2023,2024,2025]
["4. Estructura de caja","* Utilidad Neta del Ejercicio",null,{"$f":"+'Estados financieros + Estrategi'!G102","v":547490908.72999978},{"$f":"+'Estados financieros + Estrategi'!H102","v":157745646.68000004},{"$f":"+'Estados financieros + Estrategi'!I102","v":215263983.36999989},{"$f":"+'Estados financieros + Estrategi'!J102","v":170252046.60000002},{"$f":"+'Estados financieros + Estrategi'!K102","v":-118430049.24000019},{"$f":"+'Estados financieros + Estrategi'!L102","v":-256119251.01999998},{"$f":"+'Estados financieros + Estrategi'!M102","v":94118077.542753041},{"$f":"+'Estados financieros + Estrategi'!N102","v":206110308.56683347},{"$f":"+'Estados financieros + Estrategi'!O102","v":287400412.07258856},{"$f":"+'Estados financieros + Estrategi'!P102","v":322788443.75839555},{"$f":"+'Estados financieros + Estrategi'!Q102","v":386266666.95549655}]
["4. Estructura de caja","(+) Costos que no son salidas de Efectivo",null,{"$f":"+SUM(D61:D65)","v":5369989.2911904762},{"$f":"+SUM(E61:E65)","v":100279485.31999999},75155570,5782289,5996203,49785681,{"$f":"+SUM(J61:J65)","v":86952423.271768704},33648018.518608704,29189244.719114307,28486987.845693938,{"$f":"+SUM(N61:N65)","v":27805798.678476181}]
["4. Estructura de caja","Depreciación del periodo",null,{"$f":"+'Estados financieros + Estrategi'!G107","v":5369989.2911904762},{"$f":"+'Estados financieros + Estrategi'!H107","v":5700966.3200000003},{"$f":"+'Estados financieros + Estrategi'!I107","v":4097773},{"$f":"+'Estados financieros + Estrategi'!J107","v":5782289},{"$f":"+'Estados financieros + Estrategi'!K107","v":5996203},{"$f":"+'Estados financieros + Estrategi'!L107","v":8147566},5780682.2717687069,5780682.2717687069,5780682.2717687069,5780682.2717687069,5780682.2717687069]
["4. Estructura de caja","Amortizaciones del periodo",null,0,0,0,0,0,0,0,0,0,0,0]
["4. Estructura de caja","Deterioro de activos",null,0,0,0,0,0,0,0,0,0,0,0]
["4. Estructura de caja","Provisiones protección de activos",null,{"$f":"+BD_0!C139","v":0},{"$f":"+BD_0!D139","v":94578519},{"$f":"+BD_0!E139","v":71057797},{"$f":"+BD_0!F139","v":0},{"$f":"+BD_0!G139","v":0},{"$f":"+BD_0!H139","v":41638115},{"$f":"+'Estrategias Operativas'!E36","v":81171741},{"$f":"+'Estrategias Operativas'!F36","v":27867336.24684},{"$f":"+'Estrategias Operativas'!G36","v":23408562.4473456},{"$f":"+'Estrategias Operativas'!H36","v":22706305.573925231},{"$f":"+'Estrategias Operativas'!I36","v":22025116.406707473}]
["4. Estructura de caja","Pérdida en venta de activos",null,0,0,0,0,0,0,0,0,0,0,0]
["4. Estructura de caja","(-) Utilidad en venta de activos",null,{"$f":"BD_0!C155","v":86207},{"$f":"BD_0!D155","v":0},{"$f":"BD_0!E155","v":200000},{"$f":"BD_0!F155","v":0},{"$f":"BD_0!G155","v":0},{"$f":"BD_0!H155","v":0},0,0,0,0,0]
["4. Estructura de caja","(+) Gastos financieros",null,{"$f":"+BD_0!C144","v":831585.83},{"$f":"+BD_0!D144","v":77999.350000000006},{"$f":"+BD_0!E144","v":2927610.73},{"$f":"+BD_0!F144","v":10140052.699999999},{"$f":"+BD_0!G144","v":16621},{"$f":"+BD_0!H144","v":577543.87},{"$f":"+'Estados financieros + Estrategi'!M98","v":2726000.1323381229},{"$f":"+'Estados financieros + Estrategi'!N98","v":2911586.2213477022},{"$f":"+'Estados financieros + Estrategi'!O98","v":3109807.0112970537},{"$f":"+'Estados financieros + Estrategi'!P98","v":3267163.2460686844},{"$f":"+'Estados financieros + Estrategi'!Q98","v":3459403.1314673657}]
["4. Estructura de caja","(=) FCB (Flujo de Caja Bruto )",null,{"$f":"+D59+D60-D66+D67","v":553606276.85119033},258103131.35000002,293147164.0999999,186174388.30000001,-112417225.24000019,-205756026.14999998,{"$f":"+J59+J60-J66+J67","v":183796500.94685987},242669913.30678988,319699463.80299991,354542594.85015815,417531868.76544005]
["4. Estructura de caja","(-) Aumento del KTNO",null,{"$f":"IF((D24-C24)>0,(D24-C24),0)","v":553608924.78999996},668158514.30999994,0,0,0,320408106.34000015,{"$f":"IF((J24-I24)>0,(J24-I24),0)","v":0},{"$f":"IF((K24-J24)>0,(K24-J24),0)","v":0},{"$f":"IF((L24-K24)>0,(L24-K24),0)","v":0},{"$f":"IF((M24-L24)>0,(M24-L24),0)","v":0},{"$f":"IF((N24-M24)>0,(N24-M24),0)","v":0}]
["4. Estructura de caja","(+) Disminución del KTNO",null,{"$f":"IF((D24-C24)<0,-(D24-C24),0)","v":0},0,737876848.45000005,34858966.670000076,347564841,0,{"$f":"IF((J24-I24)<0,-(J24-I24),0)","v":118733294.72723174},{"$f":"IF((K24-J24)<0,-(K24-J24),0)","v":161864072.28883338},{"$f":"IF((L24-K24)<0,-(L24-K24),0)","v":200258913.67445135},{"$f":"IF((M24-L24)<0,-(M24-L24),0)","v":74215336.810838699},{"$f":"IF((N24-M24)<0,-(N24-M24),0)","v":65600695.950681925}]
["4. Estructura de caja","(-) Inversión PPyE",null,{"$f":"IF(((BD_0!C37+D61)-(BD_0!B37+(BD_0!C155-BD_0!C146)))<0,0,((BD_0!C37+D61)-(BD_0!B37+(BD_0!C155-BD_0!C146))))","v":3828151.2911904752},{"$f":"IF(((BD_0!D37+E61)-(BD_0!C37+(BD_0!D155-BD_0!D146)))<0,0,((BD_0!D37+E61)-(BD_0!C37+(BD_0!D155-BD_0!D146))))","v":5877272.3200000003},{"$f":"IF(((BD_0!E37+F61)-(BD_0!D37+(BD_0!E155-BD_0!E146)))<0,0,((BD_0!E37+F61)-(BD_0!D37+(BD_0!E155-BD_0!E146))))","v":4406414},{"$f":"IF(((BD_0!F37+G61)-(BD_0!E37+(BD_0!F155-BD_0!F146)))<0,0,((BD_0!F37+G61)-(BD_0!E37+(BD_0!F155-BD_0!F146))))","v":4451758},{"$f":"IF(((BD_0!G37+H61)-(BD_0!F37+(BD_0!G155-BD_0!G146)))<0,0,((BD_0!G37+H61)-(BD_0!F37+(BD_0!G155-BD_0!G146))))","v":11899122},{"$f":"IF(((BD_0!H37+I61)-(BD_0!G37+(BD_0!H155-BD_0!H146)))<0,0,((BD_0!H37+I61)-(BD_0!G37+(BD_0!H155-BD_0!H146))))","v":4217229},0,0,0,0,0]
["4. Estructura de caja","(+) Venta de PPy E",null,{"$f":"IF(((BD_0!C37+D61)-(BD_0!B37+(BD_0!C155-BD_0!C146)))>0,0,-((BD_0!C37+D61)-(BD_0!B37+(BD_0!C155-BD_0!C146))))","v":0},{"$f":"IF(((BD_0!D37+E61)-(BD_0!C37+(BD_0!D155-BD_0!D146)))>0,0,-((BD_0!D37+E61)-(BD_0!C37+(BD_0!D155-BD_0!D146))))","v":0},{"$f":"IF(((BD_0!E37+F61)-(BD_0!D37+(BD_0!E155-BD_0!E146)))>0,0,-((BD_0!E37+F61)-(BD_0!D37+(BD_0!E155-BD_0!E146))))","v":0},{"$f":"IF(((BD_0!F37+G61)-(BD_0!E37+(BD_0!F155-BD_0!F146)))>0,0,-((BD_0!F37+G61)-(BD_0!E37+(BD_0!F155-BD_0!F146))))","v":0},{"$f":"IF(((BD_0!G37+H61)-(BD_0!F37+(BD_0!G155-BD_0!G146)))>0,0,-((BD_0!G37+H61)-(BD_0!F37+(BD_0!G155-BD_0!G146))))","v":0},{"$f":"IF(((BD_0!H37+I61)-(BD_0!G37+(BD_0!H155-BD_0!H146)))>0,0,-((BD_0!H37+I61)-(BD_0!G37+(BD_0!H155-BD_0!H146))))","v":0},0,0,0,0,0]
["4. Estructura de caja","(=) FCL (Flujo de Caja Libre )",null,{"$f":"+D68-D69+D70-D71+D72","v":-3830799.2300001085},-415932655.27999991,1026617598.55,216581596.97000009,223248493.75999981,-530381361.49000013,{"$f":"+J68-J69+J70-J71+J72","v":302529795.67409158},404533985.59562325,519958377.47745126,428757931.66099685,483132564.71612197]
[]
["4. Estructura de caja","FCB (Flujo de Caja Bruto )",null,{"$f":"+D68/D$68","v":1},1,1,1,1,1,{"$f":"+J68/J$68","v":1},1,1,1,1]
["4. Estructura de caja","Aumento del KTNO",null,{"$f":"(D69-D70)/$D$68","v":1.000004783072231},1.2069200481438929,-1.332854917481981,-6.2967072678928787E-2,-0.62781954528565731,0.57876530620718747,{"$f":"(J69-J70)/$D$68","v":-0.21447245035328116},-0.29238120855400368,-0.36173526574425213,-0.13405797570244643,-0.11849702341491954]
["4. Estructura de caja","Inversión en P,P y E",null,{"$f":"(D71-D72)/$D$68","v":6.9149347672939846E-3},1.0616339744969717E-2,7.959472614838951E-3,8.0413792006130656E-3,2.1493835054905801E-2,7.617740579075106E-3,{"$f":"(J71-J72)/$D$68","v":0},0,0,0,0]
["4. Estructura de caja","Pago intereses",null,{"$f":"(BD_0!C166)/$D$68","v":1.5021253095790508E-3},{"$f":"(BD_0!D166)/$D$68","v":1.4089254992491021E-4},{"$f":"(BD_0!E166)/$D$68","v":5.2882542204031827E-3},{"$f":"(BD_0!F166)/$D$68","v":1.8316361508172802E-2},{"$f":"(BD_0!G166)/$D$68","v":3.0023142249284384E-5},{"$f":"(BD_0!H166)/$D$68","v":1.0432393817587514E-3},{"$f":"(BD_0!I166)/$D$68","v":0},{"$f":"(BD_0!J166)/$D$68","v":0},{"$f":"(BD_0!K166)/$D$68","v":-1.6369115878022724E-7},{"$f":"(BD_0!L166)/$D$68","v":6.5992662347956669E-6},{"$f":"(BD_0!M166)/$D$68","v":4.450081820737698E-7}]
["4. Estructura de caja","Pago deudas"]
["4. Estructura de caja","Pago dividendos"]
[]
[null,null,{"$f":"+C$3","v":2014},2015,2016,2017,2018,2019,2020,{"$f":"+J$3&\" p\"","v":"2021 p"},{"$f":"+K$3&\" p\"","v":"2022 p"},"2023 p","2024 p","2025 p"]
[null,"Total de Activos",{"$f":"+'Estados financieros + Estrategi'!F58","v":2990728307.3599997},{"$f":"+'Estados financieros + Estrategi'!G58","v":3620764406.77},{"$f":"+'Estados financieros + Estrategi'!H58","v":2702483238.7399998},{"$f":"+'Estados financieros + Estrategi'!I58","v":2131686009.51},{"$f":"+'Estados financieros + Estrategi'!J58","v":2253183331.0999999},{"$f":"+'Estados financieros + Estrategi'!K58","v":2976643248.8599997},{"$f":"+'Estados financieros + Estrategi'!L58","v":1967906608.9400001},{"$f":"+'Estados financieros + Estrategi'!M58","v":1914084543.8032563},{"$f":"+'Estados financieros + Estrategi'!N58","v":1795955967.0865128},{"$f":"+'Estados financieros + Estrategi'!O58","v":1642410061.5226996},{"$f":"+'Estados financieros + Estrategi'!P58","v":1605277530.5720575},{"$f":"+'Estados financieros + Estrategi'!Q58","v":1584980373.8117464}]
[null,"Utilidad neta",{"$f":"+'Estados financieros + Estrategi'!F102","v":673868312.26999986},{"$f":"+'Estados financieros + Estrategi'!G102","v":547490908.72999978},{"$f":"+'Estados financieros + Estrategi'!H102","v":157745646.68000004},{"$f":"+'Estados financieros + Estrategi'!I102","v":215263983.36999989},{"$f":"+'Estados financieros + Estrategi'!J102","v":170252046.60000002},{"$f":"+'Estados financieros + Estrategi'!K102","v":-118430049.24000019},{"$f":"+'Estados financieros + Estrategi'!L102","v":-256119251.01999998},{"$f":"+'Estados financieros + Estrategi'!M102","v":94118077.542753041},{"$f":"+'Estados financieros + Estrategi'!N102","v":206110308.56683347},{"$f":"+'Estados financieros + Estrategi'!O102","v":287400412.07258856},{"$f":"+'Estados financieros + Estrategi'!P102","v":322788443.75839555},{"$f":"+'Estados financieros + Estrategi'!Q102","v":386266666.95549655}]
["5. Rentabilidad del activo","ROA ( Return On Assets)",{"$f":"+C84/C83","v":0.22531913400881354},{"$f":"+D84/D83","v":0.15120865298673319},5.8370629063937154E-2,0.10098296954131698,7.5560671983527991E-2,-3.978644376861646E-2,-0.13014807199512224,{"$f":"+J84/J83","v":4.917132727885775E-2},0.11476356455509076,0.17498700160551617,0.20107952526026232,0.24370438482248033,null,{"$f":"Info_Sector!B62/Info_Sector!B11","v":9.3348893936308505E-2},{"$f":"Info_Sector!C62/Info_Sector!C11","v":7.1501161324406745E-2},{"$f":"Info_Sector!D62/Info_Sector!D11","v":5.2752681289756631E-2},{"$f":"Info_Sector!E62/Info_Sector!E11","v":7.1584770540553622E-2},{"$f":"Info_Sector!F62/Info_Sector!F11","v":7.8862098133562084E-2},null,"Utilidad operacional / Total activos"]
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["5. Rentabilidad del activo","ROA (Rentabilidad Neta del activo)",{"$f":"+('Estados financieros + Estrategi'!F102)/'Estados financieros + Estrategi'!F58","v":0.22531913400881354},{"$f":"+('Estados financieros + Estrategi'!G102)/'Estados financieros + Estrategi'!G58","v":0.15120865298673319},{"$f":"+('Estados financieros + Estrategi'!H102)/'Estados financieros + Estrategi'!H58","v":5.8370629063937154E-2},{"$f":"+('Estados financieros + Estrategi'!I102)/'Estados financieros + Estrategi'!I58","v":0.10098296954131698},{"$f":"+('Estados financieros + Estrategi'!J102)/'Estados financieros + Estrategi'!J58","v":7.5560671983527991E-2},{"$f":"+('Estados financieros + Estrategi'!K102)/'Estados financieros + Estrategi'!K58","v":-3.978644376861646E-2},{"$f":"+('Estados financieros + Estrategi'!L102)/'Estados financieros + Estrategi'!L58","v":-0.13014807199512224},{"$f":"+('Estados financieros + Estrategi'!M102)/'Estados financieros + Estrategi'!M58","v":4.917132727885775E-2},{"$f":"+('Estados financieros + Estrategi'!N102)/'Estados financieros + Estrategi'!N58","v":0.11476356455509076},{"$f":"+('Estados financieros + Estrategi'!O102)/'Estados financieros + Estrategi'!O58","v":0.17498700160551617},{"$f":"+('Estados financieros + Estrategi'!P102)/'Estados financieros + Estrategi'!P58","v":0.20107952526026232},{"$f":"+('Estados financieros + Estrategi'!Q102)/'Estados financieros + Estrategi'!Q58","v":0.24370438482248033},null,{"$f":"Info_Sector!B83/Info_Sector!B11","v":4.4040682626657106E-2},{"$f":"Info_Sector!C83/Info_Sector!C11","v":2.1898286106117614E-2},{"$f":"Info_Sector!D83/Info_Sector!D11","v":7.8314952667357142E-3},{"$f":"Info_Sector!E83/Info_Sector!E11","v":2.8429233885036428E-2},{"$f":"Info_Sector!F83/Info_Sector!F11","v":4.0782659017347414E-2},null,"Utilidad NEta / Total activos"]
[]
[null,null,{"$f":"+C$3","v":2014},2015,2016,2017,2018,2019,2020,{"$f":"+J$3&\" p\"","v":"2021 p"},{"$f":"+K$3&\" p\"","v":"2022 p"},"2023 p","2024 p","2025 p"]
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[]
["7. Valor económico agregado","Costo de Intereses",{"$f":"IFERROR(BD_0!B166/BD_0!B60,0%)","v":1.5518579725227686E-2},{"$f":"IFERROR(BD_0!C166/BD_0!C60,0%)","v":2.2701910219367589E-2},{"$f":"IFERROR(BD_0!D166/BD_0!D60,0%)","v":2.2151399943825603E-2},{"$f":"IFERROR(BD_0!E166/BD_0!E60,0%)","v":0.22491243573912803},{"$f":"IFERROR(BD_0!F166/BD_0!F60,0%)","v":0},{"$f":"IFERROR(BD_0!G166/BD_0!G60,0%)","v":0},{"$f":"IFERROR(BD_0!H166/BD_0!H60,0%)","v":6.6285884049946953E-2},{"$f":"IFERROR(BD_0!I166/BD_0!I60,0%)","v":0},{"$f":"IFERROR(BD_0!J166/BD_0!J60,0%)","v":0},{"$f":"IFERROR(BD_0!K166/BD_0!K60,0%)","v":1.0025789234946829},{"$f":"IFERROR(BD_0!L166/BD_0!L60,0%)","v":13.547745799847768},{"$f":"IFERROR(BD_0!M166/BD_0!M60,0%)","v":-2.4635932284617632}]
["7. Valor económico agregado","OBLIGACIONES FINANCIERAS LP+CP",{"$f":"+'Estados financieros + Estrategi'!F61+'Estados financieros + Estrategi'!F68","v":1152875.0900000001},{"$f":"+'Estados financieros + Estrategi'!G61+'Estados financieros + Estrategi'!G68","v":812448.55},{"$f":"+'Estados financieros + Estrategi'!H61+'Estados financieros + Estrategi'!H68","v":1900417.05},{"$f":"+'Estados financieros + Estrategi'!I61+'Estados financieros + Estrategi'!I68","v":137200},{"$f":"+'Estados financieros + Estrategi'!J61+'Estados financieros + Estrategi'!J68","v":150000},{"$f":"+'Estados financieros + Estrategi'!K61+'Estados financieros + Estrategi'!K68","v":156000},{"$f":"+'Estados financieros + Estrategi'!L61+'Estados financieros + Estrategi'!L68","v":162050.87},{"$f":"+'Estados financieros + Estrategi'!M61+'Estados financieros + Estrategi'!M68","v":180265.38778799999},{"$f":"+'Estados financieros + Estrategi'!N61+'Estados financieros + Estrategi'!N68","v":192537.85538860701},{"$f":"+'Estados financieros + Estrategi'!O61+'Estados financieros + Estrategi'!O68","v":205645.83258346337},{"$f":"+'Estados financieros + Estrategi'!P61+'Estados financieros + Estrategi'!P68","v":216051.51171218662},{"$f":"+'Estados financieros + Estrategi'!Q61+'Estados financieros + Estrategi'!Q68","v":228763.98266133168}]
["7. Valor económico agregado","Costo del Patrimonio",0,0,0,0,0,0,0,0,0,0,0,0]
["7. Valor económico agregado","Patrimonio",{"$f":"+'Estados financieros + Estrategi'!F80","v":1771487920.27},{"$f":"+'Estados financieros + Estrategi'!G80","v":2031440829.01},{"$f":"+'Estados financieros + Estrategi'!H80","v":2189186475.6900001},{"$f":"+'Estados financieros + Estrategi'!I80","v":1681908059.0599999},{"$f":"+'Estados financieros + Estrategi'!J80","v":1442434305.6499999},{"$f":"+'Estados financieros + Estrategi'!K80","v":1324004256.4100001},{"$f":"+'Estados financieros + Estrategi'!L80","v":1060745005.3899999},{"$f":"+'Estados financieros + Estrategi'!M80","v":1269555375.9654362},{"$f":"+'Estados financieros + Estrategi'!N80","v":1084917062.022294},{"$f":"+'Estados financieros + Estrategi'!O80","v":889096724.00100386},{"$f":"+'Estados financieros + Estrategi'!P80","v":817005082.71440089},{"$f":"+'Estados financieros + Estrategi'!Q80","v":755196450.80689144}]
["7. Valor económico agregado","Costo de Capital - CPPC - WACC",{"$f":"(C109*((C110/(C110+C112))))+(C111*((C112/(C110+C112))))","v":1.0092842297336739E-5},9.0757063814900598E-6,1.9212792643733159E-5,1.8345514793492033E-5,0,0,1.0125001163514298E-5,{"$f":"(J109*((J110/(J110+J112))))+(J111*((J112/(J110+J112))))","v":0},0,2.3184035536898172E-4,3.5816633194653484E-3,-7.4604525711708487E-4]
[]
[null,null,{"$f":"+C3","v":2014},{"$f":"+D3","v":2015},2016,2017,2018,2019,2020]
["7. Valor económico agregado","Rentabilidad Mercado en dólares Kl USA",{"$f":"+'Valoración Sin Estrategia'!$K$16","v":0.10746180452004755},{"$f":"+'Valoración Sin Estrategia'!$K$17","v":1.2842996709792224E-2},{"$f":"+'Valoración Sin Estrategia'!$K$18","v":6.8999999999999999E-3},{"$f":"+'Valoración Sin Estrategia'!$K$19","v":2.8000000000000001E-2},{"$f":"+'Valoración Sin Estrategia'!$K$20","v":-2.0000000000000001E-4},{"$f":"+'Valoración Sin Estrategia'!$K$21","v":9.64E-2},{"$f":"+'Valoración Sin Estrategia'!$K$22","v":0.1133}]
["7. Valor económico agregado","Inflación en USA",{"$f":"+'Valoración Sin Estrategia'!$L$16","v":1.6199999999999999E-2},{"$f":"+'Valoración Sin Estrategia'!$L$17","v":1.1999999999999999E-3},{"$f":"+'Valoración Sin Estrategia'!$L$18","v":1.26E-2},{"$f":"+'Valoración Sin Estrategia'!$L$19","v":2.1299999999999999E-2},{"$f":"+'Valoración Sin Estrategia'!$L$20","v":2.4400000000000002E-2},{"$f":"+'Valoración Sin Estrategia'!$L$21","v":2.29E-2},{"$f":"+'Valoración Sin Estrategia'!$L$22","v":1.2E-2}]
["7. Valor económico agregado","Tasa libre de riesgo real en dólares",{"$f":"+((1+C116)/(1+C117))-1","v":8.9806932218114088E-2},{"$f":"+((1+D116)/(1+D117))-1","v":1.1629041859560818E-2},-5.6290736717361511E-3,6.5602663272299466E-3,-2.4014057008980849E-2,7.1854531234724961E-2,0.10009881422924893]
["7. Valor económico agregado","Inflación en Colombia",3.6600000000000001E-2,6.7699999999999996E-2,5.7500000000000002E-2,4.0899999999999999E-2,3.1800000000000002E-2,3.7999999999999999E-2,1.61E-2]
["7. Valor económico agregado","Tasa libre de riesgo  nominal en $COL",{"$f":"((1+C118)*(1+C119))-1","v":0.12969386593729704},{"$f":"((1+D118)*(1+D119))-1","v":8.011632799345314E-2},5.1547254592139158E-2,4.7728581220013666E-2,7.0222959781336414E-3,0.11258500342164446,0.11781040513833974]
["7. Valor económico agregado","Riesgo pais Colombia",{"$f":"+'Valoración Sin Estrategia'!$N$16","v":1.9199999999999998E-2},{"$f":"+'Valoración Sin Estrategia'!$N$17","v":3.39E-2},{"$f":"+'Valoración Sin Estrategia'!$N$18","v":3.2599999999999997E-2},{"$f":"+'Valoración Sin Estrategia'!$N$19","v":2.5100000000000001E-2},{"$f":"+'Valoración Sin Estrategia'!$N$20","v":1.8100000000000002E-2},{"$f":"+'Valoración Sin Estrategia'!$N$21","v":2.5499999999999998E-2},{"$f":"+'Valoración Sin Estrategia'!$N$22","v":1.4E-2}]
["7. Valor económico agregado","Rentabilidad Mercado en dólares Km USA",{"$f":"+'Valoración Sin Estrategia'!$J$16","v":0.13524421649462237},{"$f":"+'Valoración Sin Estrategia'!$J$17","v":1.38E-2},{"$f":"+'Valoración Sin Estrategia'!$J$18","v":0.1177},{"$f":"+'Valoración Sin Estrategia'!$J$19","v":0.21609999999999999},{"$f":"+'Valoración Sin Estrategia'!$J$20","v":-4.2299999999999997E-2},{"$f":"+'Valoración Sin Estrategia'!$J$21","v":0.31209999999999999},{"$f":"+'Valoración Sin Estrategia'!$J$22","v":0.18010000000000001}]
["7. Valor económico agregado","Inflación en USA",{"$f":"+C117","v":1.6199999999999999E-2},{"$f":"+D117","v":1.1999999999999999E-3},1.26E-2,2.1299999999999999E-2,2.4400000000000002E-2,2.29E-2,1.2E-2]
["7. Valor económico agregado","Rentabilidad del Mercado real en dólares  Km USA",{"$f":"+(1+C122)/(1+C123)-1","v":0.11714644410019925},{"$f":"+(1+D122)/(1+D123)-1","v":1.2584898122253163E-2},0.10379221805253791,0.19073729560364217,-6.5111284654431834E-2,0.28272558412357029,0.16610671936758892]
["7. Valor económico agregado","Inflación COLOMBIA",{"$f":"+C119","v":3.6600000000000001E-2},{"$f":"+D119","v":6.7699999999999996E-2},5.7500000000000002E-2,4.0899999999999999E-2,3.1800000000000002E-2,3.7999999999999999E-2,1.61E-2]
["7. Valor económico agregado","Rentabilidad del Mercado en $COL",{"$f":"+(1+C124)*(1+C125)-1","v":0.15803400395426648},{"$f":"+(1+D124)/(1+D125)-1","v":-5.1620400747163897E-2},4.3775147094598399E-2,0.14394975079608252,-9.3924485999643204E-2,0.23576645869322754,0.14762987832653174]
["7. Valor económico agregado","Deuda",{"$f":"+'Cifras Historicas'!F34","v":1152875.0900000001},{"$f":"+'Cifras Historicas'!G34","v":812448.55},{"$f":"+'Cifras Historicas'!H34","v":1900417.05},{"$f":"+'Cifras Historicas'!I34","v":137200},{"$f":"+'Cifras Historicas'!J34","v":150000},{"$f":"+'Cifras Historicas'!K34","v":156000},{"$f":"+'Cifras Historicas'!L34","v":162050.87}]
["7. Valor económico agregado","Patrimonio",{"$f":"+C132","v":1771487920.27},{"$f":"+D132","v":1771487920.27},2031440829.01,2189186475.6900001,1681908059.0599999,1442434305.6499999,1324004256.4100001]
["7. Valor económico agregado","Beta Apalancada     BL = BU * ( 1 + (1-t) * D/P)",{"$f":"C130*(1+(1-('Analisis Financiero'!F92/'Analisis Financiero'!F91))*(C127/C128))","v":0.92903095609836284},{"$f":"D130*(1+(1-('Analisis Financiero'!G92/'Analisis Financiero'!G91))*(D127/D128))","v":0.9286692767672432},{"$f":"E130*(1+(1-('Analisis Financiero'!H92/'Analisis Financiero'!H91))*(E127/E128))","v":1.1405190382028616},{"$f":"F130*(1+(1-('Analisis Financiero'!I92/'Analisis Financiero'!I91))*(F127/F128))","v":1.1072196360044082},{"$f":"G130*(1+(1-('Analisis Financiero'!J92/'Analisis Financiero'!J91))*(G127/G128))","v":1.1771197708340977},{"$f":"H130*(1+(1-('Analisis Financiero'!K92/'Analisis Financiero'!K91))*(H127/H128))","v":1.0054706647016567},{"$f":"I130*(1+(1-('Analisis Financiero'!L92/'Analisis Financiero'!L91))*(I127/I128))","v":1.1195308362633847}]
["7. Valor económico agregado","B: Riesgo de mercado de un activo.",0.92863585395822323,0.92839380999999999,1.1398364804784027,1.1071740349999999,1.177052937,1.0053619342997684,1.1193938285891893]
["7. Valor económico agregado","*Ke ( Costo de los fondos propios)",{"$f":"+(C120+(C126-C120)*C129+C121)","v":0.17522273145516171},{"$f":"+(D120+(D126-D120)*D129+D121)","v":-8.3235246097781851E-3},{"$f":"+(E120+(E126-E120)*E129+E121)","v":7.5283018024234719E-2},{"$f":"+(F120+(F126-F120)*F129+F121)","v":0.17936654957394707},{"$f":"+(G120+(G126-G120)*G129+G121)","v":-9.3704156889986651E-2},{"$f":"+(H120+(H126-H120)*H129+H121)","v":0.26194034313248049},{"$f":"+(I120+(I126-I120)*I129+I121)","v":0.16519422489364993}]
["7. Valor económico agregado","*E ( Fondos Propios)",{"$f":"+'Cifras Historicas'!F53","v":1771487920.27},{"$f":"+'Cifras Historicas'!F53","v":1771487920.27},{"$f":"+'Cifras Historicas'!G53","v":2031440829.01},{"$f":"+'Cifras Historicas'!H53","v":2189186475.6900001},{"$f":"+'Cifras Historicas'!I53","v":1681908059.0599999},{"$f":"+'Cifras Historicas'!J53","v":1442434305.6499999},{"$f":"+'Cifras Historicas'!K53","v":1324004256.4100001}]
["7. Valor económico agregado","*D ( Endeudamiento)",{"$f":"+'Cifras Historicas'!F34","v":1152875.0900000001},{"$f":"+'Cifras Historicas'!G34","v":812448.55},{"$f":"+'Cifras Historicas'!H34","v":1900417.05},{"$f":"+'Cifras Historicas'!I34","v":137200},{"$f":"+'Cifras Historicas'!J34","v":150000},{"$f":"+'Cifras Historicas'!K34","v":156000},{"$f":"+'Cifras Historicas'!L34","v":162050.87}]
["7. Valor económico agregado","*Kd (Coste Financiero)",{"$f":"+'Cifras Historicas'!F74/Indicadores!C133","v":0.72131476966858565},{"$f":"+'Cifras Historicas'!G74/Indicadores!D133","v":1.0235550669639326},{"$f":"+'Cifras Historicas'!H74/Indicadores!E133","v":4.1043280473620256E-2},{"$f":"+'Cifras Historicas'!I74/Indicadores!F133","v":21.338270626822158},{"$f":"+'Cifras Historicas'!J74/Indicadores!G133","v":67.600351333333322},{"$f":"+'Cifras Historicas'!K74/Indicadores!H133","v":0.10654487179487179},{"$f":"+'Cifras Historicas'!L74/Indicadores!I133","v":3.5639664878071931}]
["7. Valor económico agregado","*T (Tasa Impositiva)",{"$f":"25%+9%","v":0.33999999999999997},{"$f":"25%+9%","v":0.33999999999999997},{"$f":"+Info_Sector!B87","v":0.33999999999999997},{"$f":"+Info_Sector!C87","v":0.33},{"$f":"+Info_Sector!D87","v":0.33},{"$f":"+Info_Sector!E87","v":0.33},{"$f":"+Info_Sector!F87","v":0.32}]
["7. Valor económico agregado","WACC o CPPC",{"$f":"(C131*(C132/(C132+C133)))+(C134*(1-C135)*(C133/(C132+C133)))","v":0.17541839248610011},{"$f":"(D131*(D132/(D132+D133)))+(D134*(1-D135)*(D133/(D132+D133)))","v":-8.0100286058981951E-3},7.5237974153607404E-2,0.18025124749230675,-8.9656799014398214E-2,0.26191973671123098,0.16547059498532579]
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["7. Valor económico agregado","EVA ( Valor Económico Agregado)",{"$f":"C137-(C136*C138)","v":392015312.46926695},{"$f":"D137-(D136*D138)","v":563892319.18148589},{"$f":"E137-(E136*E138)","v":78924442.793119937},{"$f":"F137-(F136*F138)","v":-82925060.317085356},{"$f":"G137-(G136*G138)","v":339407633.66008723},{"$f":"H137-(H136*H138)","v":-399523775.57128334},{"$f":"I137-(I136*I138)","v":-2958454.1190727055}]
[]
[null,null,{"$f":"+C3","v":2014},{"$f":"+D3","v":2015},{"$f":"+E3","v":2016},{"$f":"+F3","v":2017},{"$f":"+G3","v":2018},{"$f":"+H3","v":2019},{"$f":"+I3","v":2020},{"$f":"+J3","v":2021},{"$f":"+K3","v":2022},{"$f":"+L3","v":2023},{"$f":"+M3","v":2024},{"$f":"+N3","v":2025}]
["X. Dupont",{"$f":"+B92","v":"Utilidad Neta"},{"$f":"+C92","v":0.12658835743460378},{"$f":"+D92","v":0.11528835541980192},{"$f":"+E92","v":5.0522721049533481E-2},{"$f":"+F92","v":8.0047668024826601E-2},{"$f":"+G92","v":7.8374493363154829E-2},{"$f":"+H92","v":-3.8133845435470638E-2},{"$f":"+I92","v":-0.10809909214789373},{"$f":"+J92","v":3.5710167805361702E-2},{"$f":"+K92","v":7.3217479431450752E-2},{"$f":"+L92","v":9.5586963136723657E-2},{"$f":"+M92","v":0.1021861081725725},{"$f":"+N92","v":0.1154863814654073}]
["X. Dupont",{"$f":"+B87","v":"ROA (Rentabilidad Neta del activo)"},{"$f":"+C87","v":0.22531913400881354},{"$f":"+D87","v":0.15120865298673319},{"$f":"+E87","v":5.8370629063937154E-2},{"$f":"+F87","v":0.10098296954131698},{"$f":"+G87","v":7.5560671983527991E-2},{"$f":"+H87","v":-3.978644376861646E-2},{"$f":"+I87","v":-0.13014807199512224},{"$f":"+J87","v":4.917132727885775E-2},{"$f":"+K87","v":0.11476356455509076},{"$f":"+L87","v":0.17498700160551617},{"$f":"+M87","v":0.20107952526026232},{"$f":"+N87","v":0.24370438482248033},null,null,null,null,null,null,null,"Total Activos / Capital"]
["X. Dupont","Multiplicador de capital",{"$f":"+'Estados financieros + Estrategi'!F58/'Estados financieros + Estrategi'!F80","v":1.6882578047182901},{"$f":"+'Estados financieros + Estrategi'!G58/'Estados financieros + Estrategi'!G80","v":1.7823627225876617},{"$f":"+'Estados financieros + Estrategi'!H58/'Estados financieros + Estrategi'!H80","v":1.2344691823880449},{"$f":"+'Estados financieros + Estrategi'!I58/'Estados financieros + Estrategi'!I80","v":1.2674212469743298},{"$f":"+'Estados financieros + Estrategi'!J58/'Estados financieros + Estrategi'!J80","v":1.5620699828576627},{"$f":"+'Estados financieros + Estrategi'!K58/'Estados financieros + Estrategi'!K80","v":2.2482127489008858},{"$f":"+'Estados financieros + Estrategi'!L58/'Estados financieros + Estrategi'!L80","v":1.8552117605460396},{"$f":"+'Estados financieros + Estrategi'!M58/'Estados financieros + Estrategi'!M80","v":1.5076810197016308},{"$f":"+'Estados financieros + Estrategi'!N58/'Estados financieros + Estrategi'!N80","v":1.6553854943887016},{"$f":"+'Estados financieros + Estrategi'!O58/'Estados financieros + Estrategi'!O80","v":1.8472793985020297},{"$f":"+'Estados financieros + Estrategi'!P58/'Estados financieros + Estrategi'!P80","v":1.9648317550714818},{"$f":"+'Estados financieros + Estrategi'!Q58/'Estados financieros + Estrategi'!Q80","v":2.0987656551063902}]
["X. Dupont","Índice Dupont",{"$f":"+C142*C143*C144","v":4.8153804381847784E-2},{"$f":"+D142*D143*D144","v":3.1071210922513089E-2},3.6405027129906616E-3,1.0245137827649135E-2,9.2506243397354072E-3,3.4110110830601662E-3,2.6100767268455068E-2,{"$f":"+J142*J143*J144","v":2.6473617505765727E-3},1.3909705917955224E-2,3.0898474657106812E-2,4.03724475264765E-2,5.9068788789634549E-2]
[]
["X. Altman","Activo Circulante",{"$f":"+'Estados financieros + Estrategi'!F49","v":2976070077.3599997},{"$f":"+'Estados financieros + Estrategi'!G49","v":3602555345.77},{"$f":"+'Estados financieros + Estrategi'!H49","v":2689104333.7399998},{"$f":"+'Estados financieros + Estrategi'!I49","v":2118770684.51},{"$f":"+'Estados financieros + Estrategi'!J49","v":2241598537.0999999},{"$f":"+'Estados financieros + Estrategi'!K49","v":2959155535.8599997},{"$f":"+'Estados financieros + Estrategi'!L49","v":1954349232.9400001},{"$f":"+'Estados financieros + Estrategi'!M49","v":1899003318.7408562},{"$f":"+'Estados financieros + Estrategi'!N49","v":1779848012.2218647},{"$f":"+'Estados financieros + Estrategi'!O49","v":1625205477.0908661},{"$f":"+'Estados financieros + Estrategi'!P49","v":1587202394.1679733},{"$f":"+'Estados financieros + Estrategi'!Q49","v":1565841696.3816459},null,null,null,null,null,null,null,"Z= 6,56X1+3,26X2+6,72X3+ 1,05X4","Factores"]
["X. Altman","Total Activos",{"$f":"+'Estados financieros + Estrategi'!F58","v":2990728307.3599997},{"$f":"+'Estados financieros + Estrategi'!G58","v":3620764406.77},{"$f":"+'Estados financieros + Estrategi'!H58","v":2702483238.7399998},{"$f":"+'Estados financieros + Estrategi'!I58","v":2131686009.51},{"$f":"+'Estados financieros + Estrategi'!J58","v":2253183331.0999999},{"$f":"+'Estados financieros + Estrategi'!K58","v":2976643248.8599997},{"$f":"+'Estados financieros + Estrategi'!L58","v":1967906608.9400001},{"$f":"+'Estados financieros + Estrategi'!M58","v":1914084543.8032563},{"$f":"+'Estados financieros + Estrategi'!N58","v":1795955967.0865128},{"$f":"+'Estados financieros + Estrategi'!O58","v":1642410061.5226996},{"$f":"+'Estados financieros + Estrategi'!P58","v":1605277530.5720575},{"$f":"+'Estados financieros + Estrategi'!Q58","v":1584980373.8117464},null,null,null,null,null,null,null,"X1= Activos Circulantes / Total activos",6.56]
["X. Altman","Total Pasivos",{"$f":"+'Estados financieros + Estrategi'!F73","v":1219240387.0900002},{"$f":"+'Estados financieros + Estrategi'!G73","v":1589323577.76},{"$f":"+'Estados financieros + Estrategi'!H73","v":513296763.05000001},{"$f":"+'Estados financieros + Estrategi'!I73","v":449777950.44999999},{"$f":"+'Estados financieros + Estrategi'!J73","v":810749025.45000005},{"$f":"+'Estados financieros + Estrategi'!K73","v":1652638992.45},{"$f":"+'Estados financieros + Estrategi'!L73","v":907161603.54999995},{"$f":"+'Estados financieros + Estrategi'!M73","v":644529167.83782005},{"$f":"+'Estados financieros + Estrategi'!N73","v":711038905.06421876},{"$f":"+'Estados financieros + Estrategi'!O73","v":753313337.52169573},{"$f":"+'Estados financieros + Estrategi'!P73","v":788272447.8576566},{"$f":"+'Estados financieros + Estrategi'!Q73","v":829783923.00485492},null,null,null,null,null,null,null,"X2= Beneficios no distribuidos / Total activos",3.26]
["X. Altman","Patrimonio",{"$f":"+'Estados financieros + Estrategi'!F80","v":1771487920.27},{"$f":"+'Estados financieros + Estrategi'!G80","v":2031440829.01},{"$f":"+'Estados financieros + Estrategi'!H80","v":2189186475.6900001},{"$f":"+'Estados financieros + Estrategi'!I80","v":1681908059.0599999},{"$f":"+'Estados financieros + Estrategi'!J80","v":1442434305.6499999},{"$f":"+'Estados financieros + Estrategi'!K80","v":1324004256.4100001},{"$f":"+'Estados financieros + Estrategi'!L80","v":1060745005.3899999},{"$f":"+'Estados financieros + Estrategi'!M80","v":1269555375.9654362},{"$f":"+'Estados financieros + Estrategi'!N80","v":1084917062.022294},{"$f":"+'Estados financieros + Estrategi'!O80","v":889096724.00100386},{"$f":"+'Estados financieros + Estrategi'!P80","v":817005082.71440089},{"$f":"+'Estados financieros + Estrategi'!Q80","v":755196450.80689144},null,null,null,null,null,null,null,"X3= EBITDA/ Total activos",6.72]
["X. Altman","Beneficios No Distribuidos",{"$f":"+'Estados financieros + Estrategi'!F78","v":78840194},{"$f":"+'Estados financieros + Estrategi'!G78","v":90000000},{"$f":"+'Estados financieros + Estrategi'!H78","v":90000000},{"$f":"+'Estados financieros + Estrategi'!I78","v":90000000},{"$f":"+'Estados financieros + Estrategi'!J78","v":90000000},{"$f":"+'Estados financieros + Estrategi'!K78","v":90000000},{"$f":"+'Estados financieros + Estrategi'!L78","v":90000000},{"$f":"+'Estados financieros + Estrategi'!M78","v":90000000},{"$f":"+'Estados financieros + Estrategi'!N78","v":90000000},{"$f":"+'Estados financieros + Estrategi'!O78","v":90000000},{"$f":"+'Estados financieros + Estrategi'!P78","v":90000000},{"$f":"+'Estados financieros + Estrategi'!Q78","v":90000000},null,null,null,null,null,null,null,"X4= Patrimonio / pasivo total",1.05]
["X. Altman","EBITDA",{"$f":"+C100","v":1079119107.3011904},{"$f":"+D100","v":838651506.60119033},{"$f":"+E100","v":380705451.70999998},{"$f":"+F100","v":334605626.0999999},{"$f":"+G100","v":319319815.13},{"$f":"+H100","v":-72660617.670000196},{"$f":"+I100","v":261957077.33000004},{"$f":"+J100","v":364836302.04702276},{"$f":"+K100","v":492486814.56483775},{"$f":"+L100","v":634165775.41659701},{"$f":"+M100","v":699606806.04340637},{"$f":"+N100","v":812435518.76836526},null,null,null,null,null,null,null,"X5= Ventas / Total activos",0]
["X. Altman","Ventas",{"$f":"+'Estados financieros + Estrategi'!F89","v":5323304022},{"$f":"+'Estados financieros + Estrategi'!G89","v":4748882979},{"$f":"+'Estados financieros + Estrategi'!H89","v":3122271394},{"$f":"+'Estados financieros + Estrategi'!I89","v":2689197433},{"$f":"+'Estados financieros + Estrategi'!J89","v":2172288959},{"$f":"+'Estados financieros + Estrategi'!K89","v":3105641403},{"$f":"+'Estados financieros + Estrategi'!L89","v":2369300666},{"$f":"+'Estados financieros + Estrategi'!M89","v":2635610060.8584003},{"$f":"+'Estados financieros + Estrategi'!N89","v":2815042393.80164},{"$f":"+'Estados financieros + Estrategi'!O89","v":3006690479.9716554},{"$f":"+'Estados financieros + Estrategi'!P89","v":3158829018.2582211},{"$f":"+'Estados financieros + Estrategi'!Q89","v":3344694517.6925349}]
["X. Altman","X1",{"$f":"+$W148*(C147/C148)","v":6.5278479691507378},{"$f":"+$W$148*(D147/D148)","v":6.5270093309753445},6.5275240846855649,6.5202546849667247,6.5262716088872805,6.52146014564428,6.5148066020226922,6.5083132358339997,6.5011632657767704,6.4912826458404709,6.4861355793296767,6.4807878368616496,null,null,null,null,null,null,null,0,"Peligro de quiebra"]
["X. Altman","X2",{"$f":"+$W149*(C151/C148)","v":8.5938609604721314E-2},{"$f":"+$W$149*(D151/D148)","v":8.1032612740947516E-2},0.10856681580633751,0.13763753136769069,0.1302157689302462,9.8567404781331081E-2,0.14909244100665831,0.15328476526800575,0.16336703425750895,0.17863991878373239,0.18277213404677994,0.1851127022440015,null,null,null,null,null,null,null,0.1,"Zona Gris"]
["X. Altman","X3",{"$f":"+$W150*(C152/C148)","v":2.4247205549290642},1.556505061147436,0.94666290573701961,1.0548222380597518,0.95235444362443866,-0.16403690664959714,0.89453003087672034,1.2808733855007799,1.8427575366697662,2.5947198635939634,2.9286884336668644,3.4445642206872313,null,null,null,null,null,null,null,2.6,"Situación normal"]
["X. Altman","X4",{"$f":"+$W151*(C150/C149)","v":1.5255911270483502},1.3420884836219307,4.4782004581832719,3.9263895890096987,1.8680947782722985,0.84120275243509368,1.2277660907394343,2.0682278029954619,1.6021105273002232,1.239260628614806,1.0882726387070545,0.95561778357399751]
["X. Altman","X5",{"$f":"+$W152*(C153/C148)","v":0},0,0,0,0,0,0,0,0,0,0,0]
["X. Altman","Indicador",{"$f":"+SUM(C154:C158)","v":10.564098260732873},{"$f":"+SUM(D154:D158)","v":9.5066354884856583},12.060954264412194,11.639104043403867,9.4769365997142643,7.2971933962111075,8.7861951646455054,10.010699189598247,10.109398364004267,10.503903056832973,10.685868785750376,11.06608254336688]
["X. Altman","Zona",{"$f":"+LOOKUP(C159,$V$154:$V$156,$W$154:$W$156)","v":"Situación normal"},"Situación normal","Situación normal","Situación normal","Situación normal","Situación normal","Situación normal","Situación normal","Situación normal","Situación normal","Situación normal","Situación normal"]

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["EBITDA - Ventas"]
[]
["Años",2014,2015,2016,2017,2018,2019,2020]
["Ventas",{"$f":"+'Cifras Historicas'!F65/1000000","v":5323.3040220000003},{"$f":"+'Cifras Historicas'!G65/1000000","v":4748.882979},{"$f":"+'Cifras Historicas'!H65/1000000","v":3122.2713939999999},{"$f":"+'Cifras Historicas'!I65/1000000","v":2689.1974329999998},{"$f":"+'Cifras Historicas'!J65/1000000","v":2172.288959},{"$f":"+'Cifras Historicas'!K65/1000000","v":3105.6414030000001},{"$f":"+'Cifras Historicas'!L65/1000000","v":2369.3006660000001}]
["EBITDA",{"$f":"+Indicadores!C100/1000000","v":1079.1191073011903},{"$f":"+Indicadores!D100/1000000","v":838.65150660119036},{"$f":"+Indicadores!E100/1000000","v":380.70545170999998},{"$f":"+Indicadores!F100/1000000","v":334.60562609999988},{"$f":"+Indicadores!G100/1000000","v":319.31981512999999},{"$f":"+Indicadores!H100/1000000","v":-72.660617670000192},{"$f":"+Indicadores!I100/1000000","v":261.95707733000006},null,null,null,null,null,null,null,null,{"$f":"5323/5323","v":1}]
["EBITDA %",{"$f":"+B8/B7","v":0.20271603929466311},{"$f":"+C8/C7","v":0.17659974152022379},0.12193221013445316,0.12442583128852774,0.14699693326112423,-2.3396332107052411E-2,0.11056303705525572]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"1079/5323","v":0.20270524140522261}]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"2369/5323","v":0.44504978395641553},{"$f":"1-Q13","v":0.55495021604358441}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"262/1079","v":0.2428174235403151},{"$f":"1-Q15","v":0.7571825764596849}]
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["Empresa","Ingresos 2019","EBITDA 2019 $","EBITDA 2019 %","Ingresos 2020","EBITDA 2020 $","EBITDA 2020 %","Var Ingresos","Var EBITDA"]
[{"$f":" UPPER(\"GL Retail\")","v":"GL RETAIL"},{"$f":"+G7*1000","v":3105641.4029999999},{"$f":"+G8*1000","v":-72660.617670000196},{"$f":"+C21/B21","v":-2.3396332107052411E-2},{"$f":"+H7*1000","v":2369300.6660000002},{"$f":"+H8*1000","v":261957.07733000006},{"$f":"+F21/E21","v":0.11056303705525571},{"$f":"(E21-B21)/B21","v":-0.23709779766868974},{"$f":"(F21-C21)/C21","v":-4.6052140173060456}]
[{"$f":"+'Detalle empresas Sector'!B2","v":"COMERCIALIZADORA Y DISTRIBUIDORA INTERAMERICANA LTDA"},{"$f":"+'Detalle empresas Sector'!BO2","v":138519},{"$f":"+'Detalle empresas Sector'!CE2","v":70179},{"$f":"+C22/B22","v":0.50663807853074305},{"$f":"+'Detalle empresas Sector'!BO10","v":30996},{"$f":"+'Detalle empresas Sector'!CE10","v":17087},{"$f":"+F22/E22","v":0.55126467931345979},{"$f":"(E22-B22)/B22","v":-0.77623286336170494},-0.75652260647772129]
[{"$f":"+'Detalle empresas Sector'!B3","v":"BRANDING ARTICULOS PUBLICITARIOS LTDA"},{"$f":"+'Detalle empresas Sector'!BO3","v":5471299},{"$f":"+'Detalle empresas Sector'!CE3","v":268626},4.9097298466049835E-2,{"$f":"+'Detalle empresas Sector'!BO11","v":5058460},{"$f":"+'Detalle empresas Sector'!CE11","v":348239},6.884288894248447E-2,-7.5455390027121524E-2,{"$f":"(F23-C23)/C23","v":0.29637116288073379}]
[{"$f":"+'Detalle empresas Sector'!B4","v":"AMAGRAN SAS"},{"$f":"+'Detalle empresas Sector'!BO4","v":4007694},{"$f":"+'Detalle empresas Sector'!CE4","v":366656},9.1488022788166964E-2,{"$f":"+'Detalle empresas Sector'!BO12","v":3076186},{"$f":"+'Detalle empresas Sector'!CE12","v":262941},8.54763008478681E-2,-0.23242992104686636,-0.28286731977657531]
[{"$f":"+'Detalle empresas Sector'!B5","v":"SURTIALIADOS S.A.S."},{"$f":"+'Detalle empresas Sector'!BO5","v":11563773},{"$f":"+'Detalle empresas Sector'!CE5","v":371632},3.2137607682198532E-2,{"$f":"+'Detalle empresas Sector'!BO13","v":5903457},{"$f":"+'Detalle empresas Sector'!CE13","v":73636},1.2473369417275336E-2,-0.48948695205275994,-0.80185775175442375]
[{"$f":"+'Detalle empresas Sector'!B6","v":"SOLUCIONES EN MATERIALES COMPUESTOS SAS"},{"$f":"+'Detalle empresas Sector'!BO6","v":8385285},{"$f":"+'Detalle empresas Sector'!CE6","v":608780},7.2600990902515539E-2,{"$f":"+'Detalle empresas Sector'!BO14","v":5535660},{"$f":"+'Detalle empresas Sector'!CE14","v":357551},6.4590491468045366E-2,-0.33983639196521048,-0.41267617201616347]
[{"$f":"+'Detalle empresas Sector'!B7","v":"P&A ASOCIADOS SAS"},{"$f":"+'Detalle empresas Sector'!BO7","v":813490},{"$f":"+'Detalle empresas Sector'!CE7","v":621390},0.76385696197863528,{"$f":"+'Detalle empresas Sector'!BO15","v":696755},{"$f":"+'Detalle empresas Sector'!CE15","v":9368},1.3445185179869538E-2,-0.14349899814380018,-0.98492412172709576]
[{"$f":"+'Detalle empresas Sector'!B8","v":"CISNE NEGRO INVERSIONES SAS"},{"$f":"+'Detalle empresas Sector'!BO8","v":2707914},{"$f":"+'Detalle empresas Sector'!CE8","v":132413},4.8898524842369437E-2,{"$f":"+'Detalle empresas Sector'!BO16","v":1232815},{"$f":"+'Detalle empresas Sector'!CE16","v":266122},0.21586531636944717,-0.54473628039886057,1.009787558623398]
[{"$f":"+'Detalle empresas Sector'!B9","v":"LABORATORIOS LOUIS PASTEUR SAS"},{"$f":"+'Detalle empresas Sector'!BO9","v":4674427},{"$f":"+'Detalle empresas Sector'!CE9","v":802199},0.17161440321990268,{"$f":"+'Detalle empresas Sector'!BO17","v":7192199},{"$f":"+'Detalle empresas Sector'!CE17","v":1408312},0.19581104471664368,0.53862687341143634,0.75556439237645523]
[]
["Gastos Administrativos - ventas"]
[]
["Años",{"$f":"+B6","v":2014},{"$f":"+C6","v":2015},{"$f":"+D6","v":2016},{"$f":"+E6","v":2017},{"$f":"+F6","v":2018},{"$f":"+G6","v":2019},{"$f":"+H6","v":2020}]
["Gastos Admin.",{"$f":"+BD_0!B125/1000000","v":432.53128999},{"$f":"+BD_0!C125/1000000","v":600.27394668999989},{"$f":"+BD_0!D125/1000000","v":298.75326261000004},{"$f":"+BD_0!E125/1000000","v":323.70074041999999},{"$f":"+BD_0!F125/1000000","v":362.74376687},{"$f":"+BD_0!G125/1000000","v":288.54098352},{"$f":"+BD_0!H125/1000000","v":230.61846414999999}]
[{"$f":"+A7","v":"Ventas"},{"$f":"+B7","v":5323.3040220000003},{"$f":"+C7","v":4748.882979},{"$f":"+D7","v":3122.2713939999999},{"$f":"+E7","v":2689.1974329999998},{"$f":"+F7","v":2172.288959},{"$f":"+G7","v":3105.6414030000001},{"$f":"+H7","v":2369.3006660000001}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Gastos de ventas - ventas"]
[]
["Años",{"$f":"+B$6","v":2014},{"$f":"+C$6","v":2015},2016,2017,2018,2019,2020]
["Gastos de ventas",{"$f":"+BD_0!B140/1000000","v":985.01727700000004},{"$f":"+BD_0!C140/1000000","v":518.55094898000004},{"$f":"+BD_0!D140/1000000","v":587.72816399999999},{"$f":"+BD_0!E140/1000000","v":539.46852248000005},{"$f":"+BD_0!F140/1000000","v":304.23852099999999},{"$f":"+BD_0!G140/1000000","v":581.79201484999999},{"$f":"+BD_0!H140/1000000","v":512.97390552000002}]
[{"$f":"+A7","v":"Ventas"},{"$f":"+B7","v":5323.3040220000003},{"$f":"+C7","v":4748.882979},{"$f":"+D7","v":3122.2713939999999},{"$f":"+E7","v":2689.1974329999998},{"$f":"+F7","v":2172.288959},{"$f":"+G7","v":3105.6414030000001},{"$f":"+H7","v":2369.3006660000001}]
[]
[]
[]
[]
[]
[]
[]
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[]
[]
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["Comprtamiento de La Diferencia en Cambio"]
[]
["Años",{"$f":"+B$6","v":2014},{"$f":"+C$6","v":2015},2016,2017,2018,2019,2020]
["Gasto",123.532,123.532,246.03100000000001,10.712,39.564,43.015000000000001,103.277]
["Ingreso",137.07599999999999,137.07599999999999,159.755,17.927,23.216000000000001,21.187999999999999,76.668999999999997]
[]
[]
[]
[]
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[]
[]
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["Años",{"$f":"+B$6","v":2014},{"$f":"+C$6","v":2015},2016,2017,2018,2019,2020]
["TES",4.9399999999999999E-2,6.5100000000000005E-2,6.6199999999999995E-2,4.6600000000000003E-2,4.8599999999999997E-2,4.4999999999999998E-2,2.0899999999999998E-2]
["ROA",{"$f":"+Indicadores!C86","v":0.34464993350729201},{"$f":"+Indicadores!D86","v":0.23372078756289971},{"$f":"+Indicadores!E86","v":9.1188963967413231E-2},{"$f":"+Indicadores!F86","v":0.15366005214121253},{"$f":"+Indicadores!G86","v":0.11868188571652977},{"$f":"+Indicadores!H86","v":-3.978644376861646E-2},{"$f":"+Indicadores!I86","v":-0.13014807199512224}]
[]
[null,"https://totoro.banrep.gov.co/analytics/saw.dll?Go"]
[]
[]
[]
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["Tabla de estructura de gastos"]
[null,{"$f":"+B6","v":2014},{"$f":"+C6","v":2015},{"$f":"+D6","v":2016},{"$f":"+E6","v":2017},{"$f":"+F6","v":2018},{"$f":"+G6","v":2019},{"$f":"+H6","v":2020},null,2021,2022,2023,2024,2025,null,2021,null,2022,null,2023,null,2024,null,2025]
["Gastos de Administración",{"$f":"+SUM(B99:B112)","v":8.1252411698157179},{"$f":"+SUM(C99:C112)","v":12.640318772740178},9.568459141127434,12.037076060231389,16.698688513197936,9.2908660749201122,9.7336090543267488,null,{"$f":"+'Estados financieros + Estrategi'!M92/'Estados financieros + Estrategi'!M89*100","v":11.308261293754684},{"$f":"+'Estados financieros + Estrategi'!N92/'Estados financieros + Estrategi'!N89*100","v":10.853732661764715},{"$f":"+'Estados financieros + Estrategi'!O92/'Estados financieros + Estrategi'!O89*100","v":10.425813721084074},{"$f":"+'Estados financieros + Estrategi'!P92/'Estados financieros + Estrategi'!P89*100","v":10.231648436806857},{"$f":"+'Estados financieros + Estrategi'!Q92/'Estados financieros + Estrategi'!Q89*100","v":9.9436027888843643},"Gastos de Administración",{"$f":"+SUM(P99:P112)","v":298041672.36635482},{"$f":"+J98","v":11.308261293754684},{"$f":"+SUM(R99:R112)","v":305537175.73857194},{"$f":"+K98","v":10.853732661764715},{"$f":"+SUM(T99:T112)","v":313471948.6114136},{"$f":"+L98","v":10.425813721084074},{"$f":"+SUM(V99:V112)","v":323200279.86801869},{"$f":"+M98","v":10.231648436806857},{"$f":"+SUM(X99:X112)","v":332583137.34093738},{"$f":"+N98","v":9.9436027888843643}]
["Gastos de personal",{"$f":"+BD_0!B111/BD_0!B$107*100","v":2.2481096609439528},{"$f":"+BD_0!C111/BD_0!C$107*100","v":5.3928301483210754},{"$f":"+BD_0!D111/BD_0!D$107*100","v":2.9553826799721175},{"$f":"+BD_0!E111/BD_0!E$107*100","v":3.1805815352345683},{"$f":"+BD_0!F111/BD_0!F$107*100","v":2.9649005365128316},{"$f":"+BD_0!G111/BD_0!G$107*100","v":2.0975921732970275},{"$f":"+BD_0!H111/BD_0!H$107*100","v":3.0857616785053485},"*",{"$f":"H99*(1+((J$98-H$98)/H$98))","v":3.5849600241836606},{"$f":"J99*(1+((K$98-J$98)/J$98))","v":3.4408647531952861},{"$f":"K99*(1+((L$98-K$98)/K$98))","v":3.3052053219104471},3.243650785440503,3.1523341713194162,"Gastos de personal",{"$f":"(J99%)*'Estados financieros + Estrategi'!M$89","v":94485567.075136304},{"$f":"+J99","v":3.5849600241836606},{"$f":"(K99%)*'Estados financieros + Estrategi'!N$89","v":96861801.515825465},3.4408647531952861,{"$f":"(L99%)*'Estados financieros + Estrategi'!O$89","v":99377293.757397905},3.3052053219104471,{"$f":"(M99%)*'Estados financieros + Estrategi'!P$89","v":102461382.26145531},3.243650785440503,{"$f":"(N99%)*'Estados financieros + Estrategi'!Q$89","v":105435948.20746891},3.1523341713194162]
["Honorarios",{"$f":"+BD_0!B112/BD_0!B$107*100","v":0.6690628950141897},{"$f":"+BD_0!C112/BD_0!C$107*100","v":1.0081873613588574},{"$f":"+BD_0!D112/BD_0!D$107*100","v":1.1561560621978397},{"$f":"+BD_0!E112/BD_0!E$107*100","v":1.4375213409628449},{"$f":"+BD_0!F112/BD_0!F$107*100","v":1.5865971171655713},{"$f":"+BD_0!G112/BD_0!G$107*100","v":1.1229293235951878},{"$f":"+BD_0!H112/BD_0!H$107*100","v":1.5169292152640621},null,{"$f":"H100*(1+((J$98-H$98)/H$98))","v":1.7623300704388885},{"$f":"J100*(1+((K$98-J$98)/J$98))","v":1.6914942933708643},1.6248054897359199,1.5945459024989292,1.5496555790613893,"Honorarios",{"$f":"(J100%)*'Estados financieros + Estrategi'!M$89","v":46448148.642020278},1.7623300704388885,{"$f":"(K100%)*'Estados financieros + Estrategi'!N$89","v":47616281.447125316},1.6914942933708643,{"$f":"(L100%)*'Estados financieros + Estrategi'!O$89","v":48852871.977946736},1.6248054897359199,{"$f":"(M100%)*'Estados financieros + Estrategi'!P$89","v":50368978.677583627},1.5945459024989292,{"$f":"(N100%)*'Estados financieros + Estrategi'!Q$89","v":51831245.195982791},1.5496555790613893,null,null,{"$f":"+P97","v":2021},{"$f":"+R97","v":2022},{"$f":"+T97","v":2023},{"$f":"+V97","v":2024},{"$f":"+X97","v":2025}]
["Impuestos",{"$f":"+BD_0!B113/BD_0!B$107*100","v":1.5740814284456057},{"$f":"+BD_0!C113/BD_0!C$107*100","v":0.63079390105982225},{"$f":"+BD_0!D113/BD_0!D$107*100","v":0.12465284111686033},{"$f":"+BD_0!E113/BD_0!E$107*100","v":5.068426673602288E-2},{"$f":"+BD_0!F113/BD_0!F$107*100","v":0},{"$f":"+BD_0!G113/BD_0!G$107*100","v":0},{"$f":"+BD_0!H113/BD_0!H$107*100","v":0},null,0,{"$f":"J101*(1+((K$98-J$98)/J$98))","v":0},0,0,0,"Impuestos",{"$f":"(J101%)*'Estados financieros + Estrategi'!M$89","v":0},0,{"$f":"(K101%)*'Estados financieros + Estrategi'!N$89","v":0},0,{"$f":"(L101%)*'Estados financieros + Estrategi'!O$89","v":0},0,{"$f":"(M101%)*'Estados financieros + Estrategi'!P$89","v":0},0,{"$f":"(N101%)*'Estados financieros + Estrategi'!Q$89","v":0},0,null,{"$f":"+A98","v":"Gastos de Administración"},{"$f":"+Q98","v":11.308261293754684},{"$f":"+S98","v":10.853732661764715},{"$f":"+U98","v":10.425813721084074},{"$f":"+W98","v":10.231648436806857},{"$f":"+Y98","v":9.9436027888843643}]
["Arrendamientos",{"$f":"+BD_0!B114/BD_0!B$107*100","v":0.81981040007562433},{"$f":"+BD_0!C114/BD_0!C$107*100","v":0.95131398688440927},{"$f":"+BD_0!D114/BD_0!D$107*100","v":1.5306236060016247},{"$f":"+BD_0!E114/BD_0!E$107*100","v":1.8862693150577612},{"$f":"+BD_0!F114/BD_0!F$107*100","v":2.4134736671558987},{"$f":"+BD_0!G114/BD_0!G$107*100","v":1.3376399464494131},{"$f":"+BD_0!H114/BD_0!H$107*100","v":1.4806034330469393},"*",1.7201276936310124,{"$f":"J102*(1+((K$98-J$98)/J$98))","v":1.650988215233395},1.5858964030287606,1.5563614396996559,1.5125461012359958,"Arrendamientos",{"$f":"(J102%)*'Estados financieros + Estrategi'!M$89","v":45335858.552950524},1.7201276936310124,{"$f":"(K102%)*'Estados financieros + Estrategi'!N$89","v":46476018.175489135},1.650988215233395,{"$f":"(L102%)*'Estados financieros + Estrategi'!O$89","v":47682996.172078662},1.5858964030287606,{"$f":"(M102%)*'Estados financieros + Estrategi'!P$89","v":49162796.786214158},1.5563614396996559,{"$f":"(N102%)*'Estados financieros + Estrategi'!Q$89","v":50590046.525612533},1.5125461012359958,null,{"$f":"+A114","v":"Gastos de ventas"},{"$f":"+Q114","v":16.775479393669102},{"$f":"+S114","v":16.033000696113977},{"$f":"+U114","v":15.276056508314243},{"$f":"+W114","v":15.129347682304022},{"$f":"+Y114","v":14.703524127844744}]
["Contribuciones y afiliaciones",{"$f":"+BD_0!B115/BD_0!B$107*100","v":0},{"$f":"+BD_0!C115/BD_0!C$107*100","v":0},{"$f":"+BD_0!D115/BD_0!D$107*100","v":5.1885303856452659E-3},{"$f":"+BD_0!E115/BD_0!E$107*100","v":1.1633468422993249},{"$f":"+BD_0!F115/BD_0!F$107*100","v":1.6272779845215795},{"$f":"+BD_0!G115/BD_0!G$107*100","v":0.6747673868514561},{"$f":"+BD_0!H115/BD_0!H$107*100","v":1.3420457967321568},"*",1.5591549293718905,{"$f":"J103*(1+((K$98-J$98)/J$98))","v":1.4964856525751815},1.4374852538045682,1.4107142275407065,1.3709992103354967,"Contribuciones y afiliaciones",{"$f":"(J103%)*'Estados financieros + Estrategi'!M$89","v":41093244.182895228},1.5591549293718905,{"$f":"(K103%)*'Estados financieros + Estrategi'!N$89","v":42126705.537150487},1.4964856525751815,{"$f":"(L103%)*'Estados financieros + Estrategi'!O$89","v":43220732.277138337},1.4374852538045682,{"$f":"(M103%)*'Estados financieros + Estrategi'!P$89","v":44562050.384253144},1.4107142275407065,{"$f":"(N103%)*'Estados financieros + Estrategi'!Q$89","v":45855735.425699301},1.3709992103354967,null,{"$f":"+A129","v":"Gastos no operacionales"},{"$f":"+Q129","v":7.7363585188785358},{"$f":"+S129","v":4.656550082665369},{"$f":"+U129","v":4.6565500826653698},{"$f":"+W129","v":4.656550082665369},{"$f":"+Y129","v":4.6565500826653698}]
["Seguros",{"$f":"+BD_0!B116/BD_0!B$107*100","v":8.9475633559822257E-2},{"$f":"+BD_0!C116/BD_0!C$107*100","v":0.17556937151051241},{"$f":"+BD_0!D116/BD_0!D$107*100","v":0.26544534264147313},{"$f":"+BD_0!E116/BD_0!E$107*100","v":0.33659692995847063},{"$f":"+BD_0!F116/BD_0!F$107*100","v":0.1555962426635894},{"$f":"+BD_0!G116/BD_0!G$107*100","v":0.39252741762858318},{"$f":"+BD_0!H116/BD_0!H$107*100","v":0.18058666261312736},null,0.20980102607353107,{"$f":"J104*(1+((K$98-J$98)/J$98))","v":0.20136820241531231},0.19342906566396403,0.18982673681684795,0.18448265509461806,"Seguros",{"$f":"(J104%)*'Estados financieros + Estrategi'!M$89","v":5529536.9509781413},0.20980102607353107,{"$f":"(K104%)*'Estados financieros + Estrategi'!N$89","v":5668600.2656273395},0.20136820241531231,{"$f":"(L104%)*'Estados financieros + Estrategi'!O$89","v":5815813.3028165288},0.19342906566396403,{"$f":"(M104%)*'Estados financieros + Estrategi'!P$89","v":5996302.046983256},0.18982673681684795,{"$f":"(N104%)*'Estados financieros + Estrategi'!Q$89","v":6170381.2510433178},0.18448265509461806]
["Servicios",{"$f":"+BD_0!B117/BD_0!B$107*100","v":0.79932596042135273},{"$f":"+BD_0!C117/BD_0!C$107*100","v":0.66223950219599625},{"$f":"+BD_0!D117/BD_0!D$107*100","v":0.64863969381131903},{"$f":"+BD_0!E117/BD_0!E$107*100","v":0.50656329032722236},{"$f":"+BD_0!F117/BD_0!F$107*100","v":0.49141551614358692},{"$f":"+BD_0!G117/BD_0!G$107*100","v":0.57394939939883327},{"$f":"+BD_0!H117/BD_0!H$107*100","v":0.59207213340647413},null,0.68785445891059471,{"$f":"J105*(1+((K$98-J$98)/J$98))","v":0.66020657051333043},0.6341772859263145,0.62236667657742306,0.60484554948755798,"Servicios",{"$f":"(J105%)*'Estados financieros + Estrategi'!M$89","v":18129161.323110748},0.68785445891059471,{"$f":"(K105%)*'Estados financieros + Estrategi'!N$89","v":18585094.846614167},0.66020657051333043,{"$f":"(L105%)*'Estados financieros + Estrategi'!O$89","v":19067748.082089122},0.6341772859263145,{"$f":"(M105%)*'Estados financieros + Estrategi'!P$89","v":19659499.179696932},0.62236667657742306,{"$f":"(N105%)*'Estados financieros + Estrategi'!Q$89","v":20230235.934217639},0.60484554948755798]
["Gastos legales",{"$f":"+BD_0!B118/BD_0!B$107*100","v":5.6505884081929303E-2},{"$f":"+BD_0!C118/BD_0!C$107*100","v":6.7896808876073161E-2},{"$f":"+BD_0!D118/BD_0!D$107*100","v":8.4323643519888081E-2},{"$f":"+BD_0!E118/BD_0!E$107*100","v":9.9163860833567888E-2},{"$f":"+BD_0!F118/BD_0!F$107*100","v":0.3758431384634221},{"$f":"+BD_0!G118/BD_0!G$107*100","v":0.12611211314405574},{"$f":"+BD_0!H118/BD_0!H$107*100","v":0.19853600969696431},null,0.23065412442003758,{"$f":"J106*(1+((K$98-J$98)/J$98))","v":0.22138312325442211},0.21265487883014852,0.20869449778885946,0.2028192429650911,"Gastos legales",{"$f":"(J106%)*'Estados financieros + Estrategi'!M$89","v":6079143.3089993624},0.23065412442003758,{"$f":"(K106%)*'Estados financieros + Estrategi'!N$89","v":6232028.7723341193},0.22138312325442211,{"$f":"(L106%)*'Estados financieros + Estrategi'!O$89","v":6393873.9969813339},0.21265487883014852,{"$f":"(M106%)*'Estados financieros + Estrategi'!P$89","v":6592302.3556627547},0.20869449778885946,{"$f":"(N106%)*'Estados financieros + Estrategi'!Q$89","v":6783684.1002789047},0.2028192429650911]
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[]
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["Gastos diversos",{"$f":"+BD_0!B148/BD_0!B$107*100","v":2.1283961902561423E-3},{"$f":"+BD_0!C148/BD_0!C$107*100","v":6.5254330201510738E-2},{"$f":"+BD_0!D148/BD_0!D$107*100","v":1.1176942176475002},{"$f":"+BD_0!E148/BD_0!E$107*100","v":0.49261162967947847},{"$f":"+BD_0!F148/BD_0!F$107*100","v":0.86308383386668952},{"$f":"+BD_0!G148/BD_0!G$107*100","v":0.34356744373941489},{"$f":"+BD_0!H148/BD_0!H$107*100","v":18.915196964706379},null,7.1310046506048881,{"$f":"J133*(1+((K$129-J$129)/J$129))","v":4.2921847810221259},4.2921847810221267,4.2921847810221259,4.2921847810221267,"Gastos diversos",{"$f":"(J133%)*'Estados financieros + Estrategi'!M$89","v":187945476.01162288},7.1310046506048881,{"$f":"(K133%)*'Estados financieros + Estrategi'!N$89","v":120826821.20607492},4.2921847810221259,{"$f":"(L133%)*'Estados financieros + Estrategi'!O$89","v":129052711.19378452},4.2921847810221267,{"$f":"(M133%)*'Estados financieros + Estrategi'!P$89","v":135582778.38018999},4.2921847810221259,{"$f":"(N133%)*'Estados financieros + Estrategi'!Q$89","v":143560469.06008041},4.2921847810221267]
[]
["Subtotal participación costos en Utilidad",{"$f":"+B129+B114+B98","v":26.732584066940973},23.668216636424301,29.576082481637084,33.625094157599548,32.197253201616995,28.610517501849522,51.905382009038782,null,{"$f":"+J129+J114+J98","v":35.820099206302324},31.543283440544059,30.358420312063686,30.017546201776248,29.303676999394476,"Subtotal participación costos en Utilidad"]
[]
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[{"$f":"+BD_0!A104","v":"Total ventas brutas"},{"$f":"+'Estados financieros + Estrategi'!M89","v":2635610060.8584003},{"$f":"+'Estados financieros + Estrategi'!N89","v":2815042393.80164},{"$f":"+'Estados financieros + Estrategi'!O89","v":3006690479.9716554},{"$f":"+'Estados financieros + Estrategi'!P89","v":3158829018.2582211},{"$f":"+'Estados financieros + Estrategi'!Q89","v":3344694517.6925349}]
["Costos de ventas",{"$f":"+'Estados financieros + Estrategi'!M90","v":1536376546.0600209},{"$f":"+'Estados financieros + Estrategi'!N90","v":1571521930.8245103},{"$f":"+'Estados financieros + Estrategi'!O90","v":1605655482.2137482},{"$f":"+'Estados financieros + Estrategi'!P90","v":1664047391.4818113},{"$f":"+'Estados financieros + Estrategi'!Q90","v":1714086117.6748095}]
["Utilidad Bruta",{"$f":"+B138-B139","v":1099233514.7983794},{"$f":"+C138-C139","v":1243520462.9771297},1401034997.7579072,1494781626.7764099,1630608400.0177255]
["Gastos de Administración",{"$f":"+'Estados financieros + Estrategi'!M92","v":298041672.36635476},{"$f":"+'Estados financieros + Estrategi'!N92","v":305537175.73857188},{"$f":"+'Estados financieros + Estrategi'!O92","v":313471948.61141348},{"$f":"+'Estados financieros + Estrategi'!P92","v":323200279.86801869},{"$f":"+'Estados financieros + Estrategi'!Q92","v":332583137.34093738}]
["Gastos de ventas y distribución",{"$f":"+'Estados financieros + Estrategi'!M93","v":442136222.65677065},{"$f":"+'Estados financieros + Estrategi'!N93","v":451335766.5941205},{"$f":"+'Estados financieros + Estrategi'!O93","v":459303736.75057483},{"$f":"+'Estados financieros + Estrategi'!P93","v":477910224.86179709},{"$f":"+'Estados financieros + Estrategi'!Q93","v":491787965.41162229}]
["Utilidad Operacional",{"$f":"+B140-B141-B142","v":359055619.77525407},{"$f":"+C140-C141-C142","v":486647520.64443731},628259312.39591885,693671122.04659414,806237297.26516581]
["Otros Ingresos",{"$f":"+'Estados financieros + Estrategi'!M96","v":0},{"$f":"+'Estados financieros + Estrategi'!N96","v":0},{"$f":"+'Estados financieros + Estrategi'!O96","v":0},{"$f":"+'Estados financieros + Estrategi'!P96","v":0},{"$f":"+'Estados financieros + Estrategi'!Q96","v":0}]
["Gastos no operacional",{"$f":"+'Estados financieros + Estrategi'!M97","v":203900243.46763864},{"$f":"+'Estados financieros + Estrategi'!N97","v":131083858.91563547},{"$f":"+'Estados financieros + Estrategi'!O97","v":140008048.03061193},{"$f":"+'Estados financieros + Estrategi'!P97","v":147092455.26096088},{"$f":"+'Estados financieros + Estrategi'!Q97","v":155747375.32851583}]
["Gastos financieros",{"$f":"+'Estados financieros + Estrategi'!M98","v":2726000.1323381229},{"$f":"+'Estados financieros + Estrategi'!N98","v":2911586.2213477022},{"$f":"+'Estados financieros + Estrategi'!O98","v":3109807.0112970537},{"$f":"+'Estados financieros + Estrategi'!P98","v":3267163.2460686844},{"$f":"+'Estados financieros + Estrategi'!Q98","v":3459403.1314673657}]
["Utilidad Antes de impuestos",{"$f":"+B143+B144-B145-B146","v":152429376.17527729},{"$f":"+C143+C144-C145-C146","v":352652075.50745416},485141457.35400987,543311503.53956461,647030518.8051827]
["Gasto por Impuestos",{"$f":"+'Estados financieros + Estrategi'!M101","v":58311298.632524252},{"$f":"+'Estados financieros + Estrategi'!N101","v":146541766.94062069},{"$f":"+'Estados financieros + Estrategi'!O101","v":197741045.28142127},{"$f":"+'Estados financieros + Estrategi'!P101","v":220523059.78116909},{"$f":"+'Estados financieros + Estrategi'!Q101","v":260763851.84968612}]
["Utilidad Neta",{"$f":"+B147-B148","v":94118077.542753041},{"$f":"+C147-C148","v":206110308.56683347},287400412.07258856,322788443.75839555,386266666.95549655]
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["Activo"]
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["Total pasivo",{"$f":"+'Estados financieros + Estrategi'!M73","v":644529167.83782005},{"$f":"+'Estados financieros + Estrategi'!N73","v":711038905.06421876},{"$f":"+'Estados financieros + Estrategi'!O73","v":753313337.52169573},{"$f":"+'Estados financieros + Estrategi'!P73","v":788272447.8576566},{"$f":"+'Estados financieros + Estrategi'!Q73","v":829783923.00485492}]
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[{"$f":"+'Estados financieros + Estrategi'!A75","v":"Patrimonio"}]
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["Total Patrimonio",{"$f":"+'Estados financieros + Estrategi'!M80","v":1269555375.9654362},{"$f":"+'Estados financieros + Estrategi'!N80","v":1084917062.022294},{"$f":"+'Estados financieros + Estrategi'!O80","v":889096724.00100386},{"$f":"+'Estados financieros + Estrategi'!P80","v":817005082.71440089},{"$f":"+'Estados financieros + Estrategi'!Q80","v":755196450.80689144}]
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["Total pasivo y patrimonio",{"$f":"+'Estados financieros + Estrategi'!M82","v":1914084543.8032563},{"$f":"+'Estados financieros + Estrategi'!N82","v":1795955967.0865128},{"$f":"+'Estados financieros + Estrategi'!O82","v":1642410061.5226996},{"$f":"+'Estados financieros + Estrategi'!P82","v":1605277530.5720575},{"$f":"+'Estados financieros + Estrategi'!Q82","v":1584980373.8117464}]
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["PDC",{"$f":"+Indicadores!J31","v":0.28689513571385894},{"$f":"+Indicadores!K31","v":0.44375889332284285},{"$f":"+Indicadores!L31","v":0.69723156586206003},{"$f":"+Indicadores!M31","v":0.83751850927562865},{"$f":"+Indicadores!N31","v":1.0554780779177351}]

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["MODELOS DE VALORACIÓN CON ESTRATEGIA"]
[]
["EMPRESA PROTOTIPO S.A.S"]
["VALORACIÓN"]
[" Pesos Colombianos"]
["a 31 de Diciembre"]
["COSTO DE CAPITAL"]
["CALCULO DEL COSTO DE LOS RECURSOS PROPIOS",null,null,null,null,null,null,null,"TASAS HISTORICAS"]
["CONCEPTO",null,null,null,null,{"$f":"'Valoración Sin Estrategia'!F9","v":2020},null,null,"Años","Rentabilidad acciones USA S&P","Rentabilidad Bonos del Tesoro USA","Inflación USA","Inflación Colombia","RIESGO PAÍS"]
["Tasa libre de riesgo nominal en dólares      KL  USA",null,null,null,null,{"$f":"+AVERAGE(K10:K22)","v":4.9092566769377413E-2},"Kl",null,2008,{"$f":"+'Valoración Sin Estrategia'!J10","v":-0.36552344111798191},{"$f":"+'Valoración Sin Estrategia'!K10","v":0.20101279926977011},{"$f":"+'Valoración Sin Estrategia'!L10","v":3.8399999999999997E-2},{"$f":"+'Valoración Sin Estrategia'!M10","v":5.6899999999999999E-2},{"$f":"+'Valoración Sin Estrategia'!N10","v":2.0299999999999999E-2}]
["Inflación en USA",null,null,null,null,{"$f":"+AVERAGE(L10:L22)","v":1.7592307692307692E-2},null,null,2009,{"$f":"+'Valoración Sin Estrategia'!J11","v":0.25935233877663982},{"$f":"+'Valoración Sin Estrategia'!K11","v":-0.11116695313259162},{"$f":"+'Valoración Sin Estrategia'!L11","v":-3.5999999999999999E-3},{"$f":"+'Valoración Sin Estrategia'!M11","v":7.6700000000000004E-2},{"$f":"+'Valoración Sin Estrategia'!N11","v":3.9E-2}]
["Tasa libre de riesgo real en dólares",null,null,null,null,{"$f":"+(1+F10)/(1+F11)-1","v":3.0955677277578753E-2},null,null,2010,{"$f":"+'Valoración Sin Estrategia'!J12","v":0.14821092278719414},{"$f":"+'Valoración Sin Estrategia'!K12","v":8.4629338803557719E-2},{"$f":"+'Valoración Sin Estrategia'!L12","v":1.6400000000000001E-2},{"$f":"+'Valoración Sin Estrategia'!M12","v":0.02},{"$f":"+'Valoración Sin Estrategia'!N12","v":0.03}]
[null,null,null,null,null,null,null,null,2011,{"$f":"+'Valoración Sin Estrategia'!J13","v":2.09837473362805E-2},{"$f":"+'Valoración Sin Estrategia'!K13","v":0.16035334999461354},{"$f":"+'Valoración Sin Estrategia'!L13","v":3.1600000000000003E-2},{"$f":"+'Valoración Sin Estrategia'!M13","v":3.1699999999999999E-2},{"$f":"+'Valoración Sin Estrategia'!N13","v":0.03}]
["Inflación COLOMBIA",null,null,null,null,{"$f":"+AVERAGE(M10:M22)","v":3.7492307692307686E-2},null,null,2012,{"$f":"+'Valoración Sin Estrategia'!J14","v":0.15890585241730293},{"$f":"+'Valoración Sin Estrategia'!K14","v":2.971571978018946E-2},{"$f":"+'Valoración Sin Estrategia'!L14","v":2.07E-2},{"$f":"+'Valoración Sin Estrategia'!M14","v":3.73E-2},{"$f":"+'Valoración Sin Estrategia'!N14","v":0.03}]
["Tasa libre de riesgo  nominal en $COL",null,null,null,null,{"$f":"(1+F14)*(1+F12)-1","v":6.9608584747201219E-2},null,null,2013,{"$f":"+'Valoración Sin Estrategia'!J15","v":0.32145085858125483},{"$f":"+'Valoración Sin Estrategia'!K15","v":-9.104568794347262E-2},{"$f":"+'Valoración Sin Estrategia'!L15","v":1.46E-2},{"$f":"+'Valoración Sin Estrategia'!M15","v":2.4399999999999998E-2},{"$f":"+'Valoración Sin Estrategia'!N15","v":1.0200000000000001E-2}]
[null,null,null,null,null,null,null,null,2014,{"$f":"+'Valoración Sin Estrategia'!J16","v":0.13524421649462237},{"$f":"+'Valoración Sin Estrategia'!K16","v":0.10746180452004755},{"$f":"+'Valoración Sin Estrategia'!L16","v":1.6199999999999999E-2},{"$f":"+'Valoración Sin Estrategia'!M16","v":1.9400000000000001E-2},{"$f":"+'Valoración Sin Estrategia'!N16","v":1.9199999999999998E-2}]
["Riesgo país Colombia",null,null,null,null,{"$f":"+AVERAGE(N10:N22)","v":2.5223076923076921E-2},"RP",null,2015,{"$f":"+'Valoración Sin Estrategia'!J17","v":1.38E-2},{"$f":"+'Valoración Sin Estrategia'!K17","v":1.2842996709792224E-2},{"$f":"+'Valoración Sin Estrategia'!L17","v":1.1999999999999999E-3},{"$f":"+'Valoración Sin Estrategia'!M17","v":3.6600000000000001E-2},{"$f":"+'Valoración Sin Estrategia'!N17","v":3.39E-2}]
[null,null,null,null,null,null,null,null,2016,{"$f":"+'Valoración Sin Estrategia'!J18","v":0.1177},{"$f":"+'Valoración Sin Estrategia'!K18","v":6.8999999999999999E-3},{"$f":"+'Valoración Sin Estrategia'!L18","v":1.26E-2},{"$f":"+'Valoración Sin Estrategia'!M18","v":5.7500000000000002E-2},{"$f":"+'Valoración Sin Estrategia'!N18","v":3.2599999999999997E-2}]
[null,null,null,null,null,null,null,null,2017,{"$f":"+'Valoración Sin Estrategia'!J19","v":0.21609999999999999},{"$f":"+'Valoración Sin Estrategia'!K19","v":2.8000000000000001E-2},{"$f":"+'Valoración Sin Estrategia'!L19","v":2.1299999999999999E-2},{"$f":"+'Valoración Sin Estrategia'!M19","v":4.0899999999999999E-2},{"$f":"+'Valoración Sin Estrategia'!N19","v":2.5100000000000001E-2}]
["Rentabilidad Mercado en dólares                Km USA",null,null,null,null,{"$f":"+AVERAGE(J10:J22)","v":0.11354803809810098},"Km",null,2018,{"$f":"+'Valoración Sin Estrategia'!J20","v":-4.2299999999999997E-2},{"$f":"+'Valoración Sin Estrategia'!K20","v":-2.0000000000000001E-4},{"$f":"+'Valoración Sin Estrategia'!L20","v":2.4400000000000002E-2},{"$f":"+'Valoración Sin Estrategia'!M20","v":3.1800000000000002E-2},{"$f":"+'Valoración Sin Estrategia'!N20","v":1.8100000000000002E-2}]
["Inflación en USA",null,null,null,null,{"$f":"+F11","v":1.7592307692307692E-2},null,null,2019,{"$f":"+'Valoración Sin Estrategia'!J21","v":0.31209999999999999},{"$f":"+'Valoración Sin Estrategia'!K21","v":9.64E-2},{"$f":"+'Valoración Sin Estrategia'!L21","v":2.29E-2},{"$f":"+'Valoración Sin Estrategia'!M21","v":3.7999999999999999E-2},{"$f":"+'Valoración Sin Estrategia'!N21","v":2.5499999999999998E-2}]
["Rentabilidad del Mercado real en dólares  Km USA",null,null,null,null,{"$f":"+(1+F20)/(1+F21)-1","v":9.4296831531088587E-2},null,null,2020,{"$f":"+'Valoración Sin Estrategia'!J22","v":0.18010000000000001},{"$f":"+'Valoración Sin Estrategia'!K22","v":0.1133},{"$f":"+'Valoración Sin Estrategia'!L22","v":1.2E-2},{"$f":"+'Valoración Sin Estrategia'!M22","v":1.6199999999999999E-2},{"$f":"+'Valoración Sin Estrategia'!N22","v":1.4E-2}]
[null,null,null,null,null,null,null,null,"Fuente: www.damodaran.com"]
["Inflación COLOMBIA",null,null,null,null,{"$f":"+F14","v":3.7492307692307686E-2}]
["Rentabilidad del Mercado en $COL",null,null,null,null,{"$f":"+(1+F24)*(1+F22)-1","v":0.13532454504556957}]
[]
["Prima de riesgo del mercado                (Km - KL)",null,null,null,null,{"$f":"+F25-F15","v":6.5715960298368348E-2}]
[]
[]
["Beta Desapalancada BU Sectorial ",null,null,null,null,{"$f":"+'Valoración Sin Estrategia'!F30","v":0.95}," Fuente: Damodaran"]
[]
[null,null,null,null,null,{"$f":"'Estrategias Operativas'!E5","v":2021},{"$f":"'Estrategias Operativas'!F5","v":2022},{"$f":"'Estrategias Operativas'!G5","v":2023},{"$f":"'Estrategias Operativas'!H5","v":2024},{"$f":"'Estrategias Operativas'!I5","v":2025}]
["Deuda     D",null,null,null,null,{"$f":"+'Estados financieros + Estrategi'!L61+'Estados financieros + Estrategi'!L68","v":162050.87},{"$f":"+'Estados financieros + Estrategi'!M61+'Estados financieros + Estrategi'!M68","v":180265.38778799999},{"$f":"+'Estados financieros + Estrategi'!N61+'Estados financieros + Estrategi'!N68","v":192537.85538860701},{"$f":"+'Estados financieros + Estrategi'!O61+'Estados financieros + Estrategi'!O68","v":205645.83258346337},{"$f":"+'Estados financieros + Estrategi'!P61+'Estados financieros + Estrategi'!P68","v":216051.51171218662},"Al inicio del año y se suman deudas contraidas durante el año (Se toma el año anterior)"]
["Patrimonio       K",null,null,null,null,{"$f":"+'Estados financieros + Estrategi'!L80","v":1060745005.3899999},{"$f":"+'Estados financieros + Estrategi'!M80","v":1269555375.9654362},{"$f":"+'Estados financieros + Estrategi'!N80","v":1084917062.022294},{"$f":"+'Estados financieros + Estrategi'!O80","v":889096724.00100386},{"$f":"+'Estados financieros + Estrategi'!P80","v":817005082.71440089},"Al inicio del año y se suman los aportes realizados durante el año (Se toma el Año Anterior)"]
["Beta Apalancada     BL = BU * ( 1 + (1-t) * D/P)",null,null,null,null,{"$f":"$F$30*(1+(1-('Estados financieros + Estrategi'!M101/'Estados financieros + Estrategi'!M100))*(F33/F34))","v":0.95008961245022161},{"$f":"$F$30*(1+(1-('Estados financieros + Estrategi'!N101/'Estados financieros + Estrategi'!N100))*(G33/G34))","v":0.95007883835843732},{"$f":"$F$30*(1+(1-('Estados financieros + Estrategi'!O101/'Estados financieros + Estrategi'!O100))*(H33/H34))","v":0.95009987624226611},{"$f":"$F$30*(1+(1-('Estados financieros + Estrategi'!P101/'Estados financieros + Estrategi'!P100))*(I33/I34))","v":0.95013054600494073},{"$f":"$F$30*(1+(1-('Estados financieros + Estrategi'!Q101/'Estados financieros + Estrategi'!Q100))*(J33/J34))","v":0.95014997491440856},"Impuesto real del año proyectado"]
[]
["Costo del Patrimonio    Ke =         Kl +    (Km - KL)*B + RP",null,null,null,null,{"$f":"($F$15+($F$25-$F$15)*F35+$F$17)","v":0.15726771292194908},{"$f":"($F$15+($F$25-$F$15)*G35+$F$17)","v":0.15726700489216114},0.15726838741689958,0.15727040290980587,0.1572716796992491]
[]
[]
["Estructura Deuda       D/(D+ K)",null,null,null,null,{"$f":"+F33/(F33+F34)","v":1.5274747117930912E-4},{"$f":"+G33/(G33+G34)","v":1.4197080235999493E-4},1.7743632109633032E-4,2.3124399479779336E-4,2.6437337785785697E-4]
["Estructura Patrimonio      K/(D+ K)",null,null,null,null,{"$f":"+F34/(F33+F34)","v":0.99984725252882067},{"$f":"+G34/(G33+G34)","v":0.99985802919764},0.99982256367890365,0.99976875600520221,0.9997356266221421]
["Total Estructura de Capital   D+K",null,null,null,null,{"$f":"+F40+F41","v":1},{"$f":"+G40+G41","v":1},1,1,1]
[]
["Costo Despues de Impuestos (Escudo Fiscal)  Kd*(1- tx)",null,null,null,null,{"$f":"+'Analisis Financiero'!M19*(1-('Estados financieros + Estrategi'!M101/'Estados financieros + Estrategi'!M100))","v":8.531526170416949E-2},{"$f":"+'Analisis Financiero'!N19*(1-('Estados financieros + Estrategi'!N101/'Estados financieros + Estrategi'!N100))","v":9.0363553557760351E-2},{"$f":"+'Analisis Financiero'!O19*(1-('Estados financieros + Estrategi'!O101/'Estados financieros + Estrategi'!O100))","v":9.6665368501882273E-2},{"$f":"+'Analisis Financiero'!P19*(1-('Estados financieros + Estrategi'!P101/'Estados financieros + Estrategi'!P100))","v":9.8260366238783661E-2},{"$f":"+'Analisis Financiero'!Q19*(1-('Estados financieros + Estrategi'!Q101/'Estados financieros + Estrategi'!Q100))","v":0.1003927956109211},"Se toma la tasa de costo de deuda y se realiza el escudo fiscal con los impuestos reales del año proyectado"]
[]
["Aporte Costo de la Deuda    Estructura deuda * Costo",null,null,null,null,{"$f":"+F40*F44","v":1.3031690478312844E-5},{"$f":"+G40*G44","v":1.2828986202695611E-5},1.7151947364395078E-5,2.2722119619350558E-5,2.6541182488252647E-5]
["Aporte Costo Patrimonio     Estructura Patromonio * Costo",null,null,null,null,{"$f":"+F41*F37","v":0.1572436906765021},{"$f":"+G41*G37","v":0.15724467756929184},0.15724048229281157,0.15723403507357356,0.15723010125404563]
[]
["COSTO DE CAPITAL - WACC",null,null,null,null,{"$f":"+F46+F47","v":0.15725672236698041},{"$f":"+G46+G47","v":0.15725750655549453},0.15725763424017597,0.1572567571931929,0.15725664243653389]
[]
["FLUJO DE CAJA PROYECTADO CON ESTRATEGIA"]
[]
[]
[null,null,null,null,null,{"$f":"F32","v":2021},{"$f":"G32","v":2022},{"$f":"H32","v":2023},{"$f":"I32","v":2024},{"$f":"J32","v":2025}]
[null,"UTILIDAD DEL EJERCICIO",null,null,null,{"$f":"+'Estados financieros + Estrategi'!M102","v":94118077.542753041},{"$f":"+'Estados financieros + Estrategi'!N102","v":206110308.56683347},{"$f":"+'Estados financieros + Estrategi'!O102","v":287400412.07258856},{"$f":"+'Estados financieros + Estrategi'!P102","v":322788443.75839555},{"$f":"+'Estados financieros + Estrategi'!Q102","v":386266666.95549655}]
[null,"(+) Impuestos CAUSADOS",null,null,null,{"$f":"+'Estados financieros + Estrategi'!M101","v":58311298.632524252},{"$f":"+'Estados financieros + Estrategi'!N101","v":146541766.94062069},{"$f":"+'Estados financieros + Estrategi'!O101","v":197741045.28142127},{"$f":"+'Estados financieros + Estrategi'!P101","v":220523059.78116909},{"$f":"+'Estados financieros + Estrategi'!Q101","v":260763851.84968612}]
[null,"(+) Gastos financiero",null,null,null,{"$f":"+'Estados financieros + Estrategi'!M98","v":2726000.1323381229},{"$f":"+'Estados financieros + Estrategi'!N98","v":2911586.2213477022},{"$f":"+'Estados financieros + Estrategi'!O98","v":3109807.0112970537},{"$f":"+'Estados financieros + Estrategi'!P98","v":3267163.2460686844},{"$f":"+'Estados financieros + Estrategi'!Q98","v":3459403.1314673657}]
[null,"EBIT",null,null,null,{"$f":"+F55+F56+F57","v":155155376.30761543},{"$f":"+G55+G56+G57","v":355563661.72880185},488251264.36530691,546578666.78563333,650489921.93665004]
[]
[null,"(-) Impuestos AJUSTADOS\nImpuestos operacionales",null,null,null,{"$f":"+F58*('Estados financieros + Estrategi'!M101/'Estados financieros + Estrategi'!M100)","v":59354119.98217202},{"$f":"+G58*('Estados financieros + Estrategi'!N101/'Estados financieros + Estrategi'!N100)","v":147751653.45231155},{"$f":"+H58*('Estados financieros + Estrategi'!O101/'Estados financieros + Estrategi'!O100)","v":199008585.871317},{"$f":"+I58*('Estados financieros + Estrategi'!P101/'Estados financieros + Estrategi'!P100)","v":221849158.77066928},{"$f":"+J58*('Estados financieros + Estrategi'!Q101/'Estados financieros + Estrategi'!Q100)","v":262158047.7329469}]
[null,"UODI   RODI   NOPAT  NOPLAT   EBIT (1 - tx)",null,null,null,{"$f":"+F58-F60","v":95801256.325443417},{"$f":"+G58-G60","v":207812008.2764903},289242678.49398994,324729508.01496404,388331874.20370317]
[]
[null,"(+) Depreciación",null,null,null,{"$f":"+'Estados financieros + Estrategi'!M107","v":5780682.2717687069},{"$f":"+'Estados financieros + Estrategi'!N107","v":5839352.6975655975},{"$f":"+'Estados financieros + Estrategi'!O107","v":5906404.6127620433},{"$f":"+'Estados financieros + Estrategi'!P107","v":5935752.9402994784},{"$f":"+'Estados financieros + Estrategi'!Q107","v":6198321.5031994041}]
[null,"(+) Amortizacion",null,null,null,{"$f":"+'Estados financieros + Estrategi'!M108","v":0},{"$f":"+'Estados financieros + Estrategi'!N108","v":0},{"$f":"+'Estados financieros + Estrategi'!O108","v":0},{"$f":"+'Estados financieros + Estrategi'!P108","v":0},{"$f":"+'Estados financieros + Estrategi'!Q108","v":0}]
[null,"(+) Provisiones",null,null,null,0,0,0,0,0]
[null,"1 Flujo operativo o flujo bruto",null,null,null,{"$f":"+SUM(F61:F65)","v":101581938.59721212},{"$f":"+SUM(G61:G65)","v":213651360.97405589},295149083.10675198,330665260.9552635,394530195.70690256]
[]
[null,"(-) Variación del capital de trabajo",null,null,null,{"$f":"+F74-E74","v":-54403133.422399759},{"$f":"+G74-F74","v":-147764997.48115134},-185199973.85386276,-62260899.183857918,-50996128.659453988]
[null,"(-) Inversión en activos (1)",null,null,null,{"$f":"+'Estados financieros + Estrategi'!M53-'Estados financieros + Estrategi'!J53","v":3496431.0624000002},{"$f":"+'Estados financieros + Estrategi'!N53-'Estados financieros + Estrategi'!M53","v":1026729.8022481911},{"$f":"+'Estados financieros + Estrategi'!O53-'Estados financieros + Estrategi'!N53","v":1096629.5671852473},{"$f":"+'Estados financieros + Estrategi'!P53-'Estados financieros + Estrategi'!O53","v":870551.97225077078},{"$f":"+'Estados financieros + Estrategi'!Q53-'Estados financieros + Estrategi'!P53","v":1063541.0260163136}]
[null,"2 Financiación de inversiones",null,null,null,{"$f":"+F68+F69","v":-50906702.359999761},{"$f":"+G68+G69","v":-146738267.67890316},-184103344.28667751,-61390347.211607143,-49932587.633437678]
[]
[null,"(1 - 2) FCLO",null,null,null,{"$f":"+F66-F70","v":152488640.95721188},{"$f":"+G66-G70","v":360389628.65295905},479252427.39342952,392055608.16687065,444462783.34034026]
["Anexo KTNO"]
["Calculo KTNO ",null,null,null,{"$f":"+('Estados financieros + Estrategi'!J46+'Estados financieros + Estrategi'!J47)-'Estados financieros + Estrategi'!J62","v":1533170098.4299998},{"$f":"+('Estados financieros + Estrategi'!M46+'Estados financieros + Estrategi'!M47)-'Estados financieros + Estrategi'!M62","v":1478766965.0076001},{"$f":"+('Estados financieros + Estrategi'!N46+'Estados financieros + Estrategi'!N47)-'Estados financieros + Estrategi'!N62","v":1331001967.5264487},{"$f":"+('Estados financieros + Estrategi'!O46+'Estados financieros + Estrategi'!O47)-'Estados financieros + Estrategi'!O62","v":1145801993.672586},{"$f":"+('Estados financieros + Estrategi'!P46+'Estados financieros + Estrategi'!P47)-'Estados financieros + Estrategi'!P62","v":1083541094.488728},{"$f":"+('Estados financieros + Estrategi'!Q46+'Estados financieros + Estrategi'!Q47)-'Estados financieros + Estrategi'!Q62","v":1032544965.8292741}]
["MÉTODO FLUJO DE CAJA DESCONTADO FCLD CON ESTRATEGIA"]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J54","v":2025}]
[null,null,null,null,"FCLOn","Ultimo FCLO conocido",null,null,null,{"$f":"+J72","v":444462783.34034026}]
[null,null,null,null,"WACC n","Ultimo costo de capital conocido",null,null,null,{"$f":"+J49","v":0.15725664243653389}]
[null,null,null,null,"g","Gradiente a perpetuidad",null,{"$f":"AVERAGE('Estrategias Operativas'!E30:I30)","v":7.1599999999999969E-2},1.4999999999999999E-2,{"$f":"+(1+H82)*(1+I82)-1","v":8.7673999999999808E-2}]
[]
[null,null,null,null,"M1","MODELO ANUALIDAD PERPETUA"]
[null,null,null,null,null,"FCLO (último valor conocido)",null,null,null,{"$f":"+J72","v":444462783.34034026},"Representa una serie de pagos Futuros Constantes y perpetuos"]
[null,null,null,null,null,"WACC (último valor conocido)",null,null,null,{"$f":"+J81","v":0.15725664243653389}]
[null,null,null,null,null,"VALOR TERMINAL",null,null,null,{"$f":"+J85/J86","v":2826353001.3984489}]
[]
[null,null,null,null,"M2","MODELO CRECIMIENTO CONSTANTE"]
[null,null,null,null,null,"FCLO (último valor conocido)",null,null,null,{"$f":"+J72","v":444462783.34034026},"Representa pagos perpetuos con un grado de crecimiento constante"]
[null,null,null,null,null,"WACC (último valor conocido)",null,null,null,{"$f":"+J81","v":0.15725664243653389}]
[null,null,null,null,null,"Tasa de crecimiento - perpetuidad  g",null,null,null,{"$f":"+J82","v":8.7673999999999808E-2}]
[null,null,null,null,null,"VALOR TERMINAL                                    FCLO*(1+g)/(WACC - g)",null,null,null,{"$f":"+J85*(1+J92)/(J91-J92)","v":6947574804.2747202}]
[]
[]
["VALOR PRESENTE FLUJOS DE CAJA PROYECTADOS",null,null,null,null,{"$f":"F54","v":2021},{"$f":"G54","v":2022},{"$f":"H54","v":2023},{"$f":"I54","v":2024},{"$f":"J54","v":2025},"MÉTODO FLUJO DE CAJA LIBRE DESCONTADO"]
["Costo de Capital",null,null,null,null,{"$f":"+F49","v":0.15725672236698041},{"$f":"+G49","v":0.15725750655549453},0.15725763424017597,0.1572567571931929,0.15725664243653389]
["Tasa Acumulada",null,null,null,null,{"$f":"+F97","v":0.15725672236698041},{"$f":"+(1+G97)*(1+F98)-1","v":0.3392440289709957},{"$f":"+(1+H97)*(1+G98)-1","v":0.549850376637256},0.79357482100187959,1.0756263753113422]
[]
["FCL",null,null,null,null,{"$f":"+F72","v":152488640.95721188},{"$f":"+G72","v":360389628.65295905},479252427.39342952,392055608.16687065,444462783.34034026]
["Valor Terminal",null,null,null,null,null,null,null,null,{"$f":"+J93","v":6947574804.2747202}]
[]
["Valor presente Flujos de caja Proyectados",null,null,null,null,{"$f":"+F100/(1+F98)","v":131767340.82418738},{"$f":"+G100/(1+G98)","v":269099298.45262283},309224964.30479562,218588933.99711692,{"$f":"+J100/(1+J98)","v":214134291.52135882}]
["Valor Terminal",null,null,null,null,null,null,null,null,{"$f":"+J101/(1+J98)","v":3347218404.4840875}]
[]
["(+) VALOR PRESENTE DE LOS FLUJOS",null,null,null,null,{"$f":"+SUM(F103:J103)","v":1142814829.1000817}]
["(+) VALOR PRESENTE DEL VALOR TERMINAL",null,null,null,null,{"$f":"+J104","v":3347218404.4840875}]
["(=)VALOR DE LAS OPERACIONES O DE MERCADO",null,null,null,null,{"$f":"+F106+F107","v":4490033233.5841694}]
[]
["Valor de mercado de la empresa",null,null,null,null,{"$f":"+F108","v":4490033233.5841694}]
["(Menos) Deuda operacional (Pasivo Corriente - Oblig.Finan CP)",null,null,null,null,{"$f":"+'Estados financieros + Estrategi'!J66-'Estados financieros + Estrategi'!J61","v":796780478.45000005}]
["(Más) Activo corriente (Disp. Inver, Clientes, Invet.)",null,null,null,null,{"$f":"+'Estados financieros + Estrategi'!J44+'Estados financieros + Estrategi'!J45+'Estados financieros + Estrategi'!J46+'Estados financieros + Estrategi'!J47","v":2241598537.0999999}]
["(Menos) Deuda financiera CP + LP",null,null,null,null,{"$f":"+'Estados financieros + Estrategi'!J61+'Estados financieros + Estrategi'!J68","v":150000}]
["VALOR DE MERCADO DEL PATRIMONIO",null,null,null,null,{"$f":"+F110-F111+F112-F113","v":5934701292.234169}]
[]
["Patrimonio contable",null,null,null,null,{"$f":"+'Estados financieros + Estrategi'!J80","v":1442434305.6499999}]
[]
["Numero de Acciones",null,null,null,null,{"$f":"+'Valoración Sin Estrategia'!F118","v":180000},"Valor Hipotético"]
["Valor en Libros por acción",null,null,null,null,{"$f":"+F116/F118","v":8013.5239202777766}]
["Valor de Mercado de la Acción",null,null,null,null,{"$f":"+F114/F118","v":32970.562734634274}]
["P/BV",null,null,null,null,{"$f":"+F120/F119","v":4.1143650487152224}]
[]
[]
[]
["MÉTODOS CONTABLES O DE BALANCE CON ESTRATEGIA"]
[]
[]
["VALOR PATRIMONIAL O VALOR EN LIBROS",null,null,null,null,{"$f":"F96","v":2021},{"$f":"G96","v":2022},{"$f":"H96","v":2023},{"$f":"I96","v":2024},{"$f":"J96","v":2025},"MÉTODOS CONTABLES O DEL BALANCE"]
["Activos Totales",null,null,null,null,{"$f":"+'Estados financieros + Estrategi'!M58","v":1914084543.8032563},{"$f":"+'Estados financieros + Estrategi'!N58","v":1795955967.0865128},{"$f":"+'Estados financieros + Estrategi'!O58","v":1642410061.5226996},{"$f":"+'Estados financieros + Estrategi'!P58","v":1605277530.5720575},{"$f":"+'Estados financieros + Estrategi'!Q58","v":1584980373.8117464}]
["Pasivos Totales",null,null,null,null,{"$f":"+'Estados financieros + Estrategi'!M73","v":644529167.83782005},{"$f":"+'Estados financieros + Estrategi'!N73","v":711038905.06421876},{"$f":"+'Estados financieros + Estrategi'!O73","v":753313337.52169573},{"$f":"+'Estados financieros + Estrategi'!P73","v":788272447.8576566},{"$f":"+'Estados financieros + Estrategi'!Q73","v":829783923.00485492}]
["Patrimonio            A - P = Pat",null,null,null,null,{"$f":"+F129-F130","v":1269555375.9654362},{"$f":"+G129-G130","v":1084917062.022294},889096724.00100386,817005082.71440089,755196450.80689144]
["Valor en Libros Acción",null,null,null,null,{"$f":"+F131/$F$118","v":7053.0854220302008},{"$f":"+G131/$F$118","v":6027.3170112349671},4939.4262444500218,4538.917126191116,4195.5358378160636]
["P/BV",null,null,null,null,{"$f":"+F132/$F$119","v":0.88014779667441445},{"$f":"+G132/$F$119","v":0.75214313592839932},0.61638628568276665,0.56640713515631225,0.52355691198468801]
[]
[]
[]
[]
["VALOR SUSTANCIAL NETO",null,null,null,null,{"$f":"F128","v":2021},2022,2023,2024,2025]
["Activos totales",null,null,null,null,{"$f":"+F129","v":1914084543.8032563},{"$f":"+G129","v":1795955967.0865128},1642410061.5226996,1605277530.5720575,1584980373.8117464]
["Pasivo Exigible Deudas    Financiacion con terceros  FIN  CP + FIN LP + PROVE",null,null,null,null,{"$f":"+'Estados financieros + Estrategi'!M61+'Estados financieros + Estrategi'!M62+'Estados financieros + Estrategi'!M68","v":303469285.240188},{"$f":"+'Estados financieros + Estrategi'!N61+'Estados financieros + Estrategi'!N62+'Estados financieros + Estrategi'!N68","v":324129474.17933995},{"$f":"+'Estados financieros + Estrategi'!O61+'Estados financieros + Estrategi'!O62+'Estados financieros + Estrategi'!O68","v":346196208.7814694},{"$f":"+'Estados financieros + Estrategi'!P61+'Estados financieros + Estrategi'!P62+'Estados financieros + Estrategi'!P68","v":363713736.94581175},{"$f":"+'Estados financieros + Estrategi'!Q61+'Estados financieros + Estrategi'!Q62+'Estados financieros + Estrategi'!Q68","v":385114653.22770327}]
["Patrimonio            Act   -    financiacion con terceros = Pat",null,null,null,null,{"$f":"+F139-F140","v":1610615258.5630684},{"$f":"+G139-G140","v":1471826492.9071729},{"$f":"+H139-H140","v":1296213852.7412302},{"$f":"+I139-I140","v":1241563793.6262457},{"$f":"+J139-J140","v":1199865720.584043}]
["Valor de la Acción",null,null,null,null,{"$f":"+F141/$F$118","v":8947.8625475726021},{"$f":"+G141/$F$118","v":8176.8138494842942},{"$f":"+H141/$F$118","v":7201.1880707846121},{"$f":"+I141/$F$118","v":6897.5766312569203},{"$f":"+J141/$F$118","v":6665.9206699113502}]
["P/BV",null,null,null,null,{"$f":"+F142/$F$119","v":1.1165952253453109},{"$f":"+G142/$F$119","v":1.0203767943829707},0.89862938482811616,0.8607420031283598,0.83183387685954346]
[]
[]
[]
[]
[]
[]
["MÉTODO VALOR PRESENTE EBITDA´S  PROYECTADOS CON ESTRATEGIA"]
[]
[]
["VALOR PRESENTE FLUJOS DE CAJA PROYECTADOS",null,null,null,null,{"$f":"F138","v":2021},2022,2023,2024,2025,"MÉTODO DE DESCUENTO DE EBITDA, PERCEPCIÓN DE CAJA OPERATIVA"]
["EBIT",null,null,null,null,{"$f":"+F58","v":155155376.30761543},{"$f":"+G58","v":355563661.72880185},488251264.36530691,546578666.78563333,650489921.93665004]
["(+) Depreciación",null,null,null,null,{"$f":"+F63","v":5780682.2717687069},{"$f":"+G63","v":5839352.6975655975},5906404.6127620433,5935752.9402994784,6198321.5031994041]
["(+) Amortizacion",null,null,null,null,{"$f":"+F64","v":0},0,0,0,0]
["EBITDA",null,null,null,null,{"$f":"+SUM(F154:F156)","v":160936058.57938415},{"$f":"+SUM(G154:G156)","v":361403014.42636746},494157668.97806895,552514419.72593284,656688243.4398495]
[]
["VALOR PRESENTE FLUJOS DE CAJA PROYECTADOS",null,null,null,null,{"$f":"F153","v":2021},{"$f":"G153","v":2022},{"$f":"H153","v":2023},{"$f":"I153","v":2024},{"$f":"J153","v":2025}]
["Costo de Capital",null,null,null,null,{"$f":"+F49","v":0.15725672236698041},{"$f":"+G49","v":0.15725750655549453},0.15725763424017597,0.1572567571931929,0.15725664243653389]
["Tasa Acumulada",null,null,null,null,{"$f":"+F98","v":0.15725672236698041},{"$f":"+G98","v":0.3392440289709957},0.549850376637256,0.79357482100187959,1.0756263753113422]
[]
["EBITDA PROYECTADO",null,null,null,null,{"$f":"+F157","v":160936058.57938415},{"$f":"+G157","v":361403014.42636746},494157668.97806895,552514419.72593284,656688243.4398495]
[]
["Valor presente Flujos de caja Proyectados",null,null,null,null,{"$f":"+F163/(1+F161)","v":139066859.98783022},{"$f":"+G163/(1+G161)","v":269855983.38194603},318842177.55926448,308052060.75389802,316380756.79267991]
[]
["(+) VALOR PRESENTE DE LOS FLUJOS",null,null,null,null,{"$f":"+SUM(F165:J165)","v":1352197838.4756186}]
[]
["Valor de mercado de la empresa",null,null,null,null,{"$f":"+F167","v":1352197838.4756186}]
["(Menos) Deuda operacional (Pasivo Corriente - Oblig.Finan CP)",null,null,null,null,{"$f":"+F111","v":796780478.45000005}]
["(Más) Activo corriente (Disp. Inver, Clientes, Invet.)",null,null,null,null,{"$f":"+F112","v":2241598537.0999999}]
["(Menos) Deuda financiera CP + LP",null,null,null,null,{"$f":"+F113","v":150000}]
["VALOR DE MERCADO DEL PATRIMONIO",null,null,null,null,{"$f":"+F169-F170+F171-F172","v":2796865897.1256185}]
[]
["Patrimonio contable",null,null,null,null,{"$f":"+F116","v":1442434305.6499999}]
[]
["Numero de Acciones",null,null,null,null,{"$f":"+F118","v":180000},"Valor Hipotético"]
["Valor en Libros por acción",null,null,null,null,{"$f":"+F175/F177","v":8013.5239202777766}]
["Valor de Mercado de la Acción",null,null,null,null,{"$f":"+F173/F177","v":15538.143872920102}]
["P/BV",null,null,null,null,{"$f":"+F179/F178","v":1.9389901406048957}]
[]
[]
[]
[]
["RESUMEN RESULTADOS DE VALORACIÓN CON ESTRATEGIA"]
[]
["Método",null,null,null,null,"Valor Empresa \nUltimo Conocido","Ultimo Patrimonio \nReal","Valor Creado \nProyectado 5 Años","P/BV","P/BV Sector \n(Damodaran)","Diferencia",null,null,null,"Niveles","Valor","Método"]
["Patrimonial",null,null,null,null,{"$f":"+'Estados financieros + Estrategi'!Q80","v":755196450.80689144},{"$f":"+'Valoración Sin Estrategia'!G188","v":1060745005.3899999},{"$f":"+F188-G188","v":-305548554.58310843},{"$f":"+F188/G188","v":0.71194909895355241},1.97,{"$f":"+I188-J188","v":-1.2580509010464476},null,null,null,"Nivel Alto",{"$f":"+AVERAGE(F190:F191)","v":4365783594.6798935},"Dinámicos"]
["Sustancial  Neto",null,null,null,null,{"$f":"+J141","v":1199865720.584043},{"$f":"+'Valoración Sin Estrategia'!G189","v":1060745005.3899999},{"$f":"+F189-G189","v":139120715.19404316},{"$f":"+F189/G189","v":1.1311537782286265},1.97,{"$f":"+I189-J189","v":-0.83884622177137347},null,null,null,"Nivel Medio",{"$f":"+L190","v":2671657340.1876802},"Promedio"]
["EBITDA",null,null,null,null,{"$f":"+F173","v":2796865897.1256185},{"$f":"+'Valoración Sin Estrategia'!G190","v":1060745005.3899999},1736120891.7356186,2.6366995676753677,1.97,0.66669956767536775,{"$f":"+AVERAGE(F188:F191)","v":2671657340.1876802},null,{"$f":"L190/G188","v":2.5186612490392095},"Nivel Bajo",{"$f":"+AVERAGE(F188:F189)","v":977531085.69546723},"Contable"]
["FCLD",null,null,null,null,{"$f":"+F114","v":5934701292.234169},{"$f":"+'Valoración Sin Estrategia'!G191","v":1060745005.3899999},4873956286.8441696,5.5948425512992932,1.97,3.6248425512992934,null,null,"Valor Medio "]
[]
[]
[]
[]
[]
["GESTIÓN DE VALOR POR MÉTODO"]
[]
["Método",null,null,null,null,"P/BV ANTES","P/BV \n+ Tratamiento","Diferencia","P/BV Sector \n(Damodaran)","Diferencia","Diferencia $"]
["Patrimonial",null,null,null,null,{"$f":"+'Valoración Sin Estrategia'!I188","v":1.2061323947087996},{"$f":"+I188","v":0.71194909895355241},{"$f":"+G200-F200","v":-0.49418329575524722},1.97,{"$f":"+G200-I200","v":-1.2580509010464476},{"$f":"+H188-'Valoración Sin Estrategia'!H188","v":-524202462.71954775}]
["Sustancial  Neto",null,null,null,null,{"$f":"+'Valoración Sin Estrategia'!I189","v":1.9274338928791088},{"$f":"+I189","v":1.1311537782286265},{"$f":"+G201-F201","v":-0.79628011465048232},1.97,{"$f":"+G201-I201","v":-0.83884622177137347},{"$f":"+H189-'Valoración Sin Estrategia'!H189","v":-844650154.50687575}]
["EBITDA",null,null,null,null,{"$f":"+'Valoración Sin Estrategia'!I190","v":1.8831794456393649},2.6366995676753677,0.75352012203600283,1.97,0.66669956767536775,{"$f":"+H190-'Valoración Sin Estrategia'!H190","v":799292705.91055346}]
["FCLD",null,null,null,null,{"$f":"+'Valoración Sin Estrategia'!I191","v":1.5991506414250236},5.5948425512992932,3.9956919098742696,1.97,3.6248425512992934,{"$f":"+H191-'Valoración Sin Estrategia'!H191","v":4238410236.4763613}]

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["Tasa de cambio representativa del mercado (TRM)"]
["1.1.2. Serie histórica para un rango de fechas dado_periodicidad diaria"]
[""]
[""]
["Información disponible desde el 27 de noviembre de 1991."]
[""]
[" "]
[""]
["Fecha (dd/mm/aaaa)","TRM (COP/USD)"]
["2021-07-22",3855.68]
["2021-06-30",3756.67]
["2021-03-31",3736.91]
["2020-12-31",3432.5]
["2020-09-30",3878.94]
["2020-06-30",3758.91]
["2020-03-31",4064.81]
["2019-12-31",3277.14]
["2019-09-30",3462.01]
["2019-06-30",3205.67]
["2019-03-31",3174.79]
["2018-12-31",3249.75]
["2018-09-30",2972.18]
["2018-06-30",2930.8]
["2018-03-31",2780.47]
["2017-12-31",2984]
["2017-09-30",2936.67]
["2017-06-30",3038.26]
["2017-03-31",2880.24]
["2016-12-31",3000.71]
["2016-09-30",2879.95]
["2016-06-30",2916.15]
["2016-03-31",3022.35]
["2015-12-31",3149.47]
["2015-09-30",3121.94]
["2015-06-30",2585.11]
["2015-03-31",2576.0500000000002]
["2014-12-31",2392.46]
["2014-09-30",2028.48]
["2014-06-30",1881.19]
["2014-03-31",1965.32]
["2013-12-31",1926.83]
[""]
["Fuente: Superintendencia Financiera de Colombia ( www.superfinanciera.gov.co )."]
[""]
[" Banco de la República - Gerencia Técnica - información extraída de la bodega de datos -Serankua- el 22/07/2021 18:21:43"]