Cuenta de Resultados

(miles de dolares)

2012

Ventas
CMV
Margen bruto
Salarios- gastos adminitrativo
Gastos generales
Opex o Gastos estructura
EBITDA- util operativa
Amortizacin
EBIT o BAIT
Gastos financieros
EBT o BAT
participacin de trabajadores
Impuestos (%)

2014

62,446,917
54,505,551
7.941.366
3.205.788
2.054.966
5.260.754
2.680.612
0
2.680.612
1,976,639
703.973
0
600.492

56,670,895
47,375,526
9.295.369
2.376.741
2.696.580
5.073.321
4.222.048
0
4.222.048
2,705,767
1.516.281
227442
514.690

-188.267

103.481

774.149

Margen bruto / Ventas

9%

13%

16%

Opex / Ventas

8%

8%

9%

BN

Beneficio neto

65,611,500
59,588,261
6.023.239
3.237.413
1.854.774
5.092.187
931.052
0
931.052
1,045,449
-114.397
0
73.870

2013

Ratios de cuenta de resultados

Aumento de Opex

na

3%

-4%

1.4%

4.3%

7.5%

ROS, rentabilidad s/ ventas

-0.3%

0.2%

1.4%

ROE, rentab. recursos propios

-4.3%

1.6%

9.7%

3%

16%

20%

2012

2013

2014

384.941
17.975.753
15.182.762
33.543.457
20.547.055
54.090.512

968.537
14.542.433
12.991.734
28.502.704
20.595.860
49.098.564

892.967
12.576.281
8.566.533
22.035.781
20.392.437
42.428.218

24.651.582
73.870
9.087.352

31.922.297
600.492
2.019.701

20.753.426
514.690
3.438.200

EBITDA / Ventas

RONA, rentabilidad activo

Activo

(miles de dolares)
Caja
Clientes
Existencias
Activo circulante, AC
Activo fijo neto, AF
Activo total

Pasivo

Proveedores
Otros acreedores
Crdito bancario

Pasivo circulante
Prstamo bancario
Capital y reservas
Beneficio del ao
Total pasivo

33.812.804
15.741.635
4.409.073
127.000
54.090.512

34.542.490
7.781.692
6.603.865
170.517
49.098.564

24.706.316
9.482.101
7.995.005
244.796
42.428.218

59.588.261

57.397.233

52.972.032

500

500

2012

2013

2014

8.818.005

-4.020.085

767.665

AF o activo fijo neto

20.547.055

20.595.860

20.392.437

AN o activos netos

29.365.060

16.575.775

21.160.102

Deuda (a largo y corto)

24.828.987

9.801.393

12.920.301

Compras
Nueva inversin bruta

Balance resumido
Caja excedente
NOF o circulante neto

Recursos propios + Beneficio

4.536.073

6.774.382

8.239.801

29.365.060

16.575.775

21.160.102

8.818.005

-4.020.085

767.665

-269.347

-6.039.786

-2.670.535

-9.087.352

-2.019.701

-3.438.200

100

85

81

93

87

66

151

203

143

NOF / Ventas en %

13%

-6%

1%

Apalancamiento

10.9

6.2

4.1

Total financiacin

Extracto del balance usado en finanzas operativas

NOF
FM
Caja excedente (+)
o crdito necesario (-)

Ratios de balance- Rotacin

Das de cobro
Das de existencias
Das de pago

Deuda / EBITDA

26.7

3.7

3.1

-131.9

94.7

16.7

rotacion de cuentas por cobrar

3,65

4,29

4,51

rotacion de inventario

3,92

4,20

5,53

Deuda / Benef neto

HIPOTESIS EN NEGRITA
BALANCE CALCULADO EN FUNCION DEL AO QUE TERMINA NO DEL SIGUIENTE
HIPOTESIS CUENTA DE RDOS
Intereses

10%

10%

10%

Amortizacin

10%

10%

10%

100

85

81

93

87

66

151

203

143

500

500

HIPOTESIS DE BALANCE
Clientes das
Existencias das
Proveedores das
Incr. AF neto
Pay out

Minimum cash

384,941

968,537

892,967

2015

2012

2013

45,485,840
38,903,411
6.582.429
2.600.396
2.549.780
5.150.176
1.432.253
0
1.432.253
2,834,733
-1.402.480
0

100%
91%
9%
5%
3%
8%
1%
0%
1%
2%
0%
0%
0%

100%
87%
13%
5%
3%
8%
4%
0%
4%
3%
1%
0%
1%

-1.402.480

0%

0%

14%
11%
2%
3.1%
-3.1%
-16.9%
7%

2015

171.123
9.844.880
8.420.190
18.436.194
22.812.477
41.248.671

21.564.459
0
1.946.382

Beneficio neto / ventas

Beneficio neto / recursos propios
EBIT / activo neto

COAF 2012-15
-213.818
-8.130.873
-6.762.572
-15.107.263
2.265.422

-3.087.123
-73.870
-7.140.969

23.510.842
9.159.991
8.297.937
279.901
41.248.671
52.825.689
500
2015
0
-3.128.266

-10.301.962
-6.581.644
3.888.864
152.901

CMV + variac existencias

Variacin AF + amortizacin
COAF 2012-15
0
-11.946.270

22.812.477

2.265.422

19.684.211

-9.680.848
0

11.106.373

-13.722.613

8.577.838

4.041.765

19.684.211

-3.128.266

-11.946.270

-5.074.648

-4.805.301

-1.946.382

7.140.969

79
79
149
-7%
3.8
7.8
-7.9
4,62
4,62

10%

10%

79
79
149
500
0

Con ao de 365 das

Basado en CMV de este ao

171,123

2014

2015

100%
84%
16%
4%
5%
9%
7%
0%
7%
5%
3%
0%
1%

100%
86%
14%
6%
6%
11%
3%
0%
3%
6%
-3%
0%
0%

1%

-3%

ESTADO DE RESULTA

EXPRESADO EN

Total Ingresos
(-) Costos
MARGEN BRUTO
(-) Gastos Administrativos
(-) Gastos de Venta
GASTOS OPERATIVOS
UTILIDAD OPERACIONAL- EBIT
(-) Gastos Financieros
(+) Otros Ingresos
(- )amortizacion
UTILIDAD ANTES DE PAT e IMP.
(-) Participacin de trabajadores
(-) Impuesto
(+)Ajuste de participacin de
UTILIDAD
NETABEN NETO
otros resultados
integrales
asociadas
(+)Ajuste de Pasivo por
Impuestos Diferidos
(+)Supervit por revaluacin de
propiedades, planta y equipos
Total resultado integral del a
(*) CON INFORMACION AUDITADA
(**) CON INFORMACION PROVISIONAL INTERNA

ACTIVOS
ACTIVOS CORRIENTES
Efectivo y Equivalentes al Efectivo
Activos Financieros, neto

Inventarios
Activos por Impuestos corrientes
Otros Activos
ACTIVO NO CORRIENTE
Propiedades y Equipo, neto
Activos Intangibles
Otros Activos Financieros
Inversiones en acciones
Otros Activos
TOTAL ACTIVOS

PASIVOS
PASIVO CORRIENTE
Obligaciones Financieras
Pasivos Financieros
Otras Obligaciones Corrientes
PASIVO NO CORRIENTE
Obligaciones Financieras
Emisin de Obligaciones a largo plazo
Obligaciones por beneficios definidos
Otros Pasivos no Corrientes
TOTAL PASIVOS

PATRIMONIO
Capital Social
Aportes para aumento de capital
Reservas
Utilidades retenidas ( dficit)
TOTAL PATRIMONIO
TOTAL PASIVO + PATRIMONIO

#REF!
ESTADO DE RESULTADOS INTEGRALES
EXPRESADO EN US DOLARES
#REF!

#REF!

#REF!

#REF!

2012

2013

2014

2015

65,611,500

62,446,917

56,670,895

45,485,840

59,588,261

54,505,551

47,375,526

38,903,411

6,023,239

7,941,366

9,295,369

6,582,429

3,237,413
1,854,774
5,092,187
931,052
3,464,872
2,419,423

3,205,788
2,054,966
5,260,754
2,680,612
2,400,488
423,849

2,376,741
2,696,580
5,073,321
4,222,048
2,705,767
0

2,600,396
2,549,780
5,150,176
1,432,253
2,834,733
0

-114,397
0
73,870

703,973
0
600,492

1,516,281
227,442
514,690

-1,402,480
0
0

-188,267
0

103,481
0

774,149
0

-1,402,480
1,606,256

99,156

616,991

-188,267

103,481

1,391,140

302,932

ROVISIONAL INTERNA

DELCORP S.A.
ESTADO DE SITUACIN FINANCIERA
EXPRESADO EN US DOLARES
(*)

(*)

(*)

(*)

2012

2013

2014

2015

37,405,391

33,185,016

26,304,645

20,405,001

384,941

968,537

892,967

171,123

18,253,676

14,736,007

12,787,745

8,218,450

15,402,666

13,203,627

8,745,782

8,572,866

3,169,615

4,189,841

3,619,731

2,878,245

194,493

87,004

258,420

564,317

20,547,055

20,595,860

20,392,437

22,812,477

3,010,266

3,954,283

4,478,473

4,255,217

1,644,688

1,660,479

1,614,867

1,571,161

5,527,873

4,604,920

764,788

1,615,999

10,344,723

10,352,223

13,508,296

15,348,352

19,505

23,955

26,013

21,748

57,952,446

53,780,876

46,697,082

43,217,478

(*)

(*)

(*)

(*)

2012

2013

2014

2015

37,674,738

39,224,802

24,792,887

23,347,589

12,201,785

7,919,162

5,085,022

6,314,258

24,954,068

30,737,528

18,814,737

16,065,056

518,885

568,112

893,128

968,275

15,868,635

7,952,209

13,909,190

11,571,952

13,475,544

3,575,353

8,140,525

8,781,045

2,266,091

4,206,339

1,341,576

378,946

127,000

170,517

244,796

279,901

4,182,293

2,132,060

38,702,077

34,919,541

53,543,373

47,177,011

(*)

(*)

(*)

(*)

4,200,000

4,200,000

200,000

2,800,000

174,969

174,969

252,384

252,384

571,104

742,621

1,045,553

4,409,073

6,603,865

7,995,005

8,297,937

57,952,446

53,780,876

46,697,082

43,217,478

165,896

7,000,000
-

7,000,000
-

Cuenta de Resultados

Real

Previsto

(miles de reales)
Ventas
CMV
Margen bruto
Salarios
Gastos generales
Opex o Gastos estructura
EBITDA
Amortizacin
EBIT o BAIT
Gastos financieros
EBT o BAT
Impuestos
BN Beneficio neto

2015

2016

45.485.840

36.269.026

38.903.411

30.882.628

6.582.429

5.386.399

2.600.396

3.120.475

2.549.780

3.059.736

5.150.176

6.180.211

1.432.253

-793.813

2.281.248

1.432.253

-3.075.060

2.834.733

1.703.754

-1.402.480

-4.778.815

-1.433.644

-1.402.480

-3.345.170

Ratios de cuenta de resultados

Crecimiento de ventas

-20%

-20%

Margen bruto / Ventas

14%

15%

Opex / Ventas

11%

17%

Aumento de Opex

64%

20%

3%

-2%

ROS, Beneficio neto / ventas

-3.1%

-9.2%

ROE, Benf neto / rec propios

-17%

-39%

7%

-14%

-1.402.480

-1.063.923

EBITDA / Ventas

RONA, EBIT / activo neto

CFO CF operativo

Activo

(miles de reales)
Caja
Clientes
Existencias
Activo circulante, AC
Activo fijo neto, AF
Activo total

Real

Previsto

2015

2016

171.123

9.844.880

8.570.421

8.420.190

6.874.558

18.436.194

15.444.978

22.812.477

20.531.229

41.248.671

35.976.207

Pasivo y rec. propios

Proveedores
Otros acreedores
Crdito bancario
Pasivo circulantes

21.564.459

12.980.616

725.381

1.946.382

7.878.053

23.510.842

21.584.049

Prstamo bancario
Recursos propios
Beneficio del ao
Total pasivo
Compras
Nueva inversin bruta
Balance resumido

9.159.991

9.159.491

8.297.937

8.577.838

279.901

-3.345.170

41.248.671

35.976.207

52.825.689

29.336.995
0

2015

2016

NOF o circulante neto

-3.128.266

1.738.982

AF o activo fijo neto

22.812.477

20.531.229

AN o activo neto

19.684.211

22.270.211

D, Deuda (a largo y corto)

11.106.373

17.037.544

8.577.838

5.232.668

RP, Rec propios + Benef.

19.684.211

22.270.211

Cash Surplus ---->

Extracto del balance usado en finanzas operativas

NOF

-3.299.339

1.738.982

FM

-5.074.648

-6.139.071

-1.775.309

-7.878.053

2015

2016

Das de cobro

79

86

Das de existencias

79

81

Das de pago

149

162

NOF / Ventas en %

-7%

5%

Caja excedente (+)

o crdito necesario (-)

Ratios de balance

Apalancamiento

3.8

5.9

Deuda / Ebitda

7.8

-21.5

-7.9

-5.1

Deuda / Benef neto

crecimiento NOF

-153%

Previsto

Previsto

2017

Previsto

2018

Previsto

2019

2020

Hiptesis para 2016 al 2020

33.474.894

36.589.753

36.750.117

35.137.783

Crecimiento

25.516.522

22.555.376

18.391.750

13.506.636

CMV del

7.958.372

14.034.378

18.358.367

21.631.147

3.432.523

3.775.775

4.153.352

4.568.688

Crece con las ventas, 20% y

3.365.710

3.702.281

4.072.509

4.479.759

Crece con las ventas, 20% y

6.798.232

7.478.056

8.225.861

9.048.447

1.160.140

6.556.322

10.132.506

12.582.700

2.053.123

1.847.811

1.663.030

1.496.727

-892.983

4.708.512

8.469.477

11.085.973

1.723.611

1.417.232

915.799

915.749

-2.616.594

3.291.279

7.553.678

10.170.224

-784.978

987.384

2.266.103

3.051.067

-1.831.616

2.303.895

5.287.574

7.119.157

10%
10%
30%

e cuenta de resultados
-8%

9%

0%

-4%

24%

38%

50%

62%

20%

20%

22%

26%

10%

10%

10%

10%

3%

18%

28%

36%

-5.5%

6.3%

14.4%

20.3%

-35%

68%

93%

65%

-4%

24%

44%

60%

221.507

4.151.706

6.950.604

8.615.884

Previsto

Previsto

2017

2018

Previsto

Previsto

2019
867.719

2020
8.686.734

COAF 2016-120
8.515.611

7.910.163

8.646.209

8.684.103

8.303.106

-1.541.774

5.680.048

5.020.888

4.094.054

3.006.614

-5.413.576

13.590.211

13.667.097

13.645.875

19.996.454

18.478.106

16.630.296

14.967.266

13.470.540

32.068.317

30.297.393

28.613.142

33.466.994

10.761.657

-9.341.937

9.688.326

7.727.627

5.495.069

669.498

731.795

735.002

702.756

8.077.119

5.013.834

19.508.275

15.433.955

8.462.629

6.197.825

-16.069.390
702.756
-1.946.382

9.158.991

9.158.491

5.232.668

9.157.991

3.401.052

5.704.947

9.157.491

-2.500

10.992.521

2.694.584

-1.831.616

2.303.895

5.287.574

7.119.157

6.839.256

32.068.317

30.297.393

28.613.142

33.466.994

24.322.012

21.896.216

17.464.915

12.419.196

2017

2018

2019

2020

COAF 2016-120

2.159.056

3.246.976

4.315.528

5.111.896

8.240.161

18.478.106

16.630.296

14.967.266

13.470.540

-9.341.937

20.637.162

19.877.272

19.282.794

18.582.435
9.157.491

-1.948.882

3.401.052

17.236.110

5.704.947

14.172.325

10.992.521

18.111.678

9.533.840

20.637.162

19.877.272

20.150.512

27.269.169

9.157.991

867.719

8.686.734

8.686.734

8.411.234

2.159.056

3.246.976

4.315.528

5.111.896

-5.918.064

-1.766.858

5.183.246

13.798.630

18.873.278

-8.077.119

-5.013.834

867.719

8.686.734

10.462.044

2017

2018

2019

86

86

2020

86

86

81

81

81

81

162

162

162

162

6%

9%

12%

15%

8.4

4.3

1.6

0.8

14.9

2.2

0.9

0.7

-9.4

6.2

1.7

1.3

24%

50%

33%

18%

2016 al 2020
-20%

-8%

9%

0%

-4%

86%

85%

76%

62%

50%

20%

10%

20%

10%

del AF del ao anterior

de la deuda de este ao
de EBT

Hiptesis

caja mnima
86 dias
81 dias
0

AF neto constante

dias
2% ventas

162
Cifra de cierre

Devuelve

500

por ao

No paga dividendos

CUENTA DE RESULTADOS
Ventas
CMV
Margen bruto
Gastos generales
EBITDA
Amortizacin
EBIT
Intereses (8%)
BAT benef ant imp.
Impuestos (30%)
Beneficio neto

1
36,269,026
30.882.628
5,386,399
6,180,211
-793,813
2,281,248
-3,075,060
1,703,754
-4,778,815
-1,433,644
-3,345,170

Nuevas inversiones en AF

ROA (Ebit / Activo neto)

-14%

ROE (Benef / rec propios)

-64%

BALANCE CORTO
NOF

1
0

1,738,982

AF, Activo fijo neto

22,812,477

20,531,229

AN, ACTIVO NETO

22,812,477

22,270,211

D, Deuda( financiacin)

11,106,373

17,037,544

RP, Rec. Propios

8,577,838

5,232,668

FINANCIACIN

19,684,211

22,270,211

Caja (+) o crdito necesario (-)

-3,128,266

-11,706,104

3,128,266

Incremento de Caja
CF ACCIONISTA y CF ACTIVO

Beneficio neto
Variacin AN
Variacin Deuda
CF accionista

1
-3,345,170

-22,812,477

542,266

11,106,373

5,931,170

-11,706,104

3,128,266

EBIT

-3,075,060

Variacin AN

-22,812,477

542,266

FCF o CF activo

-22,812,477

-2,532,795

EBIT x (1 - t)

-2,152,542

Variacin AN

-22,812,477

542,266

FCF desp de impuestos

-22,812,477

-1,610,277

Rentabilidad requerida por el accionista K =

TIR del Accionista
TIR del Activo
TIR del Activo despus de impuestos

2
33,474,894
25.516.522
7,958,372
6,798,232
1,160,140
2,053,123
-892,983
1,723,611
-2,616,594
-784,978
-1,831,616

3
36,589,753
22.555.376
14,034,378
7,478,056
6,556,322
1,847,811
4,708,512
1,417,232
3,291,279
987,384
2,303,895

4
36,750,117
18.391.750
18,358,367
8,225,861
10,132,506
1,663,030
8,469,477
915,799
7,553,678
2,266,103
5,287,574

5
35,137,783
13.506.636
21,631,147
9,048,447
12,582,700
1,496,727
11,085,973
915,749
10,170,224
3,051,067
7,119,157

-4%

24%

44%

60%

-54%

40%

48%

39%

2,159,056

3,246,976

4,315,528

5,111,896

18,478,106

16,630,296

14,967,266

13,470,540

20,637,162

19,877,272

19,282,794

18,582,435

17,236,110

14,172,325

9,157,991

9,157,491

3,401,052

5,704,947

10,992,521

18,111,678

20,637,162

19,877,272

20,150,512

27,269,169

867,719

8,686,734

867,719

7,819,016

-1,831,616

2,303,895

5,287,574

7,119,157

1,633,049

759,890

594,478

700,359

198,567

-3,063,785

-5,014,334

-500

867,719

7,819,016

-892,983

4,708,512

8,469,477

11,085,973

1,633,049

759,890

594,478

700,359

740,066

5,468,402

9,063,955

11,786,332

-625,088

3,295,958

5,928,634

7,760,181

1,633,049

759,890

594,478

700,359

1,007,961

4,055,848

6,523,112

8,460,540

8%
0,24%

VA accionista

1.6%

VAN accionista

-4.7%

Suma de CF

9,533,840
-18,582,435
9,157,491
108,896
20,295,918
-18,582,435
1,713,483

$ 8,855,832
-$ 2,850,272