Datos industriales

Razon deuda / Beta

Empresa Industria Activos
Patrimonio apalancado
A Tecnologia 2.08 2.8 $ 33,225,200
B Salud 1.83 3.0 $ 40,838,679
C Educacion 1.92 2.7 $ 19,178,229
D Entretencion 1.92 2.2 $ 23,509,298
E Tecnologia 2.08 0.9 $ 28,982,192
F Educacion 2.08 2.9 $ 14,528,110
G Salud 1.58 0.9 $ 37,783,644
H Educacion 2.00 1.0 $ 46,803,349
I Tecnologia 1.58 1.1 $ 47,070,056
J Educacion 1.75 1.4 $ 10,659,893

Razon deuda / Beta

Empresa Industria Activos Beta desapalancado
Patrimonio apalancado
C Educacion 1.92 2.7 $ 19,178,229 1.1243
F Educacion 2.08 2.9 $ 14,528,110 1.1515
H Educacion 2.00 1.0 $ 46,803,349 0.4065
J Educacion 1.75 1.4 $ 10,659,893 0.6147
$ 91,169,581

Bu de la industria
 Datos adicionales del caso
Tasa de Impuesto 27%
Industria Educacion
Tasa libre de riesgos 8.50%
Rent. Del mercado 1.30%

Bui * Activo

21,561,134
16,729,479
19,025,752
6,552,733

0.7006
 Balance General
(Miles de pesos)

2009 2010 2011 2012

ACTIVOS
Activo Corriente
Disponible 278,359 343,778 622,244 473,921
Inversiones 19,134 26,435 48,896 943,328
Deudores 1,420,666 1,271,509 900,658 905,114
Inventario 51,508 76,272 87,536 96,322
Total Activo Corriente 1,769,668 1,717,995 1,659,335 2,418,685

Activo a LP (Icetex) 0 0 0 0

Activo Fijo
Terrenos 662,767 821,412 894,126 972,611
Construcción en Curso 2,370,561 1,334,522 0 0
Construcciones y Edificaciones 4,199,225 6,511,669 8,424,603 9,159,155
Maquinaria y Equipo 523,522 775,290 893,719 970,561
Equipo de Oficina 405,849 473,251 538,136 610,531
Equipo de Computación y Comunicación 539,293 379,116 516,566 504,577
Flota y equipo de transporte 0 0 2,565 4,511
Acueducto, Plantas y Redes 8,151 9,423 10,257 11,158
Armamento de Vigilancia 406 469 511 555
Depreciacion Acumulada -938,414 -1,412,868 -2,125,805 -2,921,756
Provision de AF 0 0 0 -2,763
Total Activo Fijo 7,771,359 8,892,283 9,154,678 9,309,140

Activos intangibles (software) 0 0 0 0

Diferidos (gastos pag x anticip) 290,396 73,601 131,629 104,510

Otros Activos 112,738 133,427 104,399 115,850

Valorizacion AF 0 0 0 9,501,878

Total Activo 9,944,161 10,817,306 11,050,041 21,450,063

PASIVOS
Pasivo Corriente
Obligaciones Financieras 407,105 633,907 556,076 113,200
Proveedores 1,872 22,159 40,205 1,964
CxP 411,517 336,350 227,295 213,669
Obligaciones Laborales 301,807 287,761 370,398 353,871
Total Pasivo Corriente 1,122,301 1,280,177 1,193,973 682,703

Pasivos MP 0 0 0 0

Pasivo LP
Obligacion financiera 2,376,206 2,857,674 3,237,118 3,448,255
Total Pasivo LP y MP 2,376,206 2,857,674 3,237,118 3,448,255

Pasivos estimados y provisiones 14,314 133,452 213,011 244,712

Diferido (ingresos recib x anticip) 1,646,664 1,061,977 1,166,284 1,273,327

Otros pasivos 1,494,730 1,380,369 546,189 518,384

Total Pasivo 6,654,216 6,713,649 6,356,576 6,167,380

PATRIMONIO
Revalorizacion del Patrimonio 1,621,770 2,183,409 2,553,868 2,969,078
Fondos patrimoniales 63,516 104,516 154,757 207,445
Donaciones 172,088 177,674 223,355 739,560
Utilidades del ejercicio 150,642 244,301 336,654 241,046
Utilidades retenidas 1,281,929 1,393,758 1,424,832 1,623,676
Superavit por valorizacion 0 0 0 9,501,878

Total Patrimonio 3,289,944 4,103,657 4,693,465 15,282,683

Total Pasivos y Patrimonio 9,944,161 10,817,306 11,050,041 21,450,063

Chequeo 0 0 0 0

ESTADO DE RESULTADOS
Ingresos Operacionales
Enseñanza 4,965,521 6,266,006 7,219,176 7,500,246
Actividades conexas 466,294 151,653 276,089 321,085
Total Ingresos Operacionales 5,431,814 6,417,659 7,495,266 7,821,332

Gastos Operacionales de admón

Gastos Nómina 3,685,842 4,336,313 4,726,150 4,993,924
Gastos Administrativos 1,339,604 1,541,920 1,837,352 1,930,596
Depreciación 287,694 455,368 538,960 569,829
Total gastos operacionales de Admón 5,313,141 6,333,601 7,102,461 7,494,349

Utilidad Operacional 118,673 84,057 392,804 326,982

Ingresos no Operacionales
Financieros 115,190 328,611 203,215 148,731
Otros ingresos no Operacionales 154,021 398,987 294,393 235,515
Total Ingresos no Operacionales 269,212 727,597 497,609 384,247

Gastos no operacionales
Gastos Financieros 175,017 507,174 504,538 381,434
Gastos No Operacionales 62,227 60,180 49,221 88,749
Total gastos no Operacionales 237,243 567,354 553,759 470,183

Utilidad neta 150,642 244,301 336,654 241,046

Balance General
(Miles de pesos)

2013 2014 2015 2016 2017 2018 2019

863,091 1,720,139 1,686,067 3,385,859 2,082,862 1,563,705 1,758,370

1,288,392 625,436 471,072 579,389 1,090,310 2,129,622 2,117,617
823,262 1,111,532 1,659,618 2,495,495 3,721,742 3,967,964 5,975,612
75,367 74,874 222,316 193,567 220,292 197,395 365,449
3,050,112 3,531,980 4,039,074 6,654,310 7,115,206 7,858,686 10,217,049

0 0 0 364,700 745,700 1,172,551 1,662,525

1,048,227 1,121,806 1,190,494 1,260,922 1,296,651 1,299,786 1,299,786

0 0 0 0 0 0 206,054
9,871,235 10,806,006 12,464,839 13,433,729 14,512,759 14,973,698 15,129,885
1,093,289 1,450,038 1,555,747 1,616,532 1,777,215 2,297,827 2,451,870
734,323 832,740 1,248,381 1,569,936 1,744,431 1,846,680 1,923,494
649,932 778,603 987,455 1,155,259 1,546,733 1,896,336 2,106,220
1,855 0 0 0 3,426 3,582 3,582
12,025 12,869 13,657 14,465 14,517 14,517 14,517
756 809 859 909 938 1,027 1,027
-3,820,141 -4,781,184 -5,812,184 -6,936,741 -8,344,069 -9,782,286 -10,411,060
-8,459 -8,459 -7,328 -7,328 -7,328 -7,328 -7,328
9,583,043 10,213,229 11,641,919 12,107,684 12,545,274 12,543,841 12,718,047

0 0 0 0 11,600 11,600 11,600

114,443 230,484 590,977 755,242 563,895 465,350 1,272,910

134,721 206,787 225,491 261,189 281,967 337,014 375,959

9,512,556 9,571,519 11,265,482 11,265,482 15,588,395 15,588,395 15,588,395

22,394,876 23,753,999 27,762,943 31,408,607 36,852,037 37,977,437 41,846,486

112,050 0 641,088 584,751 581,058 454,667 1,357,488

3,438 89,185 104,204 74,486 90,457 76,164 141,674
168,869 335,739 761,053 619,183 805,243 875,740 1,371,218
400,987 402,600 463,157 485,775 517,889 510,052 585,505
 685,343 827,524 1,969,503 1,764,194 1,994,647 1,916,623 3,455,885

0 0 335,129 120,310 144,444 55,994 0

3,620,975 3,683,923 3,101,667 2,731,884 2,374,008 3,093,766 3,033,213

3,620,975 3,683,923 3,436,796 2,852,194 2,518,452 3,149,759 3,033,213

278,397 111,410 37,640 76,388 120,131 63,824 59,230

1,514,099 1,951,820 2,867,118 5,265,663 5,294,018 5,459,295 5,969,688

397,437 398,458 431,005 1,238,411 1,752,167 1,736,907 3,230,083

6,496,251 6,973,135 8,742,062 11,196,850 11,679,414 12,326,410 15,748,101

3,415,253 3,845,366 4,258,094 4,687,031 4,687,053 4,687,031 4,687,031

270,739 348,417 353,466 371,153 392,325 413,827 437,832
560,543 913,747 1,162,312 1,511,441 1,720,258 1,645,991 1,625,991
354,162 354,788 348,290 919,154 915,097 776,887 818,666
1,785,372 1,747,027 1,633,237 1,457,496 1,869,494 2,538,896 2,940,469
9,512,556 9,571,519 11,265,482 11,265,482 15,588,395 15,588,395 15,588,395

15,898,625 16,780,864 19,020,881 20,211,758 25,172,623 25,651,028 26,098,386

22,394,876 23,753,999 27,762,943 31,408,607 36,852,037 37,977,437 41,846,486

0 0 0 0 0 0 0

8,804,387 10,258,367 12,615,589 15,028,980 17,442,017 18,438,880 21,499,739

201,756 216,064 331,038 327,810 211,337 246,839 270,685
9,006,143 10,474,430 12,946,627 15,356,790 17,653,354 18,685,719 21,770,425

5,710,824 7,053,357 7,845,428 9,227,796 9,633,390 9,738,834 10,824,438

2,674,410 2,795,556 4,195,917 4,895,901 6,705,414 7,589,530 9,749,362
384,689 413,408 454,463 548,740 591,669 633,288 669,081
8,769,922 10,262,321 12,495,808 14,672,436 16,930,473 17,961,652 21,242,881

236,221 212,109 450,819 684,354 722,881 724,067 527,543

251,289 268,361 192,979 174,746 174,745 104,873 195,480

306,319 313,083 305,681 478,163 713,789 570,016 728,614
557,608 581,443 498,660 652,909 888,535 674,888 924,094

369,125 373,705 358,847 349,244 327,392 335,969 408,730

70,542 65,059 242,342 68,864 368,926 286,099 224,242
439,667 438,764 601,189 418,108 696,318 622,069 632,972

354,162 354,788 348,290 919,154 915,097 776,887 818,666

Año 2009 2010 2011 2012 2013 2014
CAPM 8.50% 8.50% 8.50% 8.50% 8.50% 8.50%
Beta apalancado 1.73491353 1.53721708 1.39316994 0.90693136 0.90951453 0.91306175
Rentabilidad del mercado 1.30% 1.37% 1.43% 1.50% 1.58% 1.66%
Tasa libre de riesgo 8.50% 8.50% 8.50% 8.50% 8.50% 8.50%
Costo deuda (kd) 7.37% 17.75% 15.59% 11.06% 10.19% 10.14%
Patrimonio 3,289,944 4,103,657 4,693,465 15,282,683 15,898,625 16,780,864
Activo 9,944,161 10,817,306 11,050,041 21,450,063 22,394,876 23,753,999
Pasivo 6,654,216 6,713,649 6,356,576 6,167,380 6,496,251 6,973,135

Año 2009 2010 2011 2012 2013 2014

Nopat $ 86,632 $ 61,362 $ 286,747 $ 238,697 $ 172,441 $ 154,840
Capital 3,289,944 4,103,657 4,693,465 15,282,683 15,898,625 16,780,864
ROIC 4.90% 3.57% 17.28% 9.87% 5.65% 4.38%
WACC 6.41% 11.27% 10.16% 8.38% 8.19% 8.18%
EVA -150622.403 -832260.093 787358.807 319837.148 -568696.093 -901393.88
 2015 2016 2017 2018 2019
8.50% 8.50% 8.50% 8.50% 8.50%
0.93559551 0.9838585 0.93783005 0.94630383 1.00914013
1.74% 1.83% 1.92% 2.02% 2.12%
8.50% 8.50% 8.50% 8.50% 8.50%
10.44% 12.24% 13.00% 10.67% 13.48%
19,020,881 20,211,758 25,172,623 25,651,028 26,098,386
27,762,943 31,408,607 36,852,037 37,977,437 41,846,486
8,742,062 11,196,850 11,679,414 12,326,410 15,748,101

2015 2016 2017 2018 2019

$ 329,098 $ 499,578 $ 527,703 $ 528,569 $ 385,107
19,020,881 20,211,758 25,172,623 25,651,028 26,098,386
8.15% 7.51% 7.42% 6.73% 3.77%
8.22% 8.66% 8.81% 8.27% 9.00%
-21024.7129 -360819.069 -514877.401 -585806.351 -2190179.47
 Ratios de liquidez 2009 2010
Capital de trabajo 647,367 437,818
Liquidez corriente 1.58 1.34
Liquidez acida 1.53 1.28

Ratios de rentabilidad 2009 2010

ROE 4.58% 5.95%
ROA 1.19% 0.78%
ROIC 4.90% 3.57%

Ratios de retociòn 2009 2010

Rotacion de existencias (veces) 96.40 82.15
Rotacion de existencias (dias) 3.73 4.38
Rotaciòn de clientes (veces) 3.50 4.93
Periodo de cobro (dias) 103.00 73.05
Rotacion de pago (veces) 4.93
Periodo de pago(dias) 2837.56 285.83
Rotacion de capital de trabajo (veces) 1.5093023405 1.526932230297

Ratios de endeudamiento 2009 2010

Endeudamiento 2.02 1.64
Endeudamiento del activo 0.67 0.62
Relaciòn pasivo circulante 0.113 0.118
Esfuerzo del pago gf 0.035 0.081
Capacidad de devolucion 0.97 1.29
Cobertura -0.321930889 -0.83426321477

Necesidades de fondos 2009 2010

NOF 1,767,796 1,695,836
Rotacion NOF 2.81 3.69
 2011 2012 2013 2014 2015 2016
465,361 1,735,983 2,364,769 2,704,456 2,069,571 4,890,116
1.39 3.54 4.45 4.27 2.05 3.77
1.32 3.40 4.34 4.18 1.94 3.66

2011 2012 2013 2014 2015 2016

7.17% 1.58% 2.23% 2.11% 1.83% 4.55%
3.55% 1.52% 1.05% 0.89% 1.62% 2.18%
17.28% 9.87% 5.65% 4.38% 8.15% 7.51%

2011 2012 2013 2014 2015 2016

82.47 77.87 116.82 137.01 56.75 77.64
4.37 4.62 3.08 2.63 6.34 4.64
8.02 8.29 10.69 9.23 7.60 6.02
44.91 43.44 33.66 39.01 47.36 59.78
8.02 8.29 10.69 9.23 7.60 6.02
176.66 3816.29 2551.09 115.07 119.92 196.98
1.538133542699 0.49076765 0.55378292 0.61131336 0.66324945 0.74357611

2011 2012 2013 2014 2015 2016

1.35 0.40 0.41 0.42 0.46 0.55
0.58 0.29 0.29 0.29 0.31 0.36
0.108 0.032 0.031 0.035 0.071 0.056
0.070 0.051 0.042 0.036 0.028 0.023
2.06 4.63 6.09 6.21 3.13 4.45
-0.22145748882 -0.1427546 -0.3600515 -0.4324156 0.25629945 0.95952829

2011 2012 2013 2014 2015 2016

1,619,129 2,416,722 3,046,675 3,442,795 3,934,869 6,579,825
4.46 3.10 2.89 2.98 3.21 2.28
 2017 2018 2019
5,120,559 5,942,063 6,761,164
3.57 4.10 2.96
3.46 4.00 2.85

2017 2018 2019

3.64% 3.03% 3.14%
1.96% 1.91% 1.26%
7.42% 6.73% 3.77%

2017 2018 2019

79.18 93.41 58.83
4.55 3.85 6.12
4.69 4.65 3.60
76.82 77.47 100.06
4.69 4.65 3.60
187.17 235.83 149.94
0.69289628 0.71883590952 0.82379576

2017 2018 2019

0.46 0.48 0.60
0.32 0.32 0.38
0.054 0.050 0.083
0.019 0.018 0.019
4.64 5.51 3.25
1.20799456 1.1551585615 0.29068976

2017 2018 2019

7,024,749 7,782,522 10,075,375
2.48 2.37 2.13
 Corporación Educacional
Balance General
(Miles de pesos)

2009 2010 2011

ACTIVOS
Activo Corriente
Disponible 278,359 343,778 622,244

Inversiones 19,134 26,435 48,896

Deudores 1,420,666 1,271,509 900,658
Inventario 51,508 76,272 87,536
Total Activo Corriente 1,769,668 1,717,995 1,659,335

Activo a LP (Icetex) 0 0 0

Activo Fijo
Terrenos 662,767 821,412 894,126
Construcción en Curso 2,370,561 1,334,522 0
Construcciones y Edificaciones 4,199,225 6,511,669 8,424,603
Maquinaria y Equipo 523,522 775,290 893,719
Equipo de Oficina 405,849 473,251 538,136
Equipo de Computación y Comunicación 539,293 379,116 516,566
Flota y equipo de transporte 0 0 2,565
Acueducto, Plantas y Redes 8,151 9,423 10,257
Armamento de Vigilancia 406 469 511
Depreciacion Acumulada -938,414 -1,412,868 -2,125,805
Provision de AF 0 0 0
Total Activo Fijo 7,771,359 8,892,283 9,154,678

Activos intangibles (software) 0 0 0

Diferidos (gastos pag x anticip) 290,396 73,601 131,629

Otros Activos 112,738 133,427 104,399

Valorizacion AF 0 0 0

Total Activo 9,944,161 10,817,306 11,050,041

PASIVOS
Pasivo Corriente
Obligaciones Financieras 407,105 633,907 556,076
Proveedores 1,872 22,159 40,205
CxP 411,517 336,350 227,295
Obligaciones Laborales 301,807 287,761 370,398
Total Pasivo Corriente 1,122,301 1,280,177 1,193,973

Pasivos MP 0 0 0

Pasivo LP
Obligacion financiera 2,376,206 2,857,674 3,237,118
Total Pasivo LP y MP 2,376,206 2,857,674 3,237,118

Pasivos estimados y provisiones 14,314 133,452 213,011

Diferido (ingresos recib x anticip) 1,646,664 1,061,977 1,166,284

Otros pasivos 1,494,730 1,380,369 546,189

Total Pasivo 6,654,216 6,713,649 6,356,576

PATRIMONIO
Revalorizacion del Patrimonio 1,621,770 2,183,409 2,553,868
Fondos patrimoniales 63,516 104,516 154,757
Donaciones 172,088 177,674 223,355
Utilidades del ejercicio 150,642 244,301 336,654
Utilidades retenidas 1,281,929 1,393,758 1,424,832
Superavit por valorizacion 0 0 0

Total Patrimonio 3,289,944 4,103,657 4,693,465

Total Pasivos y Patrimonio 9,944,161 10,817,306 11,050,041

Chequeo 0 0 0

ESTADO DE RESULTADOS
Ingresos Operacionales
Enseñanza 4,965,521 6,266,006 7,219,176
Actividades conexas 466,294 151,653 276,089
Total Ingresos Operacionales 5,431,814 6,417,659 7,495,266

Gastos Operacionales de admón

Gastos Nómina 3,685,842 4,336,313 4,726,150
Gastos Administrativos 1,339,604 1,541,920 1,837,352
Depreciación 287,694 455,368 538,960
Total gastos operacionales de Admón 5,313,141 6,333,601 7,102,461

Utilidad Operacional 118,673 84,057 392,804

Ingresos no Operacionales
Financieros 115,190 328,611 203,215
Otros ingresos no Operacionales 154,021 398,987 294,393
Total Ingresos no Operacionales 269,212 727,597 497,609

Gastos no operacionales
Gastos Financieros 175,017 507,174 504,538
Gastos No Operacionales 62,227 60,180 49,221
Total gastos no Operacionales 237,243 567,354 553,759

Utilidad neta 150,642 244,301 336,654

Corporación Educacional
Balance General
(Miles de pesos)

2012 2013 2014 2015 2016 2017 2018 2019

473,921 863,091 1,720,139 1,686,067 3,385,859 2,082,862 1,563,705 1,758,370

943,328 1,288,392 625,436 471,072 579,389 1,090,310 2,129,622 2,117,617

905,114 823,262 1,111,532 1,659,618 2,495,495 3,721,742 3,967,964 5,975,612
96,322 75,367 74,874 222,316 193,567 220,292 197,395 365,449
2,418,685 3,050,112 3,531,980 4,039,074 6,654,310 7,115,206 7,858,686 10,217,049

0 0 0 0 364,700 745,700 1,172,551 1,662,525

972,611 1,048,227 1,121,806 1,190,494 1,260,922 1,296,651 1,299,786 1,299,786

0 0 0 0 0 0 0 206,054
9,159,155 9,871,235 10,806,006 12,464,839 13,433,729 14,512,759 14,973,698 15,129,885
970,561 1,093,289 1,450,038 1,555,747 1,616,532 1,777,215 2,297,827 2,451,870
610,531 734,323 832,740 1,248,381 1,569,936 1,744,431 1,846,680 1,923,494
504,577 649,932 778,603 987,455 1,155,259 1,546,733 1,896,336 2,106,220
4,511 1,855 0 0 0 3,426 3,582 3,582
11,158 12,025 12,869 13,657 14,465 14,517 14,517 14,517
555 756 809 859 909 938 1,027 1,027
-2,921,756 -3,820,141 -4,781,184 -5,812,184 -6,936,741 -8,344,069 -9,782,286 -10,411,060
-2,763 -8,459 -8,459 -7,328 -7,328 -7,328 -7,328 -7,328
9,309,140 9,583,043 10,213,229 11,641,919 12,107,684 12,545,274 12,543,841 12,718,047

0 0 0 0 0 11,600 11,600 11,600

104,510 114,443 230,484 590,977 755,242 563,895 465,350 1,272,910

115,850 134,721 206,787 225,491 261,189 281,967 337,014 375,959

9,501,878 9,512,556 9,571,519 11,265,482 11,265,482 15,588,395 15,588,395 15,588,395

21,450,063 22,394,876 23,753,999 27,762,943 31,408,607 36,852,037 37,977,437 41,846,486

113,200 112,050 0 641,088 584,751 581,058 454,667 1,357,488

1,964 3,438 89,185 104,204 74,486 90,457 76,164 141,674
213,669 168,869 335,739 761,053 619,183 805,243 875,740 1,371,218
 353,871 400,987 402,600 463,157 485,775 517,889 510,052 585,505
682,703 685,343 827,524 1,969,503 1,764,194 1,994,647 1,916,623 3,455,885

0 0 0 335,129 120,310 144,444 55,994 0

3,448,255 3,620,975 3,683,923 3,101,667 2,731,884 2,374,008 3,093,766 3,033,213

3,448,255 3,620,975 3,683,923 3,436,796 2,852,194 2,518,452 3,149,759 3,033,213

244,712 278,397 111,410 37,640 76,388 120,131 63,824 59,230

1,273,327 1,514,099 1,951,820 2,867,118 5,265,663 5,294,018 5,459,295 5,969,688

518,384 397,437 398,458 431,005 1,238,411 1,752,167 1,736,907 3,230,083

6,167,380 6,496,251 6,973,135 8,742,062 11,196,850 11,679,414 12,326,410 15,748,101

2,969,078 3,415,253 3,845,366 4,258,094 4,687,031 4,687,053 4,687,031 4,687,031

207,445 270,739 348,417 353,466 371,153 392,325 413,827 437,832
739,560 560,543 913,747 1,162,312 1,511,441 1,720,258 1,645,991 1,625,991
241,046 354,162 354,788 348,290 919,154 915,097 776,887 818,666
1,623,676 1,785,372 1,747,027 1,633,237 1,457,496 1,869,494 2,538,896 2,940,469
9,501,878 9,512,556 9,571,519 11,265,482 11,265,482 15,588,395 15,588,395 15,588,395

15,282,683 15,898,625 16,780,864 19,020,881 20,211,758 25,172,623 25,651,028 26,098,386

21,450,063 22,394,876 23,753,999 27,762,943 31,408,607 36,852,037 37,977,437 41,846,486

0 0 0 0 0 0 0 0

7,500,246 8,804,387 10,258,367 12,615,589 15,028,980 17,442,017 18,438,880 21,499,739

321,085 201,756 216,064 331,038 327,810 211,337 246,839 270,685
7,821,332 9,006,143 10,474,430 12,946,627 15,356,790 17,653,354 18,685,719 21,770,425

4,993,924 5,710,824 7,053,357 7,845,428 9,227,796 9,633,390 9,738,834 10,824,438

1,930,596 2,674,410 2,795,556 4,195,917 4,895,901 6,705,414 7,589,530 9,749,362
569,829 384,689 413,408 454,463 548,740 591,669 633,288 669,081
7,494,349 8,769,922 10,262,321 12,495,808 14,672,436 16,930,473 17,961,652 21,242,881

326,982 236,221 212,109 450,819 684,354 722,881 724,067 527,543

148,731 251,289 268,361 192,979 174,746 174,745 104,873 195,480
235,515 306,319 313,083 305,681 478,163 713,789 570,016 728,614
384,247 557,608 581,443 498,660 652,909 888,535 674,888 924,094

381,434 369,125 373,705 358,847 349,244 327,392 335,969 408,730

88,749 70,542 65,059 242,342 68,864 368,926 286,099 224,242
470,183 439,667 438,764 601,189 418,108 696,318 622,069 632,972

241,046 354,162 354,788 348,290 919,154 915,097 776,887 818,666

pasivo
analisis verti
pasivo corriente 2009 2010 2011 2012 2013
obligaciones financieras 4.09% 5.86% 5.03% 0.53% 0.50%
proveedores 0.02% 0.20% 0.36% 0.01% 0.02%
CxP 4.14% 3.11% 2.06% 1.00% 0.75%
obligaciones laborales 3.04% 2.66% 3.35% 1.65% 1.79%
total pasivo corriente 11.29% 11.83% 10.81% 3.18% 3.06%

pasivos MP 0.00% 0.00% 0.00% 0.00% 0.00%

pasivo LP
obligacion financiera 23.90% 26.42% 29.30% 16.08% 16.17%
total pasivo LP, MP 23.90% 26.42% 29.30% 16.08% 16.17%

pasivo estimados y provisiones 0.14% 1.23% 1.93% 1.14% 1.24%

diferido ( ingresos recib x antici) 16.56% 9.82% 10.55% 5.94% 6.76%

otros pasivos 15.03% 12.76% 4.94% 2.42% 1.77%

total pasivo 66.92% 62.06% 57.53% 28.75% 29.01%

patrimonio
revalorizacion del patrimonio 16.31% 20.18% 23.11% 13.84% 15.25%
fondos patrimoniales 0.64% 0.97% 1.40% 0.97% 1.21%
donaciones 1.73% 1.64% 2.02% 3.45% 2.50%
utilidades del ejercicio 1.51% 2.26% 3.05% 1.12% 1.58%
utilidades retenidas 12.89% 12.88% 12.89% 7.57% 7.97%
superavit por valorizacion 0.00% 0.00% 0.00% 44.30% 42.48%

total patrimonio 33.08% 37.94% 42.47% 71.25% 70.99%

total pasivo y patrimonio 100.00% 100.00% 100.00% 100.00% 100.00%

 analisis verti c
80.00%

70.00% 66.92%
62.06%
60.00% 57.53%

total pasivo y patrimonio

50.00%

40.00%

28.75% 29.01% 29.36%

30.00%

20.00%

10.00%

0.00%
2009 2010 2011 2012 2013 2014

analisis vertical Linear (a

analisis vertical
2014 2015 2016 2017 2018 2019
0.00% 2.31% 1.86% 1.58% 1.20% 3.24%
0.38% 0.38% 0.24% 0.25% 0.20% 0.34%
1.41% 2.74% 1.97% 2.19% 2.31% 3.28%
1.69% 1.67% 1.55% 1.41% 1.34% 1.40%
3.48% 7.09% 5.62% 5.41% 5.05% 8.26%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 1.21% 0.38% 0.39% 0.15% 0.00%

15.51% 11.17% 8.70% 6.44% 8.15% 7.25%

15.51% 12.38% 9.08% 6.83% 8.29% 7.25%

0.47% 0.14% 0.24% 0.33% 0.17% 0.14%

8.22% 10.33% 16.77% 14.37% 14.38% 14.27%

1.68% 1.55% 3.94% 4.75% 4.57% 7.72%

29.36% 31.49% 35.65% 31.69% 32.46% 37.63%

16.19% 15.34% 14.92% 12.72% 12.34% 11.20%

1.47% 1.27% 1.18% 1.06% 1.09% 1.05%
3.85% 4.19% 4.81% 4.67% 4.33% 3.89%
1.49% 1.25% 2.93% 2.48% 2.05% 1.96%
7.35% 5.88% 4.64% 5.07% 6.69% 7.03%
40.29% 40.58% 35.87% 42.30% 41.05% 37.25%

70.64% 68.51% 64.35% 68.31% 67.54% 62.37%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

 analisis verti cal

37.63%
35.65%
31.49% 31.69% 32.46%
28.75% 29.01% 29.36%

2012 2013 2014 2015 2016 2017 2018 2019

vertical Linear (analisis vertical )

pasivo 2009 2010 2010 2011 2011
pasivo corriente variacion porcentaje variacion porcentaje variacion
obligaciones financieras 226,802 55.7% -77,831 -12.3% -442,876
proveedores 20,286 1083.4% 18,047 81.4% -38,241
CxP -75,167 -18.3% -109,055 -32.4% -13,626
obligaciones laborales -14,046 -4.7% 82,637 28.7% -16,527
total pasivo corriente 157,875 14.1% -86,203 -6.7% -511,271

pasivos MP 0 0% 0 0.0% 0

pasivo LP
obligacion financiera 481,468 20.3% 379,444 13.3% 211,136
total pasivo LP, MP 481,468 20.3% 379,444 13.3% 211,136

pasivo estimados y provisiones 119,138 832.3% 79,559 59.6% 31,700

diferido ( ingresos recib x antici) -584,687 -35.5% 104,307 9.8% 107,043

otros pasivos -114,361 -7.7% -834,180 -60.4% -27,805

total pasivo 59,433 0.9% -357,073 -5.3% -189,196

patrimonio
revalorizacion del patrimonio 561,639 34.6% 370,460 17.0% 415,210
fondos patrimoniales 41,000 64.6% 50,241 48.1% 52,688
donaciones 5,586 3.2% 45,681 25.7% 516,206
utilidades del ejercicio 93,659 62.2% 92,353 37.8% -95,608
utilidades retenidas 111,829 8.7% 31,074 2.2% 198,844
superavit por valorizacion 0 0.0% 0 0.0% 9,501,878

total patrimonio 813,713 24.7% 589,808 14.4% 10,589,218

total pasivo y patrimonio 873,146 8.8% 232,735 2.2% 10,400,022

 a
12,000,000

10,000,000

8,000,000

total pasivo y patrimonio

6,000,000

4,000,000

2,000,000

0
2009 2010 2010 2011 2011 2012 201
 analisis horizontal

2012 2012 2013 2013 2014 2014

porcentaje variacion porcentaje variacion porcentaje variacion
-79.6% -1,150 -1.0% -112,050 -100% 641,088
-95.1% 1,474 75.1% 85,747 2494.3% 15,019
-6.0% -44,799 -21.0% 166,870 98.8% 425,315
-4.5% 47,116 13.3% 1,613 0.4% 60,557
-42.8% 2,640 0.4% 142,181 20.7% 1,141,979

0.0% 0 0.0% 0 0.0% 335,129

6.5% 172,720 5.0% 62,948 1.7% -582,256

6.5% 172,720 5.0% 62,948 1.7% -247,127

14.9% 33,686 13.8% -166,987 -60.0% -73,770

9.2% 240,773 18.9% 437,721 28.9% 915,298

-5.1% -120,947 -23.3% 1,021 0.3% 32,548

-3.0% 328,872 5.3% 476,883 7.3% 1,768,928

16.3% 446,175 15.0% 430,113 12.6% 412,728

34.0% 63,294 30.5% 77,679 28.7% 5,048
231.1% -179,017 -24.2% 353,204 63.0% 248,565
-28.4% 113,116 46.9% 627 0.2% -6,498
14.0% 161,696 10.0% -38,345 -2.1% -113,789
0.0% 10,679 0.1% 58,963 0.6% 1,693,962

225.6% 615,942 4.0% 882,240 5.5% 2,240,016

94% 944,813 4.4% 1,359,123 6.1% 4,008,944

 analisis horizontal

10 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019
 2015 2015 2016 2016 2017 2017 2018
porcentaje variacion porcentaje variacion porcentaje variacion porcentaje
#DIV/0! -56,337 -8.8% -3,693 -0.6% -126,391 -21.8%
16.8% -29,719 -28.5% 15,971 21.4% -14,293 -15.8%
126.7% -141,871 -18.6% 186,061 30.0% 70,497 8.8%
15.0% 22,618 4.9% 32,114 6.6% -7,837 -1.5%
138.0% -205,309 -10.4% 230,453 13.1% -78,024 -3.9%

- -214,819 -64.1% 24,134 20.1% -88,451 -61.2%

-15.8% -369,783 -11.9% -357,876 -13.1% 719,758 30.3%

-6.7% -584,601 -17.0% -333,742 -11.7% 631,307 25.1%

-66.2% 38,748 102.9% 43,743 57.3% -56,306 -46.9%

46.9% 2,398,544 83.7% 28,355 0.5% 165,278 3.1%

8.2% 807,405 187.3% 513,756 41.5% -15,259 -0.9%

25.4% 2,454,787 28.1% 482,565 4.3% 646,996 5.5%

10.7% 428,937 10.1% 22 0.0% -22 0.0%

1.4% 17,687 5.0% 21,173 5.7% 21,501 5.5%
27.2% 349,129 30.0% 208,817 13.8% -74,267 -4.3%
-1.8% 570,864 163.9% -4,057 -0.4% -138,210 -15.1%
-6.5% -175,741 -10.8% 411,998 28.3% 669,402 35.8%
17.7% 0 0.0% 4,322,914 38.4% 0 0.0%

13.3% 1,190,877 6.3% 4,960,866 24.5% 478,404 1.9%

16.9% 3,645,664 13.1% 5,443,430 17.3% 1,125,400 3.1%

 2018 2019
variacion porcentaje
902822 198.6%
65,510 86.0%
495,478 56.6%
75,453 14.8%
1,539,262 80.3%

-55,994 -100%

-60,552 -2.0%
-116,546 -3.7%

-4,594 -7.2%

510,393 9.3%

1,493,176 86.0%

3,421,691 27.8%

0 0
24,005 5.8%
-20,000 -1.2%
41,779 5.4%
401,574 15.8%
0 0.0%

447,358 1.7%

3,869,049 10.2%