Grupo Nutresa EF Historicos 3T22

BALANCE GENERAL BÁSICO
A Diciembre 31
CIFRAS EXPRESADAS
EN MILLONES DE PESOS
ACTIVO 2005 2006 % Variac.

Disponible e Inv. Temporales 5,989 915 -84.7%
Inversiones 2,353,634 2,658,218 12.9%
Deudores 5,093 21,107 314.4%
Intangibles 23,356 941 -96.0%
Diferidos y Otros activos 15 154 926.7%
Valorizaciones 1,356,015 1,347,305 -0.6%
Total Activo 3,744,102 4,028,640 7.6%
PASIVO Y PATRIMONIO 2005 2006 % Variac.

Proveedores y Cuentas por pagar 37,598 60,127 59.9%
Impuestos, gravámenes y tasas 3,128 98 -96.9%
Obligaciones laborales 247 501 102.8%
Diferidos 2,356 2,509 6.5%
Total Pasivo 43,329 63,235 45.9%
PATRIMONIO 3,700,773 3,965,405 7.2%
Total Pasivo y Patrimonio 3,744,102 4,028,640 7.6%
Número de acciones en circulación 435,123,458 435,123,458
Valor intrínseco por acción (en pesos colombianos) 8,505.11 9,113.29
ESTADO DE RESULTADOS BÁSICO 2005 2006 % Variac.

De Enero 1 a Diciembre 31
CIFRAS EXPRESADAS
Ingresos por método de participación 158,869 163,042 2.6%
Utilidad en realización de inversiones 17,762 56,828 219.9%
Dividendos 11,795 16,684 41.4%
Financieros y otros 2,490 7,447 199.1%
Total Ingresos Operacionales 190,916 244,001 27.8%
Gastos operacionales -22,106 -41,421 87.4%
Utilidad Operacional 168,810 202,580 20.0%
Ingresos no operacionales 4,490 8,391 86.9%
Gastos no operacionales -388 -60 -84.5%
Utilidad antes de impuestos sobre la renta 172,912 210,911 22.0%
Impuesto de renta -3,501 -214 -93.9%
UTILIDAD NETA 169,411 210,697 24.4%
Utilidad Neta por Acción (en pesos colombianos) 389.34 484.22 24.4%
BALANCE GENERAL CONSOLIDADO
A Diciembre 31
CIFRAS EXPRESADAS

Disponible e Inv. Temporales 121,469 147,021 21.0%
Inversiones 328,742 323,226 -1.7%
Deudores 292,269 381,730 30.6%
Inventarios 274,553 371,699 35.4%
Propiedad, Planta y Equipo 456,824 561,031 22.8%
Intangibles 63,266 621,440 882.3%
Diferidos 12,635 23,420 85.4%
Otros activos 3,714 11,893 220.2%
Valorizaciones 2,468,685 2,591,441 5.0%
Total Activo 4,022,157 5,032,901 25.1%

Obligaciones financieras 41,040 705,877 1620.0%
Proveedores 111,023 146,194 31.7%
Cuentas por pagar 59,396 108,992 83.5%
Impuestos, gravámenes y tasas 55,165 54,299 -1.6%
Obligaciones laborales 34,448 46,282 34.4%
Pasivos estimados y provisiones 33,024 38,698 17.2%
Diferidos 12,261 10,307 -15.9%
Otros 938 1,750 86.6%
Total Pasivo 347,295 1,112,399 220.3%
Minoritarios 2,519 2,618 3.9%
PATRIMONIO 3,672,343 3,917,884 6.7%
ESTADO DE RESULTADOS CONSOLIDADO

CIFRAS EXPRESADAS
2005 % Ingresos 2006 % Ingresos
Total Ingresos Operacionales 2,297,199 100.0% 2,872,015 100.0%
Costo mercancía vendida -1,428,204 -62.2% -1,760,636 -61.3%
Utilidad Bruta 868,995 37.8% 1,111,379 38.7%
Gastos de administración -95,853 -4.2% -127,200 -4.4%
Gastos de venta -509,961 -22.2% -684,105 -23.8%
Total Gastos Operacionales -605,814 -26.4% -811,305 -28.2%
Utilidad Operativa 263,181 11.5% 300,074 10.4%
Ingresos financieros 14,213 0.6% 13,821 0.5%
Gastos financieros -25,197 -1.1% -64,413 -2.2%
Diferencia en cambio neta -24,458 -1.1% -32,576 -1.1%
Otros ingresos (egresos) netos -1,493 -0.1% -70,809 -2.5%
Dividendos de portafolio 22,218 1.0% 29,348 1.0%
Realización de inversiones 18,955 0.8% 71,319 2.5%
Post Operativos Netos 4,238 0.2% -53,310 -1.9%
UAI e Interés minoritario 267,419 11.6% 246,764 8.6%
Impuesto de renta -84,076 -3.7% -70,246 -2.4%
Interés minoritario -23 0.0% 17 0.0%
UTILIDAD NETA 183,320 8.0% 176,535 6.1%
EBITDA CONSOLIDADO 317,502 13.8% 382,594 13.3%
% Variac.
25.0%
23.3%
27.9%
32.7%
34.1%
33.9%
14.0%
-2.8%
155.6%
33.2%
4642.7%
32.1%
276.3%
-1357.9%
-7.7%
-16.4%
-173.9%
-3.7%
20.5%
A Marzo 31
CIFRAS EXPRESADAS

Disponible e Inv. Temporales 54,334 1,287 -97.6%
Inversiones 2,636,961 2,676,067 1.5%
Deudores 13,143 39,052 197.1%
Intangibles y otros activos 23,263 1,291 -94.5%
Valorizaciones 1,483,760 1,206,991 -18.7%
Total Activo 4,211,461 3,924,688 -6.8%

Obligaciones financieras 7,000 0.0%
Pasivos estimados y provisiones 395 99 -74.9%
Diferidos 10,057 11,496 14.3%
Total Pasivo 143,906 157,805 9.7%
PATRIMONIO 4,067,555 3,766,883 -7.4%
Total Pasivo y Patrimonio 4,211,461 3,924,688 -6.8%

De Enero 1 a Marzo 31
CIFRAS EXPRESADAS
Ingresos por método de participación 91,532 37,425 -59.1%
Utilidad en realización de inversiones 53,403 2,701 -94.9%
Dividendos 8,956 2,752 -69.3%
Financieros y otros 1,534 910 -40.7%
Total Ingresos Operacionales 155,425 43,788 -71.8%
Gastos operacionales -2,382 -1,501 -37.0%
Utilidad Operacional 153,043 42,287 -72.4%
Gloria Marcela
Ingresos no operacionales 602 Velasquez 7 -98.8%
Hernandez:
Gastos no operacionales -14 -65 364.3%
Contiene 520 de
Utilidad antes de impuestos sobre la renta 153,631 42,229
correccion -72.5%
monetaria
Impuesto de renta -264 -54 -79.5%
UTILIDAD NETA 153,367 42,175 -72.5%
* Información ilustrativa, no auditada.

A Marzo 31
CIFRAS EXPRESADAS

Inversiones 740,227 311,842 -57.9%
Deudores 328,541 367,618 11.9%
Inventarios 301,409 414,335 37.5%
Intangibles 94,411 621,272 558.1%
Diferidos 11,674 36,990 216.9%
Otros activos 14,560 10,431 -28.4%
Valorizaciones 2,777,489 2,458,478 -11.5%
Total Activo 4,927,871 4,988,064 1.2%

Proveedores 106,438 123,680 16.2%
Diferidos 28,421 10,326 -63.7%
Otros 1,406 1,393 -0.9%
Total Pasivo 870,552 1,281,579 47.2%
Minoritarios 3,200 2,717 -15.1%
PATRIMONIO 4,054,119 3,703,768 -8.6%

CIFRAS EXPRESADAS
Total Ingresos Operacionales 589,474 100.0% 769,218 100.0%
Costo mercancía vendida -365,483 -62.0% -459,878 -59.8%
Utilidad Bruta 223,991 38.0% 309,340 40.2%
Gastos de venta -136,844 -23.2% -190,423 -24.8%
Diferencia en cambio neta 792 0.1% -8,188 -1.1%
Gloria Marcela
Otros ingresos (egresos) netos -1,665 -0.3%
Velasquez -6,484 -0.8%
Dividendos de portafolio 11,694 Hernandez:
2.0% 6,117 0.8%
Contiene -2.096 de
Realización de inversiones 63,475 10.8%
correccion monetaria 6,542 0.9%
Interés minoritario 206 0.0% 0 0.0%
UTILIDAD NETA 111,195 18.9% 42,206 5.5%

% Variac.
30.5%
25.8%
38.1%
55.4%
39.2%
41.5%
29.6%
-13.1%
254.4%
-1133.8%
289.4%
-47.7%
-89.7%
-130.7%
-54.6%
-20.8%
-100.0%
-62.0%
30.0%
A Junio 30
CIFRAS EXPRESADAS

Inversiones 2,297,612 2,666,070 16.0%
Deudores 24,472 21,521 -12.1%
Intangibles y otros activos 15,710 927 -94.1%
Valorizaciones 844,984 1,222,939 44.7%
Total Activo 3,216,318 3,913,066 21.7%

Obligaciones financieras 7,000 0.0%
Impuestos, gravámenes y tasas 635 157 -75.3%
Diferidos 7,528 8,132 8.0%
Total Pasivo 115,412 129,054 11.8%
PATRIMONIO 3,100,906 3,784,012 22.0%

De Enero 1 a Junio 30
CIFRAS EXPRESADAS
Dividendos 11,665 6,224 -46.6%
Financieros y otros 3,524 1,991 -43.5%
Gloria Marcela
Ingresos no operacionales 6,303 9
Velasquez Hernandez: -99.9%
Contiene 2.715 de
Gastos no operacionales -8,672 -567 -93.5%
correccion monetaria
Utilidad antes de impuestos sobre la renta 180,953 47,667 -73.7%
UTILIDAD NETA 180,843 47,559 -73.7%

A Junio 30
CIFRAS EXPRESADAS

Inversiones 344,040 346,162 0.6%
Deudores 366,696 390,751 6.6%
Inventarios 313,880 426,868 36.0%
Intangibles 559,865 560,066 0.0%
Diferidos 17,082 45,191 164.6%
Otros activos 11,959 11,023 -7.8%
Valorizaciones 1,749,382 2,467,655 41.1%
Total Activo 4,369,726 4,983,371 14.0%

Obligaciones financieras 804,882 713,125 -11.4%
Proveedores 124,952 131,752 5.4%
Pasivos estimados y provisiones 126,207 119,727 -5.1%
Diferidos 10,647 10,961 2.9%
Otros 2,319 2,018 -13.0%
Total Pasivo 1,278,442 1,203,816 -5.8%
PATRIMONIO 3,089,589 3,776,707 22.2%

CIFRAS EXPRESADAS
Costo mercancía vendida -780,471 -61.4% -947,458 -59.9%
Utilidad Bruta 491,635 38.6% 634,768 40.1%
Gastos de venta -306,736 -24.1% -386,109 -24.4%
Gloria Marcela
Velasquez
Hernandez:
Contiene -3.100 de
Gloria Marcela
Diferencia en cambio neta 24,819 Velasquez 2.0% -43,764 -2.8%
Hernandez:
Contiene -3.100 de -45,093 -2.8%
Dividendos de portafolio 17,937 correccion1.4%
monetaria 13,054 0.8%
Interés minoritario -6 0.0% -257 0.0%
UTILIDAD NETA 138,914 10.9% 49,618 3.1%

% Variac.
24.4%
21.4%
29.1%
47.3%
25.9%
28.9%
29.6%
-16.1%
164.8%
-276.3%
-3.9%
-27.2%
-90.1%
-255.0%
-57.1%
-38.8%
4183.3%
-64.3%
28.4%
A Septiembre 30
CIFRAS EXPRESADAS

Inversiones 2,529,066 2,725,536 7.8%
Deudores 19,152 12,573 -34.4%
Valorizaciones 1,024,192 1,219,700 19.1%
Total Activo 3,584,665 3,962,201 10.5%

Obligaciones financieras 7,000 N.A.
Pasivos estimados y provisiones 589 947 60.8%
Diferidos 5,019 5,414 7.9%
Total Pasivo 89,598 101,654 13.5%
PATRIMONIO 3,495,067 3,860,547 10.5%

De Enero 1 a Septiembre 30
CIFRAS EXPRESADAS
Dividendos 14,175 8,944 -36.9%
Gloria Marcela
Ingresos no operacionales 7,823 Velasquez102Hernandez: -98.7%
Contiene 4.234 de
UTILIDAD NETA 177,098 123,837 -30.1%

A Septiembre 30
CIFRAS EXPRESADAS

Inversiones 345,770 333,803 -3.5%
Deudores 391,549 431,472 10.2%
Inventarios 366,380 440,200 20.1%
Intangibles 687,410 568,376 -17.3%
Diferidos 23,053 47,440 105.8%
Otros activos 13,698 12,269 -10.4%
Valorizaciones 2,133,290 2,466,765 15.6%
Total Activo 4,697,964 5,060,972 7.7%

Proveedores 134,925 141,667 5.0%
Impuestos, gravámenes y tasas 26,338 27,130 3.0%
Diferidos 10,779 10,895 1.1%
Otros 1,725 461 -73.3%
Total Pasivo 1,211,112 1,223,786 1.0%
PATRIMONIO 3,485,119 3,834,295 10.0%

CIFRAS EXPRESADAS
2006 % Ingresos 2007 % Ingresos % Variac.
Total Ingresos Operacionales 2,026,232 100.0% 2,462,153 100.0% 21.5%
Costo mercancía vendida -1,245,932 -61.5% -1,458,664 -59.2% 17.1%
Utilidad Bruta 780,300 38.5% 1,003,489 40.8% 28.6%
Gastos de administración -89,083 -4.4% -117,207 -4.8% 31.6%
Gastos de venta -489,305 -24.1% -597,743 -24.3% 22.2%
Total Gastos Operacionales -578,388 -28.5% -714,950 -29.0% 23.6%
Utilidad Operativa 201,912 10.0% 288,539 11.7% 42.9%
Ingresos financieros 9,510 0.5% 7,971 0.3% -16.2%
Gastos financieros -41,408 -2.0% -87,746 -3.6% 111.9%
Diferencia en cambio neta -8,533 -0.4% -35,289 -1.4% 313.6%
Gloria Marcela
Velasquez Hernandez: -23,025 -0.9% -58.0%
Dividendos de portafolio 23,659 Contiene1.2%
5.528 de 20,010 0.8% -15.4%
Realización de inversiones 67,913 3.4% 6,542 0.3% -90.4%
Post Operativos Netos -3,679 -0.2% -111,537 -4.5% 2931.7%
UAI e Interés minoritario 198,233 9.8% 177,002 7.2% -10.7%
Impuesto de renta -57,085 -2.8% -53,359 -2.2% -6.5%
Interés minoritario -262 0.0% -299 0.0% 14.1%
UTILIDAD NETA 140,886 7.0% 123,344 5.0% -12.5%
EBITDA CONSOLIDADO 267,224 13.2% 359,195 14.6% 34.4%
Consolidado 2007-trim 3
A Diciembre 31
CIFRAS EXPRESADAS

Disponible e Inv. Temporales 915 1,835 100.5%
Inversiones 2,658,218 2,904,738 9.3%
Deudores 21,107 10,187 -51.7%
Intangibles 941 54 -94.3%
Otros activos 154 155 0.6%
Valorizaciones 1,347,305 1,324,771 -1.7%
Total Activo 4,028,640 4,241,740 5.3%

Obligaciones financieras 0 7,000 N.A.
Impuestos, gravámenes y tasas 98 645 558.2%
Diferidos 2,509 2,679 6.8%
Total Pasivo 63,235 73,581 16.4%
PATRIMONIO 3,965,405 4,168,159 5.1%

CIFRAS EXPRESADAS
Dividendos 16,684 11,678 -30.0%
Ingresos no operacionales 8,391 80 -99.0%
UTILIDAD NETA 210,697 244,292 15.9%
BASICO 2007-trim 4
Ingresos financieros 13,821 0.5%
Gastos financieros -64,413 -2.2%
Diferencia en cambio neta -32,576 -1.1%
Dividendos de portafolio 29,348 1.0%
Realización de inversiones 71,319 2.5%
Post Operativos Netos -53,310 -1.9%
A Marzo 31
CIFRAS EXPRESADAS

Inversiones 2,676,067 2,740,396 2.4%
Deudores 39,052 31,300 -19.9%
Valorizaciones 1,206,991 881,044 -27.0%
Total Activo 3,924,688 3,655,338 -6.9%

Diferidos 11,496 12,048 4.8%
Total Pasivo 157,805 179,133 13.5%
PATRIMONIO 3,766,883 3,476,205 -7.7%

CIFRAS EXPRESADAS
Dividendos 2,752 2,991 8.7%
Financieros y otros 910 1,348 48.1%
Ingresos no operacionales 7 164 2242.9%
UTILIDAD NETA 42,175 67,914 61.0%
BASICO 2008-trim 1
A Marzo 31
CIFRAS EXPRESADAS

Inversiones 311,842 272,899 -12.5%
Deudores 367,618 462,799 25.9%
Inventarios 414,335 441,512 6.6%
Intangibles 621,272 545,371 -12.2%
Diferidos 36,990 74,187 100.6%
Otros activos 10,431 12,730 22.0%
Valorizaciones 2,458,478 2,088,372 -15.1%
Total Activo 4,988,064 4,788,230 -4.0%

Proveedores 123,680 145,266 17.5%
Diferidos 10,326 77,290 648.5%
Otros 1,393 1,048 -24.8%
Total Pasivo 1,281,579 1,333,125 4.0%
PATRIMONIO 3,703,768 3,452,135 -6.8%

CIFRAS EXPRESADAS
Total Ingresos Operacionales 769,218 100.0% 876,511 100.0% 13.9%
Costo mercancía vendida -459,878 -59.8% -508,099 -58.0% 10.5%
Utilidad Bruta 309,340 40.2% 368,412 42.0% 19.1%
Gastos de venta -190,423 -24.8% -217,362 -24.8% 14.1%
Ingresos financieros 2,596 0.3% 3,285 0.4% 26.5%
Diferencia en cambio neta -8,188 -1.1% 25,165 2.9% -407.3%
Otros ingresos (egresos) netos -6,484 -0.8% -89,258 -10.2% 1276.6%
Dividendos de portafolio 6,117 0.8% 6,007 0.7% -1.8%
Realización de inversiones 6,542 0.9% 80,487 9.2% 1130.3%
Post Operativos Netos -21,804 -2.8% -12,216 -1.4% -44.0%
UAI e Interés minoritario 61,252 8.0% 98,618 11.3% 61.0%
Impuesto de renta -19,046 -2.5% -34,040 -3.9% 78.7%
Interés minoritario 0 0.0% -94 0.0% 0.0%
UTILIDAD NETA 42,206 5.5% 64,484 7.4% 52.8%
A Junio 30
CIFRAS EXPRESADAS

Inversiones 2,666,070 2,777,079 4.2%
Deudores 21,521 56,394 162.0%
Propiedad, planta y equipo 19 N.A.
Intangibles y otros activos 927 209 -77.5%
Valorizaciones 1,222,939 937,125 -23.4%
Total Activo 3,913,066 3,771,051 -3.6%

Obligaciones laborales 176 111 -36.9%
Diferidos 8,132 8,802 8.2%
Total Pasivo 129,054 149,332 15.7%
PATRIMONIO 3,784,012 3,621,719 -4.3%

CIFRAS EXPRESADAS
Dividendos 6,224 8,877 42.6%
UTILIDAD NETA 47,559 138,908 192.1%
BASICO 2008-trim 2
A Junio 30
CIFRAS EXPRESADAS

Inversiones 346,162 303,270 -12.4%
Deudores 390,751 521,798 33.5%
Inventarios 426,868 464,860 8.9%
Intangibles 560,066 510,911 -8.8%
Diferidos 45,191 73,369 62.4%
Otros activos 11,023 12,432 12.8%
Valorizaciones 2,467,655 2,204,864 -10.6%
Total Activo 4,983,371 4,930,145 -1.1%

Proveedores 131,752 146,733 11.4%
Diferidos 10,961 57,796 427.3%
Otros 2,018 1,833 -9.2%
Total Pasivo 1,203,816 1,329,583 10.4%
PATRIMONIO 3,776,707 3,597,625 -4.7%

CIFRAS EXPRESADAS
Costo mercancía vendida -947,458 -59.9% -1,055,915 -58.6% 11.4%
Utilidad Bruta 634,768 40.1% 745,508 41.4% 17.4%
Gastos de venta -386,109 -24.4% -449,058 -24.9% 16.3%
Gastos financieros -39,447 -2.5% -38,878 -2.2% -1.4%
Dividendos de portafolio 13,054 0.8% 15,276 0.8% 17.0%
Interés minoritario -257 0.0% -111 0.0% -56.8%
UTILIDAD NETA 49,618 3.1% 122,587 6.8% 147.1%
A Septiembre 30
CIFRAS EXPRESADAS

Inversiones 2,725,536 2,916,380 7.0%
Deudores 12,573 27,950 122.3%
Propiedad, planta y equipo 49 N.A.
Valorizaciones 1,219,700 997,550 -18.2%
Total Activo 3,962,201 3,943,648 -0.5%

Pasivos estimados y provisiones 947 1,316 39.0%
Diferidos 5,414 5,868 8.4%
Total Pasivo 101,654 119,167 17.2%
PATRIMONIO 3,860,547 3,824,481 -0.9%

CIFRAS EXPRESADAS
Dividendos 8,944 11,812 32.1%
UTILIDAD NETA 123,837 199,677 61.2%
BASICO 2008-trim 3
A Septiembre 30
CIFRAS EXPRESADAS

Inversiones 333,803 320,988 -3.8%
Deudores 431,472 612,909 42.1%
Inventarios 440,200 512,928 16.5%
Intangibles 568,376 519,323 -8.6%
Diferidos 47,440 71,593 50.9%
Otros activos 12,269 12,506 1.9%
Valorizaciones 2,466,765 2,360,009 -4.3%
Total Activo 5,060,972 5,344,322 5.6%

Proveedores 141,667 186,788 31.9%
Cuentas por pagar 148,629 127,818 -14.0%
Diferidos 10,895 45,256 315.4%
Otros 461 3,964 759.9%
Total Pasivo 1,223,786 1,465,919 19.8%
Minoritarios 2,891 2,365 -18.2%
PATRIMONIO 3,834,295 3,876,038 1.1%

CIFRAS EXPRESADAS
Utilidad Bruta 1,003,489 40.8% 1,165,900 41.2% 16.2%
Gastos de venta -597,743 -24.3% -691,355 -24.4% 15.7%
Diferencia en cambio neta -61,954 -2.5% -16,111 -0.6% -74.0%
Interés minoritario -299 0.0% 451 0.0% -250.8%
UTILIDAD NETA 123,344 5.0% 180,355 6.4% 46.2%
A Diciembre 31
CIFRAS EXPRESADAS

Inversiones 2,904,738 3,041,332 4.7%
Deudores 10,187 24,218 137.7%
Propiedad, planta y equipo 0 50 N.A.
Intangibles y otros activos 209 209 0.0%
Valorizaciones 1,324,771 891,321 -32.7%
Total Activo 4,241,740 3,957,512 -6.7%

Impuestos, gravámenes y tasas 645 1,762 173.2%
Diferidos 2,679 2,934 9.5%
Total Pasivo 73,581 83,903 14.0%
PATRIMONIO 4,168,159 3,873,609 -7.1%

CIFRAS EXPRESADAS
Dividendos 11,678 14,746 26.3%
UTILIDAD NETA 244,292 291,006 19.1%
BASICO 2008-trim 4
A Diciembre 31
CIFRAS EXPRESADAS

Inversiones 322,254 299,414 -7.1%
Deudores 426,683 656,631 53.9%
Inventarios 434,839 528,465 21.5%
Intangibles 564,218 543,336 -3.7%
Diferidos 57,260 28,175 -50.8%
Otros activos 12,073 44,095 265.2%
Valorizaciones 2,736,001 2,268,787 -17.1%
Total Activo 5,348,302 5,336,553 -0.2%

Proveedores 146,091 163,812 12.1%
Diferidos 36,889 44,153 19.7%
Otros 1,583 2,766 74.7%
Total Pasivo 1,215,943 1,469,369 20.8%
Minoritarios 2,964 2,751 -7.2%
PATRIMONIO 4,129,395 3,864,433 -6.4%

CIFRAS EXPRESADAS
Utilidad Bruta 1,414,209 41.0% 1,625,633 40.5% 14.9%
Gastos de venta -815,817 -23.7% -975,970 -24.3% 19.6%
Total Gastos Operacionales -981,324 -28.4% -1,159,747 -28.9% 18.2%
Diferencia en cambio neta -17,533 -0.5% -27,906 -0.7% 59.2%
UTILIDAD NETA 247,313 7.2% 299,051 7.5% 20.9%
A MARZO 31
CIFRAS EXPRESADAS

Inversiones 2,740,396 3,179,065 16.0%
Deudores 31,300 22,582 -27.9%
Valorizaciones 881,044 932,765 5.9%
Total Activo 3,655,338 4,135,147 13.1%

Diferidos 12,048 13,225 9.8%
Total Pasivo 179,133 200,410 11.9%
PATRIMONIO 3,476,205 3,934,737 13.2%

CIFRAS EXPRESADAS
Utilidad en realización de inversiones 2,704 0 -100.0%
Dividendos 2,991 2,934 -1.9%
Ingresos no operacionales 164 104 -36.6%
UTILIDAD NETA 67,914 56,759 -16.4%
BASICO 2009-trim 1
A Marzo 31
CIFRAS EXPRESADAS

Inversiones 272,899 546,601 100.3%
Deudores 462,799 662,827 43.2%
Inventarios 441,512 568,768 28.8%
Intangibles 545,371 570,566 4.6%
Diferidos 74,187 46,578 -37.2%
Otros activos 12,730 36,178 184.2%
Valorizaciones 2,088,372 2,339,489 12.0%
Total Activo 4,788,230 5,740,920 19.9%

Obligaciones financieras 667,919 1,052,994 57.7%
Proveedores 145,266 119,465 -17.8%
Diferidos 77,290 35,162 -54.5%
Otros 1,048 2,843 171.3%
Total Pasivo 1,333,125 1,832,118 37.4%
Minoritarios 2,970 2,719 -8.5%
PATRIMONIO 3,452,135 3,906,083 13.1%

CIFRAS EXPRESADAS
Total Ingresos Operacionales 876,511 100.0% 1,043,130 100.0% 19.0%
Utilidad Bruta 368,412 42.0% 402,711 38.6% 9.3%
Gastos de venta -217,362 -24.8% -250,667 -24.0% 15.3%
Utilidad Operativa 110,834 12.6% 101,428 9.7% -8.5%
Diferencia en cambio neta 6,516 0.7% 5,091 0.5% -21.9%
Otros ingresos (egresos) netos -89,258 -10.2% -18,479 -1.8% -79.3%
Realización de inversiones 80,487 9.2% 0 0.0% -100.0%
Interés minoritario -94 0.0% -79 0.0% -16.0%
UTILIDAD NETA 64,484 7.4% 44,256 4.2% -31.4%
EBITDA CONSOLIDADO 134,654 15.4% 123,893 11.9% -8.0%
A JUNIO 30
CIFRAS EXPRESADAS

Disponible e Inv. Temporales 225 218 -3.1%
Inversiones 2,777,079 3,356,934 20.9%
Deudores 56,394 42,902 -23.9%
Propiedad, planta y equipo 19 0 -100.0%
Valorizaciones 937,125 1,132,757 20.9%
Total Activo 3,771,051 4,533,020 20.2%

Obligaciones financieras 7,016 38 -99.5%
Diferidos 8,802 9,538 8.4%
Total Pasivo 149,332 184,216 23.4%
PATRIMONIO 3,621,719 4,348,804 20.1%

CIFRAS EXPRESADAS
Dividendos 8,877 6,621 -25.4%
Impuesto de renta -96 -103 7.3%
UTILIDAD NETA 138,908 100,932 -27.3%
BASICO 2009-trim 2
A Junio 30
CIFRAS EXPRESADAS

Inversiones 303,270 352,257 16.2%
Deudores 521,798 638,715 22.4%
Inventarios 464,860 591,574 27.3%
Intangibles 510,911 734,690 43.8%
Diferidos 73,369 44,021 -40.0%
Otros activos 12,432 2,859 -77.0%
Valorizaciones 2,204,864 2,729,212 23.8%
Total Activo 4,930,145 6,050,848 22.7%

Proveedores 146,733 82,294 -43.9%
Diferidos 57,796 41,880 -27.5%
Otros 1,833 1,430 -22.0%
Total Pasivo 1,329,583 1,745,928 31.3%
PATRIMONIO 3,597,625 4,301,880 19.6%

CIFRAS EXPRESADAS
Utilidad Bruta 745,508 41.4% 814,585 38.1% 9.3%
Gastos de venta -449,058 -24.9% -496,637 -23.2% 10.6%
Diferencia en cambio neta 1,565 0.1% 11,039 0.5% 605.4%
Dividendos de portafolio 15,276 0.8% 14,391 0.7% -5.8%
Realización de inversiones 80,487 4.5% 0 0.0% -100.0%
Interés minoritario -111 0.0% 34 0.0% -130.6%
UTILIDAD NETA 122,587 6.8% 78,316 3.7% -36.1%
A SEPTIEMBRE 30
CIFRAS EXPRESADAS

Inversiones 2,916,380 3,674,469 26.0%
Deudores 27,950 42,390 51.7%
Diferidos 492 0.0%
Valorizaciones 997,550 1,378,868 38.2%
Total Activo 3,943,648 5,096,779 29.2%

Diferidos 5,868 6,359 8.4%
Total Pasivo 119,167 151,370 27.0%
PATRIMONIO 3,824,482 4,945,409 29.3%

CIFRAS EXPRESADAS
Dividendos 11,812 9,800 -17.0%
UTILIDAD NETA 199,677 137,690 -31.0%
BASICO 2009-trim 3
A Septiembre 30
CIFRAS EXPRESADAS

Inversiones 320,988 339,888 5.9%
Deudores 612,909 570,273 -7.0%
Inventarios 512,928 568,119 10.8%
Intangibles 519,323 711,221 37.0%
Diferidos 71,593 52,847 -26.2%
Otros activos 12,506 1,207 -90.3%
Valorizaciones 2,360,009 3,343,736 41.7%
Total Activo 5,344,322 6,609,093 23.7%

Proveedores 186,788 81,765 -56.2%
Diferidos 45,256 52,938 17.0%
Otros 3,964 470 -88.1%
Total Pasivo 1,465,919 1,697,944 15.8%
PATRIMONIO 3,876,038 4,907,929 26.6%

CIFRAS EXPRESADAS
Utilidad Bruta 1,165,900 41.2% 1,250,146 37.9% 7.2%
Gastos de venta -691,355 -24.4% -776,011 -23.6% 12.2%
Realización de inversiones 80,356 2.8% 2,124 0.1% -97.4%
Interés minoritario 451 0.0% -146 0.0% -132.4%
UTILIDAD NETA 180,355 6.4% 121,752 3.7% -32.5%
A DICIEMBRE 31
CIFRAS EXPRESADAS

Inversiones 3,041,332 3,601,952 18.4%
Deudores 24,218 43,410 79.2%
Valorizaciones 891,321 1,869,198 109.7%
Total Activo 3,957,512 5,514,960 39.4%

Diferidos 2,934 3,179 8.4%
Total Pasivo 83,903 115,757 38.0%
PATRIMONIO 3,873,609 5,399,203 39.4%

CIFRAS EXPRESADAS
Dividendos 14,746 12,979 -12.0%
Gastos no operacionales -621 -1,741 180.4%
UTILIDAD NETA 291,006 225,496 -22.5%
BASICO 2009-trim 4
A Diciembre 31
CIFRAS EXPRESADAS
ACTIVO 2008 2009 % Variac. 2009

Disponible e Inv. Temporales 200,123 152,572 -23.8% 152,572
Inversiones 299,414 335,272 12.0% 335,272
Deudores 656,631 523,529 -20.3% 523,529
Inventarios 528,465 494,120 -6.5% 494,120
Propiedad, Planta y Equipo 767,527 977,261 27.3% 977,261
Intangibles 543,336 748,013 37.7% 748,013
Diferidos 28,175 79,348 181.6% 79,348
Otros activos 44,095 19,094 -56.7% 19,094
Valorizaciones 2,268,787 3,599,917 58.7% 3,599,917
Total Activo 5,336,553 6,929,126 29.8% 6,929,126
PASIVO Y PATRIMONIO 2008 2009 % Variac. 2009

Obligaciones financieras 884,817 1,015,157 14.7% 1,015,157
Proveedores 163,812 124,270 -24.1% 124,270
Cuentas por pagar 173,147 141,613 -18.2% 141,613
Impuestos, gravámenes y tasas 61,484 52,025 -15.4% 52,025
Obligaciones laborales 75,362 77,811 3.2% 77,811
Pasivos estimados y provisiones 63,828 65,860 3.2% 65,860
Diferidos 44,153 59,601 35.0% 59,601
Otros 2,766 2,549 -7.8% 2,549
Total Pasivo 1,469,369 1,538,886 4.7% 1,538,886
Minoritarios 2,751 3,611 31.3% 3,611
PATRIMONIO 3,864,433 5,386,629 39.4% 5,386,629
Total Pasivo , Patrimonio e interés minoritario 5,336,553 6,929,126 29.8% 6,929,126

CIFRAS EXPRESADAS
Utilidad Bruta 1,625,633 40.5% 1,770,177 38.6%
Gastos de venta -975,970 -24.3% -1,102,578 -24.0%
Total Gastos Operacionales -1,159,747 -28.9% -1,321,453 -28.8%
Diferencia en cambio neta -27,906 -0.7% -1,787 0.0%
Post Operativos Netos -93,324 -2.3% -153,684 -3.3%
UTILIDAD NETA 299,051 7.5% 213,274 4.6%
% Variac.
14.4%
18.2%
8.9%
19.1%
13.0%
13.9%
-3.7%
-17.6%
16.4%
-93.6%
-7.7%
3.8%
-97.4%
64.7%
-20.8%
11.0%
63.8%
-28.7%
-3.3%
A MARZO 31
CIFRAS EXPRESADAS

Inversiones 3,179,065 3,736,859 17.5%
Deudores 22,582 22,426 -0.7%
Valorizaciones 932,765 1,924,896 106.4%
Total Activo 4,135,147 5,684,533 37.5%

Diferidos 13,225 14,069 6.4%
Total Pasivo 200,410 209,120 4.3%
PATRIMONIO 3,934,737 5,475,413 39.2%

CIFRAS EXPRESADAS
Utilidad en realización de inversiones 0 0 0.0%
Dividendos 2,934 3,179 8.4%
UTILIDAD NETA 56,759 64,822 14.2%
BASICO 2010-trim 1
A Marzo 31
CIFRAS EXPRESADAS

Inversiones 546,601 335,301 -38.7%
Deudores 662,827 530,092 -20.0%
Inventarios 568,768 456,838 -19.7%
Intangibles 570,566 739,413 29.6%
Diferidos 46,578 61,190 31.4%
Otros activos 36,178 980 -97.3%
Valorizaciones 2,339,489 3,885,263 66.1%
Total Activo 5,740,920 7,078,619 23.3%

Obligaciones financieras 1,052,994 962,604 -8.6%
Proveedores 119,465 140,488 17.6%
Obligaciones laborales 61,327 38,673 -36.9%
Diferidos 35,162 46,388 31.9%
Otros 2,843 1,139 -59.9%
Total Pasivo 1,832,118 1,608,186 -12.2%
PATRIMONIO 3,906,083 5,466,734 40.0%

CIFRAS EXPRESADAS
Total Ingresos Operacionales 1,043,130 100.0% 1,021,412 100.0% -2.1%
Costo mercancía vendida -640,419 -61.4% -619,750 -60.7% -3.2%
Utilidad Bruta 402,711 38.6% 401,662 39.3% -0.3%
Gastos de venta -250,667 -24.0% -238,008 -23.3% -5.1%
Total Gastos Operacionales -301,283 -28.9% -289,913 -28.4% -3.8%
Diferencia en cambio neta 5,091 0.5% -3,006 -0.3% -159.0%
Otros ingresos (egresos) netos -18,479 -1.8% 1,391 0.1% -107.5%
UTILIDAD NETA 44,256 4.2% 69,504 6.8% 57.0%
A JUNIO 30
CIFRAS EXPRESADAS

Inversiones 3,356,934 3,790,314 12.9%
Deudores 42,902 19,794 -53.9%
Valorizaciones 1,132,757 1,952,853 72.4%
Total Activo 4,533,020 5,763,289 27.1%

Obligaciones financieras 38 23 -39.5%
Proveedores y Cuentas por pagar 171,516 158,905 -7.4%
Pasivos estimados y provisiones 939 1,053 12.1%
Diferidos 9,538 10,416 9.2%
Total Pasivo 184,216 170,988 -7.2%
PATRIMONIO 4,348,804 5,592,301 28.6%

CIFRAS EXPRESADAS
Dividendos 6,621 6,832 3.2%
UTILIDAD NETA 100,932 117,951 16.9%
BASICO 2010-trim 2
A Junio 30
CIFRAS EXPRESADAS

Inversiones 352,257 334,998 -4.9%
Deudores 638,715 536,436 -16.0%
Inventarios 591,574 511,302 -13.6%
Intangibles 734,690 729,989 -0.6%
Diferidos 44,021 63,639 44.6%
Otros activos 2,859 967 -66.2%
Valorizaciones 2,729,212 3,953,164 44.8%
Total Activo 6,050,848 7,178,124 18.6%

Proveedores 82,294 108,192 31.5%
Diferidos 41,880 51,362 22.6%
Otros 1,430 2,980 108.4%
Total Pasivo 1,745,928 1,586,102 -9.2%
PATRIMONIO 4,301,880 5,588,187 29.9%

CIFRAS EXPRESADAS
Costo mercancía vendida -1,324,263 -61.9% -1,257,579 -60.5% -5.0%
Utilidad Bruta 814,585 38.1% 821,181 39.5% 0.8%
Gastos de administración -108,855 -5.1% -107,201 -5.2% -1.5%
Gastos de venta -496,637 -23.2% -501,112 -24.1% 0.9%
Realización de inversiones 0 0.0% -160 0.0% 0.0%
Interés minoritario 34 0.0% -299 0.0% -979.4%
UTILIDAD NETA 78,316 3.7% 124,597 6.0% 59.1%
A SEPTIEMBRE 30
CIFRAS EXPRESADAS

Disponible e Inv. Temporales 351 618 76.0%
Inversiones 3,674,469 2,628,396 -28.5%
Deudores 42,390 37,824 -10.8%
Propiedad, planta y equipo 0 0 0.0%
Diferidos 492 0 -100.0%
Valorizaciones 1,378,868 3,880,021 181.4%
Total Activo 5,096,779 6,547,124 28.5%

Diferidos 6,359 15,300 140.6%
Total Pasivo 151,370 130,082 -14.1%
PATRIMONIO 4,945,409 6,417,042 29.8%

CIFRAS EXPRESADAS
Dividendos 9,800 23,303 137.8%
Ingresos no operacionales 157 7,758 4828.6%
Impuesto de renta -154 -1,516 884.5%
UTILIDAD NETA 137,690 185,697 34.9%
BASICO 2010-trim 3
A Septiembre 30
CIFRAS EXPRESADAS

Inversiones 339,888 325,972 -4.1%
Deudores 570,273 579,826 1.7%
Inventarios 568,119 531,192 -6.5%
Intangibles 711,221 725,070 1.9%
Diferidos 52,847 62,998 19.2%
Otros activos 1,207 968 -19.8%
Valorizaciones 3,343,736 4,210,570 25.9%
Total Activo 6,609,093 7,494,846 13.4%

Proveedores 81,765 95,069 16.3%
Diferidos 52,938 73,846 39.5%
Otros 470 4,730 906.4%
Total Pasivo 1,697,944 1,600,365 -5.7%
Minoritarios 3,220 11,411 254.4%
PATRIMONIO 4,907,929 5,883,070 19.9%

CIFRAS EXPRESADAS
Costo mercancía vendida -2,044,306 -62.1% -1,915,336 -60.5% -6.3%
Utilidad Bruta 1,250,146 37.9% 1,250,864 39.5% 0.1%
Gastos de venta -776,011 -23.6% -775,471 -24.5% -0.1%
Total Gastos Operacionales -937,239 -28.4% -935,418 -29.5% -0.2%
Realización de inversiones 2,124 0.1% -156 0.0% -107.3%
UTILIDAD NETA 121,752 3.7% 188,754 6.0% 55.0%
A DICIEMBRE 31
CIFRAS EXPRESADAS

Inversiones 3,601,952 2,716,228 -24.6%
Deudores 43,410 90,361 108.2%
Valorizaciones 1,869,198 3,596,772 92.4%
Total Activo 5,514,960 6,403,741 16.1%

Obligaciones financieras 0 445 0.0%
Diferidos 3,179 7,650 140.6%
Total Pasivo 115,757 80,066 -30.8%
PATRIMONIO 5,399,203 6,323,675 17.1%

CIFRAS EXPRESADAS
Utilidad en realización de inversiones 0 1,579 0.0%
Dividendos 12,979 30,953 138.5%
Ingresos no operacionales 214 7,839 3559.4%
Gastos no operacionales -1,741 -1,496 -14.1%
Impuesto de renta -205 -1,876 815.1%
UTILIDAD NETA 225,496 278,403 23.5%
BASICO 2010-trim 4
A Diciembre 31
CIFRAS EXPRESADAS

Inversiones 335,272 330,481 -1.4%
Deudores 523,529 586,256 12.0%
Inventarios 494,120 553,016 11.9%
Intangibles 748,013 853,564 14.1%
Diferidos 79,346 67,002 -15.6%
Otros activos 19,096 16,902 -11.5%
Valorizaciones 3,599,917 4,555,288 26.5%
Total Activo 6,929,126 8,084,691 16.7%

Obligaciones financieras 1,015,157 1,126,326 11.0%
Proveedores 124,270 165,155 32.9%
Diferidos 59,601 58,990 -1.0%
Otros 2,549 1,983 -22.2%
Total Pasivo 1,538,886 1,749,777 13.7%
Minoritarios 3,611 11,268 212.0%
PATRIMONIO 5,386,629 6,323,646 17.4%
Total Pasivo , Patrimonio e interés minoritario 6,929,126 8,084,691 16.7%

CIFRAS EXPRESADAS
Utilidad Bruta 1,770,177 38.6% 1,749,337 39.2%
Gastos de venta -1,102,578 -24.0% -1,103,652 -24.8%
Diferencia en cambio neta -1,787 0.0% -28,268 -0.6%
UTILIDAD NETA 213,274 4.6% 263,239 5.9%
% Variac.
-2.8%
-3.9%
-1.2%
-2.7%
0.1%
-0.4%
-3.6%
-22.1%
-22.7%
1481.9%
-73.6%
7.0%
-28.7%
-40.3%
15.6%
-5.3%
66.7%
23.4%
-2.3%
A MARZO 31
CIFRAS EXPRESADAS

Inversiones 3,736,859 2,761,293 -26.1%
Deudores 22,426 115,108 413.3%
Intangibles, Diferidos y otros activos 155 669 331.6%
Valorizaciones 1,924,896 3,491,549 81.4%
Total Activo 5,684,533 6,368,749 12.0%

Diferidos 14,069 33,412 137.5%
Total Pasivo 209,120 245,545 17.4%
PATRIMONIO 5,475,413 6,123,205 11.8%

CIFRAS EXPRESADAS
Dividendos 3,179 7,650 140.6%
UTILIDAD NETA 64,822 62,940 -2.9%
BASICO 2011-trim 1
A Marzo 31
CIFRAS EXPRESADAS

Inversiones 335,301 330,081 -1.6%
Deudores 530,092 580,616 9.5%
Inventarios 456,838 603,158 32.0%
Intangibles 739,413 914,935 23.7%
Diferidos 61,190 127,839 108.9%
Otros activos 980 1,918 95.7%
Valorizaciones 3,885,263 4,453,767 14.6%
Total Activo 7,078,619 8,146,681 15.1%

Proveedores 140,488 175,140 24.7%
Diferidos 46,388 59,708 28.7%
Otros 1,139 5,690 399.6%
Total Pasivo 1,608,186 2,013,864 25.2%
Minoritarios 3,699 13,367 261.4%
PATRIMONIO 5,466,734 6,119,450 11.9%

CIFRAS EXPRESADAS
Utilidad Bruta 401,662 39.3% 462,995 40.3% 15.3%
Gastos de venta -238,008 -23.3% -273,436 -23.8% 14.9%
Gastos de producción 0.0% -24,055 -2.1% 0.0%
Ingresos financieros 1,111 0.1% 711 0.1% -36.1%
Diferencia en cambio neta -3,006 -0.3% 204 0.0% -106.8%
Otros ingresos (egresos) netos 1,391 0.1% 1,895 0.2% 36.2%
Realización de inversiones 0 0.0% -5 0.0% 0.0%
UTILIDAD NETA 69,504 6.8% 57,645 5.0% -17.1%
A JUNIO 30
CIFRAS EXPRESADAS

Inversiones 3,790,314 2,776,673 -26.7%
Deudores 19,794 58,389 195.0%
Valorizaciones 1,952,853 3,539,600 81.3%
Total Activo 5,763,289 6,375,469 10.6%

Pasivos estimados y provisiones 1,053 376 -64.3%
Diferidos 10,416 24,889 138.9%
Total Pasivo 170,988 170,242 -0.4%
PATRIMONIO 5,592,301 6,205,227 11.0%

CIFRAS EXPRESADAS
Dividendos 6,832 16,839 146.5%
UTILIDAD NETA 117,951 112,073 -5.0%
BASICO 2011-trim 2
A Junio 30
CIFRAS EXPRESADAS

Inversiones 334,998 329,795 -1.6%
Deudores 536,436 591,193 10.2%
Inventarios 511,302 620,566 21.4%
Intangibles 729,989 888,285 21.7%
Diferidos 63,639 131,447 106.6%
Valorizaciones 3,953,164 4,512,109 14.1%
Total Activo 7,178,124 8,201,399 14.3%

Proveedores 108,192 156,545 44.7%
Diferidos 51,362 69,193 34.7%
Otros 2,980 3,341 12.1%
Total Pasivo 1,586,102 1,978,484 24.7%
Minoritarios 3,835 14,306 273.0%
PATRIMONIO 5,588,187 6,208,609 11.1%

CIFRAS EXPRESADAS
Utilidad Bruta 821,181 39.5% 932,183 39.8% 13.5%
Gastos de venta -501,112 -24.1% -543,665 -23.2% 8.5%
Gastos de producción 0.0% -52,555 -2.2% 0.0%
Diferencia en cambio neta -6,747 -0.3% 925 0.0% -113.7%
Otros ingresos (egresos) netos -5,404 -0.3% -761 0.0% -85.9%
Realización de inversiones -160 0.0% -112 0.0% -30.0%
Interés minoritario -299 0.0% -1,456 -0.1% 387.0%
UTILIDAD NETA 124,597 6.0% 114,540 4.9% -8.1%
A SEPTIEMBRE 30
CIFRAS EXPRESADAS

Disponible e Inv. Temporales 618 19,526 3059.5%
Inversiones 2,628,396 3,391,681 29.0%
Deudores 37,824 216,302 471.9%
Valorizaciones 3,880,021 3,141,857 -19.0%
Total Activo 6,547,124 6,770,024 3.4%

Pasivos estimados y provisiones 2,936 642 -78.1%
Diferidos 15,300 16,593 8.5%
Total Pasivo 130,082 320,455 146.3%
PATRIMONIO 6,417,042 6,449,569 0.5%

CIFRAS EXPRESADAS
Dividendos 23,303 25,135 7.9%
Gastos no operacionales -1,470 -10,998 648.2%
UTILIDAD NETA 185,697 172,730 -7.0%
BASICO 2011-trim 3
A Septiembre 30
CIFRAS EXPRESADAS

Inversiones 325,972 329,888 1.2%
Deudores 579,826 648,190 11.8%
Inventarios 531,192 645,152 21.5%
Propiedad, Planta y Equipo 953,860 1,019,680 6.9%
Intangibles 725,070 897,180 23.7%
Diferidos 62,998 125,132 98.6%
Valorizaciones 4,210,570 4,108,034 -2.4%
Total Activo 7,494,846 7,909,487 5.5%

Proveedores 95,069 159,445 67.7%
Diferidos 73,846 62,754 -15.0%
Otros 4,730 7,674 62.2%
Total Pasivo 1,600,365 1,465,829 -8.4%
Minoritarios 11,411 15,305 34.1%
PATRIMONIO 5,883,070 6,428,353 9.3%

CIFRAS EXPRESADAS
Utilidad Bruta 1,250,864 39.5% 1,447,667 39.7% 15.7%
Gastos de venta -775,471 -24.5% -866,133 -23.8% 11.7%
Gastos de producción 0 0.0% -83,076 -2.3% 0.0%
Total Gastos Operacionales -935,418 -29.5% -1,129,029 -31.0% 20.7%
Diferencia en cambio neta -7,403 -0.2% -3,992 -0.1% -46.1%
Interés minoritario -522 0.0% -2,325 -0.1% 345.4%
UTILIDAD NETA 188,754 6.0% 171,146 4.7% -9.3%
A DICIEMBRE 31
CIFRAS EXPRESADAS

Inversiones 2,716,228 3,554,895 30.9%
Deudores 90,361 10,662 -88.2%
Valorizaciones 3,596,772 2,979,150 -17.2%
Total Activo 6,403,741 6,545,459 2.2%

Diferidos 7,650 8,296 8.4%
Total Pasivo 80,066 69,219 -13.5%
PATRIMONIO 6,323,675 6,476,240 2.4%

CIFRAS EXPRESADAS
Dividendos 30,953 33,432 8.0%
Gastos no operacionales -1,496 -11,023 636.8%
UTILIDAD NETA 278,403 255,983 -8.1%
A Diciembre 31
CIFRAS EXPRESADAS

Inversiones 330,481 329,071 -0.4%
Deudores 586,256 650,631 11.0%
Inventarios 553,016 601,866 8.8%
Intangibles 853,564 900,384 5.5%
Diferidos 67,002 130,401 94.6%
Otros activos 16,902 18,323 8.4%
Valorizaciones 4,555,288 4,097,551 -10.0%
Total Activo 8,084,691 7,931,169 -1.9%

Proveedores 165,155 163,168 -1.2%
Diferidos 58,990 112,430 90.6%
Otros 1,983 5,031 153.7%
Total Pasivo 1,749,777 1,440,330 -17.7%
Minoritarios 11,268 16,209 43.8%
PATRIMONIO 6,323,646 6,474,630 2.4%

CIFRAS EXPRESADAS
Utilidad Bruta 1,870,950 42.0% 2,027,181 40.1%
Gastos de venta -1,103,652 -24.8% -1,221,302 -24.1%
Gastos de producción -121,613 -2.7% -123,323 -2.4%
Diferencia en cambio neta -28,926 -0.6% -3,636 -0.1%
Interés minoritario -762 0.0% -2,138 0.0%
UTILIDAD NETA 263,239 5.9% 253,511 5.0%

* El año 2010 se encuentra reclasificado para efectos comparativos.
% Variac.
13.4%
17.1%
8.4%
17.4%
10.7%
1.4%
10.9%
-0.1%
-6.1%
6.0%
-87.4%
14.4%
8.2%
638.9%
-31.4%
8.4%
48.0%
180.4%
-3.7%
5.6%
A MARZO 31
CIFRAS EXPRESADAS

Inversiones 2,761,293 3,542,714 28.3%
Deudores 115,108 57,620 -49.9%
Intangibles, Diferidos y otros activos 669 751 12.3%
Valorizaciones 3,491,549 2,984,131 -14.5%
Total Activo 6,368,749 6,585,325 3.4%

Diferidos 33,412 35,612 6.6%
Total Pasivo 245,545 234,248 -4.6%
PATRIMONIO 6,123,205 6,351,077 3.7%

CIFRAS EXPRESADAS
Dividendos 7,650 8,296 8.4%
UTILIDAD NETA 62,940 58,417 -7.2%
A Marzo 31
CIFRAS EXPRESADAS

Inversiones 330,081 329,162 -0.3%
Deudores 580,616 598,382 3.1%
Inventarios 603,158 618,213 2.5%
Intangibles 914,935 874,473 -4.4%
Diferidos 127,839 130,230 1.9%
Otros activos 1,918 3,829 99.6%
Valorizaciones 4,453,767 4,110,159 -7.7%
Total Activo 8,146,681 7,843,361 -3.7%

Proveedores 175,140 136,657 -22.0%
Diferidos 59,708 124,973 109.3%
Otros 5,690 2,698 -52.6%
Total Pasivo 2,013,864 1,475,810 -26.7%
Minoritarios 13,367 15,020 12.4%
PATRIMONIO 6,119,450 6,352,531 3.8%

CIFRAS EXPRESADAS
Utilidad Bruta 462,995 40.3% 513,026 41.5% 10.8%
Gastos de venta -273,436 -23.8% -305,689 -24.7% 11.8%
Gastos de producción -24,055 -2.1% -33,091 -2.7% 37.6%
Ingresos financieros 711 0.1% 2,281 0.2% 221.0%
Diferencia en cambio neta 204 0.0% -1,259 -0.1% -717.2%
Otros ingresos (egresos) netos 1,895 0.2% -5,552 -0.4% -393.0%
Interés minoritario -373 0.0% -917 -0.1% 145.8%
UTILIDAD NETA 57,645 5.0% 59,604 4.8% 3.4%
A JUNIO 30
CIFRAS EXPRESADAS

Inversiones 2,776,673 3,600,105 29.7%
Deudores 58,389 31,083 -46.8%
Valorizaciones 3,539,600 2,941,364 -16.9%
Total Activo 6,375,469 6,573,447 3.1%

Diferidos y otros pasivos 24,889 26,456 6.3%
Total Pasivo 170,242 174,172 2.3%
PATRIMONIO 6,205,227 6,399,275 3.1%

CIFRAS EXPRESADAS
Dividendos 16,839 17,500 3.9%
UTILIDAD NETA 112,073 147,089 31.2%
A Junio 30
CIFRAS EXPRESADAS

Inversiones 329,795 329,212 -0.2%
Deudores 591,193 604,733 2.3%
Inventarios 620,566 607,704 -2.1%
Intangibles 888,285 874,918 -1.5%
Diferidos 131,447 126,372 -3.9%
Otros activos 2,325 4,313 85.5%
Valorizaciones 4,512,109 4,015,093 -11.0%
Total Activo 8,201,399 7,901,125 -3.7%

Proveedores 156,545 144,053 -8.0%
Diferidos 69,193 101,892 47.3%
Otros 3,341 2,803 -16.1%
Total Pasivo 1,978,484 1,485,152 -24.9%
Minoritarios 14,306 15,516 8.5%
PATRIMONIO 6,208,609 6,400,457 3.1%

CIFRAS EXPRESADAS
2011 % Ingresos 2012
Total Ingresos Operacionales 2,340,233 100.0% 2,503,015
Costo mercancía vendida -1,408,050 -60.2% -1,453,387
Utilidad Bruta 932,183 39.8% 1,049,628
Gastos de administración -121,989 -5.2% -122,331
Gastos de venta -543,665 -23.2% -615,743
Gastos de producción -52,555 -2.2% -70,736
Total Gastos Operacionales -718,209 -30.7% -808,810
Utilidad Operativa 213,974 9.1% 240,818
Ingresos financieros 2,642 0.1% 4,599
Gastos financieros -45,293 -1.9% -35,799
Diferencia en cambio neta 925 0.0% 12,171
Otros ingresos (egresos) netos -761 0.0% -13,007
Dividendos de portafolio 16,895 0.7% 17,559
Realización de inversiones -112 0.0% 35
Post Operativos Netos -25,704 -1.1% -14,442
UAI e Interés minoritario 188,270 8.0% 226,376
Impuesto de renta -72,274 -3.1% -77,508
Interés minoritario -1,456 -0.1% -1,780
UTILIDAD NETA 114,540 4.9% 147,088
EBITDA CONSOLIDADO 280,849 12.0% 312,054

% Ingresos % Variac.
100.0% 7.0%
-58.1% 3.2%
41.9% 12.6%
-4.9% 0.3%
-24.6% 13.3%
-2.8% 34.6%
-32.3% 12.6%
9.6% 12.5%
0.2% 74.1%
-1.4% -21.0%
0.5% 1215.8%
-0.5% 1609.2%
0.7% 3.9%
0.0% -131.3%
-0.6% -43.8%
9.0% 20.2%
-3.1% 7.2%
-0.1% 22.3%
5.9% 28.4%
12.5% 11.1%
BALANCE GENERAL BASICO
De Enero 1 a Septiembre 30 de 2012
(Valores expresados en millones de pesos colombianos)

Inversiones 3,391,681 3,658,770 7.9%
Deudores 216,302 25,595 -88.2%
Valorizaciones 3,141,857 3,185,128 1.4%
Total Activo 6,770,024 6,870,241 1.5%

Diferidos y otros pasivos 16,593 17,654 6.4%
Total Pasivo 320,455 128,722 -59.8%
PATRIMONIO 6,449,569 6,741,519 4.5%
Estado de Resultados Básico

2011 2012 % Variac.

Dividendos 25,135 26,303 4.6%
Gastos no operacionales -10,998 -1,307 -88.1%
UTILIDAD NETA 172,730 242,445 40.4%

Inversiones 329,888 329,454 -0.1%
Deudores 648,190 694,158 7.1%
Inventarios 645,152 595,515 -7.7%
Propiedad, Planta y Equipo 1,019,680 1,076,293 5.6%
Intangibles 897,180 871,879 -2.8%
Diferidos 125,132 113,035 -9.7%
Otros activos 2,538 4,678 84.3%
Valorizaciones 4,108,034 4,259,574 3.7%
Total Activo 7,909,487 8,276,396 4.6%

Proveedores 159,445 158,167 -0.8%
Diferidos 62,754 119,193 89.9%
Otros 7,674 6,607 -13.9%
Total Pasivo 1,465,829 1,536,553 4.8%
Minoritarios 15,305 15,731 2.8%
PATRIMONIO 6,428,353 6,724,112 4.6%
Estado de resultados consolidado
Utilidad Bruta 1,447,667 39.7% 1,629,813 42.5% 12.6%
Gastos de venta -866,133 -23.8% -951,496 -24.8% 9.9%
Gastos de producción -83,076 -2.3% -104,720 -2.7% 26.1%
Total Gastos Operacionales -1,129,029 -31.0% -1,249,442 -32.6% 10.7%
Realización de inversiones -108 0.0% 35 0.0% -132.4%
Interés minoritario -2,325 -0.1% -1,989 -0.1% -14.5%
UTILIDAD NETA 171,146 4.7% 241,105 6.3% 40.9%

A Diciembre 31
ACTIVO 2005 2006 2007

Disponible e Inv. Temporales 5,989 915 1,835
Inversiones 2,353,634 2,658,218 2,904,738
Deudores 5,093 21,107 10,187
Propiedad, planta y equipo 0
Intangibles y otros activos 23,371 1,095 209
Valorizaciones 1,356,015 1,347,305 1,324,771
Total Activo 3,744,102 4,028,640 4,241,740
PASIVO Y PATRIMONIO
Obligaciones financieras 7,000
Proveedores y Cuentas por pagar 37,598 60,127 62,571
Impuestos, gravámenes y tasas 3,128 98 645
Obligaciones laborales 247 501 686
Pasivos estimados y provisiones
Diferidos y otros pasivos 2,356 2,509 2,679
Total Pasivo 43,329 63,235 73,581
PATRIMONIO 3,700,773 3,965,405 4,168,159
Total Pasivo y Patrimonio 3,744,102 4,028,640 4,241,740
Número de acciones en circulación 435,123,458 435,123,458 435,123,458
Valor intrínseco por acción (en pesos colombianos) 8,505.11 9,113.29 9,579.26

De Enero 1 a Diciembre 31 de 2012
2005 2006 2007

Ingresos por método de participación 158,869 163,042 231,987
Utilidad en realización de inversiones 17,762 56,828 2,685
Dividendos 11,795 16,684 11,678
Financieros y otros 2,490 7,447 5,519
Total Ingresos Operacionales 190,916 244,001 251,869
Gastos operacionales -22,106 -41,421 -7,188
Utilidad Operacional 168,810 202,580 244,681
Ingresos no operacionales 4,490 8,391 80
Gastos no operacionales -388 -60 -279
Utilidad antes de impuestos sobre la renta 172,912 210,911 244,482
Impuesto de renta -3,501 -214 -190
UTILIDAD NETA 169,411 210,697 244,292
2008 2009 2010 2011 2012 2013-1q 2013-1q
382 191 225 94 75
3,041,332 3,601,952 2,716,228 3,554,895 3,748,345
24,218 43,410 90,361 10,662 14,922
50 0 0
209 209 155 658 118
891,321 1,869,198 3,596,772 2,979,150 3,733,696
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156
2011 2012
7,000 0 445 0 7
71,267 111,498 70,420 59,466 65,082
1,762 430 604 585 657
940 650 947 872 481
0 0
2,934 3,179 7,650 8,296 8,803
83,903 115,757 80,066 69,219 75,030
3,873,609 5,399,203 6,323,675 6,476,240 7,422,126
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156
435,123,458 435,123,458 435,123,458 460,123,458 460,123,458
8,902.32 12,408.44 14,533.06 14,075.01 16,130.73
2008 2009 2010 2011 2012

268,897 212,895 239,836 223,644 312,990
2,704 0 1,579 11,024 0
14,746 12,979 30,953 33,432 35,105
13,179 10,094 13,131 7,221 8,379
299,526 235,968 285,499 275,321 356,474
-8,773 -8,740 -11,563 -9,004 -10,090
290,753 227,228 273,936 266,317 346,384
960 214 7,839 814 851
-633 -1,741 -1,496 -11,022 -1,390
291,080 225,701 280,279 256,109 345,845
-74 -205 -1,876 -127 -361
291,006 225,496 278,403 255,982 345,484
% Variac.
-20.2%
5.4%
40.0%
0.0%
-82.1%
25.3%
14.5%
% Variac.
0.0%
9.4%
12.3%
-44.8%
0.0%
6.1%
8.4%
14.6%
14.5%
% Variac.
40.0%
-100.0%
5.0%
16.0%
29.5%
12.1%
30.1%
4.5%
-87.4%
35.0%
184.3%
35.0%
A Diciembre 31 de 2012
ACTIVO 2005 2006

Disponible e Inv. Temporales 121,469 147,021
Inversiones 328,742 323,226
Deudores 292,269 381,730
Inventarios 274,553 371,699
Propiedad, Planta y Equipo 456,824 561,031
Intangibles 63,266 621,440
Diferidos 12,635 23,420
Otros activos 3,714 11,893
Valorizaciones 2,468,685 2,591,441
Total Activo 4,022,157 5,032,901
PASIVO Y PATRIMONIO 2005 2006

Obligaciones financieras 41,040 705,877
Proveedores 111,023 146,194
Cuentas por pagar 59,396 108,992
Impuestos, gravámenes y tasas 55,165 54,299
Obligaciones laborales 34,448 46,282
Pasivos estimados y provisiones 33,024 38,698
Diferidos 12,261 10,307
Otros 938 1,750
Total Pasivo 347,295 1,112,399
Minoritarios 2,519 2,618
PATRIMONIO 3,672,343 3,917,884
Total Pasivo y Patrimonio 4,022,157 5,032,901

2005 2006
Total Ingresos Operacionales 2,297,199 2,872,015
Costo mercancía vendida -1,428,204 -1,760,636
Utilidad Bruta 868,995 1,111,379
Gastos de administración -95,853 -127,200
Gastos de venta -509,961 -684,105
Gastos de producción
Total Gastos Operacionales -605,814 -811,305
Utilidad Operativa 263,181 300,074
Ingresos financieros 14,213 13,821
Gastos financieros -25,197 -64,413
Diferencia en cambio neta -24,458 -32,576
Otros ingresos (egresos) netos -1,493 -70,809
Dividendos de portafolio 22,218 29,348
Realización de inversiones 18,955 71,319
Post Operativos Netos 4,238 -53,310
UAI e Interés minoritario 267,419 246,764
Impuesto de renta -84,076 -70,246
Interés minoritario -23 17
UTILIDAD NETA 183,320 176,535
EBITDA CONSOLIDADO 317,502 382,594

2007 2008 2009 2010 2011
141,066 200,123 152,572 133,389 193,087
322,254 299,414 335,272 330,481 329,071
426,683 656,631 523,529 586,256 650,631
434,839 528,465 494,120 553,016 601,866
653,908 767,527 977,261 988,793 1,009,855
564,218 543,336 748,013 853,564 900,384
57,260 28,175 79,348 67,002 130,401
12,073 44,095 19,094 16,902 18,323
2,736,001 2,268,787 3,599,917 4,555,288 4,097,551
5,348,302 5,336,553 6,929,126 8,084,691 7,931,169
2007 2008 2009 2010 2011

718,503 884,817 1,015,157 1,126,326 679,598
146,091 163,812 124,270 165,155 163,168
140,644 173,147 141,613 209,038 217,244
55,981 61,484 52,025 68,247 132,822
58,521 75,362 77,811 88,387 96,429
57,731 63,828 65,860 31,651 33,608
36,889 44,153 59,601 58,990 112,430
1,583 2,766 2,549 1,983 5,031
1,215,943 1,469,369 1,538,886 1,749,777 1,440,330
2,964 2,751 3,611 11,268 16,209
4,129,395 3,864,433 5,386,629 6,323,646 6,474,630
5,348,302 5,336,553 6,929,126 8,084,691 7,931,169
2007 2008 2009 2010 2011

3,449,517 4,009,727 4,588,366 4,458,858 5,057,383
-2,035,308 -2,384,094 -2,818,189 -2,587,908 -3,030,202
1,414,209 1,625,633 1,770,177 1,870,950 2,027,181
-165,507 -183,777 -218,875
-212,941 -250,061
-815,817 -975,970 -1,102,578
-1,103,652 -1,221,302
-121,613 -123,323
-981,324 -1,159,747 -1,321,453 -1,438,206 -1,594,686
432,885 465,886 448,724 432,744 432,495
11,386 11,580 9,537 8,084 7,592
-84,176 -88,738 -103,331 -79,867 -84,666
-17,533 -27,906 -1,787 -28,926 -3,636
-27,554 -96,678 -89,202 -23,551 -26,933
25,763 27,907 28,975 30,996 33,531
6,759 80,511 2,124 1,514 11,185
-85,355 -93,324 -153,684 -91,750 -62,927
347,530 372,562 295,040 340,994 369,568
-99,987 -73,232 -81,309 -76,993 -113,919
-230 -279 -457 -762 -2,138
247,313 299,051 213,274 263,239 253,511
528,754 569,823 551,034 538,165 568,131
2012 2013-1q 2013-1q % Variac.
291,812 51.1%
330,090 0.3%
681,860 4.8%
555,796 -7.7%
1,135,785 12.5%
1,025,441 13.9%
57,452 -55.9%
6,913 -62.3%
4,866,415 18.8%
8,951,564 12.9%
2012 % Variac.
690,354 1.6%
170,648 4.6%
259,622 19.5%
138,203 4.1%
109,969 14.0%
28,288 -15.8%
125,466 11.6%
3,762 -25.2%
1,526,312 6.0%
16,294 0.5%
7,408,958 14.4%
8,951,564 12.9%
% Ingresos 2012 % Ingresos

100.0% 5,305,782 100.0%
-59.9% -3,064,460 -57.8%
40.1% 2,241,322 42.2%
-4.9% -270,303 -5.1%
-24.1% -1,326,976 -25.0%
-2.4% -122,931 -2.3%
-31.5% -1,720,210 -32.4%
8.6% 521,112 9.8%
0.2% 12,296 0.2%
-1.7% -70,722 -1.3%
-0.1% 1,782 0.0%
-0.5% -13,536 -0.3%
0.7% 35,188 0.7%
0.2% 0 0.0%
-1.2% -34,992 -0.7%
7.3% 486,120 9.2%
-2.3% -138,457 -2.6%
0.0% -2,156 0.0%
5.0% 345,507 6.5%
11.23% 671,095 12.65%
% Variac.
4.9%
1.1%
10.6%
8.1%
8.7%
-0.3%
7.9%
20.5%
62.0%
-16.5%
-149.0%
-49.7%
4.9%
-100.0%
-44.4%
31.5%
21.5%
0.9%
36.3%
18.1%
A Diciembre 31
ACTIVO 2005 2006 2007

Inversiones 2,353,634 2,658,218 2,904,738
Deudores 5,093 21,107 10,187
Valorizaciones 1,356,015 1,347,305 1,324,771
Total Activo 3,744,102 4,028,640 4,241,740
PASIVO Y PATRIMONIO
Total Pasivo 43,329 63,235 73,581
PATRIMONIO 3,700,773 3,965,405 4,168,159

2005 2006 2007

Dividendos 11,795 16,684 11,678
UTILIDAD NETA 169,411 210,697 244,292
2008 2009 2010 2011 2012 % Variac. 2012-1q
382 191 225 94 75 -20.2% 109
3,041,332 3,601,952 2,716,228 3,554,895 3,748,345 5.4% 3,542,714
24,218 43,410 90,361 10,662 14,922 40.0% 57,620
50 0 0 0.0% 0
209 209 155 658 118 -82.1% 751
891,321 1,869,198 3,596,772 2,979,150 3,733,696 25.3% 2,984,131
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 14.5% 6,585,325
2011 2012 % Variac. 2012-1q

7,000 0 445 0 7 0.0% 0
71,267 111,498 70,420 59,466 65,082 9.4% 196,694
1,762 430 604 585 657 12.3% 884
940 650 947 872 481 -44.8% 789
0 0 0.0% 269
2,934 3,179 7,650 8,296 8,803 6.1% 35,612
83,903 115,757 80,066 69,219 75,030 8.4% 234,248
3,873,609 5,399,203 6,323,675 6,476,240 7,422,126 14.6% 6,351,077
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 14.5% 6,585,325
435,123,458 435,123,458 435,123,458 460,123,458 460,123,458 460,123,458
8,902.32 12,408.44 14,533.06 14,075.01 16,130.73 13,802.98
2008 2009 2010 2011 2012 % Variac. 2012-1q

268,897 212,895 239,836 223,644 312,990 40.0% 55,583
2,704 0 1,579 11,024 0 -100.0% 0
14,746 12,979 30,953 33,432 35,105 5.0% 8,296
13,179 10,094 13,131 7,221 8,379 16.0% 2,095
299,526 235,968 285,499 275,321 356,474 29.5% 65,974
-8,773 -8,740 -11,563 -9,004 -10,090 12.1% -8,176
290,753 227,228 273,936 266,317 346,384 30.1% 57,798
960 214 7,839 814 851 4.5% 652
-633 -1,741 -1,496 -11,022 -1,390 -87.4% -25
291,080 225,701 280,279 256,109 345,845 35.0% 58,425
-74 -205 -1,876 -127 -361 184.3% -8
291,006 225,496 278,403 255,982 345,484 35.0% 58,417
2013-1q % Variac.
183 67.9%
3,787,717 6.9%
53,661 -6.9%
0 0.0%
5,049 572.3%
3,775,560 26.5%
7,622,170 15.7%
2013-1q % Variac.
0 0.0%
221,819 12.8%
1,015 14.8%
482 -38.9%
2,432 804.1%
38,966 9.4%
264,714 13.0%
7,357,456 15.8%
7,622,170 15.7%
460,123,458
15,990.18
2013-1q % Variac.
77,093 38.7%
0 0.0%
8,803 6.1%
2,650 26.5%
88,546 34.2%
-8,331 1.9%
80,215 38.8%
61 -90.6%
-127 408.0%
80,149 37.2%
-2,289 28512.5%
77,860 33.3%
A Marzo 31 de 2013
ACTIVO 2005 2006 2007 2008 2009

Disponible e Inv. Temporales 121,469 147,021 141,066 200,123 152,572
Inversiones 328,742 323,226 322,254 299,414 335,272
Deudores 292,269 381,730 426,683 656,631 523,529
Inventarios 274,553 371,699 434,839 528,465 494,120
Propiedad, Planta y Equipo 456,824 561,031 653,908 767,527 977,261
Intangibles 63,266 621,440 564,218 543,336 748,013
Diferidos 12,635 23,420 57,260 28,175 79,348
Otros activos 3,714 11,893 12,073 44,095 19,094
Valorizaciones 2,468,685 2,591,441 2,736,001 2,268,787 3,599,917
Total Activo 4,022,157 5,032,901 5,348,302 5,336,553 6,929,126
PASIVO Y PATRIMONIO 2005 2006 2007 2008 2009

Obligaciones financieras 41,040 705,877 718,503 884,817 1,015,157
Proveedores 111,023 146,194 146,091 163,812 124,270
Cuentas por pagar 59,396 108,992 140,644 173,147 141,613
Impuestos, gravámenes y tasas 55,165 54,299 55,981 61,484 52,025
Obligaciones laborales 34,448 46,282 58,521 75,362 77,811
Pasivos estimados y provisiones 33,024 38,698 57,731 63,828 65,860
Diferidos 12,261 10,307 36,889 44,153 59,601
Otros 938 1,750 1,583 2,766 2,549
Total Pasivo 347,295 1,112,399 1,215,943 1,469,369 1,538,886
Minoritarios 2,519 2,618 2,964 2,751 3,611
PATRIMONIO 3,672,343 3,917,884 4,129,395 3,864,433 5,386,629
Total Pasivo y Patrimonio 4,022,157 5,032,901 5,348,302 5,336,553 6,929,126

De Enero 1 a Marzo 31 de 2013
2005 2006 2007 2008 2009
Total Ingresos Operacionales 2,297,199 2,872,015 3,449,517 4,009,727 4,588,366
Costo mercancía vendida -1,428,204 -1,760,636 -2,035,308 -2,384,094 -2,818,189
Utilidad Bruta 868,995 1,111,379 1,414,209 1,625,633 1,770,177
Gastos de administración -95,853 -127,200 -165,507 -183,777 -218,875
Gastos de venta -509,961 -684,105 -815,817 -975,970 -1,102,578
Total Gastos Operacionales -605,814 -811,305 -981,324 -1,159,747 -1,321,453
Utilidad Operativa 263,181 300,074 432,885 465,886 448,724
Ingresos financieros 14,213 13,821 11,386 11,580 9,537
Gastos financieros -25,197 -64,413 -84,176 -88,738 -103,331
Diferencia en cambio neta -24,458 -32,576 -17,533 -27,906 -1,787
Otros ingresos (egresos) netos -1,493 -70,809 -27,554 -96,678 -89,202
Dividendos de portafolio 22,218 29,348 25,763 27,907 28,975
Realización de inversiones 18,955 71,319 6,759 80,511 2,124
Post Operativos Netos 4,238 -53,310 -85,355 -93,324 -153,684
UAI e Interés minoritario 267,419 246,764 347,530 372,562 295,040
Impuesto de renta -84,076 -70,246 -99,987 -73,232 -81,309
Interés minoritario -23 17 -230 -279 -457
UTILIDAD NETA 183,320 176,535 247,313 299,051 213,274
EBITDA CONSOLIDADO 317,502 382,594 528,754 569,823 551,034

2010 2011 2012 % Variac. 2012-1q 2013-1q % Variac.
133,389 193,087 291,812 51.1% 177,321 268,522 51.4%
330,481 329,071 330,090 0.3% 329,162 356,520 8.3%
586,256 650,631 681,860 4.8% 598,382 721,224 20.5%
553,016 601,866 555,796 -7.7% 618,213 565,079 -8.6%
988,793 1,009,855 1,135,785 12.5% 1,001,592 1,130,203 12.8%
853,564 900,384 1,025,441 13.9% 874,473 1,030,021 17.8%
67,002 130,401 57,452 -55.9% 130,230 53,810 -58.7%
16,902 18,323 6,913 -62.3% 3,829 6,387 66.8%
4,555,288 4,097,551 4,866,415 18.8% 4,110,159 4,924,714 19.8%
8,084,691 7,931,169 8,951,564 12.9% 7,843,361 9,056,480 15.5%
2010 2011 2012 % Variac. 2012-1q 2013-1q % Variac.

1,126,326 679,598 690,354 1.6% 642,131 698,237 8.7%
165,155 163,168 170,648 4.6% 136,657 166,315 21.7%
209,038 217,244 259,622 19.5% 293,302 349,442 19.1%
68,247 132,822 138,203 4.1% 99,542 103,109 3.6%
88,387 96,429 109,969 14.0% 55,807 67,660 21.2%
31,651 33,608 28,288 -15.8% 120,700 156,784 29.9%
58,990 112,430 125,466 11.6% 124,973 160,397 28.3%
1,983 5,031 3,762 -25.2% 2,698 4,320 60.1%
1,749,777 1,440,330 1,526,312 6.0% 1,475,810 1,706,264 15.6%
11,268 16,209 16,294 0.5% 15,020 5,700 -62.1%
6,323,646 6,474,630 7,408,958 14.4% 6,352,531 7,344,516 15.6%
8,084,691 7,931,169 8,951,564 12.9% 7,843,361 9,056,480 15.5%
2010 2011 % Ingresos 2012 % Ingresos % Variac. 2012-1q % Ingresos

4,458,858 5,057,383 100.0% 5,305,782 100.0% 4.9% 1,237,546 100.0%
-2,587,908 -3,030,202 -59.9% -3,064,460 -57.8% 1.1% -724,520 -58.5%
1,870,950 2,027,181 40.1% 2,241,322 42.2% 10.6% 513,026 41.5%
-212,941 -250,061 -4.9% -270,303 -5.1% 8.1% -59,529 -4.8%
-1,103,652 -1,221,302 -24.1% -1,326,976 -25.0% 8.7% -305,689 -24.7%
-121,613 -123,323 -2.4% -122,931 -2.3% -0.3% -33,091 -2.7%
-1,438,206 -1,594,686 -31.5% -1,720,210 -32.4% 7.9% -398,309 -32.2%
432,744 432,495 8.6% 521,112 9.8% 20.5% 114,717 9.3%
8,084 7,592 0.2% 12,296 0.2% 62.0% 2,281 0.2%
-79,867 -84,666 -1.7% -70,722 -1.3% -16.5% -18,188 -1.5%
-28,926 -3,636 -0.1% 1,782 0.0% -149.0% -1,259 -0.1%
-23,551 -26,933 -0.5% -13,536 -0.3% -49.7% -5,552 -0.4%
30,996 33,531 0.7% 35,188 0.7% 4.9% 8,296 0.7%
1,514 11,185 0.2% 0 0.0% -100.0% -1 0.0%
-91,750 -62,927 -1.2% -34,992 -0.7% -44.4% -14,423 -1.2%
340,994 369,568 7.3% 486,120 9.2% 31.5% 100,294 8.1%
-76,993 -113,919 -2.3% -138,457 -2.6% 21.5% -39,773 -3.2%
-762 -2,138 0.0% -2,156 0.0% 0.9% -917 -0.1%
263,239 253,511 5.0% 345,507 6.5% 36.3% 59,604 4.8%
538,165 568,131 11.23% 671,095 12.65% 18.1% 150,246 12.14%
2013-1q % Ingresos % Variac.
1,242,052 100.0% 0.4%
-682,801 -55.0% -5.8%
559,251 45.0% 9.0%
-64,873 -5.2% 9.0%
-325,559 -26.2% 6.5%
-27,738 -2.2% -16.2%
-418,170 -33.7% 5.0%
141,081 11.4% 23.0%
2,375 0.2% 4.1%
-16,818 -1.4% -7.5%
-1,758 -0.1% 39.6%
-7,981 -0.6% 43.8%
8,803 0.7% 6.1%
0 0.0% -100.0%
-15,379 -1.2% 6.6%
125,702 10.1% 25.3%
-46,692 -3.8% 17.4%
276 0.0% -130.1%
79,286 6.4% 33.0%
179,705 14.47% 19.6%
A Junio 30
ACTIVO 2005 2006 2007

Inversiones 2,353,634 2,658,218 2,904,738
Deudores 5,093 21,107 10,187
Valorizaciones 1,356,015 1,347,305 1,324,771
Total Activo 3,744,102 4,028,640 4,241,740
PASIVO Y PATRIMONIO
Total Pasivo 43,329 63,235 73,581
PATRIMONIO 3,700,773 3,965,405 4,168,159

De Enero 1 a junio 30 de 2013
2005 2006 2007

Utilidad (perdida )en realización de inversiones 17,762 56,828 2,685
Dividendos 11,795 16,684 11,678
UTILIDAD NETA 169,411 210,697 244,292
2008 2009 2010 2011 2012 2012 2013
382 191 225 94 75 209 54
3,041,332 3,601,952 2,716,228 3,554,895 3,748,345 3,600,105 3,874,040
24,218 43,410 90,361 10,662 14,922 31,083 38,038
50 0 0 0 0
209 209 155 658 118 686 4,843
891,321 1,869,198 3,596,772 2,979,150 3,733,696 2,941,364 3,555,923
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 6,573,447 7,472,898
2011 2012 2012-2q 2013-2q

7,000 0 445 0 7 0 0
71,267 111,498 70,420 59,466 65,082 145,568 174,106
1,762 430 604 585 657 1,442 1,200
940 650 947 872 481 182 112
0 0 524 1,718
2,934 3,179 7,650 8,296 8,803 26,456 30,384
83,903 115,757 80,066 69,219 75,030 174,172 207,520
3,873,609 5,399,203 6,323,675 6,476,240 7,422,126 6,399,275 7,265,378
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 6,573,447 7,472,898
435,123,458 435,123,458 435,123,458 460,123,458 460,123,458 460,123,458 460,123,458
8,902.32 12,408.44 14,533.06 14,075.01 16,130.73 13,907.73 15,790.06
2008 2009 2010 2011 2012 2012-1q 2013-1q

268,897 212,895 239,836 223,644 312,990 55,583 77,093
2,704 0 1,579 11,024 0 0 0
14,746 12,979 30,953 33,432 35,105 8,296 8,803
13,179 10,094 13,131 7,221 8,379 2,095 2,650
299,526 235,968 285,499 275,321 356,474 65,974 88,546
-8,773 -8,740 -11,563 -9,004 -10,090 -8,176 -8,331
290,753 227,228 273,936 266,317 346,384 57,798 80,215
960 214 7,839 814 851 652 61
-633 -1,741 -1,496 -11,022 -1,390 -25 -127
291,080 225,701 280,279 256,109 345,845 58,425 80,149
-74 -205 -1,876 -127 -361 -8 -2,289
291,006 225,496 278,403 255,982 345,484 58,417 77,860
% Variac.
-74.2%
7.6%
22.4%
0.0%
606.0%
20.9%
13.7%
% Variac.
0.0%
19.6%
-16.8%
-38.5%
227.9%
14.8%
19.1%
13.5%
13.7%
2012-2q 2013-2q % Variac. 2012 Acum 2013 Acum % Variac.

74,519 88,356 18.6% 130,102 165,449 27.2%
0 -176 0.0% 0 -176 0.0%
9,204 9,861 7.1% 17,500 18,664 6.7%
2,094 2,920 39.4% 4,189 5,570 33.0%
85,817 100,961 17.6% 151,791 189,507 24.8%
3,348 1,646 -50.8% -4,828 -6,685 38.5%
89,165 102,607 15.1% 146,963 182,822 24.4%
91 51 -44.2% 743 112 -84.9%
-575 -2,839 394.2% -600 -2,966 394.3%
88,682 99,819 12.6% 147,106 179,968 22.3%
-10 911 -9064.8% -18 -1,378 7555.6%
88,672 100,730 13.6% 147,088 178,590 21.4%
A Junio 30 de 2013
ACTIVO 2005 2006 2007 2008 2009

Inversiones 328,742 323,226 322,254 299,414 335,272
Deudores 292,269 381,730 426,683 656,631 523,529
Inventarios 274,553 371,699 434,839 528,465 494,120
Intangibles 63,266 621,440 564,218 543,336 748,013
Diferidos 12,635 23,420 57,260 28,175 79,348
Otros activos 3,714 11,893 12,073 44,095 19,094
Valorizaciones 2,468,685 2,591,441 2,736,001 2,268,787 3,599,917
Total Activo 4,022,157 5,032,901 5,348,302 5,336,553 6,929,126

Proveedores 111,023 146,194 146,091 163,812 124,270
Diferidos 12,261 10,307 36,889 44,153 59,601
Otros 938 1,750 1,583 2,766 2,549
Total Pasivo 347,295 1,112,399 1,215,943 1,469,369 1,538,886
Minoritarios 2,519 2,618 2,964 2,751 3,611
PATRIMONIO 3,672,343 3,917,884 4,129,395 3,864,433 5,386,629

De Enero 1 a Junio 30 de 2013
2005 2006 2007 2008 2009
Utilidad Bruta 868,995 1,111,379 1,414,209 1,625,633 1,770,177
Gastos de venta -509,961 -684,105 -815,817 -975,970 -1,102,578
UTILIDAD NETA 183,320 176,535 247,313 299,051 213,274

2010 2011 2012 2012 2013 % Variac.
133,389 193,087 291,812 289,563 313,031 8.1%
330,481 329,071 330,090 329,212 357,100 8.5%
586,256 650,631 681,860 604,733 709,725 17.4%
553,016 601,866 555,796 607,704 629,949 3.7%
988,793 1,009,855 1,135,785 1,049,217 1,171,045 11.6%
853,564 900,384 1,025,441 874,918 1,027,805 17.5%
67,002 130,401 57,452 126,372 56,987 -54.9%
16,902 18,323 6,913 4,313 6,728 56.0%
4,555,288 4,097,551 4,866,415 4,015,093 4,679,552 16.5%
8,084,691 7,931,169 8,951,564 7,901,125 8,951,922 13.3%
2010 2011 2012 2012 2013 % Variac.

1,126,326 679,598 690,354 638,431 682,715 6.9%
165,155 163,168 170,648 144,053 170,685 18.5%
209,038 217,244 259,622 263,965 300,091 13.7%
68,247 132,822 138,203 110,220 97,757 -11.3%
88,387 96,429 109,969 44,736 56,009 25.2%
31,651 33,608 28,288 179,052 237,495 32.6%
58,990 112,430 125,466 101,892 149,022 46.3%
1,983 5,031 3,762 2,803 2,354 -16.0%
1,749,777 1,440,330 1,526,312 1,485,152 1,696,128 14.2%
11,268 16,209 16,294 15,516 3,799 -75.5%
6,323,646 6,474,630 7,408,958 6,400,457 7,251,995 13.3%
8,084,691 7,931,169 8,951,564 7,901,125 8,951,922 13.3%
2010 2011 2012 2012-1q 2013-1q 2012-2q % Ingresos 2013-2q

4,458,858 5,057,383 5,305,782 1,237,546 1,242,052 1,265,469 100.0% 1,370,524
-2,587,908 -3,030,202 -3,064,460 -724,520 -682,801 -728,867 -57.6% -750,580
1,870,950 2,027,181 2,241,322 513,026 559,251 536,602 42.4% 619,944
-212,941 -250,061 -270,303 -59,529 -64,873 -62,802 -5.0% -73,939
-1,103,652 -1,221,302 -1,326,976 -305,689 -325,559 -310,054 -24.5% -355,546
-121,613 -123,323 -122,931 -33,091 -27,738 -37,645 -3.0% -33,697
-1,438,206 -1,594,686 -1,720,210 -398,309 -418,170 -410,501 -32.4% -463,182
432,744 432,495 521,112 114,717 141,081 126,101 10.0% 156,762
8,084 7,592 12,296 2,281 2,375 2,318 0.2% 2,770
-79,867 -84,666 -70,722 -18,188 -16,818 -17,611 -1.4% -17,303
-28,926 -3,636 1,782 -1,259 -1,758 13,430 1.1% 4,040
-23,551 -26,933 -13,536 -5,552 -7,981 -7,455 -0.6% -15,076
30,996 33,531 35,188 8,296 8,803 9,263 0.7% 9,924
1,514 11,185 0 -1 0 36 0.0% 107
-91,750 -62,927 -34,992 -14,423 -15,379 -19 0.0% -15,538
340,994 369,568 486,120 100,294 125,702 126,082 10.0% 141,224
-76,993 -113,919 -138,457 -39,773 -46,692 -37,735 -3.0% -44,055
-762 -2,138 -2,156 -917 276 -863 -0.1% -50
263,239 253,511 345,507 59,604 79,286 87,484 6.9% 97,119
538,165 568,131 671,095 150,246 179,705 161,808 12.79% 196,119
% Ingresos % Variac. 2012-Acum % Ingresos 2013-Acum % Ingresos % Variac.
100.0% 8.3% 2,503,015 100.0% 2,612,576 100.0% 4.4%
-54.8% 3.0% -1,453,387 -58.1% -1,433,381 -54.9% -1.4%
45.2% 15.5% 1,049,628 41.9% 1,179,195 45.1% 12.3%
-5.4% 17.7% -122,331 -4.9% -138,812 -5.3% 13.5%
-25.9% 14.7% -615,743 -24.6% -681,105 -26.1% 10.6%
-2.5% -10.5% -70,736 -2.8% -61,435 -2.4% -13.1%
-33.8% 12.8% -808,810 -32.3% -881,352 -33.7% 9.0%
11.4% 24.3% 240,818 9.6% 297,843 11.4% 23.7%
0.2% 19.5% 4,599 0.2% 5,145 0.2% 11.9%
-1.3% -1.7% -35,799 -1.4% -34,121 -1.3% -4.7%
0.3% -69.9% 12,171 0.5% 2,282 0.1% -81.3%
-1.1% 102.2% -13,007 -0.5% -23,057 -0.9% 77.3%
0.7% 7.1% 17,559 0.7% 18,727 0.7% 6.7%
0.0% 197.2% 35 0.0% 107 0.0% 205.7%
-1.1% 81678.9% -14,442 -0.6% -30,917 -1.2% 114.1%
10.3% 12.0% 226,376 9.0% 266,926 10.2% 17.9%
-3.2% 16.7% -77,508 -3.1% -90,747 -3.5% 17.1%
0.0% -94.2% -1,780 -0.1% 226 0.0% -112.7%
7.1% 11.0% 147,088 5.9% 176,405 6.8% 19.9%
14.31% 21.2% 312,054 12.5% 375,824 14.4% 20.4%
A Septiembre 30
ACTIVO 2005 2006 2007

Inversiones 2,353,634 2,658,218 2,904,738
Deudores 5,093 21,107 10,187
Intangibles, diferidos y otros activos 23,371 1,095 209
Valorizaciones 1,356,015 1,347,305 1,324,771
Total Activo 3,744,102 4,028,640 4,241,740
PASIVO Y PATRIMONIO
Total Pasivo 43,329 63,235 73,581
PATRIMONIO 3,700,773 3,965,405 4,168,159

De Enero 1 a septiembre 30 de 2013
2005 2006 2007

Dividendos 11,795 16,684 11,678
UTILIDAD NETA 169,411 210,697 244,292
2008 2009 2010 2011 2012 2012 2013
382 191 225 94 75 165 186
3,041,332 3,601,952 2,716,228 3,554,895 3,748,345 3,658,770 3,944,362
24,218 43,410 90,361 10,662 14,922 25,595 27,401
50 0 0 0 0
209 209 155 658 118 583 4,751
891,321 1,869,198 3,596,772 2,979,150 3,733,696 3,185,128 3,866,241
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 6,870,241 7,842,941
2011 2012 2012 2013

7,000 0 445 0 7 0 0
71,267 111,498 70,420 59,466 65,082 108,672 119,625
1,762 430 604 585 657 1,472 1,901
940 650 947 872 481 182 112
0 0 742 2,369
2,934 3,179 7,650 8,296 8,803 17,654 19,244
83,903 115,757 80,066 69,219 75,030 128,722 143,251
3,873,609 5,399,203 6,323,675 6,476,240 7,422,126 6,741,519 7,699,690
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 6,870,241 7,842,941
435,123,458 435,123,458 435,123,458 460,123,458 460,123,458 460,123,458 460,123,458
8,902.32 12,408.44 14,533.06 14,075.01 16,130.73 14,651.54 16,733.97
2008 2009 2010 2011 2012 2012-1q 2013-1q

268,897 212,895 239,836 223,644 312,990 55,583 77,093
2,704 0 1,579 11,024 0 0 0
14,746 12,979 30,953 33,432 35,105 8,296 8,803
13,179 10,094 13,131 7,221 8,379 2,095 2,650
299,526 235,968 285,499 275,321 356,474 65,974 88,546
-8,773 -8,740 -11,563 -9,004 -10,090 -8,176 -8,331
290,753 227,228 273,936 266,317 346,384 57,798 80,215
960 214 7,839 814 851 652 61
-633 -1,741 -1,496 -11,022 -1,390 -25 -127
291,080 225,701 280,279 256,109 345,845 58,425 80,149
-74 -205 -1,876 -127 -361 -8 -2,289
291,006 225,496 278,403 255,982 345,484 58,417 77,860
% Variac.
12.7%
7.8%
7.1%
0.0%
714.9%
21.4%
14.2%
% Variac.
0.0%
10.1%
29.1%
-38.5%
219.3%
9.0%
11.3%
14.2%
14.2%
2012-2q 2013-2q 2012-3q 2013-3q % Variac. 2012 Acum 2013 Acum

74,519 88,356 88,047 91,080 3.4% 218,149 256,529
0 -176 0 0 0.0% 0 -176
9,204 9,861 8,803 11,140 26.5% 26,303 29,804
2,094 2,920 2,094 3,537 68.9% 6,283 9,107
85,817 100,961 98,944 105,757 6.9% 250,735 295,264
3,348 1,646 -2,647 -3,043 15.0% -7,475 -9,728
89,165 102,607 96,297 102,714 6.7% 243,260 285,536
91 51 27 130 381.5% 770 242
-575 -2,839 -707 -18 -97.5% -1,307 -2,984
88,682 99,819 95,617 102,826 7.5% 242,724 282,794
-10 911 -261 -496 90.0% -279 -1,874
88,672 100,730 95,356 102,330 7.3% 242,445 280,920
% Variac.
17.6%
0.0%
13.3%
44.9%
17.8%
30.1%
17.4%
-68.6%
128.4%
16.5%
571.3%
15.9%
A Septiembre 30 de 2013
ACTIVO 2005 2006 2007 2008 2009

Inversiones 328,742 323,226 322,254 299,414 335,272
Deudores 292,269 381,730 426,683 656,631 523,529
Inventarios 274,553 371,699 434,839 528,465 494,120
Intangibles 63,266 621,440 564,218 543,336 748,013
Diferidos 12,635 23,420 57,260 28,175 79,348
Otros activos 3,714 11,893 12,073 44,095 19,094
Valorizaciones 2,468,685 2,591,441 2,736,001 2,268,787 3,599,917
Total Activo 4,022,157 5,032,901 5,348,302 5,336,553 6,929,126

Proveedores 111,023 146,194 146,091 163,812 124,270
Diferidos 12,261 10,307 36,889 44,153 59,601
Otros 938 1,750 1,583 2,766 2,549
Total Pasivo 347,295 1,112,399 1,215,943 1,469,369 1,538,886
Minoritarios 2,519 2,618 2,964 2,751 3,611
PATRIMONIO 3,672,343 3,917,884 4,129,395 3,864,433 5,386,629

2005 2006 2007 2008 2009
Utilidad Bruta 868,995 1,111,379 1,414,209 1,625,633 1,770,177
Gastos de venta -509,961 -684,105 -815,817 -975,970 -1,102,578
UTILIDAD NETA 183,320 176,535 247,313 299,051 213,274

2010 2011 2012 2012 2013 % Variac.
133,389 193,087 291,812 331,810 345,435 4.1%
330,481 329,071 330,090 329,454 357,305 8.5%
586,256 650,631 681,860 694,158 931,013 34.1%
553,016 601,866 555,796 595,515 751,151 26.1%
988,793 1,009,855 1,135,785 1,076,293 1,379,531 28.2%
853,564 900,384 1,025,441 871,879 2,118,695 143.0%
67,002 130,401 57,452 113,035 103,310 -8.6%
16,902 18,323 6,913 4,678 14,047 200.3%
4,555,288 4,097,551 4,866,415 4,259,574 4,989,555 17.1%
8,084,691 7,931,169 8,951,564 8,276,396 10,990,042 32.8%
2010 2011 2012 2012 2013 % Variac.

1,126,326 679,598 690,354 632,454 2,021,108 219.6%
165,155 163,168 170,648 158,167 206,620 30.6%
209,038 217,244 259,622 234,700 358,785 52.9%
68,247 132,822 138,203 86,817 69,570 -19.9%
88,387 96,429 109,969 45,855 56,114 22.4%
31,651 33,608 28,288 252,760 384,377 52.1%
58,990 112,430 125,466 119,193 162,220 36.1%
1,983 5,031 3,762 6,607 22,494 240.5%
1,749,777 1,440,330 1,526,312 1,536,553 3,281,288 113.5%
11,268 16,209 16,294 15,731 20,353 29.4%
6,323,646 6,474,630 7,408,958 6,724,112 7,688,401 14.3%
8,084,691 7,931,169 8,951,564 8,276,396 10,990,042 32.8%
2010 2011 2012 2012-1q 2013-1q 2012-2q 2013-2q 2012-3q

4,458,858 5,057,383 5,305,782 1,237,546 1,242,052 1,265,469 1,370,524 1,329,904
-2,587,908 -3,030,202 -3,064,460 -724,520 -682,801 -728,867 -750,580 -749,719
1,870,950 2,027,181 2,241,322 513,026 559,251 536,602 619,944 580,185
-212,941 -250,061 -270,303 -59,529 -64,873 -62,802 -73,939 -70,895
-1,103,652 -1,221,302 -1,326,976 -305,689 -325,559 -310,054 -355,546 -335,753
-121,613 -123,323 -122,931 -33,091 -27,738 -37,645 -33,697 -33,984
-1,438,206 -1,594,686 -1,720,210 -398,309 -418,170 -410,501 -463,182 -440,632
432,744 432,495 521,112 114,717 141,081 126,101 156,762 139,553
8,084 7,592 12,296 2,281 2,375 2,318 2,770 3,549
-79,867 -84,666 -70,722 -18,188 -16,818 -17,611 -17,303 -17,493
-28,926 -3,636 1,782 -1,259 -1,758 13,430 4,040 -3,185
-23,551 -26,933 -13,536 -5,552 -7,981 -7,455 -15,076 2,332
30,996 33,531 35,188 8,296 8,803 9,263 9,924 8,787
1,514 11,185 0 -1 0 36 107 0
-91,750 -62,927 -34,992 -14,423 -15,379 -19 -15,538 -6,010
340,994 369,568 486,120 100,294 125,702 126,082 141,224 133,543
-76,993 -113,919 -138,457 -39,773 -46,692 -37,735 -44,055 -39,317
-762 -2,138 -2,156 -917 276 -863 -50 -209
263,239 253,511 345,507 59,604 79,286 87,484 97,119 94,017
538,165 568,131 671,095 150,246 179,705 161,808 196,119 176,006
% Ingresos 2013-3q % Ingresos % Variac. 2012-Acum % Ingresos 2013-Acum % Ingresos
100.0% 1,488,896 100.0% 12.0% 3,832,919 100.0% 4,101,472 100.0%
-56.4% -823,869 -55.3% 9.9% -2,203,106 -57.5% -2,257,250 -55.0%
43.6% 665,027 44.7% 14.6% 1,629,813 42.5% 1,844,222 45.0%
-5.3% -103,428 -6.9% 45.9% -193,226 -5.0% -242,240 -5.9%
-25.2% -375,490 -25.2% 11.8% -951,496 -24.8% -1,056,595 -25.8%
-2.6% -32,082 -2.2% -5.6% -104,720 -2.7% -93,517 -2.3%
-33.1% -511,000 -34.3% 16.0% -1,249,442 -32.6% -1,392,352 -33.9%
10.5% 154,027 10.3% 10.4% 380,371 9.9% 451,870 11.0%
0.3% 3,066 0.2% -13.6% 8,148 0.2% 8,211 0.2%
-1.3% -27,265 -1.8% 55.9% -53,292 -1.4% -61,386 -1.5%
-0.2% 10,554 0.7% -431.4% 8,986 0.2% 12,836 0.3%
0.2% -2,563 -0.2% -209.9% -10,675 -0.3% -25,620 -0.6%
0.7% 11,140 0.7% 26.8% 26,346 0.7% 29,867 0.7%
0.0% 0 0.0% 0.0% 35 0.0% 107 0.0%
-0.5% -5,068 -0.3% -15.7% -20,452 -0.5% -35,985 -0.9%
10.0% 148,959 10.0% 11.5% 359,919 9.4% 415,885 10.1%
-3.0% -44,910 -3.0% 14.2% -116,825 -3.0% -135,657 -3.3%
0.0% -299 0.0% 43.1% -1,989 -0.1% -73 0.0%
7.1% 103,750 7.0% 10.4% 241,105 6.3% 280,155 6.8%
13.23% 199,330 13.39% 13.25% 488,060 12.7% 575,154 14.0%
% Variac.
7.0%
2.5%
13.2%
25.4%
11.0%
-10.7%
11.4%
18.8%
0.8%
15.2%
42.8%
140.0%
13.4%
N.C
75.9%
15.5%
16.1%
-96.3%
16.2%
17.8%
A Diciembre 31
ACTIVO 2005 2006 2007

Inversiones 2,353,634 2,658,218 2,904,738
Deudores 5,093 21,107 10,187
Intangibles, diferidos y otros activos 23,371 1,095 209
Valorizaciones 1,356,015 1,347,305 1,324,771
Total Activo 3,744,102 4,028,640 4,241,740
PASIVO Y PATRIMONIO
Total Pasivo 43,329 63,235 73,581
PATRIMONIO 3,700,773 3,965,405 4,168,159

De Enero 1 a diciembre 31 de 2013
2005 2006 2007

Dividendos 11,795 16,684 11,678
UTILIDAD NETA 169,411 210,697 244,292
2008 2009 2010 2011 2012 2012 2013
382 191 225 94 75 74 58
3,041,332 3,601,952 2,716,228 3,554,895 3,748,345 3,748,346 4,126,523
24,218 43,410 90,361 10,662 14,922 14,922 18,191
50 0 0 0 0
209 209 155 658 118 118 4,612
891,321 1,869,198 3,596,772 2,979,150 3,733,696 3,733,696 3,357,714
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 7,497,156 7,507,098
2011 2012 2012 2013

7,000 0 445 0 7 7 0
71,267 111,498 70,420 59,466 65,082 65,083 70,701
1,762 430 604 585 657 657 2,299
940 650 947 872 481 481 932
0 0 0 0
2,934 3,179 7,650 8,296 8,803 8,803 9,622
83,903 115,757 80,066 69,219 75,030 75,031 83,554
3,873,609 5,399,203 6,323,675 6,476,240 7,422,126 7,422,125 7,423,544
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 7,497,156 7,507,098
435,123,458 435,123,458 435,123,458 460,123,458 460,123,458 460,123,458 460,123,458
8,902.32 12,408.44 14,533.06 14,075.01 16,130.73 16,130.73 16,133.81
2008 2009 2010 2011 2012 2012-1q 2013-1q

268,897 212,895 239,836 223,644 312,990 55,583 77,093
2,704 0 1,579 11,024 0 0 0
14,746 12,979 30,953 33,432 35,105 8,296 8,803
13,179 10,094 13,131 7,221 8,379 2,095 2,650
299,526 235,968 285,499 275,321 356,474 65,974 88,546
-8,773 -8,740 -11,563 -9,004 -10,090 -8,176 -8,331
290,753 227,228 273,936 266,317 346,384 57,798 80,215
960 214 7,839 814 851 652 61
-633 -1,741 -1,496 -11,022 -1,390 -25 -127
291,080 225,701 280,279 256,109 345,845 58,425 80,149
-74 -205 -1,876 -127 -361 -8 -2,289
291,006 225,496 278,403 255,982 345,484 58,417 77,860
% Variac.
-21.6%
10.1%
21.9%
0.0%
N.C
-10.1%
0.1%
% Variac.
-100.0%
8.6%
249.9%
93.8%
0.0%
9.3%
11.4%
0.0%
0.1%
2012-2q 2013-2q 2012-3q 2013-3q 2012-4q 2013-4q

74,519 88,356 88,047 91,080 94,841 88,410
0 -176 0 0 0 0
9,204 9,861 8,803 11,140 8,802 9,622
2,094 2,920 2,094 3,537 2,096 5,358
85,817 100,961 98,944 105,757 105,739 103,390
3,348 1,646 -2,647 -3,043 -2,615 -3,823
89,165 102,607 96,297 102,714 103,124 99,567
91 51 27 130 81 -39
-575 -2,839 -707 -18 -83 10
88,682 99,819 95,617 102,826 103,121 99,538
-10 911 -261 -496 -82 -562
88,672 100,730 95,356 102,330 103,039 98,976
% Variac. 2012 Acum 2013 Acum % Variac.
-6.8% 312,990 344,939 10.2%
0.0% 0 -176 0.0%
9.3% 35,105 39,426 12.3%
155.6% 8,379 14,465 72.6%
-2.2% 356,474 398,654 11.8%
46.2% -10,090 -13,551 34.3%
-3.4% 346,384 385,103 11.2%
-148.4% 851 203 -76.1%
-112.0% -1,390 -2,974 114.0%
-3.5% 345,845 382,332 10.6%
586.7% -361 -2,436 574.8%
-3.9% 345,484 379,896 10.0%
ACTIVO 2005 2006 2007 2008 2009

Inversiones 328,742 323,226 322,254 299,414 335,272
Deudores 292,269 381,730 426,683 656,631 523,529
Inventarios 274,553 371,699 434,839 528,465 494,120
Intangibles 63,266 621,440 564,218 543,336 748,013
Diferidos 12,635 23,420 57,260 28,175 79,348
Otros activos 3,714 11,893 12,073 44,095 19,094
Valorizaciones 2,468,685 2,591,441 2,736,001 2,268,787 3,599,917
Total Activo 4,022,157 5,032,901 5,348,302 5,336,553 6,929,126

Proveedores 111,023 146,194 146,091 163,812 124,270
Diferidos 12,261 10,307 36,889 44,153 59,601
Otros 938 1,750 1,583 2,766 2,549
Total Pasivo 347,295 1,112,399 1,215,943 1,469,369 1,538,886
Minoritarios 2,519 2,618 2,964 2,751 3,611
PATRIMONIO 3,672,343 3,917,884 4,129,395 3,864,433 5,386,629

2005 2006 2007 2008 2009
Utilidad Bruta 868,995 1,111,379 1,414,209 1,625,633 1,770,177
Gastos de venta -509,961 -684,105 -815,817 -975,970 -1,102,578
UTILIDAD NETA 183,320 176,535 247,313 299,051 213,274

2010 2011 2012 2012 2013 % Variac.
133,389 193,087 291,812 291,812 415,478 42.4%
330,481 329,071 330,090 330,090 357,830 8.4%
586,256 650,631 681,860 681,860 857,299 25.7%
553,016 601,866 555,796 555,795 725,323 30.5%
988,793 1,009,855 1,135,785 1,135,785 1,456,074 28.2%
853,564 900,384 1,025,441 1,025,441 2,038,332 98.8%
67,002 130,401 57,452 57,452 101,223 76.2%
16,902 18,323 6,913 6,913 16,502 138.7%
4,555,288 4,097,551 4,866,415 4,866,415 4,612,437 -5.2%
8,084,691 7,931,169 8,951,564 8,951,563 10,580,498 18.2%
2010 2011 2012 2012 2013 % Variac.

1,126,326 679,598 690,354 690,354 1,996,737 189.2%
165,155 163,168 170,648 170,648 299,136 75.3%
209,038 217,244 259,622 259,623 339,737 30.9%
68,247 132,822 138,203 138,203 159,523 15.4%
88,387 96,429 109,969 109,969 138,378 25.8%
31,651 33,608 28,288 28,288 54,184 91.5%
58,990 112,430 125,466 125,466 159,573 27.2%
1,983 5,031 3,762 3,761 3,159 -16.0%
1,749,777 1,440,330 1,526,312 1,526,312 3,150,427 106.4%
11,268 16,209 16,294 16,294 19,208 17.9%
6,323,646 6,474,630 7,408,958 7,408,957 7,410,863 0.0%
8,084,691 7,931,169 8,951,564 8,951,563 10,580,498 18.2%
2010 2011 2012 2012-1q 2013-1q 2012-2q 2013-2q 2012-3q

4,458,858 5,057,383 5,305,782 1,237,546 1,242,052 1,265,469 1,370,524 1,329,904
-2,587,908 -3,030,202 -3,064,460 -724,520 -682,801 -728,867 -750,580 -749,719
1,870,950 2,027,181 2,241,322 513,026 559,251 536,602 619,944 580,185
-212,941 -250,061 -270,303 -59,529 -64,873 -62,802 -73,939 -70,895
-1,103,652 -1,221,302 -1,326,976 -305,689 -325,559 -310,054 -355,546 -335,753
-121,613 -123,323 -122,931 -33,091 -27,738 -37,645 -33,697 -33,984
-1,438,206 -1,594,686 -1,720,210 -398,309 -418,170 -410,501 -463,182 -440,632
432,744 432,495 521,112 114,717 141,081 126,101 156,762 139,553
8,084 7,592 12,296 2,281 2,375 2,318 2,770 3,549
-79,867 -84,666 -70,722 -18,188 -16,818 -17,611 -17,303 -17,493
-28,926 -3,636 1,782 -1,259 -1,758 13,430 4,040 -3,185
-23,551 -26,933 -13,536 -5,552 -7,981 -7,455 -15,076 2,332
30,996 33,531 35,188 8,296 8,803 9,263 9,924 8,787
1,514 11,185 0 -1 0 36 107 0
-91,750 -62,927 -34,992 -14,423 -15,379 -19 -15,538 -6,010
340,994 369,568 486,120 100,294 125,702 126,082 141,224 133,543
-76,993 -113,919 -138,457 -39,773 -46,692 -37,735 -44,055 -39,317
-762 -2,138 -2,156 -917 276 -863 -50 -209
263,239 253,511 345,507 59,604 79,286 87,484 97,119 94,017
538,165 568,131 671,095 150,246 179,705 161,808 196,119 176,006
2012-4q % Ingresos 2013-4q % Ingresos % Variac. 2012-Acum % Ingresos 2013-Acum
1,472,863 100.0% 1,796,994 100.0% 22.0% 5,305,782 100.0% 5,898,466
-861,354 -58.5% -1,003,718 -55.9% 16.5% -3,064,460 -57.8% -3,260,968
611,509 41.5% 793,276 44.1% 29.7% 2,241,322 42.2% 2,637,498
-77,077 -5.2% -105,338 -5.9% 36.7% -270,303 -5.1% -347,578
-375,480 -25.5% -448,571 -25.0% 19.5% -1,326,976 -25.0% -1,505,166
-18,211 -1.2% -41,010 -2.3% 125.2% -122,931 -2.3% -134,527
-470,768 -32.0% -594,919 -33.1% 26.4% -1,720,210 -32.4% -1,987,271
140,741 9.6% 198,357 11.0% 40.9% 521,112 9.8% 650,227
4,148 0.3% 3,996 0.2% -3.7% 12,296 0.2% 12,207
-17,430 -1.2% -39,725 -2.2% 127.9% -70,722 -1.3% -101,111
-7,204 -0.5% -4,104 -0.2% -43.0% 1,782 0.0% 8,732
-2,858 -0.2% -28,914 -1.6% 911.7% -13,533 -0.3% -54,534
8,842 0.6% 9,643 0.5% 9.1% 35,188 0.7% 39,510
-37 0.0% 0 0.0% -100.0% -2 0.0% 107
-14,539 -1.0% -59,104 -3.3% 306.5% -34,991 -0.7% -95,089
126,202 8.6% 139,253 7.7% 10.3% 486,121 9.2% 555,138
-21,632 -1.5% -38,830 -2.2% 79.5% -138,457 -2.6% -174,487
-168 0.0% -343 0.0% 104.2% -2,157 0.0% -416
104,402 7.1% 100,080 5.6% -4.1% 345,507 6.5% 380,235
183,035 12.43% 257,673 14.34% 40.78% 671,095 12.6% 832,827
100.0% 11.2%
-55.3% 6.4%
44.7% 17.7%
-5.9% 28.6%
-25.5% 13.4%
-2.3% 9.4%
-33.7% 15.5%
11.0% 24.8%
0.2% -0.7%
-1.7% 43.0%
0.1% 390.0%
-0.9% 303.0%
0.7% 12.3%
0.0% N.C
-1.6% 171.8%
9.4% 14.2%
-3.0% 26.0%
0.0% -80.7%
6.4% 10.1%
14.1% 24.1%
A Marzo 31
ACTIVO 2005 2006 2007

Inversiones 2,353,634 2,658,218 2,904,738
Deudores 5,093 21,107 10,187
Intangibles, Diferidos y otros activos 23,371 1,095 209
Valorizaciones 1,356,015 1,347,305 1,324,771
Total Activo 3,744,102 4,028,640 4,241,740
PASIVO Y PATRIMONIO
Total Pasivo 43,329 63,235 73,581
PATRIMONIO 3,700,773 3,965,405 4,168,159

2005 2006 2007

Dividendos 11,795 16,684 11,678
UTILIDAD NETA 169,411 210,697 244,292
2008 2009 2010 2011 2012 2013 % Variac.
382 191 225 94 74 58 -21.6%
3,041,332 3,601,952 2,716,228 3,554,895 3,748,346 4,126,523 10.1%
24,218 43,410 90,361 10,662 14,922 18,191 21.9%
50 0 0 0 0.0%
209 209 155 658 118 4,612 N.C
891,321 1,869,198 3,596,772 2,979,150 3,733,696 3,357,714 -10.1%
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 7,507,098 0.1%
2011 2012 2013 % Variac.

7,000 0 445 0 7 0 -100.0%
71,267 111,498 70,420 59,466 65,083 70,701 8.6%
1,762 430 604 585 657 2,299 249.9%
940 650 947 872 481 932 93.8%
0 0 0 0.0%
2,934 3,179 7,650 8,296 8,803 9,622 9.3%
83,903 115,757 80,066 69,219 75,031 83,554 11.4%
3,873,609 5,399,203 6,323,675 6,476,240 7,422,125 7,423,544 0.0%
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 7,507,098 0.1%
435,123,458 435,123,458 435,123,458 460,123,458 460,123,458 460,123,458
8,902.32 12,408.44 14,533.06 14,075.01 16,130.73 16,133.81
2008 2009 2010 2011 2012 2013 % Variac.

268,897 212,895 239,836 223,644 312,990 344,939 10.2%
2,704 0 1,579 11,024 0 -176 0.0%
14,746 12,979 30,953 33,432 35,105 39,426 12.3%
13,179 10,094 13,131 7,221 8,379 14,465 72.6%
299,526 235,968 285,499 275,321 356,474 398,654 11.8%
-8,773 -8,740 -11,563 -9,004 -10,090 -13,551 34.3%
290,753 227,228 273,936 266,317 346,384 385,103 11.2%
960 214 7,839 814 851 203 -76.1%
-633 -1,741 -1,496 -11,022 -1,390 -2,974 114.0%
291,080 225,701 280,279 256,109 345,845 382,332 10.6%
-74 -205 -1,876 -127 -361 -2,436 574.8%
291,006 225,496 278,403 255,982 345,484 379,896 10.0%
2013 2014 % Variac.
183 48 -73.8%
3,787,717 4,152,714 9.6%
53,661 52,249 -2.6%
0 0 0.0%
5,049 13,085 159.2%
3,775,560 3,617,096 -4.2%
7,622,170 7,835,192 2.8%
2013 2014 % Variac.

0 0 0.0%
221,819 231,256 4.3%
1,015 1,234 21.6%
482 22 -95.4%
2,432 131 -94.6%
38,966 43,328 11.2%
264,714 275,971 4.3%
7,357,456 7,559,221 2.7%
7,622,170 7,835,192 2.8%
460,123,458 460,123,458
15,990.18 16,428.68
2013-1q 2014-1q % Variac.

77,093 78,232 1.5%
0 640 0.0%
8,803 9,622 9.3%
2,650 3,254 22.8%
88,546 91,748 3.6%
-8,331 -6,805 -18.3%
80,215 84,943 5.9%
61 7 -88.5%
-127 -10 -92.1%
80,149 84,940 6.0%
-2,289 -54 -97.6%
77,860 84,886 9.0%
A Marzo 31 de 2014
ACTIVO 2005 2006 2007 2008 2009

Inversiones 328,742 323,226 322,254 299,414 335,272
Deudores 292,269 381,730 426,683 656,631 523,529
Inventarios 274,553 371,699 434,839 528,465 494,120
Intangibles 63,266 621,440 564,218 543,336 748,013
Diferidos 12,635 23,420 57,260 28,175 79,348
Otros activos 3,714 11,893 12,073 44,095 19,094
Valorizaciones 2,468,685 2,591,441 2,736,001 2,268,787 3,599,917
Total Activo 4,022,157 5,032,901 5,348,302 5,336,553 6,929,126

Proveedores 111,023 146,194 146,091 163,812 124,270
Diferidos 12,261 10,307 36,889 44,153 59,601
Otros 938 1,750 1,583 2,766 2,549
Total Pasivo 347,295 1,112,399 1,215,943 1,469,369 1,538,886
Minoritarios 2,519 2,618 2,964 2,751 3,611
PATRIMONIO 3,672,343 3,917,884 4,129,395 3,864,433 5,386,629

2005 2006 2007 2008 2009
Utilidad Bruta 868,995 1,111,379 1,414,209 1,625,633 1,770,177
Gastos de venta -509,961 -684,105 -815,817 -975,970 -1,102,578
UTILIDAD NETA 183,320 176,535 247,313 299,051 213,274

2010 2011 2012 2013 % Variac. 2013-1q 2014-1q % Variac.
133,389 193,087 291,812 415,478 42.4% 268,522 353,987 31.8%
330,481 329,071 330,090 357,830 8.4% 356,520 376,030 5.5%
586,256 650,631 681,860 857,299 25.7% 721,224 901,396 25.0%
553,016 601,866 555,796 725,323 30.5% 565,079 759,576 34.4%
988,793 1,009,855 1,135,785 1,456,074 28.2% 1,130,203 1,481,507 31.1%
853,564 900,384 1,025,441 2,038,332 98.8% 1,030,021 1,979,821 92.2%
67,002 130,401 57,452 101,223 76.2% 53,810 110,933 106.2%
16,902 18,323 6,913 16,502 138.7% 6,387 18,237 185.5%
4,555,288 4,097,551 4,866,415 4,612,437 -5.2% 4,924,714 4,881,634 -0.9%
8,084,691 7,931,169 8,951,564 10,580,498 18.2% 9,056,480 10,863,121 19.9%
2010 2011 2012 2013 % Varjac. 2013-1q 2014-1q % Variac.

1,126,326 679,598 690,354 1,996,737 189.2% 698,237 1,990,883 185.1%
165,155 163,168 170,648 299,136 75.3% 166,315 224,001 34.7%
209,038 217,244 259,622 339,737 30.9% 349,442 440,450 26.0%
68,247 132,822 138,203 159,523 15.4% 103,109 114,252 10.8%
88,387 96,429 109,969 138,378 25.8% 67,660 75,652 11.8%
31,651 33,608 28,288 54,184 91.5% 156,784 223,600 42.6%
58,990 112,430 125,466 159,573 27.2% 160,397 224,405 39.9%
1,983 5,031 3,762 3,159 -16.0% 4,320 2,502 -42.1%
1,749,777 1,440,330 1,526,312 3,150,427 106.4% 1,706,264 3,295,745 93.2%
11,268 16,209 16,294 19,208 17.9% 5,700 19,809 247.5%
6,323,646 6,474,630 7,408,958 7,410,863 0.0% 7,344,516 7,547,567 2.8%
8,084,691 7,931,169 8,951,564 10,580,498 18.2% 9,056,480 10,863,121 19.9%
2010 2011 2012 % Ingresos 2013 % Ingresos % Variac. 2013-1q

4,458,858 5,057,383 5,305,782 100.0% 5,898,466 100.0% 11.2% 1,242,052
-2,587,908 -3,030,202 -3,064,460 -57.8% -3,260,968 -55.3% 6.4% -682,801
1,870,950 2,027,181 2,241,322 42.2% 2,637,498 44.7% 17.7% 559,251
-212,941 -250,061 -270,303 -5.1% -347,578 -5.9% 28.6% -64,873
-1,103,652 -1,221,302 -1,326,976 -25.0% -1,505,166 -25.5% 13.4% -325,559
-121,613 -123,323 -122,931 -2.3% -134,527 -2.3% 9.4% -27,738
-1,438,206 -1,594,686 -1,720,210 -32.4% -1,987,271 -33.7% 15.5% -418,170
432,744 432,495 521,112 9.8% 650,227 11.0% 24.8% 141,081
8,084 7,592 12,296 0.2% 12,207 0.2% -0.7% 2,375
-79,867 -84,666 -70,722 -1.3% -101,111 -1.7% 43.0% -16,818
-28,926 -3,636 1,782 0.0% 8,732 0.1% 390.0% -1,758
-23,551 -26,933 -13,536 -0.3% -54,534 -0.9% 302.9% -7,981
30,996 33,531 35,188 0.7% 39,510 0.7% 12.3% 8,803
1,514 11,185 0 0.0% 107 0.0% 0.0% 0
-91,750 -62,927 -34,992 -0.7% -95,089 -1.6% 171.7% -15,379
340,994 369,568 486,120 9.2% 555,138 9.4% 14.2% 125,702
-76,993 -113,919 -138,457 -2.6% -174,487 -3.0% 26.0% -46,692
-762 -2,138 -2,156 0.0% -416 0.0% -80.7% 276
263,239 253,511 345,507 6.5% 380,235 6.4% 10.1% 79,286
538,165 568,131 671,095 12.6% 832,827 14.1% 24.1% 179,705
% Ingresos 2014-1q % Ingresos % Variac.
100.0% 1,572,825 100.0% 26.6%
-55.0% -875,730 -55.7% 28.3%
45.0% 697,095 44.3% 24.6%
-5.2% -103,109 -6.6% 58.9%
-26.2% -400,920 -25.5% 23.1%
-2.2% -29,371 -1.9% 5.9%
-33.7% -533,400 -33.9% 27.6%
11.4% 163,695 10.4% 16.0%
0.2% 7,447 0.5% 213.6%
-1.4% -39,145 -2.5% 132.8%
-0.1% 7,445 0.5% -523.5%
-0.6% -8,069 -0.5% 1.1%
0.7% 9,657 0.6% 9.7%
0.0% 0 0.0% 0.0%
-1.2% -22,665 -1.4% 47.4%
10.1% 141,030 9.0% 12.2%
-3.8% -54,819 -3.5% 17.4%
0.0% -1,156 -0.1% -518.8%
6.4% 85,055 5.4% 7.3%
14.5% 218,965 13.9% 21.8%
A Junio 30
ACTIVO 2005 2006 2007

Inversiones 2,353,634 2,658,218 2,904,738
Deudores 5,093 21,107 10,187
Valorizaciones 1,356,015 1,347,305 1,324,771
Total Activo 3,744,102 4,028,640 4,241,740
PASIVO Y PATRIMONIO
Total Pasivo 43,329 63,235 73,581
PATRIMONIO 3,700,773 3,965,405 4,168,159

2005 2006 2007

Dividendos 11,795 16,684 11,678
UTILIDAD NETA 169,411 210,697 244,292

2008 2009 2010 2011 2012 2013 % Variac.
382 191 225 94 74 58 -21.6%
3,041,332 3,601,952 2,716,228 3,554,895 3,748,346 4,126,523 10.1%
24,218 43,410 90,361 10,662 14,922 18,191 21.9%
50 0 0 0 0.0%
209 209 155 658 118 4,612 N.C
891,321 1,869,198 3,596,772 2,979,150 3,733,696 3,357,714 -10.1%
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 7,507,098 0.1%
7,000 0 445 0 7 0 -100.0%

71,267 111,498 70,420 59,466 65,083 70,701 8.6%
1,762 430 604 585 657 2,299 249.9%
940 650 947 872 481 932 93.8%
0 0 0 0.0%
2,934 3,179 7,650 8,296 8,803 9,622 9.3%
83,903 115,757 80,066 69,219 75,031 83,554 11.4%
3,873,609 5,399,203 6,323,675 6,476,240 7,422,125 7,423,544 0.0%
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 7,507,098 0.1%
435,123,458 435,123,458 435,123,458 460,123,458 460,123,458 460,123,458
8,902.32 12,408.44 14,533.06 14,075.01 16,130.73 16,133.81
2008 2009 2010 2011 2012 2013 2013-1q

268,897 212,895 239,836 223,644 312,990 344,939 77,093
2,704 0 1,579 11,024 0 -176 0
14,746 12,979 30,953 33,432 35,105 39,426 8,803
13,179 10,094 13,131 7,221 8,379 14,465 2,650
299,526 235,968 285,499 275,321 356,474 398,654 88,546
-8,773 -8,740 -11,563 -9,004 -10,090 -13,551 -8,331
290,753 227,228 273,936 266,317 346,384 385,103 80,215
960 214 7,839 814 851 203 61
-633 -1,741 -1,496 -11,022 -1,390 -2,974 -127
291,080 225,701 280,279 256,109 345,845 382,332 80,149
-74 -205 -1,876 -127 -361 -2,436 -2,289
291,006 225,496 278,403 255,982 345,484 379,896 77,860
2013 2014 % Variac.
54 54 0.0%
3,874,040 3,881,179 0.2%
38,038 39,341 3.4%
0 0 0.0%
4,843 10,373 114.2%
3,555,923 3,949,667 11.1%
7,472,898 7,880,614 5.5%
0 0 0.0%
174,106 173,606 -0.3%
1,200 1,103 -8.1%
111 72 -35.1%
1,719 803 -53.3%
30,384 32,402 6.6%
207,520 207,986 0.2%
7,265,378 7,672,628 5.6%
7,472,898 7,880,614 5.5%
460,123,458 460,123,458
15,790.06 16,675.15
2014-1q 2013-2q 2014-2q % Variac. 2013-Acum 2014-Acum % Variac.

78,232 88,356 74,755 -15.4% 165,449 152,987 -7.5%
640 -176 0 -100.0% -176 640 -463.6%
9,622 9,861 10,926 10.8% 18,664 20,548 10.1%
3,254 2,920 3,379 15.7% 5,570 6,633 19.1%
91,748 100,961 89,060 -11.8% 189,507 180,808 -4.6%
-6,805 1,646 -6,216 -477.6% -6,685 -13,021 94.8%
84,943 102,607 82,844 -19.3% 182,822 167,787 -8.2%
7 51 1,655 N/A 112 1,662 N/A
-10 -2,839 -8 -99.7% -2,966 -18 -99.4%
84,940 99,819 84,491 -15.4% 179,968 169,431 -5.9%
-54 911 -26 -102.9% -1,378 -80 -94.2%
84,886 100,730 84,465 -16.1% 178,590 169,351 -5.2%
A Junio 30 de 2014
ACTIVO 2005 2006 2007 2008 2009

Inversiones 328,742 323,226 322,254 299,414 335,272
Deudores 292,269 381,730 426,683 656,631 523,529
Inventarios 274,553 371,699 434,839 528,465 494,120
Intangibles 63,266 621,440 564,218 543,336 748,013
Diferidos 12,635 23,420 57,260 28,175 79,348
Otros activos 3,714 11,893 12,073 44,095 19,094
Valorizaciones 2,468,685 2,591,441 2,736,001 2,268,787 3,599,917
Total Activo 4,022,157 5,032,901 5,348,302 5,336,553 6,929,126

Proveedores 111,023 146,194 146,091 163,812 124,270
Diferidos 12,261 10,307 36,889 44,153 59,601
Otros 938 1,750 1,583 2,766 2,549
Total Pasivo 347,295 1,112,399 1,215,943 1,469,369 1,538,886
Minoritarios 2,519 2,618 2,964 2,751 3,611
PATRIMONIO 3,672,343 3,917,884 4,129,395 3,864,433 5,386,629

2005 2006 2007 2008 2009
Utilidad Bruta 868,995 1,111,379 1,414,209 1,625,633 1,770,177
Gastos de venta -509,961 -684,105 -815,817 -975,970 -1,102,578
UTILIDAD NETA 183,320 176,535 247,313 299,051 213,274

2010 2011 2012 2013 % Variac. 2013 2014 % Variac.
133,389 193,087 291,812 415,478 42.4% 313,031 224,898 -28.2%
330,481 329,071 330,090 357,830 8.4% 357,100 377,411 5.7%
586,256 650,631 681,860 857,299 25.7% 709,725 871,888 22.8%
553,016 601,866 555,796 725,323 30.5% 629,949 806,820 28.1%
988,793 1,009,855 1,135,785 1,456,074 28.2% 1,171,045 1,352,509 15.5%
853,564 900,384 1,025,441 2,038,332 98.8% 1,027,805 1,902,487 85.1%
67,002 130,401 57,452 101,223 76.2% 56,987 86,392 51.6%
16,902 18,323 6,913 16,502 138.7% 6,728 19,791 194.2%
4,555,288 4,097,551 4,866,415 4,612,437 -5.2% 4,679,552 5,216,883 11.5%
8,084,691 7,931,169 8,951,564 10,580,498 18.2% 8,951,922 10,859,079 21.3%
2010 2011 2012 2013 % Varjac. 2013 2014 % Variac.

1,126,326 679,598 690,354 1,996,737 189.2% 682,715 2,005,211 193.7%
165,155 163,168 170,648 299,136 75.3% 170,685 201,252 17.9%
209,038 217,244 259,622 339,737 30.9% 300,091 376,963 25.6%
68,247 132,822 138,203 159,523 15.4% 97,757 68,781 -29.6%
88,387 96,429 109,969 138,378 25.8% 56,009 50,970 -9.0%
31,651 33,608 28,288 54,184 91.5% 237,495 261,277 10.0%
58,990 112,430 125,466 159,573 27.2% 149,022 228,427 53.3%
1,983 5,031 3,762 3,159 -16.0% 2,354 440 -81.3%
1,749,777 1,440,330 1,526,312 3,150,427 106.4% 1,696,128 3,193,321 88.3%
11,268 16,209 16,294 19,208 17.9% 3,799 19,512 413.6%
6,323,646 6,474,630 7,408,958 7,410,863 0.0% 7,251,995 7,646,246 5.4%
8,084,691 7,931,169 8,951,564 10,580,498 18.2% 8,951,922 10,859,079 21.3%
2010 2011 2012 2013 2013-1q 2014-1q 2013-2q % Ingresos

4,458,858 5,057,383 5,305,782 5,898,466 1,242,052 1,572,825 1,370,524 100.0%
-2,587,908 -3,030,202 -3,064,460 -3,260,968 -682,801 -875,730 -750,580 -54.8%
1,870,950 2,027,181 2,241,322 2,637,498 559,251 697,095 619,944 45.2%
-212,941 -250,061 -270,303 -347,578 -64,873 -103,109 -73,939 -5.4%
-1,103,652 -1,221,302 -1,326,976 -1,505,166 -325,559 -400,920 -355,546 -25.9%
-121,613 -123,323 -122,931 -134,527 -27,738 -29,371 -33,697 -2.5%
-1,438,206 -1,594,686 -1,720,210 -1,987,271 -418,170 -533,400 -463,182 -33.8%
432,744 432,495 521,112 650,227 141,081 163,695 156,762 11.4%
8,084 7,592 12,296 12,207 2,375 7,447 2,770 0.2%
-79,867 -84,666 -70,722 -101,111 -16,818 -39,145 -17,303 -1.3%
-28,926 -3,636 1,782 8,732 -1,758 7,445 4,040 0.3%
-23,551 -26,933 -13,536 -54,534 -7,981 -8,069 -15,076 -1.1%
30,996 33,531 35,188 39,510 8,803 9,657 9,924 0.7%
1,514 11,185 0 107 0 0 107 0.0%
-91,750 -62,927 -34,992 -95,089 -15,379 -22,665 -15,538 -1.1%
340,994 369,568 486,120 555,138 125,702 141,030 141,224 10.3%
-76,993 -113,919 -138,457 -174,487 -46,692 -54,819 -44,055 -3.2%
-762 -2,138 -2,156 -416 276 -1,156 -50 0.0%
263,239 253,511 345,507 380,235 79,286 85,055 97,119 7.1%
538,165 568,131 671,095 832,827 179,705 218,965 196,119 14.3%
2014-2q % Ingresos % Variac. 2013-Acum % Ingresos 2014-Acum % Ingresos % Variac.
1,429,566 100.0% 4.3% 2,612,576 100.0% 3,002,391 100.0% 14.9%
-772,014 -54.0% 2.9% -1,433,381 -54.9% -1,647,744 -54.9% 15.0%
657,552 46.0% 6.1% 1,179,195 45.1% 1,354,647 45.1% 14.9%
-95,056 -6.6% 28.6% -138,812 -5.3% -198,165 -6.6% 42.8%
-396,371 -27.7% 11.5% -681,105 -26.1% -797,291 -26.6% 17.1%
-21,941 -1.5% -34.9% -61,435 -2.4% -51,312 -1.7% -16.5%
-513,368 -35.9% 10.8% -881,352 -33.7% -1,046,768 -34.9% 18.8%
144,184 10.1% -8.0% 297,843 11.4% 307,879 10.3% 3.4%
2,628 0.2% -5.1% 5,145 0.2% 10,075 0.3% 95.8%
-38,121 -2.7% 120.3% -34,121 -1.3% -77,266 -2.6% 126.4%
-2,408 -0.2% -159.6% 2,282 0.1% 5,037 0.2% 120.7%
-7,510 -0.5% -50.2% -23,057 -0.9% -15,579 -0.5% -32.4%
10,926 0.8% 10.1% 18,727 0.7% 20,583 0.7% 9.9%
0 0.0% -100.0% 107 0.0% 0 0.0% -100.0%
-34,485 -2.4% 121.9% -30,917 -1.2% -57,150 -1.9% 84.8%
109,699 7.7% -22.3% 266,926 10.2% 250,729 8.4% -6.1%
-25,831 -1.8% -41.4% -90,747 -3.5% -80,650 -2.7% -11.1%
-496 0.0% 892.0% 226 0.0% -1,652 -0.1% -831.0%
83,372 5.8% -14.2% 176,405 6.8% 168,427 5.6% -4.5%
198,720 13.9% 1.3% 375,824 14.4% 417,685 13.9% 11.1%
A Septiembre 30
ACTIVO 2005 2006 2007

Inversiones 2,353,634 2,658,218 2,904,738
Deudores 5,093 21,107 10,187
Valorizaciones 1,356,015 1,347,305 1,324,771
Total Activo 3,744,102 4,028,640 4,241,740
PASIVO Y PATRIMONIO
Total Pasivo 43,329 63,235 73,581
PATRIMONIO 3,700,773 3,965,405 4,168,159

2005 2006 2007

Dividendos 11,795 16,684 11,678
UTILIDAD NETA 169,411 210,697 244,292

2008 2009 2010 2011 2012 2013 % Variac.
382 191 225 94 74 58 -21.6%
3,041,332 3,601,952 2,716,228 3,554,895 3,748,346 4,126,523 10.1%
24,218 43,410 90,361 10,662 14,922 18,191 21.9%
50 0 0 0 0.0%
209 209 155 658 118 4,612 N.C
891,321 1,869,198 3,596,772 2,979,150 3,733,696 3,357,714 -10.1%
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 7,507,098 0.1%
7,000 0 445 0 7 0 -100.0%

71,267 111,498 70,420 59,466 65,083 70,701 8.6%
1,762 430 604 585 657 2,299 249.9%
940 650 947 872 481 932 93.8%
0 0 0 0.0%
2,934 3,179 7,650 8,296 8,803 9,622 9.3%
83,903 115,757 80,066 69,219 75,031 83,554 11.4%
3,873,609 5,399,203 6,323,675 6,476,240 7,422,125 7,423,544 0.0%
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 7,507,098 0.1%
435,123,458 435,123,458 435,123,458 460,123,458 460,123,458 460,123,458
8,902.32 12,408.44 14,533.06 14,075.01 16,130.73 16,133.81
2008 2009 2010 2011 2012 2013 2013-1q

268,897 212,895 239,836 223,644 312,990 344,939 77,093
2,704 0 1,579 11,024 0 -176 0
14,746 12,979 30,953 33,432 35,105 39,426 8,803
13,179 10,094 13,131 7,221 8,379 14,465 2,650
299,526 235,968 285,499 275,321 356,474 398,654 88,546
-8,773 -8,740 -11,563 -9,004 -10,090 -13,551 -8,331
290,753 227,228 273,936 266,317 346,384 385,103 80,215
960 214 7,839 814 851 203 61
-633 -1,741 -1,496 -11,022 -1,390 -2,974 -127
291,080 225,701 280,279 256,109 345,845 382,332 80,149
-74 -205 -1,876 -127 -361 -2,436 -2,289
291,006 225,496 278,403 255,982 345,484 379,896 77,860
2013 2014 % Variac.
186 227 22.0%
3,944,362 3,988,589 1.1%
27,401 28,809 5.1%
0 0 0.0%
4,751 7,341 54.5%
3,866,241 4,000,383 3.5%
7,842,941 8,025,349 2.3%
0 0 0.0%
119,625 124,033 3.7%
1,901 1,425 -25.0%
111 72 -35.1%
2,370 1,028 -56.6%
19,244 21,476 11.6%
143,251 148,034 3.3%
7,699,690 7,877,315 2.3%
7,842,941 8,025,349 2.3%
460,123,458 460,123,458
16,733.97 17,120.00
2014-1q 2013-2q 2014-2q 2013-3q 2014-3q % Variac. 2013-Acum

78,232 88,356 74,755 91,080 84,646 -7.1% 256,529
640 -176 0 0 0 N/A -176
9,622 9,861 10,926 11,140 10,926 -1.9% 29,804
3,254 2,920 3,379 3,537 2,644 -25.2% 9,107
91,748 100,961 89,060 105,757 98,216 -7.1% 295,264
-6,805 1,646 -6,216 -3,043 -6,145 101.9% -9,728
84,943 102,607 82,844 102,714 92,071 -10.4% 285,536
7 51 1,655 130 24 -81.5% 242
-10 -2,839 -8 -18 0 -100.0% -2,984
84,940 99,819 84,491 102,826 92,095 -10.4% 282,794
-54 911 -26 -496 -27 -94.6% -1,874
84,886 100,730 84,465 102,330 92,068 -10.0% 280,920
2014-Acum % Variac.
237,633 -7.4%
640 -463.6%
31,474 5.6%
9,277 1.9%
279,024 -5.5%
-19,166 97.0%
259,858 -9.0%
1,686 N/A
-18 -99.4%
261,526 -7.5%
-107 -94.3%
261,419 -6.9%
A Septiembre 30 de 2014
ACTIVO 2005 2006 2007 2008 2009

Inversiones 328,742 323,226 322,254 299,414 335,272
Deudores 292,269 381,730 426,683 656,631 523,529
Inventarios 274,553 371,699 434,839 528,465 494,120
Intangibles 63,266 621,440 564,218 543,336 748,013
Diferidos 12,635 23,420 57,260 28,175 79,348
Otros activos 3,714 11,893 12,073 44,095 19,094
Valorizaciones 2,468,685 2,591,441 2,736,001 2,268,787 3,599,917
Total Activo 4,022,157 5,032,901 5,348,302 5,336,553 6,929,126

Proveedores 111,023 146,194 146,091 163,812 124,270
Diferidos 12,261 10,307 36,889 44,153 59,601
Otros 938 1,750 1,583 2,766 2,549
Total Pasivo 347,295 1,112,399 1,215,943 1,469,369 1,538,886
Minoritarios 2,519 2,618 2,964 2,751 3,611
PATRIMONIO 3,672,343 3,917,884 4,129,395 3,864,433 5,386,629

2005 2006 2007 2008 2009
Utilidad Bruta 868,995 1,111,379 1,414,209 1,625,633 1,770,177
Gastos de venta -509,961 -684,105 -815,817 -975,970 -1,102,578
UTILIDAD NETA 183,320 176,535 247,313 299,051 213,274

2010 2011 2012 2013 % Variac. 2013 2014 % Variac.
133,389 193,087 291,812 415,478 42.4% 345,435 206,875 -40.1%
330,481 329,071 330,090 357,830 8.4% 357,305 382,341 7.0%
586,256 650,631 681,860 857,299 25.7% 931,013 939,344 0.9%
553,016 601,866 555,796 725,323 30.5% 751,151 830,981 10.6%
988,793 1,009,855 1,135,785 1,456,074 28.2% 1,379,531 1,428,263 3.5%
853,564 900,384 1,025,441 2,038,332 98.8% 2,118,695 1,879,364 -11.3%
67,002 130,401 57,452 101,223 76.2% 103,310 78,501 -24.0%
16,902 18,323 6,913 16,502 138.7% 14,047 24,188 72.2%
4,555,288 4,097,551 4,866,415 4,612,437 -5.2% 4,989,555 5,296,045 6.1%
8,084,691 7,931,169 8,951,564 10,580,498 18.2% 10,990,042 11,065,902 0.7%
2010 2011 2012 2013 % Varjac. 2013 2014 % Variac.

1,126,326 679,598 690,354 1,996,737 189.2% 2,021,108 2,013,963 -0.4%
165,155 163,168 170,648 299,136 75.3% 206,620 219,468 6.2%
209,038 217,244 259,622 339,737 30.9% 358,785 333,371 -7.1%
68,247 132,822 138,203 159,523 15.4% 69,570 47,144 -32.2%
88,387 96,429 109,969 138,378 25.8% 56,114 49,171 -12.4%
31,651 33,608 28,288 54,184 91.5% 384,377 296,239 -22.9%
58,990 112,430 125,466 159,573 27.2% 162,220 203,513 25.5%
1,983 5,031 3,762 3,159 -16.0% 22,494 6,432 -71.4%
1,749,777 1,440,330 1,526,312 3,150,427 106.4% 3,281,288 3,169,301 -3.4%
11,268 16,209 16,294 19,208 17.9% 20,353 19,558 -3.9%
6,323,646 6,474,630 7,408,958 7,410,863 0.0% 7,688,401 7,877,043 2.5%
8,084,691 7,931,169 8,951,564 10,580,498 18.2% 10,990,042 11,065,902 0.7%
2010 2011 2012 2013 2013-1q 2014-1q 2013-2q 2014-2q

4,458,858 5,057,383 5,305,782 5,898,466 1,242,052 1,572,825 1,370,524 1,429,566
-2,587,908 -3,030,202 -3,064,460 -3,260,968 -682,801 -875,730 -750,580 -772,014
1,870,950 2,027,181 2,241,322 2,637,498 559,251 697,095 619,944 657,552
-212,941 -250,061 -270,303 -347,578 -64,873 -103,109 -73,939 -95,056
-1,103,652 -1,221,302 -1,326,976 -1,505,166 -325,559 -400,920 -355,546 -396,371
-121,613 -123,323 -122,931 -134,527 -27,738 -29,371 -33,697 -21,941
-1,438,206 -1,594,686 -1,720,210 -1,987,271 -418,170 -533,400 -463,182 -513,368
432,744 432,495 521,112 650,227 141,081 163,695 156,762 144,184
8,084 7,592 12,296 12,207 2,375 7,447 2,770 2,628
-79,867 -84,666 -70,722 -101,111 -16,818 -39,145 -17,303 -38,121
-28,926 -3,636 1,782 8,732 -1,758 7,445 4,040 -2,408
-23,551 -26,933 -13,536 -54,534 -7,981 -8,069 -15,076 -7,510
30,996 33,531 35,188 39,510 8,803 9,657 9,924 10,926
1,514 11,185 0 107 0 0 107 0
-91,750 -62,927 -34,992 -95,089 -15,379 -22,665 -15,538 -34,485
340,994 369,568 486,120 555,138 125,702 141,030 141,224 109,699
-76,993 -113,919 -138,457 -174,487 -46,692 -54,819 -44,055 -25,831
-762 -2,138 -2,156 -416 276 -1,156 -50 -496
263,239 253,511 345,507 380,235 79,286 85,055 97,119 83,372
538,165 568,131 671,095 832,827 179,705 218,965 196,119 198,720
2013-3q % Ingresos 2014-3q % Ingresos % Variac. 2013-Acum % Ingresos 2014-Acum
1,488,896 100.0% 1,643,763 100.0% 10.4% 4,101,472 100.0% 4,646,154
-823,869 -55.3% -915,716 -55.7% 11.1% -2,257,250 -55.0% -2,563,460
665,027 44.7% 728,047 44.3% 9.5% 1,844,222 45.0% 2,082,694
-103,428 -6.9% -99,719 -6.1% -3.6% -242,240 -5.9% -297,884
-375,490 -25.2% -427,694 -26.0% 13.9% -1,056,595 -25.8% -1,224,985
-32,082 -2.2% -30,812 -1.9% -4.0% -93,517 -2.3% -82,124
-511,000 -34.3% -558,225 -34.0% 9.2% -1,392,352 -33.9% -1,604,993
154,027 10.3% 169,822 10.3% 10.3% 451,870 11.0% 477,701
3,066 0.2% 834 0.1% -72.8% 8,211 0.2% 10,909
-27,264 -1.8% -39,692 -2.4% 45.6% -61,385 -1.5% -116,958
10,554 0.7% -676 0.0% -106.4% 12,836 0.3% 4,361
-2,563 -0.2% -16,362 -1.0% 538.4% -25,620 -0.6% -31,941
11,140 0.7% 10,928 0.7% -1.9% 29,867 0.7% 31,511
0 0.0% 0 0.0% N/A 107 0.0% 0
-5,067 -0.3% -44,968 -2.7% 787.5% -35,984 -0.9% -102,118
148,960 10.0% 124,854 7.6% -16.2% 415,886 10.1% 375,583
-44,910 -3.0% -32,829 -2.0% -26.9% -135,657 -3.3% -113,479
-299 0.0% -267 0.0% -10.7% -73 0.0% -1,919
103,751 7.0% 91,758 5.6% -11.6% 280,156 6.8% 260,185
199,330 13.4% 224,400 13.7% 12.6% 575,154 14.0% 642,085
100.0% 13.3%
-55.2% 13.6%
44.8% 12.9%
-6.4% 23.0%
-26.4% 15.9%
-1.8% -12.2%
-34.5% 15.3%
10.3% 5.7%
0.2% 32.9%
-2.5% 90.5%
0.1% -66.0%
-0.7% 24.7%
0.7% 5.5%
0.0% -100.0%
-2.2% 183.8%
8.1% -9.7%
-2.4% -16.3%
0.0% N/A
5.6% -7.1%
13.8% 11.6%
ACTIVO 2005 2006 2007

Inversiones 2,353,634 2,658,218 2,904,738
Deudores 5,093 21,107 10,187
Valorizaciones 1,356,015 1,347,305 1,324,771
Total Activo 3,744,102 4,028,640 4,241,740
PASIVO Y PATRIMONIO
Total Pasivo 43,329 63,235 73,581
PATRIMONIO 3,700,773 3,965,405 4,168,159

2005 2006 2007

Dividendos 11,795 16,684 11,678
UTILIDAD NETA 169,411 210,697 244,292

2008 2009 2010 2011 2012 2013 % Variac.
382 191 225 94 74 58 -21.6%
3,041,332 3,601,952 2,716,228 3,554,895 3,748,346 4,126,523 10.1%
24,218 43,410 90,361 10,662 14,922 18,191 21.9%
50 0 0 0 0.0%
209 209 155 658 118 4,612 N.C
891,321 1,869,198 3,596,772 2,979,150 3,733,696 3,357,714 -10.1%
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 7,507,098 0.1%
7,000 0 445 0 7 0 -100.0%

71,267 111,498 70,420 59,466 65,083 70,701 8.6%
1,762 430 604 585 657 2,299 249.9%
940 650 947 872 481 932 93.8%
0 0 0 0.0%
2,934 3,179 7,650 8,296 8,803 9,622 9.3%
83,903 115,757 80,066 69,219 75,031 83,554 11.4%
3,873,609 5,399,203 6,323,675 6,476,240 7,422,125 7,423,544 0.0%
3,957,512 5,514,960 6,403,741 6,545,459 7,497,156 7,507,098 0.1%
435,123,458 435,123,458 435,123,458 460,123,458 460,123,458 460,123,458
8,902.32 12,408.44 14,533.06 14,075.01 16,130.73 16,133.81
2008 2009 2010 2011 2012 2013 2013-1q

268,897 212,895 239,836 223,644 312,990 344,939 77,093
2,704 0 1,579 11,024 0 -176 0
14,746 12,979 30,953 33,432 35,105 39,426 8,803
13,179 10,094 13,131 7,221 8,379 14,465 2,650
299,526 235,968 285,499 275,321 356,474 398,654 88,546
-8,773 -8,740 -11,563 -9,004 -10,090 -13,551 -8,331
290,753 227,228 273,936 266,317 346,384 385,103 80,215
960 214 7,839 814 851 203 61
-633 -1,741 -1,496 -11,022 -1,390 -2,974 -127
291,080 225,701 280,279 256,109 345,845 382,332 80,149
-74 -205 -1,876 -127 -361 -2,436 -2,289
291,006 225,496 278,403 255,982 345,484 379,896 77,860
2013 2014 % Variac.
58 70 20.7%
4,126,523 4,453,792 7.9%
18,191 24,889 36.8%
0 0 0.0%
4,612 4,364 -5.4%
3,357,714 3,802,056 13.2%
7,507,098 8,285,171 10.4%
0 0 0.0%
70,701 69,194 -2.1%
2,299 918 -60.1%
932 1,164 24.9%
0 0 0.0%
9,622 0 -100.0%
83,554 71,276 -14.7%
7,423,544 8,213,895 10.6%
7,507,098 8,285,171 10.4%
460,123,458 460,123,458
16,133.81 17,851.50
2014-1q 2013-2q 2014-2q 2013-3q 2014-3q 2013-4q 2014-4q

78,232 88,356 74,755 91,080 84,646 88,410 86,251
640 -176 0 0 0 0 0
9,622 9,861 10,926 11,140 10,926 9,622 21,476
3,254 2,920 3,379 3,537 2,644 5,358 7,820
91,748 100,961 89,060 105,757 98,216 103,390 115,547
-6,805 1,646 -6,216 -3,043 -6,145 -3,823 583
84,943 102,607 82,844 102,714 92,071 99,567 116,130
7 51 1,655 130 24 -39 28
-10 -2,839 -8 -18 0 10 -10
84,940 99,819 84,491 102,826 92,095 99,538 116,148
-54 911 -26 -496 -27 -562 -114
84,886 100,730 84,465 102,330 92,068 98,976 116,034
% Variac. 2013-Acum 2014-Acum % Variac.
-2.4% 344,939 323,884 -6.1%
0.0% -176 640 -463.6%
123.2% 39,426 52,950 34.3%
45.9% 14,465 17,097 18.2%
11.8% 398,654 394,571 -1.0%
-115.2% -13,551 -18,583 37.1%
16.6% 385,103 375,988 -2.4%
-171.8% 203 1,714 N/A
-200.0% -2,974 -28 -99.1%
16.7% 382,332 377,674 -1.2%
-79.7% -2,436 -221 -90.9%
17.2% 379,896 377,453 -0.6%
ACTIVO 2005 2006 2007 2008 2009

Inversiones 328,742 323,226 322,254 299,414 335,272
Deudores 292,269 381,730 426,683 656,631 523,529
Inventarios 274,553 371,699 434,839 528,465 494,120
Intangibles 63,266 621,440 564,218 543,336 748,013
Diferidos 12,635 23,420 57,260 28,175 79,348
Otros activos 3,714 11,893 12,073 44,095 19,094
Valorizaciones 2,468,685 2,591,441 2,736,001 2,268,787 3,599,917
Total Activo 4,022,157 5,032,901 5,348,302 5,336,553 6,929,126

Proveedores 111,023 146,194 146,091 163,812 124,270
Diferidos 12,261 10,307 36,889 44,153 59,601
Otros 938 1,750 1,583 2,766 2,549
Total Pasivo 347,295 1,112,399 1,215,943 1,469,369 1,538,886
Minoritarios 2,519 2,618 2,964 2,751 3,611
PATRIMONIO 3,672,343 3,917,884 4,129,395 3,864,433 5,386,629

De Enero 1 a diciembre 31 de 2014
2005 2006 2007 2008 2009
Utilidad Bruta 868,995 1,111,379 1,414,209 1,625,633 1,770,177
Gastos de venta -509,961 -684,105 -815,817 -975,970 -1,102,578
UTILIDAD NETA 183,320 176,535 247,313 299,051 213,274

2010 2011 2012 2013 % Variac. 2013 2014 % Variac.
133,389 193,087 291,812 415,478 42.4% 415,478 374,060 -10.0%
330,481 329,071 330,090 357,830 8.4% 357,830 380,790 6.4%
586,256 650,631 681,860 857,299 25.7% 857,299 939,981 9.6%
553,016 601,866 555,796 725,323 30.5% 725,323 865,567 19.3%
988,793 1,009,855 1,135,785 1,456,074 28.2% 1,456,074 1,625,659 11.6%
853,564 900,384 1,025,441 2,038,332 98.8% 2,038,332 2,054,699 0.8%
67,002 130,401 57,452 101,223 76.2% 101,223 76,948 -24.0%
16,902 18,323 6,913 16,502 138.7% 16,502 25,438 54.2%
4,555,288 4,097,551 4,866,415 4,612,437 -5.2% 4,612,437 5,187,750 12.5%
8,084,691 7,931,169 8,951,564 10,580,498 18.2% 10,580,498 11,530,892 9.0%
2010 2011 2012 2013 % Varjac. 2013 2014 % Variac.

1,126,326 679,598 690,354 1,996,737 189.2% 1,996,737 2,123,009 6.3%
165,155 163,168 170,648 299,136 75.3% 299,136 298,022 -0.4%
209,038 217,244 259,622 339,737 30.9% 339,737 393,832 15.9%
68,247 132,822 138,203 159,523 15.4% 159,523 128,889 -19.2%
88,387 96,429 109,969 138,378 25.8% 138,378 131,617 -4.9%
31,651 33,608 28,288 54,184 91.5% 54,184 57,423 6.0%
58,990 112,430 125,466 159,573 27.2% 159,573 172,156 7.9%
1,983 5,031 3,762 3,159 -16.0% 3,159 3,438 8.8%
1,749,777 1,440,330 1,526,312 3,150,427 106.4% 3,150,427 3,308,386 5.0%
11,268 16,209 16,294 19,208 17.9% 19,208 23,731 23.5%
6,323,646 6,474,630 7,408,958 7,410,863 0.0% 7,410,863 8,198,775 10.6%
8,084,691 7,931,169 8,951,564 10,580,498 18.2% 10,580,498 11,530,892 9.0%
2010 2011 2012 2013 2013-1q 2014-1q 2013-2q 2014-2q

4,458,858 5,057,383 5,305,782 5,898,466 1,242,052 1,572,825 1,370,524 1,429,566
-2,587,908 -3,030,202 -3,064,460 -3,260,968 -682,801 -875,730 -750,580 -772,014
1,870,950 2,027,181 2,241,322 2,637,498 559,251 697,095 619,944 657,552
-212,941 -250,061 -270,303 -347,578 -64,873 -103,109 -73,939 -95,056
-1,103,652 -1,221,302 -1,326,976 -1,505,166 -325,559 -400,920 -355,546 -396,371
-121,613 -123,323 -122,931 -134,527 -27,738 -29,371 -33,697 -21,941
-1,438,206 -1,594,686 -1,720,210 -1,987,271 -418,170 -533,400 -463,182 -513,368
432,744 432,495 521,112 650,227 141,081 163,695 156,762 144,184
8,084 7,592 12,296 12,207 2,375 7,447 2,770 2,628
-79,867 -84,666 -70,722 -101,111 -16,818 -39,145 -17,303 -38,121
-28,926 -3,636 1,782 8,732 -1,758 7,445 4,040 -2,408
-23,551 -26,933 -13,536 -54,534 -7,981 -8,069 -15,076 -7,510
30,996 33,531 35,188 39,510 8,803 9,657 9,924 10,926
1,514 11,185 0 107 0 0 107 0
-91,750 -62,927 -34,992 -95,089 -15,379 -22,665 -15,538 -34,485
340,994 369,568 486,120 555,138 125,702 141,030 141,224 109,699
-76,993 -113,919 -138,457 -174,487 -46,692 -54,819 -44,055 -25,831
-762 -2,138 -2,156 -416 276 -1,156 -50 -496
263,239 253,511 345,507 380,235 79,286 85,055 97,119 83,372
538,165 568,131 671,095 832,827 179,705 218,965 196,119 198,720
2013-3q 2014-3q 2013-4q % Ingresos 2014-4q % Ingresos % Variac. 2013-Acum
1,488,896 1,643,763 1,796,994 100.0% 1,815,598 100.0% 1.0% 5,898,466
-823,869 -915,716 -1,003,718 -55.7% -1,028,518 -56.6% 2.5% -3,260,968
665,027 728,047 793,276 44.3% 787,080 43.4% -0.8% 2,637,498
-103,428 -99,719 -105,338 -6.1% -110,137 -6.1% 4.6% -347,578
-375,490 -427,694 -448,571 -26.0% -478,849 -26.4% 6.7% -1,505,166
-32,082 -30,812 -41,010 -1.9% -37,455 -2.1% -8.7% -134,527
-511,000 -558,225 -594,919 -34.0% -626,441 -34.5% 5.3% -1,987,271
154,027 169,822 198,357 10.3% 160,639 8.8% -19.0% 650,227
3,066 834 3,996 0.1% 1,724 0.1% -56.9% 12,207
-27,264 -39,692 -39,726 -2.4% -40,987 -2.3% 3.2% -101,111
10,554 -676 -4,104 0.0% 21,211 1.2% -616.8% 8,732
-2,563 -16,362 -28,914 -1.0% 2,882 0.2% -110.0% -54,534
11,140 10,928 9,643 0.7% 21,506 1.2% 123.0% 39,510
0 0 0 0.0% 1,110 0.1% N/A 107
-5,067 -44,968 -59,105 -2.7% 7,446 0.4% -112.6% -95,089
148,960 124,854 139,252 7.6% 168,085 9.3% 20.7% 555,138
-44,910 -32,829 -38,830 -2.0% -50,207 -2.8% 29.3% -174,487
-299 -267 -343 0.0% -492 0.0% 43.4% -416
103,751 91,758 100,079 5.6% 117,386 6.5% 17.3% 380,235
199,330 224,400 257,673 13.7% 222,172 12.2% -13.8% 832,827
% Ingresos 2014-Acum % Ingresos % Variac.
100.0% 6,461,752 100.0% 9.5%
-55.3% -3,591,978 -55.6% 10.2%
44.7% 2,869,774 44.4% 8.8%
-5.9% -408,021 -6.3% 17.4%
-25.5% -1,703,834 -26.4% 13.2%
-2.3% -119,579 -1.9% -11.1%
-33.7% -2,231,434 -34.5% 12.3%
11.0% 638,340 9.9% -1.8%
0.2% 12,633 0.2% 3.5%
-1.7% -157,945 -2.4% 56.2%
0.1% 25,572 0.4% 192.9%
-0.9% -29,059 -0.4% -46.7%
0.7% 53,017 0.8% 34.2%
0.0% 1,110 0.0% 937.4%
-1.6% -94,672 -1.5% -0.4%
9.4% 543,668 8.4% -2.1%
-3.0% -163,686 -2.5% -6.2%
0.0% -2,411 0.0% N/A
6.4% 377,571 5.8% -0.7%
14.1% 864,257 13.4% 3.8%
Estado de Situación Financiera
A 31 de marzo de 2015
(Información no auditada)
Diciembre 2014 Marzo 2015 % var
ACTIVO
Activo corriente
Efectivo y equivalentes de efectivo 391,863 246,779 -37%
Deudores comerciales y otras cuentas por cobrar 739,808 817,267 10%
Inventarios 841,852 947,650 13%
Activos biológicos 47,770 50,525 6%
Otros activos corrientes 139,352 191,719 38%
Activos no corrientes mantenidos para la venta 0 90 N/A
Total activo corriente 2,160,645 2,254,030 4%
Activo no corriente
Deudores comerciales y otras cuentas por cobrar 23,124 22,127 -4%
Activos biológicos no corrientes 4,185 0 -100%
Inversiones en asociadas y negocios conjuntos 83,323 88,211 6%
Otros activos financieros no corrientes 4,016,462 3,326,010 -17%
Propiedades, planta y equipo, neto 2,963,335 3,102,326 5%
Propiedades de inversión 96,280 91,664 -5%
Crédito mercantil 1,373,072 1,917,055 40%
Otros activos intangibles 766,829 1,172,268 53%
Activos por impuestos diferidos 297,783 339,127 14%
Otros activos 32,348 33,883 5%
Total activo no corriente 9,656,741 10,092,671 5%
TOTAL ACTIVOS 11,817,386 12,346,701 4%
PASIVO
Pasivo corriente
Obligaciones financieras 455,480 708,303 56%
Proveedores y cuentas por pagar 656,458 829,817 26%
Impuestos, gravámenes y tasas 150,217 180,907 20%
Pasivo por beneficios a empleados 137,300 114,638 -17%
Provisiones corrientes 2,417 3,919 62%
Otros pasivos 13,885 24,077 73%
Total pasivo corriente 1,415,757 1,861,661 31%
Pasivos no corriente
Obligaciones financieras 1,688,797 2,294,658 36%
Proveedores y cuentas por pagar 159 159 0%
Pasivo por beneficios a empleados 209,287 218,228 4%
Pasivo por impuesto diferido 471,713 649,011 38%
Otros pasivos - - N/A
Total pasivo no corriente 2,369,956 3,162,056 33%
TOTAL PASIVO 3,785,713 5,023,717 33%
PATRIMONIO
Patrimonio atribuible a las participaciones controladoras 8,001,755 7,291,710 -9%
Participaciones no controladoras 29,918 31,274 5%
TOTAL PATRIMONIO 8,031,673 7,322,984 -9%
TOTAL PASIVO Y PATRIMONIO 11,817,386 12,346,701 4%
Estado de Resultados integrales

Del 1 de enero al 31 de marzo
2014-1T % Ingresos 2015-1T % Ingresos

Operaciones continuadas
Ingresos operacionales 1,531,515 100.0% 1,726,220 100.0%
Costos de la mercancía vendida -842,171 -55.0% -972,781 -56.4%
Utilidad bruta 689,344 45.0% 753,439 43.6%
Gastos de venta -382,688 -25.0% -436,316 -25.3%
Diferencia en cambio de activos y pasivos operativos 1,077 0.1% 8,166 0.5%
Otros ingresos (egresos) netos operacionales 2,033 0.1% 2,206 0.1%
Utilidad operativa 195,643 12.8% 198,781 11.5%
Dividendos del portafolio 43,363 2.8% 46,468 2.7%
Diferencia en cambio de activos y pasivos no operativos 6,535 0.4% 5,949 0.3%
Pérdida por la posición monetaria neta -6,192 -0.4% -4,194 -0.2%
Participación en el resultado de las asociadas y negocios conjuntos 1468 0.1% 390 0.0%
Otros ingresos (egresos) no operacionales 3206 0.2% - N/A
Utilidad antes de impuesto de renta e interés no controlante 206,606 13.5% 199,519 11.6%
Impuesto sobre la renta corriente -36,515 -2.4% -51,436 -3.0%
Impuesto sobre la renta diferido -10,883 -0.7% 3,407 0.2%
Utilidad del ejercicio de operaciones continuadas 159,208 10.4% 151,490 8.8%
Operaciones discontinuadas, después de impuestos 254 0.0% -304 0.0%
Utilidad neta del ejercicio 159,462 10.4% 151,186 8.8%
Resultado del período atribuible a:

Participaciones controladoras 158,694 10.4% 150,991 8.7%
Participaciones no controladoras 768 0.1% 195 0.0%
Ebitda 236,970 15.5% 234,916 13.6%
% Variac.
12.7%
15.5%
9.3%
13.5%
14.0%
10.8%
658.2%
8.5%
1.6%
-9.0%
24.9%
7.2%
-9.0%
-32.3%
-73.4%
N/A
-3.4%
40.9%
-131.3%
-4.8%
-219.7%
-5.2%
-4.9%
-74.6%
-5.2%
-0.9%
A 30 de junio de 2015
Diciembre 2014 Marzo 2015 % var Diciembre 2014
ACTIVO
Activo corriente
Efectivo y equivalentes de efectivo 391,863 246,779 -37% 391,863
Deudores comerciales y otras cuentas por cobrar 739,808 817,267 10% 739,808
Inventarios 841,852 947,650 13% 841,852
Activos biológicos 47,770 50,525 6% 47,770
Otros activos corrientes 139,352 191,719 38% 139,352
Activos no corrientes mantenidos para la venta 0 90 N/A 0
Total activo corriente 2,160,645 2,254,030 4% 2,160,645
Activo no corriente
Deudores comerciales y otras cuentas por cobrar 23,124 22,127 -4% 23,124
Activos biológicos no corrientes 4,185 0 -100% 4,185
Inversiones en asociadas y negocios conjuntos 83,323 88,211 6% 83,323
Otros activos financieros no corrientes 4,016,462 3,326,010 -17% 4,016,462
Propiedades, planta y equipo, neto 2,963,335 3,102,326 5% 2,963,335
Propiedades de inversión 96,280 91,664 -5% 96,280
Crédito mercantil 1,373,072 1,917,055 40% 1,373,072
Otros activos intangibles 766,829 1,172,268 53% 766,829
Activos por impuestos diferidos 297,783 339,127 14% 297,783
Otros activos 32,348 33,883 5% 32,348
Total activo no corriente 9,656,741 10,092,671 5% 9,656,741
TOTAL ACTIVOS 11,817,386 12,346,701 4% 11,817,386
PASIVO
Pasivo corriente
Obligaciones financieras 455,480 708,303 56% 455,480
Proveedores y cuentas por pagar 656,458 829,817 26% 656,458
Impuestos, gravámenes y tasas 150,217 180,907 20% 150,217
Pasivo por beneficios a empleados 137,300 114,638 -17% 137,300
Provisiones corrientes 2,417 3,919 62% 2,417
Otros pasivos 13,885 24,077 73% 13,885
Total pasivo corriente 1,415,757 1,861,661 31% 1,415,757
Obligaciones financieras 1,688,797 2,294,658 36% 1,688,797
Proveedores y cuentas por pagar 159 159 0% 159
Pasivo por beneficios a empleados 209,287 218,228 4% 209,287
Pasivo por impuesto diferido 471,713 649,011 38% 471,713
Otros pasivos - - N/A -
Total pasivo no corriente 2,369,956 3,162,056 33% 2,369,956
TOTAL PASIVO 3,785,713 5,023,717 33% 3,785,713
PATRIMONIO
Patrimonio atribuible a las participaciones controladoras 8,001,755 7,291,710 -9% 8,001,755
Participaciones no controladoras 29,918 31,274 5% 29,918
TOTAL PATRIMONIO 8,031,673 7,322,984 -9% 8,031,673
TOTAL PASIVO Y PATRIMONIO 11,817,386 12,346,701 4% 11,817,386

Del 1 de enero al 30 de junio
2014-1T % Ingresos 2015-1T % Ingresos

Ingresos operacionales 1,531,515 100.0% 1,726,220 100.0%
Costos de la mercancía vendida -842,171 -55.0% -972,781 -56.4%
Utilidad bruta 689,344 45.0% 753,439 43.6%
Gastos de venta -382,688 -25.0% -436,316 -25.3%
Diferencia en cambio de activos y pasivos operativos 1,077 0.1% 8,166 0.5%
Otros ingresos (egresos) netos operacionales 2,033 0.1% 2,206 0.1%
Utilidad operativa 195,643 12.8% 198,781 11.5%
Dividendos del portafolio 43,363 2.8% 46,468 2.7%
Diferencia en cambio de activos y pasivos no operativos 6,535 0.4% 5,949 0.3%
Pérdida por la posición monetaria neta -6,192 -0.4% -4,194 -0.2%
Participación en el resultado de las asociadas y negocios conjuntos 1468 0.1% 390 0.0%
Otros ingresos (egresos) no operacionales 3206 0.2% - N/A
Utilidad antes de impuesto de renta e interés no controlante 206,606 13.5% 199,519 11.6%
Impuesto sobre la renta corriente -36,515 -2.4% -51,436 -3.0%
Impuesto sobre la renta diferido -10,883 -0.7% 3,407 0.2%
Utilidad del ejercicio de operaciones continuadas 159,208 10.4% 151,490 8.8%
Operaciones discontinuadas, después de impuestos 254 0.0% -304 0.0%

Participaciones controladoras 158,694 10.4% 150,991 8.7%
Participaciones no controladoras 768 0.1% 195 0.0%
Ebitda 236,970 15.5% 234,916 13.6%
Junio 2015 % var
205,415 -48%
777,437 5%
1,029,688 22%
52,924 11%
237,173 70%
90 N/A
2,302,727 7%
25,955 12%
0 -100%
99,303 19%
3,560,224 -11%
3,153,387 6%
93,406 -3%
1,907,535 39%
1,167,856 52%
336,121 13%
37,352 15%
10,381,139 8%
12,683,866 7%
788,166 73%
783,029 19%
183,780 22%
133,356 -3%
3,371 39%
17,127 23%
1,908,829 35%
2,291,154 36%
159 0%
221,192 6%
645,944 37%
- N/A
3,158,449 33%
5,067,278 34%
7,585,730 -5%
30,858 3%
7,616,588 -5%
12,683,866 7%
% Variac. 2014-1T 2015-1T 2014-2T % Ingresos 2015-2T % Ingresos
12.7% 1,531,515 1,726,220 1,535,432 100.0% 1,857,180 100.0%

15.5% -842,171 -972,781 -855,871 -55.7% -1,044,465 -56.2%
9.3% 689,344 753,439 679,561 44.3% 812,715 43.8%
13.5% -84,830 -96,265 -78,423 -5.1% -86,818 -4.7%
14.0% -382,688 -436,316 -403,616 -26.3% -519,884 -28.0%
10.8% -29,293 -32,449 -27,305 -1.8% -32,184 -1.7%
658.2% 1,077 8,166 884 0.1% -286 0.0%
8.5% 2,033 2,206 -9,538 -0.6% -116 0.0%
1.6% 195,643 198,781 161,563 10.5% 173,427 9.3%
-9.0% 3,334 3,035 2,808 0.2% 1,921 0.1%
24.9% -40,751 -50,910 -37,491 -2.4% -59,361 -3.2%
7.2% 43,363 46,468 0 0.0% 494 0.0%
-9.0% 6,535 5,949 -7,532 -0.5% 6,965 0.4%
-32.3% -6,192 -4,194 -2,161 -0.1% -3,172 -0.2%
-73.4% 1468 390 1360 0.1% 758 0.0%

N/A 3206 - 557 0.0% 62 0.0%
-3.4% 206,606 199,519 119,104 7.8% 121,094 6.5%

40.9% -36,515 -51,436 -18,667 -1.2% -38,426 -2.1%
-131.3% -10,883 3,407 1,248 0.1% 1,408 0.1%
-4.8% 159,208 151,490 101,685 6.6% 84,076 4.5%
-219.7% 254 -304 -8532 -0.6% -4010 -0.2%
-5.2% 159,462 151,186 93,153 6.1% 80,066 4.3%
-4.9% 158,694 150,991 92,533 6.0% 79,293 4.3%

-74.6% 768 195 620 0.0% 773 0.0%
-5.2% 159,462 151,186 93,153 6.1% 80,066 4.3%
-0.9% 236,970 234,916 200,071 13.0% 223,967 12.1%
% Variac. 2014-1S % Ingresos 2015-1S % Ingresos % Variac.
21.0% 3,066,947 100.0% 3,583,400 100.0% 16.8%

22.0% -1,698,042 -55.4% -2,017,246 -56.3% 18.8%
19.6% 1,368,905 44.6% 1,566,154 43.7% 14.4%
10.7% -163,253 -5.3% -183,083 -5.1% 12.1%
28.8% -786,304 -25.6% -956,200 -26.7% 21.6%
17.9% -56,598 -1.8% -64,633 -1.8% 14.2%
-132.4% 1,961 0.1% 7,880 0.2% 301.8%
-98.8% -7,505 -0.2% 2,090 0.1% -127.8%
7.3% 357,206 11.6% 372,208 10.4% 4.2%
-31.6% 6,142 0.2% 4,956 0.1% -19.3%
58.3% -78,242 -2.6% -110,271 -3.1% 40.9%
N/A 43,363 1.4% 46,962 1.3% 8.3%
-192.5% -997 0.0% 12,914 0.4% -1395.3%
46.8% -8,353 -0.3% -7,366 -0.2% -11.8%
-44.3% 2828 0.1% 1148 0.0% -59.4%

-88.9% 3763 0.1% 0 0.0% -100.0%
1.7% 325,710 10.6% 320,613 8.9% -1.6%

105.8% -55,182 -1.8% -89,862 -2.5% 62.8%
12.8% -9,635 -0.3% 4,815 0.1% -150.0%
-17.3% 260,893 8.5% 235,566 6.6% -9.7%
-53.0% -8278 -0.3% -4314 -0.1% -47.9%
-14.0% 252,615 8.2% 231,252 6.5% -8.5%
-14.3% 251,227 8.2% 230,284 6.4% -8.3%

24.7% 1388 0.0% 968 0.0% -30.3%
-14.0% 252,615 8.2% 231,252 6.5% -8.5%
11.9% 437,041 14.3% 458,883 12.8% 5.0%
A 30 de diciembre de 2015
ACTIVO
Activo corriente
Inventarios 841,852 947,650 13%
Activos no corrientes mantenidos para la venta 0 90 N/A
Activo no corriente
Activos biológicos no corrientes 4,185 0 -100%
Otros activos intangibles 766,829 1,172,268 53%
TOTAL ACTIVOS 11,817,386 12,346,701 4%
PASIVO
Pasivo corriente
Otros pasivos 13,885 24,077 73%
Otros pasivos - - N/A
TOTAL PASIVO 3,785,713 5,023,717 33%
PATRIMONIO

Del 1 de enero al 30 de Septiembre
2014-1T % Ingresos 2015-1T

Ingresos operacionales 1,531,515 100.0% 1,726,220
Costos de la mercancía vendida -842,171 -55.0% -972,781
Utilidad bruta 689,344 45.0% 753,439
Gastos de venta -382,688 -25.0% -436,316
Diferencia en cambio de activos y pasivos operativos 1,077 0.1% 8,166
Otros ingresos (egresos) netos operacionales 2,033 0.1% 2,206
Utilidad operativa 195,643 12.8% 198,781
Dividendos del portafolio 43,363 2.8% 46,468
Diferencia en cambio de activos y pasivos no operativos 6,535 0.4% 5,949
Pérdida por la posición monetaria neta -6,192 -0.4% -4,194
Participación en el resultado de las asociadas y negocios conjuntos 1468 0.1% 390
Otros ingresos (egresos) no operacionales 3206 0.2% 0
Utilidad antes de impuesto de renta e interés no controlante 206,606 13.5% 199,519
Impuesto sobre la renta corriente -36,515 -2.4% -51,436
Impuesto sobre la renta diferido -10,883 -0.7% 3,407
Utilidad del ejercicio de operaciones continuadas 159,208 10.4% 151,490
Operaciones discontinuadas, después de impuestos 254 0.0% -304
Utilidad neta del ejercicio 159,462 10.4% 151,186

Participaciones controladoras 158,694 10.4% 150,991
Participaciones no controladoras 768 0.1% 195
Ebitda 236,970 15.5% 234,916
Diciembre 2014 Junio 2015 % var Diciembre 2014 % var
Septiembre 2015
391,863 205,415 -48% 391,863 198,448 -49%

739,808 777,437 5% 739,808 858,278 16%
841,852 1,029,688 22% 841,852 1,141,072 36%
47,770 52,924 11% 47,770 60,685 27%
139,352 237,173 70% 139,352 297,669 114%
0 90 N/A 0 90 N/A
2,160,645 2,302,727 7% 2,160,645 2,556,242 18%
23,124 25,955 12% 23,124 29,491 28%

4,185 0 -100% 4,185 0 -100%
83,323 99,303 19% 83,323 101,811 22%
4,016,462 3,560,224 -11% 4,016,462 3,564,491 -11%
2,963,335 3,153,387 6% 2,963,335 3,335,183 13%
96,280 93,406 -3% 96,280 97,061 1%
1,373,072 1,907,535 39% 1,373,072 2,001,447 46%
766,829 1,167,856 52% 766,829 1,233,087 61%
297,783 336,121 13% 297,783 360,477 21%
32,348 37,352 15% 32,348 38,591 19%
9,656,741 10,381,139 8% 9,656,741 10,761,639 11%
11,817,386 12,683,866 7% 11,817,386 13,317,881 13%
455,480 788,166 73% 455,480 962,314 111%

656,458 783,029 19% 656,458 826,429 26%
150,217 183,780 22% 150,217 210,538 40%
137,300 133,356 -3% 137,300 177,986 30%
2,417 3,371 39% 2,417 3,025 25%
13,885 17,127 23% 13,885 19,917 43%
1,415,757 1,908,829 35% 1,415,757 2,200,209 55%
1,688,797 2,291,154 36% 1,688,797 2,119,518 26%

159 159 0% 159 146 -8%
209,287 221,192 6% 209,287 230,323 10%
471,713 645,944 37% 471,713 667,566 42%
- - N/A - 28,060 N/A
2,369,956 3,158,449 33% 2,369,956 3,045,613 29%
3,785,713 5,067,278 34% 3,785,713 5,245,822 39%
8,001,755 7,585,730 -5% 8,001,755 8,037,783 0%
29,918 30,858 3% 29,918 34,276 15%
8,031,673 7,616,588 -5% 8,031,673 8,072,059 1%
11,817,386 12,683,866 7% 11,817,386 13,317,881 13%
% Ingresos % Variac. 2014-1S % Ingresos 2015-1S % Ingresos % Variac.
100.0% 12.7% 3,066,947 100.0% 3,583,400 100.0% 16.8%

-56.4% 15.5% -1,698,042 -55.4% -2,017,246 -56.3% 18.8%
43.6% 9.3% 1,368,905 44.6% 1,566,154 43.7% 14.4%
-5.6% 13.5% -163,253 -5.3% -183,083 -5.1% 12.1%
-25.3% 14.0% -786,304 -25.6% -956,200 -26.7% 21.6%
-1.9% 10.8% -56,598 -1.8% -64,633 -1.8% 14.2%
0.5% 658.2% 1,961 0.1% 7,880 0.2% 301.8%
0.1% 8.5% -7,505 -0.2% 2,090 0.1% -127.8%
11.5% 1.6% 357,206 11.6% 372,208 10.4% 4.2%
0.2% -9.0% 6,142 0.2% 4,956 0.1% -19.3%
-2.9% 24.9% -78,242 -2.6% -110,271 -3.1% 40.9%
2.7% 7.2% 43,363 1.4% 46,962 1.3% N/A
0.3% -9.0% -997 0.0% 12,914 0.4% -1395.3%
-0.2% -32.3% -8,353 -0.3% -7,366 -0.2% -11.8%
0.0% -73.4% 2828 0.1% 1148 0.0% -59.4%
N/A N/A 3763 0.1% 62 0.0% -98.4%
11.6% -3.4% 325,710 10.6% 320,613 8.9% -1.6%
-3.0% 40.9% -55,182 -1.8% -89,862 -2.5% 62.8%
0.2% -131.3% -9,635 -0.3% 4,815 0.1% -150.0%
8.8% -4.8% 260,893 8.5% 235,566 6.6% -9.7%
0.0% -219.7% -8278 -0.3% -4314 -0.1% -47.9%
8.8% -5.2% 252,615 8.2% 231,252 6.5% -8.5%
8.7% -4.9% 251,227 8.2% 230,284 6.4% -8.3%

0.0% -74.6% 1388 0.0% 968 0.0% -30.3%
8.8% -5.2% 252,615 8.2% 231,252 6.5% -8.5%
13.6% -0.9% 437,041 14.3% 458,883 12.8% 5.0%
2014-1T 2015-1T 2014-2T 2015-2T 2014-3T % Ingresos 2015-3T % Ingresos
1,531,515 1,726,220 1,535,432 1,857,180 1,626,920 100.0% 2,099,201 100.0%

-842,171 -972,781 -855,871 -1,044,465 -908,503 -55.8% -1,187,912 -56.6%
689,344 753,439 679,561 812,715 718,417 44.2% 911,289 43.4%
-84,830 -96,265 -78,423 -86,818 -81,372 -5.0% -95,398 -4.5%
-382,688 -436,316 -403,616 -519,884 -430,108 -26.4% -561,107 -26.7%
-29,293 -32,449 -27,305 -32,184 -31,296 -1.9% -31,887 -1.5%
1,077 8,166 884 -286 1,803 0.1% -4,707 -0.2%
2,033 2,206 -9,538 -116 -8,862 -0.5% -3,726 -0.2%
195,643 198,781 161,563 173,427 168,582 10.4% 214,464 10.2%
3,334 3,035 2,808 1,921 1,674 0.1% 2,291 0.1%
-40,751 -50,910 -37,491 -59,361 -43,700 -2.7% -60,813 -2.9%
43,363 46,468 0 494 3 0.0% 0 0.0%
6,535 5,949 -7,532 6,965 -2,044 -0.1% 1,857 0.1%
-6,192 -4,194 -2,161 -3,172 -3,512 -0.2% -10,010 -0.5%
1468 390 1360 758 888 0.1% 703 0.0%
3206 0 557 62 0 0.0% 20 0.0%
206,606 199,519 119,104 121,094 121,891 7.5% 148,512 7.1%
-36,515 -51,436 -18,667 -38,426 -33,624 -2.1% -47,784 -2.3%
-10,883 3,407 1,248 1,408 -12,266 -0.8% -3,491 -0.2%
159,208 151,490 101,685 84,076 76,001 4.7% 97,237 4.6%
254 -304 -8532 -4010 -2404 -0.1% -446 0.0%
159,462 151,186 93,153 80,066 73,597 4.5% 96,791 4.6%
158,694 150,991 92,533 79,293 73,285 4.5% 95,871 4.6%

768 195 620 773 312 0.0% 920 0.0%
159,462 151,186 93,153 80,066 73,597 4.5% 96,791 4.6%
236,970 234,916 200,071 223,967 208,023 12.8% 270,787 12.9%
% Variac. 2014-9M % Ingresos 2015-9M % Ingresos % Variac.
29.0% 4,693,867 100.0% 5,682,601 100.0% 21.1%

30.8% -2,606,545 -55.5% -3,205,158 -56.4% 23.0%
26.8% 2,087,322 44.5% 2,477,443 43.6% 18.7%
17.2% -244,625 -5.2% -278,481 -4.9% 13.8%
30.5% -1,216,412 -25.9% -1,517,307 -26.7% 24.7%
1.9% -87,894 -1.9% -96,520 -1.7% 9.8%
-361.1% 3,764 0.1% 3,173 0.1% -15.7%
-58.0% -16,367 -0.3% -1,636 0.0% -90.0%
27.2% 525,788 11.2% 586,672 10.3% 11.6%
36.9% 7,816 0.2% 7,247 0.1% -7.3%
39.2% -121,942 -2.6% -171,084 -3.0% 40.3%
N/A 43,366 0.9% 46,962 0.8% N/A
-190.9% -3,041 -0.1% 14,771 0.3% -585.7%
185.0% -11,865 -0.3% -17,376 -0.3% 46.4%
-20.8% 3716 0.1% 1851 0.0% -50.2%
#DIV/0! 3763 0.1% 82 0.0% -97.8%
21.8% 447,601 9.5% 469,125 8.3% 4.8%
42.1% -88,806 -1.9% -137,646 -2.4% 55.0%
-71.5% -21,901 -0.5% 1,324 0.0% -106.0%
27.9% 336,894 7.2% 332,803 5.9% -1.2%
-81.4% -10682 -0.2% -4760 -0.1% -55.4%
31.5% 326,212 6.9% 328,043 5.8% 0.6%
30.8% 324,512 6.9% 326,155 5.7% 0.5%

194.9% 1700 0.0% 1888 0.0% 11.1%
31.5% 326,212 6.9% 328,043 5.8% 0.6%
30.2% 645,064 13.7% 729,670 12.8% 13.1%
Diciembre 2014 Marzo 2015
ACTIVO
Activo corriente
Efectivo y equivalentes de efectivo 391,863 246,779
Deudores comerciales y otras cuentas por cobrar 739,808 817,267
Inventarios 841,852 947,650
Activos biológicos 47,770 50,525
Otros activos corrientes 139,352 191,719
Activos no corrientes mantenidos para la venta 0 90
Total activo corriente 2,160,645 2,254,030
Activo no corriente
Deudores comerciales y otras cuentas por cobrar 23,124 22,127
Activos biológicos no corrientes 4,185 0
Inversiones en asociadas y negocios conjuntos 83,323 88,211
Otros activos financieros no corrientes 4,016,462 3,326,010
Propiedades, planta y equipo, neto 2,963,335 3,102,326
Propiedades de inversión 96,280 91,664
Crédito mercantil 1,373,072 1,917,055
Otros activos intangibles 766,829 1,172,268
Activos por impuestos diferidos 297,783 339,127
Otros activos 32,348 33,883
Total activo no corriente 9,656,741 10,092,671
TOTAL ACTIVOS 11,817,386 12,346,701
PASIVO
Pasivo corriente
Obligaciones financieras 455,480 708,303
Proveedores y cuentas por pagar 656,458 829,817
Impuestos, gravámenes y tasas 150,217 180,907
Pasivo por beneficios a empleados 137,300 114,638
Provisiones corrientes 2,417 3,919
Otros pasivos 13,885 24,077
Total pasivo corriente 1,415,757 1,861,661
Obligaciones financieras 1,688,797 2,294,658
Proveedores y cuentas por pagar 159 159
Pasivo por beneficios a empleados 209,287 218,228
Pasivo por impuesto diferido 471,713 649,011
Otros pasivos - -
Total pasivo no corriente 2,369,956 3,162,056
TOTAL PASIVO 3,785,713 5,023,717
PATRIMONIO
Patrimonio atribuible a las participaciones controladoras 8,001,755 7,291,710
Participaciones no controladoras 29,918 31,274
TOTAL PATRIMONIO 8,031,673 7,322,984
TOTAL PASIVO Y PATRIMONIO 11,817,386 12,346,701

Del 1 de enero al 31 de diciembre
2014-1T % Ingresos
Ingresos operacionales 1,531,515 100.0%
Costos de la mercancía vendida -842,171 -55.0%
Utilidad bruta 689,344 45.0%
Gastos de administración -84,830 -5.5%
Gastos de venta -382,688 -25.0%
Gastos de producción -29,293 -1.9%
Diferencia en cambio de activos y pasivos operativos 1,077 0.1%
Otros ingresos (egresos) netos operacionales 2,033 0.1%
Utilidad operativa 195,643 12.8%
Ingresos financieros 3,334 0.2%
Gastos financieros -40,751 -2.7%
Dividendos del portafolio 43,363 2.8%
Diferencia en cambio de activos y pasivos no operativos 6,535 0.4%
Pérdida por la posición monetaria neta -6,192 -0.4%
Participación en el resultado de las asociadas y negocios conjuntos 1468 0.1%
Otros ingresos (egresos) no operacionales 3206 0.2%
Utilidad antes de impuesto de renta e interés no controlante 206,606 13.5%
Impuesto sobre la renta corriente -36,515 -2.4%
Impuesto sobre la renta diferido -10,883 -0.7%
Utilidad del ejercicio de operaciones continuadas 159,208 10.4%
Operaciones discontinuadas, después de impuestos 254 0.0%
Utilidad neta del ejercicio 159,462 10.4%

Participaciones controladoras 158,694 10.4%
Participaciones no controladoras 768 0.1%
Utilidad neta del ejercicio 159,462 10.4%
Ebitda 236,970 15.5%
% var Diciembre 2014 Junio 2015 % var Diciembre 2014 Septiembre 2015 % var
-37% 391,863 205,415 -48% 391,863 198,448 -49%

10% 739,808 777,437 5% 739,808 858,278 16%
13% 841,852 1,029,688 22% 841,852 1,141,072 36%
6% 47,770 52,924 11% 47,770 60,685 27%
38% 139,352 237,173 70% 139,352 297,669 114%
N/A 0 90 N/A 0 90 N/A
4% 2,160,645 2,302,727 7% 2,160,645 2,556,242 18%
-4% 23,124 25,955 12% 23,124 29,491 28%

-100% 4,185 0 -100% 4,185 0 -100%
6% 83,323 99,303 19% 83,323 101,811 22%
-17% 4,016,462 3,560,224 -11% 4,016,462 3,564,491 -11%
5% 2,963,335 3,153,387 6% 2,963,335 3,335,183 13%
-5% 96,280 93,406 -3% 96,280 97,061 1%
40% 1,373,072 1,907,535 39% 1,373,072 2,001,447 46%
53% 766,829 1,167,856 52% 766,829 1,233,087 61%
14% 297,783 336,121 13% 297,783 360,477 21%
5% 32,348 37,352 15% 32,348 38,591 19%
5% 9,656,741 10,381,139 8% 9,656,741 10,761,639 11%
4% 11,817,386 12,683,866 7% 11,817,386 13,317,881 13%
56% 455,480 788,166 73% 455,480 962,314 111%

26% 656,458 783,029 19% 656,458 826,429 26%
20% 150,217 183,780 22% 150,217 210,538 40%
-17% 137,300 133,356 -3% 137,300 177,986 30%
62% 2,417 3,371 39% 2,417 3,025 25%
73% 13,885 17,127 23% 13,885 19,917 43%
31% 1,415,757 1,908,829 35% 1,415,757 2,200,209 55%
36% 1,688,797 2,291,154 36% 1,688,797 2,119,518 26%

0% 159 159 0% 159 146 -8%
4% 209,287 221,192 6% 209,287 230,323 10%
38% 471,713 645,944 37% 471,713 667,566 42%
N/A - - N/A - 28,060 N/A
33% 2,369,956 3,158,449 33% 2,369,956 3,045,613 29%
33% 3,785,713 5,067,278 34% 3,785,713 5,245,822 39%
-9% 8,001,755 7,585,730 -5% 8,001,755 8,037,783 0%
5% 29,918 30,858 3% 29,918 34,276 15%
-9% 8,031,673 7,616,588 -5% 8,031,673 8,072,059 1%
4% 11,817,386 12,683,866 7% 11,817,386 13,317,881 13%
2015-1T % Ingresos % Variac. 2014-1S % Ingresos 2015-1S % Ingresos
1,726,220 100.0% 12.7% 3,066,947 100.0% 3,583,400 100.0%

-972,781 -56.4% 15.5% -1,698,042 -55.4% -2,017,246 -56.3%
753,439 43.6% 9.3% 1,368,905 44.6% 1,566,154 43.7%
-96,265 -5.6% 13.5% -163,253 -5.3% -183,083 -5.1%
-436,316 -25.3% 14.0% -786,304 -25.6% -956,200 -26.7%
-32,449 -1.9% 10.8% -56,598 -1.8% -64,633 -1.8%
8,166 0.5% 658.2% 1,961 0.1% 7,880 0.2%
2,206 0.1% 8.5% -7,505 -0.2% 2,090 0.1%
198,781 11.5% 1.6% 357,206 11.6% 372,208 10.4%
3,035 0.2% -9.0% 6,142 0.2% 4,956 0.1%
-50,910 -2.9% 24.9% -78,242 -2.6% -110,271 -3.1%
46,468 2.7% 7.2% 43,363 1.4% 46,962 1.3%
5,949 0.3% -9.0% -997 0.0% 12,914 0.4%
-4,194 -0.2% -32.3% -8,353 -0.3% -7,366 -0.2%
390 0.0% -73.4% 2828 0.1% 1148 0.0%
0 N/A N/A 3763 0.1% 62 0.0%
199,519 11.6% -3.4% 325,710 10.6% 320,613 8.9%
-51,436 -3.0% 40.9% -55,182 -1.8% -89,862 -2.5%
3,407 0.2% -131.3% -9,635 -0.3% 4,815 0.1%
151,490 8.8% -4.8% 260,893 8.5% 235,566 6.6%
-304 0.0% -219.7% -8278 -0.3% -4314 -0.1%
151,186 8.8% -5.2% 252,615 8.2% 231,252 6.5%
150,991 8.7% -4.9% 251,227 8.2% 230,284 6.4%

195 0.0% -74.6% 1388 0.0% 968 0.0%
151,186 8.8% -5.2% 252,615 8.2% 231,252 6.5%
234,916 13.6% -0.9% 437,041 14.3% 458,883 12.8%
Diciembre 2014 Diciembre 2015 % var
391,863 286,064 -27%

739,808 878,280 19%
841,852 1,032,969 23%
47,770 53,119 11%
139,352 220,762 58%
0 71,679 N/A
2,160,645 2,542,873 18%
23,124 26,729 16%

4,185 5,699 36%
83,323 109,021 31%
4,016,462 3,418,149 -15%
2,963,335 3,383,722 14%
96,280 82,393 -14%
1,373,072 2,033,403 48%
766,829 1,179,957 54%
297,783 355,461 19%
32,348 40,645 26%
9,656,741 10,635,179 10%
11,817,386 13,178,052 12%
455,480 1,059,660 133%

656,458 825,435 26%
150,217 172,323 15%
137,300 160,628 17%
2,417 4,415 83%
13,885 26,641 92%
1,415,757 2,249,102 59%
1,688,797 2,034,604 20%

159 159 0%
209,287 211,533 1%
471,713 727,692 54%
- - N/A
2,369,956 2,973,988 25%
3,785,713 5,223,090 38%
8,001,755 7,920,603 -1%
29,918 34,359 15%
8,031,673 7,954,962 -1%
11,817,386 13,178,052 12%
% Variac. 2014-1T 2015-1T 2014-2T 2015-2T 2014-3T 2015-3T
16.8% 1,531,515 1,726,220 1,535,432 1,857,180 1,626,920 2,099,201

18.8% -842,171 -972,781 -855,871 -1,044,465 -908,503 -1,187,912
14.4% 689,344 753,439 679,561 812,715 718,417 911,289
12.1% -84,830 -96,265 -78,423 -86,818 -81,372 -95,398
21.6% -382,688 -436,316 -403,616 -519,884 -430,108 -561,107
14.2% -29,293 -32,449 -27,305 -32,184 -31,296 -31,887
301.8% 1,077 8,166 884 -286 1,803 -4,707
-127.8% 2,033 2,206 -9,538 -116 -8,862 -3,726
4.2% 195,643 198,781 161,563 173,427 168,582 214,464
-19.3% 3,334 3,035 2,808 1,921 1,674 2,291
40.9% -40,751 -50,910 -37,491 -59,361 -43,700 -60,813
N/A 43,363 46,468 0 494 3 0
-1395.3% 6,535 5,949 -7,532 6,965 -2,044 1,857
-11.8% -6,192 -4,194 -2,161 -3,172 -3,512 -10,010
-59.4% 1468 390 1360 758 888 703
-98.4% 3206 0 557 62 0 20
-1.6% 206,606 199,519 119,104 121,094 121,891 148,512
62.8% -36,515 -51,436 -18,667 -38,426 -33,624 -47,784
-150.0% -10,883 3,407 1,248 1,408 -12,266 -3,491
-9.7% 159,208 151,490 101,685 84,076 76,001 97,237
-47.9% 254 -304 -8532 -4010 -2404 -446
-8.5% 159,462 151,186 93,153 80,066 73,597 96,791
-8.3% 158,694 150,991 92,533 79,293 73,285 95,871

-30.3% 768 195 620 773 312 920
-8.5% 159,462 151,186 93,153 80,066 73,597 96,791
5.0% 236,970 234,916 200,071 223,967 208,023 270,787
2014-4T % Ingresos 2015-4T % Ingresos % Variac. 2014-FY % Ingresos
1,787,946 100.0% 2,262,816 100.0% 26.6% 6,481,813 100.0%

-1,012,172 -56.6% -1,302,008 -57.5% 28.6% -3,618,717 -55.8%
775,774 43.4% 960,808 42.5% 23.9% 2,863,096 44.2%
-83,743 -4.7% -93,329 -4.1% 11.4% -328,368 -5.1%
-492,903 -27.6% -627,195 -27.7% 27.2% -1,709,315 -26.4%
-47,197 -2.6% -40,926 -1.8% -13.3% -135,091 -2.1%
7,642 0.4% -554 0.0% -107.2% 11,406 0.2%
-9,258 -0.5% -2,791 -0.1% -69.9% -25,625 -0.4%
150,315 8.4% 196,013 8.7% 30.4% 676,103 10.4%
4,056 0.2% 2,581 0.1% -36.4% 11,872 0.2%
-48,706 -2.7% -63,812 -2.8% 31.0% -170,648 -2.6%
29 0.0% 54 0.0% 86.2% 43,395 0.7%
21,520 1.2% 12,410 0.5% -42.3% 18,479 0.3%
-906 -0.1% -14,784 -0.7% 1531.8% -12,771 -0.2%
-494 0.0% 3077 0.1% -722.9% 3222 0.0%
3262 0.2% -370 0.0% -111.3% 7025 0.1%
129,076 7.2% 135,169 6.0% 4.7% 576,677 8.9%
-56,841 -3.2% -45,915 -2.0% -19.2% -145,647 -2.2%
192,401 10.8% 15,097 0.7% -92.2% 170,500 2.6%
264,636 14.8% 104,351 4.6% -60.6% 601,530 9.3%
-1332 -0.1% -1575 -0.1% 18.2% -12014 -0.2%
263,304 14.7% 102,776 4.5% -61.0% 589,516 9.1%
262,714 15% 101,997 4.5% -61% 587,226 9.1%

590 0% 779 0.0% 32% 2290 0.0%
263,304 15% 102,776 4.5% -61% 589,516 9.1%
190,637 11% 245,884 10.9% 29% 835,701 12.9%
2015-FY % Ingresos % Variac.
7,945,417 100.0% 22.6%

-4,507,166 -56.7% 24.6%
3,438,251 43.3% 20.1%
-371,810 -4.7% 13.2%
-2,144,502 -27.0% 25.5%
-137,446 -1.7% 1.7%
2,619 0.0% -77.0%
-4,427 -0.1% -82.7%
782,685 9.9% 15.8%
9,828 0.1% -17.2%
-234,896 -3.0% 37.6%
47,016 0.6% 8.3%
27,181 0.3% 47.1%
-32,160 -0.4% 151.8%
4928 0.1% 52.9%
-288 0.0% -104.1%
604,294 7.6% 4.8%
-183,561 -2.3% 26.0%
16,421 0.2% -90.4%
437,154 5.5% -27.3%
-6335 -0.1% -47.3%
430,819 5.4% -26.9%
428,152 5.4% -27%

2667 0.0% 16%
430,819 5.4% -27%
975,554 12.3% 17%
ACTIVO
Activo corriente
Efectivo y equivalentes de efectivo 286,064 291,761 2%
Inventarios 1,032,969 1,119,078 8%
Activos biológicos 53,119 51,847 -2%
Activos no corrientes mantenidos para la venta 71,679 77,861 9%
Activo no corriente
Activos biológicos no corrientes 5,699 6,156 8%
Otros activos financieros no corrientes 3,418,149 3,893,661 14%
Propiedades, planta y equipo, neto 3,383,722 3,364,160 -1%
Propiedades de inversión 82,393 82,141 0%
Otros activos intangibles 1,179,957 1,172,357 -1%
TOTAL ACTIVOS 13,178,052 13,729,834 4%
PASIVO
Pasivo corriente
Obligaciones financieras 1,059,660 1,044,488 -1%
Provisiones corrientes 4,415 3,289 -26%
Otros pasivos 26,641 26,274 -1%
Proveedores y cuentas por pagar 159 158 -1%
Pasivo por impuesto diferido 727,692 642,624 -12%
Otros pasivos - 779 N/A
TOTAL PASIVO 5,223,090 5,350,478 2%
PATRIMONIO
Patrimonio atribuible a las participaciones controladoras 7,920,603 8,344,147 5%
TOTAL PATRIMONIO 7,954,962 8,379,356 5%

2015-1T % Ingresos 2016-1T

Costos de la mercancía vendida -972,781 -56.4% -1,196,310
Utilidad bruta 753,439 43.6% 907,906
Gastos de venta -436,316 -25.3% -547,935
Diferencia en cambio de activos y pasivos no operativos 5,949 0.3% -9,738
Impuesto sobre la renta diferido 3,407 0.2% 14,256
Operaciones discontinuadas, después de impuestos -304 0.0% -164

Ebitda 234,916 13.6% 280,995
100.0% 21.9%
-56.9% 23.0%
43.1% 20.5%
-4.6% 0.8%
-26.0% 25.6%
-1.6% 6.9%
0.2% -52.9%
0.1% -47.0%
11.1% 17.4%
0.1% -28.7%
-3.4% 39.2%
2.4% 8.6%
-0.5% -263.7%
-0.5% 163.3%
0.0% -52.6%
9.2% -2.5%
-2.7% 8.9%
0.7% 318.4%
7.3% 0.8%
0.0% -46.1%
7.2% 0.9%
7.2% 0.5%
0.0% 341.5%
7.2% 0.9%
13.4% 19.6%
ACTIVO
Activo corriente
Inventarios 1,032,969 1,119,078 8%
Activo no corriente
TOTAL ACTIVOS 13,178,052 13,729,834 4%
PASIVO
Pasivo corriente
Otros pasivos 26,641 26,274 -1%
TOTAL PASIVO 5,223,090 5,350,478 2%
PATRIMONIO

2015-1T % Ingresos 2016-1T

Utilidad bruta 753,439 43.6% 907,906
Gastos de venta -436,316 -25.3% -547,935

Ebitda 234,916 13.6% 280,995
Diciembre 2015 Junio 2016 % var
286,064 206,643 -28%

878,280 819,646 -7%
1,032,969 1,083,821 5%
53,119 59,385 12%
220,762 279,691 27%
71,679 65,702 -8%
2,542,873 2,514,888 -1%
26,729 26,190 -2%

5,699 6,491 14%
109,021 161,255 48%
3,418,149 3,756,035 10%
3,383,722 3,312,068 -2%
82,393 77,368 -6%
2,033,403 2,018,384 -1%
1,179,957 1,155,162 -2%
355,461 365,896 3%
40,645 44,171 9%
10,635,179 10,923,020 3%
13,178,052 13,437,908 2%
1,059,660 862,246 -19%

825,435 861,844 4%
172,323 205,184 19%
160,628 129,825 -19%
4,415 2,901 -34%
26,641 22,619 -15%
2,249,102 2,084,619 -7%
2,034,604 2,309,966 14%

159 159 0%
211,533 226,813 7%
727,692 636,888 -12%
- 801 N/A
2,973,988 3,174,627 7%
5,223,090 5,259,246 1%
7,920,603 8,143,026 3%
34,359 35,636 4%
7,954,962 8,178,662 3%
13,178,052 13,437,908 2%
% Ingresos % Variac. 2015-1T 2016-1T 2015-2T % Ingresos 2016-2T
100.0% 21.9% 1,726,220 2,104,216 1,857,181 100.0% 2,101,067

-56.9% 23.0% -972,781 -1,196,310 -1,044,465 -56.2% -1,202,985
43.1% 20.5% 753,439 907,906 812,716 43.8% 898,082
-4.6% 0.8% -96,265 -97,009 -86,819 -4.7% -96,978
-26.0% 25.6% -436,316 -547,935 -519,884 -28.0% -580,720
-1.6% 6.9% -32,449 -34,692 -32,185 -1.7% -34,612
0.2% -52.9% 8,166 3,848 -286 0.0% 11,938
0.1% -47.0% 2,206 1,169 -115 0.0% 7,387
11.1% 17.4% 198,781 233,287 173,427 9.3% 205,097
0.1% -28.7% 3,035 2,165 1,921 0.1% 2,482
-3.4% 39.2% -50,910 -70,846 -59,360 -3.2% -82,107
2.4% 8.6% 46,468 50,453 494 0.0% 41
-0.5% -263.7% 5,949 -9,738 6,965 0.4% -2,615
-0.5% 163.3% -4,194 -11,041 -3,172 -0.2% -7,486
0.0% -52.6% 390 185 758 0.0% 619
0.0% N/A 0 0 62 0.0% 0
9.2% -2.5% 199,519 194,465 121,095 6.5% 116,031
-2.7% 8.9% -51,436 -56,024 -38,427 -2.1% -42,183
0.7% 318.4% 3,407 14,256 1,408 0.1% 6,703
7.3% 0.8% 151,490 152,697 84,076 4.5% 80,551
0.0% -46.1% -304 -164 -4010 -0.2% -83
7.2% 0.9% 151,186 152,533 80,066 4.3% 80,468
7.2% 0.5% 150,991 151,672 79,293 4.3% 79,412

0.0% 341.5% 195 861 773 0.0% 1056
7.2% 0.9% 151,186 152,533 80,066 4.3% 80,468
13.4% 19.6% 234,916 280,995 223,967 12.1% 253,208
100.0% 13.1% 3,583,401 100.0% 4,205,283 100.0% 17.4%

-57.3% 15.2% -2,017,246 -56.3% -2,399,295 -57.1% 18.9%
42.7% 10.5% 1,566,155 43.7% 1,805,988 42.9% 15.3%
-4.6% 11.7% -183,084 -5.1% -193,987 -4.6% 6.0%
-27.6% 11.7% -956,200 -26.7% -1,128,655 -26.8% 18.0%
-1.6% 7.5% -64,634 -1.8% -69,304 -1.6% 7.2%
0.6% N/A 7,880 0.2% 15,786 0.4% 100.3%
0.4% N/A 2,091 0.1% 8,556 0.2% 309.2%
9.8% 18.3% 372,208 10.4% 438,384 10.4% 17.8%
0.1% 29.2% 4,956 0.1% 4,647 0.1% -6.2%
-3.9% 38.3% -110,270 -3.1% -152,953 -3.6% 38.7%
0.0% N/A 46,962 1.3% 50,494 1.2% 7.5%
-0.1% -137.5% 12,914 0.4% -12,353 -0.3% -195.7%
-0.4% 136.0% -7,366 -0.2% -18,527 -0.4% 151.5%
0.0% -18.3% 1,148 0.0% 804 0.0% -30.0%
0.0% -100.0% 62 0.0% - 0.0% -100.0%
5.5% -4.2% 320,614 8.9% 310,496 7.4% -3.2%
-2.0% 9.8% -89,863 -2.5% -98,207 -2.3% 9.3%
0.3% 376.1% 4,815 0.1% 20,959 0.5% 335.3%
3.8% -4.2% 235,566 6.6% 233,248 5.5% -1.0%
0.0% -97.9% -4,314 -0.1% -247 0.0% -94.3%
3.8% 0.5% 231,252 6.5% 233,001 5.5% 0.8%
3.8% 0.2% 230,284 6.4% 231,084 5.5% 0.3%

0.1% 36.6% 968 0.0% 1,917 0.0% 98.0%
3.8% 0.5% 231,252 6.5% 233,001 5.5% 0.8%
12.1% 13.1% 458,883 12.8% 534,203 12.7% 16.4%
A 30 de septiembre de 2016
ACTIVO
Activo corriente
Inventarios 1,032,969 1,119,078 8%
Activo no corriente
TOTAL ACTIVOS 13,178,052 13,729,834 4%
PASIVO
Pasivo corriente
Otros pasivos 26,641 26,274 -1%
TOTAL PASIVO 5,223,090 5,350,478 2%
PATRIMONIO

Del 1 de enero al 30 de septiembre
2015-1T % Ingresos 2016-1T

Utilidad bruta 753,439 43.6% 907,906
Gastos de venta -436,316 -25.3% -547,935

Ebitda 234,916 13.6% 280,995
Diciembre 2015 Junio 2016 % var Diciembre 2015 Septiembre 2016 % var
286,064 206,643 -28% 286,064 222,833 -22%

878,280 819,646 -7% 878,280 869,999 -1%
1,032,969 1,083,821 5% 1,032,969 1,081,609 5%
53,119 59,385 12% 53,119 66,216 25%
220,762 279,691 27% 220,762 285,916 30%
71,679 65,702 -8% 71,679 76,079 6%
2,542,873 2,514,888 -1% 2,542,873 2,602,652 2%
26,729 26,190 -2% 26,729 26,261 -2%

5,699 6,491 14% 5,699 7,151 25%
109,021 161,255 48% 109,021 161,801 48%
3,418,149 3,756,035 10% 3,418,149 3,725,217 9%
3,383,722 3,312,068 -2% 3,383,722 3,311,507 -2%
82,393 77,368 -6% 82,393 71,951 -13%
2,033,403 2,018,384 -1% 2,033,403 2,009,524 -1%
1,179,957 1,155,162 -2% 1,179,957 1,149,421 -3%
355,461 365,896 3% 355,461 363,222 2%
40,645 44,171 9% 40,645 46,257 14%
10,635,179 10,923,020 3% 10,635,179 10,872,312 2%
13,178,052 13,437,908 2% 13,178,052 13,474,964 2%
1,059,660 862,246 -19% 1,059,660 799,469 -25%

825,435 861,844 4% 825,435 855,542 4%
172,323 205,184 19% 172,323 206,372 20%
160,628 129,825 -19% 160,628 162,674 1%
4,415 2,901 -34% 4,415 2,921 -34%
26,641 22,619 -15% 26,641 28,191 6%
2,249,102 2,084,619 -7% 2,249,102 2,055,169 -9%
2,034,604 2,309,966 14% 2,034,604 2,364,526 16%

159 159 0% 159 158 -1%
211,533 226,813 7% 211,533 224,265 6%
727,692 636,888 -12% 727,692 631,573 -13%
- 801 N/A - 748 N/A
2,973,988 3,174,627 7% 2,973,988 3,221,270 8%
5,223,090 5,259,246 1% 5,223,090 5,276,439 1%
7,920,603 8,143,026 3% 7,920,603 8,162,045 3%
34,359 35,636 4% 34,359 36,480 6%
7,954,962 8,178,662 3% 7,954,962 8,198,525 3%
13,178,052 13,437,908 2% 13,178,052 13,474,964 2%
100.0% 21.9% 3,583,401 100.0% 4,205,283 100.0% 17.4%

-56.9% 23.0% -2,017,246 -56.3% -2,399,295 -57.1% 18.9%
43.1% 20.5% 1,566,155 43.7% 1,805,988 42.9% 15.3%
-4.6% 0.8% -183,084 -5.1% -193,987 -4.6% 6.0%
-26.0% 25.6% -956,200 -26.7% -1,128,655 -26.8% 18.0%
-1.6% 6.9% -64,634 -1.8% -69,304 -1.6% 7.2%
0.2% -52.9% 7,880 0.2% 15,786 0.4% 100.3%
0.1% -47.0% 2,091 0.1% 8,556 0.2% 309.2%
11.1% 17.4% 372,208 10.4% 438,384 10.4% 17.8%
0.1% -28.7% 4,956 0.1% 4,647 0.1% -6.2%
-3.4% 39.2% -110,270 -3.1% -152,953 -3.6% 38.7%
2.4% 8.6% 46,962 1.3% 50,494 1.2% 7.5%
-0.5% -263.7% 12,914 0.4% -12,353 -0.3% -195.7%
-0.5% 163.3% -7,366 -0.2% -18,527 -0.4% 151.5%
0.0% -52.6% 1148 0.0% 804 0.0% -30.0%
0.0% N/A 62 0.0% 0 0.0% -100.0%
9.2% -2.5% 320,614 8.9% 310,496 7.4% -3.2%
-2.7% 8.9% -89,863 -2.5% -98,207 -2.3% 9.3%
0.7% 318.4% 4,815 0.1% 20,959 0.5% 335.3%
7.3% 0.8% 235,566 6.6% 233,248 5.5% -1.0%
0.0% -46.1% -4314 -0.1% -247 0.0% -94.3%
7.2% 0.9% 231,252 6.5% 233,001 5.5% 0.8%
7.2% 0.5% 230,284 6.4% 231,084 5.5% 0.3%

0.0% 341.5% 968 0.0% 1917 0.0% 98.0%
7.2% 0.9% 231,252 6.5% 233,001 5.5% 0.8%
13.4% 19.6% 458,883 12.8% 534,203 12.7% 16.4%
2015-1T 2016-1T 2015-2T 2016-2T 2015-3T % Ingresos 2016-3T
1,726,220 2,104,216 1,857,181 2,101,067 2,099,200 100.0% 2,214,012

-972,781 -1,196,310 -1,044,465 -1,202,985 -1,187,913 -56.6% -1,279,858
753,439 907,906 812,716 898,082 911,287 43.4% 934,154
-96,265 -97,009 -86,819 -96,978 -95,397 -4.5% -99,902
-436,316 -547,935 -519,884 -580,720 -561,107 -26.7% -596,608
-32,449 -34,692 -32,185 -34,612 -31,886 -1.5% -37,705
8,166 3,848 -286 11,938 -4,707 -0.2% 1,152
2,206 1,169 -115 7,387 -3,726 -0.2% 8,885
198,781 233,287 173,427 205,097 214,464 10.2% 209,976
3,035 2,165 1,921 2,482 2,291 0.1% 3,061
-50,910 -70,846 -59,360 -82,107 -60,814 -2.9% -85,697
46,468 50,453 494 41 0 0.0% 0
5,949 -9,738 6,965 -2,615 1,857 0.1% 3,685
-4,194 -11,041 -3,172 -7,486 -10,010 -0.5% -14,419
390 185 758 619 703 0.0% 1,350
0 0 62 - 19 0.0% 0
199,519 194,465 121,095 116,031 148,510 7.1% 117,956
-51,436 -56,024 -38,427 -42,183 -47,782 -2.3% -37,516
3,407 14,256 1,408 6,703 -3,491 -0.2% 2,620
151,490 152,697 84,076 80,551 97,237 4.6% 83,060
-304 -164 -4,010 -83 -446 0.0% 55
151,186 152,533 80,066 80,468 96,791 4.6% 83,115
150,991 151,672 79,293 79,412 95,871 4.6% 81,993

195 861 773 1,056 920 0.0% 1,122
151,186 152,533 80,066 80,468 96,791 4.6% 83,115
234,916 280,995 223,967 253,208 270,788 12.9% 266,125
% Ingresos % Variac. 2015-9M % Ingresos 2016-9M % Ingresos % Variac.
100.0% 5.5% 5,682,601 100.0% 6,419,295 100.0% 13.0%

-57.8% 7.7% -3,205,159 -56.4% -3,679,153 -57.3% 14.8%
42.2% 2.5% 2,477,442 43.6% 2,740,142 42.7% 10.6%
-4.5% 4.7% -278,481 -4.9% -293,889 -4.6% 5.5%
-26.9% 6.3% -1,517,307 -26.7% -1,725,263 -26.9% 13.7%
-1.7% 18.2% -96,520 -1.7% -107,009 -1.7% 10.9%
0.1% -124.5% 3,173 0.1% 16,938 0.3% 433.8%
0.4% -338.5% -1,635 0.0% 17,441 0.3% N/A
9.5% -2.1% 586,672 10.3% 648,360 10.1% 10.5%
0.1% 33.6% 7,247 0.1% 7,708 0.1% 6.4%
-3.9% 40.9% -171,084 -3.0% -238,650 -3.7% 39.5%
0.0% N/A 46,962 0.8% 50,494 0.8% 7.5%
0.2% 98.4% 14,771 0.3% -8,668 -0.1% -158.7%
-0.7% 44.0% -17,376 -0.3% -32,946 -0.5% 89.6%
0.1% 92.0% 1,851 0.0% 2,154 0.0% 16.4%
0.0% N/A 81 0.0% 0 0.0% N/A
5.3% -20.6% 469,124 8.3% 428,452 6.7% -8.7%
-1.7% -21.5% -137,645 -2.4% -135,723 -2.1% -1.4%
0.1% -175.1% 1,324 0.0% 23,579 0.4% N/A
3.8% -14.6% 332,803 5.9% 316,308 4.9% -5.0%
0.0% -112.3% -4760 -0.1% -192 0.0% -96.0%
3.8% -14.1% 328,043 5.8% 316,116 4.9% -3.6%
3.7% -14.5% 326,155 5.7% 313,077 4.9% -4.0%

0.1% 22.0% 1,888 0.0% 3,039 0.0% 61.0%
3.8% -14.1% 328,043 5.8% 316,116 4.9% -3.6%
12.0% -1.7% 729,671 12.8% 800,328 12.5% 9.7%
ACTIVO
Activo corriente
Inventarios 1,032,969 1,119,078 8%
Activo no corriente
TOTAL ACTIVOS 13,178,052 13,729,834 4%
PASIVO
Pasivo corriente
Otros pasivos 26,641 26,274 -1%
TOTAL PASIVO 5,223,090 5,350,478 2%
PATRIMONIO

2015-1T % Ingresos 2016-1T

Utilidad bruta 753,439 43.6% 907,906
Gastos de venta -436,316 -25.3% -547,935

Ebitda 234,916 13.6% 280,995
Diciembre 2015 Junio 2016 % var Diciembre 2015 Septiembre 2016 % var Diciembre Diciembre
2015 2016
286,064 206,643 -28% 286,064 222,833 -22% 286,064 219,322

878,280 819,646 -7% 878,280 869,999 -1% 878,280 889,197
1,032,969 1,083,821 5% 1,032,969 1,081,609 5% 1,032,969 1,028,417
53,119 59,385 12% 53,119 66,216 25% 53,119 75,677
220,762 279,691 27% 220,762 285,916 30% 220,762 246,832
71,679 65,702 -8% 71,679 76,079 6% 71,679 100,330
2,542,873 2,514,888 -1% 2,542,873 2,602,652 2% 2,542,873 2,559,775
26,729 26,190 -2% 26,729 26,261 -2% 26,729 23,495

5,699 6,491 14% 5,699 7,151 25% 5,699 7,433
109,021 161,255 48% 109,021 161,801 48% 109,021 164,510
3,418,149 3,756,035 10% 3,418,149 3,725,217 9% 3,418,149 3,885,206
3,383,722 3,312,068 -2% 3,383,722 3,311,507 -2% 3,383,722 3,383,513
82,393 77,368 -6% 82,393 71,951 -13% 82,393 71,842
2,033,403 2,018,384 -1% 2,033,403 2,009,524 -1% 2,033,403 2,034,454
1,179,957 1,155,162 -2% 1,179,957 1,149,421 -3% 1,179,957 1,163,671
355,461 365,896 3% 355,461 363,222 2% 355,461 356,994
40,645 44,171 9% 40,645 46,257 14% 40,645 48,661
10,635,179 10,923,020 3% 10,635,179 10,872,312 2% 10,635,179 11,139,779
13,178,052 13,437,908 2% 13,178,052 13,474,964 2% 13,178,052 13,699,554
1,059,660 862,246 -19% 1,059,660 799,469 -25% 1,059,660 847,689

825,435 861,844 4% 825,435 855,542 4% 825,435 888,840
172,323 205,184 19% 172,323 206,372 20% 172,323 163,362
160,628 129,825 -19% 160,628 162,674 1% 160,628 161,592
4,415 2,901 -34% 4,415 2,921 -34% 4,415 2,734
26,641 22,619 -15% 26,641 28,191 6% 26,641 49,746
2,249,102 2,084,619 -7% 2,249,102 2,055,169 -9% 2,249,102 2,113,963
2,034,604 2,309,966 14% 2,034,604 2,364,526 16% 2,034,604 2,277,429

159 159 0% 159 158 -1% 159 158
211,533 226,813 7% 211,533 224,265 6% 211,533 216,744
727,692 636,888 -12% 727,692 631,573 -13% 727,692 705,700
- 801 N/A - 748 N/A - 600
2,973,988 3,174,627 7% 2,973,988 3,221,270 8% 2,973,988 3,200,631
5,223,090 5,259,246 1% 5,223,090 5,276,439 1% 5,223,090 5,314,594
7,920,603 8,143,026 3% 7,920,603 8,162,045 3% 7,920,603 8,346,719
34,359 35,636 4% 34,359 36,480 6% 34,359 38,241
7,954,962 8,178,662 3% 7,954,962 8,198,525 3% 7,954,962 8,384,960
13,178,052 13,437,908 2% 13,178,052 13,474,964 2% 13,178,052 13,699,554
% Ingresos % Variac. 2015-1S % Ingresos 2016-1S % Ingresos % Variac. 2015-1T
100.0% 21.9% 3,583,401 100.0% 4,205,283 100.0% 17.4% 1,726,220

-56.9% 23.0% -2,017,246 -56.3% -2,399,295 -57.1% 18.9% -972,781
43.1% 20.5% 1,566,155 43.7% 1,805,988 42.9% 15.3% 753,439
-4.6% 0.8% -183,084 -5.1% -193,987 -4.6% 6.0% -96,265
-26.0% 25.6% -956,200 -26.7% -1,128,655 -26.8% 18.0% -436,316
-1.6% 6.9% -64,634 -1.8% -69,304 -1.6% 7.2% -32,449
0.2% -52.9% 7,880 0.2% 15,786 0.4% 100.3% 8,166
0.1% -47.0% 2,091 0.1% 8,556 0.2% 309.2% 2,206
11.1% 17.4% 372,208 10.4% 438,384 10.4% 17.8% 198,781
0.1% -28.7% 4,956 0.1% 4,647 0.1% -6.2% 3,035
-3.4% 39.2% -110,270 -3.1% -152,953 -3.6% 38.7% -50,910
2.4% 8.6% 46,962 1.3% 50,494 1.2% 7.5% 46,468
-0.5% -263.7% 12,914 0.4% -12,353 -0.3% -195.7% 5,949
-0.5% 163.3% -7,366 -0.2% -18,527 -0.4% 151.5% -4,194
0.0% -52.6% 1148 0.0% 804 0.0% -30.0% 390
0.0% N/A 62 0.0% 0 0.0% -100.0% 0
9.2% -2.5% 320,614 8.9% 310,496 7.4% -3.2% 199,519
-2.7% 8.9% -89,863 -2.5% -98,207 -2.3% 9.3% -51,436
0.7% 318.4% 4,815 0.1% 20,959 0.5% 335.3% 3,407
7.3% 0.8% 235,566 6.6% 233,248 5.5% -1.0% 151,490
0.0% -46.1% -4314 -0.1% -247 0.0% -94.3% -304
7.2% 0.9% 231,252 6.5% 233,001 5.5% 0.8% 151,186
7.2% 0.5% 230,284 6.4% 231,084 5.5% 0.3% 150,991

0.0% 341.5% 968 0.0% 1917 0.0% 98.0% 195
7.2% 0.9% 231,252 6.5% 233,001 5.5% 0.8% 151,186
13.4% 19.6% 458,883 12.8% 534,203 12.7% 16.4% 234,916
% var
-23%
1%
0%
42%
12%
40%
1%
-12%
30%
51%
14%
0%
-13%
0%
-1%
0%
20%
5%
4%
-20%
8%
-5%
1%
-38%
87%
-6%
12%
-1%
2%
-3%
N/A
8%
2%
5%
11%
5%
4%
2016-1T 2015-2T 2016-2T 2015-3T 2016-3T 2015-4T % Ingresos
2,104,216 1,857,181 2,101,067 2,099,200 2,214,012 2,262,816 100.0%

-1,196,310 -1,044,465 -1,202,985 -1,187,913 -1,279,858 -1,302,007 -57.5%
907,906 812,716 898,082 911,287 934,154 960,809 42.5%
-97,009 -86,819 -96,978 -95,397 -99,902 -93,329 -4.1%
-547,935 -519,884 -580,720 -561,107 -596,608 -627,195 -27.7%
-34,692 -32,185 -34,612 -31,886 -37,705 -40,926 -1.8%
3,848 -286 11,938 -4,707 1,152 -554 0.0%
1,169 -115 7,387 -3,726 8,885 -2,792 -0.1%
233,287 173,427 205,097 214,464 209,976 196,013 8.7%
2,165 1,921 2,482 2,291 3,061 2,581 0.1%
-70,846 -59,360 -82,107 -60,814 -85,697 -63,812 -2.8%
50,453 494 41 0 0 54 0.0%
-9,738 6,965 -2,615 1,857 3,685 12,410 0.5%
-11,041 -3,172 -7,486 -10,010 -14,419 -14,784 -0.7%
185 758 619 703 1,350 3077 0.1%
0 62 - 19 0 -369 0.0%
194,465 121,095 116,031 148,510 117,956 135,170 6.0%
-56,024 -38,427 -42,183 -47,782 -37,516 -45,916 -2.0%
14,256 1,408 6,703 -3,491 2,620 15,097 0.7%
152,697 84,076 80,551 97,237 83,060 104,351 4.6%
-164 -4,010 -83 -446 55 -1575 -0.1%
152,533 80,066 80,468 96,791 83,115 102,776 4.5%
151,672 79,293 79,412 95,871 81,993 101,997 4.5%

861 773 1,056 920 1,122 779 0.0%
152,533 80,066 80,468 96,791 83,115 102,776 4.5%
280,995 223,967 253,208 270,788 266,125 245,883 10.9%
2016-4T % Ingresos % Variac. 2015-FY % Ingresos 2016-FY % Ingresos
2,257,345 100.0% -0.2% 7,945,417 100.0% 8,676,640 100.0%

-1,286,878 -57.0% -1.2% -4,507,166 -56.7% -4,966,031 -57.2%
970,467 43.0% 1.0% 3,438,251 43.3% 3,710,609 42.8%
-107,211 -4.7% 14.9% -371,810 -4.7% -401,100 -4.6%
-659,603 -29.2% 5.2% -2,144,502 -27.0% -2,384,866 -27.5%
-40,685 -1.8% -0.6% -137,446 -1.7% -147,694 -1.7%
-1,065 0.0% 92.2% 2,619 0.0% 15,873 0.2%
4,708 0.2% -268.6% -4,427 -0.1% 22,149 0.3%
166,611 7.4% -15.0% 782,685 9.9% 814,971 9.4%
3,274 0.1% 26.9% 9,828 0.1% 10,982 0.1%
-85,987 -3.8% 34.8% -234,896 -3.0% -324,637 -3.7%
51 0.0% -5.6% 47,016 0.6% 50,545 0.6%
26 0.0% -99.8% 27,181 0.3% -8,642 -0.1%
0 0.0% -100.0% -32,160 -0.4% -32,946 -0.4%
3,949 0.2% 28.3% 4,928 0.1% 6,103 0.1%
28492 1.3% -7821.4% -288 0.0% 28,492 0.3%
116,416 5.2% -13.9% 604,294 7.6% 544,868 6.3%
-37,143 -1.6% -19.1% -183,561 -2.3% -172,866 -2.0%
5,954 0.3% -60.6% 16,421 0.2% 29,533 0.3%
85,227 3.8% -18.3% 437,154 5.5% 401,535 4.6%
-1652 -0.1% 4.9% -6335 -0.1% -1844 0.0%
83,575 3.7% -18.7% 430,819 5.4% 399,691 4.6%
82,657 3.7% -19.0% 428,152 5.4% 395,734 4.6%

918 0.0% 17.8% 2,667 0.0% 3,957 0.0%
83,575 3.7% -18.7% 430,819 5.4% 399,691 4.6%
228,625 10.1% -7.0% 975,554 12.3% 1,028,953 11.9%
% Variac.
9.2%
10.2%
7.9%
7.9%
11.2%
7.5%
506.1%
N/A
4.1%
11.7%
38.2%
7.5%
-131.8%
2.4%
23.8%
N/A
-9.8%
-5.8%
N/A
-8.1%
-70.9%
-7.2%
-7.6%
48.4%
-7.2%
5.5%
ACTIVO
Activo corriente
Inventarios 1,028,417 1,051,962 2%
Activos no corrientes mantenidos para la venta 100,330 80,239 -20%
Activo no corriente
Inversiones en asociadas y negocios conjuntos 164,510 162,693 -1%
Plusvalía 2,034,454 2,003,664 -2%
TOTAL ACTIVOS 13,699,554 13,836,093 1%
PASIVO
Pasivo corriente
Obligaciones financieras 847,689 766,418 -10%
Impuestos, gravámenes y tasas 163,362 156,179 -4%
Otros pasivos 49,746 49,399 -1%
Total pasivo corriente 2,113,963 2,077,402 -2%
Otros pasivos 600 618 3%
TOTAL PASIVO 5,314,594 5,521,398 4%
PATRIMONIO

2016-1T % Ingresos 2017-1T

Costos de la mercancía vendida -1,196,310 -56.9% -1,150,561
Utilidad bruta 907,906 43.1% 891,262
Gastos de venta -547,935 -26.0% -563,544
Diferencia en cambio de activos y pasivos no operativos -9,738 -0.5% -3,118
Pérdida por la posición monetaria neta -11,041 -0.5% 0
Participación en el resultado de las asociadas y negocios conjuntos 185 0.0% -1600

Ebitda 280,995 13.4% 264,549
100.0% -3.0%
-56.3% -3.8%
43.7% -1.8%
-4.9% 3.3%
-27.6% 2.8%
-1.6% -5.0%
0.1% -43.5%
0.3% N/A
10.0% -12.6%
0.1% 13.3%
-4.0% 16.3%
2.7% 7.5%
-0.2% -68.0%
0.0% -100.0%
-0.1% N/A
8.5% -10.9%
-2.0% -27.3%
0.4% -43.3%
6.9% -7.8%
0.0% N/A
6.8% -8.3%
6.8% -8.3%
0.0% -21.3%
6.8% -8.3%
13.0% -5.9%
ACTIVO
Activo corriente
Inventarios 1,028,417 1,051,962 2%
Activo no corriente
Plusvalía 2,034,454 2,003,664 -2%
TOTAL ACTIVOS 13,699,554 13,836,093 1%
PASIVO
Pasivo corriente
Impuestos, gravámenes y tasas 163,362 156,179 -4%
Otros pasivos 49,746 49,399 -1%
Otros pasivos 600 618 3%
TOTAL PASIVO 5,314,594 5,521,398 4%
PATRIMONIO

2016-1T % Ingresos 2017-1T

Costos de la mercancía vendida -1,196,310 -56.9% -1,150,561
Utilidad bruta 907,906 43.1% 891,262
Gastos de venta -547,935 -26.0% -563,544

Otros ingresos (egresos) netos 0 0.0% 0

Ebitda 280,995 13.4% 264,549
219,322 277,418 26%

889,197 934,808 5%
1,028,417 1,050,504 2%
75,677 85,304 13%
246,832 258,291 5%
100,330 35,803 -64%
2,559,775 2,642,128 3%
23,495 23,944 2%
7,433 8,563 15%
164,510 175,634 7%
3,885,206 4,081,768 5%
3,383,513 3,377,048 0%
71,842 71,751 0%
2,034,454 2,059,277 1%
1,163,671 1,162,725 0%
356,994 374,942 5%
48,661 95,978 97%
11,139,779 11,431,630 3%
13,699,554 14,073,758 3%
847,689 656,202 -23%

888,840 930,722 5%
163,362 200,054 22%
161,592 151,445 -6%
2,734 1,139 -58%
49,746 43,019 -14%
2,113,963 1,982,581 -6%
2,277,429 2,514,525 10%

158 158 0%
216,744 229,319 6%
705,700 701,487 -1%
600 657 10%
3,200,631 3,446,146 8%
5,314,594 5,428,727 2%
8,346,719 8,606,275 3%
38,241 38,756 1%
8,384,960 8,645,031 3%
13,699,554 14,073,758 3%
100.0% -3.0% 2,104,216 2,041,823 2,101,067 100.0% 2,117,243

-56.3% -3.8% -1,196,310 -1,150,561 -1,202,985 -57.3% -1,182,469
43.7% -1.8% 907,906 891,262 898,082 42.7% 934,774
-4.9% 3.3% -97,009 -100,251 -96,978 -4.6% -95,340
-27.6% 2.8% -547,935 -563,544 -580,720 -27.6% -624,951
-1.6% -5.0% -34,692 -32,942 -34,612 -1.6% -33,440
0.1% -43.5% 3,848 2,176 11,938 0.6% -1,953
0.3% N/A 1,169 7,084 7,387 0.4% 14,508
10.0% -12.6% 233,287 203,785 205,097 9.8% 193,598
0.1% 13.3% 2,165 2,452 2,482 0.1% 4,392
-4.0% 16.3% -70,846 -82,389 -82,107 -3.9% -85,584
2.7% 7.5% 50,453 54,235 41 0.0% 86
-0.2% -68.0% -9,738 -3,118 -2,615 -0.1% -1,691
0.0% -100.0% -11,041 0 -7,486 -0.4% 0

-0.1% N/A 185 -1600 619 0.0% 2816
0.0% N/A 0 0 0 0.0% 3313
8.5% -10.9% 194,465 173,365 116,031 5.5% 116,930
-2.0% -27.3% -56,024 -40,723 -42,183 -2.0% -29,714
0.4% -43.3% 14,256 8,078 6,703 0.3% 10,599
6.9% -7.8% 152,697 140,720 80,551 3.8% 97,815
0.0% N/A -164 -892 -83 0.0% -142
6.8% -8.3% 152,533 139,828 80,468 3.8% 97,673
6.8% -8.3% 151,672 139,150 79,412 3.8% 96,529

0.0% -21.3% 861 678 1056 0.1% 1144
6.8% -8.3% 152,533 139,828 80,468 3.8% 97,673
13.0% -5.9% 280,995 264,549 253,208 12.1% 262,661
100.0% 0.8% 4,205,283 100.0% 4,159,066 100.0% -1.1%

-55.8% -1.7% -2,399,295 -57.1% -2,333,030 -56.1% -2.8%
44.2% 4.1% 1,805,988 42.9% 1,826,036 43.9% 1.1%
-4.5% -1.7% -193,987 -4.6% -195,591 -4.7% 0.8%
-29.5% 7.6% -1,128,655 -26.8% -1,188,495 -28.6% 5.3%
-1.6% -3.4% -69,304 -1.6% -66,382 -1.6% -4.2%
-0.1% -116.4% 15,786 0.4% 223 0.0% -98.6%
0.7% 96.4% 8,556 0.2% 21,592 0.5% 152.4%
9.1% -5.6% 438,384 10.4% 397,383 9.6% -9.4%
0.2% 77.0% 4,647 0.1% 6,844 0.2% 47.3%
-4.0% 4.2% -152,953 -3.6% -167,973 -4.0% 9.8%
0.0% 109.8% 50,494 1.2% 54,321 1.3% 7.6%
-0.1% -35.3% -12,353 -0.3% -4,809 -0.1% -61.1%
0.0% -100.0% -18,527 -0.4% 0 0.0% -100.0%

0.1% 354.9% 804 0.0% 1216 0.0% 51.2%
0.2% N/A 0 0.0% 3313 0.1% N/A
5.5% 0.8% 310,496 7.4% 290,295 7.0% -6.5%
-1.4% -29.6% -98,207 -2.3% -70,437 -1.7% -28.3%
0.5% 58.1% 20,959 0.5% 18,677 0.4% -10.9%
4.6% 21.4% 233,248 5.5% 238,535 5.7% 2.3%
0.0% 71.1% -247 0.0% -1034 0.0% N/A
4.6% 21.4% 233,001 5.5% 237,501 5.7% 1.9%
4.6% 21.6% 231,084 5.5% 235,679 5.7% 2.0%

0.1% 8.3% 1917 0.0% 1822 0.0% -5.0%
4.6% 21.4% 233,001 5.5% 237,501 5.7% 1.9%
12.4% 3.7% 534,203 12.7% 527,210 12.7% -1.3%
ACTIVO
Activo corriente
Inventarios 1,028,417 1,051,962 2%
Activo no corriente
Plusvalía 2,034,454 2,003,664 -2%
Otros activos no corrientes 48,661 49,430 2%
TOTAL ACTIVOS 13,699,554 13,836,093 1%
PASIVO
Pasivo corriente
Impuesto sobre la renta e impuestos por pagar 163,362 156,179 -4%
Otros pasivos corrientes 49,746 49,399 -1%
Otros pasivos no corrientes 600 618 3%
TOTAL PASIVO 5,314,594 5,521,398 4%
PATRIMONIO

2016-1T % Ingresos 2017-1T

Costos de ventas -1,196,310 -56.9% -1,150,561
Utilidad bruta 907,906 43.1% 891,262
Gastos de venta -547,935 -26.0% -563,544


Ebitda 280,995 13.4% 264,549
219,322 277,418 26% 219,322 244,514 11%

889,197 934,808 5% 889,197 997,236 12%
1,028,417 1,050,504 2% 1,028,417 1,041,736 1%
75,677 85,304 13% 75,677 85,823 13%
246,832 258,291 5% 246,832 295,692 20%
100,330 35,803 -64% 100,330 40,926 -59%
2,559,775 2,642,128 3% 2,559,775 2,705,927 6%
23,495 23,944 2% 23,495 24,864 6%

7,433 8,563 15% 7,433 8,823 19%
164,510 175,634 7% 164,510 171,711 4%
3,885,206 4,081,768 5% 3,885,206 4,186,276 8%
3,383,513 3,377,048 0% 3,383,513 3,340,223 -1%
71,842 71,751 0% 71,842 72,352 1%
2,034,454 2,059,277 1% 2,034,454 2,061,972 1%
1,163,671 1,162,725 0% 1,163,671 1,158,978 0%
356,994 374,942 5% 356,994 380,851 7%
48,661 95,978 97% 48,661 97,870 101%
11,139,779 11,431,630 3% 11,139,779 11,503,920 3%
13,699,554 14,073,758 3% 13,699,554 14,209,847 4%
847,689 656,202 -23% 847,689 782,255 -8%

888,840 930,722 5% 888,840 866,238 -3%
163,362 200,054 22% 163,362 227,088 39%
161,592 151,445 -6% 161,592 200,062 24%
2,734 1,139 -58% 2,734 1,139 -58%
49,746 43,019 -14% 49,746 52,321 5%
2,113,963 1,982,581 -6% 2,113,963 2,129,103 1%
2,277,429 2,514,525 10% 2,277,429 2,353,842 3%

158 158 0% 158 158 0%
216,744 229,319 6% 216,744 234,802 8%
705,700 701,487 -1% 705,700 690,887 -2%
600 657 10% 600 613 2%
3,200,631 3,446,146 8% 3,200,631 3,280,302 2%
5,314,594 5,428,727 2% 5,314,594 5,409,405 2%
8,346,719 8,606,275 3% 8,346,719 8,760,740 5%
38,241 38,756 1% 38,241 39,702 4%
8,384,960 8,645,031 3% 8,384,960 8,800,442 5%
13,699,554 14,073,758 3% 13,699,554 14,209,847 4%
100.0% -3.0% 4,205,283 100.0% 4,159,066 100.0% -1.1%

-56.3% -3.8% -2,399,295 -57.1% -2,333,030 -56.1% -2.8%
43.7% -1.8% 1,805,988 42.9% 1,826,036 43.9% 1.1%
-4.9% 3.3% -193,987 -4.6% -195,591 -4.7% 0.8%
-27.6% 2.8% -1,128,655 -26.8% -1,188,495 -28.6% 5.3%
-1.6% -5.0% -69,304 -1.6% -66,382 -1.6% -4.2%
0.1% -43.5% 15,786 0.4% 223 0.0% -98.6%
0.3% N/A 8,556 0.2% 21,592 0.5% 152.4%
10.0% -12.6% 438,384 10.4% 397,383 9.6% -9.4%
0.1% 13.3% 4,647 0.1% 6,844 0.2% 47.3%
-4.0% 16.3% -152,953 -3.6% -167,973 -4.0% 9.8%
2.7% 7.5% 50,494 1.2% 54,321 1.3% 7.6%
-0.2% -68.0% -12,353 -0.3% -4,809 -0.1% -61.1%
0.0% -100.0% -18,527 -0.4% 0 0.0% -100.0%

-0.1% N/A 804 0.0% 1,216 0.0% 51.2%
0.0% N/A 0 0.0% 3313 0.1% N/A
8.5% -10.9% 310,496 7.4% 290,295 7.0% -6.5%
-2.0% -27.3% -98,207 -2.3% -70,437 -1.7% -28.3%
0.4% -43.3% 20,959 0.5% 18,677 0.4% -10.9%
6.9% -7.8% 233,248 5.5% 238,535 5.7% 2.3%
0.0% N/A -247 0.0% -1034 0.0% 318.6%
6.8% -8.3% 233,001 5.5% 237,501 5.7% 1.9%
6.8% -8.3% 231,084 5% 235,679 5.7% 2.0%

0.0% -21.3% 1917 0% 1822 0.0% -5.0%
6.8% -8.3% 233,001 6% 237,501 5.7% 1.9%
13.0% -5.9% 534,203 13% 527,210 12.7% -1.3%
2016-1T 2017-1T 2016-2T 2017-2T 2016-3T % Ingresos 2017-3T
2,104,216 2,041,823 2,101,067 2,117,243 2,214,012 100.0% 2,232,343

-1,196,310 -1,150,561 -1,202,985 -1,182,469 -1,279,858 -57.8% -1,236,124
907,906 891,262 898,082 934,774 934,154 42.2% 996,219
-97,009 -100,251 -96,978 -95,340 -99,902 -4.5% -97,458
-547,935 -563,544 -580,720 -624,951 -596,608 -26.9% -656,668
-34,692 -32,942 -34,612 -33,440 -37,705 -1.7% -35,038
3,848 2,176 11,938 -1,953 1,152 0.1% 1,107
1,169 7,084 7,387 14,508 8,885 0.4% -43
233,287 203,785 205,097 193,598 209,976 9.5% 208,119
2,165 2,452 2,482 4,392 3,061 0.1% 3,436
-70,846 -82,389 -82,107 -85,584 -85,697 -3.9% -71,811
50,453 54,235 41 86 0 0.0% 0
-9,738 -3,118 -2,615 -1,691 3,685 0.2% -10,725
-11,041 0 -7,486 0 -14,419 -0.7% 0

185 - 1,600 619 2,816 1,350 0.1% - 1,075
0 0 0 3313 0 N/A 0
194,465 173,365 116,031 116,930 117,956 5.3% 127,944
-56,024 -40,723 -42,183 -29,714 -37,516 -1.7% -49,440
14,256 8,078 6,703 10,599 2,620 0.1% 11,262
152,697 140,720 80,551 97,815 83,060 3.8% 89,766
-164 -892 -83 -142 55 0.0% -141
152,533 139,828 80,468 97,673 83,115 3.8% 89,625
151,672 139,150 79,412 96,529 81,993 3.7% 88,579

861 678 1056 1144 1,122 0.1% 1046
152,533 139,828 80,468 97,673 83,115 3.8% 89,625
280,995 264,549 253,208 262,661 266,125 12.0% 273,008
100.0% 0.8% 6,419,295 100.0% 6,391,409 100.0% -0.4%

-55.4% -3.4% -3,679,153 -57.3% -3,569,154 -55.8% -3.0%
44.6% 6.6% 2,740,142 42.7% 2,822,255 44.2% 3.0%
-4.4% -2.4% -293,889 -4.6% -293,049 -4.6% -0.3%
-29.4% 10.1% -1,725,263 -26.9% -1,845,163 -28.9% 6.9%
-1.6% -7.1% -107,009 -1.7% -101,420 -1.6% -5.2%
0.0% -3.9% 16,938 0.3% 1,330 0.0% -92.1%
0.0% -100.5% 17,441 0.3% 21,549 0.3% 23.6%
9.3% -0.9% 648,360 10.1% 605,502 9.5% -6.6%
0.2% 12.3% 7,708 0.1% 10,280 0.2% 33.4%
-3.2% -16.2% -238,650 -3.7% -239,784 -3.8% 0.5%
0.0% N/A 50,494 0.8% 54,321 0.8% 7.6%
-0.5% N/A -8,668 -0.1% -15,534 -0.2% 79.2%
0.0% -100.0% -32,946 -0.5% 0 0.0% -100.0%

0.0% -179.6% 2,154 0.0% 141 0.0% -93.5%
0.0% N/A 0 0.0% 3313 0.1% N/A
5.7% 8.5% 428,452 6.7% 418,239 6.5% -2.4%
-2.2% 31.8% -135,723 -2.1% -119,877 -1.9% -11.7%
0.5% N/A 23,579 0.4% 29,939 0.5% 27.0%
4.0% 8.1% 316,308 4.9% 328,301 5.1% 3.8%
0.0% N/A -192 0.0% -1175 0.0% N/A
4.0% 7.8% 316,116 4.9% 327,126 5.1% 3.5%
4.0% 8.0% 313,077 4.9% 324,258 5.1% 3.6%

0.0% -6.8% 3039 0.0% 2868 0.0% -5.6%
4.0% 7.8% 316,116 4.9% 327,126 5.1% 3.5%
12.2% 2.6% 800,328 12.5% 800,218 12.5% 0.0%
ACTIVO
Activo corriente
Inventarios 1,028,417 1,051,962 2%
Activo no corriente
Plusvalía 2,034,454 2,003,664 -2%
Otros activos no corrientes 48,661 49,430 2%
TOTAL ACTIVOS 13,699,554 13,836,093 1%
PASIVO
Pasivo corriente
Otros pasivos no corrientes 600 618 3%
TOTAL PASIVO 5,314,594 5,521,398 4%
PATRIMONIO

2016-1T % Ingresos 2017-1T

Costos de ventas -1,196,310 -56.9% -1,150,561
Utilidad bruta 907,906 43.1% 891,262
Gastos de venta -547,935 -26.0% -563,544


Ebitda 280,995 13.4% 264,549
Diciembre 2016 Junio 2017 % var Diciembre 2016 Septiembre 2017 % var Diciembre 2016
219,322 277,418 26% 219,322 244,514 11% 219,322

889,197 934,808 5% 889,197 997,236 12% 889,197
1,028,417 1,050,504 2% 1,028,417 1,041,736 1% 1,028,417
75,677 85,304 13% 75,677 85,823 13% 75,677
246,832 258,291 5% 246,832 295,692 20% 246,832
100,330 35,803 -64% 100,330 40,926 -59% 100,330
2,559,775 2,642,128 3% 2,559,775 2,705,927 6% 2,559,775
23,495 23,944 2% 23,495 24,864 6% 23,495

164,510 175,634 7% 164,510 171,711 4% 164,510
3,885,206 4,081,768 5% 3,885,206 4,186,276 8% 3,885,206
3,390,946 3,385,611 0% 3,390,946 3,349,046 -1% 3,390,946
71,842 71,751 0% 71,842 72,352 1% 71,842
2,034,454 2,059,277 1% 2,034,454 2,061,972 1% 2,034,454
1,163,671 1,162,725 0% 1,163,671 1,158,978 0% 1,163,671
356,994 374,942 5% 356,994 380,851 7% 356,994
48,661 95,978 97% 48,661 97,870 101% 48,661
11,139,779 11,431,630 3% 11,139,779 11,503,920 3% 11,139,779
13,699,554 14,073,758 3% 13,699,554 14,209,847 4% 13,699,554
847,689 656,202 -23% 847,689 782,255 -8% 847,689

888,840 930,722 5% 888,840 866,238 -3% 888,840
163,362 200,054 22% 163,362 227,088 39% 163,362
161,592 151,445 -6% 161,592 200,062 24% 161,592
2,734 1,139 -58% 2,734 1,139 -58% 2,734
49,746 43,019 -14% 49,746 52,321 5% 49,746
2,113,963 1,982,581 -6% 2,113,963 2,129,103 1% 2,113,963
2,277,429 2,514,525 10% 2,277,429 2,353,842 3% 2,277,429

158 158 0% 158 158 0% 158
216,744 229,319 6% 216,744 234,802 8% 216,744
705,700 701,487 -1% 705,700 690,887 -2% 705,700
600 657 10% 600 613 2% 600
3,200,631 3,446,146 8% 3,200,631 3,280,302 2% 3,200,631
5,314,594 5,428,727 2% 5,314,594 5,409,405 2% 5,314,594
8,346,719 8,606,275 3% 8,346,719 8,760,740 5% 8,346,719

38,241 38,756 1% 38,241 39,702 4% 38,241
8,384,960 8,645,031 3% 8,384,960 8,800,442 5% 8,384,960
13,699,554 14,073,758 3% 13,699,554 14,209,847 4% 13,699,554
100.0% -3.0% 4,205,283 100.0% 4,159,066 100.0% -1.1%

-56.3% -3.8% -2,399,295 -57.1% -2,333,030 -56.1% -2.8%
43.7% -1.8% 1,805,988 42.9% 1,826,036 43.9% 1.1%
-4.9% 3.3% -193,987 -4.6% -195,591 -4.7% 0.8%
-27.6% 2.8% -1,128,655 -26.8% -1,188,495 -28.6% 5.3%
-1.6% -5.0% -69,304 -1.6% -66,382 -1.6% -4.2%
0.1% -43.5% 15,786 0.4% 223 0.0% -98.6%
0.3% N/A 8,556 0.2% 21,592 0.5% 152.4%
10.0% -12.6% 438,384 10.4% 397,383 9.6% -9.4%
0.1% 13.3% 4,647 0.1% 6,844 0.2% 47.3%
-4.0% 16.3% -152,953 -3.6% -167,973 -4.0% 9.8%
2.7% 7.5% 50,494 1.2% 54,321 1.3% 7.6%
-0.2% -68.0% -12,353 -0.3% -4,809 -0.1% -61.1%
0.0% -100.0% -18,527 -0.4% 0 0.0% -100.0%

-0.1% N/A 804 0.0% 1,216 0.0% 51.2%
0.0% N/A 0 0.0% 3313 0.1% N/A
8.5% -10.9% 310,496 7.4% 290,295 7.0% -6.5%
-2.0% -27.3% -98,207 -2.3% -70,437 -1.7% -28.3%
0.4% -43.3% 20,959 0.5% 18,677 0.4% -10.9%
6.9% -7.8% 233,248 5.5% 238,535 5.7% 2.3%
0.0% N/A -247 0.0% -1034 0.0% 318.6%
6.8% -8.3% 233,001 5.5% 237,501 5.7% 1.9%
6.8% -8.3% 231,084 5% 235,679 5.7% 2.0%

0.0% -21.3% 1917 0% 1822 0.0% -5.0%
6.8% -8.3% 233,001 6% 237,501 5.7% 1.9%
13.0% -5.9% 534,203 13% 527,210 12.7% -1.3%
Diciembre 2017 % var
435,643 99%
957,568 8%
982,816 -4%
81,518 8%
221,475 -10%
6,557 -93%
2,685,577 5%
26,509 13%
180,451 10%
4,133,963 6%
3,395,671 -1%
72,306 1%
2,118,226 4%
1,181,350 2%
415,072 16%
100,352 106%
11,623,900 4%
14,309,477 4%
557,133 -34%
993,241 12%
207,776 27%
172,730 7%
9,820 N/A
14,261 -71%
1,954,961 -8%
2,474,077 9%
158 0%
226,574 5%
702,967 0%
559 -7%
3,404,335 6%
5,359,296 1%
8,907,656 7%
42,525 11%
8,950,181 7%
14,309,477 4%
2016-1T 2017-1T 2016-2T 2017-2T 2016-3T 2017-3T 2016-4T
2,104,216 2,041,823 2,101,067 2,117,243 2,214,012 2,232,343 2,257,345

-1,196,310 -1,150,561 -1,202,985 -1,182,469 -1,279,858 -1,236,124 -1,286,878
907,906 891,262 898,082 934,774 934,154 996,219 970,467
-97,009 -100,251 -96,978 -95,340 -99,902 -97,458 -107,211
-547,935 -563,544 -580,720 -624,951 -596,608 -656,668 -659,603
-34,692 -32,942 -34,612 -33,440 -37,705 -35,038 -40,685
3,848 2,176 11,938 -1,953 1,152 1,107 -1,065
1,169 7,084 7,387 14,508 8,885 -43 4,708
233,287 203,785 205,097 193,598 209,976 208,119 166,611
2,165 2,452 2,482 4,392 3,061 3,436 3,274
-70,846 -82,389 -82,107 -85,584 -85,697 -71,811 -85,987
50,453 54,235 41 86 0 0 51
-9,738 -3,118 -2,615 -1,691 3,685 -10,725 26
-11,041 0 -7,486 0 -14,419 0 0

185 - 1,600 619 2,816 1,350 - 1,075 3,949
0 0 0 3313 0 0 28492
194,465 173,365 116,031 116,930 117,956 127,944 116,416
-56,024 -40,723 -42,183 -29,714 -37,516 -49,440 -37,143
14,256 8,078 6,703 10,599 2,620 11,262 5,954
152,697 140,720 80,551 97,815 83,060 89,766 85,227
-164 -892 -83 -142 55 -141 -1652
152,533 139,828 80,468 97,673 83,115 89,625 83,575
151,672 139,150 79,412 96,529 81,993 88,579 82,657

861 678 1056 1144 1,122 1046 918
152,533 139,828 80,468 97,673 83,115 89,625 83,575
280,995 264,549 253,208 262,661 266,125 273,008 228,625
% Ingresos 2017-4T % Ingresos % Variac. 2016-FY % Ingresos 2017-FY
100.0% 2,304,195 100.0% 2.1% 8,676,640 100.0% 8,695,604

-57.0% -1,286,481 -55.8% 0.0% -4,966,031 -57.2% -4,855,635
43.0% 1,017,714 44.2% 4.9% 3,710,609 42.8% 3,839,969
-4.7% -106,797 -4.6% -0.4% -401,100 -4.6% -399,846
-29.2% -706,711 -30.7% 7.1% -2,384,866 -27.5% -2,551,874
-1.8% -37,668 -1.6% -7.4% -147,694 -1.7% -139,088
0.0% -1,075 0.0% 0.9% 15,873 0.2% 255
0.2% 3,560 0.2% -24.4% 22,149 0.3% 25,109
7.4% 169,023 7.3% 1.4% 814,971 9.4% 774,525
0.1% 3,661 0.2% 11.8% 10,982 0.1% 13,941
-3.8% -67,764 -2.9% -21.2% -324,637 -3.7% -307,548
0.0% 65 0.0% 27.5% 50,545 0.6% 54,386
0.0% -5,867 -0.3% N/A -8,642 -0.1% -21,401
0.0% 0 0.0% 0.0% -32,946 -0.4% 0

0.2% 5,853 0.3% 48.2% 6,103 0.1% 5994
1.3% - 23 0.0% -100.1% 28,492 0.3% 3290
5.2% 104,948 4.6% -9.9% 544,868 6.3% 523,187
-1.6% -25,079 -1.1% -32.5% -172,866 -2.0% -144,956
0.3% 17,240 0.7% 189.6% 29,533 0.3% 47,179
3.8% 97,109 4.2% 13.9% 401,535 4.6% 425,410
-0.1% 105 0.0% -106.4% -1844 0.0% -1070
3.7% 97,214 4.2% 16.3% 399,691 4.6% 424,340
3.7% 95,949 4.2% 16.1% 395,734 4.6% 420,207

0.0% 1265 0.1% 37.8% 3957 0.0% 4133
3.7% 97,214 4.2% 16.3% 399,691 4.6% 424,340
10.1% 243,961 10.6% 6.7% 1,028,953 11.9% 1,044,179
100.0% 0.2%
-55.8% -2.2%
44.2% 3.5%
-4.6% -0.3%
-29.3% 7.0%
-1.6% -5.8%
0.0% -98.4%
0.3% 13.4%
8.9% -5.0%
0.2% 26.9%
-3.5% -5.3%
0.6% 7.6%
-0.2% 147.6%
0.0% -100.0%
0.1% -1.8%
0.0% N/A
6.0% -4.0%
-1.7% -16.1%
0.5% 59.8%
4.9% 5.9%
0.0% N/A
4.9% 6.2%
4.8% 6.2%
0.0% 4.4%
4.9% 6.2%
12.0% 1.5%
ACTIVO
Activo corriente
Inventarios 982,816 993,585 1%
Total activo corriente 2,685,577 2,597,048 -3%
Activo no corriente
Plusvalía 2,118,226 2,058,314 -3%
Activo por impuestos diferido 415,072 403,858 -3%
Otros activos no corriente 100,352 73,714 -27%
Total activo no corriente 11,623,900 10,971,337 -6%
TOTAL ACTIVOS 14,309,477 13,568,385 -5%
PASIVO
Pasivo corriente
Otros pasivos corrientes 14,261 23,398 64%
Otros pasivos no corrientes 559 544 -3%
Total pasivo no corriente 3,404,335 3,282,231 -4%
TOTAL PASIVO 5,359,296 5,348,176 0%
PATRIMONIO
Participaciones no controladoras 42,525 39,890 -6%
TOTAL PASIVO Y PATRIMONIO 14,309,477 13,568,385 -5%

2017-1T % Ingresos 2018-1T

Costo de ventas (1,150,561) -56.3% (1,168,715)
Utilidad bruta 891,262 43.7% 935,630
Gastos de administración (100,251) -4.9% (99,417)
Gastos de venta (563,544) -27.6% (607,913)
Gastos de producción (32,942) -1.6% (33,212)

Gastos financieros (82,389) -4.0% (71,961)
Dividendos 54,235 2.7% 32,336
Diferencia en cambio de activos y pasivos no operativos (3,118) -0.2% (2,666)
Participación en asociadas y negocios conjuntos (1,600) -0.1% (2,327)
Impuesto sobre la renta corriente (40,723) -2.0% (44,069)
Operaciones discontinuadas, después de impuestos (892) 0.0% (226)

Ebitda 264,549 13.0% 273,276
100.0% 3.1%
-55.5% 1.6%
44.5% 5.0%
-4.7% -0.8%
-28.9% 7.9%
-1.6% 0.8%
0.1% -10.3%
0.2% -30.2%
9.6% -0.9%
0.2% 32.2%
-3.4% -12.7%
1.5% -40.4%
-0.1% -14.5%
-0.1% 45.4%
7.6% -7.4%
-2.1% 8.2%
0.3% -32.2%
5.8% -13.3%
0.0% -74.7%
5.8% -12.9%
5.7% -13.1%
0.0% 36.0%
5.8% -12.9%
13.0% 3.3%
ACTIVO
Activo corriente
Inventarios 982,816 993,585 1%
Activo no corriente
Plusvalía 2,118,226 2,058,314 -3%
Activo por impuesto diferido 415,072 403,858 -3%
Otros activos no corrientes 100,352 73,714 -27%
TOTAL ACTIVOS 14,309,477 13,568,385 -5%
PASIVO
Pasivo corriente
TOTAL PASIVO 5,359,296 5,348,176 0%
PATRIMONIO

2017-1T % Ingresos 2018-1T

Costos de ventas (1,150,561) -56.3% (1,168,715)
Utilidad bruta 891,262 43.7% 935,630
Gastos de venta (563,544) -27.6% (607,913)
Dividendos 54,235 2.7% 32,336

Ebitda 264,549 13.0% 273,276
435,643 323,015 -26%

957,568 982,429 3%
982,816 985,572 0%
81,518 80,952 -1%
221,475 282,116 27%
6,557 6,585 0%
2,685,577 2,660,669 -1%
26,509 26,277 -1%

180,451 177,513 -2%
4,133,963 3,820,160 -8%
3,395,671 3,290,669 -3%
72,306 77,245 7%
2,118,226 2,039,695 -4%
1,181,350 1,148,745 -3%
415,072 386,564 -7%
100,352 68,050 -32%
11,623,900 11,034,918 -5%
14,309,477 13,695,587 -4%
557,133 360,929 -35%

993,241 960,300 -3%
207,776 254,457 22%
172,730 161,420 -7%
9,820 4,005 -59%
14,261 16,593 16%
1,954,961 1,757,704 -10%
2,474,077 2,564,220 4%
158 158 0%
226,574 221,454 -2%
702,967 694,741 -1%
559 516 -8%
3,404,335 3,481,089 2%
5,359,296 5,238,793 -2%
8,907,656 8,417,112 -6%

42,525 39,682 -7%
8,950,181 8,456,794 -6%
14,309,477 13,695,587 -4%
100.0% 3.1% 2,041,823 2,104,345 2,117,243 100.0% 2,222,169

-55.5% 1.6% (1,150,561) (1,168,715) (1,182,469) -55.8% (1,229,625)
44.5% 5.0% 891,262 935,630 934,774 44.2% 992,544
-4.7% -0.8% (100,251) (99,417) (95,340) -4.5% (97,486)
-28.9% 7.9% (563,544) (607,913) (624,951) -29.5% (655,615)
-1.6% 0.8% (32,942) (33,212) (33,440) -1.6% (35,500)
0.1% -10.3% 2,176 1,952 (1,953) -0.1% (88)
0.2% -30.2% 7,084 4,942 14,508 0.7% (5,545)
9.6% -0.9% 203,785 201,982 193,598 9.1% 198,310
0.2% 32.2% 2,452 3,241 4,392 0.2% 3,793
-3.4% -12.7% (82,389) (71,961) (85,584) -4.0% (61,395)
1.5% -40.4% 54,235 32,336 86 0.0% 26,223
-0.1% -14.5% (3,118) (2,666) (1,691) -0.1% 13,251
-0.1% 45.4% (1,600) (2,327) 2,816 0.1% 1,623
0.0% N/A 0 0 3,313 0.2% (2,755)
7.6% -7.4% 173,365 160,605 116,930 5.5% 179,050
-2.1% 8.2% (40,723) (44,069) (29,714) -1.4% (43,360)
0.3% -32.2% 8,078 5,479 10,599 0.5% (10,591)
5.8% -13.3% 140,720 122,015 97,815 4.6% 125,099
0.0% -74.7% (892) (226) (142) 0.0% (617)
5.8% -12.9% 139,828 121,789 97,673 4.6% 124,482
5.7% -13.1% 139,150 120,867 96,529 4.6% 124,270

0.0% 36.0% 678 922 1144 0.1% 212
5.8% -12.9% 139,828 121,789 97,673 4.6% 124,482
13.0% 3.3% 264,549 273,276 262,661 12.4% 266,740
100.0% 5.0% 4,159,066 100.0% 4,326,514 100.0% 4.0%

-55.3% 4.0% (2,333,030) -56.1% -2,398,340 -55.4% 2.8%
44.7% 6.2% 1,826,036 43.9% 1,928,174 44.6% 5.6%
-4.4% 2.3% (195,591) -4.7% -196,903 -4.6% 0.7%
-29.5% 4.9% (1,188,495) -28.6% -1,263,528 -29.2% 6.3%
-1.6% 6.2% (66,382) -1.6% -68,712 -1.6% 3.5%
0.0% -95.5% 223 0.0% 1,864 0.0% N/A
-0.2% -138.2% 21,592 0.5% -603 0.0% -102.8%
8.9% 2.4% 397,383 9.6% 400,292 9.3% 0.7%
0.2% -13.6% 6,844 0.2% 7,034 0.2% 2.8%
-2.8% -28.3% (167,973) -4.0% (133,356) -3.1% -20.6%
1.2% 30391.9% 54,321 1.3% 58,559 1.4% 7.8%
0.6% -883.6% (4,809) -0.1% 10,585 0.2% N/A
0.1% -42.4% 1,216 0.0% (704) 0.0% -157.9%
-0.1% -183.2% 3,313 0.1% (2,755) -0.1% -183.2%
8.1% 53.1% 290,295 7.0% 339,655 7.9% 17.0%
-2.0% 45.9% (70,437) -1.7% (87,429) -2.0% 24.1%
-0.5% -199.9% 18,677 0.4% (5,112) -0.1% -127.4%
5.6% 27.9% 238,535 5.7% 247,114 5.7% 3.6%
0.0% 334.5% (1,034) 0.0% (843) 0.0% -18.5%
5.6% 27.4% 237,501 5.7% 246,271 5.7% 3.7%
5.6% 28.7% 235,679 5.7% 245,137 5.7% 4.0%

0.0% -81.5% 1,822 0.0% 1,134 0.0% -37.8%
5.6% 27.4% 237,501 5.7% 246,271 5.7% 3.7%
12.0% 1.6% 527,210 12.7% 540,016 12.5% 2.4%
ACTIVO
Activo corriente
Inventarios 982,816 993,585 1%
Otros activos 221,475 244,400 10%
Activo no corriente
Plusvalía 2,118,226 2,058,314 -3%
Otros activos 100,352 73,714 -27%
TOTAL ACTIVOS 14,309,477 13,568,385 -5%
PASIVO
Pasivo corriente
TOTAL PASIVO 5,359,296 5,348,176 0%
PATRIMONIO

2017-1T % Ingresos 2018-1T

Costos de ventas (1,150,561) -56.3% (1,168,715)
Utilidad bruta 891,262 43.7% 935,630
Gastos de venta (563,544) -27.6% (607,913)
Dividendos 54,235 2.7% 32,336
Otros ingresos netos 0 0.0% 0

Ebitda 264,549 13.0% 273,276
435,643 323,015 -26% 435,643 310,030 -29%

957,568 982,429 3% 957,568 989,524 3%
982,816 985,572 0% 982,816 1,041,679 6%
81,518 80,952 -1% 81,518 85,499 5%
221,475 282,116 27% 221,475 325,976 47%
6,557 6,585 0% 6,557 6,628 1%
2,685,577 2,660,669 -1% 2,685,577 2,759,336 3%
26,509 26,277 -1% 26,509 26,197 -1%

180,451 177,513 -2% 180,451 181,617 1%
4,133,963 3,820,160 -8% 4,133,963 3,367,394 -19%
3,395,671 3,290,669 -3% 3,395,671 3,297,443 -3%
72,306 77,245 7% 72,306 77,153 7%
2,118,226 2,039,695 -4% 2,118,226 2,040,907 -4%
1,181,350 1,148,745 -3% 1,181,350 1,143,862 -3%
415,072 386,564 -7% 415,072 388,120 -6%
100,352 68,050 -32% 100,352 70,353 -30%
11,623,900 11,034,918 -5% 11,623,900 10,593,046 -9%
14,309,477 13,695,587 -4% 14,309,477 13,352,382 -7%
557,133 360,929 -35% 557,133 473,200 -15%

993,241 960,300 -3% 993,241 925,802 -7%
207,776 254,457 22% 207,776 269,618 30%
172,730 161,420 -7% 172,730 210,356 22%
9,820 4,005 -59% 9,820 3,869 -61%
14,261 16,593 16% 14,261 20,265 42%
1,954,961 1,757,704 -10% 1,954,961 1,903,110 -3%
2,474,077 2,564,220 4% 2,474,077 2,379,353 -4%

158 158 0% 158 158 0%
226,574 221,454 -2% 226,574 214,774 -5%
702,967 694,741 -1% 702,967 700,085 0%
559 516 -8% 559 533 -5%
3,404,335 3,481,089 2% 3,404,335 3,294,903 -3%
5,359,296 5,238,793 -2% 5,359,296 5,198,013 -3%
8,907,656 8,417,112 -6% 8,907,656 8,112,245 -9%

42,525 39,682 -7% 42,525 42,124 -1%
8,950,181 8,456,794 -6% 8,950,181 8,154,369 -9%
14,309,477 13,695,587 -4% 14,309,477 13,352,382 -7%
100.0% 3.1% 4,159,066 100.0% 4,326,514 100.0% 4.0%

-55.5% 1.6% (2,333,030) -56.1% (2,398,340) -55.4% 2.8%
44.5% 5.0% 1,826,036 43.9% 1,928,174 44.6% 5.6%
-4.7% -0.8% (195,591) -4.7% -196,903 -4.6% 0.7%
-28.9% 7.9% (1,188,495) -28.6% -1,263,528 -29.2% 6.3%
-1.6% 0.8% (66,382) -1.6% -68,712 -1.6% 3.5%
0.1% -10.3% 223 0.0% 1,864 0.0% N/A
0.2% -30.2% 21,592 0.5% -603 0.0% -102.8%
9.6% -0.9% 397,383 9.6% 400,292 9.3% 0.7%
0.2% 32.2% 6,844 0.2% 7,034 0.2% 2.8%
-3.4% -12.7% (167,973) -4.0% (133,356) -3.1% -20.6%
1.5% -40.4% 54,321 1.3% 58,559 1.4% 7.8%
-0.1% -14.5% (4,809) -0.1% 10,585 0.2% N/A
-0.1% 45.4% 1,216 0.0% (704) 0.0% -157.9%
0.0% N/A 3,313 0.1% (2,755) -0.1% -183.2%
7.6% -7.4% 290,295 7.0% 339,655 7.9% 17.0%
-2.1% 8.2% (70,437) -1.7% (87,429) -2.0% 24.1%
0.3% -32.2% 18,677 0.4% (5,112) -0.1% -127.4%
5.8% -13.3% 238,535 5.7% 247,114 5.7% 3.6%
0.0% -74.7% (1,034) 0.0% (843) 0.0% -18.5%
5.8% -12.9% 237,501 5.7% 246,271 5.7% 3.7%
5.7% -13.1% 235,679 5.7% 245,137 5.7% 4.0%

0.0% 36.0% 1,822 0.0% 1,134 0.0% -37.8%
5.8% -12.9% 237,501 5.7% 246,271 5.7% 3.7%
13.0% 3.3% 527,210 12.7% 540,016 12.5% 2.4%
2017-1T 2018-1T 2017-2T 2018-2T 2017-3T % Ingresos 2018-3T
2,041,823 2,104,345 2,117,243 2,222,169 2,232,343 100.0% 2,282,784

(1,150,561) (1,168,715) (1,182,469) (1,229,625) (1,236,124) -55.4% (1,242,686)
891,262 935,630 934,774 992,544 996,219 44.6% 1,040,098
(100,251) (99,417) (95,340) (97,486) (97,458) -4.4% (102,539)
(563,544) (607,913) (624,951) (655,615) (656,668) -29.4% (669,434)
(32,942) (33,212) (33,440) (35,500) (35,038) -1.6% (36,861)
2,176 1,952 (1,953) (88) 1,107 0.0% (2,342)
7,084 4,942 14,508 (5,545) (43) 0.0% 4,612
203,785 201,982 193,598 198,310 208,119 9.3% 233,534
2,452 3,241 4,392 3,793 3,436 0.2% 4,025
(82,389) (71,961) (85,584) (61,395) (71,811) -3.2% (58,084)
54,235 32,336 86 26,223 0 0.0% -
(3,118) (2,666) (1,691) 13,251 (10,725) -0.5% 4,505
(1,600) (2,327) 2,816 1,623 (1,075) 0.0% 639
0 0 3,313 (2,755) 0 0.0% 8,793
173,365 160,605 116,930 179,050 127,944 5.7% 193,412
(40,723) (44,069) (29,714) (43,360) (49,440) -2.2% (46,946)
8,078 5,479 10,599 (10,591) 11,262 0.5% (4,183)
140,720 122,015 97,815 125,099 89,766 4.0% 142,283
(892) (226) (142) (617) (141) 0.0% (423)
139,828 121,789 97,673 124,482 89,625 4.0% 141,860
139,150 120,867 96,529 124,270 88,579 4.0% 140,732

678 922 1144 212 1046 0.0% 1,128
139,828 121,789 97,673 124,482 89,625 4.0% 141,860
264,549 273,276 262,661 266,740 273,008 12.2% 300,826
100.0% 2.3% 6,391,409 100.0% 6,609,298 100.0% 3.4%

-54.4% 0.5% (3,569,154) -55.8% (3,641,026) -55.1% 2.0%
45.6% 4.4% 2,822,255 44.2% 2,968,272 44.9% 5.2%
-4.5% 5.2% (293,049) -4.6% (299,442) -4.5% 2.2%
-29.3% 1.9% (1,845,163) -28.9% (1,932,962) -29.2% 4.8%
-1.6% 5.2% (101,420) -1.6% (105,573) -1.6% 4.1%
-0.1% N/A 1,330 0.0% (478) 0.0% -135.9%
0.2% N/A 21,549 0.3% 4,009 0.1% -81.4%
10.2% 12.2% 605,502 9.5% 633,826 9.6% 4.7%
0.2% 17.1% 10,280 0.2% 11,059 0.2% 7.6%
-2.5% -19.1% (239,784) -3.8% (191,440) -2.9% -20.2%
0.0% N/A 54,321 0.8% 58,559 0.9% 7.8%
0.2% -142.0% (15,534) -0.2% 15,090 0.2% -197.1%
0.0% -159.4% 141 0.0% (65) 0.0% -146.1%
0.4% N/A 3,313 0.1% 6,038 0.1% 82.3%
8.5% 51.2% 418,239 6.5% 533,067 8.1% 27.5%
-2.1% -5.0% (119,877) -1.9% (134,375) -2.0% 12.1%
-0.2% -137.1% 29,939 0.5% (9,295) -0.1% -131.0%
6.2% 58.5% 328,301 5.1% 389,397 5.9% 18.6%
0.0% 200.0% (1,175) 0.0% (1,266) 0.0% 7.7%
6.2% 58.3% 327,126 5.1% 388,131 5.9% 18.6%
6.2% 58.9% 324,258 5.1% 385,869 5.8% 19.0%

0.0% 7.8% 2,868 0.0% 2,262 0.0% -21.1%
6.2% 58.3% 327,126 5.1% 388,131 5.9% 18.6%
13.2% 10.2% 800,218 12.5% 840,842 12.7% 5.1%
A 31 de diciemmbre de 2018
ACTIVO
Activo corriente
Deudores comerciales y otras cuentas por cobrar,neto 957,568 971,734 1%
Inventarios 982,816 993,585 1%
Otros activos 221,475 244,400 10%
Activo no corriente
Deudores comerciales y otras cuentas por cobrar,neto 26,509 25,388 -4%
Plusvalía 2,118,226 2,058,314 -3%
Otros activos 100,352 73,714 -27%
TOTAL ACTIVOS 14,309,477 13,568,385 -5%
PASIVO
Pasivo corriente
TOTAL PASIVO 5,359,296 5,348,176 0%
PATRIMONIO

2017-1T % Ingresos 2018-1T

Ingresos operacionales provenientes de contratos con clientes 2,041,823 100.0% 2,104,345
Costos de ventas (1,150,561) -56.3% (1,168,715)
Utilidad bruta 891,262 43.7% 935,630
Gastos de venta (563,544) -27.6% (607,913)
Dividendos 54,235 2.7% 32,336
Otros ingresos netos 0 0.0% 0

Ebitda 264,549 13.0% 273,276
435,643 323,015 -26% 435,643 310,030 -29% 435,643

957,568 982,429 3% 957,568 989,524 3% 957,568
982,816 985,572 0% 982,816 1,041,679 6% 982,816
81,518 80,952 -1% 81,518 85,499 5% 81,518
221,475 282,116 27% 221,475 325,976 47% 221,475
6,557 6,585 0% 6,557 6,628 1% 6,557
2,685,577 2,660,669 -1% 2,685,577 2,759,336 3% 2,685,577
26,509 26,277 -1% 26,509 26,197 -1% 26,509

180,451 177,513 -2% 180,451 181,617 1% 180,451
4,133,963 3,820,160 -8% 4,133,963 3,367,394 -19% 4,133,963
3,395,671 3,290,669 -3% 3,395,671 3,297,443 -3% 3,395,671
72,306 77,245 7% 72,306 77,153 7% 72,306
2,118,226 2,039,695 -4% 2,118,226 2,040,907 -4% 2,118,226
1,181,350 1,148,745 -3% 1,181,350 1,143,862 -3% 1,181,350
415,072 386,564 -7% 415,072 388,120 -6% 415,072
100,352 68,050 -32% 100,352 70,353 -30% 100,352
11,623,900 11,034,918 -5% 11,623,900 10,593,046 -9% 11,623,900
14,309,477 13,695,587 -4% 14,309,477 13,352,382 -7% 14,309,477
557,133 360,929 -35% 557,133 473,200 -15% 557,133

993,241 960,300 -3% 993,241 925,802 -7% 993,241
207,776 254,457 22% 207,776 269,618 30% 207,776
172,730 161,420 -7% 172,730 210,356 22% 172,730
3,420 4,005 17% 3,420 3,869 13% 3,420
20,661 16,593 -20% 20,661 20,265 -2% 20,661
1,954,961 1,757,704 -10% 1,954,961 1,903,110 -3% 1,954,961
2,474,077 2,564,220 4% 2,474,077 2,379,353 -4% 2,474,077

158 158 0% 158 158 0% 158
226,574 221,454 -2% 226,574 214,774 -5% 226,574
702,967 694,741 -1% 702,967 700,085 0% 702,967
559 516 -8% 559 533 -5% 559
3,404,335 3,481,089 2% 3,404,335 3,294,903 -3% 3,404,335
5,359,296 5,238,793 -2% 5,359,296 5,198,013 -3% 5,359,296
8,907,656 8,417,112 -6% 8,907,656 8,112,245 -9% 8,907,656

42,525 39,682 -7% 42,525 42,124 -1% 42,525
8,950,181 8,456,794 -6% 8,950,181 8,154,369 -9% 8,950,181
14,309,477 13,695,587 -4% 14,309,477 13,352,382 -7% 14,309,477
100.0% 3.1% 4,159,066 100.0% 4,326,514 100.0% 4.0%

-55.5% 1.6% (2,333,030) -56.1% (2,398,340) -55.4% 2.8%
44.5% 5.0% 1,826,036 43.9% 1,928,174 44.6% 5.6%
-4.7% -0.8% (195,591) -4.7% -196,903 -4.6% 0.7%
-28.9% 7.9% (1,188,495) -28.6% -1,263,528 -29.2% 6.3%
-1.6% 0.8% (66,382) -1.6% -68,712 -1.6% 3.5%
0.1% -10.3% 223 0.0% 1,864 0.0% N/A
0.2% -30.2% 21,592 0.5% -603 0.0% -102.8%
9.6% -0.9% 397,383 9.6% 400,292 9.3% 0.7%
0.2% 32.2% 6,844 0.2% 7,034 0.2% 2.8%
-3.4% -12.7% (167,973) -4.0% (133,356) -3.1% -20.6%
1.5% -40.4% 54,321 1.3% 58,559 1.4% 7.8%
-0.1% -14.5% (4,809) -0.1% 10,585 0.2% N/A
-0.1% 45.4% 1,216 0.0% (704) 0.0% -157.9%
0.0% N/A 3,313 0.1% (2,755) -0.1% -183.2%
7.6% -7.4% 290,295 7.0% 339,655 7.9% 17.0%
-2.1% 8.2% (70,437) -1.7% (87,429) -2.0% 24.1%
0.3% -32.2% 18,677 0.4% (5,112) -0.1% -127.4%
5.8% -13.3% 238,535 5.7% 247,114 5.7% 3.6%
0.0% -74.7% (1,034) 0.0% (843) 0.0% -18.5%
5.8% -12.9% 237,501 5.7% 246,271 5.7% 3.7%
5.7% -13.1% 235,679 5.7% 245,137 5.7% 4.0%

0.0% 36.0% 1,822 0.0% 1,134 0.0% -37.8%
5.8% -12.9% 237,501 5.7% 246,271 5.7% 3.7%
13.0% 3.3% 527,210 12.7% 540,016 12.5% 2.4%
347,520 -20%
1,020,579 7%
1,109,878 13%
94,569 16%
241,726 9%
6,777 3%
2,821,049 5%
28,065 6%
192,795 7%
3,322,694 -20%
3,376,364 -1%
77,062 7%
2,085,908 -2%
1,167,536 -1%
379,753 -9%
72,471 -28%
10,702,648 -8%
13,523,697 -5%
522,302 -6%
1,094,960 10%
228,841 10%
165,833 -4%
4,118 20%
26,676 29%
2,042,730 4%
2,265,743 -8%
158 0%
175,036 -23%
704,763 0%
536 -4%
3,146,236 -8%
5,188,966 -3%
8,290,443 -7%
44,288 4%
8,334,731 -7%
13,523,697 -5%
2017-1T 2018-1T 2017-2T 2018-2T 2017-3T 2018-3T 2017-4T
2,041,823 2,104,345 2,117,243 2,222,169 2,232,343 2,282,784 2,304,195

(1,150,561) (1,168,715) (1,182,469) (1,229,625) (1,236,124) (1,242,686) (1,286,481)
891,262 935,630 934,774 992,544 996,219 1,040,098 1,017,714
(100,251) (99,417) (95,340) (97,486) (97,458) (102,539) (106,797)
(563,544) (607,913) (624,951) (655,615) (656,668) (669,434) (706,711)
(32,942) (33,212) (33,440) (35,500) (35,038) (36,861) (37,668)
2,176 1,952 (1,953) (88) 1,107 (2,342) (1,075)
7,084 4,942 14,508 (5,545) (43) 4,612 3,560
203,785 201,982 193,598 198,310 208,119 233,534 169,023
2,452 3,241 4,392 3,793 3,436 4,025 3,661
(82,389) (71,961) (85,584) (61,395) (71,811) (58,084) (67,764)
54,235 32,336 86 26,223 0 - 65
(3,118) (2,666) (1,691) 13,251 (10,725) 4,505 (5,867)
(1,600) (2,327) 2,816 1,623 (1,075) 639 5,853
0 0 3,313 (2,755) 0 8,793 -23
173,365 160,605 116,930 179,050 127,944 193,412 104,948
(40,723) (44,069) (29,714) (43,360) (49,440) (46,946) (25,079)
8,078 5,479 10,599 (10,591) 11,262 (4,183) 17,240
140,720 122,015 97,815 125,099 89,766 142,283 97,109
(892) (226) (142) (617) (141) (423) 105
139,828 121,789 97,673 124,482 89,625 141,860 97,214
139,150 120,867 96,529 124,270 88,579 140,732 95,949

678 922 1144 212 1046 1,128 1,265
139,828 121,789 97,673 124,482 89,625 141,860 97,214
264,549 273,276 262,661 266,740 273,008 300,826 243,961
100.0% 2,406,768 100.0% 4.5% 8,695,604 100.0% 9,016,066

-55.8% (1,328,192) -55.2% 3.2% (4,855,635) -55.8% (4,969,218)
44.2% 1,078,576 44.8% 6.0% 3,839,969 44.2% 4,046,848
-4.6% (106,615) -4.4% -0.2% (399,846) -4.6% (406,057)
-30.7% (718,109) -29.8% 1.6% (2,551,874) -29.3% (2,651,071)
-1.6% (41,393) -1.7% 9.9% (139,088) -1.6% (146,966)
0.0% (3,782) -0.2% N/A 255 0.0% (4,260)
0.2% 6,793 0.3% N/A 25,109 0.3% 10,802
7.3% 215,470 9.0% 27.5% 774,525 8.9% 849,296
0.2% 4,398 0.2% 20.1% 13,941 0.2% 15,457
-2.9% (55,864) -2.3% -17.6% (307,548) -3.5% (247,304)
0.0% 292 0.0% N/A 54,386 0.6% 58,851
-0.3% 8,023 0.3% -236.7% (21,401) -0.2% 23,113
0.3% (335) 0.0% -105.7% 5,994 0.1% (400)
0.0% (836) 0.0% N/A 3,290 0.0% 5,202
4.6% 171,148 7.1% 63.1% 523,187 6.0% 704,215
-1.1% (30,048) -1.2% 19.8% (144,956) -1.7% (164,423)
0.7% (15,606) -0.6% -190.5% 47,179 0.5% (24,901)
4.2% 125,494 5.2% 29.2% 425,410 4.9% 514,891
0.0% (4,869) -0.2% -4737.1% (1,070) 0.0% (6,135)
4.2% 120,625 5.0% 24.1% 424,340 4.9% 508,756
4.2% 119,439 5.0% 24.5% 420,207 4.8% 505,308

0.1% 1,186 0.0% -6.2% 4,133 0.0% 3,448
4.2% 120,625 5.0% 24.1% 424,340 4.9% 508,756
10.6% 285,580 11.9% 17.1% 1,044,179 12.0% 1,126,422
100.0% 3.7%
-55.1% 2.3%
44.9% 5.4%
-4.5% 1.6%
-29.4% 3.9%
-1.6% 5.7%
0.0% N/A
0.1% -57.0%
9.4% 9.7%
0.2% 10.9%
-2.7% -19.6%
0.7% 8.2%
0.3% N/A
0.0% -106.7%
0.1% 58.1%
7.8% 34.6%
-1.8% 13.4%
-0.3% -152.8%
5.7% 21.0%
-0.1% N/A
5.6% 19.9%
5.6% 20.3%
0.0% -16.6%
5.6% 19.9%
12.5% 7.9%
*Aplicación de la nueva norma de arrendamientos IFRS 16
Para conocer en detalle algunos de los principales cambios que se han registrado en los estados financieros,lo
invitamos a visitar la información complementaria publicada en nuestra página web: Presentación de Resultados y
Estados Financieros Consolidados y sus notas http://www.gruponutresa.com/inversionistas/resultados-y-
publicaciones/resultados-trimestrales/#2019-1
Diciembre 2018 * Marzo 2019 % var
ACTIVO
Activo corriente
Deudores comerciales y otras cuentas por cobrar 1,020,579 1,088,410 7%
Inventarios 1,109,878 1,152,833 4%
Activo no corriente
Deudores comerciales y otras cuentas por cobrar, neto 28,065 26,197 -7%
Activos por derecho de uso 0 911,015 N/A
Plusvalía 2,085,908 2,085,257 0%
Otros activos intangibles 1,167,536 1,168,448 0%
Activo por impuestos diferido 379,753 589,304 55%
Otros activos no corriente 72,471 73,785 2%
TOTAL ACTIVOS 13,523,697 15,025,016 11%
PASIVO
Pasivo corriente
Proveedores y cuentas por pagar 1,094,960 1,147,187 5%
Pasivos por derecho de uso 0 911,359 N/A
Provisiones no corrientes 0 5,901 N/A
TOTAL PASIVO 5,188,966 6,450,815 24%
PATRIMONIO

2018-1T % Ingresos 2019-1T

Costo de ventas (1,168,715) -55.5% (1,253,514)
Utilidad bruta 935,630 44.5% 992,228
Gastos de venta (607,913) -28.9% (625,569)
Otros ingresos (egresos) netos operacionales 4,942 0.2% (2,136)

Dividendos 32,336 1.5% 61,493
Diferencia en cambio de activos y pasivos no operativos (2,666) -0.1% 702
Participación en asociadas y negocios conjuntos (2,327) -0.1% (377)
Impuesto sobre la renta diferido 5,479 0.3% (2,661)

Ebitda 273,276 13.0% 320,118
100.0% 6.7%
-55.8% 7.3%
44.2% 6.0%
-4.6% 5.0%
-27.9% 2.9%
-1.5% 1.7%
0.2% 95.2%
-0.1% -143.2%
10.2% 14.0%
0.2% 5.7%
-3.2% 0.9%
2.7% 90.2%
0.0% -126.3%
0.0% -83.8%
9.9% 38.7%
-2.0% -0.4%
-0.1% -148.6%
7.8% 44.5%
0.0% 272.6%
7.8% 44.0%
7.8% 44.3%
0.0% 7.6%
7.8% 44.0%
14.3% 17.1%
ACTIVO
Activo corriente
Inventarios 1,109,878 1,152,833 4%
Activo no corriente
Plusvalía 2,085,908 2,085,257 0%
TOTAL ACTIVOS 13,523,697 15,025,016 11%
PASIVO
Pasivo corriente
TOTAL PASIVO 5,188,966 6,450,815 24%
PATRIMONIO

2018-1T % Ingresos 2019-1T

Costo de ventas (1,168,715) -55.5% (1,253,514)
Utilidad bruta 935,630 44.5% 992,228
Gastos de venta (607,913) -28.9% (625,569)

Dividendos 32,336 1.5% 61,493
Otros egresos - 0.0% -

Ebitda 273,276 13.0% 320,118
Diciembre 2018 * Junio 2019 % var
347,520 291,779 -16%

1,020,579 1,114,572 9%
1,109,878 1,210,805 9%
94,569 89,735 -5%
241,726 318,944 32%
6,777 6,729 -1%
2,821,049 3,032,564 7%
28,065 26,610 -5%

192,795 193,771 1%
3,322,694 3,469,931 4%
3,376,364 3,320,816 -2%
0 912,962 N/A
77,062 76,886 0%
2,085,908 2,097,084 1%
1,167,536 1,181,080 1%
379,753 629,109 66%
72,471 75,097 4%
10,702,648 11,983,346 12%
13,523,697 15,015,910 11%
522,302 545,046 4%
1,094,960 1,087,230 -1%
228,841 265,827 16%
165,833 165,255 0%
4,118 2,084 -49%
26,676 17,671 -34%
2,042,730 2,083,113 2%
2,265,743 2,352,222 4%
0 903,448 N/A
158 158 0%
175,036 181,266 4%
704,763 957,086 36%
0 22,883 N/A
536 505 -6%
3,146,236 4,417,568 40%
5,188,966 6,500,681 25%
8,290,443 8,471,641 2%
44,288 43,588 -2%
8,334,731 8,515,229 2%
13,523,697 15,015,910 11%
100.0% 6.7% 2,104,345 2,245,742 2,222,169 100.0% 2,400,675

-55.8% 7.3% (1,168,715) (1,253,514) (1,229,625) -55.3% (1,330,189)
44.2% 6.0% 935,630 992,228 992,544 44.7% 1,070,486
-4.6% 5.0% (99,417) (104,388) (97,486) -4.4% (108,782)
-27.9% 2.9% (607,913) (625,569) (655,615) -29.5% (691,588)
-1.5% 1.7% (33,212) (33,782) (35,500) -1.6% (39,119)
0.2% 95.2% 1,952 3,810 (88) 0.0% 854
-0.1% -143.2% 4,942 (2,136) (5,545) -0.2% 3,310
10.2% 14.0% 201,982 230,163 198,310 8.9% 235,161

0.2% 5.7% 3,241 3,427 3,793 0.2% 3,687
-3.2% 0.9% (71,961) (72,588) (61,395) -2.8% (74,889)
2.7% 90.2% 32,336 61,493 26,223 1.2% 10
0.0% -126.3% (2,666) 702 13,251 0.6% (1,437)
0.0% -83.8% (2,327) (377) 1,623 0.1% (523)
0.0% N/A - - -2,755 -0.1% -
9.9% 38.7% 160,605 222,820 179,050 8.1% 162,009
-2.0% -0.4% (44,069) (43,888) (43,360) -2.0% (49,555)
-0.1% -148.6% 5,479 (2,661) -10,591 -0.5% (4,414)
7.8% 44.5% 122,015 176,271 125,099 5.6% 108,040
0.0% 272.6% (226) (842) (617) 0.0% (14)
7.8% 44.0% 121,789 175,429 124,482 5.6% 108,026
7.8% 44.3% 120,867 174,437 124,270 5.6% 106,483

0.0% 7.6% 922 992 212 0.0% 1543
7.8% 44.0% 121,789 175,429 124,482 5.6% 108,026
14.3% 17.1% 273,276 320,118 266,740 12.0% 327,876
100.0% 8.0% 4,326,514 100.0% 4,646,417 100.0% 7.4%

-55.4% 8.2% (2,398,340) -55.4% (2,583,703) -55.6% 7.7%
44.6% 7.9% 1,928,174 44.6% 2,062,714 44.4% 7.0%
-4.5% 11.6% (196,903) -4.6% (213,170) -4.6% 8.3%
-28.8% 5.5% (1,263,528) -29.2% (1,317,157) -28.3% 4.2%
-1.6% 10.2% (68,712) -1.6% (72,901) -1.6% 6.1%
0.0% -1070.5% 1,864 0.0% 4,664 0.1% 150.2%
0.1% -159.7% (603) 0.0% 1,174 0.0% N/A
9.8% 18.6% 400,292 9.3% 465,324 10.0% 16.2%

0.2% -2.8% 7,034 0.2% 7,114 0.2% 1.1%
-3.1% 22.0% (133,356) -3.1% (147,477) -3.2% 10.6%
0.0% -100.0% 58,559 1.4% 61,503 1.3% 5.0%
-0.1% -110.8% 10,585 0.2% (735) 0.0% N/A
0.0% -132.2% (704) 0.0% (900) 0.0% 27.8%
0.0% -100.0% (2,755) -0.1% - 0.0% -100.0%
6.7% -9.5% 339,655 7.9% 384,829 8.3% 13.3%
-2.1% 14.3% (87,429) -2.0% (93,443) -2.0% 6.9%
-0.2% -58.3% (5,112) -0.1% (7,075) -0.2% 38.4%
4.5% -13.6% 247,114 5.7% 284,311 6.1% 15.1%
0.0% -97.7% (843) 0.0% (856) 0.0% 1.5%
4.5% -13.2% 246,271 5.7% 283,455 6.1% 15.1%
4.4% -14.3% 245,137 5.7% 280,920 6.0% 14.6%

0.1% 627.8% 1,134 0.0% 2,535 0.1% 123.5%
4.5% -13.2% 246,271 5.7% 283,455 6.1% 15.1%
13.7% 22.9% 540,016 12.5% 647,994 13.9% 20.0%
ACTIVO
Activo corriente
Inventarios 1,109,878 1,152,833 4%
Activo no corriente
Plusvalía 2,085,908 2,085,257 0%
TOTAL ACTIVOS 13,523,697 15,025,016 11%
PASIVO
Pasivo corriente
TOTAL PASIVO 5,188,966 6,450,815 24%
PATRIMONIO

2018-1T % Ingresos 2019-1T

Costo de ventas (1,168,715) -55.5% (1,253,514)
Utilidad bruta 935,630 44.5% 992,228
Gastos de venta (607,913) -28.9% (625,569)

Dividendos 32,336 1.5% 61,493

Ebitda 273,276 13.0% 320,118
Diciembre 2018 * Junio 2019 % var Diciembre 2018 * Septiembre 2019 % var
347,520 291,779 -16% 347,520 362,711 4%

1,020,579 1,114,572 9% 1,020,579 1,203,505 18%
1,109,878 1,210,805 9% 1,109,878 1,252,556 13%
94,569 89,735 -5% 94,569 83,043 -12%
241,726 318,944 32% 241,726 379,367 57%
6,777 6,729 -1% 6,777 3,241 -52%
2,821,049 3,032,564 7% 2,821,049 3,284,423 16%
28,065 26,610 -5% 28,065 25,856 -8%

192,795 193,771 1% 192,795 195,023 1%
3,322,694 3,469,931 4% 3,322,694 3,384,110 2%
3,376,364 3,320,816 -2% 3,376,364 3,415,677 1%
0 912,962 N/A 0 896,689 N/A
77,062 76,886 0% 77,062 76,798 0%
2,085,908 2,097,084 1% 2,085,908 2,387,986 14%
1,167,536 1,181,080 1% 1,167,536 1,277,900 9%
379,753 629,109 66% 379,753 665,835 75%
72,471 75,097 4% 72,471 78,221 8%
10,702,648 11,983,346 12% 10,702,648 12,404,095 16%
13,523,697 15,015,910 11% 13,523,697 15,688,518 16%
522,302 545,046 4% 522,302 548,976 5%

1,094,960 1,087,230 -1% 1,094,960 1,110,887 1%
228,841 265,827 16% 228,841 286,329 25%
165,833 165,255 0% 165,833 214,960 30%
4,118 2,084 -49% 4,118 1,981 -52%
26,676 17,671 -34% 26,676 26,576 0%
2,042,730 2,083,113 2% 2,042,730 2,189,709 7%
2,265,743 2,352,222 4% 2,265,743 2,714,299 20%

0 903,448 N/A 0 893,964 N/A
158 158 0% 158 158 0%
175,036 181,266 4% 175,036 185,118 6%
704,763 957,086 36% 704,763 989,205 40%
0 22,883 N/A 0 23,075 N/A
536 505 -6% 536 514 -4%
3,146,236 4,417,568 40% 3,146,236 4,806,333 53%
5,188,966 6,500,681 25% 5,188,966 6,996,042 35%
8,290,443 8,471,641 2% 8,290,443 8,647,734 4%

44,288 43,588 -2% 44,288 44,742 1%
8,334,731 8,515,229 2% 8,334,731 8,692,476 4%
13,523,697 15,015,910 11% 13,523,697 15,688,518 16%
100.0% 6.7% 4,326,514 100.0% 4,646,417 100.0% 7.4%

-55.8% 7.3% (2,398,340) -55.4% (2,583,703) -55.6% 7.7%
44.2% 6.0% 1,928,174 44.6% 2,062,714 44.4% 7.0%
-4.6% 5.0% (196,903) -4.6% (213,170) -4.6% 8.3%
-27.9% 2.9% (1,263,528) -29.2% (1,317,157) -28.3% 4.2%
-1.5% 1.7% (68,712) -1.6% (72,901) -1.6% 6.1%
0.2% 95.2% 1,864 0.0% 4,664 0.1% 150.2%
-0.1% -143.2% (603) 0.0% 1,174 0.0% -294.7%
10.2% 14.0% 400,292 9.3% 465,324 10.0% 16.2%

0.2% 5.7% 7,034 0.2% 7,114 0.2% 1.1%
-3.2% 0.9% (133,356) -3.1% (147,477) -3.2% 10.6%
2.7% 90.2% 58,559 1.4% 61,503 1.3% 5.0%
0.0% -126.3% 10,585 0.2% (735) 0.0% -106.9%
0.0% -83.8% (704) 0.0% (900) 0.0% 27.8%
0.0% N/A (2,755) -0.1% - 0.0% -100.0%
9.9% 38.7% 339,655 7.9% 384,829 8.3% 13.3%
-2.0% -0.4% (87,429) -2.0% (93,443) -2.0% 6.9%
-0.1% -148.6% (5,112) -0.1% (7,075) -0.2% 38.4%
7.8% 44.5% 247,114 5.7% 284,311 6.1% 15.1%
0.0% 272.6% (843) 0.0% (856) 0.0% 1.5%
7.8% 44.0% 246,271 5.7% 283,455 6.1% 15.1%
7.8% 44.3% 245,137 5.7% 280,920 6.0% 14.6%

0.0% 7.6% 1134 0.0% 2535 0.1% 123.5%
7.8% 44.0% 246,271 5.7% 283,455 6.1% 15.1%
14.3% 17.1% 540,016 12.5% 647,994 13.9% 20.0%
2018-1T 2019-1T 2018-2T 2019-2T 2018-3T % Ingresos 2019-3T
2,104,345 2,245,742 2,222,169 2,400,675 2,282,784 100.0% 2,553,619

(1,168,715) (1,253,514) (1,229,625) (1,330,189) (1,242,686) -54.4% (1,426,054)
935,630 992,228 992,544 1,070,486 1,040,098 45.6% 1,127,565
(99,417) (104,388) (97,486) (108,782) (102,539) -4.5% (111,656)
(607,913) (625,569) (655,615) (691,588) (669,434) -29.3% (727,342)
(33,212) (33,782) (35,500) (39,119) (36,861) -1.6% (40,710)
1,952 3,810 (88) 854 (2,342) -0.1% (1,361)
4,942 (2,136) (5,545) 3,310 4,612 0.2% (2,746)
201,982 230,163 198,310 235,161 233,534 10.2% 243,750

3,241 3,427 3,793 3,687 4,025 0.2% 8,737
(71,961) (72,588) (61,395) (74,889) (58,084) -2.5% (76,301)
32,336 61,493 26,223 10 0 0.0% 13
(2,666) 702 13,251 (1,437) 4,505 0.2% 7,478
(2,327) (377) 1,623 (523) 639 0.0% (770)
- - -2,755 - 8,793 0.4% 89
160,605 222,820 179,050 162,009 193,412 8.5% 182,996
(44,069) (43,888) (43,360) (49,555) (46,946) -2.1% (50,026)
5,479 (2,661) -10,591 (4,414) -4,183 -0.2% 13,497
122,015 176,271 125,099 108,040 142,283 6.2% 146,467
(226) (842) (617) (14) (423) 0.0% (13,694)
121,789 175,429 124,482 108,026 141,860 6.2% 132,773
120,867 174,437 124,270 106,483 140,732 6.2% 131,453

922 992 212 1543 1128 0.0% 1320
121,789 175,429 124,482 108,026 141,860 6.2% 132,773
273,276 320,118 266,740 327,876 300,826 13.2% 344,458
100.0% 11.9% 6,609,298 100.0% 7,200,036 100.0% 8.9%

-55.8% 14.8% (3,641,026) -55.1% (4,009,757) -55.7% 10.1%
44.2% 8.4% 2,968,272 44.9% 3,190,279 44.3% 7.5%
-4.4% 8.9% (299,442) -4.5% (324,826) -4.5% 8.5%
-28.5% 8.7% (1,932,962) -29.2% (2,044,499) -28.4% 5.8%
-1.6% 10.4% (105,573) -1.6% (113,611) -1.6% 7.6%
-0.1% -41.9% -478 0.0% 3,303 0.0% N/A
-0.1% -159.5% 4,009 0.1% (1,572) 0.0% -139.2%
9.5% 4.4% 633,826 9.6% 709,074 9.8% 11.9%

0.3% 117.1% 11,059 0.2% 15,851 0.2% 43.3%
-3.0% 31.4% (191,440) -2.9% (223,778) -3.1% 16.9%
0.0% N/A 58,559 0.9% 61,516 0.9% 5.0%
0.3% 66.0% 15,090 0.2% 6,743 0.1% -55.3%
0.0% N/A (65) 0.0% (1,670) 0.0% N/A
0.0% -99.0% 6,038 0.1% 89 0.0% -98.5%
7.2% -5.4% 533,067 8.1% 567,825 7.9% 6.5%
-2.0% 6.6% (134,375) -2.0% (143,469) -2.0% 6.8%
0.5% N/A (9,295) -0.1% 6,422 0.1% -169.1%
5.7% 2.9% 389,397 5.9% 430,778 6.0% 10.6%
-0.5% 3137.4% (1,266) 0.0% (14,550) -0.2% 1049.3%
5.2% -6.4% 388,131 5.9% 416,228 5.8% 7.2%
5.1% -6.6% 385,869 5.8% 412,373 5.7% 6.9%

0.1% 17.0% 2,262 0.0% 3,855 0.1% 70.4%
5.2% -6.4% 388,131 5.9% 416,228 5.8% 7.2%
13.5% 14.5% 840,842 12.7% 992,452 13.8% 18.0%
ACTIVO
Activo corriente
Deudores comerciales y otras cuentas por cobrar, neto 1,020,579 1,088,410 7%
Inventarios 1,109,878 1,152,833 4%
Otros activos 241,726 259,405 7%
Activo no corriente
Plusvalía 2,085,908 2,085,257 0%
TOTAL ACTIVOS 13,523,697 15,025,016 11%
PASIVO
Pasivo corriente
Pasivos por derecho de uso 0 0 N/A
Otros pasivos 26,676 16,056 -40%
Otros pasivos 536 514 -4%
TOTAL PASIVO 5,188,966 6,450,815 24%
PATRIMONIO

Del 1 de enero al 31 de diciembre 2019
2018-1T % Ingresos 2019-1T

Costo de ventas (1,168,715) -55.5% (1,253,514)
Utilidad bruta 935,630 44.5% 992,228
Gastos de venta (607,913) -28.9% (625,569)

Dividendos 32,336 1.5% 61,493

Ebitda 273,276 13.0% 320,118
Diciembre 2018 * Junio 2019 % var Diciembre 2018 * Septiembre 2019 % var Diciembre 2018
347,520 291,779 -16% 347,520 362,711 4% 347,520

1,020,579 1,114,572 9% 1,020,579 1,203,505 18% 1,020,579
1,109,878 1,210,805 9% 1,109,878 1,252,556 13% 1,109,878
94,569 89,735 -5% 94,569 83,043 -12% 94,569
241,726 318,944 32% 241,726 379,367 57% 241,726
6,777 6,729 -1% 6,777 3,241 -52% 6,777
2,821,049 3,032,564 7% 2,821,049 3,284,423 16% 2,821,049
28,065 26,610 -5% 28,065 25,856 -8% 28,065

192,795 193,771 1% 192,795 195,023 1% 192,795
3,322,694 3,469,931 4% 3,322,694 3,384,110 2% 3,322,694
3,376,364 3,320,816 -2% 3,376,364 3,415,677 1% 3,376,364
0 912,962 N/A 0 896,689 N/A 0
77,062 76,886 0% 77,062 76,798 0% 77,062
2,085,908 2,097,084 1% 2,085,908 2,387,986 14% 2,085,908
1,167,536 1,181,080 1% 1,167,536 1,277,900 9% 1,167,536
379,753 629,109 66% 379,753 665,835 75% 379,753
72,471 75,097 4% 72,471 78,221 8% 72,471
10,702,648 11,983,346 12% 10,702,648 12,404,095 16% 10,702,648
13,523,697 15,015,910 11% 13,523,697 15,688,518 16% 13,523,697
522,302 545,046 4% 522,302 548,976 5% 522,302

0 0 N/A 0 0 N/A 0
1,094,960 1,087,230 -1% 1,094,960 1,110,887 1% 1,094,960
228,841 265,827 16% 228,841 286,329 25% 228,841
165,833 165,255 0% 165,833 214,960 30% 165,833
4,118 2,084 -49% 4,118 1,981 -52% 4,118
26,676 17,671 -34% 26,676 26,576 0% 26,676
2,042,730 2,083,113 2% 2,042,730 2,189,709 7% 2,042,730
2,265,743 2,352,222 4% 2,265,743 2,714,299 20% 2,265,743

0 903,448 N/A 0 893,964 N/A 0
158 158 0% 158 158 0% 158
175,036 181,266 4% 175,036 185,118 6% 175,036
704,763 957,086 36% 704,763 989,205 40% 704,763
0 22,883 N/A 0 23,075 N/A 0
536 505 -6% 536 514 -4% 536
3,146,236 4,417,568 40% 3,146,236 4,806,333 53% 3,146,236
5,188,966 6,500,681 25% 5,188,966 6,996,042 35% 5,188,966
8,290,443 8,471,641 2% 8,290,443 8,647,734 4% 8,290,443

44,288 43,588 -2% 44,288 44,742 1% 44,288
8,334,731 8,515,229 2% 8,334,731 8,692,476 4% 8,334,731
13,523,697 15,015,910 11% 13,523,697 15,688,518 16% 13,523,697
100.0% 6.7% 4,326,514 100.0% 4,646,417 100.0% 7.4%

-55.8% 7.3% (2,398,340) -55.4% (2,583,703) -55.6% 7.7%
44.2% 6.0% 1,928,174 44.6% 2,062,714 44.4% 7.0%
-4.6% 5.0% (196,903) -4.6% (213,170) -4.6% 8.3%
-27.9% 2.9% (1,263,528) -29.2% (1,317,157) -28.3% 4.2%
-1.5% 1.7% (68,712) -1.6% (72,901) -1.6% 6.1%
0.2% 95.2% 1,864 0.0% 4,664 0.1% 150.2%
-0.1% -143.2% (603) 0.0% 1,174 0.0% -294.7%
10.2% 14.0% 400,292 9.3% 465,324 10.0% 16.2%

0.2% 5.7% 7,034 0.2% 7,114 0.2% 1.1%
-3.2% 0.9% (133,356) -3.1% (147,477) -3.2% 10.6%
2.7% 90.2% 58,559 1.4% 61,503 1.3% 5.0%
0.0% -126.3% 10,585 0.2% (735) 0.0% -106.9%
0.0% -83.8% (704) 0.0% (900) 0.0% 27.8%
0.0% N/A (2,755) -0.1% - 0.0% -100.0%
9.9% 38.7% 339,655 7.9% 384,829 8.3% 13.3%
-2.0% -0.4% (87,429) -2.0% (93,443) -2.0% 6.9%
-0.1% -148.6% (5,112) -0.1% (7,075) -0.2% 38.4%
7.8% 44.5% 247,114 5.7% 284,311 6.1% 15.1%
0.0% 272.6% (843) 0.0% (856) 0.0% 1.5%
7.8% 44.0% 246,271 5.7% 283,455 6.1% 15.1%
7.8% 44.3% 245,137 5.7% 280,920 6.0% 14.6%

0.0% 7.6% 1134 0.0% 2535 0.1% 123.5%
7.8% 44.0% 246,271 5.7% 283,455 6.1% 15.1%
14.3% 17.1% 540,016 12.5% 647,994 13.9% 20.0%
* Diciembre 2019 % var
497,947 43%
1,166,248 14%
1,248,128 12%
96,632 2%
251,397 4%
2,610 -61%
3,262,962 16%
25,409 -9%
193,360 0%
3,511,768 6%
3,400,057 1%
878,552 N/A
79,489 3%
2,309,739 11%
1,248,973 7%
654,496 72%
80,436 11%
12,382,279 16%
15,645,241 16%
527,196 1%
147,242 N/A
1,235,133 13%
214,542 -6%
191,864 16%
1,948 -53%
29,912 12%
2,347,837 15%
2,680,014 18%
745,313 N/A
158 0%
189,295 8%
984,035 40%
13,238 N/A
487 -9%
4,612,540 47%
6,960,377 34%
8,627,950 4%
56,914 29%
8,684,864 4%
15,645,241 16%
2018-1T 2019-1T 2018-2T 2019-2T 2018-3T 2019-3T 2018-4T
2,104,345 2,245,742 2,222,169 2,400,675 2,282,784 2,553,619 2,406,768

(1,168,715) (1,253,514) (1,229,625) (1,330,189) (1,242,686) (1,426,054) (1,328,192)
935,630 992,228 992,544 1,070,486 1,040,098 1,127,565 1,078,576
(99,417) (104,388) (97,486) (108,782) (102,539) (111,656) (106,615)
(607,913) (625,569) (655,615) (691,588) (669,434) (727,342) (718,109)
(33,212) (33,782) (35,500) (39,119) (36,861) (40,710) (41,393)
1,952 3,810 (88) 854 (2,342) (1,361) (3,782)
4,942 (2,136) (5,545) 3,310 4,612 (2,746) 6,793
201,982 230,163 198,310 235,161 233,534 243,750 215,470

3,241 3,427 3,793 3,687 4,025 8,737 4,398
(71,961) (72,588) (61,395) (74,889) (58,084) (76,301) (55,864)
32,336 61,493 26,223 10 0 13 292
(2,666) 702 13,251 (1,437) 4,505 7,478 8,023
(2,327) (377) 1,623 (523) 639 (770) (335)
- - -2,755 - 8,793 89 (836)
160,605 222,820 179,050 162,009 193,412 182,996 171,148
(44,069) (43,888) (43,360) (49,555) (46,946) (50,026) (30,048)
5,479 (2,661) -10,591 (4,414) (4,183) 13,497 (15,606)
122,015 176,271 125,099 108,040 142,283 146,467 125,494
(226) (842) (617) (14) (423) (13,694) (4,869)
121,789 175,429 124,482 108,026 141,860 132,773 120,625
120,867 174,437 124,270 106,483 140,732 131,453 119,439

922 992 212 1543 1128 1320 1186
121,789 175,429 124,482 108,026 141,860 132,773 120,625
273,276 320,118 266,740 327,876 300,826 344,458 285,580
100.0% 2,758,815 100.0% 14.6% 9,016,066 100.0% 9,958,851

-55.2% (1,555,543) -56.4% 17.1% (4,969,218) -55.1% (5,565,300)
44.8% 1,203,272 43.6% 11.6% 4,046,848 44.9% 4,393,551
-4.4% (142,476) -5.2% 33.6% (406,057) -4.5% (467,302)
-29.8% (785,444) -28.5% 9.4% (2,651,071) -29.4% (2,829,943)
-1.7% (49,240) -1.8% 19.0% (146,966) -1.6% (162,851)
-0.2% 20,358 0.7% N/A (4,260) 0.0% 23,661
0.3% 4,077 0.1% -40.0% 10,802 0.1% 2,505
9.0% 250,547 9.1% 16.3% 849,296 9.4% 959,621

0.2% 6,443 0.2% 46.5% 15,457 0.2% 22,294
-2.3% (78,525) -2.8% 40.6% (247,304) -2.7% (302,303)
0.0% - 0.0% -100.0% 58,851 0.7% 61,516
0.3% (11,203) -0.4% -239.6% 23,113 0.3% (4,460)
0.0% (598) 0.0% 78.5% (400) 0.0% (2,268)
0.0% 625 0.0% -174.8% 5,202 0.1% 714
7.1% 167,289 6.1% -2.3% 704,215 7.8% 735,114
-1.2% (64,408) -2.3% 114.4% (164,423) -1.8% (207,877)
-0.6% (3,766) -0.1% -75.9% (24,901) -0.3% 2,656
5.2% 99,115 3.6% -21.0% 514,891 5.7% 529,893
-0.2% (1,902) -0.1% -60.9% (6,135) -0.1% (16,452)
5.0% 97,213 3.5% -19.4% 508,756 5.6% 513,441
5.0% 94,015 3.4% -21.3% 505,308 5.6% 506,388

0.0% 3198 0.1% 169.6% 3,448 0.0% 7,053
5.0% 97,213 3.5% -19.4% 508,756 5.6% 513,441
11.9% 354,777 12.9% 24.2% 1,126,422 12.5% 1,347,229
100.0% 10.5%
-55.9% 12.0%
44.1% 8.6%
-4.7% 15.1%
-28.4% 6.7%
-1.6% 10.8%
0.2% N/A
0.0% -76.8%
9.6% 13.0%
0.2% 44.2%
-3.0% 22.2%
0.6% 4.5%
0.0% -119.3%
0.0% N/A
0.0% -86.3%
7.4% 4.4%
-2.1% 26.4%
0.0% -110.7%
5.3% 2.9%
-0.2% 168.2%
5.2% 0.9%
5.1% 0.2%
0.1% 104.6%
5.2% 0.9%
13.5% 19.6%
ACTIVO
Activo corriente
Inventarios 1,248,128 1,321,073 6%
Otros activos 251,397 356,174 42%
Activo no corriente
Activos por derecho de uso 878,552 896,574 2%
Plusvalía 2,309,739 2,478,655 7%
TOTAL ACTIVOS 15,645,241 15,257,501 -2%
PASIVO
Pasivo corriente
Pasivos por derecho de uso 147,242 145,747 -1%
Impuesto sobre la renta e impuestos por pagar 214,542 235,930 10%
Provisiones 1,948 2,033 4%
Otros pasivos 29,912 74,454 149%
Pasivos por derecho de uso 745,313 772,638 4%
Pasivo por impuesto diferido 984,035 1,017,103 3%
Provisiones no corrientes 13,238 13,520 2%
TOTAL PASIVO 6,960,377 7,493,293 8%
PATRIMONIO

2019-1T % Ingresos 2020-1T

Costo de ventas (1,253,514) -55.8% (1,526,792)
Utilidad bruta 992,228 44.2% 1,132,541
Gastos de venta (625,569) -27.9% (706,386)
Diferencia en cambio de activos y pasivos operativos 3,810 0.2% (13,838)
Otros ingresos (egresos) netos operacionales (2,136) -0.1% 1,430

Dividendos 61,493 2.7% 65,582
Diferencia en cambio de activos y pasivos no operativos 702 0.0% 16,393
Participación en asociadas y negocios conjuntos (377) 0.0% (6,316)
Impuesto sobre la renta diferido (2,661) -0.1% 8,406

Participaciones no controladoras 992 0.0% 1,098
Ebitda 320,118 14.3% 376,134
100.0% 18.4%
-57.4% 21.8%
42.6% 14.1%
-4.5% 13.8%
-26.6% 12.9%
-1.4% 13.3%
-0.5% N/A
0.1% -166.9%
9.7% 11.5%
0.2% 25.5%
-2.9% 6.1%
2.5% 6.6%
0.6% N/A
-0.2% N/A
9.8% 16.5%
-2.9% 74.3%
0.3% N/A
7.2% 8.6%
0.0% -88.7%
7.2% 9.1%
7.2% 9.1%
0.0% 10.7%
7.2% 9.1%
14.1% 17.5%
A partir de enero 1 de 2019 incluye la nueva norma de arrendamientos IFRS 16
ACTIVO
Activo corriente
Inventarios 1,248,128 1,321,073 6%
Otros activos 251,397 356,174 42%
Activo no corriente
Plusvalía 2,309,739 2,478,655 7%
TOTAL ACTIVOS 15,645,241 15,257,501 -2%
PASIVO
Pasivo corriente
Otros pasivos 29,912 74,454 149%
TOTAL PASIVO 6,960,377 7,493,293 8%
PATRIMONIO

2019-1T % Ingresos 2020-1T

Costo de ventas (1,253,514) -55.8% (1,526,792)
Utilidad bruta 992,228 44.2% 1,132,541
Gastos de venta (625,569) -27.9% (706,386)

Dividendos 61,493 2.7% 65,582

Ebitda 320,118 14.3% 376,134
497,947 743,445 49%

1,166,248 1,207,640 4%
1,248,128 1,472,682 18%
96,632 100,702 4%
251,397 338,726 35%
2,610 2,610 0%
3,262,962 3,865,805 18%
25,409 25,422 0%
193,360 195,349 1%
3,511,768 1,946,129 -45%
3,400,057 3,441,132 1%
878,552 855,072 -3%
79,489 79,313 0%
2,309,739 2,401,036 4%
1,248,973 1,304,821 4%
654,496 661,679 1%
80,436 84,235 5%
12,382,279 10,994,188 -11%
15,645,241 14,859,993 -5%
527,196 515,558 -2%

147,242 135,442 -8%
1,235,133 1,268,591 3%
214,542 331,466 54%
191,864 185,454 -3%
1,948 3,475 78%
29,912 69,469 132%
2,347,837 2,509,455 7%
2,680,014 3,024,078 13%

745,313 750,270 1%
158 158 0%
189,295 187,612 -1%
984,035 979,310 0%
13,238 13,230 0%
487 0 -100%
4,612,540 4,954,658 7%
6,960,377 7,464,113 7%
8,627,950 7,339,184 -15%

56,914 56,696 0%
8,684,864 7,395,880 -15%
15,645,241 14,859,993 -5%
100.0% 18.4% 2,245,742 2,659,333 2,400,675 100.0% 2,665,449

-57.4% 21.8% (1,253,514) (1,526,792) (1,330,189) -55.4% (1,541,575)
42.6% 14.1% 992,228 1,132,541 1,070,486 44.6% 1,123,874
-4.5% 13.8% (104,388) (118,843) (108,782) -4.5% (119,542)
-26.6% 12.9% (625,569) (706,386) (691,588) -28.8% (676,509)
-1.4% 13.3% (33,782) (38,263) (39,119) -1.6% (51,216)
-0.5% N/A 3,810 (13,838) 854 0.0% 13,527
0.1% -166.9% (2,136) 1,430 3,310 0.1% (9,931)
9.7% 11.5% 230,163 256,641 235,161 9.8% 280,203

0.2% 25.5% 3,427 4,300 3,687 0.2% 5,402
-2.9% 6.1% (72,588) (77,029) (74,889) -3.1% (78,002)
2.5% 6.6% 61,493 65,582 10 0.0% 3,112
0.6% N/A 702 16,393 (1,437) -0.1% (16,514)
-0.2% N/A (377) (6,316) (523) 0.0% 548
9.8% 16.5% 222,820 259,571 162,009 6.7% 194,749
-2.9% 74.3% (43,888) (76,490) (49,555) -2.1% (66,612)
0.3% N/A (2,661) 8,406 (4,414) -0.2% 11,933
7.2% 8.6% 176,271 191,487 108,040 4.5% 140,070
0.0% -88.7% (842) (95) (14) 0.0% (169)
7.2% 9.1% 175,429 191,392 108,026 4.5% 139,901
7.2% 9.1% 174,437 190,294 106,483 4.4% 138,479

0.0% 10.7% 992 1,098 1543 0.1% 1,422
7.2% 9.1% 175,429 191,392 108,026 4.5% 139,901
14.1% 17.5% 320,118 376,134 327,876 13.7% 370,188
100.0% 11.0% 4,646,417 100.0% 5,324,782 100.0% 14.6%

-57.8% 15.9% (2,583,703) -55.6% (3,068,367) -57.6% 18.8%
42.2% 5.0% 2,062,714 44.4% 2,256,415 42.4% 9.4%
-4.5% 9.9% (213,170) -4.6% (238,385) -4.5% 11.8%
-25.4% -2.2% (1,317,157) -28.3% (1,382,895) -26.0% 5.0%
-1.9% 30.9% (72,901) -1.6% (89,479) -1.7% 22.7%
0.5% N/A 4,664 0.1% (311) 0.0% -106.7%
-0.4% -400.0% 1,174 0.0% (8,501) -0.2% N/A
10.5% 19.2% 465,324 10.0% 536,844 10.1% 15.4%

0.2% 46.5% 7,114 0.2% 9,702 0.2% 36.4%
-2.9% 4.2% (147,477) -3.2% (155,031) -2.9% 5.1%
0.1% N/A 61,503 1.3% 68,694 1.3% 11.7%
-0.6% N/A (735) 0.0% (121) 0.0% -83.5%
0.0% N/A (900) 0.0% (5,768) -0.1% N/A
7.3% 20.2% 384,829 8.3% 454,320 8.5% 18.1%
-2.5% 34.4% (93,443) -2.0% (143,102) -2.7% 53.1%
0.4% N/A (7,075) -0.2% 20,339 0.4% N/A
5.3% 29.6% 284,311 6.1% 331,557 6.2% 16.6%
0.0% 1107.1% (856) 0.0% (264) 0.0% -69.2%
5.2% 29.5% 283,455 6.1% 331,293 6.2% 16.9%
5.2% 30.0% 280,920 6.0% 328,773 6.2% 17.0%

0.1% -7.8% 2535 0.1% 2,520 0.0% -0.6%
5.2% 29.5% 283,455 6.1% 331,293 6.2% 16.9%
13.9% 12.9% 647,994 13.9% 746,322 14.0% 15.2%
ACTIVO
Activo corriente
Inventarios 1,248,128 1,321,073 6%
Otros activos 251,397 356,174 42%
Activo no corriente
Plusvalía 2,309,739 2,478,655 7%
TOTAL ACTIVOS 15,645,241 15,257,501 -2%
PASIVO
Pasivo corriente
Otros pasivos 29,912 74,454 149%
TOTAL PASIVO 6,960,377 7,493,293 8%
PATRIMONIO

2019-1T % Ingresos 2020-1T

Costo de ventas (1,253,514) -55.8% (1,526,792)
Utilidad bruta 992,228 44.2% 1,132,541
Gastos de venta (625,569) -27.9% (706,386)

Dividendos 61,493 2.7% 65,582

Ebitda 320,118 14.3% 376,134
497,947 743,445 49% 497,947 887,040 78%

1,166,248 1,207,640 4% 1,166,248 1,283,933 10%
1,248,128 1,472,682 18% 1,248,128 1,450,968 16%
96,632 100,702 4% 96,632 111,524 15%
251,397 338,726 35% 251,397 396,133 58%
2,610 2,610 0% 2,610 2,610 0%
3,262,962 3,865,805 18% 3,262,962 4,132,208 27%
25,409 25,422 0% 25,409 24,681 -3%

193,360 195,349 1% 193,360 200,462 4%
3,511,768 1,946,129 -45% 3,511,768 2,203,143 -37%
3,400,057 3,441,132 1% 3,400,057 3,468,841 2%
878,552 855,072 -3% 878,552 824,623 -6%
79,489 79,313 0% 79,489 10,629 -87%
2,309,739 2,401,036 4% 2,309,739 2,484,957 8%
1,248,973 1,304,821 4% 1,248,973 1,334,645 7%
654,496 661,679 1% 654,496 712,543 9%
80,436 84,235 5% 80,436 86,253 7%
12,382,279 10,994,188 -11% 12,382,279 11,350,777 -8%
15,645,241 14,859,993 -5% 15,645,241 15,482,985 -1%
527,196 515,558 -2% 527,196 643,104 22%

147,242 135,442 -8% 147,242 129,569 -12%
1,235,133 1,268,591 3% 1,235,133 1,251,503 1%
214,542 331,466 54% 214,542 377,326 76%
191,864 185,454 -3% 191,864 248,565 30%
1,948 3,475 78% 1,948 3,473 78%
29,912 69,469 132% 29,912 58,153 94%
2,347,837 2,509,455 7% 2,347,837 2,711,693 15%
2,680,014 3,024,078 13% 2,680,014 2,860,554 7%

745,313 750,270 1% 745,313 731,022 -2%
158 158 0% 158 158 0%
189,295 187,612 -1% 189,295 194,646 3%
984,035 979,310 0% 984,035 1,012,651 3%
13,238 13,230 0% 13,238 13,110 -1%
487 0 -100% 487 0 -100%
4,612,540 4,954,658 7% 4,612,540 4,812,141 4%
6,960,377 7,464,113 7% 6,960,377 7,523,834 8%
8,627,950 7,339,184 -15% 8,627,950 7,903,325 -8%

56,914 56,696 0% 56,914 55,826 -2%
8,684,864 7,395,880 -15% 8,684,864 7,959,151 -8%
15,645,241 14,859,993 -5% 15,645,241 15,482,985 -1%
100.0% 18.4% 4,646,417 100.0% 5,324,782 100.0% 14.6%

-57.4% 21.8% (2,583,703) -55.6% (3,068,367) -57.6% 18.8%
42.6% 14.1% 2,062,714 44.4% 2,256,415 42.4% 9.4%
-4.5% 13.8% (213,170) -4.6% (238,385) -4.5% 11.8%
-26.6% 12.9% (1,317,157) -28.3% (1,382,895) -26.0% 5.0%
-1.4% 13.3% (72,901) -1.6% (89,479) -1.7% 22.7%
-0.5% N/A 4,664 0.1% (311) 0.0% -106.7%
0.1% -166.9% 1,174 0.0% (8,501) -0.2% N/A
9.7% 11.5% 465,324 10.0% 536,844 10.1% 15.4%

0.2% 25.5% 7,114 0.2% 9,702 0.2% 36.4%
-2.9% 6.1% (147,477) -3.2% (155,031) -2.9% 5.1%
2.5% 6.6% 61,503 1.3% 68,694 1.3% 11.7%
0.6% N/A (735) 0.0% (121) 0.0% -83.5%
-0.2% N/A (900) 0.0% (5,768) -0.1% 540.9%
0.0% N/A - 0.0% - 0.0% 0.0%
9.8% 16.5% 384,829 8.3% 454,320 8.5% 18.1%
-2.9% 74.3% (93,443) -2.0% (143,102) -2.7% 53.1%
0.3% N/A (7,075) -0.2% 20,339 0.4% N/A
7.2% 8.6% 284,311 6.1% 331,557 6.2% 16.6%
0.0% -88.7% (856) 0.0% (264) 0.0% -69.2%
7.2% 9.1% 283,455 6.1% 331,293 6.2% 16.9%
7.2% 9.1% 280,920 6.0% 328,773 6.2% 17.0%

0.0% 10.7% 2535 0.1% 2,520 0.0% -0.6%
7.2% 9.1% 283,455 6.1% 331,293 6.2% 16.9%
14.1% 17.5% 647,994 13.9% 746,322 14.0% 15.2%
2019-1T 2020-1T 2019-2T 2020-2T 2019-3T % Ingresos 2020-3T
2,245,742 2,659,333 2,400,675 2,665,449 2,553,619 100.0% 2,853,488

(1,253,514) (1,526,792) (1,330,189) (1,541,575) (1,426,054) -55.8% (1,674,132)
992,228 1,132,541 1,070,486 1,123,874 1,127,565 44.2% 1,179,356
(104,388) (118,843) (108,782) (119,542) (111,656) -4.4% (120,091)
(625,569) (706,386) (691,588) (676,509) (727,342) -28.5% (736,941)
(33,782) (38,263) (39,119) (51,216) (40,710) -1.6% (58,421)
3,810 (13,838) 854 13,527 (1,361) -0.1% 2,025
(2,136) 1,430 3,310 (9,931) (2,746) -0.1% (2,853)
230,163 256,641 235,161 280,203 243,750 9.5% 263,075

3,427 4,300 3,687 5,402 8,737 0.3% 5,643
(72,588) (77,029) (74,889) (78,002) (76,301) -3.0% (65,093)
61,493 65,582 10 3,112 13 0.0% 575
702 16,393 (1,437) (16,514) 7,478 0.3% 6,074
(377) (6,316) (523) 548 (770) 0.0% (255)
- - - - 89 0.0% 581
222,820 259,571 162,009 194,749 182,996 7.2% 210,600
(43,888) (76,490) (49,555) (66,612) (50,026) -2.0% (74,342)
(2,661) 8,406 (4,414) 11,933 13,497 0.5% 6,148
176,271 191,487 108,040 140,070 146,467 5.7% 142,406
(842) (95) (14) (169) (13,694) -0.5% (115)
175,429 191,392 108,026 139,901 132,773 5.2% 142,291
174,437 190,294 106,483 138,479 131,453 5.1% 140,694

992 1,098 1543 1,422 1320 0.1% 1,597
175,429 191,392 108,026 139,901 132,773 5.2% 142,291
320,118 376,134 327,876 370,188 344,458 13.5% 370,531
100.0% 11.7% 7,200,036 100.0% 8,178,270 100.0% 13.6%

-58.7% 17.4% (4,009,757) -55.7% (4,742,499) -58.0% 18.3%
41.3% 4.6% 3,190,279 44.3% 3,435,771 42.0% 7.7%
-4.2% 7.6% (324,826) -4.5% (358,476) -4.4% 10.4%
-25.8% 1.3% (2,044,499) -28.4% (2,119,836) -25.9% 3.7%
-2.0% 43.5% (113,611) -1.6% (147,900) -1.8% 30.2%
0.1% -248.8% 3,303 0.0% 1,714 0.0% -48.1%
-0.1% 3.9% (1,572) 0.0% (11,354) -0.1% N/A
9.2% 7.9% 709,074 9.8% 799,919 9.8% 12.8%

0.2% -35.4% 15,851 0.2% 15,345 0.2% -3.2%
-2.3% -14.7% (223,778) -3.1% (220,124) -2.7% -1.6%
0.0% 4323.1% 61,516 0.9% 69,269 0.8% 12.6%
0.2% -18.8% 6,743 0.1% 5,953 0.1% -11.7%
0.0% -66.9% (1,670) 0.0% (6,023) -0.1% N/A
0.0% 552.8% 89 0.0% 581 0.0% N/A
7.4% 15.1% 567,825 7.9% 664,920 8.1% 17.1%
-2.6% 48.6% (143,469) -2.0% (217,444) -2.7% 51.6%
0.2% -54.4% 6,422 0.1% 26,487 0.3% N/A
5.0% -2.8% 430,778 6.0% 473,963 5.8% 10.0%
0.0% -99.2% (14,550) -0.2% (379) 0.0% -97.4%
5.0% 7.2% 416,228 5.8% 473,584 5.8% 13.8%
4.9% 7.0% 412,373 5.7% 469,467 5.7% 13.8%

0.1% 21.0% 3,855 0.1% 4,117 0.1% 6.8%
5.0% 7.2% 416,228 5.8% 473,584 5.8% 13.8%
13.0% 7.6% 992,452 13.8% 1,116,853 13.7% 12.5%
A 31 de Diciembre 2020, 2019

Reexpresado
ACTIVO
Activo corriente
Inventarios 1,248,128 1,321,073 6%
Otros activos 251,397 356,174 42%
Activo no corriente
Plusvalía 2,266,852 2,478,655 9%
TOTAL ACTIVOS 15,659,539 15,257,501 -3%
PASIVO
Pasivo corriente
Otros pasivos 29,912 74,454 149%
Proveedores y cuentas por pagar 3,032 158 -95%
TOTAL PASIVO 6,977,452 7,493,293 7%
PATRIMONIO
0 0 0

2019-1T % Ingresos 2020-1T

Costo de ventas (1,253,514) -55.8% (1,526,792)
Utilidad bruta 992,228 44.2% 1,132,541
Gastos de venta (625,569) -27.9% (706,386)

Dividendos 61,493 2.7% 65,582

Ebitda 320,118 14.3% 376,134
Reexpresado Reexpresado Reexpresado
497,947 743,445 49% 497,947 887,040 78% 497,947

1,166,248 1,207,640 4% 1,166,248 1,283,933 10% 1,166,248
1,248,128 1,472,682 18% 1,248,128 1,450,968 16% 1,248,128
96,632 100,702 4% 96,632 111,524 15% 96,632
251,397 338,726 35% 251,397 396,133 58% 251,397
2,610 2,610 0% 2,610 2,610 0% 2,610
3,262,962 3,865,805 18% 3,262,962 4,132,208 27% 3,262,962
25,409 25,422 0% 25,409 24,681 -3% 25,409

193,360 195,349 1% 193,360 200,462 4% 193,360
3,511,768 1,946,129 -45% 3,511,768 2,203,143 -37% 3,511,768
3,417,424 3,441,132 1% 3,417,424 3,468,841 2% 3,417,424
878,552 855,072 -3% 878,552 824,623 -6% 878,552
79,489 79,313 0% 79,489 10,629 -87% 79,489
2,266,852 2,401,036 6% 2,266,852 2,484,957 10% 2,266,852
1,274,709 1,304,821 2% 1,274,709 1,334,645 5% 1,274,709
668,578 661,679 -1% 668,578 712,543 7% 668,578
80,436 84,235 5% 80,436 86,253 7% 80,436
12,396,577 10,994,188 -11% 12,396,577 11,350,777 -8% 12,396,577
15,659,539 14,859,993 -5% 15,659,539 15,482,985 -1% 15,659,539
527,196 515,558 -2% 527,196 643,104 22% 527,196

147,242 135,442 -8% 147,242 129,569 -12% 147,242
1,235,133 1,268,591 3% 1,235,133 1,251,503 1% 1,235,133
214,542 331,466 54% 214,542 377,326 76% 214,542
191,864 185,454 -3% 191,864 248,565 30% 191,864
1,948 3,475 78% 1,948 3,473 78% 1,948
29,912 69,469 132% 29,912 58,153 94% 29,912
2,347,837 2,509,455 7% 2,347,837 2,711,693 15% 2,347,837
2,680,014 3,024,078 13% 2,680,014 2,860,554 7% 2,680,014

745,313 750,270 1% 745,313 731,022 -2% 745,313
3,032 158 -95% 3,032 158 -95% 3,032
189,295 187,612 -1% 189,295 194,646 3% 189,295
998,236 979,310 -2% 998,236 1,012,651 1% 998,236
13,238 13,230 0% 13,238 13,110 -1% 13,238
487 0 -100% 487 0 -100% 487
4,629,615 4,954,658 7% 4,629,615 4,812,141 4% 4,629,615
6,977,452 7,464,113 7% 6,977,452 7,523,834 8% 6,977,452
8,624,601 7,339,184 -15% 8,624,601 7,903,325 -8% 8,624,601

57,486 56,696 -1% 57,486 55,826 -3% 57,486
8,682,087 7,395,880 -15% 8,682,087 7,959,151 -8% 8,682,087
15,659,539 14,859,993 -5% 15,659,539 15,482,985 -1% 15,659,539
0 0 0 0 0 0 0
100.0% 18.4% 4,646,417 100.0% 5,324,782 100.0% 14.6%

-57.4% 21.8% (2,583,703) -55.6% (3,068,367) -57.6% 18.8%
42.6% 14.1% 2,062,714 44.4% 2,256,415 42.4% 9.4%
-4.5% 13.8% (213,170) -4.6% (238,385) -4.5% 11.8%
-26.6% 12.9% (1,317,157) -28.3% (1,382,895) -26.0% 5.0%
-1.4% 13.3% (72,901) -1.6% (89,479) -1.7% 22.7%
-0.5% N/A 4,664 0.1% (311) 0.0% -106.7%
0.1% -166.9% 1,174 0.0% (8,501) -0.2% N/A
9.7% 11.5% 465,324 10.0% 536,844 10.1% 15.4%

0.2% 25.5% 7,114 0.2% 9,702 0.2% 36.4%
-2.9% 6.1% (147,477) -3.2% (155,031) -2.9% 5.1%
2.5% 6.6% 61,503 1.3% 68,694 1.3% 11.7%
0.6% N/A (735) 0.0% (121) 0.0% -83.5%
-0.2% N/A (900) 0.0% (5,768) -0.1% 540.9%
0.0% N/A - 0.0% - 0.0% 0.0%
9.8% 16.5% 384,829 8.3% 454,320 8.5% 18.1%
-2.9% 74.3% (93,443) -2.0% (143,102) -2.7% 53.1%
0.3% N/A (7,075) -0.2% 20,339 0.4% N/A
7.2% 8.6% 284,311 6.1% 331,557 6.2% 16.6%
0.0% -88.7% (856) 0.0% (264) 0.0% -69.2%
7.2% 9.1% 283,455 6.1% 331,293 6.2% 16.9%
7.2% 9.1% 280,920 6.0% 328,773 6.2% 17.0%

0.0% 10.7% 2535 0.1% 2,520 0.0% -0.6%
7.2% 9.1% 283,455 6.1% 331,293 6.2% 16.9%
14.1% 17.5% 647,994 13.9% 746,322 14.0% 15.2%
933,564 87%
1,191,711 2%
1,379,984 11%
127,614 32%
228,087 -9%
177 -93%
3,861,137 18%
26,548 4%
196,498 2%
2,678,991 -24%
3,434,206 0%
829,563 -6%
9,056 -89%
2,369,706 5%
1,303,838 2%
740,891 11%
87,447 9%
11,676,744 -6%
15,537,881 -1%
486,736 -8%
126,727 -14%
1,283,494 4%
240,011 12%
217,033 13%
3,450 77%
83,209 178%
2,440,660 4%
2,865,638 7%
747,296 0%
0 -100%
196,244 4%
1,020,416 2%
5,909 -55%
4,576 840%
4,840,079 5%
7,280,739 4%
8,197,848 -5%
59,294 3%
8,257,142 -5%
15,537,881 -1%
0 0
2019-1T 2020-1T 2019-2T 2020-2T 2019-3T 2020-3T 2019-4T
2,245,742 2,659,333 2,400,675 2,665,449 2,553,619 2,853,488 2,758,815

(1,253,514) (1,526,792) (1,330,189) (1,541,575) (1,426,054) (1,674,132) (1,555,832)
992,228 1,132,541 1,070,486 1,123,874 1,127,565 1,179,356 1,202,983
(104,388) (118,843) (108,782) (119,542) (111,656) (120,091) (142,506)
(625,569) (706,386) (691,588) (676,509) (727,342) (736,941) (787,995)
(33,782) (38,263) (39,119) (51,216) (40,710) (58,421) (49,240)
3,810 (13,838) 854 13,527 (1,361) 2,025 20,358
(2,136) 1,430 3,310 (9,931) (2,746) (2,853) 4,077
230,163 256,641 235,161 280,203 243,750 263,075 247,677

3,427 4,300 3,687 5,402 8,737 5,643 6,443
(72,588) (77,029) (74,889) (78,002) (76,301) (65,093) (78,525)
61,493 65,582 10 3,112 13 575 -
702 16,393 (1,437) (16,514) 7,478 6,074 (11,203)
(377) (6,316) (523) 548 (770) (255) (598)
- - - - 89 581 625
222,820 259,571 162,009 194,749 182,996 210,600 164,419
(43,888) (76,490) (49,555) (66,612) (50,026) (74,342) (64,408)
(2,661) 8,406 (4,414) 11,933 13,497 6,148 (3,766)
176,271 191,487 108,040 140,070 146,467 142,406 96,245
(842) (95) (14) (169) (13,694) (115) (1,902)
175,429 191,392 108,026 139,901 132,773 142,291 94,343
174,437 190,294 106,483 138,479 131,453 140,694 91,145

992 1,098 1543 1,422 1320 1,597 3198
175,429 191,392 108,026 139,901 132,773 142,291 94,343
320,118 376,134 327,876 370,188 344,458 370,531 354,777
% Ingresos 2020-4T % Ingresos % Variac. 2019-FY Reexpresado % Ingresos 2020-FY
100.0% 2,949,271 100.0% 6.9% 9,958,851 100.0% 11,127,541

-56.4% (1,722,629) -58.4% 10.7% (5,565,589) -55.9% (6,465,128)
43.6% 1,226,642 41.6% 2.0% 4,393,262 44.1% 4,662,413
-5.2% (125,259) -4.2% -12.1% (467,332) -4.7% (483,735)
-28.6% (842,727) -28.6% 6.9% (2,832,494) -28.4% (2,962,563)
-1.8% (61,069) -2.1% 24.0% (162,851) -1.6% (208,969)
0.7% 9,818 0.3% -51.8% 23,661 0.2% 11,532
0.1% 12,264 0.4% 200.8% 2,505 0.0% 910
9.0% 219,669 7.4% -11.3% 956,751 9.6% 1,019,588

0.2% 8,677 0.3% 34.7% 22,294 0.2% 24,022
-2.8% (62,754) -2.1% -20.1% (302,303) -3.0% (282,878)
0.0% 2 0.0% N/A 61,516 0.6% 69,271
-0.4% (16,732) -0.6% 49.4% (4,460) 0.0% (10,779)
0.0% 1,551 0.1% -359.4% (2,268) 0.0% (4,472)
0.0% - 0.0% -100.0% 714 0.0% 581
6.0% 150,413 5.1% -8.5% 732,244 7.4% 815,333
-2.3% (43,766) -1.5% -32.0% (207,877) -2.1% (261,210)
-0.1% 3,787 0.1% -200.6% 2,656 0.0% 30,274
3.5% 110,434 3.7% 14.7% 527,023 5.3% 584,397
-0.1% (174) 0.0% -90.9% (16,452) -0.2% (553)
3.4% 110,260 3.7% 16.9% 510,571 5.1% 583,844
3.3% 105,974 3.6% 16.3% 503,518 5.1% 575,441

0.1% 4,286 0.1% 34.0% 7,053 0.1% 8,403
3.4% 110,260 3.7% 16.9% 510,571 5.1% 583,844
12.9% 326,723 11.1% -7.9% 1,347,229 13.5% 1,443,576
100.0% 11.7%
-58.1% 16.2%
41.9% 6.1%
-4.3% 3.5%
-26.6% 4.6%
-1.9% 28.3%
0.1% -51.3%
0.0% -63.7%
9.2% 6.6%
0.2% 7.8%
-2.5% -6.4%
0.6% 12.6%
-0.1% 141.7%
0.0% 97.2%
0.0% -18.6%
7.3% 11.3%
-2.3% 25.7%
0.3% N/A
5.3% 10.9%
0.0% -96.6%
5.2% 14.4%
5.2% 14.3%
0.1% 19.1%
5.2% 14.4%
13.0% 7.2%
Al 31 de marzo 2021 y 31 de diciembre 2020
ACTIVO
Activo corriente
Inventarios 1,379,984 1,450,116 5%
Otros activos 228,087 346,614 52%
Activos no corrientes mantenidos para la venta 177 177 0%
Activo no corriente
Plusvalía 2,369,706 2,471,103 4%
TOTAL ACTIVOS 15,537,881 15,543,266 0%
PASIVO
Pasivo corriente
Otros pasivos 83,209 43,091 -48%
Pasivo por impuesto diferido 1,020,416 1,048,406 3%
Otros pasivos 4,576 4,983 9%
TOTAL PASIVO 7,280,739 7,428,614 2%
PATRIMONIO
0 0
2020-1T % Ingresos 2021-1T

Costo de ventas (1,526,792) -57.4% (1,646,174)
Utilidad bruta 1,132,541 42.6% 1,187,526
Gastos de venta (706,386) -26.6% (723,646)
Diferencia en cambio de activos y pasivos operativos (13,838) -0.5% (7,411)

Dividendos 65,582 2.5% 67,749

Ebitda 376,134 14.1% 397,551
100.0% 6.6%
-58.1% 7.8%
41.9% 4.9%
-4.2% 0.1%
-25.5% 2.4%
-1.8% 31.8%
-0.3% -46.4%
0.1% 166.4%
10.3% 13.4%
0.1% -21.8%
-2.1% -24.1%
2.4% 3.3%
0.2% -65.4%
-0.1% -55.3%
10.8% 18.1%
-2.5% -6.2%
0.0% -116.5%
8.2% 21.9%
0.0% 17.9%
8.2% 21.9%
8.1% 20.6%
0.1% N/A
8.2% 21.9%
14.0% 5.7%
Al 30 de junio 2021 y 31 de diciembre 2020
ACTIVO
Activo corriente
Inventarios 1,379,984 1,450,116 5%
Otros activos 228,087 346,614 52%
Activo no corriente
Plusvalía 2,369,706 2,471,103 4%
TOTAL ACTIVOS 15,537,881 15,543,266 0%
PASIVO
Pasivo corriente
Otros pasivos 83,209 43,091 -48%
TOTAL PASIVO 7,280,739 7,428,614 2%
PATRIMONIO
0 0
2020-1T % Ingresos 2021-1T

Costo de ventas (1,526,792) -57.4% (1,646,174)
Utilidad bruta 1,132,541 42.6% 1,187,526
Gastos de venta (706,386) -26.6% (723,646)

Dividendos 65,582 2.5% 67,749

Ebitda 376,134 14.1% 397,551
933,564 882,837 -5%

1,191,711 1,229,635 3%
1,379,984 1,460,169 6%
127,614 159,664 25%
228,087 434,423 90%
177 177 0%
3,861,137 4,166,905 8%
26,548 33,090 25%

196,498 213,813 9%
2,678,991 1,986,961 -26%
3,434,206 3,540,539 3%
829,563 801,902 -3%
9,056 8,898 -2%
2,369,706 2,465,758 4%
1,303,838 1,348,166 3%
740,891 765,430 3%
87,447 90,400 3%
11,676,744 11,254,957 -4%
15,537,881 15,421,862 -1%
486,736 376,104 -23%

126,727 114,611 -10%
1,283,494 1,470,292 15%
240,011 283,931 18%
217,033 201,788 -7%
3,450 3,456 0%
83,209 91,995 11%
2,440,660 2,542,177 4%
2,865,638 2,992,193 4%
747,296 742,327 -1%
196,244 198,986 1%
1,020,416 1,061,524 4%
5,909 5,959 1%
4,576 2,505 -45%
4,840,079 5,003,494 3%
7,280,739 7,545,671 4%
8,197,848 7,807,557 -5%

59,294 68,634 16%
8,257,142 7,876,191 -5%
15,537,881 15,421,862 -1%
0 0
100.0% 6.6% 2,659,333 2,833,700 2,665,449 100.0% 2,942,014

-58.1% 7.8% (1,526,792) (1,646,174) (1,541,575) -57.8% (1,735,923)
41.9% 4.9% 1,132,541 1,187,526 1,123,874 42.2% 1,206,091
-4.2% 0.1% (118,843) (118,928) (119,542) -4.5% (131,300)
-25.5% 2.4% (706,386) (723,646) (676,509) -25.4% (777,549)
-1.8% 31.8% (38,263) (50,412) (51,216) -1.9% (55,938)
-0.3% -46.4% (13,838) (7,411) 13,527 0.5% 6,196
0.1% 166.4% 1,430 3,809 (9,931) -0.4% 2,597
10.3% 13.4% 256,641 290,938 280,203 10.5% 250,097

0.1% -21.8% 4,300 3,361 5,402 0.2% 4,407
-2.1% -24.1% (77,029) (58,428) (78,002) -2.9% (54,773)
2.4% 3.3% 65,582 67,749 3,112 0.1% 9
0.2% -65.4% 16,393 5,672 (16,514) -0.6% (21)
-0.1% -55.3% (6,316) (2,823) 548 0.0% 205
10.8% 18.1% 259,571 306,469 194,749 7.3% 199,924
-2.5% -6.2% (76,490) (71,726) (66,612) -2.5% (51,509)
0.0% -116.5% 8,406 (1,385) 11,933 0.4% (7,633)
8.2% 21.9% 191,487 233,358 140,070 5.3% 140,782
0.0% 17.9% (95) (112) (169) 0.0% (167)
8.2% 21.9% 191,392 233,246 139,901 5.2% 140,615
8.1% 20.6% 190,294 229,551 138,479 5.2% 137,158

0.1% N/A 1098 3,695 1422 0.1% 3,457
8.2% 21.9% 191,392 233,246 139,901 5.2% 140,615
14.0% 5.7% 376,134 397,551 370,188 13.9% 351,635
100.0% 10.4% 5,324,782 100.0% 5,775,714 100.0% 8.5%

-59.0% 12.6% (3,068,367) -57.6% (3,382,097) -58.6% 10.2%
41.0% 7.3% 2,256,415 42.4% 2,393,617 41.4% 6.1%
-4.5% 9.8% (238,385) -4.5% (250,228) -4.3% 5.0%
-26.4% 14.9% (1,382,895) -26.0% (1,501,195) -26.0% 8.6%
-1.9% 9.2% (89,479) -1.7% (106,350) -1.8% 18.9%
0.2% -54.2% (311) 0.0% (1,215) 0.0% N/A
0.1% -126.2% (8,501) -0.2% 6,406 0.1% -175.4%
8.5% -10.7% 536,844 10.1% 541,035 9.4% 0.8%

0.1% -18.4% 9,702 0.2% 7,768 0.1% -19.9%
-1.9% -29.8% (155,031) -2.9% (113,201) -2.0% -27.0%
0.0% -99.7% 68,694 1.3% 67,758 1.2% -1.4%
0.0% -99.9% (121) 0.0% 5,651 0.1% N/A
0.0% -62.6% (5,768) -0.1% (2,618) 0.0% -54.6%
6.8% 2.7% 454,320 8.5% 506,393 8.8% 11.5%
-1.8% -22.7% (143,102) -2.7% (123,235) -2.1% -13.9%
-0.3% -164.0% 20,339 0.4% (9,018) -0.2% -144.3%
4.8% 0.5% 331,557 6.2% 374,140 6.5% 12.8%
0.0% -1.2% (264) 0.0% (279) 0.0% 5.7%
4.8% 0.5% 331,293 6.2% 373,861 6.5% 12.8%
4.7% -1.0% 328,773 6.2% 366,709 6.3% 11.5%

0.1% 143.1% 2520 0.0% 7,152 0.1% 183.8%
4.8% 0.5% 331,293 6.2% 373,861 6.5% 12.8%
12.0% -5.0% 746,322 14.0% 749,186 13.0% 0.4%
Al 30 de septiembre 2021 y 31 de diciembre 2020
ACTIVO
Activo corriente
Inventarios 1,379,984 1,450,116 5%
Otros activos 228,087 346,614 52%
Activo no corriente
Activos biológicos 0 0 N/A
Plusvalía 2,369,706 2,471,103 4%
TOTAL ACTIVOS 15,537,881 15,543,266 0%
PASIVO
Pasivo corriente
Otros pasivos 83,209 43,091 -48%
TOTAL PASIVO 7,280,739 7,428,614 2%
PATRIMONIO
0 0
2020-1T % Ingresos 2021-1T
Costo de ventas (1,526,792) -57.4% (1,646,174)
Utilidad bruta 1,132,541 42.6% 1,187,526
Gastos de venta (706,386) -26.6% (723,646)

Dividendos 65,582 2.5% 67,749
Otos egresos - 0.0% -

Ebitda 376,134 14.1% 397,551
933,564 882,837 -5% 933,564 737,062 -21%

1,191,711 1,229,635 3% 1,191,711 1,308,275 10%
1,379,984 1,460,169 6% 1,379,984 1,585,568 15%
127,614 159,664 25% 127,614 181,680 42%
228,087 434,423 90% 228,087 499,342 119%
177 177 0% 177 177 0%
3,861,137 4,166,905 8% 3,861,137 4,312,104 12%
26,548 33,090 25% 26,548 34,794 31%

0 0 N/A 0 19,484 N/A
196,498 213,813 9% 196,498 211,681 8%
2,678,991 1,986,961 -26% 2,678,991 2,271,028 -15%
3,434,206 3,540,539 3% 3,434,206 3,594,421 5%
829,563 801,902 -3% 829,563 770,944 -7%
9,056 8,898 -2% 9,056 8,819 -3%
2,369,706 2,465,758 4% 2,369,706 2,447,252 3%
1,303,838 1,348,166 3% 1,303,838 1,328,559 2%
740,891 765,430 3% 740,891 810,476 9%
87,447 90,400 3% 87,447 20,159 -77%
11,676,744 11,254,957 -4% 11,676,744 11,517,617 -1%
15,537,881 15,421,862 -1% 15,537,881 15,829,721 2%
486,736 376,104 -23% 486,736 153,320 -69%

126,727 114,611 -10% 126,727 107,429 -15%
1,283,494 1,470,292 15% 1,283,494 1,499,658 17%
240,011 283,931 18% 240,011 321,046 34%
217,033 201,788 -7% 217,033 264,141 22%
3,450 3,456 0% 3,450 1,718 -50%
83,209 91,995 11% 83,209 106,519 28%
2,440,660 2,542,177 4% 2,440,660 2,453,831 1%
2,865,638 2,992,193 4% 2,865,638 3,182,278 11%

747,296 742,327 -1% 747,296 722,102 -3%
196,244 198,986 1% 196,244 195,184 -1%
1,020,416 1,061,524 4% 1,020,416 1,189,325 17%
5,909 5,959 1% 5,909 5,930 0%
4,576 2,505 -45% 4,576 2,555 -44%
4,840,079 5,003,494 3% 4,840,079 5,297,374 9%
7,280,739 7,545,671 4% 7,280,739 7,751,205 6%
8,197,848 7,807,557 -5% 8,197,848 8,005,239 -2%

59,294 68,634 16% 59,294 73,277 24%
8,257,142 7,876,191 -5% 8,257,142 8,078,516 -2%
15,537,881 15,421,862 -1% 15,537,881 15,829,721 2%
0 0 0 0
100.0% 6.6% 5,324,782 100.0% 5,775,714 100.0% 8.5%

-58.1% 7.8% (3,068,367) -57.6% (3,382,097) -58.6% 10.2%
41.9% 4.9% 2,256,415 42.4% 2,393,617 41.4% 6.1%
-4.2% 0.1% (238,385) -4.5% (250,228) -4.3% 5.0%
-25.5% 2.4% (1,382,895) -26.0% (1,501,195) -26.0% 8.6%
-1.8% 31.8% (89,479) -1.7% (106,350) -1.8% 18.9%
-0.3% -46.4% (311) 0.0% (1,215) 0.0% N/A
0.1% 166.4% (8,501) -0.2% 6,406 0.1% -175.4%
10.3% 13.4% 536,844 10.1% 541,035 9.4% 0.8%

0.1% -21.8% 9,702 0.2% 7,768 0.1% -19.9%
-2.1% -24.1% (155,031) -2.9% (113,201) -2.0% -27.0%
2.4% 3.3% 68,694 1.3% 67,758 1.2% -1.4%
0.2% -65.4% (121) 0.0% 5,651 0.1% N/A
-0.1% -55.3% (5,768) -0.1% (2,618) 0.0% -54.6%
0.0% N/A - 0.0% - 0.0% N/A
10.8% 18.1% 454,320 8.5% 506,393 8.8% 11.5%
-2.5% -6.2% (143,102) -2.7% (123,235) -2.1% -13.9%
0.0% -116.5% 20,339 0.4% (9,018) -0.2% -144.3%
8.2% 21.9% 331,557 6.2% 374,140 6.5% 12.8%
0.0% 17.9% (264) 0.0% (279) 0.0% 5.7%
8.2% 21.9% 331,293 6.2% 373,861 6.5% 12.8%
8.1% 20.6% 328,773 6.2% 366,709 6.3% 11.5%

0.1% N/A 2520 0.0% 7,152 0.1% 183.8%
8.2% 21.9% 331,293 6.2% 373,861 6.5% 12.8%
14.0% 5.7% 746,322 14.0% 749,186 13.0% 0.4%
2020-1T 2021-1T 2020-2T 2021-2T 2020-3T % Ingresos 2021-3T
2,659,333 2,833,700 2,665,449 2,942,014 2,853,488 100.0% 3,359,576

(1,526,792) (1,646,174) (1,541,575) (1,735,923) (1,674,132) -58.7% (2,001,871)
1,132,541 1,187,526 1,123,874 1,206,091 1,179,356 41.3% 1,357,705
(118,843) (118,928) (119,542) (131,300) (120,091) -4.2% (142,531)
(706,386) (723,646) (676,509) (777,549) (736,941) -25.8% (842,454)
(38,263) (50,412) (51,216) (55,938) (58,421) -2.0% (60,729)
(13,838) (7,411) 13,527 6,196 2,025 0.1% 15,891
1,430 3,809 (9,931) 2,597 (2,853) -0.1% (1,867)
256,641 290,938 280,203 250,097 263,075 9.2% 326,015

4,300 3,361 5,402 4,407 5,643 0.2% 3,342
(77,029) (58,428) (78,002) (54,773) (65,093) -2.3% (58,296)
65,582 67,749 3,112 9 575 0.0% -
16,393 5,672 (16,514) (21) 6,074 0.2% 8,168
(6,316) (2,823) 548 205 (255) 0.0% (773)
- - - - 581 0.0% -
259,571 306,469 194,749 199,924 210,600 7.4% 278,456
(76,490) (71,726) (66,612) (51,509) (74,342) -2.6% (67,496)
8,406 (1,385) 11,933 (7,633) 6,148 0.2% (6,114)
191,487 233,358 140,070 140,782 142,406 5.0% 204,846
(95) (112) (169) (167) (115) 0.0% (32,031)
191,392 233,246 139,901 140,615 142,291 5.0% 172,815
190,294 229,551 138,479 137,158 140,694 4.9% 168,270

1098 3,695 1,422 3,457 1,597 0.1% 4,545
191,392 233,246 139,901 140,615 142,291 5.0% 172,815
376,134 397,551 370,188 351,635 370,531 13.0% 428,442
100.0% 17.7% 8,178,270 100.0% 9,135,290 100.0% 11.7%

-59.6% 19.6% (4,742,499) -58.0% (5,383,968) -58.9% 13.5%
40.4% 15.1% 3,435,771 42.0% 3,751,322 41.1% 9.2%
-4.2% 18.7% (358,476) -4.4% (392,759) -4.3% 9.6%
-25.1% 14.3% (2,119,836) -25.9% (2,343,649) -25.7% 10.6%
-1.8% 4.0% (147,900) -1.8% (167,079) -1.8% 13.0%
0.5% N/A 1,714 0.0% 14,676 0.2% N/A
-0.1% -34.6% (11,354) -0.1% 4,539 0.0% -140.0%
9.7% 23.9% 799,919 9.8% 867,050 9.5% 8.4%

0.1% -40.8% 15,345 0.2% 11,110 0.1% -27.6%
-1.7% -10.4% (220,124) -2.7% (171,497) -1.9% -22.1%
0.0% -100.0% 69,269 0.8% 67,758 0.7% -2.2%
0.2% 34.5% 5,953 0.1% 13,819 0.2% 132.1%
0.0% N/A (6,023) -0.1% (3,391) 0.0% -43.7%
0.0% -100.0% 581 0.0% - 0.0% -100.0%
8.3% 32.2% 664,920 8.1% 784,849 8.6% 18.0%
-2.0% -9.2% (217,444) -2.7% (190,731) -2.1% -12.3%
-0.2% -199.4% 26,487 0.3% (15,132) -0.2% -157.1%
6.1% 43.8% 473,963 5.8% 578,986 6.3% 22.2%
-1.0% N/A (379) 0.0% (32,310) -0.4% N/A
5.1% 21.5% 473,584 5.8% 546,676 6.0% 15.4%
5.0% 19.6% 469,467 5.7% 534,979 5.9% 14.0%

0.1% 184.6% 4,117 0.1% 11,697 0.1% 184.1%
5.1% 21.5% 473,584 5.8% 546,676 6.0% 15.4%
12.8% 15.6% 1,116,853 13.7% 1,177,628 12.9% 5.4%
Al 31 de diciembre 2021, 2020
ACTIVO
Activo corriente
Inventarios 1,379,984 1,450,116 5%
Otros activos 228,087 346,614 52%
Activo no corriente
Activos biológicos 0 0 N/A
Plusvalía 2,369,706 2,471,103 4%
TOTAL ACTIVOS 15,537,881 15,543,266 0%
PASIVO
Pasivo corriente
Otros pasivos 83,209 43,091 -48%
TOTAL PASIVO 7,280,739 7,428,614 2%
PATRIMONIO
0 0
Del 1 de enero al 31 de Diciembre
2020-1T % Ingresos 2021-1T

Costo de ventas (1,526,792) -57.4% (1,646,174)
Utilidad bruta 1,132,541 42.6% 1,187,526
Gastos de venta (706,386) -26.6% (723,646)

Dividendos 65,582 2.5% 67,749

Ebitda 376,134 14.1% 397,551
933,564 882,837 -5% 933,564 737,062 -21% 933,564

1,191,711 1,229,635 3% 1,191,711 1,308,275 10% 1,191,711
1,379,984 1,460,169 6% 1,379,984 1,585,568 15% 1,379,984
127,614 159,664 25% 127,614 181,680 42% 127,614
228,087 434,423 90% 228,087 499,342 119% 228,087
177 177 0% 177 177 0% 177
3,861,137 4,166,905 8% 3,861,137 4,312,104 12% 3,861,137
26,548 33,090 25% 26,548 34,794 31% 26,548

0 0 N/A 0 19,484 N/A 0
196,498 213,813 9% 196,498 211,681 8% 196,498
2,678,991 1,986,961 -26% 2,678,991 2,271,028 -15% 2,678,991
3,434,206 3,540,539 3% 3,434,206 3,594,421 5% 3,434,206
829,563 801,902 -3% 829,563 770,944 -7% 829,563
9,056 8,898 -2% 9,056 8,819 -3% 9,056
2,369,706 2,465,758 4% 2,369,706 2,447,252 3% 2,369,706
1,303,838 1,348,166 3% 1,303,838 1,328,559 2% 1,303,838
740,891 765,430 3% 740,891 810,476 9% 740,891
87,447 90,400 3% 87,447 20,159 -77% 87,447
11,676,744 11,254,957 -4% 11,676,744 11,517,617 -1% 11,676,744
15,537,881 15,421,862 -1% 15,537,881 15,829,721 2% 15,537,881
486,736 376,104 -23% 486,736 153,320 -69% 486,736

126,727 114,611 -10% 126,727 107,429 -15% 126,727
1,283,494 1,470,292 15% 1,283,494 1,499,658 17% 1,283,494
240,011 283,931 18% 240,011 321,046 34% 240,011
217,033 201,788 -7% 217,033 264,141 22% 217,033
3,450 3,456 0% 3,450 1,718 -50% 3,450
83,209 91,995 11% 83,209 106,519 28% 83,209
2,440,660 2,542,177 4% 2,440,660 2,453,831 1% 2,440,660
2,865,638 2,992,193 4% 2,865,638 3,182,278 11% 2,865,638

747,296 742,327 -1% 747,296 722,102 -3% 747,296
196,244 198,986 1% 196,244 195,184 -1% 196,244
1,020,416 1,061,524 4% 1,020,416 1,189,325 17% 1,020,416
5,909 5,959 1% 5,909 5,930 0% 5,909
4,576 2,505 -45% 4,576 2,555 -44% 4,576
4,840,079 5,003,494 3% 4,840,079 5,297,374 9% 4,840,079
7,280,739 7,545,671 4% 7,280,739 7,751,205 6% 7,280,739
8,197,848 7,807,557 -5% 8,197,848 8,005,239 -2% 8,197,848

59,294 68,634 16% 59,294 73,277 24% 59,294
8,257,142 7,876,191 -5% 8,257,142 8,078,516 -2% 8,257,142
15,537,881 15,421,862 -1% 15,537,881 15,829,721 2% 15,537,881
0 0 0 0 0
100.0% 6.6% 5,324,782 100.0% 5,775,714 100.0% 8.5%

-58.1% 7.8% (3,068,367) -57.6% (3,382,097) -58.6% 10.2%
41.9% 4.9% 2,256,415 42.4% 2,393,617 41.4% 6.1%
-4.2% 0.1% (238,385) -4.5% (250,228) -4.3% 5.0%
-25.5% 2.4% (1,382,895) -26.0% (1,501,195) -26.0% 8.6%
-1.8% 31.8% (89,479) -1.7% (106,350) -1.8% 18.9%
-0.3% -46.4% (311) 0.0% (1,215) 0.0% N/A
0.1% 166.4% (8,501) -0.2% 6,406 0.1% -175.4%
10.3% 13.4% 536,844 10.1% 541,035 9.4% 0.8%

0.1% -21.8% 9,702 0.2% 7,768 0.1% -19.9%
-2.1% -24.1% (155,031) -2.9% (113,201) -2.0% -27.0%
2.4% 3.3% 68,694 1.3% 67,758 1.2% -1.4%
0.2% -65.4% (121) 0.0% 5,651 0.1% N/A
-0.1% -55.3% (5,768) -0.1% (2,618) 0.0% -54.6%
0.0% N/A - 0.0% - 0.0% N/A
10.8% 18.1% 454,320 8.5% 506,393 8.8% 11.5%
-2.5% -6.2% (143,102) -2.7% (123,235) -2.1% -13.9%
0.0% -116.5% 20,339 0.4% (9,018) -0.2% -144.3%
8.2% 21.9% 331,557 6.2% 374,140 6.5% 12.8%
0.0% 17.9% (264) 0.0% (279) 0.0% 5.7%
8.2% 21.9% 331,293 6.2% 373,861 6.5% 12.8%
8.1% 20.6% 328,773 6.2% 366,709 6.3% 11.5%

0.1% N/A 2520 0.0% 7,152 0.1% 183.8%
8.2% 21.9% 331,293 6.2% 373,861 6.5% 12.8%
14.0% 5.7% 746,322 14.0% 749,186 13.0% 0.4%
862,706 -8%
1,382,671 16%
1,742,562 26%
191,894 50%
414,755 82%
177 0%
4,594,765 19%
44,332 67%
19,484 N/A
217,821 11%
3,028,203 13%
3,676,931 7%
763,438 -8%
8,740 -3%
2,445,723 3%
1,355,126 4%
781,829 6%
20,091 -77%
12,361,718 6%
16,956,483 9%
178,658 -63%
107,253 -15%
1,758,083 37%
230,484 -4%
246,285 13%
1,674 -51%
105,600 27%
2,628,037 8%
3,162,832 10%
719,174 -4%
199,827 2%
1,195,928 17%
5,918 0%
2,654 -42%
5,286,333 9%
7,914,370 9%
8,965,940 9%
76,173 28%
9,042,113 10%
16,956,483 9%
2020-1T 2021-1T 2020-2T 2021-2T 2020-3T 2021-3T 2020-4T
2,659,333 2,833,700 2,665,449 2,942,014 2,853,488 3,359,576 2,949,271

(1,526,792) (1,646,174) (1,541,575) (1,735,923) (1,674,132) (2,001,871) (1,722,629)
1,132,541 1,187,526 1,123,874 1,206,091 1,179,356 1,357,705 1,226,642
(118,843) (118,928) (119,542) (131,300) (120,091) (142,531) (125,259)
(706,386) (723,646) (676,509) (777,549) (736,941) (842,454) (842,727)
(38,263) (50,412) (51,216) (55,938) (58,421) (60,729) (61,069)
(13,838) (7,411) 13,527 6,196 2,025 15,891 9,818
1,430 3,809 (9,931) 2,597 (2,853) (1,867) 12,264
256,641 290,938 280,203 250,097 263,075 326,015 219,669

4,300 3,361 5,402 4,407 5,643 3,342 8,677
(77,029) (58,428) (78,002) (54,773) (65,093) (58,296) (62,754)
65,582 67,749 3,112 9 575 - 2
16,393 5,672 (16,514) (21) 6,074 8,168 (16,732)
(6,316) (2,823) 548 205 (255) (773) 1,551
- - - - 581 - -
259,571 306,469 194,749 199,924 210,600 278,456 150,413
(76,490) (71,726) (66,612) (51,509) (74,342) (67,496) (43,766)
8,406 (1,385) 11,933 (7,633) 6,148 (6,114) 3,787
191,487 233,358 140,070 140,782 142,406 204,846 110,434
(95) (112) (169) (167) (115) (32,031) (174)
191,392 233,246 139,901 140,615 142,291 172,815 110,260
190,294 229,551 138,479 137,158 140,694 168,270 105,974

1098 3,695 1,422 3,457 1,597 4,545 4,286
191,392 233,246 139,901 140,615 142,291 172,815 110,260
376,134 397,551 370,188 351,635 370,531 428,442 326,723
100.0% 3,602,981 100.0% 22.2% 11,127,541 100.0% 12,738,271

-58.4% (2,226,916) -61.8% 29.3% (6,465,128) -58.1% (7,610,884)
41.6% 1,376,065 38.2% 12.2% 4,662,413 41.9% 5,127,387
-4.2% (154,531) -4.3% 23.4% (483,735) -4.3% (547,290)
-28.6% (938,234) -26.0% 11.3% (2,962,563) -26.6% (3,281,883)
-2.1% (62,976) -1.7% 3.1% (208,969) -1.9% (230,055)
0.3% 13,424 0.4% 36.7% 11,532 0.1% 28,100
0.4% 4,499 0.1% -63.3% 910 0.0% 9,038
7.4% 238,247 6.6% 8.5% 1,019,588 9.2% 1,105,297

0.3% 22,354 0.6% 157.6% 24,022 0.2% 33,464
-2.1% (69,579) -1.9% 10.9% (282,878) -2.5% (241,076)
0.0% 32 0.0% 1500.0% 69,271 0.6% 67,790
-0.6% 9,236 0.3% -155.2% (10,779) -0.1% 23,055
0.1% 2,378 0.1% 53.3% (4,472) 0.0% (1,013)
0.0% - 0.0% N/A 581 0.0% -
5.1% 202,668 5.6% 34.7% 815,333 7.3% 987,517
-1.5% (48,163) -1.3% 10.0% (261,210) -2.3% (238,894)
0.1% (9,030) -0.3% -338.4% 30,274 0.3% (24,162)
3.7% 145,475 4.0% 31.7% 584,397 5.3% 724,461
0.0% 1,103 0.0% -733.9% (553) 0.0% (31,207)
3.7% 146,578 4.1% 32.9% 583,844 5.2% 693,254
3.6% 141,900 3.9% 33.9% 575,441 5.2% 676,879

0.1% 4,678 0.1% 9.1% 8,403 0.1% 16,375
3.7% 146,578 4.1% 32.9% 583,844 5.2% 693,254
11.1% 354,763 9.8% 8.6% 1,443,576 13.0% 1,532,391
100.0% 14.5%
-59.7% 17.7%
40.3% 10.0%
-4.3% 13.1%
-25.8% 10.8%
-1.8% 10.1%
0.2% 143.7%
0.1% N/A
8.7% 8.4%
0.3% 39.3%
-1.9% -14.8%
0.5% -2.1%
0.2% N/A
0.0% -77.3%
0.0% -100.0%
7.8% 21.1%
-1.9% -8.5%
-0.2% -179.8%
5.7% 24.0%
-0.2% N/A
5.4% 18.7%
5.3% 17.6%
0.1% 94.9%
5.4% 18.7%
12.0% 6.2%
Al 31 de marzo 2022 y 31 de diciembre 2021
ACTIVO
Activo corriente
Inventarios 1,742,562 2,003,312 15%
Otros activos 414,755 515,296 24%
Activo no corriente
Activos por derecho de uso 763,438 751,227 -2%
Plusvalía 2,445,723 2,432,285 -1%
TOTAL ACTIVOS 16,956,483 17,347,799 2%
PASIVO
Pasivo corriente
Otros pasivos 105,600 131,609 25%
Pasivo por impuesto diferido 1,195,928 1,165,042 -3%
Otros pasivos 2,654 2,498 -6%
TOTAL PASIVO 7,914,370 8,186,121 3%
PATRIMONIO
0 0
2021-1T % Ingresos 2022-1T

Costo de ventas (1,646,174) -58.1% (2,223,204)
Utilidad bruta 1,187,526 41.9% 1,374,238
Gastos de venta (723,646) -25.5% (828,040)
Diferencia en cambio de activos y pasivos operativos (7,411) -0.3% 22,110
Otros ingresos (egresos) netos operacionales 3,809 0.1% 217

Dividendos 67,749 2.4% 90,204
Diferencia en cambio de activos y pasivos no operativos 5,672 0.2% (10,592)
Participación en asociadas y negocios conjuntos (2,823) -0.1% 4,958
Impuesto sobre la renta diferido (1,385) 0.0% 14,685

Ebitda 397,551 14.0% 468,126
100.0% 27.0%
-61.8% 35.1%
38.2% 15.7%
-4.0% 21.7%
-23.0% 14.4%
-1.4% 1.6%
0.6% N/A
0.0% -94.3%
10.4% 28.1%
0.2% 80.4%
-2.0% 25.2%
2.5% 33.1%
-0.3% N/A
0.1% N/A
10.8% 27.3%
-2.9% 44.3%
0.4% N/A
8.4% 29.1%
0.0% -91.1%
8.4% 29.1%
8.2% 28.7%
0.2% 55.8%
8.4% 29.1%
13.0% 17.8%
Al 30 de junio 2022 y 31 de diciembre 2021
ACTIVO
Activo corriente
Inventarios 1,742,562 2,003,312 15%
Otros activos 414,755 515,296 24%
Activo no corriente
Plusvalía 2,445,723 2,432,285 -1%
TOTAL ACTIVOS 16,956,483 17,347,799 2%
PASIVO
Pasivo corriente
Otros pasivos 105,600 131,609 25%
TOTAL PASIVO 7,914,370 8,186,121 3%
PATRIMONIO
0 0
2021-1T % Ingresos 2022-1T

Costo de ventas (1,646,174) -58.1% (2,223,204)
Utilidad bruta 1,187,526 41.9% 1,374,238
Gastos de venta (723,646) -25.5% (828,040)

Dividendos 67,749 2.4% 90,204

Participaciones no controladoras 3,695 0.1% 5,756
Ebitda 397,551 14.0% 468,126
862,706 581,127 -33%

1,382,671 1,621,508 17%
1,742,562 2,245,579 29%
191,894 225,268 17%
414,755 707,089 70%
177 4,711 N/A
4,594,765 5,385,282 17%
44,332 47,622 7%
19,484 19,484 0%
217,821 223,185 2%
3,028,203 3,812,462 26%
3,676,931 3,692,941 0%
763,438 753,777 -1%
8,740 8,583 -2%
2,445,723 2,398,187 -2%
1,355,126 1,325,942 -2%
781,829 781,725 0%
20,091 19,701 -2%
12,361,718 13,083,609 6%
16,956,483 18,468,891 9%
178,658 222,281 24%

107,253 89,275 -17%
1,758,083 2,043,060 16%
230,484 480,107 108%
246,285 232,762 -5%
1,674 2,898 73%
105,600 141,424 34%
2,628,037 3,211,807 22%
3,162,832 3,341,350 6%
719,174 735,556 2%
199,827 192,542 -4%
1,195,928 1,197,543 0%
5,918 6,176 4%
2,654 400 -85%
5,286,333 5,473,567 4%
7,914,370 8,685,374 10%
8,965,940 9,699,256 8%
76,173 84,261 11%
9,042,113 9,783,517 8%
16,956,483 18,468,891 9%
0 0
100.0% 27.0% 2,833,700 3,597,442 2,942,014 100% 4,014,178

-61.8% 35.1% (1,646,174) (2,223,204) (1,735,923) -59.0% (2,540,946)
38.2% 15.7% 1,187,526 1,374,238 1,206,091 41.0% 1,473,232
-4.0% 21.7% (118,928) (144,729) (131,300) -4.5% (146,964)
-23.0% 14.4% (723,646) (828,040) (777,549) -26.4% (912,889)
-1.4% 1.6% (50,412) (51,206) (55,938) -1.9% (58,324)
0.6% N/A (7,411) 22,110 6,196 0.2% (4,928)
0.0% -94.3% 3,809 217 2,597 0.1% 6,139
10.4% 28.1% 290,938 372,590 250,097 8.5% 356,266

0.2% 80.4% 3,361 6,064 4,407 0.1% 12,576
-2.0% 25.2% (58,428) (73,165) (54,773) -1.9% (94,215)
2.5% 33.1% 67,749 90,204 9 0.0% 7
-0.3% N/A 5,672 (10,592) (21) 0.0% 31,873
0.1% N/A (2,823) 4,958 205 0.0% 6,568
0.0% N/A - - - 0.0% (11)
10.8% 27.3% 306,469 390,059 199,924 6.8% 313,064
-2.9% 44.3% (71,726) (103,518) (51,509) -1.8% (107,321)
0.4% N/A (1,385) 14,685 (7,633) -0.3% 8,673
8.4% 29.1% 233,358 301,226 140,782 4.8% 214,416
0.0% -91.1% (112) (10) (167) 0.0% (9)
8.4% 29.1% 233,246 301,216 140,615 4.8% 214,407
8.2% 28.7% 229,551 295,460 137,158 4.7% 207,728

0.2% 55.8% 3,695 5,756 3,457 0.1% 6,679
8.4% 29.1% 233,246 301,216 140,615 4.8% 214,407
13.0% 17.8% 397,551 468,126 351,635 12.0% 481,854
100.0% 36.4% 5,775,714 100.0% 7,611,620 100.0% 31.8%

-63.3% 46.4% (3,382,097) -58.6% (4,764,150) -62.6% 40.9%
36.7% 22.1% 2,393,617 41.4% 2,847,470 37.4% 19.0%
-3.7% 11.9% (250,228) -4.3% (291,693) -3.8% 16.6%
-22.7% 17.4% (1,501,195) -26.0% (1,740,929) -22.9% 16.0%
-1.5% 4.3% (106,350) -1.8% (109,530) -1.4% 3.0%
-0.1% -179.5% (1,215) 0.0% 17,182 0.2% N/A
0.2% 136.4% 6,406 0.1% 6,356 0.1% -0.8%
8.9% 42.5% 541,035 9.4% 728,856 9.6% 34.7%

0.3% 185.4% 7,768 0.1% 18,640 0.2% 140.0%
-2.3% 72.0% (113,201) -2.0% (167,380) -2.2% 47.9%
0.0% -22.2% 67,758 1.2% 90,211 1.2% 33.1%
0.8% N/A 5,651 0.1% 21,281 0.3% N/A
0.2% N/A (2,618) 0.0% 11,526 0.2% N/A
0.0% N/A - 0.0% (11) 0.0% N/A
7.8% 56.6% 506,393 8.8% 703,123 9.2% 38.8%
-2.7% 108.4% (123,235) -2.1% (210,839) -2.8% 71.1%
0.2% N/A (9,018) -0.2% 23,358 0.3% N/A
5.3% 52.3% 374,140 6.5% 515,642 6.8% 37.8%
0.0% -94.6% (279) 0.0% (19) 0.0% -93.2%
5.3% 52.5% 373,861 6.5% 515,623 6.8% 37.9%
5.2% 51.5% 366,709 6.3% 503,188 6.6% 37.2%

0.2% 93.2% 7152 0.1% 12,435 0.2% 73.9%
5.3% 52.5% 373,861 6.5% 515,623 6.8% 37.9%
12.0% 37.0% 749,186 13.0% 949,980 12.5% 26.8%
Al 30 de septiembre 2022 y 31 de diciembre 2021
ACTIVO
Activo corriente
Inventarios 1,742,562 2,003,312 15%
Otros activos 414,755 515,296 24%
Activo no corriente
Plusvalía 2,445,723 2,432,285 -1%
TOTAL ACTIVOS 16,956,483 17,347,799 2%
PASIVO
Pasivo corriente
Otros pasivos 105,600 131,609 25%
Proveedores y cuentas por pagar 0 0 N/A
TOTAL PASIVO 7,914,370 8,186,121 3%
PATRIMONIO
0 0
2021-1T % Ingresos 2022-1T
Costo de ventas (1,646,174) -58.1% (2,223,204)
Utilidad bruta 1,187,526 41.9% 1,374,238
Gastos de venta (723,646) -25.5% (828,040)

Dividendos 67,749 2.4% 90,204

Participaciones no controladoras 3,695 0.1% 5,756
Ebitda 397,551 14.0% 468,126
862,706 581,127 -33% 862,706 619,858 -28%

1,382,671 1,621,508 17% 1,382,671 1,831,145 32%
1,742,562 2,245,579 29% 1,742,562 2,594,910 49%
191,894 225,268 17% 191,894 250,798 31%
414,755 707,089 70% 414,755 839,153 102%
177 4,711 N/A 177 4,711 N/A
4,594,765 5,385,282 17% 4,594,765 6,140,575 34%
44,332 47,622 7% 44,332 51,789 17%

19,484 19,484 0% 19,484 19,484 0%
217,821 223,185 2% 217,821 226,506 4%
3,028,203 3,812,462 26% 3,028,203 3,274,342 8%
3,676,931 3,692,941 0% 3,676,931 3,826,931 4%
763,438 753,777 -1% 763,438 762,125 0%
8,740 8,583 -2% 8,740 8,504 -3%
2,445,723 2,398,187 -2% 2,445,723 2,509,796 3%
1,355,126 1,325,942 -2% 1,355,126 1,406,982 4%
781,829 781,725 0% 781,829 823,979 5%
20,091 19,701 -2% 20,091 23,482 17%
12,361,718 13,083,609 6% 12,361,718 12,933,920 5%
16,956,483 18,468,891 9% 16,956,483 19,074,495 12%
178,658 222,281 24% 178,658 434,850 143%

107,253 89,275 -17% 107,253 84,350 -21%
1,758,083 2,043,060 16% 1,758,083 2,058,114 17%
230,484 480,107 108% 230,484 506,451 120%
246,285 232,762 -5% 246,285 315,429 28%
1,674 2,898 73% 1,674 3,683 120%
105,600 141,424 34% 105,600 224,023 112%
2,628,037 3,211,807 22% 2,628,037 3,626,900 38%
3,162,832 3,341,350 6% 3,162,832 3,385,393 7%

719,174 735,556 2% 719,174 751,602 5%
0 0 N/A 0 158 100%
199,827 192,542 -4% 199,827 196,883 -1%
1,195,928 1,197,543 0% 1,195,928 1,218,942 2%
5,918 6,176 4% 5,918 6,709 13%
2,654 400 -85% 2,654 439 -83%
5,286,333 5,473,567 4% 5,286,333 5,560,126 5%
7,914,370 8,685,374 10% 7,914,370 9,187,026 16%
8,965,940 9,699,256 8% 8,965,940 9,794,236 9%

76,173 84,261 11% 76,173 93,233 22%
9,042,113 9,783,517 8% 9,042,113 9,887,469 9%
16,956,483 18,468,891 9% 16,956,483 19,074,495 12%
0 0 0 0
100.0% 27.0% 5,775,714 100% 7,611,620 100.0% 31.8%

-61.8% 35.1% (3,382,097) -58.6% (4,764,150) -62.6% 40.9%
38.2% 15.7% 2,393,617 41.4% 2,847,470 37.4% 19.0%
-4.0% 21.7% (250,228) -4.3% (291,693) -3.8% 16.6%
-23.0% 14.4% (1,501,195) -26.0% (1,740,929) -22.9% 16.0%
-1.4% 1.6% (106,350) -1.8% (109,530) -1.4% 3.0%
0.6% N/A (1,215) 0.0% 17,182 0.2% N/A
0.0% -94.3% 6,406 0.1% 6,356 0.1% -0.8%
10.4% 28.1% 541,035 9.4% 728,856 9.6% 34.7%

0.2% 80.4% 7,768 0.1% 18,640 0.2% 140.0%
-2.0% 25.2% (113,201) -2.0% (167,380) -2.2% 47.9%
2.5% 33.1% 67,758 1.2% 90,211 1.2% 33.1%
-0.3% N/A 5,651 0.1% 21,281 0.3% N/A
0.1% N/A (2,618) 0.0% 11,526 0.2% N/A
0.0% N/A - 0.0% (11) 0.0% N/A
10.8% 27.3% 506,393 8.8% 703,123 9.2% 38.8%
-2.9% 44.3% (123,235) -2.1% (210,839) -2.8% 71.1%
0.4% N/A (9,018) -0.2% 23,358 0.3% N/A
8.4% 29.1% 374,140 6.5% 515,642 6.8% 37.8%
0.0% -91.1% (279) 0.0% (19) 0.0% -93.2%
8.4% 29.1% 373,861 6.5% 515,623 6.8% 37.9%
8.2% 28.7% 366,709 6.3% 503,188 6.6% 37.2%

0.2% 55.8% 7,152 0.1% 12,435 0.2% 73.9%
8.4% 29.1% 373,861 6.5% 515,623 6.8% 37.9%
13.0% 17.8% 749,186 13.0% 949,980 12.5% 26.8%
2021-1T 2022-1T 2021-2T 2022-2T 2021-3T % Ingresos 2022-3T
2,833,700 3,597,442 2,942,014 4,014,178 3,359,576 100% 4,545,170

(1,646,174) (2,223,204) (1,735,923) (2,540,946) (2,001,871) -59.6% (2,905,539)
1,187,526 1,374,238 1,206,091 1,473,232 1,357,705 40.4% 1,639,631
(118,928) (144,729) (131,300) (146,964) (142,531) -4.2% (162,013)
(723,646) (828,040) (777,549) (912,889) (842,454) -25.1% (1,014,074)
(50,412) (51,206) (55,938) (58,324) (60,729) -1.8% (63,700)
(7,411) 22,110 6,196 (4,928) 15,891 0.5% 15,264
3,809 217 2,597 6,139 (1,867) -0.1% 615
290,938 372,590 250,097 356,266 326,015 9.7% 415,723

3,361 6,064 4,407 12,576 3,342 0.1% 9,060
(58,428) (73,165) (54,773) (94,215) (58,296) -1.7% (113,606)
67,749 90,204 9 7 - 0.0% -
5,672 (10,592) (21) 31,873 8,168 0.2% 11,082
(2,823) 4,958 205 6,568 (773) 0.0% 6,895
- - - (11) - 0.0% -
306,469 390,059 199,924 313,064 278,456 8.3% 329,154
(71,726) (103,518) (51,509) (107,321) (67,496) -2.0% (123,274)
(1,385) 14,685 (7,633) 8,673 (6,114) -0.2% 19,081
233,358 301,226 140,782 214,416 204,846 6.1% 224,961
(112) (10) (167) (9) (32,031) -1.0% (2)
233,246 301,216 140,615 214,407 172,815 5.1% 224,959
229,551 295,460 137,158 207,728 168,270 5.0% 219,861

3,695 5,756 3,457 6,679 4,545 0.1% 5,098
233,246 301,216 140,615 214,407 172,815 5.1% 224,959
397,551 468,126 351,635 481,854 428,442 12.8% 530,985
100.0% 35.3% 9,135,290 100% 12,156,790 100.0% 33.1%

-63.9% 45.1% (5,383,968) -58.9% (7,669,689) -63.1% 42.5%
36.1% 20.8% 3,751,322 41.1% 4,487,101 36.9% 19.6%
-3.6% 13.7% (392,759) -4.3% (453,706) -3.7% 15.5%
-22.3% 20.4% (2,343,649) -25.7% (2,755,003) -22.7% 17.6%
-1.4% 4.9% (167,079) -1.8% (173,230) -1.4% 3.7%
0.3% -3.9% 14,676 0.2% 32,446 0.3% 121.1%
0.0% -132.9% 4,539 0.0% 6,971 0.1% 53.6%
9.1% 27.5% 867,050 9.5% 1,144,579 9.4% 32.0%

0.2% 171.1% 11,110 0.1% 27,700 0.2% 149.3%
-2.5% 94.9% (171,497) -1.9% (280,986) -2.3% 63.8%
0.0% N/A 67,758 0.7% 90,211 0.7% 33.1%
0.2% 35.7% 13,819 0.2% 32,363 0.3% 134.2%
0.2% N/A (3,391) 0.0% 18,421 0.2% N/A
0.0% N/A - 0.0% (11) 0.0% N/A
7.2% 18.2% 784,849 8.6% 1,032,277 8.5% 31.5%
-2.7% 82.6% (190,731) -2.1% (334,113) -2.7% 75.2%
0.4% N/A (15,132) -0.2% 42,439 0.3% N/A
4.9% 9.8% 578,986 6.3% 740,603 6.1% 27.9%
0.0% -100.0% (32,310) -0.4% (21) 0.0% -99.9%
4.9% 30.2% 546,676 6.0% 740,582 6.1% 35.5%
4.8% 30.7% 534,979 5.9% 723,049 5.9% 35.2%

0.1% 12.2% 11,697 0.1% 17,533 0.1% 49.9%
4.9% 30.2% 546,676 6.0% 740,582 6.1% 35.5%
11.7% 23.9% 1,177,628 12.9% 1,480,965 12.2% 25.8%

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BALANCE GENERAL BÁSICO

ACTIVO 2005 2006 % Variac.

PASIVO Y PATRIMONIO 2005 2006 % Variac.

ESTADO DE RESULTADOS BÁSICO 2005 2006 % Variac.

ACTIVO 2005 2006 % Variac.

PASIVO Y PATRIMONIO 2005 2006 % Variac.

ESTADO DE RESULTADOS CONSOLIDADO

ACTIVO 2006 2007 % Variac.

PASIVO Y PATRIMONIO 2006 2007 % Variac.

ESTADO DE RESULTADOS BÁSICO 2006 2007 % Variac.

* Información ilustrativa, no auditada.

ACTIVO 2006 2007 % Variac.

PASIVO Y PATRIMONIO 2006 2007 % Variac.

ESTADO DE RESULTADOS CONSOLIDADO

* Información ilustrativa, no auditada.

ACTIVO 2006 2007 % Variac.

PASIVO Y PATRIMONIO 2006 2007 % Variac.

ESTADO DE RESULTADOS BÁSICO 2006 2007 % Variac.

* Información ilustrativa, no auditada.

ACTIVO 2006 2007 % Variac.

PASIVO Y PATRIMONIO 2006 2007 % Variac.

ESTADO DE RESULTADOS CONSOLIDADO

* Información ilustrativa, no auditada.

ACTIVO 2006 2007 % Variac.

PASIVO Y PATRIMONIO 2006 2007 % Variac.

ESTADO DE RESULTADOS BÁSICO 2006 2007 % Variac.

* Información ilustrativa, no auditada.

ACTIVO 2006 2007 % Variac.

PASIVO Y PATRIMONIO 2006 2007 % Variac.

ESTADO DE RESULTADOS CONSOLIDADO

* Información ilustrativa, no auditada.

ACTIVO 2006 2007 % Variac.

PASIVO Y PATRIMONIO 2006 2007 % Variac.

ESTADO DE RESULTADOS BÁSICO 2006 2007 % Variac.

ACTIVO 2007 2008 % Variac.

PASIVO Y PATRIMONIO 2007 2008 % Variac.

ESTADO DE RESULTADOS BÁSICO 2007 2008 % Variac.

ACTIVO 2007 2008 % Variac.

PASIVO Y PATRIMONIO 2007 2008 % Variac.

ESTADO DE RESULTADOS CONSOLIDADO

* Información ilustrativa, no auditada.

ACTIVO 2007 2008 % Variac.

PASIVO Y PATRIMONIO 2007 2008 % Variac.

ESTADO DE RESULTADOS BÁSICO 2007 2008 % Variac.

ACTIVO 2007 2008 % Variac.

PASIVO Y PATRIMONIO 2007 2008 % Variac.

ESTADO DE RESULTADOS CONSOLIDADO

* Información ilustrativa, no auditada.

ACTIVO 2007 2008 % Variac.

PASIVO Y PATRIMONIO 2007 2008 % Variac.

ESTADO DE RESULTADOS BÁSICO 2007 2008 % Variac.

ACTIVO 2007 2008 % Variac.

PASIVO Y PATRIMONIO 2007 2008 % Variac.

ESTADO DE RESULTADOS CONSOLIDADO

* Información ilustrativa, no auditada.

ACTIVO 2007 2008 % Variac.

PASIVO Y PATRIMONIO 2007 2008 % Variac.

ESTADO DE RESULTADOS BÁSICO 2007 2008 % Variac.

ACTIVO 2007 2008 % Variac.

PASIVO Y PATRIMONIO 2007 2008 % Variac.

ESTADO DE RESULTADOS CONSOLIDADO

ACTIVO 2008 2009 % Variac.