Tra

2016 2015
INGRESOS 1,805,460 1,738,210

CONSUMOS Y OTROS COSTOS (222,780) (381,950)
BENEFICIO BRUTO 1,582,680 1,356,260
GASTOS DE PERSONAL (489,710) (727,620)
AMORTIZACIONES (101,080) (90,700)
GASTOS EXTRAORDINARIOS (INGRESOS) (7,170) (38,430)
OTROS GASTOS DE EXPLOTACIN (808,980) (335,550)
TOTAL GASTOS DE EXPLOTACIN (1,406,940) (1,192,300)
RESULTADO DE EXPLOTACIN 175,740 163,960
INGRESOS FINANCIEROS (28,160) (52,580)
OTROS - NETO - (9,750)
RESULTADO ANTES DE IMPUESTOS 147,580 101,630
IMPUESTO SOBRE BENEFICIOS (44,640) (61,100)
RESULTADO DEL EJERCICIO 102,940 40,530
INTERESES MINORITARIOS (2,250) (4,540)
RESULTADO DEL EJERCICIO (NETO) 100,690 35,990
EFECTIVO Y INVERSIONES A CORTO PLAZO 418,250 378,830

DEUDORES COMERCIALES 170,880 140,270
OTRAS CUENTAS CORRIENTES A COBRAR 94,740 142,780
EXISTENCIAS 63,950 81,460
TOTAL ACTIVOS CORRIENTES 747,820 743,340
PROPIEDAD, PLANTA Y EQUIPO - NETO 1,693,390 1,579,000

FONDO DE COMERCIO 60,770 61,040
INMOVILIZADO INTANGIBLE - NETO 109,310 97,720
INVERSIONES A LARGO PLAZO 541,140 549,740
ACTIVOS FISCALES DIFERIDOS
TOTAL ACTIVOS NO CORRIENTES 2,404,610 2,287,500
TOTAL ACTIVOS 3,152,430 3,030,840
ACREEDORES COMERCIALES 302,540 251,830

GASTOS ACUMULADOS - 54,710
DEUDA FINANCIERA 359,380 447,140
OTROS PASIVOS CORRIENTES 181,500 120,110
TOTAL PASIVO CORRIENTE 843,420 873,790

PASIVOS POR IMPUESTO DIFERIDO 48,750 29,530
INTERESES MINORITARIOS 43,310 50,950
OTROS PASIVOS NO CORRIENTES 64,180 78,600
TOTAL PASIVO NO CORRIENTE 788,720 893,450
TOTAL PASIVO 1,632,140 1,767,240
CAPITAL 45,940 39,810

PRIMA DE EMISIN 1,121,070 877,320
RESERVAS (PRDIDAS) ACUMULADAS 755,500 634,150
ACCIONES PROPIAS EN CARTERA (14,260) (39,860)
DIFERENCIAS DE CONVERSIN (387,960) (247,820)
PATRIMONIO NETO 1,520,290 1,263,600
TOTAL PASIVO Y PATRIMONIO NETO 3,152,430 3,030,840
ACCIONES EN CIRCULACIN (000's) 228,100 194,270
REVENUE 1,805,460 100.0% 1,738,210

COSTS (222,780) -12.3% (381,950)
GROSS PROFIT 1,582,680 87.7% 1,356,260
OPEX (1,305,860) -72.3% (1,101,600)
EBITDA 276,820 15.3% 254,660
DEPRECIATION & AMORTIZATIONS (101,080) -5.6% (90,700)
EBIT 175,740 9.7% 163,960
FINANCIAL EXPENSES (NET) (30,410) -1.7% (57,120)
IBT 145,330 8.0% 106,840
INCOME TAX (44,640) -2.5% (61,100)
NET INCOME (LOSS) 100,690 5.6% 45,740
30.7% 57.2%
ASSETS
CURRENT ASSETS
CASH AND EQUIVALENTS 418,250 13.3% 378,830
ACCOUNTS AND RECEIVABLES 265,620 8.4% 283,050
INVENTORIES AND DEFERRED 63,950 2.0% 81,460
TOTAL CURRENT ASSETS 747,820 23.7% 743,340
NON-CURRENT ASSETS
L/T ASSETS 1,863,470 59.1% 1,737,760
L/T INVESTMENTS 541,140 17.2% 549,740
TOTAL NON-CURRENT ASSETS 2,404,610 76.3% 2,287,500
TOTAL ASSETS 3,152,430 100.0% 3,030,840

LIABILITIES AND EQUITY
CURRENT LIABILITIES
FINANCIAL DEBT 359,380 11.4% 447,140
COMMERCIAL OBLIGATIONS 302,540 9.6% 251,830
ACCRUALS AND OTHERS 181,500 5.8% 174,820
TOTAL CURRENT LIABILITIES 843,420 26.8% 873,790
NON-CURRENT LIABILITIES
FINANCIAL DEBT 675,790 21.4% 785,320
COMMERCIAL OBLIGATIONS
TOTAL NON-CURRENT LIABILITIES 788,720 25.0% 893,450
TOTAL LIABILITIES 1,632,140 51.8% 1,767,240
EQUITY
CAPITAL AND SURPLUS 1,152,750 36.6% 877,270
RESERVES AND OTHERS (387,960) -12.3% (247,820)
RETAINED EARNINGS (ACCUM. LOSSES) 654,810 20.8% 588,410
GAIN (LOSS) CURRENT YEAR 100,690 3.2% 45,740
TOTAL EQUITY 1,520,290 48.2% 1,263,600
TOTAL LIABILITIES AND EQUITY 3,152,430 100.0% 3,030,840
ROUND-UP -
NET WORKING CAPITAL (95,600) (130,450)
PERMANENT RESOURCES 2,309,010 73.2% 2,157,050

FORCED RESOURCES 1,035,170 32.8% 1,232,460
SELF RESOURCES 1,520,290 48.2% 1,263,600
SPONTANEOUS RESOURCES 596,970 18.9% 534,780
SHORT TERM
CURRENT RATIO 0.89 0.85
ACID RATIO 0.81 0.76
INVENTORIES & DEFERRED 0.08 0.09
QUICK RATIO 0.50 0.43
RECEIVABLES 0.31 0.32
DIAS DE COBRO - DSO 53 59

TURNOVER - ROTACION DE CARTERA 7 6
DIO 103 77
OPERATING CYCLE 156 136
DPO - DIAS DE PAGOS 71 61
CASH CYCLE (85) (75)
PURCHASES 1,528,640 1,483,550
THEIR CURRENT RATIO IS ON THE LOWER CAP. A THE NEGATIVE CASH CYCLE CAUSED BY SLOW INVENTORIES T
DEBT
LEVERAGE 1.07 1.40
INDEBTNESS 0.52 0.58
FINANCIAL DEBT 0.63 0.70
INTEREST COVERAGE 4.31 1.80
EQUITY MULTIPLIER 2.07 2.40
THEY'RE IN DEBT ACCORDING TO THEIR SECTRO BUT CONSRVATIVE, WITH A HEAVY FINANCIAL DEBT
PROFITABILITY
EBITDA 15.3% 14.7%
RETURN ON ASSETS (ROA) - NET 0.03 0.02
RETURN ON ASSETS (ROA) - OP 0.06 0.05
RETURN ON EQUITY (ROE) 0.07 0.04
ASSET TURNOVER 0.57 0.57
PROFIT IS IN THE UPPER LEVEL OF THE SECTOR AND IMPROVING
DUPONT
NET MARGIN 5.6% 2.6%
NOPAT 232,180 193,560

ADJUSTED EQUITY 1,419,600 1,217,860
RATE OF RETURN 16.4% 15.9%
EFFECTIVE INTEREST RATE 1.2% 1.4%

EFFECTIVE TAX RATE 30.7% 57.2%
TES 10 YEARS 6.0% 6.0%
BETA 0.96% 0.96%
COST OF CAPITAL 7.0% 7.0%
LIABILITIES WEIGHT 53.5% 59.2%
EQUITY WEIGHT 46.5% 40.8%
WACC 3.9% 3.6%
EVA 12.5% 12.3%

-0.4%
BENCHMARK
HIGH CASH OK
MID-RECEIVABLES OK
LOW INVENTORIES OK IT LOOKS LIKE IT SHOULD. OPEX A
HIGH L/T ASSETS (>L/INVESTMENT) OK GROWING LOW COST INCREAS
MID EQUITY OK DECREASING FINANCIAL DEBT, C
HIGH FORCED RESOURCES OK DIVIDENS POLICY, ESPONTANEE
GREWING REVENUE OK
LOW COSTS BUT HIGH OPEX OK
MID NET INCOME NO COMO VARIAN LOS INDICADORES
TAREA COMO AFECTAN LAS OTRA
COSTS DECREASED QUE TIENE QUE PASAR PARA QUE
OPEX INCREASED
HIGH (AND INCREASING) NET INCOME COMO AFECTA EL CICLO OPERATI
COMO SE EXPICA LA DIFERENCIA
VERIFICAR SI LAS RELACIONADAS
CUAL ES EL ELEMENTO (INDICADO

COMO INCIDI EL APALANCAMIEN
2014
1,494,990
(327,170)
1,167,820
(657,270)
(92,770)
(3,890)
(283,060)
(1,036,990)
130,830
(75,220)
1,210
56,820
(24,950)
31,870
(1,460)
30,410
368,720
131,780
141,680
72,270
714,450
1,665,050
35,530
102,120
549,650
1,680
2,354,030
3,068,480
196,080
59,540
416,070
90,120
761,810
985,120
54,730
53,560
1,093,410
1,855,220
39,810
865,210
606,200
(51,970)
(245,990)
1,213,260
3,068,480
192,690
2016/2014 2015/2014
100.0% 1,494,990 100.0% 20.8% 16.3%
-22.0% (327,170) -21.9% -31.9% 16.7%
78.0% 1,167,820 78.1% 35.5% 16.1%
-63.4% (944,220) -63.2% 38.3% 16.7%
14.7% 223,600 15.0% 23.8% 13.9%
-5.2% (92,770) -6.2% 9.0% -2.2%
9.4% 130,830 8.8% 34.3% 25.3%
-3.3% (76,680) -5.1% -60.3% -25.5%
6.1% 54,150 3.6% 168.4% 97.3%
-3.5% (24,950) -1.7% 78.9% 144.9%
2.6% 29,200 2.0% 244.8% 56.6%
46.1%
12.5% 368,720 12.0% 13.4% 2.7%

9.3% 273,460 8.9% -2.9% 3.5%
2.7% 72,270 2.4% -11.5% 12.7%
24.5% 714,450 23.3% 4.7% 4.0%
57.3% 1,804,380 58.8% 3.3% -3.7%

18.1% 549,650 17.9% -1.5% 0.0%
75.5% 2,354,030 76.7% 2.1% -2.8%
100.0% 3,068,480 100.0% 2.7% -1.2%

14.8% 416,070 13.6% -13.6% 7.5%
8.3% 196,080 6.4% 54.3% 28.4%
5.8% 149,660 4.9% 21.3% 16.8%
28.8% 761,810 24.8% 10.7% 14.7%
25.9% 1,039,850 33.9% -35.0% -24.5%
3.6% 53,560 1.7% 110.8% 101.9%

29.5% 1,093,410 35.6% -27.9% -18.3%
58.3% 1,855,220 60.5% -12.0% -4.7% 2,294,030
28.9% 853,050 27.8% 35.1% 2.8%

-8.2% (245,990) -8.0% 57.7% 0.7%
19.4% 577,000 18.8% 13.5% 2.0%
1.5% 29,200 1.0% 244.8% 56.6%
41.7% 1,213,260 39.5% 25.3% 4.1%
100.0% 3,068,480 100.0% 2.7% -1.2%
(47,360) 101.9% 175.4%
71.2% 2,306,670 75.2% 0.1% -6.5%

40.7% 1,455,920 47.4% -28.9% -15.3%
41.7% 1,213,260 39.5% 25.3% 4.1%
17.6% 399,300 13.0% 49.5% 33.9%
0.94 0,64 - 1,97

0.84 0,45 - 1,70
0.09
0.48
0.36
66 16 - 50
5
80 6 - 30
146 39 - 105
56 22- 98
(90) -18 - 41
1,271,390
SED BY SLOW INVENTORIES TURNOVER
1.53
0.60 0,18 - 0,68
0.78
1.38 -11 - 268
2.53
TH A HEAVY FINANCIAL DEBT.
15.0%
0.01 -0,55 - 4,81
0.04
0.02 -0,67 - 12,21
0.49
MPROVING
2.0%
0.01
0.02
198,650
1,184,060
16.8%
2.0%
46.1%
6.0%
0.96%
7.0%
61.0%
39.0%
3.9%
12.8%
155
OOKS LIKE IT SHOULD. OPEX ARE HIGH AND AREA OF CONCERN: EXPENSES GROWTH
ROWING LOW COST INCREASING PROFIT, AREAS OF SUCCES
CREASING FINANCIAL DEBT, CONSERVTIVE
IVIDENS POLICY, ESPONTANEEOUS DEBT
MO VARIAN LOS INDICADORES, CON LOS NO COMMERCIAL B22 Y B123

EA COMO AFECTAN LAS OTRAS CUENTAS POR COBRAR A LA CARTERA
TIENE QUE PASAR PARA QUE EL CICLO OPERATIVO DISMINUYA Y HAYAN MS CICLOS
MO AFECTA EL CICLO OPERATIVO Y CAJA POR LAS CUENTAS DE COBRAR

MO SE EXPICA LA DIFERENCIA ENTRE EL ROA NETO Y EL ROA OPERATIVO
IFICAR SI LAS RELACIONADAS GENREAN INTERESES
L ES EL ELEMENTO (INDICADOR) QUE DESTRUY VALOR EN MELIA

MO INCIDI EL APALANCAMIENTO EN LA DESTRUCCION DE VALOR DE MELIA
SES GROWTH
CREACIN Y DESTRUCCIN DE VALOR
EBIT+ DEPRECIATION-TAXE FINANCIAL EXPENSES/TOTAL LIABILITIES= INTEREST RATE PRE TAX
EBITDA-TAXES TAX SHIELD
NOPAT/ EQUITY=ROR
EQUITY-GANANCIAS A B
EQUITY+PERDIDAS EBIT 1000 1000
INTS 0 500
IBT 1000 500
TAXES 300 150
700 350
EVA= RATE OF RETURN-WACC

= INTEREST RATE PRE TAX KD=(INTERESTS/LIABILITIES)*(1-TAX RATE)
EFFECTIVE TAX RATE= INCOME TAX/IBT
COST OF EQUITY= RISK FREE RATE+BETA(MARKET RATE-FREE RISK RATE)+PREMIUM MARKET
BETA DAMODARN NYU STERN

LEEVERED/UNLEVERED
COLCAP-COLTES
WACC= (D*KD)+(E*KE)
EN MILLONES DE PESOS
2016 2015
INGRESOS 8,517,382 7,912,003

CONSUMOS Y OTROS COSTOS (6,595,353) (6,097,927)
BENEFICIO BRUTO 1,922,029 1,814,076
OTROS GASTOS DE EXPLOTACIN 75,421 (32,627)
TOTAL GASTOS DE EXPLOTACIN (939,668) (874,891)
INGRESOS FINANCIEROS (301,829) (218,953)
OTROS - NETO (10,666) (23,690)

DEUDORES COMERCIALES 1,318,499 1,071,587
OTROS ACTIVOS CORRIENTES 88,785 96,496
TOTAL ACTIVOS CORRIENTES 3,050,402 2,724,135

FONDO DE COMERCIO 1,753,268 1,836,087
INMOVILIZADO INTANGIBLE - NETO 1,117,529 1,202,700
INVERSIONES A LARGO PLAZO 1,623,449 1,701,544
ACTIVOS FISCALES DIFERIDOS 38,162
OTROS ACTIVOS NO CORRIENTES 111,920 35,628
TOTAL ACTIVOS 18,793,653 16,893,518
ACREEDORES COMERCIALES 1,118,894 988,134

GASTOS ACUMULADOS 146,716 145,041
DEUDA FINANCIERA 2,961,364 1,454,231
TOTAL PASIVO CORRIENTE 4,838,941 3,153,077
DEUDA FINANCIERA 4,351,873 4,268,737
PASIVOS POR IMPUESTO DIFERIDO 110,512
TOTAL PASIVO NO CORRIENTE 5,612,291 5,634,981
TOTAL PASIVO 10,451,232 8,788,058
CAPITAL 2,142,313 1,558,290

RESERVAS (PRDIDAS) ACUMULADAS 2,224,442 2,158,812
DIFERENCIAS DE CONVERSIN 4,089,463 4,502,155
PATRIMONIO NETO 8,342,421 8,105,460
ACCIONES COMUNES EN CIRCULACIN (000's) 1151.67 1151.67

ACCIONES PREFERIDAS EN CIRCULACIN (000's) 209.2 209.2
REVENUE 8,517,382 100.0% 7,912,003

COSTS (6,595,353) -77.4% (6,097,927)
GROSS PROFIT 1,922,029 22.6% 1,814,076
OPEX (820,830) -9.6% (753,557)
EBITDA 1,101,199 12.9% 1,060,519
DEPRECIATION & AMORTIZATIONS (118,838) -1.4% (121,334)
EBIT 982,361 11.5% 939,185
FINANCIAL EXPENSES (NET) (455,037) -5.3% (307,608)
IBT 527,324 6.2% 631,577
INCOME TAX (107,354) -1.3% (126,905)
NET INCOME (LOSS) 419,970 4.9% 504,672
ASSETS
CURRENT ASSETS
ACCOUNTS AND RECEIVABLES 1,588,403 8.5% 1,350,546
INVENTORIES, DEFERRED AND OTHERS 928,032 4.9% 824,205
TOTAL CURRENT ASSETS 3,050,402 16.2% 2,724,135
NON-CURRENT ASSETS
L/T ASSETS 14,119,802 75.1% 12,467,839
L/T INVESTMENTS 1,623,449 8.6% 1,701,544
TOTAL NON-CURRENT ASSETS 15,743,251 83.8% 14,169,383
TOTAL ASSETS 18,793,653 100.0% 16,893,518

CURRENT LIABILITIES
FINANCIAL DEBT 2,961,364 15.8% 1,454,231
COMMERCIAL OBLIGATIONS 1,118,894 6.0% 988,134
TOTAL CURRENT LIABILITIES 4,838,941 25.7% 3,153,077
FINANCIAL DEBT 5,083,031 27.0% 4,900,783
TOTAL NON-CURRENT LIABILITIES 5,612,291 29.9% 5,634,981
EQUITY
CAPITAL AND SURPLUS 2,028,516 10.8% 1,444,493
RESERVES AND OTHERS 4,089,463 21.8% 4,502,155
RETAINED EARNINGS (ACCUM. LOSSES) 1,804,472 9.6% 1,654,140
GAIN (LOSS) CURRENT YEAR 419,970 2.2% 504,672
TOTAL EQUITY 8,342,421 44.4% 8,105,460
ROUND-UP - -
NET WORKING CAPITAL (1,788,539) (428,942)
PERMANENT RESOURCES 13,954,712 74.3% 13,740,441

FORCED RESOURCES 8,044,395 42.8% 6,355,014
SELF RESOURCES 8,342,421 44.4% 8,105,460
SPONTANEOUS RESOURCES 2,406,837 12.8% 2,433,044
BENCHMARK
CURRENT ASSETS OK
ACOUNTS RECEIVABLES OK
L/T INVESTMENTS OK
FORCED RESOURCES OK
SPONTANEOUS RESOURCES OK
EQUITY NO
PROFITABILITY OK
net income is lower thantr secto
cementos argos looks like a cement company. B

assets and forced resources weight is higher t
less on owners but they are less
ONES DE PESOS
2014
5,817,129
(4,485,753)
1,331,376
(595,671)
(76,079)
(2,311)
(50,898)
(724,959)
606,417
(116,961)
(43,701)
445,755
(162,530)
283,225
(32,713)
250,512
528,817
932,857
153,518
557,191
90,520
2,262,903
7,883,596
1,397,450
1,096,971
1,867,216
12,686
12,257,919
14,520,822
783,588
115,130
958,571
327,786
2,185,075
4,051,141
197,389
466,488
573,094
5,288,112
7,473,187
1,558,290
1,937,495
(113,797)
3,665,647
7,047,635
14,520,822
1151.67
209.2
100.0% 5,817,129 100.0% 46.4% 36.0%

-77.1% (4,485,753) -77.1% 47.0% 35.9%
22.9% 1,331,376 22.9% 44.4% 36.3%
-9.5% (648,880) -11.2% 26.5% 16.1%
13.4% 682,496 11.7% 61.3% 55.4%
-1.5% (76,079) -1.3% 56.2% 59.5%
11.9% 606,417 10.4% 62.0% 54.9%
-3.9% (193,375) -3.3% 135.3% 59.1%
8.0% 413,042 7.1% 27.7% 52.9%
-1.6% (162,530) -2.8% -33.9% -21.9%
6.4% 250,512 4.3% 67.6% 101.5%
3.3% 528,817 3.6% 1.0% 3.9%

8.0% 1,086,375 7.5% 46.2% 24.3%
4.9% 647,711 4.5% 43.3% 27.2%
16.1% 2,262,903 15.6% 34.8% 20.4%
73.8% 10,390,703 71.6% 35.9% 20.0%

10.1% 1,867,216 12.9% -13.1% -8.9%
83.9% 12,257,919 84.4% 28.4% 15.6%
100.0% 14,520,822 100.0% 29.4% 16.3%
8.6% 958,571 6.6% 208.9% 51.7%

5.8% 783,588 5.4% 42.8% 26.1%
4.2% 442,916 3.1% 71.3% 60.5%
18.7% 2,185,075 15.0% 121.5% 44.3%
29.0% 4,517,629 31.1% 12.5% 8.5%
4.3% 770,483 5.3% -31.3% -4.7%

33.4% 5,288,112 36.4% 6.1% 6.6%
52.0% 7,473,187 51.5% 39.8% 17.6%
8.6% 1,444,493 9.9% 40.4% 0.0%

26.7% 3,665,647 25.2% 11.6% 22.8%
9.8% 1,686,983 11.6% 7.0% -1.9%
3.0% 250,512 1.7% 67.6% 101.5%
48.0% 7,047,635 48.5% 18.4% 15.0%
100.0% 14,520,822 100.0% 29.4% 16.3%
77,828 -2398.1% -651.1%
81.3% 12,335,747 85.0% 13.1% 11.4%

37.6% 5,476,200 37.7% 46.9% 16.0%
48.0% 7,047,635 48.5% 18.4% 15.0%
14.4% 1,996,987 13.8% 20.5% 21.8%
CEMENTOS ARGOS LOOK LIKE A CEMENT COMPANY, BUT

RECEIVABLES, LONG TERM ASSETS AND FORCED RESOURCES
WEIGHT IS HIGHER THAN SECTOR. THEY DEPEND LEAA ON OWNERS
BUT THEY ARE LESS PROFITABLE.
184
A/R HIGHER THAN SECTOR

L/T ASSETS NUCH HGHER THAN SECTOR
FORCED RESOURCES > SECTOR
EQUITY MUCH LOWER THAN SECTOR
COSTS ARE HIGHER THAN SECTOR
NET INCOME IS LOWER THAN SECTOR
ncome is lower thantr sector
oks like a cement company. But recevaibles, long term

resources weight is higher than sector. they depend
on owners but they are less profitable
EN MILES DE EUROS
2016 2015
INGRESOS 23,310,530 20,900,440

CONSUMOS Y OTROS COSTOS (10,031,980) (8,811,140)
BENEFICIO BRUTO 13,278,550 12,089,300
GASTOS DE PERSONAL (5,900,010) (5,450,600)
OTROS GASTOS DE EXPLOTACIN (2,319,490) (1,946,740)
TOTAL GASTOS DE EXPLOTACIN (9,257,580) (8,411,610)
RESULTADO DE EXPLOTACIN 4,020,970 3,677,690
INGRESOS FINANCIEROS 57,340 65,430
RESULTADO ANTES DE IMPUESTOS 4,078,310 3,743,120
RESULTADO DEL EJERCICIO 3,161,100 2,882,200
RESULTADO DEL EJERCICIO (NETO) 3,156,950 2,874,580
EFECTIVO Y INVERSIONES A CORTO PLAZO 6,239,460 5,356,930

EXISTENCIAS 2,549,200 2,195,010
TOTAL ACTIVOS CORRIENTES 9,898,350 8,449,230

ACTIVOS FISCALES DIFERIDOS 1,018,620 932,040
OTROS ACTIVOS NO CORRIENTES 30,790 7,140
TOTAL ACTIVOS 19,364,290 17,071,950
ACREEDORES COMERCIALES 3,471,080 2,994,900

GASTOS ACUMULADOS 376,760 406,190
OTROS PASIVOS CORRIENTES 1,477,350 1,190,270
TOTAL PASIVO CORRIENTE 5,450,570 4,670,150
DEUDA FINANCIERA 500 750

PASIVOS POR IMPUESTO DIFERIDO
OTROS PASIVOS NO CORRIENTES 1,161,670 950,260
TOTAL PASIVO NO CORRIENTE 1,200,340 991,610
TOTAL PASIVO 6,650,910 5,661,760
CAPITAL 93,500 93,500

PRIMA DE EMISIN 20,380 20,380
RESERVAS (PRDIDAS) ACUMULADAS 12,751,010 11,603,540
DIFERENCIAS DE CONVERSIN (64,400) (233,880)
PATRIMONIO NETO 12,713,380 11,410,190
ACCIONES EN CIRCULACIN (000's) 3,113,040 3,113,150
ESTADO DE RESULTADOS 2016 2015

REVENUES 23,310,530 100.0% 20,900,440
COST (10,031,980) -43.0% (8,811,140)
GROSS PROFIT 13,278,550 57.0% 12,089,300
OPERATING EXPENSES (8,289,840) -35.6% (7,435,360)
EBITDA 4,988,710 21.4% 4,653,940
DEPRECIATIONS AND AMORTIZATIONS (967,740) -4.2% (976,250)
EBIT 4,020,970 17.2% 3,677,690
FINANCIAL EXPENSES 53,190 0.2% 57,810
IBT 4,074,160 17.5% 3,735,500
INCOME TAXES (917,210) -3.9% (860,920)
NET INCOME 3,156,950 13.5% 2,874,580
ASSETS
CURRRENT ASSETS
CASH AND EQUIVALENTS 6,239,460 32.2% 5,356,930
ACCOUNTS RECEIVABLE 968,500 5.0% 757,890
ANVENTORIES, DEFEARED AND OTHERS 2,690,390 13.9% 2,334,410
TOTAL CURRENT ASSETS 9,898,350 51.1% 8,449,230
NON-CURRENT ASSETS
L-T ASSETS 9,244,090 47.7% 8,424,910
L-T INVESTMENT 221,850 1.1% 197,810
TOTAL NON-CURRENT ASSSETS 9,465,940 48.9% 8,622,720
TOTAL ASSETS 19,364,290 100.0% 17,071,950

CURRENT LIABILITIES
FINANCIAL DEBT 125,380 0.6% 78,790
COMERCIAL OBLIGATIONS 3,471,080 17.9% 2,994,900
ACCRUALS AND OTHERS 1,854,110 9.6% 1,596,460
TOTAL CURRENT LIABILITIES 5,450,570 28.1% 4,670,150
FINANCIAL DEBT 38,670 41,350
COMERCIAL OBLIGATIONS
ACCRUALS AND OTHERS 1,161,670 6.0% 950,260
TOTAL NON-CURRENT LIABILITIES 1,200,340 6.2% 991,610
EQUITY
CAPITAL AND SURPLUS 26,770 0.1% 40,530
RESERVES AND OTHERS (64,400) -0.3% (233,880)
RETAINED EARNINGS (ACUM. LOSSES) 9,594,060 49.5% 8,728,960
GAIN OR LOSS- CURRENT YEAR 3,156,950 16.3% 2,874,580
TOTAL EQUITY 12,713,380 65.7% 11,410,190
ROUND-UP - -
CAPITAL DE TRABAJO= ACT COR-PAS COR 4,447,780 3,779,080
PERMANENT RESOURCES = PAS NO COR +PAT NET 13,913,720 71.9% 12,401,800
RECURSOS PROPIOS= LOS QUE PROVIENEN DEL ACCIONISTA
12,713,380 65.7% 11,410,190
RECURSOS ESPONTANEOS= NO TIENEN COSTO EXPLICITO6,486,860 33.5% 5,541,620
RECURSOS FORZADOS= TODO LO QUE ME CUESTE PLATA (DEBT)
164,050 0.8% 120,140
SHORT TERM
CURRENT RATIO 1.82 1.81
ACID RATIO 0.73 0.72
INVENTORIES & DEFERRED 1.09 1.09
QUICK RATIO 1.14 1.15
RECEIVABLES -0.42 -0.42
DIAS DE COBRO - DSO 15 13

TURNOVER - ROTACION DE CARTERA 24 28
DIO 97 95
OPERATING CYCLE 112 108
DPO - DIAS DE PAGOS 68 66
CASH CYCLE (43) 42
PURCHASES 18,321,820 16,246,500
DEBT
LEVERAGE 0.52 0.50
INDEBTNESS 0.34 0.33
FINANCIAL DEBT 0.02 0.02
INTEREST COVERAGE (58.35) (48.72)
EQUITY MULTIPLIER 1.52 1.50
THEY'RE IN DEBT ACCORDING TO THEIR SECTRO BUT CONSRVATIVE, WITH A HEAVY FINANCIAL DEB
PROFITABILITY
EBITDA 21.4% 22.3%
RETURN ON ASSETS (ROA) - OP 0.21 0.22
ASSET TURNOVER 1.20 1.22
PROFIT IS IN THE UPPER LEVEL OF THE SECTOR AND IMPROVING
DUPONT
NET MARGIN 13.5% 13.8%
NOPAT 4,071,500 3,793,020

ADJUSTED EQUITY 9,556,430 8,535,610
RATE OF RETURN 42.6% 44.4%
EFFECTIVE INTEREST RATE 0.7% 0.9%

EFFECTIVE TAX RATE 22.5% 23.0%
TES 10 YEARS 6.2% 6.2%
BETA 1.02% 1.02%
COST OF CAPITAL 7% 7%
LIABILITIES WEIGHT 41.0% 39.9%
EQUITY WEIGHT 59.0% 60.1%
WACC 4.5% 4.7%
EVA 38.1% 39.8%

0.6%
2014
18,116,530
(7,547,640)
10,568,890
(4,781,770)
(904,890)
-
(1,684,060)
(7,370,720)
3,198,170
46,610
3,244,780
(734,640)
2,510,140
(9,600)
2,500,540
4,189,140
747,600
182,500
1,859,520
127,210
7,105,970
6,040,570
197,900
684,110
225,630
874,900
7,110
8,030,220
15,136,190
2,483,420
281,790
91,050
892,570
3,748,830
2,270
38,050
916,380
956,700
4,705,530
93,500
20,380
10,359,650
(73,350)
30,480
10,430,660
15,136,190
3,113,150
2014 2015/2014 2016/2014

100% 18,116,530 100% 15.4% 28.7%
-42% (7,547,640) -42% 16.7% 32.9%
58% 10,568,890 58% 14.4% 25.6%
-36% (6,465,830) -36% 15.0% 28.2%
22% 4,103,060 23% 13.4% 21.6%
-5% (904,890) -5% 7.9% 6.9%
18% 3,198,170 18% 15.0% 25.7%
0% 37,010 0% 56.2% 43.7%
18% 3,235,180 18% 15.5% 25.9%
-4% (734,640) -4% 17.2% 24.9%
14% 2,500,540 14% 15.0% 26.3%
31% 4,189,140 28% 27.9% 570.8%

4% 930,100 6% -18.5% -51.3%
14% 1,986,730 13% 17.5% -62.1%
49% 7,105,970 47% 18.9% 39.3%
0%
0%
49% 7,804,590 52% 7.9% 18.4%
1% 225,630 1% -12.3% -1.7%
51% 8,030,220 53% 7.4% 17.9%
0%
100% 15,136,190 100% 12.8% 27.9%
0.5% 91,050 1% -13.5% 37.7%

18% 2,483,420 16% 20.6% 39.8%
9% 1,174,360 8% 35.9% 57.9%
27% 3,748,830 25% 24.6% 45.4%
0.2% 40,320 0.3% 2.6% -4.1%
6% 916,380 6% 3.7% 26.8%

6% 956,700 6% 3.6% 25.5%
33% 4,705,530 31% 20.3% 41.3%
0.2% 40,530 0.3% 0.0% -34.0%

-1% 30,480 0.2% -867.3% -311.3%
51% 7,859,110 52% 11.1% 22.1%
17% 2,500,540 17% 15.0% 26.3%
67% 10,430,660 69% 9.4% 21.9%
100% 15,136,190 100% 12.8% 27.9%
-
3,357,140 12.6% 32.5%
72.6% 11,387,360 75.2% 8.9% 22.2%
66.8% 10,430,660 68.9% 9.4% 21.9%
32.5% 4,574,160 30.2% 21.2% 41.8%
0.7% 131,370 0.9% -8.5% 24.9%
1.90 0,64 - 1,97

0.72 0,45 - 1,70
1.18
1.12
-0.40
18 16 - 50
19
95 6 - 30
113 39 - 105
64 22- 98
49 -18 - 41
14,013,470
0.45
0.31 0,18 - 0,68
0.03
(66.56) -11 - 268
1.45
TH A HEAVY FINANCIAL DEBT.
22.6%
0.17 -0,55 - 4,81
0.21
0.24 -0,67 - 12,21
1.20
MPROVING
13.8%
0.17
0.24
3,368,420
7,930,120
42.5%
1.2%
22.7%
6.2%
1.02%
7%
37.2%
62.8%
5.0%
37.5%
CONCLUSIONS
Overall Inditex financial structure is

better than sector. Forced resources
are lower,permanent resources are
average, self resources are slightly
higher and spontaneous resources
are quite higher.
EN MILLONES DE YENES
2016 2015
INGRESOS 1,786,473 1,681,781

CONSUMOS Y OTROS COSTOS (921,475) (833,243)
BENEFICIO BRUTO 864,998 848,538
OTROS GASTOS DE EXPLOTACIN (463) 561
TOTAL GASTOS DE EXPLOTACIN (737,696) (684,075)
INGRESOS FINANCIEROS (37,056) 16,213
OTROS - NETO 1 -

TOTAL ACTIVOS CORRIENTES 924,583 874,394
PROPIEDAD, PLANTA Y EQUIPO - NETO 121,853 129,340

ACTIVOS FISCALES DIFERIDOS 45,076
OTROS ACTIVOS NO CORRIENTES - -
TOTAL ACTIVOS NO CORRIENTES 309,727 273,436
TOTAL ACTIVOS 1,234,310 1,147,830
ACREEDORES COMERCIALES 130,745 122,620

GASTOS ACUMULADOS - -
TOTAL PASIVO CORRIENTE 338,046 292,242

PASIVOS POR IMPUESTO DIFERIDO 31,396
TOTAL PASIVO NO CORRIENTE 321,762 104,651
TOTAL PASIVO 659,808 396,893
CAPITAL 10,273 10,273

PRIMA DE EMISION 13,070 11,524
RESERVAS (PRDIDAS) ACUMULADAS 614,222 602,766
DIFERENCIAS DE CONVERSIN (47,430) 142,073
PATRIMONIO NETO 574,502 750,937
TOTAL PASIVO Y PATRIMONIO NETO 1,234,310 - 1,147,830
ACCIONES COMUNES EN CIRCULACIN (000's) 1151.67 1151.67

ACCIONES PREFERIDAS EN CIRCULACIN (000's) 209.2 209.2
ESTADO DE RESULTADOS 2016 2015

REVENUES 1,786,473 100.0% 1,681,781
COST (921,475) -51.6% (833,243)
GROSS PROFIT 864,998 48.4% 848,538
OPERATING EXPENSES (700,899) -39.2% (646,317)
EBITDA 164,099 9.2% 202,221
DEPRECIATIONS AND AMORTIZATIONS (36,797) -2.1% (37,758)
EBIT 127,302 7.1% 164,463
FINANCIAL EXPENSES (43,076) -2.4% 8,853
IBT 84,226 4.7% 173,316
INCOME TAXES (36,162) -2.0% (63,287)
NET INCOME 48,064 2.7% 110,029
ASSETS
CURRRENT ASSETS
ACCOUNTS RECEIVABLE 66,804 5.4% 63,341
ANVENTORIES, DEFEARED AND OTHERS 288,109 23.3% 433,248
TOTAL CURRENT ASSETS 924,583 75% 874,394
NON-CURRENT ASSETS
L-T ASSETS 219,042 17.7% 197,496
L-T INVESTMENT 90,685 7.3% 75,940
TOTAL NON-CURRENT ASSSETS 309,727 25.1% 273,436
TOTAL ASSETS 1,234,310 100.0% 1,147,830

CURRENT LIABILITIES
FINANCIAL DEBT 12,581 1.0% 15,471
COMERCIAL OBLIGATIONS 130,745 10.6% 122,620
TOTAL CURRENT LIABILITIES 338,046 27.4% 292,242
0.0%
FINANCIAL DEBT 297,249 24.1% 49,380
COMERCIAL OBLIGATIONS
TOTAL NON-CURRENT LIABILITIES 321,762 26.1% 104,651
TOTAL LIABILITIES 659,808 53.5% 396,893
EQUITY
CAPITAL AND SURPLUS 7,710 0.6% 6,098
RESERVES AND OTHERS (47,430) -3.8% 142,073
RETAINED EARNINGS (ACUM. LOSSES) 566,158 45.9% 492,737
GAIN OR LOSS- CURRENT YEAR 48,064 3.9% 110,029
TOTAL EQUITY 574,502 46.5% 750,937
ROUND-UP - -
CAPITAL DE TRABAJO= ACT COR-PAS COR 586,537 47.5% 582,152
PERMANENT RESOURCES = PAS NO COR +PAT NET 896,264 72.6% 855,588
RECURSOS PROPIOS= LOS QUE PROVIENEN DEL ACCIONISTA 574,502 46.5% 750,937
RECURSOS ESPONTANEOS= NO TIENEN COSTO EXPLICITO 349,978 28.4% 332,042
RECURSOS FORZADOS= TODO LO QUE ME CUESTE PLATA (DEBT) 309,830 25.1% 64,851
BENCHMARK
MID-CASH OK
MID-RECEIVABLES OK UNIQLO LOOKS LIKE A RETAIL
LOW INVETORY NO CHAIN. BUT, INVENTORIES, COSTS
LOW L/T ASSETS (>L/INVESTMENT) NO AND FORCED RESOURCES ARE
RELATIVELY HIGHER THAN SECTOR.
MID EQUITY OK NET INCOME IS LOWER AND
LOW FORCED RESOURCES NO DECREASED. FINANCIAL DEBT AND
GREWING REVENUE OK L/T INVESTMENT INCREASED.
MID COSTS AND OPEX OK
MID NET INCOME OK
CURRENT ASSETS OK
SPONTANEOUS RESOURCES OK
COSTS INCREASED
OPEX STABLE
NET INCOME DECREASED AND LOWER THAN SECTOR
HIGHER CASH
LONES DE YENES
2014
1,382,935
(683,161)
699,774
(518,387)
(30,808)
(19,434)
(743)
(569,372)
130,402
5,068
-
135,470
(56,133)
79,337
(4,790)
74,547
323,168
11,951 26961 23089 11951
47,428
223,223
111,267
717,037
114,398
26,715
46,968
71,293
-
259,374
976,411
185,119
-
12,696
75,381
273,196
27,604
21,491
17,660
18,079
84,834
358,030
10,273
9,803
526,520
(15,790)
87,575
618,381
- 976,411
1151.67
209.2
2014 2015/2014 2016/2014

100.0% 1,382,935 100.0% 21.6% 29.2%
-49.5% (683,161) -49.4% 22.0% 34.9%
50.5% 699,774 50.6% 21.3% 23.6%
-38.4% (538,564) -38.9% 20.0% 30.1%
12.0% 161,210 11.7% 25.4% 1.8%
-2.2% (30,808) -2.2% 22.6% 19.4%
9.8% 130,402 9.4% 26.1% -2.4%
0.5% 278 0.0% 3084.5% -15595.0%
10.3% 130,680 9.4% 32.6% -35.5%
-3.8% (56,133) -4.1% 12.7% -35.6%
6.5% 74,547 5.4% 47.6% -35.5%
32.9% 323,168 33.1% 16.9% 76.3%

5.5% 59,379 6.1% 6.7% 12.5%
37.7% 334,490 34.3% 29.5% -13.9%
76.18% 717,037 73.4% 21.9% 28.9%
17.2% 188,081 19.3% 5.0% 16.5%

6.6% 71,293 7.3% 6.5% 27.2%
23.8% 259,374 26.6% 5.4% 19.4%
100.0% 976,411 100.0% 17.6% 26.4%

1.3% 12,696 1.3% 21.9% -0.9%
10.7% 185,119 19.0% -33.8% -29.4%
13.4% 75,381 7.7% 104.5% 158.3%
25.5% 273,196 28.0% 7.0% 23.7%
0.0%
0.0%
4.3% 45,264 4.6% 9.1% 556.7%
4.8% 39,570 4.1% 39.7% -38.1%

9.1% 84,834 8.7% 23.4% 279.3%
0.0%
34.6% 358,030 36.7% 10.9% 84.3%
0.5% 4,286 0.4% 42.3% 79.9%

12.4% 87,575 9.0% 62.2% -154.2%
42.9% 451,973 46.3% 9.0% 25.3%
9.6% 74,547 7.6% 47.6% -35.5%
65.4% 618,381 63.3% 21.4% -7.1%
0.0%
100.0% 976,411 100.0% 17.6% 26.4%
-
50.7% 443,841 45.5% 31.2% 32.2%
74.5% 703,215 72.0% 21.7% 27.5%
65.4% 618,381 63.3% 21.4% -7.1%
28.9% 300,070 30.7% 10.7% 16.6%
5.6% 57,960 5.9% 11.9% 434.6%
OOKS LIKE A RETAIL

INVENTORIES, COSTS
ED RESOURCES ARE
IGHER THAN SECTOR.
ME IS LOWER AND 193
FINANCIAL DEBT AND
TMENT INCREASED.
2014 2015 2016
REVENUE 1,494,990 1,738,210 1,805,460

COSTS (327,170) (381,950) (222,780)
GROSS PROFIT 1,167,820 1,356,260 1,582,680
OPEX (944,220) (1,101,600) (1,305,860)
EBITDA 223,600 254,660 276,820
DEPRECIATION & AMORTIZATIONS (92,770) (90,700) (101,080)
EBIT 130,830 163,960 175,740
FINANCIAL EXPENSES (NET) (76,680) (57,120) (30,410)
IBT 54,150 106,840 145,330
INCOME TAX (24,950) (61,100) (44,640)
NET INCOME (LOSS) 29,200 45,740 100,690
ASSETS
CURRENT ASSETS
CASH AND EQUIVALENTS 368,720 378,830 418,250
ACCOUNTS AND RECEIVABLES 273,460 283,050 265,620
INVENTORIES AND DEFERRED 72,270 81,460 63,950
TOTAL CURRENT ASSETS 714,450 743,340 747,820
NON-CURRENT ASSETS
L/T ASSETS 1,804,380 1,737,760 1,863,470
L/T INVESTMENTS 549,650 549,740 541,140
TOTAL NON-CURRENT ASSETS 2,354,030 2,287,500 2,404,610
TOTAL ASSETS 3,068,480 3,030,840 3,152,430

CURRENT LIABILITIES
FINANCIAL DEBT 416,070 447,140 359,380
COMMERCIAL OBLIGATIONS 196,080 251,830 302,540
ACCRUALS AND OTHERS 149,660 174,820 181,500
TOTAL CURRENT LIABILITIES 761,810 873,790 843,420
FINANCIAL DEBT 1,039,850 785,320 675,790
ACCRUALS AND OTHERS 53,560 108,130 112,930
TOTAL NON-CURRENT LIABILITIES 1,093,410 893,450 788,720
TOTAL LIABILITIES 1,855,220 1,767,240 1,632,140

EQUITY
CAPITAL AND SURPLUS 853,050 877,270 1,152,750
RESERVES AND OTHERS (245,990) (247,820) (387,960)
RETAINED EARNINGS (ACCUM. LOSSES) 577,000 588,410 654,810
GAIN (LOSS) CURRENT YEAR 29,200 45,740 100,690
TOTAL EQUITY 1,213,260 1,263,600 1,520,290
TOTAL LIABILITIES AND EQUITY 3,068,480 3,030,840 3,152,430
ROUND-UP - -
CASH DEMONSTRATION
OPENING BALANCE
COLLECTIONS
INVENTORIES VARIANCE
L/T INVESTMENTS
FINANCIAL DEBT REPAYMENT
OPENING BALANCE
PLUS: REVENUE
LESS: ENDING BALANCE
COLLECTIONS
NET WORKING CAPITAL (47,360) (130,450) (95,600)
PERMANENT RESOURCES 2,306,670 2,157,050 2,309,010

FORCED RESOURCES 1,455,920 1,232,460 1,035,170
SELF RESOURCES 1,213,260 1,263,600 1,520,290
SPONTANEOUS RESOURCES 399,300 534,780 596,970
SHORT TERM
CURRENT RATIO 0.94 0.85 0.89
ACID RATIO 0.84 0.76 0.81
INVENTORIES & DEFERRED 0.09 0.09 0.08
QUICK RATIO 0.48 0.43 0.50
RECEIVABLES 0.36 0.32 0.31
DIAS DE COBRO - DSO 32 29 34

TURNOVER - ROTACION DE CARTERA 11 12 11
DIO 80 77 103
OPERATING CYCLE 112 106 137
DPO - DIAS DE PAGOS 56 61 71
CASH CYCLE (56) (45) (66)
PURCHASES 1,271,390 1,483,550 1,528,640
DEBT
LEVERAGE 1.53 1.40 1.07
INDEBTNESS 0.60 0.58 0.52
FINANCIAL DEBT 0.78 0.70 0.63
INTEREST COVERAGE 1.38 1.80 4.31
EQUITY MULTIPLIER 2.53 2.40 2.07
PROFITABILITY
EBITDA 15.0% 14.7% 15.3%
RETURN ON ASSETS (ROA) - NET 0.01 0.02 0.03
RETURN ON ASSETS (ROA) - OP 0.04 0.05 0.06
RETURN ON EQUITY (ROE) 0.02 0.04 0.07
ASSET TURNOVER 0.49 0.57 0.57
DUPONT
NET MARGIN 2.0% 2.6% 5.6%
RETURN ON ASSETS (ROA) - NET 0.01 0.02 0.03
RETURN ON EQUITY (ROE) 0.02 0.04 0.07
NOPAT 198,650 193,560 232,180

ADJUSTED EQUITY 1,184,060 1,217,860 1,419,600
RATE OF RETURN 16.8% 15.9% 16.4%
EFFECTIVE INTEREST RATE 2.0% 1.4% 1.2%

EFFECTIVE TAX RATE 46.1% 57.2% 30.7%
TES 10 YEARS 6.0% 6.0% 6.0%
BETA 0.96% 0.96% 0.96%
COST OF CAPITAL 7.0% 7.0% 7.0%
LIABILITIES WEIGHT 61.0% 59.2% 53.5%
EQUITY WEIGHT 39.0% 40.8% 46.5%
WACC 3.9% 3.6% 3.9%
EVA 12.8% 12.3% 12.5%

-0.4%
2017 2018 2019
1,874,067 1,945,282 2,019,203

(274,433) (261,179) (247,421)
1,599,634 1,684,103 1,771,782
(1,294,162) (1,347,569) (1,402,268)
305,473 336,534 369,514
(101,080) (101,080) (101,080)
204,393 235,454 268,434
(13,127) (9,415) (5,500)
191,266 226,039 262,935
(86,070) (101,718) (118,321)
105,196 124,321 144,614
100,729 314,868 546,640

249,876 237,757 229,965
72,420 63,118 54,295
423,025 615,743 830,900
1,762,390 1,661,310 1,560,230

533,023 525,028 517,153
2,295,413 2,186,338 2,077,383
2,718,438 2,802,081 2,908,283
352,934 406,656 462,829

157,669 162,521 168,680
510,603 569,177 631,509
446,833 320,477 187,209
135,516 162,619 195,143

582,349 483,096 382,352
1,092,952 1,052,273 1,013,861

1,152,750 1,152,750 1,152,750
(387,960) (387,960) (387,960)
755,500 860,696 985,018
105,196 124,321 144,614
1,625,486 1,749,808 1,894,421
2,718,438 2,802,081 2,908,282
(0) 0 1
418,250
1,889,811
(8,470)
8,117
(588,337)
11,480
ASSUMPTIONS
REVNUE GROWTH 3.80%
NO CHANGES IN FIXED ASSETS (NO ADDITIONS,NO DISPOSALS)
INCOME TAX CALCULATED AS % ON REVENUE 2.50%
OPEX EBITDA 16% 17.30% 18.30%
INCOME TAX RATE 45.0%
TARGET DSO 48 44 41
TARGET DIO 95 87 79
L/T INVESTMENT YEARLY REDUCTION 1.50%
TARGET DPO 81 91 101
ACCRUALS AND OTHERS (S/T) 5.80% OF TOTAL ASSETS
FINANCIAL DEBT (L/T) 16.44% 11.44% 6.44%
ACCRUALS AND OTHERS (L/T) INCREASE 20.00%
NO CAHNGES EN FIXED ASSETS
NO CHANGES IN CAPITAL AND SURPLUS
PROYECTE LOS GASTOS OPERATIVOS CONSIDERANDO QUE LA EMPRESA ESPERA INCREMENTAR SU EBITDA EN UN PUNTO SOB
EVALUE QUE TAN CONVENIENTE ES MANTENER EL IMPUESTO COMO UN PORCENTAJE DE LAS VENTAS, CONSIDERANDO QUE A
TDA EN UN PUNTO SOBRE REVENUE CADA AO
CONSIDERANDO QUE AN+ DESCONOCE LOS GASTOS FINANCIEROS
FINANCIAL STATEMENT FORECASTING
WHAT APPEN IF?

WHAT SHOULD I DO IF?
PROFIT & LOSSES STATEMENT

REVENUE
PxQ
% OF GROWTH
TREND
TARGET
VARIABLE DISBURSEMENTS
DEPEND ON REVENUE
STATISTICAL OR MATHEMATICS METHODS
PRONOSTICO
TENDENCIA
FINANCIAL METHODS
TREND
TARGET
FIXED DISBURSMENTS
INCOME TAX (RATE)
DEPRECIATIONS & AMORTIZATIONS (SCHEDULE)
FINANCIAL EXPENSES
NET INCOME (LOSSES) (MARGIN)
BALANCE SHEET
CASH & EQUIVALENTS (ROUNDING VALUE)
ACCOUNTS RECEIVABLE
TURNOVER OR DSO
TREND
TARGET
TREND
DSO= A/R / REVENUE x 360
A/R= REVEUNUE/360*DSO
INVENTORIES
TURNOVER OR DIO
TREND
TARGET
TREND
INVENTORY= COSTS/360*DIO
COST OF SALES= INVENTORY(B)+PURCHASES-INVENTORY(F)
OTHER
TREND
TARGET
CURRENT RATIO
FIXED ASSETS
SCHEDULE
TREND
ADDITIONS
DISPOSALS
TARGET
INVESTMENTS
TREND
TARGET
LIABILITIES
COMMERCIAL OBLIGATIONS (ROUNDING VALUE)
TURNOVER OR DPO
TREND
TARGET
CASH CYCLE
TREND
TARGET
OTHER
TREND
TARGET
CURRENT RATIO
FINANCIAL OBLIGATION (L/T)
TREND
TARGET
CASH EXCESS
OTHER
TREND
TARGET
EQUITY
CAPITAL & SURPLUS
NORMALLY REMAINS
RETAINED EARNINGS (ACCUMULATED LOSSES)
BEGINNING BALANCE+

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2016 2015

INGRESOS 1,805,460 1,738,210

EFECTIVO Y INVERSIONES A CORTO PLAZO 418,250 378,830

PROPIEDAD, PLANTA Y EQUIPO - NETO 1,693,390 1,579,000

TOTAL ACTIVOS 3,152,430 3,030,840

ACREEDORES COMERCIALES 302,540 251,830

DEUDA FINANCIERA 632,480 734,370

TOTAL PASIVO 1,632,140 1,767,240

CAPITAL 45,940 39,810

TOTAL PASIVO Y PATRIMONIO NETO 3,152,430 3,030,840

ACCIONES EN CIRCULACIN (000's) 228,100 194,270

REVENUE 1,805,460 100.0% 1,738,210

TOTAL ASSETS 3,152,430 100.0% 3,030,840

TOTAL LIABILITIES 1,632,140 51.8% 1,767,240

TOTAL LIABILITIES AND EQUITY 3,152,430 100.0% 3,030,840

NET WORKING CAPITAL (95,600) (130,450)

PERMANENT RESOURCES 2,309,010 73.2% 2,157,050

DIAS DE COBRO - DSO 53 59

PURCHASES 1,528,640 1,483,550

PROFIT IS IN THE UPPER LEVEL OF THE SECTOR AND IMPROVING

NOPAT 232,180 193,560

EFFECTIVE INTEREST RATE 1.2% 1.4%

EVA 12.5% 12.3%

CUAL ES EL ELEMENTO (INDICADO

12.5% 368,720 12.0% 13.4% 2.7%

57.3% 1,804,380 58.8% 3.3% -3.7%

100.0% 3,068,480 100.0% 2.7% -1.2%

25.9% 1,039,850 33.9% -35.0% -24.5%

3.6% 53,560 1.7% 110.8% 101.9%

58.3% 1,855,220 60.5% -12.0% -4.7% 2,294,030

28.9% 853,050 27.8% 35.1% 2.8%

100.0% 3,068,480 100.0% 2.7% -1.2%

(47,360) 101.9% 175.4%

71.2% 2,306,670 75.2% 0.1% -6.5%

0.94 0,64 - 1,97

SED BY SLOW INVENTORIES TURNOVER

TH A HEAVY FINANCIAL DEBT.

MO VARIAN LOS INDICADORES, CON LOS NO COMMERCIAL B22 Y B123

MO AFECTA EL CICLO OPERATIVO Y CAJA POR LAS CUENTAS DE COBRAR

L ES EL ELEMENTO (INDICADOR) QUE DESTRUY VALOR EN MELIA

EVA= RATE OF RETURN-WACC

EFFECTIVE TAX RATE= INCOME TAX/IBT

COST OF EQUITY= RISK FREE RATE+BETA(MARKET RATE-FREE RISK RATE)+PREMIUM MARKET

BETA DAMODARN NYU STERN

INGRESOS 8,517,382 7,912,003

EFECTIVO Y INVERSIONES A CORTO PLAZO 533,967 549,384

PROPIEDAD, PLANTA Y EQUIPO - NETO 11,098,923 9,393,424

TOTAL ACTIVOS 18,793,653 16,893,518

ACREEDORES COMERCIALES 1,118,894 988,134

TOTAL PASIVO 10,451,232 8,788,058

CAPITAL 2,142,313 1,558,290

TOTAL PASIVO Y PATRIMONIO NETO 18,793,653 16,893,518

ACCIONES COMUNES EN CIRCULACIN (000's) 1151.67 1151.67

REVENUE 8,517,382 100.0% 7,912,003

LIABILITIES AND EQUITY

TOTAL LIABILITIES 10,451,232 55.6% 8,788,058

TOTAL LIABILITIES AND EQUITY 18,793,653 100.0% 16,893,518

NET WORKING CAPITAL (1,788,539) (428,942)

PERMANENT RESOURCES 13,954,712 74.3% 13,740,441

net income is lower thantr secto

cementos argos looks like a cement company. B

100.0% 5,817,129 100.0% 46.4% 36.0%

3.3% 528,817 3.6% 1.0% 3.9%

73.8% 10,390,703 71.6% 35.9% 20.0%