Estados Financieros Empresa Cholados Cumbal

Moneda COP Millones

Periodo 2014 2015
Balance General
Efectivo Ef 744,227 897,759
Cuentas por Cobrar + CxC 377,689 487,515
Inventario + Inv 8,398 10,603
Activo Corriente = ACTE ### 1,395,877
Otros Activos de Largo Plazo + OALP ### 2,587,812
Activo Fijo Neto + AFN ### 3,342,856
Activo Total = AT ### 7,326,545

Cuentas por Pagar CxP 881,129 663,749

Deuda + D ### 1,752,314
Pasivo = Pas ### 2,416,063
Capital Social CS 298,326 298,326
Otros Ajustes Patrimonio + OAPat 235,384
Utilidad del Ejercicio + UE 230,760 373,645
Utilidad Retenida + UR ### 4,003,127
Patrimonio = Pat ### 4,910,482
Pasivo y Patrimonio = PyP ### 7,326,545
Dif 0 0
Delta 0.00 0.00

Periodo 2014 2015

Estado de Resultados
Ingresos I ### 2,381,116
Egresos - E ### - 1,503,525
Utilidad Operativa antes D&A = EBITDA 732,537 877,591
Depreciación periodo - Dep.p - 139,169 - 157,152
Utilidad Operativa = EBIT 593,368 720,439
Ingresos/Egresos no operativos +/- I/Eno 56,785 110,348
Intereses - Int - 136,995 - 121,326
Utilidad antes de Impuestos = UAI 513,158 709,461
Impuestos - Imp - 142,193 - 194,597
Interés Minoritario +/- IM - 140,205 - 141,219
Utilidad después de Impuestos = UDI 230,760 373,645
Dividendos - Div* - 71,959
Adición a Utilidades Retenidas = Ad UR 158,801
Margen EBITDA Mg-EBITDA 36.20% 36.86%
 Periodo 2014 2015
Flujo de Efectivo Indirecto
Utilidad después de Impuestos UDI 373,645
Depreciación periodo + Dep.p 157,152
Otros Ajustes Patrimonio +D OAPat 235,384
Cuentas por Cobrar -D CxC - 109,826
Inventario -D Inv - 2,205
Cuentas por Pagar +D CxP - 217,380
Efectivo de Operación = Oper 436,770
Otros Activos de Largo Plazo -D OALP - 146,446
Activo Fijo Bruto -D AFB - 231,680
Efectivo de Inversión = Inver - 378,126
Deuda +D D 166,847
Capital Social +D CS 0
Dividendos - Div - 71,959
Efectivo de Financiación = Fin 94,888
Efectivo =D Ef 153,532
Efectivo periodo anterior + Ef(t-1) 744,227
Efectivo periodo actual = Ef(t) 897,759
Delta 0

Capital de Operaciones
2,015
Capital de Trabajo Operativo Neto NOWCt - 165,631.00

+Capital Operativo (Neto) + NOCt 5,930,668

=Total Capital Operativo Neto = TNOCt 5,765,037

Total Capital Operativo Neto TNOCt

Incrementos en Capital de Operaciones Neto 2,015

Incremento Capital de Trabajo Oper D NOWC

Incremento Capital Operativo (Neto +D NOC

Incremento Total Capital Operativo =D TNOC 0.00
(Inversión Neta) (IN)
Cálculo de Flujo de Caja Libre 2,015
Net Operating Profit After Taxes a. NOPAT 791,581.51
b. NOPAT

Flujo de Caja Libre FCL 791,581.51

 1 Completar el Flujo de Efectivo de 2015
2 Completar el Balance de 2016
2016 2017 2018 2019 2020 2021

589,500 600,498 1,584,310 1,105,468 698,894 373,795

761,855 790,957 947,965 1,023,802 1,105,707 1,194,163
72,318 156,275 106,312 109,501 112,786 116,170
1,423,673 1,547,730 2,638,587 2,238,772 1,917,387 1,684,128
3,081,945 1,410,271 4,106,645 4,435,176 4,789,990 5,173,190
4,937,733 7,213,798 4,186,385 4,521,296 4,883,000 5,273,640
9,443,351 10,171,799 10,931,617 11,195,244 11,590,377 12,130,957

1,899,983 1,507,963 2,170,628 2,235,747 2,302,819 2,371,904

2,706,469 4,286,575 4,500,904 4,725,949 4,962,246 5,210,359
4,606,452 5,794,538 6,671,532 6,961,696 7,265,066 7,582,263
298,326 298,326 298,326 298,326 298,326 298,326
71,864 - 15,441 0 0 0 0
170,530 - 166,415 83,597 200,488 330,139 473,678
4,296,179 4,260,791 3,878,162 3,734,735 3,696,847 3,776,691
4,836,899 4,377,261 4,260,085 4,233,549 4,325,311 4,548,695
9,443,351 10,171,799 10,931,617 11,195,244 11,590,377 12,130,957
0 0 0 0 0 0
0.00

2016 2017 2018 2019 2020 2021

2,588,782 3,691,698 3,987,034 4,305,996 4,650,476 5,022,514

- 1,681,300 - 3,063,419 - 3,155,322 - 3,249,982 - 3,347,481 - 3,447,906
907,482 628,278 831,712 1,056,015 1,302,995 1,574,609
- 161,950 - 312,705 - 171,862 - 185,611 - 200,460 - 216,497
745,532 315,573 659,849 870,403 1,102,535 1,358,112
- 37,458 - 36,906 29,074 31,400 33,912 36,625
- 157,600 - 225,185 - 257,196 - 270,056 - 283,559 - 297,737
550,474 53,482 431,728 631,748 852,889 1,097,000
- 216,781 - 105,096 - 144,218 - 211,034 - 284,906 - 366,451
- 163,163 - 114,801 - 203,913 - 220,226 - 237,844 - 256,871
170,530 - 166,415 83,597 200,488 330,139 473,678
- 80,593 - 205,918 - 216,214 - 227,025 - 238,376 - 250,295
293,052 - 35,388 - 382,629 - 143,428 - 37,888 79,844
35.05% 17.02%
 2016 2017 2018 2019 2020 2021

170,530 - 166,415 83,597 200,488 330,139 473,678

161,950 312,705 171,862 185,611 200,460 216,497
- 163,520 - 87,305 15,441 0 0 0
- 274,340 - 29,102 - 157,008 - 75,837 - 81,904 - 88,457
- 61,715 - 83,957 49,963 - 3,189 - 3,285 - 3,384
1,236,234 - 392,020 662,665 65,119 67,072 69,085
1,069,139 - 446,094 826,521 372,191 512,482 667,419
- 494,133 1,671,674 - 2,696,374 - 328,532 - 354,814 - 383,199
- 1,756,827 - 2,588,770 2,855,550 - 520,522 - 562,164 - 607,137
- 2,250,960 - 917,096 159,177 - 849,054 - 916,978 - 990,336
954,155 1,580,106 214,329 225,045 236,297 248,112
0 0 0 0 0 0
- 80,593 - 205,918 - 216,214 - 227,025 - 238,376 - 250,295
873,562 1,374,188 - 1,885 - 1,979 - 2,078 - 2,182
- 308,259 10,998 983,812 $ (478,841.71) $ (406,574.26) $ (325,099.07)
897,759 589,500 600,498 1,584,310 1,105,468 698,894
589,500 600,498 1,584,310 1,105,468 698,894 373,795
0 0 0 0 0 0

2,016 2,017 2,018 2,019 2,020 2,021

- 1,065,810.00 - 560,731.00 - 1,116,351.14 - 1,102,443.42 - 1,084,326.60 - 1,061,571.07

8,019,678 8,624,069 8,293,030 8,956,472 9,672,990 10,446,829

6,953,868 8,063,338 7,176,679 7,854,029 8,588,664 9,385,258

2,016 2,017 2,018 2,019 2,020 2,021

- 900,179.00 505,079.00 - 555,620.14 13,907.72 18,116.82 22,755.53

2,089,010.00 604,391.00 - 331,039.00 663,442.40 716,517.79 773,839.22

1,188,831.00 1,109,470.00 - 886,659.14 677,350.12 734,634.61 796,594.74
2,016 2,017 2,018 2,019 2,020 2,021
961,100.35 994,575.62 420,989.74 880,270.95 1,161,160.20 1,470,834.62
321,992.07 454,442.27 275,484.00 - 16,452.28 254,877.25 380,332.05

- 227,730.65 - 114,894.38 1,307,648.89 202,920.82 426,525.59 674,239.88

Efectivo de 2015

2022

140,224 =Eft-1+DEft
1,289,696 =I.CxCd/365 87 CxCd 75 107
119,655 =E.Invd/365 (12) Invd (3) (16)
1,549,575
5,587,045 =I.%OALP 103% %OALP
5,695,531 =I.%AFN 105% %AFN
12,832,151

2,443,061 =E.CxPd/365 -251 CxCd -161 -412

5,470,877 =Dt-1+DDt
7,913,938
298,326 =CSt-1+DCSt
0 =OAPatt-1+DOAPatt
632,328
3,987,559 =UEt-1+URt-1-Divt
4,918,213
12,832,151
0

2022

5,424,315 =It-1.(1+g) 8% g
- 3,551,343 =I.%E 103% %E 55% 89%
1,872,973
- 233,817 =AFN.%Dep.p -4.11% %Dep.p -4.33% -3.28%
1,639,156
39,555 =I.%I/Eno 0.73% %I/Eno -1.00% -1.45%
- 312,623 =Dt-1.kd -6.0% kd -5.25% -5.82%
1,366,088
- 456,339 =UAI.%Tx -33% %Tx -196.51% -39.38%
- 277,421 =I.%IM -5% %IM -3.110% -6.303%
632,328
- 262,809 =UDIt-1.%Div 5% %Div 124% -47%
210,869 ó =Divt-1.(1+gd) 5%
 2022

632,328 UDIt
233,817 +Dep.pt
0 +DOAPatt 3 4 7
- 95,533 -(CxCt-CxCt-1) 1 3
- 3,485 -(Invt-Invt-1) 4
71,157 +(CxPt-CxPt-1)
838,283
- 413,855 -(OALPt-OALPt-1)
- 655,708 -(AFNt-AFNt-1+Dep.pt)
- 1,069,563
260,518 +g.Dt-1 5.0% g1 1.1052352398 1.5445114289
0 +g.CSt-1 g2
- 262,809 -Div
- 2,291
$ (233,571.28)
373,795
140,224
0

2,022
- 1,033,710.05 =(CxC+Inv)-(CxP) =(AC-Ef)-(PC)
NO incluye Efectivo
11,282,576 =AFN+OALP
10,248,866 =NOWC+NOC

=D+Pat.ord-Efectivo-Títulos

2,022
27,861.02 =NOWCt-NOWCt-1
835,746.35 =NOCt-NOCt-1
863,607.37 =DNOWC+DNOC
2,022
1,811,786.45 =EBIT(1-Tx) ó=
518,975.17 =UDI+Int(1-Tx)

948,179.07 =NOPAT-DTNOC
 78
(19)

-180

0.8587386309

-4.70%

4.63%
-6.92%

-27.43%
-5.931%

-19%
%gd
1.5838256415
 VALORACIÓN Coherente
Supuesto DEUDA VARIABLE

Parametros

Beta no apalancada b0 1.20 Tasa de Descuento del EFD

Tasa libre de riesgo kf 7.00% kEFD
Tasa de mercado km 12.50% 1 13.6% 1:k0,2:kd
Tasa patrimonio no apalancado k0 13.60% =kf+bo(km-kf)+PR
Tasa deuda kd 12%
Crecimiento Largo Plazo g 3%
Tasa de Impuestos Tx 33%
Acciones en circulación #Acc 42
2017 2018 2019 2020 2021 2022 2023 Último periodo
Utilidad Operativa despues de impuestos NOPAT 994,576 420,990 880,271 1,161,160 1,470,835 1,811,786 1,866,140 <--=NOPAT(t-1).(1+g)
Total Capital Operativo Neto TNOC 8,063,338 7,176,679 7,854,029 8,588,664 9,385,258 10,248,866 10,556,332 <--=TNOC(t-1).(1+g)
Incremento TNOC DTNOC -886,659 677,350 734,635 796,595 863,607 307,466 =TNOC(t)-TNOC(t-1)
1 Flujo de Caja Libre FCL -465,669 202,921 426,526 674,240 948,179 1,558,674 <--=NOPAT-ΔTNOC

D 4,286,575 4,500,904 4,725,949 4,962,246 5,210,359 5,470,877 5,635,003 <--=D(t-1).(1+g)

DD 214,329 225,045 236,297 248,112 260,518 164,126 =D(t)-D(t-1)

Escudo Fiscal Deuda EFD $ 169,748 $ 178,236 $ 187,148 $ 196,505 $ 206,330 $ 216,647 =D(t-1).kd.Tx
Valor Presente Escudo Fiscal Deuda VEFD $ 1,601,400 $ 1,681,470 $ 1,765,543 $ 1,853,820 $ 1,946,511 $ 2,043,837 <--=EFD(t+1)/(kEFD-g)
=(EFD(t+1)+VEFD(t+1))/(1+kEFD)

Valoración kwacc FCL kEFD=k0 kEFD=kd

%VEFD -62.80% ### 29.15% 21.82% 17.40% 0.00% <--=ELEGIR(kEFD,0,V
EFD
/VE) 0 =VEFD/VE
%d -168.10% ### 78.04% 58.42% 46.58% 37.21% =D/VE
%e 268.10% ### 21.96% 41.58% 53.42% 62.79% =1-%d
kEFD=kd kEFD=k0
ke 12.97% 12.60% 17.16% 15.01% 14.47% 14.55% =k0+(%d-%VEFD)/%e.(k0-kd) =k0+(%d/%e).(k0-kd)
kwacc 21.26% ### 10.04% 10.94% 11.48% 12.13% =%dkD(1-Tx)+%eke

Valor Empresa VE1 -2,549,987 -0 6,055,867 8,494,396 11,185,410 14,704,472 <--=FCL(t+1)/(kwacc(t)-g)

=(FCL(t+1)+VE(t+1)/(1+kwacc(t))
1 VE -2,549,987 -0 6,055,867 8,494,396 11,185,410 14,704,472 =ELEGIR(X;VE1;V Inicial), X:1,2

Valor inicial V Inicial 26,000,000 =V Inicial

Valoración Patrimonio + Deuda FCA

kEFD=k0 kEFD=kd
%VEFD -62.80% ### 29.15% 21.82% 17.40% 0.00% <--=ELEGIR(kEFD,0,V
EFD
/VE) 0 =VEFD/VE
%d -168.10% ### 78.04% 58.42% 46.58% 37.21% =D/VE
%e 268.10% ### 21.96% 41.58% 53.42% 62.79% =1-%d
kEFD=kd kEFD=k0
ke 12.97% 12.60% 17.16% 15.01% 14.47% 14.55% =k0+(%d-%VEFD)/%e.(k0-kd) =k0+(%d/%e).(k0-kd)

Interés despues de Impuestos Int(1-Tx) $ 344,641 $ 361,873 $ 379,966 $ 398,965 $ 418,913 $ 439,858 =D(t-1).kd.(1-Tx)
Flujo caja libre accionista FCA $ (595,981) $ 66,093 $ 282,857 $ 523,388 $ 789,784 $ 1,282,942 =FCL-Int(1-Tx)+DD

Valor patrimonio Veq 2,569,778 3,462,041 3,832,086 4,206,877 4,314,860 4,149,608 <--=FCA(t+1)/(ke(t)-g)
=(FCA(t+1)+VEq(t+1)/(1+ke(t))
Valor Empresa VE2 6,856,353 7,962,944 8,558,035 9,169,123 9,525,219 9,620,485 =Veq+D

1 VE 6,856,353 7,962,944 8,558,035 9,169,123 9,525,219 9,620,485 =ELEGIR(X;VE1;V Inicial), X:1,2

Valor inicial V Inicial 26,000,000 =V Inicial

Delta -9,406,340.44 ### ### -674,727.41 1,660,191.36 5,083,987.41 =VE1-VE2

1192781.84 <--=FCAt-Dt-1(k0-kd)+V t-1(k0-kEFD)

EFD
Flujo de caja invers. modificado FCAM -664566.48 -5921.11 207241.56 443991.65 706418.43 1195407.86

Veq #VALUE! #VALUE! #VALUE! #VALUE! 11100917.44 11252658.88 <--=FCAMn+1/(k0-GFCL)]

=(FCAMt+1+VEqt+1/(1+k0)

FCL,kw kEFD k0 kd
FCLn+1 -2,549,987 1 2
N-gT 1 (4,728,293) (4,728,293)
FCF(1+g) 2 (4,728,293) (4,728,293)

FCA,ke kEFD k0 kd
FCLn+1 6,856,353 1 2
N-gT 1 6,902,962 6,902,962
FCF(1+g) 2 6,902,962 6,902,962

FCAM,k0 kEFD k0 kd
FCLn+1 #VALUE! 1 2
N-gT 1 - -
FCF(1+g) 2 - -