CEMENTOS PACASMAYO

Curso Finanzas
Profesor Jorge Lladó.
Alumno: Andres Mac

2008
 ANALISIS HORIZONTAL

Balance General

Cuenta 2000
ACTIVO
Activo Corriente
Efectivo y Equivalentes de efectivo 80.23%
Valores Negociables 0.00%
Cuentas por Cobrar Comerciales 393.59%
Cuentas por Cobrar a Partes Relacionadas 88.99%
Otras Cuentas por Cobrar 94.28%
Existencias 102.54%
Activos Biologicos 0.00%
Activos no Corrientes mantenidos para la Venta 0.00%
Gastos Diferidos 55.96%
Otros Activos 0.00%
Total Activo Corrientes 95.78%

Activo No Corriente
Inversiones Financieras 0.00%
Cuentas por Cobrar 0.00%
Cuentas por Cobrar a Partes Relacionadas 94.53%
Otras Cuentas por Cobrar 0.00%
Existencias 0.00%
inverisones Inmobiliarias 0.00%
Inversiones permanentes 374.94%
Inmuebles, Maquinaria y Equipo 92.70%
Activos Intangibles 5.88%
Activo por Impueto a la Renta y Participaciones Diferido 0.00%
Credito Mercantil 0.00%
Otros Activos 0.00%
Total Activo No Corriente 105.07%
TOTAL ACTIVO 103.17%

PASIVO
Pasivo Corriente
Sobregiros Bancarios 0.00%
Obligaciones Financieras 0.00%
Cuentas por Pagar Comerciales 122.23%
Cuentas por Pagar a Partes Relacionadas 0.00%
impuesto a la Renta y Participaciones Corrientes 0.00%
Otras Cuentas por Pagar 286.41%
Provisiones 0.00%
Parte Corriente de la Deuda de Largo Plazo 329.01%
Total Pasivo Corriente 174.53%
Pasivo No Corriente
Obligaciones Financieras 229.99%
Cuentas por Pagar a Partes Relacionadas 0.00%
Pasivo por Impuesto a la Renta y Participaciones Deferidas 113.39%
Ingresos Diferidos 0.00%
Total Pasivo No Corriente 135.13%
TOTAL PASIVO 148.69%

PATRIMONIO
Capital 100.00%
Capital Adicional 119.83%
Acciones de Inversión 100.00%
Excedente de Revaluación 107.35%
Resultados no Realizados 0.00%
Reservas Legales 111.13%
Otras Reservas 0.00%
Resultados Acumulados 54.69%
Diferencias de Conversión 0.00%
Total Patrimonio 90.79%

TOTAL PASIVO + PATRIMONIO 103.17%

Proyección del estado de Perdidas y Ganancias

Cuenta
Ingresos operacionales
Ventas Netas (Ingresos Operacionales) 93.62%
Otros Ingresos Operacionales 0.00%
Total del ingresos brutos 93.62%
Costo de Ventas (operacionales) 99.00%
Otros Costos Operacionales 0.00%
Total de costos operacionales 99.00%
Utilidad Bruta 90.63%
Gastos Operacionales
Gastos de Ventas 136.97%
Gastos de Administración 103.61%
Ganancia (Pérdida) por Venta de Activos 0.00%
Provisión por pérdidas por desvalorización de activos 0.00%
Utilidad operativa 73.42%
Ingresos Financieros 144.18%
Gastos Financieros 42.98%
Participación en los Resultados de subsidiarias y afiliadas bajo el
0.00%
metodo de participación patrimonial
Ganancia (Pérdida) por Instrumentos Financieros Derivados 0.00%
Otros Ingresos 247.48%
Otros Gastos 110.59%
Resultado por Exposición a la Inflación 7.41%
Resultado antes de Participaciones y del Impuesto a la Renta 98.04%
Participación de los trabajadores 111.43%
Impuesto a la Renta 171.20%
Utilidad (Pérdida) Neta de Actividades Continuas 79.76%
Ingreso (Gasto) Neto de Operaciones en Discontinuación 0.00%
Utilidad (pérdidad) Neta del Ejercicio 79.76%
 2001 2002 2003 2004 2005 2006

29.12% 372.50% 80.35% 835.14% 76.45% 3.96%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
134.60% 77.75% 126.67% 52.57% 78.84% 337.44%
84.40% 67.40% 97.77% 82.90% 270.76% 130.61%
93.95% 32.96% 80.12% 87.00% 126.65% 95.90%
109.19% 93.96% 132.49% 117.84% 122.12% 114.76%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
459.86% 110.31% 105.27% 187.81% 120.17% 56.65%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
86.73% 101.03% 109.85% 254.26% 97.67% 60.35%

0.00% 0.00% 0.00% 0.00% 0.00% 91.71%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
103.22% 29.06% 73.59% 10.71% 4856.50% 79.50%
0.00% 0.00% 0.00% 0.00% 66.50% 109.30%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
122.50% 392.81% 104.06% 134.91% 0.00% 0.00%
96.43% 93.40% 97.39% 95.47% 122.51% 135.78%
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% 99.49% 70.94% 100.00% 0.00%
0.00% 454.72% 183.16% 109.08% 92.77% 48.10%
101.64% 160.09% 101.69% 116.98% 98.72% 108.60%
98.80% 150.23% 102.60% 133.47% 98.48% 97.64%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 627.05% 110.69% 144.04%
126.07% 84.98% 117.66% 146.46% 173.17% 135.81%
226.32% 40.84% 283.47% 171.24% 174.25% 18.34%
0.00% 0.00% 0.00% 0.00% 0.00% 108.93%
77.58% 114.05% 120.61% 179.82% 22.61% 133.09%
0.00% 0.00% 0.00% 0.00% 0.00% 101.52%
87.58% 133.80% 92.99% 104.59% 0.00% 0.00%
88.67% 116.20% 117.35% 181.29% 81.10% 119.15%

0.00% 0.00% 80.17% 104.40% 115.75% 74.87%

0.00% 0.00% 0.00% 0.00% 2.97% 184.40%
94.16% 99.14% 96.39% 90.07% 101.17% 87.62%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
64.27% 477.76% 83.54% 130.20% 88.01% 78.13%
 74.12% 303.11% 89.80% 142.56% 85.88% 90.05%

97.27% 100.00% 104.90% 106.64% 100.01% 100.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
65.26% 109.34% 104.90% 145.36% 100.03% 100.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 212.33%
118.29% 112.27% 117.51% 110.93% 47.57% 107.36%
0.00% 113.84% 105.23% 73.99% 20.94% 0.00%
156.93% 139.13% 149.67% 125.48% 142.28% 94.84%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
109.79% 104.28% 113.79% 127.20% 108.21% 102.30%

98.80% 150.23% 102.60% 133.47% 98.48% 97.64%

124.20% 95.12% 119.62% 103.43% 119.27% 112.63%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
124.20% 95.12% 119.62% 105.57% 116.85% 112.63%
123.85% 94.02% 135.82% 110.21% 107.64% 111.61%
0.00% 93.12% 0.00% 0.00% 0.00% 0.00%
170.16% 93.77% 99.12% 110.21% 107.64% 111.61%
96.33% 96.57% 140.95% 102.17% 124.13% 113.32%

57.96% 91.42% 612.36% 70.31% 92.46% 103.66%

44.94% 107.97% 119.20% 124.06% 135.31% 111.23%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
180.32% 92.38% 132.50% 99.01% 122.48% 115.42%
16.35% 114.85% 48.96% 158.71% 732.79% 79.78%
49.05% 634.40% 245.61% 84.07% 85.01% 73.47%
0.00% 441.18% 268.11% 125.56% 3.90% 622.40%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 118.42%
59.68% 34.11% 342.77% 80.95% 189.97% 106.80%
-5267.86% -289.97% 209.03% 0.00% 0.00% 0.00%
132.82% 99.77% 121.78% 103.39% 142.19% 122.44%
140.85% 101.58% 120.78% 105.99% 146.85% 114.22%
104.86% 99.16% 140.33% 105.99% 150.84% 111.19%
145.36% 99.71% 115.38% 101.86% 137.55% 129.41%
0.00% 0.00% 0.00% 0.00% 0.00% -1164.51%
145.36% 99.71% 115.38% 101.86% 149.79% 23.71%
 2000 2001 2002 2003

29554 23,711.00 6,905.00 25,721.00

0 0.00 0.00 0.00
1451 5,711.00 7,687.00 5,977.00
27973 24,892.00 21,009.00 14,161.00
11544 10,884.00 10,225.00 3,370.00
39433 40,435.00 44,149.00 41,484.00
0 0.00 0.00 0.00
0 0.00 0.00 0.00
788 441.00 2,028.00 2,237.00
0 0.00 0.00 0.00
110743 106,074.00 92,003.00 92,950.00

0 0.00 0.00 0.00

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 0.00 0.00 0.00

0 0.00 0.00 0.00
5902 7,214.00 9,095.00 7,729.00
0 779.00 1,763.00 720.00
0 0.00 0.00 0.00
10832 31,024.00 24,067.00 27,448.00
0 0.00 0.00 0.00
9241 30,404.00 26,629.00 35,630.00
39777 69,421.00 61,554.00 71,527.00

14145 32,532.00 0.00 249,408.00

0 0.00 0.00 0.00
61697 69,956.00 65,873.00 65,305.00
0 0.00 0.00 0.00
75842 102,488.00 65,873.00 314,713.00
115619 171,909.00 127,427.00 386,240.00

385900 385,900.00 375,381.00 375,381.00

-58544 -70,151.00 0.00 0.00
45544 45,544.00 29,723.00 32,500.00
-44099 -47,342.00 0.00 0.00
0 0.00 0.00 0.00
34388 38,216.00 45,207.00 50,755.00
0 0.00 -79,669.00 -90,696.00
62090 33,957.00 53,288.00 74,138.00
0 0.00 0.00 0.00
425279 386,124.00 423,930.00 442,078.00

540898 558,033.00 551,357.00 828,318.00

2000 2001 2002 2003

229,330 214,701.00 266,663.00 253,652.00

0 0.00 0.00 0.00
229330 214,701.00 266,663.00 253,652.00
-81871 -81,056.00 -100,387.00 -94,382.00
0 0.00 -37,540.00 -34,956.00
-81871 -81,056.00 -137,927.00 -129,338.00
147459 133,645.00 128,736.00 124,314.00

-4449 -6,094.00 -3,532.00 -3,229.00

-74708 -77,405.00 -34,783.00 -37,555.00
0 0.00 0.00 0.00
0 0.00 0.00 0.00
68302 50,146.00 90,421.00 83,530.00
12424 17,913.00 2,929.00 3,364.00
-9819 -4,220.00 -2,070.00 -13,132.00
0 0.00 1,860.00 8,206.00
0 0.00 0.00 0.00
5038 12,468.00 0.00 0.00
-12017 -13,290.00 -7,931.00 -2,705.00
378 28.00 -1,475.00 4,277.00
64,306 63,045.00 83,734.00 83,540.00
-5295 -5,900.00 -8,310.00 -8,441.00
-11020 -18,866.00 -19,783.00 -19,617.00
47,991 38,279.00 55,641.00 55,482.00
0 0.00 0.00 0.00
47991 38,279.00 55,641.00 55,482.00
 2004 2005 2006 2007

20,668.00 172,606.00 131,963.00 5,220.00

0.00 0.00 0.00 0.00
7,571.00 3,980.00 3,138.00 10,589.00
13,845.00 11,478.00 31,078.00 40,592.00
2,700.00 2,349.00 2,975.00 2,853.00
54,964.00 64,770.00 79,100.00 90,772.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
2,355.00 4,423.00 5,315.00 3,011.00
0.00 0.00 0.00 0.00
102,103.00 259,606.00 253,569.00 153,037.00

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 0.00 6,456.00 0.00

6,566.00 41,172.00 45,575.00 65,647.00
9,094.00 13,319.00 23,064.00 31,324.00
2,041.00 3,495.00 6,090.00 1,117.00
0.00 0.00 24,756.00 26,966.00
33,104.00 59,528.00 13,457.00 17,910.00
0.00 0.00 4,007.00 4,068.00
33,131.00 34,653.00
83,936.00 152,167.00 123,405.00 147,032.00

199,954.00 208,745.00 241,614.00 180,906.00

0.00 76,850.00 2,282.00 4,208.00
62,948.00 56,699.00 57,363.00 50,264.00
0.00 0.00 0.00 0.00
262,902.00 342,294.00 301,259.00 235,378.00
346,838.00 494,461.00 424,664.00 382,410.00

393,775.00 419,925.00 419,977.00 419,977.00

0.00 35,596.00 0.00 0.00
34,093.00 49,559.00 49,575.00 49,575.00
0.00 0.00 0.00 0.00
0.00 0.00 8,055.00 17,103.00
59,643.00 66,164.00 31,473.00 33,789.00
-95,441.00 -70,621.00 -14,789.00 0.00
110,965.00 139,237.00 198,107.00 187,891.00
0.00 0.00 0.00 0.00
503,035.00 639,860.00 692,398.00 708,335.00

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

2004 2005 2006 2007

303,410.00 313,804.00 374,285.00 421,547.00

0.00 6,497.00 0.00 0.00
303,410.00 320,301.00 374,285.00 421,547.00
-128,194.00 -141,284.00 -152,074.00 -169,735.00
0.00 0.00 0.00 0.00
-128,194.00 -141,284.00 -152,074.00 -169,735.00
175,216.00 179,017.00 222,211.00 251,812.00

-19,773.00 -13,903.00 -12,855.00 -13,325.00

-44,767.00 -55,539.00 -75,151.00 -83,591.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
110,676.00 109,575.00 134,205.00 154,896.00
1,647.00 2,614.00 19,155.00 15,282.00
-32,254.00 -27,117.00 -23,052.00 -16,937.00
22,001.00 27,624.00 1,076.00 6,697.00
0.00 0.00 0.00 0.00
0.00 0.00 32,446.00 38,422.00
-9,272.00 -7,506.00 -14,259.00 -15,229.00
8,940.00 0.00 0.00 0.00
101,738.00 105,190.00 149,571.00 183,131.00
-10,195.00 -10,806.00 -15,869.00 -18,125.00
-27,529.00 -29,177.00 -44,010.00 -48,936.00
64,014.00 65,207.00 89,692.00 116,070.00
0.00 0.00 7,979.00 -92,916.00
64,014.00 65,207.00 97,671.00 23,154.00
 ANALISIS VERTICAL

Balance General

Cuenta 2000
ACTIVO
Activo Corriente
Efectivo y Equivalentes de efectivo 5.46%
Valores Negociables 0.00%
Cuentas por Cobrar Comerciales 0.27%
Cuentas por Cobrar a Partes Relacionadas 5.17%
Otras Cuentas por Cobrar 2.13%
Existencias 7.29%
Activos Biologicos 0.00%
Activos no Corrientes mantenidos para la Venta 0.00%
Gastos Diferidos 0.15%
Otros Activos 0.00%
Total Activo Corrientes 20.47%

Activo No Corriente
Inversiones Financieras 0.00%
Cuentas por Cobrar 0.00%
Cuentas por Cobrar a Partes Relacionadas 3.12%
Otras Cuentas por Cobrar 0.00%
Existencias 0.00%
inverisones Inmobiliarias 0.00%
Inversiones permanentes 4.06%
Inmuebles, Maquinaria y Equipo 70.42%
Activos Intangibles 1.93%
Activo por Impueto a la Renta y Participaciones Diferido 0.00%
Credito Mercantil 0.00%
Otros Activos 0.00%
Total Activo No Corriente 79.53%
TOTAL ACTIVO 100.00%

PASIVO
Pasivo Corriente
Sobregiros Bancarios 2.55%
Obligaciones Financieras 0.00%
Cuentas por Pagar Comerciales 1.09%
Cuentas por Pagar a Partes Relacionadas 0.00%
impuesto a la Renta y Participaciones Corrientes 0.00%
Otras Cuentas por Pagar 2.00%
Provisiones 0.00%
Parte Corriente de la Deuda de Largo Plazo 1.71%
Total Pasivo Corriente 7.35%
Pasivo No Corriente
Obligaciones Financieras 2.62%
Cuentas por Pagar a Partes Relacionadas 0.00%
Pasivo por Impuesto a la Renta y Participaciones Deferidas 11.41%
Ingresos Diferidos 0.00%
Total Pasivo No Corriente 14.02%
TOTAL PASIVO 21.38%

PATRIMONIO
Capital 71.34%
Capital Adicional -10.82%
Acciones de Inversión 8.42%
Excedente de Revaluación -8.15%
Resultados no Realizados 0.00%
Reservas Legales 6.36%
Otras Reservas 0.00%
Resultados Acumulados 11.48%
Diferencias de Conversión 0.00%
Total Patrimonio 78.62%

TOTAL PASIVO + PATRIMONIO 100.00%

 2001 2002 2003 2004 2005 2006 2007

4.25% 1.25% 3.11% 2.43% 15.22% 11.81% 0.48%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
1.02% 1.39% 0.72% 0.89% 0.35% 0.28% 0.97%
4.46% 3.81% 1.71% 1.63% 1.01% 2.78% 3.72%
1.95% 1.85% 0.41% 0.32% 0.21% 0.27% 0.26%
7.25% 8.01% 5.01% 6.47% 5.71% 7.08% 8.32%
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%
0.08% 0.37% 0.27% 0.28% 0.39% 0.48% 0.28%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
19.01% 16.69% 11.22% 12.01% 22.89% 22.70% 14.03%

0.00% 0.00% 0.00% 0.00% 0.00% 41.34% 38.83%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2.86% 2.98% 0.58% 0.41% 0.03% 1.64% 1.33%
0.00% 0.00% 0.00% 0.00% 0.16% 0.11% 0.12%
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%
14.75% 18.28% 47.80% 48.49% 49.01% 0.00% 0.00%
63.28% 61.76% 38.40% 36.45% 26.07% 32.43% 45.10%
0.11% 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% 1.14% 1.10% 0.59% 0.60% 0.00%
0.00% 0.28% 0.86% 1.54% 1.26% 1.18% 0.58%
80.99% 83.31% 88.78% 87.99% 77.11% 77.30% 85.97%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.58% 0.00%

0.00% 0.00% 0.00% 0.77% 3.63% 4.08% 6.02%
1.29% 1.65% 0.93% 1.07% 1.17% 2.06% 2.87%
0.14% 0.32% 0.09% 0.24% 0.31% 0.55% 0.10%
0.00% 0.00% 0.00% 0.00% 0.00% 2.22% 2.47%
5.56% 4.37% 3.31% 3.90% 5.25% 1.20% 1.64%
0.00% 0.00% 0.00% 0.00% 0.00% 0.36% 0.37%
5.45% 4.83% 4.30% 3.90% 3.05% 0.00% 0.00%
12.44% 11.16% 8.64% 9.88% 13.41% 11.05% 13.48%

5.83% 0.00% 30.11% 23.53% 18.40% 21.63% 16.59%

0.00% 0.00% 0.00% 0.00% 6.77% 0.20% 0.39%
12.54% 11.95% 7.88% 7.41% 5.00% 5.14% 4.61%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
18.37% 11.95% 37.99% 30.93% 30.18% 26.97% 21.58%
 30.81% 23.11% 46.63% 40.81% 43.59% 38.02% 35.06%

69.15% 68.08% 45.32% 46.33% 37.02% 37.60% 38.50%

-12.57% 0.00% 0.00% 0.00% 3.14% 0.00% 0.00%
8.16% 5.39% 3.92% 4.01% 4.37% 4.44% 4.55%
-8.48% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.72% 1.57%
6.85% 8.20% 6.13% 7.02% 5.83% 2.82% 3.10%
0.00% -14.45% -10.95% -11.23% -6.23% -1.32% 0.00%
6.09% 9.66% 8.95% 13.06% 12.27% 17.73% 17.23%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
69.19% 76.89% 53.37% 59.19% 56.41% 61.98% 64.94%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

 2000 2001 2002 2003

29554 23,711.00 6,905.00 25,721.00

0 0.00 0.00 0.00
1451 5,711.00 7,687.00 5,977.00
27973 24,892.00 21,009.00 14,161.00
11544 10,884.00 10,225.00 3,370.00
39433 40,435.00 44,149.00 41,484.00
0 0.00 0.00 0.00
0 0.00 0.00 0.00
788 441.00 2,028.00 2,237.00
0 0.00 0.00 0.00
110743 106,074.00 92,003.00 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 0.00 0.00 0.00

0 0.00 0.00 0.00
5902 7,214.00 9,095.00 7,729.00
0 779.00 1,763.00 720.00
0 0.00 0.00 0.00
10832 31,024.00 24,067.00 27,448.00
0 0.00 0.00 0.00
9241 30,404.00 26,629.00 35,630.00
39777 69,421.00 61,554.00 71,527.00

14145 32,532.00 0.00 249,408.00

0 0.00 0.00 0.00
61697 69,956.00 65,873.00 65,305.00
0 0.00 0.00 0.00
75842 102,488.00 65,873.00 314,713.00
115619 171,909.00 127,427.00 386,240.00

385900 385,900.00 375,381.00 375,381.00

-58544 -70,151.00 0.00 0.00
45544 45,544.00 29,723.00 32,500.00
-44099 -47,342.00 0.00 0.00
0 0.00 0.00 0.00
34388 38,216.00 45,207.00 50,755.00
0 0.00 -79,669.00 -90,696.00
62090 33,957.00 53,288.00 74,138.00
0 0.00 0.00 0.00
425279 386,124.00 423,930.00 442,078.00

540898 558,033.00 551,357.00 828,318.00

 2004 2005 2006 2007

20,668.00 172,606.00 131,963.00 5,220.00

0.00 0.00 0.00 0.00
7,571.00 3,980.00 3,138.00 10,589.00
13,845.00 11,478.00 31,078.00 40,592.00
2,700.00 2,349.00 2,975.00 2,853.00
54,964.00 64,770.00 79,100.00 90,772.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
2,355.00 4,423.00 5,315.00 3,011.00
0.00 0.00 0.00 0.00
102,103.00 259,606.00 253,569.00 153,037.00

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 ### ### ###

0.00 0.00 6,456.00 0.00

6,566.00 41,172.00 45,575.00 65,647.00
9,094.00 13,319.00 23,064.00 31,324.00
2,041.00 3,495.00 6,090.00 1,117.00
0.00 0.00 24,756.00 26,966.00
33,104.00 59,528.00 13,457.00 17,910.00
0.00 0.00 4,007.00 4,068.00
33,131.00 34,653.00
83,936.00 152,167.00 123,405.00 147,032.00

199,954.00 208,745.00 241,614.00 180,906.00

0.00 76,850.00 2,282.00 4,208.00
62,948.00 56,699.00 57,363.00 50,264.00
0.00 0.00 0.00 0.00
262,902.00 342,294.00 301,259.00 235,378.00
346,838.00 494,461.00 424,664.00 382,410.00

393,775.00 419,925.00 419,977.00 419,977.00

0.00 35,596.00 0.00 0.00
34,093.00 49,559.00 49,575.00 49,575.00
0.00 0.00 0.00 0.00
0.00 0.00 8,055.00 17,103.00
59,643.00 66,164.00 31,473.00 33,789.00
-95,441.00 -70,621.00 -14,789.00 0.00
110,965.00 139,237.00 198,107.00 187,891.00
0.00 0.00 0.00 0.00
503,035.00 639,860.00 692,398.00 708,335.00

849,873.00 ### ### ###

Ratios

2,000 2,001 2,002

Ratios de Liquidez
Liquidez 2.78 1.53 1.49
Prueba ácida 1.77 0.94 0.74
Prueba rápida 0.74 0.34 0.11

Ratios de endeudamiento
Solvencia (PAS /PAT) 0.27 0.45 0.30
Solvencia ajustado (PAS-PE/PAT) 0.20 0.34 0.22
Deuda (PAS/ACT) 0.21 0.31 0.23
Deuda ajustada (PAS-PE/ACT) 0.69 0.63 0.68

Ratios de cobertura de deuda

BAIDT/(Intereses) 9.81 20.72 53.89

Ratios de rentabilidad
Margen bruto 0.64 0.62 0.48
Beneficio neto 0.21 0.18 0.21
Beneficio operativo 0.30 0.23 0.34
ROA 0.18 0.18 0.22
ROE 0.11 0.10 0.13

Ratios operativos
Promedio medio de cobro 2.28 4.48 6.44
Compras 121,304.00 82,058.00 104,101.00
Promedio medio de pago 17.52 31.65 31.45
Rotación de inventario 173.39 179.59 115.23
Rotación de activo 0.42 0.38 0.48

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 1.22 1.71 2.05 1.04 0.67

0.69 0.53 1.25 1.37 0.40 0.39
0.36 0.25 1.13 1.07 0.04 0.22

0.87 0.69 0.77 0.61 0.54 0.81

0.79 0.59 0.59 0.44 0.33 0.36
0.47 0.41 0.44 0.38 0.35 0.45
0.15 0.23 0.19 0.16 0.22 0.11

9.57 5.40 6.34 9.73 15.36 9.68

0.49 0.58 0.57 0.59 0.60 0.5980

0.22 0.21 0.21 0.26 0.05 0.2316
0.33 0.36 0.35 0.36 0.37 0.3760
0.16 0.23 0.17 0.22 0.26 0.1628
0.13 0.13 0.10 0.14 0.03 0.1401

4.03 5.37 2.36 1.80 5.09 2.18

91,717.00 141,674.00 151,090.00 166,404.00 181,407.00 185,575.69
30.34 23.11 31.73 49.90 62.16 35.88
115.47 154.35 165.04 187.25 192.52 175.16
0.31 0.36 0.28 0.34 0.39 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
 Promedio de los
2,009 2,010 2,011 2,012
ratios

0.82 0.99 1.14 1.31 1.64

0.37 0.28 0.25 0.23 0.96
0.20 0.15 0.14 0.13 0.51

0.82 0.92 0.92 0.89 0.56

0.35 0.34 0.32 0.29 0.44
0.45 0.48 0.48 0.47 0.35
0.08 0.05 0.03 0.02 0.37

9.82 9.97 10.14 10.33

0.5980 0.5980 0.5980 0.5980 0.57

0.2353 0.2395 0.2442 0.2493 0.19
0.3760 0.3760 0.3760 0.3760 0.33
0.1600 0.1462 0.1396 0.1319 0.20
0.1387 0.1350 0.1290 0.1210 0.11

2.18 2.18 2.18 2.18 3.98

212,697.12 233,324.78 255,952.93 280,775.60 129,969.38
34.34 34.34 34.34 34.34 34.73
175.16 175.16 175.16 175.16 160.36
0.32 0.29 0.28 0.26 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 2000
Ingresos operacionales
Ventas Netas (Ingresos Operacionales) 229,330
Otros Ingresos Operacionales 0
Total del ingresos brutos 229330
Costo de Ventas (operacionales) -81871
Otros Costos Operacionales 0
Total de costos operacionales -81871
Utilidad Bruta 147459
Gastos Operacionales
Gastos de Ventas -4449
Gastos de Administración -74708
Ganancia (Pérdida) por Venta de Activos 0
Provisión por pérdidas por desvalorización de activos 0
Utilidad operativa 68302
Ingresos Financieros 12424
Gastos Financieros -9819
Participación en los Resultados de subsidiarias y afiliadas bajo el metodo de
participación patrimonial 0
Ganancia (Pérdida) por Instrumentos Financieros Derivados 0
Otros Ingresos 5038
Otros Gastos -12017
Resultado por Exposición a la Inflación 378
Resultado antes de Participaciones y del Impuesto a la Renta 64,306
Participación de los trabajadores -5295
Impuesto a la Renta -11020
Utilidad (Pérdida) Neta de Actividades Continuas 47,991
Ingreso (Gasto) Neto de Operaciones en Discontinuación 0
Utilidad (pérdidad) Neta del Ejercicio 47991

Utilidad (pérdida) básica por acción común 0.13

Utilidad (pérdida) básica por acción de inversión 0.13
Utilidad (pérdida) diluida por acción común 0.13
Utilidad (pérdida) diluida por acción de inversión 0.13
Utilidad (Pérdida) Neta de Actividades Continuas
Historico PG
Utilidad (Pérdida) Básica por Acción Común 0.00
Utilidad (Pérdida) Básica por Acción de Inversión 0.00
Utilidad (Pérdida) Diluida por Acción Común 0.00
Utilidad (Pérdida) Diluida por Acción de Inversión 0.00

Tasa combinada de participacion e IR -0.25

Proyección del Balance General

Cuenta 2000
ACTIVO
Activo Corriente
 Efectivo y Equivalentes de efectivo 29,554.00
Valores Negociables 0.00
Cuentas por Cobrar Comerciales 1,451.00
Cuentas por Cobrar a Partes Relacionadas 27,973.00
Otras Cuentas por Cobrar 11,544.00
Existencias 39,433.00
Activos Biologicos 0.00
Activos no Corrientes mantenidos para la Venta 0.00
Gastos Diferidos 788.00
Otros Activos 0.00
Total Activo Corrientes 110,743.00

Activo No Corriente
Sobregiros y Prestamos Bancarios
Inversiones Financieras
Cuentas por Cobrar 0
Cuentas por Cobrar a Partes Relacionadas 16865
Otras Cuentas por Cobrar 0
Existencias 0
inverisones Inmobiliarias 0
Inversiones permanentes 21947
Inmuebles, Maquinaria y Equipo 380927
Activos Intangibles 10416
Activo por Impueto a la Renta y Participaciones Diferido 0
Credito Mercantil 0
Otros Activos 0
Total Activo No Corriente 430155
TOTAL ACTIVO 540898

PASIVO
Pasivo Corriente
Financiacion extra
Sobregiros Bancarios 13802
Obligaciones Financieras 0
Cuentas por Pagar Comerciales 5902
Cuentas por Pagar a Partes Relacionadas 0
impuesto a la Renta y Participaciones Corrientes 0
Otras Cuentas por Pagar 10832
Provisiones 0
Parte Corriente de la Deuda de Largo Plazo 9241
Total Pasivo Corriente 39777

Pasivo No Corriente
Obligaciones Financieras 14145
Cuentas por Pagar a Partes Relacionadas 0
Pasivo por Impuesto a la Renta y Participaciones Deferidas 61697
Ingresos Diferidos 0
Total Pasivo No Corriente 75842
TOTAL PASIVO 115619

PATRIMONIO
Capital 385900
Capital Adicional -58544
 Acciones de Inversión 45544
Excedente de Revaluación -44099
Resultados no Realizados 0
Reservas Legales 34388
Otras Reservas 0
Resultados Acumulados 62090
Diferencias de Conversión 0
Total Patrimonio 425279

TOTAL PASIVO + PATRIMONIO 540898

cuadre 0

PE 30,536.00
NOF 79,419.00
FM 70,966.00
RN 8,453.00
INVERSIONES NETAS 509,574.00

Compras 121,304.00

SUPUESTOS

Ganancias y Perdidas
Tasa de Crecimiento de las ventas 9.70%
Periodo Medio de cobro 2.28
Rotacion de Inventarios 0.42
Periodo Promedio de Pagos
Costo de ventas 40.20%
Gasto de Ventas 3.20%
Gastos Generales y de Adm 19%
Ingresos Financieros 23%
Gastos Financieros 11%
Depreciacion 10%
Tasa del impuesto a la renta 30%
Tasa de participacion de los trabajadores 10%
Pago a cuenta del IR 0.20%
Tasa de distribucion de dividendos 60%
Caja Minima 3%
Activo Fijo Bruto 20%
Participación en los Resultados de subsidiarias y afiliadas bajo el metodo de
participación patrimonial 120%
Capital Social 419977
Deuda LP 185114
Otros Ingresos
Otros Gastos 3%
Resultado por Exposición a la Inflación 0.01
Participacion de trabajadores 10%
IR 30%

Balance General
Activo
Efectivo y Equivalentes de efectivo 40%
Existencias 19.56%
Gastos Diferidos 0.81%
Otros Activos 2.00%

Pasivo Corriente
Obligaciones Financieras PNC 21%
Cuentas por Cobrar a Partes Relacionadas 7.70%
Otras cuentas por cobrar 4.00%
Inmuebles, Maquinaria y Equipo 118.00%
Inversiones permanentes 4.50%
Cuentas por Pagar Comerciales 4.00%
Cuentas por Pagar a Partes Relacionadas 0.80%
Otras Cuentas por Pagar 15.00%

Pasivo No Corriente
Obligaciones Financieras PNC 60%
Otras Cuentas por Cobrar 6.00%

Patrimonio
Capital 1.26%
Acciones de Inversión 4.10%
Resultados Acumulados 34.72%
Reservas Legales 2.32%

Costo de la deuda 10%

 Historico
2001 2002 2003 2004 2005

214,701.00 266,663.00 253,652.00 303,410.00 313,804.00

0.00 0.00 0.00 0.00 6,497.00
214,701.00 266,663.00 253,652.00 303,410.00 320,301.00
-81,056.00 -100,387.00 -94,382.00 -128,194.00 -141,284.00
0.00 -37,540.00 -34,956.00 0.00 0.00
-81,056.00 -137,927.00 -129,338.00 -128,194.00 -141,284.00
133,645.00 128,736.00 124,314.00 175,216.00 179,017.00

-6,094.00 -3,532.00 -3,229.00 -19,773.00 -13,903.00

-77,405.00 -34,783.00 -37,555.00 -44,767.00 -55,539.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
50,146.00 90,421.00 83,530.00 110,676.00 109,575.00
17,913.00 2,929.00 3,364.00 1,647.00 2,614.00
-4,220.00 -2,070.00 -13,132.00 -32,254.00 -27,117.00

0.00 1,860.00 8,206.00 22,001.00 27,624.00

0.00 0.00 0.00 0.00 0.00
12,468.00 0.00 0.00 0.00 0.00
-13,290.00 -7,931.00 -2,705.00 -9,272.00 -7,506.00
28.00 -1,475.00 4,277.00 8,940.00 0.00
63,045.00 83,734.00 83,540.00 101,738.00 105,190.00
-5,900.00 -8,310.00 -8,441.00 -10,195.00 -10,806.00
-18,866.00 -19,783.00 -19,617.00 -27,529.00 -29,177.00
38,279.00 55,641.00 55,482.00 64,014.00 65,207.00
0.00 0.00 0.00 0.00 0.00
38,279.00 55,641.00 55,482.00 64,014.00 65,207.00

0.10 0.15 0.15 0.17 0.18

0.10 0.15 0.15 0.17 0.18
0.10 0.15 0.15 0.17 0.18
0.10 0.15 0.15 0.17 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

Historico
2001 2002 2003 2004 2005
 23,711.00 6,905.00 25,721.00 20,668.00 172,606.00
0.00 0.00 0.00 0.00 0.00
5,711.00 7,687.00 5,977.00 7,571.00 3,980.00
24,892.00 21,009.00 14,161.00 13,845.00 11,478.00
10,884.00 10,225.00 3,370.00 2,700.00 2,349.00
40,435.00 44,149.00 41,484.00 54,964.00 64,770.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
441.00 2,028.00 2,237.00 2,355.00 4,423.00
0.00 0.00 0.00 0.00 0.00
106,074.00 92,003.00 92,950.00 102,103.00 259,606.00

0.00 0.00 0.00 0.00 0.00

15,943.00 16,456.00 4,782.00 3,519.00 377.00
0.00 0.00 0.00 0.00 1,794.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
82,289.00 100,805.00 395,971.00 412,061.00 555,929.00
353,115.00 340,525.00 318,067.00 309,761.00 295,723.00
612.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 9,418.00 9,370.00 6,647.00
0.00 1,568.00 7,130.00 13,059.00 14,245.00
451,959.00 459,354.00 735,368.00 747,770.00 874,715.00
558,033.00 551,357.00 828,318.00 849,873.00 1,134,321.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 6,566.00 41,172.00
7,214.00 9,095.00 7,729.00 9,094.00 13,319.00
779.00 1,763.00 720.00 2,041.00 3,495.00
0.00 0.00 0.00 0.00 0.00
31,024.00 24,067.00 27,448.00 33,104.00 59,528.00
0.00 0.00 0.00 0.00 0.00
30,404.00 26,629.00 35,630.00 33,131.00 34,653.00
69,421.00 61,554.00 71,527.00 83,936.00 152,167.00

32,532.00 0.00 249,408.00 199,954.00 208,745.00

0.00 0.00 0.00 0.00 76,850.00
69,956.00 65,873.00 65,305.00 62,948.00 56,699.00
0.00 0.00 0.00 0.00 0.00
102,488.00 65,873.00 314,713.00 262,902.00 342,294.00
171,909.00 127,427.00 386,240.00 346,838.00 494,461.00

385,900.00 375,381.00 375,381.00 393,775.00 419,925.00

-70,151.00 0.00 0.00 0.00 35,596.00
 45,544.00 29,723.00 32,500.00 34,093.00 49,559.00
-47,342.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
38,216.00 45,207.00 50,755.00 59,643.00 66,164.00
0.00 -79,669.00 -90,696.00 -95,441.00 -70,621.00
33,957.00 53,288.00 74,138.00 110,965.00 139,237.00
0.00 0.00 0.00 0.00 0.00
386,124.00 423,930.00 442,078.00 503,035.00 639,860.00

558,033.00 551,357.00 828,318.00 849,873.00 1,134,321.00

0 0 0 0 0

39,017.00 34,925.00 35,897.00 50,805.00 117,514.00

66,616.00 55,050.00 54,816.00 48,943.00 137,669.00
36,653.00 30,449.00 21,423.00 18,167.00 107,439.00
29,963.00 24,601.00 33,393.00 30,776.00 30,230.00
518,575.00 514,404.00 790,184.00 796,713.00 1,012,384.00

121,491.00 144,536.00 135,866.00 183,158.00 206,054.00

386,124.00 423,930.00 442,078.00 503,035.00 639,860.00
62,936.00 26,629.00 285,038.00 233,085.00 243,398.00
0.16 0.06 0.64 0.46 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

Proyectado
2006 2007 2008 2009 2010

374,285.00 421,547.00 462,429.21 507,276.22 556,472.57

0.00 0.00 0.00 0.00 0.00
374,285.00 421,547.00 462,429.21 507,276.22 556,472.57
-152,074.00 -169,735.00 -185,896.54 -203,925.04 -223,701.97
0.00 0.00 0.00 0.00 0.00
-152,074.00 -169,735.00 -185,896.54 -203,925.04 -223,701.97
222,211.00 251,812.00 276,532.67 303,351.18 332,770.60

-12,855.00 -13,325.00 -14,797.73 -16,232.84 -17,807.12

-75,151.00 -83,591.00 -87,861.55 -96,382.48 -105,729.79
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
134,205.00 154,896.00 173,873.38 190,735.86 209,233.69
19,155.00 15,282.00 18,796.86 23,120.14 28,437.77
-23,052.00 -16,937.00 -29,133.04 -31,958.40 -35,057.77

1,076.00 6,697.00 8,036.40 9,643.68 11,572.42

0.00 0.00 0.00 0.00 0.00
32,446.00 38,422.00 0.00 0.00 0.00
-14,259.00 -15,229.00 13,872.88 15,218.29 16,694.18
0.00 0.00 2,450.87 2,688.56 2,949.30
149,571.00 183,131.00 187,897.35 209,448.13 233,829.58
-15,869.00 -18,125.00 -18,789.74 -20,944.81 -23,382.96
-44,010.00 -48,936.00 -62,006.13 -69,117.88 -77,163.76
89,692.00 116,070.00 107,101.49 119,385.43 133,282.86
7,979.00 -92,916.00 0.00 0.00 0.00
97,671.00 23,154.00 107,101.49 119,385.43 133,282.86

0.21 0.05
0.21 0.05
0.21 0.05
0.21 0.05

0.19 0.25
0.19 0.25
0.19 0.25
0.19 0.25

-0.4 -0.37

Proyectado
2006 2007 2008 2009 2010
 76,533.44 299,860.02
131,963.00 5,220.00 74,358.62 81,570.02 89,480.79
0.00 0.00 0.00 0.00 0.00
3,138.00 10,589.00 5,116.53 5,612.73 6,157.07
31,078.00 40,592.00 35,607.05 39,060.27 42,848.39
2,975.00 2,853.00 18,497.17 20,291.05 22,258.90
79,100.00 90,772.00 90,451.15 99,223.23 108,846.03
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
5,315.00 3,011.00 3,745.68 4,108.94 4,507.43
0.00 0.00 0.00 0.00 0.00
253,569.00 153,037.00 227,776.19 326,399.68 573,958.63

461,829.00 423,564.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00
18,309.00 14,556.00 18,497.17 20,291.05 22,258.90
1,193.00 1,304.00 1,382.24 1,465.17 1,553.08
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
580,945.81 607,088.37 634,407.34
362,291.00 491,927.00 545,666.46 598,585.94 656,637.63
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
6,647.00 0.00 0.00 0.00 0.00
13,215.00 6,357.00 9,248.58 10,145.52 11,129.45
863,484.00 937,708.00 1,155,740.26 1,237,576.06 1,325,986.41
1,117,053.00 1,090,745.00 1,383,516.45 1,563,975.74 1,899,945.04

6,456.00 0.00 0.00 0.00 0.00

45,575.00 65,647.00 291,400.88 343,931.97 518,205.64
23,064.00 31,324.00 18,497.17 20,291.05 22,258.90
6,090.00 1,117.00 3,699.43 4,058.21 4,451.78
24,756.00 26,966.00 0.00 0.00 0.00
13,457.00 17,910.00 27,884.48 30,588.76 33,555.30
4,007.00 4,068.00 0.00 0.00 0.00
0.00 0.00 0.00
123,405.00 147,032.00 341,481.97 398,869.99 578,471.62

241,614.00 180,906.00 277,457.52 304,365.73 333,883.54

2,282.00 4,208.00 0.00 0.00 0.00
57,363.00 50,264.00
0.00 0.00 0.00 0.00 0.00
301,259.00 235,378.00 277,457.52 304,365.73 333,883.54
424,664.00 382,410.00 618,939.49 703,235.72 912,355.16

419,977.00 419,977.00 425,268.71 430,627.10 436,053.00

0.00 0.00 0.00 0.00 0.00
 49,575.00 49,575.00 51,607.58 53,723.49 55,926.15
0.00 0.00 0.00 0.00 0.00
8,055.00 17,103.00 0.00 0.00 0.00
31,473.00 33,789.00 34,573.92 35,377.07 36,198.88
-14,789.00 0.00 0.00 0.00 0.00
198,107.00 187,891.00 253,126.76 341,012.36 459,411.86
0.00 0.00 0.00 0.00 0.00
692,398.00 708,335.00 764,576.96 860,740.02 987,589.88

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

119,398.00 142,964.00 341,481.97 398,869.99 578,471.62

128,856.00 7,062.00 -117,451.45 -153,112.69 -308,880.44
130,173.00 6,005.00 -113,705.78 -72,470.31 -4,512.99
-1,317.00 1,057.00 -3,745.68 -80,642.38 -304,367.45
992,340.00 944,770.00 1,038,288.81 1,084,463.37 1,017,105.98

231,174.00 260,507.00 276,347.69 303,148.27 332,548.01

692,398.00 708,335.00 764,576.96 860,740.02 987,589.88
241,614.00 180,906.00 277,457.52 304,365.73 333,883.54
0.35 0.26 0.36 0.35 0.34
yectado
2011 2012

610,440.04 669,641.35
0.00 0.00
610,440.04 669,641.35
-245,396.90 -269,195.82
0.00 0.00
-245,396.90 -269,195.82
365,043.14 400,445.53

-19,534.08 -21,428.52
-115,983.61 -127,231.86
0.00 0.00
0.00 0.00
229,525.46 251,785.15
34,978.46 43,023.50
-38,457.72 -42,187.41

13,886.90 16,664.28
0.00 0.00
0.00 0.00
18,313.20 20,089.24
3,235.33 3,549.10
261,481.62 292,923.86
-26,148.16 -29,292.39
-86,288.94 -96,664.88
149,044.52 166,966.60
0.00 0.00
149,044.52 166,966.60

yectado
2011 2012
 492,900.66 757,706.95
98,158.76 107,678.33
0.00 0.00
6,754.19 7,409.22
47,003.88 51,562.38
24,417.60 26,785.65
119,402.07 130,981.85
0.00 0.00
0.00 0.00
4,944.56 5,424.09
0.00 0.00
793,581.73 1,087,548.48

0.00 0.00
0.00 0.00
24,417.60 26,785.65
1,646.27 1,745.05
0.00 0.00
0.00 0.00
662,955.67 692,788.68
720,319.25 790,176.80
0.00 0.00
0.00 0.00
0.00 0.00
12,208.80 13,392.83
1,421,547.59 1,524,889.00
2,215,129.32 2,612,437.48

0.00 0.00
627,028.82 758,704.87
24,417.60 26,785.65
4,883.52 5,357.13
0.00 0.00
36,809.53 40,379.37
0.00 0.00
0.00 0.00
693,139.48 831,227.03

366,264.02 401,784.81
0.00 0.00

0.00 0.00
366,264.02 401,784.81
1,059,403.50 1,233,011.84

441,547.27 447,110.76
0.00 0.00
 58,219.12 60,606.10
0.00 0.00
0.00 0.00
37,039.78 37,900.21
0.00 0.00
618,919.65 833,808.56
0.00 0.00
1,155,725.82 1,379,425.64

2,215,129.32 2,612,437.48

0 0.00

693,139.48 831,227.03
-397,402.98 -506,809.60
100,442.25 256,321.45
-497,845.23 -763,131.05
1,024,144.62 1,018,079.40

364,798.97 400,177.67
1,155,725.82 1,379,425.64
366,264.02 401,784.81
0.32 0.29
Flujos de Caja

2007 2008
FLUJO DE CAJA LIBRE TOTAL
Utilidad Neta 23,154.00 107,101.49
Menos incremento en NOF 121,794.00 124,513.45
Menos incremento en AFN -129,636.00 -53,739.46
Más Incremento en Deuda -60,708.00 96,551.52
Más Aumentos de Capital 0.00 5,291.71
Menos Pago de Dividendos
FCLT -45,396.00 279,718.72

Requerimiento Acumulado 45,396.00 -279,718.72

FLUJO DE CAJA LIBRE

BAIT*(1-t) 107,212.14 121,382.25
Menos cambio NOF 121,794.00 124,513.45
Menos cambio AFN -129,636.00 -53,739.46
FCL 99370.14 192156.24

FLUJO DE CAJA DEL ACCIONISTA

UN 23,154.00 107,101.49
Menos cambio en NOF 121,794.00 124,513.45
Menos cambio en AFN -129,636.00 -53,739.46
Más incremento de deuda -60,708.00 96,551.52
FCL -45,396.00 274,427.01

Impuesto por participaciones 37%

Valorizacion de la empresa

FLUJO DE CAJA LIBRE DESCONTADO 2007 2008

BAIT*(1-T) 107,212 121,382

- Incremento NOF 124,513
- Incremento AFN (53,739)
FCL 192,156

WACC = 12%

Valor de la empresa 1,581,136.12 192,156

EVA 2007 2008

(A) BAIT * (1-T) 107,212 121,382

Inversión Neta 498,989 428,215
(B) Costo del Capital Inicial 59,421
EVA = (A) - (B) 61,961
Valor residual del EVA

MVA 1,082,147 61,961

Inversión Neta Inicial 498,989
Valor de la empresa 1,581,136.12
 2009 2010 2011 2012

119,385.43 133,282.86 149,044.52 166,966.60

35,661.23 155,767.75 88,522.54 109,406.62
-52,919.48 -58,051.69 -63,681.62 -69,857.55
26,908.21 29,517.81 32,380.48 35,520.79
5,358.39 5,425.90 5,494.27 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

134,729.28 149,733.02 166,637.46 185,729.45

35,661.23 155,767.75 88,522.54 109,406.62
-52,919.48 -58,051.69 -63,681.62 -69,857.55
117471.03 247449.08 191478.39 225278.52

119,385.43 133,282.86 149,044.52 166,966.60

35,661.23 155,767.75 88,522.54 109,406.62
-52,919.48 -58,051.69 -63,681.62 -69,857.55
26,908.21 29,517.81 32,380.48 35,520.79
129,035.40 260,516.73 206,265.93 242,036.46

2009 2010 2011 2012 2013

134,729 149,733 166,637 185,729 185,729

35,661 155,768 88,523 109,407
(52,919) (58,052) (63,682) (69,858)
117,471 247,449 191,478 225,279 185,729
1,559,660

117,471 247,449 191,478 1,784,938

2009 2010 2011 2012 2013

134,729 149,733 166,637 185,729 185,729

445,473 347,757 322,916 283,367 283,367
50,993 53,048 41,412 38,454 33,744
83,736 96,685 125,225 147,276 151,985
1,276,293

83,736 96,685 125,225 1,423,568

Tasa de descuento

Tasa Libre de Riesgo 4.25%

Riesgo país 2.05%
Beta 1.33
Costo de deuda 10.00%
Deuda/Deuda+Capital 25.80%
Capital/Deuda+Capital 74.20%
Impuesto a la renta 30.00%
Prima riesgo mercado 5.50%

Costo Equity 13.62%

WACC 11.91%