PROGRAMA PEE 2011

CURSO Planeamiento Financiero

PROFESOR Manuel Acevedo Riquelme

CASO 1

GRUPO No. 1

INTEGRANTES

ANTONIOLI GARCIA, Miguel Angel

AYCA BAZAN, Blanca Gladys
BARNUEVO NICHO, Lelia
BAZALAR CALDERON, José Manuel
LUYO BOZA, Silvia Liliana
El análisis desarrollado no se puede apreciar claramente
Faltan las estrategias escritas, acompañadas con cifras
Ese es el camino para entender los cuadros presentados
Caso contrario no se pueden seguir con facilidad
Adicionalmente y muy importante, no han presentado los Balances
Con ellos se puede determinar si la empresa sale a flote y como
queda financieramente
Ha faltado profundidad y desarrollo en este caso

NOTA 10
 BALANCE GENERAL
ANALISIS VERTICAL
ACTIVO 1996 % 1997 % 1998 %
ACTIVO CORRIENTE
CAJA-BANCOS 788,275.00 5.41% 224,069.00 1.29% 430,951.00 2.62%
CTAS.POR COBRAR COMERCIALES 3,664,103.00 25.16% 3,365,252.00 19.37% 3,157,010.00 19.18%
PROV.CTA.COBRANZA DUDOSA 0.00 0.00% 0.00 0.00% 0.00 0.00%
Subtotal Neto Ctas por Cobrar Com. 3,664,103.00 25.16% 3,365,252.00 19.37% 3,157,010.00 19.18%
OTRAS CTAS.POR COBRAR 1,194,501.00 8.20% 998,507.00 5.75% 1,864,853.00 11.33%
CTAS POR COBRAR AFILIADAS 881,064.00 6.05% 765,859.00 4.41% 1,762,927.00 10.71%
PROD.TERM.Y MERCADERIA 6,745,506.00 46.32% 9,382,605.00 54.02% 4,819,442.00 29.28%
EXISTENCIAS POR RECIBIR 0.00 0.00% 0.00 0.00% 268,835.00 1.63%
Subtotal Existencias 6,745,506.00 46.32% 9,382,605.00 54.02% 5,088,277.00 30.91%
GASTOS ANTICIPADOS 482,032.00 3.31% 1,076,373.00 6.20% 1,120,091.00 6.81%
TOTAL ACTIVO CORRIENTE 13,755,481.00 94.47% 15,812,665.00 91.04% 13,424,109.00 81.56%

ACTIVO NO CORRIENTE
INTERESES X DEVENGAR EN EL L. P. 0.00 0.00% 0.00 0.00% 0.00 0.00%
VALORES 163,548.00 1.12% 751,080.00 4.32% 0.00 0.00%
INM.MAQ.Y EQUIPOS 787,716.00 5.41% 976,488.00 5.62% 3,173,890.00 19.28%
(-)DEPREC.ACUMULADA (145,389.00) -1.00% (180,282.00) -1.04% (225,353.00) -1.37%
INM. MAQ y EQUIPO NETO 642,327.00 4.41% 796,206.00 4.58% 2,948,537.00 17.91%
INTANGIBLES 0.00 0.00% 9,461.00 0.05% 86,448.00 0.53%
CARGAS DIFERIDAS 0.00 0.00% 0.00 0.00% 0.00 0.00%
TOTAL ACTIVO NO CORRIENTE 805,875.00 5.53% 1,556,747.00 8.96% 3,034,985.00 18.44%

TOTAL ACTIVO 14,561,356.00 100.00% 17,369,412.00 100.00% 16,459,094.00 100.00%

ANALISIS VERTICAL
PASIVO 1996 % 1997 % 1998 %
PASIVO CORRIENTE
SOBREGIRO BANCARIO 194,097.00 1.33% 0.00 0.00% 576,059.00 3.50%
TRIBUTOS POR PAGAR 0.00 0.00% 0.00 0.00% 160,260.00 0.97%
REMUNERAC.Y PARTIC.P.PAGAR 0.00 0.00% 0.00 0.00% 34,629.00 0.21%
CTAS.POR PAGAR COMERCIALES 9,296,839.00 63.85% 11,275,093.00 64.91% 8,895,958.00 54.05%
CTAS POR PAGAR AFILIADAS 2,495,175.00 17.14% 2,229,200.00 12.83% 1,594,861.00 9.69%
OTRAS CTAS.POR PAGAR 973,633.00 6.69% 2,227,420.00 12.82% 1,453,610.00 8.83%
TOTAL PASIVO CORRIENTE 12,959,744.00 89.00% 15,731,713.00 90.57% 12,715,377.00 77.25%

PASIVO NO CORRIENTE
OTRAS CTAS.POR PAGAR 0.00 0.00% 0.00 0.00% 8,029,754.00 48.79%
BENEFICIOS SOCIALES 310,181.00 2.13% 320,346.00 1.84% 313,084.00 1.90%
TOTAL PASIVO NO CORRIENTE 310,181.00 2.13% 320,346.00 1.84% 8,342,838.00 50.69%
TOTAL PASIVO 13,269,925.00 91.13% 16,052,059.00 92.42% 21,058,215.00 127.94%

CAPITAL y PATRIMONIO
CAPITAL SOCIAL 1,177,654.00 8.09% 1,177,654.00 6.78% 1,254,201.00 7.62%
CAPITAL ADICIONAL 0.00% 0.00% 408,617.00 2.48%
EXCEDENTE DE REVALUACION 0.00% 0.00% 865,844.00 5.26%
RESERVA 51,436.00 0.35% 51,436.00 0.30% 54,779.00 0.33%
RESULT.ACUMULADOS 8.00 0.00% 62,341.00 0.36% 88,263.00 0.54%
RESULT.DEL PERIODO 62,333.00 0.43% 25,922.00 0.15% (7,270,825.00) -44.18%
PATRIMONIO NETO 1,291,431.00 8.87% 1,317,353.00 7.58% (4,599,121.00) -27.94%

TOTAL PASIVO Y PATRIMONIO 14,561,356.00 100.00% 17,369,412.00 100.00% 16,459,094.00 100.00%

 BALANCE GENERAL
ANALISIS HORIZONTAL
ACTIVO 1996 % 1997 % 1998
ACTIVO CORRIENTE
CAJA-BANCOS 788,275.00 -71.57% 224,069.00 92.33% 430,951.00
CTAS.POR COBRAR COMERCIALES 3,664,103.00 -8.16% 3,365,252.00 -6.19% 3,157,010.00
PROV.CTA.COBRANZA DUDOSA 0.00 0.00 0.00% 0.00
Subtotal Neto Ctas por Cobrar Com. 3,664,103.00 -8.16% 3,365,252.00 -6.19% 3,157,010.00
OTRAS CTAS.POR COBRAR 1,194,501.00 -16.41% 998,507.00 86.76% 1,864,853.00
CTAS POR COBRAR AFILIADAS 881,064.00 -13.08% 765,859.00 130.19% 1,762,927.00
PROD.TERM.Y MERCADERIA 6,745,506.00 39.09% 9,382,605.00 -48.63% 4,819,442.00
EXISTENCIAS POR RECIBIR 0.00 0.00% 0.00 0.00% 268,835.00
Subtotal Existencias 6,745,506.00 39.09% 9,382,605.00 -45.77% 5,088,277.00
GASTOS ANTICIPADOS 482,032.00 123.30% 1,076,373.00 4.06% 1,120,091.00
TOTAL ACTIVO CORRIENTE 13,755,481.00 14.96% 15,812,665.00 -15.11% 13,424,109.00

ACTIVO NO CORRIENTE
INTERESES X DEVENGAR EN EL L. P. 0.00 0.00% 0.00 0.00% 0.00
VALORES 163,548.00 359.24% 751,080.00 -100.00% 0.00
INM.MAQ.Y EQUIPOS 787,716.00 23.96% 976,488.00 225.03% 3,173,890.00
(-)DEPREC.ACUMULADA (145,389.00) 0.00% (180,282.00) 0.00% (225,353.00)
INM. MAQ y EQUIPO NETO 642,327.00 23.96% 796,206.00 270.32% 2,948,537.00
INTANGIBLES 0.00 0.00% 9,461.00 813.73% 86,448.00
CARGAS DIFERIDAS 0.00 0.00% 0.00 0.00% 0.00
TOTAL ACTIVO NO CORRIENTE 805,875.00 93.17% 1,556,747.00 94.96% 3,034,985.00

TOTAL ACTIVO 14,561,356.00 19.28% 17,369,412.00 -5.24% 16,459,094.00

ANALISIS HORIZONTAL

PASIVO 1996 % 1997 % 1998

PASIVO CORRIENTE
SOBREGIRO BANCARIO 194,097.00 -100.00% 0.00 0.00% 576,059.00
TRIBUTOS POR PAGAR 0.00 0.00% 0.00 0.00% 160,260.00
REMUNERAC.Y PARTIC.P.PAGAR 0.00 0.00% 0.00 0.00% 34,629.00
CTAS.POR PAGAR 9,296,839.00 21.28% 11,275,093.00 -21.10% 8,895,958.00
CTAS POR PAGAR AFILIADAS 2,495,175.00 -10.66% 2,229,200.00 -28.46% 1,594,861.00
OTRAS CTAS.POR PAGAR 973,633.00 128.77% 2,227,420.00 -34.74% 1,453,610.00
TOTAL PASIVO CORRIENTE 12,959,744.00 21.39% 15,731,713.00 -19.17% 12,715,377.00

PASIVO NO CORRIENTE
OTRAS CTAS.POR PAGAR 0.00 0.00% 0.00 0.00% 8,029,754.00
BENEFICIOS SOCIALES 310,181.00 3.28% 320,346.00 -2.27% 313,084.00
TOTAL PASIVO NO CORRIENTE 310,181.00 3.28% 320,346.00 2504.32% 8,342,838.00

TOTAL PASIVO 13,269,925.00 20.97% 16,052,059.00 31.19% 21,058,215.00

CAPITAL y PATRIMONIO
CAPITAL SOCIAL 1,177,654.00 0.00% 1,177,654.00 6.50% 1,254,201.00
CAPITAL ADICIONAL 0.00 0.00% 0.00 0.00% 408,617.00
EXCEDENTE DE REVALUACION 0.00 0.00% 0.00 0.00% 865,844.00
RESERVA 51,436.00 0.00% 51,436.00 6.50% 54,779.00
RESULT.ACUMULADOS 8.00 779162.50% 62,341.00 41.58% 88,263.00
RESULT.DEL PERIODO 62,333.00 0.00% 25,922.00 0.00% (7,270,825.00)
PATRIMONIO NETO 1,291,431.00 2.01% 1,317,353.00 -449.12% (4,599,121.00)

TOTAL PASIVO Y PATRIMONIO 14,561,356.00 19.28% 17,369,412.00 -5.24% 16,459,094.00

 BALANCE GENERAL
ANALISIS EVOLUTIVO
ACTIVO 1996 % 1997 % 1998
ACTIVO CORRIENTE
CAJA-BANCOS 788,275.00 -71.57% 224,069.00 -45.33% 430,951.00
CTAS.POR COBRAR COMERCIALES 3,664,103.00 -8.16% 3,365,252.00 -13.84% 3,157,010.00
PROV.CTA.COBRANZA DUDOSA 0.00 0.00% 0.00 0.00% 0.00
Subtotal Neto Ctas por Cobrar Com. 3,664,103.00 -8.16% 3,365,252.00 -13.84% 3,157,010.00
OTRAS CTAS.POR COBRAR 1,194,501.00 -16.41% 998,507.00 56.12% 1,864,853.00
CTAS POR COBRAR AFILIADAS 881,064.00 -13.08% 765,859.00 100.09% 1,762,927.00
PROD.TERM.Y MERCADERIA 6,745,506.00 39.09% 9,382,605.00 -28.55% 4,819,442.00
EXISTENCIAS POR RECIBIR 0.00 0.00% 0.00 0.00% 268,835.00
Subtotal Existencias 6,745,506.00 39.09% 9,382,605.00 -24.57% 5,088,277.00
GASTOS ANTICIPADOS 482,032.00 123.30% 1,076,373.00 132.37% 1,120,091.00
TOTAL ACTIVO CORRIENTE 13,755,481.00 14.96% 15,812,665.00 -2.41% 13,424,109.00

ACTIVO NO CORRIENTE
INTERESES X DEVENGAR EN EL L. P. 0.00 0.00% 0.00 0.00% 0.00
VALORES 163,548.00 359.24% 751,080.00 -100.00% 0.00
INM.MAQ.Y EQUIPOS 787,716.00 23.96% 976,488.00 302.92% 3,173,890.00
(-)DEPREC.ACUMULADA (145,389.00) 0.00% (180,282.00) 0.00% (225,353.00)
INM. MAQ y EQUIPO NETO 642,327.00 23.96% 796,206.00 359.04% 2,948,537.00
INTANGIBLES 0.00 0.00% 9,461.00 0.00% 86,448.00
CARGAS DIFERIDAS 0.00 0.00% 0.00 0.00% 0.00
TOTAL ACTIVO NO CORRIENTE 805,875.00 93.17% 1,556,747.00 276.61% 3,034,985.00

TOTAL ACTIVO 14,561,356.00 19.28% 17,369,412.00 13.03% 16,459,094.00

ANALISIS EVOLUTIVO
PASIVO 1996 % 1997 % 1998
PASIVO CORRIENTE
SOBREGIRO BANCARIO 194,097.00 -100.00% 0.00 196.79% 576,059.00
TRIBUTOS POR PAGAR 0.00 0.00% 0.00 0.00% 160,260.00
REMUNERAC.Y PARTIC.P.PAGAR 0.00 0.00% 0.00 0.00% 34,629.00
CTAS.POR PAGAR 9,296,839.00 21.28% 11,275,093.00 -4.31% 8,895,958.00
CTAS POR PAGAR AFILIADAS 2,495,175.00 -10.66% 2,229,200.00 -36.08% 1,594,861.00
OTRAS CTAS.POR PAGAR 973,633.00 128.77% 2,227,420.00 49.30% 1,453,610.00
TOTAL PASIVO CORRIENTE 12,959,744.00 21.39% 15,731,713.00 -1.89% 12,715,377.00

PASIVO NO CORRIENTE
OTRAS CTAS.POR PAGAR 0.00 0.00% 0.00 0.00% 8,029,754.00
BENEFICIOS SOCIALES 310,181.00 3.28% 320,346.00 0.94% 313,084.00
TOTAL PASIVO NO CORRIENTE 310,181.00 3.28% 320,346.00 2589.67% 8,342,838.00

TOTAL PASIVO 13,269,925.00 20.97% 16,052,059.00 58.69% 21,058,215.00

CAPITAL y PATRIMONIO
CAPITAL SOCIAL 1,177,654.00 0.00% 1,177,654.00 6.50% 1,254,201.00
CAPITAL ADICIONAL 0.00 0.00% 0.00 0.00% 408,617.00
EXCEDENTE DE REVALUACION 0.00 0.00% 0.00 0.00% 865,844.00
RESERVA 51,436.00 0.00% 51,436.00 6.50% 54,779.00
RESULT.ACUMULADOS 8.00 779162.50% 62,341.00 1103187.50% 88,263.00
RESULT.DEL PERIODO 62,333.00 0.00% 25,922.00 0.00% (7,270,825.00)
PATRIMONIO NETO 1,291,431.00 2.01% 1,317,353.00 -456.13% (4,599,121.00)

TOTAL PASIVO Y PATRIMONIO 14,561,356.00 19.28% 17,369,412.00 13.03% 16,459,094.00

 ESTADO DE PERDIDAS y GANANCIAS
ANALISIS VERTICAL
DETALLE 1996 % 1997 % 1998 %
VENTAS 26,105,526.00 100.00% 31,261,149.00 100.00% 33,870,102.00 101.40%
DEVOLUC., DESCTOS y REBAJAS CONCEDIDAS 0.00 0.00% 0.00 0.00% (467,832.00) -1.40%
VENTAS NETAS 26,105,526.00 100.00% 31,261,149.00 100.00% 33,402,270.00 100.00%
COSTO DE VENTAS (21,120,432.00) -80.90% (24,992,081.00) -79.95% (29,312,565.00) -87.76%
UTILIDAD BRUTA 4,985,094.00 19.10% 6,269,068.00 20.05% 4,089,705.00 12.24%

GASTOS DE ADMINISTRACION (1,251,302.00) -4.79% (1,434,741.00) -4.59% (1,673,540.00) -5.01%

GASTOS DE VENTAS (4,089,480.00) -15.67% (4,451,181.00) -14.24% (3,609,892.00) -10.81%
Subtotal Gastos Operativos (5,340,782.00) -20.46% (5,885,922.00) -18.83% (5,283,432.00) -15.82%
UTILIDAD OPERATIVA (355,688.00) -1.36% 383,146.00 1.23% (1,193,727.00) -3.57%
GASTOS FINANCIEROS (1,031,985.00) -3.95% (1,594,950.00) -5.10% (4,824,384.00) -14.44%
INGRESOS FINANCIEROS 752,902.00 2.88% 578,908.00 1.85% 1,348,665.00 4.04%
GASTOS VARIOS 0.00 0.00% 0.00 0.00% (494,486.00) -1.48%
INGRESOS VARIOS 355,304.00 1.36% 1,387,900.00 4.44% 820,334.00 2.46%
Subtotal Otros Ingresos y Gastos 76,221.00 0.29% 371,858.00 1.19% (3,149,871.00) -9.43%
Resultado antes del REI (279,467.00) -1.07% 755,004.00 2.42% (4,343,598.00) -13.00%
REI 608,844.00 2.33% (659,586.00) -2.11% (2,927,227.00) -8.76%
UTILIDAD ANTES DE IMPUESTOS 329,377.00 1.26% 95,418.00 0.31% (7,270,825.00) -21.77%
PARTICIPACION LABORAL UTILIDADES (20,796.00) -0.08% (7,633.00) -0.02% 0.00 0.00%
SALDO UTILIDAD ANTES DE IMPUESTOS 308,581.00 1.18% 87,785.00 0.28% (7,270,825.00) -21.77%
RESERVA LEGAL 0.00 0.00% 0.00 0.00% 0.00 0.00%
IMPTO A LA RTA 3A CAT (246,248.00) -0.94% (61,863.00) -0.20% 0.00 0.00%
UTILIDAD (PERDIDA) NETA 62,333.00 0.24% 25,922.00 0.08% (7,270,825.00) -21.77%
 ESTADO DE PERDIDAS y GANANCIAS
ANALISIS HORIZONTAL
DETALLE 1996 % 1997 % 1998
VENTAS 26,105,526.00 19.75 31,261,149.00 8.35 33,870,102.00
DEVOLUC., DESCTOS y REBAJAS CONCEDIDAS 0.00 0.00 0.00 0.00 (467,832.00)
VENTAS NETAS 26,105,526.00 19.75 31,261,149.00 6.85 33,402,270.00
COSTO DE VENTAS (21,120,432.00) 18.33 (24,992,081.00) 17.29 (29,312,565.00)
UTILIDAD BRUTA 4,985,094.00 25.76 6,269,068.00 (34.76) 4,089,705.00

GASTOS DE ADMINISTRACION (1,251,302.00) 14.66 (1,434,741.00) 16.64 (1,673,540.00)

GASTOS DE VENTAS (4,089,480.00) 8.84 (4,451,181.00) (18.90) (3,609,892.00)
Subtotal Gastos Operativos (5,340,782.00) 10.21 (5,885,922.00) (10.24) (5,283,432.00)
UTILIDAD OPERATIVA (355,688.00) (207.72) 383,146.00 (411.56) (1,193,727.00)

GASTOS FINANCIEROS (1,031,985.00) 54.55 (1,594,950.00) 202.48 (4,824,384.00)

INGRESOS FINANCIEROS 752,902.00 (23.11) 578,908.00 132.97 1,348,665.00
GASTOS VARIOS 0.00 0.00 0.00 0.00 (494,486.00)
INGRESOS VARIOS 355,304.00 290.62 1,387,900.00 (40.89) 820,334.00
Subtotal Otros Ingresos y Gastos 76,221.00 387.87 371,858.00 (947.06) (3,149,871.00)
Resultado antes del REI (279,467.00) (370.16) 755,004.00 (675.31) (4,343,598.00)
REI 608,844.00 (208.33) (659,586.00) 343.80 (2,927,227.00)
UTILIDAD ANTES DE IMPUESTOS 329,377.00 (71.03) 95,418.00 (7,719.97) (7,270,825.00)
PARTICIPACION LABORAL UTILIDADES (20,796.00) (63.30) (7,633.00) (100.00) 0.00
SALDO UTILIDAD ANTES DE IMPUESTOS 350,173.00 (74.93) 87,785.00 (8,382.54) (7,270,825.00)
RESERVA LEGAL 0.00 0.00 0.00
IMPTO A LA RTA 3A CAT (246,248.00) (74.88) (61,863.00) (100.00) 0.00
UTILIDAD (PERDIDA) NETA 62,333.00 (58.41) 25,922.00 (28,148.86) (7,270,825.00)
 ESTADO DE PERDIDAS y GANANCIAS
ANALISIS EVOLUTIVO
DETALLE 1996 % 1997 % 1998
VENTAS 26,105,526.00 19.75 31,261,149.00 29.74 33,870,102.00
DEVOLUC., DESCTOS y REBAJAS CONCEDIDAS 0.00 0.00 0.00 0.00 (467,832.00)
VENTAS NETAS 26,105,526.00 19.75 31,261,149.00 27.95 33,402,270.00
COSTO DE VENTAS (21,120,432.00) 18.33 (24,992,081.00) 38.79 (29,312,565.00)
UTILIDAD BRUTA 4,985,094.00 25.76 6,269,068.00 (17.96) 4,089,705.00

GASTOS DE ADMINISTRACION (1,251,302.00) 14.66 (1,434,741.00) 33.74 (1,673,540.00)

GASTOS DE VENTAS (4,089,480.00) 8.84 (4,451,181.00) (11.73) (3,609,892.00)
Subtotal Gastos Operativos (5,340,782.00) 10.21 (5,885,922.00) (1.07) (5,283,432.00)
UTILIDAD OPERATIVA (355,688.00) (207.72) 383,146.00 235.61 (1,193,727.00)

GASTOS FINANCIEROS (1,031,985.00) 54.55 (1,594,950.00) 367.49 (4,824,384.00)

INGRESOS FINANCIEROS 752,902.00 (23.11) 578,908.00 79.13 1,348,665.00
GASTOS VARIOS 0.00 0.00 0.00 0.00 (494,486.00)
INGRESOS VARIOS 355,304.00 290.62 1,387,900.00 130.88 820,334.00
Subtotal Otros Ingresos y Gastos 76,221.00 387.87 371,858.00 (4,232.55) (3,149,871.00)
Resultado antes del REI (279,467.00) (370.16) 755,004.00 1,454.24 (4,343,598.00)
REI 608,844.00 (208.33) (659,586.00) (580.78) (2,927,227.00)
UTILIDAD ANTES DE IMPUESTOS 329,377.00 (71.03) 95,418.00 (2,307.45) (7,270,825.00)

PARTICIPACION LABORAL UTILIDADES (20,796.00) (63.30) (7,633.00) (100.00) 0.00

SALDO UTILIDAD ANTES DE IMPUESTOS 350,173.00 (74.93) 87,785.00 (2,176.35) (7,270,825.00)

RESERVA LEGAL 0.00 0.00 0.00 0.00 0.00

IMPTO A LA RTA 3A CAT (246,248.00) (74.88) (61,863.00) (100.00) 0.00
UTILIDAD (PERDIDA) NETA 62,333.00 (58.41) 25,922.00 (11,764.49) (7,270,825.00)
ANALISIS DE RATIOS

RATIOS DE LIQUIDEZ
1996 1997 1998

LIQUIDEZ CORRIENTE o GENERAL 1.02 0.94 0.97

ACT CTE - GTOS PAG x ANTICIPADO 13,273,449.00 14,736,292.00 12,304,018.00

PASIVO CORRIENTE 12,959,744.00 15,731,713.00 12,715,377.00

LIQUIDEZ ACIDA 0.50 0.34 0.57

ACT CTE - GTOS PAG x ANT - EXISTENCIAS 6,527,943.00 5,353,687.00 7,215,741.00

PASIVO CORRIENTE 12,959,744.00 15,731,713.00 12,715,377.00

LIQUIDEZ SEVERA 0.22 0.13 0.32

ACT CTE - GTOS PAG x ANT - EXISTENCIAS- CTAS 2,863,840.00 1,988,435.00 4,058,731.00
PASIVO CORRIENTE 12,959,744.00 15,731,713.00 12,715,377.00

MARGEN DE SEGURIDAD 0.02 (0.06) (0.03)

CAPITAL DE TRABAJO 313,705.00 (995,421.00) (411,359.00)

PASIVO CORRIENTE 12,959,744.00 15,731,713.00 12,715,377.00

RATIOS DE LIQUIDEZ

1.20

1.00

0.80

0.60

0.40

0.20

0.00

(0.20)
1996 1997 1998

LIQUIDEZ CORRIENTE o GENERAL LIQUIDEZ ACIDA LIQUIDEZ SEVERA

MARGEN DE SEGURIDAD
RATIOS DE GESTION
1996 1997 1998

ROTACION CUENTAS POR COBRAR 51 39 34

ds ds ds
VENTAS NETAS 26,105,526.00 31,261,149.00 33,870,102.00
PROMEDIO DE CUENTAS POR COBRAR 3,664,103.00 3,365,252.00 3,157,010.00

ROTACION DE INVENTARIOS 115 135 62

ds ds ds
COSTO DE VENTAS 21,120,432.00 24,992,081.00 29,312,565.00
PROM INVENTARIOS 6,745,506.00 9,382,605.00 5,088,277.00

ROTACION CUENTAS POR PAGAR 123 113 123

ds ds ds
COMPRAS 22,865,938.00 27,629,180.00 24,749,402.00
PROMEDIO DE CUENTAS POR PAGAR 7,812,469.75 8,643,668.91 8,475,231.51

CICLO EFECTIVO

TIEMPO CAPITAL INMOVILIZADO 166 174 96

CUENTAS POR PAGAR 123 113 123
CICLO (42.51) (61.28) 27.23

RATIOS DE GESTION
180
160
140
120
100
ROTACION CUENTAS POR COBRAR
80
ROTACION DE INVENTARIOS
60 TIEMPO CAPITAL INMOVILIZADO
CUENTAS POR PAGAR
40
20
0
1996 1997 1998
RATIOS DE ENDEUDAMIENTO
1996 1997 1998

DEPENDENCIA FINANCIERA 91.13% 92.42% 127.94%

PASIVO CTE + PASIVO NO CTE 13,269,925.00 16,052,059.00 21,058,215.00

ACTIVO TOTAL (NETO) 14,561,356.00 17,369,412.00 16,459,094.00

ENDEUDAMIENTO EN EL LARGO PLAZO 11.00% 9.43% 22.75%

PASIVO NO CTE + PATRIMONIO (NETO) 1,601,612.00 1,637,699.00 3,743,717.00

ACTIVO TOTAL (NETO) 14,561,356.00 17,369,412.00 16,459,094.00

ENDEUDAMIENTO PATRIMONIAL 1027.54% 1218.51% -457.87%

PASIVO CTE - PASIVO NO CTE 13,269,925.00 16,052,059.00 21,058,215.00

PATRIMONIO NETO 1,291,431.00 1,317,353.00 (4,599,121.00)

RATIOS DE ENDEUDAMIENTO

150.00%

100.00%

50.00%

0.00%
1996 1997 1998

DEPENDENCIA FINANCIERA ENDEUDAMIENTO EN EL LARGO PLAZO

ENDEUDAMIENTO PATRIMONIAL

1500.00%
1000.00%
500.00%
0.00%
-500.00%
1996 1997 1998

ENDEUDAMIENTO PATRIMONIAL
RATIOS DE RENTABILIDAD 1996 1997 1998

COSTO DE VENTAS 80.90% 79.95% 86.54%

COSTO VENTAS 21,120,432.00 24,992,081.00 29,312,565.00

VENTAS NETAS 26,105,526.00 31,261,149.00 33,870,102.00

GASTOS OPERATIVOS 20.46% 18.83% 15.60%

GASTOS OPERATIVOS 5,340,782.00 5,885,922.00 5,283,432.00
VENTAS NETAS 26,105,526.00 31,261,149.00 33,870,102.00

GASTOS FINANCIEROS 3.95% 5.10% 14.24%

GASTOS FINANCIEROS 1,031,985.00 1,594,950.00 4,824,384.00
VENTAS NETAS 26,105,526.00 31,261,149.00 33,870,102.00

COSTOS TOTALES 105.32% 103.88% 116.39%

COSTO VENTA + GTOS OPERAT + GTOS FINANC 27,493,199.00 32,472,953.00 39,420,381.00

VENTAS NETAS 26,105,526.00 31,261,149.00 33,870,102.00

UTILIDAD OPERATIVA/CAPITAL (ROE) -27.54% 29.08% 25.96%

UTILIDAD OPERATIVA (355,688.00) 383,146.00 (1,193,727.00)
CAPITAL CONTABLE (PATRIMONIO) 1,291,431.00 1,317,353.00 (4,599,121.00)

UTILIDAD NETA / ACTIVO FIJO (ROA) 9.70% 3.26% -246.59%

UTILIDAD NETA 62,333.00 25,922.00 (7,270,825.00)
ACTIVO FIJO 642,327.00 796,206.00 2,948,537.00

RATIOS DE RENTABILIDAD

150.00%
100.00%
50.00%
0.00%
-50.00%
-100.00%
-150.00%
-200.00%
-250.00%
1996 1997 1998
COSTO DE VENTAS
GASTOS OPERATIVOS
GASTOS FINANCIEROS
COSTOS TOTALES
 t.c compra Unid
Stock S/. 4,819,442 3.145 $1,532,414 1,532
Exist. X Rec S/. 268,835 3.145 $85,480 57
VENTAS X UNIDADES
% Modalidad Unidades C.U P. Venta Ventas Costo Margen US$ ENE FEB MAR ABR MAY JUN JUL AGO SET OCT NOV DIC
Ventas de Stock
30 Venta 460 1,000 1,000 460,000 460,042 -42 50 50 50 50 50 40 40 40 40 20 20 10
30 Alquiler-Vta (10 meses) 460 1,000 1,500 690,000 460,042 229,958 230 230
20 Venta de Partes 306 1,000 600 183,600 306,028 -122,428 306
5 Venta al Personal 77 1,000 1,000 77,000 77,007 -7 10 10 10 10 10 10 10 7
15 Pèrdida 230 1,000 0 0 230,021 -230,021 0 0 0 0 0 0 0 0 0 0 0 0
280 280 60 60 60 50 356 50 50 27 20 10
Exist. X Rec
Compras 57 1,500 2,300 131,100 85,500 45,600 30 27

Compras Nuevas
Compras 572 1,500 2,300 1,315,600 858,000 457,600 190 193 189
Compras 1,504 1,500 2,300 3,459,200 2,256,000 1,203,200 31 230 230 230 253 260 270

3,436 6,316,500 4,732,641 1,583,859 0 0 220 220 220 230 0 230 230 253 260 270
280 280 280 280 280 280 356 280 280 280 280 280
Cuentas Por Cobrar Comerciales
Cuentas Por Cobrar Comerciales 3,157,010 S/. COMPRAS X UNIDADES
Provisiòn de Cobranza Dudosa 10% -315,701 2,841,309 ENE FEB MAR ABR MAY JUN JUL AGO SET OCT NOV DIC
Neto Sobregiro (430,951 - 576,059) -145,108
2,696,201 700 1000 500
T.C 3.145 $857,298

Cuentas por Cobrar Afiliadas 1,762,927 S/.

Cuentas por Pagar Afiliadas 1,594,861 168,066 168,066
Abril y Oct

Deuda Bancaria t.c US$

Deuda Corto Plazo 1,453,610 3.157 460,440
Deuda Largo Plazo 8,029,754 3.157 2,543,476
3,003,916

TAMEX 16.95% anual (Dic- 1998)

Monto Mensual $66,742

Total Interes $1,801,488
Total a Pagar $4,805,404

Politica de Ventas Gastos de Ventas 10%

Año Vta. Fin Bancario Vtas. Corporativas Publicidad y Marketin 4%
1999 50% 50% Sueldo 1%
2000 60% 40% Comisión 5%
2001 70% 30%
2002 80% 20%
2003 80% 20%
 Ventas en US$ Enero Febrero Marzo Abril Mayo Junio Julio Agosto Septiembre Octubre Noviembre Diciembre 1999
Stock antiguo
Venta 50,000 50,000 50,000 50,000 50,000 40,000 40,000 40,000 40,000 20,000 20,000 10,000 460,000
Alquiler-Vta (10 meses) 34,500 69,000 69,000 69,000 69,000 69,000 69,000 69,000 69,000 69,000 34,500 690,000
Venta de Partes 183,600 183,600
Venta al Personal 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 7,000.00 0.00 0.00 77,000

Stock nuevo
Ventas financiadas c/ Bco. 0 0 253,000 253,000 253,000 264,500 0 264,500 264,500 290,950 299,000 310,500 2,452,950
Ventas Corporativas 0 0 253,000 253,000 253,000 264,500 0 264,500 264,500 290,950 299,000 310,500 2,452,950

TOTAL 50,000 84,500 635,000 635,000 635,000 648,000 302,600 648,000 648,000 677,900 687,000 665,500 6,316,500

Tipo de Cambio 3.23 3.39 3.38 3.35 3.33 3.34 3.32 3.36 3.41 3.47 3.48 3.48
Ventas en S/. 161,500 286,455 2,146,300 2,127,250 2,114,550 2,164,320 1,004,632 2,177,280 2,209,680 2,352,313 2,390,760 2,315,940 21,450,980

Compras en US$ Enero Febrero Marzo Abril Mayo Junio Julio Agosto Septiembre Octubre Noviembre Diciembre 1999

Producto nuevo 1,050,000 1,500,000 750,000 3,300,000

TOTAL 0 0 1,050,000 0 0 1,500,000 0 0 750,000 0 0 0 3,300,000

Tipo de Cambio 3.23 3.39 3.38 3.35 3.33 3.34 3.32 3.36 3.41 3.47 3.48 3.48
Compras en S/. 0 0 3,549,000 0 0 5,010,000 0 0 2,557,500 0 0 0 11,116,500
 1.2 1.25 1.3 1.35
2000 2001 2002 2003

2,943,540 3,679,425 4,783,253 6,457,391

2,943,540 3,679,425 4,783,253 6,457,391

5,887,080 7,358,850 9,566,505 12,914,782

3.49 3.506 3.519 3.476

20,545,909 25,800,128 33,664,531 44,891,781

2000 2001 2002 2003

3,532,248 4,415,310 5,739,903 7,748,869

3,532,248 4,415,310 5,739,903 7,748,869

3.49 3.506 3.519 3.476

12,327,546 15,480,077 20,198,719 26,935,069
Flujo de Caja
INGRESOS Enero Febrero Marzo Abril Mayo Junio Julio Agosto Septiembre Octubre Noviembre Diciembre 1999 2000 2001 2002 2003

Ing. Ctas por Cobrar Com 2,841,309 2,841,309

Ing. Ctas por Cobrar Afilia 84,033 84,033 168,066
Cobranzas 161,500 286,455 2,146,300 2,127,250 2,114,550 2,164,320 1,004,632 2,177,280 2,209,680 2,352,313 2,390,760 2,315,940 21,450,980 20,545,909 25,800,128 33,664,531 44,891,781

Total Ingresos 161,500 3,127,764 2,146,300 2,211,283 2,114,550 2,164,320 1,004,632 2,177,280 2,209,680 2,436,346 2,390,760 2,315,940 24,460,355 20,545,909 25,800,128 33,664,531 44,891,781

EGRESOS

Gastos de Adm. 139,462 139,462 139,462 153,408 153,408 153,408 153,408 153,408 153,408 153,408 153,408 153,408 1,799,056 1,978,961 2,176,857 2,394,543 2,633,997
Gastos de Ventas
- Publicidad y Marketing 6,460 11,458 85,852 85,090 84,582 86,573 40,185 87,091 88,387 94,093 95,630 92,638 858,039 821,836 1,032,005 1,346,581 1,795,671
- Sueldo 1,615 2,865 21,463 21,273 21,146 21,643 10,046 21,773 22,097 23,523 23,908 23,159 214,510 205,459 258,001 336,645 448,918
- Comisión 8,075 14,323 107,315 106,363 105,728 108,216 50,232 108,864 110,484 117,616 119,538 115,797 1,072,549 1,027,295 1,290,006 1,683,227 2,244,589
Sobregiro Bancario 576,059 576,059
Pago de Tributos 160,260.00 160,260
Pago de Remuneraciones 34,629.00 34,629
Pago Proveedores 0 0 3,549,000 0 0 5,010,000 0 0 2,557,500 0 0 0 11,116,500 11,116,500 12,327,546 15,480,077 20,198,719
Pago a/cta I.Rta 3ra 3,230 5,729 42,926 42,545 42,291 43,286 20,093 43,546 44,194 47,046 47,815 46,319 429,020 410,918 516,003 673,291 897,836
Pago de Beneficios Soc. 78,271 78,271 78,271 78,271 313,084
Amortiz. Pagare 215,576 226,254 225,587 223,585 222,250 222,917 221,583 224,252 227,589 231,594 232,261 232,261 2,705,710 2,795,144 2,807,958 2,818,370 2,783,931

Total Egresos 569,306 976,150 4,249,876 632,263 629,404 5,724,315 495,546 638,934 3,281,930 667,279 672,560 741,853 19,279,415 18,356,114 20,408,376 24,732,733 31,003,661

Saldo Inicial 430,951 23,145 2,174,759 71,183 1,650,203 3,135,350 -424,645 84,441 1,622,787 550,537 2,319,604 4,037,804 430,951 5,611,891 7,801,687 13,193,439 22,125,236
Ingresos 161,500 3,127,764 2,146,300 2,211,283 2,114,550 2,164,320 1,004,632 2,177,280 2,209,680 2,436,346 2,390,760 2,315,940 24,460,355 20,545,909 25,800,128 33,664,531 44,891,781
Egresos 569,306 976,150 4,249,876 632,263 629,404 5,724,315 495,546 638,934 3,281,930 667,279 672,560 741,853 19,279,415 18,356,114 20,408,376 24,732,733 31,003,661
Saldo Final 23,145 2,174,759 71,183 1,650,203 3,135,350 -424,645 84,441 1,622,787 550,537 2,319,604 4,037,804 5,611,891 5,611,891 7,801,687 13,193,439 22,125,236 36,013,357