Sum | Millions (COP) | Annual |

Balance 2,018 2,017 2,016 2,015 2,014

Current Assets
Cash and Banks 234,683 411,871 311,184 428,620 340,657
Short Term Investments 2,022 1,771 2,158 8,411 83,713
Account Receivables (Trade) 431,250 848,151 792,877 1,286,404 951,840
- Customers - - 3,773 21,647 133,967
- Provisions - - - - 41 -
Inventory 226,562 724,092 809,921 1,245,050 879,262
Taxes, Contributions Pre Payments 20,151 117,281 109,403 270,368 193,988
Other Debtors 78,750 30,290 44,534 125,986 443
Deferred Assets 9,440 10,505 14,594 19,740 9,867
Other Current Assets 6,272 18,486 28,416 134,577 162,731
Current Assets 2,239,777 2,162,446 2,113,086 3,519,156 2,622,499
Fixed Asset
Fixed Assets 1,274,192 1,267,510 1,297,793 1,654,066 928,736
- Accrued Depreciation - - - - 16,051 -
Intangible Assets (Net) 70,797 56,077 62,417 140,811 56,587
Investments 87,078 106,331 114,585 127,010 114,637
- Shares in affiliates and other related companies 442 51,941 67,810 54,281 36,622
- Interest Bearing Securities - - - - -
- Other Financial Investments 86,636 4,079 2,771 72,203 77,751
Others Accounts Receivables (long term) - - - - -
Long Term Receivables 2,970 11,583 1,114 - 6,285
Deferred Assets - 8,144 69,007 76,654 24,371
Other Long Term Assets 206,238 183,215 93,564 387,600 353,478
Total Long Term Assets 1,641,276 1,632,861 1,638,479 2,386,141 1,484,093
Total Assets
Total Assets 3,881,052 3,795,307 3,751,565 5,905,297 4,106,593
Current Liability
Short Term Financial Debt 64,787 465,679 317,623 836,658 465,585
Suppliers 190,562 469,896 479,118 808,475 681,302
Short Term Accounts Payable 16,365 13,697 17,416 111,388 86,269
Payroll-related Liabilities 38,369 74,407 80,645 101,599 81,691
Taxes Payable 31,462 36,819 70,345 120,719 100,355
Estimated and Provisions 46 - - - -
Deferred Liabilities - - - - -
Bonds and Commercial Papers - - - - -
Other Short Term Liabilities 23,290 147,305 88,772 655,826 445,957
Long Term Debt - Current Portion 24,198 44,579 29,270 12,976 3,107
Total Current Liability 1,313,837 1,252,381 1,083,188 2,647,641 1,864,267
Long Term Liability
Long Term Financial Obligations 72,135 284,221 706,103 477,531 341,489
Long Term Accounts Payable 103,547 106,446 111,715 129,092 27,467
LT Estimated Liab. and Provisions 2,625 89,144 95,067 159,599 129,376
Long term Deferred Liabilities - - - - -
Bonds and Commercial Papers - Long Term - - - - -
Other Long Term Liabilities 38,928 30,616 21,705 62,025 74,764
Long Term Subordinate Debt - - - - -
Liabilities with related companies 4,419 9,583 82,759 31,526 7,377
Long Term Liabilities 473,023 520,010 1,017,350 859,773 580,472
Total Liability
Total Liabilities 1,786,860 1,772,391 2,100,537 3,507,414 2,444,739
Equity
Capital 284,276 701,082 677,842 1,323,573 1,022,475
Other Reserves 610,084 615,133 527,892 773,471 721,738
Equity Appreciation - - - - -
Retained Earnings - 40,597 427,926 109,846 - 18,404 - 183,939
Other shareholder equity 201,659 278,776 333,104 281,431 101,579
Minority Interest - - 2,343 37,811 -
Total Net Worth 2,094,192 2,022,916 1,651,028 2,397,882 1,661,853
Total Liability and Equity
Total Liabilities and Net Worth 3,881,052 3,795,307 3,751,565 5,905,296 4,106,592
WACC = Ke x (E/(E+D)) + Kd x (1-T) x
Condiciones
Cierre 2018 Inflación ke
Riesgo país 6% E
Interés D
Expectativa 7% Kd
Total Ke 13% T

Costo deuda Corto Plazo

Lago Plazo

Promedio costo Deuda

Tasa Imporenta 33%

Kd x (1-T) x (D/(E+D))
Empresa B
Coste de los fondos propios.
Fondos Propios
Endeudamiento
Costo Financiero
Impuesto de Renta

WACC