Escolar Documentos
Profissional Documentos
Cultura Documentos
2007
575,364.00
8,239,420.00
8,814,784.00
2008
255,681.00
5,398,988.00
5,654,669.00
2009
247,667.00
1,600,717.00
1,848,384.00
9,966,446.00
2,818,714.00
1,158,651.00
60,541,952.00
3,339,031.00
468,750.00
2,790,054.00
57,630.00
572,305.00
62,554,275.00
3,640,173.00
855,000.00
4,251,680.00
68,156,805.00
2,615,476.00
38,312.00
51,327.00
6,326,074.00
4,675,841.00
1,985,711.00
1,437,055.00
761,215.00
74,771,636.00
2,007
1,587,012.00
2,855,424.00
74,746,869.00
2,008
1,032,021.00
3,187,705.00
76,147,112.00
2,009
19,370,066.00
2,974,531.00
22,344,597.00
24,681,986.00
559,142.00
25,241,128.00
24,595,214.00
466,957.00
25,062,171.00
115,897,463.00
108,461,380.00
104,216,318.00
5,493,477.00
13,000.00
14,916,264.00
503,801.00
14,412,463.00
17,472,654.00
3,775,122.00
13,697,532.00
18,082,796.00
4,669,477.00
13,413,319.00
Marcas
Licencias
Amortizacion acumulada
Total Intangibles
73,655.00
612,287.00
259,967.00
425,975.00
85,854.00
612,287.00
305,802.00
392,339.00
85,854.00
628,863.00
351,637.00
363,080.00
Cargos Diferidos
Amortizacion acumulada
Total Cargos Diferidos
423,044.00
423,044.00
423,044.00
423,044.00
-
649,011.00
452,431.00
196,580.00
Activos Diversos
278,942.00
2,007
273,495.00
2,008
189,783.00
2,009
2,911,495.00
4,472,243.00
2,973,303.00
18,451,919.00
18,835,609.00
17,149,065.00
134,349,382.00
127,296,989.00
121,365,383.00
Valorizaciones
De propiedad Planta y Equipo
Total activos No Corriente
Total activos
PASIVOS
Obligaciones Financieras Corto Plazo
47,533,008.00
25,689,871.00
39,799,735.00
Proveedores
19,706,903.00
11,239,453.00
7,737,027.00
2,007
2,377,455.00
1,484,121.00
1,098,055.00
67,833.00
33,153.00
5,060,617.00
2,008
2,097,679.00
520,349.00
356,660.00
3.00
106,861.00
56,787.00
3,138,339.00
2,009
2,737,982.00
518,675.00
417,386.00
106.00
144,007.00
83,931.00
3,902,087.00
122,192.00
310,550.00
502,195.00
346,414.00
456,664.00
729,094.00
908,419.00
908,419.00
9,079.00
1,119,771.00
1,128,850.00
853.00
230.00
310.00
1,685,467.00
571.00
1,686,038.00
2,007
75,364,444.00
619,568.00
8,325.00
627,893.00
2,008
42,591,850.00
181,154.00
4,681.00
185,835.00
2,009
52,856,283.00
2,520,878.00
23,573,112.00
19,945,696.00
12,153,377.00
13,959,940.00
393,383.00
14,674,255.00
37,533,052.00
20,339,079.00
Total Pasivo
90,038,699.00
80,124,902.00
73,195,362.00
PATRIMONIO
Capital suscrito y pagado
Prima en colocacion de acciones
Reservas
Revalorizacion del patrimonio
Resultados del ejercicio
Resultados ejercicios anteriores
Superavit por valorizacion
Total Patrimonio
2,007
2,927,480.00
1,306,457.00
15,956,061.00
18,165,840.00
2,640,472.00
402,878.00
2,911,495.00
44,310,683.00
2,008
2,927,480.00
1,306,457.00
18,499,411.00
18,165,840.00
1,800,656.00
4,472,243.00
47,172,087.00
2,009
3,070,040.00
1,709,335.00
18,850,243.00
18,165,840.00
1,967,142.00
1,434,119.00
2,973,302.00
48,170,021.00
134,349,382.00
127,296,989.00
121,365,383.00
2,007
186,403,194.00
153,924,620.00
32,478,574.00
7,880,406.00
10,410,717.00
14,187,451.00
1,458,793.00
12,097,353.00
3,548,891.00
908,419.00
2,640,472.00
2,008
203,467,200.00
165,102,844.00
38,364,356.00
14,976,195.00
10,882,399.00
12,505,762.00
814,998.00
10,400,333.00
2,920,427.00
1,119,771.00
1,800,656.00
2,009
178,226,104.00
149,028,936.00
29,197,168.00
9,215,600.00
9,166,484.00
10,815,084.00
1,143,228.00
9,563,306.00
2,395,006.00
427,864.00
1,967,142.00
2,007
2,008
2,640,472.00
2,640,472.00
2,543,350.00
1,800,656.00
-1,703,534.00
2,009
1,800,656.00
1,434,119.00
3,234,775.00
350,832.00
1,967,142.00
916,801.00
Pago de Dividendos
Utilidades del Ejercicio Anterior
(+) Utilidades de ejercicios anteriores
(=) Total disponible para distribucin
(-) Incremento de Reservas
(-) Utilidades No distribuidas
(=) Dividendos Decretados
402,878.00
402,878.00
2,640,472.00
-2,237,594.00
Activos Operacionales
Activos Circulantes de Operacin
Disponible
Deudores
Inventarios
Total activos Operacionales Circulantes
8,814,784.00
60,541,952.00
22,344,597.00
91,701,333.00
5,654,669.00
62,554,275.00
25,241,128.00
93,450,072.00
1,848,384.00
68,156,805.00
25,062,171.00
95,067,360.00
14,412,463.00
425,975.00
423,044.00
278,942.00
2,911,495.00
18,451,919.00
13,697,532.00
392,339.00
273,495.00
4,472,243.00
18,835,609.00
13,413,319.00
363,080.00
196,580.00
189,783.00
2,973,303.00
17,136,065.00
110,153,252.00
112,285,681.00
112,203,425.00
rapos SA
Vertical
Horizontal
2010
176,387.00
2,768,809.00
2,945,196.00
2,007
0.43%
6.13%
6.56%
2,008
0.20%
4.24%
4.44%
2,009
0.20%
1.32%
1.52%
2,010
0.16%
2.45%
2.61%
H -08-07
-0.23%
-1.89%
-2.12%
H 09-08
0.00%
-2.92%
-2.92%
H 10-09
-0.05%
1.13%
1.08%
4,710,129.00
7.42%
2.21%
0.95%
4.17%
-5.20%
-1.26%
3.21%
60,321,125.00
1,802,372.00
45.06%
2.49%
0.35%
2.08%
0.04%
0.43%
0.00%
4.71%
0.00%
1.07%
0.57%
55.65%
49.14%
2.86%
0.67%
3.34%
0.00%
0.03%
0.00%
3.67%
0.00%
1.25%
2.24%
58.72%
Vertical
2,008
19.39%
0.44%
19.83%
0.00%
85.20%
0.00%
0.00%
0.00%
13.73%
2.97%
10.76%
0.00%
0.07%
0.48%
0.24%
0.31%
0.00%
0.33%
0.33%
0.00%
56.16%
2.16%
0.00%
4.53%
0.00%
0.04%
0.00%
1.64%
0.00%
0.85%
2.63%
62.74%
53.38%
1.59%
0.00%
2.13%
0.00%
0.00%
0.11%
0.00%
0.53%
0.83%
3.89%
54.69%
4.08%
0.37%
0.32%
1.26%
-0.04%
-0.40%
0.00%
-1.04%
0.00%
0.18%
1.68%
3.06%
-2.78%
-0.56%
0.00%
-2.39%
0.00%
-0.04%
0.11%
-1.64%
0.53%
-0.02%
1.26%
-8.05%
2,009
20.27%
0.38%
20.65%
0.00%
85.87%
0.00%
0.01%
0.00%
14.90%
3.85%
11.05%
0.00%
0.07%
0.52%
0.29%
0.30%
0.00%
0.53%
0.37%
0.16%
2,010
21.60%
1.17%
22.77%
0.00%
84.24%
0.00%
0.01%
0.00%
16.32%
5.82%
10.50%
0.00%
0.14%
0.56%
0.36%
0.34%
0.00%
0.83%
0.57%
0.26%
H -08-07
4.97%
-1.77%
3.20%
0.00%
-1.06%
0.00%
0.00%
0.00%
2.62%
2.59%
0.03%
0.00%
0.01%
0.03%
0.05%
-0.01%
0.00%
0.02%
0.33%
-0.31%
7.02%
-0.70%
-0.67%
1.19%
0.00%
0.01%
0.00%
-2.04%
0.00%
-0.40%
0.38%
4.02%
Horizontal
H 09-08
0.88%
-0.05%
0.82%
0.00%
0.67%
0.00%
0.01%
0.00%
1.17%
0.88%
0.29%
0.00%
0.00%
0.04%
0.05%
-0.01%
0.00%
0.20%
0.04%
0.16%
H 10-09
1.34%
0.78%
2.12%
0.00%
-1.63%
0.00%
0.00%
0.00%
1.42%
1.97%
-0.55%
0.00%
0.07%
0.04%
0.07%
0.04%
0.00%
0.29%
0.20%
0.09%
0.21%
Vertical
2,008
3.51%
0.16%
0.16%
2,009
2.45%
2,010
4.49%
H -08-07
1.35%
Horizontal
H 09-08
-1.06%
H 10-09
2.04%
2,411,076.00
120,507.00
603,388.00
938,237.00
4,395,908.00
61,800,797.00
2,010
24,413,158.00
1,320,728.00
25,733,886.00
95,190,008.00
13,000.00
18,437,996.00
6,572,246.00
11,865,750.00
160,966.00
628,863.00
402,069.00
387,760.00
937,243.00
649,011.00
288,232.00
185,500.00
2,010
2,007
14.42%
2.21%
16.63%
0.00%
86.27%
0.00%
0.00%
0.00%
11.10%
0.37%
10.73%
0.00%
0.05%
0.46%
0.19%
0.32%
0.00%
0.31%
0.00%
0.31%
0.21%
5,073,302.00
2,007
2.17%
17,813,544.00
13.73%
14.80%
14.13%
15.76%
1.06%
-0.67%
1.63%
113,003,552.00
100.00%
100.00%
100.00%
100.00%
0.00%
0.00%
0.00%
31,325,589.00
35.38%
6,867,292.00
14.67%
2,010
1,555,586.00
419,606.00
313,005.00
18,610.00
147,874.00
86,318.00
2,540,999.00
20.18%
32.79%
27.72%
-15.20%
12.61%
-5.07%
-0.30%
H 10-09
-0.88%
-0.06%
-0.07%
0.02%
0.01%
0.01%
-0.97%
6.37%
6.08%
-5.84%
2,007
1.77%
1.10%
0.82%
0.00%
0.05%
0.02%
3.77%
8.83%
Vertical
2,008
1.65%
0.41%
0.28%
0.00%
0.08%
0.04%
2.47%
2,009
2.26%
0.43%
0.34%
0.00%
0.12%
0.07%
3.22%
2,010
1.38%
0.37%
0.28%
0.02%
0.13%
0.08%
2.25%
H -08-07
-0.12%
-0.70%
-0.54%
0.00%
0.03%
0.02%
-1.30%
-2.45%
Horizontal
H 09-08
0.61%
0.02%
0.06%
0.00%
0.03%
0.02%
0.75%
554,999.00
0.09%
0.24%
0.41%
0.49%
0.15%
0.17%
0.08%
713,963.00
0.26%
0.36%
0.60%
0.63%
0.10%
0.24%
0.03%
0.00%
0.68%
0.68%
0.01%
0.88%
0.89%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.20%
0.21%
-0.01%
-0.88%
-0.89%
0.00%
0.00%
0.00%
17,180.00
0.00%
0.00%
0.00%
0.02%
0.00%
0.00%
0.01%
1,059,387.00
7,557.00
1,066,944.00
2,010
43,086,966.00
1.25%
0.00%
1.25%
0.00%
56.10%
0.49%
0.01%
0.49%
0.00%
33.46%
0.15%
0.00%
0.15%
0.00%
43.55%
0.94%
0.01%
0.94%
0.00%
38.13%
-0.77%
0.01%
-0.76%
0.00%
-22.64%
-0.34%
0.00%
-0.34%
0.00%
10.09%
0.79%
0.00%
0.79%
0.00%
-5.42%
14,625,968.00
1.88%
18.52%
16.43%
12.94%
16.64%
-2.08%
-3.49%
2,331,063.00
9.05%
10.97%
0.32%
2.06%
1.92%
-10.64%
1.74%
16,957,031.00
10.92%
29.48%
16.76%
15.01%
18.56%
-12.73%
-1.75%
60,043,997.00
67.02%
60.31%
53.13%
-4.08%
2,007
2.18%
0.97%
11.88%
13.52%
1.97%
0.30%
2.17%
32.98%
2,009
2.53%
1.41%
15.53%
14.97%
1.62%
1.18%
2.45%
39.69%
2,010
2.72%
1.51%
16.68%
16.08%
2.38%
3.01%
4.49%
46.87%
H -08-07
0.12%
0.05%
2.66%
0.75%
-0.55%
-0.30%
1.35%
4.08%
-2.63%
Horizontal
H 09-08
0.23%
0.38%
1.00%
0.70%
0.21%
1.18%
-1.06%
2.63%
-7.18%
2,010
3,070,040.00
1,709,335.00
18,850,243.00
18,165,840.00
2,689,534.00
3,401,261.00
5,073,302.00
52,959,555.00
62.94%
Vertical
2,008
2.30%
1.03%
14.53%
14.27%
1.41%
0.00%
3.51%
37.06%
H 10-09
0.19%
0.10%
1.15%
1.11%
0.76%
1.83%
2.04%
7.18%
113,003,552.00
100.00%
100.00%
2,010
154,505,439.00
121,434,538.00
33,070,901.00
10,583,102.00
8,605,804.00
13,881,995.00
457,878.00
11,178,934.00
3,160,939.00
471,405.00
2,689,534.00
2,007
100.00%
82.58%
17.42%
4.23%
5.59%
7.61%
0.78%
6.49%
1.90%
0.49%
1.42%
100.00%
100.00%
Vertical
2,008
2,009
100.00%
100.00%
81.14%
83.62%
18.86%
16.38%
7.36%
5.17%
5.35%
5.14%
6.15%
6.07%
0.40%
0.64%
5.11%
5.37%
1.44%
1.34%
0.55%
0.24%
0.88%
1.10%
H -08-07
0.00%
-1.43%
1.43%
3.13%
-0.24%
-1.46%
-0.38%
-1.38%
-0.47%
0.06%
-0.53%
Horizontal
H 09-08
0.00%
2.47%
-2.47%
-2.19%
-0.21%
-0.08%
0.24%
0.25%
-0.09%
-0.31%
0.22%
H 10-09
0.00%
-5.02%
5.02%
1.68%
0.43%
2.92%
-0.35%
1.87%
0.70%
0.07%
0.64%
2,010
1,967,142.00
3,401,261.00
5,368,403.00
2,689,534.00
2,678,869.00
2,007
0.00%
221.78%
1525.78%
0.00%
9069.13%
-504.98%
Vertical
2,008
2,009
1427.33%
955.24%
0.00%
789.46%
14663.94% 16444.03%
2446.32%
4026.29%
6616.02%
-361.13%
190.33%
2,010
100.00%
78.60%
21.40%
6.85%
5.57%
8.98%
0.30%
7.24%
2.05%
0.31%
1.74%
2,010
1043.56%
1872.34%
19960.35%
0.00%
5301.35%
505.83%
H -08-07
-100
555.40
-31.81
-23.87
Horizontal
H 09-08
-31.806
22.51
-86.21
9.25
-153.82
H 10-09
9.25
137.17
65.96
-100
36.72
192.20
2,945,196.00
60,321,125.00
25,733,886.00
89,000,207.00
11,865,750.00
387,760.00
288,232.00
185,500.00
5,073,302.00
17,800,544.00
106,800,751.00
2007
134,349,382.00
90,038,699.00
44,310,683.00
134,349,382.00
Total activos
Total Pasivo
Total Patrimonio
Total pasivo mas patrimonio
2008
127,296,989.00
80,124,902.00
47,172,087.00
127,296,989.00
2009
121,365,383.00
73,195,362.00
48,170,021.00
121,365,383.00
2010
113,003,552.00
60,043,997.00
52,959,555.00
113,003,552.00
300,000,000.00
250,000,000.00
200,000,000.00
Total Patrimonio
150,000,000.00
Total Pasivo
100,000,000.00
Total activos
50,000,000.00
2007
2008
2009
2010
160,000,000.00
140,000,000.00
120,000,000.00
100,000,000.00
Total activos
80,000,000.00
Total Pasivo
60,000,000.00
Total Patrimonio
40,000,000.00
20,000,000.00
-
2007
2008
2009
2010
Informacin adicional
2,008
2,009
7,147,732.00
1,660,063.00
767,110.00
13,000.00
218,755.00
3,551,478.00
293,439.00
Provisiones de Cartera
Saldo Inicial
(+) Provisiones del periodo
Saldo Final de provisiones
2,008
761,215.00
2,094,209.00
2,855,424.00
2,009
2,855,424.00
332,281.00
3,187,705.00
2,010
3,187,705.00
1,208,203.00
4,395,908.00
2,008
14,916,264.00
2,556,390.00
2,009
17,472,654.00
610,142.00
2,010
18,082,796.00
355,200.00
17,472,654.00
18,082,796.00
18,437,996.00
2,008
503,801.00
3,271,321.00
2,009
3,775,122.00
894,355.00
2,010
4,669,477.00
1,902,769.00
3,775,122.00
4,669,477.00
6,572,246.00
13,697,532.00
13,413,319.00
11,865,750.00
2,008
73,655.00
12,199.00
85,854.00
2,009
85,854.00
85,854.00
2,010
85,854.00
75,112.00
160,966.00
Licencias
Saldo Incial
(+) Licencias Nuevas
(-) Licencias amortizadas
Nuevo Saldo
2,008
612,287.00
2,009
612,287.00
16,576.00
2,010
628,863.00
612,287.00
628,863.00
628,863.00
Amortizaciones
Saldo Inicial
(+) Amortizaciones del periodo
(-) Amortizaciones reversadas
Nuevo Saldo
2,008
259,967.00
45,835.00
2,009
305,802.00
45,835.00
2,010
351,637.00
50,432.00
305,802.00
351,637.00
402,069.00
Inversiones Financieras
Redencin Neta de Inversiones a corto plazo
Constitucin de Inversiones a corto plazo
Constitucin de Inversiones a Largo Plazo
Ingresos financieros por inversiones en corto plazo
Depreciaciones acumuladas
Saldo Inicial
(+) Depreciaciones del periodo
(-) Depreciaciones reversadas
Saldo Final
Saldo Neto de Propiedad Planta y Equipo
Intagibles
Marcas
Saldo Incial
(+) marcas Nuevas
Saldo de marcas
Saldo Intangibles
2,010
Cargos diferidos
Saldo Inicial
(+) Nuevos diferidos
(-) Cargos amortizados
(=) Nuevo Saldo
2,008
423,044.00
2,009
423,044.00
225,967.00
2,010
649,011.00
288,232.00
423,044.00
649,011.00
937,243.00
Amortizaciones acumuladas
Saldo Inicial
(+) Amortizaciones del periodo
(-) Amortizaciones reversadas
(=) Nuevo Saldo
2,008
423,044.00
2,009
423,044.00
29,387.00
2,010
452,431.00
196,580.00
423,044.00
452,431.00
649,011.00
2,008
47,533,008.00
12,453,789.00
34,296,926.00
25,689,871.00
2,009
25,689,871.00
18,575,064.00
4,465,200.00
39,799,735.00
2,010
39,799,735.00
13,577,684.00
22,051,830.00
31,325,589.00
2,008
2,520,878.00
21,052,234.00
2,009
23,573,112.00
2,010
19,945,696.00
23,573,112.00
3,627,416.00
19,945,696.00
5,319,728.00
14,625,968.00
Otros Ingresos
Rendimientos Financieros
Utilidad en venta de Inversiones
Total Ingresos No Operacionales
2,008
767,110.00
47,888.00
814,998.00
2,009
218,755.00
924,473.00
1,143,228.00
2,010
457,878.00
Otros Egresos
Intereses
Gastos Bancarios
Perdida en venta de Inversiones
Total Otros Egresos
2,008
9,009,699.00
1,379,590.00
11,044.00
10,400,333.00
2,009
8,374,707.00
1,175,447.00
13,152.00
9,563,306.00
2,010
10,154,774.00
1,024,160.00
457,878.00
11,178,934.00
EFE INDIRECTO
Utilidad Neta
(+) Depreciaciones
(+) provisiones de Cartera
(+) Amortizacion de Intangibles
(+) Amortizaciones de Diferidos
(+) Perdida en Venta de Activos
(-) Utilidad en Venta de Activos
(=) Generacion Interna de Fondos (GIF)
(+) Gastos Financieros (intereses)
(-) Ingresos Financiersos (intereses)
(-) Inversion adicional en KTNO
(=) Efectivo Generado por las Operaciones
2,008
1,800,656.00
3,271,321.00
2,094,209.00
45,835.00
423,044.00
11,044.00
47,888.00
7,598,221.00
9,009,699.00
767,110.00
15,840,810.00
2,009
1,967,142.00
894,355.00
332,281.00
45,835.00
29,387.00
13,152.00
924,473.00
2,357,679.00
8,374,707.00
218,755.00
10,513,631.00
Actividad de Financiamiento
(+) Crditos Nuevos a Corto Plazo
(+) Crditos Nuevos a Largo Plazo
(+) Incremento de acreedores socios LP
(+) Aportes al capital social
(+) Primas en colocacion de acciones
(-) Abono a capital del crditos Corto Plazo
(-) Abono a Capital del Crdito Largo Plazo
(-) Disminucin acreedores socios Largo Plazo
(-) Pago de Intereses
(-) Pago de Dividendos
(=) Flujo de caja generado por el financiamiento
12,453,789.00
21,052,234.00
1,806,563.00
34,296,926.00
9,009,699.00
-1,703,534.00
-6,290,505.00
18,575,064.00
142,560.00
402,878.00
4,465,200.00
3,627,416.00
13,566,557.00
8,374,707.00
916,801.00
-11,830,179.00
7,147,732.00
767,110.00
2,556,390.00
12,199.00
-5,447.00
5,351,700.00
1,660,063.00
218,755.00
610,142.00
16,576.00
225,967.00
13,000.00
-83,712.00
1,096,845.00
Actividades de Inversion
(+) Ventas de Inversiones temporales
(+) Rendimientos Financieros
(-) Compra de Propiedad Planta y Equipo
(-) Compra de Intagibles
(-) Constitucion de Diferidos
(-) Constitucin de Inversiones temporales
(-) Constitucin de Inversiones Largo Plazo
(-) Variacin de Otros Activos
(=) Flujo de caja Generado por la Inversion
Flujo de caja del Periodo
2,010
2,689,534.00
1,902,769.00
1,208,203.00
50,432.00
196,580.00
6,047,518.00
10,154,774.00
457,878.00
15,744,414.00
13,577,684.00
1,937,680.00
22,051,830.00
5,319,728.00
10,154,774.00
2,678,869.00
-24,689,837.00
457,878.00
355,200.00
75,112.00
288,232.00
3,551,478.00
-4,283.00
-3,807,861.00
Utilidad Operacional
(-) Impuesto Generado sobre la Utilidad Operacional
34% (=) Utilidad Operacional despues de Impuestos
(+) Depreciaciones del Periodo
(+) Amortizaciones de Intangibles del Periodo
(+) Amortizaciones de Diferidos del Perido
(+) Provisiones de Deudas Malas del Periodo
(=) Flujo de Caja Bruto
(-) Inversion adicional en KTNO
(-) Inversion en Reposicion en AF
(=) Flujo de Caja Libre (Free Cash Flow) FCL
(+) Obligaciones Nuevas a Corto Plazo
(+) Obligaciones Nuevas a Largo Plazo
(+) Variacion de Obligaciones Con socios
(-) Amortizaciones a Capital de Deudas CP
(-) Amortizaciones a Capital de Deudas LP
(-) Intereses despues de Impuestos
(=) Flujo de caja de la deuda (FCD)
(+) Redencion de Inversiones Temporales CP
(+) Otros Ingresos Despues de Impuestos
(+) Capitalizaciones
(+) Primas en Colocacion de acciones
(-) Constitucion de Inversiones Temporales
(-) Constitucin de Inversiones Largo Plazo
(-) Otros Egresos No operacionales despues de Tx
(-) Pago de Dividendos
(=) Flujo de Caja del Accionista
(=) Flujo de Caja del Periodo
2008
34%
38.343%
8.954%
2009
34%
17.865%
3.956%
277,099.32
3,536,113.22
1,119,771.00
4,378,784.90
388,697.52
3,251,524.04
427,864.00
3,290,690.52
2008
12,505,762.00
4,378,784.90
8,126,977.10
3,271,321.00
45,835.00
2009
10,815,084.00
3,290,690.52
7,524,393.48
894,355.00
45,835.00
5,440,413.80 5,641,191.04
-130,423,674.00
-122,226,208.00
2,556,390.00
610,142.00
122,426,870.20
115,974,874.96
12,453,789.00
21,052,234.00
1,806,563.00
34,296,926.00
5,946,401.34
4,930,741.34 -
18,575,064.00
-13,566,557.00
4,465,200.00
3,627,416.00
5,527,306.62
8,611,415.62
7,147,732.00
537,898.68
1,306,457.00
6,864,219.78
-1,703,534.00
3,831,401.90
1,660,063.00
754,530.48
142,560.00
1,709,335.00
13,000.00
6,311,781.96
916,801.00
-2,975,094.48
121,327,530.76
104,388,364.86
2010
34%
14.913%
3.396%
155,678.52
3,800,837.56
471,405.00
4,116,564.04
2010
13,881,995.00
4,116,564.04
9,765,430.96
1,902,769.00 informacin adicional
50,432.00 informacin adicional
informacin adicional
informacin adicional
6,279,927.08
-108,055,709.00 mirar KTNO
355,200.00
101,420,581.92
13,577,684.00
1,937,680.00
22,051,830.00
5,319,728.00
6,702,150.84
18,558,344.84
302,199.48
1,709,335.00
3,551,478.00
7,378,096.44
2,678,869.00
-11,596,908.96
71,265,328.12
Disponible
Deudores
Inventarios
Total KTO
Proveedores
Cuentas por pagar
Impuestos Gravamenes y tasas
Laborales por pagar
Pasivos estimados y provisiones
Pasivos Diferidos
Otros Pasivos
Total Proveedores ByS
2007
8,814,784.00
74,771,636.00
22,344,597.00
105,931,017.00
2008
5,654,669.00
74,746,869.00
25,241,128.00
105,642,666.00
19,706,903.00
11,239,453.00
231,568,937.00
222,524,785.00
122,192.00
310,550.00
346,414.00
456,664.00
468,606.00
767,214.00
853.00
230.00
469,459.00
767,444.00
252,683,364.00
236,066,340.00
KTNO
-146,752,347.00
-130,423,674.00
-146,752,347.00
-130,423,674.00
AON
KTNO
(-) Provisiones de cartera
(=) KTNO Neto
2,008
2,556,390.00
12,199.00
PPyE Neta
Intangibles Netos
Diferidos Netos
Otros Activos Netos
Valorizaciones
Total AF Neto
Total Activos Operacionales Netos
Deudas Corto Plazo
Deudas Largo Plazo
Pasivos Socios
5,447.00
2,563,142.00
2,007
146,752,347.00 761,215.00
147,513,562.00 -
2,008
130,423,674.00
2,855,424.00
133,279,098.00
-147,513,562.00
-
-133,279,098.00
-
-147,513,562.00
-133,279,098.00
-294,265,909.00
-258,583,240.00
2,911,495.00
4,472,243.00
-586,381,538.00
-520,669,193.00
733,895,100.00 -
653,948,291.00
-2,054,171,738.00
-1,828,565,775.00
2,520,878.00
2,447,223.00
12,153,377.00
13,959,940.00
-2,039,497,483.00
-1,812,158,612.00
Patrimonio Operacional
1,305,602,383.00
1,158,210,321.00
44,310,683.00
9,966,446.00
47,172,087.00
2,818,714.00
3,345,099,866.00
2,970,368,933.00
Validacin
Patrimonio Contable
Inversiones Corto Plazo
Inversiones Largo Plazo
Patrimonio Operacional
2009
1,848,384.00
76,147,112.00
25,062,171.00
103,057,667.00
7,737,027.00
6,867,292.00
213,852,361.00
187,827,050.00
502,195.00
554,999.00
729,094.00
713,963.00
1,231,289.00
1,268,962.00
310.00
17,180.00
1,231,599.00
1,286,142.00
225,283,875.00
198,535,588.00
-122,226,208.00
-108,055,709.00
-122,226,208.00
-108,055,709.00
2,009
610,142.00
16,576.00
225,967.00
83,712.00 768,973.00
2,010
355,200.00
75,112.00
288,232.00
4,283.00
714,261.00
2,009
122,226,208.00 3,187,705.00
125,413,913.00 -
2,010
108,055,709.00
4,395,908.00
112,451,617.00
-494,115,529.00
619,529,442.00 -
551,719,414.00
-125,413,913.00
-125,413,913.00
-246,261,006.00
2,973,303.00
2010
2,945,196.00 Balance General y PyG
61,800,797.00 Balance General y PyG
25,733,886.00 Balance General y PyG
90,479,879.00
-112,451,617.00
-1,733,174,413.00
-1,542,706,625.00
2,361,369.00
2,275,515.00
393,383.00
-1,730,419,661.00
-1,538,100,047.00
1,110,890,219.00
986,380,633.00
48,170,021.00
1,158,651.00
2,841,309,880.00
Utilidad Neta
(+) Depreciaciones
(+) Provisiones de cartera
(+) Amortizaciones de Intangibles
(+) Amortizaciones de Cargos Diferidos
(+) Prdida en Venta de Activos
(-) Utilidad en Venta de Activos
GIF Generacin Interna de fondos
Fuentes a Corto Plazo
Disminucin del activo circulante
Disponible
Inversiones corto plazo
Deudores
Inventarios
Total Disminucion Activos Corto Plazo
Aumento del Pasivo a Corto Plazo
Obligaciones Financieras
Proveedores
Cuentas por pagar
Impuestos Gravamenes y tasas
Laborales por pagar
Pasivos estimados y provisiones
Pasivos diferidos a corto Plazo
Otros Pasivos
Total Aumento de pasivos a corto Plazo
TOTAL FUENTES A CORTO PLAZO
Fuentes de Largo Plazo
Disminucin de Activo Fijo
Propiedad Planta y Equipo
Intangibles
Cargos Diferidos
Activos Diversos
Inversiones a largo Plazo
Total Disminucion Activo Fijo
Aumento Del Pasivo a Largo Plazo
Obligaciones Financieras
Acreedores varios Largo Plazo Socios
Total Aumento del Pasivo Largo Plazo
Aumento del Patrimonio
Aportes sociales
Primas en colocacin de acciones
Total Aumento del Patrimonio
2008
1,800,656.00
3,271,321.00
2,094,209.00
45,835.00
423,044.00
11,044.00
47,888.00
7,598,221.00
2009
1,967,142.00
894,355.00
332,281.00
45,835.00
29,387.00
13,152.00
924,473.00
2,357,679.00
3,160,115.00
7,184,576.00
10,344,691.00
3,806,285.00
2,571,384.00
178,957.00
6,556,626.00
188,358.00
110,250.00
220,431.00
519,039.00
14,109,864.00
763,748.00
191,645.00
272,430.00
80.00
15,337,767.00
10,863,730.00
21,894,393.00
5,447.00
5,447.00
83,712.00
83,712.00
21,052,234.00
1,806,563.00
22,858,797.00
142,560.00
402,878.00
545,438.00
22,864,244.00
629,150.00
41,326,195.00
24,881,222.00
Dividendos
Total Pago de dividendos
-1,703,534.00
-1,703,534.00
916,801.00
916,801.00
2,069,442.00
2,896,531.00
4,965,973.00
1,732,524.00
1,732,524.00
21,843,137.00
8,467,450.00
1,922,278.00
623.00
1,058,145.00
33,291,633.00
3,502,426.00
1,128,850.00
442,058.00
5,073,334.00
38,257,606.00
6,805,858.00
2,556,390.00
12,199.00
2,568,589.00
610,142.00
16,576.00
225,967.00
13,000.00
865,685.00
2
3
4
5
6
7
GIF
Fuentes de Corto Plazo
Fuentes de Largo Plazo
Dividendos
Usos de Corto Plazo
Usos de Largo Plazo
Ao
3,627,416.00
13,566,557.00
17,193,973.00
2,568,589.00
18,059,658.00
39,122,661.00
25,782,317.00
2,203,534.00
-901,095.00
2,007
7,598,221.00
10,863,730.00
22,864,244.00
-1,703,534.00
38,257,606.00
2,568,589.00
2,008
2,357,679.00
21,894,393.00
629,150.00
916,801.00
6,805,858.00
18,059,658.00
2,008
GIF
F, de C. Plazo
F, de L. Plazo
Total Fuentes
2,357,679.00
21,894,393.00
629,150.00
24,881,222.00
Dividendos
U. Corto Plazo
U, Largo Plazo
Total Usos
2010
2,689,534.00
1,902,769.00
1,208,203.00
50,432.00
196,580.00
6,047,518.00
13,138,112.00
13,138,112.00
52,804.00
16,870.00
881,109.00
950,783.00
14,088,895.00
4,283.00
4,283.00
1,937,680.00
1,937,680.00
1,941,963.00
22,078,376.00
2,678,869.00
2,678,869.00
1,096,812.00
3,551,478.00
671,715.00
5,320,005.00
8,474,146.00
869,735.00
1,361,088.00
15,131.00
10,720,100.00
16,040,105.00
355,200.00
75,112.00
288,232.00
718,544.00
5,319,728.00
5,319,728.00
6,038,272.00
24,757,246.00
-2,678,870.00
2,009
6,047,518.00
14,088,895.00
1,941,963.00
2,678,869.00
16,040,105.00
6,038,272.00
916,801.00
6,805,858.00
18,059,658.00
25,782,317.00
Indicador
Liquidez
Capital de Trabajo
KTNO
Razn Corriente
P. Acida
Dependencia de Inventarios
ROE
Formula
Indicadores de Endeudamiento
Endeudamiento total
Endeudamiento Financiero
Concentracion del Corto Plazo
Leverage Total
Leverage Financiero
Leverage Corto Plazo
Leverage Largo Plazo
Indicadores de Rentabilidad
Margen Bruto
Margen Operacional
Margen Antes de Impuestos
Margen Neto
Rentabilidad del Patrimonio
Rentabilidad del Activo Total
Rentabilidad del Activo Operacional
Rentabilidad del AON
EBITDA
Margen EBITDA
Margen FCL
Indicadores de Actividad
Rotacion de Cartera
Dias de Cobro
Rotacion de Ventas
Dias de Inventario
Rotacin de Proveedores
Dias de Pago
Ciclo Operativo
Ciclo de Caja
Rotacion Activo Total
Product. Activo Total
Rotacion activos Operacionales
Rotacion KTNO
Rotacion AF Neto
Indicadores de Cobertura
Cobertura de Intereses
Servicio de la deuda
Abono a capital Corto Plazo
Abono a capital Largo Plazo
Abono a Capital (Socios)
Abono a Capital
Intereses
Total servicio de la deuda
Servicio de la deuda/Ebitda
Servicio de la deuda/FCL
Indicador de Insolvencia
Factor
6.56
3.26
6.72
1.05
2007
2008
2009
2010
40,533,019.00
-146,752,347.00
65,869,530.00
-130,423,674.00
51,360,035.00
-122,226,208.00
52,103,042.00
-108,055,709.00
1.49
1.59
1.66
1.88
115,897,462.75
108,461,379.68
104,216,317.66
95,190,007.57
0.08
0.06
0.05
0.06
67.02%
56.10%
34726705.62%
2.03
1.70
52940039.00
2520878.27
62.94%
33.46%
45689403.92%
1.70
0.90
29284874.00
23573112.30
60.31%
43.55%
72940405.33%
1.52
1.10
44430916.00
19945696.01
53.13%
38.13%
73114304.23%
1.13
0.81
34580551.00
14625968.04
17.42%
7.61%
1.90%
1.42%
5.96%
1.97%
11.79%
-6.2515%
18.86%
6.15%
1.44%
0.88%
3.82%
1.41%
10.48%
-6.0990%
16.38%
6.07%
1.34%
1.10%
4.08%
1.62%
9.29%
-5.6053%
21.40%
8.98%
2.05%
1.74%
5.08%
2.38%
13.56%
-8.0242%
14,187,451.00
503,801.00
12,505,762.00
503,801.00
423,044.00
10,815,084.00
503,801.00
452,431.00
13,881,995.00
503,801.00
649,011.00
259967
305802
351637
402069
761,215.00
5,430,692.00
12,002,938.00
12,002,938.00
15,712,434.00
8.4%
84.4%
19,169,101.00
9.4%
70.2%
24,125,891.00
13.5%
76.8%
27,439,814.00
17.8%
-57.0%
3.08
118.55
3.25
112.22
4.72
77.2989941
24
14.94729103
189.52
204.46
1.60
0.63
1.70
-1.56
2.61
139.58
3.95
92.51128202
19
19.23865317
232.09
251.33
1.47
0.68
1.53
-1.46
2.56
142.50
3.20
114.0048526
21
17.78084476
256.51
274.29
1.37
0.73
1.51
-1.43
1.39
72.04%
1.29
77.44%
1.37
73.15%
118.55
118.55
1.39
0.72
1.55
-1.27
Veces
Porcentaje
0
0
0
0
0
0
1.98
0.06407
23,848,548.13
0.0
160,262,256.59
34,296,926.00
34,296,926.00
-
8,092,616.00
4,465,200.00
3,627,416.00
13,566,557.00
27,371,558.00
22,051,830.00
5,319,728.00
-
9,009,699.00
77,603,551.00
8,374,707.00
38,126,496.00
10,154,774.00
64,897,890.00
4.05
110,470,262.44
3.39
0.04611
19,625,269.99
0.6
131,881,837.39
1.58
49,652,203.09 -
2.78
0.05284
16,094,440.85
0.7
108,154,661.62
2.37
113,921,545.16
3.02
0.07759
21,241,510.74
0.9
142,742,973.27
Capital de Trabajo
KTNO
Razn Corriente
P. Acida
ROE
2007
14,187,451.00
8,814,784.00
74,771,636.00
22,344,597.00
14,412,463.00
120,343,480.00
11.79%
2007
14,187,451.00
4,965,607.85
9,221,843.15
2007
14,187,451.00
4,965,607.85
9,221,843.15
1,265,016.00
10,486,859.15
-146,752,347.00
157,239,206.15
2,007
153,924,620.00
Rotacin de mercancas
Rotacin expresado en das
Rotacin de proveedores
Proveedores
Compras a crdito periodo
Rotacin de proveedores
Periodo promedio de pago
Rotacin de cartera
Ingresos operacionales a credito (ventas)
Saldo cuenta clientes
Rotacin cartera
Cobertura de Intereses
Utilidad Operacional
Intereses
Cobertura en Veces
Cobertura %
2007
19,706,903.00
2007
186,403,194.00
60,541,952.00
3.08
2007
14,187,451.00
2007
40,533,019.00
-146,752,347.00
2008
65,869,530.00
-130,423,674.00
2009
51,360,035.00
-122,226,208.00
2010
52,103,042.00
-108,055,709.00
1.49
1.59
1.66
1.88
115,897,462.75
0.08
108,461,379.68
0.06
104,216,317.66
0.05
95,190,007.57
0.06
100%
50%
2010
2009
0%
-50%
Capital de KTNO
Trabajo
Razn
P. Acida
Corriente
2008
ROE
2007
-100%
2008
12,505,762.00
2009
10,815,084.00
2010
13,881,995.00
5,654,669.00
74,746,869.00
25,241,128.00
13,697,532.00
1,848,384.00
76,147,112.00
25,062,171.00
13,413,319.00
2,945,196.00
61,800,797.00
25,733,886.00
11,865,750.00
119,340,198.00
116,470,986.00
102,345,629.00
10.48%
9.29%
13.56%
2008
12,505,762.00
4,377,016.70
8,128,745.30
2009
10,815,084.00
3,785,279.40
7,029,804.60
2010
13,881,995.00
4,858,698.25
9,023,296.75
2008
12,505,762.00
4,377,016.70
8,128,745.30
6,936,348.00
15,065,093.30
-130,423,674.00
2,556,390.00
142,932,377.30
2009
10,815,084.00
3,785,279.40
7,029,804.60
8,208,819.00
15,238,623.60
-122,226,208.00
610,142.00
136,854,689.60
2010
13,881,995.00
4,858,698.25
9,023,296.75
11,370,223.00
20,393,519.75
-108,055,709.00
355,200.00
-88,017,389.25
2,008
2009
165,102,844.00
149,028,936.00
22,344,597.00
25,241,128.00
34,965,161.00
25,241,128.00
25,062,171.00
37,772,213.50
2010
121,434,538.00 Balance general y PyG
4.72
77
3.95
93
3.20
114
2008
2009
11,239,453.00
7,737,027.00
2010
167,999,375.00
24
14.9
148,849,979.00
19
19.2
2008
203,467,200.00
62,554,275.00
3.25
2009
178,226,104.00
68,156,805.00
2.61
2010
154,505,439.00
60,321,125.00
2.56 Ingresos operacionales / saldo cuenta clientes
2008
12,505,762.00
9,009,699.00
1.39
0.720
2009
10,815,084.00
8,374,707.00
1.29
0.774
2010
13,881,995.00
10,154,774.00
1.37 Utilidad operacional / Intereses
0.732 Intereses / Utilidad Operacional
2007
2008
2009
67.02%
62.94%
60.31%
56.10%
33.46%
43.55%
34726705.62% 45689403.92% 72940405.33%
2.03
1.70
1.52
1.70
0.90
1.10
52940039.00 29284874.00 44430916.00
Endeudamiento total
Endeudamiento Financiero
Concentracion del Corto Plazo
Leverage Total
Leverage Financiero
Leverage Corto Plazo
Leverage Largo Plazo
2520878.27
23573112.30
6000000000.00%
5000000000.00%
4000000000.00%
3000000000.00%
2000000000.00%
1000000000.00%
0.00%
19945696.01
2009
2007
2007
5.96%
1.97%
11.79%
-6.2515%
2008
3.82%
1.41%
10.48%
-6.0990%
2010
2009
4.08%
1.62%
9.29%
-5.6053%
Rentabilidad del
Patrimonio
Rentabilidad del Activo
Total
2009
2008
2007
-50%
Rotacion de Cartera
Dias de Cobro
0%
50%
2007
3.08
118.55
100%
2008
3.25
112.22
2009
2.61
139.58
Rotacion de Ventas
Dias de Inventario
Rotacin de Proveedores
Dias de Pago
Ciclo Operativo
Ciclo de Caja
Rotacion Activo Total
Product. Activo Total
Rotacion activos Operacionales
Rotacion KTNO
118.55
118.55
1.39
0.72
1.55
-1.27
4.72
77.2989941
24
14.94729103
189.52
204.46
1.60
0.63
1.70
-1.56
3.95
92.51128202
19
19.23865317
232.09
251.33
1.47
0.68
1.53
-1.46
Rotacion de Ventas
Dias de Inventario
Rotacin de Proveedores
Dias de Pago
2010
53.13%
38.13%
73114304.23%
1.13
0.81
34580551.00
14625968.04
2007
2008
2009
2010
2010
5.08%
2.38%
13.56%
-8.0242%
Rentabilidad del
Rentabilidad del Activo
Rentabilidad del Activo
Operacional
Rentabilidad del AON
2010
2.56
142.50
3.20
114.0048526
21
17.78084476
256.51
274.29
1.37
0.73
1.51
-1.43
Rotacion de Cartera
Dias de Cobro
Rotacion de Ventas
Dias de Inventario
Rotacin de Proveedores
ao analisis
2010
X
ROE
2009
4.17%
2010
5.58%
Margen Neto
2009
2010
1.10%
1.74%
El ndice Dupont o sistema Dupont, es un indicador financiero que nos dice cmo es que la empresa ha alcanzado l
Para una empresa es fundamental conocer cmo ha llegado a los resultados obtenidos, puesto que ello le permite c
El ndice o sistema Dupont considera dos elementos que evalan dos aspectos generadores de riqueza en la empre
Al aplicar el ndice Dupont nos damos cuentas si la rentabilidad de la empresa est basada en amplio margen de ut
Las empresas pueden optar por ganar poco por cada producto vendido y vender muchos, o ganar mucho por cada
En algunas actividades econmicas puede ser conveniente vender ms a menor precio y as obtener la rentabilidad
Cuando la competencia es fuerte, donde el precio hace la diferente, naturalmente que toca optar por vender a men
El tercer factor que considera el ndice Dupont es el apalancamiento financiero, dato importante puesto que all entr
Algunas empresas pueden generar muy buenas utilidades pero son absorbidas por el alto costo que se paga por la
Patrimonio
2008
2009
47,172,087.00
48,170,021.00
Activos
2008
2009
127,296,989.00 121,365,383.00
Ventas
2009
2010
178,226,104.00 154,505,439.00
Costos
149,028,936.00 121,434,538.00
83.62%
78.596%
Gastos Totales
18,382,084.00
19,188,906.00
10.31%
12.420%
Otros Ingresos - Otros Egresos
-8,420,078.00 -10,721,056.00
-4.72%
-6.939%
Impuestos
427,864.00
471,405.00
0.24%
0.305%
Utilidad Neta
1,967,142.00
2,689,534.00
dos obtenidos, puesto que ello le permite corregir errores o aprovechar sus puntos fuertes.
ectos generadores de riqueza en la empresa: margen de utilidad en ventas y rotacin de activos totales.
resa est basada en amplio margen de utilidad en ventas, o est basada en una alta rotacin de los activos de la empresa, lo que demostrara una alta
vender muchos, o ganar mucho por cada producto vendido pero vender pocos.
almente que toca optar por vender a menor precio y aspirar a vender ms, a la vez que es necesario mejorar la eficiencia en el uso de los activos, de
ciero, dato importante puesto que all entra a jugar un papel importante el nivel de endeudamiento de la empresa, lo cual sin duda tiene un costo que a
rbidas por el alto costo que se paga por la financiacin de algunos activos, de modo que el apalancamiento financiero es un factor preponderante en la
ar la eficiencia en el uso de los activos, de modo que se hace necesario recurrir a una perfecta combinacin de los dos elementos esenciales que anal
presa, lo cual sin duda tiene un costo que afecta la rentabilidad generada por la empresa.
2010
Rotacion Operativos
2009
2010
1.53
1.51
Ingreso Operac./A0N
65.4%
66.2%
Rentabilidad
Operativa
2009
2010
9.29%
13.6%
Utilidad Oper./AON
Margen Operativo
2009
2010
6.07%
8.98%
Dias de Recaudo
Rotacion KTNO
2009
2010
-1.5
-1.4
-68.6%
-69.9%
+
Rotacion AF Neto
2009
2010
0.0
0.0
#DIV/0!
#DIV/0!
Margen Bruto
2009
2010
16.4%
21.4%
2009
2010
139.6
142.5
Dias de Reposicin
2009
2010
92.5
114.0
greso Operacional
%Gastos Operacionales
2009
2010
10.3%
12.4%