CURSO DE

ADMINISTRACIN
FINANCIERA
CODIGO 102022
 INTEGRANTES DEL EQUIPO DE TRABAJO

GRUPO N:

ESTUDIANTE (Apellidos y Nombres)

Mayerly Concha Vallejo

Diana Carolina Gmez

Yenny Guzman

Andrea Marcela Idrobo

Astrid Yulieth Villareal

INICIO
QUIPO DE TRABAJO

79

IDENTIFICACIN (C.C.)

1061707835

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 14,077,367
NIT.800.140.728-9
ESTADO DE RESULTADOS COMPARATIVO INFORMACIN FINANCIERA
AO 1 AO 2 AO 3 AO 4 AO 5
41 OPERACIONALES 5,928,146,426 5,735,313,445 5,888,327,720 6,292,534,384 6,735,124,195
4135 COMERCIO AL POR MAYOR Y AL POR MENOR 5,165,407,268 5,084,111,281 5,241,373,396 5,616,203,434 6,131,845,445
4145 TRANSPORTE ALMACENAMIENTO Y COMUNICACIONES 400,835,839 600,421,151 572,244,714 628,989,200 480,338,248
4155 ACTIVIDADES INMOBILIARIAS EMPRESARIALES Y DE ALQU 21,552 6 1,563,886 1,202,601 30,191
4220 ARRENDAMIENTOS 48,750,000 48,750,000 48,750,000 23,249,999 86,129,845
4235 SERVICIOS - 2,400,000 3,600,000
4250 RECUPERACIONES 14,098,752 2,031,007 24,395,724 20,489,150 33,180,466
4295 DIVERSOS 299,033,015
6 COSTO DE VENTAS Y DE PRESTACION DE SERVICIOS 4,426,020,285 4,493,055,125 4,586,620,307 4,838,850,947 5,204,396,049
61 COSTO DE VENTAS Y DE PRESTACION DE SERVICIOS 4,426,020,285 4,493,055,125 4,586,620,307 4,838,850,947 5,204,396,049
6135 COMERCIO AL POR MAYOR Y MENOR 4,426,020,285 4,493,055,125 4,586,620,307 4,838,850,947 5,204,396,049
UTILIDAD BRUTA 1,502,126,141 1,242,258,320 1,301,707,413 1,453,683,437 1,530,728,146
51 OPERACIONALES DE ADMINISTRACION 297,423,483 283,250,306 282,751,508 320,606,707 367,476,421
5105 GASTOS DE PERSONAL 63,737,144 86,264,162 100,360,934 133,370,701 174,945,651
5110 HONORARIOS 11,400,000 22,124,248 44,713,432 47,771,000 58,337,699
5115 IMPUESTOS 887,648 4,568,169 7,830,554 11,314,364 6,963,097
5125 CONTRIBUCIONES Y AFILIACIONES 2,550,781 1,991,229 1,299,549 1,786,568 2,129,697
5130 SEGUROS 4,760,100 6,251,110 10,846,839 9,204,144 12,802,650
5135 SERVICIOS 62,849,450 48,670,044 40,181,715 27,189,380 33,188,271
5140 GASTOS LEGALES 19,154,452 6,476,342 7,724,122 8,279,281 4,304,708
5145 MANTENIMIENTO Y REPARACIONES 26,070,667 17,324,717 21,904,897 16,482,313 41,326,957
5150 ADECUACION E INSTALACION 49,069,473 33,125,130 9,382,529 31,575,508 8,181,830
5155 GATSOS DE VIAJE 4,917,201 1,150,747 1,102,415 1,944,648
5195 DIVERSOS 52,026,567 55,304,408 37,404,522 31,688,800 25,275,860
5199 PROVISIONES - 20,001
52 OPERACIONALES DE VENTAS 784,648,808 593,711,379 694,656,368 851,275,616 759,420,558
5205 GASTOS DE PERSONAL 126,794,583 232,116,169 285,296,719 312,530,798 420,226,580
5210 HONORARIOS 1,270,043 1,500,000 23,050,212 8,403,601
5215 IMPUESTOS 30,764,045 32,403,771 26,322,196 77,708,609 1,525,240
5220 ARRENDAMIENTOS 50,410,289 78,799,496 72,796,192 30,267,296 72,788,041
5225 CONTRIBUCIONES Y AFILIACIONES -
5230 SEGUROS 12,228,309 28,888,973 23,529,061 62,197,551 29,719,816
5235 SERVICIOS 281,867,192 22,429,899 14,267,362 140,000 42,967,343
5240 GASTOS LEGALES - 882,000
5245 MANTENIMIENTO Y REPARACIONES 99,275,569 84,780,260 81,447,220 132,715,808 75,418,264
5250 ADECUACION E INSTALACION - 53,832,845 14,541,443 25,905,375 12,690,824
5255 GASTOS DE VIAJES 1,122,500
5295 DIVERSOS 180,916,278 58,313,241 164,815,517 176,850,012 94,798,849
5299 PROVISIONES - 2,146,725 10,140,658 9,909,955
EBITDA 420,053,850 365,296,635 324,299,537 281,801,114 403,831,167
OTROS GASTOS OPERACIONALES 65,627,643 65,392,151 60,114,576 42,168,381 66,934,051
5160 DEPRECIACIONES 58,546,990 63,391,660 60,114,576 42,168,381 7,043,920
5260 DEPRECIACIONES - 59,890,131
5265 AMORTIZACIONES 7,080,653 2,000,491
UTILIDAD OPERACIONAL 354,426,207 299,904,484 264,184,961 239,632,733 336,897,116
42 NO OPERACIONALES 1,400,476 2,267,353 413,632 40,249,105 13,934,966
4210 FINANCIEROS 1,400,476 2,267,353 413,632 684,117 13,934,966
4245 UTILIDAD EN VENTA DE PROPIEDADES PLANTA Y EQUIPO - 39,564,988
53 NO OPERACIONALLES 273,639,122 220,996,417 207,450,295 226,019,292 240,482,708
5305 FINANCIEROS 269,927,389 200,364,894 199,268,124 213,245,889 226,527,207
5310 PERDIDA EN VENTA Y RETIRO DE BIENES - 161,468 993,505
5315 GASTOS EXTRAORDINARIOS 2,454,971 352,366 553,653 792,159 4,993,205
5395 GASTOS DIVERSOS 1,256,762 20,279,157 7,467,050 11,981,244 7,968,790
UTIIDAD ANTES DE IMPUESTOS 82,187,561 81,175,420 57,148,298 53,862,546 110,349,375
54 IMPUESTO DE RENTA Y COMPLEMENTARIOS 34,771,000 23,835,000
5405 IMPUESTO DE RENTA Y COMPLEMENTARIOS 34,771,000 23,835,000
UTILIDAD DEL EJERCICIO 47,416,561 57,340,420 57,148,298 53,862,546 110,349,375

ESTACIN DE SERVICIO LA MEJOR LTDA.

NIT.800.140.728-9 INFORMACIN FINANCIERA
ESTADO DE SITUACIN FINANCIERA AO 1 AO 2 AO 3 AO 4 AO 5
ACTIVO
ACTIVO CORRIENTE 671,528,800 674,591,471 624,068,913 1,118,952,073 557,247,786
11 DISPONIBLE 171,402,581 49,150,535 25,026,810 284,403,205 28,565,509
1105 CAJA 13,626,461 38,524,100 4,660,895 12,160,441 4,595,297
1110 BANCOS 157,776,120 10,626,435 20,365,915 272,242,764 23,970,212
12 INVERSIONES 135,091,390 135,091,390 135,091,390 297,000,000 187,000,000
1210 CUOTAS O PARTES DE INTERES SOCIAL 135,091,390 135,091,390 135,091,390 297,000,000 187,000,000
13 DEUDORES 325,150,881 436,332,283 436,412,938 506,720,777 314,263,160
1305 CLIENTES 238,878,318 345,014,442 315,843,523 145,091,001 181,152,031
1320 CUENTAS POR COBRAR A VINCULADOS ECONOMICOS 6,218,098 5,581,329 742,114 3,591,393
1325 CUENTAS POR COBRAR A SOCIOS Y ACCIONISTAS - 83,136,321 65,688,682
1330 ANTICIPOS Y AVANCES 4,500,000 1,678,933 8,576,685 58,076,400 7,284,079
1340 PROMESAS DE COMPRAVENTA 55,000,000 55,000,000 55,000,000 55,000,000
1345 INGRESOS POR COBRAR 4,943,611 2,710,815 651,922
1355 ANTICIPO DE IMPUESTOS Y CONTRIBUCIONES O SALDOS A 12,627,728 22,861,508 35,621,576 11,408,438
1365 CUENTAS POR COBRAR A TRABAJADORES 1,805,781 1,616,601 4,426,851 574,819 701,936
1380 DEUDORES VARIOS 350,000 3,000,000 154,701,263 41,496,072
1390 DEUDAS DE DIFICIL COBRO 29,336,213 30,377,523 19,447,372 19,646,679 17,592,348
1399 PROVISIONES - 28,508,868 - 28,508,868 - 6,897,105 - 13,097,099 - 11,060,427
14 INVENTARIOS 39,883,948 54,017,263 27,537,775 30,828,092 27,419,117
 1435 MERCANCIAS NO FABRICADAS POR LA EMPRESAS 39,883,948 54,017,263 27,537,775 30,828,092 27,419,117
ACTIVO FIJO 1,341,847,574 1,297,191,683 1,529,968,387 1,285,787,055 1,227,877,788
15 PROPIEDAD PLANTA Y EQUIPO 1,341,847,574 1,297,191,683 1,529,968,387 1,285,787,055 1,227,877,788
1504 TERRENOS 304,733,522 309,733,522 309,733,522 279,733,522 274,036,635
1508 CONSTRUCCIONES EN CURSO 104,422,143
1516 CONSTRUCCIONES Y EDIFICACIONES 577,184,246 689,747,656 689,747,656 658,793,546 658,793,546
1520 MAQUINARIA Y EQUIPO 195,883,916 196,347,628 231,652,278 234,773,428 241,817,347
1524 EQUIPO DE OFICINA 11,186,947 10,830,109 10,830,109
1528 EQUIPO DE COMPUTACION Y COMUNICACION 18,795,178 20,824,450 26,308,280
1540 FLOTA Y EQUIPO DE TRANSPORTE 621,818,882 608,513,954 860,616,754 434,124,561 441,802,313
1592 DEPRECIACION ACUMULADA - 492,177,260 - 538,805,636 - 598,920,212 - 321,638,002 - 388,572,053
OTROS ACTIVOS 458,378,892 450,000,000 450,000,000 450,000,000 450,000,000
17 DIFERIDOS 8,378,892
1705 GASTOS PAGADOS POR ANTICIPADO 6,378,401
1710 CARGOS DIFERIDOS 2,000,491
19 VALORIZACIONES 450,000,000 450,000,000 450,000,000 450,000,000 450,000,000
1910 DE PROPIEDAD PLANTA Y EQUIPO 450,000,000 450,000,000 450,000,000 450,000,000 450,000,000
TOTAL ACTIVO 2,471,755,266 2,421,783,154 2,604,037,300 2,854,739,128 2,235,125,574
PASIVO
PASIVO CORRIENTE 657,451,433 631,632,012 326,814,535 87,048,540 169,154,188
21 OBLIGACIONES FINANCIERAS 400,448,931 394,078,444 243,954,802 15,815,894 96,311,914
2195 OTRAS OBLIGACIONES 400,448,931 394,078,444 243,954,802 15,815,894 96,311,914
22 PROVEEDORES 30,507,151 28,075,518 26,804,148 13,677,100 14,813,287
2205 NACIONALES 30,507,151 28,075,518 26,804,148 13,677,100 14,813,287
23 CUENTAS POR PAGAR 165,862,374 140,309,125 29,591,977 14,892,077 2,287,094
2335 COSTOS Y GASTOS POR PAGAR 29,188,336 35,827,700 20,009,451 13,279,951 981,392
2355 DEUDAS CON ACCIONISTAS O SOCIOS 129,641,196 95,999,485 7,909,365
2360 DIVIDENDOS O PARTICIPACIONES POR PAGAR
2365 RETENCIONES EN LA FUENTE 2,018,853 893,310 1,223,250 1,516,621 1,124,270
2367 IMPUESTO A LAS VENTAS RETENIDO 401,968 98,844 195,828 95,506 181,432
2370 RETENCIONES Y APORTES DE NOMINA 2,772,883 4,494,778 254,082
2380 ACREEDORES VARIOS 1,839,138 2,995,008 1
24 IMPUESTOS GRAVAMENES Y TASAS 35,643,162 24,527,979 708,400 1,610,523 1,181,991
2404 DE RENTA Y COMPLEMENTARIOS 34,771,000 23,834,000 869,523
2408 IMPUESTO SOBRE LAS VENTAS POR PAGAR 220,462 15,979 388,889
2412 DE INDUSTRIA Y COMERCIO 651,700 678,000 708,400 741,000 793,102
25 OBLIGACIONES LABORALES 21,205,547 37,898,877 23,999,385 41,052,946 54,559,901
2505 SALARIOS POR PAGAR 8,371,095 16,381,609 1,359,261
2510 CESANTIAS CONSOLIDADAS 10,398,539 17,831,300 18,344,494 25,380,886 33,008,058
2515 INTERESES SOBRE CESANTIAS 1,301,913 2,184,541 2,292,330 3,077,585 4,248,410
2520 PRIMA DE SERVICIOS 1,134,000 1,134,000 1,669,250 1,669,250 36,078
2525 VACACIONES CONSOLIDADAS 367,427 334,050 10,925,225 17,267,355
26 PASIVOS ESTIMADOS Y RPOVISIONES 3,784,268 6,742,069 1,755,823
2610 PARA OBLIGACIONES LABORALES 3,784,268 6,742,069 1,755,823
 PASIVO LARGO PLAZO 911,749,832 830,256,721 1,260,180,046 1,831,876,712 1,201,010,106
21 OBLIGACIONES FINANCIERAS 754,306,877 743,122,708 1,242,744,653 1,411,912,883 1,122,722,493
2105 BANCOS NACIONALES 754,306,877 743,122,708 1,242,744,653 1,411,912,883 1,122,722,493
27 DIFERIDOS 113,750,000 65,000,000 16,250,000 133,000,001 46,870,207
2705 INGRESOS RECIBIDOS POR ANTICIPADO 113,750,000 65,000,000 16,250,000 133,000,001 46,870,207
TOTAL OTROS PASIVOS 43,692,955 22,134,013 1,185,393 286,963,828 31,417,406
28 OTROS PASIVOS 43,692,955 22,134,013 1,185,393 286,963,828 31,417,406
2805 ANTICIPOS Y AVANCES RECIBIDOS 43,692,955 2,676,685 1,185,393 273,666,528 1,448,849
2815 INGRESOS RECIBIDOS PARA TERCEROS 19,457,328 13,297,300 29,968,557
TOTAL PASIVO 1,569,201,265 1,461,888,733 1,586,994,581 1,918,925,252 1,370,164,294
PATRIMONIO
31 CAPITAL SOCIAL 200,000,000 200,000,000 200,000,000 200,000,000 272,916,098
3115 APORTES SOCIALES 200,000,000 200,000,000 200,000,000 200,000,000 272,916,098
33 RESERVAS 10,000,000 11,593,914 14,793,802 22,222,093 27,608,348
3305 RESERVAS OBLIGATORIAS 10,000,000 11,593,914 14,793,802 22,222,093 27,608,348
34 REVALORIZACION DEL PATRIMONIO 72,916,098 72,916,098 72,916,098 72,916,098
3405 AJUSTES POR INFLACION 72,916,098 72,916,098 72,916,098 72,916,098
36 RESULTADOS DEL EJERCICIO 47,416,561 57,340,420 57,148,298 53,862,546 110,349,375
3605 UTILIDAD DEL EJERCICIO 47,416,561 57,340,420 57,148,298 53,862,546 110,349,375
37 RESULTADOS DE EJERCICIOS ANTERIORES 122,221,342 168,043,989 222,184,521 136,813,139 4,087,459
3705 UTILIDADES O EXCEDENTES ACUMULADOS 122,221,342 168,043,989 222,184,521 136,813,139 4,087,459
38 SUPERAVIT POR VALORIZACION 450,000,000 450,000,000 450,000,000 450,000,000 450,000,000
3810 DE PROPIEDAD PLANTA Y EQUIPO 450,000,000 450,000,000 450,000,000 450,000,000 450,000,000
TOTAL PATRIMONIO 902,554,001 959,894,421 1,017,042,720 935,813,876 864,961,280
TOTAL PASIVO Y PATRIMONIO 2,471,755,266 2,421,783,154 2,604,037,300 2,854,739,128 2,235,125,574

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

PO PASIVO OPERATIVO 414,445,457 324,687,581 100,295,126 491,196,475 151,129,887
KTNO CAPITAL DE TRABAJO NETO OPERATIVO 35,719,390 123,494,659 268,112,983 - 30,874,178 86,006,770
AF ACTIVOS FIJOS 1,341,847,574 1,297,191,683 1,529,968,387 1,285,787,055 1,227,877,788
OF OBLIGACIONES FINANCIERAS 1,154,755,808 1,137,201,152 1,486,699,455 1,427,728,777 1,219,034,407
UODI UTILIDAD OPERATIVA DESPUS DE IMPUESTOS 237,465,559 200,936,004 177,003,924 160,553,931 225,721,068
DATOS INFORMATIVOS AO 1 AO 2 AO 3 AO 4 AO 5
1. COMPRAS A CRDITO 31,025,773 28,552,802 27,259,819 13,909,611 15,065,113
2. INVENTARIO PROMEDIO 38,687,430 52,396,745 26,711,642 29,903,249 26,596,544
3. CUENTAS POR COBRAR PROMEDIO 258,270,363 254,205,564 262,068,670 280,810,172 306,592,272
FLUJO DE CAJA AO 1 AO 2 AO 3 AO 4 AO 5
EBITDA 365,296,635 324,299,537 281,801,114 403,831,167
(-) DEPRECIACIONES Y AMORTIZACIONES 65,392,151 60,114,576 42,168,381 66,934,051
(=) UTILIDAD OPERATIVA 299,904,484 264,184,961 239,632,733 336,897,116
(-) IMPUESTOS APLICADOS (tarifa 33%) 98,968,480 87,181,037 79,078,802 111,176,048
(=) UTILIDAD OPERATIVA DESPUES DE IMPUESTOS 200,936,004 177,003,924 160,553,931 225,721,068
(+) DEPRECIACIONES Y AMORTIZACIONES 65,392,151 60,114,576 42,168,381 66,934,051
(=) FLUJO DE CAJA BRUTO 266,328,155 237,118,500 202,722,312 292,655,119
(-) INCREMENTO CAPITAL DE TRABAJO NETO OPERATIVO 87,775,269 144,618,323 - 298,987,160 116,880,948
(-) INCREMENTO EN ACTIVOS FIJOS - 44,655,891 232,776,704 - 244,181,332 - 57,909,267
(=) FLUJO DE CAJA LIBRE 223,208,777 - 140,276,527 745,890,805 233,683,438
(-) SERVICIO DE LA DEUDA CAPITAL 17,554,656 - 58,970,678 208,694,370
(-) SERVICIO DE LA DEUDA INTERERES 200,364,894 199,268,124 213,245,889 226,527,207
(=) FLUJO DE CAJA DEL PROPIETARIO 5,289,227 - 339,544,651 473,674,238 - 201,538,139

EBITDA FLUJO DE CAJA LIBRE FLUJO DE CAJA DEL PROPIETARIO

1,000,000,000

800,000,000
745,890,805
65
600,000,000
473,674,238 403,831,167 408,886,5
47
365,296,635
400,000,000 324,299,537
281,801,114
223,208,777
233,683,438
200,000,000

- 5,289,227
AO 2 AO 3 AO 4 AO 5 AO 6
-140,276,527
-200,000,000 -201,538,139

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

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

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

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

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

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

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

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

COSTO DEL PATRIMONIO ( Ke)

Datos requeridos:
KL Tasa libre de riesgo 5% 5% 5% 5% 5%
KM Tasa del mercado 8.00% 8.00% 8.00% 8.00% 8.00%
Bu Beta operativa 0.50 0.50 0.50 0.50 0.50
BL Beta apalancada 0.928609 0.896879 0.989699 1.011094 0.972133
Ke Costo del patrimonio 7.79% 7.69% 7.97% 8.03% 7.92%
 CLCULOS PARA A
CLCULOS PARA ANLISIS VERTICAL AOS 2 VS 1 AOS 3 VS 2
AO 6 AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA
6,869,883,400 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 192,832,981 -3.25% 153,014,275 2.67%
6,353,040,023 87.13% 88.65% 89.01% 89.25% 91.04% 92.48% 844,035,145 -1.57% 493,940,049 3.09%
420,718,068 6.76% 10.47% 9.72% 10.00% 7.13% 6.12% 5,327,725,275 49.79% 5,163,068,731 -4.69%
0.00% 0.00% 0.03% 0.02% 0.00% 0.00% 5,928,146,420 -99.97% 5,733,749,559 26064666.67%
1,862,070 0.82% 0.85% 0.83% 0.37% 1.28% 0.03% 5,879,396,426 0.00% 5,686,563,445 0.00%
3,600,001 0.00% 0.00% 0.00% 0.04% 0.05% 0.05% 5,928,146,426 NA 5,735,313,445 NA
90,663,237 0.24% 0.04% 0.41% 0.33% 0.49% 1.32% 5,926,115,419 -85.59% 5,710,917,721 1101.16%
5.04% 0.00% 0.00% 0.00% 0.00% 0.00% 5,928,146,426 -100.00% 5,735,313,445 NA
5,354,793,827 74.66% 78.34% 77.89% 76.90% 77.27% 77.95% 1,435,091,301 1.51% 1,148,693,138 2.08%
5,354,793,827 74.66% 78.34% 77.89% 76.90% 77.27% 77.95% 1,435,091,301 1.51% 1,148,693,138 2.08%
5,354,793,827 74.66% 78.34% 77.89% 76.90% 77.27% 77.95% 1,435,091,301 1.51% 1,148,693,138 2.08%
1,515,089,573 25.34% 21.66% 22.11% 23.10% 22.73% 22.05% 4,685,888,106 -17.30% 4,433,606,032 4.79%
355,096,181 5.02% 4.94% 4.80% 5.10% 5.46% 5.17% 5,644,896,120 -4.77% 5,452,561,937 -0.18%
165,809,832 1.08% 1.50% 1.70% 2.12% 2.60% 2.41% 5,841,882,264 35.34% 5,634,952,511 16.34%
24,595,998 0.19% 0.39% 0.76% 0.76% 0.87% 0.36% 5,906,022,178 94.07% 5,690,600,013 102.10%
6,900,084 0.01% 0.08% 0.13% 0.18% 0.10% 0.10% 5,923,578,257 414.64% 5,727,482,891 71.42%
1,045,200 0.04% 0.03% 0.02% 0.03% 0.03% 0.02% 5,926,155,197 -21.94% 5,734,013,896 -34.74%
4,217,360 0.08% 0.11% 0.18% 0.15% 0.19% 0.06% 5,921,895,316 31.32% 5,724,466,606 73.52%
43,655,170 1.06% 0.85% 0.68% 0.43% 0.49% 0.64% 5,879,476,382 -22.56% 5,695,131,730 -17.44%
3,740,313 0.32% 0.11% 0.13% 0.13% 0.06% 0.05% 5,921,670,084 -66.19% 5,727,589,323 19.27%
28,129,315 0.44% 0.30% 0.37% 0.26% 0.61% 0.41% 5,910,821,709 -33.55% 5,713,408,548 26.44%
47,141,588 0.83% 0.58% 0.16% 0.50% 0.12% 0.69% 5,895,021,296 -32.49% 5,725,930,916 -71.68%
1,069,946 0.08% 0.02% 0.02% 0.03% 0.00% 0.02% 5,926,995,679 -76.60% 5,734,211,030 -4.20%
28,791,375 0.88% 0.96% 0.64% 0.50% 0.38% 0.42% 5,872,842,018 6.30% 5,697,908,923 -32.37%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5,928,146,426 NA 5,735,313,445 NA
751,106,868 13.24% 10.35% 11.80% 13.53% 11.28% 10.93% 5,334,435,047 -24.33% 5,040,657,077 17.00%
525,420,357 2.14% 4.05% 4.85% 4.97% 6.24% 7.65% 5,696,030,257 83.06% 5,450,016,726 22.91%
28,902,830 0.02% 0.00% 0.03% 0.37% 0.12% 0.42% 5,928,146,426 -100.00% 5,733,813,445 NA
11,470,701 0.52% 0.56% 0.45% 1.23% 0.02% 0.17% 5,895,742,655 5.33% 5,708,991,249 -18.77%
34,091,511 0.85% 1.37% 1.24% 0.48% 1.08% 0.50% 5,849,346,930 56.32% 5,662,517,253 -7.62%
1,218,639 0.00% 0.00% 0.00% 0.00% 0.00% 0.02% 5,928,146,426 NA 5,735,313,445 NA
12,184,081 0.21% 0.50% 0.40% 0.99% 0.44% 0.18% 5,899,257,453 136.25% 5,711,784,384 -18.55%
4,776,000 4.75% 0.39% 0.24% 0.00% 0.64% 0.07% 5,905,716,527 -92.04% 5,721,046,083 -36.39%
1,279,169 0.00% 0.00% 0.00% 0.00% 0.01% 0.02% 5,928,146,426 NA 5,735,313,445 NA
61,709,412 1.67% 1.48% 1.38% 2.11% 1.12% 0.90% 5,843,366,166 -14.60% 5,653,866,225 -3.93%
12,279,873 0.00% 0.94% 0.25% 0.41% 0.19% 0.18% 5,874,313,581 NA 5,720,772,002 -72.99%
0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 5,928,146,426 -100.00% 5,735,313,445 NA
 54,394,368 3.05% 1.02% 2.80% 2.81% 1.41% 0.79% 5,869,833,185 -67.77% 5,570,497,928 182.64%
3,379,927 0.00% 0.04% 0.17% 0.16% 0.00% 0.05% 5,925,999,701 NA 5,725,172,787 372.38%
408,886,523 7.09% 6.37% 5.51% 4.48% 6.00% 5.95% 5,562,849,791 -13.04% 5,411,013,908 -11.22%
62,817,672 1.11% 1.14% 1.02% 0.67% 0.99% 0.91% 5,862,754,275 -0.36% 5,675,198,869 -8.07%
0.99% 1.11% 1.02% 0.67% 0.10% 0.00% 5,864,754,766 8.27% 5,675,198,869 -5.17%
62,817,672 0.00% 0.00% 0.00% 0.00% 0.89% 0.91% 5,928,146,426 NA 5,735,313,445 NA
0.12% 0.03% 0.00% 0.00% 0.00% 0.00% 5,926,145,935 -71.75% 5,735,313,445 -100.00%
346,068,851 5.98% 5.23% 4.49% 3.81% 5.00% 5.04% 5,628,241,942 -15.38% 5,471,128,484 -11.91%
15,728,378 0.02% 0.04% 0.01% 0.64% 0.21% 0.23% 5,925,879,073 61.90% 5,734,899,813 -81.76%
15,728,378 0.02% 0.04% 0.01% 0.01% 0.21% 0.23% 5,925,879,073 61.90% 5,734,899,813 -81.76%
0.00% 0.00% 0.00% 0.63% 0.00% 0.00% 5,928,146,426 NA 5,735,313,445 NA
185,002,837 4.62% 3.85% 3.52% 3.59% 3.57% 2.69% 5,707,150,009 -19.24% 5,527,863,150 -6.13%
176,696,343 4.55% 3.49% 3.38% 3.39% 3.36% 2.57% 5,727,781,532 -25.77% 5,536,045,321 -0.55%
0.00% 0.00% 0.00% 0.00% 0.01% 0.00% 5,928,146,426 NA 5,735,151,977 NA
4,454,190 0.04% 0.01% 0.01% 0.01% 0.07% 0.06% 5,927,794,060 -85.65% 5,734,759,792 57.12%
3,852,303 0.02% 0.35% 0.13% 0.19% 0.12% 0.06% 5,907,867,269 1513.60% 5,727,846,395 -63.18%
176,794,393
0.59% 0.42% 0.00% 0.00% 0.00% 0.00% 5,904,311,426 -31.45% 5,735,313,445 -100.00%
0.59% 0.42% 0.00% 0.00% 0.00% 0.00% 5,904,311,426 -31.45% 5,735,313,445 -100.00%
176,794,393 0.80% 1.00% 0.97% 0.86% 1.64% 2.57% 5,870,806,006 20.93% 5,678,165,147 -0.34%

CLCULOS PARA A
CLCULOS PARA ANLISIS VERTICAL AOS 2 VS 1 AOS 3 VS 2
AO 6 AO 1 AO 2 AO 3 AO 4 AO 5 AO 6 V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA

1,002,862,622 27.17% 27.86% 23.97% 39.20% 24.93% 38.31% 3,062,671 0.46% 50,522,558 -7.49%
12,410,882 6.93% 2.03% 0.96% 9.96% 1.28% 0.47% 622,378,265 -71.32% 649,564,661 -49.08%
9,803,116 0.55% 1.59% 0.18% 0.43% 0.21% 0.37% 633,004,700 182.72% 669,930,576 -87.90%
2,607,766 6.38% 0.44% 0.78% 9.54% 1.07% 0.10% 660,902,365 -93.26% 654,225,556 91.65%
187,000,000 5.47% 5.58% 5.19% 10.40% 8.37% 7.14% 536,437,410 0.00% 539,500,081 0.00%
187,000,000 5.47% 5.58% 5.19% 10.40% 8.37% 7.14% 536,437,410 0.00% 539,500,081 0.00%
758,121,691 13.15% 18.02% 16.76% 17.75% 14.06% 28.96% 235,196,517 34.19% 238,178,533 0.02%
130,904,622 9.66% 14.25% 12.13% 5.08% 8.10% 5.00% 326,514,358 44.43% 358,747,948 -8.45%
0.25% 0.23% 0.03% 0.13% 0.00% 0.00% 665,947,471 -10.24% 673,849,357 -86.70%
16,059,140 0.00% 0.00% 0.00% 2.91% 2.94% 0.61% 671,528,800 NA 674,591,471 NA
15,600,000 0.18% 0.07% 0.33% 2.03% 0.33% 0.60% 669,849,867 -62.69% 666,014,786 410.84%
2.23% 2.27% 2.11% 1.93% 0.00% 0.00% 616,528,800 0.00% 619,591,471 0.00%
0.20% 0.11% 0.03% 0.00% 0.00% 0.00% 668,817,985 -45.17% 673,939,549 -75.95%
22,983,425 0.51% 0.94% 1.37% 0.00% 0.51% 0.88% 648,667,292 81.04% 638,969,895 55.81%
50,000 0.07% 0.07% 0.17% 0.02% 0.03% 0.00% 669,912,199 -10.48% 670,164,620 173.84%
567,312,567 0.01% 0.00% 0.12% 5.42% 1.86% 21.67% 671,528,800 -100.00% 671,591,471 NA
22,804,285 1.19% 1.25% 0.75% 0.69% 0.79% 0.87% 641,151,277 3.55% 655,144,099 -35.98%
- 17,592,348 -1.15% -1.18% -0.26% -0.46% -0.49% -0.67% 700,037,668 0.00% 681,488,576 -75.81%
45,330,049 1.61% 2.23% 1.06% 1.08% 1.23% 1.73% 617,511,537 35.44% 647,053,696 -49.02%
 45,330,049 1.61% 2.23% 1.06% 1.08% 1.23% 1.73% 617,511,537 35.44% 647,053,696 -49.02%
1,165,060,116 54.29% 53.56% 58.75% 45.04% 54.94% 44.50% 625,662,883 -3.33% 855,376,916 17.94%
1,165,060,116 54.29% 53.56% 58.75% 45.04% 54.94% 44.50% 625,662,883 -3.33% 855,376,916 17.94%
274,036,635 12.33% 12.79% 11.89% 9.80% 12.26% 10.47% 361,795,278 1.64% 364,857,949 0.00%
4.22% 0.00% 0.00% 0.00% 0.00% 0.00% 671,528,800 -100.00% 674,591,471 NA
658,793,546 23.35% 28.48% 26.49% 23.08% 29.47% 25.16% 18,218,856 19.50% 15,156,185 0.00%
241,817,347 7.92% 8.11% 8.90% 8.22% 10.82% 9.24% 475,181,172 0.24% 442,939,193 17.98%
0.45% 0.45% 0.42% 0.00% 0.00% 0.00% 660,698,691 -3.19% 663,761,362 0.00%
0.76% 0.86% 1.01% 0.00% 0.00% 0.00% 650,704,350 10.80% 648,283,191 26.33%
441,802,313 25.16% 25.13% 33.05% 15.21% 19.77% 16.88% 63,014,846 -2.14% 186,025,283 41.43%
- 451,389,725 -19.91% -22.25% -23.00% -11.27% -17.38% -17.24% 1,210,334,436 9.47% 1,273,511,683 11.16%
450,000,000 18.54% 18.58% 17.28% 15.76% 20.13% 17.19% 221,528,800 -1.83% 224,591,471 0.00%
0.34% 0.00% 0.00% 0.00% 0.00% 0.00% 671,528,800 -100.00% 674,591,471 NA
0.26% 0.00% 0.00% 0.00% 0.00% 0.00% 671,528,800 -100.00% 674,591,471 NA
0.08% 0.00% 0.00% 0.00% 0.00% 0.00% 671,528,800 -100.00% 674,591,471 NA
450,000,000 18.21% 18.58% 17.28% 15.76% 20.13% 17.19% 221,528,800 0.00% 224,591,471 0.00%
450,000,000 18.21% 18.58% 17.28% 15.76% 20.13% 17.19% 221,528,800 0.00% 224,591,471 0.00%
2,617,922,738 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 1,750,254,354 -2.02% 1,929,445,829 7.53%
#VALUE! #VALUE! #VALUE! 0.00% 0.00% 0.00% #VALUE! NA #VALUE! NA
577,596,058 26.60% 26.08% 12.55% 3.05% 7.57% 22.06% 39,896,788 -3.93% 347,776,936 -48.26%
224,164,317 16.20% 16.27% 9.37% 0.55% 4.31% 8.56% 277,450,356 -1.59% 430,636,669 -38.09%
224,164,317 16.20% 16.27% 9.37% 0.55% 4.31% 8.56% 277,450,356 -1.59% 430,636,669 -38.09%
60,930,766 1.23% 1.16% 1.03% 0.48% 0.66% 2.33% 643,453,282 -7.97% 647,787,323 -4.53%
60,930,766 1.23% 1.16% 1.03% 0.48% 0.66% 2.33% 643,453,282 -7.97% 647,787,323 -4.53%
196,065,455 6.71% 5.79% 1.14% 0.52% 0.10% 7.49% 531,219,675 -15.41% 644,999,494 -78.91%
6,013,824 1.18% 1.48% 0.77% 0.47% 0.04% 0.23% 635,701,100 22.75% 654,582,020 -44.15%
5.24% 3.96% 0.30% 0.00% 0.00% 0.00% 575,529,315 -25.95% 666,682,106 -91.76%
75,000,000 0.00% 0.00% 0.00% 0.00% 0.00% 2.86% 671,528,800 NA 674,591,471 NA
1,395,173 0.08% 0.04% 0.05% 0.05% 0.05% 0.05% 670,635,490 -55.75% 673,368,221 36.93%
114,668 0.02% 0.00% 0.01% 0.00% 0.01% 0.00% 671,429,956 -75.41% 674,395,643 98.12%
4,251,968 0.11% 0.19% 0.01% 0.00% 0.00% 0.16% 667,034,022 62.10% 674,337,389 -94.35%
109,289,822 0.07% 0.12% 0.00% 0.00% 0.00% 4.17% 668,533,792 62.85% 674,591,470 -100.00%
2,534,135 1.44% 1.01% 0.03% 0.06% 0.05% 0.10% 647,000,821 -31.18% 673,883,071 -97.11%
1.41% 0.98% 0.00% 0.03% 0.00% 0.00% 647,694,800 -31.45% 674,591,471 -100.00%
0.01% 0.00% 0.00% 0.00% 0.02% 0.00% 671,512,821 -92.75% 674,591,471 -100.00%
2,534,135 0.03% 0.03% 0.03% 0.03% 0.04% 0.10% 670,850,800 4.04% 673,883,071 4.48%
93,901,385 0.86% 1.56% 0.92% 1.44% 2.44% 3.59% 633,629,923 78.72% 650,592,086 -36.68%
22,879,173 0.34% 0.68% 0.05% 0.00% 0.00% 0.87% 655,147,191 95.69% 673,232,210 -91.70%
35,352,925 0.42% 0.74% 0.70% 0.89% 1.48% 1.35% 653,697,500 71.48% 656,246,977 2.88%
4,128,082 0.05% 0.09% 0.09% 0.11% 0.19% 0.16% 669,344,259 67.79% 672,299,141 4.93%
36,078 0.05% 0.05% 0.06% 0.06% 0.00% 0.00% 670,394,800 0.00% 672,922,221 47.20%
31,505,127 0.00% 0.02% 0.01% 0.38% 0.77% 1.20% 671,161,373 NA 674,257,421 -9.08%
0.15% 0.28% 0.07% 0.00% 0.00% 0.00% 664,786,731 78.16% 672,835,648 -73.96%
0.15% 0.28% 0.07% 0.00% 0.00% 0.00% 664,786,731 78.16% 672,835,648 -73.96%
 1,073,571,008 36.89% 34.28% 48.39% 64.17% 53.73% 41.01% 158,727,921 -8.94% 585,588,575 51.78%
1,025,989,511 30.52% 30.68% 47.72% 49.46% 50.23% 39.19% 71,593,908 -1.48% 568,153,182 67.23%
1,025,989,511 30.52% 30.68% 47.72% 49.46% 50.23% 39.19% 71,593,908 -1.48% 568,153,182 67.23%
46,870,207 4.60% 2.68% 0.62% 4.66% 2.10% 1.79% 606,528,800 -42.86% 658,341,471 -75.00%
46,870,207 4.60% 2.68% 0.62% 4.66% 2.10% 1.79% 606,528,800 -42.86% 658,341,471 -75.00%
711,290 1.77% 0.91% 0.05% 10.05% 1.41% 0.03% 649,394,787 -49.34% 673,406,078 -94.64%
711,290 1.77% 0.91% 0.05% 10.05% 1.41% 0.03% 649,394,787 -49.34% 673,406,078 -94.64%
711,290 1.77% 0.11% 0.05% 9.59% 0.06% 0.03% 668,852,115 -93.87% 673,406,078 -55.71%
0.00% 0.80% 0.00% 0.47% 1.34% 0.00% 652,071,472 NA 674,591,471 -100.00%
1,651,167,066 63.49% 60.36% 60.94% 67.22% 61.30% 63.07% 790,359,933 -6.84% 912,403,110 8.56%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 671,528,800 NA 674,591,471 NA
272,916,098 8.09% 8.26% 7.68% 7.01% 12.21% 10.42% 471,528,800 0.00% 474,591,471 0.00%
272,916,098 8.09% 8.26% 7.68% 7.01% 12.21% 10.42% 471,528,800 0.00% 474,591,471 0.00%
38,643,285 0.40% 0.48% 0.57% 0.78% 1.24% 1.48% 659,934,886 15.94% 659,797,669 27.60%
38,643,285 0.40% 0.48% 0.57% 0.78% 1.24% 1.48% 659,934,886 15.94% 659,797,669 27.60%
2.95% 3.01% 2.80% 2.55% 0.00% 0.00% 598,612,702 0.00% 601,675,373 0.00%
2.95% 3.01% 2.80% 2.55% 0.00% 0.00% 598,612,702 0.00% 601,675,373 0.00%
176,794,393 1.92% 2.37% 2.19% 1.89% 4.94% 6.75% 614,188,380 20.93% 617,443,173 -0.34%
176,794,393 1.92% 2.37% 2.19% 1.89% 4.94% 6.75% 614,188,380 20.93% 617,443,173 -0.34%
28,401,897 4.94% 6.94% 8.53% 4.79% 0.18% 1.08% 503,484,811 37.49% 452,406,950 32.22%
28,401,897 4.94% 6.94% 8.53% 4.79% 0.18% 1.08% 503,484,811 37.49% 452,406,950 32.22%
450,000,000 18.21% 18.58% 17.28% 15.76% 20.13% 17.19% 221,528,800 0.00% 224,591,471 0.00%
450,000,000 18.21% 18.58% 17.28% 15.76% 20.13% 17.19% 221,528,800 0.00% 224,591,471 0.00%
966,755,673 36.51% 39.64% 39.06% 32.78% 38.70% 36.93% 288,365,621 6.35% 342,451,248 5.95%
2,617,922,738 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 1,750,254,354 -2.02% 1,929,445,829 7.53%

188,645,553
401,013,238
- 212,367,685
1,165,060,116
1,250,153,828
231,866,130
AO 6
61,966,589
43,970,147
317,652,001
AO 6
408,886,523
62,817,672
346,068,851
114,202,721
231,866,130
62,817,672
294,683,802
 - 298,374,455
- 62,817,672
655,875,930
-
176,696,343
479,179,586

655,875,930

7 408,886,523
479,179,586

683,438

AO 6

538,139

14.13%

1,250,153,828
966,755,673
2,216,909,500

56%
44%
100%

7.97%
5.34%

5%
8.00%
 0.50
0.933203
7.80%
CLCULOS PARA ANLISIS HORIZONTAL
AOS 4 VS 3 AOS 5 VS 4 AOS 6 VS 5
V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA
404,206,664 6.86% 442,589,811 7.03% 134,759,205 2.00%
- 272,124,286 7.15% 160,688,939 9.18% 382,084,172 3.61%
- 5,259,338,520 9.92% 5,812,196,136 -23.63% 6,314,406,127 -12.41%
- 5,887,125,119 -23.10% 6,292,504,193 -97.49% 6,735,124,195 -100.00%
- 5,865,077,721 -52.31% 6,206,404,539 270.45% 6,733,262,125 -97.84%
- 5,885,927,720 NA 6,288,934,384 50.00% 6,731,524,194 0.00%
- 5,867,838,570 -16.01% 6,259,353,918 61.94% 6,644,460,958 173.24%
- 5,888,327,720 NA 6,292,534,384 NA 6,735,124,195 NA
- 1,049,476,773 5.50% 1,088,138,335 7.55% 1,380,330,368 2.89%
- 1,049,476,773 5.50% 1,088,138,335 7.55% 1,380,330,368 2.89%
- 1,049,476,773 5.50% 1,088,138,335 7.55% 1,380,330,368 2.89%
- 4,434,644,283 11.68% 4,761,806,238 5.30% 5,220,034,622 -1.02%
- 5,567,721,013 13.39% 5,925,057,963 14.62% 6,380,028,014 -3.37%
- 5,754,957,019 32.89% 6,117,588,733 31.17% 6,569,314,363 -5.22%
- 5,840,556,720 6.84% 6,234,196,685 22.12% 6,710,528,197 -57.84%
- 5,877,013,356 44.49% 6,285,571,287 -38.46% 6,728,224,111 -0.90%
- 5,886,541,152 37.48% 6,290,404,687 19.21% 6,734,078,995 -50.92%
- 5,879,123,576 -15.14% 6,279,731,734 39.10% 6,730,906,835 -67.06%
- 5,861,138,340 -32.33% 6,259,346,113 22.06% 6,691,469,025 31.54%
- 5,880,048,439 7.19% 6,288,229,676 -48.01% 6,731,383,882 -13.11%
- 5,871,845,407 -24.76% 6,251,207,427 150.74% 6,706,994,880 -31.93%
- 5,856,752,212 236.54% 6,284,352,554 -74.09% 6,687,982,607 476.17%
- 5,886,383,072 76.40% 6,292,534,384 -100.00% 6,734,054,249 NA
- 5,856,638,920 -15.28% 6,267,258,524 -20.24% 6,706,332,820 13.91%
- 5,888,327,720 NA 6,292,514,383 NA 6,735,124,195 -100.00%
- 5,037,052,104 22.55% 5,533,113,826 -10.79% 5,984,017,326 -1.09%
- 5,575,796,922 9.55% 5,872,307,804 34.46% 6,209,703,838 25.03%
- 5,865,277,508 1436.68% 6,284,130,783 -63.54% 6,706,221,365 243.93%
- 5,810,619,111 195.22% 6,291,009,144 -98.04% 6,723,653,494 652.06%
- 5,858,060,424 -58.42% 6,219,746,343 140.48% 6,701,032,684 -53.16%
- 5,888,327,720 NA 6,292,534,384 NA 6,733,905,556 NA
- 5,826,130,169 164.34% 6,262,814,568 -52.22% 6,722,940,114 -59.00%
- 5,888,187,720 -99.02% 6,249,567,041 30590.96% 6,730,348,195 -88.88%
- 5,888,327,720 NA 6,291,652,384 NA 6,733,845,026 45.03%
- 5,755,611,912 62.95% 6,217,116,120 -43.17% 6,673,414,783 -18.18%
- 5,862,422,345 78.15% 6,279,843,560 -51.01% 6,722,844,322 -3.24%
- 5,888,327,720 NA 6,292,534,384 NA 6,735,124,195 NA
 - 5,711,477,708 7.30% 6,197,735,535 -46.40% 6,680,729,827 -42.62%
- 5,878,417,765 -2.28% 6,292,534,384 -100.00% 6,731,744,268 NA
- 5,606,526,606 -13.10% 5,888,703,217 43.30% 6,326,237,672 1.25%
- 5,846,159,339 -29.85% 6,225,600,333 58.73% 6,672,306,523 -6.15%
- 5,846,159,339 -29.85% 6,285,490,464 -83.30% 6,735,124,195 -100.00%
- 5,888,327,720 NA 6,232,644,253 NA 6,672,306,523 4.89%
- 5,888,327,720 NA 6,292,534,384 NA 6,735,124,195 NA
- 5,648,694,987 -9.29% 5,955,637,268 40.59% 6,389,055,344 2.72%
- 5,848,078,615 9630.66% 6,278,599,418 -65.38% 6,719,395,817 12.87%
- 5,887,643,603 65.39% 6,278,599,418 1936.93% 6,719,395,817 12.87%
- 5,848,762,732 NA 6,292,534,384 -100.00% 6,735,124,195 NA
- 5,662,308,428 8.95% 6,052,051,676 6.40% 6,550,121,358 -23.07%
- 5,675,081,831 7.01% 6,066,007,177 6.23% 6,558,427,852 -22.00%
- 5,888,327,720 -100.00% 6,291,540,879 NA 6,735,124,195 -100.00%
- 5,887,535,561 43.08% 6,287,541,179 530.33% 6,730,670,005 -10.79%
- 5,876,346,476 60.45% 6,284,565,594 -33.49% 6,731,271,892 -51.66%

- 5,888,327,720 NA 6,292,534,384 NA 6,735,124,195 NA

- 5,888,327,720 NA 6,292,534,384 NA 6,735,124,195 NA
- 5,834,465,174 -5.75% 6,182,185,009 104.87% 6,558,329,802 60.21%

CLCULOS PARA ANLISIS HORIZONTAL

AOS 4 VS 3 AOS 5 VS 4 AOS 6 VS 5
V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA V. ABSOLUTA V. RELATIVA

494,883,160 79.30% 561,704,287 -50.20% 445,614,837 79.97%

259,376,395 1036.39% 1,090,386,565 -89.96% 544,836,904 -56.55%
7,499,546 160.90% 1,114,356,777 -62.21% 547,444,670 113.33%
251,876,849 1236.76% 1,094,981,861 -91.20% 554,640,020 -89.12%
161,908,610 119.85% 931,952,073 -37.04% 370,247,786 0.00%
161,908,610 119.85% 931,952,073 -37.04% 370,247,786 0.00%
70,307,839 16.11% 804,688,914 -37.98% 200,873,905 141.24%
170,752,522 -54.06% 937,800,042 24.85% 426,343,164 -27.74%
2,849,279 383.94% 1,118,952,073 -100.00% 557,247,786 NA
83,136,321 NA 1,053,263,391 -20.99% 541,188,646 -75.55%
49,499,715 577.14% 1,111,667,994 -87.46% 541,647,786 114.17%
- 0.00% 1,118,952,073 -100.00% 557,247,786 NA
651,922 -100.00% 1,118,952,073 NA 557,247,786 NA
35,621,576 -100.00% 1,107,543,635 NA 534,264,361 101.46%
3,852,032 -87.02% 1,118,250,137 22.11% 557,197,786 -92.88%
151,701,263 5056.71% 1,077,456,001 -73.18% 10,064,782 1267.15%
199,307 1.02% 1,101,359,725 -10.46% 534,443,501 29.63%
6,199,994 89.89% 1,130,012,500 -15.55% 574,840,134 59.06%
3,290,316 11.95% 1,091,532,956 -11.06% 511,917,737 65.32%
 3,290,316 11.95% 1,091,532,956 -11.06% 511,917,737 65.32%
244,181,332 -15.96% 108,925,715 -4.50% 607,812,330 -5.12%
244,181,332 -15.96% 108,925,715 -4.50% 607,812,330 -5.12%
30,000,000 -9.69% 844,915,438 -2.04% 283,211,151 0.00%
- NA 1,118,952,073 NA 557,247,786 NA
30,954,110 -4.49% 460,158,527 0.00% 101,545,760 0.00%
3,121,150 1.35% 877,134,726 3.00% 315,430,439 0.00%
10,830,109 -100.00% 1,118,952,073 NA 557,247,786 NA
26,308,280 -100.00% 1,118,952,073 NA 557,247,786 NA
426,492,193 -49.56% 677,149,760 1.77% 115,445,473 0.00%
277,282,210 -46.30% 1,507,524,126 20.81% 1,008,637,511 16.17%
- 0.00% 668,952,073 0.00% 107,247,786 0.00%
- NA 1,118,952,073 NA 557,247,786 NA
- NA 1,118,952,073 NA 557,247,786 NA
- NA 1,118,952,073 NA 557,247,786 NA
- 0.00% 668,952,073 0.00% 107,247,786 0.00%
- 0.00% 668,952,073 0.00% 107,247,786 0.00%
250,701,828 9.63% 1,116,173,501 -21.70% 2,060,674,953 17.13%
#VALUE! NA 1,118,952,073 NA 557,247,786 NA
239,765,994 -73.36% 949,797,886 94.32% 20,348,272 241.46%
228,138,908 -93.52% 1,022,640,159 508.96% 333,083,469 132.75%
228,138,908 -93.52% 1,022,640,159 508.96% 333,083,469 132.75%
13,127,048 -48.97% 1,104,138,786 8.31% 496,317,020 311.33%
13,127,048 -48.97% 1,104,138,786 8.31% 496,317,020 311.33%
14,699,899 -49.68% 1,116,664,979 -84.64% 361,182,331 8472.69%
6,729,500 -33.63% 1,117,970,681 -92.61% 551,233,962 512.79%
7,909,365 -100.00% 1,118,952,073 NA 557,247,786 NA
- NA 1,118,952,073 NA 482,247,786 NA
293,371 23.98% 1,117,827,803 -25.87% 555,852,613 24.10%
100,322 -51.23% 1,118,770,641 89.97% 557,133,118 -36.80%
254,082 -100.00% 1,118,952,073 NA 552,995,818 NA
1 -100.00% 1,118,952,073 NA 447,957,964 NA
902,123 127.35% 1,117,770,082 -26.61% 554,713,651 114.40%
869,523 NA 1,118,952,073 -100.00% 557,247,786 NA
- NA 1,118,563,184 NA 557,247,786 -100.00%
32,600 4.60% 1,118,158,971 7.03% 554,713,651 219.52%
17,053,561 71.06% 1,064,392,172 32.90% 463,346,401 72.11%
1,359,261 -100.00% 1,118,952,073 NA 534,368,613 NA
7,036,392 38.36% 1,085,944,015 30.05% 521,894,861 7.10%
785,255 34.26% 1,114,703,663 38.04% 553,119,704 -2.83%
- 0.00% 1,118,915,995 -97.84% 557,211,708 0.00%
10,591,175 3170.54% 1,101,684,718 58.05% 525,742,659 82.45%
1,755,823 -100.00% 1,118,952,073 NA 557,247,786 NA
1,755,823 -100.00% 1,118,952,073 NA 557,247,786 NA
571,696,666 45.37% 82,058,033 -34.44% 516,323,222 -10.61%
169,168,230 13.61% 3,770,420 -20.48% 468,741,725 -8.62%
169,168,230 13.61% 3,770,420 -20.48% 468,741,725 -8.62%
116,750,001 718.46% 1,072,081,866 -64.76% 510,377,579 0.00%
116,750,001 718.46% 1,072,081,866 -64.76% 510,377,579 0.00%
285,778,435 24108.33% 1,087,534,667 -89.05% 556,536,496 -97.74%
285,778,435 24108.33% 1,087,534,667 -89.05% 556,536,496 -97.74%
272,481,135 22986.57% 1,117,503,224 -99.47% 556,536,496 -50.91%
13,297,300 NA 1,088,983,516 125.37% 557,247,786 -100.00%
331,930,672 20.92% 251,212,221 -28.60% 1,093,919,280 20.51%
- NA 1,118,952,073 NA 557,247,786 NA
- 0.00% 846,035,975 36.46% 284,331,688 0.00%
- 0.00% 846,035,975 36.46% 284,331,688 0.00%
7,428,291 50.21% 1,091,343,725 24.24% 518,604,501 39.97%
7,428,291 50.21% 1,091,343,725 24.24% 518,604,501 39.97%
- 0.00% 1,118,952,073 -100.00% 557,247,786 NA
- 0.00% 1,118,952,073 -100.00% 557,247,786 NA
3,285,752 -5.75% 1,008,602,698 104.87% 380,453,393 60.21%
3,285,752 -5.75% 1,008,602,698 104.87% 380,453,393 60.21%
85,371,383 -38.42% 1,114,864,614 -97.01% 528,845,889 594.85%
85,371,383 -38.42% 1,114,864,614 -97.01% 528,845,889 594.85%
- 0.00% 668,952,073 0.00% 107,247,786 0.00%
- 0.00% 668,952,073 0.00% 107,247,786 0.00%
81,228,844 -7.99% 253,990,793 -7.57% 409,507,887 11.77%
250,701,828 9.63% 1,116,173,501 -21.70% 2,060,674,953 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

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

AUTONOMA FIANCIERA

GRADO DE APALANCAMIENTO
FINANCIERO 4.31 3.69 4.62 4.45 3.05 1.96
GAF

GRADO 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 DESPUS DE

IMPUESTOS KDT

8.79% 6.40% 5.33% 6.04% 7.28% 5.34%

COSTO DEL 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
Mayerly Concha Vallejo si 4
Diana Carolina Gomez
Yenny Guzman
Andrea Marcela Idrobo
Astrid Yulieth Villareal

COEVALUACIN
ESTUDIANTE EVALUADO ESTUDIANTE EVALUADOR
Diana Carolina Gmez Mayerly Concha Vallejo

INICIO
 ANTERIOR SIGUIENTE

PARTICIPACIN
VALUACIN
VALORACIN DE
OBSERVACIONES
LOS APORTES
s vdeos tutoriales 5
para la realizacin del trabajo individual; de manera minuciosa, lo cual me ha gene

ALUACIN
VALORACIN DE
OBSERVACIONES
LOS APORTES
observo que falta 4
por realizar algunos indicadores, en general lo que ha hecho contribuye al trabajo c

ANTERIOR SIGUIENTE
 INICIO ANTERIOR

INFORME DEL DIAGNSTICO FINANCIERO

Respecto al indicador fondo de maniobra o capital neto de trabajo; se observa que

respecto al ao 1, una vez pagado el pasivo corriente le queda para trabajar $14.0
cuanto al indicador de solvencia o razn corriente refleja que por cada peso que la emp
corto plazo cuenta en promedio en el ao 1, 98 pesos para cubrirlo. Respecto al indica
cida, establece que por cada peso que la empresa debe a corto plazo tiene 104 pesos
la deuda sin tener que vender los inventarios, en los 2 primeros aos no tendra la ca
cumplir oportunamente sus obligaciones, en los aos siguientes la liquidez mejora. E
margen bruta nos indica que por cada $ 100 que la empresa vende, se est generando
utilidad bruta para cubrir los gastos operacionales, en forma porcentual un 25%. E
indicador Margen Ebitda no indica que despus de cubrir los gastos operacionales
cuenta con el 7%, en los siguientes aos el desempeo operacional ha disminuido.
indicador Eva; valor econmico agregado, siendo uno de los ms importantes, d
negativo lo cual indica que desde el ao uno est destruyendo valor dispar
destruccin a partir del ao 3. El valor agregado que genera la empresa no es alentado
que tiene utilidades.
 BIBLIOGRAFA

INICIO ANTERIOR
 ANTERIOR SIGUIENTE

ANCIERO

ajo; se observa que la empresa

a para trabajar $14.077.367. En
cada peso que la empresa debe a
lo. Respecto al indicador prueba
plazo tiene 104 pesos para cubrir
aos no tendra la capacidad de
la liquidez mejora. En cuanto al
de, se est generando, $25,34 de
orcentual un 25%. En cuanto al
gastos operacionales la empresa
onal ha disminuido. Respecto al
ms importantes, da un valor
endo valor disparndose esta
mpresa no es alentador a pesar de
ANTERIOR SIGUIENTE
 INICIO

CONCLUSIONES Y RECOMENDACIONES

ESTUDIANTE: Mayerly Concha Vallejo

simples ventas, ya que el valor agregado debe ser positivo. Nos ensean que a la empresa hay que verla de forma detallada para saber a q

ESTUDIANTE:

ESTUDIANTE:

ESTUDIANTE:

ESTUDIANTE:

BIBLIOGRAFA
INICIO
 ANTERIOR

CIONES

orma detallada para saber a que realmente debemos poner atencin tanto interna y exteriomente; ya que dependiendo del sector donde s
ANTERIOR