2013 2014 2015

VENTAS 26,105,526.00 31,261,149.00 33,870,102.00

20% 8%

Notas
1. El crecimiento económico en el perú en los ultimos años del PBI ha sido: 2.4, 3.3, 3.8, 4.2
2. El crecimiento del sector comercio para el PBI en los últimos años es de 4.4 , 3.9, 2.5, 3.4

Flujo de caja

Ingresos 2016 2017 2018

Saldo Inicial S/. 563,084.00 S/. 1,312,890.84 S/. 2,279,947.12
Cobranza S/. 34,900,174.73 S/. 37,770,449.58 S/. 39,575,454.39
Otros ingresos S/. 3,096,000.00
Total Ingresos S/. 38,559,258.73 S/. 39,083,340.41 S/. 41,855,401.51
Egresos
Pago a proveedores S/. 25,677,310.05 S/. 25,089,793.01 S/. 26,757,916.43
Gastos administrativos y otros S/. 4,503,891.28 S/. 4,611,039.21 S/. 4,669,119.78
Gastos financieros S/. 4,824,384.00 S/. 4,824,384.00 S/. 4,824,384.00
Gastos varios S/. 494,486.00 S/. 494,486.00 S/. 494,486.00
Impuestos S/. 1,646,296.56 S/. 1,783,691.07 S/. 1,855,038.71
a).Hipotecario S/. 100,000.00 S/. - S/. -
Total Egresos S/. 37,246,367.89 S/. 36,803,393.30 S/. 38,600,944.92
Total S/. 1,312,890.84 S/. 2,279,947.12 S/. 3,254,456.58
 VENTA PROYECTADA
2016 2017 2018
35,003,284.56 37,924,543.93 39,441,525.69
3% 8% 4%

Saldo por cobrar anual

2016 2017 2018

3,184,996.83 3,339,091.18 3,205,162.48
 ESTADO DE SITUACION FINANCIERA
ANALISIS VERTICAL
ACTIVO 2013 % 2014 % 2015 %
ACTIVO DISPONIBLE
EFECTIVO Y EQUIVALENTE DE EFECTIVO 898,679.00 6.15% 345,546.00 2.04% 563,084.00 3.51%
CTAS.POR COBRAR COMERCIALES TERC 3,617,802.00 24.78% 3,309,027.00 19.56% 3,081,887.00 19.23%
PROV.CTA.COBRANZA DUDOSA (64,103.00) -0.44% (65,252.00) -0.39% (57,010.00) -0.36%
Subtotal Neto Ctas por Cobrar Com. Terceros 3,553,699.00 24.34% 3,243,775.00 19.17% 3,024,877.00 18.87%
CTAS.POR COBRAR ACCIONISTAS 1,194,501.00 8.18% 998,507.00 5.90% 1,864,853.00 11.64%
CTAS POR COBRAR RELACIONADAS 881,064.00 6.03% 765,859.00 4.53% 1,762,927.00 11.00%
GASTOS ANTICIPADOS 522,110.52 3.58% 625,222.98 3.70% 688,045.40 4.29%
TOTAL ACTIVO DISPONIBLE 7,050,053.52 0.48 5,978,909.98 0.35 7,903,786.40 0.49

ACTIVO REALIZABLE
MERCADERIA 6,745,506.00 46.20% 9,382,605.00 55.46% 4,819,442.00 30.07%
EXISTENCIAS POR RECIBIR 0.00 0.00% 0.00 0.00% 268,835.00 1.68%
TOTAL ACTIVO REALIZABLE 6,745,506.00 46.20% 9,382,605.00 55.46% 5,088,277.00 31.75%

ACTIVO INMOVILIZADO
INVERSIONES MOBILIARIAS 163,548.00 1.12% 751,080.00 4.44% 0.00 0.00%
INM.MAQ.Y EQUIPOS 787,716.00 5.39% 976,488.00 5.77% 3,173,890.00 19.80%
(-)DEPREC.ACUMULADA (145,389.00) -1.00% (180,282.00) -1.07% (225,353.00) -1.41%
INM. MAQ y EQUIPO NETO 642,327.00 0.04 796,206.00 0.05 2,948,537.00 0.18
INTANGIBLES 0.00 0.00% 9,461.00 0.06% 86,448.00 0.54%
CARGAS DIFERIDAS 0.00 0.00% 0.00 0.00% 0.00 0.00%
TOTAL ACTIVO INMOVILIZADO 805,875.00 0.06 1,556,747.00 0.09 3,034,985.00 0.19

TOTAL ACTIVO 14,601,434.52 100.00% 16,918,261.98 100.00% 16,027,048.40 100.00%

0.00

ANALISIS VERTICAL
PASIVO 2013 % 2014 % 2015 %
PASIVO
TRIBUTOS POR PAGAR 435,092.10 2.98% 521,019.15 3.08% 556,704.50 3.47%
REMUNERAC.Y PARTIC.P.PAGAR 220,669.92 1.51% 181,984.66 1.08% 167,713.00 1.05%
CTAS.POR PAGAR COMERCIALES TERC 8,991,336.50 61.58% 10,445,705.92 61.74% 8,030,193.51 50.10%
CTAS POR PAGAR RELACIONADAS 2,495,175.00 17.09% 2,229,200.00 13.18% 1,774,861.00 11.07%
OBLIGACIONES FINANCIERAS 1,167,730.00 8.00% 2,227,420.00 13.17% 2,072,892.60 12.93%
TOTAL PASIVO CORRIENTE 13,310,003.52 91.16% 15,605,329.73 92.24% 12,602,364.61 78.63%

OBLIGACIONES FINANCIERAS (LP) 0.00 0.00% 0.00 0.00% 6,102,527.00 38.08%

TOTAL PASIVO (LP) 0.00 0.00% 0.00 0.00% 6,102,527.00 38.08%
TOTAL PASIVO 13,310,003.52 91.16% 15,605,329.73 92.24% 18,704,891.61 116.71%

CAPITAL y PATRIMONIO
CAPITAL SOCIAL 1,177,654.00 8.07% 1,177,654.00 6.96% 1,254,201.00 7.83%
CAPITAL ADICIONAL 0.00% 0.00% 408,617.00 2.55%
EXCEDENTE DE REVALUACION 0.00% 0.00% 865,844.00 5.40%
RESERVA 51,436.00 0.35% 54,791.85 0.32% 56,606.39 0.35%
RESULT.ACUMULADOS 28,782.54 0.20% 62,341.00 0.37% 80,486.40 0.50%
RESULT.DEL PERIODO 33,558.46 0.23% 18,145.40 0.11% (5,343,598.00) -33.34%
PATRIMONIO NETO 1,291,431.00 8.84% 1,312,932.25 7.76% (2,677,843.21) -16.71%

TOTAL PASIVO Y PATRIMONIO 14,601,434.52 100.00% 16,918,261.98 100.00% 16,027,048.40 100.00%

(0.00) 0.00 0.00
 ESTADO DE RESULTADOS
ANALISIS VERTICAL
DETALLE 2013 % 2014 % 2015
VENTAS 26,105,526.00 100.00% 31,261,149.00 100.00% 33,870,102.00
DEVOLUC., DESCTOS y REBAJAS CONCEDIDAS 0.00 0.00% 0.00 0.00% (467,832.00)
VENTAS NETAS 26,105,526.00 100.00% 31,261,149.00 100.00% 33,402,270.00
COSTO DE VENTAS (21,120,432.00) -80.90% (24,992,081.00) -79.95% (29,312,565.00)
UTILIDAD BRUTA 4,985,094.00 19.10% 6,269,068.00 20.05% 4,089,705.00

GASTOS DE ADMINISTRACION (1,251,302.00) -4.79% (1,434,741.00) -4.59% (1,673,540.00)

GASTOS DE VENTAS (4,089,480.00) -15.67% (4,451,181.00) -14.24% (3,609,892.00)
Subtotal Gastos Operativos (5,340,782.00) -20.46% (5,885,922.00) -18.83% (5,283,432.00)
UTILIDAD OPERATIVA (355,688.00) -1.36% 383,146.00 1.23% (1,193,727.00)
GASTOS FINANCIEROS (1,031,985.00) -3.95% (1,594,950.00) -5.10% (4,824,384.00)
INGRESOS FINANCIEROS 1,331,052.54 5.10% 578,908.00 1.85% 348,665.00
GASTOS VARIOS 0.00 0.00% (659,586.00) -2.11% (494,486.00)
INGRESOS VARIOS 108,729.87 0.42% 1,318,404.00 4.22% 820,334.00
Subtotal Otros Ingresos y Gastos 407,797.41 1.56% (357,224.00) -1.14% (4,149,871.00)
RESULTADO ANTES DE PARTICIPACIÓN UTILID 52,109.41 0.20% 25,922.00 0.08% (5,343,598.00)

PARTICIPACION LABORAL UTILIDADES (4,168.75) -0.02% 0.00 0.00% 0.00

SALDO UTILIDAD ANTES DE IMPUESTOS 47,940.66 0.18% 25,922.00 0.08% (5,343,598.00)
IMPTO A LA RTA 3A CAT (14,382.20) -0.06% (7,776.60) -0.02% 0.00
UTILIDAD (PERDIDA) NETA 33,558.46 0.13% 18,145.40 0.06% (5,343,598.00)
%
101.40%
-1.40%
100.00%
-87.76%
12.24%

-5.01%
-10.81%
-15.82%
-3.57%
-14.44%
1.04%
-1.48%
2.46%
-12.42%
-16.00%

0.00%
-16.00%
0.00%
-16.00%
ANALISIS DE RATIOS

RATIOS DE LIQUIDEZ
2013 2014 2015

LIQUIDEZ CORRIENTE o GENERAL 1.00 0.94 0.98

ACT DISP + ACT REALIZ - GTOS PAG x ANTICIPADO 13,273,449.00 14,736,292.00 12,304,018.00
PASIVO CORRIENTE 13,310,003.52 15,605,329.73 12,602,364.61

LIQUIDEZ ACIDA 0.49 0.34 0.57

ACT DISP - GTOS PAG x ANT 6,527,943.00 5,353,687.00 7,215,741.00

PASIVO CORRIENTE 13,310,003.52 15,605,329.73 12,602,364.61

LIQUIDEZ SEVERA 0.07 0.02 0.04

EFECTIVO Y EQUIVALENTE DE EFECTIVO 898,679.00 345,546.00 563,084.00

PASIVO CORRIENTE 13,310,003.52 15,605,329.73 12,602,364.61

MARGEN DE SEGURIDAD (0.00) (0.06) (0.02)

CAPITAL DE TRABAJO. (36,554.52) (869,037.73) (298,346.61)

PASIVO CORRIENTE 13,310,003.52 15,605,329.73 12,602,364.61

RATIOS DE LIQUIDEZ
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
(0.20)
2013 2014 2015 2016 2017 2018
LIQUIDEZ CORRIENTE o GENERAL LIQUIDEZ ACIDA LIQUIDEZ SEVERA MARGEN DE SEGURIDAD
 RATIOS DE LIQUIDEZ
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
(0.20)
2013 2014 2015 2016 2017 2018
LIQUIDEZ CORRIENTE o GENERAL LIQUIDEZ ACIDA LIQUIDEZ SEVERA MARGEN DE SEGURIDAD
 1.40
1.20
1.00
0.80
0.60
0.40
RATIOS DE GESTION
0.20
2013 2014 2015
0.00
(0.20)
2013
ROTACION CUENTAS POR COBRAR2014 2015 2016 42 2017 32 2018 27
LIQUIDEZ CORRIENTE o GENERAL LIQUIDEZ ACIDA ds
LIQUIDEZ SEVERA ds DE SEGURIDAD
MARGEN ds
VENTAS NETAS 26,105,526.00 31,261,149.00 33,870,102.00
CUENTAS POR COBRAR COM TERCEROS 3,011,609.32 2,748,961.86 2,563,455.08

ROTACION DE INVENTARIOS 115 135 62

ds ds ds
COSTO DE VENTAS 21,120,432.00 24,992,081.00 29,312,565.00
ACT REALIZABLE 6,745,506.00 9,382,605.00 5,088,277.00

ROTACION CUENTAS POR PAGAR 120 115 98

ds ds ds
COMPRAS 22,865,938.00 27,629,180.00 25,018,237.00
CUENTAS POR PAGAR 7,619,776.69 8,852,293.15 6,805,248.74

CICLO EFECTIVO

TIEMPO CAPITAL INMOVILIZADO 157 167 90

CUENTAS POR PAGAR 120 115 98
CICLO (37) (51) 8
RATIOS DE ENDEUDAMIENTO
2013 2014 2015

DEPENDENCIA FINANCIERA 91.16% 92.24% 116.71%

PASIVO TOTAL 13,310,003.52 15,605,329.73 18,704,891.61

ACTIVO TOTAL (NETO) 14,601,434.52 16,918,261.98 16,027,048.40

ENDEUDAMIENTO EN EL LARGO PLAZO 8.84% 7.76% 21.37%

PASIVO NO CTE + PATRIMONIO (NETO) 1,291,431.00 1,312,932.25 3,424,683.79

ACTIVO TOTAL (NETO) 14,601,434.52 16,918,261.98 16,027,048.40

ENDEUDAMIENTO PATRIMONIAL 1030.64% 1188.59% -698.51%

PASIVO TOTAL 13,310,003.52 15,605,329.73 18,704,891.61

PATRIMONIO NETO 1,291,431.00 1,312,932.25 (2,677,843.21)
RATIOS DE RENTABILIDAD 2013 2014 2015

COSTO DE VENTAS 80.90% 79.95% 86.54%

COSTO VENTAS 21,120,432.00 24,992,081.00 29,312,565.00

VENTAS NETAS 26,105,526.00 31,261,149.00 33,870,102.00

GASTOS OPERATIVOS 20.46% 18.83% 15.60%

ENDEUDAMIENTO PATRIMONIAL
GASTOS OPERATIVOS 5,340,782.00 5,885,922.00 5,283,432.00
VENTAS NETAS 26,105,526.00 31,261,149.00 33,870,102.00

GASTOS FINANCIEROS 3.95% 5.10% 14.24%

GASTOS FINANCIEROS 5000.00% 1,031,985.00 1,594,950.00 4,824,384.00
VENTAS NETAS 26,105,526.00 31,261,149.00 33,870,102.00
4000.00%
COSTOS TOTALES 105.32% 103.88% 116.39%

COSTO VENTA + GTOS OPERAT + GTOS FINANCIEROS 3000.00% 27,493,199.00 32,472,953.00 39,420,381.00
VENTAS NETAS 26,105,526.00 31,261,149.00 33,870,102.00
2000.00%

1000.00%

0.00%

-1000.00%
2013 2014 2015 2016 2017 2018

ENDEUDAMIENTO PATRIMONIAL

RATIOS DE RENTABILIDAD

120.00%

100.00%
 120.00%

RATIOS DE RENTABILIDAD 2013 2014 2015

UTILIDAD OPERATIVA/ ACTIVO TOTAL (ROA) -2.44% 2.26% -7.45%

UTILIDAD OPERATIVA (355,688.00) 383,146.00 (1,193,727.00)

100.00% ACTIVO TOTAL 14,601,434.52 16,918,261.98 16,027,048.40

UTILIDAD NETA / ACTIVO TOTAL (ROA) 0.23% 0.11% -33.34%

UTILIDAD NETA 33,558.46 18,145.40 (5,343,598.00)

ACTIVO TOTAL 14,601,434.52 16,918,261.98 16,027,048.40

80.00%
UTILIDAD OPERATIVA/CAPITAL (ROE) -27.54% 29.18% 44.58%
UTILIDAD OPERATIVA (355,688.00) 383,146.00 (1,193,727.00)
CAPITAL CONTABLE (PATRIMONIO) 1,291,431.00 1,312,932.25 (2,677,843.21)

UTILIDAD NETA / CAPITAL (ROE) 2.60% 1.38% 199.55%

UTILIDAD NETA 33,558.46 18,145.40 (5,343,598.00)
CAPITAL CONTABLE (PATRIMONIO)
60.00% 1,291,431.00 1,312,932.25 (2,677,843.21)

40.00%

20.00%
RATIOS DE RENTABILIDAD PARA EL ACCIONISTA

0.00%
2013 2014 2015 2016 2017 2018

1000.00%

800.00%
COSTO DE VENTAS GASTOS OPERATIVOS GASTOS FINANCIEROS COSTOS TOTALES

600.00%

400.00%
 TASA DE INTERÉS ANUAL
2013 28.17%
2014 35.78%
2015 48.48%
2016 35.00%
2017 25.00%
2018 15.00%

INFLACIÓN AÑOS
2013 2014 2015 2016 2017 2018
2.86% 3.22% 4.40% 3.23% 2.20% 2.60%

CALCULO DEL COSTO REAL

TASA DE
TASA INTERES INFLACIÓN
AÑOS INTERES REAL
EFECTIVA
2013 28.17% 2.86% 24.61%
2014 35.78% 3.22% 31.54%
2015 48.48% 4.40% 42.22%
2016 35.00% 3.23% 30.78%
2017 25.00% 2.20% 22.31%
2018 15.00% 2.60% 12.09%

COSTO REAL DE LA DEUDA

2013 2014 2015 2016 2017 2018
24.61% 31.54% 42.22% 30.89% 22.09% 11.88%

RENDIMIENTO
CONCEPTOS
2013 2014 2015 2016 2017 2018
Rf 2.34% 2.53% 2.13% 1.84% 2.35% 2.35%
Rm 3.42% 3.42% 3.42% 3.42% 3.42% 3.42%
Beta 0.93 0.93 0.93 0.93 0.93 0.93
Riego país 1.59% 1.62% 2.01% 1.35% 1.22% 1.18%

CALCULO DEL COK

AÑOS
Rf Beta Rm Riego país COK
2013 2.34% 0.93 3.42% 1.59% 4.93%
2014 2.53% 0.93 3.42% 1.62% 4.98%
2015 2.13% 0.93 3.42% 2.01% 5.34%
2016 1.84% 0.93 3.42% 1.35% 4.66%
2017 2.35% 0.93 3.42% 1.22% 4.57%
2018 2.35% 0.93 3.42% 1.18% 4.53%

% TERCEROS
CONCEPTOS
2013 2014 2015 2016 2017 2018
Pasivo 13,310,003.52 15,605,329.73 18,704,891.61 19,300,621.70 18,230,740.08 18,460,330.36
PyP 14,601,434.52 16,918,261.98 16,027,048.40 19,718,778.49 19,105,650.18 19,983,942.13
(Pasivo/PyP) 91.16% 92.24% 116.71% 97.88% 95.42% 92.38%

% CAPITAL PROPIO
CONCEPTOS
2013 2014 2015 2016 2017 2018
Patrimonio 1,291,431.00 1,312,932.25 (2,677,843.21) 418,156.79 874,910.09 1,523,611.78
PyP 14,601,434.52 16,918,261.98 16,027,048.40 19,718,778.49 19,105,650.18 19,983,942.13
(Pat/PyP) 8.84% 7.76% -16.71% 2.12% 4.58% 7.62%

CALCULO DEL WACC

AÑOS
(Pasivo/PyP) Costo deuda (1-t) (Pat/PyP) COK WACC
2013 91.16% 24.61% 70.0% 8.84% 4.93% 16.14%
2014 92.24% 31.54% 70.0% 7.76% 4.98% 20.75%
2015 116.71% 42.22% 72.0% -16.71% 5.34% 34.59%
2016 97.88% 30.89% 72.0% 2.12% 4.66% 21.87%
 2017 95.42% 22.09% 70.5% 4.58% 4.57% 15.07%
2018 92.38% 11.88% 70.5% 7.62% 4.53% 8.08%

CAPITAL INVERTIDO EN EMPRESA

CONCEPTOS
2013 2014 2015 2016 2017 2018
Deuda 13,310,003.52 15,605,329.73 18,704,891.61 19,300,621.70 18,230,740.08 18,460,330.36
Capital Ajust. 1,291,431.00 1,312,932.25 (2,677,843.21) 418,156.79 874,910.09 1,523,611.78
Cap.Invertido 14,601,434.52 16,918,261.98 16,027,048.40 19,718,778.49 19,105,650.18 19,983,942.13
WACC 16.14% 20.75% 34.59% 21.87% 15.07% 8.08%
Costo Cap 2,356,638.68 3,510,698.53 5,542,998.98 4,312,096.27 2,879,095.71 1,615,071.47

UODI
CONCEPTOS
2013 2014 2015 2016 2017 2018
UTIL. OPER -355,688.00 383,146.00 -1,193,727.00 4,141,667.66 4,785,887.01 5,132,314.81
IMPUESTO 0.00 114,943.80 0.00 1,242,500.30 1,435,766.10 1,539,694.44
Depreciación 29,078.00 34,893.00 45,071.00 -30,000.00 30,000.00 0.00
UODI -326,610.00 303,095.20 -1,148,656.00 2,869,167.36 3,380,120.91 3,592,620.36

EVA
CONCEPTOS
2013 2014 2015 2016 2017 2018
UODI -326,610.00 303,095.20 -1,148,656.00 2,869,167.36 3,380,120.91 3,592,620.36
Costo Cap.Inv 2,356,638.68 3,510,698.53 5,542,998.98 4,312,096.27 2,879,095.71 1,615,071.47
EVA -2,683,248.68 -3,207,603.33 -6,691,654.98 -1,442,928.91 501,025.19 1,977,548.90
Fuente: http://orientacion.sunat.gob.pe/index.php/empresas-menu/impuesto-a-la-renta-empresas/regimen-general-del-impuesto-a-la-renta-empresas/calculo-an
a-la-renta-empresas/calculo-anual-del-impuesto-a-la-renta-empresas/2900-03-tasas-para-la-determinacion-del-impuesto-a-la-renta-anual