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Caso. Clinica Ricardo Palma solucion

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Exhibit 7

Historical Financial Statements adjusted and projected by Apoyo Consultoría

Historical in come statement (en PEN) 2007 2008 2009


Net Sale 146,400,000 179,340,000 197,350,000
Costo of sale and Service (1) - 121,000,000 - 145,500,000 - 164,500,000
Gross Porfit 25,400,000 33,840,000 32,850,000
Administrative cots - 20,000,000 - 24,000,000 - 28,300,000
Operating profit 5,400,000 9,840,000 4,550,000
Financial Expenses (2) - 1,800,720 - 2,205,882 - 2,427,405
Earning before income taxes 3,599,280 7,634,118 2,122,595
Income tax - 10,430,791 - 2,137,553 - 679,230
Deferred income tax (3) 499,280 - 2,268,119 2,090,217
Net Utility - 6,332,231 3,228,446 3,533,582

1 Include depreciation of the building machine, and equipment for PEN

2 - Interest for bank loans and to the doctors


3 - Includes a 5% sahre for the workers

Margins 2007 2008 2009


Sales Growth 9.50% 22.50% 10.04%
Cost of Sales -82.65% -81.13% -83.35%
Gross Margin 17.35% 18.87% 16.65%
Operating expenses -13.66% -13.38% -14.34%
Operating margin 3.69% 5.49% 2.31%
Net margin -4.33% 1.80% 1.79%
2010 2011 2012 2013 P
222,130,000 243,400,000 270,493,349 298,829,306
- 186,000,000 - 198,000,000 - 219,383,265 - 241,782,791
36,130,000 45,400,000 51,110,084 57,046,515
- 27,200,000 - 28,600,000 - 33,487,114 - 36,570,791
8,930,000 16,800,000 17,622,970 20,475,724
- 2,732,199 - 2,993,820 - 3,327,068 - 3,463,398
6,197,801 13,806,180 14,295,902 17,012,326
- 1,797,362 - 3,865,730 - 5,607,668 - 4,956,218
- 109,274 - 4,440,450 - 1,984,500 - 5,090,679
4,291,165 5,500,000 6,703,734 6,965,429

2012 2013
4,314,906 4,581,697

2010 2011 2012 2013 P


12.56% 9.58% 11.13% 10.48%
-83.73% -81.35% -81.10% -80.91%
16.27% 18.65% 18.90% 19.09%
-12.25% -11.75% -12.38% -12.24%
4.02% 6.90% 6.52% 6.85%
1.93% 2.26% 2.48% 2.33%
Exhibit 8
Balance-sheet Accounts

Financial Statement (Historical and proyected)


(in PEN)

Assets
Current assets
Assets and cash equivalent
commercial accounts receivable, net
Other accounts receivable
Accounts receivable related parties
Accounts receivable from shareholders, net
Stock
Services contracted in advance
Total Current assetes
Other accounts receivable
Furniture, machinery, and equipment, net (1)
Intangiable, Net
Financial commitments
Total Assets

Liabilities and assets


Current liabilities
Commercial accounts payable
Accounts payable to related parties
Other accounts payable
Short-term financial debts
Total current liabilities
Other long-term accounts payable
Long-term financial debt
Deferred income tax
Total liabilities

Worth
Social Capital
Statutory reserve
Retained earnings
Net Worth
Total Liabilities and assets

1 Includes invesments in gross fixed assets for PEN


Ratios
Capex/Sales
Depreciatios / Sales
Capex / Depreciation
2012 2013P

8,071,240 14,682,402
49,353,467 45,022,663
15,719,384 16,785,528
3,933,340 4,275,609
2,846,654 1,567,436
4,581,204 4,840,069
1,454,397 3,047,240
83,113,032 88,653,511
1,529,012 924,324
73,577,304 78,755,669
3,246,699 4,753,626
492,023 492,023
161,958,070 173,579,153

26,282,516 26,699,216
20,553 14,058
36,367,390 37,440,604
4,730,366 5,303,399
67,400,825 69,457,277
23,119,272 27,794,107
34,890,593 38,847,535
6,176,508 6,076,608
131,587,198 142,175,527

19,940,822 21,049,957
3,849,615 4,209,990
6,580,435 6,143,679
30,370,872 31,403,626
161,958,070 173,579,153

7,439,232 10,293,788
2012 2013P
2.75% 3.44%
1.60% 1.53%
1.72 2.25

- -
Exhibit 9
Apoyo Consultoria´s Assumptions and projections in PEN (Base Line scenario)
Assumptions
Growth in sales
Cost of sales/ sales (%)
Opernting expenses /sales (%)
Investment in gross fixed assets
Depreciation of asstes
Growth rate (g)
Weighted average cost of capital (WACC)
Tax rate
NOF/sales
Net investment in current assets (NOF)

lncome Statement accounts (in PEN)


Net Sales
Cost on sale and services
Gross Profit
Operating expenses
Operating Profit
Depreciation
EBITDA
EBITDA (%)
2013 2014 2015 2016 2017 2018
10.49% 8.48% 7.53% 6.37% 5.15% 3.95%
81.00% 80.70% 80.30% 80.00% 79.80% 79.70%
12.80% 12.00% 12.00% 12.00% 12.00% 12.00%
10,293,788 4,000,000
4,581,697 4,581,697 4,581,697 4,581,697 4,581,697 4,581,697
1.50%
11%
30%
4% 4% 4% 4% 4% 4%

2013 2014 2015 2016 2017 2018


298,866,244 324,210,101 348,623,122 370,830,415 389,928,181 405,330,345
242,081,658 261,637,552 279,944,367 296,664,332 311,162,689 323,048,285
56,784,586 62,572,550 68,678,755 74,166,083 78,765,493 82,282,060
38,254,879 38,905,212 41,834,775 44,499,650 46,791,382 48,639,641
18,529,707 23,667,337 26,843,980 29,666,433 31,974,111 33,642,419
4,581,697 4,581,697 4,581,697 4,581,697 4,581,697 4,581,697
23,111,404 28,249,034 31,425,677 34,248,130 36,555,808 38,224,116
7.73% 8.71% 9.01% 9.24% 9.38% 9.43%
2019 2020 2021 2022
3.65% 3.00% 2.77% 2.56%
79.60% 79.56% 79.53% 79.50%
12.00% 12.00% 12.00% 12.00%

4,581,697 4,581,697 4,581,697 4,581,697

4% 4% 4% 4%

2019 2020 2021 2022


420,124,902 432,728,649 444,715,233 456,099,943
334,419,422 344,278,913 353,682,025 362,599,454
85,705,480 88,449,736 91,033,208 93,500,488
50,414,988 51,927,438 53,365,828 54,731,993
35,290,492 36,522,298 37,667,380 38,768,495
4,581,697 4,581,697 4,581,697 4,581,697
39,872,189 41,103,995 42,249,077 43,350,192
9.49% 9.50% 9.50% 9.50%
Exibit 10
Apoyo Consultoria´s estimation of value (1.) Discounted free cash flow (in PEN Millions)

Discount rate (WACC)


Present Value flows
Terminal Value
Company Value
(- )Net debt
Shareholder value
Company value USD bn
Shareholder value USD
10.50% 11% 11.50%
119.90 117.20 114.70
134.90 112.60 111.80
254.80 229.80 226.50
- 28.70 - 28.70 - 28.70
226.10 201.10 197.80
94.40 88.80 93.80
83.70 78.20 73.30
Exibit 11
Financial Market Data

Financial Market Risk Premiun (Rm - Rf)

Annual return on investments in:


Market Risk Premiun
S&P 500 T-Bills (1)
Arithmetic average (1928-2012)
11.26% 3.61%
Rm - Rf (S&P 500 VS T-Bills) 7.65%
Rm - Rf (S&P 500 VS T-Bonds) 5.88%
Average Years
1928-2012 1998-2012
Implicit Market Risk Primiun Demodaran 4.02% 4.18%

Exibit 11

Listed Medical companies: Latin Am


Name Ticket Beta 6M
TEMPO ART EMPS3 BZ 0.4
CREMER CREM3 BZ 0.6
LAS CONDES CONDES CI 0.5
CRUZ BLANCA SALU CRUZBLAN CI 0.6
ODONTOPREV ODPV3 BZ 0.5
FLEURY SA FLRY3 BZ 0.5
TRIPLE-S MGMT-B GTS US 1.2
ORTHOFIX INTL OFIX US 1.3
BNMEDICA BANMED CI 0.6
AMIL AMII3 BZ 0.4
DIAGNISTICOS AME DASA 3 BZ 0.6
list average 0.65
Average (Demodaran)
Healthcare services in emerging markets 0.59
(88 Companies)
Average (Demodaran)
Healthcare Company USD 0.65
(122 Companies)
Exibit 11

Listed Medical companies: wor


Name Ticket Beta 6M
WINNER MEDICAL G WWIN US 0.4
CHINDEZ INTL INC CHDX US 1.6
CONSORT MEDICAL CSRT LN 0.4
T SPIRITUAL WORLD SSHL IN 0.9
MED ACTION INDS MDCI US 1.6
SRI/SURGICAL EXP STRC US 0.5
CLINICA BAVIERA CBAV SM 0.4
BIOCLINICA INC BIOC US 0.4
THERAGENICSCROPS TGX US 0.7
HEALTHWAY MEDICA HMED SP 0.6
MED ACTION INDS MDCI US 1.6
list average 0.83
Healthcare services companies average
Listed in the world 0.75
(408 Companies)

Exibit 11

Country Risk

Month / Year Spread -EMBIG (pbs) Spread -EMBIG


Peru (pbs)
Aug-12 319.7 133.1
Sep-12 299.3 122.9
Oct-12 287.8 107.9
Nov-12 295.2 122.9
Dec-12 273 117.4
Jan-13 260.2 109.9
Feb-13 278.2 127.2
Mar-13 219.1 140
Apr-13 294.3 132.5
May-13 285.3 133
Jun-13 345.3 179.8
Jul-13 337.7 180
Average last 6 months 305.3 147.9
Average last 12 months 297.3 133.5
estments in: Annual return on investments in:
T-Bonds (10) S&P 500 T-Bills (1) T-Bonds (10)
(1928-2012) Geometric average (1928-2012)
5.38% 9.31% 3.57% 5.11%
5.74%
4.20%
ears Year
2008-2012 2012
5.56% 5.78%

ed Medical companies: Latin America, in USD


Assets D/E Debt EBITDA 12M Sales 12M Tax Rate
7,824,124 0 4,424,644 22,356,236 548,820,767 34%
167,411,888 1.1 181,126,848 35,579,628 243,528,852 34%
246,007,153 0.2 49,272,207 57,636,947 237,601,288 17%
183,611,258 0.7 260,797,843 89,160,805 851,603,523 17%
24,400,712 0 - 99,127,028 444,359,912 34%
207,008,112 0.4 313,612,417 106,172,304 598,894,242 34%
1,228,857,984 0.2 144,387,000 111,585,000 2,153,200,032 40%
52,124,000 0.7 210,012,992 111,759,000 578,989,008 40%
628,664,891 0.8 308,037,363 187,431,516 1,613,476,142 17%
835,708,160 1 800,668,546 249,517,576 4,792,695,423 34%
389,001,601 0.4 590,096,409 266,168,112 1,159,692,959 34%
0.50 30.45%

21.23% 16.90%

49.45% 19.93%

BLev = BUnlev * (1 + ((D/E)*(1-t)))


Listed Medical companies: world, in USD
Assets D/E Debt EBITDA 12M Sales 12M Tax Rate
69,515,584 7.3 9,522,449 20,144,016 157,510,580 40%
65,465,000 16.7 23,818,000 10,813,000 114,397,000 40%
57,406,000 57.4 51,073,000 30,225,000 133,916,000 34%
56,356,420 0 - 7,822,000 277,684,992 34%
50,205,000 56.3 85,281,000 20,345,000 434,370,000 40%
24,053,000 24.5 9,320,000 7,591,000 107,579,000 40%
22,934,000 84.4 20,120,000 14,480,000 93,593,000 52%
16,186,000 3.4 1,958,000 10,852,000 83,964,000 40%
34,519,000 28.1 23,667,000 12,755,000 82,730,000 40%
36,641,000 11.9 25,585,000 4,763,000 80,255,000 26%
50,205,000 56.3 85,281,000 20,345,000 434,370,000 40%
31.48 38.73%

86.10% 34.50%
Bu
0.40
0.34
0.42
0.40
0.50
0.36
1.07
0.90
0.33
0.27
0.44
0.49

0.69

0.78

D/E)*(1-t)))
Bu
0.41
1.42
0.31
0.86
1.18
0.46
0.32
0.43
0.56
0.55
1.18
0.70

0.58
Exibit 12
EBITDA multiples for comparable companies presented by Apoyo Consultoría

Healthcare sector company Country


Banmedica Chile
Clinica las condes Chile
Instituto de Diagnóstico Chile
Médica Sur México
Diagnóstico de América Brazil
Average Latin America
Average USD Damodaran
Average Perú (*)
oyo Consultoría

Company valye / EBITDA 2012


11.25
12.20
12.06
5.73
12.69
10.79
6.17
12.20
Exibit 13
Multiple for comparable Transactions

Ann. Date Target Company


12/20/2013 Diagnosticos de America SA (76,41% Stake)
1/12/2013 Cruz Blanca Salud S.A. (56% Stake)
06/18/2013 Fleury S.A. (8,37% Stake)
8/10/2012 Amil Participacoes SA (90% Stake)
Average
Bider Company Deal Value Revenue EBITDA
USD (m) Multiple Multiple
Cromossomo Participacoes II SA 1,923 2.0486 8.9
Grupo Busa Sanitas SL. 547 1.0338 10.1
Core Participacoes S.A. Bradseg participacoes S.A. 129 2.7712 15.6
United Healt Gropu Inc 4,955 1.1847 27.6
1.76 15.56
EBIT Multiple PE Multiple
11.9 25.8
12.5 16.2
22.1 24.8
41.9 72.2
22.12 34.74
Supuestos 2013 2014
Crecimiento en Ventas 10.49% 8.48%
Costo Ventas 81.00% 80.70%
Gastos Operativos 12.80% 12.00%
Inversiones en Activos Fijos 10,293,788 4,000,000
Depreciación 4,581,697 4,581,697
Crecimiento Perpetuo (g) 0.015
WACC 11.00%
Impuestos 30.00%
NOF/Ventas 4.00% 4.00%
NOF 11,954,650 12,968,000
Inversion Neta en activos corrientes 4.00% 4.00%
Inversion Neta en activos corrientes 1,254,043 1,099,686

1 2
Income Statement Accounts (In PEN) 2013 2014
Ventas Netas 298866244 324200000
Costo de ventas 241,782,791 261,629,400
Margen bruto 57,083,453 62,570,600
Gastos Operativos 38,254,879 38,904,000
Margen Operativo 18,828,574 23,666,600
Depreciación 4,581,697 4,581,697
EBITDA 23,410,271 28,248,297
EBITDA (%) 0 0

NOPAT 13180001.6376 16566620


Depreciación 4,581,697 4,581,697
Variación KTNO 1,254,043 1,099,686
CAPEX 10,293,788 4,000,000
FCL Operativo 6,213,868 16,048,631
Valor Terminal
FCL 6,213,868 16,048,631

Valoración (Apoyo consultoria)


WACC 10.50% 11.00%
VPN 258,752,385 249,930,682
x EBITDA 11.05 10.68
2015 2016 2017 2018
7.53% 6.37% 5.15% 3.95%
80.30% 80.00% 79.80% 79.70%
12.00% 12.00% 12.00% 12.00%

4,581,697 4,581,697 4,581,697 4,581,697

4.00% 4.00% 4.00% 4.00%


13,944,000 14,832,000 15,596,000 16,212,000
4.00% 4.00% 4.00% 4.00%
1,049,983 944,798 803,194 640,374

3 4 5 6
2015 2016 2017 2018
348600000 370800000 389900000 405300000
279,925,800 296,640,000 311,140,200 323,024,000
68,674,200 74,160,000 78,759,800 82,276,000
41,832,200 44,496,000 46,788,000 48,636,000
26,842,000 29,664,000 31,971,800 33,640,000
4,581,697 4,581,697 4,581,697 4,581,697
31,423,697 34,245,697 36,553,497 38,221,697
0 0 0 0

18789400 20764800 22380260 23548000


4,581,697 4,581,697 4,581,697 4,581,697
1,049,983 944,798 803,194 640,374
- - - -
22,321,114 24,401,699 26,158,763 27,489,323

22,321,114 24,401,699 26,158,763 27,489,323

11.50%
241,488,822
10.32
2019 2020 2021 2022
3.65% 3.00% 2.77% 2.56%
79.60% 79.56% 79.53% 79.50%
12.00% 12.00% 12.00% 12.00%

4,581,697 4,581,697 4,581,697 4,581,697

4.00% 4.00% 4.00% 4.00%


16,804,000 17,508,000 17,788,000 18,244,000
4.00% 4.00% 4.00% 4.00%
613,346 525,240 492,728 467,046

7 8 9 10
2019 2020 2021 2022
420100000 437700000 444700000 456100000
334,399,600 344,256,120 353,669,910 362,599,500
85,700,400 93,443,880 91,030,090 93,500,500
50,412,000 51,924,000 53,364,000 54,732,000
35,288,400 41,519,880 37,666,090 38,768,500
4,581,697 4,581,697 4,581,697 4,581,697
39,870,097 46,101,577 42,247,787 43,350,197
0 0 0 0

24701880 29063916 26366263 27137950


4,581,697 4,581,697 4,581,697 4,581,697
613,346 525,240 492,728 467,046
- - - -
28,670,231 33,120,373 30,455,232 31,252,601
333,909,364
28,670,231 33,120,373 30,455,232 365,161,965
Supuestos 2013 2014

Crecimiento en Ventas 10.35% 9.83%

Costo Ventas 81.00% 80.70%

Gastos Operativos 12.80% 12.00%

Inversiones en Activos Fijos 10,293,788 4,000,000

Depreciación 4,581,697 4,581,697

Crecimiento Perpetuo (g)

WACC 11.00%

Impuestos 30.00%

NOF/Ventas 4.00% 4.00%

NOF 11,939,576 13,113,535

Inversion Neta en activos corrientes 4.00% 4.00%

Inversion Neta en activos corrientes 1,235,746 1,289,388

1 2
Income Statement Accounts (In PEN) 2013 2014
Ventas Netas 298,489,411 327,838,382
Costo de ventas 241,776,423 264,565,574
Margen bruto 56,712,988 63,272,808
Gastos Operativos 38,206,645 39,340,606
Margen Operativo 18,506,343 23,932,202
Depreciación 4,581,697 4,581,697
EBITDA 23,088,040 28,513,899
EBITDA (%) 7.73% 8.70%

2013 2014
NOPAT 12,954,440 16,752,541
Depreciación 4,581,697 4,581,697
Variación KTNO 1,235,746 1,289,388
CAPEX 10,293,788 4,000,000
FCL Operativo 6,006,603 16,044,850
Valor Terminal
FCL 6,006,603 16,044,850

2012
Total Assets 69,991,831
Total liabilities 39,620,959 Representa la estructura de financiacion de la comp
Equity 30,370,872 Representa la estructura de financiacion ya que las

Cálculo del WACC


Deuda (Kd) 8.40%
Tasa de impuestos 30.00% Supuesto
Deuda / (deuda + patrimonio) 56.61% Exhibit 8

Patrimonio/(deuda + patrimonio) 43.39%


Tasa libre de riesgo 5.11% Exhibit 11 T-Bonds (10) Geometric average (1928-
Prima de riesgo de mercado 4.20% Exhibit 11 Rm - Rf (S&P 500 VS T-Bonds)
Beta asset 0.5 Exhibit 11 Listed Healthcare services companies a
Beta equity 0.9 Hamada se apalanca
Patrimonio (Ke) 9.08%

Ajustes:
Riesgo país 1.335% Exhibit 11 Country Risk - spread EMBIG Peru aver
R_Patrimonio_ajustado 10.53%

WACC 7.90%

WACC 7.90% 10.50%


VPN 367,185,147 328,640,985
X EBITDA 16 14
2015 2016 2017 2018

9.34% 8.87% 8.43% 8.01%

80.30% 80.00% 79.80% 79.70%

12.00% 12.00% 12.00% 12.00%

4,000,000

4,581,697 4,581,697 4,581,697 5,081,697

4.00% 4.00% 4.00% 4.00%

14,338,454 15,610,824 16,926,839 18,282,447

4.00% 4.00% 4.00% 4.00%

1,339,337 1,385,278 1,426,956 1,464,174

3 4 5 6
2015 2016 2017 2018
358,461,355 390,270,611 423,170,969 457,061,177
287,844,468 312,216,489 337,690,433 364,277,758
70,616,887 78,054,122 85,480,536 92,783,419
43,015,363 46,832,473 50,780,516 54,847,341
27,601,524 31,221,649 34,700,019 37,936,078
4,581,697 4,581,697 4,581,697 5,081,697
32,183,221 35,803,346 39,281,716 43,017,775
8.98% 9.17% 9.28% 9.41%

2015 2016 2017 2018


19,321,067 21,855,154 24,290,014 26,555,254
4,581,697 4,581,697 4,581,697 5,081,697
1,339,337 1,385,278 1,426,956 1,464,174
- - - 4,000,000
22,563,427 25,051,573 27,444,754 26,172,777

22,563,427 25,051,573 27,444,754 26,172,777

estructura de financiacion de la compañia cuando solo se usan los gastos y se tiene en cuenta la deuda a largo y corto plazo
estructura de financiacion ya que las utilidades retenidas aportan a capital de trabajo de la compañia

Bonds (10) Geometric average (1928-2012) Se alinea con proyeccion de proyecto (menos riesgo de inversion), es porqu
m - Rf (S&P 500 VS T-Bonds)
sted Healthcare services companies average in Latin America Promedio empresas de sector en america latina

ountry Risk - spread EMBIG Peru average 12 last months

11.00% 11.50%
292,138,148 281,897,165
13 12
2019 2020 2021 2022

8.01% 8.01% 8.01% 8.01%


###

79.60% 79.56% 79.53% 79.50%

12.00% 12.00% 12.00% 12.00%

5,081,697 5,081,697 5,081,697 5,081,697

1.50%

4.00% 4.00% 4.00% 4.00%

19,746,621 21,328,055 23,036,141 24,881,021

4.00% 4.00% 4.00% 4.00%

1,581,434 1,708,086 1,844,880 1,992,630

7 8 9 10
2019 2020 2021 2022
493,665,528 533,201,387 575,903,528 622,025,526
392,957,761 424,215,024 458,016,076 494,510,293
100,707,768 108,986,364 117,887,452 127,515,233
59,239,863 63,984,166 69,108,423 74,643,063
41,467,904 45,002,197 48,779,029 52,872,170
5,081,697 5,081,697 5,081,697 5,081,697
46,549,601 50,083,894 53,860,726 57,953,867
9.43% 9.39% 9.35% 9.32%

2019 2020 2021 2022


29,027,533 31,501,538 34,145,320 37,010,519
5,081,697 5,081,697 5,081,697 5,081,697
1,581,434 1,708,086 1,844,880 1,992,630
- - - -
32,527,796 34,875,149 37,382,137 40,099,586
428,432,421
32,527,796 34,875,149 37,382,137 468,532,007

argo y corto plazo

enos riesgo de inversion), es porque los bonos de tesoro a estados unidos (menos riesgo) y gradiante geometrico porque es mas exacto en p
PROYECCION VENTAS: ASUMIR QUE EN 2013 ESTUVO POR ENCIMA DE LA INDUSTRIA DE ACUERDO A LOS DATOS SUMINISTRADOS EN EL C
HASTA LLEGAR A UN CRECIMIENTO ENTRE 2021-2022 DEL 8,63% CASI IGUAL AL PROMEDIO ESPERADO DE LA INDUSTRIA

PROYECCION DE COSTO DE VENTAS: SE REDUCE DEL 12,8% AL 12% TRAS LA INVERSION REALIZADA EN 2014 DE LAS 35 CAMAS, AUMENTA

PROYECCION GASTOS OPERATIVOS VAN TENER UNA TASA DE CRECIMIENTO ANUAL QUE INICIA EN 81% EN 2012 Y GRACIAS A LAS INVERS
AMPLIAR SU CAPACIDAD OPERATIVA), LOGRAN LLEGAR A UN 79,5%

PROYECCION EN ACTIVOS FIJOS, SE PLANTEAN 2 INVERSIONES EN EL PERIODO DE ESTUDIO. LA CLINICA CADA 4 AÑOS INVIERTE EN INFRA

DEPRECIACION: SEGUN ESTATUTO TRIBUTARIO SE PRECIA EN 8 AÑOS LOS ACTIVOS FIJOS DEL SECTOR SALUD. DESDE 2014 SE CONTEMP
trico porque es mas exacto en periodos largos
OS DATOS SUMINISTRADOS EN EL CASO Y FUE EL PROMEDIO DE CRECIMIENTO ENTRE EL PERIODO 2011 Y 2012 (ULTIMOS 2 AÑOS), LA TASA DE CRECIM
DE LA INDUSTRIA

N 2014 DE LAS 35 CAMAS, AUMENTANDO CAPACIDAD OPERATIVA

% EN 2012 Y GRACIAS A LAS INVERSIONES PLANTEADAS EN 2014 Y 2018 ( LA CLINICA CADA 4 AÑOS INVIERTE EN

CA CADA 4 AÑOS INVIERTE EN INFRAESTRUCTURA, ENTRE 1997-2013 TUVO UN CRECIMIENTO GRACIAS A UNA INVERSION EN SU INFRAESTRUCTURA, EQ

R SALUD. DESDE 2014 SE CONTEMPLA LA DEPRECIACION DEL NUEVO BIEN ADQUIRIDO PARA JUSTIFICAR EL CRECIMIENTO DE INGRESOS
TIMOS 2 AÑOS), LA TASA DE CRECIMIENTO VA A DESACELERARSE

CLINICA CADA 4 AÑOS INVIERTE EN INFRAESTRUCTURA PARA

RSION EN SU INFRAESTRUCTURA, EQUIPOS Y PLANES DE SALUD

MIENTO DE INGRESOS

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