CAPITAL FINANCIERO

1998

Activos Totales
(-) Pasivos corrientes
(=) Capital Financiero

1999

2000

2001

2002

2003

2004

2005

2006

103,470.88

97,338.25

333,115.68

482,401.52

260,725.71

179,089.00

436,299

481,576

527,253

11,479.10

10,447.07

249,071.51

380,594.19

141,892.31

40,452.05

280,007

304,757

329,508

91,991.78

86,891.18

84,044.17

101,807.33

118,833.40

138,636.95

156,291.83

176,818.89

197,745.51

2007

2008

2009

2010

2011

2012

2013

572,748

617,358

660,321

700,342

735,840

764,772

781,941

354,258

379,008

403,758

428,508

453,259

478,009

502,759

238,350.00

256,563.00

271,834.00

282,581.00

286,763.00

279,182.00

218,490.47

RETORNO SOBRE ACTIVO FIJO

ROA=Utilidad neta/activos fijos
ROE=UN/PAT

1998
17.6%
6.5%

1999
-5.1%
-1.6%

2007
20.3%
9.6%

2008
16,9%
8.40%

2000
22.2%
8.5%

2009
13.60%
7.10%

2001
16.7%
6.5%

2010
9.9.%
5.60%

2002
33.0%
14.7%

2011
6.00%
3,7%

2003
25.7%
19.2%

2004
26.2%
12.5%

2012
1.90%
1.30%

2005
26.2%
11.7%

2013
-3.70%
-3.00%

2006
23.5%
10.7%

FLUJO DE CAJA LIBRE

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Utilidad despus de impuestos

(+) Depreciacin
Flujo de caja operacional
menos:
Incremento en el capital de
trabajo
(+) Inversin nuevas
(+) Inversiones de reposicin
Inversin Bruta

18,765

20,006

20,405

20,224

19,339

17,691

14,750

10,226

3,661

-8,103

9,306

9,911

11,305

12,977

14,899

16,882

19,295

22,030

25,026

28,478

28,071

29,917

31,710

33,200

34,238

34,573

34,045

32,256

28,687

20,375

283

4,652

10,720

12,862

14,788

15,254

18,563

21,033

23,051

26,553

4,016

20,328.00

10,206.00

10,206.00

10,206.00

10,206.00

10,205.00

10,106.00

10,306.00

10,206.00

4,299

24,980

20,926

23,068

24,994

25,460

28,768

31,139

33,357

36,759

FLUJO DE CAJA LIBRE

23,772

4,937

10,784

10,132

9,244

9,113

5,277

1,117

-4,670

119,453

ACLARACION:
La INVERSION BRUTA es la suma de inversiones nuevas y la suma de inversiones de reposicin
Flujo de caja operacional Inversin bruta = FLUJO DE CAJA LIBRE

RETORNO SOBRE CAPITAL FINANCIERO

FLUJO DE CAJA LIBRE
CAPITAL FINANCIERO
RETORNO SOBRE CAPITAL
FINANCIERO

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

23,772

4,937

10,784

10,132

9,244

9,113

5,277

1,117

-4,670

119,453

256,563

271,834

282,581

286,763

279,182

3.55

1.94

0.40

-1.63

42.79

156,292
15.21

176,819 197,746 218,490 238,350

2.79

5.45

4.64

3.88

VALOR RESIDUAL:
Mtodo de Perpetuidad

VALOR DE LA EMPRESA:
FLUJO DE CAJA LIBRE

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

23,772

4,937

10,784

10,132

9,244

9,113

5,277

1,117

-4,670

119,453

Vo(15%) $76,372