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{"sheet":"Cifras Historicas","index":0,"n_rows":98,"n_cols":27,"rows_kept":98,"cut":false,"hidden":false,"merged":[[64,20,64,21],[77,0,77,4],[78,0,78,4],[76,0,76,4],[97,0,97,4],[96,0,96,4],[88,0,88,4],[89,0,89,4],[90,0,90,4],[91,0,91,4],[92,0,92,4],[93,0,93,4],[94,0,94,4],[95,0,95,4],[24,0,24,4],[25,0,25,4],[36,0,36,4],[71,0,71,4],[0,0,4,14],[7,0,7,14],[8,0,9,14],[10,0,10,14],[11,0,11,14],[28,0,28,4],[30,0,30,4],[33,0,33,4],[34,0,34,4],[64,0,64,4],[12,0,12,14],[13,0,13,14],[19,0,19,4],[20,0,20,4],[21,0,21,4],[17,0,17,4],[18,0,18,4],[15,10,15,14],[14,0,14,4],[15,0,15,4],[16,0,16,4],[75,0,75,4],[65,0,65,4],[66,0,66,4],[67,0,67,4],[68,0,68,4],[69,0,69,4],[70,0,70,4],[72,0,72,4],[73,0,73,4],[74,0,74,4],[22,0,22,4],[32,0,32,4],[35,0,35,4],[27,0,27,4],[39,0,39,4],[47,0,47,4],[49,0,49,4],[45,0,45,4],[48,0,48,4],[41,0,41,4],[42,0,42,4],[62,0,62,9],[52,0,52,4],[37,0,37,4],[38,0,38,4],[40,0,40,4],[63,0,63,4],[68,24,68,26],[26,0,26,4],[23,0,23,4],[69,24,69,26],[51,0,51,4],[43,0,43,4],[50,0,50,4],[53,0,53,4],[55,0,55,4],[64,17,64,18],[64,10,64,14],[57,0,57,4],[59,0,59,9],[60,0,60,9],[61,0,61,9]]}
["MODELO DE VALORACIÓN DE EMPRESAS"]
[]
[]
[]
[]
["Última actualización Mayo 2022"]
["Elaborado por: Jeimmy Johanna Bautista Raba - Stella Botía Galvis   GAF-83",null,null,null,null,null,"Fuente. Basado en modelo visto en asignatura Gestión del Valor"]
[]
["ESTADOS FINANCIEROS CIFRAS HISTORICAS"]
[]
["COMPAÑÍA VS LTDA "]
["ESTADO DE SITUACIÓN FINANCIERA"]
[" Pesos Colombianos"]
["a 31 de Diciembre"]
["ACTIVO",null,null,null,null,2017,2018,2019,2020,2021,{"$f":"F15","v":2017},{"$f":"K15+1","v":2018},{"$f":"L15+1","v":2019},{"$f":"M15+1","v":2020},{"$f":"N15+1","v":2021}]
["Activo Corriente",null,null,null,null,null,null,null,null,null,"ANÁLISIS VERTICAL"]
["Efectivo y equivalentes de efectivo",null,null,null,null,4355275642,5822986465,546039649,1167076873,220921225,{"$f":"F17/F$31","v":0.19004657365294611},{"$f":"G17/G$31","v":0.24779836269841618},{"$f":"H17/H$31","v":1.7002543433885072E-2},{"$f":"I17/I$31","v":3.3303903508942113E-2},{"$f":"J17/J$31","v":6.720401189406657E-3}]
["Activos financieros",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
["Deudores comerciales y otros",null,null,null,null,5725064714,7731045570,10234154333,15486728698,12452754179,0.24981861592058652,0.32899620249981876,0.31867036372649127,0.44193191567712331,0.37881151526269297]
["Inventarios",null,null,null,null,0,0,164290700,0,0,0,0,5.1156720352616416E-3,0,0]
["Pagos anticipados y otras cuentas por cobrar",null,null,null,null,926175054,656692693,{"$f":"2094812359+1121465650+727537902+7632380540","v":11576196451},{"$f":"23073745180-I19+1082846887","v":8669863369},{"$f":"9394045296","v":9394045296},4.0414524839282803E-2,2.7945689913502773E-2,0.36045877495850809,0.24740469094779827,0.28576590221504711]
["TOTAL ACTIVO CORRIENTE",null,null,null,null,{"$f":"SUM(F17:F21)","v":11006515410},14210724728,22520681133,25323668940,22067720700,0.48027971441281542,0.60474025511173768,0.70124735415414607,0.72264051013386377,0.67129781866714666]
["Activo No Corriente"]
["Activos financieros",null,null,null,null,0,0,0,0,0,{"$f":"F24/F$31","v":0},{"$f":"G24/G$31","v":0},{"$f":"H24/H$31","v":0},{"$f":"I24/I$31","v":0},{"$f":"J24/J$31","v":0}]
["Deudores",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
["Propiedades, planta y equipo",null,null,null,null,11910370479,9288165263,9594493348,9719576747,10551295268,0.51972028558718453,0.39525974488826227,0.29875264584585398,0.27735948986613629,0.32096932863217664]
["Inventarios",null,null,null,null,0,0,0,0,145047130,0,0,0,0,4.4123189384452401E-3]
["Pagos anticipados y otras cuentas por cobrar",null,null,null,null,0,0,0,0,109156636,0,0,0,0,3.3205337622314451E-3]
["TOTAL ACTIVO NO CORRIENTE",null,null,null,null,{"$f":"SUM(F24:F28)","v":11910370479},9288165263,9594493348,9719576747,10805499034,0.51972028558718453,0.39525974488826227,0.29875264584585398,0.27735948986613629,0.32870218133285334]
[]
["TOTAL ACTIVO",null,null,null,null,{"$f":"F22+F29","v":22916885889},23498889991,32115174481,35043245687,32873219734,{"$f":"F31/F$31","v":1},{"$f":"G31/G$31","v":1},{"$f":"H31/H$31","v":1},{"$f":"I31/I$31","v":1},{"$f":"J31/J$31","v":1}]
[]
["Pasivo Corriente"]
["Obligaciones financieras",null,null,null,null,408734110,526145096,208868995,96658002,365420012,{"$f":"F34/F$46","v":4.5025624197626297E-2},{"$f":"G34/G$46","v":5.085802231473649E-2},{"$f":"H34/H$46","v":1.3158295781928205E-2},{"$f":"I34/I$46","v":6.8258635530920103E-3},{"$f":"J34/J$46","v":3.1366347640143559E-2}]
["Proveedores",null,null,null,null,580386860,83953100,366465683,671557747,0,6.3934670506457972E-2,8.1150402534423786E-3,2.3086546908699105E-2,4.7424542761021329E-2,0]
["Cuentas por pagar Varios",null,null,null,null,22912438,28112354,1347336496,1216784731,1183288600,2.5240047199373995E-3,2.7173848771399967E-3,8.4879290639353761E-2,8.5927769821807054E-2,0.10156926377151665]
["Impuestos corrientes por pagar",null,null,null,null,629839083,936020423,1955820787,3034237509,1988914847,6.9382263829499233E-2,9.0477223720019415E-2,0.12321248738612259,0.21427394313517664,0.17072134111156709]
["Otros pasivos",null,null,null,null,303559341,671139768,{"$f":"104978442+473410360+524740042","v":1103128844},206618542,693847185,3.3439706829325039E-2,6.4873438062513222E-2,6.9494735754957487E-2,1.4591135198830311E-2,5.9557362211035678E-2]
["TOTAL PASIVO CORRIENTE",null,null,null,null,{"$f":"SUM(F34:F38)","v":1945431832},2245370741,4981620805,5225856531,4231470644,0.21430627008284595,0.2170411092278515,0.31383135647106114,0.36904325446992731,0.36321431473426297]
["Pasivo No Corriente"]
["Obligaciones financieras",null,null,null,null,2750785706,2500000000,2855673315,4029229857,3155897854,{"$f":"F41/F$46","v":0.30302301769372303},{"$f":"G41/G$46","v":0.24165397863337917},{"$f":"H41/H$46","v":0.17990125406276519},{"$f":"I41/I$46","v":0.28453902065890446},{"$f":"J41/J$46","v":0.27089099106413206}]
["Cuentas por pagar Varios",null,null,null,null,1446246300,0,1540582555,789272626,797056878,0.15931663349801539,0,9.7053375179828275E-2,5.5737415835127868E-2,6.8416513336208559E-2]
["Otros pasivos",null,null,null,null,2935347237,5600000000,6495683128,4116193896,{"$f":"3463616977+2023386","v":3465640363},0.32335407872541566,0.5413049121387693,0.40921401428634541,0.29068030903604031,0.2974781808653964]
["TOTAL PASIVO NO CORRIENTE",null,null,null,null,{"$f":"SUM(F41:F43)","v":7132379243},8100000000,10891938998,8934696379,7418595095,0.78569372991715403,0.78295889077214853,0.68616864352893892,0.63095674553007264,0.63678568526573698]
[]
["TOTAL PASIVO",null,null,null,null,{"$f":"F39+F44","v":9077811075},10345370741,15873559803,14160552910,11650065739,{"$f":"+F46/F56","v":0.39611887579181548},{"$f":"+G46/G56","v":0.44024933709474123},0.49426976684779106,0.4040879385568199,0.35439381457821151]
[]
["Patrimonio"]
["Capital suscrito y pagado",null,null,null,null,4000000000,4000000000,4000000000,4000000000,4000000000,{"$f":"F49/F$54","v":0.28903666276545359},{"$f":"G49/G$54","v":0.3041011248757628},0.24628093199490692,0.19154617858505116,0.18847340036934976]
["Reservas",null,null,null,null,1110584793,1510584793,1510584793,1510584793,2400000000,8.0249930571695507E-2,0.11484263369288034,9.300705766934339E-2,7.2336686131960135E-2,0.11308404022160987]
["Resultados de Ejercicios Anteriores",null,null,null,null,3976114511,4292094996,5937865590,9530144694,10821809856,0.2873107172581833,0.32630772908930816,0.36559576789142195,0.45636569937457544,0.50990582542771579]
["Resultados del Ejercicio",null,null,null,null,1753585876,2721325951,3592279105,4641078100,2800458949,0.12671265236791862,0.20688957071317624,0.22117746149130751,0.2222451936424425,0.13195300517820135]
["Ganancias Acumuladas adopción Pymes",null,null,null,null,2998789634,629513510,1200885190,1200885190,1200885190,0.21669003703674897,4.7858941628872442E-2,7.3938780953020214E-2,5.7506242265970772E-2,5.6583728803123165E-2]
["TOTAL PATRIMONIO",null,null,null,null,{"$f":"SUM(F49:F53)","v":13839074814},{"$f":"SUM(G49:G53)","v":13153519250},16241614678,20882692777,21223153995,1,1,1,1,1]
[]
["TOTAL PASIVO Y PATRIMONIO",null,null,null,null,{"$f":"F46+F54","v":22916885889},23498889991,32115174481,35043245687,32873219734,{"$f":"+F54/F56","v":0.60388112420818452},{"$f":"+G54/G56","v":0.55975066290525877},0.50573023315220889,0.5959120614431801,0.64560618542178849]
[]
["VALIDACIÓN (Pasivo y Patrimonio - Activo)",null,null,null,null,{"$f":"F56-F31","v":0},{"$f":"G56-G31","v":0},{"$f":"H56-H31","v":0},{"$f":"I56-I31","v":0},{"$f":"J56-J31","v":0}]
[]
[{"$f":"A11","v":"COMPAÑÍA VS LTDA "}]
["ESTADO DE RESULTADO"]
[" Pesos Colombianos"]
["a 31 de Diciembre"]
["CUENTAS DE RESULTADO ",null,null,null,null,{"$f":"F15","v":2017},2018,2019,2020,2021,2017,2018,2019,2020,2021,"Promedio Estructural",null,"Cuentas","Estructuras",null,"Cuentas","Estructuras"]
["Operacional",null,null,null,null,null,null,null,null,null,"ANÁLISIS VERTICAL - BASE EN VENTAS",null,null,null,null,null,null,"Estructura Promedio",null,null,"Simulación"]
["Ventas, Ingresos de actividades ordinarias",null,null,null,null,56268982215,80131113112,92026384100,90604040420,61578566195,{"$f":"+F66/$F$66","v":1},{"$f":"+G66/$G$66","v":1},{"$f":"+H66/H$66","v":1},{"$f":"+I66/$I$66","v":1},{"$f":"+J66/$J$66","v":1},{"$f":"+AVERAGE(K66:O66)","v":1},null,"Ventas",{"$f":"+P66","v":1},null,"Ventas",1]
["Costo de Ventas",null,null,null,null,46042758141,67750145748,76372779650,77804621136,54413593743,{"$f":"+F67/$F$66","v":0.81826179057360082},{"$f":"+G67/$G$66","v":0.84549113467705106},{"$f":"+H67/H$66","v":0.82990090718994136},{"$f":"+I67/$I$66","v":0.85873235647474888},{"$f":"+J67/$J$66","v":0.88364502626919272},{"$f":"+AVERAGE(K67:O67)","v":0.84720624303690695},null,"Costos",{"$f":"+P67","v":0.84720624303690695},null,"Costos",{"$f":"+Z72","v":0.82}]
["UTILIDAD BRUTA",null,null,null,null,{"$f":"F66-F67","v":10226224074},12380967364,15653604450,12799419284,{"$f":"J66-J67","v":7164972452},0.18173820942639918,0.154508865322949,0.17009909281005858,0.14126764352525109,0.11635497373080725,0.15279375696309302,null,"Gastos",{"$f":"+P69+P70","v":9.2382123079586431E-2},null,"Gastos",{"$f":"+Z73","v":0.09}]
["Gastos de administración",null,null,null,null,0,0,8851263892,5383826386,3355500547,0,0,9.618180675643867E-2,5.9421482320688765E-2,5.4491371825290354E-2,4.2018932180483561E-2,null,"Total Erogación",{"$f":"+S67+S68","v":0.93958836611649343},null,"Total Erogación",{"$f":"+V67+V68","v":0.90999999999999992},null,null,"Rangos Estructurales"]
["Gastos de ventas y distribución",null,null,null,null,7098905205,7489704766,313612789,1064657231,1048629364,0.12616018498211964,9.3468123368404613E-2,3.4078573451197893E-3,1.1750659529803781E-2,1.7029129270066466E-2,5.0363190899102864E-2,null,"Total operación",{"$f":"+S66-S69","v":6.0411633883506566E-2},null,"Total operación",{"$f":"+V66-V69","v":9.000000000000008E-2},null,null,"Gestión Costos y Gastos"]
["UTILIDAD OPERACIONAL",null,null,null,null,{"$f":"F68-F69-F70","v":3127318869},4891262598,{"$f":"H68-H69-H70","v":6488727769},{"$f":"I68-I69-I70","v":6350935667},{"$f":"J68-J69-J70","v":2760842541},5.5578024444279527E-2,6.1040741954544384E-2,7.0509428708500133E-2,7.0095501674758531E-2,4.4834472635450422E-2,6.0411633883506601E-2,null,"Ingresos no ope",{"$f":"+$P$73","v":1.4219085128262482E-2},null,"Ingresos no ope",{"$f":"+$P$73","v":1.4219085128262482E-2},null,null,"Promedio","Rango Objetivo","Gestión"]
["No Operacional",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Gastos no ope",{"$f":"+$P$74+$P$75","v":1.1436053337592528E-2},null,"Gastos no ope",{"$f":"+$P$74+$P$75","v":1.1436053337592528E-2},null,"Costos",{"$f":"+S67","v":0.84720624303690695},0.82,{"$f":"+Y72-Z72","v":2.7206243036906996E-2}]
["Otros ingresos",null,null,null,null,244288944,192784316,82383557,1658821003,{"$f":"2773537339+6392079","v":2779929418},{"$f":"+F73/$F$66","v":4.3414494875096262E-3},{"$f":"+G73/$G$66","v":2.4058609510458637E-3},{"$f":"+H73/H$66","v":8.9521671209506965E-4},{"$f":"+I73/$I$66","v":1.8308466104937974E-2},{"$f":"+J73/$J$66","v":4.5144432385723882E-2},{"$f":"+AVERAGE(K73:O73)","v":1.4219085128262482E-2},null,"Impuestos (Tx)",{"$f":"+$P$78","v":2.3022237846008653E-2},null,"Impuestos (Tx)",{"$f":"+$P$78","v":2.3022237846008653E-2},null,"Gastos",{"$f":"+S68","v":9.2382123079586431E-2},0.09,{"$f":"+Y73-Z73","v":2.3821230795864345E-3}]
["Gasto no operacional",null,null,null,null,0,0,962059833,259504531,92569034,0,0,1.0454174011168172E-2,2.8641606908152498E-3,1.5032671223110801E-3,2.9643203648589004E-3,null,"Margen Neto",{"$f":"+S70+S71-S72-S73","v":4.0172427828167864E-2},null,"Margen Neto",{"$f":"+V70+V71-V72-V73","v":6.9760793944661378E-2}]
["Gasto Financiero",null,null,null,null,528963937,818412963,457359388,681428611,631413481,9.4006309724754631E-3,1.021342311638797E-2,4.9698724172734287E-3,7.5209516909091499E-3,1.0253786666622142E-2,8.4717329727336289E-3,null,"Magen en ML",{"$f":"+$J$66*S74","v":2473760506.2306948},null,"Magen en ML",{"$f":"+$J$66*V74","v":4295769667.7370863}]
["Resultados Netos",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Recursos a favor después de aplicar la gestión en los costos y gastos",{"$f":"+V75-S75","v":1822009161.5063915}]
["UTILIDAD ANTES DE IMPUESTOS",null,null,null,null,{"$f":"F71+F73-F74-F75","v":2842643876},4265633951,5151692105,7068823528,4816789444,{"$f":"+F77/$F$66","v":5.0518842959313692E-2},{"$f":"+G77/$G$66","v":5.3233179789202278E-2},{"$f":"+H77/H$66","v":5.5980598992153602E-2},{"$f":"+I77/$I$66","v":7.8018855397972112E-2},{"$f":"+J77/$J$66","v":7.8221851232241082E-2},{"$f":"+AVERAGE(K77:O77)","v":6.3194665674176559E-2}]
["Gasto por impuesto",null,null,null,null,1089058000,1544308000,1559413000,2427745428,2016330495,1.9354499710671547E-2,1.9272264417960927E-2,1.6945281673845534E-2,2.6795112190869778E-2,3.2744031236695476E-2,2.3022237846008653E-2]
["UTILIDAD NETA",null,null,null,null,{"$f":"F77-F78","v":1753585876},2721325951,3592279105,4641078100,2800458949,3.1164343248642142E-2,3.3960915371241351E-2,3.9035317318308067E-2,5.122374320710233E-2,4.5477819995545614E-2,4.0172427828167899E-2]
[]
[]
[]
["Detalles de Depreciación y Amortización",null,null,null,null,2017,2018,2019,2020,{"$f":"+I83+1","v":2021}]
["Depreciaciones",null,null,null,null,589601720,827825000,527765968,546876124,136883865]
["Amortizaciones",null,null,null,null,null,739260000]
[]
[]
["DETALLE DE ACTIVOS FIJOS",null,null,null,null,2016,2017,2018,2019,2020,2021]
["Terrenos",null,null,null,null,1788000000,1788000000,1788000000,2366949952,2366949952,2366949952]
["Edificios",null,null,null,null,7713320687,7713320687,5344044563,7124482555,7124482555,7124482555]
["Equipo de Oficina",null,null,null,null,356024346,382144365,388957229,391788322,391788322,403189232]
["Equipo de computo",null,null,null,null,2569273878,2572807760,2576164759,2618250483,2619883104,2745785789]
["Flota y Equipo de Transporte",null,null,null,null,166180608,221220606,221220606,2048349461,2196308743,2320811939]
["Armamento",null,null,null,null,669929422,681898222,702821299,878950660,878950660,1547341079]
["Semovientes",null,null,null,null,45226800,45226800,45226800,63502200,63502200,63502200]
["Intangibles",null,null,null,null,1792508723,2465709822,1849685916,0,0,0]
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[]
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[]
["PLANES, POLITICAS Y EXPECTATIVAS "]
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[]
["ESTADOS FINANCIEROS PROYECTADOS"]
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["Activo No Corriente"]
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["Pagos anticipados y otras cuentas por cobrar",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},{"$f":"'Cifras Historicas'!J28","v":109156636},120148709.24520001,130714586.73622289,139516907.00704014,148126216.30463058,156959871.34017354]
["TOTAL ACTIVO NO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F29","v":11910370479},{"$f":"'Cifras Historicas'!G29","v":9288165263},{"$f":"'Cifras Historicas'!H29","v":9594493348},{"$f":"'Cifras Historicas'!I29","v":9719576747},{"$f":"'Cifras Historicas'!J29","v":10805499034},{"$f":"SUM(K47:K51)","v":11893612786.723799},12939537095.18829,13810885523.178268,14663127647.042555,15537577927.401587]
[]
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[]
["Pasivo Corriente"]
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["TOTAL PASIVO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F39","v":1945431832},{"$f":"'Cifras Historicas'!G39","v":2245370741},{"$f":"'Cifras Historicas'!H39","v":4981620805},{"$f":"'Cifras Historicas'!I39","v":5225856531},{"$f":"'Cifras Historicas'!J39","v":4231470644},{"$f":"SUM(K57:K61)","v":4554634956.8923998},4872133467.6355915,5192310784.5058641,5535810267.3436718,5829709910.4499636]
["Pasivo No Corriente"]
["Obligaciones financieras",null,null,null,null,{"$f":"'Cifras Historicas'!F41","v":2750785706},{"$f":"'Cifras Historicas'!G41","v":2500000000},{"$f":"'Cifras Historicas'!H41","v":2855673315},{"$f":"'Cifras Historicas'!I41","v":4029229857},{"$f":"'Cifras Historicas'!J41","v":3155897854},{"$f":"+AVERAGE(G64:J64)","v":3135200256.5},{"$f":"+AVERAGE(H64:K64)","v":3294000320.625},3403582072.03125,3247170125.7890625,3269988193.7363281]
["Cuentas por pagar Varios",null,null,null,null,{"$f":"'Cifras Historicas'!F42","v":1446246300},{"$f":"'Cifras Historicas'!G42","v":0},{"$f":"'Cifras Historicas'!H42","v":1540582555},{"$f":"'Cifras Historicas'!I42","v":789272626},{"$f":"'Cifras Historicas'!J42","v":797056878},{"$f":"J65*(1+K$29)","v":877320505.61460006},{"$f":"K65*(1+L$29)","v":954472070.87834787},{"$f":"L65*(1+M$29)","v":1018746220.1312958},{"$f":"M65*(1+N$29)","v":1081611011.883158},{"$f":"N65*(1+O$29)","v":1146113966.1878221}]
["Otros pasivos",null,null,null,null,{"$f":"'Cifras Historicas'!F43","v":2935347237},{"$f":"'Cifras Historicas'!G43","v":5600000000},{"$f":"'Cifras Historicas'!H43","v":6495683128},{"$f":"'Cifras Historicas'!I43","v":4116193896},{"$f":"'Cifras Historicas'!J43","v":3465640363},3814630347.5541,4150088940.3180075,4429555929.5590219,4702894966.8602505,4983356811.1039286]
["TOTAL PASIVO NO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F44","v":7132379243},{"$f":"'Cifras Historicas'!G44","v":8100000000},{"$f":"'Cifras Historicas'!H44","v":10891938998},{"$f":"'Cifras Historicas'!I44","v":8934696379},{"$f":"'Cifras Historicas'!J44","v":7418595095},{"$f":"SUM(K64:K66)","v":7827151109.6687002},8398561331.8213558,8851884221.7215691,9031676104.5324707,9399458971.02808]
[]
["TOTAL PASIVO",null,null,null,null,{"$f":"F62+F67","v":9077811075},10345370741,15873559803,14160552910,11650065739,{"$f":"K62+K67","v":12381786066.5611},13270694799.456947,14044195006.227432,14567486371.876143,15229168881.478043]
[]
["Patrimonio"]
["Capital suscrito y pagado",null,null,null,null,{"$f":"'Cifras Historicas'!F49","v":4000000000},{"$f":"'Cifras Historicas'!G49","v":4000000000},{"$f":"'Cifras Historicas'!H49","v":4000000000},{"$f":"'Cifras Historicas'!I49","v":4000000000},{"$f":"'Cifras Historicas'!J49","v":4000000000},{"$f":"J72","v":4000000000},{"$f":"K72","v":4000000000},4000000000,4000000000,4000000000]
["Reservas",null,null,null,null,{"$f":"'Cifras Historicas'!F50","v":1110584793},{"$f":"'Cifras Historicas'!G50","v":1510584793},{"$f":"'Cifras Historicas'!H50","v":1510584793},{"$f":"'Cifras Historicas'!I50","v":1510584793},{"$f":"'Cifras Historicas'!J50","v":2400000000},{"$f":"+J73","v":2400000000},{"$f":"+K73","v":2400000000},{"$f":"+L73","v":2400000000},{"$f":"+M73","v":2400000000},2400000000]
["Resultados de Ejercicios Anteriores",null,null,null,null,{"$f":"'Cifras Historicas'!F51","v":3976114511},{"$f":"'Cifras Historicas'!G51","v":4292094996},{"$f":"'Cifras Historicas'!H51","v":5937865590},{"$f":"'Cifras Historicas'!I51","v":9530144694},{"$f":"'Cifras Historicas'!J51","v":10821809856},{"$f":"+K54-K69-K72-K73-K75-K76","v":13478013515.444567},{"$f":"+L54-L69-L72-L73-L75-L76","v":15531637401.398897},17209529853.728642,19083878765.042622,20882315455.936859]
["Resultados del Ejercicio",null,null,null,null,{"$f":"'Cifras Historicas'!F52","v":1753585876},{"$f":"'Cifras Historicas'!G52","v":2721325951},{"$f":"'Cifras Historicas'!H52","v":3592279105},{"$f":"'Cifras Historicas'!I52","v":4641078100},{"$f":"'Cifras Historicas'!J52","v":2800458949},{"$f":"K99","v":2722868189.2081318},2962317217.767096,3161799659.2115293,3356907992.5821571,3557100557.6277843]
["Ganancias Acumuladas adopción Pymes",null,null,null,null,{"$f":"'Cifras Historicas'!F53","v":2998789634},{"$f":"'Cifras Historicas'!G53","v":629513510},{"$f":"'Cifras Historicas'!H53","v":1200885190},{"$f":"'Cifras Historicas'!I53","v":1200885190},{"$f":"'Cifras Historicas'!J53","v":1200885190},{"$f":"+J76","v":1200885190},{"$f":"+K76","v":1200885190},1200885190,1200885190,1200885190]
["TOTAL PATRIMONIO",null,null,null,null,{"$f":"'Cifras Historicas'!F54","v":13839074814},{"$f":"'Cifras Historicas'!G54","v":13153519250},{"$f":"'Cifras Historicas'!H54","v":16241614678},{"$f":"'Cifras Historicas'!I54","v":20882692777},{"$f":"'Cifras Historicas'!J54","v":21223153995},{"$f":"SUM(K72:K76)","v":23801766894.652695},{"$f":"SUM(L72:L76)","v":26094839809.165993},27972214702.94017,30041671947.624779,32040301203.564644]
[]
["0 TOTAL PASIVO Y PATRIMONIO",null,null,null,null,{"$f":"F69+F77","v":22916885889},23498889991,32115174481,35043245687,32873219734,{"$f":"K69+K77","v":36183552961.213791},39365534608.62294,42016409709.167603,44609158319.500923,47269470085.042686]
[]
["CONTROL (Pasivo y Patrimonio - Activo)",null,null,null,null,{"$f":"F54-F79","v":0},0,0,0,0,0,0,0,0,0,null,null,{"$f":"+Q80/12","v":0}]
[]
[]
["CUENTAS DE RESULTADO ",null,null,null,null,{"$f":"'Cifras Historicas'!F64","v":2017},{"$f":"'Cifras Historicas'!G64","v":2018},{"$f":"'Cifras Historicas'!H64","v":2019},{"$f":"'Cifras Historicas'!I64","v":2020},{"$f":"'Cifras Historicas'!J64","v":2021},{"$f":"K38","v":2022},{"$f":"L38","v":2023},{"$f":"M38","v":2024},{"$f":"N38","v":2025},{"$f":"O38","v":2026}]
["Operacional"]
["Ventas, Ingresos de actividades ordinarias",null,null,null,null,{"$f":"+'Cifras Historicas'!F66","v":56268982215},{"$f":"+'Cifras Historicas'!G66","v":80131113112},{"$f":"+'Cifras Historicas'!H66","v":92026384100},{"$f":"+'Cifras Historicas'!I66","v":90604040420},{"$f":"+'Cifras Historicas'!J66","v":61578566195},{"$f":"J86*(1+K$29)","v":67779527810.836502},{"$f":"K86*(1+L$29)","v":73740059486.521454},{"$f":"L86*(1+M$29)","v":78705715092.343811},{"$f":"M86*(1+N$29)","v":83562487359.262177},{"$f":"N86*(1+O$29)","v":88545819855.419144}]
["Costo de Ventas",null,null,null,null,{"$f":"+'Cifras Historicas'!F67","v":46042758141},{"$f":"+'Cifras Historicas'!G67","v":67750145748},{"$f":"+'Cifras Historicas'!H67","v":76372779650},{"$f":"+'Cifras Historicas'!I67","v":77804621136},{"$f":"+'Cifras Historicas'!J67","v":54413593743},{"$f":"K86*'Cifras Historicas'!$P$67","v":57423239111.434341},{"$f":"L86*'Cifras Historicas'!$P$67","v":62473038758.893867},{"$f":"M86*'Cifras Historicas'!$P$67","v":66679973188.917786},{"$f":"N86*'Cifras Historicas'!$P$67","v":70794660974.459534},{"$f":"O86*'Cifras Historicas'!$P$67","v":75016571376.332413}]
["UTILIDAD BRUTA",null,null,null,null,{"$f":"+'Cifras Historicas'!F68","v":10226224074},{"$f":"+'Cifras Historicas'!G68","v":12380967364},{"$f":"+'Cifras Historicas'!H68","v":15653604450},{"$f":"+'Cifras Historicas'!I68","v":12799419284},{"$f":"+'Cifras Historicas'!J68","v":7164972452},{"$f":"K86-K87","v":10356288699.402161},11267020727.627586,12025741903.426025,12767826384.802643,13529248479.086731]
["Gastos de administración",null,null,null,null,{"$f":"+'Cifras Historicas'!F69","v":0},{"$f":"+'Cifras Historicas'!G69","v":0},{"$f":"+'Cifras Historicas'!H69","v":8851263892},{"$f":"+'Cifras Historicas'!I69","v":5383826386},{"$f":"+'Cifras Historicas'!J69","v":3355500547},{"$f":"K86*'Cifras Historicas'!$P$69","v":2848023382.3087382},{"$f":"L86*'Cifras Historicas'!$P$69","v":3098478558.5489683},{"$f":"M86*'Cifras Historicas'!$P$69","v":3307130104.6816559},{"$f":"N86*'Cifras Historicas'!$P$69","v":3511206489.1813521},{"$f":"O86*'Cifras Historicas'!$P$69","v":3720600799.3701715}]
["Gastos de ventas y distribución",null,null,null,null,{"$f":"+'Cifras Historicas'!F70","v":7098905205},{"$f":"+'Cifras Historicas'!G70","v":7489704766},{"$f":"+'Cifras Historicas'!H70","v":313612789},{"$f":"+'Cifras Historicas'!I70","v":1064657231},{"$f":"+'Cifras Historicas'!J70","v":1048629364},{"$f":"K86*'Cifras Historicas'!$P$70","v":3413593298.1882105},{"$f":"L86*'Cifras Historicas'!$P$70","v":3713784692.8308811},{"$f":"M86*'Cifras Historicas'!$P$70","v":3963870954.0461125},{"$f":"N86*'Cifras Historicas'!$P$70","v":4208473502.8783908},{"$f":"O86*'Cifras Historicas'!$P$70","v":4459450028.6960468}]
["UTILIDAD OPERACIONAL",null,null,null,null,{"$f":"+'Cifras Historicas'!F71","v":3127318869},{"$f":"+'Cifras Historicas'!G71","v":4891262598},{"$f":"+'Cifras Historicas'!H71","v":6488727769},{"$f":"+'Cifras Historicas'!I71","v":6350935667},{"$f":"+'Cifras Historicas'!J71","v":2760842541},{"$f":"K88-K89-K90","v":4094672018.9052114},4454757476.2477369,4754740844.6982574,5048146392.7428989,5349197651.0205135]
["No Operacional"]
["Otros ingresos",null,null,null,null,{"$f":"+'Cifras Historicas'!F73","v":244288944},{"$f":"+'Cifras Historicas'!G73","v":192784316},{"$f":"+'Cifras Historicas'!H73","v":82383557},{"$f":"+'Cifras Historicas'!I73","v":1658821003},{"$f":"+'Cifras Historicas'!J73","v":2779929418},{"$f":"K86*'Cifras Historicas'!$P$73","v":963762875.89571857},{"$f":"L86*'Cifras Historicas'!$P$73","v":1048516183.201988},{"$f":"M86*'Cifras Historicas'!$P$73","v":1119123262.9788098},{"$f":"N86*'Cifras Historicas'!$P$73","v":1188182121.2907064},{"$f":"O86*'Cifras Historicas'!$P$73","v":1259040550.2759991}]
["Gasto no operacional",null,null,null,null,{"$f":"+'Cifras Historicas'!F74","v":0},{"$f":"+'Cifras Historicas'!G74","v":0},{"$f":"+'Cifras Historicas'!H74","v":962059833},{"$f":"+'Cifras Historicas'!I74","v":259504531},{"$f":"+'Cifras Historicas'!J74","v":92569034},{"$f":"K86*'Cifras Historicas'!$P$74","v":200920234.61018285},{"$f":"L86*'Cifras Historicas'!$P$74","v":218589160.04180229},{"$f":"M86*'Cifras Historicas'!$P$74","v":233308954.07901725},{"$f":"N86*'Cifras Historicas'!$P$74","v":247705983.01732531},{"$f":"O86*'Cifras Historicas'!$P$74","v":262478177.02054653}]
["Gasto Financiero",null,null,null,null,{"$f":"+'Cifras Historicas'!F75","v":528963937},{"$f":"+'Cifras Historicas'!G75","v":818412963},{"$f":"+'Cifras Historicas'!H75","v":457359388},{"$f":"+'Cifras Historicas'!I75","v":681428611},{"$f":"+'Cifras Historicas'!J75","v":631413481},{"$f":"K86*'Cifras Historicas'!$P$75","v":574210060.6313796},{"$f":"L86*'Cifras Historicas'!$P$75","v":624706093.36330307},{"$f":"M86*'Cifras Historicas'!$P$75","v":666773801.69038785},{"$f":"N86*'Cifras Historicas'!$P$75","v":707919079.4450984},{"$f":"O86*'Cifras Historicas'!$P$75","v":750136541.66688645}]
["Resultados Netos"]
["UTILIDAD ANTES DE IMPUESTOS",null,null,null,null,{"$f":"F91+F93-F94-F95","v":2842643876},4265633951,5151692105,7068823528,4816789444,{"$f":"K91+K93-K94-K95","v":4283304599.5593677},4659978406.0446196,4973781351.9076614,5280703451.5711823,5595623482.6090794]
["Gasto por impuesto",null,null,null,null,{"$f":"+'Cifras Historicas'!F78","v":1089058000},{"$f":"+'Cifras Historicas'!G78","v":1544308000},{"$f":"+'Cifras Historicas'!H78","v":1559413000},{"$f":"+'Cifras Historicas'!I78","v":2427745428},{"$f":"+'Cifras Historicas'!J78","v":2016330495},{"$f":"K86*'Cifras Historicas'!$P$78","v":1560436410.3512361},{"$f":"L86*'Cifras Historicas'!$P$78","v":1697661188.2775235},{"$f":"M86*'Cifras Historicas'!$P$78","v":1811981692.6961322},{"$f":"N86*'Cifras Historicas'!$P$78","v":1923795458.9890254},{"$f":"O86*'Cifras Historicas'!$P$78","v":2038522924.9812951}]
["UTILIDAD NETA",null,null,null,null,{"$f":"F97-F98","v":1753585876},2721325951,3592279105,4641078100,2800458949,{"$f":"K97-K98","v":2722868189.2081318},2962317217.767096,3161799659.2115293,3356907992.5821571,3557100557.6277843]
[]
[]
[]
["Detalles de Depreciación y Amortización",null,null,null,null,{"$f":"F84","v":2017},2018,2019,2020,2021,{"$f":"K84","v":2022},2023,2024,2025,2026]
["Depreciaciones",null,null,null,null,{"$f":"+'Cifras Historicas'!F84","v":589601720},{"$f":"+'Cifras Historicas'!G84","v":827825000},{"$f":"+'Cifras Historicas'!H84","v":527765968},{"$f":"+'Cifras Historicas'!I84","v":546876124},{"$f":"+'Cifras Historicas'!J84","v":136883865},{"$f":"AVERAGE(I104:J104)","v":341879994.5},{"$f":"AVERAGE(J104:K104)","v":239381929.75},{"$f":"AVERAGE(K104:L104)","v":290630962.125},{"$f":"AVERAGE(L104:M104)","v":265006445.9375},{"$f":"AVERAGE(M104:N104)","v":277818704.03125}]
["Amortizaciones",null,null,null,null,{"$f":"+'Cifras Historicas'!F85","v":0},{"$f":"+'Cifras Historicas'!G85","v":739260000},{"$f":"+'Cifras Historicas'!H85","v":0},{"$f":"+'Cifras Historicas'!I85","v":0},{"$f":"+'Cifras Historicas'!J85","v":0},0,0,0,0,0]
[]
[]
[]
["INDUCTORES DE VALOR Y RAZONES FINANCIERAS"]
[]
[{"$f":"+A11","v":"COMPAÑÍA VS LTDA "}]
["PROYECCIÓN DE INDUCTORES DE VALOR"]
[]
[]
["Inductores de Rentabilidad",null,null,null,null,{"$f":"F103","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026]
["ROA",null,null,null,null,{"$f":"F99/F54","v":7.6519378963339574E-2},{"$f":"G99/G54","v":0.11580657435488481},0.11185612916801266,0.13243859148930665,8.5189676328040087E-2,{"$f":"K99/K54","v":7.5251542935179785E-2},7.5251542935179813E-2,7.5251542935179758E-2,7.5251542935179799E-2,7.5251542935179744E-2]
["UODI",null,null,null,null,{"$f":"F91*(1-(F98/F97))","v":1929197760.1300817},3120455246.2764945,4524595163.5946941,4169744558.1813922,1605140994.9741931,{"$f":"K91*(1-(K98/K97))","v":2602955714.768589},2831859640.3253398,3022557068.5048451,3209073020.0881443,3400449298.714119]
["Activos Netos de Operación",null,null,null,null,{"$f":"F45+F49-F58","v":22336499029},23414936891,31748708798,34371687940,32619015968,{"$f":"K45+K49-K58","v":35903750875.9776},39061126728.011063,41691503001.875328,44264202269.115059,46903942235.636002]
["RAN",null,null,null,null,{"$f":"F117/F118","v":8.6369746558104699E-2},{"$f":"G117/G118","v":0.13326771969545234},0.14251272996272907,0.12131334851695945,4.9208749784140422E-2,{"$f":"K117/K118","v":7.2498155520296037E-2},7.2498155520296079E-2,7.2498155520295995E-2,7.2498155520296037E-2,7.2498155520295995E-2]
["Distancia Rentabilidad",null,null,null,null,{"$f":"F119-F116","v":9.8503675947651248E-3},{"$f":"G119-G116","v":1.746114534056753E-2},3.065660079471641E-2,-1.1125242972347196E-2,-3.5980926543899665E-2,{"$f":"K119-K116","v":-2.7533874148837484E-3},-2.7533874148837345E-3,-2.7533874148837623E-3,-2.7533874148837623E-3,-2.7533874148837484E-3]
[]
["Inductores de Operativos y Financieros",null,null,null,null,{"$f":"F115","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026]
["EBITDA Modelo General",null,null,null,null,{"$f":"F99+F98+F95+F104+F105","v":3961209533},{"$f":"G99+G98+G95+G104+G105","v":6651131914},{"$f":"H99+H98+H95+H104+H105","v":6136817461},8297128263,5585086790,{"$f":"K99+K98+K95+K104+K105","v":5199394654.6907482},5524066429.1579227,5931186115.7230492,6253628976.9537811,6623578728.3072157]
["EBITDA Operacional",null,null,null,null,{"$f":"F91+F104+F105","v":3716920589},{"$f":"G91+G104+G105","v":6458347598},7016493737,6897811791,2897726406,{"$f":"K91+K104+K105","v":4436552013.4052114},4694139405.9977369,5045371806.8232574,5313152838.6803989,5627016355.0517635]
["Margen EBITDA Modelo General",null,null,null,null,{"$f":"F123/F86","v":7.0397746272795284E-2},{"$f":"G123/G86","v":8.3003113967774933E-2},6.6685413330284271E-2,9.1575698219838839E-2,9.0698552030487073E-2,{"$f":"K123/K86","v":7.6710399476395824E-2},7.4912692878524687E-2,7.5359027089254058E-2,7.4837755248565146E-2,7.4803968602046231E-2]
["Margen EBITDA Operacional",null,null,null,null,{"$f":"F124/F86","v":6.6056296785285656E-2},{"$f":"G124/G86","v":8.059725301672907E-2},7.6244370629357364E-2,7.6131392805716111E-2,4.7057386767074272E-2,{"$f":"K124/K86","v":6.5455634712992219E-2},6.365792811512111E-2,6.4104262325850481E-2,6.3582990485161542E-2,6.3549203838642654E-2]
["KTNO",null,null,null,null,{"$f":"F42+F43-F58-F59","v":5121765416},{"$f":"G42+G43-G58-G59","v":7618980116},8684642854,13598386220,11269465579,12404300762.8053,13495134971.886396,14403897360.893227,15292733059.239227,16204730487.960016]
["Variación de KTNO",null,null,null,null,null,{"$f":"G127-F127","v":2497214700},{"$f":"H127-G127","v":1065662738},{"$f":"I127-H127","v":4913743366},{"$f":"J127-I127","v":-2328920641},{"$f":"K127-J127","v":1134835183.8052998},{"$f":"L127-K127","v":1090834209.0810966},{"$f":"M127-L127","v":908762389.00683022},{"$f":"N127-M127","v":888835698.34600067},{"$f":"O127-N127","v":911997428.72078896}]
["Productividad del Capital de trabajo PKT",null,null,null,null,{"$f":"F127/F86","v":9.1022890665235043E-2},{"$f":"G127/G86","v":9.5081421187184573E-2},9.4371227761843576E-2,0.15008586986809788,0.18300954821379142,{"$f":"K127/K86","v":0.18300954821379142},0.18300954821379142,0.18300954821379142,0.18300954821379142,0.1830095482137914]
["Rotación del Activo Fijo",null,null,null,null,{"$f":"F86/F49","v":4.7243687603346798},8.6272273202553151,9.59158350129902,9.3218092493549598,5.8361143945763381,{"$f":"K86/K49","v":5.8361143945763381},5.8361143945763381,5.8361143945763381,5.8361143945763381,5.836114394576339]
["Palanca de Crecimiento PDC ***",null,null,null,null,{"$f":"F126/F129","v":0.72571082177809765},{"$f":"G126/G129","v":0.84766563236427794},0.80791966405024018,0.50725223415517895,0.2571307739206149,{"$f":"K126/K129","v":0.35766240260058491},0.34783938180512874,0.35027823931330621,0.34742990792417022,0.34724529107303514]
[]
[]
[]
["Razones financieras"]
[]
["ANALISIS DE RAZONES FINANCIERAS"]
["R/I",null,null,null,null,{"$f":"+F122","v":2017},{"$f":"+G122","v":2018},2019,2020,2021,2022,2023,2024,2025,2026]
[]
["Margen Bruto",null,null,null,null,{"$f":"+F88/F86","v":0.18173820942639918},{"$f":"+G88/G86","v":0.154508865322949},0.17009909281005858,0.14126764352525109,0.11635497373080725,{"$f":"+K88/K86","v":0.15279375696309308},0.15279375696309308,0.15279375696309305,0.15279375696309308,0.15279375696309305,"Utilidad Bruta / Ventas"]
["Margen Operacional",null,null,null,null,{"$f":"+F91/F86","v":5.5578024444279527E-2},{"$f":"+G91/G86","v":6.1040741954544384E-2},7.0509428708500133E-2,7.0095501674758531E-2,4.4834472635450422E-2,{"$f":"+K91/K86","v":6.0411633883506649E-2},6.041163388350667E-2,6.0411633883506642E-2,6.0411633883506649E-2,6.0411633883506635E-2,"Utilidad Operacional / Ventas"]
["Margen Neto",null,null,null,null,{"$f":"+F99/F86","v":3.1164343248642142E-2},{"$f":"+G99/G86","v":3.3960915371241351E-2},3.9035317318308067E-2,5.122374320710233E-2,4.5477819995545614E-2,{"$f":"+K99/K86","v":4.0172427828167948E-2},4.0172427828167968E-2,4.0172427828167934E-2,4.0172427828167961E-2,4.0172427828167927E-2,"Utilidad Neta / Ventas"]
["ROE",null,null,null,null,{"$f":"+F99/F77","v":0.12671265236791862},{"$f":"+G99/G77","v":0.20688957071317624},0.22117746149130751,0.2222451936424425,0.13195300517820135,{"$f":"+K99/K77","v":0.11439773363295358},0.11352118807514433,0.11303358324642028,0.11174171658736752,0.11101957297555115,"Utilidad Neta / Patrimonio"]
[]
[]
["ANALISIS DE RAZONES FINANCIERAS"]
["Liquidez",null,null,null,null,{"$f":"F138","v":2017},{"$f":"G138","v":2018},{"$f":"H138","v":2019},{"$f":"I138","v":2020},{"$f":"J138","v":2021},{"$f":"K138","v":2022},2023,2024,2025,2026]
["Capital de Trabajo",null,null,null,null,{"$f":"+(F45-F62)","v":9061083578},{"$f":"+(G45-G62)","v":11965353987},17539060328,20097812409,17836250056,{"$f":"+(K45-K62)","v":19735305217.597599},21553864045.799057,23013213401.483471,24410220405.1147,25902182247.191135,"Activo Corriente - Pasivo Corriente"]
["Razon Corriente",null,null,null,null,{"$f":"+(F45/F62)","v":5.657620703514838},{"$f":"+(G45/G62)","v":6.3288990403745533},4.5207537896895387,4.8458408281549508,5.2151420998963687,{"$f":"+(K45/K62)","v":5.3330157969592538},5.4239067318200904,5.4321717933672504,5.4095117473792698,5.4431339886673511,"Activo Corriente / Pasivo Corriente"]
["Prueba Acida",null,null,null,null,{"$f":"+(F45-F43)/F62","v":5.657620703514838},{"$f":"+(G45-G43)/G62","v":6.3288990403745533},4.4877744228467025,4.8458408281549508,5.2151420998963687,{"$f":"+(K45-K43)/K62","v":5.3330157969592538},5.4239067318200904,5.4321717933672504,5.4095117473792698,5.4431339886673511,"(Activo Corriente - Inventarios) / Pasivo Corriente"]
[]
[]
["ANALISIS DE RAZONES FINANCIERAS"]
["Endeudamiento",null,null,null,null,{"$f":"F147","v":2017},{"$f":"G147","v":2018},{"$f":"H147","v":2019},{"$f":"I147","v":2020},{"$f":"J147","v":2021},{"$f":"K147","v":2022},2023,2024,2025,2026]
["Nivel de Endeudamiento",null,null,null,null,{"$f":"+F69/F54","v":0.39611887579181548},{"$f":"+G69/G54","v":0.44024933709474123},0.49426976684779106,0.4040879385568199,0.35439381457821151,{"$f":"+K69/K54","v":0.34219376079053088},0.33711455798570633,0.33425499949756809,0.32655819837577965,0.32217769427241699,"Total Pasivo / Total Activo"]
["Concentracion de Endeudamiento a Corto Plazo",null,null,null,null,{"$f":"+F62/F69","v":0.21430627008284595},{"$f":"+G62/G69","v":0.2170411092278515},0.31383135647106114,0.36904325446992731,0.36321431473426297,{"$f":"+K62/K69","v":0.36784959232924286},0.36713476884684026,0.36971223927063862,0.38001135721197976,0.38279895349641502,"Pasivo Corriente / Pasivo Total"]
["Concentracion de Endeudamiento a Largo Plazo",null,null,null,null,{"$f":"+F67/F69","v":0.78569372991715403},{"$f":"+G67/G69","v":0.78295889077214853},0.68616864352893892,0.63095674553007264,0.63678568526573698,{"$f":"+K67/K69","v":0.63215040767075714},0.63286523115315974,0.63028776072936143,0.61998864278802024,0.61720104650358509,"Pasivo No Corriente / Pasivo Total"]
[]
["RAZONES DE ACTIVIDAD"]
["Actividad",null,null,null,null,{"$f":"F154","v":2017},{"$f":"G154","v":2018},{"$f":"H154","v":2019},{"$f":"I154","v":2020},{"$f":"J154","v":2021},{"$f":"K154","v":2022},2023,2024,2025,2026]
["Rotacion del Patrimonio",null,null,null,null,{"$f":"+F86/F77","v":4.0659497091580645},{"$f":"+G86/G77","v":6.0919904087265468},5.666085911067321,4.3387144267041284,2.9014804401601855,{"$f":"+K86/K77","v":2.8476679109929379},2.8258483296233821,2.8137105312605448,2.7815524883217755,2.7635763875268431,"Ventas / Patrimonio"]
["Rotacion del Activo",null,null,null,null,{"$f":"+F86/F54","v":2.455350281340313},{"$f":"+G86/G54","v":3.4099956696971629},2.8655109488645221,2.5854922580305226,1.8732137190477491,{"$f":"+K86/K54","v":1.8732137190477494},1.8732137190477491,1.8732137190477494,1.8732137190477494,1.8732137190477494,"Ventas / Activo Total"]
["Rotacion de Cartera",null,null,null,null,{"$f":"+F86/F42","v":9.8285320823362134},{"$f":"+G86/G42","v":10.364848116139095},8.9920848470362813,5.8504311779995772,4.9449756503540794,{"$f":"+K86/K42","v":4.9449756503540794},4.9449756503540794,4.9449756503540794,4.9449756503540794,4.9449756503540803,"Ventas / Cuentas Por Cobrar Clientes"]
["Periodo de Cobro",null,null,null,null,{"$f":"+(F42/F86)*365","v":37.136776574802667},{"$f":"+(G42/G86)*365","v":35.215180763880063},40.591253998265046,62.388564004064314,73.812294702374231,{"$f":"+(K42/K86)*365","v":73.812294702374231},73.812294702374231,73.812294702374231,73.812294702374231,73.812294702374217,"(Cuentas Por Cobrar Clientes / Ventas ) * 365"]
["Rotacion de Inventarios",null,null,null,null,{"$f":"+(F43/F87)*365","v":0},{"$f":"+(G43/G87)*365","v":0},0.78517641723676612,0,0,{"$f":"+(K43/K87)*365","v":0},0,0,0,0,"(Inventarios / Costo de Ventas) * 365"]
["Ciclo Operacional",null,null,null,null,{"$f":"F164+F165","v":37.136776574802667},35.215180763880063,41.376430415501815,62.388564004064314,73.812294702374231,{"$f":"K164+K165","v":73.812294702374231},73.812294702374231,73.812294702374231,73.812294702374231,73.812294702374217,"Periodo de Cobro +  Rotacion de Inventarios"]
["Periodo de Pago a Proveedores",null,null,null,null,{"$f":"+((F58+F59)/F87)*365","v":4.7826032292777283},{"$f":"+((G58+G59)/G87)*365","v":0.60374616553806437},8.1905856798941326,8.8586641051207184,7.9373610395942933,8.278751085684366,8.278751085684366,8.278751085684366,8.2787510856843642,8.2787510856843625,"(Cuentas por pagar Proveedores / Costo de Ventas) * 365"]

{"sheet":"Valoración Sin Estrategia FLC P","index":2,"n_rows":158,"n_cols":14,"rows_kept":158,"cut":false,"hidden":false,"merged":[[73,0,73,3],[127,10,142,10],[84,10,86,11],[74,0,75,9],[79,5,79,8],[80,5,80,8],[89,10,92,11],[96,0,96,4],[97,0,97,4],[132,0,132,4],[128,0,128,4],[129,0,129,4],[130,0,130,4],[115,0,115,4],[131,0,131,4],[86,5,86,8],[84,5,84,8],[85,5,85,8],[88,5,88,8],[83,5,83,8],[95,0,95,4],[89,5,89,8],[90,5,90,8],[91,5,91,8],[0,0,1,16],[2,0,2,16],[3,0,3,16],[4,0,4,16],[5,0,5,16],[7,8,7,13],[26,0,26,4],[19,0,19,4],[20,0,20,4],[21,0,21,4],[23,0,23,4],[24,0,24,4],[9,6,14,6],[16,6,17,6],[19,6,24,6],[17,0,17,5],[16,0,16,4],[9,0,9,4],[8,0,8,4],[10,0,10,4],[11,0,11,4],[6,0,6,5],[7,0,7,5],[13,0,13,4],[69,1,69,4],[71,1,71,4],[29,0,29,4],[32,0,32,4],[33,0,33,4],[34,0,34,4],[36,0,36,4],[39,0,39,4],[40,0,40,4],[50,0,51,9],[60,1,60,4],[62,1,62,4],[63,1,63,4],[64,1,64,4],[55,1,55,4],[56,1,56,4],[57,1,57,4],[67,1,67,4],[68,1,68,4],[14,0,14,4],[41,0,41,4],[43,0,43,4],[45,0,45,4],[65,1,65,4],[46,0,46,4],[48,0,48,4],[53,1,53,4],[59,1,59,4],[54,1,54,4],[92,5,92,8],[109,0,109,4],[110,0,110,4],[111,0,111,4],[112,0,112,4],[113,0,113,4],[119,0,119,4],[118,0,118,4],[120,0,120,4],[117,0,117,4],[106,0,106,4],[99,0,99,4],[107,0,107,4],[102,0,102,4],[155,0,155,4],[156,0,156,4],[141,0,141,4],[142,0,142,4],[100,0,100,4],[156,11,157,12],[139,0,139,4],[140,0,140,4],[124,0,125,9],[127,0,127,4],[121,0,121,2],[95,10,120,10],[157,0,157,4],[152,0,153,10],[154,0,154,4],[105,0,105,4],[103,0,103,4],[137,0,137,4],[138,0,138,4]]}
["MODELOS DE VALORACIÓN INICIAL - FCLD bajo Modelo de Anualidad Perpetua "]
[]
[{"$f":"+'Cifras Historicas'!A11:O11","v":"COMPAÑÍA VS LTDA "}]
["VALORACIÓN INICIAL"]
[" Pesos Colombianos"]
["a 31 de Diciembre"]
["COSTO DE CAPITAL"]
["CALCULO DEL COSTO DE LOS RECURSOS PROPIOS",null,null,null,null,null,null,null,"TASAS HISTORICAS"]
["CONCEPTO",null,null,null,null,{"$f":"'Analisis Financiero'!J24","v":2021},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,{"$f":"+AVERAGE(K10:K19)","v":2.5918688403144374E-2},"Kl",null,2012,0.15890585241730293,2.971571978018946E-2,2.0693400000000001E-2,2.4400000000000002E-2,1.12E-2]
["Inflación en USA",null,null,null,null,{"$f":"+AVERAGE(L10:L19)","v":2.1409290000000001E-2},null,null,2013,0.32145085858125483,-9.104568794347262E-2,1.4648300000000001E-2,1.9400000000000001E-2,1.66E-2]
["Tasa libre de riesgo real en dólares",null,null,null,null,{"$f":"+((1+F10)/(1+F11))-1","v":4.414878978772796E-3},null,null,2014,0.13524421649462237,0.10746180452004755,1.6222199999999999E-2,3.6600000000000001E-2,1.9599999999999999E-2]
[null,null,null,null,null,null,null,null,2015,1.3788916411676138E-2,1.2842996709792224E-2,1.1862999999999999E-3,6.7699999999999996E-2,3.2099999999999997E-2]
["Inflación COLOMBIA",null,null,null,null,{"$f":"+AVERAGE(M10:M19)","v":3.8859999999999992E-2},null,null,2016,0.11773080874798171,6.9055046987477921E-3,1.26158E-2,5.7500000000000002E-2,2.2700000000000001E-2]
["Tasa libre de riesgo  nominal en $COL",null,null,null,null,{"$f":"+((1+F14)*(1+F12))-1","v":4.3446441175887696E-2},null,null,2017,0.2160548143449928,2.8017162707789457E-2,2.1301100000000003E-2,4.0899999999999999E-2,1.7399999999999999E-2]
[null,null,null,null,null,null,null,null,2018,-4.2268692890885438E-2,-1.6692385713402633E-4,2.4425800000000001E-2,3.1800000000000002E-2,2.3099999999999999E-2]
["Riesgo país Colombia",null,null,null,null,{"$f":"+AVERAGE(N10:N19)","v":2.1490000000000002E-2},"RP",null,2019,0.3221,9.6356307415483927E-2,2.29E-2,3.7999999999999999E-2,1.61E-2]
[null,null,null,null,null,null,null,null,2020,0.18010000000000001,0.1133,1.2E-2,1.61E-2,2.0899999999999998E-2]
[null,null,null,null,null,null,null,null,2021,0.28470000000000001,-4.4200000000000003E-2,6.8099999999999994E-2,5.62E-2,3.5200000000000002E-2]
["Rentabilidad Mercado en dólares                Km USA",null,null,null,null,{"$f":"+AVERAGE(J10:J19)","v":0.17078067741069453},"Km"]
["Inflación en USA",null,null,null,null,{"$f":"+AVERAGE(L10:L19)","v":2.1409290000000001E-2}]
["Rentabilidad del Mercado real en dólares  Km USA",null,null,null,null,{"$f":"+((1+F20)/(1+F21))-1","v":0.14624048251087918}]
[]
["Inflación COLOMBIA",null,null,null,null,{"$f":"+F14","v":3.8859999999999992E-2}]
["Rentabilidad del Mercado en $COL",null,null,null,null,{"$f":"+((1+F24)*(1+F22))-1","v":0.19078338766125191}]
[]
["Prima de riesgo del mercado                (Km - KL)",null,null,null,null,{"$f":"+F25-F15","v":0.14733694648536422}]
[]
[]
["Beta Desapalancada BU Sectorial ",null,null,null,null,0.77411724568223261," Fuente: Damodaran 2021 Total Market"]
[]
[null,null,null,null,null,{"$f":"'Analisis Financiero'!K24","v":2022},{"$f":"'Analisis Financiero'!L24","v":2023},{"$f":"'Analisis Financiero'!M24","v":2024},{"$f":"'Analisis Financiero'!N24","v":2025},{"$f":"'Analisis Financiero'!O24","v":2026}]
["Deuda     D",null,null,null,null,{"$f":"+'Analisis Financiero'!J57+'Analisis Financiero'!J64","v":3521317866},{"$f":"+'Analisis Financiero'!K57+'Analisis Financiero'!K64","v":3434473282.75},{"$f":"+'Analisis Financiero'!L57+'Analisis Financiero'!L64","v":3536555329.4375},{"$f":"+'Analisis Financiero'!M57+'Analisis Financiero'!M64","v":3654558584.296875},{"$f":"+'Analisis Financiero'!N57+'Analisis Financiero'!N64","v":3536726265.6210938}]
["Patrimonio       K",null,null,null,null,{"$f":"+'Analisis Financiero'!J77-'Analisis Financiero'!J76","v":20022268805},{"$f":"+'Analisis Financiero'!K77-'Analisis Financiero'!K76","v":22600881704.652695},{"$f":"+'Analisis Financiero'!L77-'Analisis Financiero'!L76","v":24893954619.165993},{"$f":"+'Analisis Financiero'!M77-'Analisis Financiero'!M76","v":26771329512.94017},{"$f":"+'Analisis Financiero'!N77-'Analisis Financiero'!N76","v":28840786757.624779}]
["Beta Apalancada     BL = BU * ( 1 + (1-t) * D/P)",null,null,null,null,{"$f":"+$F$30*(1+(1-('Analisis Financiero'!K98/'Analisis Financiero'!K97))*('Valoración Sin Estrategia FLC P'!F33/'Valoración Sin Estrategia FLC P'!F34))","v":0.8606631148610604},{"$f":"+$F$30*(1+(1-('Analisis Financiero'!L98/'Analisis Financiero'!L97))*('Valoración Sin Estrategia FLC P'!G33/'Valoración Sin Estrategia FLC P'!G34))","v":0.84889788288723778},{"$f":"+$F$30*(1+(1-('Analisis Financiero'!M98/'Analisis Financiero'!M97))*('Valoración Sin Estrategia FLC P'!H33/'Valoración Sin Estrategia FLC P'!H34))","v":0.84402751333294512},{"$f":"+$F$30*(1+(1-('Analisis Financiero'!N98/'Analisis Financiero'!N97))*('Valoración Sin Estrategia FLC P'!I33/'Valoración Sin Estrategia FLC P'!I34))","v":0.84129405771614374},{"$f":"+$F$30*(1+(1-('Analisis Financiero'!O98/'Analisis Financiero'!O97))*('Valoración Sin Estrategia FLC P'!J33/'Valoración Sin Estrategia FLC P'!J34))","v":0.83446328141397708},"**"]
[]
["Costo del Patrimonio    Ke =         Kl +    (Km - KL)*B + RP",null,null,null,null,{"$f":"+$F$15+($F$25-$F$15)*F35+$F$17","v":0.19174391647209862},{"$f":"+$F$15+($F$25-$F$15)*G35+$F$17","v":0.19001046311838363},0.18929287773999887,0.18889013873606608,0.18788371301358026]
[]
[]
["Estructura Deuda       D/(D+ K)",null,null,null,null,{"$f":"+F33/(F33+F34)","v":0.14956590579027668},{"$f":"+G33/(G33+G34)","v":0.13191574627700614},0.1243929614991382,0.1201134564295181,0.10923403113394946]
["Estructura Patrimonio      K/(D+ K)",null,null,null,null,{"$f":"+F34/(F33+F34)","v":0.85043409420972327},{"$f":"+G34/(G33+G34)","v":0.86808425372299391},0.87560703850086175,0.8798865435704819,0.89076596886605053]
["Total Estructura de Capital   D+K",null,null,null,null,{"$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'!X16*(1-'Analisis Financiero'!K98/'Analisis Financiero'!K97)","v":5.9526323965771358E-2},{"$f":"+'Analisis Financiero'!Y16*(1-'Analisis Financiero'!L98/'Analisis Financiero'!L97)","v":5.7039491636060799E-2},{"$f":"+'Analisis Financiero'!Z16*(1-'Analisis Financiero'!M98/'Analisis Financiero'!M97)","v":5.5504673646067614E-2},{"$f":"+'Analisis Financiero'!AA16*(1-'Analisis Financiero'!N98/'Analisis Financiero'!N97)","v":5.3866313925536854E-2},{"$f":"+'Analisis Financiero'!AB16*(1-'Analisis Financiero'!O98/'Analisis Financiero'!O97)","v":5.5434737208034525E-2}]
[]
["Aporte Costo de la Deuda    Estructura deuda * Costo",null,null,null,null,{"$f":"+F40*F44","v":8.9031085623060471E-3},{"$f":"+G40*G44","v":7.5244071064320102E-3},6.9043907318775194E-3,6.4700691507137151E-3,6.0553598100847499E-3]
["Aporte Costo Patrimonio     Estructura Patromonio * Costo",null,null,null,null,{"$f":"+F41*F37","v":0.16306556392517402},{"$f":"+G41*G37","v":0.1649450910756825},0.16574617608722611,0.16620189128702598,0.16736041765669279]
[]
["COSTO DE CAPITAL - WACC",null,null,null,null,{"$f":"+SUM(F46:F47)","v":0.17196867248748007},{"$f":"+SUM(G46:G47)","v":0.17246949818211452},0.17265056681910362,0.17267196043773969,0.17341577746677755]
[]
["FLUJO DE CAJA PROYECTADO"]
[]
[]
[null,null,null,null,null,{"$f":"F32","v":2022},{"$f":"G32","v":2023},{"$f":"H32","v":2024},{"$f":"I32","v":2025},{"$f":"J32","v":2026}]
[null,"UTILIDAD DEL EJERCICIO",null,null,null,{"$f":"+'Analisis Financiero'!K99","v":2722868189.2081318},{"$f":"+'Analisis Financiero'!L99","v":2962317217.767096},{"$f":"+'Analisis Financiero'!M99","v":3161799659.2115293},{"$f":"+'Analisis Financiero'!N99","v":3356907992.5821571},{"$f":"+'Analisis Financiero'!O99","v":3557100557.6277843}]
[null,"(+) Impuestos CAUSADOS",null,null,null,{"$f":"+'Analisis Financiero'!K98","v":1560436410.3512361},{"$f":"+'Analisis Financiero'!L98","v":1697661188.2775235},{"$f":"+'Analisis Financiero'!M98","v":1811981692.6961322},{"$f":"+'Analisis Financiero'!N98","v":1923795458.9890254},{"$f":"+'Analisis Financiero'!O98","v":2038522924.9812951}]
[null,"(+) Gastos financiero",null,null,null,{"$f":"+'Analisis Financiero'!K95","v":574210060.6313796},{"$f":"+'Analisis Financiero'!L95","v":624706093.36330307},{"$f":"+'Analisis Financiero'!M95","v":666773801.69038785},{"$f":"+'Analisis Financiero'!N95","v":707919079.4450984},{"$f":"+'Analisis Financiero'!O95","v":750136541.66688645}]
[null,"EBIT",null,null,null,{"$f":"+SUM(F55:F57)","v":4857514660.1907482},{"$f":"+SUM(G55:G57)","v":5284684499.4079227},5640555153.5980492,5988622531.0162811,6345760024.2759657]
[]
[null,"(-) Impuestos AJUSTADOS\nImpuestos operacionales",null,null,null,{"$f":"+F58*('Analisis Financiero'!K98/'Analisis Financiero'!K97)","v":1769624962.0809853},{"$f":"+G58*('Analisis Financiero'!L98/'Analisis Financiero'!L97)","v":1925245781.2463863},{"$f":"+H58*('Analisis Financiero'!M98/'Analisis Financiero'!M97)","v":2054891832.1555183},{"$f":"+I58*('Analisis Financiero'!N98/'Analisis Financiero'!N97)","v":2181695097.3341713},{"$f":"+J58*('Analisis Financiero'!O98/'Analisis Financiero'!O97)","v":2311802666.158792}]
[null,"UODI   RODI   NOPAT  NOPLAT   EBIT (1 - tx)",null,null,null,{"$f":"+F58-F60","v":3087889698.1097631},{"$f":"+G58-G60","v":3359438718.1615362},3585663321.4425306,3806927433.6821098,4033957358.1171737]
[]
[null,"(+) Depreciación",null,null,null,{"$f":"+'Analisis Financiero'!K104","v":341879994.5},{"$f":"+'Analisis Financiero'!L104","v":239381929.75},{"$f":"+'Analisis Financiero'!M104","v":290630962.125},{"$f":"+'Analisis Financiero'!N104","v":265006445.9375},{"$f":"+'Analisis Financiero'!O104","v":277818704.03125}]
[null,"(+) Amortizacion",null,null,null,{"$f":"+'Analisis Financiero'!K105","v":0},{"$f":"+'Analisis Financiero'!L105","v":0},{"$f":"+'Analisis Financiero'!M105","v":0},{"$f":"+'Analisis Financiero'!N105","v":0},{"$f":"+'Analisis Financiero'!O105","v":0}]
[null,"(+) Provisiones",null,null,null,0,0,0,0,0]
[null,"1 Flujo operativo o flujo bruto",null,null,null,{"$f":"+F61+F63+F64+F65","v":3429769692.6097631},{"$f":"+G61+G63+G64+G65","v":3598820647.9115362},3876294283.5675306,4071933879.6196098,4311776062.1484241]
[]
[null,"(-) Variación del capital de trabajo",null,null,null,{"$f":"+F74-E74","v":1134835183.8052998},{"$f":"+G74-F74","v":1090834209.0810966},908762389.00683022,888835698.34600067,911997428.72078896]
[null,"(-) Inversión en activos",null,null,null,{"$f":"+'Analisis Financiero'!K49-'Analisis Financiero'!J49","v":1062515433.4876003},{"$f":"+'Analisis Financiero'!L49-'Analisis Financiero'!K49","v":1021318513.0888176},{"$f":"+'Analisis Financiero'!M49-'Analisis Financiero'!L49","v":850849601.30957603},{"$f":"+'Analisis Financiero'!N49-'Analisis Financiero'!M49","v":832192780.77069473},{"$f":"+'Analisis Financiero'!O49-'Analisis Financiero'!N49","v":853878481.33821869}]
[null,"2 Financiación de inversiones",null,null,null,{"$f":"+F68+F69","v":2197350617.2929001},{"$f":"+G68+G69","v":2112152722.1699142},1759611990.3164063,1721028479.1166954,1765875910.0590076]
[]
[null,"(1 - 2) FCLO",null,null,null,{"$f":"+F66-F70","v":1232419075.3168631},{"$f":"+G66-G70","v":1486667925.741622},2116682293.2511244,2350905400.5029144,2545900152.0894165]
["Anexo KTNO"]
["Calculo KTNO ",null,null,null,{"$f":"+'Analisis Financiero'!J127","v":11269465579},{"$f":"+'Analisis Financiero'!K127","v":12404300762.8053},{"$f":"+'Analisis Financiero'!L127","v":13495134971.886396},{"$f":"+'Analisis Financiero'!M127","v":14403897360.893227},{"$f":"+'Analisis Financiero'!N127","v":15292733059.239227},{"$f":"+'Analisis Financiero'!O127","v":16204730487.960016}]
["MÉTODO FLUJO DE CAJA DESCONTADO FCLD - Modelo de Anualidad Perpetua "]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J54","v":2026}]
[null,null,null,null,"FCLOn","Ultimo FCLO conocido",null,null,null,{"$f":"+J72","v":2545900152.0894165}]
[null,null,null,null,"WACC n","Ultimo costo de capital conocido",null,null,null,{"$f":"+J49","v":0.17341577746677755}]
[null,null,null,null,"g","Gradiente a perpetuidad",null,{"$f":"CHOOSE('Analisis Financiero'!$F$30,AVERAGE('Analisis Financiero'!K25:O25),AVERAGE('Analisis Financiero'!S25:W25),AVERAGE('Analisis Financiero'!Y25:AC25),AVERAGE('Analisis Financiero'!K25:O25))","v":{"$error":"#VALUE!"}},{"$f":"CHOOSE('Analisis Financiero'!$F$30,AVERAGE('Analisis Financiero'!K26:O26),AVERAGE('Analisis Financiero'!S26:W26),AVERAGE('Analisis Financiero'!Y26:AC26),AVERAGE('Analisis Financiero'!K26:O26))","v":{"$error":"#VALUE!"}},{"$f":"+H82+I82","v":{"$error":"#VALUE!"}}]
[]
[null,null,null,null,"M1","MODELO ANUALIDAD PERPETUA"]
[null,null,null,null,null,"FCLO (último valor conocido)",null,null,null,{"$f":"+J80","v":2545900152.0894165},"Representa una serie de pagos Futuros Constantes y perpetuos"]
[null,null,null,null,null,"WACC (último valor conocido)",null,null,null,{"$f":"+J81","v":0.17341577746677755}]
[null,null,null,null,null,"VALOR TERMINAL      (FCLO / WACC)",null,null,null,{"$f":"+J85/J86","v":14680902679.556664}]
[]
[null,null,null,null,"M2","MODELO CRECIMIENTO CONSTANTE"]
[null,null,null,null,null,"FCLO (último valor conocido)",null,null,null,{"$f":"+J80","v":2545900152.0894165},"Representa pagos perpetuos con un grado de crecimiento constante"]
[null,null,null,null,null,"WACC (último valor conocido)",null,null,null,{"$f":"+J81","v":0.17341577746677755}]
[null,null,null,null,null,"Tasa de crecimiento - perpetuidad  g",null,null,null,{"$f":"+J82","v":{"$error":"#VALUE!"}}]
[null,null,null,null,null,"VALOR TERMINAL                                  FCLO*(1+g) / (WAAC - g)",null,null,null,{"$f":"+J90*(1+J92)/(J91-J92)","v":{"$error":"#VALUE!"}}]
[]
[]
["VALOR PRESENTE FLUJOS DE CAJA PROYECTADOS",null,null,null,null,{"$f":"F54","v":2022},{"$f":"G54","v":2023},{"$f":"H54","v":2024},{"$f":"I54","v":2025},{"$f":"J54","v":2026},"MÉTODO FLUJO DE CAJA LIBRE DESCONTADO"]
["Costo de Capital - WACC",null,null,null,null,{"$f":"+F49","v":0.17196867248748007},{"$f":"+G49","v":0.17246949818211452},0.17265056681910362,0.17267196043773969,0.17341577746677755]
["Tasa Acumulada",null,null,null,null,{"$f":"+F97","v":0.17196867248748007},{"$f":"+((1+F98)*(1+G97))-1","v":0.37409752131655449},{"$f":"+((1+G98)*(1+H97))-1","v":0.61133623723658292},0.88956882424459471,1.2172498709779558]
[]
["FCL",null,null,null,null,{"$f":"+F72","v":1232419075.3168631},{"$f":"+G72","v":1486667925.741622},2116682293.2511244,2350905400.5029144,2545900152.0894165]
["Valor Terminal",null,null,null,null,null,null,null,null,{"$f":"+J87","v":14680902679.556664}]
[]
["Valor presente Flujos de caja Proyectados",null,null,null,null,{"$f":"+F100/(1+F98)","v":1051580220.7418039},{"$f":"+G100/(1+G98)","v":1081923155.1463766},1313619246.1488996,1244149125.6306853,1148224286.9480939]
["Valor Terminal",null,null,null,null,null,null,null,null,{"$f":"+J101/(1+J98)","v":6621221573.4987965}]
[]
["(+) VALOR PRESENTE DE LOS FLUJOS",null,null,null,null,{"$f":"+SUM(F103:J103)","v":5839496034.6158581}]
["(+) VALOR PRESENTE DEL VALOR TERMINAL",null,null,null,null,{"$f":"+J104","v":6621221573.4987965}]
["(=)VALOR DE LAS OPERACIONES O DE MERCADO",null,null,null,null,{"$f":"+F106+F107","v":12460717608.114655}]
[]
["Valor de mercado de la empresa",null,null,null,null,{"$f":"+F108","v":12460717608.114655}]
["(Menos) Deuda operacional (Pasivo Corriente - Oblig.Finan CP)",null,null,null,null,{"$f":"+('Analisis Financiero'!J62-'Analisis Financiero'!J57)","v":3866050632}]
["(Más) Activo corriente (Disp. Inver, Clientes, Invet.)",null,null,null,null,{"$f":"+'Analisis Financiero'!J40+'Analisis Financiero'!J42+'Analisis Financiero'!J43","v":12673675404}]
["(Menos) Deuda financiera CP + LP",null,null,null,null,{"$f":"+'Analisis Financiero'!J57+'Analisis Financiero'!J64","v":3521317866}]
["VALOR DE MERCADO DEL PATRIMONIO",null,null,null,null,{"$f":"+F110-F111+F112-F113","v":17747024514.114655}]
[]
["Patrimonio contable",null,null,null,null,{"$f":"+'Analisis Financiero'!J77","v":21223153995}]
[]
["Numero de Acciones",null,null,null,null,400000,"Valor "]
["Valor en Libros por acción",null,null,null,null,{"$f":"+F116/F118","v":53057.884987500001}]
["Valor de Mercado de la Acción",null,null,null,null,{"$f":"+F114/F118","v":44367.56128528664}]
["P/BV",null,null,null,null,{"$f":"+F120/F119","v":0.83621051415334913}]
["DATO DAMODARAN",null,null,"Total Market",1.9046127173578955]
[]
[]
["MÉTODOS CONTABLES O DE BALANCE"]
[]
[]
["VALOR PATRIMONIAL O VALOR EN LIBROS",null,null,null,null,{"$f":"F96","v":2022},{"$f":"G96","v":2023},{"$f":"H96","v":2024},{"$f":"I96","v":2025},{"$f":"J96","v":2026},"MÉTODOS CONTABLES O DEL BALANCE"]
["Activos Totales",null,null,null,null,{"$f":"+'Analisis Financiero'!K54","v":36183552961.213799},{"$f":"+'Analisis Financiero'!L54","v":39365534608.62294},{"$f":"+'Analisis Financiero'!M54","v":42016409709.167603},{"$f":"+'Analisis Financiero'!N54","v":44609158319.500923},{"$f":"+'Analisis Financiero'!O54","v":47269470085.042686}]
["Pasivos Totales",null,null,null,null,{"$f":"+'Analisis Financiero'!K69","v":12381786066.5611},{"$f":"+'Analisis Financiero'!L69","v":13270694799.456947},{"$f":"+'Analisis Financiero'!M69","v":14044195006.227432},{"$f":"+'Analisis Financiero'!N69","v":14567486371.876143},{"$f":"+'Analisis Financiero'!O69","v":15229168881.478043}]
["Patrimonio            A - P = Pat",null,null,null,null,{"$f":"+F129-F130","v":23801766894.652699},{"$f":"+G129-G130","v":26094839809.165993},27972214702.94017,30041671947.624779,32040301203.564644]
["Valor en Libros Acción",null,null,null,null,{"$f":"+F131/$F$118","v":59504.417236631743},{"$f":"+G131/$F$118","v":65237.099522914985},69930.536757350419,75104.179869061947,80100.753008911604]
["P/BV",null,null,null,null,{"$f":"+F132/$F$119","v":1.1214999853584531},{"$f":"+G132/$F$119","v":1.2295457977317472},{"$f":"+H132/$F$119","v":1.3180046052311636},{"$f":"+I132/$F$119","v":1.4155140161873372},1.5096861291734995]
[]
[]
[]
[]
["VALOR SUSTANCIAL NETO",null,null,null,null,{"$f":"F128","v":2022},2023,2024,2025,2026]
["Activos totales",null,null,null,null,{"$f":"+F129","v":36183552961.213799},{"$f":"+G129","v":39365534608.62294},42016409709.167603,44609158319.500923,47269470085.042686]
["Pasivo Exigible Deudas    Financiacion con terceros  FIN  CP + FIN LP + PROVE",null,null,null,null,{"$f":"+'Analisis Financiero'!K57+'Analisis Financiero'!K59+'Analisis Financiero'!K64","v":4736919044.7700005},{"$f":"+'Analisis Financiero'!L57+'Analisis Financiero'!L59+'Analisis Financiero'!L64","v":4953538171.7695389},{"$f":"+'Analisis Financiero'!M57+'Analisis Financiero'!M59+'Analisis Financiero'!M64","v":5166961051.2315531},{"$f":"+'Analisis Financiero'!N57+'Analisis Financiero'!N59+'Analisis Financiero'!N64","v":5142456063.9853773},{"$f":"+'Analisis Financiero'!O57+'Analisis Financiero'!O59+'Analisis Financiero'!O64","v":5242067466.1459026},null,"**"]
["Patrimonio            Act   -    financiacion con terceros = Pat",null,null,null,null,{"$f":"+F139-F140","v":31446633916.443798},{"$f":"+G139-G140","v":34411996436.853401},36849448657.93605,39466702255.515549,42027402618.896782]
["Valor de la Acción",null,null,null,null,{"$f":"+F141/$F$118","v":78616.58479110949},{"$f":"+G141/$F$118","v":86029.991092133496},92123.621644840125,98666.755638788876,105068.50654724195]
["P/BV",null,null,null,null,{"$f":"+F142/$F$119","v":1.4817135061005713},{"$f":"+G142/$F$119","v":1.621436495487927},1.7362852225742449,1.8596058938654254,1.9802618700687979]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["RESUMEN RESULTADOS DE VALORACIÓN"]
[]
["Método",null,null,null,null,"Valor Empresa \nUltimo Conocido","Ultimo Patrimonio \nReal","Valor Creado \nProyectado 5 Años","P/BV","P/BV Sector \n(Damodaran)","Diferencia"]
["Patrimonial",null,null,null,null,{"$f":"+J131","v":32040301203.564644},{"$f":"+'Analisis Financiero'!J77","v":21223153995},{"$f":"+F156-G156","v":10817147208.564644},{"$f":"+F156/G156","v":1.5096861291734995},1.9,{"$f":"+I156-J156","v":-0.39031387082650038}]
["Sustancial  Neto",null,null,null,null,{"$f":"+J141","v":42027402618.896782},{"$f":"+G156","v":21223153995},{"$f":"+F157-G157","v":20804248623.896782},{"$f":"+F157/G157","v":1.9802618700687979},1.9,{"$f":"+I157-J157","v":8.0261870068798036E-2},{"$f":"+AVERAGE(F156:F158)","v":30604909445.52536},null,{"$f":"+L157/G158","v":1.4420528377985489}]
["FCLD valor residual perpetuo",null,null,null,null,{"$f":"+F114","v":17747024514.114655},{"$f":"+G157","v":21223153995},{"$f":"+F158-G158","v":-3476129480.8853455},{"$f":"+F158/G158","v":0.83621051415334913},1.9,{"$f":"+I158-J158","v":-1.0637894858466508},null,null,"Valor Medio "]

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["MODELOS DE VALORACIÓN INICIAL - FCLD con el Modelo De Crecimiento Constante "]
[]
[{"$f":"+'Valoración Sin Estrategia FLC P'!A3:Q3","v":"COMPAÑÍA VS LTDA "}]
[{"$f":"+'Cifras Historicas'!A11:O11","v":"COMPAÑÍA VS LTDA "}]
[" 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,{"$f":"'Analisis Financiero'!J24","v":2021},null,null,"Años","Rentabilidad acciones USA S&P","Rentabilidad Bonos del Tesoro USA","Inflación USA","Inflación Colombia","RIESGO PAÍS"]
["Tasa libre de riesgo nominal en dólares      KL  USA",null,null,null,null,{"$f":"+AVERAGE(K10:K19)","v":2.5918688403144374E-2},"Kl",null,2012,0.15890585241730293,2.971571978018946E-2,2.0693400000000001E-2,2.4400000000000002E-2,1.12E-2]
["Inflación en USA",null,null,null,null,{"$f":"+AVERAGE(L10:L19)","v":2.1409290000000001E-2},null,null,2013,0.32145085858125483,-9.104568794347262E-2,1.4648300000000001E-2,1.9400000000000001E-2,1.66E-2]
["Tasa libre de riesgo real en dólares",null,null,null,null,{"$f":"+((1+F10)/(1+F11))-1","v":4.414878978772796E-3},null,null,2014,0.13524421649462237,0.10746180452004755,1.6222199999999999E-2,3.6600000000000001E-2,1.9599999999999999E-2]
[null,null,null,null,null,null,null,null,2015,1.3788916411676138E-2,1.2842996709792224E-2,1.1862999999999999E-3,6.7699999999999996E-2,3.2099999999999997E-2]
["Inflación COLOMBIA",null,null,null,null,{"$f":"+AVERAGE(M10:M19)","v":3.8859999999999992E-2},null,null,2016,0.11773080874798171,6.9055046987477921E-3,1.26158E-2,5.7500000000000002E-2,2.2700000000000001E-2]
["Tasa libre de riesgo  nominal en $COL",null,null,null,null,{"$f":"+((1+F14)*(1+F12))-1","v":4.3446441175887696E-2},null,null,2017,0.2160548143449928,2.8017162707789457E-2,2.1301100000000003E-2,4.0899999999999999E-2,1.7399999999999999E-2]
[null,null,null,null,null,null,null,null,2018,-4.2268692890885438E-2,-1.6692385713402633E-4,2.4425800000000001E-2,3.1800000000000002E-2,2.3099999999999999E-2]
["Riesgo país Colombia",null,null,null,null,{"$f":"+AVERAGE(N10:N19)","v":2.1490000000000002E-2},"RP",null,2019,0.3221,9.6356307415483927E-2,2.29E-2,3.7999999999999999E-2,1.61E-2]
[null,null,null,null,null,null,null,null,2020,0.18010000000000001,0.1133,1.2E-2,1.61E-2,2.0899999999999998E-2]
[null,null,null,null,null,null,null,null,2021,0.28470000000000001,-4.4200000000000003E-2,6.8099999999999994E-2,5.62E-2,3.5200000000000002E-2]
["Rentabilidad Mercado en dólares                Km USA",null,null,null,null,{"$f":"+AVERAGE(J10:J19)","v":0.17078067741069453},"Km"]
["Inflación en USA",null,null,null,null,{"$f":"+AVERAGE(L10:L19)","v":2.1409290000000001E-2}]
["Rentabilidad del Mercado real en dólares  Km USA",null,null,null,null,{"$f":"+((1+F20)/(1+F21))-1","v":0.14624048251087918}]
[]
["Inflación COLOMBIA",null,null,null,null,{"$f":"+F14","v":3.8859999999999992E-2}]
["Rentabilidad del Mercado en $COL",null,null,null,null,{"$f":"+((1+F24)*(1+F22))-1","v":0.19078338766125191}]
[]
["Prima de riesgo del mercado                (Km - KL)",null,null,null,null,{"$f":"+F25-F15","v":0.14733694648536422}]
[]
[]
["Beta Desapalancada BU Sectorial ",null,null,null,null,0.77411724568223261," Fuente: Damodaran 2021 Total Market"]
[]
[null,null,null,null,null,{"$f":"'Analisis Financiero'!K24","v":2022},{"$f":"'Analisis Financiero'!L24","v":2023},{"$f":"'Analisis Financiero'!M24","v":2024},{"$f":"'Analisis Financiero'!N24","v":2025},{"$f":"'Analisis Financiero'!O24","v":2026}]
["Deuda     D",null,null,null,null,{"$f":"+'Analisis Financiero'!J57+'Analisis Financiero'!J64","v":3521317866},{"$f":"+'Analisis Financiero'!K57+'Analisis Financiero'!K64","v":3434473282.75},{"$f":"+'Analisis Financiero'!L57+'Analisis Financiero'!L64","v":3536555329.4375},{"$f":"+'Analisis Financiero'!M57+'Analisis Financiero'!M64","v":3654558584.296875},{"$f":"+'Analisis Financiero'!N57+'Analisis Financiero'!N64","v":3536726265.6210938}]
["Patrimonio       K",null,null,null,null,{"$f":"+'Analisis Financiero'!J77-'Analisis Financiero'!J76","v":20022268805},{"$f":"+'Analisis Financiero'!K77-'Analisis Financiero'!K76","v":22600881704.652695},{"$f":"+'Analisis Financiero'!L77-'Analisis Financiero'!L76","v":24893954619.165993},{"$f":"+'Analisis Financiero'!M77-'Analisis Financiero'!M76","v":26771329512.94017},{"$f":"+'Analisis Financiero'!N77-'Analisis Financiero'!N76","v":28840786757.624779}]
["Beta Apalancada     BL = BU * ( 1 + (1-t) * D/P)",null,null,null,null,{"$f":"+$F$30*(1+(1-('Analisis Financiero'!K98/'Analisis Financiero'!K97))*('Valoración Sin Estrategia FLC C'!F33/'Valoración Sin Estrategia FLC C'!F34))","v":0.8606631148610604},{"$f":"+$F$30*(1+(1-('Analisis Financiero'!L98/'Analisis Financiero'!L97))*('Valoración Sin Estrategia FLC C'!G33/'Valoración Sin Estrategia FLC C'!G34))","v":0.84889788288723778},{"$f":"+$F$30*(1+(1-('Analisis Financiero'!M98/'Analisis Financiero'!M97))*('Valoración Sin Estrategia FLC C'!H33/'Valoración Sin Estrategia FLC C'!H34))","v":0.84402751333294512},{"$f":"+$F$30*(1+(1-('Analisis Financiero'!N98/'Analisis Financiero'!N97))*('Valoración Sin Estrategia FLC C'!I33/'Valoración Sin Estrategia FLC C'!I34))","v":0.84129405771614374},{"$f":"+$F$30*(1+(1-('Analisis Financiero'!O98/'Analisis Financiero'!O97))*('Valoración Sin Estrategia FLC C'!J33/'Valoración Sin Estrategia FLC C'!J34))","v":0.83446328141397708}]
[]
["Costo del Patrimonio    Ke =         Kl +    (Km - KL)*B + RP",null,null,null,null,{"$f":"+$F$15+($F$25-$F$15)*F35+$F$17","v":0.19174391647209862},{"$f":"+$F$15+($F$25-$F$15)*G35+$F$17","v":0.19001046311838363},0.18929287773999887,0.18889013873606608,0.18788371301358026]
[]
[]
["Estructura Deuda       D/(D+ K)",null,null,null,null,{"$f":"+F33/(F33+F34)","v":0.14956590579027668},{"$f":"+G33/(G33+G34)","v":0.13191574627700614},0.1243929614991382,0.1201134564295181,0.10923403113394946]
["Estructura Patrimonio      K/(D+ K)",null,null,null,null,{"$f":"+F34/(F33+F34)","v":0.85043409420972327},{"$f":"+G34/(G33+G34)","v":0.86808425372299391},0.87560703850086175,0.8798865435704819,0.89076596886605053]
["Total Estructura de Capital   D+K",null,null,null,null,{"$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'!X16*(1-'Analisis Financiero'!K98/'Analisis Financiero'!K97)","v":5.9526323965771358E-2},{"$f":"+'Analisis Financiero'!Y16*(1-'Analisis Financiero'!L98/'Analisis Financiero'!L97)","v":5.7039491636060799E-2},{"$f":"+'Analisis Financiero'!Z16*(1-'Analisis Financiero'!M98/'Analisis Financiero'!M97)","v":5.5504673646067614E-2},{"$f":"+'Analisis Financiero'!AA16*(1-'Analisis Financiero'!N98/'Analisis Financiero'!N97)","v":5.3866313925536854E-2},{"$f":"+'Analisis Financiero'!AB16*(1-'Analisis Financiero'!O98/'Analisis Financiero'!O97)","v":5.5434737208034525E-2}]
[]
["Aporte Costo de la Deuda    Estructura deuda * Costo",null,null,null,null,{"$f":"+F40*F44","v":8.9031085623060471E-3},{"$f":"+G40*G44","v":7.5244071064320102E-3},6.9043907318775194E-3,6.4700691507137151E-3,6.0553598100847499E-3]
["Aporte Costo Patrimonio     Estructura Patromonio * Costo",null,null,null,null,{"$f":"+F41*F37","v":0.16306556392517402},{"$f":"+G41*G37","v":0.1649450910756825},0.16574617608722611,0.16620189128702598,0.16736041765669279]
[]
["COSTO DE CAPITAL - WACC",null,null,null,null,{"$f":"+SUM(F46:F47)","v":0.17196867248748007},{"$f":"+SUM(G46:G47)","v":0.17246949818211452},0.17265056681910362,0.17267196043773969,0.17341577746677755]
[]
["FLUJO DE CAJA PROYECTADO"]
[]
[]
[null,null,null,null,null,{"$f":"F32","v":2022},{"$f":"G32","v":2023},{"$f":"H32","v":2024},{"$f":"I32","v":2025},{"$f":"J32","v":2026}]
[null,"UTILIDAD DEL EJERCICIO",null,null,null,{"$f":"+'Analisis Financiero'!K99","v":2722868189.2081318},{"$f":"+'Analisis Financiero'!L99","v":2962317217.767096},{"$f":"+'Analisis Financiero'!M99","v":3161799659.2115293},{"$f":"+'Analisis Financiero'!N99","v":3356907992.5821571},{"$f":"+'Analisis Financiero'!O99","v":3557100557.6277843}]
[null,"(+) Impuestos CAUSADOS",null,null,null,{"$f":"+'Analisis Financiero'!K98","v":1560436410.3512361},{"$f":"+'Analisis Financiero'!L98","v":1697661188.2775235},{"$f":"+'Analisis Financiero'!M98","v":1811981692.6961322},{"$f":"+'Analisis Financiero'!N98","v":1923795458.9890254},{"$f":"+'Analisis Financiero'!O98","v":2038522924.9812951}]
[null,"(+) Gastos financiero",null,null,null,{"$f":"+'Analisis Financiero'!K95","v":574210060.6313796},{"$f":"+'Analisis Financiero'!L95","v":624706093.36330307},{"$f":"+'Analisis Financiero'!M95","v":666773801.69038785},{"$f":"+'Analisis Financiero'!N95","v":707919079.4450984},{"$f":"+'Analisis Financiero'!O95","v":750136541.66688645}]
[null,"EBIT",null,null,null,{"$f":"+SUM(F55:F57)","v":4857514660.1907482},{"$f":"+SUM(G55:G57)","v":5284684499.4079227},5640555153.5980492,5988622531.0162811,6345760024.2759657]
[]
[null,"(-) Impuestos AJUSTADOS\nImpuestos operacionales",null,null,null,{"$f":"+F58*('Analisis Financiero'!K98/'Analisis Financiero'!K97)","v":1769624962.0809853},{"$f":"+G58*('Analisis Financiero'!L98/'Analisis Financiero'!L97)","v":1925245781.2463863},{"$f":"+H58*('Analisis Financiero'!M98/'Analisis Financiero'!M97)","v":2054891832.1555183},{"$f":"+I58*('Analisis Financiero'!N98/'Analisis Financiero'!N97)","v":2181695097.3341713},{"$f":"+J58*('Analisis Financiero'!O98/'Analisis Financiero'!O97)","v":2311802666.158792}]
[null,"UODI   RODI   NOPAT  NOPLAT   EBIT (1 - tx)",null,null,null,{"$f":"+F58-F60","v":3087889698.1097631},{"$f":"+G58-G60","v":3359438718.1615362},3585663321.4425306,3806927433.6821098,4033957358.1171737]
[]
[null,"(+) Depreciación",null,null,null,{"$f":"+'Analisis Financiero'!K104","v":341879994.5},{"$f":"+'Analisis Financiero'!L104","v":239381929.75},{"$f":"+'Analisis Financiero'!M104","v":290630962.125},{"$f":"+'Analisis Financiero'!N104","v":265006445.9375},{"$f":"+'Analisis Financiero'!O104","v":277818704.03125}]
[null,"(+) Amortizacion",null,null,null,{"$f":"+'Analisis Financiero'!K105","v":0},{"$f":"+'Analisis Financiero'!L105","v":0},{"$f":"+'Analisis Financiero'!M105","v":0},{"$f":"+'Analisis Financiero'!N105","v":0},{"$f":"+'Analisis Financiero'!O105","v":0}]
[null,"(+) Provisiones",null,null,null,0,0,0,0,0]
[null,"1 Flujo operativo o flujo bruto",null,null,null,{"$f":"+F61+F63+F64+F65","v":3429769692.6097631},{"$f":"+G61+G63+G64+G65","v":3598820647.9115362},3876294283.5675306,4071933879.6196098,4311776062.1484241]
[]
[null,"(-) Variación del capital de trabajo",null,null,null,{"$f":"+F74-E74","v":1134835183.8052998},{"$f":"+G74-F74","v":1090834209.0810966},908762389.00683022,888835698.34600067,911997428.72078896]
[null,"(-) Inversión en activos",null,null,null,{"$f":"+'Analisis Financiero'!K49-'Analisis Financiero'!J49","v":1062515433.4876003},{"$f":"+'Analisis Financiero'!L49-'Analisis Financiero'!K49","v":1021318513.0888176},{"$f":"+'Analisis Financiero'!M49-'Analisis Financiero'!L49","v":850849601.30957603},{"$f":"+'Analisis Financiero'!N49-'Analisis Financiero'!M49","v":832192780.77069473},{"$f":"+'Analisis Financiero'!O49-'Analisis Financiero'!N49","v":853878481.33821869}]
[null,"2 Financiación de inversiones",null,null,null,{"$f":"+F68+F69","v":2197350617.2929001},{"$f":"+G68+G69","v":2112152722.1699142},1759611990.3164063,1721028479.1166954,1765875910.0590076]
[]
[null,"(1 - 2) FCLO",null,null,null,{"$f":"+F66-F70","v":1232419075.3168631},{"$f":"+G66-G70","v":1486667925.741622},2116682293.2511244,2350905400.5029144,2545900152.0894165]
["Anexo KTNO"]
["Calculo KTNO ",null,null,null,{"$f":"+'Analisis Financiero'!J127","v":11269465579},{"$f":"+'Analisis Financiero'!K127","v":12404300762.8053},{"$f":"+'Analisis Financiero'!L127","v":13495134971.886396},{"$f":"+'Analisis Financiero'!M127","v":14403897360.893227},{"$f":"+'Analisis Financiero'!N127","v":15292733059.239227},{"$f":"+'Analisis Financiero'!O127","v":16204730487.960016}]
["MÉTODO FLUJO DE CAJA DESCONTADO FCLD - MODELO CRECIMIENTO CONSTANTE"]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J54","v":2026}]
[null,null,null,null,"FCLOn","Ultimo FCLO conocido",null,null,null,{"$f":"+J72","v":2545900152.0894165}]
[null,null,null,null,"WACC n","Ultimo costo de capital conocido",null,null,null,{"$f":"+J49","v":0.17341577746677755}]
[null,null,null,null,"g","Gradiente a perpetuidad",null,{"$f":"AVERAGE('Analisis Financiero'!K25:O25)","v":3.1199999999999999E-2},{"$f":"AVERAGE('Analisis Financiero'!K26:O26)","v":4.2120000000000005E-2},{"$f":"+H82+I82","v":7.3319999999999996E-2}]
[]
[null,null,null,null,"M1","MODELO ANUALIDAD PERPETUA"]
[null,null,null,null,null,"FCLO (último valor conocido)",null,null,null,{"$f":"+J80","v":2545900152.0894165},"Representa una serie de pagos Futuros Constantes y perpetuos"]
[null,null,null,null,null,"WACC (último valor conocido)",null,null,null,{"$f":"+J81","v":0.17341577746677755}]
[null,null,null,null,null,"VALOR TERMINAL      (FCLO / WACC)",null,null,null,{"$f":"+J85/J86","v":14680902679.556664}]
[]
[null,null,null,null,"M2","MODELO CRECIMIENTO CONSTANTE"]
[null,null,null,null,null,"FCLO (último valor conocido)",null,null,null,{"$f":"+J80","v":2545900152.0894165},"Representa pagos perpetuos con un grado de crecimiento constante"]
[null,null,null,null,null,"WACC (último valor conocido)",null,null,null,{"$f":"+J81","v":0.17341577746677755}]
[null,null,null,null,null,"Tasa de crecimiento - perpetuidad  g",null,null,null,{"$f":"+J82","v":7.3319999999999996E-2}]
[null,null,null,null,null,"VALOR TERMINAL                                  FCLO*(1+g) / (WAAC - g)",null,null,null,{"$f":"+J90*(1+J92)/(J91-J92)","v":27299508734.497505}]
[]
[]
["VALOR PRESENTE FLUJOS DE CAJA PROYECTADOS",null,null,null,null,{"$f":"F54","v":2022},{"$f":"G54","v":2023},{"$f":"H54","v":2024},{"$f":"I54","v":2025},{"$f":"J54","v":2026},"MÉTODO FLUJO DE CAJA LIBRE DESCONTADO"]
["Costo de Capital - WACC",null,null,null,null,{"$f":"+F49","v":0.17196867248748007},{"$f":"+G49","v":0.17246949818211452},0.17265056681910362,0.17267196043773969,0.17341577746677755]
["Tasa Acumulada",null,null,null,null,{"$f":"+F97","v":0.17196867248748007},{"$f":"+((1+F98)*(1+G97))-1","v":0.37409752131655449},{"$f":"+((1+G98)*(1+H97))-1","v":0.61133623723658292},0.88956882424459471,1.2172498709779558]
[]
["FCL",null,null,null,null,{"$f":"+F72","v":1232419075.3168631},{"$f":"+G72","v":1486667925.741622},2116682293.2511244,2350905400.5029144,2545900152.0894165]
["Valor Terminal",null,null,null,null,null,null,null,null,{"$f":"+J93","v":27299508734.497505}]
[]
["Valor presente Flujos de caja Proyectados",null,null,null,null,{"$f":"+F100/(1+F98)","v":1051580220.7418039},{"$f":"+G100/(1+G98)","v":1081923155.1463766},1313619246.1488996,1244149125.6306853,1148224286.9480939]
["Valor Terminal",null,null,null,null,null,null,null,null,{"$f":"+J101/(1+J98)","v":12312328480.351469}]
[]
["(+) VALOR PRESENTE DE LOS FLUJOS",null,null,null,null,{"$f":"+SUM(F103:J103)","v":5839496034.6158581}]
["(+) VALOR PRESENTE DEL VALOR TERMINAL",null,null,null,null,{"$f":"+J104","v":12312328480.351469}]
["(=)VALOR DE LAS OPERACIONES O DE MERCADO",null,null,null,null,{"$f":"+F106+F107","v":18151824514.967327}]
[]
["Valor de mercado de la empresa",null,null,null,null,{"$f":"+F108","v":18151824514.967327}]
["(Menos) Deuda operacional (Pasivo Corriente - Oblig.Finan CP)",null,null,null,null,{"$f":"+('Analisis Financiero'!J62-'Analisis Financiero'!J57)","v":3866050632}]
["(Más) Activo corriente (Disp. Inver, Clientes, Invet.)",null,null,null,null,{"$f":"+'Analisis Financiero'!J40+'Analisis Financiero'!J42+'Analisis Financiero'!J43","v":12673675404}]
["(Menos) Deuda financiera CP + LP",null,null,null,null,{"$f":"+'Analisis Financiero'!J57+'Analisis Financiero'!J64","v":3521317866}]
["VALOR DE MERCADO DEL PATRIMONIO",null,null,null,null,{"$f":"+F110-F111+F112-F113","v":23438131420.967327}]
[]
["Patrimonio contable",null,null,null,null,{"$f":"+'Analisis Financiero'!J77","v":21223153995}]
[]
["Numero de Acciones",null,null,null,null,400000,"Valor "]
["Valor en Libros por acción",null,null,null,null,{"$f":"+F116/F118","v":53057.884987500001}]
["Valor de Mercado de la Acción",null,null,null,null,{"$f":"+F114/F118","v":58595.328552418316}]
["P/BV",null,null,null,null,{"$f":"+F120/F119","v":1.1043660818033529}]
["DATO DAMODARAN",null,null,"Total Market",1.9046127173578955]
[]
[]
["MÉTODOS CONTABLES O DE BALANCE"]
[]
[]
["VALOR PATRIMONIAL O VALOR EN LIBROS",null,null,null,null,{"$f":"F96","v":2022},{"$f":"G96","v":2023},{"$f":"H96","v":2024},{"$f":"I96","v":2025},{"$f":"J96","v":2026},"MÉTODOS CONTABLES O DEL BALANCE"]
["Activos Totales",null,null,null,null,{"$f":"+'Analisis Financiero'!K54","v":36183552961.213799},{"$f":"+'Analisis Financiero'!L54","v":39365534608.62294},{"$f":"+'Analisis Financiero'!M54","v":42016409709.167603},{"$f":"+'Analisis Financiero'!N54","v":44609158319.500923},{"$f":"+'Analisis Financiero'!O54","v":47269470085.042686}]
["Pasivos Totales",null,null,null,null,{"$f":"+'Analisis Financiero'!K69","v":12381786066.5611},{"$f":"+'Analisis Financiero'!L69","v":13270694799.456947},{"$f":"+'Analisis Financiero'!M69","v":14044195006.227432},{"$f":"+'Analisis Financiero'!N69","v":14567486371.876143},{"$f":"+'Analisis Financiero'!O69","v":15229168881.478043}]
["Patrimonio            A - P = Pat",null,null,null,null,{"$f":"+F129-F130","v":23801766894.652699},{"$f":"+G129-G130","v":26094839809.165993},27972214702.94017,30041671947.624779,32040301203.564644]
["Valor en Libros Acción",null,null,null,null,{"$f":"+F131/$F$118","v":59504.417236631743},{"$f":"+G131/$F$118","v":65237.099522914985},69930.536757350419,75104.179869061947,80100.753008911604]
["P/BV",null,null,null,null,{"$f":"+F132/$F$119","v":1.1214999853584531},{"$f":"+G132/$F$119","v":1.2295457977317472},{"$f":"+H132/$F$119","v":1.3180046052311636},{"$f":"+I132/$F$119","v":1.4155140161873372},1.5096861291734995]
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[]
[]
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["VALOR SUSTANCIAL NETO",null,null,null,null,{"$f":"F128","v":2022},2023,2024,2025,2026]
["Activos totales",null,null,null,null,{"$f":"+F129","v":36183552961.213799},{"$f":"+G129","v":39365534608.62294},42016409709.167603,44609158319.500923,47269470085.042686]
["Pasivo Exigible Deudas    Financiacion con terceros  FIN  CP + FIN LP + PROVE",null,null,null,null,{"$f":"+'Analisis Financiero'!K57+'Analisis Financiero'!K59+'Analisis Financiero'!K64","v":4736919044.7700005},{"$f":"+'Analisis Financiero'!L57+'Analisis Financiero'!L59+'Analisis Financiero'!L64","v":4953538171.7695389},{"$f":"+'Analisis Financiero'!M57+'Analisis Financiero'!M59+'Analisis Financiero'!M64","v":5166961051.2315531},{"$f":"+'Analisis Financiero'!N57+'Analisis Financiero'!N59+'Analisis Financiero'!N64","v":5142456063.9853773},{"$f":"+'Analisis Financiero'!O57+'Analisis Financiero'!O59+'Analisis Financiero'!O64","v":5242067466.1459026}]
["Patrimonio            Act   -    financiacion con terceros = Pat",null,null,null,null,{"$f":"+F139-F140","v":31446633916.443798},{"$f":"+G139-G140","v":34411996436.853401},36849448657.93605,39466702255.515549,42027402618.896782]
["Valor de la Acción",null,null,null,null,{"$f":"+F141/$F$118","v":78616.58479110949},{"$f":"+G141/$F$118","v":86029.991092133496},92123.621644840125,98666.755638788876,105068.50654724195]
["P/BV",null,null,null,null,{"$f":"+F142/$F$119","v":1.4817135061005713},{"$f":"+G142/$F$119","v":1.621436495487927},1.7362852225742449,1.8596058938654254,1.9802618700687979]
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[]
[]
[]
[]
[]
[]
[]
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["RESUMEN RESULTADOS DE VALORACIÓN"]
[]
["Método",null,null,null,null,"Valor Empresa \nUltimo Conocido","Ultimo Patrimonio \nReal","Valor Creado \nProyectado 5 Años","P/BV","P/BV Sector \n(Damodaran)","Diferencia"]
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["Sustancial  Neto",null,null,null,null,{"$f":"+J141","v":42027402618.896782},{"$f":"+G156","v":21223153995},{"$f":"+F157-G157","v":20804248623.896782},{"$f":"+F157/G157","v":1.9802618700687979},1.9,{"$f":"+I157-J157","v":8.0261870068798036E-2},{"$f":"+AVERAGE(F156:F158)","v":32501945081.142918},null,{"$f":"+L157/G158","v":1.5314380270152168}]
["FCLD valor residual Crecimiento Constante",null,null,null,null,{"$f":"+F114","v":23438131420.967327},{"$f":"+G157","v":21223153995},{"$f":"+F158-G158","v":2214977425.9673271},{"$f":"+F158/G158","v":1.1043660818033529},1.9,{"$f":"+I158-J158","v":-0.79563391819664697},null,null,"Valor Medio "]

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[" Pesos Colombianos"]
["a 31 de Diciembre"]
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["ESTRATEGIA 1 MEJORAMIENTO MARGEN EBITDA"]
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["GASTOS ADMINISTRATIVOS",null,null,null,{"$f":"E10","v":2022},{"$f":"F10","v":2023},{"$f":"G10","v":2024},{"$f":"H10","v":2025},{"$f":"I10","v":2026},"Objetivo"]
["REDUCCIÓN DE GASTOS ADMINISTRATIVOS",null,null,null,1E-4,2.5000000000000001E-4,5.5000000000000003E-4,2.5000000000000001E-4,1E-4,{"$f":"+SUM(E16:I16)","v":1.25E-3}]
["REDUCCIÓN DE GASTOS ADMON $ Proyección",null,null,null,{"$f":"+E16*'Analisis Financiero'!K89","v":284802.33823087387},{"$f":"+F16*'Analisis Financiero'!L89","v":774619.63963724207},{"$f":"+G16*'Analisis Financiero'!M89","v":1818921.5575749108},{"$f":"+H16*'Analisis Financiero'!N89","v":877801.62229533808},{"$f":"+I16*'Analisis Financiero'!O89","v":372060.07993701717},{"$f":"+SUM(E17:I17)","v":4128205.2376753818}]
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["GASTOS DE VENTAS",null,null,null,{"$f":"E15","v":2022},{"$f":"F15","v":2023},{"$f":"G15","v":2024},{"$f":"H15","v":2025},{"$f":"I15","v":2026},"Objetivo"]
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["REDUCCIÓN GASTOS DE VENTAS $ Proyección",null,null,null,{"$f":"+E21*'Analisis Financiero'!K90","v":341359.32981882105},{"$f":"+F21*'Analisis Financiero'!L90","v":928446.17320772028},{"$f":"+G21*'Analisis Financiero'!M90","v":1585548.381618445},{"$f":"+H21*'Analisis Financiero'!N90","v":1052118.3757195978},{"$f":"+I21*'Analisis Financiero'!O90","v":445945.00286960468},{"$f":"+SUM(E22:I22)","v":4353417.2632341888}]
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["PLAN DE REDUCCIÓN EN PESOS",null,null,null,{"$f":"E20","v":2022},{"$f":"F20","v":2023},{"$f":"G20","v":2024},{"$f":"H20","v":2025},{"$f":"I20","v":2026}]
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["GASTOS OPERACIONALES DE ADMINISTRACIÓN ",null,null,null,{"$f":"+'Analisis Financiero'!K89-'Estrategias Operativas EM'!E17","v":2847738579.9705071},{"$f":"+'Analisis Financiero'!L89-'Estrategias Operativas EM'!F17","v":3097703938.9093308},{"$f":"+'Analisis Financiero'!M89-'Estrategias Operativas EM'!G17","v":3305311183.1240811},{"$f":"+'Analisis Financiero'!N89-'Estrategias Operativas EM'!H17","v":3510328687.5590568},{"$f":"+'Analisis Financiero'!O89-'Estrategias Operativas EM'!I17","v":3720228739.2902346}]
["GASTOS OPERACIONALES DE VENTAS ",null,null,null,{"$f":"+'Analisis Financiero'!K90-'Estrategias Operativas EM'!E22","v":3413251938.8583918},{"$f":"+'Analisis Financiero'!L90-'Estrategias Operativas EM'!F22","v":3712856246.6576734},{"$f":"+'Analisis Financiero'!M90-'Estrategias Operativas EM'!G22","v":3962285405.664494},{"$f":"+'Analisis Financiero'!N90-'Estrategias Operativas EM'!H22","v":4207421384.5026712},{"$f":"+'Analisis Financiero'!O90-'Estrategias Operativas EM'!I22","v":4459004083.6931772}]
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["ESTRATEGIA 2  INCREMENTO EN INGRESOS",null,null,null,{"$f":"E25","v":2022},{"$f":"F25","v":2023},{"$f":"G25","v":2024},{"$f":"H25","v":2025},{"$f":"I25","v":2026}]
["Crecimiento Valoración Natural",null,null,null,{"$f":"+'Analisis Financiero'!K29","v":0.1007},{"$f":"+'Analisis Financiero'!L29","v":8.7940000000000004E-2},{"$f":"+'Analisis Financiero'!M29","v":6.7339999999999997E-2},{"$f":"+'Analisis Financiero'!N29","v":6.1707999999999999E-2},{"$f":"+'Analisis Financiero'!O29","v":5.9636000000000002E-2}]
["INCREMENTO EN INGRESOS",null,null,null,{"$f":"E25","v":2022},{"$f":"F25","v":2023},{"$f":"G25","v":2024},{"$f":"H25","v":2025},{"$f":"I25","v":2026},"Objetivo"]
["CRECIMIENTO ADICIONAL DE INGRESOS",null,null,null,1.5E-3,2.4500000000000008E-3,5.0000000000000001E-3,7.3000000000000001E-3,8.9999999999999993E-3,{"$f":"+SUM(E34:I34)","v":2.5250000000000002E-2}]
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["INGRESOS CON TRATAMIENTO",null,null,null,{"$f":"+'Analisis Financiero'!J86*(1+'Estrategias Operativas EM'!E35)","v":67881197102.552757},{"$f":"E36*(1+'Estrategias Operativas EM'!F35)","v":74031603716.211838},{"$f":"F36*(1+'Estrategias Operativas EM'!G35)","v":79411976370.01384},{"$f":"G36*(1+'Estrategias Operativas EM'!H35)","v":84927810621.292007},{"$f":"H36*(1+'Estrategias Operativas EM'!I35)","v":90802498625.322906},"**"]
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["Gastos",9.2382123079586431E-2,0.09,{"$f":"+B42-C42","v":2.3821230795864345E-3},{"$f":"+J16+J21","v":2.3500000000000001E-3},{"$f":"+D42-E42","v":3.2123079586434452E-5}]

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["MODELO DE VALORACIÓN DE EMPRESAS"]
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[]
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[{"$f":"'Cifras Historicas'!A6","v":"Última actualización Mayo 2022"}]
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[]
["ESTADOS FINANCIEROS PROYECTADOS CON ESTRATEGÍAS ESCENARIO MODERADO"]
[]
[{"$f":"+'Estrategias Operativas EM'!A3:Q3","v":"COMPAÑÍA VS LTDA "}]
["ANÁLISIS FINANCIERO"]
[" Pesos Colombianos"]
["a 31 de Diciembre",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"TASAS DE DEUDA"]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"TASA Kd E.A.",{"$f":"+'Analisis Financiero'!S16","v":0.1132},{"$f":"+'Analisis Financiero'!T16","v":0.1018},{"$f":"+'Analisis Financiero'!U16","v":0.1002},{"$f":"+'Analisis Financiero'!V16","v":7.2400000000000006E-2},{"$f":"+'Analisis Financiero'!W16","v":8.0600000000000005E-2},{"$f":"+'Analisis Financiero'!X16","v":9.3640000000000001E-2},{"$f":"+'Analisis Financiero'!Y16","v":8.9728000000000002E-2},{"$f":"+'Analisis Financiero'!Z16","v":8.7313599999999991E-2},{"$f":"+'Analisis Financiero'!AA16","v":8.4736320000000004E-2},{"$f":"+'Analisis Financiero'!AB16","v":8.7203583999999987E-2}]
["CIFRAS FUNDAMENTALES DE PROYECCIÓN"]
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["CIFRAS DE PROYECCIÓN "]
[]
["PLANES, POLITICAS Y EXPECTATIVAS "]
[null,null,null,null,null,"CIFRAS HISTÓRICAS",null,null,null,null,"CIFRAS PROYECTADAS"]
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["Inflación en Colombia",null,null,null,null,{"$f":"'Analisis Financiero'!F25","v":1.4E-2},{"$f":"'Analisis Financiero'!G25","v":2.5999999999999999E-2},{"$f":"'Analisis Financiero'!H25","v":3.2000000000000001E-2},{"$f":"'Analisis Financiero'!I25","v":-7.0000000000000007E-2},{"$f":"'Analisis Financiero'!J25","v":0.106},"Tasas proyectadas con Tratamiento"]
["PIB",null,null,null,null,{"$f":"'Analisis Financiero'!F26","v":4.0899999999999999E-2},{"$f":"'Analisis Financiero'!G26","v":3.1800000000000002E-2},{"$f":"'Analisis Financiero'!H26","v":3.7999999999999999E-2},{"$f":"'Analisis Financiero'!I26","v":1.61E-2},{"$f":"'Analisis Financiero'!J26","v":5.62E-2}]
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[null,null,null,null,null,null,"Crecimiento Historico",null,null,null,"Crecimiento Proyectado Con Estrategia"]
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["ESTADOS FINANCIEROS PROYECTADOS"]
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[{"$f":"+A11","v":"COMPAÑÍA VS LTDA "}]
["PROYECCIÓN DE ESTADOS FINANCIERO"]
[]
[null,null,null,null,null,{"$f":"F24","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026]
["Activo Corriente"]
["Efectivo y equivalentes de efectivo",null,null,null,null,{"$f":"'Cifras Historicas'!F17","v":4355275642},{"$f":"'Cifras Historicas'!G17","v":5822986465},{"$f":"'Cifras Historicas'!H17","v":546039649},{"$f":"'Cifras Historicas'!I17","v":1167076873},{"$f":"'Cifras Historicas'!J17","v":220921225},{"$f":"J40*(1+K$29)","v":243532744.34603626},{"$f":"K40*(1+L$29)","v":265598138.96784207},{"$f":"L40*(1+M$29)","v":284900935.2341662},{"$f":"M40*(1+N$29)","v":304689717.841259},{"$f":"N40*(1+O$29)","v":325765935.59913027}]
["Activos financieros",null,null,null,null,{"$f":"'Cifras Historicas'!F18","v":0},{"$f":"'Cifras Historicas'!G18","v":0},{"$f":"'Cifras Historicas'!H18","v":0},{"$f":"'Cifras Historicas'!I18","v":0},{"$f":"'Cifras Historicas'!J18","v":0},0,0,0,0,0]
["Deudores comerciales y otros",null,null,null,null,{"$f":"'Cifras Historicas'!F19","v":5725064714},{"$f":"'Cifras Historicas'!G19","v":7731045570},{"$f":"'Cifras Historicas'!H19","v":10234154333},{"$f":"'Cifras Historicas'!I19","v":15486728698},{"$f":"'Cifras Historicas'!J19","v":12452754179},13727306644.612537,14971075481.617567,16059123843.072441,17174565989.058178,18362577502.039085]
["Inventarios",null,null,null,null,{"$f":"'Cifras Historicas'!F20","v":0},{"$f":"'Cifras Historicas'!G20","v":0},{"$f":"'Cifras Historicas'!H20","v":164290700},{"$f":"'Cifras Historicas'!I20","v":0},{"$f":"'Cifras Historicas'!J20","v":0},0,0,0,0,0]
["Pagos anticipados y otras cuentas por cobrar",null,null,null,null,{"$f":"'Cifras Historicas'!F21","v":926175054},{"$f":"'Cifras Historicas'!G21","v":656692693},{"$f":"'Cifras Historicas'!H21","v":11576196451},{"$f":"'Cifras Historicas'!I21","v":8669863369},{"$f":"'Cifras Historicas'!J21","v":9394045296},10355535695.793161,11293803698.568171,12114600081.8279,12956061648.790182,13852267725.34893]
["TOTAL ACTIVO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F22","v":11006515410},{"$f":"'Cifras Historicas'!G22","v":14210724728},{"$f":"'Cifras Historicas'!H22","v":22520681133},{"$f":"'Cifras Historicas'!I22","v":25323668940},{"$f":"'Cifras Historicas'!J22","v":22067720700},{"$f":"SUM(K40:K44)","v":24326375084.751736},26530477319.15358,28458624860.134506,30435317355.689621,32540611162.987144]
["Activo No Corriente"]
["Activos financieros",null,null,null,null,{"$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":"J47*(1+K$29)","v":0},{"$f":"K47*(1+L$29)","v":0},{"$f":"L47*(1+M$29)","v":0},{"$f":"M47*(1+N$29)","v":0},{"$f":"N47*(1+O$29)","v":0}]
["Deudores",null,null,null,null,{"$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},0,0,0,0,0]
["Propiedades, planta y equipo",null,null,null,null,{"$f":"'Cifras Historicas'!F26","v":11910370479},{"$f":"'Cifras Historicas'!G26","v":9288165263},{"$f":"'Cifras Historicas'!H26","v":9594493348},{"$f":"'Cifras Historicas'!I26","v":9719576747},{"$f":"'Cifras Historicas'!J26","v":10551295268},{"$f":"+'Analisis Financiero'!K49","v":11613810701.4876},{"$f":"+'Analisis Financiero'!L49","v":12635129214.576418},{"$f":"+'Analisis Financiero'!M49","v":13485978815.885994},{"$f":"+'Analisis Financiero'!N49","v":14318171596.656689},{"$f":"+'Analisis Financiero'!O49","v":15172050077.994907}]
["Inventarios",null,null,null,null,{"$f":"'Cifras Historicas'!F27","v":0},{"$f":"'Cifras Historicas'!G27","v":0},{"$f":"'Cifras Historicas'!H27","v":0},{"$f":"'Cifras Historicas'!I27","v":0},{"$f":"'Cifras Historicas'!J27","v":145047130},159892856.05498651,174380020.70931235,187053385.16039681,200045826.80267328,213883541.56744638]
["Pagos anticipados y otras cuentas por cobrar",null,null,null,null,{"$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":109156636},120328932.3090678,131231389.72993723,140768854.07192296,150546443.07418185,160960150.63013396]
["TOTAL ACTIVO NO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F29","v":11910370479},{"$f":"'Cifras Historicas'!G29","v":9288165263},{"$f":"'Cifras Historicas'!H29","v":9594493348},{"$f":"'Cifras Historicas'!I29","v":9719576747},{"$f":"'Cifras Historicas'!J29","v":10805499034},{"$f":"SUM(K47:K51)","v":11894032489.851656},12940740625.015667,13813801055.118313,14668763866.533545,15546893770.192488]
[]
[" TOTAL ACTIVO",null,null,null,null,{"$f":"F45+F52","v":22916885889},23498889991,32115174481,35043245687,32873219734,36220407574.603394,{"$f":"L45+L52","v":39471217944.16925},42272425915.252823,45104081222.223167,48087504933.179634]
[]
["Pasivo Corriente"]
["Obligaciones financieras",null,null,null,null,{"$f":"'Cifras Historicas'!F34","v":408734110},{"$f":"'Cifras Historicas'!G34","v":526145096},{"$f":"'Cifras Historicas'!H34","v":208868995},{"$f":"'Cifras Historicas'!I34","v":96658002},{"$f":"'Cifras Historicas'!J34","v":365420012},{"$f":"+AVERAGE(G57:J57)","v":299273026.25},{"$f":"+AVERAGE(H57:K57)","v":242555008.8125},{"$f":"+AVERAGE(I57:L57)","v":250976512.265625},{"$f":"+AVERAGE(J57:M57)","v":289556139.83203125},{"$f":"+AVERAGE(K57:N57)","v":270590171.79003906}]
["Proveedores",null,null,null,null,{"$f":"'Cifras Historicas'!F35","v":580386860},{"$f":"'Cifras Historicas'!G35","v":83953100},{"$f":"'Cifras Historicas'!H35","v":366465683},{"$f":"'Cifras Historicas'!I35","v":671557747},{"$f":"'Cifras Historicas'!J35","v":0},{"$f":"J58*(1+K$29)","v":0},{"$f":"K58*(1+L$29)","v":0},{"$f":"L58*(1+M$29)","v":0},{"$f":"M58*(1+N$29)","v":0},{"$f":"N58*(1+O$29)","v":0}]
["Cuentas por pagar Varios",null,null,null,null,{"$f":"'Cifras Historicas'!F36","v":22912438},{"$f":"'Cifras Historicas'!G36","v":28112354},{"$f":"'Cifras Historicas'!H36","v":1347336496},{"$f":"'Cifras Historicas'!I36","v":1216784731},{"$f":"'Cifras Historicas'!J36","v":1183288600},1304399430.6630299,1422585131.9711959,1525973924.8319268,1631965736.4690895,1744853251.9353225]
["Impuestos corrientes por pagar",null,null,null,null,{"$f":"'Cifras Historicas'!F37","v":629839083},{"$f":"'Cifras Historicas'!G37","v":936020423},{"$f":"'Cifras Historicas'!H37","v":1955820787},{"$f":"'Cifras Historicas'!I37","v":3034237509},{"$f":"'Cifras Historicas'!J37","v":1988914847},2192482369.9510393,2391133228.2749667,2564912900.5663376,2743067822.2190771,2932813295.5987182]
["Otros pasivos",null,null,null,null,{"$f":"'Cifras Historicas'!F38","v":303559341},{"$f":"'Cifras Historicas'!G38","v":671139768},{"$f":"'Cifras Historicas'!H38","v":1103128844},{"$f":"'Cifras Historicas'!I38","v":206618542},{"$f":"'Cifras Historicas'!J38","v":693847185},764863172.92429423,834163947.19011724,894788230.13086915,956938850.13810623,1023132917.1035868]
["TOTAL PASIVO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F39","v":1945431832},{"$f":"'Cifras Historicas'!G39","v":2245370741},{"$f":"'Cifras Historicas'!H39","v":4981620805},{"$f":"'Cifras Historicas'!I39","v":5225856531},{"$f":"'Cifras Historicas'!J39","v":4231470644},{"$f":"SUM(K57:K61)","v":4561017999.7883635},4890437316.2487793,5236651567.7947578,5621528548.6583042,5971389636.4276667]
["Pasivo No Corriente"]
["Obligaciones financieras",null,null,null,null,{"$f":"'Cifras Historicas'!F41","v":2750785706},{"$f":"'Cifras Historicas'!G41","v":2500000000},{"$f":"'Cifras Historicas'!H41","v":2855673315},{"$f":"'Cifras Historicas'!I41","v":4029229857},{"$f":"'Cifras Historicas'!J41","v":3155897854},{"$f":"+AVERAGE(G64:J64)","v":3135200256.5},{"$f":"+AVERAGE(H64:K64)","v":3294000320.625},{"$f":"+AVERAGE(I64:L64)","v":3403582072.03125},{"$f":"+AVERAGE(J64:M64)","v":3247170125.7890625},{"$f":"+AVERAGE(K64:N64)","v":3269988193.7363281}]
["Cuentas por pagar Varios",null,null,null,null,{"$f":"'Cifras Historicas'!F42","v":1446246300},{"$f":"'Cifras Historicas'!G42","v":0},{"$f":"'Cifras Historicas'!H42","v":1540582555},{"$f":"'Cifras Historicas'!I42","v":789272626},{"$f":"'Cifras Historicas'!J42","v":797056878},{"$f":"J65*(1+K$29)","v":878636486.37302184},{"$f":"K65*(1+L$29)","v":958245743.24317777},{"$f":"L65*(1+M$29)","v":1027887881.6511391},{"$f":"M65*(1+N$29)","v":1099283399.5975478},{"$f":"N65*(1+O$29)","v":1175323826.7956905}]
["Otros pasivos",null,null,null,null,{"$f":"'Cifras Historicas'!F43","v":2935347237},{"$f":"'Cifras Historicas'!G43","v":5600000000},{"$f":"'Cifras Historicas'!H43","v":6495683128},{"$f":"'Cifras Historicas'!I43","v":4116193896},{"$f":"'Cifras Historicas'!J43","v":3465640363},3820352293.0754313,4166497043.2091198,4469304298.8693161,4779735330.2823153,5110362643.0769825]
["TOTAL PASIVO NO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F44","v":7132379243},{"$f":"'Cifras Historicas'!G44","v":8100000000},{"$f":"'Cifras Historicas'!H44","v":10891938998},{"$f":"'Cifras Historicas'!I44","v":8934696379},{"$f":"'Cifras Historicas'!J44","v":7418595095},{"$f":"SUM(K64:K66)","v":7834189035.9484539},8418743107.0772972,8900774252.5517044,9126188855.6689262,9555674663.6090012]
[]
["TOTAL PASIVO",null,null,null,null,{"$f":"F62+F67","v":9077811075},10345370741,15873559803,14160552910,11650065739,12395207035.736816,{"$f":"L62+L67","v":13309180423.326077},14137425820.346462,14747717404.32723,15527064300.036667]
[]
["Patrimonio"]
["Capital suscrito y pagado",null,null,null,null,{"$f":"'Cifras Historicas'!F49","v":4000000000},{"$f":"'Cifras Historicas'!G49","v":4000000000},{"$f":"'Cifras Historicas'!H49","v":4000000000},{"$f":"'Cifras Historicas'!I49","v":4000000000},{"$f":"'Cifras Historicas'!J49","v":4000000000},{"$f":"J72","v":4000000000},{"$f":"K72","v":4000000000},4000000000,4000000000,4000000000]
["Reservas",null,null,null,null,{"$f":"'Cifras Historicas'!F50","v":1110584793},{"$f":"'Cifras Historicas'!G50","v":1510584793},{"$f":"'Cifras Historicas'!H50","v":1510584793},{"$f":"'Cifras Historicas'!I50","v":1510584793},{"$f":"'Cifras Historicas'!J50","v":2400000000},{"$f":"+'Analisis Financiero'!K73","v":2400000000},{"$f":"+'Analisis Financiero'!L73","v":2400000000},{"$f":"+'Analisis Financiero'!M73","v":2400000000},{"$f":"+'Analisis Financiero'!N73","v":2400000000},{"$f":"+'Analisis Financiero'!O73","v":2400000000}]
["Resultados de Ejercicios Anteriores",null,null,null,null,{"$f":"'Cifras Historicas'!F51","v":3976114511},{"$f":"'Cifras Historicas'!G51","v":4292094996},{"$f":"'Cifras Historicas'!H51","v":5937865590},{"$f":"'Cifras Historicas'!I51","v":9530144694},{"$f":"'Cifras Historicas'!J51","v":10821809856},{"$f":"+K54-K69-K72-K73-K75-K76","v":13286362933.795815},{"$f":"+L54-L69-L72-L73-L75-L76","v":15099080109.531553},15736756043.64954,17766646794.413986,18923772274.73896]
["Resultados del Ejercicio",null,null,null,null,{"$f":"'Cifras Historicas'!F52","v":1753585876},{"$f":"'Cifras Historicas'!G52","v":2721325951},{"$f":"'Cifras Historicas'!H52","v":3592279105},{"$f":"'Cifras Historicas'!I52","v":4641078100},{"$f":"'Cifras Historicas'!J52","v":2800458949},{"$f":"K99","v":2937952415.0707622},3462072221.3116207,4797358861.2568197,4988831833.4819489,6035783168.404007]
["Ganancias Acumuladas adopción Pymes",null,null,null,null,{"$f":"'Cifras Historicas'!F53","v":2998789634},{"$f":"'Cifras Historicas'!G53","v":629513510},{"$f":"'Cifras Historicas'!H53","v":1200885190},{"$f":"'Cifras Historicas'!I53","v":1200885190},{"$f":"'Cifras Historicas'!J53","v":1200885190},{"$f":"+'Analisis Financiero'!K76","v":1200885190},{"$f":"+'Analisis Financiero'!L76","v":1200885190},{"$f":"+'Analisis Financiero'!M76","v":1200885190},{"$f":"+'Analisis Financiero'!N76","v":1200885190},{"$f":"+'Analisis Financiero'!O76","v":1200885190}]
["0 TOTAL PATRIMONIO",null,null,null,null,{"$f":"'Cifras Historicas'!F54","v":13839074814},{"$f":"'Cifras Historicas'!G54","v":13153519250},{"$f":"'Cifras Historicas'!H54","v":16241614678},{"$f":"'Cifras Historicas'!I54","v":20882692777},{"$f":"'Cifras Historicas'!J54","v":21223153995},{"$f":"SUM(K72:K76)","v":23825200538.866577},{"$f":"SUM(L72:L76)","v":26162037520.843178},28135000094.906361,30356363817.895935,32560440633.142967]
[]
["0 TOTAL PASIVO Y PATRIMONIO",null,null,null,null,{"$f":"F69+F77","v":22916885889},23498889991,32115174481,35043245687,32873219734,36220407574.603394,{"$f":"L69+L77","v":39471217944.16925},42272425915.252823,45104081222.223167,48087504933.179634]
[]
["CONTROL (Pasivo y Patrimonio - Activo)",null,null,null,null,{"$f":"F54-F79","v":0},0,0,0,0,0,{"$f":"L54-L79","v":0},0,0,0]
[]
[]
["CUENTAS DE RESULTADO ",null,null,null,null,{"$f":"'Cifras Historicas'!F64","v":2017},{"$f":"'Cifras Historicas'!G64","v":2018},{"$f":"'Cifras Historicas'!H64","v":2019},{"$f":"'Cifras Historicas'!I64","v":2020},{"$f":"'Cifras Historicas'!J64","v":2021},{"$f":"K38","v":2022},{"$f":"L38","v":2023},{"$f":"M38","v":2024},{"$f":"N38","v":2025},{"$f":"O38","v":2026}]
["Operacional"]
["Ventas, Ingresos de actividades ordinarias",null,null,null,null,{"$f":"+'Analisis Financiero'!F86","v":56268982215},{"$f":"+'Analisis Financiero'!G86","v":80131113112},{"$f":"+'Analisis Financiero'!H86","v":92026384100},{"$f":"+'Analisis Financiero'!I86","v":90604040420},{"$f":"+'Analisis Financiero'!J86","v":61578566195},{"$f":"'Estrategias Operativas EM'!E36","v":67881197102.552757},{"$f":"'Estrategias Operativas EM'!F36","v":74031603716.211838},{"$f":"'Estrategias Operativas EM'!G36","v":79411976370.01384},{"$f":"'Estrategias Operativas EM'!H36","v":84927810621.292007},{"$f":"'Estrategias Operativas EM'!I36","v":90802498625.322906}]
["Costo de Ventas",null,null,null,null,{"$f":"+'Analisis Financiero'!F87","v":46042758141},{"$f":"+'Analisis Financiero'!G87","v":67750145748},{"$f":"+'Analisis Financiero'!H87","v":76372779650},{"$f":"+'Analisis Financiero'!I87","v":77804621136},{"$f":"+'Analisis Financiero'!J87","v":54413593743},{"$f":"'Estrategias Operativas EM'!E26","v":57308392633.211472},{"$f":"'Estrategias Operativas EM'!F26","v":62260630427.113625},{"$f":"'Estrategias Operativas EM'!G26","v":65739785566.954048},{"$f":"'Estrategias Operativas EM'!H26","v":70502357256.755219},{"$f":"'Estrategias Operativas EM'!I26","v":74749712153.917969}]
["UTILIDAD BRUTA",null,null,null,null,{"$f":"F86-F87","v":10226224074},12380967364,15653604450,12799419284,7164972452,10572804469.341286,{"$f":"L86-L87","v":11770973289.098213},13672190803.059792,14425453364.536789,16052786471.404938]
["Gastos de administración",null,null,null,null,{"$f":"+'Analisis Financiero'!F89","v":0},{"$f":"+'Analisis Financiero'!G89","v":0},{"$f":"+'Analisis Financiero'!H89","v":8851263892},{"$f":"+'Analisis Financiero'!I89","v":5383826386},{"$f":"+'Analisis Financiero'!J89","v":3355500547},{"$f":"'Estrategias Operativas EM'!E27","v":2847738579.9705071},{"$f":"'Estrategias Operativas EM'!F27","v":3097703938.9093308},{"$f":"'Estrategias Operativas EM'!G27","v":3305311183.1240811},{"$f":"'Estrategias Operativas EM'!H27","v":3510328687.5590568},{"$f":"'Estrategias Operativas EM'!I27","v":3720228739.2902346}]
["Gastos de ventas y distribución",null,null,null,null,{"$f":"+'Analisis Financiero'!F90","v":7098905205},{"$f":"+'Analisis Financiero'!G90","v":7489704766},{"$f":"+'Analisis Financiero'!H90","v":313612789},{"$f":"+'Analisis Financiero'!I90","v":1064657231},{"$f":"+'Analisis Financiero'!J90","v":1048629364},{"$f":"'Estrategias Operativas EM'!E28","v":3413251938.8583918},{"$f":"'Estrategias Operativas EM'!F28","v":3712856246.6576734},{"$f":"'Estrategias Operativas EM'!G28","v":3962285405.664494},{"$f":"'Estrategias Operativas EM'!H28","v":4207421384.5026712},{"$f":"'Estrategias Operativas EM'!I28","v":4459004083.6931772}]
["UTILIDAD OPERACIONAL",null,null,null,null,{"$f":"F88-F89-F90","v":3127318869},4891262598,6488727769,6350935667,2760842541,4311813950.5123873,{"$f":"L88-L89-L90","v":4960413103.5312099},6404594214.2712173,6707703292.4750605,7873553648.4215269]
["No Operacional"]
["Otros ingresos",null,null,null,null,{"$f":"+'Analisis Financiero'!F93","v":244288944},{"$f":"+'Analisis Financiero'!G93","v":192784316},{"$f":"+'Analisis Financiero'!H93","v":82383557},{"$f":"+'Analisis Financiero'!I93","v":1658821003},{"$f":"+'Analisis Financiero'!J93","v":2779929418},{"$f":"K86*'Cifras Historicas'!$P$73","v":965208520.20956218},{"$f":"L86*'Cifras Historicas'!$P$73","v":1052661675.4226092},{"$f":"M86*'Cifras Historicas'!$P$73","v":1129165652.2087953},{"$f":"N86*'Cifras Historicas'!$P$73","v":1207595768.9811056},{"$f":"O86*'Cifras Historicas'!$P$73","v":1291128457.8124034}]
["Gasto no operacional",null,null,null,null,{"$f":"+'Analisis Financiero'!F94","v":0},{"$f":"+'Analisis Financiero'!G94","v":0},{"$f":"+'Analisis Financiero'!H94","v":962059833},{"$f":"+'Analisis Financiero'!I94","v":259504531},{"$f":"+'Analisis Financiero'!J94","v":92569034},{"$f":"K86*'Cifras Historicas'!$P$74","v":201221614.96209812},{"$f":"L86*'Cifras Historicas'!$P$74","v":219453390.5391306},{"$f":"M86*'Cifras Historicas'!$P$74","v":235402538.76732579},{"$f":"N86*'Cifras Historicas'!$P$74","v":251753238.56757593},{"$f":"O86*'Cifras Historicas'!$P$74","v":269167695.85511702}]
["Gasto Financiero",null,null,null,null,{"$f":"+'Analisis Financiero'!F95","v":528963937},{"$f":"+'Analisis Financiero'!G95","v":818412963},{"$f":"+'Analisis Financiero'!H95","v":457359388},{"$f":"+'Analisis Financiero'!I95","v":681428611},{"$f":"+'Analisis Financiero'!J95","v":631413481},{"$f":"K86*'Cifras Historicas'!$P$75","v":575071375.72232664},{"$f":"L86*'Cifras Historicas'!$P$75","v":627175978.22698128},{"$f":"M86*'Cifras Historicas'!$P$75","v":672757058.64379001},{"$f":"N86*'Cifras Historicas'!$P$75","v":719485733.54247677},{"$f":"O86*'Cifras Historicas'!$P$75","v":769254521.61074805}]
["Resultados Netos"]
["UTILIDAD ANTES DE IMPUESTOS",null,null,null,null,{"$f":"F91+F93-F94-F95","v":2842643876},4265633951,5151692105,7068823528,4816789444,4500729480.0375252,{"$f":"L91+L93-L94-L95","v":5166445410.1877079},6625600269.0688972,6944060089.3461132,8126259888.7680645]
["Gasto por impuesto",null,null,null,null,{"$f":"+'Analisis Financiero'!F98","v":1089058000},{"$f":"+'Analisis Financiero'!G98","v":1544308000},{"$f":"+'Analisis Financiero'!H98","v":1559413000},{"$f":"+'Analisis Financiero'!I98","v":2427745428},{"$f":"+'Analisis Financiero'!J98","v":2016330495},{"$f":"K86*'Cifras Historicas'!$P$78","v":1562777064.966763},{"$f":"L86*'Cifras Historicas'!$P$78","v":1704373188.876087},{"$f":"M86*'Cifras Historicas'!$P$78","v":1828241407.8120775},{"$f":"N86*'Cifras Historicas'!$P$78","v":1955228255.8641646},{"$f":"O86*'Cifras Historicas'!$P$78","v":2090476720.3640578}]
["UTILIDAD NETA",null,null,null,null,{"$f":"F97-F98","v":1753585876},2721325951,3592279105,4641078100,2800458949,2937952415.0707622,{"$f":"L97-L98","v":3462072221.3116207},4797358861.2568197,4988831833.4819489,6035783168.404007]
[]
[]
[]
["Detalles de Depreciación y Amortización",null,null,null,null,{"$f":"F84","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026]
["Depreciaciones",null,null,null,null,{"$f":"+'Analisis Financiero'!F104","v":589601720},{"$f":"+'Analisis Financiero'!G104","v":827825000},{"$f":"+'Analisis Financiero'!H104","v":527765968},{"$f":"+'Analisis Financiero'!I104","v":546876124},{"$f":"+'Analisis Financiero'!J104","v":136883865},{"$f":"+AVERAGE(I104:J104)","v":341879994.5},{"$f":"+AVERAGE(J104:K104)","v":239381929.75},{"$f":"+AVERAGE(K104:L104)","v":290630962.125},{"$f":"+AVERAGE(L104:M104)","v":265006445.9375},{"$f":"+AVERAGE(M104:N104)","v":277818704.03125}]
["Amortizaciones",null,null,null,null,{"$f":"+'Analisis Financiero'!F105","v":0},{"$f":"+'Analisis Financiero'!G105","v":739260000},{"$f":"+'Analisis Financiero'!H105","v":0},{"$f":"+'Analisis Financiero'!I105","v":0},{"$f":"+'Analisis Financiero'!J105","v":0},{"$f":"+'Analisis Financiero'!K105","v":0},{"$f":"+'Analisis Financiero'!L105","v":0},{"$f":"+'Analisis Financiero'!M105","v":0},{"$f":"+'Analisis Financiero'!N105","v":0},{"$f":"+'Analisis Financiero'!O105","v":0}]
[]
[]
[]
["INDUCTORES DE VALOR Y RAZONES FINANCIERAS"]
[]
[{"$f":"+A35","v":"COMPAÑÍA VS LTDA "}]
["PROYECCIÓN DE INDUCTORES DE VALOR"]
[]
[]
["Inductores de Rentabilidad",null,null,null,null,{"$f":"F103","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026]
["ROA",null,null,null,null,{"$f":"F99/F54","v":7.6519378963339574E-2},{"$f":"G99/G54","v":0.11580657435488481},0.11185612916801266,0.13243859148930665,8.5189676328040087E-2,{"$f":"K99/K54","v":8.1113179331829544E-2},8.7711309699351286E-2,0.11348671757978827,0.11060710468532743,0.12551666335758274]
["UODI",null,null,null,null,{"$f":"F91*(1-(F98/F97))","v":1929197760.1300817},3120455246.2764945,4524595163.5946941,4169744558.1813922,1605140994.9741931,{"$f":"K91*(1-(K98/K97))","v":2814633553.3896728},3324008491.0413532,4637336325.5894127,4819025654.2267847,5848085495.3154926]
["Activos Netos de Operación",null,null,null,null,{"$f":"F45+F49-F58","v":22336499029},23414936891,31748708798,34371687940,32619015968,{"$f":"K45+K49-K58","v":35940185786.239334},39165606533.729996,41944603676.0205,44753488952.346313,47712661240.982056]
["RAN",null,null,null,null,{"$f":"F117/F118","v":8.6369746558104699E-2},{"$f":"G117/G118","v":0.13326771969545234},0.14251272996272907,0.12131334851695945,4.9208749784140422E-2,{"$f":"K117/K118","v":7.8314385187939983E-2},8.4870599110438094E-2,0.11055859202790733,0.10767932885317839,0.12256883902951046]
["Distancia Rentabilidad",null,null,null,null,{"$f":"F119-F116","v":9.8503675947651248E-3},{"$f":"G119-G116","v":1.746114534056753E-2},3.065660079471641E-2,-1.1125242972347196E-2,-3.5980926543899665E-2,{"$f":"K119-K116","v":-2.7987941438895603E-3},-2.8407105889131923E-3,-2.9281255518809474E-3,-2.9277758321490377E-3,-2.9478243280722793E-3]
[]
["Inductores de Operativos y Financieros",null,null,null,null,{"$f":"F115","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026]
["EBITDA Modelo General",null,null,null,null,{"$f":"F99+F98+F95+F104+F105","v":3961209533},{"$f":"G99+G98+G95+G104+G105","v":6651131914},6136817461,8297128263,5585086790,{"$f":"K99+K98+K95+K104+K105","v":5417680850.2598515},6033003318.1646891,7588988289.8376875,7928552268.8260899,9173333114.4100628]
["EBITDA Operacional",null,null,null,null,{"$f":"F91+F104+F105","v":3716920589},{"$f":"G91+G104+G105","v":6458347598},7016493737,6897811791,2897726406,{"$f":"K91+K104+K105","v":4653693945.0123873},5199795033.2812099,6695225176.3962173,6972709738.4125605,8151372352.4527769]
["Margen EBITDA Modelo General",null,null,null,null,{"$f":"F123/F86","v":7.0397746272795284E-2},{"$f":"G123/G86","v":8.3003113967774933E-2},6.6685413330284271E-2,9.1575698219838839E-2,9.0698552030487073E-2,{"$f":"K123/K86","v":7.9811215498674704E-2},8.1492268373534502E-2,9.5564783005492718E-2,9.3356371850687334E-2,0.10102511773670304]
["Margen EBITDA Operacional",null,null,null,null,{"$f":"F124/F86","v":6.6056296785285656E-2},{"$f":"G124/G86","v":8.059725301672907E-2},7.6244370629357364E-2,7.6131392805716111E-2,4.7057386767074272E-2,{"$f":"K124/K86","v":6.8556450735271127E-2},7.0237503610130911E-2,8.4310018242089127E-2,8.2101607087283757E-2,8.9770352973299467E-2]
["KTNO",null,null,null,null,{"$f":"F42+F43-F58-F59","v":5121765416},{"$f":"G42+G43-G58-G59","v":7618980116},8684642854,13598386220,11269465579,12422907213.949507,13548490349.646372,14533149918.240515,15542600252.589088,16617724250.103764]
["Variación de KTNO",null,null,null,null,null,{"$f":"G127-F127","v":2497214700},{"$f":"H127-G127","v":1065662738},{"$f":"I127-H127","v":4913743366},{"$f":"J127-I127","v":-2328920641},{"$f":"K127-J127","v":1153441634.9495068},{"$f":"L127-K127","v":1125583135.6968651},{"$f":"M127-L127","v":984659568.59414291},{"$f":"N127-M127","v":1009450334.3485737},{"$f":"O127-N127","v":1075123997.5146751}]
["Productividad del Capital de trabajo PKT",null,null,null,null,{"$f":"F127/F86","v":9.1022890665235043E-2},{"$f":"G127/G86","v":9.5081421187184573E-2},9.4371227761843576E-2,0.15008586986809788,0.18300954821379142,{"$f":"K127/K86","v":0.18300954821379142},0.18300954821379145,0.18300954821379145,0.18300954821379145,0.18300954821379145]
["Rotación del Activo Fijo",null,null,null,null,{"$f":"F86/F49","v":4.7243687603346798},8.6272273202553151,9.59158350129902,9.3218092493549598,5.8361143945763381,{"$f":"K86/K49","v":5.8448685661682029},5.8591884941553154,5.8884844366260918,5.9314703730134619,5.9848536063705833]
["Palanca de Crecimiento PDC",null,null,null,null,{"$f":"F126/F129","v":0.72571082177809765},{"$f":"G126/G129","v":0.84766563236427794},0.80791966405024018,0.50725223415517895,0.2571307739206149,{"$f":"K126/K129","v":0.37460586840629539},0.3837914704214207,0.46068644540665332,0.44861925450672552,0.49052278337100691]
[]
[]
[]
["Razones financieras"]
[]
["ANALISIS DE RAZONES FINANCIERAS"]
["R/I",null,null,null,null,{"$f":"+F122","v":2017},{"$f":"+G122","v":2018},2019,2020,2021,2022,2023,2024,2025,2026]
[]
["Margen Bruto",null,null,null,null,{"$f":"+F88/F86","v":0.18173820942639918},{"$f":"+G88/G86","v":0.154508865322949},0.17009909281005858,0.14126764352525109,0.11635497373080725,{"$f":"+K88/K86","v":0.15575453764270286},0.1589993016255643,0.17216786973485332,0.16985547206512144,0.1767879377157156,"Utilidad Bruta / Ventas"]
["Margen Operacional",null,null,null,null,{"$f":"+F91/F86","v":5.5578024444279527E-2},{"$f":"+G91/G86","v":6.1040741954544384E-2},7.0509428708500133E-2,7.0095501674758531E-2,4.4834472635450422E-2,{"$f":"+K91/K86","v":6.3520004575025921E-2},6.7003993626102584E-2,8.0650230696054148E-2,7.8981234102288175E-2,8.6710759809705926E-2,"Utilidad Operacional / Ventas"]
["Margen Neto",null,null,null,null,{"$f":"+F99/F86","v":3.1164343248642142E-2},{"$f":"+G99/G86","v":3.3960915371241351E-2},3.9035317318308067E-2,5.122374320710233E-2,4.5477819995545614E-2,{"$f":"+K99/K86","v":4.3280798519687226E-2},4.6764787570763883E-2,6.0411024640715461E-2,5.8742028046949481E-2,6.6471553754367224E-2,"Utilidad Neta / Ventas"]
["ROE",null,null,null,null,{"$f":"+F99/F77","v":0.12671265236791862},{"$f":"+G99/G77","v":0.20688957071317624},0.22117746149130751,0.2222451936424425,0.13195300517820135,{"$f":"+K99/K77","v":0.12331280948834052},0.1323319033753928,0.17051213240000476,0.16434220723566673,0.18537166730662238,"Utilidad Neta / Patrimonio"]
[]
[]
["ANALISIS DE RAZONES FINANCIERAS"]
["Liquidez",null,null,null,null,{"$f":"F138","v":2017},{"$f":"G138","v":2018},2019,2020,2021,2022,2023,2024,2025,2026]
["Capital de Trabajo",null,null,null,null,{"$f":"+(F45-F62)","v":9061083578},{"$f":"+(G45-G62)","v":11965353987},17539060328,20097812409,17836250056,{"$f":"+(K45-K62)","v":19765357084.963371},21640040002.9048,23221973292.339748,24813788807.031319,26569221526.559479,"Activo Corriente - Pasivo Corriente"]
["Razon Corriente",null,null,null,null,{"$f":"+(F45/F62)","v":5.657620703514838},{"$f":"+(G45/G62)","v":6.3288990403745533},4.5207537896895387,4.8458408281549508,5.2151420998963687,{"$f":"+(K45/K62)","v":5.3335406889164894},5.4249703254562602,5.4345080041517662,5.414064358519294,5.4494201759130707,"Activo Corriente / Pasivo Corriente"]
["Prueba Acida",null,null,null,null,{"$f":"+(F45-F43)/F62","v":5.657620703514838},{"$f":"+(G45-G43)/G62","v":6.3288990403745533},4.4877744228467025,4.8458408281549508,5.2151420998963687,{"$f":"+(K45-K43)/K62","v":5.3335406889164894},5.4249703254562602,5.4345080041517662,5.414064358519294,5.4494201759130707,"(Activo Corriente - Inventarios) / Pasivo Corriente"]
[]
[]
["ANALISIS DE RAZONES FINANCIERAS"]
["Endeudamiento",null,null,null,null,{"$f":"F147","v":2017},{"$f":"G147","v":2018},2019,2020,2021,2022,2023,2024,2025,2026]
["Nivel de Endeudamiento",null,null,null,null,{"$f":"+F69/F54","v":0.39611887579181548},{"$f":"+G69/G54","v":0.44024933709474123},0.49426976684779106,0.4040879385568199,0.35439381457821151,{"$f":"+K69/K54","v":0.3422161114616486},0.33718697107729173,0.33443611324055494,0.32697079742444468,0.32289186809780251,"Total Pasivo / Total Activo"]
["Concentracion de Endeudamiento a Corto Plazo",null,null,null,null,{"$f":"+F62/F69","v":0.21430627008284595},{"$f":"+G62/G69","v":0.2170411092278515},0.31383135647106114,0.36904325446992731,0.36321431473426297,{"$f":"+K62/K69","v":0.36796626201066435},0.36744841986495647,0.37041054250896327,0.38117956796547053,0.38457943633385772,"Pasivo Corriente / Pasivo Total"]
["Concentracion de Endeudamiento a Largo Plazo",null,null,null,null,{"$f":"+F67/F69","v":0.78569372991715403},{"$f":"+G67/G69","v":0.78295889077214853},0.68616864352893892,0.63095674553007264,0.63678568526573698,{"$f":"+K67/K69","v":0.63203373798933571},0.63255158013504353,0.62958945749103679,0.61882043203452952,0.61542056366614228,"Pasivo No Corriente / Pasivo Total"]
[]
["RAZONES DE ACTIVIDAD"]
["Actividad",null,null,null,null,{"$f":"F154","v":2017},{"$f":"G154","v":2018},{"$f":"H154","v":2019},{"$f":"I154","v":2020},{"$f":"J154","v":2021},{"$f":"K154","v":2022},2023,2024,2025,2026]
["Rotacion del Patrimonio",null,null,null,null,{"$f":"+F86/F77","v":4.0659497091580645},{"$f":"+G86/G77","v":6.0919904087265468},5.666085911067321,4.3387144267041284,2.9014804401601855,{"$f":"+K86/K77","v":2.8491343437725387},2.8297338713481772,2.8225333606588756,2.7976937926677721,2.7887367879443219,"Ventas / Patrimonio"]
["Rotacion del Activo",null,null,null,null,{"$f":"+F86/F54","v":2.455350281340313},{"$f":"+G86/G54","v":3.4099956696971629},2.8655109488645221,2.5854922580305226,1.8732137190477491,{"$f":"+K86/K54","v":1.8741146676148643},1.875584478313467,1.8785762740283198,1.8829296223297716,1.8882763568519145,"Ventas / Activo Total"]
["Rotacion de Cartera",null,null,null,null,{"$f":"+F86/F42","v":9.8285320823362134},{"$f":"+G86/G42","v":10.364848116139095},8.9920848470362813,5.8504311779995772,4.9449756503540794,{"$f":"+K86/K42","v":4.9449756503540794},4.9449756503540794,4.9449756503540785,4.9449756503540785,4.9449756503540794,"Ventas / Cuentas Por Cobrar Clientes"]
["Periodo de Cobro",null,null,null,null,{"$f":"+(F42/F86)*365","v":37.136776574802667},{"$f":"+(G42/G86)*365","v":35.215180763880063},40.591253998265046,62.388564004064314,73.812294702374231,{"$f":"+(K42/K86)*365","v":73.812294702374231},73.812294702374231,73.812294702374246,73.812294702374246,73.812294702374231,"(Cuentas Por Cobrar Clientes / Ventas ) * 365"]
["Rotacion de Inventarios",null,null,null,null,{"$f":"+(F43/F87)*365","v":0},0,0.78517641723676612,0,0,{"$f":"+(K43/K87)*365","v":0},0,0,0,0,"(Inventarios / Costo de Ventas) * 365"]
["Ciclo Operacional",null,null,null,null,{"$f":"F164+F165","v":37.136776574802667},35.215180763880063,41.376430415501815,62.388564004064314,73.812294702374231,{"$f":"K164+K165","v":73.812294702374231},73.812294702374231,73.812294702374246,73.812294702374246,73.812294702374231,"Periodo de Cobro +  Rotacion de Inventarios"]
["Periodo de Pago a Proveedores",null,null,null,null,{"$f":"+((F58+F59)/F87)*365","v":4.7826032292777283},{"$f":"+((G58+G59)/G87)*365","v":0.60374616553806437},8.1905856798941326,8.8586641051207184,7.9373610395942933,8.307784781876645,8.3398380261720462,8.4725022717998524,8.4489018096503941,8.5200520323744335,"(Cuentas por pagar Proveedores / Costo de Ventas) * 365"]
[]
[]
["Análisis de Palanca de crecimiento de VS Ltda comparación año 2021 respecto al proyección año 2026"]
[]
["Ventas 2021",61578566195]
["Margen Ebitda General 2021",9.0700000000000003E-2]
["Efectivo generado",{"$f":"+B172*B173","v":5585175953.8865004}]
[]
["Ventas 2021",{"$f":"+B172","v":61578566195}]
["PKT 2021",0.18]
["KTNO Requerido",{"$f":"+B176*B177","v":11084141915.1}]
["Caja neta para alcanzar crecimiento",{"$f":"+B178-B174","v":5498965961.2135}]
["PDC",{"$f":"+B173/B177","v":0.50388888888888894}]
[]
["Ventas 2026",90802498625.322906]
["Margen Ebitda General 2026",0.10102511773670304]
["Efectivo generado",{"$f":"+B182*B183","v":9173333114.4100628}]
[]
["Ventas 2026",{"$f":"+B182","v":90802498625.322906}]
["PKT 2026",0.18]
["KTNO Requerido",{"$f":"+B186*B187","v":16344449752.558123}]
["Caja neta para alcanzar crecimiento",{"$f":"+B188-B184","v":7171116638.1480598}]
["PDC",{"$f":"+B183/B187","v":0.56125065409279473}]
[]
["Calculos para llegar a un PCD mayor a 1 en 2026"]
[]
["Ventas 2026",90802498625.322906]
["Margen Ebitda General 2026",0.10102511773670304]
["Efectivo generado",{"$f":"+B194*B195","v":9173333114.4100628}]
[]
["Ventas 2026",{"$f":"+B194","v":90802498625.322906}]
["PKT 2026",0.09]
["KTNO Requerido",{"$f":"+B198*B199","v":8172224876.2790613}]
["Caja neta para alcanzar crecimiento",{"$f":"+B200-B196","v":-1001108238.1310015}]
["PDC",{"$f":"+B195/B199","v":1.1225013081855895},"Se tendría que reducir el indicador productividad del capital de trabajo a un nivel del 9 %, en este caso disminuyendo las cuentas por cobrar, a través de la estrategía de incursionar más con clientes del sector privado y de esta forma mejorar la rotación de los días de cartera"]

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["MODELOS DE VALORACIÓN CON ESTRATEGIA - FCLD con el Modelo de Anualidad Perpetua "]
[]
[{"$f":"+'Estados Finan + Estrategia'!A11:P11","v":"COMPAÑÍA VS LTDA "}]
["VALORACIÓN"]
[" Pesos Colombianos"]
["a 31 de Diciembre"]
["COSTO DE CAPITAL"]
["CALCULO DEL COSTO DE LOS RECURSOS PROPIOS",null,null,null,null,null,null,null,"TASAS HISTORICAS"]
["CONCEPTO",null,null,null,null,{"$f":"'Valoración Sin Estrategia FLC P'!F9","v":2021},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,{"$f":"+AVERAGE(K10:K19)","v":2.5918688403144374E-2},"Kl",null,2012,0.15890585241730293,2.971571978018946E-2,2.0693400000000001E-2,2.4400000000000002E-2,1.12E-2]
["Inflación en USA",null,null,null,null,{"$f":"+AVERAGE(L10:L19)","v":2.1409290000000001E-2},null,null,2013,0.32145085858125483,-9.104568794347262E-2,1.4648300000000001E-2,1.9400000000000001E-2,1.66E-2]
["Tasa libre de riesgo real en dólares",null,null,null,null,{"$f":"+((1+F10)/(1+F11))-1","v":4.414878978772796E-3},null,null,2014,0.13524421649462237,0.10746180452004755,1.6222199999999999E-2,3.6600000000000001E-2,1.9599999999999999E-2]
[null,null,null,null,null,null,null,null,2015,1.3788916411676138E-2,1.2842996709792224E-2,1.1862999999999999E-3,6.7699999999999996E-2,3.2099999999999997E-2]
["Inflación COLOMBIA",null,null,null,null,{"$f":"+AVERAGE(M10:M19)","v":3.8859999999999992E-2},null,null,2016,0.11773080874798171,6.9055046987477921E-3,1.26158E-2,5.7500000000000002E-2,2.2700000000000001E-2]
["Tasa libre de riesgo  nominal en $COL",null,null,null,null,{"$f":"+((1+F14)*(1+F12))-1","v":4.3446441175887696E-2},null,null,2017,0.2160548143449928,2.8017162707789457E-2,2.1301100000000003E-2,4.0899999999999999E-2,1.7399999999999999E-2]
[null,null,null,null,null,null,null,null,2018,-4.2268692890885438E-2,-1.6692385713402633E-4,2.4425800000000001E-2,3.1800000000000002E-2,2.3099999999999999E-2]
["Riesgo país Colombia",null,null,null,null,{"$f":"+AVERAGE(N10:N19)","v":2.1490000000000002E-2},"RP",null,2019,0.3221,9.6356307415483927E-2,2.29E-2,3.7999999999999999E-2,1.61E-2]
[null,null,null,null,null,null,null,null,2020,0.18010000000000001,0.1133,1.2E-2,1.61E-2,2.0899999999999998E-2]
[null,null,null,null,null,null,null,null,2021,0.28470000000000001,-4.4200000000000003E-2,6.8099999999999994E-2,5.62E-2,3.5200000000000002E-2]
["Rentabilidad Mercado en dólares                Km USA",null,null,null,null,{"$f":"+AVERAGE(J10:J19)","v":0.17078067741069453},"Km"]
["Inflación en USA",null,null,null,null,{"$f":"+AVERAGE(L10:L19)","v":2.1409290000000001E-2}]
["Rentabilidad del Mercado real en dólares  Km USA",null,null,null,null,{"$f":"+((1+F20)/(1+F21))-1","v":0.14624048251087918}]
[]
["Inflación COLOMBIA",null,null,null,null,{"$f":"+F14","v":3.8859999999999992E-2}]
["Rentabilidad del Mercado en $COL",null,null,null,null,{"$f":"+((1+F24)*(1+F22))-1","v":0.19078338766125191}]
[]
["Prima de riesgo del mercado                (Km - KL)",null,null,null,null,{"$f":"+F25-F15","v":0.14733694648536422}]
[]
[]
["Beta Desapalancada BU Sectorial ",null,null,null,null,{"$f":"'Valoración Sin Estrategia FLC P'!F30","v":0.77411724568223261}," Fuente: Damodaran 2021"]
[]
[null,null,null,null,null,{"$f":"'Estrategias Operativas EM'!E10","v":2022},{"$f":"'Estrategias Operativas EM'!F10","v":2023},{"$f":"'Estrategias Operativas EM'!G10","v":2024},{"$f":"'Estrategias Operativas EM'!H10","v":2025},{"$f":"'Estrategias Operativas EM'!I10","v":2026}]
["Deuda     D",null,null,null,null,{"$f":"'Estados Finan + Estrategia'!J57+'Estados Finan + Estrategia'!J64","v":3521317866},{"$f":"'Estados Finan + Estrategia'!K57+'Estados Finan + Estrategia'!K64","v":3434473282.75},{"$f":"'Estados Finan + Estrategia'!L57+'Estados Finan + Estrategia'!L64","v":3536555329.4375},{"$f":"'Estados Finan + Estrategia'!M57+'Estados Finan + Estrategia'!M64","v":3654558584.296875},{"$f":"'Estados Finan + Estrategia'!N57+'Estados Finan + Estrategia'!N64","v":3536726265.6210938}]
["Patrimonio       K",null,null,null,null,{"$f":"'Estados Finan + Estrategia'!J77-'Estados Finan + Estrategia'!J76","v":20022268805},{"$f":"'Estados Finan + Estrategia'!K77-'Estados Finan + Estrategia'!K76","v":22624315348.866577},{"$f":"'Estados Finan + Estrategia'!L77-'Estados Finan + Estrategia'!L76","v":24961152330.843178},{"$f":"'Estados Finan + Estrategia'!M77-'Estados Finan + Estrategia'!M76","v":26934114904.906361},{"$f":"'Estados Finan + Estrategia'!N77-'Estados Finan + Estrategia'!N76","v":29155478627.895935}]
["Beta Apalancada     BL = BU * ( 1 + (1-t) * D/P)",null,null,null,null,{"$f":"$F$30*(1+(1-('Estados Finan + Estrategia'!K98/'Estados Finan + Estrategia'!K97))*('Valoración + Estrategia FLC P'!F33/'Valoración + Estrategia FLC P'!F34))","v":0.8629883409601059},{"$f":"$F$30*(1+(1-('Estados Finan + Estrategia'!L98/'Estados Finan + Estrategia'!L97))*('Valoración + Estrategia FLC P'!G33/'Valoración + Estrategia FLC P'!G34))","v":0.85286455397941607},{"$f":"$F$30*(1+(1-('Estados Finan + Estrategia'!M98/'Estados Finan + Estrategia'!M97))*('Valoración + Estrategia FLC P'!H33/'Valoración + Estrategia FLC P'!H34))","v":0.85353169795474904},{"$f":"$F$30*(1+(1-('Estados Finan + Estrategia'!N98/'Estados Finan + Estrategia'!N97))*('Valoración + Estrategia FLC P'!I33/'Valoración + Estrategia FLC P'!I34))","v":0.8495785585660115},{"$f":"$F$30*(1+(1-('Estados Finan + Estrategia'!O98/'Estados Finan + Estrategia'!O97))*('Valoración + Estrategia FLC P'!J33/'Valoración + Estrategia FLC P'!J34))","v":0.84386511371809458}]
[]
["Costo del Patrimonio    Ke =         Kl +    (Km - KL)*B + RP",null,null,null,null,{"$f":"$F$15+($F$25-$F$15)*F35+$F$17","v":0.19208650818542009},0.19059490032481696,0.19069319528100862,0.19011075179444101,0.1892689502766364]
[]
[]
["Estructura Deuda       D/(D+ K)",null,null,null,null,{"$f":"F33/(F33+F34)","v":0.14956590579027668},{"$f":"G33/(G33+G34)","v":0.13179711963214691},0.12409964238515414,0.11947424217617054,0.10818255535656569]
["Estructura Patrimonio      K/(D+ K)",null,null,null,null,{"$f":"F34/(F33+F34)","v":0.85043409420972327},{"$f":"G34/(G33+G34)","v":0.86820288036785309},0.87590035761484586,0.88052575782382947,0.89181744464343427]
["Total Estructura de Capital   D+K",null,null,null,null,{"$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":"'Estados Finan + Estrategia'!X16*(1-('Estados Finan + Estrategia'!K98/'Estados Finan + Estrategia'!K97))","v":6.1125616495602497E-2},{"$f":"'Estados Finan + Estrategia'!Y16*(1-('Estados Finan + Estrategia'!L98/'Estados Finan + Estrategia'!L97))","v":6.0127378034671379E-2},{"$f":"'Estados Finan + Estrategia'!Z16*(1-('Estados Finan + Estrategia'!M98/'Estados Finan + Estrategia'!M97))","v":6.3220637475477875E-2},{"$f":"'Estados Finan + Estrategia'!AA16*(1-('Estados Finan + Estrategia'!N98/'Estados Finan + Estrategia'!N97))","v":6.0877245477280989E-2},{"$f":"'Estados Finan + Estrategia'!AB16*(1-('Estados Finan + Estrategia'!O98/'Estados Finan + Estrategia'!O97))","v":6.4770501034455336E-2}]
[]
["Aporte Costo de la Deuda    Estructura deuda * Costo",null,null,null,null,{"$f":"F40*F44","v":9.1423081981538649E-3},{"$f":"G40*G44","v":7.9246152360029059E-3},7.8456585020682777E-3,7.273262769170852E-3,7.0070383136324596E-3]
["Aporte Costo Patrimonio     Estructura Patromonio * Costo",null,null,null,null,{"$f":"F41*F37","v":0.16335691559857632},{"$f":"G41*G37","v":0.16547504144542993},0.16702823794135307,0.16739741379425813,0.1687933515860551]
[]
["COSTO DE CAPITAL - WACC",null,null,null,null,{"$f":"F46+F47","v":0.17249922379673019},{"$f":"G46+G47","v":0.17339965668143284},0.17487389644342136,0.17467067656342897,0.17580038989968755]
[]
["FLUJO DE CAJA PROYECTADO CON ESTRATEGIA"]
[]
[]
[null,null,null,null,null,{"$f":"F32","v":2022},{"$f":"G32","v":2023},{"$f":"H32","v":2024},{"$f":"I32","v":2025},{"$f":"J32","v":2026}]
[null,"UTILIDAD DEL EJERCICIO",null,null,null,{"$f":"+'Estados Finan + Estrategia'!K99","v":2937952415.0707622},{"$f":"+'Estados Finan + Estrategia'!L99","v":3462072221.3116207},{"$f":"+'Estados Finan + Estrategia'!M99","v":4797358861.2568197},{"$f":"+'Estados Finan + Estrategia'!N99","v":4988831833.4819489},{"$f":"+'Estados Finan + Estrategia'!O99","v":6035783168.404007}]
[null,"(+) Impuestos CAUSADOS",null,null,null,{"$f":"+'Estados Finan + Estrategia'!K98","v":1562777064.966763},{"$f":"+'Estados Finan + Estrategia'!L98","v":1704373188.876087},{"$f":"+'Estados Finan + Estrategia'!M98","v":1828241407.8120775},{"$f":"+'Estados Finan + Estrategia'!N98","v":1955228255.8641646},{"$f":"+'Estados Finan + Estrategia'!O98","v":2090476720.3640578}]
[null,"(+) Gastos financiero",null,null,null,{"$f":"+'Estados Finan + Estrategia'!K95","v":575071375.72232664},{"$f":"+'Estados Finan + Estrategia'!L95","v":627175978.22698128},{"$f":"+'Estados Finan + Estrategia'!M95","v":672757058.64379001},{"$f":"+'Estados Finan + Estrategia'!N95","v":719485733.54247677},{"$f":"+'Estados Finan + Estrategia'!O95","v":769254521.61074805}]
[null,"EBIT",null,null,null,{"$f":"+SUM(F55:F57)","v":5075800855.7598515},{"$f":"+SUM(G55:G57)","v":5793621388.4146891},7298357327.7126875,7663545822.8885899,8895514410.3788128]
[]
[null,"(-) Impuestos AJUSTADOS\nImpuestos operacionales",null,null,null,{"$f":"+F58*('Estados Finan + Estrategia'!K98/'Estados Finan + Estrategia'!K97)","v":1762457663.5639136},{"$f":"+G58*('Estados Finan + Estrategia'!L98/'Estados Finan + Estrategia'!L97)","v":1911274034.0663514},{"$f":"+H58*('Estados Finan + Estrategia'!M98/'Estados Finan + Estrategia'!M97)","v":2013879276.3916867},{"$f":"+I58*('Estados Finan + Estrategia'!N98/'Estados Finan + Estrategia'!N97)","v":2157812740.7063565},{"$f":"+J58*('Estados Finan + Estrategia'!O98/'Estados Finan + Estrategia'!O97)","v":2288367101.8524408}]
[null,"UODI   RODI   NOPAT  NOPLAT   EBIT (1 - tx)",null,null,null,{"$f":"+F58-F60","v":3313343192.1959381},{"$f":"+G58-G60","v":3882347354.3483377},5284478051.3210011,5505733082.1822338,6607147308.526372]
[]
[null,"(+) Depreciación",null,null,null,{"$f":"+'Estados Finan + Estrategia'!K104","v":341879994.5},{"$f":"+'Estados Finan + Estrategia'!L104","v":239381929.75},{"$f":"+'Estados Finan + Estrategia'!M104","v":290630962.125},{"$f":"+'Estados Finan + Estrategia'!N104","v":265006445.9375},{"$f":"+'Estados Finan + Estrategia'!O104","v":277818704.03125}]
[null,"(+) Amortizacion",null,null,null,{"$f":"+'Estados Finan + Estrategia'!K105","v":0},{"$f":"+'Estados Finan + Estrategia'!L105","v":0},{"$f":"+'Estados Finan + Estrategia'!M105","v":0},{"$f":"+'Estados Finan + Estrategia'!N105","v":0},{"$f":"+'Estados Finan + Estrategia'!O105","v":0}]
[null,"(+) Provisiones",null,null,null,0,0,0,0,0]
[null,"1 Flujo operativo o flujo bruto",null,null,null,{"$f":"+F61+F63+F64+F65","v":3655223186.6959381},{"$f":"+G61+G63+G64+G65","v":4121729284.0983377},5575109013.4460011,5770739528.1197338,6884966012.557622]
[]
[null,"(-) Variación del capital de trabajo",null,null,null,{"$f":"+F74-E74","v":1153441634.9495068},{"$f":"+G74-F74","v":1125583135.6968651},984659568.59414291,1009450334.3485737,1075123997.5146751]
[null,"(-) Inversión en activos (1)",null,null,null,{"$f":"+'Estados Finan + Estrategia'!K49-'Estados Finan + Estrategia'!J49","v":1062515433.4876003},{"$f":"+'Estados Finan + Estrategia'!L49-'Estados Finan + Estrategia'!K49","v":1021318513.0888176},{"$f":"+'Estados Finan + Estrategia'!M49-'Estados Finan + Estrategia'!L49","v":850849601.30957603},{"$f":"+'Estados Finan + Estrategia'!N49-'Estados Finan + Estrategia'!M49","v":832192780.77069473},{"$f":"+'Estados Finan + Estrategia'!O49-'Estados Finan + Estrategia'!N49","v":853878481.33821869}]
[null,"2 Financiación de inversiones",null,null,null,{"$f":"+SUM(F68:F69)","v":2215957068.4371071},{"$f":"+SUM(G68:G69)","v":2146901648.7856827},1835509169.9037189,1841643115.1192684,1929002478.8528938]
[]
[null,"(1 - 2) FCLO",null,null,null,{"$f":"+F66-F70","v":1439266118.258831},{"$f":"+G66-G70","v":1974827635.312655},3739599843.5422821,3929096413.0004654,4955963533.7047281]
["Anexo KTNO"]
["Calculo KTNO ",null,null,null,{"$f":"+'Estados Finan + Estrategia'!J127","v":11269465579},{"$f":"+'Estados Finan + Estrategia'!K127","v":12422907213.949507},{"$f":"+'Estados Finan + Estrategia'!L127","v":13548490349.646372},{"$f":"+'Estados Finan + Estrategia'!M127","v":14533149918.240515},{"$f":"+'Estados Finan + Estrategia'!N127","v":15542600252.589088},{"$f":"+'Estados Finan + Estrategia'!O127","v":16617724250.103764}]
["MÉTODO FLUJO DE CAJA DESCONTADO FCLD CON ESTRATEGIA"]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J54","v":2026}]
[null,null,null,null,"FCLOn","Ultimo FCLO conocido",null,null,null,{"$f":"+J72","v":4955963533.7047281}]
[null,null,null,null,"WACC n","Ultimo costo de capital conocido",null,null,null,{"$f":"+J49","v":0.17580038989968755}]
[null,null,null,null,"g","Gradiente a perpetuidad",null,{"$f":"'Valoración Sin Estrategia FLC P'!H82","v":{"$error":"#VALUE!"}},{"$f":"'Valoración Sin Estrategia FLC P'!I82","v":{"$error":"#VALUE!"}},{"$f":"+H82+I82","v":{"$error":"#VALUE!"}}]
[]
[null,null,null,null,"M1","MODELO ANUALIDAD PERPETUA"]
[null,null,null,null,null,"FCLO (último valor conocido)",null,null,null,{"$f":"+J80","v":4955963533.7047281},"Representa una serie de pagos Futuros Constantes y perpetuos"]
[null,null,null,null,null,"WACC (último valor conocido)",null,null,null,{"$f":"+J81","v":0.17580038989968755}]
[null,null,null,null,null,"VALOR TERMINAL      (FCLO / WACC)",null,null,null,{"$f":"+J85/J86","v":28190856325.930916}]
[]
[null,null,null,null,"M2","MODELO CRECIMIENTO CONSTANTE"]
[null,null,null,null,null,"FCLO (último valor conocido)",null,null,null,{"$f":"+J80","v":4955963533.7047281},"Representa pagos perpetuos con un grado de crecimiento constante"]
[null,null,null,null,null,"WACC (último valor conocido)",null,null,null,{"$f":"+J81","v":0.17580038989968755}]
[null,null,null,null,null,"Tasa de crecimiento - perpetuidad  g",null,null,null,{"$f":"+J82","v":{"$error":"#VALUE!"}}]
[null,null,null,null,null,"VALOR TERMINAL                                    FCLO*(1+g)/(WACC - g)",null,null,null,{"$f":"+J90*(1+J92)/(J91-J92)","v":{"$error":"#VALUE!"}}]
[]
[]
["VALOR PRESENTE FLUJOS DE CAJA PROYECTADOS",null,null,null,null,{"$f":"F54","v":2022},{"$f":"G54","v":2023},{"$f":"H54","v":2024},{"$f":"I54","v":2025},{"$f":"J54","v":2026},"MÉTODO FLUJO DE CAJA LIBRE DESCONTADO"]
["Costo de Capital",null,null,null,null,{"$f":"+F49","v":0.17249922379673019},{"$f":"+G49","v":0.17339965668143284},0.17487389644342136,0.17467067656342897,0.17580038989968755]
["Tasa Acumulada",null,null,null,null,{"$f":"+F97","v":0.17249922379673019},{"$f":"+((1+F98)*(1+G97))-1","v":0.37581018666232979},{"$f":"+((1+G98)*(1+H97))-1","v":0.61640347477052226},{"$f":"+((1+H98)*(1+I97))-1","v":0.89874176330816691},{"$f":"+((1+I98)*(1+J97))-1","v":1.2325413056165631}]
[]
["FCL",null,null,null,null,{"$f":"+F72","v":1439266118.258831},{"$f":"+G72","v":1974827635.312655},3739599843.5422821,3929096413.0004654,4955963533.7047281]
["Valor Terminal",null,null,null,null,null,null,null,null,{"$f":"+J87","v":28190856325.930916}]
[]
["Valor presente Flujos de caja Proyectados",null,null,null,null,{"$f":"+F100/(1+F98)","v":1227519890.0330775},{"$f":"+G100/(1+G98)","v":1435392508.6886599},2313531183.217226,2069315843.2217886,2219875404.4266315]
["Valor Terminal",null,null,null,null,null,null,null,null,{"$f":"+J101/(1+J98)","v":12627249607.883703}]
[]
["(+) VALOR PRESENTE DE LOS FLUJOS",null,null,null,null,{"$f":"+SUM(F103:J103)","v":9265634829.5873833}]
["(+) VALOR PRESENTE DEL VALOR TERMINAL",null,null,null,null,{"$f":"+J104","v":12627249607.883703}]
["(=)VALOR DE LAS OPERACIONES O DE MERCADO",null,null,null,null,{"$f":"+F106+F107","v":21892884437.471085}]
[]
["Valor de mercado de la empresa",null,null,null,null,{"$f":"+F108","v":21892884437.471085}]
["(Menos) Deuda operacional (Pasivo Corriente - Oblig.Finan CP)",null,null,null,null,{"$f":"+('Estados Finan + Estrategia'!J62-'Estados Finan + Estrategia'!J57)","v":3866050632}]
["(Más) Activo corriente (Disp. Inver, Clientes, Invet.)",null,null,null,null,{"$f":"+'Estados Finan + Estrategia'!J40+'Estados Finan + Estrategia'!J42+'Estados Finan + Estrategia'!J43","v":12673675404}]
["(Menos) Deuda financiera CP + LP",null,null,null,null,{"$f":"+'Estados Finan + Estrategia'!J57+'Estados Finan + Estrategia'!J64","v":3521317866}]
["VALOR DE MERCADO DEL PATRIMONIO",null,null,null,null,{"$f":"+F110-F111+F112-F113","v":27179191343.471085}]
[]
["Patrimonio contable",null,null,null,null,{"$f":"+'Estados Finan + Estrategia'!J77","v":21223153995}]
[]
["Numero de Acciones",null,null,null,null,{"$f":"+'Valoración Sin Estrategia FLC P'!F118","v":400000},"Valor "]
["Valor en Libros por acción",null,null,null,null,{"$f":"+F116/F118","v":53057.884987500001}]
["Valor de Mercado de la Acción",null,null,null,null,{"$f":"+F114/F118","v":67947.978358677705}]
["P/BV",null,null,null,null,{"$f":"+F120/F119","v":1.2806386529482976}]
["DATO DAMODARAN",null,"Total Market",1.9046127173578955]
[]
[]
["MÉTODOS CONTABLES O DE BALANCE CON ESTRATEGIA"]
[]
[]
["VALOR PATRIMONIAL O VALOR EN LIBROS",null,null,null,null,{"$f":"F96","v":2022},{"$f":"G96","v":2023},{"$f":"H96","v":2024},{"$f":"I96","v":2025},{"$f":"J96","v":2026},"MÉTODOS CONTABLES O DEL BALANCE"]
["Activos Totales",null,null,null,null,{"$f":"+'Estados Finan + Estrategia'!K54","v":36220407574.603394},{"$f":"+'Estados Finan + Estrategia'!L54","v":39471217944.16925},{"$f":"+'Estados Finan + Estrategia'!M54","v":42272425915.252823},{"$f":"+'Estados Finan + Estrategia'!N54","v":45104081222.223167},{"$f":"+'Estados Finan + Estrategia'!O54","v":48087504933.179634}]
["Pasivos Totales",null,null,null,null,{"$f":"+'Estados Finan + Estrategia'!K69","v":12395207035.736816},{"$f":"+'Estados Finan + Estrategia'!L69","v":13309180423.326077},{"$f":"+'Estados Finan + Estrategia'!M69","v":14137425820.346462},{"$f":"+'Estados Finan + Estrategia'!N69","v":14747717404.32723},{"$f":"+'Estados Finan + Estrategia'!O69","v":15527064300.036667}]
["Patrimonio            A - P = Pat",null,null,null,null,{"$f":"+F129-F130","v":23825200538.866577},{"$f":"+G129-G130","v":26162037520.843174},28135000094.906361,30356363817.895935,32560440633.142967]
["Valor en Libros Acción",null,null,null,null,{"$f":"+F131/$F$118","v":59563.001347166442},{"$f":"+G131/$F$118","v":65405.093802107935},70337.500237265907,75890.909544739843,81401.101582857416]
["P/BV",null,null,null,null,{"$f":"+F132/$F$119","v":1.122604140010462},{"$f":"+G132/$F$119","v":1.2327120430359566},1.3256747843197452,1.430341777901986,1.5341942409131997]
[]
[]
[]
[]
["VALOR SUSTANCIAL NETO",null,null,null,null,{"$f":"F128","v":2022},2023,2024,2025,2026]
["Activos totales",null,null,null,null,{"$f":"+F129","v":36220407574.603394},{"$f":"+G129","v":39471217944.16925},42272425915.252823,45104081222.223167,48087504933.179634]
["Pasivo Exigible Deudas    Financiacion con terceros  FIN  CP + FIN LP + PROVE",null,null,null,null,{"$f":"+'Estados Finan + Estrategia'!K57+'Estados Finan + Estrategia'!K59+'Estados Finan + Estrategia'!K64","v":4738872713.4130297},{"$f":"+'Estados Finan + Estrategia'!L57+'Estados Finan + Estrategia'!L59+'Estados Finan + Estrategia'!L64","v":4959140461.4086962},{"$f":"+'Estados Finan + Estrategia'!M57+'Estados Finan + Estrategia'!M59+'Estados Finan + Estrategia'!M64","v":5180532509.1288013},{"$f":"+'Estados Finan + Estrategia'!N57+'Estados Finan + Estrategia'!N59+'Estados Finan + Estrategia'!N64","v":5168692002.0901833},{"$f":"+'Estados Finan + Estrategia'!O57+'Estados Finan + Estrategia'!O59+'Estados Finan + Estrategia'!O64","v":5285431617.4616899}]
["Patrimonio            Act   -    financiacion con terceros = Pat",null,null,null,null,{"$f":"+F139-F140","v":31481534861.190365},{"$f":"+G139-G140","v":34512077482.760551},37091893406.124023,39935389220.13298,42802073315.717941]
["Valor de la Acción",null,null,null,null,{"$f":"+F141/$F$118","v":78703.837152975917},{"$f":"+G141/$F$118","v":86280.19370690138},92729.733515310058,99838.473050332454,107005.18328929486]
["P/BV",null,null,null,null,{"$f":"+F142/$F$119","v":1.4833579810336934},{"$f":"+G142/$F$119","v":1.6261521492465876},1.7477088190974144,1.8816896503479845,2.0167630751678924]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["RESUMEN RESULTADOS DE VALORACIÓN CON ESTRATEGIA"]
[]
["Método",null,null,null,null,"Valor Empresa \nUltimo Conocido","Ultimo Patrimonio \nReal","Valor Creado \nProyectado 5 Años","P/BV","P/BV Sector \n(Damodaran)","Diferencia"]
["Patrimonial",null,null,null,null,{"$f":"+J131","v":32560440633.142967},{"$f":"+'Estados Finan + Estrategia'!J77","v":21223153995},{"$f":"+F156-G156","v":11337286638.142967},{"$f":"+F156/G156","v":1.5341942409131997},1.9,{"$f":"+I156-J156","v":-0.36580575908680024}]
["Sustancial  Neto",null,null,null,null,{"$f":"+J141","v":42802073315.717941},{"$f":"+G156","v":21223153995},{"$f":"+F157-G157","v":21578919320.717941},{"$f":"+F157/G157","v":2.0167630751678924},1.9,{"$f":"+I157-J157","v":0.11676307516789253},{"$f":"+AVERAGE(F156:F158)","v":34180568430.777328},null,{"$f":"+L157/G158","v":1.6105319896764632}]
["FCLD valor residual perpetuo",null,null,null,null,{"$f":"+F114","v":27179191343.471085},{"$f":"+G157","v":21223153995},{"$f":"+F158-G158","v":5956037348.4710846},1.2806386529482978,1.9,{"$f":"+I158-J158","v":-0.61936134705170209},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 FLC P'!I156","v":1.5096861291734995},{"$f":"+I156","v":1.5341942409131997},{"$f":"+G164-F164","v":2.4508111739700134E-2},{"$f":"+J156","v":1.9},{"$f":"+G164-I164","v":-0.36580575908680024},{"$f":"+H156-'Valoración Sin Estrategia FLC P'!H156","v":520139429.57832336}]
["Sustancial  Neto",null,null,null,null,{"$f":"+'Valoración Sin Estrategia FLC P'!I157","v":1.9802618700687979},{"$f":"+I157","v":2.0167630751678924},{"$f":"+G165-F165","v":3.6501205099094491E-2},{"$f":"+J157","v":1.9},{"$f":"+G165-I165","v":0.11676307516789253},{"$f":"+H157-'Valoración Sin Estrategia FLC P'!H157","v":774670696.82115936}]
["FCLD valor residual perpetuo",null,null,null,null,{"$f":"+'Valoración Sin Estrategia FLC P'!I158","v":0.83621051415334913},{"$f":"+I158","v":1.2806386529482978},0.44442813879494869,{"$f":"+J158","v":1.9},-0.61936134705170209,{"$f":"+H158-'Valoración Sin Estrategia FLC P'!H158","v":9432166829.3564301},"Promedio",{"$f":"+AVERAGE(K164:K166)","v":3575658985.2519708}]

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["MODELOS DE VALORACIÓN CON ESTRATEGIA - FCL con el Modelo De Crecimiento Constante "]
[]
[{"$f":"+'Valoración + Estrategia FLC P'!A3:Q3","v":"COMPAÑÍA VS LTDA "}]
["VALORACIÓN"]
[" Pesos Colombianos"]
["a 31 de Diciembre"]
["COSTO DE CAPITAL"]
["CALCULO DEL COSTO DE LOS RECURSOS PROPIOS",null,null,null,null,null,null,null,"TASAS HISTORICAS"]
["CONCEPTO",null,null,null,null,{"$f":"'Valoración Sin Estrategia FLC P'!F9","v":2021},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,{"$f":"+AVERAGE(K10:K19)","v":2.5918688403144374E-2},"Kl",null,2012,0.15890585241730293,2.971571978018946E-2,2.0693400000000001E-2,2.4400000000000002E-2,1.12E-2]
["Inflación en USA",null,null,null,null,{"$f":"+AVERAGE(L10:L19)","v":2.1409290000000001E-2},null,null,2013,0.32145085858125483,-9.104568794347262E-2,1.4648300000000001E-2,1.9400000000000001E-2,1.66E-2]
["Tasa libre de riesgo real en dólares",null,null,null,null,{"$f":"+((1+F10)/(1+F11))-1","v":4.414878978772796E-3},null,null,2014,0.13524421649462237,0.10746180452004755,1.6222199999999999E-2,3.6600000000000001E-2,1.9599999999999999E-2]
[null,null,null,null,null,null,null,null,2015,1.3788916411676138E-2,1.2842996709792224E-2,1.1862999999999999E-3,6.7699999999999996E-2,3.2099999999999997E-2]
["Inflación COLOMBIA",null,null,null,null,{"$f":"+AVERAGE(M10:M19)","v":3.8859999999999992E-2},null,null,2016,0.11773080874798171,6.9055046987477921E-3,1.26158E-2,5.7500000000000002E-2,2.2700000000000001E-2]
["Tasa libre de riesgo  nominal en $COL",null,null,null,null,{"$f":"+((1+F14)*(1+F12))-1","v":4.3446441175887696E-2},null,null,2017,0.2160548143449928,2.8017162707789457E-2,2.1301100000000003E-2,4.0899999999999999E-2,1.7399999999999999E-2]
[null,null,null,null,null,null,null,null,2018,-4.2268692890885438E-2,-1.6692385713402633E-4,2.4425800000000001E-2,3.1800000000000002E-2,2.3099999999999999E-2]
["Riesgo país Colombia",null,null,null,null,{"$f":"+AVERAGE(N10:N19)","v":2.1490000000000002E-2},"RP",null,2019,0.3221,9.6356307415483927E-2,2.29E-2,3.7999999999999999E-2,1.61E-2]
[null,null,null,null,null,null,null,null,2020,0.18010000000000001,0.1133,1.2E-2,1.61E-2,2.0899999999999998E-2]
[null,null,null,null,null,null,null,null,2021,0.28470000000000001,-4.4200000000000003E-2,6.8099999999999994E-2,5.62E-2,3.5200000000000002E-2]
["Rentabilidad Mercado en dólares                Km USA",null,null,null,null,{"$f":"+AVERAGE(J10:J19)","v":0.17078067741069453},"Km"]
["Inflación en USA",null,null,null,null,{"$f":"+AVERAGE(L10:L19)","v":2.1409290000000001E-2}]
["Rentabilidad del Mercado real en dólares  Km USA",null,null,null,null,{"$f":"+((1+F20)/(1+F21))-1","v":0.14624048251087918}]
[]
["Inflación COLOMBIA",null,null,null,null,{"$f":"+F14","v":3.8859999999999992E-2}]
["Rentabilidad del Mercado en $COL",null,null,null,null,{"$f":"+((1+F24)*(1+F22))-1","v":0.19078338766125191}]
[]
["Prima de riesgo del mercado                (Km - KL)",null,null,null,null,{"$f":"+F25-F15","v":0.14733694648536422}]
[]
[]
["Beta Desapalancada BU Sectorial ",null,null,null,null,{"$f":"'Valoración Sin Estrategia FLC P'!F30","v":0.77411724568223261}," Fuente: Damodaran 2021"]
[]
[null,null,null,null,null,{"$f":"'Estrategias Operativas EM'!E10","v":2022},{"$f":"'Estrategias Operativas EM'!F10","v":2023},{"$f":"'Estrategias Operativas EM'!G10","v":2024},{"$f":"'Estrategias Operativas EM'!H10","v":2025},{"$f":"'Estrategias Operativas EM'!I10","v":2026}]
["Deuda     D",null,null,null,null,{"$f":"'Estados Finan + Estrategia'!J57+'Estados Finan + Estrategia'!J64","v":3521317866},{"$f":"'Estados Finan + Estrategia'!K57+'Estados Finan + Estrategia'!K64","v":3434473282.75},{"$f":"'Estados Finan + Estrategia'!L57+'Estados Finan + Estrategia'!L64","v":3536555329.4375},{"$f":"'Estados Finan + Estrategia'!M57+'Estados Finan + Estrategia'!M64","v":3654558584.296875},{"$f":"'Estados Finan + Estrategia'!N57+'Estados Finan + Estrategia'!N64","v":3536726265.6210938}]
["Patrimonio       K",null,null,null,null,{"$f":"'Estados Finan + Estrategia'!J77-'Estados Finan + Estrategia'!J76","v":20022268805},{"$f":"'Estados Finan + Estrategia'!K77-'Estados Finan + Estrategia'!K76","v":22624315348.866577},{"$f":"'Estados Finan + Estrategia'!L77-'Estados Finan + Estrategia'!L76","v":24961152330.843178},{"$f":"'Estados Finan + Estrategia'!M77-'Estados Finan + Estrategia'!M76","v":26934114904.906361},{"$f":"'Estados Finan + Estrategia'!N77-'Estados Finan + Estrategia'!N76","v":29155478627.895935}]
["Beta Apalancada     BL = BU * ( 1 + (1-t) * D/P)",null,null,null,null,{"$f":"$F$30*(1+(1-('Estados Finan + Estrategia'!K98/'Estados Finan + Estrategia'!K97))*('Valoración + Estrategia FCL C'!F33/'Valoración + Estrategia FCL C'!F34))","v":0.8629883409601059},{"$f":"$F$30*(1+(1-('Estados Finan + Estrategia'!L98/'Estados Finan + Estrategia'!L97))*('Valoración + Estrategia FCL C'!G33/'Valoración + Estrategia FCL C'!G34))","v":0.85286455397941607},{"$f":"$F$30*(1+(1-('Estados Finan + Estrategia'!M98/'Estados Finan + Estrategia'!M97))*('Valoración + Estrategia FCL C'!H33/'Valoración + Estrategia FCL C'!H34))","v":0.85353169795474904},{"$f":"$F$30*(1+(1-('Estados Finan + Estrategia'!N98/'Estados Finan + Estrategia'!N97))*('Valoración + Estrategia FCL C'!I33/'Valoración + Estrategia FCL C'!I34))","v":0.8495785585660115},{"$f":"$F$30*(1+(1-('Estados Finan + Estrategia'!O98/'Estados Finan + Estrategia'!O97))*('Valoración + Estrategia FCL C'!J33/'Valoración + Estrategia FCL C'!J34))","v":0.84386511371809458}]
[]
["Costo del Patrimonio    Ke =         Kl +    (Km - KL)*B + RP",null,null,null,null,{"$f":"$F$15+($F$25-$F$15)*F35+$F$17","v":0.19208650818542009},0.19059490032481696,0.19069319528100862,0.19011075179444101,0.1892689502766364]
[]
[]
["Estructura Deuda       D/(D+ K)",null,null,null,null,{"$f":"F33/(F33+F34)","v":0.14956590579027668},{"$f":"G33/(G33+G34)","v":0.13179711963214691},0.12409964238515414,0.11947424217617054,0.10818255535656569]
["Estructura Patrimonio      K/(D+ K)",null,null,null,null,{"$f":"F34/(F33+F34)","v":0.85043409420972327},{"$f":"G34/(G33+G34)","v":0.86820288036785309},0.87590035761484586,0.88052575782382947,0.89181744464343427]
["Total Estructura de Capital   D+K",null,null,null,null,{"$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":"'Estados Finan + Estrategia'!X16*(1-('Estados Finan + Estrategia'!K98/'Estados Finan + Estrategia'!K97))","v":6.1125616495602497E-2},{"$f":"'Estados Finan + Estrategia'!Y16*(1-('Estados Finan + Estrategia'!L98/'Estados Finan + Estrategia'!L97))","v":6.0127378034671379E-2},{"$f":"'Estados Finan + Estrategia'!Z16*(1-('Estados Finan + Estrategia'!M98/'Estados Finan + Estrategia'!M97))","v":6.3220637475477875E-2},{"$f":"'Estados Finan + Estrategia'!AA16*(1-('Estados Finan + Estrategia'!N98/'Estados Finan + Estrategia'!N97))","v":6.0877245477280989E-2},{"$f":"'Estados Finan + Estrategia'!AB16*(1-('Estados Finan + Estrategia'!O98/'Estados Finan + Estrategia'!O97))","v":6.4770501034455336E-2}]
[]
["Aporte Costo de la Deuda    Estructura deuda * Costo",null,null,null,null,{"$f":"F40*F44","v":9.1423081981538649E-3},{"$f":"G40*G44","v":7.9246152360029059E-3},7.8456585020682777E-3,7.273262769170852E-3,7.0070383136324596E-3]
["Aporte Costo Patrimonio     Estructura Patromonio * Costo",null,null,null,null,{"$f":"F41*F37","v":0.16335691559857632},{"$f":"G41*G37","v":0.16547504144542993},0.16702823794135307,0.16739741379425813,0.1687933515860551]
[]
["COSTO DE CAPITAL - WACC",null,null,null,null,{"$f":"F46+F47","v":0.17249922379673019},{"$f":"G46+G47","v":0.17339965668143284},0.17487389644342136,0.17467067656342897,0.17580038989968755]
[]
["FLUJO DE CAJA PROYECTADO CON ESTRATEGIA"]
[]
[]
[null,null,null,null,null,{"$f":"F32","v":2022},{"$f":"G32","v":2023},{"$f":"H32","v":2024},{"$f":"I32","v":2025},{"$f":"J32","v":2026}]
[null,"UTILIDAD DEL EJERCICIO",null,null,null,{"$f":"+'Estados Finan + Estrategia'!K99","v":2937952415.0707622},{"$f":"+'Estados Finan + Estrategia'!L99","v":3462072221.3116207},{"$f":"+'Estados Finan + Estrategia'!M99","v":4797358861.2568197},{"$f":"+'Estados Finan + Estrategia'!N99","v":4988831833.4819489},{"$f":"+'Estados Finan + Estrategia'!O99","v":6035783168.404007}]
[null,"(+) Impuestos CAUSADOS",null,null,null,{"$f":"+'Estados Finan + Estrategia'!K98","v":1562777064.966763},{"$f":"+'Estados Finan + Estrategia'!L98","v":1704373188.876087},{"$f":"+'Estados Finan + Estrategia'!M98","v":1828241407.8120775},{"$f":"+'Estados Finan + Estrategia'!N98","v":1955228255.8641646},{"$f":"+'Estados Finan + Estrategia'!O98","v":2090476720.3640578}]
[null,"(+) Gastos financiero",null,null,null,{"$f":"+'Estados Finan + Estrategia'!K95","v":575071375.72232664},{"$f":"+'Estados Finan + Estrategia'!L95","v":627175978.22698128},{"$f":"+'Estados Finan + Estrategia'!M95","v":672757058.64379001},{"$f":"+'Estados Finan + Estrategia'!N95","v":719485733.54247677},{"$f":"+'Estados Finan + Estrategia'!O95","v":769254521.61074805}]
[null,"EBIT",null,null,null,{"$f":"+SUM(F55:F57)","v":5075800855.7598515},{"$f":"+SUM(G55:G57)","v":5793621388.4146891},7298357327.7126875,7663545822.8885899,8895514410.3788128]
[]
[null,"(-) Impuestos AJUSTADOS\nImpuestos operacionales",null,null,null,{"$f":"+F58*('Estados Finan + Estrategia'!K98/'Estados Finan + Estrategia'!K97)","v":1762457663.5639136},{"$f":"+G58*('Estados Finan + Estrategia'!L98/'Estados Finan + Estrategia'!L97)","v":1911274034.0663514},{"$f":"+H58*('Estados Finan + Estrategia'!M98/'Estados Finan + Estrategia'!M97)","v":2013879276.3916867},{"$f":"+I58*('Estados Finan + Estrategia'!N98/'Estados Finan + Estrategia'!N97)","v":2157812740.7063565},{"$f":"+J58*('Estados Finan + Estrategia'!O98/'Estados Finan + Estrategia'!O97)","v":2288367101.8524408}]
[null,"UODI   RODI   NOPAT  NOPLAT   EBIT (1 - tx)",null,null,null,{"$f":"+F58-F60","v":3313343192.1959381},{"$f":"+G58-G60","v":3882347354.3483377},5284478051.3210011,5505733082.1822338,6607147308.526372]
[]
[null,"(+) Depreciación",null,null,null,{"$f":"+'Estados Finan + Estrategia'!K104","v":341879994.5},{"$f":"+'Estados Finan + Estrategia'!L104","v":239381929.75},{"$f":"+'Estados Finan + Estrategia'!M104","v":290630962.125},{"$f":"+'Estados Finan + Estrategia'!N104","v":265006445.9375},{"$f":"+'Estados Finan + Estrategia'!O104","v":277818704.03125}]
[null,"(+) Amortizacion",null,null,null,{"$f":"+'Estados Finan + Estrategia'!K105","v":0},{"$f":"+'Estados Finan + Estrategia'!L105","v":0},{"$f":"+'Estados Finan + Estrategia'!M105","v":0},{"$f":"+'Estados Finan + Estrategia'!N105","v":0},{"$f":"+'Estados Finan + Estrategia'!O105","v":0}]
[null,"(+) Provisiones",null,null,null,0,0,0,0,0]
[null,"1 Flujo operativo o flujo bruto",null,null,null,{"$f":"+F61+F63+F64+F65","v":3655223186.6959381},{"$f":"+G61+G63+G64+G65","v":4121729284.0983377},5575109013.4460011,5770739528.1197338,6884966012.557622]
[]
[null,"(-) Variación del capital de trabajo",null,null,null,{"$f":"+F74-E74","v":1153441634.9495068},{"$f":"+G74-F74","v":1125583135.6968651},984659568.59414291,1009450334.3485737,1075123997.5146751]
[null,"(-) Inversión en activos (1)",null,null,null,{"$f":"+'Estados Finan + Estrategia'!K49-'Estados Finan + Estrategia'!J49","v":1062515433.4876003},{"$f":"+'Estados Finan + Estrategia'!L49-'Estados Finan + Estrategia'!K49","v":1021318513.0888176},{"$f":"+'Estados Finan + Estrategia'!M49-'Estados Finan + Estrategia'!L49","v":850849601.30957603},{"$f":"+'Estados Finan + Estrategia'!N49-'Estados Finan + Estrategia'!M49","v":832192780.77069473},{"$f":"+'Estados Finan + Estrategia'!O49-'Estados Finan + Estrategia'!N49","v":853878481.33821869}]
[null,"2 Financiación de inversiones",null,null,null,{"$f":"+SUM(F68:F69)","v":2215957068.4371071},{"$f":"+SUM(G68:G69)","v":2146901648.7856827},1835509169.9037189,1841643115.1192684,1929002478.8528938]
[]
[null,"(1 - 2) FCLO",null,null,null,{"$f":"+F66-F70","v":1439266118.258831},{"$f":"+G66-G70","v":1974827635.312655},3739599843.5422821,3929096413.0004654,4955963533.7047281]
["Anexo KTNO"]
["Calculo KTNO ",null,null,null,{"$f":"+'Estados Finan + Estrategia'!J127","v":11269465579},{"$f":"+'Estados Finan + Estrategia'!K127","v":12422907213.949507},{"$f":"+'Estados Finan + Estrategia'!L127","v":13548490349.646372},{"$f":"+'Estados Finan + Estrategia'!M127","v":14533149918.240515},{"$f":"+'Estados Finan + Estrategia'!N127","v":15542600252.589088},{"$f":"+'Estados Finan + Estrategia'!O127","v":16617724250.103764}]
["MÉTODO FLUJO DE CAJA DESCONTADO FCLD CON ESTRATEGIA"]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J54","v":2026}]
[null,null,null,null,"FCLOn","Ultimo FCLO conocido",null,null,null,{"$f":"+J72","v":4955963533.7047281}]
[null,null,null,null,"WACC n","Ultimo costo de capital conocido",null,null,null,{"$f":"+J49","v":0.17580038989968755}]
[null,null,null,null,"g","Gradiente a perpetuidad",null,{"$f":"+'Valoración Sin Estrategia FLC C'!H82","v":3.1199999999999999E-2},{"$f":"+'Valoración Sin Estrategia FLC C'!I82","v":4.2120000000000005E-2},{"$f":"+H82+I82","v":7.3319999999999996E-2}]
[]
[null,null,null,null,"M1","MODELO ANUALIDAD PERPETUA"]
[null,null,null,null,null,"FCLO (último valor conocido)",null,null,null,{"$f":"+J80","v":4955963533.7047281},"Representa una serie de pagos Futuros Constantes y perpetuos"]
[null,null,null,null,null,"WACC (último valor conocido)",null,null,null,{"$f":"+J81","v":0.17580038989968755}]
[null,null,null,null,null,"VALOR TERMINAL      (FCLO / WACC)",null,null,null,{"$f":"+J85/J86","v":28190856325.930916}]
[]
[null,null,null,null,"M2","MODELO CRECIMIENTO CONSTANTE"]
[null,null,null,null,null,"FCLO (último valor conocido)",null,null,null,{"$f":"+J80","v":4955963533.7047281},"Representa pagos perpetuos con un grado de crecimiento constante"]
[null,null,null,null,null,"WACC (último valor conocido)",null,null,null,{"$f":"+J81","v":0.17580038989968755}]
[null,null,null,null,null,"Tasa de crecimiento - perpetuidad  g",null,null,null,{"$f":"+J82","v":7.3319999999999996E-2}]
[null,null,null,null,null,"VALOR TERMINAL                                    FCLO*(1+g)/(WACC - g)",null,null,null,{"$f":"+J90*(1+J92)/(J91-J92)","v":51905879604.895775}]
[]
[]
["VALOR PRESENTE FLUJOS DE CAJA PROYECTADOS",null,null,null,null,{"$f":"F54","v":2022},{"$f":"G54","v":2023},{"$f":"H54","v":2024},{"$f":"I54","v":2025},{"$f":"J54","v":2026},"MÉTODO FLUJO DE CAJA LIBRE DESCONTADO"]
["Costo de Capital",null,null,null,null,{"$f":"+F49","v":0.17249922379673019},{"$f":"+G49","v":0.17339965668143284},0.17487389644342136,0.17467067656342897,0.17580038989968755]
["Tasa Acumulada",null,null,null,null,{"$f":"+F97","v":0.17249922379673019},{"$f":"+((1+F98)*(1+G97))-1","v":0.37581018666232979},{"$f":"+((1+G98)*(1+H97))-1","v":0.61640347477052226},{"$f":"+((1+H98)*(1+I97))-1","v":0.89874176330816691},{"$f":"+((1+I98)*(1+J97))-1","v":1.2325413056165631}]
[]
["FCL",null,null,null,null,{"$f":"+F72","v":1439266118.258831},{"$f":"+G72","v":1974827635.312655},3739599843.5422821,3929096413.0004654,4955963533.7047281]
["Valor Terminal",null,null,null,null,null,null,null,null,{"$f":"+J93","v":51905879604.895775}]
[]
["Valor presente Flujos de caja Proyectados",null,null,null,null,{"$f":"+F100/(1+F98)","v":1227519890.0330775},{"$f":"+G100/(1+G98)","v":1435392508.6886599},2313531183.217226,2069315843.2217886,2219875404.4266315]
["Valor Terminal",null,null,null,null,null,null,null,null,{"$f":"+J101/(1+J98)","v":23249683880.12014}]
[]
["(+) VALOR PRESENTE DE LOS FLUJOS",null,null,null,null,{"$f":"+SUM(F103:J103)","v":9265634829.5873833}]
["(+) VALOR PRESENTE DEL VALOR TERMINAL",null,null,null,null,{"$f":"+J104","v":23249683880.12014}]
["(=)VALOR DE LAS OPERACIONES O DE MERCADO",null,null,null,null,{"$f":"+F106+F107","v":32515318709.707523}]
[]
["Valor de mercado de la empresa",null,null,null,null,{"$f":"+F108","v":32515318709.707523}]
["(Menos) Deuda operacional (Pasivo Corriente - Oblig.Finan CP)",null,null,null,null,{"$f":"+('Estados Finan + Estrategia'!J62-'Estados Finan + Estrategia'!J57)","v":3866050632}]
["(Más) Activo corriente (Disp. Inver, Clientes, Invet.)",null,null,null,null,{"$f":"+'Estados Finan + Estrategia'!J40+'Estados Finan + Estrategia'!J42+'Estados Finan + Estrategia'!J43","v":12673675404}]
["(Menos) Deuda financiera CP + LP",null,null,null,null,{"$f":"+'Estados Finan + Estrategia'!J57+'Estados Finan + Estrategia'!J64","v":3521317866}]
["VALOR DE MERCADO DEL PATRIMONIO",null,null,null,null,{"$f":"+F110-F111+F112-F113","v":37801625615.70752}]
[]
["Patrimonio contable",null,null,null,null,{"$f":"+'Estados Finan + Estrategia'!J77","v":21223153995}]
[]
["Numero de Acciones",null,null,null,null,{"$f":"+'Valoración Sin Estrategia FLC P'!F118","v":400000},"Valor "]
["Valor en Libros por acción",null,null,null,null,{"$f":"+F116/F118","v":53057.884987500001}]
["Valor de Mercado de la Acción",null,null,null,null,{"$f":"+F114/F118","v":94504.064039268793}]
["P/BV",null,null,null,null,{"$f":"+F120/F119","v":1.7811502298203776}]
["DATO DAMODARAN",null,"Total Market",1.9046127173578955]
[]
[]
["MÉTODOS CONTABLES O DE BALANCE CON ESTRATEGIA"]
[]
[]
["VALOR PATRIMONIAL O VALOR EN LIBROS",null,null,null,null,{"$f":"F96","v":2022},{"$f":"G96","v":2023},{"$f":"H96","v":2024},{"$f":"I96","v":2025},{"$f":"J96","v":2026},"MÉTODOS CONTABLES O DEL BALANCE"]
["Activos Totales",null,null,null,null,{"$f":"+'Estados Finan + Estrategia'!K54","v":36220407574.603394},{"$f":"+'Estados Finan + Estrategia'!L54","v":39471217944.16925},{"$f":"+'Estados Finan + Estrategia'!M54","v":42272425915.252823},{"$f":"+'Estados Finan + Estrategia'!N54","v":45104081222.223167},{"$f":"+'Estados Finan + Estrategia'!O54","v":48087504933.179634}]
["Pasivos Totales",null,null,null,null,{"$f":"+'Estados Finan + Estrategia'!K69","v":12395207035.736816},{"$f":"+'Estados Finan + Estrategia'!L69","v":13309180423.326077},{"$f":"+'Estados Finan + Estrategia'!M69","v":14137425820.346462},{"$f":"+'Estados Finan + Estrategia'!N69","v":14747717404.32723},{"$f":"+'Estados Finan + Estrategia'!O69","v":15527064300.036667}]
["Patrimonio            A - P = Pat",null,null,null,null,{"$f":"+F129-F130","v":23825200538.866577},{"$f":"+G129-G130","v":26162037520.843174},28135000094.906361,30356363817.895935,32560440633.142967]
["Valor en Libros Acción",null,null,null,null,{"$f":"+F131/$F$118","v":59563.001347166442},{"$f":"+G131/$F$118","v":65405.093802107935},70337.500237265907,75890.909544739843,81401.101582857416]
["P/BV",null,null,null,null,{"$f":"+F132/$F$119","v":1.122604140010462},{"$f":"+G132/$F$119","v":1.2327120430359566},1.3256747843197452,1.430341777901986,1.5341942409131997]
[]
[]
[]
[]
["VALOR SUSTANCIAL NETO",null,null,null,null,{"$f":"F128","v":2022},2023,2024,2025,2026]
["Activos totales",null,null,null,null,{"$f":"+F129","v":36220407574.603394},{"$f":"+G129","v":39471217944.16925},42272425915.252823,45104081222.223167,48087504933.179634]
["Pasivo Exigible Deudas    Financiacion con terceros  FIN  CP + FIN LP + PROVE",null,null,null,null,{"$f":"+'Estados Finan + Estrategia'!K57+'Estados Finan + Estrategia'!K59+'Estados Finan + Estrategia'!K64","v":4738872713.4130297},{"$f":"+'Estados Finan + Estrategia'!L57+'Estados Finan + Estrategia'!L59+'Estados Finan + Estrategia'!L64","v":4959140461.4086962},{"$f":"+'Estados Finan + Estrategia'!M57+'Estados Finan + Estrategia'!M59+'Estados Finan + Estrategia'!M64","v":5180532509.1288013},{"$f":"+'Estados Finan + Estrategia'!N57+'Estados Finan + Estrategia'!N59+'Estados Finan + Estrategia'!N64","v":5168692002.0901833},{"$f":"+'Estados Finan + Estrategia'!O57+'Estados Finan + Estrategia'!O59+'Estados Finan + Estrategia'!O64","v":5285431617.4616899}]
["Patrimonio            Act   -    financiacion con terceros = Pat",null,null,null,null,{"$f":"+F139-F140","v":31481534861.190365},{"$f":"+G139-G140","v":34512077482.760551},37091893406.124023,39935389220.13298,42802073315.717941]
["Valor de la Acción",null,null,null,null,{"$f":"+F141/$F$118","v":78703.837152975917},{"$f":"+G141/$F$118","v":86280.19370690138},92729.733515310058,99838.473050332454,107005.18328929486]
["P/BV",null,null,null,null,{"$f":"+F142/$F$119","v":1.4833579810336934},{"$f":"+G142/$F$119","v":1.6261521492465876},1.7477088190974144,1.8816896503479845,2.0167630751678924]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["RESUMEN RESULTADOS DE VALORACIÓN CON ESTRATEGIA"]
[]
["Método",null,null,null,null,"Valor Empresa \nUltimo Conocido","Ultimo Patrimonio \nReal","Valor Creado \nProyectado 5 Años","P/BV","P/BV Sector \n(Damodaran)","Diferencia"]
["Patrimonial",null,null,null,null,{"$f":"+J131","v":32560440633.142967},{"$f":"+'Estados Finan + Estrategia'!J77","v":21223153995},{"$f":"+F156-G156","v":11337286638.142967},{"$f":"+F156/G156","v":1.5341942409131997},1.9,{"$f":"+I156-J156","v":-0.36580575908680024}]
["Sustancial  Neto",null,null,null,null,{"$f":"+J141","v":42802073315.717941},{"$f":"+G156","v":21223153995},{"$f":"+F157-G157","v":21578919320.717941},{"$f":"+F157/G157","v":2.0167630751678924},1.9,{"$f":"+I157-J157","v":0.11676307516789253},{"$f":"+AVERAGE(F156:F158)","v":37721379854.85614},null,{"$f":"+L157/G158","v":1.7773691819671564}]
["FCLD valor residual Crecimiento Constante",null,null,null,null,{"$f":"+F114","v":37801625615.70752},{"$f":"+G157","v":21223153995},{"$f":"+F158-G158","v":16578471620.70752},1.7811502298203779,1.9,{"$f":"+I158-J158","v":-0.11884977017962206},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 FLC P'!I156","v":1.5096861291734995},{"$f":"+I156","v":1.5341942409131997},{"$f":"+G164-F164","v":2.4508111739700134E-2},{"$f":"+J156","v":1.9},{"$f":"+G164-I164","v":-0.36580575908680024},{"$f":"+H156-'Valoración Sin Estrategia FLC P'!H156","v":520139429.57832336}]
["Sustancial  Neto",null,null,null,null,{"$f":"+'Valoración Sin Estrategia FLC P'!I157","v":1.9802618700687979},{"$f":"+I157","v":2.0167630751678924},{"$f":"+G165-F165","v":3.6501205099094491E-2},{"$f":"+J157","v":1.9},{"$f":"+G165-I165","v":0.11676307516789253},{"$f":"+H157-'Valoración Sin Estrategia FLC P'!H157","v":774670696.82115936}]
["FCLD valor residual Crecimiento Constante",null,null,null,null,{"$f":"+'Valoración Sin Estrategia FLC P'!I158","v":0.83621051415334913},{"$f":"+I158","v":1.7811502298203779},0.94493971566702872,{"$f":"+J158","v":1.9},-0.11884977017962206,{"$f":"+H158-'Valoración Sin Estrategia FLC P'!H158","v":20054601101.592865},"Promedio",{"$f":"+AVERAGE(K164:K166)","v":7116470409.3307829}]

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["Pasivo Corriente"]
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["Pasivo No Corriente"]
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["Patrimonio"]
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["CUENTAS DE RESULTADO ",null,null,null,null,2016,2017,2018,2019,2020,2016,2017,2018,2019,2020,"Promedio Estructural"]
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["Gastos de administración",null,null,null,null,0,0,0,8851263892,5383826386,0,0,0,9.618180675643867E-2,5.9421482320688765E-2,3.1120657815425491E-2]
["Gastos de ventas y distribución",null,null,null,null,5534303402,7098905205,7489704766,313612789,1064657231,0.15827991250050891,0.12616018498211964,9.3468123368404613E-2,3.4078573451197893E-3,1.1750659529803781E-2,7.8613347545191337E-2]
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[]
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["Endeudamiento",null,null,null,null,2016,2017,2018,2019,2020]
["Nivel de Endeudamiento",null,null,null,null,0.39268791878703641,0.39611887579181548,0.44024933709474123,0.49426976684779106,0.4040879385568199]
["Concentracion de Endeudamiento a Corto Plazo",null,null,null,null,0.23847273980947931,0.21430627008284595,0.2170411092278515,0.31383135647106114,0.36904325446992731]
["Concentracion de Endeudamiento a Largo Plazo",null,null,null,null,0.76152726019052064,0.78569372991715403,0.78295889077214853,0.68616864352893892,0.63095674553007264]
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[]
["R/I",null,null,null,null,2016,2017,2018,2019,2020]
["Rentabilidad"]
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["Rentabilidad Operacional",null,null,null,null,5.2675116869084569E-2,5.5578024444279527E-2,6.1040741954544384E-2,7.0509428708500133E-2,7.0095501674758531E-2]
["Rentabilidad Neta",null,null,null,null,3.1628419298501964E-2,3.1164343248642142E-2,3.3960915371241351E-2,3.9035317318308067E-2,5.122374320710233E-2]

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[" Pesos Colombianos"]
["a 31 de Diciembre"]
["PROYECCIONES MEJORARAS, TRATAMIENTOS Y ESTRATEGIAS"]
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["ESTRATEGIA 1 MEJORAMIENTO MARGEN EBITDA"]
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["REDUCCIÓN DE COSTOS $ Proyección",null,null,null,{"$f":"+E11*'Analisis Financiero'!K87","v":34543567.31713216},{"$f":"+F11*'Analisis Financiero'!L87","v":543515437.2023766},{"$f":"+G11*'Analisis Financiero'!M87","v":1240455644.0806553},{"$f":"+H11*'Analisis Financiero'!N87","v":615913550.47779787},{"$f":"+I11*'Analisis Financiero'!O87","v":45127025.63173227},{"$f":"+SUM(E12:I12)","v":2479555224.7096944}]
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["GASTOS ADMINISTRATIVOS",null,null,null,{"$f":"E10","v":2022},{"$f":"F10","v":2023},{"$f":"G10","v":2024},{"$f":"H10","v":2025},{"$f":"I10","v":2026},"Objetivo"]
["REDUCCIÓN DE GASTOS ADMINISTRATIVOS",null,null,null,1.9999999999999998E-4,1.25E-3,3.2910615397932124E-3,1.25E-3,1.9999999999999998E-4,{"$f":"+SUM(E16:I16)","v":6.1910615397932122E-3}]
["REDUCCIÓN DE GASTOS ADMON $ Proyección",null,null,null,{"$f":"+E16*'Analisis Financiero'!K89","v":569604.67646174761},{"$f":"+F16*'Analisis Financiero'!L89","v":3873098.1981862104},{"$f":"+G16*'Analisis Financiero'!M89","v":10883968.694610098},{"$f":"+H16*'Analisis Financiero'!N89","v":4389008.1114766905},{"$f":"+I16*'Analisis Financiero'!O89","v":744120.15987403423},{"$f":"+SUM(E17:I17)","v":20459799.840608779}]
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["GASTOS DE VENTAS",null,null,null,{"$f":"E15","v":2022},{"$f":"F15","v":2023},{"$f":"G15","v":2024},{"$f":"H15","v":2025},{"$f":"I15","v":2026},"Objetivo"]
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["REDUCCIÓN GASTOS DE VENTAS $ Proyección",null,null,null,{"$f":"+E21*'Analisis Financiero'!K90","v":341359.32981882105},{"$f":"+F21*'Analisis Financiero'!L90","v":928446.17320772028},{"$f":"+G21*'Analisis Financiero'!M90","v":1585548.381618445},{"$f":"+H21*'Analisis Financiero'!N90","v":1052118.3757195978},{"$f":"+I21*'Analisis Financiero'!O90","v":445945.00286960468},{"$f":"+SUM(E22:I22)","v":4353417.2632341888}]
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["PLAN DE REDUCCIÓN EN PESOS",null,null,null,{"$f":"E20","v":2022},{"$f":"F20","v":2023},{"$f":"G20","v":2024},{"$f":"H20","v":2025},{"$f":"I20","v":2026}]
["COSTO DE VENTAS ",null,null,null,{"$f":"+'Analisis Financiero'!K87-'Estrategias Operativas EO'!E12","v":57388695544.11721},{"$f":"+'Analisis Financiero'!L87-'Estrategias Operativas EO'!F12","v":61929523321.69149},{"$f":"+'Analisis Financiero'!M87-'Estrategias Operativas EO'!G12","v":65439517544.837128},{"$f":"+'Analisis Financiero'!N87-'Estrategias Operativas EO'!H12","v":70178747423.981735},{"$f":"+'Analisis Financiero'!O87-'Estrategias Operativas EO'!I12","v":74971444350.700684}]
["GASTOS OPERACIONALES DE ADMINISTRACIÓN ",null,null,null,{"$f":"+'Analisis Financiero'!K89-'Estrategias Operativas EO'!E17","v":2847453777.6322765},{"$f":"+'Analisis Financiero'!L89-'Estrategias Operativas EO'!F17","v":3094605460.3507819},{"$f":"+'Analisis Financiero'!M89-'Estrategias Operativas EO'!G17","v":3296246135.9870458},{"$f":"+'Analisis Financiero'!N89-'Estrategias Operativas EO'!H17","v":3506817481.0698752},{"$f":"+'Analisis Financiero'!O89-'Estrategias Operativas EO'!I17","v":3719856679.2102976}]
["GASTOS OPERACIONALES DE VENTAS ",null,null,null,{"$f":"+'Analisis Financiero'!K90-'Estrategias Operativas EO'!E22","v":3413251938.8583918},{"$f":"+'Analisis Financiero'!L90-'Estrategias Operativas EO'!F22","v":3712856246.6576734},{"$f":"+'Analisis Financiero'!M90-'Estrategias Operativas EO'!G22","v":3962285405.664494},{"$f":"+'Analisis Financiero'!N90-'Estrategias Operativas EO'!H22","v":4207421384.5026712},{"$f":"+'Analisis Financiero'!O90-'Estrategias Operativas EO'!I22","v":4459004083.6931772}]
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["ESTRATEGIA 2  INCREMENTO EN INGRESOS",null,null,null,{"$f":"E25","v":2022},{"$f":"F25","v":2023},{"$f":"G25","v":2024},{"$f":"H25","v":2025},{"$f":"I25","v":2026}]
["Crecimiento Valoración Natural",null,null,null,{"$f":"+'Analisis Financiero'!K29","v":0.1007},{"$f":"+'Analisis Financiero'!L29","v":8.7940000000000004E-2},{"$f":"+'Analisis Financiero'!M29","v":6.7339999999999997E-2},{"$f":"+'Analisis Financiero'!N29","v":6.1707999999999999E-2},{"$f":"+'Analisis Financiero'!O29","v":5.9636000000000002E-2}]
["INCREMENTO EN INGRESOS",null,null,null,{"$f":"E25","v":2022},{"$f":"F25","v":2023},{"$f":"G25","v":2024},{"$f":"H25","v":2025},{"$f":"I25","v":2026},"Objetivo"]
["CRECIMIENTO ADICIONAL DE INGRESOS",null,null,null,0.01,0.01,0.01,0.01,0.01,{"$f":"+SUM(E34:I34)","v":0.05}]
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["INGRESOS CON TRATAMIENTO",null,null,null,{"$f":"+'Analisis Financiero'!J86*(1+'Estrategias Operativas EO'!E35)","v":68457323088.944862},{"$f":"E36*(1+'Estrategias Operativas EO'!F35)","v":75222234682.200546},{"$f":"F36*(1+'Estrategias Operativas EO'!G35)","v":81090576965.356918},{"$f":"G36*(1+'Estrategias Operativas EO'!H35)","v":86955459431.622528},{"$f":"H36*(1+'Estrategias Operativas EO'!I35)","v":93062546562.389648}]
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[null,"Gestión Costos y Gastos"]
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[]
["Aumento en ingresos 5%"]

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["MODELO DE VALORACIÓN DE EMPRESAS"]
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["ESTADOS FINANCIEROS PROYECTADOS ESCENARIO OPTIMISTA"]
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[" Pesos Colombianos"]
["a 31 de Diciembre",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"TASAS DE DEUDA"]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"TASA Kd E.A.",{"$f":"+'Analisis Financiero'!S16","v":0.1132},{"$f":"+'Analisis Financiero'!T16","v":0.1018},{"$f":"+'Analisis Financiero'!U16","v":0.1002},{"$f":"+'Analisis Financiero'!V16","v":7.2400000000000006E-2},{"$f":"+'Analisis Financiero'!W16","v":8.0600000000000005E-2},{"$f":"+'Analisis Financiero'!X16","v":9.3640000000000001E-2},{"$f":"+'Analisis Financiero'!Y16","v":8.9728000000000002E-2},{"$f":"+'Analisis Financiero'!Z16","v":8.7313599999999991E-2},{"$f":"+'Analisis Financiero'!AA16","v":8.4736320000000004E-2},{"$f":"+'Analisis Financiero'!AB16","v":8.7203583999999987E-2}]
["CIFRAS FUNDAMENTALES DE PROYECCIÓN"]
[]
[{"$f":"+A11","v":"COMPAÑÍA VS LTDA "}]
["CIFRAS DE PROYECCIÓN "]
[]
["PLANES, POLITICAS Y EXPECTATIVAS "]
[null,null,null,null,null,"CIFRAS HISTÓRICAS",null,null,null,null,"CIFRAS PROYECTADAS"]
["VARIABLE MACROECONÓMICA",null,null,null,null,{"$f":"'Analisis Financiero'!F24","v":2017},{"$f":"'Analisis Financiero'!G24","v":2018},{"$f":"'Analisis Financiero'!H24","v":2019},{"$f":"'Analisis Financiero'!I24","v":2020},{"$f":"'Analisis Financiero'!J24","v":2021},{"$f":"'Analisis Financiero'!K24","v":2022},{"$f":"'Analisis Financiero'!L24","v":2023},{"$f":"'Analisis Financiero'!M24","v":2024},{"$f":"'Analisis Financiero'!N24","v":2025},{"$f":"'Analisis Financiero'!O24","v":2026}]
["Inflación en Colombia",null,null,null,null,{"$f":"'Analisis Financiero'!F25","v":1.4E-2},{"$f":"'Analisis Financiero'!G25","v":2.5999999999999999E-2},{"$f":"'Analisis Financiero'!H25","v":3.2000000000000001E-2},{"$f":"'Analisis Financiero'!I25","v":-7.0000000000000007E-2},{"$f":"'Analisis Financiero'!J25","v":0.106},"Tasas proyectadas con Tratamiento"]
["PIB",null,null,null,null,{"$f":"'Analisis Financiero'!F26","v":4.0899999999999999E-2},{"$f":"'Analisis Financiero'!G26","v":3.1800000000000002E-2},{"$f":"'Analisis Financiero'!H26","v":3.7999999999999999E-2},{"$f":"'Analisis Financiero'!I26","v":1.61E-2},{"$f":"'Analisis Financiero'!J26","v":5.62E-2}]
["Crecimiento Historico",null,null,null,null,null,{"$f":"'Analisis Financiero'!G27","v":5.8999999999999997E-2},{"$f":"'Analisis Financiero'!H27","v":0.06},{"$f":"'Analisis Financiero'!I27","v":0.06},{"$f":"'Analisis Financiero'!J27","v":3.5000000000000003E-2}]
["Crecimiento Real Empresa -Incremento del SMMLV ",null,null,null,null,null,{"$f":"'Analisis Financiero'!G28","v":5.8999999999999997E-2},{"$f":"'Analisis Financiero'!H28","v":0.06},{"$f":"'Analisis Financiero'!I28","v":0.06},{"$f":"'Analisis Financiero'!J28","v":3.5000000000000003E-2}]
["Tasa de Crecimiento",null,null,null,null,null,{"$f":"G28","v":5.8999999999999997E-2},0.06,0.06,3.5000000000000003E-2,{"$f":"+'Estrategias Operativas EO'!E35","v":0.111707},{"$f":"+'Estrategias Operativas EO'!F35","v":9.8819400000000002E-2},{"$f":"+'Estrategias Operativas EO'!G35","v":7.8013399999999899E-2},{"$f":"+'Estrategias Operativas EO'!H35","v":7.2325080000000153E-2},{"$f":"+'Estrategias Operativas EO'!I35","v":7.0232360000000105E-2}]
[null,null,null,null,null,null,"Crecimiento Historico",null,null,null,"Crecimiento Proyectado Con Estrategia"]
[]
[]
["ESTADOS FINANCIEROS PROYECTADOS"]
[]
[{"$f":"+A11","v":"COMPAÑÍA VS LTDA "}]
["PROYECCIÓN DE ESTADOS FINANCIERO"]
[]
["ACTIVO",null,null,null,null,{"$f":"F24","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026]
["Activo Corriente"]
["Efectivo y equivalentes de efectivo",null,null,null,null,{"$f":"'Cifras Historicas'!F17","v":4355275642},{"$f":"'Cifras Historicas'!G17","v":5822986465},{"$f":"'Cifras Historicas'!H17","v":546039649},{"$f":"'Cifras Historicas'!I17","v":1167076873},{"$f":"'Cifras Historicas'!J17","v":220921225},{"$f":"J40*(1+K$29)","v":245599672.281075},269869684.53608745,290923136.18367505,311964175.28201032,333874155.54751962]
["Activos financieros",null,null,null,null,{"$f":"'Cifras Historicas'!F18","v":0},{"$f":"'Cifras Historicas'!G18","v":0},{"$f":"'Cifras Historicas'!H18","v":0},{"$f":"'Cifras Historicas'!I18","v":0},{"$f":"'Cifras Historicas'!J18","v":0},0,0,0,0,0]
["Deudores comerciales y otros",null,null,null,null,{"$f":"'Cifras Historicas'!F19","v":5725064714},{"$f":"'Cifras Historicas'!G19","v":7731045570},{"$f":"'Cifras Historicas'!H19","v":10234154333},{"$f":"'Cifras Historicas'!I19","v":15486728698},{"$f":"'Cifras Historicas'!J19","v":12452754179},13843813990.073553,15211851382.284227,16398579628.910917,17584608212.458271,18819616746.8946]
["Inventarios",null,null,null,null,{"$f":"'Cifras Historicas'!F20","v":0},{"$f":"'Cifras Historicas'!G20","v":0},{"$f":"'Cifras Historicas'!H20","v":164290700},{"$f":"'Cifras Historicas'!I20","v":0},{"$f":"'Cifras Historicas'!J20","v":0},0,0,0,0,0]
["Pagos anticipados y otras cuentas por cobrar",null,null,null,null,{"$f":"'Cifras Historicas'!F21","v":926175054},{"$f":"'Cifras Historicas'!G21","v":656692693},{"$f":"'Cifras Historicas'!H21","v":11576196451},{"$f":"'Cifras Historicas'!I21","v":8669863369},{"$f":"'Cifras Historicas'!J21","v":9394045296},10443425913.880272,11475438996.634373,12370677009.254408,13265387213.602896,14197046663.928053]
["TOTAL ACTIVO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F22","v":11006515410},{"$f":"'Cifras Historicas'!G22","v":14210724728},{"$f":"'Cifras Historicas'!H22","v":22520681133},{"$f":"'Cifras Historicas'!I22","v":25323668940},{"$f":"'Cifras Historicas'!J22","v":22067720700},{"$f":"SUM(K40:K44)","v":24532839576.234901},26957160063.454689,29060179774.348999,31161959601.343178,33350537566.370171]
["Activo No Corriente"]
["Activos financieros",null,null,null,null,{"$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":"J47*(1+K$29)","v":0},0,0,0,0]
["Deudores",null,null,null,null,{"$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},0,0,0,0,0]
["Propiedades, planta y equipo",null,null,null,null,{"$f":"'Cifras Historicas'!F26","v":11910370479},{"$f":"'Cifras Historicas'!G26","v":9288165263},{"$f":"'Cifras Historicas'!H26","v":9594493348},{"$f":"'Cifras Historicas'!I26","v":9719576747},{"$f":"'Cifras Historicas'!J26","v":10551295268},{"$f":"+'Analisis Financiero'!K49","v":11613810701.4876},{"$f":"+'Analisis Financiero'!L49","v":12635129214.576418},{"$f":"+'Analisis Financiero'!M49","v":13485978815.885994},{"$f":"+'Analisis Financiero'!N49","v":14318171596.656689},{"$f":"+'Analisis Financiero'!O49","v":15172050077.994907}]
["Inventarios",null,null,null,null,{"$f":"'Cifras Historicas'!F27","v":0},{"$f":"'Cifras Historicas'!G27","v":0},{"$f":"'Cifras Historicas'!H27","v":0},{"$f":"'Cifras Historicas'!I27","v":0},{"$f":"'Cifras Historicas'!J27","v":145047130},161249909.75091001,177184529.0825491,191007296.62367761,204821914.63256887,219207041.07693273]
["Pagos anticipados y otras cuentas por cobrar",null,null,null,null,{"$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":109156636},121350196.337652,133341949.92962097,143744408.80626044,154140734.67272595,164966402.24092534]
["TOTAL ACTIVO NO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F29","v":11910370479},{"$f":"'Cifras Historicas'!G29","v":9288165263},{"$f":"'Cifras Historicas'!H29","v":9594493348},{"$f":"'Cifras Historicas'!I29","v":9719576747},{"$f":"'Cifras Historicas'!J29","v":10805499034},{"$f":"SUM(K47:K51)","v":11896410807.576162},12945655693.588587,13820730521.315933,14677134245.961983,15556223521.312765]
[]
["0 TOTAL ACTIVO",null,null,null,null,{"$f":"F45+F52","v":22916885889},23498889991,32115174481,35043245687,32873219734,36429250383.811066,39902815757.043274,42880910295.664932,45839093847.305161,48906761087.682938]
[]
["Pasivo Corriente"]
["Obligaciones financieras",null,null,null,null,{"$f":"'Cifras Historicas'!F34","v":408734110},{"$f":"'Cifras Historicas'!G34","v":526145096},{"$f":"'Cifras Historicas'!H34","v":208868995},{"$f":"'Cifras Historicas'!I34","v":96658002},{"$f":"'Cifras Historicas'!J34","v":365420012},{"$f":"+AVERAGE(G57:J57)","v":299273026.25},{"$f":"+AVERAGE(H57:K57)","v":242555008.8125},{"$f":"+AVERAGE(I57:L57)","v":250976512.265625},{"$f":"+AVERAGE(J57:M57)","v":289556139.83203125},{"$f":"+AVERAGE(K57:N57)","v":270590171.79003906}]
["Proveedores",null,null,null,null,{"$f":"'Cifras Historicas'!F35","v":580386860},{"$f":"'Cifras Historicas'!G35","v":83953100},{"$f":"'Cifras Historicas'!H35","v":366465683},{"$f":"'Cifras Historicas'!I35","v":671557747},{"$f":"'Cifras Historicas'!J35","v":0},{"$f":"J58*(1+K$29)","v":0},0,0,0,0]
["Cuentas por pagar Varios",null,null,null,null,{"$f":"'Cifras Historicas'!F36","v":22912438},{"$f":"'Cifras Historicas'!G36","v":28112354},{"$f":"'Cifras Historicas'!H36","v":1347336496},{"$f":"'Cifras Historicas'!I36","v":1216784731},{"$f":"'Cifras Historicas'!J36","v":1183288600},1315470219.6401999,1445464197.4629126,1558229774.0852656,1670928867.1543646,1788282144.8867424]
["Impuestos corrientes por pagar",null,null,null,null,{"$f":"'Cifras Historicas'!F37","v":629839083},{"$f":"'Cifras Historicas'!G37","v":936020423},{"$f":"'Cifras Historicas'!H37","v":1955820787},{"$f":"'Cifras Historicas'!I37","v":3034237509},{"$f":"'Cifras Historicas'!J37","v":1988914847},2211090557.8138289,2429589200.0826569,2619129714.1843848,2808558480.293148,3005810170.5621495]
["Otros pasivos",null,null,null,null,{"$f":"'Cifras Historicas'!F38","v":303559341},{"$f":"'Cifras Historicas'!G38","v":671139768},{"$f":"'Cifras Historicas'!H38","v":1103128844},{"$f":"'Cifras Historicas'!I38","v":206618542},{"$f":"'Cifras Historicas'!J38","v":693847185},771354772.49479496,847579588.29986715,913702153.75373995,979785735.12015164,1048598399.5919749]
["TOTAL PASIVO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F39","v":1945431832},{"$f":"'Cifras Historicas'!G39","v":2245370741},{"$f":"'Cifras Historicas'!H39","v":4981620805},{"$f":"'Cifras Historicas'!I39","v":5225856531},{"$f":"'Cifras Historicas'!J39","v":4231470644},{"$f":"SUM(K57:K61)","v":4597188576.1988239},4965187994.6579361,5342038154.2890158,5748829222.3996954,6113280886.8309059]
["Pasivo No Corriente"]
["Obligaciones financieras",null,null,null,null,{"$f":"'Cifras Historicas'!F41","v":2750785706},{"$f":"'Cifras Historicas'!G41","v":2500000000},{"$f":"'Cifras Historicas'!H41","v":2855673315},{"$f":"'Cifras Historicas'!I41","v":4029229857},{"$f":"'Cifras Historicas'!J41","v":3155897854},{"$f":"+AVERAGE(G64:J64)","v":3135200256.5},{"$f":"+AVERAGE(H64:K64)","v":3294000320.625},{"$f":"+AVERAGE(I64:L64)","v":3403582072.03125},{"$f":"+AVERAGE(J64:M64)","v":3247170125.7890625},{"$f":"+AVERAGE(K64:N64)","v":3269988193.7363281}]
["Cuentas por pagar Varios",null,null,null,null,{"$f":"'Cifras Historicas'!F42","v":1446246300},{"$f":"'Cifras Historicas'!G42","v":0},{"$f":"'Cifras Historicas'!H42","v":1540582555},{"$f":"'Cifras Historicas'!I42","v":789272626},{"$f":"'Cifras Historicas'!J42","v":797056878},{"$f":"J65*(1+K$29)","v":886093710.67074597},973656959.50300264,1049615249.3474941,1125528756.2257717,1204577297.0233724]
["Otros pasivos",null,null,null,null,{"$f":"'Cifras Historicas'!F43","v":2935347237},{"$f":"'Cifras Historicas'!G43","v":5600000000},{"$f":"'Cifras Historicas'!H43","v":6495683128},{"$f":"'Cifras Historicas'!I43","v":4116193896},{"$f":"'Cifras Historicas'!J43","v":3465640363},3852776651.0296412,4233505728.0183997,4563775903.7805901,4893851361.1235943,5237558091.7045174]
["TOTAL PASIVO NO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F44","v":7132379243},{"$f":"'Cifras Historicas'!G44","v":8100000000},{"$f":"'Cifras Historicas'!H44","v":10891938998},{"$f":"'Cifras Historicas'!I44","v":8934696379},{"$f":"'Cifras Historicas'!J44","v":7418595095},{"$f":"SUM(K64:K66)","v":7874070618.200387},8501163008.1464024,9016973225.1593342,9266550243.1384277,9712123582.4642181]
[]
["0 TOTAL PASIVO",null,null,null,null,{"$f":"F62+F67","v":9077811075},10345370741,15873559803,14160552910,11650065739,12471259194.399212,13466351002.804338,14359011379.448349,15015379465.538124,15825404469.295124]
[]
["Patrimonio"]
["Capital suscrito y pagado",null,null,null,null,{"$f":"'Cifras Historicas'!F49","v":4000000000},{"$f":"'Cifras Historicas'!G49","v":4000000000},{"$f":"'Cifras Historicas'!H49","v":4000000000},{"$f":"'Cifras Historicas'!I49","v":4000000000},{"$f":"'Cifras Historicas'!J49","v":4000000000},{"$f":"J72","v":4000000000},{"$f":"K72","v":4000000000},4000000000,4000000000,4000000000]
["Reservas",null,null,null,null,{"$f":"'Cifras Historicas'!F50","v":1110584793},{"$f":"'Cifras Historicas'!G50","v":1510584793},{"$f":"'Cifras Historicas'!H50","v":1510584793},{"$f":"'Cifras Historicas'!I50","v":1510584793},{"$f":"'Cifras Historicas'!J50","v":2400000000},{"$f":"+'Analisis Financiero'!K73","v":2400000000},{"$f":"+'Analisis Financiero'!L73","v":2400000000},{"$f":"+'Analisis Financiero'!M73","v":2400000000},{"$f":"+'Analisis Financiero'!N73","v":2400000000},{"$f":"+'Analisis Financiero'!O73","v":2400000000}]
["Resultados de Ejercicios Anteriores",null,null,null,null,{"$f":"'Cifras Historicas'!F51","v":3976114511},{"$f":"'Cifras Historicas'!G51","v":4292094996},{"$f":"'Cifras Historicas'!H51","v":5937865590},{"$f":"'Cifras Historicas'!I51","v":9530144694},{"$f":"'Cifras Historicas'!J51","v":10821809856},{"$f":"+K54-K69-K72-K73-K75-K76","v":12934706039.06892},{"$f":"+L54-L69-L72-L73-L75-L76","v":13872768218.41444},14169694743.696491,15920265510.772045,17451742035.513077]
["Resultados del Ejercicio",null,null,null,null,{"$f":"'Cifras Historicas'!F52","v":1753585876},{"$f":"'Cifras Historicas'!G52","v":2721325951},{"$f":"'Cifras Historicas'!H52","v":3592279105},{"$f":"'Cifras Historicas'!I52","v":4641078100},{"$f":"'Cifras Historicas'!J52","v":2800458949},{"$f":"K99","v":3422399960.3429337},4962811345.8244982,6751318982.5200911,7302563680.9949913,8028729392.8747349]
["Ganancias Acumuladas adopción Pymes",null,null,null,null,{"$f":"'Cifras Historicas'!F53","v":2998789634},{"$f":"'Cifras Historicas'!G53","v":629513510},{"$f":"'Cifras Historicas'!H53","v":1200885190},{"$f":"'Cifras Historicas'!I53","v":1200885190},{"$f":"'Cifras Historicas'!J53","v":1200885190},{"$f":"+'Analisis Financiero'!K76","v":1200885190},{"$f":"+'Analisis Financiero'!L76","v":1200885190},{"$f":"+'Analisis Financiero'!M76","v":1200885190},{"$f":"+'Analisis Financiero'!N76","v":1200885190},{"$f":"+'Analisis Financiero'!O76","v":1200885190}]
["0 TOTAL PATRIMONIO",null,null,null,null,{"$f":"'Cifras Historicas'!F54","v":13839074814},{"$f":"'Cifras Historicas'!G54","v":13153519250},{"$f":"'Cifras Historicas'!H54","v":16241614678},{"$f":"'Cifras Historicas'!I54","v":20882692777},{"$f":"'Cifras Historicas'!J54","v":21223153995},{"$f":"SUM(K72:K76)","v":23957991189.411854},{"$f":"SUM(L72:L76)","v":26436464754.238937},28521898916.216583,30823714381.767036,33081356618.38781]
[]
["0 TOTAL PASIVO Y PATRIMONIO",null,null,null,null,{"$f":"F69+F77","v":22916885889},23498889991,32115174481,35043245687,32873219734,36429250383.811066,39902815757.043274,42880910295.664932,45839093847.305161,48906761087.682938]
[]
["CONTROL (Pasivo y Patrimonio - Activo)",null,null,null,null,{"$f":"F54-F79","v":0},0,0,0,0,0,0,0,0,0]
[]
[]
["CUENTAS DE RESULTADO ",null,null,null,null,{"$f":"'Cifras Historicas'!F64","v":2017},{"$f":"'Cifras Historicas'!G64","v":2018},{"$f":"'Cifras Historicas'!H64","v":2019},{"$f":"'Cifras Historicas'!I64","v":2020},{"$f":"'Cifras Historicas'!J64","v":2021},{"$f":"K38","v":2022},{"$f":"L38","v":2023},{"$f":"M38","v":2024},{"$f":"N38","v":2025},{"$f":"O38","v":2026}]
["Operacional"]
["Ventas, Ingresos de actividades ordinarias",null,null,null,null,{"$f":"+'Analisis Financiero'!F86","v":56268982215},{"$f":"+'Analisis Financiero'!G86","v":80131113112},{"$f":"+'Analisis Financiero'!H86","v":92026384100},{"$f":"+'Analisis Financiero'!I86","v":90604040420},{"$f":"+'Analisis Financiero'!J86","v":61578566195},{"$f":"'Estrategias Operativas EO'!E36","v":68457323088.944862},{"$f":"'Estrategias Operativas EO'!F36","v":75222234682.200546},{"$f":"'Estrategias Operativas EO'!G36","v":81090576965.356918},{"$f":"'Estrategias Operativas EO'!H36","v":86955459431.622528},{"$f":"'Estrategias Operativas EO'!I36","v":93062546562.389648}]
["Costo de Ventas",null,null,null,null,{"$f":"+'Analisis Financiero'!F87","v":46042758141},{"$f":"+'Analisis Financiero'!G87","v":67750145748},{"$f":"+'Analisis Financiero'!H87","v":76372779650},{"$f":"+'Analisis Financiero'!I87","v":77804621136},{"$f":"+'Analisis Financiero'!J87","v":54413593743},{"$f":"'Estrategias Operativas EO'!E26","v":57388695544.11721},{"$f":"'Estrategias Operativas EO'!F26","v":61929523321.69149},{"$f":"'Estrategias Operativas EO'!G26","v":65439517544.837128},{"$f":"'Estrategias Operativas EO'!H26","v":70178747423.981735},{"$f":"'Estrategias Operativas EO'!I26","v":74971444350.700684}]
["UTILIDAD BRUTA",null,null,null,null,{"$f":"F86-F87","v":10226224074},12380967364,15653604450,12799419284,7164972452,11068627544.827652,13292711360.509056,15651059420.519791,16776712007.640793,18091102211.688965]
["Gastos de administración",null,null,null,null,{"$f":"+'Analisis Financiero'!F89","v":0},{"$f":"+'Analisis Financiero'!G89","v":0},{"$f":"+'Analisis Financiero'!H89","v":8851263892},{"$f":"+'Analisis Financiero'!I89","v":5383826386},{"$f":"+'Analisis Financiero'!J89","v":3355500547},{"$f":"'Estrategias Operativas EO'!E27","v":2847453777.6322765},{"$f":"'Estrategias Operativas EO'!F27","v":3094605460.3507819},{"$f":"'Estrategias Operativas EO'!G27","v":3296246135.9870458},{"$f":"'Estrategias Operativas EO'!H27","v":3506817481.0698752},{"$f":"'Estrategias Operativas EO'!I27","v":3719856679.2102976}]
["Gastos de ventas y distribución",null,null,null,null,{"$f":"+'Analisis Financiero'!F90","v":7098905205},{"$f":"+'Analisis Financiero'!G90","v":7489704766},{"$f":"+'Analisis Financiero'!H90","v":313612789},{"$f":"+'Analisis Financiero'!I90","v":1064657231},{"$f":"+'Analisis Financiero'!J90","v":1048629364},{"$f":"'Estrategias Operativas EO'!E28","v":3413251938.8583918},{"$f":"'Estrategias Operativas EO'!F28","v":3712856246.6576734},{"$f":"'Estrategias Operativas EO'!G28","v":3962285405.664494},{"$f":"'Estrategias Operativas EO'!H28","v":4207421384.5026712},{"$f":"'Estrategias Operativas EO'!I28","v":4459004083.6931772}]
["UTILIDAD OPERACIONAL",null,null,null,null,{"$f":"F88-F89-F90","v":3127318869},4891262598,6488727769,6350935667,2760842541,4807921828.3369837,6485249653.5006008,8392527878.8682518,9062473142.0682449,9912241448.7854919]
["No Operacional"]
["Otros ingresos",null,null,null,null,{"$f":"+'Analisis Financiero'!F93","v":244288944},{"$f":"+'Analisis Financiero'!G93","v":192784316},{"$f":"+'Analisis Financiero'!H93","v":82383557},{"$f":"+'Analisis Financiero'!I93","v":1658821003},{"$f":"+'Analisis Financiero'!J93","v":2779929418},{"$f":"K86*'Cifras Historicas'!$P$73","v":973400504.65467572},{"$f":"L86*'Cifras Historicas'!$P$73","v":1069591358.4843481},{"$f":"M86*'Cifras Historicas'!$P$73","v":1153033816.9703307},{"$f":"N86*'Cifras Historicas'!$P$73","v":1236427080.0254154},{"$f":"O86*'Cifras Historicas'!$P$73","v":1323264271.8235095}]
["Gasto no operacional",null,null,null,null,{"$f":"+'Analisis Financiero'!F94","v":0},{"$f":"+'Analisis Financiero'!G94","v":0},{"$f":"+'Analisis Financiero'!H94","v":962059833},{"$f":"+'Analisis Financiero'!I94","v":259504531},{"$f":"+'Analisis Financiero'!J94","v":92569034},{"$f":"K86*'Cifras Historicas'!$P$74","v":202929436.95628467},{"$f":"L86*'Cifras Historicas'!$P$74","v":222982802.15864256},{"$f":"M86*'Cifras Historicas'!$P$74","v":240378448.69656557},{"$f":"N86*'Cifras Historicas'!$P$74","v":257763839.22882059},{"$f":"O86*'Cifras Historicas'!$P$74","v":275867201.98052126}]
["Gasto Financiero",null,null,null,null,{"$f":"+'Analisis Financiero'!F95","v":528963937},{"$f":"+'Analisis Financiero'!G95","v":818412963},{"$f":"+'Analisis Financiero'!H95","v":457359388},{"$f":"+'Analisis Financiero'!I95","v":681428611},{"$f":"+'Analisis Financiero'!J95","v":631413481},{"$f":"K86*'Cifras Historicas'!$P$75","v":579952161.23769331},{"$f":"L86*'Cifras Historicas'!$P$75","v":637262685.8399055},{"$f":"M86*'Cifras Historicas'!$P$75","v":686977714.65540826},{"$f":"N86*'Cifras Historicas'!$P$75","v":736663432.82607794},{"$f":"O86*'Cifras Historicas'!$P$75","v":788401044.23915505}]
["Resultados Netos"]
["UTILIDAD ANTES DE IMPUESTOS",null,null,null,null,{"$f":"F91+F93-F94-F95","v":2842643876},4265633951,5151692105,7068823528,4816789444,4998440734.7976818,6694595523.9864006,8618205532.4866085,9304472950.0387611,10171237474.389324]
["Gasto por impuesto",null,null,null,null,{"$f":"+'Analisis Financiero'!F98","v":1089058000},{"$f":"+'Analisis Financiero'!G98","v":1544308000},{"$f":"+'Analisis Financiero'!H98","v":1559413000},{"$f":"+'Analisis Financiero'!I98","v":2427745428},{"$f":"+'Analisis Financiero'!J98","v":2016330495},{"$f":"K86*'Cifras Historicas'!$P$78","v":1576040774.4547484},{"$f":"L86*'Cifras Historicas'!$P$78","v":1731784178.1619022},{"$f":"M86*'Cifras Historicas'!$P$78","v":1866886549.9665174},{"$f":"N86*'Cifras Historicas'!$P$78","v":2001909269.0437703},{"$f":"O86*'Cifras Historicas'!$P$78","v":2142508081.5145895}]
["UTILIDAD NETA",null,null,null,null,{"$f":"F97-F98","v":1753585876},2721325951,3592279105,4641078100,2800458949,3422399960.3429337,4962811345.8244982,6751318982.5200911,7302563680.9949913,8028729392.8747349]
[]
[]
[]
["Detalles de Depreciación y Amortización",null,null,null,null,{"$f":"F84","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026]
["Depreciaciones",null,null,null,null,{"$f":"+'Analisis Financiero'!F104","v":589601720},{"$f":"+'Analisis Financiero'!G104","v":827825000},{"$f":"+'Analisis Financiero'!H104","v":527765968},{"$f":"+'Analisis Financiero'!I104","v":546876124},{"$f":"+'Analisis Financiero'!J104","v":136883865},{"$f":"+AVERAGE(I104:J104)","v":341879994.5},{"$f":"+AVERAGE(J104:K104)","v":239381929.75},{"$f":"+AVERAGE(K104:L104)","v":290630962.125},{"$f":"+AVERAGE(L104:M104)","v":265006445.9375},{"$f":"+AVERAGE(M104:N104)","v":277818704.03125}]
["Amortizaciones",null,null,null,null,{"$f":"+'Analisis Financiero'!F105","v":0},{"$f":"+'Analisis Financiero'!G105","v":739260000},{"$f":"+'Analisis Financiero'!H105","v":0},{"$f":"+'Analisis Financiero'!I105","v":0},{"$f":"+'Analisis Financiero'!J105","v":0},{"$f":"+'Analisis Financiero'!K105","v":0},{"$f":"+'Analisis Financiero'!L105","v":0},{"$f":"+'Analisis Financiero'!M105","v":0},{"$f":"+'Analisis Financiero'!N105","v":0},{"$f":"+'Analisis Financiero'!O105","v":0}]
[]
[]
[]
["INDUCTORES DE VALOR Y RAZONES FINANCIERAS"]
[]
[{"$f":"+A11","v":"COMPAÑÍA VS LTDA "}]
["PROYECCIÓN DE INDUCTORES DE VALOR"]
[]
[]
["Inductores de Rentabilidad",null,null,null,null,{"$f":"F103","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026]
["ROA",null,null,null,null,{"$f":"F99/F54","v":7.6519378963339574E-2},{"$f":"G99/G54","v":0.11580657435488481},0.11185612916801266,0.13243859148930665,8.5189676328040087E-2,9.3946483232161898E-2,0.12437245972919865,0.15744346227656036,0.15930863959310798,0.16416399725347491]
["UODI",null,null,null,null,{"$f":"F91*(1-(F98/F97))","v":1929197760.1300817},3120455246.2764945,4524595163.5946941,4169744558.1813922,1605140994.9741931,3291952900.4475508,4807619884.6636333,6574527906.8070707,7112631481.935194,7824289273.5048866]
["Activos Netos de Operación",null,null,null,null,{"$f":"F45+F49-F58","v":22336499029},23414936891,31748708798,34371687940,32619015968,36146650277.722504,39592289278.031105,42546158590.234993,45480131197.999863,48522587644.365082]
["RAN",null,null,null,null,{"$f":"F117/F118","v":8.6369746558104699E-2},{"$f":"G117/G118","v":0.13326771969545234},0.14251272996272907,0.12131334851695945,4.9208749784140422E-2,9.1072142927623098E-2,0.12142818645577225,0.15452694496174862,0.15638986288254145,0.16125045372376218]
["Distancia Rentabilidad",null,null,null,null,{"$f":"F119-F116","v":9.8503675947651248E-3},{"$f":"G119-G116","v":1.746114534056753E-2},3.065660079471641E-2,-1.1125242972347196E-2,-3.5980926543899665E-2,-2.8743403045388E-3,-2.9442732734264038E-3,-2.9165173148117396E-3,-2.9187767105665341E-3,-2.9135435297127366E-3]
[]
["Inductores de Operativos y Financieros",null,null,null,null,{"$f":"F115","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026]
["EBITDA Modelo General",null,null,null,null,{"$f":"F99+F98+F95+F104+F105","v":3961209533},{"$f":"G99+G98+G95+G104+G105","v":6651131914},6136817461,8297128263,5585086790,5920272890.5353756,7571240139.5763063,9595814209.2670174,10306142828.80234,11237457222.659729]
["EBITDA Operacional",null,null,null,null,{"$f":"F91+F104+F105","v":3716920589},{"$f":"G91+G104+G105","v":6458347598},7016493737,6897811791,2897726406,5149801822.8369837,6724631583.2506008,8683158840.9932518,9327479588.0057449,10190060152.816742]
["Margen EBITDA Modelo General",null,null,null,null,{"$f":"F123/F86","v":7.0397746272795284E-2},{"$f":"G123/G86","v":8.3003113967774933E-2},6.6685413330284271E-2,9.1575698219838839E-2,9.0698552030487073E-2,8.6481221049840282E-2,0.10065162476976838,0.11833451639351993,0.11852209046065222,0.12075166259421104]
["Margen EBITDA Operacional",null,null,null,null,{"$f":"F124/F86","v":6.6056296785285656E-2},{"$f":"G124/G86","v":8.059725301672907E-2},7.6244370629357364E-2,7.6131392805716111E-2,4.7057386767074272E-2,7.5226456286436691E-2,8.9396860006364792E-2,0.10707975163011633,0.10726732569724864,0.10949689783080746]
["KTNO",null,null,null,null,{"$f":"F42+F43-F58-F59","v":5121765416},{"$f":"G42+G43-G58-G59","v":7618980116},8684642854,13598386220,11269465579,12528343770.433353,13766387184.821316,14840349854.825651,15913679345.303905,17031334602.007858]
["Variación de KTNO",null,null,null,null,null,{"$f":"G127-F127","v":2497214700},1065662738,4913743366,-2328920641,1258878191.4333534,1238043414.3879623,1073962670.0043354,1073329490.4782543,1117655256.7039528]
["Productividad del Capital de trabajo PKT",null,null,null,null,{"$f":"F127/F86","v":9.1022890665235043E-2},{"$f":"G127/G86","v":9.5081421187184573E-2},9.4371227761843576E-2,0.15008586986809788,0.18300954821379142,0.18300954821379145,0.18300954821379145,0.18300954821379142,0.1830095482137914,0.18300954821379142]
["Rotación del Activo Fijo",null,null,null,null,{"$f":"F86/F49","v":4.7243687603346798},8.6272273202553151,9.59158350129902,9.3218092493549598,5.8361143945763381,5.8944755385221006,5.9534202939073237,6.0129544968463957,6.0730840418148597,6.1338148822330094]
["Palanca de Crecimiento PDC",null,null,null,null,{"$f":"F126/F129","v":0.72571082177809765},{"$f":"G126/G129","v":0.84766563236427794},0.80791966405024018,0.50725223415517895,0.2571307739206149,0.41105208455330028,0.48848194467936462,0.58510472636665911,0.58612966779164533,0.59831248642225698]
[]
[]
[]
["Razones financieras"]
[]
["ANALISIS DE RAZONES FINANCIERAS"]
["R/I",null,null,null,null,{"$f":"+F122","v":2017},{"$f":"+G122","v":2018},2019,2020,2021,2022,2023,2024,2025,2026]
[]
["Margen Bruto",null,null,null,null,{"$f":"+F88/F86","v":0.18173820942639918},{"$f":"+G88/G86","v":0.154508865322949},0.17009909281005858,0.14126764352525109,0.11635497373080725,0.16168653761769891,0.17671252943585367,0.19300712864832806,0.1929345450797505,0.19439724013527385,"Utilidad Bruta / Ventas"]
["Margen Operacional",null,null,null,null,{"$f":"+F91/F86","v":5.5578024444279527E-2},{"$f":"+G91/G86","v":6.1040741954544384E-2},7.0509428708500133E-2,7.0095501674758531E-2,4.4834472635450422E-2,7.023239605922324E-2,8.6214530595900687E-2,0.10349572284401999,0.10421971433771246,0.1065116076760297,"Utilidad Operacional / Ventas"]
["Margen Neto",null,null,null,null,{"$f":"+F99/F86","v":3.1164343248642142E-2},{"$f":"+G99/G86","v":3.3960915371241351E-2},3.9035317318308067E-2,5.122374320710233E-2,4.5477819995545614E-2,4.9993190003884552E-2,6.5975324540561986E-2,8.325651678868129E-2,8.3980508282373759E-2,8.6272401620690983E-2,"Utilidad Neta / Ventas"]
["ROE",null,null,null,null,{"$f":"+F99/F77","v":0.12671265236791862},{"$f":"+G99/G77","v":0.20688957071317624},0.22117746149130751,0.2222451936424425,0.13195300517820135,0.14285003835611437,0.18772598348380676,0.23670650409189692,0.23691381222097724,0.2426964977733736,"Utilidad Neta / Patrimonio"]
[]
[]
["ANALISIS DE RAZONES FINANCIERAS"]
["Liquidez",null,null,null,null,{"$f":"F138","v":2017},{"$f":"G138","v":2018},2019,2020,2021,2022,2023,2024,2025,2026]
["Capital de Trabajo",null,null,null,null,{"$f":"+(F45-F62)","v":9061083578},{"$f":"+(G45-G62)","v":11965353987},17539060328,20097812409,17836250056,19935651000.036079,21991972068.796753,23718141620.059982,25413130378.943481,27237256679.539265,"Activo Corriente - Pasivo Corriente"]
["Razon Corriente",null,null,null,null,{"$f":"+(F45/F62)","v":5.657620703514838},{"$f":"+(G45/G62)","v":6.3288990403745533},4.5207537896895387,4.8458408281549508,5.2151420998963687,5.3364875444199917,5.4292325068976233,5.4399049454592836,5.4205749372279053,5.4554237215262198,"Activo Corriente / Pasivo Corriente"]
["Prueba Acida",null,null,null,null,{"$f":"+(F45-F43)/F62","v":5.657620703514838},{"$f":"+(G45-G43)/G62","v":6.3288990403745533},4.4877744228467025,4.8458408281549508,5.2151420998963687,5.3364875444199917,5.4292325068976233,5.4399049454592836,5.4205749372279053,5.4554237215262198,"(Activo Corriente - Inventarios) / Pasivo Corriente"]
[]
[]
["ANALISIS DE RAZONES FINANCIERAS"]
["Endeudamiento",null,null,null,null,{"$f":"F147","v":2017},{"$f":"G147","v":2018},2019,2020,2021,2022,2023,2024,2025,2026]
["Nivel de Endeudamiento",null,null,null,null,{"$f":"+F69/F54","v":0.39611887579181548},{"$f":"+G69/G54","v":0.44024933709474123},0.49426976684779106,0.4040879385568199,0.35439381457821151,0.34234191104688122,0.33747871540687913,0.33485789551673723,0.3275671093227962,0.32358316350008132,"Total Pasivo / Total Activo"]
["Concentracion de Endeudamiento a Corto Plazo",null,null,null,null,{"$f":"+F62/F69","v":0.21430627008284595},{"$f":"+G62/G69","v":0.2170411092278515},0.31383135647106114,0.36904325446992731,0.36321431473426297,0.36862264704300279,0.36871072153280027,0.37203384084888502,0.38286273321256137,0.3862953960318713,"Pasivo Corriente / Pasivo Total"]
["Concentracion de Endeudamiento a Largo Plazo",null,null,null,null,{"$f":"+F67/F69","v":0.78569372991715403},{"$f":"+G67/G69","v":0.78295889077214853},0.68616864352893892,0.63095674553007264,0.63678568526573698,0.63137735295699715,0.63128927846719973,0.62796615915111509,0.61713726678743852,0.61370460396812876,"Pasivo No Corriente / Pasivo Total"]
[]
["RAZONES DE ACTIVIDAD"]
["Actividad",null,null,null,null,{"$f":"F154","v":2017},{"$f":"G154","v":2018},{"$f":"H154","v":2019},{"$f":"I154","v":2020},{"$f":"J154","v":2021},{"$f":"K154","v":2022},2023,2024,2025,2026]
["Rotacion del Patrimonio",null,null,null,null,{"$f":"+F86/F77","v":4.0659497091580645},{"$f":"+G86/G77","v":6.0919904087265468},5.666085911067321,4.3387144267041284,2.9014804401601855,2.8573899434105865,2.8453968933247431,2.8430988134261836,2.8210571365486943,2.8131417836311505,"Ventas / Patrimonio"]
["Rotacion del Activo",null,null,null,null,{"$f":"+F86/F54","v":2.455350281340313},{"$f":"+G86/G54","v":3.4099956696971629},2.8655109488645221,2.5854922580305226,1.8732137190477491,1.8791856095772663,1.8851360049427845,1.891064728016159,1.8969716050949939,1.9028564659095213,"Ventas / Activo Total"]
["Rotacion de Cartera",null,null,null,null,{"$f":"+F86/F42","v":9.8285320823362134},{"$f":"+G86/G42","v":10.364848116139095},8.9920848470362813,5.8504311779995772,4.9449756503540794,4.9449756503540785,4.9449756503540794,4.9449756503540794,4.9449756503540794,4.9449756503540794,"Ventas / Cuentas Por Cobrar Clientes"]
["Periodo de Cobro",null,null,null,null,{"$f":"+(F42/F86)*365","v":37.136776574802667},{"$f":"+(G42/G86)*365","v":35.215180763880063},40.591253998265046,62.388564004064314,73.812294702374231,73.812294702374246,73.812294702374231,73.812294702374231,73.812294702374231,73.812294702374231,"(Cuentas Por Cobrar Clientes / Ventas ) * 365"]
["Rotacion de Inventarios",null,null,null,null,{"$f":"+(F43/F87)*365","v":0},0,0.78517641723676612,0,0,0,0,0,0,0,"(Inventarios / Costo de Ventas) * 365"]
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["Periodo de Pago a Proveedores",null,null,null,null,{"$f":"+((F58+F59)/F87)*365","v":4.7826032292777283},{"$f":"+((G58+G59)/G87)*365","v":0.60374616553806437},8.1905856798941326,8.8586641051207184,7.9373610395942933,8.3665715977036488,8.5192716458253024,8.6912906586059329,8.6905090059063888,8.7062879545225229,"(Cuentas por pagar Proveedores / Costo de Ventas) * 365"]

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[]
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["VALORACIÓN"]
[" Pesos Colombianos"]
["a 31 de Diciembre"]
["PROYECCIONES MEJORARAS, TRATAMIENTOS Y ESTRATEGIAS"]
[]
["ESTRATEGIA 1 MEJORAMIENTO MARGEN EBITDA"]
["COSTOS",null,null,null,{"$f":"'Analisis Financiero'!K84","v":2022},{"$f":"'Valoración Sin Estrategia FLC P'!G54","v":2023},{"$f":"'Valoración Sin Estrategia FLC P'!H54","v":2024},{"$f":"'Valoración Sin Estrategia FLC P'!I54","v":2025},{"$f":"'Valoración Sin Estrategia FLC P'!J54","v":2026},"Objetivo"]
["REDUCCIÓN DE COSTOS",null,null,null,4.0156075922674465E-4,1.4E-3,3.6031215184534893E-3,1.4E-3,4.0156075922674465E-4,{"$f":"+SUM(E11:I11)","v":7.2062430369069785E-3}]
["REDUCCIÓN DE COSTOS $ Proyección",null,null,null,{"$f":"+E11*'Analisis Financiero'!K87","v":23058919.494846471},{"$f":"+F11*'Analisis Financiero'!L87","v":87462254.26245141},{"$f":"+G11*'Analisis Financiero'!M87","v":240256046.24689141},{"$f":"+H11*'Analisis Financiero'!N87","v":99112525.364243343},{"$f":"+I11*'Analisis Financiero'!O87","v":30123711.356467325},{"$f":"+SUM(E12:I12)","v":480013456.72489989}]
[]
[]
["GASTOS ADMINISTRATIVOS",null,null,null,{"$f":"E10","v":2022},{"$f":"F10","v":2023},{"$f":"G10","v":2024},{"$f":"H10","v":2025},{"$f":"I10","v":2026},"Objetivo"]
["REDUCCIÓN DE GASTOS ADMINISTRATIVOS",null,null,null,4.553076989660819E-5,5.0000000000000002E-5,1.9106153979321638E-4,5.0000000000000002E-5,4.553076989660819E-5,{"$f":"+SUM(E16:I16)","v":3.8212307958643277E-4}]
["REDUCCIÓN DE GASTOS ADMON $ Proyección",null,null,null,{"$f":"+E16*'Analisis Financiero'!K89","v":129672.69728005894},{"$f":"+F16*'Analisis Financiero'!L89","v":154923.92792744841},{"$f":"+G16*'Analisis Financiero'!M89","v":631865.37009697803},{"$f":"+H16*'Analisis Financiero'!N89","v":175560.3244590676},{"$f":"+I16*'Analisis Financiero'!O89","v":169401.81887325976},{"$f":"+SUM(E17:I17)","v":1261424.1386368126}]
[]
[]
["GASTOS DE VENTAS",null,null,null,{"$f":"E15","v":2022},{"$f":"F15","v":2023},{"$f":"G15","v":2024},{"$f":"H15","v":2025},{"$f":"I15","v":2026},"Objetivo"]
["REDUCCIÓN DE GASTOS DE VENTAS",null,null,null,0,0,0,0,0,{"$f":"+SUM(E21:I21)","v":0}]
["REDUCCIÓN GASTOS DE VENTAS $ Proyección",null,null,null,{"$f":"+E21*'Analisis Financiero'!K90","v":0},{"$f":"+F21*'Analisis Financiero'!L90","v":0},{"$f":"+G21*'Analisis Financiero'!M90","v":0},{"$f":"+H21*'Analisis Financiero'!N90","v":0},{"$f":"+I21*'Analisis Financiero'!O90","v":0},{"$f":"+SUM(E22:I22)","v":0}]
[" "]
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["PLAN DE REDUCCIÓN EN PESOS",null,null,null,{"$f":"E20","v":2022},{"$f":"F20","v":2023},{"$f":"G20","v":2024},{"$f":"H20","v":2025},{"$f":"I20","v":2026}]
["COSTO DE VENTAS ",null,null,null,{"$f":"+'Analisis Financiero'!K87-'Estrategias Operativas EP'!E12","v":57400180191.939491},{"$f":"+'Analisis Financiero'!L87-'Estrategias Operativas EP'!F12","v":62385576504.631416},{"$f":"+'Analisis Financiero'!M87-'Estrategias Operativas EP'!G12","v":66439717142.670891},{"$f":"+'Analisis Financiero'!N87-'Estrategias Operativas EP'!H12","v":70695548449.095291},{"$f":"+'Analisis Financiero'!O87-'Estrategias Operativas EP'!I12","v":74986447664.975952}]
["GASTOS OPERACIONALES DE ADMINISTRACIÓN ",null,null,null,{"$f":"+'Analisis Financiero'!K89-'Estrategias Operativas EP'!E17","v":2847893709.6114583},{"$f":"+'Analisis Financiero'!L89-'Estrategias Operativas EP'!F17","v":3098323634.6210408},{"$f":"+'Analisis Financiero'!M89-'Estrategias Operativas EP'!G17","v":3306498239.3115587},{"$f":"+'Analisis Financiero'!N89-'Estrategias Operativas EP'!H17","v":3511030928.8568931},{"$f":"+'Analisis Financiero'!O89-'Estrategias Operativas EP'!I17","v":3720431397.5512981}]
["GASTOS OPERACIONALES DE VENTAS ",null,null,null,{"$f":"+'Analisis Financiero'!K90-'Estrategias Operativas EP'!E22","v":3413593298.1882105},{"$f":"+'Analisis Financiero'!L90-'Estrategias Operativas EP'!F22","v":3713784692.8308811},{"$f":"+'Analisis Financiero'!M90-'Estrategias Operativas EP'!G22","v":3963870954.0461125},{"$f":"+'Analisis Financiero'!N90-'Estrategias Operativas EP'!H22","v":4208473502.8783908},{"$f":"+'Analisis Financiero'!O90-'Estrategias Operativas EP'!I22","v":4459450028.6960468}]
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[]
["ESTRATEGIA 2  INCREMENTO EN INGRESOS",null,null,null,{"$f":"E25","v":2022},{"$f":"F25","v":2023},{"$f":"G25","v":2024},{"$f":"H25","v":2025},{"$f":"I25","v":2026}]
["Crecimiento Valoración Natural",null,null,null,{"$f":"+'Analisis Financiero'!K29","v":0.1007},{"$f":"+'Analisis Financiero'!L29","v":8.7940000000000004E-2},{"$f":"+'Analisis Financiero'!M29","v":6.7339999999999997E-2},{"$f":"+'Analisis Financiero'!N29","v":6.1707999999999999E-2},{"$f":"+'Analisis Financiero'!O29","v":5.9636000000000002E-2}]
["INCREMENTO EN INGRESOS",null,null,null,{"$f":"E25","v":2022},{"$f":"F25","v":2023},{"$f":"G25","v":2024},{"$f":"H25","v":2025},{"$f":"I25","v":2026},"Objetivo"]
["CRECIMIENTO ADICIONAL DE INGRESOS",null,null,null,2E-3,2E-3,2E-3,2E-3,2E-3,{"$f":"+SUM(E34:I34)","v":0.01}]
["INCREMENTO DE CRECIMIENTO",null,null,null,{"$f":"+((1+E32)*(1+E34))-1","v":0.10290139999999992},{"$f":"+((1+F32)*(1+F34))-1","v":9.0115879999999926E-2},6.94746799999999E-2,6.3831416000000196E-2,6.1755272000000083E-2,{"$f":"+SUM(E35:I35)","v":0.38807864800000003}]
["INGRESOS CON TRATAMIENTO",null,null,null,{"$f":"+'Analisis Financiero'!J86*(1+'Estrategias Operativas EP'!E35)","v":67915086866.458168},{"$f":"E36*(1+'Estrategias Operativas EP'!F35)","v":74035314684.70549},{"$f":"F36*(1+'Estrategias Operativas EP'!G35)","v":79178894481.124695},{"$f":"G36*(1+'Estrategias Operativas EP'!H35)","v":84232995433.169479},{"$f":"H36*(1+'Estrategias Operativas EP'!I35)","v":89434826977.519623}]
[]
[]
[null,"Gestión Costos y Gastos"]
[null,"Promedio 2021","Rango Objetivo","Gestión"]
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["Gastos",9.2382123079586431E-2,9.1999999999999998E-2,{"$f":"+B42-C42","v":3.8212307958643277E-4},{"$f":"+J16+J21","v":3.8212307958643277E-4},{"$f":"+D42-E42","v":0}]
[]
["Aumento en ingresos 1%"]

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["MODELO DE VALORACIÓN DE EMPRESAS"]
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[]
[]
[]
[{"$f":"'Cifras Historicas'!A6","v":"Última actualización Mayo 2022"}]
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[]
["ESTADOS FINANCIEROS PROYECTADOS ESCENARIO PESIMISTA"]
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["ANÁLISIS FINANCIERO"]
[" Pesos Colombianos"]
["a 31 de Diciembre",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"TASAS DE DEUDA"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"TASAS DE DEUDA",{"$f":"F24","v":2017},{"$f":"G24","v":2018},2019,2020,2021,2022,2023,2024,2025,2026]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"TASA Kd E.A.",{"$f":"+'Analisis Financiero'!S16","v":0.1132},{"$f":"+'Analisis Financiero'!T16","v":0.1018},{"$f":"+'Analisis Financiero'!U16","v":0.1002},{"$f":"+'Analisis Financiero'!V16","v":7.2400000000000006E-2},{"$f":"+'Analisis Financiero'!W16","v":8.0600000000000005E-2},{"$f":"+'Analisis Financiero'!X16","v":9.3640000000000001E-2},{"$f":"+'Analisis Financiero'!Y16","v":8.9728000000000002E-2},{"$f":"+'Analisis Financiero'!Z16","v":8.7313599999999991E-2},{"$f":"+'Analisis Financiero'!AA16","v":8.4736320000000004E-2},{"$f":"+'Analisis Financiero'!AB16","v":8.7203583999999987E-2}]
["CIFRAS FUNDAMENTALES DE PROYECCIÓN"]
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["CIFRAS DE PROYECCIÓN "]
[]
["PLANES, POLITICAS Y EXPECTATIVAS "]
[null,null,null,null,null,"CIFRAS HISTÓRICAS",null,null,null,null,"CIFRAS PROYECTADAS"]
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["Inflación en Colombia",null,null,null,null,{"$f":"'Analisis Financiero'!F25","v":1.4E-2},{"$f":"'Analisis Financiero'!G25","v":2.5999999999999999E-2},{"$f":"'Analisis Financiero'!H25","v":3.2000000000000001E-2},{"$f":"'Analisis Financiero'!I25","v":-7.0000000000000007E-2},{"$f":"'Analisis Financiero'!J25","v":0.106},"Tasas proyectadas con Tratamiento"]
["PIB",null,null,null,null,{"$f":"'Analisis Financiero'!F26","v":4.0899999999999999E-2},{"$f":"'Analisis Financiero'!G26","v":3.1800000000000002E-2},{"$f":"'Analisis Financiero'!H26","v":3.7999999999999999E-2},{"$f":"'Analisis Financiero'!I26","v":1.61E-2},{"$f":"'Analisis Financiero'!J26","v":5.62E-2}]
["Crecimiento Historico",null,null,null,null,null,{"$f":"'Analisis Financiero'!G27","v":5.8999999999999997E-2},{"$f":"'Analisis Financiero'!H27","v":0.06},{"$f":"'Analisis Financiero'!I27","v":0.06},{"$f":"'Analisis Financiero'!J27","v":3.5000000000000003E-2}]
["Crecimiento Real Empresa -Incremento del SMMLV ",null,null,null,null,null,{"$f":"'Analisis Financiero'!G28","v":5.8999999999999997E-2},{"$f":"'Analisis Financiero'!H28","v":0.06},{"$f":"'Analisis Financiero'!I28","v":0.06},{"$f":"'Analisis Financiero'!J28","v":3.5000000000000003E-2}]
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[null,null,null,null,null,null,"Crecimiento Historico",null,null,null,"Crecimiento Proyectado Con Estrategia"]
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[]
["ESTADOS FINANCIEROS PROYECTADOS"]
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["PROYECCIÓN DE ESTADOS FINANCIERO"]
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["ACTIVO",null,null,null,null,{"$f":"F24","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026]
["Activo Corriente"]
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["Deudores comerciales y otros",null,null,null,null,{"$f":"'Cifras Historicas'!F19","v":5725064714},{"$f":"'Cifras Historicas'!G19","v":7731045570},{"$f":"'Cifras Historicas'!H19","v":10234154333},{"$f":"'Cifras Historicas'!I19","v":15486728698},{"$f":"'Cifras Historicas'!J19","v":12452754179},13734160017.87495,14971825933.946566,16011988749.723204,17034056664.594109,18085999467.179531]
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["Pagos anticipados y otras cuentas por cobrar",null,null,null,null,{"$f":"'Cifras Historicas'!F21","v":926175054},{"$f":"'Cifras Historicas'!G21","v":656692693},{"$f":"'Cifras Historicas'!H21","v":11576196451},{"$f":"'Cifras Historicas'!I21","v":8669863369},{"$f":"'Cifras Historicas'!J21","v":9394045296},10360705708.621813,11294369820.97529,12079042550.089205,12850064939.985653,13643624195.572132]
["TOTAL ACTIVO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F22","v":11006515410},{"$f":"'Cifras Historicas'!G22","v":14210724728},{"$f":"'Cifras Historicas'!H22","v":22520681133},{"$f":"'Cifras Historicas'!I22","v":25323668940},{"$f":"'Cifras Historicas'!J22","v":22067720700},{"$f":"SUM(K40:K44)","v":24338520054.838978},26531807207.478439,28375096023.039696,30186318581.326294,32050482895.994755]
["Activo No Corriente"]
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["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},{"$f":"'Cifras Historicas'!J25","v":0},0,0,0,0,0]
["Propiedades, planta y equipo",null,null,null,null,{"$f":"'Cifras Historicas'!F26","v":11910370479},{"$f":"'Cifras Historicas'!G26","v":9288165263},{"$f":"'Cifras Historicas'!H26","v":9594493348},{"$f":"'Cifras Historicas'!I26","v":9719576747},{"$f":"'Cifras Historicas'!J26","v":10551295268},{"$f":"+'Analisis Financiero'!K49","v":11613810701.4876},{"$f":"+'Analisis Financiero'!L49","v":12635129214.576418},{"$f":"+'Analisis Financiero'!M49","v":13485978815.885994},{"$f":"+'Analisis Financiero'!N49","v":14318171596.656689},{"$f":"+'Analisis Financiero'!O49","v":15172050077.994907}]
["Inventarios",null,null,null,null,{"$f":"'Cifras Historicas'!F27","v":0},{"$f":"'Cifras Historicas'!G27","v":0},{"$f":"'Cifras Historicas'!H27","v":0},{"$f":"'Cifras Historicas'!I27","v":0},{"$f":"'Cifras Historicas'!J27","v":145047130},159972682.742982,174388761.82432663,186504365.24766794,198409202.9716078,210662017.26842266]
["Pagos anticipados y otras cuentas por cobrar",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},{"$f":"'Cifras Historicas'!J28","v":109156636},120389006.66369039,131237967.9415147,140355683.76810169,149314785.80666786,158535761.01778039]
["TOTAL ACTIVO NO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F29","v":11910370479},{"$f":"'Cifras Historicas'!G29","v":9288165263},{"$f":"'Cifras Historicas'!H29","v":9594493348},{"$f":"'Cifras Historicas'!I29","v":9719576747},{"$f":"'Cifras Historicas'!J29","v":10805499034},{"$f":"SUM(K47:K51)","v":11894172390.894274},12940755944.34226,13812838864.901764,14665895585.434963,15541247856.281111]
[]
["TOTAL ACTIVO",null,null,null,null,{"$f":"F45+F52","v":22916885889},23498889991,32115174481,35043245687,32873219734,36232692445.733253,39472563151.820702,42187934887.94146,44852214166.761261,47591730752.275864]
[]
["Pasivo Corriente"]
["Obligaciones financieras",null,null,null,null,{"$f":"'Cifras Historicas'!F34","v":408734110},{"$f":"'Cifras Historicas'!G34","v":526145096},{"$f":"'Cifras Historicas'!H34","v":208868995},{"$f":"'Cifras Historicas'!I34","v":96658002},{"$f":"'Cifras Historicas'!J34","v":365420012},{"$f":"+AVERAGE(G57:J57)","v":299273026.25},{"$f":"+AVERAGE(H57:K57)","v":242555008.8125},{"$f":"+AVERAGE(I57:L57)","v":250976512.265625},{"$f":"+AVERAGE(J57:M57)","v":289556139.83203125},{"$f":"+AVERAGE(K57:N57)","v":270590171.79003906}]
["Proveedores",null,null,null,null,{"$f":"'Cifras Historicas'!F35","v":580386860},{"$f":"'Cifras Historicas'!G35","v":83953100},{"$f":"'Cifras Historicas'!H35","v":366465683},{"$f":"'Cifras Historicas'!I35","v":671557747},{"$f":"'Cifras Historicas'!J35","v":0},{"$f":"J58*(1+K$29)","v":0},0,0,0,0]
["Cuentas por pagar Varios",null,null,null,null,{"$f":"'Cifras Historicas'!F36","v":22912438},{"$f":"'Cifras Historicas'!G36","v":28112354},{"$f":"'Cifras Historicas'!H36","v":1347336496},{"$f":"'Cifras Historicas'!I36","v":1216784731},{"$f":"'Cifras Historicas'!J36","v":1183288600},1305050653.54404,1422656441.6327362,1521495042.6651092,1618614225.6754038,1718572187.4450579]
["Impuestos corrientes por pagar",null,null,null,null,{"$f":"'Cifras Historicas'!F37","v":629839083},{"$f":"'Cifras Historicas'!G37","v":936020423},{"$f":"'Cifras Historicas'!H37","v":1955820787},{"$f":"'Cifras Historicas'!I37","v":3034237509},{"$f":"'Cifras Historicas'!J37","v":1988914847},2193576969.2370858,2391253088.1676188,2557384631.2670755,2720626113.5374913,2888639119.1893024]
["Otros pasivos",null,null,null,null,{"$f":"'Cifras Historicas'!F38","v":303559341},{"$f":"'Cifras Historicas'!G38","v":671139768},{"$f":"'Cifras Historicas'!H38","v":1103128844},{"$f":"'Cifras Historicas'!I38","v":206618542},{"$f":"'Cifras Historicas'!J38","v":693847185},765245031.72255898,834205761.17186522,892161939.48343694,949109899.38197124,1007722439.3761976]
["TOTAL PASIVO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F39","v":1945431832},{"$f":"'Cifras Historicas'!G39","v":2245370741},{"$f":"'Cifras Historicas'!H39","v":4981620805},{"$f":"'Cifras Historicas'!I39","v":5225856531},{"$f":"'Cifras Historicas'!J39","v":4231470644},{"$f":"SUM(K57:K61)","v":4563145680.753685},4890670299.7847204,5222018125.6812458,5577906378.426898,5885523917.8005972]
["Pasivo No Corriente"]
["Obligaciones financieras",null,null,null,null,{"$f":"'Cifras Historicas'!F41","v":2750785706},{"$f":"'Cifras Historicas'!G41","v":2500000000},{"$f":"'Cifras Historicas'!H41","v":2855673315},{"$f":"'Cifras Historicas'!I41","v":4029229857},{"$f":"'Cifras Historicas'!J41","v":3155897854},{"$f":"+AVERAGE(G64:J64)","v":3135200256.5},{"$f":"+AVERAGE(H64:K64)","v":3294000320.625},{"$f":"+AVERAGE(I64:L64)","v":3403582072.03125},{"$f":"+AVERAGE(J64:M64)","v":3247170125.7890625},{"$f":"+AVERAGE(K64:N64)","v":3269988193.7363281}]
["Cuentas por pagar Varios",null,null,null,null,{"$f":"'Cifras Historicas'!F42","v":1446246300},{"$f":"'Cifras Historicas'!G42","v":0},{"$f":"'Cifras Historicas'!H42","v":1540582555},{"$f":"'Cifras Historicas'!I42","v":789272626},{"$f":"'Cifras Historicas'!J42","v":797056878},{"$f":"J65*(1+K$29)","v":879075146.6258291},958293777.05014467,1024870930.5566947,1090289893.2713664,1157621042.1891906]
["Otros pasivos",null,null,null,null,{"$f":"'Cifras Historicas'!F43","v":2935347237},{"$f":"'Cifras Historicas'!G43","v":5600000000},{"$f":"'Cifras Historicas'!H43","v":6495683128},{"$f":"'Cifras Historicas'!I43","v":4116193896},{"$f":"'Cifras Historicas'!J43","v":3465640363},3822259608.249208,4166705896.4350405,4456186455.2439775,4740631146.6422224,5033390112.5547848]
["TOTAL PASIVO NO CORRIENTE",null,null,null,null,{"$f":"'Cifras Historicas'!F44","v":7132379243},{"$f":"'Cifras Historicas'!G44","v":8100000000},{"$f":"'Cifras Historicas'!H44","v":10891938998},{"$f":"'Cifras Historicas'!I44","v":8934696379},{"$f":"'Cifras Historicas'!J44","v":7418595095},{"$f":"SUM(K64:K66)","v":7836535011.3750372},8418999994.1101856,8884639457.8319225,9078091165.702652,9460999348.4803047]
[]
[" TOTAL PASIVO",null,null,null,null,{"$f":"F62+F67","v":9077811075},10345370741,15873559803,14160552910,11650065739,12399680692.128723,13309670293.894905,14106657583.513168,14655997544.129551,15346523266.280903]
[]
["Patrimonio"]
["Capital suscrito y pagado",null,null,null,null,{"$f":"'Cifras Historicas'!F49","v":4000000000},{"$f":"'Cifras Historicas'!G49","v":4000000000},{"$f":"'Cifras Historicas'!H49","v":4000000000},{"$f":"'Cifras Historicas'!I49","v":4000000000},{"$f":"'Cifras Historicas'!J49","v":4000000000},{"$f":"J72","v":4000000000},{"$f":"K72","v":4000000000},4000000000,4000000000,4000000000]
["Reservas",null,null,null,null,{"$f":"'Cifras Historicas'!F50","v":1110584793},{"$f":"'Cifras Historicas'!G50","v":1510584793},{"$f":"'Cifras Historicas'!H50","v":1510584793},{"$f":"'Cifras Historicas'!I50","v":1510584793},{"$f":"'Cifras Historicas'!J50","v":2400000000},{"$f":"+'Analisis Financiero'!K73","v":2400000000},{"$f":"+'Analisis Financiero'!L73","v":2400000000},{"$f":"+'Analisis Financiero'!M73","v":2400000000},{"$f":"+'Analisis Financiero'!N73","v":2400000000},{"$f":"+'Analisis Financiero'!O73","v":2400000000}]
["Resultados de Ejercicios Anteriores",null,null,null,null,{"$f":"'Cifras Historicas'!F51","v":3976114511},{"$f":"'Cifras Historicas'!G51","v":4292094996},{"$f":"'Cifras Historicas'!H51","v":5937865590},{"$f":"'Cifras Historicas'!I51","v":9530144694},null,{"$f":"+K54-K69-K72-K73-K75-K76","v":13353254334.241997},{"$f":"+L54-L69-L72-L73-L75-L76","v":15222793804.579241},16614101929.969559,18482197831.523129,20185914301.420219]
["Resultados del Ejercicio",null,null,null,null,{"$f":"'Cifras Historicas'!F52","v":1753585876},{"$f":"'Cifras Historicas'!G52","v":2721325951},{"$f":"'Cifras Historicas'!H52","v":3592279105},{"$f":"'Cifras Historicas'!I52","v":4641078100},{"$f":"'Cifras Historicas'!J52","v":2800458949},{"$f":"K99","v":2878872229.362534},3339213863.3465552,3866290184.4587312,4113133601.1085825,4458407994.5747414]
["Ganancias Acumuladas adopción Pymes",null,null,null,null,{"$f":"'Cifras Historicas'!F53","v":2998789634},{"$f":"'Cifras Historicas'!G53","v":629513510},{"$f":"'Cifras Historicas'!H53","v":1200885190},{"$f":"'Cifras Historicas'!I53","v":1200885190},{"$f":"'Cifras Historicas'!J53","v":1200885190},{"$f":"+'Analisis Financiero'!K76","v":1200885190},{"$f":"+'Analisis Financiero'!L76","v":1200885190},{"$f":"+'Analisis Financiero'!M76","v":1200885190},{"$f":"+'Analisis Financiero'!N76","v":1200885190},{"$f":"+'Analisis Financiero'!O76","v":1200885190}]
["0 TOTAL PATRIMONIO",null,null,null,null,{"$f":"'Cifras Historicas'!F54","v":13839074814},{"$f":"'Cifras Historicas'!G54","v":13153519250},{"$f":"'Cifras Historicas'!H54","v":16241614678},{"$f":"'Cifras Historicas'!I54","v":20882692777},{"$f":"'Cifras Historicas'!J54","v":21223153995},{"$f":"SUM(K72:K76)","v":23833011753.60453},{"$f":"SUM(L72:L76)","v":26162892857.925793},28081277304.428291,30196216622.63171,32245207485.994961]
[]
["0 TOTAL PASIVO Y PATRIMONIO",null,null,null,null,{"$f":"F69+F77","v":22916885889},23498889991,32115174481,35043245687,32873219734,36232692445.733253,39472563151.820694,42187934887.94146,44852214166.761261,47591730752.275864]
[]
["CONTROL (Pasivo y Patrimonio - Activo)",null,null,null,null,{"$f":"F54-F79","v":0},0,0,0,0,0,0,0,0,0]
[]
[]
["CUENTAS DE RESULTADO ",null,null,null,null,{"$f":"'Cifras Historicas'!F64","v":2017},{"$f":"'Cifras Historicas'!G64","v":2018},{"$f":"'Cifras Historicas'!H64","v":2019},{"$f":"'Cifras Historicas'!I64","v":2020},{"$f":"'Cifras Historicas'!J64","v":2021},{"$f":"K38","v":2022},{"$f":"L38","v":2023},{"$f":"M38","v":2024},{"$f":"N38","v":2025},{"$f":"O38","v":2026}]
["Operacional"]
["Ventas, Ingresos de actividades ordinarias",null,null,null,null,{"$f":"+'Analisis Financiero'!F86","v":56268982215},{"$f":"+'Analisis Financiero'!G86","v":80131113112},{"$f":"+'Analisis Financiero'!H86","v":92026384100},{"$f":"+'Analisis Financiero'!I86","v":90604040420},{"$f":"+'Analisis Financiero'!J86","v":61578566195},{"$f":"'Estrategias Operativas EP'!E36","v":67915086866.458168},{"$f":"'Estrategias Operativas EP'!F36","v":74035314684.70549},{"$f":"'Estrategias Operativas EP'!G36","v":79178894481.124695},{"$f":"'Estrategias Operativas EP'!H36","v":84232995433.169479},{"$f":"'Estrategias Operativas EP'!I36","v":89434826977.519623}]
["Costo de Ventas",null,null,null,null,{"$f":"+'Analisis Financiero'!F87","v":46042758141},{"$f":"+'Analisis Financiero'!G87","v":67750145748},{"$f":"+'Analisis Financiero'!H87","v":76372779650},{"$f":"+'Analisis Financiero'!I87","v":77804621136},{"$f":"+'Analisis Financiero'!J87","v":54413593743},{"$f":"'Estrategias Operativas EP'!E26","v":57400180191.939491},{"$f":"'Estrategias Operativas EP'!F26","v":62385576504.631416},{"$f":"'Estrategias Operativas EP'!G26","v":66439717142.670891},{"$f":"'Estrategias Operativas EP'!H26","v":70695548449.095291},{"$f":"'Estrategias Operativas EP'!I26","v":74986447664.975952}]
["UTILIDAD BRUTA",null,null,null,null,{"$f":"F86-F87","v":10226224074},12380967364,15653604450,12799419284,7164972452,10514906674.518677,11649738180.074074,12739177338.453804,13537446984.074188,14448379312.543671]
["Gastos de administración",null,null,null,null,{"$f":"+'Analisis Financiero'!F89","v":0},{"$f":"+'Analisis Financiero'!G89","v":0},{"$f":"+'Analisis Financiero'!H89","v":8851263892},{"$f":"+'Analisis Financiero'!I89","v":5383826386},{"$f":"+'Analisis Financiero'!J89","v":3355500547},{"$f":"'Estrategias Operativas EP'!E27","v":2847893709.6114583},{"$f":"'Estrategias Operativas EP'!F27","v":3098323634.6210408},{"$f":"'Estrategias Operativas EP'!G27","v":3306498239.3115587},{"$f":"'Estrategias Operativas EP'!H27","v":3511030928.8568931},{"$f":"'Estrategias Operativas EP'!I27","v":3720431397.5512981}]
["Gastos de ventas y distribución",null,null,null,null,{"$f":"+'Analisis Financiero'!F90","v":7098905205},{"$f":"+'Analisis Financiero'!G90","v":7489704766},{"$f":"+'Analisis Financiero'!H90","v":313612789},{"$f":"+'Analisis Financiero'!I90","v":1064657231},{"$f":"+'Analisis Financiero'!J90","v":1048629364},{"$f":"'Estrategias Operativas EP'!E28","v":3413593298.1882105},{"$f":"'Estrategias Operativas EP'!F28","v":3713784692.8308811},{"$f":"'Estrategias Operativas EP'!G28","v":3963870954.0461125},{"$f":"'Estrategias Operativas EP'!H28","v":4208473502.8783908},{"$f":"'Estrategias Operativas EP'!I28","v":4459450028.6960468}]
["UTILIDAD OPERACIONAL",null,null,null,null,{"$f":"F88-F89-F90","v":3127318869},4891262598,6488727769,6350935667,2760842541,4253419666.7190084,4837629852.6221523,5468808145.0961342,5817942552.3389034,6268497886.2963257]
["No Operacional"]
["Otros ingresos",null,null,null,null,{"$f":"+'Analisis Financiero'!F93","v":244288944},{"$f":"+'Analisis Financiero'!G93","v":192784316},{"$f":"+'Analisis Financiero'!H93","v":82383557},{"$f":"+'Analisis Financiero'!I93","v":1658821003},{"$f":"+'Analisis Financiero'!J93","v":2779929418},{"$f":"K86*'Cifras Historicas'!$P$73","v":965690401.64750993},{"$f":"L86*'Cifras Historicas'!$P$73","v":1052714441.9995288},{"$f":"M86*'Cifras Historicas'!$P$73","v":1125851440.9888244},{"$f":"N86*'Cifras Historicas'!$P$73","v":1197716132.6727817},{"$f":"O86*'Cifras Historicas'!$P$73","v":1271681418.2247775}]
["Gasto no operacional",null,null,null,null,{"$f":"+'Analisis Financiero'!F94","v":0},{"$f":"+'Analisis Financiero'!G94","v":0},{"$f":"+'Analisis Financiero'!H94","v":962059833},{"$f":"+'Analisis Financiero'!I94","v":259504531},{"$f":"+'Analisis Financiero'!J94","v":92569034},{"$f":"K86*'Cifras Historicas'!$P$74","v":201322075.07940319},{"$f":"L86*'Cifras Historicas'!$P$74","v":219464391.03860968},{"$f":"M86*'Cifras Historicas'!$P$74","v":234711609.37741193},{"$f":"N86*'Cifras Historicas'!$P$74","v":249693583.75561103},{"$f":"O86*'Cifras Historicas'!$P$74","v":265113478.93709359}]
["Gasto Financiero",null,null,null,null,{"$f":"+'Analisis Financiero'!F95","v":528963937},{"$f":"+'Analisis Financiero'!G95","v":818412963},{"$f":"+'Analisis Financiero'!H95","v":457359388},{"$f":"+'Analisis Financiero'!I95","v":681428611},{"$f":"+'Analisis Financiero'!J95","v":631413481},{"$f":"K86*'Cifras Historicas'!$P$75","v":575358480.75264227},{"$f":"L86*'Cifras Historicas'!$P$75","v":627207416.56112969},{"$f":"M86*'Cifras Historicas'!$P$75","v":670782451.12034082},{"$f":"N86*'Cifras Historicas'!$P$75","v":713599444.80330312},{"$f":"O86*'Cifras Historicas'!$P$75","v":757667972.61618006}]
["Resultados Netos"]
["UTILIDAD ANTES DE IMPUESTOS",null,null,null,null,{"$f":"F91+F93-F94-F95","v":2842643876},4265633951,5151692105,7068823528,4816789444,4442429512.5344725,5043672487.0219421,5689165525.5872059,6052365656.4527712,6517397852.9678288]
["Gasto por impuesto",null,null,null,null,{"$f":"+'Analisis Financiero'!F98","v":1089058000},{"$f":"+'Analisis Financiero'!G98","v":1544308000},{"$f":"+'Analisis Financiero'!H98","v":1559413000},{"$f":"+'Analisis Financiero'!I98","v":2427745428},{"$f":"+'Analisis Financiero'!J98","v":2016330495},{"$f":"K86*'Cifras Historicas'!$P$78","v":1563557283.1719384},{"$f":"L86*'Cifras Historicas'!$P$78","v":1704458623.6753869},{"$f":"M86*'Cifras Historicas'!$P$78","v":1822875341.1284747},{"$f":"N86*'Cifras Historicas'!$P$78","v":1939232055.3441885},{"$f":"O86*'Cifras Historicas'!$P$78","v":2058989858.3930879}]
["UTILIDAD NETA",null,null,null,null,{"$f":"F97-F98","v":1753585876},2721325951,3592279105,4641078100,2800458949,2878872229.362534,3339213863.3465552,3866290184.4587312,4113133601.1085825,4458407994.5747414]
[]
[]
[]
["Detalles de Depreciación y Amortización",null,null,null,null,{"$f":"F84","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026]
["Depreciaciones",null,null,null,null,{"$f":"+'Analisis Financiero'!F104","v":589601720},{"$f":"+'Analisis Financiero'!G104","v":827825000},{"$f":"+'Analisis Financiero'!H104","v":527765968},{"$f":"+'Analisis Financiero'!I104","v":546876124},{"$f":"+'Analisis Financiero'!J104","v":136883865},{"$f":"+AVERAGE(I104:J104)","v":341879994.5},{"$f":"+AVERAGE(J104:K104)","v":239381929.75},{"$f":"+AVERAGE(K104:L104)","v":290630962.125},{"$f":"+AVERAGE(L104:M104)","v":265006445.9375},{"$f":"+AVERAGE(M104:N104)","v":277818704.03125}]
["Amortizaciones",null,null,null,null,{"$f":"+'Analisis Financiero'!F105","v":0},{"$f":"+'Analisis Financiero'!G105","v":739260000},{"$f":"+'Analisis Financiero'!H105","v":0},{"$f":"+'Analisis Financiero'!I105","v":0},{"$f":"+'Analisis Financiero'!J105","v":0},{"$f":"+'Analisis Financiero'!K105","v":0},{"$f":"+'Analisis Financiero'!L105","v":0},{"$f":"+'Analisis Financiero'!M105","v":0},{"$f":"+'Analisis Financiero'!N105","v":0},{"$f":"+'Analisis Financiero'!O105","v":0}]
[]
[]
[]
["INDUCTORES DE VALOR Y RAZONES FINANCIERAS"]
[]
[{"$f":"+A11","v":"COMPAÑÍA VS LTDA "}]
["PROYECCIÓN DE INDUCTORES DE VALOR"]
[]
[]
["Inductores de Rentabilidad",null,null,null,null,{"$f":"F103","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026]
["ROA",null,null,null,null,{"$f":"F99/F54","v":7.6519378963339574E-2},{"$f":"G99/G54","v":0.11580657435488481},0.11185612916801266,0.13243859148930665,8.5189676328040087E-2,7.9455100767747353E-2,8.4595820405762814E-2,9.1644452252244032E-2,9.1704137187428134E-2,9.3680307988411149E-2]
["UODI",null,null,null,null,{"$f":"F91*(1-(F98/F97))","v":1929197760.1300817},3120455246.2764945,4524595163.5946941,4169744558.1813922,1605140994.9741931,2756386280.0280681,3202801274.5040808,3716537892.416265,3953821754.9416342,4288141022.0356479]
["Activos Netos de Operación",null,null,null,null,{"$f":"F45+F49-F58","v":22336499029},23414936891,31748708798,34371687940,32619015968,35952330756.326576,39166936422.054855,41861074838.92569,44504490177.982986,47222532973.989662]
["RAN",null,null,null,null,{"$f":"F117/F118","v":8.6369746558104699E-2},{"$f":"G117/G118","v":0.13326771969545234},0.14251272996272907,0.12131334851695945,4.9208749784140422E-2,7.6667804897267294E-2,8.1773086360172581E-2,8.8782667590759964E-2,8.884096276868815E-2,9.0807094663845567E-2]
["Distancia Rentabilidad",null,null,null,null,{"$f":"F119-F116","v":9.8503675947651248E-3},{"$f":"G119-G116","v":1.746114534056753E-2},3.065660079471641E-2,-1.1125242972347196E-2,-3.5980926543899665E-2,-2.7872958704800582E-3,-2.8227340455902333E-3,-2.8617846614840681E-3,-2.8631744187399832E-3,-2.8732133245655822E-3]
[]
["Inductores de Operativos y Financieros",null,null,null,null,{"$f":"F115","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026]
["EBITDA Modelo General",null,null,null,null,{"$f":"F99+F98+F95+F104+F105","v":3961209533},{"$f":"G99+G98+G95+G104+G105","v":6651131914},6136817461,8297128263,5585086790,5359667987.7871151,5910261833.3330717,6650578938.8325462,7030971547.193574,7552884529.6152592]
["EBITDA Operacional",null,null,null,null,{"$f":"F91+F104+F105","v":3716920589},{"$f":"G91+G104+G105","v":6458347598},7016493737,6897811791,2897726406,4595299661.2190084,5077011782.3721523,5759439107.2211342,6082948998.2764034,6546316590.3275757]
["Margen EBITDA Modelo General",null,null,null,null,{"$f":"F123/F86","v":7.0397746272795284E-2},{"$f":"G123/G86","v":8.3003113967774933E-2},6.6685413330284271E-2,9.1575698219838839E-2,9.0698552030487073E-2,7.8917192557315899E-2,7.9830306097882192E-2,8.3994339431172085E-2,8.3470515455810329E-2,8.4451267865858964E-2]
["Margen EBITDA Operacional",null,null,null,null,{"$f":"F124/F86","v":6.6056296785285656E-2},{"$f":"G124/G86","v":8.059725301672907E-2},7.6244370629357364E-2,7.6131392805716111E-2,4.7057386767074272E-2,6.7662427793912322E-2,6.8575541334478601E-2,7.2739574667768522E-2,7.2215750692406752E-2,7.3196503102455387E-2]
["KTNO",null,null,null,null,{"$f":"F42+F43-F58-F59","v":5121765416},{"$f":"G42+G43-G58-G59","v":7618980116},8684642854,13598386220,11269465579,12429109364.33091,13549169492.313829,14490493707.058094,15415442438.918705,16367427279.734474]
["Variación de KTNO",null,null,null,null,null,{"$f":"G127-F127","v":2497214700},1065662738,4913743366,-2328920641,1159643785.3309097,1120060127.9829197,941324214.7442646,924948731.86061096,951984840.8157692]
["Productividad del Capital de trabajo PKT",null,null,null,null,{"$f":"F127/F86","v":9.1022890665235043E-2},{"$f":"G127/G86","v":9.5081421187184573E-2},9.4371227761843576E-2,0.15008586986809788,0.18300954821379142,0.18300954821379145,0.18300954821379142,0.18300954821379142,0.18300954821379145,0.18300954821379145]
["Rotación del Activo Fijo",null,null,null,null,{"$f":"F86/F49","v":4.7243687603346798},8.6272273202553151,9.59158350129902,9.3218092493549598,5.8361143945763381,5.84778662336549,5.8594821966122224,5.8712011610054455,5.8829435633274567,5.894709450454112]
["Palanca de Crecimiento PDC",null,null,null,null,{"$f":"F126/F129","v":0.72571082177809765},{"$f":"G126/G129","v":0.84766563236427794},0.80791966405024018,0.50725223415517895,0.2571307739206149,0.36972075202802634,0.37471018317781307,0.39746327652147573,0.394600999768845,0.3999600229434333]
[]
[]
[]
["Razones financieras"]
[]
["ANALISIS DE RAZONES FINANCIERAS"]
["R/I",null,null,null,null,{"$f":"+F122","v":2017},{"$f":"+G122","v":2018},2019,2020,2021,2022,2023,2024,2025,2026]
[]
["Margen Bruto",null,null,null,null,{"$f":"+F88/F86","v":0.18173820942639918},{"$f":"+G88/G86","v":0.154508865322949},0.17009909281005858,0.14126764352525109,0.11635497373080725,0.15482431311903053,0.15735380108380526,0.1608910735864173,0.16071430102251094,0.16155204634292433,"Utilidad Bruta / Ventas"]
["Margen Operacional",null,null,null,null,{"$f":"+F91/F86","v":5.5578024444279527E-2},{"$f":"+G91/G86","v":6.1040741954544384E-2},7.0509428708500133E-2,7.0095501674758531E-2,4.4834472635450422E-2,6.2628494830353862E-2,6.5342193427882181E-2,6.9069013667522633E-2,6.9069638594947788E-2,7.009012146769153E-2,"Utilidad Operacional / Ventas"]
["Margen Neto",null,null,null,null,{"$f":"+F99/F86","v":3.1164343248642142E-2},{"$f":"+G99/G86","v":3.3960915371241351E-2},3.9035317318308067E-2,5.122374320710233E-2,4.5477819995545614E-2,4.2389288775015146E-2,4.5102987372543486E-2,4.8829807612183938E-2,4.8830432539609087E-2,4.9850915412352828E-2,"Utilidad Neta / Ventas"]
["ROE",null,null,null,null,{"$f":"+F99/F77","v":0.12671265236791862},{"$f":"+G99/G77","v":0.20688957071317624},0.22117746149130751,0.2222451936424425,0.13195300517820135,0.12079347164032386,0.12763167595723166,0.13768213399071538,0.13621354133569955,0.1382657561286017,"Utilidad Neta / Patrimonio"]
[]
[]
["ANALISIS DE RAZONES FINANCIERAS"]
["Liquidez",null,null,null,null,{"$f":"F138","v":2017},{"$f":"G138","v":2018},2019,2020,2021,2022,2023,2024,2025,2026]
["Capital de Trabajo",null,null,null,null,{"$f":"+(F45-F62)","v":9061083578},{"$f":"+(G45-G62)","v":11965353987},17539060328,20097812409,17836250056,19775374374.085293,21641136907.693718,23153077897.358452,24608412202.899395,26164958978.194157,"Activo Corriente - Pasivo Corriente"]
["Razon Corriente",null,null,null,null,{"$f":"+(F45/F62)","v":5.657620703514838},{"$f":"+(G45/G62)","v":6.3288990403745533},4.5207537896895387,4.8458408281549508,5.2151420998963687,5.3337153265768711,5.4249838122693177,5.4337413888884161,5.4117650124202248,5.4456465292850131,"Activo Corriente / Pasivo Corriente"]
["Prueba Acida",null,null,null,null,{"$f":"+(F45-F43)/F62","v":5.657620703514838},{"$f":"+(G45-G43)/G62","v":6.3288990403745533},4.4877744228467025,4.8458408281549508,5.2151420998963687,5.3337153265768711,5.4249838122693177,5.4337413888884161,5.4117650124202248,5.4456465292850131,"(Activo Corriente - Inventarios) / Pasivo Corriente"]
[]
[]
["ANALISIS DE RAZONES FINANCIERAS"]
["Endeudamiento",null,null,null,null,{"$f":"F147","v":2017},{"$f":"G147","v":2018},2019,2020,2021,2022,2023,2024,2025,2026]
["Nivel de Endeudamiento",null,null,null,null,{"$f":"+F69/F54","v":0.39611887579181548},{"$f":"+G69/G54","v":0.44024933709474123},0.49426976684779106,0.4040879385568199,0.35439381457821151,0.34222355158121581,0.33718789029997376,0.3343765847032551,0.32676196295768845,0.32246197025618833,"Total Pasivo / Total Activo"]
["Concentracion de Endeudamiento a Corto Plazo",null,null,null,null,{"$f":"+F62/F69","v":0.21430627008284595},{"$f":"+G62/G69","v":0.2170411092278515},0.31383135647106114,0.36904325446992731,0.36321431473426297,0.3680050957804385,0.36745240053226957,0.37018110737899806,0.38058865400541259,0.38350861727308372,"Pasivo Corriente / Pasivo Total"]
["Concentracion de Endeudamiento a Largo Plazo",null,null,null,null,{"$f":"+F67/F69","v":0.78569372991715403},{"$f":"+G67/G69","v":0.78295889077214853},0.68616864352893892,0.63095674553007264,0.63678568526573698,0.63199490421956139,0.63254759946773054,0.62981889262100188,0.61941134599458736,0.61649138272691628,"Pasivo No Corriente / Pasivo Total"]
[]
["RAZONES DE ACTIVIDAD"]
["Actividad",null,null,null,null,{"$f":"F154","v":2017},{"$f":"G154","v":2018},{"$f":"H154","v":2019},{"$f":"I154","v":2020},{"$f":"J154","v":2021},{"$f":"K154","v":2022},2023,2024,2025,2026]
["Rotacion del Patrimonio",null,null,null,null,{"$f":"+F86/F77","v":4.0659497091580645},{"$f":"+G86/G77","v":6.0919904087265468},5.666085911067321,4.3387144267041284,2.9014804401601855,2.8496225138724491,2.8297832004566428,2.8196329398676796,2.7895214982011303,2.7735850983859787,"Ventas / Patrimonio"]
["Rotacion del Activo",null,null,null,null,{"$f":"+F86/F54","v":2.455350281340313},{"$f":"+G86/G54","v":3.4099956696971629},2.8655109488645221,2.5854922580305226,1.8732137190477491,1.874414576509227,1.8756145730883593,1.8768137073179263,1.8780119777362569,1.8792093828872318,"Ventas / Activo Total"]
["Rotacion de Cartera",null,null,null,null,{"$f":"+F86/F42","v":9.8285320823362134},{"$f":"+G86/G42","v":10.364848116139095},8.9920848470362813,5.8504311779995772,4.9449756503540794,4.9449756503540785,4.9449756503540794,4.9449756503540794,4.9449756503540785,4.9449756503540785,"Ventas / Cuentas Por Cobrar Clientes"]
["Periodo de Cobro",null,null,null,null,{"$f":"+(F42/F86)*365","v":37.136776574802667},{"$f":"+(G42/G86)*365","v":35.215180763880063},40.591253998265046,62.388564004064314,73.812294702374231,73.812294702374246,73.812294702374231,73.812294702374231,73.812294702374246,73.812294702374246,"(Cuentas Por Cobrar Clientes / Ventas ) * 365"]
["Rotacion de Inventarios",null,null,null,null,{"$f":"+(F43/F87)*365","v":0},0,0.78517641723676612,0,0,0,0,0,0,0,"(Inventarios / Costo de Ventas) * 365"]
["Ciclo Operacional",null,null,null,null,{"$f":"F164+F165","v":37.136776574802667},35.215180763880063,41.376430415501815,62.388564004064314,73.812294702374231,73.812294702374246,73.812294702374231,73.812294702374231,73.812294702374246,73.812294702374246,"Periodo de Cobro +  Rotacion de Inventarios"]
["Periodo de Pago a Proveedores",null,null,null,null,{"$f":"+((F58+F59)/F87)*365","v":4.7826032292777283},{"$f":"+((G58+G59)/G87)*365","v":0.60374616553806437},8.1905856798941326,8.8586641051207184,7.9373610395942933,8.2986409964348145,8.3235521780807602,8.3586401998104574,8.3568796810017947,8.3652295574794948,"(Cuentas por pagar Proveedores / Costo de Ventas) * 365"]

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["ESCENARIOS 2022-2026",null,null,null,"OPTIMISTA","MODERADO","PESIMISTA","RESULTADOS 2021"]
["INCREMENTO OBJETIVO DE INGRESOS CON ESTRATEGÍA ",null,null,null,{"$f":"+'Estrategias Operativas EO'!J34","v":0.05},{"$f":"+'Estrategias Operativas EM'!J34","v":2.5250000000000002E-2},{"$f":"+'Estrategias Operativas EP'!J34","v":0.01}]
["REDUCCIÓN OBJETIVO DE COSTOS CON ESTRATEGÍA",null,null,null,{"$f":"+'Estrategias Operativas EO'!D41","v":3.7206243036906894E-2},{"$f":"+'Estrategias Operativas EM'!D41","v":2.7206243036906996E-2},{"$f":"+'Estrategias Operativas EP'!D41","v":7.2062430369069785E-3}]
["REDUCCIÓN OBJETIVO DE GASTOS CON ESTRATEGÍA",null,null,null,{"$f":"+'Estrategias Operativas EO'!D42","v":7.2821230795864361E-3},{"$f":"+'Estrategias Operativas EM'!D42","v":2.3821230795864345E-3},{"$f":"+'Estrategias Operativas EP'!D42","v":3.8212307958643277E-4}]
["MARGEN NETO PROMEDIO",null,null,null,{"$f":"+AVERAGE('Estados Finan + Estrategia EO'!K142:O142)","v":7.3895588247238519E-2},{"$f":"+AVERAGE('Estados Finan + Estrategia'!K142:O142)","v":5.5134038506496653E-2},{"$f":"+AVERAGE('Estados Finan + Estrategia EP'!K142:O142)","v":4.7000686342340905E-2},{"$f":"+AVERAGE('Analisis Financiero'!J142)","v":4.5477819995545614E-2}]
["EBIDTA OPERACIONAL PROMEDIO ",null,null,null,{"$f":"+AVERAGE('Estados Finan + Estrategia EO'!K126:O126)","v":9.7693458290194796E-2},{"$f":"+AVERAGE('Estados Finan + Estrategia'!K126:O126)","v":7.8995186529614875E-2},{"$f":"+AVERAGE('Estados Finan + Estrategia EP'!K126:O126)","v":7.0877959518204331E-2},{"$f":"+'Analisis Financiero'!J126","v":4.7057386767074272E-2}]
["ROA PROMEDIO ",null,null,null,{"$f":"+AVERAGE('Estados Finan + Estrategia EO'!K116:O116)","v":0.13984700841690079},{"$f":"+AVERAGE('Estados Finan + Estrategia'!K116:O116)","v":0.10368699493077585},{"$f":"+AVERAGE('Estados Finan + Estrategia EP'!K116:O116)","v":8.8215963720318702E-2},{"$f":"+'Analisis Financiero'!J116","v":8.5189676328040087E-2}]
["PDC PROMEDIO ",null,null,null,{"$f":"+AVERAGE('Estados Finan + Estrategia EO'!K131:O131)","v":0.53381618196264524},{"$f":"+AVERAGE('Estados Finan + Estrategia'!K131:O131)","v":0.43164516442242035},{"$f":"+AVERAGE('Estados Finan + Estrategia EP'!K131:O131)","v":0.38729104688791866},{"$f":"+'Analisis Financiero'!J131","v":0.2571307739206149}]

{"sheet":"HISTORICO DE AUMENTO SMMLV","index":15,"n_rows":58,"n_cols":5,"rows_kept":58,"cut":false,"hidden":false,"merged":[[56,0,56,4],[50,0,50,4],[51,0,51,4],[52,0,52,4],[53,0,53,4],[54,0,54,4],[55,0,55,4],[49,0,49,4],[0,0,0,5],[1,0,1,5],[46,0,46,4],[47,0,47,4],[48,0,48,4]]}
["Salario mínimo legal en Colombia"]
["1.1.1. Serie histórica en pesos colombianos_periodicidad anual"]
[""]
["Información disponible desde el 1 de julio de 1984."]
[]
["Año (aaaa)","Salario mínimo diario (COP)","Salario mínimo mensual (COP)","Variación porcentual anual %","Decretos del Gobierno Nacional"]
[1984,376.6,11298,null,"3506 de diciembre 27 de 1983"]
[1985,451.92,13558,20,"0001 de enero de 1985 "]
[1986,560.38,16811,24,"3754 de diciembre de 1985 "]
[1987,683.66,20510,22,"3732 de diciembre de 1986 "]
[1988,854.58,25637,25,"2545 de diciembre de 1987 "]
[1989,1085.32,32560,27,"2662 de diciembre de 1988 "]
[1990,1367.5,41025,26,"3000 de diciembre de 1989 "]
[1991,1724,51720,26.1,"3074 de diciembre de 1990 "]
[1992,2173,65190,26.044,"2867 de diciembre de 1991 "]
[1993,2717,81510,25,"2061 de diciembre de 1992 "]
[1994,3290,98700,21.1,"2548 de diciembre de 1993 "]
[1995,3964.45,118934,20.5,"2872 de diciembre de 1994 "]
[1996,4737.5,142125,19.5,"2310 de diciembre de 1995 "]
[1997,5733.5,172005,21,"2334 de diciembre de 1996 "]
[1998,6794.2,203826,18.5,"3106 de diciembre de 1997 "]
[1999,7882,236460,16,"2560 de diciembre de 1998 "]
[2000,8670,260100,10,"2647 de diciembre 23 de 1999 "]
[2001,9533.33,286000,10,"2579 de diciembre 13 de 2000 "]
[2002,10300,309000,8,"2910 de diciembre 31 de 2001 "]
[2003,11066.67,332000,7.4,"3232 de diciembre 27 de 2002 "]
[2004,11933.33,358000,7.8,"3770 de diciembre 26 de 2003 "]
[2005,12716.67,381500,6.6,"4360 de diciembre 22 de 2004 "]
[2006,13600,408000,6.9,"4686 de diciembre 21 de 2005 "]
[2007,14456.67,433700,6.3,"4580 de diciembre 27 de 2006 "]
[2008,15383.33,461500,6.4,"4965 de diciembre 27 de 2007 "]
[2009,16563.330000000002,496900,7.7,"4868 de diciembre 30 de 2008 "]
[2010,17166.669999999998,515000,3.6,"5053 de diciembre 30 de 2009 "]
[2011,17853.330000000002,535600,4,"033 de enero 11 de 2011 "]
[2012,18890,566700,5.8,"4919 de diciembre 26 de 2011 "]
[2013,19650,589500,4.0199999999999996,"2738 de diciembre 28 de 2012"]
[2014,20533.330000000002,616000,4.5,"3068 de diciembre 30 de 2013"]
[2015,21478.33,644350,4.5999999999999996,"2731 de diciembre 30 de 2014"]
[2016,22981.83,689455,7,"2552 de diciembre 30 de 2015"]
[2017,24590.57,737717,7,"2209 de diciembre 30 de 2016"]
[2018,26041.4,781242,5.9,"2269 de diciembre 30 de 2017"]
[2019,27603.87,828116,6,"2451 de diciembre 27 de 2018"]
[2020,29260.1,877803,6,"2360 de diciembre 26 de 2019"]
[2021,30284.2,908526,3.5,"1785 de diciembre 29 de 2020"]
[2022,33333.33,1000000,10.07,"1724 de diciembre 15 de 2021"]
[""]
[""]
["Fuente: Ministerio del Trabajo (www.mintrabajo.gov.co) y decretos del Gobierno Nacional (www.presidencia.gov.co)."]
[""]
[" Notas: "]
[" "]
["desde el 1 de julio de 1984 se unificó el salario mínimo para todos los sectores de la economía. En los años en que se decretó el salario mínimo diario, este se multiplica por 30 días y se redondea a la unidad para determinar el valor mensual. Cuando se decretó el salario mínimo mensual, se divide por 30 y se redondea a dos decimales para obtener el salario diario. "]
[" "]
["Variación porcentual con respecto al dato del año inmediatamente anterior. "]
["(N/A)  No aplica"]
[""]
[" Banco de la República - Gerencia Técnica - información extraída de la bodega de datos -Serankua- el 28/06/2022 23:31:43"]
[""]