Copia de 16. Caso - Franquicia

EVALUACION FINANCIERA SUBWAY
Introducción
Menú Principal
Macroeconómicos PyG Detallado

SUPUESTOS
INFORMES
De la compañía PyG Consolidado
Capital de Trabajo Viabilidad Financiera
Inversiones Resumen PyG.
Costo de Capital Resumen PyG. Anual

do
ado
nciera
G.
Anual
Inicio Bases de Cálculo y Supuestos de Proyecciones
Menú
INFORMACION GENERAL
xx
Historia
xx
xx
xx
SUPUESTOS Y PROYECCIONES:
INVERSION INICIAL: VALOR REFERIDO POR
REINVERSION: XX
METODO DE PROYECCION: FCLD
AÑOS DE PROYECCION: 10 AÑOS
WACC: 15.1%
VALOR RESIDUAL: SE TRABAJAN DOS OPCIONES

GRADIENTE INFINITA
Vr. SALVAMENTO( 30% Valor compra)
VENTAS:
promedio mensual de $60 millones
COSTO DE VENTAS:
Materia prima 40% y empaques 3%
GASTOS DE OPERACIÓN:
De aucerdo a pyg referidos
PUBLICIDAD: xx
GASTOS DE ADMINISTRACION: 5% SOBRE LAS VENTAS DEL PRIMER AÑO PROYECTADO ( 2015
SE MANTUVO FIJO EL VALOR
IMPUESTO DE RENTA: SE APLICO TARIFA DEL 33%

:
AÑO PROYECTADO ( 2015 ) Y POSTERIORMENTE
5 6 7
EVALUACION FINANCIERA SUBWAY Proyectar con:
Pesos Corrientes
Inicio Supuestos Generales 1
Pesos Constantes
Menú Cifras en miles de pesos
Año 1
Supuestos Compañía
2012 2013 2014 2015 2016

Datos de Entrada
Inflación interna 2.4% 1.9% 3.7% 3.4% 3.1%
Aumento de precios
Tienda 1 3.4% 3.1%
Tienda 2 3.4% 3.1%
Tienda 3 3.4% 3.1%
Tienda 4 3.4% 3.1%
Tienda 5 3.4% 3.1%
Tienda 6 3.4% 3.1%
Tienda 7 3.4% 3.1%
Tienda 8 3.4% 3.1%
Tienda 9 3.4% 3.1%
Tienda 10 3.4% 3.1%
Crecimiento Real
Tienda 1 0.0% 3.0%
Tienda 2 0.0% 3.0%
Tienda 3 0.0% 3.0%
Tienda 4 0.0% 3.0%
Tienda 5 0.0% 3.0%
Tienda 6 0.0% 3.0%
Tienda 7 0.0% 3.0%
Tienda 8 0.0% 3.0%
Tienda 9 0.0% 3.0%
Tienda 10 0.0% 3.0%
Costo de Vtas. Alimentos

Tienda 1 32.0% 32.0%
Tienda 2 32.0% 32.0%
Tienda 3 32.0% 32.0%
Tienda 4 32.0% 32.0%
Tienda 5 32.0% 32.0%
Tienda 6 32.0% 32.0%
Tienda 7 32.0% 32.0%
Tienda 8 32.0% 32.0%
Tienda 9 32.0% 32.0%
Tienda 10 32.0% 32.0%
Costo de Vtas. Empaques
Tienda 1 3.0% 3.0%
Tienda 2 3.0% 3.0%
Tienda 3 3.0% 3.0%
Tienda 4 3.0% 3.0%
Tienda 5 3.0% 3.0%
Tienda 6 3.0% 3.0%
Tienda 7 3.0% 3.0%
Tienda 8 3.0% 3.0%
Tienda 9 3.0% 3.0%
Tienda 10 3.0% 3.0%
Gastos de personal 1 Gasto Fijo Aplicar crecimiento

Tienda 1 4,269 4,291
Tienda 2 4,269 4,291
Tienda 3 4,269 4,291
Tienda 4 4,269 4,291
Tienda 5 4,269 4,291
Tienda 6 4,269 4,291
Tienda 7 4,269 4,291
Tienda 8 4,269 4,291
Tienda 9 4,269 4,291
Tienda 10 4,269 4,291
Arrendamientos % Ventas
Tienda 1 2 ✘ 1 8.0% 8.0%
Tienda 2 2 ✘ 1 6.0% 6.0%
Tienda 3 2 ✘ 1 8.0% 8.0%
Tienda 4 2 ✘ 1 6.0% 6.0%
Tienda 5 2 ✘ 1 8.0% 8.0%
Tienda 6 2 ✘ 1 6.0% 6.0%
Tienda 7 2 ✘ 1 8.0% 8.0%
Tienda 8 2 ✘ 1 6.0% 6.0%
Tienda 9 2 ✘ 1 8.0% 8.0%
Tienda 10 2 ✘ 1 6.0% 6.0%
✘
✘
Servicios en General 1 Gasto Fijo Aplicar crecimiento

Tienda 1 0.0% 3.1%
Tienda 2 0.0% 3.1%
Tienda 3 0.0% 3.1%
Tienda 4 0.0% 3.1%
Tienda 5 0.0% 3.1%
Tienda 6 0.0% 3.1%
Tienda 7 0.0% 3.1%
Tienda 8 0.0% 3.1%
Tienda 9 0.0% 3.1%
Tienda 10 0.0% 0.0%
Mantenimiento y adecuaciones 1 Gasto Fijo Aplicar crecimiento

Tienda 1 0.0% 3.1%
Tienda 2 0.0% 3.1%
Tienda 3 0.0% 3.1%
Tienda 4 0.0% 3.1%
Tienda 5 0.0% 3.1%
Tienda 6 0.0% 3.1%
Tienda 7 0.0% 3.1%
Tienda 8 0.0% 3.1%
Tienda 9 0.0% 3.1%
Tienda 10 0.0% 0.0%
Honorarios y Regalías 2 Gasto Variable Definir % Sobre las ventas

Tienda 1 12.5% 12.5%
Tienda 2 12.5% 12.5%
Tienda 3 12.5% 12.5%
Tienda 4 12.5% 12.5%
Tienda 5 12.5% 12.5%
Tienda 6 12.5% 12.5%
Tienda 7 12.5% 12.5%
Tienda 8 12.5% 12.5%
Tienda 9 12.5% 12.5%
Tienda 10 12.5% 12.5%
Impuestos 2 Gasto Variable Definir % Sobre las ventas

Tienda 1 1.6% 1.6%
Tienda 2 1.6% 1.6%
Tienda 3 1.6% 1.6%
Tienda 4 1.6% 1.6%
Tienda 5 1.6% 1.6%
Tienda 6 1.6% 1.6%
Tienda 7 1.6% 1.6%
Tienda 8 1.6% 1.6%
Tienda 9 1.6% 1.6%
Tienda 10 1.6% 1.6%
Marketing 2 Gasto Variable Definir % Sobre las ventas

Tienda 1 0.0% 0.0%
Tienda 2 0.0% 0.0%
Tienda 3 0.0% 0.0%
Tienda 4 0.0% 0.0%
Tienda 5 0.0% 0.0%
Tienda 6 0.0% 0.0%
Tienda 7 0.0% 0.0%
Tienda 8 0.0% 0.0%
Tienda 9 0.0% 0.0%
Tienda 10 0.0% 0.0%
Descontinuados 2 Gasto Variable Definir % Sobre las ventas

Tienda 1 0.6% 0.6%
Tienda 2 0.6% 0.6%
Tienda 3 0.6% 0.6%
Tienda 4 0.6% 0.6%
Tienda 5 0.6% 0.6%
Tienda 6 0.6% 0.6%
Tienda 7 0.6% 0.6%
Tienda 8 0.6% 0.6%
Tienda 9 0.6% 0.6%
Tienda 10 0.6% 0.6%
Telemercadeo 2 Gasto Variable Definir % Sobre las ventas

Tienda 1 0.0% 0.0%
Tienda 2 0.0% 0.0%
Tienda 3 0.0% 0.0%
Tienda 4 0.0% 0.0%
Tienda 5 0.0% 0.0%
Tienda 6 0.0% 0.0%
Tienda 7 0.0% 0.0%
Tienda 8 0.0% 0.0%
Tienda 9 0.0% 0.0%
Tienda 10 0.0% 0.0%
Gastos de Administración 1 Gasto Fijo Aplicar crecimiento

% Part. Ventas 3.0% 3.1%
Gasto Fijo
Gasto Variable
Capital de Trabajo
2012 2013 2014 2015 2016

Inventario (Días)
Tienda 1 - -
Tienda 2 - -
Tienda 3 - -
Tienda 4 - -
Tienda 5 - -
Tienda 6 - -
Tienda 7 - -
Tienda 8 - -
Tienda 9 - -
Tienda 10 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
Inventario (Saldo)
Tienda 1 - -
Tienda 2 - -
Tienda 3 - -
Tienda 4 - -
Tienda 5 - -
Tienda 6 - -
Tienda 7 - -
Tienda 8 - -
Tienda 9 - -
Tienda 10 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
Proveedores (Saldo) 10.0% 10.0% 10.0% 10.0% 10.0%

Tienda 1 - -
Tienda 2 - -
Tienda 3 - -
Tienda 4 - -
Tienda 5 - -
Tienda 6 - -
Tienda 7 - -
Tienda 8 - -
Tienda 9 - -
Tienda 10 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
Total Capital de Trabajo
Tienda 1 - -
Tienda 2 - -
Tienda 3 - -
Tienda 4 - -
Tienda 5 - -
Tienda 6 - -
Tienda 7 - -
Tienda 8 - -
Tienda 9 - -
Tienda 10 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
Cambio Capital de Trabajo

Tienda 1 - -
Tienda 2 - -
Tienda 3 - -
Tienda 4 - -
Tienda 5 - -
Tienda 6 - -
Tienda 7 - -
Tienda 8 - -
Tienda 9 - -
Tienda 10 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
0 - -
Supuestos Inversiones
2015 2016
Inversión 5 años 10 años
Tienda 1 250,000.0 125,000 125,000 250,000
Tienda 2 250,000.0 125,000 125,000 250,000
Tienda 3 250,000.0 125,000 125,000 250,000
Tienda 4 250,000.0 125,000 125,000 250,000
Tienda 5 250,000.0 125,000 125,000 250,000
Tienda 6 250,000.0 125,000 125,000 250,000
Tienda 7 250,000.0 125,000 125,000 250,000
Tienda 8 250,000.0 125,000 125,000 250,000
Tienda 9 250,000.0 125,000 125,000 250,000
Tienda 10 250,000.0 125,000 125,000 250,000
0 - - - -
0 - - - -
0 - - - -
0 - - - -
0 - - - -
0 - - - -
0 - - - -
0 - - - -
0 - - - -
0 - - - -
Depreciación
Tienda 1 1.0 37,500.0
Tienda 2 81.0 37,500.0
Tienda 3 161.0 37,500.0
Tienda 4 241.0 37,500.0
Tienda 5 321.0 37,500.0
Tienda 6 401.0 37,500.0
Tienda 7 481.0 37,500.0
Tienda 8 561.0 37,500.0
Tienda 9 641.0 37,500.0
Tienda 10 721.0 37,500.0
0 801.0 -
0 881.0 -
0 961.0 -
0 1,041.0 -
0 1,121.0 -
0 1,201.0 -
0 1,281.0 -
0 1,361.0 -
0 1,441.0 -
0 1,521.0 -
8 9 10 11 12 13 14 15
Valor Residual: Vr. Salvamento Incremento por año
es Gradiente infinita
2 30% 3%
es Valor de salvamento
Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9
2017 2018 2019 2020 2021 2022 2023 2024
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%

2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
3.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0%

3.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0%
3.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0%
3.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0%
3.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0%
3.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0%
3.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0%
3.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0%
3.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0%
3.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0%
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%

32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
plicar crecimiento
4,312 4,334 4,355 4,377 4,399 4,421 4,443 4,465
4,312 4,334 4,355 4,377 4,399 4,421 4,443 4,465
4,312 4,334 4,355 4,377 4,399 4,421 4,443 4,465
4,312 4,334 4,355 4,377 4,399 4,421 4,443 4,465
4,312 4,334 4,355 4,377 4,399 4,421 4,443 4,465
4,312 4,334 4,355 4,377 4,399 4,421 4,443 4,465
4,312 4,334 4,355 4,377 4,399 4,421 4,443 4,465
4,312 4,334 4,355 4,377 4,399 4,421 4,443 4,465
4,312 4,334 4,355 4,377 4,399 4,421 4,443 4,465
4,312 4,334 4,355 4,377 4,399 4,421 4,443 4,465
8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
plicar crecimiento
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
plicar crecimiento
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
efinir % Sobre las ventas

12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5%
12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5%
12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5%
12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5%
12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5%
12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5%
12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5%
12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5%
12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5%
12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5%

1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%
1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%
1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%
1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%
1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%
1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%
1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%
1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%
1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%
1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
plicar crecimiento
2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%
2017 2018 2019 2020 2021 2022 2023 2024
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10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%

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2017 2018 2019 2020 2021 2022 2023 2024

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37,500.0 37,500.0 37,500.0 37,500.0 12,500.0 12,500.0 12,500.0 12,500.0

37,500.0 37,500.0 37,500.0 37,500.0 12,500.0 12,500.0 12,500.0 12,500.0
37,500.0 37,500.0 37,500.0 37,500.0 12,500.0 12,500.0 12,500.0 12,500.0
37,500.0 37,500.0 37,500.0 37,500.0 12,500.0 12,500.0 12,500.0 12,500.0
37,500.0 37,500.0 37,500.0 37,500.0 12,500.0 12,500.0 12,500.0 12,500.0
37,500.0 37,500.0 37,500.0 37,500.0 12,500.0 12,500.0 12,500.0 12,500.0
37,500.0 37,500.0 37,500.0 37,500.0 12,500.0 12,500.0 12,500.0 12,500.0
37,500.0 37,500.0 37,500.0 37,500.0 12,500.0 12,500.0 12,500.0 12,500.0
37,500.0 37,500.0 37,500.0 37,500.0 12,500.0 12,500.0 12,500.0 12,500.0
37,500.0 37,500.0 37,500.0 37,500.0 12,500.0 12,500.0 12,500.0 12,500.0
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16
Año 10
2025
3.2%
3.2% 3.1% 6.1% 9.4% 12.7% 16.0% 19.5%

3.2% 3.1% 6.1% 9.4% 12.7% 16.0% 19.5%
3.2% 3.1% 6.1% 9.4% 12.7% 16.0% 19.5%
3.2% 3.1% 6.1% 9.4% 12.7% 16.0% 19.5%
3.2% 3.1% 6.1% 9.4% 12.7% 16.0% 19.5%
3.2% 3.1% 6.1% 9.4% 12.7% 16.0% 19.5%
3.2% 3.1% 6.1% 9.4% 12.7% 16.0% 19.5%
3.2% 3.1% 6.1% 9.4% 12.7% 16.0% 19.5%
3.2% 3.1% 6.1% 9.4% 12.7% 16.0% 19.5%
3.2% 3.1% 6.1% 9.4% 12.7% 16.0% 19.5%
2.0% 3.0% 6.1% 9.3% 12.6% 14.8% 17.1%

2.0% 3.0% 6.1% 9.3% 12.6% 14.8% 17.1%
2.0% 3.0% 6.1% 9.3% 12.6% 14.8% 17.1%
2.0% 3.0% 6.1% 9.3% 12.6% 14.8% 17.1%
2.0% 3.0% 6.1% 9.3% 12.6% 14.8% 17.1%
2.0% 3.0% 6.1% 9.3% 12.6% 14.8% 17.1%
2.0% 3.0% 6.1% 9.3% 12.6% 14.8% 17.1%
2.0% 3.0% 6.1% 9.3% 12.6% 14.8% 17.1%
2.0% 3.0% 6.1% 9.3% 12.6% 14.8% 17.1%
2.0% 3.0% 6.1% 9.3% 12.6% 14.8% 17.1%
32.0%
32.0%
32.0%
32.0%
32.0%
32.0%
32.0%
32.0%
32.0%
32.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
4,488
4,488
4,488
4,488
4,488
4,488
4,488
4,488
4,488
4,488
8.0%
6.0%
8.0%
6.0%
8.0%
6.0%
8.0%
6.0%
8.0%
6.0%
3.2%
3.2%
3.2%
3.2%
3.2%
3.2%
3.2%
3.2%
3.2%
0.0%
3.2%
3.2%
3.2%
3.2%
3.2%
3.2%
3.2%
3.2%
3.2%
0.0%
12.5%
12.5%
12.5%
12.5%
12.5%
12.5%
12.5%
12.5%
12.5%
12.5%
1.6%
1.6%
1.6%
1.6%
1.6%
1.6%
1.6%
1.6%
1.6%
1.6%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
3.2%
2025
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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-
-
-
-
-
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-
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-
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10.0%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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-
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-
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-
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-
-
-
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-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2025
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
- - 30%
4 6 8 10 12 14
12,500.0 12 12 12 12 12 12
12,500.0 12 12 12 12 12 12
12,500.0 12 12 12 12 12 12
12,500.0 12 12 12 12 12 12
12,500.0 12 12 12 12 12 12
12,500.0 12 12 12 12 12 12
12,500.0 12 12 12 12 12 12
12,500.0 12 12 12 12 12 12
12,500.0 12 12 12 12 12 12
12,500.0 12 12 12 12 12 12
- 1404 12 12 12 12 12
- 1404 12 12 12 12 12
- 1404 12 12 12 12 12
- 1404 12 12 12 12 12
- 1404 12 12 12 12 12
- 1404 12 12 12 12 12
- 1404 12 12 12 12 12
- 1404 12 12 12 12 12
- 1404 12 12 12 12 12
- 1404 12 12 12 12 12
23.3% 27.2% 31.3% 35.5%
23.3% 27.2% 31.3% 35.5%
23.3% 27.2% 31.3% 35.5%
23.3% 27.2% 31.3% 35.5%
23.3% 27.2% 31.3% 35.5%
23.3% 27.2% 31.3% 35.5%
23.3% 27.2% 31.3% 35.5%
23.3% 27.2% 31.3% 35.5%
23.3% 27.2% 31.3% 35.5%
23.3% 27.2% 31.3% 35.5%
19.4% 21.8% 24.3% 26.8%

19.4% 21.8% 24.3% 26.8%
19.4% 21.8% 24.3% 26.8%
19.4% 21.8% 24.3% 26.8%
19.4% 21.8% 24.3% 26.8%
19.4% 21.8% 24.3% 26.8%
19.4% 21.8% 24.3% 26.8%
19.4% 21.8% 24.3% 26.8%
19.4% 21.8% 24.3% 26.8%
19.4% 21.8% 24.3% 26.8%
16 18 20 22
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
12 12 12 12
Salario Mínimo 644,350
Aux. tranporte 74,000
Horas extras y recargos 25%
Prestaciones sociales 45%
Costo total x empleado 1,241,884
# empleados 3
Costo laboral directo 3,725,653
Gerente 1,500,000
Aux. tranporte -
Horas extras y recargos 25%
Prestaciones sociales 45%
Costo total x empleado 2,718,750
# empleados 0
Costo laboral indirecto 543,750
Costo laboral Total 4,269,403
Inicio DEFINICION PARAMETROS DE ENTRADA
Cifras en miles de pesos Precio del dólar ($. promedio2anual) $ 2,500.00
Menú
Local Mes Venta Costo de Costo de

Ubicación Tipo
No. apertura Mensual Vtas. M.P. Vtas. Emp.
1 Tienda 1 Autoservicio ene-16 80,000 25,600 2,400
Todos
Total Honorar. / Afiliac. y Aseo y Acued. y
Impuesto Arriendos Seguros
Laborales Regalías contrib. vigilancia alcantar.
4,269 10,000 1,280 6,400 1,200 800 240 800
4,269 10,000 1,280 4,800 1,200 800 240 800
4,269 10,000 1,280 6,400 1,200 800 240 800
4,269 10,000 1,280 4,800 1,200 800 240 800
4,269 10,000 1,280 6,400 1,200 800 240 800
4,269 10,000 1,280 4,800 1,200 800 240 800
4,269 10,000 1,280 6,400 1,200 800 240 800
4,269 10,000 1,280 4,800 1,200 800 240 800
4,269 10,000 1,280 6,400 1,200 800 240 800
4,269 10,000 1,280 4,800 1,200 800 240 800
Transp. de Portes y Servicio de
Energia Telefono Gas Transporte Marketing
domic. telegramas Logística
1,600 800 480 - - - - -
1,600 800 480 - - - - -
1,600 800 480 - - - - -
1,600 800 480 - - - - -
1,600 800 480 - - - - -
1,600 800 480 - - - - -
1,600 800 480 - - - - -
1,600 800 480 - - - - -
1,600 800 480 - - - - -
1,600 800 480 - - - - -
Otros Gastos Mant, repar. Gastos de Deprec. y Gastos Elem.aseo
Comisiones
servicios legales y adec. viaje amortiz. represent. y cafet.
480 800 1,120 - 2,083 - - 960
480 800 1,120 - 2,083 - - 960
480 800 1,120 - 2,083 - - 960
480 800 1,120 - 2,083 - - 960
480 800 1,120 - 2,083 - - 960
480 800 1,120 - 2,083 - - 960
480 800 1,120 - 2,083 - - 960
480 800 1,120 - 2,083 - - 960
480 800 1,120 - 2,083 - - 960
480 800 1,120 - 2,083 - - 960
Utiles de Comb. y Taxis y Descontinu Telemercad Gastos de
Diversos Provisiones
papeleria lubric. buses ados eo Admón.
160 - 80 480 80 - - 2,400
160 - 80 480 80 - - 2,400
160 - 80 480 80 - - 2,400
160 - 80 480 80 - - 2,400
160 - 80 480 80 - - 2,400
160 - 80 480 80 - - 2,400
160 - 80 480 80 - - 2,400
160 - 80 480 80 - - 2,400
160 - 80 480 80 - - 2,400
160 - 80 480 80 - - 2,400
Inicio ESTADO DE RESULTADOS PROYECTADO POR RESTAURANTE
Cifras en miles de pesos
Menú
0 1
RESTAURANTE AÑO 2015 AÑO 2016

$ % $ %
1 Tienda 1 12.0
4 INGRESOS OPERACIONALES 960,000 100.0% 1,019,453 100.0%
COSTO DE VENTAS
5 Costo de Ventas M.P. 307,200 32.0% 326,225 32.0%
6 Costo de Ventas Suministros 28,800 3.0% 30,584 3.0%
TOTAL COSTO DE VENTAS 336,000 35.0% 356,808 35.0%
UTILIDAD BRUTA 624,000 65.0% 662,644 65.0%
GASTOS DIRECTOS
7 TOTAL LABORALES 51,233 5.3% 52,821 5.2%
8 Honorarios y Regalías 120,000 12.5% 127,432 12.5%
9 Impuestos 15,360 1.6% 16,311 1.6%
10 Arriendos 76,800 8.0% 81,556 8.0%
11 Afiliaciones y contribuciones 14,400 1.5% 14,846 1.5%
12 Seguros 9,600 1.0% 9,898 1.0%
13 Aseo y vigilancia 2,880 0.3% 2,969 0.3%
14 Acueducto y alcantarillado 9,600 1.0% 9,898 1.0%
15 Energia 19,200 2.0% 19,795 1.9%
16 Telefono 9,600 1.0% 9,898 1.0%
17 Gas 5,760 0.6% 5,939 0.6%
18 Transporte de domicilios - 0.0% - 0.0%
19 Transporte - 0.0% - 0.0%
20 Portes y telegramas - 0.0% - 0.0%
21 Propaganda y publicidad - 0.0% - 0.0%
22 Servicio de Logística - 0.0% - 0.0%
23 Otros servicios 5,760 0.6% 5,939 0.6%
24 Gastos legales 9,600 1.0% 9,898 1.0%
25 Mantenimiento, reparac. y adecuaciones 13,440 1.4% 13,857 1.4%
26 Gastos de viaje - 0.0% - 0.0%
27 Depreciaciones y amortizaciones 25,000 2.6% 37,500 3.7%
28 Comisiones - 0.0% - 0.0%
29 Gastos de representacion - 0.0% - 0.0%
30 Elementos de aseo y cafeteria 11,520 1.2% 11,877 1.2%
31 Utiles de papeleria 1,920 0.2% 1,980 0.2%
32 Combustibles y lubricantes - 0.0% - 0.0%
33 Taxis y buses 960 0.1% 990 0.1%
34 Descontinuados 5,760 0.6% 6,117 0.6%
35 Diversos 960 0.1% 990 0.1%
36 Telemercadeo - 0.0% - 0.0%
37 Provisiones - 0.0% - 0.0%
TOTAL GASTOS DIRECTOS 409,353 42.6% 440,508 43.2%
RESULTADO DIRECTO 214,647 22.4% 222,136 21.8%
38 GASTOS DE ADMINISTRACION 28,800 3.0% 29,693 2.9%
RESULTADO OPERACIONAL 185,847 19.4% 192,443 18.9%
+ + Depreciaciones y amortizaciones 25,000 2.6% 37,500 3.7%
EBITDA 210,847 22.0% 229,943 22.6%
- Impuesto de Renta Operativo 61,330 63,506
FLUJO DE CAJA BRUTO 149,518 15.6% 166,437 16.3%
+/- Cambios en el Capital de Trabajo -

- Inversiones en Activos fijos (250,000)
1 - Pago de intereses financieros -
FLUJO DE CAJA LIBRE OPERATIVO 149,518 15.6% (83,563) -8.2%

VALOR PRESENTE FCLO (72,593)
FLUJO DE CAJA ACUMULADO (72,593)
MES DE RECUPERACION 18 -
Err:504
2 Tienda 2 12.0
COSTO DE VENTAS
UTILIDAD BRUTA 624,000 65.0% 662,644 65.0%
GASTOS DIRECTOS
7 TOTAL LABORALES 51,233 5.3% 52,821 5.2%
9 Impuestos 15,360 1.6% 16,311 1.6%
10 Arriendos 57,600 6.0% 61,167 6.0%
12 Seguros 9,600 1.0% 9,898 1.0%
15 Energia 19,200 2.0% 19,795 1.9%
16 Telefono 9,600 1.0% 9,898 1.0%
17 Gas 5,760 0.6% 5,939 0.6%
19 Transporte - 0.0% - 0.0%
23 Otros servicios 5,760 0.6% 5,939 0.6%
24 Gastos legales 9,600 1.0% 9,898 1.0%
28 Comisiones - 0.0% - 0.0%
33 Taxis y buses 960 0.1% 990 0.1%
34 Descontinuados 5,760 0.6% 6,117 0.6%
35 Diversos 960 0.1% 990 0.1%
37 Provisiones - 0.0% - 0.0%
EBITDA 230,047 24.0% 250,333 24.6%



Err:504
3 Tienda 3 12.0
COSTO DE VENTAS
UTILIDAD BRUTA 624,000 65.0% 662,644 65.0%
GASTOS DIRECTOS
7 TOTAL LABORALES 51,233 5.3% 52,821 5.2%
9 Impuestos 15,360 1.6% 16,311 1.6%
10 Arriendos 76,800 8.0% 81,556 8.0%
12 Seguros 9,600 1.0% 9,898 1.0%
15 Energia 19,200 2.0% 19,795 1.9%
16 Telefono 9,600 1.0% 9,898 1.0%
17 Gas 5,760 0.6% 5,939 0.6%
19 Transporte - 0.0% - 0.0%
23 Otros servicios 5,760 0.6% 5,939 0.6%
24 Gastos legales 9,600 1.0% 9,898 1.0%
28 Comisiones - 0.0% - 0.0%
33 Taxis y buses 960 0.1% 990 0.1%
34 Descontinuados 5,760 0.6% 6,117 0.6%
35 Diversos 960 0.1% 990 0.1%
37 Provisiones - 0.0% - 0.0%
EBITDA 210,847 22.0% 229,943 22.6%


Err:504
4 Tienda 4 12.0
COSTO DE VENTAS
UTILIDAD BRUTA 624,000 65.0% 662,644 65.0%
GASTOS DIRECTOS
7 TOTAL LABORALES 51,233 5.3% 52,821 5.2%
9 Impuestos 15,360 1.6% 16,311 1.6%
10 Arriendos 57,600 6.0% 61,167 6.0%
12 Seguros 9,600 1.0% 9,898 1.0%
15 Energia 19,200 2.0% 19,795 1.9%
16 Telefono 9,600 1.0% 9,898 1.0%
17 Gas 5,760 0.6% 5,939 0.6%
19 Transporte - 0.0% - 0.0%
23 Otros servicios 5,760 0.6% 5,939 0.6%
24 Gastos legales 9,600 1.0% 9,898 1.0%
28 Comisiones - 0.0% - 0.0%
33 Taxis y buses 960 0.1% 990 0.1%
34 Descontinuados 5,760 0.6% 6,117 0.6%
35 Diversos 960 0.1% 990 0.1%
37 Provisiones - 0.0% - 0.0%
EBITDA 230,047 24.0% 250,333 24.6%


Err:504
5 Tienda 5 12.0
COSTO DE VENTAS
UTILIDAD BRUTA 624,000 65.0% 662,644 65.0%
GASTOS DIRECTOS
7 TOTAL LABORALES 51,233 5.3% 52,821 5.2%
9 Impuestos 15,360 1.6% 16,311 1.6%
10 Arriendos 76,800 8.0% 81,556 8.0%
12 Seguros 9,600 1.0% 9,898 1.0%
15 Energia 19,200 2.0% 19,795 1.9%
16 Telefono 9,600 1.0% 9,898 1.0%
17 Gas 5,760 0.6% 5,939 0.6%
19 Transporte - 0.0% - 0.0%
23 Otros servicios 5,760 0.6% 5,939 0.6%
24 Gastos legales 9,600 1.0% 9,898 1.0%
28 Comisiones - 0.0% - 0.0%
33 Taxis y buses 960 0.1% 990 0.1%
34 Descontinuados 5,760 0.6% 6,117 0.6%
35 Diversos 960 0.1% 990 0.1%
37 Provisiones - 0.0% - 0.0%
EBITDA 210,847 22.0% 229,943 22.6%

Err:504
6 Tienda 6 12.0
COSTO DE VENTAS
UTILIDAD BRUTA 624,000 65.0% 662,644 65.0%
GASTOS DIRECTOS
7 TOTAL LABORALES 51,233 5.3% 52,821 5.2%
9 Impuestos 15,360 1.6% 16,311 1.6%
10 Arriendos 57,600 6.0% 61,167 6.0%
12 Seguros 9,600 1.0% 9,898 1.0%
15 Energia 19,200 2.0% 19,795 1.9%
16 Telefono 9,600 1.0% 9,898 1.0%
17 Gas 5,760 0.6% 5,939 0.6%
19 Transporte - 0.0% - 0.0%
23 Otros servicios 5,760 0.6% 5,939 0.6%
24 Gastos legales 9,600 1.0% 9,898 1.0%
28 Comisiones - 0.0% - 0.0%
33 Taxis y buses 960 0.1% 990 0.1%
34 Descontinuados 5,760 0.6% 6,117 0.6%
35 Diversos 960 0.1% 990 0.1%
37 Provisiones - 0.0% - 0.0%
EBITDA 230,047 24.0% 250,333 24.6%


Err:504
7 Tienda 7 12.0
COSTO DE VENTAS
UTILIDAD BRUTA 624,000 65.0% 662,644 65.0%
GASTOS DIRECTOS
7 TOTAL LABORALES 51,233 5.3% 52,821 5.2%
9 Impuestos 15,360 1.6% 16,311 1.6%
10 Arriendos 76,800 8.0% 81,556 8.0%
12 Seguros 9,600 1.0% 9,898 1.0%
15 Energia 19,200 2.0% 19,795 1.9%
16 Telefono 9,600 1.0% 9,898 1.0%
17 Gas 5,760 0.6% 5,939 0.6%
19 Transporte - 0.0% - 0.0%
23 Otros servicios 5,760 0.6% 5,939 0.6%
24 Gastos legales 9,600 1.0% 9,898 1.0%
28 Comisiones - 0.0% - 0.0%
33 Taxis y buses 960 0.1% 990 0.1%
34 Descontinuados 5,760 0.6% 6,117 0.6%
35 Diversos 960 0.1% 990 0.1%
37 Provisiones - 0.0% - 0.0%

EBITDA 210,847 22.0% 229,943 22.6%


Err:504
8 Tienda 8 12.0
COSTO DE VENTAS
UTILIDAD BRUTA 624,000 65.0% 662,644 65.0%
GASTOS DIRECTOS
7 TOTAL LABORALES 51,233 5.3% 52,821 5.2%
9 Impuestos 15,360 1.6% 16,311 1.6%
10 Arriendos 57,600 6.0% 61,167 6.0%
12 Seguros 9,600 1.0% 9,898 1.0%
15 Energia 19,200 2.0% 19,795 1.9%
16 Telefono 9,600 1.0% 9,898 1.0%
17 Gas 5,760 0.6% 5,939 0.6%
19 Transporte - 0.0% - 0.0%
23 Otros servicios 5,760 0.6% 5,939 0.6%
24 Gastos legales 9,600 1.0% 9,898 1.0%
28 Comisiones - 0.0% - 0.0%
33 Taxis y buses 960 0.1% 990 0.1%
34 Descontinuados 5,760 0.6% 6,117 0.6%
35 Diversos 960 0.1% 990 0.1%
37 Provisiones - 0.0% - 0.0%
EBITDA 230,047 24.0% 250,333 24.6%


Err:504
9 Tienda 9 12.0
COSTO DE VENTAS
UTILIDAD BRUTA 624,000 65.0% 662,644 65.0%
GASTOS DIRECTOS
7 TOTAL LABORALES 51,233 5.3% 52,821 5.2%
9 Impuestos 15,360 1.6% 16,311 1.6%
10 Arriendos 76,800 8.0% 81,556 8.0%
12 Seguros 9,600 1.0% 9,898 1.0%
15 Energia 19,200 2.0% 19,795 1.9%
16 Telefono 9,600 1.0% 9,898 1.0%
17 Gas 5,760 0.6% 5,939 0.6%
19 Transporte - 0.0% - 0.0%
23 Otros servicios 5,760 0.6% 5,939 0.6%
24 Gastos legales 9,600 1.0% 9,898 1.0%
28 Comisiones - 0.0% - 0.0%
33 Taxis y buses 960 0.1% 990 0.1%
34 Descontinuados 5,760 0.6% 6,117 0.6%
35 Diversos 960 0.1% 990 0.1%
37 Provisiones - 0.0% - 0.0%
EBITDA 210,847 22.0% 229,943 22.6%


Err:504
10 Tienda 10 12.0
COSTO DE VENTAS
UTILIDAD BRUTA 624,000 65.0% 662,644 65.0%
GASTOS DIRECTOS
7 TOTAL LABORALES 51,233 5.3% 52,821 5.2%
9 Impuestos 15,360 1.6% 16,311 1.6%
10 Arriendos 57,600 6.0% 61,167 6.0%
12 Seguros 9,600 1.0% 9,898 1.0%
15 Energia 19,200 2.0% 19,795 1.9%
16 Telefono 9,600 1.0% 9,898 1.0%
17 Gas 5,760 0.6% 5,939 0.6%
19 Transporte - 0.0% - 0.0%
23 Otros servicios 5,760 0.6% 5,939 0.6%
24 Gastos legales 9,600 1.0% 9,898 1.0%
28 Comisiones - 0.0% - 0.0%
33 Taxis y buses 960 0.1% 990 0.1%
34 Descontinuados 5,760 0.6% 6,117 0.6%
35 Diversos 960 0.1% 990 0.1%
37 Provisiones - 0.0% - 0.0%
EBITDA 230,047 24.0% 250,333 24.6%



Err:504
11 0 1404.0
4 INGRESOS OPERACIONALES - #DIV/0! - #DIV/0!
COSTO DE VENTAS
5 Costo de Ventas M.P. - #DIV/0! - #DIV/0!
6 Costo de Ventas Suministros - #DIV/0! - #DIV/0!
TOTAL COSTO DE VENTAS - #DIV/0! - #DIV/0!
UTILIDAD BRUTA - #DIV/0! - #DIV/0!
GASTOS DIRECTOS
7 TOTAL LABORALES - #DIV/0! - #DIV/0!
8 Honorarios y Regalías - #DIV/0! - #DIV/0!
9 Impuestos - #DIV/0! - #DIV/0!
10 Arriendos - #DIV/0! - #DIV/0!
11 Afiliaciones y contribuciones - #DIV/0! - #DIV/0!
12 Seguros - #DIV/0! - #DIV/0!
13 Aseo y vigilancia - #DIV/0! - #DIV/0!
14 Acueducto y alcantarillado - #DIV/0! - #DIV/0!
15 Energia - #DIV/0! - #DIV/0!
16 Telefono - #DIV/0! - #DIV/0!
17 Gas - #DIV/0! - #DIV/0!
18 Transporte de domicilios - #DIV/0! - #DIV/0!
19 Transporte - #DIV/0! - #DIV/0!
20 Portes y telegramas - #DIV/0! - #DIV/0!
21 Propaganda y publicidad - #DIV/0! - #DIV/0!
22 Servicio de Logística - #DIV/0! - #DIV/0!
23 Otros servicios - #DIV/0! - #DIV/0!
24 Gastos legales - #DIV/0! - #DIV/0!
25 Mantenimiento, reparac. y adecuaciones - #DIV/0! - #DIV/0!
26 Gastos de viaje - #DIV/0! - #DIV/0!
27 Depreciaciones y amortizaciones - #DIV/0! - #DIV/0!
28 Comisiones - #DIV/0! - #DIV/0!
29 Gastos de representacion - #DIV/0! - #DIV/0!
30 Elementos de aseo y cafeteria - #DIV/0! - #DIV/0!
31 Utiles de papeleria - #DIV/0! - #DIV/0!
32 Combustibles y lubricantes - #DIV/0! - #DIV/0!
33 Taxis y buses - #DIV/0! - #DIV/0!
34 Descontinuados - #DIV/0! - #DIV/0!
35 Diversos - #DIV/0! - #DIV/0!
36 Telemercadeo - #DIV/0! - #DIV/0!
37 Provisiones - #DIV/0! - #DIV/0!
TOTAL GASTOS DIRECTOS - #DIV/0! - #DIV/0!
RESULTADO DIRECTO - #DIV/0! - #DIV/0!
38 GASTOS DE ADMINISTRACION - #DIV/0! - #DIV/0!
RESULTADO OPERACIONAL - #DIV/0! - #DIV/0!
+ + Depreciaciones y amortizaciones - #DIV/0! - #DIV/0!
EBITDA - #DIV/0! - #DIV/0!
- Impuesto de Renta Operativo - -
FLUJO DE CAJA BRUTO - #DIV/0! - #DIV/0!

- Inversiones en Activos fijos -
FLUJO DE CAJA LIBRE OPERATIVO - #DIV/0! - #DIV/0!

VALOR PRESENTE FCLO -
FLUJO DE CAJA ACUMULADO -
Err:504
12 0 1404.0
COSTO DE VENTAS
GASTOS DIRECTOS
17 Gas - #DIV/0! - #DIV/0!


Err:504
13 0 1404.0
COSTO DE VENTAS

GASTOS DIRECTOS
17 Gas - #DIV/0! - #DIV/0!


Err:504
14 0 1404.0
COSTO DE VENTAS
GASTOS DIRECTOS
17 Gas - #DIV/0! - #DIV/0!


Err:504
15 0 1404.0
COSTO DE VENTAS
GASTOS DIRECTOS
17 Gas - #DIV/0! - #DIV/0!



Err:504
16 0 1404.0
COSTO DE VENTAS
GASTOS DIRECTOS
17 Gas - #DIV/0! - #DIV/0!


Err:504
17 0 1404.0
COSTO DE VENTAS
GASTOS DIRECTOS
17 Gas - #DIV/0! - #DIV/0!


Err:504
18 0 1404.0
COSTO DE VENTAS
GASTOS DIRECTOS
17 Gas - #DIV/0! - #DIV/0!



Err:504
19 0 1404.0
COSTO DE VENTAS
GASTOS DIRECTOS
17 Gas - #DIV/0! - #DIV/0!


Err:504
20 0 1404.0
COSTO DE VENTAS
GASTOS DIRECTOS
17 Gas - #DIV/0! - #DIV/0!


Err:504
21
Comparar> 1 << Seleccione el restaurante de Avesco con el que desea comparar
2 3 4 5 6
AÑO 2017 AÑO 2018 AÑO 2019 AÑO 2020 AÑO 2021
$ % $ % $ % $ % $ %
12.0 12.0 12.0 12.0 12.0

1,080,487 100.0% 1,147,402 100.0% 1,217,279 100.0% 1,278,873 100.0% 1,343,584 100.0%
345,756 32.0% 367,169 32.0% 389,529 32.0% 409,239 32.0% 429,947 32.0%
32,415 3.0% 34,422 3.0% 36,518 3.0% 38,366 3.0% 40,308 3.0%
378,171 35.0% 401,591 35.0% 426,048 35.0% 447,606 35.0% 470,254 35.0%
702,317 65.0% 745,811 65.0% 791,231 65.0% 831,268 65.0% 873,330 65.0%
54,353 5.0% 56,038 4.9% 57,719 4.7% 59,451 4.6% 61,234 4.6%
135,061 12.5% 143,425 12.5% 152,160 12.5% 159,859 12.5% 167,948 12.5%
17,288 1.6% 18,358 1.6% 19,476 1.6% 20,462 1.6% 21,497 1.6%
86,439 8.0% 91,792 8.0% 97,382 8.0% 102,310 8.0% 107,487 8.0%
15,277 1.4% 15,751 1.4% 16,223 1.3% 16,710 1.3% 17,211 1.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
3,055 0.3% 3,150 0.3% 3,245 0.3% 3,342 0.3% 3,442 0.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
20,369 1.9% 21,001 1.8% 21,631 1.8% 22,280 1.7% 22,948 1.7%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
14,258 1.3% 14,700 1.3% 15,142 1.2% 15,596 1.2% 16,064 1.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
12,222 1.1% 12,600 1.1% 12,978 1.1% 13,368 1.0% 13,769 1.0%
2,037 0.2% 2,100 0.2% 2,163 0.2% 2,228 0.2% 2,295 0.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
6,483 0.6% 6,884 0.6% 7,304 0.6% 7,673 0.6% 8,062 0.6%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
459,339 42.5% 480,002 41.8% 501,326 41.2% 520,933 40.7% 516,416 38.4%
242,978 22.5% 265,809 23.2% 289,906 23.8% 310,335 24.3% 356,914 26.6%
30,554 2.8% 31,501 2.7% 32,446 2.7% 33,419 2.6% 34,422 2.6%
212,424 19.7% 234,308 20.4% 257,460 21.2% 276,915 21.7% 322,492 24.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
249,924 23.1% 271,808 23.7% 294,960 24.2% 314,415 24.6% 334,992 24.9%
70,100 77,322 84,962 91,382 106,422
179,824 16.6% 194,486 17.0% 209,998 17.3% 223,033 17.4% 228,569 17.0%
- - - - -
- - - - -
- - - - -
179,824 16.6% 194,486 17.0% 209,998 17.3% 223,033 17.4% 228,569 17.0%
135,711 127,509 119,605 110,354 98,247
63,118 190,626 310,231 420,585 518,832
1.5 1.5 1.5 1.5 1.5
12.0 12.0 12.0 12.0 12.0

1,080,487 100.0% 1,147,402 100.0% 1,217,279 100.0% 1,278,873 100.0% 1,343,584 100.0%
345,756 32.0% 367,169 32.0% 389,529 32.0% 409,239 32.0% 429,947 32.0%
32,415 3.0% 34,422 3.0% 36,518 3.0% 38,366 3.0% 40,308 3.0%
378,171 35.0% 401,591 35.0% 426,048 35.0% 447,606 35.0% 470,254 35.0%
702,317 65.0% 745,811 65.0% 791,231 65.0% 831,268 65.0% 873,330 65.0%
54,353 5.0% 56,038 4.9% 57,719 4.7% 59,451 4.6% 61,234 4.6%
135,061 12.5% 143,425 12.5% 152,160 12.5% 159,859 12.5% 167,948 12.5%
17,288 1.6% 18,358 1.6% 19,476 1.6% 20,462 1.6% 21,497 1.6%
64,829 6.0% 68,844 6.0% 73,037 6.0% 76,732 6.0% 80,615 6.0%
15,277 1.4% 15,751 1.4% 16,223 1.3% 16,710 1.3% 17,211 1.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
3,055 0.3% 3,150 0.3% 3,245 0.3% 3,342 0.3% 3,442 0.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
20,369 1.9% 21,001 1.8% 21,631 1.8% 22,280 1.7% 22,948 1.7%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
14,258 1.3% 14,700 1.3% 15,142 1.2% 15,596 1.2% 16,064 1.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
12,222 1.1% 12,600 1.1% 12,978 1.1% 13,368 1.0% 13,769 1.0%
2,037 0.2% 2,100 0.2% 2,163 0.2% 2,228 0.2% 2,295 0.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
6,483 0.6% 6,884 0.6% 7,304 0.6% 7,673 0.6% 8,062 0.6%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
437,729 40.5% 457,054 39.8% 476,980 39.2% 495,355 38.7% 489,544 36.4%
264,588 24.5% 288,757 25.2% 314,251 25.8% 335,912 26.3% 383,785 28.6%
30,554 2.8% 31,501 2.7% 32,446 2.7% 33,419 2.6% 34,422 2.6%
234,034 21.7% 257,256 22.4% 281,805 23.2% 302,493 23.7% 349,363 26.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
271,534 25.1% 294,756 25.7% 319,305 26.2% 339,993 26.6% 361,863 26.9%
77,231 84,894 92,996 99,823 115,290

194,303 18.0% 209,862 18.3% 226,309 18.6% 240,170 18.8% 246,573 18.4%
- - - - -
- - - - -
- - - - -
194,303 18.0% 209,862 18.3% 226,309 18.6% 240,170 18.8% 246,573 18.4%
146,638 137,589 128,895 118,833 105,986
85,912 223,501 352,396 471,229 577,214
1.4 1.4 1.4 1.4 1.4
12.0 12.0 12.0 12.0 12.0

1,080,487 100.0% 1,147,402 100.0% 1,217,279 100.0% 1,278,873 100.0% 1,343,584 100.0%
345,756 32.0% 367,169 32.0% 389,529 32.0% 409,239 32.0% 429,947 32.0%
32,415 3.0% 34,422 3.0% 36,518 3.0% 38,366 3.0% 40,308 3.0%
378,171 35.0% 401,591 35.0% 426,048 35.0% 447,606 35.0% 470,254 35.0%
702,317 65.0% 745,811 65.0% 791,231 65.0% 831,268 65.0% 873,330 65.0%
54,353 5.0% 56,038 4.9% 57,719 4.7% 59,451 4.6% 61,234 4.6%
135,061 12.5% 143,425 12.5% 152,160 12.5% 159,859 12.5% 167,948 12.5%
17,288 1.6% 18,358 1.6% 19,476 1.6% 20,462 1.6% 21,497 1.6%
86,439 8.0% 91,792 8.0% 97,382 8.0% 102,310 8.0% 107,487 8.0%
15,277 1.4% 15,751 1.4% 16,223 1.3% 16,710 1.3% 17,211 1.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
3,055 0.3% 3,150 0.3% 3,245 0.3% 3,342 0.3% 3,442 0.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
20,369 1.9% 21,001 1.8% 21,631 1.8% 22,280 1.7% 22,948 1.7%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
14,258 1.3% 14,700 1.3% 15,142 1.2% 15,596 1.2% 16,064 1.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
12,222 1.1% 12,600 1.1% 12,978 1.1% 13,368 1.0% 13,769 1.0%
2,037 0.2% 2,100 0.2% 2,163 0.2% 2,228 0.2% 2,295 0.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
6,483 0.6% 6,884 0.6% 7,304 0.6% 7,673 0.6% 8,062 0.6%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
459,339 42.5% 480,002 41.8% 501,326 41.2% 520,933 40.7% 516,416 38.4%
242,978 22.5% 265,809 23.2% 289,906 23.8% 310,335 24.3% 356,914 26.6%
30,554 2.8% 31,501 2.7% 32,446 2.7% 33,419 2.6% 34,422 2.6%
212,424 19.7% 234,308 20.4% 257,460 21.2% 276,915 21.7% 322,492 24.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
249,924 23.1% 271,808 23.7% 294,960 24.2% 314,415 24.6% 334,992 24.9%
70,100 77,322 84,962 91,382 106,422
179,824 16.6% 194,486 17.0% 209,998 17.3% 223,033 17.4% 228,569 17.0%
- - - - -
- - - - -
- - - - -
179,824 16.6% 194,486 17.0% 209,998 17.3% 223,033 17.4% 228,569 17.0%
135,711 127,509 119,605 110,354 98,247
63,118 190,626 310,231 420,585 518,832
1.5 1.5 1.5 1.5 1.5

12.0 12.0 12.0 12.0 12.0
1,080,487 100.0% 1,147,402 100.0% 1,217,279 100.0% 1,278,873 100.0% 1,343,584 100.0%
345,756 32.0% 367,169 32.0% 389,529 32.0% 409,239 32.0% 429,947 32.0%
32,415 3.0% 34,422 3.0% 36,518 3.0% 38,366 3.0% 40,308 3.0%
378,171 35.0% 401,591 35.0% 426,048 35.0% 447,606 35.0% 470,254 35.0%
702,317 65.0% 745,811 65.0% 791,231 65.0% 831,268 65.0% 873,330 65.0%
54,353 5.0% 56,038 4.9% 57,719 4.7% 59,451 4.6% 61,234 4.6%
135,061 12.5% 143,425 12.5% 152,160 12.5% 159,859 12.5% 167,948 12.5%
17,288 1.6% 18,358 1.6% 19,476 1.6% 20,462 1.6% 21,497 1.6%
64,829 6.0% 68,844 6.0% 73,037 6.0% 76,732 6.0% 80,615 6.0%
15,277 1.4% 15,751 1.4% 16,223 1.3% 16,710 1.3% 17,211 1.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
3,055 0.3% 3,150 0.3% 3,245 0.3% 3,342 0.3% 3,442 0.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
20,369 1.9% 21,001 1.8% 21,631 1.8% 22,280 1.7% 22,948 1.7%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
14,258 1.3% 14,700 1.3% 15,142 1.2% 15,596 1.2% 16,064 1.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
12,222 1.1% 12,600 1.1% 12,978 1.1% 13,368 1.0% 13,769 1.0%
2,037 0.2% 2,100 0.2% 2,163 0.2% 2,228 0.2% 2,295 0.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
6,483 0.6% 6,884 0.6% 7,304 0.6% 7,673 0.6% 8,062 0.6%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
437,729 40.5% 457,054 39.8% 476,980 39.2% 495,355 38.7% 489,544 36.4%
264,588 24.5% 288,757 25.2% 314,251 25.8% 335,912 26.3% 383,785 28.6%
30,554 2.8% 31,501 2.7% 32,446 2.7% 33,419 2.6% 34,422 2.6%
234,034 21.7% 257,256 22.4% 281,805 23.2% 302,493 23.7% 349,363 26.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
271,534 25.1% 294,756 25.7% 319,305 26.2% 339,993 26.6% 361,863 26.9%
77,231 84,894 92,996 99,823 115,290
194,303 18.0% 209,862 18.3% 226,309 18.6% 240,170 18.8% 246,573 18.4%
- - - - -
- - - - -
- - - - -
194,303 18.0% 209,862 18.3% 226,309 18.6% 240,170 18.8% 246,573 18.4%
146,638 137,589 128,895 118,833 105,986
85,912 223,501 352,396 471,229 577,214
1.4 1.4 1.4 1.4 1.4
12.0 12.0 12.0 12.0 12.0

1,080,487 100.0% 1,147,402 100.0% 1,217,279 100.0% 1,278,873 100.0% 1,343,584 100.0%
345,756 32.0% 367,169 32.0% 389,529 32.0% 409,239 32.0% 429,947 32.0%
32,415 3.0% 34,422 3.0% 36,518 3.0% 38,366 3.0% 40,308 3.0%
378,171 35.0% 401,591 35.0% 426,048 35.0% 447,606 35.0% 470,254 35.0%
702,317 65.0% 745,811 65.0% 791,231 65.0% 831,268 65.0% 873,330 65.0%
54,353 5.0% 56,038 4.9% 57,719 4.7% 59,451 4.6% 61,234 4.6%
135,061 12.5% 143,425 12.5% 152,160 12.5% 159,859 12.5% 167,948 12.5%
17,288 1.6% 18,358 1.6% 19,476 1.6% 20,462 1.6% 21,497 1.6%
86,439 8.0% 91,792 8.0% 97,382 8.0% 102,310 8.0% 107,487 8.0%
15,277 1.4% 15,751 1.4% 16,223 1.3% 16,710 1.3% 17,211 1.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
3,055 0.3% 3,150 0.3% 3,245 0.3% 3,342 0.3% 3,442 0.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
20,369 1.9% 21,001 1.8% 21,631 1.8% 22,280 1.7% 22,948 1.7%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
14,258 1.3% 14,700 1.3% 15,142 1.2% 15,596 1.2% 16,064 1.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
12,222 1.1% 12,600 1.1% 12,978 1.1% 13,368 1.0% 13,769 1.0%
2,037 0.2% 2,100 0.2% 2,163 0.2% 2,228 0.2% 2,295 0.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
6,483 0.6% 6,884 0.6% 7,304 0.6% 7,673 0.6% 8,062 0.6%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
459,339 42.5% 480,002 41.8% 501,326 41.2% 520,933 40.7% 516,416 38.4%
242,978 22.5% 265,809 23.2% 289,906 23.8% 310,335 24.3% 356,914 26.6%
30,554 2.8% 31,501 2.7% 32,446 2.7% 33,419 2.6% 34,422 2.6%
212,424 19.7% 234,308 20.4% 257,460 21.2% 276,915 21.7% 322,492 24.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
249,924 23.1% 271,808 23.7% 294,960 24.2% 314,415 24.6% 334,992 24.9%
70,100 77,322 84,962 91,382 106,422
179,824 16.6% 194,486 17.0% 209,998 17.3% 223,033 17.4% 228,569 17.0%
- - - - -
- - - - -
- - - - -
179,824 16.6% 194,486 17.0% 209,998 17.3% 223,033 17.4% 228,569 17.0%
135,711 127,509 119,605 110,354 98,247
63,118 190,626 310,231 420,585 518,832
1.5 1.5 1.5 1.5 1.5
12.0 12.0 12.0 12.0 12.0

1,080,487 100.0% 1,147,402 100.0% 1,217,279 100.0% 1,278,873 100.0% 1,343,584 100.0%
345,756 32.0% 367,169 32.0% 389,529 32.0% 409,239 32.0% 429,947 32.0%
32,415 3.0% 34,422 3.0% 36,518 3.0% 38,366 3.0% 40,308 3.0%
378,171 35.0% 401,591 35.0% 426,048 35.0% 447,606 35.0% 470,254 35.0%
702,317 65.0% 745,811 65.0% 791,231 65.0% 831,268 65.0% 873,330 65.0%
54,353 5.0% 56,038 4.9% 57,719 4.7% 59,451 4.6% 61,234 4.6%
135,061 12.5% 143,425 12.5% 152,160 12.5% 159,859 12.5% 167,948 12.5%
17,288 1.6% 18,358 1.6% 19,476 1.6% 20,462 1.6% 21,497 1.6%
64,829 6.0% 68,844 6.0% 73,037 6.0% 76,732 6.0% 80,615 6.0%
15,277 1.4% 15,751 1.4% 16,223 1.3% 16,710 1.3% 17,211 1.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
3,055 0.3% 3,150 0.3% 3,245 0.3% 3,342 0.3% 3,442 0.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
20,369 1.9% 21,001 1.8% 21,631 1.8% 22,280 1.7% 22,948 1.7%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
14,258 1.3% 14,700 1.3% 15,142 1.2% 15,596 1.2% 16,064 1.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
12,222 1.1% 12,600 1.1% 12,978 1.1% 13,368 1.0% 13,769 1.0%
2,037 0.2% 2,100 0.2% 2,163 0.2% 2,228 0.2% 2,295 0.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
6,483 0.6% 6,884 0.6% 7,304 0.6% 7,673 0.6% 8,062 0.6%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
437,729 40.5% 457,054 39.8% 476,980 39.2% 495,355 38.7% 489,544 36.4%
264,588 24.5% 288,757 25.2% 314,251 25.8% 335,912 26.3% 383,785 28.6%
30,554 2.8% 31,501 2.7% 32,446 2.7% 33,419 2.6% 34,422 2.6%
234,034 21.7% 257,256 22.4% 281,805 23.2% 302,493 23.7% 349,363 26.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
271,534 25.1% 294,756 25.7% 319,305 26.2% 339,993 26.6% 361,863 26.9%
77,231 84,894 92,996 99,823 115,290
194,303 18.0% 209,862 18.3% 226,309 18.6% 240,170 18.8% 246,573 18.4%
- - - - -
- - - - -
- - - - -
194,303 18.0% 209,862 18.3% 226,309 18.6% 240,170 18.8% 246,573 18.4%
146,638 137,589 128,895 118,833 105,986
85,912 223,501 352,396 471,229 577,214
1.4 1.4 1.4 1.4 1.4

12.0 12.0 12.0 12.0 12.0
1,080,487 100.0% 1,147,402 100.0% 1,217,279 100.0% 1,278,873 100.0% 1,343,584 100.0%
345,756 32.0% 367,169 32.0% 389,529 32.0% 409,239 32.0% 429,947 32.0%
32,415 3.0% 34,422 3.0% 36,518 3.0% 38,366 3.0% 40,308 3.0%
378,171 35.0% 401,591 35.0% 426,048 35.0% 447,606 35.0% 470,254 35.0%
702,317 65.0% 745,811 65.0% 791,231 65.0% 831,268 65.0% 873,330 65.0%
54,353 5.0% 56,038 4.9% 57,719 4.7% 59,451 4.6% 61,234 4.6%
135,061 12.5% 143,425 12.5% 152,160 12.5% 159,859 12.5% 167,948 12.5%
17,288 1.6% 18,358 1.6% 19,476 1.6% 20,462 1.6% 21,497 1.6%
86,439 8.0% 91,792 8.0% 97,382 8.0% 102,310 8.0% 107,487 8.0%
15,277 1.4% 15,751 1.4% 16,223 1.3% 16,710 1.3% 17,211 1.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
3,055 0.3% 3,150 0.3% 3,245 0.3% 3,342 0.3% 3,442 0.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
20,369 1.9% 21,001 1.8% 21,631 1.8% 22,280 1.7% 22,948 1.7%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
14,258 1.3% 14,700 1.3% 15,142 1.2% 15,596 1.2% 16,064 1.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
12,222 1.1% 12,600 1.1% 12,978 1.1% 13,368 1.0% 13,769 1.0%
2,037 0.2% 2,100 0.2% 2,163 0.2% 2,228 0.2% 2,295 0.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
6,483 0.6% 6,884 0.6% 7,304 0.6% 7,673 0.6% 8,062 0.6%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
459,339 42.5% 480,002 41.8% 501,326 41.2% 520,933 40.7% 516,416 38.4%
242,978 22.5% 265,809 23.2% 289,906 23.8% 310,335 24.3% 356,914 26.6%
30,554 2.8% 31,501 2.7% 32,446 2.7% 33,419 2.6% 34,422 2.6%
212,424 19.7% 234,308 20.4% 257,460 21.2% 276,915 21.7% 322,492 24.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
249,924 23.1% 271,808 23.7% 294,960 24.2% 314,415 24.6% 334,992 24.9%
70,100 77,322 84,962 91,382 106,422
179,824 16.6% 194,486 17.0% 209,998 17.3% 223,033 17.4% 228,569 17.0%
- - - - -
- - - - -
- - - - -
179,824 16.6% 194,486 17.0% 209,998 17.3% 223,033 17.4% 228,569 17.0%
135,711 127,509 119,605 110,354 98,247
63,118 190,626 310,231 420,585 518,832
1.5 1.5 1.5 1.5 1.5
12.0 12.0 12.0 12.0 12.0

1,080,487 100.0% 1,147,402 100.0% 1,217,279 100.0% 1,278,873 100.0% 1,343,584 100.0%
345,756 32.0% 367,169 32.0% 389,529 32.0% 409,239 32.0% 429,947 32.0%
32,415 3.0% 34,422 3.0% 36,518 3.0% 38,366 3.0% 40,308 3.0%
378,171 35.0% 401,591 35.0% 426,048 35.0% 447,606 35.0% 470,254 35.0%
702,317 65.0% 745,811 65.0% 791,231 65.0% 831,268 65.0% 873,330 65.0%
54,353 5.0% 56,038 4.9% 57,719 4.7% 59,451 4.6% 61,234 4.6%
135,061 12.5% 143,425 12.5% 152,160 12.5% 159,859 12.5% 167,948 12.5%
17,288 1.6% 18,358 1.6% 19,476 1.6% 20,462 1.6% 21,497 1.6%
64,829 6.0% 68,844 6.0% 73,037 6.0% 76,732 6.0% 80,615 6.0%
15,277 1.4% 15,751 1.4% 16,223 1.3% 16,710 1.3% 17,211 1.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
3,055 0.3% 3,150 0.3% 3,245 0.3% 3,342 0.3% 3,442 0.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
20,369 1.9% 21,001 1.8% 21,631 1.8% 22,280 1.7% 22,948 1.7%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
14,258 1.3% 14,700 1.3% 15,142 1.2% 15,596 1.2% 16,064 1.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
12,222 1.1% 12,600 1.1% 12,978 1.1% 13,368 1.0% 13,769 1.0%
2,037 0.2% 2,100 0.2% 2,163 0.2% 2,228 0.2% 2,295 0.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
6,483 0.6% 6,884 0.6% 7,304 0.6% 7,673 0.6% 8,062 0.6%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
437,729 40.5% 457,054 39.8% 476,980 39.2% 495,355 38.7% 489,544 36.4%
264,588 24.5% 288,757 25.2% 314,251 25.8% 335,912 26.3% 383,785 28.6%
30,554 2.8% 31,501 2.7% 32,446 2.7% 33,419 2.6% 34,422 2.6%
234,034 21.7% 257,256 22.4% 281,805 23.2% 302,493 23.7% 349,363 26.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
271,534 25.1% 294,756 25.7% 319,305 26.2% 339,993 26.6% 361,863 26.9%
77,231 84,894 92,996 99,823 115,290
194,303 18.0% 209,862 18.3% 226,309 18.6% 240,170 18.8% 246,573 18.4%
- - - - -
- - - - -
- - - - -
194,303 18.0% 209,862 18.3% 226,309 18.6% 240,170 18.8% 246,573 18.4%
146,638 137,589 128,895 118,833 105,986
85,912 223,501 352,396 471,229 577,214
1.4 1.4 1.4 1.4 1.4
12.0 12.0 12.0 12.0 12.0

1,080,487 100.0% 1,147,402 100.0% 1,217,279 100.0% 1,278,873 100.0% 1,343,584 100.0%
345,756 32.0% 367,169 32.0% 389,529 32.0% 409,239 32.0% 429,947 32.0%
32,415 3.0% 34,422 3.0% 36,518 3.0% 38,366 3.0% 40,308 3.0%
378,171 35.0% 401,591 35.0% 426,048 35.0% 447,606 35.0% 470,254 35.0%
702,317 65.0% 745,811 65.0% 791,231 65.0% 831,268 65.0% 873,330 65.0%
54,353 5.0% 56,038 4.9% 57,719 4.7% 59,451 4.6% 61,234 4.6%
135,061 12.5% 143,425 12.5% 152,160 12.5% 159,859 12.5% 167,948 12.5%
17,288 1.6% 18,358 1.6% 19,476 1.6% 20,462 1.6% 21,497 1.6%
86,439 8.0% 91,792 8.0% 97,382 8.0% 102,310 8.0% 107,487 8.0%
15,277 1.4% 15,751 1.4% 16,223 1.3% 16,710 1.3% 17,211 1.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
3,055 0.3% 3,150 0.3% 3,245 0.3% 3,342 0.3% 3,442 0.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
20,369 1.9% 21,001 1.8% 21,631 1.8% 22,280 1.7% 22,948 1.7%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
14,258 1.3% 14,700 1.3% 15,142 1.2% 15,596 1.2% 16,064 1.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
12,222 1.1% 12,600 1.1% 12,978 1.1% 13,368 1.0% 13,769 1.0%
2,037 0.2% 2,100 0.2% 2,163 0.2% 2,228 0.2% 2,295 0.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
6,483 0.6% 6,884 0.6% 7,304 0.6% 7,673 0.6% 8,062 0.6%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
459,339 42.5% 480,002 41.8% 501,326 41.2% 520,933 40.7% 516,416 38.4%
242,978 22.5% 265,809 23.2% 289,906 23.8% 310,335 24.3% 356,914 26.6%
30,554 2.8% 31,501 2.7% 32,446 2.7% 33,419 2.6% 34,422 2.6%
212,424 19.7% 234,308 20.4% 257,460 21.2% 276,915 21.7% 322,492 24.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
249,924 23.1% 271,808 23.7% 294,960 24.2% 314,415 24.6% 334,992 24.9%
70,100 77,322 84,962 91,382 106,422
179,824 16.6% 194,486 17.0% 209,998 17.3% 223,033 17.4% 228,569 17.0%
- - - - -
- - - - -
- - - - -
179,824 16.6% 194,486 17.0% 209,998 17.3% 223,033 17.4% 228,569 17.0%
135,711 127,509 119,605 110,354 98,247
63,118 190,626 310,231 420,585 518,832
1.5 1.5 1.5 1.5 1.5
12.0 12.0 12.0 12.0 12.0

1,080,487 100.0% 1,147,402 100.0% 1,217,279 100.0% 1,278,873 100.0% 1,343,584 100.0%
345,756 32.0% 367,169 32.0% 389,529 32.0% 409,239 32.0% 429,947 32.0%
32,415 3.0% 34,422 3.0% 36,518 3.0% 38,366 3.0% 40,308 3.0%
378,171 35.0% 401,591 35.0% 426,048 35.0% 447,606 35.0% 470,254 35.0%
702,317 65.0% 745,811 65.0% 791,231 65.0% 831,268 65.0% 873,330 65.0%
54,353 5.0% 56,038 4.9% 57,719 4.7% 59,451 4.6% 61,234 4.6%
135,061 12.5% 143,425 12.5% 152,160 12.5% 159,859 12.5% 167,948 12.5%
17,288 1.6% 18,358 1.6% 19,476 1.6% 20,462 1.6% 21,497 1.6%
64,829 6.0% 68,844 6.0% 73,037 6.0% 76,732 6.0% 80,615 6.0%
15,277 1.4% 15,751 1.4% 16,223 1.3% 16,710 1.3% 17,211 1.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
3,055 0.3% 3,150 0.3% 3,245 0.3% 3,342 0.3% 3,442 0.3%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
20,369 1.9% 21,001 1.8% 21,631 1.8% 22,280 1.7% 22,948 1.7%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
6,111 0.6% 6,300 0.5% 6,489 0.5% 6,684 0.5% 6,884 0.5%
10,185 0.9% 10,500 0.9% 10,815 0.9% 11,140 0.9% 11,474 0.9%
14,258 1.3% 14,700 1.3% 15,142 1.2% 15,596 1.2% 16,064 1.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
12,222 1.1% 12,600 1.1% 12,978 1.1% 13,368 1.0% 13,769 1.0%
2,037 0.2% 2,100 0.2% 2,163 0.2% 2,228 0.2% 2,295 0.2%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
6,483 0.6% 6,884 0.6% 7,304 0.6% 7,673 0.6% 8,062 0.6%
1,018 0.1% 1,050 0.1% 1,082 0.1% 1,114 0.1% 1,147 0.1%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
- 0.0% - 0.0% - 0.0% - 0.0% - 0.0%
437,729 40.5% 457,054 39.8% 476,980 39.2% 495,355 38.7% 489,544 36.4%
264,588 24.5% 288,757 25.2% 314,251 25.8% 335,912 26.3% 383,785 28.6%
30,554 2.8% 31,501 2.7% 32,446 2.7% 33,419 2.6% 34,422 2.6%
234,034 21.7% 257,256 22.4% 281,805 23.2% 302,493 23.7% 349,363 26.0%
37,500 3.5% 37,500 3.3% 37,500 3.1% 37,500 2.9% 12,500 0.9%
271,534 25.1% 294,756 25.7% 319,305 26.2% 339,993 26.6% 361,863 26.9%
77,231 84,894 92,996 99,823 115,290
194,303 18.0% 209,862 18.3% 226,309 18.6% 240,170 18.8% 246,573 18.4%
- - - - -
- - - - -
- - - - -
194,303 18.0% 209,862 18.3% 226,309 18.6% 240,170 18.8% 246,573 18.4%
146,638 137,589 128,895 118,833 105,986
85,912 223,501 352,396 471,229 577,214
1.4 1.4 1.4 1.4 1.4
12.0 12.0 12.0 12.0 12.0

- #DIV/0! - #DIV/0! - #DIV/0! - #DIV/0! - #DIV/0!


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12.0 12.0 12.0 12.0 12.0



- - - - -

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12.0 12.0 12.0 12.0 12.0



- - - - -
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12.0 12.0 12.0 12.0 12.0



- - - - -
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12.0 12.0 12.0 12.0 12.0



- - - - -
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12.0 12.0 12.0 12.0 12.0



- - - - -
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12.0 12.0 12.0 12.0 12.0



- - - - -
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12.0 12.0 12.0 12.0 12.0



- - - - -
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12.0 12.0 12.0 12.0 12.0


- - - - -
- - - - -
- - - - -
- - - - -

- - - - -
- - - - -
- - - - -
7 8 9 10 11
$ % $ % $ % $ %
12.0 12.0 12.0 12.0

1,414,036 100.0% 1,488,183 100.0% 1,566,217 100.0% 1,648,343 100.0%
452,492 32.0% 476,218 32.0% 501,189 32.0% 527,470 32.0%

42,421 3.0% 44,645 3.0% 46,987 3.0% 49,450 3.0%
494,913 35.0% 520,864 35.0% 548,176 35.0% 576,920 35.0%
919,124 65.0% 967,319 65.0% 1,018,041 65.0% 1,071,423 65.0%
63,181 4.5% 65,190 4.4% 67,263 4.3% 69,402 4.2% 1

176,755 12.5% 186,023 12.5% 195,777 12.5% 206,043 12.5% 2
22,625 1.6% 23,811 1.6% 25,059 1.6% 26,373 1.6% 2
113,123 8.0% 119,055 8.0% 125,297 8.0% 131,867 8.0% 2
17,758 1.3% 18,323 1.2% 18,906 1.2% 19,507 1.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
3,552 0.3% 3,665 0.2% 3,781 0.2% 3,901 0.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
23,678 1.7% 24,431 1.6% 25,208 1.6% 26,009 1.6% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
16,574 1.2% 17,102 1.1% 17,645 1.1% 18,206 1.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
14,207 1.0% 14,658 1.0% 15,125 1.0% 15,606 0.9% 1
2,368 0.2% 2,443 0.2% 2,521 0.2% 2,601 0.2% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
8,484 0.6% 8,929 0.6% 9,397 0.6% 9,890 0.6% 2
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
538,734 38.1% 562,092 37.8% 586,541 37.4% 612,132 37.1%
380,389 26.9% 405,226 27.2% 431,500 27.6% 459,291 27.9%
35,517 2.5% 36,646 2.5% 37,811 2.4% 39,014 2.4% 1
344,873 24.4% 368,580 24.8% 393,689 25.1% 420,277 25.5%
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
357,373 25.3% 381,080 25.6% 406,189 25.9% 432,777 26.3%
113,808 121,631 129,917 138,692
243,565 17.2% 259,449 17.4% 276,272 17.6% 294,086 17.8%
- - - -
- - - -
- - - -
243,565 17.2% 259,449 17.4% 276,272 17.6% 294,086 17.8% 75,000

90,949 84,163 77,855 71,996 15,951
609,781 693,944 771,799 843,795 859,746
1.5 1.5 1.5 1.5
12.0 12.0 12.0 12.0

1,414,036 100.0% 1,488,183 100.0% 1,566,217 100.0% 1,648,343 100.0%
452,492 32.0% 476,218 32.0% 501,189 32.0% 527,470 32.0%

42,421 3.0% 44,645 3.0% 46,987 3.0% 49,450 3.0%
494,913 35.0% 520,864 35.0% 548,176 35.0% 576,920 35.0%
919,124 65.0% 967,319 65.0% 1,018,041 65.0% 1,071,423 65.0%
63,181 4.5% 65,190 4.4% 67,263 4.3% 69,402 4.2% 1

176,755 12.5% 186,023 12.5% 195,777 12.5% 206,043 12.5% 2
22,625 1.6% 23,811 1.6% 25,059 1.6% 26,373 1.6% 2
84,842 6.0% 89,291 6.0% 93,973 6.0% 98,901 6.0% 2
17,758 1.3% 18,323 1.2% 18,906 1.2% 19,507 1.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
3,552 0.3% 3,665 0.2% 3,781 0.2% 3,901 0.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
23,678 1.7% 24,431 1.6% 25,208 1.6% 26,009 1.6% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
16,574 1.2% 17,102 1.1% 17,645 1.1% 18,206 1.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
14,207 1.0% 14,658 1.0% 15,125 1.0% 15,606 0.9% 1
2,368 0.2% 2,443 0.2% 2,521 0.2% 2,601 0.2% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
8,484 0.6% 8,929 0.6% 9,397 0.6% 9,890 0.6% 2
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
510,454 36.1% 532,329 35.8% 555,216 35.4% 579,165 35.1%
408,670 28.9% 434,990 29.2% 462,825 29.6% 492,258 29.9%
35,517 2.5% 36,646 2.5% 37,811 2.4% 39,014 2.4% 1
373,153 26.4% 398,344 26.8% 425,013 27.1% 453,244 27.5%
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
385,653 27.3% 410,844 27.6% 437,513 27.9% 465,744 28.3%
123,141 131,453 140,254 149,571

262,513 18.6% 279,390 18.8% 297,259 19.0% 316,174 19.2%
- - - -
- - - -
- - - -
262,513 18.6% 279,390 18.8% 297,259 19.0% 316,174 19.2% 75,000

98,025 90,632 83,770 77,404 15,951
675,239 765,871 849,640 927,044 942,995
1.4 1.4 1.4 1.4
12.0 12.0 12.0 12.0

1,414,036 100.0% 1,488,183 100.0% 1,566,217 100.0% 1,648,343 100.0%
452,492 32.0% 476,218 32.0% 501,189 32.0% 527,470 32.0%

42,421 3.0% 44,645 3.0% 46,987 3.0% 49,450 3.0%
494,913 35.0% 520,864 35.0% 548,176 35.0% 576,920 35.0%
919,124 65.0% 967,319 65.0% 1,018,041 65.0% 1,071,423 65.0%
63,181 4.5% 65,190 4.4% 67,263 4.3% 69,402 4.2% 1

176,755 12.5% 186,023 12.5% 195,777 12.5% 206,043 12.5% 2
22,625 1.6% 23,811 1.6% 25,059 1.6% 26,373 1.6% 2
113,123 8.0% 119,055 8.0% 125,297 8.0% 131,867 8.0% 2
17,758 1.3% 18,323 1.2% 18,906 1.2% 19,507 1.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
3,552 0.3% 3,665 0.2% 3,781 0.2% 3,901 0.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
23,678 1.7% 24,431 1.6% 25,208 1.6% 26,009 1.6% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
16,574 1.2% 17,102 1.1% 17,645 1.1% 18,206 1.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
14,207 1.0% 14,658 1.0% 15,125 1.0% 15,606 0.9% 1
2,368 0.2% 2,443 0.2% 2,521 0.2% 2,601 0.2% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
8,484 0.6% 8,929 0.6% 9,397 0.6% 9,890 0.6% 2
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
538,734 38.1% 562,092 37.8% 586,541 37.4% 612,132 37.1%
380,389 26.9% 405,226 27.2% 431,500 27.6% 459,291 27.9%
35,517 2.5% 36,646 2.5% 37,811 2.4% 39,014 2.4% 1
344,873 24.4% 368,580 24.8% 393,689 25.1% 420,277 25.5%
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
357,373 25.3% 381,080 25.6% 406,189 25.9% 432,777 26.3%
113,808 121,631 129,917 138,692
243,565 17.2% 259,449 17.4% 276,272 17.6% 294,086 17.8%
- - - -
- - - -
- - - -
243,565 17.2% 259,449 17.4% 276,272 17.6% 294,086 17.8% 75,000

90,949 84,163 77,855 71,996 15,951
609,781 693,944 771,799 843,795 859,746
1.5 1.5 1.5 1.5

12.0 12.0 12.0 12.0
1,414,036 100.0% 1,488,183 100.0% 1,566,217 100.0% 1,648,343 100.0%
452,492 32.0% 476,218 32.0% 501,189 32.0% 527,470 32.0%

42,421 3.0% 44,645 3.0% 46,987 3.0% 49,450 3.0%
494,913 35.0% 520,864 35.0% 548,176 35.0% 576,920 35.0%
919,124 65.0% 967,319 65.0% 1,018,041 65.0% 1,071,423 65.0%
63,181 4.5% 65,190 4.4% 67,263 4.3% 69,402 4.2% 1

176,755 12.5% 186,023 12.5% 195,777 12.5% 206,043 12.5% 2
22,625 1.6% 23,811 1.6% 25,059 1.6% 26,373 1.6% 2
84,842 6.0% 89,291 6.0% 93,973 6.0% 98,901 6.0% 2
17,758 1.3% 18,323 1.2% 18,906 1.2% 19,507 1.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
3,552 0.3% 3,665 0.2% 3,781 0.2% 3,901 0.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
23,678 1.7% 24,431 1.6% 25,208 1.6% 26,009 1.6% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
16,574 1.2% 17,102 1.1% 17,645 1.1% 18,206 1.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
14,207 1.0% 14,658 1.0% 15,125 1.0% 15,606 0.9% 1
2,368 0.2% 2,443 0.2% 2,521 0.2% 2,601 0.2% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
8,484 0.6% 8,929 0.6% 9,397 0.6% 9,890 0.6% 2
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
510,454 36.1% 532,329 35.8% 555,216 35.4% 579,165 35.1%
408,670 28.9% 434,990 29.2% 462,825 29.6% 492,258 29.9%
35,517 2.5% 36,646 2.5% 37,811 2.4% 39,014 2.4% 1
373,153 26.4% 398,344 26.8% 425,013 27.1% 453,244 27.5%
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
385,653 27.3% 410,844 27.6% 437,513 27.9% 465,744 28.3%
123,141 131,453 140,254 149,571
262,513 18.6% 279,390 18.8% 297,259 19.0% 316,174 19.2%
- - - -
- - - -
- - - -
262,513 18.6% 279,390 18.8% 297,259 19.0% 316,174 19.2% 75,000

98,025 90,632 83,770 77,404 15,951
675,239 765,871 849,640 927,044 942,995
1.4 1.4 1.4 1.4
12.0 12.0 12.0 12.0

1,414,036 100.0% 1,488,183 100.0% 1,566,217 100.0% 1,648,343 100.0%
452,492 32.0% 476,218 32.0% 501,189 32.0% 527,470 32.0%

42,421 3.0% 44,645 3.0% 46,987 3.0% 49,450 3.0%
494,913 35.0% 520,864 35.0% 548,176 35.0% 576,920 35.0%
919,124 65.0% 967,319 65.0% 1,018,041 65.0% 1,071,423 65.0%
63,181 4.5% 65,190 4.4% 67,263 4.3% 69,402 4.2% 1

176,755 12.5% 186,023 12.5% 195,777 12.5% 206,043 12.5% 2
22,625 1.6% 23,811 1.6% 25,059 1.6% 26,373 1.6% 2
113,123 8.0% 119,055 8.0% 125,297 8.0% 131,867 8.0% 2
17,758 1.3% 18,323 1.2% 18,906 1.2% 19,507 1.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
3,552 0.3% 3,665 0.2% 3,781 0.2% 3,901 0.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
23,678 1.7% 24,431 1.6% 25,208 1.6% 26,009 1.6% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
16,574 1.2% 17,102 1.1% 17,645 1.1% 18,206 1.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
14,207 1.0% 14,658 1.0% 15,125 1.0% 15,606 0.9% 1
2,368 0.2% 2,443 0.2% 2,521 0.2% 2,601 0.2% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
8,484 0.6% 8,929 0.6% 9,397 0.6% 9,890 0.6% 2
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
538,734 38.1% 562,092 37.8% 586,541 37.4% 612,132 37.1%
380,389 26.9% 405,226 27.2% 431,500 27.6% 459,291 27.9%
35,517 2.5% 36,646 2.5% 37,811 2.4% 39,014 2.4% 1
344,873 24.4% 368,580 24.8% 393,689 25.1% 420,277 25.5%
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
357,373 25.3% 381,080 25.6% 406,189 25.9% 432,777 26.3%
113,808 121,631 129,917 138,692
243,565 17.2% 259,449 17.4% 276,272 17.6% 294,086 17.8%
- - - -
- - - -
- - - -
243,565 17.2% 259,449 17.4% 276,272 17.6% 294,086 17.8% 75,000
90,949 84,163 77,855 71,996 15,951
609,781 693,944 771,799 843,795 859,746
1.5 1.5 1.5 1.5
12.0 12.0 12.0 12.0

1,414,036 100.0% 1,488,183 100.0% 1,566,217 100.0% 1,648,343 100.0%
452,492 32.0% 476,218 32.0% 501,189 32.0% 527,470 32.0%

42,421 3.0% 44,645 3.0% 46,987 3.0% 49,450 3.0%
494,913 35.0% 520,864 35.0% 548,176 35.0% 576,920 35.0%
919,124 65.0% 967,319 65.0% 1,018,041 65.0% 1,071,423 65.0%
63,181 4.5% 65,190 4.4% 67,263 4.3% 69,402 4.2% 1

176,755 12.5% 186,023 12.5% 195,777 12.5% 206,043 12.5% 2
22,625 1.6% 23,811 1.6% 25,059 1.6% 26,373 1.6% 2
84,842 6.0% 89,291 6.0% 93,973 6.0% 98,901 6.0% 2
17,758 1.3% 18,323 1.2% 18,906 1.2% 19,507 1.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
3,552 0.3% 3,665 0.2% 3,781 0.2% 3,901 0.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
23,678 1.7% 24,431 1.6% 25,208 1.6% 26,009 1.6% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
16,574 1.2% 17,102 1.1% 17,645 1.1% 18,206 1.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
14,207 1.0% 14,658 1.0% 15,125 1.0% 15,606 0.9% 1
2,368 0.2% 2,443 0.2% 2,521 0.2% 2,601 0.2% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
8,484 0.6% 8,929 0.6% 9,397 0.6% 9,890 0.6% 2
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
510,454 36.1% 532,329 35.8% 555,216 35.4% 579,165 35.1%
408,670 28.9% 434,990 29.2% 462,825 29.6% 492,258 29.9%
35,517 2.5% 36,646 2.5% 37,811 2.4% 39,014 2.4% 1
373,153 26.4% 398,344 26.8% 425,013 27.1% 453,244 27.5%
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
385,653 27.3% 410,844 27.6% 437,513 27.9% 465,744 28.3%
123,141 131,453 140,254 149,571
262,513 18.6% 279,390 18.8% 297,259 19.0% 316,174 19.2%
- - - -
- - - -
- - - -
262,513 18.6% 279,390 18.8% 297,259 19.0% 316,174 19.2% 75,000

98,025 90,632 83,770 77,404 15,951
675,239 765,871 849,640 927,044 942,995
1.4 1.4 1.4 1.4

12.0 12.0 12.0 12.0
1,414,036 100.0% 1,488,183 100.0% 1,566,217 100.0% 1,648,343 100.0%
452,492 32.0% 476,218 32.0% 501,189 32.0% 527,470 32.0%

42,421 3.0% 44,645 3.0% 46,987 3.0% 49,450 3.0%
494,913 35.0% 520,864 35.0% 548,176 35.0% 576,920 35.0%
919,124 65.0% 967,319 65.0% 1,018,041 65.0% 1,071,423 65.0%
63,181 4.5% 65,190 4.4% 67,263 4.3% 69,402 4.2% 1

176,755 12.5% 186,023 12.5% 195,777 12.5% 206,043 12.5% 2
22,625 1.6% 23,811 1.6% 25,059 1.6% 26,373 1.6% 2
113,123 8.0% 119,055 8.0% 125,297 8.0% 131,867 8.0% 2
17,758 1.3% 18,323 1.2% 18,906 1.2% 19,507 1.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
3,552 0.3% 3,665 0.2% 3,781 0.2% 3,901 0.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
23,678 1.7% 24,431 1.6% 25,208 1.6% 26,009 1.6% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
16,574 1.2% 17,102 1.1% 17,645 1.1% 18,206 1.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
14,207 1.0% 14,658 1.0% 15,125 1.0% 15,606 0.9% 1
2,368 0.2% 2,443 0.2% 2,521 0.2% 2,601 0.2% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
8,484 0.6% 8,929 0.6% 9,397 0.6% 9,890 0.6% 2
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
538,734 38.1% 562,092 37.8% 586,541 37.4% 612,132 37.1%
380,389 26.9% 405,226 27.2% 431,500 27.6% 459,291 27.9%
35,517 2.5% 36,646 2.5% 37,811 2.4% 39,014 2.4% 1
344,873 24.4% 368,580 24.8% 393,689 25.1% 420,277 25.5%

12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
357,373 25.3% 381,080 25.6% 406,189 25.9% 432,777 26.3%
113,808 121,631 129,917 138,692
243,565 17.2% 259,449 17.4% 276,272 17.6% 294,086 17.8%
- - - -
- - - -
- - - -
243,565 17.2% 259,449 17.4% 276,272 17.6% 294,086 17.8% 75,000

90,949 84,163 77,855 71,996 15,951
609,781 693,944 771,799 843,795 859,746
1.5 1.5 1.5 1.5
12.0 12.0 12.0 12.0

1,414,036 100.0% 1,488,183 100.0% 1,566,217 100.0% 1,648,343 100.0%
452,492 32.0% 476,218 32.0% 501,189 32.0% 527,470 32.0%

42,421 3.0% 44,645 3.0% 46,987 3.0% 49,450 3.0%
494,913 35.0% 520,864 35.0% 548,176 35.0% 576,920 35.0%
919,124 65.0% 967,319 65.0% 1,018,041 65.0% 1,071,423 65.0%
63,181 4.5% 65,190 4.4% 67,263 4.3% 69,402 4.2% 1

176,755 12.5% 186,023 12.5% 195,777 12.5% 206,043 12.5% 2
22,625 1.6% 23,811 1.6% 25,059 1.6% 26,373 1.6% 2
84,842 6.0% 89,291 6.0% 93,973 6.0% 98,901 6.0% 2
17,758 1.3% 18,323 1.2% 18,906 1.2% 19,507 1.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
3,552 0.3% 3,665 0.2% 3,781 0.2% 3,901 0.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
23,678 1.7% 24,431 1.6% 25,208 1.6% 26,009 1.6% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
16,574 1.2% 17,102 1.1% 17,645 1.1% 18,206 1.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
14,207 1.0% 14,658 1.0% 15,125 1.0% 15,606 0.9% 1
2,368 0.2% 2,443 0.2% 2,521 0.2% 2,601 0.2% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
8,484 0.6% 8,929 0.6% 9,397 0.6% 9,890 0.6% 2
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
510,454 36.1% 532,329 35.8% 555,216 35.4% 579,165 35.1%
408,670 28.9% 434,990 29.2% 462,825 29.6% 492,258 29.9%
35,517 2.5% 36,646 2.5% 37,811 2.4% 39,014 2.4% 1
373,153 26.4% 398,344 26.8% 425,013 27.1% 453,244 27.5%
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
385,653 27.3% 410,844 27.6% 437,513 27.9% 465,744 28.3%
123,141 131,453 140,254 149,571
262,513 18.6% 279,390 18.8% 297,259 19.0% 316,174 19.2%
- - - -
- - - -
- - - -
262,513 18.6% 279,390 18.8% 297,259 19.0% 316,174 19.2% 75,000

98,025 90,632 83,770 77,404 15,951
675,239 765,871 849,640 927,044 942,995
1.4 1.4 1.4 1.4
12.0 12.0 12.0 12.0

1,414,036 100.0% 1,488,183 100.0% 1,566,217 100.0% 1,648,343 100.0%
452,492 32.0% 476,218 32.0% 501,189 32.0% 527,470 32.0%

42,421 3.0% 44,645 3.0% 46,987 3.0% 49,450 3.0%
494,913 35.0% 520,864 35.0% 548,176 35.0% 576,920 35.0%
919,124 65.0% 967,319 65.0% 1,018,041 65.0% 1,071,423 65.0%
63,181 4.5% 65,190 4.4% 67,263 4.3% 69,402 4.2% 1

176,755 12.5% 186,023 12.5% 195,777 12.5% 206,043 12.5% 2
22,625 1.6% 23,811 1.6% 25,059 1.6% 26,373 1.6% 2
113,123 8.0% 119,055 8.0% 125,297 8.0% 131,867 8.0% 2
17,758 1.3% 18,323 1.2% 18,906 1.2% 19,507 1.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
3,552 0.3% 3,665 0.2% 3,781 0.2% 3,901 0.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
23,678 1.7% 24,431 1.6% 25,208 1.6% 26,009 1.6% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
16,574 1.2% 17,102 1.1% 17,645 1.1% 18,206 1.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
14,207 1.0% 14,658 1.0% 15,125 1.0% 15,606 0.9% 1
2,368 0.2% 2,443 0.2% 2,521 0.2% 2,601 0.2% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
8,484 0.6% 8,929 0.6% 9,397 0.6% 9,890 0.6% 2
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
538,734 38.1% 562,092 37.8% 586,541 37.4% 612,132 37.1%
380,389 26.9% 405,226 27.2% 431,500 27.6% 459,291 27.9%
35,517 2.5% 36,646 2.5% 37,811 2.4% 39,014 2.4% 1
344,873 24.4% 368,580 24.8% 393,689 25.1% 420,277 25.5%
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
357,373 25.3% 381,080 25.6% 406,189 25.9% 432,777 26.3%
113,808 121,631 129,917 138,692
243,565 17.2% 259,449 17.4% 276,272 17.6% 294,086 17.8%
- - - -
- - - -
- - - -
243,565 17.2% 259,449 17.4% 276,272 17.6% 294,086 17.8% 75,000

90,949 84,163 77,855 71,996 15,951
609,781 693,944 771,799 843,795 859,746
1.5 1.5 1.5 1.5
12.0 12.0 12.0 12.0

1,414,036 100.0% 1,488,183 100.0% 1,566,217 100.0% 1,648,343 100.0%
452,492 32.0% 476,218 32.0% 501,189 32.0% 527,470 32.0%

42,421 3.0% 44,645 3.0% 46,987 3.0% 49,450 3.0%
494,913 35.0% 520,864 35.0% 548,176 35.0% 576,920 35.0%
919,124 65.0% 967,319 65.0% 1,018,041 65.0% 1,071,423 65.0%
63,181 4.5% 65,190 4.4% 67,263 4.3% 69,402 4.2% 1

176,755 12.5% 186,023 12.5% 195,777 12.5% 206,043 12.5% 2
22,625 1.6% 23,811 1.6% 25,059 1.6% 26,373 1.6% 2
84,842 6.0% 89,291 6.0% 93,973 6.0% 98,901 6.0% 2
17,758 1.3% 18,323 1.2% 18,906 1.2% 19,507 1.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
3,552 0.3% 3,665 0.2% 3,781 0.2% 3,901 0.2% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
23,678 1.7% 24,431 1.6% 25,208 1.6% 26,009 1.6% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
7,103 0.5% 7,329 0.5% 7,562 0.5% 7,803 0.5% 1
11,839 0.8% 12,215 0.8% 12,604 0.8% 13,005 0.8% 1
16,574 1.2% 17,102 1.1% 17,645 1.1% 18,206 1.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
- 0.0% - 0.0% - 0.0% - 0.0% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
14,207 1.0% 14,658 1.0% 15,125 1.0% 15,606 0.9% 1
2,368 0.2% 2,443 0.2% 2,521 0.2% 2,601 0.2% 1
- 0.0% - 0.0% - 0.0% - 0.0% 1
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
8,484 0.6% 8,929 0.6% 9,397 0.6% 9,890 0.6% 2
1,184 0.1% 1,222 0.1% 1,260 0.1% 1,300 0.1% 1
- 0.0% - 0.0% - 0.0% - 0.0% 2
- 0.0% - 0.0% - 0.0% - 0.0% 1
510,454 36.1% 532,329 35.8% 555,216 35.4% 579,165 35.1%
408,670 28.9% 434,990 29.2% 462,825 29.6% 492,258 29.9%
35,517 2.5% 36,646 2.5% 37,811 2.4% 39,014 2.4% 1
373,153 26.4% 398,344 26.8% 425,013 27.1% 453,244 27.5%
12,500 0.9% 12,500 0.8% 12,500 0.8% 12,500 0.8%
385,653 27.3% 410,844 27.6% 437,513 27.9% 465,744 28.3%

123,141 131,453 140,254 149,571
262,513 18.6% 279,390 18.8% 297,259 19.0% 316,174 19.2%
- - - -
- - - -
- - - -
262,513 18.6% 279,390 18.8% 297,259 19.0% 316,174 19.2% 75,000

98,025 90,632 83,770 77,404 15,951
675,239 765,871 849,640 927,044 942,995
1.4 1.4 1.4 1.4
12.0 12.0 12.0 12.0

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- - - - -
- - - - -
- - - -
GALERIAS
$ %
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
1,570,963 100.0%
592,082 37.7%
47,001 3.0%
639,083 40.7%
931,880 59.3%
308,925 19.7%
- 0.0%
24,982 1.6%
86,184 5.5%
349 0.0%
2,955 0.2%
7,637 0.5%
14,536 0.9%
34,619 2.2%
4,761 0.3%
15,062 1.0%
53,830 3.4%
9,521 0.6%
- 0.0%
42,892 2.7%
- 0.0%
9,510 0.6%
96 0.0%
11,785 0.8%
- 0.0%
72,612 4.6%
- 0.0%
- 0.0%
14,769 0.9%
2,957 0.2%
214 0.0%
13,303 0.8%
1,503 0.1%
2,085 0.1%
21,930 1.4%
- 0.0%
757,015 48.2%
174,865 11.1%
122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
124,756 7.9%
Inicio ESTADO DE RESULTADOS PROYECTADO CONSOLIDADO
Cifras en miles de pesos
Menú
0 1
RESTAURANTE AÑO 2015 AÑO 2016

$ % $ %
1 Consolidado
4 INGRESOS OPERACIONALES 9,600,000 100.0% 10,194,528 100.0%
COSTO DE VENTAS
5 Costo de Ventas M.P. 3,072,000 32.0% 3,262,249 32.0%
TOTAL COSTO DE VENTAS 3,360,000 35.0% 3,568,085 35.0%
UTILIDAD BRUTA 6,240,000 65.0% 6,626,443 65.0%
GASTOS DIRECTOS
7 TOTAL LABORALES 512,328 5.3% 528,211 5.2%
8 Honorarios y Regalías 1,200,000 12.5% 1,274,316 12.5%
9 Impuestos 153,600 1.6% 163,112 1.6%
10 Arriendos 672,000 7.0% 713,617 7.0%
12 Seguros 96,000 1.0% 98,976 1.0%
15 Energia 192,000 2.0% 197,952 1.9%
16 Telefono 96,000 1.0% 98,976 1.0%
17 Gas 57,600 0.6% 59,386 0.6%
19 Transporte - 0.0% - 0.0%
23 Otros servicios 57,600 0.6% 59,386 0.6%
24 Gastos legales 96,000 1.0% 98,976 1.0%
28 Comisiones - 0.0% - 0.0%
33 Taxis y buses 9,600 0.1% 9,898 0.1%
34 Descontinuados 57,600 0.6% 61,167 0.6%
35 Diversos 9,600 0.1% 9,898 0.1%
37 Provisiones - 0.0% - 0.0%
TOTAL GASTOS DIRECTOS 3,997,528 41.6% 4,303,135 42.2%
RESULTADO DIRECTO 2,242,472 23.4% 2,323,308 22.8%
RESULTADO OPERACIONAL 1,954,472 20.4% 2,026,380 19.9%
EBITDA 2,204,472 23.0% 2,401,380 23.6%
FLUJO DE CAJA BRUTO 1,559,496 16.2% 1,732,675 17.0%

- Inversiones en Activos fijos (2,500,000)
- Pago de intereses financieros -
FLUJO DE CAJA LIBRE OPERATIVO 1,559,496 16.2% (767,325) -8%

Err:504
Detallado
2
2 3 4 5 6
$ % $ % $ % $ % $
10,804,874 100.0% 11,474,020 100.0% 12,172,788 100.0% 12,788,731 100.0% 13,435,841
3,457,560 32.0% 3,671,686 32.0% 3,895,292 32.0% 4,092,394 32.0% 4,299,469

324,146 3.0% 344,221 3.0% 365,184 3.0% 383,662 3.0% 403,075
3,781,706 35.0% 4,015,907 35.0% 4,260,476 35.0% 4,476,056 35.0% 4,702,544
7,023,168 65.0% 7,458,113 65.0% 7,912,312 65.0% 8,312,675 65.0% 8,733,297
543,529 5.0% 560,378 4.9% 577,189 4.7% 594,505 4.6% 612,340

1,350,609 12.5% 1,434,253 12.5% 1,521,599 12.5% 1,598,591 12.5% 1,679,480
172,878 1.6% 183,584 1.6% 194,765 1.6% 204,620 1.6% 214,973
756,341 7.0% 803,181 7.0% 852,095 7.0% 895,211 7.0% 940,509
152,769 1.4% 157,505 1.4% 162,230 1.3% 167,097 1.3% 172,110
101,846 0.9% 105,004 0.9% 108,154 0.9% 111,398 0.9% 114,740
30,554 0.3% 31,501 0.3% 32,446 0.3% 33,419 0.3% 34,422
101,846 0.9% 105,004 0.9% 108,154 0.9% 111,398 0.9% 114,740
203,693 1.9% 210,007 1.8% 216,307 1.8% 222,797 1.7% 229,480
101,846 0.9% 105,004 0.9% 108,154 0.9% 111,398 0.9% 114,740
61,108 0.6% 63,002 0.5% 64,892 0.5% 66,839 0.5% 68,844
- 0.0% - 0.0% - 0.0% - 0.0% -
- 0.0% - 0.0% - 0.0% - 0.0% -
- 0.0% - 0.0% - 0.0% - 0.0% -
- 0.0% - 0.0% - 0.0% - 0.0% -
- 0.0% - 0.0% - 0.0% - 0.0% -
61,108 0.6% 63,002 0.5% 64,892 0.5% 66,839 0.5% 68,844
101,846 0.9% 105,004 0.9% 108,154 0.9% 111,398 0.9% 114,740
142,585 1.3% 147,005 1.3% 151,415 1.2% 155,958 1.2% 160,636
- 0.0% - 0.0% - 0.0% - 0.0% -
375,000 3.5% 375,000 3.3% 375,000 3.1% 375,000 2.9% 125,000
- 0.0% - 0.0% - 0.0% - 0.0% -
- 0.0% - 0.0% - 0.0% - 0.0% -
122,216 1.1% 126,004 1.1% 129,784 1.1% 133,678 1.0% 137,688
20,369 0.2% 21,001 0.2% 21,631 0.2% 22,280 0.2% 22,948
- 0.0% - 0.0% - 0.0% - 0.0% -
10,185 0.1% 10,500 0.1% 10,815 0.1% 11,140 0.1% 11,474
64,829 0.6% 68,844 0.6% 73,037 0.6% 76,732 0.6% 80,615
10,185 0.1% 10,500 0.1% 10,815 0.1% 11,140 0.1% 11,474
- 0.0% - 0.0% - 0.0% - 0.0% -
- 0.0% - 0.0% - 0.0% - 0.0% -
4,485,342 41.5% 4,685,283 40.8% 4,891,528 40.2% 5,081,439 39.7% 5,029,800
2,537,826 23.5% 2,772,830 24.2% 3,020,784 24.8% 3,231,236 25.3% 3,703,496
305,539 2.8% 315,011 2.7% 324,461 2.7% 334,195 2.6% 344,221
2,232,287 20.7% 2,457,820 21.4% 2,696,323 22.2% 2,897,042 22.7% 3,359,276
375,000 3.5% 375,000 3.3% 375,000 3.1% 375,000 2.9% 125,000
2,607,287 24.1% 2,832,820 24.7% 3,071,323 25.2% 3,272,042 25.6% 3,484,276
736,655 811,080 889,787 956,024 1,108,561
1,870,633 17.3% 2,021,739 17.6% 2,181,537 17.9% 2,316,018 18.1% 2,375,715
- - - - -
- - - - -
- - - - -
1,870,633 17.3% 2,021,739 17.6% 2,181,537 17.9% 2,316,018 18.1% 2,375,715

1,411,743 1,325,488 1,242,500 1,145,934 1,021,164
745,146 2,070,634 3,313,134 4,459,068 5,480,232
1.5 1.5 1.5 1.5 1.5

7 8 9 10
% $ % $ % $ % $ %
100.0% 14,140,363 100.0% 14,881,827 100.0% 15,662,170 100.0% 16,483,432 100.0%
32.0% 4,524,916 32.0% 4,762,185 32.0% 5,011,894 32.0% 5,274,698 32.0%

3.0% 424,211 3.0% 446,455 3.0% 469,865 3.0% 494,503 3.0%
35.0% 4,949,127 35.0% 5,208,639 35.0% 5,481,760 35.0% 5,769,201 35.0%
65.0% 9,191,236 65.0% 9,673,187 65.0% 10,180,411 65.0% 10,714,231 65.0%
4.6% 631,813 4.5% 651,904 4.4% 672,635 4.3% 694,025 4.2%

12.5% 1,767,545 12.5% 1,860,228 12.5% 1,957,771 12.5% 2,060,429 12.5%
1.6% 226,246 1.6% 238,109 1.6% 250,595 1.6% 263,735 1.6%
7.0% 989,825 7.0% 1,041,728 7.0% 1,096,352 7.0% 1,153,840 7.0%
1.3% 177,583 1.3% 183,231 1.2% 189,057 1.2% 195,069 1.2%
0.9% 118,389 0.8% 122,154 0.8% 126,038 0.8% 130,046 0.8%
0.3% 35,517 0.3% 36,646 0.2% 37,811 0.2% 39,014 0.2%
0.9% 118,389 0.8% 122,154 0.8% 126,038 0.8% 130,046 0.8%
1.7% 236,778 1.7% 244,307 1.6% 252,076 1.6% 260,092 1.6%
0.9% 118,389 0.8% 122,154 0.8% 126,038 0.8% 130,046 0.8%
0.5% 71,033 0.5% 73,292 0.5% 75,623 0.5% 78,028 0.5%
0.0% - 0.0% - 0.0% - 0.0% - 0.0%
0.0% - 0.0% - 0.0% - 0.0% - 0.0%
0.0% - 0.0% - 0.0% - 0.0% - 0.0%
0.0% - 0.0% - 0.0% - 0.0% - 0.0%
0.0% - 0.0% - 0.0% - 0.0% - 0.0%
0.5% 71,033 0.5% 73,292 0.5% 75,623 0.5% 78,028 0.5%
0.9% 118,389 0.8% 122,154 0.8% 126,038 0.8% 130,046 0.8%
1.2% 165,745 1.2% 171,015 1.1% 176,453 1.1% 182,065 1.1%
0.0% - 0.0% - 0.0% - 0.0% - 0.0%
0.9% 125,000 0.9% 125,000 0.8% 125,000 0.8% 125,000 0.8%
0.0% - 0.0% - 0.0% - 0.0% - 0.0%
0.0% - 0.0% - 0.0% - 0.0% - 0.0%
1.0% 142,067 1.0% 146,584 1.0% 151,246 1.0% 156,055 0.9%
0.2% 23,678 0.2% 24,431 0.2% 25,208 0.2% 26,009 0.2%
0.0% - 0.0% - 0.0% - 0.0% - 0.0%
0.1% 11,839 0.1% 12,215 0.1% 12,604 0.1% 13,005 0.1%
0.6% 84,842 0.6% 89,291 0.6% 93,973 0.6% 98,901 0.6%
0.1% 11,839 0.1% 12,215 0.1% 12,604 0.1% 13,005 0.1%
0.0% - 0.0% - 0.0% - 0.0% - 0.0%
0.0% - 0.0% - 0.0% - 0.0% - 0.0%
37.4% 5,245,939 37.1% 5,472,105 36.8% 5,708,784 36.4% 5,956,484 36.1%
27.6% 3,945,297 27.9% 4,201,082 28.2% 4,471,627 28.6% 4,757,747 28.9%
2.6% 355,167 2.5% 366,461 2.5% 378,115 2.4% 390,139 2.4%
25.0% 3,590,130 25.4% 3,834,621 25.8% 4,093,512 26.1% 4,367,608 26.5%
0.9% 125,000 0.9% 125,000 0.8% 125,000 0.8% 125,000 0.8%
25.9% 3,715,130 26.3% 3,959,621 26.6% 4,218,512 26.9% 4,492,608 27.3%
1,184,743 1,265,425 1,350,859 1,441,311
17.7% 2,530,387 17.9% 2,694,196 18.1% 2,867,653 18.3% 3,051,297 18.5%
- - - -
- - - -
- - - -
17.7% 2,530,387 17.9% 2,694,196 18.1% 2,867,653 18.3% 3,051,297 18.5%

944,869 873,972 808,124 746,998
6,425,101 7,299,072 8,107,197 8,854,195
1.5 1.5 1.5 1.5

Ejecutivo
Detallado
11
AÑO 2026 GALERIAS Tipo

$ %
1,570,963 100.0%
Detallado
592,082 37.7% Detallado
47,001 3.0% Detallado
639,083 40.7%
931,880 59.3%
Detallado
1 308,925 19.7% Detallado
2 - 0.0% Detallado
2 24,982 1.6% Detallado
0 86,184 5.5% Detallado
0 349 0.0% Detallado
0 2,955 0.2% Detallado
0 14,536 0.9% Detallado
0 34,619 2.2% Detallado
0 15,062 1.0% Detallado
1 53,830 3.4% Detallado
1 - 0.0% Detallado
2 42,892 2.7% Detallado
1 - 0.0% Detallado
1 96 0.0% Detallado
1 11,785 0.8% Detallado
1 - 0.0% Detallado
72,612 4.6% Detallado
1 - 0.0% Detallado
1 - 0.0% Detallado
1 14,769 0.9% Detallado
1 214 0.0% Detallado
1 13,303 0.8% Detallado
2 21,930 1.4% Detallado
1 - 0.0% Detallado
757,015 48.2%
174,865 11.1%
1 122,721 7.8%
52,144 3.3%
72,612 4.6%
124,756 7.9%
124,756 7.9%
750,000 124,756 7.9%

159,507
9,013,702
6 7
Inicio Resumen de resultados 2
Viabilidad Financiera
Venta Venta Inversión VPN Flujos VP. Vr.

Restaurante
Anual mensual Inicial de Caja Residual
Tienda 1 960,000 80,000 (250,000) 1,093,795 15,951

Tienda 2 960,000 80,000 (250,000) 1,177,044 15,951
Tienda 3 960,000 80,000 (250,000) 1,093,795 15,951
Tienda 4 960,000 80,000 (250,000) 1,177,044 15,951
Tienda 5 960,000 80,000 (250,000) 1,093,795 15,951
Tienda 6 960,000 80,000 (250,000) 1,177,044 15,951
Tienda 7 960,000 80,000 (250,000) 1,093,795 15,951
Tienda 8 960,000 80,000 (250,000) 1,177,044 15,951
Tienda 9 960,000 80,000 (250,000) 1,093,795 15,951
Tienda 10 960,000 80,000 (250,000) 1,177,044 15,951
Gran Total 9,600,000 800,000 (2,500,000) 11,354,195 159,507
Resumen PyG. 2016 1
Venta Costo de Gastos Gastos de Gastos de

Restaurante
Anual 2016 Ventas Laborales Ventas Administr.
Tienda 1 960,000 336,000 51,233 358,120 28,800

Tienda 2 960,000 336,000 51,233 338,920 28,800
Tienda 3 960,000 336,000 51,233 358,120 28,800
Tienda 4 960,000 336,000 51,233 338,920 28,800
Tienda 5 960,000 336,000 51,233 358,120 28,800
Tienda 6 960,000 336,000 51,233 338,920 28,800
Tienda 7 960,000 336,000 51,233 358,120 28,800
Tienda 8 960,000 336,000 51,233 338,920 28,800
Tienda 9 960,000 336,000 51,233 358,120 28,800
Tienda 10 960,000 336,000 51,233 338,920 28,800
Gran Total 9,600,000 3,360,000 512,328 3,485,200 288,000
Valores relativos
Venta Costo de Gastos Gastos de Gastos de

Restaurante
Anual 2015 Ventas Laborales Ventas Administr.
Tienda 1 100.0% 35.0% 5.3% 37.3% 3.0%

Tienda 2 100.0% 35.0% 5.3% 35.3% 3.0%
Tienda 3 100.0% 35.0% 5.3% 37.3% 3.0%
Tienda 4 100.0% 35.0% 5.3% 35.3% 3.0%
Tienda 5 100.0% 35.0% 5.3% 37.3% 3.0%
Tienda 6 100.0% 35.0% 5.3% 35.3% 3.0%
Tienda 7 100.0% 35.0% 5.3% 37.3% 3.0%
Tienda 8 100.0% 35.0% 5.3% 35.3% 3.0%
Tienda 9 100.0% 35.0% 5.3% 37.3% 3.0%
Tienda 10 100.0% 35.0% 5.3% 35.3% 3.0%
Gran Total 100.0% 35.0% 5.3% 36.3% 3.0%
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
8 9 11 13 14 15
VP. Mes de
NETO Recuper. TIR
859,746 18 Err:504
942,995 17 Err:504
859,746 18 Err:504
942,995 17 Err:504
859,746 18 Err:504
942,995 17 Err:504
859,746 18 Err:504
942,995 17 Err:504
859,746 18 Err:504
942,995 17 Err:504
9,013,702 18 Err:504
Utilidad
Ebitda
Operacional
185,847 210,847
205,047 230,047
185,847 210,847
205,047 230,047
185,847 210,847
205,047 230,047
185,847 210,847
205,047 230,047
185,847 210,847
205,047 230,047
1,954,472 2,204,472
Utilidad
Ebitda
Operacional
19.4% 22.0%
21.4% 24.0%
19.4% 22.0%
21.4% 24.0%
19.4% 22.0%
21.4% 24.0%
19.4% 22.0%
21.4% 24.0%
19.4% 22.0%
21.4% 24.0%
20.4% 23.0%
16 17 18
6 7
Inicio Resumen de resultados por año 2
Seleccionar >>> Total Laborales4

4 6 8 10 12
Restaurante 2016 2017 2018 2019 2020
Tienda 1 52,821 54,353 56,038 57,719 59,451

Tienda 2 52,821 54,353 56,038 57,719 59,451
Tienda 3 52,821 54,353 56,038 57,719 59,451
Tienda 4 52,821 54,353 56,038 57,719 59,451
Tienda 5 52,821 54,353 56,038 57,719 59,451
Tienda 6 52,821 54,353 56,038 57,719 59,451
Tienda 7 52,821 54,353 56,038 57,719 59,451
Tienda 8 52,821 54,353 56,038 57,719 59,451
Tienda 9 52,821 54,353 56,038 57,719 59,451
Tienda 10 52,821 54,353 56,038 57,719 59,451
Gran Total 528,211 543,529 560,378 577,189 594,505
Ingresos Operacionales
Costo de Ventas
Utilidad Bruta
Total Laborales
Honorarios y Regalías
Impuestos
Arriendos
Afiliaciones y contribuciones
Seguros
Aseo y vigilancia
Acueducto y alcantarillado
Energia
Telefono
Gas
Transporte de domicilios
Transporte
Portes y telegramas
Propaganda y publicidad
Servicio de Logística
Otros servicios
Gastos legales
Mantenimiento, reparac. y adecu
Gastos de viaje
Depreciaciones y amortizaciones
Comisiones
Gastos de representacion
Elementos de aseo y cafeteria
Utiles de papeleria
Combustibles y lubricantes
Taxis y buses
Descontinuados
Diversos
Telemercadeo
Provisiones
Total Gastos Directos
Resultado Directo
Gastos de Administracion
Resultado Operacional
Ebitda
Impuesto de Renta Operativo
Flujo de Caja Bruto
Flujo de Caja Libre Operativo
Valor Presente Fclo
Flujo de Caja Acumulado
8 9
14 16 18 20 22
2021 2022 2023 2024 2025
61,234 63,181 65,190 67,263 69,402 20

61,234 63,181 65,190 67,263 69,402 100
61,234 63,181 65,190 67,263 69,402 180
61,234 63,181 65,190 67,263 69,402 260
61,234 63,181 65,190 67,263 69,402 340
61,234 63,181 65,190 67,263 69,402 420
61,234 63,181 65,190 67,263 69,402 500
61,234 63,181 65,190 67,263 69,402 580
61,234 63,181 65,190 67,263 69,402 660
61,234 63,181 65,190 67,263 69,402 740
612,340 631,813 651,904 672,635 694,025
Inicio
CALCULO DEL COSTO PROMEDIO PONDERADO DE CAPITAL
Menú
Wacc Nominal…………………………………................... 15.11%

Tasa de Libre Riesgo.................................................... 4.75%
Rentabilidad del Mercado.............................................. 5.00%
Beta............................................................................... 1.00 0.756 BETA PROMEDIO
Tasa Riesgo País........................................................ 2.30%
Prima de riesgo de la compañía..................................... 4.70%
Rtdad Esperada/Cto Recursos Propios…………………. 12.00%
Costo de la Deuda........................................................ 9.49%
(%) Capital..................................................................... 100.00%
(%) Deuda...................................................................... 0.00%
Impuesto de Renta........................................................ 33.00%
Tasa de Cambio.......................................................... 2,500
Inflación Promedio......................................................... 3.1%
Fuente: Ministerio de hacienda, Damodaran Online (Betas)

BETA PROMEDIO
Inicio LIQUIDACION PRESTAMOS BANCARIOS
Menú
Crédito 1 Fecha Monto Tasa anual Tasa mensual Plazo

Tienda 1 enero-16 - 9.49% 0.76% 60 Meses
No. cuota 0 1 2 3 4
Fecha ene-16 feb-16 mar-16 abr-16 may-16
Interes período - - - -
Abono a Capital - - - -
Valor Cuota - - - -
Saldo - - - - -
2016 2016 2016 2016 2016

No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
2016 2016 2016 2016 2016

No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
2016 2016 2016 2016 2016

No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
2016 2016 2016 2016 2016

No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
2016 2016 2016 2016 2016

No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
2016 2016 2016 2016 2016

No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
2016 2016 2016 2016 2016

No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
2016 2016 2016 2016 2016

No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
2016 2016 2016 2016 2016

No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
2016 2016 2016 2016 2016

0 diciembre-99 - 9.49% 0.76% 60 Meses
No. cuota 0 1 2 3 4
Fecha dic-99 ene-00 feb-00 mar-00 abr-00
Valor Cuota - - - -
Saldo - - - - -
1899 1900 1900 1900 1900

0 diciembre-99 - 9.49% 0.76% 60 Meses
No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
1899 1900 1900 1900 1900

0 diciembre-99 - 9.49% 0.76% 60 Meses
No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
1899 1900 1900 1900 1900

0 diciembre-99 - 9.49% 0.76% 60 Meses
No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
1899 1900 1900 1900 1900
0 diciembre-99 - 9.49% 0.76% 60 Meses
No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
1899 1900 1900 1900 1900

0 diciembre-99 - 9.49% 0.76% 60 Meses
No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
1899 1900 1900 1900 1900

0 diciembre-99 - 9.49% 0.76% 60 Meses
No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
1899 1900 1900 1900 1900

0 diciembre-99 - 9.49% 0.76% 60 Meses
No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
1899 1900 1900 1900 1900

0 diciembre-99 - 9.49% 0.76% 60 Meses
No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
1899 1900 1900 1900 1900
0 diciembre-99 - 9.49% 0.76% 60 Meses
No. cuota 0 1 2 3 4
Valor Cuota - - - -
Saldo - - - - -
1899 1900 1900 1900 1900
Cuota fija
-
5 6 7 8 9 10 11 12
jun-16 jul-16 ago-16 sep-16 oct-16 nov-16 dic-16 ene-17
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2016 2016 2016 2016 2016 2016 2016 2017
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2016 2016 2016 2016 2016 2016 2016 2017
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2016 2016 2016 2016 2016 2016 2016 2017
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2016 2016 2016 2016 2016 2016 2016 2017
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2016 2016 2016 2016 2016 2016 2016 2017
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2016 2016 2016 2016 2016 2016 2016 2017
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2016 2016 2016 2016 2016 2016 2016 2017
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2016 2016 2016 2016 2016 2016 2016 2017
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2016 2016 2016 2016 2016 2016 2016 2017
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2016 2016 2016 2016 2016 2016 2016 2017
Cuota fija
-
5 6 7 8 9 10 11 12
may-00 jun-00 jul-00 ago-00 sep-00 oct-00 nov-00 dic-00
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1900 1900 1900 1900 1900 1900 1900 1900
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1900 1900 1900 1900 1900 1900 1900 1900
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1900 1900 1900 1900 1900 1900 1900 1900
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1900 1900 1900 1900 1900 1900 1900 1900
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1900 1900 1900 1900 1900 1900 1900 1900
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1900 1900 1900 1900 1900 1900 1900 1900
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1900 1900 1900 1900 1900 1900 1900 1900
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1900 1900 1900 1900 1900 1900 1900 1900
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1900 1900 1900 1900 1900 1900 1900 1900
Cuota fija
-
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1900 1900 1900 1900 1900 1900 1900 1900
13 14 15 16 17 18 19 20
feb-17 mar-17 abr-17 may-17 jun-17 jul-17 ago-17 sep-17
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2017 2017 2017 2017 2017 2017 2017 2017
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2017 2017 2017 2017 2017 2017 2017 2017
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2017 2017 2017 2017 2017 2017 2017 2017
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2017 2017 2017 2017 2017 2017 2017 2017
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2017 2017 2017 2017 2017 2017 2017 2017
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2017 2017 2017 2017 2017 2017 2017 2017
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2017 2017 2017 2017 2017 2017 2017 2017
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2017 2017 2017 2017 2017 2017 2017 2017
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2017 2017 2017 2017 2017 2017 2017 2017
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2017 2017 2017 2017 2017 2017 2017 2017
13 14 15 16 17 18 19 20
ene-01 feb-01 mar-01 abr-01 may-01 jun-01 jul-01 ago-01
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1901 1901 1901 1901 1901 1901 1901 1901
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1901 1901 1901 1901 1901 1901 1901 1901
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1901 1901 1901 1901 1901 1901 1901 1901
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1901 1901 1901 1901 1901 1901 1901 1901
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1901 1901 1901 1901 1901 1901 1901 1901
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1901 1901 1901 1901 1901 1901 1901 1901
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1901 1901 1901 1901 1901 1901 1901 1901
13 14 15 16 17 18 19 20
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1901 1901 1901 1901 1901 1901 1901 1901
13 14 15 16 17 18 19 20
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1901 1901 1901 1901 1901 1901 1901 1901
13 14 15 16 17 18 19 20
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1901 1901 1901 1901 1901 1901 1901 1901
21 22 23 24 25 26 27 28
oct-17 nov-17 dic-17 ene-18 feb-18 mar-18 abr-18 may-18
- - - - - - - -
- - - - - - - -
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2017 2017 2017 2018 2018 2018 2018 2018
21 22 23 24 25 26 27 28
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2017 2017 2017 2018 2018 2018 2018 2018
21 22 23 24 25 26 27 28
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2017 2017 2017 2018 2018 2018 2018 2018
21 22 23 24 25 26 27 28
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2017 2017 2017 2018 2018 2018 2018 2018
21 22 23 24 25 26 27 28
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2017 2017 2017 2018 2018 2018 2018 2018
21 22 23 24 25 26 27 28
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2017 2017 2017 2018 2018 2018 2018 2018
21 22 23 24 25 26 27 28
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2017 2017 2017 2018 2018 2018 2018 2018
21 22 23 24 25 26 27 28
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2017 2017 2017 2018 2018 2018 2018 2018
21 22 23 24 25 26 27 28
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2017 2017 2017 2018 2018 2018 2018 2018
21 22 23 24 25 26 27 28
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2017 2017 2017 2018 2018 2018 2018 2018
21 22 23 24 25 26 27 28
sep-01 oct-01 nov-01 dic-01 ene-02 feb-02 mar-02 abr-02
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1901 1901 1901 1901 1902 1902 1902 1902
21 22 23 24 25 26 27 28
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1901 1901 1901 1901 1902 1902 1902 1902
21 22 23 24 25 26 27 28
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1901 1901 1901 1901 1902 1902 1902 1902
21 22 23 24 25 26 27 28
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1901 1901 1901 1901 1902 1902 1902 1902
21 22 23 24 25 26 27 28
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1901 1901 1901 1901 1902 1902 1902 1902
21 22 23 24 25 26 27 28
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1901 1901 1901 1901 1902 1902 1902 1902
21 22 23 24 25 26 27 28
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1901 1901 1901 1901 1902 1902 1902 1902
21 22 23 24 25 26 27 28
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1901 1901 1901 1901 1902 1902 1902 1902
21 22 23 24 25 26 27 28
- - - - - - - -
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1901 1901 1901 1901 1902 1902 1902 1902
21 22 23 24 25 26 27 28
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1901 1901 1901 1901 1902 1902 1902 1902
29 30 31 32 33 34 35 36
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2018 2018 2018 2018 2018 2018 2018 2019
29 30 31 32 33 34 35 36
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2018 2018 2018 2018 2018 2018 2018 2019
29 30 31 32 33 34 35 36
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2018 2018 2018 2018 2018 2018 2018 2019
29 30 31 32 33 34 35 36
- - - - - - - -
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- - - - - - - -
- - - - - - - -
2018 2018 2018 2018 2018 2018 2018 2019
29 30 31 32 33 34 35 36
- - - - - - - -
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- - - - - - - -
- - - - - - - -
2018 2018 2018 2018 2018 2018 2018 2019
29 30 31 32 33 34 35 36
- - - - - - - -
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2018 2018 2018 2018 2018 2018 2018 2019
29 30 31 32 33 34 35 36
- - - - - - - -
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- - - - - - - -
- - - - - - - -
2018 2018 2018 2018 2018 2018 2018 2019
29 30 31 32 33 34 35 36
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2018 2018 2018 2018 2018 2018 2018 2019
29 30 31 32 33 34 35 36
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2018 2018 2018 2018 2018 2018 2018 2019
29 30 31 32 33 34 35 36
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2018 2018 2018 2018 2018 2018 2018 2019
29 30 31 32 33 34 35 36
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1902 1902 1902 1902 1902 1902 1902 1902
29 30 31 32 33 34 35 36
- - - - - - - -
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- - - - - - - -
- - - - - - - -
1902 1902 1902 1902 1902 1902 1902 1902
29 30 31 32 33 34 35 36
- - - - - - - -
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1902 1902 1902 1902 1902 1902 1902 1902
29 30 31 32 33 34 35 36
- - - - - - - -
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1902 1902 1902 1902 1902 1902 1902 1902
29 30 31 32 33 34 35 36
- - - - - - - -
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1902 1902 1902 1902 1902 1902 1902 1902
29 30 31 32 33 34 35 36
- - - - - - - -
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1902 1902 1902 1902 1902 1902 1902 1902
29 30 31 32 33 34 35 36
- - - - - - - -
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- - - - - - - -
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1902 1902 1902 1902 1902 1902 1902 1902
29 30 31 32 33 34 35 36
- - - - - - - -
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- - - - - - - -
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1902 1902 1902 1902 1902 1902 1902 1902
29 30 31 32 33 34 35 36
- - - - - - - -
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1902 1902 1902 1902 1902 1902 1902 1902
29 30 31 32 33 34 35 36
- - - - - - - -
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1902 1902 1902 1902 1902 1902 1902 1902
37 38 39 40 41 42 43 44
- - - - - - - -
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- - - - - - - -
2019 2019 2019 2019 2019 2019 2019 2019
37 38 39 40 41 42 43 44
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2019 2019 2019 2019 2019 2019 2019 2019
37 38 39 40 41 42 43 44
- - - - - - - -
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2019 2019 2019 2019 2019 2019 2019 2019
37 38 39 40 41 42 43 44
- - - - - - - -
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2019 2019 2019 2019 2019 2019 2019 2019
37 38 39 40 41 42 43 44
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2019 2019 2019 2019 2019 2019 2019 2019
37 38 39 40 41 42 43 44
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2019 2019 2019 2019 2019 2019 2019 2019
37 38 39 40 41 42 43 44
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2019 2019 2019 2019 2019 2019 2019 2019
37 38 39 40 41 42 43 44
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2019 2019 2019 2019 2019 2019 2019 2019
37 38 39 40 41 42 43 44
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2019 2019 2019 2019 2019 2019 2019 2019
37 38 39 40 41 42 43 44
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2019 2019 2019 2019 2019 2019 2019 2019
37 38 39 40 41 42 43 44
- - - - - - - -
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1903 1903 1903 1903 1903 1903 1903 1903
37 38 39 40 41 42 43 44
- - - - - - - -
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- - - - - - - -
1903 1903 1903 1903 1903 1903 1903 1903
37 38 39 40 41 42 43 44
- - - - - - - -
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1903 1903 1903 1903 1903 1903 1903 1903
37 38 39 40 41 42 43 44
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1903 1903 1903 1903 1903 1903 1903 1903
37 38 39 40 41 42 43 44
- - - - - - - -
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1903 1903 1903 1903 1903 1903 1903 1903
37 38 39 40 41 42 43 44
- - - - - - - -
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1903 1903 1903 1903 1903 1903 1903 1903
37 38 39 40 41 42 43 44
- - - - - - - -
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1903 1903 1903 1903 1903 1903 1903 1903
37 38 39 40 41 42 43 44
- - - - - - - -
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1903 1903 1903 1903 1903 1903 1903 1903
37 38 39 40 41 42 43 44
- - - - - - - -
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1903 1903 1903 1903 1903 1903 1903 1903
37 38 39 40 41 42 43 44
- - - - - - - -
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- - - - - - - -
1903 1903 1903 1903 1903 1903 1903 1903
45 46 47 48 49 50 51 52
- - - - - - - -
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- - - - - - - -
2019 2019 2019 2020 2020 2020 2020 2020
45 46 47 48 49 50 51 52
- - - - - - - -
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2019 2019 2019 2020 2020 2020 2020 2020
45 46 47 48 49 50 51 52
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2019 2019 2019 2020 2020 2020 2020 2020
45 46 47 48 49 50 51 52
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2019 2019 2019 2020 2020 2020 2020 2020
45 46 47 48 49 50 51 52
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2019 2019 2019 2020 2020 2020 2020 2020
45 46 47 48 49 50 51 52
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2019 2019 2019 2020 2020 2020 2020 2020
45 46 47 48 49 50 51 52
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2019 2019 2019 2020 2020 2020 2020 2020
45 46 47 48 49 50 51 52
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- - - - - - - -
2019 2019 2019 2020 2020 2020 2020 2020
45 46 47 48 49 50 51 52
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- - - - - - - -
2019 2019 2019 2020 2020 2020 2020 2020
45 46 47 48 49 50 51 52
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2019 2019 2019 2020 2020 2020 2020 2020
45 46 47 48 49 50 51 52
- - - - - - - -
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1903 1903 1903 1903 1904 1904 1904 1904
45 46 47 48 49 50 51 52
- - - - - - - -
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- - - - - - - -
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1903 1903 1903 1903 1904 1904 1904 1904
45 46 47 48 49 50 51 52
- - - - - - - -
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- - - - - - - -
- - - - - - - -
1903 1903 1903 1903 1904 1904 1904 1904
45 46 47 48 49 50 51 52
- - - - - - - -
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- - - - - - - -
1903 1903 1903 1903 1904 1904 1904 1904
45 46 47 48 49 50 51 52
- - - - - - - -
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- - - - - - - -
1903 1903 1903 1903 1904 1904 1904 1904
45 46 47 48 49 50 51 52
- - - - - - - -
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- - - - - - - -
- - - - - - - -
1903 1903 1903 1903 1904 1904 1904 1904
45 46 47 48 49 50 51 52
- - - - - - - -
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- - - - - - - -
- - - - - - - -
1903 1903 1903 1903 1904 1904 1904 1904
45 46 47 48 49 50 51 52
- - - - - - - -
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- - - - - - - -
- - - - - - - -
1903 1903 1903 1903 1904 1904 1904 1904
45 46 47 48 49 50 51 52
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1903 1903 1903 1903 1904 1904 1904 1904
45 46 47 48 49 50 51 52
- - - - - - - -
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- - - - - - - -
- - - - - - - -
1903 1903 1903 1903 1904 1904 1904 1904
53 54 55 56 57 58 59 60
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2020 2020 2020 2020 2020 2020 2020 2021
53 54 55 56 57 58 59 60
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2020 2020 2020 2020 2020 2020 2020 2021
53 54 55 56 57 58 59 60
- - - - - - - -
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- - - - - - - -
2020 2020 2020 2020 2020 2020 2020 2021
53 54 55 56 57 58 59 60
- - - - - - - -
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2020 2020 2020 2020 2020 2020 2020 2021
53 54 55 56 57 58 59 60
- - - - - - - -
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- - - - - - - -
2020 2020 2020 2020 2020 2020 2020 2021
53 54 55 56 57 58 59 60
- - - - - - - -
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2020 2020 2020 2020 2020 2020 2020 2021
53 54 55 56 57 58 59 60
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2020 2020 2020 2020 2020 2020 2020 2021
53 54 55 56 57 58 59 60
- - - - - - - -
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- - - - - - - -
2020 2020 2020 2020 2020 2020 2020 2021
53 54 55 56 57 58 59 60
- - - - - - - -
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- - - - - - - -
2020 2020 2020 2020 2020 2020 2020 2021
53 54 55 56 57 58 59 60
- - - - - - - -
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- - - - - - - -
2020 2020 2020 2020 2020 2020 2020 2021
53 54 55 56 57 58 59 60
- - - - - - - -
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- - - - - - - -
- - - - - - - -
1904 1904 1904 1904 1904 1904 1904 1904
53 54 55 56 57 58 59 60
- - - - - - - -
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- - - - - - - -
- - - - - - - -
1904 1904 1904 1904 1904 1904 1904 1904
53 54 55 56 57 58 59 60
- - - - - - - -
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- - - - - - - -
1904 1904 1904 1904 1904 1904 1904 1904
53 54 55 56 57 58 59 60
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1904 1904 1904 1904 1904 1904 1904 1904
53 54 55 56 57 58 59 60
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1904 1904 1904 1904 1904 1904 1904 1904
53 54 55 56 57 58 59 60
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1904 1904 1904 1904 1904 1904 1904 1904
53 54 55 56 57 58 59 60
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1904 1904 1904 1904 1904 1904 1904 1904
53 54 55 56 57 58 59 60
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1904 1904 1904 1904 1904 1904 1904 1904
53 54 55 56 57 58 59 60
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1904 1904 1904 1904 1904 1904 1904 1904
53 54 55 56 57 58 59 60
- - - - - - - -
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- - - - - - - -
1904 1904 1904 1904 1904 1904 1904 1904
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UNO - VER 8.5. FECHA : 2015/01/27
BALANCE COMPROBACION DE SALDOS HORA : 8:26 PM
INVERSIONES Y DISTRIBUCIONES ALIMENTICIA PAGINA: 1
NIT. 900472505-7
Lapso_Inicial : 2014/12
Lapso_Final : 2014/12 Nivel : 08
---------------------------------------------------------------------------------------------------------------------------------------
NIVEL CUENTA DESCRIPCION NUEVO SALDO
1 4 INGRESOS 7,909,255,986
2 41 OPERACIONALES 7,760,631,195
4 4140 HOTELES Y RESTAURANTES 7,760,631,195
6 414015 RESTAURANTES 7,760,631,195
2 42 NO OPERACIONALES 148,624,791
4 4210 FINANCIEROS 115,408,852
6 421005 INTERESES 3,172,593
6 421040 DESCUENTOS COMERCIALE 112,236,259
4 4250 RECUPERACIONES 19,980,458
6 425050 REINTEGRO DE OTROS CO 19,980,458
4 4255 INDEMNIZACIONES 12,135,940
6 425505 POR SINIESTRO 11,805,921
6 425540 POR INCAPACIDADES ISS 330,019
4 4295 DIVERSOS 1,099,541
6 429505 APROVECHAMIENTOS 12,853
6 429553 SOBRANTES DE CAJA 1,056,802
6 429581 AJUSTE AL PESO 29,886
1 5 GASTOS 5,122,362,413 66%
2 51 OPERACIONALES DE ADMINI 308,408,361 4%
4 5110 HONORARIOS 197,000,000 3%
6 511010 REVISORIA FISCAL 11,000,000 0%
6 511030 ASESORIA FINANCIERA 30,000,000 0%
6 511035 ASESORIA TECNICA 156,000,000 2%
4 5115 IMPUESTOS 38,767,508 0%
6 511505 INDUSTRIA Y COMERCIO 1,426,119 0%
6 511595 OTROS 37,341,389 0%
4 5120 ARRENDAMIENTOS 21,655,967 0%
6 512010 CONSTRUCCIONES Y EDIF 21,655,967 0%
4 5125 CONTRIBUCIONES Y AFILI 45,000 0%
6 512510 AFILIACIONES Y SOSTEN 45,000 0%
4 5135 SERVICIOS 2,322,600 0%
6 513515 ASISTENCIA TECNICA 1,903,500 0%
6 513540 CORREO, PORTES Y TELE 4,100 0%
6 513595 OTROS 415,000 0%
4 5140 GASTOS LEGALES 3,785,067 0%
6 514010 REGISTRO MERCANTIL 3,744,000 0%
6 514015 TRAMITES Y LICENCIAS 41,067 0%
4 5165 AMORTIZACIONES 38,217,020 0%
6 516515 CARGOS DIFERIDOS 38,217,020 0%
4 5195 DIVERSOS 6,615,199 0%
6 519510 LIBROS, SUSCRIPCIONES 493,830 0%
6 519530 UTILES, PAPELERIA Y F 5,759,749 0%
6 519545 TAXIS Y BUSES 361,620 0%
2 52 OPERACIONALES DE VENTA 4,711,641,887 61%
4 5205 GASTOS DE PERSONAL 1,185,206,721 15%
6 520506 SUELDOS 605,022,244 8%
6 520515 HORAS EXTRAS Y RECARG 22,473,226 0%
6 520518 COMISIONES 175,674,230 2%
6 520524 INCAPACIDADES 470,659 0%
6 520527 AUXILIO DE TRANSPORTE 54,071,391 1%
6 520530 CESANTIAS 70,939,323 1%
6 520533 INTERESES SOBRE CESAN 6,698,963 0%
6 520536 PRIMA DE SERVICIOS 71,328,590 1%
6 520539 VACACIONES 35,527,199 0%
6 520551 DOTACION Y SUMINISTRO 16,965,223 0%
6 520560 INDEMNIZACIONES LABOR 739,982 0%
6 520563 CAPACITACION AL PERSO 3,310,848 0%
6 520568 APORTES ADMINIST RIES 4,134,634 0%
6 520569 APORTES A ENTIDADES P 73,010 0%
6 520570 APORTES FONDOS DE PEN 95,531,260 1%
6 520572 APORTES CAJAS DE COMP 18,954,917 0%
6 520584 GASTOS MEDICOS Y DROG 3,291,022 0%
4 5210 HONORARIOS 349,600,005 5%
6 521035 ASESORIA TECNICA 349,600,005 5%
4 5215 IMPUESTOS 123,205,054 2%
6 521505 INDUSTRIA Y COMERCIO 107,106,315 1%
6 521570 IVA DESCONTABLE 32,791 0%
6 521595 OTROS 16,065,948 0%
4 5220 ARRENDAMIENTOS 756,310,333 10%
6 522010 CONSTRUCCIONES Y EDIF 756,310,333 10%
4 5225 CONTRIBUCIONES Y AFILI 3,455,400 0%
6 522505 CONTRIBUCIONES 3,192,200 0%
6 522510 AFILIACIONES Y SOSTEN 263,200 0%
4 5230 SEGUROS 20,801,965 0%
6 523095 OTROS 20,801,965 0%
4 5235 SERVICIOS 916,539,915 12%
6 523505 ASEO Y VIGILANCIA 93,267,852 1%
6 523515 ASISTENCIA TECNICA 7,793,148 0%
6 523525 ACUEDUCTO Y ALCANTARI 18,031,100 0%
6 523530 ENERGIA ELECTRICA 144,973,448 2%
6 523535 TELEFONO 39,076,891 1%
6 523550 TRANSPORTE, FLETES Y 570,963,653 7%
6 523555 GAS 304,130 0%
6 523595 OTROS 42,129,693 1%
4 5245 MANTENIMIENTO Y REPARA 26,635,050 0%
6 524515 MAQUINARIA Y EQUIPO 26,635,050 0%
4 5250 ADECUACION E INSTALACI 8,321,399 0%
6 525005 INSTALACIONES ELECTRI 2,857,848 0%
6 525015 REPARACIONES LOCATIVA 5,463,551 0%
4 5260 DEPRECIACIONES 150,859,169 2%
6 526010 MAQUINARIA Y EQUIPO 135,645,514 2%
6 526020 EQUIPO DE COMPUTACION 11,372,880 0%
6 526030 EQUIPO DE HOTELES Y R 3,840,775 0%
4 5265 AMORTIZACIONES 374,017,255 5%
6 526515 CARGOS DIFERIDOS 374,017,255 5%
4 5295 DIVERSOS 796,689,621 10%
6 529505 COMISIONES 27,595,410 0%
6 529520 GASTOS DE REPRESENTAC 362,657 0%
6 529525 ELEMENTOS DE ASEO Y C 86,686,780 1%
6 529530 UTILES, PAPELERI Y FO 21,780,271 0%
6 529545 TAXIS Y BUSES 24,770,741 0%
6 529565 PARQUEADEROS 1,147,588 0%
6 529595 OTROS 633,247,132 8%
2 53 NO OPERACIONALES 81,980,165 1%
4 5305 FINANCIEROS 7,285,511 0%
6 530505 GASTOS BANCARIOS 6,313,028 0%
6 530515 COMISIONES 498,325 0%
6 530520 INTERESES 474,158 0%
4 5310 PERDIDA EN VENTA Y RET 29,779,911 0%
6 531035 RETIRO DE OTROS ACTIV 29,779,911 0%
4 5315 GASTOS EXTRAORDINARIOS 4,245,283 0%
6 531515 COSTOS Y GASTOS DE EJ 732,744 0%
6 531520 IMPUESTOS ASUMIDOS 3,512,539 0%
4 5395 GASTOS DIVERSOS 40,669,460 1%
6 539515 INDEMNIZACIONES 9,398,460 0%
6 539520 MULTAS, SANCIONES Y L 482,239 0%
6 539595 OTROS 30,788,761 0%
2 54 IMPUESTOS DE RENTA Y CO 20,332,000 0%
4 5405 IMPUESTO DE RENTA Y CO 20,332,000 0%
6 540505 IMPUESTO DE RENTA Y C 20,332,000 0%
1 6 COSTOS 3,365,583,494 43%
2 61 COSTO DE VENTA Y PRESTA 3,365,583,494 43%
4 6140 HOTELES Y RESTAURANTES 3,365,583,494 43%
6 614015 RESTAURANTES 3,365,583,494 43%
---------------------------------
A : 2015/01/27
HORA : 8:26 PM
PAGINA: 1
---------------------------------
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EVALUACION FINANCIERA SUBWAY

Macroeconómicos PyG Detallado

Capital de Trabajo Viabilidad Financiera

Inversiones Resumen PyG.

Costo de Capital Resumen PyG. Anual

INVERSION INICIAL: VALOR REFERIDO POR

METODO DE PROYECCION: FCLD

AÑOS DE PROYECCION: 10 AÑOS

VALOR RESIDUAL: SE TRABAJAN DOS OPCIONES

Materia prima 40% y empaques 3%

De aucerdo a pyg referidos

IMPUESTO DE RENTA: SE APLICO TARIFA DEL 33%

2012 2013 2014 2015 2016

Inflación interna 2.4% 1.9% 3.7% 3.4% 3.1%

Costo de Vtas. Alimentos

Gastos de personal 1 Gasto Fijo Aplicar crecimiento

Servicios en General 1 Gasto Fijo Aplicar crecimiento

Mantenimiento y adecuaciones 1 Gasto Fijo Aplicar crecimiento

Honorarios y Regalías 2 Gasto Variable Definir % Sobre las ventas

Impuestos 2 Gasto Variable Definir % Sobre las ventas

Marketing 2 Gasto Variable Definir % Sobre las ventas

Descontinuados 2 Gasto Variable Definir % Sobre las ventas

Telemercadeo 2 Gasto Variable Definir % Sobre las ventas

Gastos de Administración 1 Gasto Fijo Aplicar crecimiento

2012 2013 2014 2015 2016

Proveedores (Saldo) 10.0% 10.0% 10.0% 10.0% 10.0%

Cambio Capital de Trabajo

Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9

2017 2018 2019 2020 2021 2022 2023 2024

2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%

2.9% 3.1% 3.0% 3.0% 3.0% 3.2% 3.2% 3.2%

3.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0%

32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%

8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%

efinir % Sobre las ventas

efinir % Sobre las ventas

efinir % Sobre las ventas

efinir % Sobre las ventas

efinir % Sobre las ventas

2017 2018 2019 2020 2021 2022 2023 2024

10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%

2017 2018 2019 2020 2021 2022 2023 2024

37,500.0 37,500.0 37,500.0 37,500.0 12,500.0 12,500.0 12,500.0 12,500.0

3.2% 3.1% 6.1% 9.4% 12.7% 16.0% 19.5%

2.0% 3.0% 6.1% 9.3% 12.6% 14.8% 17.1%

19.4% 21.8% 24.3% 26.8%

Local Mes Venta Costo de Costo de

RESTAURANTE AÑO 2015 AÑO 2016

UTILIDAD BRUTA 624,000 65.0% 662,644 65.0%

RESULTADO DIRECTO 214,647 22.4% 222,136 21.8%

38 GASTOS DE ADMINISTRACION 28,800 3.0% 29,693 2.9%

RESULTADO OPERACIONAL 185,847 19.4% 192,443 18.9%

+ + Depreciaciones y amortizaciones 25,000 2.6% 37,500 3.7%

EBITDA 210,847 22.0% 229,943 22.6%

- Impuesto de Renta Operativo 61,330 63,506

FLUJO DE CAJA BRUTO 149,518 15.6% 166,437 16.3%

+/- Cambios en el Capital de Trabajo -

FLUJO DE CAJA LIBRE OPERATIVO 149,518 15.6% (83,563) -8.2%

RESULTADO DIRECTO 233,847 24.4% 242,525 23.8%

38 GASTOS DE ADMINISTRACION 28,800 3.0% 29,693 2.9%

RESULTADO OPERACIONAL 205,047 21.4% 212,833 20.9%

+ + Depreciaciones y amortizaciones 25,000 2.6% 37,500 3.7%

EBITDA 230,047 24.0% 250,333 24.6%