Analisis

2015 Vertical
ACTIVO CORRIENTE 12/31/2015

Efectivo y equivalente de efectivo 545,708 3.13%

Instrumentos financieros derivados 22,114 0.13%
Otro activos financieros corrientes 3,676 0.02%
Deudores comerciales y otras cuentas por cobrar, ne 1,071,587 6.14%
Saldo a favor de impuestos 278,959 1.60%
Inventarios 727,709 4.17%
Activos biólogicos 0 0.00%
Gastos pagados por anticipado 64,268 0.37%
Activos no corrientes mantenidos para la venta 10,114 0.06%
TOTAL ACTIVO CORRIENTE 2,724,135 15.61%
ACTIVO NO CORRIENTE
Deudores comerciales y otras cuentas por cobrar, ne 35,628 0.20%
inversiones en asocioadas y negocios conjuntos 81,857 0.47%
Instrumentos financieros derivados 324 0.00%
Otro activos financieros no corrientes 1,466,654 8.41%
Otros activos intangibles, neto 1,202,700 6.89%
Actico por derecho de uso en arrendaminto 0 0.00%
Activos biológicos 20,242 0.12%
Propiedad, planta y equipo, neto 9,373,182 53.72%
Propiedad de inversión, neto 153,033 0.88%
Crédito mercantil 1,836,087 10.52%
Activo por impuesto diferido 550,883 3.16%
Gastos pagado por anticipado y otros activos 2,273 0.01%
TOTAL ACTIVO NO CORRIENTE 14,722,863 84.39%
TOTAL ACTIVO 17,446,998 100.00%
PASIVO
PASIVO CORRIENTE
Obligaciones financieras 1,186,029 6.80%
pasivos por arrendamiento
Pasivos comerciales y cuentas por pagar 988,134 5.66%
Impuestos, gravámenes y tasas 323,805 1.86%
Pasivo por beneficio a empleados 145,041 0.83%
Provisiones corrientes 86,055 0.49%
Otros pasivos financieros 45,019 0.26%
Instrumentos financieros derivados 0 0.00%
Bonos en circulacion y acciones prefernciales 426,638 2.45%
Ingresos por anticipado y otro pasivos 154,955 0.89%
Pasivos asociados a activos no corrientes mantenidos 856 0.00%
TOTAL PASIVO CORRIENTE 3,356,532 19.24%
PASIVO NO CORRIENTE 0.00%
Obligaciones financieras 2,243,125 12.86%
pasivos por arrendamiento
Pasivos comerciales y cuentas por pagar 10,495 0.06%
Pasivo por beneficio a empleados 245,395 1.41%
Otros pasivos financieros 0 0.00%
Instrumentos financieros derivados 172,156 0.99%
Impuesto por pagar 0 0.00%
Provisiones 186,920 1.07%
Bonos en circulacion y acciones prefernciales 1,822,157 10.44%
Otros pasivos 8,720 0.05%
Pasivo por impuesto diferido 663,992 3.81%
TOTAL NO PASIVO CORRIENTE 5,352,960 30.68%
TOTAL PASIVO 8,709,492 49.92%
PATRIMONIO 8,737,506 50.08%
TOTAL PASIVO Y PATRIMONIO 17,446,998 100.00%
 Analisis Analisis
2016 Analisis Vertical 2017 Vertical 2018 Vertical 2019
12/31/2016 12/31/2017 12/31/2018 12/31/2019

531,666 2.78% 523,749 2.79% 640,837 3.40% 353,211

1,420 0.01% 102 0.00% 1,528 0.01% 355
2,301 0.01% 31,680 0.17% 3,210 0.02% 0
1,318,499 6.88% 1,401,470 7.46% 989,716 5.24% 1,028,622
269,904 1.41% 293,636 1.56% 310,534 1.65% 324,356
839,247 4.38% 732,458 3.90% 851,417 4.51% 899,542
0 0.00% 0 0.00% 0 0.00% 0
78,992 0.41% 69,222 0.37% 75,332 0.40% 76,282
8,373 0.04% 8,188 0.04% 15,787 0.08% 31,944
3,050,402 15.92% 3,060,505 16.29% 2,888,361 15.31% 2,714,312

111,920 0.58% 113,189 0.60% 166,742 0.88% 147,825

79,529 0.42% 81,461 0.43% 89,626 0.47% 47,415
650 0.00% 2,533 0.01% 618 0.00% 3,675
1,389,944 7.26% 1,172,274 6.24% 934,323 4.95% 982,630
1,117,529 5.83% 1,036,963 5.52% 954,841 5.06% 833,014
0 0.00% 0 0.00% 0 0.00% 964,860
20,870 0.11% 21,199 0.11% 21,257 0.11% 20,638
11,078,053 57.83% 11,095,914 59.07% 11,438,092 60.62% 11,135,945
153,976 0.80% 124,699 0.66% 191,903 1.02% 205,370
1,753,268 9.15% 1,707,028 9.09% 1,828,481 9.69% 1,718,298
396,172 2.07% 367,049 1.95% 355,775 1.89% 420,368
4,490 0.02% 102 0.00% 0 0.00% 0
16,106,401 84.08% 15,722,411 83.71% 15,981,658 84.69% 15,515,178
19,156,803 100.00% 18,782,916 100.00% 18,870,019 100.00% 18,229,490

2,485,743 12.98% 1,834,604 9.77% 1,173,727 6.22% 1,035,254

148,753
1,118,894 5.84% 1,080,181 5.75% 1,176,817 6.24% 1,220,127
238,443 1.24% 235,767 1.26% 268,207 1.42% 215,992
146,716 0.77% 138,691 0.74% 160,802 0.85% 155,269
88,947 0.46% 92,434 0.49% 81,863 0.43% 83,886
0 0.00% 0 0.00% 0 0.00% 16,030
102,555 0.54% 3,622 0.02% 277 0.00% 16,310
 475,621 2.48% 130,312 0.69% 100,172 0.53% 30,937
181,198 0.95% 158,971 0.85% 129,706 0.69% 130,035
824 0.00% 824 0.00% 0 0.00% 0
4,838,941 25.26% 3,675,406 19.57% 3,091,571 16.38% 3,052,593
0.00% 0.00% 0.00%
2,402,996 12.54% 2,561,665 13.64% 2,672,923 14.16% 2,370,149
805,354
9,497 0.05% 3,798 0.02% 1,832 0.01% 1,159
287,129 1.50% 340,349 1.81% 298,401 1.58% 289,800
0 0.00% 0 0.00% 0 0.00% 0
8,901 0.05% 0 0.00% 22,973 0.12% 48,719
0 0.00% 0 0.00% 0 0.00% 0
180,670 0.94% 199,645 1.06% 211,710 1.12% 167,365
1,948,877 10.17% 2,851,563 15.18% 3,279,030 17.38% 3,281,633
43,063 0.22% 24,143 0.13% 27,614 0.15% 1,634
363,150 1.90% 347,006 1.85% 268,287 1.42% 323,497
5,244,283 27.38% 6,328,169 33.69% 6,782,770 35.94% 7,289,310
10,083,224 52.64% 10,003,575 53.26% 9,874,341 52.33% 10,341,903
9,073,579 47.36% 8,779,341 46.74% 8,995,678 47.67% 8,852,447
19,156,803 100.00% 18,782,916 100.00% 18,870,019 100.00% 19,194,350
Analisis
Vertical 2015-2016 2016-2017 2017-2018 2018-2019
VA VR VA VR VA VR VA

1.94% $ 14,042 2.57% 7,917 1.49% -117,088 -22.36% 287,626

0.00% $ 20,694 3.79% -522,329 -98.24% -640,735 -122.34% -351,683
0.00% $ 1,375 0.25% -521,448 -98.08% -609,157 -116.31% -350,001
5.64% -$ 246,912 -45.25% 794,750 149.48% 760,633 145.23% 636,505
1.78% $ 9,055 1.66% -253,845 -47.75% -347,201 -66.29% -42,677
4.93% -$ 111,538 -20.44% 315,498 59.34% 91,621 17.49% 498,206
0.00% $ - 0.00% -523,749 -98.51% -640,837 -122.36% -353,211
0.42% -$ 14,724 -2.70% -444,757 -83.65% -571,615 -109.14% -277,879
0.18% $ 1,741 0.32% -515,376 -96.94% -632,649 -120.79% -337,424
14.89% -$ 326,267 -59.79% 2,526,653 475.23% 2,419,668 461.99% 2,535,150
-523,749 -98.51% -640,837 -122.36% -353,211
0.81% -$ 76,292 -13.98% -411,829 -77.46% -527,648 -100.74% -186,469
0.26% $ 2,328 0.43% -444,220 -83.55% -559,376 -106.80% -263,585
0.02% -$ 326 -0.06% -523,099 -98.39% -638,304 -121.87% -352,593
5.39% $ 76,710 14.06% 866,195 162.92% 531,437 101.47% 581,112
4.57% $ 85,171 15.61% 593,780 111.68% 396,126 75.63% 601,630
5.29% $ - 0.00% -523,749 -98.51% -640,837 -122.36% -353,211
0.11% -$ 628 -0.12% -502,879 -94.59% -619,638 -118.31% -331,954
61.09% -$ 1,704,871 -312.41% 10,554,304 1985.14% 10,455,077 1996.20% 11,084,881
1.13% -$ 943 -0.17% -369,773 -69.55% -516,138 -98.55% -161,308
9.43% $ 82,819 15.18% 1,229,519 231.26% 1,066,191 203.57% 1,475,270
2.31% $ 154,711 28.35% -127,577 -24.00% -273,788 -52.27% 2,564
0.00% -$ 2,217 -0.41% -519,259 -97.67% -640,735 -122.34% -353,211
85.11% -$ 1,383,538 -253.53% 15,582,652 2930.91% 15,081,574 2879.54% 15,628,447
100.00% -$ 1,709,805 -313.32% 18,633,054 3504.65% 18,142,079 3463.89% 18,516,808
-523,749 -98.51% -640,837 -122.36% -353,211
-523,749 -98.51% -640,837 -122.36% -353,211
5.39% -$ 1,299,714 -238.17% 1,961,994 369.03% 1,193,767 227.93% 820,516
0.77% -353,211
6.36% -$ 130,760 -23.96% 595,145 111.94% 439,344 83.88% 823,606
1.13% $ 85,362 15.64% -285,306 -53.66% -405,070 -77.34% -85,004
0.81% -$ 1,675 -0.31% -377,033 -70.92% -502,146 -95.88% -192,409
0.44% -$ 2,892 -0.53% -434,802 -81.78% -548,403 -104.71% -271,348
0.08% $ 45,019 8.25% -523,749 -98.51% -640,837 -122.36% -353,211
0.08% -$ 102,555 -18.79% -421,194 -79.22% -637,215 -121.66% -352,934
 0.16% -$ 48,983 -8.98% -48,128 -9.05% -510,525 -97.48% -253,039
0.68% -$ 26,243 -4.81% -342,551 -64.43% -481,866 -92.00% -223,505
0.00% $ 32 0.01% -522,925 -98.36% -640,013 -122.20% -353,211
15.90% -$ 1,482,409 -271.65% 4,315,192 811.64% 3,034,569 579.39% 2,738,360
0.00% $ - 0.00% -523,749 -98.51% -640,837 -122.36% -353,211
12.35% -$ 159,871 -29.30% 1,879,247 353.46% 1,920,828 366.75% 2,319,712
4.20% -353,211
0.01% $ 998 0.18% -514,252 -96.72% -637,039 -121.63% -351,379
1.51% -$ 41,734 -7.65% -236,620 -44.51% -300,488 -57.37% -54,810
0.00% $ - 0.00% -523,749 -98.51% -640,837 -122.36% -353,211
0.25% $ 163,255 29.92% -514,848 -96.84% -640,837 -122.36% -330,238
0.00% $ - 0.00% -523,749 -98.51% -640,837 -122.36% -353,211
0.87% $ 6,250 1.15% -343,079 -64.53% -441,192 -84.24% -141,501
17.10% -$ 126,720 -23.22% 1,425,128 268.05% 2,210,726 422.10% 2,925,819
0.01% -$ 34,343 -6.29% -480,686 -90.41% -616,694 -117.75% -325,597
1.69% $ 300,842 55.13% -160,599 -30.21% -293,831 -56.10% -84,924
37.98% $ 108,677 19.91% 4,720,534 887.88% 5,687,332 1085.89% 6,429,559
53.88% -$ 1,373,732 -251.73% 9,559,475 1798.02% 9,362,738 1787.64% 9,521,130
46.12% -$ 336,073 -61.58% 8,549,830 1608.12% 8,138,504 1553.89% 8,642,467
100.00% -$ 1,709,805 -313.32% 18,633,054 3504.65% 18,142,079 3463.89% 18,516,808
2018-2019
VR

44.88%
-54.88%
-54.62%
99.32%
-6.66%
77.74%
-55.12%
-43.36%
-52.65%
395.60%
-55.12%
-29.10%
-41.13%
-55.02%
90.68%
93.88%
-55.12%
-51.80%
1729.75%
-25.17%
230.21%
0.40%
-55.12%
2438.76%
2889.47%
-55.12%
-55.12%
128.04%
-55.12%
128.52%
-13.26%
-30.02%
-42.34%
-55.12%
-55.07%
 -39.49%
-34.88%
-55.12%
427.31%
-55.12%
361.98%
-55.12%
-54.83%
-8.55%
-55.12%
-51.53%
-55.12%
-22.08%
456.56%
-50.81%
-13.25%
1003.31%
1485.73%
1348.62%
2889.47%