Analisis Finaciero Cementos Pacasmayo

CEMENTOS PACASMAYO Curso Profesor Alumno:

Finanzas Jorge Lladó. Andres Mac 2008

ANALISIS HORIZONTAL

Balance General Cuenta

2000

ACTIVO Activo Corriente Efectivo y Equivalentes de efectivo Valores Negociables Cuentas por Cobrar Comerciales Cuentas por Cobrar a Partes Relacionadas Otras Cuentas por Cobrar Existencias Activos Biologicos Activos no Corrientes mantenidos para la Venta Gastos Diferidos Otros Activos Total Activo Corrientes

80.23% 0.00% 393.59% 88.99% 94.28% 102.54% 0.00% 0.00% 55.96% 0.00% 95.78%

Activo No Corriente Inversiones Financieras Cuentas por Cobrar Cuentas por Cobrar a Partes Relacionadas Otras Cuentas por Cobrar Existencias inverisones Inmobiliarias Inversiones permanentes Inmuebles, Maquinaria y Equipo Activos Intangibles Activo por Impueto a la Renta y Participaciones Diferido Credito Mercantil Otros Activos Total Activo No Corriente TOTAL ACTIVO

0.00% 0.00% 94.53% 0.00% 0.00% 0.00% 374.94% 92.70% 5.88% 0.00% 0.00% 0.00% 105.07% 103.17%

PASIVO Pasivo Corriente Sobregiros Bancarios Obligaciones Financieras Cuentas por Pagar Comerciales Cuentas por Pagar a Partes Relacionadas impuesto a la Renta y Participaciones Corrientes Otras Cuentas por Pagar Provisiones Parte Corriente de la Deuda de Largo Plazo Total Pasivo Corriente

0.00% 0.00% 122.23% 0.00% 0.00% 286.41% 0.00% 329.01% 174.53%

Pasivo No Corriente Obligaciones Financieras Cuentas por Pagar a Partes Relacionadas Pasivo por Impuesto a la Renta y Participaciones Deferidas Ingresos Diferidos Total Pasivo No Corriente

229.99% 0.00% 113.39% 0.00% 135.13%

TOTAL PASIVO

148.69%

PATRIMONIO Capital Capital Adicional Acciones de Inversión Excedente de Revaluación Resultados no Realizados Reservas Legales Otras Reservas Resultados Acumulados Diferencias de Conversión Total Patrimonio

100.00% 119.83% 100.00% 107.35% 0.00% 111.13% 0.00% 54.69% 0.00% 90.79%

TOTAL PASIVO + PATRIMONIO

103.17%

Proyección del estado de Perdidas y Ganancias Cuenta Ingresos operacionales Ventas Netas (Ingresos Operacionales) Otros Ingresos Operacionales Total del ingresos brutos Costo de Ventas (operacionales) Otros Costos Operacionales Total de costos operacionales Utilidad Bruta Gastos Operacionales Gastos de Ventas Gastos de Administración Ganancia (Pérdida) por Venta de Activos Provisión por pérdidas por desvalorización de activos Utilidad operativa Ingresos Financieros Gastos Financieros Participación en los Resultados de subsidiarias y afiliadas bajo el metodo de participación patrimonial Ganancia (Pérdida) por Instrumentos Financieros Derivados Otros Ingresos Otros Gastos Resultado por Exposición a la Inflación Resultado antes de Participaciones y del Impuesto a la Renta Participación de los trabajadores Impuesto a la Renta Utilidad (Pérdida) Neta de Actividades Continuas Ingreso (Gasto) Neto de Operaciones en Discontinuación Utilidad (pérdidad) Neta del Ejercicio

93.62% 0.00% 93.62% 99.00% 0.00% 99.00% 90.63% 136.97% 103.61% 0.00% 0.00% 73.42% 144.18% 42.98% 0.00% 0.00% 247.48% 110.59% 7.41% 98.04% 111.43% 171.20% 79.76% 0.00% 79.76%

2001

2002

2003

2004

2005

2006

29.12% 0.00% 134.60% 84.40% 93.95% 109.19% 0.00% 0.00% 459.86% 0.00% 86.73%

372.50% 0.00% 77.75% 67.40% 32.96% 93.96% 0.00% 0.00% 110.31% 0.00% 101.03%

80.35% 0.00% 126.67% 97.77% 80.12% 132.49% 0.00% 0.00% 105.27% 0.00% 109.85%

835.14% 0.00% 52.57% 82.90% 87.00% 117.84% 0.00% 0.00% 187.81% 0.00% 254.26%

76.45% 0.00% 78.84% 270.76% 126.65% 122.12% 0.00% 0.00% 120.17% 0.00% 97.67%

3.96% 0.00% 337.44% 130.61% 95.90% 114.76% 0.00% 0.00% 56.65% 0.00% 60.35%

0.00% 0.00% 103.22% 0.00% 0.00% 0.00% 122.50% 96.43% 0.00% 0.00% 0.00% 0.00% 101.64% 98.80%

0.00% 0.00% 29.06% 0.00% 0.00% 0.00% 392.81% 93.40% 0.00% 0.00% 0.00% 454.72% 160.09% 150.23%

0.00% 0.00% 73.59% 0.00% 0.00% 0.00% 104.06% 97.39% 0.00% 0.00% 99.49% 183.16% 101.69% 102.60%

0.00% 0.00% 10.71% 0.00% 0.00% 0.00% 134.91% 95.47% 0.00% 0.00% 70.94% 109.08% 116.98% 133.47%

0.00% 0.00% 4856.50% 66.50% 0.00% 0.00% 0.00% 122.51% 0.00% 0.00% 100.00% 92.77% 98.72% 98.48%

91.71% 0.00% 79.50% 109.30% 0.00% 0.00% 0.00% 135.78% 0.00% 0.00% 0.00% 48.10% 108.60% 97.64%

0.00% 0.00% 126.07% 226.32% 0.00% 77.58% 0.00% 87.58% 88.67%

0.00% 0.00% 84.98% 40.84% 0.00% 114.05% 0.00% 133.80% 116.20%

0.00% 0.00% 117.66% 283.47% 0.00% 120.61% 0.00% 92.99% 117.35%

0.00% 627.05% 146.46% 171.24% 0.00% 179.82% 0.00% 104.59% 181.29%

0.00% 110.69% 173.17% 174.25% 0.00% 22.61% 0.00% 0.00% 81.10%

0.00% 144.04% 135.81% 18.34% 108.93% 133.09% 101.52% 0.00% 119.15%

0.00% 0.00% 94.16% 0.00% 64.27%

0.00% 0.00% 99.14% 0.00% 477.76%

80.17% 0.00% 96.39% 0.00% 83.54%

104.40% 0.00% 90.07% 0.00% 130.20%

115.75% 2.97% 101.17% 0.00% 88.01%

74.87% 184.40% 87.62% 0.00% 78.13%

74.12%

303.11%

89.80%

142.56%

85.88%

90.05%

97.27% 0.00% 65.26% 0.00% 0.00% 118.29% 0.00% 156.93% 0.00% 109.79%

100.00% 0.00% 109.34% 0.00% 0.00% 112.27% 113.84% 139.13% 0.00% 104.28%

104.90% 0.00% 104.90% 0.00% 0.00% 117.51% 105.23% 149.67% 0.00% 113.79%

106.64% 0.00% 145.36% 0.00% 0.00% 110.93% 73.99% 125.48% 0.00% 127.20%

100.01% 0.00% 100.03% 0.00% 0.00% 47.57% 20.94% 142.28% 0.00% 108.21%

100.00% 0.00% 100.00% 0.00% 212.33% 107.36% 0.00% 94.84% 0.00% 102.30%

98.80%

150.23%

102.60%

133.47%

98.48%

97.64%

124.20% 0.00% 124.20% 123.85% 0.00% 170.16% 96.33%

95.12% 0.00% 95.12% 94.02% 93.12% 93.77% 96.57%

119.62% 0.00% 119.62% 135.82% 0.00% 99.12% 140.95%

103.43% 0.00% 105.57% 110.21% 0.00% 110.21% 102.17%

119.27% 0.00% 116.85% 107.64% 0.00% 107.64% 124.13%

112.63% 0.00% 112.63% 111.61% 0.00% 111.61% 113.32%

57.96% 44.94% 0.00% 0.00% 180.32% 16.35% 49.05% 0.00% 0.00% 0.00% 59.68% -5267.86% 132.82% 140.85% 104.86% 145.36% 0.00% 145.36%

91.42% 107.97% 0.00% 0.00% 92.38% 114.85% 634.40% 441.18% 0.00% 0.00% 34.11% -289.97% 99.77% 101.58% 99.16% 99.71% 0.00% 99.71%

612.36% 119.20% 0.00% 0.00% 132.50% 48.96% 245.61% 268.11% 0.00% 0.00% 342.77% 209.03% 121.78% 120.78% 140.33% 115.38% 0.00% 115.38%

70.31% 124.06% 0.00% 0.00% 99.01% 158.71% 84.07% 125.56% 0.00% 0.00% 80.95% 0.00% 103.39% 105.99% 105.99% 101.86% 0.00% 101.86%

92.46% 135.31% 0.00% 0.00% 122.48% 732.79% 85.01% 3.90% 0.00% 0.00% 189.97% 0.00% 142.19% 146.85% 150.84% 137.55% 0.00% 149.79%

103.66% 111.23% 0.00% 0.00% 115.42% 79.78% 73.47% 622.40% 0.00% 118.42% 106.80% 0.00% 122.44% 114.22% 111.19% 129.41% -1164.51% 23.71%

2000

2001

2002

2003

29554 0 1451 27973 11544 39433 0 0 788 0 110743

23,711.00 0.00 5,711.00 24,892.00 10,884.00 40,435.00 0.00 0.00 441.00 0.00 106,074.00

6,905.00 0.00 7,687.00 21,009.00 10,225.00 44,149.00 0.00 0.00 2,028.00 0.00 92,003.00

25,721.00 0.00 5,977.00 14,161.00 3,370.00 41,484.00 0.00 0.00 2,237.00 0.00 92,950.00

0 0 16865 0 0 0 21947 380927 10416 0 0 0 430155 540898

0.00 0.00 15,943.00 0.00 0.00 0.00 82,289.00 353,115.00 612.00 0.00 0.00 0.00 451,959.00 558,033.00

0.00 0.00 16,456.00 0.00 0.00 0.00 100,805.00 340,525.00 0.00 0.00 0.00 1,568.00 459,354.00 551,357.00

0.00 0.00 4,782.00 0.00 0.00 0.00 395,971.00 318,067.00 0.00 0.00 9,418.00 7,130.00 735,368.00 828,318.00

13802 0 5902 0 0 10832 0 9241 39777

0.00 0.00 7,214.00 779.00 0.00 31,024.00 0.00 30,404.00 69,421.00

0.00 0.00 9,095.00 1,763.00 0.00 24,067.00 0.00 26,629.00 61,554.00

0.00 0.00 7,729.00 720.00 0.00 27,448.00 0.00 35,630.00 71,527.00

14145 0 61697 0 75842

32,532.00 0.00 69,956.00 0.00 102,488.00

0.00 0.00 65,873.00 0.00 65,873.00

249,408.00 0.00 65,305.00 0.00 314,713.00

115619

171,909.00

127,427.00

386,240.00

385900 -58544 45544 -44099 0 34388 0 62090 0 425279

385,900.00 -70,151.00 45,544.00 -47,342.00 0.00 38,216.00 0.00 33,957.00 0.00 386,124.00

375,381.00 0.00 29,723.00 0.00 0.00 45,207.00 -79,669.00 53,288.00 0.00 423,930.00

375,381.00 0.00 32,500.00 0.00 0.00 50,755.00 -90,696.00 74,138.00 0.00 442,078.00

540898

558,033.00

551,357.00

828,318.00

2000

2001

2002

2003

229,330 0 229330 -81871 0 -81871 147459

214,701.00 0.00 214,701.00 -81,056.00 0.00 -81,056.00 133,645.00

266,663.00 0.00 266,663.00 -100,387.00 -37,540.00 -137,927.00 128,736.00

253,652.00 0.00 253,652.00 -94,382.00 -34,956.00 -129,338.00 124,314.00

-4449 -74708 0 0 68302 12424 -9819 0 0 5038 -12017 378 64,306 -5295 -11020 47,991 0 47991

-6,094.00 -77,405.00 0.00 0.00 50,146.00 17,913.00 -4,220.00 0.00 0.00 12,468.00 -13,290.00 28.00 63,045.00 -5,900.00 -18,866.00 38,279.00 0.00 38,279.00

-3,532.00 -34,783.00 0.00 0.00 90,421.00 2,929.00 -2,070.00 1,860.00 0.00 0.00 -7,931.00 -1,475.00 83,734.00 -8,310.00 -19,783.00 55,641.00 0.00 55,641.00

-3,229.00 -37,555.00 0.00 0.00 83,530.00 3,364.00 -13,132.00 8,206.00 0.00 0.00 -2,705.00 4,277.00 83,540.00 -8,441.00 -19,617.00 55,482.00 0.00 55,482.00

2004

2005

2006

2007

20,668.00 0.00 7,571.00 13,845.00 2,700.00 54,964.00 0.00 0.00 2,355.00 0.00 102,103.00

172,606.00 0.00 3,980.00 11,478.00 2,349.00 64,770.00 0.00 0.00 4,423.00 0.00 259,606.00

131,963.00 0.00 3,138.00 31,078.00 2,975.00 79,100.00 0.00 0.00 5,315.00 0.00 253,569.00

5,220.00 0.00 10,589.00 40,592.00 2,853.00 90,772.00 0.00 0.00 3,011.00 0.00 153,037.00

0.00 0.00 461,829.00 423,564.00 0.00 0.00 0.00 0.00 3,519.00 377.00 18,309.00 14,556.00 0.00 1,794.00 1,193.00 1,304.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 412,061.00 555,929.00 309,761.00 295,723.00 362,291.00 491,927.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9,370.00 6,647.00 6,647.00 0.00 13,059.00 14,245.00 13,215.00 6,357.00 747,770.00 874,715.00 863,484.00 937,708.00 849,873.00 1,134,321.00 1,117,053.00 1,090,745.00

0.00 6,566.00 9,094.00 2,041.00 0.00 33,104.00 0.00 33,131.00 83,936.00

0.00 41,172.00 13,319.00 3,495.00 0.00 59,528.00 0.00 34,653.00 152,167.00

6,456.00 45,575.00 23,064.00 6,090.00 24,756.00 13,457.00 4,007.00

0.00 65,647.00 31,324.00 1,117.00 26,966.00 17,910.00 4,068.00

123,405.00

147,032.00

199,954.00 0.00 62,948.00 0.00 262,902.00

208,745.00 76,850.00 56,699.00 0.00 342,294.00

241,614.00 2,282.00 57,363.00 0.00 301,259.00

180,906.00 4,208.00 50,264.00 0.00 235,378.00

346,838.00

494,461.00

424,664.00

382,410.00

393,775.00 0.00 34,093.00 0.00 0.00 59,643.00 -95,441.00 110,965.00 0.00 503,035.00

419,925.00 35,596.00 49,559.00 0.00 0.00 66,164.00 -70,621.00 139,237.00 0.00 639,860.00

419,977.00 0.00 49,575.00 0.00 8,055.00 31,473.00 -14,789.00 198,107.00 0.00 692,398.00

419,977.00 0.00 49,575.00 0.00 17,103.00 33,789.00 0.00 187,891.00 0.00 708,335.00

849,873.00 1,134,321.00 1,117,062.00 1,090,745.00

2004

2005

2006

2007

303,410.00 0.00 303,410.00 -128,194.00 0.00 -128,194.00 175,216.00

313,804.00 6,497.00 320,301.00 -141,284.00 0.00 -141,284.00 179,017.00

374,285.00 0.00 374,285.00 -152,074.00 0.00 -152,074.00 222,211.00

421,547.00 0.00 421,547.00 -169,735.00 0.00 -169,735.00 251,812.00

-19,773.00 -44,767.00 0.00 0.00 110,676.00 1,647.00 -32,254.00 22,001.00 0.00 0.00 -9,272.00 8,940.00 101,738.00 -10,195.00 -27,529.00 64,014.00 0.00 64,014.00

-13,903.00 -55,539.00 0.00 0.00 109,575.00 2,614.00 -27,117.00 27,624.00 0.00 0.00 -7,506.00 0.00 105,190.00 -10,806.00 -29,177.00 65,207.00 0.00 65,207.00

-12,855.00 -75,151.00 0.00 0.00 134,205.00 19,155.00 -23,052.00 1,076.00 0.00 32,446.00 -14,259.00 0.00 149,571.00 -15,869.00 -44,010.00 89,692.00 7,979.00 97,671.00

-13,325.00 -83,591.00 0.00 0.00 154,896.00 15,282.00 -16,937.00 6,697.00 0.00 38,422.00 -15,229.00 0.00 183,131.00 -18,125.00 -48,936.00 116,070.00 -92,916.00 23,154.00

ANALISIS VERTICAL

Balance General Cuenta ACTIVO Activo Corriente Efectivo y Equivalentes de efectivo Valores Negociables Cuentas por Cobrar Comerciales Cuentas por Cobrar a Partes Relacionadas Otras Cuentas por Cobrar Existencias Activos Biologicos Activos no Corrientes mantenidos para la Venta Gastos Diferidos Otros Activos Total Activo Corrientes Activo No Corriente Inversiones Financieras Cuentas por Cobrar Cuentas por Cobrar a Partes Relacionadas Otras Cuentas por Cobrar Existencias inverisones Inmobiliarias Inversiones permanentes Inmuebles, Maquinaria y Equipo Activos Intangibles Activo por Impueto a la Renta y Participaciones Diferido Credito Mercantil Otros Activos Total Activo No Corriente TOTAL ACTIVO PASIVO Pasivo Corriente Sobregiros Bancarios Obligaciones Financieras Cuentas por Pagar Comerciales Cuentas por Pagar a Partes Relacionadas impuesto a la Renta y Participaciones Corrientes Otras Cuentas por Pagar Provisiones Parte Corriente de la Deuda de Largo Plazo Total Pasivo Corriente Pasivo No Corriente Obligaciones Financieras Cuentas por Pagar a Partes Relacionadas Pasivo por Impuesto a la Renta y Participaciones Deferidas Ingresos Diferidos Total Pasivo No Corriente

2000

5.46% 0.00% 0.27% 5.17% 2.13% 7.29% 0.00% 0.00% 0.15% 0.00% 20.47%

0.00% 0.00% 3.12% 0.00% 0.00% 0.00% 4.06% 70.42% 1.93% 0.00% 0.00% 0.00% 79.53% 100.00%

2.55% 0.00% 1.09% 0.00% 0.00% 2.00% 0.00% 1.71% 7.35% 2.62% 0.00% 11.41% 0.00% 14.02%

TOTAL PASIVO

21.38%

PATRIMONIO Capital Capital Adicional Acciones de Inversión Excedente de Revaluación Resultados no Realizados Reservas Legales Otras Reservas Resultados Acumulados Diferencias de Conversión Total Patrimonio

71.34% -10.82% 8.42% -8.15% 0.00% 6.36% 0.00% 11.48% 0.00% 78.62%

TOTAL PASIVO + PATRIMONIO

100.00%

2001

2002

2003

2004

2005

2006

2007

4.25% 0.00% 1.02% 4.46% 1.95% 7.25% 0.00% 0.00% 0.08% 0.00% 19.01%

1.25% 0.00% 1.39% 3.81% 1.85% 8.01% 0.00% 0.00% 0.37% 0.00% 16.69%

3.11% 0.00% 0.72% 1.71% 0.41% 5.01% 0.00% 0.00% 0.27% 0.00% 11.22%

2.43% 0.00% 0.89% 1.63% 0.32% 6.47% 0.00% 0.00% 0.28% 0.00% 12.01%

15.22% 0.00% 0.35% 1.01% 0.21% 5.71% 0.00% 0.00% 0.39% 0.00% 22.89%

11.81% 0.00% 0.28% 2.78% 0.27% 7.08% 0.00% 0.00% 0.48% 0.00% 22.70%

0.48% 0.00% 0.97% 3.72% 0.26% 8.32% 0.00% 0.00% 0.28% 0.00% 14.03%

0.00% 0.00% 2.86% 0.00% 0.00% 0.00% 14.75% 63.28% 0.11% 0.00% 0.00% 0.00% 80.99% 100.00%

0.00% 0.00% 2.98% 0.00% 0.00% 0.00% 18.28% 61.76% 0.00% 0.00% 0.00% 0.28% 83.31% 100.00%

0.00% 0.00% 0.58% 0.00% 0.00% 0.00% 47.80% 38.40% 0.00% 0.00% 1.14% 0.86% 88.78% 100.00%

0.00% 0.00% 0.41% 0.00% 0.00% 0.00% 48.49% 36.45% 0.00% 0.00% 1.10% 1.54% 87.99% 100.00%

0.00% 0.00% 0.03% 0.16% 0.00% 0.00% 49.01% 26.07% 0.00% 0.00% 0.59% 1.26% 77.11% 100.00%

41.34% 0.00% 1.64% 0.11% 0.00% 0.00% 0.00% 32.43% 0.00% 0.00% 0.60% 1.18% 77.30% 100.00%

38.83% 0.00% 1.33% 0.12% 0.00% 0.00% 0.00% 45.10% 0.00% 0.00% 0.00% 0.58% 85.97% 100.00%

0.00% 0.00% 1.29% 0.14% 0.00% 5.56% 0.00% 5.45% 12.44%

0.00% 0.00% 1.65% 0.32% 0.00% 4.37% 0.00% 4.83% 11.16%

0.00% 0.00% 0.93% 0.09% 0.00% 3.31% 0.00% 4.30% 8.64%

0.00% 0.77% 1.07% 0.24% 0.00% 3.90% 0.00% 3.90% 9.88%

0.00% 3.63% 1.17% 0.31% 0.00% 5.25% 0.00% 3.05% 13.41%

0.58% 4.08% 2.06% 0.55% 2.22% 1.20% 0.36% 0.00% 11.05%

0.00% 6.02% 2.87% 0.10% 2.47% 1.64% 0.37% 0.00% 13.48%

5.83% 0.00% 12.54% 0.00% 18.37%

0.00% 0.00% 11.95% 0.00% 11.95%

30.11% 0.00% 7.88% 0.00% 37.99%

23.53% 0.00% 7.41% 0.00% 30.93%

18.40% 6.77% 5.00% 0.00% 30.18%

21.63% 0.20% 5.14% 0.00% 26.97%

16.59% 0.39% 4.61% 0.00% 21.58%

30.81%

23.11%

46.63%

40.81%

43.59%

38.02%

35.06%

69.15% -12.57% 8.16% -8.48% 0.00% 6.85% 0.00% 6.09% 0.00% 69.19%

68.08% 0.00% 5.39% 0.00% 0.00% 8.20% -14.45% 9.66% 0.00% 76.89%

45.32% 0.00% 3.92% 0.00% 0.00% 6.13% -10.95% 8.95% 0.00% 53.37%

46.33% 0.00% 4.01% 0.00% 0.00% 7.02% -11.23% 13.06% 0.00% 59.19%

37.02% 3.14% 4.37% 0.00% 0.00% 5.83% -6.23% 12.27% 0.00% 56.41%

37.60% 0.00% 4.44% 0.00% 0.72% 2.82% -1.32% 17.73% 0.00% 61.98%

38.50% 0.00% 4.55% 0.00% 1.57% 3.10% 0.00% 17.23% 0.00% 64.94%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

2000

2001

2002

2003

29554 0 1451 27973 11544 39433 0 0 788 0 110743

23,711.00 0.00 5,711.00 24,892.00 10,884.00 40,435.00 0.00 0.00 441.00 0.00 106,074.00

6,905.00 0.00 7,687.00 21,009.00 10,225.00 44,149.00 0.00 0.00 2,028.00 0.00 92,003.00

25,721.00 0.00 5,977.00 14,161.00 3,370.00 41,484.00 0.00 0.00 2,237.00 0.00 92,950.00

0 0.00 0.00 0.00 16865 15,943.00 16,456.00 4,782.00 0 0.00 0.00 0.00 0 0.00 0.00 0.00 0 0.00 0.00 0.00 21947 82,289.00 100,805.00 395,971.00 380927 353,115.00 340,525.00 318,067.00 10416 612.00 0.00 0.00 0 0.00 0.00 0.00 0 0.00 0.00 9,418.00 0 0.00 1,568.00 7,130.00 430155 451,959.00 459,354.00 735,368.00 540898 558,033.00 551,357.00 828,318.00

13802 0 5902 0 0 10832 0 9241 39777

0.00 0.00 7,214.00 779.00 0.00 31,024.00 0.00 30,404.00 69,421.00

0.00 0.00 9,095.00 1,763.00 0.00 24,067.00 0.00 26,629.00 61,554.00

0.00 0.00 7,729.00 720.00 0.00 27,448.00 0.00 35,630.00 71,527.00

14145 0 61697 0 75842

32,532.00 0.00 69,956.00 0.00 102,488.00

0.00 0.00 65,873.00 0.00 65,873.00

249,408.00 0.00 65,305.00 0.00 314,713.00

115619 171,909.00 127,427.00 386,240.00

385900 -58544 45544 -44099 0 34388 0 62090 0 425279

385,900.00 -70,151.00 45,544.00 -47,342.00 0.00 38,216.00 0.00 33,957.00 0.00 386,124.00

375,381.00 0.00 29,723.00 0.00 0.00 45,207.00 -79,669.00 53,288.00 0.00 423,930.00

375,381.00 0.00 32,500.00 0.00 0.00 50,755.00 -90,696.00 74,138.00 0.00 442,078.00

540898 558,033.00 551,357.00 828,318.00

2004

2005

2006

2007

20,668.00 0.00 7,571.00 13,845.00 2,700.00 54,964.00 0.00 0.00 2,355.00 0.00 102,103.00

172,606.00 0.00 3,980.00 11,478.00 2,349.00 64,770.00 0.00 0.00 4,423.00 0.00 259,606.00

131,963.00 0.00 3,138.00 31,078.00 2,975.00 79,100.00 0.00 0.00 5,315.00 0.00 253,569.00

5,220.00 0.00 10,589.00 40,592.00 2,853.00 90,772.00 0.00 0.00 3,011.00 0.00 153,037.00

461,829.00 0.00 18,309.00 1,193.00 0.00 0.00

423,564.00 0.00 14,556.00 1,304.00 0.00 0.00

362,291.00 0.00 0.00 6,647.00 13,215.00 863,484.00 ###

491,927.00 0.00 0.00 0.00 6,357.00 937,708.00 ###

0.00 3,519.00 0.00 0.00 0.00 412,061.00 309,761.00 0.00 0.00 9,370.00 13,059.00 747,770.00 849,873.00

0.00 377.00 1,794.00 0.00 0.00 555,929.00 295,723.00 0.00 0.00 6,647.00 14,245.00 874,715.00 ###

0.00 6,566.00 9,094.00 2,041.00 0.00 33,104.00 0.00 33,131.00 83,936.00

0.00 41,172.00 13,319.00 3,495.00 0.00 59,528.00 0.00 34,653.00 152,167.00

6,456.00 45,575.00 23,064.00 6,090.00 24,756.00 13,457.00 4,007.00

0.00 65,647.00 31,324.00 1,117.00 26,966.00 17,910.00 4,068.00

123,405.00

147,032.00

199,954.00 0.00 62,948.00 0.00 262,902.00

208,745.00 76,850.00 56,699.00 0.00 342,294.00

241,614.00 2,282.00 57,363.00 0.00 301,259.00

180,906.00 4,208.00 50,264.00 0.00 235,378.00

346,838.00 494,461.00 424,664.00 382,410.00

393,775.00 0.00 34,093.00 0.00 0.00 59,643.00 -95,441.00 110,965.00 0.00 503,035.00

419,925.00 35,596.00 49,559.00 0.00 0.00 66,164.00 -70,621.00 139,237.00 0.00 639,860.00

419,977.00 0.00 49,575.00 0.00 8,055.00 31,473.00 -14,789.00 198,107.00 0.00 692,398.00

419,977.00 0.00 49,575.00 0.00 17,103.00 33,789.00 0.00 187,891.00 0.00 708,335.00

849,873.00

###

###

###

Ratios 2,000

2,001

2,002

Ratios de Liquidez Liquidez Prueba ácida Prueba rápida

2.78 1.77 0.74

1.53 0.94 0.34

1.49 0.74 0.11

Ratios de endeudamiento Solvencia (PAS /PAT) Solvencia ajustado (PAS-PE/PAT) Deuda (PAS/ACT) Deuda ajustada (PAS-PE/ACT)

0.27 0.20 0.21 0.69

0.45 0.34 0.31 0.63

0.30 0.22 0.23 0.68

Ratios de cobertura de deuda BAIDT/(Intereses)

9.81

20.72

53.89

Ratios de rentabilidad Margen bruto Beneficio neto Beneficio operativo ROA ROE

0.64 0.21 0.30 0.18 0.11

0.62 0.18 0.23 0.18 0.10

0.48 0.21 0.34 0.22 0.13

2.28 121,304.00 17.52 173.39 0.42

4.48 82,058.00 31.65 179.59 0.38

6.44 104,101.00 31.45 115.23 0.48

Ratios operativos Promedio medio de cobro Compras Promedio medio de pago Rotación de inventario Rotación de activo

Las pruebas de liquidez indican la capacidad de la empresa que tie Como se puede apreciar en general los ratios de liquides de la emp Como se puede apreciar el ratio de liquedez a travez de los años h

2,003

2,004

2,005

2,006

2,007

2,008

1.30 0.69 0.36

1.22 0.53 0.25

1.71 1.25 1.13

2.05 1.37 1.07

1.04 0.40 0.04

0.67 0.39 0.22

0.87 0.79 0.47 0.15

0.69 0.59 0.41 0.23

0.77 0.59 0.44 0.19

0.61 0.44 0.38 0.16

0.54 0.33 0.35 0.22

0.81 0.36 0.45 0.11

9.57

5.40

6.34

9.73

15.36

9.68

0.49 0.22 0.33 0.16 0.13

0.58 0.21 0.36 0.23 0.13

0.57 0.21 0.35 0.17 0.10

0.59 0.26 0.36 0.22 0.14

0.60 0.05 0.37 0.26 0.03

0.5980 0.2316 0.3760 0.1628 0.1401

4.03 91,717.00 30.34 115.47 0.31

5.37 141,674.00 23.11 154.35 0.36

2.36 151,090.00 31.73 165.04 0.28

1.80 166,404.00 49.90 187.25 0.34

5.09 181,407.00 62.16 192.52 0.39

2.18 185,575.69 35.88 175.16 0.33

cidad de la empresa que tiene para hacer frente a sus obligaciones de corto plazo ratios de liquides de la empresa a traves de los años vienen disminuyendo, en la proyeccion se observa algo similar, si bien la edez a travez de los años ha va disminuyendo, en la proyeccion sige la misma tendencia con lo que se puede afirmar que la em

2,009

2,010

2,011

Promedio de los ratios

2,012

0.82 0.37 0.20

0.99 0.28 0.15

1.14 0.25 0.14

1.31 0.23 0.13

1.64 0.96 0.51

0.82 0.35 0.45 0.08

0.92 0.34 0.48 0.05

0.92 0.32 0.48 0.03

0.89 0.29 0.47 0.02

0.56 0.44 0.35 0.37

9.82

9.97

10.14

10.33

0.5980 0.2353 0.3760 0.1600 0.1387

0.5980 0.2395 0.3760 0.1462 0.1350

0.5980 0.2442 0.3760 0.1396 0.1290

0.5980 0.2493 0.3760 0.1319 0.1210

0.57 0.19 0.33 0.20 0.11

2.18 212,697.12 34.34 175.16 0.32

2.18 233,324.78 34.34 175.16 0.29

2.18 255,952.93 34.34 175.16 0.28

2.18 280,775.60 34.34 175.16 0.26

3.98 129,969.38 34.73 160.36 0.37

a algo similar, si bien la empresa puede afirmar que la empresa tiene un deterioro de su liquidez, si bien la liquidez/solvencia de la empresa es sumamente imp

la empresa es sumamente importante para continuar con su funcionamiento, que disminuya no necesariamente signfica algo

no necesariamente signfica algo negativo ya que al disminucion de la liquedez indica que la empresa esta consiguiendo mayor

mpresa esta consiguiendo mayor rentabilidad

PROYECCION DE EEFF

Proyección del estado de Perdidas y Ganancias Cuenta Ingresos operacionales Ventas Netas (Ingresos Operacionales) Otros Ingresos Operacionales Total del ingresos brutos Costo de Ventas (operacionales) Otros Costos Operacionales Total de costos operacionales Utilidad Bruta Gastos Operacionales Gastos de Ventas Gastos de Administración Ganancia (Pérdida) por Venta de Activos Provisión por pérdidas por desvalorización de activos Utilidad operativa Ingresos Financieros Gastos Financieros Participación en los Resultados de subsidiarias y afiliadas bajo el metodo de participación patrimonial Ganancia (Pérdida) por Instrumentos Financieros Derivados Otros Ingresos Otros Gastos Resultado por Exposición a la Inflación Resultado antes de Participaciones y del Impuesto a la Renta Participación de los trabajadores Impuesto a la Renta Utilidad (Pérdida) Neta de Actividades Continuas Ingreso (Gasto) Neto de Operaciones en Discontinuación Utilidad (pérdidad) Neta del Ejercicio Utilidad (pérdida) básica por acción común Utilidad (pérdida) básica por acción de inversión Utilidad (pérdida) diluida por acción común Utilidad (pérdida) diluida por acción de inversión Utilidad (Pérdida) Neta de Actividades Continuas Historico PG Utilidad (Pérdida) Básica por Acción Común Utilidad (Pérdida) Básica por Acción de Inversión Utilidad (Pérdida) Diluida por Acción Común Utilidad (Pérdida) Diluida por Acción de Inversión Tasa combinada de participacion e IR

2000 229,330 0 229330 -81871 0 -81871 147459 -4449 -74708 0 0 68302 12424 -9819 0 0 5038 -12017 378 64,306 -5295 -11020 47,991 0 47991 0.13 0.13 0.13 0.13

0.00 0.00 0.00 0.00 -0.25

Proyección del Balance General Cuenta ACTIVO Activo Corriente

2000

Efectivo y Equivalentes de efectivo Valores Negociables Cuentas por Cobrar Comerciales Cuentas por Cobrar a Partes Relacionadas Otras Cuentas por Cobrar Existencias Activos Biologicos Activos no Corrientes mantenidos para la Venta Gastos Diferidos Otros Activos Total Activo Corrientes Activo No Corriente Sobregiros y Prestamos Bancarios Inversiones Financieras Cuentas por Cobrar Cuentas por Cobrar a Partes Relacionadas Otras Cuentas por Cobrar Existencias inverisones Inmobiliarias Inversiones permanentes Inmuebles, Maquinaria y Equipo Activos Intangibles Activo por Impueto a la Renta y Participaciones Diferido Credito Mercantil Otros Activos Total Activo No Corriente TOTAL ACTIVO PASIVO Pasivo Corriente Financiacion extra Sobregiros Bancarios Obligaciones Financieras Cuentas por Pagar Comerciales Cuentas por Pagar a Partes Relacionadas impuesto a la Renta y Participaciones Corrientes Otras Cuentas por Pagar Provisiones Parte Corriente de la Deuda de Largo Plazo Total Pasivo Corriente

29,554.00 0.00 1,451.00 27,973.00 11,544.00 39,433.00 0.00 0.00 788.00 0.00 110,743.00

0 16865 0 0 0 21947 380927 10416 0 0 0 430155 540898

13802 0 5902 0 0 10832 0 9241 39777

Pasivo No Corriente Obligaciones Financieras Cuentas por Pagar a Partes Relacionadas Pasivo por Impuesto a la Renta y Participaciones Deferidas Ingresos Diferidos Total Pasivo No Corriente TOTAL PASIVO

14145 0 61697 0 75842 115619

PATRIMONIO Capital Capital Adicional

385900 -58544

Acciones de Inversión Excedente de Revaluación Resultados no Realizados Reservas Legales Otras Reservas Resultados Acumulados Diferencias de Conversión Total Patrimonio

45544 -44099 0 34388 0 62090 0 425279

TOTAL PASIVO + PATRIMONIO

540898

cuadre

0

PE NOF FM RN INVERSIONES NETAS

30,536.00 79,419.00 70,966.00 8,453.00 509,574.00

Compras

121,304.00

SUPUESTOS Ganancias y Perdidas Tasa de Crecimiento de las ventas Periodo Medio de cobro Rotacion de Inventarios Periodo Promedio de Pagos Costo de ventas Gasto de Ventas Gastos Generales y de Adm Ingresos Financieros Gastos Financieros Depreciacion Tasa del impuesto a la renta Tasa de participacion de los trabajadores Pago a cuenta del IR Tasa de distribucion de dividendos Caja Minima Activo Fijo Bruto Participación en los Resultados de subsidiarias y afiliadas bajo el metodo de participación patrimonial Capital Social Deuda LP Otros Ingresos Otros Gastos Resultado por Exposición a la Inflación Participacion de trabajadores IR

Balance General Activo

9.70% 2.28 0.42 40.20% 3.20% 19% 23% 11% 10% 30% 10% 0.20% 60% 3% 20% 120% 419977 185114 3% 0.01 10% 30%

Efectivo y Equivalentes de efectivo Existencias Gastos Diferidos Otros Activos Pasivo Corriente Obligaciones Financieras PNC Cuentas por Cobrar a Partes Relacionadas Otras cuentas por cobrar Inmuebles, Maquinaria y Equipo Inversiones permanentes Cuentas por Pagar Comerciales Cuentas por Pagar a Partes Relacionadas Otras Cuentas por Pagar Pasivo No Corriente Obligaciones Financieras PNC Otras Cuentas por Cobrar Patrimonio Capital Acciones de Inversión Resultados Acumulados Reservas Legales Costo de la deuda

40% 19.56% 0.81% 2.00%

21% 7.70% 4.00% 118.00% 4.50% 4.00% 0.80% 15.00%

60% 6.00%

1.26% 4.10% 34.72% 2.32% 10%

2001

2002

214,701.00 0.00 214,701.00 -81,056.00 0.00 -81,056.00 133,645.00

266,663.00 0.00 266,663.00 -100,387.00 -37,540.00 -137,927.00 128,736.00

-6,094.00 -77,405.00 0.00 0.00 50,146.00 17,913.00 -4,220.00

Historico 2003

2004

2005

253,652.00 0.00 253,652.00 -94,382.00 -34,956.00 -129,338.00 124,314.00

303,410.00 0.00 303,410.00 -128,194.00 0.00 -128,194.00 175,216.00

313,804.00 6,497.00 320,301.00 -141,284.00 0.00 -141,284.00 179,017.00

-3,532.00 -34,783.00 0.00 0.00 90,421.00 2,929.00 -2,070.00

-3,229.00 -37,555.00 0.00 0.00 83,530.00 3,364.00 -13,132.00

-19,773.00 -44,767.00 0.00 0.00 110,676.00 1,647.00 -32,254.00

-13,903.00 -55,539.00 0.00 0.00 109,575.00 2,614.00 -27,117.00

0.00 0.00 12,468.00 -13,290.00 28.00 63,045.00 -5,900.00 -18,866.00 38,279.00 0.00 38,279.00

1,860.00 0.00 0.00 -7,931.00 -1,475.00 83,734.00 -8,310.00 -19,783.00 55,641.00 0.00 55,641.00

8,206.00 0.00 0.00 -2,705.00 4,277.00 83,540.00 -8,441.00 -19,617.00 55,482.00 0.00 55,482.00

22,001.00 0.00 0.00 -9,272.00 8,940.00 101,738.00 -10,195.00 -27,529.00 64,014.00 0.00 64,014.00

27,624.00 0.00 0.00 -7,506.00 0.00 105,190.00 -10,806.00 -29,177.00 65,207.00 0.00 65,207.00

0.10 0.10 0.10 0.10

0.15 0.15 0.15 0.15

0.15 0.15 0.15 0.15

0.17 0.17 0.17 0.17

0.18 0.18 0.18 0.18

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

-0.39

-0.34

-0.34

-0.37

-0.38

2001

2002

Historico 2003

2004

2005

23,711.00 0.00 5,711.00 24,892.00 10,884.00 40,435.00 0.00 0.00 441.00 0.00 106,074.00

6,905.00 0.00 7,687.00 21,009.00 10,225.00 44,149.00 0.00 0.00 2,028.00 0.00 92,003.00

25,721.00 0.00 5,977.00 14,161.00 3,370.00 41,484.00 0.00 0.00 2,237.00 0.00 92,950.00

20,668.00 0.00 7,571.00 13,845.00 2,700.00 54,964.00 0.00 0.00 2,355.00 0.00 102,103.00

172,606.00 0.00 3,980.00 11,478.00 2,349.00 64,770.00 0.00 0.00 4,423.00 0.00 259,606.00

0.00 15,943.00 0.00 0.00 0.00 82,289.00 353,115.00 612.00 0.00 0.00 0.00 451,959.00 558,033.00

0.00 16,456.00 0.00 0.00 0.00 100,805.00 340,525.00 0.00 0.00 0.00 1,568.00 459,354.00 551,357.00

0.00 4,782.00 0.00 0.00 0.00 395,971.00 318,067.00 0.00 0.00 9,418.00 7,130.00 735,368.00 828,318.00

0.00 3,519.00 0.00 0.00 0.00 412,061.00 309,761.00 0.00 0.00 9,370.00 13,059.00 747,770.00 849,873.00

0.00 377.00 1,794.00 0.00 0.00 555,929.00 295,723.00 0.00 0.00 6,647.00 14,245.00 874,715.00 1,134,321.00

0.00 0.00 7,214.00 779.00 0.00 31,024.00 0.00 30,404.00 69,421.00

0.00 0.00 9,095.00 1,763.00 0.00 24,067.00 0.00 26,629.00 61,554.00

0.00 0.00 7,729.00 720.00 0.00 27,448.00 0.00 35,630.00 71,527.00

0.00 6,566.00 9,094.00 2,041.00 0.00 33,104.00 0.00 33,131.00 83,936.00

0.00 41,172.00 13,319.00 3,495.00 0.00 59,528.00 0.00 34,653.00 152,167.00

32,532.00 0.00 69,956.00 0.00 102,488.00 171,909.00

0.00 0.00 65,873.00 0.00 65,873.00 127,427.00

249,408.00 0.00 65,305.00 0.00 314,713.00 386,240.00

199,954.00 0.00 62,948.00 0.00 262,902.00 346,838.00

208,745.00 76,850.00 56,699.00 0.00 342,294.00 494,461.00

385,900.00 -70,151.00

375,381.00 0.00

375,381.00 0.00

393,775.00 0.00

419,925.00 35,596.00

45,544.00 -47,342.00 0.00 38,216.00 0.00 33,957.00 0.00 386,124.00

29,723.00 0.00 0.00 45,207.00 -79,669.00 53,288.00 0.00 423,930.00

32,500.00 0.00 0.00 50,755.00 -90,696.00 74,138.00 0.00 442,078.00

34,093.00 0.00 0.00 59,643.00 -95,441.00 110,965.00 0.00 503,035.00

49,559.00 0.00 0.00 66,164.00 -70,621.00 139,237.00 0.00 639,860.00

558,033.00

551,357.00

828,318.00

849,873.00

1,134,321.00

0

0

0

0

0

39,017.00 66,616.00 36,653.00 29,963.00 518,575.00

34,925.00 55,050.00 30,449.00 24,601.00 514,404.00

35,897.00 54,816.00 21,423.00 33,393.00 790,184.00

50,805.00 48,943.00 18,167.00 30,776.00 796,713.00

117,514.00 137,669.00 107,439.00 30,230.00 1,012,384.00

121,491.00 386,124.00 62,936.00 0.16

144,536.00 423,930.00 26,629.00 0.06

135,866.00 442,078.00 285,038.00 0.64

183,158.00 503,035.00 233,085.00 0.46

206,054.00 639,860.00 243,398.00 0.38

Tasa de crecimiento

Ventas Ventas Ventas Tasa de crecimiento de deuda LP Ventas

Ventas Utilidad Neta Ventas Tasa de crecimiento Tasa de crecimiento

Ventas Ventas Resultado por Exposición a la Inflación

Costo de Ventas ventas ventas ventas

tasa de crecimiento ventas ventas ventas tasa de crecimiento ventas ventas costo de ventas operacionales

ventas tasa de crecimiento

tasa de crecimiento tasa de crecimiento tasa de crecimiento tasa de crecimiento

* al final de la hoja se encuentran los supuestos

2006

2007

2008

2009

Proyectado 2010

374,285.00 0.00 374,285.00 -152,074.00 0.00 -152,074.00 222,211.00

421,547.00 0.00 421,547.00 -169,735.00 0.00 -169,735.00 251,812.00

462,429.21 0.00 462,429.21 -185,896.54 0.00 -185,896.54 276,532.67

507,276.22 0.00 507,276.22 -203,925.04 0.00 -203,925.04 303,351.18

556,472.57 0.00 556,472.57 -223,701.97 0.00 -223,701.97 332,770.60

-12,855.00 -75,151.00 0.00 0.00 134,205.00 19,155.00 -23,052.00

-13,325.00 -83,591.00 0.00 0.00 154,896.00 15,282.00 -16,937.00

-14,797.73 -87,861.55 0.00 0.00 173,873.38 18,796.86 -29,133.04

-16,232.84 -96,382.48 0.00 0.00 190,735.86 23,120.14 -31,958.40

-17,807.12 -105,729.79 0.00 0.00 209,233.69 28,437.77 -35,057.77

1,076.00 0.00 32,446.00 -14,259.00 0.00 149,571.00 -15,869.00 -44,010.00 89,692.00 7,979.00 97,671.00

6,697.00 0.00 38,422.00 -15,229.00 0.00 183,131.00 -18,125.00 -48,936.00 116,070.00 -92,916.00 23,154.00

8,036.40 0.00 0.00 13,872.88 2,450.87 187,897.35 -18,789.74 -62,006.13 107,101.49 0.00 107,101.49

9,643.68 0.00 0.00 15,218.29 2,688.56 209,448.13 -20,944.81 -69,117.88 119,385.43 0.00 119,385.43

11,572.42 0.00 0.00 16,694.18 2,949.30 233,829.58 -23,382.96 -77,163.76 133,282.86 0.00 133,282.86

0.21 0.21 0.21 0.21

0.05 0.05 0.05 0.05

0.19 0.19 0.19 0.19

0.25 0.25 0.25 0.25

-0.4

-0.37

2006

2007

2008

2009

Proyectado 2010

131,963.00 0.00 3,138.00 31,078.00 2,975.00 79,100.00 0.00 0.00 5,315.00 0.00 253,569.00

5,220.00 0.00 10,589.00 40,592.00 2,853.00 90,772.00 0.00 0.00 3,011.00 0.00 153,037.00

74,358.62 0.00 5,116.53 35,607.05 18,497.17 90,451.15 0.00 0.00 3,745.68 0.00 227,776.19

76,533.44 81,570.02 0.00 5,612.73 39,060.27 20,291.05 99,223.23 0.00 0.00 4,108.94 0.00 326,399.68

299,860.02 89,480.79 0.00 6,157.07 42,848.39 22,258.90 108,846.03 0.00 0.00 4,507.43 0.00 573,958.63

461,829.00 0.00 18,309.00 1,193.00 0.00 0.00

423,564.00 0.00 14,556.00 1,304.00 0.00 0.00

362,291.00 0.00 0.00 6,647.00 13,215.00 863,484.00 1,117,053.00

491,927.00 0.00 0.00 0.00 6,357.00 937,708.00 1,090,745.00

0.00 0.00 18,497.17 1,382.24 0.00 0.00 580,945.81 545,666.46 0.00 0.00 0.00 9,248.58 1,155,740.26 1,383,516.45

0.00 0.00 20,291.05 1,465.17 0.00 0.00 607,088.37 598,585.94 0.00 0.00 0.00 10,145.52 1,237,576.06 1,563,975.74

0.00 0.00 22,258.90 1,553.08 0.00 0.00 634,407.34 656,637.63 0.00 0.00 0.00 11,129.45 1,325,986.41 1,899,945.04

6,456.00 45,575.00 23,064.00 6,090.00 24,756.00 13,457.00 4,007.00

0.00 65,647.00 31,324.00 1,117.00 26,966.00 17,910.00 4,068.00

123,405.00

147,032.00

0.00 291,400.88 18,497.17 3,699.43 0.00 27,884.48 0.00 0.00 341,481.97

0.00 343,931.97 20,291.05 4,058.21 0.00 30,588.76 0.00 0.00 398,869.99

0.00 518,205.64 22,258.90 4,451.78 0.00 33,555.30 0.00 0.00 578,471.62

241,614.00 2,282.00 57,363.00 0.00 301,259.00 424,664.00

180,906.00 4,208.00 50,264.00 0.00 235,378.00 382,410.00

277,457.52 0.00

304,365.73 0.00

333,883.54 0.00

0.00 277,457.52 618,939.49

0.00 304,365.73 703,235.72

0.00 333,883.54 912,355.16

419,977.00 0.00

419,977.00 0.00

425,268.71 0.00

430,627.10 0.00

436,053.00 0.00

49,575.00 0.00 8,055.00 31,473.00 -14,789.00 198,107.00 0.00 692,398.00

49,575.00 0.00 17,103.00 33,789.00 0.00 187,891.00 0.00 708,335.00

51,607.58 0.00 0.00 34,573.92 0.00 253,126.76 0.00 764,576.96

53,723.49 0.00 0.00 35,377.07 0.00 341,012.36 0.00 860,740.02

55,926.15 0.00 0.00 36,198.88 0.00 459,411.86 0.00 987,589.88

1,117,062.00

1,090,745.00

1,383,516.45

1,563,975.74

1,899,945.04

-9

0

0

0

0

119,398.00 128,856.00 130,173.00 -1,317.00 992,340.00

142,964.00 7,062.00 6,005.00 1,057.00 944,770.00

341,481.97 -117,451.45 -113,705.78 -3,745.68 1,038,288.81

398,869.99 -153,112.69 -72,470.31 -80,642.38 1,084,463.37

578,471.62 -308,880.44 -4,512.99 -304,367.45 1,017,105.98

231,174.00 692,398.00 241,614.00 0.35

260,507.00 708,335.00 180,906.00 0.26

276,347.69 764,576.96 277,457.52 0.36

303,148.27 860,740.02 304,365.73 0.35

332,548.01 987,589.88 333,883.54 0.34

yectado 2011

2012

610,440.04 0.00 610,440.04 -245,396.90 0.00 -245,396.90 365,043.14

669,641.35 0.00 669,641.35 -269,195.82 0.00 -269,195.82 400,445.53

-19,534.08 -115,983.61 0.00 0.00 229,525.46 34,978.46 -38,457.72

-21,428.52 -127,231.86 0.00 0.00 251,785.15 43,023.50 -42,187.41

13,886.90 0.00 0.00 18,313.20 3,235.33 261,481.62 -26,148.16 -86,288.94 149,044.52 0.00 149,044.52

16,664.28 0.00 0.00 20,089.24 3,549.10 292,923.86 -29,292.39 -96,664.88 166,966.60 0.00 166,966.60

2011

2012

yectado

492,900.66 98,158.76 0.00 6,754.19 47,003.88 24,417.60 119,402.07 0.00 0.00 4,944.56 0.00 793,581.73

757,706.95 107,678.33 0.00 7,409.22 51,562.38 26,785.65 130,981.85 0.00 0.00 5,424.09 0.00 1,087,548.48

0.00 0.00 24,417.60 1,646.27 0.00 0.00 662,955.67 720,319.25 0.00 0.00 0.00 12,208.80 1,421,547.59 2,215,129.32

0.00 0.00 26,785.65 1,745.05 0.00 0.00 692,788.68 790,176.80 0.00 0.00 0.00 13,392.83 1,524,889.00 2,612,437.48

0.00 627,028.82 24,417.60 4,883.52 0.00 36,809.53 0.00 0.00 693,139.48

0.00 758,704.87 26,785.65 5,357.13 0.00 40,379.37 0.00 0.00 831,227.03

366,264.02 0.00

401,784.81 0.00

0.00 366,264.02 1,059,403.50

0.00 401,784.81 1,233,011.84

441,547.27 0.00

447,110.76 0.00

58,219.12 0.00 0.00 37,039.78 0.00 618,919.65 0.00 1,155,725.82

60,606.10 0.00 0.00 37,900.21 0.00 833,808.56 0.00 1,379,425.64

2,215,129.32

2,612,437.48

0

0.00

693,139.48 -397,402.98 100,442.25 -497,845.23 1,024,144.62

831,227.03 -506,809.60 256,321.45 -763,131.05 1,018,079.40

364,798.97 1,155,725.82 366,264.02 0.32

400,177.67 1,379,425.64 401,784.81 0.29

Flujos de Caja 2007

FLUJO DE CAJA LIBRE TOTAL Utilidad Neta Menos incremento en NOF Menos incremento en AFN Más Incremento en Deuda Más Aumentos de Capital Menos Pago de Dividendos FCLT

2008

23,154.00 121,794.00 -129,636.00 -60,708.00 0.00

107,101.49 124,513.45 -53,739.46 96,551.52 5,291.71

-45,396.00

279,718.72

45,396.00

-279,718.72

FLUJO DE CAJA LIBRE BAIT*(1-t) Menos cambio NOF Menos cambio AFN FCL

107,212.14 121,794.00 -129,636.00 99370.14

121,382.25 124,513.45 -53,739.46 192156.24

FLUJO DE CAJA DEL ACCIONISTA UN Menos cambio en NOF Menos cambio en AFN Más incremento de deuda FCL

23,154.00 121,794.00 -129,636.00 -60,708.00 -45,396.00

107,101.49 124,513.45 -53,739.46 96,551.52 274,427.01

Requerimiento Acumulado

37%

Impuesto por participaciones

Valorizacion de la empresa FLUJO DE CAJA LIBRE DESCONTADO BAIT*(1-T) - Incremento NOF - Incremento AFN FCL

2007 107,212

WACC = Valor de la empresa

EVA (A) (B)

BAIT * (1-T) Inversión Neta Costo del Capital Inicial

2008 121,382 124,513 (53,739) 192,156

12% 1,581,136.12

2007 107,212 498,989

192,156

2008 121,382 428,215 59,421

EVA = (A) - (B) Valor residual del EVA MVA Inversión Neta Inicial Valor de la empresa

61,961

1,082,147 498,989 1,581,136.12

61,961

2009

2010

2011

2012

119,385.43 35,661.23 -52,919.48 26,908.21 5,358.39

133,282.86 155,767.75 -58,051.69 29,517.81 5,425.90

149,044.52 88,522.54 -63,681.62 32,380.48 5,494.27

166,966.60 109,406.62 -69,857.55 35,520.79 5,563.50

134,393.78

265,942.63

211,760.20

247,599.96

-414,112.50

-680,055.13

-891,815.33

-1,139,415.29

134,729.28 35,661.23 -52,919.48 117471.03

149,733.02 155,767.75 -58,051.69 247449.08

166,637.46 88,522.54 -63,681.62 191478.39

185,729.45 109,406.62 -69,857.55 225278.52

119,385.43 35,661.23 -52,919.48 26,908.21 129,035.40

133,282.86 155,767.75 -58,051.69 29,517.81 260,516.73

149,044.52 88,522.54 -63,681.62 32,380.48 206,265.93

166,966.60 109,406.62 -69,857.55 35,520.79 242,036.46

2009

2010

2011

2012

134,729 35,661 (52,919) 117,471

149,733 155,768 (58,052) 247,449

166,637 88,523 (63,682) 191,478

185,729 109,407 (69,858) 225,279 1,559,660

117,471

247,449

191,478

1,784,938

2009 134,729 445,473 50,993

2010 149,733 347,757 53,048

2011 166,637 322,916 41,412

2012 185,729 283,367 38,454

2013 185,729

185,729

2013 185,729 283,367 33,744

83,736

96,685

125,225

147,276 1,276,293

83,736

96,685

125,225

1,423,568

151,985

Tasa de descuento Tasa Libre de Riesgo Riesgo país Beta Costo de deuda Deuda/Deuda+Capital Capital/Deuda+Capital Impuesto a la renta Prima riesgo mercado

4.25% 2.05% 1.33 10.00% 25.80% 74.20% 30.00% 5.50%

Costo Equity

13.62%

WACC

11.91%