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{"sheet":"Overview","index":0,"n_rows":19,"n_cols":3,"rows_kept":19,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,"The Acquisition of Dracula Glass"]
[null,"Case A - Exhibits"]
[]
[]
[null,"Worksheet","Description"]
[null,"A1",{"$f":"'A1'!A3","v":"St Germain, Revenue by Segment and by Geography"}]
[null,"A2",{"$f":"'A2'!A3","v":"Dracula Glass, Historical Financial Statements"}]
[null,"A3",{"$f":"'A3'!A3","v":"Dracula Glass, Historical Ratio Analysis"}]
[null,"A4",{"$f":"'A4'!A3","v":"Competitor Financials"}]
[null,"A5",{"$f":"'A5'!A3","v":"ROIC Tree, Glass Containers"}]
[null,"A6",{"$f":"'A6'!A3","v":"ROIC Tree, Flat Glass"}]
[null,"A7",{"$f":"'A9'!A3","v":"Brazilian Glass Container Market"}]
[null,"A8","Financial Forecasts,Glass Containers"]
[null,"A9","Financial Forecasts,Flat Glass"]
[]
[null,"Revenue","Model to project revenue, based on productivity."]

{"sheet":"A1","index":1,"n_rows":25,"n_cols":14,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[]
["Exhibit 1",null,null,null,null,null,null,null,null,null,null,null,null,"St. Germain, Financials"]
["St Germain, Revenue by Segment and by Geography"]
[]
["Millions of euros",null,null,null,null,null,"as % of Revenue",null,null,null,null,"Growth rate"]
[null,2016,{"$f":"B6+1","v":2017},{"$f":"C6+1","v":2018},{"$f":"D6+1 & \"F\"","v":"2019F"},null,{"$f":"B6","v":2016},{"$f":"C6","v":2017},{"$f":"D6","v":2018},{"$f":"E6","v":"2019F"},null,{"$f":"C6","v":2017},{"$f":"D6","v":2018},{"$f":"E6","v":"2019F"}]
["Construction products",12525,12963,13339,13819,null,{"$f":"B7/B$11","v":0.35682744081365203},0.35831168113217976,0.35814203248758225,0.35878595908194,null,{"$f":"C7/B7-1","v":3.4970059880239601E-2},2.9005631412481581E-2,3.5984706499737618E-2]
["Consumer packaging",8531,8760,9023,9248,null,0.24304150878892339,0.24213610481508099,0.24226070613505168,0.24010800706200019,null,2.6843277458680204E-2,3.0022831050228405E-2,2.4936273966529976E-2]
["High-performance materials",7540,8015,8480,9014,null,0.21480869490897694,0.22154347946265687,0.22768156799570413,0.23403260982448854,null,6.2997347480105992E-2,5.8016219588272078E-2,6.2971698113207575E-2]
["Flat glass",6505,6440,6403,6435,null,0.18532235548844761,0.17800873459008237,0.17191569338166196,0.1670734240315713,null,-9.9923136049192562E-3,-5.7453416149068071E-3,4.9976573481180786E-3]
["Total revenue",35101,36178,37245,38516,null,{"$f":"SUM(G7:G10)","v":1},{"$f":"SUM(H7:H10)","v":1},{"$f":"SUM(I7:I10)","v":1},{"$f":"SUM(J7:J10)","v":1},null,3.0682886527449327E-2,2.9493062081928256E-2,3.4125385957846754E-2]
[]
[]
["St. Germain"]
["Revenue by Geography"]
[]
["Millions of euros",null,null,null,null,null,"as % of Revenue",null,null,null,null,"Growth rate"]
[null,{"$f":"B6","v":2016},{"$f":"C6","v":2017},{"$f":"D6","v":2018},{"$f":"E6","v":"2019F"},null,{"$f":"G6","v":2016},{"$f":"H6","v":2017},{"$f":"I6","v":2018},{"$f":"J6","v":"2019F"},null,{"$f":"L6","v":2017},{"$f":"M6","v":2018},{"$f":"N6","v":"2019F"}]
["France",9512.2999999999993,9443,9460,9475,null,{"$f":"B19/B$11","v":0.27099797726560493},0.26101498148045776,0.25399382467445297,0.24600166164710768,null,{"$f":"C19/B19-1","v":-7.2853042902346621E-3},1.8002753362278412E-3,1.5856236786468969E-3]
["Other Western Europe",14496.7,14906,15345,15946,null,0.41299962964018122,0.41201835369561612,0.41200161095449056,0.41400976217675772,null,2.8234011878565335E-2,2.9451227693546134E-2,3.9165852069077856E-2]
["North America",6563.8,7055,7337,7665,null,0.18699752143813567,0.19500801592127812,0.19699288495100015,0.19900820438259426,null,7.4834699411925998E-2,3.9971651311126788E-2,4.4704920267139237E-2]
["Latin America",4528,4776,5103,5431,null,0.12899917381271189,0.13201393111835921,0.13701167942005638,0.14100633502959808,null,5.4770318021201359E-2,6.8467336683416979E-2,6.4275916127767951E-2]
["Total revenue",35100.800000000003,36180,37245,38517,null,1,1,1,1,null,3.0745737988877586E-2,2.9436152570480933E-2,3.4152235199355507E-2]
[]
["Source: St. Germain Annual Reports "]

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[]
["Exhibit 2",null,null,null,null,null,null,null,null,null,null,"Dracula Glass, Financials"]
["Dracula Glass, Historical Financial Statements"]
[]
[null,"Glass Containers",null,null,null,"Flat Glass",null,null,null,"Dracula Glass"]
[]
["$R millions",{"$f":"'A1'!$B$6","v":2016},{"$f":"B7+1","v":2017},{"$f":"C7+1","v":2018},null,{"$f":"B7","v":2016},{"$f":"C7","v":2017},{"$f":"D7","v":2018},null,{"$f":"B7","v":2016},{"$f":"C7","v":2017},{"$f":"D7","v":2018}]
["Revenues",4228,4401,4590,null,3111,3282,3443,null,{"$f":"B8+F8","v":7339},7683,8033]
["Raw materials",-1653,-1787,-1850,null,-1907,-2002,-2073,null,-3560,-3789,-3923]
["Forging expenses",-1158,-1171,-1262,null,-594,-630,-651,null,-1752,-1801,-1913]
["Depreciation",-130,-131,-142,null,-74,-80,-90,null,-204,-211,-232]
["Gross profit",{"$f":"SUM(B8:B11)","v":1287},{"$f":"SUM(C8:C11)","v":1312},{"$f":"SUM(D8:D11)","v":1336},null,{"$f":"SUM(F8:F11)","v":536},{"$f":"SUM(G8:G11)","v":570},{"$f":"SUM(H8:H11)","v":629},null,{"$f":"SUM(J8:J11)","v":1823},{"$f":"SUM(K8:K11)","v":1882},{"$f":"SUM(L8:L11)","v":1965}]
[]
["Selling and support costs",-829,-871,-890,null,-417,-430,-479,null,{"$f":"B14+F14","v":-1246},{"$f":"C14+G14","v":-1301},{"$f":"D14+H14","v":-1369}]
["Operating profit",{"$f":"SUM(B12:B14)","v":458},{"$f":"SUM(C12:C14)","v":441},{"$f":"SUM(D12:D14)","v":446},null,{"$f":"SUM(F12:F14)","v":119},{"$f":"SUM(G12:G14)","v":140},{"$f":"SUM(H12:H14)","v":150},null,{"$f":"SUM(J12:J14)","v":577},{"$f":"SUM(K12:K14)","v":581},{"$f":"SUM(L12:L14)","v":596}]
[]
[null,null,null,null,null,null,null,"Interest expense",null,{"$f":"J8/K8*K17","v":-29.253348379785528},-30.624536803637035,-25.912170651855881]
[null,null,null,null,null,null,null,"Pre-tax profit",null,{"$f":"SUM(J15:J17)","v":547.74665162021449},{"$f":"SUM(K15:K17)","v":550.37546319636294},{"$f":"SUM(L15:L17)","v":570.08782934814417}]
[]
[null,null,null,null,null,null,null,"Income taxes",null,-164.25232870849132,-165.04133822694445,-171.13225861770925]
[null,null,null,null,null,null,null,"Net income",null,{"$f":"SUM(J18:J20)","v":383.4943229117232},{"$f":"SUM(K18:K20)","v":385.3341249694185},{"$f":"SUM(L18:L20)","v":398.95557073043494}]
[]
[]
["Dracula Glass"]
["Balance Sheet",{"$f":"B5","v":"Glass Containers"},null,null,null,{"$f":"F5","v":"Flat Glass"},null,null,null,{"$f":"J5","v":"Dracula Glass"}]
[]
["$R millions",{"$f":"$B$7","v":2016},{"$f":"B27+1","v":2017},{"$f":"C27+1","v":2018},null,{"$f":"B27","v":2016},{"$f":"C27","v":2017},{"$f":"D27","v":2018},null,{"$f":"B27","v":2016},{"$f":"C27","v":2017},{"$f":"D27","v":2018}]
["Working cash",70,74,74,null,50,40,48,null,{"$f":"B28+F28","v":120},114,122]
["Inventory",638,676,729,null,392,379,403,null,1030,1055,1132]
["Accounts receivable",416,422,443,null,344,351,386,null,760,773,829]
["Operating current assets",{"$f":"SUM(B28:B30)","v":1124},{"$f":"SUM(C28:C30)","v":1172},{"$f":"SUM(D28:D30)","v":1246},null,{"$f":"SUM(F28:F30)","v":786},{"$f":"SUM(G28:G30)","v":770},{"$f":"SUM(H28:H30)","v":837},null,{"$f":"SUM(J28:J30)","v":1910},{"$f":"SUM(K28:K30)","v":1942},{"$f":"SUM(L28:L30)","v":2083}]
[]
["Property, plant & eqpt, net",1323,1351,1432,null,681,745,823,null,{"$f":"B33+F33","v":2004},{"$f":"C33+G33","v":2096},{"$f":"D33+H33","v":2255}]
["Total assets",{"$f":"SUM(B31:B33)","v":2447},{"$f":"SUM(C31:C33)","v":2523},{"$f":"SUM(D31:D33)","v":2678},null,{"$f":"SUM(F31:F33)","v":1467},{"$f":"SUM(G31:G33)","v":1515},{"$f":"SUM(H31:H33)","v":1660},null,{"$f":"SUM(J31:J33)","v":3914},{"$f":"SUM(K31:K33)","v":4038},{"$f":"SUM(L31:L33)","v":4338}]
[]
[]
["$R millions",{"$f":"$B$7","v":2016},{"$f":"B37+1","v":2017},{"$f":"C37+1","v":2018},null,{"$f":"B37","v":2016},{"$f":"C37","v":2017},{"$f":"D37","v":2018},null,{"$f":"B37","v":2016},{"$f":"C37","v":2017},{"$f":"D37","v":2018}]
["Accounts payable",328,369,370,null,266,261,282,null,{"$f":"B38+F38","v":594},630,652]
["Accrued wages",115,124,123,null,86,89,94,null,201,213,217]
["Customer prepayments",0,0,0,null,0,0,0,null,0,0,0]
["Operating current liabilities",{"$f":"SUM(B38:B40)","v":443},{"$f":"SUM(C38:C40)","v":493},{"$f":"SUM(D38:D40)","v":493},null,{"$f":"SUM(F38:F40)","v":352},{"$f":"SUM(G38:G40)","v":350},{"$f":"SUM(H38:H40)","v":376},null,{"$f":"SUM(J38:J40)","v":795},{"$f":"SUM(K38:K40)","v":843},{"$f":"SUM(L38:L40)","v":869}]
[]
[null,null,null,null,null,null,null,"Debt",null,{"$f":"J45-J44-J41","v":509},{"$f":"K45-K44-K41","v":430.96141765485163},{"$f":"L45-L44-L41","v":545.237976278323}]
[null,null,null,null,null,null,null,"Equity",null,2610,2764.0385823451484,2923.762023721677]
[null,null,null,null,null,null,null,"Liab & Equity",null,{"$f":"J34","v":3914},{"$f":"K34","v":4038},{"$f":"L34","v":4338}]

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[]
["Exhibit 3",null,null,null,null,null,null,null,null,null,null,null,"Dracula Glass, Financial Ratios"]
["Dracula Glass, Historical Ratio Analysis"]
[]
[null,null,"Glass Containers",null,null,null,"Flat Glass",null,null,null,"Dracula Glass"]
[]
[null,"$R millions",{"$f":"'A1'!$B$6","v":2016},{"$f":"C7+1","v":2017},{"$f":"D7+1","v":2018},null,{"$f":"C7","v":2016},{"$f":"D7","v":2017},{"$f":"E7","v":2018},null,{"$f":"C7","v":2016},{"$f":"D7","v":2017},{"$f":"E7","v":2018}]
[null,"Revenue growth rate","n/a",{"$f":"'A2'!C8/'A2'!B8-1","v":4.0917691579943183E-2},{"$f":"'A2'!D8/'A2'!C8-1","v":4.2944785276073594E-2},null,"n/a",{"$f":"'A2'!G8/'A2'!F8-1","v":5.4966248794599881E-2},{"$f":"'A2'!H8/'A2'!G8-1","v":4.9055453991468712E-2},null,"n/a",{"$f":"'A2'!K8/'A2'!J8-1","v":4.687287096334658E-2},{"$f":"'A2'!L8/'A2'!K8-1","v":4.555512169725362E-2}]
["% of Sales","Raw materials",{"$f":"-'A2'!B9/'A2'!B$8","v":0.39096499526963102},{"$f":"-'A2'!C9/'A2'!C$8","v":0.40604408089070665},{"$f":"-'A2'!D9/'A2'!D$8","v":0.40305010893246185},null,{"$f":"-'A2'!F9/'A2'!F$8","v":0.61298617807778855},{"$f":"-'A2'!G9/'A2'!G$8","v":0.60999390615478366},{"$f":"-'A2'!H9/'A2'!H$8","v":0.602091199535289},null,{"$f":"-'A2'!J9/'A2'!J$8","v":0.48507971113230686},{"$f":"-'A2'!K9/'A2'!K$8","v":0.49316673174541192},{"$f":"-'A2'!L9/'A2'!L$8","v":0.48836051288435206}]
[null,"Forging expenses",{"$f":"-'A2'!B10/'A2'!B$8","v":0.27388836329233679},{"$f":"-'A2'!C10/'A2'!C$8","v":0.26607589184276303},{"$f":"-'A2'!D10/'A2'!D$8","v":0.27494553376906317},null,{"$f":"-'A2'!F10/'A2'!F$8","v":0.19093539054966249},{"$f":"-'A2'!G10/'A2'!G$8","v":0.19195612431444242},{"$f":"-'A2'!H10/'A2'!H$8","v":0.18907929131571305},null,{"$f":"-'A2'!J10/'A2'!J$8","v":0.23872462188309035},{"$f":"-'A2'!K10/'A2'!K$8","v":0.23441364050501107},{"$f":"-'A2'!L10/'A2'!L$8","v":0.23814266152122496}]
[null,"Depreciation",{"$f":"-'A2'!B11/'A2'!B$8","v":3.0747398297067172E-2},{"$f":"-'A2'!C11/'A2'!C$8","v":2.9765962281299706E-2},{"$f":"-'A2'!D11/'A2'!D$8","v":3.093681917211329E-2},null,{"$f":"-'A2'!F11/'A2'!F$8","v":2.378656380585021E-2},{"$f":"-'A2'!G11/'A2'!G$8","v":2.4375380865326021E-2},{"$f":"-'A2'!H11/'A2'!H$8","v":2.6139994191112403E-2},null,{"$f":"-'A2'!J11/'A2'!J$8","v":2.7796702548031068E-2},{"$f":"-'A2'!K11/'A2'!K$8","v":2.746323050891579E-2},{"$f":"-'A2'!L11/'A2'!L$8","v":2.8880866425992781E-2}]
[null,"Gross profit",{"$f":"'A2'!B12/'A2'!B$8","v":0.304399243140965},{"$f":"'A2'!C12/'A2'!C$8","v":0.29811406498523063},{"$f":"'A2'!D12/'A2'!D$8","v":0.29106753812636166},null,{"$f":"'A2'!F12/'A2'!F$8","v":0.17229186756669881},{"$f":"'A2'!G12/'A2'!G$8","v":0.17367458866544791},{"$f":"'A2'!H12/'A2'!H$8","v":0.18268951495788557},null,{"$f":"'A2'!J12/'A2'!J$8","v":0.24839896443657175},{"$f":"'A2'!K12/'A2'!K$8","v":0.24495639724066121},{"$f":"'A2'!L12/'A2'!L$8","v":0.24461595916843024}]
[]
[null,"Selling and support costs",{"$f":"-'A2'!B14/'A2'!B$8","v":0.19607379375591297},{"$f":"-'A2'!C14/'A2'!C$8","v":0.19790956600772552},{"$f":"-'A2'!D14/'A2'!D$8","v":0.19389978213507625},null,{"$f":"-'A2'!F14/'A2'!F$8","v":0.13404050144648022},{"$f":"-'A2'!G14/'A2'!G$8","v":0.13101767215112736},{"$f":"-'A2'!H14/'A2'!H$8","v":0.13912285797269822},null,{"$f":"-'A2'!J14/'A2'!J$8","v":0.1697778988963074},{"$f":"-'A2'!K14/'A2'!K$8","v":0.16933489522322009},{"$f":"-'A2'!L14/'A2'!L$8","v":0.17042200921200049}]
[null,"Operating margin",{"$f":"'A2'!B15/'A2'!B$8","v":0.10832544938505204},{"$f":"'A2'!C15/'A2'!C$8","v":0.10020449897750511},{"$f":"'A2'!D15/'A2'!D$8","v":9.7167755991285409E-2},null,{"$f":"'A2'!F15/'A2'!F$8","v":3.825136612021858E-2},{"$f":"'A2'!G15/'A2'!G$8","v":4.2656916514320534E-2},{"$f":"'A2'!H15/'A2'!H$8","v":4.3566656985187337E-2},null,{"$f":"'A2'!J15/'A2'!J$8","v":7.8621065540264337E-2},{"$f":"'A2'!K15/'A2'!K$8","v":7.5621502017441097E-2},{"$f":"'A2'!L15/'A2'!L$8","v":7.4193949956429722E-2}]
[]
[null,null,null,null,null,null,null,null,"Interest rate",null,{"$f":"L17","v":6.0166084093589457E-2},{"$f":"-'A2'!K17/'A2'!J43","v":6.0166084093589457E-2},{"$f":"-'A2'!L17/'A2'!K43","v":6.0126428005693122E-2}]
[null,null,null,null,null,null,null,null,"Pre-tax profit",null,{"$f":"'A2'!J18/'A2'!J$8","v":7.4635052680230893E-2},{"$f":"'A2'!K18/'A2'!K$8","v":7.1635489157407639E-2},{"$f":"'A2'!L18/'A2'!L$8","v":7.0968234700378954E-2}]
[]
[null,null,null,null,null,null,null,null,"Tax rate",null,{"$f":"-'A2'!J20/'A2'!J18","v":0.29986916071990394},{"$f":"-'A2'!K20/'A2'!K18","v":0.29987045074366081},{"$f":"-'A2'!L20/'A2'!L18","v":0.30018577806403463}]
[null,null,null,null,null,null,null,null,"Net income",null,{"$f":"'A2'!J21/'A2'!J$8","v":5.2254302072724239E-2},{"$f":"'A2'!K21/'A2'!K$8","v":5.0154122734533187E-2},{"$f":"'A2'!L21/'A2'!L$8","v":4.966457994901468E-2}]
[]
[]
[null,"Dracula Glass"]
[null,"Balance Sheet",{"$f":"C5","v":"Glass Containers"},null,null,null,{"$f":"G5","v":"Flat Glass"},null,null,null,{"$f":"K5","v":"Dracula Glass"}]
[]
[null,"$R millions",{"$f":"$C$7","v":2016},{"$f":"C27+1","v":2017},{"$f":"D27+1","v":2018},null,{"$f":"C27","v":2016},{"$f":"D27","v":2017},{"$f":"E27","v":2018},null,{"$f":"G27","v":2016},{"$f":"H27","v":2017},{"$f":"I27","v":2018}]
["In Days Sales","Working cash",{"$f":"365*'A2'!B28/'A2'!B$8","v":6.0430463576158937},{"$f":"365*'A2'!C28/'A2'!C$8","v":6.1372415360145425},{"$f":"365*'A2'!D28/'A2'!D$8","v":5.8845315904139435},null,{"$f":"365*'A2'!F28/'A2'!F$8","v":5.8662809386049499},{"$f":"365*'A2'!G28/'A2'!G$8","v":4.4485070079219984},{"$f":"365*'A2'!H28/'A2'!H$8","v":5.088585535869881},null,{"$f":"365*'A2'!J28/'A2'!J$8","v":5.9681155470772582},{"$f":"365*'A2'!K28/'A2'!K$8","v":5.4158531823506442},{"$f":"365*'A2'!L28/'A2'!L$8","v":5.5433835428855973}]
[null,"Inventory",{"$f":"365*'A2'!B29/'A2'!B$8","v":55.078051087984861},{"$f":"365*'A2'!C29/'A2'!C$8","v":56.064530788457169},{"$f":"365*'A2'!D29/'A2'!D$8","v":57.970588235294116},null,{"$f":"365*'A2'!F29/'A2'!F$8","v":45.991642558662811},{"$f":"365*'A2'!G29/'A2'!G$8","v":42.149603900060939},{"$f":"365*'A2'!H29/'A2'!H$8","v":42.72291606157421},null,{"$f":"365*'A2'!J29/'A2'!J$8","v":51.226325112413136},{"$f":"365*'A2'!K29/'A2'!K$8","v":50.120395678771317},{"$f":"365*'A2'!L29/'A2'!L$8","v":51.435329266774552}]
[null,"Accounts receivable",{"$f":"365*'A2'!B30/'A2'!B$8","v":35.912961210974458},{"$f":"365*'A2'!C30/'A2'!C$8","v":34.998863894569418},{"$f":"365*'A2'!D30/'A2'!D$8","v":35.227668845315904},null,{"$f":"365*'A2'!F30/'A2'!F$8","v":40.360012857602058},{"$f":"365*'A2'!G30/'A2'!G$8","v":39.03564899451554},{"$f":"365*'A2'!H30/'A2'!H$8","v":40.920708684286957},null,{"$f":"365*'A2'!J30/'A2'!J$8","v":37.798065131489302},{"$f":"365*'A2'!K30/'A2'!K$8","v":36.723285175061825},{"$f":"365*'A2'!L30/'A2'!L$8","v":37.667745549607865}]
[null,"Operating current assets",{"$f":"365*'A2'!B31/'A2'!B$8","v":97.034058656575212},{"$f":"365*'A2'!C31/'A2'!C$8","v":97.200636219041129},{"$f":"365*'A2'!D31/'A2'!D$8","v":99.082788671023962},null,{"$f":"365*'A2'!F31/'A2'!F$8","v":92.217936354869821},{"$f":"365*'A2'!G31/'A2'!G$8","v":85.633759902498483},{"$f":"365*'A2'!H31/'A2'!H$8","v":88.732210281731042},null,{"$f":"365*'A2'!J31/'A2'!J$8","v":94.992505790979692},{"$f":"365*'A2'!K31/'A2'!K$8","v":92.25953403618378},{"$f":"365*'A2'!L31/'A2'!L$8","v":94.646458359268024}]
[]
["% of Sales","PP&E / Revenues",{"$f":"'A2'!B33/'A2'!B$8","v":0.3129139072847682},{"$f":"'A2'!C33/'A2'!C$8","v":0.3069756873437855},{"$f":"'A2'!D33/'A2'!D$8","v":0.3119825708061002},null,{"$f":"'A2'!F33/'A2'!F$8","v":0.21890067502410801},{"$f":"'A2'!G33/'A2'!G$8","v":0.22699573430834857},{"$f":"'A2'!H33/'A2'!H$8","v":0.23903572465872786},null,{"$f":"'A2'!J33/'A2'!J$8","v":0.27306172503065812},{"$f":"'A2'!K33/'A2'!K$8","v":0.27281010022126773},{"$f":"'A2'!L33/'A2'!L$8","v":0.2807170422009212}]
[null,"Total assets",{"$f":"'A2'!B34/'A2'!B$8","v":0.57876064333017974},{"$f":"'A2'!C34/'A2'!C$8","v":0.57327880027266531},{"$f":"'A2'!D34/'A2'!D$8","v":0.58344226579520697},null,{"$f":"'A2'!F34/'A2'!F$8","v":0.47155255544840885},{"$f":"'A2'!G34/'A2'!G$8","v":0.46160877513711152},{"$f":"'A2'!H34/'A2'!H$8","v":0.48213767063607321},null,{"$f":"'A2'!J34/'A2'!J$8","v":0.53331516555389014},{"$f":"'A2'!K34/'A2'!K$8","v":0.52557594689574383},{"$f":"'A2'!L34/'A2'!L$8","v":0.54002240756877884}]
[]
[]
[null,"$R millions",{"$f":"$C$7","v":2016},{"$f":"C37+1","v":2017},{"$f":"D37+1","v":2018},null,{"$f":"C37","v":2016},{"$f":"G37+1","v":2017},{"$f":"H37+1","v":2018},null,{"$f":"G37","v":2016},{"$f":"K37+1","v":2017},{"$f":"L37+1","v":2018}]
["In Days Sales","Accounts payable",{"$f":"365*'A2'!B38/'A2'!B$8","v":28.315988647114477},{"$f":"365*'A2'!C38/'A2'!C$8","v":30.603271983640081},{"$f":"365*'A2'!D38/'A2'!D$8","v":29.422657952069716},null,{"$f":"365*'A2'!F38/'A2'!F$8","v":31.208614593378336},{"$f":"365*'A2'!G38/'A2'!G$8","v":29.026508226691043},{"$f":"365*'A2'!H38/'A2'!H$8","v":29.895440023235551},null,{"$f":"365*'A2'!J38/'A2'!J$8","v":29.54217195803243},{"$f":"365*'A2'!K38/'A2'!K$8","v":29.929714955095665},{"$f":"365*'A2'!L38/'A2'!L$8","v":29.625295655421386}]
[null,"Accrued wages",{"$f":"365*'A2'!B39/'A2'!B$8","v":9.9278618732261119},{"$f":"365*'A2'!C39/'A2'!C$8","v":10.28402635764599},{"$f":"365*'A2'!D39/'A2'!D$8","v":9.7810457516339877},null,{"$f":"365*'A2'!F39/'A2'!F$8","v":10.090003214400515},{"$f":"365*'A2'!G39/'A2'!G$8","v":9.8979280926264472},{"$f":"365*'A2'!H39/'A2'!H$8","v":9.9651466744118498},null,{"$f":"365*'A2'!J39/'A2'!J$8","v":9.9965935413544074},{"$f":"365*'A2'!K39/'A2'!K$8","v":10.119094103865677},{"$f":"365*'A2'!L39/'A2'!L$8","v":9.8599526951325789}]
[null,"Customer prepayments",{"$f":"365*'A2'!B40/'A2'!B$8","v":0},{"$f":"365*'A2'!C40/'A2'!C$8","v":0},{"$f":"365*'A2'!D40/'A2'!D$8","v":0},null,{"$f":"365*'A2'!F40/'A2'!F$8","v":0},{"$f":"365*'A2'!G40/'A2'!G$8","v":0},{"$f":"365*'A2'!H40/'A2'!H$8","v":0},null,{"$f":"365*'A2'!J40/'A2'!J$8","v":0},{"$f":"365*'A2'!K40/'A2'!K$8","v":0},{"$f":"365*'A2'!L40/'A2'!L$8","v":0}]
[null,"Operating current liabilities",{"$f":"365*'A2'!B41/'A2'!B$8","v":38.243850520340587},{"$f":"365*'A2'!C41/'A2'!C$8","v":40.887298341286069},{"$f":"365*'A2'!D41/'A2'!D$8","v":39.203703703703702},null,{"$f":"365*'A2'!F41/'A2'!F$8","v":41.298617807778847},{"$f":"365*'A2'!G41/'A2'!G$8","v":38.924436319317486},{"$f":"365*'A2'!H41/'A2'!H$8","v":39.860586697647399},null,{"$f":"365*'A2'!J41/'A2'!J$8","v":39.538765499386841},{"$f":"365*'A2'!K41/'A2'!K$8","v":40.048809058961346},{"$f":"365*'A2'!L41/'A2'!L$8","v":39.485248350553967}]
[]
["% of Total",null,null,null,null,null,null,null,"Debt",null,{"$f":"'A2'!J43/'A2'!J$45","v":0.13004598875830353},{"$f":"'A2'!K43/'A2'!K$45","v":0.10672645310917574},{"$f":"'A2'!L43/'A2'!L$45","v":0.12568879121215376}]
[null,null,null,null,null,null,null,null,"Equity",null,{"$f":"'A2'!J44/'A2'!J$45","v":0.66683699540112418},{"$f":"'A2'!K44/'A2'!K$45","v":0.68450683069468754},{"$f":"'A2'!L44/'A2'!L$45","v":0.67398847941947371}]
[null,null,null,null,null,null,null,null,"Liab & Equity",null,{"$f":"'A2'!J45/'A2'!J$45","v":1},{"$f":"'A2'!K45/'A2'!K$45","v":1},{"$f":"'A2'!L45/'A2'!L$45","v":1}]

{"sheet":"A4","index":4,"n_rows":44,"n_cols":8,"rows_kept":44,"cut":false,"hidden":false,"merged":[[4,1,4,3],[4,5,4,7]]}
[]
["Exhibit 4"]
["Competitor Financials"]
[]
[null,"Glass Containers",null,null,null,"Flat Glass"]
[]
["$R millions","AGC \nVidros","Companhia de Vidros","Rosina Portis",null,"Boterro Glass","Fanavid","Italajes Glass"]
["Revenue & Revenue Growth",3576,4783,2869,null,4867,5823,8966]
["Operating costs",-2264,-3128,-1922,null,-3864,-4641,-7119]
["Depreciation",-114,-181,-96,null,-136,-156,-223]
["Gross profit",{"$f":"SUM(B8:B10)","v":1198},{"$f":"SUM(C8:C10)","v":1474},{"$f":"SUM(D8:D10)","v":851},null,{"$f":"SUM(F8:F10)","v":867},{"$f":"SUM(G8:G10)","v":1026},{"$f":"SUM(H8:H10)","v":1624}]
[]
["Selling expenses",-730,-995,-625,null,-633,-751,-1103]
["Operating margin",{"$f":"SUM(B11:B13)","v":468},{"$f":"SUM(C11:C13)","v":479},{"$f":"SUM(D11:D13)","v":226},null,{"$f":"SUM(F11:F13)","v":234},{"$f":"SUM(G11:G13)","v":275},{"$f":"SUM(H11:H13)","v":521}]
[]
["Operating taxes",-140,-144,-68,null,-70,-83,-156]
["After-tax operating profit",{"$f":"SUM(B14:B16)","v":328},{"$f":"SUM(C14:C16)","v":335},{"$f":"SUM(D14:D16)","v":158},null,{"$f":"SUM(F14:F16)","v":164},{"$f":"SUM(G14:G16)","v":192},{"$f":"SUM(H14:H16)","v":365}]
[]
[]
["Competitor Financials, Glass Containers"]
["Invested capital"]
["$R millions",{"$f":"B7","v":"AGC \nVidros"},{"$f":"C7","v":"Companhia de Vidros"},{"$f":"D7","v":"Rosina Portis"},null,{"$f":"F7","v":"Boterro Glass"},{"$f":"G7","v":"Fanavid"},{"$f":"H7","v":"Italajes Glass"}]
["Working cash",66,89,44,null,64,88,160]
["Inventory",476,622,384,null,589,683,1024]
["Accounts receivable",364,449,277,null,432,533,820]
["Operating current assets",{"$f":"SUM(B23:B25)","v":906},{"$f":"SUM(C23:C25)","v":1160},{"$f":"SUM(D23:D25)","v":705},null,{"$f":"SUM(F23:F25)","v":1085},{"$f":"SUM(G23:G25)","v":1304},{"$f":"SUM(H23:H25)","v":2004}]
[]
["Accounts payable",264,415,222,null,407,495,771]
["Accrued wages",83,159,86,null,147,142,270]
["Customer prepayments",110,0,114,null,0,0,0]
["Operating current liabilities",{"$f":"SUM(B28:B30)","v":457},{"$f":"SUM(C28:C30)","v":574},{"$f":"SUM(D28:D30)","v":422},null,{"$f":"SUM(F28:F30)","v":554},{"$f":"SUM(G28:G30)","v":637},{"$f":"SUM(H28:H30)","v":1041}]
[]
["Working capital",449,586,283,null,531,667,963]
["Net PP&E",1173,1851,967,null,1265,1403,2026]
["Invested capital",{"$f":"SUM(B33:B34)","v":1622},{"$f":"SUM(C33:C34)","v":2437},{"$f":"SUM(D33:D34)","v":1250},null,{"$f":"SUM(F33:F34)","v":1796},{"$f":"SUM(G33:G34)","v":2070},{"$f":"SUM(H33:H34)","v":2989}]
[]
[]
["$R millions",{"$f":"B7","v":"AGC \nVidros"},{"$f":"C7","v":"Companhia de Vidros"},{"$f":"D7","v":"Rosina Portis"},null,{"$f":"F7","v":"Boterro Glass"},{"$f":"G7","v":"Fanavid"},{"$f":"H7","v":"Italajes Glass"}]
["Short-term debt",412,196,39,null,273,214,390]
["Long-term debt",764,735,750,null,806,966,1293]
["Total debt",{"$f":"SUM(B39:B40)","v":1176},{"$f":"SUM(C39:C40)","v":931},789,null,1079,1180,1683]
[]
["Equity",446,1506,461,null,717,890,1306]
["Invested capital",{"$f":"SUM(B41:B43)","v":1622},{"$f":"SUM(C41:C43)","v":2437},{"$f":"SUM(D41:D43)","v":1250},null,{"$f":"SUM(F41:F43)","v":1796},{"$f":"SUM(G41:G43)","v":2070},{"$f":"SUM(H41:H43)","v":2989}]

{"sheet":"A4b","index":5,"n_rows":42,"n_cols":9,"rows_kept":42,"cut":false,"hidden":true,"merged":[[20,8,28,8],[36,8,41,8],[30,8,32,8],[5,8,14,8]]}
[]
["Exhibit 4",null,null,null,null,null,null,"Competitors, Glass Containers"]
["Competitor Financials, Glass Containers"]
[]
["$ millions","AGC \nVidros","Companhia de Vidros","Rosina Portis",null,{"$f":"B5","v":"AGC \nVidros"},{"$f":"C5","v":"Companhia de Vidros"},{"$f":"D5","v":"Rosina Portis"}]
["Revenue & Revenue Growth",3575.9242641799997,4783.2003636399995,2869.0021374999997,null,4.7999999999999994E-2,5.2999999999999999E-2,6.2E-2,"% of Sales"]
["Operating costs",-2263.5600592259398,-3128.2130378205597,-1922.2314321249999,null,{"$f":"-B7/B$6","v":0.63300000000000001},0.65400000000000003,0.67]
["Depreciation",-113.87409307291649,-181.48024909104709,-95.728091122524745,null,3.1844660194174756E-2,3.7941176470588242E-2,3.3366336633663368E-2]
["Gross profit",{"$f":"SUM(B6:B8)","v":1198.4901118811433},{"$f":"SUM(C6:C8)","v":1473.5070767283928},{"$f":"SUM(D6:D8)","v":851.042614252475},null,{"$f":"B9/B$6","v":0.33515533980582524},{"$f":"C9/C$6","v":0.30805882352941177},{"$f":"D9/D$6","v":0.29663366336633656}]
[]
["Selling expenses",-729.48854989272002,-994.90567563712,-625.44246597499989,null,{"$f":"-B11/B$6","v":0.20400000000000001},{"$f":"-C11/C$6","v":0.20800000000000002},{"$f":"-D11/D$6","v":0.218}]
["Operating margin",{"$f":"SUM(B9:B11)","v":469.0015619884233},{"$f":"SUM(C9:C11)","v":478.60140109127281},{"$f":"SUM(D9:D11)","v":225.60014827747511},null,{"$f":"B12/B$6","v":0.13115533980582519},{"$f":"C12/C$6","v":0.10005882352941174},{"$f":"D12/D$6","v":7.8633663366336592E-2}]
[]
["Operating taxes",-140.70046859652697,-143.58042032738183,-67.680044483242526,null,{"$f":"-B14/B12","v":0.3},{"$f":"-C14/C12","v":0.3},{"$f":"-D14/D12","v":0.3}]
["After-tax operating profit",{"$f":"SUM(B12:B14)","v":328.3010933918963},{"$f":"SUM(C12:C14)","v":335.02098076389098},{"$f":"SUM(D12:D14)","v":157.9201037942326},null,{"$f":"B15/B$6","v":9.1808737864077644E-2},{"$f":"C15/C$6","v":7.0041176470588232E-2},{"$f":"D15/D$6","v":5.5043564356435627E-2}]
[]
[]
["Competitor Financials, Glass Containers"]
["Invested capital"]
["$ millions",{"$f":"B5","v":"AGC \nVidros"},{"$f":"C5","v":"Companhia de Vidros"},{"$f":"D5","v":"Rosina Portis"},null,{"$f":"B20","v":"AGC \nVidros"},{"$f":"C20","v":"Companhia de Vidros"},{"$f":"D20","v":"Rosina Portis"}]
["Working cash",65.640253616454785,89.111678007539709,44.017567041095887,null,{"$f":"365*B21/B$6","v":6.7},6.8,5.6000000000000005,"<------ In Days Sales ------->"]
["Inventory",476.13676503876167,622.47128019972592,384.36768362671222,null,48.600000000000009,47.5,48.9]
["Accounts receivable",364.45036336300268,449.48978759685468,276.68184997260272,null,37.199999999999996,34.299999999999997,35.200000000000003]
["Operating current assets",{"$f":"SUM(B21:B23)","v":906.22738201821915},{"$f":"SUM(C21:C23)","v":1161.0727458041204},{"$f":"SUM(D21:D23)","v":705.0671006404109},null,92.500000000000014,88.6,89.7]
[]
["Accounts payable",263.54071974367673,415.41767541750141,222.44591915410953,null,{"$f":"365*B26/B$6","v":26.900000000000006},31.700000000000006,28.299999999999997]
["Accrued wages",83.274948617890402,158.56636821929865,85.677050133561636,null,8.5,12.100000000000003,10.9]
["Customer prepayments",109.72699112004382,0,113.97405751712328,null,11.2,0,14.500000000000002]
["Operating current liabilities",{"$f":"SUM(B26:B28)","v":456.54265948161094},{"$f":"SUM(C26:C28)","v":573.98404363680004},{"$f":"SUM(D26:D28)","v":422.09702680479444},null,46.6,43.800000000000011,53.699999999999996]
[]
["Working capital",{"$f":"B24-B29","v":449.68472253660821},{"$f":"C24-C29","v":587.08870216732032},{"$f":"D24-D29","v":282.97007383561646},null,{"$f":"B31/B$6","v":0.12575342465753425},0.12273972602739723,9.8630136986301395E-2,"% of Sales"]
["Net PP&E",1172.90315865104,1851.0985407286798,966.85372033749991,null,0.32800000000000001,0.38700000000000001,0.33700000000000002]
["Invested capital",{"$f":"SUM(B31:B32)","v":1622.5878811876482},{"$f":"SUM(C31:C32)","v":2438.187242896},{"$f":"SUM(D31:D32)","v":1249.8237941731163},null,0.45375342465753427,0.50973972602739726,0.43563013698630138]
[]
[]
["$ millions",{"$f":"B5","v":"AGC \nVidros"},{"$f":"C5","v":"Companhia de Vidros"},{"$f":"D5","v":"Rosina Portis"},null,{"$f":"B36","v":"AGC \nVidros"},{"$f":"C36","v":"Companhia de Vidros"},{"$f":"D36","v":"Rosina Portis"}]
["Short-term debt",411.73167485136571,195.59138062511713,39.431940706161825,null,{"$f":"B37/B$42","v":0.25374999999999998},8.022E-2,3.1550000000000002E-2,"<-- % of Capital -->"]
["Long-term debt",764.64453900967931,735.79614616115498,749.20687341707458,null,0.47125000000000006,0.30178000000000005,0.59945000000000004]
["Total debt",1176.376213861045,931.38752678627202,788.63881412323644,null,0.72499999999999998,0.38200000000000001,0.63100000000000001]
[]
["Equity",{"$f":"B42-B39","v":446.21166732660322},{"$f":"C42-C39","v":1506.799716109728},{"$f":"D42-D39","v":461.18498004987987},null,{"$f":"B41/B$42","v":0.27499999999999997},0.61799999999999999,0.36899999999999994]
["Invested capital",{"$f":"B33","v":1622.5878811876482},{"$f":"C33","v":2438.187242896},{"$f":"D33","v":1249.8237941731163},null,1,1,1]

{"sheet":"A4c","index":6,"n_rows":42,"n_cols":9,"rows_kept":42,"cut":false,"hidden":true,"merged":[[20,8,28,8],[30,8,32,8],[36,8,41,8],[5,8,14,8]]}
[]
["Exhibit 5",null,null,null,null,null,null,"Competitors, Flat Glass"]
["Competitor Financials, Flat Glass"]
[]
["$ millions","Boterro Glass","Fanavid","Italajes Glass",null,{"$f":"B5","v":"Boterro Glass"},{"$f":"C5","v":"Fanavid"},{"$f":"D5","v":"Italajes Glass"}]
["Revenue & Revenue Growth",4866.6804999999995,5822.8015999999998,8965.5720000000001,null,-1.9999999999999948E-3,2.2000000000000002E-2,-2.1999999999999992E-2,"% of Sales"]
["Operating costs",-3864.1443169999998,-4640.7728751999994,-7118.6641680000002,null,{"$f":"-B7/B$6","v":0.79400000000000004},0.79699999999999993,0.79400000000000004]
["Depreciation",-136.05773440860213,-155.92168728888888,-222.66145846153844,null,2.7956989247311825E-2,2.6777777777777775E-2,2.4835164835164833E-2]
["Gross profit",{"$f":"SUM(B6:B8)","v":866.47844859139764},{"$f":"SUM(C6:C8)","v":1026.1070375111115},{"$f":"SUM(D6:D8)","v":1624.2463735384615},null,{"$f":"B9/B$6","v":0.17804301075268814},{"$f":"C9/C$6","v":0.17622222222222228},{"$f":"D9/D$6","v":0.18116483516483517}]
[]
["Selling expenses",-632.66846499999997,-751.14140639999994,-1102.7653560000001,null,{"$f":"-B11/B$6","v":0.13},{"$f":"-C11/C$6","v":0.129},{"$f":"-D11/D$6","v":0.12300000000000001}]
["Operating margin",{"$f":"SUM(B9:B11)","v":233.80998359139767},{"$f":"SUM(C9:C11)","v":274.96563111111152},{"$f":"SUM(D9:D11)","v":521.4810175384614},null,{"$f":"B12/B$6","v":4.8043010752688138E-2},{"$f":"C12/C$6","v":4.7222222222222297E-2},{"$f":"D12/D$6","v":5.8164835164835151E-2}]
[]
["Operating taxes",-70.1429950774193,-82.489689333333459,-156.4443052615384,null,{"$f":"-B14/B12","v":0.3},{"$f":"-C14/C12","v":0.3},{"$f":"-D14/D12","v":0.3}]
["After-tax operating profit",{"$f":"SUM(B12:B14)","v":163.66698851397837},{"$f":"SUM(C12:C14)","v":192.47594177777808},{"$f":"SUM(D12:D14)","v":365.03671227692303},null,{"$f":"B15/B$6","v":3.3630107526881697E-2},{"$f":"C15/C$6","v":3.3055555555555609E-2},{"$f":"D15/D$6","v":4.0715384615384612E-2}]
[]
[]
["Competitor Financials, Flat Glass"]
["Invested capital"]
["$ millions",{"$f":"B5","v":"Boterro Glass"},{"$f":"C5","v":"Fanavid"},{"$f":"D5","v":"Italajes Glass"},null,{"$f":"B20","v":"Boterro Glass"},{"$f":"C20","v":"Fanavid"},{"$f":"D20","v":"Italajes Glass"}]
["Working cash",64.000181917808206,87.740846027397254,159.6608712328767,null,{"$f":"365*B21/B$6","v":4.8},5.5,6.4999999999999991,"<------ In Days Sales ------->"]
["Inventory",589.33500849315067,682.78331090410961,1024.2858969863014,null,44.2,42.800000000000004,41.7]
["Accounts receivable",432.00122794520541,532.82622860273966,820.41124602739717,null,32.4,33.4,33.4]
["Operating current assets",{"$f":"SUM(B21:B23)","v":1085.3364183561644},{"$f":"SUM(C21:C23)","v":1303.3503855342465},{"$f":"SUM(D21:D23)","v":2004.3580142465753},null,81.400000000000006,81.7,81.599999999999994]
[]
["Accounts payable",406.6678226027397,494.53931397260271,771.28482410958907,null,{"$f":"365*B26/B$6","v":30.5},31,31.4]
["Accrued wages",146.66708356164384,141.98064175342466,270.19532054794519,null,11.000000000000002,8.9,10.999999999999998]
["Customer prepayments",0,0,0,null,0,0,0]
["Operating current liabilities",{"$f":"SUM(B26:B28)","v":553.33490616438348},{"$f":"SUM(C26:C28)","v":636.51995572602732},{"$f":"SUM(D26:D28)","v":1041.4801446575343},null,41.5,39.899999999999991,42.4]
[]
["Working capital",{"$f":"B24-B29","v":532.00151219178088},{"$f":"C24-C29","v":666.83042980821915},{"$f":"D24-D29","v":962.87786958904098},null,{"$f":"B31/B$6","v":0.1093150684931507},0.11452054794520548,0.10739726027397259,"% of Sales"]
["Net PP&E",1265.3369299999999,1403.2951856,2026.2192719999998,null,0.26,0.24099999999999999,0.22599999999999998]
["Invested capital",{"$f":"SUM(B31:B32)","v":1797.3384421917808},{"$f":"SUM(C31:C32)","v":2070.1256154082193},{"$f":"SUM(D31:D32)","v":2989.0971415890408},null,0.36931506849315071,0.35552054794520555,0.33339726027397254]
[]
[]
["$ millions",{"$f":"B5","v":"Boterro Glass"},{"$f":"C5","v":"Fanavid"},{"$f":"D5","v":"Italajes Glass"},null,{"$f":"B36","v":"Boterro Glass"},{"$f":"C36","v":"Fanavid"},{"$f":"D36","v":"Italajes Glass"}]
["Short-term debt",273.29070215058681,213.57485974166596,390.4239122457941,null,{"$f":"B37/B$42","v":0.15205299999999997},0.10316999999999998,0.13061599999999998,"<-- % of Capital -->"]
["Long-term debt",806.90970160667325,966.3967410410188,1292.4377784688356,null,0.44894699999999993,0.46682999999999991,0.43238399999999994]
["Total debt",1080.2004037572601,1179.9716007826848,1682.8616907146297,null,0.60099999999999987,0.56999999999999995,0.56299999999999994]
[]
["Equity",{"$f":"B42-B39","v":717.13803843452069},{"$f":"C42-C39","v":890.1540146255345},{"$f":"D42-D39","v":1306.2354508744111},null,{"$f":"B41/B$42","v":0.39900000000000008},0.4300000000000001,0.43700000000000006]
["Invested capital",{"$f":"B33","v":1797.3384421917808},{"$f":"C33","v":2070.1256154082193},{"$f":"D33","v":2989.0971415890408},null,1,1,1]

{"sheet":"A5","index":7,"n_rows":31,"n_cols":17,"rows_kept":31,"cut":false,"hidden":false,"merged":[[9,9,9,10],[12,14,12,16],[15,6,15,7],[20,3,20,4],[21,9,21,10]]}
[]
["Exhibit 5"]
["ROIC Tree, Glass Containers"]
[]
[null,null,null,null,null,null,null,null,null,"Gross margin1"]
[null,null,null,null,null,null,null,null,null,"Dracula",0.29110891089108909]
[null,null,null,null,null,null,null,null,null,"AGC",0.33515533980582524]
["Revenue growth",null,null,null,null,null,null,null,null,"CdeV",0.30805882352941177]
["Dracula",4.2999999999999927E-2,null,null,null,null,"Operating margin1",null,null,"Rosina",0.29663366336633656]
["AGC",4.7999999999999994E-2,null,null,null,null,"Dracula",9.7108910891089084E-2,null,"-"]
["CdeV",5.2999999999999999E-2,null,null,null,null,"AGC",0.13115533980582519,null,"Selling & General expenses1"]
["Rosina",6.2E-2,null,null,null,null,"CdeV",0.10005882352941174,null,"Dracula",0.19400000000000001]
[null,null,null,null,null,null,"Rosina",7.8633663366336592E-2,null,"AGC",0.20400000000000001,null,"Working Capital",null,"Glass Containers"]
[null,null,null,"Pre-tax ROIC",null,null,null,null,null,"CdeV",0.20800000000000002]
[null,null,null,"Dracula",0.20396335870208029,null,null,null,null,"Rosina",0.218,null,"in Days of Sales",{"$f":"A19","v":"Dracula"},{"$f":"A20","v":"AGC"},{"$f":"A21","v":"CdeV"},{"$f":"A22","v":"Rosina"}]
[null,null,null,"AGC",0.2890453992822497,null,"X",null,null,null,null,null,"Working cash",5.9,6.7,6.8,5.6000000000000005]
[null,null,null,"CdeV",0.19629394850036436,null,null,null,null,"Working capital1",null,null,"Inventory",58,48.600000000000009,47.5,48.9]
["ROIC",null,null,"Rosina",0.18050556352764288,null,null,null,null,"Dracula",0.1641095890410959,null,"Accounts receivable",35.200000000000003,37.199999999999996,34.299999999999997,35.200000000000003]
["Dracula",0.14277435109145623,null,null,null,null,"Capital turnover (x)",null,null,"AGC",0.12575342465753425,null,"Operating current assets",{"$f":"SUM(N16:N18)","v":99.1},{"$f":"SUM(O16:O18)","v":92.5},{"$f":"SUM(P16:P18)","v":88.6},{"$f":"SUM(Q16:Q18)","v":89.7}]
["AGC",0.20233177949757478,null,null,null,null,"Dracula",2.100356772931292,null,"CdeV",0.12273972602739723]
["CdeV",0.13740576395025506,null,"X",null,null,"AGC",2.2038401159280276,null,"Rosina",9.8630136986301395E-2,null,"Accounts payable",-28.3,-26.900000000000006,-31.700000000000006,-28.299999999999997]
["Rosina",0.12635389446935003,null,null,null,null,"CdeV",1.9617854935368575,null,"+",null,null,"Accrued wages",-9.9,-8.5,-12.100000000000003,-10.9]
[null,null,null,"1- ",null,null,"Rosina",2.2955252979466052,null,"PP&E1",null,null,"Customer prepayments",0,-11.2,0,-14.500000000000002]
[null,null,null,"Operating tax rate",null,null,null,null,null,"Dracula",0.312,null,"Working capital",{"$f":"SUM(N19:N23)","v":60.9},{"$f":"SUM(O19:O23)","v":45.899999999999991},{"$f":"SUM(P19:P23)","v":44.79999999999999},{"$f":"SUM(Q19:Q23)","v":36.000000000000007}]
[null,null,null,"Dracula",0.3,null,null,null,null,"AGC",0.32800000000000001]
[null,null,null,"AGC",0.3,null,null,null,null,"CdeV",0.38700000000000001,null,"Divided by 365:",{"$f":"N24/365","v":0.16684931506849315},{"$f":"O24/365","v":0.12575342465753422},{"$f":"P24/365","v":0.12273972602739723},{"$f":"Q24/365","v":9.8630136986301395E-2}]
[null,null,null,"CdeV",0.3,null,null,null,null,"Rosina",0.33700000000000002]
[null,null,null,"Rosina",0.3]
[]
[]
["1  Percent of sales"]

{"sheet":"A6","index":8,"n_rows":31,"n_cols":17,"rows_kept":31,"cut":false,"hidden":false,"merged":[[9,9,9,10],[12,14,12,16],[15,6,15,7],[20,3,20,4],[21,9,21,10]]}
[]
["Exhibit 6"]
["ROIC Tree, Flat Glass"]
[]
[null,null,null,null,null,null,null,null,null,"Gross margin1"]
[null,null,null,null,null,null,null,null,null,"Dracula",0.1827362637362637]
[null,null,null,null,null,null,null,null,null,"Boterro",0.17804301075268814]
["Revenue growth",null,null,null,null,null,null,null,null,"Fanavid",0.17622222222222228]
["Dracula",4.8999999999999932E-2,null,null,null,null,"Operating margin1",null,null,"Italajes",0.18116483516483517]
["Boterro",-1.9999999999999948E-3,null,null,null,null,"Dracula",4.3736263736263686E-2,null,"-"]
["Fanavid",2.2000000000000002E-2,null,null,null,null,"Boterro",4.8043010752688138E-2,null,"Selling & General expenses1"]
["Italajes",-2.1999999999999992E-2,null,null,null,null,"Fanavid",4.7222222222222297E-2,null,"Dracula",0.13900000000000001]
[null,null,null,null,null,null,"Italajes",5.8164835164835151E-2,null,"Boterro",0.13,null,"Working Capital",null,"Flat Glass"]
[null,null,null,"Pre-tax ROIC",null,null,null,null,null,"Fanavid",0.129]
[null,null,null,"Dracula",0.11735021328140734,null,null,null,null,"Italajes",0.12300000000000001,null,"in Days of Sales",{"$f":"A19","v":"Dracula"},{"$f":"A20","v":"Boterro"},{"$f":"A21","v":"Fanavid"},{"$f":"A22","v":"Italajes"}]
[null,null,null,"Boterro",0.13008678727545378,null,"X",null,null,null,null,null,"Working cash",5.0999999999999996,4.8,5.5,6.4999999999999991]
[null,null,null,"Fanavid",0.1328255778608341,null,null,null,null,"Working capital1",null,null,"Inventory",42.7,44.2,42.800000000000004,41.7]
["ROIC",null,null,"Italajes",0.17446104721147862,null,null,null,null,"Dracula",0.1336986301369863,null,"Accounts receivable",40.899999999999991,32.4,33.4,33.4]
["Dracula",8.2145149296985132E-2,null,null,null,null,"Capital turnover (x)",null,null,"Boterro",0.1093150684931507,null,"Operating current assets",{"$f":"SUM(N16:N18)","v":88.699999999999989},{"$f":"SUM(O16:O18)","v":81.400000000000006},{"$f":"SUM(P16:P18)","v":81.7},{"$f":"SUM(Q16:Q18)","v":81.599999999999994}]
["Boterro",9.1060751092817638E-2,null,null,null,null,"Dracula",2.6831330172382111,null,"Fanavid",0.11452054794520548]
["Fanavid",9.2977904502583864E-2,null,"X",null,null,"Boterro",2.7077151335311571,null,"Italajes",0.10739726027397259,null,"Accounts payable",-29.9,-30.5,-31,-31.4]
["Italajes",0.12212273304803505,null,null,null,null,"Fanavid",2.8127769429353058,null,"+",null,null,"Accrued wages",-10,-11.000000000000002,-8.9,-10.999999999999998]
[null,null,null,"1- ",null,null,"Italajes",2.9994247678527408,null,"PP&E1",null,null,"Customer prepayments",0,0,0,0]
[null,null,null,"Operating tax rate",null,null,null,null,null,"Dracula",0.23899999999999999,null,"Working capital",{"$f":"SUM(N19:N23)","v":48.79999999999999},{"$f":"SUM(O19:O23)","v":39.900000000000006},{"$f":"SUM(P19:P23)","v":41.800000000000004},{"$f":"SUM(Q19:Q23)","v":39.199999999999996}]
[null,null,null,"Dracula",0.3,null,null,null,null,"Boterro",0.26]
[null,null,null,"Boterro",0.3,null,null,null,null,"Fanavid",0.24099999999999999,null,"Divided by 365:",{"$f":"N24/365","v":0.13369863013698627},{"$f":"O24/365","v":0.1093150684931507},{"$f":"P24/365","v":0.1145205479452055},{"$f":"Q24/365","v":0.10739726027397259}]
[null,null,null,"Fanavid",0.3,null,null,null,null,"Italajes",0.22599999999999998]
[null,null,null,"Italajes",0.3]
[]
[]
["1  Percent of sales"]

{"sheet":"A7","index":9,"n_rows":34,"n_cols":12,"rows_kept":34,"cut":false,"hidden":false,"merged":[[5,2,5,5],[5,8,5,11]]}
[]
["Exhibit 7",null,null,null,null,null,null,null,null,null,null,{"$f":"A3","v":"Glass Containers, Financial Forecasts"}]
["Glass Containers, Financial Forecasts"]
[]
["Dracula Glass, Glass Containers"]
["After-tax Operating Profit",null,"<------------    Forecast    ----------->",null,null,null,null,null,"<------------    Forecast    ----------->"]
[]
["$R millions",{"$f":"'A2'!D7","v":2018},{"$f":"B8+1","v":2019},{"$f":"C8+1","v":2020},{"$f":"D8+1","v":2021},{"$f":"E8+1","v":2022},null,{"$f":"B8","v":2018},{"$f":"C8","v":2019},{"$f":"D8","v":2020},{"$f":"E8","v":2021},{"$f":"F8","v":2022}]
["Revenues1",{"$f":"'A2'!D8","v":4590},{"$f":"Revenue!L35","v":4852.2637170299995},{"$f":"Revenue!M35","v":5130.1125495955066},{"$f":"Revenue!N35","v":5424.9437140095379},{"$f":"Revenue!O35","v":5737.9026928456351},null,{"$f":"'A2'!D8/'A2'!C8-1","v":4.2944785276073594E-2},5.706462482049135E-2,5.7261335368570698E-2,5.7470354054251604E-2,5.7688553278925747E-2]
["Raw materials",{"$f":"'A2'!D9","v":-1850},{"$f":"-I10*C$9","v":-1955.7054197179734},-2067.6924219502584,-2186.5241548840186,-2312.6623053952994,null,{"$f":"-B10/B$9","v":0.40305010893246185},{"$f":"H10","v":0.40305010893246185},0.40305010893246185,0.40305010893246185,0.40305010893246185]
["Forging expenses",{"$f":"'A2'!D10","v":-1262},-1334.1082376670718,-1410.5015332439061,-1491.5640451154763,-1577.6107185993881,null,{"$f":"-B11/B$9","v":0.27494553376906317},0.27494553376906317,0.27494553376906317,0.27494553376906317,0.27494553376906317]
["Depreciation",{"$f":"'A2'!D11","v":-142},-150.11360518916339,-158.70936427942524,-167.83050269920574,-177.51245803574733,null,{"$f":"-B12/B$9","v":3.093681917211329E-2},3.093681917211329E-2,3.093681917211329E-2,3.093681917211329E-2,3.093681917211329E-2]
["Gross profit",{"$f":"SUM(B9:B12)","v":1336},{"$f":"SUM(C9:C12)","v":1412.3364544557912},{"$f":"SUM(D9:D12)","v":1493.2092301219168},{"$f":"SUM(E9:E12)","v":1579.0250113108373},{"$f":"SUM(F9:F12)","v":1670.1172108152002},null,{"$f":"B13/B$9","v":0.29106753812636166},{"$f":"C13/C$9","v":0.29106753812636177},{"$f":"D13/D$9","v":0.29106753812636171},{"$f":"E13/E$9","v":0.29106753812636166},{"$f":"F13/F$9","v":0.29106753812636166}]
[]
["Selling and support costs",{"$f":"'A2'!D14","v":-890},{"$f":"-I15*C$9","v":-940.85287759405219},{"$f":"-J15*D$9","v":-994.72770569498925},{"$f":"-K15*E$9","v":-1051.8954042415007},{"$f":"-L15*F$9","v":-1112.578082055036},null,{"$f":"-B15/B$9","v":0.19389978213507625},{"$f":"H15","v":0.19389978213507625},{"$f":"I15","v":0.19389978213507625},{"$f":"J15","v":0.19389978213507625},{"$f":"K15","v":0.19389978213507625}]
["Operating profit",{"$f":"SUM(B13:B15)","v":446},{"$f":"SUM(C13:C15)","v":471.48357686173904},{"$f":"SUM(D13:D15)","v":498.48152442692754},{"$f":"SUM(E13:E15)","v":527.12960706933654},{"$f":"SUM(F13:F15)","v":557.5391287601642},null,{"$f":"B16/B$9","v":9.7167755991285409E-2},{"$f":"C16/C$9","v":9.7167755991285507E-2},{"$f":"D16/D$9","v":9.7167755991285465E-2},{"$f":"E16/E$9","v":9.7167755991285437E-2},{"$f":"F16/F$9","v":9.7167755991285423E-2}]
[]
["Operating taxes",-133.73072300007917,{"$f":"-I18*C$16","v":-141.37183770489631},{"$f":"-J18*D$16","v":-149.4670283941584},{"$f":"-K18*E$16","v":-158.05700329177134},{"$f":"-L18*F$16","v":-167.1751363002937},null,{"$f":"-B18/B16","v":0.29984467040376495},{"$f":"H18","v":0.29984467040376495},{"$f":"I18","v":0.29984467040376495},{"$f":"J18","v":0.29984467040376495},{"$f":"K18","v":0.29984467040376495}]
["After-tax operating profit",{"$f":"SUM(B16:B18)","v":312.26927699992086},{"$f":"SUM(C16:C18)","v":330.11173915684276},{"$f":"SUM(D16:D18)","v":349.0144960327691},{"$f":"SUM(E16:E18)","v":369.07260377756518},{"$f":"SUM(F16:F18)","v":390.36399245987047},null,{"$f":"B19/B$9","v":6.8032522222204975E-2},{"$f":"C19/C$9","v":6.8032522222205058E-2},{"$f":"D19/D$9","v":6.8032522222205016E-2},{"$f":"E19/E$9","v":6.8032522222204989E-2},{"$f":"F19/F$9","v":6.8032522222204975E-2}]
[]
[]
["Dracula Glass, Glass Containers"]
["Invested Capital2"]
[]
["$R millions",{"$f":"B8","v":2018},{"$f":"C8","v":2019},{"$f":"D8","v":2020},{"$f":"E8","v":2021},{"$f":"F8","v":2022},null,{"$f":"B25","v":2018},{"$f":"C25","v":2019},{"$f":"D25","v":2020},{"$f":"E25","v":2021},{"$f":"F25","v":2022}]
["Operating current assets",{"$f":"'A2'!D31","v":1246},{"$f":"I26*C$9/365","v":1317.1940286316733},{"$f":"J26*D$9/365","v":1392.6187879729853},{"$f":"K26*E$9/365","v":1472.6535659381013},{"$f":"L26*F$9/365","v":1557.6093148770506},null,{"$f":"B26/B$9*365","v":99.082788671023977},{"$f":"H26","v":99.082788671023977},99.082788671023977,99.082788671023977,99.082788671023977]
["Operating current liabilities",{"$f":"-'A2'!D41","v":-493},{"$f":"-I27*C$9/365","v":-521.16906590322219},{"$f":"-J27*D$9/365","v":-551.01208866025809},{"$f":"-K27*E$9/365","v":-582.67913965287619},{"$f":"-L27*F$9/365","v":-616.29325219453108},null,{"$f":"-B27/B$9*365","v":39.203703703703702},39.203703703703702,39.203703703703702,39.203703703703702,39.203703703703702]
["Operating working capital",{"$f":"SUM(B26:B27)","v":753},{"$f":"SUM(C26:C27)","v":796.0249627284511},{"$f":"SUM(D26:D27)","v":841.60669931272719},{"$f":"SUM(E26:E27)","v":889.97442628522515},{"$f":"SUM(F26:F27)","v":941.31606268251949},null,{"$f":"B28/B$9*365","v":59.87908496732026},{"$f":"C28/C$9*365","v":59.879084967320281},{"$f":"D28/D$9*365","v":59.879084967320281},{"$f":"E28/E$9*365","v":59.879084967320281},{"$f":"F28/F$9*365","v":59.879084967320281}]
[]
["Property, plant & equipment, net",{"$f":"'A2'!D33","v":1432},{"$f":"I30*C$9","v":1513.8217086681827},{"$f":"J30*D$9","v":1600.5057017474435},{"$f":"K30*E$9","v":1692.4878863750889},{"$f":"L30*F$9","v":1790.1256331492264},null,{"$f":"B30/B9","v":0.3119825708061002},{"$f":"H30","v":0.3119825708061002},{"$f":"I30","v":0.3119825708061002},{"$f":"J30","v":0.3119825708061002},{"$f":"K30","v":0.3119825708061002}]
["Invested capital",{"$f":"SUM(B28:B30)","v":2185},{"$f":"SUM(C28:C30)","v":2309.8466713966336},{"$f":"SUM(D28:D30)","v":2442.1124010601707},{"$f":"SUM(E28:E30)","v":2582.4623126603142},{"$f":"SUM(F28:F30)","v":2731.4416958317461},null,{"$f":"B31/B9","v":0.47603485838779958},{"$f":"C31/C9","v":0.47603485838779952},{"$f":"D31/D9","v":0.47603485838779963},{"$f":"E31/E9","v":0.47603485838779963},{"$f":"F31/F9","v":0.47603485838779963}]
[]
["1 Revenue forecast based on analyst forecasts, not on \"as-is\" growth"]
["2 Forecasts of working capital are in days sales and forecasts of PP&E are in percentage of sales"]

{"sheet":"A8","index":10,"n_rows":34,"n_cols":12,"rows_kept":34,"cut":false,"hidden":false,"merged":[[5,2,5,5],[5,8,5,11]]}
[]
["Exhibit 8",null,null,null,null,null,null,null,null,null,null,{"$f":"A3","v":"Flat Glass, Financial Forecasts"}]
["Flat Glass, Financial Forecasts"]
[]
["Dracula Glass, Flat Glass"]
["After-tax Operating Profit",null,"<------------    Forecast    ----------->",null,null,null,null,null,"<------------    Forecast    ----------->"]
[]
["$R millions",{"$f":"'A2'!H7","v":2018},{"$f":"B8+1","v":2019},{"$f":"C8+1","v":2020},{"$f":"D8+1","v":2021},{"$f":"E8+1","v":2022},null,{"$f":"B8","v":2018},{"$f":"C8","v":2019},{"$f":"D8","v":2020},{"$f":"E8","v":2021},{"$f":"F8","v":2022}]
["Revenues1",{"$f":"'A2'!H8","v":3443},{"$f":"B9*(1+I9)","v":3597.9349999999999},{"$f":"C9*(1+J9)","v":3741.8524000000002},{"$f":"D9*(1+K9)","v":3872.8172340000001},{"$f":"E9*(1+L9)","v":4008.3658371899996},null,{"$f":"'A3'!I8","v":4.9055453991468712E-2},4.4999999999999998E-2,0.04,3.5000000000000003E-2,3.5000000000000003E-2]
["Raw materials",{"$f":"'A2'!H9","v":-2073},{"$f":"-I10*C$9","v":-2166.2849999999999},-2252.9364,-2331.789174,-2413.4017950899997,null,{"$f":"-B10/B$9","v":0.602091199535289},{"$f":"H10","v":0.602091199535289},0.602091199535289,0.602091199535289,0.602091199535289]
["Forging expenses",{"$f":"'A2'!H10","v":-651},-680.29500000000007,-707.50680000000011,-732.26953800000001,-757.89897182999994,null,{"$f":"-B11/B$9","v":0.18907929131571305},0.18907929131571305,0.18907929131571305,0.18907929131571305,0.18907929131571305]
["Depreciation",{"$f":"'A2'!H11","v":-90},-94.05,-97.812000000000012,-101.23542,-104.77865969999999,null,{"$f":"-B12/B$9","v":2.6139994191112403E-2},2.6139994191112403E-2,2.6139994191112403E-2,2.6139994191112403E-2,2.6139994191112403E-2]
["Gross profit",{"$f":"SUM(B9:B12)","v":629},{"$f":"SUM(C9:C12)","v":657.30500000000006},{"$f":"SUM(D9:D12)","v":683.59720000000004},{"$f":"SUM(E9:E12)","v":707.52310200000011},{"$f":"SUM(F9:F12)","v":732.28641057000004},null,{"$f":"B13/B$9","v":0.18268951495788557},{"$f":"C13/C$9","v":0.18268951495788557},{"$f":"D13/D$9","v":0.18268951495788557},{"$f":"E13/E$9","v":0.1826895149578856},{"$f":"F13/F$9","v":0.1826895149578856}]
[]
["Selling and support costs",{"$f":"'A2'!H14","v":-479},{"$f":"-I15*C$9","v":-500.55499999999995},{"$f":"-J15*D$9","v":-520.57719999999995},{"$f":"-K15*E$9","v":-538.79740199999992},{"$f":"-L15*F$9","v":-557.65531106999993},null,{"$f":"-B15/B$9","v":0.13912285797269822},{"$f":"H15","v":0.13912285797269822},{"$f":"I15","v":0.13912285797269822},{"$f":"J15","v":0.13912285797269822},{"$f":"K15","v":0.13912285797269822}]
["Operating profit",{"$f":"SUM(B13:B15)","v":150},{"$f":"SUM(C13:C15)","v":156.75000000000011},{"$f":"SUM(D13:D15)","v":163.0200000000001},{"$f":"SUM(E13:E15)","v":168.72570000000019},{"$f":"SUM(F13:F15)","v":174.63109950000012},null,{"$f":"B16/B$9","v":4.3566656985187337E-2},{"$f":"C16/C$9","v":4.3566656985187371E-2},{"$f":"D16/D$9","v":4.3566656985187358E-2},{"$f":"E16/E$9","v":4.3566656985187385E-2},{"$f":"F16/F$9","v":4.3566656985187371E-2}]
[]
["Operating taxes",-45.175186813186762,{"$f":"-I18*C$16","v":-47.208070219780204},{"$f":"-J18*D$16","v":-49.096393028571406},{"$f":"-K18*E$16","v":-50.814766784571432},{"$f":"-L18*F$16","v":-52.593283622031407},null,{"$f":"-B18/B16","v":0.30116791208791177},{"$f":"H18","v":0.30116791208791177},{"$f":"I18","v":0.30116791208791177},{"$f":"J18","v":0.30116791208791177},{"$f":"K18","v":0.30116791208791177}]
["After-tax operating profit",{"$f":"SUM(B16:B18)","v":104.82481318681323},{"$f":"SUM(C16:C18)","v":109.5419297802199},{"$f":"SUM(D16:D18)","v":113.92360697142868},{"$f":"SUM(E16:E18)","v":117.91093321542876},{"$f":"SUM(F16:F18)","v":122.03781587796871},null,{"$f":"B19/B$9","v":3.0445777864308229E-2},{"$f":"C19/C$9","v":3.044577786430825E-2},{"$f":"D19/D$9","v":3.0445777864308243E-2},{"$f":"E19/E$9","v":3.0445777864308264E-2},{"$f":"F19/F$9","v":3.0445777864308254E-2}]
[]
[]
["Dracula Glass, Flat Glass"]
["Invested Capital2"]
[]
["$R millions",{"$f":"B8","v":2018},{"$f":"C8","v":2019},{"$f":"D8","v":2020},{"$f":"E8","v":2021},{"$f":"F8","v":2022},null,{"$f":"B25","v":2018},{"$f":"C25","v":2019},{"$f":"D25","v":2020},{"$f":"E25","v":2021},{"$f":"F25","v":2022}]
["Operating current assets",{"$f":"'A2'!H31","v":837},{"$f":"I26*C$9/365","v":874.66499999999996},{"$f":"J26*D$9/365","v":909.65159999999992},{"$f":"K26*E$9/365","v":941.48940599999992},{"$f":"L26*F$9/365","v":974.44153520999976},null,{"$f":"B26/B$9*365","v":88.732210281731042},{"$f":"H26","v":88.732210281731042},88.732210281731042,88.732210281731042,88.732210281731042]
["Operating current liabilities",{"$f":"-'A2'!H41","v":-376},{"$f":"-I27*C$9/365","v":-392.91999999999996},{"$f":"-J27*D$9/365","v":-408.63679999999999},{"$f":"-K27*E$9/365","v":-422.93908800000003},{"$f":"-L27*F$9/365","v":-437.74195607999997},null,{"$f":"-B27/B$9*365","v":39.860586697647399},39.860586697647399,39.860586697647399,39.860586697647399,39.860586697647399]
["Operating working capital",{"$f":"SUM(B26:B27)","v":461},{"$f":"SUM(C26:C27)","v":481.745},{"$f":"SUM(D26:D27)","v":501.01479999999992},{"$f":"SUM(E26:E27)","v":518.55031799999983},{"$f":"SUM(F26:F27)","v":536.69957912999985},null,{"$f":"B28/B$9*365","v":48.871623584083643},{"$f":"C28/C$9*365","v":48.871623584083643},{"$f":"D28/D$9*365","v":48.871623584083636},{"$f":"E28/E$9*365","v":48.871623584083636},{"$f":"F28/F$9*365","v":48.871623584083636}]
[]
["Property, plant & equipment, net",{"$f":"'A2'!H33","v":823},{"$f":"I30*C$9","v":860.03499999999997},{"$f":"J30*D$9","v":894.43640000000005},{"$f":"K30*E$9","v":925.74167399999999},{"$f":"L30*F$9","v":958.14263258999995},null,{"$f":"B30/B9","v":0.23903572465872786},{"$f":"H30","v":0.23903572465872786},{"$f":"I30","v":0.23903572465872786},{"$f":"J30","v":0.23903572465872786},{"$f":"K30","v":0.23903572465872786}]
["Invested capital",{"$f":"SUM(B28:B30)","v":1284},{"$f":"SUM(C28:C30)","v":1341.78},{"$f":"SUM(D28:D30)","v":1395.4512},{"$f":"SUM(E28:E30)","v":1444.2919919999999},{"$f":"SUM(F28:F30)","v":1494.8422117199998},null,{"$f":"B31/B9","v":0.3729305837932036},{"$f":"C31/C9","v":0.3729305837932036},{"$f":"D31/D9","v":0.3729305837932036},{"$f":"E31/E9","v":0.3729305837932036},{"$f":"F31/F9","v":0.3729305837932036}]
[]
["1 Revenue forecast based on analyst forecasts, not on \"as-is\" growth"]
["2 Forecasts of working capital are in days sales and forecasts of PP&E are in percentage of sales"]

{"sheet":"A9","index":11,"n_rows":28,"n_cols":7,"rows_kept":28,"cut":false,"hidden":false,"merged":[]}
[]
["Exhibit 9",null,null,null,null,null,"Revenue Model"]
["Brazilian Glass Container Market"]
[]
[]
["Table 1",null,null,null,"Table 3"]
["Unit Forecast for Brazilian Market, All Competitors",null,null,null,"Price Forecast"]
[null,null,{"$f":"B10+1 & \"-\" & B10+4","v":"2019-2022"},null,null,null,{"$f":"F10+1 & \"-\" & F10+4","v":"2019-2022"}]
[null,null,"Annual ",null,null,null,"Annual "]
["Millions of bottles",{"$f":"'A2'!L7","v":2018},"Growth",null,"$R",{"$f":"B10","v":2018},"Growth"]
[{"$f":"market1","v":"Beer"},12886,0.03,null,{"$f":"market1","v":"Beer"},0.6,0.03]
[{"$f":"market3","v":"Wines and spirits"},6569,-2.5000000000000001E-2,null,{"$f":"market3","v":"Wines and spirits"},0.65,0]
[{"$f":"market2","v":"Soft drinks"},3392,0.01,null,{"$f":"market2","v":"Soft drinks"},1.6,3.5000000000000003E-2]
[{"$f":"market4","v":"Consumer products"},3439,4.4999999999999998E-2,null,{"$f":"market4","v":"Consumer products"},0.9,2.5000000000000001E-2]
["Total units, Brazil",{"$f":"SUM(B11:B14)","v":26286},null,null,"Average price, Dracula Glass",{"$f":"Revenue!K24","v":0.68260206277304059}]
[]
[]
["Table 2"]
["Dracula Glass, Market Share",null,{"$f":"B21+1 & \"-\" & B21+4","v":"2019-2022"}]
[null,null,"Cumulative"]
["percent",{"$f":"B10","v":2018},"Improvement1"]
[{"$f":"market1","v":"Beer"},0.38400000000000001,5.0000000000000001E-3]
[{"$f":"market3","v":"Wines and spirits"},0.154,0.02]
[{"$f":"market2","v":"Soft drinks"},0.11600000000000001,0.01]
[{"$f":"market4","v":"Consumer products"},0.108,0]
["Average share, Dracula Glass",{"$f":"Revenue!B24","v":0.25582949098379365}]
[]
["1 Increase in market share management expects to gain over the next four years."]

{"sheet":"Revenue","index":12,"n_rows":35,"n_cols":17,"rows_kept":35,"cut":false,"hidden":true,"merged":[]}
[]
["Glass Containers"]
["Revenue Model"]
[]
["Brazilian Market",null,null,null,null,null,null,null,null,"Dracula Glass"]
["Projected Units",null,null,null,null,null,null,null,null,"Projected Units"]
[null,null,null,null,null,null,null,"CAGR",null,null,null,null,null,null,null,null,"CAGR"]
["Millions of bottles",{"$f":"'A2'!$L$7","v":2018},{"$f":"($B8+1) & \"F\"","v":"2019F"},{"$f":"($B8+2) & \"F\"","v":"2020F"},{"$f":"($B8+3) & \"F\"","v":"2021F"},{"$f":"($B8+4) & \"F\"","v":"2022F"},null,"Forecast",null,"Millions of bottles",{"$f":"'A2'!$L$7","v":2018},{"$f":"($B8+1) & \"F\"","v":"2019F"},{"$f":"($B8+2) & \"F\"","v":"2020F"},{"$f":"($B8+3) & \"F\"","v":"2021F"},{"$f":"($B8+4) & \"F\"","v":"2022F"},null,"Forecast"]
["Beer",{"$f":"'A9'!B11","v":12886},{"$f":"B9*(1+$H9)","v":13272.58},13670.7574,14080.880122,14503.30652566,null,{"$f":"'A9'!C11","v":0.03},null,{"$f":"market1","v":"Beer"},{"$f":"B31","v":4948.2240000000002},5113.2614450000001,5283.7477350999998,5459.8612673054995,5641.786238481739,null,{"$f":"RATE(COLUMN(O9) - COLUMN(K9), 0, -K9, O9)","v":3.3336616420681642E-2}]
["Soft drinks",{"$f":"'A9'!B12","v":6569},6404.7749999999996,6244.6556249999994,6088.5392343749991,5936.3257535156235,null,{"$f":"'A9'!C12","v":-2.5000000000000001E-2},null,{"$f":"market3","v":"Wines and spirits"},1011.626,1018.3592249999999,1024.1235225,1028.963130609375,1032.9206811117185,null,{"$f":"RATE(COLUMN(O10) - COLUMN(K10), 0, -K10, O10)","v":5.2214507254174682E-3}]
["Wines and spirits",{"$f":"'A9'!B13","v":3392},3425.92,3460.1792,3494.780992,3529.72880192,null,{"$f":"'A9'!C13","v":0.01},null,{"$f":"market2","v":"Soft drinks"},393.47200000000004,405.97152000000006,418.68168320000007,431.60545251200006,444.74582904191999,null,{"$f":"RATE(COLUMN(O11) - COLUMN(K11), 0, -K11, O11)","v":3.1096975038241541E-2}]
["Consumer products",{"$f":"'A9'!B14","v":3439},3593.7549999999997,3755.4739749999994,3924.470303874999,4101.0714675493737,null,{"$f":"'A9'!C14","v":4.4999999999999998E-2},null,{"$f":"market4","v":"Consumer products"},371.41199999999998,388.12553999999994,405.59118929999994,423.8427928184999,442.91571849533233,null,{"$f":"RATE(COLUMN(O12) - COLUMN(K12), 0, -K12, O12)","v":4.5000000000002101E-2}]
["Total units, Brazil",{"$f":"SUM(B9:B12)","v":26286},{"$f":"SUM(C9:C12)","v":26697.030000000002},{"$f":"SUM(D9:D12)","v":27131.066200000001},{"$f":"SUM(E9:E12)","v":27588.670652249999},{"$f":"SUM(F9:F12)","v":28070.432548644996},null,{"$f":"RATE(COLUMN(F13) - COLUMN(B13), 0, -B13, F13)","v":1.6555630880828062E-2},null,"Total units, Dracula",{"$f":"SUM(K9:K12)","v":6724.7340000000004},{"$f":"SUM(L9:L12)","v":6925.7177300000003},{"$f":"SUM(M9:M12)","v":7132.1441301000004},{"$f":"SUM(N9:N12)","v":7344.2726432453746},{"$f":"SUM(O9:O12)","v":7562.3684671307092},null,{"$f":"RATE(COLUMN(O13) - COLUMN(K13), 0, -K13, O13)","v":2.978291192580481E-2}]
[]
[]
["Dracula Glass",null,null,null,null,null,null,null,null,"Dracula Glass"]
["Projected Market Share",null,null,null,null,null,null,"4-Year",null,"Expected Pricing"]
[null,null,null,null,null,null,null,"Expected",null,null,null,null,null,null,null,null,"CAGR"]
["Millions of bottles",{"$f":"'A2'!$L$7","v":2018},{"$f":"($B19+1) & \"F\"","v":"2019F"},{"$f":"($B19+2) & \"F\"","v":"2020F"},{"$f":"($B19+3) & \"F\"","v":"2021F"},{"$f":"($B19+4) & \"F\"","v":"2022F"},null,"Change",null,"Average price, $R",{"$f":"'A2'!$L$7","v":2018},{"$f":"($K19+1) & \"F\"","v":"2019F"},{"$f":"($K19+2) & \"F\"","v":"2020F"},{"$f":"($K19+3) & \"F\"","v":"2021F"},{"$f":"($K19+4) & \"F\"","v":"2022F"},null,"Forecast"]
[{"$f":"market1","v":"Beer"},{"$f":"'A9'!B22","v":0.38400000000000001},{"$f":"B20+$H20/4","v":0.38524999999999998},0.38649999999999995,0.38774999999999993,0.3889999999999999,null,{"$f":"'A9'!C22","v":5.0000000000000001E-3},null,{"$f":"market1","v":"Beer"},{"$f":"'A9'!F11","v":0.6},{"$f":"K20*(1+$Q20)","v":0.61799999999999999},0.63653999999999999,0.6556362,0.67530528600000006,null,{"$f":"'A9'!G11","v":0.03}]
[{"$f":"market3","v":"Wines and spirits"},{"$f":"'A9'!B23","v":0.154},0.159,0.16400000000000001,0.16900000000000001,0.17400000000000002,null,{"$f":"'A9'!C23","v":0.02},null,{"$f":"market3","v":"Wines and spirits"},{"$f":"'A9'!F12","v":0.65},0.65,0.65,0.65,0.65,null,{"$f":"'A9'!G12","v":0}]
[{"$f":"market2","v":"Soft drinks"},{"$f":"'A9'!B24","v":0.11600000000000001},0.11850000000000001,0.12100000000000001,0.12350000000000001,0.126,null,{"$f":"'A9'!C24","v":0.01},null,{"$f":"market2","v":"Soft drinks"},{"$f":"'A9'!F13","v":1.6},1.6559999999999999,1.7139599999999997,1.7739485999999995,1.8360368009999994,null,{"$f":"'A9'!G13","v":3.5000000000000003E-2}]
[{"$f":"market4","v":"Consumer products"},{"$f":"'A9'!B25","v":0.108},0.108,0.108,0.108,0.108,null,{"$f":"'A9'!C25","v":0},null,{"$f":"market4","v":"Consumer products"},{"$f":"'A9'!F14","v":0.9},0.92249999999999999,0.94556249999999986,0.96920156249999978,0.99343160156249966,null,{"$f":"'A9'!G14","v":2.5000000000000001E-2}]
["Total share, Dracula",{"$f":"B35/B13","v":0.25582949098379365},{"$f":"C35/C13","v":0.25941903387755116},{"$f":"D35/D13","v":0.26287739956566836},{"$f":"E35/E13","v":0.26620610814556994},{"$f":"F35/F13","v":0.26940690899669645},null,{"$f":"F24-B24","v":1.3577418012902798E-2},null,"Average price, Dracula",{"$f":"K35/B35","v":0.68260206277304059},{"$f":"L35/C35","v":0.7006152872808461},{"$f":"M35/D35","v":0.71929457061092461},{"$f":"N35/E35","v":0.7386631702730877},{"$f":"O35/F35","v":0.75874413125795404},null,{"$f":"RATE(COLUMN(O24) - COLUMN(K24), 0, -K24, O24)","v":2.6790725247750027E-2}]
[]
[]
["Dracula Glass",null,null,null,null,null,null,null,null,"Dracula Glass"]
["Projected Units",null,null,null,null,null,null,null,null,"Revenue, Packaging"]
[null,null,null,null,null,null,null,"CAGR",null,null,null,null,null,null,null,null,"CAGR"]
["Millions of bottles",{"$f":"'A2'!$L$7","v":2018},{"$f":"($B30+1) & \"F\"","v":"2019F"},{"$f":"($B30+2) & \"F\"","v":"2020F"},{"$f":"($B30+3) & \"F\"","v":"2021F"},{"$f":"($B30+4) & \"F\"","v":"2022F"},null,"Forecast",null,"Real, millions",{"$f":"'A2'!$L$7","v":2018},{"$f":"($K30+1) & \"F\"","v":"2019F"},{"$f":"($K30+2) & \"F\"","v":"2020F"},{"$f":"($K30+3) & \"F\"","v":"2021F"},{"$f":"($K30+4) & \"F\"","v":"2022F"},null,"Forecast"]
[{"$f":"market1","v":"Beer"},{"$f":"B9*B20","v":4948.2240000000002},5113.2614450000001,5283.7477350999998,5459.8612673054995,5641.786238481739,null,{"$f":"RATE(COLUMN(F31) - COLUMN(B31), 0, -B31, F31)","v":3.3336616420681642E-2},null,{"$f":"market1","v":"Beer"},{"$f":"B31*K20","v":2968.9344000000001},3159.99557301,3363.3167833005537,3579.6826938233621,3809.9280693287751,null,{"$f":"RATE(COLUMN(O31) - COLUMN(K31), 0, -K31, O31)","v":6.433671491327636E-2}]
[{"$f":"market3","v":"Wines and spirits"},1011.626,1018.3592249999999,1024.1235225,1028.963130609375,1032.9206811117185,null,{"$f":"RATE(COLUMN(F32) - COLUMN(B32), 0, -B32, F32)","v":5.2214507254174682E-3},null,{"$f":"market3","v":"Wines and spirits"},657.55690000000004,661.93349624999996,665.680289625,668.8260348960938,671.39844272261712,null,{"$f":"RATE(COLUMN(O32) - COLUMN(K32), 0, -K32, O32)","v":5.2214507254174213E-3}]
[{"$f":"market2","v":"Soft drinks"},393.47200000000004,405.97152000000006,418.68168320000007,431.60545251200006,444.74582904191999,null,{"$f":"RATE(COLUMN(F33) - COLUMN(B33), 0, -B33, F33)","v":3.1096975038241541E-2},null,{"$f":"market2","v":"Soft drinks"},629.55520000000013,672.28883712000004,717.60365773747196,765.64588823602878,816.56970921221944,null,{"$f":"RATE(COLUMN(O33) - COLUMN(K33), 0, -K33, O33)","v":6.718536916454014E-2}]
[{"$f":"market4","v":"Consumer products"},371.41199999999998,388.12553999999994,405.59118929999994,423.8427928184999,442.91571849533233,null,{"$f":"RATE(COLUMN(F34) - COLUMN(B34), 0, -B34, F34)","v":4.5000000000002101E-2},null,{"$f":"market4","v":"Consumer products"},334.27080000000001,358.04581064999996,383.51181893248116,410.7890970540538,440.00647158202327,null,{"$f":"RATE(COLUMN(O34) - COLUMN(K34), 0, -K34, O34)","v":7.1125000005035549E-2}]
["Total units, Dracula",{"$f":"SUM(B31:B34)","v":6724.7340000000004},{"$f":"SUM(C31:C34)","v":6925.7177300000003},{"$f":"SUM(D31:D34)","v":7132.1441301000004},{"$f":"SUM(E31:E34)","v":7344.2726432453746},{"$f":"SUM(F31:F34)","v":7562.3684671307092},null,{"$f":"RATE(COLUMN(F35) - COLUMN(B35), 0, -B35, F35)","v":2.978291192580481E-2},null,"Total revenue, Dracula",{"$f":"SUM(K31:K34)","v":4590.3173000000006},{"$f":"SUM(L31:L34)","v":4852.2637170299995},{"$f":"SUM(M31:M34)","v":5130.1125495955066},{"$f":"SUM(N31:N34)","v":5424.9437140095379},{"$f":"SUM(O31:O34)","v":5737.9026928456351},null,{"$f":"RATE(COLUMN(O35) - COLUMN(K35), 0, -K35, O35)","v":5.7371542983900264E-2}]

{"sheet":"Labor","index":13,"n_rows":14,"n_cols":12,"rows_kept":14,"cut":false,"hidden":true,"merged":[[4,8,4,11],[4,3,4,6]]}
[]
[null,"Participant Model: Labor Synergies"]
[null,"Forging labor costs ($R millions)"]
[]
[null,null,null,"<--------------    Forecast    -------------->",null,null,null,null,"St. Germain"]
[]
[null,"$R millions",2015,2016,2017,2018,2019,null,"Facility 1","Facility 2","Facility 3","Facility 4"]
[1,"Forging headcount (thousands of FTEs)",{"$f":"C14/(C13/1000)","v":{"$error":"#REF!"}},{"$f":"D10/D9","v":{"$error":"#REF!"}},{"$f":"E10/E9","v":{"$error":"#REF!"}},{"$f":"F10/F9","v":{"$error":"#REF!"}},{"$f":"G10/G9","v":{"$error":"#REF!"}},null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
[{"$f":"A8+1","v":2},"Thousands units per FTE",{"$f":"C10/C8","v":{"$error":"#REF!"}},{"$f":"C9","v":{"$error":"#REF!"}},{"$f":"D9","v":{"$error":"#REF!"}},{"$f":"E9","v":{"$error":"#REF!"}},{"$f":"F9","v":{"$error":"#REF!"}},null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
[3,"Number of units (millions)",{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},null,2376.8655572118032,1442.5643661116781,1178.845708971327,2162.1493304333367]
[4]
[5,"Forging headcount (thousands of FTEs)",{"$f":"C8","v":{"$error":"#REF!"}},{"$f":"D8","v":{"$error":"#REF!"}},{"$f":"E8","v":{"$error":"#REF!"}},{"$f":"F8","v":{"$error":"#REF!"}},{"$f":"G8","v":{"$error":"#REF!"}},null,{"$f":"I8","v":{"$error":"#REF!"}},{"$f":"J8","v":{"$error":"#REF!"}},{"$f":"K8","v":{"$error":"#REF!"}},{"$f":"L8","v":{"$error":"#REF!"}}]
[6,"Forging salary (in R$)",{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"C13*(#REF!/#REF!)","v":{"$error":"#REF!"}},{"$f":"D13*(#REF!/#REF!)","v":{"$error":"#REF!"}},{"$f":"E13*(#REF!/#REF!)","v":{"$error":"#REF!"}},{"$f":"F13*(#REF!/#REF!)","v":{"$error":"#REF!"}},null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
[7,"Forging labor costs ($R millions)",1262.3609405,{"$f":"D12*D13/1000","v":{"$error":"#REF!"}},{"$f":"E12*E13/1000","v":{"$error":"#REF!"}},{"$f":"F12*F13/1000","v":{"$error":"#REF!"}},{"$f":"G12*G13/1000","v":{"$error":"#REF!"}},null,{"$f":"I12*I13/1000","v":{"$error":"#REF!"}},{"$f":"J12*J13/1000","v":{"$error":"#REF!"}},{"$f":"K12*K13/1000","v":{"$error":"#REF!"}},{"$f":"L12*L13/1000","v":{"$error":"#REF!"}}]

{"sheet":"Raw Materials","index":14,"n_rows":31,"n_cols":12,"rows_kept":31,"cut":false,"hidden":true,"merged":[[4,3,4,6],[4,8,4,11]]}
[]
[null,"Participant Model: Raw Materials Synergies"]
[null,"Improvement in Raw Materials Expense (R$ millions)"]
[]
[null,null,null,"<--------------    Forecast    -------------->",null,null,null,null,"St. Germain"]
[]
[null,"Millions of units",2015,{"$f":"C7+1","v":2016},{"$f":"D7+1","v":2017},{"$f":"E7+1","v":2018},{"$f":"F7+1","v":2019},null,"Facility 1","Facility 2","Facility 3","Facility 4"]
[null,"Beer",{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},null,2006.0473100840684,909.18607480461537,453.69645347584697,1919.3891920021783]
[null,"Wines and spirits",{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},null,179.00670164218548,316.65368610016463,399.06976302820715,112.18264735321662]
[null,"Soft drinks",{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},null,98.856821830617463,102.50961601260039,192.48056642742065,108.08782211902826]
[null,"Consumer products",{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},null,92.954723654931755,114.2149891942977,133.59892603985219,22.489668958913526]
[null,"Total units",{"$f":"SUM(C8:C11)","v":{"$error":"#REF!"}},{"$f":"SUM(D8:D11)","v":{"$error":"#REF!"}},{"$f":"SUM(E8:E11)","v":{"$error":"#REF!"}},{"$f":"SUM(F8:F11)","v":{"$error":"#REF!"}},{"$f":"SUM(G8:G11)","v":{"$error":"#REF!"}},null,{"$f":"SUM(I8:I11)","v":2376.8655572118032},{"$f":"SUM(J8:J11)","v":1442.5643661116781},{"$f":"SUM(K8:K11)","v":1178.845708971327},{"$f":"SUM(L8:L11)","v":2162.1493304333367}]
[]
[null,"Units per ton1"]
[null,"Beer",{"$f":"C8/C21","v":{"$error":"#REF!"}},{"$f":"C15","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},null,{"$f":"I8/I21","v":262.09318261689231},260.17667054122899,256.75,260.44542799237871]
[null,"Wines and spirits",{"$f":"C9/C22","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},null,241.48259009491358,241.23290124255209,240.42736055280105,241.48259009491358]
[null,"Soft drinks",{"$f":"C10/C23","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},null,130.80638423810981,126.94029004999378,126.625,130.68920499790244]
[null,"Consumer products",{"$f":"C11/C24","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},null,298.68255101133639,296.65484959937731,295.19859271105258,297.36725807710582]
[]
[null,"Millions of tons"]
[null,"Beer",{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"D8/D15","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},null,7.6539469285485167,3.4944950018512166,1.7670747944531526,7.3696405684585278]
[null,"Wines and spirits",{"$f":"#REF!","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},null,0.74128201777125113,1.3126471740344379,1.6598350624930898,0.46455790998897173]
[null,"Soft drinks",{"$f":"#REF!","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},null,0.75574921213834756,0.80754200240308505,1.5200834466133912,0.82706006300033019]
[null,"Consumer products",{"$f":"#REF!","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},null,0.31121578190687038,0.3850096816166711,0.45257304519273911,7.5629271037909868E-2]
[null,"Millions of tons",{"$f":"SUM(C21:C24)","v":{"$error":"#REF!"}},{"$f":"SUM(D21:D24)","v":{"$error":"#REF!"}},{"$f":"SUM(E21:E24)","v":{"$error":"#REF!"}},{"$f":"SUM(F21:F24)","v":{"$error":"#REF!"}},{"$f":"SUM(G21:G24)","v":{"$error":"#REF!"}},null,{"$f":"SUM(I21:I24)","v":9.4621939403649868},{"$f":"SUM(J21:J24)","v":5.9996938599054097},{"$f":"SUM(K21:K24)","v":5.3995663487523728},{"$f":"SUM(L21:L24)","v":8.7368878124857385}]
[]
[null,"Purchase price ton1",{"$f":"C28/C25","v":{"$error":"#REF!"}},{"$f":"C27*(1+#REF!)","v":{"$error":"#REF!"}},{"$f":"D27*(1+#REF!)","v":{"$error":"#REF!"}},{"$f":"E27*(1+#REF!)","v":{"$error":"#REF!"}},{"$f":"F27*(1+#REF!)","v":{"$error":"#REF!"}},null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
[null,"Raw materials (R$ millions)3",1849.9325782599999,{"$f":"D25*D27","v":{"$error":"#REF!"}},{"$f":"E25*E27","v":{"$error":"#REF!"}},{"$f":"F25*F27","v":{"$error":"#REF!"}},{"$f":"G25*G27","v":{"$error":"#REF!"}},null,{"$f":"I25*I27","v":{"$error":"#REF!"}},{"$f":"J25*J27","v":{"$error":"#REF!"}},{"$f":"K25*K27","v":{"$error":"#REF!"}},{"$f":"L25*L27","v":{"$error":"#REF!"}}]
[]
[null,"1 Raw materials with no synergies in Case C will only approximate raw materials from Case A, because each product "]
[null,"  type uses different tonnage."]