### 2,015 2,016 2,017 2,018

2,015 2,016
Net asset ### 77.00 69.00 61.00 53.00
Revenue 1,400.00 1,450.00
Gross Intangible asset 85.00 85.00 85.00 85.00 Purchaes -650.00 -700.00
Accumulated Amortisation -8.00 -16.00 -24.00 -32.00 Change in Inventory 19.18 2.82
Gross Profit 769.18 752.82
Current Asset ### 618.51 910.12 1,144.87 1,438.05 Overheads -300.00 -300.00
Receivables 280.00 300.00 300.00 480.00 Ebitda 469.18 452.82
Inventory 19.18 22.00 20.55 21.92 Amortitation -8.00 -8.00
Tax Administration 14.38 20.00 30.00 30.00 Ebit 461.18 444.82
Total Cash ### 304.95 568.12 794.32 906.13 Financial Result -13.84 -13.34
Operating cash 5.00 5.00 10.00 10.00 Ebt 447.34 431.48
Nom Operating cash 249.95 513.12 734.32 846.13 Taxes -111.84 -107.87
50.00 50.00 50.00 50.00 Net Income 335.51 323.61

A+B TOTAL ASSET ### 695.51 979.12 1,205.87 1,491.05

Check 0.00 0.00 0.00 0.00

Shareholder's Equity ### 385.51 709.12 955.87 1,241.05

Equity Capital 50.00 50.00 50.00 50.00
Reserves 0.00 335.51 659.12 905.87
Pay out
Net Income 335.51 323.61 246.75 285.18

Long Term Debt ### 100.00 70.00 50.00 30.00 Los criterios para realizar la valoración son
Long Term Debt 100.00 70.00 50.00 30.00
Crecimiento a perpetuidad 1%
Current Liabilities ### 210.00 200.00 200.00 220.00 Tasa Impuestos 20%
Short Term Debt 80.00 50.00 30.00 20.00 Inversión a Perpetuidad 5.00
Payables 120.00 140.00 150.00 180.00
Income Taxes Payable 10.00 10.00 20.00 20.00 Referencia Estructura Financiera del año 2,021
Coste de la deuda 6%

Equity + Liabilities ### 695.51 979.12 1,205.87 1,491.05

### 0.00 0.00 Coste de Capital ( Calcular en base al CAPM)
 2,015 2,016 2,017 2,018
2,015 2,016
Net asset 0.00 77.00 69.00 61.00 53.00
Revenue 1,400.00 1,450.00
Gross Intangible asset 85.00 85.00 85.00 85.00 Purchaes -650.00 -700.00
Accumulated Amortisation -8.00 -16.00 -24.00 -32.00 Change in Inventory 19.18 2.82
Gross Profit 769.18 752.82
Current Asset 0.00 618.51 910.12 1,144.87 1,438.05 Overheads -300.00 -300.00
Receivables 280.00 300.00 300.00 480.00 Ebitda 469.18 452.82
Inventory 19.18 22.00 20.55 21.92 Amortitation -8.00 -8.00
Tax Administration 14.38 20.00 30.00 30.00 Ebit 461.18 444.82
Total Cash 0.00 304.95 568.12 794.32 906.13 Financial Result -13.84 -13.34
Operating cash 5.00 5.00 10.00 10.00 Ebt 447.34 431.48
Nom Operating cash 299.95 563.12 784.32 896.13 Taxes -111.84 -107.87
Net Income 335.51 323.61

A+B TOTAL ASSET 0.00 695.51 979.12 1,205.87 1,491.05 Ratios (Year 360)
2,015 2,016
Check 0.00 0.00 0.00 0.00 Working Capital 408.5 710.1
Receivables Turnover = Revenue / Receivab 5.0 4.8
Shareholder's Equity 0.00 385.51 709.12 955.87 1,241.05
Equity Capital 50.00 50.00 50.00 50.00 Average Receivables Period 72.0 74.5
Reserves 0.00 335.51 659.12 905.87 Average Payable period (Days) 66 72
Pay out Operating Cash / Revenue 0.36% 0.34%
Net Income 335.51 323.61 246.75 285.18
Turnover Ratios
Long Term Debt 0.00 100.00 70.00 50.00 30.00
Long Term Debt 100.00 70.00 50.00 30.00 Asset Turnover = Revenue / Assets 2.0 1.5
Inventories Turnover = Rev / Inventory 73 66
Current Liabilities 0.00 210.00 200.00 200.00 220.00
Short Term Debt 80.00 50.00 30.00 20.00 Liquidity Ratios
Payables 120.00 140.00 150.00 180.00 Current Ratio 2.95 4.55
Income Taxes Payable 10.00 10.00 20.00 20.00 Acid-Test Ratio = CA- Inventories / Current Liabi 2.85 4.44

Equity + Liabilities 0.00 695.51 979.12 1,205.87 1,491.05 Leverage Financial Ratios
0.00 0.00 0.00
2,015 2,016 2,017 2,018 Debt-to-Equity (D/E) 46.7% 16.9%
Operating cash 0.00 5.00 5.00 10.00 10.00 Debt ratio = Total liabilities / Total assets 44.6% 27.6%
Receivables 0.00 280.00 300.00 300.00 480.00
Inventory 0.00 19.18 22.00 20.55 21.92
Tax Administration 0.00 14.38 20.00 30.00 30.00 2,015 2,016
Operating Assets - 318.56 347.00 360.55 541.92
Amortización / Gross Asset -9.4%
Payables 0.00 120.00 140.00 150.00 180.00 Taxes / Revenue 0.7%
Income Taxes Payable 0.00 10.00 10.00 20.00 20.00 Operating Cash / Revenue 0.357%
Current Liabilities - 130.00 150.00 170.00 200.00 Overheads / Revenue -21.4% -20.7%
Financial Result / Revenue 1.0% 0.9%
Owc - 188.56 197.00 190.55 341.92 Inventories / Revenue 3.1%
Variation Owc 188.56 8.44 - 6.45 151.37

Tax Rate -25.0% -25.0% -25.0% -25.0%

2,015 2,016 2,017 2,018

Net Income 335.51 323.61 246.75 285.18
Amortitation 8.00 8.00 8.00 8.00
Capex -85.00 0.00 0.00 0.00
Variation OWC -188.56 -8.44 6.45 -151.37
Variation Debt 180.00 -60.00 -40.00 -30.00

Equity Cash Flow 249.95 263.17 221.20 111.81

2,015 2,016 2,017 2,018

Ebit 461.18 444.82 339.18 392.00
 2,019 2,020

New Capex 100 100

Revenue 2,000 2,400
Average Receivables Period 81.6 81.62
Purchaes 49.48% 49.48%
Inventories ( Purchases) 3% 3%
Days 360 360
Average Payable period (Days) 81.62 81.62
Amortitation 10% 10%

Tax Administration ( Asset) 2% 10%

Overheads 24.00% 24.00%
VAT 20% 20%
Tax rate 25% 25%
Financial Result 2% 2%
Bank ( 50 % LT) 1,000 1,000
Tax Administration (Liabilies) 1% 1%
Operating Cash / Revenue 0.5% 0.5%
Dividends ( net profit) 0% 0%

2,018 2,019

Net assets 53.00 134.50

Gross Intangible asset 85.00 185.00

Accumulated Amortisation -32.00 -50.50

Current Assets 1,438.05 2,731.85

Receivables 480.00 544.14
Inventory 21.92 29.93
Tax Administration 30.00 19.95
Total Cash 906.13 2,137.83
Operating cash 10.00 10.00
Nom Operating cash 896.13 2,127.83

Dividends 0.00
Total Assets 1,491.05 2,866.35
check 0.00 -0.00

Shareholder's Equity 1,241.05 1,594.91

Equity Capital 50.00 50.00
Reserves 905.87 1,191.05
Pay out 0.00 0.00
Net Income 285.18 353.86
0.00
Long Term Debt 30.00 500.00
Long Term Debt 30.00 500.00
0.00
Current Liabilities 220.00 771.44
Short Term Debt 20.00 500.00
Payables 180.00 271.44
Income Taxes Payable 20.00

Equity + Liabilities 1,491.05 2,866.35

0.00 0.00

2,018 2,019
Operating cash 10.00 10.00
Receivables 480.00 544.14
Inventory 21.92 29.93
Tax Administration 30.00 19.95
Operating Assets 541.92 604.02

Payables 180.00 271.44

Income Taxes Payable 20.00 0.00
Current Liabilities 200.00 271.44

Owc 341.92 332.58

Variation Owc - 9.34

2,019
Net Income 353.86
Amortizacion 18.50
Inversión -100.00
Variacion de Nof 9.34
Variacion de Deuda 950.00
EQUITY CASH FLOW 1,231.70

FLUJO CAJA LIBRE 0.00

2,021
100
4,000
81.62
49.48%
3%
360
81.62
10%

10%
24.00%
20%
25%
2%
500
1%
0.5%
100%

2,020 2,021 2,018

206.00 267.50 Revenue 1,600.00

Purchaes -801.37
285.00 385.00 Change in Inventory 1.37
-79.00 -117.50 Gross Profit 800.00
Overheads -400.00
3,133.53 2,792.45 Ebitda 400.00
652.97 1,088.28 Amortitation -8.00
35.80 60.11 Ebit 392.00
119.35 200.37 Financial Result -11.76
2,325.41 1,443.70 Ebt 380.24
12.00 20.00 Taxes -95.06
2,313.41 2,130.30 Net Income 285.18

0.00 -706.60
3,339.53 3,059.95
 -0.00 0.00

2,014.82 2,014.82
50.00 50.00
1,544.91 1,964.82
0.00 -706.60
419.91 706.60

500.00 250.00
500.00 250.00

824.71 795.14
500.00 250.00
324.71 545.14

3,339.53 3,059.95
0.00 -0.00

2,020 2,021
12.00 20.00
652.97 1,088.28
35.80 60.11
119.35 200.37
820.12 1,368.75

324.71 545.14
0.00 0.00
324.71 545.14

495.41 823.62
162.83 328.21

2,020 2,021
419.91 706.60
28.50 38.50
 -100.00 -100.00
-162.83 -328.21
0.00 -500.00
185.58 - 183.11

0.00
2,019 2,020 2,021

2,000.00 2,400.00 4,000.00

-997.70 -1,193.50 -2,003.68
8.01 5.87 24.31
1,010.31 1,212.38 2,020.63
-480.00 -576.00 -960.00
530.31 636.38 1,060.63
-18.50 -28.50 -38.50
511.81 607.88 1,022.13
-40.00 -48.00 -80.00
471.81 559.88 942.13
-117.95 -139.97 -235.53
353.86 419.91 706.60
 2,017 2,018 2,019 2,020 2,021

Net assets 61.00 53.00 134.50 206.00 267.50

Gross Intangible asset 85.00 85.00 185.00 285.00 385.00

Accumulated Amortisation -24.00 -32.00 -50.50 -79.00 -117.50

Current Assets 1,144.87 1,438.05 2,731.85 3,133.53 2,792.45

Receivables 300.00 480.00 544.14 652.97 1,088.28
Inventory 20.55 21.92 29.93 35.80 60.11
Tax Administration 30.00 30.00 19.95 119.35 200.37
Total Cash 794.32 906.13 2,137.83 2,325.41 1,443.70
Operating cash 10.00 10.00 10.00 12.00 20.00
Nom Operating cash 784.32 896.13 2,127.83 2,313.41 2,130.30
0.00 0.00 0.00 0.00 0.00
Payy out -706.60
Total Assets 1,205.87 1,491.05 2,866.35 3,339.53 3,059.95
0 0 0 0 0
0.00 0.00 -0.00 0.00 -0.00

Shareholder's Equity 955.87 1,241.05 1,594.91 2,014.82 2,014.82

Equity Capital 50.00 50.00 50.00 50.00 50.00
Reserves 659.12 905.87 1,191.05 1,544.91 1,964.82
Pay out 0.00 0.00 0.00 0.00 -706.60
Net Income 246.75 285.18 353.86 419.91 706.60

Long Term Debt 50.00 30.00 500.00 500.00 250.00

Long Term Debt 50.00 30.00 500.00 500.00 250.00

Current Liabilities 200.00 220.00 771.44 824.71 795.14

Short Term Debt 30.00 20.00 500.00 500.00 250.00
Payables 150.00 180.00 271.44 324.71 545.14

Income Taxes Payable 20.00 20.00 0.00 0.00 0.00

Equity + Liabilities 1,205.87 1,491.05 2,866.35 3,339.53 3,059.95

0.00 0.00 0.00 -0.00 0.00

2,017 2,018 2,019 2,020 2,021

Revenue 1,500.00 1,600.00 2,000.00 2,400.00 4,000.00

Purchaes -751.37 -801.37 -997.70 -1,193.50 -2,003.68
Change in Inventory -1.45 1.37 8.01 5.87 24.31

Gross Profit 747.18 800.00 1,010.31 1,212.38 2,020.63

Overheads -400.00 -400.00 -480.00 -576.00 -960.00
Ebitda 347.18 400.00 530.31 636.38 1,060.63
Amortitation -8.00 -8.00 -18.50 -28.50 -38.50
Ebit 339.18 392.00 511.81 607.88 1,022.13
Financial Result -10.18 -11.76 -40.00 -48.00 -80.00
Ebt 329.00 380.24 471.81 559.88 942.13
Taxes -82.25 -95.06 -117.95 -139.97 -235.53
Net Income 246.75 285.18 353.86 419.91 706.60

calculo de la Variacion de las NOF

2,017 2,018 2,019 2,020 2,021
Operating cash 10.00 10.00 10.00 12.00 20.00
Receivables 300.00 480.00 544.14 652.97 1,088.28
Inventory 20.55 21.92 29.93 35.80 60.11
Tax Administration 30.00 30.00 19.95 119.35 200.37
Activo Operativo 360.55 541.92 604.02 820.12 1,368.75

Payables 150.00 180.00 271.44 324.71 545.14

Income Taxes Payable 20.00 20.00 - - -
Pasivo Operativo 170.00 200.00 271.44 324.71 545.14

NOF 190.55 341.92 332.58 495.41 823.62

Variacion Nof 151.37 - 9.34 162.83 328.21

Calculo del flujo de caja de empresa

2,017 2,018 2,019 2,020 2,021
Net Income 285.18 353.86 419.91 706.60
Amortizacin 8.00 18.50 28.50 38.50
Inversion 0.00 -100.00 -100.00 -100.00
Variacion Nof -151.37 9.34 -162.83 -328.21
Variacion Deuda -30.00 950.00 0.00 -500.00
Fce 111.81 1,231.70 185.58 -183.11