SURCOLOMBIANA DE GAS S.A. E.S.

P
BALANCE GENERAL
AL 31 DE DICIEMBRE DE

ANALISIS VERTICAL Y DATOS DE ORIGEN ANALISIS HORIZONTAL

ACTIVOS VARIACION 2013-
2011 % DE PARTCIPACION 2012 % DE PARTCIPACION 2013 % DE PARTCIPACION 2014 % DE PARTCIPACION 2015 % DE PARTCIPACION VARIACION 2011-2012 VARIACION 2012-2013 2014 VARIACION 2014-2015 VARIACION 2014-2015

ACTIVO CORRIENTE 4,929,236 36.16% 5,482,416 33.88% 10,235,398 35.32% 9,902,500 23.70% 13,413,040 30.52% 25
DISPONIBLE 1,353,037 9.93% 1,549,813 9.58% 3,306,530 11.41% 981,579 2.35% 3,251,923 7.40% 3 1 10
CAJA 10,166 0.07% 10,000 0.06% - 0.00% - 0.00% - 0.00% -1.6% -100% 0.00
DEPOSITOS INSTITUCIONES FINANCIERAS Y
COOPERATIVAS 2,595 1.90% 10,679 0.07% 21,111 0.07% 42,019 0.10% 24,085 0.05% 311.5% 98% 99% -43% 8.28
BANCOS Y CORPORACIONES 1,340,276 9.83% 1,529,134 9.45% 3,285,419 11.34% 939,560 2.25% 3,227,838 7.34% 14.1% 115% -71% 244% 141%
DEUDORES 3,430,445 25.16% 3,530,405 21.82% 6,010,665 20.74% 7,971,822 19.08% 7,167,957 16.31% 19 - -
ARRENDAMIENTO - 0.00% - 0.00% - 0.00% - 0.00% 364 0.00% 0.00% 0% 0% 0% 0%
SERVICIOS PUBLICOS 2,498,332 18.33% 2,104,274 87.70% 3,355,900 61.13% 3,762,475 393.39% 3,283,048 28.19% -15.77% 59% 12% -13% 31%
AVANCES Y ANTICIPOS ENTREGADOS 733,138 5.38% 1,117,870 6.91% 1,841,746 6.35% 2,963,243 7.09% 2,384,984 5.43% 52.48% 65% 61% -20% 225%

ANTICIPOS O SALDOS A FAVOR POR IMPUESTOS 18,336 0.13% 300,585 1.86% 810,198 2.80% 1,126,877 2.70% 1,522,667 3.46% 1539.32% 170% 39% 35% 8204%
OTROS DEUDORES 223,453 1.64% 182,165 1.13% 70,590 0.24% 271,055 0.65% 345,478 0.79% -18.48% -61% 284% 27% 55%
PROVISIÓN PARA DEUDORES - 42,814 -0.31% - 174,489 -1.08% - 67,769 -0.23% - 151,828 -0.36% - 368,584 -0.84% 307.55% -61% 124% 143% 761%
INVENTARIOS 145,754 1.07% 402,198 2.49% 918,203 3.17% 949,099 2.27% 2,993,160 6.81% 3 - -
MERCANCIA EN EXISTENCIAS 66,218 0.49% 53,743 0.33% 89,113 0.31% 100,506 0.24% 215,649 0.49% -18.84% 66% 13% 115% 226%
MATERIALES PARA LA PRESTACION DE SERVICIO 79,536 0.58% 348,455 2.15% 829,090 2.86% 848,593 2.03% 2,777,511 6.32% 338.11% 138% 2% 227% 3392%
ACTIVO NO CORRIENTE 8,702,780 63.84% 10,699,201 66.12% 18,747,333 64.68% 31,879,719 76.30% 30,539,247 69.48% 22.94% 75% 70% -4% 251%
DEUDORES 6,573,768 48.22% 6,356,522 39.28% 7,037,304 24.28% 11,395,975 27.27% 11,159,032 25.39% - 0
SERVICIOS PUBLICOS 6,573,768 48.22% 6,356,522 39.28% 7,037,304 24.28% 11,395,975 27.27% 11,159,032 25.39% -3.30% 11% 62% -2% 70%
PROPIEDAD PLANTA Y EQUIPO 1,551,539 11.38% 3,866,290 23.89% 11,238,052 38.77% 20,104,671 48.12% 17,846,292 40.60% -
TERRENOS 833,500 6.11% 833,500 5.15% 889,500 3.07% 965,112 2.31% 1,385,112 3.15% 0.00% 7% 9% 44% 66%
EDIFICACIONES - 0.00% - 0.00% - - 0.00% 8090 0.02% 0.00% 0% 0% 0% 0%
CONSTRUCCIONES EN CURSO - 0.00% 1,795,645 11.10% 4,578,918 15.80% 12,362,959 29.59% 3,110,149 7.08% 0.00% 155% 170% -75% 0%
PLANTAS, DUCTOS Y TUNELES 357,482 2.62% 357,482 2.21% 357,482 1.23% 451,965 1.08% 1,171,717 2.67% 0.00% 0% 26% 159% 228%
REDES, LINEAS Y CABLES 260,461 1.91% 260,461 1.61% 4,218,602 14.56% 4,433,206 10.61% 9,877,892 22.47% 0.00% 1520% 5% 123% 3692%
MAQUINARIA Y EQUIPO 187,654 1.38% 266,512 1.65% 375,162 1.29% 444,894 1.06% 1,597,203 3.63% 42.02% 41% 19% 259% 751%
MUEBLES, ENSERES Y EQUIPOS DE OFICINA 96,729 0.71% 111,120 0.69% 125,179 0.43% 150,545 0.36% 163,487 0.37% 14.88% 13% 20% 9% 69%
EQUIPOS DE COMUNICACIÓN Y COMPUTACION 112,345 0.82% 149,694 0.93% 239,512 0.83% 325,513 0.78% 477,332 1.09% 33.24% 60% 36% 47% 325%
EQUIPOS DE TRANSPORTE 35,390 0.26% 523,588 3.24% 1,500,814 5.18% 2,623,533 6.28% 2,623,533 5.97% 1379.48% 187% 75% 0% 7313%
DEPRECIACION ACUMULADA (CR) - 332,022 -2.44% - 431,712 -2.67% - 1,047,117 -3.61% - 1,653,056 -3.96% - 2,556,206 -5.82% 30.03% 143% 58% 55% 670%

PROVISIÓN PROTECC DE PROP, PLANTA Y EQUIPO - 0.00% - 0.00% - 0.00% - 0.00% - 12,017 -0.03% 0.00% 0% 0% 0% 0%
OTROS ACTIVOS 577,473 4.24% 476,389 2.94% 471,977 1.63% 379,073 0.91% 1,533,923 3.49% -17.50% -1% -20% 305% 166%
GASTOS PAGADOS POR ANTICIPADO - 0.00% - 0.00% - 0.00% - 0.00% 61,272 0.14% 0.00% 0% 0% 0% 0%
BIENES ADQUIRIDOS LEASING FRO - 0.00% - 0.00% - 0.00% - 0.00% 336,130 0.76% 0.00% 0% 0% 0% 0%
DEPREC BIENES ADQUIRIDOS LEASING - 0.00% - 0.00% - 0.00% - 0.00% - 56,022 -0.13% 0.00% 0% 0% 0% 0%
CARGOS DIFERIDOS 264,708 1.94% 176,472 1.09% 88,236 0.30% - 0.00% 0.00% -33.33% -50% -100% 0% -100%
INTANGIBLES 85,150 0.62% 118,750 0.73% 234,158 0.81% 347,601 0.83% 531,129 1.21% 39.46% 97% 48% 53% 524%
AMORTIZACIÓN ACUMULADA (CR) - 8,328 -0.06% - 54,776 -0.34% - 86,360 -0.30% - 204,471 -0.49% - 316,008 -0.72% 557.73% 58% 137% 55% 3695%
VALORIZACIONES 235,943 1.73% 235,943 1.46% 235,943 0.81% 235,943 0.56% 977,422 2.22% 0.00% 0% 0% 314% 314%
TOTAL ACTIVO 13,632,016 0.07% 16,181,617 0.06% 28,982,731 0.00% 41,782,219 0.00% 43,952,287 0.00% 18.70% 79% 44% 5% 222%
PASIVOS
PASIVO CORRIENTE 2,259,942 36.32% 2,399,361 32.68% 5,489,595 30.09% 9,564,241 34.05% 11,644,377 43.50% 6.17% 128.79% 74% 22% 415%
DEUDA PÚBLICA INTERNA - 0.00% - 0.00% - 0.00% - 0.00% 1,865,324 6.97% 0.00% 0.00% 0% 0% 0%
DEUDA PUBLICA INTERNA INFIHUILA - 0.00% - 0.00% - 0.00% - 0.00% 1,865,324 6.97% 0.00% 0.00% 0% 0% 0%
OBLIGACIONES FINANCIERAS - 0.00% - 0.00% - 0.00% - 0.00% 1,066,740 3.99% 0.00% 0.00% 0% 0% 0%
BANCA - 0.00% - 0.00% - 0.00% - 0.00% 555,556 2.08% 0.00% 0.00% 0% 0% 0%
LEASING - 0.00% - 0.00% - 0.00% - 0.00% 511,184 1.91% 0.00% 0.00% 0% 0% 0%
CUENTAS POR PAGAR 1,899,269 30.52% 2,204,706 30.03% 3,993,848 21.89% 5,782,176 20.59% 5,098,067 19.05% 16.08% 81.15% 45% -12% 168%
ADQUISICIÓN DE BIENES Y SERVICIOS
NACIONALES 839,787 13.50% 978,224 13.32% 1,213,370 6.65% 3,166,456 11.27% 2,199,359 8.22% 16.48% 24.04% 161% -31% 162%
ACREEDORES 179,398 2.88% 286,975 3.91% 701,163 3.84% 620,477 2.21% 869,462 3.25% 59.97% 144.33% -12% 40% 385%
SUBSIDIOS ASIGNADOS 23,773 0.38% 40,951 0.56% 56,078 0.31% 85,831 0.31% 27,836 0.10% 72.26% 36.94% 53% -68% 17%
RETENCION EN LA FUENTE E IMPUESTO DE
TIMBRE 15,826 0.25% 35,837 0.49% 80,172 0.44% 58,329 0.21% 104,475 0.39% 126.44% 123.71% -27% 79% 560%
RETENCION DE IMPUESTO DE ICA 1,692 0.03% 1,783 0.02% 11,267 0.06% 3,553 0.01% 14,678 0.05% 5.38% 531.91% -68% 313% 767%
IMPUESTOS CONTRIBUCIONES Y TASAS POR
PAGAR 452,539 7.27% 824,537 11.23% 1,899,188 10.41% 1,840,965 6.55% 1,873,345 7.00% 82.20% 130.33% -3% 2% 314%
SUPERSERVICIOS 150,441 2.42% 30,676 0.42% - 0.00% - 0.00% - 0.00% -79.61% -100.00% 0% 0% -100%
IMPUESTO AL VALOR AGREGADO - IVA 23,890 0.38% 5,723 0.08% 32,610 0.18% 6,565 0.02% 8,912 0.03% -76.04% 469.81% -80% 36% -63%
AVANCES Y ANTICIPOS RECIBIDOS 211,923 3.41% - 0.00% - 0.00% - 0.00% - 0.00% -100.00% 0.00% 0% 0% -100%
OBLIGACIONES LABORALES 59,704 0.96% 71,217 0.97% 97,767 0.54% 152,369 0.54% 173,929 0.65% 19.28% 37.28% 56% 14% 191%
SALARIOS Y PRESTACIONES SOCIALES 59,704 0.96% 71,217 0.97% 97,767 0.54% 152,369 0.54% 173,929 0.65% 19.28% 37.28% 56% 14% 191%
PASIVOS ESTIMADOS Y PROVISIONES 195,766 3.15% 122,729 1.67% 122,729 0.67% 122,729 0.44% - 0.00% -37.31% 0.00% 0% -100% -100%
PROVISIÓN PARA OBLIGACIONES FISCALES 73,037 1.17% - 0.00% - 0.00% - 0.00% - 0.00% -100.00% 0.00% 0% 0% -100%
PROVISIÓN PARA CONTINGENCIAS 122,729 1.97% 122,729 1.67% 122,729 0.67% 122,729 0.44% - 0.00% 0.00% 0.00% 0% -100% -100%
OTROS PASIVOS 105,203 1.69% 709 0.01% 1,275,251 6.99% 3,506,967 12.49% 3,440,317 12.85% -99.33% 179766.15% 175% -2% 3170%
SALDO A FAVOR DEL USUARIO - 0.00% 709 0.01% 35,363 0.19% 63,565 0.23% 11,287 0.04% 0.00% 4887.73% 80% -82% 0%
INGRESOS RECIBIDOS POR ANTICIPADO 105,203 1.69% - 0.00% 1,239,888 6.80% 3,443,402 12.26% 3,429,030 12.81% -100.00% 0.00% 178% 0% 3159%
PASIVO NO CORRIENTE 3,962,910 63.68% 4,941,910 67.32% 12,755,718 69.91% 18,524,579 65.95% 15,123,040 56.50% 24.70% 158.11% 45% -18% 282%
CUENTAS POR PAGAR LARGO PLAZO 3,962,910 63.68% 3,909,318 53.25% 8,532,925 46.77% 14,718,719 52.40% 13,244,565 49.48% -1.35% 118.27% 72% -10% 234%
CREDITO DE PROVEEDORES (JEMM) 2,048,000 32.91% 2,032,545 27.69% 1,413,664 7.75% 734,617 2.62% 465,688 1.74% -0.75% -30.45% -48% -37% -77%
Avances y anticipos recibidos destinaciòn
especìfica - 0.00% 1,142,710 15.57% 6,396,966 35.06% 9,344,203 33.27% 7,829,175 29.25% 0.00% 459.81% 46% -16% 0%
DEUDA PUBLICA INTERNA DE LARGO PLAZO 1,914,910 30.77% 734,063 10.00% 722,295 3.96% 4,639,899 16.52% 4,949,702 18.49% -61.67% -1.60% 542% 7% 158%
OBLIGACIONES FINANCIERAS - 0.00% 1,032,592 14.07% 4,222,793 23.14% 3,805,860 1,878,475 7.02% 0.00% 308.95% -10% -51% 0%
Banca - 0.00% 1,032,592 14.07% 2,710,556 14.86% 2,046,852 7.29% 765,715 2.86% 0.00% 162.50% -24% -63% 0%
Leasing - 0.00% - 0.00% 1,512,237 8.29% 1,759,008 6.26% 1,112,760 4.16% 0.00% 0.00% 16% -37% 0%
TOTAL PASIVO 6,222,852 100.00% 7,341,271 100.00% 18,245,313 100.00% 28,088,820 100.00% 26,767,417 100.00% 17.97% 148.53% 54% -5% 330%
PATRIMONIO INSTITUCIONAL
CAPITAL SUSCRITO Y PAGADO 4,539,250 61.27% 4,545,880 51.42% 4,820,375 44.89% 5,169,835 37.75% 5,693,375 33.13% 0.15% 6.04% 7% 10% 25%
CAPITAL AUTORIZADO 8,000,000 107.97% 8,000,000 90.49% 8,000,000 74.51% 8,000,000 58.42% 8,000,000 46.55% 0.00% 0.00% 0% 0% 0%
CAPITAL POR SUSCRIBIR - 3,460,750 -46.71% - 3,450,550 -39.03% - 3,108,125 -28.95% - 2,322,375 -16.96% - 2,306,625 -13.42% -0.29% -9.92% -25% -1% -33%
CAPITAL SUSCRITO POR COBRAR - 0.00% - 3,570 -0.04% - 71,500 -0.67% - 507,790 -3.71% - 0.00% 0.00% 1902.80% 610% -100% 0%
PRIMA EN COLOCACIÒN DE ACCIONES - 0.00% - 0.00% 69,900 0.65% 226,500 1.65% 229,650 1.34% 0.00% 0.00% 224% 1% 0%
Prima en colocaciòn de acciones - 0.00% - 0.00% 69,900 0.65% 226,500 1.65% 229,650 1.34% 0.00% 0.00% 224% 1% 0%
RESERVAS 938,330 12.66% 2,210,063 25.00% 3,596,407 33.49% 5,112,853 37.34% 7,056,860 41.06% 135.53% 62.73% 42% 38% 652%
RESERVAS DE LEY 131,487 1.77% 301,051 3.41% 485,897 4.53% 687,377 5.02% 982,203 5.72% 128.96% 61.40% 41% 43% 647%
OTRAS RESERVAS 806,843 10.89% 1,909,012 21.59% 3,110,510 28.97% 4,425,476 32.32% 6,074,657 35.35% 136.60% 62.94% 42% 37% 653%
RESULTADOS DEL EJERCICIO 1,695,645 22.89% 1,848,458 20.91% 2,014,795 18.76% 2,948,268 21.53% 3,227,562 18.78% 9.01% 9.00% 46% 9% 90%
EXCEDENTE (DEFICIT) DEL EJERCICIO 1,695,645 22.89% 1,848,458 20.91% 2,014,795 18.76% 2,948,268 21.53% 3,227,562 18.78% 9.01% 9.00% 46% 9% 90%
SUPERAVIT POR VALORIZACIONES 235,943 3.18% 235,943 2.67% 235,943 2.20% 235,943 1.72% 977,422 5.69% 0.00% 0.00% 0% 314% 314%
TERRENOS 235,943 3.18% 235,943 2.67% 235,943 2.20% 235,943 1.72% 387,838 2.26% 0.00% 0.00% 0% 64% 64%
EDIFICACIONES 0.00% 0.00% 0.00% - 0.00% 589,584 3.43% 0.00% 0.00% 0% 0% 0%
TOTAL PATRIMONIO 7,409,168 100.00% 8,840,344 100.00% 10,737,420 100.00% 13,693,399 100.00% 17,184,869 100.00% 19.32% 21.46% 28% 25% 132%
TOTAL PASIVO Y PATRIMONIO 13,632,020 16,181,615 28,982,733 41,782,219 43,952,286 18.70% 79.11% 44% 5% 222%

INDICADORES FINANCIEROS Razon de Liquides

Indicadores de Liquidez 2011 2012 2013 2014 2015 PROMEDIO 2011 2.18
Razon Corriente
Razón Corriente 2.18 2.28 1.86 1.04 1.15 1.70 2012 2.28
2.5
Activo Corriente / 4,929,236.00 5,482,416 10,235,398 9,902,500 13,413,040 2013 1.86
Pasivo Corriente 2,259,942 2,399,361 5,489,595 9,564,241 11,644,377 2014 1.04
2
Prueba Acida 2.12 2.12 1.70 0.94 0.89 1.55 2015 1.15
Activo Corriente Liquido / 4,783,482 5,080,218 9,317,195 8,953,401 10,419,880
1.5
Pasivo Corriente 2,259,942 2,399,361 5,489,595 9,564,241 11,644,377
Solidez 2.19 2.20 1.59 1.49 1.64
Activo Total / 13,632,016 16,181,617 28,982,731 41,782,219 43,952,287 1
Pasivo Total 6,222,852 7,341,271 18,245,313 28,088,820 26,767,417
Capital de Trabajo 0.5
Activo Corriente - Pasivo Corriente 2,669,294 3,083,055 4,745,803 338,259 1,768,663

0
2011 2012 2013 2014 2015
Indicadores de Endeudamiento 2011 2012 2013 2014 2015

Endeudamiento total 45.65% 45.37% 62.95% 67.23% 60.90% 56.42%

Pasivo Total / 6,222,852 7,341,271 18,245,313 28,088,820 26,767,417 prueba acida Prueba Acida
Activo Total 13,632,016 16,181,617 28,982,731 41,782,219 43,952,287 2011 2.12 2.5
Endeudamiento a Corto Plazo 36.32% 32.68% 30.09% 34.05% 43.50% 2012 2.12
Pasivo Corriente / 2,259,942 2,399,361 5,489,595 9,564,241 11,644,377 2013 1.7
2
Pasivo Total 6,222,852 7,341,271 18,245,313 28,088,820 26,767,417 2014 0.94
Apalancamiento 84.0% 83.0% 169.9% 205.1% 155.8% 2015 0.89
Pasivo Total / 6,222,852 7,341,271 18,245,313 28,088,820 26,767,417 1.5
Patrimonio 7,409,168 8,840,344 10,737,420 13,693,399 17,184,869

Ratio de solvencia 54.4% 54.6% 37.0% 32.8% 39.1% 43.6%

1

Patrimonio / 7,409,168 8,840,344 10,737,420 13,693,399 17,184,869

Activo Total 13,632,016 16,181,617 28,982,731 41,782,219 43,952,287 0.5

0
2011 2012 2013 2014 2015
I Endeudamiento solidez
2011 45.65% Enduedamiento Total 2011 2.12
2012 45.37% 80.00% 2012 2.12
2013 62.95% 70.00% 2013 1.7 Capital de Trabajo
2014 67.23% 60.00% 2014 0.94 5000000
2015 60.90% 50.00% 2015 0.89 4500000
40.00% 4000000
30.00% 3500000
Capital de trabajo
20.00% 3000000
2011 2669294
10.00% 2500000
2012 3083055
0.00% 2000000
2011 2012 2013 2014 2015 2013 4745803
1500000
2014 338259
2015 1768663 1000000
500000
Endeudamienro a corto plazo Endeudamiento a corto plazo 0
2011 2012 2013 2014 2015
2011 83.99% 90.00%
2012 32.68% 80.00%
2013 30.09% 70.00%
2014 34.05% 60.00%
2015 43.50% 50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
2011 2012 2013 2014 2015

Apalancamiento
250.00%
Apalancamiento
2011 36.32%
2012 83.04% 200.00%
2013 169.92%
2014 205.13% 150.00%
2015 155.76%
100.00%

50.00%

0.00%
Indice de pripiedad 2011 2012 2013 2014 2015
 0.00%
2011 2012 2013 2014 2015
2011 54.35%
2012 54.63%
2013 37.05% Indice de propiedad
2014 32.77%
60.00%
2015 39.10%
50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
2011 2012 2013 2014 2015
 SURCOLOMBIANA DE GAS S.A. E.S.P
ESTADO DE RESULTADOS
DEL 01 DE ENERO AL 31 DE DICIEMBRE

2011
INGRESOS OPERACIONALES 11,202,386
SERVICIO DE GAS COMBUSTIBLE 11,202,386
SERVICIO DE GAS COMBUSTIBLE 7,830,522 69.90%
VENTA DE INSTALACIONES DOMICILIARIAS DE GAS 3,058,281 27.30%
SERVICIO CARGO FIJO 49,907 0.45%
RECONEXIONES 90,505 0.81%
FINANCIACION FACTURAS VENCIDAS 55,147 0.49%
VENTAS DE MATERIALES Y OTROS 113,120 1.01%
PRUEBA PLAN QUINQUENAL INSTAL. INTERNAS 28,866 0.26%
OTROS SERVICIOS 24,535 0.22%
DEVOLUCIONES - 48,497 -0.43%
COSTO DE VENTA Y OPERACIÓN 8,792,830 100
SERVICIOS PERSONALES - CONTRATO PERSONAL T. 920,699 8.22%
ARRENDAMIENTOS 854,920 7.63%
GENERALES 173,435 1.55%
GENERALES - CONST. INSTALACIONES 1,649,863 14.73%
COSTO TRANSPORTE DE GAS GLP 402,276 3.59%
LICENCIAS CONTRIBUCIONES Y REGALIAS 0.00%
CONSUMO GAS COMBUSTIBLE 3,465,075 30.93%
ORDENES Y CONTRATOS DE MANTENIMIENTOS 168,854 1.51%
HONORARIOS 3,220 0.03%
SERVICIOS PUBLICOS 202,701 1.81%
MATERIALES Y OTROS COSTOS DE OPERACIÓN 609,424 5.44%
SEGUROS 117,680 1.05%
IMPUESTOS Y TASAS DE VEHICULOS 16,661 0.15%
ORDENES Y CONTRATOS POR OTROS SERVICIOS 208,022 1.86%
DEPRECIACIONES - 0.00%
UTILIDAD BRUTA OPERACIONAL 2,409,556 21.51%
GASTOS OPERACIONALES 947,140 100
DE ADMINISTRACION
SUELDOS Y SALARIOS 253,471 2.26%
CONTRIBUCIONES IMPUTADAS 7,463 0.07%
CONTRIBUCIONES EFECTIVAS 46,486 0.41%
APORTES SOBRE LA NOMINA 9,127 0.08%
GENERALES 468,430 4.18%
IMPUESTOS, CONTRIBUCIONES Y TASAS 162,163 1.45%
EXCEDENTE (DEFICIT) OPERACIONAL 1,462,416 13.05%
INGRESOS NO OPERACIONALES 1,834,252 16.37%
FINANCIEROS 1,442,148 12.87%
EXTRAORDINARIOS 343,813 3.07%
AJUSTE DE EJERCICIOS ANTERIORES 48,291 0.43%
GASTOS NO OPERACIONALES 1,601,022 14.29%
PROVISION PARA DEUDORES 200,452 1.79%
PROVISION PARA OBLIGACIONES FISCALES 186,254 1.66%
PROVISION PROTECCION PROPIEDADES P Y E 0.00%
DEPRECIACION DE PROPIEDAD, PLANTA Y EQUIPO 133,705 1.19%
AMORTIZACION DE INTANGIBLES 8,328 0.07%
INTERES 775,145 6.92%
FINANCIEROS 84,390 0.75%
EXTRAORDINARIOS 14,734 0.13%
AJUSTE DE EJERCICIOS ANTERIORES 198,014 1.77%
UTIIDAD NETA 1,695,646 81

Indicadores de Actividad 2011

Costo de Venta 78%
Costo de Ventas / 8,792,830
Ingresos Operacionales 11,202,386
Rotación Activos Fijos 7.22
Ventas / 11,202,386
Activo fijo bruto 1,551,539
Rotación Activos Totales 0.82
Ventas / 11,202,386
Activo Total 13,632,016

Indicadores de Rentabilidad 2011

Rentabilidad Sobre Activos 12.44%
Utilidad Neta / 1,695,646
Activo Total 13,632,016
2011
Rentabilidad del Patrimonio ROE 22.89%
Utilidad Neta / 1,695,646
Patrimonio 7,409,168
Utilidad por Acción 46.69
Utilidad Neta / 1,695,646
No. Acciones en Circulación 36,314
Rentabilidad Bruta 21.51%
Utilidad Bruta / 2,409,556
Ventas 11,202,386
Margen Ebitda 21.89%
Utilidad Ebitda / 2,452,314
Ventas 11,202,386
Valor Intrinseco de la Acción 204.03
Patrimonio Liquido / 7,409,168
No. Acciones en Circulación 36,314

2011 12.44%
2012 11.42%
2013 6.95%
2014 7.21%
2015 6.95%

2011 21.51%
2012 26.61%
2013 30.59%
2014 22.26%
2015 24.09%
MBIANA DE GAS S.A. E.S.P
DO DE RESULTADOS
ERO AL 31 DE DICIEMBRE DE

2012 2013 2014 2015

12,758,747 16,649,336 24,358,583 24,608,132
12,758,747 16,649,336 24,358,583 24,608,132
8,438,94766.14% 9,354,176 56.18% 11,677,518 47.94% 15,420,013
3,636,95828.51% 6,937,661 41.67% 13,192,007 54.16% 10,245,331
52,640 0.41% 71,482 0.43% 66,586 0.27% 78,447
102,434 0.80% 121,819 0.73% 85,424 0.35% 174,591
50,390 0.39% 44,523 0.27% - 0.00% -
161,705 1.27% 164,005 0.99% 123,622 0.51% -
275,574 2.16% 342,251 2.06% 178,100 0.73% 142,652
96,016 0.75% 134,366 0.81% 471,711 1.94% 46,707
- 55,917-0.44% - 520,947 -3.13% - 1,436,385 -5.90% - 1,499,609
9,363,191 100 11,556,746 100 18,937,121 100 18,679,614
936,787 7.34% 1,504,617 9.04% 2,459,079 10.10% 2,210,833
987,314 7.74% 991,193 5.95% 1,084,015 4.45% 910,847
658,818 5.16% 1,018,952 6.12% 2,634,506 10.82% 2,598,944
1,762,24913.81% 1,039,832 6.25% 3,382,452 13.89% 1,536,293
57,681 0.45% 25,350 0.15% 1,531,926 6.29% 2,197,634
0.00% 0.00% 0.00% 2,275
3,079,384 24.14% 3,667,736 22.03% 3,953,880 16.23% 5,584,583
279,970 2.19% 646,350 3.88% 729,766 3.00% 752,809
4,490 0.04% 150 0.00% 719 0.00% 28,015

192,235 1.51% 194,194 1.17% 257,859 1.06% 357,146

742,847 5.82% 866,062 5.20% 1,104,999 4.54% 1,126,526
157,857 1.24% 227,270 1.37% 116,913 0.48% 203,753
265,614 2.08% 605,946 3.64% 770,829 3.16% 43,162
150,165 1.18% 175,018 1.05% 218,836 0.90% 259,983
87,780 0.69% 594,076 3.57% 691,342 2.84% 866,811
3,395,556 26.61% 5,092,590 30.59% 5,421,462 22.26% 5,928,518
1,415,476 92 2,913,247 90 1,740,062 99 1,898,292

318,969 2.50% 542,303 3.26% 613,312 2.52% 613,445

2,858 0.02% 6,867 0.04% 844 0.00% 2,149
61,425 0.48% 77,163 0.46% 70,830 0.29% 90,428
12,112 0.09% 7,580 0.05% 5,432 0.02% 6,113
658,874 5.16% 453,231 2.72% 578,485 2.37% 931,468
361,238 2.83% 1,826,103 10.97% 471,159 1.93% 254,689
1,980,080 15.52% 2,179,343 13.09% 3,681,400 15.11% 4,030,226
1,502,808 11.78% 1,480,743 8.89% 2,205,459 9.05% 2,602,637
 1,390,012 10.89% 1,409,436 8.47% 2,001,519 8.22% 2,008,781
96,251 0.75% 71,307 0.43% 203,940 0.84% 578,400
16,545 0.13% - 0.00% 0.00% 15,456
1,634,429 12.81% 1,645,290 9.88% 2,875,593 11.81% 3,578,791
141,640 1.11% - 0.00% 84,059 0.35% 219,299
551,499 4.32% - 0.00% 1,615,688 6.63% 1,677,959
0.00% 0.00% - 0.00% 12,017
11,909 0.09% 21,329 0.13% 47,746 0.20% 92,361
46,448 0.36% 50,859 0.31% 91,297 0.37% 111,537
780,351 6.12% 773,796 4.65% 898,150 3.69% 878,858
87,971 0.69% 98,496 0.59% 125,900 0.52% 217,142
8,509 0.07% 8,443 0.05% 5,375 0.02% 2,952
6,102 0.05% 692,367 4.16% 7,378 0.03% 366,666
1,848,459 76 2,014,796 67 3,011,266 64 3,054,072

2012 2013 2014 2015

73% 69% 78% 76%
9,363,191 11,556,746 18,937,121 18,679,614
12,758,747 16,649,336 24,358,583 24,608,132
3.30 1.48 1.21 1.38
12,758,747 16,649,336 24,358,583 24,608,132
3,866,290 11,238,052 20,104,671 17,846,292
0.79 0.57 0.58 0.56
12,758,747 16,649,336 24,358,583 24,608,132
16,181,617 28,982,731 41,782,219 43,952,287

2012 2013 2014 2015

11.42% 6.95% 7.21% 6.95%

1,848,459 2,014,796 3,011,266 3,054,072
16,181,617 28,982,731 41,782,219 43,952,287
2012 2013 2014 2015
20.91% 18.76% 21.99% 17.77%
1,848,459 2,014,796 3,011,266 3,054,072
8,840,344 10,737,420 13,693,399 17,184,869
50.84 51.48 66.29 67.05
1,848,459 2,014,796 3,011,266 3,054,072
36,358 39,135 45,424 45,547
26.61% 30.59% 22.26% 24.09%
3,395,556 5,092,590 5,421,462 5,928,518
12,758,747 16,649,336 24,358,583 24,608,132

24.24% 24.49% 20.73% 24.80%

 3,092,814 4,077,634 5,048,831 6,102,011
12,758,747 16,649,336 24,358,583 24,608,132
243.15 274.37 301.46 377.30
8,840,344 10,737,420 13,693,399 17,184,869
36,358 39,135 45,424 45,547

2011 22.89% 2011 46.69

2012 20.91% 2012 50.84
2013 18.76% 2013 51.48
2014 21.99% 2014 66.29
2015 17.77% 2015 67.05

2011 21.89% 2011 204.03

2012 24.24% 2012 243.15
2013 24.49% 2013 274.37
2014 20.73% 2014 301.46
2015 24.80% 2015 377.30
 VARIACION 2011- VARIACION 2012- VARIACION 2013- VARIACION 2014-
2012 2013 2014 2015

62.66% 7.77% 10.85% 24.84% 32.05%

41.63% 18.92% 90.75% 90.15% -22.34%
0.32% 5.48% 35.79% -6.85% 17.81%
0.71% 13.18% 18.92% -29.88% 104.38%
0.00% -8.63% -11.64% -100.00% 0.00%
0.00% 42.95% 1.42% -24.62% -100.00%
0.58% 854.67% 24.20% -47.96% -19.90%
0.19% 291.34% 39.94% 251.06% -90.10%
-6.09% 15.30% 831.64% 175.73% 4.40%
100
8.98% 1.75% 60.61% 63.44% -10.10%
3.70% 15.49% 0.39% 9.36% -15.97%
10.56% 279.86% 54.66% 158.55% -1.35%
6.24% 6.81% -40.99% 225.29% -54.58%
8.93% -85.66% -56.05% 5943.10% 43.46%
0.01% 0.00% 0.00% 0.00% 0.00%
22.69% -11.13% 19.11% 7.80% 41.24%
3.06% 65.81% 130.86% 12.91% 3.16%
0.11% 39.44% -96.66% 379.33% 3796.38%

1.45% -5.16% 1.02% 32.78% 38.50%

4.58% 21.89% 16.59% 27.59% 1.95%
0.83% 34.14% 43.97% -48.56% 74.28%
0.18% 1494.23% 128.13% 27.21% -94.40%
1.06% -27.81% 16.55% 25.04% 18.80%
3.52% 0.00% 576.78% 16.37% 25.38%
24.09% 40.92% 49.98% 6.46% 9.35%
101

2.49% 25.84% 70.02% 13.09% 0.02%

0.01% -61.70% 140.27% -87.71% 154.62%
0.37% 32.14% 25.62% -8.21% 27.67%
0.02% 32.71% -37.42% -28.34% 12.54%
3.79% 40.66% -31.21% 27.64% 61.02%
1.03% 122.76% 405.51% -74.20% -45.94%
16.38% 35.40% 10.06% 68.92% 9.48%
10.58% -18.07% -1.47% 48.94% 18.01%
 8.16% -3.62% 1.40% 42.01% 0.36%
2.35% -72.00% -25.92% 186.00% 183.61%
0.06% -65.74% -100.00% 0.00% 0.00%
14.54% 2.09% 0.66% 74.78% 24.45%
0.89% -29.34% -100.00% 0.00% 160.89%
6.82% 196.10% -100.00% 0.00% 3.85%
0.05% 0.00% 0.00% 0.00% 0.00%
0.38% -91.09% 79.10% 123.85% 93.44%
0.45% 457.73% 9.50% 79.51% 22.17%
3.57% 0.67% -0.84% 16.07% -2.15%
0.88% 4.24% 11.96% 27.82% 72.47%
0.01% -42.25% -0.78% -36.34% -45.08%
1.49% -96.92% 11246.56% -98.93% 4869.72%
73

costo de venta
2011 78% Indicador Cos
2012 73% 80%
78%
2013 69%
76%
2014 78% 74%
2015 76% 72%
70%
68%
66%
64%
2011 2

Rotacion Activo
Promedio 2011 7.22
8.00
8.99% 2012 3.30 7.00
2013 1.48 6.00
2014 1.21 5.00
2015 1.38 4.00
3.00
20.46%
2.00
1.00
0.00
2011 2012 2013

Rotacion Acti
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
 Rotacion Acti
0.90
0.80
0.70
2011 0.82 0.60
2012 0.79 0.50
2013 0.57 0.40
0.30
2014 0.58
0.20
2015 0.56
0.10
0.00
2011 2012 2

Rentabilidad Sobr
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2011 2012 2013

Rentabilidad de
25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
2011 2012

Utilidad po
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
2011 2012
 Rentabilid
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
2011 2012

Margen
26.00%
25.00%
24.00%
23.00%
22.00%
21.00%
20.00%
19.00%
18.00%
2011 2012

Valor Intrinsic
400.00
350.00
300.00
250.00
200.00
150.00
100.00
50.00
0.00
2011 2012
VARIACION 2011-
2015

96.92%
235.00%
57.19%
92.91%
-100.00%
-100.00%
394.19%
90.37%
2992.17%

140.13%
6.54%
1398.51%
-6.88%
446.30%
0.00%
61.17%
345.83%
770.03%

76.19%
84.85%
73.14%
159.06%
24.98%
0.00%
146.04%

142.02%
-71.20%
94.53%
-33.02%
98.85%
57.06%
175.59%
41.89%
 39.29%
68.23%
-67.99%
123.53%
9.40%
800.90%
0.00%
-30.92%
1239.30%
13.38%
157.31%
-79.96%
85.17%

Indicador Costo de Ventas

2011 2012 2013

Rotacion Activos Fijos

2012 2013 2014 2015

Rotacion Activos Totales

 Rotacion Activos Totales

2011 2012 2013 2014 2015

Rentabilidad Sobre Activo

2012 2013 2014 2015

Rentabilidad del Patrimonio

2011 2012 2013 2014 2015

Utilidad por Accion

2011 2012 2013 2014 2015

 Rentabilidad Bruta

2011 2012 2013 2014 2015

Margen Ebitda

2011 2012 2013 2014 2015

Valor Intrinsico de la Accion

2011 2012 2013 2014 2015

El objetivo de este taller es elaborar una tabla scorecad sobre al menos 5 clientes para realizar un análisis de r
Es decir de aquí se debe tomar de la decisión que entidad presenta un menor riesgo para elegir a 2 para financ

Deben tomar cada indicador y dar un concepto sobre cual de las dos presenta un mejor comportamiento
Deben calificar el indicador y dar un puntaje de 1 a 5 siendo 1 el puntaje menor y 5 el mayor

Tabla sccorecard Clientes Análisis cuantitativo

Del Estado de situacion financiera /Balance General

Prueba Endeuda
Clientes Razón Corriente Calificación ácida Calificación Total
Empresa 1 1.70 5.00 1.55 2.00 56.42%
Empresa 2 1.6 4 2.4 5
Empresa 3 1.4 3 2.2 4
Empresa 4 0.8 2 1.6 3
Empresa 5 0.4 1 1.2 1

Justificar de forma cualitativa su respuesta

s para realizar un análisis de riesgo de crédito
go para elegir a 2 para financiar

mejor comportamiento
5 el mayor

ce General Estado de resultados

Rentabilidad Rentabilidad
Ratio de sobre sobre CALIFICACIO
calificación solvencia calificación Activos calificación Patrimonio calificación N TOTAL
3.00 0.435806162 3.50 8.99% 3.50 20.46% 4.50 3.58
1.50
1.17
0.83
0.33