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INTRODUCCION
La
Compaa
Cerveceras
Unidas
(CCU),
es
una
empresa
Poder de
negociacin de los
Proveedores
Los Proveedores no
tienen gran poder de
negociacin
Mercado muy
pequeo
Vinos
Cervezas
Amenazas de servicios
sustitutos
Consumidor Final
Hipermercados
Distribuidores
Independientes
FODA
FORTALEZAS
OPORTUNIDADES
DEBILIDADES
AMENAZAS
Alta disponibilidad y
calidad de materia
prima.
Entrada de nuevos
competidores.
Trmino de relacin
con clientes
independientes.
Tendencia a una
desestacionalizacin
del consumo.
Adecuada localizacin
de la industria con
respecto a los centros
de consumo.
Moderna tecnologa de
elaboracin.
Alta calidad del
producto.
Desarrollo en la
diferenciacin de
productos y
presentaciones.
Adecuada articulacin
en toda la cadena.
Fortalecimiento del
Mercosur.
Posibilidades de
exportar productos
exticos.
Empresas cerveceras
artesanalesemergente
s, presentes en
diversasprovincias del
pas.
Aparicin de nuevas
bebidas de bajo
costoen mayores
cantidades pero de
baja calidad.
Otros tipos de
bebestibles
alcohlicos, comopisco
y ron.
Cambios de polticas
de los grandes
clientes.
ACTIVOS
BALANCE CLASIFICADO CCU.
AO 2010
% del total
AO 2011
% del total
AO 2012
% del total
ACTIVOS CORRIENTES
efectivo y equivalente al efectivo
$151.614.300
13,16%
$177.664.378
13,68%
$102.337.275
7,72%
$2.328.952
0,20%
$3.943.959
0,30%
$1.380.474
0,10%
$9.489.913
0,82%
$11.565.924
0,89%
$16.376.293
1,23%
$153.013.546
13,29%
$193.065.162
14,87%
$204.570.870
15,42%
$6.833.634
0,59%
$9.948.206
0,77%
$9.611.990
0,72%
$108.353.258
9,41%
$128.535.184
9,90%
$141.910.972
10,70%
$14.150.987
1,23%
$17.277.288
1,33%
$19.287.830
1,45%
$445.784.590
38,71%
$542.036.101
41,74%
$495.475.704
37,35%
$497.324
0,04%
$509.675
0,04%
$412.332
0,03%
$497.324
0,04%
$509.675
0,04%
$412.332
0,03%
$446.281.914
38,75%
$542.545.776
41,78%
$495.888.036
37,38%
$15.813
0,00%
$194.669
0,01%
$65.541
0,00%
$8.826.744
0,77%
$2.996.836
0,23%
$23.239.482
1,75%
$444.685
0,04%
$418.922
0,03%
$414.115
0,03%
$42.596.043
3,70%
$39.923.677
3,07%
$17.326.391
1,31%
$34.982.221
3,04%
$41.173.260
3,17%
$58.669.967
4,42%
Plusvala
$67.761.406
5,88%
$69.441.207
5,35%
$70.055.369
5,28%
$508.162.219
44,12%
$556.949.110
42,89%
$612.328.661
46,16%
$16.668.630
1,45%
$18.320.548
1,41%
$18.105.213
1,36%
$7.403.275
0,64%
$7.720.575
0,59%
$6.560.046
0,49%
$18.546.061
1,61%
$18.806.779
1,45%
$23.794.919
1,79%
$705.407.097
61,25%
$755.945.583
58,22%
$830.559.704
62,62%
100,00% $1.298.491.359
100,00%
$1.326.447.740
100,00%
Propiedades de inversin
Activos por impuestos diferidos
Total activos no corrientes
TOTAL ACTIVOS
$1.151.689.011
PASIVOS
PASIVOS CORRIENTES
Otros pasivos financiero
Ao 2010
Ao 2011
Ao 2012
$12.821.855
2,39%
$76.105.061
12,40%
$54.874.267
8,91%
$135.391.623
25,23%
$165.553.288
26,98%
$165.392.448
26,85%
$7.428.103
1,38%
$8.811.500
1,44%
$8.013.545
1,30%
$992.811
0,19%
$1.169.126
0,19%
$401.849
0,07%
$8.290.713
1,55%
$16.761.406
2,73%
$7.096.722
1,15%
$11.061.052
2,06%
$13.906.409
2,27%
$15.901.531
2,58%
$60.963.923
11,36%
$68.463.924
11,16%
$62.849.254
10,20%
$236.958.080
44,16%
$350.770.714
57,16%
$314.529.616
51,07%
$220.145.167
41,02%
$170.955.440
27,86%
$209.122.735
33,95%
$724.930
0,12%
$620.868
0,12%
$2.484.790
0,40%
$2.391.810
0,39%
$11.139.891
2,08%
$13.824.021
2,25%
$1.493.280
0,24%
$53.454.015
9,96%
$60.147.021
9,80%
$74.495.941
12,09%
$14.297.403
2,66%
$15.523.711
2,53%
$13.171.142
2,14%
$299.657.344
55,84%
$262.934.983
42,84%
$301.399.838
48,93%
TOTAL PASIVOS
Patrimonio atribuible a los propietarios de la
controladora
$536.615.424
100,00%
$613.705.697
100,00%
$615.929.454
100,00%
Capital emitido
$231.019.592
37,56%
$231.019.592
33,74%
$231.019.592
32,51%
Otras reservas
$ -37.119.228
-6,03%
$ -35.173.607
-5,14%
$ -48.146.228
-6,78%
Resultados acumulados
$311.754.755
50,69%
$373.129.952
54,49%
$430.346.315
60,57%
$505.654.519
82,21%
$568.975.937
83,09%
$613.219.679
86,31%
Participaciones minoritarias
$109.419.068
17,79%
$115.809.725
16,91%
$97.298.607
13,69%
TOTAL PATRIMONIO
$615.073.587
100,00%
$684.785.662
100,00%
$710.518.286
100,00%
$1.151.689.011
$1.298.491.359
$1.326.447.740
ESTADOS DE RESULTADOS
AO 2010
% del total
AO 2011
% del total
AO 2012
% del total
$838.258.327
100,00%
$969.550.671
100,00%
$1.075.689.894
100,00%
$ -383.812.866
-45,79%
$ -450.563.274
-46,47%
$ -493.087.247
-45,84%
$454.445.461
54,21%
$518.987.397
53,53%
$582.602.647
54,16%
$2.432.003
0,29%
$8.022.806
0,83%
$5.584.572
0,52%
$ -129.079.325
-15,40%
$ -150.071.122
-15,48%
$ -186.588.731
-17,35%
Gastos de Administracin
$ -63.995.182
-7,63%
$ -77.095.019
-7,95%
$ -85.387.566
-7,94%
$ -108.544.472
-12,95%
$ -121.989.203
-12,58%
$ -135.022.711
-12,55%
$155.258.485
18,52%
$177.854.859
18,34%
$181.188.211
16,84%
$6.790.933
0,81%
$12.905.374
1,33%
$162.049.418
19,33%
$190.760.233
19,68%
$181.188.211
16,84%
$2.380.886
0,28%
$7.076.849
0,73%
$7.692.672
0,72%
$ -10.668.587
-1,27%
$ -14.410.911
-1,49%
$ -17.054.879
-1,59%
$966.122
0,12%
$1.069.311
0,11%
$ -177.107
-0,02%
Diferencias de Cambio
$ -1.400.700
-0,17%
$ -1.078.604
-0,11%
$ -1.022.839
-0,10%
$ -5.079.737
-0,61%
$ -6.734.379
-0,69%
$ -5.057.807
-0,47%
$ -654.683
-0,08%
$3.010.058
0,31%
$ -4.478.021
-0,42%
$147.592.719
17,61%
$179.692.557
18,53%
$161.090.230
14,98%
$ -27.656.049
-3,30%
$ -44.890.356
-4,63%
$ -37.133.330
-3,45%
$119.936.670
14,31%
$134.802.201
13,90%
$123.956.900
11,52%
Costo de Ventas
Margen bruto
otros ingresos, por funcin
Gastos de Distribucin
2010%
2011
2011%
2012
2012%
Activos
$1.151.689.011
100,0%
$1.298.491.359
100,0%
$1.326.447.740
100,0%
Pasivos
$536.615.424
46,6%
$613.705.697
47,3%
$615.929.454
46,4%
Patrimonio
$615.073.587
53,4%
$684.785.662
52,7%
$710.518.286
53,6%
GRFICAS
P0
1
$200.000.000
$200.000.000
2
$230.000.000
$230.000.000
3
$264.500.000
$264.500.000
4
$304.175.000
$304.175.000
5
$349.801.250
$349.801.250
Egresos
CF
CV
GAV
Depreciacin
Amort Intangibles
$20.000.000
$60.000.000
$20.000.000
$12.921.964
$15.000.000
$23.000.000
$92.000.000
$20.000.000
$12.921.964
$15.000.000
$26.450.000
$105.800.000
$20.000.000
$12.921.964
$15.000.000
$30.417.500
$121.670.000
$20.000.000
$12.921.964
$34.980.125
$139.920.500
$20.000.000
$12.921.964
$127.921.964
$162.921.964
$180.171.964
$185.009.464
$207.822.589
$72.078.036
$14.415.607
$67.078.036
$13.415.607
$84.328.036
$16.865.607
$119.165.536
$23.833.107
$141.978.661
$28.395.732
$57.662.429
$53.662.429
$67.462.429
$95.332.429
$113.582.929
Depreciacin
Amortizacion Intangibles
KT
AF
Intangibles
$12.921.964
$15.000.000
$12.921.964
$15.000.000
$12.921.964
$15.000.000
$12.921.964
$12.921.964
Total Egresos
$75.000.000
$180.000.000
$45.000.000
$75.000.000
Valor de recupero
Flujo Neto
Van
$62.290.179
$300.000.000
$85.584.393
$81.584.393
$95.384.393
$108.254.393
$126.504.893
-$300.000.000
$72.609.140
$58.721.957
$58.246.183
$56.083.149
$55.602.063
VAN
$1.262.492
Flujo Financiado
Flujo Financiado
0
FNC
$300.000.000 $85.584.393
Prestamo
$108.000.000
Amort de Prestamo
Interes
$18.045.985
$9.720.000
Calculo de
5 WACC
$126.504.89
$81.584.393 $95.384.393 $108.254.393
3
0,140288
2
$19.670.124 $21.440.435
$8.095.861
$6.325.550
$23.370.074 $25.473.381
$4.395.911
$2.292.604
Beneficio Tributario
$11.563.682
$10.763.682 $13.523.682
$16.097.682 $19.747.782
Flujo neto
$69.382.089
$64.582.089 $81.142.089
$96.586.089 $118.486.689
$ -192.000.000 $60.846.110
$49.668.721 $54.727.111
$57.128.966 $61.460.600
VAN
VAN
$91.831.508
$91.831.508