CURSO DE

ADMINISTRACIN
FINANCIERA
CODIGO 102022

SIGUIENTE
 INTEGRANTES DEL EQUIPO DE TRABAJO

GRUPO N:

ESTUDIANTE (Apellidos y Nombres)

ARMANDO AGUILAR CARRASQUILLA

INICIO
QUIPO DE TRABAJO

IDENTIFICACIN (C.C.)

73,006,828

SIGUIENTE
 INICIO ANTERIOR

INSTRUCCIONES
1. Leer las bases tericas y el Glosario, referentes al sistema de creacin de valor, macroinductores de valor, microinductores de
valor de la empresa, dispuestos en el entorno de conocimiento y correspondientes a la Unidad 2.

2. En la hoja PLAN DE MEJORAMIENTO proponer un plan de accin donde se establezcan las acciones necesarias para increme
valor de la empresa, tomando en cuenta el informe de diagnstico financiero para la empresa objeto de estudio referente a la
actividad colaborativa correspondiente al paso 2 y proyectar dichas acciones en los estados financieros para el ao 7

3. Explicar cmo impactan las acciones de mejoramiento en la transformacin de las cifras de los distintos rubros de los estado
financieros. Por ejemplo:

Puede considerar los siguientes objetivos estratgicos para su plan de accin o los que considere necesarios

4. Elaborar como mnimo 3 acciones de mejoramiento de manera individual, para completar mnimo 15 propuestas por grupo
trabajo colaborativo.

5. En la hoja PARTICIPACIN realizar la autoevaluacin y coevaluacin del trabajo.

6. En la hoja de CONCLUSIONES cada estudiante debe aportar mnimo una conclusin y una recomendacin, adems incluir la
bibliografa utilizada.

INICIO ANTERIOR
NTERIOR SIGUIENTE

valor, microinductores de valor y

s necesarias para incrementar el

de estudio referente a la
os para el ao 7

ntos rubros de los estados

esarios

15 propuestas por grupo en

dacin, adems incluir la

SIGUIENTE
 INICIO ANTERIOR

Indicadores utilizados en el
Hallazgos del Diagnstico diagnstico que sustentan el
hallazgo

1 La empresa est destruyendo valor EVA

 la empresa a lo largo de 6 aos a logrado
mejorar periodo tras periodo la tasa de
2 crecimiento en los ingresos, es necesario MARGEN EBITDA
continuar con este patron para garantizar un
crecimiento sostenido

los costos financieros ha crecido durante todo

los periodos ocasionando sobrecostos y
3 recargos que pueden irse reduciendo con los GRADO DE APALANCAMIENTO FINANCIERO
excedentes generados
 la rotacion de provedores ha sido en promedio
4 de 17 dias lo cual puede generar costos extras
ROTACIN DE PROVEEDORES

el costo de la deuda durante el peridod de

estudio ha ido bajando ao tras ao lo cual es COSTO DE LA DEUDA DESPUS DE IMPUESTOS
5 indispensable para que evistar que la (Kdt)
rentabilidad por operaciones se pierda en
financiamiento
 la rotacion de cartera es de 17 das lo cual
6 podria generar cuantas sin pagar, podria ROTACIN DE CARTERA
buscarse disminuir este rubro

LA EMPRESA PRESENTE UN ALTO INDICE DE ENDEUDAMIENTO FINANCIERO ,

7 ENDEUDAMIENTO ENDEUDAMIENTO TOTAL
8 La empresa est destruyendo valor EVA

9 La empresa tiene capacidad de pago Razn Corriente

 La empresa va perdiendo el nivel de
10 rentabilidad.
MARGEN EBITDA

11 Disminucin en los aos despues del primero. Productividad del capital PKTO
11 Disminucin en los aos despues del primero. Productividad del capital PKTO

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OR SIGUIENTE

P L A N D E M E J O R A

Acciones a tomar para la

Objetivo Estratgico Propuesto maximizacin del valor de la
empresa

Aprovechar descuentos por pronto pago para

Minimizar el costo de ventas minizar el costo de adquisicin
 aprovechar la creciente demanda por el buen
estado de la econma y seguir creciendo
aumentar los ingresos por las operaciones como se ha venido haciendo desde hace 6
aos

reducir el costo financiero pagando una parte

Disminuir el grado de aplancamiento de la deuda y disminuir el pago por concepto
Financiero
de intereses
 mejorar los tiempos con los provedores para
menores tiempos de rotacion evitar los sobrecostos que conllevan los
pedidos a credito

prepagar parte de las deudas a largo plazo

menores costos para la empresa usando los excedente de las utilidades y la caja
disponible
 disminuir a 3% la cantidad de mercancia
disminuir la rotacion de Cartera
vendida a credito

MAXIMIXAR LOS INGRESOS DE LA EMPRESA ESTRATEGIA DE MARKETING

 Aprovechar descuentos por pronto pago para
Minimizar el costo de ventas
minizar el costo de adquisicin

Mantener la capacidad que tiene la empresa Equilibrar la relacin entre el activo corriente y
sus cubrir sus obligaciones de corto plazo. el pasivo corriente
 Incrementar los Ingresos operacionales para
Incrementar el margen EBITDA
incrementar el margen EBITDA

Aumentar inversin en el capital de trabajo

Incrementar la productividad futura. para aumentar la productividad del capital
PKTO
 Aumentar inversin en el capital de trabajo
Incrementar la productividad futura. para aumentar la productividad del capital
PKTO
M E J O R A M I E N T O

Indicador del logro de la accin Meta

Mrgen bruto > 22,05% Mrgen bruto = 27%

 crecimiento ingresos>10% margen ebitda de 6,5%

deudas con bancos <1,000,000,000 Margen de Apalancamiento 1,64

 ROTACIN DE PROVEEDORES 3 Das
DIAS

Deudas a bancos, provedores, Bancos 4.83%

 Cuentas por Cobrar Promedio 10 Dias

AUMENTAR INGRESOS EN UN 10% 10%

Mrgen bruto > 22,05% Mrgen bruto = 27%

Razn corriente <98% Razn corriente < 50%

EBITDA > 8% EBITDA > 10%

PKTO > 7,59% PKTO > 9%

PKTO > 7,59% PKTO > 9%
 Breve descripcin de las acciones de mejoramiento

Aprovechando que la empresa cuenta con recursos lquidos en su fondo de maniobra, la

empresa puede renegociar los pagos a proveedores para obtener un descuento por pronto
pago y de esta manera minimizar sus costos de adquisicin, adems puede realizar alianzas
con los proveedores para que contribuyan haciendo mercadeo de su marca en pro de un
mejoramiento en las ventas
aprovechar la creciente demanda por el estado de la economa y apoderse de una mayor
participacion del mercado para aumentar los ingresos operacionales un 10% tratando de
aumentar los costos solo el lo necesario por el ajuste de inflacin

aprovechar el flujo de caja positivo para prepagar deudas con los bancos manteniendo los
mismo intereses para lograr aliviar el estado de resdultados de la carga financiera
aliviar los estados financieros del sobrecosto que conlleva las compras a credito reduciendo el
monto que se paga a credito

mediante el correctoi uso del ddisponible y de los excedentes de los ejercicios anteriores se
busca minimizar las obligaciones que se tienen con terceros para que la rentabilidad se dirija
hacia los socios en el periodo 7 y pensando a futuro
las ventas a credito son importantes por que genera uyna relacin de confianza con los clientes
sin embargo, en la medida de lo posible estas se deben evitar para no perder eficiencia con el
dinero que podria invertirse en otros proyectos con mas rentabilidad

REALIZAR ESTRATEGIAS BASADAS EN MARKETING QUE NOS PERMITA VENDER MAS, PARA
PODER OBTENER INGRESOS MEJORANDO LA UTILIDAD Y LA RENTABILIDAD
 Aprovechando que la empresa cuenta con recursos lquidos en su fondo de maniobra, la
empresa puede renegociar los pagos a proveedores para obtener un descuento por pronto
pago y de esta manera minimizar sus costos de adquisicin, adems puede realizar alianzas
con los proveedores para que contribuyan haciendo mercadeo de su marca en pro de un
mejoramiento en las ventas

Esta definida por la relacin entre el activo corriente y el pasivo corriente, muestra la
capacidad que tiene la empresa de cubrir sus obligaciones de corto plazo. En el ao 1, el 98%,
por cada cien pesos que la empresa tiene en sus recursos corrientes 98 pesos son para pagar
en el corto plazo. La empresa tiene capacidad de pago.
Margen EBITDA, es la utilidad antes intereses, impuestos, depreciaciones, amortizaciones, es
la relacin entre la utilidad EBITDA y los ingresos operacionales. El resultado indica que
despus de cubrir los gastos operacionales, la empresa cuenta con un porcentaje significativo
en el ao 1 y va cayendo en los aos siguientes.

En la productividad del capital PKTO, es la relacin entre el kto entre los ingresos
operacionales. Para genera 100 pesos de ingresos operacionales se necesita 7,59 pesos de
inversin en el capital de trabajo.
 En la productividad del capital PKTO, es la relacin entre el kto entre los ingresos
operacionales. Para genera 100 pesos de ingresos operacionales se necesita 7,59 pesos de
inversin en el capital de trabajo.
 INICIO ANTERIOR SIGUIENTE

ESTACIN DE SERVICIO LA MEJOR LTDA.

NIT.800.140.728-9
ESTADO DE RESULTADOS COMPARATIVO INFORMACIN FINANCIERA
AO 1 AO 2 AO 3 AO 4 AO 5
41 OPERACIONALES 5,928,146,426 5,735,313,445 5,888,327,720 6,292,534,384 6,735,124,195
4135 COMERCIO AL POR MAYOR Y AL POR MENOR 5,165,407,268 5,084,111,281 5,241,373,396 5,616,203,434 6,131,845,445
4145 TRANSPORTE ALMACENAMIENTO Y COMUNICACIONES 400,835,839 600,421,151 572,244,714 628,989,200 480,338,248
4155 ACTIVIDADES INMOBILIARIAS EMPRESARIALES Y DE ALQU 21,552 6 1,563,886 1,202,601 30,191
4220 ARRENDAMIENTOS 48,750,000 48,750,000 48,750,000 23,249,999 86,129,845
4235 SERVICIOS - 2,400,000 3,600,000
4250 RECUPERACIONES 14,098,752 2,031,007 24,395,724 20,489,150 33,180,466
4295 DIVERSOS 299,033,015
6 COSTO DE VENTAS Y DE PRESTACION DE SERVICIOS 4,426,020,285 4,493,055,125 4,586,620,307 4,838,850,947 5,204,396,049
61 COSTO DE VENTAS Y DE PRESTACION DE SERVICIOS 4,426,020,285 4,493,055,125 4,586,620,307 4,838,850,947 5,204,396,049
6135 COMERCIO AL POR MAYOR Y MENOR 4,426,020,285 4,493,055,125 4,586,620,307 4,838,850,947 5,204,396,049
UTILIDAD BRUTA 1,502,126,141 1,242,258,320 1,301,707,413 1,453,683,437 1,530,728,146
51 OPERACIONALES DE ADMINISTRACION 297,423,483 283,250,306 282,751,508 320,606,707 367,476,421
5105 GASTOS DE PERSONAL 63,737,144 86,264,162 100,360,934 133,370,701 174,945,651
5110 HONORARIOS 11,400,000 22,124,248 44,713,432 47,771,000 58,337,699
5115 IMPUESTOS 887,648 4,568,169 7,830,554 11,314,364 6,963,097
5125 CONTRIBUCIONES Y AFILIACIONES 2,550,781 1,991,229 1,299,549 1,786,568 2,129,697
5130 SEGUROS 4,760,100 6,251,110 10,846,839 9,204,144 12,802,650
5135 SERVICIOS 62,849,450 48,670,044 40,181,715 27,189,380 33,188,271
5140 GASTOS LEGALES 19,154,452 6,476,342 7,724,122 8,279,281 4,304,708
5145 MANTENIMIENTO Y REPARACIONES 26,070,667 17,324,717 21,904,897 16,482,313 41,326,957
5150 ADECUACION E INSTALACION 49,069,473 33,125,130 9,382,529 31,575,508 8,181,830
5155 GATSOS DE VIAJE 4,917,201 1,150,747 1,102,415 1,944,648
5195 DIVERSOS 52,026,567 55,304,408 37,404,522 31,688,800 25,275,860
5199 PROVISIONES - 20,001
52 OPERACIONALES DE VENTAS 784,648,808 593,711,379 694,656,368 851,275,616 759,420,558
5205 GASTOS DE PERSONAL 126,794,583 232,116,169 285,296,719 312,530,798 420,226,580
5210 HONORARIOS 1,270,043 1,500,000 23,050,212 8,403,601
5215 IMPUESTOS 30,764,045 32,403,771 26,322,196 77,708,609 1,525,240
5220 ARRENDAMIENTOS 50,410,289 78,799,496 72,796,192 30,267,296 72,788,041
5225 CONTRIBUCIONES Y AFILIACIONES -
5230 SEGUROS 12,228,309 28,888,973 23,529,061 62,197,551 29,719,816
5235 SERVICIOS 281,867,192 22,429,899 14,267,362 140,000 42,967,343
5240 GASTOS LEGALES - 882,000
5245 MANTENIMIENTO Y REPARACIONES 99,275,569 84,780,260 81,447,220 132,715,808 75,418,264
5250 ADECUACION E INSTALACION - 53,832,845 14,541,443 25,905,375 12,690,824
5255 GASTOS DE VIAJES 1,122,500
5295 DIVERSOS 180,916,278 58,313,241 164,815,517 176,850,012 94,798,849
5299 PROVISIONES - 2,146,725 10,140,658 9,909,955
EBITDA 420,053,850 365,296,635 324,299,537 281,801,114 403,831,167
OTROS GASTOS OPERACIONALES 65,627,643 65,392,151 60,114,576 42,168,381 66,934,051
5160 DEPRECIACIONES 58,546,990 63,391,660 60,114,576 42,168,381 7,043,920
5260 DEPRECIACIONES - 59,890,131
5265 AMORTIZACIONES 7,080,653 2,000,491
UTILIDAD OPERACIONAL 354,426,207 299,904,484 264,184,961 239,632,733 336,897,116
42 NO OPERACIONALES 1,400,476 2,267,353 413,632 40,249,105 13,934,966
4210 FINANCIEROS 1,400,476 2,267,353 413,632 684,117 13,934,966
4245 UTILIDAD EN VENTA DE PROPIEDADES PLANTA Y EQUIPO - 39,564,988
53 NO OPERACIONALLES 273,639,122 220,996,417 207,450,295 226,019,292 240,482,708
5305 FINANCIEROS 269,927,389 200,364,894 199,268,124 213,245,889 226,527,207
5310 PERDIDA EN VENTA Y RETIRO DE BIENES - 161,468 993,505
5315 GASTOS EXTRAORDINARIOS 2,454,971 352,366 553,653 792,159 4,993,205
5395 GASTOS DIVERSOS 1,256,762 20,279,157 7,467,050 11,981,244 7,968,790
UTILIDAD ANTES DE IMPUESTOS 82,187,561 81,175,420 57,148,298 53,862,546 110,349,375
54 IMPUESTO DE RENTA Y COMPLEMENTARIOS 34,771,000 23,835,000
5405 IMPUESTO DE RENTA Y COMPLEMENTARIOS 34,771,000 23,835,000
UTILIDAD DEL EJERCICIO 47,416,561 57,340,420 57,148,298 53,862,546 110,349,375

ESTACIN DE SERVICIO LA MEJOR LTDA.

NIT.800.140.728-9 INFORMACIN FINANCIERA
ESTADO DE SITUACIN FINANCIERA AO 1 AO 2 AO 3 AO 4 AO 5
ACTIVO
ACTIVO CORRIENTE 671,528,800 674,591,471 624,068,913 1,118,952,073 557,247,786
11 DISPONIBLE 171,402,581 49,150,535 25,026,810 284,403,205 28,565,509
1105 CAJA 13,626,461 38,524,100 4,660,895 12,160,441 4,595,297
1110 BANCOS 157,776,120 10,626,435 20,365,915 272,242,764 23,970,212
12 INVERSIONES 135,091,390 135,091,390 135,091,390 297,000,000 187,000,000
1210 CUOTAS O PARTES DE INTERES SOCIAL 135,091,390 135,091,390 135,091,390 297,000,000 187,000,000
13 DEUDORES 325,150,881 436,332,283 436,412,938 506,720,777 314,263,160
1305 CLIENTES 238,878,318 345,014,442 315,843,523 145,091,001 181,152,031
1320 CUENTAS POR COBRAR A VINCULADOS ECONOMICOS 6,218,098 5,581,329 742,114 3,591,393
1325 CUENTAS POR COBRAR A SOCIOS Y ACCIONISTAS - 83,136,321 65,688,682
1330 ANTICIPOS Y AVANCES 4,500,000 1,678,933 8,576,685 58,076,400 7,284,079
1340 PROMESAS DE COMPRAVENTA 55,000,000 55,000,000 55,000,000 55,000,000
1345 INGRESOS POR COBRAR 4,943,611 2,710,815 651,922
1355 ANTICIPO DE IMPUESTOS Y CONTRIBUCIONES O SALDOS A 12,627,728 22,861,508 35,621,576 11,408,438
1365 CUENTAS POR COBRAR A TRABAJADORES 1,805,781 1,616,601 4,426,851 574,819 701,936
1380 DEUDORES VARIOS 350,000 3,000,000 154,701,263 41,496,072
1390 DEUDAS DE DIFICIL COBRO 29,336,213 30,377,523 19,447,372 19,646,679 17,592,348
1399 PROVISIONES - 28,508,868 - 28,508,868 - 6,897,105 - 13,097,099 - 11,060,427
14 INVENTARIOS 39,883,948 54,017,263 27,537,775 30,828,092 27,419,117
 1435 MERCANCIAS NO FABRICADAS POR LA EMPRESAS 39,883,948 54,017,263 27,537,775 30,828,092 27,419,117
ACTIVO FIJO 1,341,847,574 1,297,191,683 1,529,968,387 1,285,787,055 1,227,877,788
15 PROPIEDAD PLANTA Y EQUIPO 1,341,847,574 1,297,191,683 1,529,968,387 1,285,787,055 1,227,877,788
1504 TERRENOS 304,733,522 309,733,522 309,733,522 279,733,522 274,036,635
1508 CONSTRUCCIONES EN CURSO 104,422,143
1516 CONSTRUCCIONES Y EDIFICACIONES 577,184,246 689,747,656 689,747,656 658,793,546 658,793,546
1520 MAQUINARIA Y EQUIPO 195,883,916 196,347,628 231,652,278 234,773,428 241,817,347
1524 EQUIPO DE OFICINA 11,186,947 10,830,109 10,830,109
1528 EQUIPO DE COMPUTACION Y COMUNICACION 18,795,178 20,824,450 26,308,280
1540 FLOTA Y EQUIPO DE TRANSPORTE 621,818,882 608,513,954 860,616,754 434,124,561 441,802,313
1592 DEPRECIACION ACUMULADA - 492,177,260 - 538,805,636 - 598,920,212 - 321,638,002 - 388,572,053
OTROS ACTIVOS 458,378,892 450,000,000 450,000,000 450,000,000 450,000,000
17 DIFERIDOS 8,378,892
1705 GASTOS PAGADOS POR ANTICIPADO 6,378,401
1710 CARGOS DIFERIDOS 2,000,491
19 VALORIZACIONES 450,000,000 450,000,000 450,000,000 450,000,000 450,000,000
1910 DE PROPIEDAD PLANTA Y EQUIPO 450,000,000 450,000,000 450,000,000 450,000,000 450,000,000
TOTAL ACTIVO 2,471,755,266 2,421,783,154 2,604,037,300 2,854,739,128 2,235,125,574
PASIVO
PASIVO CORRIENTE 657,451,433 631,632,012 326,814,535 87,048,541 169,154,187
21 OBLIGACIONES FINANCIERAS 400,448,931 394,078,444 243,954,802 15,815,894 96,311,914
2195 OTRAS OBLIGACIONES 400,448,931 394,078,444 243,954,802 15,815,894 96,311,914
22 PROVEEDORES 30,507,151 28,075,518 26,804,148 13,677,100 14,813,287
2205 NACIONALES 30,507,151 28,075,518 26,804,148 13,677,100 14,813,287
23 CUENTAS POR PAGAR 165,862,374 140,309,125 29,591,977 14,892,078 2,287,094
2335 COSTOS Y GASTOS POR PAGAR 29,188,336 35,827,700 20,009,451 13,279,951 981,392
2355 DEUDAS CON ACCIONISTAS O SOCIOS 129,641,196 95,999,485 7,909,365
2360 DIVIDENDOS O PARTICIPACIONES POR PAGAR
2365 RETENCIONES EN LA FUENTE 2,018,853 893,310 1,223,250 1,516,621 1,124,270
2367 IMPUESTO A LAS VENTAS RETENIDO 401,968 98,844 195,828 95,506 181,432
2370 RETENCIONES Y APORTES DE NOMINA 2,772,883 4,494,778 254,082
2380 ACREEDORES VARIOS 1,839,138 2,995,008 1
24 IMPUESTOS GRAVAMENES Y TASAS 35,643,162 24,527,979 708,400 1,610,523 1,181,991
2404 DE RENTA Y COMPLEMENTARIOS 34,771,000 23,834,000 869,523
2408 IMPUESTO SOBRE LAS VENTAS POR PAGAR 220,462 15,979 388,889
2412 DE INDUSTRIA Y COMERCIO 651,700 678,000 708,400 741,000 793,102
25 OBLIGACIONES LABORALES 21,205,547 37,898,877 23,999,385 41,052,946 54,559,901
2505 SALARIOS POR PAGAR 8,371,095 16,381,609 1,359,261
2510 CESANTIAS CONSOLIDADAS 10,398,539 17,831,300 18,344,494 25,380,886 33,008,058
2515 INTERESES SOBRE CESANTIAS 1,301,913 2,184,541 2,292,330 3,077,585 4,248,410
2520 PRIMA DE SERVICIOS 1,134,000 1,134,000 1,669,250 1,669,250 36,078
2525 VACACIONES CONSOLIDADAS 367,427 334,050 10,925,225 17,267,355
26 PASIVOS ESTIMADOS Y RPOVISIONES 3,784,268 6,742,069 1,755,823 - -
2610 PARA OBLIGACIONES LABORALES 3,784,268 6,742,069 1,755,823
 PASIVO LARGO PLAZO 911,749,832 830,256,721 1,260,180,046 1,831,876,712 1,201,010,106
21 OBLIGACIONES FINANCIERAS 754,306,877 743,122,708 1,242,744,653 1,411,912,883 1,122,722,493
2105 BANCOS NACIONALES 754,306,877 743,122,708 1,242,744,653 1,411,912,883 1,122,722,493
27 DIFERIDOS 113,750,000 65,000,000 16,250,000 133,000,001 46,870,207
2705 INGRESOS RECIBIDOS POR ANTICIPADO 113,750,000 65,000,000 16,250,000 133,000,001 46,870,207
TOTAL OTROS PASIVOS 43,692,955 22,134,013 1,185,393 286,963,828 31,417,406
28 OTROS PASIVOS 43,692,955 22,134,013 1,185,393 286,963,828 31,417,406
2805 ANTICIPOS Y AVANCES RECIBIDOS 43,692,955 2,676,685 1,185,393 273,666,528 1,448,849
2815 INGRESOS RECIBIDOS PARA TERCEROS 19,457,328 13,297,300 29,968,557
TOTAL PASIVO 1,569,201,265 1,461,888,733 1,586,994,581 1,918,925,253 1,370,164,294
PATRIMONIO
31 CAPITAL SOCIAL 200,000,000 200,000,000 200,000,000 200,000,000 272,916,098
3115 APORTES SOCIALES 200,000,000 200,000,000 200,000,000 200,000,000 272,916,098
33 RESERVAS 10,000,000 11,593,914 14,793,802 22,222,093 27,608,348
3305 RESERVAS OBLIGATORIAS 10,000,000 11,593,914 14,793,802 22,222,093 27,608,348
34 REVALORIZACION DEL PATRIMONIO 72,916,098 72,916,098 72,916,098 72,916,098
3405 AJUSTES POR INFLACION 72,916,098 72,916,098 72,916,098 72,916,098
36 RESULTADOS DEL EJERCICIO 47,416,561 57,340,420 57,148,298 53,862,546 110,349,375
3605 UTILIDAD DEL EJERCICIO 47,416,561 57,340,420 57,148,298 53,862,546 110,349,375
37 RESULTADOS DE EJERCICIOS ANTERIORES 122,221,342 168,043,989 222,184,521 136,813,139 4,087,459
3705 UTILIDADES O EXCEDENTES ACUMULADOS 122,221,342 168,043,989 222,184,521 136,813,139 4,087,459
38 SUPERAVIT POR VALORIZACION 450,000,000 450,000,000 450,000,000 450,000,000 450,000,000
3810 DE PROPIEDAD PLANTA Y EQUIPO 450,000,000 450,000,000 450,000,000 450,000,000 450,000,000
TOTAL PATRIMONIO 902,554,001 959,894,421 1,017,042,720 935,813,876 864,961,280
TOTAL PASIVO Y PATRIMONIO 2,471,755,266 2,421,783,154 2,604,037,300 2,854,739,128 2,235,125,574

KTO 450,164,847 448,182,240 368,408,108 460,322,298 237,136,657

PO 414,445,457 324,687,581 100,295,126 491,196,476 151,129,887
KTNO CAPITAL DE TRABAJO NETO OPERATIVO 35,719,390 123,494,659 268,112,983 - 30,874,178 86,006,771
AF ACTIVOS FIJOS 1,341,847,574 1,297,191,683 1,529,968,387 1,285,787,055 1,227,877,788
OBLIGACIONES FINANCIERAS 1,154,755,808 1,137,201,152 1,486,699,455 1,427,728,777 1,219,034,407
UODI UTILIDAD OPERATIVA DESPUS DE IMPUESTOS 237,465,559 200,936,004 177,003,924 160,553,931 225,721,068
DATOS INFORMATIVOS AO 1 AO 2 AO 3 AO 4 AO 5
1. COMPRAS A CRDITO 31,025,773 28,552,802 27,259,819 13,909,611 15,065,113
2. INVENTARIO PROMEDIO 38,687,430 52,396,745 26,711,642 29,903,249 26,596,544
3. CUENTAS POR COBRAR PROMEDIO 258,270,363 254,205,564 262,068,670 280,810,172 306,592,272
FLUJO DE CAJA AO 1 AO 2 AO 3 AO 4 AO 5
EBITDA 365,296,635 324,299,537 281,801,114 403,831,167
(-) DEPRECIACIONES Y AMORTIZACIONES 65,392,151 60,114,576 42,168,381 66,934,051
(=) UTILIDAD OPERATIVA 299,904,484 264,184,961 239,632,733 336,897,116
(-) IMPUESTOS APLICADOS (tarifa 33%) 98,968,480 87,181,037 79,078,802 111,176,048
(=) UTILIDAD OPERATIVA DESPUES DE IMPUESTOS 200,936,004 177,003,924 160,553,931 225,721,068
(+) DEPRECIACIONES Y AMORTIZACIONES 65,392,151 60,114,576 42,168,381 66,934,051
(=) FLUJO DE CAJA BRUTO 266,328,155 237,118,500 202,722,312 292,655,119
(-) INCREMENTO CAPITAL DE TRABAJO NETO OPERATIVO 87,775,269 144,618,323 - 298,987,161 116,880,949
(-) INCREMENTO EN ACTIVOS FIJOS - 44,655,891 232,776,704 - 244,181,332 - 57,909,267
(=) FLUJO DE CAJA LIBRE 223,208,777 - 140,276,527 745,890,805 233,683,437
(-) SERVICIO DE LA DEUDA CAPITAL 17,554,656 - 58,970,678 208,694,370
(-) SERVICIO DE LA DEUDA INTERERES 200,364,894 199,268,124 213,245,889 226,527,207
(=) FLUJO DE CAJA DEL PROPIETARIO 5,289,227 - 339,544,651 473,674,238 - 201,538,140

EBITDA FLUJO DE CAJA LIBRE FLUJO DE CAJA DEL PROPIETARIO

1,000,000,000

800,000,000
745,890,805
655,875,930
600,000,000
473,674,238 403,831,167 408,886,523
479,179,586 489,75
365,296,635
400,000,000 324,299,537
281,801,114
223,208,777 317,52
233,683,437
200,000,000
105,50
- 5,289,227
AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
(140,276,527)
(200,000,000) (201,538,140)

(339,544,651)
(400,000,000)

COSTO DE LA DEUDA 23.38% 17.62% 13.40% 14.94% 18.58%

PASIVO FINANCIERO 1,154,755,808 1,137,201,152 1,486,699,455 1,427,728,777 1,219,034,407

PATRIMONIO 902,554,001 959,894,421 1,017,042,720 935,813,876 864,961,280
TOTAL FUENTES DE FINANCIACIN CON COSTO 2,057,309,809 2,097,095,573 2,503,742,175 2,363,542,653 2,083,995,687

PASIVO FINANCIERO 56% 54% 59% 60% 58%

PATRIMONIO 44% 46% 41% 40% 42%
TOTAL FUENTES DE FINANCIACIN CON COSTO 100% 100% 100% 100% 100%

COSTO DE LA DEUDA PONDERADO 13.12% 9.55% 7.96% 9.02% 10.87%

COSTO DE LA DEUDA DESPUS DE IMPUESTOS (Kdt) 8.79% 6.40% 5.33% 6.04% 7.28%

COSTO DEL PATRIMONIO (Ke)

datos requeridos:
KL Tasa libre de riesgo 5% 5% 5% 5% 5%
KM Tasa del mercado 8.00% 8.00% 8.00% 8.00% 8.00%
Bu Beta operativa 0.50 0.50 0.50 0.50 0.50
BL Beta apalancada 0.928609 0.896879 0.989699 1.011094 0.972133
Ke Costo del patrimonio 7.79% 7.69% 7.97% 8.03% 7.92%
 CLCULOS PARA ANLISIS VERTICAL AOS 2 VS 1
AO 6 AO 7 AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7 V. ABSOLUTA
6,869,883,400 7,529,107,065 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 109.60% 192,832,981
6,353,040,023 6,988,344,025 87.13% 88.65% 89.01% 89.25% 91.04% 92.48% 101.72% 81,295,987
420,718,068 441,753,972 6.76% 10.47% 9.72% 10.00% 7.13% 6.12% 6.43% 199,585,312
0.00% 0.00% 0.03% 0.02% 0.00% 0.00% 0.00% 21,546
1,862,070 1,917,932 0.82% 0.85% 0.83% 0.37% 1.28% 0.03% 0.03% -
3,600,001 3,708,001 0.00% 0.00% 0.00% 0.04% 0.05% 0.05% 0.05% -
90,663,237 93,383,135 0.24% 0.04% 0.41% 0.33% 0.49% 1.32% 1.36% 12,067,745
5.04% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 299,033,015
5,354,793,827 5,940,092,422 74.66% 78.34% 77.89% 76.90% 77.27% 77.95% 86.47% 67,034,840
5,354,793,827 5,940,092,422 74.66% 78.34% 77.89% 76.90% 77.27% 77.95% 86.47% 67,034,840
5,354,793,827 5,940,092,422 74.66% 78.34% 77.89% 76.90% 77.27% 77.95% 86.47% 67,034,840
1,515,089,573 1,589,014,643 25.34% 21.66% 22.11% 23.10% 22.73% 22.05% 23.13% 259,867,821
355,096,181 325,620,516 5.02% 4.94% 4.80% 5.10% 5.46% 5.17% 4.74% 14,173,177
165,809,832 170,784,127 1.08% 1.50% 1.70% 2.12% 2.60% 2.41% 2.49% 22,527,018
24,595,998 25,333,878 0.19% 0.39% 0.76% 0.76% 0.87% 0.36% 0.37% 10,724,248
6,900,084 7,107,087 0.01% 0.08% 0.13% 0.18% 0.10% 0.10% 0.10% 3,680,521
1,045,200 1,076,556 0.04% 0.03% 0.02% 0.03% 0.03% 0.02% 0.02% 559,552
4,217,360 4,343,881 0.08% 0.11% 0.18% 0.15% 0.19% 0.06% 0.06% 1,491,010
43,655,170 44,964,825 1.06% 0.85% 0.68% 0.43% 0.49% 0.64% 0.65% 14,179,406
3,740,313 3,852,522 0.32% 0.11% 0.13% 0.13% 0.06% 0.05% 0.06% 12,678,110
28,129,315 28,973,194 0.44% 0.30% 0.37% 0.26% 0.61% 0.41% 0.42% 8,745,950
47,141,588 8,427,285 0.83% 0.58% 0.16% 0.50% 0.12% 0.69% 0.12% 15,944,343
1,069,946 1,102,044 0.08% 0.02% 0.02% 0.03% 0.00% 0.02% 0.02% 3,766,454
28,791,375 29,655,116 0.88% 0.96% 0.64% 0.50% 0.38% 0.42% 0.43% 3,277,841
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -
751,106,868 773,640,075 13.24% 10.35% 11.80% 13.53% 11.28% 10.93% 11.26% 190,937,429
525,420,357 541,182,968 2.14% 4.05% 4.85% 4.97% 6.24% 7.65% 7.88% 105,321,586
28,902,830 29,769,915 0.02% 0.00% 0.03% 0.37% 0.12% 0.42% 0.43% 1,270,043
11,470,701 11,814,822 0.52% 0.56% 0.45% 1.23% 0.02% 0.17% 0.17% 1,639,726
34,091,511 35,114,256 0.85% 1.37% 1.24% 0.48% 1.08% 0.50% 0.51% 28,389,207
1,218,639 1,255,198 0.00% 0.00% 0.00% 0.00% 0.00% 0.02% 0.02% -
12,184,081 12,549,603 0.21% 0.50% 0.40% 0.99% 0.44% 0.18% 0.18% 16,660,664
4,776,000 4,919,280 4.75% 0.39% 0.24% 0.00% 0.64% 0.07% 0.07% 259,437,293
1,279,169 1,317,544 0.00% 0.00% 0.00% 0.00% 0.01% 0.02% 0.02% -
61,709,412 63,560,694 1.67% 1.48% 1.38% 2.11% 1.12% 0.90% 0.93% 14,495,309
12,279,873 12,648,269 0.00% 0.94% 0.25% 0.41% 0.19% 0.18% 0.18% 53,832,845
0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1,122,500
 54,394,368 56,026,200 3.05% 1.02% 2.80% 2.81% 1.41% 0.79% 0.82% 122,603,037
3,379,927 3,481,325 0.00% 0.04% 0.17% 0.16% 0.00% 0.05% 0.05% 2,146,725
408,886,523 489,754,053 7.09% 6.37% 5.51% 4.48% 6.00% 5.95% 7.13% 54,757,215
62,817,672 62,817,673 1.11% 1.14% 1.02% 0.67% 0.99% 0.91% 0.91% 235,492
0.99% 1.11% 1.02% 0.67% 0.10% 0.00% 0.00% 4,844,670
62,817,672 62,817,673 0.00% 0.00% 0.00% 0.00% 0.89% 0.91% 0.91% -
0.12% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 5,080,162
346,068,851 426,936,380 5.98% 5.23% 4.49% 3.81% 5.00% 5.04% 6.21% 54,521,723
15,728,378 16,200,229 0.02% 0.04% 0.01% 0.64% 0.21% 0.23% 0.24% 866,877
15,728,378 16,200,229 0.02% 0.04% 0.01% 0.01% 0.21% 0.23% 0.24% 866,877
0.00% 0.00% 0.00% 0.63% 0.00% 0.00% 0.00% -
185,002,837 185,002,837 4.62% 3.85% 3.52% 3.59% 3.57% 2.69% 2.69% 52,642,705
176,696,343 162,020,767 4.55% 3.49% 3.38% 3.39% 3.36% 2.57% 2.36% 69,562,495
0.00% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% -
4,454,190 4,587,816 0.04% 0.01% 0.01% 0.01% 0.07% 0.06% 0.07% 2,102,605
3,852,303 3,967,872 0.02% 0.35% 0.13% 0.19% 0.12% 0.06% 0.06% 19,022,395
176,794,393 258,133,772
0.59% 0.42% 0.00% 0.00% 0.00% 0.00% 0.00% 10,936,000
0.59% 0.42% 0.00% 0.00% 0.00% 0.00% 0.00% 10,936,000
176,794,393 258,133,772 0.80% 1.00% 0.97% 0.86% 1.64% 2.57% 3.76% 9,923,859

CLCULOS PARA ANLISIS VERTICAL AOS 2 VS 1

AO 6 AO 7 AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7 V. ABSOLUTA

1,002,862,622 1,019,202,002 27.17% 27.86% 23.97% 39.20% 24.93% 38.31% 38.93% 3,062,671
12,410,882 28,750,262 6.93% 2.03% 0.96% 9.96% 1.28% 0.47% 1.10% 122,252,046
9,803,116 9,803,116 0.55% 1.59% 0.18% 0.43% 0.21% 0.37% 0.37% 24,897,639
2,607,766 18,947,146 6.38% 0.44% 0.78% 9.54% 1.07% 0.10% 0.72% 147,149,685
187,000,000 187,000,000 5.47% 5.58% 5.19% 10.40% 8.37% 7.14% 7.14% -
187,000,000 187,000,000 5.47% 5.58% 5.19% 10.40% 8.37% 7.14% 7.14% -
758,121,691 758,121,691 13.15% 18.02% 16.76% 17.75% 14.06% 28.96% 28.96% 111,181,402
130,904,622 130,904,622 9.66% 14.25% 12.13% 5.08% 8.10% 5.00% 5.00% 106,136,124
0.25% 0.23% 0.03% 0.13% 0.00% 0.00% 0.00% 636,769
16,059,140 16,059,140 0.00% 0.00% 0.00% 2.91% 2.94% 0.61% 0.61% -
15,600,000 15,600,000 0.18% 0.07% 0.33% 2.03% 0.33% 0.60% 0.60% 2,821,067
2.23% 2.27% 2.11% 1.93% 0.00% 0.00% 0.00% -
0.20% 0.11% 0.03% 0.00% 0.00% 0.00% 0.00% 2,232,796
22,983,425 22,983,425 0.51% 0.94% 1.37% 0.00% 0.51% 0.88% 0.88% 10,233,780
50,000 50,000 0.07% 0.07% 0.17% 0.02% 0.03% 0.00% 0.00% 189,180
567,312,567 567,312,567 0.01% 0.00% 0.12% 5.42% 1.86% 21.67% 21.67% 350,000
22,804,285 22,804,285 1.19% 1.25% 0.75% 0.69% 0.79% 0.87% 0.87% 1,041,310
- 17,592,348 - 17,592,348 -1.15% -1.18% -0.26% -0.46% -0.49% -0.67% -0.67% -
45,330,049 45,330,049 1.61% 2.23% 1.06% 1.08% 1.23% 1.73% 1.73% 14,133,315
 45,330,049 45,330,049 1.61% 2.23% 1.06% 1.08% 1.23% 1.73% 1.73% 14,133,315
1,165,060,116 1,165,060,116 54.29% 53.56% 58.75% 45.04% 54.94% 44.50% 44.50% 44,655,891
1,165,060,116 1,165,060,116 54.29% 53.56% 58.75% 45.04% 54.94% 44.50% 44.50% 44,655,891
274,036,635 274,036,635 12.33% 12.79% 11.89% 9.80% 12.26% 10.47% 10.47% 5,000,000
4.22% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 104,422,143
658,793,546 658,793,546 23.35% 28.48% 26.49% 23.08% 29.47% 25.16% 25.16% 112,563,410
241,817,347 241,817,347 7.92% 8.11% 8.90% 8.22% 10.82% 9.24% 9.24% 463,712
0.45% 0.45% 0.42% 0.00% 0.00% 0.00% 0.00% 356,838
0.76% 0.86% 1.01% 0.00% 0.00% 0.00% 0.00% 2,029,272
441,802,313 441,802,313 25.16% 25.13% 33.05% 15.21% 19.77% 16.88% 16.88% 13,304,928
- 451,389,725 - 451,389,725 -19.91% -22.25% -23.00% -11.27% -17.38% -17.24% -17.24% 46,628,376
450,000,000 450,000,000 18.54% 18.58% 17.28% 15.76% 20.13% 17.19% 17.19% 8,378,892
0.34% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8,378,892
0.26% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6,378,401
0.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2,000,491
450,000,000 450,000,000 18.21% 18.58% 17.28% 15.76% 20.13% 17.19% 17.19% -
450,000,000 450,000,000 18.21% 18.58% 17.28% 15.76% 20.13% 17.19% 17.19% -
2,617,922,738 2,634,262,118 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.62% 49,972,112

577,596,058 562,596,058 26.60% 26.08% 12.55% 3.05% 7.57% 22.06% 21.49% 25,819,421
224,164,317 224,164,317 16.20% 16.27% 9.37% 0.55% 4.31% 8.56% 8.56% 6,370,487
224,164,317 224,164,317 16.20% 16.27% 9.37% 0.55% 4.31% 8.56% 8.56% 6,370,487
60,930,766 45,930,766 1.23% 1.16% 1.03% 0.48% 0.66% 2.33% 1.75% 2,431,633
60,930,766 45,930,766 1.23% 1.16% 1.03% 0.48% 0.66% 2.33% 1.75% 2,431,633
196,065,455 196,065,455 6.71% 5.79% 1.14% 0.52% 0.10% 7.49% 7.49% 25,553,249
6,013,824 6,013,824 1.18% 1.48% 0.77% 0.47% 0.04% 0.23% 0.23% 6,639,364
5.24% 3.96% 0.30% 0.00% 0.00% 0.00% 0.00% 33,641,711
75,000,000 75,000,000 0.00% 0.00% 0.00% 0.00% 0.00% 2.86% 2.86% -
1,395,173 1,395,173 0.08% 0.04% 0.05% 0.05% 0.05% 0.05% 0.05% 1,125,543
114,668 114,668 0.02% 0.00% 0.01% 0.00% 0.01% 0.00% 0.00% 303,124
4,251,968 4,251,968 0.11% 0.19% 0.01% 0.00% 0.00% 0.16% 0.16% 1,721,895
109,289,822 109,289,822 0.07% 0.12% 0.00% 0.00% 0.00% 4.17% 4.17% 1,155,870
2,534,135 2,534,135 1.44% 1.01% 0.03% 0.06% 0.05% 0.10% 0.10% 11,115,183
1.41% 0.98% 0.00% 0.03% 0.00% 0.00% 0.00% 10,937,000
0.01% 0.00% 0.00% 0.00% 0.02% 0.00% 0.00% 204,483
2,534,135 2,534,135 0.03% 0.03% 0.03% 0.03% 0.04% 0.10% 0.10% 26,300
93,901,385 93,901,385 0.86% 1.56% 0.92% 1.44% 2.44% 3.59% 3.59% 16,693,330
22,879,173 22,879,173 0.34% 0.68% 0.05% 0.00% 0.00% 0.87% 0.87% 8,010,514
35,352,925 35,352,925 0.42% 0.74% 0.70% 0.89% 1.48% 1.35% 1.35% 7,432,761
4,128,082 4,128,082 0.05% 0.09% 0.09% 0.11% 0.19% 0.16% 0.16% 882,628
36,078 36,078 0.05% 0.05% 0.06% 0.06% 0.00% 0.00% 0.00% -
31,505,127 31,505,127 0.00% 0.02% 0.01% 0.38% 0.77% 1.20% 1.20% 367,427
- - 0.15% 0.28% 0.07% 0.00% 0.00% 0.00% 0.00% 2,957,801
0.15% 0.28% 0.07% 0.00% 0.00% 0.00% 0.00% 2,957,801
 1,073,571,008 1,023,571,008 36.89% 34.28% 48.39% 64.17% 53.73% 41.01% 39.10% 81,493,111
1,025,989,511 975,989,511 30.52% 30.68% 47.72% 49.46% 50.23% 39.19% 37.28% 11,184,169
1,025,989,511 975,989,511 30.52% 30.68% 47.72% 49.46% 50.23% 39.19% 37.28% 11,184,169
46,870,207 46,870,207 4.60% 2.68% 0.62% 4.66% 2.10% 1.79% 1.79% 48,750,000
46,870,207 46,870,207 4.60% 2.68% 0.62% 4.66% 2.10% 1.79% 1.79% 48,750,000
711,290 711,290 1.77% 0.91% 0.05% 10.05% 1.41% 0.03% 0.03% 21,558,942
711,290 711,290 1.77% 0.91% 0.05% 10.05% 1.41% 0.03% 0.03% 21,558,942
711,290 711,290 1.77% 0.11% 0.05% 9.59% 0.06% 0.03% 0.03% 41,016,270
0.00% 0.80% 0.00% 0.47% 1.34% 0.00% 0.00% 19,457,328
1,651,167,066 1,586,167,066 63.49% 60.36% 60.94% 67.22% 61.30% 63.07% 60.59% 107,312,532

272,916,098 272,916,098 8.09% 8.26% 7.68% 7.01% 12.21% 10.42% 10.42% -

272,916,098 272,916,098 8.09% 8.26% 7.68% 7.01% 12.21% 10.42% 10.42% -
38,643,285 38,643,285 0.40% 0.48% 0.57% 0.78% 1.24% 1.48% 1.48% 1,593,914
38,643,285 38,643,285 0.40% 0.48% 0.57% 0.78% 1.24% 1.48% 1.48% 1,593,914
2.95% 3.01% 2.80% 2.55% 0.00% 0.00% 0.00% -
2.95% 3.01% 2.80% 2.55% 0.00% 0.00% 0.00% -
176,794,393 258,133,772 1.92% 2.37% 2.19% 1.89% 4.94% 6.75% 9.86% 9,923,859
176,794,393 258,133,772 1.92% 2.37% 2.19% 1.89% 4.94% 6.75% 9.86% 9,923,859
28,401,897 28,401,897 4.94% 6.94% 8.53% 4.79% 0.18% 1.08% 1.08% 45,822,647
28,401,897 28,401,897 4.94% 6.94% 8.53% 4.79% 0.18% 1.08% 1.08% 45,822,647
450,000,000 450,000,000 18.21% 18.58% 17.28% 15.76% 20.13% 17.19% 17.19% -
450,000,000 450,000,000 18.21% 18.58% 17.28% 15.76% 20.13% 17.19% 17.19% -
966,755,673 1,048,095,052 36.51% 39.64% 39.06% 32.78% 38.70% 36.93% 40.04% 57,340,420
2,617,922,738 2,634,262,118 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.62% 49,972,112
1 - 0.00%
188,645,553 204,984,933
401,013,238 386,013,238
- 212,367,685 - 181,028,305
1,165,060,116 1,165,060,116
1,250,153,828 1,200,153,828
231,866,130 286,047,374
AO 6 AO 7
61,966,589 46,711,589
43,970,147 43,970,147
317,652,001 209,650,321
AO 6 AO 7
408,886,523 489,754,053 2.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7
62,817,672 62,817,673 171,402,581.00 49,150,535.00 25,026,810.00 284,403,205.00 28,565,508.78 12,410,882.26 12,410,882.26
346,068,851 426,936,380 13,626,461.00 38,524,100.00 4,660,895.00 12,160,441.00 4,595,296.78 9,803,116.04 9,803,116.04
114,202,721 140,889,005 157,776,120.00 10,626,435.00 20,365,915.00 272,242,764.00 23,970,212.00 2,607,766.22 2,607,766.22
231,866,130 286,047,374 (122,252,046.00) (24,123,725.00) 259,376,395.00 (255,837,696.22) (16,154,626.52) -
62,817,672 62,817,673
294,683,802 348,865,047
 - 298,374,455 31,339,380
- 62,817,672 -
655,875,930 317,525,668
- 50,000,000
176,696,343 162,020,767
479,179,586 105,504,901

655,875,930

8,886,523
479,179,586 489,754,053

317,525,668

105,504,901

AO 6 AO 7

14.13% 13.50%

1,250,153,828 1,200,153,828
966,755,673 1,048,095,052
2,216,909,500 2,248,248,880

56% 53%
44% 47%
100% 100%

7.97% 7.21%
5.34% 4.83%

5% 5%
8.00% 8.00%
 0.50 0.50
0.933203 0.883602
7.80% 7.65%
 CLCULOS PARA ANLISIS HORIZONTAL
AOS 2 VS 1 AOS 3 VS 2 AOS 4 VS 3 AOS 5 VS 4 AOS 6 VS 5 AOS 7 VS 6
V. RELATIVA V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA
-3.25% 153,014,275 2.67% 404,206,664 6.86% 442,589,811 7.03% 134,759,205 2.00% 659,223,665 9.60%
-1.57% 157,262,115 3.09% 374,830,038 7.15% 515,642,011 9.18% 221,194,578 3.61% 635,304,002 10.00%
49.79% 28,176,437 -4.69% 56,744,486 9.92% 148,650,952 -23.63% 59,620,180 -12.41% 21,035,903 5.00%
-99.97% 1,563,880 26064666.67% 361,285 -23.10% 1,172,410 -97.49% 30,191 -100.00% - NA
0.00% - 0.00% 25,500,001 -52.31% 62,879,846 270.45% 84,267,775 -97.84% 55,862 3.00%
NA - NA 2,400,000 NA 1,200,000 50.00% 1 0.00% 108,000 3.00%
-85.59% 22,364,717 1101.16% 3,906,574 -16.01% 12,691,316 61.94% 57,482,771 173.24% 2,719,897 3.00%
-100.00% - NA - NA - NA - NA - NA
1.51% 93,565,182 2.08% 252,230,640 5.50% 365,545,102 7.55% 150,397,778 2.89% 585,298,595 10.93%
1.51% 93,565,182 2.08% 252,230,640 5.50% 365,545,102 7.55% 150,397,778 2.89% 585,298,595 10.93%
1.51% 93,565,182 2.08% 252,230,640 5.50% 365,545,102 7.55% 150,397,778 2.89% 585,298,595 10.93%
-17.30% 59,449,093 4.79% 151,976,024 11.68% 77,044,709 5.30% 15,638,574 -1.02% 73,925,070 4.88%
-4.77% 498,798 -0.18% 37,855,199 13.39% 46,869,714 14.62% 12,380,240 -3.37% 29,475,665 -8.30%
35.34% 14,096,772 16.34% 33,009,767 32.89% 41,574,950 31.17% 9,135,819 -5.22% 4,974,295 3.00%
94.07% 22,589,184 102.10% 3,057,568 6.84% 10,566,699 22.12% 33,741,701 -57.84% 737,880 3.00%
414.64% 3,262,385 71.42% 3,483,810 44.49% 4,351,267 -38.46% 63,013 -0.90% 207,003 3.00%
-21.94% 691,680 -34.74% 487,019 37.48% 343,129 19.21% 1,084,497 -50.92% 31,356 3.00%
31.32% 4,595,729 73.52% 1,642,695 -15.14% 3,598,506 39.10% 8,585,290 -67.06% 126,521 3.00%
-22.56% 8,488,329 -17.44% 12,992,335 -32.33% 5,998,891 22.06% 10,466,899 31.54% 1,309,655 3.00%
-66.19% 1,247,780 19.27% 555,159 7.19% 3,974,573 -48.01% 564,395 -13.11% 112,209 3.00%
-33.55% 4,580,180 26.44% 5,422,584 -24.76% 24,844,644 150.74% 13,197,642 -31.93% 843,879 3.00%
-32.49% 23,742,601 -71.68% 22,192,979 236.54% 23,393,678 -74.09% 38,959,758 476.17% 38,714,303 -82.12%
-76.60% 48,332 -4.20% 842,233 76.40% 1,944,648 -100.00% 1,069,946 NA 32,098 3.00%
6.30% 17,899,886 -32.37% 5,715,722 -15.28% 6,412,940 -20.24% 3,515,515 13.91% 863,741 3.00%
NA - NA - NA 20,001 NA 20,001 -100.00% - NA
-24.33% 100,944,989 17.00% 156,619,248 22.55% 91,855,058 -10.79% 8,313,690 -1.09% 22,533,206 3.00%
83.06% 53,180,550 22.91% 27,234,079 9.55% 107,695,782 34.46% 105,193,777 25.03% 15,762,611 3.00%
-100.00% 1,500,000 NA 21,550,212 1436.68% 14,646,611 -63.54% 20,499,229 243.93% 867,085 3.00%
5.33% 6,081,575 -18.77% 51,386,413 195.22% 76,183,369 -98.04% 9,945,461 652.06% 344,121 3.00%
56.32% 6,003,304 -7.62% 42,528,896 -58.42% 42,520,745 140.48% 38,696,530 -53.16% 1,022,745 3.00%
NA - NA - NA - NA 1,218,639 NA 36,559 3.00%
136.25% 5,359,912 -18.55% 38,668,490 164.34% 32,477,735 -52.22% 17,535,735 -59.00% 365,522 3.00%
-92.04% 8,162,537 -36.39% 14,127,362 -99.02% 42,827,343 30590.96% 38,191,343 -88.88% 143,280 3.00%
NA - NA - NA 882,000 NA 397,169 45.03% 38,375 3.00%
-14.60% 3,333,040 -3.93% 51,268,588 62.95% 57,297,544 -43.17% 13,708,852 -18.18% 1,851,282 3.00%
NA 39,291,402 -72.99% 11,363,932 78.15% 13,214,551 -51.01% 410,951 -3.24% 368,396 3.00%
-100.00% - NA - NA - NA - NA - NA
 -67.77% 106,502,276 182.64% 12,034,495 7.30% 82,051,163 -46.40% 40,404,481 -42.62% 1,631,831 3.00%
NA 7,993,933 372.38% 230,703 -2.28% 9,909,955 -100.00% 3,379,927 NA 101,398 3.00%
-13.04% 40,997,098 -11.22% 42,498,423 -13.10% 122,030,053 43.30% 5,055,356 1.25% 80,867,529 19.78%
-0.36% 5,277,575 -8.07% 17,946,195 -29.85% 24,765,670 58.73% 4,116,379 -6.15% 1 0.00%
8.27% 3,277,084 -5.17% 17,946,195 -29.85% 35,124,461 -83.30% 7,043,920 -100.00% - NA
NA - NA - NA 59,890,131 NA 2,927,541 4.89% 1 0.00%
-71.75% 2,000,491 -100.00% - NA - NA - NA - NA
-15.38% 35,719,523 -11.91% 24,552,228 -9.29% 97,264,383 40.59% 9,171,735 2.72% 80,867,528 23.37%
61.90% 1,853,721 -81.76% 39,835,473 9630.66% 26,314,139 -65.38% 1,793,412 12.87% 471,851 3.00%
61.90% 1,853,721 -81.76% 270,485 65.39% 13,250,849 1936.93% 1,793,412 12.87% 471,851 3.00%
NA - NA 39,564,988 NA 39,564,988 -100.00% - NA - NA
-19.24% 13,546,122 -6.13% 18,568,997 8.95% 14,463,416 6.40% 55,479,871 -23.07% - 0.00%
-25.77% 1,096,770 -0.55% 13,977,765 7.01% 13,281,318 6.23% 49,830,863 -22.00% 14,675,577 -8.31%
NA 161,468 NA 161,468 -100.00% 993,505 NA 993,505 -100.00% - NA
-85.65% 201,287 57.12% 238,506 43.08% 4,201,046 530.33% 539,015 -10.79% 133,626 3.00%
1513.60% 12,812,107 -63.18% 4,514,194 60.45% 4,012,454 -33.49% 4,116,487 -51.66% 115,569 3.00%

-31.45% 23,835,000 -100.00% - NA - NA - NA - NA

-31.45% 23,835,000 -100.00% - NA - NA - NA - NA
20.93% 192,122 -0.34% 3,285,752 -5.75% 56,486,829 104.87% 66,445,018 60.21% 81,339,380 46.01%

CLCULOS PARA ANLISIS HORIZONTAL

AOS 2 VS 1 AOS 3 VS 2 AOS 4 VS 3 AOS 5 VS 4 AOS 6 VS 5 AOS 7 VS 6
V. RELATIVA V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA

0.46% 50,522,558 -7.49% 494,883,160 79.30% 561,704,287 -50.20% 445,614,837 79.97% 16,339,380 1.63%
-71.32% 24,123,725 -49.08% 259,376,395 1036.39% 255,837,696 -89.96% 16,154,627 -56.55% 16,339,380 131.65%
182.72% 33,863,205 -87.90% 7,499,546 160.90% 7,565,144 -62.21% 5,207,819 113.33% - 0.00%
-93.26% 9,739,480 91.65% 251,876,849 1236.76% 248,272,552 -91.20% 21,362,446 -89.12% 16,339,380 626.57%
0.00% - 0.00% 161,908,610 119.85% 110,000,000 -37.04% - 0.00% - 0.00%
0.00% - 0.00% 161,908,610 119.85% 110,000,000 -37.04% - 0.00% - 0.00%
34.19% 80,655 0.02% 70,307,839 16.11% 192,457,617 -37.98% 443,858,532 141.24% - 0.00%
44.43% 29,170,919 -8.45% 170,752,522 -54.06% 36,061,030 24.85% 50,247,409 -27.74% - 0.00%
-10.24% 4,839,215 -86.70% 2,849,279 383.94% 3,591,393 -100.00% - NA - NA
NA - NA 83,136,321 NA 17,447,639 -20.99% 49,629,542 -75.55% - 0.00%
-62.69% 6,897,752 410.84% 49,499,715 577.14% 50,792,321 -87.46% 8,315,921 114.17% - 0.00%
0.00% - 0.00% - 0.00% 55,000,000 -100.00% - NA - NA
-45.17% 2,058,893 -75.95% 651,922 -100.00% - NA - NA - NA
81.04% 12,760,068 55.81% 35,621,576 -100.00% 11,408,438 NA 11,574,986 101.46% - 0.00%
-10.48% 2,810,250 173.84% 3,852,032 -87.02% 127,117 22.11% 651,936 -92.88% - 0.00%
-100.00% 3,000,000 NA 151,701,263 5056.71% 113,205,190 -73.18% 525,816,495 1267.15% - 0.00%
3.55% 10,930,151 -35.98% 199,307 1.02% 2,054,331 -10.46% 5,211,937 29.63% - 0.00%
0.00% 21,611,763 -75.81% 6,199,994 89.89% 2,036,672 -15.55% 6,531,921 59.06% - 0.00%
35.44% 26,479,488 -49.02% 3,290,316 11.95% 3,408,974 -11.06% 17,910,931 65.32% - 0.00%
 35.44% 26,479,488 -49.02% 3,290,316 11.95% 3,408,974 -11.06% 17,910,931 65.32% - 0.00%
-3.33% 232,776,704 17.94% 244,181,332 -15.96% 57,909,267 -4.50% 62,817,672 -5.12% - 0.00%
-3.33% 232,776,704 17.94% 244,181,332 -15.96% 57,909,267 -4.50% 62,817,672 -5.12% - 0.00%
1.64% - 0.00% 30,000,000 -9.69% 5,696,887 -2.04% - 0.00% - 0.00%
-100.00% - NA - NA - NA - NA - NA
19.50% - 0.00% 30,954,110 -4.49% - 0.00% - 0.00% - 0.00%
0.24% 35,304,650 17.98% 3,121,150 1.35% 7,043,919 3.00% - 0.00% - 0.00%
-3.19% - 0.00% 10,830,109 -100.00% - NA - NA - NA
10.80% 5,483,830 26.33% 26,308,280 -100.00% - NA - NA - NA
-2.14% 252,102,800 41.43% 426,492,193 -49.56% 7,677,752 1.77% - 0.00% - 0.00%
9.47% 60,114,576 11.16% 277,282,210 -46.30% 66,934,051 20.81% 62,817,672 16.17% - 0.00%
-1.83% - 0.00% - 0.00% - 0.00% - 0.00% - 0.00%
-100.00% - NA - NA - NA - NA - NA
-100.00% - NA - NA - NA - NA - NA
-100.00% - NA - NA - NA - NA - NA
0.00% - 0.00% - 0.00% - 0.00% - 0.00% - 0.00%
0.00% - 0.00% - 0.00% - 0.00% - 0.00% - 0.00%
-2.02% 182,254,146 7.53% 250,701,828 9.63% 619,613,554 -21.70% 382,797,165 17.13% 16,339,380 0.62%
- NA
-3.93% 304,817,477 -48.26% 239,765,994 -73.36% 82,105,647 94.32% 408,441,871 241.46% 15,000,000 -2.60%
-1.59% 150,123,642 -38.09% 228,138,908 -93.52% 80,496,020 508.96% 127,852,403 132.75% - 0.00%
-1.59% 150,123,642 -38.09% 228,138,908 -93.52% 80,496,020 508.96% 127,852,403 132.75% - 0.00%
-7.97% 1,271,370 -4.53% 13,127,048 -48.97% 1,136,187 8.31% 46,117,479 311.33% 15,000,000 -24.62%
-7.97% 1,271,370 -4.53% 13,127,048 -48.97% 1,136,187 8.31% 46,117,479 311.33% 15,000,000 -24.62%
-15.41% 110,717,148 -78.91% 14,699,899 -49.68% 12,604,984 -84.64% 193,778,361 8472.69% - 0.00%
22.75% 15,818,249 -44.15% 6,729,500 -33.63% 12,298,559 -92.61% 5,032,432 512.79% - 0.00%
-25.95% 88,090,120 -91.76% 7,909,365 -100.00% - NA - NA - NA
NA - NA - NA - NA 75,000,000 NA - 0.00%
-55.75% 329,940 36.93% 293,371 23.98% 392,351 -25.87% 270,903 24.10% - 0.00%
-75.41% 96,984 98.12% 100,322 -51.23% 85,926 89.97% 66,764 -36.80% - 0.00%
62.10% 4,240,696 -94.35% 254,082 -100.00% - NA 4,251,968 NA - 0.00%
62.85% 2,995,007 -100.00% 1 -100.00% - NA 109,289,822 NA - 0.00%
-31.18% 23,819,579 -97.11% 902,123 127.35% 428,532 -26.61% 1,352,144 114.40% - 0.00%
-31.45% 23,834,000 -100.00% 869,523 NA 869,523 -100.00% - NA - NA
-92.75% 15,979 -100.00% - NA 388,889 NA 388,889 -100.00% - NA
4.04% 30,400 4.48% 32,600 4.60% 52,102 7.03% 1,741,033 219.52% - 0.00%
78.72% 13,899,492 -36.68% 17,053,561 71.06% 13,506,955 32.90% 39,341,484 72.11% - 0.00%
95.69% 15,022,348 -91.70% 1,359,261 -100.00% - NA 22,879,173 NA - 0.00%
71.48% 513,194 2.88% 7,036,392 38.36% 7,627,172 30.05% 2,344,867 7.10% - 0.00%
67.79% 107,789 4.93% 785,255 34.26% 1,170,825 38.04% 120,328 -2.83% - 0.00%
0.00% 535,250 47.20% - 0.00% 1,633,172 -97.84% - 0.00% - 0.00%
NA 33,377 -9.08% 10,591,175 3170.54% 6,342,130 58.05% 14,237,772 82.45% - 0.00%
78.16% 4,986,246 -73.96% 1,755,823 -100.00% - NA - NA - NA
78.16% 4,986,246 -73.96% 1,755,823 -100.00% - NA - NA - NA
 -8.94% 429,923,325 51.78% 571,696,666 45.37% 630,866,606 -34.44% 127,439,098 -10.61% 50,000,000 -4.66%
-1.48% 499,621,945 67.23% 169,168,230 13.61% 289,190,390 -20.48% 96,732,983 -8.62% 50,000,000 -4.87%
-1.48% 499,621,945 67.23% 169,168,230 13.61% 289,190,390 -20.48% 96,732,983 -8.62% 50,000,000 -4.87%
-42.86% 48,750,000 -75.00% 116,750,001 718.46% 86,129,794 -64.76% - 0.00% - 0.00%
-42.86% 48,750,000 -75.00% 116,750,001 718.46% 86,129,794 -64.76% - 0.00% - 0.00%
-49.34% 20,948,620 -94.64% 285,778,435 24108.33% 255,546,422 -89.05% 30,706,116 -97.74% - 0.00%
-49.34% 20,948,620 -94.64% 285,778,435 24108.33% 255,546,422 -89.05% 30,706,116 -97.74% - 0.00%
-93.87% 1,491,292 -55.71% 272,481,135 22986.57% 272,217,679 -99.47% 737,559 -50.91% - 0.00%
NA 19,457,328 -100.00% 13,297,300 NA 16,671,257 125.37% 29,968,557 -100.00% - NA
-6.84% 125,105,848 8.56% 331,930,672 20.92% 548,760,959 -28.60% 281,002,772 20.51% 65,000,000 -3.94%

0.00% - 0.00% - 0.00% 72,916,098 36.46% - 0.00% - 0.00%

0.00% - 0.00% - 0.00% 72,916,098 36.46% - 0.00% - 0.00%
15.94% 3,199,888 27.60% 7,428,291 50.21% 5,386,255 24.24% 11,034,937 39.97% - 0.00%
15.94% 3,199,888 27.60% 7,428,291 50.21% 5,386,255 24.24% 11,034,937 39.97% - 0.00%
0.00% - 0.00% - 0.00% 72,916,098 -100.00% - NA - NA
0.00% - 0.00% - 0.00% 72,916,098 -100.00% - NA - NA
20.93% 192,122 -0.34% 3,285,752 -5.75% 56,486,829 104.87% 66,445,018 60.21% 81,339,380 46.01%
20.93% 192,122 -0.34% 3,285,752 -5.75% 56,486,829 104.87% 66,445,018 60.21% 81,339,380 46.01%
37.49% 54,140,532 32.22% 85,371,383 -38.42% 132,725,680 -97.01% 24,314,438 594.85% - 0.00%
37.49% 54,140,532 32.22% 85,371,383 -38.42% 132,725,680 -97.01% 24,314,438 594.85% - 0.00%
0.00% - 0.00% - 0.00% - 0.00% - 0.00% - 0.00%
0.00% - 0.00% - 0.00% - 0.00% - 0.00% - 0.00%
6.35% 57,148,298 5.95% 81,228,844 -7.99% 70,852,596 -7.57% 101,794,393 11.77% 81,339,380 8.41%
-2.02% 182,254,146 7.53% 250,701,828 9.63% 619,613,554 -21.70% 382,797,165 17.13% 16,339,380 0.62%
INICIO ANTERIOR SIGUIENTE RELACIN DE INDICADORES PARA REALIZAR ANLISIS FINANCI
INDICADOR AO 1 AO 2 AO 3 AO 4 AO 5 AO 6

FONDO DE MANIOBRA 14,077,367 42,959,459 297,254,379 1,031,903,532 388,093,598 425,266,564

CAPITAL NETO DE TRABAJO

SOLVENCIA 97.90% 93.63% 52.37% 7.78% 30.36% 57.59%

RAZN CORRIENTE

PRUEBA CIDA 104.09% 101.78% 54.79% 8.00% 31.93% 60.32%

MARGEN BRUTO 25.34% 21.66% 22.11% 23.10% 22.73% 22.05%

MARGEN EBITDA 7.09% 6.37% 5.51% 4.48% 6.00% 5.95%

MARGEN OPERACIOANAL 5.98% 5.23% 4.49% 3.81% 5.00% 5.04%

MARGEN UODI (utilidad operativa 4.01% 3.50% 3.01% 2.55% 3.35% 3.38%
despues de impuestos)

MARGEN NETO 0.80% 1.00% 0.97% 0.86% 1.64% 2.57%

RENTABILIDAD DE LOS ACTIVOS

OPERACIONALES 1.92% 2.37% 2.19% 1.89% 4.94% 6.75%
ROA

RENTABILIDAD DE LOS ACTIVOS

OPERACIONALES NETOS 11.54% 9.58% 7.07% 6.79% 10.83% 10.46%
RONA

RENTABILIDAD DEL PATRIMONIO 23.71% 28.67% 28.57% 26.93% 40.43% 64.78%

PRODUCTIVIDAD DEL CAPITAL DE

TRABAJO OPERATIVO 7.59% 7.81% 6.26% 7.32% 3.52% 2.75%
PKTO

PRODUCTIVIDAD DE LOS ACTIVOS

FIJOS 22.64% 22.62% 25.98% 20.43% 18.23% 16.96%
PAF
PRODUCTIVIDAD DE LOS ACTIVOS
OPERACIONALES 41.70% 42.23% 44.22% 45.37% 33.19% 38.11%
PAO

ROTACIN DE INVENTARIOS 3 DIAS 4 DIAS 2 DIAS 2 DIAS 2 DIAS 3 DIAS

DIAS

ROTACIN DE CARTERA 16 DIAS 16 DIAS 16 DIAS 16 DIAS 17 DIAS 17 DIAS

DIAS

ROTACIN DE PROVEEDORES 30 DIAS 30 DIAS 30 DIAS 30 DIAS 30 DIAS 30 DIAS

DIAS

CICLO DE CONVERSIN DE
EFECTIVO -11 DIAS -9 DIAS -12 DIAS -11 DIAS -11 DIAS -10 DIAS
CCE

FINANCIACIN OPERATIVA DEL

CAPITAL DE TRABAJO OPERATIVO 92.07% 72.45% 27.22% 106.71% 63.73% 212.57%
FO KTO

FINANCIACIN OPERATIVA TOTAL 16.77% 13.41% 3.85% 17.21% 6.76% 15.32%

FO
ENDEUDAMIENTO FINANCIERO 46.72% 46.96% 57.09% 50.01% 54.54% 47.75%

ENDEUDAMIENTO A CORTO 26.60% 26.08% 12.55% 3.05% 7.57% 22.06%

PLAZO

ENDEUDAMIENTO TOTAL 63.49% 60.36% 60.94% 67.22% 61.30% 63.07%

SOLIDEZ 1.58 1.66 1.64 1.49 1.63 1.59

INDEPENDENCIA FINANCIERA
36.51% 39.64% 39.06% 32.78% 38.70% 36.93%
AUTONOMA FINANCIERA

GRADO DE APALANCAMIENTO 4.31 3.69 4.62 4.45 3.05 1.96

FINANCIERO

GRADO DE APALANCAMIENTO 4.24 4.14 4.93 6.07 4.54 4.38

OPERATIVO
 GRADO DE APALANCAMIENTO 18.28 15.30 22.78 26.99 13.87 8.57
TOTAL

COSTO DE LA DEUDA DESPUES DE

IMPUESTOS 8.79% 6.40% 5.33% 6.04% 7.28% 5.34%
Kdt

COSTO DEL PATRIMONIO 7.79% 7.69% 7.97% 8.03% 7.92% 7.80%

Ke

WACC

COSTO PROMEDIO PONDERADO 16.58% 14.09% 13.30% 14.08% 15.20% 13.14%
DE CAPITAL

VALOR ECONMICO AGREGADO -103,564,404 -94,588,512 -156,031,326 -172,190,882 -91,029,557 -59,430,698

EVA
A REALIZAR ANLISIS FINANCIERO Y EMITIR UN INFORME DIAGNSTICO
AO 7 MINIGRFICOS Grficos
1,031,
903,5
32
425,2 456,6
456,605,944 297,2 388,0
66,56 05,94
54,37 93,59
8 4 4
14,07 42,95 9
A7,367
O 1
9,459
AO 2 AO 3 AO 4 A O 5 AO 6 A O 7

55.20% 97.90%
93.63%

104.0 101.7
9% 8%
57.59% 55.20%
54.79
52.37% 60.32 57.77
57.77% % 31.93
% %
%
8.00%
30.36%
AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
25.34 23.10
% 21.66 22.11 22.73 22.05 21.10
% % %
7.78% % % %
21.10% AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
7.09% 6.50%
6.37% 6.00% 5.95%
5.51%
4.48%
6.50%

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7

5.98% 5.67%
5.23% 5.00% 5.04%
4.49%
3.81%
5.67%

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
4.01% 3.80%
3.50% 3.35% 3.38%
3.01%
2.55%

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
 4.01% 3.80%
3.50% 3.35% 3.38%
3.01%
2.55%
3.80%

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7

3.43%
2.57%
3.43% 1.64%
0.80% 1.00% 0.97% 0.86%

AO 1 A O 2 AO 3 AO 4 AO 5 AO 6 AO 7

9.80%
6.75%
9.80% 4.94%
1.92% 2.37% 2.19% 1.89%
AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
12.72
11.54 10.83 %
% 10.46
9.58% % %
7.07% 6.79%
12.72%

AO 1 AO 2 A O 3 AO 4 AO 5 AO 6 AO 7
94.58
%
64.78
%
94.58% 40.43
23.71 28.67 28.57 26.93 %
% % % %
AO 1 A O 2 AO 3 AO 4 AO 5 AO 6 AO 7

7.59% 7.81% 7.32%

6.26%
2.72% 3.52%
2.75% 2.72%

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
25.98
22.64 22.62 % 20.43
% % 18.23 16.96
% % 15.47
% %
15.47%

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
 20.43 18.23
% % % 16.96
% 15.47
% %

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
41.70 42.23 44.22 45.37
% % % 38.11 34.99
% 33.19 %
% %
34.99%

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
4
DIAS
3 3
DIAS 3
2 2 DIAS DIAS
3 DIAS DIAS 2
DIAS DIAS

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 A O 7
16 16 16 16 17 17
DIAS DIAS DIAS DIAS DIAS DIAS
10
10 DIAS DIAS

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 A O 7
30 30 30 30 30
DIAS DIAS DIAS DIAS DIAS

3 DIAS
3
DIAS
AO 2 AO 3 AO 4 AO 5 AO 6 AO 7 M I N I G R F I CO S G rfi c o s
10
DIAS

10 DIAS
AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
-11 -9 -11 -10
DIAS -12 -11
DIAS DIAS DIAS DIAS DIAS
212.5
7% 188.3
1%
92.07 106.7
188.31% 72.45 1% 63.73
%
% 27.22 %
%
AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
17.21
% 15.32 14.65
13.41 %
% %
14.65% 6.76%
3.85%
AO 2 AO 3 AO 4 AO 5 AO 6 AO 7 M I N I G R F I CO S G rfi c o s
 13.41 %
% %

6.76%
3.85%
AO 2 AO 3 AO 4 AO 5 AO 6 AO 7 M I N I G R F I CO S G rfi c o s
75.66
57.09 %
50.01 54.54
46.72 46.96 % % 47.75
% % % %
75.66%

A O 1 AO 2 A O 3 AO 4 A O 5 AO 6 A O 7
35.47
26.60 26.08 %
% % 22.06
35.47% %
12.55
% 7.57%
3.05%
AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
67.22
%
63.49 63.07
% 60.94 61.30 %
60.21% 60.36
% % 60.21
% %

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 A O 7

1.66 1.64 1.66

1.63
1.58 1.59
1.66
1.49

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
36.51 39.64 39.06 38.70 36.93 39.79
% % % 32.78 % % %
%
40%

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
4.31 4.62 4.45
3.69
3.05
1.65 1.96 1.65

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
6.07
4.93 4.54 4.38
4.24 4.14 3.72
3.72

AO 1 AO 2 A O 3 AO 4 AO 5 AO 6 AO 7
26.99
22.78
18.28
15.30 13.87
8.57
6.16
 26.99
22.78
18.28
15.30 13.87
6.16
8.57
6.16

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
8.79%
7.28%
6.40% 6.04%
5.33% 5.34% 4.83%
4.83%

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
8.03%
7.97% 7.92%
7.79% 7.80%
7.65% 7.69% 7.65%

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
16.58 15.20
% 14.09 13.30 14.08 13.14
% % % 12.48
% % %
12.48%

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 AO 7
-
59,43 5,484,
AO 1 AO 2 AO 3 AO 4 AO 5 0,698
A O 6 A289
O 7
- - -
5,484,289 103,5 94,58 - 91,02
64,40 8,512 - 9,557
4 156,0 172,1
31,32 90,88
6 2
25,2 456,6
6,56 05,94
4

O 6 AO 7

7.59% 55.20%
60.32 57.77
% %

O 6 AO 7

22.05 21.10
% %
O 6 AO 7

AO 6 AO 7

.95% 6.50%

O 6 AO 7

5.67%
.04%

O 6 AO 7

3.80%
.38%

O 6 AO 7
 3.80%
.38%

O 6 AO 7

3.43%
.57%

O 6 AO 7

9.80%
.75%

O 6 AO 7
12.72
10.46 %
%

O 6 AO 7
94.58
%
64.78
%

O 6 AO 7

.75% 2.72%

O 6 AO 7

6.96 15.47
% %

O 6 AO 7
 6.96 15.47
% %

O 6 AO 7

8.11 34.99
% %

O 6 AO 7

3 3
DIAS DIAS

O 6 AO 7
17
DIAS
10
DIAS

O 6 AO 7

I G R F I CO S G rfi c o s
10
DIAS

O 6 AO 7
10
DIAS
12.5
% 188.3
1%

O 6 AO 7

I G R F I CO S G rfi c o s
 I G R F I CO S G rfi c o s
75.66
%
47.75
%

O 6 AO 7
35.47
%
2.06
%

O 6 AO 7

3.07
%
60.21
%

O 6 AO 7

1.66
1.59

O 6 AO 7
36.93 39.79
% %

O 6 AO 7

1.96 1.65

O 6 AO 7

4.38
3.72

O 6 AO 7

8.57
6.16
8.57
6.16

O 6 AO 7

.34% 4.83%

O 6 AO 7

.80%
7.65%

O 6 AO 7

13.14 12.48
% %

O 6 AO 7

9,43 5,484,
,698
O 6 A289
O 7
INICIO

INFORME DE PARTICIPACIN
AUTOEVALUACIN
PARTICIP EN NMERO DE
ESTUDIANTE
LA ACTIVIDAD? APORTES
ARMANDO AGUILAR CARRASQUILLA

COEVALUACIN
ESTUDIANTE EVALUADO ESTUDIANTE EVALUADOR
ARMANDO AGUILAR CARRASQUILLA

INICIO
 ANTERIOR SIGUIENTE

RTICIPACIN
UACIN
VALORACIN DE
OBSERVACIONES
LOS APORTES

ACIN
VALORACIN DE
OBSERVACIONES
LOS APORTES

ANTERIOR SIGUIENTE
En el analisis financiero es importante saber cuales son los recursos escasos de una organizacin, busca
maximizacin del valor de la empresa y por ende de la riqueza de los accionistas. Dentro de las actividade
para lograrlo, debe velar porque existan mecanismos para prever situaciones, tanto favorables como
desfavorables, que le permitan tomar las decisiones apropiadas en cada caso. El nivel de endeudamiento
esta empresa para el ao 7 esta muy por encima de lo que deberia estarlo. Es decir por cada 100 pesos
tenemos un nivel de endeudamiento de 60,21% , en este caso su capacidad de endeudamiento y de
cancelacin de las obligaciones contradas estan en un porcentaje no muy adecuado y esto podria genera
la empresa deba cambiar su estrategia para vender mas, rebajar costos en cuanto a mercancia, generar
nuevas estrategias de marketing, etc. Con el fin de poder cumplir con los compromisos adquirirdos.

En el anlisis financiero es importante saber cules son los recursos escasos de una organizacin, busca
maximizacin del valor de la empresa y por ende de la riqueza de los accionistas. Dentro de las actividade
para lograrlo, debe velar porque existan mecanismos para prever situaciones, tanto favorables como
desfavorables, que le permitan tomar las decisiones apropiadas en cada caso. El nivel de endeudamiento
esta empresa para el ao 7 est muy por encima de lo que debera estarlo. Es decir por cada 100 pesos
tenemos un nivel de endeudamiento de 60,21% , en este caso su capacidad de endeudamiento y de
cancelacin de las obligaciones contradas estn en un porcentaje no muy adecuado y esto podra genera
la empresa deba cambiar su estrategia para vender ms, rebajar costos en cuanto a mercanca, generar
nuevas estrategias de marketing, etc. Con el fin de poder cumplir con los compromisos adquiridos.
Crecimiento de los ingresos 10%
Costo de Ventas
ingrsos por transporte 5%
Crecimiento demas variables 3%