903

19% 30%
1993 A. Vert. % 1994 A. Vert. % 1995
Ventas 2921 100.00% 3477 100.00% 4519
Costo de ventas -2202 -75.39% -2634 -75.75% -3424
Existencias Iniciales 330 11.30% 337 9.69% 432
Compras 2209 75.62% 2729 78.49% 3579
2539 86.92% 3066 88.18% 4011
Existencias finales 337 11.54% 432 12.42% 587
Costo de ventas Total 2202 75.39% 2634 75.75% 3424
Utilidad Bruta 719 24.61% 843 24.25% 1095
Gastos Operativos -622 -21.29% -717 -20.62% -940
Utilidad Operativa 97 3.32% 126 3.62% 155
Gasto Financiero -23 -0.79% -42 -1.21% -56
U.A.I 74 2.53% 84 2.42% 99
Impuestos -14 -0.48% -16 -0.46% -22
Utilidad Neta 60 2.05% 68 1.96% 77

1993 1994 1995

Activo Corriente 686 74.65% 895 77.36% 1,249
Efectivo 43 4.68% 52 4.49% 56
Cuentas por cobrar 306 33.30% 411 35.52% 606
Existencias 337 36.67% 432 37.34% 587
Activo Fijo Neto 233 25.35% 262 22.64% 388
Total Activo 919 100.00% 1,157 100.00% 1,637
Credito Bancario 0.00% 60 5.19% 390
Por pagar Holtz 0.00% 100 8.64% 100
Efectos comerciales x pagar 0.00% 0.00% 127
Cuentas por pagar 213 23.18% 340 29.39% 376
Gastos por pagar 42 4.57% 45 3.89% 75
Deuda Corriente 20 2.18% 20 1.73% 20
Pasivo Corriente 275 29.92% 565 48.83% 1,088
Deuda Largo Plazo 140 15.23% 120 10.37% 100
Por pagar Holtz 0.00% 100 8.64%
Total Pasivo 415 45.16% 785 67.85% 1,188
Patrimonio 504 54.84% 372 32.15% 449
Total Pasivo + Patrimonio 919 100.00% 1,157 100.00% 1,637
 18%

30% 25%
A. Vert. % 1er T 1996 A. Vert. % 1996 A. Vert. %
100.00% 1062 100.00% 5626 100.00% 100.00% 5500
-75.77% -799 -75.24% -4270 -75.89% -75.89% -4174
9.56% 587 55.27% 587 10.43% 10.43% 573.830951
79.20% 819 77.12% 4376 77.77% 77.77% 4277
88.76% 1406 132.39% 4963 88.20% 88.20% 4851
12.99% 607 57.16% 693 12.32% 12.32% 677
75.77% 799 75.24% 4270 75.89% 75.89% 4174
24.23% 263 24.76% 1357 24.11% 24.11% 1326
-20.80% -244 -22.98% -1176 -20.91% -20.91% -1150
3.43% 19 1.79% 180 3.21% 3.21% 176
-1.24% -13 -1.22% -107 -1.91% -1.91% -105
2.19% 6 0.56% 73 1.30% 1.30% 72
-0.49% -1 -0.09% -15 -0.26% -0.26% -14
1.70% 5 0.47% 59 1.04% 1.04% 57

1er T 1996 1996

76.30% 1,243 76.40% 1,500 75.65%
3.42% 53 3.26% 53 2.67%
37.02% 583 35.83% 754 38.04%
35.86% 607 37.31% 693 34.94%
23.70% 384 23.60% 483 24.35%
100.00% 1,627 100.00% 1,984 100.00%
23.82% 399 24.52% 625 31.51%
6.11% 100 6.15% 100 5.04%
7.76% 123 7.56% 123 6.20%
22.97% 364 22.37% 468 23.60%
4.58% 67 4.12% 93 4.71%
1.22% 20 1.23% 20 1.01%
66.46% 1,073 65.95% 1,430 72.07%
6.11% 100 6.15% 100 5.04%
0.00% 0.00% 0.00%
72.57% 1,173 72.10% 1,530 77.11%
27.43% 454 27.90% 454 22.89%
100.00% 1,627 100.00% 1,984 100.00%
Variación %
1994 19%
1995 30%
1996 25%

13%

-20%
 ESTADO DE RESULTADOS
1993 1994 1995 1996
Ventas 2921 3477 4519 5626
Costo de ventas -2202 -2634 -3424 -4270
Existencias Iniciales 330 337 432 587
Compras 2209 2729 3579 4376
2539 3066 4011 4963
Existencias finales 337 432 587 693
Costo de ventas Total 2202 2634 3424 4270
Utilidad Bruta 719 843 1095 1357
Gastos Operativos -622 -717 -940 -1176
Utilidad Operativa 97 126 155 180
Gasto Financiero -23 -42 -56 -107
U.A.I 74 84 99 73
Impuestos -14 -16 -22 -15
Utilidad Neta 60 68 77 59

ESTADO DE SITUACION FINANCIERA

1993 1994 1995 1996
Efectivo 43 52 56 53
Cuentas por cobrar 306 411 606 754
Existencias 337 432 587 693
Activo Corriente 686 895 1,249 1,500
Activo Fijo Neto 233 262 388 483
Total Activo 919 1,157 1,637 1,984
Credito Bancario 0 60 390 625
Por pagar Holtz 0 100 100 100
Efectos comerciales x pagar 0 0 127 123
Cuentas por pagar 213 340 376 468
Gastos por pagar 42 45 75 93
Deuda Corriente 20 20 20 20
Pasivo Corriente 275 565 1,088 1,430
Deuda Largo Plazo 140 120 100 100
Por pagar Holtz 0 100 0 0
Total Pasivo 415 785 1,188 1,530
Patrimonio 504 372 449 454
Total Pasivo + Patrimonio 919 1,157 1,637 1,984
 Análisis Horizontal Análisis Vertical
Var % 1994 Var % 1995 Var % 1996 1993 1994 1995
19.03% 29.97% 24.50% 100.00% 100.00% 100.00%
19.62% 29.99% 24.69% -75.39% -75.75% -75.77%
2.12% 28.19% 35.88% 11.30% 9.69% 9.56%
23.54% 31.15% 22.26% 75.62% 78.49% 79.20%
20.76% 30.82% 23.72% 86.92% 88.18% 88.76%
28.19% 35.88% 18.06% 11.54% 12.42% 12.99%
19.62% 29.99% 24.69% 75.39% 75.75% 75.77%
17.25% 29.89% 23.90% 24.61% 24.25% 24.23%
15.27% 31.10% 25.13% -21.29% -20.62% -20.80%
29.90% 23.02% 16.45% 3.32% 3.62% 3.43%
82.61% 33.33% 91.52% -0.79% -1.21% -1.24%
13.51% 17.86% -26.02% 2.53% 2.42% 2.19%
14.29% 37.50% -33.21% -0.48% -0.46% -0.49%
13.33% 13.24% -23.97% 2.05% 1.96% 1.70%

Análisis Horizontal Análisis Vertical

Var % 94 Var % 95 Var % 96 1993 1994 1995
20.93% 7.69% -5.36% 4.68% 4.49% 3.42%
34.31% 47.45% 24.50% 33.30% 35.52% 37.02%
28.19% 35.88% 18.06% 36.67% 37.34% 35.86%
30.47% 39.55% 20.13% 74.65% 77.36% 76.30%
12.45% 48.09% 24.50% 25.35% 22.64% 23.70%
25.90% 41.49% 21.17% 100.00% 100.00% 100.00%
0.00% 550.00% 60.26% 0.00% 5.19% 23.82%
0.00% 0.00% 0.00% 0.00% 8.64% 6.11%
0.00% 0.00% -3.15% 0.00% 0.00% 7.76%
59.62% 10.59% 24.50% 23.18% 29.39% 22.97%
7.14% 66.67% 24.50% 4.57% 3.89% 4.58%
0.00% 0.00% 0.00% 2.18% 1.73% 1.22%
105.45% 92.57% 31.39% 29.92% 48.83% 66.46%
-14.29% -16.67% 0.00% 15.23% 10.37% 6.11%
0.00% -100.00% 0.00% 0.00% 8.64% 0.00%
89.16% 51.34% 28.75% 45.16% 67.85% 72.57%
-26.19% 20.70% 1.11% 54.84% 32.15% 27.43%
25.90% 41.49% 21.17% 100.00% 100.00% 100.00%
ertical
1996
100.00%
-75.89%
10.43%
77.77%
88.20%
12.32%
75.89%
24.11%
-20.91%
3.21%
-1.91%
1.30%
-0.26%
1.04%

ertical
1996
2.67%
38.04%
34.94%
75.65%
24.35%
100.00%
31.51%
5.04%
6.20%
23.60%
4.71%
1.01%
72.07%
5.04%
0.00%
77.11%
22.89%
100.00%
 1993

Razon de efectivo Efectivo 43 4.68%

Activo total 919

Liquidez Corriente Activo corriente 686 2.495

Pasivo corriente 275

Periodo Promedio Cobranzas Cuentas por Cobrar x 360 306 38

Ventas 2921

Periodo Promedio Pagos Cuentas por Pagar x 360 213 35

Compras 2209

Periodo Promedio de Rotación de In Inventarios x 360 337 56

Costo de Ventas 2202

Deuda a Patrimonio Total Pasivo 415 0.823

Patrimonio 504

Razón de deuda del activo total Total Pasivo 415 45.16%

Total Activo 919

ROA Utilidad Neta → 60 6.53%

Total Activo 919

ROE Utilidad Neta → 60 11.90%

Patrimonio 504

Margen de Utilidad Bruta Utilidad Bruta → 719 24.61%

Ventas 2921

Margen de Utilidad Neta Utilidad Neta → 60 2.05%

Ventas 2921

Capital de trabajo Neto Activo Corriente - Pasivo → 411

Corriente
 1994 1995 1996

52 4.49% 56 3.42% 53 2.67%

1157 1637 1984

895 1.584 1249 1.148 1500 1.050

565 1088 1430

411 43 606 49 754 49

3477 4519 5626

340 40 376 38 468 39

3066 3579 4376

432 60 587 62 693 59

2634 3424 4270

785 2.110 1188 2.646 1530 3.369

372 449 454

785 67.85% 1188 72.57% 1188 59.89%

1157 1637 1984

68 5.88% 77 4.70% 59 2.95%

1157 1637 1984

68 18.28% 77 17.15% 59 12.90%

372 449 454

843 24.25% 1095 24.23% 1357 24.11%

3477 4519 5626

68 1.96% 77 1.70% 59 1.04%

3477 4519 5626

330 161 71
 1993 1994 1995 1996
Días de Inventario 56 60 62 59
Días cxp 35 40 38 39
Días cxc 38 43 49 49
Ciclo operativo 94 103 111 108
Ciclo de conversión de efectivo 59 63 73 69