2006

2007

Group balance sheet

Cash and cash equivalents
Short-term investments
Trade and other receivables
Loans and advances to customers
Derivative financial instruments
Inventories
Current tax assets
Assets of the disposal group / held for sale
Current assets

1,325
892
70
1,464
168
3,919

1,042
1,079
108
1,931
8
408
4,576

Goodwill and other intangible assets

Property, plant and equipment
Investment property
Investments in associates
Available-for-sale financial assets
Loans and advances to customers
Derivative financial instruments
Deferred tax assets
Non-current assets

1,525
15,882
745
476
4
12
18,644

2,045
16,976
856
314
8
32
20,231

Total assets

22,563

24,807

Trade and other payables

Financial liabilities
Borrowings
Derivative financial instruments
Customer deposits
Current tax liabilities
Provisions
Liabilities of the disposal group
Current liabilities

5,083

6,046

1,646
239
462
2
86
7,518

1,554
87
461
4
8,152

Financial liabilities
Borrowings
Derivative financial instruments
Post-employment benefit obligations
Deferred tax liabilities
Provisions
Non-current liabilities

3,742
294
1,211
320
34
5,601

4,146
399
950
535
54
6,084

395
3,988
40
4,957
9,380

397
4,376
###
5,693
10,506

Share capital
Share premium
All other reserves
Retained earnings
Equity attributable to owners of the parent

Non-controlling interests
Equity
Total liabilities + equity

64
9,444

65
10,571

22,563

24,807

Group income statement

Revenue
Cost of sales
Gross profit
Administrative expenses
Profit/losses arising on property-related items
Operating profit
Share of profits in associates
Finance income
Finance costs
Profit before tax
Taxation
Profit for the year from continuing operations
Loss for the year from discontinued operations
Profit for the year
Atributtable to:
Owners of the parent
Non-controlling interests

39,454
(36,426)
3,028
(825)
77
2,280
82
114
(241)
2,235
(649)
1,586
(10)
1,576

42,641
(39,178)
3,463
(907)
92
2,648
131
90
(216)
2,653
(772)
1,881
18
1,899

1,570
6

1,892
7

1,576

1,899

Group statement of comprehensive income

Profit for the year
Change in fair value of available-for-sales financial
assets and investments
Currency translation differences
Reclassification adjustment for movements in foreign
exchange reserve
Actuarial losses on defined benefit pension schemes
Gains'(losses) on cash flow hedges:
Net fair value gains
Reclassified and reported in the Group Income
Statement
Tax relating to components of other comprehensive
income for the year
Total other comprehensive income for the year
Total comprehensive income for the year

(1)

33

(65)

(443)

114

44

(26)

(5)

(12)

133

12

(236)

22

1,340

1,921

Atributtable to:
Owners of the parent
Non-controlling interests

1,327
13

1,920
1

3,412
(364)
(429)
2,619

3,532
(376)
(545)
2,611

Net cash used in investing activities

Net cash used in financing activities

(1,962)
(492)

(2,343)
(533)

Net increase/(decrease) in cash

Cash at the beginning of the year
Affect of foreign exchange rate changes

165
1,146
16

(265)
1,325
(18)

Cash including cash held in disposal group at the end

of the year
Cash held in disposal group
Cash at the end of the year

1,327

1,042

(2)
1,325

1,042

Group cash flow statement

Cash flow from operating activities:
Cash generated from operations
Interest paid
Corporation tax paid
Net cash generated from operating activities

2008

2009

2010

2011

2012

2013

2013

1,788
360
1,311
97
2,430
6
308
6,300

3,509
1,233
1,798
4,047
382
2,669
9
398
14,045

2,819
1,314
1,888
2,412
224
2,729
6
373
11,765

1,870
1,022
2,314
2,918
148
3,162
4
431
11,869

2,305
1,243
2,657
2,502
41
3,598
7
510
12,863

2,512
522
2,525
3,094
58
3,744
10
631
13,096

2,506
1,016
2,190
3,705
80
3,576
12
2,487
15,572

2,336
19,787
1,112
305
4
216
104
23,864

4,027
23,152
1,539
62
259
1,470
1,478
21
32,008

4,177
24,203
1,731
152
863
1,844
1,250
38
34,258

4,338
24,398
1,863
316
1,108
2,127
1,139
48
35,337

4,618
25,710
1,991
423
1,526
1,901
1,726
23
37,918

4,362
24,870
2,001
494
818
2,465
1,965
58
37,033

3,795
24,490
227
286
1,015
3,210
1,496
73
34,592

30,164

46,053

46,023

47,206

50,781

50,129

50,164

7,277

8,522

9,442

10,484

11,234

11,094

10,595

2,084
443
455
4
10,263

4,059
525
4,562
362
10
18,040

1,529
146
4,387
472
39
16,015

1,386
255
5,110
432
64
17,731

1,838
128
5,465
416
99
69
19,249

766
121
6,015
519
188
282
18,985

1,910
99
6,858
494
250
1,193
21,399

5,972
322
838
802
65
7,999

12,391
302
1,494
696
135
15,018

11,744
776
1,840
795
172
15,327

9,689
600
1,356
1,094
113
12,852

9,911
688
1,872
1,160
100
13,731

10,068
759
2,378
1,006
272
14,483

9,303
770
3,193
594
183
14,043

393
4,511
40
6,871
11,815

395
4,638
###
7,865
12,938

399
4,801
40
9,356
14,596

402
4,896
###
11,197
16,535

###
4,964
245
12,164
17,775

403
5,020
685
10,535
16,643

405
5,080
(498)
9,728
14,715

87
11,902

57
12,995

85
14,681

88
16,623

26
17,801

18
16,661

7
14,722

30,164

46,053

46,023

47,206

50,781

50,129

50,164

47,298
(43,668)
3,630
(1,027)
188
2,791
75
187
(250)
2,803
(673)
2,130
2,130

54,327
(50,109)
4,218
(1,248)
236
3,206
110
116
(478)
2,954
(788)
2,166
2,166

56,910
(52,303)
4,607
(1,527)
377
3,457
33
265
(579)
3,176
(840)
2,336
2,336

60,931
(55,871)
5,060
(1,676)
427
3,811
57
150
(483)
3,535
(864)
2,671
2,671

63,916
(58,519)
5,397
(1,612)
397
4,182
91
176
(411)
4,038
(874)
3,164
(350)
2,814

64,826
(60,737)
4,089
(1,562)
(339)
2,188
54
177
(459)
1,960
(574)
1,386
(1,266)
120

63,557
(59,547)
4,010
(1,657)
278
2,631
60
132
(564)
2,259
(347)
1,912
(942)
970

2,124
6

2,161
5

2,327
9

2,655
16

2,806
8

124
(4)

974
(4)

2,130

2,166

2,336

2,671

2,814

120

970

13

(11)
420

(4)
38

(275)

343

(344)

(22)

187

(629)

(322)

595

(498)

66

505

(168)

(22)

241

84

(29)

(334)

(142)

(63)

123

435

54

381

(295)

(87)

2,511

1,871

2,249

8
(153)
86
2,757

73
(335)
2,479

20
(735)

104

(4)
(1,102)
(713)
(235)
61
164

(181)

(1,829)

(61)

(859)

2,500
11

1,872
(1)

2,222
27

2,746
11

2,466
13

(57)
(4)

(848)
(11)

4,099
(410)
(346)
3,343

4,978
(562)
(456)
3,960

5,947
(690)
(512)
4,745

5,366
(614)
(760)
3,992

5,688
(531)
(749)
4,408

3,873
(457)
(579)
2,837

4,316
(496)
(635)
3,185

(2,954)
412

(5,974)
3,615

(1,877)
(3,607)

(1,859)
(3,036)

(3,183)
(1,366)

(278)
(2,365)

(2,854)
56

801
1,042
(55)

1,601
1,788
120

(739)
3,509
49

(903)
2,819
(46)

(141)
2,428
24

194
2,311
26

387
2,531
(105)

1,788

3,509

2,819

1,870

2,311

2,531

2,813

1,788

3,509

2,819

1,870

(6)
2,305

(19)
2,512

(307)
2,506

2006

2007

2008

2009

Rentabilidad
ROIC

4.58%

6.29%

5.94%

5.01%

Rot CIO
Rot WC
Rot Cap fijo

2.63
(7.42)
1.94

3.13
(11.32)
2.45

3.01
(15.44)
2.52

2.82
(17.31)
2.43

NOPAT Margin
Gross margin

1.74%
9.88%

2.01%
9.33%

1.97%
8.31%

1.78%
7.95%

4.54%

6.95%

6.31%

4.94%

6.53%
4.70%

6.45%
4.64%

6.82%
4.91%

7.24%
5.21%

0.41

0.36

0.36

0.44

ROE
Borrowing cost
Borrowing cost after tax
Leverage

Crecimiento
Crecimiento en ventas
Crecimiento en NOPAT
Crecimiento en util neta

4.23%
-22.82%
-30.72%

6.79%
23.00%
33.50%

4.00%
6.02%
2.21% -4.51%
1.48% -11.27%

Payout ratio
Implied g

210.53%
-5.02%

50.78%
3.42%

62.83%
2.35%

69.11%
1.53%

21.72
13.50
36.14
(0.92)

2.12
13.99
37.31
(21.21)

2.40
14.17
35.46
(18.90)

Liquidez de CP
Das cartera
Das de inventario
Das de proveedores
Ciclo de caja
Razn corriente
Prueba cida
EGO a deuda CP

37.62
14.11
34.93
16.81
0.80
0.68
2.60

0.72
0.50
2.08

0.66
0.40
7.09

0.55
0.31
6.06

3.33

5.16

4.97

4.29

Liquidez LP
Cobertura int (UO/Int netos)

2010

2011

2012

2013

2014

8.07%

8.09%

5.51%

7.35%

10.00%

3.16
(13.86)
2.58

2.96
(18.39)
2.55

3.11
(16.18)
2.61

2.95
(18.10)
2.54

2.92
(21.23)
2.57

2.55%
7.82%

2.73%
7.70%

1.77%
7.57%

2.49%
7.63%

3.42%
5.79%

10.10%

9.63%

5.80%

8.50%

12.49%

4.85%
3.49%

5.72%
4.23%

6.36%
4.71%

5.98%
4.43%

5.66%
4.19%

0.37

0.43

0.39

0.40

0.60

5.57%
51.62%
81.15%

4.53%
5.70%
14.73% -26.65%
17.57% -34.84%

5.65%
48.45%
60.07%

2.77%
28.61%
32.10%

44.24%
5.63%

51.23%
4.70%

43.90%
3.25%

50.31%
4.22%

44.83%
6.89%

2.79
13.61
34.31
(17.92)

3.73
16.11
31.82
(11.98)

3.86
13.97
33.20
(15.37)

4.09
15.30
32.48
(13.10)

5.19
15.89
36.67
(15.58)

0.66
0.41
14.01

0.61
0.30
6.13

0.58
0.31
11.76

0.65
0.35
7.20

0.64
0.50
1.76

7.28

6.59

5.09

6.21

7.46

WACC
Dividendos
NOSH

2006

2007

2008

2009

2010

7.39%

7.45%

7.57%

7.24%

7.29%

9.59

10.71

12.11

13.29

14.50

7,955,007

7,848,167

7,859,814

7,938,432

8,027,431

2011

2012

2013

2014

7.44%

7.37%

7.04%

7.00%

16.07

16.40

16.40

16.40

8,016,029

8,041,414

8,083,059

8,122,990