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CALCULO DEL ROE, ROI, ROA, PER y EVA INFORMACIÓN GENERAL

Impuesto a la Renta (T) Política de dividendos (p) Porcentaje de crecimiento proyectado año a año Costo de la deuda (kd) DATOS FINACIEROS DE LA EMPRESA

20.00% 60.00% 5.00% 10.00% 2004

2005

2006

2007

2008

(año base)

Activos

BALANCE GENERAL

Activos Corrientes

Caja y bancos Valores negociables

4,000 15,000

4,662 15,000

5,361 15,000

6,097 15,000

6,873 15,000

Cuentas por cobrar comerciales

20,000

20,000

20,000

20,000

20,000

Cuentas por cobrar diversas Cuentas por cobrar accionista y viculadas Existencias

2,000

2,000

2,000

2,000

2,000

3,000 55,000

3,000 56,987

3,000 59,082

3,000 61,291

3,000 63,619

Gastos Pagados por anticipado Total Activo Corriente

1,000 100,000

1,000 102,650

1,000 105,443

1,000 108,388

1,000 111,492

Cuentas por cobrar LP Activos fijos (Inmueble maquinaria y equipo)

5,000

5,000

5,000

5,000

5,000

255,556

266,154

277,328

289,108

301,522

Depreciación de activos Intangibles

25,556 15,000

25,556 15,000

25,556 15,000

25,556 15,000

25,556 15,000

350,000

363,248

377,216

391,940

407,458

5,000

5,000

5,000

5,000

5,000

Cuentas por pagar comerciales

18,000

18,000

18,000

18,000

18,000

Cuentas por pagar a accionistas y vinculadas

1,000

1,000

1,000

1,000

1,000

1,000 35,000 60,000

1,000 35,000 60,000

1,000 35,000 60,000

1,000 35,000 60,000

1,000 35,000 60,000

20,000 15,000 125,000

20,000 15,000 125,000

20,000 15,000 125,000

20,000 15,000 125,000

20,000 15,000 125,000

220,000

220,000

220,000

220,000

220,000

Total Activo Pasivo y Patrimonio Pasivo Corriente

Deuda a Corto Plazo

Cuentas por pagar diversas Parte corriente de deuda LP Total pasivo corriente Ingreso diferido Cuentas por pagar LP Deuda a largo plazo Total Pasivo

Patrimonio Neto

Capital social Reservas legales Resultados acumulados

Total Patrimonio Neto

Total Pasivo y Patrimonio Neto ¿Balance?

120,000 10,000 -

120,000 10,000 13,248

120,000 10,000 27,216

120,000 10,000 41,940

120,000 10,000 57,458

130,000

143,248

157,216

171,940

187,458

350,000 Ok

363,248 Ok

377,216 Ok

391,940 Ok

407,458 Ok

Crec. Proyec. 500,000 290,000 210,000 50,000 110,000 50,000 4,000

525,000 525,000 304,500 220,500 52,500 115,500 52,500 4,000

551,250 551,250 319,725 231,525 55,125 121,275 55,125 4,000

578,813 578,813 335,711 243,101 57,881 127,339 57,881 4,000

607,753 607,753 352,497 255,256 60,775 133,706 60,775 4,000

ESTADO DE GANANCIAS Y PERDIDAS

Ingreso total Neto Costo de Ventas Utilidad Bruta Gastos de administración Gastos de ventas Utilidad Operativa Ingreso / Gastos financieros Utilidad (pérdida) antes de impuestos

-

-

-

-

46,000

48,500

51,125

53,881

56,775

4,600

4,850

5,113

5,388

5,678

8,280

8,730

9,203

9,699

10,220

33,120

34,920

36,810

38,795

40,878

2.30

2.42

2.54

2.66

2.80

120,000

120,000

120,000

120,000

120,000

276,000

289,800

304,290

319,505

335,480

0.28

0.29

0.31

0.32

0.34

13.50%

13.50%

13.50%

13.50%

13.50%

8.79%

8.96%

9.13%

9.29%

9.45%

2005

2006

2007

2008

9.79% 11.78% 9.79% 10.91% 11.72% 25.56% 7.90 15,575

9.94% 11.91% 9.94% 11.02% 11.60% 24.50% 7.87 15,970

10.09% 12.04% 10.09% 11.13% 11.49% 23.57% 7.84 16,371

10.23% 12.16% 10.23% 11.23% 11.38% 22.75% 7.82 16,778

Participación de los trabajadores (10%) Impuesto a la renta Utilidad Neta

-

DATA ADICIONAL Precio de la acción en bolsa Numero de acciones de la empresa Valor de mercado de la empresa Beneficios por Acción Costo del Capital Propio ( Ke ) Costo Promedio Ponderado de Capital ( CPPC )

RESULTADOS OBTENIDOS

ROA - Incluyendo el efecto tributario ROA - Sin considerar los intereses ROI - Rendimiento sobre Inversión ROIA - Rentabilidad económica ampliada ROIC - Rendimiento sobre el capital invertido Rendimiento sobre el Patrimonio ( ROE ) Price Earning Ratio ( PER ) Valor Económico Agregado ( EVA )

Valor del PER

8 7.9 7.8 7.7 7.6 7.5

25000 20000 15000 10000 5000 2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2011

2012

2013

2014

Valor en Porcentaje

Valor del ROE en el tiempo 0.3 0.25 0.2 0.15 0.1 0.05 0 2005

2006

2007

2008

2009

2010

Valor en Porcentaje

Valor del ROI y del ROIA en el tiempo 0.12 0.115 0.11 0.105 0.1 0.095 0.09 0.085 2005

2006

2007 ROI

2008

2009

ROIA

2010

2011

ROIC

2012

2013

2014

2009

2010

2011

2012

2013

2014

7,690 15,000

8,552 15,000

9,459 15,000

10,415 15,000

11,421 15,000

12,480 15,000

20,000

20,000

20,000

20,000

20,000

20,000

2,000

2,000

2,000

2,000

2,000

2,000

3,000 66,071

3,000 68,655

3,000 71,377

3,000 74,244

3,000 77,262

3,000 80,440

1,000 114,762

1,000 118,207

1,000 121,836

1,000 125,658

1,000 129,683

1,000 133,920

5,000

5,000

5,000

5,000

5,000

5,000

314,603

328,384

342,900

358,188

374,287

391,237

25,556 15,000

25,556 15,000

25,556 15,000

25,556 15,000

25,556 15,000

25,556 15,000

423,809

441,036

459,181

478,291

498,415

519,602

5,000

5,000

5,000

5,000

5,000

5,000

18,000

18,000

18,000

18,000

18,000

18,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000 35,000 60,000

1,000 35,000 60,000

1,000 35,000 60,000

1,000 35,000 60,000

1,000 35,000 60,000

1,000 35,000 60,000

20,000 15,000 125,000

20,000 15,000 125,000

20,000 15,000 125,000

20,000 15,000 125,000

20,000 15,000 125,000

20,000 15,000 125,000

220,000

220,000

220,000

220,000

220,000

220,000

NERAL

-

120,000 10,000 73,809

120,000 10,000 91,036

120,000 10,000 109,181

120,000 10,000 128,291

120,000 10,000 148,415

120,000 10,000 169,602

203,809

221,036

239,181

258,291

278,415

299,602

423,809 Ok

441,036 Ok

459,181 Ok

478,291 Ok

498,415 Ok

519,602 Ok

638,141 638,141 370,122 268,019 63,814 140,391 63,814 4,000

670,048 670,048 388,628 281,420 67,005 147,411 67,005 4,000

703,550 703,550 408,059 295,491 70,355 154,781 70,355 4,000

738,728 738,728 428,462 310,266 73,873 162,520 73,873 4,000

775,664 775,664 449,885 325,779 77,566 170,646 77,566 4,000

814,447 814,447 472,379 342,068 81,445 179,178 81,445 4,000

-

-

-

-

-

59,814

63,005

66,355

69,873

73,566

77,445

5,981

6,300

6,636

6,987

7,357

7,744

10,767

11,341

11,944

12,577

13,242

13,940

43,066

45,363

47,776

50,308

52,968

55,760

2.94

3.08

3.24

3.40

3.57

3.75

120,000

120,000

120,000

120,000

120,000

120,000

352,254

369,866

388,360

407,778

428,167

449,575

0.36

0.38

0.40

0.42

0.44

0.46

13.50%

13.50%

13.50%

13.50%

13.50%

13.50%

9.61%

9.76%

9.91%

10.05%

10.19%

10.32%

2009

2010

2011

2012

2013

2014

10.36% 12.28% 10.36% 11.32% 11.27% 22.01% 7.79 17,192

10.49% 12.40% 10.49% 11.42% 11.17% 21.36% 7.77 17,612

10.61% 12.50% 10.61% 11.50% 11.08% 20.76% 7.74 18,041

10.73% 12.61% 10.73% 11.59% 10.98% 20.23% 7.72 18,477

10.85% 12.71% 10.85% 11.67% 10.90% 19.74% 7.70 18,922

10.95% 12.80% 10.95% 11.74% 10.81% 19.29% 7.68 19,375

Valor Economico Añadido EVA 25000 20000 15000 10000 5000 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Valor del ROA en el tiempo 0.15 0.1 0.05 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 ROA

ROA (sin intereses)