Porcentaje Porcentaje
Millones de pesos integral integral
2016 2017
Ventas netas 252,141.00 267,515.00
Costo de ventas 115,998.00 124,783.00
Utilidad bruta 136,143.00 53.99% 142,732.00 53.35%
Gastos de distribución y ventas 96,395.00 102,801.00
Gastos de administración 17,320.00 18,388.00
Gastos de integración 2,108.00 2,929.00
Utilidad antes de otros gastos 20,320.00 8.06% 18,614.00 6.96%
Otros gastos neto 2,236.00 1,162.00
Utilidad de operación 18,084.00 7.17% 17,452.00 6.52%
Intereses a cargo neto 5,486.00 5,872.00
Intereses a cargo - 249.00 - 314.00
Ganancia o pérdida cambiaria neta 5.00 118.00
Ganancia o pérdida por posición monetaria - 650.00 79.00
Utilidad antes de impuestos 13,492.00 5.35% 11,697.00 4.37%
Impuestos 6,845.00 6,282.00
Utilidad neta 6,647.00 2.64% 5,415.00 2.02%
Razones de rentabilidad
Margen de utilidad bruta 53.99% 53.35%
Margen de utilidad neta 2.64% 2.02%
Porcentaje Porcentaje Porcentaje
integral integral integral
2018 2019 2020
289,320.00 291,926.00 331,051.00
135,669.00 138,184.00 152,608.00
153,651.00 53.11% 153,742.00 52.66% 178,443.00 53.90%
109,701.00 110,234.00 123,511.00
19,006.00 16,641.00 22,383.00
1,855.00 2,435.00 1,968.00
23,089.00 7.98% 24,432.00 8.37% 30,581.00 9.24%
4,580.00 4,013.00 5,173.00
18,509.00 6.40% 20,419.00 6.99% 25,408.00 7.67%
7,668.00 8,561.00 9,424.00
- 386.00 - 560.00 - 387.00
- 85.00 445.00 - 108.00
- 202.00 114.00 - 70.00
11,514.00 3.98% 11,859.00 4.06% 16,549.00 5.00%
4,897.00 4,733.00 6,192.00
6,617.00 2.29% 7,126.00 2.44% 10,357.00 3.13%
53.11% 52.66% 53.90%
2.29% 2.44% 3.13%
2020-2019 2019-2018 2018-2017 2017-2016
importe % importe % importe % importe
39,125.00 13.4% 2,606.00 0.9% 21,805.00 8.2% 15,374.00
24,701.00 16% 91.00 0.06% 10,919.00 7.7% 6,589.00
4,989.00 24.4% 1,910.00 10.3% 1,057.00 6.1% - 632.00
3,231.00 45.3% 509.00 7.7% 1,202.00 22.2% - 1,232.00
SOLO ESTE ES EL HORIZONTAL
VENTAS
UT BRUTA
UT OPERACIÓN
UT NETA
2017-2016 2020-2016 (GLOBAL) IMPORTE DIFERENCIA
% importe % % INCREMENTO EN VENTAS O VARIACIONES
6.1% 78,910.00 31.3%
4.8% 42,300.00 31.1% REPRESENTA UT BRUTA DE ESTO
-3.5% 7,324.00 40.5%
-18.5% 3,710.00 55.8%
VARIACIONES
Porcentajes
2016 integrales 2017
Efectivo y equivalentes de efectivo 6,814.00 3% 7,216.00
Cuentas por cobrar a clientes 24,069.00 10% 24,806.00
Inventario neto 7,428.00 3% 8,368.00
Pagos anticipados 806.00 0.3% 975.00
Instrumentos financieros derivados 305.00 0.1% 682.00
Depositos en garantia de de instrumentos derivados 1,140.00 0.5% 417.00
Activos clasificados como mantenidos para venta 148.00 0.1% 26.00
Total Activo Circulante 40,710.00 42,490.00
Propiedades planta y equipo 74,584.00 30.4% 82,972.00
Activos por derecho de uso
Inversión en asociadas 2,124.00 0.9% 2,318.00
Instrumentos financieros derivados 3,448.00 1.4% 2,592.00
Impuestos a la utilidad diferidos 9,779.00 4.0% 6,288.00
Activos intangibles neto 49,938.00 20.4% 56,194.00
Credito mercantil 62,844.00 25.6% 63,426.00
Otros activos 1,698.00 0.7% 2,969.00
Total Activo No Circulante 204,415.00 216,759.00
Total ACTIVO 245,125.00 100% 259,249.00
Porción a corto plazo de deuda a largo plazo 1,452.00 0.6% 1,885.00
Cuentas por pagar a proveedores 17,350.00 7.1% 19,677.00
Otras cuentas por pagar y pasivos acumulados 21,377.00 8.7% 21,800.00
Pasivos por arrendamientos 0.0%
Cuentas por pagar a partes relacionadas 853.00 0.3% 955.00
Impuesto sobre la renta 1,043.00 0.4% 1,073.00
PTU 1,185.00 0.5% 1,283.00
Instrumentos financieros derivados 372.00 0.2% 241.00
Otros pasivos a corto plazo 0.0%
Total Pasivo Circulante 43,632.00 46,914.00
Deuda a largo plazo 80,351.00 32.8% 91,546.00
Pasivos por arrendamientos 0.0%
Instrumentos financieros derivados 3,352.00 1.4% -
Beneficios a empleados 30,917.00 12.6% 30,638.00
Impuestos a la utilidad diferidos 4,952.00 2.0% 4,685.00
Otros pasivos a largo plazo 6,885.00 2.8% 8,442.00
Total Pasivo No Circulante 126,457.00 135,311.00
TOTAL PASIVO 170,089.00 182,225.00
CAPITAL CONTABLE 75,036.00 30.6% 77,024.00
TOTAL PASIVO MAS CAPITAL CONTABLE 245,125.00 100.0% 259,249.00
RAZONES FINANCIERAS
Razones circulante
activo circulante/pasivo circulante 0.93 0.91
prueba del acido
activo circulante-inventarios/pasivo circulante 0.76 0.73
endaudamiento 69% 70%
pasivo total/activo total
capitalizacion 31% 30%
capital contable total/activo total
rendimiento de activos 2.71% 2.09%
utilidad neta/activo total
rendimiento del capital contable 8.86% 7.03%
utilidad neta/capital contable
Porcentajes Porcentajes Porcentajes Porcentajes
integrales 2018 integrales 2019 integrales 2020 integrales
3% 7,584.00 3% 6,251.00 2.2% 9,268.00 3%
10% 25,950.00 10% 26,198.00 9.4% 27,487.00 9%
3% 9,340.00 4% 9,819.00 3.5% 10,893.00 4%
0.4% 1,098.00 0.4% 1,188.00 0.4% 1,944.00 1%
0.3% 106.00 0.0% 143.00 0.1% 871.00 0%
0.2% 619.00 0.2% 325.00 0.1% - 0%
0.0% 154.00 0.1% 273.00 0.1% 140.00 0%
44,851.00 44,197.00 50,603.00
32% 87,243.00 33.1% 84,341.00 30.2% 91,248.00 30%
- 25,550.00 9.2% 29,163.00 9%
1% 2,645.00 1.0% 2,871.00 1.0% 3,143.00 1%
1% 3,017.00 1.1% 1,533.00 0.5% 267.00 0%
2% 3,886.00 1.5% 4,590.00 1.6% 8,733.00 3%
22% 54,476.00 20.7% 51,318.00 18.4% 55,007.00 18%
24% 65,513.00 24.9% 62,794.00 22.5% 66,904.00 22%
1% 1,685.00 0.6% 1,887.00 0.7% 2,583.00 1%
218,465.00 234,884.00 257,048.00
100% 263,316.00 100% 279,081.00 100% 307,651.00 100%
0.7% 1,153.00 0.4% 5,408.00 1.9% 600.00 0.2%
7.6% 20,971.00 8.0% 22,972.00 8.2% 26,679.00 8.7%
8.4% 23,055.00 8.8% 18,473.00 6.6% 24,901.00 8.1%
0.0% - 0.0% 4,599.00 1.6% 5,153.00 1.7%
0.4% 1,012.00 0.4% 1,197.00 0.4% 1,334.00 0.4%
0.4% 256.00 0.1% 115.00 0.0% - 0.0%
0.5% 1,423.00 0.5% 1,183.00 0.4% 1,017.00 0.3%
0.1% 879.00 0.3% 673.00 0.2% 1,183.00 0.4%
0.0% - 0.0% - 0.0% 398.00 0.1%
48,749.00 54,620.00 61,265.00
35.3% 88,693.00 33.7% 81,264.00 29.1% 84,629.00 27.5%
0.0% - 0.0% 20,741.00 7.4% 23,936.00 7.8%
0.0% 347.00 0.1% 437.00 0.2% 214.00 0.1%
11.8% 25,885.00 9.8% 30,426.00 10.9% 33,832.00 11.0%
1.8% 5,720.00 2.2% 5,241.00 1.9% 6,766.00 2.2%
3.3% 9,347.00 3.5% 8,041.00 2.9% 8,998.00 2.9%
129,992.00 146,150.00 158,375.00
178,741.00 200,770.00 219,640.00
29.7% 84,575.00 32.1% 78,311.00 28.1% 88,011.00 28.6%
100.0% 263,316.00 100.0% 279,081.00 100.0% 307,651.00 100.0%
-
0.92 0.81 0.83
0.73 0.63 0.65
68% 72% 71%
32% 28% 29%
2.51% 2.55% 3.37%
7.82% 9.10% 11.77%
2020-2019 2019-2018 2018-2017 2017-2016
importe % importe % importe % importe
3,017.00 48.3% - 1,333.00 -17.6% 368.00 5.1% 402.00
1,289.00 4.9% 248.00 1.0% 1,144.00 4.6% 737.00
1,074.00 10.9% 479.00 5.1% 972.00 11.6% 940.00
756.00 63.6% 90.00 8.2% 123.00 12.6% 169.00
728.00 509.1% 37.00 34.9% - 576.00 -84.5% 377.00
- 325.00 -100.0% - 294.00 -47.5% 202.00 48.4% - 723.00
- 133.00 -48.7% 119.00 77.3% 128.00 492.3% - 122.00
6,907.00 8.2% - 2,902.00 -3.3% 4,271.00 5.1% 8,388.00
3,613.00 14.1% 25,550.00 - -
272.00 9.5% 226.00 8.5% 327.00 14.1% 194.00
- 1,266.00 -82.6% - 1,484.00 -49.2% 425.00 16.4% - 856.00
4,143.00 90.3% 704.00 18.1% - 2,402.00 -38.2% - 3,491.00
3,689.00 7.2% - 3,158.00 -5.8% - 1,718.00 -3.1% 6,256.00
4,110.00 6.5% - 2,719.00 -4.2% 2,087.00 3.3% 582.00
696.00 36.9% 202.00 12.0% - 1,284.00 -43.2% 1,271.00
-
- 4,808.00 -88.9% 4,255.00 369.0% - 732.00 -38.8% 433.00
3,707.00 16.1% 2,001.00 9.5% 1,294.00 6.6% 2,327.00
6,428.00 34.8% - 4,582.00 -19.9% 1,255.00 5.8% 423.00
554.00 12.0% 4,599.00 - -
137.00 11.4% 185.00 18.3% 57.00 6.0% 102.00
- 115.00 -100.0% - 141.00 -55.1% - 817.00 -76.1% 30.00
- 166.00 -14.0% - 240.00 -16.9% 140.00 10.9% 98.00
510.00 75.8% - 206.00 -23.4% 638.00 264.7% - 131.00
significan la
diferencia de
398.00 un año a otro
3,365.00 4.1% - 7,429.00 -8.4% - 2,853.00 -3.1% 11,195.00
3,195.00 15.4% 20,741.00 -
- 223.00 -51.0% 90.00 25.9% 347.00 - 3,352.00
3,406.00 11.2% 4,541.00 17.5% - 4,753.00 -15.5% - 279.00
1,525.00 29.1% - 479.00 -8.4% 1,035.00 22.1% - 267.00
957.00 11.9% - 1,306.00 -14.0% 905.00 10.7% 1,557.00
9,700.00 12.4% - 6,264.00 -7.4% 7,551.00 9.8% 1,988.00
2017-2016 2020-2016
% importe % importe lo que varía
5.9% 2,454.00 36.0% % incremento o decremento
3.1% 3,418.00 14.2%
12.7% 3,465.00 46.6%
21.0% 1,138.00 141.2%
123.6% 566.00 185.6%
-63.4% - 1,140.00 -100.0%
-82.4% - 8.00 -5.4%
11.2% 16,664.00 22.3%
9.1% 1,019.00 48.0%
-24.8% - 3,181.00 -92.3%
-35.7% - 1,046.00 -10.7%
12.5% 5,069.00 10.2%
0.9% 4,060.00 6.5%
74.9% 885.00 52.1%
29.8% - 852.00 -58.7%
13.4% 9,329.00 53.8%
2.0% 3,524.00 16.5%
5,153.00
12.0% 481.00 56.4%
2.9% - 1,043.00 -100.0%
8.3% - 168.00 -14.2%
-35.2% 811.00 218.0%
13.9%4,278.00 5.3%
23,936.00
-100.0% - 3,138.00 -93.6%
-0.9% 2,915.00 9.4%
-5.4% 1,814.00 36.6%
22.6% 2,113.00 30.7%
2.6% 12,975.00 17.3%