ESTRUCTURA DE CAPITAL

Deuda Total Neta $

TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

$
$
$
-$
-$
$

2000
61,249,620,831
4,141,247,237
6,777,384,952
6,124,766,017
301,884,520
1,330,127,840

2001
2002
$ 60,226,247,384 ########
$
7,973,030,918 ########
$
6,265,317,028 ########
-$
8,302,551,465 #########
$
4,202,930,475 ########
-$
1,412,784,363 #########

Pasivo Tt / Activo Tt %
TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

2000
68.48
62.98
59
41.58
37.46
54.3

2001
67.65
63.92
56
40.51
44.88
46.14

2002
63.76
64.22
57
38.75
57.38
43.42

2000
217.26
170.12
142
71.17
59.89
118.84

2001
209.11
177.14
129
68.09
81.43
85.68

2002
175.97
179.49
134
63.28
134.65
76.73

2000
0.62
4.12
1
3.03
1.41
1.26

2001
0.84
4.84
1
3.53
1.02
2.26

2002
1.11
3.58
1
3.27
1.23
2.81

Pasivo Tot / Patr Neto %

TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

LIQUIDEZ
Prueba Acida
TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

Capital de Trabajo $
TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

-$
$
$
$
$
$

2000
21,812,538,195
17,934,195,941
1,719,780,491
10,115,250,107
2,629,682,949
935,520,374

-$
$
$
$
$
$

2001
5,130,767,908
16,802,196,908
2,973,875,014
12,600,325,081
795,031,492
3,447,578,894

2002
########
########
########
########
########
########

$
$
$
$
$
$

2000
143,016,856,780
41,066,307,732
18,533,932,547
42,450,930,872
20,688,946,538
8,958,795,566

$
$
$
$
$
$

2001
137,350,233,010
45,946,700,144
18,517,036,568
48,579,070,792
19,073,445,558
11,270,995,113

2002
########
########
########
########
########
########

2000
0
146.1
76
119.24
18.73
19.3

2001
6.25
90.71
75
111.07
17.57
26.82

2002
7.15
105.5
76
105.14
16.82
33.12

2000
0
66.6
36
17.99
35.12
53.34

2001
0
57.92
26
19.84
40.54
70.31

2002
0
59.86
34
20.51
38.09
69.72

Capital Employed $
TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

CICLO
Plazo Promed Invent dias
TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

Plazo Promed Proved dias

TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

Plazo Promed Cobro(dias)

TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

2000
52.82
143.46
40
9.54
15.81
12.83

2001
55.06
160.53
42
9.76
14.84
13.2

2002
55
158.67
43
8.35
19.13
11.45

2000
52.82
289.56
115
128.78
34.54
32.13

2001
61.3
251.24
117
120.83
32.41
40.02

2002
62.15
264.16
119
113.5
35.95
44.57

2000
56,630,289,040
6,112,065,293
1,502,285,864
9,052,425,570
4,665,035,240
3,702,176,702

2001
$ 59,849,871,015
$
5,578,038,697
$
1,706,761,201
$
9,495,384,888
$
4,743,699,099
$
4,321,788,561

2002
########
########
########
########
########
########

2000
25.94
-4.04
1
11.12
6.17

2001
21.17
6.84
2
11.26
4.73

2002
17.35
3.42
2
11.42
2.26

Ciclo Operativo (dias)

TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

RENTABILIDAD
EBITDA $
TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

$
$
$
$
$
$

Margen Neto %
TELMEX
TELEVISA
GRUMA
MODELO
BIMBO

FEMSA

7.89

13.16

14.25

2000
55.49
31.25
9
30.87
15.22
22.93

2001
53.94
28.37
10
29.52
14.34
27.31

2002
52.46
28.29
13
30.34
10.99
30.52

2000
3.62
1.22
2
1.54
1.66
3.83

2001
3.44
4
22
1.5
2.21
1.99

2002
4.11
16.52
4
1.56
6.05
1.46

2000
1.42
1.69
8
2.13
5.26
2.81

2001
1.4
1.81
7
2.24
5.59
2.32

2002
1.42
1.75
5
2.16
7.91
2.16

Margen Ebitda %
TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

Apalancamiento Financ x
TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

Apalancamiento Operat x
TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

DEUDA TOTAL NETA

$150,000,000,000
$100,000,000,000
$50,000,000,000

2003
57.12
59.16
57
38
51.79
63.82

2004
62.9
62.49
57
36.4
50.27
56.31

2005
59.44
61.24
58
34.77
47.65
49.83

2006
60.02
57.8
53
35.22
44.38
46.56

2007
75.63
62.47
54
36.76
38.3
43.63

2008
78.98
65.8
87
41.51
41.44
42.92

2009
78.54
69.84
82
37.07
58.53
40.2

2004

2003

-$50,000,000,000

2002

$2001

2005 2006
2007 2008 2009
###### #### ####### #### ####
###### #### ######## #### ####
###### #### ####### #### ####
####### ##### ######## ##### #####
###### #### ####### #### ####
###### #### ####### #### ####

2000

2003
2004
###### ########
###### ########
###### ########
####### #########
###### ########
###### ########

PASIVO/ ACTIVO
100

50

0
2000 2001 2002 2003 2004 2005

2003
133.22
144.86
132
61.3
107.41
176.4

2004
169.52
166.63
132
57.23
101.07
128.9

2005
146.52
157.99
138
53.31
91.04
99.33

2006
150.1
137
114
54.36
79.78
87.13

2007
310.32
166.48
116
58.14
62.07
77.41

2008
375.8
192.4
688
70.96
70.75
75.2

2009
365.9
231.6
471
58.91
141.2
67.22

PASIVO/ CAPITA
800
600
400
200
0
2000 2001 2002 2003 2004 2005

2003
1.04
4.6
1
3.62
1.15
0.62

2004
1.21
3.4
1
4.62
1.3
0.62

2005
1.21
4.39
1
5.06
1.23
0.45

2006
1.05
5.42
1
4.49
0.95
0.72

2007
0.88
5.81
1
3.75
0.86
0.87

2008
1.21
5.04
1
2.66
1.25
0.64

2009
1.35
5.06
1
2.91
0.87
0.79

PRUEBA ACIDA
6
4
2
0
2000 2001 2002 2003 2004 2005 2006

CAPITAL DEL TRABA

2003
2004
###### ########
###### ########
###### ########
###### ########
###### ########
####### #########

2005 2006
2007 2008
###### #### ######## ####
###### #### ####### ####
###### #### ####### ####
###### #### ####### ####
###### #### ####### ####
####### ##### ####### #####

2009
####
####
####
####
####
####

$60,000,000,000
$40,000,000,000
$20,000,000,000
$-$20,000,000,000
-$40,000,000,000

2003
######
######
######
######
######
######

2004
########
########
########
########
########
########

2005
######
######
######
######
######
######

2006
####
####
####
####
####
####

2007
#######
#######
#######
#######
#######
#######

2008
####
####
####
####
####
####

2009
####
####
####
####
####
####

CAPITAL EMPELAD
$300,000,000,000
$200,000,000,000
$100,000,000,000
$-

DIAS EN INVENTAR
2003
5.4
103.69
83
96.92
16.62
43.76

2004
6.57
93.31
83
101.42
18.22
34.02

2005
4.71
80.86
75
91.08
18.69
33.38

2006
9.6
74.71
69
94.21
20.12
31.22

2003
0
61.82
24
18.99
36.83
68.22

2004
0
46.8
33
23.98
47.69
84.5

2005
0
63.57
41
24.22
47.3
64.84

2006
0
67.38
42
42.04
51.98
61.51

2007
11.72
68.92
83
104.99
19.48
34.3

2008
10.68
70.73
91
135.2
22.99
35.38

2009
8.7
78.88
83
127.4
19.46
32.77

2007 2008 2009

0
0
0
77.02 90.46 84.04
40
38
39
37.33 53.6 51.03
50.32 48.83 36.57
61.21 63.89 61.37

150
100
50
0
2000 2001 2002 2003 2004 2005

DIAS PROMEDIO CON P

100
80
60
40
20
0
2000 2001 2002 2003 2004

2003
51.78
161.99
38
10.75
16.59
14.55

2004
56.98
137.91
42
10.86
17.01
12.86

2005
55.2
154.02
43
14.68
17.94
13.44

2006
48.79
129.1
46
19.19
19.47
15.08

2007
44.39
149.8
41
21.92
19.65
15.91

2008
46.27
136.6
38
27.4
21.91
22.73

2009
49.27
126.5
30
24.25
20.94
20.78

CUENTAS POR COBR

200
150
100
50
0
2000 2001 2002 2003 2004 2005 2006

2003
57.18
265.68
121
107.67
33.21
58.31

2004
63.55
231.22
125
112.28
35.23
46.88

2005
59.91
234.88
117
105.76
36.64
46.82

2006
58.39
203.8
115
113.4
39.58
46.3

2007
56.11
218.72
124
126.91
39.14
50.21

2008
56.95
207.3
129
162.6
44.9
58.11

2009
57.97
205.4
113
151.6
40.4
53.54

CICLO OPERATIVO
300
200
100
0
2000 2001 2002 2003 2004 2005 2006

2003
######
######
######
######
######
######

2004
########
########
########
########
########
########

2005
######
######
######
######
######
######

2006
####
####
####
####
####
####

2007
#######
#######
#######
#######
#######
#######

2008
####
####
####
####
####
####

2009
####
####
####
####
####
####

$80,000,000,000
$60,000,000,000
$40,000,000,000
$20,000,000,000
$2000 2001 2002

MARGEN NETO %
2003
19.21
15.26
2
11.91
2.12

2004
19.64
14.73
4
13.8
5.07

2005 2006
17.29 22.84
18.86 22.64
4
5
14.71 15.26
5.07 5.51

2007 2008 2009

27.14 16.26 17.19
19.45 16.27 11.47
6
28
3
13.04 11.96 10.54
5.27 5.25 5.12

30
20
10
0
2000 2001 2002 2003 2004 2005

6.46

11.68

8.81

8.26

9.98

6.75

8.29

2000 2001 2002 2003 2004 2005

-10

MARGEN EBITDA
2003
51.7
32.13
12
31.68
10.9
21.35

2004
47.3
36.27
13
34.02
11.34
19.4

2005
44.87
40.71
10
32.8
12.61
22.08

2006
50.08
43.31
11
33.67
12.13
20.73

2007
47.65
42.6
9
32.84
11.96
20.84

2008
46.46
40.52
10
30.23
11.94
20.63

60

2009
43.92
38.37
11
31.17
13.61
19.21

50
40
30
20
10
0
2000 2001 2002 2003 2004 2005

APALANCAMIENTO FINAN
2003
2.88
2.95
36
1.52
10.56
13.2

2004
2.71
4.11
3
1.52
2.44
2.69

2005
3.04
3.64
3
1.39
2.2
2.71

2006
2.22
2.1
2
1.62
1.66
1.54

2007
3.75
2.54
2
1.7
1.53
1.69

2008
3.26
2.64
35
2.07
1.52
1.07

2009
3.85
2.22
4
1.3
1.8
1.44

40
35
30
25
20
15
10
5
0
2000

2003
1.43
1.57
5
2.08
7.51
2.64

2004
1.52
1.51
5
1.92
6.53
2.93

2005
1.56
1.46
6
1.94
5.82
2.87

2006
1.42
1.42
6
1.92
5.85
2.96

2007
1.45
1.43
6
1.96
5.96
2.91

2008
1.5
1.5
4
2.06
5.73
2.85

2009
1.61
1.64
5
2.03
5.1
3.02

2001

2002

2003

2004

APALANCAMIENTO
8
7
6
5
4
3
2
1
0
2000

2001

2002

2003

2000

2001

2002

2003

DA TOTAL NETA $
TELMEX
TELEVISA
GRUMA

2009

2008

2007

2006

2005

2004

MODELO
BIMBO
FEMSA

PASIVO/ ACTIVO %
TELEVISA
GRUMA
MODELO
BIMBO
2005 2006 2007 2008 2009

FEMSA

PASIVO/ CAPITAL
TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
2005 2006 2007 2008 2009

FEMSA

PRUEBA ACIDA
TELMEX
TELEVISA
GRUMA
MODELO
2005 2006 2007 2008 2009

BIMBO

PITAL DEL TRABAJO $

TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA

APITAL EMPELADO $
TELMEX
TELEVISA
GRUMA
MODELO

AS EN INVENTARIOS
TELMEX
TELEVISA
GRUMA
MODELO
2005 2006 2007 2008 2009

BIMBO

OMEDIO CON PROVEEDORES

TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
2004 2005 2006 2007 2008 2009

FEMSA

NTAS POR COBRAR

TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
2005 2006 2007 2008 2009

FEMSA

CLO OPERATIVO
TELMEX
TELEVISA
GRUMA
MODELO
2005 2006 2007 2008 2009

BIMBO

EBITDA $
TELMEX
TELEVISA
GRUMA
MODELO
2002 2003 2004 2005 2006 2007 2008 2009

MARGEN NETO %
TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
2005 2006 2007 2008 2009

BIMBO

BIMBO
2005 2006 2007 2008 2009

FEMSA

MARGEN EBITDA %
TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA
2005 2006 2007 2008 2009

AMIENTO FINANCIERO (VECES)

TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA
2004

2005

2006

2007

2008

2009

ALANCAMIENTO OPERATIVO ( VECES)

TELMEX
TELEVISA
GRUMA
MODELO
BIMBO
FEMSA
2003

2004

2005

2006

2007

2008

2009

2003

2004

2005

2006

2007

2008

2009

3
LIQUIDEZ

2000
0.62

Liquidez Corriente

2001
0.86

2002
1.15

Liquidez Corriente
1.5
1
0.5
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

2000
0.62

Prueba Acida

2001
0.84

2002
1.11

Prueba Acida
1.5
1
0.5
0
2000 2001 2002 2003 2004 2005 2006 2007 2008

2000

2001

2002

Activo total

156,880,803

#########

#########

Pasivo total
Capital Social

$
$

107,432,127
49,448,676

#########
#########

#########
#########

2001
67.65%

2002
63.76%

Razon Pasivo/Activo

2000
68.48%

Razon Pasivo/Activo
90.00%

90.00%

Axis Title

80.00%
70.00%
60.00%
50.00%
2000

2001

2002

2003

2004

2005

2000
52.07%

Razon Pasivo / Capital

2006

2001
51.11%

2007

2008

2002
46.80%

Razon Pasivo / Capita

70.00%
65.00%
60.00%
55.00%
50.00%
45.00%
40.00%
35.00%
2000

Ventas netas

2001

2000
102,062,679

Internal Growth Rate

2002

2003

2001
2002
######### #########
2001
2002
8.72%
1.37%

Internal Growth Rate

30.00%
20.00%
10.00%
0.00%
-10.00%
-20.00%

2001

2002

2003

2004

2005

2006

-20.00%
-30.00%

Cobertura de intereses
Gastos operativos
Interest Expense

2000
16501481
9988892

2001
17137687
6997182

2002
16507535
6031010

2000
1.65

2001
2.45

2002
2.74

TIE

TIE
4.00
3.50
3.00
2.50
2.00
1.50
2000

2001

2002

2003

2004

2005

2000
0

Inventarios

2001
6.25

2002
7.15

Inventarios
12
11
10
9
8
7
6
5

6
5
4
3
2000

2001

2000
52.82

Plazo Cuentas por Cobrar

2002

2003

2004

2001
55.06

2005

2002
55

Plazo Cuentas por Cobrar

60
55
50
45
40
2000

Ciclo Financiero (dias)

2001

2002

2000
52.82

2003

2004

2001
61.3

2005

2002
62.15

Ciclo Financiero (dias)

65
60
55
50
45
2000 2001 2002 2003 2004 2005 2006 2007

Ciclo Operativo (dias)

2000
52.82

2001
61.3

Ciclo Operativo (dias)

70
60
50
40
30
20

2002
62.15

20
10
0

2000
0.65

Rotacion del Actv x

2001
0.71

2002
0.67

Rotacion del Actv x

0.8
0.7
0.6
0.5
0.4
2000200120022003200420052006200720082009

2000
2.06

Rotacion del Patrimonio

2001
2.19

2002
1.84

Rotacion del Patrimonio

3.5
3
2.5
2
1.5
1
2000

2001

2002

2003

2004

2005

2000

2001

2002

2003

Margen Bruto %

55.07%

53.83%

49.78%

48.75%

Margen Bruto %
57.00%
55.00%
53.00%
51.00%
49.00%
47.00%
45.00%
2000

2001

2002

2000
38.90%

Margen EBIT %

2003

2004

2001
38.38%

2005

2002
35.11%

2006

2003
33.99%

Margen EBIT %
40.00%
35.00%
30.00%
25.00%
2000

2001

2000
25.94%

Margen Neto %

2002

2003

2004

2001
21.17%

2005

2002
17.35%

2006

2007

2003
19.21%

Margen Neto %
30.00%
25.00%
20.00%
15.00%
10.00%
2000

2001

2002

2003

2004

2005

10.00%
2000

2001

2002

2000
55.49%

Margen Ebitda %

2003

2001
53.94%

2004

2002
52.46%

2005

2003
51.70%

Margen Ebitda %
58.00%
56.00%
54.00%
52.00%
50.00%
48.00%
46.00%
44.00%
42.00%
40.00%
2000

2001

2002

2000
16.87%

Rentab del Actvo %

2003

2001
14.97%

2004

2005

2002
11.59%

2006

2003
12.09%

Rentab del Actvo %

25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
2000

2001

2002

2003

2004

2005

2006

Asset Turnover

Asset Turnover
0.8
0.7
0.6
0.5

0.6
0.5
0.4
0.3
0.2
0.1
0
2000

2001

2002

2003

ROIC

2004

2005

2006

ROIC
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
2000

2001

2002

2003

2004

2005

2006

SG&A%

SG&A % Revenue
17.50%
17.00%
16.50%
16.00%
15.50%
15.00%
14.50%
14.00%
2000

2001

2002

2003

2004

2005

2006

Revenue Growth

Revenue Growth
8.00%
6.00%
4.00%
2.00%

2.00%
0.00%
2000

-2.00%

2001

2002

2003

2004

2005

2006

2005

2006

-4.00%
-6.00%

GM%

GM%
58.00%
56.00%
54.00%
52.00%
50.00%
48.00%
46.00%
44.00%
42.00%
40.00%
2000

2001

2002

VENTAS NETAS

2003

2004

Ventas netas
180000000
160000000
140000000
120000000
100000000
80000000
60000000
40000000
20000000
0
2000

Rentabilidad Patrimonio

2000
30.95%

2001

2002

2003

2001
46.89%

2004

2002
34.93%

2005

2006

2003
31.92%

Rentabilidad Patrimonio
55.00%

55.00%
50.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
2000

2001

2002

2000
3.62

Apalancamiento Financ x

2003

2004

2001
3.44

2005

2002
4.11

2006

2007

2003
2.88

Apalancamiento Financ x
4.5
4
3.5
3
2.5
2
2000

2001

2002

2003

2004

2005

. Mltiplos
a. Precio a valor en libros

2009
2008
2007
2006
2005
2004
2003
2002
2001

Precio Valor en Acciones

11.27083333
15.5967
19.06083333
12.99166667
10.70416667
9.606666667
8.388333333
8.143333333
8.3225

25
20
15
10
5

2006

2000

14.00416667

5
0
2009

2008

b. Precio a utilidad del ltimo periodo (anual, o trimestral)

Utilidad p/ Accion $ Anual

2000
0.330507508

2001
2002
0.501825625 0.43620003

2003
0.5222141

Utilidad p/ Accion $ Anual

1.2
1
0.8
0.6
0.4
0.2
0
2000

Ventas p/ Accion $

2001

2002

2000
1.274359007

2003

2004

2005

2006

2001
2002
2.370212655 2.51344646

2007

2008

2003
2.7180535

Ventas p/ Accion $
7
6.5
6
5.5
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
2000

2001

2002

2003

2004

2005

2006

2007

2000
0.649094262

Valor Libro p/ Accion $

2001
2002
1.121358204 1.38880304

2003
1.9128783

Valor Libro p/ Accion $

3.5
3
2.5
2
1.5
1
0.5
0
2000

2001

2002

2003

2004

2005

2006

2007

2008

d. Total Return to Shareholders

P/E MULTIPLE
50
40
30
20
10
0
2000

e.

2001

2002

2003

2004

2005

Anlisis de DuPont

ROE
Capital S

2000

2001

2002

2003

36801773

37152095

38571141

39101823

2006

Ganancia/perdida neta
ROE
Capital Contribuido
Capital social

ROE

26470156

23493930

19520844

22449582

72%

63%

51%

57%

36801773
26857003
63658776

37152095
26769490
63921585

38571141
27623039
66194180

39101823
27690622
66792445

2000
42%

2001
37%

2002
29%

2003
34%

ROE
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
2000

2001

2002

2003

2004

2005

2006

MARGEN
Ventas netas
Ganancia/perdida neta

MARGEN

2000
102062679
26470156

2001
110966054
23493930

2000
25.94%

2001
21.17%

MARGEN
30.00%
25.00%
20.00%
15.00%

2002
2003
112481873 116847017
19520844 22449582
2002
17.35%

2003
19.21%

20.00%
15.00%
10.00%
5.00%
0.00%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

MULTIPLICADOR DE CAPITAL
Activo total
Capital S

156880803
36801773

MULTIPLICADOR DE CAPITAL

2000
4.262859917

156909793
37152095

168385786 185760494
38571141 39101823

2001
2002
4.223444008 4.36558996

2003
4.7506863

MULTIPLICADOR DE CAPITAL
15
13
11
9
7
5
3
2000

2001

2002

2003

2004

2005

2006

2007

ROTACIN ACTIVOS TOTALES

Ventas netas
Activo total

ROTACIN ACTIVOS TOTALES

2000
102062679
156880803

2001
110966054
156909793

2000
65.06%

2001
70.72%

2002
2003
112481873 116847017
168385786 185760494

2002
66.80%

ROTACIN ACTIVOS TOTALES

80.00%
70.00%
60.00%
50.00%
40.00%

2003
62.90%

2008

40.00%
30.00%
20.00%
10.00%
0.00%
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

5. Comparativos con otras empresas

a. Groso Modo con las empresas competencia, con la informacin de las empresas del curso, y con alguna otra si lo con

OTRA PESTAA

b. Groso modo comparativo slo de las razones ms importantes

2003
1.06

2004
1.24

2005
1.24

2006
1.08

2007
0.95

2008
1.26

2009
1.39

2003
1.04

2004
1.21

2005
1.21

2006
1.05

2007
0.88

2008
1.21

2009
1.35

2003

2004

2005

2006

2007

2008

2009

$ 185,760,494 $ 252,991,583

#######

########

#######

$ 106,111,734 $ 145,166,744
$ 79,648,760 $ 107,824,838

#######
#######

########
########

####### ########### $ 140,034,604

####### $ 39,371,099 $ 38,320,773

2005
55.46%

2006
58.95%

2008 2009

2008 2009

2003
57.12%

2004
57.38%

2007
75.61%

########### $ 178,355,377

2008
78.96%

2009
78.51%

Capital Estructure
70.0%
60.0%

70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
2000
2008

2001

2002

2003 2004 2005 2006

Debt Total Capital

2009

2003
39.98%

2004
40.23%

2005
38.37%

2006
41.79%

2007
60.78%

2008
65.23%

2007

2008

2009
64.63%

Razon Pasivo / Capital

2004

2005

2006

2003
2004
$ 116,847,017 $ 140,011,201
2003
2004
3.88%
19.82%

owth Rate

2006

2007

2008

2009

2007

2008

2009

2005
2006
####### ########
2005
2006
19.09%
-25.00%

2007
2008
2009
####### ########### $ 119,100,212
2007
2008
2009
4.57%
-5.09%
-4.03%

2003
17245877
5760369

2004
2005
2006
2007
22434428 28036357 18680314 19552442
5996353 7746095 6700005 6615400

2003
2.99

2005

2006

ventarios

2007

2008

2003
5.4

2008
19863006
7652427

2009
20830245
6122328

2004
3.74

2005
3.62

2006
2.79

2007
2.96

2008
2.60

2009
3.40

2004
6.57

2005
4.71

2006
9.6

2007
11.72

2008
10.68

2009
8.7

2009

2005

2006

2007

2008

2009

2003
51.78

2004
56.98

2005
55.2

2006
48.79

2007
44.39

2008
46.27

2009
49.27

tas por Cobrar

2005

2006

2007

2008

2009

2003
57.18

2004
63.55

2005
59.91

2006
58.39

2007
56.11

2008
56.95

2009
57.97

2003
57.18

2004
63.55

2005
59.91

2006
58.39

2007
56.11

2008
56.95

2009
57.97

2007

2003
0.63

2004
0.55

2005
0.65

2006
0.44

2007
0.76

2008
0.66

2009
0.67

2003
1.47

2004
1.49

2005
1.61

2006
1.1

2007
2.5

2008
3.17

2009
3

2006

2007

2008

2009

del Patrimonio

2005

2006

2007

2004

2008

2009

2005

46.93%

2006

2007

2008

2004
30.91%

2007

2008

47%

51%

49%

48%

46%

2005
29.88%

2006
35.66%

2007
33.56%

2008
32.02%

2009
28.85%

2005
17.29%

2006
22.84%

2007
27.14%

2008
16.26%

2009
17.19%

2009

2009

2004
19.64%

Neto %

2005

2006

2007

2008

2009

2005

2006

2007

2008

2004
47.30%

2007

2008

2007

t Turnover

2008

2005
44.87%

2006
50.08%

2007
47.65%

2008
46.46%

2009
43.92%

2005
11.27%

2006
10.03%

2007
20.53%

2008
10.78%

2009
11.48%

2009

2004
10.87%

2006

2009

2009

2006

2007

2007

2008

2008

2009

2009

evenue

2006

Growth

2007

2008

2009

2006

2007

2008

2009

2006

2007

2008

2009

2006

rimonio

2007

2008

2004
31.69%

2009

2005
29.18%

2006
26.25%

2007
45.49%

2008
49.54%

2009
52.75%

2007

2008

2009

2004
2.71

2005
3.04

Financ x

2007

2008

2009

Precio valor Acciones

2006
2.22

2007
3.75

2008
3.26

2009
3.85

2008

2007

2006

2004
0.671408872

2008

2004

2003

2002

2001

2000

2005
2006
0.739874337 0.799032

2007
2008
2009
1.057367 1.064045 1.105622863

2005
2006
4.278211421 3.497926

2007
2008
2009
3.896565 6.544776 6.433236507

2009

2004
3.418868238

2007

2005

2008

2009

2004
2.34301749

2008

2005
2006
2.78068674 3.329735

2007
2008
2009
1.285101 2.119634 2.104195235

2009

MULTIPLE

2006

2007

2004
46752532

2008

2009

2005

2006

2007

2008

2009

48006430 47157849

9402561

9138632

9020300

27495872

28837078 28566217 35484947 20176936

59%
46752532
28001076
74753608

60%

221%

227%

48006430 47157849 9402561 9138632

28178140 26996524 9402561 9138632
76184570 74154373 18805122 18277264

9020300
9020300
18040600

2004
37%

2006

2007

2008

2004
140011201
27495872
2004
19.64%

2005
38%

61%

2006
39%

377%

20468689

2007
36%

2008
35%

2009
29%

2005
2006
2007
2008
166746040 1.25E+08 1.31E+08 1.24E+08
28837078 28566217 35484947 20176936

2009
119100212
20468689

2009

2005
17.29%

2006
22.84%

2007
27.14%

2008
16.26%

2009
17.19%

2009

252991583
46752532

255833140 2.85E+08
48006430 47157849

1.73E+08 1.87E+08
9402561 9138632

178355377
9020300

2004
5.411291585

2005
2006
5.3291432 6.040164

2007
2008
12.588 14.25466

2009
13.543

2007
2008
1.31E+08 1.24E+08
1.73E+08 1.87E+08

2009
119100212
178355377

2008

2009

2004
140011201
252991583

2005
166746040
255833140

2006
1.25E+08
2.85E+08

2004
55.34%

2005
65.18%

2006
43.90%

2007
75.66%

2008
66.32%

2009
66.78%

2009

del curso, y con alguna otra si lo consideran pertinente

D/TC

2008

2009

Economic Profit and ROIC

8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
2000

2001

2002

2003

2004

ECONOMIC PROFIT

2005

2006

2007

2008

2009

ROIC

Revenue
180,000,000
160,000,000
140,000,000
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
2000

2001

2002

2003

2004

2005

2006

2007

2008

2000

2001

2002

2003

2004

2005

2006

2007

2008

TELMEX
Profits and Profitability
25.00%

30,000,000
25,000,000

20.00%

20,000,000
15.00%
15,000,000
10.00%

10,000,000

5.00%

5,000,000
-

0.00%

2000

2009

2001

2002

2003

2004

2005

2006

Operating Income
Profitability

Asset Turnover
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2008

2009

2000

2001

2002

2003

2004

2005

2006

0
2008

2009

2000

2001

2002

2003

2004

2005

2006

ELMEX
Revenue per Employee

nd Profitability
35.00%
30.00%

60,000
50,000

25.00%
20.00%
15.00%
10.00%

40,000
30,000
20,000

5.00%
0.00%
2006

2007

2008

10,000

2009

2000

2001

2002

2003

2004

Receivables (DSO) and Inv

urnover
160
140
120
100
80
60
40
20
0
2000
2006

2007

2008

2009

2001

2002

2003

2004

2005

2000
2006

2007

2008

2009

2001

2002

2003

2004

2005

enue per Employee

2004

2005

2006

2007

2008

2009

eivables (DSO) and Inventory (DSI)

DSI
DSO

2005

2006

2007

2008

2009

2005

2006

2007

2008

2009

P/E MULTIPLE
50

25.00%

40

20.00%

30

15.00%

20

10.00%

10

5.00%
0.00%

0
2000

2001

2002

2003

2004

2005

2006

2007

2008

2000

2009

Capital Estructure
70.0%

140

60.0%

120

50.0%
D/TC

30.0%
20.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Debt Total Capital

Operating Margin
35.00%
30.00%
25.00%
20.00%

60

20

0.0%

40.00%

80

40

10.0%

45.00%

Days

100

40.0%

0
2000

20.00%
15.00%
10.00%
5.00%
0.00%
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

TELMEX
ROIC
600.0%
500.0%
400.0%
300.0%
200.0%
100.0%
0.0%
2000

2001

2002

2003

2004

2005

2006

2007

2008

2000

2001

2002

2000

2001

2002

2009

Operating Cash Cycle

17.50%
17.00%
16.50%
16.00%
15.50%
15.00%
14.50%
14.00%
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

X
Revenue Growth

Capital Structure
8.00%
6.00%
4.00%
2.00%
0.00%
-2.00%
2002

2003

2004 2005
Debt Total

2006

2007

2008

2009

2000

2001

2002

2003

2004

-4.00%
-6.00%

GM%

SG&A % Revenue
58.00%
56.00%
54.00%
52.00%
50.00%
48.00%
46.00%
44.00%
42.00%
2002

2003

2004

2005

2006

2007

2008

2009

40.00%
2000

2001

2002

2003

Ventas netas
180000000
160000000
140000000
120000000
100000000
80000000

80000000
60000000
40000000
20000000
0
2000

2001

2002

2003

Revenue Growth

2004

2005

2006

2007

2008

2009

GM%

2003

2004

2005

2006

Ventas netas

2007

2008

2009

2003

2004

2005

2006

2007

2008

2009