Académique Documents
Professionnel Documents
Culture Documents
2005
2006
2007
12,000
10,000
12,000
18,000
30,000
8,000
12,000
10,000
12,000
18,000
30,000
8,000
12,000
10,000
12,000
18,000
30,000
8,000
23,000
18,000
13,000
18,000
12,000
20,000
24,150
18,900
13,650
18,900
12,600
21,000
25,358
19,845
14,333
19,845
13,230
22,050
276,000,000
180,000,000
156,000,000
324,000,000
360,000,000
160,000,000
1,456,000,000
289,800,000
189,000,000
163,800,000
340,200,000
378,000,000
168,000,000
1,528,800,000
304,290,000
198,450,000
171,990,000
357,210,000
396,900,000
176,400,000
1,605,240,000
10,000
8,000
4,000
5,000
4,000
7,000
10,500
8,400
4,200
5,250
4,200
7,350
11,025
8,820
4,410
5,513
4,410
7,718
120,000,000
80,000,000
48,000,000
90,000,000
120,000,000
56,000,000
514,000,000
126,000,000
84,000,000
50,400,000
94,500,000
126,000,000
58,800,000
539,700,000
132,300,000
88,200,000
52,920,000
99,225,000
132,300,000
61,740,000
566,685,000
38,000,000
1,200,000
4,000,000
20,000,000
3,600,000
9,000,000
77,000,000
121,000,000
3,000,000
13,000,000
4,800,000
1,000,000
204,000,000
499,600,000
39,900,000
1,260,000
4,200,000
21,000,000
3,780,000
9,450,000
80,850,000
127,050,000
3,150,000
13,650,000
5,040,000
1,050,000
214,200,000
524,580,000
41,895,000
1,323,000
4,410,000
22,050,000
3,969,000
9,922,500
84,892,500
133,402,500
3,307,500
14,332,500
5,292,000
1,102,500
224,910,000
550,809,000
22,796,619.17
13,827,457.53
4,858,295.89
0.06
3,608,815.59
22,463,005.73
16,067,190.74
48,113,454.68
113,049,085.91
0.05
65
30
4
15
90
259,287,671.23
45,727,948.18
274,367,689.05
91,455,896.35
12,194,119.51
160,160,000
94,640,000
29,000,000
1,267,962.24
17,517,022.82
9,745,673.07
37,519,666.49
79,877,782.15
0.05
12,571,039.90
3,424,155.40
26,925,878.31
47,779,369.50
0.05
65
65
30
30
4
4
15
15
90
90
272,252,054.79 285,864,657.53
48,221,646.81 50,819,482.42
289,329,880.83 304,916,894.53
96,443,293.61 101,638,964.84
12,859,105.81 13,551,861.98
168,168,000
176,576,400
99,372,000
104,340,600
39,000,000
49,000,000
2008
2009
2010
2011
12,000
10,000
12,000
18,000
30,000
8,000
12,000
10,000
12,000
18,000
30,000
8,000
12,000
10,000
12,000
18,000
30,000
8,000
12,000
10,000
12,000
18,000
30,000
8,000
26,625
20,837
15,049
20,837
13,892
23,153
27,957
21,879
15,802
21,879
14,586
24,310
29,354
22,973
16,592
22,973
15,315
25,526
30,822
24,122
17,421
24,122
16,081
26,802
319,504,500
208,372,500
180,589,500
375,070,500
416,745,000
185,220,000
1,685,502,000
335,479,725
218,791,125
189,618,975
393,824,025
437,582,250
194,481,000
1,769,777,100
352,253,711
229,730,681
199,099,924
413,515,226
459,461,363
204,205,050
1,858,265,955
369,866,397
241,217,215
209,054,920
434,190,988
482,434,431
214,415,303
1,951,179,253
11,576
9,261
4,631
5,788
4,631
8,103
12,155
9,724
4,862
6,078
4,862
8,509
12,763
10,210
5,105
6,381
5,105
8,934
13,401
10,721
5,360
6,700
5,360
9,381
138,915,000
92,610,000
55,566,000
104,186,250
138,915,000
64,827,000
595,019,250
145,860,750
97,240,500
58,344,300
109,395,563
145,860,750
68,068,350
624,770,213
153,153,788
102,102,525
61,261,515
114,865,341
153,153,788
71,471,768
656,008,723
160,811,477
107,207,651
64,324,591
120,608,608
160,811,477
75,045,356
688,809,159
43,989,750
1,389,150
4,630,500
23,152,500
4,167,450
10,418,625
89,137,125
140,072,625
3,472,875
15,049,125
5,556,600
1,157,625
236,155,500
578,349,450
46,189,238
1,458,608
4,862,025
24,310,125
4,375,823
10,939,556
93,593,981
147,076,256
3,646,519
15,801,581
5,834,430
1,215,506
247,963,275
607,266,923
48,498,699
1,531,538
5,105,126
25,525,631
4,594,614
11,486,534
98,273,680
154,430,069
3,828,845
16,591,660
6,126,152
1,276,282
260,361,439
637,630,269
50,923,634
1,608,115
5,360,383
26,801,913
4,824,344
12,060,861
103,187,364
162,151,573
4,020,287
17,421,243
6,432,459
1,340,096
273,379,511
669,511,782
7,625,056.99
2,679,074.08
16,332,090.12
23,957,147.11
0.05
5,738,301.93
8,417,376.01
0.05
0.00
0.05
0.00
0.05
65
65
65
65
30
30
30
30
4
4
4
4
15
15
15
15
90
90
90
90
300,157,890.41 315,165,784.93 330,924,074.18 347,470,277.89
53,115,702.97 55,526,734.55 55,176,944.87 57,835,107.18
318,694,217.82 333,160,407.27 331,061,669.20 347,010,643.07
106,231,405.94 111,053,469.09 110,353,889.73 115,670,214.36
14,164,187.46 14,807,129.21 14,713,851.96 15,422,695.25
185,405,220
194,675,481
204,409,255
214,629,718
109,557,630
115,035,512
120,787,287
126,826,651
49,000,000
49,000,000
49,000,000
49,000,000
MONTO
PLAZO
PERIODO DE GRACIA
INTERES
AMORTIZACION
PERIODO
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
213,605,030
36 Meses
0 Meses
12.60% Anual pagadero MV
Mes Vencido
5,933,473.06
SALDO INICIAL
AMORTIZACION
213,605,030.00
213,605,030.00
5,933,473.06
207,671,556.94
5,933,473.06
201,738,083.89
5,933,473.06
195,804,610.83
5,933,473.06
189,871,137.78
5,933,473.06
183,937,664.72
5,933,473.06
178,004,191.67
5,933,473.06
172,070,718.61
5,933,473.06
166,137,245.56
5,933,473.06
160,203,772.50
5,933,473.06
154,270,299.44
5,933,473.06
148,336,826.39
5,933,473.06
142,403,353.33
5,933,473.06
136,469,880.28
5,933,473.06
130,536,407.22
5,933,473.06
124,602,934.17
5,933,473.06
118,669,461.11
5,933,473.06
112,735,988.06
5,933,473.06
106,802,515.00
5,933,473.06
100,869,041.94
5,933,473.06
94,935,568.89
5,933,473.06
89,002,095.83
5,933,473.06
83,068,622.78
5,933,473.06
77,135,149.72
5,933,473.06
71,201,676.67
5,933,473.06
65,268,203.61
5,933,473.06
59,334,730.56
5,933,473.06
53,401,257.50
5,933,473.06
47,467,784.44
5,933,473.06
41,534,311.39
5,933,473.06
35,600,838.33
5,933,473.06
29,667,365.28
5,933,473.06
23,733,892.22
5,933,473.06
17,800,419.17
5,933,473.06
11,866,946.11
5,933,473.06
5,933,473.06
5,933,473.06
DTF
PUNTOS
DTF MES VENCIDO
INTERES EFECTIVO
INTERES
2,242,290.41
2,180,004.57
2,117,718.72
2,055,432.88
1,993,147.03
1,930,861.19
1,868,575.34
1,806,289.50
1,744,003.65
1,681,717.81
1,619,431.96
1,557,146.12
1,494,860.27
1,432,574.43
1,370,288.58
1,308,002.74
1,245,716.89
1,183,431.05
1,121,145.21
1,058,859.36
996,573.52
934,287.67
872,001.83
809,715.98
747,430.14
685,144.29
622,858.45
560,572.60
498,286.76
436,000.91
373,715.07
311,429.22
249,143.38
186,857.53
124,571.69
62,285.84
TIR
FLUJO NETO
-213,605,030.00
8,175,763.47
8,113,477.62
8,051,191.78
7,988,905.93
7,926,620.09
7,864,334.24
7,802,048.40
7,739,762.55
7,677,476.71
7,615,190.86
7,552,905.02
7,490,619.17
7,428,333.33
7,366,047.48
7,303,761.64
7,241,475.80
7,179,189.95
7,116,904.11
7,054,618.26
6,992,332.42
6,930,046.57
6,867,760.73
6,805,474.88
6,743,189.04
6,680,903.19
6,618,617.35
6,556,331.50
6,494,045.66
6,431,759.81
6,369,473.97
6,307,188.12
6,244,902.28
6,182,616.43
6,120,330.59
6,058,044.75
5,995,758.90
6.8%
6%
6.60%
13.350%
SALDO FINAL
213,605,030.00
207,671,556.94
201,738,083.89
195,804,610.83
189,871,137.78
183,937,664.72
178,004,191.67
172,070,718.61
166,137,245.56
160,203,772.50
154,270,299.44
148,336,826.39
142,403,353.33
136,469,880.28
130,536,407.22
124,602,934.17
118,669,461.11
112,735,988.06
106,802,515.00
100,869,041.94
94,935,568.89
89,002,095.83
83,068,622.78
77,135,149.72
71,201,676.67
65,268,203.61
59,334,730.56
53,401,257.50
47,467,784.44
41,534,311.39
35,600,838.33
29,667,365.28
23,733,892.22
17,800,419.17
11,866,946.11
5,933,473.06
0.00
22,796,619.17
13,827,457.53
4,858,295.89
MONTO
PLAZO
PERIODO DE GRACIA
INTERES
AMORTIZACION
PERIODO
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
21,677,739
24 Meses
0 Meses
21.60% Anual pagadero MV
Mes Vencido
903,239.13
SALDO INICIAL
AMORTIZACION
INTERES
21,677,739.00
21,677,739.00
903,239.13 390,142.23
20,774,499.88
903,239.13 373,886.30
19,871,260.75
903,239.13 357,630.37
18,968,021.63
903,239.13 341,374.45
18,064,782.50
903,239.13 325,118.52
17,161,543.38
903,239.13 308,862.60
16,258,304.25
903,239.13 292,606.67
15,355,065.13
903,239.13 276,350.74
14,451,826.00
903,239.13 260,094.82
13,548,586.88
903,239.13 243,838.89
12,645,347.75
903,239.13 227,582.97
11,742,108.63
903,239.13 211,327.04
10,838,869.50
903,239.13 195,071.11
9,935,630.38
903,239.13 178,815.19
9,032,391.25
903,239.13 162,559.26
8,129,152.13
903,239.13 146,303.33
7,225,913.00
903,239.13 130,047.41
6,322,673.88
903,239.13 113,791.48
5,419,434.75
903,239.13 97,535.56
4,516,195.63
903,239.13 81,279.63
3,612,956.50
903,239.13 65,023.70
2,709,717.38
903,239.13 48,767.78
1,806,478.25
903,239.13 32,511.85
903,239.13
903,239.13 16,255.93
TIR
DTF
PUNTOS
DTF MES VENCIDO
INTERES EFECTIVO
FLUJO NETO
-21,677,739.00
1,293,381.35
1,277,125.43
1,260,869.50
1,244,613.57
1,228,357.65
1,212,101.72
1,195,845.79
1,179,589.87
1,163,333.94
1,147,078.02
1,130,822.09
1,114,566.16
1,098,310.24
1,082,054.31
1,065,798.39
1,049,542.46
1,033,286.53
1,017,030.61
1,000,774.68
984,518.76
968,262.83
952,006.90
935,750.98
919,495.05
6.8%
15%
6.60%
23.868%
SALDO FINAL
21,677,739.00
20,774,499.88
19,871,260.75
18,968,021.63
18,064,782.50
17,161,543.38
16,258,304.25
15,355,065.13
14,451,826.00
13,548,586.88
12,645,347.75
11,742,108.63
10,838,869.50
9,935,630.38
9,032,391.25
8,129,152.13
7,225,913.00
6,322,673.88
5,419,434.75
4,516,195.63
3,612,956.50
2,709,717.38
1,806,478.25
903,239.13
0.00
3,608,815.59
1,267,962.24
MONTO
PLAZO
PERIODO DE GRACIA
INTERES
AMORTIZACION
PERIODO
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
151,746,681
60 Meses
0 Meses
16.30% Anual pagadero MV
Mes Vencido
2,529,111.35
SALDO INICIAL
AMORTIZACION
151,746,681.00
151,746,681.00
2,529,111.35
149,217,569.65
2,529,111.35
146,688,458.30
2,529,111.35
144,159,346.95
2,529,111.35
141,630,235.60
2,529,111.35
139,101,124.25
2,529,111.35
136,572,012.90
2,529,111.35
134,042,901.55
2,529,111.35
131,513,790.20
2,529,111.35
128,984,678.85
2,529,111.35
126,455,567.50
2,529,111.35
123,926,456.15
2,529,111.35
121,397,344.80
2,529,111.35
118,868,233.45
2,529,111.35
116,339,122.10
2,529,111.35
113,810,010.75
2,529,111.35
111,280,899.40
2,529,111.35
108,751,788.05
2,529,111.35
106,222,676.70
2,529,111.35
103,693,565.35
2,529,111.35
101,164,454.00
2,529,111.35
98,635,342.65
2,529,111.35
96,106,231.30
2,529,111.35
93,577,119.95
2,529,111.35
91,048,008.60
2,529,111.35
88,518,897.25
2,529,111.35
85,989,785.90
2,529,111.35
83,460,674.55
2,529,111.35
80,931,563.20
2,529,111.35
78,402,451.85
2,529,111.35
75,873,340.50
2,529,111.35
73,344,229.15
2,529,111.35
70,815,117.80
2,529,111.35
68,286,006.45
2,529,111.35
65,756,895.10
2,529,111.35
63,227,783.75
2,529,111.35
60,698,672.40
2,529,111.35
58,169,561.05
2,529,111.35
55,640,449.70
2,529,111.35
53,111,338.35
2,529,111.35
50,582,227.00
2,529,111.35
48,053,115.65
2,529,111.35
45,524,004.30
2,529,111.35
42,994,892.95
2,529,111.35
40,465,781.60
2,529,111.35
DTF
PUNTOS
DTF MES VENCIDO
INTERES EFECTIVO
INTERES
2,060,826.21
2,026,479.11
1,992,132.01
1,957,784.90
1,923,437.80
1,889,090.70
1,854,743.59
1,820,396.49
1,786,049.39
1,751,702.28
1,717,355.18
1,683,008.07
1,648,660.97
1,614,313.87
1,579,966.76
1,545,619.66
1,511,272.56
1,476,925.45
1,442,578.35
1,408,231.25
1,373,884.14
1,339,537.04
1,305,189.94
1,270,842.83
1,236,495.73
1,202,148.62
1,167,801.52
1,133,454.42
1,099,107.31
1,064,760.21
1,030,413.11
996,066.00
961,718.90
927,371.80
893,024.69
858,677.59
824,330.49
789,983.38
755,636.28
721,289.17
686,942.07
652,594.97
618,247.86
583,900.76
549,553.66
FLUJO NETO
-151,746,681.00
4,589,937.56
4,555,590.46
4,521,243.36
4,486,896.25
4,452,549.15
4,418,202.05
4,383,854.94
4,349,507.84
4,315,160.74
4,280,813.63
4,246,466.53
4,212,119.42
4,177,772.32
4,143,425.22
4,109,078.11
4,074,731.01
4,040,383.91
4,006,036.80
3,971,689.70
3,937,342.60
3,902,995.49
3,868,648.39
3,834,301.29
3,799,954.18
3,765,607.08
3,731,259.97
3,696,912.87
3,662,565.77
3,628,218.66
3,593,871.56
3,559,524.46
3,525,177.35
3,490,830.25
3,456,483.15
3,422,136.04
3,387,788.94
3,353,441.84
3,319,094.73
3,284,747.63
3,250,400.52
3,216,053.42
3,181,706.32
3,147,359.21
3,113,012.11
3,078,665.01
6.8%
9.7%
6.60%
17.571%
SALDO FINAL
151,746,681.00
149,217,569.65
146,688,458.30
144,159,346.95
141,630,235.60
139,101,124.25
136,572,012.90
134,042,901.55
131,513,790.20
128,984,678.85
126,455,567.50
123,926,456.15
121,397,344.80
118,868,233.45
116,339,122.10
113,810,010.75
111,280,899.40
108,751,788.05
106,222,676.70
103,693,565.35
101,164,454.00
98,635,342.65
96,106,231.30
93,577,119.95
91,048,008.60
88,518,897.25
85,989,785.90
83,460,674.55
80,931,563.20
78,402,451.85
75,873,340.50
73,344,229.15
70,815,117.80
68,286,006.45
65,756,895.10
63,227,783.75
60,698,672.40
58,169,561.05
55,640,449.70
53,111,338.35
50,582,227.00
48,053,115.65
45,524,004.30
42,994,892.95
40,465,781.60
37,936,670.25
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
37,936,670.25
35,407,558.90
32,878,447.55
30,349,336.20
27,820,224.85
25,291,113.50
22,762,002.15
20,232,890.80
17,703,779.45
15,174,668.10
12,645,556.75
10,116,445.40
7,587,334.05
5,058,222.70
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
2,529,111.35
515,206.55
480,859.45
446,512.35
412,165.24
377,818.14
343,471.04
309,123.93
274,776.83
240,429.72
206,082.62
171,735.52
137,388.41
103,041.31
68,694.21
34,347.10
3,044,317.90
3,009,970.80
2,975,623.70
2,941,276.59
2,906,929.49
2,872,582.39
2,838,235.28
2,803,888.18
2,769,541.07
2,735,193.97
2,700,846.87
2,666,499.76
2,632,152.66
2,597,805.56
2,563,458.45
35,407,558.90
32,878,447.55
30,349,336.20
27,820,224.85
25,291,113.50
22,762,002.15
20,232,890.80
17,703,779.45
15,174,668.10
12,645,556.75
10,116,445.40
7,587,334.05
5,058,222.70
2,529,111.35
0.00
22,463,005.73
17,517,022.82
12,571,039.90
7,625,056.99
2,679,074.08
MONTO
PLAZO
PERIODO DE GRACIA
INTERES
AMORTIZACION
PERIODO
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
80,369,035
36 Meses
0 Meses
23.60% Anual pagadero MV
Mes Vencido
2,232,473.19
SALDO INICIAL
AMORTIZACION
INTERES
80,369,035.00
80,369,035.00
2,232,473.19 1,580,379.42
78,136,561.81
2,232,473.19 1,536,479.99
75,904,088.61
2,232,473.19 1,492,580.56
73,671,615.42
2,232,473.19 1,448,681.13
71,439,142.22
2,232,473.19 1,404,781.70
69,206,669.03
2,232,473.19 1,360,882.28
66,974,195.83
2,232,473.19 1,316,982.85
64,741,722.64
2,232,473.19 1,273,083.42
62,509,249.44
2,232,473.19 1,229,183.99
60,276,776.25
2,232,473.19 1,185,284.56
58,044,303.06
2,232,473.19 1,141,385.13
55,811,829.86
2,232,473.19 1,097,485.71
53,579,356.67
2,232,473.19 1,053,586.28
51,346,883.47
2,232,473.19 1,009,686.85
49,114,410.28
2,232,473.19 965,787.42
46,881,937.08
2,232,473.19 921,887.99
44,649,463.89
2,232,473.19 877,988.56
42,416,990.69
2,232,473.19 834,089.14
40,184,517.50
2,232,473.19 790,189.71
37,952,044.31
2,232,473.19 746,290.28
35,719,571.11
2,232,473.19 702,390.85
33,487,097.92
2,232,473.19 658,491.42
31,254,624.72
2,232,473.19 614,592.00
29,022,151.53
2,232,473.19 570,692.57
26,789,678.33
2,232,473.19 526,793.14
24,557,205.14
2,232,473.19 482,893.71
22,324,731.94
2,232,473.19 438,994.28
20,092,258.75
2,232,473.19 395,094.85
17,859,785.56
2,232,473.19 351,195.43
15,627,312.36
2,232,473.19 307,296.00
13,394,839.17
2,232,473.19 263,396.57
11,162,365.97
2,232,473.19 219,497.14
8,929,892.78
2,232,473.19 175,597.71
6,697,419.58
2,232,473.19 131,698.28
4,464,946.39
2,232,473.19
87,798.86
2,232,473.19
2,232,473.19
43,899.43
DTF
PUNTOS
DTF MES VENCIDO
INTERES EFECTIVO
FLUJO NETO
-80,369,035.00
3,812,852.61
3,768,953.18
3,725,053.75
3,681,154.33
3,637,254.90
3,593,355.47
3,549,456.04
3,505,556.61
3,461,657.19
3,417,757.76
3,373,858.33
3,329,958.90
3,286,059.47
3,242,160.04
3,198,260.62
3,154,361.19
3,110,461.76
3,066,562.33
3,022,662.90
2,978,763.47
2,934,864.05
2,890,964.62
2,847,065.19
2,803,165.76
2,759,266.33
2,715,366.91
2,671,467.48
2,627,568.05
2,583,668.62
2,539,769.19
2,495,869.76
2,451,970.34
2,408,070.91
2,364,171.48
2,320,272.05
2,276,372.62
6.8%
17%
6.60%
26.324%
SALDO FINAL
80,369,035.00
78,136,561.81
75,904,088.61
73,671,615.42
71,439,142.22
69,206,669.03
66,974,195.83
64,741,722.64
62,509,249.44
60,276,776.25
58,044,303.06
55,811,829.86
53,579,356.67
51,346,883.47
49,114,410.28
46,881,937.08
44,649,463.89
42,416,990.69
40,184,517.50
37,952,044.31
35,719,571.11
33,487,097.92
31,254,624.72
29,022,151.53
26,789,678.33
24,557,205.14
22,324,731.94
20,092,258.75
17,859,785.56
15,627,312.36
13,394,839.17
11,162,365.97
8,929,892.78
6,697,419.58
4,464,946.39
2,232,473.19
0.00
16,067,190.74
9,745,673.07
3,424,155.40
MONTO
PLAZO
PERIODO DE GRACIA
INTERES
AMORTIZACION
PERIODO
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
224,474,717
60 Meses
0 Meses
23.60% Anual pagadero MV
Mes Vencido
3,741,245.28
SALDO INICIAL
AMORTIZACION
224,474,717.00
224,474,717.00
3,741,245.28
220,733,471.72
3,741,245.28
216,992,226.43
3,741,245.28
213,250,981.15
3,741,245.28
209,509,735.87
3,741,245.28
205,768,490.58
3,741,245.28
202,027,245.30
3,741,245.28
198,286,000.02
3,741,245.28
194,544,754.73
3,741,245.28
190,803,509.45
3,741,245.28
187,062,264.17
3,741,245.28
183,321,018.88
3,741,245.28
179,579,773.60
3,741,245.28
175,838,528.32
3,741,245.28
172,097,283.03
3,741,245.28
168,356,037.75
3,741,245.28
164,614,792.47
3,741,245.28
160,873,547.18
3,741,245.28
157,132,301.90
3,741,245.28
153,391,056.62
3,741,245.28
149,649,811.33
3,741,245.28
145,908,566.05
3,741,245.28
142,167,320.77
3,741,245.28
138,426,075.48
3,741,245.28
134,684,830.20
3,741,245.28
130,943,584.92
3,741,245.28
127,202,339.63
3,741,245.28
123,461,094.35
3,741,245.28
119,719,849.07
3,741,245.28
115,978,603.78
3,741,245.28
112,237,358.50
3,741,245.28
108,496,113.22
3,741,245.28
104,754,867.93
3,741,245.28
101,013,622.65
3,741,245.28
97,272,377.37
3,741,245.28
93,531,132.08
3,741,245.28
89,789,886.80
3,741,245.28
86,048,641.52
3,741,245.28
82,307,396.23
3,741,245.28
78,566,150.95
3,741,245.28
74,824,905.67
3,741,245.28
71,083,660.38
3,741,245.28
67,342,415.10
3,741,245.28
63,601,169.82
3,741,245.28
59,859,924.53
3,741,245.28
DTF
PUNTOS
DTF MES VENCIDO
INTERES EFECTIVO
INTERES
4,414,078.41
4,340,510.44
4,266,942.46
4,193,374.49
4,119,806.52
4,046,238.54
3,972,670.57
3,899,102.60
3,825,534.62
3,751,966.65
3,678,398.68
3,604,830.70
3,531,262.73
3,457,694.76
3,384,126.78
3,310,558.81
3,236,990.83
3,163,422.86
3,089,854.89
3,016,286.91
2,942,718.94
2,869,150.97
2,795,582.99
2,722,015.02
2,648,447.05
2,574,879.07
2,501,311.10
2,427,743.13
2,354,175.15
2,280,607.18
2,207,039.21
2,133,471.23
2,059,903.26
1,986,335.28
1,912,767.31
1,839,199.34
1,765,631.36
1,692,063.39
1,618,495.42
1,544,927.44
1,471,359.47
1,397,791.50
1,324,223.52
1,250,655.55
1,177,087.58
FLUJO NETO
-224,474,717.00
8,155,323.69
8,081,755.72
8,008,187.75
7,934,619.77
7,861,051.80
7,787,483.83
7,713,915.85
7,640,347.88
7,566,779.91
7,493,211.93
7,419,643.96
7,346,075.99
7,272,508.01
7,198,940.04
7,125,372.07
7,051,804.09
6,978,236.12
6,904,668.14
6,831,100.17
6,757,532.20
6,683,964.22
6,610,396.25
6,536,828.28
6,463,260.30
6,389,692.33
6,316,124.36
6,242,556.38
6,168,988.41
6,095,420.44
6,021,852.46
5,948,284.49
5,874,716.52
5,801,148.54
5,727,580.57
5,654,012.59
5,580,444.62
5,506,876.65
5,433,308.67
5,359,740.70
5,286,172.73
5,212,604.75
5,139,036.78
5,065,468.81
4,991,900.83
4,918,332.86
6.8%
17.0%
6.60%
26.324%
SALDO FINAL
224,474,717.00
220,733,471.72
216,992,226.43
213,250,981.15
209,509,735.87
205,768,490.58
202,027,245.30
198,286,000.02
194,544,754.73
190,803,509.45
187,062,264.17
183,321,018.88
179,579,773.60
175,838,528.32
172,097,283.03
168,356,037.75
164,614,792.47
160,873,547.18
157,132,301.90
153,391,056.62
149,649,811.33
145,908,566.05
142,167,320.77
138,426,075.48
134,684,830.20
130,943,584.92
127,202,339.63
123,461,094.35
119,719,849.07
115,978,603.78
112,237,358.50
108,496,113.22
104,754,867.93
101,013,622.65
97,272,377.37
93,531,132.08
89,789,886.80
86,048,641.52
82,307,396.23
78,566,150.95
74,824,905.67
71,083,660.38
67,342,415.10
63,601,169.82
59,859,924.53
56,118,679.25
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
56,118,679.25
52,377,433.97
48,636,188.68
44,894,943.40
41,153,698.12
37,412,452.83
33,671,207.55
29,929,962.27
26,188,716.98
22,447,471.70
18,706,226.42
14,964,981.13
11,223,735.85
7,482,490.57
3,741,245.28
3,741,245.28 1,103,519.60
3,741,245.28 1,029,951.63
3,741,245.28
956,383.66
3,741,245.28
882,815.68
3,741,245.28
809,247.71
3,741,245.28
735,679.74
3,741,245.28
662,111.76
3,741,245.28
588,543.79
3,741,245.28
514,975.81
3,741,245.28
441,407.84
3,741,245.28
367,839.87
3,741,245.28
294,271.89
3,741,245.28
220,703.92
3,741,245.28
147,135.95
3,741,245.28
73,567.97
4,844,764.89
4,771,196.91
4,697,628.94
4,624,060.97
4,550,492.99
4,476,925.02
4,403,357.04
4,329,789.07
4,256,221.10
4,182,653.12
4,109,085.15
4,035,517.18
3,961,949.20
3,888,381.23
3,814,813.26
52,377,433.97
48,636,188.68
44,894,943.40
41,153,698.12
37,412,452.83
33,671,207.55
29,929,962.27
26,188,716.98
22,447,471.70
18,706,226.42
14,964,981.13
11,223,735.85
7,482,490.57
3,741,245.28
0.00
48,113,454.68
37,519,666.49
26,925,878.31
16,332,090.12
5,738,301.93
VENTAS
Costos fijos
Costos variables
Amortizacion diferidos
Depreciacion
CMV
UTILIDAD BRUTA
Gastos ventas
Gastos administrativos
UTILIDAD OPERACIONAL
UTILIDAD ANTES FINANCIERO
Correcion monetaria
Gastos financieros
UTILIDAD ANTES IMPUESTO
Impuestos
UTILIDAD NETA
2005
2006
2007
2008
1,456,000,000
1,528,800,000
1,605,240,000
1,685,502,000
499,600,000
524,580,000
550,809,000
578,349,450
514,000,000
539,700,000
566,685,000
595,019,250
70,113,405.60
70,113,405.60
70,113,405.60
70,113,405.60
29,000,000
39,000,000
49,000,000
49,000,000
1,112,713,405.60 1,173,393,405.60 1,236,607,405.60 1,292,482,105.60
343,286,594.40
355,406,594.40
368,632,594.40
393,019,894.40
94,640,000
99,372,000
104,340,600
109,557,630
160,160,000
168,168,000
176,576,400
185,405,220
88,486,594.40
87,866,594.40
87,715,594.40
98,057,044.40
88,486,594.40
87,866,594.40
87,715,594.40
98,057,044.40
24,580,777
24,105,154
26,461,570
27,245,473
113,049,085.91
79,877,782.15
47,779,369.50
23,957,147.11
18,285.57
32,093,966.57
66,397,795.03
101,345,370.33
7,040
12,356,177
25,563,151
39,017,968
11,245.62
19,737,789.44
40,834,643.94
62,327,402.75
2009
2010
2011
1,769,777,100
1,858,265,955
1,951,179,253
607,266,923
637,630,269
669,511,782
624,770,213
656,008,723
688,809,159
70,113,405.60
0.00
0.00
49,000,000
49,000,000
49,000,000
1,351,150,540.60 1,342,638,991.75 1,407,320,941.34
418,626,559.40
515,626,963.25
543,858,311.41
115,035,512
120,787,287
126,826,651
194,675,481
204,409,255
214,629,718
108,915,566.90
190,430,421.13
202,401,942.18
108,915,566.90
190,430,421.13
202,401,942.18
21,817,169
15,613,876
6,197,319
8,417,376.01
0.00
0.00
122,315,360.26
206,044,296.91
208,599,260.77
47,091,414
79,327,054
80,310,715
75,223,946.56
126,717,242.60
128,288,545.37
2003
CONCEPTO
ACTIVO CORRIENTE
Disponible
Inversiones
Deudores-Clientes
Deudores-otros
INVENTARIOS
Materias primas
Producto en proceso
Producto terminado
Otros inventarios
ajuste inventarios
TOTAL ACTIVO CORRIENTE
ACTIVOS FIJOS
Propiedad, planta y equipo
A.INFLACION-ACTIVOS FIJOS
Depreciacion acumulada
A.INFLACION-DEPRECIACION
TOTAL ACTIVO FIJO
OTROS ACTIVOS
Intangibles
Diferidos
Otros activos
TOTAL OTROS ACTIVOS
TOTAL ACTIVOS
PASIVO CORRIENTE
bancolombia
banco bogota
banco occidente
DIAN
Cuentas terceros
banco occidente
Cuentas x pagar
Otros activos
TOTAL
Otras Obigaciones Financieras
PROVEEDORES Nacionales
Cuentas x Pagar
Impuestos, Grav. Y tasas
Obligaciones laborales
DIFERIDOS
TOTAL PASIVOS Y
REESTRUCTURACIONES
Prestamo adicional 1
Prestamo adicional 2
Prestamo adicional 3
Prestamo adicional 4
Prestamo adicional 5
Prestamo adicional 6
Prestamo adicional 7
2004
94,879
227,781,458
96,226,455
96,226,455
-
94,880
218,422,967
18,969,299
145,121,870
74,306,776
7,425,276
63,389,818
324,102,792
382,609,016
374,812,851
491,449,056
-28,728,455
-34,746,438
346,084,396
456,702,618
3,458,406
329,216,212
332,674,618
1,002,861,806
3,658,198
350,567,028
354,225,226
1,193,536,860
317,782,825
220,000,000
-
2005
2006
-211,327,088.18 -408,686,077.53
259,287,671.23
15,175,439.20
158,085,276.24
91,455,896.35
12,194,119.51
45,727,948.18
272,252,054.79
12,140,351.36
174,135,622.24
96,443,293.61
12,859,105.81
48,221,646.81
8,707,312.20
221,221,298.50
16,611,576.01
49,841,950.87
591,449,056.00 691,449,056.00
29,486,943.36
59,059,396.16
-63,746,438.00 -102,746,438.00
-2,084,786.28
-5,272,108.18
555,104,775.08 642,489,905.98
3,658,198.00
280,453,622.40
3,658,198.00
210,340,216.80
284,111,820.40
1,060,437,893.98
213,998,414.80
906,330,271.65
142,403,353.33
10,838,869.50
121,397,344.80
53,579,356.67
179,579,773.60
71,201,676.67
0.00
91,048,008.60
26,789,678.33
134,684,830.20
537,782,825
201,391,944
35,787,775
48,238,264
9,228,789
-
213,605,030
21,677,739
151,746,681
80,369,035
224,474,717
691,873,202
216,285,414
90,447,674
2,785,700
-
507,798,697.90
0.00
274,367,689.05
72,358,139.20
323,724,193.80
0.00
289,329,880.83
57,886,511.36
2,228,560.00
0.00
0.00
1,782,848.00
0.00
0.00
294,646,772
309,518,788
348,954,388.25
348,999,240.19
TOTAL PASIVO
PATRIMONIO
Capital social
Superavit de capital
Revalorizacion patrimonio
Dividendos
Resultados del periodo
Result. Periodos anteriores
Superavit por valorizaciones
Ajustes por inflacion
TOTAL PATRIMONIO
TOTAL PASIVO + PATRIMONIO
832,429,597
1,001,391,990
856,753,086.15
672,723,433.99
268,000,000
12,104,767
-41,701,726
-67,970,832
-
268,000,000
18,157,676
15,659,752
-109,672,558
-
268,000,000.00
268,000,000.00
29,686,368.20
0.00
11,245.62
-94,012,806.00
0.00
39,870,608.59
0.00
19,737,789.44
-94,001,560.38
0.00
170,432,209
1,002,861,806
192,144,870
1,193,536,860
203,684,807.82
1,060,437,893.98
233,606,837.66
906,330,271.65
2007
2008
2009
2010
2011
-121,909,814.28
285,864,657.53
9,712,281.09
191,328,666.37
101,638,964.84
13,551,861.98
50,819,482.42
300,157,890.41
7,769,824.87
208,396,086.81
106,231,405.94
14,164,187.46
53,115,702.97
315,165,784.93
6,215,859.90
226,691,927.63
111,053,469.09
14,807,129.21
55,526,734.55
330,924,074.18
4,972,687.92
236,883,877.73
110,353,889.73
14,713,851.96
55,176,944.87
347,470,277.89
3,978,150.33
257,411,401.83
115,670,214.36
15,422,695.25
57,835,107.18
25,318,357.12
-77,547,281.38
34,884,790.44
15,200,433.44
45,304,594.78
129,724,652.42
56,639,191.16
292,953,735.15
68,483,385.05
486,950,015.77
791,449,056.00
251,921,660.16
-347,746,438.00
-55,458,717.68
640,165,560.48
3,658,198.00
140,226,811.20
3,658,198.00
70,113,405.60
3,658,198.00
0.00
3,658,198.00
0.00
3,658,198.00
0.00
143,885,009.20
789,262,764.70
73,771,603.60
794,882,204.82
3,658,198.00
819,828,149.10
60,698,672.40
0.00
89,789,886.80
30,349,336.20
0.00
44,894,943.40
0.00
150,488,559.20
0.00
304,916,894.53
46,309,209.09
75,244,279.60
0.00
318,694,217.82
37,047,367.27
0.00
0.00
333,160,407.27
29,637,893.82
0.00
0.00
331,061,669.20
23,710,315.05
0.00
0.00
347,010,643.07
18,968,252.04
1,426,278.40
0.00
0.00
1,141,022.72
0.00
0.00
912,818.18
0.00
0.00
730,254.54
0.00
0.00
584,203.63
0.00
0.00
352,652,382.02
356,882,607.81
363,711,119.26
355,502,238.79
366,563,098.74
3,658,198.00
3,658,198.00
961,142,362.73 1,130,773,774.25
0.00
503,140,941.22
432,126,887.41
363,711,119.26
355,502,238.79
366,563,098.74
268,000,000.00
268,000,000.00
268,000,000.00
268,000,000.00
268,000,000.00
51,550,950.47
0.00
40,834,643.94
-74,263,770.93
0.00
65,857,041.65
0.00
62,327,402.75
-33,429,126.99
0.00
83,994,807.52
0.00
75,223,946.56
28,898,275.76
0.00
106,800,659.01
0.00
126,717,242.60
104,122,222.32
0.00
137,082,665.21
0.00
128,288,545.37
230,839,464.92
0.00
286,121,823.48
789,262,764.70
362,755,317.41
794,882,204.82
456,117,029.84
819,828,149.10
605,640,123.94
764,210,675.51
961,142,362.73 1,130,773,774.25
2004-2005
2005-2006
VARIACIONES
2006-2007 2007-2008 2008-2009
2009-2010
2010-2011
-211,421,968
40,864,704
-3,793,860
12,963,406
17,149,120
4,768,844
45,727,948
-63,389,818
8,707,312
-161,387,718
-197,358,989
12,964,384
-3,035,088
16,050,346
4,987,397
664,986
2,493,699
7,904,264
-171,379,348
-155,766,809
13,612,603
-2,428,070
17,193,044
5,195,671
692,756
2,597,836
8,706,781
-127,389,232
63,329,518
14,293,233
-1,942,456
17,067,420
4,592,441
612,325
2,296,221
9,566,433
92,747,715
82,774,449
15,007,895
-1,553,965
18,295,841
4,822,063
642,942
2,411,032
10,419,804
114,524,219
138,522,015
15,758,289
-1,243,172
10,191,950
-699,579
-93,277
-349,790
11,334,596
163,229,083
157,917,090
16,546,204
-994,538
20,527,524
5,316,325
708,843
2,658,162
11,844,194
193,996,281
100,000,000
29,486,943
-29,000,000
-2,084,786
98,402,157
100,000,000
29,572,453
-39,000,000
-3,187,322
87,385,131
100,000,000
34,572,453
-49,000,000
-5,137,322
80,435,131
39,572,453
-49,000,000
-7,587,322
-17,014,869
39,572,453
-49,000,000
-10,037,322
-19,464,869
39,572,453
-49,000,000
-12,487,322
-21,914,869
39,572,453
-49,000,000
-14,937,322
-24,364,869
-70,113,406
-70,113,406
-133,098,966
-70,113,406
-70,113,406
-154,107,622
-70,113,406
-70,113,406
-117,067,507
-70,113,406
-70,113,406
5,619,440
-70,113,406
-70,113,406
24,945,944
141,314,214
169,631,412
-71,201,677
-10,838,870
-30,349,336
-26,789,678
-44,894,943
-184,074,504
58,082,275
-18,089,535
-557,140
-
-71,201,677
-10,838,870
-30,349,336
-26,789,678
-44,894,943
-184,074,504
14,962,192
-14,471,628
-445,712
-
-71,201,677
-30,349,336
-26,789,678
-44,894,943
-173,235,635
15,587,014
-11,577,302
-356,570
-
-0
-30,349,336
0
-44,894,943
-75,244,280
13,777,323
-9,261,842
-285,256
-
-30,349,336
-44,894,943
-75,244,280
14,466,189
-7,409,473
-228,205
-
-0
-2,098,738
-5,927,579
-182,564
-
15,948,974
-4,742,063
-146,051
-
39,435,600
-
44,852
-
3,653,142
-
4,230,226
-
6,828,511
-
-8,208,880
-
11,060,860
-
-0
-0
-
-144,638,904
-
-184,029,652
-
-169,582,493
-
-71,014,054
-
-68,415,768
-
-8,208,880
-
11,060,860
-
11,528,692
-15,648,506
15,659,752
11,539,938
-133,098,966
10,184,240
19,726,544
11,246
29,922,030
-154,107,622
11,680,342
21,096,854
19,737,789
52,514,986
-117,067,507
14,306,091
21,492,759
40,834,644
76,633,494
5,619,440
18,137,766
12,896,544
62,327,403
93,361,712
24,945,944
22,805,851
51,493,296
75,223,947
149,523,094
141,314,214
30,282,006
1,571,303
126,717,243
158,570,552
169,631,412
Inventario
Activos Fijos
Depreciacion
Patrimonio
Correccin Monetaria
2005
8,707,312.20
29,486,943.36
-2,084,786.28
11,528,692.20
24,580,777.08
2006
7,904,263.81
29,572,452.80
-3,187,321.90
10,184,240.39
24,105,154.32
2007
8,706,781.11
34,572,452.80
-5,137,321.90
11,680,341.88
26,461,570.13
2008
2009
9,566,433.32 10,419,804.34
39,572,452.80 39,572,452.80
-7,587,321.90 -10,037,321.90
14,306,091.17 18,137,765.87
27,245,473.04 21,817,169.37
2010
2011
11,334,596.38 11,844,193.89
39,572,452.80 39,572,452.80
-12,487,321.90 -14,937,321.90
22,805,851.49 30,282,006.20
15,613,875.79
6,197,318.59
Cartera
INV.Materia prima
INV.Producto en proceso
INV.Producto terminado
Proveedores
CAPITAL DE TRABAJO
DIFERENCIA EN CAPITAL DE TRABAJO
2004
2005
2006
2007
218,422,967.00 259,287,671.23 272,252,054.79 285,864,657.53
74,306,776.00 91,455,896.35 96,443,293.61 101,638,964.84
7,425,276.00 12,194,119.51 12,859,105.81 13,551,861.98
63,389,818.00 45,727,948.18 48,221,646.81 50,819,482.42
216,285,414.00 274,367,689.05 289,329,880.83 304,916,894.53
147,259,423.00 134,297,946.22 140,446,220.19 146,958,072.25
-12,961,476.78
6,148,273.97
6,511,852.05
2008
300,157,890.41
106,231,405.94
14,164,187.46
53,115,702.97
318,694,217.82
154,974,968.96
8,016,896.71
2009
315,165,784.93
111,053,469.09
14,807,129.21
55,526,734.55
333,160,407.27
163,392,710.51
8,417,741.55
2010
330,924,074.18
110,353,889.73
14,713,851.96
55,176,944.87
331,061,669.20
180,107,091.54
16,714,381.04
2011
347,470,277.89
115,670,214.36
15,422,695.25
57,835,107.18
347,010,643.07
189,387,651.60
9,280,560.06
UTILIDAD OPERATIVA
Depreciacion
Amortizacion diferidos
Impuestos
INGRESO NETO OPERATIVO
INGRESO NETO NO OPERACIONALES
Cambio activos
Cambio Capital de trabajo
Cambio otros activos
Cambio activos fijos
Cambio intangibles
Cambio pasivos
Cambio cuentas x pagar
Cambio obligaciones laborales
FLUJO DE CAJA LIBRE
Cambio otras obligaciones
Cambio por intereses
Cambio por capital
FLUJO DE CAJA NETO
Cambio patrimonio
DIVIDENDOS
Capitalizacion accionistas
FLUJO NETO DEL AO
Saldo caja inicial
Saldo caja final
CAJA DEL BALANCE
Diferencia
2005
88,486,594.40
29,000,000.00
70,113,405.60
-7,039.94
187,592,960.06
0.00
2006
87,866,594.40
39,000,000.00
70,113,405.60
-12,356,177.13
184,623,822.87
0.00
2007
87,715,594.40
49,000,000.00
70,113,405.60
-25,563,151.09
181,265,848.91
0.00
12,961,476.78
-6,148,273.97
-6,511,852.05
3,793,859.80
3,035,087.84
2,428,070.27
-100,000,000.00 -100,000,000.00 -100,000,000.00
-18,089,534.80
-557,140.00
85,701,621.84
-14,471,627.84
-445,712.00
66,593,296.90
-11,577,302.27
-356,569.60
65,248,195.26
-211,421,968.18
94,880.00
-211,327,088.18
-211,327,088.18
0.00
-197,358,989.35
-211,327,088.18
-408,686,077.53
-408,686,077.53
0.00
-155,766,808.84
-408,686,077.53
-564,452,886.37
-564,452,886.37
0.00
2008
98,057,044.40
49,000,000.00
70,113,405.60
-39,017,967.58
178,152,482.42
0.00
2009
108,915,566.90
49,000,000.00
70,113,405.60
-47,091,413.70
180,937,558.80
0.00
2010
190,430,421.13
49,000,000.00
0.00
-79,327,054.31
160,103,366.81
0.00
2011
202,401,942.18
49,000,000.00
0.00
-80,310,715.40
171,091,226.78
0.00
-8,016,896.71
1,942,456.22
0.00
-8,417,741.55
1,553,964.97
0.00
-16,714,381.04
1,243,171.98
0.00
-9,280,560.06
994,537.58
0.00
-9,261,841.82
-285,255.68
162,530,944.43
-7,409,473.45
-228,204.54
166,436,104.23
-5,927,578.76
-182,563.64
138,522,015.36
-4,742,063.01
-146,050.91
157,917,090.39
-23,957,147.11
-75,244,279.60
63,329,517.72
-8,417,376.01
-75,244,279.60
82,774,448.62
0.00
0.00
138,522,015.36
0.00
0.00
157,917,090.39
63,329,517.72
82,774,448.62 138,522,015.36 157,917,090.39
-564,452,886.37 -501,123,368.65 -418,348,920.03 -279,826,904.68
-501,123,368.65 -418,348,920.03 -279,826,904.68 -121,909,814.28
-501,123,368.65 -418,348,920.03 -279,826,904.68 -121,909,814.28
0.00
0.00
0.00
0.00
Utilidad Operativa
Depreciacion
Amortizacion de Diferidos
Impuestos
UODI
2005
88,486,594.40
29,000,000.00
70,113,405.60
7,039.94
187,592,960.06
2006
87,866,594.40
39,000,000.00
70,113,405.60
12,356,177.13
184,623,822.87
2007
87,715,594.40
49,000,000.00
70,113,405.60
25,563,151.09
181,265,848.91
Efectivo
Cartera
Inventario
Proveedores
CAPITAL DE TRABAJO
Activos fijos netos
Intangibles u Otros Activos
ACTIVOS INVOLUCRADOS
2004
94,880.00
218,422,967.00
145,121,870.00
216,285,414.00
147,354,303.00
491,449,056.00
3,658,198.00
642,461,557.00
2005
-211,327,088.18
259,287,671.23
158,085,276.24
274,367,689.05
-68,321,829.76
591,449,056.00
3,658,198.00
526,785,424.24
2006
-408,686,077.53
272,252,054.79
174,135,622.24
289,329,880.83
-251,628,281.32
691,449,056.00
3,658,198.00
443,478,972.68
0.170
Credito Bancolombia
Credito Banco Bogot
Credito Occidente
DIAN
Terceros
SUMA
COSTO DEL PASIVO
Pasivo Total
Costo del Pasivo
Patrimonio Total
Costo del Patrimonio
COSTO DEL CAPITAL
MONTO
INTERES EFECTIVO MONTO*I.EFECTIVO
213,605,030
13.350%
28,516,667.77
21,677,739
23.868%
5,174,087.98
151,746,681
17.571%
26,663,318.35
80,369,035
26.324%
21,156,190.79
224,474,717
26.324%
59,090,294.41
691,873,202
140,600,559.30
0.125
2004
1,001,391,990.00
12.498%
192,144,870.00
17.00%
0.1322
2005
856,753,086.15
12.498%
203,684,807.82
17.00%
0.1336
2006
672,723,433.99
12.498%
233,606,837.66
17.00%
0.1366
2004
2005
0.29199095
2006
0.350472535
2005
2006
ROIC
EVA en porcentaje
EVA en pesos
15.836%
101,743,304.61
2007
21.389%
112,673,954.55
2008
98,057,044.40
49,000,000.00
70,113,405.60
39,017,967.58
178,152,482.42
2007
-564,452,886.37
285,864,657.53
191,328,666.37
304,916,894.53
-392,176,457.00
791,449,056.00
3,658,198.00
402,930,797.00
2009
108,915,566.90
49,000,000.00
70,113,405.60
47,091,413.70
180,937,558.80
2010
190,430,421.13
49,000,000.00
0.00
79,327,054.31
160,103,366.81
2011
202,401,942.18
49,000,000.00
0.00
80,310,715.40
171,091,226.78
2008
2009
2010
2011
-501,123,368.65 -418,348,920.03 -279,826,904.68 -121,909,814.28
300,157,890.41 315,165,784.93 330,924,074.18 347,470,277.89
208,396,086.81 226,691,927.63 236,883,877.73 257,411,401.83
318,694,217.82 333,160,407.27 331,061,669.20 347,010,643.07
-311,263,609.25 -209,651,614.74 -43,080,621.97 135,961,222.37
791,449,056.00 791,449,056.00 791,449,056.00 791,449,056.00
3,658,198.00
3,658,198.00
3,658,198.00
3,658,198.00
483,843,644.75 585,455,639.26 752,026,632.03 931,068,476.37
ONTO*I.EFECTIVO
2007
503,140,941.22
12.498%
286,121,823.48
17.00%
0.1413
2008
432,126,887.41
12.498%
362,755,317.41
17.00%
0.1455
2009
363,711,119.26
12.498%
456,117,029.84
17.00%
0.1500
2010
355,502,238.79
12.498%
605,640,123.94
17.00%
0.1533
2011
366,563,098.74
12.498%
764,210,675.51
17.00%
0.1554
2007
0.408736062
2008
0.442141638
2009
0.373958738
2010
0.273467973
2011
0.227506872
2008
26.744%
118,602,420.87
2009
29.662%
119,516,087.48
2010
22.393%
108,348,158.57
2011
12.012%
70,325,077.45
7.210%
54,222,222.62
2005
2006
2007
2008
2009
UAII
88,486,594.40 87,866,594.40 87,715,594.40 98,057,044.40 108,915,566.90
+ depreciacion
29,000,000.00 39,000,000.00 49,000,000.00 49,000,000.00 49,000,000.00
+Amortizacion diferidos 70,113,405.60 70,113,405.60 70,113,405.60 70,113,405.60 70,113,405.60
EBITDA
187,600,000.00 196,980,000.00 206,829,000.00 217,170,450.00 228,028,972.50
2010
2011
190,430,421.13 202,401,942.18
49,000,000.00 49,000,000.00
0.00
0.00
239,430,421.13 251,401,942.18
300,000,000.00
200,000,000.00
100,000,000.00
0.00
2005
2006
2007
2008
pesos
-100,000,000.00
-200,000,000.00
-300,000,000.00
-400,000,000.00
-500,000,000.00
-600,000,000.00
-700,000,000.00
aos
2009
2010
2011
flujo caja
EVA
EBITDA
Saldo final caja
VALOR PATRIMONIAL
Reservas
Capital
Patrimonio
# Acciones en Circulacion
VALOR PATRIMONIAL
0
268000000
192144870
200000
2.57474E+11
VALOR DE LIQUIDACION
Valor Venta de Activos
Cancelacin de Deudas
Obligaciones Bancarias
Pasivos Laborales
DIAN
Proveedores
Otros Pasivos
Total Deudas
VALOR DE LIQUIDACION
387,029,450
5,571,400
80,369,035
216,285,414
90,447,674
779,702,973
-182,934,543
19,737,789
8
157,902,316
596,768,430
2005
2006
2007
4,330
29,000,000
70,113,405.60
99,120,321.6588
-12,961,476.78
100,000,000.00
-13,841,155.1209
19,737,789.44
7,599,049
39,000,000
70,113,405.60
121,252,146.1076
6,148,273.97
100,000,000.00
27,400,420.0802
40,834,643.94
15,721,338
49,000,000
70,113,405.60
144,226,711.6238
6,511,852.05
100,000,000.00
50,738,563.6786
11,245.6241
$ 306,414,815.96
2174026584
$ 2,480,441,400.28
2008
2009
2010
2011
62,327,402.75
23,996,050
49,000,000
70,113,405.60
157,444,758.2942
8,016,896.71
0
165,461,655.0065
75,223,946.56
28,961,219
49,000,000
70,113,405.60
165,376,132.7335
8,417,741.55
0
173,793,874.2815
126,717,242.60
48,786,138
49,000,000
0.00
126,931,104.2005
16,714,381.04
0
143,645,485.2357
128,288,545.37
49,391,090
49,000,000
0.00
127,897,455.4051
9,280,560.06
0
137,178,015.4617
0.063098592
2006
2007
2008
112,673,954.55 118,602,420.87 119,516,087.48
859325403.1
$ 403,767,323.38
$ -25,728,132.98
1,193,536,860.00
$ 1,571,576,050.40
1,001,391,990.00
$ 570,184,060.40
2009
108,348,158.57
2010
2011
70,325,077.45 54,222,222.62
Valores de la empresa
Valor en pesos
Valor Patrimonial
$ 192,144,870
Valor Liquidacion
-$ 182,934,543
Valor PER
$ 157,902,316
Valor Flujo de Caja Libre
$ 2,480,441,400
Valor EVA
$ 570,184,060.40
VALORACION DE LA EMPRESA A NOVIEMBRE 23 DE 2005
Valor en Porcentajes
10%
9%
7%
37%
37%
100%
Se le da mayor peso a las metodologias del EVA y el Flujo de caja libre ya que al
ser metodologias dinamicas considerar la situaciones futuros que la empresa
puede experimentar como lo son los posibles y gasto que tendra.
La metodologia del Per presenta el menor pocentaje porque aunque al ser una
metodologia estatica como tambien lo es el valor de liquidacion y el valor
patrrimonial;este primero es bastante ambiguo porque multiplica la utilidad neta po
un numero arbitrario sin considerar que la empresa puede en algun momento
producir perdidas
19,214,487.00
-16,464,108.87
11,053,162.09
917,763,318.11
210,968,102.35
1,142,534,960.67