DATOS

Inflacin
Impuesto a la renta
DTF (E.A)

2004
0.0649

Cartera (Ventas)
Materia Prima (CMV)
Prod en Proc (CMV)
Prod Term (CMV)
Proveedores

Cartera
Inventario
Proveedores
Materia Prima
Producto Proceso
Gastos De Administracion
Gastos De Ventas
Depreciacion

65
30
4
15
90

259,287,671.23
45,727,948.18
274,367,689.05
91,455,896.35
12,194,119.51
160,160,000
94,640,000
29,000,000

2005
Micro
Clasico
Infantil
Convex
Deporte
Guayo

12,000
10,000
12,000
18,000
30,000
8,000

Micro
Clasico
Infantil
Convex
Deporte
Guayo

23,000
18,000
13,000
18,000
12,000
20,000

Micro
Clasico
Infantil
Convex
Deporte
Guayo
TOTAL

276,000,000
180,000,000
156,000,000
324,000,000
360,000,000
160,000,000
1,456,000,000

Micro
Clasico
Infantil

10,000
8,000
4,000

2005
0.05
0.385
0.068

2006
0.05

DIAS / CAPITAL DE TRABAJO

65
65
30
30
4
4
15
15
90
90
CAPITAL DE TRABAJO
2004
2005
272,252,054.79 285,864,657.53
48,221,646.81 50,819,482.42
289,329,880.83 304,916,894.53
96,443,293.61 101,638,964.84
12,859,105.81 13,551,861.98
168,168,000
176,576,400
99,372,000
104,340,600
39,000,000
49,000,000

2006
2007
PRODUCCION POR PARES
12,000
12,000
10,000
10,000
12,000
12,000
18,000
18,000
30,000
30,000
8,000
8,000
PRECIOS POR UNIDAD
24,150
25,358
18,900
19,845
13,650
14,333
18,900
19,845
12,600
13,230
21,000
22,050

289,800,000
189,000,000
163,800,000
340,200,000
378,000,000
168,000,000
1,528,800,000

VENTAS
304,290,000
198,450,000
171,990,000
357,210,000
396,900,000
176,400,000
1,605,240,000

COSTO VARIABLE UNITARIO

10,500
11,025
8,400
8,820
4,200
4,410

Convex
Deporte
Guayo

5,000
4,000
7,000

Micro
Clasico
Infantil
Convex
Deporte
Guayo
TOTAL

120,000,000
80,000,000
48,000,000
90,000,000
120,000,000
56,000,000
514,000,000

COSTO VARIABLE TOTAL

126,000,000
132,300,000
84,000,000
88,200,000
50,400,000
52,920,000
94,500,000
99,225,000
126,000,000
132,300,000
58,800,000
61,740,000
539,700,000
566,685,000

Arriendo
Cafeteria
Celulares
Mantenimiento
Papeleria
Publicidad
Servicios Publicos
Temporal Administrativa
Transporte
Varios
Honorarios
Contador
Seguridad
Temporal Planta
Total

38,000,000
1,200,000
4,000,000
20,000,000
3,600,000
9,000,000
77,000,000
121,000,000
3,000,000
0
13,000,000
4,800,000
1,000,000
204,000,000
499,600,000

COSTOS FIJOS
39,900,000
41,895,000
1,260,000
1,323,000
4,200,000
4,410,000
21,000,000
22,050,000
3,780,000
3,969,000
9,450,000
9,922,500
80,850,000
84,892,500
127,050,000
133,402,500
3,150,000
3,307,500
0
0
13,650,000
14,332,500
5,040,000
5,292,000
1,050,000
1,102,500
214,200,000
224,910,000
524,580,000
550,809,000

22,796,619.17
3,608,815.59
22,463,005.73
16,067,190.74
48,113,454.68
113,049,085.91

GASTOS FINANCIEROS
13,827,457.53
4,858,295.89
1,267,962.24
17,517,022.82 12,571,039.90
9,745,673.07
3,424,155.40
37,519,666.49 26,925,878.31
79,877,782.15 47,779,369.50

Bancolombia
Banco Bogota
Banco De Occidente
Dian
Terceros
Total

5,250
4,200
7,350

5,513
4,410
7,718

2007
0.05

2008
0.05

2009
0.05

2010
0.05

65
30
4
15
90

65
30
4
15
90

65
30
4
15
90

65
30
4
15
90

2011
0.05

CAPITAL DE TRABAJO

CAPITAL DE TRABAJO
2006
2007
2008
2009
300,157,890.41 315,165,784.93 330,924,074.18 347,470,277.89
53,115,702.97 55,526,734.55 55,176,944.87 57,835,107.18
318,694,217.82 333,160,407.27 331,061,669.20 347,010,643.07
106,231,405.94 111,053,469.09 110,353,889.73 115,670,214.36
14,164,187.46 14,807,129.21 14,713,851.96 15,422,695.25
185,405,220
194,675,481
204,409,255
214,629,718
109,557,630
115,035,512
120,787,287
126,826,651
49,000,000
49,000,000
49,000,000
49,000,000

2008

2009

2010

2011

DUCCION POR PARES

12,000
10,000
12,000
18,000
30,000
8,000

12,000
10,000
12,000
18,000
30,000
8,000

12,000
10,000
12,000
18,000
30,000
8,000

12,000
10,000
12,000
18,000
30,000
8,000

26,625
20,837
15,049
20,837
13,892
23,153

27,957
21,879
15,802
21,879
14,586
24,310

29,354
22,973
16,592
22,973
15,315
25,526

30,822
24,122
17,421
24,122
16,081
26,802

319,504,500
208,372,500
180,589,500
375,070,500
416,745,000
185,220,000
1,685,502,000

335,479,725
218,791,125
189,618,975
393,824,025
437,582,250
194,481,000
1,769,777,100

352,253,711
229,730,681
199,099,924
413,515,226
459,461,363
204,205,050
1,858,265,955

369,866,397
241,217,215
209,054,920
434,190,988
482,434,431
214,415,303
1,951,179,253

12,155
9,724
4,862

12,763
10,210
5,105

13,401
10,721
5,360

ECIOS POR UNIDAD

VENTAS

O VARIABLE UNITARIO
11,576
9,261
4,631

2010

2011

5,788
4,631
8,103

6,078
4,862
8,509

6,381
5,105
8,934

6,700
5,360
9,381

138,915,000
92,610,000
55,566,000
104,186,250
138,915,000
64,827,000
595,019,250

145,860,750
97,240,500
58,344,300
109,395,563
145,860,750
68,068,350
624,770,213

153,153,788
102,102,525
61,261,515
114,865,341
153,153,788
71,471,768
656,008,723

160,811,477
107,207,651
64,324,591
120,608,608
160,811,477
75,045,356
688,809,159

43,989,750
1,389,150
4,630,500
23,152,500
4,167,450
10,418,625
89,137,125
140,072,625
3,472,875
0
15,049,125
5,556,600
1,157,625
236,155,500
578,349,450

46,189,238
1,458,608
4,862,025
24,310,125
4,375,823
10,939,556
93,593,981
147,076,256
3,646,519
0
15,801,581
5,834,430
1,215,506
247,963,275
607,266,923

48,498,699
1,531,538
5,105,126
25,525,631
4,594,614
11,486,534
98,273,680
154,430,069
3,828,845
0
16,591,660
6,126,152
1,276,282
260,361,439
637,630,269

50,923,634
1,608,115
5,360,383
26,801,913
4,824,344
12,060,861
103,187,364
162,151,573
4,020,287
0
17,421,243
6,432,459
1,340,096
273,379,511
669,511,782

7,625,056.99

2,679,074.08

16,332,090.12
23,957,147.11

5,738,301.93
8,417,376.01

0.00

0.00

TO VARIABLE TOTAL

COSTOS FIJOS

STOS FINANCIEROS

Prestamo
Plazo
DTF
DTF Mes Vencido
Puntos
Interes
Interes Efectivo
Amortizacion

213,605,030
36
6.8%
6.60%
6%
12.60%
13.350%
5,933,473.06

PERIODO
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

SALDO INICIAL AMORTIZACION

INTERES
FLUJO NETO
SALDO FINAL
213,605,030.00
-213,605,030.00 213,605,030.00
213,605,030.00
5,933,473.06 2,242,290.41
8,175,763.47 207,671,556.94
207,671,556.94
5,933,473.06 2,180,004.57
8,113,477.62 201,738,083.89
201,738,083.89
5,933,473.06 2,117,718.72
8,051,191.78 195,804,610.83
195,804,610.83
5,933,473.06 2,055,432.88
7,988,905.93 189,871,137.78
189,871,137.78
5,933,473.06 1,993,147.03
7,926,620.09 183,937,664.72
183,937,664.72
5,933,473.06 1,930,861.19
7,864,334.24 178,004,191.67
178,004,191.67
5,933,473.06 1,868,575.34
7,802,048.40 172,070,718.61
172,070,718.61
5,933,473.06 1,806,289.50
7,739,762.55 166,137,245.56
166,137,245.56
5,933,473.06 1,744,003.65
7,677,476.71 160,203,772.50
160,203,772.50
5,933,473.06 1,681,717.81
7,615,190.86 154,270,299.44
154,270,299.44
5,933,473.06 1,619,431.96
7,552,905.02 148,336,826.39
148,336,826.39
5,933,473.06 1,557,146.12
7,490,619.17 142,403,353.33
142,403,353.33
5,933,473.06 1,494,860.27
7,428,333.33 136,469,880.28
136,469,880.28
5,933,473.06 1,432,574.43
7,366,047.48 130,536,407.22
130,536,407.22
5,933,473.06 1,370,288.58
7,303,761.64 124,602,934.17
124,602,934.17
5,933,473.06 1,308,002.74
7,241,475.80 118,669,461.11
118,669,461.11
5,933,473.06 1,245,716.89
7,179,189.95 112,735,988.06
112,735,988.06
5,933,473.06 1,183,431.05
7,116,904.11 106,802,515.00
106,802,515.00
5,933,473.06 1,121,145.21
7,054,618.26 100,869,041.94
100,869,041.94
5,933,473.06 1,058,859.36
6,992,332.42 94,935,568.89
94,935,568.89
5,933,473.06
996,573.52
6,930,046.57 89,002,095.83
89,002,095.83
5,933,473.06
934,287.67
6,867,760.73 83,068,622.78
83,068,622.78
5,933,473.06
872,001.83
6,805,474.88 77,135,149.72
77,135,149.72
5,933,473.06
809,715.98
6,743,189.04 71,201,676.67
71,201,676.67
5,933,473.06
747,430.14
6,680,903.19 65,268,203.61
65,268,203.61
5,933,473.06
685,144.29
6,618,617.35 59,334,730.56
59,334,730.56
5,933,473.06
622,858.45
6,556,331.50 53,401,257.50
53,401,257.50
5,933,473.06
560,572.60
6,494,045.66 47,467,784.44
47,467,784.44
5,933,473.06
498,286.76
6,431,759.81 41,534,311.39
41,534,311.39
5,933,473.06
436,000.91
6,369,473.97 35,600,838.33
35,600,838.33
5,933,473.06
373,715.07
6,307,188.12 29,667,365.28
29,667,365.28
5,933,473.06
311,429.22
6,244,902.28 23,733,892.22
23,733,892.22
5,933,473.06
249,143.38
6,182,616.43 17,800,419.17
17,800,419.17
5,933,473.06
186,857.53
6,120,330.59 11,866,946.11
11,866,946.11
5,933,473.06
124,571.69
6,058,044.75
5,933,473.06
5,933,473.06
5,933,473.06
62,285.84
5,995,758.90
0.00

22,796,619.17

13,827,457.53

4,858,295.89

Prestamo
PLAZO
DTF
DTF Mes Vencido
Puntos
Interes
Interes Efectivo
Amortizacion

21,677,739
24
6.8%
6.60%
15%
21.60%
23.868%
903,239.13

PERIODO
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

SALDO INICIAL
21,677,739.00
21,677,739.00
20,774,499.88
19,871,260.75
18,968,021.63
18,064,782.50
17,161,543.38
16,258,304.25
15,355,065.13
14,451,826.00
13,548,586.88
12,645,347.75
11,742,108.63
10,838,869.50
9,935,630.38
9,032,391.25
8,129,152.13
7,225,913.00
6,322,673.88
5,419,434.75
4,516,195.63
3,612,956.50
2,709,717.38
1,806,478.25
903,239.13

AMORTIZACION
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13
903,239.13

INTERES
390,142.23
373,886.30
357,630.37
341,374.45
325,118.52
308,862.60
292,606.67
276,350.74
260,094.82
243,838.89
227,582.97
211,327.04
195,071.11
178,815.19
162,559.26
146,303.33
130,047.41
113,791.48
97,535.56
81,279.63
65,023.70
48,767.78
32,511.85
16,255.93

FLUJO NETO
-21,677,739.00
1,293,381.35
1,277,125.43
1,260,869.50
1,244,613.57
1,228,357.65
1,212,101.72
1,195,845.79
1,179,589.87
1,163,333.94
1,147,078.02
1,130,822.09
1,114,566.16
1,098,310.24
1,082,054.31
1,065,798.39
1,049,542.46
1,033,286.53
1,017,030.61
1,000,774.68
984,518.76
968,262.83
952,006.90
935,750.98
919,495.05

SALDO FINAL
21,677,739.00
20,774,499.88
19,871,260.75
18,968,021.63
18,064,782.50
17,161,543.38
16,258,304.25
15,355,065.13
14,451,826.00
13,548,586.88
12,645,347.75
11,742,108.63
10,838,869.50 3,608,815.59
9,935,630.38
9,032,391.25
8,129,152.13
7,225,913.00
6,322,673.88
5,419,434.75
4,516,195.63
3,612,956.50
2,709,717.38
1,806,478.25
903,239.13
0.00 1,267,962.24

Prestamo
Plazo
DTF
DTF Mes Vencido
Puntos
Interes Efectivo
Interes
Amortizacion

151,746,681
60
6.8%
6.60%
9.7%
17.571%
16.30%
2,529,111.35

PERIODO
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41

SALDO INICIAL
151,746,681.00
151,746,681.00
149,217,569.65
146,688,458.30
144,159,346.95
141,630,235.60
139,101,124.25
136,572,012.90
134,042,901.55
131,513,790.20
128,984,678.85
126,455,567.50
123,926,456.15
121,397,344.80
118,868,233.45
116,339,122.10
113,810,010.75
111,280,899.40
108,751,788.05
106,222,676.70
103,693,565.35
101,164,454.00
98,635,342.65
96,106,231.30
93,577,119.95
91,048,008.60
88,518,897.25
85,989,785.90
83,460,674.55
80,931,563.20
78,402,451.85
75,873,340.50
73,344,229.15
70,815,117.80
68,286,006.45
65,756,895.10
63,227,783.75
60,698,672.40
58,169,561.05
55,640,449.70
53,111,338.35
50,582,227.00

AMORTIZACION
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35

INTERES
2,060,826.21
2,026,479.11
1,992,132.01
1,957,784.90
1,923,437.80
1,889,090.70
1,854,743.59
1,820,396.49
1,786,049.39
1,751,702.28
1,717,355.18
1,683,008.07
1,648,660.97
1,614,313.87
1,579,966.76
1,545,619.66
1,511,272.56
1,476,925.45
1,442,578.35
1,408,231.25
1,373,884.14
1,339,537.04
1,305,189.94
1,270,842.83
1,236,495.73
1,202,148.62
1,167,801.52
1,133,454.42
1,099,107.31
1,064,760.21
1,030,413.11
996,066.00
961,718.90
927,371.80
893,024.69
858,677.59
824,330.49
789,983.38
755,636.28
721,289.17
686,942.07

FLUJO NETO
-151,746,681.00
4,589,937.56
4,555,590.46
4,521,243.36
4,486,896.25
4,452,549.15
4,418,202.05
4,383,854.94
4,349,507.84
4,315,160.74
4,280,813.63
4,246,466.53
4,212,119.42
4,177,772.32
4,143,425.22
4,109,078.11
4,074,731.01
4,040,383.91
4,006,036.80
3,971,689.70
3,937,342.60
3,902,995.49
3,868,648.39
3,834,301.29
3,799,954.18
3,765,607.08
3,731,259.97
3,696,912.87
3,662,565.77
3,628,218.66
3,593,871.56
3,559,524.46
3,525,177.35
3,490,830.25
3,456,483.15
3,422,136.04
3,387,788.94
3,353,441.84
3,319,094.73
3,284,747.63
3,250,400.52
3,216,053.42

42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

48,053,115.65
45,524,004.30
42,994,892.95
40,465,781.60
37,936,670.25
35,407,558.90
32,878,447.55
30,349,336.20
27,820,224.85
25,291,113.50
22,762,002.15
20,232,890.80
17,703,779.45
15,174,668.10
12,645,556.75
10,116,445.40
7,587,334.05
5,058,222.70
2,529,111.35

2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35

652,594.97
618,247.86
583,900.76
549,553.66
515,206.55
480,859.45
446,512.35
412,165.24
377,818.14
343,471.04
309,123.93
274,776.83
240,429.72
206,082.62
171,735.52
137,388.41
103,041.31
68,694.21
34,347.10

3,181,706.32
3,147,359.21
3,113,012.11
3,078,665.01
3,044,317.90
3,009,970.80
2,975,623.70
2,941,276.59
2,906,929.49
2,872,582.39
2,838,235.28
2,803,888.18
2,769,541.07
2,735,193.97
2,700,846.87
2,666,499.76
2,632,152.66
2,597,805.56
2,563,458.45

SALDO FINAL
151,746,681.00
149,217,569.65
146,688,458.30
144,159,346.95
141,630,235.60
139,101,124.25
136,572,012.90
134,042,901.55
131,513,790.20
128,984,678.85
126,455,567.50
123,926,456.15
121,397,344.80 22,463,005.73
118,868,233.45
116,339,122.10
113,810,010.75
111,280,899.40
108,751,788.05
106,222,676.70
103,693,565.35
101,164,454.00
98,635,342.65
96,106,231.30
93,577,119.95
91,048,008.60 17,517,022.82
88,518,897.25
85,989,785.90
83,460,674.55
80,931,563.20
78,402,451.85
75,873,340.50
73,344,229.15
70,815,117.80
68,286,006.45
65,756,895.10
63,227,783.75
60,698,672.40 12,571,039.90
58,169,561.05
55,640,449.70
53,111,338.35
50,582,227.00
48,053,115.65

45,524,004.30
42,994,892.95
40,465,781.60
37,936,670.25
35,407,558.90
32,878,447.55
30,349,336.20
27,820,224.85
25,291,113.50
22,762,002.15
20,232,890.80
17,703,779.45
15,174,668.10
12,645,556.75
10,116,445.40
7,587,334.05
5,058,222.70
2,529,111.35
0.00

7,625,056.99

2,679,074.08

Prestamo
Plazo
DTF
DTF Mes Vencido
Puntos
Interes Efectivo
Interes
Amortizacion

80,369,035
36
6.8%
6.60%
17%
26.324%
23.60%
2,232,473.19

PERIODO
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

SALDO INICIAL
80,369,035.00
80,369,035.00
78,136,561.81
75,904,088.61
73,671,615.42
71,439,142.22
69,206,669.03
66,974,195.83
64,741,722.64
62,509,249.44
60,276,776.25
58,044,303.06
55,811,829.86
53,579,356.67
51,346,883.47
49,114,410.28
46,881,937.08
44,649,463.89
42,416,990.69
40,184,517.50
37,952,044.31
35,719,571.11
33,487,097.92
31,254,624.72
29,022,151.53
26,789,678.33
24,557,205.14
22,324,731.94
20,092,258.75
17,859,785.56
15,627,312.36
13,394,839.17
11,162,365.97
8,929,892.78
6,697,419.58
4,464,946.39
2,232,473.19

AMORTIZACION
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19
2,232,473.19

INTERES
1,580,379.42
1,536,479.99
1,492,580.56
1,448,681.13
1,404,781.70
1,360,882.28
1,316,982.85
1,273,083.42
1,229,183.99
1,185,284.56
1,141,385.13
1,097,485.71
1,053,586.28
1,009,686.85
965,787.42
921,887.99
877,988.56
834,089.14
790,189.71
746,290.28
702,390.85
658,491.42
614,592.00
570,692.57
526,793.14
482,893.71
438,994.28
395,094.85
351,195.43
307,296.00
263,396.57
219,497.14
175,597.71
131,698.28
87,798.86
43,899.43

FLUJO NETO
-80,369,035.00
3,812,852.61
3,768,953.18
3,725,053.75
3,681,154.33
3,637,254.90
3,593,355.47
3,549,456.04
3,505,556.61
3,461,657.19
3,417,757.76
3,373,858.33
3,329,958.90
3,286,059.47
3,242,160.04
3,198,260.62
3,154,361.19
3,110,461.76
3,066,562.33
3,022,662.90
2,978,763.47
2,934,864.05
2,890,964.62
2,847,065.19
2,803,165.76
2,759,266.33
2,715,366.91
2,671,467.48
2,627,568.05
2,583,668.62
2,539,769.19
2,495,869.76
2,451,970.34
2,408,070.91
2,364,171.48
2,320,272.05
2,276,372.62

SALDO FINAL
80,369,035.00
78,136,561.81
75,904,088.61
73,671,615.42
71,439,142.22
69,206,669.03
66,974,195.83
64,741,722.64
62,509,249.44
60,276,776.25
58,044,303.06
55,811,829.86
53,579,356.67 16,067,190.74
51,346,883.47
49,114,410.28
46,881,937.08
44,649,463.89
42,416,990.69
40,184,517.50
37,952,044.31
35,719,571.11
33,487,097.92
31,254,624.72
29,022,151.53
26,789,678.33 9,745,673.07
24,557,205.14
22,324,731.94
20,092,258.75
17,859,785.56
15,627,312.36
13,394,839.17
11,162,365.97
8,929,892.78
6,697,419.58
4,464,946.39
2,232,473.19
0.00 3,424,155.40

Prestamo
Plazo
DTF
DTF Mes Vencido
Puntos
Interes Efectivo
Interes
Amortizacion

224,474,717
60
6.8%
6.60%
17.0%
26.324%
23.60%
3,741,245.28

PERIODO
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41

SALDO INICIAL
224,474,717.00
224,474,717.00
220,733,471.72
216,992,226.43
213,250,981.15
209,509,735.87
205,768,490.58
202,027,245.30
198,286,000.02
194,544,754.73
190,803,509.45
187,062,264.17
183,321,018.88
179,579,773.60
175,838,528.32
172,097,283.03
168,356,037.75
164,614,792.47
160,873,547.18
157,132,301.90
153,391,056.62
149,649,811.33
145,908,566.05
142,167,320.77
138,426,075.48
134,684,830.20
130,943,584.92
127,202,339.63
123,461,094.35
119,719,849.07
115,978,603.78
112,237,358.50
108,496,113.22
104,754,867.93
101,013,622.65
97,272,377.37
93,531,132.08
89,789,886.80
86,048,641.52
82,307,396.23
78,566,150.95
74,824,905.67

AMORTIZACION
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28

INTERES
4,414,078.41
4,340,510.44
4,266,942.46
4,193,374.49
4,119,806.52
4,046,238.54
3,972,670.57
3,899,102.60
3,825,534.62
3,751,966.65
3,678,398.68
3,604,830.70
3,531,262.73
3,457,694.76
3,384,126.78
3,310,558.81
3,236,990.83
3,163,422.86
3,089,854.89
3,016,286.91
2,942,718.94
2,869,150.97
2,795,582.99
2,722,015.02
2,648,447.05
2,574,879.07
2,501,311.10
2,427,743.13
2,354,175.15
2,280,607.18
2,207,039.21
2,133,471.23
2,059,903.26
1,986,335.28
1,912,767.31
1,839,199.34
1,765,631.36
1,692,063.39
1,618,495.42
1,544,927.44
1,471,359.47

FLUJO NETO
-224,474,717.00
8,155,323.69
8,081,755.72
8,008,187.75
7,934,619.77
7,861,051.80
7,787,483.83
7,713,915.85
7,640,347.88
7,566,779.91
7,493,211.93
7,419,643.96
7,346,075.99
7,272,508.01
7,198,940.04
7,125,372.07
7,051,804.09
6,978,236.12
6,904,668.14
6,831,100.17
6,757,532.20
6,683,964.22
6,610,396.25
6,536,828.28
6,463,260.30
6,389,692.33
6,316,124.36
6,242,556.38
6,168,988.41
6,095,420.44
6,021,852.46
5,948,284.49
5,874,716.52
5,801,148.54
5,727,580.57
5,654,012.59
5,580,444.62
5,506,876.65
5,433,308.67
5,359,740.70
5,286,172.73
5,212,604.75

42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
TIRmensual:
TIRanual:

71,083,660.38
67,342,415.10
63,601,169.82
59,859,924.53
56,118,679.25
52,377,433.97
48,636,188.68
44,894,943.40
41,153,698.12
37,412,452.83
33,671,207.55
29,929,962.27
26,188,716.98
22,447,471.70
18,706,226.42
14,964,981.13
11,223,735.85
7,482,490.57
3,741,245.28
1.97%
26.32%

3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28
3,741,245.28

1,397,791.50
1,324,223.52
1,250,655.55
1,177,087.58
1,103,519.60
1,029,951.63
956,383.66
882,815.68
809,247.71
735,679.74
662,111.76
588,543.79
514,975.81
441,407.84
367,839.87
294,271.89
220,703.92
147,135.95
73,567.97

5,139,036.78
5,065,468.81
4,991,900.83
4,918,332.86
4,844,764.89
4,771,196.91
4,697,628.94
4,624,060.97
4,550,492.99
4,476,925.02
4,403,357.04
4,329,789.07
4,256,221.10
4,182,653.12
4,109,085.15
4,035,517.18
3,961,949.20
3,888,381.23
3,814,813.26

SALDO FINAL
224,474,717.00
220,733,471.72
216,992,226.43
213,250,981.15
209,509,735.87
205,768,490.58
202,027,245.30
198,286,000.02
194,544,754.73
190,803,509.45
187,062,264.17
183,321,018.88
179,579,773.60 48,113,454.68
175,838,528.32
172,097,283.03
168,356,037.75
164,614,792.47
160,873,547.18
157,132,301.90
153,391,056.62
149,649,811.33
145,908,566.05
142,167,320.77
138,426,075.48
134,684,830.20 37,519,666.49
130,943,584.92
127,202,339.63
123,461,094.35
119,719,849.07
115,978,603.78
112,237,358.50
108,496,113.22
104,754,867.93
101,013,622.65
97,272,377.37
93,531,132.08
89,789,886.80 26,925,878.31
86,048,641.52
82,307,396.23
78,566,150.95
74,824,905.67
71,083,660.38

67,342,415.10
63,601,169.82
59,859,924.53
56,118,679.25
52,377,433.97
48,636,188.68
44,894,943.40 16,332,090.12
41,153,698.12
37,412,452.83
33,671,207.55
29,929,962.27
26,188,716.98
22,447,471.70
18,706,226.42
14,964,981.13
11,223,735.85
7,482,490.57
3,741,245.28
0.00 5,738,301.93

Ventas
Costos Fijos
Costos Variables
Amortizacion De Diferidos
Depreciacion
Cmv
Utilidad Bruta
Gastos Ventas
Gastos Admon
Utilidad Operacional
Utilidad Antes Financiero
Correccion Monetaria
Gastos Financieros
Utilidad Antes Impuesto
Impuestos
Utilidad Neta

ESTADO DE RESULTADOS
2005
2006
2007
2008
1,456,000,000
1,528,800,000
1,605,240,000
1,685,502,000
499,600,000
524,580,000
550,809,000
578,349,450
514,000,000
539,700,000
566,685,000
595,019,250
70,113,405.60
70,113,405.60
70,113,405.60
70,113,405.60
29,000,000
39,000,000
49,000,000
49,000,000
1,112,713,405.60 1,173,393,405.60 1,236,607,405.60 1,292,482,105.60
343,286,594.40
355,406,594.40
368,632,594.40
393,019,894.40
94,640,000
99,372,000
104,340,600
109,557,630
160,160,000
168,168,000
176,576,400
185,405,220
88,486,594.40
87,866,594.40
87,715,594.40
98,057,044.40
88,486,594.40
87,866,594.40
87,715,594.40
98,057,044.40
26,588,207
24,031,905
26,386,911
27,169,377
113,049,085.91
79,877,782.15
47,779,369.50
23,957,147.11
2,025,715.70
32,020,717.46
66,323,135.87
101,269,273.99
779,901
12,327,976
25,534,407
38,988,670
1,245,815.15
19,692,741.24
40,788,728.56
62,280,603.50

S
2009
2010
2011
1,769,777,100
1,858,265,955
1,951,179,253
607,266,923
637,630,269
669,511,782
624,770,213
656,008,723
688,809,159
70,113,405.60
0.00
0.00
49,000,000
49,000,000
49,000,000
1,351,150,540.60 1,342,638,991.75 1,407,320,941.34
418,626,559.40
515,626,963.25
543,858,311.41
115,035,512
120,787,287
126,826,651
194,675,481
204,409,255
214,629,718
108,915,566.90
190,430,421.13
202,401,942.18
108,915,566.90
190,430,421.13
202,401,942.18
21,739,608
15,534,822
6,116,743
8,417,376.01
0.00
0.00
122,237,799.06
205,965,242.66
208,518,684.72
47,061,553
79,296,618
80,279,694
75,176,246.42
126,668,624.24
128,238,991.10

CONCEPTO
ACTIVO CORRIENTE
DISPONIBLE
INVERSIONES
DEUDORES-CLIENTES
DEUDORES-OTROS
INVENTARIOS
MATERIAS PRIMAS
PRODUCTO EN PROCESO
PRODUCTO TERMINADO
MERCANCIA EN TRANSITO
OTROS INVENTARIO
ajuste inventarios
TOTAL ACTIVO CORRIENTE
ACTIVOS FIJOS
PROPIEDADES ,PLANTA Y EQUIPO
A.INFLACION-ACTIVOS FIJOS
DEPRECIACION ACUMULADA
A.INFLACION-DEPRECIACION
TOTAL ACTIVO FIJO
OTROS ACTIVOS
INTANGIBLES
DIFERIDOS
OTROS ACTIVOS
VALORIZACIONES
TOTAL OTROS ACTIVOS
TOTAL ACTIVOS
PASIVO CORRIENTE
bancolombia
banco bogota
banco occidente
DIAN
Cuentas terceros
banco occidente
CUENTAS POR PAGAR
OTROS PASIVOS
TOTAL
OTRAS OBLIGACIONES
FINANCIERAS
PROVEEDORES Nacionales
CUENTAS POR PAGAR
IMPUESTOS, GRAV. Y TASAS
OBLIGACIONES LABORALES
PASIVOS EST. Y PROVISIONES
DIFERIDOS
BONOS Y PAPELES COMERCIALES
TOTAL PASIVOS Y
REESTRUCTURACIONES
Prestamo adicional 1
Prestamo adicional 2

2003
94,879
0
227,781,458
0
96,226,455
96,226,455
0
0
0
0
324,102,792
374,812,851

2004
94,880
0
218,422,967
18,969,299
145,121,870
74,306,776
7,425,276
0
0
63,389,818
382,609,016

2005

2006

-212,099,949

-409,430,737

259,287,671
15,175,439
158,796,373
91,455,896
12,194,120
45,727,948

272,252,055
12,140,351
174,882,274
96,443,294
12,859,106
48,221,647

9,418,409
17,358,228
221,159,535
49,843,943

491,449,056

591,449,056
691,449,056
31,895,044
61,467,497
-28,728,455
-34,746,438
-63,746,438
-102,746,438
-2,255,044
-5,442,366
346,084,396
456,702,618
557,342,618
644,727,749
3,458,406
3,658,198
3,658,198
3,658,198
329,216,212
350,567,028
280,453,622
210,340,217
0
0
0
0
332,674,618
354,225,226
284,111,820
213,998,415
1,002,861,806 1,193,536,860 1,062,613,973
908,570,107
317,782,825
220,000,000
0
0

142,403,353
10,838,870
121,397,345
53,579,357
179,579,774

71,201,677
0
91,048,009
26,789,678
134,684,830

537,782,825

213,605,030
21,677,739
151,746,681
80,369,035
224,474,717
0
0
0
691,873,202

507,798,698

323,724,194

0
201,391,944
35,787,775
48,238,264
9,228,789
0
0
0
0

0
216,285,414
90,447,674
0
2,785,700
0
0
0
0

0
274,367,689
72,358,139

0
289,329,881
57,886,511

2,228,560
0
0
0
0

1,782,848
0
0
0
0

294,646,772

309,518,788

348,954,388

348,999,240

Prestamo adicional 3
Prestamo adicional 4
Prestamo adicional 5
Prestamo adicional 6
Prestamo adicional 7
TOTAL PASIVO
832,429,597
1,001,391,990 856,753,086
672,723,434
PATRIMONIO
CAPITAL SOCIAL
268,000,000
268,000,000
268,000,000
268,000,000
SUPERAVIT DE CAPITAL
0
0
RESERVAS
0
0
REVALORIZACION DEL PATRIMONIO
12,104,767
18,157,676
30,627,878
40,920,922
DIVIDENDOS O PARTICIPACIONES
0
0
0
0
RESULTADO DEL EJERCICIO
-41,701,726
15,659,752
1,245,815
19,692,741
RESUL. EJERCICIOS ANTERIORES
-67,970,832
-109,672,558
-94,012,806
-92,766,991
SUPERAVIT POR VALORIZACIONES
0
0
0
0
AJUSTES POR INFLACION
TOTAL PATRIMONIO
170,432,209
192,144,870
205,860,887
235,846,673
TOTAL PASIVO + PATRIMONIO
1,002,861,806 1,193,536,860 1,062,613,973
908,570,107

2007

2008

2009

2010

2011

-565,168,802

-501,809,987

-419,005,678

-280,453,227

-122,505,114

285,864,658
9,712,281
192,112,651
101,638,965
13,551,862
50,819,482

300,157,890
7,769,825
209,219,271
106,231,406
14,164,187
53,115,703

315,165,785
6,215,860
227,556,271
111,053,469
14,807,129
55,526,735

330,924,074
4,972,688
237,791,438
110,353,890
14,713,852
55,176,945

347,470,278
3,978,150
258,364,340
115,670,214
15,422,695
57,835,107

26,102,342
35,707,974
46,168,938
57,546,751
69,436,323
-77,479,213
15,336,998
129,932,238
293,234,973
487,307,654
791,449,056
791,449,056
791,449,056
791,449,056
791,449,056
96,039,949
135,612,402
175,184,855
214,757,308
254,329,761
-151,746,438
-200,746,438
-249,746,438
-298,746,438
-347,746,438
-10,579,688
-18,167,010
-28,204,331
-40,691,653
-55,628,975
725,162,880
708,148,011
688,683,142
666,768,272
642,403,403
3,658,198
140,226,811

143,885,009
791,568,676

3,658,198
70,113,406

73,771,604
797,256,613

3,658,198
0

3,658,198
822,273,577

3,658,198
0

3,658,198
963,661,444

3,658,198
0

3,658,198
1,133,369,255

0
60,698,672
0
89,789,887

30,349,336

44,894,943

150,488,559

75,244,280

0
304,916,895
46,309,209

0
318,694,218
37,047,367

0
333,160,407
29,637,894

0
331,061,669
23,710,315

0
347,010,643
18,968,252

1,426,278
0
0
0
0

1,141,023
0
0
0
0

912,818
0
0
0
0

730,255
0
0
0
0

584,204
0
0
0
0

352,652,382

356,882,608

363,711,119

355,502,239

366,563,099

503,140,941

432,126,887

363,711,119

355,502,239

366,563,099

268,000,000

268,000,000

268,000,000

268,000,000

268,000,000

52,713,256
0
40,788,729
-73,074,250
0

67,134,643
0
62,280,604
-32,285,521
0

85,391,129
0
75,176,246
29,995,082
0

108,319,252
0
126,668,624
105,171,329
0

138,727,212
0
128,238,991
231,839,953
0

288,427,735
791,568,676

365,129,725
797,256,613

458,562,458
822,273,577

608,159,205
963,661,444

766,806,156
1,133,369,255

VARIACIONES
2008

2005

2006

2007

2009

2010

2011

-212,194,829
40,864,704
-3,793,860
13,674,503
17,149,120
4,768,844
45,727,948
-63,389,818
9,418,409
-161,449,481

-197,330,788
12,964,384
-3,035,088
16,085,901
4,987,397
664,986
2,493,699
7,939,819
-171,315,592

-155,738,065
13,612,603
-2,428,070
17,230,377
5,195,671
692,756
2,597,836
8,744,114
-127,323,156

63,358,815
14,293,233
-1,942,456
17,106,620
4,592,441
612,325
2,296,221
9,605,633
92,816,211

82,804,310
15,007,895
-1,553,965
18,337,000
4,822,063
642,942
2,411,032
10,460,964
114,595,239

138,552,451
15,758,289
-1,243,172
10,235,167
-699,579
-93,277
-349,790
11,377,814
163,302,736

157,948,112
16,546,204
-994,538
20,572,902
5,316,325
708,843
2,658,162
11,889,572
194,072,680

100,000,000
31,895,044
-29,000,000
-2,255,044
100,640,000

100,000,000
29,572,453
-39,000,000
-3,187,322
87,385,131

100,000,000
34,572,453
-49,000,000
-5,137,322
80,435,131

39,572,453
-49,000,000
-7,587,322
-17,014,869

39,572,453
-49,000,000
-10,037,322
-19,464,869

39,572,453
-49,000,000
-12,487,322
-21,914,869

39,572,453
-49,000,000
-14,937,322
-24,364,869

-70,113,406
-70,113,406
-130,922,887

-70,113,406
-70,113,406
-154,043,867

-70,113,406
-70,113,406
-117,001,431

-70,113,406
-70,113,406
5,687,936

-70,113,406
-70,113,406
25,016,965

141,387,867

169,707,811

-71,201,677
-10,838,870
-30,349,336
-26,789,678
-44,894,943
-184,074,504

-71,201,677
-10,838,870
-30,349,336
-26,789,678
-44,894,943
-184,074,504

-71,201,677
-30,349,336
-26,789,678
-44,894,943
-173,235,635

-0
-30,349,336
0
-44,894,943
-75,244,280

-30,349,336
-44,894,943
-75,244,280

58,082,275
-18,089,535
-557,140
-

14,962,192
-14,471,628
-445,712
-

15,587,014
-11,577,302
-356,570
-

13,777,323
-9,261,842
-285,256
-

14,466,189
-7,409,473
-228,205
-

-2,098,738
-5,927,579
-182,564
-

15,948,974
-4,742,063
-146,051
-

39,435,600
-

44,852
-

3,653,142
-

4,230,226
-

6,828,511
-

-8,208,880
-

11,060,860
-

-0
-0
-0

-144,638,904

-184,029,652

-169,582,493

-71,014,054

-68,415,768

-8,208,880

11,060,860

12,470,202
-14,413,937
15,659,752
13,716,017
-130,922,887

10,293,044
18,446,926
1,245,815
29,985,786
-154,043,867

11,792,334
21,095,987
19,692,741
52,581,062
-117,001,431

14,421,387
21,491,875
40,788,729
76,701,990
5,687,936

18,256,486
12,895,643
62,280,604
93,432,733
25,016,965

22,928,123
51,492,378
75,176,246
149,596,747
141,387,867

30,407,960
1,570,367
126,668,624
158,646,951
169,707,811

(+) Inventario
(+) Activos Fijos
(-) Depreciacion
(-) Patrimonio
Correccin Monetaria

2005
9,418,409.36
31,895,043.73
-2,255,043.83
12,470,202.06
26,588,207.21

2006
7,939,818.67
29,572,452.80
-3,187,321.90
10,293,044.36
24,031,905.21

AJUSTES POR INFLACION

2007
2008
8,744,113.71
9,605,632.55
34,572,452.80 39,572,452.80
-5,137,321.90
-7,587,321.90
11,792,333.64 14,421,386.75
26,386,910.97 27,169,376.70

2009
10,460,963.53
39,572,452.80
-10,037,321.90
18,256,486.26
21,739,608.17

2010
2011
11,377,813.53 11,889,571.90
39,572,452.80 39,572,452.80
-12,487,321.90 -14,937,321.90
22,928,122.90 30,407,960.25
15,534,821.54
6,116,742.54

Cartera
Inv.Materia Prima
Inv.Producto Proceso
Inv.Producto Terminado
Proveedores
Capital De Trabajo
Diferencia En Capital De Trabajo

CAPITAL DE TRABAJO
2004
2005
2006
2007
218,422,967.00 259,287,671.23 272,252,054.79 285,864,657.53
74,306,776.00 91,455,896.35 96,443,293.61 101,638,964.84
7,425,276.00 12,194,119.51 12,859,105.81 13,551,861.98
63,389,818.00 45,727,948.18 48,221,646.81 50,819,482.42
216,285,414.00 274,367,689.05 289,329,880.83 304,916,894.53
147,259,423.00 134,297,946.22 140,446,220.19 146,958,072.25
-12,961,476.78
6,148,273.97
6,511,852.05

DE TRABAJO
2008
300,157,890.41
106,231,405.94
14,164,187.46
53,115,702.97
318,694,217.82
154,974,968.96
8,016,896.71

2009
315,165,784.93
111,053,469.09
14,807,129.21
55,526,734.55
333,160,407.27
163,392,710.51
8,417,741.55

2010
330,924,074.18
110,353,889.73
14,713,851.96
55,176,944.87
331,061,669.20
180,107,091.54
16,714,381.04

2011
347,470,277.89
115,670,214.36
15,422,695.25
57,835,107.18
347,010,643.07
189,387,651.60
9,280,560.06

Utilidad Operativa
Depreciacion
Amortizacion Diferidos
Impuestos
Ingreso Neto Operativo
Neto No Operacionales
Cambio En Los Activos
Cambio En El Capital De Trabajo
Cambio En Otros Activos Corrientes
Cambio En Activos Fijos
Cambio En Intangibles
Cambio En Los Pasivos
Cambio En Cp
Cambio Obligaciones Laborales
Flujo De Caja Libre
Cambio En Otras Obligaciones
Cambio Por Intereses
Cambio Por Capital
Flujo De Caja Neto
Cambio En El Patrimonio
Dividendos
Capitalizacion De Accionistas
Flujo Neto Del Ao
Saldo Caja Inicial
Saldo Caja Final
CAJA DEL BALANCE
Diferencia

2005
88,486,594.40
29,000,000.00
70,113,405.60
-779,900.54
186,820,099.46
0.00

2006
87,866,594.40
39,000,000.00
70,113,405.60
-12,327,976.22
184,652,023.78
0.00

2007
87,715,594.40
49,000,000.00
70,113,405.60
-25,534,407.31
181,294,592.69
0.00

12,961,476.78
-6,148,273.97
-6,511,852.05
3,793,859.80
3,035,087.84
2,428,070.27
-100,000,000.00 -100,000,000.00 -100,000,000.00

-18,089,534.80
-557,140.00
84,928,761.24

-14,471,627.84
-445,712.00
66,621,497.80

-11,577,302.27
-356,569.60
65,276,939.04

-113,049,085.91 -79,877,782.15 -47,779,369.50

-184,074,504.10 -184,074,504.10 -173,235,634.60
-212,194,828.78 -197,330,788.44 -155,738,065.07

-212,194,828.78
94,880.00
-212,099,948.78
-212,099,948.78
0.00

-197,330,788.44
-212,099,948.78
-409,430,737.22
-409,430,737.22
0.00

-155,738,065.07
-409,430,737.22
-565,168,802.29
-565,168,802.29
0.00

2008
98,057,044.40
49,000,000.00
70,113,405.60
-38,988,670.49
178,181,779.51
0.00

2009
108,915,566.90
49,000,000.00
70,113,405.60
-47,061,552.64
180,967,419.86
0.00

2010
190,430,421.13
49,000,000.00
0.00
-79,296,618.42
160,133,802.70
0.00

2011
202,401,942.18
49,000,000.00
0.00
-80,279,693.62
171,122,248.56
0.00

-8,016,896.71
1,942,456.22
0.00

-8,417,741.55
1,553,964.97
0.00

-16,714,381.04
1,243,171.98
0.00

-9,280,560.06
994,537.58
0.00

-9,261,841.82
-285,255.68
162,560,241.52

-7,409,473.45
-228,204.54
166,465,965.29

-5,927,578.76
-182,563.64
138,552,451.25

-4,742,063.01
-146,050.91
157,948,112.17

-23,957,147.11
-75,244,279.60
63,358,814.81

-8,417,376.01
-75,244,279.60
82,804,309.68

0.00
0.00
138,552,451.25

0.00
0.00
157,948,112.17

63,358,814.81
82,804,309.68 138,552,451.25 157,948,112.17
-565,168,802.29 -501,809,987.47 -419,005,677.80 -280,453,226.55
-501,809,987.47 -419,005,677.80 -280,453,226.55 -122,505,114.38
-501,809,987.47 -419,005,677.80 -280,453,226.55 -122,505,114.38
0.00
0.00
0.00
0.00

Utilidad Operativa
Depreciacion
Amortizacion de Diferidos
Impuestos
UODI

2005
88,486,594.40
29,000,000.00
70,113,405.60
779,900.54
186,820,099.46

2006
87,866,594.40
39,000,000.00
70,113,405.60
12,327,976.22
184,652,023.78

2007
87,715,594.40
49,000,000.00
70,113,405.60
25,534,407.31
181,294,592.69

Efectivo
Cartera
Inventario
Proveedores
CAPITAL DE TRABAJO
Activos fijos netos
Intangibles u Otros Activos
ACTIVOS INVOLUCRADOS

2004
94,880.00
218,422,967.00
145,121,870.00
216,285,414.00
147,354,303.00
491,449,056.00
3,658,198.00
642,461,557.00

2005
-212,099,948.78
259,287,671.23
158,796,373.40
274,367,689.05
-68,383,593.19
591,449,056.00
3,658,198.00
526,723,660.81

2006
-409,430,737.22
272,252,054.79
174,882,274.26
289,329,880.83
-251,626,288.99
691,449,056.00
3,658,198.00
443,480,965.01

COSTO DEL PATRIMONIO

0.170

Credito Bancolombia
Credito Banco Bogot
Credito Occidente
DIAN
Terceros
SUMA
COSTO DEL PASIVO

Pasivo Total
Costo del Pasivo
Patrimonio Total
Costo del Patrimonio
COSTO DEL CAPITAL

MONTO
INTERES EFECTIVO MONTO*I.EFECTIVO
213,605,030
13.350%
28,516,667.77
21,677,739
23.868%
5,174,087.98
151,746,681
17.571%
26,663,318.35
80,369,035
26.324%
21,156,190.79
224,474,717
26.324%
59,090,294.41
691,873,202
140,600,559.30
0.125
2004
1,001,391,990.00
12.498%
192,144,870.00
17.00%
0.1322
2004

ROIC

EVA en porcentaje
EVA en pesos

2005
15.709%
100,922,588.07

2005
856,753,086.15
12.498%
205,860,887.22
17.00%
0.1337

2006
672,723,433.99
12.498%
235,846,672.82
17.00%
0.1367

2005
0.290787982

2006
0.350567171

2006
21.390%
112,667,199.30

2007
26.742%
118,593,805.15

2008
98,057,044.40
49,000,000.00
70,113,405.60
38,988,670.49
178,181,779.51
2007
-565,168,802.29
285,864,657.53
192,112,650.99
304,916,894.53
-392,108,388.29
791,449,056.00
3,658,198.00
402,998,865.71

2009
108,915,566.90
49,000,000.00
70,113,405.60
47,061,552.64
180,967,419.86

2010
2011
190,430,421.13 202,401,942.18
49,000,000.00
49,000,000.00
0.00
0.00
79,296,618.42
80,279,693.62
160,133,802.70 171,122,248.56

2008
2009
2010
2011
-501,809,987.47 -419,005,677.80 -280,453,226.55 -122,505,114.38
300,157,890.41 315,165,784.93 330,924,074.18 347,470,277.89
209,219,270.66 227,556,270.68 237,791,437.93 258,364,340.04
318,694,217.82 333,160,407.27 331,061,669.20 347,010,643.07
-311,127,044.22 -209,444,029.46 -42,799,383.64 136,318,860.48
791,449,056.00 791,449,056.00 791,449,056.00 791,449,056.00
3,658,198.00
3,658,198.00
3,658,198.00
3,658,198.00
483,980,209.78 585,663,224.54 752,307,870.36 931,426,114.48

2007
503,140,941.22
12.498%
288,427,735.02
17.00%
0.1414

2008
432,126,887.41
12.498%
365,129,725.27
17.00%
0.1456

2009
2010
2011
363,711,119.26 355,502,238.79 366,563,098.74
12.498%
12.498%
12.498%
458,562,457.95 608,159,205.09 766,806,156.45
17.00%
17.00%
17.00%
0.1501
0.1534
0.1554

2007
0.40879904

2008
0.442139655

2009
0.373914917

2010
0.273423012

2008
29.654%
119,506,103.17

2009
22.383%
108,328,782.50

2010
12.003%
70,298,186.54

2011
7.202%
54,184,394.46

2011
0.227463058

EBITDA - FLUJO DE CAJA - EVA

250000000

200000000

150000000

100000000

50000000
EBITDA

FLUJO DE CAJA

2005

-50000000

-1E+08

-1.5E+08

-2E+08

-2.5E+08

2006

2007

2008

2009

2010

2011

EVA

2005
FLUJO CAJA LIBRE
UT. OPERATIVA
MENOS IMPUESTOS
MAS DEPRECIACIN
MAS AMORTIZACIN
FLUJO DE CAJA OPERATIVO
CAPITAL DE TRABAJO
MENOS INVERSIONES
FLUJO CAJA LIBRE

VALOR HORIZONTE CORTO

VALOR DE CONTINUIDAD
VALOR EMPRESA EN MARCHA

2006

2007

2008

1,245,815.15 19,692,741.24 40,788,728.56 62,280,603.50

779,901
12,327,976
25,534,407
38,988,670
29,000,000
39,000,000
49,000,000
49,000,000
70,113,405.60 70,113,405.60 70,113,405.60 70,113,405.60
99,579,320.21 116,478,170.62 134,367,726.85 142,405,338.62
134,297,946.22 140,446,220.19 146,958,072.25 154,974,968.96
100000000
100000000
100000000
133,877,266.43 156,924,390.81 181,325,799.10 297,380,307.58

$ 844,793,271.72

CK DEFLAC

2009

2010

2011

75,176,246.42 126,668,624.24 128,238,991.10

47,061,553
79,296,618
80,279,694
49,000,000
49,000,000
49,000,000
70,113,405.60
0.00
0.00
147,228,099.38 96,372,005.81 96,959,297.49
163,392,710.51 180,107,091.54 189,387,651.60
310,620,809.89 276,479,097.36 286,346,949.09

0.060666667

VALORES DE LA EMPRESA
v/PATRIMONIAL
v/LIQUIDACIN
V/PER
V/FCL
V/EVA

VALOS EN $ %
2.75854E+11
-255316520
9966521.223

VALOR PATRIMONIAL
RESERVAS
CAPITAL
PATRIMONIO
No ACCIONES EN CIRC
VALOR PATRIMONIAL

0
268,000,000
205,860,887
200000
2.75854E+11

VALOR DE LIQUIDACION
Valor Venta de Activos
531306986.7
Cancelacin de Deudas
Obligaciones Bancarias
274,639,568
Pasivos Laborales
4457120
DIAN
53,579,357
Proveedores
274,367,689
Otros Pasivos
179,579,774
Total Deudas
786,623,507
VALOR DE LIQUIDACION
-255,316,520
VALORACION POR EL PER
Utilidad Neta
1,245,815.15
Factor
8
VALOR POR PER
9,966,521

CONCLUSIONES

Vemos que para los 4 primeros aos la empre

vemos un eva positivo que va creciendo, pero a pa
comenz a destruir valor, y el EVA comenz a dism
decir que fue para estos aos que la empresa term
se podra pensar en que le conviene mas apala
dinero de creditos como lo haba hecho para los pr

CONCLUSIONES

primeros aos la empresa venia creando valor, pues

ue va creciendo, pero a partir del cuarto ao, la empresa
, y el EVA comenz a dismunuir. Mas o menos se podra
aos que la empresa termino de cancelar los pasivos, y
ue le conviene mas apalancarse, es decir, trabajar con
lo haba hecho para los primeros aos.

Valor-En Pesos
Valor Horizonte Corto
Valor Horizonte Largo
Valor activos Industriales/2004
Valor Empresa en Marcha
Pasivo Dic/2004
Valor Empresa Eva

2006
2007
2008
112,667,199.30 118,593,805.15 119,506,103.17
$ 403,804,115.04
$ -3,548,642,102.13
1193536860
$ -1,951,301,127.09
1001391990
$ -2,952,693,117.09

2009
108,328,782.50

Valor de Continuidad

2010
2011
70,298,186.54 54,184,394.46

893149359.2