{"text_format":"1","workbook":"xlsx","n_sheets":9,"sheets":["Overview","Revenue","GC Forecasts","GC Valuation","Flat Forecasts","Flat Valuation","Dracula Valuation","Labor","Raw Materials"],"not_rendered":{"charts":0,"images":1,"macros":1,"external_links":0,"defined_names":5,"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":14,"n_cols":3,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,"The Acquisition of Dracula Glass"]
[null,"Valuation Model"]
[]
[]
[null,"Worksheet","Description"]
[null,"Revenue","Revenue Model"]
[null,"GC Forecasts","Glass Containers, Financial Forecasts"]
[null,"GC Valuation","Glass Containers, Enterprise DCF"]
[null,"Flat Forecasts","Flat Glass, Financial Forecasts"]
[null,"Flat Valuation","Flat Glass, Enterprise DCF"]
[null,"Dracula Valuation","Dracula Equity Valuation"]

{"sheet":"Revenue","index":1,"n_rows":35,"n_cols":17,"rows_kept":35,"cut":false,"hidden":true,"merged":[]}
[]
["Revenue Model"]
["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",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",{"$f":"$B$8","v":2018},{"$f":"($B8+1) & \"F\"","v":"2019F"},{"$f":"($B8+2) & \"F\"","v":"2020F"},{"$f":"($B8+3) & \"F\"","v":"2021F"},{"$f":"($B8+4) & \"F\"","v":"2022F"},null,"Forecast"]
["Beer",12886,{"$f":"B9*(1+$H9)","v":13272.58},{"$f":"C9*(1+$H9)","v":13670.7574},14080.880122,14503.30652566,null,0.03,null,{"$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",6569,{"$f":"B10*(1+$H10)","v":6404.7749999999996},6244.6556249999994,6088.5392343749991,5936.3257535156235,null,-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",3392,3425.92,3460.1792,3494.780992,3529.72880192,null,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",3439,3593.7549999999997,3755.4739749999994,3924.470303874999,4101.0714675493737,null,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",{"$f":"B8","v":2018},{"$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",null,"Average price, $R",{"$f":"$B$8","v":2018},{"$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"},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,null,{"$f":"market1","v":"Beer"},0.6,{"$f":"K20*(1+$Q20)","v":0.61799999999999999},{"$f":"L20*(1+$Q20)","v":0.63653999999999999},0.6556362,0.67530528600000006,null,0.03]
[{"$f":"market3","v":"Wines and spirits"},0.154,{"$f":"B21+$H21/4","v":0.159},0.16400000000000001,0.16900000000000001,0.17400000000000002,null,0.02,null,{"$f":"market3","v":"Wines and spirits"},0.65,{"$f":"K21*(1+$Q21)","v":0.65},0.65,0.65,0.65,null,0]
[{"$f":"market2","v":"Soft drinks"},0.11600000000000001,0.11850000000000001,0.12100000000000001,0.12350000000000001,0.126,null,0.01,null,{"$f":"market2","v":"Soft drinks"},1.6,1.6559999999999999,1.7139599999999997,1.7739485999999995,1.8360368009999994,null,3.5000000000000003E-2]
[{"$f":"market4","v":"Consumer products"},0.108,0.108,0.108,0.108,0.108,null,0,null,{"$f":"market4","v":"Consumer products"},0.9,0.92249999999999999,0.94556249999999986,0.96920156249999978,0.99343160156249966,null,2.5000000000000001E-2]
["Total share, Dracula",{"$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":"$B$8","v":2018},{"$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":"$B$8","v":2018},{"$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"},{"$f":"B9*B20","v":4948.2240000000002},{"$f":"C9*C20","v":5113.2614450000001},5283.7477350999998,5459.8612673054995,5641.786238481739,null,{"$f":"RATE(COLUMN(F31) - COLUMN(B31), 0, -B31, F31)","v":3.3336616420681642E-2},null,{"$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}]
[{"$f":"market3","v":"Wines and spirits"},{"$f":"B10*B21","v":1011.626},1018.3592249999999,1024.1235225,1028.963130609375,1032.9206811117185,null,{"$f":"RATE(COLUMN(F32) - COLUMN(B32), 0, -B32, F32)","v":5.2214507254174682E-3},null,{"$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"},{"$f":"B11*B22","v":393.47200000000004},405.97152000000006,418.68168320000007,431.60545251200006,444.74582904191999,null,{"$f":"RATE(COLUMN(F33) - COLUMN(B33), 0, -B33, F33)","v":3.1096975038241541E-2},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}]
[{"$f":"market4","v":"Consumer products"},{"$f":"B12*B23","v":371.41199999999998},388.12553999999994,405.59118929999994,423.8427928184999,442.91571849533233,null,{"$f":"RATE(COLUMN(F34) - COLUMN(B34), 0, -B34, F34)","v":4.5000000000002101E-2},null,{"$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":"GC Forecasts","index":2,"n_rows":34,"n_cols":12,"rows_kept":34,"cut":false,"hidden":true,"merged":[[5,2,5,5],[5,8,5,11]]}
[]
["Glass Containers",null,null,null,null,null,null,null,null,null,null,{"$f":"A3","v":"Financial Forecasts"}]
["Financial Forecasts"]
[]
["Dracula Glass, Glass Containers"]
["After-tax Operating Profit",null,"<------------    Forecast    ----------->",null,null,null,null,null,"<------------    Forecast    ----------->"]
[]
["$R millions",{"$f":"start_year","v":2018},{"$f":"B8+1","v":2019},2020,2021,2022,null,{"$f":"B8","v":2018},{"$f":"C8","v":2019},{"$f":"D8","v":2020},{"$f":"E8","v":2021},{"$f":"F8","v":2022}]
["Revenues1",4590,{"$f":"Revenue!L35","v":4852.2637170299995},{"$f":"Revenue!M35","v":5130.1125495955066},{"$f":"Revenue!N35","v":5424.9437140095379},{"$f":"Revenue!O35","v":5737.9026928456351},null,4.2999999999999927E-2,{"$f":"C9/B9-1","v":5.7138064712418224E-2},{"$f":"D9/C9-1","v":5.7261692432408529E-2},{"$f":"E9/D9-1","v":5.7470700996078206E-2},{"$f":"F9/E9-1","v":5.768888956910323E-2}]
["Raw materials",-1850,{"$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",-1262,-1334.1082376670718,-1410.5015332439061,-1491.5640451154763,-1577.6107185993881,null,{"$f":"-B11/B$9","v":0.27494553376906317},0.27494553376906317,0.27494553376906317,0.27494553376906317,0.27494553376906317]
["Depreciation",-142,-150.11360518916339,-158.70936427942524,-167.83050269920574,-177.51245803574733,null,{"$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},1412.3364544557912,1493.2092301219168,1579.0250113108373,1670.1172108152002,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$9","v":0.29106753812636166}]
[]
["Selling and support costs",-890,{"$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},471.48357686173904,498.48152442692754,527.12960706933654,557.5391287601642,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$9","v":9.7167755991285423E-2}]
[]
["Operating taxes",-133.79999999999998,{"$f":"-I18*C$16","v":-141.4450730585217},{"$f":"-J18*D$16","v":-149.54445732807827},{"$f":"-K18*E$16","v":-158.13888212080096},{"$f":"-L18*F$16","v":-167.26173862804924},null,{"$f":"-B18/B16","v":0.3},{"$f":"H18","v":0.3},{"$f":"I18","v":0.3},{"$f":"J18","v":0.3},{"$f":"K18","v":0.3}]
["After-tax operating profit",{"$f":"SUM(B16:B18)","v":312.20000000000005},330.03850380321734,348.9370670988493,368.99072494853556,390.27739013211499,null,{"$f":"B19/B$9","v":6.8017429193899789E-2},{"$f":"C19/C$9","v":6.8017429193899859E-2},{"$f":"D19/D$9","v":6.8017429193899831E-2},{"$f":"E19/E$9","v":6.8017429193899803E-2},{"$f":"F19/F$9","v":6.8017429193899803E-2}]
[]
[]
[{"$f":"A5","v":"Dracula Glass, Glass Containers"}]
["Invested Capital2"]
[]
["$R millions",{"$f":"B8","v":2018},2019,2020,2021,2022,null,{"$f":"B25","v":2018},{"$f":"C25","v":2019},{"$f":"D25","v":2020},{"$f":"E25","v":2021},{"$f":"F25","v":2022}]
["Operating current assets",1246,{"$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",-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},796.0249627284511,841.60669931272719,889.97442628522515,941.31606268251949,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$9*365","v":59.879084967320281}]
[]
["Property, plant & equipment, net",1432,{"$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",{"$f":"SUM(B28:B30)","v":2185},2309.8466713966336,2442.1124010601707,2582.4623126603142,2731.4416958317461,null,{"$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":"GC Valuation","index":3,"n_rows":35,"n_cols":13,"rows_kept":35,"cut":false,"hidden":true,"merged":[[6,0,18,0],[30,0,34,0],[7,8,18,8]]}
[]
[null,"Glass Containers"]
[null,"Enterprise DCF Model"]
[]
[]
[null,"$R millions",{"$f":"start_year","v":2018},{"$f":"$C$6+1 & \"F\"","v":"2019F"},{"$f":"$C$6+2 & \"F\"","v":"2020F"},{"$f":"$C$6+3 & \"F\"","v":"2021F"},{"$f":"$C$6+4 & \"F\"","v":"2022F"}]
["Step 1: Free Cash Flow Forecast","Revenues",{"$f":"'GC Forecasts'!B9","v":4590},{"$f":"'GC Forecasts'!C9","v":4852.2637170299995},{"$f":"'GC Forecasts'!D9","v":5130.1125495955066},{"$f":"'GC Forecasts'!E9","v":5424.9437140095379},{"$f":"'GC Forecasts'!F9","v":5737.9026928456351}]
[null,"- Raw materials",{"$f":"'GC Forecasts'!B10","v":-1850},{"$f":"'GC Forecasts'!C10","v":-1955.7054197179734},{"$f":"'GC Forecasts'!D10","v":-2067.6924219502584},{"$f":"'GC Forecasts'!E10","v":-2186.5241548840186},{"$f":"'GC Forecasts'!F10","v":-2312.6623053952994},null,"Step 2: Continuing Value","Glass Containers"]
[null,"- Forging expenses",{"$f":"'GC Forecasts'!B11","v":-1262},{"$f":"'GC Forecasts'!C11","v":-1334.1082376670718},{"$f":"'GC Forecasts'!D11","v":-1410.5015332439061},{"$f":"'GC Forecasts'!E11","v":-1491.5640451154763},{"$f":"'GC Forecasts'!F11","v":-1577.6107185993881},null,null,"Continuing Value"]
[null,"- Operating costs",{"$f":"'GC Forecasts'!B12+'GC Forecasts'!B15","v":-1032},{"$f":"'GC Forecasts'!C12+'GC Forecasts'!C15","v":-1090.9664827832155},{"$f":"'GC Forecasts'!D12+'GC Forecasts'!D15","v":-1153.4370699744145},{"$f":"'GC Forecasts'!E12+'GC Forecasts'!E15","v":-1219.7259069407064},{"$f":"'GC Forecasts'!F12+'GC Forecasts'!F15","v":-1290.0905400907834}]
[null,"= Operating profit",{"$f":"SUM(C7:C10)","v":446},{"$f":"SUM(D7:D10)","v":471.48357686173904},{"$f":"SUM(E7:E10)","v":498.48152442692754},{"$f":"SUM(F7:F10)","v":527.12960706933654},{"$f":"SUM(G7:G10)","v":557.5391287601642},null,null,"Input","Value"]
[null,null,null,null,null,null,null,null,null,"Operating profit",{"$f":"G11","v":557.5391287601642}]
[null,"- Operating taxes",{"$f":"-C11*$K$13","v":-133.79999999999998},{"$f":"-D11*$K$13","v":-141.4450730585217},{"$f":"-E11*$K$13","v":-149.54445732807827},{"$f":"-F11*$K$13","v":-158.13888212080096},{"$f":"-G11*$K$13","v":-167.26173862804924},null,null,"x 1 - Operating tax rate",0.3]
[null,"= After-tax operating profit",{"$f":"SUM(C11:C13)","v":312.20000000000005},{"$f":"SUM(D11:D13)","v":330.03850380321734},348.9370670988493,368.99072494853556,390.27739013211499,null,null,"= After-tax operating profit",{"$f":"K12*(1-K13)","v":390.27739013211493}]
[null,null,null,null,null,null,null,null,null,null,null,null,"Continuing"]
[null,"+ Depreciation",null,{"$f":"-'GC Forecasts'!C12","v":150.11360518916339},{"$f":"-'GC Forecasts'!D12","v":158.70936427942524},{"$f":"-'GC Forecasts'!E12","v":167.83050269920574},null,null,null,"After-tax operating profit",{"$f":"K14*(1-K15)","v":390.27739013211493},null,"Value"]
[null,"= Gross cash flow",null,{"$f":"SUM(D14:D16)","v":480.1521089923807},{"$f":"SUM(E14:E16)","v":507.64643137827454},536.82122764774135,null,null,null,"RONIC (Return on New Capital)",{"$f":"K18","v":0.104},null,{"$f":"K16*(1-K19/K17)/(K18-K19)","v":3752.6672128087976}]
[null,null,null,null,null,null,null,null,null,"WACC",{"$f":"$E$26","v":0.104},null,"(kvd formula)"]
[null,"- Investment in working capital",null,{"$f":"'GC Forecasts'!B28-'GC Forecasts'!C28","v":-43.024962728451101},{"$f":"'GC Forecasts'!C28-'GC Forecasts'!D28","v":-45.581736584276086},{"$f":"'GC Forecasts'!D28-'GC Forecasts'!E28","v":-48.367726972497962},null,null,null,"Growth",0.04]
[null,"- Capital expenditures",null,{"$f":"'GC Forecasts'!B30-'GC Forecasts'!C30+'GC Forecasts'!C12","v":-231.93531385734613},{"$f":"'GC Forecasts'!C30-'GC Forecasts'!D30+'GC Forecasts'!D12","v":-245.39335735868599},{"$f":"'GC Forecasts'!D30-'GC Forecasts'!E30+'GC Forecasts'!E12","v":-259.81268732685118}]
[null,"= Free cash flow",null,{"$f":"SUM(D17:D20)","v":205.19183240658347},{"$f":"SUM(E17:E20)","v":216.67133743531247},228.64081334839221]
[]
[]
[]
[null,"Glass Containers",null,null,"WACC"]
[null,"Enterprise Value",null,null,0.104]
[]
[null,null,"(a)","(b)","(a) x (b)"]
[null,null,"Free","Discount","Discounted"]
[null,"$R millions","Cash Flow","Rate","Cash Flow"]
["Step 3: Enterprise DCF Valuation",{"$f":"D6","v":"2019F"},{"$f":"D21","v":205.19183240658347},{"$f":"(1+$E$26)","v":1.1040000000000001},{"$f":"C31/D31","v":185.86216703494878}]
[null,{"$f":"E6","v":"2020F"},{"$f":"E21","v":216.67133743531247},{"$f":"D31*(1+$E$26)","v":1.2188160000000001},{"$f":"C32/D32","v":177.77198316670641}]
[null,{"$f":"F6","v":"2021F"},{"$f":"F21","v":228.64081334839221},{"$f":"D32*(1+$E$26)","v":1.3455728640000002},169.92079690780102]
[null,"Continuing value",{"$f":"M17","v":3752.6672128087976},{"$f":"D33","v":1.3455728640000002},2788.8992957640362]
[null,"Enterprise DCF",null,null,{"$f":"SUM(E31:E34)","v":3322.4542428734921}]

{"sheet":"Flat Forecasts","index":4,"n_rows":34,"n_cols":12,"rows_kept":34,"cut":false,"hidden":true,"merged":[[5,2,5,5],[5,8,5,11]]}
[]
["Flat Glass",null,null,null,null,null,null,null,null,null,null,{"$f":"A3","v":"Financial Forecasts"}]
["Financial Forecasts"]
[]
["Dracula Glass, Flat Glass"]
["After-tax Operating Profit",null,"<------------    Forecast    ----------->",null,null,null,null,null,"<------------    Forecast    ----------->"]
[]
["$R millions",{"$f":"start_year","v":2018},{"$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",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,4.8999999999999932E-2,4.4999999999999998E-2,0.04,3.5000000000000003E-2,3.5000000000000003E-2]
["Raw materials",-2072.6860000000001,{"$f":"-I10*C$9","v":-2165.9568700000004},-2252.5951448000005,-2331.4359748680004,-2413.03623398838,null,{"$f":"-B10/B$9","v":0.60200000000000009},{"$f":"H10","v":0.60200000000000009},0.60200000000000009,0.60200000000000009,0.60200000000000009]
["Forging expenses",-650.72699999999998,-680.00971500000003,-707.21010360000002,-731.96245722599997,-757.58114322890992,null,{"$f":"-B11/B$9","v":0.189},0.189,0.189,0.189,0.189]
["Depreciation",-90.426043956043955,-94.495215934065939,-98.275024571428588,-101.71465043142858,-105.27466319652856,null,{"$f":"-B12/B$9","v":2.6263736263736265E-2},2.6263736263736265E-2,2.6263736263736265E-2,2.6263736263736265E-2,2.6263736263736265E-2]
["Gross profit",{"$f":"SUM(B9:B12)","v":629.16095604395593},657.4731990659335,683.77212702857105,707.70415147457118,732.47379677618119,null,{"$f":"B13/B$9","v":0.1827362637362637},{"$f":"C13/C$9","v":0.18273626373626359},{"$f":"D13/D$9","v":0.18273626373626362},{"$f":"E13/E$9","v":0.18273626373626367},{"$f":"F13/F$9","v":0.1827362637362637}]
[]
["Selling and support costs",-478.57700000000006,{"$f":"-I15*C$9","v":-500.11296500000003},{"$f":"-J15*D$9","v":-520.11748360000013},{"$f":"-K15*E$9","v":-538.32159552600001},{"$f":"-L15*F$9","v":-557.16285136940996},null,{"$f":"-B15/B$9","v":0.13900000000000001},{"$f":"H15","v":0.13900000000000001},{"$f":"I15","v":0.13900000000000001},{"$f":"J15","v":0.13900000000000001},{"$f":"K15","v":0.13900000000000001}]
["Operating profit",{"$f":"SUM(B13:B15)","v":150.58395604395588},157.36023406593347,163.65464342857092,169.38255594857117,175.31094540677122,null,{"$f":"B16/B$9","v":4.3736263736263686E-2},{"$f":"C16/C$9","v":4.3736263736263568E-2},{"$f":"D16/D$9","v":4.3736263736263596E-2},{"$f":"E16/E$9","v":4.3736263736263666E-2},{"$f":"F16/F$9","v":4.3736263736263686E-2}]
[]
["Operating taxes",-45.175186813186762,{"$f":"-I18*C$16","v":-47.208070219780041},{"$f":"-J18*D$16","v":-49.096393028571278},{"$f":"-K18*E$16","v":-50.814766784571347},{"$f":"-L18*F$16","v":-52.593283622031365},null,{"$f":"-B18/B16","v":0.3},{"$f":"H18","v":0.3},{"$f":"I18","v":0.3},{"$f":"J18","v":0.3},{"$f":"K18","v":0.3}]
["After-tax operating profit",{"$f":"SUM(B16:B18)","v":105.40876923076911},110.15216384615343,114.55825039999965,118.56778916399982,122.71766178473986,null,{"$f":"B19/B$9","v":3.0615384615384579E-2},{"$f":"C19/C$9","v":3.0615384615384499E-2},{"$f":"D19/D$9","v":3.061538461538452E-2},{"$f":"E19/E$9","v":3.0615384615384569E-2},{"$f":"F19/F$9","v":3.0615384615384583E-2}]
[]
[]
[{"$f":"A5","v":"Dracula Glass, Flat Glass"}]
["Invested Capital2"]
[]
["$R millions",{"$f":"B8","v":2018},2019,2020,2021,2022,null,{"$f":"B25","v":2018},{"$f":"C25","v":2019},{"$f":"D25","v":2020},{"$f":"E25","v":2021},{"$f":"F25","v":2022}]
["Operating current assets",836.69616438356161,{"$f":"I26*C$9/365","v":874.34749178082177},{"$f":"J26*D$9/365","v":909.32139145205474},{"$f":"K26*E$9/365","v":941.14764015287665},{"$f":"L26*F$9/365","v":974.08780755822715},null,{"$f":"B26/B$9*365","v":88.699999999999989},{"$f":"H26","v":88.699999999999989},88.699999999999989,88.699999999999989,88.699999999999989]
["Operating current liabilities",-376.37178082191781,{"$f":"-I27*C$9/365","v":-393.30851095890409},{"$f":"-J27*D$9/365","v":-409.04085139726027},{"$f":"-K27*E$9/365","v":-423.35728119616437},{"$f":"-L27*F$9/365","v":-438.17478603803011},null,{"$f":"-B27/B$9*365","v":39.9},39.9,39.9,39.9,39.9]
["Operating working capital",{"$f":"SUM(B26:B27)","v":460.3243835616438},{"$f":"SUM(C26:C27)","v":481.03898082191768},500.28054005479447,517.79035895671223,535.91302152019705,null,{"$f":"B28/B$9*365","v":48.8},{"$f":"C28/C$9*365","v":48.79999999999999},{"$f":"D28/D$9*365","v":48.79999999999999},{"$f":"E28/E$9*365","v":48.79999999999999},{"$f":"F28/F$9*365","v":48.79999999999999}]
[]
["Property, plant & equipment, net",822.87699999999995,{"$f":"I30*C$9","v":859.90646499999991},{"$f":"J30*D$9","v":894.30272360000004},{"$f":"K30*E$9","v":925.60331892599993},{"$f":"L30*F$9","v":957.99943508840988},null,{"$f":"B30/B9","v":0.23899999999999999},{"$f":"H30","v":0.23899999999999999},{"$f":"I30","v":0.23899999999999999},{"$f":"J30","v":0.23899999999999999},{"$f":"K30","v":0.23899999999999999}]
["Invested capital",{"$f":"SUM(B28:B30)","v":1283.2013835616438},{"$f":"SUM(C28:C30)","v":1340.9454458219175},1394.5832636547946,1443.3936778827122,1493.912456608607,null,{"$f":"B31/B9","v":0.37269863013698629},0.37269863013698623,0.37269863013698629,0.37269863013698623,0.37269863013698629]
[]
["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":"Flat Valuation","index":5,"n_rows":33,"n_cols":13,"rows_kept":33,"cut":false,"hidden":true,"merged":[[5,8,16,8],[6,0,16,0],[28,0,32,0]]}
[]
[null,"Flat Glass"]
[null,"Enterprise DCF Model"]
[]
[]
[null,"$R millions",{"$f":"start_year","v":2018},{"$f":"$C$6+1 & \"F\"","v":"2019F"},{"$f":"$C$6+2 & \"F\"","v":"2020F"},{"$f":"$C$6+3 & \"F\"","v":"2021F"},{"$f":"$C$6+4 & \"F\"","v":"2022F"},null,"Step 2: Continuing Value","Flat Glass"]
["Step 1: Free Cash Flow Forecast","Revenues",{"$f":"'Flat Forecasts'!B9","v":3443},{"$f":"'Flat Forecasts'!C9","v":3597.9349999999999},{"$f":"'Flat Forecasts'!D9","v":3741.8524000000002},{"$f":"'Flat Forecasts'!E9","v":3872.8172340000001},{"$f":"'Flat Forecasts'!F9","v":4008.3658371899996},null,null,"Continuing Value"]
[null,"- Operating costs",{"$f":"SUM('Flat Forecasts'!B10:B12)+'Flat Forecasts'!B15","v":-3292.4160439560442},{"$f":"SUM('Flat Forecasts'!C10:C12)+'Flat Forecasts'!C15","v":-3440.5747659340668},{"$f":"SUM('Flat Forecasts'!D10:D12)+'Flat Forecasts'!D15","v":-3578.1977565714292},{"$f":"SUM('Flat Forecasts'!E10:E12)+'Flat Forecasts'!E15","v":-3703.4346780514288},{"$f":"SUM('Flat Forecasts'!F10:F12)+'Flat Forecasts'!F15","v":-3833.0548917832284}]
[null,"= Operating profit",{"$f":"SUM(C7:C8)","v":150.58395604395582},{"$f":"SUM(D7:D8)","v":157.36023406593313},163.65464342857103,169.38255594857128,175.31094540677122,null,null,"Input","Value"]
[null,null,null,null,null,null,null,null,null,"Operating profit",{"$f":"G9","v":175.31094540677122}]
[null,"- Operating taxes",{"$f":"-C9*$K$11","v":-45.175186813186748},{"$f":"-D9*$K$11","v":-47.208070219779934},{"$f":"-E9*$K$11","v":-49.096393028571306},{"$f":"-F9*$K$11","v":-50.814766784571383},{"$f":"-G9*$K$11","v":-52.593283622031365},null,null,"x 1 - Operating tax rate",0.3]
[null,"= After-tax operating profit",{"$f":"SUM(C9:C11)","v":105.40876923076908},{"$f":"SUM(D9:D11)","v":110.1521638461532},114.55825039999974,118.56778916399989,122.71766178473986,null,null,"= After-tax operating profit",{"$f":"K10*(1-K11)","v":122.71766178473985}]
[null,null,null,null,null,null,null,null,null,null,null,null,"Continuing"]
[null,"+ Depreciation",null,{"$f":"-'Flat Forecasts'!C12","v":94.495215934065939},{"$f":"-'Flat Forecasts'!D12","v":98.275024571428588},{"$f":"-'Flat Forecasts'!E12","v":101.71465043142858},null,null,null,"After-tax operating profit",{"$f":"K12*(1-K13)","v":122.71766178473985},null,"Value"]
[null,"= Gross cash flow",null,{"$f":"SUM(D12:D14)","v":204.64737978021913},{"$f":"SUM(E12:E14)","v":212.83327497142832},220.28243959542846,null,null,null,"RONIC (Return on New Capital)",{"$f":"K16","v":0.104},null,{"$f":"K14*(1-K17/K15)/(K16-K17)","v":1179.9775171609601}]
[null,null,null,null,null,null,null,null,null,"WACC",{"$f":"$E$24","v":0.104},null,"(kvd formula)"]
[null,"- Investment in working capital",null,{"$f":"'Flat Forecasts'!B28-'Flat Forecasts'!C28","v":-20.714597260273877},{"$f":"'Flat Forecasts'!C28-'Flat Forecasts'!D28","v":-19.241559232876796},{"$f":"'Flat Forecasts'!D28-'Flat Forecasts'!E28","v":-17.509818901917754},null,null,null,"Growth",0.04]
[null,"- Capital expenditures",null,{"$f":"'Flat Forecasts'!B30-'Flat Forecasts'!C30+'Flat Forecasts'!C12","v":-131.52468093406588},{"$f":"'Flat Forecasts'!C30-'Flat Forecasts'!D30+'Flat Forecasts'!D12","v":-132.67128317142871},{"$f":"'Flat Forecasts'!D30-'Flat Forecasts'!E30+'Flat Forecasts'!E12","v":-133.01524575742849}]
[null,"= Free cash flow",null,{"$f":"SUM(D15:D18)","v":52.408101585879365},{"$f":"SUM(E15:E18)","v":60.920432567122816},69.757374936082215]
[]
[]
[]
[null,"Flat Glass",null,null,"WACC"]
[null,"Enterprise Value",null,null,0.104]
[]
[null,null,"(a)","(b)","(a) x (b)"]
[null,null,"Free","Discount","Discounted"]
[null,"$R millions","Cash Flow","Rate","Cash Flow"]
["Step 3: Enterprise DCF Valuation",{"$f":"D6","v":"2019F"},{"$f":"D19","v":52.408101585879365},{"$f":"(1+$E$24)","v":1.1040000000000001},{"$f":"C29/D29","v":47.471106508948694}]
[null,{"$f":"E6","v":"2020F"},{"$f":"E19","v":60.920432567122816},{"$f":"D29*(1+$E$24)","v":1.2188160000000001},{"$f":"C30/D30","v":49.983289165159313}]
[null,{"$f":"F6","v":"2021F"},{"$f":"F19","v":69.757374936082215},{"$f":"D30*(1+$E$24)","v":1.3455728640000002},51.842138617981377]
[null,"Continuing value",{"$f":"M15","v":1179.9775171609601},{"$f":"D31","v":1.3455728640000002},876.93319977725116]
[null,"Enterprise DCF",null,null,{"$f":"SUM(E29:E32)","v":1026.2297340693406}]

{"sheet":"Dracula Valuation","index":6,"n_rows":14,"n_cols":4,"rows_kept":14,"cut":false,"hidden":true,"merged":[]}
[]
["Dracula Glass"]
["Enterprise and Equity Valuation"]
[]
["$R millions","Value","Invested Capital","Market-to-book ratio"]
["Glass Containers",{"$f":"'GC Valuation'!E35","v":3322.4542428734921},{"$f":"'GC Forecasts'!B31","v":2185},{"$f":"B6/C6","v":1.5205740241983945}]
["+Flat Glass",{"$f":"'Flat Valuation'!$E$33","v":1026.2297340693406},{"$f":"'Flat Forecasts'!B31","v":1283.2013835616438},{"$f":"B7/C7","v":0.79974176089254623}]
["= Enterprise Value",{"$f":"SUM(B6:B7)","v":4348.6839769428325}]
[]
["Less: Value of debt ",-544.97444566900708]
["= Equity Value",{"$f":"SUM(B8:B10)","v":3803.7095312738256}]
[]
[" / Shares outstanding (millions)",105]
["= Equity value per share",{"$f":"B11/B13","v":36.225805059750719}]

{"sheet":"Labor","index":7,"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":8,"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."]