EMPRESA DE TELECOMUNICACIONES DE BOGOT - ETB

ESTADO DE RESULTADOS ACUMULADO A

CIFRAS EN MILES DE COP

2006
Ingresos Operacionales
Cargo Bsico
Cargos de acceso
Cargo variable local
Cargo variable ld
Cargo fijo
Servicios valor agregado
Directorio telefnico
Otros

2007

2008

2009

1,553,620,078 1,502,298,843 1,483,542,374 1,437,699,869

554,836,222
550,585,530
586,666,102
562,288,859
257,689,318
144,266,331
108,326,519
84,838,111
235,505,809
291,964,824
252,919,772
193,584,778
155,765,307
173,893,476
156,312,481
118,951,570
133,998,599
113,348,754
128,045,765
198,419,615
95,219,136
129,042,433
164,977,331
193,604,663
47,839,210
29,762,831
34,722,920
32,701,411
72,766,477
69,434,664
51,571,484
53,310,862

(-) CMV
Utilidad Bruta

614,903,691
938,716,387

567,434,480
934,864,363

554,021,056
929,521,318

563,414,227
874,285,642

(-) Gastos Operacionales

EBITDA

176,831,143
761,885,244

144,675,924
790,188,439

159,472,969
770,048,349

157,228,036
717,057,606

(-) DAP
Utilidad Operacional

440,113,049
321,772,195

429,392,655
360,795,784

553,876,795
216,171,554

464,701,150
252,356,456

(+) Ingresos No Operacionales

(-) Gastos No Operacionales
(-) Gastos Financieros
Utilidad Antes de Impuestos

277,985,448
382,945,757
10,443,916
206,367,970

274,700,269
277,610,291
35,062,030
322,823,732

371,460,639
266,684,048
40,482,239
280,465,906

537,242,451
427,912,506
39,625,690
322,060,711

(-) Impuesto Renta

Utilidad Neta

20,661,527
185,706,443

82,034,333
240,789,399

76,328,926
204,136,980

119,104,113
202,956,598

Dividendos
Reservas

53,298,665
132,407,778

84,455,744
156,333,655

130,889,399
73,247,581

147,744,551
55,212,047

2010

2011

2012

2013

2014

1,499,641,548 1,596,183,212 1,733,045,759 1,918,275,386 2,162,676,411

567,802,745
573,370,701
578,993,257
584,670,948
590,404,316
63,119,951
46,961,538
34,939,604
25,995,229
19,340,572
185,286,639
177,344,205
169,742,229
162,466,117
155,501,899
110,080,358
101,870,747
94,273,395
87,242,640
80,736,228
254,923,775
327,518,682
420,786,517
540,614,330
694,565,633
240,138,633
297,857,304
369,448,982
458,248,123
568,390,636
29,764,590
27,091,517
24,658,505
22,443,995
20,428,364
48,524,857
44,168,518
40,203,271
36,594,005
33,308,763
584,860,204
914,781,344

622,511,453
973,671,759

675,887,846
748,127,401
843,443,800
1,057,157,913 1,170,147,986 1,319,232,611

165,089,438
749,691,906

173,343,910
800,327,849

182,011,105
875,146,808

191,111,660
979,036,325

200,667,243
1,118,565,367

300,796,678
448,895,228

339,296,678
461,031,171

380,046,678
495,100,130

423,046,678
555,989,647

469,546,678
649,018,689

526,497,602
415,075,131
28,415,660
531,902,040

526,497,602
415,075,131
33,391,672
539,061,971

552,822,482
435,828,887
42,739,322
569,354,402

580,463,606
457,620,332
59,379,515
619,453,407

609,486,786
480,501,348
52,627,368
725,376,760

175,527,673
356,374,367

177,890,450
361,171,520

187,886,953
381,467,450

204,419,624
415,033,782

239,374,331
486,002,429

142,549,747
213,824,620

180,585,760
180,585,760

190,733,725
190,733,725

207,516,891
207,516,891

243,001,215
243,001,215

EMPRESA DE TELECOMUNICACIONES DE BOGOT - ETB

BALANCE GENERAL CON CORTE A
CIFRAS EN MILES DE COP

2006

2007

2008

135,661,495
154,333,802
1,649,499,613
13,063,989
1,816,949,888
3,134,421,240
1,317,471,352
164,064,966
532,843,372
368,778,406
460,764,356
251,585,754

198,987,445
179,021,186
1,571,125,029
13,993,416
1,917,895,289
3,399,545,364
1,481,650,075
171,366,521
608,294,896
436,928,375
380,037,355
242,919,957

231,676,051
156,180,464
1,659,396,029
12,196,107
1,954,251,675
3,600,899,349
1,646,647,674
194,847,230
703,895,163
509,047,933
380,492,264
460,388,787

4,645,923,863

4,675,346,198

5,049,428,607

275,250,833
301,059,017
40,290,493
32,355,712
966,113,825
468,798,400
383,106,819

240,356,962
270,006,381
57,545,707
30,735,139
967,653,889
487,046,115
318,293,128

400,773,536
232,628,840
108,484,219
32,554,548
980,762,610
405,948,047
316,590,302

2,466,975,099

2,371,637,321

2,477,742,102

1,923,396
262,061,189
770,988,912
706,629,800
185,706,443
251,639,024

1,923,396
262,061,189
872,239,611
683,775,324
240,789,399
242,919,958

1,923,396
262,061,189
982,139,611
660,920,849
204,136,980
460,504,480

TOTAL PATRIMONIO

2,178,948,764

2,303,708,877

2,571,686,505

PASIVO + PATRIMONIO

4,645,923,863

4,675,346,198

5,049,428,607

12,323,604
13,063,989
615,644,076

13,063,989
13,993,416
568,363,907

13,993,416
12,196,107
552,223,747

ACTIVOS
Efectivo
Inversiones
CxC Neto
Inventarios Neto
PPE Neto
PPE Bruto
(-) Depreciacin Acumulada
Intangibles Neto
Intangibles Bruto
(-) Amortizacin Acumulada
Otros Activos
Valorizaciones

TOTAL ACTIVOS
PASIVOS
Obligaciones Financieras
CxP
Impuestos x P
Obligaciones laborales
Pensiones jubilacin
Provisiones y Contingencias
Otros pasivos

TOTAL PASIVOS
PATRIMONIO
Capital Social
Prima en Colocacin de Acciones
Reservas
Revalorizacin Patrimonio
Utilidad Neta
Supervit

ECUACIN CONTABLE
Inventario Inicial
Inventario Final
Compras

ACTIVOS FIJOS BRUTO

VARIACIN AF
ACTIVOS INTANGIBLES BRUTO
VARIACIN AI
# ACCIONES
VLR NOMINAL ACCIN
VLR ACCIN
VLR PATRIMONIAL (CONTABLE)
VLR PATRIMONIAL (AJUSTADO)
VLR MERCADO (CAPITAL. BURS.)
Q TOBIN (PRICE TO BOOK VALUE)
UPA
RPG
RATIO VENTAS
RATIO EBITDA

3,134,421,240

3,399,545,364
265,124,124

3,600,899,349
201,353,985

532,843,372

608,294,896
75,451,524

703,895,163
95,600,267

3,548,664,772
0.54200542
724

3,548,664,772
0.54200542
690

3,548,664,772
0.54200542
572

2009

2010

2011

2012

218,474,505
101,149,640
756,057,744
16,652,020
1,945,465,807
3,846,330,764
1,900,864,957
213,634,522
761,162,709
547,528,187
1,213,019,633
377,172,064

634,404,236
101,149,640
493,032,838
14,252,427
1,921,032,581
4,096,330,764
2,175,298,183
237,271,070
811,162,709
573,891,639
1,213,019,633
377,172,064

886,115,972
101,149,640
524,772,563
15,169,948
1,874,099,355
4,356,330,764
2,482,231,409
264,907,618
871,162,709
606,255,091
1,213,019,633
377,172,064

1,139,387,746
101,149,640
569,768,469
16,470,675
1,803,416,129
4,626,330,764
2,822,914,635
295,544,165
941,162,709
645,618,544
1,213,019,633
377,172,064

4,841,625,935

4,991,334,489

5,256,406,793

5,515,928,521

312,518,592
317,391,966
78,004,975
34,602,583
1,013,867,891
163,223,374
401,018,269

266,014,874
350,001,471
175,527,673
34,602,583
1,013,867,891
163,223,374
401,018,269

295,511,155
402,628,956
177,890,450
34,602,583
1,013,867,891
163,223,374
401,018,269

325,007,437
431,924,175
187,886,953
34,602,583
1,013,867,891
163,223,374
401,018,269

2,320,627,650

2,404,256,135

2,488,742,679

2,557,530,682

1,924,419
262,471,466
1,038,532,040
637,941,698
202,956,598
377,172,064

1,924,419
262,471,466
1,307,568,707
637,941,698

1,924,419
262,471,466
1,488,154,467
637,941,698

1,924,419
262,471,466
1,678,888,192
637,941,698

377,172,064

377,172,064

377,172,064

2,520,998,285

2,587,078,354

2,767,664,114

2,958,397,839

4,841,625,935

4,991,334,489

5,256,406,793

5,515,928,521

12,196,107
16,652,020
567,870,140

3,846,330,764
245,431,415
761,162,709
57,267,546
3,550,553,412
0.54200542
1,155

4,096,330,764
250,000,000

4,356,330,764
260,000,000

4,626,330,764
270,000,000

2013

2014

1,485,998,497
101,149,640
630,665,880
18,231,077
1,707,732,904
4,906,330,764
3,198,597,861
328,180,713
1,021,162,709
692,981,996
1,213,019,633
377,172,064

1,739,956,518
101,149,640
711,016,902
20,553,837
1,594,549,678
5,206,330,764
3,611,781,086
361,817,261
1,111,162,709
749,345,448
1,213,019,633
377,172,064

5,862,150,408

6,119,235,533

404,503,718
474,600,218
204,419,624
34,602,583
1,013,867,891
163,223,374
401,018,269

314,000,000
544,233,140
239,374,331
34,602,583
1,013,867,891
163,223,374
401,018,269

2,696,235,678

2,710,319,588

1,924,419
262,471,466
1,886,405,083
637,941,698

1,924,419
262,471,466
2,129,406,298
637,941,698

377,172,064

377,172,064

3,165,914,730

3,408,915,945

5,862,150,408

6,119,235,533

4,906,330,764
280,000,000

5,206,330,764
300,000,000

EMPRESA DE TELECOMUNICACIONES DE BOGOT - ETB

ESTADO DE FLUJO DE EFECTIVO CON CORTE A
CIFRAS EN MILES DE COP

EFECTIVO INICIAL

2010
218,474,505

RECIBIDO POR VENTA DE BIENES, SERVICIOS Y/O INGR.DE OPERACIN

PAGADO A PROVEEDORES
PAGADO POR SUELDOS, SALARIOS Y PRESTACIONES
PAGADO POR GASTOS DE PRODUCCION
PAGADO POR GASTOS DE ADMINISTRACION
PAGADO POR GASTOS DE VENTAS
OTROS INGRESOS DE OPERACION

1,762,666,454
692,400,852

SUBTOTAL (EFECTIVO GENERADO POR OPERACION)

905,176,164

INVERSION EN PROPIEDADES, PLANTA Y EQUIPO

INGRESO POR VENTA DE PROPIEDADES, PLANTA Y EQUIPO
INVERSION EN ACTIVOS INTANGIBLES
INGRESO POR VENTA DE ACTIVOS INTANGIBLES

250,000,000

SUBTOTAL(EFECTIVO NETO INVERSION EN BIENES DE CAPITAL)

165,089,438

50,000,000

-300,000,000

INVERSION EN ACCIONES Y CUOTAS DE INTERES SOCIAL

INGRESO POR VENTA DE ACCIONES Y CUOTAS DE INTERES SOCIAL
INVERSIONES EN TITULOS DE DEUDA CORTO PLAZO
INVERSIONES EN TITULOS DE DEUDA LARGO PLAZO
INGRESO POR VENTA DE TITULOS DE DEUDA
DIVIDENDOS RECIBIDOS
INTERESES Y CORRECION MONETARIA RECIBIDOS

SUBTOTAL(FLUJO POR EFECTIVO POR INVERSION EN TITULOS VALORES)

TOTAL DE EFECTIVO NETO USADO EN INVERSION

NUEVAS COLOCACIONES DE TITULOS DE DEUDA
PAGO DE CUOTAS DE CAPITAL DE TITULOS DE DEUDA
PAGO DE INTERESES DE TITULOS DE DEUDA
PRESTAMOS RECIBIDOS
PAGO DE CUOTAS DE CAPITAL PRESTAMOS
INTERESES PAGADOS DE PRESTAMOS
EMISION DE ACCIONES
DIVIDENDOS PAGADOS

SUBTOTAL ( EFECTIVO POR FINANCIACION)

-300,000,000

20,000,000
66,503,718
28,415,660
147,744,551

-222,663,929

INGRESOS NO OPERACIONALES
EGRESOS NO OPERACIONALES
PAGO IMPUESTOS

526,497,602
415,075,131
78,004,975

SUBTOTAL (FLUJO NETO POR OTROS CONCEPTOS)

33,417,496

TOTAL INCREMENTO NETO DE EFECTIVO

415,929,731

EFECTIVO FINAL

634,404,236

2011
634,404,236

2012
886,115,972

2013
1,139,387,746

2014
1,485,998,497

1,564,443,487
608,837,502

1,688,049,853
658,041,318

1,857,377,974
723,994,926

2,082,325,389
811,617,962

173,343,910

182,011,105

191,111,660

200,667,243

782,262,075

847,997,430

942,271,388

1,070,040,184

260,000,000

270,000,000

280,000,000

300,000,000

60,000,000

70,000,000

80,000,000

90,000,000

-320,000,000

-340,000,000

-360,000,000

-390,000,000

-320,000,000

-340,000,000

-360,000,000

-390,000,000

120,000,000
90,503,718
33,391,672

150,000,000
120,503,718
42,739,322

250,000,000
170,503,718
59,379,515

100,000,000
190,503,718
52,627,368

142,549,747

180,585,760

190,733,725

207,516,891

-146,445,137

-193,828,800

-170,616,958

-350,647,977

526,497,602
415,075,131
175,527,673

552,822,482
435,828,887
177,890,450

580,463,606
457,620,332
187,886,953

609,486,786
480,501,348
204,419,624

-64,105,202

-60,896,856

-65,043,678

-75,434,186

251,711,736

253,271,774

346,610,752

253,958,021

886,115,972

1,139,387,746

1,485,998,497

1,739,956,518

EMPRESA DE TELECOMUNICACIONES DE BOGOT - ETB

FREE CASH FLOW (FCF)
CIFRAS EN MILES DE COP

2006

2007

2008

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

MODELO 1: FCF
EBIT
(+) Depreciacin
(-) Inversiones de Capital (CAPEX)
(-/+) Incremento (disminucin) en KW
= Operating Cash Flow
(-) Impuestos (T*EBIT)
= Free Cash Flow (FCF)

MODELO 2: FCF
EBIT
(+) Depreciacin
= EBITDA
(-) Impuestos operativos (T*EBIT)
(-) Inversiones de Capital (CAPEX)
(-/+) Incremento (disminucin) en KW
= Free Cash Flow (FCF)

MODELO 3: EVA

(-) Activos Netos Operacin*WACC

2009

2010

2011

2012

2013

0.00

448,895,228.16
300,796,678.08
250,000,000.00
117,895,726.82
381,796,179.42

461,031,171.40
339,296,678.08
260,000,000.00
231,741,496.96
308,586,352.52

495,100,129.59
380,046,678.08
270,000,000.00
270,273,187.04
334,873,620.63

555,989,647.12
423,046,678.08
280,000,000.00
366,592,522.27
332,443,802.93

148,135,425.29

152,140,286.56

163,383,042.77

183,476,583.55

0.00

233,660,754.12

156,446,065.96

171,490,577.86

148,967,219.38

0.00

448,895,228.16
300,796,678.08
749,691,906.24

461,031,171.40
339,296,678.08
800,327,849.48

495,100,129.59
380,046,678.08
875,146,807.67

555,989,647.12
423,046,678.08
979,036,325.20

148,135,425.29
250,000,000.00
117,895,726.82

152,140,286.56
260,000,000.00
231,741,496.96

163,383,042.77
270,000,000.00
270,273,187.04

183,476,583.55
280,000,000.00
366,592,522.27

233,660,754.12
233,660,754.12
233,660,754.12
2,998,503,418.10
312,518,592.00
218,474,505.00
2,904,459,331.10
818

156,446,065.96
156,446,065.96
141,680,471.71
#REF!

171,490,577.86
171,490,577.86
140,574,909.52
#REF!

148,967,219.38
148,967,219.38
110,498,308.54

448,895,228.16
148,135,425.29
300,759,802.87

461,031,171.40
152,140,286.56
308,890,884.84

495,100,129.59
163,383,042.77
331,717,086.83

555,989,647.12
183,476,583.55
372,513,063.57

253,095,342.72
47,664,460.14
47,664,460.14
47,664,460.14
1,590,625,857.12
2,520,998,285.00
4,111,624,142.12
1,158

251,585,573.23
57,305,311.61
57,305,311.61
51,896,757.71

250,400,206.93
81,316,879.90
81,316,879.90
66,657,382.45

247,688,101.87
124,824,961.71
124,824,961.71
92,590,485.28

0.00
FCF + VLR RESIDUAL
VP FCF
VPN FCF
(-) Deuda
(+) Efectivo
Vlr Compaa
Vlr Accin

EBIT
(-) Impuestos (T*EBIT)
= EBIAT (UODI)

-) Activos Netos Operacin*WACC

= EVA
EVA + VLR RESIDUAL
VP EVA
VPN EVAs (MVA)
(+) Capital invertido
Vlr Compaa
Vlr Accin

2014

649,018,689.42
469,546,678.08
300,000,000.00
266,998,880.88
551,566,486.61
214,176,167.51
337,390,319.11

649,018,689.42
469,546,678.08
1,118,565,367.49
214,176,167.51
300,000,000.00
266,998,880.88
337,390,319.11
3,535,298,986.34
2,372,088,974.21

3,197,908,667.23 valor presente de los flujos de caja fututp= valor residual

649,018,689.42
214,176,167.51
434,842,521.91
245,413,672.31
189,428,849.60
1,984,904,669.93
1,331,816,771.54

1,795,475,820.33 potencial de generacion de valor de la empresa a perpetuidad. Valor presente de los

ad. Valor presente de los EVAs futuros de la empresa.

EMPRESA DE TELECOMUNICACIONES DE BOGOT - ETB

ESTADO DE FLUJO DE EFECTIVO CON CORTE A
CIFRAS EN MILES DE COP

2006

2007

2008

2009

388
8
178
60.42%
20.71%
49.04%
11.95%
10.01%
28.70%

382
9
173
62.23%
24.02%
52.60%
16.03%
25.41%
35.07%
-3.30%
-0.77%
-44.02%
23.97%
11.64%
-15.41%
35.52%
-37.79%
-4.58%
-18.18%
-1.18%
-27.51%

408
8
154
62.66%
14.57%
51.91%
13.76%
27.22%
64.12%
-1.25%
6.55%
-24.91%
-13.37%
-10.11%
12.97%
27.85%
16.67%
-25.73%
10.23%
35.22%
-3.94%

192
11
204
60.81%
17.55%
49.88%
14.12%
36.98%
72.80%
-3.09%
-4.16%
-21.68%
-23.46%
-23.90%
54.96%
17.35%
-5.82%
3.37%
-1.41%
44.63%
60.46%

INDICADORES OPERACIONALES
Das CxC
Das inventarios
Das CxP
Margen Bruto
Margen Operacional
Margen EBITDA
Margen Neto
Impuesto Renta (T)
Dividendos
Crecimiento Ingresos Operacionales
Crecimiento Cargo Bsico
Crecimiento Cargos de acceso
Crecimiento Cargo variable local
Crecimiento Cargo variable ld
Crecimiento Cargo fijo
Crecimiento Servicios valor agregado
Crecimiento Directorio telefnico
Crecimiento Otros
Crecimiento Gastos Operacionales
Crecimiento Ingresos No Operacionales
Crecimiento Gastos No Operacionales

INDICADORES DE LIQUIDEZ
KTO
KTNO
VARIACIN KTNO
EBITDA

1,798,225,097
1,497,166,080
761,885,244

1,784,105,890 1,903,268,187 991,184,269

1,514,099,509 1,670,639,347 673,792,303
16,933,429
156,539,838 -996,847,044
790,188,439 770,048,349 717,057,606

INDICADORES DE ENDEUDAMIENTO
Endeudamiento (Pas/Patr)
TPP Crditos EA
DTF EA (promedio)
Spread EA
D/A

113.22%

5.92%

102.95%
12.74%
9.15%
3.29%
5.14%

96.35%
16.84%
9.82%
6.39%
7.94%

92.05%
9.89%
4.11%
5.55%
6.45%

5.79%

3.37%

3.15%

INDICADORES DE RENTABILIDAD
ROA

ROE

11.05%

8.86%

7.89%

342
9
177
61.53%
19.21%
50.85%
13.96%
24.91%
50.17%
-2.55%
0.54%
-30.20%
-4.29%
-7.46%
17.51%
26.91%
-8.98%
-8.98%
-3.12%
26.22%
9.67%

2010

2011

2012

2013

2014

120
9
130
61.00%

120
9
130
61.00%

120
9
130
61.00%

120
9
130
61.00%

120
9
130
61.00%

33.00%
40.00%
4.31%
0.98%
-25.60%
-4.29%
-7.46%
28.48%
24.04%
-8.98%
-8.98%
5.00%
-2.00%
-3.00%

33.00%
50.00%
6.44%
0.98%
-25.60%
-4.29%
-7.46%
28.48%
24.04%
-8.98%
-8.98%
5.00%
0.00%
0.00%

33.00%
50.00%
8.57%
0.98%
-25.60%
-4.29%
-7.46%
28.48%
24.04%
-8.98%
-8.98%
5.00%
5.00%
5.00%

33.00%
50.00%
10.69%
0.98%
-25.60%
-4.29%
-7.46%
28.48%
24.04%
-8.98%
-8.98%
5.00%
5.00%
5.00%

33.00%
50.00%
12.74%
0.98%
-25.60%
-4.29%
-7.46%
28.48%
24.04%
-8.98%
-8.98%
5.00%
5.00%
5.00%

1,141,689,501 1,426,058,483 1,725,626,889 2,134,895,454 2,471,527,257

791,688,030 1,023,429,527 1,293,702,714 1,660,295,236 1,927,294,117
117,895,727 231,741,497 270,273,187 366,592,522 266,998,881

101.14%
13.16%
7.69%
5.08%
6.36%

4.10%

8.55%
3.60%
4.77%

8.65%
3.70%
4.77%

9.59%
4.60%
4.77%

10.33%
5.30%
4.77%

10.43%
5.40%
4.77%

9.27%

Ingresos Operacionales
Cargo Bsico
Cargos de acceso
Cargo variable local
Cargo variable ld
Cargo fijo
Servicios valor agregado
Directorio telefnico
Otros
CxC

2009

2010

2011

2012

1,437,699,869
562,288,859
84,838,111
193,584,778
118,951,570
198,419,615
193,604,663
32,701,411
53,310,862

1,499,641,548
567,802,745
63,119,951
185,286,639
110,080,358
254,923,775
240,138,633
29,764,590
48,524,857

1,596,183,212
573,370,701
46,961,538
177,344,205
101,870,747
327,518,682
297,857,304
27,091,517
44,168,518

1,733,045,759
578,993,257
34,939,604
169,742,229
94,273,395
420,786,517
369,448,982
24,658,505
40,203,271

756,057,744

493,032,838

524,772,563

569,768,469

1,762,666,454

1,564,443,487

1,688,049,853

526,497,602

526,497,602

552,822,482

Recaudos
Ingresos No Operacionales

537,242,451

2013

2014

1,918,275,386
584,670,948
25,995,229
162,466,117
87,242,640
540,614,330
458,248,123
22,443,995
36,594,005

2,162,676,411
590,404,316
19,340,572
155,501,899
80,736,228
694,565,633
568,390,636
20,428,364
33,308,763

630,665,880

711,016,902

1,857,377,974

2,082,325,389

580,463,606

609,486,786

2009

2010

2011

2012

Costos

563,414,227

584,860,204

622,511,453

675,887,846

Inventarios

16,652,020

14,252,427

15,169,948

16,470,675

582,460,611

623,428,974

677,188,572

207,451,724

222,043,196

241,190,450

692,400,852

608,837,502

658,041,318

165,089,438
415,075,131

173,343,910
415,075,131

182,011,105
435,828,887

Compras
CxP

317,391,966

Pagos
Gastos Operacionales
Gastos No Operacionales

157,228,036
427,912,506

2013

2014

748,127,401

843,443,800

18,231,077

20,553,837

749,887,802

845,766,561

267,083,327

301,231,926

723,994,926

811,617,962

191,111,660
457,620,332

200,667,243
480,501,348

2010

2011

2012

AF ANTERIORES
Saldo Inicial
Deprecacin Perodo
Deprecacin Acumulada
Saldo Final

1,945,465,807.00 1,702,282,581.13 1,459,099,355.25

243,183,225.88
243,183,225.88
243,183,225.88
2,144,048,182.88 2,387,231,408.75 2,630,414,634.63
1,702,282,581.13 1,459,099,355.25 1,215,916,129.38

NUEVOS AF
Saldo Inicial
Deprecacin Perodo
Deprecacin Acumulada
Saldo Final

250,000,000.00
31,250,000.00
31,250,000.00
218,750,000.00

218,750,000.00
31,250,000.00
62,500,000.00
187,500,000.00

187,500,000.00
31,250,000.00
93,750,000.00
156,250,000.00

260,000,000.00
32,500,000.00
32,500,000.00
227,500,000.00

227,500,000.00
32,500,000.00
65,000,000.00
195,000,000.00

NUEVOS AF
Saldo Inicial
Deprecacin Perodo
Deprecacin Acumulada
Saldo Final

NUEVOS AF
Saldo Inicial
Deprecacin Perodo
Deprecacin Acumulada
Saldo Final

270,000,000.00
33,750,000.00
33,750,000.00
236,250,000.00

NUEVOS AF
Saldo Inicial
Deprecacin Perodo
Deprecacin Acumulada
Saldo Final

NUEVOS AF
Saldo Inicial
Deprecacin Perodo
Deprecacin Acumulada
Saldo Final

TOTAL AF
Saldo Inicial
Nuevas Inversiones
Deprecacin Perodo
Deprecacin Acumulada
Saldo Final

2,195,465,807.00 2,181,032,581.13 2,144,099,355.25

250,000,000.00
260,000,000.00
270,000,000.00
274,433,225.88
306,933,225.88
340,683,225.88
2,175,298,182.88 2,482,231,408.75 2,822,914,634.63
1,921,032,581.13 1,874,099,355.25 1,803,416,129.38

AI ANTERIORES
Saldo Inicial
Amortizacin Perodo
Amortizacin Acumulada
Saldo Final

213,634,522.00
21,363,452.20
568,891,639.20
192,271,069.80

192,271,069.80
21,363,452.20
590,255,091.40
170,907,617.60

170,907,617.60
21,363,452.20
611,618,543.60
149,544,165.40

NUEVOS AI
Saldo Inicial
Amortizacin Perodo
Amortizacin Acumulada
Saldo Final

50,000,000.00
5,000,000.00
5,000,000.00
45,000,000.00

45,000,000.00
5,000,000.00
10,000,000.00
40,000,000.00

40,000,000.00
5,000,000.00
15,000,000.00
35,000,000.00

60,000,000.00
6,000,000.00
6,000,000.00
54,000,000.00

54,000,000.00
6,000,000.00
12,000,000.00
48,000,000.00

NUEVOS AI
Saldo Inicial
Amortizacin Perodo
Amortizacin Acumulada
Saldo Final

NUEVOS AI
Saldo Inicial
Amortizacin Perodo
Amortizacin Acumulada
Saldo Final

70,000,000.00
7,000,000.00
7,000,000.00
63,000,000.00

NUEVOS AI
Saldo Inicial
Amortizacin Perodo
Amortizacin Acumulada
Saldo Final

NUEVOS AI
Saldo Inicial
Amortizacin Perodo
Amortizacin Acumulada
Saldo Final

TOTAL AI
Saldo Inicial
Nuevas Inversiones
Amortizacin Perodo
Amortizacin Acumulada
Saldo Final

263,634,522.00
50,000,000.00
26,363,452.20
573,891,639.20
237,271,069.80

297,271,069.80
60,000,000.00
32,363,452.20
606,255,091.40
264,907,617.60

334,907,617.60
70,000,000.00
39,363,452.20
645,618,543.60
295,544,165.40

2013

2014

1,215,916,129.38 972,732,903.50
243,183,225.88
243,183,225.88
2,873,597,860.50 3,116,781,086.38
972,732,903.50
729,549,677.63
156,250,000.00
31,250,000.00
125,000,000.00
125,000,000.00

125,000,000.00
31,250,000.00
156,250,000.00
93,750,000.00

195,000,000.00
32,500,000.00
97,500,000.00
162,500,000.00

162,500,000.00
32,500,000.00
130,000,000.00
130,000,000.00

236,250,000.00
33,750,000.00
67,500,000.00
202,500,000.00

202,500,000.00
33,750,000.00
101,250,000.00
168,750,000.00

280,000,000.00
35,000,000.00
35,000,000.00
245,000,000.00

245,000,000.00
35,000,000.00
70,000,000.00
210,000,000.00
300,000,000.00
37,500,000.00
37,500,000.00
262,500,000.00

2,083,416,129.38 2,007,732,903.50
280,000,000.00
300,000,000.00
375,683,225.88
413,183,225.88
3,198,597,860.50 3,611,781,086.38
1,707,732,903.50 1,594,549,677.63

149,544,165.40
21,363,452.20
632,981,995.80
128,180,713.20

128,180,713.20
21,363,452.20
654,345,448.00
106,817,261.00

35,000,000.00
5,000,000.00
20,000,000.00
30,000,000.00

30,000,000.00
5,000,000.00
25,000,000.00
25,000,000.00

48,000,000.00
6,000,000.00
18,000,000.00
42,000,000.00

42,000,000.00
6,000,000.00
24,000,000.00
36,000,000.00

63,000,000.00
7,000,000.00
14,000,000.00
56,000,000.00

56,000,000.00
7,000,000.00
21,000,000.00
49,000,000.00

80,000,000.00
8,000,000.00
8,000,000.00
72,000,000.00

72,000,000.00
8,000,000.00
16,000,000.00
64,000,000.00
90,000,000.00
9,000,000.00
9,000,000.00
81,000,000.00

375,544,165.40
80,000,000.00
47,363,452.20
692,981,995.80
328,180,713.20

418,180,713.20
90,000,000.00
56,363,452.20
749,345,448.00
361,817,261.00

2010

2011

2012

2013

312,518,592.00
89,210,260.87
26,706,542.47
62,503,718.40
250,014,873.60

250,014,873.60
84,130,902.29
21,627,183.89
62,503,718.40
187,511,155.20

187,511,155.20
80,492,268.21
17,988,549.81
62,503,718.40
125,007,436.80

125,007,436.80
75,412,909.63
12,909,191.23
62,503,718.40
62,503,718.40

20,000,000.00
5,709,117.04
1,709,117.04
4,000,000.00
16,000,000.00

16,000,000.00
5,384,057.43
1,384,057.43
4,000,000.00
12,000,000.00

12,000,000.00
5,151,198.70
1,151,198.70
4,000,000.00
8,000,000.00

8,000,000.00
4,826,139.09
826,139.09
4,000,000.00
4,000,000.00

120,000,000.00
34,380,430.69
10,380,430.69
24,000,000.00
96,000,000.00

96,000,000.00
33,209,589.59
9,209,589.59
24,000,000.00
72,000,000.00

72,000,000.00
31,435,251.79
7,435,251.79
24,000,000.00
48,000,000.00

150,000,000.00
44,389,983.73
14,389,983.73
30,000,000.00
120,000,000.00

120,000,000.00
42,392,086.32
12,392,086.32
30,000,000.00
90,000,000.00

DEUDA ANTERIOR
Saldo Inicial
Cuota
Intereses
Amortizacin
Saldo Final

NUEVA DEUDA
Saldo Inicial
Cuota
Intereses
Amortizacin
Saldo Final

NUEVA DEUDA
Saldo Inicial
Cuota
Intereses
Amortizacin
Saldo Final

NUEVA DEUDA
Saldo Inicial
Cuota
Intereses
Amortizacin
Saldo Final

NUEVA DEUDA
Saldo Inicial
Cuota
Intereses
Amortizacin
Saldo Final

250,000,000.00
75,816,846.50
25,816,846.50
50,000,000.00
200,000,000.00

NUEVA DEUDA
Saldo Inicial
Cuota
Intereses
Amortizacin
Saldo Final

TOTAL
Saldo Inicial
Prstamos recibidos
Cuota
Intereses
Amortizacin

332,518,592.00
20,000,000.00
94,919,377.91
28,415,659.51
66,503,718.40

386,014,873.60
120,000,000.00
123,895,390.40
33,391,672.00
90,503,718.40

445,511,155.20
150,000,000.00
163,243,040.22
42,739,321.82
120,503,718.40

575,007,436.80
250,000,000.00
229,883,233.33
59,379,514.93
170,503,718.40

Saldo Final

266,014,873.60

295,511,155.20

325,007,436.80

404,503,718.40

2014
62,503,718.40
69,023,801.49
6,520,083.09
62,503,718.40
0.00
4,000,000.00
4,417,260.49
417,260.49
4,000,000.00
0.00
48,000,000.00
29,007,125.92
5,007,125.92
24,000,000.00
24,000,000.00
90,000,000.00
39,388,361.10
9,388,361.10
30,000,000.00
60,000,000.00
200,000,000.00
70,863,024.66
20,863,024.66
50,000,000.00
150,000,000.00
100,000,000.00
30,431,512.33
10,431,512.33
20,000,000.00
80,000,000.00
504,503,718.40
100,000,000.00
243,131,086.00
52,627,367.60
190,503,718.40

314,000,000.00

2010

2011

2012

2013

Costo de la Deuda despus de Impuestos Kd-T

Saldo
Kd
T

266,014,873.60
8.55%
33.00%

295,511,155.20
8.65%
33.00%

325,007,436.80
9.59%
33.00%

404,503,718.40
10.33%
33.00%

5.73%

5.80%

6.43%

6.92%

2,587,078,354.01
10.28%
4.14%

2,767,664,114.15
10.68%
4.14%

2,958,397,838.98
10.99%
4.14%

3,165,914,730.21
12.78%
4.14%

Rp

6.03%

6.03%

6.03%

6.03%

0.63

0.63

0.63

0.63

0.67
2.64%
4.00%
1.50%

0.68
2.64%
4.00%
1.50%

0.68
2.64%
4.00%
1.50%

0.68
2.64%
4.00%
1.50%

10.91%

10.92%

10.92%

10.97%

10.42%
110.42%

10.48%
121.99%

10.51%
134.81%

Kd-T

Costo del Patrimonio Ke

Saldo
D/E
Rf

L
EMBI+
Inflacin LP COL
Inflacin LP USA
Ke COP
FD

Weighted Average Cost of Capital WACC

WACC
FD

10.42%
100.00%

2014

314,000,000.00
10.43%
33.00%
6.99%

3,408,915,944.80
9.21%
4.14%
6.03%
0.63
0.67
2.64%
4.00%
1.50%
10.88%

10.55%
149.04%