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CUENTAS Año 2010 Año 2011

ACTIVO
Activo corriente
Efectivo y equivalentes de efectivo 3,584,569 3,218,920
Deudores comerciales y otras cuentas por cobrar 5,311,593 8,405,355
Inventarios 3,873,334 5,206,945
Inversiones 2,789,330 1,413,528
Total activo corriente 15,558,826 18,244,748
Activo no corriente
Inversiones en asociadas y negocios conjuntos 0 1,658,324
Propiedades, planta y equipo, neto 32,677,167 32,847,688
activos intangibles 2,720,802 3,220,641
VALORIZACIONES 15,172,280 36,748,705
Activos diferidos 6,039,224 6,404,020
Otros activos no corrientes 26,934 26,934
Total activo no corriente 56,636,407 80,906,312
TOTAL ACTIVOS 72,195,233 99,151,060
PASIVO
Pasivo corriente
Obligaciones financieras 5,779,517 3,157,525
PROVEEDORES 9,061,151 10,435,085
CUENTAS POR PAGAR 4,802,084 1,687,031
IMPUESTOS, GRAVAMENES Y TASAS 5,401,427 7,119,281
OBLIGACIONES LABORALES 3,548,726 3,889,335
PASIVOS ESTIMADOS Y PROVISIONES 1,560 7,182
Otros pasivos corrientes 895,128 984,362
Total pasivo corriente 29,489,593 27,279,801
Pasivos no corriente
Obligaciones financieras 3,400,335 7,627,265
OBLIGACIONES LABORALES 62,459 47,408
PASIVOS ESTIMADOS Y PROVISIONES 0 0
DIFERIDO 1,013,387 2,370,150
Otros pasivos no corrientes 0 0
Total pasivo no corriente 4,476,181 10,044,823
TOTAL PASIVO 33,965,774 37,324,624
PATRIMONIO
CAPITAL SOCIAL 950,000 950,000
RESERVAS 570,873 2,720,481
REVARORIZACION DEL PATRIMONIO 3,367,327 1,938,035
RESULTADO DEL EJERCICIO 11,031,544 6,949,843
RESULTADO DEL EJERICIO ANTERIORES 7,137,435 12,519,371
SUPERAVIT POR VALORIZACIONES 15,172,280 36,748,706
TOTAL PATRIMONIO 38,229,459 61,826,436
TOTAL PASIVO Y PATRIMONIO 72,195,233 99,151,060
ANALISIS HORIZONTAL CREPES & WAFFLES
ESTADO DE SITUACION FINANCIERA
EN MILES $

variacion absoluta
Año 2012 Año 2013 Año 2014 Año 2015 2010-2011 2011-2012 2012-2013

3,990,170 5,755,227 3,140,887 5,518,400 -365,649 771,250 1,765,057


9,807,789 9,722,133 8,369,462 10,148,028 3,093,762 1,402,434 -85,656
5,048,138 5,892,272 6,324,244 6,888,636 1,333,611 -158,807 844,134
1,021,128 1,392,316 11,937,255 11,520,392 -1,375,802 -392,400 371,188
19,867,225 22,761,948 29,771,848 34,075,456 2,685,922 1,622,477 2,894,723

2,007,298 3,736,272 5,537,733 8,484,683 1,658,324 348,974 1,728,974


36,602,388 37,639,159 36,314,564 35,653,947 170,521 3,754,700 1,036,771
9,463,742 8,091,455 18,312,468 20,266,167 499,839 6,243,101 -1,372,287
36,730,706 36,724,276 55,972,964 55,972,964 21,576,425 -17,999 -6,430
8,997,832 6,945,666 8,893,986 10,803,679 364,796 2,593,812 -2,052,166
26,934 26,934 26,934 26,934 0 0 0
93,828,900 93,163,762 125,058,649 131,208,374 24,269,905 12,922,588 -665,138
113,696,125 115,925,710 154,830,497 165,283,830 26,955,827 14,545,065 2,229,585

1,523,395 4,061,465 849,892 21,282 -2,621,992 -1,634,130 2,538,070


11,089,067 11,481,418 12,239,729 13,710,711 1,373,934 653,982 392,351
3,248,389 2,699,004 1,888,941 11,542,623 -3,115,053 1,561,358 -549,385
7,559,523 7,666,808 9,165,458 15,135,992 1,717,854 440,242 107,285
4,248,708 4,632,870 5,113,678 5,614,863 340,609 359,373 384,162
17,984 94,411 177,890 213,056 5,622 10,802 76,427
998,887 0 0 0 89,234 14,525 -998,887
28,685,953 30,635,976 29,435,588 46,238,527 -2,209,792 1,406,152 1,950,023

13,669,634 6,789,577 12,316,529 10,314,004 4,226,930 6,042,369 -6,880,057


55,289 0 0 0 -15,051 7,881 -55,289
0 0 201,271 39,231 0 0 0
2,394,274 3,796,041 7,455,659 9,621,716 1,356,763 24,124 1,401,767
0 1,228,809 1,321,504 1,518,489 0 0 1,228,809
16,119,197 11,814,427 21,294,963 21,493,440 5,568,642 6,074,374 -4,304,770
44,805,150 42,450,403 50,730,551 67,731,967 3,358,850 7,480,526 -2,354,747

950,000 950,000 950,000 950,000 0 0 0


3,659,356 3,859,315 4,536,575 4,115,772 2,149,608 938,875 199,959
1,938,035 1,938,035 1,938,035 1,938,035 -1,429,292 0 0
10,582,539 10,590,761 17,261,891 20,569,666 -4,081,701 3,632,696 8,222
15,030,339 19,412,920 23,440,481 14,005,426 5,381,936 2,510,968 4,382,581
36,730,706 36,724,276 55,972,964 55,972,964 21,576,426 -18,000 -6,430
68,890,975 73,475,307 104,099,946 97,551,863 23,596,977 7,064,539 4,584,332
113,696,125 115,925,710 154,830,497 165,283,830 26,955,827 14,545,065 2,229,585
on absoluta % variacion relativa
2013-2014 2014-2015 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015

-2,614,340 2,377,513 -10.20% 23.96% 44.24% -45.43% 75.70%


-1,352,671 1,778,566 58.25% 16.69% -0.87% -13.91% 21.25%
431,972 564,392 34.43% -3.05% 16.72% 7.33% 8.92%
10,544,939 -416,863 -49.32% -27.76% 36.35% 757.37% -3.49%
7,009,900 4,303,608 17.26% 8.89% 14.57% 30.80% 14.46%

1,801,461 2,946,950 #DIV/0! 21.04% 86.13% 48.22% 53.22%


-1,324,595 -660,617 0.52% 11.43% 2.83% -3.52% -1.82%
10,221,013 1,953,699 18.37% 193.85% -14.50% 126.32% 10.67%
19,248,688 0 142.21% -0.05% -0.02% 52.41% 0.00%
1,948,320 1,909,693 6.04% 40.50% -22.81% 28.05% 21.47%

variacion relativa
0 0 0.00% 0.00% 0.00% 0.00% 0.00%
31,894,887 6,149,725 42.85% 15.97% -0.71% 34.24% 4.92%
38,904,787 10,453,333 37.34% 14.67% 1.96% 33.56% 6.75%

-3,211,573 -828,610 -45.37% -51.75% 166.61% -79.07% -97.50%


758,311 1,470,982 15.16% 6.27% 3.54% 6.60% 12.02%
-810,063 9,653,682 -64.87% 92.55% -16.91% -30.01% 511.06%
1,498,650 5,970,534 31.80% 6.18% 1.42% 19.55% 65.14%
480,808 501,185 9.60% 9.24% 9.04% 10.38% 9.80%
83,479 35,166 360.38% 150.40% 424.97% 88.42% 19.77%
0 0 9.97% 1.48% -100.00% #DIV/0! #DIV/0!
-1,200,388 16,802,939 -7.49% 5.15% 6.80% -3.92% 57.08%

5,526,952 -2,002,525 124.31% 79.22% -50.33% 81.40% -16.26%


0 0 -24.10% 16.62% -100.00% #DIV/0! #DIV/0!
201,271 -162,040 #DIV/0! #DIV/0! #DIV/0! #DIV/0! -80.51%
3,659,618 2,166,057 133.88% 1.02% 58.55% 96.41% 29.05%
92,695 196,985 #DIV/0! #DIV/0! #DIV/0! 7.54% 14.91%
9,480,536 198,477 124.41% 60.47% -26.71% 80.25% 0.93%
8,280,148 17,001,416 9.89% 20.04% -5.26% 19.51% 33.51%

0 0 0.00% 0.00% 0.00% 0.00% 0.00%


677,260 -420,803 376.55% 34.51% 5.46% 17.55% -9.28%
0 0 -42.45% 0.00% 0.00% 0.00% 0.00%
6,671,130 3,307,775 -37.00% 52.27% 0.08% 62.99% 19.16%
4,027,561 -9,435,055 75.40% 20.06% 29.16% 20.75% -40.25%
19,248,688 0 142.21% -0.05% -0.02% 52.41% 0.00%
30,624,639 -6,548,083 61.72% 11.43% 6.65% 41.68% -6.29%
38,904,787 10,453,333 37.34% 14.67% 1.96% 33.56% 6.75%
ACTIVOS
45.00%

40.00%
variacion relativa

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
2010-2011 2011-2012 2012-2013 2013-2014 2014-2015
-5.00%

70.00%
BALANCE GENER
60.00%

50.00%

40.00%
Axis Title

30.00%
60.00%

50.00%

40.00%

Axis Title
30.00%

20.00%

10.00%

0.00%
2010-2011 2011-2012 2012-2013

-10.00%
PASIVOS
140.00%
Variación Relativa

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
2010-2011 2011-2012 2012-2013 2013-2014
-20.00%

-40.00%

BALANCE GENERAL
2011-2012 2012-2013 2013-2014 2014-2015
ANALISIS HORIZONTAL CREPES & WA
ESTADO DE RESULTADO

Cuenta Año 2010 Año 2011

INGRESOS OPERACIONALES 153,964,254 171,183,098

MENOS: COSTO DE VENTAS Y DE PRESTACIÓN DE SERVICIOS 70,005,308 81,442,416


UTILIDAD BRUTA 83,958,946 89,740,682

MENOS: GASTOS OPERACIONALES DE ADMINISTRACIÓN 11,335,366 12,220,793

MENOS: GASTOS OPERACIONALES DE VENTAS 57,754,862 65,760,774


UTILIDAD OPERACIONAL 14,868,718 11,759,115

MAS: INGRESOS NO OPERACIONALES 3,029,137 2,623,487

MENOS: GASTOS NO OPERACIONALES 3,145,382 3,032,074

UTILIDAD ANTES DE IMPUESTOS 14,752,473 11,350,528

MENOS: IMPUESTO DE RENTA Y COMPLEMENTARIOS 3,720,929 4,400,685

GANANCIAS Y PERDIDAS 11,031,544 6,949,843


total de costos y gastos 145,961,847 166,856,742
LISIS HORIZONTAL CREPES & WAFFLES
ESTADO DE RESULTADO
EN MILES $

variacion absoluta
Año 2012 Año 2013 Año 2014 Año 2015 2010-2011 2011-2012 2012-2013 2013-2014

189,824,224 222,121,110 244,654,519 268,822,625 17,218,844 18,641,126 32,296,886 22,533,409

85,920,877 98,716,307 107,021,447 116,734,500 11,437,108 4,478,461 12,795,430 8,305,140


103,903,347 123,404,803 137,633,072 152,088,125 5,781,736 14,162,665 19,501,456 14,228,269

13,272,321 14,288,536 15,632,295 17,940,063 885,427 1,051,528 1,016,215 1,343,759

75,028,426 90,795,922 95,366,732 102,197,668 8,005,912 9,267,652 15,767,496 4,570,810


15,602,600 18,320,345 26,634,045 31,950,394 -3,109,603 3,843,485 2,717,745 8,313,700

2,116,716 2,295,755 3,862,078 4,787,935 -405,650 -506,771 179,039 1,566,323

3,462,796 3,197,680 3,171,984 4,082,206 -113,308 430,722 -265,116 -25,696

14,256,520 17,418,420 27,324,139 32,656,123 -3,401,945 2,905,992 3,161,900 9,905,719

3,673,981 6,827,659 10,062,248 12,086,457 679,756 -726,704 3,153,678 3,234,589

10,582,539 10,590,761 17,261,891 20,569,666 -4,081,701 3,632,696 8,222 6,671,130


181,358,401 213,826,104 231,254,706 253,040,894 20,894,895 14,501,659 32,467,703 17,428,602
a % variacion relativa
2014-2015 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015

24,168,106 11.18% 10.89% 17.01% 10.14% 9.88%

9,713,053 16.34% 5.50% 14.89% 8.41% 9.08%


14,455,053 6.89% 15.78% 18.77% 11.53% 10.50% estado
2,307,768 7.81% 8.60% 7.66% 9.40% 14.76% 80.00%

6,830,936 13.86% 14.09% 21.02% 5.03% 7.16% 60.00%


5,316,349 -20.91% 32.69% 17.42% 45.38% 19.96%
40.00%
925,857 -13.39% -19.32% 8.46% 68.23% 23.97%

20.00%

v.relativa
910,222 -3.60% 14.21% -7.66% -0.80% 28.70%

5,331,984 -23.06% 25.60% 22.18% 56.87% 19.51% 0.00%


2010-2011 2011-2012
2,024,209 18.27% -16.51% 85.84% 47.37% 20.12%
-20.00%
3,307,775 -37.00% 52.27% 0.08% 62.99% 19.16%
21,786,188 14.32% 8.69% 17.90% 8.15% 9.42% -40.00%

-60.00%
estado de resultado
80.00% 80.00%

60.00% 60.00%

40.00%
40.00%
20.00%
v.relativa

20.00%
0.00%
2010-2011 2011-2012 2012-2013 2013-2014 2014-2015
0.00%
-20.00%

-40.00% -20.00%

-60.00% -40.00%
ANALISIS VERTICAL CREPES & WAFFLES
ESTADO DE SITUACION FINANCIERA
EN MILES $

CUENTA Año 2010 % Del total Año 2011 % Del total Año 2012

ACTIVO
Activo corriente
Efectivo y equivalentes de efectivo 3,584,569 4.97% 3,218,920 3.25% 3,990,170
Deudores comerciales y otras cuentas por cobrar 5,311,593 7.36% 8,405,355 8.48% 9,807,789
Inventarios 3,873,334 5.37% 5,206,945 5.25% 5,048,138
Inversiones 2,789,330 3.86% 1,413,528 1.43% 1,021,128
Total activo corriente 15,558,826 21.55% 18,244,748 18.40% 19,867,225
Activo no corriente
Inversiones en asociadas y negocios conjuntos 0 0.00% 1,658,324 1.67% 2,007,298
Propiedades, planta y equipo, neto 32,677,167 45.26% 32,847,688 33.13% 36,602,388
activos intangibles 2,720,802 3.77% 3,220,641 3.25% 9,463,742
VALORIZACIONES 15,172,280 21.02% 36,748,705 37.06% 36,730,706
Activos por impuestos diferidos 6,039,224 8.37% 6,404,020 6.46% 8,997,832
Otros activos no corrientes 26,934 0.04% 26,934 0.03% 26,934
Total activo no corriente 56,636,407 78.45% 80,906,312 81.60% 93,828,900
TOTAL ACTIVOS 72,195,233 100% 99,151,060 100% 113,696,125
PASIVO
Pasivo corriente
Obligaciones financieras 5,779,517 8.01% 3,157,525 3.18% 1,523,395
PROVEEDORES 9,061,151 12.55% 10,435,085 10.52% 11,089,067
CUENTAS POR PAGAR 4,802,084 6.65% 1,687,031 1.70% 3,248,389
IMPUESTOS, GRAVAMENES Y TASAS 5,401,427 7.48% 7,119,281 7.18% 7,559,523
OBLIGACIONES LABORALES 3,548,726 4.92% 3,889,335 3.92% 4,248,708
PASIVOS ESTIMADOS Y PROVISIONES 1,560 0.00% 7,182 0.01% 17,984
Otros pasivos corrientes 895,128 1.24% 984,362 0.99% 998,887
Total pasivo corriente 29,489,593 40.85% 27,279,801 27.51% 28,685,953
Pasivos no corriente
Obligaciones financieras 3,400,335 4.71% 7,627,265 7.69% 13,669,634
OBLIGACIONES LABORALES 62,459 0.09% 47,408 0.05% 55,289
PASIVOS ESTIMADOS Y PROVISIONES 0 0.00% 0 0.00% 0
DIFERIDO 1,013,387 1.40% 2,370,150 2.39% 2,394,274
Otros pasivos no corrientes 0 0.00% 0 0.00% 0
Total pasivo no corriente 4,476,181 6.20% 10,044,823 10.13% 16,119,197
TOTAL PASIVO 33,965,774 47.05% 37,324,624 37.64% 44,805,150
PATRIMONIO
CAPITAL SOCIAL 950,000 1.32% 950,000 0.96% 950,000
RESERVAS 570,873 0.79% 2,720,481 2.74% 3,659,356
REVARORIZACION DEL PATRIMONIO 3,367,327 4.66% 1,938,035 1.95% 1,938,035
RESULTADO DEL EJERCICIO 11,031,544 15.28% 6,949,843 7.01% 10,582,539
RESULTADO DEL EJERICIO ANTERIORES 7,137,435 9.89% 12,519,371 12.63% 15,030,339
SUPERAVIT POR VALORIZACIONES 15,172,280 21.02% 36,748,706 37.06% 36,730,706
TOTAL PATRIMONIO 38,229,459 52.95% 61,826,436 62.36% 68,890,975
TOTAL PASIVO Y PATRIMONIO 72,195,233 100% 99,151,060 100% 113,696,125
& WAFFLES

% Del total Año 2013 % Del total Año 2014 % Del total Año 2015 % Del total

3.51% 5,755,227 4.96% 3,140,887 2.03% 5,518,400 3.34%


8.63% 9,722,133 8.39% 8,369,462 5.41% 10,148,028 6.14%
4.44% 5,892,272 5.08% 6,324,244 4.08% 6,888,636 4.17%
0.90% 1,392,316 1.20% 11,937,255 7.71% 11,520,392 6.97%
17.47% 22,761,948 19.63% 29,771,848 19.23% 34,075,456 20.62%

1.77% 3,736,272 3.22% 5,537,733 3.58% 8,484,683 5.13%


32.19% 37,639,159 32.47% 36,314,564 23.45% 35,653,947 21.57%
8.32% 8,091,455 6.98% 18,312,468 11.83% 20,266,167 12.26%
32.31% 36,724,276 31.68% 55,972,964 36.15% 55,972,964 33.86%
7.91% 6,945,666 5.99% 8,893,986 5.74% 10,803,679 6.54%
0.02% 26,934 0.02% 26,934 0.02% 26,934 0.02%
82.53% 93,163,762 80.37% 125,058,649 80.77% 131,208,374 79.38%
100% 115,925,710 100% 154,830,497 100% 165,283,830 100%

1.34% 4,061,465 3.50% 849,892 0.55% 21,282 0.01%


9.75% 11,481,418 9.90% 12,239,729 7.91% 13,710,711 8.30%
2.86% 2,699,004 2.33% 1,888,941 1.22% 11,542,623 6.98%
6.65% 7,666,808 6.61% 9,165,458 5.92% 15,135,992 9.16%
3.74% 4,632,870 4.00% 5,113,678 3.30% 5,614,863 3.40%
0.02% 94,411 0.08% 177,890 0.11% 213,056 0.13%
0.88% 0 0.00% 0 0.00% 0 0.00%
25.23% 30,635,976 26.43% 29,435,588 19.01% 46,238,527 27.98%

12.02% 6,789,577 5.86% 12,316,529 7.95% 10,314,004 6.24%


0.05% 0 0.00% 0 0.00% 0 0.00%
0.00% 0 0.00% 201,271 0.13% 39,231 0.02%
2.11% 3,796,041 3.27% 7,455,659 4.82% 9,621,716 5.82%
0.00% 1,228,809 1.06% 1,321,504 0.85% 1,518,489 0.92%
14.18% 11,814,427 10.19% 21,294,963 13.75% 21,493,440 13.00%
39.41% 42,450,403 36.62% 50,730,551 32.77% 67,731,967 40.98%

0.84% 950,000 0.82% 950,000 0.61% 950,000 0.57%


3.22% 3,859,315 3.33% 4,536,575 2.93% 4,115,772 2.49%
1.70% 1,938,035 1.67% 1,938,035 1.25% 1,938,035 1.17%
9.31% 10,590,761 9.14% 17,261,891 11.15% 20,569,666 12.45%
13.22% 19,412,920 16.75% 23,440,481 15.14% 14,005,426 8.47%
32.31% 36,724,276 31.68% 55,972,964 36.15% 55,972,964 33.86%
60.59% 73,475,307 63.38% 104,099,946 67.23% 97,551,863 59.02%
100% 115,925,710 100% 154,830,497 100% 165,283,830 100%
ANALISIS VERTICAL CREPES & WAFFLES
ESTADO DE RESULTADO
EN MILES $

Cuenta Año 2010 % Del total Año 2011 % Del total

INGRESOS OPERACIONALES 153,964,254 100% 171,183,098 111%


MENOS: COSTO DE VENTAS Y DE PRESTACIÓN DE SERVICIOS 70,005,308 45.47% 81,442,416 47.6%
UTILIDAD BRUTA 116,734,500 75.82% 81,442,416 47.58%

MENOS: GASTOS OPERACIONALES DE ADMINISTRACIÓN 11,335,366 7.36% 12,220,793 7.14%

MENOS: GASTOS OPERACIONALES DE VENTAS 57,754,862 37.51% 65,760,774 38.42%

UTILIDAD OPERACIONAL 14,868,718 9.66% 11,759,115 6.87%

MAS: INGRESOS NO OPERACIONALES 3,029,137 1.97% 2,623,487 1.53%

MENOS: GASTOS NO OPERACIONALES 3,145,382 2.04% 3,032,074 1.77%

UTILIDAD ANTES DE IMPUESTOS 14,752,473 9.58% 11,350,528 6.63%

MENOS: IMPUESTO DE RENTA Y COMPLEMENTARIOS 3,720,929 2.42% 4,400,685 2.57%

GANANCIAS Y PERDIDAS 11,031,544 7.17% 6,949,843 4.06%


TICAL CREPES & WAFFLES
DO DE RESULTADO

Año 2012 % Del total Año 2013 % Del total Año 2014 % Del total Año 2015 % Del total

189,824,224 110.89% 222,121,110 117% 244,654,519 110% 268,822,625 110%


85,920,877 45.26% 98,716,307 44.44% 107,021,447 43.74% 116,734,500 43.42%
103,903,347 54.74% 123,404,803 55.56% 137,633,072 56.26% 152,088,125 56.58%

13,272,321 6.99% 14,288,536 6.43% 15,632,295 6.39% 17,940,063 6.67%

75,028,426 39.53% 90,795,922 40.88% 95,366,732 38.98% 102,197,668 38.02%

15,602,600 8.22% 18,320,345 8.25% 26,634,045 10.89% 31,950,394 11.89%

2,116,716 1.12% 2,295,755 1.03% 3,862,078 1.58% 4,787,935 1.78%

3,462,796 1.82% 3,197,680 1.44% 3,171,984 1.30% 4,082,206 1.52%

14,256,520 7.51% 17,418,420 7.84% 27,324,139 11.17% 32,656,123 12.15%

3,673,981 1.94% 6,827,659 3.07% 10,062,248 4.11% 12,086,457 4.50%

10,582,539 5.57% 10,590,761 4.77% 17,261,891 7.06% 20,569,666 7.65%


2010
CUENTAS CREPES & WAFFLES % CIRCULOS DORADOS % FRISBY

ACTIVO
Total activo corriente 15,558,826 21.55% 25,757,233 17.14% 11,772,967
Activo no corriente 56,636,407 78.45% 124,475,907 82.86% 17,435,309
TOTAL ACTIVOS 72,195,233 100% 150,233,140 29,208,276
PASIVO
Total Pasivo corriente 29,489,593 40.85% 29,885,081 19.89% 17,766,703
Total pasivo no corriente 4,476,181 6.20% 1,764,113 1.17% 139,207
TOTAL PASIVO 33,965,774 47.05% 31,649,194 21.07% 17,905,910
PATRIMONIO
TOTAL PATRIMONIO 38,229,459 52.95% 118,583,946 78.93% 11,302,366
TOTAL PASIVO Y PATRIMONIO 72,195,233 100% 150,233,140 100% 29,208,276

2011
CUENTAS CREPES & WAFFLES % CIRCULOS DORADOS % FRISBY

ACTIVO
Total activo corriente 18,244,748 18.40% 27,536,641 16.53% 14,099,708
Activo no corriente 80,906,312 81.60% 139,034,615 83.47% 25,870,393
TOTAL ACTIVOS 99,151,060 100% 166,571,256 100% 39,970,101
PASIVO
Total Pasivo corriente 27,279,801 27.51% 38,966,105 23.39% 23,930,087
Total pasivo no corriente 10,044,823 10.13% 13,021,296 7.82% 0
TOTAL PASIVO 37,324,624 37.64% 51,987,401 31.21% 23,930,087
PATRIMONIO
TOTAL PATRIMONIO 61,826,436 62.36% 114,583,855 68.79% 16,040,014
TOTAL PASIVO Y PATRIMONIO 99,151,060 100% 166,571,256 100% 39,970,101

2012
CUENTAS CREPES & WAFFLES % CIRCULOS DORADOS % FRISBY

ACTIVO
Total activo corriente 19,867,227 17.47% 35,233,276 16.86% 18,500,014
Activo no corriente 93,828,900 82.53% 173,729,805 83.14% 29,952,564
TOTAL ACTIVOS 113,696,125 100% 208,963,081 100% 48,452,578
PASIVO
Total Pasivo corriente 28,685,953 25.23% 43,876,372 21.00% 32,141,690
Total pasivo no corriente 16,119,197 14.18% 44,403,458 21.25% 0
TOTAL PASIVO 44,805,150 39.41% 88,279,830 42.25% 32,141,690
PATRIMONIO
TOTAL PATRIMONIO 68,890,975 60.59% 120,683,251 57.75% 16,310,888
TOTAL PASIVO Y PATRIMONIO 113,696,125 100% 208,963,081 100% 48,452,578

2013
CUENTAS CREPES & WAFFLES % CIRCULOS DORADOS % FRISBY

ACTIVO
Total activo corriente 22,761,948 19.63% 42,909,271 14.89% 30,649,426
Activo no corriente 93,163,762 80.37% 245,340,481 85.11% 25,214,531
TOTAL ACTIVOS 115,925,710 100% 288,249,752 100% 55,863,957
PASIVO
Total Pasivo corriente 30,635,976 26.43% 45,358,431 15.74% 37,537,258
Total pasivo no corriente 11,814,427 10.19% 70,682,042 24.52% 0
TOTAL PASIVO 42,450,403 36.62% 116,040,473 40.26% 37,537,258
PATRIMONIO
TOTAL PATRIMONIO 73,475,307 63.38% 172,209,279 59.74% 18,326,699
TOTAL PASIVO Y PATRIMONIO 115,925,710 100% 288,249,752 100% 55,863,957

2014
CUENTAS CREPES & WAFFLES % CIRCULOS DORADOS % FRISBY

ACTIVO
Total activo corriente 29,771,848 19.23% 42,231,758 15.34% 39,676,729
Activo no corriente 125,058,649 80.77% 233,018,826 84.66% 44,116,389
TOTAL ACTIVOS 154,830,497 100% 275,250,584 100% 83,793,118
PASIVO
Total Pasivo corriente 29,435,588 19.01% 128,986,414 46.86% 49,246,721
Total pasivo no corriente 21,294,963 13.75% 9,261,966 3.36% 0
TOTAL PASIVO 50,730,551 32.77% 138,248,380 50.23% 49,246,721
PATRIMONIO
TOTAL PATRIMONIO 104,099,946 67.23% 137,002,204 49.77% 34,546,397
TOTAL PASIVO Y PATRIMONIO 154,830,497 100% 275,250,584 100% 83,793,118

2015
CUENTAS CREPES & WAFFLES % CIRCULOS DORADOS % FRISBY
ACTIVO
Total activo corriente 15,558,826 21.55% $46,666,119 18.94% 11,772,967
Activo no corriente 56,636,407 78.45% $199,703,035 81.06% 17,435,309
TOTAL ACTIVOS 72,195,233 100.00% $246,369,154 100.00% 29,208,276
PASIVO
Total Pasivo corriente 29,489,593 40.85% $52,401,847 21.27% 17,766,703
Total pasivo no corriente 4,476,181 6.20% $139,885,210 56.78% 139,207
TOTAL PASIVO 33,965,774 47.05% $192,287,057 78.05% 17,905,910
PATRIMONIO
TOTAL PATRIMONIO 38,229,459 52.95% $54,082,097 21.95% 11,302,366
TOTAL PASIVO Y PATRIMONIO 72,195,233 100% $246,369,154 100% 29,208,276
2010
% Cuenta CREPES & WAFFLES % CIRCULOS DORADOS

INGRESOS OPERACIONALES 153,964,254 100.00% 164,886,111


40.31% costos de ventas 70,005,308 45.47% 71,108,567
59.69% UTILIDAD BRUTA 83,958,946 54.53% 93,777,544
100% UTILIDAD OPERACIONAL 14,868,718 9.66% -12,134,963
GANANCIAS Y PERDIDAS 11,031,544 7.17% -11,586,417
60.83%
0.48%
61.30%

38.70%
100%

2011
% Cuenta CREPES & WAFFLES % CIRCULOS DORADOS

INGRESOS OPERACIONALES 171,183,098 100.00% 198,240,390


35.28% costos de ventas 81,442,416 47.58% 88,257,156
64.72% UTILIDAD BRUTA 89,740,682 52.42% 109,983,234
100% UTILIDAD OPERACIONAL 11,759,115 6.87% -8,115,060
GANANCIAS Y PERDIDAS 6,949,843 4.06% -3,938,445
59.87%
0.00%
59.87%

40.13%
100%

2012
% Cuenta CREPES & WAFFLES % CIRCULOS DORADOS

INGRESOS OPERACIONALES 189,824,224 100.00% 214,798,808


38.18% costos de ventas 85,920,877 45.26% 93,788,641
61.82% UTILIDAD BRUTA 103,903,347 54.74% 121,010,167
100.00% UTILIDAD OPERACIONAL 15,602,600 8.22% -7,626,630
GANANCIAS Y PERDIDAS 10,582,539 5.57% -4,175,748
66.34%
0.00%
66.34%

33.66%
100%

2013
% Cuenta CREPES & WAFFLES % CIRCULOS DORADOS

INGRESOS OPERACIONALES 222,121,110 100.00% 236,068,051


54.86% costos de ventas 98,716,307 44.44% 101,059,729
45.14% UTILIDAD BRUTA 123,404,803 55.56% 135,008,322
100% UTILIDAD OPERACIONAL 18,320,345 8.25% -30,685,526
GANANCIAS Y PERDIDAS 10,590,761 4.77% -34,924,486
67.19%
0.00%
67.19%

32.81%
100%

2014
% Cuenta CREPES & WAFFLES % CIRCULOS DORADOS

INGRESOS OPERACIONALES 244,654,519 100.00% 240,470,495


47.35% costos de ventas 107,021,447 43.74% 102,049,609
52.65% UTILIDAD BRUTA 137,633,072 56.26% 138,420,886
100% UTILIDAD OPERACIONAL 26,634,045 10.89% -18,353,710
GANANCIAS Y PERDIDAS 17,261,891 7.06% -28,468,871
58.77%
0.00%
58.77%

41.23%
100%

2015
% Cuenta CREPES & WAFFLES % CIRCULOS DORADOS
INGRESOS OPERACIONALES 268,822,625 100.00% $263,931,345
40.31% costos de ventas 116,734,500 43.42% $121,215,809
59.69% UTILIDAD BRUTA 152,088,125 56.58% $142,715,536
100.00% UTILIDAD OPERACIONAL 31,950,394 11.89% -$23,697,045
GANANCIAS Y PERDIDAS 20,569,666 7.65% -$62,716,894
60.83%
0.48%
61.30%

38.70%
100%
ingresos operacionales
2010 2011
crepes 153,964,254 171,183,098
c.dorados 164,886,111 198,240,390
% FRISBY % frisby 108,114,414 132,469,088
100.00% 108,114,414 100.00%
43.13% 48,291,548 44.67%
56.87% 59,822,866
-7.36% -435,961
55.33%
-0.40%
ventas
300,000,000
-7.03% 2,694,676 2.49%
250,000,000

200,000,000

150,000,000

100,000,000

50,000,000

0
2010 2011 2012 2013
% FRISBY %
100.00% 132,469,088 100.00% crepes c.dorados fri s by
44.52% 56,890,473 42.95%
55.48% 75,578,615 57.05%
-4.09% 3,594,195 2.71%
-1.99% 2,472,996 1.87% 2010 2011
crepes 11,031,544 6,949,843
c.dorados -11,586,417 -3,938,445
frisby 2,694,676 2,472,996

Utilidad Neta
% FRISBY % 30,000,000
100.00% 153,067,511 100.00% 20,000,000
43.66% 67,015,710 43.78%
10,000,000
56.34% 86,051,801 56.22%
-3.55% 4,177,232 2.73% 0
1 2 3
-1.94% 2,293,534 1.50% -10,000,000
-20,000,000
-30,000,000
-40,000,000
-50,000,000
-60,000,000
-70,000,000

crepes c.dora dos fri


-30,000,000
-40,000,000
-50,000,000
-60,000,000
-70,000,000

crepes c.dora dos fri

% FRISBY %
100.00% 191,357,980 100.00%
42.81% 81,371,248 42.52%
57.19% 109,986,732 57.48%
-13.00% 6,544,683 3.42%
-14.79% 3,733,627 1.95%

% FRISBY %
100.00% 222,917,368 100.00%
42.44% 91,533,307 41.06%
57.56% 131,384,061 58.94%
-7.63% 8,584,298 3.85%
-11.84% 5,347,435 2.40%

% FRISBY %
100.00% 265,186,454 100.00%
45.93% 113,296,702 42.72%
54.07% 151,889,752 57.28%
-8.98% 8,300,018 3.13%
-23.76% 6,944,785 2.62%
ingresos operacionales
2012 2013 2014 2015
189,824,224 222,121,110 244,654,519 268,822,625
214,798,808 236,068,051 240,470,495 $263,931,345
153,067,511 191,357,980 222,917,368 265,186,454

ventas

2011 2012 2013 2014 2015

crepes c.dorados fri s by

2012 2013 2014 2015


10,582,539 10,590,761 17,261,891 20,569,666
-4,175,748 -34,924,486 -28,468,871 -$62,716,894
2,293,534 3,733,627 5,347,435 6,944,785

Utilidad Neta

2 3 4 5 6

crepes c.dora dos fris by


crepes c.dora dos fris by
CUENTAS Año 2010 Año 2011 Año 2012 Año 2013 Año 2014

ACTIVO
Activo corriente
Efectivo y equivalentes de efectivo 3,584,569 3,218,920 3,990,170 5,755,227 3,140,887
Deudores comerciales y otras cuentas por cobrar 5,311,593 8,405,355 9,807,789 9,722,133 8,369,462
Inventarios 3,873,334 5,206,945 5,048,138 5,892,272 6,324,244
Inversiones 2,789,330 1,413,528 1,021,128 1,392,316 11,937,255
Total activo corriente 15,558,826 18,244,748 19,867,225 22,761,948 29,771,848
Activo no corriente
Inversiones en asociadas y negocios conjuntos 0 1,658,324 2,007,298 3,736,272 5,537,733
Propiedades, planta y equipo, neto 32,677,167 32,847,688 36,602,388 37,639,159 36,314,564
activos intangibles 2,720,802 3,220,641 9,463,742 8,091,455 18,312,468
VALORIZACIONES 15,172,280 36,748,705 36,730,706 36,724,276 55,972,964
Activos diferidos 6,039,224 6,404,020 8,997,832 6,945,666 8,893,986
Otros activos no corrientes 26,934 26,934 26,934 26,934 26,934
Total activo no corriente 56,636,407 80,906,312 93,828,900 93,163,762 125,058,649
TOTAL ACTIVOS 72,195,233 99,151,060 113,696,125 115,925,710 154,830,497
PASIVO
Pasivo corriente
Obligaciones financieras 5,779,517 3,157,525 1,523,395 4,061,465 849,892
PROVEEDORES 9,061,151 10,435,085 11,089,067 11,481,418 12,239,729
CUENTAS POR PAGAR 4,802,084 1,687,031 3,248,389 2,699,004 1,888,941
IMPUESTOS, GRAVAMENES Y TASAS 5,401,427 7,119,281 7,559,523 7,666,808 9,165,458
OBLIGACIONES LABORALES 3,548,726 3,889,335 4,248,708 4,632,870 5,113,678
PASIVOS ESTIMADOS Y PROVISIONES 1,560 7,182 17,984 94,411 177,890
Otros pasivos corrientes 895,128 984,362 998,887 0 0
Total pasivo corriente 29,489,593 27,279,801 28,685,953 30,635,976 29,435,588
Pasivos no corriente
Obligaciones financieras 3,400,335 7,627,265 13,669,634 6,789,577 12,316,529
OBLIGACIONES LABORALES 62,459 47,408 55,289 0 0
PASIVOS ESTIMADOS Y PROVISIONES 0 0 0 0 201,271
DIFERIDO 1,013,387 2,370,150 2,394,274 3,796,041 7,455,659
Otros pasivos no corrientes 0 0 0 1,228,809 1,321,504
Total pasivo no corriente 4,476,181 10,044,823 16,119,197 11,814,427 21,294,963
TOTAL PASIVO 33,965,774 37,324,624 44,805,150 42,450,403 50,730,551
PATRIMONIO
CAPITAL SOCIAL 950,000 950,000 950,000 950,000 950,000
RESERVAS 570,873 2,720,481 3,659,356 3,859,315 4,536,575
REVARORIZACION DEL PATRIMONIO 3,367,327 1,938,035 1,938,035 1,938,035 1,938,035
RESULTADO DEL EJERCICIO 11,031,544 6,949,843 10,582,539 10,590,761 17,261,891
RESULTADO DEL EJERICIO ANTERIORES 7,137,435 12,519,371 15,030,339 19,412,920 23,440,481
SUPERAVIT POR VALORIZACIONES 15,172,280 36,748,706 36,730,706 36,724,276 55,972,964
TOTAL PATRIMONIO 38,229,459 61,826,436 68,890,975 73,475,307 104,099,946
TOTAL PASIVO Y PATRIMONIO 72,195,233 99,151,060 113,696,125 115,925,710 154,830,497
Año 2015 INDICADORES año 2010 año 2011 año 2012
razon corriente 0.53 0.67 0.69
p.acida 0.40 0.48 0.52
5,518,400 knt -$ 13,930,767.00 -$ 9,035,053.00 -$ 8,818,728.00
10,148,028
6,888,636
11,520,392
34,075,456

8,484,683
liquidez
35,653,947 1.20 $ 2,000,000.00
20,266,167
$-
55,972,964 1.00
-$ 2,000,000.00
10,803,679
26,934 0.80 -$ 4,000,000.00
131,208,374 -$ 6,000,000.00
165,283,830 0.60
-$ 8,000,000.00
0.40 -$ 10,000,000.00
21,282 -$ 12,000,000.00
13,710,711 0.20
-$ 14,000,000.00
11,542,623
15,135,992 0.00 -$ 16,000,000.00
año 2010 a ño 2011 año 2012 año 2013 a ño 2014 año 2015
5,614,863
213,056 ra zon corri ente p.aci da knt
0
46,238,527

10,314,004
0
39,231
9,621,716
1,518,489
21,493,440
67,731,967

950,000
4,115,772
1,938,035
20,569,666
14,005,426
55,972,964
97,551,863
165,283,830
año 2013 año 2014 año 2015
0.74 1.01 0.74
0.55 0.80 0.59
-$ 7,874,028.00 $ 336,260.00 -$ 12,163,071.00

$ 2,000,000.00
$-
-$ 2,000,000.00
-$ 4,000,000.00
-$ 6,000,000.00
-$ 8,000,000.00
-$ 10,000,000.00
-$ 12,000,000.00
-$ 14,000,000.00
-$ 16,000,000.00
ño 2014 año 2015
da knt
CUENTAS Año 2010 Año 2011 Año 2012

ACTIVO
Activo corriente
Efectivo y equivalentes de efectivo 3,584,569 3,218,920 3,990,170
Deudores comerciales y otras cuentas por cobrar 5,311,593 8,405,355 9,807,789
Inventarios 3,873,334 5,206,945 5,048,138
Inversiones 2,789,330 1,413,528 1,021,128
Total activo corriente 15,558,826 18,244,748 19,867,225
Activo no corriente
Inversiones en asociadas y negocios conjuntos 0 1,658,324 2,007,298
Propiedades, planta y equipo, neto 32,677,167 32,847,688 36,602,388
activos intangibles 2,720,802 3,220,641 9,463,742
VALORIZACIONES 15,172,280 36,748,705 36,730,706
Activos diferidos 6,039,224 6,404,020 8,997,832
Otros activos no corrientes 26,934 26,934 26,934
Total activo no corriente 56,636,407 80,906,312 93,828,900
TOTAL ACTIVOS 72,195,233 99,151,060 113,696,125
PASIVO
Pasivo corriente
Obligaciones financieras 5,779,517 3,157,525 1,523,395
PROVEEDORES 9,061,151 10,435,085 11,089,067
CUENTAS POR PAGAR 4,802,084 1,687,031 3,248,389
IMPUESTOS, GRAVAMENES Y TASAS 5,401,427 7,119,281 7,559,523
OBLIGACIONES LABORALES 3,548,726 3,889,335 4,248,708
PASIVOS ESTIMADOS Y PROVISIONES 1,560 7,182 17,984
Otros pasivos corrientes 895,128 984,362 998,887
Total pasivo corriente 29,489,593 27,279,801 28,685,953
Pasivos no corriente
Obligaciones financieras 3,400,335 7,627,265 13,669,634
OBLIGACIONES LABORALES 62,459 47,408 55,289
PASIVOS ESTIMADOS Y PROVISIONES 0 0 0
DIFERIDO 1,013,387 2,370,150 2,394,274
Otros pasivos no corrientes 0 0 0
Total pasivo no corriente 4,476,181 10,044,823 16,119,197
TOTAL PASIVO 33,965,774 37,324,624 44,805,150
PATRIMONIO
CAPITAL SOCIAL 950,000 950,000 950,000
RESERVAS 570,873 2,720,481 3,659,356
REVARORIZACION DEL PATRIMONIO 3,367,327 1,938,035 1,938,035
RESULTADO DEL EJERCICIO 11,031,544 6,949,843 10,582,539
RESULTADO DEL EJERICIO ANTERIORES 7,137,435 12,519,371 15,030,339
SUPERAVIT POR VALORIZACIONES 15,172,280 36,748,706 36,730,706
TOTAL PATRIMONIO 38,229,459 61,826,436 68,890,975
TOTAL PASIVO Y PATRIMONIO 72,195,233 99,151,060 113,696,125
Año 2013 Año 2014 Año 2015

5,755,227 3,140,887 5,518,400 indicadores año 2010 año 2011


9,722,133 8,369,462 10,148,028 rot.cartera 0.00 0.00
5,892,272 6,324,244 6,888,636 dias rot.cartera #DIV/0! #DIV/0!
1,392,316 11,937,255 11,520,392 rot. Cxp 1.9 3.2
22,761,948 29,771,848 34,075,456 dias rot. Cxp 191 112

3,736,272 5,537,733 8,484,683


37,639,159 36,314,564 35,653,947
8,091,455 18,312,468 20,266,167
Indicadores de activida
4.50
36,724,276 55,972,964 55,972,964
6,945,666 8,893,986 10,803,679 4.00
26,934 26,934 26,934 3.50
93,163,762 125,058,649 131,208,374 3.00
115,925,710 154,830,497 165,283,830 2.50
2.00
1.50
4,061,465 849,892 21,282 1.00
11,481,418 12,239,729 13,710,711
0.50
2,699,004 1,888,941 11,542,623
0.00
7,666,808 9,165,458 15,135,992 a ño 2010 año 2011 año 2012 a ño 2013 a
4,632,870 5,113,678 5,614,863 dia s rot.ca rtera dia s ro
94,411 177,890 213,056 rot.cartera rot. Cx
0 0 0
30,635,976 29,435,588 46,238,527

6,789,577 12,316,529 10,314,004


0 0 0
0 201,271 39,231
3,796,041 7,455,659 9,621,716
1,228,809 1,321,504 1,518,489
11,814,427 21,294,963 21,493,440
42,450,403 50,730,551 67,731,967

950,000 950,000 950,000


3,859,315 4,536,575 4,115,772
1,938,035 1,938,035 1,938,035
10,590,761 17,261,891 20,569,666
19,412,920 23,440,481 14,005,426
36,724,276 55,972,964 55,972,964
73,475,307 104,099,946 97,551,863
115,925,710 154,830,497 165,283,830
año 2012 año 2013 año 2014 año 2015
0.00 0.00 0.00 0.00
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
3.4 3.7 4.3 3.2
105 97 84 113

Indicadores de actividad
250

200

150

100

50

0
011 año 2012 a ño 2013 año 2014 año 2015
dia s rot.ca rtera dia s rot. Cxp
rot.cartera rot. Cxp
Cuenta Año 2010 Año 2011 Año 2012 Año 2013 Año 2014 Año 2015

INGRESOS OPERACIONALES 153,964,254 171,183,098 189,824,224 222,121,110 244,654,519 268,822,625

MENOS: COSTO DE VENTAS Y DE


PRESTACIÓN DE SERVICIOS 70,005,308 81,442,416 85,920,877 98,716,307 107,021,447 116,734,500

UTILIDAD BRUTA 116,734,500 81,442,416 103,903,347 123,404,803 137,633,072 152,088,125


MENOS: GASTOS OPERACIONALES DE
ADMINISTRACIÓN 11,335,366 12,220,793 13,272,321 14,288,536 15,632,295 17,940,063
MENOS: GASTOS OPERACIONALES DE
VENTAS 57,754,862 65,760,774 75,028,426 90,795,922 95,366,732 102,197,668
UTILIDAD OPERACIONAL 14,868,718 11,759,115 15,602,600 18,320,345 26,634,045 31,950,394

MAS: INGRESOS NO OPERACIONALES 3,029,137 2,623,487 2,116,716 2,295,755 3,862,078 4,787,935

MENOS: GASTOS NO OPERACIONALES 3,145,382 3,032,074 3,462,796 3,197,680 3,171,984 4,082,206


UTILIDAD ANTES DE IMPUESTOS 14,752,473 11,350,528 14,256,520 17,418,420 27,324,139 32,656,123

MENOS: IMPUESTO DE RENTA Y


COMPLEMENTARIOS 3,720,929 4,400,685 3,673,981 6,827,659 10,062,248 12,086,457
GANANCIAS Y PERDIDAS 11,031,544 6,949,843 10,582,539 10,590,761 17,261,891 20,569,666
TOTAL ACTIVOS 127,766,044 88,392,259 114,485,886 133,995,564 154,894,963 172,657,791
TOTAL PATRIMONIO 163,445,509 116,748,876 148,578,438 174,325,839 216,577,303 246,840,178
indicadores año 2010 año 2011 año 2012 año 2013 año 2014

marg. Bruto 75.82% 47.58% 54.74% 55.56% 56.26%

marg. Operativo 9.66% 6.87% 8.22% 8.25% 10.89%

marg.neto 7.17% 4.06% 5.57% 4.77% 7.06%

roe 6.75% 5.95% 7.12% 6.08% 7.97%


roa 8.63% 7.86% 9.24% 7.90% 11.14%

rentabilidad
80.00% 9.00%
70.00% 8.00%

60.00% 7.00%
6.00%
50.00%
5.00%
40.00%
4.00%
30.00%
3.00%
20.00% 2.00%
10.00% 1.00%
0.00% 0.00%
año 2010 año 2011 año 2012 año 2013 año 2014 a ño 2015
marg. Bruto ma rg. Operativo ma rg.neto
año 2015

56.58%

11.89%

7.65%

8.33%
11.91%
CUENTAS Año 2010 Año 2011 Año 2012 Año 2013

ACTIVO
Activo corriente
Efectivo y equivalentes de efectivo 3,584,569 3,218,920 3,990,170 5,755,227
Deudores comerciales y otras cuentas por cobrar 5,311,593 8,405,355 9,807,789 9,722,133
Inventarios 3,873,334 5,206,945 5,048,138 5,892,272
Inversiones 2,789,330 1,413,528 1,021,128 1,392,316
Total activo corriente 15,558,826 18,244,748 19,867,225 22,761,948
Activo no corriente
Inversiones en asociadas y negocios conjuntos 0 1,658,324 2,007,298 3,736,272
Propiedades, planta y equipo, neto 32,677,167 32,847,688 36,602,388 37,639,159
activos intangibles 2,720,802 3,220,641 9,463,742 8,091,455
VALORIZACIONES 15,172,280 36,748,705 36,730,706 36,724,276
Activos diferidos 6,039,224 6,404,020 8,997,832 6,945,666
Otros activos no corrientes 26,934 26,934 26,934 26,934
Total activo no corriente 56,636,407 80,906,312 93,828,900 93,163,762
TOTAL ACTIVOS 72,195,233 99,151,060 113,696,125 115,925,710
PASIVO
Pasivo corriente
Obligaciones financieras 5,779,517 3,157,525 1,523,395 4,061,465
PROVEEDORES 9,061,151 10,435,085 11,089,067 11,481,418
CUENTAS POR PAGAR 4,802,084 1,687,031 3,248,389 2,699,004
IMPUESTOS, GRAVAMENES Y TASAS 5,401,427 7,119,281 7,559,523 7,666,808
OBLIGACIONES LABORALES 3,548,726 3,889,335 4,248,708 4,632,870
PASIVOS ESTIMADOS Y PROVISIONES 1,560 7,182 17,984 94,411
Otros pasivos corrientes 895,128 984,362 998,887 0
Total pasivo corriente 29,489,593 27,279,801 28,685,953 30,635,976
Pasivos no corriente
Obligaciones financieras 3,400,335 7,627,265 13,669,634 6,789,577
OBLIGACIONES LABORALES 62,459 47,408 55,289 0
PASIVOS ESTIMADOS Y PROVISIONES 0 0 0 0
DIFERIDO 1,013,387 2,370,150 2,394,274 3,796,041
Otros pasivos no corrientes 0 0 0 1,228,809
Total pasivo no corriente 4,476,181 10,044,823 16,119,197 11,814,427
TOTAL PASIVO 33,965,774 37,324,624 44,805,150 42,450,403
PATRIMONIO
CAPITAL SOCIAL 950,000 950,000 950,000 950,000
RESERVAS 570,873 2,720,481 3,659,356 3,859,315
REVARORIZACION DEL PATRIMONIO 3,367,327 1,938,035 1,938,035 1,938,035
RESULTADO DEL EJERCICIO 11,031,544 6,949,843 10,582,539 10,590,761
RESULTADO DEL EJERICIO ANTERIORES 7,137,435 12,519,371 15,030,339 19,412,920
SUPERAVIT POR VALORIZACIONES 15,172,280 36,748,706 36,730,706 36,724,276
TOTAL PATRIMONIO 38,229,459 61,826,436 68,890,975 73,475,307
TOTAL PASIVO Y PATRIMONIO 72,195,233 99,151,060 113,696,125 115,925,710

Cuenta Año 2010 Año 2011 Año 2012 Año 2013


INGRESOS OPERACIONALES 153,964,254 171,183,098 189,824,224 222,121,110
MENOS: COSTO DE VENTAS Y DE PRESTACIÓN DE
SERVICIOS 70,005,308 81,442,416 85,920,877 98,716,307
UTILIDAD BRUTA 116,734,500 81,442,416 103,903,347 123,404,803

MENOS: GASTOS OPERACIONALES DE ADMINISTRACIÓN 11,335,366 12,220,793 13,272,321 14,288,536


MENOS: GASTOS OPERACIONALES DE VENTAS 57,754,862 65,760,774 75,028,426 90,795,922
UTILIDAD OPERACIONAL 14,868,718 11,759,115 15,602,600 18,320,345
MAS: INGRESOS NO OPERACIONALES 3,029,137 2,623,487 2,116,716 2,295,755
MENOS: GASTOS NO OPERACIONALES 3,145,382 3,032,074 3,462,796 3,197,680
UTILIDAD ANTES DE IMPUESTOS 14,752,473 11,350,528 14,256,520 17,418,420
MENOS: IMPUESTO DE RENTA Y COMPLEMENTARIOS 3,720,929 4,400,685 3,673,981 6,827,659
GANANCIAS Y PERDIDAS 11,031,544 6,949,843 10,582,539 10,590,761
Año 2014 Año 2015

indicadores año 2010 año 2011 año 2012 año 2013


I.endeudamiento 47.05% 37.64% 39.41% 36.62%
3,140,887 5,518,400 E.financiero 3.75% 1.84% 0.80% 1.83%
8,369,462 10,148,028 c.pasivos 86.82% 73.09% 64.02% 72.17%
6,324,244 6,888,636 leverage total 88.85% 60.37% 65.04% 57.78%
11,937,255 11,520,392
29,771,848 34,075,456

5,537,733 8,484,683
indicadores de endeudamiento
36,314,564 35,653,947
18,312,468 20,266,167 I.endeuda mi ento E.financi ero
55,972,964 55,972,964 c.pa si vos l everage total
8,893,986 10,803,679 100.00%
26,934 26,934 90.00%
125,058,649 131,208,374 80.00%
154,830,497 165,283,830 70.00%
60.00%
50.00%
40.00%
849,892 21,282
30.00%
12,239,729 13,710,711
20.00%
1,888,941 11,542,623
10.00%
9,165,458 15,135,992
0.00%
5,113,678 5,614,863 año 2010 año 2011 año 2012 año 2013 a ño 2014 año 2015
177,890 213,056
0 0
29,435,588 46,238,527

12,316,529 10,314,004
0 0
201,271 39,231
7,455,659 9,621,716
1,321,504 1,518,489
21,294,963 21,493,440
50,730,551 67,731,967

950,000 950,000
4,536,575 4,115,772
1,938,035 1,938,035
17,261,891 20,569,666
23,440,481 14,005,426
55,972,964 55,972,964
104,099,946 97,551,863
154,830,497 165,283,830

Año 2014 Año 2015


244,654,519 268,822,625

107,021,447 116,734,500
137,633,072 152,088,125

15,632,295 17,940,063
95,366,732 102,197,668
26,634,045 31,950,394
3,862,078 4,787,935
3,171,984 4,082,206
27,324,139 32,656,123
10,062,248 12,086,457
17,261,891 20,569,666
año 2014 año 2015
32.77% 40.98%
0.35% 0.01%
58.02% 68.27%
48.73% 69.43%

14 año 2015