Free Cashflow to the Firm (Miles de S/.

)
  2023 2024
EBIT x (1-t) S/ 3,040,189.53 S/ 3,170,686.17
(+) Depreciación y amortización S/ 249,394.56 S/ 252,109.53
(-) Capex S/ 309,293.95 S/ 299,236.01
(-) Incremento de KT S/ 177,801.81
Free cashflow to the firm FCFF S/ 3,598,878.04 S/ 3,899,833.52
   

Valuation

WACC = Ke

Valor terminal (año 10)

  g
Valor terminal

VP FCFF
V. Terminal actualizado
Valor de Empresa (Miles)
Efectivo y Equivalente de Efectivo
Deuda Total Financiera
Contingencias
Valor patrimonial (Miles)
Nro acciones (Miles)
Valor por acción

CLASE DE ACCION
PATROMONIO
ACCIONES EN CIRCULACION
VALOR DE ACCION
PRECIO ACTUAL
 2025 2026 2027 2028
S/ 3,311,532.97 S/ 3,474,792.26 S/ 3,668,244.71 S/ 3,818,341.77
S/ 257,393.98 S/ 259,029.54 S/ 258,198.47 S/ 257,694.96
S/ 291,240.08 S/ 287,828.55 S/ 298,134.91 S/ 309,668.83
S/ 186,535.00 S/ 196,016.12 S/ 206,339.92 S/ 217,615.05
S/ 4,046,702.03 S/ 4,217,666.48 S/ 4,430,918.01 S/ 4,603,320.61
     

7.88%

 
2.00%    
S/4,773,364
Proporción
S/29,448,155 49%
S/2,236,380 51%
S/31,684,535
S/ 878,061.00
S/ 548,493.00

S/ 32,014,102.51

A B INVERSION
S/ 18,920,334.59 S/ 448,197.44 S/ 12,645,570.49
76,046 2,026 569,515
249 S/ 221 S/ 22
220 S/ 230 S/ 25
 2029 2030 2031 2032
S/ 3,958,342.00 S/ 4,062,901.77 S/ 4,186,965.80 S/ 4,346,292.30
S/ 262,886.45 S/ 266,899.27 S/ 268,546.40 S/ 246,657.80
S/ 311,433.99 S/ 341,894.66 S/ 348,047.99 S/ 318,481.97
S/ 229,966.21 S/ 243,536.67 S/ 258,491.09 S/ 275,018.84
S/ 4,762,628.66 S/ 4,915,232.37 S/ 5,062,051.27 S/ 5,186,450.91
       

       
clase de accion Acciones en circulacion patrimonio atribuido %
clase A 76,046 S/ 18,920,334.59 59.10%
clase B 2,026 S/ 448,197.44 1.40%
inversion 569,515 S/ 12,645,570.49 39.50%
647,587 100.00%
Perpetuidad
S/ 4,346,292.30
S/ 246,657.80
S/ 318,481.97
S/ 275,018.84
S/ 5,186,450.91
VALUACIÓN

WACC=KE 7.753%

Valor terminal
g
Valor terminal

VP FCFF
V.TERMINAL ACTUALIZADO
VALOR DE EMPRESA(MILES
Efectivo y equivalente de efectivo 600,779
Deuda totyal financiera 1,039,980
Contingencias
VALOR PATRIMONIAL(Miles)
Nro de acciones
Valor por Acción
 2022
PRODUCCIÓN
Cervezas 13680
Gaseosas 1100
Aguas 1450
Maltas 130
  16360
PRECIO
Cervezas S/ 441.58
Gaseosas S/ 221.82
Aguas S/ 177.38
Maltas S/ 405.83
OTROS INGRESOS S/ 148,348.40
INGRESOS
Cervezas S/ 6,040,800.71
Gaseosas S/ 244,006.14
Aguas S/ 257,195.66
Maltas S/ 52,758.08
OTROS INGRESOS S/ 148,348.40
INGRESOS TOTALES S/ 6,743,109.00

CV%
Costo de ventas

UTILIDAD BRUTA S/ 6,743,109.00

GV%
Gastos de ventas

GA%
Gastos administrativos

IO%
Ingresos Operativos

GO%
Gastos operativos
EBIT

Impuesto efectivo

Dep/ingresos
Depreciación

Capex/Ingresos
Capex

PROMEDIO

CUENTAS POR COBRAR 72.6

CUENTAS POR PAGAR 411

INVENTARIOS 65.1

K TRABAJO
 2023(P) 2024(P) 2025(P)

13807 13935 14064

1100 1100 1100
1536 1628 1725
126 122 119
16573 16789 17008

S/ 450.41 S/ 459.42 S/ 468.61

S/ 226.26 S/ 230.79 S/ 235.40
S/ 180.92 S/ 184.54 S/ 188.23
S/ 413.95 S/ 422.23 S/ 430.67
S/ 171,940.70 S/ 199,284.96 S/ 230,977.86

S/ 6,218,768.39 S/ 6,401,979.17 S/ 6,590,587.50

S/ 248,886.27 S/ 253,863.99 S/ 258,941.27
S/ 277,963.57 S/ 300,408.43 S/ 324,665.65
S/ 52,232.35 S/ 51,711.85 S/ 51,196.54
S/ 171,940.70 S/ 199,284.96 S/ 230,977.86
S/ 6,969,791.27 S/ 7,207,248.39 S/ 7,456,368.82

-28.67% -28.67% -28.70%

S/ 1,998,212.21 S/ 2,066,118.12 S/ 2,139,685.81

S/ 6,969,791.27 S/ 7,207,248.39 S/ 7,456,368.82

-22.08% -21.63% -21.22%

S/ 1,539,056.15 S/ 1,559,065.21 S/ 1,582,563.89

-10.87% -10.86% -10.68%

S/ 757,306.42 S/ 782,790.79 S/ 796,503.19

2.16% 2.10% 2.06%

S/ 150,770.36 S/ 151,394.40 S/ 153,697.56

-1.31% -1.29% -1.30%

S/ 91,633.31 S/ 92,776.31 S/ 97,100.66
S/ 4,431,025.03 S/ 4,621,221.68 S/ 4,826,503.53

-31.39% -31.18% -31.09%

3.58% 3.50% 3.45%

249,395 252,110 257,394

4.44% 4.15% 3.91%

309,294 299,236 291,240

1,386,121 1,433,346 1,482,890

7,848,959 8,116,369 8,396,914

1,244,037 1,286,420 1,330,886

-5,218,801 -5,396,603 -5,583,138

-177,802 -186,535
 2026(P) 2027(P) 2028(P)

14195 14326 14459

1100 1100 1100
1828 1936 2052
115 112 109
17229 17453 17681

S/ 477.98 S/ 487.54 S/ 497.29

S/ 240.11 S/ 244.91 S/ 249.81
S/ 192.00 S/ 195.84 S/ 199.75
S/ 439.28 S/ 448.07 S/ 457.03
S/ 267,710.98 S/ 310,285.88 S/ 359,631.60

S/ 6,784,752.42 S/ 6,984,637.62 S/ 7,190,411.62

S/ 264,120.10 S/ 269,402.50 S/ 274,790.55
S/ 350,881.59 S/ 379,214.39 S/ 409,835.00
S/ 50,686.36 S/ 50,181.27 S/ 49,681.21
S/ 267,710.98 S/ 310,285.88 S/ 359,631.60
S/ 7,718,151.44 S/ 7,993,721.66 S/ 8,284,349.98

-28.70% -28.71% -28.73%

S/ 2,215,428.92 S/ 2,295,343.22 S/ 2,380,101.05

S/ 7,718,151.44 S/ 7,993,721.66 S/ 8,284,349.98

-20.74% -20.50% -20.25%

S/ 1,601,121.61 S/ 1,638,761.31 S/ 1,677,627.77

-10.52% -9.62% -9.51%

S/ 812,297.33 S/ 769,217.00 S/ 788,247.73

1.80% 1.87% 1.93%

S/ 139,026.64 S/ 149,223.56 S/ 160,073.11

-1.31% -1.13% -1.13%

S/ 101,254.67 S/ 90,114.91 S/ 93,232.56
S/ 5,064,451.19 S/ 5,346,404.88 S/ 5,565,168.82

-31.15% -31.31% -30.80%

3.36% 3.23% 3.11%

259,030 258,198 257,695

3.73% 3.73% 3.74%

287,829 298,135 309,669

1,534,952 1,589,756 1,647,555

8,691,718 9,002,048 9,329,336

1,377,611 1,426,798 1,478,672

-5,779,154 -5,985,494 -6,203,109

-196,016 -206,340 -217,615

 2029(P) 2030(P) 2031(P)

14593 14729 14865

1100 1100 1100
2174 2303 2441
106 102 99
17911 18144 18380

S/ 507.24 S/ 517.38 S/ 527.73

S/ 254.81 S/ 259.90 S/ 265.10
S/ 203.75 S/ 207.82 S/ 211.98
S/ 466.17 S/ 475.50 S/ 485.01
S/ 416,824.92 S/ 483,113.87 S/ 559,944.96

S/ 7,402,247.92 S/ 7,620,325.12 S/ 7,844,827.07

S/ 280,286.36 S/ 285,892.09 S/ 291,609.93
S/ 442,928.15 S/ 478,693.48 S/ 517,346.78
S/ 49,186.14 S/ 48,695.99 S/ 48,210.73
S/ 416,824.92 S/ 483,113.87 S/ 559,944.96
S/ 8,591,473.48 S/ 8,916,720.55 S/ 9,261,939.47

-28.89% -29.21% -29.47%

S/ 2,482,283.19 S/ 2,604,216.83 S/ 2,729,782.70

S/ 8,591,473.48 S/ 8,916,720.55 S/ 9,261,939.47

-20.11% -20.38% -20.73%

S/ 1,727,521.66 S/ 1,817,253.00 S/ 1,919,569.74

-9.64% -9.96% -10.06%

S/ 828,376.84 S/ 887,857.10 S/ 932,155.24

1.97% 2.12% 2.15%

S/ 168,873.06 S/ 189,330.38 S/ 199,124.06

-1.13% -1.13% -1.17%

S/ 97,485.12 S/ 100,669.17 S/ 108,658.30
S/ 5,769,216.80 S/ 5,921,610.89 S/ 6,102,432.13

-30.75% -30.83% -30.88%

3.06% 2.99% 2.90%

262,886 266,899 268,546

3.62% 3.83% 3.76%

311,434 341,895 348,048

1,708,634 1,773,318 1,841,974

9,675,200 10,041,474 10,430,239

1,533,490 1,591,544 1,653,162

-6,433,075 -6,676,612 -6,935,103

-229,966 -243,537 -258,491

 2032(P)

15003 0.93%
1100 0.00%
2586 5.96%
96 -2.94% 1.05%
18620 1.30%

S/ 538.28 5.19%
S/ 270.40 6.04%
S/ 216.22 4.92%
S/ 494.71 6.34%
S/ 648,994.73 15.90%

S/ 8,075,943.07
S/ 297,442.13
S/ 559,121.23
S/ 47,730.31
S/ 648,994.73
S/ 9,629,231.46 4%

-29.34%
S/ 2,825,639.82

S/ 9,629,231.46

-20.71%
S/ 1,993,837.38

-10.26%
S/ 987,646.42

2.03%
S/ 195,291.41

-1.22%
S/ 117,808.45
S/ 6,334,647.81

-30.87%

2.56%
246,658

3.31%
318,482

1,915,019

10,843,861

1,718,720

-7,210,122

-275,019
 DEPRECIACION HISTORICA
PERIODO DEPRECIACION(CV+CVyD.+GA)
2022 290,435
2021 263,605
2020 250,848
2019 236,929
2018 260,716
2017 264,016
2016 245,945
2015 209,834
2014 222,223
2013 222,027
2012 182,430
CAPEX HISTORICO
PERIODO CAPEX
2022 377,614
2021 329,588
2020 220,052
2019 302,608
2018 240,465
2017 225,990
2016 315,121
2015 363,203
2014 409,003
2013 401,174
2012 482,903

Industry Name Number of firms Beta

Utility (Water) 104 0.74

Industry Name (USA) Number of firms Beta

UTILITY WATER 104 0.74

Reapalancar beta
Deuda (000) S/ 1,039,980
MKT cap (000) S/ 30,155,185.31
D/E 3.45%
Tasa imponible 30.0%
Beta desapalancada 0.45623
Beta re apalancada 0.4672

Beta de Comparables

Empresa País Beta

Anheuser-Bush inbev Belgica 1.27
Heineken N.V Paises Bajos 0.79

The boston beer company

USA 0.64
Ambev Brazil 0.74
Compañía cervecerias
unidas S.A Chile 0.72

Beta Cualitativo

25% N
10% O
10% D
5% E
15% R
5% F
15% E
5% L
5% A
2% S
3% E
100%
TORICA
DEP/ INGRESOS. 350,000 7.00%
4.31% 300,000 6.00%
5.81%
4.48% 5.26% 5.31% 5.32% 5.55%
250,000 4.88% 5.00%
5.81% 4.48% 4.68% 4.76%
4.31% 4.15%
4.15% 200,000 4.00%
4.88% 150,000 3.00%
5.26%
100,000 2.00%
5.31%
4.68% 50,000 1.00%
5.32% 0 0.00%
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
5.55%
4.76% DEPRECIACION(CV+CVyD.+GA) DEP/ INGRESOS.
CO
CAPEX/INGRESOS
5.60%
5.60%
5.10%
5.30%
4.50%
4.50%
6.80%
8.10%
9.80%
10.02%
12.60%

Unlevered
beta
Effective Cash/Firm corrected
D/E Ratio Tax rate Unlevered beta value for cash HiLo Risk
82.68% 12.89% 0.46 6.08% 0.49 0.2917

Effective
D/E Ratio Unlevered beta
Tax rate
82.7% 12.9% 0.46
 D /E T Beta Desapalancado
0.7 26.00% 0.84
0.346 27.00% 0.63

0.006 26.00% 0.63

0.019 20.00% 0.72

1.168 24.00% 0.38

Mediana 0.63

Bajo Normal Notable Alto Muy Alto

1 2 3 4 5
Negocio: sector /producto…
Apalancamiento operativo 3
Directivos 3
Exposición a otros riesgos (divisas. 2
Riesgo País 2
Flujos. Estabilidad 3
Endeudamiento asignado 3
Liquidez de la inversión 3
Acceso a fuentes de fondos 4
Socios 4
Estrategia 3

Beta de los recursos 2.12 x 0.5 = 1.06

 7.00%

6.00%
5.32% 5.55%
5.00% 600,000
4.68% 4.76%
4.00%
500,000
3.00%

2.00%
400,000
1.00%
8.10%
0.00% 300,000 6.80%
2015 2014 2013 2012
INGRESOS. 5.60% 5.60% 5.30%
5.10%
200,000 4.50% 4.50%

100,000

0
2022 2021 2020 2019 2018 2017 2016 2015

CAPEX CAPEX/INGRESOS

Unlevered beta corrected for cash - Over time

Standard
deviation in
operating
Standard income
deviation of (last 10 Average
equity years) 2019 2020 2021 2022 (2019-23)
35.89% 18.51% 0.65 0.69 2.37 0.51 0.94
Riesgo Ponderado

0.00
0.30
0.30
0.10
0.30
0.15
0.45
0.15
0.20
0.08
0.09
2.12
 14.00%

12.60%
12.00%

9.80% 10.02% 10.00%

8.10% 8.00%
6.80%
6.00%

4.50%
4.00%

2.00%

0.00%
017 2016 2015 2014 2013 2012

CAPEX/INGRESOS
 CALCULO DEL WACC
A. Tasa libre de riesgo 3.46% Bono soberano de eeuu a 10 años
B.Beta 0.63 Empresas comparables (5 años)
C. Prima de riesgo de mercado 5.06% Prom geometrico de LP -damodaran
D. Costo nominal del capital US$ 6.65% D= A+(B X C)
E. Inflación esperada EEUU 1.9% Prom 23 años-US Bureau of labor statistics
F. Inflacion esperada Perú 2.10% Prom 23 años-Dentro del rango meta BCRP
G.Riesgo país 1.32% EMBIG
H Costo nominal del capital en S/ 8.18% H=((1+D)/(1+E)*(1+F)-1)+G
I. Costo nominal de la deuda en s/ 7.50%
J.Deuda/Capital+deuda 9.9%
NOTAS EEFF
K. Capital / deuda+ Capital 90%
L. Tasa impositiva tributaria 31.39%
M. WACC 7.88% M= H*K+I*J*(1-L)

9.90%
de eeuu a 10 años
arables (5 años)
o de LP -damodaran

S Bureau of labor statistics

entro del rango meta BCRP

NOTAS EEFF
 2012 2013 2014 2015 2016
Impuesto -423,447 -446,516 -413,119 -494,607 -442,602
U. antes de T 1,314,229 1,389,159 1,357,027 1,683,434 1,198,594
Tasa efectiva -32.22% -32.14% -30.44% -29.38% -36.93%

IR 30.00% 30.00% 30.00% 30.00% 30.00%

Desv. 62.22% 62.14% 60.44% 59.38% 66.93%

-11.0% -11.2% -9.9% -11.0% -9.6%

 2017 2018 2019 2020 2021 2022
-632,595 -786,826 -869,961 -545,989 -742,317 -787,254.000
2,022,876 2,627,616 2,881,432 1,756,811 2,451,091.0 2,634,530.0
-31.27% -29.94% -30.19% -31.08% -30.29% -29.88%

30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

61.27% 59.94% 60.19% 61.08% 60.29% 59.88%

-12.6% -14.7% -15.2% -12.7% -12.6% -11.7%

 2023

-31.39% -31.18% -31.09% -31.15% -31.31% -30.80% -30.75% -30.83%

-30.88% -30.87%
 COMPANY BACKUS TICKET BACKUSI1
PRICE 25.5 EPS 1.36

COMPANY PER PRICE/SALES PRICE/BOOK

BACKUS
19.32 2.86 0.72

Anheuser-Bush inbev
16.17 1.83 1.28

Heineken N.V
24.13 1.9 2.79

Compañía cervecerias unidas S.A 20.17 0.91 1.88

Mediana 19.745 1.865 1.58

INDICATOR Value
Sales 8.91608391608392
Book 35.4166666666667
Ebitda/#shares 1.40418502202643

RATIO Price
PE Ratio 26.8532
Price/Sales 16.6284965034965
Price/Book 55.9583333333333
Enterprise Value/EBITDA 19.2794603524229
PRICE
PRICE/BOOK ENTERPRICE VALUE/EBITDA

0.72 18.16

1.28 16.19

2.79 11.27

1.88 6.52

1.58 13.73

WEIGHT WEIGHT VALUE

25% 6.7133
25% 4.15712412587413
25% 13.9895833333333
25% 4.81986508810573
29.6798725473132
ESTADO DE SITUACION FINANCIERA / STATEMENT OF FINANCIAL POSITION
Activos
Activos Corrientes
Efectivo y Equivalentes al Efectivo
Otros Activos Financieros
Cuentas por Cobrar Comerciales y Otras Cuentas por Cobrar
Cuentas por Cobrar Comerciales
Cuentas por Cobrar a Entidades Relacionadas
Otras Cuentas por Cobrar
Anticipos
Inventarios
Activos Biológicos
Activos por Impuestos a las Ganancias
Otros Activos no Financieros
Activos Corrientes Distintos al Efectivo Pignorados como Garantía Colateral
Total Activos Corrientes Distintos de los Activos no Corrientes o Grupos de Activos para su
Disposición Clasificados como Mantenidos para la Venta o para Distribuir a los Propietarios
Activos no Corrientes o Grupos de Activos para su Disposición Clasificados como Mantenidos para
la Venta
Activos no Corrientes o Grupos de Activos para su Disposición Clasificados como Mantenidos para
la Venta o como Mantenidos para Distribuir a los Propietarios
Activos no Corrientes o Grupos de Activos para su Disposición Clasificados como Mantenidos para
Distribuir a los Propietarios
Total Activos Corrientes
Activos No Corrientes
Otros Activos Financieros
Inversiones Contabilizadas Aplicando el Método de la Participación
Cuentas por Cobrar Comerciales y Otras Cuentas por Cobrar
Cuentas por Cobrar Comerciales
Cuentas por Cobrar a Entidades Relacionadas
Otras Cuentas por Cobrar
Anticipos
Inventarios
Activos Biológicos
Propiedades de Inversión
Propiedades, Planta y Equipo
Activos Intangibles Distintos de la Plusvalía
Activos por Impuestos Diferidos
Activos por Impuestos Corrientes, no Corrientes
Plusvalía
Otros Activos no Financieros
Activos no Corrientes Distintos al Efectivo Pignorados como Garantía Colateral
Total Activos No Corrientes
TOTAL ACTIVOS
Pasivos y Patrimonio
Pasivos Corrientes
Otros Pasivos Financieros
Cuentas por Pagar Comerciales y Otras Cuentas por Pagar
Cuentas por Pagar Comerciales
Cuentas por Pagar a Entidades Relacionadas
Otras Cuentas por Pagar
Ingresos Diferidos
Provisión por Beneficios a los Empleados
Otras Provisiones
Pasivos por Impuestos a las Ganancias
Otros Pasivos no Financieros
Total Pasivos Corrientes Distintos de Pasivos Incluidos en Grupos de Activos para su Disposición
Clasificados como Mantenidos para la Venta
Pasivos incluidos en Grupos de Activos para su Disposición Clasificados como Mantenidos para la
Venta
Total Pasivos Corrientes
Pasivos No Corrientes
Otros Pasivos Financieros
Cuentas por Pagar Comerciales y Otras Cuentas por Pagar
Cuentas por Pagar Comerciales
Cuentas por Pagar a Entidades Relacionadas
Otras Cuentas por Pagar
Ingresos Diferidos
Provisión por Beneficios a los Empleados
Otras Provisiones
Pasivos por Impuestos Diferidos
Pasivos por Impuestos Corrientes, no Corriente
Otros Pasivos no Financieros
Total Pasivos No Corrientes
Total Pasivos
Patrimonio
Capital Emitido
Primas de Emisión
Acciones de Inversión
Acciones Propias en Cartera
Otras Reservas de Capital
Resultados Acumulados
Otras Reservas de Patrimonio
Patrimonio Atribuible a los Propietarios de la Controladora
Participaciones no Controladoras
Total Patrimonio
TOTAL PASIVOS Y PATRIMONIO

ESTADO DE RESULTADOS / INCOME STATEMENT

Ingresos de actividades ordinarias
Costo de Ventas
Ganancia (Pérdida) Bruta
Gastos de Ventas y Distribución
Gastos de Administración
Ganancia (Pérdida) de la baja en Activos Financieros medidos al Costo Amortizado
Otros Ingresos Operativos
Otros Gastos Operativos
Otras ganancias (pérdidas)
Ganancia (Pérdida) por actividades de operación
Ingresos Financieros
Gastos Financieros
Diferencias de Cambio neto
Participación en los Resultados Netos de Asociadas y Negocios Conjuntos Contabilizados por el Método de
la Participación
Ganancias (Pérdidas) que surgen de la Diferencia entre el Valor Libro Anterior y el Valor Justo de Activos
Financieros Reclasificados Medidos a Valor Razonable
Diferencia entre el importe en libros de los activos distribuidos y el importe en libros del dividendo a pagar

Resultado antes de Impuesto a las Ganancias

Gasto por Impuesto a las Ganancias
Ganancia (Pérdida) Neta de Operaciones Continuadas
Ganancia (pérdida) procedente de operaciones discontinuadas, neta del impuesto a las ganancias
Ganancia (Pérdida) Neta del Ejercicio
Ganancia (Pérdida) Neta atribuible a:
Propietarios de la Controladora
Participaciones no Controladoras
Ganancias (Pérdida) por Acción:
Ganancias (pérdida) básica por acción:
Básica por acción ordinaria en operaciones continuadas
Básica por acción ordinaria en operaciones discontinuadas
Ganancias (pérdida) básica por acción ordinaria
Básica por Acción de Inversión en Operaciones Continuadas
Básica por Acción de Inversión en Operaciones Discontinuadas
Ganancias (Pérdida) Básica por Acción Inversión
Ganancias (pérdida) diluida por acción:
Diluida por acción ordinaria en operaciones continuadas
Diluida por acción ordinaria en operaciones discontinuadas
Ganancias (pérdida) diluida por acción ordinaria
Diluida por Acción de Inversión en Operaciones Continuadas
Diluida por Acción de Inversión en Operaciones Discontinuadas
Ganancias (Pérdida) Diluida por Acción Inversión
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016

135,080.00 148,036.00 142,956.00 357,732.00 577,125.00

0 0 0 0 0
363,175.00 387,731.00 351,042.00 379,189.00 274,163.00
296,522.00 328,139.00 285,970.00 281,881.00 231,816.00
12,324.00 3,597.00 5,339.00 2,380.00 2,380.00
33,581.00 34,263.00 24,748.00 66,739.00 25,837.00
20,748.00 21,732.00 34,985.00 28,189.00 14,130.00
211,505.00 223,260.00 197,235.00 189,972.00 184,720.00
0 0 0 0 0
0 0 0 0 0
0 5,171.00 0 0 0
0 0 0
709,760.00 764,198.00 691,233.00 926,893.00 1,036,008.00

18,180.00 18,180.00 18,180.00

18,180.00 18,180.00 18,180.00 0 0

0 0 0

727,940 782,378 709,413 926,893 1,036,008

4,634.00 5,065.00 5,198.00 5,609.00 5,143.00

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0
0 12,227.00 18,523.00 20,760.00 25,174.00
13,490.00 13,351.00 13,213.00 13,131.00 12,990.00
2,143,920.00 2,265,261.00 2,402,193.00 2,464,479.00 2,425,930.00
266,684.00 284,602.00 286,030.00 295,224.00 204,875.00
0 0 0 0 0
0 0
349,845.00 349,845.00 349,845.00 349,845.00 349,845.00
0 0 0 0 0
 0 0
2,778,573.00 2,930,351.00 3,075,002.00 3,149,048.00 3,023,957.00
3,506,513.00 3,712,729.00 3,784,415.00 4,075,941.00 4,059,965.00

115,539.00 128,740.00 125,649.00 133,155.00 295,726.00

855,045.00 899,669.00 993,909.00 1,163,473.00 1,159,252.00
352,270.00 361,174.00 438,516.00 432,559.00 469,184.00
474,240.00 518,469.00 529,383.00 109,631.00 91,962.00
28,535.00 20,026.00 26,010.00 621,283.00 598,106.00
0 0 0 0 0
11,403.00 1,286.00 2,342.00 2,524.00 3,917.00
14,907.00 32,620.00 11,917.00 10,566.00 248,618.00
118,833.00 90,050.00 46,203.00 73,189.00 56,926.00
17,712.00 0 0 0 13,516.00
1,133,439.00 1,152,365.00 1,180,020.00 1,382,907.00 1,777,955.00

0 0 0 0 0

1,133,439.00 1,152,365.00 1,180,020.00 1,382,907.00 1,777,955.00

134,119.00 318,504.00 365,176.00 377,575.00 118,451.00

185,899.00 149,470.00 137,885.00 134,354.00 157,101.00
0 0 0 0 0
0 0 0 0 0
185,899.00 149,470.00 137,885.00 134,354.00 157,101.00
0 0 0 0 0
28,693.00 31,702.00 33,272.00 36,109.00 29,278.00
0 0 0 0 0
242,121.00 239,971.00 210,083.00 217,961.00 201,160.00
0 0 0 0 0
0 0 0 0 0
590,832.00 739,647.00 746,416.00 765,999.00 505,990.00
1,724,271.00 1,892,012.00 1,926,436.00 2,148,906.00 2,283,945.00

780,722.00 780,722.00 780,722.00 780,722.00 780,722.00

25,741.00 36,344.00 47,367.00 51,902.00 64,685.00
569,515.00 569,515.00 569,515.00 569,515.00 569,515.00
-1,737.00 -1,737.00 -1,737.00 -1,737.00 -1,737.00
243,911.00 243,883.00 243,919.00 244,184.00 243,900.00
163,406.00 170,984.00 188,895.00 256,522.00 105,835.00
-10,351.00 7,577.00 16,053.00 12,798.00 -3,310.00
1,771,207.00 1,807,288.00 1,844,734.00 1,913,906.00 1,759,610.00
 11,035.00 13,429.00 13,245.00 13,129.00 16,410.00
1,782,242.00 1,820,717.00 1,857,979.00 1,927,035.00 1,776,020.00
3,506,513.00 3,712,729.00 3,784,415.00 4,075,941.00 4,059,965.00

12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016

3,832,562.00 4,003,734.00 4,173,505.00 4,483,993.00 4,634,129.00
-1,099,696.00 -1,136,301.00 -1,193,066.00 -1,282,163.00 -1,322,882.00
2,732,866.00 2,867,433.00 2,980,439.00 3,201,830.00 3,311,247.00
-1,018,728.00 -1,047,282.00 -1,102,903.00 -1,061,232.00 -1,077,216.00
-402,715.00 -436,787.00 -527,986.00 -549,692.00 -905,598.00
0 0 0 0 0
63,392.00 111,677.00 104,067.00 209,011.00 53,137.00
-56,305.00 -63,631.00 -47,469.00 -54,065.00 -146,333.00
0 0 0 0 0
1,318,510.00 1,431,410.00 1,406,148.00 1,745,852.00 1,235,237.00
11,564.00 1,914.00 1,372.00 3,201.00 5,262.00
-15,845.00 -26,289.00 -36,972.00 -39,025.00 -41,224.00
0 -17,876.00 -13,521.00 -26,594.00 -681.00
0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

1,314,229.00 1,389,159.00 1,357,027.00 1,683,434.00 1,198,594.00

-423,447.00 -446,516.00 -413,119.00 -494,607.00 -442,602.00
890,782.00 942,643.00 943,908.00 1,188,827.00 755,992.00
0 0 0 0
890,782.00 942,643.00 943,908.00 1,188,827.00 755,992.00

885,790.00 934,725.00 935,089.00 1,179,481.00 746,792.00

4,992.00 7,918.00 8,819.00 9,346.00 9,200.00

0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
 0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0

Estado Financiero
Anual Consolidado del
Año 2015 (En miles de
nuevos soles)
12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021

1,337,171.00 708,030.00 561,469 532,231 600,779

0 0
710,700.00 1,482,542.00 2,150,008 2,585,661 1,027,231
295,589.00 224,868.00 198,501 116,837 136,380
373,242.00 1,230,644.00 1,916,139 2,403,171 834,933
33,914.00 19,422.00 27,553 24,281 27,954
7,955.00 7,608.00 7,815 41,372 27,964
213,926.00 231,786.00 257,126 293,804 449,083
0 0
0 0
0 35,389.00
0 0 16,332 49,461
2,261,797.00 2,457,747.00 2,968,603 3,428,028 2,126,554

0 0

2,261,797 2,457,747 2,968,603 3,428,028 2,126,554

7,068.00 7,058.00 7,815 6,469 6,466

0 0 747
0 0
0 0
0 0
0 0
0 0
0 0
26,446.00 28,120.00 21,859
12,851.00 9,301.00 9,227 9,154 9,081
2,360,016.00 2,310,331.00 2,296,392 2,222,922 2,428,512
186,624.00 171,458.00 163,325 146,428 2,300,827
0 0
0 0
349,845.00 349,845.00 349,845 349,845 1,716,545
0 0
 0 0
2,942,850.00 2,876,113.00 2,848,463 2,734,818 6,462,178
5,204,647.00 5,333,860.00 5,817,066 6,162,846 8,588,732

28,597.00 23,400.00 27,333 17,846 959,874

2,259,618.00 1,874,093.00 2,145,428 2,000,938 2,213,557
783,534.00 1,014,222.00 1,263,698 1,328,398 1,251,620
811,108.00 207,039.00 228,283 134,670 182,105
664,976.00 652,832.00
0 0
3,999.00 3,772.00 4,458 5,259 2,757
247,736.00 2,385.00 24,361 172,900 187,721
207,770.00 466,221.00 704,907 478,028 596,784
10,068.00 0 15,918 15,486
2,757,788.00 2,369,871.00 2,922,405 2,674,971 3,976,179

0 0

2,757,788.00 2,369,871.00 2,922,405 2,674,971 3,976,179

93,716.00 70,990.00 63,369 52,641 80,106

165,435.00 180,606.00 223,954 225,766 247,522
0 0
0 0
165,435.00 180,606.00
0 0
30,771.00 30,672.00 35,423 36,699 25,437
0 245,014.00 231,654 75,283 38,235
218,974.00 211,561.00 190,488 190,415 884,941
0 0
0 0
508,896.00 738,843.00 744,888 580,804 1,276,241
3,266,684.00 3,108,714.00 3,667,293 3,255,775 5,252,420

780,722.00 780,722.00 780,722 780,722 780,722

64,685.00 64,685.00 64,685 64,685 69,139
569,515.00 569,515.00 569,515 569,515 569,515
-1,737.00 -1,737.00 -1,737 -1,737 -2,046
243,967.00 244,686.00 243,782 243,782 247,057
264,364.00 501,316.00 482,728 1,202,396 1,606,323
492 44,820.00 -10,548 17,735 26,294
1,922,008.00 2,204,007.00 2,129,147 2,877,098 3,297,004
 15,955.00 21,139.00 20,626 29,973 39,308
1,937,963.00 2,225,146.00 2,149,773 2,907,071 3,336,312
5,204,647.00 5,333,860.00 5,817,066 6,162,846 8,588,732

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

5,022,009.00 5,343,674.00 5,709,588 4,314,745 5,885,493
-1,360,521.00 -1,367,670.00 -1,497,118 -1,315,706 -2,030,170
3,661,488.00 3,976,004.00 4,212,470 2,999,039 3,855,323
-1,101,442.00 -936,302.00 -951,029 -887,669 -1,062,762
-537,425.00 -440,609.00 -370,448 -383,397 -479,107
0 0
60,867.00 85,429.00 22,170.00 80,139.00 198,223
-57,576.00 -55,186.00 -68,028.00 -29,652.00 -39,457.00
7134 0 -7420 -5411
2,033,046.00 2,629,336.00 2,837,715.00 1,773,049.00 2,472,220.00
10,560.00 26,580.00 52,162 21,611 41,293
-24,988.00 -19,355.00 -19,861.00 -18,765.00 -22,393
4,258.00 -8,945.00 11,416.00 -19,084.00 -40,029
0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

2,022,876.00 2,627,616.00 2,881,432 1,756,811 2,451,091

-632,595.00 -786,826.00 -869,961 -545,989 -742,317
1,390,281.00 1,840,790.00 2,011,471 1,210,822 1,708,774

1,390,281.00 1,840,790.00 2,011,471 1,210,822 1,708,774

1,376,742.00 1,819,241.00 1,988,403 1,193,988 1,682,898

13,539.00 21,549.00 23,068 16,834 25,876

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
 ANALISIS VERTIC
12/31/2022 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016

878,061.00 3.85% 3.99% 3.78% 8.78% 14.22%

0.00% 0.00% 0.00% 0.00% 0.00%
3,247,570.00 10.36% 10.44% 9.28% 9.30% 6.75%
93,083.00 8.46% 8.84% 7.56% 6.92% 5.71%
3,079,081.00 0.35% 0.10% 0.14% 0.06% 0.06%
49,384.00 0.96% 0.92% 0.65% 1.64% 0.64%
26,022.00 0.59% 0.59% 0.92% 0.69% 0.35%
640,026.00 6.03% 6.01% 5.21% 4.66% 4.55%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
54776 0.00% 0.14% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
4,820,433
20.24% 20.58% 18.27% 22.74% 25.52%

0.52% 0.49% 0.48% 0.00% 0.00%

0.52% 0.49% 0.48% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00%

4,820,433 20.76% 21.07% 18.75% 22.74% 25.52%
0.00% 0.00% 0.00% 0.00% 0.00%
6,650 0.13% 0.14% 0.14% 0.14% 0.13%
747 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.33% 0.49% 0.51% 0.62%
9,007 0.38% 0.36% 0.35% 0.32% 0.32%
2,543,035.00 61.14% 61.01% 63.48% 60.46% 59.75%
2,291,726.00 7.61% 7.67% 7.56% 7.24% 5.05%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
1,716,545 9.98% 9.42% 9.24% 8.58% 8.62%
0.00% 0.00% 0.00% 0.00% 0.00%
 0.00% 0.00% 0.00% 0.00% 0.00%
6,567,710 79.24% 78.93% 81.25% 77.26% 74.48%
11,388,143 100.00% 100.00% 100.00% 100.00% 100.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
458,267 3.29% 3.47% 3.32% 3.27% 7.28%
3,724,475 24.38% 24.23% 26.26% 28.54% 28.55%
1,494,033.00 10.05% 9.73% 11.59% 10.61% 11.56%
1,469,157 13.52% 13.96% 13.99% 2.69% 2.27%
0.81% 0.54% 0.69% 15.24% 14.73%
0.00% 0.00% 0.00% 0.00% 0.00%
5,064.00 0.33% 0.03% 0.06% 0.06% 0.10%
164,935 0.43% 0.88% 0.31% 0.26% 6.12%
700,504.00 3.39% 2.43% 1.22% 1.80% 1.40%
30,008.00 0.51% 0.00% 0.00% 0.00% 0.33%
5,083,253.00
32.32% 31.04% 31.18% 33.93% 43.79%

0.00% 0.00% 0.00% 0.00% 0.00%

5,083,253 32.32% 31.04% 31.18% 33.93% 43.79%
0.00% 0.00% 0.00% 0.00% 0.00%
90,226 3.82% 8.58% 9.65% 9.26% 2.92%
271,534 5.30% 4.03% 3.64% 3.30% 3.87%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
5.30% 4.03% 3.64% 3.30% 3.87%
0.00% 0.00% 0.00% 0.00% 0.00%
24,975.00 0.82% 0.85% 0.88% 0.89% 0.72%
1,716,545 0.00% 0.00% 0.00% 0.00% 0.00%
887,198.00 6.90% 6.46% 5.55% 5.35% 4.95%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
1,315,373 16.85% 19.92% 19.72% 18.79% 12.46%
6,398,626 49.17% 50.96% 50.90% 52.72% 56.26%
0.00% 0.00% 0.00% 0.00% 0.00%
780,722 22.26% 21.03% 20.63% 19.15% 19.23%
69,139 0.73% 0.98% 1.25% 1.27% 1.59%
569,515.00 16.24% 15.34% 15.05% 13.97% 14.03%
-2,046.00 -0.05% -0.05% -0.05% -0.04% -0.04%
250,850.00 6.96% 6.57% 6.45% 5.99% 6.01%
3,315,452.00 4.66% 4.61% 4.99% 6.29% 2.61%
-32,098.00 -0.30% 0.20% 0.42% 0.31% -0.08%
4,951,534.00 50.51% 48.68% 48.75% 46.96% 43.34%
 37,983.00 0.31% 0.36% 0.35% 0.32% 0.40%
4,989,517 50.83% 49.04% 49.10% 47.28% 43.74%
11,388,143 100.00% 100.00% 100.00% 100.00% 100.00%

ANALISIS
12/31/2022 12/31/2012 12/31/2013 12/31/2014 12/31/2015
6,743,109 100.00% 100.00% 100.00% 100.00%
-1,807,385 -28.69% -28.38% -28.59% -28.59%
3,018,724 71.31% 71.62% 71.41% 71.41%
-841,819 -26.58% -26.16% -26.43% -23.67%
-272,923 -10.51% -10.91% -12.65% -12.26%
0.00% 0.00% 0.00% 0.00%
106,899 1.65% 2.79% 2.49% 4.66%
-47,751 -1.47% -1.59% -1.14% -1.21%
-458 0.00% 0.00% 0.00% 0.00%
1,962,677.00 34.40% 35.75% 33.69% 38.94%
109,823 0.30% 0.05% 0.03% 0.07%
-147,692 -0.41% 0.00% -0.89% -0.87%
-52,888 0.00% -0.45% -0.32% -0.59%

0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%

2,634,530 34.29% 34.70% 32.52% 37.54%
-787,254 -11.05% -11.15% -9.90% -11.03%
1,847,270 23.24% 23.54% 22.62% 26.51%
0.00% 0.00% 0.00% 0.00%
1,847,270 23.24% 23.54% 22.62% 26.51%
0.00% 0.00% 0.00% 0.00%
1,138,314 23.11% 23.35% 22.41% 26.30%
16,546 0.13% 0.20% 0.21% 0.21%
0.00% 0.00% 0.00% 0.00%

0
0
0
0
0 INTEGRANTES
0

JUAN CORDOVA BETSI

RUPAY
0
JUAN CORDOVA BETSI
0
RUPAY
0
0
0
0
ANALISIS VERTICAL
12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 1/1/2022

25.69% 13.27% 9.65% 8.64% 6.99% 7.71%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
13.66% 27.79% 36.96% 41.96% 11.96% 28.52%
5.68% 4.22% 3.41% 1.90% 1.59% 0.82%
7.17% 23.07% 32.94% 38.99% 9.72% 27.04%
0.65% 0.36% 0.47% 0.39% 0.33% 0.43%
0.15% 0.14% 0.13% 0.67% 0.33% 0.23%
4.11% 4.35% 4.42% 4.77% 5.23% 5.62%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.66% 0.00% 0.00% 0.00% 0.48%
0.00% 0.00% 0.00% 0.27% 0.58% 0.00%

43.46% 46.08% 51.03% 55.62% 24.76% 42.33%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

43.46% 46.08% 51.03% 55.62% 24.76% 42.33%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.14% 0.13% 0.13% 0.10% 0.08% 0.06%
0.00% 0.00% 0.00% 0.00% 0.01% 0.01%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.51% 0.53% 0.38% 0.00% 0.00% 0.00%
0.25% 0.17% 0.16% 0.15% 0.11% 0.08%
45.34% 43.31% 39.48% 36.07% 28.28% 22.33%
3.59% 3.21% 2.81% 2.38% 26.79% 20.12%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
6.72% 6.56% 6.01% 5.68% 19.99% 15.07%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
56.54% 53.92% 48.97% 44.38% 75.24% 57.67%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.55% 0.44% 0.47% 0.29% 11.18% 4.02%
43.42% 35.14% 36.88% 32.47% 25.77% 32.70%
15.05% 19.01% 21.72% 21.55% 14.57% 13.12%
15.58% 3.88% 3.92% 2.19% 2.12% 12.90%
12.78% 12.24% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.08% 0.07% 0.08% 0.09% 0.03% 0.04%
4.76% 0.04% 0.42% 2.81% 2.19% 1.45%
3.99% 8.74% 12.12% 7.76% 6.95% 6.15%
0.19% 0.00% 0.27% 0.00% 0.18% 0.26%

52.99% 44.43% 50.24% 43.40% 46.30% 44.64%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

52.99% 44.43% 50.24% 43.40% 46.30% 44.64%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
1.80% 1.33% 1.09% 0.85% 0.93% 0.79%
3.18% 3.39% 3.85% 3.66% 2.88% 2.38%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
3.18% 3.39% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.59% 0.58% 0.61% 0.60% 0.30% 0.22%
0.00% 4.59% 3.98% 1.22% 0.45% 15.07%
4.21% 3.97% 3.27% 3.09% 10.30% 7.79%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
9.78% 13.85% 12.81% 9.42% 14.86% 11.55%
62.76% 58.28% 63.04% 52.83% 61.15% 56.19%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
15.00% 14.64% 13.42% 12.67% 9.09% 6.86%
1.24% 1.21% 1.11% 1.05% 0.80% 0.61%
10.94% 10.68% 9.79% 9.24% 6.63% 5.00%
-0.03% -0.03% -0.03% -0.03% -0.02% -0.02%
4.69% 4.59% 4.19% 3.96% 2.88% 2.20%
5.08% 9.40% 8.30% 19.51% 18.70% 29.11%
0.01% 0.84% -0.18% 0.29% 0.31% -0.28%
36.93% 41.32% 36.60% 46.68% 38.39% 43.48%
 0.31% 0.40% 0.35% 0.49% 0.46% 0.33%
37.24% 41.72% 36.96% 47.17% 38.85% 43.81%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

ANALISIS VERTICAL
12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
-28.55% -27.09% -25.59% -26.22% -30.49% -34.49%
71.45% 72.91% 74.41% 73.78% 69.51% 65.51%
-23.25% -21.93% -17.52% -16.66% -20.57% -18.06%
-19.54% -10.70% -8.25% -6.49% -8.89% -8.14%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
1.15% 1.21% 1.60% 0.39% 1.86% 3.37%
-3.16% -1.15% -1.03% -1.19% -0.69% -0.67%
0.00% 0.14% 0.00% -0.13% -0.13% 0.00%
26.66% 40.48% 49.20% 49.70% 41.09% 42.01%
0.11% 0.21% 0.50% 0.91% 0.50% 0.70%
-0.89% -0.50% -0.36% -0.35% -0.43% -0.38%
-0.01% 0.08% -0.17% 0.20% -0.44% -0.68%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

25.86% 40.28% 49.17% 50.47% 40.72% 41.65%
-9.55% -12.60% -14.72% -15.24% -12.65% -12.61%
16.31% 27.68% 34.45% 35.23% 28.06% 29.03%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
16.31% 27.68% 34.45% 35.23% 28.06% 29.03%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
16.12% 27.41% 34.04% 34.83% 27.67% 28.59%
0.20% 0.27% 0.40% 0.40% 0.39% 0.44%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
 ANALISIS HORIZONTAL
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016

9.59% -3.43% 150.24% 61.33%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!
6.76% -9.46% 8.02% -27.70%
10.66% -12.85% -1.43% -17.76%
-70.81% 48.43% -55.42% 0.00%
2.03% -27.77% 169.67% -61.29%
4.74% 60.98% -19.43% -49.87%
5.56% -11.66% -3.68% -2.76%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! -100.00% #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!

7.67% -9.55% 34.09% 11.77%

0.00% 0.00% -100.00% #DIV/0!

0.00% 0.00% -100.00% #DIV/0!

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

7.48% -9.33% 30.66% 11.77%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
9.30% 2.63% 7.91% -8.31%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! 51.49% 12.08% 21.26%
-1.03% -1.03% -0.62% -1.07%
5.66% 6.04% 2.59% -1.56%
6.72% 0.50% 3.21% -30.60%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.00% 0.00% 0.00% 0.00%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
5.46% 4.94% 2.41% -3.97%
5.88% 1.93% 7.70% -0.39%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
11.43% -2.40% 5.97% 122.09%
5.22% 10.47% 17.06% -0.36%
2.53% 21.41% -1.36% 8.47%
9.33% 2.11% -79.29% -16.12%
-29.82% 29.88% 2288.63% -3.73%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
-88.72% 82.12% 7.77% 55.19%
118.82% -63.47% -11.34% 2253.00%
-24.22% -48.69% 58.41% -22.22%
-100.00% #DIV/0! #DIV/0! #DIV/0!

1.67% 2.40% 17.19% 28.57%

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

1.67% 2.40% 17.19% 28.57%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
137.48% 14.65% 3.40% -68.63%
-19.60% -7.75% -2.56% 16.93%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
-19.60% -7.75% -2.56% 16.93%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
10.49% 4.95% 8.53% -18.92%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
-0.89% -12.45% 3.75% -7.71%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
25.19% 0.92% 2.62% -33.94%
9.73% 1.82% 11.55% 6.28%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.00% 0.00% 0.00% 0.00%
41.19% 30.33% 9.57% 24.63%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
-0.01% 0.01% 0.11% -0.12%
4.64% 10.48% 35.80% -58.74%
-173.20% 111.86% -20.28% -125.86%
2.04% 2.07% 3.75% -8.06%
 21.69% -1.37% -0.88% 24.99%
2.16% 2.05% 3.72% -7.84%
5.88% 1.93% 7.70% -0.39%

ANALISIS HO
12/31/2013 12/31/2014 12/31/2015 12/31/2016
4.47% 4.24% 7.44% 3.35%
-28.67% -28.67% -28.67% -28.70% -28.70%
4.92% 3.94% 7.43% 3.42%
-22.08% -22.08% -21.63% -21.22% -20.74%
-10.83% -10.87% -10.86% -10.68% -10.52%

2.12% 2.16% 2.10% 2.06% 1.80%

-1.33% -1.31% -1.29% -1.30% -1.31%

8.56% -1.76% 24.16% -29.25%

-83.45% -28.32% 133.31% 64.39%
65.91% 40.64% 5.55% 5.63%
-24.36% 96.69% -97.44%

5.70% -2.31% 24.05% -28.80%

5.45% -7.48% 19.73% -10.51%
5.82% 0.13% 25.95% -36.41%

5.82% 0.13% 25.95% -36.41%

5.52% 0.04% 26.14% -36.68%

58.61% 11.38% 5.98% -1.56%

ANALIS
12/31/2012 12/31/2013 12/31/2014 12/31/2015
4.47% 4.24% 7.44%
3.33% 5.00% 7.47%
4.92% 3.94% 7.43%
2.80% 5.31% -3.78%
 8.46% 20.88% 4.11%

76.17% -6.81% 100.84%

13.01% -25.40% 13.90%

8.56% -1.76% 24.16%

-83.45% -28.32% 133.31%
65.91% 40.64% 5.55%

-24.36% 96.69%

5.70% -2.31% 24.05%

5.45% -7.48% 19.73%
5.82% 0.13% 25.95%

5.82% 0.13% 25.95%

5.52% 0.04% 26.14%

58.61% 11.38% 5.98%

ANAL
12/31/2012 12/31/2013 12/31/2014 12/31/2015
100.00% 100.00% 100.00% 100.00%
-28.69% -28.38% -28.59% -28.59%
71.31% 71.62% 71.41% 71.41%
-26.58% -26.16% -26.43% -23.67%
-10.51% -10.91% -12.65% -12.26%
0.00% 0.00% 0.00% 0.00%
1.65% 2.79% 2.49% 4.66%
-1.47% -1.59% -1.14% -1.21%
0.00% 0.00% 0.00% 0.00%
34.40% 35.75% 33.69% 38.94%
0.30% 0.05% 0.03% 0.07%
-0.41% -0.66% -0.89% -0.87%
0.00% -0.45% -0.32% -0.59%
 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
34.29% 34.70% 32.52% 37.54%
-11.05% -11.15% -9.90% -11.03%
23.24% 23.54% 22.62% 26.51%
0.00% 0.00% 0.00% 0.00%
23.24% 23.54% 22.62% 26.51%
0.00% 0.00% 0.00% 0.00%
23.11% 23.35% 22.41% 26.30%
0.13% 0.20% 0.21% 0.21%
ANALISIS HORIZONTAL
12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021

131.70% -47.05% -20.70% -5.21% 12.88%

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
159.23% 108.60% 45.02% 20.26% -60.27%
27.51% -23.93% -11.73% -41.14% 16.73%
15582.44% 229.72% 55.70% 25.42% -65.26%
31.26% -42.73% 41.86% -11.88% 15.13%
-43.70% -4.36% 2.72% 429.39% -32.41%
15.81% 8.35% 10.93% 14.26% 52.85%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! -100.00% #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! 202.85%

118.32% 8.66% 20.79% 15.48% -37.97%

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

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

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

118.32% 8.66% 20.79% 15.48% -37.97%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
37.43% -0.14% 10.73% -17.22% -0.05%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
5.05% 6.33% -22.27% -100.00% #DIV/0!
-1.07% -27.62% -0.80% -0.79% -0.80%
-2.72% -2.11% -0.60% -3.20% 9.25%
-8.91% -8.13% -4.74% -10.35% 1471.30%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.00% 0.00% 0.00% 0.00% 390.66%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-2.68% -2.27% -0.96% -3.99% 136.29%
28.19% 2.48% 9.06% 5.94% 39.36%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-90.33% -18.17% 16.81% -34.71% 5278.65%
94.92% -17.06% 14.48% -6.73% 10.63%
67.00% 29.44% 24.60% 5.12% -5.78%
782.00% -74.47% 10.26% -41.01% 35.22%
11.18% -1.83% -100.00% #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2.09% -5.68% 18.19% 17.97% -47.58%
-0.35% -99.04% 921.43% 609.74% 8.57%
264.98% 124.39% 51.20% -32.19% 24.84%
-25.51% -100.00% #DIV/0! -100.00% #DIV/0!

55.11% -14.07% 23.31% -8.47% 48.64%

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

55.11% -14.07% 23.31% -8.47% 48.64%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-20.88% -24.25% -10.74% -16.93% 52.17%
5.30% 9.17% 24.00% 0.81% 9.64%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
5.30% 9.17% -100.00% #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
5.10% -0.32% 15.49% 3.60% -30.69%
#DIV/0! #DIV/0! -5.45% -67.50% -49.21%
8.86% -3.39% -9.96% -0.04% 364.74%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.57% 45.19% 0.82% -22.03% 119.74%
43.03% -4.84% 17.97% -11.22% 61.33%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 6.89%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 17.79%
0.03% 0.29% -0.37% 0.00% 1.34%
149.79% 89.63% -3.71% 149.08% 33.59%
-114.86% 9009.76% -123.53% -268.14% 48.26%
9.23% 14.67% -3.40% 35.13% 14.59%
 -2.77% 32.49% -2.43% 45.32% 31.14%
9.12% 14.82% -3.39% 35.23% 14.77%
28.19% 2.48% 9.06% 5.94% 39.36%

ANALISIS HORIZONTAL
12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021
8.37% 6.41% 6.85% -24.43% 36.40%
-28.71% -28.73% -28.89% -29.21% -29.47%
10.58% 8.59% 5.95% -28.81% 28.55%
-20.50% -20.25% -20.11% -20.38% -20.73%
-9.62% -9.51% -9.64% -9.96% -10.06%

1.87% 1.93% 1.97% 2.12% 2.15%

-1.13% -1.13% -1.13% -1.13% -1.17%
-100.00% -27.08% -100.00%
64.59% 29.33% 7.93% -37.52% 39.43%
100.68% 151.70% 96.25% -58.57% 91.07%
-39.38% -22.54% 2.61% -5.52% 19.33%
-725.26% -310.08% -227.62% -267.17% 109.75%

68.77% 29.90% 9.66% -39.03% 39.52%

42.93% 24.38% 10.57% -37.24% 35.96%
83.90% 32.40% 9.27% -39.80% 41.13%

83.90% 32.40% 9.27% -39.80% 41.13%

84.35% 32.14% 9.30% -39.95% 40.95%

47.16% 59.16% 7.05% -27.02% 53.71%

ANALISIS HORIZONTAL
12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
3.35% 8.37% 6.41% 6.85% -24.43%
3.18% 2.85% 0.53% 9.46% -12.12%
3.42% 10.58% 8.59% 5.95% -28.81%
1.51% 2.25% -14.99% 1.57% -6.66%
 64.75% -40.66% -18.01% -15.92% 3.50%

-74.58% 14.55% 40.35% -74.05% 261.47%

170.66% -60.65% -4.15% 23.27% -56.41%
-100.00% -27.08%
-29.25% 64.59% 29.33% 7.93% -37.52%
64.39% 100.68% 151.70% 96.25% -58.57%
5.63% -39.38% -22.54% 2.61% -5.52%

-97.44% -725.26% -310.08% -227.62% -267.17%

-28.80% 68.77% 29.90% 9.66% -39.03%

-10.51% 42.93% 24.38% 10.57% -37.24%
-36.41% 83.90% 32.40% 9.27% -39.80%

-36.41% 83.90% 32.40% 9.27% -39.80%

-36.68% 84.35% 32.14% 9.30% -39.95%

-1.56% 47.16% 59.16% 7.05% -27.02%

ANALISIS VERTICAL
12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
100.00% 100.00% 100.00% 100.00% 100.00%
-28.55% -27.09% -25.59% -26.22% -30.49%
71.45% 72.91% 74.41% 73.78% 69.51%
-23.25% -21.93% -17.52% -16.66% -20.57%
-19.54% -10.70% -8.25% -6.49% -8.89%
0.00% 0.00% 0.00% 0.00% 0.00%
1.15% 1.21% 1.60% 0.39% 1.86%
-3.16% -1.15% -1.03% -1.19% -0.69%
0.00% 0.14% 0.00% -0.13% -0.13%
26.66% 40.48% 49.20% 49.70% 41.09%
0.11% 0.21% 0.50% 0.91% 0.50%
-0.89% -0.50% -0.36% -0.35% -0.43%
-0.01% 0.08% -0.17% 0.20% -0.44%
 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
25.86% 40.28% 49.17% 50.47% 40.72%
-9.55% -12.60% -14.72% -15.24% -12.65%
16.31% 27.68% 34.45% 35.23% 28.06%
0.00% 0.00% 0.00% 0.00% 0.00%
16.31% 27.68% 34.45% 35.23% 28.06%
0.00% 0.00% 0.00% 0.00% 0.00%
16.12% 27.41% 34.04% 34.83% 27.67%
0.20% 0.27% 0.40% 0.40% 0.39%
12/31/2022

8.25%
46.15%
#DIV/0!
216.15%
-31.75%
268.78%
76.66%
-6.94%
42.52%
#DIV/0!
#DIV/0!
#DIV/0!
-100.00%

126.68%

#DIV/0!

#DIV/0!

#DIV/0!
126.68%
#DIV/0!
2.85%
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-0.81%
4.72%
-0.40%
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
 #DIV/0!
1.63% 56.56%
32.59%
#DIV/0!
#DIV/0!
-52.26%
68.26%
19.37%
706.76%
#DIV/0!
#DIV/0!
83.68%
-12.14%
17.38%
93.78%

27.84%

#DIV/0!
27.84% 46.14%
#DIV/0!
12.63%
9.70%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-1.82%
4389.46%
0.26%
#DIV/0!
#DIV/0!
3.07% 12.16%
21.82%
#DIV/0!
0.00%
0.00%
0.00%
0.00%
1.54%
106.40%
-222.07%
50.18%
 -3.37%
49.55%
32.59%

12/31/2022
14.57%
-29.34%
-21.70%
-20.71%
-10.26%

2.03% 2.03% 2.02%

-1.22%
#DIV/0!
-20.61%
165.96%
559.55%
32.12%

7.48%
6.05%
8.10%

8.10%

-32.36%
-36.06%

12/31/2021 12/31/2022
36.40% 14.57%
54.30% -10.97%
28.55% -21.70%
19.73% -20.79%
 24.96% -43.04%

147.35% -46.07%
33.07% 21.02%
-100.00%
39.43% -20.61%
91.07% 165.96%
19.33% 559.55%

109.75% 32.12%

39.52% 7.48%
35.96% 6.05%
41.13% 8.10%

41.13% 8.10%

40.95% -32.36%
53.71% -36.06%

12/31/2021 1/1/2022
100.00% 100.00%
-34.49% -26.80%
65.51% 44.77%
-18.06% -12.48%
-8.14% -4.05%
0.00% 0.00%
3.37% 1.59%
-0.67% -0.71%
0.00% -0.01%
42.01% 29.11%
0.70% 1.63%
-0.38% -2.19%
-0.68% -0.78%
 0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
41.65% 39.07%
-12.61% -11.67%
29.03% 27.39%
0.00% 0.00%
29.03% 27.39%
0.00% 0.00%
28.59% 16.88%
0.44% 0.25%
2.01% 2.00% 1.99% 2.01% 2.02% 2.03% 2.04% 2.03%
2.02%
 2012 2013 2014
LIQUIDEZ CORRIENTE 0.64 0.68 0.60
PRUEBA ACIDA 0.46 0.49 0.43
CAJA 0.12 0.13 0.12

2012 2013 2014

PERIODO MEDIO DE COBRO 34.6 35.3 30.7
PERIODO MEDIO DE PAGO 284 289 304
PERIODO MEDIO DE INVENTARIO 70.2 71.7 60.3

2012 2013 2014

UTILIDAD 890,782.00 942,643.00 943,908.00
MARGEN BRUTO 71.31% 71.62% 71.41%
MARGEN OPERATIVO 34.40% 35.75% 33.69%
MARGEN NETO 23.24% 23.54% 22.62%
ROE 49.98% 51.77% 50.80%
ROE:UN/PT-1 52.89% 51.84%
ROA 25.40% 25.39% 24.94%

2012 2013 2014

ENDEUDAMIENTO TOTAL 0.97 1.04 1.04
DEUDA SOBRE ACTIVO 0.07 0.12 0.13
DEUDA SOBRE PATRIMONIO 0.14 0.25 0.26
PASIVO SOBRE ACTIVO 0.49 0.51 0.51
 LIQUIDEZ
2015 2016 2017 2018 2019 2020 2021
0.67 0.58 0.82 1.04 1.02 1.28 0.53
0.53 0.48 0.74 0.94 0.93 1.17 0.42
0.26 0.32 0.48 0.30 0.19 0.20 0.15

GESTION
2015 2016 2017 2018 2019 2020 2021
30.9 21.6 51.7 101.3 137.4 218.7 63.7
331 320 606 500 523 555 398
54.1 51.0 57.4 61.9 62.7 81.5 80.7

RENTABILIDAD
2015 2016 2017 2018 2019 2020 2021
1,188,827.00 755,992.00 1,390,281.00 1,840,790.00 2,011,471.00 1,210,822.00 1,708,774.00
71.41% 71.45% 72.91% 74.41% 73.78% 69.51% 65.51%
38.94% 26.66% 40.48% 49.20% 49.70% 41.09% 42.01%
26.51% 16.31% 27.68% 34.45% 35.23% 28.06% 29.03%
61.69% 42.57% 71.74% 82.73% 93.57% 41.65% 51.22%
63.98% 39.23% 78.28% 94.99% 90.40% 56.32% 58.78%
29.17% 18.62% 26.71% 34.51% 34.58% 19.65% 19.90%

SOLVENCIA
2015 2016 2017 2018 2019 2020 2021
1.12 1.29 1.69 1.40 1.71 1.12 1.57
0.13 0.10 0.02 0.02 0.02 0.01 0.12
0.27 0.23 0.06 0.04 0.04 0.02 0.31
0.53 0.56 0.63 0.58 0.63 0.53 0.61
 2022
0.95
0.82
0.17

2022
175.8
752
129.3

2022
1,847,270.00
44.77%
29.11%
27.39%
37.02%
55.37%
16.22%

2022
1.28
0.05
0.11
0.56
 2012 2013 2014 2015

Gastos Financieros 15,845.00 26,289.00 36,972.00 39,025.00

dt corriente Deuda Financiera Corto Plazo 115,539.00 128,740.00 125,649.00 133,155.00

Deuda Financiera Largo Plazo 134,119.00 318,504.00 365,176.00 377,575.00
Total Deuda Financiera 249,658.00 447,244.00 490,825.00 510,730.00

Costo Promedio Financiero 6.35% 5.88% 7.53% 7.64%

Partipación
Deuda Financiera Corto Plazo 46.28% 28.79% 25.60% 26.07%
Deuda Financiera Largo Plazo 53.72% 71.21% 74.40% 73.93%

Total Pasivo 1,724,271.00 1,892,012.00 1,926,436.00 2,148,906.00

Deuda / Pasivo 14.48% 23.64% 25.48% 23.77%

2012 2013 2014 2015

Ingresos Financieros 11,564.00 1,914.00 1,372.00 3,201.00

Activos Financieros Corto Plazo 0.00 0.00 0.00 0.00

Activos Financieros Largo Plazo 4,634.00 5,065.00 5,198.00 5,609.00
Total Activos Financieros 4,634.00 5,065.00 5,198.00 5,609.00

Rentabilidad 249.55% 37.79% 26.39% 57.07%

patrimonio promedio 10 años 2,172,025.80 patrimonio

dt corriente
 2016 2017 2018 2019 2020 2021 2022

41,224.00 24,988.00 19,355.00 19,861.00 18,765.00 22,393.00 147,692.00

295,726.00 28,597.00 23,400.00 27,333.00 17,846.00 959,874.00 458,267.00

118,451.00 93,716.00 70,990.00 63,369.00 52,641.00 80,106.00 90,226.00
414,177.00 122,313 94,390 90,702 70,487 1,039,980 548,493

9.95% 20.43% 20.51% 21.90% 26.62% 2.15% 26.93% kd

71.40% 23.38% 24.79% 30.13% 25.32% 92.30% 83.55%

28.60% 76.62% 75.21% 69.87% 74.68% 7.70% 16.45%

2,283,945.00 3,266,684.00 3,108,714.00 3,667,293.00 3,255,775.00 5,252,420.00 6,398,626.00

18.13% 3.74% 3.04% 2.47% 2.16% 19.80% 8.57%

2016 2017 2018 2019 2020 2021 2022

5,262.00 10,560.00 26,580.00 52,162.00 21,611.00 41,293.00 109,823.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

5,143.00 7,068.00 7,058.00 7,815.00 6,469.00 6,466.00 6,650.00
5,143.00 7,068.00 7,058.00 7,815.00 6,469.00 6,466.00 6,650.00

102.31% 149.41% 376.59% 667.46% 334.07% 638.62% 1651.47%

2022 548,493
4,989,517

0.90
PROMEDIO

26,471.70

219,858.70
163,075.40
353,050.60

7% 548,493
27%

11%
 2012 2013
PRODUCCIÓN EN HL
Cervezas 12750 12670
Gaseosas 914 1057
Aguas 867 990
Maltas 200 159
TOTAL HL 14731 14876
PRECIO por HL
Cervezas S/ 273.96 S/ 285.84
Gaseosas S/ 127.39 S/ 140.10
Aguas S/ 112.63 S/ 118.90
Maltas S/ 244.13 S/ 246.77
OTROS INGRESOS S/ 76,651.24 S/ 80,074.68

INGRESOS
S/ 3,832,562.00 S/ 4,003,734.00

CV% -28.67% -28.67%

Costo de ventas -1098780.7051514 -1147855.05564127
Utlidad Operativa 2,733,781.29 2,855,878.94

GV% -22.08% -22.08%

Gastos de ventas -846299.106209689 -884096.984132635

GA% -10.83% -10.87%

Gastos administrativos -415182.353035082 -435027.874192307

IO% 2.12% 2.16%

Ingresos Operativos 81131.9017655358 86608.6806603178

GO% -1.33% -1.31%

Gastos operativos -50925.4504327246 -52637.9296178629

EBIT 1,502,506.29 1,570,724.84

Impuesto efectivo -31.39% -31.18%

Dep/ingresos 4.76% 5.55%

Depreciación 182,430 222,027

Capex 482,903 401,174

Capex/ ingresos 12.60% 10.02%
 2014 2015 2016 2017

13280 13560 14330 14590

1254 1274 1215 1176
1108 1325 1475 1439
189 217 199 153
15831 16376 17219 17358

S/ 283.13 S/ 292.89 S/ 285.69 S/ 311.01

S/ 151.56 S/ 144.04 S/ 156.20 S/ 168.68
S/ 119.33 S/ 122.01 S/ 125.61 S/ 130.96
S/ 240.47 S/ 241.61 S/ 249.78 S/ 226.89
S/ 83,470.10 S/ 114,790.22 S/ 115,389.81 S/ 62,901.00

S/ 4,173,505.00 S/ 4,483,993.00 S/ 4,634,129.00 S/ 5,022,009.00

-28.67% -28.70% -28.70% -28.71%

-1196428.07294185 -1286730.36647947 -1330186.83213416 -1442035.98531179
2,977,076.93 3,197,262.63 3,303,942.17 3,579,973.01

-21.63% -21.22% -20.74% -20.50%

-902808.686780235 -951697.208576147 -961344.715157347 -1029542.23134972

-10.86% -10.68% -10.52% -9.62%

-453291.061805195 -478988.47374017 -487719.193736646 -483256.091451446

2.10% 2.06% 1.80% 1.87%

87668.0334329563 92428.2019807706 83474.3137861146 93748.8320652404

-1.29% -1.30% -1.31% -1.13%

-53724.023381493 -58392.8599295307 -60795.2848528341 -56614.1663638725

1,654,921.19 1,800,612.29 1,877,557.29 2,104,309.36

-31.09% -31.15% -31.31% -30.80%

5.32% 4.68% 5.31% 5.26%

222,223 209,834 245,945 264,016

409,003 363,203 315,121 225,990

9.80% 8.10% 6.80% 4.50%
 2018 2019 2020

14520 14140 11990

1076 1039 880
1371 1287 1090
132 120 100
17099 16586 14060

S/ 335.63 S/ 363.80 S/ 327.29

S/ 166.84 S/ 188.97 S/ 169.46
S/ 142.49 S/ 168.58 S/ 148.54
S/ 240.00 S/ 285.48 S/ 255.65
S/ 63,726.00 S/ 99,917.79 S/ 53,934.31

S/ 5,343,674.00 S/ 5,709,588.00 S/ 4,314,745.00

-28.73% -28.89% -29.21%

-1535242.24842009 -1649637.2087769 -1260164.1465137
3,808,431.75 4,059,950.79 3,054,580.85

-20.25% -20.11% -20.38%

-1082124.23512385 -1148049.51239095 -879357.300134284

-9.51% -9.64% -9.96%

-508445.307925331 -550509.81136878 -429628.466376878

1.93% 1.97% 2.12%

103252.338963417 112227.038502724 91615.7818924725

-1.13% -1.13% -1.13%

-60138.0197229694 -64785.1487558246 -48713.1801890601

2,260,976.53 2,408,833.36 1,788,497.69

-30.75% -30.83% -30.88%

4.88% 4.15% 5.81%

260,716 236,929 250,848

240,465 302,608.16 220,052.00

4.50% 5.30% 5.10%
 PRODUCCION

2012
INGRESO POR PRODUCTO PRECIO
CERBEZA S/ 3,492,997.01 S/ 273.96
GASEOSAS S/ 116,433.23 S/ 127.4
AGUAS S/ 97,653.68 S/ 112.63
MALTAS S/ 48,826.84 S/ 244.13
TOTAL VENTAS S/ 3,755,910.76
OTROS INGRESOS S/ 76,651.24
TOTAL INGRESOS S/ 3,832,562.00

2013
INGRESO POR PRODUCTO PRECIO
CERBEZA S/ 3,621,537.55 S/ 285.84
GASEOSAS S/ 145,175.39 S/ 140.1
AGUAS S/ 117,709.78 S/ 118.90
MALTAS S/ 39,236.59 S/ 246.77
TOTAL VENTAS S/ 3,923,659.32
OTROS INGRESOS S/ 80,074.68
TOTAL INGRESOS S/ 4,003,734.00

2014
INGRESO POR PRODUCTO PRECIO
CERBEZA S/ 3,759,910.65 S/ 283.13
GASEOSAS S/ 190,061.42 S/ 151.56
AGUAS S/ 132,216.64 S/ 119.33
MALTAS S/ 45,449.47 S/ 240.47
TOTAL VENTAS S/ 4,131,769.95
OTROS INGRESOS S/ 83,470.10
TOTAL INGRESOS S/ 4,215,240.05

2.56%
2015
INGRESO POR PRODUCTO PRECIO
CERBEZA S/ 3,971,605.33 S/ 292.89
GASEOSAS S/ 183,506.52 S/ 144.04
AGUAS S/ 161,660.50 S/ 122.01
MALTAS S/ 52,430.43 S/ 241.61
TOTAL VENTAS(PRODUCIDAS) S/ 4,369,202.78
OTRO INGRESOS S/ 114,790.22
TOTAL INGRESOS S/ 4,483,993.00

2.49%
2016
INGRESO POR PRODUCTO PRECIO
CERBEZA S/ 4,093,977.70 S/ 285.69
GASEOSAS S/ 189,787.05 S/ 156.20
AGUAS S/ 185,268.31 S/ 125.61
MALTAS S/ 49,706.13 S/ 249.78
TOTAL VENTAS (PRODUCIDAS) S/ 4,518,739.19
OTROS INGRESOS S/ 115,389.81
TOTAL INGRESOS S/ 4,634,129.00
 2021 2022

13310 13680 -0.6%

1070 1100 15.6%
1340 1450 14.2%
120 130 -20.5%
15840 16360 1.0%

S/ 388.59 S/ 441.58 4%
S/ 199.39 S/ 221.82 10%
S/ 163.51 S/ 177.38 6%
S/ 384.40 S/ 405.83 1%
S/ 119,475.51 S/ 148,348.40 4%

S/ 5,885,493.00 S/ 6,743,109.00 4%

-29.47% -29.34%
-1734638.5188979 -1978724.61322642
4,150,854.48 4,764,384.39

-20.73% -20.71%
-1219789.25489428 -1396234.24890202

-10.06% -10.26%
-592337.398533618 -691623.987154719

2.15% 2.03%
126533.247032383 136757.667542705

-1.17% -1.22%
-69046.8440818397 -82498.2971084215

2,396,214.23 2,730,785.52

-30.87% 0.00%

4.48% 4.31%
263,605 290,435

329,588 377,614
5.60% 5.60%
 2.0%

PRODUCCION POR HL CERBEZA

12750 HL GASEOSAS
914 HL AGUAS
867 HL MALTAS
200 HL TOTAL VENTAS
14731 HL OTROS INGRESOS
TOTAL INGRESOS

2.0%

PRODUCCION POR HL CERBEZA

12670 HL GASEOSAS
1057 HL AGUAS
990 HL MALTAS
159 HL TOTAL VENTAS
14876 HL OTROS INGRESOS
TOTAL INGRESOS

1.0%

PRODUCCION POR HL CERBEZA

13280 HL GASEOSAS
1254 HL AGUAS
1108 HL MALTAS
189 HL TOTAL VENTAS
15831 HL OTROS INGRESOS
TOTAL INGRESOS

PRODUCCION POR HL CERBEZA

13560 HL GASEOSAS
1274 HL AGUAS
1325 HL MALTAS
217 HL TOTAL VENTAS
 16376 HL OTROS INGRESOS
TOTAL INGRESOS

CERBEZA
GASEOSAS
PRODUCCION POR HL AGUAS
14330 HL MALTAS
1215 HL TOTAL VENTAS
1475 HL OTROS INGRESOS
199 HL TOTAL INGRESOS
17219 HL

CERBEZA
GASEOSAS
AGUAS
MALTAS
TOTAL VENTAS
OTROS INGRESOS
TOTAL INGRESOS
 4.8% 2.1% 5.7%
18.6% 1.6% -4.6%
11.9% 19.6% 11.3%
18.9% 14.8% -8.3%
6.4% 3.4% 5.1%

-1% 3% -2%
8% -5% 8%
0% 2% 3%
-3% 0% 3%
4% 38% 1%

4% 7% 3%

5.81%

246,658

318,482
 1.3%
2017
INGRESO POR PRODUCTO PRECIO PRODUCCION POR HL
S/ 4,537,583.82 S/ 311.01 14590
S/ 198,364.32 S/ 168.68 1176
S/ 188,446.10 S/ 130.96 1439
S/ 34,713.76 S/ 226.89 153
S/ 4,959,108.00 17358
S/ 62,901.00
S/ 5,022,009.00
1.2%
2018
INGRESO POR PRODUCTO PRECIO PRODUCCION POR HL
S/ 4,873,392.00 S/ 335.63 14520
S/ 179,518.23 S/ 166.84 1076
S/ 195,358.08 S/ 142.49 1371
S/ 31,679.69 S/ 240.00 132
S/ 5,279,948.00 17099
S/ 63,726.00
S/ 5,343,674.00

1.75%
2019
INGRESO POR PRODUCTO PRECIO PRODUCCION POR HL
S/ 5,144,067.58 S/ 363.80 14140
S/ 196,338.46 S/ 188.97 1039
S/ 216,964.34 S/ 168.58 1287
S/ 34,257.53 S/ 285.48 120
S/ 5,609,670.21 16586
S/ 99,917.79
S/ 5,709,588.00

1.25%
2020
INGRESO POR PRODUCTO PRECIO PRODUCCION POR HL
S/ 3,924,206.64 S/ 327.29 11990
S/ 149,128.37 S/ 169.46 880
S/ 161,910.81 S/ 148.54 1090
S/ 25,564.86 S/ 255.65 100
S/ 4,260,810.69 14060
S/ 53,934.31
S/ 4,314,745.00
2.3%
2021
INGRESO POR PRODUCTO PRECIO PRODUCCION POR HL
S/ 5,172,117.69 S/ 388.59 13310
S/ 213,342.65 S/ 199.39 1070
S/ 219,108.66 S/ 163.51 1340
S/ 46,128.14 S/ 384.40 120
S/ 5,766,017.49 15840
S/ 119,475.51
S/ 5,885,493.00
2.20%
2022
INGRESO POR PRODUCTO PRECIO PRODUCCION POR HL
S/ 6,040,800.71 S/ 441.58 13680
S/ 244,006.14 S/ 221.82 1100
S/ 257,195.66 S/ 177.38 1450
S/ 52,758.08 S/ 405.83 130
S/ 6,594,760.60 16360
S/ 148,348.40
S/ 6,743,109.00
 1.8% -0.5% -2.6% -15.2%
-3.2% -8.5% -3.4% -15.3%
-2.4% -4.7% -6.1% -15.3%
-23.1% -13.7% -9.1% -16.7%
0.8% -1.5% -3.0% -15.2%

9% 8% 8% -10%
8% -1% 13% -10%
4% 9% 18% -12%
-9% 6% 19% -10%
-45% 1% 57% -46%

8% 6% 7% -24%
 98.7% 100%

4,959,108

HL
HL 100%
HL 1%
HL
HL 1,894,967
1,677,010
288,598
323,589
133,610
4,317,774
HL
HL 5,279,948
HL
HL
HL

12,451
2.25 x litro 2,439
HL 225 x hectolitro 10,012
HL
HL
HL
HL

S/ 3,924,206.64 S/ 3,900,097.00

325.28
HL
HL S/ 327.29
HL
HL
HL S/ 331.81
HL
HL
HL
HL
HL

HL
HL
HL
HL
HL
11.0% 2.8% 0.9%
21.6% 2.8%
22.9% 8.2% 6.0%
20.0% 8.3% -2.9%
12.7% 3.3% 1.3%

19% 14% 5.2%

18% 11% 6.0%
10% 8% 4.9%
50% 6% 6.3%
122% 24% 15.9%

36% 15% 6.8%

 1.3%

99%
5,279,948

81.77682810513

4,903,441
12,777
30,824
43,601
4,990,643

0.87%
S/ 513.79 XHECTOLITRO

S/ 327.29
S/ 169.46
S/ 148.54
S/ 255.65

-1.75
 86%
0.22%
0.54%
0.87%

98.25% 99.1%
0.26%
0.62%
99.13%
 RIESGO DE CAMBIO

RIESGO DE PRECIOS
MERCADO

RIESGO DE TASAS DE INTERES

Este tipo de riesgo se genera por la exposición con los client

CREDITO estableciendo políticas de otorgamiento de créditos estricta
instituciones financieras con rating o fortaleza financiera mí

El área financiera se encarga de gestionar la liquidez de la e

LIQUIDEZ permita cumplir con las obligaciones financieras de manera
instrumentos de inversión de alta calidad y liquidez. Asimism
 Backus posee endeudamiento en dólares

Debido a las inversiones que tiene clasificadas contablemente como disponible para la venta y al​
precio de los commodities de aluminio y maíz​
Debido a que el grupo mantiene obligaciones bancarias de largo plazo, pero no se considera
relevante debido a que son a tasa fija.​

a por la exposición con los clientes mayoristas y minoristas. Sin embargo, Backus gestiona este riesgo
torgamiento de créditos estrictas, de acuerdo al perfil del cliente; además solo pacta operaciones con
n rating o fortaleza financiera mínima de “A”.​

a de gestionar la liquidez de la empresa, teniendo en cuenta las proyecciones de flujo de efectivo que
gaciones financieras de manera oportuna. Es así que los excedentes de efectivo son rentabilizados en
e alta calidad y liquidez. Asimismo, la gestión de líneas de créditos en caso de contingencias.