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ASOCIACIN PRIVADA SAN JUAN BAUTISTA
ESCUELA PROFESIONAL DE ADMINISTRACIN DENEGOCIOS
CURSO:
ANALISIS E INTERPRETACION DE LOS EEFF
TEMA ASIGNADO:
ANALISIS HORIZONTAL Y VERTICALBALANCE GENERAL Y ESTADOS DERESULTADOSRATIOS FINANCIEROS
NOMBRE DE LOS INTEGRANTES:
ALIRIO PALACIOS RODRIGUEZANYOLY PRRAGAERIKA GARCIA YATACO
NUMERO DE GRUPO: N 3
DOCENTE: HENRY PORTOCARRERO
SEMESTRE : 2014-II
CICLO : VI
2014
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ANALISIS E INTERPRETACIN DE LOS ESTADOSFINANCIEROS
Grupo cerecero! B"c#u$ % Jo&'$(o'
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Grupo cerecero! B"c#u$ % Jo&'$(o'A')*+$+$ e I'(erpre("c+,' -e *o$ E$("-o$ F+'"'c+ero$
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1. DESCRIPCIN DE LA COMPA/A
A'(ece-e'(e$
E G!"#$ C%!&%'%!$ B(')"* + ,$.*/$. /%.% '$$ ('/&( %'$.'( #!.'#( (%(5$!('. %.&(*($ &%./( */!5"'. 6 /$( '(*% % .%7$'('$.%* !%('$.((*'$. 5%5(* (/%((* 6 (/(* 5%5(* .$ ('$'(* 6 (7"(* 7(*%$*(*8 E*/9$!7(.($ '$!#$!(/&(%./% '$.;$!($ #$! &%./*%/% %#!%*(*
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. OBJETIVOS
L$* $5%/&$* % B(')"* *$.: S%! % #!%! 7!"#$ '%!&%'%!$ % P%! '$. #!$6%''. ./%!.('$.(8
A.*/!(! (* %#!%*(* '$. $5%/&$* '$".%*8 G%.%!(! '(#('( % !%*#"%*/( $#$!/".( (./% $* '(5$* % %./$!.$8 L( !%('. '$%!'( %./!% (* %#!%*(* '$!#$!(/&(* %5% %*/(5%'%!*%
%
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. ASPECTOS MACROECONMICOSE 2013 *% '(!('/%! #$! *%! ". (@$ % '(5$* #$!/(./%* %. % %./$!.$./%!.('$.( 6 $'(
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A"*/% % #!%'$* !%(($ %. '%5!% % 2012 '$. % $5%/&$ % '$#%.*(! %(( % .*"$* %.&(*%* 6 %5((%8
V(!('. #$*/&( %. % % #!$"'/$* #!%" 6 "##%! (.*/!%( !%*#%'/$ %$* (.*/!%( 6 %'$.$6 #"*($ #$! % '!%'%./$ % P*%. C(($ 6 (* (!'(*
S"#%! P!%"8C!%'%./$ %. % #$!'%./(% % &%./( !%'/( ( $* '%./%* %/(*/(* '$$!%*"/($ % ( '$.*$('. % N"%&$ J$%$ C$%!'(8E. /!.$* % #(!/'#('. % %!'($ B(')"* 6 S(. ,"(. ;.((!$. % (@$ '$. ".8= %* %'! 283 #"./$* #$!'%./"( 9*
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%#%$ ( /!(&* % %*(!!$$ /"!*/'$ %. A.("(6(* H"(!$ 6 U!'$* W"*#'(.' C"*'$8
J(./%.%! % %!(7$ %. ( (#'('. % %'(.*$ % O5!(* #$! I#"%*/$*;!(.$ '"(/!$ '$.&%.$* '$. G$5%!.$* L$'(%* 6 P!$&.'(%* #(!( %%'"/(! $5!(*% .&%!*. #5'( % (/$ #('/$ *$'( #(!( (* '$".(%* %. A!% 381
E .'!%%./$ %. &($! *% 7%.%! '$$ '$.*%'"%.'( % $* *7"%./%* ;('/$!%*: E ("*/% % #!%'$* !%(($ ( ;.(%* % 20128
L( %$! '$#$*'. % mix % (!'(* I#"*$ % P*%. C(($ 6 (!'(*Super PremiunM8
E '!%'%./$ %. % #$!'%./(% % &%./( !%'/( ( $* '%./%* %/(*/(*8
A .&% % #(!/'#('. % %!'($ % (.%!( '$."./( UCP B(')"* 6 ,$.*/$. 6C%!&%'%!( S(. ,"(. !%(;!(!$. *" %!(7$ '%!!(.$ % (@$ '$. ". 8= %. % %*% '%5!% %* %'! 283 #"./$* #$!'%./"(%* 9* !%*#%'/$ ( *$ #%!$$ % (@$(./%!$!8
L(* #(!/'#('$.%* $5/%.(* ;"%!$.:
Per+o-o 2012 201 V"r+"c+,'E.%!$ 383 481 08=P!$%$ A."( 38> 80 184D'%5!% 38 8= 283
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A**$ ( '$5%!/"!( #$! #"./$* % &%./( %. % ".&%!*$ % '%./%* % %!'($'%!&%'%!$ ( .&% .('$.( %. #!$%$ (."( ('(.(( #$! B(')"* 6 S(. ,"(. %* %84 %&%.'(.$ $* (/$* .&%%* % #!%*%.'( % ( C$#(@(8
O(r"$ Be:+-"$
E. (* '(/%7$!(* % 5%5(* .$ ('$'(* $* !%*"/($* '$.*$($* % (5(*%#!%*(* ;"%!$. "6 #$*/&$* %*/('(.$ % '$#$!/(%./$ % ."%*/!(* (!'(*G"(!(.9 6 S(. J(/%$8 B%5(* $7! %. '$."./$ &$%.%* '%!'(.$* ( $* 282$.%* % %'//!$* %. % 2013 UIDE?
A '%!!% % %%!''$ 2013 % .'($! % 1 % 2012 %7 (08?M8 E !%*"/($ $5%%'% #!.'#(%./% ( ( (#('. % #($ % #(7$ (#!$&%%$!%* !%*#%'/$ ( (* '"%./(* #$! #(7(!8
L( #$*'. % '(( 6 5(.'$* ( /!.$ % %%!''$ '%!! '$. SQ8 $.%* % $*'"(%* % ? '$!!%*#$.% ( $.%( .('$.( 6 % *($ ( (!%* 6 %"!$*8 L(*'$$'('$.%* ;"%!$. %#$*/((* %. .*/!"%./$* % '$!/$ #($ %. .*//"'$.%*;.(.'%!(* % #!%! .&%8
C(5% *%@((!
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&%.'%./$* %. ".$ % 2014 6 *%/%5!% % 201? !%*#%'/&(%./%8 P$! $/!$ ($ %#!*/($ % B(.'$ % C!/$ % P%! &%.'% %. (7$*/$ % 2018 E*/$* #!*/($*%&%.7(. ".( /(*( % ./%!* % 8> 8?? 6 810 !%*#%'/&(%./%8
E &($! %. 5!$* % $* #!*/($* *% (#!$( ( *" &($! !($.(5% %5$ ( 83 $.%* 6 ( $/!( '$. % B(.'$ %
C!/$ #$! SQ8 >81 $.%*8
12. GESTIN OPERATIVAL$* .7!%*$* 5!"/$* .%/$* % #"%*/$*M /$/((!$. SQ8 34184 $.%* $
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UTILIDAD BRUTAL( "/( 5!"/( % 2013 (*'%. ( SQ8 2282 $.%* *"#%!$! %. SQ8 >382 $.%*( ( % 2012 $
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E !%*"/($ .%/$ % #%!$$ 2013 (*'%. ( SQ8 18? $.%* 38 %.$! 28?$.%* *%7. $* ('"%!$* % D!%'/$!$ % 2= % (6$ 2 % (7$*/$ 6 12 %
.$&%5!% !%*/( ". *($ */!5"5% %>1 % (* (''$.%*
C(*% B 6 % 08222 % '(#/( *$'(8
CLASE@ NMERO 6 VALOR DE ACCIONESL( *$'%( /%.% /!%* '(*%* % (''$.%*:
A''$.%* C(*% A '$. %!%'$ ( &$/$8 A''$.%* C(*% B *. %!%'$ ( &$/$ #%!$ '$. % #!&%7$ % !%'5! ".(
*/!5"'. #!%;%!%.'( % "/(%* '$.**/%./% %. ". #(7$ ('$.( % 10 #$!(''. *$5!% % $./$ % $* &%.$* %. %;%'/&$ #(7($* ( (* (''$.%* C(*% A#$! (''.8
A''$.%* % .&%!*. *. %!%'$ ( &$/$8
1. VENTAS NETAS
I';re$o$I';re$o$ por ru:ro$ S. 8+*e$@ " "*ore$ co'$("'(e$
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E. '"(./$ ( $./$ % ( %#$!/('. % '%!&%( '(5% #!%'*(! 01 >80P(!/%* R%('$.((* 12324 083 24?3>? >80>O/!(* C"%./(* #$! C$5!(! 33=1 08? 2?4=> 08>?
E*/%.'(* 2110 ?803 22123? ?83G(*/$* '$./!(/($* #$! (./'#($ 20>4= 08 2?44= 08>?07@30 723@107
A'/&$ N$ C$!!%./% (./%.$* #(!( (&%./( 1=1=0 082 2?>0 08>>T$/( % A'/&$ C$!!%./% 2@740 72@514
Ac(+o No Corr+e'(eA'/&$* F.(.'%!$* *#$.5%* #(!( (&%./( 4?34 0813 ?>= 081
I.&%!*$.%* I.$5(!(* 1340 083= 13?34 083
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I."%5%* J(C"%./(* #$! #(7(! '$%!'(%* 322>0 1080 2>>2= >81P(!/%* !%('$.((* 2=3 08=1 1?> 084I#"%*/$ ( ( !%./( #$! #(7(! 11==33 383 101?4 282O/!(* '"%./(* #$! #(7(! 4>4240 1382 43>20 1280I.*/!"%./$* ;.(.'%!$* %!&($* 1>>12 081 144? 0841P!$&*$.%* 140> 0843 2011 08P(!/% '$!!%./% % 5%.%;'$* % #%!*$.( 11403 0833 1142 0833T$/( % P(*&$ C$!!%./% 1@1@47 75@107
P"$+o No Corr+e'(eP!*/($* 5(.'(!$* 6 (!!%.(%./$*;.(.'%!$* 13411 38=2 0 0800O/!(* C"%./(* #$! P(7(! ( L(!7$ P($ 1== 830 1=2= 48?B%.%;'$* % P%!*$.( 2=?3 08=2 33=42 08>
I#"%*/$ ( ( R%./( D;%!$ P(*&$ 242121 ?80 24>3 >80T$/( P(*&$ N$ C$!!%./% 70@52 45@2T$/( P(*&$ 1@24@21 1@42@32
P"(r+8o'+oC(#/( S$'( >>== 22822 >>== 2283?C(#/( A'$.( 3?0>3 1803 21312 08?1A''$.%* % I.&%!*$. ?1 1?824 ?1 1?834D%*'"%./$ % E*. 10332M -082 10332M -0830R%*%!&( L%7( 1?2> 484? 1??0? 484
O/!(* R%*%!&(* >>2= 2820 >>1? 2821R%*"/($* A'""($* 1?340? 48?? 4122? 128T$/( P(/!$.$ (/!5"5% ( $* (''$.*/(*% ( '$#(@( 1@1@20 2@044@451P(!/'#('. N$ C$./!$(./% 1103 0831 14303 0841T$/( P(/!$.$ 1@52@242 2@05@54
@03@1 100.00 @454@413 100.00
B BALANCE GENERAL = ANALISIS FINANCIERO 9ORI?ONTAL
ESTADO CONSOLIDADO DE SITUACION
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P!$&*$.%* 140> 2011 -?04800 -2>832P(!/% '$!!%./% % 5%.%;'$* % #%!*$.( 11403 1142 -22800 -081
T$/( % P(*&$ C$!!%./% 1@1@47 75@10714?33080
0 148=2
P"$+o No Corr+e'(eP!*/($* 5(.'(!$* 6 (!!%.(%./$*;.(.'%!$* 13411 0 13411800O/!(* C"%./(* #$! P(7(! ( L(!7$ P($ 1== 1=2= 2?>1800 1?8>B%.%;'$* % P%!*$.( 2=?3 33=42 -14800 -1821I#"%*/$ ( ( R%./( D;%!$ P(*&$ 242121 24>3 -3?32800 -184=
T$/( P(*&$ N$ C$!!%./% 70@52 45@2123080
0 348>3
T$/( P(*&$ 1@24@21 1@42@322=?380
0 208
P"(r+8o'+oC(#/( S$'( >>== >>== 0800 0800C(#/( A'$.( 3?0>3 21312 14>?1800 ?82?A''$.%* % I.&%!*$. ?1 ?1 0800 0800D%*'"%./$ % E*. 10332M 10332M 0800 0800R%*%!&( L%7( 1?2> 1??0? -331800 -0821O/!(* R%*%!&(* >>2= >>1? 11?800 081
R%*"/($* A'""($* 1?340? 4122?
-2=>=2080
0 -?38>
T$/( P(/!$.$ (/!5"5% ( $* (''$.*/(* %( '$#(@( 1@1@20 2@044@451
-2>32>480
0 -1383>P(!/'#('. N$ C$./!$(./% 1103 14303 -32?=800 -228=
T$/( P(/!$.$ 1@52@242 2@05@54
-2>?4280
0 -13843
@03@1 @454@413 [email protected] 08?3
C ESTADOS DE RESULTADOS = ANALISIS FINANCIERO VERTICAL
UNION DE CERVECERIAS PERUANAS BACUS 6 JO9NSTONSAA 6 SUBSIDIARIAS
ESTADO CONSOLIDADO DERESULTADOS
Au8e'(o Au8e'(oD+$8+'uc+o'e$ D+$8+'uc+o'e$
2012 Ver(+c"* 2011 Ver(+c"*S.000 S.000
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V%./(* N%/(* 3>>311 100800 33?0>4 100800O/!$* I.7!%*$* O#%!('$.(%* 44> 18= 22013 ?8>0T$/( I.7!%*$* B!"/$* 3=32?2 1018= 3=>?2 10?8>0
C$*/$ % V%./(* 10??M 2M 11143M 33MU/( B!"/( 2>32=?? >2843 24>0=2> >382
G(*/$ % V%./( 101=>2=M 2>M >??M 2=MG(*/$* % A.*/!('. 402>1M 11M 413210M 12MO/!$* I.7!%*$* ?332 18?= 3=>=2 181O/!$* G(*/$* ?30M 01M 32304M 01M
T$/( G(*/$* % O#%!('. 14143?M 3>M13?43==
M 41M
U/( O#%!(/&( 131=10 3484 110?43 3282
I.7!%*$* F.(.'%!$* 11?4 831 12?3 83=G(*/$* F.(.'%!$* 1=4M 00M 122M 00MU/( (./%* % I#"%*/$ ( ( R%./( 131422 348=3 1103=4 328=I#"%*/$ ( ( R%./( 42344>M 11M 3=4M 11MU/( % (@$ =0>=2 238?1 >434 2281=
U/( (/!5"5% (:A''$.*/(* % ( '$#(@( ==>0 2384= >412=? 2280?P(!/'#('. .$ '$./!$(./% 42 813 410= 0812
=0>=2 238?1 >434 2281=
D ESTADOS DE RESULTADOS = ANALISIS FINANCIERO 9ORI?ONTAL
UNION DE CERVECERIAS PERUANAS BACUS 6 JO9NSTONSAA 6 SUBSIDIARIAS
ESTADO CONSOLIDADO DERESULTADOS
2012 2011 A:$o*u(o$Re*"(+o$
S.000 S.000
V%./(* N%/(* 3>>311 33?0>4 4123?? 1282>O/!$* I.7!%*$* O#%!('$.(%* 44> 22013 1???M >38=MT$/( I.7!%*$* B!"/$* 3=32?2 3=>?2 24?=00 ?8==
C$*/$ % V%./(* 10??M 11143M 123 0183>M
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U/( B!"/( 2>32=?? 24>0=2> 2?203 108?1
G(*/$ % V%./( 101=>2=M >??M -?10>2 ?83=G(*/$* % A.*/!('. 402>1M 413210M 104 03MO/!$* I.7!%*$* ?332 3=>=2 24?10 ?384?O/!$* G(*/$* ?30M 32304M -24001 >4830T$/( G(*/$* % O#%!('. 14143?M 13?43==M -4?= 38??
U/( O#%!(/&( 131=10 110?43 2120>1 181>
I.7!%*$* F.(.'%!$* 11?4 12?3 -10> 0MG(*/$* F.(.'%!$* 1=4M 122M -?1? 4804U/( (./%* % I#"%*/$ ( (R%./( 131422 1103=4 2103=0 180?I#"%*/$ ( ( R%./( 42344>M 3=4M -?42 1=813U/( % (@$ =0>=2 >434 143== 180
U/( (/!5"5% (:A''$.*/(* % ( '$#(@( ==>0 >412=? 14404 184P(!/'#('$. .$ '$./!$(./% 42 410= ==4 2182
=0>=2 >434 143== 180
RATIOS DE LI>UIDE?
RATIOS DELIQUIDEZ
Formulas
AO 2012 AO 2011
VariacinCani!a!"s # r"sula!os
Cani!a!"s #r"sula!os
RAZO$CORRIE$TE
total act. Cte./total pas. Cte. 727940/ 1133439 = 0%&'
952814/987109 =0%() *0%++
RAZO$ACIDEZ
(total act. Cte - inventario)/total pascte
(727940-211505)/1133439=0%'&
(952814-221236)/987109 =0%)' *0%2,
RAZO$EFECTIVO
caja !cos/total pas cte 135080/1133439 = 0%12
158471/987109 =0%1& *0%0'
-OSICIO$DEFE$SIVA
activos li"#i$os/e%resos operativospres#p#estarios 465183/5000 = (+%0' 432049/5000 = ,&%'1 &%&+
CA-ITAL DETRA.A/O
activo cte - pasivo cte
727940-1133439 =*'0'((
952814-987109 =*+'2( *+)120'
ANALISIS E INTERPRETACION
RATIOS DELIQUIDEZ Capaci$a$ $e pa%ar las $e#$as en corto pla&o' por lo tanto es ra&ona!le por la variacin ne%ativaRAZO$CORRIE$TE n *n$ice eleva$o p#e$e si%ni+car #na ,aor capaci$a$ $e la e,presaRAZO$ACIDEZ
eco,en$a!le #na ra&n $e aci$e& $e 1.00 o ,aor a este a "#e tal *n$ice epresa #na sit#acin!astante acepta!le capaci$a$ $e pa%ar $e#$as en pla&o in,e$iato
RAZO$
EFECTIVO
or ca$a 1.00 $e pasivo corriente la e,presa $ispone $e /. 0.12 en el 2012 /.0.16 en el ao 2011'
n eectivo para s# cancelacin-OSICIO$DEFE$SIVA
ie,po en "#e po$r*a vivir solo con s#s activos l*"#i$os si los e%resos son /.5000 el activo li"#i$opo$r*a $#rar 93.04 $*as en el 2012 86.41 $*as en el 2011
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CA-ITAL DETRA.A/O
,i$e la capaci$a$ en tr,inos ,onetarios $e pa%ar $e#$as en corto pla&o en a,!os aos eiste a#n$e#$as por pa%ar' por lo tanto no se o!tiene a#n capital $e tra!ajo
RATIOS DE GESTION
RATIOS DEESTIO$
Formulas
AO 2012 AO 2011Cani!a!"s #r"sula!os
Cani!a!"s #r"sula!os Variacin
ROTACIO$ DECTAS -ORCO.RAR
tas an#ales al cr$ito/pro,e$io$e ctas co!rar
3773115/271807 =1+%,,
3360749/271807 =12%+& 1%2
-ERIODO-ROEDIO DECO.RO
360/rotacion $e ctas co!rar 360/13.88 = 2%(' 360/12.36 =2(%1+ *+%1(
26 $ias 29 $iasROTACIO$ DECTAS -OR-AAR
costo $e ventas/pro,e$io $e ctas pa%ar
1099696/313999 =+%0
1114935/313999 =+% *0%0
-ERIODO-ROEDIO DE-AO
360/rotacion $e ctas pa%ar 360/3.50 = 102%( 360/3.55 = 101%' 1%
103 $ias 101 $iasROTACIO$ DEI$VE$TARIOS
costo $e vtas/inventariopro,e$io
1099696/216371 =%0,
1114935/216371 =%1 *0%0)
ANALISIS E
INTERPRETA
CION
ROTACIO$DE CTAS -ORCO.RAR
i$e c#antas veces se lo%ran $ar rec#perar cr$itos al ao' c#anto ,s rpi$o co!ro ,aor li"#i$e¶ la e,presa
-ERIODO-ROEDIODE CO.RO la e,presa le to,a 26 $*as en el ao 2012 29 $*as en el 2011 para :acer eectiva #na cta co!rar
ROTACIO$DE CTAS -OR-AAR
aor rotacin $e cta por pa%ar ,s rpi$o ser el pa%o $e n#estras co,pras al cr$ito. ;
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RES-ALDO DEE$DEUDAIE$TO
n,#e!les' ,a" e"#ipo neto/patri,onioneto
2143920/1782242= 1%20
1949301/2058784=0%( 0%2
ANALISIS E INTERPRETACION
RAZO$ DEE$DEUDAIE$T
O A CORTO-LAZO
>l coe+ciente o!teni$o in$ica "#e las $e#$as a corto pla&o o pasivo cte co,pren$e el 64? $elpatri,onio neto $el ao2012 en el ao 2011 co,pren$e el 48? $el patri,onio neto.
4RAZ5$ DEE$DEUDAIE$TO A LARO-LAZO
>sta ra&n nos revela "#e las $e#$as a lar%o pla&o o pasivo no corriente co,pren$en el 33? $elatri,onio ;eto $el 2012' e p#e$e o!servar' al relacionar esta ra&n con la anterior' "#en$#strial @i,a .. tiene #n ,aor en$e#$a,iento a corto pla&o (64?) #n ,enoren$e#$a,iento a lar%o pla&o (33?).
RAZO$ DEE$DEUDAIE$TO TOTAL
>ste ratio in$ica "#e el asivo otal $e la e,presa co,pren$e el 97? $el atri,onio ;eto conrespecto al ao 2012 en el ao 2011 co,pren$e el 69?
RAZO$ DEE$DEUDAIE$TO DEL ACTIVOFI/O
>@a ra&on o!teni$a en el 2012 in$ica "#e el 9? $el activo +jo :a si$o +nancia$o con o!li%acionesa lar%o pla&o en el 2011 in$ica "#e 8? $el activo +jo :a si$o +nancia$o con o!li%aciones a lar%opla&o.
RES-ALDO DEE$DEUDAIE$TO
@a e,presa tiene co,o %arant*a en activos +jos el 120? $el patri,onio en el ao 2012 en el2011 s# %arant*a #e el 95?
RATIOS DE RENTABILIDAD
RATIOS DE RE$TA.ILIDADFormulas
AO 2012
AO 2011 VariacinCani!a!"s #
r"sula!os Cani!a!"s # r"sula!os
RE$TA.ILIDAD .RUTASO.RE VE$TAS
ventas-costo $e vtas/ventas#tili$a$ !r#ta/ventas
3773115-1099696/3773115= 0%)1
3360749-1114935/3360749 =0%&) 0%0'
RE$TA.ILIDAD $ETASO.RE VE$TAS
tili$a$ netas $esp $ei,p#estos/ventas netas
890782/3773115 =0%2'
745394/3360749 = 0%22 0%02
RE$TA.ILIDAD $ETA DEL-ATRIO$IO
tili$a$ neta $esp $ei,p#estos/patri,onio neto
890782/1782242 =0%0
745394/2058784 = 0%+& 0%1'
RE$TA.ILIDAD DE LA
I$VERSIO$
tili$a$ neta $esp $e
i,p#estos/activo total
890782/3506513 =
0%2
745394/3484416 = 0%21 0%0'
ANALISIS E INTERPRETACION
RE$TA.ILIDAD .RUTASO.RE VE$TAS
>1 ra&n eleva$a in$ica %ran renta!ili$a$ en relacin al valor $e las vtas 1 a$ec#a$a e+cienciaoperativa $e la e,presa
l !ene+cio $el ao 2012 es $e 71? con respecto a las ventas el $el ao 2011 #e 67? con respectoa s#s ventas.
RE$TA.ILIDAD $ETASO.RE VE$TAS
Aeter,ina el ,ar%en o!teni$o l#e%o $e $e$#cir $e las vtas to$os los costos %astos' incl#en$o eli,p#esto a la renta. el ,ar%en o!teni$o en el 2012 es $e 24? el $el ao 2011 #e 22?.
RE$TA.ILIDAD $ETA DEL-ATRIO$IO
Capaci$a$ $e %enerar !ene+cios con la inversion $e los accionistas o patri,onio $e la e,presa. en elao 2012 se %enero #n !ene+cio $el 50? $el patri,onio en el 2011 se %enero #n !ene+cio solo $el36?.
RE$TA.ILIDAD DE LAI$VERSIO$
>@a enta!ili$a$ $e la nversin es consi$era$a co,o el ratio ,s representativo $e la ,arc:a %lo!al$e la e,presa. Aeter,ina la capaci$a$ $e %enerar #tili$a$es con los activos totales. se %ener #n25? $e #tili$a$es con los activos $el 2012 #n 21? $e #tili$a$es en el ao 2011.
7. B+:*+o;r"
7/26/2019 230881258 Estados Financieros Backus (1)
21/21
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20038
11M G%$!7% S8 D(68 J(./%..7 /% C$#%//&% E7%: C!%(/.7 (.S"*/(..7 A&(./(7%* . D6.(' C$#%//&% E.&!$.%./*8 T% (!/$. S'$$D%#(!/%./ $; J(!)%/.71>8
12M J'(% E8 P$!/%!8 I./%!.( S'!"/.6 (/ /% B"*.%** L%&%8 C(#/%! ?P(!/ II8 B"*.%** S/!(/%768
13M J'(% E8 P$!/%!8 H$ C$#%//&% F$!'%* S(#% S/!(/%768 H(!&(!B"*.%** R%&% 1>8
14M J'(% E8 P$!/%!8 (/ * S/!(/%768 H(!&(! B"*.%** R%&% 1?81M G8 S/() P8 E&(.* 6 L8 S"(.8 C$#%/.7 $. C(#(5/%*: T% N%
R"%* $; C$!#$!(/% S/!(/%768 H(!&(! B"*.%** R%&% 128
21 | P g i n a
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