ANAL

EMPRESA ALM
DM_FORMATO 12/31/2008
1105 Caja 19,123,206
1110 Bancos 11,147,108
1115 Remesas en Transito
1120 Cuentas de Ahorro 36,571,702
1125 Fondos
11 SUBTOTAL DISPONIBLE 66,842,016
12 INVERSIONES CP 18,707,344
1305 Clientes 5,224,021
1310 Cuentas Corrientes Comerciales 97,575,065
1315 Cuentas por Cobrar a Casa Matriz
1320 Cuentas por Cobrar a Vincu. Economicos
1325 Cuentas por Cobrar a Socios y Accionistas 1,035,638
1328 Aportes por Cobrar
1330 Anticipos y Avances 1,069,243
1335 Depositos
1340 Promesas de Compraventa
1345 Ingresos por Cobrar CP 5,050,925
1355 Antic Imptos y Contrib o Saldos a Favor 635,610
1360 Reclamaciones (CP) 29,293
1365 Cuentas x Cobrar a Trabajadores (CP) 177,768
1370 Prestamos a Particulares CP 12,272
1380 Deudores Varios (CP)
1385 Derechos Recompra Cartera Negociada (CP)
1390 Deudas de Dificil Cobro (CP)
1399 Provisiones (CP) 1,661,337
13 SUBTOTAL DEUDORES CORTO PLAZO 109,148,498
1405 Materias Primas
1410 Productos en Proceso
1417 Obras de Urbanismo
1425 Cultivos en Desarrollo
1430 Productos Terminados
1435 Mcias no Fabricadas x la Empresa 117,364,193
1455 Materiales Repuestos y Accesorios 906,146
1460 Envases y Empaques
1465 Inventarios en Transito 206,197
1499 Provisiones
14 SUBTOTAL INVENTARIOS 118,476,536
1705 Gastos Pagados x Anticipado CP 761,413
1710 Cargos Diferidos CP 853,632
1798 Amortizacion Acumulada CP
17 SUBTOTAL DIFERIDO 1,615,045
0 TOTAL ACTIVO CORRIENTE 314,789,439
12 INVERSIONES LP 2,631,796
1305 Clientes (LP)
1310 Cuentas Corrientes Comerciales (LP) 54,393,956
1315 Cuentas x Cobrar a Casa Matriz (LP)
1325 Cuentas x Cobrar a Socios y Accionistas (LP) 2,059,581
1330 Anticipos y Avances (LP) 443,101
1335 Depositos (LP)
1340 Promesa de Compraventa (LP) 311,312
1345 Ingresos por Cobrar LP 651,765
1355 Anticipo de Imptos. y contrib. o saldos a fav
1360 Reclamaciones (LP) 359
1365 Cuentas por Cobrar a Trabajadores (LP) 17,926
1370 Prestamos a Particulares LP
1380 Deudores Varios (LP)
1390 Deudas de Dificil Cobro (LP)
1399 Provisiones (LP)
13 SUBTOTAL DEUDORES LARGO PLAZO 57,878,000
15 PROPIEDADES PLANTA Y EQUIPO NETO 261,253,959
1605 Credito Mercantil 20,333,373
1610 Marcas 254,689
1615 Patentes
1620 Concesiones y franquicias
1625 Derechos 52,123,699
1630 Know How
1635 Licencias
1698 Amortizacion Acumulada 9,390,433
16 SUBTOTAL INTANGIBLES 63,321,328
1705 Gastos Pagados x Anticipado LP 14,919
1710 Cargos Diferidos LP 1,618,001
1730 Cargos por Correc. Monet. Diferida LP
1798 Amortizacion Acumulada LP
17 SUBTOTAL DIFERIDOS 1,632,920
1805 Bienes de Arte y Cultura
1895 Diversos
18 SUBTOTAL OTROS ACTIVOS
1905 De Inversiones 1,444,451
1910 De Propiedades Planta y Equipo 150,628,612
1995 De Otros Activos
19 SUBTOTAL VALORIZACIONES 152,073,063
0 TOTAL ACTIVO NO CORRIENTE 538,791,066
0 TOTAL ACTIVO 853,580,505
81 Derechos Contingentes 188,747,859
82 Deudoras Fiscales 17,752,010
83 Deudoras de Control 176,426,861
9 Cuentas de Orden Acreedores por Contra 18,222,871
21 OBLIGACIONES FINANCIERAS (CP) 118,751,818
22 PROVEEDORES 143,976,256
2305 Cuentas Corrientes Comerciales (CP) 551,864
2310 A Casa Matriz (CP)
2315 A companias vinculadas (CP)
2320 A Contratistas (CP) 183,483
2330 Ordenes de Compra x Utilizar 3,189,872
2335 Costos y Gastos x Pagar CP 8,449,835
2345 Acreedores Oficiales (CP)
2350 Regalias x Pagar CP
2355 Deudas con Accionistas o Socios (CP)
2360 Dividendos o Partic. x Pagar 2,086,029
2365 Retencion en la Fuente 1,255,471
2367 Impuesto a las Ventas Retenido 1,066,873
2368 Impuesto de Industria y Comercio Retenido 142,647
2370 Retenciones y Aportes de Nomina 2,126
2375 Cuotas x Devolver
2380 Acreedores Varios (CP) 1,418,428
23 SUBTOTAL CUENTAS POR PAGAR CORTO PLAZO 18,346,628
24 IMPUESTOS GRAVAMENES Y TASAS 4,061,400
25 OBLIGACIONES LABORALES CORTO PLAZO 3,916,378
2605 Para Costos y Gastos 1,507,890
2610 Para Obligaciones Laborales
2615 Para Obligaciones Fiscales
2620 Pensiones de Jubilacion
2635 Para Contingencias
2695 Provisiones Diversas
26 SUBTOTAL PASIVOS ESTIMADOS Y PROVISIONES 1,507,890
27 DIFERIDOS CORTO PLAZO 49,772
2805 Anticipos y Avances Recibidos (CP) 105,207
2810 Depositos Recibidos (CP)
2815 Ingresos Recibidos para Terceros (CP) 10,040,683
2820 Cuentas de Operacion Conjunta CP
2825 Retencion a Terceros sobre Contratos (CP) 81,167
2830 Embargos Judiciales 140
2840 Cuentas en Participacion
2895 Diversos (CP)
28 SUBTOTAL OTROS PASIVOS CORTO PLAZO 10,227,197
2905 Bonos en Circulacion
29 SUBTOTAL BONOS Y PAPALES COMERCIALES
0 TOTAL PASIVO CORRIENTE 300,837,339
21 OBLIGACIONES FINANCIERAS (LP) 172,449,552
22 PROVEEDORES (LP)
2305 Cuentas Corrientes Comerciales (LP)
2315 A Companias Vinculadas (LP)
2335 Costos y Gastos x Pagar LP
2355 Deudas con Accionistas o Socios (LP)
2360 Dividendos o Partic. x Pagar (LP) 5,758,000
2380 Acreedores Varios (LP)
23 SUBTOTAL CUENTAS POR PAGAR LARGO PLAZO 5,758,000
24 IMPUESTOS GRAVAMENES Y TASAS (LP)
25 OBLIGACIONES LABORALES LARGO PLAZO 5,250,094
2620 Pensiones de Jubilacion (LP)
26 SUBTOTAL PASIVOS ESTIMADOS Y PROVISIONES (LP)
2720 Credito x Correc. Monetaria Diferida (LP)
2725 Impuestos Diferidos (LP)
27 SUBTOTAL DIFERIDOS LARGO PLAZO
2805 Avances y Anticipos Recibidos (LP)
2810 Depositos Recibidos (LP)
2815 Ingresos Recibidos para Terceros (LP)
28 SUBTOTAL OTROS PASIVOS LARGO PLAZO
2905 Bonos en Circulacion (LP)
29 SUBTOTAL BONOS Y PAPELES COMERCIALES (LP)
0 TOTAL PASIVO NO CORRIENTE 183,457,646
0 TOTAL PASIVO 484,294,985
3105 Capital Suscrito y Pagado 40,974,000
3115 Aportes Sociales
3120 Capital Asignado
3125 Inv Suplemen al Capital Asignado
31 SUBTOTAL CAPITAL SOCIAL 40,974,000
3205 Prima en coloc. acc cuotas o partes de int. s
3210 Donaciones
3215 Credito Mercantil
3225 Superavit Metodo e Participacion
32 SUBTOTAL SUPERAVIT DE CAPITAL
33 RESERVAS 68,350,418
34 REVALORIZACION DEL PATRIMONIO 68,110,177
36 RESULTADOS DEL EJERCICIO 20,646,210
3705 UTILIDADES ACUMULADAS 19,131,654
3710 PERDIDAS ACUMULADAS
37 RESULTADOS DE EJERCICIOS ANTERIORES 19,131,654
38 SUPERAVIT POR VALORIZACIONES 152,073,061
0 TOTAL PATRIMONIO 369,285,520
0 TOTAL PASIVO Y PATRIMONIO 853,580,505

RAZONES DE LIQUIDEZ
Razon Corriente 1.05
Razon Acida 0.65

RAZONES DE OPERACIN
Rotacion de Cartera (dias) Cartera Prom*365 / Vtas
Rotacion de Cartera (veces) Vtas/Cartera Promedio
Rotacion de Inventarios (dias)
Rotacion de Inventarios (veces)
Rotacion de Proveedores (dias)

Ciclo de efectivo

Rotacion de Activo Fijo

Rotacion de Activo Total

RAZONES DE RENTABILIDAD
Margen bruto 20.31%
Margen operacional 2.66%
Margen neto 2.08%
Rentabilidad del Patrimonio
Rentabilidad del Activo Total
EBITDA $ ENTRAR A SIREM Y BAJAR FLUJO DE EFEC
EBITDA %

DUPONT
Cantidad de ventas 1.16
Utilidad de la ventas 0.02
Rentabilidad del Activo Total 0.02

RAZONES DE ENDEUDAMIENTO
Nivel de endeudamiento 56.74%
Concentracion de pasivos corto plazo 62.12%
Endeudamiento Financiero
Impacto de la Carga Financiera 4.12%
Cobertura de Intereses 0.64
Cobertura de Intereses II
 ANALISIS VERTICAL
ALMACENES LA 14
12/31/2009 12/31/2010 2008 2009 2010
21,601,610 22,337,175 2.24% 2.48% 2.39%
10,782,928 8,391,701 1.31% 1.24% 0.90%

49,321,488 24,770,711 4.28% 5.65% 2.65%

81,706,026 55,499,587 7.83% 9.36% 5.93%

58,612,962 8,202,541 2.19% 6.72% 0.88%
2,889,372 3,305,264 0.61% 0.33% 0.35%
46,229,981 65,601,999 11.43% 5.30% 7.01%

1,657,798 1,122,431 0.12% 0.19% 0.12%

3,635,146 2,893,677 0.13% 0.42% 0.31%

5,044,734 5,990,760 0.59% 0.58% 0.64%

1,429,536 9,843,590 0.07% 0.16% 1.05%
7,783 2,886 0.00% 0.00% 0.00%
68,753 115,657 0.02% 0.01% 0.01%
29,072 0.00% 0.00% 0.00%

1,772,495 1,618,614 0.19% 0.20% 0.17%

59,190,608 87,286,722 12.79% 6.78% 9.32%

119,468,271 129,430,276 13.75% 13.69% 13.82%

981,532 936,355 0.11% 0.11% 0.10%

1,111,463 344,472 0.02% 0.13% 0.04%

121,561,266 130,711,103 13.88% 13.93% 13.96%

1,994,516 1,145,491 0.09% 0.23% 0.12%
838,269 729,271 0.10% 0.10% 0.08%

2,832,785 1,874,762 0.19% 0.32% 0.20%

323,903,647 283,574,715 36.88% 37.12% 30.28%
2,683,156 2,650,902 0.31% 0.31% 0.28%
360,888 487,766 0.00% 0.04% 0.05%
118,882,080 52,738,891 6.37% 13.62% 5.63%

0.24% 0.00% 0.00%

1,049,036 248,134 0.05% 0.12% 0.03%
 130,096 130,096 0.04% 0.01% 0.01%
775,123 781,815 0.08% 0.09% 0.08%

1,550 0.00% 0.00% 0.00%

49,880 43,406 0.00% 0.01% 0.00%
20,672 0.00% 0.00% 0.00%

121,267,775 54,431,658 6.78% 13.90% 5.81%

244,430,334 364,882,212 30.61% 28.01% 38.97%
20,333,372 20,333,372 2.38% 2.33% 2.17%
263,911 279,662 0.03% 0.03% 0.03%

22,526,464 74,896,205 6.11% 2.58% 8.00%

11,273,032 12,275,296 1.10% 1.29% 1.31%

31,850,715 83,233,943 7.42% 3.65% 8.89%
14,676 0.00% 0.00% 0.00%
626,445 438,668 0.19% 0.07% 0.05%

641,121 438,668 0.19% 0.07% 0.05%

3,908 0.00% 0.00% 0.00%

3,908 0.00% 0.00% 0.00%
803,862 0.17% 0.00% 0.09%
146,859,063 146,405,403 17.65% 16.83% 15.63%
982,280 0.00% 0.11% 0.00%
147,841,343 147,209,265 17.82% 16.94% 15.72%
548,718,352 652,846,648 63.12% 62.88% 69.72%
872,621,999 936,421,363 100.00% 100.00% 100.00%
29,365 274,264 22.11% 0.00% 0.03%
2.08% 0.00% 0.00%
133,137,945 132,030,744 20.67% 15.26% 14.10%
13,726,523 743,065 2.13% 1.57% 0.08%
109,119,823 63,773,449 13.91% 12.50% 6.81%
149,205,445 151,534,375 16.87% 17.10% 16.18%
362,503 307,034 0.06% 0.04% 0.03%

0.00% 0.00% 0.00%

716,531 1,787,028 0.02% 0.08% 0.19%
3,101,756 3,394,207 0.37% 0.36% 0.36%
8,968,125 8,499,794 0.99% 1.03% 0.91%

1,850,403 4,628,729 0.24% 0.21% 0.49%

1,369,458 3,256,538 0.15% 0.16% 0.35%
1,257,980 1,264,605 0.12% 0.14% 0.14%
143,389 197,595 0.02% 0.02% 0.02%
767 1,212 0.00% 0.00% 0.00%
 1,683,082 1,434,172 0.17% 0.19% 0.15%
19,453,994 24,770,914 2.15% 2.23% 2.65%
9,117,762 7,671,820 0.48% 1.04% 0.82%
4,110,673 4,524,973 0.46% 0.47% 0.48%
1,990,674 2,106,568 0.18% 0.23% 0.22%
0.00% 0.00% 0.00%

47,979 0.00% 0.00% 0.01%

1,990,674 2,154,547 0.18% 0.23% 0.23%

17,927 50,940 0.01% 0.00% 0.01%
81,279 96,718 0.01% 0.01% 0.01%
0.00% 0.00% 0.00%
11,527,403 8,895,471 1.18% 1.32% 0.95%

74,336 93,308 0.01% 0.01% 0.01%

140 140 0.00% 0.00% 0.00%

11,683,158 9,085,637 1.20% 1.34% 0.97%

0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
304,699,456 263,566,655 35.24% 34.92% 28.15%
168,756,861 228,924,615 20.20% 19.34% 24.45%

0.00% 0.00% 0.00%

0.00% 0.00% 0.00%

5,332,801 5,457,359 0.67% 0.61% 0.58%

5,332,801 5,457,359 0.67% 0.61% 0.58%

4,800,418 4,822,519 0.62% 0.55% 0.51%

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% 0.00% 0.00%

0.00% 0.00% 0.00%

0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
178,890,080 239,204,493 21.49% 20.50% 25.54%
483,589,536 502,771,148 56.74% 55.42% 53.69%
40,974,000 41,000,000 4.80% 4.70% 4.38%

40,974,000 41,000,000 4.80% 4.70% 4.38%

 0.00% 0.00% 0.00%

0.00% 0.00% 0.00%

0.00% 0.00% 0.00%
103,047,350 122,334,812 8.01% 11.81% 13.06%
64,322,697 60,509,217 7.98% 7.37% 6.46%
31,103,568 62,596,921 2.42% 3.56% 6.68%
1,743,504 2.24% 0.20% 0.00%

1,743,504 2.24% 0.20% 0.00%

147,841,344 147,209,265 17.82% 16.94% 15.72%
389,032,463 433,650,215 43.26% 44.58% 46.31%
872,621,999 936,421,363 100.00% 100.00% 100.00%

1.06 1.08
0.65 0.57 0.62

1.48 16.91
246.47 21.58
54.93 55.75
6.64 6.5
67.09 66.46

-10.68 6.20

4.09 2.84

1.15 1.11

20.24% 20.43%
0.62% -0.61%
3.11% 6.03%
8.20% 15.22%
3.60% 6.92%
AR A SIREM Y BAJAR FLUJO DE EFECTIVO

1.15 1.11
0.03 0.06
0.04 0.07

55.42% 53.69%
63.01% 52.42%
28.46% 24.41%
3.11% 1.97%
0.20 -0.31
 ANALISIS ANALISIS VERTICAL
HORIZONTAL
ALMACENES LA 14 ALMACENES XITO S.A.
12/31/2008 12/31/2009 12/31/2010
16.8% 79,368,817 51,607,679 64,940,627
-24.7% 40,956,362 149,519,805 44,547,804

-32.3% 61,199,498 191,188,118 404,898,234

-17.0% 181,524,677 392,315,602 514,386,665

-56.2% 220,528,000 240,626,336 274,451,927
-36.7% 50,042,785 61,446,876 36,426,134
-32.8%
71,592 71,592 71,592
10,871,259 9,930,023 21,674,692
8.4%

170.6% 824,112 390,364 1,078,329

18.6% 8,443,329 13,319,157 14,781,036

1448.7% 49,408,538 59,533,990 57,534,216
-90.1% 36,930,434
-34.9% 1,616,434 4,683,774 2,610,441
136.9%
90,106,746 81,663,449 293,546,591

-2.6% 7,989,335 7,754,891 72,396,025

-20.0% 240,325,894 223,284,334 355,327,006
3,050,837
1,430,936

1,022,235
10.3% 886,770,443 778,522,000 807,192,558
3.3% 14,700,693 15,272,968 21,757,456
2,335,666
67.1% 30,827,361 13,508,763 19,257,349
19,279,061 21,666,940 33,438,998
10.3% 913,019,436 785,636,791 822,608,039
50.4% 7,821,412 7,821,278 11,444,772
-14.6% 47,381,346 18,731,874 30,149,570

16.1% 55,202,758 26,553,152 41,594,342

-9.9% 1,610,600,765 1,668,416,215 2,008,367,979
0.7% 704,891,779 936,731,847 172,007,593

-3.0%

-100.0%
-44.0% 7,468,240 10,088,010 6,718,683
-58.2% 13,017,447 14,668,496 10,883,351
20.0%

331.8%
142.1%

37,025,724 34,184,858 33,971,329

-6.0% 57,511,411 58,941,364 51,573,363

39.7% 1,872,404,388 1,793,714,193 2,050,849,594
0.0% 698,446,318 1,006,658,885 1,021,114,370
9.8% 3,460,695 3,460,695 32,363,247

685,452
43.7% 103,274,651 29,000,916 54,619,325

30.7% 60,027,919 62,314,602 103,164,026

31.4% 745,839,197 976,805,894 1,004,932,916
-100.0% 10,356,556 9,467,728 8,578,900
-72.9% 166,146,307 176,849,258 218,045,435
8,468,354 5,666,555 4,609,457

-73.1% 184,971,217 191,983,541 231,233,792

285,331 285,331 285,331

285,331 285,331 285,331

-44.3% 13,449,188 9,525,889 25,872,052
-2.8% 747,658,087 755,078,689 1,095,215,735

-3.2% 761,107,275 764,604,578 1,121,087,787

21.2% 4,327,010,598 4,723,066,748 4,631,970,376
9.7% 5,937,611,363 6,391,482,963 6,640,338,355
-99.9% 831,647,578 435,359,420 257,568,946
-100.0% 787,059,697 1,192,664,155 540,891,818
-25.2% 1,697,121,994 2,049,045,779 2,677,289,731
-95.9%
-46.3% 476,458,000 231,718,366 357,294,285
5.2% 966,139,765 1,040,292,174 1,098,496,166
-44.4%

119,388,000 204,375,376 866,154

873.9% 21,078,855 1,539,832 30,096,102
6.4% 17,685,671 19,442,517 24,297,253
0.6% 138,153,000 110,790,266 161,043,488

121.9% 17,568,329 4,731,454 20,714,640

159.4% 10,883,939 9,713,778 11,061,031
18.5% 5,170,083 5,400,337 7,068,136
38.5% 933,539 1,159,461 1,422,850
-43.0% 7,592,487 11,270,284 15,264,805
 1.1% 606,865 606,865 606,865
35.0% 339,060,768 369,030,170 272,441,324
88.9% 44,429,824 60,441,541 59,837,864
15.5% 28,263,544 31,682,142 46,814,981
39.7% 46,142,331 30,743,696 42,522,011
32,757 43,961 168,802

3,013,938 2,513,590 3,079,279

42.9% 49,189,026 33,301,247 45,770,092

2.3%
-8.1% 2,089,577 2,171,971 2,341,906
3,282,003 872,607 2,838,665
-11.4% 8,428,817 9,844,786 6,899,842

15.0%
0.0%

-11.2% 13,800,397 12,889,364 12,080,413

30,350,000
30,350,000
-12.4% 1,917,341,324 1,779,355,004 1,923,085,125
32.7% 477,506,539 283,663,944

182
413

-5.2%

-5.2% 595

-8.1% 510,076 732,232 574,619

9,466,409 9,523,016 16,843,961
9,466,409 9,523,016 16,843,961
12,486,255 8,355,113 6,796,463
2,644,213 8,371,227
15,130,468 8,355,113 15,167,690
18,688,684 41,730,729 42,795,314

18,688,685 41,730,730 42,795,314

105,000,000 105,000,000 224,650,000
105,000,000 105,000,000 224,650,000
30.4% 626,302,772 449,005,035 300,031,584
3.8% 2,543,644,096 2,228,360,039 2,223,116,709
0.1% 2,842,630 3,338,098 3,339,695

0.1% 2,842,630 3,338,098 3,339,695

 1,586,806,477 2,288,213,427 2,289,589,024

34,390,948 40,286,891 -11,070,048

1,621,197,425 2,328,500,318 2,278,518,977
79.0% 277,308,389 362,560,360 429,901,013
-11.2% 570,376,480 549,004,580 321,727,621
203.2% 153,322,491 147,302,415 254,833,979
-100.0% 7,812,575 7,812,575 7,812,575

-100.0% 7,812,575 7,812,575 7,812,575

-3.2% 761,107,276 764,604,578 1,121,087,787
17.4% 3,393,967,266 4,163,122,924 4,417,221,647
5,937,611,362 6,391,482,963 6,640,338,356

0.84 0.94 1.04

0.34 0.48 0.59

2.92 2.38
125.05 153.41
58.97 51.87
6.2 7.04
69.65 68.98

-7.77 -14.73

3.89 3.66

1.09 1.13

24.50% 24.58% 24.62%

3.33% 2.07% 4.19%
2.59% 2.11% 3.39%
3.90% 5.94%
2.39% 3.91%

1.00 1.09 1.13

0.03 0.02 0.03
0.03 0.02 0.04

42.84% 34.86% 33.48%

75.38% 79.85% 86.50%
10.54% 5.81%
14.62% 10.43% 4.77%
1.29 0.98 1.24
ISIS VERTICAL
ANALISIS HORIZONTAL
ENES XITO S.A. ALMACENES XITO S.A.
2008 2009 2010
1.34% 0.81% 0.98% -18.2%
0.69% 2.34% 0.67% 8.8%

1.03% 2.99% 6.10% 561.6%

3.06% 6.14% 7.75% 183.4%

3.71% 3.76% 4.13% 24.5%
0.84% 0.96% 0.55% -27.2%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.0%
0.18% 0.16% 0.33% 99.4%
0.00% 0.00% 0.00%

0.01% 0.01% 0.02% 30.8%

0.14% 0.21% 0.22% 75.1%

0.83% 0.93% 0.87% 16.4%
0.62% 0.00% 0.00% -100.0%
0.03% 0.07% 0.04% 61.5%
0.00% 0.00% 0.00%
1.52% 1.28% 4.42% 225.8%

0.13% 0.12% 1.09% 806.2%

4.05% 3.49% 5.35% 47.9%
0.00% 0.00% 0.05%
0.00% 0.00% 0.02%

0.00% 0.00% 0.02%

14.93% 12.18% 12.16% -9.0%
0.25% 0.24% 0.33% 48.0%
0.00% 0.00% 0.04%
0.52% 0.21% 0.29% -37.5%
0.32% 0.34% 0.50% 73.4%
15.38% 12.29% 12.39% -9.9%
0.13% 0.12% 0.17% 46.3%
0.80% 0.29% 0.45% -36.4%

0.93% 0.42% 0.63% -24.7%

27.13% 26.10% 30.24% 24.7%
11.87% 14.66% 2.59% -75.6%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%

0.00% 0.00% 0.00%

0.13% 0.16% 0.10% -10.0%
 0.22% 0.23% 0.16% -16.4%
0.00% 0.00% 0.00%

0.00% 0.00% 0.00%

0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.62% 0.53% 0.51% -8.2%

0.97% 0.92% 0.78% -10.3%

31.53% 28.06% 30.88% 9.5%
11.76% 15.75% 15.38% 46.2%
0.06% 0.05% 0.49% 835.2%

0.01% 0.00% 0.00% -100.0%

1.74% 0.45% 0.82% -47.1%

1.01% 0.97% 1.55% 71.9%

12.56% 15.28% 15.13% 34.7%
0.17% 0.15% 0.13% -17.2%
2.80% 2.77% 3.28% 31.2%
0.14% 0.09% 0.07% -45.6%

3.12% 3.00% 3.48% 25.0%

0.00% 0.00% 0.00% 0.0%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.0%
0.23% 0.15% 0.39% 92.4%
12.59% 11.81% 16.49% 46.5%
0.00% 0.00% 0.00%
12.82% 11.96% 16.88% 47.3%
72.87% 73.90% 69.76% 7.0%
100.00% 100.00% 100.00% 11.8%
14.01% 6.81% 3.88% -69.0%
13.26% 18.66% 8.15% -31.3%
28.58% 32.06% 40.32% 57.8%
0.00% 0.00% 0.00%
8.02% 3.63% 5.38% -25.0%
16.27% 16.28% 16.54% 13.7%
0.00% 0.00% 0.00%

2.01% 3.20% 0.01% -99.3%

0.36% 0.02% 0.45% 42.8%
0.30% 0.30% 0.37% 37.4%
2.33% 1.73% 2.43% 16.6%

0.30% 0.07% 0.31% 17.9%

0.18% 0.15% 0.17% 1.6%
0.09% 0.08% 0.11% 36.7%
0.02% 0.02% 0.02% 52.4%
0.13% 0.18% 0.23% 101.1%
 0.01% 0.01% 0.01% 0.0%
5.71% 5.77% 4.10% -19.6%
0.75% 0.95% 0.90% 34.7%
0.48% 0.50% 0.71% 65.6%
0.78% 0.48% 0.64% -7.8%
0.00% 0.00% 0.00% 415.3%

0.05% 0.04% 0.05% 2.2%

0.83% 0.52% 0.69% -7.0%

0.00% 0.00% 0.00%
0.04% 0.03% 0.04% 12.1%
0.06% 0.01% 0.04% -13.5%
0.14% 0.15% 0.10% -18.1%

0.00% 0.00% 0.00%

0.00% 0.00% 0.00%

0.23% 0.20% 0.18% -12.5%

0.00% 0.00% 0.46%
0.00% 0.00% 0.46%
32.29% 27.84% 28.96% 0.3%
8.04% 4.44% 0.00% -100.0%

0.00% 0.00% 0.00%

0.00% 0.00% 0.00%

0.00% 0.00% 0.00%

0.00% 0.00% 0.00%

0.01% 0.01% 0.01% 12.7%

0.16% 0.15% 0.25% 77.9%
0.16% 0.15% 0.25% 77.9%
0.21% 0.13% 0.10% -45.6%
0.04% 0.00% 0.13% 216.6%
0.25% 0.13% 0.23% 0.2%
0.31% 0.65% 0.64% 129.0%

0.31% 0.65% 0.64% 129.0%

1.77% 1.64% 3.38% 114.0%
1.77% 1.64% 3.38% 114.0%
10.55% 7.03% 4.52% -52.1%
42.84% 34.86% 33.48% -12.6%
0.05% 0.05% 0.05% 17.5%

0.05% 0.05% 0.05% 17.5%

 26.72% 35.80% 34.48% 44.3%

0.58% 0.63% -0.17% -132.2%

27.30% 36.43% 34.31% 40.5%
4.67% 5.67% 6.47% 55.0%
9.61% 8.59% 4.85% -43.6%
2.58% 2.30% 3.84% 66.2%
0.13% 0.12% 0.12% 0.0%

0.13% 0.12% 0.12% 0.0%

12.82% 11.96% 16.88% 47.3%
57.16% 65.14% 66.52% 30.1%
100.00% 100.00% 100.00%

0.47
 ANALISIS VERTICAL

SUBSECTOR
12/31/2008 12/31/2009 12/31/2010 2008 2009
152,857,912 96,363,665 52,438,381 1.53% 1.09%
73,441,789 182,119,761 38,634,696 0.74% 2.06%
9,702 218,630 293,855 0.00% 0.00%
720,522,343 245,346,572 30,565,531 7.22% 2.77%
429,668 567,219 901,141 0.00% 0.01%
947,261,414 524,679,707 122,853,502 9.50% 5.92%
457,497,650 315,023,533 16,206,245 4.59% 3.56%
245,755,036 110,904,741 51,090,071 2.46% 1.25%
110,036,694 72,945,652 96,154,239 1.10% 0.82%
219,107,899 276,921,886 2.20% 3.13%
10,992,084 10,101,289 271,678 0.11% 0.11%
10,249,018 30,878,754 8,330,636 0.10% 0.35%
13 236 0.00% 0.00%
19,882,713 12,001,554 19,292,486 0.20% 0.14%
1,680,489 54,382 374,146 0.02% 0.00%
207,739 15,293,828 1,440,467 0.00% 0.17%
14,724,456 19,234,341 6,708,451 0.15% 0.22%
159,047,397 72,644,648 23,659,719 1.59% 0.82%
37,104,858 272,384 716,543 0.37% 0.00%
3,701,928 6,781,078 1,751,114 0.04% 0.08%
10,936,226 17,936,851 3,805,751 0.11% 0.20%
108,532,443 108,658,777 13,416,705 1.09% 1.23%
700 700 700 0.00% 0.00%
677,024 708,329 1,115,118 0.01% 0.01%
12,636,824 11,967,922 4,736,686 0.13% 0.14%
939,999,880 743,793,650 223,391,374 9.42% 8.40%
359,702 3,389,706 1,924,154 0.00% 0.04%
1,258,975 435 0.00% 0.01%
153,203 160,067 160,082 0.00% 0.00%
71,616 0.00% 0.00%
339,644 -1,723,746 89,588 0.00% -0.02%
1,508,413,975 1,065,276,322 335,630,504 15.12% 12.03%
16,143,522 16,458,380 1,164,334 0.16% 0.19%
1,136,443 5,533,242 696,773 0.01% 0.06%
32,947,824 16,624,856 2,966,670 0.33% 0.19%
20,620,749 22,332,750 935,101 0.21% 0.25%
1,538,873,564 1,084,645,052 340,076,583 15.43% 12.24%
11,041,644 11,895,730 2,710,544 0.11% 0.13%
55,941,191 23,572,678 4,086,861 0.56% 0.27%
15,545 18,103 0.00% 0.00%
66,967,290 35,450,316 6,797,405 0.67% 0.40%
3,950,599,798 2,703,645,358 709,585,033 39.60% 30.52%
718,027,580 952,459,580 6,756,649 7.20% 10.75%
360,888 487,766 0.00% 0.00%
54,393,956 119,635,933 56,973,362 0.55% 1.35%
-123 0.00% 0.00%
2,059,581 23,088 2,476,956 0.02% 0.00%
8,549,264 11,410,506 248,134 0.09% 0.13%
412,000 0.00% 0.00%
 13,328,759 14,798,592 130,096 0.13% 0.17%
651,765 902,325 781,815 0.01% 0.01%
1,637 0.00% 0.00%
359 1,550 0.00% 0.00%
17,926 49,880 43,406 0.00% 0.00%
2,885,180 53,263 0.00% 0.03%
44,392,263 39,963,909 2,880,356 0.45% 0.45%
11,184 1,247 0.00% 0.00%
4,538 0.00% 0.00%
123,404,934 190,442,301 64,075,050 1.24% 2.15%
2,928,361,683 2,466,433,758 512,606,093 29.36% 27.84%
800,496,236 1,110,149,219 23,725,215 8.02% 12.53%
38,797,876 41,270,894 3,176,694 0.39% 0.47%
1,326 40,000 1,326 0.00% 0.00%
685,452 5,000 0.01% 0.00%
157,151,092 62,362,277 86,211,006 1.58% 0.70%
600,695 407,471 407,471 0.01% 0.00%
57,968 221,688 441,293 0.00% 0.00%
132,060,226 146,109,925 14,089,413 1.32% 1.65%
865,730,419 1,068,341,624 99,878,592 8.68% 12.06%
11,522,822 10,837,181 215,466 0.12% 0.12%
191,100,806 209,357,917 19,662,646 1.92% 2.36%
8,468,354 5,666,555 0.08% 0.06%
85,004 145,689 97,376 0.00% 0.00%
211,006,978 225,715,964 19,780,736 2.12% 2.55%
367,691 285,331 82,000 0.00% 0.00%
66,203 57,696 103,253 0.00% 0.00%
433,894 343,027 185,253 0.00% 0.00%
20,054,710 14,177,701 872,702 0.20% 0.16%
1,153,441,731 1,235,754,053 202,366,244 11.56% 13.95%
4,062,201 982,280 675,740 0.04% 0.01%
1,177,558,642 1,250,914,034 203,914,686 11.80% 14.12%
6,024,524,130 6,154,716,864 923,345,665 60.40% 69.48%
9,975,123,928 8,858,362,222 1,632,930,698 100.00% 100.00%
1,054,581,563 442,585,329 9,317,818 10.57% 5.00%
1,039,953,624 1,517,217,651 15,121,018 10.43% 17.13%
2,364,379,098 2,272,096,631 197,911,454 23.70% 25.65%
59,657,532 38,382,602 1,663,525 0.60% 0.43%
647,630,206 403,196,509 132,316,682 6.49% 4.55%
1,858,400,016 1,386,109,083 384,466,370 18.63% 15.65%
1,903,202 8,671,560 5,336,836 0.02% 0.10%
8,260,172 10,003,753 0.08% 0.11%
119,544,972 204,507,267 11,511 1.20% 2.31%
21,425,276 2,397,038 1,787,028 0.21% 0.03%
21,099,903 22,553,462 3,396,048 0.21% 0.25%
179,367,559 142,225,694 28,150,646 1.80% 1.61%
632,970 436,810 159,231 0.01% 0.00%
1,921 0.00% 0.00%
235,612,521 4,677,011 3,873,957 2.36% 0.05%
20,271,827 9,173,033 10,966,164 0.20% 0.10%
23,746,620 13,877,623 6,274,901 0.24% 0.16%
8,838,055 8,008,749 2,345,878 0.09% 0.09%
1,413,763 1,712,697 401,066 0.01% 0.02%
10,066,858 12,983,193 2,185,154 0.10% 0.15%
 194,435 3,073 0.00% 0.00%
18,871,969 69,330,020 5,991,724 0.19% 0.78%
671,055,667 510,766,152 74,608,481 6.73% 5.77%
142,308,535 105,975,384 19,743,426 1.43% 1.20%
126,691,342 44,985,975 13,430,459 1.27% 0.51%
48,305,689 36,976,103 2,475,284 0.48% 0.42%
733,698 148,044 300,094 0.01% 0.00%
2,348,687 692,131 817,020 0.02% 0.01%
3,543,818 3,079,278 47,979 0.04% 0.03%
2,560,309 96,375 102,811 0.03% 0.00%
57,970 62,773 0.00% 0.00%
57,492,201 41,049,901 3,805,961 0.58% 0.46%
2,220,246 1,398,038 191,565 0.02% 0.02%
5,937,216 3,385,474 1,104,364 0.06% 0.04%
3,441,104 1,299,416 5,097,763 0.03% 0.01%
22,887,313 27,996,822 14,379,107 0.23% 0.32%
55,962 0.00% 0.00%
81,167 74,336 93,308 0.00% 0.00%
1,402 140 3,468 0.00% 0.00%
54,737 0.00% 0.00%
27,350 1,400 696 0.00% 0.00%
32,375,552 32,757,588 21,379,991 0.32% 0.37%
17,784 42,736 22,730 0.00% 0.00%
17,784 42,736 22,730 0.00% 0.00%
3,538,191,549 2,526,357,557 650,009,845 35.47% 28.52%
749,628,280 488,759,069 269,899,562 7.51% 5.52%
1,404,012 0.01% 0.00%
334,848 21,718 0.00% 0.00%
182 0.00% 0.00%
569,236 39,794 973,116 0.01% 0.00%
2,414,424 2,443,571 2,897,134 0.02% 0.03%
5,856,392 5,719,924 7,066,506 0.06% 0.06%
1,854,600 14,366,583 14,696,980 0.02% 0.16%
11,029,682 22,591,590 25,633,736 0.11% 0.26%
278,762 0.00% 0.00%
5,964,062 5,771,110 5,299,921 0.06% 0.07%
13,817,888 14,085,335 0.14% 0.16%
13,817,888 14,085,335 0.14% 0.16%
12,486,255 8,355,113 0.13% 0.09%
2,644,213 0.03% 0.00%
15,130,468 8,355,113 0.15% 0.09%
18,745,826 41,744,459 121,852 0.19% 0.47%
667,177 0.00% 0.01%
433,178 818,602 0.00% 0.00%
19,179,005 42,411,637 940,454 0.19% 0.48%
255,000,000 255,000,000 2.56% 2.88%
255,000,000 255,000,000 2.56% 2.88%
1,071,153,397 836,973,854 302,052,435 10.74% 9.45%
4,609,344,946 3,363,331,411 966,056,178 46.21% 37.97%
102,784,264 93,757,798 88,389,152 1.03% 1.06%
36,338,315 17,248,117 10,705,181 0.36% 0.19%
77,400 77,400 0.00% 0.00%
553,347 553,347 0.01% 0.01%
139,753,326 111,636,662 99,094,333 1.40% 1.26%
 1,723,551,446 2,427,941,305 20,759,700 17.28% 27.41%
579 0.00% 0.00%
1,200,000 1,200,000 1,700,000 0.01% 0.01%
34,392,726 40,214,515 0.34% 0.45%
1,759,144,172 2,469,356,399 22,459,700 17.64% 27.88%
430,775,922 538,824,868 133,242,174 4.32% 6.08%
1,211,231,739 811,322,251 85,575,289 12.14% 9.16%
368,606,495 277,062,668 92,632,891 3.70% 3.13%
297,034,338 41,731,758 35,164,008 2.98% 0.47%
18,211,598 8,198,324 9,904,211 0.18% 0.09%
278,822,740 33,533,434 25,259,797 2.80% 0.38%
1,177,444,588 1,252,542,066 204,208,532 11.80% 14.14%
5,365,778,982 5,495,030,812 666,874,520 53.79% 62.03%
9,975,123,928 8,858,362,223 1,632,930,698 100.00% 100.00%

1.12 1.07 1.09 1.09

0.66 0.63 0.56 0.62

6.04 7.23
60.45 50.47
57.04 74.72
6.40 4.89
70.54 92.86

-7.46 -10.91

4.37 7.97

1.22 2.50

16.81% 22.14% 14.87%

2.76% 2.41% 0.32%
1.73% 2.57% 2.27%
5.10% 3.01%
2.94% 1.77%

2.13 1.22 2.50

0.02 0.03 0.02
0.04 0.03 0.06

46.21% 37.97% 59.16%

76.76% 75.11% 67.28%
10.62% 15.83%
4.98% 7.69% 1.49%
0.55 0.31 0.21
 ANALISIS
HORIZONTAL
SUBSECTOR
2010
3.21% -66%
2.37% -47%
0.02% 2929%
1.87% -96%
0.06% 110%
7.52% -87%
0.99% -96%
3.13% -79%
5.89% -13%
0.00% -100%
0.02% -98%
0.51% -19%
0.00%
1.18% -3%
0.02% -78%
0.09% 593%
0.41% -54%
1.45% -85%
0.04% -98%
0.11% -53%
0.23% -65%
0.82% -88%
0.00% 0%
0.07% 65%
0.29% -63%
13.68% -76%
0.12% 435%
0.00%
0.01% 4%
0.00%
0.01% -74%
20.55% -78%
0.07% -93%
0.04% -39%
0.18% -91%
0.06% -95%
20.83% -78%
0.17% -75%
0.25% -93%
0.00% -100%
0.42% -90%
43.45% -82%
0.41% -99%
0.03%
3.49% 5%
0.00% -100%
0.15% 20%
0.02% -97%
0.00%
 0.01% -99%
0.05% 20%
0.00%
0.00% 332%
0.00% 142%
0.00%
0.18% -94%
0.00% -89%
0.00%
3.92% -48%
31.39% -82%
1.45% -97%
0.19% -92%
0.00% 0%
0.00% -99%
5.28% -45%
0.02% -32%
0.03% 661%
0.86% -89%
6.12% -88%
0.01% -98%
1.20% -90%
0.00% -100%
0.01% 15%
1.21% -91%
0.01% -78%
0.01% 56%
0.01% -57%
0.05% -96%
12.39% -82%
0.04% -83%
12.49% -83%
56.55% -85%
100.00% -84%
0.57% -99%
0.93% -99%
12.12% -92%
0.10% -97%
8.10% -80%
23.54% -79%
0.33% 180%
0.00% -100%
0.00% -100%
0.11% -92%
0.21% -84%
1.72% -84%
0.01% -75%
0.00%
0.24% -98%
0.67% -46%
0.38% -74%
0.14% -73%
0.02% -72%
0.13% -78%
 0.00%
0.37% -68%
4.57% -89%
1.21% -86%
0.82% -89%
0.15% -95%
0.02% -59%
0.05% -65%
0.00% -99%
0.01% -96%
0.00%
0.23% -93%
0.01% -91%
0.07% -81%
0.31% 48%
0.88% -37%
0.00%
0.01% 15%
0.00% 147%
0.00%
0.00% -97%
1.31% -34%
0.00% 28%
0.00% 28%
39.81% -82%
16.53% -64%
0.00% -100%
0.00% -100%
0.00% -100%
0.06% 71%
0.18% 20%
0.43% 21%
0.90% 692%
1.57% 132%
0.02%
0.32% -11%
0.00% -100%
0.00% -100%
0.00% -100%
0.00% -100%
0.00% -100%
0.01% -99%
0.00%
0.05% 89%
0.06% -95%
0.00% -100%
0.00% -100%
18.50% -72%
59.16% -79%
5.41% -14%
0.66% -71%
0.00% -100%
0.00% -100%
6.07% -29%
 1.27% -99%
0.00%
0.10% 42%
0.00% -100%
1.38% -99%
8.16% -69%
5.24% -93%
5.67% -75%
2.15% -88%
0.61% -46%
1.55% -91%
12.51% -83%
40.84% -88%
100.00%
 ALMACENES LA 14
DM_FORMATO 12/31/2008
41 Ingresos Operacionales 992,027,347
61 MENOS: Costos De Ventas y De Prestacion De Servicios 790,550,250
UTILIDAD BRUTA 201,477,097
51 MENOS: Gastos Operacionales De Administracin 15,331,512
52 MENOS: Gastos Operacionales De Ventas 159,793,759
UTILIDAD OPERACIONAL 26,351,826
42 MAS: Ingresos No Operacionales 45,195,222
53 MENOS: Gastos No Operacionales 40,861,239
UTILIDAD ANTES DE IMPUESTOS Y AJUSTE POR INFLACION 30,685,809
54 MENOS: Impuestos De Renta y Complementarios 10,039,599
59 GANANCIAS Y PERDIDAS 20,646,210
ALMACENES LA 14 ALMACENES XITO
12/31/2009 12/31/2010 12/31/2008 12/31/2009 12/31/2010
999,865,790 1,037,991,362 5,930,680,086 6,970,665,639 7,507,132,149
797,469,626 825,885,453 4,477,871,614 5,257,310,763 5,658,966,106
202,396,164 212,105,909 1,452,808,472 1,713,354,876 1,848,166,043
17,982,186 17,164,133 158,918,325 188,810,220 227,679,216
178,237,178 201,275,809 1,096,330,379 1,379,914,508 1,305,597,391
6,176,800 -6,334,033 197,559,768 144,630,148 314,889,436
67,776,304 93,292,091 827,961,656 739,533,400 328,089,888
31,086,553 20,425,857 867,304,504 726,978,566 358,173,545
42,866,551 66,532,201 158,216,920 157,184,982 284,805,779
11,762,983 3,935,280 4,894,428 9,882,567 29,971,800
31,103,568 62,596,921 153,322,492 147,302,415 254,833,979
 SUBSECTOR
12/31/2008 12/31/2009 12/31/2010
21,278,092,087 10,780,187,172 4,087,818,769
17,700,801,429 8,393,788,927 3,479,926,391
3,577,290,658 2,386,398,245 607,892,378
611,814,006 316,680,380 113,117,339
2,378,922,592 1,809,346,178 481,737,887
586,554,060 260,173,221 13,037,152
960,418,176 914,850,735 160,862,425
1,058,975,993 828,734,569 60,930,762
487,996,243 346,289,387 112,968,815
119,389,748 69,224,060 20,335,924
368,606,495 277,062,667 92,632,891
 ALMACENES LA 14 S.A.
DM_FORMATO 12/31/2008 12/31/2009
Utilidad del Periodo (Estado de Resultados) 20,646,210 31,103,568
(+) Depreciaciones 15,863,324 14,673,593
(+) Amortizaciones 20,363 12,661
(+) Provisiones 697,812 656,359
(+) Amortizaciones calculo actuarial bonos y tit
(-) Utilidad en venta de inversiones
(-) Utilidad en vta propiedades y equipo y/o Ot 17,417,938 29,991,252
(-) Recuperaciones 4,781,209 7,172,895
(+) Prdida en venta o retiro de bienes 193,116 2,893,452
(+) Provision Impuesto de Renta y Complementarios 10,039,599 11,762,983
Subtotal (renglones 1 a 24) 25,261,277 23,938,469
(+ o -) Diferencia en cambio -65,922 40,194
Efectivo generado en operacin 25,195,355 23,978,663
(+) Disminucion Deudores 49,957,890
(+) Disminucion Inventarios 14,147,700
(+) Disminucion Activos Diferidos
(+) Aumento Proveedores 5,229,189
(+) Aumento Cuentas por Pagar 4,519,791 1,107,366
(+) Aumento Impuestos Gravamenes y Tasas 5,056,362
(+) Aumento Obligaciones Laborales 392,908 194,295
(+) Aumento Pasivos Estimados y Provisiones 232,028 482,784
(+) Aumento Pasivos Diferidos 37,576
(+) Aumento Otros Pasivos 1,455,961
(-) Aumento Deudores 67,295,181 63,389,775
(-) Aumento Inventarios 3,084,730
(-) Aumento Activos Diferidos 1,962,728 225,941
(-) Disminucion Proveedores 704,912
(-) Disminucion Cuentas por Pagar 425,199
(-) Disminucion Impuestos Gravamenes y Tasas 5,575,776
(-) Disminucion Obligaciones Laborales 449,676
(-) Disminucion Pasivos Diferidos 31,845
(-) Disminucion Otros Pasivos 6,739,105
Flujo de Efectivo Neto en Actividades de Operacin -37,752,344 19,855,344
(-) Compra Inversiones Temporales 39,905,618
(-) Compra Inversiones Permanentes 51,360
(-) Compra Propiedad Planta y Equipo
(-) Aumento Intangibles 25,261,641
(-) Aumento Otros Activos 3,908
(+) Venta Inversiones Temporales 20,610,606
(+) Venta Inversiones Permanentes 1,401,013
(+) Venta Propiedades Planta y Equipo 17,478,076 16,823,625
(+) Disminucion Intangibles 31,470,613
(+) Disminucion Otros Activos
Flujo de Efectivo Neto en Actividades de Inversion 14,228,054 8,333,352
(+) Nuevas Obligaciones Financieras 56,068,408
(+) Nuevas Obligaciones Financieras a Largo Plazo
(+) Aumento Capital Social
(-) Pago de Obligaciones Financieras 9,631,995
(-) Pago de Obligaciones Financieras a Largo Pla 45,816,889 3,692,691
(-) Disminucion Superavit de Capital 3,787,480
Flujo de Efectivo Neto en Actividades Financieras 6,464,039 -13,324,686
TOTAL - Aumento (Disminucion) del Efectivo (Renglo -17,060,251 14,864,010
EFECTIVO ANO ANTERIOR 83,902,267 66,842,016
EFECTIVO PRESENTE ANO 66,842,016 81,706,026
NES LA 14 S.A. ALMACENES XITO
12/31/2010
62,596,921
12,117,435
8,827
766,130
47,979
2
51,142,958
2,185,067
566,092
3,935,280
26,710,637
-52,025
26,658,612
38,740,003

1,160,476
2,328,930
5,441,478

436,401
163,873
33,013

9,149,837

1,445,942

2,597,521
61,769,486

208,238,686
51,383,228

50,410,421
32,254
96,165,686

3,908
-113,009,645
10,186,340
60,167,754
26,000

45,346,374

25,033,720
-26,206,439
81,706,026
55,499,587
 SUBSECTOR
DM_FORMATO 12/31/2008 12/31/2009 12/31/2010
Utilidad del Periodo (Estado de Resultado 192,602,277 51,850,779 92,632,891
(+) Depreciaciones 129,938,940 31,229,886 28,377,265
(+) Amortizaciones 4,215,697 5,439,114 10,158,625
(+) Provisiones 1,583,793 3,116,174 4,403,895
(+) Amortizaciones calculo actuarial bonos y tit 47,979
(-) Utilidad en metodo de participacion 229 1,806
(-) Utilidad en venta de inversiones 115,284 29,118 110,938
(-) Utilidad en vta propiedades y equipo 18,055,074 33,468,265 56,099,217
(-) Recuperaciones 8,408,222 8,589,066 3,952,660
(+) Prdida en venta o retiro de bienes 1,395,657 4,423,735 2,530,541
(+) Prdida en metodo de participacion 10,398 43,487 300
(+) Provision Impuesto de Renta y Comp 99,689,349 22,684,036 20,335,924
Subtotal (renglones 1 a 24) 402,857,302 76,703,027 98,083,450
(+ o -) Diferencia en cambio -428,817 -29,517 -233,174
(+ o -) Errores de Ejercicios Anteriores 173,178 -139,378 -949,630
Efectivo generado en operacin 402,601,663 76,534,132 96,944,874
(+) Disminucion Deudores 3,186,935 61,574,524 51,166,768
(+) Disminucion Inventarios 41,601,539 24,146,446 26,328,183
(+) Disminucion Activos Diferidos 611,459 2,432,326 2,867,534
(+) Aumento Proveedores 243,531,581 31,805,831 52,112,376
(+) Aumento Cuentas por Pagar 24,020,709 49,936,477 30,124,694
(+) Aumento Impuestos Gravamenes y T 1,003,596 7,041,369 3,056,094
(+) Aumento Obligaciones Laborales 1,827,944 1,760,195 2,873,540
(+) Aumento Pasivos Estimados y Provisi 711,897 676,772 708,358
(+) Aumento Pasivos Diferidos 693,886 52,102 40,813
(+) Aumento Otros Pasivos 5,058,362 3,349,908 10,255,693
(-) Aumento Deudores 160,388,876 142,514,875 25,447,091
(-) Aumento Inventarios 72,708,849 26,636,573 45,779,848
(-) Aumento Activos Diferidos 7,943,576 12,454,012 10,109,491
(-) Disminucion Proveedores 31,806,785 18,287,933 30,114,296
(-) Disminucion Cuentas por Pagar 41,290,924 21,791,078 14,777,953
(-) Disminucion Impuestos Gravamenes y 61,339,950 6,430,897 6,575,755
(-) Disminucion Obligaciones Laborales 7,788,779 1,563,778 1,160,695
(-) Disminucion Pasivos Estimados y Prov 264,068 1,437,607 899,253
(-) Disminucion Pasivos Diferidos 1,887,318 705,179 6,795
(-) Disminucion Otros Pasivos 8,476,264 2,561,004 11,687,821
Flujo de Efectivo Neto en Actividades de 330,954,182 24,771,362 126,442,035
(-) Compra Inversiones Temporales 12,580,326 72,576,599 15,239,534
(-) Compra Inversiones Permanentes 102,230,015 2,845,500 1,256,923
(-) Compra Propiedad Planta y Equipo 95,423,555 37,302,247 245,413,769
(-) Aumento Intangibles 26,039,781 8,195,874 53,232,430
(-) Aumento Otros Activos 1,500,836 2,474,678 5,117,593
(+) Venta Inversiones Temporales 27,107,447 33,250,834 67,315,906
(+) Venta Inversiones Permanentes 8,051,871 324,543 298,064
(+) Venta Propiedades Planta y Equipo 20,359,709 33,188,409 104,813,996
(+) Disminucion Intangibles 537,133 31,646,018 934,924
(+) Disminucion Otros Activos 1,285,601 566,731 3,466,471
Flujo de Efectivo Neto en Actividades de -180,432,752 -24,078,363 -144,347,222
(+) Nuevas Obligaciones Financieras 148,266,612 60,483,213 633,492,212
(+) Nuevas Obligaciones Financieras a La 112,869,198 30,731,341 69,285,633
(+) Aumento Bonos y Papeles Comercial 106,938 14,611 43,032
(+) Aumento Capital Social 6,071,811 3,771,760 13,146,548
(+) Aumento Superavit de Capital 1,783,925 2,482,759 101,686
(-) Pago de Obligaciones Financieras 89,029,301 67,516,563 651,761,311
(-) Pago de Obligaciones Financieras a La 144,238,630 11,499,702 380,514,316
(-) Disminucion Bonos y Papeles Comerci 189 152 40,962
(-) Disminucion Capital Social 10,820,832 431,089 397,454
(-) Disminucion Superavit de Capital 5,894,488 2,230,343 5,401,667
(-) Pago de Utilidades (Dividen. Particip. 4,511,624 6,509,948 11,326,148
Flujo de Efectivo Neto en Actividades Fin 14,603,420 9,295,887 5,540,295
TOTAL - Aumento (Disminucion) del Efect 165,124,850 9,971,128 -12,364,892
EFECTIVO ANO ANTERIOR 598,509,890 120,928,704 135,218,394
EFECTIVO PRESENTE ANO 763,634,740 130,899,832 122,853,502
CONCLUSIONES
ALMACENES LA 14 S.A.
La razn corriente de almacenes la 14 se encuentra positiva durante los aos 2008,2009 y 2010. Es
aos, para pagar deudas a corto plazo. En promedio comparado con el subsector se encuentran casi i

La razn acida de esta empresa en promedio durante los ltimos 3 aos tiene el mismo valor que la d
indicar que la empresa debe cuidarse de suspender sus pagos u obligaciones con terceros por tener a

ALMACENES XITO S.A.

En el 2008 y 2009 esta empresa tuvo la razn corriente por debajo del indicador que es 1. En el 201
decir que pueden tener problemas con el dinero disponible a corto plazo para pagar obligaciones a co
La razn acida de almacenes xito est en un nivel bajo (promedio 0,47) esto indica que la empresa p
insuficientes