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CALCULO DEL ROE, ROI, ROA, PER y EVA

INFORMACIN GENERAL

Impuesto a la Renta (T)


Poltica de dividendos (p)
Porcentaje de crecimiento proyectado ao a ao
Costo de la deuda (kd)
DATOS FINACIEROS DE LA EMPRESA

20.00%
60.00%
5.00%
10.00%
2004

2005

2006

2007

2008

(ao base)

Activos

BALANCE GENERAL

Activos Corrientes

Caja y bancos
Valores negociables

4,000
15,000

4,662
15,000

5,361
15,000

6,097
15,000

6,873
15,000

Cuentas por cobrar comerciales

20,000

20,000

20,000

20,000

20,000

Cuentas por cobrar diversas


Cuentas por cobrar accionista y
viculadas
Existencias

2,000

2,000

2,000

2,000

2,000

3,000
55,000

3,000
56,987

3,000
59,082

3,000
61,291

3,000
63,619

Gastos Pagados por anticipado


Total Activo Corriente

1,000
100,000

1,000
102,650

1,000
105,443

1,000
108,388

1,000
111,492

Cuentas por cobrar LP


Activos fijos (Inmueble
maquinaria y equipo)

5,000

5,000

5,000

5,000

5,000

255,556

266,154

277,328

289,108

301,522

Depreciacin de activos
Intangibles

25,556
15,000

25,556
15,000

25,556
15,000

25,556
15,000

25,556
15,000

350,000

363,248

377,216

391,940

407,458

5,000

5,000

5,000

5,000

5,000

Cuentas por pagar comerciales

18,000

18,000

18,000

18,000

18,000

Cuentas por pagar a accionistas


y vinculadas

1,000

1,000

1,000

1,000

1,000

1,000
35,000
60,000

1,000
35,000
60,000

1,000
35,000
60,000

1,000
35,000
60,000

1,000
35,000
60,000

20,000
15,000
125,000

20,000
15,000
125,000

20,000
15,000
125,000

20,000
15,000
125,000

20,000
15,000
125,000

220,000

220,000

220,000

220,000

220,000

Total Activo
Pasivo y Patrimonio
Pasivo Corriente

Deuda a Corto Plazo

Cuentas por pagar diversas


Parte corriente de deuda LP
Total pasivo corriente
Ingreso diferido
Cuentas por pagar LP
Deuda a largo plazo
Total Pasivo

Patrimonio Neto

Capital social
Reservas legales
Resultados acumulados

Total Patrimonio Neto

Total Pasivo y
Patrimonio Neto
Balance?

120,000
10,000
-

120,000
10,000
13,248

120,000
10,000
27,216

120,000
10,000
41,940

120,000
10,000
57,458

130,000

143,248

157,216

171,940

187,458

350,000
Ok

363,248
Ok

377,216
Ok

391,940
Ok

407,458
Ok

Crec. Proyec.
500,000
290,000
210,000
50,000
110,000
50,000
4,000

525,000
525,000
304,500
220,500
52,500
115,500
52,500
4,000

551,250
551,250
319,725
231,525
55,125
121,275
55,125
4,000

578,813
578,813
335,711
243,101
57,881
127,339
57,881
4,000

607,753
607,753
352,497
255,256
60,775
133,706
60,775
4,000

ESTADO DE GANANCIAS Y PERDIDAS

Ingreso total Neto


Costo de Ventas
Utilidad Bruta
Gastos de administracin
Gastos de ventas
Utilidad Operativa
Ingreso / Gastos financieros
Utilidad (prdida)
antes de impuestos

46,000

48,500

51,125

53,881

56,775

4,600

4,850

5,113

5,388

5,678

8,280

8,730

9,203

9,699

10,220

33,120

34,920

36,810

38,795

40,878

2.30

2.42

2.54

2.66

2.80

120,000

120,000

120,000

120,000

120,000

276,000

289,800

304,290

319,505

335,480

0.28

0.29

0.31

0.32

0.34

13.50%

13.50%

13.50%

13.50%

13.50%

8.79%

8.96%

9.13%

9.29%

9.45%

2005

2006

2007

2008

9.79%
11.78%
9.79%
10.91%
11.72%
25.56%
7.90
15,575

9.94%
11.91%
9.94%
11.02%
11.60%
24.50%
7.87
15,970

10.09%
12.04%
10.09%
11.13%
11.49%
23.57%
7.84
16,371

10.23%
12.16%
10.23%
11.23%
11.38%
22.75%
7.82
16,778

Participacin de los
trabajadores (10%)
Impuesto a la renta
Utilidad Neta

DATA ADICIONAL
Precio de la accin en bolsa
Numero de acciones de la
empresa
Valor de mercado de la
empresa
Beneficios por Accin
Costo del Capital Propio ( Ke )
Costo Promedio Ponderado de
Capital ( CPPC )

RESULTADOS OBTENIDOS

ROA - Incluyendo el efecto tributario


ROA - Sin considerar los intereses
ROI - Rendimiento sobre Inversin
ROIA - Rentabilidad econmica ampliada
ROIC - Rendimiento sobre el capital invertido
Rendimiento sobre el Patrimonio ( ROE )
Price Earning Ratio ( PER )
Valor Econmico Agregado ( EVA )

Valor del PER

8
7.9
7.8
7.7
7.6
7.5

25000
20000
15000
10000
5000
2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2011

2012

2013

2014

Valor en Porcentaje

Valor del ROE en el tiempo


0.3
0.25
0.2
0.15
0.1
0.05
0
2005

2006

2007

2008

2009

2010

Valor en Porcentaje

Valor del ROI y del ROIA en el tiempo


0.12
0.115
0.11
0.105
0.1
0.095
0.09
0.085
2005

2006

2007
ROI

2008

2009

ROIA

2010

2011

ROIC

2012

2013

2014

2009

2010

2011

2012

2013

2014

7,690
15,000

8,552
15,000

9,459
15,000

10,415
15,000

11,421
15,000

12,480
15,000

20,000

20,000

20,000

20,000

20,000

20,000

2,000

2,000

2,000

2,000

2,000

2,000

3,000
66,071

3,000
68,655

3,000
71,377

3,000
74,244

3,000
77,262

3,000
80,440

1,000
114,762

1,000
118,207

1,000
121,836

1,000
125,658

1,000
129,683

1,000
133,920

5,000

5,000

5,000

5,000

5,000

5,000

314,603

328,384

342,900

358,188

374,287

391,237

25,556
15,000

25,556
15,000

25,556
15,000

25,556
15,000

25,556
15,000

25,556
15,000

423,809

441,036

459,181

478,291

498,415

519,602

5,000

5,000

5,000

5,000

5,000

5,000

18,000

18,000

18,000

18,000

18,000

18,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000
35,000
60,000

1,000
35,000
60,000

1,000
35,000
60,000

1,000
35,000
60,000

1,000
35,000
60,000

1,000
35,000
60,000

20,000
15,000
125,000

20,000
15,000
125,000

20,000
15,000
125,000

20,000
15,000
125,000

20,000
15,000
125,000

20,000
15,000
125,000

220,000

220,000

220,000

220,000

220,000

220,000

NERAL

120,000
10,000
73,809

120,000
10,000
91,036

120,000
10,000
109,181

120,000
10,000
128,291

120,000
10,000
148,415

120,000
10,000
169,602

203,809

221,036

239,181

258,291

278,415

299,602

423,809
Ok

441,036
Ok

459,181
Ok

478,291
Ok

498,415
Ok

519,602
Ok

638,141
638,141
370,122
268,019
63,814
140,391
63,814
4,000

670,048
670,048
388,628
281,420
67,005
147,411
67,005
4,000

703,550
703,550
408,059
295,491
70,355
154,781
70,355
4,000

738,728
738,728
428,462
310,266
73,873
162,520
73,873
4,000

775,664
775,664
449,885
325,779
77,566
170,646
77,566
4,000

814,447
814,447
472,379
342,068
81,445
179,178
81,445
4,000

59,814

63,005

66,355

69,873

73,566

77,445

5,981

6,300

6,636

6,987

7,357

7,744

10,767

11,341

11,944

12,577

13,242

13,940

43,066

45,363

47,776

50,308

52,968

55,760

2.94

3.08

3.24

3.40

3.57

3.75

120,000

120,000

120,000

120,000

120,000

120,000

352,254

369,866

388,360

407,778

428,167

449,575

0.36

0.38

0.40

0.42

0.44

0.46

13.50%

13.50%

13.50%

13.50%

13.50%

13.50%

9.61%

9.76%

9.91%

10.05%

10.19%

10.32%

2009

2010

2011

2012

2013

2014

10.36%
12.28%
10.36%
11.32%
11.27%
22.01%
7.79
17,192

10.49%
12.40%
10.49%
11.42%
11.17%
21.36%
7.77
17,612

10.61%
12.50%
10.61%
11.50%
11.08%
20.76%
7.74
18,041

10.73%
12.61%
10.73%
11.59%
10.98%
20.23%
7.72
18,477

10.85%
12.71%
10.85%
11.67%
10.90%
19.74%
7.70
18,922

10.95%
12.80%
10.95%
11.74%
10.81%
19.29%
7.68
19,375

Valor Economico Aadido EVA


25000
20000
15000
10000
5000
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Valor del ROA en el tiempo


0.15
0.1
0.05
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
ROA

ROA (sin intereses)

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