CLASIFICACIÓN 2018 2019 2020

PASIVO Bono LP 55,804,560 71,748,720 79,720,800

PASIVO Capital 378,673,800 378,673,800 378,673,800
E.R. Costo de Venta -1,195,812,000 -1,474,834,800 -1,793,718,000
ACTIVO CxC Empresas Relacionadas 139,511,400 151,469,520 179,371,800
PASIVO CxP 54,210,144 93,273,336 110,014,704
PASIVO CxP Empresas Relacionadas 136,721,172 146,287,668 155,455,560
E.R. Depreciación -1,993,020 -2,391,624 -2,790,228
ACTIVO Depreciación Acumulada -11,958,120 -14,349,744 -17,139,972
ACTIVO Deudores Comerciales 106,427,268 114,399,348 149,875,104
ACTIVO Efectivo y Equivalentes al Efectivo 39,860,400 49,825,500 53,412,936
ACTIVO Existencias 65,769,660 92,077,524 114,399,348
E.R. Gastos Administración -17,937,180 -25,909,260 -15,146,952
E.R. Gastos Generales -43,846,440 -49,825,500 -71,748,720
ACTIVO Ingresos Totales 1,594,416,000 1,793,718,000 1,993,020,000
E.R. Intereses -11,160,912 -12,356,724 -13,951,140
ACTIVO Inv Empresas Relacionadas 63,776,640 159,441,600 212,854,536
ACTIVO Maquinarias 313,302,744 270,253,512 275,036,760
ACTIVO Otro Activo intangible 93,671,940 177,378,780 349,177,104
ACTIVO Otros Activos Corrientes 143,098,836 208,469,892 174,987,156
E.R. Otros Gastos Operacionales -30,293,904 -37,867,380 -9,965,100
PASIVO Otros Pasivos Corrientes 18,335,784 34,678,548 37,867,380
PASIVO Prestamo bancario CP 102,042,624 110,811,912 111,609,120
PASIVO Prestamo Bancario LP 79,720,800 91,678,920 96,860,772
ACTIVO Propiedades, Planta y Equipo 703,536,060 747,781,104 775,284,780
PASIVO Provisiones 100,448,208 111,609,120 123,965,844
E.R. Publicidad y Marketing -37,867,380 -41,853,420 -27,902,280
PASIVO Utilidades Retenidas 731,039,736 917,985,012 1,173,091,572
Nota: Considere un impuesto del 25%.
Balance General
Activos 2018 2019 2020
Ingresos Totales 1,594,416,000 1,793,718,000 1,993,020,000
Otros Activos Corrientes 143,098,836 208,469,892 174,987,156
CxC Empresas Relacionadas 139,511,400 151,469,520 179,371,800
Inv Empresas Relacionadas c/p 63,776,640 159,441,600 212,854,536
Efectivo y Equivalentes al Efectivo 39,860,400 49,825,500 53,412,936
Deudores comerciales 106,427,268 114,399,348 149,875,104
Existencias 65,769,660 92,077,524 114,399,348
ACT CTE 2,152,860,204 2,569,401,384 2,877,920,880

Maquinaria 313,302,744 270,253,512 275,036,760

Depreciación Acumulada -11,958,120 -14,349,744 -17,139,972
Propiedades, Planta y Equipo 703,536,060 747,781,104 775,284,780
Otro Activo intangible 93,671,940 177,378,780 349,177,104
ACT NO CTE 1,098,552,624 1,181,063,652 1,382,358,672

TOTAL ACT 3,251,412,828 3,750,465,036 4,260,279,552

Equilibrio Financiero (masas patrimoniales)

Análisis estático y dinámico de los EEFF

Análisis estático (vertical)

Activos 2018 2019 2020
Caja 49.0% 47.8% 46.8%
Inventario 4.4% 5.6% 4.1%
CxC 4.3% 4.0% 4.2%
Inv Empresas Relacionadas c/p 2.0% 4.3% 5.0%
Valores Negociables #REF! #REF! #REF!
ACT CTE 66.2% 68.5% 67.6%

Maquinaria y equipo 9.6% 7.2% 6.5%

Depreciación Acumulada -0.4% -0.4% -0.4%
Gastos pagados por adelantado LP 21.6% 19.9% 18.2%
Otro Activo intangible 2.9% 4.7% 8.2%
Terreno #REF! #REF! #REF!
ACT NO CTE 33.8% 31.5% 32.4%
TOTAL ACT 100.0% 100.0% 100.0%

Equilibrio Financiero 2018

Rt i
66.2% 24.8%

Rt 33.8%
8.2% i

67.0%

Análisis dinámico
Activos 2018 2019 2020
Caja 12.5% 11.1%
Inventario 45.7% -16.1%
CxC 8.6% 18.4%
Inv Empresas Relacionadas c/p 150.0% 33.5%
Valores Negociables #REF! #REF!
ACT CTE 19.3% 12.0%

Maquinaria y equipo -13.7% 1.8%

Depreciación Acumulada 20.0% 19.4%
Gastos pagados por adelantado LP 6.3% 3.7%
Otro Activo intangible 89.4% 96.9%
Terreno #REF! #REF!
ACT NO CTE 7.5% 17.0%

TOTAL ACT 15.3% 13.6%

 Estado de Resultados
Pasivo 2018 2019 2020
Prestamo bancari 102,042,624 110,811,912 111,609,120 Ingresos Totales
Otros Pasivos Corr 18,335,784 34,678,548 37,867,380 Costo de Venta
CxP 54,210,144 93,273,336 110,014,704 MARG CONT
Provisiones 100,448,208 111,609,120 123,965,844 Depreciación
CxP Empresas Rel 136,721,172 146,287,668 155,455,560 Gastos Administración
PAS CTE 411,757,932 496,660,584 538,912,608 Gastos Generales
Publicidad y Marketing
Otros Gastos de operación
Prestamo Bancario 79,720,800 91,678,920 96,860,772 BAIT
Bono LP 55,804,560 71,748,720 79,720,800 Intereses
PAS LP 135,525,360 163,427,640 176,581,572 BAT
T (25%)
BN
Capital 378,673,800 378,673,800 378,673,800
Utilidades Retenid 731,039,736 917,985,012 1,173,091,572
PAT 1,109,713,536 1,296,658,812 1,551,765,372 Venta
Costo de Venta
MARG CONT
TOTAL PAS 1,656,996,828 1,956,747,036 2,267,259,552 Depreciación
Gastos Administración
Gastos Publicidad
Otros Gastos de operación
BAIT
Intereses
BAT
Pasivo 2018 2019 2020 T (25%)
Proveedores #REF! #REF! #REF! BN
Prestamo bancari 6.2% 5.7% 4.9%
Dividendos x Paga 1.1% 1.8% 1.7% Venta
Sueldos x Pagar 3.3% 4.8% 4.9% Costo de Venta
MARG CONT
PAS CTE 24.8% 25.4% 23.8% Depreciación
Gastos Administración
Gastos Publicidad
Prestamo Bancario 4.8% 4.7% 4.3% Otros Gastos de operación
Bono LP 3.4% 3.7% 3.5% BAIT
PAS LP 8.2% 8.4% 7.8% Intereses
BAT
T (25%)
Capital 22.9% 19.4% 16.7% BN
Utilidades Retenid 44.1% 46.9% 51.7%
PAT 67.0% 66.3% 68.4%
TOTAL PAS 100.0% 100.0% 100.0%

Pasivo 2018 2019 2020

Proveedores #REF! #REF!
Prestamo bancario CP 8.6% 0.7%
Dividendos x Pagar 89.1% 9.2%
Sueldos x Pagar 72.1% 17.9%

PAS CTE 20.6% 8.5%

Prestamo Bancario LP 15.0% 5.7%

Bono LP 28.6% 11.1%
PAS LP 20.6% 8.0%

Capital 0.0% 0.0%

Utilidades Retenidas 25.6% 27.8%
PAT 16.8% 19.7%

TOTAL PAS 18.1% 15.9%

 Estado de Flujo de Efectivo
2018 2019 2020
$ 1,594,416,000.0 $ 1,793,718,000.0 $ 1,993,020,000.0 FPO
-$ 1,195,812,000.0 -$ 1,474,834,800.0 -$ 1,793,718,000.0 Ut
$ 398,604,000.0 $ 318,883,200.0 $ 199,302,000.0 + Dep
-$ 1,993,020.0 -$ 2,391,624.0 -$ 2,790,228.0 Inventario
-$ 17,937,180.0 -$ 25,909,260.0 -$ 15,146,952.0 CxC
-$ 43,846,440.0 -$ 49,825,500.0 -$ 71,748,720.0 Inv Empresas Relacion
-$ 37,867,380.0 -$ 41,853,420.0 -$ 27,902,280.0 Valores Negociables
-$ 30,293,904.0 -$ 37,867,380.0 -$ 9,965,100.0 Proveedores
$ 304,533,456.0 $ 202,889,436.0 $ 99,651,000.0 * Prestamo bancario CP
-$ 11,160,912.0 -$ 12,356,724.0 -$ 13,951,140.0 Dividendos x Pagar
$ 315,694,368.0 $ 215,246,160.0 $ 113,602,140.0 Sueldos x Pagar
-$ 78,923,592.0 -$ 53,811,540.0 -$ 28,400,535.0 FPO
$ 236,770,776.0 $ 161,434,620.0 $ 85,201,605.0
FPI
2018 2019 2020 Maquinaria y equipo
100% 100% 100% Gastos pagados por ad
-75.0% -82.2% -90.0% Otro Activo intangible
25.0% 17.8% 10.0% FPI
-0.1% -0.1% -0.1%
-1.1% -1.4% -0.8%
-2.4% -2.6% -1.8% FPF
-1.9% -2.1% -0.5% Prestamo Bancario LP
19.1% 11.3% 5.0% Bono LP
-0.7% -0.7% -0.7% Capital
19.8% 12.0% 5.7% Dividendos
-5.0% -3.0% -1.4% FPF
14.9% 9.0% 4.3%
2018 2019 2020 EFE
12.5% 11.1%
23.3% 21.6% EFE
-20.0% -37.5%
20.0% 16.7%
44.4% -41.5%
13.6% 44.0%
25.0% -73.7%
-33.4% -50.9%
10.7% 12.9%
-31.8% -47.2%
-31.8% -47.2%
-31.8% -47.2%
T crec = Rt = (VF - VP) / VP
ujo de Efectivo
2018-2019 2019-2020

161,434,620 85,201,605
- 2,391,624 - 2,790,228
- 65,371,056 33,482,736 65,371,056 -33,482,736
- 11,958,120 - 27,902,280 11,958,120 27,902,280
- 95,664,960 - 53,412,936 95,664,960 53,412,936
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
8,769,288 797,208 8,769,288 797,208
16,342,764 3,188,832 16,342,764 3,188,832
39,063,192 16,741,368 39,063,192 16,741,368
#REF! #REF!

43,049,232 - 4,783,248 -43,049,232 4,783,248

- 44,245,044 - 27,503,676 44,245,044 27,503,676
- 83,706,840 - 171,798,324 83,706,840 171,798,324
- 84,902,652 - 204,085,248

11,958,120 5,181,852 11,958,120 5,181,852

15,944,160 7,972,080 15,944,160 7,972,080
- - 0 0
- 87,109 - 121,703
27,815,171 13,032,230

#REF! #REF!

199,302,000 199,302,000