Valorizacion de Empresas

Alicorp
David Lynch Guillen
Contador Publico Colegiado
MBA Centrum Catolica
Master Especializado en Finanzas - EADA Espaa
Post Grado en NIIF - Universidad de Lima / Ernst & Young
Master Specialist Excel

dlynchg@lga.com.pe

Fuente de Analisis: Estados Financieros Conasev

www.conasev.gob.pe

Disclaimer : Este reporte se basa en fuentes que se consideran confiables; habiendose hecho todos los esfuerzos posibles y razonables para confirmar
su exactitud, a pesar de lo cual el autor nose hace responsable por la misma. En tal sentido cualquier decisin de inversion que pueda tomar el lector de
este reporte sobre los valores que en el se tratan, o cualquier otro, debera basarse en su propio criterio y sera de su exclusiva responsabilidad.

Balance General
En Nuevos Soles

2004

2005

2006

2007

2008

Activo
Activo Total
Activo Corriente
Efectivo
Cuentas por Cobrar comerciales
Cuentas por Cobrar Relacionada
Otr Cuentas p Cobr CP
Existencias
Actv NoCorr Disp p/Venta
Gast Pagados por Antic
Activo no Corriente
Doc por Cob Emp Relac LP
Inversiones Permanentes
Activos Fijos
Intagibles
Credito Mercantil
Otros Activos LP

1,543,268
635,728
4,935
260,219
30,406
98,967
229,170
12,031
907,540
3,235
242,086
436,851
28,472
105,766
91,130

1,633,680
670,613
7,347
257,852
29,980
81,494
267,897
12,009
14,034
963,067
1,637
204,896
430,633
99,066
107,337
119,498

1,854,860
744,756
8,867
294,532
24,533
60,602
331,337
15,246
9,639
1,110,104
0
379,812
444,181
91,412
136,461
58,238

2,197,312
1,017,522
16,433
394,394
61,505
56,372
476,089
12,729
1,179,790
0
420,097
490,450
241,103
28,140

2,663,589
1,161,216
24,893
417,163
37,840
123,837
533,495
6,258
17,730
1,502,373
0
561,108
588,025
344,628
8,612

1,543,268
584,671
417,353
2,086
172,380
192,243
639
50,005
167,318
958,597
847,192
7,388
(73,845)
24
37,206
140,632

1,633,680
592,101
448,161
6,073
233,354
130,696
12,778
65,260
143,940
1,041,579
847,192
7,388
(41,135)
6,679
24
221,431

1,854,860
716,690
540,643
2,061
293,982
154,321
26,978
63,301
176,047
1,138,170
847,192
7,388
(5,621)
14,152
24
275,035

2,197,312
890,166
740,738
349,276
30,692
214,033
5,535
141,202
149,428
1,307,146
847,192
7,388
5,134
25,390
37,206
384,836

2,663,589
1,329,740
1,006,333
552,572
40,864
267,788
45,196
99,913
323,407
1,333,849
847,192
7,388
(13,745)
37,492
37,206
418,316

Pasivo
Pasivo + Patrimonio Neto
Pasivo Total
Pasivo Corriente
Sobregiros Avances en CC
Deudas Financieras CP
Provedores CP
Cuentas por Pagar a Afiliadas
Provisiones CP
Deu Fin LP Porcion CP
Otros Pas no Comerc CP
Pasivo no Corriente
Patrimonio Neto
Capital Social
Part Patrim del Trabajo
Resultados no Realizados
Reservas Legales
Otras Reservas
Utilidades Retenidas

Estado de Ganancias y Perdidas

Ventas
Costos de Ventas (Opera)
Resultado Bruto
Gastos de Ventas
Gastos Administrativos
Ganan/Perd p/Venta Activ
Otros Ingresos
Otros Gastos
Result Operativo EBIT
Ingresos Financieros
Gastos Financieros
Gana/Perd p/Inst FinDer
Resultado antes Impuestos
Partic Adm/Estatutaria
Impuesto a las Gananc
Ganancia/Perdida Neta

2004

2005

2006

2007

2008

1,801,220
1,353,691
447,529
(213,252)
(100,105)
(16,474)
117,698
(11,382)
(6,046)
100,270
(406)
(1,096)
101,772

1,817,782
1,331,592
486,190
(208,985)
(84,947)
(14,666)
(4,697)
172,895
(18,537)
(13,718)
140,640
14,368
38,794
87,478

1,983,819
1,462,879
520,940
(254,329)
(91,665)
(1,252)
16,879
190,573
(6,431)
(8,269)
175,873
17,224
46,506
112,143

2,505,425
1,850,022
655,403
(98,962)
(304,749)
(1,693)
(34,093)
(998)
214,908
13,777
(4,587)
(4,711)
219,387
26,588
71,784
121,015

3,124,150
2,421,240
702,910
(109,414)
(350,176)
442
4,179
(13,890)
234,051
7,131
(89,674)
22,048
173,556
23,935
62,039
87,582

Analisis Vertical
Balance General
2004

2005

2006

2007

2008

Relacion Pasivo Patrimonio

Activo
Activo Total
Activo Corriente
Efectivo
Creditos por Ventas CP
Document por Cobrar CP
Otr Cuentas p Cobr CP
Existencias
Actv NoCorr Disp p/Venta
Gast Pagados por Antic
Activo no Corriente
Doc por Cob Emp Relac LP
Inversiones Financieras
Activos Fijos
Intagibles
Credito Mercantil
Otros Activos LP

1,762,988
41.19%
0.78%
40.93%
4.78%
15.57%
36.05%
0.00%
1.89%
58.81%
0.36%
26.67%
48.14%
3.14%
11.65%
10.04%

1,754,772
41.05%
1.10%
38.45%
4.47%
12.15%
39.95%
1.79%
2.09%
58.95%
0.17%
21.28%
44.71%
10.29%
11.15%
12.41%

1,543,268
40.15%
1.19%
39.55%
3.29%
8.14%
44.49%
2.05%
1.29%
59.85%
0.00%
34.21%
40.01%
8.23%
12.29%
5.25%

1,632,109
46.31%
1.62%
38.76%
6.04%
5.54%
46.79%
0.00%
1.25%
53.69%
0.00%
35.61%
41.57%
20.44%
0.00%
2.39%

1,854,860
43.60%
2.14%
35.92%
3.26%
10.66%
45.94%
0.54%
1.53%
56.40%
0.00%
37.35%
39.14%
22.94%
0.00%
0.57%

Pasivo
Pasivo + Patrimonio Neto
Pasivo Total
Pasivo Corriente
Sobregiros Avances en CC
Deudas Financieras CP
Provedores CP
Letras por Pagar CP
Provisiones CP
Deu Fin LP Porcion CP
Otros Pas no Comerc CP
Pasivo no Corriente
Patrimonio Neto
Capital Social
Part Patrim del Trabajo
Resultados no Realizados
Reservas Legales
Otras Reservas
Utilidades Retenidas

1,762,988
37.89%
71.38%
0.50%
41.30%
46.06%
0.15%
0.00%
0.00%
11.98%
28.62%
62.11%
88.38%
0.77%
-7.70%
0.00%
3.88%
14.67%

1,754,772
36.24%
75.69%
1.36%
52.07%
29.16%
2.85%
0.00%
0.00%
14.56%
24.31%
63.76%
81.34%
0.71%
-3.95%
0.64%
0.00%
21.26%

1,543,268
38.64%
75.44%
0.38%
54.38%
28.54%
4.99%
0.00%
0.00%
11.71%
24.56%
61.36%
74.43%
0.65%
-0.49%
1.24%
0.00%
24.16%

1,632,109
40.51%
83.21%
47.15%
4.14%
28.89%
0.75%
0.00%
0.00%
19.06%
16.79%
59.49%
64.81%
0.57%
0.39%
1.94%
2.85%
29.44%

1,854,860
49.92%
75.68%
54.91%
4.06%
26.61%
4.49%
0.00%
0.00%
9.93%
24.32%
50.08%
63.51%
0.55%
-1.03%
2.81%
2.79%
31.36%

Analisis Vertical
Estado de Ganancias y Perdidas
2004

Meses
Ventas
Costos de Ventas (Opera)
Resultado Bruto
Gastos con Ventas
Gastos Administrativos
Otros Ingresos
Otros Gastos
Result Operativo EBIT
Ingresos Financieros
Gastos Financieros
Gana/Perd p/Inst FinDer
Resultado antes Impuest
Partic Adm/Estatutaria
Impuesto a las Gananc
Ganancia/Perdida Neta

12
100.00%
75.15%
24.85%
-11.84%
-5.56%
0.00%
-0.91%
6.53%
0.00%
-0.63%
-0.34%
5.57%
-0.02%
-0.06%
5.65%

2005

12
100.00%
73.25%
26.75%
-11.50%
-4.67%
0.00%
-0.26%
9.51%
0.00%
-1.02%
-0.75%
7.74%
0.79%
2.13%
4.81%

2006

12
100.00%
73.74%
26.26%
-12.82%
-4.62%
0.85%
0.00%
9.61%
0.00%
-0.32%
-0.42%
8.87%
0.87%
2.34%
5.65%

2007

12
100.00%
73.84%
26.16%
-3.95%
-12.16%
-1.36%
-0.04%
8.58%
0.55%
-0.18%
-0.19%
8.76%
1.06%
2.87%
4.83%

30.00%
25.00%
20.00%
Resultado Bruto

15.00%

Result Operativo EBIT

10.00%
5.00%
0.00%
2004

2005

2006

2007

2008

2008

12
100.00%
77.50%
22.50%
-3.50%
-11.21%
0.13%
-0.44%
7.49%
0.23%
-2.87%
0.71%
5.56%
0.77%
1.99%
2.80%

100.00%
90.00%
80.00%

37.89%

36.24%

38.64%

40.51%
49.92%

70.00%

60.00%

Pasivo Total

50.00%

Patrimonio Neto

40.00%
30.00%

62.11%

63.76%

61.36%

59.49%
50.08%

20.00%
10.00%
0.00%

2004

2005

2006

2007

2008

Analisis Horizontal

Balance General
2005 - 2004

2006 - 2005

2007 - 2006

2008 - 2008

Activo
Activo Total
Activo Corriente
Efectivo
Creditos por Ventas CP
Document por Cobrar CP
Otr Cuentas p Cobr CP
Existencias
Actv NoCorr Disp p/Venta
Gast Pagados por Antic
Activo no Corriente
Doc por Cob Emp Relac LP
Inversiones Financieras
Activos Fijos
Intagibles
Credito Mercantil
Otros Activos LP

5.86%
5.49%
48.88%
-0.91%
-1.40%
-17.66%
16.90%
#DIV/0!
16.65%
6.12%
-49.40%

13.54%
11.06%
20.69%
14.23%
-18.17%
-25.64%
23.68%
26.95%
-31.32%
15.27%
-100.00%

18.46%
36.62%
85.33%
33.91%
150.70%
-6.98%
43.69%
-100.00%
32.06%
6.28%
0.00%

21.22%
14.12%
51.48%
5.77%
-38.48%
119.68%
12.06%
#DIV/0!
39.29%
27.34%
0.00%

-1.42%

3.15%

10.42%

19.89%

31.13%

-51.26%

-51.68%

-69.40%

5.86%
1.27%
7.38%
191.13%
35.37%
-32.02%

13.54%
21.04%
20.64%
-66.06%
25.98%
18.08%

18.46%
24.21%
37.01%
16846.92%
-89.56%
38.69%

21.22%
49.38%
35.86%
58.20%
33.14%
25.12%

#DIV/0!
30.51%
-13.97%
8.66%
0.00%
0.00%
0.00%
27729.17%
-99.94%
57.45%

#DIV/0!
-3.00%
22.31%
9.27%
0.00%
0.00%
0.00%
111.89%
0.00%
24.21%

#DIV/0!
123.06%
-15.12%
14.85%
0.00%
0.00%
0.00%
79.41%
154925.00%
39.92%

#DIV/0!
-29.24%
116.43%
2.04%
0.00%
0.00%
0.00%
47.66%
0.00%
8.70%

Pasivo
Pasivo + Patrimonio Neto
Pasivo Total
Pasivo Corriente
Sobregiros Avances en CC
Deudas Financieras CP
Provedores CP
Letras por Pagar CP
Provisiones CP
Deu Fin LP Porcion CP
Otros Pas no Comerc CP
Pasivo no Corriente
Patrimonio Neto
Capital Social
Part Patrim del Trabajo
Resultados no Realizados
Reservas Legales
Otras Reservas
Utilidades Retenidas

Estado de Ganancias y Perdidas

Meses
Ventas
Costos de Ventas (Opera)
Resultado Bruto
Gastos con Ventas
Gastos Administrativos
Ganan/Perd p/Venta Activ
Otros Ingresos
Otros Gastos
Result Operativo EBIT
Ingresos Financieros
Gastos Financieros
Gana/Perd p/Inst FinDer
Resultado antes Impuest
Partic Adm/Estatutaria
Impuesto a las Gananc
Ganancia/Perdida Neta

2005 - 2004
12

Analisis Horizontal

2006 - 2005
12

2007 - 2006
12

2008 - 2008
12

0.92%
-1.63%
8.64%
-2.00%
-15.14%

9.13%
9.86%
7.15%
21.70%
7.91%

26.29%
26.46%
25.81%
-61.09%
232.46%

24.70%
30.88%
7.25%
10.56%
14.91%

0.00%
46.90%
#DIV/0!
62.86%
0.00%
40.26%
-3638.92%
-3639.60%
-14.05%

-100.00%
10.22%
#DIV/0!
-65.31%
0.00%
25.05%
19.88%
19.88%
28.20%

0.00%
12.77%
#DIV/0!
-28.67%
0.00%
24.74%
54.37%
54.35%
7.91%

100.00%
1291.78%
8.91%
-48.24%
1854.96%
0.00%
-20.89%
-9.98%
-13.58%
-27.63%

En Nuevos Soles

2004

Liquidez
Capital de trabajo
Capital de trabajo neto
Ratio corriente
Prueba acida
Relevancia Activo Corriente
Ratio de capital de trabajo neto
Ratio de efectivo

2005

2006

2007

2008

635,728
218,375
1.52
0.97
41.19%
14.15%
0.32%

670,613
222,452
1.50
0.90
41.05%
13.62%
0.45%

744,756
204,113
1.38
0.76
40.15%
11.00%
0.48%

1,017,522
276,784
1.37
0.73
46.31%
12.60%
0.75%

1,161,216
154,883
1.15
0.62
43.60%
5.81%
0.93%

Actividad
Rotacion c x c
Periodo promedio de cobro
Rotacion de inventario
Periodo de rotacion de inventarios
Rotacion de cuentas por pagar
Periodo promedio de pago
Ciclo operativo
Ciclo de conversion de efectivo
Rotacion de activos fijos
Rotacion de activos totales
Caja y Bancos / Ventas
Otras Ctas Act. Corr / Ventas

6.92
52.01
5.91
60.95
7.02
51.29
112.95
61.66
4.12
1.17
0.27%
6.16%

7.05
51.07
4.97
72.43
9.28
38.79
123.49
84.70
4.22
1.11
0.40%
5.26%

6.74
53.45
4.42
81.54
8.07
44.62
134.99
90.37
4.47
1.07
0.45%
3.54%

6.35
56.67
3.89
92.64
8.43
42.73
149.31
106.59
5.11
1.14
0.66%
2.76%

7.49
48.07
4.54
79.32
7.74
46.54
127.39
80.86
5.31
1.17
0.80%
4.53%

Endeudamiento
Grado de endeudamiento
Endeudamiento sobre patrimonio
Grado de propiedad
Multiplicador de la propiedad
Deuda Fin CP / Activo Corriente
Pasivo LP / Total Activos

37.89%
0.61
62.11%
1.61
0.00%
10.84%

36.24%
0.57
63.76%
1.57
0.00%
8.81%

38.64%
0.63
61.36%
1.63
0.00%
9.49%

40.51%
0.68
59.49%
1.68
0.00%
6.80%

49.92%
1.00
50.08%
2.00
0.00%
12.14%

29.63

46.85

Capital de Trabajo Bruto y Neto

1,400,000
1,200,000
1,000,000

Cobertura
Cobertura de intereses

10.34

9.33

2.61

800,000
Capital de trabajo

Utilidad Neta

600,000

Capital de trabajo neto

400,000

6.00%

140,000
5.65%

5.65%

120,000

200,000

5.00%

4.83%

4.81%

100,000

4.00%

2004

2005

2006

2007

2008

80,000

(200,000)

3.00%

2.80%

60,000

2.00%
40,000
1.00%

ROE y ROA

20,000
12.00%
-

0.00%
2004

2005

2006

2007

2008
10.00%

Rentabilidad
Margen bruto
Margen neto
Poder de rentabilidad
ROA
ROE
ROI
EVA

24.85%
5.65%
6.50%
6.59%
10.62%
12.01%
(26,474)

26.75%
4.81%
8.61%
5.35%
8.40%
12.59%
(18,942)

26.26%
5.65%
9.48%
6.05%
9.85%
13.71%
2,027

26.16%
4.83%
9.98%
5.51%
9.26%
10.87%
(25,806)

22.50%
2.80%
6.52%
3.29%
6.57%
11.96%
(21,395)

Ganancia/Perdida Neta

Margen neto

8.00%
ROA

6.00%

ROE

4.00%
2.00%

Analis DuPont

2004

2005

2006

2007

2008

Utilidad Neta
Ventas
margen de utilidad neta

101,772
1,801,220
5.65%

87,478
1,817,782
4.81%

112,143
1,983,819
5.65%

121,015
2,505,425
4.83%

87,582
3,124,150
2.80%

Ventas
Activos Totales
Rotacion activos totales

1,801,220
1,543,268
1.17

1,817,782
1,633,680
1.11

1,983,819
1,854,860
1.07

2,505,425
2,197,312
1.14

3,124,150
2,663,589
1.17

Activos totales
Patrimonio
Multiplicador propiedad

1,543,268
958,597
1.61

1,633,680
1,041,579
1.57

1,854,860
1,138,170
1.63

2,197,312
1,307,146
1.68

2,663,589
1,333,849
2.00

ROA
ROE

6.59%
10.62%

Calculo costo de capital promedio ponderado

2004

% Deuda
% Capital
Costo de la deuda
Costo de capital
tasa de impuestos
CCPP
Tasa libre de riesgo
Beta
Beta apalancado
Prima de mercado
Riesgo pais

2005
37.89%
62.11%
8.00%
11.51%
30.00%
9.27%
4.80%
0.78
0.78
4.50%
3.20%

Analisis de capital operativo

2004

Activo corriente operativo

Caja bancos
clientes
inventarios
Pasivo corriente operativo
sobregiros
proveedores
Capital de trabajo neto operativo

436,851

Otros activos operativos

Activos operativos
Activos totales
% Activos operat / Activos totales

36.24%
63.76%
8.00%
11.51%
30.00%
9.37%
4.80%
0.78
0.78
4.50%
3.20%

2005

524,730
4935
290625
229170
192,882
192882
331,848

Activo fijo neto

5.35%
8.40%

563,076
7347
287832
267897
143,474
143474
419,602
430,633

6.05%
9.85%

2006

2006

2007

659,269
8867
319065
331337
181,299
181299
477,970
444,181

490,450

49.92%
50.08%
7.00%
9.62%
30.00%
7.26%
3.80%
0.87
0.87
4.50%
1.90%

2008

1,013,391
24893
455003
533495
312,984
312984
700,407
588,025

215,026

128,479

97,241

150,179

1,050,630
1,854,860
57%

1,316,544
2,197,312
60%

1,438,611
2,663,589
54%

60635
13.88%

29,651
6.89%

60,797
13.69%

35,606
7.26%

40,843
6.95%

40254

36,583
-9.12%
-8.50%

42,446
16.03%
-9.56%

76,912
81.20%
-15.68%

88,900
15.59%
-15.12%

(13,718)
126.89%

0
-100.00%

0
0.00%

-100.00%

-9.21%
-6046

Partic Adm/Estatutaria / resultado antes impuestos

-0.40%

10.22%

731,445,349
1.44
0.96
6,796,146
724,649,203
1,050,019,152
8.92
0.58
10.32
9.69%

786,069,542
1.83
1.30
6,796,146
779,273,396
1,434,905,304
8.30
0.79
16.40
6.10%

Cant Tit
724,649,203
17,152,166
17,152,166
21,308,732
28,586,694

Volumen S/.
724,649,203
17,152,166
17,152,166
21,308,732
28,586,694

Cierre

2004
2005
2006
2007
2008

Cant Tit
7,427,512
7,427,512
7,427,512
6,605,979
6,882,770

Volumen S/.
7,427,512
7,501,787
7,576,062
8,587,773
7,226,909

Cierre

2004
2005
2006
2007
2008

2004

2005

9.79%

2006

12.12%

2007

854,580,201
2.50
1.80
7,388,470
847,191,731
2,131,278,574
11.18
1.07
19.01
5.26%

Acciones comunes
1.00
1.00
1.00
1.00
1.00

Acciones de inversion
Fecha

948,421
16433
455899
476089
219,568
219568
728,853

2008

1,065,261
1,633,680
65%

Part patrimonial relacionadas

Crecimiento

Fecha

40.51%
59.49%
6.50%
9.83%
30.00%
7.69%
4.20%
0.85
0.85
4.50%
1.80%

202,128

Inversion en activos fijos (CAPEX)

crecimiento CAPEX
CAPEX / AFN

Indicadores de mercado

2007

38.64%
61.36%
6.00%
9.84%
30.00%
7.66%
5.00%
0.63
0.63
4.50%
2.00%

3.29%
6.57%

970,827
1,543,268
63%

Depreciacion y amortizacion
Dep y amort / AFN

Acciones
Precio accion comun
Precio accion inversion
Cantidad acciones de inversion
Cantidad acciones comunes
Valor de mercado empresa
VME / EBIT
VME / Ventas
PER
Utilidad neta / VME

5.51%
9.26%

1.00
1.01
1.02
1.30
1.05

854,580,201
2.88
2.65
7,388,470
847,191,731
2,459,491,631
11.44
0.98
20.32
4.92%

13.79%

2008

854,580,201
1.43
2.00
7,388,470
847,191,731
1,226,261,115
5.24
0.39
14.00
7.14%

0.00%
2004

2005

2006

2007

2008

En miles de soles
Ventas ao 2007
Crecimiento prom 2004-2008
Desv estandar crec 2004-2008
Crecimiento de largo plazo

3,124,150
15.26%
12.30%
2.00%

Costo de ventas
Costo de ventas prom 2004-2008
Desv estandar 2004-2008

74.70%
1.72%

Gasto de ventas
Gasto de ventas prom 2004-2008
Desv estandar 2004-2008

8.72%
4.59%

Gastos administrativos
Gastos ad prom 2004-2008
Desv Estandar 2004-2008

2011
4,783,803
3,573,403
1,210,400
365,708
417,227
427,465
128,239
81,552
380,778
177,509
134,753

2012
5,513,835
4,118,721
1,395,113
421,517
480,898
492,698
147,809
102,693
447,582
223,525
155,317

2013
6,355,273
4,747,259
1,608,014
485,843
554,285
567,886
170,366
129,315
526,835
281,470
179,019

2014
7,325,119
5,471,714
1,853,405
559,985
638,872
654,549
196,365
162,838
621,021
354,437
206,338

(414,171)
1,086,312

66,494

68,516

68,740

66,346

60,246

2015
7,471,621
5,581,148
1,890,474
571,185
651,649
667,639
200,292
205,050
672,398
446,318
31,169
2,292,551
2,487,461

2008
18,565
578,124
522,658
160,224
1,279,570
648,540
561,108
8,612
344,628
1,562,888
2,842,458
334,674
334,674

2009
21,398
666,348
602,418
184,675
1,474,839
724,742
561,108
8,612
344,628
1,639,090
3,113,929
385,747
385,747

2010
24,663
768,036
694,350
212,857
1,699,906
820,699
561,108
8,612
344,628
1,735,047
3,434,953
444,614
444,614

2011
28,427
885,242
800,311
245,340
1,959,320
941,531
561,108
8,612
344,628
1,855,879
3,815,199
512,464
512,464

2012
32,765
1,020,335
922,442
282,780
2,258,322
1,093,686
561,108
8,612
344,628
2,008,034
4,266,357
590,668
590,668

2013
37,766
1,176,043
1,063,211
325,934
2,602,954
1,285,285
561,108
8,612
344,628
2,199,633
4,802,587
680,807
680,807

2014
38,521
1,199,564
1,084,475
332,453
2,655,013
1,526,553
561,108
8,612
344,628
2,440,901
5,095,914
694,423
694,423

Pasivo no corriente
Capital social
Part Patrim del Trabajo
Reservas legales
Utilidades retenidas
Patrimonio
Pasivo y patrimonio

273,365
273,365
847,192
7,388
37,492
1,342,347
2,234,419
2,842,458

299,473
299,473
847,192
7,388
37,492
1,536,638
2,428,710
3,113,929

330,346
330,346
847,192
7,388
37,492
1,767,922
2,659,994
3,434,953

366,915
366,915
847,192
7,388
37,492
2,043,748
2,935,820
3,815,199

410,304
410,304
847,192
7,388
37,492
2,373,313
3,265,385
4,266,357

461,874
461,874
847,192
7,388
37,492
2,767,834
3,659,906
4,802,587

490,084
490,084
847,192
7,388
37,492
3,019,335
3,911,407
5,095,914

Ventas
Costo de Ventas

2008
3,600,911
2,689,806

2009
4,150,427
3,100,284

2010
4,783,803
3,573,403

2011
5,513,835
4,118,721

2012
6,355,273
4,747,259

2013
7,325,119
5,471,714

2014
7,471,621
5,581,148

7.64%
3.72%

Impuesto a la renta

30.00%

Depreciacion
Depreciacion 2008
Depreciacion/ AFN

40,843
9.73%

CAPEX
CAPEX 2008
Crecimiento promedio CAPEX
CAPEX / AFN

88,900
25.92%
-11.61%

PPI
Promedio
desviacion estandar
PPC

2010
4,150,427
3,100,284
1,050,143
317,289
361,986
370,869
111,261
64,763
324,371
140,966
116,912

Ventas
Costo de ventas
Margen Bruto
Gastos administrativos
Gastos de ventas
EBIT
Impuestos
Depreciacion
NOPAT
CAPEX
Inv k de w
Perpetuidad
FCF
VAN

77.38
11.71

Promedio
desviacion estandar
PPP
Promedio
desviacion estandar

52.25
3.16

Deuda fin CP / Act cte

0.00%

Pasivo LP / total activos

Part promedio pat relacionadas
crecimiento
Tasa deuda CP

9.62%
23935
0
0

44.79
4.63

Caja bancos
Inventarios
Cuentas por cobrar
otras ctas act / cte
Total activo corriente
Activo fijo neto
Inversiones Financieras
Otros Activos LP
Intagibles
Credito Mercantil
Total activo no corriente
Activos totales
Deudas Financieras CP
Provedores CP
Deu Fin LP Porcion CP
Pasivo corriente

Prestamos LP

2009
3,600,911
2,689,806
911,104
275,280
314,059
321,766
96,530
51,431
276,667
111,946
578,892

Tasa deuda LP
0.08
Partic Adm/Estatutaria / resultado antes impuestos9.10%
tasa libre de riesgo
prima de mercado
tasa riesgo pais
Beta del sector
PNC
PAT
Beta apalancado
re
CCPP

3.54%
5.50%
2.74%
0.86
323,407
1,226,261
1.02
11.89%
10.50%

Resultado Bruto
911,104
Gastos de Ventas
314,059
Gastos Administrativos
275,280
Result Operativo EBIT
321,766
Ingresos (gastos )Financieros
(20,502)
Dividendos. Particip patrimonial relacionadas 26,329
Resultado antes Impuest
327,592
Partic Adm/Estatutaria
29,821
Impuesto a las Gananc
(107,224)
Ganancia/Perdida Neta
250,189

1,050,143
361,986
317,289
370,869
(22,460)
28,961
377,369
34,352
(123,516)
288,205

1,210,400
417,227
365,708
427,465
(24,776)
31,857
434,546
39,557
(142,231)
331,872

1,395,113
480,898
421,517
492,698
(27,519)
35,043
500,223
45,535
(163,727)
382,030

1,608,014
554,285
485,843
567,886
(30,773)
38,548
575,661
52,402
(188,419)
439,644

1,853,405
638,872
559,985
654,549
(34,641)
42,402
662,310
60,290
(216,780)
505,820

1,890,474
651,649
571,185
667,639
(36,756)
46,643
677,526
61,675
(221,760)
517,440

6.95%
1.27
1.27

6.94%
1.33
1.28

6.94%
1.39
1.29

6.93%
1.45
1.30

6.92%
1.49
1.31

6.91%
1.53
1.31

6.93%
1.47
1.30

ROA
ROE

8.80%
11.20%

9.26%
11.87%

9.66%
12.48%

10.01%
13.01%

10.30%
13.46%

10.53%
13.82%

10.15%
13.23%

ROI
EVA

12.85%
(48,324)

13.30%
(38,817)

13.66%
(28,864)

13.93%
(18,638)

14.12%
(8,405)

14.21%
1,457

13.47%
(17,728)

Margen de utilidad neta

Rotacion de activos totales
Multiplicador financiero

Ut operativa despues de t / K operativo inv

Act totales x (ROI X Act OP / Act tot - CCPP)
Activo corriente operativo
Caja bancos
clientes
inventarios
Pasivo corriente operativo
sobregiros
proveedores
Capital de trabajo neto operativo
Activo fijo neto
Otros activos operativos
Activos operativos
Activos totales
% Activos operat / Activos totales

1,119,346
18,565
522,658
578,124
334,674

1,290,164
21,398
602,418
666,348
385,747

1,487,049
24,663
694,350
768,036
444,614

1,713,980
28,427
800,311
885,242
512,464

1,975,542
32,765
922,442
1,020,335
590,668

2,277,019
37,766
1,063,211
1,176,043
680,807

2,322,560
38,521
1,084,475
1,199,564
694,423

334,674
784,672
648,540
513,464
1,946,676
2,842,458
68%

385,747
904,417
724,742
537,915
2,167,074
3,113,929
70%

444,614
1,042,436
820,699
566,097
2,429,232
3,434,953
71%

512,464
1,201,516
941,531
598,580
2,741,628
3,815,199
72%

590,668
1,384,874
1,093,686
636,020
3,114,580
4,266,357
73%

680,807
1,596,212
1,285,285
679,174
3,560,672
4,802,587
74%

694,423
1,628,136
1,526,553
685,693
3,840,383
5,095,914
75%

Costo de ventas
Costo de ventas prom 2004-2008
Desv estandar 2004-2008
Gasto de ventas
Gasto de ventas prom 2004-2008
Desv estandar 2004-2008
Gastos administrativos
Gastos ad prom 2004-2008
Desv Estandar 2004-2008

3,124,150
15.26%
12.30%
2.00%

74.70%
1.72%

8.72%
4.59%

30.00%

Depreciacion
Depreciacion 2008
Depreciacion/ AFN

40,843
9.73%

CAPEX
CAPEX 2008
Crecimiento promedio CAPEX
CAPEX / AFN

88,900
25.92%
-11.61%

PPI
Promedio
desviacion estandar
PPC

77.38
11.71

Promedio
desviacion estandar
PPP
Promedio
desviacion estandar

52.25
3.16

Deuda fin CP / Act cte

0.00%

tasa libre de riesgo

prima de mercado
tasa riesgo pais
Beta del sector
PNC
PAT
Beta apalancado
re
CCPP

2013
5,029,865
3,902,993
1,126,873
97,514
614,549
414,810
124,443
129,315
419,682
281,470
172,535

2014
5,513,925
4,156,918
1,357,007
248,673
463,037
645,297
193,589
162,838
614,545
354,437
93,242

2015
7,337,163
5,558,304
1,778,859
501,076
1,774,098
(496,315)
(148,894)
205,050
(142,370)
446,318
391,473
(16,690,604)
(17,670,765)

2009
15,175
460,793
427,216
130,966
1,034,149
724,742
561,108
8,612
344,628
1,639,090
2,673,240
266,751
266,751

2010
18,457
565,857
519,628
159,295
1,263,237
820,699
561,108
8,612
344,628
1,735,047
2,998,284
327,573
327,573

2011
22,304
671,709
627,924
192,494
1,514,431
941,531
561,108
8,612
344,628
1,855,879
3,370,309
388,850
388,850

2012
25,932
838,875
730,065
223,806
1,818,678
1,093,686
561,108
8,612
344,628
2,008,034
3,826,712
485,622
485,622

2013
28,428
893,452
800,324
245,344
1,967,548
1,285,285
561,108
8,612
344,628
2,199,633
4,167,181
517,216
517,216

2014
37,828
1,194,654
1,064,959
326,470
2,623,911
1,526,553
561,108
8,612
344,628
2,440,901
5,064,812
691,581
691,581

208,706
208,706
847,192
7,388
37,492
758,367
1,650,439
2,170,131

257,091
257,091
847,192
7,388
37,492
1,257,326
2,149,398
2,673,240

288,351
288,351
847,192
7,388
37,492
1,490,288
2,382,360
2,998,284

324,129
324,129
847,192
7,388
37,492
1,765,258
2,657,330
3,370,309

368,022
368,022
847,192
7,388
37,492
2,080,996
2,973,068
3,826,712

400,766
400,766
847,192
7,388
37,492
2,357,127
3,249,199
4,167,181

487,093
487,093
847,192
7,388
37,492
2,994,066
3,886,138
5,064,812

2009
2,943,354
2,143,906
799,448
137,849
69,332
592,267
(19,282)
28,961
601,946
54,795
(197,022)
459,719

2010
3,580,036
2,632,733
947,303
494,436
348,464
104,403
(21,626)
31,857
114,635
10,435
(37,521)
87,549

2011
4,326,156
3,125,224
1,200,932
348,814
38,081
814,037
(24,310)
35,043
824,771
75,079
(269,955)
629,894

2012
5,029,865
3,902,993
1,126,873
614,549
97,514
414,810
(27,602)
38,548
425,756
38,756
(139,354)
325,158

2013
5,513,925
4,156,918
1,357,007
463,037
248,673
645,297
(30,057)
42,402
657,642
59,865
(215,252)
502,255

2014
7,337,163
5,558,304
1,778,859
1,774,098
501,076
(496,315)
(36,532)
46,643
(486,204)
(44,259)
159,139
(371,324)

2008
Ventas
3,240,024
Costo de Ventas
2,499,423
Resultado Bruto
740,600
Gastos de Ventas
252,208
Gastos Administrativos
272,869
Result Operativo EBIT
215,524
Ingresos (gastos )Financieros
(15,653)
Dividendos. Particip patrimonial relacionadas
26,329
Resultado antes Impuest
226,200
Partic Adm/Estatutaria
20,591
Impuesto a las Gananc
(74,037)
Ganancia/Perdida Neta
172,753

3.54%
5.50%
2.74%
0.35
323,407
1,226,261
0.41
8.56%
7.87%

2012
4,326,156
3,125,224
1,200,932
38,081
348,814
814,037
244,211
102,693
672,519
223,525
152,871

2008
16,704
537,204
470,276
144,166
1,168,351
648,540
8,612
344,628
1,001,780
2,170,131
310,986
310,986

Pasivo no corriente
Capital social
Part Patrim del Trabajo
Reservas legales
Utilidades retenidas
Patrimonio
Pasivo y patrimonio

Pasivo LP / total activos

9.62%
Part promedio pat relacionadas
23935
crecimiento
0
Tasa deuda CP
0
Tasa deuda LP
0.08
Partic Adm/Estatutaria / resultado antes impuestos
9.10%

2011
3,580,036
2,632,733
947,303
348,464
494,436
104,403
31,321
81,552
154,635
177,509
136,655

(418,928)
(10,255,208)

Pres ta mos LP

44.79
4.63

2010
2,943,354
2,143,906
799,448
69,332
137,849
592,267
177,680
64,763
479,350
140,966
(75,238)

Caja bancos
Inventarios
Cuentas por cobrar
otras ctas act / cte
Total activo corriente
Activo fijo neto
Inversiones Financieras
Otros Activos LP
Intagibles
Credito Mercantil
Total activo no corriente
Activos totales
Deudas Financieras CP
Provedores CP
Deu Fin LP Porcion CP
Pasivo corriente

7.64%
3.72%

Impuesto a la renta

2009
3,240,024
2,499,423
740,600
272,869
252,208
215,524
64,657
51,431
202,298
111,946
509,280

Ventas
Costo de ventas
Margen Bruto
Gastos administrativos
Gastos de ventas
EBIT
Impuestos
Depreciacion
NOPAT
CAPEX
Inv k de w
Perpetuidad
FCF
VAN

Margen de utilidad neta

Rotacion de activos totales
Multiplicador financiero

5.33%
1.49
1.31

413,622

15.62%
1.10
1.24

(159,529)

296,123

2.45%
1.19
1.26

14.56%
1.28
1.27

(34,324)

6.46%
1.31
1.29

166,867

9.11%
1.32
1.28

-5.06%
1.45
1.30

ROA
ROE

7.96%
10.47%

17.20%
21.39%

2.92%
3.67%

18.69%
23.70%

8.50%
10.94%

12.05%
15.46%

-7.33%
-9.56%

ROI
EVA

9.29%
1,909

24.91%
249,267

4.15%
(148,492)

26.02%
364,566

11.70%
23,899

16.26%
174,192

-9.74%
(770,053)

Ut operativa despues de t / K operativo inv

Act totales x (ROI X Act OP / Act tot - CCPP)
Activo corriente operativo
Caja bancos
clientes
inventarios
Pasivo corriente operativo
sobregiros
proveedores
Capital de trabajo neto operativo
Activo fijo neto
Otros activos operativos
Activos operativos
Activos totales
% Activos operat / Activos totales

1,024,185
16,704
470,276
537,204
310,986

903,183
15,175
427,216
460,793
266,751

1,103,942
18,457
519,628
565,857
327,573

1,321,937
22,304
627,924
671,709
388,850

1,594,872
25,932
730,065
838,875
485,622

1,722,203
28,428
800,324
893,452
517,216

2,297,441
37,828
1,064,959
1,194,654
691,581

310,986
713,199
648,540
497,406
1,859,145
2,170,131
86%

266,751
636,432
724,742
484,206
1,845,380
2,673,240
69%

327,573
776,369
820,699
512,535
2,109,603
2,998,284
70%

388,850
933,087
941,531
545,734
2,420,352
3,370,309
72%

485,622
1,109,250
1,093,686
577,046
2,779,982
3,826,712
73%

517,216
1,204,987
1,285,285
598,584
3,088,857
4,167,181
74%

691,581
1,605,859
1,526,553
679,710
3,812,123
5,064,812
75%

(10,255,208)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204

141553.8711
6603155.912
-615374.0485
3564063.74
-4657115.408
2295133.777
-2238133.059
-1843267.938
4044016.242
8244720.681
1773482.6
-1789616.255
4168251.425
-2172194.185
-11526426.42
-8608205.159
-3788794.399
-1476714.355
869356.4971
3380731.422
8241313.882
223103.3518
-4736435.781
-1330417.818
5238227.373
7580895.154
4607040.865
5652113.87
-5744786.935
1166761.866
4693457.948
100237.5254
8173104.832
-600724.9918
-728483.4307
2761903.59
7044447.409
8257659.129
363210.3397
1008129.462
2699207.432
6320355.918
6035860.84
3883424.417
-867770.6956
6702445.33
1273693.581
565788.748
4984534.15
-1943519.131
69431.27346
-5911604.758
2139961.353
-1454595.483
4580552.499
850331.1067
-5533715.706
2058869.605
-1610395.594
3329667.818
4031501.61
6596302.907
1265703.402
-2352139.682
2170537.683
-510477.8721
2409844.468
-1898125.787
-23521.20091
441933.6882
-3171844.107
1648533.835
-1950315.488
4925992.446
-1887588.022
-4143842.644
13639524.6
-1198093.457
3749058.428
-1318031.499
1446037.994
-1567762.618
739385.8026
-4064930.558
-375534.3282
1147474.891
-3226730.583
-538210.938
3270344.925
13666462
-2384309.709
-7648238.846
307479.0733
-763242.7334
-1586480.858
7397603.975
3526713.168
-10051488.8
1958117.138
7532621.799
4695733.542
-869218.9578
1647526.355
1556980.091
-4254686.302
-1645981.105
12384791.75
558401.8604
1053063.364
9256069.155
-3989158.779
3280470.039
6971332.872
5247619.056
-238989.7293
-3345443.299
-470856.1844
-787671.7391
5871843.88
1504996.315
588831.9081
2846189.289
3243877.317
-1955172.981
-4320140.913
1240340.878
-3374613.323
-2827036.828
-702563.8009
-2505704.26
-144853.2014
-5191328.224
-741052.5864
-4628921.92
744623.8815
-1997988.793
2236490.158
11824377.2
6985561.736
6049427.966
-2407266.031
-1954103.127
-2779775.173
-3499980.279
4150091.226
-3434491.38
-848664.1343
2980305.894
39439.1707
1340177.446
1168748.213
-4905728.9
-1185670.754
431817.1552
-572815.0793
-5001229.298
-935049.3538
-11694293.88
-3122802.102
-289920.9897
-5159013.124
-1873277.853
-1149773.327
-1980946.226
4793559.807
-4302898.923
1998912.503
4097459.107
-7275931.934
12872345.24
-3206072.3
1169212.294
-890414.0582
-444154.4326
-532358.1243
1630764.279
-2793760.606
-2028260.531
3295815.023
-4454133.688
20219.64221
4330488.43
-732527.6487
-9707151.778
-4158042.812
-2501187.022
-3942624.39
-4998084.52
3983350.87
1789726.591
2845240.774
-176565.8039
3152845.991
-2595563.576
10440584.6
10396542.6
3480767.331
1476172.668
1732281.926
11622356.62
4553983.66
-2926442.387
-2328872.652
4739968.796

-15000000
-12000000
-9000000
-6000000
-3000000
0
3000000
6000000
9000000
12000000
15000000
18000000
21000000
24000000

Columna1
Media
775363.0858
Error tpico
201643.3969
Mediana
404605.3044
Moda
#N/A
Desviacin estndar 4508883.428
Varianza de la muestra 2.033E+13
Curtosis
1.138494761
Coeficiente de asimetra0.269552661
Rango
36530015.67
Mnimo
(15,005,698.19)
Mximo
21,524,317.49
Suma
387681542.9
Cuenta
500

Clase
-15000000
-12000000
-9000000
-6000000
-3000000
0
3000000
6000000
9000000
12000000
15000000
18000000
21000000
24000000
y mayor...

Frecuencia
1
0
9
14
66
136
125
93
38
11
6
0
0
1
0

% acumulado
0.20%
0.20%
2.00%
4.80%
18.00%
45.20%
70.20%
88.80%
96.40%
98.60%
99.80%
99.80%
99.80%
100.00%
100.00%

Histograma
Frecuencia

En miles de soles
Ventas ao 2007
Crecimiento prom 2004-2008
Desv estandar crec 2004-2008
Crecimiento de largo plazo

160
140
120
100
80
60
40
20
0

120.00%
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%

Clase
Frecuencia

% acumulado

205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500

-1737478.351
328235.7764
-4623209.467
-76493.39901
12423681.91
402025.8645
-1959612.16
4483446.328
-697910.0472
1718241.029
5828970.513
-2627301.517
4068195.82
6948314.595
6933305.425
-5961538.165
6235745.775
-573192.1305
-776911.5138
-5132871.263
-3727260.505
986738.2556
-9643928.329
4984956.171
2073296.326
3234565.616
-2283811.453
-9045.952444
2493668.72
-1897204.923
2662137.748
-6170193.302
-3365287.894
-568759.7049
-4605244.118
-5552501.979
-126511.8394
5351361.542
1497353.85
-2140547.898
4991588.214
404253.9788
-874361.8952
-1184836.943
-998947.2291
-6680936.109
-1731000.313
-3779489.095
-7255870.574
2240335.589
1178737.351
3934160.392
8890800.154
-5322201.95
-620760.6498
-1274907.435
2170591.906
5476996.451
3044138.107
-5412796.152
-249735.0578
-138163.8358
9015315.044
5787025.436
1665892.91
-360837.2781
10109637.76
4040331.677
11161100.38
-1424031.904
2119294.514
-65716.34391
-672771.3856
1488086.52
5476070.954
4781660.207
1817445.889
-7578980.611
-5621823.69
5476045.333
1766602.368
-5709862.848
4985342.65
-2300061.057
6392525.621
-347765.7542
3860.641808
-172034.2548
-3661681.755
-2990794.03
2411424.74
4719348.673
1636703.063
327401.2902
4443367.39
-156106.5547
-3828692.537
-6338659.007
-4348587.429
3319495.482
867858.093
1697747.568
5041289.507
2188289.94
-4817704.384
-4112518.195
21524317.49
4990120.935
3810321.069
-1255406.545
-801423.1654
5652635.986
398728.1401
2339350.871
1281363.035
4324981.664
1592341.243
-6542973.64
4799042.723
-1459578.914
-2289977.886
-5675854.021
-2322623.919
-3699209.858
3466142.615
-1941546.85
6266758.061
3669172.162
4284830.009
7751820.183
5702893.371
-3676236.696
5605563.728
-1855768.666
-3398907.53
4779817.028
-2009267.675
5048365.03
3320714.366
203821.4236
9733250.397
1447167.604
2033786.594
-5369128.098
-1376647.543
165032.7821
2185730.207
-1785320.508
-743775.6795
1708129.952
-1069158.761
-5401650.934
-1097275.989
2477125.478
2939821.25
5241452.102
1141544.32
1063287.059
-4766743.903
-2202928.706
-3033964.762
152901.3968
2279966.426
-3025716.319
-2945927.451
3425573.051
-887058.6973
-6894229.243
3929316.378
46086.84302
-486525.1499
2811920.427
1304672.176
-295884.3712
4907292.545
6918012.715
734170.9815
-15005698.19
14735638.46
-4616063.803
3187432.857
4266766.286
4213736.204
3988399.215
-2114236.059
5484567.903
635027.1603
-1584324.789
7007691.071
7644888.701
216508.4716
6499805.088
1712052.487
-1115105.69
7019216.332
975984.5567
-4504386.07
4635127.63
7837929.638
2213471.285
-10581176.62
4998067.854
8122455.193
404956.6301
8863400.076
-3713666.032
-4779999.887
1408230.261
-2754902.208
918686.3071
-10006770.51
-5258094.614
8248.042876
-6529809.869
1707033.75
-133074.6601
1711012.731
-1759228.056
-1751207.669
6937718.528
10753175.05
-6206932.6
-1721689.001
769256.3385
8712660.275
-5271609.91
3305192.543
5480609.974
-1852660.513
8558350.493
-3980869.954
3499974.849
-2177880.884
-1143946.432
-3077051.496
-965107.1087
-250901.2996
4263420.54
2471584.52
4558240.408
-3635995.438
-420080.996
-15927.80765
2953653.69
6827291.547
-2596954.413
-2196291.334
2309906.746
3141945.079
1750603.663
-2415305.874
1189891.654
633485.2067
7595452.454
-6972623.731
1700607.718
-1945993.121
3446617.624
-6268703.28
443318.9755
2280693.752
-2228262.221
4249827.836
4200000.552
7748715.541
4740413.577
-1539701.324
-5496619.877
2206367.232
-9315391.472
4184854.939
3452642.198
123268.4464
-2435495.186
4267733.182
147137.4999
1888640.855
3063251.626
10576266.23
1718215.85
-3886071.431
-827373.4172
2094598.012
3555382.403
-1531257.38
347132.8688
-921566.5316
-65818.76889
244489.7593
3287940.872
-10456358.04
-2589659.51
6183079.792
1002061.249
1213408.542
5957123.173

Composicion Pasivo Patrimonio S/.

Composicion del Pasivo S/.

3,000,000
2,500,000

1,333,849

2,000,000

1,307,146

1,500,000
1,000,000

500,000

958,597

1,041,579

584,671

592,101

Patrimonio Neto

1,138,170
Pasivo Total

716,690

890,166

Miles de S/.

1,500
323

1,000
149

500

176

167

144

417

448

541

2005

2006

1,006
741

1,329,740

2004

2007

2008

2004

2005

2006

2007

2008

Pasivo Corriente

Ingresos Operacionales S/.

Activos Fijos S/.

800
Millones

600
400
200
-

2004

2005

2006

2007

2008

3,500
3,000
2,500
2,000
1,500
1,000
500
2004

2005

2006

Activos Fijos

Ventas Vs. ROE

7%
6%
5%
4%
3%
2%
1%
0%

2006

2007

Ventas

Miles de S/.

Miles de S/.

3,500
3,000
2,500
2,000
1,500
1,000
500
2005

3,500
3,000
2,500
2,000
1,500
1,000
500
-

2008

2008

Millones de Soles

200

100
2004

Ventas

2008

Millones de S/.

0.00%

Millones de S/.

5.00%

ROI

2006

2007

2008

Gastos Administrativos

EVA y Ventas Anuales

10.00%

2007

2005
Gastos de Ventas

3,500
3,000
2,500
2,000
1,500
1,000
500
2006

ROE

300

Ventas

15.00%

2005

2008

400

ROI y Ventas Anuales

2004

2007

Gastos de Administracion y Ventas

Millones de S/.

Millones S/.

Utilidad Neta

2007

2006

Ventas

3,500
3,000
2,500
2,000
1,500
1,000
500
-

2006

2005

ROA

140
120
100
80
60
40
20
-

2005

12%
10%
8%
6%
4%
2%
0%
2004

Utilidades y Ventas Anuales

2004

2008

Ventas

Ventas Vs. ROA

2004

2007

5
(5)
(10)
(15)
(20)
(25)
(30)

2004

2005

2006

EVA

2007

Ventas

2008

3,500
3,000
2,500
2,000
1,500
1,000
500
-

Millones de S/.

Millones

Pasivo no Corriente