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# RAZONES FINANCIERAS DE EFICIENCIA

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## RAZONES FINANCIERAS DE RENTABILIDAD Y CREACIN DE VALOR

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## RAZONES DE LIQUIDEZ- ENDEUDAMIENTO LARGO PLAZO

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(+) Intereses
(+) Depreciacin y Amortizacin
(=) Flujo de Caja Bruto
(-) KTNO
(-) CAPEX
(=) Flujo de Caja Libre

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