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1
Exhibit 2a Unaudited Consolidated Statements of Financial Condition
12/31/2012 12/31/2013
Assets
Cash 524,785 712,011
Investments in subsidiaries - -
Intercompany receivable - -
Affiliated receivable 53,037 135,267
Accounts receivable 276,197 387,044
Inventory 39,360 107,937
Prepaid expenses and other receivables 23 5,689
Deposits 54,100 99,809
Fixed assets, net 449,900 1,512,610
Total Assets 1,397,402 2,960,367
Shareholders’ Equity:
Capital Stock 1,886,504 1,886,504
Retained earnings (1,780,234) (1,484,770)
Current earnings 311,871 855,613
Accumulated other comprehensive income (loss) - -
Total Shareholders’ Equity 418,141 1,257,346
12/31/2012 12/31/2013
Sales Revenue 4,132,517 7,491,187
Cost of Sales 1,303,416 1,632,722
Gross Margin 2,829,101 5,858,465
Compensation
Salaries and wages 1,309,589 2,691,881
Employee benefits 65,676 124,827
Total Compensation 1,375,265 2,816,708
PRIME COST 1,453,836 3,041,758
12/31/2012 12/31/2013
Capital Stock
Beginning Balance 1,886,504 1,886,504
Stock Issued - -
Ending Balance 1,886,504 1,886,504
Reinvested Earnings
Beginning Balance (1,780,234) (1,484,770)
Net Income 311,871 855,613
Dividends - -
Ending Balance (1,468,363) (629,158)
12/31/2012 12/31/2013
0 1 2 3 4 5
Alquiler (aumento del 3%) $ 310,600.00 $ 319,918.00 $ 329,515.54 $ 339,401.01 $ 349,583.04
Servicios públicos (incremento del 3%) $ 38,644.00 $ 39,803.32 $ 40,997.42 $ 42,227.34 $ 43,494.16
Laboral (incremento del 5%) $ 594,750.00 $ 624,487.50 $ 655,711.88 $ 688,497.47 $ 722,922.34
COGS (50% de las ventas brutas) $ 944,620.00 $ 1,133,544.00 $ 1,360,252.80 $ 1,632,303.36 $ 1,958,764.03
Costo total $ 1,888,614.00 $ 2,117,752.82 $ 2,386,477.63 $ 2,702,429.18 $ 3,074,763.57
Ventas brutas $ 1,889,240.00 $ 2,267,088.00 $ 2,720,505.60 $ 3,264,606.72 $ 3,917,528.06
Venta minorista promedio por pastel $ 80.00 $ 80.00 $ 80.00 $ 80.00 $ 80.00
Pasteles vendidos por año 23,616 28,339 34,006 40,808 48,969
Pasteles vendidos por día 64.7 77.6 93.2 111.8 134.2
0 1 2 3 4 5
Alquiler (aumento del 3%) $ 310,600.00 $ 319,918.00 $ 329,515.54 $ 339,401.01 $ 349,583.04
Servicios públicos (incremento del 3%) $ 38,644.00 $ 39,803.32 $ 40,997.42 $ 42,227.34 $ 43,494.16
Laboral (incremento del 5%) $ 594,750.00 $ 624,487.50 $ 655,711.88 $ 688,497.47 $ 722,922.34
COGS (50% de las ventas brutas) $ 944,620.00 $ 991,851.00 $ 1,041,443.55 $ 1,093,515.73 $ 1,148,191.51
Costo total $ 1,888,614.00 $ 1,976,059.82 $ 2,067,668.38 $ 2,163,641.54 $ 2,264,191.05
Ventas brutas $ 1,889,240.00 $ 1,983,702.00 $ 2,082,887.10 $ 2,187,031.46 $ 2,296,383.03
Venta minorista promedio por pastel $ 80.00 $ 80.00 $ 80.00 $ 80.00 $ 80.00
Pasteles vendidos por año 23,616 24,796 26,036 27,338 28,705
Pasteles vendidos por día 64.7 67.9 71.3 74.9 78.6
0 1 2 3 4 5
Alquiler (aumento del 3%) $ 310,600.00 $ 319,918.00 $ 329,515.54 $ 339,401.01 $ 349,583.04
Servicios públicos (incremento del 3%) $ 38,644.00 $ 39,803.32 $ 40,997.42 $ 42,227.34 $ 43,494.16
Laboral (incremento del 5%) $ 594,750.00 $ 624,487.50 $ 655,711.88 $ 688,497.47 $ 722,922.34
COGS (50% de las ventas brutas) $ 944,620.00 $ 1,112,105.82 $ 1,309,287.72 $ 1,541,430.94 $ 1,814,734.31
Costo total $ 1,888,614.00 $ 2,096,314.64 $ 2,335,512.55 $ 2,611,556.75 $ 2,930,733.85
Ventas brutas $ 1,889,240.00 $ 2,224,211.65 $ 2,618,575.43 $ 3,082,861.88 $ 3,629,468.62
Venta minorista promedio por pastel $ 80.00 $ 80.00 $ 80.00 $ 80.00 $ 80.00
Pasteles vendidos por año 23,616 27,803 32,732 38,536 45,368
Pasteles vendidos por día 64.7 76.2 89.7 105.6 124.3
gastos de venta, generales y administrativos $2,449.2 $4,342.5 $6,376.5 $7,519.8 $10,342.9 $12,697.6 $15,583.3 $19,118.2
Exp. I+D $0.0 $0.0 $0.0 $13.2 $18.5 $23.1 $28.9 $36.1
EBITDA $379.9 $1,516.0 $2,226.0 $2,789.4 $4,090.0 $5,343.5 $6,968.1 $9,071.0
Margen EBITDA 9.19% 20.24% 20.24% 21.13% 22.13% 23.13% 24.13% 25.13%
Depreciación y amortización $41.8 $149.0 $24.8 $800.0 $47.1 $62.4 $82.3 $108.3
Los gastos de capital $142.2 $1,194.4 $33.0 $1,000.0 $55.44 $69.30 $86.63 $108.28
Adiciones a intangibles $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Cambio en el capital de trabajo $10.8 $271.2 $68.0 $42.6 $102.3 $89.5 $111.9 $139.9
Flujo de caja libre $244.1 $518.6 $1,490.6 $1,135.8 $2,721.9 $3,515.3 $4,583.3 $5,965.7
Supuestos operativos
Crecimiento de las ventas N/A 81.3% 46.8% 20.0% 40.0% 25.0% 25.0% 25.0%
COGS (% de las ventas) 31.5% 21.8% 21.8% 21.8% 21.8% 21.8% 21.8% 21.8%
Gastos de venta, generales y administrativos (% de 59.3% 58.0% 58.0% 57.0% 56.0% 55.0% 54.0% 53.0%
Exp. I+D (% de ventas) 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1%
Años en el futuro 1 2 3 4 5
FCF 1,135.8 2,721.9 3,515.3 4,583.3 5,965.7
VPN 1,014.1 2,169.9 2,502.1 2,912.8 3,385.1
VPN del FCF a 5 años 11,983.9
Valor terminal del FCF 77,554.0
PV de TV (Descuento 5 años) 44,006.2
Valor de la empresa 55,990