2010

2011
2012
2013
2014

$
$
$
$
$

936,421,363.00
1,092,689,014.00
1,121,545,935.00
1,377,483,187.00
1,472,204,685.00

TOTAL ACTIVO
TOTAL ACTIVO CORRIENTE
TOTAL ACTIVO NO CORRIENTE

2010-2011
2011-2012
2012-2013
2013-2014

$
$
$

156,267,651.00
159,946,102.00
(3,678,451.00)

16.69%
56.40%
-0.56%

Variaciones
del Activo
Activos
25%
20%
15%
Miles de millones
10%
5%
0%

$1,600,000,000.00
$1,400,000,000.00
$1,200,000,000.00
$1,000,000,000.00
$800,000,000.00
$600,000,000.00
$400,000,000.00
$200,000,000.00
2010-2011

17%
3%
23%
7%

$-

2011-2012
2010
2011

2012-20132013
2012

2013-2014
2014

ivo

132013

2013-2014
2014

502,771,148.00 $

637,013,133.00

$
$
$
$
$

502,771,148.00
637,013,133.00
652,826,554.00
669,755,368.00
765,205,666.00

2010
2011
2012
2013
2014

2010-2011
2011-2012
2012-2013
2013-2014

26.70%
2.48%
2.59%
14.25%

Obligaciones Fin
$160,000,000.00
$140,000,000.00
$120,000,000.00
$100,000,000.00
Miles de millones

$80,000,000.00
$60,000,000.00

$
$
$
$
$
$

63,773,449.00 $
63,773,449.00
140,315,583.00
85,297,179.00
72,908,825.00
45,784,519.00

140,315,583.00

$
2010 $

228,924,615.00 $
228,924,615.00

232,061,043.00

2010
2011
2012
2013
2014

$40,000,000.00
$20,000,000.00
$-

2010

2011
2012
2013
2014

$
$
$
$

232,061,043.00
310,958,188.00
319,490,386.00
396,735,847.00

652,826,554.00 $

669,755,368.00

Pasivo
$900,000,000.00
$800,000,000.00
$700,000,000.00
$600,000,000.00
$500,000,000.00
Miles de millones

$400,000,000.00
$300,000,000.00
$200,000,000.00
$100,000,000.00
$-

2010

2011

2012

2013

2014

Variaciones del pasivo

30.00%
25.00%
20.00%

Obligaciones
Financieras CP
15.00%
$160,000,000.00
10.00%
$140,000,000.00
5.00%
$120,000,000.00
$100,000,000.00
0.00%
$80,000,000.00

millones

2010-2011

2011-2012

2012-2013

$60,000,000.00

$40,000,000.00

85,297,179.00 $

72,908,825.00

$20,000,000.00
$-

2010

2011

310,958,188.00 $

2012

2013

2014

319,490,386.00

2013-2014

Obligaciones Financieras LP
$450,000,000.00
$400,000,000.00
$350,000,000.00
$300,000,000.00
$250,000,000.00
Miles de millones

$200,000,000.00
$150,000,000.00
$100,000,000.00
$50,000,000.00
$-

2010

2011

2012

2013

2014

765,205,666.00

asivo

010

2011

2012

2013

2014

s del pasivo

2012-2013

2013-2014

45,784,519.00

396,735,847.00

2014

nancieras LP

2011

2012

2013

2014

2010
2011
2012
2013
2014

$
$
$
$
$

433,650,215.00
455,675,881.00
468,719,381.00
707,727,819.00
706,999,019.00

Incremento del Patr

2010-2011
2011-2012
2012-2013
2013-2014

5.1%
2.9%
51.0%
-1.0%

36 RESULTADOS DEL EJERCICIO

3705 UTILIDADES ACUMULADAS
3710 PERDIDAS ACUMULADAS
37 RESULTADOS DE EJERCICIOS ANTERIORES
38 SUPERVIT POR VALORIZACIONES

3%

92%

3%

3%

$80

$70

$60

$50
Miles de millones

$40

$30

Variacines del Patrimonio

$20

$10

60.0%
ncremento del Patrimonio 2012-2013
50.0%
40.0%
3%

$92%
$
$
$
$

3%

3%

(7,829,534.00)
6,756,180.00
6,756,180.00
240,081,792.00

Axis Title

$
$
$
$
$

30.0%36 RESULTADOS DEL EJERCICIO

20.0%3705 UTILIDADES ACUMULADAS
3710 PERDIDAS ACUMULADAS
10.0%
37 RESULTADOS DE EJERCICIOS
0.0%ANTERIORES
2010-2011
2011-2012
38 SUPERVIT
POR VALORIZACIONES
-10.0%

(7,829,534.00)
6,756,180.00
6,756,180.00
240,081,792.00

50
12.5

2012-2013

20

Patrimonio
$800,000,000.00
$700,000,000.00
$600,000,000.00
$500,000,000.00
Miles de millones

$400,000,000.00
$300,000,000.00

atrimonio

$200,000,000.00
$100,000,000.00
$-

2012-2013

2013-2014

2010

2011

2012

2013

2014

ANLISIS DE LIQUIDEZ
Activo Corriente
(-) Pasivo Corriente
(=) Fondo de maniobra

2010
2011
2012
2013
2014

Activo Corriente
$
$
$
$
$

Activo Corrient $
(/) Pasivo Corri $
(=) ndice de li
2010
2011
2012
2013
2014

283,574,715.00
443,520,817.00
344,185,415.00
351,055,678.00
427,052,302.00

2010
283,574,715.00
263,566,655.00
1.08
1.08
1.15
1.03
1.01
1.117

2010
2011
2012
2013

2014

Activo Corriente - Inventarios

(/) Pasivo Corriente
(=) Prueba cida

2010
2011
2012
2013
2014

ANLISIS DE LA ACTIVIDAD O CICLO OPERATIVO

Ingresos operacionales
(/) Cuentas por cobrar
(=) Rotacin de Cuentas por cobrar
Das Bancarios
(=) Das de cuentas por cobrar

2010
2011
2012
2013
2014

ANLISIS DE RENTABILIDAD
Utilidad Bruta
(/) Ventas
(=) Margen de utilidad bruta

Utilidad Bruta
2010 $
2011 $
2012 $
2013 $
2014 $

212,105,909.00

Margen
Bruto de Almace
251,894,763.00
325,436,806.00
329,872,032.00
341,981,239.00
21.63%

20.43%

25.64%

Utilidad Bruta
$1,600,000,000.00
$1,400,000,000.00
$1,200,000,000.00
Utilidad Bruta

$1,000,000,000.00

Ventas
2011

2010

$800,000,000.00
$600,000,000.00
$400,000,000.00
$200,000,000.00
$-

2010

2011

2012

2013

2014

2012

$
$
$

2010
283,574,715.00
263,566,655.00
20,008,060.00

$
$
$

Pasivo Corriente
Fondo
$
263,566,655.00
$
$500,000,000.00
$
385,853,115.00 $
$400,000,000.00
$
335,317,937.00
$
$
345,954,277.00 $
$300,000,000.00
$
364,258,247.00 $

2011
443,520,817.00
385,853,115.00
57,667,702.00

$
$
$

2012
344,185,415.00
335,317,937.00
8,867,478.00

Fondo de maniobra

de maniobra
20,008,060.00
57,667,702.00
8,867,478.00
5,101,401.00
62,794,055.00

Activo Corriente
Pasivo Corriente

$200,000,000.00

Fondo de maniobra

$100,000,000.00
$2010

2011

2012

2013

2014

ndice de liquidez
$
$

2011
1.2
443,520,817.00 $
1.15
385,853,115.00
$
1.15
1.1

2012
344,185,415.00 $
1.15
335,317,937.00
$
1.03

2013
351,055,678.00
345,954,277.00
1.01

1.11

1.08

1.05

1.03

1.01

0.95
0.9
2010

Inversioens
$
8,202,541.00
$
8,202,541.00
$
32,286,221.00
$
2,077,255.00
$
1,222,038.00

2011

Disponible
$
32,286,221.00
$
55,499,587.00
$
97,259,601.00
$
64,132,117.00
$
56,601,013.00

2012

$
$
$
$
$

2,077,255.00
87,286,722.00
162,780,751.00
123,461,355.00
147,158,666.00

2013

2014

242,426.00 $

70,580,132.00 $

$
$

55,499,587.00 $
87,286,722.00 $

97,259,601.00 $
162,780,751.00 $

202,031,965.00

Prueba cida
64,132,117.00

2; 0.77

123,461,355.00
5; 0.75

$
$

2010
1; 0.58
152,863,612.00 $
263,566,655.00 $
0.58

0.58
0.77
2009.5
0.57
0.60
0.75

$
$

2010

2010
1,037,991,362.00 $
3,793,030.00 $
273.66
360.00
1.32

273.66
344.22
380.58
357.08
357.07

$
$

2010
212,105,909.00 $
1,037,991,362.00 $
20.43%

4; 0.60

3; 0.57
2011
2012
295,222,298.00 $
192,681,964.00
385,853,115.00 $
335,317,937.00
0.77
0.57

2010.5

2011

2011.5

2011
1,164,623,023.00
3,383,336.00
344.22
360.00
1.05

$
$

2012

2012.5

2013

2012
1,269,193,972.00
3,334,906.00
380.58
360.00
0.95

1.32
1.05
0.95
1.01
1.01

2011
251,894,763.00 $
1,164,623,023.00 $
21.63%

2012
325,436,806.00
1,269,193,972.00
25.64%

2013.5

2014

2014.5

Ventas
$ 1,037,991,362.00
20.43%
$ 1,164,623,023.00
21.63%
$ 1,269,193,972.00
25.64%
25.64%
25.51% 25.51%
$ 1,292,984,443.00
$ 1,347,454,426.00
25.38%

ruto de Almacenes La 14 S.A.

3%

25.38%

idad Bruta

ntas
11

2012

2013

2014

$
$
$

2013
351,055,678.00
345,954,277.00
5,101,401.00

2014
427,052,302.00
364,258,247.00
62,794,055.00

$
$
$

aniobra

013

Activo Corriente
Pasivo Corriente
Fondo de maniobra

2014

Cuenta de inversiones CP

uidez
$
$

$35,000,000.00

2014
427,052,302.00
364,258,247.00
1.17

$30,000,000.00
$25,000,000.00

1.117

$20,000,000.00
Axis Title
1.01

$15,000,000.00
$10,000,000.00

$5,000,000.00
Comparacin
de activos corrientes
2013

$$250,000,000.00
2010

2014

2011

2012

2013

$200,000,000.00

Inversi

1,222,038.00 $

242,426.00 $150,000,000.00
Miles de millones

$100,000,000.00
$50,000,000.00
$2010 2011 2012 2013 2014

Dispon

Deudo

da

12.5

Miles de millones

Deudo
$100,000,000.00
$50,000,000.00
$2010 2011 2012 2013 2014

$
$

56,601,013.00 $
147,158,666.00 $

70,580,132.00
202,031,965.00

5; 0.75
4; 0.60

$
$

2013

$
$

$
$

2013
207,711,835.00 $
345,954,277.00 $
0.60

2013.5

2014

2014
274,647,008.00
364,258,247.00
0.75

2014.5

2013
1,292,984,443.00
3,621,032.00
357.08
360.00
1.01

$
$

2013
329,872,032.00 $
1,292,984,443.00 $
25.51%

2014
1,347,454,426.00
3,773,610.00
357.07
360.00
1.01

2014
341,981,239.00
1,347,454,426.00
25.38%

ones CP

s corrientes
2012

2013

2014

Inversiones
Disponible
Deudores

2013 2014

Deudores

2013 2014

2010 $

1,037,991,362.00 $

825,885,453.00

2011 $

1,164,623,023.00 $

912,728,260.00

2012 $

1,269,193,972.00 $

2013 $

1,292,984,443.00 $

2014 $

1,347,454,426.00 $

Ingresos,
costo de venta
943,757,166.00
963,112,411.00

$1,600,000,000.00

1,005,473,187.00
$1,400,000,000.00
$1,200,000,000.00
$1,000,000,000.00
$800,000,000.00
$600,000,000.00
$400,000,000.00
$200,000,000.00
$$(200,000,000.00)

Utilidad Operacional
(/) Ventas

$
$

Utilidad Operacional
$
(6,334,033.00)
$
(4,660,627.00)
$
43,325,757.00
$
42,830,466.00
$
47,003,005.00

Ventas
$
1,037,991,362.00
$
1,164,623,023.00
$
1,269,193,972.00
$
1,292,984,443.00
$
1,347,454,426.00

$
Utilidad Operacional
$
(/) Ventas
(=) Margen de Utilidad operacional

2010
2011
2012
2013
2014

-0.61%
-0.40%
3.41%
3.31%
3.49%

2010

2011

2012

(6,334,033.00)
1,037,991,362.00

(6,334,033.00)
1,037,991,362.00
-0.61%

Margen Op

2012; 3

Margen Op

2012; 3

2010
2010; -0.61%

2011
2011; -0.40%

201

825,885,453.00 $

912,728,260.00 $

$
$
os, costo
$
$
000.00
$
000.00

de

(6,334,033.00) $

(6,334,033.00)
(4,660,627.00)
43,325,757.00
venta y utilidad
42,830,466.00
47,003,005.00

000.00

943,757,166.00

(4,660,627.00)

operacional

Ingresos

000.00

Costo de ventas

000.00

Utilidad Operacional

000.00

000.00

000.00
$-

000.00)

2010

2011

2012

2013

2014

$
$

(4,660,627.00) $
1,164,623,023.00 $

43,325,757.00
1,269,193,972.00

$
$

42,830,466.00
1,292,984,443.00

$
$

(4,660,627.00) $
1,164,623,023.00 $
-0.40%

43,325,757.00
1,269,193,972.00
3.41%

$
$

42,830,466.00
1,292,984,443.00
3.31%

Margen Operacional
2012; 3.41%

2013; 3.31%

2014; 3.49%

10

0.61%

Margen Operacional

2011
2011; -0.40%

2012; 3.41%

2013; 3.31%

2012

2013

2014; 3.49%

2014

963,112,411.00

###

43,325,757.00

###

$
$

47,003,005.00
1,347,454,426.00

$
$

47,003,005.00
1,347,454,426.00
3.49%

###

Utilidad Neta $
$
(=) Ventas
(=) Margen de u
2010
2011
2012
2013
2014

62,596,921.00 $
1,037,991,362.00 $
6.03%
6.03%
1.01%
0.81%
0.19%
0.73%

11,728,742.00
1,164,623,023.00
1.01%

Margen

7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%

2010

2011

20

$
$

10,256,180.00 $
1,269,193,972.00 $
0.81%

2,426,646.00 $
1,292,984,443.00 $
0.19%

Margen Neto

2010

2011

2012

2013

9,891,200.00
1,347,454,426.00
0.73%

2014

Indicador
(=) Rotacin de Cuentas por cobrar
(=) Das de cuentas por cobrar
(=) Rotacin de cuentas por pagar
(=) Das de Cuentas por pagar
(=) Rotacin de inventarios
(=) Das de inventarios

CILO OPERATIVO
(=) Das de inventario ms das de cuentas por cobrar
CICLO DE CONVERSIN DE EFECTIVO
(=) Ciclo operativo menos Das de cuentas por pagar
(=) Margen de utilidad bruta
(=) Margen de Utilidad operacional
(=) Margen de utilidad Neta
ROA - ROI
(=) ROE
(=) Razn de endeudamiento
(=) Endeudamiento Financiero
(=) Impacto de la carga financiera
(=) Cobertura de intereses
(=) Concentracin del endeudamiento CP
(=) Leverage Total o apalancamiento
(=) Leverage Corto plazo

ANLISIS DE RENTABILIDAD

SITUACIN FINANCIERA DE LARGO PLAZO

2010
273.66
1.32
4.91
73.39
6.32
56.98

2011
344.22
1.05
4.71
76.42
6.15
58.49

2012
380.58
0.95
4.59
78.36
6.23
57.79

2010
58.29
2010
-15.10

2011 2012 2013 2014

59.54 58.74 54.59 55.58
2011 2012 2013 2014
-16.88 -19.62 -34.92 -46.02

20.43%
-0.61%
6.03%
6.68%
14.43%
54%
6.14%

21.63% 25.64%
-0.40% 3.41%
1.01%
0.81%
1.07%
0.91%
2.57%
2.19%
58%
58%
12.05%
6.72%
2.43%
3.12%
-0.19
1.19
52.42% 60.57% 51.36%
1.16 1.40
1.39
60.78% 84.68% 71.54%

2010 2011

2012

2013
357.08
1.01
4.02
89.51
6.72
53.58

2014
357.07
1.01
3.54
101.60
6.60
54.57

25.51%
3.31%
0.19%
0.18%
0.34%
49%
5.64%
2.80%
1.20
51.65%
0.95
48.88%

25.38%
3.49%
0.73%
0.67%
1.40%
52%
3.40%

2013

2014

47.60%
1.08
51.52%

PROMEDIO
342.52
1.06
4.36
83.86
6.40
56.28
57.35
-26.51
0.24
0.02
0.02
0.02
0.04
0.54
0.07
0.02
0.44
0.53
1.20
0.63

###

###

###

2010 2011

2012

2013

2014