ACTIVO
CONCEPTO 2011
CORRIENTE
CAJA
BANCOS
CUENTAS DE AHORRO
INVERSIONES
DEUDORES
(-)PROV.CTAS.POR COBRAR
TOTAL ACTIVO CORRIENTE
PROPIEDAD PLANTA Y EQUIPO
CONSTRUCCIONES. Y EDIFICACION
CONSTRUCCIONES EN CURSO
MAQUINARIA Y EQUIPO
EQUIPO DE OFICINA
EQUIPO DE COMP. Y COMUNIC.
FLOTA Y EQUIPO DE TRANSPORTE
DEPRECIACION ACUMULADA
TOTAL PROP.PLANTA Y EQUIPO
INTANGIBLES
BIENES RECIBIDOS EN ARRIENDO
DEPRECIACION ACUMULADA
TOTAL INTANGIBLES
DIFERIDO
GASTOS PAG.POR ANTICIPADO
CARGOS DIFERIDOS
TOTAL ACTIVO DIFERIDO
OTROS ACTIVOS
BIENES DE ARTE Y CULTURA
TOTAL OTROS ACTIVOS
VALORIZACIONES
ACCIONES
PROGRAMAS
TOTAL VALORIZACIONES
TOTAL ACTIVO
CORRIENTE
$ -
$ 94,176,973.02
$ 281,600,741.33
$ 933,524,489.30
$ 400,866,812.12
-$ 2,331,270.00
$ 1,707,837,745.77
$ 340,000,000.00
$ 78,204,822.00
$ 199,381,533.00
$ 218,505,782.00
$ 3,990,000.00
-$ 234,093,250.28
$ 605,988,886.72
$ 164,999,975.00
-$ 82,500,000.00
$ 82,499,975.00
$ 28,504,545.00
$ 19,860,350.00
$ 48,364,895.00
$ 38,737,460.52
$ 38,737,460.52
$ 2,294,243.10
$ 1,484,867,863.00
$ 1,487,162,106.10
$ 3,970,591,069.11
PASIVO
OBLIGACIONES FINANCIERAS
COSTOS Y GASTOS POR PAGAR
RETENCION EN LA FUENTE
ICA RETENIDO
RETENCION Y APORTE DE NOMINA
IMPUESTOS POR PAGAR
OBLIGACIONES LABORARLES
PASIVOS DIFERIDOS
OTROS PASIVOS
TOTAL PASIVO CORRIENTE
A LARGO PLAZO
OBLIGACIONES FINANCIERAS
TOTAL LARGO PLAZO
TOTAL PASIVO
CAPITAL SOCIAL
DONACIONES
RESERVA OBLIGATORIAS
EXCEDENTES DEL EJERCICIO
SUPERAVIT POR VALORIZACION
TOTAL PATRIMONIO
TOTAL PASIVO Y PATRIMONIO
ACTIVOS - (PASIVOS + PATRIMONIO)
$ 7,689,588.68
$ 79,400,406.19
$ -
$ 286,854.00
$ -
$ 2,510,000.00
$ 8,537,758.00
$ 192,805,575.87
$ 325,268,409.41
$ 616,498,592.15
$ 659,960,840.37
$ 659,960,840.37
$ 1,276,459,432.52
PATRIMO
$ 377,843,492.39
$ 538,901,041.00
$ 3,324,608.28
$ 251,900,388.82
$ 1,522,162,106.10
$ 2,694,131,636.59
$ 3,970,591,069.11
$ -
 ACTIVOS
2012 2013 2014

$ - $ - $ 1,854,790.00
$ 93,040,283.58 $ 164,867,000.00 $ 83,966,248.47
$ 222,005,482.60 $ 202,809,000.00 $ 448,758,870.61
$ 1,117,131,124.83 $ 967,499,000.00 $ 1,157,397,024.30
$ 148,161,198.85 $ 147,817,000.00 $ 388,391,901.70
-$ 1,228,650.00 -$ 3,328,000.00 -$ 2,721,445.00
$ 1,579,109,439.86 $ 1,479,664,000.00 $ 2,077,647,390.08

$ 340,000,000.00 $ 865,000,000.00 $ 951,839,977.00

$ 115,551,522.00 $ 166,900,000.00 $ 251,607,161.00

$ 224,701,238.00 $ 229,843,000.00 $ 231,212,238.00
$ 479,257,220.00 $ 745,793,000.00 $ 839,056,808.00
$ 3,990,000.00 $ 3,990,000.00 $ 3,990,000.00
-$ 357,537,835.39 -$ 525,012,000.00 -$ 770,369,173.98
$ 805,962,144.61 $ 1,486,514,000.00 $ 1,507,337,010.02

$ 23,848,000.00 $ 26,901,000.00 $ 10,664,000.00

$ 6,480,000.00 $ 15,080,000.00 $ 22,944,000.00
$ 30,328,000.00 $ 41,981,000.00 $ 33,608,000.00

$ 59,716,184.52 $ 61,110,000.00 $ 70,492,244.52

$ 59,716,184.52 $ 61,110,000.00 $ 70,492,244.52

$ 2,294,243.10 $ 2,294,000.00 $ 2,294,243.10

$ 1,484,867,863.00 $ 1,484,868,000.00 $ 1,484,867,863.00
$ 1,487,162,106.10 $ 1,487,162,000.00 $ 1,487,162,106.10
$ 3,962,277,875.09 $ 4,556,431,000.00 $ 5,176,246,750.72
PASIVOS
$ 2,194,808.44 $ 6,704,000.00 $ 13,905,071.25
$ 61,563,022.92 $ 127,800,000.00 $ 275,608,712.40
$ 3,675,636.00 $ 1,068,000.00 $ 8,587,025.00
$ 485,672.00 $ 403,000.00 $ 613,221.00
$ 262,392.00 $ 913,000.00 $ -
$ 8,037,000.00 $ 5,809,000.00 $ -
$ 9,223,758.00 $ 10,285,000.00 $ 25,715,870.00
$ 267,498,325.60 $ 400,310,000.00 $ 410,806,877.71
$ 101,067,050.07 $ 48,358,000.00 $ 55,286,782.42
$ 454,007,665.03 $ 601,650,000.00 $ 790,523,559.78

$ 484,579,919.36 $ 595,845,000.00 $ 370,089,300.66

$ 484,579,919.36 $ 595,845,000.00 $ 370,089,300.66
$ 938,587,584.39 $ 1,197,495,000.00 $ 1,160,612,860.44
PATRIMONIO
$ 473,684,294.39 $ 968,966,000.00 $ 1,341,004,011.82
$ 529,236,898.00 $ 529,237,000.00 $ 529,236,898.00
$ 3,324,608.28 $ 3,325,000.00 $ 3,324,608.28
$ 495,282,383.93 $ 335,246,000.00 $ 619,906,266.08
$ 1,522,162,106.10 $ 1,522,162,000.00 $ 1,522,162,106.10
$ 3,023,690,290.70 $ 3,358,936,000.00 $ 4,015,633,890.28

$ 3,962,277,875.09 $ 4,556,431,000.00 $ 5,176,246,750.72

$ - $ - $ -
 FUNDACIN DE ESTUDIOS SUPERIORES C

BALANCE GENERAL

2015 2011 2012 2013

$ 1,116,000.00 0.00% 0.00% 0.00%

$ 156,164,000.00 2.37% 2.35% 3.62%
$ 529,493,000.00 7.09% 5.60% 4.45%
$ 1,023,124,000.00 23.51% 28.19% 21.23%
$ 464,939,000.00 10.10% 3.74% 3.24%
-$ 3,742,000.00 -0.06% -0.03% -0.07%
$ 2,171,094,000.00 43.01% 39.85% 32.47%

$ 340,000,000.00 8.56% 8.58% 18.98%

$ 1,031,264,000.00 0.00% 0.00% 0.00%
$ 188,756,000.00 1.97% 2.92% 3.66%
$ 327,366,000.00 5.02% 5.67% 5.04%
$ 1,032,704,000.00 5.50% 12.10% 16.37%
$ 3,990,000.00 0.10% 0.10% 0.09%
-$ 1,010,014,000.00 -5.90% -9.02% -11.52%
$ 1,914,066,000.00 15.26% 20.34% 32.62%

A 4.16% 0.00% 0.00%

N -2.08% 0.00% 0.00%

2.08% 0.00% 0.00%
A
$ 16,810,000.00 L 0.72% 0.60% 0.59%
$ 1,504,000.00 I 0.50% 0.16% 0.33%
$ 18,314,000.00 S 1.22% 0.77% 0.92%

I
$ 70,758,000.00 0.98% 1.51% 1.34%
$ 70,758,000.00
S 0.98% 1.51% 1.34%

$ 9,573,000.00 V 0.06% 0.06% 0.05%

$ 1,484,868,000.00 E 37.40% 37.48% 32.59%
37.45% 37.53% 32.64%
$
$
1,494,441,000.00
5,668,673,000.00
R
T
I
C
A
L
 R
T
I
$ 10,590,000.00 C 0.19% 0.06% 0.15%
$ 579,994,000.00 A 2.00% 1.55% 2.80%
$ 13,521,000.00 L 0.00% 0.09% 0.02%
$ 1,476,000.00 0.01% 0.01% 0.01%
$ 32,274,000.00 0.00% 0.01% 0.02%
$ 1,412,000.00 0.06% 0.20% 0.13%
$ 25,932,000.00 0.22% 0.23% 0.23%
$ 422,383,000.00 4.86% 6.75% 8.79%
$ 72,466,000.00 8.19% 2.55% 1.06%
$ 1,160,048,000.00 15.53% 11.46% 13.20%

$ 216,930,000.00 16.62% 12.23% 13.08%

$ 216,930,000.00 16.62% 12.23% 13.08%
$ 1,376,978,000.00

$ 1,934,618,000.00 9.52% 11.95% 21.27%

$ 529,237,000.00 13.57% 13.36% 11.62%
$ 3,325,000.00 0.08% 0.08% 0.07%
$ 295,074,000.00 6.34% 12.50% 7.36%
$ 1,529,441,000.00 38.34% 38.42% 33.41%
$ 4,291,695,000.00 67.85% 76.31% 73.72%

$ 5,668,673,000.00

$ -
SUPERIORES COMFANORTE FESC

ANCE GENERAL

2014 2015 VARIACIN ABSOLUTA %

0.04% 0.02% $ - #DIV/0!

1.62% 2.75% $ (1,136,689) -1.21%
8.67% 9.34% $ (59,595,259) -21.16%
22.36% 18.05% $ 183,606,636 19.67%
7.50% 8.20% $ (252,705,613) -63.04%
-0.05% -0.07%
40.14% 38.30% $ (128,728,306) -7.54%

18.39% 6.00% $ - 0.00%

0.00% 18.19% $ - #DIV/0!
4.86% 3.33% $ 37,346,700 47.75%
4.47% 5.78% $ 25,319,705 12.70%
16.21% 18.22% $ 260,751,438 119.33%
0.08% 0.07% $ - 0.00%
-14.88% -17.82% $ (123,444,585) 52.73%
29.12% 33.77% $ 199,973,258 33.00%
A
0.00% 0.00% N
0.00% 0.00%
A
0.00% 0.00% $ (82,499,975) -100.00%
L
0.21% 0.30% I
0.44% 0.03% S $ (13,380,350) -67.37%
0.65% 0.32% I $ (18,036,895) -37.29%
S
1.36% 1.25% $ 20,978,724 54.16%
1.36% 1.25% $ 20,978,724 54.16%
H
0.04% 0.17% O
28.69% 26.19% R $ - 0.00%
28.73% 26.36% $ - 0.00%
I
$ (8,313,194) -0.21%
Z
O
N
T
A
 I
Z
O
0.27% 0.20% N -71.46%
5.32% 11.20% T $ (17,837,383) -22.47%
0.17% 0.26% A $ 3,675,636 #DIV/0!
0.01% 0.03% $ 198,818 69.31%
0.00% 0.62%
L $ 262,392 #DIV/0!
0.00% 0.03% $ 5,527,000 220.20%
0.50% 0.50% $ 686,000 8.03%
7.94% 8.16% $ 74,692,750 38.74%
1.07% 1.40% $ (224,201,359) -68.93%
15.27% 22.41% $ (162,490,927) -26.36%

7.15% 4.19% $ (175,380,921) -26.57%

7.15% 4.19% $ (175,380,921) -26.57%
$ (337,871,848) -26.47%

25.91% 34.13% $ 95,840,802 25.37%

10.22% 9.34% $ (9,664,143) -1.79%
0.06% 0.06% $ - 0.00%
11.98% 5.21% $ 243,381,995 96.62%
29.41% 26.98% $ - 0.00%
77.58% 75.71% $ 329,558,654 12.23%

$ -
$ -
 VARIACIN ABSOLUTA % VARIACIN ABSOLUTA

$ - #DIV/0! $ 1,854,790.00
$ 71,826,716.42 77.20% -$ 80,900,751.53
-$ 19,196,482.60 -8.65% $ 245,949,870.61
-$ 149,632,124.83 -13.39% $ 189,898,024.30
-$ 344,198.85 -0.23% $ 240,574,901.70

-$ 99,445,439.86 -6.30% $ 597,983,390.08

$ 525,000,000.00 154.41% $ 86,839,977.00

$ - #DIV/0! $ -
$ 51,348,478.00 44.44% $ 84,707,161.00
$ 5,141,762.00 2.29% $ 1,369,238.00
$ 266,535,780.00 55.61% $ 93,263,808.00
$ - 0.00% $ -
-$ 167,474,164.61 46.84% -$ 245,357,173.98
$ 680,551,855.39 84.44% $ 20,823,010.02

$ - #DIV/0! $ -

$ 8,600,000.00 132.72% $ 7,864,000.00

$ 11,653,000.00 38.42% -$ 8,373,000.00

$ 1,393,815.48 2.33% $ 9,382,244.52

$ 1,393,815.48 2.33% $ 9,382,244.52

$ 137.00 0.00% -$ 137.00

-$ 106.10 0.00% $ 106.10
$ 594,153,124.91 15.00% $ 619,815,750.72
$ 4,509,191.56 205.45% $ 7,201,071.25
$ 66,236,977.08 107.59% $ 147,808,712.40
-$ 2,607,636.00 -70.94% $ 7,519,025.00
-$ 82,672.00 -17.02% $ 210,221.00
$ 650,608.00 247.95% -$ 913,000.00
-$ 2,228,000.00 -27.72% -$ 5,809,000.00
$ 1,061,242.00 11.51% $ 15,430,870.00
$ 132,811,674.40 49.65% $ 10,496,877.71
-$ 52,709,050.07 -52.15% $ 6,928,782.42
$ 147,642,334.97 32.52% $ 188,873,559.78

$ 111,265,080.64 22.96% -$ 225,755,699.34

$ 111,265,080.64 22.96% -$ 225,755,699.34
$ 258,907,415.61 27.58% -$ 36,882,139.56

$ 495,281,705.61 104.56% $ 372,038,011.82

$ 102.00 0.00% -$ 102.00
$ 391.72 0.01% -$ 391.72
-$ 160,036,383.93 -32.31% $ 284,660,266.08
-$ 106.10 0.00% $ 106.10
$ 335,245,709.30 11.09% $ 656,697,890.28
 % VARIACIN ABSOLUTA % BANDERAS
ROJAS

#DIV/0! -$ 738,790.00 -39.83%

-49.07% $ 72,197,751.53 85.98%
121.27% $ 80,734,129.39 17.99%
19.63% -$ 134,273,024.30 -11.60%
162.75% $ 76,547,098.30 19.71%

40.41% $ 93,446,609.92 4.50%

10.04% -$ 611,839,977.00 -64.28%

#DIV/0! $ 1,031,264,000.00 #DIV/0!
50.75% -$ 62,851,161.00 -24.98%
0.60% $ 96,153,762.00 41.59%
12.51% $ 193,647,192.00 23.08%
0.00% $ - 0.00%
46.73% -$ 239,644,826.02 31.11%
1.40% $ 406,728,989.98 26.98%

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

52.15% -$ 21,440,000.00 -93.44%

-19.94% -$ 15,294,000.00 -45.51%

15.35% $ 265,755.48 0.38%

15.35% $ 265,755.48 0.38%
$ -

0.00% $ 137.00 0.00%

0.00% $ 7,278,893.90 0.49%
13.60% $ 492,426,249.28 9.51%
$ -
$ -
107.41% -$ 3,315,071.25 -23.84%
115.66% $ 304,385,287.60 110.44%
704.03% $ 4,933,975.00 57.46%
52.16% $ 862,779.00 140.70%
-100.00% $ 32,274,000.00 #DIV/0!
-100.00% $ 1,412,000.00 #DIV/0!
150.03% $ 216,130.00 0.84%
2.62% $ 11,576,122.29 2.82%
14.33% $ 17,179,217.58 31.07%
31.39% $ 369,524,440.22 46.74%

-37.89% -$ 153,159,300.66 -41.38%

-37.89% -$ 153,159,300.66 -41.38%
-3.08% $ 216,365,139.56 18.64%

38.40% $ 593,613,988.18 44.27%

0.00% $ 102.00 0.00%
-0.01% $ 391.72 0.01%
84.91% -$ 324,832,266.08 -52.40%
0.00% $ 7,278,893.90 0.48%
19.55% $ 276,061,109.72 6.87%

$ -
$ -
 INGRESOS OPERACIONALES 2011

ENSEANZA
ADMON FINANCIERA $ 517,889,701.00
ADMINISTRACION INFORMATICA $ 68,927,942.00
GESTION DE NEGOCIO INTERNACIONAL $ 732,665,463.00
GESTION DE DISEO DE MODAS $ 245,598,346.00
DISEO PUBLICITARIO $ 44,709,310.00
SEDE OCAA $ 54,958,400.00
TECNICO PROFESIONALES $ 796,201,678.00
PROGRAMAS VIRTUALES
TECNOLOGIA EN REDES $ 15,634,500.00
CICLO PROFESIONAL FESC $ 156,977,010.00
LICENCIATURAS $ 69,990,844.00
TECNICOS LABORALES $ -
EXTENCION Y PROYECCION $ 433,207,701.00
EVENTO PROYECTANDO
TECNOLOG. PROCES . ADUANEROS
TECNOLOG. PROF. OPERAC LOGISTICAS
CONVENIO EDES
CONVENIOS VARIOS
TOTAL ENSEANZA $ 3,136,760,895.00
DESCUENTO EN MATRICULA -$ 90,331,213.84
TOTAL INGRESOS OPERACIONALES $ 3,046,429,681.16
COSTOS

COSTOS POR SERVICIOS ENSEANZA

ENSEANZA TECNOLOGICAS
PROGRAMAS TECN.TECNOLOG.Y PROF-. $ 1,194,173,654.38
CICLO PROFESIONAL $ 65,948,241.90
EXTENSION O MEDIA TECNICA
EXTENCION Y PROYECCION $ 70,087,806.90
DIPLOM.ESPECIALIZ.Y CURSOS $ -
SEDE OCAA $ 93,265,010.00
CONVENIO SENA-FESC $ 225,172,561.00
LICENCIATURAS $ 12,408,000.00
ACTIVIDADES CONEXAS $ 23,065,906.00
CONVENIO EDES
PROYECTANDO 2015
TOTAL COSTOS DE ENSEANZA $ 1,684,121,180.18
UTILIDAD OPERACIONAL $ 1,362,308,500.98
INGRESOS NO OPERACIONALES
RENDIMIENTOS FINANCIEROS $ 6,431,343.79
INDEMNIZACIONES $ 5,074,231.00
DIVERSOS $ 6,117,753.00
TOTAL INGRESOS NO OPERACIONALES $ 17,623,327.79
GASTOS ADMINISTRATIVOS
GASTOS OPERACIONALES
GASTOS DE PERSONAL $ 334,611,293.00
HONORARIOS $ 30,957,663.00
IMPUESTOS $ 10,104,000.00
ARRENDAMIENTOS $ 157,686,090.00
CONTRIBUCIONES Y AFILIACIONES $ 6,038,000.00
SEGUROS $ 5,570,313.00
SERVICIOS $ 247,399,749.00
GASTOS LEGALES $ 11,865,773.00
MANTENIMIENTO Y REPARACION $ 31,450,212.00
ADECUACIONES E INSTALACIONES $ 21,616,159.70
GASTOS DE VIAJE $ 8,302,840.00
DEPRECIACIONES $ 64,597,056.86
DIVERSOS $ 67,887,224.20
PROVISIONES $ 18,666,009.57
TOTAL GASTOS $ 1,016,752,383.33
GASTOS NO OPERACIONALES
FINANCIEROS $ 108,769,056.62
GASTOS EXTRAORDINARIOS $ -
DIVERSOS
TOTAL GASTOS NO OPERACIONALES $ 108,769,056.62
TOTAL DE GASTOS $ 1,125,521,439.95
REMANENT, DEL EJERC. ANTES DE IMPTOS $ 254,410,388.82
PROVISION IMPUESTOS $ 2,510,000.00
REMANT. DEL EJERCICIO NETO $ 251,900,388.82
 2012 2013

$ 673,983,976.80 $ 666,700,000.00
$ 28,030,342.00 $ 2,254,000.00
$ 820,436,158.00 $ 907,853,000.00
$ 284,417,383.00 $ 261,946,000.00
$ 296,143,828.00 $ 415,869,000.00
$ 119,103,384.00 $ 159,307,000.00
$ 530,914,310.00 $ 407,654,000.00

$ 49,586,247.00 $ 85,425,000.00
$ 374,584,398.00 $ 589,724,000.00
$ 133,296,259.00 $ 148,774,000.00
$ 35,824,815.00 $ 1,150,000.00
$ 865,813,900.00 $ 695,116,000.00

$ 4,212,135,000.80 $ 4,341,772,000.00
-$ 122,227,764.00 -$ 104,294,000.00
$ 4,089,907,236.80 $ 4,237,478,000.00

$ 1,468,052,801.89 $ 1,753,237,000.00
$ 70,002,825.00 $ 134,369,000.00
$ -
$ 117,866,023.00 $ 180,519,000.00
$ 120,794,424.00 $ 41,098,000.00
$ 136,908,595.00 $ 176,095,000.00
$ 282,464,577.00 $ 122,459,000.00
$ 42,539,074.00 $ 43,612,000.00
$ - $ -

$ 2,238,628,319.89 $ 2,451,389,000.00
$ 1,851,278,916.91 $ 1,786,089,000.00

$ 23,945,625.65 $ 12,021,000.00
$ - $ 10,637,000.00
$ 16,239,088.87 $ 17,025,000.00
$ 40,184,714.52 $ 39,683,000.00

$ 377,588,964.00 $ 423,475,000.00
$ 24,176,466.00 $ 27,410,000.00
$ 11,580,000.00 $ 12,239,000.00
$ 210,272,527.00 $ 243,369,000.00
$ 1,404,200.00 $ 346,000.00
$ 17,610,374.00 $ 13,974,000.00
$ 279,250,383.00 $ 297,210,000.00
$ 2,917,480.00 $ 8,983,000.00
$ 33,901,954.82 $ 81,932,000.00
$ 31,121,007.00 $ 37,268,000.00
$ 29,409,084.00 $ 1,625,000.00
$ 139,944,585.11 $ 167,475,000.00
$ 105,136,755.00 $ 62,491,000.00
$ 7,225,155.00 $ 6,835,000.00
$ 1,271,538,934.93 $ 1,384,632,000.00

$ 112,806,212.57 $ 96,877,000.00
$ 3,799,100.00 $ 3,208,000.00
$ -
$ 116,605,312.57 $ 100,085,000.00
$ 1,388,144,247.50 $ 1,484,717,000.00
$ 503,319,383.93 $ 341,055,000.00
$ 8,037,000.00 $ 5,809,000.00
$ 495,282,383.93 $ 335,246,000.00
 ESTADO DE RESULT

2014 2015

$ 779,510,526.63 $ 753,966,000.00
$ 2,996,979.00 $ 904,000.00
$ 1,028,678,819.60 $ 804,957,000.00
$ 296,447,258.00 $ 348,627,000.00
$ 576,901,299.92 $ 547,999,000.00
$ 270,356,397.00 $ 350,077,000.00
$ 218,690,212.00 $ 164,915,000.00
$ 26,190,145.00
$ 127,046,510.00 $ 100,820,000.00
$ 916,160,928.86 $ 1,306,142,000.00
$ 126,498,766.44 $ 29,240,000.00
$ 285,563.00
$ 1,705,342,024.00 $ 192,283,000.00
$ 385,878,000.00
$ 235,307,000.00
$ 37,860,000.00
$ 318,039,000.00
$ 2,362,034,000.00
$ 6,075,105,429.45 $ 7,939,048,000.00
-$ 111,660,859.72 -$ 129,543,000.00
$ 5,963,444,569.73 $ 7,809,505,000.00

A
N
$ 1,886,449,274.29 $ 1,864,332,000.00 A
$ 188,660,199.00 $ 211,275,000.00
L
$ 111,983,378.00 $ 142,519,000.00 I
$ - S
$ 238,367,788.00 $ 378,129,000.00 I
$ 1,136,721,564.00 $ 2,129,857,000.00
S
$ 40,155,423.00 $ 16,291,000.00

$ 319,798,000.00 V
$ 416,447,000.00 E
$ 3,602,337,626.29 $ 5,478,648,000.00 R
$ 2,361,106,943.44 $ 2,330,857,000.00
T
$ 3,671,087.66 $ 11,992,000.00 I
C
A
L
 R
T
I
$ 2,092,338.00 $ 3,847,000.00 C
$ 7,235,795.45 $ 505,264,000.00 A
$ 12,999,221.11 $ 521,103,000.00
L

$ 599,920,222.00 $ 698,971,000.00
$ 28,400,000.00 $ 35,810,000.00
$ 15,286,288.00 $ 2,228,000.00
$ 254,782,568.00 $ 315,758,000.00
$ 1,052,000.00 $ 1,020,000.00
$ 12,544,195.00 $ 11,850,000.00
$ 311,166,543.00 $ 293,255,000.00
$ 1,890,080.00 $ 437,000.00
$ 61,359,500.00 $ 63,460,000.00
$ 26,879,689.00 $ 16,791,000.00
$ 3,833,797.00 $ 2,158,000.00
$ 245,356,800.35 $ 239,644,000.00
$ 65,835,470.00 $ 178,097,000.00
$ 14,667,454.00 $ 12,805,000.00
$ 1,642,974,606.35 $ 1,872,284,000.00

$ 99,335,759.52 $ 150,002,000.00
$ 99,532.60 $ 525,000,000.00
$ 11,790,000.00 $ 283,000.00
$ 111,225,292.12 $ 675,285,000.00
$ 1,754,199,898.47 $ 2,547,569,000.00
$ 619,906,266.08 $ 304,391,000.00
$ 2,599,844.22 $ 9,317,000.00
$ 617,306,421.86 $ 295,074,000.00
ESTADO DE RESULTADOS

2011 2012 2013 2014 2015

17.00% 16.48% 15.73% 13.07% 9.65%

2.26% 0.69% 0.05% 0.05% 0.01%
24.05% 20.06% 21.42% 17.25% 10.31%
8.06% 6.95% 6.18% 4.97% 4.46%
1.47% 7.24% 9.81% 9.67% 7.02%
1.80% 2.91% 3.76% 4.53% 4.48%
26.14% 12.98% 9.62% 3.67% 2.11%
0.00% 0.00% 0.00% 0.44% 0.00%
0.51% 1.21% 2.02% 2.13% 1.29%
5.15% 9.16% 13.92% 15.36% 16.73%
2.30% 3.26% 3.51% 2.12% 0.37%
0.00% 0.88% 0.03% 0.00% 0.00%
14.22% 21.17% 16.40% 28.60% 2.46%
0.00% 0.00% 0.00% 0.00% 4.94%
0.00% 0.00% 0.00% 0.00% 3.01%
0.00% 0.00% 0.00% 0.00% 0.48%
0.00% 0.00% 0.00% 0.00% 4.07%
0.00% 0.00% 0.00% 0.00% 30.25%
102.97% 102.99% 102.46% 101.87% 101.66%
-2.97% -2.99% -2.46% -1.87% -1.66%
100.00% 100.00% 100.00% 100.00% 100.00%

A
N
A
39.20% 35.89% 41.37% 31.63% 23.87%
L
2.16% 1.71% 3.17% 3.16% 2.71%
0.00% 0.00% 0.00% 0.00% 0.00%
I
2.30% 2.88% 4.26% 1.88% 1.82% S
0.00% 2.95% 0.97% 0.00% 0.00% I
3.06% 3.35% 4.16% 4.00% 4.84% S
7.39% 6.91% 2.89% 19.06% 27.27%
0.41% 1.04% 1.03% 0.67% 0.21%
0.76% 0.00% 0.00% 0.00% 0.00% H
0.00% 0.00% 0.00% 0.00% 4.09% O
0.00% 0.00% 0.00% 0.00% 5.33% R
55.28% 54.74% 57.85% 60.41% 70.15%
I
Z
0.21% 0.59% 41.37% 31.63% 23.87% O
N
T
A
 I
Z
O
0.17% 0.00% 3.17% 3.16% 2.71% N
0.20% 0.40% 0.00% 0.00% 0.00% T
0.58% 0.98% 4.26% 1.88% 1.82%
A
L
10.98% 9.23% 9.99% 10.06% 8.95%
1.02% 0.59% 0.65% 0.48% 0.46%
0.33% 0.28% 0.29% 0.26% 0.03%
5.18% 5.14% 5.74% 4.27% 4.04%
0.20% 0.03% 0.01% 0.02% 0.01%
0.18% 0.43% 0.33% 0.21% 0.15%
8.12% 6.83% 7.01% 5.22% 3.76%
0.39% 0.07% 0.21% 0.03% 0.01%
1.03% 0.83% 1.93% 1.03% 0.81%
0.71% 0.76% 0.88% 0.45% 0.22%
0.27% 0.72% 0.04% 0.06% 0.03%
2.12% 3.42% 3.95% 4.11% 3.07%
2.23% 2.57% 1.47% 1.10% 2.28%
0.61% 0.18% 0.16% 0.25% 0.16%
33.38% 31.09% 32.68% 27.55% 23.97%

3.57% 2.66% 2.29% 1.67% 1.92%

0.00% 0.09% 0.08% 0.00% 6.72%
0.00% 0.00% 0.00% 0.20% 0.00%
3.57% 2.75% 2.36% 1.87% 8.65%
36.95% 32.76% 35.04% 29.42% 32.62%

0.08% 0.19% 0.14% 0.04% 0.12%

8.27% 11.69% 7.91% 10.35% 3.78%
 VARIACIN ABSOLUTA % VARIACIN ABSOLUTA %

$ 156,094,275.80 30.14% -$ 7,283,976.80 -1.08%

-$ 40,897,600.00 -59.33% -$ 25,776,342.00 -91.96%
$ 87,770,695.00 11.98% $ 87,416,842.00 10.65%
$ 38,819,037.00 15.81% -$ 22,471,383.00 -7.90%
$ 251,434,518.00 562.38% $ 119,725,172.00 40.43%
$ 64,144,984.00 116.72% $ 40,203,616.00 33.76%
-$ 265,287,368.00 -33.32% -$ 123,260,310.00 -23.22%
$ - #DIV/0! $ - #DIV/0!
$ 33,951,747.00 217.16% $ 35,838,753.00 72.28%
$ 217,607,388.00 138.62% $ 215,139,602.00 57.43%
$ 63,305,415.00 90.45% $ 15,477,741.00 11.61%
$ 35,824,815.00 #DIV/0! -$ 34,674,815.00 -96.79%
$ 432,606,199.00 99.86% -$ 170,697,900.00 -19.72%
$ - #DIV/0! $ - #DIV/0!
$ - #DIV/0! $ - #DIV/0!
$ - #DIV/0! $ - #DIV/0!
$ - #DIV/0! $ - #DIV/0!
$ - #DIV/0! $ - #DIV/0!
$ 1,075,374,105.80 34.28% $ 129,636,999.20 3.08%
-$ 31,896,550.16 35.31% $ 17,933,764.00 -14.67%
$ 1,043,477,555.64 34.25% $ 147,570,763.20 3.61%

$ 273,879,147.51 22.93% $ 285,184,198.11 19.43%

$ 4,054,583.10 6.15% $ 64,366,175.00 91.95%
$ - #DIV/0! $ - #DIV/0!
$ 47,778,216.10 68.17% $ 62,652,977.00 53.16%
$ 120,794,424.00 #DIV/0! -$ 79,696,424.00 -65.98%
$ 43,643,585.00 46.80% $ 39,186,405.00 28.62%
$ 57,292,016.00 25.44% -$ 160,005,577.00 -56.65%
$ 30,131,074.00 242.84% $ 1,072,926.00 2.52%
-$ 23,065,906.00 -100.00% $ - #DIV/0!
$ - #DIV/0! $ - #DIV/0!
$ - #DIV/0! $ - #DIV/0!
$ 554,507,139.71 32.93% $ 212,760,680.11 9.50%
$ 488,970,415.93 35.89% -$ 65,189,916.91 -3.52%

$ 17,514,281.86 272.33% -$ 11,924,625.65 -49.80%

-$ 5,074,231.00 -100.00% $ 10,637,000.00 #DIV/0!
$ 10,121,335.87 165.44% $ 785,911.13 4.84%
$ 22,561,386.73 128.02% -$ 501,714.52 -1.25%

$ 42,977,671.00 12.84% $ 45,886,036.00 12.15%

-$ 6,781,197.00 -21.90% $ 3,233,534.00 13.37%
$ 1,476,000.00 14.61% $ 659,000.00 5.69%
$ 52,586,437.00 33.35% $ 33,096,473.00 15.74%
-$ 4,633,800.00 -76.74% -$ 1,058,200.00 -75.36%
$ 12,040,061.00 216.15% -$ 3,636,374.00 -20.65%
$ 31,850,634.00 12.87% $ 17,959,617.00 6.43%
-$ 8,948,293.00 -75.41% $ 6,065,520.00 207.90%
$ 2,451,742.82 7.80% $ 48,030,045.18 141.67%
$ 9,504,847.30 43.97% $ 6,146,993.00 19.75%
$ 21,106,244.00 254.21% -$ 27,784,084.00 -94.47%
$ 75,347,528.25 116.64% $ 27,530,414.89 19.67%
$ 37,249,530.80 54.87% -$ 42,645,755.00 -40.56%
-$ 11,440,854.57 -61.29% -$ 390,155.00 -5.40%
$ 254,786,551.60 25.06% $ 113,093,065.07 8.89%

$ 4,037,155.95 3.71% -$ 15,929,212.57 -14.12%

$ 3,799,100.00 #DIV/0! -$ 591,100.00 -15.56%
$ - #DIV/0! $ - #DIV/0!
$ 7,836,255.95 7.20% -$ 16,520,312.57 -14.17%
$ 262,622,807.55 23.33% $ 96,572,752.50 6.96%

$ 5,527,000.00 220.20% -$ 2,228,000.00 -27.72%

$ 243,381,995.11 96.62% -$ 160,036,383.93 -32.31%
 VARIACIN ABSOLUTA % VARIACIN ABSOLUTA %

$ 112,810,526.63 16.92% -$ 25,544,526.63 -3.28%

$ 742,979.00 32.96% -$ 2,092,979.00 -69.84%
$ 120,825,819.60 13.31% -$ 223,721,819.60 -21.75%
$ 34,501,258.00 13.17% $ 52,179,742.00 17.60%
$ 161,032,299.92 38.72% -$ 28,902,299.92 -5.01%
$ 111,049,397.00 69.71% $ 79,720,603.00 29.49%
-$ 188,963,788.00 -46.35% -$ 53,775,212.00 -24.59%
$ 26,190,145.00 #DIV/0! -$ 26,190,145.00 -100.00%
$ 41,621,510.00 48.72% -$ 26,226,510.00 -20.64%
$ 326,436,928.86 55.35% $ 389,981,071.14 42.57%
-$ 22,275,233.56 -14.97% -$ 97,258,766.44 -76.89%
-$ 864,437.00 -75.17% -$ 285,563.00 -100.00%
$ 1,010,226,024.00 145.33% -$ 1,513,059,024.00 -88.72%
$ - #DIV/0! $ 385,878,000.00 #DIV/0!
$ - #DIV/0! $ 235,307,000.00 #DIV/0!
$ - #DIV/0! $ 37,860,000.00 #DIV/0!
$ - #DIV/0! $ 318,039,000.00 #DIV/0!
$ - #DIV/0! $ 2,362,034,000.00 #DIV/0!
$ 1,733,333,429.45 39.92% $ 1,863,942,570.55 30.68%
-$ 7,366,859.72 7.06% -$ 17,882,140.28 16.01%
$ 1,725,966,569.73 40.73% $ 1,846,060,430.27 30.96%

$ 133,212,274.29 7.60% -$ 22,117,274.29 -1.17%

$ 54,291,199.00 40.40% $ 22,614,801.00 11.99%
$ - #DIV/0! $ - #DIV/0!
-$ 68,535,622.00 -37.97% $ 30,535,622.00 27.27%
-$ 41,098,000.00 -100.00% $ - #DIV/0!
$ 62,272,788.00 35.36% $ 139,761,212.00 58.63%
$ 1,014,262,564.00 828.25% $ 993,135,436.00 87.37%
-$ 3,456,577.00 -7.93% -$ 23,864,423.00 -59.43%
$ - #DIV/0! $ - #DIV/0!
$ - #DIV/0! $ 319,798,000.00 #DIV/0!
$ - #DIV/0! $ 416,447,000.00 #DIV/0!
$ 1,150,948,626.29 46.95% $ 1,876,310,373.71 52.09%
$ 575,017,943.44 32.19% -$ 30,249,943.44 -1.28%
#DIV/0! $ - #DIV/0!
-$ 8,349,912.34 -69.46% $ 8,320,912.34 226.66%
-$ 8,544,662.00 -80.33% $ 1,754,662.00 83.86%
-$ 9,789,204.55 -57.50% $ 498,028,204.55 6882.84%
-$ 26,683,778.89 -67.24% $ 508,103,778.89 3908.72%

$ 176,445,222.00 41.67% $ 99,050,778.00 16.51%

$ 990,000.00 3.61% $ 7,410,000.00 26.09%
$ 3,047,288.00 24.90% -$ 13,058,288.00 -85.42%
$ 11,413,568.00 4.69% $ 60,975,432.00 23.93%
$ 706,000.00 204.05% -$ 32,000.00 -3.04%
-$ 1,429,805.00 -10.23% -$ 694,195.00 -5.53%
$ 13,956,543.00 4.70% -$ 17,911,543.00 -5.76%
-$ 7,092,920.00 -78.96% -$ 1,453,080.00 -76.88%
-$ 20,572,500.00 -25.11% $ 2,100,500.00 3.42%
-$ 10,388,311.00 -27.87% -$ 10,088,689.00 -37.53%
$ 2,208,797.00 135.93% -$ 1,675,797.00 -43.71%
$ 77,881,800.35 46.50% -$ 5,712,800.35 -2.33%
$ 3,344,470.00 5.35% $ 112,261,530.00 170.52%
$ 7,832,454.00 114.59% -$ 1,862,454.00 -12.70%
$ 258,342,606.35 18.66% $ 229,309,393.65 13.96%

$ 2,458,759.52 2.54% $ 50,666,240.48 51.01%

-$ 3,108,467.40 -96.90% $ 524,900,467.40 527365.37%
$ 11,790,000.00 #DIV/0! -$ 11,507,000.00 -97.60%
$ 11,140,292.12 11.13% $ 564,059,707.88 507.13%
$ 269,482,898.47 18.15% $ 793,369,101.53 45.23%
$ 278,851,266.08 81.76% -$ 315,515,266.08 -50.90%
-$ 3,209,155.78 -55.24% $ 6,717,155.78 258.37%
$ 282,060,421.86 84.14% -$ 322,232,421.86 -52.20%
BANDERAS
ROJAS

razon de rentabilidad.
 2011

CAJA BANCOS CUENTAS DE AHORRO

INVERSIONES DEUDORES (-)PROV.CTAS.POR COBRAR
 2012

CAJA BANCOS CUENTAS DE AHORRO

INVERSIONES DEUDORES (-)PROV.CTAS.POR COBRAR
 2013

CAJA BANCOS CUENTAS DE AHORRO

INVERSIONES DEUDORES (-)PROV.CTAS.POR COBRAR
ORRO
R COBRAR
 AO 2012
ACTIVO
INDICE CAPITAL NETO DE TRABAJO 1579109439.86

PRUEBA ACIDA ACTIVO

1579109439.86
Diciembre Diciembre
2012 2011
Liquidez

Indice de solvencia 3 3

Capital neto de trabajo $1,125,101,775 $1,091,339,154

Prueba cida $1,579,109,438 $1,707,837,745

OPERACIN

ROTACION CXP #DIV/0! #DIV/0!

Rentabilidad

% de utilidad neta Err:509 Err:509

% de utilidad operacional Err:509 Err:509

Rendimiento de la inversin #DIV/0! #DIV/0!

Rotacin del activo (veces) Err:509 Err:509

Rendimiento del patrimonio 0.00% 0.00%

ENDEUDAMIENTO
Endeudamiento Total
Laverage
Concentracion
Financiacion a largo plazo
PASIVO TOTAL
454007665.03 $ 1,125,101,775

INVENTARIO PASIVO CORRIENTE TOTAL

805962144.61 454007665.03 1579109438.08478
Anlisis

En el ao 2012 la empresa por una unidad que debe se

tienen 3 unidades para respaldar la deuda , para el ao
2008 conto con las mismas 3 unidades. Se presenta una
estabilidad porque para el ao 2012 disminuyeron los
activos con respecto al 2011 y a su vez disminuyeron los
pasivos.

En el ao 2012 aumenta el capital para trabajar porque al

disminuir los pasivos se tiene mas capital para trabajar
aunque el activo no aumente.

ENDEUDAMIENTO %

Por cada peso que la empresa tiene de deuda en el

corto plazo, va a disponer de este monto (quitando el
inventario de menor liquidez). Dando la capacidad de
pago. Siendo mayor en el 2012 porque aunque los
activos no son muy altos, el pasivo es bajo con respecto
al 2011 y es mayor el costo del inventario.

Representa
Disminucinla proporcin
debido a de
ventas
mayores que se convierten
costos en ventasen y
utilidad operacional.
gastos operacionales
Este indicador
Disminucin se mantiene,
debido a
representando
mayores costos
Presenta un por compra
un incremento, es
crecimiento
de
decirgas y
que uniforme
gastos
la proporcin dede
la
Se presenta una
utilidad frente
operacionales
ventas tuvo un aincremento
los activos
disminucin de la utilidad
de
con la empresa
relacin al perodo.
nivel de
obtenida en el
activoselrequeridos
Indica rendimiento para
generar
generado dicho ingreso
por los recursos
invertidos de los accionistas
en la empresa
rentabilidad %
0.6