Tompson PEARSON

(millones de dólares USD) 2016 2017 2018 2016

Activos
Caja 2,368 874 2,706 1,469
Cuentas por cobrar 1,392 1,457 1,313 1,357
Otros activos 874 646 510 1,259
Activos corrientes 4,634 2,977 4,529 4,085
-4% -39%
Propiedad planta y equipo 8,010 7,694 4,705 343
Goodwill 14,485 15,042 5,076 3,442
Inversiones por Metodo de participa - 167 2,207 1,247
Otros activos no corrientes 672 521 499 498
Impuestos diferidos 51 79 31 451
Activos no corrientes 23,218 23,503 12,518 5,981

Activos totales 27,852 26,480 17,047 10,066

Pasivos
Cuentas por pagar 2448 2086 1569 1629
Ingresos diferidos 901 937 795 224
Otros pasivos corrientes 102 129 95 31
Endeudamiento actual 1111 1644 3 44
Pasivos corrientes 4,562 4,796 2,462 1,928

Endeudamiento LP 6278 5382 3213 2688

Otros pasivos no corrientes 2598 2019 1347 640
Impuestos diferido 1158 708 799 466
Pasivos no corrientes 10,034 8,109 5,359 3,794

Total Pasivos 14,596 12,905 7,821 5,722

Patrimonio
Capital 9,589 9,549 5,348 2,723
Ganancias retenidas 7,477 7,201 4,755 -
Perdidas integrales - 4,293 - 3,673 - 877 716
Otros 483 498 - 905

Total Patrimonio 13,256 13,575 9,226 4,344

Pasivo + Patrimonio 27,852 26,480 17,047 10,066
Control - - - -
PEARSON NIELSEN
2017 2018 2016 2017 2018 Thomson Reuters

526 568 754 656 524 -63%

1,110 1,179 1,171 1,280 1,118 5%
1,649 1,629 297 346 361 -26%
3,285 3,376 2,222 2,282 2,003 -36%

281 237 471 482 468 -4%

2,964 3,009 7,845 8,495 6,987 4%
398 392
865 831 5,065 5,437 5,388 -22%
95 60 127 170 333 55%
4,603 4,529 13,508 14,584 13,176 1%

7,888 7,905 15,730 16,866 15,179 -5%

1342 1400 1012 1141 1119 -15%

231 72 297 361 355 4%
613 616 97 111 76 26%
27 46 188 84 107 48%
2,213 2,134 1,594 1,697 1,657 5%

1206 710 7738 8357 8280 -14%

292 400 930 934 1091 -22%
164 136 1175 1435 1108 -39%
1,662 1,246 9,843 10,726 10,479 -19%

3,875 3,380 11,437 12,423 12,136 -12%

2,741 2,778 4,857 4,774 4,752 0%

- - 647 609 - 599 -4%
662 1,039 - 1,211 - 940 - 1,110 -14%
610 708 3%

4,013 4,525 4,293 4,443 3,043 2%

7,888 7,905 15,730 16,866 15,179 -5%
- - - - -
 Analisis Horizontal
Thomson Reuters Pearson Nielsen

210% -64% 8% -13% -20%

-10% -18% 6% 9% -13%
-21% 31% -1% 16% 4%
52% -20% 3% 3% -12%

-39% -18% -16% 2% -3%

-66% -14% 2% 8% -18%
1222% -68% -2%
-4% 74% -4% 7% -1%
-61% -79% -37% 34% 96%
-47% -23% -2% 8% -10%

-36% -22% 0% 7% -10%

-25% -18% 4% 13% -2%

-15% 3% -69% 22% -2%
-26% 1877% 0% 14% -32%
-100% -39% 70% -55% 27%
-49% 15% -4% 6% -2%

-40% -55% -41% 8% -1%

-33% -54% 37% 0% 17%
13% -65% -17% 22% -23%
-34% -56% -25% 9% -2%

-39% -32% -13% 9% -2%

-44% 1% 1% -2% 0%
-34% 0% 0% -6% -198%
-76% -8% 57% -22% 18%
-100% -33% 16% -100%

-32% -8% 13% 3% -32%

-36% -22% 0% 7% -10%
 Analisis Vertical
Thomson Reuters Pearson
2016 2017 2018 2016 2017 2018

9% 3% 16% 15% 7% 7%
5% 6% 8% 13% 14% 15%
3% 2% 3% 13% 21% 21%
17% 11% 27% 41% 42% 43%
0% 0%
29% 29% 28% 3% 4% 3%
52% 57% 30% 34% 38% 38%
0% 1% 13% 12% 5% 5%
2% 2% 3% 5% 11% 11%
0% 0% 0% 4% 1% 1%
83% 89% 73% 59% 58% 57%
0%
100% 100% 100% 100% 100% 100%

17% 16% 20% 28% 35% 41%

6% 7% 10% 4% 6% 2%
1% 1% 1% 1% 16% 18%
8% 13% 0% 1% 1% 1%
31% 37% 31% 34% 57% 63%
0% 0%
43% 42% 41% 47% 31% 21%
18% 16% 17% 11% 8% 12%
8% 5% 10% 8% 4% 4%
69% 63% 69% 66% 43% 37%
0%
100% 100% 100% 100% 100% 100%

72% 70% 58% 63% 68% 61%

56% 53% 52% 0% 0% 0%
-32% -27% -10% 16% 16% 23%
4% 4% 0% 21% 15% 16%
0% 0%
100% 100% 100% 100% 100% 100%
 Nielsen
2016 2017 2018

5% 4% 3%
7% 8% 7%
2% 2% 2%
14% 14% 13%
0%
3% 3% 3%
50% 50% 46%
0%
32% 32% 35%
1% 1% 2%
86% 86% 87%
0%
100% 100% 100%

9% 9% 9%
3% 3% 3%
1% 1% 1%
2% 1% 1%
14% 14% 14%
0%
68% 67% 68%
8% 8% 9%
10% 12% 9%
86% 86% 86%

100% 100% 100%

113% 107% 156%

15% 14% -20%
-28% -21% -36%
0% 0% 0%
0%
100% 100% 100%
 THOMSON REUTERS PEARSON
(millones de dólares USD) 2016 2017 2018 2016 2017 2018

Ingresos 5,183 5,297 5,501 4,552 4,513 4,129

Costo de ventas - 2,093 - 2,066 - 1,943
Margen Bruto 5,183 5,297 5,501 2,459 2,447 2,186

Gastos operacionales 4,050 3,706 4,131 1,766 1,551 1,316

Depreciacion y amortizacion 439 605 619 714 651 591
Otros - 48 29 206 206 274
Margen Operacional 694 1,034 780 185 451 553

Gastos intereses - 403 - 357 - 260 - 60 - 30 - 55

Otros ingresos y egresos 75 - 170 13
Utilidad Antes Impuestos 366 507 533 125 421 498

Impuestos y tasas 9 - 130 353 - 222 13 - 92

Utilidad Neta 357 637 180 347 408 590

Tasa Impositva 2.5% -25.6% 66.2%### -177.6% 3.1% -18.5%

EBIDTA 1,133 1,639 1,399 899 1,102 1,144

 NIELSEN
2016 2017 2018

6,309 6,572 6,515

2,607 2,765 2,805 5,501 8,252
3,702 3,807 3,710 180 623.81
3.3% 7.6%
1,969 1,953 2,097
603 640 675
- - -
1,130 1,214 938

- 329 - 370 - 386

15 - 16 - 21
816 828 531

309 388 249

507 440 282

### 37.9% 46.9% 46.9%

1,733 1,854 1,613

 50%
247%
 THOMSON PEARSON
2016 2017 2018 2016
ROA 2.8% 5.4% 2.4% 10.0%
ROE 2.7% 4.7% 2.0% 8.0%
Contribucion financiera -0.1% -0.7% -0.4% -2.0%
ROCE 3.5% 6.9% 2.1% 7.3%

Analisis Dupont
Rentabilidad 6.9% 12.0% 3.3% 7.6%
Eficiencia 21.7% 21.9% 49.6% 88.5%
Apalancamiento 1.80 1.78 1.20 1.18

NOPAT 676.93 1,299.13 263.41 513.56

AON 23,887 24,193 11,094 5,142
Control ROE 0 0 - 0

ROE Normaliz
14.0% 13.0%

12.0%
10.2%
10.0%
8.0%
8.0%

6.0%
4.7%
4.0%
2.7%
2.0%
2.0%

0.0%
THOMSON PEARSON
 NIELSEN THOMSON PEARSON
2017 2018 2016 2017 2018
10.0% 14.8% 7.4% 6.3% 5.8%
10.2% 13.0% 11.8% 9.9% 9.3%
0.1% -1.8% 4.4% 3.6% 3.5%
8.4% 12.5% 5.8% 5.0% 4.4%

9.0% 14.3% 8.0% 6.7% 4.3%

103.6% 93.3% 66.5% 64.1% 76.0%
1.09 0.98 2.21 2.31 2.82
s
437.07 655.16 702.10 645.12 498.45
4,355 4,425 9,487 10,257 8,573
0 0 0 0 0

ROE Normalizado
13.0%
11.8%

10.2% 9.9%
9.3%
2016
8.0%
2017
2018
4.7%

2.0%

OMSON PEARSON NIELSEN

NIELSEN
 Indicador Actual Propuesta Cambio
Ventas 5,501 6,876 25%
Utilidad 180 630 250%
Margen neto 3.3% 9.2% 180%
AON 11,094 11,094 0%
Rotacion AON 50% 62% 25%
ROA 1.6% 5.7% 250%
Patrimonio 9,226 9,226
Apalancamiento 1.20 1.20 0%
ROE 2.0% 6.8% 250%

x
 Indicador Año Thomson Pearson Nielsen
2016 7% 8% 8%
Margen neto 2017 12% 9.0% 6.7%
(Utilidad/Ventas)
2018 3% 14% 4%
X 2016 22% 89% 67%
Eficiencia 2017 22% 104% 64%
(Ventas/AON)
2018 50% 93% 76%
X 2016 1.80 1.18 2.21
Apalancamiento 2017 1.78 1.09 2.31
(AON/Patrimonio)
2018 1.20 0.98 2.82
2016 2.7% 8.0% 11.8%
= ROE 2017 4.7% 10.2% 9.9%
2018 2.0% 13.0% 9.3%

12086.071 1.31
9226

11094 9%
 Indicador Actual Esperado s
Rentabilidad 3.3% 7.6%
Eficiencia 49.6% 71.0%
ROA 1.6% 5.4%
Apalancamiento 1.20 1.33
ROE 2.0% 7.1%

1.6% 5.4%

5501 10,582 92%

180 800
3.3% 7.56%