ANALISIS VERTICAL

EMPRESA ALMACENES LA 14
DM_FORMATO 12/31/2008 12/31/2009 12/31/2010
1105 Caja 19,123,206 21,601,610 22,337,175
1110 Bancos 11,147,108 10,782,928 8,391,701
1115 Remesas en Transito
1120 Cuentas de Ahorro 36,571,702 49,321,488 24,770,711
1125 Fondos
11 SUBTOTAL DISPONIBLE 66,842,016 81,706,026 55,499,587
12 INVERSIONES CP 18,707,344 58,612,962 8,202,541
1305 Clientes 5,224,021 2,889,372 3,305,264
1310 Cuentas Corrientes Comerciales 97,575,065 46,229,981 65,601,999
1315 Cuentas por Cobrar a Casa Matriz
1320 Cuentas por Cobrar a Vincu. Economicos
1325 Cuentas por Cobrar a Socios y Accionistas 1,035,638 1,657,798 1,122,431
1328 Aportes por Cobrar
1330 Anticipos y Avances 1,069,243 3,635,146 2,893,677
1335 Depositos
1340 Promesas de Compraventa
1345 Ingresos por Cobrar CP 5,050,925 5,044,734 5,990,760
1355 Antic Imptos y Contrib o Saldos a Favor 635,610 1,429,536 9,843,590
1360 Reclamaciones (CP) 29,293 7,783 2,886
1365 Cuentas x Cobrar a Trabajadores (CP) 177,768 68,753 115,657
1370 Prestamos a Particulares CP 12,272 29,072
1380 Deudores Varios (CP)
1385 Derechos Recompra Cartera Negociada (CP)
1390 Deudas de Dificil Cobro (CP)
1399 Provisiones (CP) 1,661,337 1,772,495 1,618,614
13 SUBTOTAL DEUDORES CORTO PLAZO 109,148,498 59,190,608 87,286,722
1405 Materias Primas
1410 Productos en Proceso
1417 Obras de Urbanismo
1425 Cultivos en Desarrollo
1430 Productos Terminados
1435 Mcias no Fabricadas x la Empresa 117,364,193 119,468,271 129,430,276
1455 Materiales Repuestos y Accesorios 906,146 981,532 936,355
1460 Envases y Empaques
1465 Inventarios en Transito 206,197 1,111,463 344,472
1499 Provisiones
14 SUBTOTAL INVENTARIOS 118,476,536 121,561,266 130,711,103
1705 Gastos Pagados x Anticipado CP 761,413 1,994,516 1,145,491
1710 Cargos Diferidos CP 853,632 838,269 729,271
1798 Amortizacion Acumulada CP
17 SUBTOTAL DIFERIDO 1,615,045 2,832,785 1,874,762
0 TOTAL ACTIVO CORRIENTE 314,789,439 323,903,647 283,574,715
12 INVERSIONES LP 2,631,796 2,683,156 2,650,902
1305 Clientes (LP) 360,888 487,766
1310 Cuentas Corrientes Comerciales (LP) 54,393,956 118,882,080 52,738,891
1315 Cuentas x Cobrar a Casa Matriz (LP)
1325 Cuentas x Cobrar a Socios y Accionistas (LP) 2,059,581
1330 Anticipos y Avances (LP) 443,101 1,049,036 248,134
1335 Depositos (LP)
1340 Promesa de Compraventa (LP) 311,312 130,096 130,096
1345 Ingresos por Cobrar LP 651,765 775,123 781,815
1355 Anticipo de Imptos. y contrib. o saldos a fav
1360 Reclamaciones (LP) 359 1,550
1365 Cuentas por Cobrar a Trabajadores (LP) 17,926 49,880 43,406
1370 Prestamos a Particulares LP 20,672
1380 Deudores Varios (LP)
1390 Deudas de Dificil Cobro (LP)
1399 Provisiones (LP)
13 SUBTOTAL DEUDORES LARGO PLAZO 57,878,000 121,267,775 54,431,658
15 PROPIEDADES PLANTA Y EQUIPO NETO 261,253,959 244,430,334 364,882,212
1605 Credito Mercantil 20,333,373 20,333,372 20,333,372
1610 Marcas 254,689 263,911 279,662
1615 Patentes
1620 Concesiones y franquicias
1625 Derechos 52,123,699 22,526,464 74,896,205
1630 Know How
1635 Licencias
1698 Amortizacion Acumulada 9,390,433 11,273,032 12,275,296
16 SUBTOTAL INTANGIBLES 63,321,328 31,850,715 83,233,943
1705 Gastos Pagados x Anticipado LP 14,919 14,676
1710 Cargos Diferidos LP 1,618,001 626,445 438,668
1730 Cargos por Correc. Monet. Diferida LP
1798 Amortizacion Acumulada LP
17 SUBTOTAL DIFERIDOS 1,632,920 641,121 438,668
1805 Bienes de Arte y Cultura
1895 Diversos 3,908
18 SUBTOTAL OTROS ACTIVOS 3,908
1905 De Inversiones 1,444,451 803,862
1910 De Propiedades Planta y Equipo 150,628,612 146,859,063 146,405,403
1995 De Otros Activos 982,280
19 SUBTOTAL VALORIZACIONES 152,073,063 147,841,343 147,209,265
0 TOTAL ACTIVO NO CORRIENTE 538,791,066 548,718,352 652,846,648
0 TOTAL ACTIVO 853,580,505 872,621,999 936,421,363
81 Derechos Contingentes 188,747,859 29,365 274,264
82 Deudoras Fiscales 17,752,010
83 Deudoras de Control 176,426,861 133,137,945 132,030,744
9 Cuentas de Orden Acreedores por Contra 18,222,871 13,726,523 743,065
21 OBLIGACIONES FINANCIERAS (CP) 118,751,818 109,119,823 63,773,449
22 PROVEEDORES 143,976,256 149,205,445 151,534,375
2305 Cuentas Corrientes Comerciales (CP) 551,864 362,503 307,034
2310 A Casa Matriz (CP)
2315 A companias vinculadas (CP)
2320 A Contratistas (CP) 183,483 716,531 1,787,028
2330 Ordenes de Compra x Utilizar 3,189,872 3,101,756 3,394,207
2335 Costos y Gastos x Pagar CP 8,449,835 8,968,125 8,499,794
2345 Acreedores Oficiales (CP)
2350 Regalias x Pagar CP
2355 Deudas con Accionistas o Socios (CP)
2360 Dividendos o Partic. x Pagar 2,086,029 1,850,403 4,628,729
2365 Retencion en la Fuente 1,255,471 1,369,458 3,256,538
2367 Impuesto a las Ventas Retenido 1,066,873 1,257,980 1,264,605
2368 Impuesto de Industria y Comercio Retenido 142,647 143,389 197,595
2370 Retenciones y Aportes de Nomina 2,126 767 1,212
2375 Cuotas x Devolver
2380 Acreedores Varios (CP) 1,418,428 1,683,082 1,434,172
23 SUBTOTAL CUENTAS POR PAGAR CORTO PLAZO 18,346,628 19,453,994 24,770,914
24 IMPUESTOS GRAVAMENES Y TASAS 4,061,400 9,117,762 7,671,820
25 OBLIGACIONES LABORALES CORTO PLAZO 3,916,378 4,110,673 4,524,973
2605 Para Costos y Gastos 1,507,890 1,990,674 2,106,568
2610 Para Obligaciones Laborales
2615 Para Obligaciones Fiscales
2620 Pensiones de Jubilacion 47,979
2635 Para Contingencias
2695 Provisiones Diversas
26 SUBTOTAL PASIVOS ESTIMADOS Y PROVISIONES 1,507,890 1,990,674 2,154,547
27 DIFERIDOS CORTO PLAZO 49,772 17,927 50,940
2805 Anticipos y Avances Recibidos (CP) 105,207 81,279 96,718
2810 Depositos Recibidos (CP)
2815 Ingresos Recibidos para Terceros (CP) 10,040,683 11,527,403 8,895,471
2820 Cuentas de Operacion Conjunta CP
2825 Retencion a Terceros sobre Contratos (CP) 81,167 74,336 93,308
2830 Embargos Judiciales 140 140 140
2840 Cuentas en Participacion
2895 Diversos (CP)
28 SUBTOTAL OTROS PASIVOS CORTO PLAZO 10,227,197 11,683,158 9,085,637
2905 Bonos en Circulacion
29 SUBTOTAL BONOS Y PAPALES COMERCIALES
0 TOTAL PASIVO CORRIENTE 300,837,339 304,699,456 263,566,655
21 OBLIGACIONES FINANCIERAS (LP) 172,449,552 168,756,861 228,924,615
22 PROVEEDORES (LP)
2305 Cuentas Corrientes Comerciales (LP)
2315 A Companias Vinculadas (LP)
2335 Costos y Gastos x Pagar LP
2355 Deudas con Accionistas o Socios (LP)
2360 Dividendos o Partic. x Pagar (LP) 5,758,000 5,332,801 5,457,359
2380 Acreedores Varios (LP)
23 SUBTOTAL CUENTAS POR PAGAR LARGO PLAZO 5,758,000 5,332,801 5,457,359
24 IMPUESTOS GRAVAMENES Y TASAS (LP)
25 OBLIGACIONES LABORALES LARGO PLAZO 5,250,094 4,800,418 4,822,519
2620 Pensiones de Jubilacion (LP)
26 SUBTOTAL PASIVOS ESTIMADOS Y PROVISIONES (LP)
2720 Credito x Correc. Monetaria Diferida (LP)
2725 Impuestos Diferidos (LP)
27 SUBTOTAL DIFERIDOS LARGO PLAZO
2805 Avances y Anticipos Recibidos (LP)
2810 Depositos Recibidos (LP)
2815 Ingresos Recibidos para Terceros (LP)
28 SUBTOTAL OTROS PASIVOS LARGO PLAZO
2905 Bonos en Circulacion (LP)
29 SUBTOTAL BONOS Y PAPELES COMERCIALES (LP)
0 TOTAL PASIVO NO CORRIENTE 183,457,646 178,890,080 239,204,493
0 TOTAL PASIVO 484,294,985 483,589,536 502,771,148
3105 Capital Suscrito y Pagado 40,974,000 40,974,000 41,000,000
3115 Aportes Sociales
3120 Capital Asignado
3125 Inv Suplemen al Capital Asignado
31 SUBTOTAL CAPITAL SOCIAL 40,974,000 40,974,000 41,000,000
3205 Prima en coloc. acc cuotas o partes de int. s
3210 Donaciones
3215 Credito Mercantil
3225 Superavit Metodo e Participacion
32 SUBTOTAL SUPERAVIT DE CAPITAL
33 RESERVAS 68,350,418 103,047,350 122,334,812
34 REVALORIZACION DEL PATRIMONIO 68,110,177 64,322,697 60,509,217
36 RESULTADOS DEL EJERCICIO 20,646,210 31,103,568 62,596,921
3705 UTILIDADES ACUMULADAS 19,131,654 1,743,504
3710 PERDIDAS ACUMULADAS
37 RESULTADOS DE EJERCICIOS ANTERIORES 19,131,654 1,743,504
38 SUPERAVIT POR VALORIZACIONES 152,073,061 147,841,344 147,209,265
0 TOTAL PATRIMONIO 369,285,520 389,032,463 433,650,215
0 TOTAL PASIVO Y PATRIMONIO 853,580,505 872,621,999 936,421,363

RAZONES DE LIQUIDEZ
Razon Corriente 1.05 1.06 1.08
Razon Acida 0.65 0.65 0.57

RAZONES DE OPERACIÓN
Rotacion de Cartera (dias) Cartera Prom*365 / Vtas 1.48 16.91
Rotacion de Cartera (veces) Vtas/Cartera Promedio 246.47 21.58
Rotacion de Inventarios (dias) 54.93 55.75
Rotacion de Inventarios (veces) 6.64 6.5
Rotacion de Proveedores (dias) 67.09 66.46

Ciclo de efectivo -10.68 6.20

Rotacion de Activo Fijo 4.09 2.84

Rotacion de Activo Total 1.15 1.11

RAZONES DE RENTABILIDAD
Margen bruto 20.31% 20.24% 20.43%
Margen operacional 2.66% 0.62% -0.61%
Margen neto 2.08% 3.11% 6.03%
Rentabilidad del Patrimonio 8.20% 15.22%
Rentabilidad del Activo Total 3.60% 6.92%
EBITDA $ ENTRAR A SIREM Y BAJAR FLUJO DE EFECTIVO
EBITDA %

DUPONT
Cantidad de ventas 1.16 1.15 1.11
Utilidad de la ventas 0.02 0.03 0.06
Rentabilidad del Activo Total 0.02 0.04 0.07

RAZONES DE ENDEUDAMIENTO
Nivel de endeudamiento 56.74% 55.42% 53.69%
Concentracion de pasivos corto plazo 62.12% 63.01% 52.42%
Endeudamiento Financiero 28.46% 24.41%
Impacto de la Carga Financiera 4.12% 3.11% 1.97%
Cobertura de Intereses 0.64 0.20 -0.31
Cobertura de Intereses II
 ANALISIS ANALISIS VERTICA
ANALISIS VERTICAL HORIZONTAL
ALMACENES LA 14 ALMACENES LA 14 ALMACENES ÉXITO
2008 2009 2010 12/31/2008 12/31/2009
2.24% 2.48% 2.39% 16.8% 79,368,817 51,607,679
1.31% 1.24% 0.90% -24.7% 40,956,362 149,519,805

4.28% 5.65% 2.65% -32.3% 61,199,498 191,188,118

7.83% 9.36% 5.93% -17.0% 181,524,677 392,315,602

2.19% 6.72% 0.88% -56.2% 220,528,000 240,626,336
0.61% 0.33% 0.35% -36.7% 50,042,785 61,446,876
11.43% 5.30% 7.01% -32.8%
71,592 71,592
10,871,259 9,930,023
0.12% 0.19% 0.12% 8.4%

0.13% 0.42% 0.31% 170.6% 824,112 390,364

0.59% 0.58% 0.64% 18.6% 8,443,329 13,319,157

0.07% 0.16% 1.05% 1448.7% 49,408,538 59,533,990
0.00% 0.00% 0.00% -90.1% 36,930,434
0.02% 0.01% 0.01% -34.9% 1,616,434 4,683,774
0.00% 0.00% 0.00% 136.9%
90,106,746 81,663,449

0.19% 0.20% 0.17% -2.6% 7,989,335 7,754,891

12.79% 6.78% 9.32% -20.0% 240,325,894 223,284,334

13.75% 13.69% 13.82% 10.3% 886,770,443 778,522,000

0.11% 0.11% 0.10% 3.3% 14,700,693 15,272,968

0.02% 0.13% 0.04% 67.1% 30,827,361 13,508,763

19,279,061 21,666,940
13.88% 13.93% 13.96% 10.3% 913,019,436 785,636,791
0.09% 0.23% 0.12% 50.4% 7,821,412 7,821,278
0.10% 0.10% 0.08% -14.6% 47,381,346 18,731,874

0.19% 0.32% 0.20% 16.1% 55,202,758 26,553,152

36.88% 37.12% 30.28% -9.9% 1,610,600,765 1,668,416,215
0.31% 0.31% 0.28% 0.7% 704,891,779 936,731,847
0.00% 0.04% 0.05%
6.37% 13.62% 5.63% -3.0%

0.24% 0.00% 0.00% -100.0%

0.05% 0.12% 0.03% -44.0% 7,468,240 10,088,010
 0.04% 0.01% 0.01% -58.2% 13,017,447 14,668,496
0.08% 0.09% 0.08% 20.0%

0.00% 0.00% 0.00% 331.8%

0.00% 0.01% 0.00% 142.1%
0.00% 0.00% 0.00%
37,025,724 34,184,858

6.78% 13.90% 5.81% -6.0% 57,511,411 58,941,364

30.61% 28.01% 38.97% 39.7% 1,872,404,388 1,793,714,193
2.38% 2.33% 2.17% 0.0% 698,446,318 1,006,658,885
0.03% 0.03% 0.03% 9.8% 3,460,695 3,460,695

685,452
6.11% 2.58% 8.00% 43.7% 103,274,651 29,000,916

1.10% 1.29% 1.31% 30.7% 60,027,919 62,314,602

7.42% 3.65% 8.89% 31.4% 745,839,197 976,805,894
0.00% 0.00% 0.00% -100.0% 10,356,556 9,467,728
0.19% 0.07% 0.05% -72.9% 166,146,307 176,849,258
8,468,354 5,666,555

0.19% 0.07% 0.05% -73.1% 184,971,217 191,983,541

285,331 285,331
0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 285,331 285,331
0.17% 0.00% 0.09% -44.3% 13,449,188 9,525,889
17.65% 16.83% 15.63% -2.8% 747,658,087 755,078,689
0.00% 0.11% 0.00%
17.82% 16.94% 15.72% -3.2% 761,107,275 764,604,578
63.12% 62.88% 69.72% 21.2% 4,327,010,598 4,723,066,748
100.00% 100.00% 100.00% 9.7% 5,937,611,363 6,391,482,963
22.11% 0.00% 0.03% -99.9% 831,647,578 435,359,420
2.08% 0.00% 0.00% -100.0% 787,059,697 1,192,664,155
20.67% 15.26% 14.10% -25.2% 1,697,121,994 2,049,045,779
2.13% 1.57% 0.08% -95.9%
13.91% 12.50% 6.81% -46.3% 476,458,000 231,718,366
16.87% 17.10% 16.18% 5.2% 966,139,765 1,040,292,174
0.06% 0.04% 0.03% -44.4%

0.00% 0.00% 0.00% 119,388,000 204,375,376

0.02% 0.08% 0.19% 873.9% 21,078,855 1,539,832
0.37% 0.36% 0.36% 6.4% 17,685,671 19,442,517
0.99% 1.03% 0.91% 0.6% 138,153,000 110,790,266

0.24% 0.21% 0.49% 121.9% 17,568,329 4,731,454

0.15% 0.16% 0.35% 159.4% 10,883,939 9,713,778
0.12% 0.14% 0.14% 18.5% 5,170,083 5,400,337
0.02% 0.02% 0.02% 38.5% 933,539 1,159,461
0.00% 0.00% 0.00% -43.0% 7,592,487 11,270,284
 0.17% 0.19% 0.15% 1.1% 606,865 606,865
2.15% 2.23% 2.65% 35.0% 339,060,768 369,030,170
0.48% 1.04% 0.82% 88.9% 44,429,824 60,441,541
0.46% 0.47% 0.48% 15.5% 28,263,544 31,682,142
0.18% 0.23% 0.22% 39.7% 46,142,331 30,743,696
0.00% 0.00% 0.00% 32,757 43,961

0.00% 0.00% 0.01% 3,013,938 2,513,590

0.18% 0.23% 0.23% 42.9% 49,189,026 33,301,247

0.01% 0.00% 0.01% 2.3%
0.01% 0.01% 0.01% -8.1% 2,089,577 2,171,971
0.00% 0.00% 0.00% 3,282,003 872,607
1.18% 1.32% 0.95% -11.4% 8,428,817 9,844,786

0.01% 0.01% 0.01% 15.0%

0.00% 0.00% 0.00% 0.0%

1.20% 1.34% 0.97% -11.2% 13,800,397 12,889,364

0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
35.24% 34.92% 28.15% -12.4% 1,917,341,324 1,779,355,004
20.20% 19.34% 24.45% 32.7% 477,506,539 283,663,944

0.00% 0.00% 0.00% 182

0.00% 0.00% 0.00% 413

0.67% 0.61% 0.58% -5.2%

0.67% 0.61% 0.58% -5.2% 595

0.62% 0.55% 0.51% -8.1% 510,076 732,232

0.00% 0.00% 0.00% 9,466,409 9,523,016
0.00% 0.00% 0.00% 9,466,409 9,523,016
0.00% 0.00% 0.00% 12,486,255 8,355,113
0.00% 0.00% 0.00% 2,644,213
0.00% 0.00% 0.00% 15,130,468 8,355,113
0.00% 0.00% 0.00% 18,688,684 41,730,729

0.00% 0.00% 0.00% 18,688,685 41,730,730

0.00% 0.00% 0.00% 105,000,000 105,000,000
0.00% 0.00% 0.00% 105,000,000 105,000,000
21.49% 20.50% 25.54% 30.4% 626,302,772 449,005,035
56.74% 55.42% 53.69% 3.8% 2,543,644,096 2,228,360,039
4.80% 4.70% 4.38% 0.1% 2,842,630 3,338,098

4.80% 4.70% 4.38% 0.1% 2,842,630 3,338,098

 0.00% 0.00% 0.00% 1,586,806,477 2,288,213,427

0.00% 0.00% 0.00% 34,390,948 40,286,891

0.00% 0.00% 0.00% 1,621,197,425 2,328,500,318
8.01% 11.81% 13.06% 79.0% 277,308,389 362,560,360
7.98% 7.37% 6.46% -11.2% 570,376,480 549,004,580
2.42% 3.56% 6.68% 203.2% 153,322,491 147,302,415
2.24% 0.20% 0.00% -100.0% 7,812,575 7,812,575

2.24% 0.20% 0.00% -100.0% 7,812,575 7,812,575

17.82% 16.94% 15.72% -3.2% 761,107,276 764,604,578
43.26% 44.58% 46.31% 17.4% 3,393,967,266 4,163,122,924
100.00% 100.00% 100.00% 5,937,611,362 6,391,482,963

0.84 0.94
0.62 0.34 0.48

2.92
125.05
58.97
6.2
69.65

-7.77

3.89

1.09

24.50% 24.58%
3.33% 2.07%
2.59% 2.11%
3.90%
2.39%

1.00 1.09
0.03 0.02
0.03 0.02

42.84% 34.86%
75.38% 79.85%
10.54%
14.62% 10.43%
1.29 0.98
 ANALISIS VERTICAL
ANALISIS HORIZONTAL
ALMACENES ÉXITO S.A. ALMACENES ÉXITO S.A.
12/31/2010 2008 2009 2010 12/31/2008
64,940,627 1.34% 0.81% 0.98% -18.2% 152,857,912
44,547,804 0.69% 2.34% 0.67% 8.8% 73,441,789
9,702
404,898,234 1.03% 2.99% 6.10% 561.6% 720,522,343
429,668
514,386,665 3.06% 6.14% 7.75% 183.4% 947,261,414
274,451,927 3.71% 3.76% 4.13% 24.5% 457,497,650
36,426,134 0.84% 0.96% 0.55% -27.2% 245,755,036
0.00% 0.00% 0.00% 110,036,694
71,592 0.00% 0.00% 0.00% 0.0% 219,107,899
21,674,692 0.18% 0.16% 0.33% 99.4% 10,992,084
0.00% 0.00% 0.00% 10,249,018

1,078,329 0.01% 0.01% 0.02% 30.8% 19,882,713

1,680,489
207,739
14,781,036 0.14% 0.21% 0.22% 75.1% 14,724,456
57,534,216 0.83% 0.93% 0.87% 16.4% 159,047,397
0.62% 0.00% 0.00% -100.0% 37,104,858
2,610,441 0.03% 0.07% 0.04% 61.5% 3,701,928
0.00% 0.00% 0.00% 10,936,226
293,546,591 1.52% 1.28% 4.42% 225.8% 108,532,443
700
677,024
72,396,025 0.13% 0.12% 1.09% 806.2% 12,636,824
355,327,006 4.05% 3.49% 5.35% 47.9% 939,999,880
3,050,837 0.00% 0.00% 0.05% 359,702
1,430,936 0.00% 0.00% 0.02%
153,203

1,022,235 0.00% 0.00% 0.02% 339,644

807,192,558 14.93% 12.18% 12.16% -9.0% 1,508,413,975
21,757,456 0.25% 0.24% 0.33% 48.0% 16,143,522
2,335,666 0.00% 0.00% 0.04% 1,136,443
19,257,349 0.52% 0.21% 0.29% -37.5% 32,947,824
33,438,998 0.32% 0.34% 0.50% 73.4% 20,620,749
822,608,039 15.38% 12.29% 12.39% -9.9% 1,538,873,564
11,444,772 0.13% 0.12% 0.17% 46.3% 11,041,644
30,149,570 0.80% 0.29% 0.45% -36.4% 55,941,191
15,545
41,594,342 0.93% 0.42% 0.63% -24.7% 66,967,290
2,008,367,979 27.13% 26.10% 30.24% 24.7% 3,950,599,798
172,007,593 11.87% 14.66% 2.59% -75.6% 718,027,580
0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 54,393,956
-123
0.00% 0.00% 0.00% 2,059,581
6,718,683 0.13% 0.16% 0.10% -10.0% 8,549,264
 10,883,351 0.22% 0.23% 0.16% -16.4% 13,328,759
0.00% 0.00% 0.00% 651,765

0.00% 0.00% 0.00% 359

0.00% 0.00% 0.00% 17,926
0.00% 0.00% 0.00%
33,971,329 0.62% 0.53% 0.51% -8.2% 44,392,263
11,184

51,573,363 0.97% 0.92% 0.78% -10.3% 123,404,934

2,050,849,594 31.53% 28.06% 30.88% 9.5% 2,928,361,683
1,021,114,370 11.76% 15.75% 15.38% 46.2% 800,496,236
32,363,247 0.06% 0.05% 0.49% 835.2% 38,797,876
1,326
0.01% 0.00% 0.00% -100.0% 685,452
54,619,325 1.74% 0.45% 0.82% -47.1% 157,151,092
600,695
57,968
103,164,026 1.01% 0.97% 1.55% 71.9% 132,060,226
1,004,932,916 12.56% 15.28% 15.13% 34.7% 865,730,419
8,578,900 0.17% 0.15% 0.13% -17.2% 11,522,822
218,045,435 2.80% 2.77% 3.28% 31.2% 191,100,806
4,609,457 0.14% 0.09% 0.07% -45.6% 8,468,354
85,004
231,233,792 3.12% 3.00% 3.48% 25.0% 211,006,978
285,331 0.00% 0.00% 0.00% 0.0% 367,691
0.00% 0.00% 0.00% 66,203
285,331 0.00% 0.00% 0.00% 0.0% 433,894
25,872,052 0.23% 0.15% 0.39% 92.4% 20,054,710
1,095,215,735 12.59% 11.81% 16.49% 46.5% 1,153,441,731
0.00% 0.00% 0.00% 4,062,201
1,121,087,787 12.82% 11.96% 16.88% 47.3% 1,177,558,642
4,631,970,376 72.87% 73.90% 69.76% 7.0% 6,024,524,130
6,640,338,355 100.00% 100.00% 100.00% 11.8% 9,975,123,928
257,568,946 14.01% 6.81% 3.88% -69.0% 1,054,581,563
540,891,818 13.26% 18.66% 8.15% -31.3% 1,039,953,624
2,677,289,731 28.58% 32.06% 40.32% 57.8% 2,364,379,098
0.00% 0.00% 0.00% 59,657,532
357,294,285 8.02% 3.63% 5.38% -25.0% 647,630,206
1,098,496,166 16.27% 16.28% 16.54% 13.7% 1,858,400,016
0.00% 0.00% 0.00% 1,903,202
8,260,172
866,154 2.01% 3.20% 0.01% -99.3% 119,544,972
30,096,102 0.36% 0.02% 0.45% 42.8% 21,425,276
24,297,253 0.30% 0.30% 0.37% 37.4% 21,099,903
161,043,488 2.33% 1.73% 2.43% 16.6% 179,367,559
632,970

235,612,521
20,714,640 0.30% 0.07% 0.31% 17.9% 20,271,827
11,061,031 0.18% 0.15% 0.17% 1.6% 23,746,620
7,068,136 0.09% 0.08% 0.11% 36.7% 8,838,055
1,422,850 0.02% 0.02% 0.02% 52.4% 1,413,763
15,264,805 0.13% 0.18% 0.23% 101.1% 10,066,858
 606,865 0.01% 0.01% 0.01% 0.0% 18,871,969
272,441,324 5.71% 5.77% 4.10% -19.6% 671,055,667
59,837,864 0.75% 0.95% 0.90% 34.7% 142,308,535
46,814,981 0.48% 0.50% 0.71% 65.6% 126,691,342
42,522,011 0.78% 0.48% 0.64% -7.8% 48,305,689
168,802 0.00% 0.00% 0.00% 415.3% 733,698
2,348,687
3,079,279 0.05% 0.04% 0.05% 2.2% 3,543,818
2,560,309

45,770,092 0.83% 0.52% 0.69% -7.0% 57,492,201

0.00% 0.00% 0.00% 2,220,246
2,341,906 0.04% 0.03% 0.04% 12.1% 5,937,216
2,838,665 0.06% 0.01% 0.04% -13.5% 3,441,104
6,899,842 0.14% 0.15% 0.10% -18.1% 22,887,313

0.00% 0.00% 0.00% 81,167

0.00% 0.00% 0.00% 1,402

27,350
12,080,413 0.23% 0.20% 0.18% -12.5% 32,375,552
30,350,000 0.00% 0.00% 0.46% 17,784
30,350,000 0.00% 0.00% 0.46% 17,784
1,923,085,125 32.29% 27.84% 28.96% 0.3% 3,538,191,549
8.04% 4.44% 0.00% -100.0% 749,628,280
1,404,012
334,848
0.00% 0.00% 0.00% 182
0.00% 0.00% 0.00% 569,236
2,414,424
0.00% 0.00% 0.00% 5,856,392
1,854,600
0.00% 0.00% 0.00% 11,029,682

574,619 0.01% 0.01% 0.01% 12.7% 5,964,062

16,843,961 0.16% 0.15% 0.25% 77.9% 13,817,888
16,843,961 0.16% 0.15% 0.25% 77.9% 13,817,888
6,796,463 0.21% 0.13% 0.10% -45.6% 12,486,255
8,371,227 0.04% 0.00% 0.13% 216.6% 2,644,213
15,167,690 0.25% 0.13% 0.23% 0.2% 15,130,468
42,795,314 0.31% 0.65% 0.64% 129.0% 18,745,826

433,178
42,795,314 0.31% 0.65% 0.64% 129.0% 19,179,005
224,650,000 1.77% 1.64% 3.38% 114.0% 255,000,000
224,650,000 1.77% 1.64% 3.38% 114.0% 255,000,000
300,031,584 10.55% 7.03% 4.52% -52.1% 1,071,153,397
2,223,116,709 42.84% 34.86% 33.48% -12.6% 4,609,344,946
3,339,695 0.05% 0.05% 0.05% 17.5% 102,784,264
36,338,315
77,400
553,347
3,339,695 0.05% 0.05% 0.05% 17.5% 139,753,326
2,289,589,024 26.72% 35.80% 34.48% 44.3% 1,723,551,446

1,200,000
-11,070,048 0.58% 0.63% -0.17% -132.2% 34,392,726
2,278,518,977 27.30% 36.43% 34.31% 40.5% 1,759,144,172
429,901,013 4.67% 5.67% 6.47% 55.0% 430,775,922
321,727,621 9.61% 8.59% 4.85% -43.6% 1,211,231,739
254,833,979 2.58% 2.30% 3.84% 66.2% 368,606,495
7,812,575 0.13% 0.12% 0.12% 0.0% 297,034,338
18,211,598
7,812,575 0.13% 0.12% 0.12% 0.0% 278,822,740
1,121,087,787 12.82% 11.96% 16.88% 47.3% 1,177,444,588
4,417,221,647 57.16% 65.14% 66.52% 30.1% 5,365,778,982
6,640,338,356 100.00% 100.00% 100.00% 9,975,123,928

1.04 1.12
0.59 0.47 0.66

2.38
153.41
51.87
7.04
68.98

-14.73

3.66

1.13

24.62% 16.81%
4.19% 2.76%
3.39% 1.73%
5.94%
3.91%

1.13 2.13
0.03 0.02
0.04 0.04

33.48% 46.21%
86.50% 76.76%
5.81%
4.77% 4.98%
1.24 0.55
 ANALISIS
ANALISIS VERTICAL
HORIZONTAL
SUBSECTOR SUBSECTOR
12/31/2009 12/31/2010 2008 2009 2010
96,363,665 52,438,381 1.53% 1.09% 3.21% -66%
182,119,761 38,634,696 0.74% 2.06% 2.37% -47%
218,630 293,855 0.00% 0.00% 0.02% 2929%
245,346,572 30,565,531 7.22% 2.77% 1.87% -96%
567,219 901,141 0.00% 0.01% 0.06% 110%
524,679,707 122,853,502 9.50% 5.92% 7.52% -87%
315,023,533 16,206,245 4.59% 3.56% 0.99% -96%
110,904,741 51,090,071 2.46% 1.25% 3.13% -79%
72,945,652 96,154,239 1.10% 0.82% 5.89% -13%
276,921,886 2.20% 3.13% 0.00% -100%
10,101,289 271,678 0.11% 0.11% 0.02% -98%
30,878,754 8,330,636 0.10% 0.35% 0.51% -19%
13 236 0.00% 0.00% 0.00%
12,001,554 19,292,486 0.20% 0.14% 1.18% -3%
54,382 374,146 0.02% 0.00% 0.02% -78%
15,293,828 1,440,467 0.00% 0.17% 0.09% 593%
19,234,341 6,708,451 0.15% 0.22% 0.41% -54%
72,644,648 23,659,719 1.59% 0.82% 1.45% -85%
272,384 716,543 0.37% 0.00% 0.04% -98%
6,781,078 1,751,114 0.04% 0.08% 0.11% -53%
17,936,851 3,805,751 0.11% 0.20% 0.23% -65%
108,658,777 13,416,705 1.09% 1.23% 0.82% -88%
700 700 0.00% 0.00% 0.00% 0%
708,329 1,115,118 0.01% 0.01% 0.07% 65%
11,967,922 4,736,686 0.13% 0.14% 0.29% -63%
743,793,650 223,391,374 9.42% 8.40% 13.68% -76%
3,389,706 1,924,154 0.00% 0.04% 0.12% 435%
1,258,975 435 0.00% 0.01% 0.00%
160,067 160,082 0.00% 0.00% 0.01% 4%
71,616 0.00% 0.00% 0.00%
-1,723,746 89,588 0.00% -0.02% 0.01% -74%
1,065,276,322 335,630,504 15.12% 12.03% 20.55% -78%
16,458,380 1,164,334 0.16% 0.19% 0.07% -93%
5,533,242 696,773 0.01% 0.06% 0.04% -39%
16,624,856 2,966,670 0.33% 0.19% 0.18% -91%
22,332,750 935,101 0.21% 0.25% 0.06% -95%
1,084,645,052 340,076,583 15.43% 12.24% 20.83% -78%
11,895,730 2,710,544 0.11% 0.13% 0.17% -75%
23,572,678 4,086,861 0.56% 0.27% 0.25% -93%
18,103 0.00% 0.00% 0.00% -100%
35,450,316 6,797,405 0.67% 0.40% 0.42% -90%
2,703,645,358 709,585,033 39.60% 30.52% 43.45% -82%
952,459,580 6,756,649 7.20% 10.75% 0.41% -99%
360,888 487,766 0.00% 0.00% 0.03%
119,635,933 56,973,362 0.55% 1.35% 3.49% 5%
0.00% 0.00% 0.00% -100%
23,088 2,476,956 0.02% 0.00% 0.15% 20%
11,410,506 248,134 0.09% 0.13% 0.02% -97%
412,000 0.00% 0.00% 0.00%
 14,798,592 130,096 0.13% 0.17% 0.01% -99%
902,325 781,815 0.01% 0.01% 0.05% 20%
1,637 0.00% 0.00% 0.00%
1,550 0.00% 0.00% 0.00% 332%
49,880 43,406 0.00% 0.00% 0.00% 142%
2,885,180 53,263 0.00% 0.03% 0.00%
39,963,909 2,880,356 0.45% 0.45% 0.18% -94%
1,247 0.00% 0.00% 0.00% -89%
4,538 0.00% 0.00% 0.00%
190,442,301 64,075,050 1.24% 2.15% 3.92% -48%
2,466,433,758 512,606,093 29.36% 27.84% 31.39% -82%
1,110,149,219 23,725,215 8.02% 12.53% 1.45% -97%
41,270,894 3,176,694 0.39% 0.47% 0.19% -92%
40,000 1,326 0.00% 0.00% 0.00% 0%
5,000 0.01% 0.00% 0.00% -99%
62,362,277 86,211,006 1.58% 0.70% 5.28% -45%
407,471 407,471 0.01% 0.00% 0.02% -32%
221,688 441,293 0.00% 0.00% 0.03% 661%
146,109,925 14,089,413 1.32% 1.65% 0.86% -89%
1,068,341,624 99,878,592 8.68% 12.06% 6.12% -88%
10,837,181 215,466 0.12% 0.12% 0.01% -98%
209,357,917 19,662,646 1.92% 2.36% 1.20% -90%
5,666,555 0.08% 0.06% 0.00% -100%
145,689 97,376 0.00% 0.00% 0.01% 15%
225,715,964 19,780,736 2.12% 2.55% 1.21% -91%
285,331 82,000 0.00% 0.00% 0.01% -78%
57,696 103,253 0.00% 0.00% 0.01% 56%
343,027 185,253 0.00% 0.00% 0.01% -57%
14,177,701 872,702 0.20% 0.16% 0.05% -96%
1,235,754,053 202,366,244 11.56% 13.95% 12.39% -82%
982,280 675,740 0.04% 0.01% 0.04% -83%
1,250,914,034 203,914,686 11.80% 14.12% 12.49% -83%
6,154,716,864 923,345,665 60.40% 69.48% 56.55% -85%
8,858,362,222 1,632,930,698 100.00% 100.00% 100.00% -84%
442,585,329 9,317,818 10.57% 5.00% 0.57% -99%
1,517,217,651 15,121,018 10.43% 17.13% 0.93% -99%
2,272,096,631 197,911,454 23.70% 25.65% 12.12% -92%
38,382,602 1,663,525 0.60% 0.43% 0.10% -97%
403,196,509 132,316,682 6.49% 4.55% 8.10% -80%
1,386,109,083 384,466,370 18.63% 15.65% 23.54% -79%
8,671,560 5,336,836 0.02% 0.10% 0.33% 180%
10,003,753 0.08% 0.11% 0.00% -100%
204,507,267 11,511 1.20% 2.31% 0.00% -100%
2,397,038 1,787,028 0.21% 0.03% 0.11% -92%
22,553,462 3,396,048 0.21% 0.25% 0.21% -84%
142,225,694 28,150,646 1.80% 1.61% 1.72% -84%
436,810 159,231 0.01% 0.00% 0.01% -75%
1,921 0.00% 0.00% 0.00%
4,677,011 3,873,957 2.36% 0.05% 0.24% -98%
9,173,033 10,966,164 0.20% 0.10% 0.67% -46%
13,877,623 6,274,901 0.24% 0.16% 0.38% -74%
8,008,749 2,345,878 0.09% 0.09% 0.14% -73%
1,712,697 401,066 0.01% 0.02% 0.02% -72%
12,983,193 2,185,154 0.10% 0.15% 0.13% -78%
 194,435 3,073 0.00% 0.00% 0.00%
69,330,020 5,991,724 0.19% 0.78% 0.37% -68%
510,766,152 74,608,481 6.73% 5.77% 4.57% -89%
105,975,384 19,743,426 1.43% 1.20% 1.21% -86%
44,985,975 13,430,459 1.27% 0.51% 0.82% -89%
36,976,103 2,475,284 0.48% 0.42% 0.15% -95%
148,044 300,094 0.01% 0.00% 0.02% -59%
692,131 817,020 0.02% 0.01% 0.05% -65%
3,079,278 47,979 0.04% 0.03% 0.00% -99%
96,375 102,811 0.03% 0.00% 0.01% -96%
57,970 62,773 0.00% 0.00% 0.00%
41,049,901 3,805,961 0.58% 0.46% 0.23% -93%
1,398,038 191,565 0.02% 0.02% 0.01% -91%
3,385,474 1,104,364 0.06% 0.04% 0.07% -81%
1,299,416 5,097,763 0.03% 0.01% 0.31% 48%
27,996,822 14,379,107 0.23% 0.32% 0.88% -37%
55,962 0.00% 0.00% 0.00%
74,336 93,308 0.00% 0.00% 0.01% 15%
140 3,468 0.00% 0.00% 0.00% 147%
54,737 0.00% 0.00% 0.00%
1,400 696 0.00% 0.00% 0.00% -97%
32,757,588 21,379,991 0.32% 0.37% 1.31% -34%
42,736 22,730 0.00% 0.00% 0.00% 28%
42,736 22,730 0.00% 0.00% 0.00% 28%
2,526,357,557 650,009,845 35.47% 28.52% 39.81% -82%
488,759,069 269,899,562 7.51% 5.52% 16.53% -64%
0.01% 0.00% 0.00% -100%
21,718 0.00% 0.00% 0.00% -100%
0.00% 0.00% 0.00% -100%
39,794 973,116 0.01% 0.00% 0.06% 71%
2,443,571 2,897,134 0.02% 0.03% 0.18% 20%
5,719,924 7,066,506 0.06% 0.06% 0.43% 21%
14,366,583 14,696,980 0.02% 0.16% 0.90% 692%
22,591,590 25,633,736 0.11% 0.26% 1.57% 132%
278,762 0.00% 0.00% 0.02%
5,771,110 5,299,921 0.06% 0.07% 0.32% -11%
14,085,335 0.14% 0.16% 0.00% -100%
14,085,335 0.14% 0.16% 0.00% -100%
8,355,113 0.13% 0.09% 0.00% -100%
0.03% 0.00% 0.00% -100%
8,355,113 0.15% 0.09% 0.00% -100%
41,744,459 121,852 0.19% 0.47% 0.01% -99%
667,177 0.00% 0.01% 0.00%
818,602 0.00% 0.00% 0.05% 89%
42,411,637 940,454 0.19% 0.48% 0.06% -95%
255,000,000 2.56% 2.88% 0.00% -100%
255,000,000 2.56% 2.88% 0.00% -100%
836,973,854 302,052,435 10.74% 9.45% 18.50% -72%
3,363,331,411 966,056,178 46.21% 37.97% 59.16% -79%
93,757,798 88,389,152 1.03% 1.06% 5.41% -14%
17,248,117 10,705,181 0.36% 0.19% 0.66% -71%
77,400 0.00% 0.00% 0.00% -100%
553,347 0.01% 0.01% 0.00% -100%
111,636,662 99,094,333 1.40% 1.26% 6.07% -29%
2,427,941,305 20,759,700 17.28% 27.41% 1.27% -99%
579 0.00% 0.00% 0.00%
1,200,000 1,700,000 0.01% 0.01% 0.10% 42%
40,214,515 0.34% 0.45% 0.00% -100%
2,469,356,399 22,459,700 17.64% 27.88% 1.38% -99%
538,824,868 133,242,174 4.32% 6.08% 8.16% -69%
811,322,251 85,575,289 12.14% 9.16% 5.24% -93%
277,062,668 92,632,891 3.70% 3.13% 5.67% -75%
41,731,758 35,164,008 2.98% 0.47% 2.15% -88%
8,198,324 9,904,211 0.18% 0.09% 0.61% -46%
33,533,434 25,259,797 2.80% 0.38% 1.55% -91%
1,252,542,066 204,208,532 11.80% 14.14% 12.51% -83%
5,495,030,812 666,874,520 53.79% 62.03% 40.84% -88%
8,858,362,223 1,632,930,698 100.00% 100.00% 100.00%

1.07 1.09 1.09

0.63 0.56 0.62

6.04 7.23
60.45 50.47
57.04 74.72
6.40 4.89
70.54 92.86

-7.46 -10.91

4.37 7.97

1.22 2.50

22.14% 14.87%
2.41% 0.32%
2.57% 2.27%
5.10% 3.01%
2.94% 1.77%

1.22 2.50
0.03 0.02
0.03 0.06

37.97% 59.16%
75.11% 67.28%
10.62% 15.83%
7.69% 1.49%
0.31 0.21
 ALMACENES LA 14
DM_FORMATO 12/31/2008 12/31/2009 12/31/2010
41 Ingresos Operacionales 992,027,347 999,865,790 1,037,991,362
61 MENOS: Costos De Ventas y De Prestacion De Servicios 790,550,250 797,469,626 825,885,453
UTILIDAD BRUTA 201,477,097 202,396,164 212,105,909
51 MENOS: Gastos Operacionales De Administración 15,331,512 17,982,186 17,164,133
52 MENOS: Gastos Operacionales De Ventas 159,793,759 178,237,178 201,275,809
UTILIDAD OPERACIONAL 26,351,826 6,176,800 -6,334,033
42 MAS: Ingresos No Operacionales 45,195,222 67,776,304 93,292,091
53 MENOS: Gastos No Operacionales 40,861,239 31,086,553 20,425,857
UTILIDAD ANTES DE IMPUESTOS Y AJUSTE POR INFLACION 30,685,809 42,866,551 66,532,201
54 MENOS: Impuestos De Renta y Complementarios 10,039,599 11,762,983 3,935,280
59 GANANCIAS Y PERDIDAS 20,646,210 31,103,568 62,596,921
 ALMACENES ÉXITO SUBSECTOR
12/31/2008 12/31/2009 12/31/2010 12/31/2008 12/31/2009 12/31/2010
5,930,680,086 6,970,665,639 7,507,132,149 21,278,092,087 10,780,187,172 4,087,818,769
4,477,871,614 5,257,310,763 5,658,966,106 17,700,801,429 8,393,788,927 3,479,926,391
1,452,808,472 1,713,354,876 1,848,166,043 3,577,290,658 2,386,398,245 607,892,378
158,918,325 188,810,220 227,679,216 611,814,006 316,680,380 113,117,339
1,096,330,379 1,379,914,508 1,305,597,391 2,378,922,592 1,809,346,178 481,737,887
197,559,768 144,630,148 314,889,436 586,554,060 260,173,221 13,037,152
827,961,656 739,533,400 328,089,888 960,418,176 914,850,735 160,862,425
867,304,504 726,978,566 358,173,545 1,058,975,993 828,734,569 60,930,762
158,216,920 157,184,982 284,805,779 487,996,243 346,289,387 112,968,815
4,894,428 9,882,567 29,971,800 119,389,748 69,224,060 20,335,924
153,322,492 147,302,415 254,833,979 368,606,495 277,062,667 92,632,891
 ALMACENES LA 14 S.A.
DM_FORMATO 12/31/2008 12/31/2009 12/31/2010
Utilidad del Periodo (Estado de Resultados) 20,646,210 31,103,568 62,596,921
(+) Depreciaciones 15,863,324 14,673,593 12,117,435
(+) Amortizaciones 20,363 12,661 8,827
(+) Provisiones 697,812 656,359 766,130
(+) Amortizaciones calculo actuarial bonos y tit 47,979
(-) Utilidad en venta de inversiones 2
(-) Utilidad en vta propiedades y equipo y/o Ot 17,417,938 29,991,252 51,142,958
(-) Recuperaciones 4,781,209 7,172,895 2,185,067
(+) Pérdida en venta o retiro de bienes 193,116 2,893,452 566,092
(+) Provision Impuesto de Renta y Complementarios 10,039,599 11,762,983 3,935,280
Subtotal (renglones 1 a 24) 25,261,277 23,938,469 26,710,637
(+ o -) Diferencia en cambio -65,922 40,194 -52,025
Efectivo generado en operación 25,195,355 23,978,663 26,658,612
(+) Disminucion Deudores 49,957,890 38,740,003
(+) Disminucion Inventarios 14,147,700
(+) Disminucion Activos Diferidos 1,160,476
(+) Aumento Proveedores 5,229,189 2,328,930
(+) Aumento Cuentas por Pagar 4,519,791 1,107,366 5,441,478
(+) Aumento Impuestos Gravamenes y Tasas 5,056,362
(+) Aumento Obligaciones Laborales 392,908 194,295 436,401
(+) Aumento Pasivos Estimados y Provisiones 232,028 482,784 163,873
(+) Aumento Pasivos Diferidos 37,576 33,013
(+) Aumento Otros Pasivos 1,455,961
(-) Aumento Deudores 67,295,181 63,389,775
(-) Aumento Inventarios 3,084,730 9,149,837
(-) Aumento Activos Diferidos 1,962,728 225,941
(-) Disminucion Proveedores 704,912
(-) Disminucion Cuentas por Pagar 425,199
(-) Disminucion Impuestos Gravamenes y Tasas 5,575,776 1,445,942
(-) Disminucion Obligaciones Laborales 449,676
(-) Disminucion Pasivos Diferidos 31,845
(-) Disminucion Otros Pasivos 6,739,105 2,597,521
Flujo de Efectivo Neto en Actividades de Operación -37,752,344 19,855,344 61,769,486
(-) Compra Inversiones Temporales 39,905,618
(-) Compra Inversiones Permanentes 51,360
(-) Compra Propiedad Planta y Equipo 208,238,686
(-) Aumento Intangibles 25,261,641 51,383,228
(-) Aumento Otros Activos 3,908
(+) Venta Inversiones Temporales 20,610,606 50,410,421
(+) Venta Inversiones Permanentes 1,401,013 32,254
(+) Venta Propiedades Planta y Equipo 17,478,076 16,823,625 96,165,686
(+) Disminucion Intangibles 31,470,613
(+) Disminucion Otros Activos 3,908
Flujo de Efectivo Neto en Actividades de Inversion 14,228,054 8,333,352 -113,009,645
(+) Nuevas Obligaciones Financieras 56,068,408 10,186,340
(+) Nuevas Obligaciones Financieras a Largo Plazo 60,167,754
(+) Aumento Capital Social 26,000
(-) Pago de Obligaciones Financieras 9,631,995
(-) Pago de Obligaciones Financieras a Largo Pla 45,816,889 3,692,691 45,346,374
(-) Disminucion Superavit de Capital 3,787,480
Flujo de Efectivo Neto en Actividades Financieras 6,464,039 -13,324,686 25,033,720
TOTAL - Aumento (Disminucion) del Efectivo (Renglo -17,060,251 14,864,010 -26,206,439
EFECTIVO ANO ANTERIOR 83,902,267 66,842,016 81,706,026
EFECTIVO PRESENTE ANO 66,842,016 81,706,026 55,499,587
ALMACENES ÉXITO SUBSECTOR
DM_FORMATO 12/31/2008 12/31/2009
Utilidad del Periodo (Estado de Resultad 192,602,277 51,850,779
(+) Depreciaciones 129,938,940 31,229,886
(+) Amortizaciones 4,215,697 5,439,114
(+) Provisiones 1,583,793 3,116,174
(+) Amortizaciones calculo actuarial bonos y tit
(-) Utilidad en metodo de participacion 229 1,806
(-) Utilidad en venta de inversiones 115,284 29,118
(-) Utilidad en vta propiedades y equipo 18,055,074 33,468,265
(-) Recuperaciones 8,408,222 8,589,066
(+) Pérdida en venta o retiro de bienes 1,395,657 4,423,735
(+) Pérdida en metodo de participacion 10,398 43,487
(+) Provision Impuesto de Renta y Com 99,689,349 22,684,036
Subtotal (renglones 1 a 24) 402,857,302 76,703,027
(+ o -) Diferencia en cambio -428,817 -29,517
(+ o -) Errores de Ejercicios Anteriores 173,178 -139,378
Efectivo generado en operación 402,601,663 76,534,132
(+) Disminucion Deudores 3,186,935 61,574,524
(+) Disminucion Inventarios 41,601,539 24,146,446
(+) Disminucion Activos Diferidos 611,459 2,432,326
(+) Aumento Proveedores 243,531,581 31,805,831
(+) Aumento Cuentas por Pagar 24,020,709 49,936,477
(+) Aumento Impuestos Gravamenes y T 1,003,596 7,041,369
(+) Aumento Obligaciones Laborales 1,827,944 1,760,195
(+) Aumento Pasivos Estimados y Provis 711,897 676,772
(+) Aumento Pasivos Diferidos 693,886 52,102
(+) Aumento Otros Pasivos 5,058,362 3,349,908
(-) Aumento Deudores 160,388,876 142,514,875
(-) Aumento Inventarios 72,708,849 26,636,573
(-) Aumento Activos Diferidos 7,943,576 12,454,012
(-) Disminucion Proveedores 31,806,785 18,287,933
(-) Disminucion Cuentas por Pagar 41,290,924 21,791,078
(-) Disminucion Impuestos Gravamenes 61,339,950 6,430,897
(-) Disminucion Obligaciones Laborales 7,788,779 1,563,778
(-) Disminucion Pasivos Estimados y Pro 264,068 1,437,607
(-) Disminucion Pasivos Diferidos 1,887,318 705,179
(-) Disminucion Otros Pasivos 8,476,264 2,561,004
Flujo de Efectivo Neto en Actividades d 330,954,182 24,771,362
(-) Compra Inversiones Temporales 12,580,326 72,576,599
(-) Compra Inversiones Permanentes 102,230,015 2,845,500
(-) Compra Propiedad Planta y Equipo 95,423,555 37,302,247
(-) Aumento Intangibles 26,039,781 8,195,874
(-) Aumento Otros Activos 1,500,836 2,474,678
(+) Venta Inversiones Temporales 27,107,447 33,250,834
(+) Venta Inversiones Permanentes 8,051,871 324,543
(+) Venta Propiedades Planta y Equipo 20,359,709 33,188,409
(+) Disminucion Intangibles 537,133 31,646,018
(+) Disminucion Otros Activos 1,285,601 566,731
Flujo de Efectivo Neto en Actividades de -180,432,752 -24,078,363
(+) Nuevas Obligaciones Financieras 148,266,612 60,483,213
(+) Nuevas Obligaciones Financieras a L 112,869,198 30,731,341
(+) Aumento Bonos y Papeles Comercial 106,938 14,611
(+) Aumento Capital Social 6,071,811 3,771,760
(+) Aumento Superavit de Capital 1,783,925 2,482,759
(-) Pago de Obligaciones Financieras 89,029,301 67,516,563
(-) Pago de Obligaciones Financieras a L 144,238,630 11,499,702
(-) Disminucion Bonos y Papeles Comerc 189 152
(-) Disminucion Capital Social 10,820,832 431,089
(-) Disminucion Superavit de Capital 5,894,488 2,230,343
(-) Pago de Utilidades (Dividen. Particip. 4,511,624 6,509,948
Flujo de Efectivo Neto en Actividades Fi 14,603,420 9,295,887
TOTAL - Aumento (Disminucion) del Efec 165,124,850 9,971,128
EFECTIVO ANO ANTERIOR 598,509,890 120,928,704
EFECTIVO PRESENTE ANO 763,634,740 130,899,832
UBSECTOR
12/31/2010
92,632,891
28,377,265
10,158,625
4,403,895
47,979

110,938
56,099,217
3,952,660
2,530,541
300
20,335,924
98,083,450
-233,174
-949,630
96,944,874
51,166,768
26,328,183
2,867,534
52,112,376
30,124,694
3,056,094
2,873,540
708,358
40,813
10,255,693
25,447,091
45,779,848
10,109,491
30,114,296
14,777,953
6,575,755
1,160,695
899,253
6,795
11,687,821
126,442,035
15,239,534
1,256,923
245,413,769
53,232,430
5,117,593
67,315,906
 298,064
104,813,996
934,924
3,466,471
-144,347,222
633,492,212
69,285,633
43,032
13,146,548
101,686
651,761,311
380,514,316
40,962
397,454
5,401,667
11,326,148
5,540,295
-12,364,892
135,218,394
122,853,502
CONCLUSIONES
ALMACENES LA 14 S.A.
La razón corriente de almacenes la 14 se encuentra positiva durante los años 2008,2009 y 2010. Esto nos indica que la empres
años, para pagar deudas a corto plazo. En promedio comparado con el subsector se encuentran casi iguales, la diferencia es de

La razón acida de esta empresa en promedio durante los últimos 3 años tiene el mismo valor que la del subsector (0,62). Se en
indicar que la empresa debe cuidarse de suspender sus pagos u obligaciones con terceros por tener activos líquidos insuficient

ALMACENES ÉXITO S.A.

En el 2008 y 2009 esta empresa tuvo la razón corriente por debajo del indicador que es 1. En el 2010 mejoraron subiéndola a 1
decir que pueden tener problemas con el dinero disponible a corto plazo para pagar obligaciones a corto plazo.
La razón acida de almacenes Éxito está en un nivel bajo (promedio 0,47) esto indica que la empresa podría llegar a suspender
insuficientes