2023 2024 2025

Año 1 2 3
FCL S/178,718.41 S/2,877,034.74 S/716,419.83
TIR

2022
Deuda sin costo S/440,333.00
Deuda con costo S/39,986.00
Pasivo total (deuda) S/480,319.00

Capital social (acciones) S/780,722.00

Resultados acumulados S/3,391,398.00
Reserva legal S/250,848.00
Patrimonio neto total S/4,422,968.00

Total de activo S/4,903,287.00

Rf (en soles) 4.32%

Beta desapalancado 0.86
D/P 0.00904
Impuesto a la renta 30.00%
Beta apalancado 0.87
Rm 7.43% pasivo total 2022
CAPM, año 2022 19.06%
TEA deuda 0.00%
WACC, año 2022 17.19%

Caja disponible S/670,623.00

VA FCL S/152,499.06 S/2,094,791.71 S/445,103.71

VA total FCL S/29,847,099.40 Valor de mercado de los activos de la empresa
VA total FCL - pasivo + caja S/23,435,913.40 valor patrimonial de la empresa, es el más acorde al precio que

Precio unitario cada

acción del estudio Haciendo la comparación lo obtenido
Valor patrimonial del VA FCL S/23,435,913.40 S/0.31

Crecimiento FCL 1509.81% -75.10%

CAGR crecimiento FCL 239.85%

Nuevos préstamos S/0.00 S/0.00 S/0.00

Amortizaciones S/0.00 S/0.00 S/0.00
Intereses S/0.00 S/0.00 S/0.00
Escudo fiscal S/0.00 S/0.00 S/0.00
FCA S/178,718.41 S/2,877,034.74 S/716,419.83

VA FCA S/150,107.55 S/2,029,605.45 S/424,489.91

VA total FCA S/73,414,450.30
VA total FCA + caja S/74,085,073.30 valor patrimonial de la empresa, que no se suele tomar en cue

Precio unitario cada

acción del estudio
Valor patrimonial del VA FCA S/74,085,073.30 S/0.97
 2026 2027 2028 2029
4 5 6 7
S/4,259,966.67 S/2,263,795.15 S/5,998,507.94 S/4,223,925.59

Tasa g (growth) 0.85%

2025707 10

Según ESF de la empresa 2022

Acciones Cantidad VN TOTAL
31_12_2022 S/ 76,046,495.00 S/ 1.00 S/ 76,046,495.00

valor real de cada acción en el mercado de bolsa de valores Lima 2022

Acciones Cantidad Valor en mercado Total
31_12_2022 S/ 76,046,495.00 S/ 10.00 S/ 760,464,950.00

S/ 7,081,809.00

S/2,258,383.46 S/1,024,062.54 S/2,315,423.64 S/1,391,237.76

el más acorde al precio que las acciones suelen presentar en el mercado.

a comparación lo obtenido en el estudio de valorización de acciones; el valor de cada acción es más atractivo S/., respecto al VN = S/. , y
el mercado MVL S/.

494.62% -46.86% 164.98% -29.58%

S/0.00 S/0.00 S/0.00 S/0.00

 S/0.00 S/0.00 S/0.00 S/0.00
S/0.00 S/0.00 S/0.00 S/0.00
S/0.00 S/0.00 S/0.00 S/0.00
S/4,259,966.67 S/2,263,795.15 S/5,998,507.94 S/4,223,925.59

S/2,120,016.44 S/946,244.59 S/2,105,924.42 S/1,245,515.28

ue no se suele tomar en cuenta, al momento de determinar el valor de una empresa

 2030 2031 2032 2033
8 9 10 11
S/8,214,907.34 S/6,736,166.58 S/11,068,183.87 S/ 11,162,263.44
FC*(1+G)

A
B

dato de las notas de EEFF

FC/(WACC - G)/POTENCIA*(1+WACC;PERIODO 10)

S/2,308,796.40 S/1,615,450.50 S/2,264,931.51 S/13,976,419

más atractivo S/., respecto al VN = S/. , y lo cotizado por la empresa Backus en

94.49% -18.00% 64.31%

S/0.00 S/0.00 S/0.00

 S/0.00 S/0.00 S/0.00
S/0.00 S/0.00 S/0.00
S/0.00 S/0.00 S/0.00 FCA*(1+G)
S/8,214,907.34 S/6,736,166.58 S/11,068,183.87 S/ 11,162,263.44

S/2,034,551.68 S/1,401,238.73 S/1,933,788.34 S/59,022,967.91

El caso asume que la empresa desea mantener la misma proporción de deuda/patrimonio, por lo que se asume que
a lo créditos serán compensados por los nuevos créditos asumidos por la empresa para mantener el ratio D/P. Por e
intereses año a año se incrementarán al ritmo de crecimiento del FCL.
1+WACC;PERIODO 10)
por lo que se asume que los pagos de amortizaciones
ntener el ratio D/P. Por ello, solo se asume que los
ESTADO DE RESULTADOS INTEGRALES 2016 2017 2018
Ventas a terceros 4065717 4367443 4,617,046.00
Ventas a partes relacionadas 0 0 0.00
Total de ventas 4065717 4367443 4,617,046.00
Costo de ventas -1130631 -1176410 -1,189,936.00
Utilidad bruta 2935086 3191033 3,427,110.00
Gastos de ventas y distribución -1086840 -1794303 -2,459,816.00
Gastos administrativos -816339 -470312 -372,329.00
Resultado de operaciones con derivados de materia 52453 67657 77,058.00
Otros ingresos y gastos, neto -136208 -45846 -41,581.00
Utilidad operativa 948152 948229 630,442.00
Ingresos financieros 4757 10368 24,796.00
Gastos financieros -32553 -21050 -16,609.00
Diferencia de cambio neta -265 3846 -9,951.00
Participación de los resultados netos y pérdida de la 187315 745143 1,389,436.00
Utilidad antes de impuestos 1107406 1686536 2,018,114.00
Impuesto a las ganancias -359471 -310364 -195,180.00
Utilidad neta 747935 1376172 1,822,934.00

Margen neto 18.40% 31.51% 39.48%

Proporción del impuesto a la renta -32.46% -18.40% -9.67%

Promedio de tasa impositiva -12.22%
Promedio de tasa impositiva sin 2018 en adelante -25.43%

Análisis complementario del costo de ventas -27.81% -26.94% -25.77%

Promedio del análisis complementario del costo de ventas -26.66%
-29.79%

-S/ 0.27 -S/ 0.41 -S/ 0.53

-S/ 0.20 -S/ 0.11 -S/ 0.08
-S/ 0.48 -S/ 0.11

594,965.00 499,496.00 150,534.00

 2019 2020 2021 2022 Análisis vertical
4,947,042.00 3,727,581.00 5,024,292.00 5,857,088.00 100.00%
0.00 0.00 0.00 0.00
4,947,042.00 3,727,581.00 5,024,292.00 5,857,088.00 100.00%
-1,291,439.00 -1,122,349.00 -1,738,000.00 -2,181,045.00 -37.24%
3,655,603.00 2,605,232.00 3,286,292.00 3,676,043.00
-2,812,434.00 -2,093,123.00 -2,564,234.00 -2,788,346.00 -47.61%
-343,673.00 -361,575.00 -488,645.00 -552,624.00 -9.44%
19,320.00 78,239.00 184,522.00 84,862.00 1.45%
-62,555.00 -21,976.00 -35,461.00 -80,888.00 -1.38%
456,261.00 206,797.00 382,474.00 339,047.00 5.79%
44,731.00 12,098.00 34,770.00 96,306.00 1.64%
-17,290.00 -16,374.00 -18,526.00 -103,675.00 -1.77%
11,364.00 -22,741.00 -32,956.00 -34,868.00 -0.60%
1,616,459.00 1,162,913.00 1,485,704.00 1,621,030.00 27.68%
2,111,525.00 1,342,693.00 1,851,466.00 1,917,840.00 32.74%
-163,499.00 -78,516.00 -123,448.00 -90,477.00 -1.54%
1,948,026.00 1,264,177.00 1,728,018.00 1,827,363.00 31.20%

39.38% 33.91% 34.39% 31.20%

-7.74% -5.85% -6.67% -4.72%

-26.11% -30.11% -34.59% -37.24%

-S/ 0.57 -S/ 0.56 -S/ 0.51 -S/ 0.48

-S/ 0.07 -S/ 0.10 -S/ 0.10 -S/ 0.09

233,413.00 335,073.00
Var 16/17 Var 17/18 Var 18/19 Var 19/20 Var 20/21 Var 21/22

7.42% 5.72% 7.15% -24.65% 34.79% 16.58%

4.05% 1.15% 8.53% -13.09% 54.85% 25.49%

65.09% 37.09% 14.34% -25.58% 22.51% 8.74%

-42.39% -20.83% -7.70% 5.21% 35.14% 13.09%
28.99% 13.90% -74.93% 304.96% 135.84% -54.01%
-66.34% -9.30% 50.44% -64.87% 61.36% 128.10%

117.95% 139.16% 80.40% -72.95% 187.40% 176.98%

-35.34% -21.10% 4.10% -5.30% 13.14% 459.62%
-1551.32% -358.74% -214.20% -300.11% 44.92% 5.80%
297.80% 86.47% 16.34% -28.06% 27.76% 9.11%

Comp
7000000

6000000
f(x) = 5704
5000000 f(x) 2070
f(x)===0.4983
R² 3908
3993
0.4059
R²
R² == 0.3606
0.2960
4000000

3000000

2000000

1000000

0
0 1
 Promedio aritmético
Promedio geométrico
Factor
FactorSESB
SESB*(1
Factor
- Factor
SESB*(1
SESB)^8
Factor
- Factor
SESB*(1
SESB)^7
Factor
- Factor
SESB*(1
SESB)^6
Factor
- Factor
SESB*(1
SESB)^5
- Factor SESB)^4

5 4 3 2 1

7.83% Err:502 0.50 0.12% 0.18% 0.45% -3.08% 8.70%

13.50% Err:502 0.50 0.06% 0.04% 0.53% -1.64% 13.71%

20.37% Err:502 0.50 0.01 0.01 0.00 -0.00 0.00

-2.91% Err:502 0.50 -0.01 -0.00 -0.00 0.00 0.01
59.13% Err:502 0.50 0.00 0.00 -0.01 0.05 0.02
16.57% Err:502 0.50 -0.01 -0.00 0.01 -0.01 0.01

104.82% Err:502 0.50 0.02 0.02 0.01 -0.01 0.03

69.19% Err:502 0.50 -0.01 -0.00 0.00 -0.00 0.00
-395.61% Err:502 0.50 -0.24 -0.06 -0.03 -0.05 0.01
68.24% Err:502 0.50 0.05 0.01 0.00 -0.00 0.00

Comportamiento de ventas Totales

7000000

6000000
f(x) = 57047.3333333333 x² − 249294.88095238 x + 4514262.71428571
5000000 f(x) 207083.785714286 exp(
x + 3829694.71428571
f(x)===0.49832990878425
R² 3908236.62265014 0.0414787637775839 x )
3993324.47078617 x^0.118547991591486
0.405916244371503
R²
R² == 0.360699702411401
0.296090934072063
4000000

3000000

2000000

1000000

0
0 1 2 3 4 5 6 7 8
 Factor SESB*(1 - Factor SESB)^3 SESB Crecimiento final 2023 2024
0

8.29% 14.64% 14.64% S/6,714,823 S/7,698,169

12.75% 25.45% -29.79% -S/2,000,650 -S/2,293,633
S/4,714,174 S/5,404,536
0.00 1.91% 0.02 -S/2,841,582 -S/2,895,834
0.00 -0.27% -0.27% -S/551,115 -S/549,611
-0.01 5.54% 0.00 S/84,862 S/84,862
0.02 1.55% 0.00 -S/80,888 -S/80,888
S/1,325,450 S/1,963,065
0.03 9.83% 0.00 S/96,306 S/96,306
0.07 6.49% 0.00 -S/103,675 -S/103,675
0.00 -37.09% 0.00 -S/34,868 -S/34,868
0.00 6.40% 6.40% S/1,724,729 S/1,835,062
S/3,007,942 S/3,755,890
-S/764,966 -S/955,181
S/2,242,976 S/2,800,709

33.40% 36.38%

7 8
 2025 2026 2027 2028 2029 2030

S/8,825,520 S/10,117,964 S/11,599,680 S/13,298,383 S/15,245,852 S/17,478,516

-S/2,629,522 -S/3,014,600 -S/3,456,070 -S/3,962,190 -S/4,542,430 -S/5,207,641
S/6,195,998 S/7,103,365 S/8,143,610 S/9,336,193 S/10,703,422 S/12,270,875
-S/2,951,122 -S/3,007,466 -S/3,064,885 -S/3,123,400 -S/3,183,033 -S/3,243,804
-S/548,110 -S/546,614 -S/545,122 -S/543,634 -S/542,149 -S/540,669
S/84,862 S/84,862 S/84,862 S/84,862 S/84,862 S/84,862
-S/80,888 -S/80,888 -S/80,888 -S/80,888 -S/80,888 -S/80,888
S/2,700,740 S/3,553,259 S/4,537,577 S/5,673,133 S/6,982,214 S/8,490,375
S/96,306 S/96,306 S/96,306 S/96,306 S/96,306 S/96,306
-S/103,675 -S/103,675 -S/103,675 -S/103,675 -S/103,675 -S/103,675
-S/34,868 -S/34,868 -S/34,868 -S/34,868 -S/34,868 -S/34,868
S/1,952,452 S/2,077,353 S/2,210,243 S/2,351,635 S/2,502,071 S/2,662,132
S/4,610,955 S/5,588,375 S/6,705,584 S/7,982,531 S/9,442,048 S/11,110,269
-S/1,172,637 -S/1,421,210 -S/1,705,333 -S/2,030,081 -S/2,401,259 -S/2,825,513
S/3,438,318 S/4,167,165 S/5,000,250 S/5,952,450 S/7,040,790 S/8,284,756

38.96% 41.19% 43.11%

 2031 2032

S/20,038,140 S/22,972,605
-S/5,970,269 -S/6,844,579
S/14,067,871 S/16,128,026
-S/3,305,736 -S/3,368,850
-S/539,193 -S/537,721
S/84,862 S/84,862
-S/80,888 -S/80,888
S/10,226,915 S/12,225,429
S/96,306 S/96,306
-S/103,675 -S/103,675
-S/34,868 -S/34,868
S/2,832,431 S/3,013,624
S/13,017,109 S/15,196,816
-S/3,310,452 -S/3,864,785
S/9,706,657 S/11,332,031
ESTADO DE SITUACIÓN FINANCIERA 2018 2019
ACTIVO
ACTIVO CORRIENTE
Efectivo y equivalente de efectivo S/ 382,445.00 S/ 364,067.00
Otros activos financieros S/ - S/ -
Cuentas por cobrar comerciales (neto) S/ 1,516,207.00 S/ 2,086,652.00
Fondo de garantía para operaciones con derivados S/ 196,663.00 S/ 163,143.00
Otras cuentas por cobrar (neto) S/ 1,235,276.00 S/ 1,899,927.00
Cuentas por cobrar a partes relacionadas S/ 77,528.00 S/ 16,192.00
Anticipos a proveedores S/ 6,740.00 S/ 7,390.00
Activo por impuesto a las ganancias S/ 198,098.00 S/ 223,119.00
TOTAL ACTIVO CORRIENTE S/ 2,132,139.00 S/ 2,673,838.00
ACTIVO NO CORRIENTE
Otros Activos Financieros S/ 7,058.00 S/ 7,815.00
Inversiones en Subsidiarias, Negocios Conjuntos y Asociadas S/ 2,091,355.00 S/ 1,816,854.00
Propiedades de Inversión S/ 12,498.00 S/ 12,433.00
Propiedades, Planta y Equipo S/ 1,939,760.00 S/ 1,942,589.00
Activos Intangibles Distintos de la Plusvalía S/ 62,145.00 S/ 52,437.00
Plusvalía S/ 273,253.00 S/ 273,253.00
Otros Activos no Financieros S/ - S/ -
Activos no Corrientes Distintos al Efectivo Pignorados como Gara S/ - S/ -
TOTAL ACTIVO NO CORRIENTE S/ 4,386,069.00 S/ 4,105,381.00
TOTAL ACTIVO S/ 6,518,208.00 S/ 6,779,219.00
PASIVO Y PATRIMONIO NETO S/ - S/ -
PASIVO S/ - S/ -
PASIVO CORRIENTE S/ - S/ -
Otros Pasivos Financieros S/ 16,064.00 S/ 21,425.00
Cuentas por Pagar Comerciales y Otras Cuentas por Pagar S/ 3,588,995.00 S/ 3,880,474.00
Cuentas por Pagar Comerciales S/ 847,505.00 S/ 1,065,318.00
Cuentas por Pagar a Entidades Relacionadas S/ 2,428,499.00 S/ 2,552,042.00
Otras Cuentas por Pagar S/ 312,991.00 S/ 263,114.00
Provisión por Beneficios a los Empleados S/ 3,772.00 S/ 4,458.00
Otras Provisiones S/ 2,385.00 S/ 23,482.00
Pasivos por Impuestos a las Ganancias S/ - S/ 36,730.00
Otros Pasivos no Financieros S/ - S/ 15,918.00
Total de Pasivos Corrientes Distintos de Pasivos Incluidos en Gr S/ 3,611,216.00 S/ 3,982,487.00
Pasivos incluidos en Grupos de Activos para su Disposición Clas S/ - S/ -
TOTAL PASIVO CORRIENTE S/ 3,611,216.00 S/ 3,982,487.00
PASIVO NO CORRIENTE
Otros Pasivos Financieros S/ 57,366.00 S/ 53,246.00
Cuentas por Pagar Comerciales y Otras Cuentas por Pagar S/ 155,671.00 S/ 194,368.00
Cuentas por Pagar Comerciales S/ - S/ -
Otras Cuentas por Pagar S/ 155,671.00 S/ 194,368.00
Provisión por Beneficios a los Empleados S/ 30,672.00 S/ 35,423.00
Otras Provisiones S/ 243,779.00 S/ 231,654.00
Pasivos por Impuestos Diferidos S/ 170,374.00 S/ 151,079.00
Pasivos por Impuestos Corrientes, no Corriente S/ 422,704.00 S/ -
Otros Pasivos no Financieros S/ - S/ -
TOTAL PASIVO NO CORRIENTE S/ 657,862.00 S/ 665,770.00
TOTAL PASIVO S/ 4,269,078.00 S/ 4,648,257.00
PATRIMONIO NETO
Capital Emitido S/ 780,722.00 S/ 780,722.00
Primas de Emisión S/ 60,232.00 S/ 60,232.00
Acciones de Inversión S/ 569,515.00 S/ 569,515.00
Acciones Propias en Cartera -S/ 1,737.00 -S/ 1,737.00
Otras Reservas de Capital S/ 244,686.00 S/ 243,782.00
Resultados Acumulados S/ 536,902.00 S/ 475,006.00
Otras Reservas de Patrimonio S/ 58,810.00 S/ 3,442.00
TOTAL PATRIMONIO NETO S/ 2,249,130.00 S/ 2,130,962.00
TOTAL PASIVO Y PATRIMONIO NETO S/ 6,518,208.00 S/ 6,779,219.00
1% 0%
Análisis complementario de las otras reservas de patrimonio
Promedio del análisis complementario de las otras reservas de 4% 4%

Activos
S/14,000,000.00

S/12,000,000.00 f(x) = 587307.571428571 x² − 2082817.62857142 x + 8156559.39999999

R² = 0.982515850353085
1441027.8 x + 4045406.4
f(x) = 4985087.05726827 exp( 0.161504442452041 x )
S/10,000,000.00 R² = 0.79714139813746
0.821793326569699

S/8,000,000.00

S/6,000,000.00

S/4,000,000.00

S/2,000,000.00

S/-
0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5
 2020 2021 2022 Análisis vertical Var 17/16 Var 18/17

S/ 348,066.00 S/ 376,822.00 S/ 670,623.00 5.40% 129% -66%

S/ - S/ - S/ - 0.00% 0% 0%
S/ 2,429,232.00 S/ 787,313.00 S/ 3,057,047.00 24.62% 191% 73%
S/ 101,312.00 S/ 111,244.00 S/ 72,136.00 0.58% 26% -28%
S/ 2,271,475.00 S/ 614,023.00 S/ 2,927,269.00 23.58% 808% 143%
S/ 15,405.00 S/ 35,620.00 S/ 34,398.00 0.28% 427% -14%
S/ 41,040.00 S/ 26,426.00 S/ 23,244.00 0.19% -54% 13%
S/ 251,761.00 S/ 400,253.00 S/ 580,571.00 4.68% 19% 8%
S/ 3,045,391.00 S/ 1,613,849.00 S/ 4,363,017.00 35.14% 131% -3%

S/ 6,469.00 S/ 6,466.00 S/ 6,650.00 0.05% 37% 0%

S/ 1,482,469.00 S/ 4,075,766.00 S/ 4,248,074.00 34.22% 181% 113%
S/ 12,367.00 S/ 12,234.00 S/ 12,151.00 0.10% -8% -26%
S/ 1,878,293.00 S/ 2,026,307.00 S/ 2,132,258.00 17.18% -3% -2%
S/ 35,487.00 S/ 22,098.00 S/ 12,517.00 0.10% -62% -19%
S/ 273,253.00 S/ 1,639,953.00 S/ 1,639,953.00 13.21% 0% 0%
S/ - S/ - S/ - 0.00% #DIV/0! #DIV/0!
S/ - S/ - S/ - 0.00% #DIV/0! #DIV/0!
S/ 3,688,338.00 S/ 7,782,824.00 S/ 8,051,603.00 64.86% 15% 32%
S/ 6,733,729.00 S/ 9,396,673.00 S/ 12,414,620.00 100.00% 44%
S/ - S/ - S/ -
S/ - S/ - S/ -
S/ - S/ - S/ -
S/ 15,326.00 S/ 951,628.00 S/ 440,333.00 3.63% -88% -26%
S/ 3,072,480.00 S/ 3,705,100.00 S/ 5,536,068.00 45.68% 154% 25%
S/ 1,152,055.00 S/ 1,064,793.00 S/ 1,265,266.00 10.44% 68% 29%
S/ 1,652,773.00 S/ 2,240,420.00 S/ 4,010,090.00 33.09% 822% 46%
S/ 267,652.00 S/ 399,887.00 S/ 260,712.00 2.15% -2% -43%
S/ 5,259.00 S/ 2,757.00 S/ 5,064.00 0.04% 2% -6%
S/ 172,021.00 S/ 183,382.00 S/ 161,476.00 1.33% 0% -99%
S/ 18,112.00 S/ - S/ 17,418.00 0.14% -100% #DIV/0!
S/ - S/ 15,486.00 S/ 30,009.00 0.25% -28% -100%
S/ 3,283,198.00 S/ 4,858,353.00 S/ 6,190,368.00 51.08% 98% 15%
S/ - S/ - S/ - 0.00% #DIV/0! #DIV/0!
S/ 3,283,198.00 S/ 4,858,353.00 S/ 6,190,368.00 51.08% 98% 15%

S/ 43,022.00 S/ 38,531.00 S/ 39,986.00 0.33% -19% -22%

S/ 193,423.00 S/ 210,496.00 S/ 229,741.00 1.90% 3% 9%
S/ - S/ - S/ - 0.00% -59% -100%
S/ 193,423.00 S/ 210,496.00 S/ 229,741.00 1.90% 3% 9%
S/ 36,699.00 S/ 25,437.00 #VALUE! 5% 0%
S/ 75,283.00 S/ 38,235.00 S/ 40,561.00 0.33% #DIV/0! #DIV/0!
S/ 153,646.00 S/ 848,316.00 S/ 850,880.00 7.02% -8% -3%
S/ - S/ - S/ - 0.00% #DIV/0! #DIV/0!
S/ - S/ - S/ - 0.00% #DIV/0! #DIV/0!
S/ 502,073.00 S/ 1,161,015.00 S/ 891,441.00 7.36% -6% 56%
S/ 3,785,271.00 S/ 6,019,368.00 S/ 7,081,809.00 58.43% 75% 20%

S/ 780,722.00 S/ 780,722.00 S/ 780,722.00 6.44% 0% 0%

S/ 60,232.00 S/ 64,686.00 S/ 64,686.00 0.53% 0% 0%
S/ 569,515.00 S/ 569,515.00 S/ 569,515.00 4.70% 0% 0%
-S/ 1,737.00 -S/ 2,046.00 -S/ 2,046.00 -0.02% 0% 0%
S/ 243,782.00 S/ 247,057.00 S/ 250,848.00 2.07% 0% 0%
S/ 1,264,145.00 S/ 1,673,683.00 S/ 3,391,398.00 27.98% 109% 80%
S/ 31,799.00 S/ 43,688.00 -S/ 17,014.00 -0.14% 558% 413%
S/ 2,948,458.00 S/ 3,377,305.00 S/ 5,038,109.00 41.57% 9% 15%
S/ 6,733,729.00 S/ 9,396,673.00 S/ 12,119,918.00 100.00%
0% 0% 0% 0%
7%
4% 3% 2% 58%
0%
6%
1%
Empresa BACKUS 2022 0.0469900043878
Deuda 480,319 -0
Patrimonio 5,038,109 0
activo 5,518,428 0 0 0
5,518,428 Beta Desampalancad 0.86 0%
70% D/E 9.534% -0.816% #DIV/0! #DIV/0!
Tasa impositiva 0.30 100%
beta aplancado 0.92 - 0.00 #DIV/0! #DIV/0!
Interes 7.40% 7.40% 7.40% 7.40%
RF 4.32% 4.32% 4.32% 4.32%
RM-RF 7.43% 7.43% 7.43% 7.43%
RP 2.43% 2.43% 2.43% 2.43%
INF 6% 6% 6% 6%
CAPM 19.25% 12.42% #DIV/0! #DIV/0!
WACC 18.025% 12.479% #DIV/0! #DIV/0!
Var 19/18 Var 20/19 Var 21/20 Var 22/21 Promedio aritmético Promedio geométrico

-5% -4% 8% 78% 23% Err:502

0% 0% 0% 0% 0.00% 0.00%
38% 16% -68% 288% 89.78% Err:502
-17% -38% 10% -35% -13.62% Err:502
54% 20% -73% 377% 0.13% Err:502
-79% -5% 131% -3% 76.16% Err:502
10% 455% -36% -12% 62.78% Err:502
13% 13% 59% 45% 26.08% 20.05%
25% 14% -47% 170% 0.483982900742046 Err:502

11% -17% 0% 3% 5.60% Err:502

-13% -18% 175% 4% 73.68% Err:502
-1% -1% -1% -1% -6.11% Err:502
0% -3% 8% 5% 0.84% Err:502
-16% -32% -38% -43% -35.07% Err:502
0% 0% 500% 0% 83.36% 0.00%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.00%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.00%
-6% -10% 111% 3% 24.16% Err:502

33% -28% 6109% -54% 991.13% Err:502

8% -21% 21% 49% 39.39% Err:502
26% 8% -8% 19% 23.63% Err:502
5% -35% 36% 79% 158.82% Err:502
-16% 2% 49% -35% -7.37% Err:502
18% 18% -48% 84% 11.45% Err:502
885% 633% 7% -12% 235.41% Err:502
#DIV/0! -51% -100% #DIV/0! #DIV/0! Err:502
#DIV/0! -100% #DIV/0! 94% #DIV/0! Err:502
10% -18% 48% 27% 30.08% Err:502
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
10% -18% 48% 27% 30.08% Err:502

-7% -19% -10% 4% -12.44% Err:502

25% 0% 9% 9% 9.02% Err:502
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Err:502
25% 0% 9% 9% 9.02% Err:502
 15% 4% -31% #VALUE! #VALUE! Err:502
-5% -68% -49% 6% #DIV/0! Err:502
-11% 2% 452% 0% 71.99% Err:502
-100% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
1% -25% 131% -23% 22.36% Err:502
9% -19% 59% 18% 26.89% Err:502

0% 0% 0% 0% 0.00% 0.00%
0% 0% 7% 0% 1.23% 0.00%
0% 0% 0% 0% 0.00% 0.00%
0% 0% 18% 0% 2.96% 0.00%
0% 0% 1% 2% 0.47% Err:502
-12% 166% 32% 103% 79.72% Err:502
-94% 824% 37% -139% 266.59% Err:502
-5% 38% 15% 49% 20.10% Err:502

0 0 0 0 0 0

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

7.40% 7.40% 7.40% 7.40% 7.40% 7.40%
4.32% 4.32% 4.32% 4.32% 4.32% 4.32%
7.43% 7.43% 7.43% 7.43% 7.43% 7.43%
2.43% 2.43% 2.43% 2.43% 2.43% 2.43%
6% 6% 6% 6% 6% 6%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Factor SESB Factor SESB*(1 - Factor SESB)^5 Factor SESB*(1 - Factor SESB)^4 Factor SESB*(1 - Factor SESB)^3

5 4 3

0.5 2.01% -2.07% -0.30%

0.5 0.00% 0.00% 0.00%
0.5 2.99% 2.28% 2.35%
0.5 0.41% -13.81% -8.52%
0.5 12.63% 4.45% 3.36%
0.5 6.67% -7.55% -41.96%
0.5 -0.84% 0.41% 0.60%
0.5 0.30% 0.25% 0.79%
0.5

0.5 0.58% 0.00% 0.67%

0.5 2.83% 3.55% -0.82%
0.5 -0.13% -0.80% -0.03%
0.5 -0.05% -0.06% 0.01%
0.5 -0.97% -0.60% -0.98%
0.5 0.00% 0.00% 0.00%
0.5 #DIV/0!
0.5 #DIV/0!
0.5 0.24% 0.99% -0.40%

0.5 -1.37% -0.81% 2.09%

0.5 2.40% 0.79% 0.51%
0.5 1.06% 0.90% 1.61%
0.5 12.85% 1.45% 0.32%
0.5 -0.03% -1.33% -1.00%
0.5 0.03% -0.18% 1.14%
0.5 0.00% -3.09% 55.29%
0.5 -47.74%
0.5 -13.84%
0.5 1.52% 0.46% 0.64%
0.5 #DIV/0!
0.5 1.52% 0.46% 0.64%

0.5 -0.00 -0.01 -0.00

0.5 0.02
0.5 -0.29
0.5 0.00 0.00 0.02
 0.5 0.00 -0.00 0.01
0.5 #DIV/0!
0.5 -0.00 -0.00 -0.01
0.5 #DIV/0!
0.5 #DIV/0!
0.5 -0.00 0.02 0.00
0.5 0.01 0.01 0.01

0.5 0.00 0.00 0.00

0.5 0.00 0.00 0.00
0.5 0.00 0.00 0.00
0.5 0.00 0.00 0.00
0.5 0.00
0.5 0.50 0.39 -0.06
0.5 0.09 0.13 -0.06
0.5 0.00 0.00 -0.00

0 0 0 0

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

7.40% 7.40% 7.40% 7.40%
4.32% 4.32% 4.32% 4.32%
7.43% 7.43% 7.43% 7.43%
2.43% 2.43% 2.43% 2.43%
6% 6% 6% 6%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
Factor SESB*(1 - Factor SESB)^2 Factor SESB*(1 - Factor SESB)^1 Factor SESB*(1 - Factor SESB)^0 SESB
2 1 0

-0.55% 2.07% 38.98% 1.15%

0.00% 0.00% 0.00% 0.00%
2.05% -16.90% 144.14% -7.23%
-18.95% 4.90% -17.58% -35.97%
2.44% -18.24% 188.37% 4.65%
-2.77% 63.42% -1.94% 17.80%
56.92% -8.90% -6.02% 48.19%
1.60% 14.75% 22.53% 17.68%

-2.15% -0.01% 1.42% -0.91%

-2.30% 43.73% 2.11% 46.99%
-0.07% -0.27% -0.34% -1.30%
-0.41% 1.97% 2.61% 1.46%
-4.04% -9.43% -21.68% -16.02%
0.00% 125.04% 0.00% 125.04%
#DIV/0!
#DIV/0!
-1.27% 27.75% 1.73% 27.31%

-3.56% 1527.31% -26.86% 1496.79%

-2.60% 5.15% 24.71% 30.95%
1.02% -1.89% 9.41% 12.10%
-4.40% 8.89% 39.49% 58.59%
0.22% 12.35% -17.40% -7.19%
2.25% -11.89% 41.84% 33.18%
79.07% 1.65% -5.97% 21.00%
-47.74%
-13.84%
-2.19% 11.99% 13.71% 26.14%

-2.19% 11.99% 13.71% 26.14%

-0.02 -0.03 0.02 -4.57%

1.55%
-28.86%
-0.00 0.02 0.05 8.59%
 0.00 -0.08 #VALUE! #VALUE!
#DIV/0!
0.00 1.13 0.00 112.48%
#DIV/0!
#DIV/0!
-0.03 0.33 -0.12 19.85%
-0.02 0.15 0.09 23.60%

0.00 0.00 0.00 0.00%

0.00 0.02 0.00 1.85%
0.00 0.00 0.00 0.00%
0.00 0.04 0.00 4.45%
0.00%
0.86 0.15 0.39 223.45%
1.03 0.09 -0.69 58.61%
0.05 0.04 0.25 33.29%

0 0 0 0

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

7.40% 7.40% 7.40% 7.40%
4.32% 4.32% 4.32% 4.32%
7.43% 7.43% 7.43% 7.43%
2.43% 2.43% 2.43% 2.43%
6% 6% 6% 6%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
Crecimiento final 2023 2024 2025 2026

1% S/ 678,362.69 S/ 686,191.71 S/ 694,111.08 S/ 702,121.85

0% S/ - S/ - S/ - S/ -
-7% S/ 2,836,009.73 S/ 2,630,954.38 S/ 2,440,725.39 S/ 2,264,250.74
-36% S/ 46,185.94 S/ 29,571.10 S/ 18,933.25 S/ 12,122.24
5% S/ 3,063,261.65 S/ 3,205,572.14 S/ 3,354,493.98 S/ 3,510,334.30
20% S/ 41,277.60 S/ 49,533.12 S/ 59,439.74 S/ 71,327.69
48% S/ 34,444.63 S/ 51,042.52 S/ 75,638.47 S/ 112,086.51
20% S/ 696,975.49 S/ 836,719.07 S/ 1,004,481.24 S/ 1,205,879.73
S/ 7,396,517.73 S/ 7,489,584.04 S/ 7,647,823.15 S/ 7,878,123.07

-1% S/ 6,589.24 S/ 6,529.03 S/ 6,469.37 S/ 6,410.25

27% S/ 5,395,053.98 S/ 6,851,718.55 S/ 8,701,682.56 S/ 11,051,136.86
-1% S/ 11,993.25 S/ 11,837.55 S/ 11,683.87 S/ 11,532.19
1% S/ 2,163,338.46 S/ 2,194,871.96 S/ 2,226,865.10 S/ 2,259,324.59
-10% S/ 11,265.30 S/ 10,138.77 S/ 9,124.89 S/ 8,212.40
4% S/ 1,705,551.12 S/ 1,773,773.16 S/ 1,844,724.09 S/ 1,918,513.06
#DIV/0! S/ 10,496,227.52 S/13,330,208.95 S/ 15,650,140.06
#DIV/0! S/ - S/ 543,862.48 S/ 690,705.35 S/ 18,701,566.02
22% S/ 19,790,018.87 S/24,722,940.46 S/ 29,141,395.30 S/ 33,956,695.37
S/ 27,186,536.60 S/32,212,524.50 S/ 36,789,218.45 S/ 41,834,818.44

-4% S/ 424,255.80 S/ 408,765.60 S/ 393,840.98 S/ 379,461.27

1% S/ 5,596,887.19 S/ 5,658,374.54 S/ 5,720,537.38 S/ 5,783,383.15
5% S/ 1,323,273.44 S/ 1,383,940.29 S/ 1,447,388.47 S/ 1,513,745.51
12% S/ 4,491,300.80 S/ 5,030,256.90 S/ 5,633,887.72 S/ 6,309,954.25
-2% S/ 255,123.39 S/ 249,654.57 S/ 244,302.99 S/ 239,066.12
3% S/ 5,227.97 S/ 5,397.25 S/ 5,572.01 S/ 5,752.43
22% S/ 196,354.82 S/ 238,767.46 S/ 290,341.23 S/ 353,054.93
-48% S/ 17,258.84 S/ 9,019.27
-14% S/ 29,734.79 S/ 25,618.42
0% S/ 6,133,803.43 S/ 6,160,470.45

0% S/ 18,473,220.46 S/19,170,264.74 S/ 13,735,870.78 S/ 14,584,417.65

0% S/ 39,986.00 S/ 39,986.00 S/ 39,986.00 S/ 39,986.00

S/ 227,641.74
S/ -
0% S/ 229,741.00 S/ 229,741.00 S/ 229,741.00 S/ 229,741.00
 0% #VALUE! #VALUE! #VALUE! #VALUE!
0% S/ 40,190.37 S/ 40,190.37 S/ 40,190.37 S/ 40,190.37
0% S/ 850,880.00 S/ 850,880.00 S/ 850,880.00 S/ 850,880.00
S/ - S/ - S/ -
S/ - S/ - S/ -
0% #VALUE! #VALUE! #VALUE! #VALUE!
28% #VALUE! #VALUE! #VALUE! #VALUE!

S/780,722 S/780,722 S/780,722 S/780,722

0% S/ 64,686.00 S/ 64,686.00 S/ 64,686.00 S/ 64,686.00
3% S/ 586,600.45 S/ 604,198.46 S/ 622,324.42 S/ 640,994.15
0% -S/ 2,046.00 -S/ 2,046.00 -S/ 2,046.00 -S/ 2,046.00
0% S/ 250,848.00 S/ 250,848.00 S/ 250,848.00 S/ 250,848.00
0% S/ 5,634,374.20 S/ 8,435,083.34 S/ 11,873,401.38 S/ 16,040,566.42
-10% -S/ 15,312.60 -S/ 13,781.34 -S/ 12,403.21 -S/ 11,162.89
0% S/ 7,299,872.05 S/10,119,710.46 S/ 13,577,532.59 S/ 17,764,607.68
#VALUE! #VALUE! #VALUE! #VALUE!

2023 2024 2025 2026

430,845 415,295 400,310 385,872
7,299,872 10,119,710 13,577,533 17,764,608
0 7,730,717 10,535,005 13,977,843 18,150,479
0.86 0.86 0.86 0.86
#DIV/0! 5.902% 4.104% 2.948% 2.172%
0.30 0.30 0.30 0.30
#DIV/0! 0.90 0.88 0.88 0.87
7.40% 7.40% 7.40% 7.40% 7.40%
4.32% 4.32% 4.32% 4.32% 4.32%
7.43% 7.43% 7.43% 7.43% 7.43%
2.43% 2.43% 2.43% 2.43% 2.43%
6% 6% 6% 6% 6%
#DIV/0! 19.09% 19.00% 18.95% 18.92%
#DIV/0! 18.311% 18.460% 18.558% 18.626%
 2027 2028 2029 2030 2031

S/ 710,225.07 S/ 718,421.81 S/ 726,713.15 S/ 735,100.18 S/ 743,584.01

S/ -
S/ 2,100,535.95 S/ 1,948,658.43 S/ 1,807,762.28 S/ 1,677,053.52 S/ 1,555,795.54
S/ 7,761.41 S/ 4,969.34 S/ 3,181.68 S/ 2,037.11 S/ 1,304.28
S/ 3,673,414.52 S/ 3,844,070.99 S/ 4,022,655.67 S/ 4,209,536.90 S/ 4,405,100.10
S/ 85,593.23 S/ 102,711.88 S/ 123,254.25 S/ 147,905.10 S/ 177,486.12
S/ 166,097.83 S/ 246,135.69 S/ 364,741.52 S/ 540,500.16 S/ 800,951.92
S/ 1,447,658.62 S/ 1,737,914.17 S/ 2,086,365.96 S/ 2,504,682.34 S/ 3,006,871.15
S/ 8,191,286.64 S/ 8,602,882.31 S/ 9,134,674.53 S/ 9,816,815.32 S/ 10,691,093.14

S/ 6,351.68 S/ 6,293.64 S/ 6,236.13 S/ 6,179.15 S/ 6,122.69

S/ 14,034,943.81 S/ 17,824,378.64 S/ 22,636,960.87 S/ 28,748,940.30 S/ 36,511,154.18
S/ 11,382.48 S/ 11,234.71 S/ 11,088.85 S/ 10,944.90 S/ 10,802.81
S/ 2,292,257.21 S/ 2,325,669.87 S/ 2,359,569.56 S/ 2,393,963.39 S/ 2,428,858.55
S/ 7,391.16 S/ 6,652.05 S/ 5,986.84 S/ 5,388.16 S/ 4,849.34
S/ 1,995,253.58 S/ 2,075,063.72 S/ 2,158,066.27 S/ 2,244,388.92 S/ 2,334,164.48
S/ 24,003,523.68 S/ 26,801,089.33 S/ 29,532,636.66 S/ 32,002,455.17
S/ 21,274,135.02
S/ 39,621,714.94 S/ 46,252,816.30 S/ 53,978,997.86 S/ 62,942,441.48 S/ 73,298,407.22
S/ 47,813,001.58 S/ 54,855,698.61 S/ 63,113,672.39 S/ 72,759,256.79 S/ 83,989,500.35

S/ 365,606.58 S/ 352,257.75 S/ 339,396.31 S/ 327,004.46 S/ 315,065.05

S/ 5,846,919.34 S/ 5,911,153.54 S/ 5,976,093.41 S/ 6,041,746.72 S/ 6,108,121.29
S/ 1,583,144.75 S/ 1,655,725.67 S/ 1,731,634.14 S/ 1,811,022.71 S/ 1,894,050.93
S/ 7,067,148.76 S/ 7,915,206.61 S/ 8,865,031.41 S/ 9,928,835.17 S/ 11,120,295.39
S/ 233,941.50 S/ 228,926.74 S/ 224,019.48 S/ 219,217.40 S/ 214,518.27
S/ 5,938.69 S/ 6,130.98 S/ 6,329.50 S/ 6,534.44 S/ 6,746.03
S/ 429,314.80 S/ 522,046.79 S/ 634,808.90 S/ 771,927.62 S/ 938,663.99

S/ 15,532,014.42 S/ 16,591,448.09 S/ 17,777,313.14 S/ 19,106,288.53 S/ 20,597,460.94

S/ 39,986.00 S/ 39,986.00 S/ 39,986.00 S/ 39,986.00 S/ 39,986.00

S/ 229,741.00 S/ 229,741.00 S/ 229,741.00 S/ 229,741.00 S/ 229,741.00

 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
S/ 40,190.37 S/ 40,190.37 S/ 40,190.37 S/ 40,190.37 S/ 40,190.37
S/ 850,880.00 S/ 850,880.00 S/ 850,880.00 S/ 850,880.00 S/ 850,880.00

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

S/780,722 S/780,722 S/780,722 S/780,722 S/780,722

S/ 64,686.00 S/ 64,686.00 S/ 64,686.00 S/ 64,686.00 S/ 64,686.00
S/ 660,223.97 S/ 680,030.69 S/ 700,431.61 S/ 721,444.56 S/ 743,087.90
-S/ 2,046.00 -S/ 2,046.00 -S/ 2,046.00 -S/ 2,046.00 -S/ 2,046.00
S/ 250,848.00 S/ 250,848.00 S/ 250,848.00 S/ 250,848.00 S/ 250,848.00
S/ 21,040,816.68 S/ 26,993,266.68 S/ 34,034,056.31 S/ 42,318,812.60 S/ 52,025,469.98
-S/ 10,046.60 -S/ 9,041.94 -S/ 8,137.74 -S/ 7,323.97 -S/ 6,591.57
S/ 22,785,204.06 S/ 28,758,465.44 S/ 35,820,560.18 S/ 44,127,143.20 S/ 53,856,176.31
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

2027 2028 2029 2030 2031

371,958 358,551 345,632 333,184 321,188
22,785,204 28,758,465 35,820,560 44,127,143 53,856,176
23,157,162 29,117,017 36,166,193 44,460,327 54,177,364
0.86 0.86 0.86 0.86 0.86
1.632% 1.247% 0.965% 0.755% 0.596%
0.30 0.30 0.30 0.30 0.30
0.87 0.87 0.87 0.86 0.86
7.40% 7.40% 7.40% 7.40% 7.40%
4.32% 4.32% 4.32% 4.32% 4.32%
7.43% 7.43% 7.43% 7.43% 7.43%
2.43% 2.43% 2.43% 2.43% 2.43%
6% 6% 6% 6% 6%
18.89% 18.88% 18.86% 18.85% 18.85%
18.673% 18.707% 18.732% 18.751% 18.766%
 2032

S/ 752,165.75

S/ 1,443,305.03
S/ 835.08
S/ 4,609,748.62
S/ 212,983.35
S/ 1,186,908.03
S/ 3,609,748.82
S/ 11,815,694.67

S/ 6,066.74
S/ 46,369,165.81
S/ 10,662.56
S/ 2,464,262.36
S/ 4,364.41
S/ 2,427,531.06
S/ 33,932,027.77

S/ 85,214,080.71
S/ 97,029,775.38

S/ 303,561.56
S/ 6,175,225.05
S/ 1,980,885.67
S/ 12,454,730.84
S/ 209,919.86
S/ 6,964.46
S/ 1,141,415.41

S/ 22,272,702.86

S/ 39,986.00

S/ 229,741.00
 #VALUE!
S/ 40,190.37
S/ 850,880.00

#VALUE!
#VALUE!

S/780,722
S/ 64,686.00
S/ 765,380.54
-S/ 2,046.00
S/ 250,848.00
S/ 63,357,501.22
-S/ 5,932.41
S/ 65,211,159.34
#VALUE!

2032
309,628
65,211,159
65,520,788
0.86
0.475%
0.30
0.86
7.40%
4.32%
7.43%
2.43%
6%
18.84%
18.777%
Reporte de Estados Financieros

Fecha y Hora de generación: 06/03/2023 09:20:53 p.m.

Año: 2021
Periodo: Anual
Empresa: UNION DE CERVECERIAS PERUANAS BACKUS Y JOHNSTON S.A.A.
Tipo: Individual
Estados Financieros

ESTADO DE SITUACION FINANCIERA

Cuenta 2016 2017 2018

Activos 0 0 0
Efectivo y Equivalentes al Efectivo 496952 1,136,937 382,445
Cuentas por Cobrar Comerciales y Otras Cuentas por Cobrar 301287 876,936 1,516,207
Cuentas por Cobrar Comerciales 215269 271,733 196,663
Cuentas por Cobrar a Entidades Relacionadas 56091 509,382 1,235,276
Otras Cuentas por Cobrar 17056 89,858 77,528
Anticipos 12871 5,963 6,740
Inventarios
Total Activos Corrientes Distintos de los Activos no Corrientes o Grupos de 154201 183,577 198,098
Activos para su Disposición Clasificados como Mantenidos para la Venta o
para Distribuir a los Propietarios 952440 2,197,450 2,132,139
Total Activos Corrientes 952440 2,197,450 2,132,139
Otros Activos Financieros 5143 7,068 7,058
Inversiones en Subsidiarias, Negocios Conjuntos y Asociadas 348673 979,773 2,091,355
Propiedades de Inversión 18312 16,824 12,498
Propiedades, Planta y Equipo 2038593 1,979,229 1,939,760
Activos Intangibles Distintos de la Plusvalía 203476 76,917 62,145
Plusvalía 273253 273,253 273,253
Total Activos No Corrientes 2887450 3,333,064 4,386,069
TOTAL DE ACTIVOS 3839890 5,530,514 6,518,208
Otros Pasivos Financieros 178046 21,648 16,064
Cuentas por Pagar Comerciales y Otras Cuentas por Pagar 1128565 2,863,147 3,588,995
Cuentas por Pagar Comerciales 391953 658,000 847,505
Cuentas por Pagar a Entidades Relacionadas 179971 1,659,715 2,428,499
Otras Cuentas por Pagar 556641 545,432 312,991
Provisión por Beneficios a los Empleados 3917 3,999 3,772
Otras Provisiones 247335 246,554 2,385
Otros Pasivos no Financieros 13060 9,465 0
Total de Pasivos Corrientes Distintos de Pasivos Incluidos en Grupos de
Activos para su Disposición Clasificados como Mantenidos para la Venta 1592220 3,144,813 3,611,216
Total Pasivos Corrientes 1592220 3,144,813 3,611,216
Cuentas por Pagar Comerciales y Otras Cuentas por Pagar 138944 143,241 155,671
Otras Cuentas por Pagar 138944 143,241 155,671
Ingresos Diferidos 0 0 0
Provisión por Beneficios a los Empleados 29278 30,772 30,672
Otras Provisiones 0 0 243,779
Pasivos por Impuestos Diferidos 190606 174,975 170,374
Total Pasivos No Corrientes 450336 422,704 657,862
Total Pasivos 2042556 3,567,517 4,269,078
Patrimonio 0 0 0
Capital Emitido 780722 780,722 780,722
Primas de Emisión 60232 60,232 60,232
Acciones de Inversión 569515 569,515 569,515
Acciones Propias en Cartera -1737 -1,737 -1,737
Otras Reservas de Capital 243900 243,967 244,686
Resultados Acumulados 142961 298,842 536,902
Otras Reservas de Patrimonio 1741 11,456 58,810
Total Patrimonio 1797334 1,962,997 2,249,130
TOTAL PASIVO Y PATRIMONIO 3839890 5,530,514 6,518,208

ESTADO DE RESULTADOS
Cuenta 2016 2017 2018

Ingresos de Actividades Ordinarias 4065717 4,367,443 4,617,046

Costo de Ventas -1130631 -1,176,410 -1,189,936
Ganancia (Pérdida) Bruta 2935086 3,191,033 3,427,110
Gastos de Ventas y Distribución -1086840 -1,794,303 -2,459,816
Gastos de Administración -816339 -470,312 -372,329
Otros Ingresos Operativos 52453 67,657 77,058
Otros Gastos Operativos -136208 -45,846 -41,581
Otras Ganancias (Pérdidas) 0 0 0
Ganancia (Pérdida) Operativa 948152 948,229 630,442
Ganancia (Pérdida) de la Baja en Activos Financieros medidos al Costo
Amortizado 0 0 0
Ingresos Financieros 4757 10,368 24,796

Ingresos por Intereses calculados usando el Metodo de Interes Efectivo 0 0 0

Gastos Financieros -32553 -21,050 -16,609
Ganancia (Pérdida) por Deterioro de Valor (Pérdidas Crediticias Esperadas
o Reversiones) 0 0 0
Otros Ingresos (Gastos) de las Subsidiarias, Asociadas y Negocios
Conjuntos 187315 745,143 1,389,436
Diferencias de Cambio Neto -265 3,846 -9,951
Ganancia (Pérdida) antes de Impuestos 1107406 1,686,536 2,018,114
Ingreso (Gasto) por Impuesto -359471 -310,364 -195,180
Ganancia (Pérdida) Neta de Operaciones Continuadas 747935 1,376,172 1,822,934
Ganancia (Pérdida) Neta del Ejercicio 747935 1,376,172 1,822,934
ESTADO DE CAMBIOS EN EL PATRIMONIO NETO
4D02ST 1673683 247,057 -2,046
ESTADO DE FLUJO DE EFECTIVO
Cuenta 2016 2017 2018

Ganancia (Pérdida) Neta del Ejercicio 747935 1,376,172 1,822,934

Gasto por Intereses 25867 14,659 9,486
Gasto por Impuestos a las Ganancias 359471 310,364 195,180
Ajustes no Monetarios: 0 0 0
Pérdidas por Deterioro de Valor (Reversiones de Valor) Reconocidas en el
Resultado del Ejercicio 14958 8,404 7,541
Depreciación, Amortización y Agotamiento 270392 246,181 243,489
Pérdida (Ganancia) en Venta de Propiedades, Planta y Equipo -14374 -8,085 -36,808
Pérdida (Ganancia) en Venta de Activos Intangibles 0 0 0
Otros Ajustes por Partidas Distintas al Efectivo 199845 -700,226 -1,356,721
Cargos y Abonos por Cambios Netos en los Activos y Pasivos 0 0 0
(Aumento) Disminución de Cuentas por Cobrar Comerciales 38415 -63,635 79,680
(Aumento) Disminución de Otras Cuentas por Cobrar 35863 -243,553 -48,357
(Aumento) Disminución en Inventarios 1512 -33,014 -14,521
(Aumento) Disminución en Activos Biológicos 0 0 0
(Aumento) Disminución de Otros Activos no Financieros 12562 6,908 -36,165
Aumento (Disminución) de Cuentas por Pagar Comerciales 41198 266,048 189,505
Aumento (Disminución) de Otras Cuentas por Pagar 20556 778,947 1,242,974
Total de Ajustes por Conciliación de Ganancias (Pérdidas) 1006265 582,998 475,283
Flujos de Efectivo y Equivalente al Efectivo procedente de (utilizados en)
Operaciones 1754200 1,959,170 2,298,217
Intereses Pagados (no Incluidos en la Actividad de Financiación) -25867 -14,659 -9,486
Dividendos Recibidos (no Incluidos en la Actividad de Inversión) 0 0 0
Dividendos Pagados (no Incluidos en la Actividad de Financiación) 0 0 0
Impuestos a las Ganancias (Pagados) Reembolsados -424385 -392,526 -208,201
Flujos de Efectivo y Equivalente al Efectivo procedente de (utilizados en)
Actividades de Operación 1303948 1,551,985 2,080,530
Flujo de Efectivo de Actividades de Inversión 0 0 0
Clases de Cobros en Efectivo por Actividades de Inversión 0 0 0
Reembolsos Recibidos de Préstamos a Entidades Relacionadas 0 0 330,279
Venta de Propiedades, Planta y Equipo 23078 125,438 48,057
Dividendos Recibidos 144999 201,425 280,818
Clases de Pagos en Efectivo por Actividades de Inversión 0 0 0
Prestamos Concedidos a Entidades Relacionadas 0 -369,279 -1,018,887
Compra de Propiedades, Planta y Equipo -237984 -195,185 -207,024
Compra de Activos Intangibles -15067 -458 -2,430
Flujos de Efectivo y Equivalente al Efectivo procedente de (utilizados en)
Actividades de Inversión -84974 -238,059 -569,124
Flujo de Efectivo de Actividades de Financiación 0 0 0
Clases de Cobros en Efectivo por Actividades de Financiación: 0 0 0
Obtención de Préstamos 14723 13391 0
Clases de Pagos en Efectivo por Actividades de Financiación: 0 0 0
Amortización o Pago de Préstamos -129644 -187,582 -21,934
Dividendos Pagados -929924 -500,267 -2,242,775
Flujos de Efectivo y Equivalente al Efectivo procedente de (utilizados en)
Actividades de Financiación -1044845 -674,458 -2,264,709
Aumento (Disminución) Neto de Efectivo y Equivalente al Efectivo, antes
de las Variaciones en las Tasas de Cambio 174129 639,468 -753,303
Efectos de las Variaciones en las Tasas de Cambio sobre el Efectivo y
Equivalentes al Efectivo 92 517 -1,189
Aumento (Disminución) Neto de Efectivo y Equivalente al Efectivo 174221 639,985 -754,492
Efectivo y Equivalente al Efectivo al Inicio del Ejercicio 322731 496,952 1,136,937
Efectivo y Equivalente al Efectivo al Finalizar el Ejercicio 496952 1,136,937 382,445

ESTADO DE RESULTADOS INTEGRALES

Cuenta 2016 2017 2018

Ganancia (Pérdida) Neta del Ejercicio 747935 1,376,172 1,822,934

Componente de Otro Resultado Integral que no se Reclasificaran al
Resultado del Período, neto de Impuestos: 0 0 0
Ganancias (Pérdidas) de Inversiones en Instrumentos de Patrimonio al
Valor Razonable, neto de Impuestos 5632 5,912 3027
Superávit de Revaluación, neto de Impuestos 0 0 0
Ganancia (Pérdida) de Nuevas Mediciones de Planes de Beneficios
Definidos, neto de Impuestos 5364 -2,720 -517
Cambios en el Valor Razonable de Pasivos Financieros Atribuibles a
Cambios en el Riesgo de Crédito del Pasivo, neto de Impuestos 0 0 0
Instrumentos de Cobertura que Cubren Inversiones en Instrumentos de
Patrimonio, neto de Impuestos -21810 6420 0

Participación en Otro Resultado Integral de Subsidiarias, Asociadas y

Negocios Conjuntos Contabilizados por el Método de Participación, neto
de Impuestos 0 0 0
Total Otro Resultado Integral que no se Reclasificará al Resultado del
Periodo, neto de Impuestos -10814 9,612 2,510
Componentes de Otro Resultado Integral que se Reclasificaran al
Resultado del Periodo neto de Impuestos 0 0 0
Coberturas del Flujo de Efectivo 0 0 44,854
Ganancias (Pérdidas) por Cobertura de Flujos de Efectivo, neto de
Impuestos 0 0 44,854
Ajustes de Reclasificación en Coberturas de Flujos de Efectivo, neto de
Impuestos 0 0 0

Importes Eliminados del Patrimonio E Incluidos en el Importe en Libros de

Activos (Pasivos) no Financieros que se Hayan Adquirido o Incurrido
Mediante Una Transacción Prevista Altamente Probable Cubierta, neto de
Impuestos 0 0 0
Coberturas de Inversiones netas en Negocios en el Extranjero 0 0 0
Ganancias (Pérdidas) por Cobertura de Inversiones netas en Negocios en
el Extranjero, neto de Impuesto 0 0 0
Ajustes de Reclasificación por Coberturas de Inversiones netas en
Negocios en el Extranjero, neto de Impuestos 0 0 0

Diferencia de Cambio por Conversión de Operaciones en el Extranjero 0 0 0

Ganancias (Pérdidas) por Diferencias de Cambio de Conversión de
Operaciones en el Extranjero, netas de Impuesto 0 0 0
Ajustes de Reclasificación en Diferencia de Cambio de Conversión de
Operaciones en el Extranjero, netos de Impuestos 0 0 0
Variación neta de Activos no Corrientes o Grupos de Activos Mantenidos
para la Venta 338 103 -10
Activos Financieros Disponibles para la Venta 0 0 0
Ganancias (Pérdidas) por Nuevas Mediciones de Activos Financieros
Disponibles para la Venta, neto de Impuestos 0 0 0
Ajustes de Reclasificación, Activos Financieros Disponibles para la Venta,
neto de Impuestos 0 0 0
Cambios en el Valor Temporal del Dinero de Opciones 0 0 0
Ganancia (Pérdida) por Cambios en el Valor Temporal del Dinero de
Opciones, neto de Impuestos 0 0 0
Ajustes de Reclasificación por Cambios en el Valor Temporal del Dinero de
Opciones, neto de Impuestos 0 0 0
Cambios en el Valor de los Elementos del Contrato a Término 0 0 0
Ganancia (Pérdida) por Cambios en el Valor de los Elementos de Contratos
a Término, neta de Impuestos 0 0 0
Ajustes de Reclasificación por Cambios en el Valor de los Elementos de
Contratos a Término, neto de Impuestos 0 0 0
Cambio en el Valor de los Diferenciales de Tasa de Cambio de Moneda
Extranjera 0 0 0

Ganancia (Pérdida) por Cambios en el Valor de los Diferenciales de la Tasa

de Cambio de la Moneda Extranjera, neto de Impuestos 0 0 0

Ajustes de Reclasificación por Cambios en el Valor de los Diferenciales de

la Tasa de Cambio de la Moneda Extranjera, netos de Impuestos 0 0 0
Activos Financieros Medidos al Valor Razonable con Cambios en Otro
Resultado Integral 0 0 0

Ganancias (Pérdidas) por Activos Financieros Medidos al Valor Razonable

con Cambios en Otro Resultado Integral, neta de Impuestos 0 0 0

Ajustes de Reclasificación sobre Activos Financieros Medidos al Valor

Razonable con Cambios en Otro Resultado Integral, netos de Impuestos 0 0 0

Importes Eliminados del Patrimonio Contra el Valor Razonable de Activos

Financieros, por Su Reclasificación a Activos Financieros al Costo
Amortizado, neto de Impuestos 0 0 0

Participacion de Otro Resultado Integral de Subsidiarias, Asociadas y

Negocios Conjuntos Contabilizados Utilizando el Método de la
Participación, neto de Impuestos 0 0 0
Total Otro Resultado Integral que se Reclasificará al Resultado del Periodo,
neto de Impuestos 338 103 44,844
Total Otro Resultado Integral -10476 9,715 47,354
Total Resultado Integral del Ejercicio, neto de Impuesto 737459 1,385,887 1,870,288

FIRMANTES
Firmante

ARCHIVO ESTRUCTURADO REPORTE DE SOSTENIBILIDAD CORPORATIVA XLS

Carlos Raul Pizarro Madrid|Representante Legal
ARCHIVO ESTRUCTURADO XBRL
Carlos Raul Pizarro Madrid|Representante Legal
INFORMACION FINANCIERA AUDITADA(DICTAMEN,EEFF Y NOTAS)
Carlos Raul Pizarro Madrid|Representante Legal
3/2023 09:20:53 p.m.

2120107
2019 2020 2021 2022 Analisis Vertical
0 0 0 0
364,067 348,066 376,822 670623 5.40%
2,086,652 2,429,232 787,313 3057047 24.62%
163,143 101,312 111,244 72136 0.58%
1,899,927 2,271,475 614,023 2927269 23.58%
16,192 15,405 35,620 34398 0.28%
7,390 41,040 26,426 23244 0.19%
223,119 251,761 400,253 580571 4.68%
2,673,838 3,045,391 1,613,849 4363017 35.14%
2,673,838 3,045,391 1,613,849 4363017 35.14%
7,815 6,469 6,466 6650 0.05%
1,816,854 1,482,469 4,075,766 4248074 34.22%
12,433 12,367 12,234 12151 0.10%
1,942,589 1,878,293 2,026,307 2,132,258.00 17.18%
52,437 35,487 22,098 12517 0.10%
273,253 273,253 1,639,953 1639953 13.21%
4,105,381 3,688,338 7,782,824 8051603 64.86%
6,779,219 6,733,729 9,396,673 12414620 100.00%
21,425 15,326 951,628 440333 3.55%
3,880,474 3,072,480 3,705,100 5536068 44.59%
1,065,318 1,152,055 1,064,793 1265266 10.19%
2,552,042 1,652,773 2,240,420 4010090 32.30%
263,114 267,652 399,887 260712 2.10%
4,458 5,259 2,757 5064 0.04%
23,482 172,021 183,382 161476 1.30%
15,918 0 15,486 30009 0.24%
3,982,487 3,283,198 4,858,353 6190368 49.86%
3,982,487 3,283,198 4,858,353 0.00%
194,368 193,423 210,496 229741 1.85%
194,368 193,423 210,496 229741 1.85%
 0 0 0 0 0.00%
35,423 36,699 25,437 24975 0.20%
231,654 75,283 38235 40561 0.33%
151,079 153,646 848,316 850880 6.85%
665,770 502,073 1,161,015 1186143 9.55%
4,648,257 3,785,271 6,019,368 7376511 59.42%
0 0 0 0 0.00%
780,722 780,722 780,722 780722 6.29%
60,232 60,232 64,686 64686 0.52%
569,515 569,515 569,515 569515 4.59%
-1,737 -1,737 -2,046 -2046 -0.02%
243,782 243,782 247,057 250848 2.02%
475,006 1,264,145 1,673,683 3391398 27.32%
3,442 31,799 43,688 -17014 -0.14%
2,130,962 2,948,458 3,377,305 5038109 40.58%
6,779,219 6,733,729 9,396,673 12414620 100.00%

2019 2020 2021 2022

4,947,042 3,727,581 5,024,292 S/ 5,857,088.00

-1,291,439 -1,122,349 -1,738,000 -2181045
3,655,603 2,605,232 3,286,292 3676043
-2,812,434 -2,093,123 -2,564,234 -2788346
-343,673 -361,575 -488,645 -552624
19,320 78,239 184,522 84862
-62,555 -21,976 -35,461 -80888
0 0 0 0
456,261 206,797 382,474 339047

0 0 0 0
44,731 12,098 34,770 96306

0 0 0 0
-17,290 -16,374 -18,526 -103675

0 0 0 0

1,616,459 1,162,913 1,485,704 1621030

11,364 -22,741 -32,956 -34868
2,111,525 1,342,693 1,851,466 1917840
-163,499 -78,516 -123,448 -90477
1,948,026 1,264,177 1,728,018 1827363
1,948,026 1,264,177 1,728,018 1827363

569,515 64,686 780,722 780722 1842000.00%

2019 2020 2021

1,948,026 1,264,177 1,728,018

8,299 7,895 7,548
163,499 78,516 123,448
0 0 0

4,578 11,405 12,240

259,373 282,352 310,690
-1,101 -25,243 -25,128
0 0 0
-1,581,344 -1,135,914 -1,452,091
0 0 0
29,905 50,426 -21,371
-325,511 -23,105 241,921
-25,021 -28,642 -148,819
0 0 0
34,738 -33,650 -14,614
217,813 86,737 -87,262
16,288 -869,217 2,569,762
-1,198,484 -1,604,828 1,505,573

749,542 -340,651 3,233,591

-8,358 -7,282 -5,997
0 0 0
0 0 0
-77,614 -96,194 -120,679

663,570 -444,127 3,106,915

0 0 0
0 0 0
4,695,093 4,449,993 6065986
4,243 26,329 22,250
1,885,558 1,497,372 201,182
0 0 0
-4,977,000 -4,813,981 -4,657,806
-253,977 -192,086 -468,032
-6,488 -7,232 -29323

1,352,831 960,395 1,137,775

0 0 0
0 0 0
23,488 0 0
0 0 0
 -22,250 -22,629 -1,030
-2,023,178 -508,429 -4,212,433

-2,036,686 -531,058 -4,213,463

-20,285 -14,790 31,227

1,907 -1,211 -2471

-18,378 -16,001 28,756
382,445 364,067 348,066
364,067 348,066 376,822

2019 2020 2021

1,948,026 1,264,177 1,728,018

0 0 0

0 74 3,330
0 0 0

-4,817 -3967 7,358

0 0 0

0 0 0

0 0 -16442

-4,817 -3,893 -5,754

0 0 0
-51,307 32,250 17643

-51,307 32,250 17643

0 0 0

0 0 0
0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0
 756 0 0
0 0 0

0 0 0

0 0 0
0 0 0

0 0 0

0 0 0
0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

-50,551 32,250 17643

-55,368 28,357 11,889
1,892,658 1,292,534 1,739,907
 5 4 3 2 1 0
16/17 17/18 18/19 19/20 20/21 21/22 Promedio Artimetico Geometrico

129% -66% -5% -4% 8% 78% 2% Err:502

191% 73% 38% 16% -68% 288% 15% Err:502
26% -28% -17% -38% 10% -35% -14% Err:502
808% 143% 54% 20% -73% 377% 0% Err:502
427% -14% -79% -5% 131% -3% -25% Err:502
-54% 13% 10% 455% -36% -12% -16% Err:502
19% 8% 13% 13% 59% 45% 26% 20%
131% -3% 25% 14% -47% 170% -3% Err:502
131% -3% 25% 14% -47% 170% -3% Err:502
37% 0% 11% -17% 0% 3% 6% Err:502
181% 113% -13% -18% 175% 4% -9% Err:502
-8% -26% -1% -1% -1% -1% -6% Err:502
-3% -2% 0% -3% 8% 5% 1% Err:502
-62% -19% -16% -32% -38% -43% -35% Err:502
0% 0% 0% 0% 500% 0% 83% 0%
15% 32% -6% -10% 111% 3% 24% Err:502
44% 18% 4% -1% 40% 32% 23% Err:502
-88% -26% 33% -28% 6109% -54% -32% Err:502
154% 25% 8% -21% 21% 49% 17% Err:502
68% 29% 26% 8% -8% 19% 24% Err:502
822% 46% 5% -35% 36% 79% 26% Err:502
-2% -43% -16% 2% 49% -35% -7% Err:502
2% -6% 18% 18% -48% 84% 11% Err:502
0% -99% 885% 633% 7% -12% -2% Err:502
-28% -100% 0% -100% #DIV/0! 94% #DIV/0! Err:502
98% 15% 10% -18% 48% 27% 30% Err:502
98% 15% 10% -18% 48% -100% 9% Err:502
3% 9% 25% 0% 9% 9% 9% Err:502
3% 9% 25% 0% 9% 9% 9% Err:502
 #DIV/0! #NUM!
5% 0% 15% 4% -31% -2% -1% Err:502
#DIV/0! #DIV/0! -5% -68% -49% 6% #DIV/0! Err:502
-8% -3% -11% 2% 452% 0% 72% Err:502
-6% 56% 1% -25% 131% 2% 27% Err:502
75% 20% 9% -19% 59% 23% 28% Err:502
#DIV/0! #NUM!
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 7% 0% 1% 0%
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 18% 0% 3% 0%
0% 0% 0% 0% 1% 2% 0% Err:502
109% 80% -12% 166% 32% 103% 80% Err:502
558% 413% -94% 824% 37% -139% 267% Err:502
9% 15% -5% 38% 15% 49% 20% Err:502
44% 18% 4% -1% 40% 32% 23% Err:502

16/17 17/18 18/19 19/20 20/21 21/22 Promedio Artimetico Geometrico

7% 6% 7% -25% 35% 17% 7.8% Err:502

4% 1% 9% -13% 55% 25% 13.5% Err:502
9% 7% 7% -29% 26% 12% 5.3% Err:502
65% 37% 14% -26% 23% 9% 20.4% Err:502
-42% -21% -8% 5% 35% 13% -2.9% Err:502
29% 14% -75% 305% 136% -54% 59.1% Err:502
-66% -9% 50% -65% 61% 128% 16.6% Err:502
#DIV/0! #NUM!
0% -34% -28% -55% 85% -11% -7.0% Err:502
#DIV/0! #NUM!
118% 139% 80% -73% 187% 177% 104.8% Err:502
#DIV/0! #NUM!
-35% -21% 4% -5% 13% 460% 69.2% Err:502
#DIV/0! #NUM!
298% 86% 16% -28% 28% 9% 68.2% Err:502
-1551% -359% -214% -300% 45% 6% -395.6% Err:502
52% 20% 5% -36% 38% 4% 13.6% Err:502
-14% -37% -16% -52% 57% -27% -14.7% Err:502
84% 32% 7% -35% 37% 6% 21.8% Err:502
84% 32% 7% -35% 37% 6% 21.8% Err:502
#NUM!
9,798 -16,442 33,857
 84% 32% 7% -35% 37% -100% 4.2% Err:502
-43% -35% -13% -5% -4% -100% -33.4%
-14% -37% -16% -52% 57% -100% -27.0%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-44% -10% -39% 149% 7% -100% -6.2%
-9% -1% 7% 9% 10% -100% -14.1%
-44% 355% -97% 2193% 0% -100% 384.5%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-450% 94% 17% -28% 28% -100% -73.4%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-266% -225% -62% 69% -142% -100% -121.2%
-779% -80% 573% -93% -1147% -100% -271.0%
-2283% -56% 72% 14% 420% -100% -322.2%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-45% -624% -196% -197% -57% -100% -203.0%
546% -29% 15% -60% -201% -100% 28.5%
3689% 60% -99% -5437% -396% -100% -380.3%
-42% -18% -352% 34% -194% -100% -112.1%
12% 17% -67% -145% -1049% -100% -222.2%
-43% -35% -12% -13% -18% -100% -36.8%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-8% -47% -63% 24% 25% -100% -28.0%
19% 34% -68% -167% -800% -100% -180.3%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! 1322% -5% 36% -100% #DIV/0!
444% -62% -91% 521% -15% -100% 116.0%
39% 39% 571% -21% -87% -100% 73.8%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! 176% 388% -3% -3% -100% #DIV/0!
-18% 6% 23% -24% 144% -100% 5.0%
-97% 431% 167% 11% 305% -100% 119.6%
180% 139% -338% -29% 18% -100% -21.5%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-9% -100% #DIV/0! -100% #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
 45% -88% 1% 2% -95% -100% -39.3%
-46% 348% -10% -75% 729% -100% 141.0%
-35% 236% -10% -74% 693% -100% 118.3%
267% -218% -97% -27% -311% -100% -81.0%
462% -330% -260% -164% 104% -100% -48.0%
267% -218% -98% -13% -280% -100% -73.5%
54% 129% -66% -5% -4% -100% 1.2%
129% -66% -5% -4% 8% -100% -6.4%
 0

5 4 3 2 1 0
Factor SESB
Factor SESB*(1 - Factor SESB)^5
Factor SESB*(1 - Factor Factor
SESB)^4SESB*(1
Factor
- Factor
SESB*(1
SESB)^3
Factor
- FactorSESB*(1
SESB)^2Factor
- FactorSESB*(1 SESB
SESB)^1- Factor SESB)^0

0.5 0.0201222 -0.0207380664012166 -0.003 -0.0055 0.0206541 0.38984 0.401382

0.5 0.02985365 0.0227807032098123 0.0235 0.02052 -0.168975 1.44144 1.369139
0.5 0.00409836 -0.0086332447660019 -0.011 -0.0474 0.0245084 -0.1758 -0.21383
0.5 0.12627109 0.0445327622491568 0.0336 0.02444 -0.18242 1.88368 1.930137
0.5 0.06669391 -0.0042880155356229 -0.049 -0.0061 0.3280591 -0.0172 0.317789
0.5 -0.0083861 0.0040719855777293 0.006 0.56918 -0.089023 -0.0602 0.421666
0.5 0.00297663 0.002471885094538 0.0079 0.01605 0.1474533 0.22526 0.402097
0.5 0.02042468 -0.0009287896197866 0.0159 0.01737 -0.117517 0.85174 0.78697
0.5 0.02042468 -0.0009287896197866 0.0159 0.01737 -0.117517 0.85174 0.78697
0.5 0.00584836 -4.421335597057E-05 0.0067 -0.0215 -0.000116 0.01423 0.005091
0.5 0.02828133 0.0354540669114172 -0.008 -0.023 0.4373274 0.02114 0.490992
0.5 -0.00126966 -0.0080353958630528 0 -0.0007 -0.002689 -0.0034 -0.016374
0.5 -0.000455 -0.000623175110106 9E-05 -0.0041 0.0197006 0.02614 0.04072
0.5 -0.00971851 -0.006001599126331 -0.01 -0.0404 -0.094323 -0.2168 -0.376997
0.5 0 0 0 0 1.250398 0 1.250398
0.5 0.00241137 0.0098727195907429 -0.004 -0.0127 0.2775292 0.01727 0.290383
0.5 0.00687936 0.0055809347015485 0.0025 -0.0008 0.0988659 0.16059 0.273576
0.5 -0.01372521 -0.0080607908351811 0.0209 -0.0356 15.273098 -0.2686 14.96794
0.5 0.02401531 0.0079223141529233 0.0051 -0.026 0.0514747 0.24709 0.309548
0.5 0.01060582 0.0090000474924012 0.0161 0.01018 -0.018936 0.09414 0.121047
0.5 0.1284707 0.0144750755400777 0.0032 -0.044 0.088888 0.39494 0.585908
0.5 -0.00031464 -0.0133174827476202 -0.01 0.00216 0.1235139 -0.174 -0.07194
0.5 0.0003271 -0.0017738809702426 0.0114 0.02246 -0.118939 0.41839 0.33183
0.5 -0.000049 -0.030948 0.553 0.791 0.017 -0.060 1.269349
0.5 -0.00430106 -0.03125 0 -0.125 #DIV/0! 0.46891 0.308356
0.5 0.01523613 0.004634645605319 0.0064 -0.0219 0.1199406 0.13709 0.261373
0.5 0.01523613 0.004634645605319 0.0064 -0.0219 0.1199406 -0.5 -0.375712
0.5 0.00048322 0.0027117759580009 0.0155 -0.0006 0.0220669 0.04571 0.085904
0.5 0.00048322 0.0027117759580009 0.0155 -0.0006 0.0220669 0.04571 0.085904
 0.5 0
0.5 0.00079731 -0.0001015533601976 0.0097 0.0045 -0.076719 -0.0091 -0.07092
0.5 #DIV/0! #DIV/0! -0.003 -0.0844 -0.123029 0.03042 #DIV/0!
0.5 -0.00128136 -0.000821724532076 -0.007 0.00212 1.1303093 0.00151 1.124763
0.5 -0.00095873 0.0173849490423559 0.00 -0.0307 0.3281107 0.01082 0.325375
0.5 0.01166554 0.0061453894263153 0.0056 -0.0232 0.147552 0.11273 0.260438
0.5
0.5 0 0 0 0 0 0 0
0.5 0 0 0 0 0.0184869 0 0.018487
0.5 0 0 0 0 0 0 0
0.5 0 0 0 0 0.0444732 0 0.044473
0.5 0.00 0.00 - 0.00 - 0.00 0.01 0.010896
0.5 0.02 0.02 - 0.01 0.21 0.08 0.51 0.836537
0.5 0.09 0.13 - 0.06 1.03 0.09 - 0.69 0.586085
0.5 0.00 0.00 - 0.00 0.05 0.04 0.25 0.332904
0.5 0.01 0.01 0.00 - 0.00 0.10 0.16 0.273576

Factor SESB
Factor SESB*(1 - Factor SESB)^5
Factor SESB*(1 - Factor Factor
SESB)^4SESB*(1
Factor
- Factor
SESB*(1
SESB)^3
Factor
- FactorSESB*(1
SESB)^2Factor
- FactorSESB*(1 SESB
SESB)^1- Factor SESB)^0

0.5 0.00 0.00 0.00 - 0.03 0.09 0.08 0.146444

0.5 0.00 0.00 0.01 - 0.02 0.14 0.13 0.25455
0.5 0.00 0.00 0.00 - 0.04 0.07 0.06 0.09658
0.5 0.01 0.01 0.01 - 0.03 0.06 0.04 0.098719
0.5 - 0.01 - 0.01 - 0.00 0.01 0.09 0.07 0.141892
0.5 0.00 0.00 - 0.05 0.38 0.34 - 0.27 0.412807
0.5 - 0.01 - 0.00 0.03 - 0.08 0.15 0.64 0.731093
0.5 - - - - - - 0
0.5 0.00 - 0.01 - 0.02 - 0.07 0.21 - 0.06 0.059523
0.5 - - - - - - 0
0.5 0.02 0.04 0.05 - 0.09 0.47 0.88 1.37438
0.5 - - - - - - 0
0.5 - 0.01 - 0.01 0.00 - 0.01 0.03 2.30 2.314778
0.5 - - - - - - 0
0.5 0.05 0.03 0.01 - 0.04 0.07 0.05 0.163627
0.5 - 0.24 - 0.11 - 0.13 - 0.38 0.11 0.03 -0.722211
0.5 0.01 0.01 0.00 - 0.05 0.09 0.02 0.084349
0.5 - 0.00 - 0.01 - 0.01 - 0.06 0.14 - 0.13 -0.079325
0.5 0.01 0.01 0.00 - 0.04 0.09 0.03 0.104151
0.5 0.01 0.01 0.00 - 0.04 0.09 0.03 0.104151
0.5 - - - - - - 0
0.5 0
Crecimiento final 2023 2024 2025 2025

0.40138160919 939798.74 1317016.669035 1,845,642.94 2,586,450.07

1.369139060164 7242569.5 S/ 17,158,654.20 S/ 40,651,237.87 S/ 96,308,435.49
-0.213829797182 56711.174 44584.6349695 35051.1115165532 27556.13944998
1.930137430059 8577300.5 25132669.14063 73642174.5662356 215781692.1275
0.317789494235 45329.323 S/ 59,734.51 S/ 78,717.50 S/ 103,733.10
0.421665896879 33045.202 46979.23689104 66788.7789493772 94951.32932649
0.402097389971 814017.08 1141331.228577 1600257.53668037 2243716.915461
0.786970243335 7796581.6 13932259.22988 24896532.6662313 44489363.03678
0.786970243335 7796581.6 13932259.22988 24896532.6662313 44489363.03678
0.005090757446 6683.8535 6717.879414182 6752.0785088338 6786.451702781
0.490991657096 6333842.9 9443706.910415 14080488.2154908 20993890.45714
-0.016374456263 11952.034 11756.32592426 11563.8224795973 11374.47117417
0.040720180276 2219083.9 2309445.427838 2403486.4619962 2501356.864019
-0.376996796956 7798.1311 4858.260648384 3026.71194516555 1885.651236529
1.250397982822 3690546.9 8305199.351304 18690003.8671074 42059947.00147
0.290382971636 10389651 13406629.25498 17299686.0976666 22323220.35508
0.273576038846 15810963 20136463.0718 25645316.8753547 32661261.08106
14.96794428271 7031212.8 112274014.3873 1792785206.13281 28627094282.39
0.309548222648 7249748 10164852.76257 14252113.5278384 19982851.17895
0.121046956618 1418422.6 1590118.337374 1782597.3227762 1998375.303575
0.585908353838 6359635.2 10085798.63964 15995152.3177296 25366845.6816
-0.071939944291 241956.39 224550.0637933 208395.944713492 193403.9520604
0.331830083076 6744.3875 8982.378218625 11963.0015291317 15932.68532038
1.269349343153 366445.45 831592.7515502 1887174.46450091 4282658.13143
0.308356337828 39262.465 51369.29536882 67209.3431655577 87933.77009193
0.261373191434 7808364.2 9849261.321677 12423594.1865886 15670788.64822

0.085904007791 249476.67 270907.7186852 294179.777461831 319450.9993569

0.085904007791 249476.67 270907.7186852 294179.777461831 319450.9993569
-0.07092042582 23203.762 21558.14165756 20029.2290713134 18608.74761672
#DIV/0! #DIV/0! #DIV/0!
1.124763140745 1807918.5 3841398.507822 8162061.95833213 17342448.40154
0.325375211241 1572084.5 2083601.86496 2761554.2619134 3660095.563237
0.260438261354 9297636.7 11719097.03647 14771198.2932821 18618183.4949

0 780722 780722 780722 780722

0.018486850843 65881.84 67099.78819104 68340.2519669545 69603.64801167
0 569515 569515 569515 569515
0.044473229706 -2136.992 -2232.031174215 -2331.29680933765 -2434.977107853
0.01089633352 253581.32 256344.430146 259137.644553009 261961.2947558
0.836536743167 6228427 11438735.10688 21007657.3191304 38581334.55444
0.586084789912 -26985.65 -42801.52364286 -67886.8456349809 -107674.2932967
0.332904114713 6715316.2 8950872.616534 11930654.9408483 15902419.06188
0.273576038846 15810963 20136463.0718 25645316.8753547 32661261.08106

Crecimiento final 2023 2024 2025 2025

0.146444011057 6714823.5 7698169.140828 8825519.90760387 10117964.44253

0.254549617735 -2736229 -3432735.260529 -4306536.70888229 -5402763.98189
0.096579528066 4031073.5 4420392.674138 4847312.11247467 5315463.228688
0.098719443619 -3063610 -3366047.83702 -3698342.20668494 -4063440.491641
0.141891838186 -631036.8 -720575.8116929 -822819.638166104 -939571.0291208
0.412806935857 119893.62 169386.540996 239310.479960029 338099.5059108
0.731092772447 -140024.6 -242395.6287275 -419609.320963012 -726382.6627707

0.059523210601 359228.17 380610.5797625 403265.743458733 427269.4152349

1.374380386536 228667.08 542942.6238763 1289152.31714661 3060937.977091

2.314777611756 -343659.6 -1139155.045052 -3776045.63965624 -12516751.5473

0.163627107236 1886274.4 2379296.022466

-0.72221116145 -9685.941 -12217.58659195
0.084348646855 2079607.2 2623160.782
-0.079324778148 -83299.93 -105072.301133
0.104150593326 2017683.9 2545052.431549
0.104150593326 2017683.9 2545052.431549
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
 2026 2027 2028 2029

3,624,603.56 5,079,452.77 7,118,251.70 9,975,387.03

S/ 228,168,076.34 S/ 540,561,901.95 S/ 1,280,666,316.35 S/ 3,034,076,593.09
21663.815740279 17031.446414354 13389.6156818625 10526.5168762695
632270012.82407 1852638030.4796 5428484037.45863 15906204266.6343
S/ 136,698.39 S/ 180,139.70 S/ 237,386.21 S/ 312,825.05
134989.06676675 191909.35267376 272830.981988316 387874.502704674
3145909.6310004 4410871.6827095 6184471.67382282 8671231.59221492
79501167.891659 142066221.33279 253868110.104765 453654758.488957
79501167.891659 142066221.33279 253868110.104765 453654758.488957
6820.9998823214 6855.723938264 6890.62476595288 6925.70326529025
31301715.521586 46670596.695485 69585470.3046716 103751355.679384
11188.220393416 11005.019367924 10824.8181596103 10647.567648101
2603212.5664561 2709215.8514584 2819535.60933584 2934347.60764203
1174.7667601815 731.88345442261 455.96573636013 284.068114230637
94651619.889699 213003814.47059 479343354.417965 1078713317.86122
28805503.418265 37170131.100329 47963704.225338 61891547.1889568
41596599.511327 52976432.435093 67469514.9728699 85927557.6219979
457115846477 7299200367287.1 116553224773155 1.86111539915E+15
28017903.482178 39283829.344813 55079754.5924187 77227180.1542589
2240272.5522538 2511450.7267 2815454.19386439 3156256.35553045
40229492.476966 63800288.189884 101181410.017608 160464443.400032
179490.48252353 166577.94721006 154594.338967691 143472.830834682
21219.629613871 28260.941071487 37638.7714950469 50128.448167131
9718847.4175079 22055460.003123 50051543.6710189 113584437.753607
115048.7054089 150524.70288066 196939.949013614 257667.630463521
19766712.689484 24933201.469289 31450071.909978 39670277.5759108

346893.12049447 376692.62982007 409052.036426946 444191.245751094

346893.12049447 376692.62982007 409052.036426946 444191.245751094
17289.007311759 16062.863551197 14923.6784282511 13865.2847993128

36848595.133851 78294536.728625 166357345.762653 353469956.468581

4850999.9302873 6429395.0573346 8521360.83226663 11294000.4131261
23467070.833877 29578793.96092 37282243.633047 46991966.3442097

780722 780722 780722 780722

70890.400270617 72200.940526649 73535.7085449189 74895.152220453
569515 569515 569515 569515
-2543.2684041005 -2656.375764041 -2774.5133735817 -2897.90494416846
264815.71239287 267701.23271655 270618.194632065 273566.940737476
70856038.509649 130129718.19822 238988008.848991 438910259.427473
-170780.5588624 -270872.44682425 -429626.667914064 -681424.323318881
21196399.801463 28252768.512469 37658231.4023006 50194811.5889359
41596599.511327 52976432.435093 67469514.9728699 85927557.6219979

2026 2027 2028 2029

11599679.739229 13298383.367215 15245851.9680796 17478515.6822623

-6778035.4881921 -8503381.8307053 -10667914.4251657 -13383427.9641209
5828828.1587688 6391773.6315227 7009088.11236232 7686022.53442995
-4464581.0761544 -4905322.0359838 -5389572.69814758 -5921628.31625226
-1072888.4895487 -1225122.609499 -1398957.50856369 -1597458.16099745
477669.32696061 674854.53817609 953439.172229762 1347025.47544397
-1257435.7775534 -2176737.9863396 -3768135.39566441 -6522991.94903815

452701.86262135 479648.13092971 508198.327641504 538447.923724883

7267831.0972093 17256595.609873 40973722.1544746 97287202.2469787

-41490247.800912 -137530944.51668 -455884495.807581 -1511155720.24974

 2030 2031 2032 2033

13,979,323.92 19,590,367.46 27,453,580.67 38,472,943.06

S/ 7,188,149,368.23 S/ 17,029,725,438.57 S/ 40,345,787,720.37 S/ 95,584,781,601.42
8275.63390758743 6506.05678757834 5114.86798423811 4021.15680055751
46607364491.8263 136565983213.894 400157099087.813 1172515293940.95
S/ 412,237.56 S/ 543,242.33 S/ 715,879.03 S/ 943,377.87
551427.952763961 783946.315030079 1114509.74106187 1584460.4906066
12157911.1832763 17046575.5375677 23900959.0691627 33511472.3286704
810667554.167179 1448638796.53407 2588674422.74728 4625884163.1323
810667554.167179 1448638796.53407 2588674422.74728 4625884163.1323
6960.96034075932 6996.39690144788 7032.01386107163 7067.81213799781
154692405.730386 230645086.360152 343889899.513228 512736971.133888
10473.21951734 10301.7262424207 10133.041076631 9967.11803871067
3053834.77121707 3178187.47363353 3307603.84051018 3442290.06517667
176.97534504833 110.256206824911 68.6899700073916 42.7940713315952
2427534274.55787 5462918234.69576 12293740175.6797 27665808092.6846
79863798.5808294 103054885.738861 132980269.70131 171595475.586119
109435278.463922 139374148.456073 177503575.908198 226064301.086135
2.9718186997276E+016 4.745383541556E+17 7.577401999164E+18 1.209955329303E+20
108280027.729086 151819144.264911 212865225.921422 298457777.679957
3538311.58167518 3966613.43020493 4446759.91401328 4985026.6684177
254481901.282075 403584973.143819 640048780.392265 1015058707.68791
133151.403377192 123572.498835994 114682.700153858 106432.433093671
66762.5752869066 88916.4061907357 118421.544643837 157717.375641002
257762769.208522 584953770.992589 1327464455.97675 3012480591.22944
337121.077370117 441074.498192656 577082.615164746 755029.697001257
50039024.6309905 63117884.195026 79615207.0236277 100424487.770054

482349.053986792 523784.770878458 568779.981916811 617640.461914761

482349.053986792 523784.770878458 568779.981916811 617640.461914761
12881.9528972243 11968.3593123548 11119.558173551 10330.954372948

751039934.865022 1595781970.82838 3390658712.28084 7204346654.69871

14968788.1833028 19839260.8004666 26294464.4742834 34850031.4070721
59230472.356496 74656353.5961911 94099724.525804 118606893.175184

780722 780722 780722 780722

76279.7277284466 77689.899677338 79126.1412647121 80588.9344360871
569515 569515 569515 569515
-3026.78413641774 -3161.39500258831 -3301.99244873105 -3448.84271739223
276547.817363919 279561.174616267 282607.366414252 285686.750534035
806074818.391481 1480386021.71756 2718783322.95501 4993145469.31633
-1080796.75469185 -1714235.29360252 -2718922.52551253 -4312441.66266334
66904870.90413 89177777.7224483 118865426.867201 158436216.568394
109435278.463922 139374148.456073 177503575.908198 226064301.086135

2030 2031 2032 2033

20038139.6260908 22972605.1670503 26336805.6121357 30193673.0643982

-16790174.4363712 -21064106.9208527 -26425967.285484 -33152687.1562804
8428334.96351275 9242339.57667419 10134960.3712186 11113790.0608424
-6506208.16895053 -7148497.419458 -7854193.10741795 -8629554.68105756
-1824124.43588609 -2082952.80517338 -2378506.80755344 -2715997.51061435
1903086.93448333 2688694.42057691 3798606.1257911 5366697.08110658
-11291904.217713 -19547333.7784521 -33838248.2244968 -58577146.9337099

570498.072886533 604455.949826532 640435.108627199 678555.862474412

230996824.876231 548474330.33832 1302286692.47402 3092123980.25775

-5009145149.36116 -16604202195.1396 -55039237697.5222 -182442832887.875

 2023 2024 2025
Año 1 2 3
FCL S/178,718.41 S/2,877,034.74 S/716,419.83
TIR

2022
Deuda sin costo S/440,333.00
Deuda con costo S/39,986.00
Pasivo total (deuda) S/480,319.00

Capital social (acciones) S/780,722.00

Resultados acumulados S/3,391,398.00
Reserva legal S/250,848.00
Patrimonio neto total S/4,422,968.00

Total de activo S/4,903,287.00

Rf (en soles) 4.32%

Beta desapalancado 0.86
D/P 0.00904
Impuesto a la renta 30.00%
Beta apalancado 0.87
Rm 7.43% pasivo total 2022
CAPM, año 2022 19.06%
TEA deuda 0.00%
WACC, año 2022 17.19%

Caja disponible S/670,623.00

VA FCL S/152,499.06 S/2,094,791.71 S/445,103.71

VA total FCL S/29,847,099.40 Valor de mercado de los activos de la empresa
VA total FCL - pasivo + caja S/23,435,913.40 valor patrimonial de la empresa, es el más acorde al precio que

Precio unitario cada

acción del estudio Haciendo la comparación lo obtenido
Valor patrimonial del VA FCL S/23,435,913.40 S/0.31

Crecimiento FCL 1509.81% -75.10%

CAGR crecimiento FCL 239.85%

Nuevos préstamos S/0.00 S/0.00 S/0.00

Amortizaciones S/0.00 S/0.00 S/0.00
Intereses S/0.00 S/0.00 S/0.00
Escudo fiscal S/0.00 S/0.00 S/0.00
FCA S/178,718.41 S/2,877,034.74 S/716,419.83

VA FCA S/150,107.55 S/2,029,605.45 S/424,489.91

VA total FCA S/73,414,450.30
VA total FCA + caja S/74,085,073.30 valor patrimonial de la empresa, que no se suele tomar en cue

Precio unitario cada

acción del estudio
Valor patrimonial del VA FCA S/74,085,073.30 S/0.97
 2026 2027 2028 2029
4 5 6 7
S/4,259,966.67 S/2,263,795.15 S/5,998,507.94 S/4,223,925.59

Tasa g (growth) 0.85%

Acciones Cantidad VN TOTAL

ABCA1 S/ 76,046,495.00 S/ 10.00 S/ 760,464,950.00
ABCB1 S/ 2,025,707.00 S/ 10.00 S/ 20,257,070.00
S/ 780,722,020.00
2025707 10

Según ESF de la empresa 2022

Acciones Cantidad VN TOTAL
31_12_2022 S/ 76,046,495.00 S/ 10.00 S/ 760,464,950.00

valor real de cada acción en el mercado de bolsa de valores Lima 2022

Acciones Cantidad Valor en mercado Total
31_12_2022 S/ 76,046,495.00 S/ 10.00 S/ 760,464,950.00

S/ 7,081,809.00

S/2,258,383.46 S/1,024,062.54 S/2,315,423.64 S/1,391,237.76

el más acorde al precio que las acciones suelen presentar en el mercado.

a comparación lo obtenido en el estudio de valorización de acciones; el valor de cada acción es más atractivo S/., respecto al VN = S/. , y
el mercado MVL S/.

494.62% -46.86% 164.98% -29.58%

S/0.00 S/0.00 S/0.00 S/0.00

 S/0.00 S/0.00 S/0.00 S/0.00
S/0.00 S/0.00 S/0.00 S/0.00
S/0.00 S/0.00 S/0.00 S/0.00
S/4,259,966.67 S/2,263,795.15 S/5,998,507.94 S/4,223,925.59

S/2,120,016.44 S/946,244.59 S/2,105,924.42 S/1,245,515.28

ue no se suele tomar en cuenta, al momento de determinar el valor de una empresa

 2030 2031 2032 2033
8 9 10 11
S/8,214,907.34 S/6,736,166.58 S/11,068,183.87 S/ 11,162,263.44
FC*(1+G)

Participación
97%
3%

A
B

dato de las notas de EEFF

FC/(WACC - G)/POTENCIA*(1+WACC;PERIODO 10)

S/2,308,796.40 S/1,615,450.50 S/2,264,931.51 S/13,976,419

más atractivo S/., respecto al VN = S/. , y lo cotizado por la empresa Backus en

94.49% -18.00% 64.31%

S/0.00 S/0.00 S/0.00

 S/0.00 S/0.00 S/0.00
S/0.00 S/0.00 S/0.00
S/0.00 S/0.00 S/0.00 FCA*(1+G)
S/8,214,907.34 S/6,736,166.58 S/11,068,183.87 S/ 11,162,263.44

S/2,034,551.68 S/1,401,238.73 S/1,933,788.34 S/59,022,967.91

El caso asume que la empresa desea mantener la misma proporción de deuda/patrimonio, por lo que se asume que
a lo créditos serán compensados por los nuevos créditos asumidos por la empresa para mantener el ratio D/P. Por e
intereses año a año se incrementarán al ritmo de crecimiento del FCL.
1+WACC;PERIODO 10)
por lo que se asume que los pagos de amortizaciones
ntener el ratio D/P. Por ello, solo se asume que los
Impuesto a la renta 30%
Margen de costo de ventas

Año 0 2018 2019

Incremento en las ventas
Unidades vendidas
Valor de venta unitario
Ventas $5,343,674.00 $5,709,588.00
Costo de ventas -$1,367,670.00 -$1,497,118.00
Gastos de venta -$936,302.00 -$951,029.00
Gastos administrativos y de ventas -$440,609.00 -$370,448.00
Depreciación Máquina 1 -$260,716.00 -$272,485.00
Depreciación Máquina 2
Depreciación Local
UTILIDAD OPERATIVA $0.00 $2,338,377.00 $2,618,508.00
UTILIDAD OPERATIVA AFTER TAX $0.00 $1,648,555.79 $1,846,048.14
Crédito a clientes -$295,589.00 -$215,493.00 -$198,501.00
DIFERENCIAL -$80,096.00 -$118,405.00
Crédito de proveedores $783,534.00 $1,014,222.00 $1,263,698.00
DIFERENCIAL $230,688.00 $1,033,010.00
Depreciación Máquina 1 $260,716.00 $272,485.00
DIFERENCIAL - -
Depreciación Local - -
Alquiler rechazado - -

FCO $2,059,863.79 $3,033,138.14

Venta de receta rechazada - -

Máquina 1 - -
Máquina 2 - -
Capital de trabajo - -

FCI/FCLiq $0.00 $0.00 $0.00

FCL $0.00 $2,059,863.79 $3,033,138.14

Préstamo bancario $3,000,000.00 -$200,000.00 -$200,000.00

Intereses -$264,000.00 -$264,000.00
Escudo fiscal de intereses $77,880.00 $77,880.00

FCF $3,000,000.00 -$386,120.00 -$386,120.00

FCA $3,000,000.00 $1,673,743.78 $2,647,018.14

FC Deuda $3,000,000.00 -$464,000.00 -$464,000.00

TIR 8.83%

Pasivos financieros actuales $3,000,000.00

Costo de pasivos financieros actuales 8.83%

Pasivos financieros totales $3,000,000.00

Costo de pasivos financieros totales 8.83%

Patrimonio
Beta desapalancado 0.86
Rendimiento libre de riesgo 7.40%
Rendimiento de mercado
Riesgo país 2.43%
Inflación 5.68%

Beta apalancado
CAPM 19.25%

WACC 18.025%

$0.00 1 2
VA FCL $0.00 $1,745,281.97 $2,177,440.97
VAN FCL $13,944,713.97
TIR FCL 8.83%

VA FCA $1,403,567.25 $1,861,424.47

VAN FCA $11,159,548.13
TIR FCL 8.83%

Período de recuperación descontado FCL $0.00 $1,745,281.97 $2,177,440.97

EVA FCL #DIV/0! El IR, es un indicador de evaluación de proyectos. Para la val

 2020 2021 2022 2023 2024

$4,314,745.00 $5,885,493.00 $6,743,109.00 6,714,823.46 7,698,169.14

-$1,315,706.00 -$2,030,170.00 -$2,457,245.00 -$2,000,649.93 -$2,293,633.13
-$887,669.00 -$1,062,762.00 -$1,182,907.00 -$1,842,581.81 -$2,895,834.01
-$383,397.00 -$479,107.00 -$463,740.00 -$551,115.33 -$549,610.78
-$285,508.00 -$301,838.00 -$328,997.00 -$2,163,338.46 -$2,194,871.96

$1,442,465.00 $2,011,616.00 $2,310,220.00 $157,137.93 -$235,780.74

$1,016,937.83 $1,418,189.28 $1,628,705.10 $110,782.24 -$166,225.42
-$116,837.00 -$136,380.00 -$93,083.00 -$2,836,009.73 -$2,630,954.38
$1,568.00 -$137,948.00 $44,865.00 -$2,880,874.73 $249,920.35
$1,328,398.00 $1,251,620.00 $1,494,033.00 $1,323,273.44 $1,383,940.29
$295,388.00 $956,232.00 $537,801.00 $785,472.44 $598,467.85
$285,508.00 $301,838.00 $328,997.00 $2,163,338.46 $2,194,871.96
- - - - -
- - - - -
- - - - -

$1,599,401.83 $2,538,311.28 $2,540,368.10 $178,718.41 $2,877,034.74

- - - -
- - - - -
- - - - -
- - - - -

$0.00 $0.00 $0.00 $0.00 $0.00

$1,599,401.83 $2,538,311.28 $2,540,368.10 $178,718.41 $2,877,034.74

-$200,000.00 -$200,000.00 -$200,000.00 -$200,000.00 -$200,000.00

-$264,000.00 -$264,000.00 -$264,000.00 -$264,000.00 -$264,000.00
$77,880.00 $77,880.00 $77,880.00 $77,880.00 $77,880.00

-$386,120.00 -$386,120.00 -$386,120.00 -$386,120.00 -$386,120.00

$1,213,281.82 $2,152,191.28 $2,154,248.10 -$207,401.59 $2,490,914.74

-$464,000.00 -$464,000.00 -$464,000.00 -$464,000.00 -$464,000.00

 3 4 5 6 7
$972,834.33 $1,308,137.15 $1,109,256.93 $66,119.85 $901,851.03

$715,474.97 $1,064,284.82 $893,340.39 -$72,123.63 $726,387.92

$972,834.33 $1,308,137.15 $1,109,256.93 $66,119.85 $901,851.03

ción de proyectos. Para la valorización de acciones no aplica.

 2025 2026 2027 2028

8,825,519.91 10,117,964.44 11,599,679.74 13,298,383.37

-$2,629,521.96 -$3,014,599.71 -$3,456,069.78 -$3,962,190.50
-$2,951,122.01 -$3,007,465.59 -$3,064,884.88 -$3,123,400.45
-$548,110.34 -$546,613.99 -$545,121.73 -$543,633.54
-$2,226,865.10 -$2,259,324.59 -$2,292,257.21 -$2,325,669.87

$469,900.49 $1,289,960.57 $2,241,346.13 $3,343,489.01

$331,279.84 $909,422.20 $1,580,149.02 $2,357,159.75
-$2,440,725.39 -$2,264,250.74 -$2,100,535.95 -$1,948,658.43
-$2,690,645.74 $426,394.99 -$2,526,930.95 $578,272.52
$1,447,388.47 $1,513,745.51 $1,583,144.75 $1,655,725.67
$848,920.62 $664,824.88 $918,319.86 $737,405.80
$2,226,865.10 $2,259,324.59 $2,292,257.21 $2,325,669.87
- - - -
- - - -
- - - -

$716,419.83 $4,259,966.67 $2,263,795.15 $5,998,507.94

- - - -
- - - -
- - - -
- - - -

$0.00 $0.00 $0.00 $0.00

$716,419.83 $4,259,966.67 $2,263,795.15 $5,998,507.94

-$200,000.00 -$200,000.00 -$200,000.00 -$200,000.00

-$264,000.00 -$264,000.00 -$264,000.00 -$264,000.00
$77,880.00 $77,880.00 $77,880.00 $77,880.00

-$386,120.00 -$386,120.00 -$386,120.00 -$386,120.00

$330,299.83 $3,873,846.67 $1,877,675.15 $5,612,387.94

-$464,000.00 -$464,000.00 -$464,000.00 -$464,000.00

8 9 10 11
$190,276.17 $958,627.98 $431,626.52 $969,039.18

$80,772.28 $794,402.64 $322,896.22 $809,346.39

$190,276.17 $958,627.98 $431,626.52 $969,039.18

 2029 2030 2031

15,245,851.97 17,478,515.68 20,038,139.63

-$4,542,429.57 -$5,207,641.17 -$5,970,269.04
-$3,183,033.20 -$3,243,804.48 -$3,305,736.02
-$542,149.42 -$540,669.35 -$539,193.31
-$2,359,569.56 -$2,393,963.39 -$2,428,858.55

$4,618,670.21 $6,092,437.29 $7,794,082.70

$3,256,162.50 $4,295,168.29 $5,494,828.30
-$1,807,762.28 -$1,677,053.52 -$1,555,795.54
-$2,386,034.80 $708,981.28 -$2,264,776.83
$1,731,634.14 $1,811,022.71 $1,894,050.93
$994,228.33 $816,794.37 $1,077,256.56
$2,359,569.56 $2,393,963.39 $2,428,858.55
- - -
- - -
- - -

$4,223,925.59 $8,214,907.34 $6,736,166.58

- - -
- - -
- - -
- - -

$0.00 $0.00 $0.00

$4,223,925.59 $8,214,907.34 $6,736,166.58

-$200,000.00 -$200,000.00 -$200,000.00

-$264,000.00 -$264,000.00 -$264,000.00
$77,880.00 $77,880.00 $77,880.00

-$386,120.00 -$386,120.00 -$386,120.00

$3,837,805.59 $7,828,787.34 $6,350,046.58

-$464,000.00 -$464,000.00 -$464,000.00

12 13 14
$578,151.24 $952,697.37 $661,899.75

$464,102.57 $793,907.21 $540,003.30

$578,151.24 $952,697.37 $661,899.75

 2032

22,972,605.17
-$6,844,579.18
-$3,368,849.98
-$537,721.31
-$2,464,262.36

$9,757,192.34
$6,878,820.60
-$1,443,305.03
$821,471.80
$1,980,885.67
$903,629.11
$2,464,262.36
-
-
-

$11,068,183.87

-
-
-
-

$0.00

$11,068,183.87

-$200,000.00
-$264,000.00
$77,880.00

-$386,120.00

$10,682,063.87

-$464,000.00
15
$921,473.53

$761,761.33

$921,473.53