Organizacion Terpel

Organización Terpel S.A.
(Colombia)
Organización Terpel S.A. distribuye y vende productos de combustible para automóviles, aviones y lanchas, tam
comercializa lubricantes para uso marino e industrial, así como diésel, gasolina y gas natural vehicular, la compa
fundada en 1968 y tiene su sede en Bogotá, Colombia, con estaciones de servicio en Colombia, Ecuador, México
República Dominicana, Chile y Panamá. En 2004, las siete empresas regionales de Terpel formaron la Organizaci
compañía tiene sus orígenes en Bucaramanga en el año 1968, en 1972 incursionó en el negocio de aviación y en
al negocio de marinos. Organización Terpel tal como se conoce hoy fue fundada y consolidada en el año 2001.
Productos Principales:Combustibles y Lubricantes

Marcas Comercializadas:Terpel
s, aviones y lanchas, también produce y
tural vehicular, la compañía fue
ombia, Ecuador, México, Perú,
l formaron la Organización Terpel, la
negocio de aviación y en 1993 ingresó
olidada en el año 2001.
Organización Terpel S.A. (Colombia)
Fuente:
Tipo de Estado Financiero Anual, Consolid. Anual, Consolid.

Fecha final del período 2023-12-31 2022-12-31
Unidades Millones COP Millones COP
Estado de Resultados 2023 2022

Total Ingreso Operativo 36,252,720 35,516,086
Ingresos netos por ventas 36,225,805 35,455,549
Costo de mercancías vendidas -33,021,968 -32,549,847
Utilidad bruta 3,203,838 2,905,702
Gastos de venta y distribución -1,622,959 -1,507,437
Gastos administrativos -468,138 -418,126
Otros resultados operativos netos -112,905 -71,656
Otros ingresos operativos 26,914 60,537
Otros gastos operativos -139,819 -132,194
Ganancia operativa (EBIT) 999,836 908,483
Resultado financiero -535,109 -361,980
Ingresos financieros 31,106 27,227
Gastos financieros -569,396 -391,864
Participación en ganancia (pérdida) de asociados 3,182 2,657
Ganancias antes de impuestos 464,727 546,503
Impuesto a la renta -179,442 -213,091
Ganancias después de impuestos 285,286 333,412
Ganancia (Pérdida) Neta 285,286 333,412
Ganancia (pérdida) atribuible a los propietarios 285,274 292,137
Ganancia (pérdida) atribuible a intereses minoritarios 012 002
Balance General 2023 2022

Activos Totales 9,337,716 10,238,950
Activos no corrientes 5,301,933 5,719,753
Propiedad, planta y equipo 3,939,357 4,158,390
Activos intangibles y valor llave 970,948 1,184,551
Valor llave 328,052 362,704
Otros activos intangibles 642,896 821,846
Comerciales y otras cuentas a cobrar no corrientes 15,019 24,637
Cuentas por cobrar no corrientes 15,019 24,637
Activos financieros a largo plazo 324,464 287,839
Propiedades de inversión 11,856 3,172
Otros activos financieros no corrientes 312,608 284,668
Activos diferidos 48,988 60,583
Activos no corrientes por impuesto diferido 48,988 60,583
Otros activos no corrientes 3,156 3,753
Activos Corrientes 4,035,784 4,519,197
Inventarios 1,378,066 1,764,719
Comerciales y otras cuentas a cobrar 1,527,849 1,943,591
Cuentas comerciales por cobrar 1,394,912 1,548,256
Cuentas por cobrar a partes relacionadas 425 3,484
Créditos de impuestos 132,512 391,851
Activos financieros de corto plazo 67,277 87,417
Otros activos financieros corrientes 67,277 87,417
Efectivo o Equivalentes 916,491 582,937
Otros Activos Corrientes 145,733 140,139
Activos del grupo de disposición clasificados como mantenidos para la venta 367 395
Total de patrimonio y pasivos 9,337,716 10,238,950
Total de patrimonio 2,751,370 3,008,682
Patrimonio neto atribuible a los propietarios de la controladora 2,751,045 3,008,276
Capital Suscrito 195,999 195,999
Prima de emisión 219,366 219,366
Otras reservas 125,227 126,824
Resultados acumulados 1,511,066 1,342,984
Ganancia o Pérdida del Periodo 285,286 333,412
Otros componentes del patrimonio 414,100 789,690
Interés minoritario 326 406
Pasivos Totales 6,586,346 7,230,268
Pasivos no corrientes 3,594,854 3,614,181
Créditos y préstamos no corrientes 3,171,446 3,117,227
Otras cuentas por pagar no corrientes 5,117 000
Ingresos diferidos, gastos devengados y otros pasivos no circulantes diferidos
387,226 474,934
Provisiones para otros pasivos y gastos 31,065 22,021
Pasivos Corrientes 2,991,492 3,616,087
Créditos y préstamos corrientes 1,088,524 1,464,454
Comerciales y otras cuentas a pagar 1,630,367 1,899,735
Cuentas Comerciales por pagar 1,630,200 1,898,960
Cuentas por pagar a partes relacionadas 167 775
Provisiones para otros pasivos y gastos 020 018
Pasivos corrientes por impuesto a la renta 272,580 251,880
Estado de Flujo de Efectivo 2023 2022
Flujo neto de efectivo por (utilizados en) actividades de explot 1,540,496 156,748
Utilidad Neta 285,286 333,412
Impuesto a las ganancias pagado -223,099 -259,314
Otro flujo de efectivo de actividades operativas -75,835 -90,525
Flujo neto de efectivo de (utilizadas en) actividades de inversió -430,115 -460,858
Producto de venta de propiedades, planta y equipo 3,525 1,649
Compra de propiedades, planta y equipo -384,145 -411,785
Compra de activos intangibles -48,861 -48,453
Ingresos por venta de instrumentos financieros 000 000
Adquisición de subsidiaria -4,000 -7,040
Intereses recibidos 000 000
Dividendos recibidos 3,366 4,771
Otros flujos de efectivo de actividades inversión 000 000
Flujo neto de efectivo de (utilizados en) actividades de financia -723,505 128,764
Ingresos provenientes de préstamos 1,088,171 881,729
Reembolso de préstamos -1,102,466 -193,335
Pagos de las obligaciones de arrendamiento financiero -62,510 -64,780
Intereses pagados -482,859 -288,257
Dividendos pagados -159,167 -206,593
Otros flujos de efectivo de actividades financieras -4,675 000
Aumento (disminución) neto en efectivo y equivalentes de efec 386,877 -175,346
Efectivo al inicio del período 582,937 705,837
Ganancias (pérdidas) de intercambio de efectivo y equivalente -53,323 52,446
Efectivo al final del período 916,491 582,937

Fecha inicial del periodo de reporte 2023-01-01 2022-01-01
Unidades originales como se reportó COP Miles COP Miles
Auditado Auditado Auditado
Fuente Superfinanciera – NIIF Superfinanciera – NIIF
La redistribución de esta información está estrictamente prohibida.

Derechos autorales 2024 EMIS, todos los derechos reservados.
EMIS
12TH FLOOR 30 CROWN PLACE
London, EC2A 4EB, United Kingdom
www.emis.com
Anual, Consolid. Anual, Consolid. Anual, Consolid.

2021-12-31 2020-12-31 2019-12-31
Millones COP Millones COP Millones COP
vertical H 2023- vertical

2021 2020 2019 año 2023 2022 año 2022
23,215,617 16,447,444 22,531,970 100.1% 2.1% 153.2%
23,142,511 16,389,627 22,450,899 100.0% 2.2% 100.0%
-20,773,698 -14,822,157 -20,393,199 -91.2% 1.5% -91.8%
2,368,813 1,567,469 2,057,700 8.8% 10.3% 8.2%
-1,237,385 -1,116,594 -1,154,101 -4.5% 7.7% -4.3%
-342,822 -275,899 -307,419 -1.3% 12.0% -1.2%
-14,218 -10,393 -12,254 -0.3% 57.6% -0.2%
73,106 57,817 81,071 0.1% -55.5% 0.2%
-87,325 -68,211 -93,325 -0.4% 5.8% -0.4%
774,388 164,583 583,926 2.8% 10.1% 2.6%
-187,377 -204,714 -221,758 -1.5% 47.8% -1.0%
20,728 13,920 8,335 0.1% 14.2% 0.1%
-210,966 -221,005 -233,063 -1.6% 45.3% -1.1%
2,861 2,371 2,969 0.0% 19.7% 0.0%
587,011 -40,131 362,168 1.3% -15.0% 1.5%
-211,277 394 -124,250 -0.5% -15.8% -0.6%
375,734 -39,737 237,918 0.8% -14.4% 0.9%
375,734 -39,737 237,918 0.8% -14.4% 0.9%
375,722 -39,738 237,920 0.8% -2.3% 0.8%
012 001 -002 0.0% 579.7% 0.0%

2021 2020 2019 año 2023 2022 año 2022
8,160,520 7,064,317 7,123,712 176.1% -8.8% 100.0%
4,996,287 4,743,329 4,699,006 100.0% -7.3% 55.9%
3,548,287 3,139,012 3,025,217 74.3% -5.3% 40.6%
1,124,364 1,516,538 1,563,871 18.3% -18.0% 11.6%
339,602 298,981 310,936 6.2% -9.6% 3.5%
784,762 1,217,557 1,252,935 12.1% -21.8% 8.0%
6,739 9,163 8,990 0.3% -39.0% 0.2%
6,739 9,163 8,990 0.3% -39.0% 0.2%
280,788 13,768 15,085 6.1% 12.7% 2.8%
5,451 5,523 5,922 0.2% 273.8% 0.0%
275,337 8,245 9,163 5.9% 9.8% 2.8%
32,063 16,670 9,534 0.9% -19.1% 0.6%
32,063 16,670 9,534 0.9% -19.1% 0.6%
4,046 48,178 76,308 0.1% -15.9% 0.0%
3,164,232 2,320,989 2,424,706 76.1% -10.7% 44.1%
1,177,040 869,248 980,528 26.0% -21.9% 17.2%
1,105,551 763,013 972,455 28.8% -21.4% 19.0%
1,064,572 694,330 861,574 26.3% -9.9% 15.1%
149 340 239 0.0% -87.8% 0.0%
40,830 68,343 110,641 2.5% -66.2% 3.8%
69,960 000 433 1.3% -23.0% 0.9%
69,960 000 433 1.3% -23.0% 0.9%
705,837 606,393 358,058 17.3% 57.2% 5.7%
104,191 82,334 113,232 2.7% 4.0% 1.4%
1,654 000 000 0.0% -7.0% 0.0%
8,160,520 7,064,317 7,123,712 100.0% -8.8% 100.0%
2,575,307 1,998,647 2,130,405 29.5% -8.6% 29.4%
2,574,978 1,998,374 2,130,131 29.5% -8.6% 29.4%
195,999 195,999 195,999 2.1% 0.0% 1.9%
219,366 219,366 219,366 2.3% 0.0% 2.1%
129,356 133,731 138,099 1.3% -1.3% 1.2%
1,159,675 1,214,707 1,091,379 16.2% 12.5% 13.1%
375,734 -39,737 237,920 3.1% -14.4% 3.3%
494,848 274,309 247,367 4.4% -47.6% 7.7%
330 273 274 0.0% -19.8% 0.0%
5,585,213 5,065,670 4,993,307 70.5% -8.9% 70.6%
3,406,402 3,771,774 3,241,447 38.5% -0.5% 35.3%
2,934,724 3,316,554 2,765,699 34.0% 1.7% 30.4%
000 000 000 0.1% #DIV/0! 0.0%
454,594 401,191 425,900 4.1% -18.5% 4.6%
17,084 54,029 49,848 0.3% 41.1% 0.2%
2,178,811 1,293,896 1,751,859 32.0% -17.3% 35.3%
597,355 109,280 553,119 11.7% -25.7% 14.3%
1,360,739 1,012,329 1,030,788 17.5% -14.2% 18.6%
1,358,810 1,010,987 1,030,211 17.5% -14.2% 18.5%
1,929 1,342 577 0.0% -78.4% 0.0%
017 017 019 0.0% 13.1% 0.0%
220,700 172,270 167,934 2.9% 8.2% 2.5%
2021 2020 2019 año 2023 2022 año 2022
619,235 814,255 644,462 100.0% 882.8% 100.0%
375,734 -39,737 237,918 18.5% -14.4% 212.7%
-104,956 -86,479 -96,547 -14.5% -14.0% -165.4%
-49,415 -35,969 -41,749 -4.9% -16.2% -57.8%
-339,003 -258,253 -294,949 -27.9% -6.7% -294.0%
1,813 1,865 2,089 0.2% 113.8% 1.1%
-276,469 -151,894 -231,420 -24.9% -6.7% -262.7%
-71,166 -140,496 -139,311 -3.2% 0.8% -30.9%
000 27,948 63,555 0.0% #DIV/0! 0.0%
000 000 000 -0.3% -43.2% -4.5%
000 000 711 0.0% #DIV/0! 0.0%
5,283 3,076 7,566 0.2% -29.4% 3.0%
1,537 1,249 1,860 0.0% #DIV/0! 0.0%
-207,053 -300,290 -391,728 -47.0% -661.9% 82.1%
67,970 748,071 306,954 70.6% 23.4% 562.5%
-83,053 -727,025 -396,601 -71.6% 470.2% -123.3%
-48,093 -35,811 -43,903 -4.1% -3.5% -41.3%
-141,484 -166,668 -191,269 -31.3% 67.5% -183.9%
-050 -118,855 -66,910 -10.3% -23.0% -131.8%
-2,342 000 000 -0.3% #DIV/0! 0.0%
73,179 255,713 -42,214 25.1% -320.6% -111.9%
606,393 358,058 398,678 37.8% -17.4% 450.3%
26,264 -7,377 1,594 -3.5% -201.7% 33.5%
705,837 606,393 358,058 59.5% 57.2% 371.9%

2021-01-01 2020-01-01 2019-01-01
2021-12-31 2020-12-31 2019-12-31
COP Miles COP Miles COP Miles
Superfinanciera – NIIF Superfinanciera – NIIF Superfinanciera – NIIF
H 2022- vertical H 2021- vertical H 2020- vertical
2021 año 2021 2020 año 2020 2019 año 2019
53.0% 100.3% 41.2% 100.4% -27.0% 100.4%
53.2% 100.0% 41.2% 100.0% -27.0% 100.0%
56.7% -89.8% 40.2% -90.4% -27.3% -90.8%
22.7% 10.2% 51.1% 9.6% -23.8% 9.2%
21.8% -5.3% 10.8% -6.8% -3.2% -5.1%
22.0% -1.5% 24.3% -1.7% -10.3% -1.4%
404.0% -0.1% 36.8% -0.1% -15.2% -0.1%
-17.2% 0.3% 26.4% 0.4% -28.7% 0.4%
51.4% -0.4% 28.0% -0.4% -26.9% -0.4%
17.3% 3.3% 370.5% 1.0% -71.8% 2.6%
93.2% -0.8% -8.5% -1.2% -7.7% -1.0%
31.4% 0.1% 48.9% 0.1% 67.0% 0.0%
85.7% -0.9% -4.5% -1.3% -5.2% -1.0%
-7.1% 0.0% 20.6% 0.0% -20.1% 0.0%
-6.9% 2.5% -1562.7% -0.2% -111.1% 1.6%
0.9% -0.9% -53746.7% 0.0% -100.3% -0.6%
-11.3% 1.6% -1045.5% -0.2% -116.7% 1.1%
-11.3% 1.6% -1045.5% -0.2% -116.7% 1.1%
-22.2% 1.6% -1045.5% -0.2% -116.7% 1.1%
-85.5% 0.0% 1070.2% 0.0% -159.8% 0.0%

2021 año 2021 2020 año 2020 2019 año 2019
25.5% 100.0% 15.5% 100.0% -0.8% 100.0%
14.5% 61.2% 5.3% 67.1% 0.9% 66.0%
17.2% 43.5% 13.0% 44.4% 3.8% 42.5%
5.4% 13.8% -25.9% 21.5% -3.0% 22.0%
6.8% 4.2% 13.6% 4.2% -3.8% 4.4%
4.7% 9.6% -35.5% 17.2% -2.8% 17.6%
265.6% 0.1% -26.5% 0.1% 1.9% 0.1%
265.6% 0.1% -26.5% 0.1% 1.9% 0.1%
2.5% 3.4% 1939.4% 0.2% -8.7% 0.2%
-41.8% 0.1% -1.3% 0.1% -6.7% 0.1%
3.4% 3.4% 3239.4% 0.1% -10.0% 0.1%
89.0% 0.4% 92.3% 0.2% 74.8% 0.1%
89.0% 0.4% 92.3% 0.2% 74.8% 0.1%
-7.3% 0.0% -91.6% 0.7% -36.9% 1.1%
42.8% 38.8% 36.3% 32.9% -4.3% 34.0%
49.9% 14.4% 35.4% 12.3% -11.3% 13.8%
75.8% 13.5% 44.9% 10.8% -21.5% 13.7%
45.4% 13.0% 53.3% 9.8% -19.4% 12.1%
2242.2% 0.0% -56.3% 0.0% 42.3% 0.0%
859.7% 0.5% -40.3% 1.0% -38.2% 1.6%
25.0% 0.9% #DIV/0! 0.0% -100.0% 0.0%
25.0% 0.9% #DIV/0! 0.0% -100.0% 0.0%
-17.4% 8.6% 16.4% 8.6% 69.4% 5.0%
34.5% 1.3% 26.5% 1.2% -27.3% 1.6%
-76.1% 0.0% #DIV/0! 0.0% #DIV/0! 0.0%
25.5% 100.0% 15.5% 100.0% -0.8% 100.0%
16.8% 31.6% 28.9% 28.3% -6.2% 29.9%
16.8% 31.6% 28.9% 28.3% -6.2% 29.9%
0.0% 2.4% 0.0% 2.8% 0.0% 2.8%
0.0% 2.7% 0.0% 3.1% 0.0% 3.1%
-2.0% 1.6% -3.3% 1.9% -3.2% 1.9%
15.8% 14.2% -4.5% 17.2% 11.3% 15.3%
-11.3% 4.6% -1045.5% -0.6% -116.7% 3.3%
59.6% 6.1% 80.4% 3.9% 10.9% 3.5%
23.2% 0.0% 20.8% 0.0% -0.6% 0.0%
29.5% 68.4% 10.3% 71.7% 1.4% 70.1%
6.1% 41.7% -9.7% 53.4% 16.4% 45.5%
6.2% 36.0% -11.5% 46.9% 19.9% 38.8%
#DIV/0! 0.0% #DIV/0! 0.0% #DIV/0! 0.0%
4.5% 5.6% 13.3% 5.7% -5.8% 6.0%
28.9% 0.2% -68.4% 0.8% 8.4% 0.7%
66.0% 26.7% 68.4% 18.3% -26.1% 24.6%
145.2% 7.3% 446.6% 1.5% -80.2% 7.8%
39.6% 16.7% 34.4% 14.3% -1.8% 14.5%
39.8% 16.7% 34.4% 14.3% -1.9% 14.5%
-59.8% 0.0% 43.7% 0.0% 132.8% 0.0%
5.6% 0.0% 1.6% 0.0% -10.9% 0.0%
14.1% 2.7% 28.1% 2.4% 2.6% 2.4%
2021 año 2021 2020 año 2020 2019 año 2019
-74.7% 100.0% -24.0% 100.0% 26.3% 100.0%
-11.3% 60.7% -1045.5% -4.9% -116.7% 36.9%
147.1% -16.9% 21.4% -10.6% -10.4% -15.0%
83.2% -8.0% 37.4% -4.4% -13.8% -6.5%
35.9% -54.7% 31.3% -31.7% -12.4% -45.8%
-9.0% 0.3% -2.8% 0.2% -10.7% 0.3%
48.9% -44.6% 82.0% -18.7% -34.4% -35.9%
-31.9% -11.5% -49.3% -17.3% 0.9% -21.6%
#DIV/0! 0.0% -100.0% 3.4% -56.0% 9.9%
#DIV/0! 0.0% #DIV/0! 0.0% #DIV/0! 0.0%
#DIV/0! 0.0% #DIV/0! 0.0% -100.0% 0.1%
-9.7% 0.9% 71.8% 0.4% -59.4% 1.2%
-100.0% 0.2% 23.1% 0.2% -32.9% 0.3%
-162.2% -33.4% -31.0% -36.9% -23.3% -60.8%
1197.2% 11.0% -90.9% 91.9% 143.7% 47.6%
132.8% -13.4% -88.6% -89.3% 83.3% -61.5%
34.7% -7.8% 34.3% -4.4% -18.4% -6.8%
103.7% -22.8% -15.1% -20.5% -12.9% -29.7%
411275.1% 0.0% -100.0% -14.6% 77.6% -10.4%
-100.0% -0.4% #DIV/0! 0.0% #DIV/0! 0.0%
-339.6% 11.8% -71.4% 31.4% -705.7% -6.6%
16.4% 97.9% 69.4% 44.0% -10.2% 61.9%
99.7% 4.2% -456.0% -0.9% -562.8% 0.2%
-17.4% 114.0% 16.4% 74.5% 69.4% 55.6%
Fuente:


Inventarios 1,378,066 1,764,719
Valor llave 328,052 362,704
Activos Totales 9,337,716 10,238,950
Ingresos diferidos, gastos devengados y otros pasivos no circulantes diferidos387,226 474,934

Flujo neto de efectivo por (utilizados en) actividades de explotación 1,540,496 156,748
Flujo neto de efectivo de (utilizadas en) actividades de inversión -430,115 -460,858
Flujo neto de efectivo de (utilizados en) actividades de financiación -723,505 128,764
Aumento (disminución) neto en efectivo y equivalentes de efectivo 386,877 -175,346
Ganancias (pérdidas) de intercambio de efectivo y equivalentes -53,323 52,446

EMIS
www.emis.com

2021-12-31 2020-12-31 2019-12-31
ANALISIS DE PROPORCIONES
2021 2020 2019 2023

705,837 606,393 358,058 9.8%
1,105,551 763,013 972,455 16.4%
1,064,572 694,330 861,574 14.9%
149 340 239 0.0%
1,177,040 869,248 980,528 14.8%
40,830 68,343 110,641 1.4%
69,960 000 433 0.7%
69,960 000 433 0.7%
104,191 82,334 113,232 1.6%
1,654 000 000 0.0%
3,164,232 2,320,989 2,424,706 43.2%
4,996,287 4,743,329 4,699,006 56.8%
3,548,287 3,139,012 3,025,217 42.2%
1,124,364 1,516,538 1,563,871 10.4%
339,602 298,981 310,936 3.5%
784,762 1,217,557 1,252,935 6.9%
6,739 9,163 8,990 0.2%
6,739 9,163 8,990 0.2%
280,788 13,768 15,085 3.5%
5,451 5,523 5,922 0.1%
275,337 8,245 9,163 3.3%
32,063 16,670 9,534 0.5%
32,063 16,670 9,534 0.5%
4,046 48,178 76,308 0.0%
8,160,520 7,064,317 7,123,712 100.0%
2,178,811 1,293,896 1,751,859 32.0%
597,355 109,280 553,119 11.7%
1,360,739 1,012,329 1,030,788 17.5%
1,358,810 1,010,987 1,030,211 17.5%
1,929 1,342 577 0.0%
017 017 019 0.0%
220,700 172,270 167,934 2.9%
3,406,402 3,771,774 3,241,447 38.5%
2,934,724 3,316,554 2,765,699 34.0%
000 000 000 0.1%
454,594 401,191 425,900 4.1%
17,084 54,029 49,848 0.3%
5,585,213 5,065,670 4,993,307 70.5%
2,574,978 1,998,374 2,130,131 29.5%
195,999 195,999 195,999 2.1%
219,366 219,366 219,366 2.3%
129,356 133,731 138,099 1.3%
1,159,675 1,214,707 1,091,379 16.2%
375,734 -39,737 237,920 3.1%
494,848 274,309 247,367 4.4%
330 273 274 0.0%
2,575,307 1,998,647 2,130,405 29.5%
8,160,520 7,064,317 7,123,712 100.0%
2021 2020 2019

619,235 814,255 644,462
375,734 -39,737 237,918
-104,956 -86,479 -96,547
-49,415 -35,969 -41,749
-339,003 -258,253 -294,949
1,813 1,865 2,089
-276,469 -151,894 -231,420
-71,166 -140,496 -139,311
000 27,948 63,555
000 000 000
000 000 711
5,283 3,076 7,566
1,537 1,249 1,860
-207,053 -300,290 -391,728
67,970 748,071 306,954
-83,053 -727,025 -396,601
-48,093 -35,811 -43,903
-141,484 -166,668 -191,269
-050 -118,855 -66,910
-2,342 000 000
73,179 255,713 -42,214
606,393 358,058 398,678
26,264 -7,377 1,594
705,837 606,393 358,058
2021-01-01 2020-01-01 2019-01-01
2021-12-31 2020-12-31 2019-12-31
ANALISIS DE TENDENCIA DATOS INFLADOS 2023 ANALISIS DE TENDE
ALISIS DE PROPORCIONES
2023 2022 2021 2020 2019 2023
2022 9.28% 13.12% 5.62% 1.61% 3.80% VARIACION ABOSL
5.7% 916,491 637,033 798,442 640,473 363,823 279,458
19.0% 1,527,849 2,123,956 1,250,599 805,895 988,111 -596,107
15.1% 1,394,912 1,691,934 1,204,243 733,352 875,445 -297,022
0.0% 425 3,808 168 360 243 -3,383
17.2% 1,378,066 1,928,485 1,331,467 918,100 996,314 -550,418
3.8% 132,512 428,215 46,187 72,183 112,423 -295,702
0.9% 67,277 95,529 79,139 440 -28,252
0.9% 67,277 95,529 79,139 440 -28,252
1.4% 145,733 153,144 117,861 86,961 115,055 -7,411
0.0% 367 432 1,871 -64
44.1% 4,035,784 4,938,578 3,579,380 2,451,428 2,463,744 -902,794
55.9% 5,301,933 6,250,546 5,651,800 5,009,904 4,774,660 -948,613
40.6% 3,939,357 4,544,288 4,013,823 3,315,424 3,073,923 -604,931
11.6% 970,948 1,294,477 1,271,880 1,601,767 1,589,049 -323,529
3.5% 328,052 396,363 384,158 315,784 315,942 -68,312
8.0% 642,896 898,113 887,723 1,285,983 1,273,107 -255,217
0.2% 15,019 26,924 7,623 9,678 9,135 -11,905
0.2% 15,019 26,924 7,623 9,678 9,135 -11,905
2.8% 324,464 314,551 317,628 14,542 15,328 9,914
0.0% 11,856 3,466 6,166 5,833 6,017 8,390
2.8% 312,608 311,085 311,462 8,709 9,311 1,524
0.6% 48,988 66,205 36,269 17,607 9,688 -17,217
0.6% 48,988 66,205 36,269 17,607 9,688 -17,217
0.0% 3,156 4,101 4,577 50,885 77,537 -945
100.0% 9,337,716 11,189,124 9,231,180 7,461,332 7,238,404 -1,851,408
35.3% 2,991,492 3,951,660 2,464,671 1,366,613 1,780,064 -960,168
14.3% 1,088,524 1,600,355 675,728 115,422 562,025 -511,831
18.6% 1,630,367 2,076,031 1,539,268 1,069,222 1,047,383 -445,664
18.5% 1,630,200 2,075,184 1,537,086 1,067,804 1,046,797 -444,984
0.0% 167 847 2,182 1,418 586 -680
0.0% 20 20 19 18 19 1
2.5% 272,580 275,254 249,656 181,952 170,638 -2,674
35.3% 3,594,854 3,949,577 3,853,322 3,983,747 3,293,635 -354,723
30.4% 3,171,446 3,406,505 3,319,759 3,502,944 2,810,227 -235,059
0.0% 5,117 5,117
4.6% 387,226 519,008 514,237 423,738 432,757 -131,782
0.2% 31,065 24,064 19,325 57,065 50,651 7,000
70.6% 6,586,346 7,901,237 6,317,992 5,350,361 5,073,699 -1,314,890
29.4% 2,751,045 3,287,444 2,912,815 2,110,683 2,164,426 -536,399
1.9% 195,999 214,188 221,715 207,015 199,155 -18,189
2.1% 219,366 239,723 248,147 231,694 222,898 -20,357
1.2% 125,227 138,593 146,328 141,246 140,323 -13,366
13.1% 1,511,066 1,467,613 1,311,824 1,282,973 1,108,950 43,453
3.3% 285,286 364,353 425,030 -41,970 241,750 -79,068
7.7% 414,100 862,973 559,772 289,725 251,350 -448,873
0.0% 326 444 373 288 279 -118
29.4% 2,751,370 3,287,887 2,913,188 2,110,971 2,164,705 -536,517
100.0% 9,337,716 11,189,124 9,231,180 7,461,332 7,238,404 -1,851,408
ANALISIS DE TENDENCIA ANALISIS DE TENDENCIA
2022 2021 2020 2021 2020 2019 2018
VARIACION ABOSLUTA VARIACION RELATIVA
-161,409 157,970 276,650 44% -20% 25% 76%
873,357 444,704 -182,217 -28% 70% 55% -18%
487,690 470,892 -142,094 -18% 40% 64% -16%
3,639 -191 116 -89% 2163% -53% 48%
597,017 413,367 -78,214 -29% 45% 45% -8%
382,028 -25,996 -40,239 -69% 827% -36% -36%
16,390 79,139 -440 -30% 21% #DIV/0! -100%
16,390 79,139 -440 -30% 21% #DIV/0! -100%
35,282 30,900 -28,094 -5% 30% 36% -24%
-1,439 1,871 -15% -77% #DIV/0! #DIV/0!
1,359,199 1,127,951 -12,316 -18% 38% 46% 0%
598,745 641,897 235,244 -15% 11% 13% 5%
530,465 698,399 241,501 -13% 13% 21% 8%
22,597 -329,887 12,718 -25% 2% -21% 1%
12,206 68,374 -158 -17% 3% 22% 0%
10,391 -398,261 12,876 -28% 1% -31% 1%
19,301 -2,056 544 -44% 253% -21% 6%
19,301 -2,056 544 -44% 253% -21% 6%
-3,077 303,086 -786 3% -1% 2084% -5%
-2,700 333 -184 242% -44% 6% -3%
-377 302,753 -602 0% 0% 3476% -6%
29,936 18,663 7,919 -26% 83% 106% 82%
29,936 18,663 7,919 -26% 83% 106% 82%
-476 -46,308 -26,651 -23% -10% -91% -34%
1,957,944 1,769,848 222,928 -17% 21% 24% 3%
1,486,989 1,098,058 -413,451 -24% 60% 80% -23%
924,627 560,306 -446,603 -32% 137% 485% -79%
536,763 470,046 21,839 -21% 35% 44% 2%
538,098 469,282 21,007 -21% 35% 44% 2%
-1,335 764 832 -80% -61% 54% 142%
2 -1 4% 2% 9% -7%
25,598 67,705 11,314 -1% 10% 37% 7%
96,255 -130,426 690,113 -9% 2% -3% 21%
86,746 -183,185 692,717 -7% 3% -5% 25%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
4,771 90,499 -9,019 -25% 1% 21% -2%
4,739 -37,740 6,414 29% 25% -66% 13%
1,583,244 967,632 276,662 -17% 25% 18% 5%
374,629 802,132 -53,743 -16% 13% 38% -2%
-7,526 14,700 7,860 -8% -3% 7% 4%
-8,424 16,452 8,797 -8% -3% 7% 4%
-7,734 5,081 923 -10% -5% 4% 1%
155,789 28,850 174,023 3% 12% 2% 16%
-60,677 467,001 -283,721 -22% -14% -1113% -117%
303,201 270,047 38,375 -52% 54% 93% 15%
71 85 9 -27% 19% 29% 3%
374,700 802,216 -53,733 -16% 13% 38% -2%
1,957,944 1,769,848 222,928 -17% 21% 24% 3%
Fuente:


Utilidad bruta 3,203,838 2,905,702
EMIS
www.emis.com

2021-12-31 2020-12-31 2019-12-31
ANALISIS DE PROPORCIONES
2021 2020 2019 2023

23,215,617 16,447,444 22,531,970 100%
23,142,511 16,389,627 22,450,899 100%
-20,773,698 -14,822,157 -20,393,199 -91.1%
2,368,813 1,567,469 2,057,700 8.8%
-1,237,385 -1,116,594 -1,154,101 -4.5%
-342,822 -275,899 -307,419 -1.3%
-14,218 -10,393 -12,254 -0.3%
73,106 57,817 81,071 0.1%
-87,325 -68,211 -93,325 -0.4%
774,388 164,583 583,926 2.8%
-187,377 -204,714 -221,758 -1.5%
20,728 13,920 8,335 0.1%
-210,966 -221,005 -233,063 -1.6%
2,861 2,371 2,969 0.0%
587,011 -40,131 362,168 1.3%
-211,277 394 -124,250 -0.5%
375,734 -39,737 237,918 0.8%
375,734 -39,737 237,918 0.8%
375,722 -39,738 237,920 0.8%
012 001 -002 0.0%
ANALISIS DE TENDENCIA DATOS INFLADOS 2023
ISIS DE PROPORCIONES
2023 2022 2021 2020 2019
2022 9.28% 13.12% 5.62% 1.61% 3.80%
100% 36,252,720 38,811,979 26,261,506 17,371,790 22,894,734
100% 36,225,805 38,745,823 26,178,808 17,310,724 22,812,358
-91.6% -33,021,968 -35,570,473 -23,499,207 -15,655,163 -20,721,529
8.2% 3,203,838 3,175,351 2,679,601 1,655,561 2,090,829
-4.2% -1,622,959 -1,647,327 -1,399,729 -1,179,347 -1,172,682
-1.2% -468,138 -456,928 -387,800 -291,405 -312,368
-0.2% -112,905 -78,306 -16,084 -10,978 -12,451
0.2% 26,914 66,155 82,698 61,066 82,376
-0.4% -139,819 -144,461 -98,782 -72,044 -94,828
2.6% 999,836 992,790 875,987 173,832 593,327
-1.0% -535,109 -395,571 -211,961 -216,219 -225,328
0.1% 31,106 29,753 23,447 14,702 8,470
-1.1% -569,396 -428,229 -238,644 -233,425 -236,815
0.0% 3,182 2,904 3,236 2,505 3,017
1.5% 464,727 597,218 664,026 -42,386 367,999
-0.6% -179,442 -232,865 -238,996 416 -126,250
0.9% 285,286 364,353 425,030 -41,970 241,748
0.9% 285,286 364,353 425,030 -41,970 241,748
0.8% 285,274 319,248 425,016 -41,972 241,750
0.0% 12 2 14 1 -2
ANALISIS DE TENDENCIA ANALISIS DE TENDENCIA
2023 2022 2021 2020 2021 2020 2019
VARIACION ABOSLUTA VARIACION RELATIVA
-2,559,259 12,550,473 8,889,716 -5,522,945 -7% 48% 51%
-2,520,018 12,567,016 8,868,084 -5,501,635 -7% 48% 51%
2,548,505 -12,071,265 -7,844,045 5,066,367 -7% 51% 50%
28,487 495,750 1,024,040 -435,268 1% 19% 62%
24,368 -247,598 -220,383 -6,665 -1% 18% 19%
-11,210 -69,128 -96,396 20,964 2% 18% 33%
-34,599 -62,222 -5,106 1,474 44% 387% 47%
-39,241 -16,543 21,632 -21,310 -59% -20% 35%
4,643 -45,680 -26,738 22,784 -3% 46% 37%
7,047 116,802 702,155 -419,495 1% 13% 404%
-139,537 -183,610 4,257 9,110 35% 87% -2%
1,352 6,306 8,745 6,233 5% 27% 59%
-141,167 -189,585 -5,219 3,390 33% 79% 2%
278 -332 731 -512 10% -10% 29%
-132,491 -66,808 706,413 -410,385 -22% -10% -1667%
53,423 6,131 -239,412 126,666 -23% -3% -57556%
-79,068 -60,677 467,001 -283,719 -22% -14% -1113%
-79,068 -60,677 467,001 -283,719 -22% -14% -1113%
-33,974 -105,769 466,988 -283,722 -11% -25% -1113%
10 -12 13 3 522% -86% 1153%
TENDENCIA
2018
N RELATIVA
-24%
-24%
-24%
-21%
1%
-7%
-12%
-26%
-24%
-71%
-4%
74%
-1%
-17%
-112%
-100%
-117%
-117%
-117%
-162%
Capital de trabajo: Activo corriente - Pasivo corriente
2023 2022 2021 2020 2019
Capital de trabajo $ 1,044,292 $ 903,110 $ 985,421 $ 1,027,092 $ 672,847
Capital de trabajo neto operativo -KTNO

2023 2022 2021 2020 2019
(+) Cuentas por cobrar $ 1,527,849 $ 1,943,591 $ 1,105,551 $ 763,013 $ 972,455
(+) Inventarios $ 1,378,066 $ 1,764,719 $ 1,177,040 $ 869,248 $ 980,528
(=) KTO $ 2,905,915 $ 3,708,310 $ 2,282,590 $ 1,632,262 $ 1,952,983
(-) Cuentas por pagar $ 1,630,367 $ 1,899,735 $ 1,360,739 $ 1,012,329 $ 1,030,788
KTNO $ 1,275,548 $ 1,808,574 $ 921,852 $ 619,932 $ 922,195
2023 2022 2021 2020 2019

Razón Corriente 1.35 1.25 1.45 1.79 1.38
Prueba Ácida 0.89 0.76 0.91 1.12 0.82
Razones de liquidez
2.00
1.80
1.79
1.60
1.40 1.45
1.20 1.35
1.25
1.00 1.12
0.80 0.89 0.91
0.76 0.82
0.60
0.40
0.20
0.00
2023 2022 2021 2020 2019
Razón Corriente Prueba Ácida

Razones de liquidez
$2,000,000
$1,800,000
$ 1,808,574
$1,600,000
$1,400,000
$1,200,000 $ 1,275,548
$1,000,000 $ 1,044,292 $ 1,027,092

$ 985,421
$ 903,110 $ 921,852 $ 922,195
$800,000
$600,000 $ 672,847
$ 619,932
$400,000
$200,000
$-
2023 2022 2021 2020 2019
Capital de trabajo KTNO
0.82
2019
$ 922,195
$ 672,847
2019
2023 2022 2021 2020 2019
Rotación de cartera 15.18 19.73 17.20 16.76 15.59
Rotación de inventarios 15.02 19.52 20.40 21.11 17.31
Rotación de proveedores 17.77 21.01 23.58 24.59 18.20
Ciclo de efectivo 12.43 18.24 14.01 13.28 14.71
Rotación de activos totales: Ventas Netas / Activo Total

2023 2022 2021 2020 2019
Rotación de activos totales 3.88 3.46 2.84 2.32 3.15
Rotación de acti vos totales

3.88
4.00 3.46
3.50 3.15
2.84
3.00
2.32
2.50
2.00
1.50
1.00
0.50
0.00
2023 2022 2021 2020 2019
Razones de efi ciencia
30.00
25.00
24.59
23.58
20.00 21.01 21.11
19.73 20.40
17.77 18.24 18.20
15.00 17.20 16.76
15.18 19.52 15.59 14.71
14.01 13.28
10.00 12.43 17.31
15.02
5.00
0.00
2023 2022 2021 2020 2019
Rotación de cartera Rotación de inventarios

Rotación de proveedores Ciclo de efectivo
2023 2022 2021 2020 2019
Endeudamiento total 71% 71% 68% 72% 70% Ra
Endeudamiento a corto
1.09 1.20 0.85 0.65 0.82
plazo Endeudam
Endeudam
Endeudamiento a largo
1.31 1.20 1.32 1.89 1.52 200%
plazo
180%
160%
140%
120% 1.31
100% 1.09
80%
60% 71% 7
40%
20%
0%
2023
Razones de endeudamiento
Endeudamiento total Endeudamiento a corto plazo
Endeudamiento a largo plazo
200%
180% 1.89
160%
140% 1.52
120% 1.31 1.32
100% 1.201.20
1.09
80%
0.85 0.82
60% 71% 71% 68% 72%0.65 70%
40%
20%
0%
2023 2022 2021 2020 2019
2023 2022 2021 2020 2019
Margen bruto de Utilidad 8.8% 8.2% 10.2% 9.6% 9.2%
Margen operacional de Utilidad 2.8% 2.6% 3.3% 1.0% 2.6%
Margen neto de Utilidad 0.8% 0.9% 1.6% -0.2% 1.1%
ROA 9.34 11.27 10.54 42.92 12.20
ROE 9.64 9.02 6.85 -50.30 8.95
Razones de rentabilidad
5000.0%
3000.0%
% indicadores
1000.0%
2023 2022 2021 2020 2019

-1000.0%
Margen bruto de Utilidad 8.8% 8.2% 10.2% 9.6% 9.2%
Margen operacional de Utilidad 2.8% 2.6% 3.3% 1.0% 2.6%
Margen neto de Utilidad
-3000.0% 0.8% 0.9% 1.6% -0.2% 1.1%
ROA 9.34 11.27 10.54 42.92 12.20
ROE 9.64 9.02 6.85 -50.30 8.95
-5000.0%
2020 2019
9.6% 9.2%
1.0% 2.6%
0.2% 1.1%
42.92 12.20
50.30 8.95
COSTO DE LA DEUDA
Obligaciones Financieras de CP 1088524

Obligaciones financiera de LP 3171446
GASTO FINANCIERO 569396
PATRIMONIO 2751370
Valor
Obligacion corto plazo 1088524
Obligacion largo plazo 3171446
Total deuda 4259970
GASTO FINANCIERO 569396

COSTO DE LA DEUDA 13%
IMPUESTO RENTA 35%
KDT O ESCUDO FISCAL 9%
COSTO DEL PATRIMONIO
%20vf.pdf/784f17d1-7b9d-ba05-75b2-c0d63e35f161#:~:text=Cálculo%20del%20Ke%20para%20Colombia&text=La%20prima%20de%20riesg
TASA LIBRE DE RIESGO Rf = 4.28% %20mide%20el%20riesgo%20relativo,%25%20a%203%2C13%25.
RENDIMIENTO DEL MERCADO Rm = 14.34% https://datosmacro.expansion.com/bolsa/colombia
RIESGO DE LA INDUSTRIA O FACTOR β = 1.75
Apalancando el Beta:
Bo = 1.75 3.51
Aplicando la fórmula
Ke = 4.28% + (14,34- 4,28%) *
Ke = 4.28% + 35.3%
Ke = 39.60% Costo del patrimonio
COSTO PROMEDIO PONDERADO DE CA
Costo de la deuda después de impuestos
KdT = 13.37% * 65.00%

KdT = 8.69%
Ahora podemos determinar el WACC o CPPC
2751370.2
WACC = 39.60% *
7011341
+ 8.69% *
WACC = 39.60% * 39.24% + 8.69% *
WACC = 15.54% + 5.3%
WACC = 20.82%
COSTO PROMEDIO PONDERADO DE CAPITAL co
EMBI + Colombia = 8.06% https://datosmacro.expansion.com/prima-riesgo/colombia
Para agregar el RIESGO PAÍS, debemos sumarlo al costo de patrimonio
Ke = 4.28% + (14,34% - 4,28%) *

Ke = 4.28% + 35.32%
Ke = 47.66% Costo del patriminio incluido el riesgo país.
Ahora sí calculamos el WACC
2751370.2 4259970
WACC = 47.66% * 7011341
+ 8.69% *
7011341
8.7% 60.76%
47.66% 46.45%
WACC = 22.14% + 5.28%
WACC = 27.42% WACC teniendo en cuenta el riesgo país.

Bl = Beta apalancado (con deuda)
Colombia&text=La%20prima%20de%20riesgo%20país%2C%20que
Bo = Beta desapalancado (sin deuda)
T = Tasa de impuestos
D = Deuda, pasivos con terceros
E = Patrimonio o Equity
3.51
O PONDERADO DE CAPITAL
4259970.4
7011341
60.8%
ERADO DE CAPITAL con RIESGO PAÍS
3.51 + 8.06%
+ 8.06%
Fuente:


Utilidad bruta 3,203,838 2,905,702

Activos Totales 9,337,716 10,238,950
Valor llave 328,052 362,704
Inventarios 1,378,066 1,764,719
Ingresos diferidos, gastos devengados y otros pasivos no circulantes diferidos387,226 474,934

Flujo neto de efectivo por (utilizados en) actividades de explotación 1,540,496 156,748
Flujo neto de efectivo de (utilizadas en) actividades de inversión -430,115 -460,858
Flujo neto de efectivo de (utilizados en) actividades de financiación -723,505 128,764
Aumento (disminución) neto en efectivo y equivalentes de efectivo 386,877 -175,346
Ganancias (pérdidas) de intercambio de efectivo y equivalentes -53,323 52,446


EMIS
www.emis.com

2021-12-31 2020-12-31 2019-12-31

2021 2020 2019 año 2023 2022 año 2022
23,215,617 16,447,444 22,531,970 100.1% 2.1% 153.2%
23,142,511 16,389,627 22,450,899 100.0% 2.2% 100.0%
-20,773,698 -14,822,157 -20,393,199 -91.2% 1.5% -91.8%
2,368,813 1,567,469 2,057,700 8.8% 10.3% 8.2%
-1,237,385 -1,116,594 -1,154,101 -4.5% 7.7% -4.3%
-342,822 -275,899 -307,419 -1.3% 12.0% -1.2%
-14,218 -10,393 -12,254 -0.3% 57.6% -0.2%
73,106 57,817 81,071 0.1% -55.5% 0.2%
-87,325 -68,211 -93,325 -0.4% 5.8% -0.4%
774,388 164,583 583,926 2.8% 10.1% 2.6%
-187,377 -204,714 -221,758 -1.5% 47.8% -1.0%
20,728 13,920 8,335 0.1% 14.2% 0.1%
-210,966 -221,005 -233,063 -1.6% 45.3% -1.1%
2,861 2,371 2,969 0.0% 19.7% 0.0%
587,011 -40,131 362,168 1.3% -15.0% 1.5%
-211,277 394 -124,250 -0.5% -15.8% -0.6%
375,734 -39,737 237,918 0.8% -14.4% 0.9%
375,734 -39,737 237,918 0.8% -14.4% 0.9%
375,722 -39,738 237,920 0.8% -2.3% 0.8%
012 001 -002 0.0% 579.7% 0.0%

2021 2020 2019 año 2023 2022 año 2022
8,160,520 7,064,317 7,123,712 176.1% -8.8% 100.0%
4,996,287 4,743,329 4,699,006 100.0% -7.3% 55.9%
3,548,287 3,139,012 3,025,217 74.3% -5.3% 40.6%
1,124,364 1,516,538 1,563,871 18.3% -18.0% 11.6%
339,602 298,981 310,936 6.2% -9.6% 3.5%
784,762 1,217,557 1,252,935 12.1% -21.8% 8.0%
6,739 9,163 8,990 0.3% -39.0% 0.2%
6,739 9,163 8,990 0.3% -39.0% 0.2%
280,788 13,768 15,085 6.1% 12.7% 2.8%
5,451 5,523 5,922 0.2% 273.8% 0.0%
275,337 8,245 9,163 5.9% 9.8% 2.8%
32,063 16,670 9,534 0.9% -19.1% 0.6%
32,063 16,670 9,534 0.9% -19.1% 0.6%
4,046 48,178 76,308 0.1% -15.9% 0.0%
3,164,232 2,320,989 2,424,706 76.1% -10.7% 44.1%
1,177,040 869,248 980,528 26.0% -21.9% 17.2%
1,105,551 763,013 972,455 28.8% -21.4% 19.0%
1,064,572 694,330 861,574 26.3% -9.9% 15.1%
149 340 239 0.0% -87.8% 0.0%
40,830 68,343 110,641 2.5% -66.2% 3.8%
69,960 000 433 1.3% -23.0% 0.9%
69,960 000 433 1.3% -23.0% 0.9%
705,837 606,393 358,058 17.3% 57.2% 5.7%
104,191 82,334 113,232 2.7% 4.0% 1.4%
1,654 000 000 0.0% -7.0% 0.0%
8,160,520 7,064,317 7,123,712 100.0% -8.8% 100.0%
2,575,307 1,998,647 2,130,405 29.5% -8.6% 29.4%
2,574,978 1,998,374 2,130,131 29.5% -8.6% 29.4%
195,999 195,999 195,999 2.1% 0.0% 1.9%
219,366 219,366 219,366 2.3% 0.0% 2.1%
129,356 133,731 138,099 1.3% -1.3% 1.2%
1,159,675 1,214,707 1,091,379 16.2% 12.5% 13.1%
375,734 -39,737 237,920 3.1% -14.4% 3.3%
494,848 274,309 247,367 4.4% -47.6% 7.7%
330 273 274 0.0% -19.8% 0.0%
5,585,213 5,065,670 4,993,307 70.5% -8.9% 70.6%
3,406,402 3,771,774 3,241,447 38.5% -0.5% 35.3%
2,934,724 3,316,554 2,765,699 34.0% 1.7% 30.4%
000 000 000 0.1% #DIV/0! 0.0%
454,594 401,191 425,900 4.1% -18.5% 4.6%
17,084 54,029 49,848 0.3% 41.1% 0.2%
2,178,811 1,293,896 1,751,859 32.0% -17.3% 35.3%
597,355 109,280 553,119 11.7% -25.7% 14.3%
1,360,739 1,012,329 1,030,788 17.5% -14.2% 18.6%
1,358,810 1,010,987 1,030,211 17.5% -14.2% 18.5%
1,929 1,342 577 0.0% -78.4% 0.0%
017 017 019 0.0% 13.1% 0.0%
220,700 172,270 167,934 2.9% 8.2% 2.5%

2021 2020 2019 año 2023 2022 año 2022
619,235 814,255 644,462 100.0% 882.8% 100.0%
375,734 -39,737 237,918 18.5% -14.4% 212.7%
-104,956 -86,479 -96,547 -14.5% -14.0% -165.4%
-49,415 -35,969 -41,749 -4.9% -16.2% -57.8%
-339,003 -258,253 -294,949 -27.9% -6.7% -294.0%
1,813 1,865 2,089 0.2% 113.8% 1.1%
-276,469 -151,894 -231,420 -24.9% -6.7% -262.7%
-71,166 -140,496 -139,311 -3.2% 0.8% -30.9%
000 27,948 63,555 0.0% #DIV/0! 0.0%
000 000 000 -0.3% -43.2% -4.5%
000 000 711 0.0% #DIV/0! 0.0%
5,283 3,076 7,566 0.2% -29.4% 3.0%
1,537 1,249 1,860 0.0% #DIV/0! 0.0%
-207,053 -300,290 -391,728 -47.0% -661.9% 82.1%
67,970 748,071 306,954 70.6% 23.4% 562.5%
-83,053 -727,025 -396,601 -71.6% 470.2% -123.3%
-48,093 -35,811 -43,903 -4.1% -3.5% -41.3%
-141,484 -166,668 -191,269 -31.3% 67.5% -183.9%
-050 -118,855 -66,910 -10.3% -23.0% -131.8%
-2,342 000 000 -0.3% #DIV/0! 0.0%
73,179 255,713 -42,214 25.1% -320.6% -111.9%
606,393 358,058 398,678 37.8% -17.4% 450.3%
26,264 -7,377 1,594 -3.5% -201.7% 33.5%
705,837 606,393 358,058 59.5% 57.2% 371.9%

2021-01-01 2020-01-01 2019-01-01
2021-12-31 2020-12-31 2019-12-31
PIB Sector 2.6%
IPC 9.3%
IPP 0.5%
vertical
H 2022- vertical H 2021- vertical H 2020- año
2021 año 2021 2020 año 2020 2019 2019 2024
53.0% 100.3% 41.2% 100.4% -27.0% 100.4%
53.2% 100.0% 41.2% 100.0% -27.0% 100.0% 74,335,353
56.7% -89.8% 40.2% -90.4% -27.3% -90.8% - 67,761,078
22.7% 10.2% 51.1% 9.6% -23.8% 9.2% 6,574,275
21.8% -5.3% 10.8% -6.8% -3.2% -5.1% - 6,318,505
22.0% -1.5% 24.3% -1.7% -10.3% -1.4% - 1,709,713
404.0% -0.1% 36.8% -0.1% -15.2% -0.1% - 223,006
-17.2% 0.3% 26.4% 0.4% -28.7% 0.4% 74,335
51.4% -0.4% 28.0% -0.4% -26.9% -0.4% - 297,341
17.3% 3.3% 370.5% 1.0% -71.8% 2.6% - 1,899,955
93.2% -0.8% -8.5% -1.2% -7.7% -1.0% - 1,111,849
31.4% 0.1% 48.9% 0.1% 67.0% 0.0% 74,335
85.7% -0.9% -4.5% -1.3% -5.2% -1.0% 1,189,366
-7.1% 0.0% 20.6% 0.0% -20.1% 0.0% 3,182
-6.9% 2.5% -1562.7% -0.2% -111.1% 1.6% - 3,011,804
0.9% -0.9% -53746.7% 0.0% -100.3% -0.6% 1,054,131
-11.3% 1.6% -1045.5% -0.2% -116.7% 1.1% - 1,957,672
-11.3% 1.6% -1045.5% -0.2% -116.7% 1.1% - 1,957,672
-22.2% 1.6% -1045.5% -0.2% -116.7% 1.1%
-85.5% 0.0% 1070.2% 0.0% -159.8% 0.0%
vertical
2021 año 2021 2020 año 2020 2019 2019
25.5% 100.0% 15.5% 100.0% -0.8% 100.0%
14.5% 61.2% 5.3% 67.1% 0.9% 66.0%
17.2% 43.5% 13.0% 44.4% 3.8% 42.5%
5.4% 13.8% -25.9% 21.5% -3.0% 22.0%
6.8% 4.2% 13.6% 4.2% -3.8% 4.4%
4.7% 9.6% -35.5% 17.2% -2.8% 17.6%
265.6% 0.1% -26.5% 0.1% 1.9% 0.1%
265.6% 0.1% -26.5% 0.1% 1.9% 0.1%
2.5% 3.4% 1939.4% 0.2% -8.7% 0.2%
-41.8% 0.1% -1.3% 0.1% -6.7% 0.1%
3.4% 3.4% 3239.4% 0.1% -10.0% 0.1%
89.0% 0.4% 92.3% 0.2% 74.8% 0.1%
89.0% 0.4% 92.3% 0.2% 74.8% 0.1%
-7.3% 0.0% -91.6% 0.7% -36.9% 1.1%
42.8% 38.8% 36.3% 32.9% -4.3% 34.0%
49.9% 14.4% 35.4% 12.3% -11.3% 13.8%
75.8% 13.5% 44.9% 10.8% -21.5% 13.7%
45.4% 13.0% 53.3% 9.8% -19.4% 12.1%
2242.2% 0.0% -56.3% 0.0% 42.3% 0.0%
859.7% 0.5% -40.3% 1.0% -38.2% 1.6%
25.0% 0.9% #DIV/0! 0.0% -100.0% 0.0%
25.0% 0.9% #DIV/0! 0.0% -100.0% 0.0%
-17.4% 8.6% 16.4% 8.6% 69.4% 5.0%
34.5% 1.3% 26.5% 1.2% -27.3% 1.6%
-76.1% 0.0% #DIV/0! 0.0% #DIV/0! 0.0%
25.5% 100.0% 15.5% 100.0% -0.8% 100.0%
16.8% 31.6% 28.9% 28.3% -6.2% 29.9%
16.8% 31.6% 28.9% 28.3% -6.2% 29.9%
0.0% 2.4% 0.0% 2.8% 0.0% 2.8%
0.0% 2.7% 0.0% 3.1% 0.0% 3.1%
-2.0% 1.6% -3.3% 1.9% -3.2% 1.9%
15.8% 14.2% -4.5% 17.2% 11.3% 15.3%
-11.3% 4.6% -1045.5% -0.6% -116.7% 3.3%
59.6% 6.1% 80.4% 3.9% 10.9% 3.5%
23.2% 0.0% 20.8% 0.0% -0.6% 0.0%
29.5% 68.4% 10.3% 71.7% 1.4% 70.1%
6.1% 41.7% -9.7% 53.4% 16.4% 45.5%
6.2% 36.0% -11.5% 46.9% 19.9% 38.8%
#DIV/0! 0.0% #DIV/0! 0.0% #DIV/0! 0.0%
4.5% 5.6% 13.3% 5.7% -5.8% 6.0%
28.9% 0.2% -68.4% 0.8% 8.4% 0.7%
66.0% 26.7% 68.4% 18.3% -26.1% 24.6%
145.2% 7.3% 446.6% 1.5% -80.2% 7.8%
39.6% 16.7% 34.4% 14.3% -1.8% 14.5%
39.8% 16.7% 34.4% 14.3% -1.9% 14.5%
-59.8% 0.0% 43.7% 0.0% 132.8% 0.0%
5.6% 0.0% 1.6% 0.0% -10.9% 0.0%
14.1% 2.7% 28.1% 2.4% 2.6% 2.4%
vertical
2021 año 2021 2020 año 2020 2019 2019
-74.7% 100.0% -24.0% 100.0% 26.3% 100.0%
-11.3% 60.7% -1045.5% -4.9% -116.7% 36.9%
147.1% -16.9% 21.4% -10.6% -10.4% -15.0%
83.2% -8.0% 37.4% -4.4% -13.8% -6.5%
35.9% -54.7% 31.3% -31.7% -12.4% -45.8%
-9.0% 0.3% -2.8% 0.2% -10.7% 0.3%
48.9% -44.6% 82.0% -18.7% -34.4% -35.9%
-31.9% -11.5% -49.3% -17.3% 0.9% -21.6%
#DIV/0! 0.0% -100.0% 3.4% -56.0% 9.9%
#DIV/0! 0.0% #DIV/0! 0.0% #DIV/0! 0.0%
#DIV/0! 0.0% #DIV/0! 0.0% -100.0% 0.1%
-9.7% 0.9% 71.8% 0.4% -59.4% 1.2%
-100.0% 0.2% 23.1% 0.2% -32.9% 0.3%
-162.2% -33.4% -31.0% -36.9% -23.3% -60.8%
1197.2% 11.0% -90.9% 91.9% 143.7% 47.6%
132.8% -13.4% -88.6% -89.3% 83.3% -61.5%
34.7% -7.8% 34.3% -4.4% -18.4% -6.8%
103.7% -22.8% -15.1% -20.5% -12.9% -29.7%
411275.1% 0.0% -100.0% -14.6% 77.6% -10.4%
-100.0% -0.4% #DIV/0! 0.0% #DIV/0! 0.0%
-339.6% 11.8% -71.4% 31.4% -705.7% -6.6%
16.4% 97.9% 69.4% 44.0% -10.2% 61.9%
99.7% 4.2% -456.0% -0.9% -562.8% 0.2%
-17.4% 114.0% 16.4% 74.5% 69.4% 55.6%
2.6% 2.6% 2.6% https://www.larepublica.co/economia/ingresos-petroleros-representaran-cerca-de
9.3% 9.3% 9.3% https://colaboracion.dnp.gov.co/CDT/PublishingImages/Planeacion-y-desarrollo/2
0.5% 0.5% 0.5% https://www.dane.gov.co/files/operaciones/IPP/bol-IPP-ene2024.pdf
2025 2026 2027
83,345,749 93,448,321 104,775,453 (+)

- 68,126,987 - 76,384,850 - 85,643,672 (-)
15,218,762 17,063,470 19,131,782 (+)
- 7,084,389 - 7,943,107 - 8,905,914 (+)
- 1,916,952 - 2,149,311 - 2,409,835 (=)
- 250,037 - 280,345 - 314,326 (+/-)
83,346 93,448 104,775 (+/-)
- 333,383 - 373,793 - 419,102 (=)
5,717,346 6,410,362 7,187,380
- 1,247,005 - 1,398,543 - 1,568,450
83,346 93,448 104,775
1,333,532 1,495,173 1,676,407
3,182 3,182 3,182
4,470,342 5,011,819 5,618,930
- 1,564,620 - 1,754,137 - 1,966,625
2,905,722 3,257,682 3,652,304
2,905,722 3,257,682 3,652,304
ca.co/economia/ingresos-petroleros-representaran-cerca-de-2-6-del-pib-en-2023-segun-fedesarrollo-3529884#:~:text=Bajo%20el%20esc
np.gov.co/CDT/PublishingImages/Planeacion-y-desarrollo/2024/enero/pdf/informe-ipc-diciembre-2023.pdf
v.co/files/operaciones/IPP/bol-IPP-ene2024.pdf
FLUJO DE CAJA PROYECTADO

2024 2025
Utilidad Operacional - 1,899,955 5,717,346
Impuestos - 664,984 2,001,071
Depreciaciones 223006 250037
Amortizaciones 297341 333383
Flujo de Caja Bruto - 714,623 4,299,695
Incremento/Decremento capital de trabajo 302,263 - 301,919
Incremento/Decremento activos fijos - 44,323 - 252,959
Flujo de caja libre - 456,683 3,744,817

CAPITAL DE TRABAJO
Capital de Trabajo neto 2019 2020

Capital de Trabajo 672,847 1,027,092
Variación Capital de trabajo CT 354,246
2019 2020
Capital de trabajo neto operativo
Deudores Comerciales 972,455 763,013
Inventarios 980,528 869,248
Acreedores comerciales 1,030,788 1,012,329
Capital de trabajo neto operativo KTNO 922,195 619,932
Variación del KTNO - 302,263
Inversión en Activos 2019 2020

Inversión Activo fijo bruto 4,699,006 4,743,329
Variación del KTNO 44,323
II 2024
FCL 5,371,852.38 - 456,683

Costo de Capital
2023 2024
Deuda con costo financiero 4,259,970
Patrimonio 2,751,370
Total Capital Invertido 7,011,341
Gastos financieros 569396
Costo de la Deuda gastos financieros/deuda con costo 13%
Tasa de impuestos 35%
KDT 8.7%
Costo del Patrimonio 39.60%
Tasa libre de riesgos Rf 4.28%
Rendimiento del mercado RM 14.34%
Beta desapalancado de la industria 1.75
Beta apalancado Bo* (1+((D/P)*(1-Tx))) 3.51
Ke 39.60%
Riesgo País 8.06%
KE +Rp 47.66%
CPPC 27.42%

Métodos de Decisión Financiera
VALOR PRESENTE NETO

Inversion inicial -5371852.38
Flujo de caja libre descontado 12854890.98
VPN 7483038.60
TIR 31%
PERIODO DE RECUPERACION DE LA INVERSION

Año en el que se recupera la inversion 2.00
Inversion inicial 5,371,852

Suma del flujo hasta el periodo anterior de la recuperacion 3288134.18
Suma del valor FCL del periodo de recuparacion 3210685.45
PRI 2.65 AÑOS
PERIODO DE RECUPERACION DE LA INVERSION DESCONTADO

Año en el que se recupera la inversion 3.00
Inversion inicial 5371852.38
Suma del flujo hasta el periodo anterior de la recuperacion 3288134.18
Suma del valor FCL del periodo de recuparacion 3210685.45
PRI DESCONTADO 3.65 AÑOS
RELACION BENEFICIO COSTO

Valor presente de los flujos de caja libre 12,854,890.98 BENEFICIOS
Inversion inicial 5,371,852.38 COSTO
RBC 2.39
9884#:~:text=Bajo%20el%20escenario%20actual%20(Status,del%20PIB%20para%20este%20a%C3%B1o.
2026 2027
6,410,362 7,187,380
2,243,627 2,515,583
280345 314326
373793 419102
4,820,874 5,405,225
- 886,723 533,026
- 723,465 417,820
3,210,685 6,356,071
PROYECTADO
TRABAJO
2021 2022 2023

3,164,232 4,519,197 4,035,784
2,178,811 3,616,087 2,991,492
985,421 903,110 1,044,292
- 41,671 - 82,312 141,182
2021 2022 2023
1,105,551 1,943,591 1,527,849

1,177,040 1,764,719 1,378,066
1,360,739 1,899,735 1,630,367
921,852 1,808,574 1,275,548
301,919 886,723 - 533,026
2021 2022 2023

4,996,287 5,719,753 5,301,933
252,959 723,465 - 417,820
2025 2026 2027

3,744,817 3,210,685 6,356,071
PROYECTADO
Capital
2025 2026 2027
https://www.invenomica.com.ar/riesgo-pais-embi-america-latina-serie-historica/
PROYECTADO
sión Financiera
1
Inv. Inicial 2024
FCL - 5,371,852 - 456,683
FC DESCONTADOS - 456,683
FC ACUMULADOS - 456,683
2 3 4
2025 2026 2027
3,744,817 3,210,685 6,356,071
3,744,817 3,210,685 6,356,071
3,288,134 6,498,820 12,854,891

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Productos Principales:Combustibles y Lubricantes

Tipo de Estado Financiero Anual, Consolid. Anual, Consolid.

Estado de Resultados 2023 2022

Balance General 2023 2022

Tipo de Estado Financiero Anual, Consolid. Anual, Consolid.

La redistribución de esta información está estrictamente prohibida.

Anual, Consolid. Anual, Consolid. Anual, Consolid.

vertical H 2023- vertical

vertical H 2023- vertical

Anual, Consolid. Anual, Consolid. Anual, Consolid.

H 2022- vertical H 2021- vertical H 2020- vertical

Tipo de Estado Financiero Anual, Consolid. Anual, Consolid.

Balance General 2023 2022

Estado de Flujo de Efectivo 2023 2022

La redistribución de esta información está estrictamente prohibida.

Anual, Consolid. Anual, Consolid. Anual, Consolid.

2021 2020 2019 2023

2021 2020 2019

Tipo de Estado Financiero Anual, Consolid. Anual, Consolid.

Estado de Resultados 2023 2022

Anual, Consolid. Anual, Consolid. Anual, Consolid.

2021 2020 2019 2023

Capital de trabajo neto operativo -KTNO

2023 2022 2021 2020 2019

Razón Corriente Prueba Ácida

$1,000,000 $ 1,044,292 $ 1,027,092

Capital de trabajo KTNO

Rotación de activos totales: Ventas Netas / Activo Total

Rotación de acti vos totales

Rotación de cartera Rotación de inventarios

2023 2022 2021 2020 2019

Obligaciones Financieras de CP 1088524

GASTO FINANCIERO 569396

COSTO DEL PATRIMONIO

Ke = 39.60% Costo del patrimonio

COSTO PROMEDIO PONDERADO DE CA

Costo de la deuda después de impuestos

KdT = 13.37% * 65.00%

Ahora podemos determinar el WACC o CPPC

WACC = 15.54% + 5.3%

COSTO PROMEDIO PONDERADO DE CAPITAL co

EMBI + Colombia = 8.06% https://datosmacro.expansion.com/prima-riesgo/colombia

Para agregar el RIESGO PAÍS, debemos sumarlo al costo de patrimonio

Ke = 4.28% + (14,34% - 4,28%) *

Ahora sí calculamos el WACC

WACC = 27.42% WACC teniendo en cuenta el riesgo país.

ERADO DE CAPITAL con RIESGO PAÍS

Tipo de Estado Financiero Anual, Consolid. Anual, Consolid.

Estado de Resultados 2023 2022

Balance General 2023 2022

Estado de Flujo de Efectivo 2023 2022

Tipo de Estado Financiero Anual, Consolid. Anual, Consolid.

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Anual, Consolid. Anual, Consolid. Anual, Consolid.

vertical H 2023- vertical

vertical H 2023- vertical

vertical H 2023- vertical

Anual, Consolid. Anual, Consolid. Anual, Consolid.