Analisis

Formulario
BALANCE GENERAL
2004
Cuenta PRESENTE
EJERCICIO (MILES
DE PESOS $)
1105 CAJA $92.438

1110 BANCOS $187.924
1120 CUENTAS DE AHORRO $40.978
11 SUBTOTAL DISPONIBLE $321.340
12 INVERSIONES (ANEXO 7) $62.657
1305 CLIENTES (ANEXO 8) $10,189.200
1310 CUENTAS CORRIENTES COMERCIALES (CP)
1325 CUENTAS POR COBRAR A SOCIOS Y ACCIONISTAS (CP)
1330 ANTICIPOS Y AVANCES (CP) $327.500
1335 DEPÓSITOS (CP) $0.740
1355 ANTICIPO DE IMPTOS. Y CONTRIB.O SALDOS A FAVOR (CP) $1,005.768
1365 CUENTAS POR COBRAR A TRABAJADORES (CP) $508.593
1380 DEUDORES VARIOS (CP) $23.446
1399 PROVISIONES (CP)
13 SUBTOTAL DEUDORES (CP) $12,055.247
1405 MATERIAS PRIMAS (ANEXO 2,17) $1,689.787
1410 PRODUCTOS EN PROCESO (ANEXO 2) $890.359
1430 PRODUCTOS TERMINADOS (ANEXO 2) $1,093.836
1435 M/CÍAS NO FABRICADAS POR LA EMP.(ANEXO 2) $1,952.864
1455 MATERIALES, REPUESTOS Y ACCESORIOS (CP) $903.735
1460 ENVASES Y EMPAQUES (CP) $36.785
1465 INVENTARIOS EN TRÁNSITO (CP) $400.377
14 SUBTOTAL INVENTARIOS (CP) $6,967.743
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1705 GASTOS PAGADOS POR ANTICIPADO (CP) $25.333
1710 CARGOS DIFERIDOS (CP) $90.516
17 SUBTOTAL DIFERIDO (CP) $115.849
TOTAL ACTIVO CORRIENTE $19,522.836
15 PROPIEDADES PLANTA Y EQUIPO(ANEXO 9) $10,645.800
1610 MARCAS $2.516
1625 DERECHOS
1635 LICENCIAS
1698 AMORTIZACIÓN ACUMULADA
16 SUBTOTAL INTANGIBLES $2.516
1905 DE INVERSIONES $0.293
1910 DE PROPIEDADES PLANTA Y EQUIPO (ANEXO 9) $842.710
19 SUBTOTAL VALORIZACIONES $843.003
TOTAL ACTIVO NO CORRIENTE $11,491.319
TOTAL ACTIVO $31,014.155
21 OBLIGACIONES FINANCIERAS (ANEXO10) (CP) $12,616.272
22 PROVEEDORES (ANEXO 10) (CP) $3,885.854
2335 COSTOS Y GASTOS POR PAGAR (CP) $766.912
2355 DEUDAS CON ACCIONISTAS O SOCIOS (CP) $11.656
2360 DIVIDENDOS O PARTICIPACIONES POR PAGAR (CP) $36.300
2365 RETENCIÓN EN LA FUENTE (CP) $151.660
2367 IMPUESTO A LAS VENTAS RETENIDO (CP) $56.598
2368 IMPUESTO DE INDUSTRIA Y COMERCIO RETENIDO (CP)
2370 RETENCIONES Y APORTES DE NÓMINA (CP) $249.962
23 SUBTOTAL CUENTAS POR PAGAR (CP) $1,273.088
24 IMPUESTOS GRAVÁMENES Y TASAS (CP) $375.217
25 OBLIGACIONES LABORALES (CP) $739.453
2630 PARA MANTENIMIENTO Y REPARACIONES (CP)
26 SUBTOTAL PASIVOS ESTIMAD. Y PROVIS. (CP)
2805 ANTICIPOS Y AVANCES RECIBIDOS (CP)
28 SUBTOTAL OTROS PASIVOS (CP)
TOTAL PASIVO CORRIENTE $18,889.884
21 OBLIGACIONES FINANCIERAS (ANEXO10) $580.309
TOTAL PASIVO NO CORRIENTE $580.309
TOTAL PASIVO $19,470.193
3105 CAPITAL SUSCRITO Y PAGADO (ANEXO 12) $22.000
31 SUBTOTAL CAPITAL SOCIAL $22.000
3205 PRIMA EN COLOC.ACC,CUOTAS O PARTES DE INT. SOCIAL $790.000
32 SUBTOTAL SUPERÁVIT DE CAPITAL $790.000
33 RESERVAS (ANEXO 11) $4,797.695
34 REVALORIZACIÓN DEL PATRIMONIO $4,027.510
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36 RESULTADOS DEL EJERCICIO $718.846
3705 UTILIDADES ACUMULADAS
37 RESULTADOS DE EJERCICIOS ANTERIORES $344.907
38 SUPERÁVIT POR VALORIZACIONES $843.004
TOTAL PATRIMONIO $11,543.962
TOTAL PASIVO Y PATRIMONIO $31,014.155
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2005 2006 2007 2008
PRESENTE PRESENTE PRESENTE PRESENTE

EJERCICIO (MILES EJERCICIO (MILES EJERCICIO (MILES EJERCICIO (MILES
DE PESOS $) DE PESOS $) DE PESOS $) DE PESOS $)
$136.370 $216.798 $215.520 $42.385

$87.990 $66.560 $498.655 $222.955
$158.674 $2.510 $174.393 $80.062
$383.034 $285.868 $888.568 $345.402
$58.878 $7.171 $33.505 $89.999
$11,801.359 $14,913.138 $16,902.477 $20,768.112
$0.027
$13.522 $12.292
$248.600 $861.593 $242.080 $225.313
$0.740 $0.740 $0.740
$631.873 $1,065.737 $1,526.454 $1,471.215
$596.231 $672.463 $848.619 $846.957
$37.665 $41.242 $327.086 $432.634
$13,329.990 $17,567.205 $19,847.456 $23,744.258

$3,166.622 $2,911.824 $4,781.853 $4,066.456
$1,267.579 $2,047.805 $2,580.121 $1,845.800
$1,312.925 $1,434.024 $1,740.299 $2,290.809
$1,585.086 $2,033.569 $2,062.607 $3,899.724
$849.771 $832.819 $1,262.790 $1,364.220
$49.778 $49.399 $67.375 $95.434
$707.424 $2,047.196 $2,048.118 $2,854.815
$8,939.185 $11,356.636 $14,543.163 $16,417.258
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$50.493 $46.360 $128.198 $231.270
$307.922 $139.394 $408.227 $192.404
$358.415 $185.754 $536.425 $423.674
$23,069.502 $29,402.634 $35,849.117 $41,020.591
$11,856.502 $16,396.059 $20,926.826 $19,799.451
$2.646 $4.141 $4.777 $4.777
$2,866.457 $2,866.457
$313.996 $607.459
$2.646 $4.141 $2,557.238 $2,263.775
($1.499)
$1,553.912 $1,553.915 $1,553.915 $4,456.332
$1,552.413 $1,553.915 $1,553.915 $4,456.332
$13,411.561 $17,954.115 $25,037.979 $26,519.558
$36,481.063 $47,356.749 $60,887.096 $67,540.149
$10,142.100 $11,460.548 $12,484.978 $19,114.264
$5,815.505 $9,970.820 $12,415.828 $11,686.997
$872.553 $1,239.107 $2,523.997 $1,945.543
$392.768 $680.846
$38.841 $42.724 $46.999 $51.711
$166.596 $172.225 $209.736 $237.675
$44.813 $48.402 $66.134 $64.868
$306.857 $353.608 $434.380 $492.986

$1,429.660 $1,856.066 $3,674.014 $3,473.629
$343.550 $169.455 $295.448 $697.972
$858.964 $1,003.987 $1,202.413 $1,371.797
$195.259 $155.364 $543.798 $290.770

$195.259 $155.364 $543.798 $290.770
$18,785.038 $24,616.240 $30,616.479 $36,635.429
$3,371.761 $6,834.622 $12,545.042 $9,749.557
$3,371.761 $6,834.622 $12,545.042 $9,749.557
$22,156.799 $31,450.862 $43,161.521 $46,384.986
$22.000 $22.000 $22.000 $22.000
$22.000 $22.000 $22.000 $22.000
$790.000 $790.000 $790.000 $790.000
$790.000 $790.000 $790.000 $790.000
$5,257.599 $6,775.045 $7,686.126 $10,019.373
$4,570.531 $5,140.066 $4,967.843 $4,795.619
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$1,885.680 $1,378.823 $2,683.698 $1,049.844
$21.975 $21.994
$246.041 $246.041 $21.975 $21.994
$1,552.413 $1,553.912 $1,553.933 $4,456.333
$14,324.264 $15,905.887 $17,725.575 $21,155.163
$36,481.063 $47,356.749 $60,887.096 $67,540.149
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2009 2010 2011 2012

EJERCICIO (MILES EJERCICIO (MILES EJERCICIO (MILES EJERCICIO (MILES
DE PESOS $) DE PESOS $) DE PESOS $) DE PESOS $)
$117.140 $297.222 $218.153 $122.582

$708.004 $666.469 $349.512 $565.596
$99.398 $94.553 $142.913 $66.050
$924.542 $1,058.244 $710.578 $754.228
$1,435.417 $375.241 $1,465.758 $157.769
$20,637.653 $23,504.165 $23,356.819 $25,821.677
$82.171 $526.608 $3,698.225 $568.463
$1,005.521 $1,456.531 $520.750 $850.005

$751.247 $826.297 $776.321 $695.951
$292.548 $363.512 $376.165 $211.397
$22,769.140 $26,677.113 $28,728.280 $28,147.493

$4,313.468 $6,748.277 $6,406.706 $7,538.954
$2,584.363 $2,518.049 $5,335.929 $4,744.902
$2,102.028 $2,613.619 $3,128.667 $3,092.941
$4,580.365 $2,583.804 $3,023.944 $2,748.380
$1,133.781 $896.542 $941.498 $1,876.842
$123.561 $107.497 $105.703 $71.941
$1,493.213 $3,541.804 $3,914.885 $2,136.258
$16,330.779 $19,009.592 $22,857.332 $22,210.218
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$168.334 $234.863 $61.257 $71.402
$429.019 $295.596 $360.743 $815.199
$597.353 $530.459 $422.000 $886.601
$42,057.231 $47,650.649 $54,183.948 $52,156.309
$19,251.434 $21,808.796 $22,786.671 $33,842.805
$4.777 $4.776 $4.777 $4.777
$2,866.457 $2,798.299 $6,742.305
$719.017
$900.922 $1,128.855 $829.899
$1,970.312 $1,674.220 $5,917.183 $723.794
$4,456.333 $4,456.333 $8,925.350 $8,925.350

$4,456.333 $4,456.333 $8,925.350 $8,925.350
$25,678.079 $27,939.349 $37,629.204 $43,491.949
$67,735.310 $75,589.998 $91,813.152 $95,648.258
$19,781.920 $21,883.941 $18,876.147 $21,790.000
$14,583.103 $15,759.795 $18,293.570 $16,854.599
$1,509.985 $2,191.282 $2,901.351 $2,451.568
$880.246 $101.427 $405.093 $1,675.378
$37.997 $494.443 $72.985
$247.418 $289.664 $341.797 $262.467
$77.307 $84.820 $103.753 $90.080
$0.073 $2.899 $2.371
$585.250 $732.340 $733.121 $824.572
$3,338.203 $3,894.049 $4,488.014 $5,379.421
$944.592 $881.108 $1,047.667 $1,022.284
$1,455.635 $1,718.253 $1,893.609 $2,029.294
$284.135
$284.135
$689.913 $482.382 $618.535
$689.913 $482.382 $618.535
$40,793.366 $44,619.528 $44,883.142 $47,694.133
$3,708.997 $1,277.000 $9,051.000 $7,527.000
$3,708.997 $1,277.000 $9,051.000 $7,527.000
$44,502.363 $45,896.528 $53,934.142 $55,221.133
$22.000 $3,960.000 $3,960.000 $3,960.000
$22.000 $3,960.000 $3,960.000 $3,960.000
$790.000 $3,019.592 $3,019.592 $3,019.592
$790.000 $3,019.592 $3,019.592 $3,019.592
$10,841.221 $12,557.783 $17,316.640 $20,636.064
$4,623.395 $873.175 $654.881 $436.588
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$2,499.998 $4,826.584 $4,002.545 $3,449.384
$4,456.333 $4,456.336 $8,925.352 $8,925.497

$23,232.947 $29,693.470 $37,879.010 $40,427.125
$67,735.310 $75,589.998 $91,813.152 $95,648.258
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2013 2014
PRESENTE PRESENTE
EJERCICIO (MILES EJERCICIO (MILES
DE PESOS $) DE PESOS $)
$107.032 $25.680
$699.667 $667.499
$236.947 $861.331
$1,043.646 $1,554.510
$498.534
$29,848.412 $33,241.451
$314.444 $279.184
$1,403.252
$1,710.562
$686.042 $685.686
$203.746 $152.260
$33.753
$32,729.453 $35,761.833
$10,439.991 $10,204.646
$3,672.292 $4,620.157
$4,115.308 $3,824.710
$3,944.915 $3,319.736
$1,627.258 $1,360.208
$100.985 $79.288
$4,323.988 $7,617.272
$28,224.737 $31,026.017
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$79.037 $90.478
$79.037 $90.478
$62,575.407 $68,432.838
$32,010.877 $35,589.373
$1,018.577 $375.750
$1,018.577 $375.750
$8,925.350 $8,592.923
$8,925.350 $8,592.923
$41,954.804 $44,558.046
$104,530.211 $112,990.884
$24,215.672 $20,802.000
$21,648.888 $26,836.739
$3,361.403 $3,304.902
$1,699.516 $162.697
$76.461 $72.510
$182.433 $337.115
$26.756 $42.835
$3.185 $3.999
$720.806 $18.911
$6,070.560 $3,942.969
$716.252 $907.615
$2,283.907 $2,432.635
$806.246 $697.082
$806.246 $697.082
$55,741.525 $55,619.040
$6,872.251 $10,689.299
$6,872.251 $10,689.299
$62,613.776 $66,308.339
$3,960.000 $4,320.000
$3,960.000 $4,320.000
$3,019.592 $6,609.592
$3,019.592 $6,609.592
$23,588.403 $25,296.155
$218.294
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$2,204.796 $1,863.874
$8,925.350 $8,592.924
$41,916.435 $46,682.545
$104,530.211 $112,990.884
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BA
2004
PRESENT 2005
PRESENT 2006
PRESENT
E E E
Cuenta EJERCICIO EJERCICIO EJERCICIO
(MILES (MILES (MILES
DE PESOS DE PESOS DE PESOS
$) $) $)
1105 CAJA $92.438 $136.370 $216.798
1110 BANCOS $187.924 $87.990 $66.560
1120 CUENTAS DE AHORRO $40.978 $158.674 $2.510
11 SUBTOTAL DISPONIBLE $321.340 $383.034 $285.868

12 INVERSIONES (ANEXO 7) $62.657 $58.878 $7.171
1305 CLIENTES (ANEXO 8) ### ### ###
1310 CUENTAS CORRIENTES COMERCIALES (CP)
1325 CUENTAS POR COBRAR A SOCIOS Y ACCIONISTAS (CP) $13.522 $12.292
1330 ANTICIPOS Y AVANCES (CP) $327.500 $248.600 $861.593
1335 DEPÓSITOS (CP) $0.740 $0.740 $0.740
1355 ANTICIPO DE IMPTOS. Y CONTRIB.O SALDOS A FAVOR

### $631.873 ###
(CP)
1365 CUENTAS POR COBRAR A TRABAJADORES (CP) $508.593 $596.231 $672.463
1380 DEUDORES VARIOS (CP) $23.446 $37.665 $41.242
1399 PROVISIONES (CP)
13 SUBTOTAL DEUDORES (CP) ### ### ###
1405 MATERIAS PRIMAS (ANEXO 2,17) ### ### ###
1410 PRODUCTOS EN PROCESO (ANEXO 2) $890.359 ### ###
1430 PRODUCTOS TERMINADOS (ANEXO 2) ### ### ###
1435 M/CÍAS NO FABRICADAS POR LA EMP.(ANEXO 2) ### ### ###

1455 MATERIALES, REPUESTOS Y ACCESORIOS (CP) $903.735 $849.771 $832.819
1460 ENVASES Y EMPAQUES (CP) $36.785 $49.778 $49.399
1465 INVENTARIOS EN TRÁNSITO (CP) $400.377 $707.424 ###
14 SUBTOTAL INVENTARIOS (CP) ### ### ###
1705 GASTOS PAGADOS POR ANTICIPADO (CP) $25.333 $50.493 $46.360
1710 CARGOS DIFERIDOS (CP) $90.516 $307.922 $139.394
17 SUBTOTAL DIFERIDO (CP) $115.849 $358.415 $185.754
TOTAL ACTIVO CORRIENTE ### ### ###
15 PROPIEDADES PLANTA Y EQUIPO(ANEXO 9) ### ### ###
1610 MARCAS $2.516 $2.646 $4.141

1625 DERECHOS
1635 LICENCIAS
1698 AMORTIZACIÓN ACUMULADA
16 SUBTOTAL INTANGIBLES $2.516 $2.646 $4.141
1905 DE INVERSIONES $0.293 ($1.499)
1910 DE PROPIEDADES PLANTA Y EQUIPO (ANEXO 9) $842.710 ### ###
19 SUBTOTAL VALORIZACIONES $843.003 ### ###
TOTAL ACTIVO NO CORRIENTE ### ### ###

TOTAL ACTIVO ### ### ###
21 OBLIGACIONES FINANCIERAS (ANEXO10) (CP) ### ### ###
22 PROVEEDORES (ANEXO 10) (CP) ### ### ###
2335 COSTOS Y GASTOS POR PAGAR (CP) $766.912 $872.553 ###
2355 DEUDAS CON ACCIONISTAS O SOCIOS (CP) $11.656
2360 DIVIDENDOS O PARTICIPACIONES POR PAGAR (CP) $36.300 $38.841 $42.724
2365 RETENCIÓN EN LA FUENTE (CP) $151.660 $166.596 $172.225
2367 IMPUESTO A LAS VENTAS RETENIDO (CP) $56.598 $44.813 $48.402
2368 IMPUESTO DE INDUSTRIA Y COMERCIO RETENIDO (CP)
2370 RETENCIONES Y APORTES DE NÓMINA (CP) $249.962 $306.857 $353.608
23 SUBTOTAL CUENTAS POR PAGAR (CP) ### ### ###

24 IMPUESTOS GRAVÁMENES Y TASAS (CP) $375.217 $343.550 $169.455
25 OBLIGACIONES LABORALES (CP) $739.453 $858.964 ###
2630 PARA MANTENIMIENTO Y REPARACIONES (CP)
26 SUBTOTAL PASIVOS ESTIMAD. Y PROVIS. (CP)
2805 ANTICIPOS Y AVANCES RECIBIDOS (CP) $195.259 $155.364
28 SUBTOTAL OTROS PASIVOS (CP) $195.259 $155.364
TOTAL PASIVO CORRIENTE ### ### ###
21 OBLIGACIONES FINANCIERAS (ANEXO10) $580.309 ### ###
TOTAL PASIVO NO CORRIENTE $580.309 ### ###
TOTAL PASIVO ### ### ###
3105 CAPITAL SUSCRITO Y PAGADO (ANEXO 12) $22.000 $22.000 $22.000
31 SUBTOTAL CAPITAL SOCIAL $22.000 $22.000 $22.000
3205 PRIMA EN COLOC.ACC,CUOTAS O PARTES DE INT. SOCIAL $790.000 $790.000 $790.000
32 SUBTOTAL SUPERÁVIT DE CAPITAL $790.000 $790.000 $790.000
33 RESERVAS (ANEXO 11) ### ### ###
34 REVALORIZACIÓN DEL PATRIMONIO ### ### ###
36 RESULTADOS DEL EJERCICIO $718.846 ### ###
3705 UTILIDADES ACUMULADAS
37 RESULTADOS DE EJERCICIOS ANTERIORES $344.907 $246.041 $246.041
38 SUPERÁVIT POR VALORIZACIONES $843.004 ### ###
TOTAL PATRIMONIO ### ### ###

TOTAL PASIVO Y PATRIMONIO ### ### ###
BALANCE GENERAL
2007
PRESENT 2008
PRESENT 2009
PRESENT 2010
PRESENT 2011
PRESENT 2012
PRESENT 2013 2014
E E E E E E PRESENTE PRESENTE
EJERCICIO EJERCICIO EJERCICIO EJERCICIO EJERCICIO EJERCICIO EJERCICIO EJERCICIO
(MILES (MILES (MILES (MILES (MILES (MILES (MILES DE (MILES DE
DE PESOS DE PESOS DE PESOS DE PESOS DE PESOS DE PESOS PESOS $) PESOS $)
$) $) $) $) $) $)
$215.520 $42.385 $117.140 $297.222 $218.153 $122.582 $107.032 $25.680
$498.655 $222.955 $708.004 $666.469 $349.512 $565.596 $699.667 $667.499
$174.393 $80.062 $99.398 $94.553 $142.913 $66.050 $236.947 $861.331
$888.568 $345.402 $924.542 ### $710.578 $754.228 $1,043.646 $1,554.510

$33.505 $89.999 ### $375.241 ### $157.769 $498.534
### ### ### ### ### ### ### ###
$0.027
$242.080 $225.313 $82.171 $526.608 ### $568.463 $314.444 $279.184
$0.740 $1,403.252
### ### ### ### $520.750 $850.005 $1,710.562
$848.619 $846.957 $751.247 $826.297 $776.321 $695.951 $686.042 $685.686
$327.086 $432.634 $292.548 $363.512 $376.165 $211.397 $203.746 $152.260
$33.753
### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ###
### ### ### ### ### ### $3,672.292 $4,620.157
### ### ### ### ### ### $4,115.308 $3,824.710
### ### ### ### ### ### $3,944.915 $3,319.736

### ### ### $896.542 $941.498 ### $1,627.258 $1,360.208
$67.375 $95.434 $123.561 $107.497 $105.703 $71.941 $100.985 $79.288
### ### ### ### ### ### $4,323.988 $7,617.272
### ### ### ### ### ### ### ###
$128.198 $231.270 $168.334 $234.863 $61.257 $71.402 $79.037 $90.478
$408.227 $192.404 $429.019 $295.596 $360.743 $815.199
$536.425 $423.674 $597.353 $530.459 $422.000 $886.601 $79.037 $90.478
### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ###
$4.777 $4.777 $4.777 $4.776 $4.777 $4.777

### ### ### ### ###
$719.017 $1,018.577 $375.750
$313.996 $607.459 $900.922 ### $829.899
### ### ### ### ### $723.794 $1,018.577 $375.750
### ### ### ### ### ### $8,925.350 $8,592.923
### ### ### ### ### ### $8,925.350 $8,592.923
### ### ### ### ### ### ### ###

### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ###
### ### ### ### ### ### $3,361.403 $3,304.902
$392.768 $680.846 $880.246 $101.427 $405.093 ### $1,699.516 $162.697
$46.999 $51.711 $37.997 $494.443 $72.985 $76.461 $72.510
$209.736 $237.675 $247.418 $289.664 $341.797 $262.467 $182.433 $337.115
$66.134 $64.868 $77.307 $84.820 $103.753 $90.080 $26.756 $42.835
$0.073 $2.899 $2.371 $3.185 $3.999
$434.380 $492.986 $585.250 $732.340 $733.121 $824.572 $720.806 $18.911
### ### ### ### ### ### $6,070.560 $3,942.969

$295.448 $697.972 $944.592 $881.108 ### ### $716.252 $907.615
### ### ### ### ### ### $2,283.907 $2,432.635
$284.135
$284.135
$543.798 $290.770 $689.913 $482.382 $618.535 $806.246 $697.082
$543.798 $290.770 $689.913 $482.382 $618.535 $806.246 $697.082
### ### ### ### ### ### ### ###
### ### ### ### ### ### $6,872.251 ###
### ### ### ### ### ### $6,872.251 ###
### ### ### ### ### ### ### ###
$22.000 $22.000 $22.000 ### ### ### $3,960.000 $4,320.000
$22.000 $22.000 $22.000 ### ### ### $3,960.000 $4,320.000
$790.000 $790.000 $790.000 ### ### ### $3,019.592 $6,609.592
$790.000 $790.000 $790.000 ### ### ### $3,019.592 $6,609.592
### ### ### ### ### ### ### ###
### ### ### $873.175 $654.881 $436.588 $218.294
### ### ### ### ### ### $2,204.796 $1,863.874
$21.975 $21.994
$21.975 $21.994
### ### ### ### ### ### $8,925.350 $8,592.924
### ### ### ### ### ### ### ###

### ### ### ### ### ### ### ###
ANALISIS HORIZONT
2004-2005 2005-2006 2006-2007 2007-2008 2008-2009
VARIACION VARIACION VARIACION VARIACION VARIACION
ABSOLUTA ABSOLUTA ABSOLUTA ABSOLUTA ABSOLUTA
(MILES DE (MILES DE (MILES DE (MILES DE (MILES DE
PESOS) PESOS) PESOS) PESOS) PESOS)
$ 43,932.000 $ 80,428.000 -$ 1,278.000 -$ 173,135.000 $ 74,755.000
-$ 99,934.000 -$ 21,430.000 $ 432,095.000 -$ 275,700.000 $ 485,049.000
$117,696.000 -$ 156,164.000 $ 171,883.000 -$ 94,331.000 $ 19,336.000

$ 61,694.000 -$ 97,166.000 $ 602,700.000 -$ 543,166.000 $ 579,140.000
-$ 3,779.000 -$ 51,707.000 $ 26,334.000 $ 56,494.000 $ 1,345,418.000

### ### $ 1,989,339.000 $ 3,865,635.000 -$ 130,459.000
$ - $ - $ - $ 27.000 -$ 27.000
$ 13,522.000 -$ 1,230.000 -$ 12,292.000 $ - $ -
-$ 78,900.000 $ 612,993.000 -$ 619,513.000 -$ 16,767.000 -$ 143,142.000

$ - $ - $ - -$ 740.000 $ -
$ - $ - $ - $ - $ -
-$373,895.000 $ 433,864.000 $ 460,717.000 -$ 55,239.000 -$ 465,694.000
$ 87,638.000 $ 76,232.000 $ 176,156.000 -$ 1,662.000 -$ 95,710.000
$ 14,219.000 $ 3,577.000 $ 285,844.000 $ 105,548.000 -$ 140,086.000

$ - $ - $ - $ - $ -
### ### $ 2,280,251.000 $ 3,896,802.000 -$ 975,118.000
### -$ 254,798.000 $ 1,870,029.000 -$ 715,397.000 $ 247,012.000
$377,220.000 $ 780,226.000 $ 532,316.000 -$ 734,321.000 $ 738,563.000
$219,089.000 $ 121,099.000 $ 306,275.000 $ 550,510.000 -$ 188,781.000
-$367,778.000 $ 448,483.000 $ 29,038.000 $ 1,837,117.000 $ 680,641.000

-$ 53,964.000 -$ 16,952.000 $ 429,971.000 $ 101,430.000 -$ 230,439.000
$ 12,993.000 -$ 379.000 $ 17,976.000 $ 28,059.000 $ 28,127.000
$307,047.000 ### $ 922.000 $ 806,697.000 -$ 1,361,602.000
### ### $ 3,186,527.000 $ 1,874,095.000 -$ 86,479.000
$ 25,160.000 -$ 4,133.000 $ 81,838.000 $ 103,072.000 -$ 62,936.000
$217,406.000 -$ 168,528.000 $ 268,833.000 -$ 215,823.000 $ 236,615.000
$242,566.000 -$ 172,661.000 $ 350,671.000 -$ 112,751.000 $ 173,679.000

### ### $ 6,446,483.000 $ 5,171,474.000 $ 1,036,640.000
### ### $ 4,530,767.000 -$ 1,127,375.000 -$ 548,017.000

$ 130.000 $ 1,495.000 $ 636.000 $ - $ -
$ - $ - $ 2,866,457.000 $ - $ -
$ - $ - $ - $ - $ -
$ - $ - $ 313,996.000 $ 293,463.000 $ 293,463.000

$ 130.000 $ 1,495.000 $ 2,553,097.000 -$ 293,463.000 -$ 293,463.000
-$ 1,792.000 $ 1,499.000 $ - $ - $ -
$711,202.000 $ 3.000 $ - $ 2,902,417.000 $ 1.000
$709,410.000 $ 1,502.000 $ - $ 2,902,417.000 $ 1.000
### ### $ 7,083,864.000 $ 1,481,579.000 -$ 841,479.000

### ### ### $ 6,653,053.000 $ 195,161.000
### ### $ 1,024,430.000 $ 6,629,286.000 $ 667,656.000
### ### $ 2,445,008.000 -$ 728,831.000 $ 2,896,106.000
$105,641.000 $ 366,554.000 $ 1,284,890.000 -$ 578,454.000 -$ 435,558.000
-$ 11,656.000 $ - $ 392,768.000 $ 288,078.000 $ 199,400.000
$ 2,541.000 $ 3,883.000 $ 4,275.000 $ 4,712.000 -$ 13,714.000
$ 14,936.000 $ 5,629.000 $ 37,511.000 $ 27,939.000 $ 9,743.000
-$ 11,785.000 $ 3,589.000 $ 17,732.000 -$ 1,266.000 $ 12,439.000
$ - $ - $ - $ - $ -
$ 56,895.000 $ 46,751.000 $ 80,772.000 $ 58,606.000 $ 92,264.000
$156,572.000 $ 426,406.000 $ 1,817,948.000 -$ 200,385.000 -$ 135,426.000

-$ 31,667.000 -$ 174,095.000 $ 125,993.000 $ 402,524.000 $ 246,620.000
$119,511.000 $ 145,023.000 $ 198,426.000 $ 169,384.000 $ 83,838.000
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$195,259.000 -$ 39,895.000 $ 388,434.000 -$ 253,028.000 $ 399,143.000
$195,259.000 -$ 39,895.000 $ 388,434.000 -$ 253,028.000 $ 399,143.000
-$104,846.000 ### $ 6,000,239.000 $ 6,018,950.000 $ 4,157,937.000
### ### $ 5,710,420.000 -$ 2,795,485.000 -$ 6,040,560.000
### ### $ 5,710,420.000 -$ 2,795,485.000 -$ 6,040,560.000

### ### ### $ 3,223,465.000 -$ 1,882,623.000
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$459,904.000 ### $ 911,081.000 $ 2,333,247.000 $ 821,848.000
$543,021.000 $ 569,535.000 -$ 172,223.000 -$ 172,224.000 -$ 172,224.000
### -$ 506,857.000 $ 1,304,875.000 -$ 1,633,854.000 $ 1,450,154.000
$ - $ - $ 21,975.000 $ 19.000 -$ 21,994.000
-$ 98,866.000 $ - -$ 224,066.000 $ 19.000 -$ 21,994.000
$709,409.000 $ 1,499.000 $ 21.000 $ 2,902,400.000 $ -

### ### $ 1,819,688.000 $ 3,429,588.000 $ 2,077,784.000
### ### ### $ 6,653,053.000 $ 195,161.000

ISIS HORIZONTAL
2009-2010 2010-2011 2011-2012 2012-2013 2013-2014
ABSOLUTA ABSOLUTA ABSOLUTA ABSOLUTA ABSOLUTA
(MILES DE (MILES DE (MILES DE (MILES DE (MILES DE
PESOS) PESOS) PESOS) PESOS) PESOS)
$ 180,082.000 -$ 79,069.000 -$ 95,571.000 -$ 15,550.000 -$ 81,352.000
-$ 41,535.000 -$ 316,957.000 $ 216,084.000 $ 134,071.000 -$ 32,168.000
-$ 4,845.000 $ 48,360.000 -$ 76,863.000 $ 170,897.000 $624,384.000

$ 133,702.000 -$ 347,666.000 $ 43,650.000 $ 289,418.000 $510,864.000
-$ 1,060,176.000 ### ### $ 340,765.000 -$498,534.000

$ 2,866,512.000 -$ 147,346.000 ### ### ###
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 444,437.000 ### ### -$ 254,019.000 -$ 35,260.000

$ - $ - $ - $ - ###
$ - $ - $ - $ - $ -
$ 451,010.000 -$ 935,781.000 $ 329,255.000 $ 860,557.000 ###
$ 75,050.000 -$ 49,976.000 -$ 80,370.000 -$ 9,909.000 -$ 356.000
$ 70,964.000 $ 12,653.000 -$ 164,768.000 -$ 7,651.000 -$ 51,486.000

$ - $ - $ - $ 33,753.000 -$ 33,753.000
$ 3,907,973.000 ### -$ 580,787.000 ### ###
$ 2,434,809.000 -$ 341,571.000 ### ### -$235,345.000
-$ 66,314.000 ### -$ 591,027.000 ### $947,865.000
$ 511,591.000 $ 515,048.000 -$ 35,726.000 ### -$290,598.000
-$ 1,996,561.000 $ 440,140.000 -$ 275,564.000 ### -$625,179.000

-$ 237,239.000 $ 44,956.000 $ 935,344.000 -$ 249,584.000 -$267,050.000
-$ 16,064.000 -$ 1,794.000 -$ 33,762.000 $ 29,044.000 -$ 21,697.000
$ 2,048,591.000 $ 373,081.000 ### ### ###
$ 2,678,813.000 ### -$ 647,114.000 ### ###
$ 66,529.000 -$ 173,606.000 $ 10,145.000 $ 7,635.000 $ 11,441.000
-$ 133,423.000 $ 65,147.000 $ 454,456.000 -$ 815,199.000 $ -
-$ 66,894.000 -$ 108,459.000 $ 464,601.000 -$ 807,564.000 $ 11,441.000

$ 5,593,418.000 ### ### ### ###
$ 2,557,362.000 $ 977,875.000 ### ### ###

-$ 1.000 $ 1.000 $ - -$ 4,777.000 $ -
-$ 68,158.000 ### ### $ - $ -
$ - $ - $ 719,017.000 $ 299,560.000 -$642,827.000
$ 227,933.000 -$ 298,956.000 -$ 829,899.000 $ - $ -

-$ 296,092.000 ### ### $ 294,783.000 -$642,827.000
$ - $ - $ - $ - $ -
$ - ### $ - $ - -$332,427.000
$ - ### $ - $ - -$332,427.000
$ 2,261,270.000 ### ### ### ###

$ 7,854,688.000 ### ### ### ###
$ 2,102,021.000 ### ### ### ###
$ 1,176,692.000 ### ### ### ###
$ 681,297.000 $ 710,069.000 -$ 449,783.000 $ 909,835.000 -$ 56,501.000
-$ 778,819.000 $ 303,666.000 ### $ 24,138.000 ###
$ 456,446.000 -$ 494,443.000 $ 72,985.000 $ 3,476.000 -$ 3,951.000
$ 42,246.000 $ 52,133.000 -$ 79,330.000 -$ 80,034.000 $154,682.000
$ 7,513.000 $ 18,933.000 -$ 13,673.000 -$ 63,324.000 $ 16,079.000
$ 73.000 $ 2,826.000 -$ 528.000 $ 814.000 $ 814.000
$ 147,090.000 $ 781.000 $ 91,451.000 -$ 103,766.000 -$701,895.000
$ 555,846.000 $ 593,965.000 $ 891,407.000 $ 691,139.000 ###

-$ 63,484.000 $ 166,559.000 -$ 25,383.000 -$ 306,032.000 $191,363.000
$ 262,618.000 $ 175,356.000 $ 135,685.000 $ 254,613.000 $148,728.000
$ - $ 284,135.000 -$ 284,135.000 $ - $ -
$ - $ 284,135.000 -$ 284,135.000 $ - $ -
-$ 207,531.000 -$ 482,382.000 $ 618,535.000 $ 187,711.000 -$109,164.000
-$ 207,531.000 -$ 482,382.000 $ 618,535.000 $ 187,711.000 -$109,164.000
$ 3,826,162.000 $ 263,614.000 ### ### -$122,485.000
-$ 2,431,997.000 ### ### -$ 654,749.000 ###
-$ 2,431,997.000 ### ### -$ 654,749.000 ###

$ 1,394,165.000 ### ### ### ###
$ 3,938,000.000 $ - $ - $ - $360,000.000
$ 3,938,000.000 $ - $ - $ - $360,000.000
$ 2,229,592.000 $ - $ - $ - ###
$ 2,229,592.000 $ - $ - $ - ###
$ 1,716,562.000 ### ### ### ###
-$ 3,750,220.000 -$ 218,294.000 -$ 218,293.000 -$ 218,294.000 -$218,294.000
$ 2,326,586.000 -$ 824,039.000 -$ 553,161.000 ### -$340,922.000
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 3.000 ### $ 145.000 -$ 147.000 -$332,426.000

$ 6,460,523.000 ### ### ### ###
$ 7,854,688.000 ### ### ### ###

ANALISIS HORIZONTAL
2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010
VARIACION VARIACION VARIACION VARIACION
VARIACION VARIACION
RELATIVA RELATIVA RELATIVA RELATIVA
RELATIVA RELATIVA
(PORCENTAJE (PORCENTAJE (PORCENTAJ (PORCENTAJE
(PORCENTAJE) (PORCENTAJE)
) ) E) )
47.5% 59.0% -0.6% -80.3% 176.4% 153.7%
-53.2% -24.4% 649.2% -55.3% 217.6% -5.9%
287.2% -98.4% 6847.9% -54.1% 24.2% -4.9%

19.2% -25.4% 210.8% -61.1% 167.7% 14.5%
-6.0% -87.8% 367.2% 168.6% 1494.9% -73.9%

15.8% 26.4% 13.3% 22.9% -0.6% 13.9%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! -100.0% #DIV/0!
#DIV/0! -9.1% -100.0% #DIV/0! #DIV/0! #DIV/0!
-24.1% 246.6% -71.9% -6.9% -63.5% 540.9%

0.0% 0.0% 0.0% -100.0% #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-37.2% 68.7% 43.2% -3.6% -31.7% 44.9%
17.2% 12.8% 26.2% -0.2% -11.3% 10.0%
60.6% 9.5% 693.1% 32.3% -32.4% 24.3%

10.6% 31.8% 13.0% 19.6% -4.1% 17.2%
87.4% -8.0% 64.2% -15.0% 6.1% 56.4%
42.4% 61.6% 26.0% -28.5% 40.0% -2.6%
20.0% 9.2% 21.4% 31.6% -8.2% 24.3%
-18.8% 28.3% 1.4% 89.1% 17.5% -43.6%

-6.0% -2.0% 51.6% 8.0% -16.9% -20.9%
35.3% -0.8% 36.4% 41.6% 29.5% -13.0%
76.7% 189.4% 0.0% 39.4% -47.7% 137.2%
28.3% 27.0% 28.1% 12.9% -0.5% 16.4%
99.3% -8.2% 176.5% 80.4% -27.2% 39.5%
240.2% -54.7% 192.9% -52.9% 123.0% -31.1%
209.4% -48.2% 188.8% -21.0% 41.0% -11.2%

18.2% 27.5% 21.9% 14.4% 2.5% 13.3%
11.4% 38.3% 27.6% -5.4% -2.8% 13.3%

5.2% 56.5% 15.4% 0.0% 0.0% 0.0%
#DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% -2.4%
#DIV/0! #DIV/0! #DIV/0! 93.5% 48.3% 25.3%

5.2% 56.5% 61654.1% -11.5% -13.0% -15.0%
-611.6% -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
84.4% 0.0% 0.0% 186.8% 0.0% 0.0%
84.2% 0.1% 0.0% 186.8% 0.0% 0.0%
16.7% 33.9% 39.5% 5.9% -3.2% 8.8%

17.6% 29.8% 28.6% 10.9% 0.3% 11.6%
-19.6% 13.0% 8.9% 53.1% 3.5% 10.6%
49.7% 71.5% 24.5% -5.9% 24.8% 8.1%
13.8% 42.0% 103.7% -22.9% -22.4% 45.1%
-100.0% #DIV/0! #DIV/0! 73.3% 29.3% -88.5%
7.0% 10.0% 10.0% 10.0% -26.5% 1201.3%
9.8% 3.4% 21.8% 13.3% 4.1% 17.1%
-20.8% 8.0% 36.6% -1.9% 19.2% 9.7%
22.8% 15.2% 22.8% 13.5% 18.7% 25.1%
12.3% 29.8% 97.9% -5.5% -3.9% 16.7%

-8.4% -50.7% 74.4% 136.2% 35.3% -6.7%
16.2% 16.9% 19.8% 14.1% 6.1% 18.0%
#DIV/0! -20.4% 250.0% -46.5% 137.3% -30.1%
#DIV/0! -20.4% 250.0% -46.5% 137.3% -30.1%
-0.6% 31.0% 24.4% 19.7% 11.3% 9.4%
481.0% 102.7% 83.6% -22.3% -62.0% -65.6%
481.0% 102.7% 83.6% -22.3% -62.0% -65.6%

13.8% 41.9% 37.2% 7.5% -4.1% 3.1%
0.0% 0.0% 0.0% 0.0% 0.0% 17900.0%
0.0% 0.0% 0.0% 0.0% 0.0% 17900.0%
0.0% 0.0% 0.0% 0.0% 0.0% 282.2%
0.0% 0.0% 0.0% 0.0% 0.0% 282.2%

9.6% 28.9% 13.4% 30.4% 8.2% 15.8%
13.5% 12.5% -3.4% -3.5% -3.6% -81.1%
162.3% -26.9% 94.6% -60.9% 138.1% 93.1%
#DIV/0! #DIV/0! #DIV/0! 0.1% -100.0% #DIV/0!
-28.7% 0.0% -91.1% 0.1% -100.0% #DIV/0!
84.2% 0.1% 0.0% 186.8% 0.0% 0.0%

24.1% 11.0% 11.4% 19.3% 9.8% 27.8%
17.6% 29.8% 28.6% 10.9% 0.3% 11.6%

IZONTAL
2010-2011 2011-2012 2012-2013 2013-2014
VARIACION VARIACION
VARIACION VARIACION
RELATIVA RELATIVA
RELATIVA RELATIVA
(PORCENTAJE (PORCENTAJE
(PORCENTAJE) (PORCENTAJE)
) )
1105 CAJA
-26.6% -43.8% -12.7% -76.0%
1110 BANCOS
-47.6% 61.8% 23.7% -4.6%
1120 CUENTAS DE
AHORRO
51.1% -53.8% 258.7% 263.5%
11 SUBTOTAL
-32.9% 6.1% 38.4% 48.9%
DISPONIBLE
12 INVERSIONES (ANEXO
290.6% -89.2% 216.0% -100.0% 7)
1305 CLIENTES (ANEXO
-0.6% 10.6% 15.6% 11.4% 8)
1310 CUENTAS
CORRIENTES
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
1325 CUENTAS(CP)
COMERCIALES POR
#DIV/0! #DIV/0! #DIV/0! #DIV/0! COBRAR A SOCIOS Y
ACCIONISTAS (CP)
1330 ANTICIPOS Y
602.3% -84.6% -44.7% -11.2% AVANCES (CP)
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
1335 DEPÓSITOS (CP)
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
1355 ANTICIPO DE
IMPTOS. Y CONTRIB.O
-64.2% 63.2% 101.2% -100.0%
SALDOS A FAVOR (CP)
1365 CUENTAS POR
COBRAR A
-6.0% -10.4% -1.4% -0.1% TRABAJADORES (CP)
1380 DEUDORES VARIOS
3.5% -43.8% -3.6% -25.3% (CP)
#DIV/0! #DIV/0! #DIV/0! -100.0% 1399 PROVISIONES (CP)
13 SUBTOTAL DEUDORES
7.7% -2.0% 16.3% 9.3% (CP)
1405 MATERIAS PRIMAS
-5.1% 17.7% 38.5% -2.3% (ANEXO 2,17)
1410 PRODUCTOS EN
111.9% -11.1% -22.6% 25.8% PROCESO (ANEXO 2)
1430 PRODUCTOS
TERMINADOS (ANEXO 2)
19.7% -1.1% 33.1% -7.1%
1435 M/CÍAS NO
FABRICADAS POR LA EMP.
17.0% -9.1% 43.5% -15.8% (ANEXO 2)
1455 MATERIALES,
REPUESTOS Y
5.0% 99.3% -13.3% -16.4% ACCESORIOS (CP)
1460 ENVASES Y
-1.7% -31.9% 40.4% -21.5% EMPAQUES (CP)
1465 INVENTARIOS EN
10.5% -45.4% 102.4% 76.2% TRÁNSITO (CP)
14 SUBTOTAL
20.2% -2.8% 27.1% 9.9% INVENTARIOS (CP)
1705 GASTOS PAGADOS
-73.9% 16.6% 10.7% 14.5% POR ANTICIPADO (CP)
1710 CARGOS DIFERIDOS
22.0% 126.0% -100.0% #DIV/0! (CP)
17 SUBTOTAL DIFERIDO
-20.4% 110.1% -91.1% 14.5% (CP)
TOTAL ACTIVO
13.7% -3.7% 20.0% 9.4%
CORRIENTE
15 PROPIEDADES PLANTA
4.5% 48.5% -5.4% 11.2% Y EQUIPO(ANEXO 9)
0.0% 0.0% -100.0% #DIV/0! 1610 MARCAS
140.9% -100.0% #DIV/0! #DIV/0! 1625 DERECHOS
#DIV/0! #DIV/0! 41.7% -63.1% 1635 LICENCIAS
1698 AMORTIZACIÓN
-26.5% -100.0% #DIV/0! #DIV/0! ACUMULADA
16 SUBTOTAL
253.4% -87.8% 40.7% -63.1%
INTANGIBLES
#DIV/0! #DIV/0! #DIV/0! #DIV/0! 1905 DE INVERSIONES
1910 DE PROPIEDADES
PLANTA Y EQUIPO
100.3% 0.0% 0.0% -3.7%
(ANEXO 9)
19 SUBTOTAL
100.3% 0.0% 0.0% -3.7% VALORIZACIONES
TOTAL ACTIVO NO
34.7% 15.6% -3.5% 6.2% CORRIENTE
21.5% 4.2% 9.3% 8.1% TOTAL ACTIVO
21 OBLIGACIONES
FINANCIERAS (ANEXO10)
-13.7% 15.4% 11.1% -14.1%
(CP)
22 PROVEEDORES
16.1% -7.9% 28.4% 24.0% (ANEXO 10) (CP)
2335 COSTOS Y GASTOS
32.4% -15.5% 37.1% -1.7% POR PAGAR (CP)
2355 DEUDAS CON
ACCIONISTAS O SOCIOS
299.4% 313.6% 1.4% -90.4%
(CP)
2360 DIVIDENDOS O
PARTICIPACIONES POR
-100.0% #DIV/0! 4.8% -5.2%
PAGAR (CP)
2365 RETENCIÓN EN LA
18.0% -23.2% -30.5% 84.8% FUENTE (CP)
2367 IMPUESTO A LAS
22.3% -13.2% -70.3% 60.1% VENTAS RETENIDO (CP)
2368 IMPUESTO DE
INDUSTRIA Y COMERCIO
3871.2% -18.2% 34.3% 25.6%
RETENIDO (CP)
2370 RETENCIONES Y
APORTES DE NÓMINA
0.1% 12.5% -12.6% -97.4%
(CP)
23 SUBTOTAL CUENTAS
15.3% 19.9% 12.8% -35.0% POR PAGAR (CP)
24 IMPUESTOS
GRAVÁMENES Y TASAS
18.9% -2.4% -29.9% 26.7%
(CP)
25 OBLIGACIONES
10.2% 7.2% 12.5% 6.5% LABORALES (CP)
2630 PARA
MANTENIMIENTO Y
#DIV/0! -100.0% #DIV/0! #DIV/0!
REPARACIONES (CP)
26 SUBTOTAL PASIVOS
#DIV/0! -100.0% #DIV/0! #DIV/0! ESTIMAD. Y PROVIS. (CP)
2805 ANTICIPOS Y
-100.0% #DIV/0! 30.3% -13.5% AVANCES RECIBIDOS (CP)
28 SUBTOTAL OTROS
-100.0% #DIV/0! 30.3% -13.5% PASIVOS (CP)
TOTAL PASIVO
0.6% 6.3% 16.9% -0.2% CORRIENTE
21 OBLIGACIONES
608.8% -16.8% -8.7% 55.5% FINANCIERAS (ANEXO10)
TOTAL PASIVO NO
608.8% -16.8% -8.7% 55.5% CORRIENTE
17.5% 2.4% 13.4% 5.9% TOTAL PASIVO
3105 CAPITAL SUSCRITO
0.0% 0.0% 0.0% 9.1% Y PAGADO (ANEXO 12)
31 SUBTOTAL CAPITAL
0.0% 0.0% 0.0% 9.1% SOCIAL
3205 PRIMA EN
COLOC.ACC,CUOTAS O
0.0% 0.0% 0.0% 118.9% PARTES DE INT. SOCIAL
32 SUBTOTAL SUPERÁVIT
0.0% 0.0% 0.0% 118.9% DE CAPITAL
37.9% 19.2% 14.3% 7.2% 33 RESERVAS (ANEXO 11)
34 REVALORIZACIÓN DEL
-25.0% -33.3% -50.0% -100.0% PATRIMONIO
36 RESULTADOS DEL
-17.1% -13.8% -36.1% -15.5% EJERCICIO
3705 UTILIDADES
#DIV/0! #DIV/0! #DIV/0! #DIV/0! ACUMULADAS
37 RESULTADOS DE
#DIV/0! #DIV/0! #DIV/0! #DIV/0! EJERCICIOS ANTERIORES
38 SUPERÁVIT POR
100.3% 0.0% 0.0% -3.7% VALORIZACIONES
27.6% 6.7% 3.7% 11.4% TOTAL PATRIMONIO
TOTAL PASIVO Y
21.5% 4.2% 9.3% 8.1% PATRIMONIO
ANALISIS VERTICAL
2004 2005 2006 2007 2008 2009 2010 2011
VARIACION VARIACION VARIACION VARIACION VARIACION VARIACION VARIACION VARIACION

PORCENTUA PORCENTU PORCENTU PORCENTU PORCENTU PORCENTU PORCENTU PORCENTU
L AL AL AL AL AL AL AL
0.30% 0.37% 0.46% 0.35% 0.06% 0.17% 0.39% 0.24%
0.61% 0.24% 0.14% 0.82% 0.33% 1.05% 0.88% 0.38%
0.13% 0.43% 0.01% 0.29% 0.12% 0.15% 0.13% 0.16%

1.04% 1.05% 0.60% 1.46% 0.51% 1.36% 1.40% 0.77%
0.20% 0.16% 0.02% 0.06% 0.13% 2.12% 0.50% 1.60%

32.85% 32.35% 31.49% 27.76% 30.75% 30.47% 31.09% 25.44%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.04% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00%
1.06% 0.68% 1.82% 0.40% 0.33% 0.12% 0.70% 4.03%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
3.24% 1.73% 2.25% 2.51% 2.18% 1.48% 1.93% 0.57%
1.64% 1.63% 1.42% 1.39% 1.25% 1.11% 1.09% 0.85%
0.08% 0.10% 0.09% 0.54% 0.64% 0.43% 0.48% 0.41%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
38.87% 36.54% 37.10% 32.60% 35.16% 33.61% 35.29% 31.29%
5.45% 8.68% 6.15% 7.85% 6.02% 6.37% 8.93% 6.98%
2.87% 3.47% 4.32% 4.24% 2.73% 3.82% 3.33% 5.81%
3.53% 3.60% 3.03% 2.86% 3.39% 3.10% 3.46% 3.41%
6.30% 4.34% 4.29% 3.39% 5.77% 6.76% 3.42% 3.29%

2.91% 2.33% 1.76% 2.07% 2.02% 1.67% 1.19% 1.03%
0.12% 0.14% 0.10% 0.11% 0.14% 0.18% 0.14% 0.12%
1.29% 1.94% 4.32% 3.36% 4.23% 2.20% 4.69% 4.26%
22.47% 24.50% 23.98% 23.89% 24.31% 24.11% 25.15% 24.90%
0.08% 0.14% 0.10% 0.21% 0.34% 0.25% 0.31% 0.07%
0.29% 0.84% 0.29% 0.67% 0.28% 0.63% 0.39% 0.39%
0.37% 0.98% 0.39% 0.88% 0.63% 0.88% 0.70% 0.46%

62.95% 63.24% 62.09% 58.88% 60.74% 62.09% 63.04% 59.02%
34.33% 32.50% 34.62% 34.37% 29.32% 28.42% 28.85% 24.82%

0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
0.00% 0.00% 0.00% 4.71% 4.24% 4.23% 3.70% 7.34%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.52% 0.90% 1.33% 1.49% 0.90%
0.01% 0.01% 0.01% 4.20% 3.35% 2.91% 2.21% 6.44%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2.72% 4.26% 3.28% 2.55% 6.60% 6.58% 5.90% 9.72%
2.72% 4.26% 3.28% 2.55% 6.60% 6.58% 5.90% 9.72%
37.05% 36.76% 37.91% 41.12% 39.26% 37.91% 36.96% 40.98%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
40.68% 27.80% 24.20% 20.51% 28.30% 29.20% 28.95% 20.56%
12.53% 15.94% 21.05% 20.39% 17.30% 21.53% 20.85% 19.92%
2.47% 2.39% 2.62% 4.15% 2.88% 2.23% 2.90% 3.16%
0.04% 0.00% 0.00% 0.65% 1.01% 1.30% 0.13% 0.44%
0.12% 0.11% 0.09% 0.08% 0.08% 0.06% 0.65% 0.00%
0.49% 0.46% 0.36% 0.34% 0.35% 0.37% 0.38% 0.37%
0.18% 0.12% 0.10% 0.11% 0.10% 0.11% 0.11% 0.11%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.81% 0.84% 0.75% 0.71% 0.73% 0.86% 0.97% 0.80%
4.10% 3.92% 3.92% 6.03% 5.14% 4.93% 5.15% 4.89%

1.21% 0.94% 0.36% 0.49% 1.03% 1.39% 1.17% 1.14%
2.38% 2.35% 2.12% 1.97% 2.03% 2.15% 2.27% 2.06%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.31%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.31%
0.00% 0.54% 0.33% 0.89% 0.43% 1.02% 0.64% 0.00%
0.00% 0.54% 0.33% 0.89% 0.43% 1.02% 0.64% 0.00%
60.91% 51.49% 51.98% 50.28% 54.24% 60.22% 59.03% 48.89%
1.87% 9.24% 14.43% 20.60% 14.44% 5.48% 1.69% 9.86%
1.87% 9.24% 14.43% 20.60% 14.44% 5.48% 1.69% 9.86%

62.78% 60.74% 66.41% 70.89% 68.68% 65.70% 60.72% 58.74%
0.07% 0.06% 0.05% 0.04% 0.03% 0.03% 5.24% 4.31%
0.07% 0.06% 0.05% 0.04% 0.03% 0.03% 5.24% 4.31%
2.55% 2.17% 1.67% 1.30% 1.17% 1.17% 3.99% 3.29%
2.55% 2.17% 1.67% 1.30% 1.17% 1.17% 3.99% 3.29%

15.47% 14.41% 14.31% 12.62% 14.83% 16.01% 16.61% 18.86%
12.99% 12.53% 10.85% 8.16% 7.10% 6.83% 1.16% 0.71%
2.32% 5.17% 2.91% 4.41% 1.55% 3.69% 6.39% 4.36%
0.00% 0.00% 0.00% 0.04% 0.03% 0.00% 0.00% 0.00%
1.11% 0.67% 0.52% 0.04% 0.03% 0.00% 0.00% 0.00%
2.72% 4.26% 3.28% 2.55% 6.60% 6.58% 5.90% 9.72%

37.22% 39.26% 33.59% 29.11% 31.32% 34.30% 39.28% 41.26%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

CAL
2012 2013 2014 PROMEDI0 2004 2005

TOTAL
PORCENTU PORCENTU PORCENTU PORCENTU ### ###
AL AL AL AL ACTIVO
TOTAL
### ###
0.13% 0.10% 0.02% 0.24% 0.24% PASIVO
TOTAL
PATRIMONI ### ###
0.59% 0.67% 0.59% 0.57% 0.57% O
TOTAL
PASIVO Y
### ###
PATRIMONI
0.07% 0.23% 0.76% 0.22% 0.22% O
0.79% 1.00% 1.38% 1.03% 1.03%
0.16% 0.48% 0.00% 0.49% 0.49%

27.00% 28.55% 29.42% 29.74% 29.74%
0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.01% 0.01%
0.59% 0.30% 0.25% 0.93% 0.93%

0.00% 0.00% 1.24% 0.11% 0.11%
0.00% 0.00% 0.00% 0.00% 0.00%
0.89% 1.64% 0.00% 1.67% 1.67%
0.73% 0.66% 0.61% 1.13% 1.13%
0.22% 0.19% 0.13% 0.30% 0.30%

0.00% 0.03% 0.00% 0.00% 0.00%
29.43% 31.31% 31.65% 33.89% 33.89%
7.88% 9.99% 9.03% 7.58% 7.58%
4.96% 3.51% 4.09% 3.92% 3.92%
3.23% 3.94% 3.38% 3.36% 3.36%
2.87% 3.77% 2.94% 4.29% 4.29%

1.96% 1.56% 1.20% 1.79% 1.79%
0.08% 0.10% 0.07% 0.12% 0.12%
2.23% 4.14% 6.74% 3.58% 3.58%
23.22% 27.00% 27.46% 24.63% 24.63%
0.07% 0.08% 0.08% 0.16% 0.16%
0.85% 0.00% 0.00% 0.42% 0.42%
0.93% 0.08% 0.08% 0.58% 0.58%

54.53% 59.86% 60.56% 60.64% 60.64%
35.38% 30.62% 31.50% 31.34% 31.34%

0.00% 0.00% 0.00% 0.01% 0.01%
0.00% 0.00% 0.00% 2.20% 2.20%
0.75% 0.97% 0.33% 0.19% 0.19%
0.00% 0.00% 0.00% 0.47% 0.47%
0.76% 0.97% 0.33% 1.93% 1.93%
0.00% 0.00% 0.00% 0.00% 0.00%
9.33% 8.54% 7.60% 6.10% 6.10%
9.33% 8.54% 7.60% 6.10% 6.10%
45.47% 40.14% 39.44% 39.36% 39.36%

100.00% 100.00% 100.00% 100.00% 100.00%
22.78% 23.17% 18.41% 25.87% 25.87%
17.62% 20.71% 23.75% 19.24% 19.24%
2.56% 3.22% 2.92% 2.86% 2.86%
1.75% 1.63% 0.14% 0.64% 0.64%
0.08% 0.07% 0.06% 0.13% 0.13%
0.27% 0.17% 0.30% 0.35% 0.35%
0.09% 0.03% 0.04% 0.10% 0.10%
0.00% 0.00% 0.00% 0.00% 0.00%
0.86% 0.69% 0.02% 0.73% 0.73%
5.62% 5.81% 3.49% 4.82% 4.82%

1.07% 0.69% 0.80% 0.94% 0.94%
2.12% 2.18% 2.15% 2.16% 2.16%
0.00% 0.00% 0.00% 0.03% 0.03%
0.00% 0.00% 0.00% 0.03% 0.03%
0.65% 0.77% 0.62% 0.53% 0.53%
0.65% 0.77% 0.62% 0.53% 0.53%
49.86% 53.33% 49.22% 53.59% 53.59%
7.87% 6.57% 9.46% 9.23% 9.23%
7.87% 6.57% 9.46% 9.23% 9.23%

57.73% 59.90% 58.68% 62.82% 62.82%
4.14% 3.79% 3.82% 1.96% 1.96%
4.14% 3.79% 3.82% 1.96% 1.96%
3.16% 2.89% 5.85% 2.65% 2.65%
3.16% 2.89% 5.85% 2.65% 2.65%

21.57% 22.57% 22.39% 17.24% 17.24%
0.46% 0.21% 0.00% 5.54% 5.54%
3.61% 2.11% 1.65% 3.47% 3.47%
0.00% 0.00% 0.00% 0.01% 0.01%
0.00% 0.00% 0.00% 0.22% 0.22%
9.33% 8.54% 7.60% 6.10% 6.10%

42.27% 40.10% 41.32% 37.18% 37.18%
100.00% 100.00% 100.00% 100.00% 100.00%

BALANCE GENERAL
2006 2007 2008 2009 2010 2011 2012 2013
### ### ### ### ### ### ### $104,530.211
### ### ### ### ### ### ### $62,613.776
### ### ### ### ### ### ### $41,916.435
### ### ### ### ### ### ### $104,530.211
Balance general
$120,000.000
$100,000.000
$80,000.000
$60,000.000
$40,000.000
$20,000.000
$0.000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
BALANCE GENERAL
TOTAL ACTIVO TOTAL PASIVO TOTAL PATRIMONIO
2014
$112,990.884
$66,308.339
$46,682.545
$112,990.884
TOTAL ACTIVO
$120,000.000
$100,000.000
$80,000.000
$60,000.000
$40,000.000
$20,000.000
$0.000
3 2014 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
TOTAL PASIVO Y PATRIMONIO
$120,000.000
$100,000.000
$80,000.000
$60,000.000
$40,000.000
$20,000.000
$0.000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
ANAlISIS DE ACTIVOS CORRIENTES
2004
PRESENT 2005
PRESENT 2006
PRESENT 2007
PRESENT 2008
PRESENT 2009
PRESENT 2010
PRESENT
E E E E E E E
Cuenta EJERCICIO EJERCICIO EJERCICIO EJERCICIO EJERCICIO EJERCICIO EJERCICIO
(MILES (MILES (MILES (MILES (MILES (MILES (MILES
DE PESOS DE PESOS DE PESOS DE PESOS DE PESOS DE PESOS DE PESOS
11 $) $) $) $) $) $) $)
SUBTOTAL
$321.340 $383.034 $285.868 $888.568 $345.402 $924.542 ###
DISPONIBL
E
12
INVERSION
$62.657 $58.878 $7.171 $33.505 $89.999 ### $375.241
ES (ANEXO
7)
13
SUBTOTAL
### ### ### ### ### ### ###
DEUDORES
(CP)
14
SUBTOTAL
### ### ### ### ### ### ###
INVENTARI
OS (CP)
17
SUBTOTAL
$115.849 $358.415 $185.754 $536.425 $423.674 $597.353 $530.459
DIFERIDO
(CP)
TOTAL
ACTIVO
### ### ### ### ### ### ###
CORRIENT
E
ANALIS
2011
PRESENT 2012
PRESENT 2013
PRESENT 2014
PRESENT 2004 2005
E E E E
EJERCICIO EJERCICIO EJERCICIO EJERCICIO Cuenta
(MILES (MILES (MILES (MILES
DE PESOS DE PESOS DE PESOS DE PESOS
$) $) $) $) 11
SUBTOTAL
$710.578 $754.228 ### ###
DISPONIBL
E 2% 2%
12
INVERSION
### $157.769 $498.534
ES (ANEXO
7) 0% 0%
13
SUBTOTAL
### ### ### ###
DEUDORES
(CP) 62% 58%
14
SUBTOTAL
### ### ### ###
INVENTARI
OS (CP) 36% 39%
17
SUBTOTAL
$422.000 $886.601 $79.037 $90.478
DIFERIDO
(CP) 1% 2%
TOTAL
ACTIVO
### ### ### ###
CORRIENT
E 100% 100%
AN
ANALISIS VERTICAL CUENTAS ACTIVO CORRIENTE
2006 2007 2008 2009 2010 2011 2012 2013
1% 2% 1% 2% 2% 1% 1% 2%
0% 0% 0% 3% 1% 3% 0% 1%
60% 55% 58% 54% 56% 53% 54% 52%
39% 41% 40% 39% 40% 42% 43% 45%
1% 1% 1% 1% 1% 1% 2% 0%
100% 100% 100% 100% 100% 100% 100% 100%
ANALISIS VERTICAL PASIVOS CORRIENTES

2014
2%
0%
52%
45%
0%
100%
2004 2005 2006 2007 2008 2009
PRESENTE PRESENTE PRESENTE PRESENTE PRESENTE PRESENTE
Cuenta EJERCICIO EJERCICIO EJERCICIO EJERCICIO EJERCICIO EJERCICIO
(MILES DE (MILES DE (MILES DE (MILES DE (MILES DE (MILES DE
PESOS $) PESOS $) PESOS $) PESOS $) PESOS $) PESOS $)
41 INGRESOS OPERACIONALES $48,077.631 $53,055.735 $61,058.464 $69,666.290 $82,344.726 $87,172.722
(ANEXO 1)
61 MENOS: COSTO DE VENTAS Y
DE PRESTACIÓN DE SERVICIOS $39,273.559 $41,916.823 $49,278.133 $54,714.316 $65,681.220 $69,940.591
(ANEXO 2)
UTILIDAD BRUTA $8,804.072 $11,138.912 $11,780.331 $14,951.974 $16,663.506 $17,232.131
51 MENOS: GASTOS
OPERACIONALES DE $2,887.161 $3,523.197 $4,282.505 $4,755.896 $4,655.530 $4,263.465
ADMINISTRACIÓN (ANEXO 3)
52 MENOS: GASTOS
OPERACIONALES DE VENTAS $4,270.019 $4,468.796 $5,019.173 $5,834.049 $6,452.715 $6,803.779
(ANEXO 3)
UTILIDAD OPERACIONAL $1,646.892 $3,146.919 $2,478.653 $4,362.029 $5,555.261 $6,164.887
42 MAS: INGRESOS NO $964.927 $945.803 $2,641.875 $5,096.138 $7,543.801 $6,464.530
OPERACIONALES (ANEXO 5)
53 MENOS: GASTOS NO $2,111.321 $2,107.202 $3,835.815 $6,603.847 $11,532.126 $9,036.529
UTILIDAD ANTES DE IMPUESTOS $500.498 $1,985.520 $1,284.713 $2,854.320 $1,566.936 $3,592.888
47 AJUSTES POR INFLACIÓN $441.404 $454.040 $450.253
(ANEXO 13)
54 MENOS: IMPUESTO DE RENTA $223.056 $553.880 $356.143 $170.622 $517.092 $1,092.890
Y COMPLEMENTARIOS
59 GANANCIAS Y PERDIDAS $718.846 $1,885.680 $1,378.823 $2,683.698 $1,049.844 $2,499.998
2010 2011 2012 2013 2014 2014
PRESENTE PRESENTE PRESENTE PRESENTE PRESENTE PRESENTE
EJERCICIO EJERCICIO EJERCICIO EJERCICIO EJERCICIO EJERCICIO
PESOS $) PESOS $) PESOS $) PESOS $) PESOS $) PESOS $)
$96,629.275 $109,283.041 $115,604.824 $123,127.614 $135,409.620

$ 4,978,104.000
$77,910.745 $87,234.862 $92,688.889 $99,890.185 $110,955.142

$ 2,643,264.000
$18,718.530 $22,048.179 $22,915.935 $23,237.429 $24,454.478 $ 2,334,840.000
$4,830.070 $5,771.428 $6,104.711 $7,489.634 $8,090.232

$ 636,036.000
$7,628.381 $8,740.625 $9,906.811 $10,024.905 $10,328.774

$ 198,777.000
$6,260.079 $7,536.126 $6,904.413 $5,722.890 $6,035.472 $ 1,500,027.000
$4,802.862 $5,402.244 $5,057.503 $4,618.242 $8,034.247
-$ 19,124.000
$5,272.175 $6,756.969 $6,566.836 $6,804.838 $10,855.883
-$ 4,119.000
$5,790.766 $6,181.401 $5,395.080 $3,536.294 $3,213.836 $ 1,485,022.000
$ 12,636.000
$ 0.000
$964.182 $2,178.856 $1,945.696 $1,331.498 $1,349.962
$ 330,824.000
$4,826.584 $4,002.545 $3,449.384 $2,204.796 $1,863.874 $ 1,166,834.000
ANALISIS HORIZONTAL
2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010
VARIACION VARIACION VARIACION VARIACION VARIACION VARIACION
ABSOLUTA ABSOLUTA ABSOLUTA ABSOLUTA ABSOLUTA ABSOLUTA
PESOS) PESOS) PESOS) PESOS) PESOS) PESOS)
$ 8,002,729.000 $ 8,607,826.000 $ 12,678,436.000 $ 4,827,996.000 $ 9,456,553.000 $ 12,653,766.000
$ 7,361,310.000 $ 5,436,183.000 $ 10,966,904.000 $ 4,259,371.000 $ 7,970,154.000 $ 9,324,117.000

$ 641,419.000 $ 3,171,643.000 $ 1,711,532.000 $ 568,625.000 $ 1,486,399.000 $ 3,329,649.000
$ 759,308.000 $ 473,391.000 -$ 100,366.000 -$ 392,065.000 $ 566,605.000 $ 941,358.000
$ 550,377.000 $ 814,876.000 $ 618,666.000 $ 351,064.000 $ 824,602.000 $ 1,112,244.000

-$ 668,266.000 $ 1,883,376.000 $ 1,193,232.000 $ 609,626.000 $ 95,192.000 $ 1,276,047.000
$ 1,696,072.000 $ 2,454,263.000 $ 2,447,663.000 -$ 1,079,271.000 -$ 1,661,668.000 $ 599,382.000
$ 1,728,613.000 $ 2,768,032.000 $ 4,928,279.000 -$ 2,495,597.000 -$ 3,764,354.000 $ 1,484,794.000

-$ 700,807.000 $ 1,569,607.000 -$ 1,287,384.000 $ 2,025,952.000 $ 2,197,878.000 $ 390,635.000
-$ 3,787.000 -$ 450,253.000 $ 0.000 $ 0.000 $ 0.000 $ 0.000
$ 0.000 $ 0.000 $ 0.000 $ 0.000 $ 0.000 $ 0.000
-$ 197,737.000 -$ 185,521.000 $ 346,470.000 $ 575,798.000 -$ 128,708.000 $ 1,214,674.000

-$ 506,857.000 $ 1,304,875.000 -$ 1,633,854.000 $ 1,450,154.000 $ 2,326,586.000 -$ 824,039.000
IZONTAL
2010-2011 2011-2012 2012-2013 2013-2014 2004-2005
ABSOLUTA ABSOLUTA ABSOLUTA ABSOLUTA RELATIVA
(MILES DE (MILES DE (MILES DE (MILES DE (PORCENTAJE
PESOS) PESOS) PESOS) PESOS) )
$ 6,321,783.000 $ 7,522,790.000 $ 12,282,006.000 -$ 135,409,620.000 10.4%
$ 5,454,027.000 $ 7,201,296.000 $ 11,064,957.000 -$ 110,955,142.000 6.7%

$ 867,756.000 $ 321,494.000 $ 1,217,049.000 -$ 24,454,478.000 26.5%
$ 333,283.000 $ 1,384,923.000 $ 600,598.000 -$ 8,090,232.000 22.0%
$ 1,166,186.000 $ 118,094.000 $ 303,869.000 -$ 10,328,774.000 4.7%

-$ 631,713.000 -$ 1,181,523.000 $ 312,582.000 -$ 6,035,472.000 91.1%
-$ 344,741.000 -$ 439,261.000 $ 3,416,005.000 -$ 8,034,247.000 -2.0%
-$ 190,133.000 $ 238,002.000 $ 4,051,045.000 -$ 10,855,883.000 -0.2%

-$ 786,321.000 -$ 1,858,786.000 -$ 322,458.000 -$ 3,213,836.000 296.7%
$ 0.000 $ 0.000 $ 0.000 $ 0.000 2.9%
$ 0.000 $ 0.000 $ 0.000 $ 0.000 #DIV/0!
-$ 233,160.000 -$ 614,198.000 $ 18,464.000 -$ 1,349,962.000 148.3%

-$ 553,161.000 -$ 1,244,588.000 -$ 340,922.000 -$ 1,863,874.000 162.3%
ANALISIS HORIZONTAL
2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011
VARIACION VARIACION VARIACION
VARIACION VARIACION VARIACION
RELATIVA RELATIVA RELATIVA
RELATIVA RELATIVA RELATIVA
(PORCENTAJ (PORCENTAJE (PORCENTAJE
(PORCENTAJE) (PORCENTAJE) (PORCENTAJE)
E) ) )
15.1% 14.1% 18.2% 5.9% 10.8% 13.1%
17.6% 11.0% 20.0% 6.5% 11.4% 12.0%

5.8% 26.9% 11.4% 3.4% 8.6% 17.8%
21.6% 11.1% -2.1% -8.4% 13.3% 19.5%
12.3% 16.2% 10.6% 5.4% 12.1% 14.6%

-21.2% 76.0% 27.4% 11.0% 1.5% 20.4%
179.3% 92.9% 48.0% -14.3% -25.7% 12.5%
82.0% 72.2% 74.6% -21.6% -41.7% 28.2%

-35.3% 122.2% -45.1% 129.3% 61.2% 6.7%
-0.8% -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-35.7% -52.1% 203.1% 111.4% -11.8% 126.0%

-26.9% 94.6% -60.9% 138.1% 93.1% -17.1%
2011-2012 2012-2013 2013-2014 2004 2005
VARIACION VARIACION
VARIACION
RELATIVA RELATIVA VARIACION VARIACION
RELATIVA PORCENTUAL PORCENTUAL
(PORCENTAJE (PORCENTAJE
(PORCENTAJE)
) )
5.8% 6.5% 10.0% 100.0% 110.4%
6.3% 7.8% 11.1% 81.7% 87.2%

3.9% 1.4% 5.2% 18.3% 23.2%
5.8% 22.7% 8.0% 6.0% 7.3%
13.3% 1.2% 3.0% 8.9% 9.3%

-8.4% -17.1% 5.5% 3.4% 6.5%
-6.4% -8.7% 74.0% 2.0% 2.0%
-2.8% 3.6% 59.5% 4.4% 4.4%

-12.7% -34.5% -9.1% 1.0% 4.1%
#DIV/0! #DIV/0! #DIV/0! 0.9% 0.9%
#DIV/0! #DIV/0! #DIV/0! 0.0% 0.0%
-10.7% -31.6% 1.4% 0.5% 1.2%

-13.8% -36.1% -15.5% 1.5% 3.9%
ANALISIS VERTICAL
2006 2007 2008 2009 2010

PORCENTUAL PORCENTUAL PORCENTUAL PORCENTUAL PORCENTUAL
127.0% 144.9% 171.3% 181.3% 201.0%
102.5% 113.8% 136.6% 145.5% 162.1%

24.5% 31.1% 34.7% 35.8% 38.9%
8.9% 9.9% 9.7% 8.9% 10.0%
10.4% 12.1% 13.4% 14.2% 15.9%

5.2% 9.1% 11.6% 12.8% 13.0%
5.5% 10.6% 15.7% 13.4% 10.0%
8.0% 13.7% 24.0% 18.8% 11.0%

2.7% 5.9% 3.3% 7.5% 12.0%
0.9% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.7% 0.4% 1.1% 2.3% 2.0%

2.9% 5.6% 2.2% 5.2% 10.0%
L
2011 2012 2013 2014

PORCENTUAL PORCENTUAL PORCENTUAL PORCENTUAL
227.3% 240.5% 256.1% 281.6%
181.4% 192.8% 207.8% 230.8%

45.9% 47.7% 48.3% 50.9%
12.0% 12.7% 15.6% 16.8%
18.2% 20.6% 20.9% 21.5%

15.7% 14.4% 11.9% 12.6%
11.2% 10.5% 9.6% 16.7%
14.1% 13.7% 14.2% 22.6%

12.9% 11.2% 7.4% 6.7%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
4.5% 4.0% 2.8% 2.8%

8.3% 7.2% 4.6% 3.9%
2004 2005 2006 2007
PRESENTE PRESENTE
Cuenta PRESENTE PRESENTE EJERCICIO EJERCICIO
EJERCICIO (MILES EJERCICIO (MILES (MILES DE (MILES DE
DE PESOS $) DE PESOS $) PESOS $) PESOS $)
41 INGRESOS OPERACIONALES (ANEXO 1) $48,077.631 $53,055.735 $61,058.464 $69,666.290
61 MENOS: COSTO DE VENTAS Y DE $39,273.559 $41,916.823 $49,278.133 $54,714.316

PRESTACIÓN DE SERVICIOS (ANEXO 2)
UTILIDAD BRUTA $8,804.072 $11,138.912 $11,780.331 $14,951.974
51 MENOS: GASTOS OPERACIONALES DE $2,887.161 $3,523.197 $4,282.505 $4,755.896
VENTAS (ANEXO 3)
UTILIDAD OPERACIONAL $1,646.892 $3,146.919 $2,478.653 $4,362.029
42 MAS: INGRESOS NO OPERACIONALES $964.927 $945.803 $2,641.875 $5,096.138
(ANEXO 5)
53 MENOS: GASTOS NO OPERACIONALES $2,111.321 $2,107.202 $3,835.815 $6,603.847
(ANEXO 5)
UTILIDAD ANTES DE IMPUESTOS $500.498 $1,985.520 $1,284.713 $2,854.320
47 AJUSTES POR INFLACIÓN (ANEXO 13) $441.404 $454.040 $450.253
54 MENOS: IMPUESTO DE RENTA Y $223.056 $553.880 $356.143 $170.622

COMPLEMENTARIOS
59 GANANCIAS Y PERDIDAS $718.846 $1,885.680 $1,378.823 $2,683.698
2008 2009 2010 2011 2012 2013 2014
PRESENTE PRESENTE PRESENTE PRESENTE PRESENTE PRESENTE PRESENTE
EJERCICIO EJERCICIO EJERCICIO EJERCICIO EJERCICIO EJERCICIO EJERCICIO
(MILES DE (MILES DE (MILES DE (MILES DE (MILES DE (MILES DE (MILES DE
PESOS $) PESOS $) PESOS $) PESOS $) PESOS $) PESOS $) PESOS $)
$82,344.726 $87,172.722 $96,629.275 $109,283.041 $115,604.824 $123,127.614 $135,409.620
$65,681.220 $69,940.591 $77,910.745 $87,234.862 $92,688.889 $99,890.185 $110,955.142
$16,663.506 $17,232.131 $18,718.530 $22,048.179 $22,915.935 $23,237.429 $24,454.478
$4,655.530 $4,263.465 $4,830.070 $5,771.428 $6,104.711 $7,489.634 $8,090.232
$6,452.715 $6,803.779 $7,628.381 $8,740.625 $9,906.811 $10,024.905 $10,328.774
$5,555.261 $6,164.887 $6,260.079 $7,536.126 $6,904.413 $5,722.890 $6,035.472
$7,543.801 $6,464.530 $4,802.862 $5,402.244 $5,057.503 $4,618.242 $8,034.247
$11,532.126 $9,036.529 $5,272.175 $6,756.969 $6,566.836 $6,804.838 $10,855.883
$1,566.936 $3,592.888 $5,790.766 $6,181.401 $5,395.080 $3,536.294 $3,213.836
$517.092 $1,092.890 $964.182 $2,178.856 $1,945.696 $1,331.498 $1,349.962
$1,049.844 $2,499.998 $4,826.584 $4,002.545 $3,449.384 $2,204.796 $1,863.874

2004 2005 2006 2007
### $23,069.502 $29,402.634 $35,849.117

TOTAL ACTIVO CORRIENTE
### $13,411.561 $17,954.115 $25,037.979
TOTAL ACTIVO NO CORRIENTE
1305 CLIENTES (ANEXO 8) ### $11,801.359 $14,913.138 $16,902.477
ROTACION DE CARTERA 76.29560616 80.075966151 87.927689763 87.343415589

611.6113355 619.24340649 589.55555537 515.44424252
ESTRUCTURA OP
$160,000.000
$140,000.000
$120,000.000
$100,000.000
$80,000.000
$60,000.000
$40,000.000
$20,000.000
$0.000
2005 2006 2007 2008 2009 201
41 INGRESOS OPERACIONALES (ANEXO
2008 2009 2010 2011 2012 2013 2014
$41,020.591 $42,057.231 $47,650.649 $54,183.948 $52,156.309 $62,575.407 $68,432.838
$26,519.558 $25,678.079 $27,939.349 $37,629.204 $43,491.949 $41,954.804 $44,558.046
$20,768.112 $20,637.653 $23,504.165 $23,356.819 $25,821.677 $29,848.412 $33,241.451
$82,344.726 $87,172.722 $96,629.275 $109,283.041 $115,604.824 $123,127.614 $135,409.620
90.795375529 85.227980836 87.56662409 76.941991759 80.410171465 87.270661478 88.375717767

556.84988264 589.63145802 613.98115038 518.37985412 431.71832194 536.93842831 552.89277452
ESTRUCTURA OPERATIVA
95
90
$80,000.000
85
$70,000.000
80
$60,000.000
75 $50,000.000
70 $40,000.000
$30,000.000
65
2007 2008 2009 2010 2011 2012 2013 2014
$20,000.000
1 INGRESOS OPERACIONALES (ANEXO 1) ROTACION DE CARTERA
$10,000.000
$0.000
2004 2005 TOTAL
2006 ACTIVO C
200
$80,000.000 TOTAL ACTIVO CORRIENTE TOTAL ACTIVO NO CORRIENTE
PROMEDIO $70,000.000
$60,000.000
$50,000.000
$40,000.000
$30,000.000
X DIAS
$20,000.000
EN PROMEDIO
$10,000.000
$0.000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
4 2005 TOTAL
2006 ACTIVO CORRIENTE
2007 2008 TOTAL ACTIVO
2009 2010NO CORRIENTE
2011 2012 2013 2014
NTE
2012 2013 2014

INDICADORES DE
2004 2005 2006 2007
### ### ### ###

ACTIVO CORRIENTE
### ### ### ###

PASIVO CORRIENTE
RAZON CORRIENTE 1.03 1.23 1.19 1.17
KNT 632,952.00 4,284,464.00 4,786,394.00 5,232,638.00
INVENTARIO $ 6,967,743.00 $ 8,939,185.00 $ 11,356,636.00 $ 14,543,163.00
PRUEBA ACIDA 0.66 0.75 0.73 0.70
INDICADORES DE
2004 2005 2006 2007
1305 CLIENTES (ANEXO 8) $10,189.200 $11,801.359 $14,913.138 $16,902.477
41 INGRESOS $48,077.631 $53,055.735 $61,058.464 $69,666.290

ROTACION DE CARTERA(Dias) 76.30 Dias 80.08 Dias 87.93 Dias 87.34 Dias
ROTACION DE CARTERA(Veces) 0.21 Veces 0.22 Veces 0.24 Veces 0.24 Veces
1430 PRODUCTOS
$1,093.836 $1,312.925 $1,434.024 $1,740.299
TERMINADOS (ANEXO 2)
ROT INVENTARIO(Veces) 5.64 Veces 4.69 Veces 4.34 Veces 3.76 Veces
ROT INVENTARIO(Dias) 10.03 Dias 11.28 Dias 10.48 Dias 11.45 Dias
ROTACION ACTIVO FIJO 2.46 Veces 2.30 Veces 2.08 Veces 1.94 Veces
INDICADORES DE ENDEU
NIVEL DE ENDEUDAMIENTO 63% 61% 66% 71%
ENDEUDAMIENTO FINANCIERO 26% 19% 19% 18%

DICADORES DE LIQUIDEZ
2008 2009 2010 2011 2012 2013
### ### ### ### ### ###
### ### ### ### ### ###
1.12 1.03 1.07 1.21 1.09 1.12
4,385,162.00 1,263,865.00 3,031,121.00 9,300,806.00 4,462,176.00 6,833,882.00
$ 16,417,258.00 $ 16,330,779.00 $ 19,009,592.00 $ 22,857,332.00 $ 22,210,218.00 $ 28,224,737.00
0.67 0.63 0.64 0.70 0.63 0.62
DICADORES DE ACTIVIDAD
2008 2009 2010 2011 2012 2013
$20,768.112 $20,637.653 $23,504.165 $23,356.819 $25,821.677 $29,848.412
$82,344.726 $87,172.722 $96,629.275 $109,283.041 $115,604.824 $123,127.614
90.80 Dias 85.23 Dias 87.57 Dias 76.94 Dias 80.41 Dias 87.27 Dias
0.25 Veces 0.24 Veces 0.24 Veces 0.21 Veces 0.22 Veces 0.24 Veces
$2,290.809 $2,102.028 $2,613.619 $3,128.667 $3,092.941 $4,115.308
12.56 Dias 10.82 Dias 12.08 Dias 12.91 Dias 12.01 Dias 14.83 Dias
INDICADORES DE ENDEUDAMIENTO
69% 66% 61% 59% 58% 60%
23% 23% 23% 17% 19% 20%

Balance
2014 2004
PRESENT 2005
PRESENT 2006
PRESENT 2007
PRESENT
E E E E
Cuenta EJERCICIO EJERCICIO EJERCICIO EJERCICIO
###
$) $) $) $)
### 1105 CAJA $92.438 $136.370 $216.798 $215.520
1110
$187.924 $87.990 $66.560 $498.655
BANCOS
1.23
1120
CUENTAS
$40.978 $158.674 $2.510 $174.393
DE
12,813,798.00 AHORRO
11
SUBTOTAL
$321.340 $383.034 $285.868 $888.568
DISPONIBL
E
$ 31,026,017.00
12
INVERSION
$62.657 $58.878 $7.171 $33.505
ES (ANEXO
7)
0.67
1305
CLIENTES ### ### ### ###
(ANEXO 8)
1310
CUENTAS
CORRIENT
ES
COMERCIA
LES (CP)
1325
CUENTAS
POR
COBRAR A $13.522 $12.292
SOCIOS Y
ACCIONIST
AS (CP)
1330
ANTICIPOS
2014 $327.500 $248.600 $861.593 $242.080
Y AVANCES
(CP)
$33,241.451
1335
DEPÓSITO $0.740 $0.740 $0.740 $0.740
$135,409.620
S (CP)
1355
ANTICIPO
DE
IMPTOS. Y ### $631.873 ### ###
CONTRIB.O
SALDOS A
FAVOR (CP)
88.38 Dias
1365
CUENTAS
POR
$508.593 $596.231 $672.463 $848.619
COBRAR A
TRABAJAD
0.25 Veces ORES (CP)
1380
DEUDORES
$3,824.710 $23.446 $37.665 $41.242 $327.086
VARIOS
(CP)
3.58 Veces 13
SUBTOTAL
12.41 Dias ### ### ### ###
DEUDORES
(CP)
1405
MATERIAS
PRIMAS ### ### ### ###
(ANEXO
1.98 Veces 2,17)
1410
PRODUCT
OS EN $890.359 ### ### ###
PROCESO
(ANEXO 2)
1430
PRODUCT
OS
### ### ### ###
TERMINAD
OS (ANEXO
2)
1435
M/CÍAS NO
FABRICAD
### ### ### ###
AS POR LA
EMP.
59% (ANEXO 2)
1455
MATERIALE
S,
REPUESTO $903.735 $849.771 $832.819 ###
SY
ACCESORI
OS (CP)
15%
1460
ENVASES Y
$36.785 $49.778 $49.399 $67.375
EMPAQUES
(CP)
1465
INVENTARI
OS EN $400.377 $707.424 ### ###
TRÁNSITO
(CP)
14
SUBTOTAL
### ### ### ###
INVENTARI
OS (CP)
1705
GASTOS
PAGADOS
$25.333 $50.493 $46.360 $128.198
POR
ANTICIPAD
O (CP)
1710
CARGOS
$90.516 $307.922 $139.394 $408.227
DIFERIDOS
(CP)
17
SUBTOTAL
$115.849 $358.415 $185.754 $536.425
DIFERIDO
(CP)
TOTAL
ACTIVO
### ### ### ###
CORRIENT
E
15
PROPIEDA
DES
### ### ### ###
PLANTA Y
EQUIPO(A
NEXO 9)
1610
$2.516 $2.646 $4.141 $4.777
MARCAS
1625
###
DERECHOS
1635
LICENCIAS
1698
AMORTIZA
CIÓN $313.996
ACUMULA
DA
16
SUBTOTAL
$2.516 $2.646 $4.141 ###
INTANGIBL
ES
1905 DE
INVERSION $0.293 ($1.499)
ES
1910 DE
PROPIEDA
DES
$842.710 ### ### ###
PLANTA Y
EQUIPO
(ANEXO 9)
19
SUBTOTAL
$843.003 ### ### ###
VALORIZAC
IONES
TOTAL
ACTIVO NO
### ### ### ###
CORRIENT
E
TOTAL
### ### ### ###
ACTIVO
21
OBLIGACIO
NES
FINANCIER ### ### ### ###
AS
(ANEXO10)
(CP)
22
PROVEEDO
RES ### ### ### ###
(ANEXO
10) (CP)
2335
COSTOS Y
GASTOS
$766.912 $872.553 ### ###
POR
PAGAR
(CP)
2355
DEUDAS
CON
ACCIONIST $11.656 $392.768
AS O
SOCIOS
(CP)
2360
DIVIDEND
OS O
PARTICIPAC $36.300 $38.841 $42.724 $46.999
IONES POR
PAGAR
(CP)
2365
RETENCIÓ
N EN LA $151.660 $166.596 $172.225 $209.736
FUENTE
(CP)
2367
IMPUESTO
A LAS
$56.598 $44.813 $48.402 $66.134
VENTAS
RETENIDO
(CP)
2368
IMPUESTO
DE
INDUSTRIA
Y
COMERCIO
RETENIDO
(CP)
2370
RETENCIO
NES Y
APORTES $249.962 $306.857 $353.608 $434.380
DE
NÓMINA
(CP)
23
SUBTOTAL
CUENTAS
### ### ### ###
POR
PAGAR
(CP)
24
IMPUESTO
S
$375.217 $343.550 $169.455 $295.448
GRAVÁMEN
ES Y
TASAS (CP)
25
OBLIGACIO
NES $739.453 $858.964 ### ###
LABORALE
S (CP)
2630 PARA
MANTENIM
IENTO Y
REPARACIO
NES (CP)
26
SUBTOTAL
PASIVOS
ESTIMAD.
Y PROVIS.
(CP)
2805
ANTICIPOS
Y AVANCES $195.259 $155.364 $543.798
RECIBIDOS
(CP)
28
SUBTOTAL
OTROS $195.259 $155.364 $543.798
PASIVOS
(CP)
TOTAL
PASIVO
### ### ### ###
CORRIENT
E
21
OBLIGACIO
NES
$580.309 ### ### ###
FINANCIER
AS
(ANEXO10)
TOTAL
PASIVO NO
$580.309 ### ### ###
CORRIENT
E
TOTAL
### ### ### ###
PASIVO
3105
CAPITAL
SUSCRITO
$22.000 $22.000 $22.000 $22.000
Y PAGADO
(ANEXO
12)
31
SUBTOTAL
$22.000 $22.000 $22.000 $22.000
CAPITAL
SOCIAL
3205
PRIMA EN
COLOC.AC
C,CUOTAS $790.000 $790.000 $790.000 $790.000
O PARTES
DE INT.
SOCIAL
32
SUBTOTAL
SUPERÁVIT $790.000 $790.000 $790.000 $790.000
DE
CAPITAL
33
RESERVAS
### ### ### ###
(ANEXO
11)
34
REVALORIZ
ACIÓN DEL ### ### ### ###
PATRIMONI
O
36
RESULTAD
$718.846 ### ### ###
OS DEL
EJERCICIO
3705
UTILIDADE
S $21.975
ACUMULA
DAS
37
RESULTAD
OS DE
$344.907 $246.041 $246.041 $21.975
EJERCICIOS
ANTERIOR
ES
38
SUPERÁVIT
POR $843.004 ### ### ###
VALORIZAC
IONES
TOTAL
PATRIMONI ### ### ### ###
O
TOTAL
PASIVO Y
### ### ### ###
PATRIMONI
O
Balance General
2008
PRESENT 2009
PRESENT 2010
PRESENT 2011
PRESENT 2012
PRESENT 2013 2014
E E E E E PRESENTE PRESENTE
(MILES (MILES (MILES (MILES (MILES (MILES DE (MILES DE
DE PESOS DE PESOS DE PESOS DE PESOS DE PESOS PESOS $) PESOS $)
$) $) $) $) $)
$42.385 $117.140 $297.222 $218.153 $122.582 $107.032 $25.680
$222.955 $708.004 $666.469 $349.512 $565.596 $699.667 $667.499
$80.062 $99.398 $94.553 $142.913 $66.050 $236.947 $861.331
$345.402 $924.542 ### $710.578 $754.228 $1,043.646 $1,554.510
$89.999 ### $375.241 ### $157.769 $498.534
### ### ### ### ### $29,848.412 $33,241.451
$0.027
$225.313 $82.171 $526.608 ### $568.463 $314.444 $279.184
$1,403.252
### ### ### $520.750 $850.005 $1,710.562
$846.957 $751.247 $826.297 $776.321 $695.951 $686.042 $685.686
$432.634 $292.548 $363.512 $376.165 $211.397 $203.746 $152.260
### ### ### ### ### $32,729.453 $35,761.833
### ### ### ### ### $10,439.991 $10,204.646
### ### ### ### ### $3,672.292 $4,620.157
### ### ### ### ### $4,115.308 $3,824.710

### ### ### ### ### $3,944.915 $3,319.736
### ### $896.542 $941.498 ### $1,627.258 $1,360.208
$95.434 $123.561 $107.497 $105.703 $71.941 $100.985 $79.288
### ### ### ### ### $4,323.988 $7,617.272
### ### ### ### ### $28,224.737 $31,026.017
$231.270 $168.334 $234.863 $61.257 $71.402 $79.037 $90.478
$192.404 $429.019 $295.596 $360.743 $815.199
$423.674 $597.353 $530.459 $422.000 $886.601 $79.037 $90.478
### ### ### ### ### $62,575.407 $68,432.838
### ### ### ### ### $32,010.877 $35,589.373

$4.777 $4.777 $4.776 $4.777 $4.777
### ### ### ###
$719.017 $1,018.577 $375.750
$607.459 $900.922 ### $829.899
### ### ### ### $723.794 $1,018.577 $375.750
### ### ### ### ### $8,925.350 $8,592.923
### ### ### ### ### $8,925.350 $8,592.923
### ### ### ### ### $41,954.804 $44,558.046
### ### ### ### ### ### ###
### ### ### ### ### $24,215.672 $20,802.000
### ### ### ### ### $21,648.888 $26,836.739

### ### ### ### ### $3,361.403 $3,304.902
$680.846 $880.246 $101.427 $405.093 ### $1,699.516 $162.697
$51.711 $37.997 $494.443 $72.985 $76.461 $72.510
$237.675 $247.418 $289.664 $341.797 $262.467 $182.433 $337.115
$64.868 $77.307 $84.820 $103.753 $90.080 $26.756 $42.835
$0.073 $2.899 $2.371 $3.185 $3.999
$492.986 $585.250 $732.340 $733.121 $824.572 $720.806 $18.911

### ### ### ### ### $6,070.560 $3,942.969
$697.972 $944.592 $881.108 ### ### $716.252 $907.615
### ### ### ### ### $2,283.907 $2,432.635
$284.135
$284.135
$290.770 $689.913 $482.382 $618.535 $806.246 $697.082
$290.770 $689.913 $482.382 $618.535 $806.246 $697.082
### ### ### ### ### $55,741.525 $55,619.040
### ### ### ### ### $6,872.251 $10,689.299
### ### ### ### ### $6,872.251 $10,689.299

### ### ### ### ### $62,613.776 $66,308.339
$22.000 $22.000 ### ### ### $3,960.000 $4,320.000
$22.000 $22.000 ### ### ### $3,960.000 $4,320.000
$790.000 $790.000 ### ### ### $3,019.592 $6,609.592
$790.000 $790.000 ### ### ### $3,019.592 $6,609.592
### ### ### ### ### $23,588.403 $25,296.155
### ### $873.175 $654.881 $436.588 $218.294
### ### ### ### ### $2,204.796 $1,863.874
$21.994
$21.994
### ### ### ### ### $8,925.350 $8,592.924

### ### ### ### ### $41,916.435 $46,682.545
### ### ### ### ### ### ###

Estado de resultados
2004 2005 2006 2007 2008 2009 2010
41 INGRESOS
OPERACIONA $48,077.631 $53,055.735 $61,058.464 $69,666.290 $82,344.726 $87,172.722 $96,629.275
LES (ANEXO
1)
61 MENOS:
COSTO DE
VENTAS Y DE $39,273.559 $41,916.823 $49,278.133 $54,714.316 $65,681.220 $69,940.591 $77,910.745
PRESTACIÓN
DE SERVICIOS
(ANEXO 2)
UTILIDAD $8,804.072 $11,138.912 $11,780.331 $14,951.974 $16,663.506 $17,232.131 $18,718.530

BRUTA
51 MENOS:
GASTOS
OPERACIONA
LES DE $2,887.161 $3,523.197 $4,282.505 $4,755.896 $4,655.530 $4,263.465 $4,830.070
ADMINISTRA
CIÓN (ANEXO
3)
52 MENOS:
GASTOS
OPERACIONA $4,270.019 $4,468.796 $5,019.173 $5,834.049 $6,452.715 $6,803.779 $7,628.381
LES DE
VENTAS
(ANEXO 3)
UTILIDAD
OPERACIONA $1,646.892 $3,146.919 $2,478.653 $4,362.029 $5,555.261 $6,164.887 $6,260.079
L
42 MAS:
INGRESOS
NO $964.927 $945.803 $2,641.875 $5,096.138 $7,543.801 $6,464.530 $4,802.862
OPERACIONA
LES (ANEXO
5)
53 MENOS:
GASTOS NO
OPERACIONA $2,111.321 $2,107.202 $3,835.815 $6,603.847 $11,532.126 $9,036.529 $5,272.175
LES (ANEXO
5)
UTILIDAD
ANTES DE $500.498 $1,985.520 $1,284.713 $2,854.320 $1,566.936 $3,592.888 $5,790.766
IMPUESTOS
47 AJUSTES
POR $441.404 $454.040 $450.253
INFLACIÓN
(ANEXO 13)
54 MENOS:
IMPUESTO
DE RENTA Y $223.056 $553.880 $356.143 $170.622 $517.092 $1,092.890 $964.182
COMPLEMEN
TARIOS
59
GANANCIAS Y $718.846 $1,885.680 $1,378.823 $2,683.698 $1,049.844 $2,499.998 $4,826.584
PERDIDAS
2011 2012 2013 2014
EJERCICIO EJERCICIO EJERCICIO EJERCICIO
(MILES DE (MILES DE (MILES DE (MILES DE
PESOS $) PESOS $) PESOS $) PESOS $)
$109,283.041 $115,604.824 $123,127.614 $135,409.620
$87,234.862 $92,688.889 $99,890.185 $110,955.142
$22,048.179 $22,915.935 $23,237.429 $24,454.478
$5,771.428 $6,104.711 $7,489.634 $8,090.232
$8,740.625 $9,906.811 $10,024.905 $10,328.774
$7,536.126 $6,904.413 $5,722.890 $6,035.472
$5,402.244 $5,057.503 $4,618.242 $8,034.247
$6,756.969 $6,566.836 $6,804.838 $10,855.883

$6,181.401 $5,395.080 $3,536.294 $3,213.836
$2,178.856 $1,945.696 $1,331.498 $1,349.962
$4,002.545 $3,449.384 $2,204.796 $1,863.874

2004 2005 2006 2007
Cuenta PRESENTE PRESENTE PRESENTE PRESENTE
EJERCICIO EN EJERCICIO EN EJERCICIO EN EJERCICIO EN
MILES $ MILES $ MILES $ MILES $
UTILIDAD DEL PERIODO (ESTADO DE RESULTADOS) $718.846 $1,885.680 $1,378.823 $2,683.698
(+) DEPRECIACIONES (ANEXO 3) $1,240.284 $1,454.316 $1,887.629 $2,288.142
(+) AMORTIZACIONES (ANEXO 3)
(+) PROVISIONES (ANEXO 3)
(-) UTILIDAD EN VENTA DE INVERSIONES (ANEXO 5)
(-) UTILIDAD EN VTA PROPIEDADES Y EQUIPO Y/O OTROS $10.823 $10.000
BIENES (ANEXO 5)
(-) RECUPERACIONES
(+) PÉRDIDA EN VENTA O RETIRO DE BIENES (ANEXO5) $7.611 $32.262 $35.577 $21.764
(-) INVERSIONES $0.089 $0.083 $0.077
(-) INVENTARIOS $556.420 $418.183 $426.829
(-) PROPIEDAD PLANTA Y EQUIPO $797.967 $962.176 $1,011.081

(-) INTANGIBLES $0.034 $0.130 $0.172
(-) ACTIVOS DIFERIDOS $3.224 $6.950 $13.321
(+ O -) PATRIMONIO $567.521 $543.021 $569.536
(+) DEPRECIACION ACUMULADA $348.809 $390.461 $431.691
(+) PROVISION IMPUESTO DE RENTA Y $223.056 $553.880 $356.143 $170.622
COMPLEMENTARIOS (EST. RESULTADOS)
SUBTOTAL $1,748.393 $3,461.275 $3,207.919 $5,154.226
(+ O -) DIFERENCIA EN CAMBIO $28.686
EFECTIVO GENERADO EN OPERACIÓN $1,777.079 $3,461.275 $3,207.919 $5,154.226
(+) DISMINUCION DEUDORES $330.182
(+) DISMINUCION INVENTARIOS $2,018.384
(+) DISMINUCION ACTIVOS DIFERIDOS $694.000
(+) AUMENTO PROVEEDORES $1,930.000 $4,155.000 $2,445.000
(+) AUMENTO CUENTAS POR PAGAR $157.000 $426.000 $1,818.000
(+) AUMENTO IMPUESTOS GRAVAMENES Y TASAS $400.719 $126.000
(+) AUMENTO OBLIGACIONES LABORALES $96.431 $120.000 $145.000 $198.000
(+) AUMENTO PASIVOS ESTIMADOS Y PROVISIONES $388.000
(+) AUMENTO PASIVOS DIFERIDOS $39.735
(+) AUMENTO OTROS PASIVOS $195.000 $40.000
(-) AUMENTO DEUDORES $1,828.800 $4,237.000 $2,280.000
(-) AUMENTO INVENTARIOS $1,971.000 $2,409.000 $3,187.000
(-) AUMENTO ACTIVOS DIFERIDOS $242.000 $351.000
(-) DISMINUCION PROVEEDORES $3,125.633
(-) DISMINUCION CUENTAS POR PAGAR $42.784
(-) DISMINUCION IMPUESTOS GRAVAMENES Y TASAS $31.000 $175.000
(-) DISMINUCION PASIVOS DIFERIDOS $172.000
(-) DISMINUCION OTROS PASIVOS $55.985 $615.526
FLUJO DE EFECTIVO NETO EN ACTIVIDADES DE $1,438.128 $1,790.475 $1,674.919 $3,695.700
OPERACIÓN
(-) COMPRA INVERSIONES TEMPORALES $26.000
(-) COMPRA INVERSIONES PERMANENTES
(-) COMPRA PROPIEDAD PLANTA Y EQUIPO $4,588.826 $2,152.781 $6,319.985 $6,573.000
(-) AUMENTO INTANGIBLES $2.482 $1.000 $1.000 $2,553.000
(-) AUMENTO OTROS ACTIVOS
(+) VENTA INVERSIONES TEMPORALES $14.640 $4.000 $52.000
(+) DISMINUCION INTANGIBLES
(+) DISMINUCION OTROS ACTIVOS
FLUJO DE EFECTIVO NETO EN ACTIVIDADES DE ($4,576.668) ($2,149.781) ($6,268.985) ($9,152.000)
INVERSION
(+) NUEVAS OBLIGACIONES FINANCIERA $13,097.016 $11,461.000 $25,515.000
(+) NUEVAS OBLIGACIONES FINANCIERAS A LARGO $1,610.000 $2,791.000 $14,168.000 $11,512.000
PLAZO
(+) AUMENTO CAPITAL SOCIAL Y/O RECOLOCACION DE $361.000
ACCIONES
(-) PAGO DE OBLIGACIONES FINANCIERAS $9,837.585 $2,475.000 $10,142.100 $24,603.000
(-) PAGO DE OBLIGACIONES FINANCIERAS A LARGO
PLAZO $1,457.669 $10,706.000 $5,689.000
(-) DISMINUCION CAPITAL SOCIAL Y/O READQUISICION
DE ACCIONES
(-) DISMINUCION SUPERAVIT DE CAPITAL
(-) PAGO DE UTILIDADES (DIVIDEN. PARTICIP. GIRO $238.700 $256.000 $284.000 $676.000
FLUJO DE EFECTIVO NETO EN ACTIVIDADES FINANCIERAS $3,173.062 $421.000 $4,496.900 $6,059.000
TOTAL - AUMENTO (DISMINUCION) DEL EFECTIVO $34.522 $61.694 ($97.166) $602.700
EFECTIVO AÑO ANTERIOR $286.818 $321.340 $383.034 $285.868
EFECTIVO PRESENTE AÑO $321.340 $383.034 $285.868 $888.568
2008 2009 2010 2011 2012 2013 2014
EJERCICIO EN EJERCICIO EN EJERCICIO EN EJERCICIO EN EJERCICIO EN EJERCICIO EN EJERCICIO EN
MILES $ MILES $ MILES $ MILES $ MILES $ MILES $ MILES $
$1,049.844 $2,499.998 $4,826.584 $4,002.545 $3,449.384 $2,204.796 $1,863.874
$2,948.065 $3,018.550 $3,154.012 $3,780.536 $4,534.372 $4,546.409 $4,607.896
$179.933 $434.714 $218.849 $218.851 $914.066 $1,145.155
$33.753
$1.986
$0.352 $2.867 $18.470 $4.364 $1.927
$0.009
$201.269 $322.141 $61.013 $23.838 $438.778 $174.199 $182.377
$517.092 $1,092.890 $964.182 $2,178.856 $1,945.696 $1,331.498 $1,349.962

$4,716.270 $7,113.503 $9,440.153 $10,201.757 $10,568.611 $9,198.371 $9,147.337
$720.847
$4,716.270 $7,113.503 $10,161.000 $10,201.757 $10,568.611 $9,198.371 $9,147.337
$647.000
$113.000 $871.637 $621.577 $639.039 $4.047
$2,896.000 $1,177.000 $2,534.000 $4,794.000 $5,188.000
$593.000 $892.000 $692.000
$403.000 $247.000 $167.000 $191.000
$169.000 $84.000 $263.000 $175.000 $136.000 $255.000 $149.000
$399.000
$609.000 $333.000 $187.000

$3,897.000 $294.000 $2,888.000 $4,254.000 $2,936.000 $5,947.000 $4,382.000
$1,874.000 $57.000 $2,673.000 $3,842.000 $6,015.000 $2,801.000
$1,224.000 $994.000 $640.000 $819.000
$728.000 $1,439.000
$200.000 $136.000 $556.000 $2,128.000
$63.000 $25.000 $306.000
$121.000
$255.000 $207.000 $199.000 $110.000
($1,552.730) $9,900.140 $4,829.000 $5,357.334 $7,996.650 $2,741.418 $5,254.337
$56.000 $1,345.000 $1,091.000
$340.000
$2,739.000 $2,474.000 $5,711.000 $4,758.000 $15,620.000 $2,714.000 $4,730.000
$4,243.000
$295.000
$1,060.000 $1,307.000 $499.000
$293.000 $296.000 $5,193.000
$196.564 $293.000
($2,305.436) ($3,526.000) ($4,355.000) ($10,092.000) ($9,120.000) ($3,349.000) ($4,231.000)
$17,611.000 $9,502.000 $24,508.000 $24,684.000 $14,493.000 $14,013.000 $18,077.000
$4,830.000 $2,421.000 $503.702
$13,896.000 $10,632.000 $24,838.000 $19,918.000 $379.000 $17,676.000

$4,712.000 $6,664.000 $13,103.000 $12,242.000
$182.000
$172.000 $172.000 $379.000
$336.000 $250.000 $342.000 $223.000 $495.000 $913.473
$3,315.000 ($5,795.000) ($340.298) $4,387.000 $1,167.000 $897.000 ($512.473)
($543.166) $579.140 $133.702 ($347.666) $43.650 $289.418 $510.864
$888.568 $345.402 $924.542 $1,058.244 $710.578 $754.228 $1,043.646
$345.402 $924.542 $1,058.244 $710.578 $754.228 $1,043.646 $1,554.510
INDICADORES DE LIQUIDEZ
razon corriente - VALOR MONETARIO

$ 80,000,000.00 1.25 1.25
1.23 1.23
$ 70,000,000.00 1.21 1.20 1.20
1.19
$ 60,000,000.00 1.17
1.15 1.15
$ 50,000,000.00 1.12 1.12
1.09 1.10 1.10
$ 40,000,000.00 1.07
1.05 1.05
$ 30,000,000.00 1.03
1.00 1.00
$ 20,000,000.00
$ 10,000,000.00 0.95 0.95
$- 0.90 0.90
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1 2 3
ACTIVO CORRIENTE PASIVO CORRIENTE RAZON CORRIENTE
INDICADORES DE ACTIVIDAD
16.00 Di as $4,500.000
14.00 Di as $4,000.000
$3,500.000 $35,000.000
12.00 Di as
$3,000.000 $30,000.000
10.00 Di as
$2,500.000
8.00 Di a s $25,000.000
$2,000.000
6.00 Di a s $20,000.000
$1,500.000
4.00 Di a s $15,000.000
$1,000.000
2.00 Di a s $500.000 $10,000.000
0.00 Di a s $0.000 $5,000.000

1430 PRODUCTOS TERMINADOS (ANEXO 2)
ROT INVENTARIO(Di a s ) $0.000
2004 2005
INDICADRORES DE ENDEUDAMIENTO
ENDEUDAMIENTO FINANCIERO
30%
80%
25%
70%
20% 60%
15% 50%
40%
10%
30%
80%
25%
70%
20% 60%
15% 50%
40%
10%
30%
5% 20%
0% 10%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
0%
2004 2005
Composicioó n del total de pasivos

Obligac
$60,000.000
$50,000.000
$40,000.000
$12,616.272
$30,000.000
$10,142.100
$20,000.000
$5,815.505
$3,885.854
$10,000.000
$0.000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
TOTAL PASIVO CORRIENTE TOTAL PASIVO NO CORRIENTE 2004 2005 2
Composicion Patrimonio
$10,000.000
$9,000.000
$8,000.000
$7,000.000
$6,000.000
$5,000.000
$4,000.000
$3,000.000
$2,000.000
$1,000.000
$0.000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
31 SUBTOTAL CAPITAL SOCIAL 36 RESULTADOS DEL EJERCICIO
38 SUPERÁVIT POR VALORIZACIONES 34 REVALORIZACIÓN DEL PATRIMONIO
$218.294 32 SUBTOTAL SUPERÁVIT DE CAPITAL
$5,000.000
$4,000.000
$3,000.000
$2,000.000
$1,000.000
$0.000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
31 SUBTOTAL CAPITAL SOCIAL 36 RESULTADOS DEL EJERCICIO
38 SUPERÁVIT POR VALORIZACIONES 34 REVALORIZACIÓN DEL PATRIMONIO
$218.294 32 SUBTOTAL SUPERÁVIT DE CAPITAL
PESOS RAZON CORR
1.25 14,000,000.00 1.40
1.20 12,000,000.00 1.20
1.15 10,000,000.00 1.00
1.10 8,000,000.00 0.80
1.05 6,000,000.00 0.60
1.00 4,000,000.00 0.40
0.20
0.95 2,000,000.00
-
0.90 - 2004 2005 2006 2007 200
1 2 3 4 5 6 7 8 9 10 11
RAZON CORR
RAZON CORRIENTE KNT
$160,000.000
1305 CLIENTES (ANEXO 8)
$140,000.000
$35,000.000
$120,000.000
$30,000.000
$100,000.000
$25,000.000
$80,000.000
$20,000.000
$60,000.000
$15,000.000
$40,000.000
$10,000.000
$20,000.000
$5,000.000
$0.000
1305 CLIENTES (A
$0.000
41 INGRESOS OP
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
NIVEL DE ENDEUDAMIENTO $40,000.000
80% $35,000.000
70% $30,000.000
60% $25,000.000
50% $20,000.000
40% $15,000.000
30% $10,000.000
80% $35,000.000
70% $30,000.000
60% $25,000.000
50% $20,000.000
40% $15,000.000
30% $10,000.000
20%
$5,000.000
10%
$0.000
2004
0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 11 SUBTOTAL DI
14 SUBTOTAL IN
Obligaciones fi nancieras vs proveedores

Composición
$26,836.739
21 OBLIGACIONES FINANCIERAS (ANEXO10) (CP)
$24,215.672
22 PROVEEDORES (ANEXO 10) (CP)

$21,883.941
$21,790.000
$21,648.888
$20,802.000
21 OBLIGA
$19,781.920
$19,114.264
$18,876.147
$18,293.570
(CP)
$16,854.599
$15,759.795
23 SUBTOT
$14,583.103
$12,616.272
$12,484.978
$12,415.828
$11,686.997
$11,460.548
$10,142.100
$9,970.820
$12,616.272
$12,484.978
$11,460.548
$10,142.100
$5,815.505
$3,885.854
$3,674.014
$1,856.066
$1,429.660
$1,273.088
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
2004 2005 2006 2007 2
RAZON CORRIENTE PRUEBA ACIDA
$ 80,000,000.00
$ 70,000,000.00
$ 60,000,000.00
$ 50,000,000.00
$ 40,000,000.00
$ 30,000,000.00
$ 20,000,000.00
$ 10,000,000.00
$-
2004 2005 2006
004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 ACTIVO CO
RAZON CO
RAZON CORRIENTE PRUEBA ACIDA
000 $35,000.000
000
ROT INVENTARIO(D
$30,000.000
16.00 Di as
000
$25,000.000 14.00 Di as
000
$20,000.000 12.00 Di as
000
10.00 Di as
$15,000.000
000
8.00 Di a s
$10,000.000
000
6.00 Di a s
000 $5,000.000
4.00 Di a s
000 $0.000 2.00 Di a s

1305 CLIENTES (ANEXO 8)
41 INGRESOS OPERACIONALES (ANEXO 1) 0.00 Di a s
2004 2005 2006 2007 2008 2009 2
Chart Title
$40,000.000
$35,000.000
$30,000.000
$25,000.000
$20,000.000
$15,000.000
$10,000.000
$35,000.000
$30,000.000
$25,000.000
$20,000.000
$15,000.000
$10,000.000
$5,000.000
$0.000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
11 SUBTOTAL DISPONIBLE 12 INVERSIONES (ANEXO 7) 13 SUBTOTAL DEUDORES (CP)
14 SUBTOTAL INVENTARIOS (CP) 17 SUBTOTAL DIFERIDO (CP)
Composición Pasivos No Corrientes $50,000.000

$45,000.000
$40,000.000
21 OBLIGACIONES FINANCIERAS (ANEXO10)
(CP) $35,000.000
$24,215.672
23 SUBTOTAL CUENTAS POR PAGAR (CP)

$21,883.941
$21,790.000
$20,802.000
$30,000.000
$19,781.920
$19,114.264
$18,876.147
$25,000.000
$12,616.272
$12,484.978
$20,000.000
$11,460.548
$10,142.100
$15,000.000
$6,070.560
$5,379.421
$4,488.014
$10,000.000
$3,942.969
$3,894.049
$3,674.014
$3,473.629
$3,338.203
$1,856.066
$1,429.660
$1,273.088
$5,000.000
$0.000
05 06 07 08 09 10
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 - 20 - 20 - 20 - 20 - 20 - 20
04 05 06 07 08 09 1
20 20 20 20 20 20 20
Chart Title
$ 80,000,000.00 1.40 Chart Tit
$ 70,000,000.00 1.20 14000000
$ 60,000,000.00 12000000
1.00
$ 50,000,000.00
0.80 10000000
$ 40,000,000.00
0.60 8000000
$ 30,000,000.00
0.40 6000000
$ 20,000,000.00
$ 10,000,000.00 0.20
4000000
$- -
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2000000
ACTIVO CORRIENTE PASIVO CORRIENTE 0
RAZON CORRIENTE PRUEBA ACIDA 1 2 3 4 5 6
KNT Row 6 Row
ROT INVENTARIO(Dias) Rotacion de inventario y cartera

6.00 Veces
5.00 Veces
4.00 Veces
3.00 Veces
2.00 Veces
1.00 Veces
0.00 Veces
ROT INVENTARIO(Veces ) ROTACION DE CARTERA(Veces
005 2006 2007 2008 2009 2010 2011 2012 2013 2014
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
5 06 07 08 09 10 11 12 13 14
- 20 - 20 - 20 - 20 - 20 - 20 - 20 - 20 - 20
05 06 07 08 09 10 11 12 13
20 20 20 20 20 20 20 20 20
Chart Title
2 3 4 5 6 7 8 9 10 11 12
KNT Row 6 Row 8 Row 5
de inventario y cartera
ROTACION DE CARTERA(Veces)
DATOS
Activo Corriente
Pasivo Corriente
Pasivo Total
Activo Total
Utilidad Operacional
Utilidades Acumuladas Anuales
Valor Acciones (Mercado ó Patrimonio
Ventas
X1 = capital de trabajo neto /activos totales 0.71

X2 = utilidades retenidas/activos totales 0.847
X3 = EBIT/activos totales 3.107
X4 = valor de mercado de todo el capital/valor en libros de pasivos totales 0.42
X5 = ventas/activos totales. 0.998
Z-Score
2004 2005 2006 2007 2008 2009 2010
$ 19,522,836 $ 23,069,502 $ 29,402,634 $ 35,849,117 $ 41,020,591 $ 42,057,231 $ 47,650,649

$ 18,889,884 $ 18,785,038 $ 24,616,240 $ 30,616,479 $ 36,635,429 $ 40,793,366 $ 44,619,528
$ 19,470,193 $ 22,156,799 $ 31,450,862 $ 43,161,521 $ 46,384,986 $ 44,502,363 $ 45,896,528
$ 31,014,155 $ 36,481,063 $ 47,356,749 $ 60,887,096 $ 67,540,149 $ 67,735,310 $ 75,589,998
$ 1,646,892 $ 3,146,919 $ 2,478,653 $ 4,362,029 $ 5,555,261 $ 6,164,887 $ 6,260,079
$ 718,846 $ 1,885,680 $ 1,378,823 $ 2,683,698 $ 1,049,844 $ 2,499,998 $ 4,826,584
$ 11,543,962 $ 14,324,264 $ 15,905,887 $ 17,725,575 $ 21,155,163 $ 23,232,947 $ 29,693,470
$ 48,077,631 $ 53,055,735 $ 61,058,464 $ 69,666,290 $ 82,344,726 $ 87,172,722 $ 96,629,275
2004 2005 2006 2007 2008 2009 2010

0.020 0.117 0.101 0.086 0.065 0.019 0.040
0.023 0.052 0.029 0.044 0.016 0.037 0.064
0.053 0.086 0.052 0.072 0.082 0.091 0.083
0.593 0.646 0.506 0.411 0.456 0.522 0.647
1.550 1.454 1.289 1.144 1.219 1.287 1.278
1.995 2.118 1.758 1.635 1.723 1.831 1.887
2 2 2 2 2 2 2
1.69 1.69 1.69 1.69 1.69 1.69 1.69
1.21 1.21 1.21 1.21 1.21 1.21 1.21
2011 2012 2013 2014
$ 54,183,948 $ 52,156,309 $ 62,575,407 $ 68,432,838

$ 44,883,142 $ 47,694,133 $ 55,741,525 $ 55,619,040
$ 53,934,142 $ 55,221,133 $ 62,613,776 $ 66,308,339
$ 91,813,152 $ 95,648,258 $ 104,530,211 $ 112,990,884
$ 7,536,126 $ 6,904,413 $ 5,722,890 $ 6,035,472
$ 4,002,545 $ 3,449,384 $ 2,204,796 $ 1,863,874
$ 37,879,010 $ 40,427,125 $ 41,916,435 $ 46,682,545
$ 109,283,041 $ 115,604,824 $ 123,127,614 $ 135,409,620 Z-Sco
6
2011 2012 2013 2014
5
0.101 0.047 0.065 0.113
0.044 0.036 0.021 0.016 4
0.082 0.072 0.055 0.053 3

0.702 0.732 0.669 0.704
2
1.190 1.209 1.178 1.198
1.847 1.802 1.691 1.752 1
2 2 2 2 0
1.69 1.69 1.69 1.69 2004 2005 2006 2007 2008 2009
1.21 1.21 1.21 1.21 Des astre F
Zona s egura
Z-Score
2.500
2.000
1.500
1.000
0.500
0.000
5 2006 2007 2008 2009 2010 2011 2012 2013 2014
Des astre F Pos i bl e qui ebra
Zona s egura Z-Score
BALANCE GENERAL
2004
PRESENT 2005
PRESENT 2006
PRESENT 2007
PRESENT 2008
PRESENT 2009
PRESENT 2010
PRESENT
E E E E E E E
$) $) $) $) $) $) $)
1105 CAJA $92.438 $136.370 $216.798 $215.520 $42.385 $117.140 $297.222
1110
$187.924 $87.990 $66.560 $498.655 $222.955 $708.004 $666.469
BANCOS
1120
CUENTAS
$40.978 $158.674 $2.510 $174.393 $80.062 $99.398 $94.553
DE
AHORRO
11
SUBTOTAL
$321.340 $383.034 $285.868 $888.568 $345.402 $924.542 ###
DISPONIBL
E
12
INVERSION
$62.657 $58.878 $7.171 $33.505 $89.999 ### $375.241
ES (ANEXO
7)
1305
CLIENTES ### ### ### ### ### ### ###
(ANEXO 8)
1310
CUENTAS
CORRIENT
$0.027
ES
COMERCIA
LES (CP)
1325
CUENTAS
POR
COBRAR A $13.522 $12.292
SOCIOS Y
ACCIONIST
AS (CP)
1330
ANTICIPOS
$327.500 $248.600 $861.593 $242.080 $225.313 $82.171 $526.608
Y AVANCES
(CP)
1335
DEPÓSITO $0.740 $0.740 $0.740 $0.740
S (CP)
1355
ANTICIPO
DE
IMPTOS. Y ### $631.873 ### ### ### ### ###
CONTRIB.O
SALDOS A
FAVOR (CP)
1365
CUENTAS
POR
$508.593 $596.231 $672.463 $848.619 $846.957 $751.247 $826.297
COBRAR A
TRABAJAD
ORES (CP)
1380
DEUDORES
$23.446 $37.665 $41.242 $327.086 $432.634 $292.548 $363.512
VARIOS
(CP)
1399
PROVISION
ES
13 (CP)
SUBTOTAL
1405 ### ### ### ### ### ### ###
DEUDORES
MATERIAS
(CP)
PRIMAS
1410 ### ### ### ### ### ### ###
(ANEXO
PRODUCT
1430
2,17)
OS EN $890.359 ### ### ### ### ### ###
PRODUCT
PROCESO
OS
1435
(ANEXO 2) ### ### ### ### ### ### ###
TERMINAD
M/CÍAS NO
1455
OS (ANEXO
FABRICAD
MATERIALE ### ### ### ### ### ### ###
2)
AS POR LA
S,
EMP.
REPUESTO $903.735 $849.771 $832.819 ### ### ### $896.542
(ANEXO
1460 2)
SY
ENVASES
ACCESORI Y
1465 $36.785 $49.778 $49.399 $67.375 $95.434 $123.561 $107.497
EMPAQUES
OS (CP)
INVENTARI
(CP)
OS EN $400.377 $707.424 ### ### ### ### ###
14
TRÁNSITO
1705
SUBTOTAL
(CP) ### ### ### ### ### ### ###
GASTOS
INVENTARI
PAGADOS
OS (CP)
1710 $25.333 $50.493 $46.360 $128.198 $231.270 $168.334 $234.863
POR
CARGOS
ANTICIPAD $90.516 $307.922 $139.394 $408.227 $192.404 $429.019 $295.596
DIFERIDOS
17
O (CP)
(CP)
SUBTOTAL
$115.849 $358.415 $185.754 $536.425 $423.674 $597.353 $530.459
DIFERIDO
TOTAL
(CP)
ACTIVO
15
### ### ### ### ### ### ###
CORRIENT
PROPIEDA
E
DES
### ### ### ### ### ### ###
PLANTA Y
EQUIPO(A
1610
NEXO 9) $2.516 $2.646 $4.141 $4.777 $4.777 $4.777 $4.776
MARCAS
1625
### ### ### ###
DERECHOS
1635
1698
LICENCIAS
AMORTIZA
CIÓN
16 $313.996 $607.459 $900.922 ###
ACUMULA
SUBTOTAL
DA $2.516 $2.646 $4.141 ### ### ### ###
INTANGIBL
1905 DE
ES
INVERSION $0.293 ($1.499)
ES
1910 DE
PROPIEDA
DES
$842.710 ### ### ### ### ### ###
PLANTA Y
EQUIPO
(ANEXO 9)
19
SUBTOTAL
$843.003 ### ### ### ### ### ###
VALORIZAC
IONES
TOTAL
ACTIVO NO
### ### ### ### ### ### ###
CORRIENT
E
TOTAL
### ### ### ### ### ### ###
ACTIVO
21
OBLIGACIO
NES
FINANCIER ### ### ### ### ### ### ###
AS
(ANEXO10)
(CP)
22
PROVEEDO
RES ### ### ### ### ### ### ###
(ANEXO
10) (CP)
2335
COSTOS Y
GASTOS
$766.912 $872.553 ### ### ### ### ###
POR
PAGAR
(CP)
2355
DEUDAS
CON
ACCIONIST $11.656 $392.768 $680.846 $880.246 $101.427
AS O
SOCIOS
(CP)
2360
DIVIDEND
OS O
PARTICIPAC $36.300 $38.841 $42.724 $46.999 $51.711 $37.997 $494.443
IONES POR
PAGAR
(CP)
2365
RETENCIÓ
N EN LA $151.660 $166.596 $172.225 $209.736 $237.675 $247.418 $289.664
FUENTE
(CP)
2367
IMPUESTO
A LAS
$56.598 $44.813 $48.402 $66.134 $64.868 $77.307 $84.820
VENTAS
RETENIDO
(CP)
2368
IMPUESTO
DE
INDUSTRIA
$0.073
Y
COMERCIO
RETENIDO
(CP)
2370
RETENCIO
NES Y
APORTES $249.962 $306.857 $353.608 $434.380 $492.986 $585.250 $732.340
DE
NÓMINA
(CP)
23
SUBTOTAL
CUENTAS
### ### ### ### ### ### ###
POR
PAGAR
(CP)
24
IMPUESTO
S
$375.217 $343.550 $169.455 $295.448 $697.972 $944.592 $881.108
GRAVÁMEN
ES Y
TASAS (CP)
25
OBLIGACIO
NES $739.453 $858.964 ### ### ### ### ###
LABORALE
S (CP)
2630 PARA
MANTENIM
IENTO Y
REPARACIO
NES (CP)
26
SUBTOTAL
PASIVOS
ESTIMAD.
Y PROVIS.
(CP)
2805
ANTICIPOS
Y AVANCES $195.259 $155.364 $543.798 $290.770 $689.913 $482.382
RECIBIDOS
(CP)
28
SUBTOTAL
OTROS $195.259 $155.364 $543.798 $290.770 $689.913 $482.382
PASIVOS
(CP)
TOTAL
PASIVO
### ### ### ### ### ### ###
CORRIENT
E
21
OBLIGACIO
NES
$580.309 ### ### ### ### ### ###
FINANCIER
AS
(ANEXO10)
TOTAL
PASIVO NO
$580.309 ### ### ### ### ### ###
CORRIENT
E
TOTAL
### ### ### ### ### ### ###
PASIVO
3105
CAPITAL
SUSCRITO
$22.000 $22.000 $22.000 $22.000 $22.000 $22.000 ###
Y PAGADO
(ANEXO
12)
31
SUBTOTAL
$22.000 $22.000 $22.000 $22.000 $22.000 $22.000 ###
CAPITAL
SOCIAL
3205
PRIMA EN
COLOC.AC
C,CUOTAS $790.000 $790.000 $790.000 $790.000 $790.000 $790.000 ###
O PARTES
DE INT.
SOCIAL
32
SUBTOTAL
SUPERÁVIT $790.000 $790.000 $790.000 $790.000 $790.000 $790.000 ###
DE
CAPITAL
33
RESERVAS
### ### ### ### ### ### ###
(ANEXO
11)
34
REVALORIZ
ACIÓN DEL ### ### ### ### ### ### $873.175
PATRIMONI
O
36
RESULTAD
$718.846 ### ### ### ### ### ###
OS DEL
EJERCICIO
3705
UTILIDADE
S $21.975 $21.994
ACUMULA
DAS
37
RESULTAD
OS DE
$344.907 $246.041 $246.041 $21.975 $21.994
EJERCICIOS
ANTERIOR
ES
38
SUPERÁVIT
POR $843.004 ### ### ### ### ### ###
VALORIZAC
IONES
TOTAL
PATRIMONI ### ### ### ### ### ### ###
O
TOTAL
PASIVO Y
### ### ### ### ### ### ###
PATRIMONI
O
AL
2011
PRESENT 2012
PRESENT 2013
PRESENT 2014
PRESENT
E E E E
EJERCICIO EJERCICIO EJERCICIO EJERCICIO Cuenta
$) $) $) $) 41 INGRESOS OPERACIONALES
$218.153 $122.582 $107.032 $25.680 (ANEXO 1)
61 MENOS: COSTO DE VENTAS Y DE

$349.512 $565.596 $699.667 $667.499 PRESTACIÓN DE SERVICIOS (ANEXO 2)
$142.913 $66.050 $236.947 $861.331 UTILIDAD BRUTA
51 MENOS: GASTOS OPERACIONALES

$710.578 $754.228 ### ### DE ADMINISTRACIÓN (ANEXO 3)
52 MENOS: GASTOS OPERACIONALES

### $157.769 $498.534 DE VENTAS (ANEXO 3)
### ### ### ### UTILIDAD OPERACIONAL
42 MAS: INGRESOS NO
53 MENOS: GASTOS NO
### $568.463 $314.444 $279.184 UTILIDAD ANTES DE IMPUESTOS
47 AJUSTES POR INFLACIÓN (ANEXO

### 13)
54 MENOS: IMPUESTO DE RENTA Y

$520.750 $850.005 ### COMPLEMENTARIOS
$776.321 $695.951 $686.042 $685.686 59 GANANCIAS Y PERDIDAS
$376.165 $211.397 $203.746 $152.260
$33.753
Indicadores
### ### ### ###
Indicadores de liquidez
### ### ### ###
RAZON CORRIENTE
### ### ### ###
PRUEBA ACIDA
### ### ### ###
Indicadores de actividad
### ### ### ### Dias de rotacion de cartera
$941.498 ### ### ###
Rotacion de cartera
$105.703 $71.941 $100.985 $79.288 Dias de rotacion de inventario
### ### ### ###
Rotacion de inventario
### ### ### ### Rotacion de proveedores
$61.257 $71.402 $79.037 $90.478 Dias de rotacion de proveedores
$360.743 $815.199 Rotacion de activo fijo
$422.000 $886.601 $79.037 $90.478
Indicadores de endeudamiento
### ### ### ### Nivel de endeudamiento
### ### ### ###
Endeudamiento financiero
$4.777 $4.777
Indicadores de rentabilidad
### Margen bruto
$719.017 ### $375.750 Margen operacional
$829.899 Margen neto
### $723.794 ### $375.750 Rendimiento del patrimonio
Rendimiento de los activos

### ### ### ###
### ### ### ###

Ciclos
### ### ### ###

Ciclo operativo
### ### ### ###
Ciclo de efectivo
### ### ### ###
### ### ### ###
### ### ### ###
$405.093 ### ### $162.697
$72.985 $76.461 $72.510
$341.797 $262.467 $182.433 $337.115

$103.753 $90.080 $26.756 $42.835
$2.899 $2.371 $3.185 $3.999
$733.121 $824.572 $720.806 $18.911
### ### ### ###
### ### $716.252 $907.615
### ### ### ###
$284.135
$284.135
$618.535 $806.246 $697.082

$618.535 $806.246 $697.082
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###
$654.881 $436.588 $218.294
### ### ### ###

### ### ### ###
### ### ### ###
### ### ### ###

ESTADO DE RESULTADOS
2004 2005 2006 2007 2008
PRESENTE EJERCICIO PRESENTE EJERCICIO PRESENTE EJERCICIO PRESENTE EJERCICIO PRESENTE EJERCICIO
(MILES DE PESOS $) (MILES DE PESOS $) (MILES DE PESOS $) (MILES DE PESOS $) (MILES DE PESOS $)
$48,077.631 $53,055.735 $61,058.464 $69,666.290 $82,344.726
$39,273.559 $41,916.823 $49,278.133 $54,714.316 $65,681.220
$8,804.072 $11,138.912 $11,780.331 $14,951.974 $16,663.506
$2,887.161 $3,523.197 $4,282.505 $4,755.896 $4,655.530
$4,270.019 $4,468.796 $5,019.173 $5,834.049 $6,452.715
$1,646.892 $3,146.919 $2,478.653 $4,362.029 $5,555.261
$964.927 $945.803 $2,641.875 $5,096.138 $7,543.801
$2,111.321 $2,107.202 $3,835.815 $6,603.847 $11,532.126
$500.498 $1,985.520 $1,284.713 $2,854.320 $1,566.936
$441.404 $454.040 $450.253
$223.056 $553.880 $356.143 $170.622 $517.092

$718.846 $1,885.680 $1,378.823 $2,683.698 $1,049.844
2004 2005 2006 2007 2008
1.03 1.23 1.19 1.17 1.12
0.66 0.75 0.73 0.70 0.67
76.30 Dias 80.08 Dias 87.93 Dias 87.34 Dias 90.80 Dias
4.72 Veces 4.50 Veces 4.09 Veces 4.12 Veces 3.96 Veces
63% 61% 66% 71% 69%
26% 19% 19% 18% 23%
18.3% 5.9% 4.1% 6.3% 6.7%

3.4% 5.9% 4.1% 6.3% 6.7%
1.5% 3.6% 2.3% 3.9% 1.3%

6.2% 13.2% 8.7% 15.1% 5.0%
2.3% 5.2% 2.9% 4.4% 1.6%

2004 2005 2006 2007 2008
86.32 91.35 98.40 98.79 103.35
50.70 41.41 25.56 17.10 39.29
Ciclos
120.00
100.00
80.00
60.00
40.00
20.00
0.00
2004 2005 2006 2007 2008 2009 2010
Ci cl o operativo Ci cl o de efec
DE RESULTADOS
2009 2010 2011 2012 2013
PRESENTE EJERCICIO PRESENTE EJERCICIO PRESENTE EJERCICIO PRESENTE EJERCICIO PRESENTE EJERCICIO
(MILES DE PESOS $) (MILES DE PESOS $) (MILES DE PESOS $) (MILES DE PESOS $) (MILES DE PESOS $)
$87,172.722 $96,629.275 $109,283.041 $115,604.824 $123,127.614
$69,940.591 $77,910.745 $87,234.862 $92,688.889 $99,890.185
$17,232.131 $18,718.530 $22,048.179 $22,915.935 $23,237.429
$4,263.465 $4,830.070 $5,771.428 $6,104.711 $7,489.634
$6,803.779 $7,628.381 $8,740.625 $9,906.811 $10,024.905
$6,164.887 $6,260.079 $7,536.126 $6,904.413 $5,722.890
$6,464.530 $4,802.862 $5,402.244 $5,057.503 $4,618.242
$9,036.529 $5,272.175 $6,756.969 $6,566.836 $6,804.838
$3,592.888 $5,790.766 $6,181.401 $5,395.080 $3,536.294
$1,092.890 $964.182 $2,178.856 $1,945.696 $1,331.498

$2,499.998 $4,826.584 $4,002.545 $3,449.384 $2,204.796
2009 2010 2011 2012 2013
1.03 1.07 1.21 1.09 1.12
0.63 0.64 0.70 0.63 0.62
3.39 Veces 3.46 Veces 2.90 Veces 2.66 2.93
66% 61% 59% 58% 60%
23% 23% 17% 19% 20%
7.1% 6.5% 6.9% 6.0% 4.6%

7.1% 6.5% 6.9% 6.0% 4.6%
2.9% 5.0% 3.7% 3.0% 1.8%

10.8% 16.3% 10.6% 8.5% 5.3%
3.7% 6.4% 4.4% 3.6% 2.1%

2009 2010 2011 2012 2013
96.05 99.64 89.85 92.42 102.10
20.99 26.82 14.36 26.96 24.08
Ciclos
008 2009 2010 2011 2012 2013 2014

operativo Ci cl o de efectivo
2014
PRESENTE EJERCICIO
(MILES DE PESOS $)
$135,409.620
$110,955.142
$24,454.478
$8,090.232
$10,328.774
$6,035.472
$8,034.247
$10,855.883
$3,213.836
$1,349.962
$1,863.874
2014
1.23
0.67
88.38 Dias
4.07 Veces
12.41 Dias
3.58 Veces
4.13 Veces
87.07 Dias
3.04
59%
15%
4.5%
4.5%
1.4%
4.0%
1.6%
2014
100.79
13.71
2004 2005 2006 2007 2008 2009 2010
41 INGRESOS
OPERACIONA $48,077.631 $53,055.735 $61,058.464 $69,666.290 $82,344.726 $87,172.722 $96,629.275
LES (ANEXO
1)
61 MENOS:
COSTO DE
VENTAS Y DE $39,273.559 $41,916.823 $49,278.133 $54,714.316 $65,681.220 $69,940.591 $77,910.745
PRESTACIÓN
DE SERVICIOS
(ANEXO 2)
UTILIDAD
$8,804.072 $11,138.912 $11,780.331 $14,951.974 $16,663.506 $17,232.131 $18,718.530
BRUTA
51 MENOS:
GASTOS
OPERACIONA
LES DE $2,887.161 $3,523.197 $4,282.505 $4,755.896 $4,655.530 $4,263.465 $4,830.070
ADMINISTRA
CIÓN (ANEXO
3)
52 MENOS:
GASTOS
OPERACIONA $4,270.019 $4,468.796 $5,019.173 $5,834.049 $6,452.715 $6,803.779 $7,628.381
LES DE
VENTAS
(ANEXO 3)
UTILIDAD
OPERACIONA $1,646.892 $3,146.919 $2,478.653 $4,362.029 $5,555.261 $6,164.887 $6,260.079
L
42 MAS:
INGRESOS
NO $964.927 $945.803 $2,641.875 $5,096.138 $7,543.801 $6,464.530 $4,802.862
OPERACIONA
LES (ANEXO
5)
53 MENOS:
GASTOS NO
OPERACIONA $2,111.321 $2,107.202 $3,835.815 $6,603.847 $11,532.126 $9,036.529 $5,272.175
LES (ANEXO
5)
UTILIDAD
ANTES DE $500.498 $1,985.520 $1,284.713 $2,854.320 $1,566.936 $3,592.888 $5,790.766
IMPUESTOS
47 AJUSTES
POR $441.404 $454.040 $450.253
INFLACIÓN
(ANEXO 13)
54 MENOS:
IMPUESTO
DE RENTA Y $223.056 $553.880 $356.143 $170.622 $517.092 $1,092.890 $964.182
COMPLEMEN
TARIOS
59
GANANCIAS Y $718.846 $1,885.680 $1,378.823 $2,683.698 $1,049.844 $2,499.998 $4,826.584
PERDIDAS
DOS
2011 2012 2013 2014 cuentas 2004
(MILES DE (MILES DE (MILES DE (MILES DE $ 48,077,631
PESOS $) PESOS $) PESOS $) PESOS $) ventas
$109,283.041 $115,604.824 $123,127.614 $135,409.620 $ 39,273,559

costo de ventas
$87,234.862 $92,688.889 $99,890.185 $110,955.142
Utilidad Bruta $ 8,804,072

$22,048.179 $22,915.935 $23,237.429 $24,454.478 $ 2,887,161
GO de administracion
$5,771.428 $6,104.711 $7,489.634 $8,090.232 $ 4,270,019
GO de ventas
$8,740.625 $9,906.811 $10,024.905 $10,328.774
Utilidad Operacional $ 1,646,892
$7,536.126 $6,904.413 $5,722.890 $6,035.472 $1,240.284

Depreciacion
$5,402.244 $5,057.503 $4,618.242 $8,034.247
Ebitda $ 2,887,176
$6,756.969 $6,566.836 $6,804.838 $10,855.883

v
$ 160,000,000
$6,181.401 $5,395.080 $3,536.294 $3,213.836 $ 140,000,000
$ 120,000,000
$ 100,000,000
$ 80,000,000
$2,178.856 $1,945.696 $1,331.498 $1,349.962 $ 60,000,000
$ 40,000,000
$ 20,000,000
$-
2004 2005 2006
$ 80,000,000
$ 60,000,000
$ 40,000,000
$ 20,000,000
$4,002.545 $3,449.384 $2,204.796 $1,863.874
$-
2004 2005 2006
Ebitda
2005 2006 2007 2008 2009
$ 53,055,735 $ 61,058,464 $ 69,666,290 $ 82,344,726 $ 87,172,722
$ 41,916,823 $ 49,278,133 $ 54,714,316 $ 65,681,220 $ 69,940,591
$ 11,138,912 $ 11,780,331 $ 14,951,974 $ 16,663,506 $ 17,232,131

$ 3,523,197 $ 4,282,505 $ 4,755,896 $ 4,655,530 $ 4,263,465
$ 4,468,796 $ 5,019,173 $ 5,834,049 $ 6,452,715 $ 6,803,779
$ 3,146,919 $ 2,478,653 $ 4,362,029 $ 5,555,261 $ 6,164,887
$1,454.316 $1,887.629 $2,288.142 $2,948.065 $3,018.550
$ 4,601,235 $ 4,366,282 $ 6,650,171 $ 8,503,326 $ 9,183,437
ventas anuales
00,000
00,000
00,000
00,000
00,000
00,000
00,000
00,000
$-
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
00,000
00,000
00,000
00,000
$-
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
2010 2011 2012 2013 2014
$ 96,629,275 $ 109,283,041 $ 115,604,824 $ 123,127,614 $ 135,409,620
$ 77,910,745 $ 87,234,862 $ 92,688,889 $ 99,890,185 $ 110,955,142
$ 18,718,530 $ 22,048,179 $ 22,915,935 $ 23,237,429 $ 24,454,478

$ 4,830,070 $ 5,771,428 $ 6,104,711 $ 7,489,634 $ 8,090,232
$ 7,628,381 $ 8,740,625 $ 9,906,811 $ 10,024,905 $ 10,328,774
$ 6,260,079 $ 7,536,126 $ 6,904,413 $ 5,722,890 $ 6,035,472
$3,154.012 $3,780.536 $4,534.372 $4,546.409 $4,607.896
$ 9,414,091 $ 11,316,662 $ 11,438,785 $ 10,269,299 $ 10,643,368
Ebitda
$ 14,000,000
$ 12,000,000
$ 10,000,000
$ 8,000,000
$ 6,000,000
$ 4,000,000
$ 2,000,000
$-
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
$ 6,000,000
$ 4,000,000
$ 2,000,000
$-
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Capital de trabajo neto
Activos corrientes $ 475,921,062.00
Pasivos corrientes $ 418,893,804.00
CDN $ 57,027,258.00
BALANCE GENERAL
2004
PRESENT 2005
PRESENT 2006
PRESENT 2007
PRESENT 2008
PRESENT 2009
PRESENT 2010
PRESENT
E E E E E E E
1105 CAJA $)
$92.438 $)
$136.370 $)
$216.798 $)
$215.520 $)
$42.385 $)
$117.140 $)
$297.222
1110
$187.924 $87.990 $66.560 $498.655 $222.955 $708.004 $666.469
BANCOS
1120
CUENTAS
$40.978 $158.674 $2.510 $174.393 $80.062 $99.398 $94.553
DE
AHORRO
11
SUBTOTAL
$321.340 $383.034 $285.868 $888.568 $345.402 $924.542 ###
DISPONIBL
E
12
INVERSION
$62.657 $58.878 $7.171 $33.505 $89.999 ### $375.241
ES (ANEXO
7)
1305
CLIENTES ### ### ### ### ### ### ###
(ANEXO 8)
1310
CUENTAS
CORRIENT
$0.027
ES
COMERCIA
LES (CP)
1325
CUENTAS
POR
COBRAR A $13.522 $12.292
SOCIOS Y
ACCIONIST
AS (CP)
1330
ANTICIPOS
$327.500 $248.600 $861.593 $242.080 $225.313 $82.171 $526.608
Y AVANCES
(CP)
1335
DEPÓSITO $0.740 $0.740 $0.740 $0.740
S (CP)
1355
ANTICIPO
DE
IMPTOS. Y ### $631.873 ### ### ### ### ###
CONTRIB.O
SALDOS A
FAVOR (CP)
1365
CUENTAS
POR
$508.593 $596.231 $672.463 $848.619 $846.957 $751.247 $826.297
COBRAR A
TRABAJAD
ORES (CP)
1380
DEUDORES
$23.446 $37.665 $41.242 $327.086 $432.634 $292.548 $363.512
VARIOS
(CP)
1399
PROVISION
ES (CP)
13
SUBTOTAL
### ### ### ### ### ### ###
DEUDORES
(CP)
1405
MATERIAS
PRIMAS ### ### ### ### ### ### ###
(ANEXO
2,17)
1410
PRODUCT
OS EN $890.359 ### ### ### ### ### ###
PROCESO
(ANEXO 2)
1430
PRODUCT
OS
### ### ### ### ### ### ###
TERMINAD
OS (ANEXO
2)
1435
M/CÍAS NO
FABRICAD
### ### ### ### ### ### ###
AS POR LA
EMP.
(ANEXO 2)
1455
MATERIALE
S,
REPUESTO $903.735 $849.771 $832.819 ### ### ### $896.542
SY
ACCESORI
OS (CP)
1460
ENVASES Y
$36.785 $49.778 $49.399 $67.375 $95.434 $123.561 $107.497
EMPAQUES
(CP)
1465
INVENTARI
OS EN $400.377 $707.424 ### ### ### ### ###
TRÁNSITO
(CP)
14
SUBTOTAL
### ### ### ### ### ### ###
INVENTARI
OS (CP)
1705
GASTOS
PAGADOS
$25.333 $50.493 $46.360 $128.198 $231.270 $168.334 $234.863
POR
ANTICIPAD
O (CP)
1710
CARGOS
$90.516 $307.922 $139.394 $408.227 $192.404 $429.019 $295.596
DIFERIDOS
(CP)
17
SUBTOTAL
$115.849 $358.415 $185.754 $536.425 $423.674 $597.353 $530.459
DIFERIDO
(CP)
TOTAL
ACTIVO
### ### ### ### ### ### ###
CORRIENT
E
15
PROPIEDA
DES
### ### ### ### ### ### ###
PLANTA Y
EQUIPO(A
NEXO 9)
1610
$2.516 $2.646 $4.141 $4.777 $4.777 $4.777 $4.776
MARCAS
1625
### ### ### ###
DERECHOS
1635
LICENCIAS
1698
AMORTIZA
CIÓN $313.996 $607.459 $900.922 ###
ACUMULA
DA
16
SUBTOTAL
$2.516 $2.646 $4.141 ### ### ### ###
INTANGIBL
ES
1905 DE
INVERSION $0.293 ($1.499)
ES
1910 DE
PROPIEDA
DES
$842.710 ### ### ### ### ### ###
PLANTA Y
EQUIPO
(ANEXO 9)
19
SUBTOTAL
$843.003 ### ### ### ### ### ###
VALORIZAC
TOTAL
IONES
ACTIVO NO
### ### ### ### ### ### ###
CORRIENT
E
21
TOTAL
OBLIGACIO ### ### ### ### ### ### ###
ACTIVO
NES
FINANCIER ### ### ### ### ### ### ###
AS
22
(ANEXO10)
PROVEEDO
(CP)
RES ### ### ### ### ### ### ###
(ANEXO
10) (CP)
2335
COSTOS Y
GASTOS
$766.912 $872.553 ### ### ### ### ###
POR
PAGAR
(CP)
2355
DEUDAS
CON
ACCIONIST $11.656 $392.768 $680.846 $880.246 $101.427
AS O
SOCIOS
(CP)
2360
DIVIDEND
OS O
PARTICIPAC $36.300 $38.841 $42.724 $46.999 $51.711 $37.997 $494.443
IONES POR
PAGAR
(CP)
2365
RETENCIÓ
N EN LA $151.660 $166.596 $172.225 $209.736 $237.675 $247.418 $289.664
FUENTE
(CP)
2367
IMPUESTO
A LAS
$56.598 $44.813 $48.402 $66.134 $64.868 $77.307 $84.820
VENTAS
RETENIDO
(CP)
2368
IMPUESTO
DE
INDUSTRIA
$0.073
Y
COMERCIO
RETENIDO
(CP)
2370
RETENCIO
NES Y
APORTES $249.962 $306.857 $353.608 $434.380 $492.986 $585.250 $732.340
DE
NÓMINA
(CP)
23
SUBTOTAL
CUENTAS
### ### ### ### ### ### ###
POR
PAGAR
(CP)
24
IMPUESTO
S
$375.217 $343.550 $169.455 $295.448 $697.972 $944.592 $881.108
GRAVÁMEN
ES Y
TASAS (CP)
25
OBLIGACIO
NES $739.453 $858.964 ### ### ### ### ###
LABORALE
S (CP)
2630 PARA
MANTENIM
IENTO Y
REPARACIO
NES (CP)
26
SUBTOTAL
PASIVOS
ESTIMAD.
Y PROVIS.
(CP)
2805
ANTICIPOS
Y AVANCES $195.259 $155.364 $543.798 $290.770 $689.913 $482.382
RECIBIDOS
(CP)
28
SUBTOTAL
OTROS $195.259 $155.364 $543.798 $290.770 $689.913 $482.382
PASIVOS
(CP)
TOTAL
PASIVO
### ### ### ### ### ### ###
CORRIENT
E
21
OBLIGACIO
NES
$580.309 ### ### ### ### ### ###
FINANCIER
AS
(ANEXO10)
TOTAL
PASIVO NO
$580.309 ### ### ### ### ### ###
CORRIENT
E
TOTAL
### ### ### ### ### ### ###
PASIVO
3105
CAPITAL
SUSCRITO
$22.000 $22.000 $22.000 $22.000 $22.000 $22.000 ###
Y PAGADO
(ANEXO
12)
31
SUBTOTAL
$22.000 $22.000 $22.000 $22.000 $22.000 $22.000 ###
CAPITAL
SOCIAL
3205
PRIMA EN
COLOC.AC
C,CUOTAS $790.000 $790.000 $790.000 $790.000 $790.000 $790.000 ###
O PARTES
DE INT.
SOCIAL
32
SUBTOTAL
SUPERÁVIT $790.000 $790.000 $790.000 $790.000 $790.000 $790.000 ###
DE
CAPITAL
33
RESERVAS
### ### ### ### ### ### ###
(ANEXO
11)
34
REVALORIZ
ACIÓN DEL ### ### ### ### ### ### $873.175
PATRIMONI
O
36
RESULTAD
$718.846 ### ### ### ### ### ###
OS DEL
EJERCICIO
3705
UTILIDADE
S $21.975 $21.994
ACUMULA
DAS
37
RESULTAD
OS DE
$344.907 $246.041 $246.041 $21.975 $21.994
EJERCICIOS
ANTERIOR
ES
38
SUPERÁVIT
POR $843.004 ### ### ### ### ### ###
VALORIZAC
IONES
TOTAL
PATRIMONI ### ### ### ### ### ### ###
O
TOTAL
PASIVO Y
### ### ### ### ### ### ###
PATRIMONI
O
AL
2011
PRESENT 2012
PRESENT 2013
PRESENT 2014
PRESENT
E E E E
$)
$218.153 $)
$122.582 $)
$107.032 $)
$25.680
$349.512 $565.596 $699.667 $667.499
$142.913 $66.050 $236.947 $861.331
$710.578 $754.228 ### ###
### $157.769 $498.534
### ### ### ###
### $568.463 $314.444 $279.184
###
$520.750 $850.005 ###
$776.321 $695.951 $686.042 $685.686
$376.165 $211.397 $203.746 $152.260
$33.753
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###

$941.498 ### ### ###
$105.703 $71.941 $100.985 $79.288
### ### ### ###
### ### ### ###
$61.257 $71.402 $79.037 $90.478
$360.743 $815.199
$422.000 $886.601 $79.037 $90.478
### ### ### ###
### ### ### ###
$4.777 $4.777
###
$719.017 ### $375.750

$829.899
### $723.794 ### $375.750
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###
$405.093 ### ### $162.697

$72.985 $76.461 $72.510
$341.797 $262.467 $182.433 $337.115
$103.753 $90.080 $26.756 $42.835
$2.899 $2.371 $3.185 $3.999
$733.121 $824.572 $720.806 $18.911
### ### ### ###
### ### $716.252 $907.615
### ### ### ###

$284.135
$284.135
$618.535 $806.246 $697.082
$618.535 $806.246 $697.082
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###

### ### ### ###
### ### ### ###
### ### ### ###
$654.881 $436.588 $218.294
### ### ### ###
### ### ### ###
### ### ### ###
### ### ### ###

2004 2005 2006 2007
Cuenta EJERCICIO EJERCICIO EJERCICIO EJERCICIO
(MILES DE (MILES DE (MILES DE (MILES DE
PESOS $) PESOS $) PESOS $) PESOS $)
61 MENOS: COSTO DE VENTAS Y DE PRESTACIÓN DE $39,273.559 $41,916.823 $49,278.133 $54,714.316
SERVICIOS (ANEXO 2)
UTILIDAD BRUTA $8,804.072 $11,138.912 $11,780.331 $14,951.974

52 MENOS: GASTOS OPERACIONALES DE VENTAS (ANEXO $4,270.019 $4,468.796 $5,019.173 $5,834.049

3)
UTILIDAD OPERACIONAL $1,646.892 $3,146.919 $2,478.653 $4,362.029
42 MAS: INGRESOS NO OPERACIONALES (ANEXO 5) $964.927 $945.803 $2,641.875 $5,096.138
53 MENOS: GASTOS NO OPERACIONALES (ANEXO 5) $2,111.321 $2,107.202 $3,835.815 $6,603.847
UTILIDAD ANTES DE IMPUESTOS $500.498 $1,985.520 $1,284.713 $2,854.320
47 AJUSTES POR INFLACIÓN (ANEXO 13) $441.404 $454.040 $450.253

54 MENOS: IMPUESTO DE RENTA Y COMPLEMENTARIOS $223.056 $553.880 $356.143 $170.622
59 GANANCIAS Y PERDIDAS $718.846 $1,885.680 $1,378.823 $2,683.698
2004 2005 2006 2007

Indicadores
Indicadores de liquidez
RAZON CORRIENTE 1.03 1.23 1.19 1.17
PRUEBA ACIDA 0.66 0.75 0.73 0.70
Indicadores de actividad
Dias de rotacion de cartera 76.30 Dias 80.08 Dias 87.93 Dias 87.34 Dias
Rotacion de cartera 4.72 Veces 4.50 Veces 4.09 Veces 4.12 Veces
Dias de rotacion de inventario 10.03 Dias 11.28 Dias 10.48 Dias 11.45 Dias
Rotacion de inventario 5.64 Veces 4.69 Veces 4.34 Veces 3.76 Veces
Rotacion de proveedores 10.11 Veces 7.21 Veces 4.94 Veces 4.41 Veces
Dias de rotacion de proveedores 35.62 Dias 49.95 Dias 72.84 Dias 81.69 Dias
Rotacion de activo fijo 4.18 Veces 3.96 Veces 3.40 Veces 2.78 Veces
Indicadores de endeudamiento
Nivel de endeudamiento 63% 61% 66% 71%
Endeudamiento financiero 26% 19% 19% 18%
Indicadores de rentabilidad
Margen bruto 18.3% 5.9% 4.1% 6.3%
Margen operacional 3.4% 5.9% 4.1% 6.3%

Margen neto 1.5% 3.6% 2.3% 3.9%
Rendimiento del patrimonio 6.2% 13.2% 8.7% 15.1%
Rendimiento de los activos 2.3% 5.2% 2.9% 4.4%
2004 2005 2006 2007

Indice dupont
MARGEN NETO (UTILIDAD NETA/VENTAS NETAS) 1.5% 3.6% 2.3% 3.9%
ROA (VENTAS NETAS/ACTIVOS TOTALES) 1.55 Veces 1.45 Veces 1.29 Veces 1.14 Veces
ROI 2.3% 5.2% 2.9% 4.4%
7.0%
Indice DUPONT
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
2004 2005 2006 2007 2008 2009 2010
MARGEN NETO (UTILIDAD NETA/VENT

ROI
ROA (VENTAS NETAS/ACTIVOS TOTALES
E RESULTADOS
2008 2009 2010 2011 2012 2013 2014
$82,344.726 $87,172.722 $96,629.275 $109,283.041 $115,604.824 $123,127.614 $135,409.620
$65,681.220 $69,940.591 $77,910.745 $87,234.862 $92,688.889 $99,890.185 $110,955.142
$16,663.506 $17,232.131 $18,718.530 $22,048.179 $22,915.935 $23,237.429 $24,454.478
$4,655.530 $4,263.465 $4,830.070 $5,771.428 $6,104.711 $7,489.634 $8,090.232
$6,452.715 $6,803.779 $7,628.381 $8,740.625 $9,906.811 $10,024.905 $10,328.774
$5,555.261 $6,164.887 $6,260.079 $7,536.126 $6,904.413 $5,722.890 $6,035.472
$7,543.801 $6,464.530 $4,802.862 $5,402.244 $5,057.503 $4,618.242 $8,034.247
$11,532.126 $9,036.529 $5,272.175 $6,756.969 $6,566.836 $6,804.838 $10,855.883
$1,566.936 $3,592.888 $5,790.766 $6,181.401 $5,395.080 $3,536.294 $3,213.836

$517.092 $1,092.890 $964.182 $2,178.856 $1,945.696 $1,331.498 $1,349.962
$1,049.844 $2,499.998 $4,826.584 $4,002.545 $3,449.384 $2,204.796 $1,863.874
2008 2009 2010 2011 2012 2013 2014
1.12 1.03 1.07 1.21 1.09 1.12 1.23
0.67 0.63 0.64 0.70 0.63 0.62 0.67
90.80 Dias 85.23 Dias 87.57 Dias 76.94 Dias 80.41 Dias 87.27 Dias 88.38 Dias
3.96 Veces 4.22 Veces 4.11 Veces 4.68 Veces 4.48 Veces 4.13 Veces 4.07 Veces
3.11 Veces 3.39 Veces 3.46 Veces 2.90 Veces 2.66 2.93 3.04
69% 66% 61% 59% 58% 60% 59%
23% 23% 23% 17% 19% 20% 15%
6.7% 7.1% 6.5% 6.9% 6.0% 4.6% 4.5%
6.7% 7.1% 6.5% 6.9% 6.0% 4.6% 4.5%

1.3% 2.9% 5.0% 3.7% 3.0% 1.8% 1.4%
5.0% 10.8% 16.3% 10.6% 8.5% 5.3% 4.0%
1.6% 3.7% 6.4% 4.4% 3.6% 2.1% 1.6%
2008 2009 2010 2011 2012 2013 2014
1.3% 2.9% 5.0% 3.7% 3.0% 1.8% 1.4%
1.6% 3.7% 6.4% 4.4% 3.6% 2.1% 1.6%
Indice DUPONT 1.80 Veces

1.60 Veces
1.40 Veces
1.20 Veces
1.00 Veces
0.80 Veces
0.60 Veces
0.40 Veces
0.20 Veces
0.00 Veces
2006 2007 2008 2009 2010 2011 2012 2013 2014
MARGEN NETO (UTILIDAD NETA/VENTAS NETAS)

ROI
ROA (VENTAS NETAS/ACTIVOS TOTALES)

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1105 CAJA $92.438

Generado: 8/10/2019 6:27:47 PM

Generado: 8/10/2019 6:27:47 PM

Generado: 8/10/2019 6:27:47 PM

PRESENTE PRESENTE PRESENTE PRESENTE

$136.370 $216.798 $215.520 $42.385

$13,329.990 $17,567.205 $19,847.456 $23,744.258

Generado: 8/10/2019 6:27:47 PM

$306.857 $353.608 $434.380 $492.986

$195.259 $155.364 $543.798 $290.770

Generado: 8/10/2019 6:27:47 PM

Generado: 8/10/2019 6:27:47 PM

PRESENTE PRESENTE PRESENTE PRESENTE

$117.140 $297.222 $218.153 $122.582

$82.171 $526.608 $3,698.225 $568.463

$1,005.521 $1,456.531 $520.750 $850.005

$22,769.140 $26,677.113 $28,728.280 $28,147.493

Generado: 8/10/2019 6:27:47 PM

$4,456.333 $4,456.333 $8,925.350 $8,925.350

Generado: 8/10/2019 6:27:47 PM

$4,456.333 $4,456.336 $8,925.352 $8,925.497

Generado: 8/10/2019 6:27:47 PM

Generado: 8/10/2019 6:27:47 PM

Generado: 8/10/2019 6:27:47 PM

Generado: 8/10/2019 6:27:47 PM

1110 BANCOS $187.924 $87.990 $66.560

1120 CUENTAS DE AHORRO $40.978 $158.674 $2.510

11 SUBTOTAL DISPONIBLE $321.340 $383.034 $285.868

1310 CUENTAS CORRIENTES COMERCIALES (CP)

1325 CUENTAS POR COBRAR A SOCIOS Y ACCIONISTAS (CP) $13.522 $12.292

1330 ANTICIPOS Y AVANCES (CP) $327.500 $248.600 $861.593

1335 DEPÓSITOS (CP) $0.740 $0.740 $0.740

1355 ANTICIPO DE IMPTOS. Y CONTRIB.O SALDOS A FAVOR

1365 CUENTAS POR COBRAR A TRABAJADORES (CP) $508.593 $596.231 $672.463

1380 DEUDORES VARIOS (CP) $23.446 $37.665 $41.242

1399 PROVISIONES (CP)

13 SUBTOTAL DEUDORES (CP) ### ### ###

1405 MATERIAS PRIMAS (ANEXO 2,17) ### ### ###

1410 PRODUCTOS EN PROCESO (ANEXO 2) $890.359 ### ###

1430 PRODUCTOS TERMINADOS (ANEXO 2) ### ### ###

1435 M/CÍAS NO FABRICADAS POR LA EMP.(ANEXO 2) ### ### ###

1460 ENVASES Y EMPAQUES (CP) $36.785 $49.778 $49.399

1465 INVENTARIOS EN TRÁNSITO (CP) $400.377 $707.424 ###

14 SUBTOTAL INVENTARIOS (CP) ### ### ###

1705 GASTOS PAGADOS POR ANTICIPADO (CP) $25.333 $50.493 $46.360

1710 CARGOS DIFERIDOS (CP) $90.516 $307.922 $139.394

17 SUBTOTAL DIFERIDO (CP) $115.849 $358.415 $185.754

TOTAL ACTIVO CORRIENTE ### ### ###

15 PROPIEDADES PLANTA Y EQUIPO(ANEXO 9) ### ### ###

1610 MARCAS $2.516 $2.646 $4.141

19 SUBTOTAL VALORIZACIONES $843.003 ### ###

TOTAL ACTIVO NO CORRIENTE ### ### ###

21 OBLIGACIONES FINANCIERAS (ANEXO10) (CP) ### ### ###

22 PROVEEDORES (ANEXO 10) (CP) ### ### ###

2335 COSTOS Y GASTOS POR PAGAR (CP) $766.912 $872.553 ###

2355 DEUDAS CON ACCIONISTAS O SOCIOS (CP) $11.656

2360 DIVIDENDOS O PARTICIPACIONES POR PAGAR (CP) $36.300 $38.841 $42.724

2365 RETENCIÓN EN LA FUENTE (CP) $151.660 $166.596 $172.225

2367 IMPUESTO A LAS VENTAS RETENIDO (CP) $56.598 $44.813 $48.402

2368 IMPUESTO DE INDUSTRIA Y COMERCIO RETENIDO (CP)

2370 RETENCIONES Y APORTES DE NÓMINA (CP) $249.962 $306.857 $353.608

23 SUBTOTAL CUENTAS POR PAGAR (CP) ### ### ###