{"text_format":"1","workbook":"xlsx","n_sheets":7,"sheets":["Overview","C1","C2","C3","C4","Labor","Raw Materials"],"not_rendered":{"charts":0,"images":1,"macros":1,"external_links":0,"defined_names":0,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Overview","index":0,"n_rows":15,"n_cols":3,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,"The Acquisition of Dracula Glass"]
[null,"Case C - Exhibits"]
[]
[]
[null,"Worksheet","Description"]
[null,"C1","Raw materials, Dracula and St. Germain"]
[null,"C2","Labor costs, Dracula and St. Germain"]
[null,"C3","Unit forecasts, Dracula"]
[null,"C4","Revenue forecasts, Dracula"]
[]
[null,"Labor","Model to project labor costs, based on productivity."]
[null,"Raw Materials","Model to project raw materials costs, based on productivity by product and raw materials price."]

{"sheet":"C1","index":1,"n_rows":22,"n_cols":9,"rows_kept":22,"cut":false,"hidden":false,"merged":[[4,1,6,1],[4,3,4,6]]}
[]
["Exhibit 1"]
["Raw materials (R$ millions)"]
[]
[null,"Dracula Glass, Glass Containers",null,"St. Germain"]
[]
["Millions of units",null,null,"Facility 1","Facility 2","Facility 3","Facility 4"]
["Beer",{"$f":"'C3'!B31","v":4948.2240000000002},null,2006.0473100840684,909.18607480461537,453.69645347584697,1919.3891920021783]
["Wines and spirits",{"$f":"'C3'!B32","v":1011.626},null,179.00670164218548,316.65368610016463,399.06976302820715,112.18264735321662]
["Soft drinks",{"$f":"'C3'!B33","v":393.47200000000004},null,98.856821830617463,102.50961601260039,192.48056642742065,108.08782211902826]
["Consumer products",{"$f":"'C3'!B34","v":371.41199999999998},null,92.954723654931755,114.2149891942977,133.59892603985219,22.489668958913526]
["Total units",{"$f":"SUM(B8:B11)","v":6724.7340000000004},null,{"$f":"SUM(D8:D11)","v":2376.8655572118032},{"$f":"SUM(E8:E11)","v":1442.5643661116781},{"$f":"SUM(F8:F11)","v":1178.845708971327},{"$f":"SUM(G8:G11)","v":2162.1493304333367}]
[]
["Raw material tonnage"]
["Beer",19.792895999999999,null,7.6539469285485167,3.4944950018512166,1.7670747944531526,7.3696405684585278]
["Wines and spirits",4.2151083333333332,null,0.74128201777125113,1.3126471740344379,1.6598350624930898,0.46455790998897173]
["Soft drinks",3.1477760000000004,null,0.75574921213834756,0.80754200240308505,1.5200834466133912,0.82706006300033019]
["Consumer products",1.2807310344827585,null,0.31121578190687038,0.3850096816166711,0.45257304519273911,7.5629271037909868E-2]
["Millions of tons",{"$f":"SUM(B15:B18)","v":28.436511367816092},null,{"$f":"SUM(D15:D18)","v":9.4621939403649868},{"$f":"SUM(E15:E18)","v":5.9996938599054097},{"$f":"SUM(F15:F18)","v":5.3995663487523728},{"$f":"SUM(G15:G18)","v":8.7368878124857385},null,"Long-run"]
[null,null,null,null,null,null,null,null,"Growth"]
["Purchase price per ton",65.057206774449668,null,62.3,{"$f":"D21","v":62.3},{"$f":"E21","v":62.3},{"$f":"F21","v":62.3},null,{"$f":"'C4'!H11","v":2.6790602395295071E-2}]
["Raw materials (R$ millions)",{"$f":"B19*B21","v":1850},null,{"$f":"D19*D21","v":589.49468248473863},{"$f":"E19*E21","v":373.78092747210701},{"$f":"F19*F21","v":336.3929835272728},{"$f":"G19*G21","v":544.3081107178615}]

{"sheet":"C2","index":2,"n_rows":14,"n_cols":9,"rows_kept":14,"cut":false,"hidden":false,"merged":[[4,1,6,1],[4,3,4,6]]}
[]
["Exhibit 2"]
["Forging labor costs (R$ millions)"]
[]
[null,"Dracula Glass, Glass Containers",null,"St. Germain"]
[]
["Line Item",null,null,"Facility 1","Facility 2","Facility 3","Facility 4"]
["Forging headcount (thousands of FTEs)",35.055555555555557,null,11.585621110244434,6.1966632492186493,5.4565359687215569,9.4820191944979637]
["Thousands units per FTE",191.83076386687799,null,205.15650689716506,232.79695992735674,216.04287330438427,228.02625538745431]
["Number of units (millions)",{"$f":"B8*B9","v":6724.7340000000013},null,{"$f":"D8*D9","v":2376.8655572118032},{"$f":"E8*E9","v":1442.5643661116781},{"$f":"F8*F9","v":1178.845708971327},{"$f":"G8*G9","v":2162.1493304333367}]
[null,null,null,null,null,null,null,null,"Long-run"]
["Forging headcount (thousands of FTEs)",{"$f":"B8","v":35.055555555555557},null,{"$f":"D8","v":11.585621110244434},{"$f":"E8","v":6.1966632492186493},{"$f":"F8","v":5.4565359687215569},{"$f":"G8","v":9.4820191944979637},null,"Growth"]
["Forging salary (in R$)",36000,null,38663.072590645148,38840.989965537257,40217.061503384255,41738.040077983176,null,{"$f":"'C4'!H11","v":2.6790602395295071E-2}]
["Forging labor costs ($R millions)",{"$f":"B12*B13/1000","v":1262},null,{"$f":"D12*D13/1000","v":447.93570999309134},{"$f":"E12*E13/1000","v":240.68453508271506},{"$f":"F12*F13/1000","v":219.44584264950322},{"$f":"G12*G13/1000","v":395.76089716016173}]

{"sheet":"C3","index":3,"n_rows":35,"n_cols":8,"rows_kept":35,"cut":false,"hidden":false,"merged":[]}
[]
["Exhibit 3"]
["Glass Containers, Projected Units"]
[]
["Brazilian Market"]
["Projected Units"]
[null,null,null,null,null,null,null,"CAGR"]
["Millions of bottles",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",12886,{"$f":"B9*(1+$H9)","v":13272.58},{"$f":"C9*(1+$H9)","v":13670.7574},14080.880122,14503.30652566,null,0.03]
["Wines and spirits",6569,{"$f":"B10*(1+$H10)","v":6404.7749999999996},6244.6556249999994,6088.5392343749991,5936.3257535156235,null,-2.5000000000000001E-2]
["Soft drinks",3392,3425.92,3460.1792,3494.780992,3529.72880192,null,0.01]
["Consumer products",3439,3593.7549999999997,3755.4739749999994,3924.470303874999,4101.0714675493737,null,4.4999999999999998E-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}]
[]
[]
["Table 2"]
["Projected Market Share, Dracula Glass",null,null,null,null,null,null,"4-Year"]
[null,null,null,null,null,null,null,"Expected"]
["Millions of bottles",{"$f":"B8","v":2018},{"$f":"($B19+1) & \"F\"","v":"2019F"},{"$f":"($B19+2) & \"F\"","v":"2020F"},{"$f":"($B19+3) & \"F\"","v":"2021F"},{"$f":"($B19+4) & \"F\"","v":"2022F"},null,"Change"]
["Beer",0.38400000000000001,{"$f":"B20+$H20/4","v":0.38524999999999998},{"$f":"C20+$H20/4","v":0.38649999999999995},{"$f":"D20+$H20/4","v":0.38774999999999993},{"$f":"E20+$H20/4","v":0.3889999999999999},null,5.0000000000000001E-3]
["Wines and spirits",0.154,{"$f":"B21+$H21/4","v":0.159},0.16400000000000001,0.16900000000000001,0.17400000000000002,null,0.02]
["Soft drinks",0.11600000000000001,0.11850000000000001,0.12100000000000001,0.12350000000000001,0.126,null,0.01]
["Consumer products",0.108,0.108,0.108,0.108,0.108,null,0]
["Total share, Dracula",{"$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,{"$f":"F24-B24","v":1.3577418012902798E-2}]
[]
[]
["Table 3"]
["Projected Units, Dracula Glass"]
[null,null,null,null,null,null,null,"CAGR"]
["Millions of bottles",{"$f":"B8","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"]
["Beer",{"$f":"B9*B20","v":4948.2240000000002},{"$f":"C9*C20","v":5113.2614450000001},5283.7477350999998,5459.8612673054995,5641.786238481739,null,{"$f":"RATE(COLUMN(F31) - COLUMN(B31), 0, -B31, F31)","v":3.3336616420681642E-2}]
["Wines and spirits",{"$f":"B10*B21","v":1011.626},1018.3592249999999,1024.1235225,1028.963130609375,1032.9206811117185,null,{"$f":"RATE(COLUMN(F32) - COLUMN(B32), 0, -B32, F32)","v":5.2214507254174682E-3}]
["Soft drinks",{"$f":"B11*B22","v":393.47200000000004},405.97152000000006,418.68168320000007,431.60545251200006,444.74582904191999,null,{"$f":"RATE(COLUMN(F33) - COLUMN(B33), 0, -B33, F33)","v":3.1096975038241541E-2}]
["Consumer products",{"$f":"B12*B23","v":371.41199999999998},388.12553999999994,405.59118929999994,423.8427928184999,442.91571849533233,null,{"$f":"RATE(COLUMN(F34) - COLUMN(B34), 0, -B34, F34)","v":4.5000000000002101E-2}]
["Total units, Dracula",{"$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}]

{"sheet":"C4","index":4,"n_rows":11,"n_cols":8,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
[]
["Exhibit 4"]
["Glass Containers, Revenues"]
[]
[]
["$R millions",{"$f":"'C3'!$B$8","v":2018},{"$f":"($B6+1) & \"F\"","v":"2019F"},{"$f":"($B6+2) & \"F\"","v":"2020F"},{"$f":"($B6+3) & \"F\"","v":"2021F"},{"$f":"($B6+4) & \"F\"","v":"2022F"}]
["Units",{"$f":"'C3'!B35","v":6724.7340000000004},{"$f":"'C3'!C35","v":6925.7177300000003},{"$f":"'C3'!D35","v":7132.1441301000004},{"$f":"'C3'!E35","v":7344.2726432453746},{"$f":"'C3'!F35","v":7562.3684671307092}]
["Average price",0.68260082079772988,0.70061388743615638,0.71929301321739503,0.7386614559050223,0.75874226072611828]
["Revenue",{"$f":"B7*B8","v":4590.3089480464014},{"$f":"C7*C8","v":4852.254022100813},5130.1014420403862,5424.9311232230548,5737.8885471946642]
[null,null,null,null,null,null,null,"Average"]
["Price growth",null,{"$f":"C8/B8-1","v":2.6388873393640599E-2},{"$f":"D8/C8-1","v":2.6661084109527833E-2},{"$f":"E8/D8-1","v":2.692705522189387E-2},{"$f":"F8/E8-1","v":2.7185396856117983E-2},null,{"$f":"AVERAGE(C11:F11)","v":2.6790602395295071E-2}]

{"sheet":"Labor","index":5,"n_rows":14,"n_cols":12,"rows_kept":14,"cut":false,"hidden":true,"merged":[[4,3,4,6],[4,8,4,11]]}
[]
[null,"Participant Model: Labor Synergies"]
[null,"Forging labor costs ($R millions)"]
[]
[null,null,null,"<--------------    Forecast    -------------->",null,null,null,null,"St. Germain"]
[]
[null,"$R millions",{"$f":"'C3'!$B$8","v":2018},{"$f":"C7+1","v":2019},{"$f":"D7+1","v":2020},{"$f":"E7+1","v":2021},{"$f":"F7+1","v":2022},null,"Facility 1","Facility 2","Facility 3","Facility 4"]
[null,"Forging headcount (thousands of FTEs)",{"$f":"C14/(C13/1000)","v":35.065581680555553},{"$f":"D10/D9","v":36.113595089082601},{"$f":"E10/E9","v":37.189988860751427},{"$f":"F10/F9","v":38.296115839822114},{"$f":"G10/G9","v":39.433358878229171},null,{"$f":"'C2'!D8","v":11.585621110244434},{"$f":"'C2'!E8","v":6.1966632492186493},{"$f":"'C2'!F8","v":5.4565359687215569},{"$f":"'C2'!G8","v":9.4820191944979637}]
[null,"Thousands units per FTE",{"$f":"C10/C8","v":191.77591466360806},{"$f":"C9","v":191.77591466360806},{"$f":"D9","v":191.77591466360806},{"$f":"E9","v":191.77591466360806},{"$f":"F9","v":191.77591466360806},null,{"$f":"'C2'!D9","v":205.15650689716506},{"$f":"'C2'!E9","v":232.79695992735674},{"$f":"'C2'!F9","v":216.04287330438427},{"$f":"'C2'!G9","v":228.02625538745431}]
[null,"Number of units (millions)",{"$f":"'C3'!B35","v":6724.7340000000004},{"$f":"'C3'!C35","v":6925.7177300000003},{"$f":"'C3'!D35","v":7132.1441301000004},{"$f":"'C3'!E35","v":7344.2726432453746},{"$f":"'C3'!F35","v":7562.3684671307092},null,2376.8655572118032,1442.5643661116781,1178.845708971327,2162.1493304333367]
[]
[null,"Forging headcount (thousands of FTEs)",{"$f":"C8","v":35.065581680555553},{"$f":"D8","v":36.113595089082601},{"$f":"E8","v":37.189988860751427},{"$f":"F8","v":38.296115839822114},{"$f":"G8","v":39.433358878229171},null,{"$f":"I8","v":11.585621110244434},{"$f":"J8","v":6.1966632492186493},{"$f":"K8","v":5.4565359687215569},{"$f":"L8","v":9.4820191944979637}]
[null,"Forging salary (in R$)",{"$f":"'C2'!B13","v":36000},{"$f":"C13*('C4'!C8/'C4'!B8)","v":36949.999442171058},{"$f":"D13*('C4'!D8/'C4'!C8)","v":37935.126485145789},{"$f":"E13*('C4'!E8/'C4'!D8)","v":38956.607730860836},{"$f":"F13*('C4'!F8/'C4'!E8)","v":40015.658572192406},null,{"$f":"'C2'!D13","v":38663.072590645148},{"$f":"'C2'!E13","v":38840.989965537257},{"$f":"'C2'!F13","v":40217.061503384255},{"$f":"'C2'!G13","v":41738.040077983176}]
[null,"Forging labor costs ($R millions)",1262.3609405,{"$f":"D12*D13/1000","v":1334.3973183963938},{"$f":"E12*E13/1000","v":1410.8069314137683},{"$f":"F12*F13/1000","v":1491.8867623875562},{"$f":"G12*G13/1000","v":1577.9518252259506},null,{"$f":"I12*I13/1000","v":447.93570999309134},{"$f":"J12*J13/1000","v":240.68453508271506},{"$f":"K12*K13/1000","v":219.44584264950322},{"$f":"L12*L13/1000","v":395.76089716016173}]

{"sheet":"Raw Materials","index":6,"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",{"$f":"'C3'!$B$8","v":2018},{"$f":"C7+1","v":2019},{"$f":"D7+1","v":2020},{"$f":"E7+1","v":2021},{"$f":"F7+1","v":2022},null,"Facility 1","Facility 2","Facility 3","Facility 4"]
[null,"Beer",{"$f":"'C3'!B31","v":4948.2240000000002},{"$f":"'C3'!C31","v":5113.2614450000001},{"$f":"'C3'!D31","v":5283.7477350999998},{"$f":"'C3'!E31","v":5459.8612673054995},{"$f":"'C3'!F31","v":5641.786238481739},null,2006.0473100840684,909.18607480461537,453.69645347584697,1919.3891920021783]
[null,"Wines and spirits",{"$f":"'C3'!B32","v":1011.626},{"$f":"'C3'!C32","v":1018.3592249999999},{"$f":"'C3'!D32","v":1024.1235225},{"$f":"'C3'!E32","v":1028.963130609375},{"$f":"'C3'!F32","v":1032.9206811117185},null,179.00670164218548,316.65368610016463,399.06976302820715,112.18264735321662]
[null,"Soft drinks",{"$f":"'C3'!B33","v":393.47200000000004},{"$f":"'C3'!C33","v":405.97152000000006},{"$f":"'C3'!D33","v":418.68168320000007},{"$f":"'C3'!E33","v":431.60545251200006},{"$f":"'C3'!F33","v":444.74582904191999},null,98.856821830617463,102.50961601260039,192.48056642742065,108.08782211902826]
[null,"Consumer products",{"$f":"'C3'!B34","v":371.41199999999998},{"$f":"'C3'!C34","v":388.12553999999994},{"$f":"'C3'!D34","v":405.59118929999994},{"$f":"'C3'!E34","v":423.8427928184999},{"$f":"'C3'!F34","v":442.91571849533233},null,92.954723654931755,114.2149891942977,133.59892603985219,22.489668958913526]
[null,"Total units",{"$f":"SUM(C8:C11)","v":6724.7340000000004},{"$f":"SUM(D8:D11)","v":6925.7177300000003},{"$f":"SUM(E8:E11)","v":7132.1441301000004},{"$f":"SUM(F8:F11)","v":7344.2726432453746},{"$f":"SUM(G8:G11)","v":7562.3684671307092},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",{"$f":"C8/C21","v":250.00000000000003},{"$f":"C15","v":250.00000000000003},{"$f":"D15","v":250.00000000000003},250.00000000000003,250.00000000000003,null,{"$f":"I8/I21","v":262.09318261689231},{"$f":"J8/J21","v":260.17667054122899},256.75,{"$f":"L8/L21","v":260.44542799237871}]
[null,"Wines and spirits",{"$f":"C9/C22","v":240},{"$f":"C16","v":240},240,240,240,null,{"$f":"I9/I22","v":241.48259009491358},241.23290124255209,240.42736055280105,241.48259009491358]
[null,"Soft drinks",125,125,125,125,125,null,130.80638423810981,126.94029004999378,126.625,130.68920499790244]
[null,"Consumer products",290,290,290,290,290,null,298.68255101133639,296.65484959937731,295.19859271105258,297.36725807710582]
[]
[null,"Millions of tons"]
[null,"Beer",{"$f":"'C1'!B15","v":19.792895999999999},{"$f":"D8/D15","v":20.453045779999997},21.134990940399998,21.839445069221995,22.567144953926952,null,7.6539469285485167,3.4944950018512166,1.7670747944531526,7.3696405684585278]
[null,"Wines and spirits",{"$f":"'C1'!B16","v":4.2151083333333332},4.2431634374999998,4.2671813437499999,4.2873463775390626,4.3038361712988271,null,0.74128201777125113,1.3126471740344379,1.6598350624930898,0.46455790998897173]
[null,"Soft drinks",{"$f":"'C1'!B17","v":3.1477760000000004},3.2477721600000002,3.3494534656000003,3.4528436200960004,3.55796663233536,null,0.75574921213834756,0.80754200240308505,1.5200834466133912,0.82706006300033019]
[null,"Consumer products",{"$f":"'C1'!B18","v":1.2807310344827585},1.3383639310344826,1.3985903079310342,1.4615268717879306,1.5272955810183872,null,0.31121578190687038,0.3850096816166711,0.45257304519273911,7.5629271037909868E-2]
[null,"Millions of tons",{"$f":"SUM(C21:C24)","v":28.436511367816092},{"$f":"SUM(D21:D24)","v":29.282345308534481},{"$f":"SUM(E21:E24)","v":30.150216057681032},{"$f":"SUM(F21:F24)","v":31.04116193864499},{"$f":"SUM(G21:G24)","v":31.956243338579526},null,{"$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":65.054835817649519},{"$f":"C27*(1+'C1'!$I21)","v":66.797694057931366},{"$f":"D27*(1+'C1'!$I21)","v":68.587244520359974},{"$f":"E27*(1+'C1'!$I21)","v":70.424738117693821},{"$f":"F27*(1+'C1'!$I21)","v":72.311459275397738},null,{"$f":"'C1'!D21","v":62.3},{"$f":"'C1'!E21","v":62.3},{"$f":"'C1'!F21","v":62.3},{"$f":"'C1'!G21","v":62.3}]
[null,"Raw materials (R$ millions)3",1849.9325782599999,{"$f":"D25*D27","v":1955.9931432181882},{"$f":"E25*E27","v":2067.9202410898524},{"$f":"F25*F27","v":2186.0657003979986},{"$f":"G25*G27","v":2310.8025887723938},null,{"$f":"I25*I27","v":589.49468248473863},{"$f":"J25*J27","v":373.78092747210701},{"$f":"K25*K27","v":336.3929835272728},{"$f":"L25*L27","v":544.3081107178615}]
[]
[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."]