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[null,null,"Sheet Tab","Description","Author"]
[null,1,"Contents"]
[null,2,"Summary"]
[null,3,"Master Scenario"]
[null,4,"Financial Model"]
[null,5,"Valuation and Analysis"]
[null,6,"Audit"]
[null,7,"Financial Data Chart"]
[null,8,"Assumption Chart"]
[null,9,"Sheet2"]
[null,10,"2015 EBITDA Forecast"]
[null,11,"Forecst of Sustaining Cap Exp"]
[null,12,"2012 Volumes"]
[null,13,"2012 Summary Income"]
[null,14,"2013 Assumptions"]
[null,15,"Gross Plant"]
[]
[null," File Name: ",null,{"$f":"File_name()","v":"C:\\Users\\Monika Lewenski\\Courses\\Chapter 1. Models and Analysis\\A. Corporate Models Templates and Exercises\\A. Featured Corporate Finance Models\\LaFarge Financial Model.xlsm"}]
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[null," Last Save Date ",null,{"$f":"lastsaved1()","v":"18/03/2017 07:19:33"}]
[null," Last Save By",null,{"$f":"lastsaveby1()","v":"Elvis Presley"}]
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[null," Colour Codes "]

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[null,null,null,"Scenario",null,null,null,"Assumption Item to Graph",null,null,null,null,null,"Explicit Period",null,null,null,{"$f":"'Valuation and Analysis'!$E$11","v":6}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"WACC",null,null,null,{"$f":"wacc","v":9.5000000000000001E-2}]
[null,null,null,"Key Value Drivers","Custom Case Senstivity"]
[null,null,null,"Cement prices",null,null,null,null,null,null,null,null,null,null,null,null,null,"Growth","EV/EBITDA","ROIC"]
[null,null,null,"Growth rate",null,null,null,null,null,null,null,null,null,"Valuation from Free Cash Flow",null,null,null,{"$f":"growth","v":0.02},{"$f":"EV_EBITDA","v":6},{"$f":"long_term_roic","v":0.105}]
[null,null,null,"Utilisation Rate",null,null,null,null,null,null,null,null,null,"Value of Explicit Cash Flow",null,null,null,{"$f":"'Valuation and Analysis'!E38","v":8328.0806555826839},{"$f":"R7","v":8328.0806555826839},{"$f":"S7","v":8328.0806555826839}]
[null,null,null,"Capex per tonne /new capacity",null,null,null,null,null,null,null,null,null,"Value of Terminal Cash Flow",null,null,null,{"$f":"'Valuation and Analysis'!E42","v":16351.863772601642},{"$f":"'Valuation and Analysis'!E69","v":23594.558628332041},{"$f":"'Valuation and Analysis'!E91","v":23504.519975860108}]
[null,null,null,"Sustaining Capital Expenditures",null,null,null,null,null,null,null,null,null,"Value of Enterprise",null,null,null,{"$f":"SUM(R7:R8)","v":24679.944428184324},{"$f":"SUM(S7:S8)","v":31922.639283914723},{"$f":"SUM(T7:T8)","v":31832.600631442794}]
[null,null,null,"COGS/Tonne",null,null,null,null,null,null,null,null,null,"Bridge: Equity Value vs EV",null,null,null,{"$f":"'Valuation and Analysis'!E72","v":-12443},{"$f":"R10","v":-12443},{"$f":"S10","v":-12443}]
[null,null,null,"SG&A",{"$f":"'Master Scenario'!G42","v":0.11},null,null,null,null,null,null,null,null,"Equity Value",null,null,null,{"$f":"R9+R10","v":12236.944428184324},{"$f":"S9+S10","v":19479.639283914723},{"$f":"T9+T10","v":19389.600631442794}]
[null,null,null,"Interest Rate",{"$f":"'Master Scenario'!N42","v":0.08},null,null,null,null,null,null,null,null,"Shares",null,null,null,{"$f":"'Valuation and Analysis'!E75","v":286514},{"$f":"R12","v":286514},{"$f":"S12","v":286514}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Value Per Share",null,null,null,{"$f":"'Valuation and Analysis'!E63","v":42.709760877947765},{"$f":"'Valuation and Analysis'!E76","v":67.988437856142184},{"$f":"'Valuation and Analysis'!E97","v":67.674182174144349}]
[]
[]
[null,null,null,null,null,null,null,"Finanial Ratio to Graph"]
[]
[]
[]
[]
[]
[null,null,null,"Stable Ratios in Terminal Year"]
[null,null,null,"Capital Expenditures/Dep"]
[null,null,null,"Net Depreciation Rate"]
[null,null,null,"Working Capital/EBITDA"]
[null,null,null,"Dividend Payout"]

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[]
[null,"Explicit Period"]
[null,"Perpetual Terminal Growth",null,null,"Explicit Period",{"$f":"'Valuation and Analysis'!$E$11","v":6},"WACC"]
[null,"Scenario #",4]
[null,"Production Increase","Utilisation","Cement Price","Aggregrate and Concrete Percent","Cost of Production","SG&A %","Sustaining Cap Exp","New Cap Exp","Minimum Cash Balance","AR / Sales","Inv / COGS","Effective Tax Rate","Interest Rate","Other Expenses",null,"DCF Valuation","DCF / EV EBITDA","DCF / Value Drivers","Equity Cash Flow Valuation"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Valuation and Analysis'!E63","v":42.709760877947765},{"$f":"'Valuation and Analysis'!E76","v":67.988437856142184},{"$f":"Summary!$T$13","v":67.674182174144349}]
["Company Case",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,1]
["Base Case",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,2]
["High Case",2,2,2,0.55000000000000004,2,8.5000000000000006E-2,2,2,0.01,0.16,0.14000000000000001,0.2,0.06,100,3]
["Low Case",3,3,3,0.45,3,0.11,3,3,0.1,0.2,0.16,0.3,0.08,170,4]
[{"$f":"\"Low Case \"&TRANSPOSE(B5:O5)","v":"Low Case Production Increase"},{"$f":"B10","v":3},{"$f":"C$7","v":1},1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,5]
["Low Case Utilisation",{"$f":"B$7","v":1},{"$f":"C10","v":3},1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,6]
["Low Case Cement Price",1,1,{"$f":"D10","v":3},0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,7]
["Low Case Aggregrate and Concrete Percent",1,1,1,{"$f":"E10","v":0.45},1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,8]
["Low Case Cost of Production",1,1,1,0.52,{"$f":"F10","v":3},0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,9]
["Low Case SG&A %",1,1,1,0.52,1,{"$f":"G10","v":0.11},1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,10]
["Low Case Sustaining Cap Exp",1,1,1,0.52,1,0.1,{"$f":"H10","v":3},1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,11]
["Low Case New Cap Exp",1,1,1,0.52,1,0.1,1,{"$f":"I10","v":3},0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,12]
["Low Case Minimum Cash Balance",1,1,1,0.52,1,0.1,1,1,{"$f":"J10","v":0.1},0.17,0.15,0.25,7.0000000000000007E-2,150,13]
["Low Case AR / Sales",1,1,1,0.52,1,0.1,1,1,0.02,{"$f":"K10","v":0.2},0.15,0.25,7.0000000000000007E-2,150,14]
["Low Case Inv / COGS",1,1,1,0.52,1,0.1,1,1,0.02,0.17,{"$f":"L10","v":0.16},0.25,7.0000000000000007E-2,150,15]
["Low Case Effective Tax Rate",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,16]
["Low Case Interest Rate",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,17]
["Low Case Other Expenses",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,18]
[{"$f":"\"High Case \"&TRANSPOSE(B5:O5)","v":"High Case Production Increase"},1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,19]
["High Case Utilisation",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,20]
["High Case Cement Price",1,{"$f":"C$7","v":1},1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,21]
["High Case Aggregrate and Concrete Percent",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,22]
["High Case Cost of Production",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,23]
["High Case SG&A %",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,24]
["High Case Sustaining Cap Exp",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,25]
["High Case New Cap Exp",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,26]
["High Case Minimum Cash Balance",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,27]
["High Case AR / Sales",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,28]
["High Case Inv / COGS",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,29]
["High Case Effective Tax Rate",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,30]
["High Case Interest Rate",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,31]
["High Case Other Expenses",1,1,1,0.52,1,0.1,1,1,0.02,0.17,0.15,0.25,7.0000000000000007E-2,150,32]
["Custom Case Sensitivity",2,1,1,0.52,1,0.1,3,2,0.02,0.17,{"$f":"L$7","v":0.15},{"$f":"M$7","v":0.25},{"$f":"N$7","v":7.0000000000000007E-2},{"$f":"O$7","v":150},33]
[]
[]
[{"$f":"INDEX(A7:A39,$C$4)","v":"Low Case"},3,3,3,0.45,3,0.11,3,3,0.1,0.2,0.16,0.3,0.08,170]

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[null,null,null,null,null,null,null,45,null,null,null,null,null,null,{"$f":"AD370","v":1}]
[]
[null,null,null,null,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022]
[null,null,"Historic switch",null,{"$f":"E3<=$E$8","v":true},true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Explicit Forecast Period",null,{"$f":"AND(E3>$E$8,E3<=$E$9)","v":false},false,false,false,false,false,true,true,true,true,true,true,true,false,false,false,false]
[null,null,"Terminal Period",null,{"$f":"E3=$E$9","v":false},false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false]
[]
[null,null,"Last Historic Year",null,2011]
[null,null,"Terminal Period",null,{"$f":"E8+'Valuation and Analysis'!E11+1","v":2018}]
[]
["Historic Financials"]
[null,"Prodction and Capacity"]
[null,null,null,"Cement Volumes (MM Tonnes)",null,136.30000000000001,154.6,141.25299999999999,135.65,145.38999999999999,{"$f":"'2012 Volumes'!O9","v":141.1}]
[null,null,null,"Cement Capacity",null,null,196.29999999999998,201.29999999999995,216.5,221]
[]
[null,"Income Statement"]
[null,null,"Revenues"]
[null,null,null,"Cement",8847,9456,10911,9477,9656,9975]
[null,null,null,"Aggregates",6439,6586,6573,5064,5088,5227]
[null,null,null,"Gypsum",1610,1556,1521,1334,90,82]
[null,null,null,"Other",13,16,28,9]
[null,null,null,"Total Revenue",{"$f":"SUM(E18:E21)","v":16909},17614,19033,15884,14834,15284]
[null,null,null," Cost of sales       ",-12385,-12700,-13729,-11707,-10920,-11627]
[null,null,null," Selling and administrative expenses      ",-1752,-1672,-1762,-1700,-1521,-1478]
[null,null,null," OPERATING INCOME BEFORE CAPITAL GAINS, IMPAIRMENT, RESTRUCTURING AND OTHER ",{"$f":"SUM(E22:E24)","v":2772},3242,3542,2477,2393,2179]
[null,null,null," Net gains (losses) on disposals     ",28,196,229,103,45,45]
[null,null,null," Other operating income (expenses)      ",-122,-149,-409,-330,-304,-541]
[null,null,null," OPERATING INCOME        ",{"$f":"SUM(E25:E27)","v":2678},3289,3362,2250,2134,1683]
[null,null,null," Finance costs        ",-582,-652,-1157,-1136,-1055,-1142]
[null,null,null," Finance income        ",97,126,216,210,343,143]
[null,null,null," Share of net income (loss) of associates   ",30,0,-3,-18,-23,-8]
[null,null,null," INCOME BEFORE INCOME TAX      ",{"$f":"SUM(E28:E31)","v":2223},2763,2418,1306,1399,676]
[null,null,null," Income tax        ",-630,-725,-479,-260,-305,-432]
[null,null,null," NET INCOME FROM CONTINUING OPERATIONS     ",1593,2038,1939,1046,1094,244]
[null,null,null," Net income / (loss) from discontinued operations   ",-4,118,0,0,20,492]
[null,null,null," NET INCOME        ",1589,2156,1939,1046,1114,736]
[null,null,null," Of which, attributable to:      "]
[null,null,null," Owners of the parent company     ",1372,1909,1598,736,827,593]
[null,null,null," Non-controlling interests        ",217,247,341,310,287,143]
[null,null,null," EARNINGS PER SHARE (EUROS)      "]
[null,null,null," NET INCOME - ATTRIBUTABLE TO THE OWNERS OF THE PARENT"]
[null,null,null," Basic earnings per share      ",7.86,9.6,7.19,2.77,2.89,2.0699999999999998]
[null,null,null," Diluted earnings per share      ",7.75,9.48,7.16,2.77,2.89,2.06]
[null,null,null," BASIC AVERAGE NUMBER OF SHARES OUTSTANDING (IN THOUSANDS)  ",174543,198806,222350,265547,286087,286514]
[]
[null,null,null," EBITDA            ",null,null,4618,3600,3488,3217]
[null,null,null," Operating income before capital gains, impairment, restructuring and other    ",null,null,3542,2477,2393,2179]
[null,null,null," Operating income           ",null,null,3362,2250,2134,1683]
[]
[null,"Balance Sheet"]
[null,null," ASSETS              "]
[null,null,null," NON-CURRENT ASSETS             ",20474,21490,32928,32857,34752,31172]
[null,null,null," Goodwill              ",7511,7471,13374,13249,14327,12701]
[null,null,null," Intangible assets             ",426,472,614,632,661,652]
[null,null,null," Property, plant and equipment           ",11183,11904,16927,16699,17912,15542]
[null,null,null," Investments in associates            ",253,331,563,335,422,604]
[null,null,null," Other financial assets            ",830,1096,1147,1591,863,755]
[null,null,null," Derivative instruments             ",70,5,122,43,78,80]
[null,null,null," Deferred tax assets            ",201,211,181,308,489,804]
[null,null,null," Other receivables   -          ",null,null,null,null,0,34]
[null,null,null," CURRENT ASSETS             ",9367,6818,7680,6640,7742,9547]
[null,null,null," Inventories              ",1619,1761,2195,1702,1647,1531]
[null,null,null," Trade receivables             ",2674,2515,2320,1686,1774,1765]
[null,null,null," Other receivables             ",1126,1061,1351,1008,971,824]
[null,null,null," Derivative instruments             ",60,52,223,24,56,61]
[null,null,null," Cash and cash equivalents           ",1155,1429,1591,2220,3294,3171]
[null,null,null," Assets held for sale           ",2733,null,null,null,0,2195]
[null,null,null," TOTAL ASSETS             ",29841,28308,40608,39497,42494,40719]
[]
[null,null," EQUITY & LIABILITIES            "]
[null,null,null," Common stock             ",707,691,781,1146,1146,1149]
[null,null,null," Additional paid-in capital            ",6420,6019,8462,9620,9640,9684]
[null,null,null," Treasury shares             ",-72,-55,-40,-27,-26,-17]
[null,null,null," Retained earnings             ",3023,4411,5225,5555,5816,6219]
[null,null,null," Other reserves             ",31,36,-613,-370,-555,-751]
[null,null,null," Foreign currency translation adjustments           ",205,-104,-905,-947,123,-280]
[null,null,null," EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY       ",10314,10998,12910,14977,16144,16004]
[null,null,null," Non-controlling interests             ",1380,1079,1725,1823,2080,2197]
[null,null,null," EQUITY              ",11694,12077,14635,16800,18224,18201]
[]
[null,null,null," NON-CURRENT LIABILITIES             ",{"$f":"SUM(E82:E87)","v":11962},10720,17043,16652,16765,15260]
[null,null,null," Deferred tax liabilities            ",529,695,923,887,871,933]
[null,null,null," Pension & other employee benefits          ",1057,724,943,1069,1108,1295]
[null,null,null," Provisions              ",935,928,976,939,633,637]
[null,null,null," Long-term debt             ",9421,8347,14149,13712,14096,12266]
[null,null,null," Derivative instruments             ",20,26,52,45,57,46]
[null,null,null," Other payables             ",null,null,null,null,0,83]
[null,null,null," CURRENT LIABILITIES             ",{"$f":"SUM(E89:E96)","v":6185},5511,8930,6045,7505,7258]
[null,null,null," Pension & other employee benefits          ",120,79,67,109,139,167]
[null,null,null," Provisions              ",132,201,165,136,146,125]
[null,null,null," Trade payables             ",1598,1732,1864,1652,1996,1964]
[null,null,null," Other payables             ",1668,1553,2039,1630,1642,1499]
[null,null,null," Current tax payables            ",136,148,176,193,314,165]
[null,null,null," Short term debt and current portion of long-term debt      ",1664,1762,4472,2265,3184,2940]
[null,null,null," Derivative instruments             ",25,36,147,60,84,34]
[null,null,null," Liabilities associated with assets held for sale        ",842,null,null,null,0,364]
[null,null,null," TOTAL EQUITY AND LIABILITIES           ",{"$f":"E88+E81+E79","v":29841},28308,40608,39497,42494,40719]
[null,null,null,{"$f":"AND(E98:J98)","v":true},{"$f":"E97=E68","v":true},true,true,true,true,true]
[]
[]
[null,"Cash Flow Statement"]
[null,null," NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES        "]
[null,null,null," NET INCOME              ",1589,2156,1939,1046,1114,736]
[null,null,null," NET INCOME FROM DISCONTINUED OPERATIONS           ",-4,118,"-","-",20,492]
[null,null,null," NET INCOME FROM CONTINUING OPERATIONS           ",1593,2038,1939,1046,1094,244]
[null,null,null," Adjustments for income and expenses which are non cash or not related    "]
[null,null,null," to operating activities, finance income or costs, or income tax:      "]
[null,null,null," Depreciation and amortization of assets           ",932,941,1076,1123,1093,1038]
[null,null,null," Impairment losses              ",23,13,276,164,154,388]
[null,null,null," Share of net (income) loss of associates         ",-30,"-",3,18,23,8]
[null,null,null," Net (gains) losses on disposals           ",-28,-196,-229,-103,-45,-45]
[null,null,null," Finance (income) / costs            ",485,526,941,926,712,999]
[null,null,null," Income tax              ",630,725,479,260,305,432]
[null,null,null," Others, net (including dividends received from equity-accounted investments )       ",90,-238,22,-57,-305,-59]
[null,null,null," Change in working capital items, excluding financial expenses and income tax     "]
[null,null,null," (see analysis below)             ",-257,-79,-154,1029,361,20]
[null,null,null," NET OPERATING CASH GENERATED BY CONTINUING OPERATIONS BEFORE IMPACTS       "]
[null,null,null," OF FINANCIAL EXPENSES AND INCOME TAX          ",3438,3730,4353,4406,3392,3025]
[null,null,null," Cash payments for financial expenses           ",-513,-478,-777,-827,-911,-944]
[null,null,null," Cash payments for income tax           ",-543,-550,-575,-373,-383,-484]
[null,null,null," NET OPERATING CASH GENERATED BY CONTINUING OPERATIONS         ",2382,2702,3001,3206,2098,1597]
[null,null,null," NET OPERATING CASH GENERATED BY DISCONTINUED OPERATIONS         ",184,null,null,null,74,22]
[null,null,null," NET CASH GENERATED BY OPERATING ACTIVITIES          ",2566,null,null,null,2172,1619]
[null,null,null," NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES        ",null,2676,3001,3206]
[]
[null,null,null," Capital expenditures              ",-1639,-2113,-2886,-1645,-1272,-1071]
[null,null,null," Investment in subsidiaries and joint ventures          ",-3151,-604,-6309,-29,-27,-47]
[null,null,null," Investment in associates             ",-10,-225,-63,-10,-3,-4]
[null,null,null," Acquisitions of available-for-sale financial assets           ",-14,-228,-11,-35,-19,-3]
[null,null,null," Disposals               ",180,2492,615,760,208,2084]
[null,null,null," Net decrease in long-term receivables           ",-15,-10,-117,-115,-73,-68]
[null,null,null," NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS     ",-4649,-688,-8771,-1074,-1186,891]
[null,null,null," NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS     ",-198,null,null,null,-58,-48]
[null,null,null," NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES        ",-4847,null,null,null,-1244,843]
[null,null,null," NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES        ",null,76,12,1448]
[null,null,null," Capital increase (decrease) - owners of the parent company       ",48,-23,90,86,26,18]
[null,null,null," Capital increase (decrease) - non controlling interests         ",148,-505,8,"-",15,"-"]
[null,null,null," Acquisitions of ownership interests with no gain of control       ",26,null,null,null,"-",-211]
[null,null,null," Disposals of ownership interests with no loss in control       ",null,null,null,null,139,87]
[null,null,null," Dividends paid              ",-447,-521,-784,-393,-575,-288]
[null,null,null," Dividends paid by subsidiaries to non controlling interests        ",-170,-131,-267,-143,-273,-199]
[null,null,null," Proceeds from issuance of long-term debt          ",3341,1279,9208,4495,2224,622]
[null,null,null," Repayment of long-term debt            ",-2213,-2239,-1094,-6829,-1174,-2442]
[null,null,null," Increase (decrease) in short-term debt           ",1148,359,-1143,-153,-323,-42]
[]
[null,null,null,"Maintenance Capital Expenditures",1527,1967,2785,1606,1252,1054]
[null,null,null,"Development Capital Expenditures",3287,1203,8976,113,69,71]
[null,null,null,"Total",{"$f":"SUM(E146:E147)","v":4814},3170,11761,1719,1321,1125]
[]
[null,null,null,"Operating Income",{"$f":"E25","v":2772},3242,3542,2477,2393,2179]
[null,null,null,"Depreciation",{"$f":"E108","v":932},941,1076,1123,1093,1038]
[]
["Historic Analysis"]
[]
[null,"Operational Analysis"]
[null,null,"Cement Volume",null,{"$f":"E13","v":0},136.30000000000001,154.6,141.25299999999999,135.65,145.38999999999999]
[null,null,"Cement Revenue",null,{"$f":"E18","v":8847},9456,10911,9477,9656,9975]
[null,null,"Average Cement Price",null,null,{"$f":"F157/F156","v":69.376375641966249},{"$f":"G157/G156","v":70.575679172056923},{"$f":"H157/H156","v":67.092380338824668},{"$f":"I157/I156","v":71.183192038333942},{"$f":"J157/J156","v":68.608570052961014}]
[]
[null,null,"Cement Production Capacity",null,null,null,{"$f":"G14","v":196.29999999999998},{"$f":"H14","v":201.29999999999995},{"$f":"I14","v":216.5},{"$f":"J14","v":221}]
[null,null,"Capacity Incease",null,null,null,null,{"$f":"H160-G160","v":4.9999999999999716},{"$f":"I160-H160","v":15.200000000000045},{"$f":"J160-I160","v":4.5}]
[null,null,"Utilisation Rate",null,null,null,{"$f":"G156/G160","v":0.78757004584819157},{"$f":"H156/H160","v":0.70170392449080987},{"$f":"I156/I160","v":0.62655889145496535},{"$f":"J156/J160","v":0.65787330316742076}]
[]
[null,null,"Aggregates and concrete Percent of Cement",null,{"$f":"E19/E18","v":0.72781733921103198},0.69648900169204742,0.6024195765740995,0.53434631212408989,0.52692626346313176,0.52401002506265659]
[null,null,"Other Percent of Cement",null,{"$f":"(E20+E21)/E157","v":0.18345201763309596},0.16624365482233502,0.14196682247273393,0.14171151208188246,9.320629660314831E-3,8.220551378446116E-3]
[]
[null,null,"EBITDA",null,{"$f":"SUM(E150:E152)","v":3704},4183,4618,3600,3486,3217]
[null,null,"Revenue",null,{"$f":"E22","v":16909},17614,19033,15884,14834,15284]
[null,null,"Revenue Growth",null,null,{"$f":"F168/E168-1","v":4.1693772547164221E-2},{"$f":"G168/F168-1","v":8.0560917452026759E-2},{"$f":"H168/G168-1","v":-0.16544948247780167},{"$f":"I168/H168-1","v":-6.6104255854948391E-2},{"$f":"J168/I168-1","v":3.0335715248752892E-2}]
[null,null,"Cash Operating Expenses",null,{"$f":"E168-E167","v":13205},13431,14415,12284,11348,12067]
[null,null,"Less: SG&A",null,{"$f":"E24","v":-1752},-1672,-1762,-1700,-1521,-1478]
[null,null,"Cash COGS",null,{"$f":"E170+E171","v":11453},11759,12653,10584,9827,10589]
[null,null,"Cash COGS per Tonne",null,null,{"$f":"F172/F156","v":86.27292736610417},{"$f":"G172/G156","v":81.843467011642957},{"$f":"H172/H156","v":74.929382030824129},{"$f":"I172/I156","v":72.443789163287875},{"$f":"J172/J156","v":72.83169406424102}]
[]
[null,null,"SG&A",null,{"$f":"-E171","v":1752},1672,1762,1700,1521,1478]
[null,null,"Revenue",null,{"$f":"E168","v":16909},17614,19033,15884,14834,15284]
[null,null,"SG&A % of Revenue",null,{"$f":"E175/E176","v":0.1036134602874209},9.4924491881457934E-2,9.2576052120002097E-2,0.1070259380508688,0.10253471754078468,9.6702433917822558E-2]
[]
[null,null,"Depreciation",null,{"$f":"E151","v":932},941,1076,1123,1093,1038]
[null,null,"Net Plant",null,{"$f":"E55","v":11183},11904,16927,16699,17912,15542]
[null,null,"Depreciation Rate on Net Plant",null,{"$f":"E179/E180","v":8.3340785120271835E-2},7.9049059139784952E-2,6.3567082176404555E-2,6.7249535900353319E-2,6.1020544886109869E-2,6.6786771329301248E-2]
[]
[null,null,"Maintenance Capital Expenditure",null,{"$f":"E146","v":1527},1967,2785,1606,1252,1054]
[null,null,"Maintenance Cap Exp per Capacity",null,null,null,{"$f":"G183/G160","v":14.187468160978096},{"$f":"H183/H160","v":7.978142076502734},{"$f":"I183/I160","v":5.7829099307159355},{"$f":"J183/J160","v":4.7692307692307692}]
[null,null,"Development Capital Expenditure",null,{"$f":"E147","v":3287},1203,8976,113,69,71]
[null,null,"New Capacity",null,null,null,null,{"$f":"H161","v":4.9999999999999716},{"$f":"I161","v":15.200000000000045},{"$f":"J161","v":4.5}]
[null,null,"Cap Exp per New Capacity",null,null,null,null,{"$f":"H185/H186","v":22.600000000000129},{"$f":"I185/I186","v":4.5394736842105123},{"$f":"J185/J186","v":15.777777777777779}]
[]
[null,"Other Income"]
[null,null,"Net Gains on Disposal",null,{"$f":"E26","v":28},196,229,103,45,45]
[null,null,"Impairment",null,{"$f":"E109","v":23},13,276,164,154,388]
[null,null,"Other Operating Expenses",null,{"$f":"-E27-E191","v":99},136,133,166,150,153]
[null,null,"Income from Associates",null,{"$f":"E31","v":30},0,-3,-18,-23,-8]
[null,null,"Income from Disccontinued Items",null,{"$f":"E35","v":-4},118,0,0,20,492]
[]
[null,"Working Capital Analysis"]
[null,null,"A/R to sales",null,{"$f":"(E63+E64)/E22","v":0.22473239103436041},0.20302032474168275,0.19287553197078758,0.16960463359355327,0.18504786301739248,0.16939282910232922]
[null,null,"Inventory to COGS",null,{"$f":"E62/E172","v":0.1413603422684013},0.14975763245173909,0.17347664585473802,0.1608087679516251,0.1675994708456294,0.14458400226650298]
[null,null,"A/P to Expenses",null,{"$f":"(E91+E92+E93+E87)/E170","v":0.25762968572510414},0.25560271014816471,0.282969129379119,0.28288830999674375,0.34825519915403597,0.30753294107897572]
[]
[null,"Financing Analysis"]
[null,null,"Finance cost",null,{"$f":"-E29","v":582},652,1157,1136,1055,1142]
[null,null,"Average Debt Balance",null,{"$f":"AVERAGE(D229:E229)","v":10314},10656,11954,13943.5,15560.5,16074]
[null,null,"Average Interest Rate",null,{"$f":"E202/E203","v":5.6428155904595698E-2},6.1186186186186188E-2,9.678768613016564E-2,8.1471653458600787E-2,6.77998778959545E-2,7.1046410352121434E-2]
[]
[null,null,"Financial Income",null,{"$f":"E30","v":97},126,216,210,343,143]
[null,null,"Average Cash Balance",null,{"$f":"-AVERAGE(D231:E231)","v":1985},2255,2631.5,3274.5,3984,4041.5]
[null,null,"Average Interest Income Rate",null,{"$f":"E206/E207","v":4.8866498740554154E-2},5.5875831485587585E-2,8.2082462473874213E-2,6.4131928538708194E-2,8.6094377510040163E-2,3.538290238772733E-2]
[]
[null,null,"Common Share Payout Ratio",null,{"$f":"-E140/E38","v":0.32580174927113703},0.27291775798847562,0.49061326658322901,0.53396739130434778,0.69528415961305923,0.4856661045531197]
[null,null,"Minority Dividend Payout Ratio",null,0.78341013824884798,0.53036437246963564,0.78299120234604103,0.46129032258064517,0.95121951219512191,1.3916083916083917]
[null,null,"Minority as Percent of Total Income",null,{"$f":"E39/E36","v":0.13656387665198239},0.11456400742115028,0.17586384734399174,0.29636711281070743,0.25763016157989227,0.19429347826086957]
[]
[null,null,"Effective Tax Rate",null,{"$f":"-E33/E32","v":0.2834008097165992},0.26239594643503439,0.19809760132340778,0.19908116385911179,0.21801286633309508,0.63905325443786987]
[]
[null,"Financial Analysis"]
[null,null,"EBITDA Margin",null,{"$f":"E167/E22","v":0.21905494115559762},0.23748154876802544,0.24263121946093627,0.22664316293125158,0.23500067412700554,0.21048154933263544]
[null,null,"ROE -- Total Equity",null,{"$f":"E36/AVERAGE(E79,D79)","v":0.13588164870873953},0.18139750115687181,0.14517819706498952,6.6550023858756163E-2,6.3613522156235724E-2,4.041180507892931E-2]
[null,null,"ROE (CONTROLLING INTEREST)",null,{"$f":"E38/AVERAGE(E77,D77)","v":0.13302307543145239},0.1791478978978979,0.13367910322904467,5.2784451536558252E-2,5.3147392435975709E-2,3.6891875077765333E-2]
[null,null,"ROE (MINORITY INTEREST)",null,0.1572463768115942,0.20089467263115088,0.24322396576319544,0.17474633596392333,0.14706635921086345,6.6869300911854099E-2]
[]
[null,null,"Return on Invested Capital"]
[null,null,null,"EBIT",{"$f":"E167-E179","v":2772},3242,3542,2477,2393,2179]
[null,null,null,"Tax rate",{"$f":"$K$356","v":0.3},0.3,0.3,0.3,0.3,0.3]
[null,null,null,"NOPAT=EBIT(1-TAXES)",{"$f":"E223*(1-E224)","v":1940.3999999999999},2269.3999999999996,2479.3999999999996,1733.8999999999999,1675.1,1525.3]
[]
[null,null,null,"INVESTED CAPITAL"]
[null,null,null,"Total Long and Short-term Debt",{"$f":"E85+E94","v":11085},10109,18621,15977,17280,15206]
[null,null,null,"Plus: Common Shares",{"$f":"E77","v":10314},10998,12910,14977,16144,16004]
[null,null,null,"Plus: Minority Interest",1380,1079,1725,1823,2080,2197]
[null,null,null,"Less: Cash and Financial Investments",{"$f":"-E57-E66","v":-1985},-2525,-2738,-3811,-4157,-3926]
[null,null,null,"Less: Non associated asset",{"$f":"-E56","v":-253},-331,-563,-335,-422,-604]
[null,null,null,"Add: Pension Obligations",{"$f":"E89+E83","v":1177},803,1010,1178,1247,1462]
[null,null,null,"Less: Net Derivative",{"$f":"-E58-E65+E86+E95","v":-85},5,-146,38,7,-61]
[null,null,null,"Less: Assets Held for Sale",{"$f":"-E67+E96","v":-1891},0,0,0,0,-1831]
[null,null,null,"Total ",{"$f":"SUM(E228:E235)","v":19742},20138,30819,29847,32179,28447]
[]
[null,null,null,"INVESTMENT CAPITAL - ASSETS"]
[null,null,null,"Goodwill",{"$f":"E53","v":7511},7471,13374,13249,14327,12701]
[null,null,null,"Intangibles",426,472,614,632,661,652]
[null,null,null,"Net Plant",11183,11904,16927,16699,17912,15542]
[null,null,null,"Long-term Receivables",{"$f":"E60","v":0},0,0,0,0,34]
[null,null,null,"Short-term Receivables",{"$f":"E62+E63+E64","v":5419},5337,5866,4396,4392,4120]
[null,null,null,"Less: Payables",{"$f":"-E91-E87-E92-E93","v":-3402},-3433,-4079,-3475,-3952,-3711]
[null,null,null,"Less: Provisions",{"$f":"-E90-E84","v":-1067},-1129,-1141,-1075,-779,-762]
[null,null,null,"Less: Net Deferred Taxes",{"$f":"E59-E82","v":-328},-484,-742,-579,-382,-129]
[null,null,null,"Total",{"$f":"SUM(E239:E246)","v":19742},20138,30819,29847,32179,28447]
[]
[null,null,null,"Check",{"$f":"E247-E236","v":0},0,0,0,0,0]
[]
[null,null,null,"Average Invested Capital",{"$f":"AVERAGE(D247:E247)","v":19742},19940,25478.5,30333,31013,30313]
[null,null,null,"ROIC",{"$f":"E225/E251","v":9.8287914091784001E-2},0.1138114343029087,9.7313421119767637E-2,5.7162166617215571E-2,5.4012833327959239E-2,5.031834526440801E-2]
[]
["Assumptions"]
[null,"Revenue"]
[null,null,"Increase in Cement Capacity"]
[null,null,null,"Historic",{"$f":"IF(E4,E161)","v":0},0,0,4.9999999999999716,15.200000000000045,4.5,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"No Growth in Capacity",null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Moderate Growth in Capacity",null,null,null,null,null,null,10,10,10,10,10,10,10,10,10,10,10]
[null,null,null,"High Growth in Capacity",null,null,null,null,null,null,25,25,25,25,25,25,25,25,25,25,25]
[null,null,null,"Scenario Number",{"$f":"'Master Scenario'!B42","v":3}]
[]
[null,null,null,{"$f":"C256","v":"Increase in Cement Capacity"},{"$f":"IF(E4,E257,INDEX(E258:E260,$E$261))","v":0},0,0,4.9999999999999716,15.200000000000045,4.5,25,25,25,25,25,25,25,25,25,25,25]
[]
[null,null,"Utilization factor"]
[null,null,null,"History",{"$f":"IF(E4,E162)","v":0},0,0.78757004584819157,0.70170392449080987,0.62655889145496535,0.65787330316742076,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Base Utilisation",null,null,null,null,null,null,0.65,0.66,0.67,0.68,0.68,0.68,0.68,0.68,0.68,0.68,0.68]
[null,null,null,"Low Utilisation",null,null,null,null,null,null,0.65,0.64,0.63,0.62,0.62,0.62,0.62,0.62,0.62,0.62,0.62]
[null,null,null,"High Utilisation",null,null,null,null,null,null,0.66,0.68,0.7,0.72,0.72,0.72,0.72,0.72,0.72,0.72,0.72]
[null,null,null,"Scenario Number",{"$f":"'Master Scenario'!C42","v":3}]
[]
[null,null,null,{"$f":"C265","v":"Utilization factor"},{"$f":"IF(E4,E266,INDEX(E267:E269,$E$270))","v":0},0,0.78757004584819157,0.70170392449080987,0.62655889145496535,0.65787330316742076,0.66,0.68,0.7,0.72,0.72,0.72,0.72,0.72,0.72,0.72,0.72]
[]
[null,null,"Cement prices"]
[null,null,null,"History",{"$f":"IF(E4,E158)","v":0},69.376375641966249,70.575679172056923,67.092380338824668,71.183192038333942,68.608570052961014,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Base Cement Price Case",null,null,null,null,null,null,69,{"$f":"K276*1.02","v":70.38},{"$f":"L276*1.02","v":71.787599999999998},73.223352000000006,74.687819040000008,76.181575420800016,77.705206929216018,79.25931106780034,80.844497289156351,82.46138723493948,84.110614979638271]
[null,null,null,"High Cement Price Case",null,null,null,null,null,null,70,{"$f":"K277*1.03","v":72.100000000000009},{"$f":"L277*1.03","v":74.263000000000005},76.490890000000007,78.785616700000006,81.149185201000009,83.583660757030017,86.091170579740918,88.673905697133151,91.334122868047146,94.074146554088557]
[null,null,null,"Low Cement Price Case",null,null,null,null,null,null,68,67,66,66,66,66,66,66,66,66,66]
[null,null,null,"Scenario Number",{"$f":"'Master Scenario'!$D$42","v":3}]
[]
[null,null,null,{"$f":"C274","v":"Cement prices"},{"$f":"IF(E4,E275,INDEX(E276:E278,$E$279))","v":0},69.376375641966249,70.575679172056923,67.092380338824668,71.183192038333942,68.608570052961014,68,67,66,66,66,66,66,66,66,66,66]
[]
[null,null,"Aggregate and Concrete Percent"]
[null,null,null,"History",{"$f":"IF(E4,E164)","v":0.72781733921103198},0.69648900169204742,0.6024195765740995,0.53434631212408989,0.52692626346313176,0.52401002506265659,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projection",null,null,null,null,null,null,0.52,{"$f":"K285","v":0.52},{"$f":"L285","v":0.52},0.52,0.52,0.52,0.52,0.52,0.52,0.52,0.52]
[null,null,null,{"$f":"C283","v":"Aggregate and Concrete Percent"},{"$f":"IF(E4,E284,E285)","v":0.72781733921103198},0.69648900169204742,0.6024195765740995,0.53434631212408989,0.52692626346313176,0.52401002506265659,0.52,0.52,0.52,0.52,0.52,0.52,0.52,0.52,0.52,0.52,0.52]
[]
[null,null,"Other Revenue Percent"]
[null,null,null,"History",{"$f":"IF(E4,E165)","v":0.18345201763309596},0.16624365482233502,0.14196682247273393,0.14171151208188246,9.320629660314831E-3,8.220551378446116E-3]
[null,null,null,"Projection",null,null,null,null,null,null,0.01,{"$f":"K290","v":0.01},{"$f":"L290","v":0.01},0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,null,null,{"$f":"C288","v":"Other Revenue Percent"},{"$f":"IF(E4,E289,E290)","v":0.18345201763309596},0.16624365482233502,0.14196682247273393,0.14171151208188246,9.320629660314831E-3,8.220551378446116E-3,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[]
[null,"Operating Expenses"]
[null,null,"Cash COGS per Tonne"]
[null,null,null,"History case",{"$f":"IF(E4,E173)","v":0},86.27292736610417,81.843467011642957,74.929382030824129,72.443789163287875,72.83169406424102,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Base Case",null,null,null,null,null,null,71,70,{"$f":"L296*1.02","v":71.400000000000006},72.828000000000003,74.284559999999999,75.770251200000004,77.285656224000007,78.83136934848001,80.407996735449615,82.016156670158608,83.65647980356178]
[null,null,null,"High Cost Case",null,null,null,null,null,null,73,73,71,{"$f":"M297*1.03","v":73.13},{"$f":"N297*1.03","v":75.323899999999995},77.58361699999999,79.911125509999991,82.308459275299995,84.777713053558998,87.321044445165768,89.940675778520742]
[null,null,null,"Low Cost Case",null,null,null,null,null,null,70,68,65,64,64,64,64,64,64,64,64]
[null,null,null,"COGS scenerio",{"$f":"'Master Scenario'!F42","v":3}]
[]
[null,null,null,"COGS Per Tonne",{"$f":"IF(E4,E295,INDEX(E296:E298,$E$299))","v":0},86.27292736610417,81.843467011642957,74.929382030824129,72.443789163287875,72.83169406424102,70,68,65,64,64,64,64,64,64,64,64]
[]
[null,null,"SG&A Percent"]
[null,null,null,"History",{"$f":"IF(E4,E177)","v":0.1036134602874209},9.4924491881457934E-2,9.2576052120002097E-2,0.1070259380508688,0.10253471754078468,9.6702433917822558E-2,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projected",null,null,null,null,null,null,0.1,{"$f":"K305","v":0.1},{"$f":"L305","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,null,{"$f":"C303","v":"SG&A Percent"},{"$f":"IF(E4,E304,E305)","v":0.1036134602874209},9.4924491881457934E-2,9.2576052120002097E-2,0.1070259380508688,0.10253471754078468,9.6702433917822558E-2,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[]
[null,"Capital Expenditures"]
[null,null,"Sustaining Capital Expenditure per Tonne"]
[null,null,null,"History",{"$f":"IF(E4,E184)","v":0},0,14.187468160978096,7.978142076502734,5.7829099307159355,4.7692307692307692,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Base Case",null,null,null,null,null,null,6,{"$f":"K311*1.02","v":6.12},{"$f":"L311*1.02","v":6.2423999999999999},6.367248,6.4945929600000003,6.6244848192000001,6.756974515584,6.8921140058956798,7.0299562860135936,7.1705554117338659,7.3139665199685435]
[null,null,null,"Low Cap Exp Case",null,null,null,null,null,null,4,{"$f":"K312*1.01","v":4.04},{"$f":"L312*1.01","v":4.0804},4.1212039999999996,4.1624160400000001,4.2040402003999997,4.2460806024039996,4.2885414084280393,4.33142682251232,4.3747410907374435,4.4184885016448181]
[null,null,null,"High Cap Exp Case",null,null,null,null,null,null,7,{"$f":"K313*1.03","v":7.21},{"$f":"L313*1.03","v":7.4263000000000003},7.6490890000000009,7.8785616700000007,8.1149185201000016,8.3583660757030014,8.6091170579740908,8.8673905697133133,9.1334122868047132,9.4074146554088554]
[null,null,null,"Scenario Number",{"$f":"'Master Scenario'!H42","v":3}]
[]
[null,null,null,{"$f":"C309","v":"Sustaining Capital Expenditure per Tonne"},{"$f":"IF(E4,E310,INDEX(E311:E313,$E$314))","v":0},0,14.187468160978096,7.978142076502734,5.7829099307159355,4.7692307692307692,7,7.21,7.4263000000000003,7.6490890000000009,7.8785616700000007,8.1149185201000016,8.3583660757030014,8.6091170579740908,8.8673905697133133,9.1334122868047132,9.4074146554088554]
[]
[null,null,"New Capital Expenditures per Tonne"]
[null,null,null,"History",{"$f":"IF(E4,E187)","v":0},0,0,22.600000000000129,4.5394736842105123,15.777777777777779,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Base Case",null,null,null,null,null,null,30,{"$f":"K320*1.02","v":30.6},{"$f":"L320*1.02","v":31.212000000000003},31.836240000000004,32.472964800000007,33.12242409600001,33.784872577920012,34.460570029478411,35.149781430067982,35.852777058669339,36.569832599842726]
[null,null,null,"Low Cost Case",null,null,null,null,null,null,20,{"$f":"K321","v":20},{"$f":"L321","v":20},20,20,20,20,20,20,20,20]
[null,null,null,"High Cost Case",null,null,null,null,null,null,45,{"$f":"K322*1.03","v":46.35},{"$f":"L322*1.03","v":47.740500000000004},49.172715000000004,50.647896450000005,52.167333343500005,53.732353343805009,55.344323944119161,57.004653662442735,58.714793272316015,60.476237070485496]
[null,null,null,"Scenario Number",{"$f":"'Master Scenario'!I42","v":3}]
[]
[null,null,null,{"$f":"C318","v":"New Capital Expenditures per Tonne"},{"$f":"IF(E4,E319,INDEX(E320:E322,$E$323))","v":0},0,0,22.600000000000129,4.5394736842105123,15.777777777777779,45,46.35,47.740500000000004,49.172715000000004,50.647896450000005,52.167333343500005,53.732353343805009,55.344323944119161,57.004653662442735,58.714793272316015,60.476237070485496]
[]
[null,"Working Capital Assumptions"]
[null,null,"Minimum Cash Balance"]
[null,null,null,"History",{"$f":"IF(E4,-E231/E22)","v":0.11739310426400142},0.14335187918701034,0.14385540902642779,0.23992697053638881,0.28023459619792368,0.25686992933786967,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projection",null,null,null,null,null,null,{"$f":"'Master Scenario'!J42","v":0.1},{"$f":"K330","v":0.1},{"$f":"L330","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,null,{"$f":"C328","v":"Minimum Cash Balance"},{"$f":"IF(E4,E329,E330)","v":0.11739310426400142},0.14335187918701034,0.14385540902642779,0.23992697053638881,0.28023459619792368,0.25686992933786967,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[]
[null,null,"AR / Sales"]
[null,null,null,"History",{"$f":"IF(E4,E197)","v":0.22473239103436041},0.20302032474168275,0.19287553197078758,0.16960463359355327,0.18504786301739248,0.16939282910232922,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projection",null,null,null,null,null,null,0.17,{"$f":"K335","v":0.17},{"$f":"L335","v":0.17},0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17]
[null,null,null,{"$f":"C333","v":"AR / Sales"},{"$f":"IF(E4,E334,E335)","v":0.22473239103436041},0.20302032474168275,0.19287553197078758,0.16960463359355327,0.18504786301739248,0.16939282910232922,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17]
[]
[null,null,"Inventory/COGS"]
[null,null,null,"History",{"$f":"IF(E4,E198)","v":0.1413603422684013},0.14975763245173909,0.17347664585473802,0.1608087679516251,0.1675994708456294,0.14458400226650298,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projection",null,null,null,null,null,null,0.15,{"$f":"K340","v":0.15},0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
[null,null,null,{"$f":"C338","v":"Inventory/COGS"},{"$f":"IF(E4,E339,E340)","v":0.1413603422684013},0.14975763245173909,0.17347664585473802,0.1608087679516251,0.1675994708456294,0.14458400226650298,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
[]
[null,null,"AP / Total Exp."]
[null,null,null,"History",{"$f":"IF(E4,E199)","v":0.25762968572510414},0.25560271014816471,0.282969129379119,0.28288830999674375,0.34825519915403597,0.30753294107897572,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projection",null,null,null,null,null,null,0.3,{"$f":"K345","v":0.3},0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[null,null,null,{"$f":"C343","v":"AP / Total Exp."},{"$f":"IF(E4,E344,E345)","v":0.25762968572510414},0.25560271014816471,0.282969129379119,0.28288830999674375,0.34825519915403597,0.30753294107897572,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[]
[null,"Depreciation and Tax Assumptions"]
[null,null,"Depreciation Rate on Net Plant"]
[null,null,null,"History",{"$f":"IF(E4,E151/E55)","v":8.3340785120271835E-2},7.9049059139784952E-2,6.3567082176404555E-2,6.7249535900353319E-2,6.1020544886109869E-2,6.6786771329301248E-2,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projection",null,null,null,null,null,null,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,null,{"$f":"C349","v":"Depreciation Rate on Net Plant"},{"$f":"IF(E$4,E350,E351)","v":8.3340785120271835E-2},{"$f":"IF(F4,F350,F351)","v":7.9049059139784952E-2},6.3567082176404555E-2,6.7249535900353319E-2,6.1020544886109869E-2,6.6786771329301248E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[]
[null,null,"Income Tax Rate"]
[null,null,null,"History",{"$f":"IF(E$4,E214)","v":0.2834008097165992},0.26239594643503439,0.19809760132340778,0.19908116385911179,0.21801286633309508,0.63905325443786987,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projection",null,null,null,null,null,null,{"$f":"'Master Scenario'!M42","v":0.3},{"$f":"K356","v":0.3},{"$f":"L356","v":0.3},0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[null,null,null,{"$f":"C354","v":"Income Tax Rate"},{"$f":"IF(E$4,E355,E356)","v":0.2834008097165992},0.26239594643503439,0.19809760132340778,0.19908116385911179,0.21801286633309508,0.63905325443786987,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[]
[null,null,"Marginal Tax Rate",null,{"$f":"$K$356","v":0.3},0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[]
[null,"Financial Assumptions"]
[null,null,"Interest Rate"]
[null,null,null,"History",{"$f":"IF(E4,E204)","v":5.6428155904595698E-2},6.1186186186186188E-2,9.678768613016564E-2,8.1471653458600787E-2,6.77998778959545E-2,7.1046410352121434E-2,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projection",null,null,null,null,null,null,7.0000000000000007E-2,{"$f":"K364","v":7.0000000000000007E-2},{"$f":"L364","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,null,{"$f":"C362","v":"Interest Rate"},{"$f":"IF(E4,E363,E364)","v":5.6428155904595698E-2},6.1186186186186188E-2,9.678768613016564E-2,8.1471653458600787E-2,6.77998778959545E-2,7.1046410352121434E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[]
[null,null,"Interest Income Rate"]
[null,null,null,"History",{"$f":"IF(E4,E208)","v":4.8866498740554154E-2},5.5875831485587585E-2,8.2082462473874213E-2,6.4131928538708194E-2,8.6094377510040163E-2,3.538290238772733E-2,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projection",null,null,null,null,null,null,3.5000000000000003E-2,{"$f":"K369","v":3.5000000000000003E-2},{"$f":"L369","v":3.5000000000000003E-2},3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2]
[null,null,null,{"$f":"C367","v":"Interest Income Rate"},{"$f":"IF(E4,E368,E369)","v":4.8866498740554154E-2},5.5875831485587585E-2,8.2082462473874213E-2,6.4131928538708194E-2,8.6094377510040163E-2,3.538290238772733E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,null,null,null,null,null,null,null,null,1]
[]
[null,null,"Common Dividend Payout Ratio"]
[null,null,null,"History",{"$f":"IF(E4,E210)","v":0.32580174927113703},0.27291775798847562,0.49061326658322901,0.53396739130434778,0.69528415961305923,0.4856661045531197,false,false,false,false,false,false,false,false,false,false,false,null,null,null,null,"Method 1: Opening Balance"]
[null,null,null,"Projection",null,null,null,null,null,null,0.5,{"$f":"K374","v":0.5},{"$f":"L374","v":0.5},0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,null,null,null,null,"Method 2: Iteration"]
[null,null,null,{"$f":"C372","v":"Common Dividend Payout Ratio"},{"$f":"IF(E4,E373,E374)","v":0.32580174927113703},0.27291775798847562,0.49061326658322901,0.53396739130434778,0.69528415961305923,0.4856661045531197,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,null,null,null,null,"Method 3: Copy and Paste Macro"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Method 4: Function"]
[null,null,"Minority Interest Percent"]
[null,null,null,"History",{"$f":"IF(E4,E212)","v":0.13656387665198239},0.11456400742115028,0.17586384734399174,0.29636711281070743,0.25763016157989227,0.19429347826086957,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projection",null,null,null,null,null,null,0.2,{"$f":"K379","v":0.2},{"$f":"L379","v":0.2},0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,null,null,{"$f":"C377","v":"Minority Interest Percent"},{"$f":"IF(E4,E378,E379)","v":0.13656387665198239},0.11456400742115028,0.17586384734399174,0.29636711281070743,0.25763016157989227,0.19429347826086957,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[]
[null,null,"Minority Dividend Payout Ratio"]
[null,null,null,"History",{"$f":"IF(E4,E211)","v":0.78341013824884798},0.53036437246963564,0.78299120234604103,0.46129032258064517,0.95121951219512191,1.3916083916083917,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projection",null,null,null,null,null,null,1,{"$f":"K384","v":1},{"$f":"L384","v":1},1,1,1,1,1,1,1,1]
[null,null,null,{"$f":"C382","v":"Minority Dividend Payout Ratio"},{"$f":"IF(E4,E383,E384)","v":0.78341013824884798},0.53036437246963564,0.78299120234604103,0.46129032258064517,0.95121951219512191,1.3916083916083917,1,1,1,1,1,1,1,1,1,1,1]
[]
["Operating Analysis"]
[]
[null,"Production Capacity"]
[null,null,"Opening Balance",null,{"$f":"D392","v":0},{"$f":"E392","v":0},{"$f":"F392","v":0},196.29999999999998,201.29999999999995,216.5,221,246,271,296,321,346,371,396,421,446,471]
[null,null,"Add: New Capacity",null,{"$f":"E263","v":0},{"$f":"F263","v":0},{"$f":"G263","v":0},4.9999999999999716,15.200000000000045,4.5,25,25,25,25,25,25,25,25,25,25,25]
[null,null,"Closing Balance",null,{"$f":"IF(E4,E160,E390+E391)","v":0},0,196.29999999999998,201.29999999999995,216.5,221,246,271,296,321,346,371,396,421,446,471,496]
[]
[null,null,"Capacity Utilisation",null,{"$f":"E272","v":0},{"$f":"F272","v":0},0.78757004584819157,0.70170392449080987,0.62655889145496535,0.65787330316742076,0.66,0.68,0.7,0.72,0.72,0.72,0.72,0.72,0.72,0.72,0.72]
[]
[null,null,"Volumes Sold",null,{"$f":"IF(E4,E156,E394*AVERAGE(E392,E390))","v":0},136.30000000000001,154.6,141.25299999999999,135.65,145.38999999999999,154.11000000000001,175.78,198.45,222.12,240.12,258.12,276.12,294.12,312.12,330.12,348.12]
[]
[null,"Revenues"]
[null,null,"Sales Volumes",null,{"$f":"E396","v":0},{"$f":"F396","v":136.30000000000001},154.6,141.25299999999999,135.65,145.38999999999999,154.11000000000001,175.78,198.45,222.12,240.12,258.12,276.12,294.12,312.12,330.12,348.12]
[null,null,"Price / Ton",null,{"$f":"E281","v":0},{"$f":"F281","v":69.376375641966249},70.575679172056923,67.092380338824668,71.183192038333942,68.608570052961014,68,67,66,66,66,66,66,66,66,66,66]
[null,null,null,"Cement Revenues",{"$f":"IF(E4,E157,E399*E400)","v":8847},9456,10911,9477,9656,9975,10479.480000000001,11777.26,13097.699999999999,14659.92,15847.92,17035.920000000002,18223.920000000002,19411.920000000002,20599.920000000002,21787.920000000002,22975.920000000002]
[]
[null,null,"A&C % of Cement",null,{"$f":"E284","v":0.72781733921103198},0.69648900169204742,0.6024195765740995,0.53434631212408989,0.52692626346313176,0.52401002506265659,{"$f":"K285","v":0.52},0.52,0.52,0.52,0.52,0.52,0.52,0.52,0.52,0.52,0.52]
[null,null,"A&C Revenues",null,{"$f":"E403*E401","v":6439},{"$f":"F403*F401","v":6586},6573,5064,5088,5226.9999999999991,5449.3296000000009,6124.1752000000006,6810.8040000000001,7623.1584000000003,8240.9184000000005,8858.6784000000007,9476.4384000000009,10094.198400000001,10711.958400000001,11329.718400000002,11947.478400000002]
[]
[null,null,"Other Revenue Perent",null,{"$f":"E289","v":0.18345201763309596},0.16624365482233502,0.14196682247273393,0.14171151208188246,9.320629660314831E-3,8.220551378446116E-3,{"$f":"K290","v":0.01},0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,null,"Other Revenues",null,{"$f":"E406*E401","v":1623},{"$f":"F406*F401","v":1572},1549,1343,90.000000000000014,82.000000000000014,104.79480000000001,117.77260000000001,130.977,146.5992,158.47919999999999,170.35920000000002,182.23920000000001,194.11920000000003,205.99920000000003,217.87920000000003,229.75920000000002]
[]
[null,"Total Revenues",null,null,{"$f":"E407+E404+E401","v":16909},{"$f":"F407+F404+F401","v":17614},19033,15884,14834,15284,16033.604400000002,18019.2078,20039.481,22429.677599999999,24247.317600000002,26064.957600000002,27882.597600000001,29700.2376,31517.877600000003,33335.517600000006,35153.157600000006]
[]
[null,"Operating Expenses"]
[null,null,"Cost / Ton",null,{"$f":"E301","v":0},{"$f":"F301","v":86.27292736610417},81.843467011642957,74.929382030824129,72.443789163287875,72.83169406424102,70,68,65,64,64,64,64,64,64,64,64]
[null,null,"Total Tons Sold",null,{"$f":"E396","v":0},{"$f":"F396","v":136.30000000000001},154.6,141.25299999999999,135.65,145.38999999999999,154.11000000000001,175.78,198.45,222.12,240.12,258.12,276.12,294.12,312.12,330.12,348.12]
[null,null,null,"Cash COGS",{"$f":"IF(E4,E172,E412*E413)","v":11453},11759,12653,10584,9827,10589,10787.7,11953.04,12899.25,14215.68,15367.68,16519.68,17671.68,18823.68,19975.68,21127.68,22279.68]
[]
[null,null,"SG&A % Revenues",null,{"$f":"E304","v":0.1036134602874209},9.4924491881457934E-2,9.2576052120002097E-2,0.1070259380508688,0.10253471754078468,9.6702433917822558E-2,{"$f":"K305","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,null,"SG&A Cost",{"$f":"E416*E409","v":1752},{"$f":"F416*F409","v":1672},1762,1700,1521,1478,1603.3604400000004,1801.9207800000001,2003.9481000000001,2242.96776,2424.7317600000001,2606.4957600000002,2788.2597600000004,2970.02376,3151.7877600000006,3333.5517600000007,3515.3157600000009]
[]
[null,null,"Total Operating Expenses",null,{"$f":"E417+E414","v":13205},{"$f":"F417+F414","v":13431},14415,12284,11348,12067,12391.060440000001,13754.960780000001,14903.1981,16458.64776,17792.411759999999,19126.175760000002,20459.939760000001,21793.70376,23127.46776,24461.231760000002,25794.995760000002]
[]
[null,null,"EBITDA",null,{"$f":"E409-E419","v":3704},{"$f":"F409-F419","v":4183},4618,3600,3486,3217,3642.5439600000009,4264.2470199999989,5136.2829000000002,5971.0298399999992,6454.9058400000031,6938.7818399999996,7422.6578399999999,7906.5338400000001,8390.4098400000039,8874.2858400000041,9358.1618400000043]
[]
[null,"CAPEX"]
[null,null,"Sustain CAPEX / Ton",null,{"$f":"E316","v":0},{"$f":"F316","v":0},14.187468160978096,7.978142076502734,5.7829099307159355,4.7692307692307692,7,7.21,7.4263000000000003,7.6490890000000009,7.8785616700000007,8.1149185201000016,8.3583660757030014,8.6091170579740908,8.8673905697133133,9.1334122868047132,9.4074146554088554]
[null,null,"Total Capacity",null,{"$f":"E392","v":0},{"$f":"F392","v":0},196.29999999999998,201.29999999999995,216.5,221,246,271,296,321,346,371,396,421,446,471,496]
[null,null,null,"Maintenance CAPEX",{"$f":"IF(E4,E183,E424*E425)","v":1527},1967,2785,1606,1252,1054,1722,1953.91,2198.1848,2455.3575690000002,2725.9823378200003,3010.6347709571005,3309.9129659783885,3624.4382814070923,3954.8561940921377,4301.8371870850197,4666.0776690827925]
[]
[null,null,"New CAPEX"]
[null,null,null,"Cost / Ton New CAPEX",null,null,null,null,null,{"$f":"J319","v":15.777777777777779},{"$f":"K319","v":false},false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Tons of New Production",null,null,null,null,null,{"$f":"J391","v":4.5},{"$f":"K391","v":25},25,25,25,25,25,25,25,25,25,25]
[null,null,null,"New CAPEX",{"$f":"IF(E4,E147,E429*E430)","v":3287},1203,8976,113,69,71,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Total CAPEX",null,null,{"$f":"E426+E431","v":4814},{"$f":"F426+F431","v":3170},11761,1719,1321,1125,1722,1953.91,2198.1848,2455.3575690000002,2725.9823378200003,3010.6347709571005,3309.9129659783885,3624.4382814070923,3954.8561940921377,4301.8371870850197,4666.0776690827925]
[]
["Working Capital Analysis"]
[]
[null,"A/R"]
[null,null,"Revenues",null,{"$f":"E409","v":16909},{"$f":"F409","v":17614},19033,15884,14834,15284,16033.604400000002,18019.2078,20039.481,22429.677599999999,24247.317600000002,26064.957600000002,27882.597600000001,29700.2376,31517.877600000003,33335.517600000006,35153.157600000006]
[null,null,"A/R Sales",null,{"$f":"E334","v":0.22473239103436041},0.20302032474168275,0.19287553197078758,0.16960463359355327,0.18504786301739248,0.16939282910232922,{"$f":"K335","v":0.17},0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17]
[null,null,"Total A/R",null,{"$f":"E438*E439","v":3800},{"$f":"F438*F439","v":3576},3671,2694,2745,2589,2725.7127480000004,3063.2653260000002,3406.7117700000003,3813.045192,4122.0439920000008,4431.0427920000002,4740.0415920000005,5049.0403920000008,5358.0391920000011,5667.0379920000014,5976.0367920000017]
[]
[null,"Inventories"]
[null,null,"COGS",null,{"$f":"E414","v":11453},{"$f":"F414","v":11759},12653,10584,9827,10589,10787.7,11953.04,12899.25,14215.68,15367.68,16519.68,17671.68,18823.68,19975.68,21127.68,22279.68]
[null,null,"Inv. / COGS",null,{"$f":"E339","v":0.1413603422684013},0.14975763245173909,0.17347664585473802,0.1608087679516251,0.1675994708456294,0.14458400226650298,{"$f":"K340","v":0.15},0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
[null,null,"Total Inv.",null,{"$f":"E443*E444","v":1619},{"$f":"F443*F444","v":1761},2195,1702,1647.0000000000002,1531,1618.155,1792.9560000000001,1934.8874999999998,2132.3519999999999,2305.152,2477.9519999999998,2650.752,2823.5520000000001,2996.3519999999999,3169.152,3341.9519999999998]
[]
[null,"A/P"]
[null,null,"Total Expenses",null,{"$f":"E419","v":13205},{"$f":"F419","v":13431},14415,12284,11348,12067,12391.060440000001,13754.960780000001,14903.1981,16458.64776,17792.411759999999,19126.175760000002,20459.939760000001,21793.70376,23127.46776,24461.231760000002,25794.995760000002]
[null,null,"AP / Expenses",null,{"$f":"E344","v":0.25762968572510414},0.25560271014816471,0.282969129379119,0.28288830999674375,0.34825519915403597,0.30753294107897572,{"$f":"K345","v":0.3},0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[null,null,"Total A/P",null,{"$f":"E448*E449","v":3402},{"$f":"F448*F449","v":3433.0000000000005},4079.0000000000005,3475,3952,3711,3717.3181320000003,4126.4882340000004,4470.9594299999999,4937.5943280000001,5337.7235279999995,5737.8527280000008,6137.9819280000002,6538.1111279999996,6938.2403279999999,7338.3695280000002,7738.4987280000005]
[]
[null,"Total Working Capital Balance",null,null,{"$f":"E440+E445-E450","v":2017},{"$f":"F440+F445-F450","v":1903.9999999999995},1786.9999999999995,921,440,409,626.54961600000024,729.7330920000004,870.63984000000073,1007.8028640000002,1089.4724640000013,1171.1420639999988,1252.8116639999998,1334.4812640000009,1416.1508640000011,1497.8204640000013,1579.4900640000014]
[null,"Change in Working Capital",null,null,null,{"$f":"F452-E452","v":-113.00000000000045},{"$f":"G452-F452","v":-117},-865.99999999999955,-481,-31,217.54961600000024,103.18347600000016,140.90674800000033,137.1630239999995,81.669600000001083,81.669599999997445,81.669600000001083,81.669600000001083,81.669600000000173,81.669600000000173,81.669600000000173]
[]
["Depreciation"]
[null,"Plant Balance"]
[null,null,"Opening Balance",null,null,{"$f":"E461","v":11183},{"$f":"F461","v":11904},16927,16699,17912,15542,16176.06,16997.645800000002,18005.995394000001,19200.93328542,20582.850293260602,22152.685543689462,23911.910521609585,25862.515066504006,28006.995205940864,30348.342728610023]
[null,null,"Add New CAPEX",null,{"$f":"E431","v":3287},{"$f":"F431","v":1203},8976,113,69,71,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add Sustaining CAPEX",null,{"$f":"E426","v":1527},{"$f":"F426","v":1967},2785,1606,1252,1054,1722,1953.91,2198.1848,2455.3575690000002,2725.9823378200003,3010.6347709571005,3309.9129659783885,3624.4382814070923,3954.8561940921377,4301.8371870850197,4666.0776690827925]
[null,null,"Less Depreciation",null,{"$f":"E464","v":932},{"$f":"F464","v":941},1076,1123,1093,1038,1087.94,1132.3242,1189.8352060000002,1260.4196775800003,1344.0653299794001,1440.7995205282423,1550.6879880582626,1673.8337365126711,1810.3760546552805,1960.4896644158607,2124.3839910027018]
[null,null,"Closing Balance",null,{"$f":"IF(E4,E55,E457+E458+E459-E460)","v":11183},11904,16927,16699,17912,15542,16176.06,16997.645800000002,18005.995394000001,19200.93328542,20582.850293260602,22152.685543689462,23911.910521609585,25862.515066504006,28006.995205940864,30348.342728610023,32890.036406690117]
[]
[null,null,"Net Plant Deprecitation Rate",null,{"$f":"E350","v":8.3340785120271835E-2},7.9049059139784952E-2,6.3567082176404555E-2,6.7249535900353319E-2,6.1020544886109869E-2,6.6786771329301248E-2,{"$f":"K351","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"Depreciation Expense",null,{"$f":"IF(E4,E151,E463*E457)","v":932},941,1076,1123,1093,1038,1087.94,1132.3242,1189.8352060000002,1260.4196775800003,1344.0653299794001,1440.7995205282423,1550.6879880582626,1673.8337365126711,1810.3760546552805,1960.4896644158607,2124.3839910027018]
[]
[null,null,"EBIT",null,{"$f":"E421-E464","v":2772},3242,3542,2477,2393,2179,2554.6039600000008,3131.9228199999989,3946.447694,4710.6101624199991,5110.8405100206028,5497.9823194717574,5871.969851941737,6232.7001034873292,6580.0337853447236,6913.7961755841434,7233.7778489973025]
[null,null,"Tax Rate",null,{"$f":"E355","v":0.2834008097165992},0.26239594643503439,0.19809760132340778,0.19908116385911179,0.21801286633309508,0.63905325443786987,{"$f":"K356","v":0.3},0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[null,null,"Taxes on EBIT",null,{"$f":"E466*E467","v":785.58704453441294},{"$f":"F466*F467","v":850.6876583423815},701.66170388751038,493.1240428790199,521.70478913509658,1392.4970414201184,766.38118800000018,939.57684599999959,1183.9343082,1413.1830487259997,1533.2521530061808,1649.3946958415272,1761.590955582521,1869.8100310461987,1974.010135603417,2074.138852675243,2170.1333546991905]
[]
[null,null,"Goodwill and Intangible",null,{"$f":"IF(E4,E53+E54,D470)","v":7937},7943,13988,13881,14988,13353,13353,13353,13353,13353,13353,13353,13353,13353,13353,13353,13353]
[null,null,"Deferred Tax Assets",null,{"$f":"IF(E4,E59,D471)","v":201},211,181,308,489,804,804,804,804,804,804,804,804,804,804,804,804]
[null,null,"Deferred Tax Liabilities",null,{"$f":"IF(E4,E82,D472)","v":529},695,923,887,871,933,933,933,933,933,933,933,933,933,933,933,933]
[null,null,"Other Receivables",null,{"$f":"IF(E4,E60,D473)","v":0},0,0,0,0,34,34,34,34,34,34,34,34,34,34,34,34]
[null,null,"Provisions",null,{"$f":"IF(E4,E84+E90,D474)","v":1067},1129,1141,1075,779,762,762,762,762,762,762,762,762,762,762,762,762]
[]
["Other Income and Expenses"]
[null,null,"Other Expense",null,{"$f":"IF(E4,E192,D477)","v":99},136,133,166,150,153,153,153,153,153,153,153,153,153,153,153,153]
[null,null,"Impariment",null,{"$f":"E191","v":23},{"$f":"F191","v":13},276,164,154,388,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Income From Assoc.",null,{"$f":"E193","v":30},{"$f":"F193","v":0},-3,-18,-23,-8,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"income from Discountinued Operations",null,{"$f":"E194","v":-4},{"$f":"F194","v":118},0,0,20,492,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net Gains or Losses on Disposal",null,{"$f":"IF(E4,E26,0)","v":28},{"$f":"IF(F4,F26,0)","v":196},229,103,45,45,0,0,0,0,0,0,0,0,0,0,0]
[]
["Debt and Cash"]
[null,null,"Interest Expense",null,{"$f":"IF(E4,-E29)","v":582},652,1157,1136,1055,1142,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Interest Income",null,{"$f":"IF(E4,E30)","v":97},126,216,210,343,143,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"Debt Balance",null,{"$f":"IF(E4,E228)","v":11085},10109,18621,15977,17280,15206,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Cash Balance",null,{"$f":"IF(E4,-E231)","v":1985},2525,2738,3811,4157,3926,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"Minimum Cash Balance Percent",null,{"$f":"E331","v":0.11739310426400142},{"$f":"F331","v":0.14335187918701034},0.14385540902642779,0.23992697053638881,0.28023459619792368,0.25686992933786967,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,"Minimum Cash Balance  ",null,{"$f":"E490*E409","v":1985},2525,2738,3811,4157,3926,1603.3604400000004,1801.9207800000001,2003.9481000000001,2242.96776,2424.7317600000001,2606.4957600000002,2788.2597600000004,2970.02376,3151.7877600000006,3333.5517600000007,3515.3157600000009]
[]
[null,null,"Cash Less Debt"]
[null,null,null,"Opening Balance",null,{"$f":"E496","v":-9100},{"$f":"F496","v":-7584},-15883,-12166,-13123,-11280,-11718.7233072,-12039.081170421121,-12362.138149041375,-12660.406126704986,-12983.941351823236,-13393.336403295734,-13895.428816176771,-14497.737336891805,-15208.473268235219,-16036.553537798227]
[null,null,null,"Add: Net Cash Flow",null,{"$f":"F584","v":-612},{"$f":"G584","v":-9683},762,496,185,-438.72330719999979,-320.35786322112068,-323.05697862025454,-298.26797766361085,-323.53522511825065,-409.39505147249861,-502.0924128810359,-602.30852071503421,-710.73593134341445,-828.08026956300819,-955.06192970169229]
[null,null,null,"Closing Balance",{"$f":"IF(E4,E488-E487,E494+E495)","v":-9100},-7584,-15883,-12166,-13123,-11280,-11718.7233072,-12039.081170421121,-12362.138149041375,-12660.406126704986,-12983.941351823236,-13393.336403295734,-13895.428816176771,-14497.737336891805,-15208.473268235219,-16036.553537798227,-16991.61546749992]
[]
[null,null,"Cash Balance",null,{"$f":"IF(E4,E488,MAX(E496,0))","v":1985},2525,2738,3811,4157,3926,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Average Cash Balance",null,{"$f":"AVERAGE(D498,E498)","v":1985},{"$f":"AVERAGE(E498,F498)","v":2255},2631.5,3274.5,3984,4041.5,1963,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest Income Rate",null,{"$f":"E370","v":4.8866498740554154E-2},{"$f":"F370","v":5.5875831485587585E-2},8.2082462473874213E-2,6.4131928538708194E-2,8.6094377510040163E-2,3.538290238772733E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2]
[null,null,"Interest Income Opening Balance",null,{"$f":"IF(E4,E485,E501*D498)","v":97},126,216,210,343,143,137.41000000000003,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Income Average Balance",null,{"$f":"E501*E499","v":97},{"$f":"F501*F499","v":126},216,209.99999999999997,343,143,68.705000000000013,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Income Fixed",null,97,126,216,209.99999999999997,343,143,68.705000000000013,0,0,0,0,0,0,0,0,0,0]
[null,null,"Difference",null,{"$f":"E503-E504","v":0},{"$f":"F503-F504","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Income Function"]
[]
[null,null,"Debt Balance",null,{"$f":"IF(E4,E487,MAX(-E496,0))","v":11085},10109,18621,15977,17280,15206,11718.7233072,12039.081170421121,12362.138149041375,12660.406126704986,12983.941351823236,13393.336403295734,13895.428816176771,14497.737336891805,15208.473268235219,16036.553537798227,16991.61546749992]
[null,null,"Average Debt Balance",null,{"$f":"AVERAGE(E508,D508)","v":11085},{"$f":"AVERAGE(F508,E508)","v":10597},14365,17299,16628.5,16243,13462.361653600001,11878.90223881056,12200.609659731248,12511.27213787318,12822.173739264112,13188.638877559486,13644.382609736253,14196.583076534287,14853.105302563512,15622.513403016723,16514.084502649072]
[]
[null,null,"Interest Expense Rate",null,{"$f":"E365","v":5.6428155904595698E-2},{"$f":"F365","v":6.1186186186186188E-2},9.678768613016564E-2,8.1471653458600787E-2,6.77998778959545E-2,7.1046410352121434E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"Interest Expense Opening Balance",null,{"$f":"IF(E4,E202,E511*D508)","v":582},652,1157,1136,1055,1142,1064.42,820.31063150400007,842.73568192947857,865.34967043289635,886.22842886934905,908.87589462762662,937.53354823070151,972.68001713237402,1014.8416135824265,1064.5931287764654,1122.5587476458759]
[null,null,"Interest Expense Average Balance",null,{"$f":"IF(E4,E512,E511*E509)","v":582},{"$f":"IF(F4,F512,F511*F509)","v":652},1157,1136,1055,1142,942.36531575200013,831.52315671673932,854.0426761811874,875.7890496511227,897.55216174848795,923.20472142916412,955.10678268153777,993.76081535740025,1039.717371179446,1093.5759382111708,1155.985915185435]
[null,null,"Interest Expense Fixed",null,582,652,1157,1136,1055,1142,927.61976879737256,782.29128021884276,762.31915453736485,738.22273274278893,711.93357503736854,684.00613043245846,654.74242689535197,624.08648587136599,591.98148076624193,558.36966328203482,523.19229144893916]
[null,null,"Difference",null,{"$f":"E513-E514","v":0},{"$f":"F513-F514","v":0},0,0,0,0,14.745546954627571,49.231876497896565,91.723521643822551,137.56631690833376,185.61858671111941,239.19859099670566,300.3643557861858,369.67432948603425,447.73589041320406,535.20627492913593,632.79362373649587]
[null,null,"Interest Expense Function"]
[]
[null,null,"Aggregate Difference",null,{"$f":"SUM(E505:U505)+SUM(E515:U515)","v":3003.8589140635613}]
[]
[null,"Other Assets and Liabilites in Bridge"]
[null,null,"Non associated asset",null,{"$f":"IF(E4,-E232,D521)","v":253},331,563,335,422,604,604,604,604,604,604,604,604,604,604,604,604]
[null,null,"Pension Obligations",null,{"$f":"IF(E4,E233,D522)","v":1177},803,1010,1178,1247,1462,1462,1462,1462,1462,1462,1462,1462,1462,1462,1462,1462]
[null,null,"Derivative Assets",null,{"$f":"IF(E4,E65+E58,D523)","v":130},57,345,67,134,141,141,141,141,141,141,141,141,141,141,141,141]
[null,null,"Derivative Liabilties",null,{"$f":"IF(E4,E95+E86,D524)","v":45},62,199,105,141,80,80,80,80,80,80,80,80,80,80,80,80]
[null,null,"Assets Held for Sale",null,{"$f":"IF(E4,E67,D525)","v":2733},0,0,0,0,2195,2195,2195,2195,2195,2195,2195,2195,2195,2195,2195,2195]
[null,null,"Liabilities on Assets held for Sale",null,{"$f":"IF(E4,E96,D526)","v":842},0,0,0,0,364,364,364,364,364,364,364,364,364,364,364,364]
[]
["Income Statement"]
[null,null,"Income Tax Rate",null,{"$f":"E357","v":0.2834008097165992},{"$f":"F357","v":0.26239594643503439},0.19809760132340778,0.19908116385911179,0.21801286633309508,0.63905325443786987,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[null,null,"Minority Interest Percent",null,{"$f":"E380","v":0.13656387665198239},{"$f":"F380","v":0.11456400742115028},0.17586384734399174,0.29636711281070743,0.25763016157989227,0.19429347826086957,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[]
[null,null,"Revenues"]
[null,null,null,"Cement",{"$f":"E401","v":8847},{"$f":"F401","v":9456},10911,9477,9656,9975,10479.480000000001,11777.26,13097.699999999999,14659.92,15847.92,17035.920000000002,18223.920000000002,19411.920000000002,20599.920000000002,21787.920000000002,22975.920000000002]
[null,null,null,"Aggregates",{"$f":"E404","v":6439},{"$f":"F404","v":6586},6573,5064,5088,5226.9999999999991,5449.3296000000009,6124.1752000000006,6810.8040000000001,7623.1584000000003,8240.9184000000005,8858.6784000000007,9476.4384000000009,10094.198400000001,10711.958400000001,11329.718400000002,11947.478400000002]
[null,null,null,"Other",{"$f":"E407","v":1623},{"$f":"F407","v":1572},1549,1343,90.000000000000014,82.000000000000014,104.79480000000001,117.77260000000001,130.977,146.5992,158.47919999999999,170.35920000000002,182.23920000000001,194.11920000000003,205.99920000000003,217.87920000000003,229.75920000000002]
[null,null,null,"Total Revenue",{"$f":"SUM(E533:E535)","v":16909},{"$f":"SUM(F533:F535)","v":17614},19033,15884,14834,15284,16033.604400000002,18019.2078,20039.481,22429.677599999999,24247.317600000002,26064.957600000002,27882.597600000005,29700.237600000004,31517.8776,33335.517600000006,35153.157600000006]
[null,null,null," Cost of sales       ",{"$f":"E414","v":11453},{"$f":"F414","v":11759},12653,10584,9827,10589,10787.7,11953.04,12899.25,14215.68,15367.68,16519.68,17671.68,18823.68,19975.68,21127.68,22279.68]
[null,null,null," Selling and administrative expenses      ",{"$f":"E417","v":1752},{"$f":"F417","v":1672},1762,1700,1521,1478,1603.3604400000004,1801.9207800000001,2003.9481000000001,2242.96776,2424.7317600000001,2606.4957600000002,2788.2597600000004,2970.02376,3151.7877600000006,3333.5517600000007,3515.3157600000009]
[null,null,null,"EBITDA",{"$f":"E536-E537-E538","v":3704},{"$f":"F536-F537-F538","v":4183},4618,3600,3486,3217,3642.5439600000009,4264.2470199999989,5136.2829000000002,5971.0298399999992,6454.9058400000013,6938.7818400000015,7422.6578400000035,7906.5338400000037,8390.4098399999984,8874.2858400000059,9358.1618400000043]
[null,null,null," Depreciation",{"$f":"E464","v":932},{"$f":"F464","v":941},1076,1123,1093,1038,1087.94,1132.3242,1189.8352060000002,1260.4196775800003,1344.0653299794001,1440.7995205282423,1550.6879880582626,1673.8337365126711,1810.3760546552805,1960.4896644158607,2124.3839910027018]
[null,null,null," Other Expenses and Impairment",{"$f":"E477+E478-E481","v":94},{"$f":"F477+F478-F481","v":-47},180,227,259,496,153,153,153,153,153,153,153,153,153,153,153]
[null,null,null," Other Inome",{"$f":"E479","v":30},{"$f":"F479","v":0},-3,-18,-23,-8,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null," Share of net income (loss) of associates   ",{"$f":"E479","v":30},{"$f":"F479","v":0},-3,-18,-23,-8,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBIT  ",{"$f":"E539-E540-E541+E542","v":2708},{"$f":"F539-F540-F541+F542","v":3289},3359,2232,2111,1675,2401.6039600000008,2978.9228199999989,3793.447694,4557.6101624199991,4957.840510020601,5344.9823194717592,5718.9698519417407,6079.7001034873329,6427.0337853447181,6760.7961755841452,7080.7778489973025]
[null,null,null," Finance costs        ",{"$f":"CHOOSE($O$1,E512,E513,E514,E516)","v":582},{"$f":"CHOOSE($O$1,F512,F513,F514,F516)","v":652},1157,1136,1055,1142,1064.42,820.31063150400007,842.73568192947857,865.34967043289635,886.22842886934905,908.87589462762662,937.53354823070151,972.68001713237402,1014.8416135824265,1064.5931287764654,1122.5587476458759]
[null,null,null," Finance income        ",{"$f":"CHOOSE($O$1,E502,E503,E504,E506)","v":97},{"$f":"CHOOSE($O$1,F502,F503,F504,F506)","v":126},216,210,343,143,137.41000000000003,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBT",{"$f":"E544-E545+E546","v":2223},{"$f":"F544-F545+F546","v":2763},2418,1306,1399,676,1474.5939600000008,2158.6121884959989,2950.7120120705213,3692.2604919871028,4071.6120811512519,4436.1064248441326,4781.4363037110388,5107.0200863549589,5412.1921717622918,5696.20304680768,5958.2191013514266]
[null,null,null," Income tax        ",{"$f":"IF(E4,-E33,E547*E529)","v":630},725,479,260,305,432,442.37818800000025,647.58365654879969,885.21360362115638,1107.6781475961309,1221.4836243453756,1330.8319274532398,1434.4308911133116,1532.1060259064877,1623.6576515286874,1708.8609140423039,1787.4657304054278]
[null,null,null,"Net Income",{"$f":"E547-E548","v":1593},{"$f":"F547-F548","v":2038},1939,1046,1094,244,1032.2157720000005,1511.0285319471991,2065.4984084493649,2584.5823443909721,2850.1284568058763,3105.274497390893,3347.0054125977272,3574.914060448471,3788.5345202336043,3987.3421327653759,4170.7533709459985]
[null,null,null," Discontinued",{"$f":"E480","v":-4},{"$f":"F480","v":118},0,0,20,492,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Income to All Equity",{"$f":"E549+E550","v":1589},{"$f":"F549+F550","v":2156},1939,1046,1114,736,1032.2157720000005,1511.0285319471991,2065.4984084493649,2584.5823443909721,2850.1284568058763,3105.274497390893,3347.0054125977272,3574.914060448471,3788.5345202336043,3987.3421327653759,4170.7533709459985]
[null,null,null," Minority Interest",{"$f":"IF(E4,E39,E551*E530)","v":217},247,341,310,287,143,206.44315440000011,302.20570638943985,413.09968168987302,516.91646887819445,570.02569136117529,621.05489947817864,669.40108251954553,714.98281208969422,757.70690404672087,797.46842655307523,834.15067418919978]
[null,null,null,"Net Income to Common",{"$f":"E551-E552","v":1372},{"$f":"F551-F552","v":1909},1598,736,827,593,825.77261760000033,1208.8228255577592,1652.3987267594919,2067.6658755127778,2280.1027654447012,2484.2195979127146,2677.6043300781816,2859.9312483587769,3030.8276161868835,3189.8737062123009,3336.6026967567987]
[]
[null,null,null,"Number of Shares Outstanding",{"$f":"IF(E4,E44,D555)","v":174543},198806,222350,265547,286087,286514,286514,286514,286514,286514,286514,286514,286514,286514,286514,286514,286514]
[null,null,null,"Earnings Per Share",{"$f":"E553/E555*1000","v":7.8605272053304915},{"$f":"F553/F555*1000","v":9.6023258855366542},7.186867551158084,2.7716374125860961,2.8907290439621516,2.0697068904137321,2.8821370599691476,4.2190707105333747,5.7672530025042121,7.216631213528057,7.9580849991438498,8.6704998635763513,9.3454572205134188,9.981820254363754,10.578288028462426,11.133395597465746,11.645513645953772]
[]
[null,null,null,"Actual Income",{"$f":"E38","v":1372},{"$f":"F38","v":1909},1598,736,827,593,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Difference",{"$f":"E558-E553","v":0},0,0,0,0,0,-825.77261760000033,-1208.8228255577592,-1652.3987267594919,-2067.6658755127778,-2280.1027654447012,-2484.2195979127146,-2677.6043300781816,-2859.9312483587769,-3030.8276161868835,-3189.8737062123009,-3336.6026967567987]
[null,null,null,"Test",{"$f":"IF(E4,E559=0,TRUE)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,null,"Aggregate Test",{"$f":"AND(E560:U560)","v":true}]
[]
[null,null,null,"Actual EBIT",{"$f":"E32","v":2223},{"$f":"F32","v":2763},2418,1306,1399,676,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Modelled EBIT",{"$f":"E547","v":2223},{"$f":"F547","v":2763},2418,1306,1399,676,1474.5939600000008,2158.6121884959989,2950.7120120705213,3692.2604919871028,4071.6120811512519,4436.1064248441326,4781.4363037110388,5107.0200863549589,5412.1921717622918,5696.20304680768,5958.2191013514266]
[null,null,null,"Difference",{"$f":"E563-E564","v":0},{"$f":"F563-F564","v":0},0,0,0,0,-1474.5939600000008,-2158.6121884959989,-2950.7120120705213,-3692.2604919871028,-4071.6120811512519,-4436.1064248441326,-4781.4363037110388,-5107.0200863549589,-5412.1921717622918,-5696.20304680768,-5958.2191013514266]
[]
[null,null,null,"Income Check",{"$f":"IF(E4,E565=0,TRUE)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
["Cash Flow"]
[null,null,"Dividend Payout Ratio",null,{"$f":"E375","v":0.32580174927113703},{"$f":"F375","v":0.27291775798847562},0.49061326658322901,0.53396739130434778,0.69528415961305923,0.4856661045531197,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5]
[null,null,"Minority Payout Ratio",null,{"$f":"E385","v":0.78341013824884798},{"$f":"F385","v":0.53036437246963564},0.78299120234604103,0.46129032258064517,0.95121951219512191,1.3916083916083917,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,null,null,"EBITDA",{"$f":"E539","v":3704},{"$f":"F539","v":4183},4618,3600,3486,3217,3642.5439600000009,4264.2470199999989,5136.2829000000002,5971.0298399999992,6454.9058400000013,6938.7818400000015,7422.6578400000035,7906.5338400000037,8390.4098399999984,8874.2858400000059,9358.1618400000043]
[null,null,null,"Less: WC Changes",{"$f":"E453","v":0},{"$f":"F453","v":-113.00000000000045},-117,-865.99999999999955,-481,-31,217.54961600000024,103.18347600000016,140.90674800000033,137.1630239999995,81.669600000001083,81.669599999997445,81.669600000001083,81.669600000001083,81.669600000000173,81.669600000000173,81.669600000000173]
[null,null,null,"Less: Taxes",{"$f":"E548","v":630},{"$f":"F548","v":725},479,260,305,432,442.37818800000025,647.58365654879969,885.21360362115638,1107.6781475961309,1221.4836243453756,1330.8319274532398,1434.4308911133116,1532.1060259064877,1623.6576515286874,1708.8609140423039,1787.4657304054278]
[null,null,null,"Add: Other Income",{"$f":"E542-E541+E543+E550","v":-38},{"$f":"F542-F541+F543+F550","v":165},-186,-263,-285,-20,-153,-153,-153,-153,-153,-153,-153,-153,-153,-153,-153]
[null,null,null,"Funds from Operations",{"$f":"E573-E574-E575+E576","v":3036},{"$f":"F573-F574-F575+F576","v":3736},4070,3943,3377,2796,2829.6161560000005,3360.4798874511989,3957.162548378843,4573.1886684038691,4998.7526156546246,5373.2803125467644,5753.5573488866903,6139.7582140935147,6532.0825884713122,6930.7553259577026,7336.0265095945751]
[null,null,null,"Less: Capital Expenditures",{"$f":"E433","v":4814},{"$f":"F433","v":3170},11761,1719,1321,1125,1722,1953.91,2198.1848,2455.3575690000002,2725.9823378200003,3010.6347709571005,3309.9129659783885,3624.4382814070923,3954.8561940921377,4301.8371870850197,4666.0776690827925]
[null,null,null,"Cash Flow Before Financing",{"$f":"E577-E578","v":-1778},{"$f":"F577-F578","v":566},-7691,2224,2056,1671,1107.6161560000005,1406.5698874511988,1758.977748378843,2117.8310994038688,2272.7702778346243,2362.6455415896639,2443.6443829083018,2515.3199326864224,2577.2263943791745,2628.9181388726829,2669.9488405117827]
[null,null,null,"Less: Interest Expense",{"$f":"E545","v":582},{"$f":"F545","v":652},1157,1136,1055,1142,1064.42,820.31063150400007,842.73568192947857,865.34967043289635,886.22842886934905,908.87589462762662,937.53354823070151,972.68001713237402,1014.8416135824265,1064.5931287764654,1122.5587476458759]
[null,null,null,"Add: Interest Income",{"$f":"E546","v":97},{"$f":"F546","v":126},216,210,343,143,137.41000000000003,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Dividends on Majority",{"$f":"E570*E553","v":447},{"$f":"F570*F553","v":521},784,392.99999999999994,575,288,412.88630880000017,604.41141277887959,826.19936337974593,1033.8329377563889,1140.0513827223506,1242.1097989563573,1338.8021650390908,1429.9656241793884,1515.4138080934417,1594.9368531061505,1668.3013483783993]
[null,null,null,"Less: Dividends on Minority",{"$f":"E571*E552","v":170},{"$f":"F571*F552","v":131},267,143,273,199,206.44315440000011,302.20570638943985,413.09968168987302,516.91646887819445,570.02569136117529,621.05489947817864,669.40108251954553,714.98281208969422,757.70690404672087,797.46842655307523,834.15067418919978]
[null,null,null,"Net Cash Flow",{"$f":"E579-E580+E581-E582-E583","v":-2880},{"$f":"F579-F580+F581-F582-F583","v":-612},-9683,762,496,185,-438.72330719999979,-320.35786322112068,-323.05697862025454,-298.26797766361085,-323.53522511825065,-409.39505147249861,-502.0924128810359,-602.30852071503421,-710.73593134341445,-828.08026956300819,-955.06192970169229]
[]
[null,null,null,"Dividends per Share",{"$f":"E582/E555*1000","v":2.560973513690036},{"$f":"F582/F555*1000","v":2.6206452521553674},3.5259725657746799,1.4799639988401296,2.0098781140002866,1.0051864830339881,1.4410685299845738,2.1095353552666873,2.8836265012521061,3.6083156067640285,3.9790424995719249,4.3352499317881756,4.6727286102567094,4.990910127181877,5.2891440142312129,5.5666977987328732,5.8227568229768858]
[]
["Balance Sheet"]
[]
[null,"Equity Balance"]
[null,null,"Opening Balance",null,null,{"$f":"E595","v":10314},{"$f":"F595","v":10998},12910,14977,16144,16004,16416.8863088,17021.297721578881,17847.497084958628,18881.330022715018,20021.381405437369,21263.491204393726,22602.293369432817,24032.258993612206,25547.672801705645,27142.609654811793]
[null,null,"Add: Net Income",null,null,{"$f":"F553","v":1909},{"$f":"G553","v":1598},736,827,593,825.77261760000033,1208.8228255577592,1652.3987267594919,2067.6658755127778,2280.1027654447012,2484.2195979127146,2677.6043300781816,2859.9312483587769,3030.8276161868835,3189.8737062123009,3336.6026967567987]
[null,null,"Less: Dividends",null,null,{"$f":"F582","v":521},{"$f":"G582","v":784},392.99999999999994,575,288,412.88630880000017,604.41141277887959,826.19936337974593,1033.8329377563889,1140.0513827223506,1242.1097989563573,1338.8021650390908,1429.9656241793884,1515.4138080934417,1594.9368531061505,1668.3013483783993]
[null,null,"Add: New Equity"]
[null,null,"Closing Balance",null,{"$f":"IF(E4,E77,E591+E592-E593+E594)","v":10314},10998,12910,14977,16144,16004,16416.8863088,17021.297721578881,17847.497084958628,18881.330022715018,20021.381405437369,21263.491204393726,22602.293369432817,24032.258993612206,25547.672801705645,27142.609654811793,28810.911003190195]
[]
[null,"Minority Interest"]
[null,null,"Opening Balance",null,null,{"$f":"E602","v":1380},{"$f":"F602","v":1079},1725,1823,2080,2197,2197,2197,2197,2197,2197,2197,2197,2197,2197,2197]
[null,null,"Add: Net Income",null,null,{"$f":"F552","v":247},{"$f":"G552","v":341},310,287,143,206.44315440000011,302.20570638943985,413.09968168987302,516.91646887819445,570.02569136117529,621.05489947817864,669.40108251954553,714.98281208969422,757.70690404672087,797.46842655307523,834.15067418919978]
[null,null,"Less: Dividends",null,null,{"$f":"F583","v":131},{"$f":"G583","v":267},143,273,199,206.44315440000011,302.20570638943985,413.09968168987302,516.91646887819445,570.02569136117529,621.05489947817864,669.40108251954553,714.98281208969422,757.70690404672087,797.46842655307523,834.15067418919978]
[null,null,"Add: New Equity"]
[null,null,"Closing Balance",null,{"$f":"IF(E4,E78,E598+E599-E600+E601)","v":1380},1079,1725,1823,2080,2197,2197,2197,2197,2197,2197,2197,2197,2197,2197,2197,2197]
[]
[null,"Balance Sheet"]
[null,null," ASSETS              "]
[null,null,null," NON-CURRENT ASSETS             "]
[null,null,null,"Goodwill and Intangibles",{"$f":"E470","v":7937},{"$f":"F470","v":7943},13988,13881,14988,13353,13353,13353,13353,13353,13353,13353,13353,13353,13353,13353,13353]
[null,null,null," Property, plant and equipment           ",{"$f":"E461","v":11183},{"$f":"F461","v":11904},16927,16699,17912,15542,16176.06,16997.645800000002,18005.995394000001,19200.93328542,20582.850293260602,22152.685543689462,23911.910521609585,25862.515066504006,28006.995205940864,30348.342728610023,32890.036406690117]
[null,null,null," Investments in associates            ",{"$f":"E521","v":253},{"$f":"F521","v":331},563,335,422,604,604,604,604,604,604,604,604,604,604,604,604]
[null,null,null," Derivative instruments             ",{"$f":"E523","v":130},{"$f":"F523","v":57},345,67,134,141,141,141,141,141,141,141,141,141,141,141,141]
[null,null,null," Deferred tax assets            ",{"$f":"E471","v":201},{"$f":"F471","v":211},181,308,489,804,804,804,804,804,804,804,804,804,804,804,804]
[null,null,null," Other receivables   -          ",{"$f":"E473","v":0},{"$f":"F473","v":0},0,0,0,34,34,34,34,34,34,34,34,34,34,34,34]
[null,null,null," CURRENT ASSETS             "]
[null,null,null," Inventories              ",{"$f":"E445","v":1619},{"$f":"F445","v":1761},2195,1702,1647.0000000000002,1531,1618.155,1792.9560000000001,1934.8874999999998,2132.3519999999999,2305.152,2477.9519999999998,2650.752,2823.5520000000001,2996.3519999999999,3169.152,3341.9519999999998]
[null,null,null," Trade receivables             ",{"$f":"E440","v":3800},{"$f":"F440","v":3576},3671,2694,2745,2589,2725.7127480000004,3063.2653260000002,3406.7117700000003,3813.045192,4122.0439920000008,4431.0427920000002,4740.0415920000005,5049.0403920000008,5358.0391920000011,5667.0379920000014,5976.0367920000017]
[null,null,null," Other receivables             "]
[null,null,null," Cash and cash equivalents           ",{"$f":"E498","v":1985},{"$f":"F498","v":2525},2738,3811,4157,3926,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null," Assets held for sale           ",{"$f":"E525","v":2733},{"$f":"F525","v":0},0,0,0,2195,2195,2195,2195,2195,2195,2195,2195,2195,2195,2195,2195]
[null,null,null," TOTAL ASSETS             ",{"$f":"SUM(E607:E618)","v":29841},{"$f":"SUM(F607:F618)","v":28308},40608,39497,42494,40719,37650.927747999995,38984.867126000005,40478.594663999997,42277.330477420001,44141.046285260607,46192.68033568946,48433.704113609587,50866.107458504011,53492.386397940871,56315.532720610019,59339.025198690113]
[]
[null,null,null,"Difference vs History",{"$f":"E619-E68","v":0},0,0,0,0,0,37650.927747999995,38984.867126000005,40478.594663999997,42277.330477420001,44141.046285260607,46192.68033568946,48433.704113609587,50866.107458504011,53492.386397940871,56315.532720610019,59339.025198690113]
[null,null,null,"Test",{"$f":"IF(E4,E621=0,TRUE)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,null,"Aggregate Test",{"$f":"AND(E622:U622)","v":true}]
[]
[null,null," EQUITY & LIABILITIES            "]
[null,null,null,"Common Equity",{"$f":"E595","v":10314},{"$f":"F595","v":10998},12910,14977,16144,16004,16416.8863088,17021.297721578881,17847.497084958628,18881.330022715018,20021.381405437369,21263.491204393726,22602.293369432817,24032.258993612206,25547.672801705645,27142.609654811793,28810.911003190195]
[null,null,null," Non-controlling interests             ",{"$f":"E602","v":1380},{"$f":"F602","v":1079},1725,1823,2080,2197,2197,2197,2197,2197,2197,2197,2197,2197,2197,2197,2197]
[null,null,null,"Total Equity",{"$f":"SUM(E626:E627)","v":11694},{"$f":"SUM(F626:F627)","v":12077},14635,16800,18224,18201,18613.8863088,19218.297721578881,20044.497084958628,21078.330022715018,22218.381405437369,23460.491204393726,24799.293369432817,26229.258993612206,27744.672801705645,29339.609654811793,31007.911003190195]
[]
[null,null,null," NON-CURRENT LIABILITIES             "]
[null,null,null," Deferred tax liabilities            ",{"$f":"E472","v":529},{"$f":"F472","v":695},923,887,871,933,933,933,933,933,933,933,933,933,933,933,933]
[null,null,null," Pension & other employee benefits          ",{"$f":"E522","v":1177},{"$f":"F522","v":803},1010,1178,1247,1462,1462,1462,1462,1462,1462,1462,1462,1462,1462,1462,1462]
[null,null,null," Provisions              ",{"$f":"E474","v":1067},{"$f":"F474","v":1129},1141,1075,779,762,762,762,762,762,762,762,762,762,762,762,762]
[null,null,null," Long-term debt             ",{"$f":"E508","v":11085},{"$f":"F508","v":10109},18621,15977,17280,15206,11718.7233072,12039.081170421121,12362.138149041375,12660.406126704986,12983.941351823236,13393.336403295734,13895.428816176771,14497.737336891805,15208.473268235219,16036.553537798227,16991.61546749992]
[null,null,null," Derivative instruments             ",{"$f":"E524","v":45},{"$f":"F524","v":62},199,105,141,80,80,80,80,80,80,80,80,80,80,80,80]
[null,null,null," CURRENT LIABILITIES             "]
[null,null,null," Trade payables             ",{"$f":"E450","v":3402},{"$f":"F450","v":3433.0000000000005},4079.0000000000005,3475,3952,3711,3717.3181320000003,4126.4882340000004,4470.9594299999999,4937.5943280000001,5337.7235279999995,5737.8527280000008,6137.9819280000002,6538.1111279999996,6938.2403279999999,7338.3695280000002,7738.4987280000005]
[null,null,null," Liabilities associated with assets held for sale        ",{"$f":"E526","v":842},{"$f":"F526","v":0},0,0,0,364,364,364,364,364,364,364,364,364,364,364,364]
[null,null,null," TOTAL EQUITY AND LIABILITIES           ",{"$f":"SUM(E628:E638)","v":29841},28308,40608,39497,42494,40719,37650.927748000002,38984.867125999997,40478.594664000004,42277.330477420001,44141.046285260607,46192.68033568946,48433.704113609587,50866.107458504011,53492.386397940863,56315.532720610026,59339.025198690113]
[]
[null,null,null,null,{"$f":"E639-E619","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Test",{"$f":"E641=0","v":true},{"$f":"F641=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,null,"Aggregate Test",{"$f":"AND(E642:U642)","v":true}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Valuation from Equity Cash Flow"]
[]
[]
[]
[]
[null,null,null,null,null,null,1]
[]
["Financial Ratios"]
[null,null,null,"ROIC",{"$f":"'Valuation and Analysis'!E115/AVERAGE('Valuation and Analysis'!D108:E108)","v":9.8287914091784001E-2},{"$f":"'Valuation and Analysis'!F115/AVERAGE('Valuation and Analysis'!E108:F108)","v":0.1138114343029087},{"$f":"'Valuation and Analysis'!G115/AVERAGE('Valuation and Analysis'!F108:G108)","v":9.7313421119767637E-2},{"$f":"'Valuation and Analysis'!H115/AVERAGE('Valuation and Analysis'!G108:H108)","v":5.7162166617215571E-2},{"$f":"'Valuation and Analysis'!I115/AVERAGE('Valuation and Analysis'!H108:I108)","v":5.4012833327959239E-2},{"$f":"'Valuation and Analysis'!J115/AVERAGE('Valuation and Analysis'!I108:J108)","v":5.031834526440801E-2},{"$f":"'Valuation and Analysis'!K115/AVERAGE('Valuation and Analysis'!J108:K108)","v":6.1934501476092287E-2},{"$f":"'Valuation and Analysis'!L115/AVERAGE('Valuation and Analysis'!K108:L108)","v":7.3665078366974862E-2},{"$f":"'Valuation and Analysis'!M115/AVERAGE('Valuation and Analysis'!L108:M108)","v":8.9697797008392074E-2},{"$f":"'Valuation and Analysis'!N115/AVERAGE('Valuation and Analysis'!M108:N108)","v":0.10292017423633602},{"$f":"'Valuation and Analysis'!O115/AVERAGE('Valuation and Analysis'!N108:O108)","v":0.1069964023032606},{"$f":"'Valuation and Analysis'!P115/AVERAGE('Valuation and Analysis'!O108:P108)","v":0.10997826356495899},{"$f":"'Valuation and Analysis'!Q115/AVERAGE('Valuation and Analysis'!P108:Q108)","v":0.11187665056730579},{"$f":"'Valuation and Analysis'!R115/AVERAGE('Valuation and Analysis'!Q108:R108)","v":0.11280362873653696},{"$f":"'Valuation and Analysis'!S115/AVERAGE('Valuation and Analysis'!R108:S108)","v":0.11287594013010981},{"$f":"'Valuation and Analysis'!T115/AVERAGE('Valuation and Analysis'!S108:T108)","v":0.11220922483748963},{"$f":"'Valuation and Analysis'!U115/AVERAGE('Valuation and Analysis'!T108:U108)","v":0.11091386745126185}]
[null,null,null,"EBITDA Margin",{"$f":"'Financial Model'!E421/'Financial Model'!E409","v":0.21905494115559762},{"$f":"'Financial Model'!F421/'Financial Model'!F409","v":0.23748154876802544},{"$f":"'Financial Model'!G421/'Financial Model'!G409","v":0.24263121946093627},{"$f":"'Financial Model'!H421/'Financial Model'!H409","v":0.22664316293125158},{"$f":"'Financial Model'!I421/'Financial Model'!I409","v":0.23500067412700554},{"$f":"'Financial Model'!J421/'Financial Model'!J409","v":0.21048154933263544},{"$f":"'Financial Model'!K421/'Financial Model'!K409","v":0.22718185313341024},{"$f":"'Financial Model'!L421/'Financial Model'!L409","v":0.23665008291873957},{"$f":"'Financial Model'!M421/'Financial Model'!M409","v":0.25630817983759163},{"$f":"'Financial Model'!N421/'Financial Model'!N409","v":0.26621113091701326},{"$f":"'Financial Model'!O421/'Financial Model'!O409","v":0.26621113091701337},{"$f":"'Financial Model'!P421/'Financial Model'!P409","v":0.26621113091701326},{"$f":"'Financial Model'!Q421/'Financial Model'!Q409","v":0.26621113091701326},{"$f":"'Financial Model'!R421/'Financial Model'!R409","v":0.26621113091701326},{"$f":"'Financial Model'!S421/'Financial Model'!S409","v":0.26621113091701337},{"$f":"'Financial Model'!T421/'Financial Model'!T409","v":0.26621113091701332},{"$f":"'Financial Model'!U421/'Financial Model'!U409","v":0.26621113091701337}]
[null,null,null,"Earnings per Share",{"$f":"E556","v":7.8605272053304915},{"$f":"F556","v":9.6023258855366542},7.186867551158084,2.7716374125860961,2.8907290439621516,2.0697068904137321,2.8821370599691476,4.2190707105333747,5.7672530025042121,7.216631213528057,7.9580849991438498,8.6704998635763513,9.3454572205134188,9.981820254363754,10.578288028462426,11.133395597465746,11.645513645953772]
[null,null,null,"Dividends per Share",{"$f":"E586","v":2.560973513690036},{"$f":"F586","v":2.6206452521553674},3.5259725657746799,1.4799639988401296,2.0098781140002866,1.0051864830339881,1.4410685299845738,2.1095353552666873,2.8836265012521061,3.6083156067640285,3.9790424995719249,4.3352499317881756,4.6727286102567094,4.990910127181877,5.2891440142312129,5.5666977987328732,5.8227568229768858]
[null,null,null,"Return on Common Equity",{"$f":"E553/AVERAGE(D626:E626)","v":0.13302307543145239},{"$f":"F553/AVERAGE(E626:F626)","v":0.1791478978978979},0.13367910322904467,5.2784451536558252E-2,5.3147392435975709E-2,3.6891875077765333E-2,5.0940779948749328E-2,7.2301942262147562E-2,9.4778080855819291E-2,0.11259090138932243,0.11722076337304753,0.12034527132444883,0.12208167965498246,0.12265288733102944,0.12226025758563483,0.1210801520695866,0.11926336922213407]
[null,null,null,"Return on Total Equity",{"$f":"E551/AVERAGE(D628:E628)","v":0.13588164870873953},{"$f":"F551/AVERAGE(E628:F628)","v":0.18139750115687181},0.14517819706498952,6.6550023858756163E-2,6.3613522156235724E-2,4.041180507892931E-2,5.6075999439023992E-2,7.9880586895742414E-2,0.10521402863076094,0.12570061574918723,0.13165565525850381,0.13596108309917307,0.13870784721293425,0.14011426524564435,0.14038386288405447,0.13970017529090031,0.13822451446124037]
[null,null,null,"Debt to EBITDA",{"$f":"E634/E573","v":2.9927105831533476},{"$f":"F634/F573","v":2.4166865885727948},4.03226504980511,4.4380555555555556,4.9569707401032703,4.7267640658999071,3.2171810240005989,2.8232607337135747,2.4068257901139702,2.1203052850100961,2.0114842375180539,1.9302143679005956,1.8720287416854398,1.8336400792400578,1.8126019536889775,1.8070810234120447,1.8157001084200006]
[null,null,null,"Debt to Capital",{"$f":"E634/(E634+E628)","v":0.48663242460160672},{"$f":"F634/(F634+F628)","v":0.45564770576038943},0.55992903536203997,0.48744546480763951,0.48670572329878325,0.45517406531565241,0.38634075523190553,0.38515965180632589,0.38146935217980965,0.37524838128599042,0.36883763157774158,0.3634177851448257,0.35910398192093562,0.35597364507907941,0.35407123016021158,0.35341360770691926,0.3539954811403293]
[null,null,null,"Interest Coverage",{"$f":"E544/E545","v":4.6529209621993131},{"$f":"F544/F545","v":5.044478527607362},2.9031979256698359,1.9647887323943662,2.0009478672985783,1.4667250437828372,2.256255951598054,3.6314570427281763,4.5013493261786932,5.2667844203835283,5.5943144549603518,5.8808714710842223,6.1000162210029609,6.2504626356068487,6.3330412345401008,6.3505915948887566,6.3077125039971769]
[]
[null,null,null,{"$f":"INDEX(D686:D694,$G$683)","v":"ROIC"},{"$f":"INDEX(E686:E694,$G$683)","v":9.8287914091784001E-2},0.1138114343029087,9.7313421119767637E-2,5.7162166617215571E-2,5.4012833327959239E-2,5.031834526440801E-2,6.1934501476092287E-2,7.3665078366974862E-2,8.9697797008392074E-2,0.10292017423633602,0.1069964023032606,0.10997826356495899,0.11187665056730579,0.11280362873653696,0.11287594013010981,0.11220922483748963,0.11091386745126185]
[]
[null,null,null,null,{"$f":"E3","v":2006},{"$f":"F3","v":2007},2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022]
[null,null,null,{"$f":"D696","v":"ROIC"},{"$f":"IF(E4,E696)","v":9.8287914091784001E-2},{"$f":"IF(F4,F696)","v":0.1138114343029087},9.7313421119767637E-2,5.7162166617215571E-2,5.4012833327959239E-2,5.031834526440801E-2,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,null,{"$f":"IF(NOT(E4),E696)","v":false},{"$f":"IF(NOT(F4),F696)","v":false},false,false,false,false,6.1934501476092287E-2,7.3665078366974862E-2,8.9697797008392074E-2,0.10292017423633602,0.1069964023032606,0.10997826356495899,0.11187665056730579,0.11280362873653696,0.11287594013010981,0.11220922483748963,0.11091386745126185]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Graphs"]
[null,null,null,3]
[]
["Assumptions Summary"]
[]
[null,null,null,{"$f":"D263","v":"Increase in Cement Capacity"},{"$f":"IF(E263,E263)","v":false},false,false,4.9999999999999716,15.200000000000045,4.5,25,25,25,25,25,25,25,25,25,25,25]
[null,null,null,{"$f":"D272","v":"Utilization factor"},{"$f":"IF(E272,E272)","v":false},false,0.78757004584819157,0.70170392449080987,0.62655889145496535,0.65787330316742076,0.66,0.68,0.7,0.72,0.72,0.72,0.72,0.72,0.72,0.72,0.72]
[null,null,null,{"$f":"D281","v":"Cement prices"},{"$f":"IF(E281,E281)","v":false},69.376375641966249,70.575679172056923,67.092380338824668,71.183192038333942,68.608570052961014,68,67,66,66,66,66,66,66,66,66,66]
[null,null,null,{"$f":"D301","v":"COGS Per Tonne"},{"$f":"IF(E301,E301)","v":false},86.27292736610417,81.843467011642957,74.929382030824129,72.443789163287875,72.83169406424102,70,68,65,64,64,64,64,64,64,64,64]
[null,null,null,{"$f":"C309","v":"Sustaining Capital Expenditure per Tonne"},{"$f":"IF(E316,E316)","v":false},false,14.187468160978096,7.978142076502734,5.7829099307159355,4.7692307692307692,7,7.21,7.4263000000000003,7.6490890000000009,7.8785616700000007,8.1149185201000016,8.3583660757030014,8.6091170579740908,8.8673905697133133,9.1334122868047132,9.4074146554088554]
[null,null,null,{"$f":"C362","v":"Interest Rate"},{"$f":"IF(E365,E365)","v":5.6428155904595698E-2},6.1186186186186188E-2,9.678768613016564E-2,8.1471653458600787E-2,6.77998778959545E-2,7.1046410352121434E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,null,{"$f":"C367","v":"Interest Income Rate"},{"$f":"IF(E370,E370)","v":4.8866498740554154E-2},5.5875831485587585E-2,8.2082462473874213E-2,6.4131928538708194E-2,8.6094377510040163E-2,3.538290238772733E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2]
[null,null,null,{"$f":"C333","v":"AR / Sales"},{"$f":"E334","v":0.22473239103436041},0.20302032474168275,0.19287553197078758,0.16960463359355327,0.18504786301739248,0.16939282910232922,{"$f":"K335","v":0.17},0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17]
[]
[null,null,null,null,{"$f":"E3","v":2006},2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022]
[null,null,null,{"$f":"INDEX(D741:D748,$D$737)","v":"Cement prices"},{"$f":"INDEX(E741:E748,$D$737)","v":false},69.376375641966249,70.575679172056923,67.092380338824668,71.183192038333942,68.608570052961014,68,67,66,66,66,66,66,66,66,66,66]
[]
[null,null,null,null,{"$f":"E750","v":2006},{"$f":"F750","v":2007},2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022]
[null,null,null,{"$f":"\"History and Assumptions for \"&INDEX(D741:D748,$D$737)","v":"History and Assumptions for Cement prices"},{"$f":"IF(E4,E751)","v":false},{"$f":"IF(F4,F751)","v":69.376375641966249},70.575679172056923,67.092380338824668,71.183192038333942,68.608570052961014,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,null,{"$f":"IF(NOT(E4),E751)","v":false},{"$f":"IF(NOT(F4),F751)","v":false},false,false,false,false,68,67,66,66,66,66,66,66,66,66,66]
[]
[null,null,null,{"$f":"MIN(754:754)*0.9","v":60.383142304942204},{"$f":"min_graph(D757)","v":60}]
[]
[null,null,null,null,{"$f":"E3","v":2006},2007,2008,2009,2010,2011]
[null,null,null,{"$f":"INDEX(D13:D148,$H$1)","v":" Other financial assets            "},830,1096,1147,1591,863,755]

{"sheet":"Valuation and Analysis","index":4,"n_rows":115,"n_cols":21,"rows_kept":115,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022]
[null,null,"Historic switch",null,{"$f":"E1<=$E$8","v":true},true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Explicit Forecast Period",null,{"$f":"AND(E1>$E$8,E1<=$E$10)","v":false},false,false,false,false,false,true,true,true,true,true,true,false,false,false,false,false]
[null,null,"Terminal Period",null,{"$f":"E1=$E$10","v":false},false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false]
[]
["Valuation Assumptions"]
[null,"Date Parameters for Valuation"]
[null,null,"last historic year",null,2011]
[null,null,"Explicit Period",null,5]
[null,null,"Terminal Period",null,{"$f":"E8+E9+1","v":2017}]
[null,null,"Explicit Period",null,6]
[]
[null,"DCF Parameters"]
[null,null,"WACC",null,9.5000000000000001E-2,"wacc"]
[null,null,"Growth Rate",null,0.02,"growth"]
[null,null,"Long-term ROIC vs WACC",null,0.01,"roic spread"]
[null,null,"Long-term ROIC  ",null,{"$f":"roic_spread+wacc","v":0.105},"long-term roic"]
[null,null,"Terminal EV/EBITDA Ratio",null,6,"EV/EBITDA"]
[]
[null,"Equity Valuation"]
[null,null,"Cost of Equity"]
[null,null,"Growth Rate"]
[null,null,"ROE in Terminal Year"]
[null,null,"Implied Payout Ratio"]
[null,null,"Long-term ROE vs COE"]
[null,null,"Long-term ROE  "]
[]
[]
["Free Cash Flow (FCF)"]
[]
[null,null,"EBITDA",null,{"$f":"'Financial Model'!E421","v":3704},{"$f":"'Financial Model'!F421","v":4183},{"$f":"'Financial Model'!G421","v":4618},{"$f":"'Financial Model'!H421","v":3600},{"$f":"'Financial Model'!I421","v":3486},{"$f":"'Financial Model'!J421","v":3217},{"$f":"'Financial Model'!K421","v":3642.5439600000009},{"$f":"'Financial Model'!L421","v":4264.2470199999989},{"$f":"'Financial Model'!M421","v":5136.2829000000002},{"$f":"'Financial Model'!N421","v":5971.0298399999992},{"$f":"'Financial Model'!O421","v":6454.9058400000031},{"$f":"'Financial Model'!P421","v":6938.7818399999996},{"$f":"'Financial Model'!Q421","v":7422.6578399999999},{"$f":"'Financial Model'!R421","v":7906.5338400000001},{"$f":"'Financial Model'!S421","v":8390.4098400000039},{"$f":"'Financial Model'!T421","v":8874.2858400000041},{"$f":"'Financial Model'!U421","v":9358.1618400000043}]
[null,null,"Less CAPEX",null,{"$f":"'Financial Model'!E433","v":4814},{"$f":"'Financial Model'!F433","v":3170},{"$f":"'Financial Model'!G433","v":11761},{"$f":"'Financial Model'!H433","v":1719},{"$f":"'Financial Model'!I433","v":1321},{"$f":"'Financial Model'!J433","v":1125},{"$f":"'Financial Model'!K433","v":1722},{"$f":"'Financial Model'!L433","v":1953.91},{"$f":"'Financial Model'!M433","v":2198.1848},{"$f":"'Financial Model'!N433","v":2455.3575690000002},{"$f":"'Financial Model'!O433","v":2725.9823378200003},{"$f":"'Financial Model'!P433","v":3010.6347709571005},{"$f":"'Financial Model'!Q433","v":3309.9129659783885},{"$f":"'Financial Model'!R433","v":3624.4382814070923},{"$f":"'Financial Model'!S433","v":3954.8561940921377},{"$f":"'Financial Model'!T433","v":4301.8371870850197},{"$f":"'Financial Model'!U433","v":4666.0776690827925}]
[null,null,"Less Changing in Working Capital",null,{"$f":"'Financial Model'!E453","v":0},{"$f":"'Financial Model'!F453","v":-113.00000000000045},{"$f":"'Financial Model'!G453","v":-117},{"$f":"'Financial Model'!H453","v":-865.99999999999955},{"$f":"'Financial Model'!I453","v":-481},{"$f":"'Financial Model'!J453","v":-31},{"$f":"'Financial Model'!K453","v":217.54961600000024},{"$f":"'Financial Model'!L453","v":103.18347600000016},{"$f":"'Financial Model'!M453","v":140.90674800000033},{"$f":"'Financial Model'!N453","v":137.1630239999995},{"$f":"'Financial Model'!O453","v":81.669600000001083},{"$f":"'Financial Model'!P453","v":81.669599999997445},{"$f":"'Financial Model'!Q453","v":81.669600000001083},{"$f":"'Financial Model'!R453","v":81.669600000001083},{"$f":"'Financial Model'!S453","v":81.669600000000173},{"$f":"'Financial Model'!T453","v":81.669600000000173},{"$f":"'Financial Model'!U453","v":81.669600000000173}]
[null,null,"Less (EBIT X Tax Rate)",null,{"$f":"'Financial Model'!E468","v":785.58704453441294},{"$f":"'Financial Model'!F468","v":850.6876583423815},{"$f":"'Financial Model'!G468","v":701.66170388751038},{"$f":"'Financial Model'!H468","v":493.1240428790199},{"$f":"'Financial Model'!I468","v":521.70478913509658},{"$f":"'Financial Model'!J468","v":1392.4970414201184},{"$f":"'Financial Model'!K468","v":766.38118800000018},{"$f":"'Financial Model'!L468","v":939.57684599999959},{"$f":"'Financial Model'!M468","v":1183.9343082},{"$f":"'Financial Model'!N468","v":1413.1830487259997},{"$f":"'Financial Model'!O468","v":1533.2521530061808},{"$f":"'Financial Model'!P468","v":1649.3946958415272},{"$f":"'Financial Model'!Q468","v":1761.590955582521},{"$f":"'Financial Model'!R468","v":1869.8100310461987},{"$f":"'Financial Model'!S468","v":1974.010135603417},{"$f":"'Financial Model'!T468","v":2074.138852675243},{"$f":"'Financial Model'!U468","v":2170.1333546991905}]
[null,null,null,"Free Cash Flow",{"$f":"E31-SUM(E32:E34)","v":-1895.5870445344126},275.31234165761907,-7727.6617038875102,2253.8759571209794,2124.2952108649033,730.50295857988158,936.61315600000034,1267.5766979999994,1613.2570437999998,1965.3261982739996,2114.0017491738208,2197.0827732013749,2269.4843184390893,2330.615927546708,2379.8739103044491,2416.6402002397408,2440.2812162180217]
[]
[null,null,"FCF over Explicit Period",null,{"$f":"IF('Financial Model'!E5,E35)","v":false},{"$f":"IF('Financial Model'!F5,F35)","v":false},{"$f":"IF('Financial Model'!G5,G35)","v":false},{"$f":"IF('Financial Model'!H5,H35)","v":false},{"$f":"IF('Financial Model'!I5,I35)","v":false},{"$f":"IF('Financial Model'!J5,J35)","v":false},{"$f":"IF('Financial Model'!K5,K35)","v":936.61315600000034},{"$f":"IF('Financial Model'!L5,L35)","v":1267.5766979999994},{"$f":"IF('Financial Model'!M5,M35)","v":1613.2570437999998},{"$f":"IF('Financial Model'!N5,N35)","v":1965.3261982739996},{"$f":"IF('Financial Model'!O5,O35)","v":2114.0017491738208},{"$f":"IF('Financial Model'!P5,P35)","v":2197.0827732013749},{"$f":"IF('Financial Model'!Q5,Q35)","v":2269.4843184390893},{"$f":"IF('Financial Model'!R5,R35)","v":false},{"$f":"IF('Financial Model'!S5,S35)","v":false},{"$f":"IF('Financial Model'!T5,T35)","v":false},{"$f":"IF('Financial Model'!U5,U35)","v":false}]
[null,null,"PV of Free Cash Flow",null,{"$f":"NPV(E14,E37:U37)","v":8328.0806555826839}]
[]
[null,null,"Terminal Value using Growth",null,{"$f":"IF('Financial Model'!E5,E37*(1+growth)/(wacc-growth)*'Financial Model'!E6)","v":false},{"$f":"IF('Financial Model'!F5,F37*(1+growth)/(wacc-growth)*'Financial Model'!F6)","v":false},{"$f":"IF('Financial Model'!G5,G37*(1+growth)/(wacc-growth)*'Financial Model'!G6)","v":false},{"$f":"IF('Financial Model'!H5,H37*(1+growth)/(wacc-growth)*'Financial Model'!H6)","v":false},{"$f":"IF('Financial Model'!I5,I37*(1+growth)/(wacc-growth)*'Financial Model'!I6)","v":false},{"$f":"IF('Financial Model'!J5,J37*(1+growth)/(wacc-growth)*'Financial Model'!J6)","v":false},{"$f":"IF('Financial Model'!K5,K37*(1+growth)/(wacc-growth)*'Financial Model'!K6)","v":0},{"$f":"IF('Financial Model'!L5,L37*(1+growth)/(wacc-growth)*'Financial Model'!L6)","v":0},{"$f":"IF('Financial Model'!M5,M37*(1+growth)/(wacc-growth)*'Financial Model'!M6)","v":0},{"$f":"IF('Financial Model'!N5,N37*(1+growth)/(wacc-growth)*'Financial Model'!N6)","v":0},{"$f":"IF('Financial Model'!O5,O37*(1+growth)/(wacc-growth)*'Financial Model'!O6)","v":0},{"$f":"IF('Financial Model'!P5,P37*(1+growth)/(wacc-growth)*'Financial Model'!P6)","v":0},{"$f":"IF('Financial Model'!Q5,Q37*(1+growth)/(wacc-growth)*'Financial Model'!Q6)","v":30864.986730771616},{"$f":"IF('Financial Model'!R5,R37*(1+growth)/(wacc-growth)*'Financial Model'!R6)","v":false},{"$f":"IF('Financial Model'!S5,S37*(1+growth)/(wacc-growth)*'Financial Model'!S6)","v":false},{"$f":"IF('Financial Model'!T5,T37*(1+growth)/(wacc-growth)*'Financial Model'!T6)","v":false},{"$f":"IF('Financial Model'!U5,U37*(1+growth)/(wacc-growth)*'Financial Model'!U6)","v":false}]
[]
[null,null,"PV of TV ",null,{"$f":"NPV($E$14,E40:U40)","v":16351.863772601642},{"$f":"E42/E45","v":0.66255675008440973}]
[null,null,null,null,null,null,null,null,"Range in Implied EV/EBITDA from Applying the Discounted Cash Flow Model"]
[]
[null,null,"Enterprise Value",null,{"$f":"E38+E42","v":24679.944428184324},null,null,null,null,null,"Weighted Averge Cost of Capital"]
[null,null,"Implied EV to EBITDA",null,{"$f":"E45/K31","v":6.775469204820336}]
[null,null,null,null,null,null,null,null,null,{"$f":"E46","v":6.775469204820336},7.0000000000000007E-2,0.08,0.09,0.1]
[null,null,null,"Year of Valuation",{"$f":"MATCH('Financial Model'!E8,'Financial Model'!3:3)","v":10},null,null,null,null,0,8.0640363262424586,6.9675194730524872,6.1176926548090789,5.4404094880416549]
[null,null,null,null,null,null,null,null,"Terminal",0.01,9.0525221105054072,7.6686386152709494,6.6336703169145448,5.8311817817683993]
[null,null,null,"Less Debt",{"$f":"-INDEX('Financial Model'!228:228,E48)","v":-15206},null,null,null,"Growth ",0.02,10.436402208473535,8.6034641382289028,7.2970701681930024,6.3196471489268315]
[null,null,null,"Add Cash",{"$f":"-'Financial Model'!J231","v":3926},null,null,null,"Rate",0.03,12.512222355425726,9.9122198703700324,8.1816033032309434,6.9476740495590992]
[null,null,null,"Less Pensions",{"$f":"-'Financial Model'!J233","v":-1462},null,null,null,null,0.04,15.971922600346046,11.875353468581732,9.4199496922840638,7.7850432504021239]
[null,null,null,"Add Non Associated Investments",{"$f":"-'Financial Model'!J232","v":604}]
[null,null,null,"Add: Minority Interest",{"$f":"-'Financial Model'!J230","v":-2197}]
[null,null,null,"Add: Derivative",{"$f":"-'Financial Model'!J234","v":61}]
[null,null,null,"Add: Assets Held for Sale",{"$f":"-'Financial Model'!J235","v":1831}]
[]
[null,null,null,"Total Bridge between Equity and EV",{"$f":"SUM(E50:E57)","v":-12443}]
[]
[null,null,null,"Equity Value",{"$f":"E45+E58","v":12236.944428184324}]
[null,null,null,"Shares at Valuation Date",{"$f":"'Financial Model'!J44","v":286514}]
[]
[null,null,null,"Value per Share",{"$f":"E60/E61*1000","v":42.709760877947765}]
[]
[]
[]
[]
[null,null,"Terminal Value using PV EV / EBITDA Ratio",null,{"$f":"IF('Financial Model'!E5,EV_EBITDA*E31*'Financial Model'!E6)","v":false},{"$f":"IF('Financial Model'!F5,EV_EBITDA*F31*'Financial Model'!F6)","v":false},{"$f":"IF('Financial Model'!G5,EV_EBITDA*G31*'Financial Model'!G6)","v":false},{"$f":"IF('Financial Model'!H5,EV_EBITDA*H31*'Financial Model'!H6)","v":false},{"$f":"IF('Financial Model'!I5,EV_EBITDA*I31*'Financial Model'!I6)","v":false},{"$f":"IF('Financial Model'!J5,EV_EBITDA*J31*'Financial Model'!J6)","v":false},{"$f":"IF('Financial Model'!K5,EV_EBITDA*K31*'Financial Model'!K6)","v":0},{"$f":"IF('Financial Model'!L5,EV_EBITDA*L31*'Financial Model'!L6)","v":0},{"$f":"IF('Financial Model'!M5,EV_EBITDA*M31*'Financial Model'!M6)","v":0},{"$f":"IF('Financial Model'!N5,EV_EBITDA*N31*'Financial Model'!N6)","v":0},{"$f":"IF('Financial Model'!O5,EV_EBITDA*O31*'Financial Model'!O6)","v":0},{"$f":"IF('Financial Model'!P5,EV_EBITDA*P31*'Financial Model'!P6)","v":0},{"$f":"IF('Financial Model'!Q5,EV_EBITDA*Q31*'Financial Model'!Q6)","v":44535.947039999999},{"$f":"IF('Financial Model'!R5,EV_EBITDA*R31*'Financial Model'!R6)","v":false},{"$f":"IF('Financial Model'!S5,EV_EBITDA*S31*'Financial Model'!S6)","v":false},{"$f":"IF('Financial Model'!T5,EV_EBITDA*T31*'Financial Model'!T6)","v":false},{"$f":"IF('Financial Model'!U5,EV_EBITDA*U31*'Financial Model'!U6)","v":false}]
[null,null,"PV of TV ",null,{"$f":"NPV(wacc,E68:U68)","v":23594.558628332041}]
[null,null,"Total EV",null,{"$f":"E69+E38","v":31922.639283914723}]
[]
[null,null,"Bridge between EV and Equity Value",null,{"$f":"E58","v":-12443},null,null,null,{"$f":"E70","v":31922.639283914723},7.0000000000000007E-2,0.08,0.09,0.1]
[null,null,null,null,null,null,null,null,6.5,39229.288699541554,36978.539317880888,34882.591706980493,32929.369039941026]
[null,null,"Equity Value",null,{"$f":"E70+E72","v":19479.639283914723},null,null,null,7,41540.517826520372,39144.064096359478,36912.81572009786,34833.867604663421]
[null,null,"Shares",null,{"$f":"E61","v":286514},null,null,null,7.5,43851.746953499183,41309.588874838068,38943.039733215221,36738.366169385823]
[null,null,"Value per Share",null,{"$f":"E74/E75*1000","v":67.988437856142184},null,null,null,8,46162.976080478009,43475.113653316657,40973.263746332588,38642.864734108225]
[]
[]
[null,"Terminal Value using PV of Value Drivers"]
[null,null,"Value Driver Formula: P/E = (1-g/ROE)/(k-g)"]
[null,null,"Value Driver Formula: EV = NOPLAT x (1-g/ROIC)/(WACC-g)"]
[null,null,"NOPLAT Multiplier",null,{"$f":"(1-growth/long_term_roic)/(wacc-growth)","v":10.793650793650794}]
[]
[null,null,"PV of TV "]
[null,null,"EBIT",null,{"$f":"'Financial Model'!E466","v":2772},{"$f":"'Financial Model'!F466","v":3242},{"$f":"'Financial Model'!G466","v":3542},{"$f":"'Financial Model'!H466","v":2477},{"$f":"'Financial Model'!I466","v":2393},{"$f":"'Financial Model'!J466","v":2179},{"$f":"'Financial Model'!K466","v":2554.6039600000008},{"$f":"'Financial Model'!L466","v":3131.9228199999989},{"$f":"'Financial Model'!M466","v":3946.447694},{"$f":"'Financial Model'!N466","v":4710.6101624199991},{"$f":"'Financial Model'!O466","v":5110.8405100206028},{"$f":"'Financial Model'!P466","v":5497.9823194717574},{"$f":"'Financial Model'!Q466","v":5871.969851941737},{"$f":"'Financial Model'!R466","v":6232.7001034873292},{"$f":"'Financial Model'!S466","v":6580.0337853447236},{"$f":"'Financial Model'!T466","v":6913.7961755841434},{"$f":"'Financial Model'!U466","v":7233.7778489973025}]
[null,null,"Taxes on EBIT",null,{"$f":"E34","v":785.58704453441294},850.6876583423815,701.66170388751038,493.1240428790199,521.70478913509658,1392.4970414201184,766.38118800000018,939.57684599999959,1183.9343082,1413.1830487259997,1533.2521530061808,1649.3946958415272,1761.590955582521,1869.8100310461987,1974.010135603417,2074.138852675243,2170.1333546991905]
[null,null,"NOPLAT",null,{"$f":"E85-E86","v":1986.4129554655869},2391.3123416576186,2840.3382961124898,1983.87595712098,1871.2952108649033,786.50295857988158,1788.2227720000005,2192.3459739999994,2762.5133857999999,3297.4271136939997,3577.5883570144219,3848.5876236302302,4110.378896359216,4362.8900724411305,4606.0236497413061,4839.6573229089008,5063.6444942981125]
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[]
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{"sheet":"Forecst of Sustaining Cap Exp","index":10,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

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