Anexo 1 - Plantilla Única de Trabajo Administración Financiera

Grupo No.
Angie Camila Grisales Mirandda

102022A_1394
1000223464
Nombre del
Grupo No.
Indicador
1 Razón Corriente
2 Razón de Tesorería
D
E
3 Prueba Ácida
L
I
Q
U
I
L
I
Q
U
I
D
E 4 Capital Neto de Trabajo
Z
5 Razón de Solvencia
Rotación de Cartera
6
(En veces al año)
7
(En días)
Rotación de Inventarios
(En veces)
8
Generalmente se calcula para
empresas transformadoras
A
(En días)
9
C
T
I
C
T
I 10
Rotación de Proveedores
(En veces)
V
I
D
A 11
D
(En días)
o
o
G 12 Ciclo de Efectivo
E
S
T
I Rotación de Activos Totales
Ó
13 (También se conoce como
Rotación de Ventas)
N
N
14 Rotación de Activos Fijos

Impacto de los Gastos
15 Administrativos y de Ventas
16 Endeudamiento Total
17 Endeudamiento Financiero
Impacto de la Deuda
18 Financiera
D
19 Cobertura de Intereses
E
E
N
E
N
D
E
U 20
Apalancamiento Total
D (Leverage Total)
A
M
I
E
N
T
O
I
E
N
T
O 21 Apalancamiento a Largo Plazo
Apalancamiento a Corto Plazo

22
(Leverage a Corto Plazo
Concentración del
23 Endeudamiento en el Corto
Plazo
Concentración del
24 Endeudamiento en el Largo
Plazo
25 Margen Bruto
D 26 Margen Operacional
R
E
R
E 27 Margen Neto
N
T
A 28
Rentabilidad de los Activos
(Return on Assets)
B
I
L Rentabilidad del Patrimonio
29
I
(Return on Equity)
D
A
D
I
D
A
D
Rendimiento de la Inversión
30 (Return on Investment)
Earnings Before Interest,

Taxes, Depreciation, and
Amortization (Utilidad Antes
31 de Intereses, Impuestos,
Depreciaciones y
Amortizaciones)
Dupont
32
(Rentabilidad Neta del Activo)
No.
Nombre del
Inductor
1 Otros Gastos Operacionales

2 Gastos Operacionales
Utilidad Operacional Después de
3 Impuestos
4 Activos Operacionales
5 Activos Operacionales Netos
6 Pasivos Operacionales
7 Patrimonio
8 Pasivos Financieros
9 Pasivos Financieros de Corto Plazo
10 Pasivos Financieros de Largo Plazo
Costo de los Intereses en el Corto
11 Plazo
12 Servicio de la deuda
13 Rentabilidad Operacional
14 Operacionales Netos
15 Capital de Trabajo Operacional
16 Costo del Patrimonio
17 Costo de la Deuda a Corto Plazo
Costo de la Deuda Después de
18 Impuestos
19 Capital de Trabajo Neto Operacional
20 Flujo de Caja Bruto
21 Flujo de Caja Libre
Flujo de Caja del Propietario

22 (Capital Cash Flow)
Weighted Average Cost of Capital
23 (Costo Promedio Ponderado de
Capital)
Valor Ecnonómico Agregado
24 (Economic Value Added)
Término
Administration operating expenses
Amortizations
Depreciations
Operating income
Sales cost
Sales operating expenses
Ind
Sigla
RC
RT
PA
CNT
RS
RC
RC
RI
RI
RP
RP
CE
RAT
RAF
IGAyGV
ET
EF
IDF
CI
AT
ALP
ACP
CECP
CELP
MB
MO
MN
ROA
ROE
ROI
EBITDA
Dupont
Inductore
Sigla
OGO
GO
UODI
AO
AON
PO
P
PF
PFCP
PFLP
K/ICP
Servicio de
la deuda
RO
RONA
KTO
Ke
KdCP
Kdt
KTNO
FCB
FCL
FCP
WACC
(CPPC)
EVA
Términos
Refer to the costs associated with the general man
are necessary to keep the business running smoot
other overhead expenses related to the managem
distinct from costs directly related to producing goo
Refers to the systematic allocation of the cost of a

multiple accounting periods, reflecting its gradua
copyrights, trademarks, and goodwill, as well as fo
or benefits it generates, providing a more accurate
Refers to the systematic allocation of the cost of a

to reflect its gradual wear and tear, obsolescence,
The purpose of depreciation is to match the cost o
time.
Refers to the financial measure that represents a
expenses, such as cost of goods sold (COGS), sel
items such as interest income, interest expenses, a
Operating income provides insights into a company

It is a key indicator of operational efficiency and fin
Refers to the direct expenses incurred by a compa

expenses such as raw materials, direct labor, and m
Sales cost is a crucial component in calculating the

metric provides insight into how efficiently a comp
such as selling, general, and administrative costs, a
Examples of sales operating expenses include:
Sales and Marketing Costs: These include expense

customers and increasing sales.
Distribution Costs: Expenses related to delivering p
Sales Support Costs: Costs incurred in providing cu
Sales Salaries and Compensation: Wages, salaries,
Commissions and Incentives: Payments made to sa
Sales-related Travel and Entertainment: Expenses
Sales Tools and Software: Costs associated with

efforts.
Sales-related Supplies: Expenses for materials and
Sales operating expenses are important to track as

profit margins and effective sales operations.
Indicado
Expresión Matemática
(Fórmula)
RC = Activo Corriente / Pasivo Corriente
RT = (Disponible + Activos Realizables) / Pasivo

Corriente
PA = (Activo Corriente - Inventarios) / Pasivo

Corriente
CNT = Activo Corriente - Pasivo Corriente
RS = Activo Total / Pasivo Total
RC(en veces) = Clientes / Clientes Promedio
Clientes Promedio = (Clientes al inicio del periodo + Clientes

al final del periodo) / 2
Clientes es la cuenta que representa las Ventas a Crédito. Es decir, las Cuentas
por Cobrar (C X C) o la Cartera.
Cuando no se conoce el valor de la cuenta Clientes al inicio del año 1 el valor es

cero. Para el año 2 el valor inicial es el valor final del año 1.
RC(en días) = (Clientes Promedio * 365) / Ventas a
Crédito
Clientes Promedio = (Clientes al inicio del periodo + Clientes
al final del periodo) / 2
Clientes es la cuenta que representa las Ventas a Crédito. Es decir, las Cuentas
por Cobrar (C X C) o la Cartera.
Cuando no se conoce el valor de la cuenta Clientes al inicio del año 1 el valor es

cero. Para el año 2 el valor inicial es el valor final del año 1.
RI(En veces) = Costo de Ventas o Costo de Producción /

Inventario Promedio
Inventario Promedio = Inventario Incial del Periodo + Inventario Final del Periodo
/2
Cuando no se conoce el valor del Inventario Inicial del año 1 el valor es cero. Para
el año 2 el inventario inicial es el inventario final del año 1.
RI(En días) = (Inventario Promedio * 365) / Costo de

Ventas
RI(En días) = 365 / RI(En veces)

Inventario Promedio = Inventario Incial del Periodo + Inventario Final del Periodo
/2
Cuando no se conoce el valor del Inventario Inicial del año 1 el valor es cero. Para
el año 2 el inventario inicial es el inventario final del año 1.
RP(En veces) = C X P / Proveedores
La cuenta Proveedorese representa las Compras Crédito
RP(En días) = 365 / RP(En veces)

Rotación de Cartera(En días) + Rotación de Invenarios(En días) -
Rotación de Proveedores(En días)
RAT = Operacionales / Activo Total

Operacionales es la cuenta que corresponde a las Ventas. Es decir, los Ingresos
Operacionales
RAF = Operacionales / Activos Fijos
Los Activos Fijos se registran en la cuenta Propiedad, Planta y Equipo
IGAyGV = Operacionales de Administración +
Operacionales de Ventas) / Opercionales

Operacionales.
Operacionales de Administración son los Gastos Operacionales de Administración

Operacionales de Ventas) son los gastos Operacionales de Ventas
ET = Pasivo Total / Activo Total

Obligaciones Financieras / Operacionales
Operacionales
Gastos Financieros / Operacionales
Operacionales
Los Gastos Financieros corresponden al valor de los intereses de cada año, que se
debe tomar de la Tabla de Amortización
Utilidad Operacional / Intereses Pagados

Los Interesees Pagados corresponden al valor de los intereses de cada año, que
se debe tomar de la Tabla de Amortización
AT = Pasivo Total / Patrimonio
ALP = Pasivo No Corriente / Patrimonio
AT = Pasivo Corriente / Patrimonio

Pasivo Corrriente / Pasivo Total
Pasivo No Corriente / Pasivo Total

MB = Utilidad Bruta / Operacionales
Operacionales
MO = Utilidad Operacional / Operacionales

Operacionales
MN = Utilidad Neta / Operacionales
Operacionales
La Utilidad Neta es la Utilidad del Ejercicio
ROA = Utilidad Neta / Activo Total

ROE = Utilidad Neta / Patrimonio

ROI = Operacionales - Patrimonio / Patrimonio

Operacionales
EBITDA = UB - Operacionales de Ventas -

Operacionales de Administración + Intereses
+ Impuestos + Depreciaciones +
Amortizaciones
(Utilidad Neta / Operacionales) * Operacionales) /

Activo total)

Operacionales
Inductores de
(Fórmula)
OGO = D + A
D: Depreciaciones
A: Amortizaciones
GO = GOA + GOV
GOA: Gastos Operacionales de Administración (Operacionales de Administración)

GOV: Gastos Operacionales de Ventas (Operacionales de Ventas)
UODI = Utilidad Operacional - Impuestos
AO = Total Activo
AON = AO – PO
PO = Total Pasivo - Obligaciones Financieras a Corto

Plazo - Obligaciones Financieras Largo Plazo
P = Total Patrimonio - Resultados del Ejercicio
PF = Pasivos Financieros de Corto Plazo + Pasivos

Financieros de Largo Plazo
PFCP = Obligaciones Financieras Corto Plazo
PFLP = Obligaciones Financieras Largo Plazo
K/ICP = Sumatoria de intereses pagados en un año
Servicio de la deuda = Abonos a Capital + Intereses

Pagados
RO = EBITDA / AO
RONA = UODI / AON
KTO = Disponible + C X C + Inventarios
Ke = Rf + (Rm - Rf) * B
Rf: Rentabilidad del activo sin riesgo

Rm: Rentabilidad media del mercado
B: Beta
Los valores del Ke (año 1 y año 2) se deben tomar directamente de las Celdas
C78 y D78 de los datos adicionales que están en la hoja Estados Financieros
Kd = i (1 - t)
t: tasa impositiva
Los valores del KdCP (año 1 y año 2) se deben tomar directamente de las Celdas
Kdt = Kd (1 - t)
t: tasa impositiva
Los valores del Kdt (año 1 y año 2) se deben tomar directamente de las Celdas
C70 y 70 de los datos adicionales que están en la hoja Estados Financieros
KTNO = KTO - PO
La expresión matemática (fórmula) para calcular el KTNO del año 2 es diferente a

la del año 1. Es la siguiente:
KTNO año 2 = 1 * (KTNO año 1 – (KTO – PO))

FCB = UODI + OGO
FCL = FCB - KTNO - Activos Fijos
Para calcular el FCL del año 2 se debe tener en cuenta que los Activos Fijos se
deben calcular así: Activos Fijos (año 2) = = AF año 2 - AF año 1
FCP = FCL - Servicio de la Deuda

WACC = Kdt + Ke
EVA = AON * (RONA - WACC)
Términos fina
to the costs associated with the general management a
cessary to keep the business running smoothly. They in
overhead expenses related to the management and sup
t from costs directly related to producing goods or provi
to the systematic allocation of the cost of an intangible

le accounting periods, reflecting its gradual consump
ghts, trademarks, and goodwill, as well as for long-term
efits it generates, providing a more accurate representa
to the systematic allocation of the cost of a tangible as

ect its gradual wear and tear, obsolescence, or reductio
urpose of depreciation is to match the cost of the asset
to the financial measure that represents a company's
ses, such as cost of goods sold (COGS), selling, genera
such as interest income, interest expenses, and income
ting income provides insights into a company's ability to

key indicator of operational efficiency and financial perfo
to the direct expenses incurred by a company in produ

ses such as raw materials, direct labor, and manufacturi
cost is a crucial component in calculating the gross prof

provides insight into how efficiently a company is man
s selling, general, and administrative costs, as well as in
les of sales operating expenses include:
and Marketing Costs: These include expenses related t

mers and increasing sales.
ution Costs: Expenses related to delivering products to
Support Costs: Costs incurred in providing customer sup
Salaries and Compensation: Wages, salaries, and bonus
issions and Incentives: Payments made to salespeople b
related Travel and Entertainment: Expenses related to t
Tools and Software: Costs associated with sales tools,

.
related Supplies: Expenses for materials and supplies di
operating expenses are important to track as they direc

margins and effective sales operations.
Inicio Anterior Si
icadores Financieros
Significado del resultado
If the result of the calculation is greater than 1, it i
term debts. A higher value is generally considered
to meet its obligations.
If the result is less than 1, it could indicate that the

current current assets. This could be a sign of finan
In summary, the "current ratio" is a key indicator t

and its ability to meet its immediate obligations. An
general, a "current ratio" greater than 1 is consider
It is determined by subtracting current assets from

less than current assets, the company's financial h
necessary in the short term, the company should h
It is a more demanding solvency index to the exten

Inventories) ÷ current liabilities.
A positive net working capital value indicates that t
suggesting that it is in a stronger financial position
A negative net working capital value indicates that

meeting short-term obligations. However, in some
net working capital without this necessarily being a
In short, net working capital is an important measu

obligations. A positive net working capital is genera
secure position in terms of short-term solvency.
If the result of the calculation is greater than 1, it i
A solvency ratio greater than 1 is generally conside
support its long-term debt and obligations.
If the result is less than 1, it could indicate that the

its total assets. This could be a sign of financial risk
In summary, the solvency ratio is a crucial indicato

maintain its operations and meet its debt commitm
financial strength and a reasonable ability to meet
A high portfolio turnover value indicates that the co

may be a sign of efficiency in inventory and sales m
inadequate demand management, which could lead
A low portfolio turnover value may suggest that the

inventory. This could result in storage costs and ca
In short, the inventory turnover ratio is an importa

quickly a company can convert its inventories into
ability to meet market demand is essential for a su
It is the same indicator known as accounts receiva
accounts receivable that are part of current assets
Accounts receivable are more immobilized resource
Indicator that measures how long it takes the comp

resources that the company has immobilized and t
the so-called just-in-time production.
A low value of inventory turnover in days suggests

before converting it into sales. This can indicate po
costs and tied up capital.
A high supplier turnover value sometimes suggests
can be indicative of efficient supplier relationship m
A low supplier turnover value can sometimes indica

sign of liquidity problems or simply a strategy to de
additional late payment costs.
In summary, the accounts payable turnover is a m

suppliers. A higher value is generally considered fa
cash flow management.
A high value of supplier turnover in days indicates

purchases. This may indicate a strategy to extend
terms of cash flow.
A low value of supplier turnover in days suggests t

purchases. This can indicate a healthy relationship
In summary, the indicator of supplier turnover in d

accounts to suppliers after acquiring goods or servi
policies, cash management strategy, and supplier r
A shorter cash cycle is generally favorable, as it ind
quickly and efficiently. This can be a sign of good c
A longer cash cycle may indicate that the company

payments from customers. This could be due to inv
problems.
In summary, the cash cycle is an important indicat

cash flow and income. Interpreting this indicator in
receivable, and accounts payable) impact the comp
A high total asset turnover value indicates that the

investment in assets it owns. This is generally seen
efficiently to generate revenue.
A low total asset turnover value may indicate that

be due to a number of factors, such as inefficient o
In summary, the total asset turnover is a key indic

relation to its assets. High turnover suggests good
operational management and resource utilization.
A high fixed asset turnover value indicates that the
fixed assets. This is generally positive, as it sugges
A low value of fixed asset turnover could indicate t

This could be a sign of asset underutilization, opera
In summary, the fixed asset turnover is an importa

the generation of income. High turnover suggests e
operational efficiency or focus on asset utilization c
these expenses are high in relation to the revenue
optimize these expenses is essential to maximize p
Operating Efficiency: Evaluating the impact of adm

operations. If these expenses are excessive compa
in resource management.
Investment in Growth: On the other hand, certain

growth of the company. An increase in these expen
increase in sales and an improvement in the compe
Strategy Effectiveness: Assessing how selling and a

effectiveness of management and marketing strate
growth in sales or management improvements, it m
In summary, the impact of selling and administrati

costs
A highaffect
valuethe profitability,
of total operating
debt indicates thatefficiency,
the compa a
be a sign of risk, since a high level of indebtedness
of economic difficulties.
A low total debt value suggests that the company h

as a positive, as it indicates a stronger financial po
In summary, the total debt ratio is a key indicator

its debt obligations. Interpreting this indicator invo
with borrowing in relation to the ability to generate
A high value of financial debt indicates that the com
debt. This can amplify returns in times of growth, s
be obtained. However, it also increases financial ris
A low value of financial debt suggests that the com

proportion of equity. This is generally considered le
opportunities.
In summary, financial leverage is a key indicator to

leverage. Interpreting this indicator implies conside
risk and the ability to generate enough income to c
do interest costs. This can reduce the company's n
Leverage: Financial debt can have a multiplying eff

so a small equity investment can generate larger re
Financial Risk: The greater the financial debt of a c

leeway in the event of a drop in revenue or econom
cover interest costs and meet its debt obligations.
Operational Flexibility: Too much debt can limit the

commitments may affect the ability to invest in new
Credit Rating: The level of indebtedness can also in

to lower interest rates and better loan terms, while
In summary, the impact of financial debt on financ

company. While borrowing can offer opportunities
A high interest coverage value indicates that the co
earnings. This suggests that the company has a ma
A low interest coverage value may indicate that the

interest costs. This could signal financial risk, as th
In short, interest coverage is a key indicator to ass

coverage is desirable as it indicates a stronger fina
can be a warning sign and require a review of the f
Higher Leverage: Higher total leverage means that
While this can amplify returns in times of growth, i
costs and debt obligations must be taken care of.
Lower Leverage: A lower total leverage indicates th

a higher proportion of equity in the financing struct
advantage of growth opportunities.
Total leverage is a broad concept and can be meas

leverage ratios, and other related financial indicato
used and should consider the industry, business cy
In summary, total leverage is a concept that reflec

assets. Interpreting this indicator implies considerin
ability of the company to generate income and mee
Higher Long-Term Leverage: Higher long-term leve
finance its operations and assets. This can increase
in the future, which could make it difficult to be fin
Lower Long-Term Leverage: Lower long-term lever

to its equity. This is generally considered less risky
margin to deal with changes in economic condition
Long-term leverage is an important indicator for ev

debt obligations. Interpreting this indicator involve
solvency of the company, and how it may impact th
Higher Short-Term Leverage: Higher short-term lev
finance its operations and short-term assets. This c
payments in the short term, which could hinder liqu
Lower Short-Term Leverage: Lower short-term leve

relative to its equity. This is generally considered le
short term and more flexibility to deal with change
Short-term leverage is a relevant indicator to asses

maintain its liquidity. Interpreting this indicator imp
company, its ability to manage its cash flow, and it
Diversification of Debt Sources: If the concentratio
distributed in a more diversified manner among dif
over-reliance on a single source of financing and ca
Debt Concentration: If the long-term debt concentr

coming from one or a few sources. This can be risk
business could have a hard time refinancing its deb
The concentration of long-term debt is an importan

long-term obligations in a sustainable manner. Inte
affect financial stability and the ability of the comp
Creditor Diversification: A low concentration of inde
equitably distributed among different lenders or fin
single group of creditors and increases flexibility in
Creditor Concentration: A high concentration of lon

hands of a small group of lenders or financing sour
difficulties in renegotiating the debt in the future.
In summary, the concentration of debt in the long

among different lenders or sources of financing. In
can affect the financial flexibility and the ability of t
situation.
Higher Gross Margin: A higher gross margin indica
This can be a sign of production efficiency and th
Lower Gross Margin: A lower gross margin sug

production and sales. This could be the result of
The gross margin is an important indicator to eval

sales. Interpreting this indicator involves conside
affect its ability to generate p
Higher Operating Margin: A higher operating margi

sales after accounting for operating costs. This sug
operating expenses.
Lower Operating Margin: A lower operating margin

before interest and taxes are considered. This coul
The operating margin is an important indicator to e

considering other financial factors such as interest
company manages its operating costs and how tho
Higher Net Margin: A higher net margin indicates t
accounting for all expenses and costs, including tax
ability to generate more profit from every sales dol
Lower Net Margin: A lower net margin suggests tha

all expenses. This could be the result of higher ope
The netROA:
Higher margin is a fundamental
A higher indicator
ROA indicates to comp
that the evalu
and obligations.
greater efficiencyInterpreting this
in the use of theindicator
company'sinvolves
reso
its ability to generate real profits relative to its ove
Lower ROA: A lower ROA suggests that the compan
result of inefficiencies in asset management or a re
The Return on Assets is an important indicator to a

Higher ROE: this
Interpreting A higher ROEinvolves
indicator indicatesconsidering
that the compa
how
This suggests
returns comparean with
efficiency in the
the costs use
and of capitalasso
expenses and
Lower ROE: A lower ROE suggests that the compan

inefficiencies in asset management, higher operatin
The Return on Equity is a key indicator to assess th

company. Interpreting this indicator involves consi
those returns compare with shareholder expectatio
Higher ROI: A higher ROI indicates that the investm
invested. This suggests greater efficiency in the us
Lower ROI: A lower ROI suggests that the investm

could be the result of inefficiencies in asset manage
The Return on Investment is a key metric to evalua

Higher EBITDA: Higher EBITDA suggests that the c
company's assets. Interpreting this indicator involv
accounting for financial expenses, taxes, and amor
and how those returns compare to the initial cost o
generate cash flow to finance operations and expan
Lower EBITDA: Lower EBITDA could indicate that t

expenses and other non-operating factors. This cou
EBITDA is a metric often used in financial analysis

provide a big picture of operating profit and the ab
Higher Net Return on Assets: A higher Net ROA ind
elements such as capital investments and efficient
assets. This suggests an efficiency in the use of the
conjunction with other financial indicators and spec
Lower Net Return on Assets: A lower Net ROA sugg
assets. This could be the result of inefficiencies in a
The Net Return on Assets is a fundamental indicato

taking into account all costs and expenses. Interpr
assets and how those assets contribute to the com
s de Valor (Árbol del EV
Significado del resultado
These costs influence the contribution margin and,
Fixed Costs: These are costs that do not vary with

These also affect contribution margin and therefore
Other Operating Expenses: This category may inclu

categories. They can be expenses related to genera
specific interpretation of "other operating expenses
The interpretation of "other operating expenses" w

the generation of economic value. If these expense
operating efficiencies, they could be negatively imp
important to take a close look at these expenses an
strategy.
In summary, in the EVA Tree analysis, "other opera

categories of direct variable costs or fixed costs. It
The interpretation of operating expenses within the
economic value. In general, operating expenses re
the company. A more specific interpretation depen
other key elements in the EVA analysis, such as ca
If operating expenses are high relative to the reven

generate positive EVA. On the other hand, if the co
or increasing its income, it can improve its ability t
In summary, in the EVA Tree analysis, "operating e

the company. Interpreting these expenses implies
they are related to other aspects of the operation a
Positive Operating Profit: If the Operating Profit Aft
profit after considering all costs and tax deductions
when operating profit exceeds the cost of capital.
Negative Operating Profit: If the Operating Profit A

losses after taxes. In this case, the EVA will be neg
the cost of capital.
In the EVA Tree, Operating Income After Tax is a k

its core operations and how those profits compare
company can optimize its operations and its cost st
Efficient Use of Assets: If operational assets are us

more likely to generate a positive EVA. This implies
resources used.
Inefficient Use of Assets: If operating assets are no

generation, EVA may be negative or low. This could
receivable, or underutilization of fixed assets.
In the EVA Tree, operating assets are a critical asp

value. Interpreting this indicator involves consideri
optimized to improve revenue and profit generation
Resource Utilization Efficiency: If net operating ass
operating liabilities, the company is more likely to g
economic value in relation to the net resources ava
Inefficient Use of Resources: If net operating asset

EVA could be negative or low. This could be the res
significant operating debt load.
In the EVA Tree, net operating assets are a fundam

economic value. Interpreting this indicator involves
optimized to improve revenue and profit generation
Efficient Liability Management: If operational liabili

terms, the company is more likely to generate a po
to support its operations and generate profit.
Excess Operating Liabilities: If operating liabilities a

affected. An excess of liabilities can result in higher
In the EVA Tree, operating liabilities are a critical m

generation of economic value. Interpreting this ind
and how they influence the company's overall finan
investors.
Shareholder Contribution to Economic Value: Equit
investment of shareholders in the business. The gr
generation of economic value in the long term.
Relationship with the Cost of Capital: In the EVA ca

Taxes to determine if the company is generating ec
therefore EVA generation.
Financial Strength Measure: Strong equity can indi

financial difficulties. However, very low net worth r
In summary, the equity in the EVA Tree reflects the

the economic value generated by the operations. In
of the company,
Efficient the generation
Debt Management: of economic
If financial value
liabilities ar
cash flows, EVA generation can be favored. Proper
and growth without negatively affecting the genera
Interest Charge and Financial Costs: The interest c

the generation of economic value. If these costs ar
Relationship with the Cost of Capital: Financial liab

influence the cost of capital rate used in the EVA ca
In summary, the financial liabilities in the EVA Tree

operations and how it affects the generation of eco
liabilities impact the financing structure, costs and
Liquidity and Solvency: If the company has an ade
timely manner, this can support the generation of E
solvency problems that could affect the generation
Finance Costs and Charges: Short-term financial lia

are high in relation to the income generated in the
Cash Flows and Operating Cycle: Short-term financ

operating cycle. Inadequate management of these
affect the generation of economic value.
In summary, the short-term financial liabilities in th

financial obligations in the short term and how this
the relationship between short-term financial liabili
economic value in the short term.
Solvency and Financial Stability: If the company is
manner, this can support the generation of EVA. Th
stability problems that could affect the generation
Finance Costs and Charges: Long-term financial lia

are high in relation to the income generated in the
Strategic Planning and Long-Term Financing: The w

the long term can have important implications in th
liabilities in line with the company's strategy can be
In summary, the long-term financial liabilities in th

financial obligations in the long term and how this
considering how long-term financial liabilities affect
in the long term.
Impact on EVA Generation: If short-term interest c
may negatively affect EVA generation. High financi
and generate positive EVA.
Debt Management and Financing: Efficient manage

improve EVA generation. The appropriate choice of
important considerations.
Relation to Income: Evaluating how short-term inte

sustainability and financial efficiency of the compan
In summary,
Impact on Netthe Short Term
Earnings: DebtInterest
service Cost in the
reduces netE
generation of economic
The higher the value
debt service in in the short
relation term.
to the Int
incom
earnings available
and for value to generate EVA and how debt m
creation.
Pressure on EVA Generation: If the debt service is

could face difficulties in generating positive EVA. H
company can create.
Debt Management and Financing: Assessing how th

debt management can minimize financial costs and
Effect on Capital Return: If the debt service is exce

negatively impact EVA generation.
In summary, the debt service in the EVA Tree is a

affect the generation of economic value. Interpretin
operations. This is essential for EVA generation, sin
value.
Operating Efficiency: Operating profitability also re

income. A high operational profitability can indicate
Contribution Margin: Operating profitability is calcu

margin indicates that a higher proportion of revenu
generation.
Cost and Expense Management: Strong operationa

expenses effectively, which is essential to improve
In short, operational profitability on the EVA Tree i

its core operations. Interpreting this indicator impli
efficiency, and the company's ability to create econ
relation to the assets it uses to carry out its operat
Contribution to the Generation of Economic Value:

generation of EVA. It means that the company is g
after considering operating liabilities.
Resource Optimization: A company that earns a hig

without necessarily increasing its net asset base. T
in operations.
Efficiency in Liability Management: The profitability

manages its operating liabilities. Efficient liability m
In summary, the Return on Net Operating Assets in

net assets to generate profit and create economic v
net operating assets affects the generation of EVA,
Efficiency in Resource Management: A positive ope
assets to cover its current liabilities. This is essenti
Impact on EVA Generation: Efficient management o

appropriate balance between current assets and cu
the cost of capital and generate economic value.
Liquidity Optimization: Operational working capital

working capital may indicate that the company is k
Relationship to Operating Cycles: Operational work

Efficient management of these cycles can influence
value.
In summary, the operational working capital in the

its liquidity and finances its daily operations. Interp
affects EVA generation, resource management effic
their investment. It is a key consideration in the EV
capital, which includes the cost of equity.
Reference for EVA Generation: EVA is calculated by

company generates more profit than the cost of ca
Investment Decision Making: The cost of equity is

projects and opportunities must generate returns t
Risk and Return: The cost of equity also reflects th

higher cost of equity to attract investors.
In summary, the cost of equity in the EVA Tree is a

in the company and the cost of financing from the
how the cost of equity affects the generation of EV
the company.
Impact on Financial Costs: The Short-Term Cost of
higher this cost, the more financial expenses will h
Relevance to EVA: In the EVA calculation, financial

Income After Tax to determine whether the compa
the income generated, this could negatively affect
Debt and Liquidity Management: Efficient short-ter

A high short-term cost of debt can put pressure on
Relationship to Market Interest Rate: The cost of sh

the company is obtaining favorable financing terms
In summary, the Short-Term Cost of Debt in the EV

and how these costs affect the generation of econo
short-term debt impacts the company's total financ
Reflection of the Real Financing Burden: The After-
costs. This more accurately reflects the actual burd
account taxes.
Impact on EVA: In the EVA calculation, the after-ta

Operating Income to determine whether the busine
Consideration of Debt as an Expense: The after-tax

benefits into account, you get a more accurate mea
Capital Structure Optimization: Evaluating the cost

search for an efficient capital structure that minimi
In summary, the After-Tax Cost of Debt in the EVA

reflects the actual burden that debt represents for
tax cost of debt affects EVA generation, optimizing
operating assets to cover its operating liabilities in
daily obligations.
EVA generation: Maintaining an adequate balance b

EVA. If the operating net working capital is manage
cost of capital.
Efficiency in the Use of Resources: A well-managed

using its operating assets and liabilities to maintain
Cash Cycle Management: Net operational working

accounts receivable, inventory, and accounts payab
working capital required.
In summary, the Operating Net Working Capital in

finances and manages its daily operations. Interpre
affects EVA generation, operational efficiency, liqui
Cash Generation: Gross cash flow reflects the comp
discounted. This is important for the generation of
costs.
Sufficiency to Cover Expenses: A positive gross cas

operations to cover operating and financial expense
economic value.
Measure of Operating Efficiency: Gross cash flow ca

operations. A company with strong gross cash flow
Basis for EVA: Gross cash flow can be a basis for ca

financial and operating expenses are considered.
In summary, the gross cash flow in the EVA Tree is

fundamental operations of the company. Interpreti
generation, sufficiency to cover expenses, operatin
Economic Value Generation: Free cash flow is esse
available to cover the cost of capital and create eco
Internal Financing Capacity: A positive free cash flo

to finance its own activities without relying heavily
Financial Flexibility: Free cash flow gives the compa

investments, buying back shares, paying dividends
Operating Efficiency and Capital Expenditure Manag

expense
Return tomanagement. The company
Owners: "Owner's is could
cash flow" generating
repre
expenditures, interest, and other financial commitm
In summary,
return the
on their free cash in
investment flow
theinbusiness.
the EVA Tree is a
necessary expenses. Interpreting this indicator imp
financing capacity,
Shareholder financial flexibility
Value Creation: If "owner'sand operating
cash flow"
generating shareholder value. This could be an ind
term profits.
Dividends and Retention of Profits: "Owner's cash f

has the ability to pay dividends to shareholders or
Shareholder Investment Decision: A positive "owne

more in the company, keep their investment, or wi
Since the term "owner's cash flow" is not a standar

definition and context in order to properly interpret
making of the owners or shareholders.
Total Financing Cost: The WACC is a rate that refle
and the return required by shareholders. It is a key
total cost of invested capital.
Threshold for Value Creation: The EVA is positive if

important threshold to determine if an investment
Investment Decision Making: The WACC is used as

projects. Projects with returns above WACC are mo
Optimal Capital Structure: WACC can influence cap

with the cost of equity to minimize WACC and max
In summary, the Weighted Average Cost of Capital

financing and is essential to evaluate the efficiency
Interpreting this indicator implies considering how
and the evaluation of investment projects.
other words, the company is generating a surplus o
the return expected by shareholders.
Measure of Real Profitability: The EVA measures th

the cost of invested capital. A company with a posi
investors.
Focus on Value Creation: The EVA provides a direc

shareholders to assess whether the company is gen
projects.
Business Unit Comparison: EVA can be used to com

to identify which ones contribute the most to value
Strategic Guidance: The EVA can guide the strateg

in new projects and the management of assets and
In summary, the Economic Value Added in the EVA
financieros en i
by a company. Interpreting this indicator implies co
profitability, strategic decision making and the eva
Definición en ing
agement and administrative functions of a business. The
hly. They include salaries of administrative staff, office s
ent and support functions of the organization. These ex
ds or providing services.
n intangible asset or a long-term liability over its usefu

consumption, expiration, or reduction in value over
r long-term liabilities like bonds or loans. The purpose o
representation of financial performance and position ove
tangible asset over its estimated useful life. It involves

or reduction in value due to usage. Depreciation is com
the asset with the revenue it helps generate, providing
company's profit generated from its core operations be
ng, general, and administrative expenses (SG&A), and
nd income taxes.
's ability to generate profits from its primary business a

ancial performance, showing how well a company's core
ny in producing the goods or services that it sells to cu

manufacturing overhead.
gross profit of a company. Gross profit is obtained by s

any is managing its production costs and how much pr
s well as interest and taxes.
s related to advertising, promotion, sales commissions
roducts to customers, such as shipping, transportation,
stomer support, sales training, and technical assistance
and bonuses for sales staff, including sales representati
lespeople based on their performance, often as a percen
elated to travel, accommodation, and entertainment wh
ales tools, customer relationship management (CRM) s
supplies directly used in sales activities, such as sales b
they directly impact a company's ability to generate rev

Inicio
Empresa Mi Mejor Ejemplo SAS

NIT 315.895.571-9
Información financiera Cálculos para análisis Cálculos para análisi
(expresada en millones de pesos) vertical horizontal
Estado de Resultados
V.
Año 1 Año 2 Año 1 Año 2
Absoluta
( + ) Operacionales 221,962 252,560
( - ) Costo de Ventas o de Prestación de Servicios / Costo de Producción 67,183 88,137
( = ) Utilidad Bruta 154,779 164,423
( - ) Operacionales de Administración 18,346 13,552
( - ) Operacionales de Ventas 6,129 6,228
( = ) Ebitda 130,304 144,643
( - ) Depreciaciones 2,016 1,848
( - ) Amortizaciones 504 246
( = ) Utilidad Operacional 127,784 142,549
( + ) Gastos No Operacionales 4,496 3,411
( = ) Utilidad Antes de Impuestos 123,288 139,138
( - ) Impuesto de Renta y Complementarios 47,280 51,481
( = ) Utilidad Después de Impuestos 76,008 87,657
( - ) Reservas 7,601 8,766
( = ) Utilidad del Ejercicio 68,407 78,891
Empresa Mi Mejor Ejemplo SAS

NIT 315.895.571-9
Información financiera Cálculos para análisis Cálculos para análisi
(expresada en millones de pesos) vertical horizontal
Estado de Situación Financiera
V.
Año 1 Año 2 Año 1 Año 2
Absoluta
Activo Corriente 45,264 78,106

Disponible 18,446 26,145
Inversiones Corto Plazo 1,210 1,207
Deudores 5,574 25,157
Clientes 5,070 24,640
Otros 504 517
Inventarios 20,034 25,597
Activo No Corriente 319,439 325,310
Inversiones Largo Plazo 60,480 69,608
Propiedades Planta y Equipo 50,350 68,943
Intangibles 191,520 166,320
Diferidos 4,489 2,747
Otros Activos 12,600 17,692
Total Activo 364,703 403,416
Pasivo Corriente 128,247 127,386
Obligaciones Financieras Corto Plazo 36,187 31,320
Proveedores 32,592 14,217
Cuentas por Pagar 19,634 27,879
Impuestos, Gravámenes y Tasas 38,836 53,568
Beneficios a Empleados 998 402
Pasivo No Corriente 41,530 25,995
Obligaciones Financieras Largo Plazo 41,530 25,995
Total Pasivo 169,777 153,381
Patrimonio 194,926 250,035
Capital Social 118,918 162,378
Reservas 7,601 8,766
Resultados del Ejercicio 68,407 78,891
Resultados de Ejercicios Anteriores - -
Total Patrimonio 194,926 250,035
Total Pasivo más Patrimonio 364,703 403,416
Datos Adicionales
Costo de la Deuda a Corto Plazo 17.50% 19.40%
Pasivo Financiero 77,717 57,315
Patrimonio 194,926 250,035
Total Fuentes de Financiación con Costo 272,643 307,350
Pasivo Financiero 28.51% 18.65%

Patrimonio 71.49% 81.35%
Total Fuentes De Financiación Con Costo 100% 100%
Costo De La Deuda Ponderado 4.99% 3.62%

Costo De La Deuda Después De Impuestos (Kdt) 3.24% 2.35%
Costo Del Patrimonio (Ke)

Datos Requeridos:
Kl Tasa Libre de Riesgo 6.0% 6.0%
Km Tasa del Mercado 15.0% 15.0%
Bu Beta Operativa 65.0% 65.0%
Bl Beta Apalancada 82.4% 75.0%
Ke Costo del Patrimonio 20.6% 21.7%
Costos y Gastos Fijos 235 334
Costos y Gastos Variables 1,500 1,400
Inicio Anterior Siguiente
Cálculos para análisis

Proyección año 3
horizontal
V. Incremento o
disminución
Año 3
Relativa
Cálculos para análisis
Proyección año 3
horizontal
V. Incremento o
disminución
Año 3
Relativa
Monto $ 31,320
Tasa 17.50% 19.40% 1.62% Inicio Anterior
Plazo 36
N° CF I K S
0 $ 31,320.00
1 $ 1,154.41 $ 506.34 $ 648.07 $ 30,671.93
2 $ 1,154.41 $ 495.86 $ 658.55 $ 30,013.38
3 $ 1,154.41 $ 485.22 $ 669.19 $ 29,344.19
4 $ 1,154.41 $ 474.40 $ 680.01 $ 28,664.17
5 $ 1,154.41 $ 463.40 $ 691.01 $ 27,973.17
6 $ 1,154.41 $ 452.23 $ 702.18 $ 27,270.99
7 $ 1,154.41 $ 440.88 $ 713.53 $ 26,557.46
8 $ 1,154.41 $ 429.35 $ 725.06 $ 25,832.40
9 $ 1,154.41 $ 417.62 $ 736.79 $ 25,095.61
10 $ 1,154.41 $ 405.71 $ 748.70 $ 24,346.91
11 $ 1,154.41 $ 393.61 $ 760.80 $ 23,586.11
12 $ 1,154.41 $ 381.31 $ 773.10 $ 22,813.01
$ 5,345.93 $ 8,506.99 $ 13,852.93
13 $ 1,154.41 $ 368.81 $ 785.60 $ 22,027.41
14 $ 1,154.41 $ 356.11 $ 798.30 $ 21,229.11
15 $ 1,154.41 $ 343.20 $ 811.21 $ 20,417.90
16 $ 1,154.41 $ 330.09 $ 824.32 $ 19,593.58
17 $ 1,154.41 $ 316.76 $ 837.65 $ 18,755.93
18 $ 1,154.41 $ 303.22 $ 851.19 $ 17,904.74
19 $ 1,154.41 $ 289.46 $ 864.95 $ 17,039.79
20 $ 1,154.41 $ 275.48 $ 878.93 $ 16,160.86
21 $ 1,154.41 $ 261.27 $ 893.14 $ 15,267.71
22 $ 1,154.41 $ 246.83 $ 907.58 $ 14,360.13
23 $ 1,154.41 $ 232.16 $ 922.26 $ 13,437.88
24 $ 1,154.41 $ 217.25 $ 937.16 $ 12,500.71
$ 3,540.63 $ 10,312.30 $ 13,852.93
25 $ 1,154.41 $ 202.09 $ 952.32 $ 11,548.40
26 $ 1,154.41 $ 186.70 $ 967.71 $ 10,580.68
27 $ 1,154.41 $ 171.05 $ 983.36 $ 9,597.33
28 $ 1,154.41 $ 155.16 $ 999.25 $ 8,598.07
29 $ 1,154.41 $ 139.00 $ 1,015.41 $ 7,582.67
30 $ 1,154.41 $ 122.59 $ 1,031.82 $ 6,550.84
31 $ 1,154.41 $ 105.91 $ 1,048.51 $ 5,502.34
32 $ 1,154.41 $ 88.95 $ 1,065.46 $ 4,436.88
33 $ 1,154.41 $ 71.73 $ 1,082.68 $ 3,354.20
34 $ 1,154.41 $ 54.23 $ 1,100.18 $ 2,254.02
35 $ 1,154.41 $ 36.44 $ 1,117.97 $ 1,136.04
36 $ 1,154.41 $ 18.37 $ 1,136.04 -$ 0.00
$ 1,352.22 $ 12,500.71 $ 13,852.93
Anterior Siguiente
Cá
Nombre del
Grupo No.
indicador
D 1 Razón Corriente
E
2 Razón de Tesorería
L
I
Q 3 Prueba Ácida
U
I 4 Capital Neto de Trabajo
D
E
I
D
E
5 Razón de Solvencia
Z
A 6
(En veces al año)
C
T
I Rotación de Cartera
V 7
(En días)
I
D
A
D
I
D Rotación de Inventarios
A
(En veces al año)
8
D
(En días)
9
o Generalmente se calcula para
G 10
(En veces)
E 11
(En días)
S
12
T
Ciclo de Efectivo
I
Rotación de Activos Totales
13 (También se conoce como
Ó
Rotación de Ventas)
I
Ó
14
N
Rotación de Activos Fijos
Impacto de los Gastos

15 Administrativos y de Ventas
16
D
Endeudamiento Total
E
17 Endeudamiento Financiero
E
N 18
Impacto de la Deuda
Financiera
D
E
U 19 Cobertura de Intereses
D
A
U
D Apalancamiento Total
20
A (Leverage Total)
M 21 Apalancamiento a Largo Plazo
I Apalancamiento a Corto Plazo

E 22
(Leverage a Corto Plazo
N Concentración del
23 Endeudamiento en el Corto
T Plazo
O 24
Concentración del
Endeudamiento en el Largo
Plazo
D
E
25 Margen Bruto
26 Margen Operacional
R
E
N
R
E
N 27 Margen Neto
T
A
28 (Return on Assets)
B 29
Rentabilidad del Patrimonio
(Return on Equity)
I
L 30
Rendimiento de la Inversión
(Return on Investment)
I Earnings Before Interest,

Taxes, Depreciation, and
D 31
Amortization (Utilidad Antes
de Intereses, Impuestos,
Depreciaciones y
A Amortizaciones)
D
Dupont
32
(Rentabilidad Neta del Activo)
Cálculo, descripción e int
Sigla
RC
RT
PA
CNT
RS
RC
RC
RI
RI
RP
RP
CE
RAT
RAF
IGAyGV
ET
EF
IDF
CI
AT
ALP
ACP
CECP
CELP
MB
MO
MN
ROA
ROE
ROI
EBITDA
Dupont
Cálculo, descripción e interpret
(Fórmula)
RC = Activo Corriente / Pasivo Corriente
RT = Disponible + Activos Realizables / Pasivo Corriente
PA = Activo Corriente - Inventarios / Pasivo Corriente
CNT = Activo Corriente - Pasivo Corriente

RS = Activo Total / Pasivo Total
RC(en veces) = Clientes / Clientes Promedio
Clientes Promedio = (Clientes al inicio del periodo + Clientes al

final del periodo) / 2
Clientes es la cuenta que representa las Ventas a Crédito. Es decir, las Cuentas por
Cobrar (C X C) o la Cartera.
Cuando no se conoce el valor de la cuenta Clientes al inicio del año 1 el valor es cero.
Para el año 2 el valor inicial es el valor final del año 1.
RC(en días) = (Clientes Promedio * 365) / Ventas a Crédito

Clientes Promedio = (Clientes al inicio del periodo + Clientes al
final del periodo) / 2
Clientes es la cuenta que representa las Ventas a Crédito. Es decir, las Cuentas por
Cobrar (C X C) o la Cartera.
Cuando no se conoce el valor de la cuenta Clientes al inicio del año 1 el valor es cero.
Para el año 2 el valor inicial es el valor final del año 1.
RI(En veces) = Costo de Ventas o Costo de Producción /
Inventario Promedio
Inventario Promedio = Inventario Incial del Periodo + Inventario Final del Periodo / 2
Cuando no se conoce el valor del Inventario Inicial del año 1 el valor es cero. Para el
año 2 el inventario inicial es el inventario final del año 1.
RI(En días) = (Inventario Promedio * 365) / Costo de Ventas
RI(En días) = 365 / RI(En veces)

Inventario Promedio = Inventario Incial del Periodo + Inventario Final del Periodo / 2
Cuando no se conoce el valor del Inventario Inicial del año 1 el valor es cero. Para el
año 2 el inventario inicial es el inventario final del año 1.
RP(En veces) = C X P / Proveedores

RP(En días) = 365 / RP(En veces)

Rotación de Cartera(En días) + Rotación de Invenarios(En días) -

Rotación de Proveedores(En días)
RAT = Operacionales / Activo Total

Operacionales
RAF = Operacionales / Activos Fijos
IGAyGV = Operacionales de Administración +
Operacionales de Ventas) / Opercionales

Operacionales.
Operacionales de Administración son los Gastos Operacionales de Administración

Operacionales de Ventas) son los gastos Operacionales de Ventas
ET = Pasivo Total / Activo Total
Obligaciones Financieras / Operacionales

Operacionales
Gastos Financieros / Operacionales

Operacionales
Los Gastos Financieros corresponden al valor de los intereses de cada año, que se debe
tomar de la Tabla de Amortización
Utilidad Operacional / Intereses Pagados

Los Interesees Pagados corresponden al valor de los intereses de cada año, que se
debe tomar de la Tabla de Amortización
AT = Pasivo Total / Patrimonio
ALP = Pasivo No Corriente / Patrimonio
AT = Pasivo Corriente / Patrimonio
Pasivo Corrriente / Pasivo Total
Pasivo No Corriente / Pasivo Total
MB = Utilidad Bruta / Operacionales

Operacionales
MO = Utilidad Operacional / Operacionales

Operacionales
MN = Utilidad Neta / Operacionales
Operacionales
ROA = Utilidad Neta / Activo Total

ROE = Utilidad Neta / Patrimonio

ROI = Operacionales - Patrimonio / Patrimonio

Operacionales
EBITDA = UB - Operacionales de Ventas -

Operacionales de Administración + Intereses +
Impuestos + Depreciaciones + Amortizaciones
(Utilidad Neta / Operacionales) * Operacionales) / Activo

total)

Operacionales
rpretación de Indicadores Finan
Resultados
Año 1 Año 2
icadores Financieros
esultados
V. Absoluta V. Relativa
eros
Interpretación, análisis, e
implicaciones de los resultados
nte
Cálculo, desc
No. Inductor Sigla
1 Gastos Operacionales GO
2 Otros Gastos Operacionales OGO
Utilidad Operacional Después

3 de Impuestos UODI
4 Activos Operacionales AO
5 Activos Operacionales Netos AON
6 Pasivos Operacionales PO
7 Patrimonio P
8 Pasivos Financieros PF
Pasivos Financieros de Corto

9 Plazo PFCP
Pasivos Financieros de Largo

10 Plazo PFLP
Costo de los Intereses en el

11 Corto Plazo K/ICP
Servicio de
12 Servicio de la deuda
la deuda
13 Rentabilidad Operacional RO

14 Operacionales Netos RONA
15 Capital de Trabajo Operacional KTO
16 Costo del Patrimonio Ke
Costo de la Deuda a Corto

17 Plazo KdCP
Costo de la Deuda Después de
18 Impuestos Kdt
Capital de Trabajo Neto

19 Operacional KTNO
20 Flujo de Caja Bruto FCB
21 Flujo de Caja Libre FCL
Flujo de Caja del Propietario

22 (Capital Cash Flow) FCP
Weighted Average Cost of

WACC
23 Capital (Costo Promedio
Ponderado de Capital) (CPPC)
Valor Ecnonómico Agregado
24 (Economic Value Added) EVA
ulo, descripción e interpretació
(Fórmula)
OGO = D + A
D: Depreciaciones
A: Amortizaciones
GO = GOA + GOV
GOA: Gastos Operacionales de Administración (Operacionales de Administración)

GOV: Gastos Operacionales de Ventas (Operacionales de Ventas)
UODI = Utilidad Operacional - Impuestos

AO = Total Activo
AON = AO – PO
PO = Total Pasivo - Obligaciones Financieras a Corto

Plazo - Obligaciones Financieras Largo Plazo
P = Total Patrimonio - Resultados del Ejercicio
PF = Pasivos Financieros de Corto Plazo + Pasivos

Financieros de Largo Plazo
PFCP = Obligaciones Financieras Corto Plazo
PFLP = Obligaciones Financieras Largo Plazo
K/ICP = Sumatoria de intereses pagados en un año

Servicio de la deuda = Abonos a Capital + Intereses
Pagados
RO = EBITDA / AO
Se debe tomar el resultado del EBITDA calculado en la hoja Indicadores

Financieros y no el “Ebitda” del Estado de Resultados
RONA = UODI / AON
KTO = Disponible + C X C + Inventarios
Ke = Rf + (Rm - Rf) * B
Rf: Rentabilidad del activo sin riesgo

Rm: Rentabilidad media del mercado
B: Beta
Los valores del Ke (año 1 y año 2) se deben tomar directamente de las Celdas
Kd = i (1 - t)
t: tasa impositiva
Los valores del KdCP (año 1 y año 2) se deben tomar directamente de las Celdas
Kdt = Kd (1 - t)
t: tasa impositiva
Los valores del Kdt (año 1 y año 2) se deben tomar directamente de las Celdas
C70 y 70 de los datos adicionales que están en la hoja Estados Financieros
KTNO = KTO - PO
La expresión matemática (fórmula) para calcular el KTNO del año 2 es diferente a

la del año 1. Es la siguiente:
KTNO año 2 = 1 * (KTNO año 1 – (KTO – PO))
FCB = UODI + OGO
FCL = FCB - KTNO - Activos Fijos
Para calcular el FCL del año 2 se debe tener en cuenta que los Activos Fijos se
deben calcular así: Activos Fijos (año 2) = = AF año 2 - AF año 1
FCP = FCL - Servicio de la Deuda
WACC = Kdt + Ke
EVA = AON * (RONA - WACC)
etación de Inductores de Valor
Resultados
Año 1 Año 2
tores de Valor del Árbol del EVA
esultados
V. Absoluta V. Relativa
l Árbol del EVA

Interpretación, análisis, e
implicaciones de los resultados
nte
Informe de Diag
Inicio
e de Diagnóstico Financiero (Tarea 2)

Bibliografía
Conclusiones (T
Estudiante:
Estudiante:
Estudiante:
Estudiante:
Estudiante:
usiones (Tarea 2)
P l a
Hallazgo
No. (del diagnóstico)
A
c
c
i 1
o
n
i
o
n
e
s
2
d
e
m
e 3
j
o
r
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i
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P l a n d e
Indicador Financiero o
Inductor de Valor en Objetivo
que se evidencia el Estratégico
hallazgo
e m e j o r a m i
Actividades,
gestiones,
operaciones,
labores y procesos
m e j o r a m i e n t o
Cuenta del Estado de Resultados o del
Estado de Situación Financiera,
Indicador Financiero o Inductor de
Valor a impactar (aumentar o
disminuir)
i e n t o
Meta
(porcentaje o
cantidad)
o
Descripción de actividades, gestiones,
operaciones, labores y procesos para
evidenciar su pertinencia para maximizar el
valor de la empresa
Conclusiones (Ta
Estudiante
Estudiante
Estudiante
Estudiante
Estudiante
iones (Tarea 3)
Árbol del EVA (simplificado) Ke

Año 2 Año 3 V. ABS V.REL.
WACC
Kdt
EVA
UODI
RONA
AON
Informe de la Evaluación financ
Biblio
Inicio Anterior
ción financiera a través del EVA (Tarea 4)

Bibliografía
terior Siguiente
a 4)
Conclusio
Estudiante
Estudiante
Estudiante
Estudiante
Estudiante
Inicio
Conclusiones (Tarea 4)
io Anterior
Estudiantes

Anexo 1 - Plantilla Única de Trabajo Administración Financiera

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Grupo No.

Angie Camila Grisales Mirandda

14 Rotación de Activos Fijos

Apalancamiento a Corto Plazo

Earnings Before Interest,

1 Otros Gastos Operacionales

Flujo de Caja del Propietario

Refers to the systematic allocation of the cost of a

Refers to the systematic allocation of the cost of a

Operating income provides insights into a company

Refers to the direct expenses incurred by a compa

Sales cost is a crucial component in calculating the

Sales and Marketing Costs: These include expense

Distribution Costs: Expenses related to delivering p

Sales Support Costs: Costs incurred in providing cu

Sales Salaries and Compensation: Wages, salaries,

Commissions and Incentives: Payments made to sa

Sales-related Travel and Entertainment: Expenses

Sales Tools and Software: Costs associated with

Sales-related Supplies: Expenses for materials and

Sales operating expenses are important to track as

RT = (Disponible + Activos Realizables) / Pasivo

PA = (Activo Corriente - Inventarios) / Pasivo

RC(en veces) = Clientes / Clientes Promedio

Clientes Promedio = (Clientes al inicio del periodo + Clientes

Cuando no se conoce el valor de la cuenta Clientes al inicio del año 1 el valor es

Cuando no se conoce el valor de la cuenta Clientes al inicio del año 1 el valor es

RI(En veces) = Costo de Ventas o Costo de Producción /

RI(En días) = (Inventario Promedio * 365) / Costo de

RI(En días) = 365 / RI(En veces)

RP(En días) = 365 / RP(En veces)

RAT = Operacionales / Activo Total

Operacionales es la cuenta que corresponde a las Ventas. Es decir, los Ingresos

Operacionales de Administración son los Gastos Operacionales de Administración

ET = Pasivo Total / Activo Total

Utilidad Operacional / Intereses Pagados

AT = Pasivo Corriente / Patrimonio

Pasivo No Corriente / Pasivo Total

MO = Utilidad Operacional / Operacionales

Operacionales es la cuenta que corresponde a las Ventas. Es decir, los Ingresos

La Utilidad Neta es la Utilidad del Ejercicio

ROA = Utilidad Neta / Activo Total

ROE = Utilidad Neta / Patrimonio

Operacionales es la cuenta que corresponde a las Ventas. Es decir, los Ingresos

EBITDA = UB - Operacionales de Ventas -

(Utilidad Neta / Operacionales) * Operacionales) /

Operacionales es la cuenta que corresponde a las Ventas. Es decir, los Ingresos

GOA: Gastos Operacionales de Administración (Operacionales de Administración)

PO = Total Pasivo - Obligaciones Financieras a Corto

PF = Pasivos Financieros de Corto Plazo + Pasivos

Servicio de la deuda = Abonos a Capital + Intereses

Rf: Rentabilidad del activo sin riesgo

La expresión matemática (fórmula) para calcular el KTNO del año 2 es diferente a

KTNO año 2 = 1 * (KTNO año 1 – (KTO – PO))

Los Activos Fijos se registran en la cuenta Propiedad, Planta y Equipo

FCP = FCL - Servicio de la Deuda

to the systematic allocation of the cost of an intangible

to the systematic allocation of the cost of a tangible as

ting income provides insights into a company's ability to

to the direct expenses incurred by a company in produ

cost is a crucial component in calculating the gross prof

and Marketing Costs: These include expenses related t

ution Costs: Expenses related to delivering products to

Support Costs: Costs incurred in providing customer sup