NIT

RAZON SOCIAL
CIUDAD
CIIU
SECTOR

Estado
Estado de la situación Financiera
1105 CAJA
1110 BANCOS
1120 CUENTAS DE AHORRO
11 SUBTOTAL DISPONIBLE
12 INVERSIONES
1305 CLIENTES
1320 CUENTAS POR COBRAR A VINCULADOS ECONOMICOS CP
1330 ANTICIPOS Y AVANCES CP
1355 ANTICIPO DE IMPTOS Y CONTRIB O SALDOS A FAVOR CP
1365 CUENTAS POR COBRAR A TRABAJADORES CP
1380 DEUDORES VARIOS CP
1399 PROVISIONES CP
13 SUBTOTAL DEUDORES CP
1405 MATERIAS PRIMAS
1410 PRODUCTOS EN PROCESO
1430 PRODUCTOS TERMINADOS
1435 MERCANCIAS NO FABRICADAS POR LA EMPRESA
1465 INVENTARIOS EN TRANSITO CP
1499 PROVISIONES CP
14 SUBTOTAL INVENTARIOS CP
1710 CARGOS DIFERIDOS CP
17 SUBTOTAL DIFERIDO CP
TOTAL ACTIVO CORRIENTE
12 INVERSIONES
1365 CUENTAS POR COBRAR A TRABAJADORES
13 SUBTOTAL DEUDORES A LARGO PLAZO
15 PROPIEDADES PLANTA Y EQUIPO
1605 CREDITO MERCANTIL
1698 AMORTIZACION ACUMULADA
1710 CARGOS DIFERIDOS
17 SUBTOTAL DIFERIDOS
1895 DIVERSOS
18 SUBTOTAL OTROS ACTIVOS
1910 DE PROPIEDADES PLANTA Y EQUIPO
1995 DE OTROS ACTIVOS
19 SUBTOTAL VALORIZACIONES
TOTAL ACTIVO NO CORRIENTE
TOTAL ACTIVO
21 OBLIGACIONES FINANCIERAS CP
22 PROVEEDORES CP
2315 A COMPANNIAS VINCULADAS CP
2335 COSTOS Y GASTOS POR PAGAR CP
2365 RETENCION EN LA FUENTE CP
2367 IMPUESTO A LAS VENTAS RETENIDO CP
2368 IMPUESTO DE INDUSTRIA Y COMERCIO RETENIDO CP
2370 RETENCIONES Y APORTES DE NOMINA CP
2380 ACREEDORES CP
23 SUBTOTAL CUENTAS POR PAGAR CP
24 IMPUESTOS GRAVAMENES Y TASAS CP
25 OBLIGACIONES LABORALES CP
2605 PARA COSTOS Y GASTOS CP
2610 PARA OBLIGACIONES LABORALES CP
2620 PENSIONES DE JUBILACION CP
2635 PARA CONTINGENCIAS CP
2695 PROVISIONES DIVERSAS CP
26 SUBTOTAL PASIVOS ESTIMAD Y PROVIS CP
TOTAL PASIVO CORRIENTE
24 IMPUESTOS GRAVAMENES Y TASAS LP
2620 PENSIONES DE JUBILACION LP
26 SUBTOTAL PASIVOS ESTIMAD Y PROVIS
TOTAL PASIVO NO CORRIENTE
TOTAL PASIVO
3115 APORTES SOCIALES
31 SUBTOTAL CAPITAL SOCIAL
3205 PRIMA EN COLOC ACC CUOTAS O PARTES DE INT SOCIAL
32 SUBTOTAL SUPERAVIT DE CAPITAL
33 RESERVAS
34 REVALORIZACION DEL PATRIMONIO
36 RESULTADOS DEL EJERCICIO
38 SUPERAVIT POR VALORIZACIONES
TOTAL PATRIMONIO
TOTAL PASIVO Y PATRIMONIO
81 DERECHOS CONTINGENTES
82 DEUDORAS FISCALES
9 CUENTAS DE ORDEN ACREEDORAS POR CONTRA
92 ACREEDORAS FISCALES
8 CTAS DE ORDEN DEUDORAS POR CONTRA
 Estado de resultados
41 INGRESOS OPERACIONALES
61 MENOS COSTO DE VENTAS Y DE PRESTACION DE SERVICIOS
UTILIDAD BRUTA
51 MENOS GASTOS OPERACIONALES DE ADMINISTRACION
DEPRECIACIONES
AMORTIZACIONES
PROVISIONES
52 MENOS GASTOS OPERACIONALES DE VENTAS
UTILIDAD OPERACIONAL
42 MAS INGRESOS NO OPERACIONALES
53 MENOS GASTOS NO OPERACIONALES
530520 INTERESES
UTILIDAD ANTES DE IMPUESTOS 46,528,367
54 MENOS IMPUESTO DE RENTA Y COMPLEMENTARIOS
59 GANANCIAS Y PERDIDAS

Estado de flujos de efectivo

ACTIVIDADES DE OPERACION
UTILIDAD DEL PERIODO
MAS DEPRECIACIONES
MAS AMORTIZACIONES
MAS PROVISIONES
MENOS UTILIDAD EN VTA PROPIEDADES Y EQUIPO Y O OTROS BIENES
MAS PERDIDA EN VENTA O RETIRO DE BIENES
MAS PROVISION IMPUESTO DE RENTA Y COMPLEMENTARIOS
SUBTOTAL
EFECTIVO GENERADO EN OPERACION
MAS DISMINUCION DEUDORES
MAS DISMINUCION INVENTARIOS
MAS AUMENTO PROVEEDORES
MAS AUMENTO CUENTAS POR PAGAR
MAS AUMENTO OBLIGACIONES LABORALES
MAS AUMENTO PASIVOS ESTIMADOS Y PROVISIONES
MENOS AUMENTO DEUDORES
MENOS AUMENTO INVENTARIOS
MENOS AUMENTO ACTIVOS DIFERIDOS
MENOS DISMINUCION PROVEEDORES
MENOS DISMINUCION CUENTAS POR PAGAR
MENOS DISMINUCION IMPUESTOS GRAVAMENES Y TASAS
MENOS DISMINUCION OBLIGACIONES LABORALES
MENOS DISMINUCION PASIVOS ESTIMADOS Y PROVISIONES
FLUJO DE EFECTIVO NETO EN ACTIVIDADES DE OPERACION
ACTIVIDADES DE INVERSION
MENOS COMPRA INVERSIONES TEMPORALES
MENOS COMPRA PROPIEDAD PLANTA Y EQUIPO
MAS VENTA INVERSIONES TEMPORALES
FLUJO DE EFECTIVO NETO EN ACTIVIDADES DE INVERSION
ACTIVIDADES DE FINANCIACION E INVERSIÓN
MENOS PAGO DE OBLIGACIONES FINANCIERAS
MENOS PAGO DE UTILIDADES DIVIDEN PARTICIP GIRO
FLUJO DE EFECTIVO NETO EN ACTIVIDADES FINANCIERAS
TOTAL AUMENTO O DISMINUCION DEL EFECTIVO
EFECTIVO AÑO ANTERIOR
EFECTIVO PRESENTE AÑO
800,000,946
PROCTER & GAMBLE COLOMBIA LTDA
BOGOTA D.C.
D2424
PRODUCTOS QUIMICOS

2012 2013 2014 2015

0 30,962
106,340 2,435,082 236,345 799,077
61,505,165 58,950,502 23,147,268 39,297,040
61,611,505 61,385,584 23,414,575 40,096,117
18,975,259 58,559,742 92,975,433 133,241,538
37,092,117 39,112,782 38,591,043 38,677,626
79,293,047 44,212,242 79,350,162 45,042,863
1,919,882 4,237,700 7,175 10,012
25,831,420 35,296,388 28,056,962 28,952,817
371,319 302,112 415,787 634,447
534,323 1,375,862 5,360,757 2,931,717
2,552,343 1,387,162 1,169,701 301,586
142,489,765 123,149,924 150,612,185 115,947,896
13,452,374 9,926,254 10,221,019 11,546,153
117,084 121,196 345,620 1,629,067
12,657,198 13,431,753 8,092,298 10,092,402
47,483,158 30,478,159 53,141,778 50,186,474
22,065,470 16,181,079 14,766,655 17,204,489
436,798 321,847 148,424 156,996
95,338,486 69,816,594 86,418,946 90,501,589
1,630,539 2,508,272 5,034,784 6,146,487
1,630,539 2,508,272 5,034,784 6,146,487
320,045,554 315,420,116 358,455,923 385,933,627
500,797 500,797 500,797 500,797
221,371 180,819 159,172 158,441
221,371 180,819 159,172 158,441
53,525,734 51,347,280 50,244,906 49,303,329
1,612,377 1,612,377
1,612,377 1,612,377
540,284 523,613 551,813 270,973
540,284 523,613 551,813 270,973
25,304 25,304 25,304 25,304
25,304 25,304 25,304 25,304
20,402,071 20,940,320 21,356,420 8,452,227
25,753 25,753 25,753 25,753
 20,427,824 20,966,073 21,382,173 8,477,980
75,241,314 73,543,886 72,864,165 58,736,824
395,286,868 388,964,002 431,320,088 444,670,451
52,761 9,248 0 0
135,409,461 115,739,676 162,059,134 143,802,467
1,582,768 1,478,102 1,482,261 1,724,934
10,585,803 8,737,963 6,029,697 6,457,658
4,737,464 4,447,322 3,494,061 5,208,919
839,493 681,773 478,072 554,324
99,744 87,821 102,442 83,375
4,392 450 526,943 17,137
106,862 7,107 587,216 127,835
17,956,526 15,440,538 12,700,692 14,174,182
3,842,345 11,334,813 16,171,187 19,418,068
2,613,071 2,525,782 2,682,622 2,856,797
22,219,240 21,372,418 30,914,133 36,493,843
2,308,561 2,322,226 1,756,045 1,665,360
0 0 1,787,488 0
0 0 1,489,776
2,939,757 4,357,506 3,603,279 2,819,527
27,467,558 28,052,150 39,550,721 40,978,730
187,341,722 173,102,207 233,164,356 221,230,244
4,491,203 2,245,601
1,832,583 1,822,168 0 1,760,434
1,832,583 1,822,168 0 1,760,434
6,323,786 4,067,769 0 1,760,434
193,665,508 177,169,976 233,164,356 222,990,678
32,212,968 32,212,968 32,212,968 32,212,968
32,212,968 32,212,968 32,212,968 32,212,968
13,677,575 13,677,575 13,677,575 13,677,576
13,677,575 13,677,575 13,677,575 13,677,576
7,386,816 10,298,868 13,883,155 15,703,574
98,795,669 98,795,669 98,795,669 98,795,669
29,120,508 35,842,873 18,204,190 52,812,006
20,427,824 20,966,073 21,382,175 8,477,980
201,621,360 211,794,026 198,155,732 221,679,773
395,286,868 388,964,002 431,320,088 444,670,451
95,338,486 69,816,594 86,418,946 90,501,589
61,014,969 14,367,050 30,510,590 9,782,703
4,446,088 11,358,469 31,566,423 20,098,896
4,446,088 11,358,469 31,566,423 20,098,896
156,353,455 84,183,644 116,929,536 100,284,292
822,653,803 852,024,667 873,731,269 953,301,552
422,983,235 426,912,899 424,995,422 455,408,050
399,670,568 425,111,768 448,735,847 497,893,502
56,248,380 50,861,499 53,750,864 58,118,929
1,057,302 3,015,327 3,056,195 3,079,174
361,264 18,341 17,580 292,398
720,645 540,303 40,327 306,435
227,460,837 244,470,825 269,735,753 263,513,955
113,822,140 126,205,473 122,135,128 173,780,277
16,188,569 20,903,798 16,100,554 28,735,763
83,482,342 87,839,347 105,223,210 118,771,196
0 0 0 43
46,528,367 59,269,924 33,012,472 83,744,844
17,407,859 23,427,051 14,808,282 30,932,838
29,120,508 35,842,873 18,204,190 52,812,006

29,120,508 35,842,873 18,204,190 52,812,006

1,057,302 3,015,327 3,056,195 3,079,174
361,264 18,341 17,580 292,398
720,645 540,303 40,327 306,435
2,238,947 95,978 44,852 24,628
2,554,054 3,416,937 6,457,941
17,407,859 23,427,051 14,808,282 30,932,838
50,906,525 65,301,971 39,498,659 93,856,164
50,906,525 65,301,971 39,498,659 93,856,164
19,161,936 28,430,215 34,367,158
25,200,046
27,245,435 0
0 1,473,490
465,907 0 156,840 174,175
574,177 9,676,407 3,188,443
14,627,533 0
27,041,216 0 16,602,352 4,091,215
471,904 879,403 2,572,338 1,123,214
19,774,451 9,587,513 18,256,667
1,072,261 2,411,322 2,744,034
11,687,698 18,180,185 12,217,509 27,685,957
87,289
3,060,149 0
20,657,106 68,905,480 81,902,377
0 34,038,375
39,584,483 34,415,692 40,266,105
23,829,835 3,294,948 5,325,857 8,570,960
95,264,734 0
71,434,899 -42,879,431 -48,837,065
0 -39,741,549
3,852,930 43,513 9,249
47,243,101 26,208,457 32,258,586 16,383,770
-51,096,031 -26,251,970 -32,267,835 -16,383,770
40,995,974 -225,921 -37,971,009 16,681,542
20,615,531 61,611,505 61,385,584 23,414,575
61,611,505 61,385,584 23,414,575 40,096,117
Financial Ratios 2012 2013 2014 2015

Efficiency
Account receivable days 63.22 52.76 62.92 44.39
Inventory days 82.27 59.69 74.22 72.54
Accounts payable days 15.50 13.20 10.91 11.36
Cash conversion Cycle 160.99 125.65 148.05 128.29

Cash days 27.34 26.30 9.78 15.35

Liquidity:
Current ratio 1.71 1.82 1.54 1.74
Quick ratio 1.20 1.42 1.17 1.34
Cash ratio 0.33 0.35 0.10 0.18

Leverage:
Debt-to-assets 48.99% 45.55% 54.06% 50.15%
Debt-to-equity 0.96 0.84 1.18 1.01
Interest coverage (EBIT) #DIV/0! #DIV/0! #DIV/0! -508,816.86
Interest coverage (EBITDA) #DIV/0! #DIV/0! #DIV/0! -437,208.16

Profitability:
Net profit margin 3.54% 4.21% 2.08% 5.54%
Operating margin 13.84% 14.81% 13.98% 18.23%
Gross margin 48.58% 49.89% 51.36% 52.23%

Dupont (ROA): 28.79% 32.45% 28.32% 39.08%

Operating margin 13.84% 14.81% 13.98% 18.23%
Asset turnover (Sales / Assets) 2.08 2.19 2.03 2.14

Dupont (ROE): 56.45% 59.59% 61.64% 78.39%

Operating margin 13.84% 14.81% 13.98% 18.23%
Asset turnover (Sales / Assets) 2.08 2.19 2.03 2.14
Equity multiplier (Assets / Equity) 1.96 1.84 2.18 2.01
2016 2017 2018 2019 2020

35.00 35.00 35.00 35.00 35.00

69.00 69.00 69.00 69.00 69.00
100.00 100.00 100.00 100.00 100.00
204.00 204.00 204.00 204.00 204.00

15.25 0.00 0.00 0.00 0.00

 Historico
Assumptions Table 2012 2013

Sales growth 3.57%

Cost of goods sold rate 51.42% 50.11%
Selling and Administrative expenses 6.84% 5.97%
Other income//expenses 10.15% 10.31%
Tax rate 37.41% 39.53%
Dividend payout (as a fraction of net profit) 123.08%
Cash days 27.34 26.30
Accounts receivable days 63.22 52.76
Inventory days 82.27 59.69
Accounts payable days 15.50 13.20
Capital expenditures (CAPEX) -4.07%
Percentage (%) depreciation on PPE 5.63%
Accumulated expenses to expenses 31.92% 30.36%
Interest rate on financial debts (Short & Long term) 7.15%
Debt reduction index 5.13%
Interest rate on short term investments 11.69%
Historico Supuestos
2014 2015 2016 2017 2018 2019 2020

2.55% 9.11% 10.41% 11.71% 13.01% 14.31% 15.61%

48.64% 47.77% 35.00% 35.00% 35.00% 35.00% 35.00%
6.15% 6.10% 15.00% 15.00% 15.00% 15.00% 15.00%
12.04% 12.46% 11.40% 11.40% 11.40% 11.40% 11.40%
44.86% 36.94% 38% 38% 38% 38% 38%
50.79% 290.11% 154% 154% 154% 154% 154%
9.78 15.35 14.00 14.00 14.00 14.00 14.00
62.92 44.39 35.00 35.00 35.00 35.00 35.00
74.22 72.54 69.00 69.00 69.00 69.00 69.00
10.91 11.36 13.00 13.00 13.00 13.00 13.00
-2.15% -1.87% 4.50% 4.50% 4.50% 4.50% 4.50%
5.95% 6.13% 5.76% 5.76% 5.76% 5.76% 5.76%
23.63% 24.39% 25% 25% 25% 25% 25%
6.43% 7.15% 4% 4% 4% 4% 4%
4.87% 3.43% 5% 5% 5% 5% 5%
7.74% 10.00% 5% 5% 5% 5% 5%
 2012 2013
ASSETS
Current Assets
Cash and equivalents $ 61,611,505 $ 61,385,584
Short-term investments
Accounts receivable $ 142,489,765 $ 123,149,924
Inventories $ 95,338,486 $ 69,816,594
Prepaid expenses and other assets $ 1,630,539 $ 2,508,272
Deferred income taxes, net $ - $ -
Total Current Assets $ 301,070,295 $ 256,860,374
Noncurrent Assets
Property, plant and equipment, gross $ 53,525,734 $ 51,347,280
Accumulated depreciation -$ 44,237,529 -$ 44,754,239
Property, plant and equipment, net $ 9,288,205 $ 6,593,041
Deferred income taxes and other assets $ - $ -
Total Noncurrent Assets $ 9,288,205 $ 6,593,041
TOTAL ASSETS $ 310,358,500 $ 263,453,415

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
Current portion of long term debt $ 52,761 $ 9,248
Notes payable
Accounts payable $ 17,956,526 $ 15,440,538
Accrued liabilities $ - $ -
Income taxes payable $ 3,842,345 $ 11,334,813
Total Current Liabilities $ 21,851,632 $ 26,784,599
Noncurrent Liabilities
Long-term debt $ - $ -
Deferred taxes and other long-term liabilities $ 4,491,203 $ 2,245,601
Total Noncurrent Liabilities $ 4,491,203 $ 2,245,601
TOTAL LIABILITIES $ 26,342,835 $ 29,030,200
Redeemable preferred stock $ 0.30 $ 0.30
Common Shareholders' Equity
Common stock $ 32,212,968.00 $ 32,212,968.00
Capital in excess of stated value $ 13,677,575 $ 13,677,575
Retained earnings $ 7,386,816 $ 10,298,868
Accumulated other comprehensive income $ 98,795,669 $ 98,795,669
Total Common Shareholders' Equity $ 152,073,028 $ 154,985,080
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 178,415,863 $ 184,015,280

Test $ 131,942,637 $ 79,438,135

 2014 2015 2016 2017 2018

$ 23,414,575 $ 40,096,117 $ 43,976,310 $ - $ -

$ 150,612,185 $ 115,947,896 $ 100,925,730 $ 112,741,056 $ 127,405,231

$ 86,418,946 $ 90,501,589 $ 69,638,754 $ 77,791,329 $ 87,909,609
$ 5,034,784 $ 6,146,487 $ 6,146,487 $ 6,146,487 $ 6,146,487
$ - $ - $ - $ - $ -
$ 265,480,490 $ 252,692,089 $ 220,687,280 $ 196,678,872 $ 221,461,327

$ 50,244,906 $ 49,303,329 $ 51,521,979 $ 53,840,468 $ 56,263,289

-$ 44,991,398 -$ 45,619,137 -$ 48,459,009 -$ 51,426,675 -$ 54,527,886
$ 5,253,508 $ 3,684,192 $ 3,062,970 $ 2,413,793 $ 1,735,403
$ - $ - $ - $ - $ -
$ 5,253,508 $ 3,684,192 $ 3,062,970 $ 2,413,793 $ 1,735,403
$ 270,733,998 $ 256,376,281 $ 223,750,250 $ 199,092,665 $ 223,196,730

$ - $ - $ - $ - $ -

$ 12,700,692 $ 14,174,182 $ 13,120,345 $ 14,656,337 $ 16,562,680

$ - $ - $ 39,469,169 $ 44,089,806 $ 49,824,546
$ 16,171,187 $ 19,418,068 $ 19,418,068 $ 19,418,068 $ 19,418,068
$ 28,871,879 $ 33,592,250 $ 72,007,582 $ 78,164,211 $ 85,805,293

$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 28,871,879 $ 33,592,250 $ 72,007,582 $ 78,164,211 $ 85,805,293
$ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30

$ 32,212,968.00 $ 32,212,968.48 $ 32,212,968.48 $ 32,212,968.48 $ 32,212,968.48

$ 13,677,575 $ 13,677,576 $ 13,677,576 $ 13,677,576 $ 13,677,576
$ 13,883,155 $ 15,703,574 $ 343,967,805 $ - $ -
$ 98,795,669 $ 98,795,669 $ 98,795,669 $ 98,795,669 $ 98,795,669
$ 158,569,367 $ 160,389,787 $ 488,654,018 $ 144,686,213 $ 144,686,213
$ 187,441,246 $ 193,982,037 $ 560,661,600 $ 222,850,424 $ 230,491,506

$ 83,292,752 $ 62,394,244 -$ 336,911,349 -$ 23,757,759 -$ 7,294,777

 2019 2020

$ - $ -

$ 145,633,035 $ 168,361,912
$ 100,486,794 $ 116,169,719
$ 6,146,487 $ 6,146,488
$ - $ -
$ 252,266,316 $ 290,678,120

$ 58,795,137 $ 61,440,918
-$ 57,768,651 -$ 61,155,251
$ 1,026,486 $ 285,667
$ - $ -
$ 1,026,486 $ 285,667
$ 253,292,802 $ 290,963,787

$ - $ -

$ 18,932,295 $ 21,887,049
$ 56,952,919 $ 65,841,534
$ 19,418,068 $ 19,418,068
$ 95,303,282 $ 107,146,650

$ - $ -
$ - $ -
$ - $ -
$ 95,303,282 $ 107,146,650
$ 0.30 $ 0.30

$ 32,212,968.48 $ 32,212,968.48
$ 13,677,576 $ 13,677,576
$ - $ -
$ 98,795,669 $ 98,795,669
$ 144,686,213 $ 144,686,213
$ 239,989,495 $ 251,832,863

$ 13,303,307 $ 39,130,924
 2012 2013 2014

Ventas $ 822,653,803 $ 852,024,667 $ 873,731,269

Costo de Ventas -$ 422,983,235 -$ 426,912,899 -$ 424,995,422
Utilidad Bruta $ 399,670,568 $ 425,111,768 $ 448,735,847
Selling and distribution expenses -$ 227,460,837 -$ 244,470,825 -$ 269,735,753
Administrative expenses -$ 57,305,682 -$ 53,876,826 -$ 56,807,059
Other Operative income
Other Operative expenses -$ 1,081,909 -$ 558,644 -$ 57,907
Net Other Operating Result -$ 1,081,909 -$ 558,644 -$ 57,907
Operating Profit (EBIT) $ 113,822,140 $ 126,205,473 $ 122,135,128
EBITDA $ 114,904,049 $ 126,764,117 $ 122,193,035
Finance Income
Interest Expenses $ - $ - $ -
Finance Expenses $ - $ - $ -
Financial Result $ - $ - $ -
Other Income $ 16,188,569 $ 20,903,798 $ 16,100,554
Other Expenses -$ 83,482,342 -$ 87,839,347 -$ 105,223,210
Net other non-operating result -$ 67,293,773 -$ 66,935,549 -$ 89,122,656
Profit Before Income Tax $ 46,528,367 $ 59,269,924 $ 33,012,472
Income Tax $ 17,407,859 $ 23,427,051 $ 14,808,282
Profit After Income Tax $ 29,120,508 $ 35,842,873 $ 18,204,190

Dividend Payment ($$) $ 29,120,508 $ 35,842,873

 2015 2016 2017 2018 2019 2020

$ 953,301,552 $ 1,052,511,182 $ 1,175,728,156 $ 1,328,654,547 $ 1,518,744,509 $ 1,755,774,228

-$ 455,408,050 -$ 368,378,914 -$ 411,504,855 -$ 465,029,092 -$ 531,560,578 -$ 614,520,980
$ 497,893,502 $ 684,132,268 $ 764,223,301 $ 863,625,456 $ 987,183,931 $ 1,141,253,248
-$ 263,513,955 -$ 157,876,677 -$ 176,359,223 -$ 199,298,182 -$ 227,811,676 -$ 263,366,134
-$ 61,198,103 -$ 119,986,275 -$ 134,033,010 -$ 151,466,618 -$ 173,136,874 -$ 200,158,262

-$ 598,833 -$ 598,833 -$ 598,833 -$ 598,833 -$ 598,833 -$ 598,833

-$ 598,833 -$ 598,833 -$ 598,833 -$ 598,833 -$ 598,833 -$ 598,833
$ 172,582,611 $ 405,670,483 $ 453,232,235 $ 512,261,822 $ 585,636,547 $ 677,130,019
$ 173,181,444 $ 405,670,483 $ 453,232,235 $ 512,261,822 $ 585,636,547 $ 677,130,019

-$ 43 $ - $ - $ - $ - $ -
-$ 43 $ - $ - $ - $ - $ -
-$ 43 $ - $ - $ - $ - $ -
$ 28,735,763 $ 119,986,275 $ 134,033,010 $ 151,466,618 $ 173,136,874 $ 200,158,262
-$ 118,771,196 -$ 41,995,196 -$ 46,911,553 -$ 53,013,316 -$ 60,597,906 -$ 70,055,392
-$ 90,035,433 $ 77,991,079 $ 87,121,456 $ 98,453,302 $ 112,538,968 $ 130,102,870
$ 83,744,844 $ 567,651,954 $ 634,176,798 $ 716,741,757 $ 819,371,327 $ 947,343,673
$ 30,932,838 $ 215,707,743 $ 240,987,183 $ 272,361,868 $ 311,361,104 $ 359,990,596
$ 52,812,006 $ 351,944,212 $ 393,189,615 $ 444,379,889 $ 508,010,223 $ 587,353,077

$ 18,204,190 $ 23,679,981 $ 24,916,404 $ 25,693,018 $ 26,440,276 $ 27,097,154

Consolidated Statement of Cash Flows for Procter Colombia

OPERATING ACTIVITIES
Net profit

Depreciation
Impairment
Interest, net

Change in NWC

Cash provided by operations

INVESTING ACTIVITIES

∆ Short term investments

∆ Property, plant and equipment
∆ Intangible and other LT assets

Cash provided from investing activities

FINANCING ACTIVITIES

Dividend payment
∆ Short-term debt
∆ Long-term debt
∆ Interest, net
∆ Redeemable preferred stock
∆ Common stock
∆ Capital in excess of stated value
∆ Accumulated other comprehensive income

Cash provided from financing activities

Change in cash and cash equivalents

Initial balance

Final balance in cash and cash equivalents

 Dividend Payment ($$) 29,120,508.00 35,842,873.00

ter Colombia 2013 2014

$ 35,842,873 $ 18,204,190

$ 3,015,327.00 $ 3,056,195.00
$ - $ -
$ - $ -

∆ Accounts receivable $ 19,339,841.00 -$ 27,462,261.00

∆ Inventories $ 25,521,892.00 -$ 16,602,352.00
∆ Prepaid expenses -$ 877,733.00 -$ 2,526,512.00
∆ Payables and accrued liabilities $ 4,889,191.00 $ 2,253,368.00
∆ Deferred taxes, other assets and other liabilities $ 7,492,468.00 $ 4,836,374.00

$ 95,223,859.00 $ -18,240,998.00

$ 39,584,483.00 $ 34,415,691.00
$ 2,178,454.00 $ 1,102,374.00
$ - $ 3,224,754.00

$ 41,762,937.00 $ 38,742,819.00

$ -29,120,508.00 $ -35,842,873.00
$ -43,513.00 $ -9,248.00
$ - $ -
$ - $ -
$ 61,611,505.00 $ 61,385,584.00
 18,204,190.00

2015 2016 2017 2018 2019 2020

$ 52,812,006 $ 351,944,212 $ 393,189,615 $ 444,379,889 $ 508,010,223 $ 587,353,077

$ 3,079,174.00 #REF! #REF! #REF! #REF! #REF!

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ 34,664,289.00 $ 15,022,166 -$ 11,815,326 -$ 14,664,174 -$ 18,227,805 -$ 22,728,877

-$ 4,082,643.00 -$ 17,022,142 -$ 12,136,107 -$ 12,741,286 -$ 13,305,887 -$ 14,049,086
-$ 1,111,703.00 -$ 2,345,116 -$ 2,434,550 -$ 2,197,513 -$ 2,319,748 -$ 2,343,513
$ 4,894,546.00 $ 3,919,937 $ 2,603,898 $ 3,684,091 $ 3,896,319 $ 4,298,610
$ 3,246,881.00 $ 4,624,097 $ 3,291,630 $ 3,028,761 $ 4,109,726 $ 2,974,207

$ 93,502,550.00 #REF! #REF! #REF! #REF! #REF!

$ 40,266,105.00
$ 941,577.00
$ -

$ 41,207,682.00

$ -18,204,190.00
$ -
$ -
$ -
$ 23,414,575.00 $ 43,976,310