CASO MAYRA Continuen

FACULTAD DE CIENCIAS EMPRESARIALES Y EDUCACIÓN

ESCUELA PROFESIONAL DE ADMINISTRACIÓN Y NEGOCIOS INTERNACIONALES INTERNACIONALES Tema: “Análisis Financier Em!resa Ma"ra S#A#$ C%rs: A%&i'ria A&minis'ra'i(a Pr)esr: Te*a&a Arana Ar+s'i&es Secci,n: -./ In'e0ran'es: C1an0 2ela Y%c3 Lin0 Flres Ris Es'e!1anie Rmán Arce Geral&ine S%cl%!e 4%er'as M,nica Par& Ar5(al Tali'a 6.-7

8NDICE

INTRODUCCION.......................................................................................................................4 I#

CONC CONCEP EPT TOS DE DE AUDI AUDIT TORIA ORIA FIN FINAN ANCI CIER EROS OS............... ...................... ............... ................... .............................5 ..................5 1.1. 1.1.

AUDI AUDITO TORÍ RÍA A FIN FINANCI ANCIER ERA: A:......................................................................................5

1.2. 1.2.

LA AUDIT AUDITORI ORIA A DE ESTAD ESTADOS OS FINA FINANC NCIER IEROS: OS:....................................................7

1.3. 1.3.

LOS LOS EST ESTAD ADOS OS FINA FINANC NCIE IERO ROS S..............................................................................9

II.

ESTADO ESTADO DE SITU SITUAC ACIÓN IÓN FINAN FINANCIE CIERA RA O BAL BALANC ANCE E GENERA GENERAL L............................9 2.1. .1.

CUENT ENTAS POR POR COBR OBRAR......................................................................................11

2.2.

ACTIVO CO CORRIENTE.............................................................................................11

2.3. .3.

ACTIVO TIVO NO COR ORR RIEN IENTE......................................................................................12

2.4. .4.

PASIV ASIVO O COR ORR RIEN IENTE.............................................................................................12

2.5. .5.

PASIV ASIVO O NO NO COR CORR RIEN IENTE......................................................................................14

2.6.

PATRIMONIO...........................................................................................................15

2.6.1 .6.1..

Pat! t!"#$!# $%t#................................................................................................16

2.&.

INVENTARIO............................................................................................................16

2.'.

MERCADERÍA.........................................................................................................17

2.(. 2.(.

VALORAC ALORACIÓN IÓN DE E)ISTE E)ISTENC NCIAS IAS DE MERCAD MERCADER ERÍA ÍA.......................................17

2.1*.

COMPRAS............................................................................................................17

2.11.

COMPRAS DE DE ME MERCADERÍAS.......................................................................17

II III# I#

EST ESTADO ADO DE P9R P9RDI DIDA DAS S Y GAN GANAN ANCIA CIAS S O EL EST ESTAD ADO O DE RESU RESUL LTADOS ADOS. 19

3.1. 3.1.

VENT VENTAS AS DE MERC MERCAD ADER ERÍA ÍAS S................................................................................19

3.2.

VENTAS NETAS:.....................................................................................................19

3.3.

COSTO DE VENTAS...............................................................................................19

3.4. .4.

GAST GASTOS OS DE DE OPE OPERAC RACION IONES...............................................................................20

3.5. 3.5.

GAST GASTOS OS ADMI ADMIN NISTR ISTRA ATIVO TIVOS S...............................................................................20

3.6.

UTILIDADES............................................................................................................21

3.&. .&.

MARGE ARGEN N UTI UTIL LIDAD IDAD BR BRUTO................................................................................22

3.'. 3.'.

MARG MARGEN EN DE UTIL UTILID IDAD AD OPER OPERA ATIVA TIVA..................................................................23

3.(. .(.

MARGE ARGEN N UTI UTIL LIDAD IDAD NETO ETO...................................................................................23

I2# I2#

ESTADO DE FLUO EF EFECTI2O..............................................................................25

4.1.

INGRESOS...............................................................................................................26

4.2. .2.

INGR INGRE ESOS SOS DIVER IVERSO SOS S.........................................................................................26 2

2#

4.3. .3.

INGR INGRE ESOS SOS FIN FINANCIE NCIER ROS...................................................................................26

4.4.

GASTOS...................................................................................................................26

4.5.

GASTOS DE DE VE VENTAS............................................................................................27

4.6. .6.

AN+LIS +LISIS IS ,OR ,ORII-ON ONT TAL........................................................................................27

4.&. .&.

AN+LIS +LISIS IS VER VERTIC TICAL..............................................................................................30

RAT RATIOS IOS FINA FINANC NCIE IERO ROS S.................................................................................................33 5.1. .1.

AN+LIS +LISIS IS DE LI LIU UIDEIDE-........................................................................................33

5.1.1. 5.1.1.

Rat!# Rat!# /% 0!!/ 0!!/% % %$%a %$%a00 # a$ a$ #! #!%$ %$t% t% ..................................................34

5.1.2 .1.2..

Rat!# 7 7%8a 9 9!/a...........................................................................................36

5.1 5.1.3. .3.

Rat!# at!# 7% 7%8a 8a /%% /%%$; $;!< !
5.1 5.1.4. .4.

Rat!# at!# a7! a7!ta ta00 /% ta8 ta8a= a=#: #:..................................................................................41

5.1.5. 5.1.5.

..................... ................ .........................43 ................43 Rat!# Rat!#;; /% /% 0! 0!!/% !/% /% /% 0a; 0a; %$ta %$ta;; 7# 7# #8a #8a:: ..............

5.2. 5.2.

AN+L AN+LIS ISIS IS DE DE LA LA GEST GESTIÓ IÓN N O ACTIV ACTIVID IDAD AD.........................................................45

5.2.1. 5.2.1.

...................... .............................45 .....................45 Rat!# Rat!# #ta! #ta!$ $ /% at% at%a a >% >%$ta $ta;; 7# 7# #8a #8a?: ?:..............

5.2 5.2.2. .2.

R#ta #ta! !$ $ /% /% 0#; 0#; I$< I$<%$ %$ta ta! !#; #;::...........................................................................47

5.2. 5.2.3. 3.

P%@# P%@#/# /# 7# 7#"% "%/! /!# # /% 7a# 7a# a 7#< 7#<%% %%/# /#% %;: ;:..................................................50

5.2 5.2.4. .4.

R#ta #ta! !$ $ /% a=a a=a  8a$ 8a$#; #;:: ............................................................................52

5.2. 5.2.5. 5.

R#ta R#ta! !$ $ /% At! At!<# <#;; T#ta0 #ta0%; %;::...........................................................................53

5.2.6 .2.6..

R#ta #ta!$ !$ /%0 /%0 At! t!<#: <#:.........................................................................................54

5.3.

AN+LISIS AN+LISIS DE SOLVENC SOLVENCIA IA ENDEUDA ENDEUDAMIENT MIENTO O O APALAN APALANCAMI CAMIENT ENTO O......56

5.3.1. 5.3.1.

E;t E;tt ta a /%0 /%0 a7!ta a7!ta00 >/%/a >/%/a 7at! 7at!"#$ "#$!#? !#?:: ....................................................56

5.3.2 .3.2..

E$/%/a"!%$t#:...............................................................................................58

5.3. 5.3.3. 3.

C#8% C#8%t ta a /% a;t# a;t#;; !$a !$a$ $!% !%# #;: ;:...................................................................59

5.3 5.3.4. .4.

C#8% #8%t ta a 7a 7aa a a; a;t# t#;; !=# !=#;: ;:...........................................................................60

5.4. 5.4.

A$90 A$90!; !;!; !; /% /% R%$ R%$ta ta8! 8!0!0!/a /a/: /:........................................................................................62

5.4. 5.4.1. 1.

R%$/ R%$/!" !"!% !%$t $t# # ;#8 ;#8% % %0 7at 7at!" !"#$ #$!# !#:: ..................................................................62

5.4. 5.4.2. 2.

R%$/ R%$/!" !"!% !%$t $t# # ;#8 ;#8% % 0a !$<% !$<%; ;! !$: $:.....................................................................64

5.4.3 .4.3..

Ut!0 t!0!/a/ a at!< t!<#:..................................................................................................66

5.4.4 .4.4..

Ut!0 t!0!/a/ <% <%$ta;:.................................................................................................67

5.4.5 .4.5..

Ut!0! t!0!/ /a/ 7# 7# a a! !$:..........................................................................................68

5.5. 5.5.

VALOR ALOR ECO ECONÓ NÓMI MICO CO AGRE AGREGA GADO DO.....................................................................70

5.6. 5.6.

L!"! L!"!ta ta! !#$ #$%; %; /% 0#; 0#; at! at!#; #;:: ......................................................................................71

Cncl%sines.........................................................................................................................73 Recmen&acines................................................................................................................74 ;i
3

INTRODUCCION E$ %0 7%;%$t% ta8a=# a$a0!a%"#; %0 Ca;# /% 0a %"7%;a Maa S.A. %$ %0 a0 %a0!a%"#; %;ta/#; !$a$!%#; ta"8!$ /%$#"!$a/#; %$ta; a$a0%; 7# ;% ;ta 0a 7%!#/!!/a/ #$ % ;% %0a8#a$ a8!ta0"%$t% %0 #8=%t!<# /% a/!ta %; %0 a$90!;!; /% ;!ta!$ %$ta /% %;0ta/# <%!!a #"7#8a  %;t!"a 0a; %$ta; /%0 %;ta/# /% ;!ta!$ !$a$!%a  0a /% 0#; %;0ta/#;. La !$#"a!$ !$a$!%a % 8!$/a %;t#; %;ta/#; 7#7#$% 7aa %0 ;a!# /% 0a !$#"a!$ #$ta80% /% 0a ;!ta!$ /% 0a %"7%;a $ "%/!# /% a$
4

I#

CONCEPTOS DE AUDITORIA FINANCIEROS

I.1. AUDITOR8A FINANCIERA:

C#"# #$%7t#; 89;!#; /% 0# % %; $a A/!t#@a  $a A/!t#@a F!$a$!%a 7#/%"#; %H7#$% %: A/!t#@a %; 0a a"0a!$  %
5

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6

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E0 #8=%t!<# /% $a a/!t#@a %; a"%$ta %0 a/# /% #$!a$a /% 0#; ;a!#; %$ 0#; %;ta/#; !$a$!%#;. E;t# ;% 0#a "%/!a$t% 0a %H7%;!$ 7# 7at% /%0 a/!t# /% $a #7!$!$ ;#8% ;! 0#; %;ta/#; !$a$!%#; a$ ;!/# 7%7aa/#; %$ t#/#; 0#; a;7%t#; "at%!a0%; /% #$#"!/a/ #$ $ "a# /% !$#"a!$ !$a$!%a a70!a80%. E$ 0a "a#@a /% 0#; "a#; /% !$#"a!$ #$ !$%; %$%a0%; /!a #7!$!$ ;% %!%% a ;! 0#; %;ta/#; !$a$!%#; %H7%;a$ 0a !"a%$ !%0 # ;% 7%;%$ta$ !%0"%$t% %$ t#/#; 0#; a;7%t#; "at%!a0%; /% #$#"!/a/ #$ %0 "a#. U$a a/!t#@a %a0!a/a /% #$#"!/a/ #$ 0a; NIA  #$ 0#; %%!"!%$t#; /% t!a a70!a80%; 7%"!t% a0 a/!t# #"a;% /!a #7!$!$. L#; %;ta/#; !$a$!%#; ;#"%t!/#; a a/!t#@a ;#$ 0#; /% 0a %$t!/a/ 7%7aa/#; 7# 0a /!%!$ 8a=# 0a ;7%
7

%H!"% a 0a /!%!$ # a 0#; %;7#$;a80%; /%0 #8!%$# /% 0a %$t!/a/ /% ;; %;7#$;a8!0!/a/%;. C#"# 8a;% 7aa 0a #7!$!$ /%0 a/!t# 0a; NIA %!%%$ % %0 a/!t# #8t%$a $a ;%!/a/ a#$a80% /% % 0#; %;ta/#; !$a$!%#; %$ ; #$=$t# %;t9$ 0!8%; /% !$#%!$ "at%!a0 /%8!/a a a/% # %#. U$a ;%!/a/ a#$a80% %; $ a/# a0t# /% ;%!/a/. S% a0a$a a$/# %0 a/!t# a #8t%$!/# %%; /%! %0 !%;# /% % %0 a/!t# %H7%;% $a #7!$!$ !$a/%a/a a$/# 0#; %;ta/#; !$a$!%#; #$t%$a$ !$#%!#$%; "at%!a0%;? a $ $!<%0 a%7ta80%"%$t% 8a=#. N# #8;ta$t% $a ;%!/a/ a#$a80% $# ;!$!!a $ a/# a8;#0t# /% ;%!/a/ /%8!/# a % %H!;t%$ 0!"!ta!#$%; !$%%$t%; a 0a a/!t#@a % a%$ % 0a "a# 7at% /% 0a %
6 Título = &r'a in(erna*i&nal de a$di(&ria /A 200! Pag. 2! Año= 2013 7 /A 320! >/'&r(an*ia rela+va & 'a(erialidad en la lani?*a*in y e@e*$*in de la a$di(&ra y /A 450! >Eval$a*in de las in*&rre**i&nes iden+?*adas d$ran(e la reali
8

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I.3. LOS ESTADOS FINANCIEROS

L#; 7!$!7a0%; %;ta/#; !$a$!%#; % t!0!a$ 0a; %"7%;a; ;#$ /#;: %0 %;ta/# /% %;0ta/#;  %0 8a0a$% %$%a0. II. ESTADO DE SITUACIÓN FINANCIERA O BALANCE GENERAL

M%;ta 0#; at!<#; 0#; 7a;!<#;  %0 7at!"#$!# /% $a %"7%;a %$ /%t%"!$a/# "#"%$t#. M!/% 0a !%a /% 0a %"7%;a. E0 7!"% %;ta/# !$a$!%# 89;!# %; %0 Ba0a$% %$%a0 # %;ta/# /% ;!ta!$ !$a$!%a  %; %0 %7#t% % ;% t!0!a 7aa !$#"a ;#8% 0a; !$<%;!#$%; %$ 8!%$%;  /%%#; % t!%$% $a %"7%;a a $a %a /%t%"!$a/a a;@ #"# 0a #"a %$ % ;% !$a$!a#$ %;ta; !$<%;!#$%;. E0 $#"8% /% Ba0a$% %$%a0 ;% #!!$a %$ %0 8a0a$% /% 0#; %;#; % t!%$% 0a %"7%;a #$ 0a %$t% % t!0! 7aa a/!!0#; /!a; %$t%; 7%/%$ ;% a7#ta!#$%; /% 0#; /%#; # a!#$!;ta; # 8!%$ 7# 0a #8t%$!$ /% !$a$!a"!%$t#; %Ht%$#;. 8 Título = &r'a in(erna*i&nal de a$di(&ria 200! Pag. 3! Año= 2013

9

E0 Ba0a$% %$%a0 a0 7%;%$ta !$#"a!$ <90!/a %H0;!!$<%;!#$%;  !$a$!a"!%$t#? /% 0a #"7a@a a0 /@a %$ % %;ta #t# ;% t#". U$ /@a a$t%; # $ /@a /%;7; 0#; /at#; $# ;#$ 0#; "!;"#; /%8!/# a % 0a; %"7%;a; %a0!a$ #7%a!#$%; #$;ta$t%"%$t%  ;ta; a%$ % 0a; !a; %7#ta/a; ;% "#/!!%$ ta"8!$ /% "a$%a %%$t%. La NIF AK3 %$ ; 79a# 42 /%!$% a0 Ba0a$% %$%a0 #"# %0 %;ta/# !$a$!%# % "%;ta !$#"a!$ %0at!
C%a&r n=9 &r'as de /n&r'a*in )inan*iera! /) AC3! -rra& 23. 10 :ariel S-n*;e< "$riel. A$di(&ria de Es(ad&s )inan*ier&s. ,r-*+*a '&derna in(e%ral. Se%$nda edi*in. Edi(&rial= ,ears&n Ed$*a*in. Mi*& 2006 .35.

10

II.1. CUENTAS POR CO;RAR

La; %$ta; 7# #8a ;#$ 0#; !"7#t%; % a/%/a$ t%%a; 7%;#$a; a 0a %"7%;a. EH!;t%$ %$ta; 7# #8a /%!
S#$ a%00#; at!<#; % ;#$ ;;%7t!80%; /% #$<%t!;% %$ /!$%# %$ %%t!<# %$ $ 7%!#/# !$%!# a $ a#. E=%"70# /% %;t#; at!<#; a/%"9; /% a=a  8a$#; ;% t!%$%$ 0a; !$<%;!#$%; a #t# 70a# 0a at%a  0#; !$<%$ta!#;.

11 Carlos Meza Vargas. Contabilidad. Primera edición. Editorial Universidad Estatal a Distancia. Análisis de cuentas. Costa Rica 2!" #.$%.

11

L#; at!<#; #!%$t%; ;#$ /% a$ !"7#ta$!a %$ t#/a %"7%;a 7%;t# % %; #$ %00#; % 0a %"7%;a 7%/% #7%a a/!! "%a$@a; 7aa $"!$a a/!! at!<#; !=#;  7aa ;; 7a;!<#; %$t% #t#; a;7%t#;. E0 at!<# #!%$t% %; %0 % /%t%"!$a 0a a7a!/a/ /% 7a# % t!%$% 0a %"7%;a $ a;7%t# t%$!/# " %$ %$ta ta$t# 7# 0a; %$t!/a/%; !$a$!%a; #"# 7# 0#; 7#<%%/#%;. 12 II.3. ACTI2O NO CORRIENTE

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15

II.6.1.

Pa'rimni ne'

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Reser(as: 8%$%!!#; /% a#; a$t%!#"%$t% %t%$!/#; 7# 0a %"7%;a >$# /!;t!8!/#; a 0#; 7#7!%ta!#;?. Patrimonioneto = Activos − Pasivos

II.&. IN2ENTARIO

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In(en'ari e>'racn'a
17 Título= "&n(ailidad )inan*iera /! Autor: J&s J. Al*arria Jai'e! Pag. 27 18 Título= "&n(ailidad )inan*iera! Autor: J$li& Ma(a Mel& y Aler(& de la ,ea :$+rre
16

II.'. MERCADER8A

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R%#% %0 !"7#t% /% 0#; a7#Va;% %$ a/# N 1?.

19 Título= "&n(ailidad )inan*iera ara $($r&s @$ris(as! Autor: Raael M$&< r*era y Javier M-rF$e< Gi%il! Pag. 59! Año: 2011

17

CUADRO H 2

18

III# ESTADO DE P9RDIDAS Y GANANCIAS O

EL ESTADO DE

RESULTADOS

E; %0 7!$!7a0 /% 0#; /#; %;ta/#; 7aa #8t%$% !$#"a!$ /% "%a/#t%$!a. M%;ta 0a; <%$ta; /% 0a %"7%;a %0 #;t# /% 0#; 8!%$%; <%$/!/#;  0#; a;t#; /a$t% %0 7%@#/# /a/# /% t!%"7#. R%0%=a 0a at!
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%8a=a;

#"%!a0%;. P# ta$t# ;#$ !$%;#; 7aa 0a; %"7%;a; t# /% ; at!
E0 #;t# /% <%$ta; %; %0 a;t# # %0 #;t# /% 7#/! /% t#/#; 0#; at@0#; <%$/!/#; /a$t% $ 7%@#/# #$ta80%. Ca/a $!/a/ <%$/!/a 20 Título= ra+&s ?nan*ier&s y 'a(e'-+*as de la 'er*ad&(e*nia! Autor= "esar A*;in% :$<'-n! Pag. 45! año: 2006 21 Título= "&n(ailidad )inan*iera! Autor: J$li& Ma(a Mel& y Aler(& de la ,ea :$+rre
19

t!%$% $ #;t# /% <%$ta; # #;t# /% 0#; 8!%$%; <%$/!/#;. E$ 0a; %"7%;a; #$ $ a$ $"%# /% %0%"%$t#; % 0%$ a ta<; %0 #;t# /% <%$ta; # #;t# /% 0#; 8!%$%; <%$/!/#; a "%$/# ;% a00a "%/!a$t% %;ta "0a: C#;t# /% V%$ta;  I$<%$ta!# a0 #"!%$# /%0 7%!#/#  C#"7a;  a;t#; /a$t% %0 7%!#/# K I$<%$ta!# a0 F!$a0 /%0 P%!#/#. 22 III.4. GASTOS DE OPERACIONES

E0 #$%7t# /% Ga;t#; /% O7%a!$ ta"8!$ 00a"a/#; a;t#; #7%a!#$a0%; ;% %!%% a0 /!$%# /%;%"8#0;a/# 7# $a %"7%;a  #a$!a!$ %$ %0 /%;a#00# /% ;; at!% 7# ;7%;t# ;% 7%t%$/% % ;%a %$ta80%  7#7#!#$% a$a$!a;?. 23 III.5. GASTOS ADMINISTRATI2OS

L#; a;t#; a/"!$!;tat!<#; ;#$ 0#; a;t#; %$ 0#; % !$% $a %"7%;a % $# %;t9$ /!%ta"%$t%
20

%0%"%$ta0 #"# 0a a8!a!$ 0a 7#/!$ # 0a; <%$ta;. E;t#; a;t#; %;t9$ %0a!#$a/#; #$ 0a #a$!a!$ %$ ; #$=$t# %$ 0a /% $ /%7ata"%$t# !$/!
La t!0!/a/ !$t%a0 %; %0 !$%"%$t# /%0 a7!ta0 a$a/# /% $a %$t!/a/ 0at!
21

III.&. MARGEN UTILIDAD ;RUTO

E;t% at!# %0a!#$a 0a; <%$ta; "%$#; %0 #;t# /% <%$ta; #$ 0a; <%$ta;. I$/!a 0a a$t!/a/ % ;% #8t!%$% /% t!0!/a/ 7# a/a UM /% <%$ta; /%;7; /% % 0a %"7%;a a 8!%t# %0 #;t# /% 0#; 8!%$%; % 7#/% # <%$/%. 25 Va;% %$ 0#; a/# $3 Ca/# $ 3 MARGEN DE UTILIDAD BRUTA =

Margen de Ulidad = Bruta

1996 I 1997 I 1998 I 1999 I 2000 I

1996 142

1997 142

VENTAS −COSTOS DE VETAS =

VENTAS

enta! " Co!to! de enta! enta!

125850.00CC56865.00 128580 156850.00CC65856.00 156850 125960.00CC55563.20 125960 95680.00CC52638.00 95680 88896.00CC50006.10 88896 1998 144

1999 155

I

142

I

142

I

144

I

155

I

156

2000 156

Object 7

25Título = ra+&s ?nan*ier&s y 'a(e'-+*as de la 'er*ad&(e*nia! Autor= "esar A*;in% :$<'-n! Pag. 31! año: 2006

22

III.'. MARGEN DE UTILIDAD OPERATI2A

La U'ili&a& O!era'i(a %; %0 !$/!a/# !$a$!%# % "%;ta a0 a ;!/# 0a %!!%$!a /% 0a %"7%;a /% %$%a !$%;#; /a$t% $ 7%!#/# /%t%"!$a/#. UtilidadOperativa

=

UBT CV G GA −

−

−

U;T @ U'ili&a& ;r%'a T'al C2 @ Gas's &e (en'as CF @ Gas's )inanciers CA @ Gas's A&minis'ra'i(s E0 mar0en &e %'ili&a& !era'i(a %; %0 !$/!a/# /% 0# % ;% #$#% #"# Qa8!0!/a/ 7#/t!
Mar!en de "tilidad operativa

=

UtilidadOperativa Ventas

III.(. MARGEN UTILIDAD NETO

R%$ta8!0!/a/ "9; %;7%@!# % %0 a$t%!#. R%0a!#$a 0a t!0!/a/ 0@!/a #$ %0 $!<%0 /% 0a; <%$ta; $%ta;. M!/% %0 7#%$ta=% /% a/a UM /% <%$ta; % %/a /%;7; /% % t#/#; 0#; a;t#; !$0%$/# 0#; !"7%;t#; a$ ;!/# /%/!/#;. Ca$t# "9; a$/% ;%a %0 "a%$ $%t# /% 0a %"7%;a ta$t# "%=# (5ase %n e*em!l en

el c%a&r NB/.26 26 Título= ra+&s ?nan*ier&s y 'a(e'-+*as de la 'er*ad&(e*nia! Autor= "esar A*;in% :$<'-n! Pag. 32! año: 2006

23

MARGEN NETO DE UTILIDAD

=

UTILIDAD NETA VENTAS NETAS

enta! " Co!to! de enta!

Margen #eta de= Ulidad

1996 I 1997 I 1998 I 1999 I 2000 I

1996 14

=

enta!

1997 15

18188.34 125850 22835.69 156850 2273.35 125960 C29296.47 95680 C59479.12 88896

1998 2

I

14

I

15

I

2

I

C31

I

C67

1999 C31

2000 C67

Mar%en de 8+lidad e(a 20 10 0 C10 C20 C30 C40 C50 C60 C70 C80

1996

1997

1998

1999

2000

CUADRO NB  24

$%TADO D$ P$RD&DA% ' (A#A#C&A% MA'RA %A) ""E,SKAL Gen(as e(as "&s(& de Gen(as UT&*&DAD BRUTA

1996 125850 C56865 0!45 68985!45

1997 1998 156850 125960 C65856 C55563!2 0!42 0!44 90994!42 70397!24

1999 95680 C52638 0!55 43042!55

2000 88896 C50006!1 0!56 38890!46

:as(&s Ad'inis(ra+v&s :as(&s de Gen(as

C46641!36 C45658 C983!36

C59226 C55658 C3568

C64048 C55363 C8685

C64343 C55658 C8685

C94115 C85658 C8457

UT&*&DAD OP$RAT&A

22344!09

31768!42

6349!24

C21300!45

55224!54

3639!25 C256!25 3315 580!5

854 C2506 2300 1060

C3101!6 C3756!6 530 125

C7996!02 C3790!01 200!6 106!25

C4254!58 C4545!49 200!6 90!31

UT&*&DAD A#T$% D$ &MPU$%TO%

25983!34

32622!42

3247!64

C29296!47

C59479!12

/'$es(&s a la Ren(a

C7795

C9786!73

C974!29

0

0

18188!34

22835!69

2273!35

C29296!47

C59479!12

(A%TO% OP$RAC&O#A*

%$OTRO% &#(R$%O% ' $(R$%O%

:as(&s )inan*ier&s /n%res&s ivers&s /n%res&s )inan*ier&s

UT&*&DAD #$TA

I2# ESTADO DE FLUO EFECTI2O

P%t%$/% "#;ta 0a; %$ta/a;  ;a0!/a; /% /!$%#? ;%$ ;; a;a;  /!;t!$!%$/# %$t% 0#; 0=#; /%!
27 Título= "&n(ailidad )inan*iera /! Autor: J&s J. Al*arria Jai'e! Pag. 35

25

S#$ !$%"%$t#; /%0 7at!"#$!# $%t# /!;t!$t#; /% 0a; #7%a!#$%; /% #$/#; a 0a %$t!/a/ 7# 7at% /% 0#; 7#7!%ta!#; #"# #$;%%$!a /% 0a; at!
P#
R%#%$

t#/#;

#7%a!#$%; !$a$!%a;.

a%00#; E0

%=%"70#

!$%;#; /%!
t@7!#

%;

/% $a

!$<%;!$ !$a$!%a %a0!a/a 7aa #0#a $ %H%/%$t% /% t%;#%@a 7%# 7%/%$ %H!;t! #t#; #"# 7;ta"#; a ;#!#; # !$<%;!#$%; %$ #ta; %"7%;a; >at%a?. 2( IV.4. GASTOS

L#; a;t#; ;#$ /!;"!$!#$%; /%0 7at!"#$!# $%t# /!;t!$ta; /% 0a; /!;t!8!#$%; /% #$/#; /% 0a %$t!/a/ a 0#; 7#7!%ta!#; #"# #$;%%$!a /% 0a at!
26

IV.5. GASTOS DE 2ENTAS

L#; Ga;t#; /% V%$ta ;#$ 0#; a;t#; !$%"%$ta0%; /!%ta"%$t% at!8!80%; a 0a <%$ta /% $ at!<# %$ 0#; % 0a %"7%;a $# a8@a !$!/# /% $# a8% t#"a/# 0a /%!;!$ /% <%$/% %H0!/#; 0#; a;t#; !$a$!%#; 0#; !"7%;t#; ;#8% 8%$%!!#;  0#; !$!/#; 7# %;t/!#;  a$90!;!; 7%
S% 7%;%$ta a0 0a/# !!%/# 0a; %$ta; /% At!<# >7# t%$% ;a0/# /8!t#? a0 0a/# /%%# 0a; %$ta; /%0 Pa;!<#  Pat!"#$!# >7# t%$% ;a0/# /!t#?. E;t% "#/%0# /% 7%;%$ta!$ ;% 8a;a %$ %0 %;%"a /% 0a %a!$ 7at!"#$!a0: 31 ><a;% %$ a/# N 3  4?

Ac'i(@ Pasi(  Pa'rimni

30 &r'as /n(erna*i&nales de "&n(ailidadC/" 31 l%a $*ia r$ea B&la&s. "&n(ailidad B-si*a. Edi(&rial= )$nda*in ara la Ed$*a*in S$eri&r San Ma(e&. "&l&'ia 2010! .110.

27

CUADRO NB H

28

CUADRO NB 

29

IV.&. ANLISIS 2ERTICAL

S% aat%!a 7# % %$ 0a 7at% ;7%!# ;% 7%;%$ta 0a; %$ta; /% At!<# %$ ;%!/a 0a; /% Pa;!<#  7# 0t!"# %$ 0a "!;"a #0"$a 0a; %$ta; /% Pat!"#$!#. 32 >Va;% %$ a/# N 5  6?

Ac'i(@ Pasi(  Pa'rimni

32 l%a $*ia r$ea B&la&s. "&n(ailidad B-si*a. Edi(&rial= )$nda*in ara la Ed$*a*in S$eri&r San Ma(e&. "&l&'ia 2010! .111.

30

CUADRO NB 7

31

CUADRO NB J

32

2# RATIOS FINANCIEROS

Mat%"9t!a"%$t% $ at!# %; $a a$ %; /%! 0a %0a!$ %$t% /#; $"%#;. S#$ $ #$=$t# /% @$/!%; %;0ta/# /% %0a!#$a /#; %$ta; /%0 Ba0a$% # /%0 %;ta/# /% Ga$a$!a;  P/!/a;. L#; at!#; 7#<%%$ !$#"a!$ % 7%"!t% t#"a /%!;!#$%; a%ta/a; a !%$%; %;t$ !$t%%;a/#; %$ 0a %"7%;a ;%a$ ;t#; ;; /%#; 8a$%#; a;%;#%; a7a!ta/#%; %0 #8!%$# %t. P# %=%"70# ;! #"7aa"#; %0 at!<# #!%$t% #$ %0 7a;!<# #!%$t% ;a8%"#; 90 %; 0a a7a!/a/ /% 7a# /% 0a %"7%;a  ;! %; ;!!%$t% 7aa %;7#$/% 7# 0a; #80!a!#$%; #$ta@/a; #$ t%%#;. S!<%$ 7aa /%t%"!$a 0a "a$!t/  /!%!$ /% 0#; a"8!#; ;!/#;

%$

0a

%"7%;a

/a$t%

$

7%!#/#

/%

t!%"7#.

F$/a"%$ta0"%$t% 0#; at!#; %;t9$ /!
-# Í$/!%; /% 0!!/%: E
6# Í$/!%; /% G%;t!$ # at!
K# Í$/!%; /% S#0<%$!a %$/%/a"!%$t# # a7a0a$a"!%$t#: Rat!#; % %0a!#$a$ %;#;  #"7#"!;#;.

/# Í$/!%; /% R%$ta8!0!/a/: M!/%$ 0a a7a!/a/ /% 0a %"7%;a 7aa %$%a !%a >%$ta8!0!/a/ %#$"!a  !$a$!%a?. V.1. ANLISIS DE LIUIDE

M!/%$ 0a a7a!/a/ /% 7a# % t!%$% 0a %"7%;a 7aa a% %$t% a ;; /%/a; /% #t# 70a#. E; /%! %0 /!$%# %$ %%t!<# /% % /!;7#$% 7aa a$%0a 0a; /%/a;. EH7%;a$ $# ;#0a"%$t% %0 "a$%=# /% 0a; !$a$a; t#ta0%; /% 0a %"7%;a ;!$# 0a a8!0!/a/ %%$!a0 7aa 33

#$<%t! %$ %%t!<# /%t%"!$a/#; at!<#;  7a;!<#; #!%$t%;. Fa!0!ta$ %Ha"!$a 0a ;!ta!$ !$a$!%a /% 0a #"7a@a %$t% a #ta; %$ %;t% a;# 0#; at!#; ;% 0!"!ta$ a0 a$90!;!; /%0 at!<#  7a;!<# #!%$t%. U$a 8%$a !"a%$  7#;!!$ %$t% a 0#; !$t%"%/!a!#; !$a$!%#; %!%%: "a$t%$% $ $!<%0 /% a7!ta0 /% ta8a=# ;!!%$t% 7aa 00%
E0 at!# /% 0!!/% %$%a0 0# #8t%$%"#; /!

38938.6 36824.76

38158 33876.26

47710 40048

50325 184583.61

I

1.06

I

1.13

I

1.19

I

0.27

34

2000

1996 1.06

73150

I

268170.7

1997 1.13

1998 1.19

1999 0.27

0.27

2000 0.27

Ratio de liquidez 1.4 1.2 1.06 1

1.13

1.19

0.8 0.6 0.4 0.2 0 1996

1997

1998

0.27

0.27

1999

2000

Cncl%si,n: E0 at!# /% 0!!/% "!/% 0a a7a!/a/ % t!%$% 0a %"7%;a MARA S.A. 7aa 8! ;; #80!a!#$%; #!%$t%; #"# %;t% @$/!% "!/% %0 %;0ta/# /% 0a %"7%;a 7aa 8! #7#t$a"%$t% ;; #"7#"!;#; /% #t# 70a# "%;ta 0a /!;7#$!8!0!/a/ #!%$t% /% 0a %"7%;a 7# a/a S. 1 ;#0 /% /%/a. O8;% 0#; 7a#; ? %$ %0 a# 1(((  2*** %;ta ;!ta!$ ;% /!;"!$% 7%; 7#;%% S. *.2& 7# a/a ;#0 /% /%/a #!%$t%. 35

E;ta a$ #!%$t% /%"a;!a/# 8a=# ;!$!!a % %$ %0 a# 1(((  2*** >S. *.2&? 0a %"7%;a t!%$% 7#80%"a; /% 0!!/%  7# 0# ta$t# %;ta@a %$ /!!0ta/ 7aa at%$/% ;; #"7#"!;#; a #t# 70a#. E; /%! 7aa 7aa 0a S$at 0#; 7#<%%/#%; 0#; ta8a=a/#%;  a0 ;!;t%"a !$a$!%#.

Recmen&acines: D%;a%;% /% at!<#; % $# ;%a$ 7#/t!<#;. P# %=%"70# ;! a at!<#; % ;0# %;t9$ %$ %;%
36

E; a%0 !$/!a/# % a0 /%;ata /%0 at!<# #!%$t% %$ta; % $# ;#$ 9!0"%$t% %a0!a80%; 7#7#!#$a $a "%/!/a "9; %H!%$t% /% 0a a7a!/a/ /% 7a# /% $a %"7%;a %$ %0 #t# 70a#. E; a0# "9; ;%<%a % 0a a$t%!#  %; a00a/a %;ta$/# %0 !$<%$ta!# /%0 at!<# #!%$t%  /!
Prue+a A,ida =

1996

A,-o Corriente " &n-entario Pa!i-o Corriente

38938.6 C 20650 36824.76 38158 C25655 33876.26 47710C35620 40048 50325C35050 184583.61 73150C45860 268170.7

1997 1998 1999 2000

I

0.50

I

0.37

I

0.30

I

0.08

I

0.10

1996

1997

1998

1999

2000

0.5

0.37

0.3

0.08

0.27 37

Cncl%si,n: La %"7%;a MARA S.A. %$ta %$ %0 a# 1((6 #$ S *.5*  %$ 0#; a#; ;!!%$t%; a $a /!;"!$!$ %$ %0 1((& #$ S *.3& 1((' S *.3* 1((( S *.*' #"7aa$/# %0 a# 1(((  2*** %;t% a# t<# $ a"%$t# /% S *.2& $t!"#; 7# a/a ;#0 /% /%/a %H!!80%. E$t#$%; 7#/%"#; /%! % 0a %"7%;a MARA S.A. %$ 0#; 0t!"#; 5 a#; a $# 7%/% "70! #$ ;; #80!a!#$%; a #t# 70a# a % %0
Recmen&acines: Paa "%=#a %;ta ;!ta!$ ;% %#"!%$/a 0# ;!!%$t%: 

A"70!a %0 a7!ta0



R%#$<%t! 0a /%/a 7a;9$/#0a a 0a# 70a#



V%$ta; /% at!<#; R%ta;a 7a#; ;!$ a% %$ "#a; # 7%$a0!/a/.

M#$!t#%a 9$t# /!$%# ;% %t!a /% %$ta; 7aa !$t%$!#$%; %"7%;a!a0%;  $# %"7%;a!a0%;. U$ %=%"70# /% %;t# ;% 00a"a 0#; Q%t!#; /% /%#Q. La ;a0!/a /% %%t!<# !$$%%;a!# %; a;a/a 7# %0 %t!# /% $a a$t!/a/ %H%;!
38

V.1.3. Ra'i !r%e
P%"!t% "%/! 0a a7a!/a/ %%t!
CAA BANCOS



PASIVO CORRIENTE Ca/a  Ban,o!

Prue+a De.en!i-a =

1996 1997 1998 1999 2000

Pa!i-o Corriente

5632.35 36824.76 2365 33876.26 1056.5 40048 500 184583.61 125 268170.7

I

0.15

I

0.07

I

0.03

I

0.00

I

0.00

1996

1997

1998

1999

2000

0.15

0.07

0.03

0

0

39

Ratio prueba defensiva 0.16 0.14 0.12 0.1 0.08 0.06 0.04 0.02 0 1996

1997

1998

1999

2000

Cncl%si,n: S% #8;%
Recmen&aci,n: S% 7%/% /%! % ;0# t%$/%"#; %$ %$ta $%;t#; at!<#; t#ta0"%$t% 0@!/#; %; /%! /% t%;#%@a >a=a  8a$#;?  0#; 7# %=%"70# 7%/%$
V.1.4. Ra'i ca!i'al &e 'ra
C#"# %; t!0!a/# #$ %%$!a
1996 I 1997 I 1998 I 1999 I 2000 I

A,-o Corriente " Pa!i-o Corriente

38938.6C36824.76 38158C33876.26 47710C40048 50325C184583.61 73150C268170.7

I I I I I

2113.84 4281.74 7662.00 C134258.61 C195020.70

1996

1997

1998

1999

2000

2113.84

4281.74

7662.00

C134258.61

C195020.7

41

Ratio capital de trabajo 50000 0

1996

1997

1998

1999

2000

C50000 C100000 C150000 C200000 C250000

Cncl%si,n: S% 7%/% #8;%
Recmen&aci,n:



A## /% at!<#; !=#; #8;#0%t#; %; /%! ;! ;% t!%$% & "a!$a!a; 7%# ;#0# ;% ;a$ 2 ;% 7%/%$ <%$/%0a; # a0!0a0a;.



E"!t! 8#$#;



B;a $ $%<# ;#!#.

42



R%7#a"a a/%a/a"%$t% 0a /%/a; a$t%; /% % ;% <%$!%a$ a 0a# 70a# >"a# a 1 a#?.



N# #"7%; at!<#; !=#; >70a$ta # %/!!a!$? #$ 7;ta"#; a #t# 70a#. S%9 $ %t# #$<%t! 0#; at!<#; !=#; %$ %%t!<# #$ 0a ;!!%$t% a7!/% #"# 7aa /%<#0<% 0#;



7;ta"#; %;t# a%ta9 a t a7!ta0 /% ta8a=#  $# a/a@a. A/"!$!;ta 0#; $!<%0%; /% !$<%$ta!# %
7aa %0 !$<%$ta!#  ;% %/% 0a 7#;!8!0!/a/ /% % ;% /a%$ 0#; !$;"#; .Va;% %$ %0 a/# $ 14 V.1.5. Ra'is &e li%i&e &e las c%en'as !r c
La; %$ta; 7# #8a ;#$ at!<#; 0@!/#; ;0# %$ 0a "%/!/a %$ % 7%/a$ #8a;% %$ $ t!%"7# 7/%$t%. PERIODO PROMEDIO  DE COBRAN-A

CHC ) D@a; %$ %0 a#  D@a; V%$ta; a$a0%; a /!t#

ROTACIÓN DE LAS C)C 

V%$ta; a$a0%; a C/!t#

 V%%;

C)C Periodo Proedio de Co+ran3a =

1996 7

1997 4

Cuenta! or Co+rar4Día! en el Año enta!

1998 4

1999 5

2000 5

43

1996 I 1997 I 1998 I 1999 I 2000 I

2365.25360 125850 1526360 156850 1265360 125960 1265360 95680 1265360 88896

I

6.77

I

3.50

I

3.62

I

4.76

I

5.12

Ra+&s de liF$ide< de las *$en(as 9&r *&2rar 8 7 6 5 4 3 2 1 0 1996

1997

1996 I 1997 I 1998 I 1999 I 2000 I

1998

1999

125850 2365.25 156850 2365.25 125960 1265 95680 1265 88896 1265

1996

1997

1998

1999

2000

53

66

99

75

70

2000

I

53

I

66

I

99

I

75

I

70

44

Cncl%si,n: S% a7%!a % %$ %0 7%!#/# 1((6 %0 7#"%/!# /% /@a /% #8a$a %; /% & /@a; a7#H. %$ /#$/% %0 #8# a0 a# ;%9 53 <%%; # %$ t#/# a;# 7$ta0  a$ "%=# %$ 0#; a#; ;!!%$t%; ;% #8aa a$t%; /% 0# 7#$#;t!a/# %$ %0 7%!#/# 2*** ;% #$
Recmen&aci,n: V.2. ANLISIS DE LA GESTIÓN O ACTI2IDAD

M!/%$ 0a %%t!%$ta 7# #8a !$<%$ta!#? $%%;!ta 7aa #$<%t!;% %$ /!$%#. M!/%$ 0a a7a!/a/ % t!%$% 0a %%$!a 7aa %$%a #$/#; !$t%$#; a0 a/"!$!;ta %$ #"a 45

a/%a/a 0#; %;#; !$<%t!/#; %$ %;t#; at!<#;. A;@ t%$%"#; %$ %;t% 7# 0#; ;!!%$t%; at!#;:

V.2.1. Ra'i r'aci,n &e car'era c%en'as !r c
M!/%$ 0a %%$!a /% %7%a!$ /% 0a; %$ta; 7# #8a. E0 7#7;!t# /% %;t% at!# %; "%/! %0 70a# 7#"%/!# /% /!t#; #t#a/#; a 0#; 0!%$t%;  %


P%@#/# /% #8a$a;: ROTACIÓN DE CARTERA  C)C PROMEDIO  36*  DÍAS

VENTAS 46



R#ta!$ a$a0: 36*

 ) VECES ROTA AL AWO

RESULTADO Ca/# $ 15 "$en(as &r 2!365.25N1!526.00N1!265.00N1!265.00N1!265.00 "&rar ,r&'edi& es I 5 I

Rota,ion or Año

1537.25

K360 1996 1997 1998 1999 2000

1996 82

1537.25360 125!850.00 1537.25360 156!850.00 1537.25360 125!960.00 1537.25360 95!680.00 1537.25360 88!896.00

1997 102

1998 82

I

4.40

82 das

I

3.53

102 das

I

4.39

82 das

I

5.78

62 das

I

6.23

58 das

1999 62

2000 58

R.6A"/. 5E "AR6ERA 120 100 80 60 40 20 0 1996

1997

1998

1999

2000

Cmen'ari: E;t% at!# "!/% # %
;!!%$t% ;% !$%"%$t a 1*2 /@a; !$a0"%$t% /%;/% %0 a# ;!!%$t% %#$ /!;"!$%$/# 0#; /@a; /% 70a#.

Recmen&aci,n: E$ %0 7!"% a# 0a %"7%;a ta/a %$ %7%a ; at%a a;! 3 "%;%; 7%# %;# $#; 7%/% !"7%/! %0 "#
Ca$t!!a %0 t!%"7# % /%"#a 0a !$<%;!$ %$ !$<%$ta!#; a;ta #$<%t!;% %$ %%t!<#  7%"!t% ;a8% %0 $"%# /% <%%; % %;ta !$<%;!$
P%@#/# /% 0a !$"#


P%@#/# /% !$"#


R#ta!$ a$a0: 36*


R%;0ta/# Ca/# $16 &n-entario! Proedio 460

Rota,i5n de &n-entario! =

Co!to de enta!

20650.00N25655.00N35620.00N35050.00N45860.00 5

&n-entario! Proedio e! =

I

Rota,i5n or Año

32567

K360 1996 1997 1998 1999 2000

32567360 C56!865.00 32567360 C65!856.00 32567360 C55!563.20 32567360 C52!638.00 32567360 C50!006.10

I

206.17

I

178.03

I

211.01

I

222.73

I

234.45

1.75 2.02 1.71 1.62 1.54

49

1996 1.75

1997 2.02

1998 1.71

1999 1.62

2000 1.54

R&(a*i&n de /nven(ari&s 2.5 2 1.5 1 0.5 0

1 1996

1997

1998

1999

2000

Cncl%si,n: E;t% a!# ;!$!!a % %$ %0 a# 1((6 %0 !$<%$ta!# a #ta/# 1&5 <%%; %$ 1((& #t# 2*2 <%%; %$ %0 1((' #t# 1.&1 <%%; %$ %0 a# 1((( #t# 162 <%%;  #$ %;7%t# a0 a# 2*** /% 154 <%%; !$a0"%$t% %;t# ;!$!!a % 0a; <%$ta; $# %;t9$ "%=#%; #$ %;7%t# a 0#; a#; 1((6  2*** #"# a ;% a$a0! a$t%!#"%$t% a$t# "a# #ta!$ "%=# %; 7aa 0a %"7%;a MARA S.A

Recmen&aci,n: T%$%"#; % a% % 0a #ta!$ ;8a 7aa % 0a %"7%;a ;% %/% ;!$ "%a/%@a %;ta$a/a %$ %0 7!"% a# 0a #ta!$ % /% 1 <% a0 a# %;t# !%% /%! % ;8%$ 0#; #;t#; /% a0"a%$a"!%$t#  %$ %0 ;%$/# a# ;8!# a 2 <%%; "%=#a 0#; !$<%$ta!#; 7%# $# ta$t# #"# !;!a"#; %$ %0 t%% a# % 1 <% a;ta %0 !$t# a# %;t# a% % $# ;% 7%/a ta$;#"a %;a "%a/%@a %$ 7#/!$  50

ta"8!$ a% % ;% /%"#% 0a; <%$ta;. D%8%"#; /% t%$% $a "a# #ta!$ /% !$<%$ta!#; 7aa %$%a "%$#; #;t#; /% a0"a%$a"!%$t#  7#/% <%$/% 7aa %$%a %$ta8!0!/a/ a 0a %"7%;a. V.2.3. Per+& !rme&i &e !a0 a !r(ee&res:

E;t% %; #t# !$/!a/# % 7%"!t% #8t%$% !$/!!#; /%0 #"7#ta"!%$t# /%0 a7!ta0 /% ta8a=#. M!/% %;7%@!a"%$t% %0 $"%# /% /@a; % 0a !"a ta/a %$ 7aa 0#; /!t#; % 0#; 7#<%%/#%; 0% a$ #t#a/#. U$a 79t!a ;a0 %; 8;a % %0 $"%# /% /@a; /% 7a# ;%a "a# a$% /%8% t%$%;% !/a/# /% $# a%ta ; !"a%$ /% X8%$a 7aaY #$ ;; 7#<%%/#%; /% "at%!a 7!"a. E$ 7#a; !$0a!#$a!a; /%8% /%;aa;% 7at% /% 0a 7/!/a /% 7#/% a/!;!t!<# /%0 /!$%# %$ 0#; 7#<%%/#%; #"79$/#0%; a /!t#. P%@#/# /% 7a#; # #ta!$ a$a0: E$ #"a ;!"!0a a 0#; at!#; a$t%!#%; %;t% @$/!% 7%/% ;% a00a/# #"# /@a; 7#"%/!# # #ta!#$%; a0 a# 7aa 7aa 0a; /%/a;. Va;% %$ %0 a/# $ 1& PERIODO PAGO A PROV C)P >PROMEDIO?  36*  DÍAS C)P >PROMEDIO? 36*



R#ta!$ a$a0: 36*


RESULTADO Ca/# $ 1& Pago a Pro-eedore! =

Cuenta! or Pagar 8Proedio9460 Cora! a Pro-eedore!

51

Cuenta! or Pagar 15918.26N15830.26N10658.00N135815.61N178070.70 5 Proedio =

I

Rota,i5n or Año

71258.57

K360 1996 1997 1998 1999 2000

1996 0.28

71258.57360 20216 71258.57360 17658 71258.57360 25980 71258.57360 45850 71258.57360 85600

1997 0.25

1998 0.36

I

1268.95

0.28

I

1452.77

0.25

I

987.42

0.36

I

559.50

0.64

I

299.69

1.20

1999 0.64

2000 1.20

,RME/ E ,A: A ,RGEERES 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 1996

1997

1998

1999

2000

Cncl%si,n: L#; /@a; 7#"%/!# %$ % 7aa$ a ;; 7#<%%/#%; ;% t!70!a#$ %$ #"7aa!$ #$ %0 1((6 %$ %0 2*** 00%a$/# /% 126' /@a; a 2(( /@a; a7#H!"a/a"%$t% %"7%a$/# a a0aa %0 7%!#/# /% 7a# %$ 0#; 7!"%#; 3 7%!#/#; 0# a0 a% %%%$!a a $a %!%$t% 7aa %0 "70!"!%$t# a 0#; 7#<%%/#%; /% 0#; a#; ;!!%$t%;. 52

Recmen&aci,n: L# %#"%$/a80% %; % %0 7a# a 7#<%%/#%; ;%a 0# "9; 7#0#$a/# 7#;!80% a % ;! 0#; 7#<%%/#%; $#; /a$ "9; 70a# $#;#t#; #$ta"#; #$ "a; /@a; 7aa 7#/% %a/a %0 /!$%#  a;@ %%ta %0 7a# #"# <%"#; a/a a# % %!%$/# %0 70a#  a% % t%$a"#; $a 8%$a 7%;%$!a %$t% a $%;t#; 7#<%%/#%;. V.2.4. R'aci,n &e ca*a "
Da$ $a !/%a ;#8% 0a "a$!t/ /% 0a a=a  8a$#; 7aa 8! /@a; /% <%$ta. L# #8t%$%"#; "0t!70!a$/# %0 t#ta0 /% Ca=a  Ba$#; 7# 36* >/@a; /%0 a#?  /!
VENTAS Ca/# $ 1' Ca/a  Ban,o! 460

Rota,i5n de Ca/a = Ban,o!

1996 I 1997 I 1998 I 1999 I 2000 I

1996 16

1997 5

enta!

5632.35360 125850 2365.00360 156850 1056.50360 125960 500.00360 95680 125.00360 88896 1998 3

1999 2

I

16.11

I

5.43

I

3.02

I

1.88

I

0.51

2000 1

53

RA"/O E "AJA BA"S 18 16 14 12 10 8 6 4 2 0 1996

1997

1998

1999

2000

Cncl%si,n: E;t% at!# $#; !$/!a a$t# /% t!%"7# t%$%"#; /% 0!!/% 7aa 7#/% 8! 0#; /@a; /% <%$ta. E; a;@ #"# <%"#; % %$ 1((6 #$ta"#; #$ 16 /@a; a0 7a;a 0#; a#; ;% a$ /!;"!$!/# a;ta 00%a a 1 /@a.

Recmen&aci,n: C#$ta"#; #$ 0!!/% "%$# a/a a# a % #"%$a"#; %0 7!"% a# #$ 16 /@a; 7aa 8! 0a <%$ta  % 8a=a$/# a/a a# a;ta ;#0# 7#/% 00%a a 8! $ /@a /% <%$ta /%8%"#; /% ;8! 0a a$t!/a/ /% /@a; 7aa 7#/% a!%;a$#; a "9; /@a; /% <%$ta. V.2.5. R'aci,n &e Ac'i(s T'ales:

Rat!# % t!%$% 7# #8=%t# "%/! 0a at!
;; 0!%$t%; $


ACTIVOS TOTALES

VENTAS

 VECES

ACTIVOS TOTALES Ca/# $ 1( enta!

Rota,i5n de A,-o! Totale! =

1996 I

1997 I

1998 I

1999 I

2000 I

1996 0.44

A,-o! Totale!

1997 0.60

125850 289153.6 156850 263351.5 125960 250384.15 95680 232731.74 88896 237316.06 1998 0.50

1999 0.41

I

0.44

I

0.60

I

0.50

I

0.41

I

0.37

2000 0.37

Rota,i5n de A,-o! Totale! 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 1996

1997

1998

1999

2000

Cncl%si,n: La %"7%;a <%$/!

*.44 <%%; %0
!$%"%$ta$/# 0!%a"%$t% %$ %0 1((6 7%# <#0
t!0!a/a 0a !$<%;!$ %a0!a/a 0# % !$/!a % 0#; at!<#; %;t9$ ;!%$/# ;8t!0!a/#; # $# %$%a$
Recmen&aci,n: D%8%"#; "%=#a 0a; <%$ta; 7aa a% %% 0#; at!<#; /% 0a %"7%;a t%$%"#; % t!0!a "%=# 0a !$<%;!$ t%$%"#; % a% %% 0a; <%$ta; 7aa %$%a "9; at!<#;  7# %$/% "9; %$ta8!0!/a/ a 0a %"7%;a.

V.2.6. R'aci,n &el Ac'i(:

At!<# F!=# E;ta a$ %; ;!"!0a a 0a a$t%!# #$ %0 a%a/# % "!/% 0a a7a!/a/ /% 0a %"7%;a /% t!0!a %0 a7!ta0 %$ at!<#; !=#;. M!/% 0a at!
VENTAS

 VECES

ACTIVO FIO a/# $ 2* Rota,i5n de A,-o! Totale! =

1996 I

enta! A,-o! i/o!

125850 250215

I 0.50 56

1997 I 1998 I

1999 I

2000 I

1996 0.50

1997 0.70

1998 0.62

156850 225193.5 125960 202674.15 95680 182406.74 88896 164166.06

I 0.70 I 0.62 I 0.52 I 0.54

1999 0.52

2000 0.54

RA"/O E A"/G )/J 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 1996

1997

1998

1999

2000

Cncl%si,n: C#"# !a %$ 0#; a#; /% 1((6 a;ta %0 2*** 0a #ta!$ /% at!<#; a %;ta/# 7# /%8a=# /% 1 <%%; a % 0a; <%$ta; a$ %;ta/# /!;"!$%$/# $#ta80%"%$t% %$ %0 a# 1(((  2*** ;% %!;t $ $!<%0 /% <%$ta; /% S (56'*.**  S '''(6.**  %0 $!<%0 /% !$<%$ta!# a$ %;ta/# a"%$ta$/# a;ta %0 a# 2*** ;% %!;t# %; S 45'6*.** 0# "%=# %; % %$ $!<%0 /% #ta!$ a"%$t% a % %;# ;!$!!a % a $a "a# #ta!$ /% 0#; at!<#;.

Recmen&aci,n: A@ ta"8!$ t%$%"#; % "%=#a 0a; <%$ta; 7aa % aa "a# #ta!$ /% at!<#;  "a# #ta!$ /% !$<%$ta!#; a % #"%$a"#; #$ "%$#; /% 1 <%  %0 ;%$/# a# ;!% #$ $ 0!%# a"%$t# 7%# $! a$ a;@ 00%a"#; a 1 <%; a0 a# % %;ta"#; #0#a$/# %$ %0 "%a/# %0 /%t%"!$a/# $"%# /% <%%; %0
V.3. ANLISIS

DE

SOL2ENCIA

ENDEUDAMIENTO

O

APALANCAMIENTO

E;t#; at!#; "%;ta$ 0a a$t!/a/ /% %;#; % ;#$ #8t%$!/#; /% t%%#; 7aa %0 $%#!#. EH7%;a$ %0 %;7a0/# % 7#;%% 0a %"7%;a %$t% a ;; /%/a; t#ta0%;. Da$ $a !/%a /% 0a at#$#"@a !$a$!%a /% 0a "!;"a. C#"8!$a$ 0a; /%/a; /% #t#  0a# 70a#. P%"!t%$ #$#%  ta$ %;ta80% # #$;#0!/a/a %; 0a %"7%;a %$ t"!$#; /% 0a #"7#;!!$ /% 0#; 7a;!<#;  ; 7%;# %0at!<# #$ %0 a7!ta0  %0 7at!"#$!#. M!/%$ ta"8!$ %0 !%;# % #% !$ #%% !$a$!a!$ a/!!#$a0 a $a %"7%;a  /%t%"!$a$ !a0"%$t% !$ a a7#ta/# 0#; #$/#; !$<%t!/#; %$ 0#; at!<#;. M%;ta %0 7#%$ta=% /% #$/#; t#ta0%; a7#ta/#; 7# %0 /%#>;? # 0#; a%%/#%; a ;%a a #t# # "%/!a$# 70a#. Paa 0a %$t!/a/ !$a$!%a 0# !"7#ta$t% %; %;ta80%% %;t9$/a%; #$ 0#; a0%; 7%/a "%/! %0 %$/%/a"!%$t#  7#/% a80a %$t#$%; /% $ a0t# # 8a=# 7#%$ta=%. E0 a$a0!;ta /%8% t%$% 0a# % %0 %$/%/a"!%$t# %; $ 7#80%"a /% 0=# /% %%t!<#  % %0 !%;# /% %$/%/a;% #$;!;t% %$ 0a a8!0!/a/ % t%$a # $# 0a a/"!$!;ta!$ /% 0a %"7%;a 7aa %$%a 0#; #$/#; $%%;a!#;  ;!!%$t%; 7aa 7aa 0a; /%/a; a "%/!/a % ;%
E; %0 #!%$t% % "%;ta %0 a/# /% %$/%/a"!%$t# #$ %0a!$ a0 7at!"#$!#. E;t% at!# %
PASIVO TOTAL   58

PATRIMONIO a/# $ 21 Pa!i-o Total

$!tru,tura del = Caital

1996 I 1997 I 1998 I 1999 I 2000 I

1996 SK5.70 ALS A ,AS/G "RR/EE A ,AS/G  "RR/EE TOTA* PA%&O

1997 SK2.73

Patrionio

245965.26 43188.34 192680.11 70671.39 198001.76 52382.39 232803.61 C71.88 271255.7 C33939.66

1998 SK3.78

1999 CSK3!23

I

SK5.70

I

SK2.73

I

SK3.78

I

CSK3!238.78

I

CSK7.99

2000 CSK7.99

1996 1997 1998 1999 2000 36824.76 33876.26 40048 184584 268170.7 209140.5 158803.85 157953.76 48220 3085 245965.3 192680.11 198001.76 232804 271255.7

Cmen'ari: E;t# !%% /%! % 7# a/a Z a7#ta/# 7# %0 /%# /% 0a #a$!a!$ %$ 1((6 a 5.&* a7#ta/# 7# 0#; a%%/#%; %$ %0 a# 1((' %; /% 3.&' a7#ta/# 7# 0#; a%%/#%; 7%# /% a@ 59

7aa a /%0a$t% 0#; a%%/#%; /!;"!$%$ %$ %0 a# a K323  !$a0"%$t% %$ %0 2*** a  &((. V.3.2. En&e%&amien':

R%7%;%$ta %0 7#%$ta=% /% #$/#; /% 7at!!7a!$ /% 0#; a%%/#%; a ;%a %$ %0 #t# # 0a# 70a# %$ 0#; at!<#;. E$ %;t% a;# %0 #8=%t!<# %; "%/! %0 $!<%0 0#8a0 /% %$/%/a"!%$t# # 7#7#!$ /% #$/#; a7#ta/#; 7# 0#; a%%/#%;. Va;% %$ %0 a/# $ 22 RA-ÓN DE ENDEUDAMIENTO PASIVO TOTAL   ACTIVO TOTAL Ca/# $ 22 Pa!i-o Total

$!tru,tura del = Caital

1996 I 1997 I 1998 I 1999 I 2000 I

1996 85

1997 73

A,-o Total

245965.26 289153.6 192680.11 263351.5 198001.76 250384.15 232803.61 232731.74 271255.7 237316.06 1998 79

1999 100

I

85

I

73

I

79

I

100

I

114

2000 114

60

RAPO 5E E5E85AM/E6. 120 100 80 60 40 20 0 1996

1997

1998

1999

2000

Cmen'ari: S% #8;%
E;t% at!# $#; !$/!a a;ta  7$t# 7%/%$ /!;"!$! 0a; t!0!/a/%; ;!$ 7#$% a 0a %"7%;a %$ $a ;!ta!$ /% /!!0ta/ 7aa 7aa ;; a;t#; !$a$!%#;. Va;% %$ %0 a/# $ 23 COBERTURA DE GG.FF  UTILIDAD ANTES DE INTERESES  VECES GASTOS FINANCIEROS Ca/# $ 23

61

Ulidad Bruta

Co+ertura de (ato! inan,iero!:

1996 I

1997 I

1998 I

1999 I

2000 I

1996 C1.48

1997 C1.54

(a!to! i/o!

68985.45 C46641.36 90994.42 C59226 70397.24 C64048 43042.55 C64343 38890.46 C94115 1998 C1.10

I

C1.48

I

C1.54

I

C1.10

I

C0.67

I

C0.41

1999 C0.67

2000 C0.41

Co+ertura de (ato! :inan,iero! 0.00 C0.20 C0.40 C0.60 C0.80 C1.00 C1.20 C1.40 C1.60 C1.80

1996

1997

1998

1999

2000

Cmen'ari: E;t% at!# $#; !$/!a % 0a %"7%;a %;t9 %$ 7/!/a; /%;/% % #"%$ a % 0a %"7%;a $# 7#/9 8! ;; a;t#; !$a$!%#; #$ 0#; %;0ta/#; /% a/a a# 7%;%$ta/#. V.3.4. C
E;t% at!# 7%"!t%
7#;!8!0!/a/ % t!%$% 0a #"7a@a 7aa %;7#$/% 7# ;; #;t#; !=#;  7# a0!% a;t# a/!!#$a0 #"# 7# %=%"70# 0#; !$a$!%#;. Va;% %$ %0 a/# $ 24 COBERTURA DE GASTOS FIOS  UTILIDAD BRUTA  VECES GASTOS FIOS Ca/# $ 24 Ulidad Bruta

Co+ertura de (ato! inan,iero!:

1996 I 1997 I 1998 I 1999 I 2000 I

1996 C1.48

1997 C1.54

(a!to! i/o!

68985.45 C46641.36 90994.42 C59226 70397.24 C64048 43042.55 C64343 38890.46 C94115

1998 C1.10

1999 C0.67

I

C1.48

I

C1.54

I

C1.10

I

C0.67

I

C0.41

2000 C0.41

6"&2er($ra 9ara %as(&s ?@&s 0.00 C0.20 C0.40 C0.60 C0.80 C1.00 C1.20 C1.40 C1.60 C1.80

1996

1997

1998

1999

2000

Cmen'ari E;t% at!# $#; !$/!a % 0a %"7%;a %;t9 %$ 7/!/a; /%;/% % #"%$ a % 0a %"7%;a $# 7#/9 8! ;; a;t#; !=#;  7# a0!% a;t# a/!!#$a0 #$ 0#; %;0ta/#; /% a/a a# 7%;%$ta/#.

63

V.4. Análisis &e Ren'a
M!/%$ 0a a7a!/a/ /% %$%a!$ /% t!0!/a/ 7# 7at% /% 0a %"7%;a. T!%$%$ 7# #8=%t!<# a7%!a %0 %;0ta/# $%t# #8t%$!/# a 7at! /% !%ta; /%!;!#$%;  7#0@t!a; %$ 0a a/"!$!;ta!$ /% 0#; #$/#; /% 0a %"7%;a. E
E;ta a$ 0# #8t%$%"#; /!
UTILIDAD NETA

 

64

CAPITAL O PATRIMONIO Ca/# $ 25 Rendiiento !o+re el Patrionio:

1996 I 1997 I 1998 I 1999 I 2000 I

1996 42

1997 32

Ulidad #eta Caital o Patrionio

18188.34 43188.34 22835.69 70671.39 2273.35 52382.39 C29296.47 C71.88 C59479.12 C33939.66 1998 4

I

42

I

32

I

4

I

40757

I

175

1999 40757

2000 175

Rendi2iento !o+re el Patri2onio 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 1996

1997

1998

1999

2000

Cmen'ari: E;t# !%% /%! % %0 7at!"#$!# /% 0a %"7%;a /a$t% 0#; a#; 1((6 a0 2*** #8t<# $a %$ta8!0!/a/ /% 42 32 %$ %0 a# 1((' t<# $a %a@/a a0 4 a % 0a t!0!/a/ 8ta /!;"!$# a S 22&3.35 %$ a"8!# %$ %0 1(((  2*** a $ at# %!"!%$t# %$ 0a %$ta8!0!/a/ /%0 7at!"#$!# /% 4*&5& 1&5 %;t# !%% /%! % %$ %;t#; a#; 0a t!0!/a/ 8ta a"%$t# a<#a80%"%$t% a S 2(2(6.4& S 5(4&(.12 /% 0a "a$# a0 7at!"#$!#. 65

E;t# #% 7#% %0 <%/a/%# a7!ta0 !$<%t!/# $# ;#$ 0#; at!<#; ;!$# %0 7at!"#$!# 7%;t# % ;%a"%$t% % 7at% /% 0#; at!<#; %;t9$ !$a$!a/#; 7# t%%#;.

Recmen&acines: P#a $ %;t!t# #$t#0 /% 0#; a;t#;: !"70!a t%$% %$ %$ta % 0a %"7%;a MARA S.A. G%$%a!$ /% F0=# /% D!$%# # A"%$t# /% 0a R#ta!$? %;t# %; " !"7#ta$t% ;!$!!a <%$/% "9; %$ %0 "!;"# t!%"7# #$ 0a "!;"a %;tta  0a "!;"a !$<%;!$. E;t% %; %0 a"!$# % t!%$% % t#"a 0a %"7%;a MARA S.A. 0a; % a/%"9; 7#$%$ "a at%$!$ %$ %0 #$t#0 %%t!<# /% 0#; a;t#;. V.4.2. Ren&imien' s
L# #8t%$%"#; /!
Ulidad #eta

66

la &n-er!i5n:

1996 I 1997 I 1998 I 1999 I 2000 I

1996 6

1997 9

A,-o Total

18188.34 289153.6 22835.69 263351.5 2273.35 250384.15 C29296.47 232731.74 C59479.12 237316.06 1998 1

I

6

I

9

I

1

I

C 13

I

C 25

1999 C13

2000 C25

Rendi2iento !o+re la &n-er!i5n 15 10 5 0 C5 C10 C15 C20 C25 C30

1996

1997

1998

1999

2000

Cmen'ari: La %"7%;a MARA S.A. #8t<# %$ %0 a# 1((6  1((& $a %$ta8!0!/a/ /%0 6  ( %;t# %; 7#% 0#; at!<#; 7aa 0#; 2 a#; %a$ /% S 2'(153.6*  263351.5* 7%# %$ %0 a# 1((& t<# $a %a@/a /% 1 7#% 0a t!0!/a/ 8ta 8a=# a S 22&3.35 %$ 0#; a#; 7#;t%!#%; 1(((  2*** 0a ;!ta!$ /% 0#; at!<#; %; @t!a a % /!;"!$# %$ K13  K25 %;t# %$%a@a$ 7#80%"a; a0 "#"%$t# /% a/!! $ 7;ta"#; 7aa %$%$ta a0$ 7#80%"a.

Recmen&acines: A"%$ta 0#; 7%!#; /% t; 7#/t#; # ;%
A"%$ta

%0

<#0"%$

/%

<%$ta;

"%/!a$t%

a"7aa;

/%

#"%!a0!a!$ 7aa #$;%! %#$#"@a; /% %;a0a  %/% 0#; #;t#; /% t; #"7a;. P%"!t% a a0$#; %"70%a/#; % ta8a=%$ /%;/% ;; a;a; 7aa %/! 0#; a;t#; /% 0a #"7a@a %$ "%80%;  t!0%; # ;a ta8a=a/#%; /% "%/!# t!%"7# %$ "#"%$t#; /% a0ta /%"a$/a 7aa %/! 0#; #;t#; /% #"7%$;a!$ %$ t#; "#"%$t#; /% "%$# /%"a$/a. I$%"%$ta %0 <#0"%$ /% <%$ta; ;!$ a"%$ta 0#; at!<#;. S %at!<# %$ t; <%$ta;  %;tat%!a; /% #"%!a0!a!$ 7aa a0a$a "9; 0!%$t%; ;!$ a;ta /!$%#. V.4.3. U'ili&a& ac'i(:

E;t% at!# !$/!a 0a %!!%$!a %$ %0 ;# /% 0#; at!<#; /% $a %"7%;a 0# a00a"#; /!
UT. ACTIVO UT. ANTES DE INTERESES E IMPUESTOS  

ACTIVO Ca/# $ 2& Ulidad A,-o =

1996 I 1997 I 1998 I 1999 I 2000 I

Ulidad ante! de intere!e! e iue!to! enta!

25983.34 289153.6 32622.42 263351.5 3247.64 250384.15 C29296.47 232731.74 C59479.12 237316.06

I

9

I

12

I

1

I

C13

I

C25

68

1996 9

1997 12

1998 1

1999 C13

2000 C25

C#"%$ta!# HHHHH V.4.4. U'ili&a& (en'as:

E;t% at!# %H7%;a 0a t!0!/a/ #8t%$!/a 7# 0a %"7%;a 7# a/a UM /% <%$ta;. L# #8t%$%"#; /!
VENTAS Ca/# $ 2' Ulidad ante! de intere!e! e iue!to! A,-o!

Ulidad A,-o =

1996 I 1997 I 1998 I 1999 I

25983.34 125850 32622.42 156850 3247.64 125960 C29296.47 95680

I

21

I

21

I

3

I

C31

69

2000 I

1996 9

1997 12

C59479.12 88896 1998 1

I

C67

1999 C13

2000 C25

8+lidad A*+v& 15 10 5 0 1996 C5

1997

1998

1999

2000

C10 C15 C20 C25 C30

V.4.5. U'ili&a& !r acci,n:

Rat!# t!0!a/# 7aa /%t%"!$a 0a; t!0!/a/%; $%ta; 7# a!$ #"$. Va;% %$ %0 a/# $ 2( UTILIDAD POR ACCIÓN

UTILIDAD NETA



UM NUMERO DE ACCIONES COMUNES Ca/# $ 2( Ulidad or A,,i5n:

1996 1997 1998 1999 2000

1996

1997

Ulidad #eta #uero de A,,ione! Coune!

18188.34 22835.69 2273.35 C29296.47 C59479.12

1998

I

Q/GK0

I I I

Q/GK0 Q/GK0 Q/GK0

I

Q/GK0

1999

2000 70

9

I.1.

12

1

C13

C25

A$90!;!; DU  PONT: Paa %H70!a 7# %=%"70# 0#; 8a=#; "9%$%; $%t#; /% <%$ta  #%! 0a /!;t#;!$ % %;t# 7#/% %; !$/!;7%$;a80% #"8!$a %;ta a$ #$ #ta  #8t%$% a;@ $a 7#;!!$ "9; %a0!;ta /% 0a %"7%;a. A %;t# $#; a/a %0 a$90!;!; DUPONT. E;t% at!# %0a!#$a 0#; @$/!%; /% %;t!$  0#; "9%$%; /% t!0!/a/ "#;ta$/# 0a !$t%a!$ /% %00# %$ 0a %$ta8!0!/a/ /%0 at!<#. La "at! /%0 S!;t%"a DUPONT %H7%;ta a0 !$a0 $#; 7%"!t%
Duont =

1996 I 1997 I 1998 I 1999 I 2000 I

1996 9

1997 12

A,-o Total

25983.34 289153.6 32622.42 263351.5 3247.64 250384.15 C29296.47 232731.74 C59479.12 237316.06 1998 1

I

9

I

12

I

1

I

C13

I

C25

1999 C13

2000 C25

71

Du1ont 15 10 5 0 1996 C5

1997

1998

1999

2000

C10 C15 C20 C25 C30

V.5. 2ALOR ECONÓMICO AGREGADO

EVA, siglas de las palabras inglesas Economic Value Added.

I$#7#a/# %!%$t%"%$t% a0 a$90!;!; %"7%;a!a0 #$ 0a !$t%$!$ /% #%! 0#; %#%; % 7#7#!#$a$ 0#; at!#;. P%;%$t% %$ A"!a Lat!$a /%;/% 0a /a/a /% 0#; (* #$%7ta0"%$t% %$ %;%$a a%
33 Título= ra+&s ?nan*ier&s y 'a(e'-+*as de la 'er*ad&(e*nia! Autor= "esar A*;in% :$<'an! Pag. 33! año: 2006

72

El m&el &el E2A L#; L#; #8=% #8=%t!< t!<#; #; $/ $/a" a"%$ %$ta ta0% 0%;; /% 0a %"7 %"7%; %;a a ;#$ ;#$ /% a9 a9t t% % %#$"!# K !$a$!%#. S!%$/# 0#; "9; %0%
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V.6. Limi'acines &e ls ra'is:

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MARÍN CALV ,UGO ARMANDO AUDITORIA FINANCIERA EDITORIAL EL CID EDITOR ARGENTINA 2**( P+G. 6 OSORIO ISRAEL FUNDAMENTOS DE AUDITORÍA DE ESTADOS FINANCIEROS AUDITORÍA 1 EDICIÓN CONTABLE ADMINISTRATIVAS  FISCALES M\)ICO DF 2***. P+G. 1( NORMA INTERNACIONAL DE AUDITORÍA 2** P.2. GABRIEL S+NC,E- CURIEL. AUDITORIA DE ESTADOS FINANCIEROS. P9t!a "#/%$a !$t%a0. S%$/a %/!!$. E/!t#!a0: P%a;#$ E/a!$. MH!# 2**6 7.35. PR+CTICA MODERNA INTEGRAL. SEGUNDA EDICIÓN. EDITORIAL: PEARSON EDUCACIÓN. M\)ICO 2**6 P.2. NORMA INTERNACIONAL DE AUDITORIA NIA 2** PAG. 2 AWO: 2*13 NIA 32* IMPORTANCIA RELATIVA O MATERIALIDAD EN LA PLANIFICACIÓN  EECUCIÓN DE LA AUDITORÍAJ  NIA 45* EVALUACIÓN DE LAS INCORRECCIONES IDENTIFICADAS DURANTE LA REALI-ACIÓN DE LA AUDITORÍAJ NORMAS DE INFORMACIÓN FINANCIERA NIF AK3 P+RRAFO 23. CARLOS ME-A VARGAS. CONTABILIDAD. PRIMERA EDICIÓN. EDITORIAL UNIVERSIDAD ESTATAL A DISTANCIA. AN+LISIS DE CUENTAS. COSTA RICA 2**& P.63. ALBERTO BARAAS NOVA. FINAN-AS PARA NO FINANCISTAS. CUARTA EDICIÓN. EDITORIAL PONTIFICIA UNIVERSIDAD AVERIANA. COLOMBIA 2**' P.3* CALI)TO MENDO-A ROCA ] OLSON ORTI- TOVAR. CONTABILIDAD FINANCIERA PARA LA CONTADURÍA  ADMINISTRACIÓN. EDITORIAL UNIVERSIDAD DEL NORTE. COLOMBIA 2*16 P.45*. TÍTULO: CONTABILIDAD FINANCIERA I AUTOR: OS\ . ALCARRIA AIME PAG. 2& TÍTULO: CONTABILIDAD FINANCIERA AUTOR: ULIO MATA MELO  ALBERTO DE LA PEWA GUTI\RRE- PAG. 4 AWO: 2**& TÍTULO: CONTABILIDAD FINANCIERA PARA FUTUROS URISTAS AUTOR: RAFAEL MUWO- ORCERA  AVIER M+RUE- VIGIL PAG. 5( AWO: 2*11 TÍTULO: RATIOS FINANCIEROS  MATEM+TICAS DE LA MERCADOTECNIA AUTOR: CESAR AC,ING GU-M+N PAG. 45 AWO: 2**6 77

CASO MAYRA Continuen

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