Estado de Resultados ESTADO DE RESULTADOSAO 2015AO 2016AO 2017AO
2018VENTAS DE CONTADO$ 280,000,000$ 285,000,000$ 325,000,000$
285,000,000VENTAS A CREDITO$ 120,000,000$ 84,500,000$ 125,000,000$
95,000,000VENTAS BRUTAS TOTALES$ 400,000,000$ 369,500,000$
450,000,000$ 380,000,000DESCUENTOS$ 1,200,000$ 4,000,000$
4,200,000$ 4,200,000DEVOLUCIONES$ 3,000,000$ 2,500,0000.00.0VENTAS
NETAS$ 395,800,000$ 363,000,000$ 445,800,000$ 375,800,000COSTOS DE
VENTAS$ 117,500,000$ 150,000,000$ 165,000,000$ 165,000,000UTILIDAD
BRUTAS EN VENTAS$ 278,300,000$ 213,000,000$ 280,800,000$
210,800,000GASTOS ADMINISTRATIVOS$ 10,000,000$ 15,200,000$
10,609,000$ 10,609,000GASTOS DE VENTAS$ 8,000,0000.0$ 15,000,000$
10,000,000GASTOS DE PUBLICIDAD$ 5,000,000$ 6,540,000$ 8,546,000$
8,546,000GASTOS DE MERCADEO$ 20,000,000$ 18,500,000$ 15,750,000$
15,750,000GASTOS DE DEPRECIACION$ 7,000,000$ 7,000,000$ 7,000,000$
7,000,000GASTOS AMORTIZACION$ 10,000,000$ 10,000,000PROVISIONES DE
CXC $ 1,200,000$ 824,000$ 848,720$ 848,721UTILIDAD OPERATIVA$
217,100,000$ 154,936,000$ 223,046,280$ 158,046,279GASTOS
FINANCIEROS$ 1,378,958$ 875,182$ 344,655$ 344,656UTILIDAD ANTES DE
IMPUESTOS$ 215,721,042$ 154,060,818$ 222,701,625$
157,701,623IMPUESTOS $ 53,930,261$ 38,515,205$ 55,675,406$
39,425,406UTILIDAD NETA$ 161,790,782$ 115,545,614$ 167,026,219$
118,276,217
Balance GeneralACTIVOS AO 2014AO 2015AO 2016AO 2017ACTIVOS
CORRIENTESCAJA$ 150,000,000.00$ 367,233,735.20$ 480,213,209.81$
650,743,220.42CXC$ 12,000,000.00$ 8,240,000.00$
8,487,200.00INVENTARIO FINAL DE MATERIA PRIMA$ 10,000,000.00$
12,000,000.00$ 18,000,000.00INVENTARIO FINAL DE PRODUCTOS EN
PROCESOS$ 5,000,000.00$ 7,000,000.00$ 4,000,000.00INVENTARIO FINAL
DE PRODUCTO TERMINADOS$ 25,000,000.00$ 20,000,000.00$
28,000,000.00
PROVISIONES DE CXCTOTAL ACTIVOS CORRIENTES$ 150,000,000.00$
419,233,735.20$ 527,453,209.81$ 709,230,420.42ACTIVOS FIJOSPLANTA$
80,000,000.00$ 80,000,000.00$ 80,000,000.00$
80,000,000.00MAQUINARIA$ 30,000,000.00$ 30,000,000.00$
30,000,000.00$ 30,000,000.00DEP ACUMULADA$ 7,000,000.00$
14,000,000.00$ 21,000,000.00TOTAL ACTIVOS FIJOS$ 110,000,000.00$
103,000,000.00$ 96,000,000.00$ 89,000,000.00ACTIVOS
INTANGIBLESFRANQUICIAS$ 20,000,000.00$ 20,000,000.00$
20,000,000.00AMORTIZACION$ 10,000,000.00$ 20,000,000.00TOTAL
ACTIVOS INTANGIBLES$ 20,000,000.00$ 10,000,000.000.00.0TOTAL
ACTIVOS$ 280,000,000.00$ 532,233,735.20$ 623,453,209.81$
798,230,420.42PASIVOSPASIVOS CORRIENTESPROVEEDORES$ 36,000,000.00$
37,080,000.00$ 38,192,400.00PRESTAMOS$ 30,000,000.00$
20,512,692.85$ 10,521,609.680.0IMPUESTOS$ 53,930,260.59$
38,515,204.59$ 55,675,406.22TOTAL PASIVOS CORRIENTES$
30,000,000.00$ 110,442,953.43$ 86,116,814.27$
93,867,806.22PATRIMONIOCAPITAL$ 250,000,000.00$ 260,000,000.00$
260,000,000.00$ 260,000,000.00UTILIDAD DEL EJERCICIO$
161,790,781.76$ 115,545,613.77$ 167,026,218.66UTILIDAD EJERCICIOS
ANTERIORES$ 161,790,781.76$ 277,336,395.54TOTAL PATRIMONIO$
250,000,000.00$ 421,790,781.76$ 537,336,395.54$ 704,362,614.20TOTAL
PASIVOS MAS PATRIMONIO$ 280,000,000.00$ 532,233,735.20$
623,453,209.81$ 798,230,420.42DIFERENCIA0.0$ 0.00$ 0.00$ 0.00
Analisis Horizontal ESTADO DE RESULTADOSAO 2015AO 2016AO 2017Var
% Ao 2016 /Ao 2015Var % Ao 2016 /Ao 2015VENTAS DE CONTADO$
280,000,000.00$ 285,000,000.00$ 325,000,000.001.79%14.04%VENTAS A
CREDITO$ 120,000,000.00$ 84,500,000.00$
125,000,000.00-29.58%47.93%VENTAS BRUTAS TOTALES$ 400,000,000.00$
369,500,000.00$ 450,000,000.00-7.63%21.79%DESCUENTOS$ 1,200,000.00$
4,000,000.00$ 4,200,000.00233.33%5.00%DEVOLUCIONES$ 3,000,000.00$
2,500,000.000.0-16.67%-100.00%VENTAS NETAS$ 395,800,000.00$
363,000,000.00$ 445,800,000.00-8.29%22.81%COSTOS DE VENTAS$
117,500,000.00$ 150,000,000.00$ 165,000,000.0027.66%10.00%UTILIDAD
BRUTAS EN VENTAS$ 278,300,000.00$ 213,000,000.00$
280,800,000.00-23.46%31.83%GASTOS ADMINISTRATIVOS$ 10,000,000.00$
15,200,000.00$ 10,609,000.0052.00%-30.20%GASTOS DE VENTAS$
8,000,000.000.0$ 15,000,000.00-100.00%100.00%GASTOS DE PUBLICIDAD$
5,000,000.00$ 6,540,000.00$ 8,546,000.0030.80%30.67%GASTOS DE
MERCADEO$ 20,000,000.00$ 18,500,000.00$
15,750,000.00-7.50%-14.86%GASTOS DE DEPRECIACION$ 7,000,000.00$
7,000,000.00$ 7,000,000.000.00%0.00%GASTOS AMORTIZACION$
10,000,000.00$ 10,000,000.000.00%-100.00%PROVISIONES DE CXC $
1,200,000.00$ 824,000.00$ 848,720.00-31.33%3.00%UTILIDAD OPERATIVA$
217,100,000.00$ 154,936,000.00$ 223,046,280.00-28.63%43.96%GASTOS
FINANCIEROS$ 1,378,957.65$ 875,181.64$
344,655.12-36.53%-60.62%UTILIDAD ANTES DE IMPUESTOS$
215,721,042.35$ 154,060,818.36$
222,701,624.88-28.58%44.55%IMPUESTOS $ 53,930,260.59$
38,515,204.59$ 55,675,406.22-28.58%44.55%UTILIDAD NETA$
161,790,781.76$ 115,545,613.77$ 167,026,218.66-28.58%44.55%ACTIVOS
AO 2014AO 2015AO 2016AO 2017Var % Ao 2015 /Ao 2014Var % Ao 2016 /Ao
2017Var % Ao 2017 /Ao 2016ACTIVOS CORRIENTESCAJA$ 150,000,000.00$
367,233,735.20$ 480,213,209.81$
650,743,220.42144.82%-35.51%30.77%CXC$ 12,000,000.00$ 8,240,000.00$
8,487,200.00100.00%-3.00%-31.33%INVENTARIO FINAL DE MATERIA PRIMA$
10,000,000.00$ 12,000,000.00$
18,000,000.00100.00%-50.00%20.00%INVENTARIO FINAL DE PRODUCTOS EN
PROCESOS$ 5,000,000.00$ 7,000,000.00$
4,000,000.00100.00%42.86%40.00%INVENTARIO FINAL DE PRODUCTO
TERMINADOS$ 25,000,000.00$ 20,000,000.00$
28,000,000.00100.00%-40.00%-20.00%
PROVISIONES DE CXCTOTAL ACTIVOS CORRIENTES$ 150,000,000.00$
419,233,735.20$ 527,453,209.81$
709,230,420.42179.49%-34.46%25.81%ACTIVOS FIJOSPLANTA$
80,000,000.00$ 80,000,000.00$ 80,000,000.00$
80,000,000.000.00%0.00%0.00%MAQUINARIA$ 30,000,000.00$
30,000,000.00$ 30,000,000.00$ 30,000,000.000.00%0.00%0.00%DEP
ACUMULADA$ 7,000,000.00$ 14,000,000.00$
21,000,000.00100.00%-50.00%100.00%TOTAL ACTIVOS FIJOS$
110,000,000.00$ 103,000,000.00$ 96,000,000.00$
89,000,000.00-6.36%7.29%-6.80%ACTIVOS INTANGIBLESFRANQUICIAS$
20,000,000.00$ 20,000,000.00$
20,000,000.000.00%100.00%0.00%AMORTIZACION$ 10,000,000.00$
20,000,000.00100.00%100.00%100.00%TOTAL ACTIVOS INTANGIBLES$
20,000,000.00$ 10,000,000.000.00.0-50.00%100.00%-100.00%TOTAL
ACTIVOS$ 280,000,000.00$ 532,233,735.20$ 623,453,209.81$
798,230,420.4290.08%-28.03%17.14%PASIVOSPASIVOS
CORRIENTESPROVEEDORES$ 36,000,000.00$ 37,080,000.00$
38,192,400.00100.00%-3.00%3.00%PRESTAMOS$ 30,000,000.00$
20,512,692.85$ 10,521,609.680.0-31.62%100.00%-48.71%IMPUESTOS$
53,930,260.59$ 38,515,204.59$
55,675,406.22100.00%-44.55%-28.58%TOTAL PASIVOS CORRIENTES$
30,000,000.00$ 110,442,953.43$ 86,116,814.27$
93,867,806.22268.14%-9.00%-22.03%PATRIMONIOCAPITAL$ 250,000,000.00$
260,000,000.00$ 260,000,000.00$
260,000,000.004.00%0.00%0.00%UTILIDAD DEL EJERCICIO$
161,790,781.76$ 115,545,613.77$
167,026,218.66100.00%-44.55%-28.58%UTILIDAD EJERCICIOS ANTERIORES$
161,790,781.76$ 277,336,395.540.00%-71.42%100.00%TOTAL PATRIMONIO$
250,000,000.00$ 421,790,781.76$ 537,336,395.54$
704,362,614.2068.72%-31.08%27.39%TOTAL PASIVOS MAS PATRIMONIO$
280,000,000.00$ 532,233,735.20$ 623,453,209.81$
798,230,420.4290.08%-28.03%17.14%DIFERENCIA0.0$ 0.00$ 0.00$
0.00
Analisis VerticalESTADO DE RESULTADOSAO 2015% PartAO 2016%
PartAO 2017% PartVENTAS DE CONTADO$ 280,000,000.0070.00%$
285,000,000.0077.13%$ 325,000,000.0072.22%VENTAS A CREDITO$
120,000,000.0030.00%$ 84,500,000.0022.87%$
125,000,000.0027.78%VENTAS BRUTAS TOTALES$ 400,000,000.00100.00%$
369,500,000.00100.00%$ 450,000,000.00100.00%DESCUENTOS$
1,200,000.000.30%$ 4,000,000.001.08%$
4,200,000.000.93%DEVOLUCIONES$ 3,000,000.000.75%$
2,500,000.000.68%0.00.00%VENTAS NETAS$ 395,800,000.0098.95%$
363,000,000.0098.24%$ 445,800,000.0099.07%COSTOS DE VENTAS$
117,500,000.0029.38%$ 150,000,000.0040.60%$
165,000,000.0036.67%UTILIDAD BRUTAS EN VENTAS$
278,300,000.0069.58%$ 213,000,000.0057.65%$
280,800,000.0062.40%GASTOS ADMINISTRATIVOS$ 10,000,000.002.50%$
15,200,000.004.11%$ 10,609,000.002.36%GASTOS DE VENTAS$
8,000,000.002.00%0.00.00%$ 15,000,000.003.33%GASTOS DE PUBLICIDAD$
5,000,000.001.25%$ 6,540,000.001.77%$ 8,546,000.001.90%GASTOS DE
MERCADEO$ 20,000,000.005.00%$ 18,500,000.005.01%$
15,750,000.003.50%GASTOS DE DEPRECIACION$ 7,000,000.001.75%$
7,000,000.001.89%$ 7,000,000.001.56%GASTOS AMORTIZACION$
10,000,000.002.50%$ 10,000,000.002.71%0.00%PROVISIONES DE CXC $
1,200,000.000.30%$ 824,000.000.22%$ 848,720.000.19%UTILIDAD
OPERATIVA$ 217,100,000.0054.28%$ 154,936,000.0041.93%$
223,046,280.0049.57%GASTOS FINANCIEROS$ 1,378,957.650.34%$
875,181.640.24%$ 344,655.120.08%UTILIDAD ANTES DE IMPUESTOS$
215,721,042.3553.93%$ 154,060,818.3641.69%$
222,701,624.8849.49%IMPUESTOS $ 53,930,260.5913.48%$
38,515,204.5910.42%$ 55,675,406.2212.37%UTILIDAD NETA$
161,790,781.7640.45%$ 115,545,613.7731.27%$
167,026,218.6637.12%ACTIVOS AO 2014% PartAO 2015% PartAO 2016%
PartAO 2017% partACTIVOS CORRIENTESCAJA$ 150,000,000.0054%$
367,233,735.2069%$ 480,213,209.8177%$ 650,743,220.4282%CXC$
12,000,000.002%$ 8,240,000.001%$ 8,487,200.001%INVENTARIO FINAL DE
MATERIA PRIMA$ 10,000,000.002%$ 12,000,000.002%$
18,000,000.002%INVENTARIO FINAL DE PRODUCTOS EN PROCESOS$
5,000,000.001%$ 7,000,000.001%$ 4,000,000.001%INVENTARIO FINAL DE
PRODUCTO TERMINADOS$ 25,000,000.005%$ 20,000,000.003%$
28,000,000.004%0%0%0%PROVISIONES DE CXC0%0%0%TOTAL ACTIVOS
CORRIENTES$ 150,000,000.00$ 419,233,735.2079%$ 527,453,209.8185%$
709,230,420.4289%ACTIVOS FIJOS0%0%0%PLANTA$ 80,000,000.0029%$
80,000,000.0015%$ 80,000,000.0013%$ 80,000,000.0010%MAQUINARIA$
30,000,000.0011%$ 30,000,000.006%$ 30,000,000.005%$
30,000,000.004%DEP ACUMULADA0%$ 7,000,000.001%$ 14,000,000.002%$
21,000,000.003%TOTAL ACTIVOS FIJOS$ 110,000,000.0039%$
103,000,000.0019%$ 96,000,000.0015%$ 89,000,000.0011%ACTIVOS
INTANGIBLES0%0%0%0%FRANQUICIAS$ 20,000,000.007%$ 20,000,000.004%$
20,000,000.003%0%AMORTIZACION0%$ 10,000,000.002%$
20,000,000.003%0%TOTAL ACTIVOS INTANGIBLES$ 20,000,000.007%$
10,000,000.002%0.00%0.00%TOTAL ACTIVOS$ 280,000,000.00100%$
532,233,735.20100%$ 623,453,209.81100%$
798,230,420.42100%PASIVOSPASIVOS CORRIENTESPROVEEDORES$
36,000,000.0032.60%$ 37,080,000.0043.06%$
38,192,400.0040.69%PRESTAMOS$ 30,000,000.00100.0%$
20,512,692.8518.57%$ 10,521,609.6812.22%0.00.00%IMPUESTOS$
53,930,260.5948.83%$ 38,515,204.5944.72%$ 55,675,406.2259.31%TOTAL
PASIVOS CORRIENTES$ 30,000,000.0010.71%$ 110,442,953.4320.75%$
86,116,814.2713.81%$ 93,867,806.2211.76%PATRIMONIOCAPITAL$
250,000,000.0089.29%$ 260,000,000.0048.85%$ 260,000,000.0041.70%$
260,000,000.0032.57%UTILIDAD DEL EJERCICIO$ 161,790,781.7630.40%$
115,545,613.7718.53%$ 167,026,218.6620.92%UTILIDAD EJERCICIOS
ANTERIORES0.00%$ 161,790,781.7625.95%$ 277,336,395.5434.74%TOTAL
PATRIMONIO$ 250,000,000.00$ 421,790,781.7679.25%$
537,336,395.5486.19%$ 704,362,614.2088.24%TOTAL PASIVOS MAS
PATRIMONIO$ 280,000,000.00$ 532,233,735.20$ 623,453,209.81$
798,230,420.42DIFERENCIA0.0$ 0.00$ 0.00$ 0.00
IndicadoresIndicadoresAO 2014AO 2015AO 2016AO 2017Razon
Corriente5.003.806.127.56Capital de Trabajo$ 120,000,000.00$
308,790,781.77$ 441,336,395.54$ 615,362,614.20Prueba
Acida5.003.335.586.93Margen Bruto de
Utilidad69.58%57.65%62.40%Margen Operacional de
Utilidad54.28%41.93%49.57%Margen
Neto40.45%31.27%37.12%ROI30.40%18.53%20.92%ROE38.36%21.50%23.71%Nivel
de Endeudamiento10.71%20.75%13.81%11.76%10.71%Impacto de la Carga
Financiera0.34%0.24%0.08%Cobertura de
intereses157.44177.03647.16Rotacion de Cuentas por Cobrar
Dias184324Rotacion de Inventarios de PT153216209Pago de
Proveedores221351328Ciclo de Caja en dias(49)(92)(95)Rotacion de
Activos Totales252519499
