Estado de situación financiera, corriente/no corriente - Estados financieros consolidados

12/30/2017 12/31/2018 12/31/2019

Activos [sinopsis]
Activos corrientes [sinopsis]
Efectivo y equivalentes al efectivo 72,143,020 58,779,300 67,376,852
Otros activos financieros corrientes 1,235,577 - -
Otros activos
Deudores no financieros
comerciales y otrascorrientes
cuentas por 1,101,706 1,447,638 3,163,034
cobrar corrientes
Cuentas por cobrar a entidades relacionadas, 63,233,820 50,099,779 60,283,534
corrientes 647,258 574,090 556,963
Total de activos
Inventarios corrientes distintos de los
corrientes 53,813,462 72,853,822 82,089,606
activo o grupos de activos para su disposición
Activos biológicos corrientes - - -
clasificados
Activos no como mantenidos
corrientes o grupos para la venta
de activos o
para
Activosmantenidos
como por impuestos
paracorrientes,
distribuir acorrientes
los 5,458,310 5,140,984 5,085,359
su disposición clasificados como mantenidos
propietarios
para la venta o como mantenidos para 197,633,153 188,895,613 218,555,348
distribuir a los propietarios 3,462,541 3,462,541 3,653,131
Activos corrientes totales 201,095,694 192,358,154 222,208,479
Activos no corrientes [sinopsis]
Otros activos financieros no corrientes 905,058 1,223,135 -
Otros activos no financieros no corrientes 481,132 635,309 888,306
Cuentas
Cuentas por
por cobrar
cobrar no corrientesrelacionadas,
a entidades - - -
no corrientes - 702,911 548,921
Inventarios, contabilizadas
Inversiones no corrientes utilizando el método - - -
de la participación 44,254,151 48,137,934 48,605,378
Activos intangibles distintos de la plusvalía 4,143,193 4,278,363 4,368,624
Plusvalía 144,477,536 144,477,536 144,477,536
Propiedades, planta y equipo 284,112,646 343,188,007 401,684,497
Activos biológicos no corrientes - - -
Propiedad de inversión 998,785 991,673 1,413,566
Activos por derecho a uso - - -
Activos por impuestos corrientes, no corrientes - - -
Activos por impuestos diferidos 39,108,002 35,376,574 34,652,846
Total de activos no corrientes 518,480,503 579,011,442 636,639,674
Total de activos 719,576,197 771,369,596 858,848,153

Patrimonio y pasivos [sinopsis]

Pasivos [sinopsis]
Pasivos corrientes [sinopsis]
Otros pasivos financieros corrientes 18,657,492 37,423,311 35,894,842
Pasivos
Cuentaspor
porarrendamientos
pagar comercialescorrientes
y otras cuentas
por pagarpor pagar a entidades relacionadas,
Cuentas 90,225,239 113,488,856 137,731,938
corrientes 6,602,908 7,210,675 9,889,788
Otras provisiones a corto plazo 12,625,860 13,243,963 14,121,500
Pasivos por impuestos
Provisiones corrientes,
corrientes por corrientes
beneficios a los 1,063,337 389,233 949,896
Total de
empleadospasivos corrientes distintos de los 4,921,665 5,128,063 6,098,900
pasivos incluidos en grupos de activos para su
Otros pasivos
disposición no financieros
clasificados como corrientes para 7,135,156 6,987,096 7,922,676
Pasivos incluidos en grupos demantenidos
activos para su
la venta
disposición clasificados como mantenidos para 141,231,657 183,871,197 212,609,540
la venta - - -
Pasivos corrientes totales 141,231,657 183,871,197 212,609,540
Pasivos no corrientes [sinopsis]
Otros pasivos financieros no corrientes 205,839,880 192,042,576 233,682,115
Pasivos por arrendamientos no corrientes
Cuentas
Cuentas por
por pagar
pagar no corrientesrelacionadas, no
a entidades - - -
corrientes - - -
Otras provisiones a largo plazo - - -
Pasivo por impuestos diferidos - - -
Pasivos por impuestos
Provisiones corrientes,
no corrientes no corrientes
por beneficios a los - - -
empleados 18,922,117 21,260,646 22,909,126
Otros pasivos no financieros no corrientes - - -
Total de pasivos no corrientes 224,761,997 213,303,222 256,591,241
Total de pasivos 365,993,654 397,174,419 469,200,781
Patrimonio [sinopsis]
Capital emitido y pagado 160,519,729 160,519,729 160,519,729
Ganancias (pérdidas) acumuladas 170,689,706 182,702,486 184,719,720
Prima de emisión - - -
Acciones propias en cartera - - -
Otras participaciones en el patrimonio - - -
Otras reservas
Patrimonio atribuible a los propietarios de la 22,362,179 30,962,077 44,395,152
controladora 353,571,614 374,184,292 389,634,601
Participaciones no controladoras 10,929 10,885 12,771
Patrimonio total 353,582,543 374,195,177 389,647,372
Total de patrimonio y pasivos 719,576,197 771,369,596 858,848,153

Deuda Financiera 224,497,372 229,465,887 269,576,957

Estado del resultado, por función de gasto – Estados financieros consolidados

Moneda:CLP - Peso chileno (Miles)
12/30/2017 12/31/2018 12/31/2019
Ganancia (pérdida) [sinopsis]
Ingresos de actividades ordinarias 547,010,044 564,387,521 623,960,268
Costo de ventas 318,891,050 324,723,729 356,235,068
Ganancia bruta 228,118,994 239,663,792 267,725,200
Otros ingresos 422,218 202,779 498,552
Costos de distribución 126,392,878 139,082,052 154,987,964
Gastos de administración 30,486,100 31,320,452 36,550,734
Otros gastos, por función - - -
Otras ganancias
Ganancias (pérdidas) 474,733 989,983 -817,152
Ganancias (pérdidas)
(pérdidas) de
queactividades
surgen de la baja en
operacionales
cuentas de activos financieros medidos al costo 72,136,967 70,454,050 75,867,902
amortizado - - -
Ingresos financieros 712,614 1,073,172 863,686
Costos financieros 11,189,165 11,048,966 13,328,178
Deterioro de valor de ganancias y reversión de
pérdidas por deterioro
Participación de valor(pérdidas)
en las ganancias (pérdidasdepor
deterioro de valor) determinado
asociadas y negocios conjuntos que se de acuerdo
con la NIIF 9 utilizando el método de la
contabilicen - - -
participación
Ganancia (pérdida) acumulada anteriormente 1,615,613 877,263 1,649,152
Ganancias
Diferencias(pérdidas)
reconocida en
de otro que surgen
resultado
cambio de diferencias
integral que surge -467,135 2,089,159 -124,735
entre
de la importes en libros
reclasificación de anteriores
activos y el valor
financieros de la
Resultados
razonable depor unidades
activos de reajuste
financieros reclasificados -1,365,282 -2,321,872 -703,825
categoría de medición de valor razonable con
como
cambiosmedidos
en otroalresultado
valor razonable
integral a la de valor - - -
razonable con cambios en resultados - - -
Ganancias (pérdidas) de cobertura por
cobertura de un grupo de partidas con
posiciones de riesgo compensadoras - - -
Ganancia (pérdida), antes de impuestos 61,443,612 61,122,806 64,224,002
Gasto por(pérdida)
Ganancia impuestosprocedente
a las ganancias
de operaciones 19,356,864 16,976,216 17,151,188
continuadas
Ganancia (pérdida) procedente de operaciones 42,086,748 44,146,590 47,072,814
discontinuadas - - -
Ganancia (pérdida) 42,086,748 44,146,590 47,072,814
Ganancia (pérdida), atribuible
Ganancia (pérdida), atribuibleaalos
[sinopsis]
propietarios
de la controladora
Ganancia (pérdida), atribuible a participaciones 42,086,201 44,146,542 47,071,261
no controladoras 547 48 1,553
Ganancia (pérdida) 42,086,748 44,146,590 47,072,814
Ganancias por acción [bloque de texto] - - -
Ganancias por acción [sinopsis]
Ganancia por acciónpor
Ganancia (pérdida) básica [sinopsis]
acción básica en
operaciones continuadas
Ganancia (pérdida) por acción básica en - - -
operaciones discontinuadas - - -
Ganancia (pérdida) por acción básica - - -
Ganancias (pérdida)
Ganancias por accióndiluida
diluidas
por[sinopsis]
acción
procedente de operaciones continuadas
Ganancias (pérdida) diluida por acción - - -
procedentes de operaciones discontinuadas - - -
Ganancias (pérdida) diluida por acción - - -

Ratio Liquidez
Razon corriente 1.4 1.0 1.0
Test acido 104% 65% 66%
Capital de trabajo 59,864,037 8,486,957 9,598,939

Ratio de Endeudamiento
Leverage -0.2 -0.1 -0.1
Endeudamiento de corto plazo 20% 24% 25%
Endeudamiento de largo plazo 31% 28% 30%
Endeudamiento total 51% 51% 55%
Cobertura de gasto financiero 6.45 6.38 5.69

Ratio de Gestión
Rotacion de cuentas por cobrar 8.6 11.1 10.3
Rotación de cuentas por cobrar en dias 42 32 35
Rotación de cuentas por pagar 5.93 4.46 4.34
Rotación cuentas por pagar en dias 61 81 83
Rotación de inventario 5.9 4.5 4.3
Rotación de inventario en dias 61 81 83
Rotación de activo 76% 73% 73%
Ciclo de caja 42 32 35

Ratio de Rentabilidad
Margen bruto 41.70% 42.46% 42.91%
Margen neto 7.69% 7.82% 7.54%
Margen de utilidad operacional 13.19% 12.48% 12.16%
Rentabilidad del activo 5.85% 5.72% 5.48%
Rendimiento de los accionistas 11.90% 11.80% 12.08%
 AÑO 12/30/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021
IPC U.S.A. 27.00% 26000.00% 2.50% 3.00% 7.2%
FACTOR ACTUAL. 295.390 1.132 1.104 1.072 1.000

financieros consolidados
12/31/2020 12/31/2021
Analisis Vertical
12/30/2017 12/31/2018 12/31/2019 12/31/2020
61,267,008 61,641,406 10.0% 7.6% 7.8% 6.7%
70,783,553 47,447,816 0.2% - - 7.8%
2,139,044 2,813,531 0.2% 0.2% 0.4% 0.2%
61,759,977 98,589,324 8.8% 6.5% 7.0% 6.8%
671,098 578,930 0.1% 0.1% 0.1% 0.1%
72,783,207 99,989,405 7.5% 9.4% 9.6% 8.0%
- - - - - -
4,559,050 2,699,220 0.8% 0.7% 0.6% 0.5%
273,962,937 313,759,632 27.5% 24.5% 25.4% 30.0%
- - 0.5% 0.4% 0.4% -
273,962,937 313,759,632 27.9% 24.9% 25.9% 30.0%

- 17,789,875 0.1% 0.2% - -

417,700 619,502 0.1% 0.1% 0.1% 0.0%
- - - - - -
379,552 - - 0.1% 0.1% 0.0%
- - - - - -
49,976,178 55,227,388 6.2% 6.2% 5.7% 5.5%
4,269,820 4,519,709 0.6% 0.6% 0.5% 0.5%
144,477,536 144,477,536 20.1% 18.7% 16.8% 15.8%
395,009,785 452,870,420 39.5% 44.5% 46.8% 43.3%
- - - - - -
1,406,454 1,399,342 0.1% 0.1% 0.2% 0.2%
4,644,501 2,938,963 - - - 0.5%
- - - - - -
38,732,393 48,258,120 5.4% 4.6% 4.0% 4.2%
639,313,919 728,100,855 72.1% 75.1% 74.1% 70.0%
913,276,856 1,041,860,487 100.0% 100.0% 100.0% 100.0%

30,134,093 51,601,748 2.59% 4.85% 4.18% 3.30%

2,027,424 2,185,556 0.00% 0.00% 0.00% 0.22%
134,952,340 204,117,155 12.54% 14.71% 16.04% 14.78%
5,769,475 7,008,309 0.92% 0.93% 1.15% 0.63%
1,910,962 26,120,331 1.75% 1.72% 1.64% 0.21%
2,556,307 9,081,736 0.15% 0.05% 0.11% 0.28%
8,645,107 7,238,339 0.68% 0.66% 0.71% 0.95%
8,415,653 10,047,812 0.99% 0.91% 0.92% 0.92%
194,411,361 317,400,986 19.63% 23.84% 24.76% 21.29%
- - - - 0.00% -
194,411,361 317,400,986 19.63% 23.84% 24.76% 21.29%
 274,432,872 267,424,069 28.61% 24.90% 27.21% 30.05%
2,718,949 904,001 0.00% 0.00% 0.00% 0.30%
- - - 0.00% - 0.00%
- - - 0.00% - 0.00%
- - - 0.00% - 0.00%
- - - 0.00% - 0.00%
- - - 0.00% - 0.00%
21,772,506 25,498,572 2.63% 2.76% 2.67% 2.38%
- - - 0.00% - 0.00%
298,924,327 293,826,642 31.24% 27.65% 29.88% 32.73%
493,335,688 611,227,628 50.86% 51.49% 54.63% 54.02%

160,519,729 160,519,729 22.31% 20.81% 18.69% 17.58%

220,633,469 212,889,718 23.72% 23.69% 21.51% 24.16%
- - - - - -
- - - - - -
- - - - - -
38,773,848 57,204,861 3.11% 4.01% 5.17% 4.25%
419,927,046 430,614,308 49.14% 48.51% 45.37% 45.98%
14,122 18,551 0.00% 0.00% 0.00% 0.00%
419,941,168 430,632,859 49.14% 48.51% 45.37% 45.98%
913,276,856 1,041,860,487 100.00% 100.00% 100.00% 100.00%

304,566,965 319,025,817

ieros consolidados

12/31/2020 12/31/2021 12/30/2017 12/31/2018 12/31/2019 12/31/2020

668,221,244 934,812,880 100.00% 100.00% 100.00% 100.00%

381,852,127 569,020,018 58.30% 57.54% 57.09% 57.14%
286,369,117 365,792,862 41.70% 42.46% 42.91% 42.86%
517,908 692,982 0.08% 0.04% 0.08% 0.08%
165,628,473 208,850,320 23.11% 24.64% 24.84% 24.79%
38,601,609 40,150,868 5.57% 5.55% 5.86% 5.78%
- - - 0.00% - 0.00%
-514,333 -1,336,756 0.09% 0.18% -0.13% -0.08%
82,142,610 116,147,900 13.19% 12.48% 12.16% 12.29%
- - - 0.00% - 0.00%
584,659 636,717 0.13% 0.19% 0.14% 0.09%
15,383,731 13,034,897 2.05% 1.96% 2.14% 2.30%

- - - 0.00% - 0.00%
2,455,345 4,345,218 0.30% 0.16% 0.26% 0.37%
-2,934,416 1,769,482 -0.09% 0.37% -0.02% -0.44%
-1,021,586 -2,636,499 -0.25% -0.41% -0.11% -0.15%
- - - 0.00% - 0.00%
- - - 0.00% - 0.00%
- - - 0.00% - 0.00%
65,842,881 107,227,921 11.23% 10.83% 10.29% 9.85%
16,206,144 20,155,767 3.54% 3.01% 2.75% 2.43%
49,636,737 87,072,154 7.69% 7.82% 7.54% 7.43%
- - - 0.00% - 0.00%
49,636,737 87,072,154 7.69% 7.82% 7.54% 7.43%

49,635,096 87,067,769 7.69% 7.82% 7.54% 7.43%

1,641 4,385 0.00% 0.00% 0.00% 0.00%
49,636,737 87,072,154 7.69% 7.82% 7.54% 7.43%
- -

97.16 170.44 - - - 0.00%

- - - - - -
97.16 170.44 - - - 0.00%

97.16 170.44 - - - 0.00%

- - - - - -
97.16 170.44 - - - 0.00%

1.4 1.0
103% 67%
79,551,576 -3,641,354

-0.2 0.1
21% 30%
33% 28%
54% 59%
5.34 8.91

10.7 9.4
34 38
5.25 5.69
69 63
5.2 5.7
69 63
73% 90%
34 38

42.86% 39.13%
7.43% 9.31%
12.29% 12.42%
5.44% 8.36%
11.82% 20.22%
 Analisis Horizontal
12/31/2021 12/30/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021
5.9% 22.74% -12.76% 9.97% -0.61% -0.61%
4.6% - - - 49.18% 49.18%
0.3% -23.90% -54.23% 47.87% -23.97% -23.97%
9.5% 26.22% -16.89% -2.39% -37.36% -37.36%
0.1% 12.75% 3.08% -17.01% 15.92% 15.92%
9.6% -26.14% -11.25% 12.79% -27.21% -27.21%
- - - - - -
0.3% 6.17% 1.09% 11.54% 68.90% 68.90%
30.1% 4.63% -13.57% -20.22% -12.68% -12.68%
- 0.00% -5.22% - - 0.00%
30.1% 4.54% -13.43% -18.89% -12.68% -12.68%

1.7% -26.01% - - - 0.00%

0.1% -24.27% -28.48% 112.67% -32.57% -32.57%
- - - - - -
- - 28.05% 44.62% - -
- - - - - -
5.3% -8.07% -0.96% -2.74% -9.51% -9.51%
0.4% -3.16% -2.07% 2.31% -5.53% -5.53%
13.9% 0.00% 0.00% 0.00% 0.00% 0.00%
43.5% -17.21% -14.56% 1.69% -12.78% -12.78%
- - - - - - 0.00%
0.1% 0.72% -29.85% 0.51% 0.51% 0.51%
0.3% - - - 58.03% 58.03%
- - 0.00% - 0.00% -
4.6% 10.55% 2.09% -10.53% -19.74% -19.74%
69.9% -10.45% -9.05% -0.42% -12.19% -12.19%
100.0% -6.71% -10.19% -5.96% -12.34% -12.34%

4.95% -50.14% 4.26% 19.12% -41.60% -41.60%

0.21% 0.00% 0.00% -100.00% -7.24% -7.24%
19.59% -20.50% -17.60% 2.06% -33.88% -33.88%
0.67% -8.43% -27.09% 71.42% -17.68% -17.68%
2.51% -4.67% -6.21% 638.97% -92.68% -92.68%
0.87% 173.19% -59.02% -62.84% -71.85% -71.85%
0.69% -4.02% -15.92% -29.45% 19.43% 19.43%
0.96% 2.12% -11.81% -5.86% -16.24% -16.24%
30.46% -23.19% -13.52% 9.36% -38.75% -38.75%
- - 0.00% - 0.00% -
30.46% -23.19% -13.52% 9.36% -38.75% -38.75%
 25.67% 7.18% -17.82% -14.85% 2.62% 2.62%
0.09% 0.00% 0.00% -100.00% 200.77% 200.77%
- - 0.00% - 0.00% -
- - 0.00% - 0.00% -
- - 0.00% - 0.00% -
- - 0.00% - 0.00% -
- - 0.00% - 0.00% -
2.45% -11.00% -7.20% 5.22% -14.61% -14.61%
- - 0.00% - 0.00% -
28.20% 5.37% -16.87% -14.16% 1.73% 1.73%
58.67% -7.85% -15.35% -4.89% -19.29% -19.29%

15.41% 0.00% 0.00% 0.00% 0.00% 0.00%

20.43% -6.58% -1.09% -16.28% 3.64% 3.64%
- - 0.00% - 0.00% -
- - 0.00% - 0.00% -
- - 0.00% - 0.00% -
5.49% -27.78% -30.26% 14.50% -32.22% -32.22%
41.33% -5.51% -3.97% -7.21% -2.48% -2.48%
0.00% 0.40% -14.77% -9.57% -23.87% -23.87%
41.33% -5.51% -3.97% -7.21% -2.48% -2.48%
100.00% -6.71% -10.19% -5.96% -12.34% -12.34%

12/31/2021 12/30/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021

100.00% -3.08% -9.55% -6.62% -28.52% -28.52%

60.87% -1.80% -8.85% -6.71% -32.89% -32.89%
39.13% -4.82% -10.48% -6.51% -21.71% -21.71%
0.07% 108.22% -59.33% -3.74% -25.26% -25.26%
22.34% -9.12% -10.26% -6.42% -20.70% -20.70%
4.30% -2.66% -14.31% -5.31% -3.86% -3.86%
- - 0.00% - 0.00% -
-0.14% -52.05% -221.15% 58.88% -61.52% -61.52%
12.42% 2.39% -7.14% -7.64% -29.28% -29.28%
- - 0.00% - 0.00% -
0.07% -33.60% 24.25% 47.72% -8.18% -8.18%
1.39% 1.27% -17.10% -13.36% 18.02% 18.02%

- - 0.00% - 0.00% -
0.46% 84.17% -46.81% -32.83% -43.49% -43.49%
0.19% -122.36% -1774.88% -95.75% -265.83% -265.83%
-0.28% -41.20% 229.89% -31.10% -61.25% -61.25%
- - 0.00% - 0.00% -
- - 0.00% - 0.00% -
- - 0.00% - 0.00% -
11.47% 0.52% -4.83% -2.46% -38.60% -38.60%
2.16% 14.02% -1.02% 5.83% -19.60% -19.60%
9.31% -4.67% -6.22% -5.17% -42.99% -42.99%
- - 0.00% - 0.00% -
9.31% -4.67% -6.22% -5.17% -42.99% -42.99%

9.31% -4.67% -6.21% -5.17% -42.99% -42.99%

0.00% 1039.58% -96.91% -5.36% -62.58% -62.58%
9.31% -4.67% -6.22% -5.17% -42.99% -42.99%

0.00% - - - -42.99% -42.99%

- - - - - -
0.00% - - - -42.99% -42.99%

0.00% - - - -42.99% -42.99%

- - - - - -
0.00% - - - -42.99% -42.99%
 Lista de precios IPSA Lista de precios Embonor
N° Fecha V. Cierre IPSA V. CIERRE Retorno IPSA Retorno Embonor
1 May-17 4,855.75 1,198.40
2 Jun-17 4,747.24 1,206.96 -0.022346702 0.0071428571429
3 Jul-17 5,064.62 1,188.13 0.0668556888 -0.0156011798237
4 Aug-17 5,153.15 1,147.19 0.0174800874 -0.0344575088585
5 Sep-17 5,341.93 1,203.98 0.0366339035 0.0495035695918
6 Oct-17 5,588.08 1,298.89 0.0460788517 0.0788302131265
7 Nov-17 5,003.40 1,164.91 -0.104629855 -0.1031496123613
8 Dec-17 5,564.60 1,272.91 0.1121637287 0.092711024886
9 Jan-18 5,855.38 1,339.83 0.0522553283 0.0525724520979
10 Feb-18 5,602.83 1,267.55 -0.043131274 -0.0539471425479
11 Mar-18 5,542.22 1,267.40 -0.010817747 -0.0001183385271
12 Apr-18 5,710.90 1,316.23 0.0304354573 0.0385276944927
13 May-18 5,455.09 1,280.11 -0.04479329 -0.0274420124142
14 Jun-18 5,301.25 1,225.66 -0.028201185 -0.0425354071135
15 Jul-18 5,434.44 1,245.40 0.0251242631 0.0161056084069
16 Aug-18 5,270.43 1,273.17 -0.030179743 0.0222980568492
17 Sep-18 5,283.53 1,249.26 0.0024855657 -0.0187798958505
18 Oct-18 5,104.33 1,195.28 -0.033916719 -0.0432095800714
19 Nov-18 5,111.88 1,235.22 0.0014791363 0.0334147647413
20 Dec-18 5,105.43 1,291.67 -0.001261767 0.0457003610693
21 Jan-19 5,405.61 1,368.79 0.0587962228 0.0597056523725
22 Feb-19 5,287.54 1,349.35 -0.021842123 -0.0142023246809
23 Mar-19 5,259.41 1,247.49 -0.005320054 -0.0754881980213
24 Apr-19 5,187.10 1,228.52 -0.01374869 -0.0152065347217
25 May-19 4,977.09 1,236.71 -0.040486977 0.006666558135
26 Jun-19 5,070.71 1,236.39 0.0188101883 -0.0002587510411
27 Jul-19 4,972.36 1,148.72 -0.019395706 -0.0709080468137
28 Aug-19 4,804.37 1,107.94 -0.033784762 -0.035500383035
29 Sep-19 5,059.04 1,165.74 0.0530079906 0.0521688900121
30 Oct-19 4,744.13 1,107.94 -0.062246988 -0.0495822396075
31 Nov-19 4,538.80 972 -0.043280854 -0.1226961748831
32 Dec-19 4,669.85 1,082.22 0.0288732705 0.1133950617284
33 Jan-20 4,572.06 1,063.44 -0.020940715 -0.0173532183844
34 Feb-20 4,122.63 918.04 -0.098299235 -0.1367260964417
35 Mar-20 3,487.49 762.64 -0.154061849 -0.1692736699926
36 Apr-20 3,977.56 836.45 0.1405222667 0.0967822301479
37 May-20 3,647.60 841.59 -0.08295538 0.006145017634
38 Jun-20 3,959.02 942.58 0.085376686 0.1199990494184
39 Jul-20 4,017.08 879.79 0.0146652454 -0.0666150353286
40 Aug-20 3,767.15 866.41 -0.062216834 -0.015208174678
41 Sep-20 3,637.30 841.42 -0.034469028 -0.0288431573966
42 Oct-20 3,539.92 812.56 -0.026772606 -0.0342991609422
43 Nov-20 4,032.87 799.16 0.1392545594 -0.0164910898887
44 Dec-20 4,177.22 787.21 0.035793368 -0.0149532008609
45 Jan-21 4,288.65 881.72 0.0266756359 0.1200569098462
46 Feb-21 4,573.37 920.61 0.0663891901 0.0441069727351
47 Mar-21 4,898.09 924.51 0.0710023462 0.0042363215694
48 Apr-21 4,472.84 875.15 -0.086819556 -0.053390444668
49 May-21 4,356.43 866.39 -0.02602597 -0.0100097126207
50 Jun-21 4,331.33 847.25 -0.005761598 -0.0220916677247
51 Jul-21 4,252.04 822.85 -0.018306155 -0.0287990557687
52 Aug-21 4,491.57 854.83 0.0563329602 0.0388649207024
53 Sep-21 4,362.59 795.48 -0.028716017 -0.0694290092767
54 Oct-21 4,092.20 818.31 -0.061979237 0.0286996530397
55 Nov-21 4,432.71 945 0.0832095206 0.1548190783444
56 Dec-21 4,300.12 975.82 -0.029911724 0.0326137566138
57 Jan-22 4,548.45 979.9 0.0577495512 0.0041810989732
58 Feb-22 4,534.47 975 -0.003073575 -0.0050005102561
59 Mar-22 4,936.97 980 0.0887645083 0.0051282051282
60 Apr-22 4,885.13 940 -0.010500368 -0.0408163265306
Suma 0.1060212363 -0.1280068823267
Promedio 0.0017969701 -0.002169608175
Varianza 0.0033969893 0.0038528969223
Desv. Estand. 0.0582836971 0.0620717079055
Covarianza 0.0024703396745
Beta 0.7272144303398
Correlación 0.6828351760459
Retorno Promedio 9.3% -11.3%

Beta 0.7272
Tasa libre de riesgo (RF) 3.31%
Retorno del mercado 10.60%
CAPM (ke) 2.47%
WACC (ko) 3.71%
RM 2.16%
BONOS NO CORRIENTES
Banco BCI $ 2,526,666
Banco Estado $ 9,083,965
Coca-Cola Co $ 846,177
Nestlé Hidgs Inc $ 843,845
United States Treas Nts $ 4,184,467
Banco Estado $ 842,364
TOTAL $ 18,327,484
AJUSTE $ -537,609
Total Bono $ 17,789,875

OBLIGACIONES POR ARRENDAMIENTO CORRIENTE

Contrato arriendo oficinas $ 1,765,016
Contratos arriendos Maquinas $ 420,540
TOTAL CORRIENTE $ 2,185,556

OBLIGACIONES POR ARRENDAMIENTO NO CORRIENTE

Contratos arriendos Maquinas $ 904,001
TOTAL CORRIENTE $ 904,001

Total: $ 20,879,432
 MM$ PONDERACION COSTO NOMINAL COSTO PONDERADO
Banco BCI $ 2,526,666 0.6% 2.34% 0.01%
Banco Estado $ 9,083,965 2.0% 2.63% 0.04%
Coca-Cola Co $ 846,177 0.2% 3.00% 0.00%
Nestlé Hidgs Inc $ 843,845 0.2% 2.85% 0.00%
United States Tr $ 4,184,467 0.9% 2.75% 0.02%
Banco Estado $ 842,364 0.2% 2.56% 0.00%
Contrato arriend $ 1,765,016 0.4% 2.95% 0.01%
Contratos arrie $ 420,540 0.1% 2.38% 0.00%
Contratos arrie $ 904,001 0.2% 3.90% 0.01%
Capital Propio $ 430,632,859 95.4% 5.20% 3.62%
TOTALES $ 451,512,291 100% 3.71% WACC
Tasas de interés mercado secundario , bonos , en pesos (porcentaje)
1.Bonos en pesos a
Periodo 5 años (BCP,BTP)
Jan.2017 3.77
Feb.2017 3.74
Mar.2017 3.72
Apr.2017 3.52
May.2017 3.67
Jun.2017 3.66
Jul.2017 3.66
Aug.2017 3.62
Sep.2017 3.68
Oct.2017 3.81
Nov.2017 3.88
Dec.2017 4.02
Jan.2018 3.93
Feb.2018 3.97
Mar.2018 4.02
Apr.2018 3.90
May.2018 4.00
Jun.2018 4.08
Jul.2018 4.12
Aug.2018 4.07
Sep.2018 4.11
Oct.2018 4.26
Nov.2018 4.23
Dec.2018 4.10
Jan.2019 4.22
Feb.2019 4.13
Mar.2019 4.05
Apr.2019 3.91
May.2019 3.76
Jun.2019 3.20
Jul.2019 2.95
Aug.2019 2.51
Sep.2019 2.48
Oct.2019 2.65
Nov.2019 2.92
Dec.2019 2.93
Jan.2020 2.89
Feb.2020 3.02
Mar.2020 2.80
Apr.2020 2.33
May.2020 1.63
Jun.2020 1.49
Jul.2020 1.46
Aug.2020 1.47
Sep.2020 1.53
Oct.2020 1.51
Nov.2020 1.51
Dec.2020 1.58
 Jan.2021 1.52
Feb.2021 1.57
Mar.2021 1.78
Apr.2021 2.17
May.2021 2.57
Jun.2021 3.00
Jul.2021 3.67
Aug.2021 3.90
Sep.2021 4.83
Oct.2021 5.97
Nov.2021 5.59
Dec.2021 5.59
3.31 %
orcentaje)
PARAMETROS
Cantidad de hogares en Chile (App.) 5,000,000
Porcentaje Objetivo de Hogares 20.00%
Consumo Semanal de Cápsulas/Hogar 1
Tasa Anual de Crecimiento de Ventas 2.00%
Precio de Venta ($/Ud.) 1,300
Costo de venta ($/Ud.) 1,020

ITEM/AÑOS 0 1 2
Ventas anuales (unidades) 52,000,000 53,040,000

I. INGRESOS
Ingresos por venta 67,600,000,000 68,952,000,000
Otros Ingresos
TOTAL INGRESOS 67,600,000,000 68,952,000,000

II. EGRESOS
Costo de venta 53,040,000,000 54,100,800,000
Gastos de Administración y Venta 5,408,000,000 5,516,160,000
Costo Fijo 360,000,000 360,000,000
Depreciación 517,273,810 517,273,810
Amortización GOPM 30,000,000 30,000,000
TOTAL EGRESOS 59,355,273,810 60,524,233,810

RESULTADO ANTES IMPUESTO 8,244,726,190 8,427,766,190

IMPUESTO -2,226,076,071 -2,275,496,871
RESULTADO DESPUES IMPUESTO 6,018,650,119 6,152,269,319

III. INVERSIONES
Terreno 4,950,000,000
Infraestructura 4,950,000,000
Maquinarias 1,720,000,000
Instalaciones 430,000,000
Equipos 365,500,000
Vehículos 258,000,000
Mobiliario y eqipos de oficina 86,000,000
GOPM 120,000,000
Capital de Trabajo 13,520,000,000 270,400,000 275,808,000
TOTAL INVERSIONES 26,399,500,000 270,400,000 275,808,000
RESULTADO DESPUES INVERSIONES -26,399,500,000 5,748,250,119 5,876,461,319

IV. AJUSTES
Depreciación 517,273,810 517,273,810
Amortización GOPM 30,000,000 30,000,000
Valor libro Activo Depreciable
Valor Activo no Depreciable
Recuperación Capital de Trabajo
TOTAL AJUSTES 547,273,810 547,273,810

FLUJO NETO DE FONDOS ECONOMICO -26,399,500,000 6,295,523,929 6,423,735,129

Financiamiento 15,839,700,000
Amortización Financiamiento -1,319,303,571 -1,372,075,714
Interés Financiamiento -633,588,000 -580,815,857
Beneficio Tributario 171,068,760 156,820,281
FLUJO NETO DE FONDOS FINANCIERO -10,559,800,000 4,513,701,118 4,627,663,839
Ki 4.00%
Rf 6.50%
RM 2.16%
Beta de la Industria 0.73
Ke 3.34%
Ko 3.09%
VAN ECONOMICO 50,202,955,823
TIR ECONOMICA 25.08%
VAN FINANCIERO 49,334,628,100
TIR FINANCIERA 46.31%

ACTIVOS V. ADQ. V. UTIL 1

Infraestructura 4,950,000,000 20 247,500,000
Maquinarias 1,720,000,000 12 143,333,333
Instalaciones 430,000,000 12 35,833,333
Equipos 365,500,000 10 36,550,000
Vehículos 258,000,000 7 36,857,143
Vehículos 2 258,000,000 7
Mobiliario y eqipos de oficina 86,000,000 5 17,200,000
Mobiliario y eqipos de oficina 86,000,000 5
TOTAL 8,153,500,000 517,273,810

CUADRO DE AMORTIZA
Periodos 0 1 2
Cuota 1,952,891,571 1,952,891,571
Amortización 1,319,303,571 1,372,075,714
Interés 633,588,000 580,815,857
Saldo 15,839,700,000 14,520,396,429 13,148,320,715
Beneficio Tributario 171,068,760 156,820,281
 3 4 5 6 7 8
54,100,800 55,182,816 56,286,472 57,412,202 58,560,446 59,731,655

70,331,040,000 71,737,660,800 73,172,414,016 74,635,862,296 76,128,579,542 77,651,151,133

77,400,000
70,331,040,000 71,737,660,800 73,172,414,016 74,635,862,296 76,205,979,542 77,651,151,133

55,182,816,000 56,286,472,320 57,412,201,766 58,560,445,802 59,731,654,718 60,926,287,812

5,626,483,200 5,739,012,864 5,853,793,121 5,970,868,984 6,090,286,363 6,212,092,091
360,000,000 360,000,000 360,000,000 360,000,000 360,000,000 360,000,000
517,273,810 517,273,810 517,273,810 517,273,810 517,273,810 517,273,810
30,000,000 30,000,000
61,716,573,010 62,932,758,994 64,143,268,697 65,408,588,595 66,699,214,891 68,015,653,712

8,614,466,990 8,804,901,806 9,029,145,319 9,227,273,701 9,506,764,652 9,635,497,421

-2,325,906,087 -2,377,323,488 -2,437,869,236 -2,491,363,899 -2,566,826,456 -2,601,584,304
6,288,560,903 6,427,578,319 6,591,276,083 6,735,909,802 6,939,938,196 7,033,913,117

281,324,160 286,950,643 292,689,656 298,543,449 304,514,318 310,604,605

281,324,160 286,950,643 292,689,656 298,543,449 304,514,318 310,604,605
6,007,236,743 6,140,627,676 6,298,586,427 6,437,366,353 6,635,423,877 6,723,308,513

517,273,810 517,273,810 517,273,810 517,273,810 517,273,810 517,273,810

30,000,000 30,000,000
 547,273,810 547,273,810 517,273,810 517,273,810 517,273,810 517,273,810

6,554,510,553 6,687,901,485 6,815,860,236 6,954,640,162 7,152,697,687 7,240,582,322

-1,426,958,742 -1,484,037,092 -1,543,398,576 -1,605,134,519 -1,669,339,899 -1,736,113,495

-525,932,829 -468,854,479 -409,492,995 -347,757,052 -283,551,671 -216,778,075
142,001,864 126,590,709 110,563,109 93,894,404 76,558,951 58,530,080
4,743,620,845 4,861,600,623 4,973,531,774 5,095,642,996 5,276,365,067 5,346,220,832

CUADRO DE DEPRECIACIONES
2 3 4 5 6 7
247,500,000 247,500,000 247,500,000 247,500,000 247,500,000 247,500,000
143,333,333 143,333,333 143,333,333 143,333,333 143,333,333 143,333,333
35,833,333 35,833,333 35,833,333 35,833,333 35,833,333 35,833,333
36,550,000 36,550,000 36,550,000 36,550,000 36,550,000 36,550,000
36,857,143 36,857,143 36,857,143 36,857,143 36,857,143 36,857,143

17,200,000 17,200,000 17,200,000 17,200,000

17,200,000 17,200,000
517,273,810 517,273,810 517,273,810 517,273,810 517,273,810 517,273,810

CUADRO DE AMORTIZACION DE FINANCIAMIENTO

3 4 5 6 7 8
1,952,891,571 1,952,891,571 1,952,891,571 1,952,891,571 1,952,891,571 1,952,891,571
1,426,958,742 1,484,037,092 1,543,398,576 1,605,134,519 1,669,339,899 1,736,113,495
525,932,829 468,854,479 409,492,995 347,757,052 283,551,671 216,778,075
11,721,361,973 10,237,324,881 8,693,926,305 7,088,791,787 5,419,451,887 3,683,338,392
142,001,864 126,590,709 110,563,109 93,894,404 76,558,951 58,530,080
 9 10
60,926,288 62,144,814

79,204,174,156 80,788,257,639
466,538,095
79,204,174,156 81,254,795,734

62,144,813,568 63,387,709,840
6,336,333,932 6,463,060,611
360,000,000 360,000,000
517,273,810 517,273,810

69,358,421,310 70,728,044,260

9,845,752,845 10,526,751,474
-2,658,353,268 -2,842,222,898
7,187,399,577 7,684,528,576

316,816,697
316,816,697 0
6,870,582,881 7,684,528,576

517,273,810 517,273,810

2,980,761,905
4,950,000,000
 16,157,651,528
517,273,810 24,605,687,242

7,387,856,690 32,290,215,818

-1,805,558,035 -1,877,780,357
-147,333,536 -75,111,214
39,780,055 20,280,028
5,474,745,174 30,357,604,275

8 9 10 D. ACUM. V. LIBRO V. RESCATE

247,500,000 247,500,000 247,500,000 2,475,000,000 2,475,000,000 2,970,000,000
143,333,333 143,333,333 143,333,333 1,433,333,333 286,666,667 258,000,000
35,833,333 35,833,333 35,833,333 358,333,333 71,666,667 64,500,000
36,550,000 36,550,000 36,550,000 365,500,000 0 0
258,000,000 0 77,400,000
36,857,143 36,857,143 36,857,143 110,571,429 147,428,571 154,800,000
86,000,000 0 0
17,200,000 17,200,000 17,200,000 86,000,000 0 0
517,273,810 517,273,810 517,273,810 5,172,738,095 2,980,761,905 3,524,700,000

9 10
1,952,891,571 1,952,891,571
1,805,558,035 1,877,780,357
147,333,536 75,111,214
1,877,780,357 0
39,780,055 20,280,028
RESULTADO
495,000,000
-28,666,667
-7,166,667
0
77,400,000
7,371,429
0
0
543,938,095
PARAMETROS
Cantidad de hogares en Chile (App.) 5,000,000
Porcentaje Objetivo de Hogares 20.00%
Consumo Semanal de Cápsulas/Hogar 1
Tasa Anual de Crecimiento de Ventas 2.00%
Precio de Venta ($/Ud.) 1,300
Costo de venta ($/Ud.) 1,020
Venta inicial 52,000,000

ITEM/AÑOS 0 1 2
Ventas anuales (unidades) 52,000,000 53,040,000

I. INGRESOS
Ingresos por venta 67,600,000,000 68,952,000,000
Otros Ingresos
TOTAL INGRESOS 67,600,000,000 68,952,000,000

II. EGRESOS
Costo de venta 53,040,000,000 54,100,800,000
Gastos de Administración y Venta 5,408,000,000 5,516,160,000
Costo Fijo 360,000,000 360,000,000
Depreciación 517,273,810 517,273,810
Amortización GOPM 30,000,000 30,000,000
TOTAL EGRESOS 59,355,273,810 60,524,233,810

RESULTADO ANTES IMPUESTO 8,244,726,190 8,427,766,190

IMPUESTO -2,226,076,071 -2,275,496,871
RESULTADO DESPUES IMPUESTO 6,018,650,119 6,152,269,319

III. INVERSIONES
Terreno 4,950,000,000
Infraestructura 4,950,000,000
Maquinarias 1,720,000,000
Instalaciones 430,000,000
Equipos 365,500,000
Vehículos 258,000,000
Mobiliario y eqipos de oficina 86,000,000
GOPM 120,000,000
Capital de Trabajo 13,520,000,000 270,400,000 275,808,000
TOTAL INVERSIONES 26,399,500,000 270,400,000 275,808,000
RESULTADO DESPUES INVERSIONES -26,399,500,000 5,748,250,119 5,876,461,319

IV. AJUSTES
Depreciación 517,273,810 517,273,810
Amortización GOPM 30,000,000 30,000,000
Valor libro Activo Depreciable
Valor Activo no Depreciable
Recuperación Capital de Trabajo
TOTAL AJUSTES 547,273,810 547,273,810

FLUJO NETO DE FONDOS ECONOMICO -26,399,500,000 6,295,523,929 6,423,735,129

Financiamiento 15,839,700,000
Amortización Financiamiento -1,319,303,571 -1,372,075,714
Interés Financiamiento -633,588,000 -580,815,857
Beneficio Tributario 171,068,760 156,820,281
FLUJO NETO DE FONDOS FINANCIERO -10,559,800,000 4,513,701,118 4,627,663,839
Ki 4.00%
Rf 6.50%
RM 2.16%
Beta de la Industria 0.73
Ke 3.34%
Ko 3.09%
VAN ECONOMICO 50,202,955,823
TIR ECONOMICA 25.08%
VAN FINANCIERO 49,334,628,100
TIR FINANCIERA 46.31%

ACTIVOS V. ADQ. V. UTIL 1

Infraestructura 4,950,000,000 20 247,500,000
Maquinarias 1,720,000,000 12 143,333,333
Instalaciones 430,000,000 12 35,833,333
Equipos 365,500,000 10 36,550,000
Vehículos 258,000,000 7 36,857,143
Vehículos 2 258,000,000 7
Mobiliario y eqipos de oficina 86,000,000 5 17,200,000
Mobiliario y eqipos de oficina 86,000,000 5
TOTAL 8,153,500,000 517,273,810

CUADRO DE AMORTI
Periodos 0 1 2
Cuota 1,952,891,571 1,952,891,571
Amortización 1,319,303,571 1,372,075,714
Interés 633,588,000 580,815,857
Saldo 15,839,700,000 14,520,396,429 13,148,320,715
Beneficio Tributario 171,068,760 156,820,281

Variación Precio de Venta

-20.00% 1040
-15.00% 1105
-10.00% 1170
 -5.00% 1235
0.00% 1,300
5.00% 1365
10.00% 1430
15.00% 1495
20.00% 1560

35,000,000,000

30,000,000,000

25,000,000,000

20,000,000,000

15,000,000,000

10,000,000,000

5,000,000,000

0
1 2 3 4 5 6 7 8 9
 3 4 5 6 7
54,100,800 55,182,816 56,286,472 57,412,202 58,560,446

70,331,040,000 71,737,660,800 73,172,414,016 74,635,862,296 76,128,579,542

77,400,000
70,331,040,000 71,737,660,800 73,172,414,016 74,635,862,296 76,205,979,542

55,182,816,000 56,286,472,320 57,412,201,766 58,560,445,802 59,731,654,718

5,626,483,200 5,739,012,864 5,853,793,121 5,970,868,984 6,090,286,363
360,000,000 360,000,000 360,000,000 360,000,000 360,000,000
517,273,810 517,273,810 517,273,810 517,273,810 517,273,810
30,000,000 30,000,000
61,716,573,010 62,932,758,994 64,143,268,697 65,408,588,595 66,699,214,891

8,614,466,990 8,804,901,806 9,029,145,319 9,227,273,701 9,506,764,652

-2,325,906,087 -2,377,323,488 -2,437,869,236 -2,491,363,899 -2,566,826,456
6,288,560,903 6,427,578,319 6,591,276,083 6,735,909,802 6,939,938,196

281,324,160 286,950,643 292,689,656 298,543,449 304,514,318

281,324,160 286,950,643 292,689,656 298,543,449 304,514,318
6,007,236,743 6,140,627,676 6,298,586,427 6,437,366,353 6,635,423,877

517,273,810 517,273,810 517,273,810 517,273,810 517,273,810

30,000,000 30,000,000
 547,273,810 547,273,810 517,273,810 517,273,810 517,273,810

6,554,510,553 6,687,901,485 6,815,860,236 6,954,640,162 7,152,697,687

-1,426,958,742 -1,484,037,092 -1,543,398,576 -1,605,134,519 -1,669,339,899

-525,932,829 -468,854,479 -409,492,995 -347,757,052 -283,551,671
142,001,864 126,590,709 110,563,109 93,894,404 76,558,951
4,743,620,845 4,861,600,623 4,973,531,774 5,095,642,996 5,276,365,067

CUADRO DE DEPRECIACIONES
2 3 4 5 6
247,500,000 247,500,000 247,500,000 247,500,000 247,500,000
143,333,333 143,333,333 143,333,333 143,333,333 143,333,333
35,833,333 35,833,333 35,833,333 35,833,333 35,833,333
36,550,000 36,550,000 36,550,000 36,550,000 36,550,000
36,857,143 36,857,143 36,857,143 36,857,143 36,857,143

17,200,000 17,200,000 17,200,000 17,200,000

17,200,000
517,273,810 517,273,810 517,273,810 517,273,810 517,273,810

CUADRO DE AMORTIZACION DE FINANCIAMIENTO

3 4 5 6 7
1,952,891,571 1,952,891,571 1,952,891,571 1,952,891,571 1,952,891,571
1,426,958,742 1,484,037,092 1,543,398,576 1,605,134,519 1,669,339,899
525,932,829 468,854,479 409,492,995 347,757,052 283,551,671
11,721,361,973 10,237,324,881 8,693,926,305 7,088,791,787 5,419,451,887
142,001,864 126,590,709 110,563,109 93,894,404 76,558,951

49,334,628,100 Venta inicial 49,334,628,100 Costo de venta 49,334,628,100

41,600,000.00 816
44,200,000.00 867
46,800,000.00 918
 49,400,000.00 969
52,000,000.00 1,020
54,600,000.00 1071
57,200,000.00 1122
59,800,000.00 1173
62,400,000.00 1224

VAN PR.MIN. Cant. Min.

0 1,143 6,951,910
 8 9 10
59,731,655 60,926,288 62,144,814

77,651,151,133 79,204,174,156 80,788,257,639

466,538,095
77,651,151,133 79,204,174,156 81,254,795,734

60,926,287,812 62,144,813,568 63,387,709,840

6,212,092,091 6,336,333,932 6,463,060,611
360,000,000 360,000,000 360,000,000
517,273,810 517,273,810 517,273,810

68,015,653,712 69,358,421,310 70,728,044,260

9,635,497,421 9,845,752,845 10,526,751,474

-2,601,584,304 -2,658,353,268 -2,842,222,898
7,033,913,117 7,187,399,577 7,684,528,576

310,604,605 316,816,697
310,604,605 316,816,697 0
6,723,308,513 6,870,582,881 7,684,528,576

517,273,810 517,273,810 517,273,810

2,980,761,905
4,950,000,000
 16,157,651,528
517,273,810 517,273,810 24,605,687,242

7,240,582,322 7,387,856,690 32,290,215,818

-1,736,113,495 -1,805,558,035 -1,877,780,357

-216,778,075 -147,333,536 -75,111,214
58,530,080 39,780,055 20,280,028
5,346,220,832 5,474,745,174 30,357,604,275

7 8 9 10 D. ACUM. V. LIBRO
247,500,000 247,500,000 247,500,000 247,500,000 2,475,000,000 2,475,000,000
143,333,333 143,333,333 143,333,333 143,333,333 1,433,333,333 286,666,667
35,833,333 35,833,333 35,833,333 35,833,333 358,333,333 71,666,667
36,550,000 36,550,000 36,550,000 36,550,000 365,500,000 0
36,857,143 258,000,000 0
36,857,143 36,857,143 36,857,143 110,571,429 147,428,571
86,000,000 0
17,200,000 17,200,000 17,200,000 17,200,000 86,000,000 0
517,273,810 517,273,810 517,273,810 517,273,810 5,172,738,095 2,980,761,905

8 9 10
1,952,891,571 1,952,891,571 1,952,891,571
1,736,113,495 1,805,558,035 1,877,780,357
216,778,075 147,333,536 75,111,214
3,683,338,392 1,877,780,357 0
58,530,080 39,780,055 20,280,028

Monto de la inversion 49,334,628,100

21,119,600,000
22,439,575,000
23,759,550,000
25,079,525,000
26,399,500,000
27,719,475,000
29,039,450,000
30,359,425,000
31,679,400,000
V. RESCATE RESULTADO
2,970,000,000 495,000,000
258,000,000 -28,666,667
64,500,000 -7,166,667
0 0
77,400,000 77,400,000
154,800,000 7,371,429
0 0
0 0
3,524,700,000 543,938,095
PARAMETROS
Cantidad de hogares en Chile (App.) 5,000,000
Porcentaje Objetivo de Hogares 20.00%
Consumo Semanal de Cápsulas/Hogar 1
Tasa Anual de Crecimiento de Ventas 3.00%
Precio de Venta ($/Ud.) 1,300
Costo de venta ($/Ud.) 950
Venta inicial 55,000,000

ITEM/AÑOS 0 1 2
Ventas anuales (unidades) 55,000,000 56,650,000

I. INGRESOS
Ingresos por venta 71,500,000,000 73,645,000,000
Otros Ingresos
TOTAL INGRESOS 71,500,000,000 73,645,000,000

II. EGRESOS
Costo de venta 52,250,000,000 53,817,500,000
Gastos de Administración y Venta 5,720,000,000 5,891,600,000
Costo Fijo 360,000,000 360,000,000
Depreciación 517,273,810 517,273,810
Amortización GOPM 30,000,000 30,000,000
TOTAL EGRESOS 58,877,273,810 60,616,373,810

RESULTADO ANTES IMPUESTO 12,622,726,190 13,028,626,190

IMPUESTO -3,408,136,071 -3,517,729,071
RESULTADO DESPUES IMPUESTO 9,214,590,119 9,510,897,119

III. INVERSIONES
Terreno 4,950,000,000
Infraestructura 4,950,000,000
Maquinarias 1,720,000,000
Instalaciones 430,000,000
Equipos 365,500,000
Vehículos 258,000,000
Mobiliario y eqipos de oficina 86,000,000
GOPM 120,000,000
Capital de Trabajo 14,300,000,000 429,000,000 441,870,000
TOTAL INVERSIONES 27,179,500,000 429,000,000 441,870,000
RESULTADO DESPUES INVERSIONES -27,179,500,000 8,785,590,119 9,069,027,119

IV. AJUSTES
Depreciación 517,273,810 517,273,810
Amortización GOPM 30,000,000 30,000,000
Valor libro Activo Depreciable
Valor Activo no Depreciable
Recuperación Capital de Trabajo
TOTAL AJUSTES 547,273,810 547,273,810

FLUJO NETO DE FONDOS ECONOMICO -27,179,500,000 9,332,863,929 9,616,300,929

Financiamiento 16,307,700,000
Amortización Financiamiento -1,358,283,733 -1,412,615,082
Interés Financiamiento -652,308,000 -597,976,651
Beneficio Tributario 176,123,160 161,453,696
FLUJO NETO DE FONDOS FINANCIERO -10,871,800,000 7,498,395,356 7,767,162,891
Ki 4.00%
Rf 6.50%
RM 2.16%
Beta de la Industria 0.73
Ke 3.34%
Ko 3.09%
VAN ECONOMICO 83,425,494,809
TIR ECONOMICA 36.85%
VAN FINANCIERO 82,080,309,604
TIR FINANCIERA 72.85%

ACTIVOS V. ADQ. V. UTIL 1

Infraestructura 4,950,000,000 20 247,500,000
Maquinarias 1,720,000,000 12 143,333,333
Instalaciones 430,000,000 12 35,833,333
Equipos 365,500,000 10 36,550,000
Vehículos 258,000,000 7 36,857,143
Vehículos 2 258,000,000 7
Mobiliario y eqipos de oficina 86,000,000 5 17,200,000
Mobiliario y eqipos de oficina 86,000,000 5
TOTAL 8,153,500,000 517,273,810

CUADRO DE AMORTI
Periodos 0 1 2
Cuota 2,010,591,733 2,010,591,733
Amortización 1,358,283,733 1,412,615,082
Interés 652,308,000 597,976,651
Saldo 16,307,700,000 14,949,416,267 13,536,801,185
Beneficio Tributario 176,123,160 161,453,696

Variación Precio de Venta

-20.00% 1040
-15.00% 1105
-10.00% 1170
 -5.00% 1235
0.00% 1,300
5.00% 1365
10.00% 1430
15.00% 1495
20.00% 1560

35,000,000,000

30,000,000,000

25,000,000,000

20,000,000,000

15,000,000,000

10,000,000,000

5,000,000,000

0
1 2 3 4 5 6 7 8 9
 3 4 5 6 7
58,349,500 60,099,985 61,902,985 63,760,074 65,672,876

75,854,350,000 78,129,980,500 80,473,879,915 82,888,096,312 85,374,739,202

77,400,000
75,854,350,000 78,129,980,500 80,473,879,915 82,888,096,312 85,452,139,202

55,432,025,000 57,094,985,750 58,807,835,323 60,572,070,382 62,389,232,494

6,068,348,000 6,250,398,440 6,437,910,393 6,631,047,705 6,829,979,136
360,000,000 360,000,000 360,000,000 360,000,000 360,000,000
517,273,810 517,273,810 517,273,810 517,273,810 517,273,810
30,000,000 30,000,000
62,407,646,810 64,252,658,000 66,123,019,525 68,080,391,897 70,096,485,439

13,446,703,190 13,877,322,500 14,350,860,390 14,807,704,416 15,355,653,763

-3,630,609,861 -3,746,877,075 -3,874,732,305 -3,998,080,192 -4,146,026,516
9,816,093,329 10,130,445,425 10,476,128,085 10,809,624,224 11,209,627,247

455,126,100 468,779,883 482,843,279 497,328,578 512,248,435

455,126,100 468,779,883 482,843,279 497,328,578 512,248,435
9,360,967,229 9,661,665,542 9,993,284,805 10,312,295,646 10,697,378,811

517,273,810 517,273,810 517,273,810 517,273,810 517,273,810

30,000,000 30,000,000
 547,273,810 547,273,810 517,273,810 517,273,810 517,273,810

9,908,241,039 10,208,939,352 10,510,558,615 10,829,569,455 11,214,652,621

-1,469,119,685 -1,527,884,473 -1,588,999,852 -1,652,559,846 -1,718,662,240

-541,472,047 -482,707,260 -421,591,881 -358,031,887 -291,929,493
146,197,453 130,330,960 113,829,808 96,668,609 78,820,963
8,043,846,759 8,328,678,579 8,613,796,690 8,915,646,332 9,282,881,851

CUADRO DE DEPRECIACIONES
2 3 4 5 6
247,500,000 247,500,000 247,500,000 247,500,000 247,500,000
143,333,333 143,333,333 143,333,333 143,333,333 143,333,333
35,833,333 35,833,333 35,833,333 35,833,333 35,833,333
36,550,000 36,550,000 36,550,000 36,550,000 36,550,000
36,857,143 36,857,143 36,857,143 36,857,143 36,857,143

17,200,000 17,200,000 17,200,000 17,200,000

17,200,000
517,273,810 517,273,810 517,273,810 517,273,810 517,273,810

CUADRO DE AMORTIZACION DE FINANCIAMIENTO

3 4 5 6 7
2,010,591,733 2,010,591,733 2,010,591,733 2,010,591,733 2,010,591,733
1,469,119,685 1,527,884,473 1,588,999,852 1,652,559,846 1,718,662,240
541,472,047 482,707,260 421,591,881 358,031,887 291,929,493
12,067,681,500 10,539,797,027 8,950,797,175 7,298,237,329 5,579,575,089
146,197,453 130,330,960 113,829,808 96,668,609 78,820,963

82,080,309,604 Venta inicial 82,080,309,604 Costo de venta 82,080,309,604

41,600,000.00 816
44,200,000.00 867
46,800,000.00 918
 49,400,000.00 969
52,000,000.00 1,020
54,600,000.00 1071
57,200,000.00 1122
59,800,000.00 1173
62,400,000.00 1224

VAN PR.MIN. Cant. Min.

0 1,143 6,951,910
 8 9 10
67,643,063 69,672,354 71,762,525

87,935,981,378 90,574,060,819 93,291,282,644

466,538,095
87,935,981,378 90,574,060,819 93,757,820,739

64,260,909,468 66,188,736,753 68,174,398,855

7,034,878,510 7,245,924,866 7,463,302,612
360,000,000 360,000,000 360,000,000
517,273,810 517,273,810 517,273,810

72,173,061,788 74,311,935,428 76,514,975,276

15,762,919,590 16,262,125,392 17,242,845,463

-4,255,988,289 -4,390,773,856 -4,655,568,275
11,506,931,300 11,871,351,536 12,587,277,188

527,615,888 543,444,365
527,615,888 543,444,365 0
10,979,315,412 11,327,907,171 12,587,277,188

517,273,810 517,273,810 517,273,810

2,980,761,905
4,950,000,000
 18,658,256,529
517,273,810 517,273,810 27,106,292,243

11,496,589,222 11,845,180,981 39,693,569,431

-1,787,408,729 -1,858,905,078 -1,933,261,282

-223,183,004 -151,686,654 -77,330,451
60,259,411 40,955,397 20,879,222
9,546,256,900 9,875,544,644 37,703,856,920

7 8 9 10 D. ACUM. V. LIBRO
247,500,000 247,500,000 247,500,000 247,500,000 2,475,000,000 2,475,000,000
143,333,333 143,333,333 143,333,333 143,333,333 1,433,333,333 286,666,667
35,833,333 35,833,333 35,833,333 35,833,333 358,333,333 71,666,667
36,550,000 36,550,000 36,550,000 36,550,000 365,500,000 0
36,857,143 258,000,000 0
36,857,143 36,857,143 36,857,143 110,571,429 147,428,571
86,000,000 0
17,200,000 17,200,000 17,200,000 17,200,000 86,000,000 0
517,273,810 517,273,810 517,273,810 517,273,810 5,172,738,095 2,980,761,905

8 9 10
2,010,591,733 2,010,591,733 2,010,591,733
1,787,408,729 1,858,905,078 1,933,261,282
223,183,004 151,686,654 77,330,451
3,792,166,360 1,933,261,282 0
60,259,411 40,955,397 20,879,222

Monto de la inversion 82,080,309,604

21,119,600,000
22,439,575,000
23,759,550,000
25,079,525,000
26,399,500,000
27,719,475,000
29,039,450,000
30,359,425,000
31,679,400,000
V. RESCATE RESULTADO
2,970,000,000 495,000,000
258,000,000 -28,666,667
64,500,000 -7,166,667
0 0
77,400,000 77,400,000
154,800,000 7,371,429
0 0
0 0
3,524,700,000 543,938,095
PARAMETROS
Cantidad de hogares en Chile (App.) 5,000,000
Porcentaje Objetivo de Hogares 20.00%
Consumo Semanal de Cápsulas/Hogar 1
Tasa Anual de Crecimiento de Ventas 1.00%
Precio de Venta ($/Ud.) 1,300
Costo de venta ($/Ud.) 1,100
Venta inicial 50,000,000

ITEM/AÑOS 0 1 2
Ventas anuales (unidades) 50,000,000 50,500,000

I. INGRESOS
Ingresos por venta 65,000,000,000 65,650,000,000
Otros Ingresos
TOTAL INGRESOS 65,000,000,000 65,650,000,000

II. EGRESOS
Costo de venta 55,000,000,000 55,550,000,000
Gastos de Administración y Venta 5,200,000,000 5,252,000,000
Costo Fijo 360,000,000 360,000,000
Depreciación 517,273,810 517,273,810
Amortización GOPM 30,000,000 30,000,000
TOTAL EGRESOS 61,107,273,810 61,709,273,810

RESULTADO ANTES IMPUESTO 3,892,726,190 3,940,726,190

IMPUESTO -1,051,036,071 -1,063,996,071
RESULTADO DESPUES IMPUESTO 2,841,690,119 2,876,730,119

III. INVERSIONES
Terreno 4,950,000,000
Infraestructura 4,950,000,000
Maquinarias 1,720,000,000
Instalaciones 430,000,000
Equipos 365,500,000
Vehículos 258,000,000
Mobiliario y eqipos de oficina 86,000,000
GOPM 120,000,000
Capital de Trabajo 13,000,000,000 130,000,000 131,300,000
TOTAL INVERSIONES 25,879,500,000 130,000,000 131,300,000
RESULTADO DESPUES INVERSIONES -25,879,500,000 2,711,690,119 2,745,430,119

IV. AJUSTES
Depreciación 517,273,810 517,273,810
Amortización GOPM 30,000,000 30,000,000
Valor libro Activo Depreciable
Valor Activo no Depreciable
Recuperación Capital de Trabajo
TOTAL AJUSTES 547,273,810 547,273,810

FLUJO NETO DE FONDOS ECONOMICO -25,879,500,000 3,258,963,929 3,292,703,929

Financiamiento 15,527,700,000
Amortización Financiamiento -1,293,316,796 -1,345,049,468
Interés Financiamiento -621,108,000 -569,375,328
Beneficio Tributario 167,699,160 153,731,339
FLUJO NETO DE FONDOS FINANCIERO -10,351,800,000 1,512,238,292 1,532,010,471
Ki 4.00%
Rf 6.50%
RM 2.16%
Beta de la Industria 0.73
Ke 3.34%
Ko 3.09%
VAN ECONOMICO 19,747,429,860
TIR ECONOMICA 12.37%
VAN FINANCIERO 19,302,622,275
TIR FINANCIERA 19.80%

ACTIVOS V. ADQ. V. UTIL 1

Infraestructura 4,950,000,000 20 247,500,000
Maquinarias 1,720,000,000 12 143,333,333
Instalaciones 430,000,000 12 35,833,333
Equipos 365,500,000 10 36,550,000
Vehículos 258,000,000 7 36,857,143
Vehículos 2 258,000,000 7
Mobiliario y eqipos de oficina 86,000,000 5 17,200,000
Mobiliario y eqipos de oficina 86,000,000 5
TOTAL 8,153,500,000 517,273,810

CUADRO DE AMORTI
Periodos 0 1 2
Cuota 1,914,424,796 1,914,424,796
Amortización 1,293,316,796 1,345,049,468
Interés 621,108,000 569,375,328
Saldo 15,527,700,000 14,234,383,204 12,889,333,736
Beneficio Tributario 167,699,160 153,731,339

Variación Precio de Venta

-20.00% 1040
-15.00% 1105
-10.00% 1170
 -5.00% 1235
0.00% 1,300
5.00% 1365
10.00% 1430
15.00% 1495
20.00% 1560

35,000,000,000

30,000,000,000

25,000,000,000

20,000,000,000

15,000,000,000

10,000,000,000

5,000,000,000

0
1 2 3 4 5 6 7 8 9
 3 4 5 6 7
51,005,000 51,515,050 52,030,201 52,550,503 53,076,008

66,306,500,000 66,969,565,000 67,639,260,650 68,315,653,257 68,998,809,789

77,400,000
66,306,500,000 66,969,565,000 67,639,260,650 68,315,653,257 69,076,209,789

56,105,500,000 56,666,555,000 57,233,220,550 57,805,552,756 58,383,608,283

5,304,520,000 5,357,565,200 5,411,140,852 5,465,252,261 5,519,904,783
360,000,000 360,000,000 360,000,000 360,000,000 360,000,000
517,273,810 517,273,810 517,273,810 517,273,810 517,273,810
30,000,000 30,000,000
62,317,293,810 62,931,394,010 63,521,635,212 64,148,078,826 64,780,786,876

3,989,206,190 4,038,170,990 4,117,625,438 4,167,574,431 4,295,422,913

-1,077,085,671 -1,090,306,167 -1,111,758,868 -1,125,245,096 -1,159,764,187
2,912,120,519 2,947,864,823 3,005,866,570 3,042,329,335 3,135,658,727

132,613,000 133,939,130 135,278,521 136,631,307 137,997,620

132,613,000 133,939,130 135,278,521 136,631,307 137,997,620
2,779,507,519 2,813,925,693 2,870,588,049 2,905,698,028 2,997,661,107

517,273,810 517,273,810 517,273,810 517,273,810 517,273,810

30,000,000 30,000,000
 547,273,810 547,273,810 517,273,810 517,273,810 517,273,810

3,326,781,329 3,361,199,503 3,387,861,858 3,422,971,838 3,514,934,917

-1,398,851,447 -1,454,805,505 -1,512,997,725 -1,573,517,634 -1,636,458,339

-515,573,349 -459,619,292 -401,427,071 -340,907,162 -277,966,457
139,204,804 124,097,209 108,385,309 92,044,934 75,050,943
1,551,561,337 1,570,871,915 1,581,822,371 1,600,591,975 1,675,561,064

CUADRO DE DEPRECIACIONES
2 3 4 5 6
247,500,000 247,500,000 247,500,000 247,500,000 247,500,000
143,333,333 143,333,333 143,333,333 143,333,333 143,333,333
35,833,333 35,833,333 35,833,333 35,833,333 35,833,333
36,550,000 36,550,000 36,550,000 36,550,000 36,550,000
36,857,143 36,857,143 36,857,143 36,857,143 36,857,143

17,200,000 17,200,000 17,200,000 17,200,000

17,200,000
517,273,810 517,273,810 517,273,810 517,273,810 517,273,810

CUADRO DE AMORTIZACION DE FINANCIAMIENTO

3 4 5 6 7
1,914,424,796 1,914,424,796 1,914,424,796 1,914,424,796 1,914,424,796
1,398,851,447 1,454,805,505 1,512,997,725 1,573,517,634 1,636,458,339
515,573,349 459,619,292 401,427,071 340,907,162 277,966,457
11,490,482,289 10,035,676,784 8,522,679,059 6,949,161,425 5,312,703,086
139,204,804 124,097,209 108,385,309 92,044,934 75,050,943

19,302,622,275 Venta inicial 19,302,622,275 Costo de venta 19,302,622,275

41,600,000.00 816
44,200,000.00 867
46,800,000.00 918
 49,400,000.00 969
52,000,000.00 1,020
54,600,000.00 1071
57,200,000.00 1122
59,800,000.00 1173
62,400,000.00 1224

VAN PR.MIN. Cant. Min.

0 1,143 6,951,910
 8 9 10
53,606,768 54,142,835 54,684,264

69,688,797,887 70,385,685,866 71,089,542,724

466,538,095
69,688,797,887 70,385,685,866 71,556,080,820

58,967,444,366 59,557,118,810 60,152,689,998

5,575,103,831 5,630,854,869 5,687,163,418
360,000,000 360,000,000 360,000,000
517,273,810 517,273,810 517,273,810

65,419,822,006 66,065,247,488 66,717,127,225

4,268,975,881 4,320,438,377 4,838,953,595

-1,152,623,488 -1,166,518,362 -1,306,517,471
3,116,352,393 3,153,920,016 3,532,436,124

139,377,596 140,771,372
139,377,596 140,771,372 0
2,976,974,797 3,013,148,644 3,532,436,124

517,273,810 517,273,810 517,273,810

2,980,761,905
4,950,000,000
 14,217,908,545
517,273,810 517,273,810 22,665,944,259

3,494,248,607 3,530,422,453 26,198,380,383

-1,701,916,673 -1,769,993,340 -1,840,793,073

-212,508,123 -144,431,457 -73,631,723
57,377,193 38,996,493 19,880,565
1,637,201,004 1,654,994,150 24,303,836,152

7 8 9 10 D. ACUM. V. LIBRO
247,500,000 247,500,000 247,500,000 247,500,000 2,475,000,000 2,475,000,000
143,333,333 143,333,333 143,333,333 143,333,333 1,433,333,333 286,666,667
35,833,333 35,833,333 35,833,333 35,833,333 358,333,333 71,666,667
36,550,000 36,550,000 36,550,000 36,550,000 365,500,000 0
36,857,143 258,000,000 0
36,857,143 36,857,143 36,857,143 110,571,429 147,428,571
86,000,000 0
17,200,000 17,200,000 17,200,000 17,200,000 86,000,000 0
517,273,810 517,273,810 517,273,810 517,273,810 5,172,738,095 2,980,761,905

8 9 10
1,914,424,796 1,914,424,796 1,914,424,796
1,701,916,673 1,769,993,340 1,840,793,073
212,508,123 144,431,457 73,631,723
3,610,786,413 1,840,793,073 0
57,377,193 38,996,493 19,880,565

Monto de la inversion 19,302,622,275

21,119,600,000
22,439,575,000
23,759,550,000
25,079,525,000
26,399,500,000
27,719,475,000
29,039,450,000
30,359,425,000
31,679,400,000
V. RESCATE RESULTADO
2,970,000,000 495,000,000
258,000,000 -28,666,667
64,500,000 -7,166,667
0 0
77,400,000 77,400,000
154,800,000 7,371,429
0 0
0 0
3,524,700,000 543,938,095
Escenario / Años 0 1
Optimista -10,871,800,000 7,498,395,356
Normal -10,559,800,000 4,513,701,118
Pesimista -10,351,800,000 1,512,238,292
Flujo Neto Esperado -10565000000 4361112688.3
Ke 73%
Van Esperado -4,292,758,203
Varianza Flujos 6.980376E+016 8.990956E+18
Van (Varianza de Flujos) 13,842,162,368,209,000,000
Desviación Estándard 3,720,505,660.2845

-572,252,543
Prob (VAN<= -572,252,543)
Z1(-572,252,543 ) 1.0000
Prob (VAN<= -572,525,543) 0,8413 84.13%

-8,013,263,863
Prob ( -8,013,263,863 <VAN<= -572,252,543)
Z2 (-8,013,263,863) -1.0000 84.13%
Prob ( -8,013,263,863 <VAN<=-572,252,543 ) 68.26%
 2 3 4 5 6 7 8
7,767,162,891 8,043,846,759 8,328,678,579 8,613,796,690 8,915,646,332 9,282,881,851 9,546,256,900
4,627,663,839 4,743,620,845 4,861,600,623 4,973,531,774 5,095,642,996 5,276,365,067 5,346,220,832
1,532,010,471 1,551,561,337 1,570,871,915 1,581,822,371 1,600,591,975 1,675,561,064 1,637,201,004
4479458023.3 4600242830.6 4723516575.1 4841229630.8 4969633291.9 5157181784.3 5234422276.3

9.759208E+18 1.058671E+19 1.147771E+19 1.243675E+19 1.346867E+19 1.457864E+19 1.577221E+19

 9 10 Probabilidad
9,875,544,644 37,703,856,920 15%
5,474,745,174 30,357,604,275 65%
1,654,994,150 24,303,836,152 20%
5370914889.7 30248788547.1 100%

1.705527E+19 4.5466172E+19