ESTADOS FINANCIEROS

CONSOLIDADO AL 31 DE DICIEMBRE DEL AÑO 2013- 2014 -2015 -2016 y

ACTIVOS 2,015 V

Activos corrientes
Efectivo y equivalentes al efectivo 124,900,329 16%
Otros activos financieros 37,474,494 5%
Otros activos no financieros 4,939,047 1%
Deudores comerciales y otras cuentas por cobrar 442,365,388 58%
Cuentas por cobrar a entidades relacionadas 6,653,608 1%
Inventarios 135,011,790 18%
Activos por impuestos corrientes 11,181,354 1%
Total activos corrientes distintos de activos mantenidos para la venta 762,526,010
Activos no corrientes mantenidos para la venta
Total activos no corrientes mantenidos para la venta
Total activos corrientes 762,526,010 50%
Activos no corrientes
Otros activos financieros 2,640,784 0%
Otros activos no financieros 7,679,927 1%
Cuentas por cobrar a entidades relacionadas 287,839,804 38%
Inversiones contabilizadas por el método de la participación 144,192,026 19%
Activos intangibles distintos de plusvalía 43,618,797 6%
Plusvalía
Propiedades, plantas y equipos (neto) 169,861,698 22%
Derechos de uso
Activos biológicos
Propiedades de inversión 61,656,701 8%
Activos por impuestos diferidos 49,093,130 6%
Total activos no corrientes 766,582,867 50%
Total activos 1,529,108,877

PASIVOS Y PATRIMONIO 2,015 V

PASIVOS
Pasivos corrientes
Otros pasivos financieros 283,912,808 58%
Cuentas por pagar comerciales y otras cuentas por pagar 189,962,953 39%
Pasivos por arrendamientos
Cuentas por pagar a entidades relacionadas 221,651 0%
Otras provisiones a corto plazo 685,134 0%
Pasivos por impuestos corrientes 2,845,721 1%
Provisiones corrientes por beneficios a los empleados 8,973,490 2%
Otros pasivos no financieros 6,207,725 1%
Pasivos incluidos en grupos de activos para su disposicion clasificados c
Total pasivos corrientes 492,809,482 58%

Pasivos no corrientes
Otros pasivos financieros 339,048,451 96%
Pasivo por arrendamientos
Otras provisiones
Cuentas por pagar a entidades relacionadas
Otros pasivos no financieros 917,801 0%
Pasivo por impuestos diferidos 5,201,289 1%
Provisiones no corrientes por beneficios a los empleados 6,224,853 2%
Total pasivos no corrientes 351,392,394 42%
Total pasivos 844,201,876 55%

PATRIMONIO
Patrimonio atribuible a los propietarios de la controladora
Capital emitido 603,537,157 88%
Otras reservas 10,124,936 1%
Resultados acumulados 70,935,649 10%
Subtotal patrimonio atribuible a los propietarios de la controladora 684,597,742 100%
Participaciones no controladoras 309,259 0%
Total patrimonio 684,907,001 45%
Total pasivos y patrimonio 1,529,108,877

ESTADO CONSOLIDADO DE RESULTADOS INTEGRAL 2,015 V

FUNCIÓN
Ingresos por ventas 1,022,011,000
Costo de ventas 641,458,083 63%
Margen bruto 380,552,917 37%
Otros ingresos, por función
Costos de distribución 3,330,345 0%
Gastos de administración 337,972,414 33%
Otros gastos, por función
Otras ganancias (pérdidas) 3,553,926 0%
Ganancias (pérdidas) de actividades operacionales
Ingresos financieros 2,341,746 0%
Costos financieros 3,675,578 0%
Participación en utilidad (pérdida) de negocios conjuntos y asoci contabilizados por 12,414,463 1%
Diferencias de cambio 1,097,242 0%
Resultado por unidades de reajuste 1,627,386 0%
Utilidad (pérdida) antes de impuestos 47,307,007 5%
Impuestos a las ganancias 4,877,102 0%
Utilidad (pérdida) del ejercicio 42,429,905 4%

Utilidad (pérdida) atribuible a:

Propietarios de la controladora 42,417,829 4%
Participaciones no controladoras 12,076 0%
Utilidad (pérdida) del ejercicio
Utilidad básica por acción (pesos chilenos) proveniente de:
Operaciones continuadas 42,429,905 4%
Operaciones discontinuadas
Utilidad diluida por acción (pesos chilenos) proveniente de:
Operaciones continuadas 0.1566
Operaciones discontinuadas
Utilidad del ejercicio 42,429,905 4%

Calculos Previos al flujo de caja 2,015

Depreciacion 25,745,000
Amortizacion 25,745,000
EBITDA 64,995,000
Inversión en Reposición
Nuevas Inversiones (CAPEX)
 M$
2,016 V H 2,017 V H 2,018 V

92,186,150 12% -26% 88,765,662 10% -4% 136,092,423 13%

70,394,213 9% 88% 51,161,174 6% -27% 44,045,369 4%
5,076,468 1% 3% 6,276,945 1% 24% 7,864,846 1%
453,462,580 57% 3% 518,671,038 57% 14% 548,939,076 54%
3,899,391 0% -41% 5,674,046 1% 46% 26,899,428 3%
149,114,202 19% 10% 164,652,270 18% 10% 183,902,834 18%
14,593,860 2% 31% 19,812,767 2% 36% 16,028,294 2%
788,726,864 3% 855,013,902 94% 8% 963,772,270 95%
51,500,408 6% 47,141,386 5%

788,726,864 47% 3% 906,514,310 49% 15% 1,010,913,656 51%

12,036,274 1% 356% 45,264,324 5% 276% 32,346,700 3%

7,768,827 1% 1% 9,361,997 1% 21% 7,795,665 1%
302,560,343 34% 5% 314,707,966 33% 4% 327,123,927 34%
228,435,135 25% 58% 257,111,582 27% 13% 248,247,467 26%
48,893,307 5% 12% 45,072,921 5% -8% 42,590,179 4%

166,436,463 19% -2% 165,008,534 17% -1% 162,558,140 17%

76,487,485 9% 24% 74,448,298 8% -3% 77,958,159 8%

53,884,310 6% 10% 50,586,827 5% -6% 73,410,553 8%
896,502,144 53% 17% 961,562,449 51% 7% 972,030,790 49%
1,685,229,008 10% 1,868,076,759 11% 1,982,944,446

M$
2,016 V H 2,017 V H 2,018 V
 438,131,995 63% 54% 459,378,340 62% 5% 484,885,449 64%
218,904,115 32% 15% 243,681,921 33% 11% 234,925,725 31%

9,572,550 1% 9,022,828 1% -6% 1,356,105 0.2%

3,973,774 1% 480% 1,824,882 0% -54% 11,190,656 1%
2,382,375 0.3% -16% 6,116,030 1% 157% 7,864,552 1%
8,553,096 1% -5% 9,084,789 1% 6% 9,518,881 1%
10,592,585 2% 71% 9,143,655 1% -14% 10,270,278 1%
369,127 0.05% 219,405 0.03%
692,110,490 74% 40% 738,621,572 73% 7% 760,231,051 71%

224,182,095 93% -34% 255,913,260 93% 14% 292,763,402 94%

6,659,488 3% 626% 7,116,732 3% 7% 7,758,266 2%

3,366,323 1% -35% 4,202,398 2% 25% 3,534,778 1%
7,225,341 3% 16% 7,932,381 3% 10% 8,311,208 3%
241,433,247 26% -31% 275,164,771 27% 14% 312,367,654 29%
933,543,737 55% 11% 1,013,786,343 54% 9% 1,072,598,705 54%

603,537,157 80% 0% 603,537,157 71% 0% 603,537,157 66%

8,395,688 1% -17% 7,838,182 1% -7% 7,247,650 1%
139,433,543 19% 97% 109,458,472 13% -21% 157,226,916 17%
751,366,388 100% 10% 720,833,811 84% -4% 768,011,723 84%
318,883 0.04% 3% 133,456,605 16% 142,334,018 16%
751,685,271 45% 10% 854,290,416 46% 14% 910,345,741 46%
1,685,229,008 10% 1,868,076,759 11% 1,982,944,446

M$
2,016 V H 2,017 V H 2,018 V

1,049,094,214 1.0265 1,107,965,525 1.0561 1,137,665,627

653,049,837 62% 1.0181 698,201,948 63% 1.0691 720,098,632 63%
396,044,377 38% 1.0407 409,763,577 37% 1.0346 417,566,995 37%

3,304,953 0% 0.9924 3,826,960 0% 1.1579 4,449,735 0%

350,155,542 33% 1.036 354,318,685 32% 1.0119 375,522,055 33%

8,861,186 1% 2.4934 3,162,443 0% 0.3569 5,001,376 0%

2,221,143 0% 0.9485 2,625,009 0% 1.1818 6,371,596 1%

3,154,400 0% 0.8582 4,516,938 0% 1.4319 5,703,162 1%
20,692,918 2% 1.6668 36,624,936 3% 1.7699 27,754,160 2%
527,085 0% 0.4804 438,495 0% 0.8319 399,969 0%
876,033 0% 0.5383 456,277 0% 0.5208 528,141 0%
53,831,305 5% 1.1379 89,531,164 8% 1.6632 71,147,347 6%
8,968,375 1% 1.8389 6,486,520 1% 0.7233 7,852,078 1%
44,862,930 4% 1.0573 83,044,644 7% 1.8511 63,295,269 6%

44,853,306 4% 1.0574 70,673,683 6% 1.5757 54,385,176 5%

9,624 0% 0.797 7,267,016 1% 755.09 8,877,413 1%

44,862,930 4% 1.0573 83,044,644 7% 1.8511 63,295,269 6%

5,103,945 0% 32,680 0%

0.1656 1.0575 0.2063 1.2458 0.2009

0.0001
44,862,930 4% 1.0573 77,940,699 7% 1.7373 63,262,589 6%

2,016 2,017 2,018

 UF
H 2,019 V H 2,015 2,016

53% 224,656,780 20% 65% 4,873 3,499

-14% 32,427,324 3% -26% 1,462 2,672
25% 6,234,484 1% -21% 193 193
6% 561,521,254 49% 2% 17,260 17,211
374% 86,587,586 8% 222% 260 148
12% 161,242,017 14% -12% 5,268 5,659
-19% 54,969,278 5% 243% 436 554
13% 1,127,638,723 99% 17% 29,752 29,935
-8% 9,748,864 1% -79%

12% 1,137,387,587 48% 13% 29,752 29,935

-29% 76,954,051 6% 138% 103 457

-17% 1,169,119 0% -85% 300 295
4% 372,025,411 30% 14% 11,231 11,483
-3% 270,691,351 22% 9% 5,626 8,670
-6% 41,775,238 3% -2% 1,702 1,856

-1% 156,040,669 12% -4% 6,628 6,317

226,920,665 18%

5% 6,730,773 1% -91% 2,406 2,903

45% 102,682,003 8% 40% 1,916 2,045
1% 1,254,989,280 52% 29% 29,911 34,025
6% 2,392,376,867 21% 59,663 63,960

UF
H 2,019 V H 2,015 2,016
 6% 643,604,906 69% 33% 11,078 16,629
-4% 225,505,979 24% -4% 7,412 8,308
17,220,682 2%
-85% 4,880,981 1% 260% 9 363
513% 19,066,441 2% 70% 27 151
29% 7,318,369 1% -7% 111 90
5% 10,185,133 1% 7% 350 325
12% 8,388,837 1% -18% 242 402
-41% 391,113 0.04% 78%
3% 936,562,441 64% 23% 19,229 26,268

14% 231,428,295 44% -21% 13,229 8,509

186,403,225 36%
10,137,655 2%
85,370,605 16%
9% 136,502 0.03% -98% 36 253
-16% 203 128
5% 8,971,359 2% 8% 243 274
14% 522,447,641 36% 67% 13,711 9,163
6% 1,459,010,082 61% 36% 32,939 35,431

0% 603,537,157 65% 0% 23,549 22,906

-8% 5,131,049 1% -29% 395 319
44% 156,424,745 17% -1% 2,768 5,292
7% 765,092,951 82% 0% 26,712 28,517
7% 168,273,834 18% 18% 12 12
7% 933,366,785 39% 3% 26,724 28,529
6% 2,392,376,867 21% 59,663 63,960

UF
H 2,019 V H 2,015 2,016

1.0268 1,114,332,781 0.9795 39,877 39,817

1.0314 739,016,347 66% 1.0263 25,029 24,786
1.019 375,316,434 51% 0.8988 14,848 15,031

1.1627 3,645,258 0% 0.8192 130 125

1.0598 377,262,772 34% 1.0046 13,187 13,290

1.5815 69,801,811 6% 13.957 139 336

2.4273 8,143,827 1% 1.2781 91 84

1.2626 14,329,631 1% 2.5126 143 120
0.7578 28,312,565 3% 1.0201 484 785
0.9121 3,673,797 0% 9.1852 43 20
1.1575 589,231 0% 1.1157 63 33
0.7947 90,600,004 8% 1.2734 1,846 2,043
1.2105 15,455,023 1% 1.9683 190 340
0.7622 75,144,981 7% 1.1872 1,656 1,703

0.7695 49,725,662 4% 0.9143 1,655 1,702

1.2216 25,939,815 2% 2.922

0.7622 75,144,981 7% 1.1872 1,656 1,703

0.0064 520,496 0% 15.927

0.9738

0.8117 75,665,477 7% 1.1961 1,656 1,703

UF
2,019 2,015 2,016
1,005 0
1,005 0
2,536 0
0 0
0 0
 Tabla valores UF
UF. 30/09/2019 28,229.83
UF. 31/12/2018 27,565.79
UF. 31/12/2017 26,798.14
UF. 31/12/2016 26,347.98
UF. 31/12/2015 25,629.09

UF
2,017 2,018 2,019

3,312 4,937 7,958

1,909 1,598 1,149
234 285 221
19,355 19,914 19,891
212 976 3,067
6,144 6,671 5,712
739 581 1,947
31,906 34,963 39,945
1,922 1,710 345

33,828 36,673 40,290

1,689 1,173 2,726

349 283 41
11,744 11,867 13,178
9,594 9,006 9,589
1,682 1,545 1,480

6,157 5,897 5,528

8,038

2,778 2,828 238

1,888 2,663 3,637
35,882 35,262 44,456
69,709 71,935 84,746

UF
2,017 2,018 2,019
17,142 17,590 22,799
9,093 8,522 7,988
610
337 49 173
68 406 675
228 285 259
339 345 361
341 373 297
14 8 14
27,562 27,579 33,176

9,550 10,621 8,198

6,603
359
3,024
266 281 5
157 128 0
296 302 318
10,268 11,332 18,507
37,830 38,911 51,683

22,522 21,894 21,379

292 263 182
4,085 5,704 5,541
26,899 27,861 27,102
4,980 5,163 5,961
31,879 33,024 33,063
69,709 71,935 84,746

UF
2,017 2,018 2,019

41,345 41,271 39,474

26,054 26,123 26,179
15,291 15,148 13,295

143 161 129

13,222 13,623 13,364

118 181 2,473

98 231 288
169 207 508
1,367 1,007 1,003
16 15 130
17 19 21
3,341 2,581 3,209
242 285 547
3,099 2,296 2,662

2,637 1,973 1,761

271 322 919

3,099 2,296 2,662

190 1 18

2,908 2,295 2,680

UF
2,017 2,018 2,019
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
 Ratios 2015 2016
762,526,010 784,063,002
Liquides = Activo Corriente 492,809,482 687,446,628
Pasivo Corriente 2 1

Prueba Acida=Activo corriente -Inventario 762,526,010 784,063,002

Pasivo Corriente 135,011,790 149,114,202
492809482 687,446,628
762526010 784063002

Ratio endeudamiento =Pasivo 844,201,876 928,879,875

Patrimonio Neto 684,907,001 751,685,271
1.23 1.24

Endeudamiento largo plazo =Pasivo no corriente 351,392,394 687,446,628

Patrimonio Neto 684907001 751685271
0.51 0.91

Ratio deuda =Pasivo 844,201,876 928,879,875

Activo 1,529,108,877 1,680,565,146
0.55 0.55

Ratio deuda largo plazo= Pasivo no corriente 351,392,394 241,433,247

Activo 1,529,108,877 1,680,565,146
0.230 0.144

Ratio apalancamiento financiero =Activo 1,529,108,877 1,680,565,146

Patrimoni
o Neto 684,907,001 751,685,271
2.23 2.24

Rotacion Activo total =Ventas 1,022,011,000 1,049,094,214

Total activos 1,529,108,877 1,680,565,146
0.67 0.62
 Rotacion inventario=Costo venta 641,458,083 653,049,837
Inventario 135,011,790 149,114,202
4.75 4.38

Promedio inventario=365 76.82 83.34

Rotacion de inventario

ROE=Margen neto/Patrimonio 47,307,007 53,831,305

684,907,001 751,685,271
0.069 0.072

ROA=Beneficio neto/Activo 47307007 53831305

1,529,108,877 1,680,565,146
0.031 0.032
 2017 2018 2019
906,514,310 1,010,913,656 1,137,387,587
738,621,572 760,231,051 936,562,441
1 1 1

906,514,310 1,010,913,656 1,137,387,587

164,652,270 183,902,834 161,242,017
738,621,572 760,231,051 936,562,441
906514310 1010913656 1137387587

1,013,786,343 1,072,598,705 1,459,010,082

854,290,416 910,345,741 933,366,785
1.19 162252964.0 1.56

275,164,771 312,367,654 522,447,641

854290416 910345741 933366785
0 0.34 0.56

1,013,786,343 1,072,598,705 1,459,010,082

1,868,076,759 1,982,944,446 2,392,376,867
0.54 0.54 0.61

275,164,771 312,367,654 522,447,641

1,868,076,759 1,982,944,446 2,392,376,867
0.147 0.158 0.218

1,868,076,759 1,982,944,446 2,392,376,867

854,290,416 910,345,741 933,366,785

2.19 2.18 2.56

1,107,965,525 1,137,665,627 1,114,332,781

1,868,076,759 1,982,944,446 2,392,376,867
0.59 0.57 0.47
698,201,948 720,098,632 739,016,347
164,652,270 183902834 161,242,017
4.24 3.9 4.58

86.08 93.22 79.64

89,531,164 71,147,347 90,600,004

854,290,416 910,345,741 933,366,785
0.105 0.078 0.097

89531164 71147347 90600004

1,868,076,759 1,982,944,446 2,392,376,867
0.048 0.036 0.038
 Otros Pasivos Financieros
Tasa Efectiva
5.22% Prestamo $ 231,428,295
1.90% Periodo 10 semestres semestral
1.90% Interes anual 0.032 0.016
4.04%
2.34% 1.370241046336 -0.3702410463356 -11.570032698
5.29% 42.82003269799
2.28%
2.64% $25,227,868.70
3.20%
$25,227,868.70

Periodo Anualidad Interés Amortización Capital

$ 231,428,295
1 $25,227,868.70 $ 3,702,853 $ 21,525,016 $ 209,903,279
2 $25,227,868.70 $ 3,358,452 $ 21,869,416 $ 188,033,863
3 $25,227,868.70 $ 3,008,542 $ 22,219,327 $ 165,814,536
4 $25,227,868.70 $ 2,653,033 $ 22,574,836 $ 143,239,700
5 $25,227,868.70 $ 2,291,835 $ 22,936,034 $ 120,303,666
6 $25,227,868.70 $ 1,924,859 $ 23,303,010 $ 97,000,656
7 $25,227,868.70 $ 1,552,010 $ 23,675,858 $ 73,324,798
8 $25,227,868.70 $ 1,173,197 $ 24,054,672 $ 49,270,126
9 $25,227,868.70 $ 788,322 $ 24,439,547 $ 24,830,579
10 $25,227,868.70 $ 397,289 $ 24,830,579 $ -
TIR

Acreedor Monto Interes w

Bancos $231,428,295 1.6% 14%
total Pasivo 1,459,010,082 86%
total $1,690,438,377
 10

231428295

flujo caja
$ 231,428,295 Tasa Anual 3.2%
$-25,227,868.70 Tasa Semestral 0.016
$-25,227,868.70 Prestamo $231,428,295
$-25,227,868.70 Periodo Semestral
$-25,227,868.70 N° Semestres 10
$-25,227,868.70 Anualidad $25,227,868.70
$-25,227,868.70
$-25,227,868.70
$-25,227,868.70
$-25,227,868.70
$-25,227,868.70
1.6%

0.22% kd
 Otros Pasivos Financieros
Tasa 1.6% Periodo Anualidad Interés Amortización
Prestamo $231,428,295
Periodos 10 1 $25,227,869 $3,702,853 $21,525,016
Cuota $25,227,868.70 2 $25,227,869 $3,358,452 $21,869,416
3 $25,227,869 $3,008,542 $22,219,327
4 $25,227,869 $2,653,033 $22,574,836
5 $25,227,869 $2,291,835 $22,936,034
6 $25,227,869 $1,924,859 $23,303,010
7 $25,227,869 $1,552,010 $23,675,858
8 $25,227,869 $1,173,197 $24,054,672
9 $25,227,869 $788,322 $24,439,547
10 $25,227,869 $397,289 $24,830,579
 Capital Flujo Caja
$231,428,295 $231,378,295
$209,903,279 $-25,227,869
$188,033,863 $-25,227,869
$165,814,536 $-25,227,869
$143,239,700 $-25,227,869
$120,303,666 $-25,227,869
$97,000,656 $-25,227,869
$73,324,798 $-25,227,869
$49,270,126 $-25,227,869
$24,830,579 $-25,227,869
$0 $-25,227,869
TIR 1.6%
 Rij Pij*Rij
N° Fecha Ipsa Ripley Ipsa Ripley Pij Ipsa
Apr-16 4,002.07 279.72
1 May-16 3,934.71 316.76 -1.68% 13.24% 1.67% -0.03%
2 Jun-16 3,995.91 293.55 1.56% -7.33% 1.67% 0.03%
3 Jul-16 4,117.47 369.35 3.04% 25.82% 1.67% 0.05%
4 Aug-16 4,119.28 366.94 0.04% -0.65% 1.67% 0.00%
5 Sep-16 4,015.25 361.07 -2.53% -1.60% 1.67% -0.04%
6 Oct-16 4,289.78 365.65 6.84% 1.27% 1.67% 0.11%
7 Nov-16 4,207.24 357.61 -1.92% -2.20% 1.67% -0.03%
8 Dec-16 4,151.39 356.34 -1.33% -0.36% 1.67% -0.02%
9 Jan-17 4,199.50 346.34 1.16% -2.81% 1.67% 0.02%
10 Feb-17 4,359.88 359.02 3.82% 3.66% 1.67% 0.06%
11 Mar-17 4,783.42 382.78 9.71% 6.62% 1.67% 0.16%
12 Apr-17 4,795.13 432.96 0.24% 13.11% 1.67% 0.00%
13 May-17 4,855.75 464.7 1.26% 7.33% 1.67% 0.02%
14 Jun-17 4,747.24 462.16 -2.23% -0.55% 1.67% -0.04%
15 Jul-17 5,064.62 504.76 6.69% 9.22% 1.67% 0.11%
16 Aug-17 5,153.15 550.4 1.75% 9.04% 1.67% 0.03%
17 Sep-17 5,341.93 556.81 3.66% 1.16% 1.67% 0.06%
18 Oct-17 5,588.08 609.18 4.61% 9.41% 1.67% 0.08%
19 Nov-17 5,003.40 528.27 -10.46% -13.28% 1.67% -0.17%
20 Dec-17 5,564.60 610.24 11.22% 15.52% 1.67% 0.19%
21 Jan-18 5,855.38 644.11 5.23% 5.55% 1.67% 0.09%
22 Feb-18 5,602.83 582.52 -4.31% -9.56% 1.67% -0.07%
23 Mar-18 5,542.22 568.56 -1.08% -2.40% 1.67% -0.02%
24 Apr-18 5,710.90 603.78 3.04% 6.19% 1.67% 0.05%
25 May-18 5,455.09 588.48 -4.48% -2.53% 1.67% -0.07%
26 Jun-18 5,301.25 575.06 -2.82% -2.28% 1.67% -0.05%
27 Jul-18 5,434.44 557.71 2.51% -3.02% 1.67% 0.04%
28 Aug-18 5,270.43 539.42 -3.02% -3.28% 1.67% -0.05%
29 Sep-18 5,283.53 571.78 0.25% 6.00% 1.67% 0.00%
30 Oct-18 5,104.33 549.97 -3.39% -3.81% 1.67% -0.06%
31 Nov-18 5,111.88 546.71 0.15% -0.59% 1.67% 0.00%
32 Dec-18 5,105.43 536.83 -0.13% -1.81% 1.67% 0.00%
33 Jan-19 5,405.61 544.05 5.88% 1.34% 1.67% 0.10%
34 Feb-19 5,287.54 513.36 -2.18% -5.64% 1.67% -0.04%
35 Mar-19 5,259.41 516.37 -0.53% 0.59% 1.67% -0.01%
36 Apr-19 5,187.10 542.49 -1.37% 5.06% 1.67% -0.02%
37 May-19 4,977.09 479.82 -4.05% -11.55% 1.67% -0.07%
38 Jun-19 5,070.71 513.08 1.88% 6.93% 1.67% 0.03%
39 Jul-19 4,972.36 493.6 -1.94% -3.80% 1.67% -0.03%
40 Aug-19 4,804.37 475.07 -3.38% -3.75% 1.67% -0.06%
41 Sep-19 5,059.04 494.55 5.30% 4.10% 1.67% 0.09%
42 Oct-19 4,744.13 406.66 -6.22% -17.77% 1.67% -0.10%
43 Nov-19 4,538.80 318.8 -4.33% -21.61% 1.67% -0.07%
44 Dec-19 4,669.85 320.4 2.89% 0.50% 1.67% 0.05%
45 Jan-20 4,572.06 354.79 -2.09% 10.73% 1.67% -0.03%
46 Feb-20 4,122.63 304.04 -9.83% -14.30% 1.67% -0.16%
47 Mar-20 3,487.49 184.85 -15.41% -39.20% 1.67% -0.26%
48 Apr-20 3,977.56 247.04 14.05% 33.64% 1.67% 0.23%
49 May-20 3,647.60 209 -8.30% -15.40% 1.67% -0.14%
50 Jun-20 3,959.02 267 8.54% 27.75% 1.67% 0.14%
51 Jul-20 4,017.08 259 1.47% -3.00% 1.67% 0.02%
52 Aug-20 3,767.15 285 -6.22% 10.04% 1.67% -0.10%
53 Sep-20 3,637.30 215 -3.45% -24.56% 1.67% -0.06%
54 Oct-20 3,539.92 192.86 -2.68% -10.30% 1.67% -0.04%
55 Nov-20 4,032.87 240 13.93% 24.44% 1.67% 0.23%
56 Dec-20 4,177.22 221 3.58% -7.92% 1.67% 0.06%
57 Jan-21 4,288.65 218 2.67% -1.36% 1.67% 0.04%
58 Feb-21 4,573.37 233 6.64% 6.88% 1.67% 0.11%
59 Mar-21 4,898.09 260.1 7.10% 11.63% 1.67% 0.12%
60 Apr-21 4,472.84 227.01 -8.68% -12.72% 1.67% -0.14%
Rendimiento mercado 0.03% 0.34%
Rendimiento
Pij*Rij Raj-Tma RBj-TmB
Ripley Pij*(Rij-Rmi)^2 Ripley Ipsa Beta Apalancado

0.22% 0.00% 12.81% -2.03% -0.26% Covarianza

-0.12% 0.00% -7.76% 1.21% -0.09% Varianza
0.43% 0.00% 25.39% 2.70% 0.69% Beta
-0.01% 0.00% -1.08% -0.30% 0.00% Beta Formula
-0.03% 0.00% -2.03% -2.87% 0.06%
0.02% 0.01% 0.84% 6.49% 0.05%
-0.04% 0.00% -2.63% -2.27% 0.06% Beta Despalancado
-0.01% 0.00% -0.79% -1.67% 0.01%
-0.05% 0.00% -3.24% 0.81% -0.03% Total Activos
0.06% 0.00% 3.23% 3.47% 0.11% Total Pasivos
0.11% 0.01% 6.19% 9.37% 0.58% Total Patrimonio
0.22% 0.00% 12.68% -0.10% -0.01% Nivel Endeudamiento
0.12% 0.00% 6.90% 0.92% 0.06% Apalancamiento Lever
-0.01% 0.00% -0.98% -2.58% 0.03% Tasa Impuesto
0.15% 0.01% 8.79% 6.34% 0.56% Beta Despalancado
0.15% 0.00% 8.61% 1.40% 0.12%
0.02% 0.00% 0.73% 3.32% 0.02%
0.16% 0.00% 8.97% 4.26% 0.38%
-0.22% 0.02% -13.71% -10.81% 1.48%
0.26% 0.02% 15.09% 10.87% 1.64%
0.09% 0.00% 5.12% 4.88% 0.25%
-0.16% 0.00% -9.99% -4.66% 0.47%
-0.04% 0.00% -2.83% -1.43% 0.04%
0.10% 0.00% 5.76% 2.70% 0.16%
-0.04% 0.00% -2.96% -4.82% 0.14%
-0.04% 0.00% -2.71% -3.16% 0.09%
-0.05% 0.00% -3.45% 2.17% -0.07%
-0.05% 0.00% -3.71% -3.36% 0.12%
0.10% 0.00% 5.57% -0.10% -0.01%
-0.06% 0.00% -4.25% -3.74% 0.16%
-0.01% 0.00% -1.02% -0.20% 0.00%
-0.03% 0.00% -2.24% -0.47% 0.01%
0.02% 0.01% 0.91% 5.54% 0.05%
-0.09% 0.00% -6.07% -2.53% 0.15%
0.01% 0.00% 0.16% -0.88% 0.00%
0.08% 0.00% 4.63% -1.72% -0.08%
-0.19% 0.00% -11.98% -4.39% 0.53%
0.12% 0.00% 6.50% 1.54% 0.10%
-0.06% 0.00% -4.23% -2.28% 0.10%
-0.06% 0.00% -4.19% -3.72% 0.16%
0.07% 0.00% 3.67% 4.96% 0.18%
-0.30% 0.01% -18.20% -6.57% 1.20%
-0.36% 0.00% -22.04% -4.67% 1.03%
0.01% 0.00% 0.07% 2.54% 0.00%
0.18% 0.00% 10.30% -2.44% -0.25%
 -0.24% 0.02% -14.74% -10.17% 1.50%
-0.65% 0.04% -39.63% -15.75% 6.24%
0.56% 0.03% 33.21% 13.71% 4.55%
-0.26% 0.01% -15.83% -8.64% 1.37%
0.46% 0.01% 27.32% 8.19% 2.24%
-0.05% 0.00% -3.43% 1.12% -0.04%
0.17% 0.01% 9.61% -6.57% -0.63%
-0.41% 0.00% -24.99% -3.79% 0.95%
-0.17% 0.00% -10.73% -3.02% 0.32%
0.41% 0.03% 24.01% 13.58% 3.26%
-0.13% 0.00% -8.35% 3.24% -0.27%
-0.02% 0.00% -1.79% 2.32% -0.04%
0.11% 0.01% 6.45% 6.29% 0.41%
0.19% 0.01% 11.20% 6.76% 0.76%
-0.21% 0.01% -13.15% -9.03% 1.19%
0.43% 0.32% 0.53%
Rendimiento Varianza mer Covarianza
eta Apalancado

0.0052977487
0.003172844
1.6697160809
1.6697160809

ta Despalancado

2,392,376,867
1,459,010,082
933,366,785
61%
1.5631690622
25%
0.7686125554
 CAPM

Tasa 0.03%

Beta
0.76861256
desapalancado

Rendimiento
0.34%
Mercado
CAMP 0.00271081

WACC Acreedor Monto

Bancos $231,428,295
Tasa 0.03% Total Pasivo 1,459,010,082
Kd 0.00219047 Total $1,690,438,377
Ke 0.27%
e/(e+d) 0.39014204 Total Pasivo 1,459,010,082
d/(e+d) 0.60985796 Total Patrimonio 933,366,785
Ko 0.00239309
Interés
0.016 0.13690431
 Ingresos Ripley Tasa de Crecimiento Ripley
2015 1,022,011,000 2015 -
2016 1,049,094,214 2016 0.026
2017 1,107,965,525 2017 0.056
2018 1,137,665,627 2018 0.027
2019 1,114,332,781 2019 -0.021
2020 998,643,774 2020 -0.104
Promedio -0.003

Ingresos Falabella Tasa de Crecimiento Falabella

2015 7,758,561,352 2015 -
2016 7,898,301,784 2016 0.018
2017 8,242,645,263 2017 0.044
2018 8,483,577,333 2018 0.029
2019 8,053,582,835 2019 -0.051
2020 8,281,049,949 2020 0.028
Promedio 0.014

Ingresos Hites Tasa de Crecimiento Hites

2015 280,349,317 2015 -
2016 302,489,675 2016 0.079
2017 311,870,350 2017 0.031
2018 316,708,928 2018 0.016
2019 324,743,257 2019 0.025
2020 291,189,414 2020 -0.103
Promedio 0.010
IGPA RETAIL
-0.036

A continuación, se presentará un análisis financiero de Ripley Corp S.A., a partir de las características con
que cuenta la industria del retail.
Se presenta el calculo de las tasas de crecimiento reales de las ventas de la empresa e industria a través
del índice de retail IGPA del año en curso y tasas de crecimiento de la competencia directa Falabella e
Hites de los últimos 5 años.
Como podemos observar en los cuadros de información, Ripley presenta un promedio de -0,003 en
relación con la tasa de crecimiento en consecuencia de las bajas en los ingresos desde el año 2019.
Con relación a la industria, con los datos analizados de la empresa Falabella S.A. posee un promedio en su
tasa de crecimiento de 0,014, mientras que Hites S.A. un 0,010 y el índice IGPA en un -0,036.
Por lo que podemos determinar que debido a la pandemia la industria en general se ha visto afectada
principalmente en el segmento de tiendas por departamentos, están presentado complicaciones en su
operación. En ello han influido el cierre de las tiendas, los menores niveles de consumo y las medidas
tomadas por las autoridades, tanto en Chile como en los otros países donde operan. Si bien la situación ha
generado una mayor actividad en sus canales online, esto no ha podido compensar las bajas registradas
por el cierre de sus tiendas físicas.
 0.06
Proyección de Flujos
Ingresos por ventas
Costo de ventas
Margen bruto
Otros ingresos, por función
Costos de distribución
Gastos de administración
Otros gastos, por función
Otras ganancias (pérdidas)
Ganancias (pérdidas) de actividades operacionales
Ingresos financieros
Costos financieros
Participación en utilidad (pérdida) de negocios
Diferencias de cambio
Resultado por unidades de reajuste
Utilidad (pérdida) antes de impuestos
Impuestos a las ganancias
Utilidad (pérdida) del ejercicio
Ajustes al Flujo de Caja
Depreciación de Activo Fijo
Amortizacion de Activos Intangibles (mas)
Ingresos Financieros después de impuesto(menos)
Costos Financieros después de impuesto (mas)
Inversión en Reposición
Nuevas Inversiones (CAPEX)
Aumentos en Capital de trabajo
Flujo de Caja Libre
Valor Terminal
Flujo de caja libre + Valor Terminal

INVERSION EN REPOSICION
inversion en reposicion

depreciacion
propiedades planta y equipo
tasa de inversion en reposicion
DETERMINACION CAPITAL DE TRABAJO
capital de trabajo operativo neto
existencias
cuentas por cobrar
valores negociables
proveedores
acreedores varios
cuentas por pagar
CTON=Capital de trabajo operativo

VALORES NEGOCIABLES
Acciones y equivalentes.
Bonos y obligaciones.
Acciones y participaciones en Instituciones de Inversión Colectiva.
Bonos de titulización.
Participaciones preferentes.

VALORES NEGOCIABLES
Acciones y equivalentes.
Bonos y obligaciones.
Acciones y participaciones en Instituciones de Inversión Colectiva.
Bonos de titulización.
Participaciones preferentes.
 2014 2015 2016 2017
1,006,346,718,000 $ 1,022,011,000,000 $ 1,049,094,214,000 $1,107,965,525,000
618,292,431,000 $ 641,458,083,000 $ 653,049,837,000 $ 698,201,948,000
388,054,287,000 $ 380,552,917,000 $ 396,044,377,000 $409,763,577,000

4,041,131,000 $ 3,330,345,000 $ 3,304,953,000 $ 3,826,960,000

326,999,604,000 $ 337,972,414,000 $ 350,155,542,000 $ 354,318,685,000

2,701,154,000 $ 3,553,926,000 $ 8,861,186,000 $ 3,162,443,000

1,722,852,000 $ 2,341,746,000 $ 2,221,143,000 $ 2,625,009,000

8,768,088,000 $ 3,675,578,000 $ 3,154,400,000 $ 4,516,938,000
11,369,006,000 $ 12,414,463,000 $ 20,692,918,000 $ 36,624,936,000
811,550,000 $ 1,097,242,000 $ 527,085,000 $ 438,495,000
1,571,236,000 $ 1,627,386,000 $ 876,033,000 $ 456,277,000,000
59,395,854,000 $ 47,307,007,000 $ 53,831,305,000 $ 89,531,164,000
2,091,274,000 $ 4,877,102,000 $ 8,968,375,000 $ 6,486,520,000
57,304,580,000 $ 42,429,905,000 $ 44,862,930,000 $ 83,044,644,000

19,530,882,000 $ 18,293,071,000 15,980,997,000

5,990,430,000 $ 6,148,003,000 $ 7,049,262,000
0 0 0
0 0 0
1,744,820,376 $ 1,114,336,000 $ 996,611,000
11,940,437,000 $ 18,039,255,000 $14,069,270,000
7,472,354,000 $ - $ 81,976,365,000
46,793,605,624 50,150,413,000 9,032,657,000

2014 2015 2016 2017

$ 19,530,882,000 $ 18,293,071,000 $ 15,980,997,000
1744820367 $ 1,114,336,000 $ 996,611,000
9% 6% 6%
$ 131,115,126,000 $ 135,011,790,000 $ 149,114,202,000 $ 164,652,270,000
$ 434,183,893,000 $ 442,365,388,000 $ 457,361,971,000 $ 524,345,084,000
$ 8,626,031,000 $ 4,975,079,000 $ 8,238,636,000 $ 51,679,714,000
$ 160,158,910,000 $ 162,173,860,000 $ 186,925,722,000 $ 203,649,643,000
$ 1,756,247,000 $917,801,000 $ 6,659,488,000 $ 9,143,655,000
$ 190,184,604,000 $ 189,962,953,000 $ 218,904,115,000 $ 243,681,921,000
$ 221,825,289,000 $ 229,297,643,000 $ 202,225,484,000 $ 284,201,849,000
 2018 2019
1137665627000 1114332781000
$720,098,632,000 $ 739,016,347,000
417566995000 375316434000

$ 4,449,735,000 $ 3,645,258,000
375522055000 $ 377,262,772,000

$ 5,001,376,000 $ 69,801,811,000

$ 6,371,596,000 $ 8,143,827,000
$ 5,703,162,000 $ 14,329,631,000
$ 27,754,160,000 $ 28,312,565,000
$ 399,969,000 $ 3,673,797,000
528141000000 $ 589,231,000
$ 71,147,347,000 $ 90,600,004,000
$ 7,852,078,000 $ 15,455,023,000
$ 63,295,269,000 $ 75,144,981,000

$ 16,459,888,000 $ 16,125,872,000
$ 7,678,153,000 $ 7,831,330,000
$ - $ -
$ - $ -
$ 1,205,802,000 $ 619,562,000
$ 13,051,606,000 $ 923,100,000
$ 45,805,721,000 $ 48,027,716,000
27,370,181,000 49,531,805,000

2018 2019
$ 16,459,888,000 $ 16,125,872,000
$ 1,205,802,000 619562000
7% 4%
 $183,902,834,000 $ 161,242,017,000
$575,838,504,000 $ 648,108,840,000
$ 19,977,677,000 $ 2,972,057,000
$203,159,337,000 $ 195,511,831,000
$ 10,270,278,000 $ 8,388,837,000
$236,281,830,000 $ 230,386,960,000
$ 330,007,570,000 $ 378,035,286,000
PROMEDIO MOVIL

FLUJO DE CAJA LIBRE

2015
$ 46,793,609,633

PROMEDIOS MOVILES.

AÑ0 2020 AÑO 2021

flujo proyectado $ 36,575,913,127 $ 34,532,373,825
1.02393094467839 1.04843457946999
flujo descontado $ 35,721,074,079 $ 32,937,080,197
en moneda 2020

sumar

POR PROMEDIOS MOVILES

Valor Flujos futuros descontados

menos deuda financiera corto plazo
menos deuda financiera largo plazo
mas Caja

Valor intrinseco
ACCIONES EMITIDAS
PRECIO ACCION
 AÑO 0
2016 2017 2018 2019 2020
$ 50,150,413,000 $ 9,032,657,000 $ 27,371,081,000 $ 49,531,805,000 $ 36,575,913,127

wacc 0.023930944678394
g 0.01
flujo año 5 2421141382759
descontado 1.1255203223967

año 2022 año 2023 año 2024 VALOR RESIDUAL

$ 31,408,765,990 $ 35,883,987,788 $ 37,586,569,146 $ 2,725,043,829,690
1.0735246093902 1.0992150674284 1.1255203223967 1.1255203223967
$ 29,257,611,531 $ 32,645,101,811 $ 33,394,838,279 $ 2,421,141,382,759

$ 2,585,097,088,655

$ 2,585,097,088,655
$ 290,120,533,000
$ 570,613,248,000
$ 224,656,780,000

$ 1,949,020,087,655
$ 270,934,149,103
$ 7
PROYECCION DE FLUJOS
2021 2022 2023 2024
$ 34,532,373,825 $ 31,408,765,990 $ 35,883,987,788 $ 37,586,569,146