ANALISIS VERTICAL DEL BALANCE GENERAL

CMERCIAL HORIZONTES LTDA

BALANCE GENERAL - (EN MILES DE BS)
CUENTAS - AL 31-DIC DE 2013 2014 2015 2016
ACTIVOS 8,525.00 8,785.00 8,613.00 9,030.00
activos corrientes 6,345.00 6,210.00 6,105.00 6,465.00
disponibles 750.00 720.00 820.00 900.00
inversiones temporales 350.00 345.00 360.00 350.00
cuentas por cobrar 2,275.00 2,050.00 2,100.00 2,150.00
inventarios 2,300.00 2,500.00 2,420.00 2,480.00
otros activos corrientes 670.00 595.00 405.00 585.00
activos no corrientes 2,180.00 2,575.00 2,508.00 2,565.00
activos fijos netos 1,940.00 1,985.00 2,200.00 2,250.00
inversiones permanentes 150.00 490.00 195.00 170.00
otros activos no corrientes 90.00 100.00 113.00 145.00

PASIVO Y PATRIMONIO 8,525.00 8,785.00 8,613.00 9,030.00

PASIVO Y PATRIMONIO 2,850.00 2,800.00 2,550.00 3,773.00
pasivos a corto plazo 2,100.00 2,120.00 1,950.00 3,233.00
cuentas por pagar 1,200.00 1,400.00 1,350.00 2,633.00
otras cuentas por pagar 750.00 600.00 500.00 450.00
prestamos bancarios cp 150.00 120.00 100.00 150.00
pasivos a largo plazo 750.00 680.00 600.00 540.00
prestamos bancarios cp 450.00 380.00 300.00 240.00
bonos por pagar 300.00 300.00 300.00 300.00
PATRIMONIO 5,675.00 5,985.00 6,063.00 5,257.00
capital social 1,800.00 1,800.00 1,800.00 1,800.00
reservas y ajustes de capital 65.00 70.00 85.00 110.00
resultado acumulados 1,440.00 1,305.00 1,600.00 1,153.00
resultado de la gestio 2,370.00 2,810.00 2,578.00 2,194.00

ESTADO DERESULTADOS - (EN MILES DE BS)

CUENTAS - POR LA GESTION 2013 2014 2015 2016
VENTAS NETAS 8,450.00 9,520.00 8,900.00 9,600.00
COSTO DE VENTAS -4,350.00 -4,850.00 -4,950.00 -5,650.00
UTILIDAD BRUTA EN VENTAS 4,100.00 4,670.00 3,950.00 3,950.00
GASTO OPERATIVOS -1,380.00 -1,410.00 -1,472.00 -1,496.00
GASTOS DE ADMINISTRACION 750.00 740.00 780.00 790.00
GASTOS E COMERCIALIZACION 600.00 640.00 660.00 675.00
GASTOS FINANCIEROS (intereses) 30.00 30.00 32.00 31.00
RESULTADO OPERATIVO 2,720.00 3,260.00 2,478.00 2,454.00
OTROS GASTOS EINGRESOS -350.00 -450.00 100.00 -260.00
RESULTADO NETO 2,370.00 2,810.00 2,578.00 2,194.00
 estructura de los activos corrientes
2017 2013(%) 2014(%) 2015(%) 2016(%) 2017(%)
9,220.00 100.00% 100.00% 100.00% 100.00% 100.00% 2,017
6,535.00 74.43% 70.69% 70.88% 71.59% 70.88% 100.00%
940.00 8.80% 8.20% 9.52% 9.97% 10.20% 14.38%
355.00 4.11% 3.93% 4.18% 3.88% 3.85% 5.43%
2,100.00 26.69% 23.34% 24.38% 23.81% 22.78% 32.13%
2,450.00 26.98% 28.46% 28.10% 27.46% 26.57% 37.49%
690.00 7.86% 6.77% 4.70% 6.48% 7.48% 10.56%
2,685.00 25.57% 29.31% 29.12% 28.41% 29.12%
2,360.00 22.76% 22.60% 25.54% 24.92% 25.60%
160.00 1.76% 5.58% 2.26% 1.88% 1.74%
165.00 1.06% 1.14% 1.31% 1.61% 1.79%

9,220.00 100.00% 100.00% 100.00% 100.00% 100.00%

3,243.00 33.43% 31.87% 29.61% 41.78% 35.17%
2,493.00 24.63% 24.13% 22.64% 35.80% 27.04%
1,683.00 14.08% 15.94% 15.67% 29.16% 18.25%
670.00 8.80% 6.83% 5.81% 4.98% 7.27%
140.00 1.76% 1.37% 1.16% 1.66% 1.52%
750.00 8.80% 7.74% 6.97% 5.98% 8.13%
450.00 5.28% 4.33% 3.48% 2.66% 4.88%
300.00 3.52% 3.41% 3.48% 3.32% 3.25%
5,977.00 66.57% 68.13% 70.39% 58.22% 64.83%
1,800.00 21.11% 20.49% 20.90% 19.93% 19.52%
120.00 0.76% 0.80% 0.99% 1.22% 1.30%
1,337.00 16.89% 14.85% 18.58% 12.77% 14.50%
2,720.00 27.80% 31.99% 29.93% 24.30% 29.50%

analisis de la estructura de los gastos oper

2017 2013 2014 2015 2016 2017
10,150.00 100.00% 100.00% 100.00% 100.00% 100.00%
-5,950.00 -51.48% -50.95% -55.62% -58.85% -58.62%
4,200.00 48.52% 49.05% 44.38% 41.15% 41.38% 2,017
-1,550.00 -16.33% -14.81% -16.54% -15.58% -15.27% 100.00%
820.00 8.88% 7.77% 8.76% 8.23% 8.08% 52.90%
700.00 7.10% 6.72% 7.42% 7.03% 6.90% 45.16%
30.00 0.36% 0.32% 0.36% 0.32% 0.30% 1.94%
2,650.00 32.19% 34.24% 27.84% 25.56% 26.11%
70.00 -4.14% -4.73% 1.12% -2.71% 0.69%
2,720.00 28.05% 29.52% 28.97% 22.85% 26.80%
 ANALISIS CONPARATIVO CON AÑO BASE
de los activos corrientes AÑO BASE 2013
PROMEDIOS 2013(%) 2014(%) 2015(%) 2016(%) 2017(%)
100.00% 100.00% 103.05% 101.03% 105.92% 108.15%
71.69% 100.00% 97.87% 96.22% 101.89% 102.99%
9.34% 100.00% 96.00% 109.33% 120.00% 125.33%
3.99% 100.00% 98.57% 102.86% 100.00% 101.43%
24.20% 100.00% 90.11% 92.31% 94.51% 92.31%
27.51% 100.00% 108.70% 105.22% 107.83% 106.52%
6.66% 100.00% 88.81% 60.45% 87.31% 102.99%
28.31% 100.00% 118.12% 115.05% 117.66% 123.17%
24.28% 100.00% 102.32% 113.40% 115.98% 121.65%
2.64% 100.00% 326.67% 130.00% 113.33% 106.67%
1.38% 100.00% 111.11% 125.56% 161.11% 183.33%

100.00% 100.00% 103.05% 101.03% 105.92% 108.15%

34.37% 100.00% 98.25% 89.47% 132.39% 113.79%
26.85% 100.00% 100.95% 92.86% 153.95% 118.71%
18.62% 100.00% 116.67% 112.50% 219.42% 140.25%
6.74% 100.00% 80.00% 66.67% 60.00% 89.33%
1.49% 100.00% 80.00% 66.67% 100.00% 93.33%
7.52% 100.00% 90.67% 80.00% 72.00% 100.00%
4.13% 100.00% 84.44% 66.67% 53.33% 100.00%
3.40% 100.00% 100.00% 100.00% 100.00% 100.00%
65.63% 100.00% 105.46% 106.84% 92.63% 105.32%
20.39% 100.00% 100.00% 100.00% 100.00% 100.00%
200.00% 100.00% 107.69% 130.77% 169.23% 184.62%
15.52% 100.00% 90.63% 111.11% 80.07% 92.85%
28.70% 100.00% 118.57% 108.78% 92.57% 114.77%

la estructura de los gastos operativos

promedios 2013(%) 2014(%) 2015(%) 2016(%) 2017(%)
100.00% 100.00% 112.66% 105.33% 113.61% 120.12%
-55.10% 100.00% 111.49% 113.79% 129.89% 136.78%
44.90% 100.00% 113.90% 96.34% 96.34% 102.44%
-15.71% 100.00% 102.17% 106.67% 108.41% 112.32%
8.34% 100.00% 98.67% 104.00% 105.33% 109.33%
7.03% 100.00% 106.67% 110.00% 112.50% 116.67%
0.33% 100.00% 100.00% 106.67% 103.33% 100.00%
29.19% 100.00% 119.85% 91.10% 90.22% 97.43%
-1.95% 100.00% 128.57% -28.57% 74.29% -20.00%
27.24% 100.00% 118.57% 108.78% 92.57% 114.77%
ANALISIS HORIZONTAL CON TAZA DE CRECIMIENTO
PROMEDIO
2014(%) 2015(%) 2016(%) 2017(%)
3.05% -1.96% 4.84% 2.10% 2.01%
-2.13% -1.69% 5.90% 1.08% 0.79%
-4.00% 13.89% 9.76% 4.44% 6.02%
-1.43% 4.35% -2.78% 1.43% 0.39%
-9.89% 2.44% 2.38% -2.33% -1.85%
8.70% -3.20% 2.48% -1.21% 1.69%
-11.19% -31.93% 44.44% 17.95% 4.82%
18.12% -2.60% 2.27% 4.68% 5.62%
2.32% 10.83% 2.27% 4.89% 5.08%
226.67% -60.20% -12.82% -5.88% 36.94%
11.11% 13.00% 28.32% 13.79% 16.56%

3.05% -1.96% 4.84% 2.10% 2.01%

-1.75% -8.93% 47.96% -14.05% 5.81%
0.95% -8.02% 65.79% -22.89% 8.96%
16.67% -3.57% 95.04% -36.08% 18.01%
-20.00% -16.67% -10.00% 48.89% 0.56%
-20.00% -16.67% 50.00% -6.67% 1.67%
-9.33% -11.76% -10.00% 38.89% 1.95%
-15.56% -21.05% -20.00% 87.50% 7.72%
0.00% 0.00% 0.00% 0.00% 0.00%
5.46% 1.30% -13.29% 13.70% 1.79%
0.00% 0.00% 0.00% 0.00% 0.00%
7.69% 21.43% 29.41% 9.09% 16.91%
-9.38% 22.61% -27.94% 15.96% 0.31%
18.57% -8.26% -14.90% 23.97% 4.85%

2014(%) 2015(%) 2016(%) 2017(%)

12.66% -6.51% 7.87% 5.73% 4.94%
11.49% 2.06% 14.14% 5.31% 8.25%
13.90% -15.42% 0.00% 6.33% 1.20%
2.17% 4.40% 1.63% 3.61% 2.95%
-1.33% 5.41% 1.28% 3.80% 2.29%
6.67% 3.13% 2.27% 3.70% 3.94%
0.00% 6.67% -3.13% -3.23% 0.08%
19.85% -23.99% -0.97% 7.99% 0.72%
28.57% -122.22% -360.00% -126.92% -145.14%
18.57% -8.26% -14.90% 23.97% 4.85%
ANALISIS VERTICAL DEL BALANCE GENERAL

CMERCIAL HORIZONTES LTDA

BALANCE GENERAL - (EN MILES DE BS)
CUENTAS - AL 31-DIC DE 2013 2014 2015 2016
ACTIVOS 8,525.00 8,785.00 8,613.00 9,030.00
activos corrientes 6,345.00 6,210.00 6,105.00 6,465.00
disponibles 750.00 720.00 820.00 900.00
inversiones temporales 350.00 345.00 360.00 350.00
cuentas por cobrar 2,275.00 2,050.00 2,100.00 2,150.00
inventarios 2,300.00 2,500.00 2,420.00 2,480.00
otros activos corrientes 670.00 595.00 405.00 585.00
activos no corrientes 2,180.00 2,575.00 2,508.00 2,565.00
activos fijos netos 1,940.00 1,985.00 2,200.00 2,250.00
inversiones permanentes 150.00 490.00 195.00 170.00
otros activos no corrientes 90.00 100.00 113.00 145.00

PASIVO Y PATRIMONIO 8,525.00 8,785.00 8,613.00 9,030.00

PASIVO Y PATRIMONIO 2,850.00 2,800.00 2,550.00 3,773.00
pasivos a corto plazo 2,100.00 2,120.00 1,950.00 3,233.00
cuentas por pagar 1,200.00 1,400.00 1,350.00 2,633.00
otras cuentas por pagar 750.00 600.00 500.00 450.00
prestamos bancarios cp 150.00 120.00 100.00 150.00
pasivos a largo plazo 750.00 680.00 600.00 540.00
prestamos bancarios cp 450.00 380.00 300.00 240.00
bonos por pagar 300.00 300.00 300.00 300.00
PATRIMONIO 5,675.00 5,985.00 6,063.00 5,257.00
capital social 1,800.00 1,800.00 1,800.00 1,800.00
reservas y ajustes de capital 65.00 70.00 85.00 110.00
resultado acumulados 1,440.00 1,305.00 1,600.00 1,153.00
resultado de la gestio 2,370.00 2,810.00 2,578.00 2,194.00

ESTADO DERESULTADOS - (EN MILES DE BS)

CUENTAS - POR LA GESTION 2013 2014 2015 2016
VENTAS NETAS 8,450.00 9,520.00 8,900.00 9,600.00
COSTO DE VENTAS -4,350.00 -4,850.00 -4,950.00 -5,650.00
UTILIDAD BRUTA EN VENTAS 4,100.00 4,670.00 3,950.00 3,950.00
GASTO OPERATIVOS -1,380.00 -1,410.00 -1,472.00 -1,496.00
GASTOS DE ADMINISTRACION 750.00 740.00 780.00 790.00
GASTOS E COMERCIALIZACION 600.00 640.00 660.00 675.00
GASTOS FINANCIEROS (intereses) 30.00 30.00 32.00 31.00
RESULTADO OPERATIVO 2,720.00 3,260.00 2,478.00 2,454.00
OTROS GASTOS EINGRESOS -350.00 -450.00 100.00 -260.00
RESULTADO NETO 2,370.00 2,810.00 2,578.00 2,194.00

cuentas 2,016.00 2,017.00

ativos fijos brutos 760,000.00 770,000.00
caja y bancos 102,500.00 520,000.00
capital social 450,000.00 450,000.00
costo de ventas 850,000.00 1,125,000.00
cuentas por cobrar 75,000.00 100,000.00
cuentas por pagar 50,000.00 168,000.00
depreciaciones 60,000.00 75,000.00
(-)depreciaciones acumuladas 160,000.00 235,000.00
gastos de admi y comercia 75,000.00 80,000.00
intereses bancarios 50,000.00 72,000.00
inventarios 85,000.00 50,000.00
inversiones temporales 0.00 50,000.00
aotros activos intangibles 40,000.00 40,000.00
otros activos corrientes 0.00 18,500.00
otros gastos 40,000.00 10,000.00
otros ingresos 55,000.00 37,000.00
otros pasivos corrientes 15,000.00 8,000.00
prestamos bancarios a lp 250,000.00 550,000.00
resultados acumulados 137,500.00 137,500.00
ventas netas 1,200,000.00 1,500,000.00

balance general
detalle 2,016.00 2,017.00
ACTIVO 902,500.00 1,313,500.00
activos activos corrientes 262,500.00 738,500.00
caja bancos 102,500.00 520,000.00
inversiones temporales 0.00 50,000.00
cuentas x cobrar 75,000.00 100,000.00
inventarios 85,000.00 50,000.00
otros activos corrientes 0.00 18,500.00
activos no corrientes 640,000.00 575,000.00
activos fijos brutos 760,000.00 770,000.00
depreciacion acumulada -160,000.00 -235,000.00
otros activos (intangibles) 40,000.00 40,000.00

pasivo y patrimonio 902,500.00 1,313,500.00

pasivo 315,000.00 726,000.00
pasivo a corto plazo 65,000.00 176,000.00
cuentas p pagar 50,000.00 168,000.00
otros pasivos corrientes 15,000.00 8,000.00
pasivo a largo plazo 250,000.00 550,000.00
prestamos bancarios a lp 250,000.00 550,000.00
patrimonio 587,500.00 587,500.00
capital social 450,000.00 450,000.00
resultados acumulados 137,500.00 137,500.00

estado de resultados
detalle
ventas netas 1,200,000.00 1,500,000.00
costo de ventas -850,000.00 -1,125,000.00
utilidad bruta en ventas 350,000.00 375,000.00
gasto operativos -185,000.00 -227,000.00
gastos de adm y comerci 75,000.00 80,000.00
depreciaciones 60,000.00 75,000.00
intereses bancarios 50,000.00 72,000.00
resultados operativos 165,000.00 148,000.00
otros gastos ingresos 15,000.00 27,000.00
otros gastos 40,000.00 10,000.00
otros ingresos 55,000.00 37,000.00
resultado neto 180,000.00 175,000.00
 2017 2013(%) 2014(%) 2015(%) 2016(%) 2017(%)
9,220.00 100.00% 100.00% 100.00% 100.00% 100.00%
6,535.00 74.43% 70.69% 70.88% 71.59% 70.88%
940.00 8.80% 8.20% 9.52% 9.97% 10.20%
355.00 4.11% 3.93% 4.18% 3.88% 3.85%
2,100.00 26.69% 23.34% 24.38% 23.81% 22.78%
2,450.00 26.98% 28.46% 28.10% 27.46% 26.57%
690.00 7.86% 6.77% 4.70% 6.48% 7.48%
2,685.00 25.57% 29.31% 29.12% 28.41% 29.12%
2,360.00 22.76% 22.60% 25.54% 24.92% 25.60%
160.00 1.76% 5.58% 2.26% 1.88% 1.74%
165.00 1.06% 1.14% 1.31% 1.61% 1.79%

9,220.00 100.00% 100.00% 100.00% 100.00% 100.00%

3,243.00 33.43% 31.87% 29.61% 41.78% 35.17%
2,493.00 24.63% 24.13% 22.64% 35.80% 27.04%
1,683.00 14.08% 15.94% 15.67% 29.16% 18.25%
670.00 8.80% 6.83% 5.81% 4.98% 7.27%
140.00 1.76% 1.37% 1.16% 1.66% 1.52%
750.00 8.80% 7.74% 6.97% 5.98% 8.13%
450.00 5.28% 4.33% 3.48% 2.66% 4.88%
300.00 3.52% 3.41% 3.48% 3.32% 3.25%
5,977.00 66.57% 68.13% 70.39% 58.22% 64.83%
1,800.00 21.11% 20.49% 20.90% 19.93% 19.52%
120.00 0.76% 0.80% 0.99% 1.22% 1.30%
1,337.00 16.89% 14.85% 18.58% 12.77% 14.50%
2,720.00 27.80% 31.99% 29.93% 24.30% 29.50%

2017 2013 2014 2015 2016 2017

10,150.00 100.00% 100.00% 100.00% 100.00% 100.00%
-5,950.00 -51.48% -50.95% -55.62% -58.85% -58.62%
4,200.00 48.52% 49.05% 44.38% 41.15% 41.38%
-1,550.00 -16.33% -14.81% -16.54% -15.58% -15.27%
820.00 8.88% 7.77% 8.76% 8.23% 8.08%
700.00 7.10% 6.72% 7.42% 7.03% 6.90%
30.00 0.36% 0.32% 0.36% 0.32% 0.30%
2,650.00 32.19% 34.24% 27.84% 25.56% 26.11%
 70.00 -4.14% -4.73% 1.12% -2.71% 0.69%
2,720.00 28.05% 29.52% 28.97% 22.85% 26.80%

2,018.00 2,019.00 2,020.00 2,016.00 2,017.00 2,018.00

775,000.00 1,375,000.00 1,375,000.00
600,000.00 450,000.00 215,000.00 activo corrientes
450,000.00 500,000.00 550,000.00 2,016.00 2,017.00
1,650,000.00 1,815,000.00 1,996,500.00 100.00% 100.00%
120,000.00 140,000.00 150,000.00 caja bancos 39.05% 70.41%
196,000.00 223,760.00 246,150.00 inversiones temporales 0.00% 6.77%
80,000.00 150,000.00 200,000.00 cuentas x cobrar 28.57% 13.54%
315,000.00 465,000.00 665,000.00 inventarios 32.38% 6.77%
104,000.00 107,000.00 114,000.00 otros activos corrientes 0.00% 2.51%
96,000.00 147,000.00 132,600.00
70,000.00 150,000.00 160,000.00 100.00% 100.00%
75,000.00 80,000.00 40,000.00 activos fijos brutos 118.75% 133.91%
40,000.00 35,000.00 45,000.00 depreciacion acumulada -25.00% -40.87%
28,500.00 53,260.00 3,650.00 otros activos (intangibles) 6.25% 6.96%
30,000.00 1,000.00 20,000.00
10,000.00 15,000.00 1,100.00
10,000.00 12,000.00 15,000.00 pasivo a corto plazo
550,000.00 880,000.00 610,000.00 100.00% 100.00%
187,500.00 202,500.00 -97,500.00 76.92% 95.45%
2,200,000.00 2,420,000.00 2,662,000.00 23.08% 4.55%

2,018.00 2,019.00 2,020.00 2,016.00 2,017.00

1,393,500.00 1,818,260.00 1,323,650.00 100.00% 100.00%
893,500.00 873,260.00 568,650.00 29.09% 56.22%
600,000.00 450,000.00 215,000.00 11.36% 39.59%
75,000.00 80,000.00 40,000.00 0.00% 3.81%
120,000.00 140,000.00 150,000.00 8.31% 7.61%
70,000.00 150,000.00 160,000.00 9.42% 3.81%
28,500.00 53,260.00 3,650.00 0.00% 1.41%
500,000.00 945,000.00 755,000.00 70.91% 43.78%
775,000.00 1,375,000.00 1,375,000.00 84.21% 58.62%
-315,000.00 -465,000.00 -665,000.00 -17.73% -17.89%
40,000.00 35,000.00 45,000.00 4.43% 3.05%

1,393,500.00 1,818,260.00 1,323,650.00 100.00% 100.00%

 756,000.00 1,115,760.00 871,150.00 34.90% 55.27%
206,000.00 235,760.00 261,150.00 7.20% 13.40%
196,000.00 223,760.00 246,150.00 5.54% 12.79%
10,000.00 12,000.00 15,000.00 1.66% 0.61%
550,000.00 880,000.00 610,000.00 27.70% 41.87%
550,000.00 880,000.00 610,000.00 27.70% 41.87%
637,500.00 702,500.00 452,500.00 65.10% 44.73%
450,000.00 500,000.00 550,000.00 49.86% 34.26%
187,500.00 202,500.00 -97,500.00 15.24% 10.47%

2,200,000.00 2,420,000.00 2,662,000.00 100.00% 100.00%

-1,650,000.00 -1,815,000.00 -1,996,500.00 -70.83% -75.00%
550,000.00 605,000.00 665,500.00 29.17% 25.00%
-280,000.00 -404,000.00 -446,600.00 -15.42% -15.13%
104,000.00 107,000.00 114,000.00 6.25% 5.33%
80,000.00 150,000.00 200,000.00 5.00% 5.00%
96,000.00 147,000.00 132,600.00 4.17% 4.80%
270,000.00 201,000.00 218,900.00 13.75% 9.87%
-20,000.00 14,000.00 -18,900.00 1.25% 1.80%
30,000.00 1,000.00 20,000.00 3.33% 0.67%
10,000.00 15,000.00 1,100.00 4.58% 2.47%
250,000.00 215,000.00 200,000.00 15.00% 11.67%
 ANALISIS CONPARATIVO CON AÑO BASE
estructura de los activos corrientes AÑO BASE 2013
PROMEDIOS 2013(%) 2014(%) 2015(%)
2,017 100.00% 100.00% 103.05% 101.03%
100.00% 71.69% 100.00% 97.87% 96.22%
14.38% 9.34% 100.00% 96.00% 109.33%
5.43% 3.99% 100.00% 98.57% 102.86%
32.13% 24.20% 100.00% 90.11% 92.31%
37.49% 27.51% 100.00% 108.70% 105.22%
10.56% 6.66% 100.00% 88.81% 60.45%
28.31% 100.00% 118.12% 115.05%
24.28% 100.00% 102.32% 113.40%
2.64% 100.00% 326.67% 130.00%
1.38% 100.00% 111.11% 125.56%

100.00% 100.00% 103.05% 101.03%

34.37% 100.00% 98.25% 89.47%
26.85% 100.00% 100.95% 92.86%
18.62% 100.00% 116.67% 112.50%
6.74% 100.00% 80.00% 66.67%
1.49% 100.00% 80.00% 66.67%
7.52% 100.00% 90.67% 80.00%
4.13% 100.00% 84.44% 66.67%
3.40% 100.00% 100.00% 100.00%
65.63% 100.00% 105.46% 106.84%
20.39% 100.00% 100.00% 100.00%
200.00% 100.00% 107.69% 130.77%
15.52% 100.00% 90.63% 111.11%
28.70% 100.00% 118.57% 108.78%

analisis de la estructura de los gastos operativos

promedios 2013(%) 2014(%) 2015(%)
100.00% 100.00% 112.66% 105.33%
-55.10% 100.00% 111.49% 113.79%
2,017 44.90% 100.00% 113.90% 96.34%
100.00% -15.71% 100.00% 102.17% 106.67%
52.90% 8.34% 100.00% 98.67% 104.00%
45.16% 7.03% 100.00% 106.67% 110.00%
1.94% 0.33% 100.00% 100.00% 106.67%
29.19% 100.00% 119.85% 91.10%
 -1.95% 100.00% 128.57% -28.57%
27.24% 100.00% 118.57% 108.78%

2,019.00 2,020.00

activo corrientes promedio pasivo

2,018.00 2,019.00 2,020.00 2,016.00 2,017.00 2,018.00
100.00% 100.00% 100.00% 100.00% 20.63% 24.24% 27.25%
67.15% 51.53% 37.81% 53.19% 79.37% 75.76% 72.75%
8.39% 9.16% 7.03% 6.27%
13.43% 16.03% 26.38% 19.59% gastos operativos
7.83% 17.18% 28.14% 18.46% 2,016.00 2,017.00 2,018.00
3.19% 6.10% 0.64% 2.49% -40.54% -35.24% -37.14%
activo no corrientes -32.43% -33.04% -28.57%
100.00% 100.00% 100.00% 100.00% -27.03% -31.72% -34.29%
155.00% 145.50% 182.12% 147.06%
-63.00% -49.21% -88.08% -53.23%
8.00% 3.70% 5.96% 6.17%

pasivo a corto plazo

100.00% 100.00% 100.00% 100.00%
95.15% 94.91% 94.26% 91.34%
4.85% 5.09% 5.74% 8.66%

PROMEDIOS año base 2016

2,018.00 2,019.00 2,020.00 2,016.00 2,017.00 2,018.00
100.00% 100.00% 100.00% 100.00% 100.00% 145.54% 154.40%
64.12% 48.03% 42.96% 48.08% 100.00% 281.33% 340.38%
43.06% 24.75% 16.24% 27.00% 100.00% 507.32% 585.37%
5.38% 4.40% 3.02% 3.32%
8.61% 7.70% 11.33% 8.71% 100.00% 133.33% 160.00%
5.02% 8.25% 12.09% 7.72% 100.00% 58.82% 82.35%
2.05% 2.93% 0.28% 1.33% 100.00% 0.00% #DIV/0!
35.88% 51.97% 57.04% 51.92% 100.00% 89.84% 78.13%
55.62% 75.62% 103.88% 75.59% 100.00% 101.32% 101.97%
-22.60% -25.57% -50.24% -26.81% 100.00% 146.88% 196.88%
2.87% 1.92% 3.40% 3.13% 100.00% 100.00% 100.00%

100.00% 100.00% 100.00% 100.00% 100.00% 145.54% 154.40%

 54.25% 61.36% 65.81% 54.32% 100.00% 230.48% 240.00%
14.78% 12.97% 19.73% 13.62% 100.00% 270.77% 316.92%
14.07% 12.31% 18.60% 12.66% 100.00% 336.00% 392.00%
0.72% 0.66% 1.13% 0.96% 100.00% 53.33% 66.67%
39.47% 48.40% 46.08% 40.71% 100.00% 220.00% 220.00%
39.47% 48.40% 46.08% 40.71% 100.00% 220.00% 220.00%
45.75% 38.64% 34.19% 45.68% 100.00% 100.00% 108.51%
32.29% 27.50% 41.55% 37.09% 100.00% 100.00% 100.00%
13.46% 11.14% -7.37% 8.59% 100.00% 100.00% 136.36%

100.00% 100.00% 100.00% 100.00% 100.00% 125.00% 183.33%

-75.00% -75.00% -75.00% -74.17% 100.00% 132.35% 194.12%
25.00% 25.00% 25.00% 25.83% 100.00% 107.14% 157.14%
-12.73% -16.69% -16.78% -15.35% 100.00% 122.70% 151.35%
4.73% 4.42% 4.28% 5.00% 100.00% 106.67% 138.67%
3.64% 6.20% 7.51% 5.47% 100.00% 125.00% 133.33%
4.36% 6.07% 4.98% 4.88% 100.00% 144.00% 192.00%
12.27% 8.31% 8.22% 10.48% 100.00% 89.70% 163.64%
-0.91% 0.58% -0.71% 0.40% 100.00% 180.00% -133.33%
1.36% 0.04% 0.75% 1.23% 100.00% 25.00% 75.00%
0.45% 0.62% 0.04% 1.63% 100.00% 67.27% 18.18%
11.36% 8.88% 7.51% 10.89% 100.00% 97.22% 138.89%
VO CON AÑO BASE ANALISIS HORIZONTAL CON TAZA DE CRECIMIENTO
PROMEDIO
2016(%) 2017(%) 2014(%) 2015(%) 2016(%) 2017(%)
105.92% 108.15% 3.05% -1.96% 4.84% 2.10% 2.01%
101.89% 102.99% -2.13% -1.69% 5.90% 1.08% 0.79%
120.00% 125.33% -4.00% 13.89% 9.76% 4.44% 6.02%
100.00% 101.43% -1.43% 4.35% -2.78% 1.43% 0.39%
94.51% 92.31% -9.89% 2.44% 2.38% -2.33% -1.85%
107.83% 106.52% 8.70% -3.20% 2.48% -1.21% 1.69%
87.31% 102.99% -11.19% -31.93% 44.44% 17.95% 4.82%
117.66% 123.17% 18.12% -2.60% 2.27% 4.68% 5.62%
115.98% 121.65% 2.32% 10.83% 2.27% 4.89% 5.08%
113.33% 106.67% 226.67% -60.20% -12.82% -5.88% 36.94%
161.11% 183.33% 11.11% 13.00% 28.32% 13.79% 16.56%

105.92% 108.15% 3.05% -1.96% 4.84% 2.10% 2.01%

132.39% 113.79% -1.75% -8.93% 47.96% -14.05% 5.81%
153.95% 118.71% 0.95% -8.02% 65.79% -22.89% 8.96%
219.42% 140.25% 16.67% -3.57% 95.04% -36.08% 18.01%
60.00% 89.33% -20.00% -16.67% -10.00% 48.89% 0.56%
100.00% 93.33% -20.00% -16.67% 50.00% -6.67% 1.67%
72.00% 100.00% -9.33% -11.76% -10.00% 38.89% 1.95%
53.33% 100.00% -15.56% -21.05% -20.00% 87.50% 7.72%
100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0.00%
92.63% 105.32% 5.46% 1.30% -13.29% 13.70% 1.79%
100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0.00%
169.23% 184.62% 7.69% 21.43% 29.41% 9.09% 16.91%
80.07% 92.85% -9.38% 22.61% -27.94% 15.96% 0.31%
92.57% 114.77% 18.57% -8.26% -14.90% 23.97% 4.85%

2016(%) 2017(%) 2014(%) 2015(%) 2016(%) 2017(%)

113.61% 120.12% 12.66% -6.51% 7.87% 5.73% 4.94%
129.89% 136.78% 11.49% 2.06% 14.14% 5.31% 8.25%
96.34% 102.44% 13.90% -15.42% 0.00% 6.33% 1.20%
108.41% 112.32% 2.17% 4.40% 1.63% 3.61% 2.95%
105.33% 109.33% -1.33% 5.41% 1.28% 3.80% 2.29%
112.50% 116.67% 6.67% 3.13% 2.27% 3.70% 3.94%
103.33% 100.00% 0.00% 6.67% -3.13% -3.23% 0.08%
90.22% 97.43% 19.85% -23.99% -0.97% 7.99% 0.72%
 74.29% -20.00% 28.57% -122.22% -360.00% -126.92% -145.14%
92.57% 114.77% 18.57% -8.26% -14.90% 23.97% 4.85%

2,019.00 2,020.00 promedio

21.13% 29.98% 24.65%
78.87% 70.02% 75.35%

2,019.00 2,020.00 promedio

-26.49% -25.53% -32.99%
-37.13% -44.78% -35.19%
-36.39% -29.69% -31.82%

TAZA DE CRESIMIENTO PROMEDIO

2,019.00 2,020.00
201.47% 146.66% 45.54% 6.09% 30.48% -27.20% 13.73%
332.67% 216.63% 181.33% 20.99% -2.27% -34.88% 41.29%
439.02% 209.76% 407.32% 15.38% -25.00% -52.22% 86.37%
0.00% 50.00% 6.67% -50.00% 1.67%
186.67% 200.00% 33.33% 20.00% 16.67% 7.14% 19.29%
176.47% 188.24% -41.18% 40.00% 114.29% 6.67% 29.94%
#DIV/0! #DIV/0! 0.00% 54.05% 86.88% -93.15% 11.95%
147.66% 117.97% -10.16% -13.04% 89.00% -20.11% 11.42%
180.92% 180.92% 1.32% 0.65% 77.42% 0.00% 19.85%
290.63% 415.63% 46.88% 34.04% 47.62% 43.01% 42.89%
87.50% 112.50% 0.00% 0.00% -12.50% 28.57% 4.02%

201.47% 146.66% 45.54% 6.09% 30.48% -27.20% 13.73%

354.21% 276.56% 130.48% 4.13% 47.59% -21.92% 40.07%
362.71% 401.77% 170.77% 17.05% 14.45% 10.77% 53.26%
447.52% 492.30% 236.00% 16.67% 14.16% 10.01% 69.21%
80.00% 100.00% -46.67% 25.00% 20.00% 25.00% 5.83%
352.00% 244.00% 120.00% 0.00% 60.00% -30.68% 37.33%
352.00% 244.00% 120.00% 0.00% 60.00% -30.68% 37.33%
119.57% 77.02% 0.00% 8.51% 10.20% -35.59% -4.22%
111.11% 122.22% 0.00% 0.00% 11.11% 10.00% 5.28%
147.27% -70.91% 0.00% 36.36% 8.00% -148.15% -25.95%

201.67% 221.83% 25.00% 46.67% 10.00% 10.00% 22.92%

213.53% 234.88% 32.35% 46.67% 10.00% 10.00% 24.75%
172.86% 190.14% 7.14% 46.67% 10.00% 10.00% 18.45%
218.38% 241.41% 22.70% 23.35% 44.29% 10.54% 25.22%
142.67% 152.00% 6.67% 30.00% 2.88% 6.54% 11.52%
250.00% 333.33% 25.00% 6.67% 87.50% 33.33% 38.13%
294.00% 265.20% 44.00% 33.33% 53.13% -9.80% 30.17%
121.82% 132.67% -10.30% 82.43% -25.56% 8.91% 13.87%
93.33% -126.00% 80.00% -174.07% -170.00% -235.00% -124.77%
2.50% 50.00% -75.00% 200.00% -96.67% 1900.00% 482.08%
27.27% 2.00% -32.73% -72.97% 50.00% -92.67% -37.09%
119.44% 111.11% -2.78% 42.86% -14.00% -6.98% 4.78%