Cuenta de Resultados

2015 % 2016
Ingresos 44,294.00 100% 41,863.00
Coste de Ventas 17,482.00 39% 16,465.00
Resultado Bruto 26,812.00 61% 25,398.00
Operativo
Operating expenses
Investigación y - -
Desarrollo
Ventas, general y 16,427.00 37% 15,262.00
administración
Gastos de personal - -
Depreciación y - -
amortización
1,657.00 4% 1,510.00
Otros Gastos Operativos
18,084.00 41% 16,772.00
Total Gastos Operativos
Resultado Operativo 8,728.00 20% 8,626.00
antes de intereses e
impuestos
Resultado no operativo 877 2% -490
Resultado antes de 9,605.00 22% 8,136.00
impuestos
Provisión para impuesto 2,239.00 5% 1,586.00
sobre beneficios
Resultado neto de 7,366.00 17% 6,550.00
operaciones continuadas
Resultado Neto 7,351.00 17% 6,527.00
Resultado neto atribuible 7,351.00 17% 6,527.00
Earnings per share
Básico 1.69 1.51
Diluido 1.67 1.49
Datos en millones. La divisa es el
USD.
% 2017 % 2018 %
100% 35,410.00 100% 31,856.00 100%
39% 13,256.00 37% 11,770.00 37%
61% 22,154.00 63% 20,086.00 63%

- -

36% 12,496.00 35% 10,307.00 32%

- -
- -

4% 231 1% -2 0%

40% 12,727.00 36% 10,305.00 32%

21% 9,427.00 27% 9,781.00 31%

-1% -2,685.00 -8% -1,431.00 -4%

19% 6,742.00 19% 8,350.00 26%

4% 5,560.00 16% 1,623.00 5%

16% 1,182.00 3% 6,727.00 21%

16% 1,248.00 4% 6,434.00 20%

16% 1,248.00 4% 6,434.00 20%

0.3 1.51
0.29 1.5
 2019 %
37,266.00 100%
14,619.00 39%
22,647.00
61%

12,103.00
32%
-
-

11
0%
12,114.00
33%
10,533.00

28%
253 1%
10,786.00
29%
1,801.00
5%
8,985.00
24%
8,920.00 24%
8,920.00 24%

2.09
2.07
Balance
2015 % 2016 % 2017 %
Activos
Activo Corriente
Tesorería
Tesorería,yequivalentes a tesorería e Inversiones financieras a corto plazo
Total
equivalentes
liquidez, a
Inversiones 7,309.00 8.11% 8,555.00 9.80% 6,006.00 6.83%
tesorería
equivalentes
financieras a
a liquidez 12,591.00 13.98% 13,646.00 15.64% 14,669.00 16.69%
corto plazo e
inversiones a
corto plazo 19,900.00 22.09% 22,201.00 25.44% 20,675.00 23.52%
3,941.00 4.37% 3,856.00 4.42% 3,667.00 4.17%
Deudores
2,902.00 3.22% 2,675.00 3.07% 2,655.00 3.02%
Existencias
Otros activos
corrientes 6,652.00 7.38% 5,278.00 6.05% 9,548.00 10.86%
Total activos
33,395.00 37.07% 34,010.00 38.97% 36,545.00 41.58%
corrientes
Sin contar bienes
inmuebles,
Activos no corrientes
instalaciones y
12,571.00 14% 10,635.00 12% 8,203.00 9%
máquinas
Acciones y otras
- - -
inversiones
24,132.00 27% 21,128.00 24% 16,636.00 19%
Intangibles
Impuestos Diferido - - -
Otros activos a largo
19,995.00 22% 21,497.00 25% 26,512.00 30%
plazo
Total activos no 56,698.00 63% 53,260.00 61% 51,351.00 58%
corrientes
Total Activo 90,093.00 100% 87,270.00 100% 87,896.00 100%

Pasivo y Patrimonio Neto

Pasivo
Pasivo corriente
Accounts
2,795.00 3.10% 2,682.00 3.07% 2,288.00 2.60%
Payable
Impuestos a
775 0.86% 679 0.78% 757 0.86%
pagar
Deuda
15,806.00 17.54% 16,025.00 18.36% 16,503.00 18.78%
corriente
Otro pasivo 7,554.00 8.38% 7,146.00 8.19% 7,646.00 8.70%
corriente
Total pasico 26,930.00 29.89% 26,532.00 30.40% 27,194.00 30.94%
corriente
Pasivo no corriente
Pasivo por 4,691.00 5.21% 3,753.00 4.30% 2,522.00 2.87%
Impuestos
diferidos
Deuda a largo 28,407.00 31.53% 29,684.00 34.01% 31,182.00 35.48%
plazo
Otras deudas 4,301.00 11.50% 4,081.00 4.68% 8,021.00 9.13%
a largo plazo
Total pasivo 37,399.00 41.51% 37,518.00 42.99% 41,725.00 47.47%
no corriente
Total Pasivo 64,329.00 71.40% 64,050.00 73.39% 68,919.00 78.41%

Patrimonio Neto
1,760.00 1.95% 1,760.00 2.02% 1,760.00 2.00%
Capital Social
14,016.00 15.56% 14,993.00 17.18% 15,864.00 18.05%
Prima de emisión
- - -
Otras reservas
 Beneficio no 65,018.00 72.17% 65,502.00 75.06% 60,430.00 68.75%
distribuido
Intereses
minoritarios 210 0.23% 158 0.18% 1,905.00 2.17%

Fondos propios 25,554.00 28.36% 23,062.00 26.43% 17,072.00 19.42%

totales
Total pasivo y fondos 90,093.00 87,270.00 87,896.00
propios 100.00% 100.00% 100.00%
 2018 % 2019 %

8,926.00 10.73% 6,480.00

7.50%
7,038.00 8.46% 4,695.00
5.44%
15,964.00 19.18% 11,175.00 12.94%
3,396.00 4.08% 3,971.00
4.60%
2,766.00 3.32% 3,379.00
3.91%
8,508.00 10.22% 1,886.00 2.18%
30,634.00 36.81% 20,411.00
23.63%

8,232.00 10% 10,838.00

13%
- -
17,270.00 21% 26,766.00
31%
2,667.00 3% 2,412.00 3%
24,413.00 29% 25,954.00
30%
52,582.00 63% 65,970.00
76%
83,216.00 100% 86,381.00 100%

2,498.00 3.00% 3,804.00 4.40%

693 0.83% 856 0.99%
18,191.00 21.86% 15,247.00 17.65%
7,841.00 9.42% 7,066.00
8.18%
29,223.00 35.12% 26,973.00
31.23%

1,933.00 2.32% 2,284.00

2.64%
25,364.00 30.48% 27,516.00
31.85%
7,638.00 9.18% 8,510.00
9.85% 36,026.00
34,935.00 41.98% 38,310.00
44.35%
64,158.00 77.10% 65,283.00 75.58%

1,760.00 2.11% 1,760.00 2.04%

16,520.00 19.85% 17,154.00 19.86%
- -
63,234.00 75.99% 65,855.00
76.24%
2,077.00 2.50% 2,117.00 2.45% 21,031.00 57,057.00
16,981.00 20.41% 18,981.00
21.97%
83,216.00 86,381.00
100.00% 100.00%
Balance
2015 % 2016 % 2017 %
Activos
Activo Corriente
Tesorería
Tesorería,yequivalentes a tesorería e Inversiones
Total financieras a corto plazo
equivalentes
liquidez, a
Inversiones 7,309.00 8.11% 8,555.00 9.80% 6,006.00 6.83%
tesorería
equivalentes
financieras a
a liquidez 12,591.00 13.98% 13,646.00 15.64% 14,669.00 16.69%
corto plazo e
inversiones a
corto plazo 19,900.00 22.09% 22,201.00 25.44% 20,675.00 23.52%
3,941.00 4.37% 3,856.00 4.42% 3,667.00 4.17%
Deudores
2,902.00 3.22% 2,675.00 3.07% 2,655.00 3.02%
Existencias
Otros activos
corrientes 6,652.00 7.38% 5,278.00 6.05% 9,548.00 10.86%
Total activos
33,395.00 37.07% 34,010.00 38.97% 36,545.00 41.58%
corrientes
Sin contar bienes
inmuebles,
Activos no corrientes
instalaciones y
12,571.00 14% 10,635.00 12% 8,203.00 9%
máquinas
Acciones y otras
- - -
inversiones
24,132.00 27% 21,128.00 24% 16,636.00 19%
Intangibles
Impuestos Diferido - - -
Otros activos a largo
19,995.00 22% 21,497.00 25% 26,512.00 30%
plazo
Total activos no 56,698.00 63% 53,260.00 61% 51,351.00 58%
corrientes
Total Activo 90,093.00 100% 87,270.00 100% 87,896.00 100%

Pasivo y Patrimonio Neto

Pasivo
Pasivo corriente
Accounts
2,795.00 3.10% 2,682.00 3.07% 2,288.00 2.60%
Payable
Impuestos a
775 0.86% 679 0.78% 757 0.86%
pagar
Deuda
15,806.00 17.54% 16,025.00 18.36% 16,503.00 18.78%
corriente
Otro pasivo 7,554.00 8.38% 7,146.00 8.19% 7,646.00 8.70%
corriente
Total pasico 26,930.00 29.89% 26,532.00 30.40% 27,194.00 30.94%
corriente
Pasivo no corriente
Pasivo por 4,691.00 5.21% 3,753.00 4.30% 2,522.00 2.87%
Impuestos
diferidos
Deuda a largo 28,407.00 31.53% 29,684.00 34.01% 31,182.00 35.48%
plazo
Otras deudas 4,301.00 11.50% 4,081.00 4.68% 8,021.00 9.13%
a largo plazo
Total pasivo 37,399.00 41.51% 37,518.00 42.99% 41,725.00 47.47%
no corriente
Total Pasivo 64,329.00 71.40% 64,050.00 73.39% 68,919.00 78.41%

Patrimonio Neto
1,760.00 1.95% 1,760.00 2.02% 1,760.00 2.00%
Capital Social
14,016.00 15.56% 14,993.00 17.18% 15,864.00 18.05%
Prima de emisión
- - -
Otras reservas
 Beneficio no 65,018.00 72.17% 65,502.00 75.06% 60,430.00 68.75%
distribuido
Intereses
minoritarios 210 0.23% 158 0.18% 1,905.00 2.17%

Fondos propios 25,554.00 28.36% 23,062.00 26.43% 17,072.00 19.42%

totales
Total pasivo y fondos 90,093.00 87,270.00 87,896.00
propios 100.00% 100.00% 100.00%
 2018 % 2019 %

8,926.00 10.73% 6,480.00

7.50%
7,038.00 8.46% 4,695.00
5.44%
15,964.00 19.18% 11,175.00 12.94%
3,396.00 4.08% 3,971.00
4.60%
2,766.00 3.32% 3,379.00
3.91%
8,508.00 10.22% 1,886.00 2.18%
30,634.00 36.81% 20,411.00
23.63%

8,232.00 10% 10,838.00

13%
- -
17,270.00 21% 26,766.00
31%
2,667.00 3% 2,412.00 3%
24,413.00 29% 25,954.00
30%
52,582.00 63% 65,970.00
76%
83,216.00 100% 86,381.00 100%

2,498.00 3.00% 3,804.00 4.40%

693 0.83% 856 0.99%
18,191.00 21.86% 15,247.00 17.65%
7,841.00 9.42% 7,066.00
8.18%
29,223.00 35.12% 26,973.00
31.23%

1,933.00 2.32% 2,284.00

2.64%
25,364.00 30.48% 27,516.00
31.85%
7,638.00 9.18% 8,510.00
9.85% 36,026.00
34,935.00 41.98% 38,310.00
44.35%
64,158.00 77.10% 65,283.00 75.58%

1,760.00 2.11% 1,760.00 2.04%

16,520.00 19.85% 17,154.00 19.86%
- -
63,234.00 75.99% 65,855.00
76.24%
2,077.00 2.50% 2,117.00 2.45% 21,031.00 57,057.00
16,981.00 20.41% 18,981.00
21.97%
83,216.00 86,381.00
100.00% 100.00%
Margenes (% sobre Ventas)

2015 2016
Ingresos 100,00% 100,00%
39,47% 39,33%
Coste de Ventas
60,53% 60,67%
Margen Bruto
Ventas, general y 37,09% 36,46%
administración
Investigación y - -
Desarrollo
Margen Operativo 19,70% 20,61%
Net Int, Inc and Other 41,39% 40,04%
Margen sobre 21,68% 19,43%
Beneficio antes de
impuestos
Rentabilidad

2015 2016
Tipo impositivo 5,05% 3,79%
Margen Neto 16,60% 15,59%
Rentabilidad sobre 8,07 7,36
Activos (ROA)
Financial Leverage 3,53 3,78
26,31 26,85
Rentabilidad sobre
fondos propios (ROE)
 2017 2018 2019
100,00% 100,00% 100,00%
37,44% 36,95% 39,23%

62,56% 63,05% 60,77%

35,29% 32,35% 32,48%

- - -

26,62% 30,70% 28,26%

45,66% 56,92% 57,21%
19,04% 26,21% 28,94%

2017 2018 2019

15,70% 5,09% 4,83%
3,52% 20,20% 23,94%
1,42 7,52 10,52

5,15 4,90 4,55

6,22 37,79 49,61
Compound Annual Growth Rates
2015 2016 2017 2018 2019
Revenue Growth
Year over -3,70 -5,49 -15,41 -10,04 16,98
Year
3-Year -2,65 -3,68 -8,35 -10,41 -3,80
Average
5-Year 4,75 -2,10 -5,91 -7,43 -4,12
Average
Operating Income
Year over -10,09 -1,17 9,29 3,76 7,69
Year
3-Year -6,79 -5,52 -0,97 3,87 6,88
Average
5-Year 0,65 -3,21 -2,64 -0,89 1,64
Average
Earnings per share
Year over 4,38 -10,78 -80,54 417,24 38,00
Year
3-Year -5,36 -7,78 -43,41 -3,52 11,58
Average
5-Year -7,97 -4,18 -31,83 -4,62 5,29
Average
Flujo de Caja
2015 2016 2017
-0,82 -16,45 -19,21
Operating Cash Flow
Growth-YOY
-2,85 -18,07 -16,88

Free Cash Flow Growth-YOY

-5,76% -5,40% -4,73%
Cap Ex as a % of Sales
18,00% 15,61% 15,34%
Free Cash Flow/Sales
1,08 1,00 4,35

Free Cash Flow/Net Income

 2018 2019
7,33 37,29

15,63 34,03

-4,23% -5,51%

19,71% 22,59%

0,98 0,94
Balance Sheet Items (in % Terms)

2015 2016 2017

22,09% 25,44% 23,52%

Cash & Short

Term Investments
Deudores 4,37% 4,42% 4,17%
3,22% 3,07% 3,02%
Existencias
7,38% 6,05% 10,86%

Otros activos
corrientes
Total activos 37,07% 38,97% 41,58%
corrientes
Net PP&E 13,95% 12,19% 9,33%
Intangibles 26,79% 24,21% 18,93%
Otros activos a 22,19% 24,63% 30,16%
largo plazo
Total Activo 100,00% 100,00% 100,00%
3,10% 3,07% 2,60%
Accounts Payable
Deuda corriente 17,54% 18,36% 18,78%
Impuestos a 0,86% 0,78% 0,86%
pagar
Accrued liabilities 6,09% 5,60% 5,98%
Otro pasivo 2,30% 2,59% 2,72%
corriente
Total pasico 29,89% 30,40% 30,94%
corriente
Deuda a largo 31,53% 34,01% 35,48%
plazo
Otras deudas a 9,98% 8,98% 11,99%
largo plazo
Total Pasivo 71,40% 73,39% 78,41%
Fondos propios 28,36% 26,43% 19,42%
totales
Total Liabilities 100,00% 100,00% 100,00%
and Equity
Liquidity/Financial Health

2015 2016 2017

Current Ratio 1,24 1,28 1,34
Quick Ratio 0,89 0,98 0,90
 3,53 3,78 5,15
Financial Leverage
 2018 2019
19,18% 12,94%

4,08% 4,60%
3,32% 3,91%

10,22% 2,18%

36,81% 23,63%

9,89% 12,55%
20,75% 30,99%
32,54% 32,84%

100,00% 100,00%
3,00% 4,40%

21,86% 17,65%
0,83% 0,99%

6,28% 7,00%
3,14% 1,18%

35,12% 31,23%

30,48% 31,85%

11,50% 12,50%

77,10% 75,58%
20,41% 21,97%

100,00% 100,00%

2018 2019
1,05 0,76
0,66 0,56
4,90 4,55
Efficiency
2015 2016 2017 2018 2019
Days Sales 34,64 33,99 38,77 40,46 36,08
Outstanding
62,66 61,82 73,38 84,06 76,71
Days Inventory
50,99 60,71 68,42 74,21 78,67
Payables Period
46,31 35,10 43,73 50,31 34,12
Cash Conversion
Cycle
10,54 10,74 9,41 9,02 10,12
Receivables Turnover
Rotación de 5,83 5,90 4,97 4,34 4,76
Existencias
3,26 3,61 3,76 3,88 3,91
Fixed Asset Turnover
0,49 0,47 0,40 0,37 0,44
Asset Turnover
Balance
2015% 2016% 2017% 2018% 2019%
Activos
Activo Corriente
Tesorería
Tesorería,yequivalentes a tesorería e Inversiones financieras a corto plazo
Total
equivalentes
liquidez, a
Inversiones 8.11% 9.80% 6.83% 10.73%
tesorería
equivalentes 7.50%
financieras a
a liquidez 13.98% 15.64% 16.69% 8.46%
corto plazo e 5.44%
inversiones a
corto plazo 22.09% 25.44% 23.52% 19.18% 12.94%
4.37% 4.42% 4.17% 4.08%
Deudores 4.60%
3.22% 3.07% 3.02% 3.32%
Existencias 3.91%
Otros activos
corrientes 7.38% 6.05% 10.86% 10.22% 2.18%
Total activos
37.07% 38.97% 41.58% 36.81%
corrientes
Sin contar bienes 23.63%
inmuebles,
Activos no corrientes
instalaciones y
14% 12% 9% 10%
máquinas 13%
Acciones y otras
inversiones
27% 24% 19% 21%
Intangibles 31%
Impuestos Diferido 3% 3%
Otros activos a largo
22% 25% 30% 29%
plazo 30%
Total activos no 63% 61% 58% 63%
corrientes 76%
Total Activo 100% 100% 100% 100% 100%
Pasivo y Patrimonio Neto
Pasivo
Pasivo corriente
Accounts
3.10% 3.07% 2.60% 3.00%
Payable 4.40%
Impuestos a
0.86% 0.78% 0.86% 0.83%
pagar 0.99%
Deuda
17.54% 18.36% 18.78% 21.86%
corriente 17.65%
Otro pasivo 8.38% 8.19% 8.70% 9.42%
corriente 8.18%
Total pasico 29.89% 30.40% 30.94% 35.12%
corriente 31.23%
Pasivo no corriente
Pasivo por 5.21% 4.30% 2.87% 2.32%
Impuestos
diferidos 2.64%
Deuda a largo 31.53% 34.01% 35.48% 30.48%
plazo 31.85%
Otras deudas 11.50% 4.68% 9.13% 9.18%
a largo plazo 9.85%
Total pasivo 41.51% 42.99% 47.47% 41.98%
no corriente 44.35%
Total Pasivo 71.40% 73.39% 78.41% 77.10% 75.58%
Patrimonio Neto
1.95% 2.02% 2.00% 2.11% 2.04%
Capital Social
15.56% 17.18% 18.05% 19.85% 19.86%
Prima de emisión
Otras reservas
 Beneficio no 72.17% 75.06% 68.75% 75.99%
distribuido 76.24%
Intereses
minoritarios 0.23% 0.18% 2.17% 2.50% 2.45%
Fondos propios 28.36% 26.43% 19.42% 20.41%
totales 21.97%
Total pasivo y fondos
propios 100.00% 100.00% 100.00% 100.00% 100.00%
Cuenta de Resultados
2015% 2016% 2017%
Ingresos 100% 100% 100%
Coste de Ventas 39% 39% 37%
Resultado Bruto
61% 61% 63%
Operativo
Operating expenses

Investigación y Desarrollo

Ventas, general y
37% 36% 35%
administración
Gastos de personal
Depreciación y
amortización

Otros Gastos Operativos 4% 4% 1%

Total Gastos Operativos 41% 40% 36%

Resultado Operativo
antes de intereses e 20% 21% 27%
impuestos
Resultado no operativo 2% -1% -8%
Resultado antes de
22% 19% 19%
impuestos
Provisión para impuesto
5% 4% 16%
sobre beneficios

Resultado neto de
17% 16% 3%
operaciones continuadas

Resultado Neto 17% 16% 4%

Resultado neto atribuible 17% 16% 4%
Earnings per share
Básico
Diluido
Datos en millones. La divisa es el
USD.
2018% 2019%
100% 100%
37% 39%

63% 61%

32% 32%

0% 0%

32% 33%

31% 28%

-4% 1%

26% 29%

5% 5%

21% 24%

20% 24%
20% 24%
 2015 2016 2017 2018
VENTAS 44,294.00 41,863.00 35,410.00 31,856.00

COSTO DE VENTAS 17,482.00 16,465.00 13,256.00 11,770.00

GASTOS ADMINISTRATIVOS 16,427.00 15,262.00 12,496.00 10,307.00

OTROS GASTOS 1,657.00 1,510.00 231.00 -2.00

IMPUESTOS 2,239.00 1,586.00 5,560.00 1,623.00

PATRIMONIO 7,351.00 6,527.00 1,248.00 6,434.00

 2019
37,266.00

14,619.00

12,103.00

11.00

1,801.00

8,920.00
 DUPONT
1 COSTO DE VENTA/ VENTAS

2 GASTOS ADMINTIVOS/ VENTAS

VENTAS/ SISTEMA
- * PATRIMONIO = DUPONT

3 OTROS GASTOS /VENTAS

4 IMPUESTOS/ VENTAS

2015 2016 2017 2018

1 0.394681 0.3933067 0.37435753 0.3694751
2 0.37086287 0.3645701 0.35289466 0.3235497
3 0.03740913 0.03607 0.00652358 -6.278E-05
4 0.05054861 0.0378855 0.15701779 0.050948
5 0.16595927 0.1559133 0.03524428 0.2019714
DUPONT -0.0106446 -0.00705 -0.0050075 -0.001002
 2019
0.3922879
0.3247733
0.0002952
0.0483282
0.2393603
0.0045218