CURSO DE

ADMINISTRACIN
FINANCIERA
CODIGO 102022

SIGUIENTE
 INTEGRANTES DEL EQUIPO DE TRABAJO

GRUPO N:

ESTUDIANTE (Apellidos y Nombres)

ANDREA MARCELA IDROBO BECERRA

DIANA CAROLINA GOMEZ

YENY GUZMAN GUEVARA

ASTRID YULIETH VILLARREAL CASTILLO

INICIO
QUIPO DE TRABAJO

102022A_363

IDENTIFICACIN (C.C.)

1061773110

1061739928

1061722246

1061745460

SIGUIENTE
 INICIO ANTERIOR

INSTRUCCIONES
1. Leer las bases tericas y el Glosario referentes al anlisis vertical, anlisis horizontal e indicadores financieros, dispuestos en
entorno de conocimiento

2. En la hoja ESTADOS FINANCIEROS realizar los clculos relativos a la variacin absoluta y relativa en los estados financieros, re
anlisis vertical, el anlisis horizontal y el clulo de los datos mnimos para el anlisis financiero.

3. Para desarrollar los escenarios planteados consulte y apyese en las referencias requeridas y complementarias disponibles
entorno de conocimiento.

4. Descargue el objeto virtual de informacin OVI denominado Ejemplo de interpretacin de estados financieros para elabora
diagnstico en el entorno de conocimiento, para tener un referente a la hora de realizar su diagnstico financiero, se recomie
revise detenidamente pues es un apoyo fundamental en para el buen desarrollo de la actividad requerida.

5. En la hoja INDICADORES realizar los clculos necesarios de los indicadores financieros para continuar con el esquema, de ma
que pueda interpretar la situacin para realizar un diagnstico basado en la situacin financiera encontrada.

6. En la hoja PARTICIPACIN deben realizar la autoevaluacin y coevaluacin del trabajo.

7. En la hoja INFORME deben plasmar su redaccin colaborativa del diagnstico financiero producto del anlisis de los indicado
financiero relacionados en el rbol de rentabilidad
8. En la hoja de CONCLUSIONES cada estudiante debe aportar mnimo una conclusin y una recomendacin, adems incluir la
bibliografa utilizada.

ANTERIOR SIGUIEN
INICIO
NTERIOR SIGUIENTE

nancieros, dispuestos en el

los estados financieros, realizar el

lementarias disponibles en el

s financieros para elaborar un

co financiero, se recomienda lo
erida.

ar con el esquema, de manera

ntrada.

del anlisis de los indicadores

dacin, adems incluir la

SIGUIENTE
 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
41 OPERACIONALES 5,928,146,426 5,735,313,445 5,888,327,720
4135 COMERCIO AL POR MAYOR Y AL POR MENOR 5,165,407,268 5,084,111,281 5,241,373,396
4145 TRANSPORTE ALMACENAMIENTO Y COMUNICACIONES 400,835,839 600,421,151 572,244,714
4155 ACTIVIDADES INMOBILIARIAS EMPRESARIALES Y DE ALQU 21,552 6 1,563,886
4220 ARRENDAMIENTOS 48,750,000 48,750,000 48,750,000
4235 SERVICIOS -
4250 RECUPERACIONES 14,098,752 2,031,007 24,395,724
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

61 COSTO DE VENTAS Y DE PRESTACION DE SERVICIOS 4,426,020,285 4,493,055,125 4,586,620,307
6135 COMERCIO AL POR MAYOR Y MENOR 4,426,020,285 4,493,055,125 4,586,620,307
UTILIDAD BRUTA 1,502,126,141 1,242,258,320 1,301,707,413
51 OPERACIONALES DE ADMINISTRACION 297,423,483 283,250,306 282,751,508
5105 GASTOS DE PERSONAL 63,737,144 86,264,162 100,360,934
5110 HONORARIOS 11,400,000 22,124,248 44,713,432
5115 IMPUESTOS 887,648 4,568,169 7,830,554
5125 CONTRIBUCIONES Y AFILIACIONES 2,550,781 1,991,229 1,299,549
5130 SEGUROS 4,760,100 6,251,110 10,846,839
5135 SERVICIOS 62,849,450 48,670,044 40,181,715
5140 GASTOS LEGALES 19,154,452 6,476,342 7,724,122
5145 MANTENIMIENTO Y REPARACIONES 26,070,667 17,324,717 21,904,897
5150 ADECUACION E INSTALACION 49,069,473 33,125,130 9,382,529
5155 GATSOS DE VIAJE 4,917,201 1,150,747 1,102,415
5195 DIVERSOS 52,026,567 55,304,408 37,404,522
5199 PROVISIONES -
52 OPERACIONALES DE VENTAS 784,648,808 593,711,379 694,656,368
5205 GASTOS DE PERSONAL 126,794,583 232,116,169 285,296,719
5210 HONORARIOS 1,270,043 1,500,000
5215 IMPUESTOS 30,764,045 32,403,771 26,322,196
5220 ARRENDAMIENTOS 50,410,289 78,799,496 72,796,192
5225 CONTRIBUCIONES Y AFILIACIONES -
5230 SEGUROS 12,228,309 28,888,973 23,529,061
5235 SERVICIOS 281,867,192 22,429,899 14,267,362
5240 GASTOS LEGALES -
5245 MANTENIMIENTO Y REPARACIONES 99,275,569 84,780,260 81,447,220
5250 ADECUACION E INSTALACION - 53,832,845 14,541,443
5255 GASTOS DE VIAJES 1,122,500
5295 DIVERSOS 180,916,278 58,313,241 164,815,517
5299 PROVISIONES - 2,146,725 10,140,658
EBITDA 420,053,850 365,296,635 324,299,537
OTROS GASTOS OPERACIONALES 65,627,643 65,392,151 60,114,576
5160 DEPRECIACIONES 58,546,990 63,391,660 60,114,576
5260 DEPRECIACIONES -
5265 AMORTIZACIONES 7,080,653 2,000,491
UTILIDAD OPERACIONAL 354,426,207 299,904,484 264,184,961
42 NO OPERACIONALES 1,400,476 2,267,353 413,632
4210 FINANCIEROS 1,400,476 2,267,353 413,632
4245 UTILIDAD EN VENTA DE PROPIEDADES PLANTA Y EQUIPO -
53 NO OPERACIONALLES 273,639,122 220,996,417 207,450,295
5305 FINANCIEROS 269,927,389 200,364,894 199,268,124
5310 PERDIDA EN VENTA Y RETIRO DE BIENES - 161,468
5315 GASTOS EXTRAORDINARIOS 2,454,971 352,366 553,653
5395 GASTOS DIVERSOS 1,256,762 20,279,157 7,467,050
UTILIDAD ANTES DE IMPUESTOS 82,187,561 81,175,420 57,148,298
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

ESTACIN DE SERVICIO LA MEJOR LTDA.

NIT.800.140.728-9 INFORMACIN FINANCIERA
ESTADO DE SITUACIN FINANCIERA AO 1 AO 2 AO 3
ACTIVO
ACTIVO CORRIENTE 671,528,800 674,591,471 624,068,913
11 DISPONIBLE 171,402,581 49,150,535 25,026,810
1105 CAJA 13,626,461 38,524,100 4,660,895
1110 BANCOS 157,776,120 10,626,435 20,365,915
12 INVERSIONES 135,091,390 135,091,390 135,091,390
1210 CUOTAS O PARTES DE INTERES SOCIAL 135,091,390 135,091,390 135,091,390
13 DEUDORES 325,150,881 436,332,283 436,412,938
1305 CLIENTES 238,878,318 345,014,442 315,843,523
1320 CUENTAS POR COBRAR A VINCULADOS ECONOMICOS 6,218,098 5,581,329 742,114
 1325 CUENTAS POR COBRAR A SOCIOS Y ACCIONISTAS -
1330 ANTICIPOS Y AVANCES 4,500,000 1,678,933 8,576,685
1340 PROMESAS DE COMPRAVENTA 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
1365 CUENTAS POR COBRAR A TRABAJADORES 1,805,781 1,616,601 4,426,851
1380 DEUDORES VARIOS 350,000 3,000,000
1390 DEUDAS DE DIFICIL COBRO 29,336,213 30,377,523 19,447,372
1399 PROVISIONES - 28,508,868 - 28,508,868 - 6,897,105
14 INVENTARIOS 39,883,948 54,017,263 27,537,775
1435 MERCANCIAS NO FABRICADAS POR LA EMPRESAS 39,883,948 54,017,263 27,537,775
ACTIVO FIJO 1,341,847,574 1,297,191,683 1,529,968,387
15 PROPIEDAD PLANTA Y EQUIPO 1,341,847,574 1,297,191,683 1,529,968,387
1504 TERRENOS 304,733,522 309,733,522 309,733,522
1508 CONSTRUCCIONES EN CURSO 104,422,143
1516 CONSTRUCCIONES Y EDIFICACIONES 577,184,246 689,747,656 689,747,656
1520 MAQUINARIA Y EQUIPO 195,883,916 196,347,628 231,652,278
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
1592 DEPRECIACION ACUMULADA - 492,177,260 - 538,805,636 - 598,920,212
OTROS ACTIVOS 458,378,892 450,000,000 450,000,000
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
1910 DE PROPIEDAD PLANTA Y EQUIPO 450,000,000 450,000,000 450,000,000
TOTAL ACTIVO 2,471,755,266 2,421,783,154 2,604,037,300
PASIVO
PASIVO CORRIENTE 657,451,433 631,632,012 326,814,535
21 OBLIGACIONES FINANCIERAS 400,448,931 394,078,444 243,954,802
2195 OTRAS OBLIGACIONES 400,448,931 394,078,444 243,954,802
22 PROVEEDORES 30,507,151 28,075,518 26,804,148
2205 NACIONALES 30,507,151 28,075,518 26,804,148
23 CUENTAS POR PAGAR 165,862,374 140,309,125 29,591,977
2335 COSTOS Y GASTOS POR PAGAR 29,188,336 35,827,700 20,009,451
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
 2367 IMPUESTO A LAS VENTAS RETENIDO 401,968 98,844 195,828
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
2404 DE RENTA Y COMPLEMENTARIOS 34,771,000 23,834,000
2408 IMPUESTO SOBRE LAS VENTAS POR PAGAR 220,462 15,979
2412 DE INDUSTRIA Y COMERCIO 651,700 678,000 708,400
25 OBLIGACIONES LABORALES 21,205,547 37,898,877 23,999,385
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
2515 INTERESES SOBRE CESANTIAS 1,301,913 2,184,541 2,292,330
2520 PRIMA DE SERVICIOS 1,134,000 1,134,000 1,669,250
2525 VACACIONES CONSOLIDADAS 367,427 334,050
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
21 OBLIGACIONES FINANCIERAS 754,306,877 743,122,708 1,242,744,653
2105 BANCOS NACIONALES 754,306,877 743,122,708 1,242,744,653
27 DIFERIDOS 113,750,000 65,000,000 16,250,000
2705 INGRESOS RECIBIDOS POR ANTICIPADO 113,750,000 65,000,000 16,250,000
TOTAL OTROS PASIVOS 43,692,955 22,134,013 1,185,393
28 OTROS PASIVOS 43,692,955 22,134,013 1,185,393
2805 ANTICIPOS Y AVANCES RECIBIDOS 43,692,955 2,676,685 1,185,393
2815 INGRESOS RECIBIDOS PARA TERCEROS 19,457,328
TOTAL PASIVO 1,569,201,265 1,461,888,733 1,586,994,581
PATRIMONIO
31 CAPITAL SOCIAL 200,000,000 200,000,000 200,000,000
3115 APORTES SOCIALES 200,000,000 200,000,000 200,000,000
33 RESERVAS 10,000,000 11,593,914 14,793,802
3305 RESERVAS OBLIGATORIAS 10,000,000 11,593,914 14,793,802
34 REVALORIZACION DEL PATRIMONIO 72,916,098 72,916,098 72,916,098
3405 AJUSTES POR INFLACION 72,916,098 72,916,098 72,916,098
36 RESULTADOS DEL EJERCICIO 47,416,561 57,340,420 57,148,298
3605 UTILIDAD DEL EJERCICIO 47,416,561 57,340,420 57,148,298
37 RESULTADOS DE EJERCICIOS ANTERIORES 122,221,342 168,043,989 222,184,521
3705 UTILIDADES O EXCEDENTES ACUMULADOS 122,221,342 168,043,989 222,184,521
38 SUPERAVIT POR VALORIZACION 450,000,000 450,000,000 450,000,000
3810 DE PROPIEDAD PLANTA Y EQUIPO 450,000,000 450,000,000 450,000,000
TOTAL PATRIMONIO 902,554,001 959,894,421 1,017,042,720
 TOTAL PASIVO Y PATRIMONIO 2,471,755,266 2,421,783,154 2,604,037,300

KTO CAPITAL DE TRABAJO OPERATIVO 450,164,847 448,182,240 368,408,108

PO PASIVO OPERATIVO 414,445,457 324,687,581 100,295,126
KTNO CAPITAL DE TRABAJO NETO OPERATIVO 35,719,390 123,494,659 268,112,983
AF ACTIVOS FIJOS 1,341,847,574 1,297,191,683 1,529,968,387
OF OBLIGACIONES FINANCIERAS 1,154,755,808 1,137,201,152 1,486,699,455
UODI UTILIDAD OPERATIVA DESPUS DE IMPUESTOS 237,465,559 200,936,004 177,003,924
DATOS INFORMATIVOS AO 1 AO 2 AO 3
1. COMPRAS A CRDITO 31,025,773 28,552,802 27,259,819
2. INVENTARIO PROMEDIO 38,687,430 52,396,745 26,711,642
3. CUENTAS POR COBRAR PROMEDIO 258,270,363 254,205,564 262,068,670
FLUJO DE CAJA AO 1 AO 2 AO 3
EBITDA 365,296,635 324,299,537
(-) DEPRECIACIONES Y AMORTIZACIONES 65,392,151 60,114,576
(=) UTILIDAD OPERATIVA 299,904,484 264,184,961
(-) IMPUESTOS APLICADOS (tarifa 33%) 98,968,480 87,181,037
(=) UTILIDAD OPERATIVA DESPUES DE IMPUESTOS 200,936,004 177,003,924
(+) DEPRECIACIONES Y AMORTIZACIONES 65,392,151 60,114,576
(=) FLUJO DE CAJA BRUTO 266,328,155 237,118,500
(-) INCREMENTO CAPITAL DE TRABAJO NETO OPERATIVO 87,775,269 144,618,323
(-) INCREMENTO EN ACTIVOS FIJOS - 44,655,891 232,776,704
(=) FLUJO DE CAJA LIBRE 223,208,777 - 140,276,527
(-) SERVICIO DE LA DEUDA CAPITAL 17,554,656 -
(-) SERVICIO DE LA DEUDA INTERERES 200,364,894 199,268,124
(=) FLUJO DE CAJA DEL PROPIETARIO 5,289,227 - 339,544,651

EBITDA FLUJO DE CAJA LIBRE FLUJO DE CAJA DEL PROPIETARIO

1,000,000,000

800,000,000
745,890,805

600,000,000
473,674,238 403,831
365,296,635
400,000,000 324,299,537
281,801,114
223,208,777
2
200,000,000

- 5,289,227
AO 2 AO 3 AO 4 AO 5
-140,276,527
-200,000,000 -2
 473,674,238 403,831
365,296,635
400,000,000 324,299,537
281,801,114
223,208,777
2
200,000,000

- 5,289,227
AO 2 AO 3 AO 4 AO 5
-140,276,527
-200,000,000 -2

-339,544,651
-400,000,000

COSTO DE LA DEUDA 23.38% 17.62% 13.40%

PASIVO FINACIERO 1,154,755,808 1,137,201,152 1,486,699,455

PATRIMONIO 902,554,001 959,894,421 1,017,042,720
TOTAL FUENTES DE FINANCIACION CON COSTO 2,057,309,809 2,097,095,573 2,503,742,175

PASIVO FINANCIERO 56% 54% 59%

PATRIMONIO 44% 46% 41%
TOTAL DE FUENTES DE FINANCIACION 100% 100% 100%

COSTO DE LA DEUDA DEL PONDERADO 13.12% 9.55% 7.96%

COSTO DE LA DEUDA DESPUES DE IMPUESTOS(kdt) 8.79% 6.40% 5.33%

COSTO DEL PATRIMONIO (Ke)

Datos requeridos
tasa de libre riesgo 5% 5% 5%
tasa de mercado 8.00% 8.00% 8.00%
beta operativa 0.50 0.50 0.50
Beta apalancada 92.860947% 89.687947% 98.969852%
Costo de patrimonio 7.79% 7.69% 7.97%
INFORMACIN FINANCIERA CLCULOS PARA ANLISIS VERTICAL
AO 4 AO 5 AO 6 AO 1 AO 2 AO 3 AO 4 AO 5 AO 6
6,292,534,384 6,735,124,195 6,869,883,400 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
5,616,203,434 6,131,845,445 6,353,040,023 87.13% 88.65% 89.01% 89.25% 91.04% 92.48%
628,989,200 480,338,248 420,718,068 6.76% 10.47% 9.72% 10.00% 7.13% 6.12%
1,202,601 30,191 0.00% 0.00% 0.03% 0.02% 0.00% 0.00%
23,249,999 86,129,845 1,862,070 0.82% 0.85% 0.83% 0.37% 1.28% 0.03%
2,400,000 3,600,000 3,600,001 0.00% 0.00% 0.00% 0.04% 0.05% 0.05%
20,489,150 33,180,466 90,663,237 0.24% 0.04% 0.41% 0.33% 0.49% 1.32%
5.04% 0.00% 0.00% 0.00% 0.00% 0.00%

4,838,850,947 5,204,396,049 5,354,793,827 74.66% 78.34% 77.89% 76.90% 77.27% 77.95%

4,838,850,947 5,204,396,049 5,354,793,827 74.66% 78.34% 77.89% 76.90% 77.27% 77.95%
4,838,850,947 5,204,396,049 5,354,793,827 74.66% 78.34% 77.89% 76.90% 77.27% 77.95%
1,453,683,437 1,530,728,146 1,515,089,573 25.34% 21.66% 22.11% 23.10% 22.73% 22.05%
320,606,707 367,476,421 355,096,181 5.02% 4.94% 4.80% 5.10% 5.46% 5.17%
133,370,701 174,945,651 165,809,832 1.08% 1.50% 1.70% 2.12% 2.60% 2.41%
47,771,000 58,337,699 24,595,998 0.19% 0.39% 0.76% 0.76% 0.87% 0.36%
11,314,364 6,963,097 6,900,084 0.01% 0.08% 0.13% 0.18% 0.10% 0.10%
1,786,568 2,129,697 1,045,200 0.04% 0.03% 0.02% 0.03% 0.03% 0.02%
9,204,144 12,802,650 4,217,360 0.08% 0.11% 0.18% 0.15% 0.19% 0.06%
27,189,380 33,188,271 43,655,170 1.06% 0.85% 0.68% 0.43% 0.49% 0.64%
8,279,281 4,304,708 3,740,313 0.32% 0.11% 0.13% 0.13% 0.06% 0.05%
16,482,313 41,326,957 28,129,315 0.44% 0.30% 0.37% 0.26% 0.61% 0.41%
31,575,508 8,181,830 47,141,588 0.83% 0.58% 0.16% 0.50% 0.12% 0.69%
1,944,648 1,069,946 0.08% 0.02% 0.02% 0.03% 0.00% 0.02%
31,688,800 25,275,860 28,791,375 0.88% 0.96% 0.64% 0.50% 0.38% 0.42%
20,001 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
851,275,616 759,420,558 751,106,868 13.24% 10.35% 11.80% 13.53% 11.28% 10.93%
312,530,798 420,226,580 525,420,357 2.14% 4.05% 4.85% 4.97% 6.24% 7.65%
23,050,212 8,403,601 28,902,830 0.02% 0.00% 0.03% 0.37% 0.12% 0.42%
77,708,609 1,525,240 11,470,701 0.52% 0.56% 0.45% 1.23% 0.02% 0.17%
30,267,296 72,788,041 34,091,511 0.85% 1.37% 1.24% 0.48% 1.08% 0.50%
1,218,639 0.00% 0.00% 0.00% 0.00% 0.00% 0.02%
62,197,551 29,719,816 12,184,081 0.21% 0.50% 0.40% 0.99% 0.44% 0.18%
 140,000 42,967,343 4,776,000 4.75% 0.39% 0.24% 0.00% 0.64% 0.07%
882,000 1,279,169 0.00% 0.00% 0.00% 0.00% 0.01% 0.02%
132,715,808 75,418,264 61,709,412 1.67% 1.48% 1.38% 2.11% 1.12% 0.90%
25,905,375 12,690,824 12,279,873 0.00% 0.94% 0.25% 0.41% 0.19% 0.18%
0.02% 0.00% 0.00% 0.00% 0.00% 0.00%
176,850,012 94,798,849 54,394,368 3.05% 1.02% 2.80% 2.81% 1.41% 0.79%
9,909,955 3,379,927 0.00% 0.04% 0.17% 0.16% 0.00% 0.05%
281,801,114 403,831,167 408,886,523 7.09% 6.37% 5.51% 4.48% 6.00% 5.95%
42,168,381 66,934,051 62,817,672 1.11% 1.14% 1.02% 0.67% 0.99% 0.91%
42,168,381 7,043,920 0.99% 1.11% 1.02% 0.67% 0.10% 0.00%
59,890,131 62,817,672 0.00% 0.00% 0.00% 0.00% 0.89% 0.91%
0.12% 0.03% 0.00% 0.00% 0.00% 0.00%
239,632,733 336,897,116 346,068,851 5.98% 5.23% 4.49% 3.81% 5.00% 5.04%
40,249,105 13,934,966 15,728,378 0.02% 0.04% 0.01% 0.64% 0.21% 0.23%
684,117 13,934,966 15,728,378 0.02% 0.04% 0.01% 0.01% 0.21% 0.23%
39,564,988 0.00% 0.00% 0.00% 0.63% 0.00% 0.00%
226,019,292 240,482,708 185,002,837 4.62% 3.85% 3.52% 3.59% 3.57% 2.69%
213,245,889 226,527,207 176,696,343 4.55% 3.49% 3.38% 3.39% 3.36% 2.57%
993,505 0.00% 0.00% 0.00% 0.00% 0.01% 0.00%
792,159 4,993,205 4,454,190 0.04% 0.01% 0.01% 0.01% 0.07% 0.06%
11,981,244 7,968,790 3,852,303 0.02% 0.35% 0.13% 0.19% 0.12% 0.06%
53,862,546 110,349,375 176,794,393 1.39% 1.42% 0.97% 0.86% 1.64% 2.57%
0.59% 0.42% 0.00% 0.00% 0.00% 0.00%
0.59% 0.42% 0.00% 0.00% 0.00% 0.00%
53,862,546 110,349,375 176,794,393 0.80% 1.00% 0.97% 0.86% 1.64% 2.57%

INFORMACIN FINANCIERA CLCULOS PARA ANLISIS VERTICAL

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

1,118,952,073 557,247,786 1,002,862,622 27.17% 27.29% 25.25% 45.27% 22.54% 40.57%

284,403,205 28,565,509 12,410,882 6.93% 1.99% 1.01% 11.51% 1.16% 0.50%
12,160,441 4,595,297 9,803,116 0.55% 1.56% 0.19% 0.49% 0.19% 0.40%
272,242,764 23,970,212 2,607,766 6.38% 0.43% 0.82% 11.01% 0.97% 0.11%
297,000,000 187,000,000 187,000,000 5.47% 5.47% 5.47% 12.02% 7.57% 7.57%
297,000,000 187,000,000 187,000,000 5.47% 5.47% 5.47% 12.02% 7.57% 7.57%
506,720,777 314,263,160 758,121,691 13.15% 17.65% 17.66% 20.50% 12.71% 30.67%
145,091,001 181,152,031 130,904,622 9.66% 13.96% 12.78% 5.87% 7.33% 5.30%
3,591,393 0.25% 0.23% 0.03% 0.15% 0.00% 0.00%
 83,136,321 65,688,682 16,059,140 0.00% 0.00% 0.00% 3.36% 2.66% 0.65%
58,076,400 7,284,079 15,600,000 0.18% 0.07% 0.35% 2.35% 0.29% 0.63%
55,000,000 2.23% 2.23% 2.23% 2.23% 0.00% 0.00%
0.20% 0.11% 0.03% 0.00% 0.00% 0.00%
11,408,438 22,983,425 0.51% 0.92% 1.44% 0.00% 0.46% 0.93%
574,819 701,936 50,000 0.07% 0.07% 0.18% 0.02% 0.03% 0.00%
154,701,263 41,496,072 567,312,567 0.01% 0.00% 0.12% 6.26% 1.68% 22.95%
19,646,679 17,592,348 22,804,285 1.19% 1.23% 0.79% 0.79% 0.71% 0.92%
- 13,097,099 - 11,060,427 - 17,592,348 -1.15% -1.15% -0.28% -0.53% -0.45% -0.71%
30,828,092 27,419,117 45,330,049 1.61% 2.19% 1.11% 1.25% 1.11% 1.83%
30,828,092 27,419,117 45,330,049 1.61% 2.19% 1.11% 1.25% 1.11% 1.83%
1,285,787,055 1,227,877,788 1,165,060,116 54.29% 52.48% 61.90% 52.02% 49.68% 47.13%
1,285,787,055 1,227,877,788 1,165,060,116 54.29% 52.48% 61.90% 52.02% 49.68% 47.13%
279,733,522 274,036,635 274,036,635 12.33% 12.53% 12.53% 11.32% 11.09% 11.09%
4.22% 0.00% 0.00% 0.00% 0.00% 0.00%
658,793,546 658,793,546 658,793,546 23.35% 27.91% 27.91% 26.65% 26.65% 26.65%
234,773,428 241,817,347 241,817,347 7.92% 7.94% 9.37% 9.50% 9.78% 9.78%
0.45% 0.44% 0.44% 0.00% 0.00% 0.00%
0.76% 0.84% 1.06% 0.00% 0.00% 0.00%
434,124,561 441,802,313 441,802,313 25.16% 24.62% 34.82% 17.56% 17.87% 17.87%
- 321,638,002 - 388,572,053 - 451,389,725 -19.91% -21.80% -24.23% -13.01% -15.72% -18.26%
450,000,000 450,000,000 450,000,000 18.54% 18.21% 18.21% 18.21% 18.21% 18.21%
0.34% 0.00% 0.00% 0.00% 0.00% 0.00%
0.26% 0.00% 0.00% 0.00% 0.00% 0.00%
0.08% 0.00% 0.00% 0.00% 0.00% 0.00%
450,000,000 450,000,000 450,000,000 18.21% 18.21% 18.21% 18.21% 18.21% 18.21%
450,000,000 450,000,000 450,000,000 18.21% 18.21% 18.21% 18.21% 18.21% 18.21%
2,854,739,128 2,235,125,574 2,617,922,738 100.00% 97.98% 105.35% 115.49% 90.43% 105.91%
0.00% 0.00% 0.00%
87,048,540 169,154,188 577,596,058 26.60% 25.55% 13.22% 3.52% 6.84% 23.37%
15,815,894 96,311,914 224,164,317 16.20% 15.94% 9.87% 0.64% 3.90% 9.07%
15,815,894 96,311,914 224,164,317 16.20% 15.94% 9.87% 0.64% 3.90% 9.07%
13,677,100 14,813,287 60,930,766 1.23% 1.14% 1.08% 0.55% 0.60% 2.47%
13,677,100 14,813,287 60,930,766 1.23% 1.14% 1.08% 0.55% 0.60% 2.47%
14,892,077 2,287,094 196,065,455 6.71% 5.68% 1.20% 0.60% 0.09% 7.93%
13,279,951 981,392 6,013,824 1.18% 1.45% 0.81% 0.54% 0.04% 0.24%
5.24% 3.88% 0.32% 0.00% 0.00% 0.00%
75,000,000 0.00% 0.00% 0.00% 0.00% 0.00% 3.03%
1,516,621 1,124,270 1,395,173 0.08% 0.04% 0.05% 0.06% 0.05% 0.06%
 95,506 181,432 114,668 0.02% 0.00% 0.01% 0.00% 0.01% 0.00%
4,251,968 0.11% 0.18% 0.01% 0.00% 0.00% 0.17%
109,289,822 0.07% 0.12% 0.00% 0.00% 0.00% 4.42%
1,610,523 1,181,991 2,534,135 1.44% 0.99% 0.03% 0.07% 0.05% 0.10%
869,523 1.41% 0.96% 0.00% 0.04% 0.00% 0.00%
388,889 0.01% 0.00% 0.00% 0.00% 0.02% 0.00%
741,000 793,102 2,534,135 0.03% 0.03% 0.03% 0.03% 0.03% 0.10%
41,052,946 54,559,901 93,901,385 0.86% 1.53% 0.97% 1.66% 2.21% 3.80%
22,879,173 0.34% 0.66% 0.05% 0.00% 0.00% 0.93%
25,380,886 33,008,058 35,352,925 0.42% 0.72% 0.74% 1.03% 1.34% 1.43%
3,077,585 4,248,410 4,128,082 0.05% 0.09% 0.09% 0.12% 0.17% 0.17%
1,669,250 36,078 36,078 0.05% 0.05% 0.07% 0.07% 0.00% 0.00%
10,925,225 17,267,355 31,505,127 0.00% 0.01% 0.01% 0.44% 0.70% 1.27%
0.15% 0.27% 0.07% 0.00% 0.00% 0.00%
0.15% 0.27% 0.07% 0.00% 0.00% 0.00%
1,831,876,712 1,201,010,106 1,073,571,008 36.89% 33.59% 50.98% 74.11% 48.59% 43.43%
1,411,912,883 1,122,722,493 1,025,989,511 30.52% 30.06% 50.28% 57.12% 45.42% 41.51%
1,411,912,883 1,122,722,493 1,025,989,511 30.52% 30.06% 50.28% 57.12% 45.42% 41.51%
133,000,001 46,870,207 46,870,207 4.60% 2.63% 0.66% 5.38% 1.90% 1.90%
133,000,001 46,870,207 46,870,207 4.60% 2.63% 0.66% 5.38% 1.90% 1.90%
286,963,828 31,417,406 711,290 1.77% 0.90% 0.05% 11.61% 1.27% 0.03%
286,963,828 31,417,406 711,290 1.77% 0.90% 0.05% 11.61% 1.27% 0.03%
273,666,528 1,448,849 711,290 1.77% 0.11% 0.05% 11.07% 0.06% 0.03%
13,297,300 29,968,557 0.00% 0.79% 0.00% 0.54% 1.21% 0.00%
1,918,925,252 1,370,164,294 1,651,167,066 63.49% 59.14% 64.21% 77.63% 55.43% 66.80%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
200,000,000 272,916,098 272,916,098 8.09% 8.09% 8.09% 8.09% 11.04% 11.04%
200,000,000 272,916,098 272,916,098 8.09% 8.09% 8.09% 8.09% 11.04% 11.04%
22,222,093 27,608,348 38,643,285 0.40% 0.47% 0.60% 0.90% 1.12% 1.56%
22,222,093 27,608,348 38,643,285 0.40% 0.47% 0.60% 0.90% 1.12% 1.56%
72,916,098 2.95% 2.95% 2.95% 2.95% 0.00% 0.00%
72,916,098 2.95% 2.95% 2.95% 2.95% 0.00% 0.00%
53,862,546 110,349,375 176,794,393 1.92% 2.32% 2.31% 2.18% 4.46% 7.15%
53,862,546 110,349,375 176,794,393 1.92% 2.32% 2.31% 2.18% 4.46% 7.15%
136,813,139 4,087,459 28,401,897 4.94% 6.80% 8.99% 5.54% 0.17% 1.15%
136,813,139 4,087,459 28,401,897 4.94% 6.80% 8.99% 5.54% 0.17% 1.15%
450,000,000 450,000,000 450,000,000 18.21% 18.21% 18.21% 18.21% 18.21% 18.21%
450,000,000 450,000,000 450,000,000 18.21% 18.21% 18.21% 18.21% 18.21% 18.21%
935,813,876 864,961,280 966,755,673 36.51% 38.83% 41.15% 37.86% 34.99% 39.11%
 2,854,739,128 2,235,125,574 2,617,922,738 100.00% 97.98% 105.35% 115.49% 90.43% 105.91%

460,322,298 237,136,657 188,645,553

491,196,475 151,129,887 401,013,238
- 30,874,178 86,006,770 - 212,367,685
1,285,787,055 1,227,877,788 1,165,060,116
1,427,728,777 1,219,034,407 1,250,153,828
160,553,931 225,721,068 231,866,130
AO 4 AO 5 AO 6
13,909,611 15,065,113 61,966,589
29,903,249 26,596,544 43,970,147
280,810,172 306,592,272 317,652,001
AO 4 AO 5 AO 6
281,801,114 403,831,167 408,886,523
42,168,381 66,934,051 62,817,672
239,632,733 336,897,116 346,068,851
79,078,802 111,176,048 114,202,721
160,553,931 225,721,068 231,866,130
42,168,381 66,934,051 62,817,672
202,722,312 292,655,119 294,683,802
- 298,987,160 116,880,948 - 298,374,455
- 244,181,332 - 57,909,267 - 62,817,672
745,890,805 233,683,438 655,875,930
58,970,678 208,694,370 -
213,245,889 226,527,207 176,696,343
473,674,238 - 201,538,139 479,179,586

CAJA DEL PROPIETARIO

655,875,930

403,831,167 408,886,523
479,179,586

233,683,438

AO 5 AO 6

-201,538,139
 403,831,167 408,886,523
479,179,586

233,683,438

AO 5 AO 6

-201,538,139

14.94% 18.58% 14.13%

1,427,728,777 1,219,034,407 1,250,153,828

935,813,876 864,961,280 966,755,673
2,363,542,653 2,083,995,687 2,216,909,500

60% 58% 56%

40% 42% 44%
100% 100% 100%

9.02% 10.87% 7.97%

6.04% 7.28% 5.34%

5% 5% 5%
8.00% 8.00% 8.00%
0.50 0.50 0.50
101.109430% 97.213273% 93.320308%
8.03% 7.92% 7.80%
 CLCULOS PARA ANLISIS HORIZONTAL
AOS 2 VS 1 AOS 3 VS 2 AOS 4 VS 3 AOS 5 VS 4
V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA V. ABSOLUTA
192,832,981 -3.25% 153,014,275 2.67% 404,206,664 6.86% 442,589,811
81,295,987 -1.57% 157,262,115 3.09% 374,830,038 7.15% 515,642,011
199,585,312 49.79% 28,176,437 -4.69% 56,744,486 9.92% 148,650,952
21,546 -99.97% 1,563,880 26064666.67% 361,285 -23.10% 1,172,410
- 0.00% - 0.00% 25,500,001 -52.31% 62,879,846
- NA - NA 2,400,000 NA 1,200,000
12,067,745 -85.59% 22,364,717 1101.16% 3,906,574 -16.01% 12,691,316
299,033,015 -100.00% - NA - NA -

67,034,840 1.51% 93,565,182 2.08% 252,230,640 5.50% 365,545,102

67,034,840 1.51% 93,565,182 2.08% 252,230,640 5.50% 365,545,102
67,034,840 1.51% 93,565,182 2.08% 252,230,640 5.50% 365,545,102
259,867,821 -17.30% 59,449,093 4.79% 151,976,024 11.68% 77,044,709
14,173,177 -4.77% 498,798 -0.18% 37,855,199 13.39% 46,869,714
22,527,018 35.34% 14,096,772 16.34% 33,009,767 32.89% 41,574,950
10,724,248 94.07% 22,589,184 102.10% 3,057,568 6.84% 10,566,699
3,680,521 414.64% 3,262,385 71.42% 3,483,810 44.49% 4,351,267
559,552 -21.94% 691,680 -34.74% 487,019 37.48% 343,129
1,491,010 31.32% 4,595,729 73.52% 1,642,695 -15.14% 3,598,506
14,179,406 -22.56% 8,488,329 -17.44% 12,992,335 -32.33% 5,998,891
12,678,110 -66.19% 1,247,780 19.27% 555,159 7.19% 3,974,573
8,745,950 -33.55% 4,580,180 26.44% 5,422,584 -24.76% 24,844,644
15,944,343 -32.49% 23,742,601 -71.68% 22,192,979 236.54% 23,393,678
3,766,454 -76.60% 48,332 -4.20% 842,233 76.40% 1,944,648
3,277,841 6.30% 17,899,886 -32.37% 5,715,722 -15.28% 6,412,940
- NA - NA - NA 20,001
190,937,429 -24.33% 100,944,989 17.00% 156,619,248 22.55% 91,855,058
105,321,586 83.06% 53,180,550 22.91% 27,234,079 9.55% 107,695,782
1,270,043 -100.00% 1,500,000 NA 21,550,212 1436.68% 14,646,611
1,639,726 5.33% 6,081,575 -18.77% 51,386,413 195.22% 76,183,369
28,389,207 56.32% 6,003,304 -7.62% 42,528,896 -58.42% 42,520,745
- NA - NA - NA -
16,660,664 136.25% 5,359,912 -18.55% 38,668,490 164.34% 32,477,735
 259,437,293 -92.04% 8,162,537 -36.39% 14,127,362 -99.02% 42,827,343
- NA - NA - NA 882,000
14,495,309 -14.60% 3,333,040 -3.93% 51,268,588 62.95% 57,297,544
53,832,845 NA 39,291,402 -72.99% 11,363,932 78.15% 13,214,551
1,122,500 -100.00% - NA - NA -
122,603,037 -67.77% 106,502,276 182.64% 12,034,495 7.30% 82,051,163
2,146,725 NA 7,993,933 372.38% 230,703 -2.28% 9,909,955
54,757,215 -13.04% 40,997,098 -11.22% 42,498,423 -13.10% 122,030,053
235,492 -0.36% 5,277,575 -8.07% 17,946,195 -29.85% 24,765,670
4,844,670 8.27% 3,277,084 -5.17% 17,946,195 -29.85% 35,124,461
- NA - NA - NA 59,890,131
5,080,162 -71.75% 2,000,491 -100.00% - NA -
54,521,723 -15.38% 35,719,523 -11.91% 24,552,228 -9.29% 97,264,383
866,877 61.90% 1,853,721 -81.76% 39,835,473 9630.66% 26,314,139
866,877 61.90% 1,853,721 -81.76% 270,485 65.39% 13,250,849
- NA - NA 39,564,988 NA 39,564,988
52,642,705 -19.24% 13,546,122 -6.13% 18,568,997 8.95% 14,463,416
69,562,495 -25.77% 1,096,770 -0.55% 13,977,765 7.01% 13,281,318
- NA 161,468 NA 161,468 -100.00% 993,505
2,102,605 -85.65% 201,287 57.12% 238,506 43.08% 4,201,046
19,022,395 1513.60% 12,812,107 -63.18% 4,514,194 60.45% 4,012,454
1,012,141 -1.23% 24,027,122 -29.60% 3,285,752 -5.75% 56,486,829
10,936,000 -31.45% 23,835,000 -100.00% - NA -
10,936,000 -31.45% 23,835,000 -100.00% - NA -
9,923,859 20.93% 192,122 -0.34% 3,285,752 -5.75% 56,486,829

CLCULOS PARA ANLISIS HORIZONTAL

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

3,062,671 0.46% 50,522,558 -7.49% 494,883,160 79.30% 561,704,287

122,252,046 -71.32% 24,123,725 -49.08% 259,376,395 1036.39% 255,837,696
24,897,639 182.72% 33,863,205 -87.90% 7,499,546 160.90% 7,565,144
147,149,685 -93.26% 9,739,480 91.65% 251,876,849 1236.76% 248,272,552
- 0.00% - 0.00% 161,908,610 119.85% 110,000,000
- 0.00% - 0.00% 161,908,610 119.85% 110,000,000
111,181,402 34.19% 80,655 0.02% 70,307,839 16.11% 192,457,617
106,136,124 44.43% 29,170,919 -8.45% 170,752,522 -54.06% 36,061,030
636,769 -10.24% 4,839,215 -86.70% 2,849,279 383.94% 3,591,393
 - NA - NA 83,136,321 NA 17,447,639
2,821,067 -62.69% 6,897,752 410.84% 49,499,715 577.14% 50,792,321
- 0.00% - 0.00% - 0.00% 55,000,000
2,232,796 -45.17% 2,058,893 -75.95% 651,922 -100.00% -
10,233,780 81.04% 12,760,068 55.81% 35,621,576 -100.00% 11,408,438
189,180 -10.48% 2,810,250 173.84% 3,852,032 -87.02% 127,117
350,000 -100.00% 3,000,000 NA 151,701,263 5056.71% 113,205,190
1,041,310 3.55% 10,930,151 -35.98% 199,307 1.02% 2,054,331
- 0.00% 21,611,763 -75.81% 6,199,994 89.89% 2,036,672
14,133,315 35.44% 26,479,488 -49.02% 3,290,316 11.95% 3,408,974
14,133,315 35.44% 26,479,488 -49.02% 3,290,316 11.95% 3,408,974
44,655,891 -3.33% 232,776,704 17.94% 244,181,332 -15.96% 57,909,267
44,655,891 -3.33% 232,776,704 17.94% 244,181,332 -15.96% 57,909,267
5,000,000 1.64% - 0.00% 30,000,000 -9.69% 5,696,887
104,422,143 -100.00% - NA - NA -
112,563,410 19.50% - 0.00% 30,954,110 -4.49% -
463,712 0.24% 35,304,650 17.98% 3,121,150 1.35% 7,043,919
356,838 -3.19% - 0.00% 10,830,109 -100.00% -
2,029,272 10.80% 5,483,830 26.33% 26,308,280 -100.00% -
13,304,928 -2.14% 252,102,800 41.43% 426,492,193 -49.56% 7,677,752
46,628,376 9.47% 60,114,576 11.16% 277,282,210 -46.30% 66,934,051
8,378,892 -1.83% - 0.00% - 0.00% -
8,378,892 -100.00% - NA - NA -
6,378,401 -100.00% - NA - NA -
2,000,491 -100.00% - NA - NA -
- 0.00% - 0.00% - 0.00% -
- 0.00% - 0.00% - 0.00% -
49,972,112 -2.02% 182,254,146 7.53% 250,701,828 9.63% 619,613,554
25,819,421 NA NA NA -
6,370,487 -3.93% 304,817,477 -48.26% 239,765,994 -73.36% 82,105,647
6,370,487 -1.59% 150,123,642 -38.09% 228,138,908 -93.52% 80,496,020
2,431,633 -1.59% 150,123,642 -38.09% 228,138,908 -93.52% 80,496,020
2,431,633 -7.97% 1,271,370 -4.53% 13,127,048 -48.97% 1,136,187
25,553,249 -7.97% 1,271,370 -4.53% 13,127,048 -48.97% 1,136,187
6,639,364 -15.41% 110,717,148 -78.91% 14,699,899 -49.68% 12,604,983
33,641,711 22.75% 15,818,249 -44.15% 6,729,500 -33.63% 12,298,559
- -25.95% 88,090,120 -91.76% 7,909,365 -100.00% -
1,125,543 NA - NA - NA -
303,124 -55.75% 329,940 36.93% 293,371 23.98% 392,351
 1,721,895 -75.41% 96,984 98.12% 100,322 -51.23% 85,926
1,155,870 62.10% 4,240,696 -94.35% 254,082 -100.00% -
11,115,183 62.85% 2,995,007 -100.00% 1 -100.00% -
10,937,000 -31.18% 23,819,579 -97.11% 902,123 127.35% 428,532
204,483 -31.45% 23,834,000 -100.00% 869,523 NA 869,523
26,300 -92.75% 15,979 -100.00% - NA 388,889
16,693,330 4.04% 30,400 4.48% 32,600 4.60% 52,102
8,010,514 78.72% 13,899,492 -36.68% 17,053,561 71.06% 13,506,955
7,432,761 95.69% 15,022,348 -91.70% 1,359,261 -100.00% -
882,628 71.48% 513,194 2.88% 7,036,392 38.36% 7,627,172
882,628 67.79% 107,789 4.93% 785,255 34.26% 1,170,825
- 0.00% 535,250 47.20% - 0.00% 1,633,172
367,427 NA 33,377 -9.08% 10,591,175 3170.54% 6,342,130
2,957,801 78.16% 4,986,246 -73.96% 1,755,823 -100.00% -
2,957,801 78.16% 4,986,246 -73.96% 1,755,823 -100.00% -
911,749,832 -8.94% 429,923,325 51.78% 571,696,666 45.37% 630,866,606
11,184,169 -1.48% 499,621,945 67.23% 169,168,230 13.61% 289,190,390
754,306,877 -1.48% 499,621,945 67.23% 169,168,230 13.61% 289,190,390
48,750,000 -42.86% 48,750,000 -75.00% 116,750,001 718.46% 86,129,794
48,750,000 -42.86% 48,750,000 -75.00% 116,750,001 718.46% 86,129,794
43,692,955 -49.34% 20,948,620 -94.64% 285,778,435 24108.33% 255,546,422
21,558,942 -49.34% 20,948,620 -94.64% 285,778,435 24108.33% 255,546,422
41,016,270 -93.87% 1,491,292 -55.71% 272,481,135 22986.57% 272,217,679
19,457,328 NA 19,457,328 -100.00% 13,297,300 NA 16,671,257
107,312,532 -6.84% 125,105,848 8.56% 331,930,672 20.92% 548,760,959
- NA - NA - NA -
- 0.00% - 0.00% - 0.00% 72,916,098
- 0.00% - 0.00% - 0.00% 72,916,098
1,593,914 15.94% 3,199,888 27.60% 7,428,291 50.21% 5,386,255
1,593,914 15.94% 3,199,888 27.60% 7,428,291 50.21% 5,386,255
- 0.00% - 0.00% - 0.00% 72,916,098
- 0.00% - 0.00% - 0.00% 72,916,098
9,923,859 20.93% 192,122 -0.34% 3,285,752 -5.75% 56,486,829
9,923,859 20.93% 192,122 -0.34% 3,285,752 -5.75% 56,486,829
45,822,647 37.49% 54,140,532 32.22% 85,371,383 -38.42% 132,725,680
45,822,647 37.49% 54,140,532 32.22% 85,371,383 -38.42% 132,725,680
- 0.00% - 0.00% - 0.00% -
- 0.00% - 0.00% - 0.00% -
57,340,420 6.35% 57,148,298 5.95% 81,228,844 -7.99% 70,852,596
49,972,112 -2.02% 182,254,146 7.53% 250,701,828 9.63% 619,613,554
AOS 5 VS 4 AOS 6 VS 5
V. RELATIVA V. ABSOLUTA V. RELATIVA
7.03% 134,759,205 2.00%
9.18% 221,194,578 3.61%
-23.63% 59,620,180 -12.41%
-97.49% 30,191 -100.00%
270.45% 84,267,775 -97.84%
50.00% 1 0.00%
61.94% 57,482,771 173.24%
NA - NA

7.55% 150,397,778 2.89%

7.55% 150,397,778 2.89%
7.55% 150,397,778 2.89%
5.30% 15,638,574 -1.02%
14.62% 12,380,240 -3.37%
31.17% 9,135,819 -5.22%
22.12% 33,741,701 -57.84%
-38.46% 63,013 -0.90%
19.21% 1,084,497 -50.92%
39.10% 8,585,290 -67.06%
22.06% 10,466,899 31.54%
-48.01% 564,395 -13.11%
150.74% 13,197,642 -31.93%
-74.09% 38,959,758 476.17%
-100.00% 1,069,946 NA
-20.24% 3,515,515 13.91%
NA 20,001 -100.00%
-10.79% 8,313,690 -1.09%
34.46% 105,193,777 25.03%
-63.54% 20,499,229 243.93%
-98.04% 9,945,461 652.06%
140.48% 38,696,530 -53.16%
NA 1,218,639 NA
-52.22% 17,535,735 -59.00%
 30590.96% 38,191,343 -88.88%
NA 397,169 45.03%
-43.17% 13,708,852 -18.18%
-51.01% 410,951 -3.24%
NA - NA
-46.40% 40,404,481 -42.62%
-100.00% 3,379,927 NA
43.30% 5,055,356 1.25%
58.73% 4,116,379 -6.15%
-83.30% 7,043,920 -100.00%
NA 2,927,541 4.89%
NA - NA
40.59% 9,171,735 2.72%
-65.38% 1,793,412 12.87%
1936.93% 1,793,412 12.87%
-100.00% - NA
6.40% 55,479,871 -23.07%
6.23% 49,830,863 -22.00%
NA 993,505 -100.00%
530.33% 539,015 -10.79%
-33.49% 4,116,487 -51.66%
104.87% 66,445,018 60.21%
NA - NA
NA - NA
104.87% 66,445,018 60.21%

AOS 5 VS 4 AOS 6 VS 5
V. RELATIVA V. ABSOLUTA V. RELATIVA

-50.20% 445,614,837 79.97%

-89.96% 16,154,627 -56.55%
-62.21% 5,207,819 113.33%
-91.20% 21,362,446 -89.12%
-37.04% - 0.00%
-37.04% - 0.00%
-37.98% 443,858,532 141.24%
24.85% 50,247,409 -27.74%
-100.00% - NA
 -20.99% 49,629,542 -75.55%
-87.46% 8,315,921 114.17%
-100.00% - NA
NA - NA
NA 11,574,986 101.46%
22.11% 651,936 -92.88%
-73.18% 525,816,495 1267.15%
-10.46% 5,211,937 29.63%
-15.55% 6,531,921 59.06%
-11.06% 17,910,931 65.32%
-11.06% 17,910,931 65.32%
-4.50% 62,817,672 -5.12%
-4.50% 62,817,672 -5.12%
-2.04% - 0.00%
NA - NA
0.00% - 0.00%
3.00% - 0.00%
NA - NA
NA - NA
1.77% - 0.00%
20.81% 62,817,672 16.17%
0.00% - 0.00%
NA - NA
NA - NA
NA - NA
0.00% - 0.00%
0.00% - 0.00%
-21.70% 382,797,165 17.13%
NA - NA
94.32% 408,441,870 241.46%
508.96% 127,852,403 132.75%
508.96% 127,852,403 132.75%
8.31% 46,117,479 311.33%
8.31% 46,117,479 311.33%
-84.64% 193,778,361 8472.69%
-92.61% 5,032,432 512.79%
NA - NA
NA 75,000,000 NA
-25.87% 270,903 24.10%
 89.97% 66,764 -36.80%
NA 4,251,968 NA
NA 109,289,822 NA
-26.61% 1,352,144 114.40%
-100.00% - NA
NA 388,889 -100.00%
7.03% 1,741,033 219.52%
32.90% 39,341,484 72.11%
NA 22,879,173 NA
30.05% 2,344,867 7.10%
38.04% 120,328 -2.83%
-97.84% - 0.00%
58.05% 14,237,772 82.45%
NA - NA
NA - NA
-34.44% 127,439,098 -10.61%
-20.48% 96,732,983 -8.62%
-20.48% 96,732,983 -8.62%
-64.76% - 0.00%
-64.76% - 0.00%
-89.05% 30,706,116 -97.74%
-89.05% 30,706,116 -97.74%
-99.47% 737,559 -50.91%
125.37% 29,968,557 -100.00%
-28.60% 281,002,772 20.51%
NA - NA
36.46% - 0.00%
36.46% - 0.00%
24.24% 11,034,937 39.97%
24.24% 11,034,937 39.97%
-100.00% - NA
-100.00% - NA
104.87% 66,445,018 60.21%
104.87% 66,445,018 60.21%
-97.01% 24,314,438 594.85%
-97.01% 24,314,438 594.85%
0.00% - 0.00%
0.00% - 0.00%
-7.57% 101,794,393 11.77%
-21.70% 382,797,165 17.13%
INICIO ANTERIOR SIGUIENTE RELACIN DE INDICADORES PARA REALIZAR ANLISIS FINANCIERO Y
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 1,031,903,533 388,093,598 425,266,564

CAPITAL NETO DE TRABAJO

SOLVENCIA 98% 94% 52% 8% 30% 58%

RAZN CORRIENTE

PRUEBA CIDA 104% 102% 55% 8% 32% 60%

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

INPEDENCIA FINANCIERA O 36.51% 39.64% 39.06% 32.78% 38.70% 36.93%

ATONOMIA FINACIERA.

GRUPO DE APALANCAMIENTO 4.31 3.69 4.62 4.45 3.05 1.96

FINACIERO

GRUPO DE APALANCAMIENTO 4.24 4.14 4.93 6.07 4.54 4.38

OPERATIVO
 GRADO DE APALANCAMIENTO
TOTAL

18.28 15.30 22.78 26.99 13.87 8.57

COSTO DE LA DEUDA DESPUES DE 8.79% 6.40% 5.33% 6.04% 7.28% 5.34%

IMPUESTOS

COSTO DE PATRIMONIO ke 7.79% 7.69% 7.97% 8.03% 7.92% 7.80%

COSTO PROMEDIO PONDERADO

DE CAPITAL 16.58% 14.09% 13.30% 14.08% 15.20% 13.14%
WACC

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

EVA
IZAR ANLISIS FINANCIERO Y EMITIR UN INFORME DIAGNSTICO
MINIGRFICOS Grficos
1,031,
903,5
33
388,0 425,2
297,2 66,56
54,37 93,59
8 4
14,07 42,95 9
A7,367
O 1
9,459
AO 2 A O 3 AO 4 AO 5 A O 6

98%
94%

104% 102%
58%
52%
55% 60%
32%
8%
30%
AO 1 AO 2 AO 3 AO 4 AO 5 AO 6
25.34
%
8%
23.10 22.73
22.11 % 22.05
AO 1 A21.66
O 2 A%
O 3 AO 4 %O 5
A A
%O 6
%

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

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

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

AO 1 A O 2 AO 3 AO 4 AO 5 AO 6
4.01%
3.50% 3.35% 3.38%
3.01%
2.55%

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

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

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

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

6.75%
4.94%

1.92% 2.37% 2.19% 1.89%

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6
11.54 10.83 10.46
% 9.58% % %
7.07% 6.79%

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6
64.78
%
40.43
28.67 28.57 26.93 %
23.71
% % % %

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

7.59% 7.81% 7.32%

6.26%
3.52%
2.75%

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

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

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

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

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

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6
30 30 30 30 30
DIAS DIAS DIAS DIAS DIAS

AO 2 AO 3 AO 4 AO 5 AO 6 M I N I G R F I CO S G rfi c o s
AO 1 AO 2 AO 3 AO 4 AO 5 AO 6

-9 -10
-11 DIAS -12 -11 -11
DIAS DIAS
DIAS DIAS DIAS
212.5
7%

92.07 106.7
% 72.45 1% 63.73
% 27.22 %
%
AO 1 AO 2 AO 3 AO 4 AO 5 AO 6
17.21
% 15.32
13.41 %
%
6.76%
3.85%
AO 2 AO 3 AO 4 AO 5 AO 6 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 M I N I G R F I CO S G rfi c o s
57.09 54.54
46.72 46.96 % 50.01 47.75
% %
% % %

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

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

1.66 1.64 1.63

1.58 1.59

1.49

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6
39.64 39.06 38.70 36.93
% % 32.78 % %
%

AO 2 AO 3 AO 4 AO 5 AO 6 M I N I G R F I CO S G rfi c o s
4.31 4.62 4.45
3.69
3.05
1.96

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

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6
 26.99
22.78
18.28
15.30 13.87
8.57

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

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

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

AO 1 AO 2 AO 3 AO 4 AO 5 AO 6
AO 1 AO 2 AO 3 A O 4 AO 5 AO 6
-
- - - 59,43
103,5 94,58 91,02 0,698
64,40 8,512 - 9,557
4 156,0 -
31,32 172,1
6 90,88
2
 INICIO

INFORME DE PARTICIPACIN
AUTOEVALUACIN
PARTICIP EN NMERO DE
ESTUDIANTE
LA ACTIVIDAD? APORTES
ANDREA MARCELA IDROBO BECERRA SI 3
DIANA CAROLINA GOMEZ SI 3
YENY GUZMAN GUEVARA SI 3
ASTRID YULIETH VILLARREAL CASTILLO SI 2

COEVALUACIN
ESTUDIANTE EVALUADO ESTUDIANTE EVALUADOR

INICIO
 ANTERIOR SIGUIENTE

ARTICIPACIN
LUACIN
VALORACIN DE
OBSERVACIONES
LOS APORTES
4
4
4
4

UACIN
VALORACIN DE
OBSERVACIONES
LOS APORTES

ANTERIOR SIGUIENTE
 INICIO ANTERIOR

INFORME DEL DIAGNSTICO FINANCIERO

Dentro del diagnstico financiero que se obtuvo de la empresa Estacin De Ser

Ltda. ; podemos observar que cuenta con aspectos favorables dentro de su g
tambin existen criterios y decisiones por evaluar y fortalecer, entre ellos tenemos
de maniobra de trabajo o Capital neto de trabajo que para el ao 4 tuvo la m
para sus planes de gestin, debido que para el mismo ao su solvencia o razn co
menor proporcin, sin embargo la empresa en todos los aos tiene la capacidad
forma oportuna sus obligaciones. Por otra parte el Margen bruto y el Ma
demostraron gastos menores en el primer ao operacional, no se not va
recuperacin de este margen en los siguientes aos.
Para el Margen neto, el impacto del gasto financiero es menor en el ao 6 que e
indicador mejora hacia ese ao. La rentabilidad de los activos incrementa hacia el
uso a los recursos disponibles. La Rentabilidad De Los Activos Operacionales
comparado con Costo Promedio Ponderado De Capital Wacc, se puede observ
que durante todos los 6 aos la empresa se encuentre en perdida puesto que los c
elevados que la rentabilidad misma. La empresa aunque obtiene algunas utilidades
construir valor, es decir proyectar la empresa para el futuro, esta situacin se ve
indicador Valor Econmico Agregado Eva, donde podemos concluir que se demu
vez cubiertos los gastos, la empresa no se proyecta con el paso de los aos hacia
rentabilidad.
 BIBLIOGRAFA

Sotelo Paz, A. (09,10,2017). Segunda webconference Administracin Financiera (grabacin). [Archivo de

Recuperado de
http://conferencia2.unad.edu.co/p7oub9xl543/?launcher=false&fcsContent=true&pbMode=normal

INICIO ANTERIOR
 ANTERIOR SIGUIENTE

ANCIERO

a Estacin De Servicio La Mejor

s dentro de su gestin; y que
tre ellos tenemos los indicadores
el ao 4 tuvo la mayor liquidez,
vencia o razn corriente fue en
iene la capacidad de cumplir de
n bruto y el Margen Ebitda,
no se not variacin en la

en el ao 6 que en el ao 1, el
crementa hacia el ao 6, dando
os Operacionales netos RONA
c, se puede observar claramente
a puesto que los costos son ms
algunas utilidades no ha podido
ta situacin se ve reflejada en el
ncluir que se demuestra que una
de los aos hacia una adecuada
grabacin). [Archivo de video).

bMode=normal

ANTERIOR SIGUIENTE
 INICIO

CONCLUSIONES Y RECOMENDACIONES

ESTUDIANTE: ASTRID YULIETH VILLARREAL CASTILLO

El estudio de los estados financieros de la empresa, es de vital importancia para la toma de decisiones, pue
detallada y precisa se ven reflejadas situaciones que comprometen el futuro de la empresa, al igual que refl
productividad y rentabilidad de la misma, durante un periodo determinado de tiempo. La empresa debe ma
diseando continuamente estrategias que logren estabilizar su rentabilidad, con el paso de los aos.

ESTUDIANTE:

ESTUDIANTE:

ESTUDIANTE:

ESTUDIANTE:

BIBLIOGRAFA
Sotelo Paz, A. (16, 09, 2017). Tutorial 1 Curso Adm Fin UNAD. [Archivo de video]. Recuperado de
https://www.youtube.com/watch?v=SGipMzrOPRw&feature=youtu.be

Sotelo Paz, A. (23, 09, 2017). Tutorial 2 Curso

[Archivo de video]. Recuperado de https://www.youtube.com/watch?
v=JIe8yNxEXIQ&feature=youtu.be
(27, 09, 2017). Tutorial N3 Curso Adm. Fin UNAD. [Archivo de video]. Recuperado de
https://www.youtube.com/watch?v=lue3P_xZ8t4&feature=youtu.be
Sotelo Paz, A. (30, 09, 2017). Tutorial 4 Curso Adm Fin UNAD. [Archivo de video]. Recupe
https://www.youtube.com/watch?v=f8wpF0bhqSs&feature=youtu.be
 https://www.youtube.com/watch?v=SGipMzrOPRw&feature=youtu.be

Sotelo Paz, A. (23, 09, 2017). Tutorial 2 Curso

[Archivo de video]. Recuperado de https://www.youtube.com/watch?
v=JIe8yNxEXIQ&feature=youtu.be
(27, 09, 2017). Tutorial N3 Curso Adm. Fin UNAD. [Archivo de video]. Recuperado de
https://www.youtube.com/watch?v=lue3P_xZ8t4&feature=youtu.be
Sotelo Paz, A. (30, 09, 2017). Tutorial 4 Curso Adm Fin UNAD. [Archivo de video]. Recupe
https://www.youtube.com/watch?v=f8wpF0bhqSs&feature=youtu.be
Sotelo Paz, A. (09, 10, 2017). Tutorial 5 Curso Adm Fin UNAD. [A
Recuperado de https://www.youtube.com/watch?v=cXao22QbmFE&f
A
Ramos
Contabilidad prctica. Mxico, D.F., MX: McGraw-Hill Interamericana. Pginas 5-14. Recuperado de
http://bibliotecavirtual.unad.edu.co:2077/lib/unadsp/reader.action?ppg=12&docID=10433882&tm=147959
f
Carvalho, J. (2009). Estados financieros: normas para su preparacin
(2a. ed.). Bogot, CO: Ecoe Ediciones. Pginas 169-200. Recuperado de
http://bibliotecavirtual.unad.edu.co:2077/lib/unadsp/reader.action?ppg=185&docID=10552591&tm=14796

INICIO
 ANTERIOR

CIONES

oma de decisiones, pues de forma

mpresa, al igual que reflejan la
o. La empresa debe maximizar su valor,
aso de los aos.

]. Recuperado de
e

2017). Tutorial 2 Curso Adm. Fin UNAD.

w.youtube.com/watch?
Sotelo Paz, A.
do de

hivo de video]. Recuperado de

re=youtu.be
ANTERIOR