Mii514 - Analisis - La Polar - SEMANA 4

No Consolidado 6/30/2003 9/30/2003 12/31/2003 3/31/2004 6/30/2004
ACTIVO
Activo Total 93929508 111676244 119904390 120574275 125271819
Activo Corriente 45066709 60290083 63641310 61580240 61549199
Efectivo 908491 916964 1724168 772811 1042997
Depositos a Plazo CP 0 0 0 0 2120909
Inversiones CP 2800000 16410766 13402638 7913211 4311311
Creditos por Ventas CP 15928 27719 21924 23951 33095
Document por Cobrar CP 493035 321276 648456 325799 325316
Deudores Varios CP 183017 414654 294323 718824 949210
Doc por Cob Emp Relc CP 21395259 19993419 28516971 26868736 30783118
Existencias 18176234 20284864 17620020 22307581 20131440
Impuestos por Recuperar 421035 675033 729848 1127300 744961
Gast Pagados por Antic 673710 857759 682962 1434010 1077211
Impuestos Diferidos 0 387629 0 88017 29631
Otros Activos CP 0 0 0 0 0
Contratos Leasing (Neto) 0 0 0 0 0
Activos p/Leasing (Neto) 0 0 0 0 0
Otros Activos 31236267 33346224 36695309 39315059 43051540
Inv en Empresas Relac 17184667 18995411 22024443 24300391 27666855
Inv en Otras Sociedades 0 0 0 0 0
Menor Valor de Invers 3519121 3462707 3406294 3349880 3293467
Mayor Valor de Invers 0 0 0 0 0
Deudores LP 754322 754322 10761353 11163883 11587297
Doc por Cob Emp Relc LP 0 0 0 0 0
Impuestos Diferidos LP 0 0 0 0 0
Intagibles y agio 309370 301958 292664 290070 288984
Amortizacion 0 0 0 0 0
Otros Activos LP 9468787 9831826 210555 210835 214937
Contr Leasing LP(Neto) 0 0 0 0 0
Activos Fijos 17626532 18039937 19567771 19678976 20671080
Terrenos 0 0 0 0 0
Construc y Obras Infrs 247218 247463 246974 245442 248950
Maquinarias y Equipos 0 0 0 0 0
Otros Activos Fijos 25862088 27069839 29384950 30017243 31966756
Mayor Valor Retasacion 0 0 0 0 0
Depreciacion Acumulada -8482774 -9277365 -10064153 -10583709 -11544626
PASIVO
Pasivo + Patrimonio Neto 93929508 111676244 119904390 120574275 125271819
Pasivo Corriente 50163756 46441903 45054281 50437092 47517141
Deudas Financieras CP 22147981 20672755 10358354 17534535 13932688
Deu Fin LP Porcion CP 1058134 1081382 1679060 1816766 1988869
Obl c/Publ (Pagares) CP 0 0 0 0 0
Obligac Negociables CP 0 0 0 0 0
Oblig LP Vcto en 1 ano 2091685 1862322 1165552 1170871 949160
Dividendos por Pagar CP 0 0 0 0 0
Cuentas por Pagar CP 8516042 7779118 13826517 12035871 11188569
Documentos por Pagar CP 9873884 8102968 8816967 9797236 10577873
Acreedores Varios CP 3368313 3989528 4351891 4268570 4044627
Doc por Pag Emp Rel CP 2033875 2373443 2914511 3111436 3472169
Provisiones CP 459827 396182 556402 483001 629457
Retenciones CP 409791 184205 1088191 218806 733729
Impuestos por Pagar CP 0 0 0 0 0
Ing Percib por Adel CP 0 0 0 0 0
Impuestos Diferidos CP 204224 0 296836 0 0
Otros Pasivos CP 0 0 0 0 0
Pasivo no Corriente 11279967 11291685 15972310 10823915 16622030
Deudas Financieras LP 7449244 7340160 12291274 7355451 13215225
Obligac Negociables LP 0 0 0 0 0
Documentos por Pagar LP 344957 204280 79837 0 0
Acredores Varios LP 2347292 2172805 2194699 2025134 1873167
Doc por Pag Emp Rel LP 0 0 0 0 0
Provisiones LP 0 0 0 0 0
Otros Pasivos LP 0 0 0 0 0
Interes Minoritario 0 0 0 0 0
Patrimonio Neto 32485785 53942656 58877799 59313268 61132648
Capital Social 29287481 36644058 36914863 36914863 36914863
Reserva Revalor de Cap 322163 351450 0 -184574 295319
Sobreprecio Venta Acc 0 13596629 13555839 13488060 13664286
Reservas de Revaluacion 0 0 0 0 0
Otras Reservas 0 0 0 0 0
Utilidades Retenidas 2876141 3350519 8407097 9094919 10258180
Reserva Futuros Divid 0 0 0 0 0
Utilid Acumuladas Ant 0 0 0 8365062 5939615
Perdidas Acumulad Ant 0 0 0 0 0
Utilidad del Ejercicio 2876141 3350519 8407097 729857 4318565
Dividendos Provisorios 0 0 0 0 0
Deficit Acum Per Desarr 0 0 0 0 0
ESTADO DE RESULTADOS
Meses 6 9 12 3 6
Ingresos Operacionales 48331191 70238276 108553668 23632057 56961297

Costo de Ventas 35681878 52104771 78309931 17243521 41117330
Resultado Bruto 12649313 18133505 30243737 6388536 15843967
Gastos Operativos 13610983 19851834 29251941 7777060 16415735
Result Operativo EBIT -961670 -1718329 991796 -1388524 -571768
Resultado No Operac 3552975 4626514 7222707 1770356 4677377
Ingresos Financieros 12430 61244 247704 125195 240352
Utilidad Inv Emp Relac 4402526 6200626 9254948 2386067 5481449
Otros Ingres No Operac 987357 1527571 38812 4489 39964
Perd(gan) inv emp relac 0 0 0 0 -15237
Amort Menor Valor Invs -112993 -169598 -225353 -56282 -113786
Gastos Financieros -1257123 -2075430 -2397935 -444649 -851267
Otros Egres No Operac -204378 -353586 -4654 -559 -592
Correcion Monetaria -116796 -382118 -144314 142215 -171566
Diferencias de Cambio -158048 -182195 453499 -386120 68060
Resultado antes Impuest 2591305 2908185 8214503 381832 4105609
Impuesto a las Gananc -284836 -442334 -192594 -348025 -212956
Itemes Extraordinarios 0 0 0 0 0
Utilidad Consolidada 2876141 3350519 8407097 729857 4318565
Utild Liq Antes Amortiz 2876141 3350519 8407097 729857 4318565
Amort Mayor Valor Inver 0 0 0 0 0
Ganancia/Perdida Neta 2876141 3350519 8407097 729857 4318565
FLUJO DE CAJA
Meses 6 9 12 3 6
Recurs Generd por la Op -4728575 -9355624 -5035345 -7224034 -5215952

Ganancia Neta 2876141 3350519 8407097 729857 4318565
Resultados Venta de Acti 0 0 35270 372 -14140
Perd Venta Activo Fijo 0 0 35270 372 -14140
Ganancia por Inversiones 0 0 0 0 0
Perdidas Inversiones 0 0 0 0 0
Perd en Venta Otr Activo 0 0 0 0 0
Carg(Abo)a Resu NRep FE -2871398 -1672448 -5886965 -1271353 -3691688
Depreciacion 1491898 2282166 3113091 837422 1692387
Amortizacion 16941 0 33537 2156 4370
Castigos y Provisiones 142428 1009030 205828 59339 141284
Util Deven Inv Empr Rela -4402526 -6200626 -9254948 -2386067 -5481449
Perd Deveng Inv Empr Rel 0 0 0 0 15237
Amort Menor Valor Invers 112993 169598 225353 56282 113786
Amort Mayor Valor Invers 0 0 0 0 0
Correccion Monet Neta 116796 382118 144314 -142215 171566
Diferencias Cambio(Neta) 158048 182195 -453499 386120 -68060
Otr Abon Res q no Rep FE -1037820 -1107751 -1516114 -402531 -825944
Otr Car Resu q n Rep FE 529844 1610822 1615473 318141 545135
Vari Activ Afec FE -1042942 -3501561 -8580239 -4475823 -4990869
Aumento Deud por Ventas 686540 -281899 315912 -163200 195945
Disminuic en Existenc -3130485 -5610373 -2845407 -4811681 -2512691
Disminucion Otr Activos 1401003 2390711 -6050744 499058 -2674123
Variac Pasivos Afect FE -3690376 -7532134 989492 -2207087 -837820
Aum Ctas Pag Rel Res Exp -4314219 -8161737 -1258068 -820395 -1473216
Aumto Intereses p Pagar 0 0 0 -45501 115783
Aumto Neto IR p Pagar 0 -442334 77412 -348023 -199329
Aumto Otr Cuen Pag RR Fu 922500 1370594 1903487 196925 1022890
Aumto Neto Imp Val Agr -298657 -298657 266661 -1190093 -303948
Util del Inter Minoritar 0 0 0 0 0
Recurs Generd por Finac 8966930 28366537 24343245 1836062 643460
Emiss de Acc de Pago 0 20953206 21491128 0 0
Ingr Prestamos CP y LP 14555989 21064889 28388441 5613818 13446613
Obligaciones c/Publico 0 0 0 0 0
Prest Doc de Empr Relaci 0 0 0 0 0
Obten Otr Prest Emp Rela 0 0 0 0 0
Otr Fuentes de Financiam 187704 187704 187704 0 0
Dividendos Pagados 0 0 0 0 -2522129
Repartos de Capital 0 0 0 0 0
Amortiz de Prestamos -5776763 -13839262 -25186106 -3777756 -10281024
Pago Oblig con Publico 0 0 0 0 0
Pago Prest Docum de Empr 0 0 0 0 0
Pag Otr Prest Doc Em Rel 0 0 0 0 0
Pag Gast Emis y Col Acci 0 0 -537922 0 0
Pag Gas Emi Col Obli Pub 0 0 0 0 0
Otr Desemb por Financiam 0 0 0 0 0
Recurs Generd en Inver -1691092 -2876700 -5318209 -1048535 -3087869
Venta de Activo Fijo 0 0 28276 400 114919
Venta de Inver Perman 0 0 0 0 0
Venta Otras Inversiones 0 0 0 0 0
Reacud Prest Doc Emp Rel 0 0 0 0 0
Rec Otr Prest Doc Emp Re 0 0 0 0 0
Otros Ingresos Inversion 0 0 0 0 0
Compra de Bienes de Uso -1643323 -2827399 -5295574 -1046770 -3198175
Pago Inter Capitalizados 0 0 0 0 0
Inversiones Permanentes 0 0 0 0 0
Inv en Instr Financieros 0 0 0 0 0
Prest Doc Empr Relaciona 0 0 0 0 0
Otr Prest a Empr Relacio 0 0 0 0 0
Otros Desemb d/Inversion -47769 -49301 -50911 -2165 -4613
Incr Neto en Efec e Inv 2547263 16134213 13989691 -6436507 -7660361
REI Ejer Fon al Cierre 34938 66113 11939 -4277 -112242
Variac Neta Efec y Equiv 2582201 16200326 14001630 -6440784 -7772603
Fondos al Inicio 1126290 1127404 1125176 15126806 15247820
Fondos al Cierre 3708491 17327730 15126806 8686022 7475217
Recurs Gene Oper(Direct) - - - -7224034 -5215952

Cobranza a Clientes - - - 35737388 68107601
Ingresos Financ Percibid - - - 82418 268112
Dividendos Cobrados - - - 0 0
Otros Ingresos Percibido - - - 10371140 0
Pagos a Proveedores - - - -33149130 -71357542
Intereses Pagados - - - -246819 -521496
Pago de Tributos - - - 0 0
Otros Gastos Pagados - - - -19948760 -761213
Impuest Val Agre Otr Sim - - - -70271 -951414
CANTIDAD DE ACCIONES
Cant Tot Acci Publicada 165316 206645 206645 206645 206645
Acciones Tipo A - - - - -
Acciones Tipo B - - - - -
Acciones Tipo C - - - - -
Acciones de Otro Tipo - - - - -
Acciones Total ex-Tesor - - - - -
Acciones en Tesoreria - - - - -
Cant Tot Acci Calc 165316 206645 206645 206645 206645
DIVERSOS
Fecha del Balance 6/30/2003 9/30/2003 12/31/2003 3/31/2004 6/30/2004
Fecha da la Moneda 6/30/2003 9/30/2003 12/31/2003 3/31/2004 6/30/2004
Fecha de Divulgacion 00-00-0000 00-00-0000 00-00-0000 5/28/2004 8/24/2004
Fecha Ult Rectificacion 3/19/2004 3/19/2004 4/20/2004 5/28/2004 8/24/2004
Formato del Balance Ind&ComCh Ind&ComCh Ind&ComCh Ind&ComCh Ind&ComCh
Consolidado No No No No No
9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006
138881031 161258118 164967645 170404960 190417516 239422181 261721961

71271866 77250325 89387160 88994163 103153100 137759237 132186332
1410424 2540552 1536755 1563059 1802952 4024837 2230979
2130932 2143039 2159003 2179962 2202394 0 0
7072647 7693907 3823703 352130 3161528 492254 5188141
31241 151896 13627301 14386778 14225436 30745 41606
262311 806823 490264 422032 381297 608576 442917
544683 514723 526691 643177 2048899 849617 412676
35028983 40883015 35654848 42639412 50922705 105838725 86207899
23005771 21041966 27406478 24310222 26413021 23941380 32457763
794598 843282 1343021 755306 802538 686070 1542252
990276 631122 2592694 1727327 1131350 719104 2755806
0 0 226402 14758 60980 567929 906293
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
46700232 57006457 48364229 53096115 57395425 65671564 91481979
30939994 35484972 39838870 44413405 48558707 56797071 64447879
0 0 0 0 0 0 0
3237053 3180640 3124226 3067813 3011399 2954986 2898572
0 0 0 0 0 0 0
12032383 17978515 5048062 5236064 5442281 5538167 23753933
0 0 0 0 0 0 0
0 0 0 0 0 0 0
437171 351607 350971 352316 370029 351607 350971
-161226 -89789 -98046 -106303 -131304 -120377 -128312
214857 100512 100146 132820 144313 150110 158936
0 0 0 0 0 0 0
20908933 27001336 27216256 28314682 29868991 35991380 38053650
0 0 0 0 0 0 1573425
251398 253148 251123 255680 259224 262261 1711205
0 0 0 0 0 0 0
33199584 40304447 39165626 41455148 44032612 49591610 49745092
0 0 0 0 0 0 0
-12542049 -13556259 -12200493 -13396146 -14422845 -13862491 -14976072
138881031 161258118 164967645 170404960 190417516 239422181 261721961

48811046 61741379 62916388 67247197 88225218 82914535 104700687
16070229 11251549 17634847 25151095 48817479 17199672 25277114
2164062 2975968 2831661 2703995 2559317 350844 356109
0 0 0 0 0 0 0
0 0 0 0 0 0 0
844008 804450 367529 435509 227224 195063 173767
0 0 0 0 0 0 0
8609342 16898096 14085845 17823447 18904553 19649417 25578412
11156525 15209999 13563529 7155813 3002566 658886 9379607
4558609 7001520 6373889 5154262 7303384 6885488 8800410
4292183 4527119 5826427 6632472 5868801 33179840 31623292
496260 1772047 1929989 1450739 1332408 2645238 3097882
384742 1202745 302672 739865 209486 2150087 414094
0 0 0 0 0 0 0
0 0 0 0 0 0 0
235086 97886 0 0 0 0 0
0 0 0 0 0 0 0
26122274 27960631 27796110 27213281 23168547 67458623 62581375
23288219 20620922 20473826 19934180 16078248 59465971 54712505
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1721092 5523638 5428365 5476851 5503756 5537564 5472516
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1112963 1816071 1893919 1802250 1586543 2455088 2396354
0 0 0 0 0 0 0
0 0 0 0 0 0 0
63947711 71556108 74255147 75944482 79023751 89049023 94439899
36914863 37837735 37837735 37837735 37837735 39199893 39199893
701382 0 -302702 378377 908105 0 -117600
13813400 13894735 13783577 14033682 14228209 14394945 14351761
0 0 0 0 0 0 0
0 0 0 0 0 0 0
12518066 19823638 22936537 23694688 26049702 35454185 41005845
0 0 0 0 0 0 0
6004350 6039660 19665048 15874079 16097850 16244755 35347823
0 0 0 0 0 0 0
6513716 13783978 3271489 7820609 9951852 19209430 5658022
0 0 0 0 0 0 0
0 0 0 0 0 0 0
9 12 3 6 9 12 3
91139700 141312885 33053526 76593361 120440871 184720991 44722467

65667978 103864244 24637817 55675991 87791166 135858354 33131693
25471722 37448641 8415709 20917370 32649705 48862637 11590774
26124544 34488927 9833268 20698763 32271913 45316910 12496236
-652822 2959714 -1417559 218607 377792 3545727 -905462
6778887 10993798 4457918 7456396 9139732 15573027 6172047
383350 502690 90780 229494 391943 721695 289958
8515084 12925632 4637778 8573583 12222095 20034639 7821200
47936 57982 11644 15693 25341 46554 2161
-18001 -15718 0 0 0 0 0
-171610 -229208 -56319 -114030 -172174 -230374 -56395
-1547935 -2331970 -582251 -1266821 -2276686 -4144247 -1582956
-5908 -7608 -5 -40531 -43554 -50272 -3162
-439954 -142018 231654 -186531 -402572 -141485 -139934
15925 234016 124637 245539 -604661 -663483 -158825
6126065 13953512 3040359 7675003 9517524 19118754 5266585
-387651 169534 -231130 -145606 -434328 -90676 -391437
0 0 0 0 0 0 0
6513716 13783978 3271489 7820609 9951852 19209430 5658022
0 0 0 0 0 0 0
6513716 13783978 3271489 7820609 9951852 19209430 5658022
0 0 0 0 0 0 0
6513716 13783978 3271489 7820609 9951852 19209430 5658022
9 12 3 6 9 12 3
-13161038 2628074 -8375313 -12318846 -27337098 -30112566 4445962

6513716 13783978 3271489 7820609 9951852 19209430 5658022
-12048 -1912 0 0 4132 4271 0
-12048 -1912 0 0 4132 4271 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-5217314 -7417393 -3623434 -6380429 -7115178 -13261093 -4731046
2614248 3608489 980953 2009117 3086497 4153429 1158225
15415 33012 8257 16599 25000 33448 8454
210777 320820 108877 961124 1274029 67234 49558
-8515084 -12925632 -4637778 -8573583 -12222095 -20034639 -7821200
18001 15718 0 0 0 0 0
171610 229208 56319 114030 172174 230374 56395
0 0 0 0 0 0 0
439954 142018 -231654 186531 402572 141485 139934
-15925 -234016 -124637 -245539 604661 663483 158825
-1271031 -2386617 -930431 -2453551 -2920040 -2951436 -400002
1114721 3779607 1146660 1604843 2462024 4435529 1918765
-12240635 -17567510 -3649022 -6385745 -18189198 -52955673 -9251575
280461 -829549 311194 -425957 -2304945 15319053 542181
-5639112 -4322856 -6725940 -3206140 -5396110 -3403096 -8643215
-6881984 -12415105 2765724 -2753648 -10488143 -64871630 -1150541
-2204757 13830911 -4374346 -7373281 -11988706 16890499 12770561
-2893111 11396815 -3908346 -8908995 -11948347 -12848646 16318338
336009 605140 -169556 58260 34612 404491 949629
-388251 168038 -231128 -145604 -434329 -95700 -391437
1377672 1612608 1299308 2105353 1341682 28652721 -1556548
-637076 48310 -1364624 -482295 -982324 777633 -2549421
0 0 0 0 0 0 0
12148442 6025731 5493884 7626317 27412840 36168937 1782814
0 0 0 0 0 0 0
32600558 36352076 7104513 16335651 44150630 92799669 8352918
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-2522129 -2522129 0 -4135389 -4135389 -4135389 0
0 0 0 0 0 0 0
-17929987 -27804216 -1610629 -4573945 -12602401 -52495343 -6570104
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-3543904 -12159453 -1970505 -3603278 -5306649 -13913449 -3326749
137279 118763 0 0 0 11423 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-3677033 -7519443 -1970224 -3571884 -5263345 -13879870 -3317459
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-4150 -4758773 -281 -31394 -43304 -45002 -9290
-4556500 -3505648 -4851934 -8295807 -5230907 -7857078 2902027
-243712 378170 92917 -110315 -276777 -448919 13553
-4800212 -3127478 -4759017 -8406122 -5507684 -8305997 2915580
15414215 15504976 12278478 12501273 12674558 12823088 4503540
10614003 12377498 7519461 4095151 7166874 4517091 7419120
-13161038 2628074 -8375313 -12318846 -27337098 -30112566 4445962

97641476 163861185 39607603 90245624 126907001 160860024 54895364
798711 903848 27569 320987 434954 1518735 250815
0 0 0 0 0 0 0
0 0 0 0 0 288965 0
-108007549 -158219781 -45443995 -99262575 -149712587 -188090840 -48680802
-1084079 -1598984 -486883 -625291 -1536850 -2166219 -253423
0 -1007 0 0 0 0 0
-796111 -11559 -617180 -1305995 -1080654 -30656 0
-1713486 -2305628 -1462427 -1691596 -2348962 -2492575 -1765992
206645 206645 206645 206645 206645 206645 206645

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
206645 206645 206645 206645 206645 206645 206645
- - - - - - -
- - - - - - -
206645 206645 206645 206645 206645 206645 206645
9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006

9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006
12/13/2004 4/14/2005 5/24/2005 9/7/2005 11/24/2005 3/6/2006 5/2/2006
12/14/2004 4/14/2005 5/24/2005 9/8/2005 11/24/2005 5/2/2006 5/2/2006
Ind&ComCh Ind&ComCh Ind&ComCh Ind&ComCh Ind&ComCh Ind&ComCh Ind&ComCh
No No No No No No No
6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007
259214960 292387382 325823305 349139707 384877763 400685651 537225583

120362488 143167994 161806016 172633795 177579177 173121630 290924298
2480267 4035066 11795234 12772326 9928562 5693402 7710271
0 0 0 0 0 0 30377854
1857772 8094597 7388099 8016034 27167381 5651276 57124287
19982 38435 78695 18569 25486 13623 9474564
480917 594380 1122108 728801 992419 901944 1526064
414741 663182 484041 1056419 1283550 1054274 975295
80294490 92131514 104799918 103705236 96416722 108931597 143657250
28140264 32756877 31217033 39055575 34536439 41606876 33615870
620543 1342095 1017079 2204438 715163 2407330 1753870
2485061 2357620 2105726 2157841 2923447 1784971 3671428
967333 1154228 1798083 2918556 3590008 5076337 728680
2601118 0 0 0 0 0 308865
0 0 0 0 0 0 0
0 0 0 0 0 0 0
98515696 105274880 114122520 126036935 155100710 170504815 182937716
71666745 77559595 85710133 96615126 111744225 126540054 144649064
0 0 0 0 0 0 0
2842159 2785745 2729332 2672919 2616505 2560092 2503678
0 0 0 0 0 0 0
23632584 24390927 25149792 26310247 40180562 40843418 31922667
0 0 0 0 0 0 0
0 0 0 0 0 0 1128543
350971 505337 556982 642698 756818 460729 609978
-135722 -137675 -197646 -371407 -460343 -148269 -216395
158959 170951 173927 167352 262943 248791 2340181
0 0 0 0 0 0 0
40336776 43944508 49894769 50468977 52197876 57059206 63363569
2087960 2116821 2291588 2296171 2335128 2408459 2461166
3493273 3525143 3525371 3551459 3614678 3728206 3809796
0 0 0 0 0 0 0
51175440 56351619 63460734 65519581 69246301 76355825 84685478
0 0 0 0 0 0 0
-16419897 -18049075 -19382924 -20898234 -22998231 -25433284 -27592871
259214960 292387382 325823305 349139707 384877763 400685651 537225583

112641897 128157472 134182260 149641708 130426819 132850944 130647437
36003445 51699376 56869623 77486836 56448612 57282920 32062807
367712 379961 385906 394112 407183 427376 445673
0 0 0 0 0 0 0
0 0 0 0 0 0 1123401
188023 163036 197282 115633 208126 213882 227778
25900 6584 7645 7310 20230 19158 16842
21550877 16795692 20556093 18450308 14960465 12385753 22716489
9317183 6322577 2028573 2163548 1697580 671238 3124215
9621277 7147048 9031702 5258938 9105237 8328198 13021568
32176313 42273764 42498471 43249282 45137500 49256443 54437383
2429278 2896180 1918177 1972183 1997283 3615778 2540613
961889 473254 688788 543558 444603 650198 930668
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
49919829 62214764 79563196 79456668 96577875 98842802 223099785
41896369 54055112 69448842 69151813 86619122 88363238 79406578
0 0 0 0 0 0 137358620
0 0 0 0 0 0 0
5495870 5581244 5451674 5410745 5431200 5536807 5606326
0 0 0 0 0 0 0
0 0 1026816 1099474 772603 774212 728261
2527590 2578408 3635864 3794636 3754950 4168545 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
96653234 102015146 112077849 120041331 157873069 168991905 183478361
39199893 39199893 40023091 41303081 69039772 69039772 73951998
431199 979997 0 80046 1113759 3324312 0
14553290 14754819 14697239 15024908 21811925 22498628 22991990
0 0 0 0 0 0 0
0 0 0 0 0 0 68667
42468852 47080437 57357519 63633296 65907613 74129193 86465706
0 0 0 0 0 0 0
30006033 30421386 30302714 57472234 50186952 51761196 52892683
0 0 0 0 0 0 0
12462819 16659051 27054805 6161062 15720661 22367997 33573023
0 0 0 0 0 0 0
0 0 0 0 0 0 0
6 9 12 3 6 9 12
101455516 154541173 228845340 48889109 112205623 173063482 260789238

72315524 110177421 162067014 36518634 82666768 127837872 193036446
29139992 44363752 66778326 12370475 29538855 45225610 67752792
28358520 43525107 62552219 15879932 36528680 57107845 83702349
781472 838645 4226107 -3509457 -6989825 -11882235 -15949557
11333685 15310246 22747845 8705143 21003873 31412075 45705026
569400 940682 1319614 501298 1251655 1939497 2864068
14259276 19391325 27720223 10762171 24405599 36458704 52596381
11226 17673 21575 2757 3522 5528 6305
-14469 -48828 0 -28598 0 0 0
-113861 -172061 -227685 -56395 -114087 -174750 -235376
-3081154 -4776941 -6826624 -2394447 -5001837 -7874373 -11646820
-4846 -4935 -5782 -3118 -60922 -62657 -64828
76595 122750 904283 16485 70990 385299 1202180
-368482 -159419 -157759 -95010 448953 734827 983116
12115157 16148891 26973952 5195686 14014048 19529840 29755469
-347662 -510160 -80853 -965376 -1706613 -2838157 -3817554
0 0 0 0 0 0 0
12462819 16659051 27054805 6161062 15720661 22367997 33573023
0 0 0 0 0 0 0
12462819 16659051 27054805 6161062 15720661 22367997 33573023
0 0 0 0 0 0 0
12462819 16659051 27054805 6161062 15720661 22367997 33573023
6 9 12 3 6 9 12
16343059 -302443 -4325568 -15273557 -17049258 -38121849 -42695417

12462819 16659051 27054805 6161062 15720661 22367997 33573023
0 0 0 0 61072 62226 64790
0 0 0 0 61072 62226 64790
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-8070324 -9533639 -15982172 -7778489 -18333343 -26848842 -39438479
2486046 3909517 5335605 1681438 3633498 5518041 7618972
16778 38954 78789 169205 211559 335386 512844
1149120 1876524 1414457 -259442 -48315 479894 2057433
-14259276 -19391325 -27720223 -10762171 -24405599 -36458704 -52596381
14469 48828 0 28598 0 0 0
113861 172061 227685 56395 114087 174750 235376
0 0 0 0 0 0 0
-76595 -122750 -904283 -16485 -70990 -385299 -1202180
368482 159419 157759 95010 -448953 -734827 -983116
-1133653 -1891997 -2800862 -821704 -1710631 -2701884 -3731564
3250444 5667130 8228901 2050667 4392001 6923801 8650137
1110974 488686 -28043824 -7415315 -9252734 -22568514 -48598816
-18440685 -1683583 -19501126 613779 -14340628 -14104638 -14283990
-4294775 -9255040 -7863874 -7884302 -2779497 -8815443 -1201564
23846434 11427309 -678824 -144792 7867391 351567 -33113262
10839590 -7916541 12645623 -6240815 -5244914 -11134716 11704065
12584033 2220309 3943000 -5768645 -5914447 -11648304 7578086
708120 1504716 1259691 909900 -105681 325277 -220657
-347662 -510158 -89008 -965376 -1707757 -2839300 -3831000
-1003527 -8796839 9318631 750811 2579726 4597690 8794025
-1101374 -2334569 -1786691 -1167505 -96755 -1570079 -616389
0 0 0 0 0 0 0
-7620259 18742772 37619584 19118929 40320459 41211902 139773078
0 0 0 1243054 35769928 35769928 35769928
12012236 43070885 67916532 20202497 26552271 36313733 40600792
0 0 0 0 0 0 136780511
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-5786073 -5786073 -5786073 0 -8162411 -8162411 -8162411
0 0 0 0 0 0 0
-13846422 -18542040 -24510875 -2326622 -13839329 -22709348 -62796452
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 -2419290
0 0 0 0 0 0 0
-6400109 -11053611 -18627774 -2317079 -5358591 -10928708 -21048582
0 0 0 0 9030 9030 69984
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-6390719 -10862549 -18395912 -2242458 -5131416 -10577917 -20500297
0 0 0 0 0 0 0
-100 -100 -100 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-9290 -190962 -231762 -74621 -236205 -359821 -618269
2322691 7386718 14666242 1528293 17912610 -7838655 76029079
49687 112927 -94859 38367 -364483 -978350 -1419566
2372378 7499645 14571383 1566660 17548127 -8817005 74609513
4566779 4630018 4611950 19221700 19547816 20161683 20602899
6939157 12129663 19183333 20788360 37095943 11344678 95212412
16343059 -302443 -4325568 -15273557 -17049258 -38121849 -42695417

115623165 171206733 269224470 67029169 139900781 208201120 276244212
811230 1204550 1431985 501414 501415 1880293 1957095
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-96532592 -167937849 -258681578 -76605202 -144107181 -230899561 -299489112
-1388551 -1940288 -3753608 -753583 -3806645 -4978345 -6773431
0 0 -642322 0 -1322320 -1383190 -1354556
0 0 -681589 -150780 -152277 -152275 -162935
-2170193 -2835589 -11222926 -5294575 -8063031 -10789891 -13116690
206645 206645 206645 207261 220606 220606 220606

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
206645 206645 206645 207261 220606 220606 220606
- - - - - - -
- - - - - - -
206645 206645 206645 207261 220606 220606 220606
6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007

6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007
8/16/2006 10/30/2006 3/2/2007 5/2/2007 8/14/2007 11/13/2007 3/4/2008
12/14/2006 12/14/2006 5/2/2007 5/2/2007 8/14/2007 11/20/2007 3/4/2008
3/31/2008 6/30/2008
561895766 570662604
293757453 278126137
3501822 3743447
31073090 10666084
32137569 19571419
10044863 11032100
1062229 1273111
2082422 2684031
163036923 183060569
43172938 38411814
3751955 2187732
2832185 4234748
810399 869604
251058 391478
0 0
0 0
202857830 225710927
162434846 183284124
0 0
2447265 2390851
0 0
32413442 32912484
0 0
3016547 4501949
642698 844177
-439761 -415250
2342793 2192592
0 0
65280483 66825540
2480855 2539923
3840274 3931710
0 0
88830731 93238314
0 0
-29871377 -32884407
561895766 570662604
150557464 155352498
34596631 44703413
458871 477846
0 0
2411544 1159472
234517 244212
9818 31439
41469380 35385355
2519566 1819658
8626585 9678932
55793988 57496273
3658049 3665566
778515 690332
0 0
0 0
0 0
0 0
219286758 218496028
74407688 71065153
138757710 141768971
0 0
5603116 5661904
0 0
518244 0
0 0
0 0
0 0
192051544 196814078
73951998 73951998
591616 2366464
23175925 23727734
0 0
175790 284940
94156215 96482942
0 0
87157432 78932529
0 0
6998783 17550413
0 0
0 0
3 6
58719475 130127336
44637978 96535475
14081497 33591861
22729003 46412585
-8647506 -12820724
13691424 26916239
1291016 2069491
16628590 34006290
2707 24726
0 0
-56564 -114839
-3549681 -7058385
-534 -1227
-558937 -2081698
-65173 71881
5043918 14095515
-1954865 -3454898
0 0
6998783 17550413
0 0
6998783 17550413
0 0
6998783 17550413
3 6
-20361820 -39845445
6998783 17550413
0 2699
0 2699
0 0
0 0
0 0
-10427429 -24376631
2135270 4516400
218112 282358
-149128 -691627
-16628590 -34006290
0 0
56564 114839
0 0
558937 2081698
65173 -71881
-1070056 -2182544
4386289 5580416
-29100087 -41444125
-1053937 186490
-8699181 -3150464
-19346969 -38480151
12166913 8422199
15250804 9013368
34360 -370104
-1954865 -3454899
921106 4197201
-2084492 -963367
0 0
-3896676 -13735778
0 0
17800310 27938258
0 0
0 0
0 0
0 0
0 -10147862
0 0
-21696986 -28955515
0 -2570659
0 0
0 0
0 0
0 0
0 0
-4241435 -7650239
0 873
0 0
0 0
0 0
0 0
0 0
-4214432 -7335258
0 0
0 0
0 0
0 0
0 0
-27003 -315854
-28499931 -61231462
-761699 -3046797
-29261630 -64278259
95974111 98259209
66712481 33980950
-20361820 -39845445
61241466 134564835
1192269 2224763
0 0
0 404651
-75467376 -161909542
-1459742 -4063784
0 -1805039
-192435 -264065
-5676002 -8997264
220606 220606
- -
- -
- -
- -
220606 220606
- -
- -
220606 220606
3/31/2008 6/30/2008
3/31/2008 6/30/2008
5/2/2008 8/19/2008
5/7/2008 8/19/2008
Ind&ComCh Ind&ComCh
No No
Año Año Año
1 2 3
Utilidad Operacional Despues de Impuestos 2000 2596 3234
(+ Depreciación) 240 400 592
Capital Invertido en Operación 2060 2880 3838
Flujo de Caja Bruto 2240 2996 3826
Movimiento de Capital de Caja Operacional 140 260 240

Movimiento de Propiedad Plantas y Equipos 800 960 1280
Flujo de Caja de Operación 1300 1776 2306
WACC 30%
G (tasa de crecimiento) 20%
Activos no Operacionales 3500
Capital Invertido en la Operación 1360
Deuda 5000
Valor de Período Relevante 5066

Valor de Horizonte 42708
Valor Presente (valor Horizonte) 11503
Activos no Operacionales 3500
Valor de la Operación 20069
DEUDA 5000
Valoración 15069
Año Año
4 5
3829 4511
848 1168
4760 6556
4677 5679
200 200
1600 1920
2877 3559
Consolidado 6/30/2003 9/30/2003 12/31/2003 3/31/2004 6/30/2004
ACTIVO
Activo Total 93486583 111402032 118886065 118938655 124151521
Efectivo 1155440 1271512 2182647 1330487 1518240
Inversiones CP 2800000 17810866 13402638 8913282 4311311
Existencias 18176234 20284864 17620020 22307581 20131440
Otros Activos CP 235322 235322 235322 235322 235322
Otros Activos 16585991 17138453 18476307 18402030 20092563
Deudores LP 2870639 3090430 14397916 14318962 16116585
Otros Activos LP 9886861 10283358 379436 443118 393527
Activos Fijos 18605391 18878105 20242667 20221876 21045470
Terrenos 0 0 0 0 0
PASIVO
Provisiones CP 681095 617450 823366 774841 922949
Retenciones CP 634345 877693 1489896 480913 1147913
Otros Pasivos LP 154132 151660 149185 146714 144242
Patrimonio Neto 32485785 53942656 58877799 59313268 61132648
Capital Social 29287481 36644058 36914863 36914863 36914863
Meses 6 9 12 3 6

Costo de Ventas 37929569 56903983 83064113 18453109 43914727
Resultado Bruto 23209750 32734785 54001546 12198503 29336358
Result Operativo EBIT 4584061 6037690 12436025 1392354 6250984
Resultado No Operac -1088928 -1895888 -2376006 -501376 -994111
Perd(gan) inv emp relac 0 0 0 0 0
Impuesto a las Gananc 595510 761956 1603216 151524 909248
FLUJO DE CAJA
Meses 6 9 12 3 6

Ganancia Neta 2876141 3350519 8407097 729857 4318565
Carg(Abo)a Resu NRep FE 5803236 12161946 14111914 1566765 7772966
Depreciacion 1773582 2723309 3708625 995079 2012899
Amortizacion 3072 0 33537 2156 4770
Util Deven Inv Empr Rela 0 0 0 0 0
Aumento Deud por Ventas -6556436 -9650783 -25101158 928577 -12162948
Disminucion Otr Activos 2022758 814959 1411981 -1194042 -862527
Variac Pasivos Afect FE -5090462 -8018119 -200784 -3211095 -1578739
Aumto Neto IR p Pagar 0 761953 1171343 -164332 -452925
Aumto Otr Cuen Pag RR Fu -51894 -55523 62519 -452970 205761
REI Ejer Fon al Cierre 39499 64511 13159 542 -171190
Fondos al Inicio 1154021 1155163 1152881 15585285 15709967
Fondos al Cierre 3955440 19082378 15585285 10243769 7950460

Pago de Tributos - - - 0 -776258
DIVERSOS
Consolidado Si Si Si Si Si
9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006
136601139 160215410 162370969 167289341 187673058 210836769 234543397

93466215 104191233 117766139 120380590 136105690 144941703 149425672
1798847 3724636 2147539 2009207 2527570 5622921 4720827
2130932 2143039 2159003 2179962 2202394 0 0
7072647 7693907 3823703 352130 3161528 492254 5188141
55289245 64906239 75191933 85877593 94733864 108609294 96141317
262311 806823 490264 422032 381297 608576 442917
551679 520738 533673 663493 2197900 889350 2549589
0 0 576 0 0 0 0
23005771 21041966 27406478 24310222 26413021 23941380 32457763
982837 852693 1142876 421384 754787 100151 598556
1036197 632623 2663745 1801096 1229813 788399 2947591
1100427 1598877 2073928 2269881 2469146 3855008 4344601
235322 269692 132421 73590 34370 34370 34370
0 0 0 0 0 0 0
0 0 0 0 0 0 0
22010193 28979443 17357287 18582368 21688796 29901080 47061588
0 0 0 0 0 0 0
0 0 0 0 0 0 0
3237053 3180640 3124226 3067813 3011399 2954986 2898572
0 0 0 0 0 0 0
18157581 25399198 13772866 15037191 18216420 26495408 43655724
0 0 0 0 0 0 0
0 0 0 0 0 0 0
437171 351607 350971 352316 370029 351607 350971
-161226 -89789 -98046 -106303 -131304 -120377 -128312
339614 137787 207270 231351 222252 219456 284633
0 0 0 0 0 0 0
21124731 27044734 27247543 28326383 29878572 35993986 38056137
0 0 0 0 0 0 1573425
251398 253148 251123 255680 259224 262261 1711205
0 0 0 0 0 0 0
34798869 41901335 40756251 43065997 45668694 51236981 49931549
0 0 0 0 0 0 0
-13925536 -15109749 -13759831 -14995294 -16049346 -15505256 -15160042
136601139 160215410 162370969 167289341 187673058 210836769 234543397

46285333 60440240 60059237 63863417 85217950 53980550 77134743
16070229 11251549 17634847 25151095 48817479 17199672 25277114
2164062 2975968 2831661 2703995 2559317 350844 356109
0 0 0 0 0 0 0
0 0 0 0 0 0 0
844008 804450 367529 435509 227224 195063 173767
0 0 0 0 0 0 0
8677064 16980855 14207502 17965072 19088006 19858307 25860113
11157422 15251546 13675008 7799766 3039242 715952 9602291
5735963 8917767 8226464 6209585 8852512 8672759 10839848
0 0 0 0 0 0 0
796047 2381960 2278690 2272247 1773934 3663059 3872837
840538 1876145 837536 1326148 860236 3324894 1152664
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
26260689 28082122 27904087 27307744 23252830 67579398 62724987
23288219 20620922 20473826 19934180 16078248 59465971 54712505
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1721092 5523638 5428365 5476851 5503756 5537564 5472516
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1109610 1798266 1865073 1762363 1538948 2446457 2413033
141768 139296 136823 134350 131878 129406 126933
107406 136940 152498 173698 178527 227798 243768
63947711 71556108 74255147 75944482 79023751 89049023 94439899
36914863 37837735 37837735 37837735 37837735 39199893 39199893
701382 0 -302702 378377 908105 0 -117600
13813400 13894735 13783577 14033682 14228209 14394945 14351761
0 0 0 0 0 0 0
0 0 0 0 0 0 0
12518066 19823638 22936537 23694688 26049702 35454185 41005845
0 0 0 0 0 0 0
6004350 6039660 19665048 15874079 16097850 16244755 35347823
0 0 0 0 0 0 0
6513716 13783978 3271489 7820609 9951852 19209430 5658022
0 0 0 0 0 0 0
0 0 0 0 0 0 0
9 12 3 6 9 12 3
117426056 180806904 44265945 100547696 156274290 240210228 63816508

70230610 111112070 26266606 59124762 93279680 143870509 37303879
47195446 69694834 17999339 41422934 62994610 96339719 26512629
37050560 50386230 14090050 30417989 46777601 67019716 18125429
10144886 19308604 3909289 11004945 16217009 29320003 8387200
-2218381 -2615675 98033 -1530990 -4115945 -5977706 -1494776
386183 512318 90933 229884 391943 722194 290262
0 0 0 0 0 0 0
47964 58420 11694 46011 56768 94059 2176
0 0 0 0 0 0 0
-171610 -229208 -56319 -114030 -172174 -230374 -56395
-1549744 -2335883 -582475 -1267160 -2277347 -4145851 -1591503
-5908 -13119 -6 -40847 -44181 -71380 -5639
-941191 -842219 509569 -630387 -1466293 -1682871 25148
15925 234016 124637 245539 -604661 -663483 -158825
7926505 16692929 4007322 9473955 12101064 23342297 6892424
1364553 2831531 719180 1617955 2110911 4046937 1217750
0 0 0 0 0 0 0
6561952 13861398 3288142 7856000 9990153 19295360 5674674
48236 77420 16653 35391 38301 85930 16652
6513716 13783978 3271489 7820609 9951852 19209430 5658022
0 0 0 0 0 0 0
6513716 13783978 3271489 7820609 9951852 19209430 5658022
9 12 3 6 9 12 3
-12941765 3482064 -8951487 -12934439 -27508165 -29709877 5402921

6513716 13783978 3271489 7820609 9951852 19209430 5658022
-12048 -1912 0 0 4132 4271 0
-12048 -1912 0 0 4132 4271 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
13313185 20363446 4369052 14486922 19260782 27497288 7273391
3100823 4261371 997069 2041939 3128468 4195778 1158590
15415 33012 8257 16599 25000 33448 8354
9054487 13263067 3921647 12436718 14309967 19450467 4256438
0 0 0 0 0 0 0
0 0 0 0 0 0 0
171610 229208 56319 114030 172174 230374 56395
0 0 0 0 0 0 0
941191 842219 -509569 630387 1466293 1682871 -25148
-15925 -234016 -124637 -245539 604661 663483 158825
-1094541 -2158322 -865482 -2453551 -2920040 -3069652 -400002
1140125 4126907 885448 1946339 2474259 4310519 2059939
-28696540 -42758301 -10875108 -25308428 -42532936 -64737147 -21774664
-22385792 -38385183 -1616953 -21032769 -36591410 -61350337 -10118355
-5639112 -4322856 -6725940 -3206140 -5396110 -3403096 -8643215
-671636 -50262 -2532215 -1069519 -545416 16286 -3013094
-4108314 12017433 -5733573 -9968933 -14230296 -11769649 14229520
-2676044 12358021 -4004896 -9194477 -12260503 -12016347 16004043
336009 605140 -169556 58260 34612 404491 949629
-902814 -769663 -188382 -345789 -1026470 -943830 -169458
-230972 -230971 -576 0 0 0 0
-634493 54906 -1370163 -486927 -977935 786037 -2554694
48236 77420 16653 35391 38301 85930 16652
12148442 6025731 5493884 7626317 27412840 36168937 1782814
0 0 0 0 0 0 0
32600558 36352076 7104513 16335651 44150630 92799669 8352918
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-2522129 -2522129 0 -4135389 -4135389 -4135389 0
0 0 0 0 0 0 0
-17929987 -27804216 -1610629 -4573945 -12602401 -52495343 -6570104
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-3690199 -12309224 -1974858 -3603967 -5301982 -13902138 -3391947
137279 118763 0 0 0 11423 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-3691568 -7528264 -1974577 -3572573 -5270678 -13880559 -3317714
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-135910 -4899723 -281 -31394 -31304 -33002 -74233
-4483522 -2801429 -5432461 -8912089 -5397307 -7443078 3793788
-395457 388094 109617 -243809 -598260 -491546 18348
-4878979 -2413335 -5322844 -9155898 -5995567 -7934624 3812136
15881405 15974917 13453089 13697197 13887059 14049799 6096832
11002426 13561582 8130245 4541299 7891492 6115175 9908968
-12941765 3482064 -8951487 -12934439 -27508165 -29709877 5402921

117857862 198266868 48398660 97100729 142617617 204897832 66164428
801499 907622 27570 321222 435349 1519234 290345
0 0 0 0 0 0 0
0 0 0 0 0 325947 0
-124479175 -186323773 -53036239 -103425582 -160200521 -224382544 -56207416
-1084079 -1598984 -486884 -625291 -1537633 -2166219 -260049
-589082 -567109 0 -83870 -83870 0 0
-1095410 -1502328 -1211353 -2067875 -2645777 -2168264 -798341
-4353380 -5700232 -2643241 -4153772 -6093330 -7735863 -3786046
206645 206645 206645 206645 206645 206645 206645

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
206645 206645 206645 206645 206645 206645 206645
- - - - - - -
- - - - - - -
206645 206645 206645 206645 206645 206645 206645
9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006

9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006
12/13/2004 4/14/2005 5/24/2005 9/7/2005 11/24/2005 3/6/2006 5/2/2006
12/14/2004 4/14/2005 5/24/2005 9/8/2005 11/24/2005 5/2/2006 5/2/2006
Si Si Si Si Si Si Si
6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007
231513138 255108199 291975955 312004882 344697433 357320774 493374584

142348680 159100860 186120490 198822220 208956098 205564682 326773964
6660861 7996842 14384813 14434648 12618915 8381023 10052994
0 0 0 0 0 0 30377854
1857772 8094597 7388099 8016034 27167381 5651276 57124287
94440207 99590771 115333886 120495054 121172194 135107513 181049473
480917 594380 1123784 730477 994095 903620 1993235
442151 699845 4101337 1093176 1319010 1145228 1007284
0 0 0 0 0 0 0
28140264 32756877 31217033 39055575 34536439 41606876 33615870
909074 1787552 3868952 5539537 62950 836090 1402918
2554355 2481234 2163373 2349348 2958606 1991415 3714761
4227591 5064392 6504843 7074001 8003194 9779745 5947342
2635488 34370 34370 34370 123314 161896 487946
0 0 0 0 0 0 0
0 0 0 0 0 0 0
48825495 52060969 55959182 62712501 83542573 94695197 103235501
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2842159 2785745 2729332 2672919 2616505 2560092 2503678
0 0 0 0 0 0 0
45491324 48627749 52587847 59472712 80001111 91283258 96654652
0 0 0 0 0 0 0
0 0 0 0 0 0 1101760
350971 538613 556982 642698 756818 460729 609978
-135722 -170951 -197646 -371407 -460343 -148269 -216395
276763 279813 282667 295579 628482 539387 2581828
0 0 0 0 0 0 0
40338963 43946370 49896283 50470161 52198762 57060895 63365119
2087960 2116821 2291588 2296171 2335128 2408459 2461166
3493273 3525143 3525371 3551459 3614678 3728206 3809796
0 0 0 0 0 0 0
51364570 56543369 63651736 65710965 69440932 76557634 84891455
0 0 0 0 0 0 0
-16606840 -18238963 -19572412 -21088434 -23191976 -25633404 -27797298
231513138 255108199 291975955 312004882 344697433 357320774 493374584

84502582 90429760 99342659 111452849 89286425 88485428 85731385
36003445 51699376 56869623 77486836 56448612 57282920 32062807
367712 379961 385906 394112 407183 427376 445673
0 0 0 0 0 0 0
0 0 0 0 0 0 1123401
188023 163036 197282 115633 208126 213882 227778
25900 6584 7645 7310 20230 19158 16842
21933495 17227624 20936754 18968737 15231045 12848196 23233508
9422271 6322577 2075313 2163548 2046569 879761 3177653
11590204 9772546 11147518 7317011 10188831 10007024 15670039
0 0 0 0 66443 105104 113476
3087418 3468586 2658954 2824054 2713525 4691562 3688120
1884114 1389470 5063664 2175608 1955861 2010445 5972088
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
50044616 62336038 80215396 80147868 97121277 99372053 223598970
41896369 54055112 69448842 69151813 86619122 88363238 79406578
0 0 0 0 0 0 137358620
0 0 0 0 0 0 0
5495870 5581244 5451674 5410745 5431200 5536807 5606326
0 0 0 0 0 0 0
0 0 1559814 1670187 1157192 1159603 1117823
2527918 2577696 3635551 3798082 3799194 4200308 0
124459 121986 119515 117041 114569 112097 109623
312706 327255 340051 362834 416662 471388 565868
96653234 102015146 112077849 120041331 157873069 168991905 183478361
39199893 39199893 40023091 41303081 69039772 69039772 73951998
431199 979997 0 80046 1113759 3324312 0
14553290 14754819 14697239 15024908 21811925 22498628 22991990
0 0 0 0 0 0 0
0 0 0 0 0 0 68667
42468852 47080437 57357519 63633296 65907613 74129193 86465706
0 0 0 0 0 0 0
30006033 30421386 30302714 57472234 50186952 51761196 52892683
0 0 0 0 0 0 0
12462819 16659051 27054805 6161062 15720661 22367997 33573023
0 0 0 0 0 0 0
0 0 0 0 0 0 0
6 9 12 3 6 9 12
136625322 208315137 303071160 72812168 165703427 256406637 379385949

85265346 129811515 191115146 46338775 101414089 155671574 230021301
51359976 78503622 111956014 26473393 64289338 100735063 149364648
32562715 52492964 72752066 16857460 40047453 63006629 92867080
18797261 26010658 39203948 9615933 24241885 37728434 56497568
-3669078 -5790069 -6419936 -2197515 -5211937 -10659398 -15725130
570418 942092 1321278 502041 1254199 1942950 2868581
0 0 0 0 0 0 0
11569 18855 22830 2792 5080 7174 8034
0 0 0 0 0 0 0
-113861 -172061 -227685 -56395 -114087 -174750 -235376
-3090318 -4787458 -6838710 -2396412 -5003791 -7879284 -11651200
-7361 -12975 -19936 -12822 -70785 -73790 -76202
-671043 -1619103 -519954 -141041 -1730781 -5216544 -7622089
-368482 -159419 -157759 -95678 448228 734846 983122
15128183 20220589 32784012 7418418 19029948 27069036 40772438
2582963 3467778 5621739 1235252 3239135 4587044 6998764
0 0 0 0 0 0 0
12545220 16752811 27162273 6183166 15790813 22481992 33773674
82401 93760 107468 22104 70152 113995 200651
12462819 16659051 27054805 6161062 15720661 22367997 33573023
0 0 0 0 0 0 0
12462819 16659051 27054805 6161062 15720661 22367997 33573023
6 9 12 3 6 9 12
18976492 2046495 -3246572 -16179036 -16555202 -37628526 -42546990

12462819 16659051 27054805 6161062 15720661 22367997 33573023
0 0 0 0 61072 62226 64790
0 0 0 0 61072 62226 64790
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
18307110 24153740 39237996 11393009 23440036 32753386 45344679
2486808 3910644 5337069 1681770 3634154 5519005 7620317
16778 38954 78789 169205 211559 335386 512844
12503620 14527962 27741710 7660629 15992497 24420462 33898714
0 0 0 0 0 0 0
0 0 0 0 0 0 0
113861 172061 227685 56395 114087 174750 235376
0 0 0 0 0 0 0
671043 1619103 519954 141041 1730781 5216544 7622089
368482 159419 157759 95678 -448228 -734846 -983122
-1133653 -1891997 -2810753 -824178 -1715577 -2709302 -3741456
3280171 5617594 7985783 2412469 3920763 531387 179917
-22518614 -38065342 -72134933 -24134637 -48346414 -78645062 -128986112
-16526038 -26476081 -62565076 -14877001 -45073616 -68822212 -125792003
-4294775 -9255040 -7863874 -7884302 -2779497 -8815443 -1201564
-1697801 -2334221 -1705983 -1373334 -493301 -1007407 -1992545
10642776 -794714 2488092 -9620574 -7500709 -14281068 7255979
12165110 2046631 7811278 -8457683 -9589166 -15123371 8425766
708120 1504716 1259691 909900 -105681 325277 -220657
-1130595 -2014248 -4829122 -884115 2313491 2016862 -428444
0 0 0 0 0 105106 113479
-1099859 -2331813 -1753755 -1188676 -119353 -1604942 -634165
82401 93760 107468 22104 70152 113995 200651
-7620259 18742773 37619584 19118929 40320459 41211902 139773078
0 0 0 1243054 35769928 35769928 35769928
12012236 43070885 67916532 20202497 26552271 36313733 40600792
0 0 0 0 0 0 136780511
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-5786073 -5786073 -5786073 0 -8162411 -8162411 -8162411
0 0 0 0 0 0 0
-13846422 -18542039 -24510875 -2326622 -13839329 -22709348 -62796452
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 -2419290
0 0 0 0 0 0 0
-6465262 -11118864 -18715278 -2349217 -5751873 -11323990 -21443864
0 0 0 0 9030 9030 69984
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-6391029 -10862859 -18396222 -2242458 -5131416 -10578983 -20501363
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-74233 -256005 -319056 -106759 -629487 -754037 -1012485
4890971 9670404 15657734 590676 18013384 -7740614 75782224
67266 152879 -128415 43548 -413685 -1110418 -1611196
4958237 9823283 15529319 634224 17599699 -8851032 74171028
6161515 6268156 6243593 21816458 22186597 22883331 23384107
11119752 16091439 21772912 22450682 39786296 14032299 97555135
18976492 2046495 -3246572 -16179036 -16555202 -37628526 -42546990

132996281 226613652 274186962 68613458 140917313 212537224 284144062
842240 1205936 1432184 501414 501415 1880293 1957095
0 0 0 0 0 0 0
0 0 0 0 4404799 4404799 6419266
-105252829 -212176192 -259484115 -78162174 -146496447 -235274421 -308433020
-1388551 -1940288 -3753608 -753583 -3806645 -4978345 -6773431
-586081 -486291 -486291 0 -1322320 -1215808 -1354556
-1558245 -2417457 -3918778 -1083576 -2690286 -4192377 -5389716
-6076323 -8752865 -11222926 -5294575 -8063031 -10789891 -13116690
206645 206645 206645 207261 220606 220606 220606

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
206645 206645 206645 207261 220606 220606 220606
- - - - - - -
- - - - - - -
206645 206645 206645 207261 220606 220606 220606
6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007

6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007
8/16/2006 10/30/2006 3/1/2007 5/2/2007 8/14/2007 11/13/2007 3/4/2008
12/14/2006 12/14/2006 3/1/2007 5/2/2007 8/14/2007 11/20/2007 3/4/2008
Si Si Si Si Si Si Si
3/31/2008 6/30/2008
512719661 521589108
332858929 330362009
4172185 4621615
31073090 10666084
32137569 19571419
207675967 241014067
1062229 1273111
2259127 2846278
0 0
43172938 38411814
1199321 0
3008047 4252008
6682378 7163175
416078 542438
0 0
0 0
114578964 124391161
0 0
0 0
2447265 2390851
0 0
106387798 114728457
0 0
2998943 4493525
642698 844177
-439761 -415250
2542021 2349401
0 0
65281768 66835938
2480855 2539923
3840274 3931710
0 0
89038241 93459880
0 0
-30077602 -33095575
512719661 521589108
100372761 105479466
34596631 44703413
458871 477846
0 0
2411544 1159472
234517 244212
9818 31439
42134600 36077879
2519566 1819658
10418883 11727296
135173 123732
4745356 5043019
2707802 2356532
0 1714968
0 0
0 0
0 0
219671128 218600706
74407688 71065153
138757710 141768971
0 0
5603116 5661904
0 0
795464 0
0 0
107150 104678
624228 694858
192051544 196814078
73951998 73951998
591616 2366464
23175925 23727734
0 0
175790 284940
94156215 96482942
0 0
87157432 78932529
0 0
6998783 17550413
0 0
0 0
3 6
90574449 200210012
54161919 116933657
36412530 83276355
23792009 49797116
12620521 33479239
-4123769 -12337655
1292332 2072407
0 0
2762 24882
0 0
-56564 -114839
-3553864 -7065509
-9831 -11503
-1736791 -7318155
-61813 75062
8496752 21141584
1444134 3480289
0 0
7052618 17661295
53835 110882
6998783 17550413
0 0
6998783 17550413
3 6
-22034180 -41309719
6998783 17550413
0 2699
0 2699
0 0
0 0
0 0
14208987 25867571
2135433 4516707
218112 282358
7418462 15623871
0 0
0 0
56564 114839
0 0
1736791 7318155
61813 -75062
-1072530 -2187489
3654342 274192
-52209066 -87630739
-42261265 -83705347
-8699181 -3150464
-1248620 -774928
8913281 2789455
11303347 4900655
34360 -370104
-368132 -811532
20789 3624
-2077083 -933188
53835 110882
-3896676 -13735778
0 0
17800310 27938258
0 0
0 0
0 0
0 0
0 -10147862
0 0
-21696986 -28955515
0 -2570659
0 0
0 0
0 0
0 0
0 0
-4241435 -7650520
0 873
0 0
0 0
0 0
0 0
0 0
-4214432 -7335539
0 0
0 0
0 0
0 0
0 0
-27003 -315854
-30172291 -62696017
-780439 -3121765
-30952730 -65817782
98335574 100676900
67382844 34859118
-22034180 -41309719
63422419 138874942
1192269 2227714
0 0
0 1893152
-77440940 -165462760
-1459742 -4063784
0 -1805039
-2072184 -3976681
-5676002 -8997263
220606 220606
- -
- -
- -
- -
220606 220606
- -
- -
220606 220606
3/31/2008 6/30/2008
3/31/2008 6/30/2008
5/2/2008 8/19/2008
5/7/2008 8/19/2008
Ind&ComCh Ind&ComCh
Si Si
No Consolidado 6/30/2003 9/30/2003 12/31/2003 3/31/2004 6/30/2004
ACTIVO
Activo Total 114442280 135697757 146845299 147304121 151035411
Efectivo 1106892 1114203 2111565 944134 1257501
Inversiones CP 3411477 19940715 16414031 9667473 5197982
Existencias 22145646 24648130 21579002 27252900 24271702
Otros Activos CP 0 0 0 0 0
Otros Activos 38057791 40518983 44940253 48030728 51905585
Deudores LP 919054 916576 13179285 13638780 13970358
Otros Activos LP 11536626 11946648 257864 257575 259141
Activos Fijos 21475898 21920320 23964387 24041565 24922326
Terrenos 0 0 0 0 0
PASIVO
Provisiones CP 560246 481401 681418 590076 758912
Retenciones CP 499283 223827 1332693 267313 884629
Otros Pasivos LP 0 0 0 0 0
Patrimonio Neto 39580185 65545699 72106851 72462296 73705281
Capital Social 35683420 44526179 45209138 45098438 44506830
Meses 6 9 12 3 6

Costo de Ventas 43474256 63312485 95905123 21066199 49573582
Resultado Bruto 15411730 22034014 37039099 7804796 19102461
Result Operativo EBIT -1171684 -2087941 1214639 -1696343 -689359
Resultado No Operac 4328891 5621675 8845552 2162822 5639333
Perd(gan) inv emp relac 0 0 0 0 -18371
Impuesto a las Gananc -347040 -537480 -235867 -425178 -256753
FLUJO DE CAJA
Meses 6 9 12 3 6

Ganancia Neta 3504246 4071214 10296059 891657 5206728
Carg(Abo)a Resu NRep FE -3498468 -2032191 -7209687 -1553196 -4450926
Depreciacion 1817706 2773059 3812561 1023068 2040446
Amortizacion 20641 0 41072 2634 5269
Util Deven Inv Empr Rela -5363971 -7534378 -11334411 -2915029 -6608772
Aumento Deud por Ventas 836470 -342535 386893 -199379 236243
Disminucion Otr Activos 1706961 2904952 -7410265 609693 -3224087
Variac Pasivos Afect FE -4496298 -9152293 1211818 -2696371 -1010127
Aumto Neto IR p Pagar 0 -537480 94805 -425175 -240323
Aumto Otr Cuen Pag RR Fu 1123960 1665408 2331175 240581 1233259
REI Ejer Fon al Cierre 42568 80334 14622 -5225 -135326
Fondos al Inicio 1372255 1369908 1377988 18480234 18383710
Fondos al Cierre 4518369 21054917 18525597 10611607 9012581

Pago de Tributos - - - 0 0
DIVERSOS
Consolidado No No No No No
9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006
166338135 192808619 196805978 200114096 219428582 276149923 300135921

85362480 92364519 106638653 104509790 118868993 158891722 151587839
1689268 3037617 1833345 1835569 2077641 4642253 2558429
2552222 2562329 2575685 2560026 2537940 0 0
8470926 9199237 4561668 413522 3643203 567767 5949625
37417 181615 16257335 16895031 16392753 35461 47713
314170 964680 584884 495611 439390 701933 507926
652368 615430 628341 755311 2361059 979950 473246
41954295 48881866 42536142 50073351 58681035 122074553 98860971
27554066 25158872 32695858 28548571 30437178 27614026 37221716
951692 1008272 1602221 886989 924809 791314 1768614
1186056 754602 3093077 2028477 1303717 829416 3160286
0 0 270097 17331 70271 655050 1039313
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
55932977 68159894 57698401 62353121 66139907 75745686 104909148
37056903 42427684 47527670 52156630 55956870 65509832 73907147
0 0 0 0 0 0 0
3877026 3802939 3727194 3602669 3470201 3408286 3324007
0 0 0 0 0 0 0
14411213 21496051 6022325 6148942 6271440 6387731 27240391
0 0 0 0 0 0 0
0 0 0 0 0 0 0
523601 420400 418708 413740 426405 405544 402484
-193101 -107356 -116969 -124836 -151309 -138843 -147145
257335 120177 119474 155976 166300 173137 182264
0 0 0 0 0 0 0
25042678 32284206 32468924 33251186 34419682 41512515 43638934
0 0 0 0 0 0 1804363
301100 302677 299589 300256 298718 302492 1962365
0 0 0 0 0 0 0
39763219 48190100 46724491 48682617 50741202 57199042 57046375
0 0 0 0 0 0 0
-15021641 -16208571 -14555157 -15731688 -16620238 -15989019 -17174169
166338135 192808619 196805978 200114096 219428582 276149923 300135921

58461104 73821214 75059090 78971364 101666774 95633756 120068018
19247351 13452939 21038327 29536045 56255067 19838129 28987135
2591902 3558223 3378164 3175421 2949242 404664 408377
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1010870 961842 438461 511438 261843 224986 199271
0 0 0 0 0 0 0
10311429 20204245 16804377 20930864 21784757 22663669 29332656
13362196 18185868 16181255 8403388 3460022 759960 10756289
5459857 8371383 7604033 6052878 8416091 7941733 10092081
5140758 5412860 6950912 7788806 6762942 38269680 36264767
594372 2118752 2302472 1703667 1535407 3051022 3552570
460806 1438065 361087 868856 241402 2479914 474872
0 0 0 0 0 0 0
0 0 0 0 0 0 0
281563 117038 0 0 0 0 0
0 0 0 0 0 0 0
31286708 33431189 33160688 31957762 26698392 77806883 71766689
27892354 24655450 24425222 23409591 18527850 68588145 62742874
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2061356 6604350 6476026 6431709 6342281 6387035 6275739
0 0 0 0 0 0 0
0 0 0 0 0 0 0
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9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006

9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006
12/13/2004 4/14/2005 5/24/2005 9/7/2005 11/24/2005 3/6/2006 5/2/2006
12/14/2004 4/14/2005 5/24/2005 9/8/2005 11/24/2005 5/2/2006 5/2/2006
6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007
292932615 327715960 366397132 390417170 421341772 424283980 560286778

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416413 178681 177404 106243 -491488 -778105 -1025318
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2624817 8279240 16492586 1708977 19609683 -8300312 79292739
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2680968 8405812 16385915 1751880 19210668 -9336281 77812236
5160808 5189454 5186263 21494209 21399811 21349103 21487309
7841775 13595266 21572178 23246089 40610479 12012821 99299544
18468899 -338987 -4864218 -17079292 -18664535 -40367030 -44528180

130662968 191893297 302750209 74953773 153155232 220463098 288102400
916752 1350093 1610306 560694 548920 1991033 2041106
0 0 0 0 0 0 0
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- - - - - - -
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206645 206645 206645 207261 220606 220606 220606
6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007

6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007
8/16/2006 10/30/2006 3/2/2007 5/2/2007 8/14/2007 11/13/2007 3/4/2008
12/14/2006 12/14/2006 5/2/2007 5/2/2007 8/14/2007 11/20/2007 3/4/2008
3/31/2008 6/30/2008
579056053 570662604
302728800 278126137
3608768 3743447
32022062 10666084
33119050 19571419
10351633 11032100
1094669 1273111
2146019 2684031
168016068 183060569
44491439 38411814
3866540 2187732
2918680 4234748
835149 869604
258725 391478
0 0
0 0
209053105 225710927
167395603 183284124
0 0
2522004 2390851
0 0
33403348 32912484
0 0
3108672 4501949
662326 844177
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2414342 2192592
0 0
67274148 66825540
2556620 2539923
3957556 3931710
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91543620 93238314
0 0
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579056053 570662604
155155486 155352498
35653211 44703413
472885 477846
0 0
2485193 1159472
241679 244212
10118 31439
42735854 35385355
2596514 1819658
8890041 9678932
57497935 57496273
3769766 3665566
802291 690332
0 0
0 0
0 0
0 0
225983772 218496028
76680097 71065153
142995368 141768971
0 0
5774235 5661904
0 0
534071 0
0 0
0 0
0 0
197916795 196814078
76210491 73951998
609684 2366464
23883717 23727734
0 0
181159 284940
97031744 96482942
0 0
89819218 78932529
0 0
7212526 17550413
0 0
0 0
3 6
60512767 130127336
46001221 96535475
14511546 33591861
23423146 46412585
-8911601 -12820724
14109560 26916239
1330444 2069491
17136427 34006290
2790 24726
0 0
-58291 -114839
-3658088 -7058385
-550 -1227
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5197959 14095515
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0 0
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0 0
7212526 17550413
0 0
7212526 17550413
3 6
-20983670 -39845445
7212526 17550413
0 2699
0 2699
0 0
0 0
0 0
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2200481 4516400
224773 282358
-153682 -691627
-17136427 -34006290
0 0
58291 114839
0 0
576007 2081698
67163 -71881
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4520246 5580416
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-1086124 186490
-8964854 -3150464
-19937825 -38480151
12538490 8422199
15716563 9013368
35409 -370104
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949237 4197201
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0 0
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0 0
18343931 27938258
0 0
0 0
0 0
0 0
0 -10147862
0 0
-22359612 -28955515
0 -2570659
0 0
0 0
0 0
0 0
0 0
-4370968 -7650239
0 873
0 0
0 0
0 0
0 0
0 0
-4343141 -7335258
0 0
0 0
0 0
0 0
0 0
-27828 -315854
-29370318 -61231462
-784961 -3046797
-30155280 -64278259
98905159 98259209
68749879 33980950
-20983670 -39845445
63111779 134564835
1228681 2224763
0 0
0 404651
-77772148 -161909542
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0 -1805039
-198312 -264065
-5849347 -8997264
220606 220606
- -
- -
- -
- -
220606 220606
- -
- -
220606 220606
3/31/2008 6/30/2008
3/31/2008 6/30/2008
5/2/2008 8/19/2008
5/7/2008 8/19/2008
Ind&ComCh Ind&ComCh
No No
Consolidado 6/30/2003 9/30/2003 12/31/2003 3/31/2004
ACTIVO
Activo Total 113,902,627 135,364,562 145,598,170 145,305,904
Activo Corriente 71,025,984 91,600,858 98,179,562 98,119,549
Efectivo 1,407,770 1,545,014 2,673,059 1,625,440
Depositos a Plazo CP 0 0 0 0
Inversiones CP 3,411,477 21,641,976 16,414,031 10,889,248
Creditos por Ventas CP 38,633,591 38,341,583 53,822,217 52,489,081
Document por Cobrar CP 606,204 395,865 794,155 398,025
Deudores Varios CP 1,653,571 714,209 366,905 943,579
Doc por Cob Emp Relc CP 0 0 0 271,215
Existencias 22,145,646 24,648,130 21,579,002 27,252,900
Impuestos por Recuperar 1,317,511 1,220,664 201,958 578,913
Gast Pagados por Antic 870,328 1,133,129 836,414 1,806,720
Impuestos Diferidos 693,172 1,674,350 1,203,624 1,576,940
Otros Activos CP 286,713 285,940 288,196 287,490
Contratos Leasing (Neto) 0 0 0 0
Activos p/Leasing (Neto) 0 0 0 0
Otros Activos 20,208,119 20,824,927 22,627,686 22,481,536
Inv en Empresas Relac 0 0 0 0
Inv en Otras Sociedades 0 0 0 0
Menor Valor de Invers 4,287,643 4,207,534 4,171,643 4,092,508
Mayor Valor de Invers 0 0 0 0
Deudores LP 3,497,543 3,755,180 17,632,935 17,493,301
Doc por Cob Emp Relc LP 0 0 0 0
Impuestos Diferidos LP 0 0 0 0
Intagibles y agio 376,932 366,909 358,418 354,375
Amortizacion 0 0 0 0
Otros Activos LP 12,046,001 12,495,304 464,690 541,352
Contr Leasing LP(Neto) 0 0 0 0
Activos Fijos 22,668,525 22,938,777 24,790,923 24,704,819
Terrenos 0 0 0 0
Construc y Obras Infrs 301,207 300,692 302,466 299,853
Maquinarias y Equipos 0 0 0 0
Otros Activos Fijos 33,398,771 34,799,634 37,898,008 38,605,265
Mayor Valor Retasacion 0 0 0 0
Depreciacion Acumulada -11,031,453 -12,161,549 -13,409,550 -14,200,299
PASIVO
Pasivo + Patrimonio Neto 113,902,627 135,364,562 145,598,170 145,305,904
Pasivo Corriente 60,300,322 55,795,100 53,671,520 59,341,969
Deudas Financieras CP 26,984,762 25,119,456 12,685,737 21,421,727
Deu Fin LP Porcion CP 1,289,214 1,313,987 2,056,322 2,219,521
Obl c/Publ (Pagares) CP 0 0 0 0
Obligac Negociables CP 0 0 0 0
Oblig LP Vcto en 1 ano 2,548,477 2,262,907 1,427,436 1,430,439
Dividendos por Pagar CP 0 0 0 0
Cuentas por Pagar CP 10,375,816 9,452,403 16,957,998 14,705,598
Documentos por Pagar CP 12,030,190 9,845,913 10,798,021 11,969,164
Acreedores Varios CP 5,029,390 5,708,597 6,630,118 6,061,381
Doc por Pag Emp Rel CP 276,791 275,090 282,867 0
Provisiones CP 829,836 750,263 1,008,365 946,614
Retenciones CP 772,876 1,066,484 1,824,656 587,526
Impuestos por Pagar CP 162,970 0 0 0
Ing Percib por Adel CP 0 0 0 0
Impuestos Diferidos CP 0 0 0 0
Otros Pasivos CP 0 0 0 0
Pasivo no Corriente 13,983,315 13,977,953 19,748,686 13,419,330
Deudas Financieras LP 9,076,045 8,919,025 15,052,959 8,986,065
Obligac Negociables LP 0 0 0 0
Documentos por Pagar LP 420,290 248,221 97,775 0
Acredores Varios LP 2,859,905 2,640,174 2,687,818 2,474,082
Doc por Pag Emp Rel LP 0 0 0 0
Provisiones LP 0 0 0 0
Impuestos Diferidos LP 1,439,283 1,986,250 1,727,429 1,779,945
Otros Pasivos LP 187,792 184,282 182,705 179,239
Interes Minoritario 38,804 45,810 71,113 82,309
Patrimonio Neto 39,580,185 65,545,699 72,106,851 72,462,296
Capital Social 35,683,420 44,526,179 45,209,138 45,098,438
Reserva Revalor de Cap 392,518 427,047 0 -225,492
Sobreprecio Venta Acc 0 16,521,258 16,601,654 16,478,198
Reservas de Revaluacion 0 0 0 0
Otras Reservas 0 0 0 0
Utilidades Retenidas 3,504,246 4,071,214 10,296,059 11,111,152
Reserva Futuros Divid 0 0 0 0
Utilid Acumuladas Ant 0 0 0 10,219,494
Perdidas Acumulad Ant 0 0 0 0
Utilidad del Ejercicio 3,504,246 4,071,214 10,296,059 891,657
Dividendos Provisorios 0 0 0 0
Deficit Acum Per Desarr 0 0 0 0
Meses 6 9 12 3
Ingresos Operacionales 74,491,214 108,920,029 167,862,475 37,446,700

Ingresos Operacionales Trimestre
Ingresos Operacionales Anual
Costo de Ventas 46,212,808 69,144,006 101,727,506 22,543,938
Costo de Ventas Trimestre
Costo de Venta Anual
Resultado Bruto 28,278,405 39,776,023 66,134,970 14,902,762
Resultado Bruto2
Gastos Operativos 22,693,255 32,439,629 50,904,736 13,201,740
Result Operativo EBIT 5,585,150 7,336,395 15,230,233 1,701,022
Resultado al Trimestre
Result Operativo Anual
Resultado No Operac -1,326,733 -2,303,693 -2,909,863 -612,525
Ingresos Financieros 16,234 76,159 307,088 154,548
Utilidad Inv Emp Relac 0 0 0 0
Otros Ingres No Operac 1,209,152 1,856,156 47,657 5,488
Perd(gan) inv emp relac 0 0 0 0
Amort Menor Valor Invs -137,669 -206,078 -275,987 -68,759
Gastos Financieros -1,531,729 -2,526,219 -2,937,913 -543,997
Otros Egres No Operac -393,012 -645,021 -301,441 -684

Correcion Monetaria -297,146 -637,304 -304,662 312,597
Diferencias de Cambio -192,563 -221,385 555,394 -471,718
Resultado antes Impuest 4,258,417 5,032,702 12,320,370 1,088,497
Impuesto a las Gananc 725,560 925,852 1,963,437 185,115
Itemes Extraordinarios 0 0 0 0
Utilidad Consolidada 3,532,856 4,106,849 10,356,933 903,382
Interes Minoritario 28,610 35,635 60,874 11,725
Utild Liq Antes Amortiz 3,504,246 4,071,214 10,296,059 891,657
Amort Mayor Valor Inver 0 0 0 0
Ganancia/Perdida Neta 3,504,246 4,071,214 10,296,059 891,657
Resultado Nuevo
FLUJO DE CAJA
DIVERSOS
6/30/2004 9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005
149,684,711 163,607,503 191,561,903 193,708,150 196,455,287 216,265,992 243,179,464

100,086,168 111,944,704 124,576,474 140,494,702 141,368,262 156,842,076 167,175,990
1,830,484 2,154,483 4,453,369 2,562,009 2,359,501 2,912,658 6,485,486
2,557,098 2,552,222 2,562,329 2,575,685 2,560,026 2,537,940 0
5,197,982 8,470,926 9,199,237 4,561,668 413,522 3,643,203 567,767
60,325,897 66,220,058 77,605,286 89,703,783 100,849,863 109,167,044 125,270,132
392,221 314,170 964,680 584,884 495,611 439,390 701,933
1,210,215 660,747 622,622 636,671 779,169 2,532,761 1,025,778
34,361 0 0 687 0 0 0
24,271,702 27,554,066 25,158,872 32,695,858 28,548,571 30,437,178 27,614,026
1,169,700 1,177,146 1,019,524 1,363,448 494,850 869,783 115,514
1,317,320 1,241,056 756,397 3,177,841 2,115,107 1,417,181 909,341
1,495,468 1,317,984 1,911,701 2,474,191 2,665,622 2,845,333 4,446,372
283,719 281,846 322,458 157,978 86,420 39,606 39,642
0 0 0 0 0 0 0
0 0 0 0 0 0 0
24,224,830 26,361,659 34,649,334 20,707,199 21,822,098 24,993,193 34,487,953
0 0 0 0 0 0 0
0 0 0 0 0 0 0
3,970,806 3,877,026 3,802,939 3,727,194 3,602,669 3,470,201 3,408,286
0 0 0 0 0 0 0
19,431,146 21,747,377 30,368,606 16,430,994 17,658,840 20,991,783 30,559,846
0 0 0 0 0 0 0
0 0 0 0 0 0 0
348,417 523,601 420,400 418,708 413,740 426,405 405,544
0 -193,101 -107,356 -116,969 -124,836 -151,309 -138,843
474,460 406,756 164,745 247,273 271,686 256,113 253,121
0 0 0 0 0 0 0
25,373,713 25,301,140 32,336,095 32,506,249 33,264,927 34,430,723 41,515,521
0 0 0 0 0 0 0
300,149 301,100 302,677 299,589 300,256 298,718 302,492
0 0 0 0 0 0 0
40,452,115 41,678,687 50,099,422 48,622,103 50,574,309 52,626,549 59,096,815
0 0 0 0 0 0 0
-15,378,551 -16,678,647 -18,066,004 -16,415,443 -17,609,638 -18,494,545 -17,883,787
149,684,711 163,607,503 191,561,903 193,708,150 196,455,287 216,265,992 243,179,464

55,652,890 55,436,051 72,265,504 71,650,516 74,997,641 98,201,333 62,261,252
16,798,106 19,247,351 13,452,939 21,038,327 29,536,045 56,255,067 19,838,129
2,397,903 2,591,902 3,558,223 3,378,164 3,175,421 2,949,242 404,664
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1,144,366 1,010,870 961,842 438,461 511,438 261,843 224,986
0 0 0 0 0 0 0
13,535,376 10,392,540 20,303,196 16,949,513 21,097,180 21,996,160 22,904,603
13,217,984 13,363,270 18,235,544 16,314,250 9,159,611 3,502,286 825,780
6,062,396 6,869,976 10,662,547 9,814,150 7,292,191 10,201,237 10,003,174
0 0 0 0 0 0 0
1,112,764 953,427 2,847,996 2,718,471 2,668,400 2,044,202 4,224,978
1,383,995 1,006,714 2,243,217 999,178 1,557,354 991,297 3,834,938
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
20,220,933 31,452,488 33,576,450 33,289,504 32,068,694 26,795,516 77,946,185
15,933,088 27,892,354 24,655,450 24,425,222 23,409,591 18,527,850 68,588,145
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2,258,405 2,061,356 6,604,350 6,476,026 6,431,709 6,342,281 6,387,035
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1,855,532 1,328,982 2,150,101 2,225,027 2,069,621 1,773,414 2,821,747
173,907 169,796 166,550 163,229 157,773 151,970 149,257
105,608 128,640 163,733 181,930 203,981 205,726 262,743
73,705,281 76,590,323 85,556,216 88,586,200 89,184,971 91,063,417 102,709,284
44,506,830 44,213,017 45,240,770 45,140,321 44,434,529 43,602,504 45,213,219
356,055 840,047 0 -361,123 444,345 1,046,459 0
16,474,504 16,544,341 16,613,270 16,443,772 16,480,375 16,395,948 16,603,152
0 0 0 0 0 0 0
0 0 0 0 0 0 0
12,367,893 14,992,917 23,702,176 27,363,230 27,825,722 30,018,505 40,892,913
0 0 0 0 0 0 0
7,161,165 7,191,424 7,221,333 23,460,352 18,641,634 18,550,438 18,736,726
0 0 0 0 0 0 0
5,206,728 7,801,493 16,480,843 3,902,878 9,184,088 11,468,067 22,156,187
0 0 0 0 0 0 0
0 0 0 0 0 0 0
6 9 12 3 6 9 12
88,316,014 140,641,461 216,182,168 52,809,159 118,077,615 180,083,464 277,058,858

52,809,159 65,268,456 62,005,849 96,975,394
52,946,296 84,115,365 132,851,388 31,335,994 69,432,828 107,491,308 165,940,473

31,335,994 38,096,834 38,058,480 58,449,165
35,369,718 56,526,096 83,330,780 21,473,165 48,644,787 72,592,156 111,118,385
27,833,147 44,375,542 60,244,405 16,809,394 35,721,193 53,904,404 77,300,647

18,183,211 23,396,243
18,183,211 41,579,454
7,536,571 12,150,554 23,086,374 4,663,772 12,923,595 18,687,752 33,817,738
4,663,772 12,923,595 18,687,752 33,817,738
-1,198,561 -2,656,960 -3,127,437 116,953 -1,797,909 -4,743,030 -6,894,696

292,172 462,532 612,554 108,483 269,963 451,657 832,980
0 0 0 0 0 0 0
48,293 57,447 69,850 13,951 54,033 65,417 108,488
0 0 0 0 0 0 0
-137,187 -205,538 -274,053 -67,188 -133,910 -198,406 -265,714
-1,027,899 -1,856,132 -2,792,904 -694,891 -1,488,082 -2,624,312 -4,781,831
-1,136,230 -2,157,519
-715 -7,076 -15,686 -7 -47,968 -50,912 -82,330

-455,282 -1,127,267 -1,007,001 607,915 -740,291 -1,689,690 -1,941,026
82,057 19,073 279,802 148,692 288,347 -696,784 -765,262
6,338,009 9,493,594 19,958,937 4,780,725 11,125,685 13,944,722 26,923,042
1,096,245 1,634,328 3,385,526 857,980 1,900,036 2,432,519 4,667,744
0 0 0 0 0 0 0
5,241,764 7,859,265 16,573,411 3,922,745 9,225,649 11,512,203 22,255,299
35,037 57,772 92,567 19,867 41,561 44,136 99,112
5,206,728 7,801,493 16,480,843 3,902,878 9,184,088 11,468,067 22,156,187
0 0 0 0 0 0 0
5,206,728 7,801,493 16,480,843 3,902,878 9,184,088 11,468,067 22,156,187
11,468,067 22,156,187
11423931 22057075
3/31/2006 6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007
268,968,253 261,627,450 285,932,409 328,334,870 348,892,036 377,354,685 378,365,134

171,357,465 160,864,833 178,324,696 209,297,532 222,328,217 228,752,973 217,671,387
5,413,721 7,527,279 8,963,084 16,176,112 16,141,202 13,814,454 8,874,622
0 0 0 0 0 0 0
5,949,625 2,099,424 9,072,651 8,308,117 8,963,739 29,741,267 5,984,107
110,252,356 106,724,615 111,624,123 129,696,079 134,740,727 132,652,265 143,064,652
507,926 543,473 666,198 1,263,726 816,839 1,088,277 956,839
2,923,802 499,664 784,406 4,612,065 1,222,418 1,443,975 1,212,676
0 0 0 0 0 0 0
37,221,716 31,800,638 36,714,824 35,104,399 43,672,967 37,808,483 44,057,307
686,408 1,027,323 2,003,538 4,350,741 6,194,455 68,914 885,331
3,380,221 2,886,615 2,781,037 2,432,772 2,627,103 3,238,910 2,108,699
4,982,275 4,777,499 5,676,312 7,314,872 7,910,333 8,761,431 10,355,722
39,415 2,978,302 38,523 38,650 38,433 134,997 171,431
0 0 0 0 0 0 0
0 0 0 0 0 0 0
53,969,002 55,176,522 58,351,391 62,927,616 70,126,762 91,457,546 100,272,258
0 0 0 0 0 0 0
0 0 0 0 0 0 0
3,324,007 3,211,856 3,122,341 3,069,208 2,988,928 2,864,397 2,710,868
0 0 0 0 0 0 0
50,063,246 51,408,655 54,503,342 59,136,458 66,503,945 87,580,560 96,659,373
0 0 0 0 0 0 0
0 0 0 0 0 0 0
402,484 396,624 603,693 626,341 718,682 828,520 487,864
-147,145 -153,376 -191,607 -222,258 -415,317 -503,957 -157,001
326,410 312,763 313,622 317,867 330,524 688,026 571,154
0 0 0 0 0 0 0
43,641,786 45,586,096 49,256,321 56,109,722 56,437,057 57,144,166 60,421,489
1,804,363 2,359,554 2,372,592 2,576,953 2,567,639 2,556,362 2,550,305
1,962,365 3,947,664 3,951,079 3,964,375 3,971,335 3,957,139 3,947,778
0 0 0 0 0 0 0
57,260,199 58,045,870 63,375,390 71,578,101 73,479,723 76,019,890 81,066,486
0 0 0 0 0 0 0
-17,385,141 -18,766,992 -20,442,740 -22,009,707 -23,581,640 -25,389,225 -27,143,080
268,968,253 261,627,450 285,932,409 328,334,870 348,892,036 377,354,685 378,365,134

88,456,112 95,494,343 101,356,206 111,713,511 124,629,497 97,745,581 93,696,766
28,987,135 40,686,631 57,946,107 63,951,431 86,647,811 61,796,655 60,656,590
408,377 415,543 425,871 433,962 440,706 445,760 452,546
0 0 0 0 0 0 0
0 0 0 0 0 0 0
199,271 212,480 182,735 221,849 129,304 227,844 226,479
0 29,269 7,380 8,597 8,174 22,147 20,286
29,655,703 24,786,517 19,309,203 23,543,947 21,211,339 16,674,061 13,604,889
11,011,657 10,647,883 7,086,521 2,333,746 2,419,336 2,240,465 931,574
12,430,855 13,097,812 10,953,343 12,535,686 8,182,073 11,154,139 10,596,386
0 0 0 0 0 72,738 111,294
4,441,269 3,489,017 3,887,688 2,990,066 3,157,931 2,970,609 4,967,871
1,321,845 2,129,192 1,557,357 5,694,227 2,432,822 2,141,163 2,128,850
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
71,931,380 56,554,221 69,867,976 90,204,386 89,623,446 106,322,721 105,224,557
62,742,874 47,346,083 60,586,482 78,097,104 77,327,370 94,825,573 93,567,379
0 0 0 0 0 0 0
0 0 0 0 0 0 0
6,275,739 6,210,751 6,255,614 6,130,555 6,050,437 5,945,762 5,862,897
0 0 0 0 0 0 0
0 0 0 1,754,053 1,867,647 1,266,826 1,227,898
2,767,203 2,856,740 2,889,154 4,088,276 4,247,115 4,159,136 4,447,685
145,563 140,648 136,725 134,398 130,878 125,423 118,699
279,547 353,382 366,797 382,397 405,730 456,137 499,150
108,301,214 109,225,504 114,341,430 126,034,577 134,233,362 172,830,246 178,944,661
44,953,415 44,298,860 43,936,337 45,007,050 46,186,188 75,580,724 73,105,860
-134,861 487,288 1,098,408 0 89,510 1,219,279 3,520,097
16,458,225 16,446,324 16,537,614 16,527,443 16,801,246 23,878,426 23,823,682
0 0 0 0 0 0 0
0 0 0 0 0 0 0
47,024,434 47,993,032 52,769,071 64,500,084 71,156,419 72,151,818 78,495,022
0 0 0 0 0 0 0
40,535,962 33,909,099 34,097,141 34,076,223 64,266,958 54,941,754 54,809,665
0 0 0 0 0 0 0
6,488,472 14,083,933 18,671,931 30,423,861 6,889,461 17,210,065 23,685,357
0 0 0 0 0 0 0
0 0 0 0 0 0 0
3 6 9 12 3 6 9
73,183,108 154,397,003 233,485,435 340,811,729 81,420,474 181,402,467 271,507,672

73,183,108 81,213,895 79,088,432 107,326,294 81,420,474 99,981,993 90,105,205
313,378,246 367,817,193
42,779,116 96,356,325 145,496,379 214,914,158 51,817,233 111,022,241 164,839,831
42,779,116 53,577,209 49,140,054 69,417,779 51,817,233 59,205,008 53,817,590
192,863,970 229,580,074
30,403,992 58,040,678 87,989,056 125,897,570 29,603,242 70,380,225 106,667,841
36,287,616
120,514,276 138,237,119
20,785,769 36,798,344 58,835,583 81,811,669 18,850,454 43,841,620 66,717,396
20,785,769 16,012,575 22,037,239 22,976,086 18,850,454 24,991,166 22,875,776
62,365,223 78,377,798 82,231,826 81,811,669 79,876,354 88,854,945 89,693,482
9,618,222 21,242,334 29,153,473 44,085,901 10,752,788 26,538,605 39,950,445
9,618,222 21,242,334 29,153,473 44,085,901 10,752,788 26,538,605 39,950,445
42,136,478 49,382,174
-1,714,170 -4,146,337 -6,489,671 -7,219,392 -2,457,319 -5,705,725 -11,287,182
332,865 644,616 1,055,923 1,485,813 561,395 1,373,024 2,057,380
0 0 0 0 0 0 0
2,495 13,074 21,133 25,673 3,122 5,561 7,597
0 0 0 0 0 0 0
-64,672 -128,672 -192,851 -256,038 -63,062 -124,896 -185,042
-1,825,094 -3,492,294 -5,365,917 -7,690,315 -2,679,731 -5,477,859 -8,343,333
-1,825,094 -1,667,200 -1,873,623 -2,324,398 -2,679,731 -2,798,128 -2,865,474
-6,786,043 -9,675,880
-6,467 -8,318 -14,543 -22,419 -14,338 -77,491 -78,136
28,839 -758,330 -1,814,736 -584,702 -157,716 -1,894,758 -5,523,772
-182,136 -416,413 -178,681 -177,404 -106,990 490,694 778,125
7,904,052 17,095,997 22,663,802 36,866,510 8,295,469 20,832,879 28,663,263
1,396,484 2,918,945 3,886,783 6,321,798 1,381,291 3,546,016 4,857,197
0 0 0 0 0 0 0
6,507,568 14,177,053 18,777,019 30,544,712 6,914,178 17,286,863 23,806,066
19,096 93,119 105,089 120,851 24,717 76,798 120,709
6,488,472 14,083,933 18,671,931 30,423,861 6,889,461 17,210,065 23,685,357
0 0 0 0 0 0 0
6,488,472 14,083,933 18,671,931 30,423,861 6,889,461 17,210,065 23,685,357
6,488,472 7,595,461 18,671,931 11,751,930 6,889,461 10,320,604 23,685,357
6469376 7502342 18566842 11631079 6864744 10243806 23,564,648
12/31/2007 3/31/2008 6/30/2008
514,553,411 528,378,110 521,589,108 135613168

340,801,215 343,024,435 330,362,009
10,484,533 4,299,603 4,621,615 138,395,137
31,681,868 32,022,062 10,666,084
59,576,431 33,119,050 19,571,419 0.979898362
188,821,287 214,018,387 241,014,067 265115473.7
2,078,798 1,094,669 1,273,111
1,050,523 2,328,121 2,846,278 6,000
0 0 0 1,000
35,058,880 44,491,439 38,411,814
1,463,140 1,235,948 0 6
3,874,223 3,099,913 4,252,008
6,202,640 6,886,458 7,163,175
508,892 428,785 542,438
0 0 0
0 0 0
107,667,036 118,078,204 124,391,161
0 0 0
0 0 0
2,611,152 2,522,004 2,390,851
0 0 0
100,803,695 109,636,879 114,728,457
0 0 0
1,149,055 3,090,531 4,493,525
636,162 662,326 844,177
-225,684 -453,191 -415,250
2,692,657 2,619,654 2,349,401
0 0 0
66,085,160 67,275,472 66,835,938
2,566,815 2,556,620 2,539,923
3,973,337 3,957,556 3,931,710
0 0 0
88,535,545 91,757,467 93,459,880
0 0 0
-28,990,538 -30,996,171 -33,095,575
514,553,411 528,378,110 521,589,108

89,411,530 103,438,143 105,479,466
33,439,150 35,653,211 44,703,413
464,804 472,885 477,846
0 0 0
1,171,625 2,485,193 1,159,472
237,556 241,679 244,212
17,565 10,118 31,439
24,230,840 43,421,390 36,077,879
3,314,058 2,596,514 1,819,658
16,342,698 10,737,076 11,727,296
118,347 139,301 123,732
3,846,438 4,890,279 5,043,019
6,228,449 2,790,498 2,356,532
0 0 1,714,968
0 0 0
0 0 0 151%
0 0 0 1.5140441766
233,197,283 226,379,880 218,600,706 330,971,126
82,815,222 76,680,097 71,065,153 176,544,619 2.48426425
143,254,940 142,995,368 141,768,971 118137001.92 259,905,973
0 0 0
5,846,986 5,774,235 5,661,904
0 0 0
1,165,807 819,757 0
0 0 0
114,329 110,422 104,678
590,159 643,292 694,858
191,354,438 197,916,795 196,814,078
77,126,496 76,210,491 73,951,998
0 609,684 2,366,464
23,978,955 23,883,717 23,727,734
0 0 0
71,615 181,159 284,940
90,177,373 97,031,744 96,482,942
0 0 0
55,163,179 89,819,218 78,932,529
0 0 0
35,014,194 7,212,526 17,550,413
0 0 0
0 0 0
12 3 6
395,671,647 93,340,591 200,210,012

124,163,975 93,340,591 106,869,421
414,479,192
239,895,302 55,816,023 116,933,657
75,055,471 55,816,023 61,117,634
245,806,718
155,776,344 37,524,568 83,276,355
49,108,503 37,524,568 45,751,787
168,672,474
96,853,535 24,518,617 49,797,116
30,136,139 24,518,617 25,278,499
96,853,535 102,521,698 102,809,031
58,922,809 13,005,951 33,479,239 -4.84907712
58,922,809 13,005,951 20,473,288
65,863,443 52690754.4
-16,400,154 -4,249,709 -12,337,655
2,991,719 1,331,800 2,072,407
0 0 0
8,379 2,846 24,882 -2.739374543
0 0 0
-245,480 -58,291 -114,839
-12,151,345 -3,662,399 -7,065,509 -19234593
-3,808,012 -3,662,399 -3,403,110
-13,738,995 -19,234,593 64000000
-79,473 -10,131 -11,503 -4.65827377
-7,949,278 -1,789,833 -7,318,155
1,025,324 -63,701 75,062 -3.32733841
42,522,655 8,756,243 21,141,584 1.4258500867
7,299,196 1,488,238 3,480,289 1.4199220123
0 0 0
35,223,458 7,268,005 17,661,295
209,264 55,479 110,882
35,014,194 7,212,526 17,550,413
0 0 0
35,014,194 7,212,526 17,550,413
11,328,837 7,212,526 10,337,887
11,119,573 7,157,047 10,227,005
0.085298714
Consolidado 6/30/2003 9/30/2003 12/31/2003
Rotación CxC
Período Promedio de Cobro
Razón Corriente
Rotación de Existencias
Período Promedio Mant. de Existencias
Rotación de CxP
Periodo Promedio de Pago
Analisis Financiero de Corto Plazo
Razon Corriente (Act.Circ. / Pas. Circ.)

Razon Corriente Promedio
Test Acido (sin Existencias)
Test Acido Promedio Sin Existencias
Test Acido Promedio sin Tarjetas
Solvencia de Largo Plazo
Razon de Endeudamiento
Razon de End. Promedio
Razon Deuda / Capital
Deuda Finan/Patrimonio (pasivo exigible)
Cobertura de Intereses
Ciclo Caja
Calculo del ROA (Rentabilidad)
Calculo del ROA (Res.Op / Activos Op. Promedio)

Descomposición ROA, Margen (R.Op/Vtas)
Descomposición ROA, Rotación (Vtas/ A.Op.Prom)
Calculo del Leverage (Act.Totales Prom/Pat.Prom)
Margen del Ejercicio (ReslEjec/Vtas)

ROE (MargenXRotacionXLeverage)
GLF (Leverage Financiero)

Variación %
3/31/2004 6/30/2004 9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005
12/31/2005 3/31/2006 6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007
2.47 2.25
147.90 161.87
1.91 1.93
6.07 5.99
60.12 60.93
6.16 9.69
59.30 37.69
1.7 1.8 1.9 1.8 2.3 2.3

1.91 1.93
1.4 1.4 1.6 1.4 1.95 1.9
1.54 1.57
1.72 1.85
1.71 1.69
1.40 1.44
0.84 1.06
-6.2 -5.1
148.72 185.11
17% 15%
13% 13%
1.3 1.1
2.40 2.44
9% 9.1%
26% 25%
1.19 1.24
4%
12/31/2007 3/31/2008 6/30/2008
1.63
223.62 Aca esta el efecto tarjeta (deuda LP
3.14
6.07
60.15 Consistente con Memoria
7.80
46.77
3.8 3.3 3.13

3.14
3.4 2.9 2.77
2.73
1.61
1.65
1.53
1.85 * Problema podrían no cumplir el covenance
-4.8
237.00
14%
16%
0.86
2.532
8.5%
19%
1.26
2%

Mii514 - Analisis - La Polar - SEMANA 4

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Mii514 - Analisis - La Polar - SEMANA 4

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No Consolidado 6/30/2003 9/30/2003 12/31/2003 3/31/2004 6/30/2004

Ingresos Operacionales 48331191 70238276 108553668 23632057 56961297

Recurs Generd por la Op -4728575 -9355624 -5035345 -7224034 -5215952

Recurs Gene Oper(Direct) - - - -7224034 -5215952

138881031 161258118 164967645 170404960 190417516 239422181 261721961

138881031 161258118 164967645 170404960 190417516 239422181 261721961

91139700 141312885 33053526 76593361 120440871 184720991 44722467

-13161038 2628074 -8375313 -12318846 -27337098 -30112566 4445962

-13161038 2628074 -8375313 -12318846 -27337098 -30112566 4445962

206645 206645 206645 206645 206645 206645 206645

9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006

259214960 292387382 325823305 349139707 384877763 400685651 537225583

259214960 292387382 325823305 349139707 384877763 400685651 537225583

101455516 154541173 228845340 48889109 112205623 173063482 260789238

16343059 -302443 -4325568 -15273557 -17049258 -38121849 -42695417

16343059 -302443 -4325568 -15273557 -17049258 -38121849 -42695417

206645 206645 206645 207261 220606 220606 220606

6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007

Flujo de Caja Bruto 2240 2996 3826

Movimiento de Capital de Caja Operacional 140 260 240

Flujo de Caja de Operación 1300 1776 2306

Valor de Período Relevante 5066

Activos no Operacionales 3500

Valor de la Operación 20069

Ingresos Operacionales 61139319 89638768 137065659 30651612 73251085

Recurs Generd por la Op -4051766 -6922524 -4131381 -5981650 -5010454

Recurs Gene Oper(Direct) - - - -5981650 -5010454

136601139 160215410 162370969 167289341 187673058 210836769 234543397

136601139 160215410 162370969 167289341 187673058 210836769 234543397

117426056 180806904 44265945 100547696 156274290 240210228 63816508

-12941765 3482064 -8951487 -12934439 -27508165 -29709877 5402921

-12941765 3482064 -8951487 -12934439 -27508165 -29709877 5402921

206645 206645 206645 206645 206645 206645 206645

9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006

231513138 255108199 291975955 312004882 344697433 357320774 493374584

231513138 255108199 291975955 312004882 344697433 357320774 493374584

136625322 208315137 303071160 72812168 165703427 256406637 379385949

18976492 2046495 -3246572 -16179036 -16555202 -37628526 -42546990

18976492 2046495 -3246572 -16179036 -16555202 -37628526 -42546990

206645 206645 206645 207261 220606 220606 220606

6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007

Ingresos Operacionales 58885986 85346500 132944222 28870996 68676044

Recurs Generd por la Op -5761224 -11368015 -6166720 -8825514 -6288673

Recurs Gene Oper(Direct) - - - -8825514 -6288673

166338135 192808619 196805978 200114096 219428582 276149923 300135921

166338135 192808619 196805978 200114096 219428582 276149923 300135921

109158231 168961058 39432772 89946978 138790643 213057484 51286559

-15763006 3142262 -9991727 -14466567 -31502042 -34731881 5098513

-15763006 3142262 -9991727 -14466567 -31502042 -34731881 5098513

206645 206645 206645 206645 206645 206645 206645

9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006

292932615 327715960 366397132 390417170 421341772 424283980 560286778

292932615 327715960 366397132 390417170 421341772 424283980 560286778

114652448 173214071 257342784 54669083 122836185 183256033 271983998

18468899 -338987 -4864218 -17079292 -18664535 -40367030 -44528180

18468899 -338987 -4864218 -17079292 -18664535 -40367030 -44528180

206645 206645 206645 207261 220606 220606 220606

6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007

Ingresos Operacionales 74,491,214 108,920,029 167,862,475 37,446,700

Otros Egres No Operac -393,012 -645,021 -301,441 -684

149,684,711 163,607,503 191,561,903 193,708,150 196,455,287 216,265,992 243,179,464

149,684,711 163,607,503 191,561,903 193,708,150 196,455,287 216,265,992 243,179,464

88,316,014 140,641,461 216,182,168 52,809,159 118,077,615 180,083,464 277,058,858