Professional Documents
Culture Documents
661,650
66.5
43,999,725
2004
2005
2006
2007
2008
849,118
28.3%
66.5
56,466,314
970,824
14.3%
66.5
64,559,819
1,054,962
8.7%
66.5
70,155,003
1,069,029
1.3%
66.5
71,090,403
1,072,592
0.3%
66.5
71,327,371
44.8
-0.4%
43,484,823
44.7
-0.2%
47,164,908
44.6
-0.2%
47,704,160
44.5
-0.2%
47,773,430
Costo de Ventas
Unidades (Idem Ventas)
Costo Unitario de Ventas
% Reduccin Costo Unitario
Costo de Ventas ($)
29,750,000
45.0
-0.8%
38,176,535
Gastos Generales
Variacin en Gastos Administrativos y Comerciales
Gastos Administrativos y Comerciales ($)
11,875,000
24.0%
14,725,000
20.0%
17,670,000
9.0%
19,260,300
4.0%
20,030,712
2.3%
20,498,095
500,000
500,000
400,000
400,000
400,000
10.00%
10.00%
10.00%
10.00%
10.00%
225,000
50,000
225,000
50,000
50,000
225,000
50,000
50,000
40,000
225,000
50,000
50,000
40,000
40,000
275,000
325,000
365,000
405,000
225,000
50,000
50,000
40,000
40,000
40,000
445,000
30
55
35
90
42
30
55
35
90
42
30
55
35
90
42
30
55
35
90
42
30
55
35
90
42
200,000
16.00%
40.00%
200,000
16.00%
40.00%
200,000
16.00%
45.00%
200,000
16.00%
45.00%
200,000
16.00%
45.00%
50%
60%
70%
70%
21.00%
35.00%
21.00%
35.00%
21.00%
35.00%
21.00%
35.00%
45.3
CAPEX y Depreciaciones
CAPEX - Inversiones en Bienes de Uso ($)
Saldo balance Ao base
% de Depreciacin Promedio de las altas
% de Depreciacin Saldo Ao base
4,500,000
5.00%
16.00%
Dividendos
% del Resultado del Ejercicio Anterior
Dividendos ($)
800,000
Impuestos
Impuesto al Valor Agregado
Impuesto a las Ganancias
21.00%
35.00%
Premisas de valuacin
Crecimiento posterior al 5 ao
Inflacin
Tasa libre de riesgo (Rf) Bono Tesoro Americano
Tasa libre de riesgo (Rf) Bono Argentino (BODEN)
Prima de riesgo de Mercado
Beta
1.50%
2.00%
5.00%
11.86%
7.80%
0.93
21.00%
35.00%
Premisas
1
220,000
4,281,600
3,970,000
8,471,600
Activo no corriente
Bienes de Uso
Total Activo no corriente
4,500,000
4,500,000
Total Activo
12,971,600
Pasivo corriente
Cuentas a pagar
Deudas Fiscales
Total Pasivo Corriente
7,133,220
101,450
7,234,670
Pasivo no corriente
Deuda bancaria
Total pasivo no corriente
3,722,445
3,722,445
Total Pasivo
Patrimonio Neto
Capital
Ganancias Reservadas
Resultado del Ejercicio
Total Patrimonio Neto
Compras Mercaderas
Gastos Adm. Y Comerc.
Compras Bienes Uso
5,920,573
1,069,983
142,664
83%
15%
2%
10,957,115
100,000
904,298
1,010,187
2,014,485
Premisas
2
2004
2005
2006
2007
2008
43,999,725
(29,750,000)
56,466,314
(38,176,535)
64,559,819
(43,484,823)
70,155,003
(47,164,908)
71,090,403
(47,704,160)
71,327,371
(47,773,430)
14,249,725
32.4%
18,289,779
32.4%
21,074,996
32.6%
22,990,095
32.8%
23,386,243
32.9%
23,553,941
33.0%
(11,875,000)
(14,725,000)
(17,670,000)
(19,260,300)
(20,030,712)
(20,498,095)
2,374,725
5.4%
3,564,779
6.3%
3,404,996
5.3%
3,729,796
5.3%
3,355,532
4.7%
3,055,846
4.3%
Depreciacin
(225,000)
(275,000)
(325,000)
(365,000)
(405,000)
(445,000)
2,149,725
4.9%
3,289,779
5.8%
3,079,996
4.8%
3,364,796
4.8%
2,950,532
4.2%
2,610,846
3.7%
Intereses
Impuesto a las ganancias
(595,591)
(543,947)
(595,591)
(942,966)
(950,739)
(745,240)
(1,245,699)
(741,684)
(1,626,798)
(463,307)
(1,834,057)
(271,876)
Resultado Neto
% sobre Ventas Netas
1,010,187
2.3%
1,751,222
3.1%
1,384,017
2.1%
1,377,413
2.0%
860,427
1.2%
504,913
0.7%
4,281,600
2004
56,466,314
100%
56,466,314
21.0%
11,857,926
68,324,240
30
68,324,240
67,043,631
5,562,208
2005
64,559,819
100%
64,559,819
21.0%
13,557,562
78,117,381
30
78,117,381
77,320,131
6,359,458
2006
70,155,003
100%
70,155,003
21.0%
14,732,551
84,887,554
30
84,887,554
84,336,401
6,910,611
2007
71,090,403
100%
71,090,403
21.0%
14,928,985
86,019,388
30
86,019,388
85,927,246
7,002,753
2008
71,327,371
100%
71,327,371
21.0%
14,978,748
86,306,119
30
86,306,119
86,282,776
7,026,095
3,970,000
38,554,626
38,176,535
4,348,091
38,554,626
100%
38,554,626
21.0%
8,096,471
46,651,097
55
46,651,097
45,487,276
7,084,394
4,348,091
44,089,407
43,484,823
4,952,675
44,089,407
100%
44,089,407
21.0%
9,258,775
53,348,183
55
53,348,183
52,331,169
8,101,407
4,952,675
47,584,048
47,164,908
5,371,815
47,584,048
100%
47,584,048
21.0%
9,992,650
57,576,698
55
57,576,698
56,934,560
8,743,546
5,371,815
47,765,577
47,704,160
5,433,233
47,765,577
100%
47,765,577
21.0%
10,030,771
57,796,349
55
57,796,349
57,762,993
8,776,901
5,433,233
47,781,320
47,773,430
5,441,123
47,781,320
100%
47,781,320
21.0%
10,034,077
57,815,397
55
57,815,397
57,812,504
8,779,794
2004
14,725,000
75%
11,043,750
21.0%
2,319,188
17,044,188
35
17,044,188
16,479,796
1,634,374
500,000
100%
500,000
21.0%
105,000
605,000
90
605,000
598,486
149,178
2005
17,670,000
75%
13,252,500
21.0%
2,783,025
20,453,025
35
20,453,025
20,126,150
1,961,249
500,000
100%
500,000
21.0%
105,000
605,000
90
605,000
605,000
149,178
2006
19,260,300
75%
14,445,225
21.0%
3,033,497
22,293,797
35
22,293,797
22,117,285
2,137,761
400,000
100%
400,000
21.0%
84,000
484,000
90
484,000
513,836
119,342
2007
20,030,712
75%
15,023,034
21.0%
3,154,837
23,185,549
35
23,185,549
23,100,039
2,223,272
400,000
100%
400,000
21.0%
84,000
484,000
90
484,000
484,000
119,342
2008
20,498,095
75%
15,373,571
21.0%
3,228,450
23,726,545
35
23,726,545
23,674,669
2,275,148
400,000
100%
400,000
21.0%
84,000
484,000
90
484,000
484,000
119,342
Ventas
% con IVA
Total $ con IVA
Alcuota de IVA
IVA Dbito
Total Ventas con IVA
Poltica de cobranzas
Altas
Cobros
Saldo balance
Stock
Existencia inicial
Compras (por diferencia)
Costo de Ventas
Existencia final
Compras
% con IVA
Total $ con IVA
Alcuota de IVA
IVA Crdito
Total Compras con IVA
Poltica de pagos
Altas
Pagos
Saldo balance
EERR
POS IVA
FF
BCE
EERR
BCE
3,970,000
POS IVA
FF
BCE
5,920,573
EERR
POS IVA
FF
BCE
1,069,983
POS IVA
FF
BCE
142,664
Estados
3
2005
2006
2007
2008
11,857,926
11,857,926
13,557,562
13,557,562
14,732,551
14,732,551
14,928,985
14,928,985
14,978,748
14,978,748
Crdito Fiscales
IVA Compras
IVA Gastos Administrativos y Comerciales
IVA Compra de Bienes de Uso (CAPEX)
Total IVA Crdito
Posicin Anual
Pagos Anuales
(Dbito Fiscal) / Crdito Fiscal
8,096,471
2,319,188
105,000
10,520,659
(1,337,267)
(1,327,278)
(111,439)
9,258,775
2,783,025
105,000
12,146,800
(1,410,761)
(1,404,637)
(117,563)
9,992,650
3,033,497
84,000
13,110,147
(1,622,403)
(1,604,766)
(135,200)
10,030,771
3,154,837
84,000
13,269,608
(1,659,376)
(1,656,295)
(138,281)
10,034,077
3,228,450
84,000
13,346,527
(1,632,221)
(1,634,484)
(136,018)
FF
BCE
0
(101,450)
Flujo de Fondos
2003
Ao Base
2004
2005
2006
2007
2008
EBITDA
3,564,779
3,404,996
3,729,796
3,355,532
3,055,846
(500,000)
86,016
(942,966)
(500,000)
(51,821)
(745,240)
(400,000)
(163,842)
(741,684)
(400,000)
(31,612)
(463,307)
(400,000)
21,274
(271,876)
2,207,829
2,107,935
2,424,270
2,460,613
2,405,244
Intereses
Variaciones de Deuda Financiera
Dividendos
(595,591)
2,219,675
(800,000)
(950,739)
1,843,499
(875,611)
(1,245,699)
2,381,872
(830,410)
(1,626,798)
1,295,367
(964,189)
(1,834,057)
518,051
(602,299)
3,031,913
3,251,913
2,125,083
5,376,996
2,730,033
8,107,029
1,164,992
9,272,022
486,939
9,758,961
2004
2005
2006
2007
2008
220,000
220,000
2003
Ao Base
4,281,600
3,970,000
(7,133,220)
(101,450)
1,016,930
5,562,208
4,348,091
(8,867,946)
(111,439)
930,914
6,359,458
4,952,675
(10,211,834)
(117,563)
982,735
6,910,611
5,371,815
(11,000,649)
(135,200)
1,146,577
7,002,753
5,433,233
(11,119,516)
(138,281)
1,178,188
7,026,095
5,441,123
(11,174,285)
(136,018)
1,156,914
(1,016,930)
86,016
(51,821)
(163,842)
(31,612)
21,274
2003
Ao Base
2004
2005
2006
2007
2008
67,043,631
77,320,131
84,336,401
85,927,246
86,282,776
(45,487,276)
(16,479,796)
(598,486)
(1,327,278)
(942,966)
(64,835,803)
(52,331,169)
(20,126,150)
(605,000)
(1,404,637)
(745,240)
(75,212,196)
(56,934,560)
(22,117,285)
(513,836)
(1,604,766)
(741,684)
(81,912,131)
(57,762,993)
(23,100,039)
(484,000)
(1,656,295)
(463,307)
(83,466,633)
(57,812,504)
(23,674,669)
(484,000)
(1,634,484)
(271,876)
(83,877,533)
2,207,829
2,107,935
2,424,270
2,460,613
2,405,244
Intereses
Variaciones de Deuda Financiera
Dividendos
(595,591)
2,219,675
(800,000)
(950,739)
1,843,499
(875,611)
(1,245,699)
2,381,872
(830,410)
(1,626,798)
1,295,367
(964,189)
(1,834,057)
518,051
(602,299)
3,031,912
3,251,912
0
(0)
2,125,083
5,376,995
0
(0)
2,730,033
8,107,028
0
(0)
1,164,992
9,272,020
0
(0)
486,939
9,758,959
0
(0)
Pagos
Compras y gastos de fabricacin
Gastos Administrativos y Comerciales
CAPEX (Altas de Bienes de Uso)
Pago Posicin de IVA
Impuesto a las Ganancias
Total Pagos
BCE
220,000
Estados
4
2003
Ao Base
2005
2006
2007
2008
12,751,600
14,855,299
19,464,045
22,594,422
25,473,015
26,624,239
3,722,445
3,722,445
0
2,219,675
5,942,120
5,942,120
0
1,843,499
7,785,618
7,785,618
0
2,381,872
10,167,490
10,167,490
0
1,295,367
11,462,857
11,462,857
0
518,051
11,980,908
16%
2004
16%
595,591
16%
950,739
16%
1,245,699
16%
1,626,798
16%
1,834,057
200,000
40%
200,000
40%
200,000
45%
200,000
45%
200,000
45%
33%
36%
40%
43%
44%
29%
Balance
2003
Ao Base
2004
2005
2006
2007
2008
Activo
Activo Corriente
Caja y Bancos
Cuentas a Cobrar
Bienes de Cambio
Total Activo Corriente
220,000
4,281,600
3,970,000
8,471,600
3,251,913
5,562,208
4,348,091
13,162,211
5,376,996
6,359,458
4,952,675
16,689,128
8,107,029
6,910,611
5,371,815
20,389,455
9,272,022
7,002,753
5,433,233
21,708,007
9,758,961
7,026,095
5,441,123
22,226,178
Bienes de Uso
Total Activo no Corriente
4,500,000
4,500,000
4,725,000
4,725,000
4,900,000
4,900,000
4,935,000
4,935,000
4,930,000
4,930,000
4,885,000
4,885,000
12,971,600
17,887,211
21,589,128
25,324,455
26,638,007
27,111,178
Pasivo
Pasivo Corriente
Cuentas a Pagar
Deudas Fiscales
Total Pasivo Corriente
7,133,220
101,450
7,234,670
8,867,946
111,439
8,979,385
10,211,834
117,563
10,329,397
11,000,649
135,200
11,135,850
11,119,516
138,281
11,257,797
11,174,285
136,018
11,310,303
Pasivo no Corriente
Deuda Financiera
Total Pasivo no Corriente
3,722,445
3,722,445
5,942,120
5,942,120
7,785,618
7,785,618
10,167,490
10,167,490
11,462,857
11,462,857
11,980,908
11,980,908
10,957,115
14,921,504
18,115,016
21,303,340
22,720,654
23,291,211
100,000
904,298
1,010,187
2,014,485
100,000
1,114,485
1,751,222
2,965,707
100,000
1,990,096
1,384,017
3,474,113
100,000
2,543,703
1,377,413
4,021,116
100,000
2,956,927
860,427
3,917,353
100,000
3,215,055
504,913
3,819,967
12,971,600
0
17,887,211
0
0
0
21,589,128
0
0
0
25,324,455
0
0
0
26,638,007
0
0
0
27,111,178
0
0
0
Total Activo
Total Pasivo
Patrimonio Neto
Capital
Ganancias Reservadas
Resultado del Ejercicio
Total Patrimonio Neto
Total Patrimonio Neto + Pasivo
Control
Estados
5
5.00%
0.9300
7.80%
6.86%
19.11%
WACC
Deuda Financiera sobre Total Fuente de Fondos
Tasa de inters de Deuda (i)
64.89%
16.00%
35.11%
19.11%
17.09%
17.09%
2.00%
14.80%
2003
Ao Base
Estado de Valuacin
WACC
Flujo de Fondos Operativo
Flujo de Fondos descontado
Tasa de crecimiento a perpetuidad
Valor Residual
Valor Residual Descontado
46%
2006
2007
2008
2,207,829
2,107,935
2,424,270
2,460,613
2,405,244
18,359,245
7,748,446
1.50%
54%
9,208,576
16,957,022
Caja Inicial
Deuda Financiera Inicial
220,000
(3,722,445)
13,454,577
2005
14.80%
Valor de la Empresa
Mltiplo de EBITDA
Mltiplo de Ventas
2004
5.7x
0.3x
Estados
6