Profit and Loss Sta Real Forecast Forecast

(thousand of reale 2011 2012 2013 Hypothesis for 2012 and 2013
Sales 30,000 36,000 39,600 Growth of 20% and 10%
COGS 24,600 29,880 33,264 COGS of 83% and 84%
Gross Margin 5,400 6,120 6,336
Salaries 1,800 2,160 2,376 Increase with sales 20% and 10%
Overhead 470 564 620 Increase with sales 20% and 10%
Opex Operating Expen 2,270 2,724 2,996
EBITDA 3,130 3,396 3,340
Depreciation 600 600 600 10% of FA previous year
EBIT 2,530 2,796 2,740
Financial Expenses 527 573 488 10% of Debt this year
EBT 2,003 2,223 2,251 30% of EBT
Taxes (30%) 601 667 675
Net Income 1,402 1,556 1,576

P&L Ratios (Profitability Ratios)

Growth of Sales 50% 20% 10%
Gross Margin / Sales 18% 17% 16%
Opex / Sales 8% 8% 8%
Increase of Op 64% 20% 10%
EBITDA / Sales 10% 9% 8%
ROS, Net Income / Sal 4.7% 4.3% 4.0%
ROE, Net Income / Equi 30% 26% 21%
RONA, EBIT / Net Asse 22% 21% 19%
CFO, Cash Flow from O 2,002 2,156 2,176 Net Income + Depreciation
Assets Real Forecast Forecast
(thousand of reale 2011 2012 2013 SUF 2011-13 Hypothesis
Cash 50 50 50 0 Minimum 50
Receivables 6,575 8,877 9,764 3,189 90 days
Inventory 1,348 1,637 1,823 475 20 days
Current Assets, CA 7,973 10,564 11,637
Fixed Assets Net, FA 6,000 6,000 6,000 0 Net FA Constant
Total Assets 13,973 16,564 17,637

Liabilities + Equity
Payables 2,023 2,480 2,749 726 30 days
Other Liabilities 601 720 792 191 2% of sales
Bank Credit 3,267 4,226 3,881 614 Plug Figure
Current Liabilities 5,891 7,425 7,422
Loan (Long Term Debt) 2,000 1,500 1,000 -1,000 Pays 500 per year
Equity + Reserves 4,680 6,082 7,639 2,959 No dividends paid
Net Income of the year 1,402 1,556 1,576 174
Total Liab.+ Equity 13,973 16,564 17,637

Purchases 24,616 30,169 33,449 COGS + Variant of Inventory

New Investments FA Gross 600 600 Variation FA Net + Depreciation

Short Balance Shee 2011 2012 2013 SUF 2011-13

NFO or Current Assets 5,349 7,364 8,096 2,747

FA or Fixed Assets Net 6,000 6,000 6,000 0
NA or Net Assets 11,349 13,364 14,096

D, Debt 5,267 5,726 4,881 -386

E, Equity 6,082 7,639 9,215 3,132
Total Financing (D + E) 11,349 13,364 14,096
Cash Surplus ----> 0 0 0 0

Shortest Balance Sheet Version - used in Operational Finance

NFO 5,349 7,364 8,096 2,747
WC 2,082 3,139 4,215 2,132
Cash Surplus (+) -3,267 -4,226 -3,881 -614
Credit Needed (-)

Balance Sheet Ratios 2011 2012 2013

Receivables in days 80 90 90 Using 365 days
Inventory in days 20 20 20 Based on COGS of this year
Payables in days 30 30 30
NFO / Sales in % 18% 20% 20%
Leverage = Liab. / Equi 1.3 1.2 0.9
Debt / Ebitda 1.7 1.7 1.5
Debt / Net Income 3.8 3.7 3.1
Profit and Loss Statement Forecast Forecast
(million of Euros) 2008 2009 2010 2011 2012
Sales 87,000 84,016 74,233 77,945 81,842
COGS 63,895 60,810 53,350 55,730 58,517
Gross Margin 23,105 23,206 20,883 22,214 23,325
Marketing, Selling an 10,376 11,329 10,200
Other Operating Expen 6,782 5,819 5,067
Opex 17,158 17,148 15,267 15,267 15,572
EBITDA 5,947 6,058 5,616 6,947 7,753
Depreciation 6,264 4,126 3,334 3,334 3,334
EBIT -317 1,932 2,282 3,613 4,419
Financial Income / Expense 2,995 1,543 1,090 1,500 1,500
EBT 2,678 3,475 3,372 5,113 5,919
Taxes 781 849 867 1,278 1,480
Minorities 191 -29 -60
Net Income 2,088 2,597 2,445 3,835 4,439

P&L Ratios (Profitability Ratios) Hypothesis for the Forecast

Growth of Sales na -3% -12% 5% 5%
Gross Margin / Sales 26.6% 27.6% 28.1% 28.5% 28.5%
Opex / Sales 20% 20% 21% 20% 19%
Increase of Opex na 0% -11% 0% 2%
EBITDA / Sales 6.8% 7.2% 7.6% 8.9% 9.5%
ROS, Return on Sales 2.4% 3.1% 3.3% 4.9% 5.4%
ROE, Return on Equity 8% 12% 11% 16% 17%
RONA, Return on Net Assets 0% 3% 3% 5% 7%
CFO, Cash Flow from Operat 8,352 6,723 5,779 7,169 7,773
Assets (million Euros) 2008 2009 2010 SUF 2008-11
Cash 8,593 11,595 12,799 4,206
Receivables 29,014 21,795 20,324 -8,690
Inventory 13,406 10,672 10,366 -3,040
Current Assets 51,013 44,062 43,489
Fixed Assets Net 39,105 33,877 34,116 -4,989
Total Assets 90,118 77,939 77,605

Liabilities + Equity
Payables 10,798 8,649 8,404 -2,394
Other Liabilities 754 661 870 116
Bank Credit 32,972 25,402 22,754 -10,218
Current Liabilities 44,524 34,712 32,028
Loan 17,762 19,165 21,228 3,466
Equity + Reserves 25,744 21,465 21,904 -3,840
Net Income of the year 2,088 2,597 2,445 357
Total Liab.+ Equity 90,118 77,939 77,605

Purchases 63,895 58,076 53,044

New Investments Gross -1,102 3,573 Variation Assets Net + Depreciation
Forecast Forecast

Short Balance Sheet 2008 2009 2010 UF 2008-11 2011 2012

Cash Surplus 8,593 11,595 12,799 4,206 12,799 12,799
NFO or Current Assets Net 30,868 23,157 21,416 -9,452 19,486 20,460
FA or Fixed Assets Net 39,105 33,877 34,116 -4,989 34,116 34,116
NA Net Assets 78,566 68,629 68,331 66,401 67,375

Debt 50,734 44,567 43,982 -6,752 39,717 37,753

Equity 27,832 24,062 24,349 -3,483 26,684 29,623
Total Financing 78,566 68,629 68,331 66,401 67,375

Shortest Balance Sheet version - used in Operational Finance

NFO 30,868 23,157 21,416 -9,452
WC 6,489 9,350 11,461 4,972
Cash Surplus (+) -24,379 -13,807 -9,955 14,424
Credit needed (-)
Verify: Cash - Credit = -24,379 -13,807 -9,955 The result must be the same as in line 64

Balance Sheet Ratios Hypothesis for the Forecast

Receivables in days 120 93 99
Inventory in days 76 63 70
Payables in days 61 51 57
NFO / Sales in % 35.5% 27.6% 28.8% 25% 25%
Leverage = Liab. / Equity 2.2 2.2 2.2
(Debt - Cash) / Ebitda 7.1 5.4 5.6 3.9 3.2
Profit and Loss Statement Forecast Forecast
(million of Euros) 2008 2009 2010 2011 2012
Sales 87,000 84,016 74,233
COGS 63,895 60,810 53,350
Gross Margin 23,105 23,206 20,883
Marketing, Selling an 10,376 11,329 10,200
Other Operating Expe 6,782 5,819 5,067
Opex 17,158 17,148 15,267
EBITDA 5,947 6,058 5,616
Depreciation 6,264 4,126 3,334
EBIT -317 1,932 2,282
Financial Income / Expense 2,995 1,543 1,090
EBT 2,678 3,475 3,372
Taxes 781 849 867
Minorities 191 -29 -60
Net Income 2,088 2,597 2,445

P&L Ratios (Profitability Ratios) Hypothesis for the Forecast

Growth of Sales na 5% 5%
Gross Margin / Sales 28.5% 28.5%
Opex / Sales
Increase of Opex na 0% 2%
EBITDA / Sales
ROS, Return on Sales
ROE, Return on Equity
RONA, Return on Net Assets
CFO, Cash Flow from Operations
Assets (million Euros) 2008 2009 2010 UF 2008-11
Cash 8,593 11,595 12,799
Receivables 29,014 21,795 20,324
Inventory 13,406 10,672 10,366
Current Assets 51,013 44,062 43,489
Fixed Assets Net 39,105 33,877 34,116
Total Assets 90,118 77,939 77,605

Liabilities + Equity
Payables 10,798 8,649 8,404
Other Liabilities 754 661 870
Bank Credit 32,972 25,402 22,754
Current Liabilities 44,524 34,712 32,028
Loan 17,762 19,165 21,228
Equity + Reserves 25,744 21,465 21,904
Net Income of the year 2,088 2,597 2,445
Total Liab.+ Equity 90,118 77,939 77,605

Purchases 63,895 58,076 53,044

New Investments Gross -1,102 3,573 Variation Assets Net + Depreciation
Forecast Forecast

Short Balance Sheet 2008 2009 2010 UF 2008-11 2011 2012

Cash Surplus
NFO or Current Assets net
FA or Fixed Assets Net
NA Net Assets

Debt
Equity
Total Financing

Shortest Balance Sheet Version - used in Operational Finance

NFO
WC
Cash Surplus (+)
Credit Needed (-)
Verify: Cash - Credit = The result must be the same as in line 64

Balance Sheet Ratios Hypothesis for the Forecast

Receivables in days
Inventory in days
Payables in days
NFO / Sales in % 25% 25%
Leverage = Liab. / Equity
(Debt - Cash) / Ebitda
Cuenta de Resultados Real Previsto Previsto
(miles de reales) 2011 2012 2013 Hipótesis para 2012 y 2013
Ventas 30,000 36,000 39,600 Crecimiento 20% y 10%
CMV 24,600 29,880 33,264 CMV del 83% y 84%
Margen bruto 5,400 6,120 6,336
Salarios 1,800 2,160 2,376 Crece con las ventas, 20% y 10%
Gastos generales 470 564 620 Crece con las ventas, 20% y 10%
Opex o Gastos estructura 2,270 2,724 2,996
EBITDA 3,130 3,396 3,340
Amortización 600 600 600 10% del AF del año anterior
EBIT o BAIT 2,530 2,796 2,740
Gastos financieros 527 573 488 10% de la deuda de este año
EBT o BAT 2,003 2,223 2,251
Impuestos (30%) 601 667 675 30% de EBT
BN Beneficio neto 1,402 1,556 1,576

Ratios de cuenta de resultados

Crecimiento de ventas 50% 20% 10%
Margen bruto / Ventas 18% 17% 16%
Opex / Ventas 8% 8% 8%
Aumento de Op 64% 20% 10%
EBITDA / Ventas 10% 9% 8%
ROS, Beneficio neto / vent 4.7% 4.3% 4.0%
ROE, Benf neto / rec propi 30% 26% 21%
RONA, EBIT / activo neto 22% 21% 19%
CFO CF operativo 2,002 2,156 2,176 Beneficio neto + amortización
Activo Real Previsto Previsto
(miles de reales) 2011 2012 2013 COAF 2009-11Hipótesis
Caja 50 50 50 0 Caja mínima 50
Clientes 6,575 8,877 9,764 3,189 90 días
Existencias 1,348 1,637 1,823 475 20 días
Activo circulante, AC 7,973 10,564 11,637
Activo fijo neto, AF 6,000 6,000 6,000 0 AF neto constante
Activo total 13,973 16,564 17,637

Pasivo y rec. propios

Proveedores 2,023 2,480 2,749 726 30 días
Otros acreedores 601 720 792 191 2% de ventas
Crédito bancario 3,267 4,226 3,881 614 Cifra de cierre
Pasivo circulantes 5,891 7,425 7,422
Préstamo bancario 2,000 1,500 1,000 -1,000 Devuelve 500 por año
Recursos propios 4,680 6,082 7,639 2,959 No paga dividendos
Beneficio del año 1,402 1,556 1,576 174
Total pasivo 13,973 16,564 17,637

Compras 24,616 30,169 33,449 CMV + variac. existencias

Nueva inversión bruta 600 600 Variación AF + amortización

Balance resumido 2011 2012 2013 COAF 2009-11

NOF o circulante neto 5,349 7,364 8,096 2,747
AF o activo fijo neto 6,000 6,000 6,000 0
AN o activo neto 11,349 13,364 14,096

D, Deuda (a largo y corto) 5,267 5,726 4,881 -386

RP, Rec propios + Benef. 6,082 7,639 9,215 3,132
11,349 13,364 14,096
Cash Surplus ----> 0 0 0 0

Extracto del balance usado en finanzas operativas

NOF 5,349 7,364 8,096 2,747
FM 2,082 3,139 4,215 2,132
Caja excedente (+) -3,267 -4,226 -3,881 -614
o crédito necesario (-)

Ratios de balance 2011 2012 2013

Días de cobro 80 90 90 Con año de 365 días
Días de existencias 20 20 20 Basado en CMV de este año
Días de pago 30 30 30
NOF / Ventas en % 18% 20% 20%
Apalancamiento 1.3 1.2 0.9
Deuda / Ebitda 1.7 1.7 1.5
Deuda / Benef neto 3.8 3.7 3.1
Pérdidas y Ganancias PyG Previsión Previsión
(millones Euros) 2008 2009 2010 2011 2012
Ventas 87,000 84,016 74,233 77,945 81,842
CMV 63,895 60,810 53,350 55,730 58,517
Margen bruto 23,105 23,206 20,883 22,214 23,325
Gastos de ventas y advos. 10,376 11,329 10,200
Otros gastos operativos 6,782 5,819 5,067
Opex 17,158 17,148 15,267 15,267 15,572
EBITDA 5,947 6,058 5,616 6,947 7,753
Amortización 6,264 4,126 3,334 3,334 3,334
EBIT -317 1,932 2,282 3,613 4,419
Resultado financiero 2,995 1,543 1,090 1,500 1,500
EBT 2,678 3,475 3,372 5,113 5,919
Impuestos 781 849 867 1,278 1,480
Minoritarios 191 -29 -60
Resultado del ejercicio 2,088 2,597 2,445 3,835 4,439

Ratios de cuenta de resultados Hipótesis para previsión

Crecimiento de ventas na -3% -12% 5% 5%
Margen bruto / Ventas 26.6% 27.6% 28.1% 28.5% 28.5%
Opex / Ventas 20% 20% 21% 20% 19%
Aumento de Opex na 0% -11% 0% 2%
EBITDA / Ventas 6.8% 7.2% 7.6% 8.9% 9.5%
ROS, rentabilidad s/ ventas 2.4% 3.1% 3.3% 4.9% 5.4%
ROE, rentab. recursos propi 8% 12% 11% 16% 17%
RONA, rentabilidad activo 0% 3% 3% 5% 7%
CFO, Cash Flow Operacione 8,352 6,723 5,779 7,169 7,773
Activo (millón Euros) 2008 2009 2010 COAF 2008-11
Caja 8,593 11,595 12,799 4,206
Clientes 29,014 21,795 20,324 -8,690
Existencias 13,406 10,672 10,366 -3,040
Activo circulante, AC 51,013 44,062 43,489
Activo fijo neto, AF 39,105 33,877 34,116 -4,989
Activo total 90,118 77,939 77,605

Pasivo y rec. propios

Proveedores 10,798 8,649 8,404 -2,394
Otros acreedores 754 661 870 116
Crédito bancario 32,972 25,402 22,754 -10,218
Pasivo circulantes 44,524 34,712 32,028
Préstamo bancario 17,762 19,165 21,228 3,466
Recursos propios 25,744 21,465 21,904 -3,840
Beneficio del año 2,088 2,597 2,445 357
Total pasivo 90,118 77,939 77,605

Compras 63,895 58,076 53,044 CMV + variac. existencias

Nueva inversión bruta -1,102 3,573 Variación AF + amortización
Previsión Previsión

Balance resumido 2008 2009 2010 COAF 2008-1 2011 2012

Caja excedente 8,593 11,595 12,799 4,206 12,799 12,799
NOF o circulante neto 30,868 23,157 21,416 -9,452 19,486 20,460
AF o activo fijo neto 39,105 33,877 34,116 -4,989 34,116 34,116
AN o activos netos 78,566 68,629 68,331 66,401 67,375

Deuda (a largo y corto) 50,734 44,567 43,982 -6,752 39,717 37,753

Recursos propios + Benefici 27,832 24,062 24,349 -3,483 26,684 29,623
Total financiación 78,566 68,629 68,331 66,401 67,375

Extracto del balance usado en finanzas operativas

NOF 30,868 23,157 21,416 -9,452
FM 6,489 9,350 11,461 4,972
Caja excedente (+) -24,379 -13,807 -9,955 14,424
o crédito necesario (-)
Verificación: Caja - Crédito -24,379 -13,807 -9,955 Debe ser igual a línea 64.

Ratios de balance Hipótesis para previsión

Días de cobro 120 93 99
Días de existencias 76 63 70
Días de pago 61 51 57
NOF / Ventas en % 35.5% 27.6% 28.8% 25% 25%
2.2
Apalancamiento (pasivo / rec. propios) 2.2 2.2
(Deuda - Caja) / Ebitda 7.1 5.4 5.6 3.9 3.2
Pérdidas y Ganancias PyG Previsión Previsión
(millones Euros) 2008 2009 2010 2011 2012
Ventas 87,000 84,016 74,233
CMV 63,895 60,810 53,350
Margen bruto 23,105 23,206 20,883
Gastos de ventas y advos. 10,376 11,329 10,200
Otros gastos operativos 6,782 5,819 5,067
Opex 17,158 17,148 15,267
EBITDA 5,947 6,058 5,616
Amortización 6,264 4,126 3,334
EBIT -317 1,932 2,282
Resultado financiero 2,995 1,543 1,090
EBT 2,678 3,475 3,372
Impuestos 781 849 867
Minoritarios 191 -29 -60
Resultado del ejercicio 2,088 2,597 2,445

Ratios de cuenta de resultados Hipótesis para previsión

Crecimiento de ventas na 5% 5%
Margen bruto / Ventas 28.5% 28.5%
Opex / Ventas
Aumento de Opex na 0% 2%
EBITDA / Ventas
ROS, rentabilidad s/ ventas
ROE, rentab. recursos propios
RONA, rentabilidad activo
CFO, Cash Flow Operaciones
Activo (millón Euros) 2008 2009 2010 COAF 2008-11
Caja 8,593 11,595 12,799
Clientes 29,014 21,795 20,324
Existencias 13,406 10,672 10,366
Activo circulante, AC 51,013 44,062 43,489
Activo fijo neto, AF 39,105 33,877 34,116
Activo total 90,118 77,939 77,605

Pasivo y rec. propios

Proveedores 10,798 8,649 8,404
Otros acreedores 754 661 870
Crédito bancario 32,972 25,402 22,754
Pasivo circulantes 44,524 34,712 32,028
Préstamo bancario 17,762 19,165 21,228
Recursos propios 25,744 21,465 21,904
Beneficio del año 2,088 2,597 2,445
Total pasivo 90,118 77,939 77,605

Compras 63,895 58,076 53,044 CMV + Variac. existencias

Nueva inversión bruta -1,102 3,573 Variación AF + Amortización
Previsión Previsión

Balance resumido 2008 2009 2010 COAF 2008-11 2011 2012

Caja excedente
NOF o circulante neto
AF o activo fijo neto
AN o activos netos

Deuda (a largo y corto)

Recursos propios + Beneficio
Total financiación

Extracto del balance usado en finanzas operativas

NOF
FM
Caja excedente (+)
o crédito necesario (-)
Verificación: Caja - Crédito = Debe ser igual a línea 64.

Ratios de balance Hipótesis para previsión

Días de cobro
Días de existencias
Días de pago
NOF / Ventas en % 25% 25%
Apalancamiento (pasivo / rec. propios)
(Deuda - Caja) / Ebitda
 A B C D E F G H
1 Conta de Resultados Real Previsto Previsto
2 (em R$ mil) 2011 2012 2013 Hipóteses para 2012 e 2013
3 Vendas 30,000 36,000 39,600 Crescimento 20% e 10%
4 CMV 24,600 29,880 33,264 CMV de 83% e 84%
5 Margem Bruta 5,400 6,120 6,336
6 Salário 1,800 2,160 2,376 Cresce com as vendas, 20% e 10%
7 Despesas Gerais 470 564 620 Cresce com as vendas, 20% e 10%
8 Opex 2,270 2,724 2,996
9 EBITDA 3,130 3,396 3,340
10 Depreciação 600 600 600 10% do AF do ano anterior
11 EBIT ou LAJIR 2,530 2,796 2,740
12 Despesas Financeiras 527 573 488 10% da dívida deste ano
13 EBT ou LAIR 2,003 2,223 2,251
14 Impostos (30%) 601 667 675 30% do EBT
15 LL Lucro Líquido 1,402 1,556 1,576
16
17 Índices da conta de resultados
18 Crescimento das vendas 50% 20% 10%
19 Margen bruta / Vendas 18% 17% 16%
20 Opex / Vendas 8% 8% 8%
21 Aumento de O 64% 20% 10%
22 EBITDA / Vendas 10% 9% 8%
23 ROS, Lucro Líq. / Vendas 4.7% 4.3% 4.0%
24 ROE, Lucro Líq. / PL 30% 26% 21%
25 RONA, EBIT / Ativo Líqui 22% 21% 19%
26 CFO, FC operacional 2,002 2,156 2,176 Lucro Líquido + Depreciação
27
 A B C D E F G H
28
29 Ativo Real Previsto Previsto
30 (em R$ mil) 2011 2012 2013 DOAR 2009-11 Hipóteses
31 Caixa 50 50 50 0 Caixa mínimo 50
32 Clientes ou Contas a Rec. 6,575 8,877 9,764 3,189 90 dias
33 Estoques 1,348 1,637 1,823 475 20 dias
34 Ativo Circulante, AC 7,973 10,564 11,637
35 Ativo Fixo Líquido, AF 6,000 6,000 6,000 0 AF Líq. Constante
36 Ativo Total 13,973 16,564 17,637
37
38 Passivo e Patrimônio Líquido
39 Fornecedores 2,023 2,480 2,749 726 30 dias
40 Outros Passivos 601 720 792 191 2% das vendas
41 Crédito bancário 3,267 4,226 3,881 614 Valor de fechamento
42 Passivo Circulante 5,891 7,425 7,422
43 Empréstimo Bancário 2,000 1,500 1,000 -1,000 Amortiza 500 por ano
44 Recursos Próprios 4,680 6,082 7,639 2,959 Não paga dividendos
45 Lucro do ano 1,402 1,556 1,576 174
46 Total pasivo 13,973 16,564 17,637
47
48 Compras 24,616 30,169 33,449 CMV + variação de estoques
49 Novos investimentos brutos 600 600 Variação do AF + depreciação
50
51 Balanço simplificado 2011 2012 2013 DOAR 2009-11
52 NOF ou circulante líq. 5,349 7,364 8,096 2,747
53 AF o u Ativo Fixo Líquido 6,000 6,000 6,000 0
54 AL ou Ativo Líquido 11,349 13,364 14,096
55
56 D, Dívida (de curto e lon 5,267 5,726 4,881 -386
57 PL, Patrimônio Líquido 6,082 7,639 9,215 3,132
58 11,349 13,364 14,096
59 Excedente de Caixa ----> 0 0 0 0
60
61 Extrato do balanço usado em finanças operacionais
62 NOF 5,349 7,364 8,096 2,747
63 CG 2,082 3,139 4,215 2,132
64 Caixa excedente (+) -3,267 -4,226 -3,881 -614
65 ou crédito necessário (-)
66
67 Índices do balanço 2011 2012 2013
68 Días de Cobrança 80 90 90 Com um ano de 365 dias
69 Dias de Estoques 20 20 20 Baseado no CMV deste ano
70 Dias de Pagamento 30 30 30
71 NOF / Vendas (em %) 18% 20% 20%
72 Alavancagem 1.3 1.2 0.9
73 Dívida / Ebitda 1.7 1.7 1.5
74 Dívida / Lucro Líquido 3.8 3.7 3.1
75
 A B C D E F G H I
1 Conta de Resultados Previsão Previsão
2 (em € milhões) 2008 2009 2010 2011 2012
3 Vendas 87,000 84,016 74,233 77,945 81,842
4 CMV 63,895 60,810 53,350 55,730 58,517
5 Margem Bruta 23,105 23,206 20,883 22,214 23,325
6 Salário 10,376 11,329 10,200
7 Despesas Gerais 6,782 5,819 5,067
8 Opex 17,158 17,148 15,267 15,267 15,572
9 EBITDA 5,947 6,058 5,616 6,947 7,753
10 Depreciação 6,264 4,126 3,334 3,334 3,334
11 EBIT ou LAJIR -317 1,932 2,282 3,613 4,419
12 Despesas Financeiras 2,995 1,543 1,090 1,500 1,500
13 EBT ou LAIR 2,678 3,475 3,372 5,113 5,919
14 Impostos (30%) 781 849 867 1,278 1,480
15 Minoritários 191 -29 -60
16 Lucro Líquido do exercício 2,088 2,597 2,445 3,835 4,439
17
18 Índices da conta de resultados Hipóteses para previsão
19 Crescimento das vendas na -3% -12% 5% 5%
20 Margen bruta / Vendas 26.6% 27.6% 28.1% 28.5% 28.5%
21 Opex / Vendas 20% 20% 21% 20% 19%
22 Aumento de Opex na 0% -11% 0% 2%
23 EBITDA / Vendas 6.8% 7.2% 7.6% 8.9% 9.5%
24 ROS, Lucro Líq. / Vendas 2.4% 3.1% 3.3% 4.9% 5.4%
25 ROE, Lucro Líq. / PL 8% 12% 11% 16% 17%
26 RONA, EBIT / Ativo Líquido 0% 3% 3% 5% 7%
27 CFO, FC operacional 8,352 6,723 5,779 7,169 7,773
28
 A B C D E F G H I
29
30 Ativo (em € milhões) 2008 2009 2010 DOAR 2008-11
31 Caixa 8,593 11,595 12,799 4,206
32 Clientes ou Contas a Rec. 29,014 21,795 20,324 -8,690
33 Estoques 13,406 10,672 10,366 -3,040
34 Ativo Circulante, AC 51,013 44,062 43,489
35 Ativo Fixo Líquido, AF 39,105 33,877 34,116 -4,989
36 Ativo Total 90,118 77,939 77,605
37
38 Passivo e Patrimônio Líquido
39 Fornecedores 10,798 8,649 8,404 -2,394
40 Outros Passivos 754 661 870 116
41 Crédito bancário 32,972 25,402 22,754 -10,218
42 Passivo Circulante 44,524 34,712 32,028
43 Empréstimo Bancário 17,762 19,165 21,228 3,466
44 Recursos Próprios 25,744 21,465 21,904 -3,840
45 Lucro do ano 2,088 2,597 2,445 357
46 Total pasivo 90,118 77,939 77,605
47
48 Compras 63,895 58,076 53,044 CMV + variação de estoques
49 Novos investimentos brutos -1,102 3,573 Variação do AF + depreciação
50 Previsão Previsão
51 Balanço simplificado 2008 2009 2010 DOAR 2008-11 2011 2012
52 Caixa Excedente 8,593 11,595 12,799 4,206 12,799 12,799
53 NOF ou circulante líq. 30,868 23,157 21,416 -9,452 19,486 20,460
54 AF o u Ativo Fixo Líquido 39,105 33,877 34,116 -4,989 34,116 34,116
55 AL ou Ativo Líquido 78,566 68,629 68,331 66,401 67,375
56
57 D, Dívida (de curto e longo) 50,734 44,567 43,982 -6,752 39,717 37,753
58 PL, Patrimônio Líquido 27,832 24,062 24,349 -3,483 26,684 29,623
59 Total Financiamento 78,566 68,629 68,331 66,401 67,375
60
61 Extrato do balanço usado em finanças operacionais
62 NOF 30,868 23,157 21,416 -9,452
63 CG 6,489 9,350 11,461 4,972
64 Caixa excedente (+) -24,379 -13,807 -9,955 14,424
65 ou crédito necessário (-)
66 Verificação: Caixa - Crédito -24,379 -13,807 -9,955 Deveria ser igual à linha 64.
67
68 Índices do Balanço Hipótese para previsão
69 Días de Cobrança 120 93 99
70 Dias de Estoques 76 63 70
71 Dias de Pagamento 61 51 57
72 NOF / Vendas (em %) 35.5% 27.6% 28.8% 25% 25%
73 Alavancagem (passivo / PL) 2.2 2.2 2.2
74 (Dívida - Caixa) / Ebitda 7.1 5.4 5.6 3.9 3.2
75
Conta de Resultados Previsão Previsão
(em € milhões) 2008 2009 2010 2011 2012
Vendas 87,000 84,016 74,233
CMV 63,895 60,810 53,350
Margem Bruta 23,105 23,206 20,883
Salário 10,376 11,329 10,200
Despesas Gerais 6,782 5,819 5,067
Opex 17,158 17,148 15,267
EBITDA 5,947 6,058 5,616
Depreciação 6,264 4,126 3,334
EBIT ou LAJIR -317 1,932 2,282
Despesas Financeiras 2,995 1,543 1,090
EBT ou LAIR 2,678 3,475 3,372
Impostos (30%) 781 849 867
Minoritários 191 -29 -60
Lucro Líquido do exercício 2,088 2,597 2,445

Índices da conta de resultados Hipóteses para previsão

Crescimento das vendas na 5% 5%
Margen bruta / Vendas 28.5% 28.5%
Opex / Vendas
Aumento de Opex na 0% 2%
EBITDA / Vendas
ROS, Lucro Líq. / Vendas
ROE, Lucro Líq. / PL
RONA, EBIT / Ativo Líquido
CFO, FC operacional
Ativo (em € milhões) 2008 2009 2010 DOAR 2008-11
Caixa 8,593 11,595 12,799
Clientes ou Contas a Rec. 29,014 21,795 20,324
Estoques 13,406 10,672 10,366
Ativo Circulante, AC 51,013 44,062 43,489
Ativo Fixo Líquido, AF 39,105 33,877 34,116
Ativo Total 90,118 77,939 77,605

Passivo e Patrimônio Líquido

Fornecedores 10,798 8,649 8,404
Outros Passivos 754 661 870
Crédito bancário 32,972 25,402 22,754
Passivo Circulante 44,524 34,712 32,028
Empréstimo Bancário 17,762 19,165 21,228
Recursos Próprios 25,744 21,465 21,904
Lucro do ano 2,088 2,597 2,445
Total pasivo 90,118 77,939 77,605

Compras 63,895 58,076 53,044 CMV + variação de estoques

Novos investimentos brutos -1,102 3,573 Variação do AF + depreciação
Previsão Previsão

Balanço simplificado 2008 2009 2010 DOAR 2008-11 2011 2012

Caixa Excedente
NOF ou circulante líq.
AF o u Ativo Fixo Líquido
AL ou Ativo Líquido

D, Dívida (de curto e longo)

PL, Patrimônio Líquido
Total Financiamento

Extrato do balanço usado em finanças operacionais

NOF
CG
Caixa excedente (+)
ou crédito necessário (-)
Verificação: Caixa - Crédito = Deveria ser igual à linha 64.

Índices do Balanço Hipótese para previsão

Días de Cobrança
Dias de Estoques
Dias de Pagamento
NOF / Vendas (em %) 25% 25%
Alavancagem (passivo / PL)
(Dívida - Caixa) / Ebitda
 Loja A Loja B
Vendas 100 100
Lucro Líquido 10 25
Ativos 100 250
Patrimônio Líquido 50 125
ROS 10% 3%
Giro 1.0 4.0
Alavacangem 2.0 2.0
ROE 20% 20%
ROA 10% 10%
 Janeiro Fevereiro Março Abril Maio Junho
Vendas 100 100 100 400 400 400
Clientes, 30 dias 100 100 100 400 400 400
Clientes, 60 dias 200 200 500 800 800
Clientes, 90 dias 300 600 900 1.200