Excel Falabella Examen

FALABELLA S.
A
ACTIVOS
ACTIVOS CORRIENTES
efectivo y equivalente al efectivo
otros activos financieros corrientes
otros activos no financieros corrientes
deudores comerciales y otras cuentas por cobrar
cuentas por cobrar a entidades relacionadas
inventarios
activos por impuestos corrientes
TOTAL ACTIVOS CORRIENTES (mantenidos para la venta y para distribuir a los propietarios)
activos no corrientes mantenidos para la venta
ACTIVOS CORRIENTES TOTALES
ACTIVOS NO CORRIENTES
inversiones contabilizadas por participacion
otros activos no financieros no corrientes
otros activos financieros no corrientes
activos intangibles distintos de la plusvalia
cuentas por cobrar a entidades relacionadas no corrientes
activos por impuestos no corrientes
plusvalia
propiedad de inversion
propiedad,planta y equipo
activos por impuestos diferidos
TOTAL DE ACTIVOS NO CORRIENTES
Activos Negocios Bancarios (Presentación)
Efectivo y depósitos en bancos
Operaciones con liquidación en curso
Instrumentos para negociación
Contratos de derivados financieros
adeudados por bancos
Créditos y cuentas por cobrar a clientes
Instrumentos de inversión disponibles para la venta
Inversiones en sociedades
Intangibles
Activo fijo
Impuestos corrientes
Impuestos diferidos
otros activos
total activos de negocios bancarios
TOTAL DE ACTIVOS
PATRIMONIO Y PASIVOS
PASIVOS CORRIENTES
otros pasivos financieros corrientes
otras provisiones corrientes
otros pasivos no financieros corrientes
cuentas por pagar comerciales y otras cuentas por pagar
cuentas por pagar a empresas relacionadas
pasivos por impuestos corrientes
provisiones corrientes por beneficios a los trabajadores
TOTAL DE PASIVOS CORRIENTES (incluido en el grupo de activos disponibles para la venta)
PASIVOS CORRIENTES TOTALES
PASIVOS NO CORRIENTES
otros pasivos financieros no corrientes
cuentas por pagar no corrientes
otros pasivos no financieros no corrientes
provisiones no corrientes por beneficios a los trabajadores
otras provisiones no corrientes
pasivo por impuestos diferidos
TOTAL PASIVOS NO CORRIENTES
pasivos negocios bancarios
depositos y otras obligaciones a la vista
operaciones con liquidacion en curso
depositos y otras captaciones a plazo
contratos de derivados financieros
obligaciones con bancos
instrumentos de deuda emitidos
otras obligaciones financieras
impuestos corrientes
otros pasivos
total pasivos negocios bancarios
TOTAL PASIVOS
PATRIMONIO
capital emitido
ganancias (perdidas) acumuladas
primas de emision
acciones propiasen cartera
otras reservas
PATRIMONIO ATRIBUIBLE A LOS PROPIETARIOS DE LA CONTROLADORA
participaciones no controladoras
PATRIMONIO TOTAL
TOTAL PASIVOS Y PATRIMONIO
31-12-2018 (M$) 31-12-2017 (M$) 31-12-2016(M$) 31-12-2015(M$) 31-12-2014(M$)
$ 301,082,118 $ 229,801,074 $ 198,513,934 $ 206,752,525 $ 209,508,174

$ 16,374,764 $ 9,991,730 $ 24,604,784 $ 11,954,600 $ 5,858,728
$ 126,858,823 $ 108,778,478 $ 97,370,381 $ 88,479,352 $ 88,479,352
$ 2,049,315,927 $ 1,965,092,614 $ 1,798,040,817 $ 1,681,649,150 $ 1,469,529,461
$ 189,530,639 $ 226,268,901 $ 205,447,884 $ 955,834,515 $ 1,342,595,658
$ 1,410,494,616 $ 1,238,138,783 $ 1,207,253,018 $ 1,173,671,356 $ 1,019,199,966
$ 81,293,386 $ 75,247,272 $ 72,876,423 $ 49,438,780 $ 49,514,473
$ 4,174,950,273 $ 3,853,318,852 $ 3,604,107,241 $ 4,167,780,278 $ 4,184,685,812
$ 17,371,457 $ 10,866,456 $ 3,122,099 $ 3,177,255 $ 5,150,100
$ 4,192,321,730 $ 3,864,185,308 $ 3,607,229,340 $ 4,170,957,533 $ 4,189,835,912
$ 135,735,296 $ 138,296,518 $ 109,179,061 $ 184,148,339 $ 163,334,299

$ 298,849,318 $ 275,021,763 $ 240,640,273 $ 203,851,406 $ 206,103,884
$ 95,232,966 $ 74,750,007 $ 57,510,726 $ 36,599,317 $ 32,688,857
$ 8,217,597 $ 8,581,727 $ 5,461,564 $ 28,828,307 $ 7,459,043
$ 303,338,453 $ 279,310,000 $ 270,079,931 $ 246,832,942 $ 233,387,445
$ - $ - $ 4,585,743 $ 4,585,743 $ 4,585,743
$ 16,341,601 $ -
$ 627,102,345 $ 499,039,761 $ 513,998,456 $ 456,310,202 $ 460,614,322
$ 2,972,046,449 $ 2,908,777,208 $ 2,822,793,360 $ 2,592,396,392 $ 2,121,112,163
$ 2,723,542,974 $ 2,544,741,860 $ 2,500,197,883 $ 2,377,859,663 $ 2,118,539,996
$ 190,054,669 $ 148,118,365 $ 131,418,254 $ 91,930,367 $ 68,168,041
$ 7,370,461,668 $ 6,876,637,209 $ 6,655,865,251 $ 6,223,342,678 $ 5,415,993,793
$ 10,439,049,322
$ 275,984,373 $ 225,800,376 $ 303,391,378 $ 372,864,747 $ 347,215,192
$ 57,290,605 $ 21,370,300 $ 63,769,129 $ 13,884,905 $ 10,125,348
$ 148,258,611 $ 71,182,626 $ 81,622,210 $ 110,154,548 $ 55,864,410
$ 88,101,263 $ 26,600,918 $ 9,870,857 $ 8,744,053 $ 14,503,691
$ - $ - $ - $ - $ 29,977,748
$ 2,823,447,682 $ 2,590,709,808 $ 2,621,812,969 $ 2,471,067,255 $ 2,180,384,460
$ 658,887,042 $ 657,507,389 $ 566,071,349 $ 423,103,649 $ 264,017,567
$ 3,179,466 $ 2,861,251 $ 3,063,456 $ 2,801,387 $ 1,910,151
$ 68,260,141 $ 60,658,539 $ 49,631,037 $ 34,128,788 $ 23,769,265
$ 41,050,857 $ 33,933,667 $ 33,666,751 $ 35,555,641 $ 36,934,564
$ 5,214,005 $ 7,766,383 $ 3,575,649 $ 1,850,246 $ 1,873,669
$ 24,924,698 $ 16,036,209 $ 18,966,013 $ 18,580,064 $ 14,509,536
$ 77,745,688 $ 30,501,854 $ 27,743,273 $ 21,088,331 $ 16,184,783
$ 4,272,344,431 $ 3,744,929,320 $ 3,783,184,071 $ 3,513,823,614 $ 2,997,270,384
$ 15,835,127,829 $ 14,485,751,837 $ 14,046,278,662 $ 13,908,123,825 $ 12,603,100,089
31-12-2018 (M$) 31-12-2017 (M$) 31-12-2016(M$) 31-12-2015(M$) 31-12-2014(M$)
$ 410,206,369
$ 990,064,907 $ 834,648,234 $ 1,072,094,075 $ 738,717,161 $ 736,529,589

$ 54,553,693 $ 14,296,634 $ 13,230,417 $ 11,978,083 $ 10,248,584
$ 162,987,699 $ 162,716,905 $ 149,922,113 $ 138,768,939 $ 129,538,281
$ 1,129,345,048 $ 1,085,467,329 $ 1,047,625,370 $ 1,020,371,592 $ 966,061,609
$ 15,308,531 $ 7,636,329 $ 6,486,465 $ 3,240,430 $ 9,894,036
$ 33,639,010 $ 37,030,912 $ 37,282,432 $ 44,919,936 $ 25,734,030
$ 146,754,253 $ 138,464,318 $ 130,056,422 $ 121,651,114 $ 110,578,122
$ 2,532,653,141 $ 2,280,260,661 $ 2,456,697,294 $ 2,079,647,255 $ 1,988,584,251
$ 2,532,653,141 $ 2,280,260,661 $ 2,456,697,294 $ 2,079,647,255 $ 1,988,584,251
$ 2,806,585,586 $ 3,006,175,090 $ 2,674,994,491 $ 2,700,830,781 $ 2,316,360,511

$ 1,089,919 $ 1,081,931 $ 1,231,300 $ 1,262,231 $ 2,686,255
$ 55,124,675 $ 45,681,427 $ 41,461,450 $ 40,266,934 $ 30,706,165
$ 45,630,958 $ 32,997,676 $ 29,144,287 $ 21,045,521 $ 19,717,004
$ 9,324,355 $ 11,045,759 $ 12,875,808 $ 15,174,089 $ 14,898,205
$ 591,757,849 $ 568,622,314 $ 563,394,385 $ 503,406,350 $ 369,652,474
$ 3,509,513,342 $ 3,665,604,197 $ 3,323,101,721 $ 3,281,985,906 $ 2,754,020,614
$ 639,081,704 $ 543,154,221 $ 427,700,255 $ 321,693,368 $ 241,347,479

$ 46,413,806 $ 15,139,196 $ 57,822,039 $ 9,542,490 $ 4,852,755
$ 2,538,382,394 $ 1,987,726,066 $ 2,016,697,359 $ 1,988,206,540 $ 1,671,548,562
$ 87,064,300 $ 31,181,315 $ 9,348,660 $ 8,166,601 $ 8,637,377
$ 78,714,860 $ 81,391,043 $ 116,723,248 $ 89,884,439 $ 66,923,264
$ 268,117,240 $ 242,256,771 $ 263,987,879 $ 294,047,824 $ 240,739,591
$ 112,289,216 $ 130,641,388 $ 145,507,995 $ 159,527,592 $ 175,729,113
$ 91,904 $ - $ 1,214,607 $ 4,327,573 $ 59,511
$ 11,609,125 $ 1,669,445 $ 2,342,153 $ 6,396,024 $ 5,491,575
$ 67,449,182 $ 68,126,678 $ 55,776,934 $ 56,727,698 $ 49,257,187
$ 3,849,213,731 $ 3,101,286,123 $ 3,097,121,129 $ 2,938,520,149 $ 2,464,586,414
$ 9,891,380,214 $ 9,047,150,981 $ 8,876,920,144 $ 8,300,153,310 $ 7,207,191,279
$ 919,419,389 $ 533,409,643 $ 533,409,643 $ 533,409,643 $ 533,409,643

$ 4,421,138,544 $ 4,183,008,108 $ 3,872,333,532 $ 3,449,878,502 $ 2,913,524,436
$ 93,482,329 $ 93,482,329 $ 93,482,329 $ 93,482,329 $ 93,482,329
$ -44,808,966 $ -27,042,749 $ -35,125,632 $ -8,632,349 $ -3,495,432
$ -321,368,626 $ -383,842,804 $ -283,783,440 $ -131,932,183 $ -92,000,283
$ 5,067,862,670 $ 4,399,014,527 $ 4,180,316,432 $ 3,936,205,942 $ 3,444,920,693
$ 919,494,553 $ 894,442,977 $ 868,040,688 $ 876,033,783 $ 693,344,727
$ 5,987,357,223 $ 5,293,457,504 $ 5,048,357,120 $ 4,812,239,725 $ 4,138,265,420
$ 15,878,737,437 $ 14,340,608,485 $ 13,925,277,264 $ 13,112,393,035 $ 11,345,456,699
VARIACION % 2018 VARIACION % 2017 VARIACION % 2016 VARIACION % 2015
1.90% 1.59% 1.41% 1.49%

0.10% 0.07% 0.18% 0.09%
0.80% 0.75% 0.69% 0.64%
12.94% 13.57% 12.80% 12.09%
1.20% 1.56% 1.46% 6.87%
8.91% 8.55% 8.59% 8.44%
0.51% 0.52% 0.52% 0.36%
26.37% 26.60% 25.66% 29.97%
0.11% 0.08% 0.02% 0.02%
26.47% 26.68% 25.68% 29.99%
0.86% 0.95% 0.78% 1.32%

1.89% 1.90% 1.71% 1.47%
0.60% 0.52% 0.41% 0.26%
0.05% 0.06% 0.04% 0.21%
1.92% 1.93% 1.92% 1.77%
0.00% 0.00% 0.03% 0.03%
0.10% 0.00% 0.00% 0.00%
3.96% 3.45% 3.66% 3.28%
18.77% 20.08% 20.10% 18.64%
17.20% 17.57% 17.80% 17.10%
1.20% 1.02% 0.94% 0.66%
46.55% 47.47% 47.39% 44.75%
74.32%
1.74% 1.56% 2.16% 2.68%
0.36% 0.15% 0.45% 0.10%
0.94% 0.49% 0.58% 0.79%
0.56% 0.18% 0.07% 0.06%
0.00% 0.00% 0.00% 0.00%
17.83% 17.88% 18.67% 17.77%
4.16% 4.54% 4.03% 3.04%
0.02% 0.02% 0.02% 0.02%
0.43% 0.42% 0.35% 0.25%
0.26% 0.23% 0.24% 0.26%
0.03% 0.05% 0.03% 0.01%
0.16% 0.11% 0.14% 0.13%
0.49% 0.21% 0.20% 0.15%
26.98% 25.85% 26.93% 25.26%
100.00% 100.00% 100.00% 100.00%
6.24% 5.82% 7.70% 5.63%
0.34% 0.10% 0.10% 0.09%
1.03% 1.13% 1.08% 1.06%
7.11% 7.57% 7.52% 7.78%
0.10% 0.05% 0.05% 0.02%
0.21% 0.26% 0.27% 0.34%
0.92% 0.97% 0.93% 0.93%
15.95% 15.90% 17.64% 15.86%
15.95% 15.90% 17.64% 15.86%
17.68% 20.96% 19.21% 20.60%

0.01% 0.01% 0.01% 0.01%
0.35% 0.32% 0.30% 0.31%
0.29% 0.23% 0.21% 0.16%
0.06% 0.08% 0.09% 0.12%
3.73% 3.97% 4.05% 3.84%
22.10% 25.56% 23.86% 25.03%
4.02% 3.79% 3.07% 2.45%

0.29% 0.11% 0.42% 0.07%
15.99% 13.86% 14.48% 15.16%
0.55% 0.22% 0.07% 0.06%
0.50% 0.57% 0.84% 0.69%
1.69% 1.69% 1.90% 2.24%
0.71% 0.91% 1.04% 1.22%
0.00% 0.00% 0.01% 0.03%
0.07% 0.01% 0.02% 0.05%
0.42% 0.48% 0.40% 0.43%
24.24% 21.63% 22.24% 22.41%
62.29% 63.09% 63.75% 63.30%
5.79% 3.72% 3.83% 4.07%

27.84% 29.17% 27.81% 26.31%
0.59% 0.65% 0.67% 0.71%
-0.28% -0.19% -0.25% -0.07%
-2.02% -2.68% -2.04% -1.01%
31.92% 30.68% 30.02% 30.02%
5.79% 6.24% 6.23% 6.68%
37.71% 36.91% 36.25% 36.70%
100.00% 100.00% 100.00% 100.00%
VARIACION % 2014
1.66% Año
0.05% 2014
0.70% 2015
11.66% 2016
10.65% 2017
8.09% 2018
0.39%
33.20%
0.04%
33.24%
1.30% Analisis Vertical Activo

1.64% 120.00%
0.26%
100.00%
0.06%
1.85% 80.00%
0.04% 60.00%
0.00%
40.00%
3.65%
16.83% 20.00%
16.81%
0.00%
0.54% 2014 2015 2016 201
42.97% Activo Corriente Activo No Corriente

Activos Negocios Bancarios Total Activos
2.75%
0.08%
0.44%
0.12%
0.24%
17.30%
2.09%
0.02%
0.19%
0.29%
0.01%
0.12%
Activo Corriente
0.13%
23.78% 16.00%
14.00%
100.00%
12.00%
VARIACION % 2014 10.00%
8.00%
6.00%
4.00%
2.00%
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
6.49%
0.00%
0.09% 1 2 3
1.14% efectivo y equivalente al efectivo otros activos financieros co
8.51% inversiones contabilizadas
otros activos nopor participacion
financieros corrientes deudores comerciales y otra
0.09% cuentas por cobrar a entidades
deudores comerciales y otras cuentas por cobrar relacionadas inventarios
0.23% otros activos no financieros no corrientes
0.97% otros activos financieros no corrientes
17.53% activos intangibles distintos de la plusvalia
17.53% cuentas por cobrar a entidades relacionadas no corrientes
20.42% plusvalia
0.02% activos por impuestos diferidos
0.27% propiedad,planta y equipo
0.17%
0.13%
3.26%
24.27%
2.13%
0.04%
14.73%
0.08% Activo No Corriente
0.59% 25.00%
2.12% 20.00%
1.55%
15.00%
0.00%
10.00%
0.05%
0.43% 5.00%
21.72% 0.00%
1 2 3
63.52%
inversiones contabilizadas por participacion deudores comerciales y otras
otros activos no financieros no corrientes otros activos financieros no c
4.70% activos intangibles distintos de la plusvalia cuentas por cobrar a entidad
25.68% activos por impuestos no corrientes plusvalia
0.82% activos por impuestos diferidos propiedad,planta y equipo
-0.03%
-0.81%
30.36%
6.11%
36.48%
100.00%
Activo Corriente Activo No Corriente
33.24% 42.97%
29.99% 44.75%
25.68% 47.39%
26.68% 47.47%
26.47% 46.55%
tical Activo
120.00%
100.00%
80.00%
60.00%
40.00%
20.00%
016 2017 2018
0.00%
efectivo
Activo y equivalente al efectivo
No Corriente 1.90%
2014 2015
os Totalotros
Activosactivos financieros corrientes 0.10% P
otros activos no financieros corrientes 0.80% T
deudores comerciales y otras cuentas por cobrar 12.94%
cuentas por cobrar a entidades relacionadas 1.20%
inventarios 8.91%
activos por impuestos corrientes 0.51%
ente
9.00%
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
9.00%
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
3 4 5 0.00%
1 2
otros pasivos financieros corr
deudores comerciales y otras cuentas por cobrar 0.86% 0.95%
otros pasivos no financieros c
inventarios 1.89% 1.90% cuentas por pagar a empresa
0.60% 0.52% provisiones corrientes por be
0.05% 0.06%
1.92% 1.93%
0.00% 0.00%
0.10% 0.00%
3.96% 3.45%
18.77% 20.08%
17.20% 17.57%
12.00%
10.00%
8.00%
6.00%
No Corriente 4.00%
2.00%
0.00%
1 2
otros pasivos financieros no corrie

provisiones no corrientes por ben
3 4 5
Efectivo y depósitos
deudores comerciales en bancos
y otras cuentas por cobrar 1.74%
0.94%
plusvalia Contratos de derivados financieros 0.56%
Intangibles 0.43%
Activo fijo 0.26%
Impuestos diferidos 0.16%
otros activos 0.49%
gocios Bancarios
3 4 5
Instrumentos para negociación Contratos de derivados financieros

Activo fijo Impuestos diferidos
Activos Negocios Bancarios Total Activos
23.78% 100.00%
25.26% 100.00%
26.93% 100.00%
25.85% 100.00%
26.98% 100.00%
Analisis Vertical Pasivo y Patrimonio

120.00%
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
2014 1.59% 2015 1.41% 1.49% 2016 1.66% 2017
0.07% 0.18%
Pasivo Corriente 0.09%
Pasivo No Corriente 0.05%
Pasivo Negocios Bancarios
0.75% 0.69%
Total Pasivos 0.64%
Patrimonio 0.70%
Total Pasivo y Patrimonio
13.57% 12.80% 12.09% 11.66%
1.56% 1.46% 6.87% 10.65%
8.55% 8.59% 8.44% 8.09%
0.52% 0.52% 0.36% 0.39%
Pasivo Corriente
9.00%
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
Pasivo Corriente
9.00%
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
1 2 3 4
otros pasivos financieros corrientes otras provisiones corrientes

0.78% 1.32% 1.30%
otros pasivos no financieros corrientes cuentas por pagar comerciales y otras cuentas por pagar
1.71% 1.47%
cuentas por pagar a empresas relacionadas 1.64% pasivos por impuestos corrientes
0.41%
provisiones corrientes por0.26% 0.26%
beneficios a los trabajadores
0.04% 0.21% 0.06%
1.92% 1.77% 1.85%
0.03% 0.03% 0.04%
0.00% 0.00% 0.00%
3.66% 3.28% 3.65%
20.10% 18.64% 16.83%
17.80% 17.10% 16.81%
Pasivo No Corriente
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
1 2 3 4
otros pasivos financieros no corrientes cuentas por pagar comerciales y otras cuentas por pagar no corrien
cuentas por pagar no corrientes otros pasivos no financieros no corrientes
provisiones no corrientes por beneficios a los trabajadores otras provisiones no corrientes
1.56% 2.16% 2.68% 2.75%

0.49% 0.58% 0.79% 0.44%
0.18% 0.07% 0.06% 0.12%
0.42% 0.35% 0.25% 0.19%

0.23% 0.24% 0.26% 0.29%
0.11% 0.14% 0.13% 0.12%
0.21% 0.20% 0.15% 0.13%
Pasivo Negocios Bancarios
18.00%
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
1 2 3 4
depositos y otras obligaciones a la vista operaciones con liquidacion en curso

depositos y otras captaciones a plazo contratos de derivados financieros
obligaciones con bancos instrumentos de deuda emitidos
otras obligaciones financieras impuestos corrientes
provisiones no corrientes por beneficios a los trabajadores otros pasivos

70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
1 2 3 4
TOTAL PASIVOS PATRIMONIO TOTAL

Pasivo Corriente
17.53%
17.53%
17.64%
15.90%
15.95%
o y Patrimonio
2017 2018
te Pasivo Negocios Bancarios

Pasivo No Corriente
24.27%
25.03%
23.86%
25.56%
22.10%
2017 otros pasivos financieros corrientes

2018
5
cuentas por pagar comerciales y otras cuentas por pagar no corrientes
s por pagar
5
por pagar no corrientes
otros pasivos
5
on en curso
nancieros
mitidos
TOTAL PASIVOS
PATRIMONIO TOTAL
4 5
Pasivo Negocios Bancarios Total Pasivos Patrimonio Total Pasivo y Patrimonio
21.72% 63.52% 36.48% 100.00%
22.41% 63.30% 36.70% 100.00%
22.24% 63.75% 36.25% 100.00%
21.63% 63.09% 36.91% 100.00%
24.24% 62.29% 37.71% 100.00%
6.24% 5.82% 7.70% 5.63%

0.34% 0.10% 0.10% 0.09%
1.03% 1.13% 1.08% 1.06%
7.11% 7.57% 7.52% 7.78%
0.10% 0.05% 0.05% 0.02%
0.21% 0.26% 0.27% 0.34%
0.92% 0.97% 0.93% 0.93%
8.29% 9.89% 9.85% 11.01%
4.89% 6.49% 5.69% 3.52%
0.01% 0.01% 0.01% 0.01%
0.35% 0.32% 0.30% 0.29%
0.28% 0.22% 0.20% 0.15%
0.06% 0.08% 0.09% 0.11%
3.71% 3.89% 3.99% 3.60%
4.02% 3.79% 3.07% 2.45%

0.29% 0.11% 0.42% 0.07%
15.99% 13.86% 14.48% 15.16%
0.55% 0.22% 0.07% 0.06%
0.50% 0.57% 0.84% 0.69%
1.69% 1.69% 1.90% 2.24%
0.71% 0.91% 1.04% 1.22%
0.00% 0.00% 0.01% 0.03%
0.07% 0.01% 0.02% 0.05%
0.42% 0.48% 0.40% 0.43%

62.29% 63.09% 63.75% 63.30%
37.71% 36.91% 36.25% 36.70%
6.49%
0.09%
1.14%
8.51%
0.09%
0.23%
0.97%
10.56%
3.71%
0.01%
0.26%
0.16%
0.14%
2.89%
2.13%
0.04%
14.73%
0.08%
0.59%
2.12%
1.55%
0.00%
0.05%
0.43%
63.52%
36.48%
FALABELLA S.A
ACTIVOS
ACTIVOS CORRIENTES
inventarios
plusvalia
Intangibles
Activo fijo
Impuestos diferidos
otros activos
TOTAL DE ACTIVOS
VENTAS
PASIVOS CORRIENTES
otros pasivos
TOTAL PASIVOS
PATRIMONIO
capital emitido
primas de emision
otras reservas
PATRIMONIO TOTAL
31-12-2014(M$) 31-12-2015(M$) 31-12-2016(M$) 31-12-2017 (M$) 31-12-2018 (M$)
$ 209,508,174 $ 206,752,525 $ 198,513,934 $ 229,801,074 $ 301,082,118

$ 5,858,728 $ 11,954,600 $ 24,604,784 $ 9,991,730 $ 16,374,764
$ 88,479,352 $ 88,479,352 $ 97,370,381 $ 108,778,478 $ 126,858,823
$ 1,469,529,461 $ 1,681,649,150 $ 1,798,040,817 $ 1,965,092,614 $ 2,049,315,927
$ 1,342,595,658 $ 955,834,515 $ 205,447,884 $ 226,268,901 $ 189,530,639
$ 1,019,199,966 $ 1,173,671,356 $ 1,207,253,018 $ 1,238,138,783 $ 1,410,494,616
$ 49,514,473 $ 49,438,780 $ 72,876,423 $ 75,247,272 $ 81,293,386
$ 4,184,685,812 $ 4,167,780,278 $ 3,604,107,241 $ 3,853,318,852 $ 4,174,950,273
$ 5,150,100 $ 3,177,255 $ 3,122,099 $ 10,866,456 $ 17,371,457
$ 4,189,835,912 $ 4,170,957,533 $ 3,607,229,340 $ 3,864,185,308 $ 4,192,321,730
$ 163,334,299 $ 184,148,339 $ 109,179,061 $ 138,296,518 $ 135,735,296

$ 206,103,884 $ 203,851,406 $ 240,640,273 $ 275,021,763 $ 298,849,318
$ 32,688,857 $ 36,599,317 $ 57,510,726 $ 74,750,007 $ 95,232,966
$ 7,459,043 $ 28,828,307 $ 5,461,564 $ 8,581,727 $ 8,217,597
$ 233,387,445 $ 246,832,942 $ 270,079,931 $ 279,310,000 $ 303,338,453
$ 4,585,743 $ 4,585,743 $ 4,585,743 $ - $ -
$ - $ 16,341,601
$ 460,614,322 $ 456,310,202 $ 513,998,456 $ 499,039,761 $ 627,102,345
$ 2,121,112,163 $ 2,592,396,392 $ 2,822,793,360 $ 2,908,777,208 $ 2,972,046,449
$ 2,118,539,996 $ 2,377,859,663 $ 2,500,197,883 $ 2,544,741,860 $ 2,723,542,974
$ 68,168,041 $ 91,930,367 $ 131,418,254 $ 148,118,365 $ 190,054,669
$ 5,415,993,793 $ 6,223,342,678 $ 6,655,865,251 $ 6,876,637,209 $ 7,370,461,668
$ 347,215,192 $ 372,864,747 $ 303,391,378 $ 225,800,376 $ 275,984,373

$ 10,125,348 $ 13,884,905 $ 63,769,129 $ 21,370,300 $ 57,290,605
$ 55,864,410 $ 110,154,548 $ 81,622,210 $ 71,182,626 $ 148,258,611
$ 14,503,691 $ 8,744,053 $ 9,870,857 $ 26,600,918 $ 88,101,263
$ 29,977,748 $ - $ - $ - $ -
$ 2,180,384,460 $ 2,471,067,255 $ 2,621,812,969 $ 2,590,709,808 $ 2,823,447,682
$ 264,017,567 $ 423,103,649 $ 566,071,349 $ 657,507,389 $ 658,887,042
$ 1,910,151 $ 2,801,387 $ 3,063,456 $ 2,861,251 $ 3,179,466
$ 23,769,265 $ 34,128,788 $ 49,631,037 $ 60,658,539 $ 68,260,141
$ 36,934,564 $ 35,555,641 $ 33,666,751 $ 33,933,667 $ 41,050,857
$ 1,873,669 $ 1,850,246 $ 3,575,649 $ 7,766,383 $ 5,214,005
$ 14,509,536 $ 18,580,064 $ 18,966,013 $ 16,036,209 $ 24,924,698
$ 16,184,783 $ 21,088,331 $ 27,743,273 $ 30,501,854 $ 77,745,688
$ 2,997,270,384 $ 3,513,823,614 $ 3,783,184,071 $ 3,744,929,320 $ 4,272,344,431
$ 12,603,100,089 $ 13,908,123,825 $ 14,046,278,662 $ 14,485,751,837 $ 15,835,127,829
7,009,490,611 7,753,209,572 7,898,301,784 8,209,851,510 8,483,577,333
$ 990,064,907 $ 834,648,234 $ 1,072,094,075 $ 738,717,161 $ 736,529,589

$ 54,553,693 $ 14,296,634 $ 13,230,417 $ 11,978,083 $ 10,248,584
$ 162,987,699 $ 162,716,905 $ 149,922,113 $ 138,768,939 $ 129,538,281
$ 1,129,345,048 $ 1,085,467,329 $ 1,047,625,370 $ 1,020,371,592 $ 966,061,609
$ 15,308,531 $ 7,636,329 $ 6,486,465 $ 3,240,430 $ 9,894,036
$ 33,639,010 $ 37,030,912 $ 37,282,432 $ 44,919,936 $ 25,734,030
$ 146,754,253 $ 138,464,318 $ 130,056,422 $ 121,651,114 $ 110,578,122
$ 2,532,653,141 $ 2,280,260,661 $ 2,456,697,294 $ 2,079,647,255 $ 1,988,584,251
$ 2,532,653,141 $ 2,280,260,661 $ 2,456,697,294 $ 2,079,647,255 $ 1,988,584,251
$ 2,806,585,586 $ 3,006,175,090 $ 2,674,994,491 $ 2,700,830,781 $ 2,316,360,511

$ 1,089,919 $ 1,081,931 $ 1,231,300 $ 1,262,231 $ 2,686,255
$ 55,124,675 $ 45,681,427 $ 41,461,450 $ 40,266,934 $ 30,706,165
$ 45,630,958 $ 32,997,676 $ 29,144,287 $ 21,045,521 $ 19,717,004
$ 9,324,355 $ 11,045,759 $ 12,875,808 $ 15,174,089 $ 14,898,205
$ 591,757,849 $ 568,622,314 $ 563,394,385 $ 503,406,350 $ 369,652,474
$ 3,509,513,342 $ 3,665,604,197 $ 3,323,101,721 $ 3,281,985,906 $ 2,754,020,614
$ 639,081,704 $ 543,154,221 $ 427,700,255 $ 321,693,368 $ 241,347,479

$ 46,413,806 $ 15,139,196 $ 57,822,039 $ 9,542,490 $ 4,852,755
$ 2,538,382,394 $ 1,987,726,066 $ 2,016,697,359 $ 1,988,206,540 $ 1,671,548,562
$ 87,064,300 $ 31,181,315 $ 9,348,660 $ 8,166,601 $ 8,637,377
$ 78,714,860 $ 81,391,043 $ 116,723,248 $ 89,884,439 $ 66,923,264
$ 268,117,240 $ 242,256,771 $ 263,987,879 $ 294,047,824 $ 240,739,591
$ 112,289,216 $ 130,641,388 $ 145,507,995 $ 159,527,592 $ 175,729,113
$ 91,904 $ - $ 1,214,607 $ 4,327,573 $ 59,511
$ 11,609,125 $ 1,669,445 $ 2,342,153 $ 6,396,024 $ 5,491,575
$ 67,449,182 $ 68,126,678 $ 55,776,934 $ 56,727,698 $ 49,257,187
$ 3,849,213,731 $ 3,101,286,123 $ 3,097,121,129 $ 2,938,520,149 $ 2,464,586,414
$ 9,891,380,214 $ 9,047,150,981 $ 8,876,920,144 $ 8,300,153,310 $ 7,207,191,279
$ 919,419,389 $ 533,409,643 $ 533,409,643 $ 533,409,643 $ 533,409,643

$ 4,421,138,544 $ 4,183,008,108 $ 3,872,333,532 $ 3,449,878,502 $ 2,913,524,436
$ 93,482,329 $ 93,482,329 $ 93,482,329 $ 93,482,329 $ 93,482,329
$ -44,808,966 $ -27,042,749 $ -35,125,632 $ -8,632,349 $ -3,495,432
$ -321,368,626 $ -383,842,804 $ -283,783,440 $ -131,932,183 $ -92,000,283
$ 5,067,862,670 $ 4,399,014,527 $ 4,180,316,432 $ 3,936,205,942 $ 3,444,920,693
$ 919,494,553 $ 894,442,977 $ 868,040,688 $ 876,033,783 $ 693,344,727
$ 5,987,357,223 $ 5,293,457,504 $ 5,048,357,120 $ 4,812,239,725 $ 4,138,265,420
$ 15,878,737,437 $ 14,340,608,485 $ 13,925,277,264 $ 13,112,393,035 $ 11,345,456,699
2.99% 2.67% 2.51% 2.80%

0.08% 0.15% 0.31% 0.12%
1.26% 1.14% 1.23% 1.32%
20.96% 21.69% 22.76% 23.94%
19.15% 12.33% 2.60% 2.76%
14.54% 15.14% 15.28% 15.08%
0.71% 0.64% 0.92% 0.92%
59.70% 53.76% 45.63% 46.94%
0.07% 0.04% 0.04% 0.13%
59.77% 53.80% 45.67% 47.07%
0.00% 0.00% 0.00% 0.00%
2.33% 2.38% 1.38% 1.68%
2.94% 2.63% 3.05% 3.35%
0.47% 0.47% 0.73% 0.91%
0.11% 0.37% 0.07% 0.10%
3.33% 3.18% 3.42% 3.40%
0.07% 0.06% 0.06% 0.00%
0.00% 0.00% 0.00% 0.00%
6.57% 5.89% 6.51% 6.08%
30.26% 33.44% 35.74% 35.43%
30.22% 30.67% 31.65% 31.00%
0.97% 1.19% 1.66% 1.80%
77.27% 80.27% 84.27% 83.76%
0.00% 0.00% 0.00% 0.00%
4.95% 4.81% 3.84% 2.75%
0.14% 0.18% 0.81% 0.26%
0.80% 1.42% 1.03% 0.87%
0.21% 0.11% 0.12% 0.32%
0.43% 0.00% 0.00% 0.00%
31.11% 31.87% 33.19% 31.56%
3.77% 5.46% 7.17% 8.01%
0.03% 0.04% 0.04% 0.03%
0.34% 0.44% 0.63% 0.74%
0.53% 0.46% 0.43% 0.41%
0.03% 0.02% 0.05% 0.09%
0.21% 0.24% 0.24% 0.20%
0.23% 0.27% 0.35% 0.37%
42.76% 45.32% 47.90% 45.62%
179.80% 179.39% 177.84% 176.44%
14.12% 10.77% 13.57% 9.00%
0.78% 0.18% 0.17% 0.15%
2.33% 2.10% 1.90% 1.69%
16.11% 14.00% 13.26% 12.43%
0.22% 0.10% 0.08% 0.04%
0.48% 0.48% 0.47% 0.55%
2.09% 1.79% 1.65% 1.48%
36.13% 29.41% 31.10% 25.33%
36.13% 29.41% 31.10% 25.33%
40.04% 38.77% 33.87% 32.90%

0.02% 0.01% 0.02% 0.02%
0.79% 0.59% 0.52% 0.49%
0.65% 0.43% 0.37% 0.26%
0.13% 0.14% 0.16% 0.18%
8.44% 7.33% 7.13% 6.13%
50.07% 47.28% 42.07% 39.98%
9.12% 7.01% 5.42% 3.92%

0.66% 0.20% 0.73% 0.12%
36.21% 25.64% 25.53% 24.22%
1.24% 0.40% 0.12% 0.10%
1.12% 1.05% 1.48% 1.09%
3.83% 3.12% 3.34% 3.58%
1.60% 1.68% 1.84% 1.94%
0.00% 0.00% 0.02% 0.05%
0.17% 0.02% 0.03% 0.08%
0.96% 0.88% 0.71% 0.69%
54.91% 40.00% 39.21% 35.79%
141.11% 116.69% 112.39% 101.10%
13.12% 6.88% 6.75% 6.50%

63.07% 53.95% 49.03% 42.02%
1.33% 1.21% 1.18% 1.14%
-0.64% -0.35% -0.44% -0.11%
-4.58% -4.95% -3.59% -1.61%
72.30% 56.74% 52.93% 47.94%
13.12% 11.54% 10.99% 10.67%
85.42% 68.27% 63.92% 58.62%
226.53% 184.96% 176.31% 159.72%
VARIACION % 2018 PROMEDIO
3.55% 2.90%
0.19% 0.17%
1.50% 1.29%
24.16% 22.70%
2.23% 7.81%
16.63% 15.33%
0.96% 0.83%
49.21% 51.05%
0.20% 0.10%
49.42% 51.15%
0.00% 0.00%
1.60% 1.87%
3.52% 3.10%
1.12% 0.74%
0.10% 0.15%
3.58% 3.38%
0.00% 0.04%
0.19% 0.04%
7.39% 6.49%
35.03% 33.98%
32.10% 31.13%
2.24% 1.57%
86.88% 82.49%
0.00% 0.00%
3.25% 3.92%
0.68% 0.41%
1.75% 1.17%
1.04% 0.36%
0.00% 0.09%
33.28% 32.20%
7.77% 6.43%
0.04% 0.03%
0.80% 0.59%
0.48% 0.46%
0.06% 0.05%
0.29% 0.24%
0.92% 0.43%
50.36% 46.39%
186.66% 180.02%
8.68% 11.23%
0.12% 0.28%
1.53% 1.91%
11.39% 13.44%
0.12% 0.11%
0.30% 0.46%
1.30% 1.66%
23.44% 29.08%
23.44% 29.08%
27.30% 34.58%
0.03% 0.02%
0.36% 0.55%
0.23% 0.39%
0.18% 0.16%
4.36% 6.68%
32.46% 42.37%
2.84% 5.66%
0.06% 0.35%
19.70% 26.26%
0.10% 0.39%
0.79% 1.11%
2.84% 3.34%
2.07% 1.83%
0.00% 0.01%
0.06% 0.07%
0.58% 0.76%
29.05% 39.79%
84.95% 111.25%
6.29% 7.91%
34.34% 48.48%
1.10% 1.19%
-0.04% -0.32%
-1.08% -3.16%
40.61% 54.10%
8.17% 10.90%
48.78% 65.00%
133.73% 176.25%
FALABELLA S.A
ACTIVOS
ACTIVOS CORRIENTES
inventarios
plusvalia
Intangibles
Activo fijo
Impuestos diferidos
otros activos
TOTAL DE ACTIVOS
PASIVOS CORRIENTES
otros pasivos
TOTAL PASIVOS
PATRIMONIO
capital emitido
primas de emision
otras reservas
PATRIMONIO TOTAL
31-12-2018 (M$) 31-12-2017 (M$) variacion numerica variacion %
$ 301,082,118 $ 229,801,074 $ 71,281,044 31.02%

$ 16,374,764 $ 9,991,730 $ 6,383,034 63.88%
$ 126,858,823 $ 108,778,478 $ 18,080,345 16.62%
$ 2,049,315,927 $ 1,965,092,614 $ 84,223,313 4.29%
$ 189,530,639 $ 226,268,901 $ -36,738,262 -16.24%
$ 1,410,494,616 $ 1,238,138,783 $ 172,355,833 13.92%
$ 81,293,386 $ 75,247,272 $ 6,046,114 8.03%
$ 4,174,950,273 $ 3,853,318,852 $ 321,631,421 8.35%
$ 17,371,457 $ 10,866,456 $ 6,505,001 59.86%
$ 4,192,321,730 $ 3,864,185,308 $ 328,136,422 8.49%
$ -
$ 135,735,296 $ 138,296,518 $ -2,561,222 -1.85%
$ 298,849,318 $ 275,021,763 $ 23,827,555 8.66%
$ 95,232,966 $ 74,750,007 $ 20,482,959 27.40%
$ 8,217,597 $ 8,581,727 $ -364,130 -4.24%
$ 303,338,453 $ 279,310,000 $ 24,028,453 8.60%
$ - $ - $ -
$ 16,341,601 $ - $ 16,341,601 0.00%
$ 627,102,345 $ 499,039,761 $ 128,062,584 25.66%
$ 2,972,046,449 $ 2,908,777,208 $ 63,269,241 2.18%
$ 2,723,542,974 $ 2,544,741,860 $ 178,801,114 7.03%
$ 190,054,669 $ 148,118,365 $ 41,936,304 28.31%
$ 7,370,461,668 $ 6,876,637,209 $ 493,824,459 7.18%
$ -
$ 275,984,373 $ 225,800,376 $ 50,183,997 22.22%
$ 57,290,605 $ 21,370,300 $ 35,920,305 168.09%
$ 148,258,611 $ 71,182,626 $ 77,075,985 108.28%
$ 88,101,263 $ 26,600,918 $ 61,500,345 231.20%
$ - $ - $ -
$ 2,823,447,682 $ 2,590,709,808 $ 232,737,874 8.98%
$ 658,887,042 $ 657,507,389 $ 1,379,653 0.21%
$ 3,179,466 $ 2,861,251 $ 318,215 11.12%
$ 68,260,141 $ 60,658,539 $ 7,601,602 12.53%
$ 41,050,857 $ 33,933,667 $ 7,117,190 20.97%
$ 5,214,005 $ 7,766,383 $ -2,552,378 -32.86%
$ 24,924,698 $ 16,036,209 $ 8,888,489 55.43%
$ 77,745,688 $ 30,501,854 $ 47,243,834 154.89%
$ 4,272,344,431 $ 3,744,929,320 $ 527,415,111 14.08%
$ 15,835,127,829 $ 14,485,751,837 $ 1,349,375,992 9.32%
$ 990,064,907 $ 834,648,234 $ 155,416,673 18.62%

$ 54,553,693 $ 14,296,634 $ 40,257,059 281.58%
$ 162,987,699 $ 162,716,905 $ 270,794 0.17%
$ 1,129,345,048 $ 1,085,467,329 $ 43,877,719 4.04%
$ 15,308,531 $ 7,636,329 $ 7,672,202 100.47%
$ 33,639,010 $ 37,030,912 $ -3,391,902 -9.16%
$ 146,754,253 $ 138,464,318 $ 8,289,935 5.99%
$ 2,532,653,141 $ 2,280,260,661 $ 252,392,480 11.07%
$ 2,532,653,141 $ 2,280,260,661 $ 252,392,480 11.07%
$ -
$ 2,806,585,586 $ 3,006,175,090 $ -199,589,504 -6.64%
$ 1,089,919 $ 1,081,931 $ 7,988 0.74%
$ 55,124,675 $ 45,681,427 $ 9,443,248 20.67%
$ 45,630,958 $ 32,997,676 $ 12,633,282 38.29%
$ 9,324,355 $ 11,045,759 $ -1,721,404 -15.58%
$ 591,757,849 $ 568,622,314 $ 23,135,535 4.07%
$ 3,509,513,342 $ 3,665,604,197 $ -156,090,855 -4.26%
$ -
$ 639,081,704 $ 543,154,221 $ 95,927,483 17.66%
$ 46,413,806 $ 15,139,196 $ 31,274,610 206.58%
$ 2,538,382,394 $ 1,987,726,066 $ 550,656,328 27.70%
$ 87,064,300 $ 31,181,315 $ 55,882,985 179.22%
$ 78,714,860 $ 81,391,043 $ -2,676,183 -3.29%
$ 268,117,240 $ 242,256,771 $ 25,860,469 10.67%
$ 112,289,216 $ 130,641,388 $ -18,352,172 -14.05%
$ 91,904 $ - $ 91,904 0.00%
$ 11,609,125 $ 1,669,445 $ 9,939,680 595.39%
$ 67,449,182 $ 68,126,678 $ -677,496 -0.99%
$ 3,849,213,731 $ 3,101,286,123 $ 747,927,608 24.12%
$ 9,891,380,214 $ 9,047,150,981 $ 844,229,233 9.33%
$ -
$ 919,419,389 $ 533,409,643 $ 386,009,746 72.37%
$ 4,421,138,544 $ 4,183,008,108 $ 238,130,436 5.69%
$ 93,482,329 $ 93,482,329 $ - 0.00%
$ -44,808,966 $ -27,042,749 $ -17,766,217 65.70%
$ -321,368,626 $ -383,842,804 $ 62,474,178 -16.28%
$ 5,067,862,670 $ 4,399,014,527 $ 668,848,143 15.20%
$ 919,494,553 $ 894,442,977 $ 25,051,576 2.80%
$ 5,987,357,223 $ 5,293,457,504 $ 693,899,719 13.11%
$ 15,878,737,437 $ 14,340,608,485 $ 1,538,128,952 10.73%
31-12-2017 (M$) 31-12-2016(M$) variacion numerica variacion %
$ 229,801,074 $ 198,513,934 $ 31,287,140 15.76%

$ 9,991,730 $ 24,604,784 $ -14,613,054 -59.39%
$ 108,778,478 $ 97,370,381 $ 11,408,097 11.72%
$ 1,965,092,614 $ 1,798,040,817 $ 167,051,797 9.29%
$ 226,268,901 $ 205,447,884 $ 20,821,017 10.13%
$ 1,238,138,783 $ 1,207,253,018 $ 30,885,765 2.56%
$ 75,247,272 $ 72,876,423 $ 2,370,849 3.25%
$ 3,853,318,852 $ 3,604,107,241 $ 249,211,611 6.91%
$ 10,866,456 $ 3,122,099 $ 7,744,357 248.05%
$ 3,864,185,308 $ 3,607,229,340 $ 256,955,968 7.12%
$ 138,296,518 $ 109,179,061 $ 29,117,457 26.67%

$ 275,021,763 $ 240,640,273 $ 34,381,490 14.29%
$ 74,750,007 $ 57,510,726 $ 17,239,281 29.98%
$ 8,581,727 $ 5,461,564 $ 3,120,163 57.13%
$ 279,310,000 $ 270,079,931 $ 9,230,069 3.42%
$ - $ 4,585,743 $ -4,585,743 -100.00%
$ - $ -
$ 499,039,761 $ 513,998,456 $ -14,958,695 -2.91%
$ 2,908,777,208 $ 2,822,793,360 $ 85,983,848 3.05%
$ 2,544,741,860 $ 2,500,197,883 $ 44,543,977 1.78%
$ 148,118,365 $ 131,418,254 $ 16,700,111 12.71%
$ 6,876,637,209 $ 6,655,865,251 $ 220,771,958 3.32%
$ 225,800,376 $ 303,391,378 $ -77,591,002 -25.57%

$ 21,370,300 $ 63,769,129 $ -42,398,829 -66.49%
$ 71,182,626 $ 81,622,210 $ -10,439,584 -12.79%
$ 26,600,918 $ 9,870,857 $ 16,730,061 169.49%
$ - $ - $ -
$ 2,590,709,808 $ 2,621,812,969 $ -31,103,161 -1.19%
$ 657,507,389 $ 566,071,349 $ 91,436,040 16.15%
$ 2,861,251 $ 3,063,456 $ -202,205 -6.60%
$ 60,658,539 $ 49,631,037 $ 11,027,502 22.22%
$ 33,933,667 $ 33,666,751 $ 266,916 0.79%
$ 7,766,383 $ 3,575,649 $ 4,190,734 117.20%
$ 16,036,209 $ 18,966,013 $ -2,929,804 -15.45%
$ 30,501,854 $ 27,743,273 $ 2,758,581 9.94%
$ 3,744,929,320 $ 3,783,184,071 $ -38,254,751 -1.01%
$ 14,485,751,837 $ 14,046,278,662 $ 439,473,175 3.13%
$ 834,648,234 $ 1,072,094,075 $ -237,445,841 -22.15%

$ 14,296,634 $ 13,230,417 $ 1,066,217 8.06%
$ 162,716,905 $ 149,922,113 $ 12,794,792 8.53%
$ 1,085,467,329 $ 1,047,625,370 $ 37,841,959 3.61%
$ 7,636,329 $ 6,486,465 $ 1,149,864 17.73%
$ 37,030,912 $ 37,282,432 $ -251,520 -0.67%
$ 138,464,318 $ 130,056,422 $ 8,407,896 6.46%
$ 2,280,260,661 $ 2,456,697,294 $ -176,436,633 -7.18%
$ 2,280,260,661 $ 2,456,697,294 $ -176,436,633 -7.18%
$ 3,006,175,090 $ 2,674,994,491 $ 331,180,599 12.38%

$ 1,081,931 $ 1,231,300 $ -149,369 -12.13%
$ 45,681,427 $ 41,461,450 $ 4,219,977 10.18%
$ 32,997,676 $ 29,144,287 $ 3,853,389 13.22%
$ 11,045,759 $ 12,875,808 $ -1,830,049 -14.21%
$ 568,622,314 $ 563,394,385 $ 5,227,929 0.93%
$ 3,665,604,197 $ 3,323,101,721 $ 342,502,476 10.31%
$ 543,154,221 $ 427,700,255 $ 115,453,966 26.99%

$ 15,139,196 $ 57,822,039 $ -42,682,843 -73.82%
$ 1,987,726,066 $ 2,016,697,359 $ -28,971,293 -1.44%
$ 31,181,315 $ 9,348,660 $ 21,832,655 233.54%
$ 81,391,043 $ 116,723,248 $ -35,332,205 -30.27%
$ 242,256,771 $ 263,987,879 $ -21,731,108 -8.23%
$ 130,641,388 $ 145,507,995 $ -14,866,607 -10.22%
$ - $ 1,214,607 $ -1,214,607 -100.00%
$ 1,669,445 $ 2,342,153 $ -672,708 -28.72%
$ 68,126,678 $ 55,776,934 $ 12,349,744 22.14%
$ 3,101,286,123 $ 3,097,121,129 $ 4,164,994 0.13%
$ 9,047,150,981 $ 8,876,920,144 $ 170,230,837 1.92%
$ 533,409,643 $ 533,409,643 $ - 0.00%

$ 4,183,008,108 $ 3,872,333,532 $ 310,674,576 8.02%
$ 93,482,329 $ 93,482,329 $ - 0.00%
$ -27,042,749 $ -35,125,632 $ 8,082,883 -23.01%
$ -383,842,804 $ -283,783,440 $ -100,059,364 35.26%
$ 4,399,014,527 $ 4,180,316,432 $ 218,698,095 5.23%
$ 894,442,977 $ 868,040,688 $ 26,402,289 3.04%
$ 5,293,457,504 $ 5,048,357,120 $ 245,100,384 4.86%
$ 14,340,608,485 $ 13,925,277,264 $ 415,331,221 2.98%
31-12-2016(M$) 31-12-2015(M$) variacion numerica variacion %
$ 198,513,934 $ 206,752,525 $ -8,238,591 -3.98%

$ 24,604,784 $ 11,954,600 $ 12,650,184 105.82%
$ 97,370,381 $ 88,479,352 $ 8,891,029 10.05%
$ 1,798,040,817 $ 1,681,649,150 $ 116,391,667 6.92%
$ 205,447,884 $ 955,834,515 $ -750,386,631 -78.51%
$ 1,207,253,018 $ 1,173,671,356 $ 33,581,662 2.86%
$ 72,876,423 $ 49,438,780 $ 23,437,643 47.41%
$ 3,604,107,241 $ 4,167,780,278 $ -563,673,037 -13.52%
$ 3,122,099 $ 3,177,255 $ -55,156 -1.74%
$ 3,607,229,340 $ 4,170,957,533 $ -563,728,193 -13.52%
$ 109,179,061 $ 184,148,339 $ -74,969,278 -40.71%

$ 240,640,273 $ 203,851,406 $ 36,788,867 18.05%
$ 57,510,726 $ 36,599,317 $ 20,911,409 57.14%
$ 5,461,564 $ 28,828,307 $ -23,366,743 -81.05%
$ 270,079,931 $ 246,832,942 $ 23,246,989 9.42%
$ 4,585,743 $ 4,585,743 $ - 0.00%
$ 513,998,456 $ 456,310,202 $ 57,688,254 12.64%

$ 2,822,793,360 $ 2,592,396,392 $ 230,396,968 8.89%
$ 2,500,197,883 $ 2,377,859,663 $ 122,338,220 5.14%
$ 131,418,254 $ 91,930,367 $ 39,487,887 42.95%
$ 6,655,865,251 $ 6,223,342,678 $ 432,522,573 6.95%
$ 303,391,378 $ 372,864,747 $ -69,473,369 -18.63%

$ 63,769,129 $ 13,884,905 $ 49,884,224 359.27%
$ 81,622,210 $ 110,154,548 $ -28,532,338 -25.90%
$ 9,870,857 $ 8,744,053 $ 1,126,804 12.89%
$ - $ -
$ 2,621,812,969 $ 2,471,067,255 $ 150,745,714 6.10%
$ 566,071,349 $ 423,103,649 $ 142,967,700 33.79%
$ 3,063,456 $ 2,801,387 $ 262,069 9.35%
$ 49,631,037 $ 34,128,788 $ 15,502,249 45.42%
$ 33,666,751 $ 35,555,641 $ -1,888,890 -5.31%
$ 3,575,649 $ 1,850,246 $ 1,725,403 93.25%
$ 18,966,013 $ 18,580,064 $ 385,949 2.08%
$ 27,743,273 $ 21,088,331 $ 6,654,942 31.56%
$ 3,783,184,071 $ 3,513,823,614 $ 269,360,457 7.67%
$ 14,046,278,662 $ 13,908,123,825 $ 138,154,837 0.99%
$ 1,072,094,075 $ 738,717,161 $ 333,376,914 45.13%

$ 13,230,417 $ 11,978,083 $ 1,252,334 10.46%
$ 149,922,113 $ 138,768,939 $ 11,153,174 8.04%
$ 1,047,625,370 $ 1,020,371,592 $ 27,253,778 2.67%
$ 6,486,465 $ 3,240,430 $ 3,246,035 100.17%
$ 37,282,432 $ 44,919,936 $ -7,637,504 -17.00%
$ 130,056,422 $ 121,651,114 $ 8,405,308 6.91%
$ 2,456,697,294 $ 2,079,647,255 $ 377,050,039 18.13%
$ 2,456,697,294 $ 2,079,647,255 $ 377,050,039 18.13%
$ 2,674,994,491 $ 2,700,830,781 $ -25,836,290 -0.96%

$ 1,231,300 $ 1,262,231 $ -30,931 -2.45%
$ 41,461,450 $ 40,266,934 $ 1,194,516 2.97%
$ 29,144,287 $ 21,045,521 $ 8,098,766 38.48%
$ 12,875,808 $ 15,174,089 $ -2,298,281 -15.15%
$ 563,394,385 $ 503,406,350 $ 59,988,035 11.92%
$ 3,323,101,721 $ 3,281,985,906 $ 41,115,815 1.25%
$ 427,700,255 $ 321,693,368 $ 106,006,887 32.95%

$ 57,822,039 $ 9,542,490 $ 48,279,549 505.94%
$ 2,016,697,359 $ 1,988,206,540 $ 28,490,819 1.43%
$ 9,348,660 $ 8,166,601 $ 1,182,059 14.47%
$ 116,723,248 $ 89,884,439 $ 26,838,809 29.86%
$ 263,987,879 $ 294,047,824 $ -30,059,945 -10.22%
$ 145,507,995 $ 159,527,592 $ -14,019,597 -8.79%
$ 1,214,607 $ 4,327,573 $ -3,112,966 -71.93%
$ 2,342,153 $ 6,396,024 $ -4,053,871 -63.38%
$ 55,776,934 $ 56,727,698 $ -950,764 -1.68%
$ 3,097,121,129 $ 2,938,520,149 $ 158,600,980 5.40%
$ 8,876,920,144 $ 8,300,153,310 $ 576,766,834 6.95%
$ 533,409,643 $ 533,409,643 $ - 0.00%

$ 3,872,333,532 $ 3,449,878,502 $ 422,455,030 12.25%
$ 93,482,329 $ 93,482,329 $ - 0.00%
$ -35,125,632 $ -8,632,349 $ -26,493,283 306.91%
$ -283,783,440 $ -131,932,183 $ -151,851,257 115.10%
$ 4,180,316,432 $ 3,936,205,942 $ 244,110,490 6.20%
$ 868,040,688 $ 876,033,783 $ -7,993,095 -0.91%
$ 5,048,357,120 $ 4,812,239,725 $ 236,117,395 4.91%
$ 13,925,277,264 $ 13,112,393,035 $ 812,884,229 6.20%
31-12-2015(M$) 31-12-2014(M$) variacion numerica variacion %
$ 206,752,525 $ 209,508,174 $ -2,755,649 -1.32%

$ 11,954,600 $ 5,858,728 $ 6,095,872 104.05%
$ 88,479,352 $ 88,479,352 $ - 0.00%
$ 1,681,649,150 $ 1,469,529,461 $ 212,119,689 14.43%
$ 955,834,515 $ 1,342,595,658 $ -386,761,143 -28.81%
$ 1,173,671,356 $ 1,019,199,966 $ 154,471,390 15.16%
$ 49,438,780 $ 49,514,473 $ -75,693 -0.15%
$ 4,167,780,278 $ 4,184,685,812 $ -16,905,534 -0.40%
$ 3,177,255 $ 5,150,100 $ -1,972,845 -38.31%
$ 4,170,957,533 $ 4,189,835,912 $ -18,878,379 -0.45%
$ 184,148,339 $ 163,334,299 $ 20,814,040 12.74%

$ 203,851,406 $ 206,103,884 $ -2,252,478 -1.09%
$ 36,599,317 $ 32,688,857 $ 3,910,460 11.96%
$ 28,828,307 $ 7,459,043 $ 21,369,264 286.49%
$ 246,832,942 $ 233,387,445 $ 13,445,497 5.76%
$ 4,585,743 $ 4,585,743 $ - 0.00%
$ 456,310,202 $ 460,614,322 $ -4,304,120 -0.93%

$ 2,592,396,392 $ 2,121,112,163 $ 471,284,229 22.22%
$ 2,377,859,663 $ 2,118,539,996 $ 259,319,667 12.24%
$ 91,930,367 $ 68,168,041 $ 23,762,326 34.86%
$ 6,223,342,678 $ 5,415,993,793 $ 807,348,885 14.91%
$ 372,864,747 $ 347,215,192 $ 25,649,555 7.39%

$ 13,884,905 $ 10,125,348 $ 3,759,557 37.13%
$ 110,154,548 $ 55,864,410 $ 54,290,138 97.18%
$ 8,744,053 $ 14,503,691 $ -5,759,638 -39.71%
$ - $ 29,977,748 $ -29,977,748 -100.00%
$ 2,471,067,255 $ 2,180,384,460 $ 290,682,795 13.33%
$ 423,103,649 $ 264,017,567 $ 159,086,082 60.26%
$ 2,801,387 $ 1,910,151 $ 891,236 46.66%
$ 34,128,788 $ 23,769,265 $ 10,359,523 43.58%
$ 35,555,641 $ 36,934,564 $ -1,378,923 -3.73%
$ 1,850,246 $ 1,873,669 $ -23,423 -1.25%
$ 18,580,064 $ 14,509,536 $ 4,070,528 28.05%
$ 21,088,331 $ 16,184,783 $ 4,903,548 30.30%
$ 3,513,823,614 $ 2,997,270,384 $ 516,553,230 17.23%
$ 13,908,123,825 $ 12,603,100,089 $ 1,305,023,736 10.35%
$ 738,717,161 $ 736,529,589 $ 2,187,572 0.30%

$ 11,978,083 $ 10,248,584 $ 1,729,499 16.88%
$ 138,768,939 $ 129,538,281 $ 9,230,658 7.13%
$ 1,020,371,592 $ 966,061,609 $ 54,309,983 5.62%
$ 3,240,430 $ 9,894,036 $ -6,653,606 -67.25%
$ 44,919,936 $ 25,734,030 $ 19,185,906 74.55%
$ 121,651,114 $ 110,578,122 $ 11,072,992 10.01%
$ 2,079,647,255 $ 1,988,584,251 $ 91,063,004 4.58%
$ 2,079,647,255 $ 1,988,584,251 $ 91,063,004 4.58%
$ -
$ 2,700,830,781 $ 2,316,360,511 $ 384,470,270 16.60%
$ 1,262,231 $ 2,686,255 $ -1,424,024 -53.01%
$ 40,266,934 $ 30,706,165 $ 9,560,769 31.14%
$ 21,045,521 $ 19,717,004 $ 1,328,517 6.74%
$ 15,174,089 $ 14,898,205 $ 275,884 1.85%
$ 503,406,350 $ 369,652,474 $ 133,753,876 36.18%
$ 3,281,985,906 $ 2,754,020,614 $ 527,965,292 19.17%
$ 321,693,368 $ 241,347,479 $ 80,345,889 33.29%

$ 9,542,490 $ 4,852,755 $ 4,689,735 96.64%
$ 1,988,206,540 $ 1,671,548,562 $ 316,657,978 18.94%
$ 8,166,601 $ 8,637,377 $ -470,776 -5.45%
$ 89,884,439 $ 66,923,264 $ 22,961,175 34.31%
$ 294,047,824 $ 240,739,591 $ 53,308,233 22.14%
$ 159,527,592 $ 175,729,113 $ -16,201,521 -9.22%
$ 4,327,573 $ 59,511 $ 4,268,062 7171.89%
$ 6,396,024 $ 5,491,575 $ 904,449 16.47%
$ 56,727,698 $ 49,257,187 $ 7,470,511 15.17%
$ 2,938,520,149 $ 2,464,586,414 $ 473,933,735 19.23%
$ 8,300,153,310 $ 7,207,191,279 $ 1,092,962,031 15.16%
$ 533,409,643 $ 533,409,643 $ - 0.00%

$ 3,449,878,502 $ 2,913,524,436 $ 536,354,066 18.41%
$ 93,482,329 $ 93,482,329 $ - 0.00%
$ -8,632,349 $ -3,495,432 $ -5,136,917 146.96%
$ -131,932,183 $ -92,000,283 $ -39,931,900 43.40%
$ 3,936,205,942 $ 3,444,920,693 $ 491,285,249 14.26%
$ 876,033,783 $ 693,344,727 $ 182,689,056 26.35%
$ 4,812,239,725 $ 4,138,265,420 $ 673,974,305 16.29%
$ 13,112,393,035 $ 11,345,456,699 $ 1,766,936,336 15.57%
2018
Negocios no Bancarios (Presentación)
Ingresos de actividades ordinarias 8,483,577,333
Costo de ventas -5,508,545,374
Ganancia bruta 2,975,031,959
Costos de distribución -115,829,431
Gastos de administración -1,946,931,176
Otros gastos, por función -142,404,860
Otras ganancias (pérdidas) 24,079,804
Ingresos financieros 37,280,766
Costos financieros -181,505,280
Participación en las ganancias (pérdidas) de asociadas y negocios conjuntos 7,092,186
que se contabilicen utilizando el método de la participación
Diferencias de cambio -15,793,359
Resultado por unidades de reajuste -22,494,868
Ganancia antes de impuestos 618,525,741
Gasto por impuestos a las ganancias -152,653,830
Ganancia de negocios no bancarios 465,871,911
Negocios Bancarios (Presentación)
Ingresos por intereses y reajustes 598,968,122
Gastos por intereses y reajustes -123,592,686
Ingreso neto por intereses y reajustes 475,375,436
Ingresos por comisiones 151,585,276
Gastos por comisiones -46,909,811
Ingreso neto por comisiones 104,675,465
Utilidad (Pérdida) neta de operaciones financieras 20,658,479
Utilidad (Pérdida) de cambio neta -8,982,788
Otros ingresos operacionales 2,128,723
Provisión por riesgo de crédito -177,873,734
Total ingreso operacional neto 415,981,581
Remuneraciones y gastos del personal -110,207,176
Gastos de administración -154,941,600
Depreciaciones y amortizaciones -21,175,299
Otros gastos operacionales -20,509,182
Total gastos operacionales -306,833,257
Resultado operacional 109,148,324
Resultado por inversiones en sociedades 551,214
Resultado antes de impuesto a la renta 109,699,538
Impuesto a la renta -31,844,071
Ganancia de negocios bancarios 77,855,467
Ganancia 543,727,378
Ganancia atribuible a
Ganancia atribuible a los propietarios de la controladora 478,468,376
Ganancia atribuible a participaciones no controladoras 65,259,002
Ganancia 543,727,378
Ganancia por acción
Ganancia por acción básica
Ganancia por acción básica en operaciones continuadas 0.19
Ganancia por acción básica 0.19
Ganancia por acción diluida
Ganancia por acción diluida en operaciones continuadas 0.19
Ganancia por acción diluida 0.19
2017 2016 2015 2014 Variación 2018
8,209,851,510 7,898,301,784 7,753,209,572 7,009,490,611 100.00%

-5,296,642,965 -5,180,719,944 -5,098,131,631 -4,658,040,208 64.93%
2,913,208,545 2,717,581,840 2,655,077,941 2,351,450,403 35.07%
-96,735,311 -89,751,825 -82,294,591 -82,824,778 -1.37%
-1,847,408,431 -1,716,574,738 -1,683,850,992 -1,426,230,449 -22.95%
-149,314,641 -135,229,377 -142,275,799 -134,883,570 -1.68%
3,289,726 160,726,377 33,749,211 7,308,466 0.28%
15,113,935 15,268,092 33,868,899 20,194,586 0.44%
-195,372,181 -207,568,518 -174,032,519 -139,425,348 -2.14%
15,279,304 21,247,989 25,272,409 26,155,945 0.08%
0.00%
-466,040 3,637,364 -18,208,873 -40,225,714 -0.19%
-17,264,195 -26,087,890 -33,455,450 -41,114,681 -0.27%
640,330,711 743,249,314 613,850,236 540,404,860 7.29%
-159,920,613 -148,580,176 -134,095,686 -101,425,824 -1.80%
480,410,098 594,669,138 479,754,550 438,979,036 5.49%
0.00%
580,503,510 526,664,491 485,319,456 445,605,716 7.06%
-131,789,244 -152,144,758 -133,370,243 -129,938,794 -1.46%
448,714,266 374,519,733 351,949,213 315,666,922 5.60%
144,686,063 163,483,782 135,915,710 106,875,474 1.79%
-40,914,588 -40,135,723 -33,607,581 -29,218,656 -0.55%
103,771,475 123,348,059 102,308,129 77,656,818 1.23%
5,013,585 17,811,714 2,341,646 -1,118,943 0.24%
5,549,303 -5,777,584 8,854,487 10,760,905 -0.11%
1,377,030 -69,539 2,147,794 827,146 0.03%
-178,991,294 -146,481,242 -114,698,003 -89,422,063 -2.10%
385,434,365 363,351,141 352,903,266 314,370,785 4.90%
-100,447,175 -96,051,131 -90,919,630 -83,551,772 -1.30%
-138,010,605 -125,483,985 -112,366,201 -101,215,795 -1.83%
-19,762,997 -16,810,784 -15,638,353 -15,489,687 -0.25%
-17,374,480 -11,740,051 -10,548,992 -10,502,339 -0.24%
-275,595,257 -250,085,951 -229,473,176 -210,759,593 -3.62%
109,839,108 113,265,190 123,430,090 103,611,192 1.29%
469,655 508,395 531,214 358,358 0.01%
110,308,763 113,773,585 123,961,304 103,969,550 1.29%
-31,814,667 -30,410,733 -33,179,362 -25,843,026 -0.38%
78,494,096 83,362,852 90,781,942 78,126,524 0.92%
558,904,194 678,031,990 570,536,492 517,105,560 6.41%
0.00%
509,593,496 609,024,729 517,934,651 464,728,694 5.64%
49,310,698 69,007,261 52,601,841 52,376,866 0.77%
558,904,194 678,031,990 570,536,492 517,105,560 6.41%
0.21 0.2502 0.2128 0.1911 0.0000000022%

0.21 0.2502 0.2128 0.1911 0.0000000022%
0.21 0.2502 0.2128 0.1903 0.0000000022%

0.21 0.2502 0.2128 0.1903 0.0000000022%
Variación 2017 Variación 2016 Variación 2015 Variación 2014
100.00% 100.00% 100.00% 100.00% promedio

62.43% 61.07% 60.09% 54.91% 60.69%
35.48% 34.41% 34.24% 33.55% 34.55%
-1.18% -1.14% -1.06% -1.18% -1.18%
-22.50% -21.73% -21.72% -20.35% -21.85%
-1.82% -1.71% -1.84% -1.92% -1.79%
0.04% 2.03% 0.44% 0.10% 0.58%
0.18% 0.19% 0.44% 0.29% 0.31%
-2.38% -2.63% -2.24% -1.99% -2.28%
0.19% 0.27% 0.33% 0.37% 0.25%
0.00% 0.00% 0.00% 0.00% 0.00%
120.00%
-0.01% 0.05% -0.23% -0.57% -0.19%
100.00%
-0.21% -0.33% -0.43% -0.59% -0.36%
7.80% 9.41% 7.92% 7.71% 8.03%
80.00%
-1.95% -1.88% -1.73% -1.45% -1.76%
60.00%
5.85% 7.53% 6.19% 6.26% 6.26%
0.00% 0.00% 0.00% 0.00% 0.00%
40.00%
7.07% 6.67% 6.26% 6.36% 6.68%
20.00%
-1.61% -1.93% -1.72% -1.85% -1.71%
5.47% 4.74% 4.54% 4.50% 4.97%0.00%
2014
1.76% 2.07% 1.75% 1.52% 1.78%
Venta
-0.50% -0.51% -0.43% -0.42% -0.48%
1.26% 1.56% 1.32% 1.11% 1.30%
0.06% 0.23% 0.03% -0.02% 0.11%
0.07% -0.07% 0.11% 0.15% 0.03%
0.02% 0.00% 0.03% 0.01% 0.02%
-2.18% -1.85% -1.48% -1.28% -1.78%
4.69% 4.60% 4.55% 4.48% 4.65%
-1.22% -1.22% -1.17% -1.19% -1.22%
-1.68% -1.59% -1.45% -1.44% -1.60%
-0.24% -0.21% -0.20% -0.22% -0.23%
-0.21% -0.15% -0.14% -0.15% -0.18%
-3.36% -3.17% -2.96% -3.01% -3.22%
1.34% 1.43% 1.59% 1.48% 1.43%
0.01% 0.01% 0.01% 0.01% 0.01%
1.34% 1.44% 1.60% 1.48% 1.43%
-0.39% -0.39% -0.43% -0.37% -0.39%
0.96% 1.06% 1.17% 1.11% 1.04%
6.81% 8.58% 7.36% 7.38% 7.31%
0.00% 0.00% 0.00% 0.00% 0.00%
6.21% 7.71% 6.68% 6.63% 6.57%
0.60% 0.87% 0.68% 0.75% 0.73%
6.59% 7.99% 6.73% 6.10% 6.76%
0.0000000025% 0.0000000029% 0.0000000025% 0.0000000023% 0.0000000025%

0.0000000025% 0.0000000029% 0.0000000025% 0.0000000023% 0.0000000025%
0.0000000025% 0.0000000029% 0.0000000025% 0.0000000022% 0.0000000025%

0.0000000025% 0.0000000029% 0.0000000025% 0.0000000022% 0.0000000025%
Año Ventas Costo Margen Bruto Utilidad Neta
2014 100.00% 54.91% 33.55% 6.10%
2015 100.00% 60.09% 34.24% 6.73%
2016 100.00% 61.07% 34.41% 7.99%
2017 100.00% 62.43% 35.48% 6.59%
2018 100.00% 64.93% 35.07% 6.41%
Analisis Vertical EE.RR

120.00%
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
2014 2015 2016 2017 2018
Ventas Costo Margen Bruto Utilidad Neta

2018 2017
Ingresos de actividades ordinarias 8,483,577,333 8,209,851,510
Costo de ventas -5,508,545,374 -5,296,642,965
Ganancia bruta 2,975,031,959 2,913,208,545
Costos de distribución -115,829,431 -96,735,311
Gastos de administración -1,946,931,176 -1,847,408,431
Otros gastos, por función -142,404,860 -149,314,641
Otras ganancias (pérdidas) 24,079,804 3,289,726
Ingresos financieros 37,280,766 15,113,935
Costos financieros -181,505,280 -195,372,181
Participación en las ganancias (pérdidas) de asociadas y
negocios conjuntos que se contabilicen utilizando el 7,092,186 15,279,304
método de la participación
Diferencias de cambio -15,793,359 -466,040

Resultado por unidades de reajuste -22,494,868 -17,264,195
Ganancia antes de impuestos 618,525,741 640,330,711
Gasto por impuestos a las ganancias -152,653,830 -159,920,613
Ganancia de negocios no bancarios 465,871,911 480,410,098
Ingresos por intereses y reajustes 598,968,122 580,503,510
Gastos por intereses y reajustes -123,592,686 -131,789,244
Ingreso neto por intereses y reajustes 475,375,436 448,714,266
Ingresos por comisiones 151,585,276 144,686,063
Gastos por comisiones -46,909,811 -40,914,588
Ingreso neto por comisiones 104,675,465 103,771,475
Utilidad (Pérdida) neta de operaciones financieras 20,658,479 5,013,585
Utilidad (Pérdida) de cambio neta -8,982,788 5,549,303
Otros ingresos operacionales 2,128,723 1,377,030
Provisión por riesgo de crédito -177,873,734 -178,991,294
Total ingreso operacional neto 415,981,581 385,434,365
Remuneraciones y gastos del personal -110,207,176 -100,447,175
Gastos de administración -154,941,600 -138,010,605
Depreciaciones y amortizaciones -21,175,299 -19,762,997
Otros gastos operacionales -20,509,182 -17,374,480
Total gastos operacionales -306,833,257 -275,595,257
Resultado operacional 109,148,324 109,839,108
Resultado por inversiones en sociedades 551,214 469,655
Resultado antes de impuesto a la renta 109,699,538 110,308,763
Impuesto a la renta -31,844,071 -31,814,667
Ganancia de negocios bancarios 77,855,467 78,494,096
Ganancia 543,727,378 558,904,194
Ganancia atribuible a los propietarios de la controladora 478,468,376 509,593,496
Ganancia atribuible a participaciones no controladoras 65,259,002 49,310,698
Ganancia 543,727,378 558,904,194
Ganancia por acción básica en operaciones continuadas 0.19 0.21
Ganancia por acción básica 0.19 0.21
Ganancia por acción diluida en operaciones continuadas 0.19 0.21
Ganancia por acción diluida 0.19 0.21
variacion numerica variacion % 2017 2016 variacion numerica
273,725,823 3% 8,209,851,510 7,898,301,784 311,549,726

-211,902,409 4% -5,296,642,965 -5,180,719,944 -115,923,021
61,823,414 2% 2,913,208,545 2,717,581,840 195,626,705
-19,094,120 20% -96,735,311 -89,751,825 -6,983,486
-99,522,745 5% -1,847,408,431 -1,716,574,738 -130,833,693
6,909,781 -5% -149,314,641 -135,229,377 -14,085,264
20,790,078 632% 3,289,726 160,726,377 -157,436,651
22,166,831 147% 15,113,935 15,268,092 -154,157
13,866,901 -7% -195,372,181 -207,568,518 12,196,337
15,279,304 21,247,989
-8,187,118 -54% -5,968,685
-15,327,319 3289% -466,040 3,637,364 -4,103,404
-5,230,673 30% -17,264,195 -26,087,890 8,823,695
-21,804,970 -3% 640,330,711 743,249,314 -102,918,603
7,266,783 -5% -159,920,613 -148,580,176 -11,340,437
-14,538,187 -3% 480,410,098 594,669,138 -114,259,040
18,464,612 3% 580,503,510 526,664,491 53,839,019

8,196,558 -6% -131,789,244 -152,144,758 20,355,514
26,661,170 6% 448,714,266 374,519,733 74,194,533
6,899,213 5% 144,686,063 163,483,782 -18,797,719
-5,995,223 15% -40,914,588 -40,135,723 -778,865
903,990 1% 103,771,475 123,348,059 -19,576,584
15,644,894 312% 5,013,585 17,811,714 -12,798,129
-14,532,091 -262% 5,549,303 -5,777,584 11,326,887
751,693 55% 1,377,030 -69,539 1,446,569
1,117,560 -1% -178,991,294 -146,481,242 -32,510,052
30,547,216 8% 385,434,365 363,351,141 22,083,224
-9,760,001 10% -100,447,175 -96,051,131 -4,396,044
-16,930,995 12% -138,010,605 -125,483,985 -12,526,620
-1,412,302 7% -19,762,997 -16,810,784 -2,952,213
-3,134,702 18% -17,374,480 -11,740,051 -5,634,429
-31,238,000 11% -275,595,257 -250,085,951 -25,509,306
-690,784 -1% 109,839,108 113,265,190 -3,426,082
81,559 17% 469,655 508,395 -38,740
-609,225 -1% 110,308,763 113,773,585 -3,464,822
-29,404 0% -31,814,667 -30,410,733 -1,403,934
-638,629 -1% 78,494,096 83,362,852 -4,868,756
-15,176,816 -3% 558,904,194 678,031,990 -119,127,796
-31,125,120 -6% 509,593,496 609,024,729 -99,431,233
15,948,304 32% 49,310,698 69,007,261 -19,696,563
-15,176,816 -3% 558,904,194 678,031,990 -119,127,796
-0.020 -10% 0.21 0.25 -0.040

0 -10% 0.21 0.25 -0.040
0 -10% 0.21 0.25 -0.040

-0.0200 -10% 0.21 0.25 -0.040
variacion % 2016 2015 variacion numerica variacion %
3.94% 7,898,301,784 7,753,209,572 145,092,212 2%

2.24% -5,180,719,944 -5,098,131,631 -82,588,313 2%
7.20% 2,717,581,840 2,655,077,941 62,503,899 2%
7.78% -89,751,825 -82,294,591 -7,457,234 9%
7.62% -1,716,574,738 -1,683,850,992 -32,723,746 2%
10.42% -135,229,377 -142,275,799 7,046,422 -5%
-97.95% 160,726,377 33,749,211 126,977,166 376%
-1.01% 15,268,092 33,868,899 -18,600,807 -55%
-5.88% -207,568,518 -174,032,519 -33,535,999 19%
21,247,989 25,272,409
-28.09% -4,024,420 -16%
-112.81% 3,637,364 -18,208,873 21,846,237 -120%
-33.82% -26,087,890 -33,455,450 7,367,560 -22%
-13.85% 743,249,314 613,850,236 129,399,078 21%
7.63% -148,580,176 -134,095,686 -14,484,490 11%
-19.21% 594,669,138 479,754,550 114,914,588 24%
10.22% 526,664,491 485,319,456 41,345,035 9%

-13.38% -152,144,758 -133,370,243 -18,774,515 14%
19.81% 374,519,733 351,949,213 22,570,520 6%
-11.50% 163,483,782 135,915,710 27,568,072 20%
1.94% -40,135,723 -33,607,581 -6,528,142 19%
-15.87% 123,348,059 102,308,129 21,039,930 21%
-71.85% 17,811,714 2,341,646 15,470,068 661%
-196.05% -5,777,584 8,854,487 -14,632,071 -165%
-2080.23% -69,539 2,147,794 -2,217,333 -103%
22.19% -146,481,242 -114,698,003 -31,783,239 28%
6.08% 363,351,141 352,903,266 10,447,875 3%
4.58% -96,051,131 -90,919,630 -5,131,501 6%
9.98% -125,483,985 -112,366,201 -13,117,784 12%
17.56% -16,810,784 -15,638,353 -1,172,431 7%
47.99% -11,740,051 -10,548,992 -1,191,059 11%
10.20% -250,085,951 -229,473,176 -20,612,775 9%
-3.02% 113,265,190 123,430,090 -10,164,900 -8%
-7.62% 508,395 531,214 -22,819 -4%
-3.05% 113,773,585 123,961,304 -10,187,719 -8%
4.62% -30,410,733 -33,179,362 2,768,629 -8%
-5.84% 83,362,852 90,781,942 -7,419,090 -8%
-17.57% 678,031,990 570,536,492 107,495,498 19%
-16.33% 609,024,729 517,934,651 91,090,078 18%
-28.54% 69,007,261 52,601,841 16,405,420 31%
-17.57% 678,031,990 570,536,492 107,495,498 19%
-16.07% 0.25 0.21 0.037 18%

-16.07% 0.25 0.21 0.037 18%
-16.07% 0.25 0.21 0.037 18%

-16.07% 0.25 0.21 0.037 18%
2015 2014 variacion numerica variacion %
7,753,209,572 7,009,490,611 743,718,961 11%

-5,098,131,631 -4,658,040,208 -440,091,423 9%
2,655,077,941 2,351,450,403 303,627,538 13%
-82,294,591 -82,824,778 530,187 -1%
-1,683,850,992 -1,426,230,449 -257,620,543 18%
-142,275,799 -134,883,570 -7,392,229 5%
33,749,211 7,308,466 26,440,745 362%
33,868,899 20,194,586 13,674,313 68%
-174,032,519 -139,425,348 -34,607,171 25%
25,272,409 26,155,945
-883,536 -3%
-18,208,873 -40,225,714 22,016,841 -55%
-33,455,450 -41,114,681 7,659,231 -19%
613,850,236 540,404,860 73,445,376 14%
-134,095,686 -101,425,824 -32,669,862 32%
479,754,550 438,979,036 40,775,514 9%
485,319,456 445,605,716 39,713,740 9%

-133,370,243 -129,938,794 -3,431,449 3%
351,949,213 315,666,922 36,282,291 11%
135,915,710 106,875,474 29,040,236 27%
-33,607,581 -29,218,656 -4,388,925 15%
102,308,129 77,656,818 24,651,311 32%
2,341,646 -1,118,943 3,460,589 -309%
8,854,487 10,760,905 -1,906,418 -18%
2,147,794 827,146 1,320,648 160%
-114,698,003 -89,422,063 -25,275,940 28%
352,903,266 314,370,785 38,532,481 12%
-90,919,630 -83,551,772 -7,367,858 9%
-112,366,201 -101,215,795 -11,150,406 11%
-15,638,353 -15,489,687 -148,666 1%
-10,548,992 -10,502,339 -46,653 0%
-229,473,176 -210,759,593 -18,713,583 9%
123,430,090 103,611,192 19,818,898 19%
531,214 358,358 172,856 48%
123,961,304 103,969,550 19,991,754 19%
-33,179,362 -25,843,026 -7,336,336 28%
90,781,942 78,126,524 12,655,418 16%
570,536,492 517,105,560 53,430,932 10%
517,934,651 464,728,694 53,205,957 11%
52,601,841 52,376,866 224,975 0%
570,536,492 517,105,560 53,430,932 10%
0.21 0.19 0 11%

0.21 0.19 0 11%
0.21 0.19 0 12%

0.21 0.19 0 12%
2018-2017 Activo Corriente 2018-2017
63.88%
efectivo y equ 31.02% 70.00% 59.86%
50.00%
31.02%
otros activos 63.88% 30.00% 16.62%
4.29%
13.92% 8.03% 8.35%
10.00%
otros activos 16.62% -10.00% -16.24%
-30.00%
deudores come 4.29%
cuentas por c -16.24%
inventarios 13.92%
activos por i 8.03%
TOTAL ACTIVOS 8.35%
activos no co 59.86%
2017-2016 ACtivo Corriente 2017-2016

efectivo y equ 15.76% 300.00%
200.00%
otros activos -59.39% 100.00%
otros activos 11.72% 0.00%

-100.00%
deudores come 9.29%
cuentas por c 10.13%
inventarios 2.56%
activos por i 3.25%
TOTAL ACTIVOS 6.91%
activos no co 248.05%

efectivo y equ -3.98% 150.00% 105.82%
100.00% 47.41%
-3.98% 10.05% 6.92% 2.86% -13.52% -1.74%
0.00%
otros activos 10.05% -50.00% -78.51%
-100.00%
deudores come 6.92%
inventarios 2.86%
activos por i 47.41%
TOTAL ACTIVOS -13.52%
activos no co -1.74%
104.05%
efectivo y equ -1.32% 100.00%
60.00%
otros activos 104.05% -1.32%
20.00% 0.00% 14.43%
15.16%
-0.15% -0.40%
-38.31%
otros activos 0.00% -20.00% -28.81%
-60.00%
deudores come 14.43%
inventarios 15.16%
activos por i -0.15%
TOTAL ACTIVOS -0.40%
activos no co -38.31%
Pasivos
2018-2017
Pasivos Corrientes 2018-2017
otros pasivos 0.00% 300.00%
281.58%
otras provisi 0.00% 250.00%

200.00%
otros pasivos 18.62% 150.00% 100.47%
100.00%
cuentas por p 281.58% 50.00%
0.00% 0.00% 18.62% 0.17% 4.04%
0.00%
cuentas por p 0.17%
pasivos por i 4.04%
provisiones co 100.47%
2017-2016
otros pasivos 0.00% Pasivo Corriente 2017-2016
20.00% 17.73%
15.00%
8.06% 8.53%
10.00%
3.61%
5.00%
0.00% 0.00%
0.00%
-5.00%
Pasivo Corriente 2017-2016
20.00% 17.73%
8.06% 8.53%
otros pasivos -22.15% 10.00%
3.61%
5.00%
0.00% 0.00%
cuentas por p 8.06% 0.00%
cuentas por p 8.53% -5.00%
-10.00%
pasivos por i 3.61% -15.00%
-22.15%
provisiones co 17.73% -20.00%
-25.00%
2016-2015
Pasivos Corrientes 2016-2015
otros pasivos 0.00% 120.00% 100.17%
80.00%
otros pasivos 45.13% 60.00% 45.13%
40.00%
cuentas por p 10.46% 10.46% 8.04% 2.67%
0.00%
20.00% 0.00%
0.00%
cuentas por p 8.04%
pasivos por i 2.67%
2015-2014
otros pasivos -15.15% Pasivo Corriente 2015-2014
505.94%
otros pasivos 1.25% 300.00%

11.92% 1.25% 0.00% 32.95% 1.43%
cuentas por p 0.00% -15.15%
100.00%
cuentas por p 32.95% -100.00%
pasivos por i 505.94%

Patrimonio
2018-2017
capital emiti 0.00% Patrimonio 2018-2017
80.00%
ganancias (pe 72.37% 72.37%
otras reserva 5.69% 70.00%
PATRIMONIO 0.00% 60.00%
participacion 65.70% 50.00%

40.00%
30.00%
20.00%
10.00% 5.69%
0.00% 0.00%
0.00%
capital emitido ganancias (perdidas) otras reservas PATRIMONIO
acumuladas ATRIBUIBLE A LOS
PROPIETARIOS DE LA
CONTROLADORA
2017-2016
ganancias (pe 0.00% 10.00% 8.02%
otras reserva 8.02%
5.00%
PATRIMONIO 0.00% 0.00% 0.00% 0.00%
participacion -23.01% 0.00%
-5.00% PROPIETARIOS DE LA
CONTROLADORA
-10.00%
-15.00%
-20.00%
-25.00%
2016-2015
ganancias (pe 0.00% 350.00%

200.00%
150.00%
100.00%
350.00%
300.00%
250.00%
150.00%
100.00%
50.00% 12.25%
0.00% 0.00% 0.00%
0.00%
PROPIETARIOS DE LA
CONTROLADORA
2015-2014
160.00%
ganancias (pe 0.00%

80.00%
60.00%
40.00%
18.41%
20.00%
0.00% 0.00% 0.00%
0.00%
PROPIETARIOS DE LA
CONTROLADORA
2018-2017 2018-2017
Activo No Corr
59.86%
inversiones c -1.85%
27.40%
13.92% 8.03% 8.35% deudores come 8.66% 30.00%
20.00%
4% 10.00%
-1.85% -4.2
activos intang 8.60% -10.00%
cuentas por c 0.00%

activos por i 0.00%
plusvalia 25.66%
propiedad de 2.18%
propiedad,pla 7.03%
2017-2016 2017-2016
Activos No Corr
inversiones c 26.67%
80.00% 57.
deudores come 14.29% 60.00%
26.67%
40.00% 29.98%
20.00%
-20.00%
activos intang 3.42%
-40.00%
cuentas por c -100.00% -60.00%
-80.00%
activos por i 0.00% -100.00%
plusvalia -2.91% -120.00%
propiedad de 3.05%
propiedad,pla 1.78%
016-2015 2016-2015
Activos No Corr
inversiones c -40.71%
47.41% 80.00% 57.14%
2.86% -13.52% -1.74% deudores come 18.05% 60.00%
1%
otros activos 57.14% 40.00% 18.05%
20.00%
activos intang 9.42% -20.00%
-40.00%
-40.71%
cuentas por c 0.00% -60.00% -81.
activos por i 0.00% -80.00%
-100.00%
plusvalia 12.64%
propiedad de 8.89%
-60.00% -81.
-80.00%
-100.00%
propiedad,pla 5.14%
2015-2014 2015-2014
Activos No Corr
inversiones c 12.74% 350.00% 286
15.16%
-0.15% -0.40% deudores come -1.09% 250.00%
-38.31%
1% otros activos 11.96% 150.00%
12.74%-1.09%11.96%
50.00%
otros activos 286.49%
-50.00%
activos intang 5.76%
cuentas por c 0.00%
activos por i 0.00%
plusvalia -0.93%
propiedad de 22.22%
propiedad,pla 12.24%
2018-2017
018-2017 Pasivo No Corr
281.58% otros pasivos 11.07%
40.00%
cuentas por p 0.00%
11.07%
20.00%
100.47% cuentas por p -6.64% 0
0.00%
0.17% 4.04% otros pasivos 0.74% -20.00%
provisiones n 20.67%
otras provisi 38.29%
pasivo por im -15.58%
2017-2016
17-2016 otros pasivos 0.00%
Pasivo No Corr
17.73% 300.00%
200.00%
8.06% 8.53%
100.00%
3.61% 0.00% 2
0.00%
-100.00%
17.73% 300.00%
cuentas por p 26.99% 200.00%
8.06% 8.53%
100.00%
3.61% cuentas por p -73.82% 0.00% 2
0.00%
otros pasivos -1.44% -100.00%
otras provisi -30.27%
2016-2015
100.17%
otros pasivos 0.00%
500.00%
cuentas por p 32.95%
300.00%
cuentas por p 505.94% 0.00% 32
100.00%
10.46% 8.04% 2.67% otros pasivos 1.43% -100.00%
2015-2014
otros pasivos 0.00%
505.94% 100.00%
cuentas por p 33.29%
60.00% 3
cuentas por p 96.64% 0.00%
20.00%
0.00% 32.95% 1.43% otros pasivos 18.94% -20.00%
provisiones n -5.45%
pasivo por im 22.14%
nio 2018-2017
65.70%
5.69%
0.00%
ras reservas PATRIMONIO participaciones no
ATRIBUIBLE A LOS controladoras
PROPIETARIOS DE LA
CONTROLADORA
nio 2017-2016
8.02%
0.00%
tras reservas PATRIMONIO participaciones no
PROPIETARIOS DE LA
CONTROLADORA
-23.01%
nio 2016-2015
306.91%
306.91%
12.25% 0.00%
tras reservas PATRIMONIO participaciones no
PROPIETARIOS DE LA
CONTROLADORA
nio 2015-2014
146.96%
18.41%
0.00%
as reservas PATRIMONIO participaciones no
PROPIETARIOS DE LA
CONTROLADORA
Activo No Corriente 2018-2017
28.31%
Efectivo y depó
27.40% 25.66%
30.00%
Operaciones con
20.00%
10.00%
8.66% 8.60%
2.18%
7.03% Instrumentos par
-1.85% 0.00%0.00%
-4.24%
0.00% Contratos de der
-10.00%
adeudados por
Créditos y cuent
Instrumentos
Inversiones e
Intangibles
Activo fijo
Impuestos cor
Impuestos dif
otros activos
Activos No Corrientes 2017-2016

Efectivo y depó
80.00% 57.13%
60.00% Operaciones con
26.67%
40.00% 29.98%
14.29%
3.42%
12.71% Instrumentos par
20.00% 0.00%-2.91%3.05%1.78%
-20.00%
-40.00%
adeudados por
-60.00% Créditos y cuent
-80.00% -100.00%
-100.00%
Instrumentos
-120.00% Inversiones e
Intangibles
Activo fijo
Impuestos cor
Impuestos dif
otros activos

Efectivo y depó
80.00% 57.14%
60.00% 42.95% Operaciones con
40.00% 18.05%
9.42% 12.64%8.89% Instrumentos par
20.00% 0.00%0.00% 5.14%
-20.00% adeudados por
-40.00%
-40.71%
-60.00% -81.05%
Créditos y cuent
-80.00% Instrumentos
-100.00%
Inversiones e
Intangibles
-60.00% -81.05%
-80.00%
-100.00%
Activo fijo
Impuestos cor
Impuestos dif
otros activos

350.00% 286.49% Efectivo y depó
250.00% Operaciones con
150.00%
34.86%
Instrumentos par
12.74%-1.09%11.96% 5.76%0.00%0.00%-0.93%22.22%
12.24%
50.00%
Contratos de der
-50.00%
adeudados por
Créditos y cuent
Instrumentos
Inversiones e
Intangibles
Activo fijo
Impuestos cor
Impuestos dif
otros activos
Pasivo No Corriente 2018-2017

38.29%
depositos y ot
40.00%
20.67% operaciones c
11.07%
20.00%
0.00%
-6.64%
0.74% depositos y o
0.00% -15.58%
-20.00%
contratos de
obligaciones
instrumentos
otras obligaci
impuestos cor
provisiones n
otros pasivos

300.00% 233.54%
depositos y ot
200.00%
100.00%
0.00% 26.99% -1.44% -30.27% -8.23%
0.00% -73.82%
-100.00%
300.00% 233.54%
200.00% operaciones c
100.00%
0.00% 26.99% -1.44% -30.27% -8.23% depositos y o
0.00% -73.82%
-100.00%
contratos de
obligaciones
instrumentos
otras obligaci
impuestos cor
provisiones n
otros pasivos

505.94% depositos y ot
500.00%
operaciones c
300.00%
0.00% 32.95%
100.00% 1.43% 14.47% 29.86% -10.22% depositos y o
-100.00% contratos de
obligaciones
instrumentos
otras obligaci
impuestos cor
provisiones n
otros pasivos

96.64% depositos y ot
100.00%
operaciones c
60.00% 33.29% 34.31%
22.14%
0.00%
20.00%
18.94%
-5.45%
depositos y o
-20.00% contratos de
obligaciones
instrumentos
otras obligaci
impuestos cor
provisiones n
otros pasivos
2018-2017
22.22% Activos Negocios Bancarios 2018-2017
231.20%
250.00%
168.09% 200.00% 168.09% 154.89%
150.00% 108.28%
108.28% 100.00% 55.43%
22.22% 0.00% 8.98% 0.21% 11.12% 12.53% 20.97%
231.20% 50.00%
-32.86%
0.00%
0.00% -50.00%
8.98%
0.21%
11.12%
12.53%
20.97%
-32.86%
55.43%
154.89%
2017-2016
-25.57% Activos Negocios Bancarios 2017-2016
200.00% 169.49%
-66.49% 150.00% 117.20%
-12.79% 100.00%
169.49% 50.00%
0.00% -1.19%
16.15% 22.22%
0.79% 9.94%
-12.79% -6.60% -15.45%
-25.57%
0.00% 0.00%
-66.49%
-50.00%
-1.19%
-100.00%
16.15%
-6.60%
22.22%
0.79%
117.20%
-15.45%
9.94%
2016-2015
-18.63% Activos Negocios Bancarios 2016-2015
359.27%
359.27% 350.00%
-25.90% 250.00%
150.00% 93.25%
12.89% -18.63% 12.89% 0.00% 6.10% 33.79% 9.35% 45.42% -5.31% 2.08% 31.56%
50.00% -25.90%
0.00% -50.00%
6.10%
33.79%
9.35%
45.42%
-5.31%
93.25%
2.08%
31.56%
2015-2014
7.39% Activos Negocios Bancarios 2015-2014
150.00%
37.13% 97.18%
100.00%
97.18% 60.26%
46.66% 43.58%
37.13% 28.05% 30.30%
50.00%
-39.71% 7.39% 13.33%
-3.73% -1.25%
-100.00% 0.00%
-39.71%
13.33% -50.00%
-100.00%
60.26% -100.00%
46.66% -150.00%
43.58%
-3.73%
-1.25%
28.05%
30.30%
2018-2017
Pasivos Negocios Bancarios 2018-2017
0.00% 700.00% 595.39%
17.66% 500.00%
206.58% 300.00% 206.58% 179.22%
0.00% 17.66% 27.70% -3.29% 10.67% -14.05% 0.00%
27.70% 100.00%
-100.00%
179.22%
-3.29%
10.67%
-14.05%
0.00%
595.39%
2017-2016
0.00% Pasivo Negocio Bancario 2017-2016
233.54%
250.00%
150.00%
0.00% 26.99% -1.44%
50.00% -30.27% -8.23% -10.22% -28.72%
-73.82% -100.00%
-50.00%
Pasivo Negocio Bancario 2017-2016
233.54%
26.99% 250.00%
150.00%
-73.82% 26.99%
0.00%
50.00% -1.44% -8.23% -10.22% -28.72%
-30.27%
-1.44% -73.82% -100.00%
-50.00%
233.54% -150.00%
-30.27%
-8.23%
-10.22%
-100.00%
-28.72%
2016-2015
600.00% 505.94%
32.95% 400.00%
505.94% 200.00% 32.95% 14.47% 29.86% -10.22%
0.00% 1.43% -8.79%
1.43% -71.93% -63.38%
0.00%
14.47% -200.00%
29.86%
-10.22%
-8.79%
-71.93%
-63.38%
2015-2014
7171.89%
33.29% 7000.00%
5000.00%
96.64% 3000.00%
0.00% 33.29% 96.64% 18.94% -5.45% 34.31% 22.14% -9.22% 16.47%
18.94% 1000.00%
-1000.00%
-5.45%
34.31%
22.14%
-9.22%
7171.89%
16.47%
s 2018-2017 ACTIVOS CORRIENTES TOTALES
154.89% TOTAL DE ACTIVOS NO CORRIENTES
55.43% total activos de negocios bancarios
1.12% 12.53% 20.97% TOTAL DE ACTIVOS
-32.86%

117.20%
22.22%
0.79% 9.94% TOTAL DE ACTIVOS
6.60% -15.45%

93.25%
45.42% TOTAL DE ACTIVOS
9.35% -5.31% 2.08% 31.56%
6.66% 43.58% total activos de negocios bancarios
28.05% 30.30%
-3.73% -1.25%
TOTAL DE ACTIVOS
os 2018-2017
595.39% PASIVOS CORRIENTES TOTALES
29% 10.67% -14.05% 0.00%
TOTAL PASIVOS
PATRIMONIO TOTAL
2017-2016 PASIVOS CORRIENTES TOTALES
27% -8.23% -10.22% -28.72%

-100.00%
2017-2016
27% -8.23% -10.22% -28.72%
-100.00%
TOTAL PASIVOS
PATRIMONIO TOTAL

86% -10.22%
-8.79%
-71.93% -63.38% TOTAL PASIVOS
PATRIMONIO TOTAL

7171.89%
31% 22.14% -9.22% 16.47% TOTAL PASIVOS
PATRIMONIO TOTAL
2018-2017
8.49% Activos 2018-2017
16.00%
7.18% 14.08%
14.08% 14.00%
9.32% 12.00%
10.00% 9.32%
8.49%
8.00% 7.18%
6.00%
4.00%
2.00%
0.00%
ACTIVOS CORRIENTES TOTAL DE ACTIVOS NO total activos de TOTAL DE ACTIVOS
TOTALES CORRIENTES negocios bancarios
2017-2016
7.12% Activos 2017-2016
3.32% 8.00%
7.12%
-1.01% 7.00%
3.13% 6.00%
5.00%
4.00% 3.32% 3.13%
3.00%
2.00%
1.00%
0.00%
ACTIVOS CORRIENTES TOTAL DE ACTIVOS NO -1.01%de
total activos TOTAL DE ACTIVOS
TOTALES
-1.00% CORRIENTES negocios bancarios
-2.00%
2016-2015
-13.52% Activos 2016-2015
6.95% 10.00%
7.67%
6.95%
7.67%
0.99% 5.00%
0.99%
0.00%
-5.00%
-10.00%
-13.52%
-15.00%
0.00%
-5.00%
-10.00%
-13.52%
-15.00%
2015-2014
-0.45% Activo 2015-2014
14.91% 20.00%
17.23%
17.23%
14.91%
10.35% 15.00%
10.35%
10.00%
5.00%
-0.45%
0.00%
-5.00%
2018-2017
16.49% Pasivo y Patrimonio 2018-2017
-7.98% 30.00%
24.12% 24.12%
25.00%
10.89%
20.00%
6.73% 16.49%
9.32% 15.00%
10.89%
9.32%
10.00% 6.73%
5.00%
0.00%
PASIVOS TOTAL PASIVOS total pasivos TOTAL PASIVOS PATRIMONIO TOTAL PASIVO
CORRIENTES NO CORRIENTES negocios bancarios TOTAL PATRIMONIO
-5.00%
TOTALES -7.98%
-10.00%
2017-2016
-16.39% Pasivo y Patrimonio 2017-2016
20.00% 17.03%
15.00%
10.00% 7.13%
Pasivo y Patrimonio 2017-2016
7.13% 20.00% 17.03%
0.13% 15.00%
-3.82%
10.00% 7.13%
17.03%
3.13% 5.00% 3.13%
0.13%
0.00%
PASIVOS TOTAL PASIVOS total pasivos -3.82%
TOTAL PASIVOS PATRIMONIO TOTAL PASIVO
CORRIENTES
-5.00% NO CORRIENTES negocios bancarios TOTAL PATRIMONIO
TOTALES
-10.00%
-16.39%
-15.00%
-20.00%
2016-2015
-14.05% Pasivo y Patrimonio 2016-2015
8.77% 15.00%
5.40% 8.77%
10.00% 7.18%
-1.84% 5.40%
7.18% 5.00%
0.99%
0.99%
0.00% -1.84%
PASIVOS TOTAL PASIVOS total pasivos TOTAL PASIVOS PATRIMONIO TOTAL PASIVO
CORRIENTES NO CORRIENTES negocios bancarios TOTAL PATRIMONIO
-5.00%
TOTALES
-10.00%
-14.05%
-15.00%
-20.00%
2015-2014
8.17% Pasivo y Patrimonio 2015-2014
16.31% 25.00%
19.23% 19.23%
20.00%
13.58% 16.31%
3.94% 15.00% 13.58%
10.36% 10.36%
8.17%
10.00%
5.00% 3.94%
0.00%
PASIVOS TOTAL PASIVOS NO total pasivos TOTAL PASIVOS PATRIMONIO TOTAL TOTAL PASIV
CORRIENTES CORRIENTES negocios bancarios PATRIMONI
TOTALES
0.00%
PASIVOS TOTAL PASIVOS NO total pasivos TOTAL PASIVOS PATRIMONIO TOTAL TOTAL PASIV
CORRIENTES CORRIENTES negocios bancarios PATRIMONI
TOTALES
9.32%
TOTAL DE ACTIVOS
3.13%
TOTAL DE ACTIVOS
0.99%
TOTAL DE ACTIVOS
TOTAL DE ACTIVOS
10.35%
TOTAL DE ACTIVOS
18-2017
%
9.32%
6.73%
SIVOS PATRIMONIO TOTAL PASIVOS Y

TOTAL PATRIMONIO
17-2016
17.03%
17-2016
17.03%
3.13%
%
TOTAL PATRIMONIO
16-2015
7.18%
0.99%
%
TOTAL PATRIMONIO
-2014
8%
10.36%
3.94%
ASIVOS PATRIMONIO TOTAL TOTAL PASIVOS Y

PATRIMONIO
ASIVOS PATRIMONIO TOTAL TOTAL PASIVOS Y
PATRIMONIO
2014 2015
Ingresos de actividades ordinarias 7,009,490,611 7,753,209,572
Costo de ventas -4,658,040,208 -5,098,131,631
Ganancia bruta 2,351,450,403 2,655,077,941
Costos de distribución -82,824,778 -82,294,591
Gastos de administración -1,426,230,449 -1,683,850,992
Otros gastos, por función -134,883,570 -142,275,799
Otras ganancias (pérdidas) 7,308,466 33,749,211
Ingresos financieros 20,194,586 33,868,899
Costos financieros -139,425,348 -174,032,519
Participación en las ganancias (pérdidas) de asociadas y negocios
conjuntos que se contabilicen utilizando el método de la participación 26,155,945 25,272,409
Diferencias de cambio -40,225,714 -18,208,873

Resultado por unidades de reajuste -41,114,681 -33,455,450
Ganancia antes de impuestos 540,404,860 613,850,236
Gasto por impuestos a las ganancias -101,425,824 -134,095,686
Ganancia de negocios no bancarios 438,979,036 479,754,550
Ingresos por intereses y reajustes 445,605,716 485,319,456
Gastos por intereses y reajustes -129,938,794 -133,370,243
Ingreso neto por intereses y reajustes 315,666,922 351,949,213
Ingresos por comisiones 106,875,474 135,915,710
Gastos por comisiones -29,218,656 -33,607,581
Ingreso neto por comisiones 77,656,818 102,308,129
Utilidad (Pérdida) neta de operaciones financieras -1,118,943 2,341,646
Utilidad (Pérdida) de cambio neta 10,760,905 8,854,487
Otros ingresos operacionales 827,146 2,147,794
Provisión por riesgo de crédito -89,422,063 -114,698,003
Total ingreso operacional neto 314,370,785 352,903,266
Remuneraciones y gastos del personal -83,551,772 -90,919,630
Gastos de administración -101,215,795 -112,366,201
Depreciaciones y amortizaciones -15,489,687 -15,638,353
Otros gastos operacionales -10,502,339 -10,548,992
Total gastos operacionales -210,759,593 -229,473,176
Resultado operacional 103,611,192 123,430,090
Resultado por inversiones en sociedades 358,358 531,214
Resultado antes de impuesto a la renta 103,969,550 123,961,304
Impuesto a la renta -25,843,026 -33,179,362
Ganancia de negocios bancarios 78,126,524 90,781,942
Ganancia 517,105,560 570,536,492
Ganancia atribuible a los propietarios de la controladora 464,728,694 517,934,651
Ganancia atribuible a participaciones no controladoras 52,376,866 52,601,841
Ganancia 517,105,560 570,536,492
Ganancia por acción básica en operaciones continuadas 0.1911 0.2128
Ganancia por acción básica 0.1911 0.2128
Ganancia por acción diluida en operaciones continuadas 0.1903 0.2128
Ganancia por acción diluida 0.1903 0.2128
2016 2017 2018
7,898,301,784 8,209,851,510 8,483,577,333

-5,180,719,944 -5,296,642,965 -5,508,545,374
2,717,581,840 2,913,208,545 2,975,031,959
-89,751,825 -96,735,311 -115,829,431
-1,716,574,738 -1,847,408,431 -1,946,931,176 KD
-135,229,377 -149,314,641 -142,404,860 2014 2015
160,726,377 3,289,726 24,079,804 5.01% 5.75%
15,268,092 15,113,935 37,280,766
-207,568,518 -195,372,181 -181,505,280
21,247,989 15,279,304 7,092,186
3,637,364 -466,040 -15,793,359

-26,087,890 -17,264,195 -22,494,868
743,249,314 640,330,711 618,525,741
-148,580,176 -159,920,613 -152,653,830
594,669,138 480,410,098 465,871,911
526,664,491 580,503,510 598,968,122

-152,144,758 -131,789,244 -123,592,686
374,519,733 448,714,266 475,375,436
163,483,782 144,686,063 151,585,276
-40,135,723 -40,914,588 -46,909,811
123,348,059 103,771,475 104,675,465
17,811,714 5,013,585 20,658,479
-5,777,584 5,549,303 -8,982,788
-69,539 1,377,030 2,128,723
-146,481,242 -178,991,294 -177,873,734
363,351,141 385,434,365 415,981,581
-96,051,131 -100,447,175 -110,207,176
-125,483,985 -138,010,605 -154,941,600
-16,810,784 -19,762,997 -21,175,299
-11,740,051 -17,374,480 -20,509,182
-250,085,951 -275,595,257 -306,833,257
113,265,190 109,839,108 109,148,324
508,395 469,655 551,214 Impuesto
113,773,585 110,308,763 109,699,538 2014 2015
-30,410,733 -31,814,667 -31,844,071 0.25 0.27
83,362,852 78,494,096 77,855,467
678,031,990 558,904,194 543,727,378
609,024,729 509,593,496 478,468,376

69,007,261 49,310,698 65,259,002
678,031,990 558,904,194 543,727,378
0.2502 0.21 0.19

0.2502 0.21 0.19
0.2502 0.21 0.19

0.2502 0.21 0.19
2016 2017 2018
7.35% 7.52% 8.13%
2016 2017 2018

0.27 0.29 0.29
LIQUIDEZ 2018 2017
C.DE TRABAJO $ 1,659,668,589 $ 1,583,924,647
LIQUIDEZ CORRIENTE 1.65530828605479 1.69462437961166
PRUEBA ACIDA 1.10 1.15
GESTION 2018 2017

ROTACION CXP 4.85 4.89
TIEMPO DE COBRO 8.15442360216415 10.0596397833022
ROTACION DE CLIENTES 4.14 4.18
PERIODO DE COBRO 86.9625754279666 86.168835109662
ROTACION DEL CAPITAL DE TRABAJO 5.11 5.18
ROTACION DE EXISTENCIAS (DIAS) 59.8542385869237 54.2920857139839
PERIODO DE PAGO 74.18 73.66
ROTACION DE EXISTENCIAS (VECES) 6.01 6.63
ENDEUDAMIENTO 2018 2017
ENDEUDAMIENTO C.PLAZO 25.60% 25.20%
ENDEUDAMIENTO DEL ACTIVO 62.46% 62.46%
ENDEUDAMIENTO C.L.PLAZO 35.48% 40.52%
ESFUERZO DEL PAGO GF 1.46% 1.61%
RELACION PASIVO CIRCULANTE 15.95% 15.90%
COBERTURA 1.66 1.78
CAPACIDAD DE DEVOLUCION 0.252 0.216
RENTABILIDAD 2018 2017
ROE 9.08% 10.56%
ROA 4.29% 5.77%
MARGEN BRUTO 35.07% 35.48%
MARGEN NETO 6.41% 6.81%
MARGEN OPERATIVO 7.29% 7.80%
ROIC 2.76% 3.18%
NECESIDADES DE FONDOS
NOF $ 3,047,668,151 $ 2,771,081,650
ROTACION NOF 2.78 2.96
BURSATILES
UTL X ACCION 0.19 0.21
PRECIO BENEFICIO 26787.37 29210.95
DIVIDENDOS X ACCION 0.061 0.088
RENTABILIDAD X DIVIDENDOS 0.000012 0.000014
CLAVES
BETA 0.96 0.87
CAPM 8.72% 8.10%
WACC 6.98% 6.48%
EVA -$ 668,249,257 -$ 478,261,643
2016 2015 2014
$ 1,150,532,046 $ 2,091,310,278 $ 2,201,251,661
1.46832470927938 2.0056081736804 2.10694412866493
0.98 1.44 1.59
2016 2015 2014

4.96 5.02 4.81
9.49425328516923 44.9980868871321 69.91198681413
4.39 4.61 4.77
81.9536543198765 78.0829782012244 75.4734737970534
6.86 3.71 3.18
55.025890167987 54.4963584740309 52.3450287791533
72.60 71.73 74.84
6.54 6.61 6.88
2016 2015 2014
27.68% 25.06% 27.59%
63.20% 59.68% 57.19%
37.44% 39.54% 38.21%
1.93% 1.72% 1.85%
17.64% 15.86% 17.53%
1.83 1.41 1.35
0.233 0.318 0.306
2016 2015 2014
13.43% 11.86% 12.50%
6.77% 5.66% 5.39%
34.41% 34.24% 33.55%
8.58% 7.36% 7.38%
9.41% 7.92% 7.71%
3.91% 3.43% 3.58%
$ 2,553,117,505 $ 3,147,345,511 $ 3,213,880,267

3.09 2.46 2.18
0.25 0.21 0.19

21181.06 21221.80 21305.08
0.089 0.081 0.074
0.000017 0.000018 0.000018
0.83 1.18 1.01

7.83% 10.24% 9.07%
6.18% 6.10% 5.46%
-$ 319,398,324 -$ 370,941,156 -$ 237,070,660
ENDEUDAMIENTO C.PLAZO ENDEUDAMIENTO DEL ACTIVO ENDEUDAMIENTO C.L.PLAZO ESFUERZO DEL PAGO GF
2014 27.59% 57.19% 38.21% 1.85%
2015 25.06% 59.68% 39.54% 1.72%
2016 27.68% 63.20% 37.44% 1.93%
2017 25.20% 62.46% 40.52% 1.61%
2018 25.60% 62.46% 35.48% 1.46%
Liquidez Prueba acida Capital de trabajo

2014 2.10694412866493 1.59 $ 2,201,251,661
2.5
2015 2.0056081736804 1.44 $ 2,091,310,278
2016 1.46832470927938 0.98 $ 1,150,532,046 2
2017 1.69462437961166 1.15 $ 1,583,924,647
2018 1.65530828605479 1.10 $ 1,659,668,589 1.5
0.5
0
2014 2
Endeudamiento
200.00%
RELACION PASIVO CIRCULANTE COBERTURA CAPACIDAD DE DEVOLUCION
17.53% 1.35 0.306 180.00%
15.86% 1.41 0.318 160.00%
17.64% 1.83 0.233
15.90% 1.78 0.216 140.00%
15.95% 1.66 0.252 120.00%
100.00%
80.00%
Liquidez 60.00%
2.5 $2,500,000,000
40.00%
2 $2,000,000,000
20.00%
1.5 0.00% $1,500,000,000

2014 2015 2016
1 $1,000,000,000
ENDEUDAMIENTO C.PLAZO ENDEUDAMIENTO DEL A
ESFUERZO DEL PAGO GF RELACION PASIVO CIRCU
0.5 $500,000,000
CAPACIDAD DE DEVOLUCION
0 $-
2014 2015 2016 2017 2018
Liquidez Prueba acida Capital de trabajo

Endeudamiento
2015 2016 2017 2018
PLAZO ENDEUDAMIENTO DEL ACTIVO ENDEUDAMIENTO C.L.PLAZO

GF RELACION PASIVO CIRCULANTE COBERTURA
LUCION
ANALISIS DUPONT
2018 2017
ROIC 2.76% 3.18%

COSTO DE VTAS/VTAS 64.93% 64.52%
GAV/VTAS 22.95% 22.50%
I&D/VTAS 0.00% 0.00%
OTROS GASTOS OP/VTAS 0.24% 0.21%
OTROS INGRESOS OP/VTAS 0.03% 0.02%
DEPRECIACION/VTAS 0.25% 0.24%
ROTACION DE ACTIVOS TOTALES 0.54 0.57
VTAS/ CAJA 28.1769551 35.7259057

VTAS/ C X COBRAR 44.760981 36.2836054
VTAS/ EXISTENCIAS 6.01461164 6.6308007
VTAS/ OTROS ACTIVOS C.P 66.8741608 75.4731236
VTAS/ PROP.PLANTA Y EQUIPO 3.11490489 3.22620209
VTAS/ OTROS.ACTIVOS L.P 89.0823597 109.830779
2016 2015 2014
3.91% 3.43% 3.58%

65.59% 65.76% 66.45%
21.73% 21.72% 20.35%
0.00% 0.00% 0.00%
0.15% 0.14% 0.15%
-0.0009% 0.03% 0.01%
0.21% 0.20% 0.22%
0.56 0.56 0.56
39.7871405 37.499951074 33.456883697

38.4443083 8.1114559585 5.2208500521
6.54237485 6.6059459766 6.8774439215
81.1160612 87.627332216 79.221767029
3.15907066 3.2605833274 3.3086420951
137.336152 211.8402803 214.43058138
ANALISIS DUPONT
2018 2017 2016
ROIC 2.76% 3.18% 3.91%
COSTO DE VTAS/VTAS 64.93% 64.52% 65.59%
GAV/VTAS 22.95% 22.50% 21.73%
I&D/VTAS 0.00% 0.00% 0.00%
OTROS GASTOS OP/VTAS 0.24% 0.21% 0.15%
OTROS INGRESOS OP/VTAS 0.03% 0.02% -0.0009%
DEPRECIACION/VTAS 0.25% 0.24% 0.21%
ROTACION DE ACTIVOS TOTALES 0.54 0.57 0.56
VTAS/ CAJA 28.1769551 35.73 39.79
VTAS/ C X COBRAR 44.760981 36.28 38.44
VTAS/ EXISTENCIAS 6.01461164 6.63 6.54
VTAS/ OTROS ACTIVOS C.P 66.8741608 75.47 81.12
VTAS/ PROP.PLANTA Y EQUIPO 3.11490489 3.23 3.16
VTAS/ OTROS.ACTIVOS L.P 89.0823597 109.83 137.34
T
2015 2014
3.43% 3.58%
65.76% 66.45%
21.72% 20.35%
0.00% 0.00%
0.14% 0.15%
0.03% 0.01%
0.20% 0.22%
0.56 0.56
37.500 33.46
8.111 5.22
6.606 6.88
87.627 79.22
3.261 3.31
211.840 214.43
Z-ALTMAN
Formula 2014 2015 2016

X1 Capital de Trabajo/Total Activos 0.17 0.15 0.08
X2 Utilidades Acumuladas/Total Activos 0.23 0.25 0.28
X3 Utilidad Operacional/Total Activos 0.02 0.03 0.03
X4 Total Patrimonio/Total Pasivos 0.57 0.58 0.57
X5 Ventas/Total Ativos 0.56 0.56 0.56
Z1 1,2(X1)+1,4(X2)+3,3(X3)+0,6(X4)+1,0(X5) 1.516 1.517 1.473

Z1 > 2,99 Buena Situacion Financiera
Z1 < 1,81 Peligro de Quiebra
1,81 < Z1 < 2,98 Indeterminado
2017 2018
0.11 0.10
0.29 0.28
0.03 0.03
0.59 0.61
0.57 0.54
1.541 1.502
Datos
Años Margen Bruto Promedio Mar
2018 35.07% 34.55%
2017 35.48%
35.48% 34.55%
2016 34.41% 34.55% 35.07%
2015 34.24% 34.55%
2014 33.55% 34.55%
2018 2017
Margen
Datos
Años Gastos Operativos Ventas Margen Operativo
2014 1,936,038,785 7,009,490,611 7.71%
2015 2,189,558,881 7,753,209,572 7.92%
2016 2,217,729,781 7,898,301,784 9.41%
2017 2,237,469,234 8,209,851,510 7.80%
2018 2,550,286,951 8,483,577,333 7.29%
Años Ventas Crecimiento sostenido g log ventas

2014 7,009,490,611 9.85
2015 7,753,209,572 11% 9.89
2016 7,898,301,784 2% 9.90
2017 8,209,851,510 4% 9.91
2018 8,483,577,333 3% 9.93
promedio ventas 4.5%

perpetuo 0.45%
Años Margen Bruto Industria
2014 $ 2,351,450,403 $ 1,207,488,063 Margen Bruto
2015 $ 2,655,077,941 $ 1,331,565,105 $ 3,500,000,000
2016 $ 2,717,581,840 $ 1,311,605,900 $ 3,000,000,000 $ 2,655,077,941
2017 $ 2,913,208,545 $ 1,353,856,660 $ 2,351,450,403 $ 2,717,5
$ 2,500,000,000
2018 $ 2,975,031,959 $ 1,332,745,225
$ 2,000,000,000
$ 1,500,000,000
$ 1,000,000,000
$ 500,000,000
$-
1 2 3
Industria Marg
Años Roe Promedio Industria

2014 12.50% 11.48% 11.68%
2015 11.86% 11.48% 9.68%
2016 13.43% 11.48% 10.15%
2017 10.56% 11.48% 10.60%
2018 9.08% 11.48% 11.44%
Años Roa Promedio Wacc

2014 5.39% 5.58% 5.46%
2015 5.66% 5.58% 6.10%
2016 6.77% 5.58% 6.18%
2017 5.77% 5.58% 6.48%
2018 4.29% 5.58% 6.98%
Años Activo Corriente Pasivo Corriente Liquidez

2014 $ 4,189,835,912 $ 1,988,584,251 2.1
2015 $ 4,170,957,533 $ 2,079,647,255 2.0
2016 $ 3,607,229,340 $ 2,456,697,294 1.5
2017 $ 3,864,185,308 $ 2,280,260,661 1.7
2018 $ 4,192,321,730 $ 2,532,653,141 1.7
Año Ventas Inventarios Rotación

2014 7,009,490,611 1,019,199,966 6.88
2015 7,753,209,572 1,173,671,356 6.61
2016 7,898,301,784 1,207,253,018 6.54
2017 8,209,851,510 1,238,138,783 6.63
2018 8,483,577,333 1,410,494,616 6.01
Año Ventas Rotación del WC WC NOF

2014 7,009,490,611 3.18 2,201,251,661
2015 7,753,209,572 3.71 2,091,310,278
2016 7,898,301,784 6.86 1,150,532,046
2017 8,209,851,510 5.18 1,583,924,647
2018 8,483,577,333 5.11 1,659,668,589
Años Ventas Activo Total Rotación del Activo T

2014 7,009,490,611 12,603,100,089 0.56
2015 7,753,209,572 13,908,123,825 0.56
2016 7,898,301,784 14,046,278,662 0.56
2017 8,209,851,510 14,485,751,837 0.57
2018 8,483,577,333 15,835,127,829 0.54
Años para cancelar las

Años Deuda Largo Plazo NET INCORE
deudas
2014 2,686,255 0.004940
2015 1,262,231 0.002258
2016 1,231,300 0.001816
2017 1,081,931 0.001896
2018 1,089,919 0.002108

Años R. Existencia P. Cobro P. Pago
2014 52 75 75
2015 54 78 72
2016 55 82 73
2017 54 86 74
2018 60 87 74
Años Eva Roic Wacc

2014 -$ 237,070,660 3.58% 5.46%
2015 -$ 370,941,156 3.43% 6.10%
2016 -$ 319,398,324 3.91% 6.18%
2017 -$ 478,261,643 3.18% 6.48%
2018 -$ 668,249,257 2.76% 6.98%
Años Roic Wacc Promedio

2014 3.58% 5.46% 3.37%
2015 3.43% 6.10% 3.37%
2016 3.91% 6.18% 3.37%
2017 3.18% 6.48% 3.37%
2018 2.76% 6.98% 3.37%
Años Target Intereses/Ut. Ope Promedio
2014 1.35 1.61
2015 1.41 1.61
2016 1.83 1.61
2017 1.78 1.61
2018 1.66 1.61
Deuda Fin.
Años Target (sin/prov)/Patrimonio Promedio
2014 74.08% 71.51%

2015 71.75% 71.51%
2016 74.51% 71.51%
2017 72.85% 71.51%
2018 64.34% 71.51%
Año Ganancia Neta

2014 $ 517,105,560 Utilidad Neta
2015 $ 570,536,492
$ 678,031,990
2016 $ 678,031,990
$ 570,536,492 $ 558,904,194
2017 $ 558,904,194 $ 517,105,560
$ 543,7
2018 $ 543,727,378
$ 543,7
$ 517,105,560
2014 2015 2016 2017 20
Ganancia Neta Exponential (Ganancia Neta)
Años Patrimonio
2014 $ 4,138,265,420
2015 $ 4,812,239,725 16% Patrimo
2016 $ 5,048,357,120 5%
2017 $ 5,293,457,504 5%
$ 4,812,239,725 $ 5,048,35
2018 $ 5,987,357,223 13%
$ 4,138,265,420
2014 2015 2016
Patrimonio
Años Margen Neto Industria

2014 7.4% 1.48% Margen Net
2015 7.36% 0.14%
2016 8.58% 50.72%
2017 6.81% 44.14%
2018 6.41% 2.43%
7.38% 7.36% 8.58%
1 2 3
Industria Ma
Años Working Capital NOF Fixed Capital Rotación

2014 $ 3,213,880,267 $ 5,415,993,793 2.18
2015 $ 3,147,345,511 $ 6,223,342,678 2.46
2016 $ 2,553,117,505 $ 6,655,865,251 3.09
2017 $ 2,771,081,650 $ 6,876,637,209 2.96
2018 $ 3,047,668,151 $ 7,370,461,668 2.78
Años Eva Roic Wacc

2014 -$ 237,070,660 3.58% 5.46%
2015 -$ 370,941,156 3.43% 6.10%
2016 -$ 319,398,324 3.91% 6.18%
2017 -$ 478,261,643 3.18% 6.48%
2018 -$ 668,249,257 2.76% 6.98%
Ano Deuda Financiera Patrimonio

2014 63.52% 36.48% Estructura de Ca
2015 63.30% 36.70%
2016 63.75% 36.25%
2017 63.09% 36.91%
2018 62.29% 37.71% 37%
Prom 63.19% 36.81%
Deuda Financiera Pa
Margen Bruto
35.48%
34.55%
34.41%
34.24%
33.55%
2017 2016 2015 2014
Margen Bruto Promedio
Margen Operativo
10.00% 9,000,000,000
9.00% 8,000,000,000
8.00% 7,000,000,000
7.00%
6,000,000,000
6.00%
5,000,000,000
5.00%
4,000,000,000
4.00%
3.00% 3,000,000,000
2.00% 2,000,000,000
1.00% 1,000,000,000
0.00% 0
1 2 3 4 5
Margen Operativo Gastos Operativos Ventas
Año 2014 2015 2016 2017 2018

Crecimiento sostenido 11% 2% 4% 3%
Ventas
9,000,000,000 8,209,851,510 8,483,577,333
7,753,209,572 7,898,301,784
8,000,000,000
7,009,490,611
7,000,000,000
6,000,000,000
5,000,000,000
4,000,000,000
3,000,000,000
2,000,000,000
1,000,000,000
0
2013 2014 2015 2016 2017 2018 2019
Ventas
5,000,000,000
4,000,000,000
3,000,000,000
2,000,000,000
1,000,000,000
0
2013 2014 2015 2016 2017 2018 2019
Ventas
Margen Bruto
000,000
$ 2,913,208,545
000,000 $ 2,655,077,941 $ 2,975,031,959
$ 2,717,581,840
000,000$ 2,351,450,403
000,000
000,000
000,000
000,000
$-
1 2 3 4 5
Industria Margen Bruto
ROE
13.43%
12.50%
11.86% 11.48%
10.56%
9.08%
1 2 3 4 5
Industria Roe Promedio
ROA
6.77%
5.66% 5.77% 5.58%
5.39%
4.29%
6.77%
5.66% 5.77% 5.58%
5.39%
4.29%
1 2 3 4 5
Wacc Roa Promedio
Liquidez
2.5
$ 4,189,835,912
$ 4,170,957,533 $ 4,192,321,730 $ 4,500,000,000
$ 3,864,185,308
2.0 $ 3,607,229,340 $ 4,000,000,000
2.1
2.0 $ 3,500,000,000
1.7 1.7
1.5 $ 3,000,000,000
1.5
$ 2,500,000,000
$ 2,000,000,000
1.0
$ 1,500,000,000
0.5 $ 1,000,000,000
$ 500,000,000
0.0 $-
2014 2015 2016 2017 2018
Activo Corriente Pasivo Corriente Liquidez
Rotación de Inventarios
7.00 6.88 9,000,000,000
6.80 8,000,000,000
6.61 6.63
6.60
6.54 7,000,000,000
6,000,000,000
6.40
5,000,000,000
6.20
4,000,000,000
6.00 6.01
3,000,000,000
5.80 2,000,000,000
5.60 1,000,000,000
5.40 0
2014 2015 2016 2017 2018
Ventas Inventarios Rotación
Rotación del Capital de Trabajo NOF

8.00 9,000,000,000
6.86
7.00 8,000,000,000
6.00 7,000,000,000
5.18
5.11 6,000,000,000
5.00
3.71 5,000,000,000
4.00
4,000,000,000
Rotación del Capital de Trabajo NOF
8.00 9,000,000,000
6.86
7.00 8,000,000,000
6.00 7,000,000,000
5.18
5.11 6,000,000,000
5.00
3.71 5,000,000,000
4.00
4,000,000,000
3.00 3.18
3,000,000,000
2.00 2,000,000,000
1.00 1,000,000,000
0.00 0
Ventas WC NOF Rotación del WC
Rotación del Capital Total (Activo Total)

0.57 18,000,000,000
0.56 0.57
0.57 16,000,000,000
0.56 0.56 0.56 14,000,000,000
0.56 12,000,000,000
0.55
10,000,000,000
0.55
8,000,000,000
0.54 0.54
0.54 6,000,000,000
0.53 4,000,000,000
0.53 2,000,000,000
0.52 0
2014 2015 2016 2017 2018
Ventas Activo Total

Rotación del Activo T
Deuda L.P / Utilidad Neta

3,000,000 0.006000
2,500,000 0.005000
2,000,000 0.004000
1,500,000 0.003000
1,000,000 0.002000
500,000 0.001000
0 0.000000
2014 2015 2016 2017 2018
Deuda Largo Plazo NET INCORE

Años para cancelar las deudas
Ciclo Operativo CCE
128 53 Ciclo de Conversión del Efectivo (días)
133 61 80
137 64 70
140 67
60
147 73
50
40
30
20
10
Eva
-$ 668,249,257
8.00% $-
2014 2015 2016 2017 2018
7.00% -$ 100,000,000
-$ 319,398,324
-$ 370,941,156
6.00% -$ 200,000,000
5.00% -$ 237,070,660 -$ 300,000,000

4.00% -$ 400,000,000
3.00% -$ 478,261,643 -$ 500,000,000

2.00% -$ 600,000,000
1.00% -$ 700,000,000
0.00% -$ 800,000,000
Eva Roic Wacc
ROIC
3.91%
3.58% 3.43% 3.37%
3.18%
2.76%
1 2 3 4 5
Wacc Roic Promedio

1 2 3 4 5
Wacc Roic Promedio
Intereses/EBIT
1.83 1.78
1.66
1.61
1.35 1.41
2014 2015 2016 2017 2018
Intereses/Ut. Ope Promedio
Deuda Financiera (sin Proveedor)/Patrimonio

74.08% 74.51%
72.85%
71.75% 71.51%
64.34%
2014 2015 2016 2017 2018
Deuda Fin. (sin/prov)/Patrimonio Promedio
lidad Neta
678,031,990
$ 558,904,194 $ 543,727,378
$ 543,727,378
2016 2017 2018
Exponential (Ganancia Neta)
Patrimonio
$ 5,987,357,223
$ 5,048,357,120 $ 5,293,457,504
$ 4,812,239,725
4,138,265,420
2014 2015 2016 2017 2018
Patrimonio Linear (Patrimonio)
Margen Neto
7.38% 7.36% 8.58% 6.81% 6.41%
1 2 3 4 5
Industria Margen Neto
Ventas
7,009,490,611 Rotación del Capital
7,753,209,572 3.50 $ 9,000,000,000
7,898,301,784 3.00 3.09 $ 8,000,000,000
2.96
2.78 $ 7,000,000,000
2.50 2.46
$ 6,000,000,000
2.18
2.00 $ 5,000,000,000
1.50 $ 4,000,000,000
$ 3,000,000,000
Rotación del Capital
3.50 $ 9,000,000,000
3.00 3.09 $ 8,000,000,000
2.96
2.78 $ 7,000,000,000
8,209,851,510 2.50 2.46
$ 6,000,000,000
8,483,577,333 2.18
2.00 $ 5,000,000,000
1.50 $ 4,000,000,000
$ 3,000,000,000
1.00
$ 2,000,000,000
0.50 $ 1,000,000,000
0.00 $-
2014 2015 2016 2017 2018
Working Capital NOF Fixed Capital

Ventas Rotación
-$
Rentabilidad y Valor
319,398,324
-$ 478,261,643
8.00% $-
2014 2015 2016 2017 2018
7.00% -$ 100,000,000
6.00% -$ 200,000,000
5.00% -$ 237,070,660 -$ 300,000,000
4.00% -$ 370,941,156 -$ 400,000,000
3.00% -$ 500,000,000
2.00% -$ 600,000,000
1.00% -$ 668,249,257 -$ 700,000,000

0.00% -$ 800,000,000
Eva Roic Wacc
Estructura de Capital
37%
63%
Deuda Financiera Patrimonio

,333
2019
2019
ón del Efectivo (días)
100
90
80
70
60
50
40
30
20
10
0
$ 9,000,000,000
$ 8,000,000,000
2.78 $ 7,000,000,000
$ 6,000,000,000
$ 5,000,000,000
$ 4,000,000,000
$ 3,000,000,000
$ 9,000,000,000
$ 8,000,000,000
2.78 $ 7,000,000,000
$ 6,000,000,000
$ 5,000,000,000
$ 4,000,000,000
$ 3,000,000,000
$ 2,000,000,000
$ 1,000,000,000
$-
Capital
ión
Calculos de ventas y UAII asociados a S.A.C.I. Falabella Año 2018
ESCENARIOS PESIMISTA
Probabilidad de ventas 25%
Ingreso por ventas 4,241,788,667
(-) costos de ventas y gastos operativos fijos 2,205,165,467
(-) costos de ventas y gastos operativos variables 2,754,272,687
Utilidad Antes de Intereses e Impuestos (UAII) -717,649,488
Estructura Actual
Total Activos Pasivo
$ 15,835,127,829 Patrimonio
a S.A.C.I. Falabella Año 2018
ESPERADO OPTIMISTA
50% 25%
8,483,577,333 12,725,366,000
2,205,165,467 2,205,165,467
5,508,545,374 8,262,818,061 64.93%
769,866,492 2,257,382,472
$ 9,891,380,214 62%
$ 5,987,357,313 38%
Estructura de Capital con Indices de Endeudamiento Año 2014
Indice de Endeudamiento Total de Activos Deuda
0% $ 12,603,100,089 $ -
10% $ 12,603,100,089 $ 1,260,310,009
20% $ 12,603,100,089 $ 2,520,620,018
30% $ 12,603,100,089 $ 3,780,930,027
40% $ 12,603,100,089 $ 5,041,240,036
50% $ 12,603,100,089 $ 6,301,550,045
60% $ 12,603,100,089 $ 7,561,860,053

0% $ 13,908,123,825 $ -
10% $ 13,908,123,825 $ 1,390,812,383
20% $ 13,908,123,825 $ 2,781,624,765
30% $ 13,908,123,825 $ 4,172,437,148
40% $ 13,908,123,825 $ 5,563,249,530
50% $ 13,908,123,825 $ 6,954,061,913
60% $ 13,908,123,825 $ 8,344,874,295

0% $ 14,046,278,662 $ -
10% $ 14,046,278,662 $ 1,404,627,866
20% $ 14,046,278,662 $ 2,809,255,732
30% $ 14,046,278,662 $ 4,213,883,599
40% $ 14,046,278,662 $ 5,618,511,465
50% $ 14,046,278,662 $ 7,023,139,331
60% $ 14,046,278,662 $ 8,427,767,197

0% $ 14,485,751,837 $ -
10% $ 14,485,751,837 $ 1,448,575,184
20% $ 14,485,751,837 $ 2,897,150,367
30% $ 14,485,751,837 $ 4,345,725,551
40% $ 14,485,751,837 $ 5,794,300,735
50% $ 14,485,751,837 $ 7,242,875,919
60% $ 14,485,751,837 $ 8,691,451,102

0% $ 15,835,127,829 $ -
10% $ 15,835,127,829 $ 1,583,512,783
20% $ 15,835,127,829 $ 3,167,025,566
30% $ 15,835,127,829 $ 4,750,538,349
40% $ 15,835,127,829 $ 6,334,051,132
50% $ 15,835,127,829 $ 7,917,563,915
60% $ 15,835,127,829 $ 9,501,076,697
dices de Endeudamiento Año 2014
tura de Capital
Capital Patrimonial Acciones Comunes en Circulación Precio Acción 4,071
$ 12,603,100,089 3,095,520
$ 11,342,790,080 2,785,968
$ 10,082,480,071 2,476,416
$ 8,822,170,062 2,166,864
$ 7,561,860,053 1,857,312
$ 6,301,550,045 1,547,760
$ 5,041,240,036 1,238,208

tura de Capital
Capital Patrimonial Acciones Comunes en Circulación Precio Acción 4,516
$ 13,908,123,825 3,079,744
$ 12,517,311,443 2,771,770
$ 11,126,499,060 2,463,795
$ 9,735,686,678 2,155,821
$ 8,344,874,295 1,847,846
$ 6,954,061,913 1,539,872
$ 5,563,249,530 1,231,898

tura de Capital
Capital Patrimonial Acciones Comunes en Circulación Precio Acción 5,299.5
$ 14,046,278,662 2,650,491
$ 12,641,650,796 2,385,442
$ 11,237,022,930 2,120,393
$ 9,832,395,063 1,855,344
$ 8,427,767,197 1,590,295
$ 7,023,139,331 1,325,246
$ 5,618,511,465 1,060,197

tura de Capital
$ 14,485,751,837 2,361,435
$ 13,037,176,653 2,125,292
$ 11,588,601,470 1,889,148
$ 10,140,026,286 1,653,005
$ 8,691,451,102 1,416,861
$ 7,242,875,919 1,180,718
$ 5,794,300,735 944,574

tura de Capital
$ 15,835,127,829 3,111,272
$ 14,251,615,046 2,800,144
$ 12,668,102,263 2,489,017
$ 11,084,589,480 2,177,890
$ 9,501,076,697 1,866,763
$ 7,917,563,915 1,555,636
$ 6,334,051,132 1,244,509
Niveles de Endeudamiento, Tasas de Interés y Monto en pesos del interes anual relacionado con la
alternativas de estructura de capital año 2014
Indice de Endeudamiento de la Tasa de Interes de Toda la Deuda
Estructura de Capital Deuda
0% $ - 0%
10% $ 1,260,310,009 2.8%
20% $ 2,520,620,018 2.9%
30% $ 3,780,930,027 3.1%
40% $ 5,041,240,036 3.4%
50% $ 6,301,550,045 4.1%
60% $ 7,561,860,053 5.1%
0% $ - 0%
10% $ 1,390,812,383 2.9%
20% $ 2,781,624,765 3.1%
30% $ 4,172,437,148 3.2%
40% $ 5,563,249,530 3.6%
50% $ 6,954,061,913 4.3%
60% $ 8,344,874,295 5.3%
Deuda
0% $ - 0.0%
10% $ 1,404,627,866 3.4%
20% $ 2,809,255,732 3.6%
30% $ 4,213,883,599 3.8%
40% $ 5,618,511,465 4.2%
50% $ 7,023,139,331 5.1%
60% $ 8,427,767,197 6.2%
Deuda
Deuda
0% $ - 0.0%
10% $ 1,448,575,184 2.9%
20% $ 2,897,150,367 3.1%
30% $ 4,345,725,551 3.3%
40% $ 5,794,300,735 3.6%
50% $ 7,242,875,919 4.4%
60% $ 8,691,451,102 5.3%
0% $ - 0.0%
10% $ 1,583,512,783 2.8%
20% $ 3,167,025,566 3.0%
30% $ 4,750,538,349 3.2%
40% $ 6,334,051,132 3.5%
50% $ 7,917,563,915 4.2%
60% $ 9,501,076,697 5.2%
nual relacionado con las
Interés
$ -
$ 35,014,217
$ 74,230,141
$ 116,912,472 57%
$ 171,471,626
$ 261,494,229
$ 382,827,552
Interés
$ - 60%
$ 40,472,006
$ 85,800,653
$ 135,136,029
$ 198,199,509
$ 302,254,250
$ 442,500,223
Interés
$ -
$ 48,147,265 63%
$ 102,072,201
$ 160,763,716
$ 235,786,784
$ 359,574,846
$ 526,417,574
Interés
Interés
$ -
$ 42,369,241
$ 89,822,791 62%
$ 141,470,896
$ 207,490,648
$ 316,423,238
$ 463,243,620
Interés
$ -
$ 44,942,417 62%
$ 95,277,925
$ 150,062,731
$ 220,092,006
$ 335,640,309
$ 491,377,413
CALCULO DE GPA S.A.C.I FALABELLA
INDICE DE ENDEUDAMIENTO 0%
PESIMISTA ESPERADA OPTIMISTA
PROBABILIDAD
25% 50% 25%
UAII -717,649,488 769,866,492 2,257,382,472
(-) Intereses 0 0 0
UAI -717,649,488 769,866,492 2,257,382,472
(-) Impuestos (27%) 0 207,863,953 609,493,267
Utilidad Neta Despues de Impuestos -717,649,488 562,002,539 1,647,889,204
GPA (3.146.260) -228.10 178.63 523.76
GPA Esperado 163.23
Desviación Estandar 266.27
Coeficiente de Variación 1.63

PROBABILIDAD
25% 50% 25%
UAII -717,649,488 769,866,492 2,257,382,472
(-) Intereses 44,942,417 44,942,417 44,942,417
UAI -762,591,905 724,924,075 2,212,440,054
(-) Impuestos (27%) 0 195,729,500 597,358,815
GPA (2.831.634) -269.31 186.89 570.37
GPA Esperado 168.71

PROBABILIDAD
25% 50% 25%
UAII -717,649,488 769,866,492 2,257,382,472
(-) Intereses 95,277,925 95,277,925 95,277,925
UAI -812,927,412 674,588,567 2,162,104,547
(-) Impuestos (25%) 0 168,647,142 540,526,137
GPA (2.517.008) -322.97 201.01 644.25
GPA Esperado 180.82

PROBABILIDAD
25% 50% 25%
UAII -717,649,488 769,866,492 2,257,382,472
(-) Intereses 150,062,731 150,062,731 150,062,731
UAI -867,712,219 619,803,761 2,107,319,740
(-) Impuestos (27%) 0 167,347,015 568,976,330
GPA (2.202.382) -393.99 205.44 698.49
GPA Esperado 178.85

PROBABILIDAD
25% 50% 25%
UAII -717,649,488 769,866,492 2,257,382,472
(-) Intereses 220,092,006 220,092,006 220,092,006
UAI -937,741,494 549,774,486 2,037,290,465
(-) Impuestos (27%) 0 148,439,111 550,068,426
GPA (1.887.756) -496.75 212.60 787.83
GPA Esperado 179.07

PROBABILIDAD
25% 50% 25%
UAII -717,649,488 769,866,492 2,257,382,472
(-) Intereses 335,640,309 335,640,309 335,640,309
UAI -1,053,289,797 434,226,183 1,921,742,162
(-) Impuestos (27%) 0 117,241,069 518,870,384
Utilidad Neta Despues de Impuestos -1,053,289,797 316,985,113 1,402,871,778
GPA (1.573.130) -669.55 201.50 891.77
GPA Esperado 156.30

PROBABILIDAD
25% 50% 25%
UAII -717,649,488 769,866,492 2,257,382,472
(-) Intereses 491,377,413 491,377,413 491,377,413
UAI -1,209,026,900 278,489,079 1,766,005,059
(-) Impuestos (27%) 0 75,192,051 476,821,366
Utilidad Neta Despues de Impuestos -1,209,026,900 203,297,028 1,289,183,693
GPA (1.258.504) -960.69 161.54 1,024.38
GPA Esperado 96.69
PROBABILIDAD GPA
25% -228.10 -391.33 153,135.38 38,283.84
50% 178.63 15.40 237.05 118.53
25% 523.76 360.53 129,983.46 32,495.86
76986649.2 VARIANZA 70,898.24
0 DESVIACIÓN ESTANDAR 266.27
76,986,649
20,786,395
56,200,254
17.86
PROBABILIDAD GPA
25% -269.31 -438.02 191,860.05 47,965.01
50% 186.89 18.18 330.46 165.23
25% 570.37 401.66 161,331.86 40,332.96
76986649.2 VARIANZA 88,463.21
44,942,417 DESVIACIÓN ESTANDAR 297.43
32,044,232
8,651,943
23,392,289
8.26
PROBABILIDAD GPA
25% -322.97 -503.80 253,811.34 63,452.83
50% 201.01 20.19 407.47 203.73
25% 644.25 463.43 214,762.92 53,690.73
76986649.2 VARIANZA 117,347.30
-18,291,276
0
-18,291,276
-7.27
PROBABILIDAD GPA
25% -393.99 -572.83 328,138.32 82,034.58
50% 205.44 26.59 707.25 353.63
25% 698.49 519.65 270,031.14 67,507.78
76986649.2 VARIANZA 149,895.99
-73,076,082
0
-73,076,082
-33.18
PROBABILIDAD GPA
25% -496.75 -675.82 456,729.85 114,182.46
50% 212.60 33.53 1,124.30 562.15
25% 787.83 608.76 370,584.79 92,646.20
76986649.2 VARIANZA 207,390.81
-143,105,357
0
-143,105,357
-75.81
PROBABILIDAD GPA
25% -669.55 -825.86 682,037.08 170,509.27
50% 201.50 45.19 2,042.56 1,021.28
25% 891.77 735.47 540,910.33 135,227.58
76986649.2 VARIANZA 306,758.13
-258,653,660
0
-258,653,660
-164.42
PROBABILIDAD GPA
25% -960.69 -1057.38 1,118,048.52 279,512.13
50% 161.54 64.85 4,205.04 2,102.52
25% 1024.38 927.69 860,600.49 215,150.12
76986649.2 VARIANZA 496,764.77
-414,390,764
0
-414,390,764
-329.27
GPA ESPERADA, DESVIACION ESTANDAR Y CV DE LAS ESTRUCTURAS DE
INDICE DE ENDEUDAMIENTO DE LA
ESTRUCTURA DE CAPITAL GPA ESPERADA
0% $163.23
10% $168.71
20% $180.82
30% $178.85
40% $179.07
50% $156.30
60% $96.69
GPA ESPERA
"GP A E S P E RA DA " p o r "IN DICE DE E N DE UDA MIE N TO DE L A E S TRUCTURA DE

$200.00 20%; $180.82
$180.00
$160.00
$140.00
GPA ESPERADA ($)
$120.00
$100.00
$80.00
$60.00
$40.00
$20.00
$0.00
0% 10% 20% 30% 40% 50%
INDICE DE ENDEUDAMIENTO DE LA ESTRUCTURA DE CAPITAL (%)
$ 76,986,649
$ 769,866,492 $ 2,257,382,472
0% 17.86 178.63 523.76
10% 8.26 186.89 570.37
20% - 7.27 201.01 644.25
30% - 33.18 205.44 698.49
40% - 75.81 212.60 787.83
50% - 164.42 201.50 891.77
60% - 329.27 161.54 1024.38
0% 10%
Kd 0.00% 2.84%
Tasa de Interes 27% 27%
% Deuda 0% 10%
% Patrimonio 100% 90%
Capm 8.72% 8.72%
Wacc 8.72% 8.06%
Indice de Rendimiento
endeudamiento de CV DE LA GPA requerido Estimado
Estructura Capital Kd (wacc)
0% 8.72%
10% 1.80 8.06%
20% 1.99 7.42%
30% 2.36 6.80%
40% 2.96 6.25%
50% 4.99 5.91%
60% 45.33 5.76%
N ESTANDAR Y CV DE LAS ESTRUCTURAS DE CAPITAL ALTERNATIVA DE S.A.C.I. FALABELLA
DESVIACIÓN ESTANDAR DE GPA CV DE LA GPA

GPA ESPERADA
$163.23 266.27 1.63

$168.71 297.43 1.76
$180.82 342.56 1.89
$178.85 387.16 2.16
$179.07 455.40 2.54
$156.30 553.86 3.54
$96.69 704.82 7.29
GPA ESPERADA Y CV DE GPA PARA LAS ESTRUCTURAS DE CAPITAL ALTERNATIVO
UDA MIE N TO DE L A E S TRUCTURA DE CA P IT A L " CV

8
Coeficiente de Variación de GPA 7
6
5
60%; $96.69
4
3
2
1
0
30% 40% 50% 60% 0% 10% 20
NTO DE LA ESTRUCTURA DE CAPITAL (%) Indice
Modelo UAII - GPA
1,200.00
1,000.00 1024
800.00
600.00
GPA ($)
400.00
201.01
200.00
17.86
800.00
600.00
GPA ($)
400.00
201.01
200.00
17.86
-
$ 76,986,649 $ 769,866,492 $ 2,257,382,47
-200.00
-400.00
UAII ($)
20% 30% 40% 50% 60%

3.01% 3.16% 3.47% 4.24% 5.17%
27% 27% 27% 27% 27%
20% 30% 40% 50% 60%
80% 70% 60% 50% 40%
8.72% 8.72% 8.72% 8.72% 8.72%
7.42% 6.80% 6.25% 5.91% 5.76%
Indice de Rendimiento
endeudamient GPA ESPERADA requerido Valor Estimado de las
o de Estructura Estimado Kd acciones
Capital (wacc)
0% 163.23 8.72% 1870.95

10% 165.42 8.11% 2038.93
20% 172.83 7.53% 2294.35
30% 164.73 6.98% 2360.42
40% 154.91 6.51% 2378.45
50% 112.09 6.31% 1775.93
60% 15.78 6.34% 248.71
NATIVO
CV DE LA GPA
10% 20% 30% 40% 50% 60%

Indice de Endeudamiento (%)
50% 60%
-669.55 -1062.1467928
1024.38 201.5 87.5
891.8 950.3
0%
10%
20%
30%
40%
50%
60%
0%
10%
20%
30%
40%
50%
60%
$ 2,257,382,472
Años Ventas Crecimiento sostenido g log ventas
2014 7,009,490,611 9.85
2015 7,753,209,572 11% 9.89
2016 7,898,301,784 2% 9.90
2017 8,209,851,510 4% 9.91
2018 8,483,577,333 3% 9.93
promedio ventas 4.5%

perpetuo 0.45%
Años Ventas
2014 7,009,490,611
2015 7,753,209,572
2016 7,898,301,784
2017 8,209,851,510
2018 8,483,577,333
2019 8,865,338,313
2020 9,264,278,537
2021 9,681,171,071
2022 10,116,823,769
2023 10,572,080,839
2024 11,047,824,477
2025 11,544,976,578
2026 12,064,500,524
2027 12,607,403,048
2028 13,174,736,185
perpetuo 13,234,022,498
Ventas
14,000,000,000
12,000,000,000
10,000,000,000
8,000,000,000
6,000,000,000
4,000,000,000
2,000,000,000
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2
Ventas
23 2024 2025 2026 2027 2028 perpetuo

CALCULO DE CAPITAL
2014 2015 2016

activo total $ 12,603,100,089 $ 13,908,123,825 $ 14,046,278,662
(-)activos no operativos
excess cash 0 0 0
equity & other investments $ 2,606,238,590 $ 3,312,604,315 $ 3,582,729,436
goodwill $ 257,156,710 $ 280,961,730 $ 319,710,968
other assets $ 16,184,783 $ 21,088,331 $ 27,743,273
(-)pasivos gratuitos
deuda proveedores $ 966,061,609 $ 1,020,371,592 $ 1,047,625,370
anticipo de clientes 0 0 0
(=)CAPITAL $ 8,757,458,397 $ 9,273,097,857 $ 9,068,469,615
working capital(NOF) $ 3,223,774,303 $ 3,150,585,941 $ 2,559,603,970

fixed capital $ 5,533,684,094 $ 6,122,511,916 $ 6,508,865,645
total capital $ 8,757,458,397 $ 9,273,097,857 $ 9,068,469,615
$ - $ 588,827,822 $ 386,353,729
$ - -$ 73,188,362 -$ 590,981,971
2017 2018 2019 2020 2021
$ 14,485,751,837 $ 15,835,127,829 $ 15,959,823,457 $ 16,678,015,513 $ 17,428,526,211
0 0 0 0 0
$ 3,778,624,992 $ 3,918,106,864 $ 3,856,032,396 $ 4,029,553,854 $ 4,210,883,777
$ 339,968,539 $ 371,598,594 $ 352,158,604 $ 368,005,741 $ 384,566,000
$ 30,501,854 $ 77,745,688 $ 37,980,925 $ 39,690,067 $ 41,476,120
$ 1,085,467,329 $ 1,129,345,048 $ 1,191,357,438 $ 1,244,968,523 $ 1,300,992,106

0 0 0 0 0
$ 9,251,189,123 $ 10,338,331,635 $ 10,522,294,094 $ 10,995,797,328 $ 11,490,608,208
$ 2,778,717,979 $ 3,062,976,682 $ 3,342,834,148 $ 3,493,261,685 $ 3,650,458,461

$ 6,472,471,144 $ 7,275,354,953 $ 7,179,459,946 $ 7,502,535,644 $ 7,840,149,748
$ 9,251,189,123 $ 10,338,331,635 $ 10,522,294,094 $ 10,995,797,328 $ 11,490,608,208
-$ 36,394,501 $ 802,883,809 -$ 95,895,007 $ 323,075,698 $ 337,614,104
$ 219,114,009 $ 284,258,703 $ 279,857,466 $ 150,427,537 $ 157,196,776
Capital Total
$18,000,000,000
$16,000,000,000
$14,000,000,000
$12,000,000,000
$10,000,000,000
$8,000,000,000
$6,000,000,000
$4,000,000,000
$2,000,000,000
$-
201420152016201720182019202020212022202320242025202620272028 ♾
working capital(NOF) fixed capital total capital

proyecciones
2022 2023 2024 2025 2026
$ 18,212,809,890 $ 19,032,386,335 $ 19,888,843,721 $ 20,783,841,688 $ 21,719,114,564
0 0 0 0 0
$ 4,400,373,547 $ 4,598,390,357 $ 4,805,317,923 $ 5,021,557,230 $ 5,247,527,305
$ 401,871,470 $ 419,955,686 $ 438,853,692 $ 458,602,108 $ 479,239,203
$ 43,342,545 $ 45,292,959 $ 47,331,143 $ 49,461,044 $ 51,686,791
$ 1,359,536,751 $ 1,420,715,905 $ 1,484,648,120 $ 1,551,457,286 $ 1,621,272,864

0 0 0 0 0
$ 12,007,685,577 $ 12,548,031,428 $ 13,112,692,843 $ 13,702,764,021 $ 14,319,388,402
$ 3,814,729,091 $ 3,986,391,900 $ 4,165,779,536 $ 4,353,239,615 $ 4,549,135,398

$ 8,192,956,486 $ 8,561,639,528 $ 8,946,913,307 $ 9,349,524,406 $ 9,770,253,004
$ 12,007,685,577 $ 12,548,031,428 $ 13,112,692,843 $ 13,702,764,021 $ 14,319,388,402
$ 352,806,739 $ 368,683,042 $ 385,273,779 $ 402,611,099 $ 420,728,598
$ 164,270,631 $ 171,662,809 $ 179,387,636 $ 187,460,079 $ 195,895,783
l Componentes del Capital

$12,000,000,000
$10,000,000,000
$8,000,000,000
$6,000,000,000
$4,000,000,000
$2,000,000,000
$-
022202320242025202620272028 ♾ 201420152016201720182019202020212022202320242025202620272028 ♾
apital total capital working capital(NOF) fixed capital

perpetuo
2027 2028 ♾ fixed capital
$ 22,696,474,719 $ 23,717,816,082 $ 23,824,546,254 Capex/EBIT
0 0 0 working capit
$ 5,483,666,034 $ 5,730,431,005 $ 5,756,217,945 Crecimiento NOF
$ 500,804,967 $ 523,341,190 $ 525,696,226
$ 54,012,697 $ 56,443,268 $ 56,697,263
F
$ 1,694,230,142 $ 1,770,470,499 $ 1,778,437,616 $ 12,000,000,000
0 0 0 $ 10,000,000,000
$ 14,963,760,880 $ 15,637,130,119 $ 15,707,497,205
$ 8,000,000,000
$ 6,000,000,000
$ 4,753,846,491 $ 4,967,769,583 $ 4,990,124,546
$ 4,000,000,000
$ 10,209,914,389 $ 10,669,360,537 $ 10,717,372,659
$ 14,963,760,880 $ 15,637,130,119 $ 15,707,497,205 $ 2,000,000,000
$ 439,661,385 $ 459,446,148 $ 48,012,122 $-

$ 204,711,093 $ 213,923,092 $ 22,354,963 14 15 16 17 18
20 20 20 20 20 20
fixed
2014 2015 2016 2017
$ 5,533,684,094 $ 6,122,511,916 $ 6,508,865,645 $ 6,472,471,144
475% 340% -33%
$ 3,223,774,303.00 $ 3,150,585,941.00 $ 2,559,603,970.00 $ 2,778,717,979.00

ecimiento NOF -59% -519% 199%
Fixed Capital NOF

$ 6,000,000,000.00
2,000,000,000 800.00%
700.00% $ 5,000,000,000.00
0,000,000,000 600.00%
500.00% $ 4,000,000,000.00
8,000,000,000
400.00%
$ 3,000,000,000.00
6,000,000,000 300.00%
200.00% $ 2,000,000,000.00
4,000,000,000 100.00%
0.00% $ 1,000,000,000.00
2,000,000,000
-100.00%
$-
$- -200.00%
14 15 16 17 18 19 20 21 22 2
14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ♾ 20 20 20 20 20 20 20 20 20 20
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
working capital(NOF) C
fixed capital Capex/EBIT
2018 2019 2020 2021
$ 7,275,354,953 $ 7,179,459,946 $ 7,502,535,644 $ 7,840,149,748
732% -76% 244% 244%
$ 3,062,976,682.00 $ 3,342,834,148.08 $ 3,493,261,684.75 $ 3,650,458,460.56

259% 220% 113% 113%
NOF
0,000,000.00 400.00%
300.00%
0,000,000.00 200.00%
0,000,000.00 100.00%
0.00%
0,000,000.00 -100.00%
-200.00%
0,000,000.00 -300.00%
0,000,000.00 -400.00%
-500.00%
$- -600.00%
14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ♾
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
working capital(NOF) Crecimiento NOF

2022 2023 2024 2025
$ 8,192,956,486 $ 8,561,639,528 $ 8,946,913,307 $ 9,349,524,406
244% 244% 244% 244%
$ 3,814,729,091.29 $ 3,986,391,900.39 $ 4,165,779,535.91 $ 4,353,239,615.03

113% 113% 113% 113%
2026 2027 2028 ♾
$ 9,770,253,004 $ 10,209,914,389 $ 10,669,360,537 $ 10,717,372,659
244% 244% 244% 25%
$ 4,549,135,397.70 $ 4,753,846,490.60 $ 4,967,769,582.68 $ 4,990,124,545.80

113% 113% 113% 12%
E.E.R.R
Ingresos de actividades ordinarias
Costo de ventas
Ganancia bruta
Costos de distribución
Gastos de administración
Otros gastos, por función
Otras ganancias (pérdidas)
Ingresos financieros
Costos financieros
Participación en las ganancias (pérdidas) de asociadas y negocios conjuntos que se contabilicen
utilizando el método de la participación
Diferencias de cambio
Resultado por unidades de reajuste
Ganancia antes de impuestos
Gasto por impuestos a las ganancias
Ganancia de negocios no bancarios
Ingresos por intereses y reajustes
Gastos por intereses y reajustes
Ingreso neto por intereses y reajustes
Ingresos por comisiones
Gastos por comisiones
Ingreso neto por comisiones
Utilidad (Pérdida) neta de operaciones financieras
Utilidad (Pérdida) de cambio neta
Otros ingresos operacionales
Provisión por riesgo de crédito
Total ingreso operacional neto
Remuneraciones y gastos del personal
Gastos de administración
Depreciaciones y amortizaciones
Otros gastos operacionales
Total gastos operacionales
Resultado operacional
Resultado por inversiones en sociedades
Resultado antes de impuesto a la renta
Impuesto a la renta
Ganancia de negocios bancarios
Ganancia
Ganancia atribuible a los propietarios de la controladora
Ganancia atribuible a participaciones no controladoras
Ganancia
Ganancia por acción básica en operaciones continuadas
Ganancia por acción diluida en operaciones continuadas
BALANCE
ACTIVOS
ACTIVOS CORRIENTES
inventarios
plusvalia
Intangibles
Activo fijo
Impuestos diferidos
otros activos
TOTAL DE ACTIVOS
PASIVOS CORRIENTES
otros pasivos
TOTAL PASIVOS
TOTAL PASIVOS SIN PROVEEDORES
capital emitido
primas de emision
otras reservas
PATRIMONIO TOTAL
años actuales
2014 2015 2016 2017
7,009,490,611 7,753,209,572 7,898,301,784 8,209,851,510

-4,658,040,208 -5,098,131,631 -5,180,719,944 -5,296,642,965
2,351,450,403 2,655,077,941 2,717,581,840 2,913,208,545
-82,824,778 -82,294,591 -89,751,825 -96,735,311
-1,426,230,449 -1,683,850,992 -1,716,574,738 -1,847,408,431
-134,883,570 -142,275,799 -135,229,377 -149,314,641
7,308,466 33,749,211 160,726,377 3,289,726
20,194,586 33,868,899 15,268,092 15,113,935
-139,425,348 -174,032,519 -207,568,518 -195,372,181
26,155,945 25,272,409 21,247,989 15,279,304
-40,225,714 -18,208,873 3,637,364 -466,040

-41,114,681 -33,455,450 -26,087,890 -17,264,195
540,404,860 613,850,236 743,249,314 640,330,711
-101,425,824 -134,095,686 -148,580,176 -159,920,613
438,979,036 479,754,550 594,669,138 480,410,098
445,605,716 485,319,456 526,664,491 580,503,510

-129,938,794 -133,370,243 -152,144,758 -131,789,244
315,666,922 351,949,213 374,519,733 448,714,266
106,875,474 135,915,710 163,483,782 144,686,063
-29,218,656 -33,607,581 -40,135,723 -40,914,588
77,656,818 102,308,129 123,348,059 103,771,475
-1,118,943 2,341,646 17,811,714 5,013,585
10,760,905 8,854,487 -5,777,584 5,549,303
827,146 2,147,794 -69,539 1,377,030
-89,422,063 -114,698,003 -146,481,242 -178,991,294
314,370,785 352,903,266 363,351,141 385,434,365
-83,551,772 -90,919,630 -96,051,131 -100,447,175
-101,215,795 -112,366,201 -125,483,985 -138,010,605
-15,489,687 -15,638,353 -16,810,784 -19,762,997
-10,502,339 -10,548,992 -11,740,051 -17,374,480
-210,759,593 -229,473,176 -250,085,951 -275,595,257
103,611,192 123,430,090 113,265,190 109,839,108
358,358 531,214 508,395 469,655
103,969,550 123,961,304 113,773,585 110,308,763
-25,843,026 -33,179,362 -30,410,733 -31,814,667
78,126,524 90,781,942 83,362,852 78,494,096
517,105,560 570,536,492 678,031,990 558,904,194
558,438,273 619,354,207 725,253,507 610,481,858
464,728,694 517,934,651 609,024,729 509,593,496
52,376,866 52,601,841 69,007,261 49,310,698
517,105,560 570,536,492 678,031,990 558,904,194
0.1911 0.2128 0.2502 0.21

0.1911 0.2128 0.2502 0.21
0.1903 0.2128 0.2502 0.21

0.1903 0.2128 0.2502 0.21
años actuales
2014 2015 2016 2017
$ 209,508,174 $ 206,752,525 $ 198,513,934 $ 229,801,074

$ 5,858,728 $ 11,954,600 $ 24,604,784 $ 9,991,730
$ 88,479,352 $ 88,479,352 $ 97,370,381 $ 108,778,478
$ 1,469,529,461 $ 1,681,649,150 $ 1,798,040,817 $ 1,965,092,614
$ 1,342,595,658 $ 955,834,515 $ 205,447,884 $ 226,268,901
$ 1,019,199,966 $ 1,173,671,356 $ 1,207,253,018 $ 1,238,138,783
$ 49,514,473 $ 49,438,780 $ 72,876,423 $ 75,247,272
$ 4,184,685,812 $ 4,167,780,278 $ 3,604,107,241 $ 3,853,318,852
$ 5,150,100 $ 3,177,255 $ 3,122,099 $ 10,866,456
$ 4,189,835,912 $ 4,170,957,533 $ 3,607,229,340 $ 3,864,185,308
$ 163,334,299 $ 184,148,339 $ 109,179,061 $ 138,296,518

$ 206,103,884 $ 203,851,406 $ 240,640,273 $ 275,021,763
$ 32,688,857 $ 36,599,317 $ 57,510,726 $ 74,750,007
$ 7,459,043 $ 28,828,307 $ 5,461,564 $ 8,581,727
$ 233,387,445 $ 246,832,942 $ 270,079,931 $ 279,310,000
$ 4,585,743 $ 4,585,743 $ 4,585,743 $ -
$ -
$ 460,614,322 $ 456,310,202 $ 513,998,456 $ 499,039,761
$ 2,121,112,163 $ 2,592,396,392 $ 2,822,793,360 $ 2,908,777,208
$ 2,118,539,996 $ 2,377,859,663 $ 2,500,197,883 $ 2,544,741,860
$ 68,168,041 $ 91,930,367 $ 131,418,254 $ 148,118,365
$ 5,415,993,793 $ 6,223,342,678 $ 6,655,865,251 $ 6,876,637,209
$ 347,215,192 $ 372,864,747 $ 303,391,378 $ 225,800,376
$ 10,125,348 $ 13,884,905 $ 63,769,129 $ 21,370,300
$ 55,864,410 $ 110,154,548 $ 81,622,210 $ 71,182,626
$ 14,503,691 $ 8,744,053 $ 9,870,857 $ 26,600,918
$ 29,977,748 $ - $ - $ -
$ 2,180,384,460 $ 2,471,067,255 $ 2,621,812,969 $ 2,590,709,808
$ 264,017,567 $ 423,103,649 $ 566,071,349 $ 657,507,389
$ 1,910,151 $ 2,801,387 $ 3,063,456 $ 2,861,251
$ 23,769,265 $ 34,128,788 $ 49,631,037 $ 60,658,539
$ 36,934,564 $ 35,555,641 $ 33,666,751 $ 33,933,667
$ 1,873,669 $ 1,850,246 $ 3,575,649 $ 7,766,383
$ 14,509,536 $ 18,580,064 $ 18,966,013 $ 16,036,209
$ 16,184,783 $ 21,088,331 $ 27,743,273 $ 30,501,854
$ 2,997,270,384 $ 3,513,823,614 $ 3,783,184,071 $ 3,744,929,320
$ 12,603,100,089 $ 13,908,123,825 $ 14,046,278,662 $ 14,485,751,837
$ 736,529,589 $ 738,717,161 $ 1,072,094,075 $ 834,648,234

$ 10,248,584 $ 11,978,083 $ 13,230,417 $ 14,296,634
$ 129,538,281 $ 138,768,939 $ 149,922,113 $ 162,716,905
$ 966,061,609 $ 1,020,371,592 $ 1,047,625,370 $ 1,085,467,329
$ 9,894,036 $ 3,240,430 $ 6,486,465 $ 7,636,329
$ 25,734,030 $ 44,919,936 $ 37,282,432 $ 37,030,912
$ 110,578,122 $ 121,651,114 $ 130,056,422 $ 138,464,318
$ 1,988,584,251 $ 2,079,647,255 $ 2,456,697,294 $ 2,280,260,661
$ 1,988,584,251 $ 2,079,647,255 $ 2,456,697,294 $ 2,280,260,661
$ 2,316,360,511 $ 2,700,830,781 $ 2,674,994,491 $ 3,006,175,090

$ 2,686,255 $ 1,262,231 $ 1,231,300 $ 1,081,931
$ 30,706,165 $ 40,266,934 $ 41,461,450 $ 45,681,427
$ 19,717,004 $ 21,045,521 $ 29,144,287 $ 32,997,676
$ 14,898,205 $ 15,174,089 $ 12,875,808 $ 11,045,759
$ 369,652,474 $ 503,406,350 $ 563,394,385 $ 568,622,314
$ 2,754,020,614 $ 3,281,985,906 $ 3,323,101,721 $ 3,665,604,197
$ 241,347,479 $ 321,693,368 $ 427,700,255 $ 543,154,221

$ 4,852,755 $ 9,542,490 $ 57,822,039 $ 15,139,196
$ 1,671,548,562 $ 1,988,206,540 $ 2,016,697,359 $ 1,987,726,066
$ 8,637,377 $ 8,166,601 $ 9,348,660 $ 31,181,315
$ 66,923,264 $ 89,884,439 $ 116,723,248 $ 81,391,043
$ 240,739,591 $ 294,047,824 $ 263,987,879 $ 242,256,771
$ 175,729,113 $ 159,527,592 $ 145,507,995 $ 130,641,388
$ 59,511 $ 4,327,573 $ 1,214,607 $ -
$ 5,491,575 $ 6,396,024 $ 2,342,153 $ 1,669,445
$ 49,257,187 $ 56,727,698 $ 55,776,934 $ 68,126,678
$ 2,464,586,414 $ 2,938,520,149 $ 3,097,121,129 $ 3,101,286,123
$ 7,207,191,279 $ 8,300,153,310 $ 8,876,920,144 $ 9,047,150,981
$ 6,241,129,670 $ 7,279,781,718 $ 7,829,294,774 $ 7,961,683,652
$ 533,409,643 $ 533,409,643 $ 533,409,643 $ 533,409,643
$ 2,913,524,436 $ 3,449,878,502 $ 3,872,333,532 $ 4,183,008,108
$ 93,482,329 $ 93,482,329 $ 93,482,329 $ 93,482,329
$ -3,495,432 $ -8,632,349 $ -35,125,632 $ -27,042,749
$ -92,000,283 $ -131,932,183 $ -283,783,440 $ -383,842,804
$ 3,444,920,693 $ 3,936,205,942 $ 4,180,316,432 $ 4,399,014,527
$ 693,344,727 $ 876,033,783 $ 868,040,688 $ 894,442,977
$ 4,138,265,420 $ 4,812,239,725 $ 5,048,357,120 $ 5,293,457,504
$ 11,345,456,699 $ 13,112,393,035 $ 13,925,277,264 $ 14,340,608,485
2018 2019 2020 2021
8,483,577,333 $ 8,865,338,313 $ 9,264,278,537 $ 9,681,171,071

-5,508,545,374 -$ 5,380,094,745 -$ 5,622,199,009 -$ 5,875,197,964
2,975,031,959 $ 3,062,994,837 $ 3,200,829,605 $ 3,344,866,937
-115,829,431 -$ 105,018,779 -$ 109,744,624 -$ 114,683,133
-1,946,931,176 -$ 1,937,084,663 -$ 2,024,253,473 -$ 2,115,344,879
-142,404,860 -$ 159,023,034 -$ 166,179,071 -$ 173,657,129
24,079,804 $ 51,390,911 $ 53,703,502 $ 56,120,160
37,280,766 $ 27,336,990 $ 28,567,154 $ 29,852,676
-181,505,280 -$ 201,792,443 -$ 210,873,103 -$ 220,362,393
$ 21,947,726 $ 22,935,373 $ 23,967,465
7,092,186
-15,793,359 -$ 16,924,267 -$ 17,685,859 -$ 18,481,723

-22,494,868 -$ 32,337,269 -$ 33,792,446 -$ 35,313,106
618,525,741 $ 711,490,009 $ 743,507,059 $ 776,964,877
-152,653,830 -$ 156,118,793 -$ 163,144,138 -$ 170,485,624
465,871,911 $ 555,371,216 $ 580,362,921 $ 606,479,252
598,968,122 $ 592,488,018 $ 619,149,979 $ 647,011,728

-123,592,686 -$ 151,816,257 -$ 158,647,989 -$ 165,787,148
475,375,436 $ 440,671,761 $ 460,501,990 $ 481,224,580
151,585,276 $ 157,745,674 $ 164,844,229 $ 172,262,220
-46,909,811 -$ 42,726,948 -$ 44,649,661 -$ 46,658,896
104,675,465 $ 115,018,726 $ 120,194,568 $ 125,603,324
20,658,479 $ 9,651,367 $ 10,085,678 $ 10,539,534
-8,982,788 $ 2,770,991 $ 2,895,686 $ 3,025,991
2,128,723 $ 1,427,091 $ 1,491,310 $ 1,558,419
-177,873,734 -$ 157,564,829 -$ 164,655,247 -$ 172,064,733
415,981,581 $ 411,975,106 $ 430,513,986 $ 449,887,116
-110,207,176 -$ 108,215,826 -$ 113,085,539 -$ 118,174,388
-154,941,600 -$ 141,657,866 -$ 148,032,470 -$ 154,693,931
-21,175,299 -$ 19,962,085 -$ 20,860,379 -$ 21,799,096
-20,509,182 -$ 15,743,269 -$ 16,451,717 -$ 17,192,044
-306,833,257 -$ 285,579,046 -$ 298,430,104 -$ 311,859,458
109,148,324 $ 126,396,060 $ 132,083,883 $ 138,027,657
551,214 $ 542,892 $ 567,323 $ 592,852
109,699,538 $ 126,938,952 $ 132,651,205 $ 138,620,510
-31,844,071 -$ 34,477,976 -$ 36,029,485 -$ 37,650,812
77,855,467 $ 92,460,977 $ 96,621,720 $ 100,969,698
543,727,378 $ 647,832,192 $ 676,984,641 $ 707,448,950
596,746,748
478,468,376 $ 582,773,990 $ 608,998,820 $ 636,403,767
65,259,002 $ 65,058,202 $ 67,985,822 $ 71,045,183
543,727,378 $ 599,475,873 $ 626,452,288 $ 654,642,641
0.19 $ 0.22 $ 0.23 $ 0.24

0.19 $ 0.22 $ 0.23 $ 0.24
0.19 $ 0.22 $ 0.23 $ 0.24

0.19 $ 0.22 $ 0.23 $ 0.24
2018 2019 2020 2021
$ 301,082,118 $ 257,397,214 $ 268,980,089 $ 281,084,193

$ 16,374,764 $ 15,319,537 $ 16,008,916 $ 16,729,318
$ 126,858,823 $ 114,479,853 $ 119,631,447 $ 125,014,862
$ 2,049,315,927 $ 2,012,636,275 $ 2,103,204,908 $ 2,197,849,129
$ 189,530,639 $ 692,800,154 $ 723,976,161 $ 756,555,088
$ 1,410,494,616 $ 1,359,418,866 $ 1,420,592,715 $ 1,484,519,387
$ 81,293,386 $ 73,432,040 $ 76,736,482 $ 80,189,623
$ 4,174,950,273 $ 4,525,483,939 $ 4,729,130,716 $ 4,941,941,599
$ 17,371,457 $ 8,707,647 $ 9,099,491 $ 9,508,968
$ 4,192,321,730 $ 4,534,191,586 $ 4,738,230,207 $ 4,951,450,567
$ 135,735,296 $ 166,174,005 $ 173,651,835 $ 181,466,168

$ 298,849,318 $ 274,629,043 $ 286,987,350 $ 299,901,781
$ 95,232,966 $ 65,596,302 $ 68,548,135 $ 71,632,802
$ 8,217,597 $ 13,276,387 $ 13,873,825 $ 14,498,147
$ 303,338,453 $ 299,833,036 $ 313,325,522 $ 327,425,171
$ - $ 3,238,121 $ 3,383,836 $ 3,536,109
$ 16,341,601 $ 3,415,395 $ 3,569,087 $ 3,729,696
$ 627,102,345 $ 575,093,510 $ 600,972,718 $ 628,016,490
$ 2,972,046,449 $ 3,012,433,329 $ 3,147,992,828 $ 3,289,652,506
$ 2,723,542,974 $ 2,759,744,794 $ 2,883,933,310 $ 3,013,710,309
$ 190,054,669 $ 139,478,676 $ 145,755,217 $ 152,314,201
$ 7,370,461,668 $ 7,312,912,597 $ 7,641,993,664 $ 7,985,883,379
$ 275,984,373 $ 347,652,638 $ 363,297,006 $ 379,645,372
$ 57,290,605 $ 36,640,943 $ 38,289,785 $ 40,012,825
$ 148,258,611 $ 104,004,467 $ 108,684,668 $ 113,575,478
$ 88,101,263 $ 32,042,406 $ 33,484,314 $ 34,991,108
$ - $ 7,582,944 $ 7,924,177 $ 8,280,765
$ 2,823,447,682 $ 2,854,812,713 $ 2,983,279,285 $ 3,117,526,853
$ 658,887,042 $ 570,326,620 $ 595,991,318 $ 622,810,927
$ 3,179,466 $ 3,093,976 $ 3,233,205 $ 3,378,699
$ 68,260,141 $ 52,325,568 $ 54,680,219 $ 57,140,829
$ 41,050,857 $ 40,939,824 $ 42,782,116 $ 44,707,311
$ 5,214,005 $ 4,466,786 $ 4,667,791 $ 4,877,842
$ 24,924,698 $ 20,849,466 $ 21,787,692 $ 22,768,138
$ 77,745,688 $ 37,980,925 $ 39,690,067 $ 41,476,120
$ 4,272,344,431 $ 4,112,719,275 $ 4,297,791,642 $ 4,491,192,266
$ 15,835,127,829 $ 15,959,823,457 $ 16,678,015,513 $ 17,428,526,211
$ 990,064,907 $ 995,459,107 $ 1,040,254,767 $ 1,087,066,232

$ 54,553,693 $ 24,767,860 $ 25,882,414 $ 27,047,123
$ 162,987,699 $ 169,138,361 $ 176,749,587 $ 184,703,318
$ 1,129,345,048 $ 1,191,357,438 $ 1,244,968,523 $ 1,300,992,106
$ 15,308,531 $ 9,842,481 $ 10,285,392 $ 10,748,235
$ 33,639,010 $ 40,426,726 $ 42,245,928 $ 44,146,995
$ 146,754,253 $ 147,366,616 $ 153,998,114 $ 160,928,029
$ 2,532,653,141 $ 2,578,358,589 $ 2,694,384,725 $ 2,815,632,038
$ 2,532,653,141 $ 2,578,358,589 $ 2,694,384,725 $ 2,815,632,038
$ 2,806,585,586 $ 3,065,324,655 $ 3,203,264,265 $ 3,347,411,157

$ 1,089,919 $ 1,633,563 $ 1,707,073 $ 1,783,891
$ 55,124,675 $ 48,812,259 $ 51,008,811 $ 53,304,207
$ 45,630,958 $ 34,297,180 $ 35,840,553 $ 37,453,378
$ 9,324,355 $ 14,165,954 $ 14,803,422 $ 15,469,576
$ 591,757,849 $ 592,175,815 $ 618,823,727 $ 646,670,795
$ 3,509,513,342 $ 3,756,409,426 $ 3,925,447,851 $ 4,102,093,004
$ 639,081,704 $ 501,800,663 $ 524,381,693 $ 547,978,870

$ 46,413,806 $ 31,258,049 $ 32,664,662 $ 34,134,571
$ 2,538,382,394 $ 2,328,125,494 $ 2,432,891,141 $ 2,542,371,242
$ 87,064,300 $ 34,821,519 $ 36,388,487 $ 38,025,969
$ 78,714,860 $ 98,126,314 $ 102,541,998 $ 107,156,388
$ 268,117,240 $ 296,303,658 $ 309,637,323 $ 323,571,002
$ 112,289,216 $ 162,124,945 $ 169,420,568 $ 177,044,494
$ 91,904 $ 1,242,967 $ 1,298,901 $ 1,357,352
$ 11,609,125 $ 6,373,200 $ 6,659,994 $ 6,959,693
$ 67,449,182 $ 67,708,547 $ 70,755,432 $ 73,939,426
$ 3,849,213,731 $ 3,527,885,357 $ 3,686,640,198 $ 3,852,539,007
$ 9,891,380,214 $ 9,862,653,372 $ 10,306,472,774 $ 10,770,264,049
$ 8,762,035,166 $ 8,671,295,934 $ 9,061,504,251 $ 9,469,271,943
$ 919,419,389 $ 700,979,692 $ 732,523,778 $ 765,487,348
$ 4,421,138,544 $ 4,298,222,700 $ 4,491,642,722 $ 4,693,766,644
$ 93,482,329 $ 105,737,502 $ 110,495,689 $ 115,467,995
$ -44,808,966 -$ 27,999,009 -$ 29,258,964 -$ 30,575,617
$ -321,368,626 -$ 280,498,278 -$ 293,120,701 -$ 306,311,132
$ 5,067,862,670 $ 4,796,442,607 $ 5,012,282,524 $ 5,237,835,238
$ 919,494,553 $ 966,105,546 $ 1,009,580,295 $ 1,055,011,408
$ 5,987,357,223 $ 5,762,548,152 $ 6,021,862,819 $ 6,292,846,646
$ 15,878,737,437 $ 15,625,201,525 $ 16,328,335,593 $ 17,063,110,695
proyecciones
2022 2023 2024 2025
$ 10,116,823,769 $ 10,572,080,839 $ 11,047,824,477 $ 11,544,976,578

-$ 6,139,581,873 -$ 6,415,863,057 -$ 6,704,576,895 -$ 7,006,282,855
$ 3,495,385,949 $ 3,652,678,317 $ 3,817,048,841 $ 3,988,816,039
-$ 119,843,874 -$ 125,236,848 -$ 130,872,506 -$ 136,761,769
-$ 2,210,535,398 -$ 2,310,009,491 -$ 2,413,959,918 -$ 2,522,588,115
-$ 181,471,700 -$ 189,637,926 -$ 198,171,633 -$ 207,089,356
$ 58,645,567 $ 61,284,617 $ 64,042,425 $ 66,924,334
$ 31,196,047 $ 32,599,869 $ 34,066,863 $ 35,599,872
-$ 230,278,700 -$ 240,641,242 -$ 251,470,098 -$ 262,786,252
$ 25,046,001 $ 26,173,071 $ 27,350,859 $ 28,581,648
-$ 19,313,400 -$ 20,182,503 -$ 21,090,716 -$ 22,039,798

-$ 36,902,196 -$ 38,562,795 -$ 40,298,121 -$ 42,111,536
$ 811,928,296 $ 848,465,069 $ 886,645,997 $ 926,545,067
-$ 178,157,478 -$ 186,174,564 -$ 194,552,419 -$ 203,307,278
$ 633,770,818 $ 662,290,505 $ 692,093,578 $ 723,237,789
$ 676,127,256 $ 706,552,982 $ 738,347,867 $ 771,573,521

-$ 173,247,570 -$ 181,043,711 -$ 189,190,678 -$ 197,704,258
$ 502,879,686 $ 525,509,272 $ 549,157,189 $ 573,869,263
$ 180,014,019 $ 188,114,650 $ 196,579,810 $ 205,425,901
-$ 48,758,546 -$ 50,952,681 -$ 53,245,551 -$ 55,641,601
$ 131,255,474 $ 137,161,970 $ 143,334,258 $ 149,784,300
$ 11,013,813 $ 11,509,434 $ 12,027,359 $ 12,568,590
$ 3,162,161 $ 3,304,458 $ 3,453,159 $ 3,608,551
$ 1,628,548 $ 1,701,833 $ 1,778,415 $ 1,858,444
-$ 179,807,646 -$ 187,898,990 -$ 196,354,444 -$ 205,190,394
$ 470,132,036 $ 491,287,977 $ 513,395,936 $ 536,498,754
-$ 123,492,235 -$ 129,049,386 -$ 134,856,608 -$ 140,925,155
-$ 161,655,158 -$ 168,929,640 -$ 176,531,473 -$ 184,475,390
-$ 22,780,055 -$ 23,805,158 -$ 24,876,390 -$ 25,995,827
-$ 17,965,686 -$ 18,774,142 -$ 19,618,978 -$ 20,501,832
-$ 325,893,134 -$ 340,558,325 -$ 355,883,449 -$ 371,898,205
$ 144,238,902 $ 150,729,653 $ 157,512,487 $ 164,600,549
$ 619,530 $ 647,409 $ 676,543 $ 706,987
$ 144,858,432 $ 151,377,062 $ 158,189,030 $ 165,307,536
-$ 39,345,098 -$ 41,115,628 -$ 42,965,831 -$ 44,899,293
$ 105,513,334 $ 110,261,434 $ 115,223,199 $ 120,408,243
$ 739,284,153 $ 772,551,940 $ 807,316,777 $ 843,646,032
$ 665,041,936 $ 694,968,823 $ 726,242,420 $ 758,923,329
$ 74,242,217 $ 77,583,116 $ 81,074,357 $ 84,722,703
$ 684,101,559 $ 714,886,130 $ 747,056,005 $ 780,673,526
$ 0.25 $ 0.26 $ 0.27 $ 0.29

$ 0.25 $ 0.26 $ 0.27 $ 0.29
$ 0.25 $ 0.26 $ 0.27 $ 0.29

$ 0.25 $ 0.26 $ 0.27 $ 0.29
proyecciones
2022 2023 2024 2025
$ 293,732,982 $ 306,950,966 $ 320,763,759 $ 335,198,128

$ 17,482,137 $ 18,268,833 $ 19,090,931 $ 19,950,023
$ 130,640,530 $ 136,519,354 $ 142,662,725 $ 149,082,548
$ 2,296,752,339 $ 2,400,106,195 $ 2,508,110,973 $ 2,620,975,967
$ 790,600,067 $ 826,177,070 $ 863,355,038 $ 902,206,015
$ 1,551,322,759 $ 1,621,132,283 $ 1,694,083,236 $ 1,770,316,982
$ 83,798,156 $ 87,569,073 $ 91,509,682 $ 95,627,617
$ 5,164,328,970 $ 5,396,723,774 $ 5,639,576,344 $ 5,893,357,279
$ 9,936,872 $ 10,384,031 $ 10,851,312 $ 11,339,621
$ 5,174,265,842 $ 5,407,107,805 $ 5,650,427,656 $ 5,904,696,901
$ 189,632,145 $ 198,165,592 $ 207,083,043 $ 216,401,780

$ 313,397,361 $ 327,500,242 $ 342,237,753 $ 357,638,452
$ 74,856,278 $ 78,224,810 $ 81,744,927 $ 85,423,448
$ 15,150,563 $ 15,832,339 $ 16,544,794 $ 17,289,310
$ 342,159,304 $ 357,556,472 $ 373,646,513 $ 390,460,607
$ 3,695,234 $ 3,861,519 $ 4,035,288 $ 4,216,876
$ 3,897,533 $ 4,072,922 $ 4,256,203 $ 4,447,732
$ 656,277,232 $ 685,809,707 $ 716,671,144 $ 748,921,346
$ 3,437,686,869 $ 3,592,382,778 $ 3,754,040,003 $ 3,922,971,803
$ 3,149,327,273 $ 3,291,047,000 $ 3,439,144,115 $ 3,593,905,600
$ 159,168,340 $ 166,330,916 $ 173,815,807 $ 181,637,518
$ 8,345,248,131 $ 8,720,784,296 $ 9,113,219,590 $ 9,523,314,471
$ 396,729,413 $ 414,582,237 $ 433,238,437 $ 452,734,167
$ 41,813,402 $ 43,695,006 $ 45,661,281 $ 47,716,038
$ 118,686,375 $ 124,027,261 $ 129,608,488 $ 135,440,870
$ 36,565,708 $ 38,211,165 $ 39,930,667 $ 41,727,547
$ 8,653,399 $ 9,042,802 $ 9,449,728 $ 9,874,966
$ 3,257,815,562 $ 3,404,417,262 $ 3,557,616,039 $ 3,717,708,760
$ 650,837,419 $ 680,125,102 $ 710,730,732 $ 742,713,615
$ 3,530,741 $ 3,689,624 $ 3,855,657 $ 4,029,162
$ 59,712,166 $ 62,399,214 $ 65,207,178 $ 68,141,501
$ 46,719,140 $ 48,821,501 $ 51,018,469 $ 53,314,300
$ 5,097,344 $ 5,326,725 $ 5,566,428 $ 5,816,917
$ 23,792,704 $ 24,863,376 $ 25,982,228 $ 27,151,428
$ 43,342,545 $ 45,292,959 $ 47,331,143 $ 49,461,044
$ 4,693,295,918 $ 4,904,494,234 $ 5,125,196,475 $ 5,355,830,316
$ 18,212,809,890 $ 19,032,386,335 $ 19,888,843,721 $ 20,783,841,688
$ 1,135,984,212 $ 1,187,103,502 $ 1,240,523,159 $ 1,296,346,702

$ 28,264,243 $ 29,536,134 $ 30,865,260 $ 32,254,197
$ 193,014,968 $ 201,700,641 $ 210,777,170 $ 220,262,143
$ 1,359,536,751 $ 1,420,715,905 $ 1,484,648,120 $ 1,551,457,286
$ 11,231,905 $ 11,737,341 $ 12,265,522 $ 12,817,470
$ 46,133,610 $ 48,209,622 $ 50,379,055 $ 52,646,113
$ 168,169,790 $ 175,737,431 $ 183,645,615 $ 191,909,668
$ 2,942,335,479 $ 3,074,740,576 $ 3,213,103,902 $ 3,357,693,577
$ 2,942,335,479 $ 3,074,740,576 $ 3,213,103,902 $ 3,357,693,577
$ 3,498,044,659 $ 3,655,456,668 $ 3,819,952,218 $ 3,991,850,068

$ 1,864,167 $ 1,948,054 $ 2,035,716 $ 2,127,324
$ 55,702,896 $ 58,209,527 $ 60,828,955 $ 63,566,258
$ 39,138,780 $ 40,900,025 $ 42,740,526 $ 44,663,850
$ 16,165,707 $ 16,893,164 $ 17,653,356 $ 18,447,757
$ 675,770,980 $ 706,180,675 $ 737,958,805 $ 771,166,951
$ 4,286,687,189 $ 4,479,588,113 $ 4,681,169,578 $ 4,891,822,209
$ 572,637,919 $ 598,406,625 $ 625,334,923 $ 653,474,995

$ 35,670,627 $ 37,275,805 $ 38,953,217 $ 40,706,111
$ 2,656,777,948 $ 2,776,332,956 $ 2,901,267,939 $ 3,031,824,996
$ 39,737,137 $ 41,525,309 $ 43,393,947 $ 45,346,675
$ 111,978,426 $ 117,017,455 $ 122,283,240 $ 127,785,986
$ 338,131,697 $ 353,347,624 $ 369,248,267 $ 385,864,439
$ 185,011,496 $ 193,337,013 $ 202,037,179 $ 211,128,852
$ 1,418,432 $ 1,482,262 $ 1,548,964 $ 1,618,667
$ 7,272,880 $ 7,600,159 $ 7,942,166 $ 8,299,564
$ 77,266,700 $ 80,743,702 $ 84,377,168 $ 88,174,141
$ 4,025,903,263 $ 4,207,068,909 $ 4,396,387,010 $ 4,594,224,426
$ 11,254,925,931 $ 11,761,397,598 $ 12,290,660,490 $ 12,843,740,212
$ 9,895,389,180 $ 10,340,681,693 $ 10,806,012,369 $ 11,292,282,926
$ 799,934,279 $ 835,931,321 $ 873,548,231 $ 912,857,901
$ 4,904,986,143 $ 5,125,710,520 $ 5,356,367,493 $ 5,597,404,030
$ 120,664,055 $ 126,093,938 $ 131,768,165 $ 137,697,732
-$ 31,951,520 -$ 33,389,339 -$ 34,891,859 -$ 36,461,992
-$ 320,095,133 -$ 334,499,414 -$ 349,551,888 -$ 365,281,723
$ 5,473,537,823 $ 5,719,847,025 $ 5,977,240,142 $ 6,246,215,948
$ 1,102,486,922 $ 1,152,098,833 $ 1,203,943,281 $ 1,258,120,728
$ 6,576,024,745 $ 6,871,945,859 $ 7,181,183,422 $ 7,504,336,676
$ 17,830,950,676 $ 18,633,343,457 $ 19,471,843,912 $ 20,348,076,888
perpetuo
2026 2027 2028 ♾
$ 12,064,500,524 $ 12,607,403,048 $ 13,174,736,185 $ 13,234,022,498

-$ 7,321,565,583 -$ 7,651,036,035 -$ 7,995,332,656 -$ 8,031,311,653
$ 4,168,312,761 $ 4,355,886,835 $ 4,551,901,743 $ 4,572,385,301
-$ 142,916,048 -$ 149,347,271 -$ 156,067,898 -$ 156,770,203
-$ 2,636,104,580 -$ 2,754,729,286 -$ 2,878,692,104 -$ 2,891,646,218
-$ 216,408,377 -$ 226,146,754 -$ 236,323,358 -$ 237,386,813
$ 69,935,929 $ 73,083,046 $ 76,371,783 $ 76,715,456
$ 37,201,866 $ 38,875,950 $ 40,625,368 $ 40,808,182
-$ 274,611,634 -$ 286,969,157 -$ 299,882,769 -$ 301,232,242
$ 29,867,822 $ 31,211,874 $ 32,616,408 $ 32,763,182
-$ 23,031,589 -$ 24,068,010 -$ 25,151,071 -$ 25,264,251

-$ 44,006,555 -$ 45,986,850 -$ 48,056,259 -$ 48,272,512
$ 968,239,595 $ 1,011,810,377 $ 1,057,341,844 $ 1,062,099,882
-$ 212,456,106 -$ 222,016,631 -$ 232,007,379 -$ 233,051,412
$ 755,783,490 $ 789,793,747 $ 825,334,465 $ 829,048,470
$ 806,294,329 $ 842,577,574 $ 880,493,565 $ 884,455,786

-$ 206,600,950 -$ 215,897,993 -$ 225,613,402 -$ 226,628,663
$ 599,693,379 $ 626,679,581 $ 654,880,163 $ 657,827,123
$ 214,670,067 $ 224,330,220 $ 234,425,080 $ 235,479,992
-$ 58,145,473 -$ 60,762,019 -$ 63,496,310 -$ 63,782,044
$ 156,524,594 $ 163,568,200 $ 170,928,769 $ 171,697,949
$ 13,134,177 $ 13,725,215 $ 14,342,849 $ 14,407,392
$ 3,770,936 $ 3,940,628 $ 4,117,956 $ 4,136,487
$ 1,942,074 $ 2,029,467 $ 2,120,793 $ 2,130,337
-$ 214,423,962 -$ 224,073,040 -$ 234,156,327 -$ 235,210,030
$ 560,641,198 $ 585,870,051 $ 612,234,204 $ 614,989,258
-$ 147,266,787 -$ 153,893,793 -$ 160,819,014 -$ 161,542,699
-$ 192,776,782 -$ 201,451,737 -$ 210,517,066 -$ 211,464,392
-$ 27,165,640 -$ 28,388,094 -$ 29,665,558 -$ 29,799,053
-$ 21,424,414 -$ 22,388,513 -$ 23,395,996 -$ 23,501,278
-$ 388,633,624 -$ 406,122,137 -$ 424,397,633 -$ 426,307,422
$ 172,007,574 $ 179,747,914 $ 187,836,571 $ 188,681,835
$ 738,802 $ 772,048 $ 806,790 $ 810,420
$ 172,746,375 $ 180,519,962 $ 188,643,360 $ 189,492,255
-$ 46,919,761 -$ 49,031,151 -$ 51,237,552 -$ 51,468,121
$ 125,826,614 $ 131,488,811 $ 137,405,808 $ 138,024,134
$ 881,610,103 $ 921,282,558 $ 962,740,273 $ 967,072,604
$ 793,074,879 $ 828,763,248 $ 866,057,595 $ 869,954,854
$ 88,535,224 $ 92,519,309 $ 96,682,678 $ 97,117,750
$ 815,803,834 $ 852,515,007 $ 890,878,182 $ 894,887,134
$ 0.30 $ 0.31 $ 0.33 $ 0.33

$ 0.30 $ 0.31 $ 0.33 $ 0.33
$ 0.30 $ 0.31 $ 0.33

$ 0.30 $ 0.31 $ 0.33
perpetuo
2026 2027 2028 ♾
$ 350,282,044 $ 366,044,736 $ 382,516,749 $ 384,238,075

$ 20,847,774 $ 21,785,923 $ 22,766,290 $ 22,868,738
$ 155,791,262 $ 162,801,869 $ 170,127,953 $ 170,893,529
$ 2,738,919,886 $ 2,862,171,281 $ 2,990,968,988 $ 3,004,428,349
$ 942,805,285 $ 985,231,523 $ 1,029,566,942 $ 1,034,199,993
$ 1,849,981,246 $ 1,933,230,402 $ 2,020,225,770 $ 2,029,316,786
$ 99,930,860 $ 104,427,749 $ 109,126,997 $ 109,618,069
$ 6,158,558,357 $ 6,435,693,483 $ 6,725,299,690 $ 6,755,563,538
$ 11,849,904 $ 12,383,150 $ 12,940,392 $ 12,998,623
$ 6,170,408,261 $ 6,448,076,633 $ 6,738,240,082 $ 6,768,562,162
$ 226,139,860 $ 236,316,154 $ 246,950,381 $ 248,061,658

$ 373,732,182 $ 390,550,130 $ 408,124,886 $ 409,961,448
$ 89,267,503 $ 93,284,541 $ 97,482,345 $ 97,921,016
$ 18,067,328 $ 18,880,358 $ 19,729,974 $ 19,818,759
$ 408,031,334 $ 426,392,744 $ 445,580,417 $ 447,585,529
$ 4,406,635 $ 4,604,934 $ 4,812,156 $ 4,833,810
$ 4,647,880 $ 4,857,035 $ 5,075,601 $ 5,098,442
$ 782,622,806 $ 817,840,833 $ 854,643,670 $ 858,489,567
$ 4,099,505,534 $ 4,283,983,283 $ 4,476,762,531 $ 4,496,907,962
$ 3,755,631,352 $ 3,924,634,763 $ 4,101,243,327 $ 4,119,698,922
$ 189,811,207 $ 198,352,711 $ 207,278,583 $ 208,211,336
$ 9,951,863,623 $ 10,399,697,486 $ 10,867,683,872 $ 10,916,588,450
$ 473,107,205 $ 494,397,029 $ 516,644,895 $ 518,969,797
$ 49,863,260 $ 52,107,107 $ 54,451,927 $ 54,696,960
$ 141,535,709 $ 147,904,816 $ 154,560,533 $ 155,256,055
$ 43,605,287 $ 45,567,525 $ 47,618,063 $ 47,832,345
$ 10,319,339 $ 10,783,709 $ 11,268,976 $ 11,319,687
$ 3,885,005,655 $ 4,059,830,909 $ 4,242,523,300 $ 4,261,614,655
$ 776,135,728 $ 811,061,835 $ 847,559,618 $ 851,373,636
$ 4,210,474 $ 4,399,945 $ 4,597,943 $ 4,618,634
$ 71,207,869 $ 74,412,223 $ 77,760,773 $ 78,110,696
$ 55,713,444 $ 58,220,549 $ 60,840,473 $ 61,114,255
$ 6,078,678 $ 6,352,219 $ 6,638,068 $ 6,667,940
$ 28,373,242 $ 29,650,038 $ 30,984,290 $ 31,123,719
$ 51,686,791 $ 54,012,697 $ 56,443,268 $ 56,697,263
$ 5,596,842,680 $ 5,848,700,601 $ 6,111,892,128 $ 6,139,395,642
$ 21,719,114,564 $ 22,696,474,719 $ 23,717,816,082 $ 23,824,546,254
$ 1,354,682,303 $ 1,415,643,007 $ 1,479,346,942 $ 1,486,004,003

$ 33,705,636 $ 35,222,389 $ 36,807,397 $ 36,973,030
$ 230,173,939 $ 240,531,766 $ 251,355,696 $ 252,486,796
$ 1,621,272,864 $ 1,694,230,142 $ 1,770,470,499 $ 1,778,437,616
$ 13,394,256 $ 13,996,998 $ 14,626,863 $ 14,692,683
$ 55,015,188 $ 57,490,871 $ 60,077,961 $ 60,348,311
$ 200,545,603 $ 209,570,155 $ 219,000,812 $ 219,986,316
$ 3,508,789,788 $ 3,666,685,329 $ 3,831,686,169 $ 3,848,928,757
$ 3,508,789,788 $ 3,666,685,329 $ 3,831,686,169 $ 3,848,928,757
$ 4,171,483,321 $ 4,359,200,071 $ 4,555,364,074 $ 4,575,863,212

$ 2,223,053 $ 2,323,091 $ 2,427,630 $ 2,438,554
$ 66,426,740 $ 69,415,943 $ 72,539,661 $ 72,866,089
$ 46,673,723 $ 48,774,040 $ 50,968,872 $ 51,198,232
$ 19,277,906 $ 20,145,412 $ 21,051,956 $ 21,146,690
$ 805,869,464 $ 842,133,590 $ 880,029,601 $ 883,989,734
$ 5,111,954,208 $ 5,341,992,147 $ 5,582,381,794 $ 5,607,502,512
$ 682,881,369 $ 713,611,031 $ 745,723,527 $ 749,079,283

$ 42,537,886 $ 44,452,091 $ 46,452,435 $ 46,661,471
$ 3,168,257,121 $ 3,310,828,692 $ 3,459,815,983 $ 3,475,385,155
$ 47,387,275 $ 49,519,703 $ 51,748,089 $ 51,980,956
$ 133,536,355 $ 139,545,491 $ 145,825,039 $ 146,481,251
$ 403,228,339 $ 421,373,614 $ 440,335,427 $ 442,316,936
$ 220,629,650 $ 230,557,984 $ 240,933,094 $ 242,017,292
$ 1,691,507 $ 1,767,625 $ 1,847,168 $ 1,855,480
$ 8,673,044 $ 9,063,331 $ 9,471,181 $ 9,513,801
$ 92,141,977 $ 96,288,366 $ 100,621,343 $ 101,074,139
$ 4,800,964,525 $ 5,017,007,929 $ 5,242,773,285 $ 5,266,365,765
$ 13,421,708,521 $ 14,025,685,405 $ 14,656,841,248 $ 14,722,797,034
$ 11,800,435,658 $ 12,331,455,262 $ 12,886,370,749 $ 12,944,359,418
$ 953,936,506 $ 996,863,649 $ 1,041,722,513 $ 1,046,410,265
$ 5,849,287,212 $ 6,112,505,136 $ 6,387,567,867 $ 6,416,311,923
$ 143,894,130 $ 150,369,366 $ 157,135,987 $ 157,843,099
-$ 38,102,782 -$ 39,817,407 -$ 41,609,191 -$ 41,796,432
-$ 381,719,401 -$ 398,896,774 -$ 416,847,128 -$ 418,722,940
$ 6,527,295,666 $ 6,821,023,971 $ 7,127,970,049 $ 7,160,045,915
$ 1,314,736,161 $ 1,373,899,288 $ 1,435,724,756 $ 1,442,185,518
$ 7,842,031,827 $ 8,194,923,259 $ 8,563,694,806 $ 8,602,231,432
$ 21,263,740,348 $ 22,220,608,664 $ 23,220,536,054 $ 23,325,028,466
$30,000,000,000
$25,000,000,000
$20,000,000,000
$15,000,000,000
$20,000,000,000
$15,000,000,000
$10,000,000,000
$5,000,000,000
$-
2019 2020
2019 2020 2021
Ingresos de actividades ordinarias $ 8,865,338,313 $ 9,264,278,537 $ 9,681,171,071
Costo de ventas $ 5,380,094,745 $ 5,622,199,009 $ 5,875,197,964
Ganancia bruta $ 3,062,994,837 $ 3,200,829,605 $ 3,344,866,937
Costos de distribución $ 105,018,779 $ 109,744,624 $ 114,683,133
Gastos de administración $ 1,937,084,663 $ 2,024,253,473 $ 2,115,344,879
Resultado antes de impuesto a la renta $ 126,938,952 $ 132,651,205 $ 138,620,510
Ganancia $ 647,832,192 $ 676,984,641 $ 707,448,950
$14,000,000,000
$12,000,000,000
$10,000,000,000
$8,000,000,000
$6,000,000,000
$4,000,000,000
$2,000,000,000
$-
2019 2020 2021 2022 2023
Ingresos de actividades ordinarias Costo de ventas Ganancia brut

2019 2020 2021
ACTIVOS CORRIENTES TOTALES $ 4,534,191,586 $ 4,738,230,207 $ 4,951,450,567

TOTAL DE ACTIVOS NO CORRIENTES $ 7,312,912,597 $ 7,641,993,664 $ 7,985,883,379
total activos de negocios bancarios $ 4,112,719,275 $ 4,297,791,642 $ 4,491,192,266
TOTAL DE ACTIVOS $ 15,959,823,457 $ 16,678,015,513 $ 17,428,526,211
PASIVOS CORRIENTES TOTALES $ 2,578,358,589 $ 2,694,384,725 $ 2,815,632,038
TOTAL PASIVOS NO CORRIENTES $ 3,756,409,426 $ 3,925,447,851 $ 4,102,093,004
total pasivos negocios bancarios $ 3,527,885,357 $ 3,686,640,198 $ 3,852,539,007
TOTAL PASIVOS $ 9,862,653,372 $ 10,306,472,774 $ 10,770,264,049
PATRIMONIO TOTAL $ 5,762,548,152 $ 6,021,862,819 $ 6,292,846,646
TOTAL PASIVOS Y PATRIMONIO $ 15,625,201,525 $ 16,328,335,593 $ 17,063,110,695
BA
$30,000,000,000
$25,000,000,000
$20,000,000,000
$15,000,000,000
$20,000,000,000
$15,000,000,000
$10,000,000,000
$5,000,000,000
$-
2019 2020 2021 2022 2023
ACTIVOS CORRIENTES TOTALES TOTAL DE ACTIVOS NO CORRIE

TOTAL PASIVOS NO CORRIENTES total pasivos negocios bancario
2022 2023 2024 2025 2026
$ 10,116,823,769 $ 10,572,080,839 $ 11,047,824,477 $ 11,544,976,578 $ 12,064,500,524
$ 6,139,581,873 $ 6,415,863,057 $ 6,704,576,895 $ 7,006,282,855 $ 7,321,565,583
$ 3,495,385,949 $ 3,652,678,317 $ 3,817,048,841 $ 3,988,816,039 $ 4,168,312,761
$ 119,843,874 $ 125,236,848 $ 130,872,506 $ 136,761,769 $ 142,916,048
$ 2,210,535,398 $ 2,310,009,491 $ 2,413,959,918 $ 2,522,588,115 $ 2,636,104,580
$ 144,858,432 $ 151,377,062 $ 158,189,030 $ 165,307,536 $ 172,746,375
$ 739,284,153 $ 772,551,940 $ 807,316,777 $ 843,646,032 $ 881,610,103
E.E.R.R PROYECTADO
2023 2024 2025 2026 2027
e ventas Ganancia bruta Costos de distribución Gastos de administración Resultado antes de impuesto a la renta Ganancia
2022 2023 2024 2025 2026
$ 5,174,265,842 $ 5,407,107,805 $ 5,650,427,656 $ 5,904,696,901 $ 6,170,408,261

$ 8,345,248,131 $ 8,720,784,296 $ 9,113,219,590 $ 9,523,314,471 $ 9,951,863,623
$ 4,693,295,918 $ 4,904,494,234 $ 5,125,196,475 $ 5,355,830,316 $ 5,596,842,680
$ 18,212,809,890 $ 19,032,386,335 $ 19,888,843,721 $ 20,783,841,688 $ 21,719,114,564
$ 2,942,335,479 $ 3,074,740,576 $ 3,213,103,902 $ 3,357,693,577 $ 3,508,789,788
$ 4,286,687,189 $ 4,479,588,113 $ 4,681,169,578 $ 4,891,822,209 $ 5,111,954,208
$ 4,025,903,263 $ 4,207,068,909 $ 4,396,387,010 $ 4,594,224,426 $ 4,800,964,525
$ 11,254,925,931 $ 11,761,397,598 $ 12,290,660,490 $ 12,843,740,212 $ 13,421,708,521
$ 6,576,024,745 $ 6,871,945,859 $ 7,181,183,422 $ 7,504,336,676 $ 7,842,031,827
$ 17,830,950,676 $ 18,633,343,457 $ 19,471,843,912 $ 20,348,076,888 $ 21,263,740,348
BALANCE PROYECTADO
2023 2024 2025 2026 2027
TOTAL DE ACTIVOS NO CORRIENTES total activos de negocios bancarios TOTAL DE ACTIVOS PASIVOS CORRIENTES TOTALES
total pasivos negocios bancarios TOTAL PASIVOS PATRIMONIO TOTAL TOTAL PASIVOS Y PATRIMONIO
2027 2028 ♾
$ 12,607,403,048 $ 13,174,736,185 $ 13,234,022,498
$ 7,651,036,035 $ 7,995,332,656 $ 8,031,311,653 61%
$ 4,355,886,835 $ 4,551,901,743 $ 4,572,385,301 35%
$ 149,347,271 $ 156,067,898 $ 156,770,203 1%
$ 2,754,729,286 $ 2,878,692,104 $ 2,891,646,218 22%
$ 180,519,962 $ 188,643,360 $ 189,492,255 1%
$ 921,282,558 $ 962,740,273 $ 967,072,604 7%
$14,000,000,000
$12,000,000,000
$10,000,000,000
$8,000,000,000
$6,000,000,000
$4,000,000,000
$2,000,000,000
$-
Ingresos de actividades
ordinarias
2027 2028 ♾
to a la renta Ganancia
2027 2028 ♾ perpetuo 2018
$ 6,448,076,633 $ 6,738,240,082 $ 6,768,562,162 29% 29%

$ 10,399,697,486 $ 10,867,683,872 $ 10,916,588,450 47% 47%
$ 5,848,700,601 $ 6,111,892,128 $ 6,139,395,642 24% 24%
$ 22,696,474,719 $ 23,717,816,082 $ 23,824,546,254 100% 100%
$ 3,666,685,329 $ 3,831,686,169 $ 3,848,928,757 17% 17%
$ 5,341,992,147 $ 5,582,381,794 $ 5,607,502,512 24% 24%
$ 5,017,007,929 $ 5,242,773,285 $ 5,266,365,765 23% 23%
$ 14,025,685,405 $ 14,656,841,248 $ 14,722,797,034 63% 63%
$ 8,194,923,259 $ 8,563,694,806 $ 8,602,231,432 37% 37%
$ 22,220,608,664 $ 23,220,536,054 $ 23,325,028,466 100% 100%
$25,000,000,000
$20,000,000,000
$15,000,000,000
$10,000,000,000
$10,000,000,000
$5,000,000,000
$-
ACTIVOS TOTAL DE ACTIVOS to
CORRIENTES NO CORRIENTES ne
TOTALES
2027 2028 ♾
RIENTES TOTALES
OS Y PATRIMONIO
2028 2018
Ingresos de actividades ordinarias $ 13,174,736,185 $ 8,483,577,333 64%
Costo de ventas $ 7,995,332,656 $ 5,508,545,374 69%
Ganancia bruta $ 4,551,901,743 $ 2,975,031,959 65%
Costos de distribución $ 156,067,898 $ 115,829,431 74%
Gastos de administración $ 2,878,692,104 $ 1,946,931,176 68%
Resultado antes de impuesto a la renta $ 188,643,360 $ 109,699,538 58%
Ganancia $ 962,740,273 $ 543,727,378 56%
comparacion E.E.R.R 2018-2028

$14,000,000,000
$12,000,000,000
$10,000,000,000
$8,000,000,000
$6,000,000,000
$4,000,000,000
$2,000,000,000
$-
Ingresos de actividades Costo de ventas Ganancia bruta Costos de distribución Gastos de administración
ordinarias
2028 2018
2018 2028
ACTIVOS CORRIENTES TOTALES $ 4,192,321,730 $ 6,738,240,082 62.2%

TOTAL DE ACTIVOS NO CORRIENTES $ 7,370,461,668 $ 10,867,683,872 67.8%
total activos de negocios bancarios $ 4,272,344,431 $ 6,111,892,128 69.9%
TOTAL DE ACTIVOS $ 15,835,127,829 $ 23,717,816,082 66.8%
PASIVOS CORRIENTES TOTALES $ 2,532,653,141 $ 3,831,686,169 66.1%
TOTAL PASIVOS NO CORRIENTES $ 3,509,513,342 $ 5,582,381,794 62.9%
total pasivos negocios bancarios $ 3,849,213,731 $ 5,242,773,285 73.4%
TOTAL PASIVOS $ 9,891,380,214 $ 14,656,841,248 67.5%
PATRIMONIO TOTAL $ 5,987,357,223 $ 8,563,694,806 69.9%
TOTAL PASIVOS Y PATRIMONIO $ 15,878,737,437 $ 23,220,536,054 68.4%
25,000,000,000 comparacion balance 2018-2028
20,000,000,000
15,000,000,000
10,000,000,000
10,000,000,000
$5,000,000,000
$-
ACTIVOS TOTAL DE ACTIVOS total activos de TOTAL DE ACTIVOS PASIVOS TOTAL PASIVOS NO total pasivos TOTA
CORRIENTES NO CORRIENTES negocios bancarios CORRIENTES CORRIENTES negocios bancarios
TOTALES TOTALES
2018 2028
2028
Gastos de administración Resultado antes de Ganancia

impuesto a la renta
O total pasivos TOTAL PASIVOS PATRIMONIO TOTAL TOTAL PASIVOS Y
negocios bancarios PATRIMONIO
ANALISIS DEL FLUJO DE CAJA
2019 2020
¿PUEDE OPERAR CON BAJAS INVERSIONES

EN ACTIVOS DE LARGO PLAZO?(CAPEX/EBIT) -75.54% 243.55%
¿ES CAPAZ DE LOGRAR CRECIMIENTO

POR SI MISMA(VS NOF) 220.47% 113.40%
¿RECOMPRA LA COMPAÑÍA
SUS PROPIAS ACCIONES?
¿GENERA FLUJOS DE CAJA LIBRE? histori

2014 2015
(+/-) UTILIDAD NETA $ 517,105,560 $ 570,536,492
(+/-) VARIACION CAPITAL DE TRABAJO $ - -$ 73,188,362
(+/-) CAPEX $ - $ 588,827,822
(+)DEPRECIACION DEL EJERCICIO $ 15,489,687 $ 15,638,353
(-) PAGO PRINCIPAL DE PASIVOS (SIN PROVEEDORES) $ - $ 1,038,652,048

(-)ESCUDO FISCAL (G IMPTO-(UO*T)) -$ 53,818,048 -$ 66,505,486
FLUJO DE CAJA DE FALABELLA $ 478,777,199 $ 2,073,960,867
2014 2015
valor economico agregado EVA
NOPAT $ 75,897,772 $ 90,491,752
CAPITAL $ 8,757,458,397 $ 9,273,097,857
ROIC 0.87% 0.98%
WACC 5.46% 6.10%
EVA -$ 402,284,006 -$ 474,750,013

proyecciones
2021 2022 2023 2024
243.55% 243.55% 243.55% 243.55%
113.40% 113.40% 113.40% 113.40%
historico
2016 2017 2018 2019
$ 678,031,990 $ 558,904,194 $ 543,727,378 $ 647,832,192
-$ 590,981,971 $ 219,114,009 $ 284,258,703 $ 279,857,466
$ 386,353,729 -$ 36,394,501 $ 802,883,809 -$ 95,895,007
$ 16,810,784 $ 19,762,997 $ 21,175,299 $ 19,962,085
$ 549,513,056 $ 132,388,878 $ 800,351,514 -$ 90,739,232

-$ 60,992,334 -$ 61,471,226 -$ 61,314,118 -$ 68,604,912
$ 978,735,254 $ 832,304,351 $ 2,391,082,585 $ 692,412,593
2016 2017 2018 2019
$ 83,054,717 $ 80,525,397 $ 80,080,663 $ 92,665,435

$ 9,068,469,615 $ 9,251,189,123 $ 10,338,331,635 $ 10,522,294,094
0.92% 0.87% 0.77% 0.88%
6.18% 6.48% 6.98% 6.98%
-$ 477,799,800 -$ 518,853,661 -$ 642,010,864 -$ 642,275,141
$-
0 2 4 6
-$200,000,000
-$400,000,000
$-
0 2 4 6
-$200,000,000
-$400,000,000
-$600,000,000
-$800,000,000
-$1,000,000,000
-$1,200,000,000
perpetuo
2025 2026 2027 2028 ♾
243.55% 243.55% 243.55% 243.55% 25.34%
113.40% 113.40% 113.40% 113.40% 11.80%
proyecciones
2020 2021 2022 2023 2024
$ 676,984,641 $ 707,448,950 $ 739,284,153 $ 772,551,940 $ 807,316,777
$ 150,427,537 $ 157,196,776 $ 164,270,631 $ 171,662,809 $ 179,387,636
$ 323,075,698 $ 337,614,104 $ 352,806,739 $ 368,683,042 $ 385,273,779
$ 20,860,379 $ 21,799,096 $ 22,780,055 $ 23,805,158 $ 24,876,390
$ 390,208,317 $ 407,767,691 $ 426,117,237 $ 445,292,513 $ 465,330,676

-$ 71,692,133 -$ 74,918,279 -$ 78,289,602 -$ 81,812,634 -$ 85,494,202
$ 1,489,864,438 $ 1,556,908,338 $ 1,626,969,213 $ 1,700,182,828 $ 1,776,691,055
2020 2021 2022 2023 2024
$ 96,835,380 $ 101,192,972 $ 105,746,656 $ 110,505,255 $ 115,477,992

$ 10,995,797,328 $ 11,490,608,208 $ 12,007,685,577 $ 12,548,031,428 $ 13,112,692,843
0.88% 0.88% 0.88% 0.88% 0.88%
6.98% 6.98% 6.98% 6.98% 6.98%
-$ 671,177,522 -$ 701,380,511 -$ 732,942,634 -$ 765,925,052 -$ 800,391,679
EVA
4 6 8 10 12
EVA
4 6 8 10 12
perpetuo
2025 2026 2027 2028 ♾
$ 843,646,032 $ 881,610,103 $ 921,282,558 $ 962,740,273 $ 967,072,604
$ 187,460,079 $ 195,895,783 $ 204,711,093 $ 213,923,092 $ 22,354,963
$ 402,611,099 $ 420,728,598 $ 439,661,385 $ 459,446,148 $ 48,012,122
$ 25,995,827 $ 27,165,640 $ 28,388,094 $ 29,665,558 $ 29,799,053
$ 486,270,557 $ 508,152,732 $ 531,019,605 $ 554,915,487 $ 57,988,668

-$ 89,341,441 -$ 93,361,806 -$ 97,563,088 -$ 101,953,427 -$ 102,412,217
$ 1,856,642,152 $ 1,940,191,049 $ 2,027,499,647 $ 2,118,737,131 $ 1,022,815,194
2025 2026 2027 2028
$ 120,674,501 $ 126,104,854 $ 131,779,572 $ 137,709,653

$ 13,702,764,021 $ 14,319,388,402 $ 14,963,760,880 $ 15,637,130,119
0.88% 0.88% 0.88% 0.88%
6.98% 6.98% 6.98% 6.98%
-$ 836,409,305 -$ 874,047,724 -$ 913,379,871 -$ 954,481,965
12 14 16
$3,000,000,000
$2,500,000,000
$2,000,000,000
12 14 16
$3,000,000,000
$2,500,000,000
$2,000,000,000
$1,500,000,000
$1,000,000,000
$500,000,000
$-
20
-$500,000,000
-$1,000,000,000
FLUJO DE CAJA DE FALABELLA
$3,000,000,000
$2,500,000,000
$2,000,000,000
$1,500,000,000
$1,000,000,000
$500,000,000
$-
0 2 4 6 8 10 12 14 16
Flujo de Caja Libre

(+/-) UTILIDAD NETA (+/-) VARIACION CAPITAL DE TRABAJO
(+)DEPRECIACION DEL EJERCICIO (-) PAGO PRINCIPAL DE PASIVOS (SIN PROVEEDORES)
$3,000,000,000
$2,500,000,000
$2,000,000,000
Flujo de Caja Libre
(+/-) UTILIDAD NETA (+/-) VARIACION CAPITAL DE TRABAJO
(+)DEPRECIACION DEL EJERCICIO (-) PAGO PRINCIPAL DE PASIVOS (SIN PROVEEDORES)
$3,000,000,000
$2,500,000,000
$2,000,000,000
$1,500,000,000
$1,000,000,000
$500,000,000
$-
2014 2015 2016 2017 2018 2019 2020 2021 2022 20
-$500,000,000
-$1,000,000,000
FALABELLA
10 12 14 16 18
e Caja Libre
AL DE TRABAJO (+/-) CAPEX
PASIVOS (SIN PROVEEDORES) (-)ESCUDO FISCAL (G IMPTO-(UO*T))
e Caja Libre
AL DE TRABAJO (+/-) CAPEX
PASIVOS (SIN PROVEEDORES) (-)ESCUDO FISCAL (G IMPTO-(UO*T))
2021 2022 2023 2024 2025 2026 2027 2028 ♾

¿GENERA FLUJOS DE CAJA LIBRE?
(+/-) UTILIDAD NETA $ 647,832,192 $ 676,984,641

(+/-) VARIACION CAPITAL DE TRABAJO $ 279,857,466 $ 150,427,537
(+/-) CAPEX -$ 95,895,007 $ 323,075,698
(+)DEPRECIACION DEL EJERCICIO $ 19,962,085 $ 20,860,379
(-) PAGO PRINCIPAL DE PASIVOS (SIN PROVEEDORES) -$ 90,739,232 $ 390,208,317

(-)ESCUDO FISCAL (G IMPTO-(UO*T)) -$ 68,604,912 -$ 71,692,133
FLUJO DE CAJA DE FALABELLA $ 692,412,593 $ 1,489,864,438
2018 2019
valor economico agregado EVA
NOPAT $ 80,080,663 $ 92,665,435
CAPITAL $ 10,338,331,635 $ 10,522,294,094
ROIC 0.77% 0.88%
WACC 6.98% 6.98%
EVA -$ 642,010,864 -$ 642,275,141
VALOR DE LA EMPRESA 2018 2019

FACTOR DE DESCUENTO
VALOR PRESENTE DEL FLUJO DE CAJA $ 647,207,698
VALOR DE LA OPERACIONES $ 11,331,007,491
(+) ACTIVOS NO OPERATIVOS $ 4,367,451,146
VALOR DE LA EMPRESA CON TERMINO $ 15,698,458,637
VALOR DE LA EMPRESA SIN TERMINO O PERPETUA $ 24,139,228,747 $ 8,440,770,110
VALOR POR ACCION
VALOR DE LA EMPRESA
(-) PASIVOS FINANCIEROS (SIN PROVEEDORES) $ 8,762,035,166
VALOR DEL EQUITY $ 15,377,193,581
N˚DE ACCIONES EN CIRCULACION 2,508,884,621
VALOR POR ACCION 6.13 LO QUE DEBO PAGAR X ACCION DE
5250.00 PRECIO DE MERCADO
ANALISIS DE VALOR EVA
$ 10,338,331,635 2019
EVA -$ 642,275,141
valor presente del EVA -$ 600,343,523
VALOR DE OPERACIONES -$ 5,413,349,382
(+) ACTIVOS NO OPERATIVOS $ 4,367,451,146
VALOR DE LA EMPRESA CON TERMINO -$ 1,045,898,236
VALOR DE LA EMPRESA SIN TERMINO O PERPETUA $ 1,823,036,155
VALOR POR ACCION
VALOR DE LA EMPRESA $ 1,823,036,154.75
(-) PASIVOS FINANCIEROS (SIN PROVEEDORES) -$ 8,762,035,166
VALOR DEL EQUITY -$ 6,938,999,011.25
N˚DE ACCIONES EN CIRCULACION 2,508,884,621
VALOR POR ACCION -$ 2.77
$ 707,448,950 $ 739,284,153 $ 772,551,940 $ 807,316,777 $ 843,646,032
$ 157,196,776 $ 164,270,631 $ 171,662,809 $ 179,387,636 $ 187,460,079
$ 337,614,104 $ 352,806,739 $ 368,683,042 $ 385,273,779 $ 402,611,099
$ 21,799,096 $ 22,780,055 $ 23,805,158 $ 24,876,390 $ 25,995,827
$ 407,767,691 $ 426,117,237 $ 445,292,513 $ 465,330,676 $ 486,270,557

-$ 74,918,279 -$ 78,289,602 -$ 81,812,634 -$ 85,494,202 -$ 89,341,441
$ 1,556,908,338 $ 1,626,969,213 $ 1,700,182,828 $ 1,776,691,055 $ 1,856,642,152
2020 2021 2022 2023 2024
$ 96,835,380 $ 101,192,972 $ 105,746,656 $ 110,505,255 $ 115,477,992

$ 10,995,797,328 $ 11,490,608,208 $ 12,007,685,577 $ 12,548,031,428 $ 13,112,692,843
0.88% 0.88% 0.88% 0.88% 0.88%
6.98% 6.98% 6.98% 6.98% 6.98%
-$ 671,177,522 -$ 701,380,511 -$ 732,942,634 -$ 765,925,052 -$ 800,391,679
2 3 4 5 6
2020 2021 2022 2023 2024
$ 1,301,679,865 $ 1,271,449,730 $ 1,241,921,658 $ 1,213,079,344 $ 1,184,906,862
FALABELLA SIN TERMINO
$ 8,762,035,166
$ 24,139,228,747
$ 15,377,193,581
O PAGAR X ACCION DE FALABELLA

2020 2021 2022 2023 2024
-$ 671,177,522 -$ 701,380,511 -$ 732,942,634 -$ 765,925,052 -$ 800,391,679
-$ 586,401,181 -$ 572,782,635 -$ 559,480,366 -$ 546,487,027 -$ 533,795,445
FALABELLA SIN TERMINO FALABELLA CON TERMINO
-$ 8,762,035,166
$ 1,823,036,155 -$ 1,045,898,236
-$ 6,938,999,011.25
$ 881,610,103 $ 921,282,558 $ 962,740,273 $ 967,072,604
$ 195,895,783 $ 204,711,093 $ 213,923,092 $ 22,354,963
$ 420,728,598 $ 439,661,385 $ 459,446,148 $ 48,012,122
$ 27,165,640 $ 28,388,094 $ 29,665,558 $ 29,799,053
$ 508,152,732 $ 531,019,605 $ 554,915,487 $ 57,988,668

-$ 93,361,806 -$ 97,563,088 -$ 101,953,427 -$ 102,412,217
$ 1,940,191,049 $ 2,027,499,647 $ 2,118,737,131 $ 1,022,815,194
2025 2026 2027 2028
$ 120,674,501 $ 126,104,854 $ 131,779,572 $ 137,709,653

$ 13,702,764,021 $ 14,319,388,402 $ 14,963,760,880 $ 15,637,130,119
0.88% 0.88% 0.88% 0.88%
6.98% 6.98% 6.98% 6.98%
-$ 836,409,305 -$ 874,047,724 -$ 913,379,871 -$ 954,481,965
7 8 9 10
2025 2026 2027 2028
$ 1,157,388,656 $ 1,130,509,531 $ 1,104,254,646 $ 1,078,609,502

$ 16,580,396,338
FALABELLA CON TERMINO $ 8,440,770,110
$ 8,762,035,166
$ 15,698,458,637
$ 6,936,423,471
2025 2026 2027 2028
-$ 836,409,305 -$ 874,047,724 -$ 913,379,871 -$ 954,481,965
-$ 521,398,612 -$ 509,289,682 -$ 497,461,969 -$ 485,908,942
LA CON TERMINO
-$ 8,762,035,166
-$ 9,807,933,402
$2,500,000,000
$2,000,000,000
$
$1,556,908,338
$1,500,000,000 $1,489,864,438
$1,000,000,000
$692,412,593 $676,984,641 $707,448,950

$647,832,192
$500,000,000
$390,208,317 $407,767,691
$323,075,698 $337,614,104
$279,857,466
$150,427,537 $157,196,776
$19,962,085
$- $20,860,379 $21,799,096
-$68,604,912
-$90,739,232
-$95,895,007 -$71,692,133 -$74,918,279
-$500,000,000
PERPETUO
(+/-) UTILIDAD NE
2029 (+)DEPRECIACION
(-)ESCUDO FISCAL
$ 1,083,463,245
VALOR ACTUAL PERPETUO
valo
18000000000
16000000000
14000000000
12000000000
$11,
$10,995,797,328
$10,338,331,635 $10,522,294,094
10000000000
14000000000
12000000000
$11,
PERPETUO $10,995,797,328
$10,338,331,635 $10,522,294,094
2029 10000000000
-$ 958,777,134
-$ 14,672,306,566 valor residual
-$ 7,469,397,243.78 8000000000
6000000000
4000000000
2000000000
$80,080,663
0.77%
6.98%
0 $92,665,435
0.88%
6.98% $96,835,380
0.88%
6.98% $10
2018 2019 2020
-$642,010,864 -$642,275,141 -$671,177,522 -$7
-2000000000
fl ujo de caja libre analisis
$1,940,191,049
$1,856,642,152
$1,776,691,055
$1,700,182,828
$1,626,969,213
$1,556,908,338
$843,646,032 $881,610,103
$772,551,940 $807,316,777
$707,448,950 $739,284,153
$486,270,557 $508,152,732
$426,117,237 $445,292,513 $465,330,676
$407,767,691 $385,273,779 $402,611,099 $420,728,598
$337,614,104 $352,806,739 $368,683,042
$157,196,776 $164,270,631 $171,662,809 $179,387,636 $187,460,079 $195,895,783
$21,799,096 $22,780,055 $23,805,158 $24,876,390 $25,995,827 $27,165,640

-$74,918,279 -$78,289,602 -$81,812,634 -$85,494,202 -$89,341,441 -$93,361,806
(+/-) UTILIDAD NETA (+/-) VARIACION CAPITAL DE TRABAJO (+/-) CAPEX

(+)DEPRECIACION DEL EJERCICIO Row 7 (-) PAGO PRINCIPAL DE PASIVOS (SIN PROVEEDORES)
(-)ESCUDO FISCAL (G IMPTO-(UO*T)) Row 10 FLUJO DE CAJA DE FALABELLA
EVA analisis
valor economico agregado EVA NOPAT CAPITAL ROIC WACC Row 21 EVA
$13,702,764,021
$13,112,692,843
$12,548,031,428
$12,007,685,577
$11,490,608,208
$10,995,797,328
$13,702,764,021
$13,112,692,843
$12,548,031,428
$12,007,685,577
$11,490,608,208
$10,995,797,328
$96,835,380
0.88%
6.98% $101,192,972
0.88%
6.98% $105,746,656
0.88%
6.98% $110,505,255
0.88%
6.98% $115,477,992
0.88%
6.98% $120,674,501
0.88%
6.98%
2020 2021 2022 2023 2024 2025
-$671,177,522 -$701,380,511 -$732,942,634 -$765,925,052 -$800,391,679 -$836,409,305
$2,118,737,131
$2,027,499,647
$1,940,191,049
52
$1,022,815,194
$962,740,273 $967,072,604
$881,610,103 $921,282,558
2
$531,019,605 $554,915,487
7 $508,152,732
$420,728,598 $439,661,385 $459,446,148
9
9 $195,895,783 $204,711,093 $213,923,092
7 $27,165,640 $28,388,094 $29,665,558 $57,988,668

$48,012,122
$29,799,053
$22,354,963
1 -$93,361,806 -$97,563,088 -$101,953,427 -$102,412,217
AL DE PASIVOS (SIN PROVEEDORES)

FALABELLA
Row 21 EVA
$15,637,130,119
$14,963,760,880
$14,319,388,402
$13,702,764,021
$14,319,388,402
$13,702,764,021
$120,674,501
0.88%
6.98% $126,104,854
0.88%
6.98% $131,779,572
0.88%
6.98% $137,709,653
0.88%
6.98%
2025 2026 2027 2028
-$836,409,305 -$874,047,724 -$913,379,871 -$954,481,965
Cálculo de múltiplos
TIPO DE MÚLTIPLO
MÚLTIPLOS DE GANANCIAS
MÚLTIPLOS DE VALOR LIBRO
MÚLTIPLOS DE INGRESOS
PROMEDIO DE LA INDUSTRIA (CENCOSUD Y RIPLEY)

TIPO DE MÚLTIPLO

DATOS DE FALABELLA
UTILIDAD POR ACCIÓN
EBITDA
EBIT
VALOR LIBRO DEL PATRIMONIO
VALOR LIBRO DE LA EMPRESA
VENTAS /N DE ACCIONES
VENTAS
calculo del precio de la accion de Falabella con los multiplos de la industria

MULTIPLOS
Datos del año 2014 al 2018
DATOS PARA LOS MULTIPLOS DE VALORACION
CIFRAS EN M$
Ingresos por venta

Utilidad Neta
EBITDA
EBIT
Valor Libro del Patrimonio
Valor Libro Empresa
Pasivos
Nº de acciones
Precio cierre accion
Deuda Financiera
Patrimonio económico
Valor Empresa
Utilidad Por acción
PER
Valor Libro
Ventas/N Accion
0
UPA
MÚLTIPLOS
PRICE-EARNING RATIO (PRECIO UTILIDAD) (PER)
ENTERPRISE VALUE TO EBITDA (EV/EBITDA)
ENTERPRISE VALUE TO EBIT (EV/EBIT)
PRICE TO BOOK EQUITY (PBV) Precio accion/Valor libro de la accion
VALUE TO BOOK RATIO (valor empresa/valor libro de la empresa)
PRICE TO SALES RATIO (Precio accion/(ventas/nº de acciones)
ENTERPRISE VALUE TO SALES RATIO (Valor empresa/ventas)
A INDUSTRIA (CENCOSUD Y RIPLEY)

MÚLTIPLOS
PRICE TO BOOK EQUITY (PBV)
VALUE TO BOOK RATIO
PRICE TO SALES RATIO (PS)
ENTERPRISE VALUE TO SALES RATIO (VS)
2014
0.19
596,746,748
465,871,911
4,138,265,420
12,603,100,089
2.88
7,009,490,611
de la accion de Falabella con los multiplos de la industria

MÚLTIPLOS
PRICE TO BOOK EQUITY (PBV)
VALUE TO BOOK RATIO
PRICE TO SALES RATIO (PS)
ENTERPRISE VALUE TO SALES RATIO (VS)
FALABELLA FALABELLA FALABELLA FALABELLA
2,014 2,015 2,016 2,017
7,009,490,611 7,753,209,572 7,898,301,784 8,209,851,510
517,105,560 570,536,492 678,031,990 558,904,194
596,746,748 610,481,858 725,253,507 619,354,207
465,871,911 480,410,098 594,669,138 479,754,550
4,138,265,420 4,812,239,725 5,048,357,120 5,293,457,504
12,603,100,089 13,908,123,825 14,046,278,662 14,485,751,837
7,207,191,279 8,300,153,310 8,876,920,144 9,047,150,981
2,434,465,103 2,434,465,103 2,434,465,103 2,434,465,103
$ 4,071.4 $ 4,516 $ 5,299.5 $ 6,134.3
6,241,129,670 7,279,781,718 7,829,294,774 7,961,683,652
9,911,681,220,354 10,994,044,405,148 12,901,447,813,349 14,933,739,281,333
9,917,922,350,024 11,001,324,186,866 12,909,277,108,123 14,941,700,964,985
0.19 0.21 0.25 0.21
21,305 21,222 21,181 29,211
1.70 1.98 2.07 2.17
2.88 3.18 3.24 3.37
209,508,174 206,752,525 198,513,934 229,801,074
0.21 0.23 0.28 0.23
FALABELLA FALABELLA FALABELLA FALABELLA

2,014 2,015 2,016 2,017
21,305 21,222 21,181 29,211
16,619.99 18,020.72 17,799.68 24,124.65
21,288.95 22,899.86 21,708.34 31,144.47
2,395.13 2,284.60 2,555.57 2,821.17
786.45 790.48 918.50 1,030.93
1,414 1,418 1,633 1,819
1,415 1,419 1,634 1,820
2,014 2,015 2,016 2,017

706.64 1,158.31 1,212.64 1,307.15
8,622.65 10,247.78 9,881.76 10,165.93
11,986.78 14,128.68 11,791.50 11,851.70
903.67 903.35 1,167.29 1,415.72
379.45 378.92 485.26 612.66
478.26 458.41 626.58 843.73
478.81 458.93 627.13 844.27
2015 2016 2017 2018

0.21 0.25 0.21 0.19
610,481,858 725,253,507 619,354,207 558,438,273
480,410,098 594,669,138 479,754,550 438,979,036
4,812,239,725 5,048,357,120 5,293,457,504 5,987,357,223
13,908,123,825 14,046,278,662 14,485,751,837 15,835,127,829
3.18 3.24 3.37 3.38
7,753,209,572 7,898,301,784 8,209,851,510 8,483,577,333
Valor Empresa
2,014 2,015 2,016 2,017
5,913,348,891,085 6,049,454,362,559 7,186,762,283,577 6,137,373,224,784

6,611,884,055,392 7,295,069,761,915 8,669,543,030,492 7,146,335,322,329
5,801,292,427,661 6,402,003,702,197 6,465,597,310,442 6,667,889,792,791
4,314,468,142,903 4,772,240,603,496 4,861,547,482,013 5,053,311,968,529

FALABELLA CENCOSUD CENCOSUD CENCOSUD
2,018 2,014 2,015 2,016
8,483,577,333 10,711,029,246 10,991,337,710 10,333,001,434
543,727,378 191,024,078 231,984,919 387,797,470
558,438,273 471,767,663 549,563,399 863,276,653
438,979,036 291,510,160 290,525,002 579,766,038
5,987,357,223 4,291,485,811 3,970,811,818 4,084,051,735
15,835,127,829 10,716,503,229 10,110,725,310 10,448,757,488
9,891,380,214 6,425,017,418 6,139,913,492 6,080,403,548
2,508,884,621 2,828,723,963 2,828,723,963 2,862,536,947
$ 5,089.6 1480.2 1,420 1,863.3
8,762,035,166 4,568,492,623 4,182,175,224 4,153,556,496
12,769,219,167,042 4,187,077,210,033 4,016,788,027,460 5,333,765,093,345
12,777,981,202,208 4,191,645,702,656 4,020,970,202,684 5,337,918,649,841
0.19 63.8 78.7 135.5
26,787 23 18 14
2.39 1.52 1.40 1.43
3.38 3.13 3.28 3.38
301,082,118 218,871,793 268,275,126 275,219,003
0.22 0.07 0.08 0.14
FALABELLA CENCOSUD CENCOSUD CENCOSUD

2,018 2,014 2,015 2,016
26,787 23.20 18.04 13.75
22,881.64 8,884.98 7,316.66 6,183.32
29,108.41 14,379.07 13,840.36 9,207.02
2,132.70 975.67 1,011.58 1,306.00
806.39 390.71 397.28 510.47
1,505 390.91 365.45 516.19
1,506 391 366 517
2,018 Promedio Industria

1,418.76 1,160.70
10,628.44 9,909.31
14,173.02 12,786.33
1,025.19 1,083.04
445.25 460.31
667.86 614.97
668.46 615.52
patrimonio
2,018 2,014 2,015 2,016
5,533,738,312,695 5,906,141,699,806 6,041,154,209,249 7,177,885,363,433

6,952,279,494,110 6,604,676,864,113 7,286,769,608,605 8,660,666,110,348
4,481,920,511,462 5,211,863,846,459 5,467,589,201,978
7,289,016,711,499 5,794,085,236,382 6,393,703,548,887 6,456,720,390,298
4,310,614,824,195 4,767,978,441,073 4,857,205,558,225
5,221,795,159,214 4,307,260,951,624 4,763,940,450,186 4,852,670,561,869
CENCOSUD CENCOSUD RIPLEY RIPLEY
2,017 2,018 2,014 2,015
10,456,987,206 9,646,001,747 1,006,346,718 1,021,795,765
440,135,976 190,594,477 57,304,580 34,324,829
935,593,172 515,358,071 68,163,942 42,799,914
638,419,975 278,346,717 59,395,854 39,124,336
4,009,021,449 4,244,041,924 684,403,697 708,564,438
10,024,711,422 10,634,698,845 1,545,959,575 1,562,569,699
6,015,689,973 6,390,656,921 861,555,878 854,005,231
2,863,129,447 2,863,129,447 1,936,052,298 1,936,052,298
1,810 1,255 294 291
4,075,249,451 4,477,856,760 673,003,243 664,042,278
5,182,264,299,070 3,593,227,455,985 569,199,375,612 563,391,218,718
5,186,339,548,521 3,597,705,312,745 569,872,378,855 564,055,260,996
153.7 66.8 0.2115 0.1266
12 19 1,390 2,299
1.40 1.48 0.3535 0.3660
3.65 3.37 0.5198 0.5278
253,987,322 221,845,397 133,859,652 118,922,564
0.15 0.07 0.02960 0.01773
CENCOSUD CENCOSUD RIPLEY RIPLEY

2,017 2,018 2,014 2,015
11.78 18.79 1,390 2,299
5,543.37 6,980.98 8,360.32 13,178.89
8,123.71 12,925.27 9,594.48 14,416.99
1,292.65 846.65 831.67 795.12
516.95 337.88 368.19 360.55
495.58 372.51 566 551
496 373 566 552
monio precion accion
2,017 2,018 2,014 2,015
246.54 272.02
6,128,326,073,803 5,523,846,932,481 2,426 2,482
7,137,288,171,348 6,942,388,113,896 2,713 2,993
5,733,043,523,276 6,484,566,943,802 1,841 2,141
6,658,842,641,810 7,279,125,331,285 2,380 2,626
5,048,798,776,890 5,217,131,492,614 1,771 1,959
5,044,264,817,548 5,211,903,779,000 1,769 1,957
RIPLEY RIPLEY RIPLEY
2,016 2,017 2,018
1,049,094,214 1,102,950,952 1,137,665,627
44,862,930 77,940,699 63,262,589
56,985,705 88,944,156 76,817,829
53,831,305 84,427,218 71,114,667
751,685,271 854,290,416 910,345,741
1,680,565,146 1,855,797,797 1,982,944,446
928,879,875 1,001,507,381 1,072,598,705
1,936,052,298 1,936,052,298 1,936,052,298
399.35 679 566
714,639,622 770,104,422 837,672,980
773,162,485,206 1,314,579,510,342 1,095,805,600,668
773,877,124,828 1,315,349,614,764 1,096,643,273,648
0.1656 0.2609 0.2008
2,412 2,603 2,819
0.3883 0.4413 0.4702
0.5419 0.5697 0.5876
92,186,150 88,765,662 136,092,423
0.02317 0.04026 0.03268
RIPLEY RIPLEY RIPLEY

2,016 2,017 2,018
2,412 2,603 2,819
13,580.20 14,788.49 14,275.90
14,375.97 15,579.69 15,420.77
1,028.57 1,538.80 1,203.72
460.06 708.36 552.62
737 1,192 963
738 1,193 964
precion accion
2,016 2,017 2,018
323.27 266.47 251.55
2,948 2,517 2,202
3,558 2,932 2,767
2,246 2,355 2,585
2,652 2,735 2,901
1,995 2,074 2,079
1,993 2,072 2,077
OPCIONES DE FALABELLA
c  S 0 N ( d1 )  K e  rT N ( d 2 )
p  K e  rT N (  d 2 )  S 0 N (  d1 )
ln( S 0 / K )  ( r   2 / 2)T
donde d1 
 T
ln( S 0 / K )  ( r   2 / 2)T
d2   d1   T
 T
VALORIZACION CON METODO BLACK SCHOLES

FALABELLA 2014 2015
So Precio de la accion 4071.4 4516
K Precio de ejercicio 3867.83 4290.2
rf (anual) 2.11% 2.11%
desviacion anual 51% 53%
t años 1 1
RAIZ 1 1
COVARIANZA 12.87% 13.96%
2014 2015
D1 0.40 0.40
D2 -0.11 -0.13
D1 -0.40 -0.40
D2 0.11 0.13
2014 2015
Nd1 0.65 0.66
Nd2 0.46 0.45
N(-d1) 0.35 0.34
N(-d2) 0.54 0.55
PRECIO CALL 936.81 1074.05
PRECIO PUT 652.48 758.68
analisis de sensibilidad
por variacion en precio de la accion precio - precio -
2014 2015
Precio de la accion 4071.4 4516
Precio de ejercicio 3867.83 4290.2
rf (anual) 2.11% 2.11%
t años 1 1
efecto en la prima
prima - prima -
PRECIO CALL 835.44 926.67
prima - prima -
PRECIO PUT 551.12 611.30
analisis de sensibilidad
por variacion en desviacion estandar desviacion + desviacion +
2014 2015
Precio de la accion 5089.6 5089.6
Precio de ejercicio 4835.12 4835.12
rf (anual) 2.11% 2.11%
t años 1 1
efecto en la prima
prima + prima +
PRECIO CALL 1171.09 1210.47
prima + prima +
PRECIO PUT 815.66 855.04
analisis de ejercer en 1 año 2017 al 2018

A.-si compro una opcion PUT en la fecha de vencimiento a un precio SPOT de 5,089,6(2018)?
ESPERO QUE BAJE EL PRECIO

DEL ACTIVO SUBYACENTE
precio spot 2018 5089.6
PRECIO STRIKE 5827.585
SI ejerzo la opcion
utilidad 599.51 DERECHO
B-si compro una opcion CALL en la fecha de vencimiento el precio SPOT de 5089,6(2018)?
ESPERO QUE SUBA EL PRECIO DEL

ACTIVO SUBYACENTE

NO ejerzo la opcion
utilidad -566.86 DERECHO
C-si vendo una opcion PUT en la fecha de vencimiento a un precio SPOT DE 5089,6?
Evaluar si ejerce la contra parte en este caso SI ejerce la contra parte
entonces cuando se gano?
ESPERO QUE EL PRECIO SPOT SUBA

MAS QUE EL PRECIO STRIKE

SI tiene la obligacion DE VENDER ,porque la contraparte si ejercio la opcion
utilidad -599.51 OBLIGACION
D-si vendo una opcion CALL en la fecha de vencimiento a un precio SPOT de 5089,6?
Evaluar si ejerce la contra parte en este caso NO ejerce la contra parte
CUANDO EL PRECIO STRIKE ES MAYOR AL PRECIO SPOT LA CONTRAPARTE NO SE EJERCE
CUANDO EL PRECIO SPOT ES MAYOR AL PRECIO STRIKE SE EJERCE

NO tiene la obligacion DE VENDER,porque la contraparte si ejercio la opcion
utilidad 566.86 OBLIGACION
d1   T
2016 2017 2018

5299.5 6134.3 5089.6
5034.525 5827.585 4835.12
2.11% 2.11% 2.11%
37% 13% 44%
1 1 1
1 1 1
6.84% 0.84% 9.48%
2016 2017 2018

0.38 0.62 0.38
0.01 0.49 -0.05
-0.38 -0.62 -0.38
-0.01 -0.49 0.05
2016 2017 2018

0.65 0.73 0.65
0.50 0.69 0.48
0.35 0.27 0.35
0.50 0.31 0.52
949.84 566.86 1035.69 PRECIOS MAXIMOS A PAGAR POR LAS OPCIONES CALL DE FALAB
579.74 138.47 680.26 PRECIOS MAXIMOS A PAGAR POR LAS OPCIONES PUT DE FALABE
precio - precio + base
2016 2017 2018
5299.5 6134.3 5089.6
5034.525 5827.585 4835.12
2.11% 2.11% 2.11%
44% 44% 44% desviacion fija
1 1 1
prima - prima + prima base

1087.45 1258.75 1035.69
prima - prima + prima base
717.36 830.36 680.26
desviacion - desviacion - base

2016 2017 2018
5089.6 5089.6 5089.6 precio fijo
4835.12 4835.12 4835.12
2.11% 2.11% 2.11%
37% 13% 44%
1 1 1
prima - prima - prima base

912.21 470.32 1035.69
prima - prima - prima base
556.78 114.89 680.26
POT de 5,089,6(2018)?
T de 5089,6(2018)?
T DE 5089,6?
OT de 5089,6?
TE NO SE EJERCE
FALABELLA
RENTABILIDAD DE LA ACCION DE FALABELLA (2014-2018)
27-Dec-18 -0.006244381
26-Dec-18 -0.000773115
24-Dec-18 -0.012066638
21-Dec-18 0.011747455
20-Dec-18 -0.009848809
19-Dec-18 0.000582169
18-Dec-18 -0.001579254
17-Dec-18 -0.012304362
14-Dec-18 -0.022015812
13-Dec-18 -0.004653969
12-Dec-18 -0.018928046
11-Dec-18 -0.001447433
10-Dec-18 0.00031819
7-Dec-18 -0.04287128
6-Dec-18 0.033879842
5-Dec-18 -0.014072182
4-Dec-18 -0.018891847
3-Dec-18 -0.000978474
30-Nov-18 0.000794633
29-Nov-18 0.024614078
28-Nov-18 -0.019283101
27-Nov-18 -0.003564931
26-Nov-18 0.011046565
23-Nov-18 -0.0039034
22-Nov-18 -0.006702069
21-Nov-18 0.007853403
20-Nov-18 -0.001737699
19-Nov-18 0.025359597
16-Nov-18 0.009149556
15-Nov-18 0.037187229
14-Nov-18 -0.00455857
CIONES CALL DE FALABELLA 13-Nov-18 0.044182217
12-Nov-18 0.043495401
CIONES PUT DE FALABELLA 9-Nov-18 -0.009901146
8-Nov-18 -0.017043196
7-Nov-18 -0.022401216
6-Nov-18 0.015353562
5-Nov-18 -0.004855793
31-Oct-18 -0.003373068
30-Oct-18 0.000969342
29-Oct-18 0.006860895
26-Oct-18 0.016562607
25-Oct-18 -0.002950657
24-Oct-18 -0.00106152
23-Oct-18 -0.154695777
22-Oct-18 0.030989886
19-Oct-18 0.095680609
18-Oct-18 -0.004114186
17-Oct-18 0.070788819
16-Oct-18 -0.210770982
12-Oct-18 0.04223264
11-Oct-18 0.036484564
10-Oct-18 0.09421365
9-Oct-18 0.002779661
8-Oct-18 0.003532554
5-Oct-18 0.067522274
4-Oct-18 -0.200293459
3-Oct-18 0.025174108
2-Oct-18 0.060466101
1-Oct-18 0.08770529
28-Sep-18 -0.009393039
27-Sep-18 -0.019233684
26-Sep-18 0.098397816
25-Sep-18 -0.20428998
24-Sep-18 -0.011317196
21-Sep-18 0.063990461
20-Sep-18 0.039204333
14-Sep-18 0.056614964
13-Sep-18 0.028355645
12-Sep-18 -0.039632129
11-Sep-18 0.036582845
10-Sep-18 -0.163598299
7-Sep-18 0.021355636
6-Sep-18 0.044074456
5-Sep-18 0.037370294
4-Sep-18 0.051917033
3-Sep-18 0.012291724
31-Aug-18 -0.000539665
30-Aug-18 -0.018324784
29-Aug-18 0.058647599
28-Aug-18 -0.188228609
27-Aug-18 0.040542433
24-Aug-18 0.010879594
23-Aug-18 0.028674653
22-Aug-18 0.092868498
21-Aug-18 0.002012787
20-Aug-18 0.001536098
17-Aug-18 -0.026478123
16-Aug-18 0.059157563
14-Aug-18 0.052339076
13-Aug-18 -0.176825101
10-Aug-18 0.0443241
9-Aug-18 0.071623453
8-Aug-18 -0.005108837
7-Aug-18 0.01799817
6-Aug-18 -0.007774522
3-Aug-18 0.071441754
2-Aug-18 -0.228190232
1-Aug-18 0.073609674
31-Jul-18 0.045053388
30-Jul-18 0.012531872
27-Jul-18 0.064044864
26-Jul-18 0.007116721
25-Jul-18 -0.00509983
24-Jul-18 0.066922407
23-Jul-18 -0.181077389
20-Jul-18 0.006748725
19-Jul-18 0.064292516
18-Jul-18 0.065007336
17-Jul-18 0.004990003
13-Jul-18 0.002524408
12-Jul-18 -0.039138193
11-Jul-18 0.063120444
10-Jul-18 0.048059814
9-Jul-18 -0.186663759
6-Jul-18 0.008254017
5-Jul-18 0.050524236
4-Jul-18 0.072973168
3-Jul-18 0.021586007
29-Jun-18 -0.045162887
28-Jun-18 0.053604436
27-Jun-18 0.05330382
26-Jun-18 -0.232546193
25-Jun-18 0.054784796
22-Jun-18 0.072130454
21-Jun-18 -0.023514008
20-Jun-18 0.092628988
19-Jun-18 -0.023635813
18-Jun-18 0.058953168
15-Jun-18 -0.195336889
14-Jun-18 0.043948272
13-Jun-18 0.086112455
12-Jun-18 -0.035713013
11-Jun-18 0.099815191
8-Jun-18 0.007931307
7-Jun-18 -0.006801927
6-Jun-18 -0.026789761
5-Jun-18 0.051949844
4-Jun-18 -0.17666541
1-Jun-18 0.04066433
31-May-18 0.011787669
30-May-18 0.1178462
29-May-18 0.008442602
28-May-18 6.71E+00
25-May-18 -0.026573614
24-May-18 0.06118158
23-May-18 0.055380518
22-May-18 -0.225224671
18-May-18 0.059049019
17-May-18 0.116351906
16-May-18 0.008551029
15-May-18 0.008261985
14-May-18 -0.014819098
11-May-18 0.084818808
10-May-18 -0.223616886
9-May-18 0.051050274
8-May-18 0.023830722
7-May-18 0.103946565
4-May-18 0.000435766
3-May-18 -0.005344189
2-May-18 0.074664825
30-Apr-18 -0.176193088
27-Apr-18 -0.003957156
26-Apr-18 0.033693057
25-Apr-18 0.121177405
24-Apr-18 -0.017106976
23-Apr-18 -0.031305019
20-Apr-18 0.061171502
19-Apr-18 -0.144227319
18-Apr-18 0.155763952
17-Apr-18 -0.004502276
16-Apr-18 -0.031509368
13-Apr-18 0.041429329
12-Apr-18 0.032932017
11-Apr-18 -0.196110546
10-Apr-18 0.03121353
9-Apr-18 0.051119253
6-Apr-18 -0.009635388
5-Apr-18 0.124156993
4-Apr-18 -0.004360084
3-Apr-18 -0.036251687
2-Apr-18 0.027400068
29-Mar-18 -0.158569433
28-Mar-18 0.037978936
27-Mar-18 0.077690419
26-Mar-18 -0.044868398
23-Mar-18 0.095986684
22-Mar-18 0.025902801
21-Mar-18 -0.02057735
20-Mar-18 -0.018305791
19-Mar-18 0.013703083
16-Mar-18 -0.14754873
15-Mar-18 0.038980836
14-Mar-18 -0.008669804
13-Mar-18 0.044689194
12-Mar-18 0.086364556
9-Mar-18 0.03099331
8-Mar-18 -0.027482546
7-Mar-18 0.020370933
6-Mar-18 -0.011687194
5-Mar-18 0.056631269
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7-Aug-15 -0.006431015
6-Aug-15 0.010374587
5-Aug-15 -0.001840073
4-Aug-15 -0.001524841
3-Aug-15 -0.010257112
31-Jul-15 0.010616738
30-Jul-15 -0.019757081
29-Jul-15 -0.005277106
28-Jul-15 -0.022248709
27-Jul-15 0.009704329
24-Jul-15 0.030679639
23-Jul-15 0.000964652
22-Jul-15 0.004267915
21-Jul-15 0.005323646
20-Jul-15 -0.009022727
17-Jul-15 0.002568631
15-Jul-15 0.008303786
14-Jul-15 0.012750125
13-Jul-15 -0.004905914
10-Jul-15 -0.016231062
9-Jul-15 -0.037826087
8-Jul-15 -0.004637667
7-Jul-15 0.01830259
6-Jul-15 0.003449247
3-Jul-15 0.028270782
2-Jul-15 -0.00063674
1-Jul-15 0.001911437
30-Jun-15 0.014444697
26-Jun-15 0.010813594
25-Jun-15 -0.008483023
24-Jun-15 0.019143993
23-Jun-15 0.012932074
22-Jun-15 -0.004435981
19-Jun-15 -0.005216484
18-Jun-15 0.010225485
17-Jun-15 -0.000756986
16-Jun-15 -0.005129759
15-Jun-15 -0.007549386
12-Jun-15 0.011180043
11-Jun-15 0.007110803
10-Jun-15 -0.013518459
9-Jun-15 -0.032295372
8-Jun-15 0.022842582
5-Jun-15 0.016313933
4-Jun-15 0.000997831
3-Jun-15 0.003748971
2-Jun-15 0.009607289
1-Jun-15 0.002630228
29-May-15 -0.010109412
28-May-15 0.019412665
27-May-15 -0.003170309
26-May-15 -0.009880417
25-May-15 4.28E+00
22-May-15 -0.000963597
20-May-15 -0.003858107
19-May-15 0.00570199
18-May-15 -0.008087291
15-May-15 0.00248048
14-May-15 0.009015212
13-May-15 0.014542818
12-May-15 0.039156753
11-May-15 0.006411683
8-May-15 -0.026829857
7-May-15 -0.005142184
6-May-15 0.025968365
5-May-15 -0.026342944
4-May-15 -0.01242649
30-Apr-15 0.003934771
29-Apr-15 0.001970154
28-Apr-15 0.027130486
27-Apr-15 0.011262041
24-Apr-15 -0.028777993
23-Apr-15 -0.00188691
22-Apr-15 -0.003095396
21-Apr-15 0.002625711
20-Apr-15 0.012844761
17-Apr-15 0.004309372
16-Apr-15 0.008683926
15-Apr-15 0.004031115
14-Apr-15 -0.015857964
13-Apr-15 0.006724205
10-Apr-15 -0.001669823
9-Apr-15 0.016868944
8-Apr-15 0.002266709
7-Apr-15 -0.016651656
6-Apr-15 -0.016282336
2-Apr-15 -0.010986283
1-Apr-15 0.006443245
31-Mar-15 -0.007046352
30-Mar-15 -0.015553369
27-Mar-15 -0.017202518
26-Mar-15 -0.021463035
25-Mar-15 -0.004444248
24-Mar-15 0.006107582
23-Mar-15 0.002935918
20-Mar-15 0.00847383
19-Mar-15 -0.01582313
18-Mar-15 0.004013838
17-Mar-15 -0.022551077
16-Mar-15 -0.023975234
13-Mar-15 -0.003056051
12-Mar-15 0.02419823
11-Mar-15 -0.005305762
10-Mar-15 0.01055415
9-Mar-15 0.021068303
6-Mar-15 0.005456634
5-Mar-15 -0.005427021
4-Mar-15 0.011222551
3-Mar-15 -0.038646393
2-Mar-15 -0.007135553
27-Feb-15 0.026824747
26-Feb-15 0.001448855
25-Feb-15 0.004562856
24-Feb-15 0.013249729
23-Feb-15 0.000131202
20-Feb-15 -0.013730678
19-Feb-15 -0.011239442
18-Feb-15 -0.016546343
17-Feb-15 -0.004650739
16-Feb-15 0.020247366
13-Feb-15 -0.005343032
12-Feb-15 -0.006522819
11-Feb-15 -0.015675762
10-Feb-15 0.000323124
9-Feb-15 0.001453589
6-Feb-15 0.012395171
5-Feb-15 -0.04003004
4-Feb-15 -0.011165635
3-Feb-15 0.009829306
2-Feb-15 -0.003703528
30-Jan-15 -0.009555354
29-Jan-15 -0.005076386
28-Jan-15 -0.027784495
27-Jan-15 0.009874394
26-Jan-15 -0.004482538
23-Jan-15 0.003562593
22-Jan-15 -0.011882457
21-Jan-15 -0.02135622
20-Jan-15 -0.028017131
19-Jan-15 -0.01783513
16-Jan-15 0.007637461
15-Jan-15 0.012164418
14-Jan-15 0.019847088
13-Jan-15 0.01758665
12-Jan-15 0.009335184
9-Jan-15 0.001399825
8-Jan-15 -0.006739722
7-Jan-15 -0.008519514
6-Jan-15 0.007173274
5-Jan-15 0.008506355
2-Jan-15 0.019015297
30-Dec-14 -0.002963144
29-Dec-14 -0.003291251
26-Dec-14 -0.010793494
24-Dec-14 0.00079717
23-Dec-14 0.004953452
22-Dec-14 0.00052015
19-Dec-14 -0.0046294
18-Dec-14 0.020369587
17-Dec-14 -0.006898065
16-Dec-14 -0.016002749
15-Dec-14 0.009453493
12-Dec-14 0.030961206
11-Dec-14 0.006758862
10-Dec-14 -0.005904059
9-Dec-14 0.014057523
5-Dec-14 0.009895145
4-Dec-14 -0.024974861
3-Dec-14 0.015805252
2-Dec-14 0.001865231
1-Dec-14 0.017674923
28-Nov-14 0.010860755
27-Nov-14 0.000137451
26-Nov-14 -0.012345962
25-Nov-14 0.020779703
24-Nov-14 -0.003794161
21-Nov-14 0.002805145
20-Nov-14 -0.002956494
19-Nov-14 -0.008576447
18-Nov-14 -0.005866789
17-Nov-14 0.011247396
14-Nov-14 0.0211461
13-Nov-14 0.001636038
12-Nov-14 -0.010963686
11-Nov-14 -0.029093048
10-Nov-14 -0.001794161
7-Nov-14 -0.004598506
6-Nov-14 0.002110546
5-Nov-14 0.003299558
4-Nov-14 0.004618184
3-Nov-14 0.002553863
30-Oct-14 -0.023111482
29-Oct-14 -0.017447373
28-Oct-14 -0.004897703
27-Oct-14 -0.004946054
24-Oct-14 0.00248532
23-Oct-14 0.005760397
22-Oct-14 0.012928951
21-Oct-14 0.007658356
20-Oct-14 -0.01475045
17-Oct-14 -0.032081321
16-Oct-14 0.006951686
15-Oct-14 0.002145076
14-Oct-14 0.030015992
13-Oct-14 0.009076794
10-Oct-14 0.004592259
9-Oct-14 0.015151158
8-Oct-14 0.023095492
7-Oct-14 0.025228577
6-Oct-14 0.004735666
3-Oct-14 -0.004801445
2-Oct-14 -0.036804249
1-Oct-14 0.009673269
30-Sep-14 0.02712605
29-Sep-14 0.000354492
26-Sep-14 -0.003189298
25-Sep-14 0.004599285
24-Sep-14 -0.007586146
23-Sep-14 -0.007577277
22-Sep-14 0.011317958
17-Sep-14 -0.017963806
16-Sep-14 -0.020530909
15-Sep-14 -0.009303292
12-Sep-14 0.015728766
11-Sep-14 0.014475797
10-Sep-14 0.009972637
9-Sep-14 -0.000962787
8-Sep-14 -0.005177167
5-Sep-14 -0.013111652
4-Sep-14 0.018513446
3-Sep-14 0.014165004
2-Sep-14 -0.012641163
1-Sep-14 -0.011862927
29-Aug-14 0.008834122
28-Aug-14 -0.020948874
27-Aug-14 0.012498853
26-Aug-14 -0.005458787
25-Aug-14 -0.019540858
22-Aug-14 0.026387921
21-Aug-14 0.013873172
20-Aug-14 0.00011161
19-Aug-14 0.003325596
18-Aug-14 0.008631237
14-Aug-14 0.00822655
13-Aug-14 0.010456315
12-Aug-14 -0.02483114
11-Aug-14 0.004817405
8-Aug-14 0.000220936
7-Aug-14 0.010624669
6-Aug-14 0.001529954
5-Aug-14 0.002509657
4-Aug-14 0.015346772
1-Aug-14 0.001264927
31-Jul-14 -0.024645625
30-Jul-14 -0.002327062
29-Jul-14 0.012806689
28-Jul-14 -0.004453907
25-Jul-14 -0.00122212
24-Jul-14 0.021609929
23-Jul-14 0.011506791
22-Jul-14 0.003552323
21-Jul-14 -0.005541392
18-Jul-14 0.00158905
17-Jul-14 -0.007826878
15-Jul-14 0.034006354
14-Jul-14 0.003154769
11-Jul-14 0.006783005
10-Jul-14 -4.08E+00
9-Jul-14 0.010637212
8-Jul-14 -0.017616162
7-Jul-14 -0.0040306
4-Jul-14 0.003468781
3-Jul-14 0.006769547
2-Jul-14 0.006642278
1-Jul-14 0.011166606
30-Jun-14 0.01026022
27-Jun-14 -0.005863063
26-Jun-14 0.005717713
25-Jun-14 -0.004929829
24-Jun-14 0.006272724
23-Jun-14 -0.002739617
20-Jun-14 0.00861966
19-Jun-14 -0.003434188
18-Jun-14 -0.000792189
17-Jun-14 -0.005292054
16-Jun-14 -0.000318814
13-Jun-14 -0.003029699
12-Jun-14 0.006497661
11-Jun-14 0.00526389
10-Jun-14 0.00855596
9-Jun-14 -0.008992771
6-Jun-14 0.003894666
5-Jun-14 -0.002717659
4-Jun-14 -0.005726585
3-Jun-14 0.004548073
2-Jun-14 0.001008304
30-May-14 0.015721593
29-May-14 -0.019736714
28-May-14 -0.0088471
27-May-14 0.000160109
26-May-14 -0.001540801
23-May-14 0.001723551
22-May-14 0.002720925
20-May-14 -0.014365809
19-May-14 0.00785441
16-May-14 0.005101733
15-May-14 -0.001139066
14-May-14 -0.017065461
13-May-14 0.007083104
12-May-14 -0.016148265
9-May-14 -0.013414133
8-May-14 0.008182897
7-May-14 0.004956629
6-May-14 -0.004377312
5-May-14 -0.004871303
2-May-14 0.013876501
30-Apr-14 -0.015118658
29-Apr-14 -0.001786419
28-Apr-14 -0.010134221
25-Apr-14 0.010322065
24-Apr-14 0.013795543
23-Apr-14 -0.003099216
22-Apr-14 -0.002202961
21-Apr-14 0.001423737
17-Apr-14 0.014814662
16-Apr-14 0.005278973
15-Apr-14 0.000222168
14-Apr-14 0.00957131
11-Apr-14 -0.006780407
10-Apr-14 0.005135124
9-Apr-14 0.012922485
8-Apr-14 0.003995411
7-Apr-14 -0.011721828
4-Apr-14 -0.014292834
3-Apr-14 0.008675781
2-Apr-14 -0.007578643
1-Apr-14 -0.010969919
31-Mar-14 -0.014257701
28-Mar-14 -0.015645074
27-Mar-14 -0.008231059
26-Mar-14 -0.002738156
25-Mar-14 0.011536088
24-Mar-14 -0.010036823
21-Mar-14 -0.01343309
20-Mar-14 0.009242503
19-Mar-14 -0.003073967
18-Mar-14 0.014689193
17-Mar-14 -0.007660329
14-Mar-14 0.010420211
13-Mar-14 -0.022519678
12-Mar-14 -0.016299199
11-Mar-14 0.01006851
10-Mar-14 0.013738705
7-Mar-14 0.022038862
6-Mar-14 0.008240609
5-Mar-14 -0.020848027
4-Mar-14 -0.010953158
3-Mar-14 -0.012938052
28-Feb-14 0.009027778
27-Feb-14 -0.012646249
26-Feb-14 0.011414133
25-Feb-14 -0.022376809
24-Feb-14 -0.012468883
21-Feb-14 -0.018537935
20-Feb-14 0.009773616
19-Feb-14 -0.009138793
18-Feb-14 0.018809632
17-Feb-14 0.005641277
14-Feb-14 -0.007183876
13-Feb-14 -0.039060232
12-Feb-14 0.012178117
11-Feb-14 -0.022685525
10-Feb-14 -0.00145663
7-Feb-14 0.004635076
6-Feb-14 0.012552987
5-Feb-14 -0.00624494
4-Feb-14 -0.017944839
3-Feb-14 -0.008769019
31-Jan-14 0.039594491
30-Jan-14 -0.041559338
29-Jan-14 0.007702829
28-Jan-14 0.000833452
27-Jan-14 0.010183445
24-Jan-14 -0.004969734
23-Jan-14 0.035956067
22-Jan-14 6.85E+00
21-Jan-14 0.001782124
20-Jan-14 0.007138622
17-Jan-14 0.000226454
16-Jan-14 0.004573343
15-Jan-14 0.000473282
14-Jan-14 -0.00171202
13-Jan-14 0.008191172
10-Jan-14 0.007453166
9-Jan-14 0.000977517
8-Jan-14 0.01003196
7-Jan-14 -0.003098356
6-Jan-14 0.006700906
3-Jan-14 0.016662652
2-Jan-14 0.012728291
desviacion estandar
43.54% 2018
12.98% 2017
37.00% 2016
52.83% 2015
50.73% 2014
FALABELLA 2014 2015 2016 2017 2018

So Precio de la accion 4071.4 4516 5299.5 6134.3 5089.6
K Precio de ejercicio 3867.83 4290.20 5034.53 5827.59 4835.12
rf (anual) 2.11% 2.11% 2.11% 2.11% 2.11%
desviacion anual 50.73% 52.83% 37.00% 12.98% 43.54%
t años 1 1 1 1 1
RAIZ 1 1 1 1 1
COVARIANZA 12.87% 13.96% 6.84% 0.84% 9.48%
D1 0.40 0.40 0.38 0.62 0.38
D2 -0.11 -0.13 0.01 0.49 -0.05
D1 -0.40 -0.40 -0.38 -0.62 -0.38
D2 0.11 0.13 -0.01 -0.49 0.05
Nd1 0.65 0.66 0.65 0.73 0.65
Nd2 0.46 0.45 0.50 0.69 0.48
N(-d1) 0.35 0.34 0.35 0.27 0.35
N(-d2) 0.54 0.55 0.50 0.31 0.52
PRECIO CALL 936.81 1074.05 949.84 566.86 1035.69
PRECIO PUT 652.48 758.68 579.74 138.47 680.26

Desviacion estandar
2018 43.54%
2017 12.98%
2016 37.00%
2015 52.83%
2014 50.73%
PRECIOS MAXIMOS A PAGAR POR

LAS OPCIONES CALL DE FALABELLA
PRECIOS MAXIMOS A PAGAR POR

LAS OPCIONES PUT DE FALABELLA
FORWARD PARA FALABELLA
DATOS:
Realizar una cobertura tipo de cambio para USD 1.000.000 para un plazo de 180 dìas.
Considere que el banco le ofrece comprar a un precio ,Forward compra menos un peso.
COTIZACION
Tipo de cambio comprador al dìa de hoy
Tasa de interes en $ a 180 dìas (base 30 dìas)
Tasa de interes en dolares a 180 dìas (base 360 dìas)
a) Calcular el valor del Forward compra
USD
Cobro dìas
Tipo de cambio comprador
Tasa de interes en $ a 180 dìass
Tasa de interes en dolares a 180 dìas
tasa en meses para la tasa en $

tasa en años para la tasa en dolares
valor del forward
b)El operador bancario le ofrece comprar a un precio forward compra menos un $ peso
¿ Qué obligación adquieren ambas partes?
¿Cual es el valor entregado y recibido?
OFERTA DEL OPERADOR BANCARIO ES DE 1 $ PESO BAJO EL VALOR DEL FORWARD

RESPUESTA B.1
LA OBLIGACION QUE ADQUIEREN AMBAS PARTES SON LAS SIGUIENTES:EL COMPRADOR

(BANCO) POR EL CONTRATO SE VE OBLIGADO AL FINALIZAR EL PLAZO ES DECIR,180 DIAS
COMPRAR AL VENDEDOR (FALABELLA)USD 1.000.000 CON UN PRECIO DE $ 695,22
EN CAMBIO EL VENDEDOR(FALABELLA) SE VE EN LA OBLIGACION DE VENDER EN 180 DIAS

USD 1.000.000 A UN PRECIO DE 695,22
RESPUESTA B.2
EL VALOR ENTREGADO POR EL VENDEDOR (FALABELLA) ES DE USD 1.000.000 Y
RECIBE POR EL MONTO ENTREGADO LA SUMA DE $695.220.000
FORMULA VALOR DEL FORWARD
2,018
692.6
0.24%
1.84%
2,018
1,000,000
180
692.6
0.24%
1.84%
6
0.5
696.22
695.22
PRECIO SPOT*(1+i en $)/(1+i en USD)
c)Suponga que el contrato lo realiza por compensación y

que al final del contrato el dólar observado es $20 bajo el
spot (en tiempo cero)
¿Quién realiza la compensación y en cuánto?
DÓLAR OBSERVADO 672.6

DIFERENCIA 22.62
TOTAL 22,622,218
RESPUESTA
AL HACER EL CONTRATO POR COMPENSACION TENEMOS
COMO RESULTADO QUE AL FINALIZAR EL PLAZO PACTADO
POR AMBAS PARTES ESTE ES NEGATIVO ES DECIR BAJO EL
PRECIO DEL SPOT; POR LO TANTO EL COMPRADOR
(BANCO) NOS TENDRA QUE PAGAR EL DIFERENCIAL ES
DECIR; $22.622.218
d)Suponga que al final del contrato el dólar observado

es $40 pesos por sobre el spot (en tiempo cero).
Determine el valor de la compensación y quien la realiza.
DÓLAR OBSERVADO 732.6

DIFERENCIA 37.38
TOTAL 37,377,782
RESPUESTA
AL HACER EL CONTRATO POR COMPENSACION TENEMOS
COMO RESULTADO QUE AL FINALIZAR EL PLAZO PACTADO
POR AMBAS PARTES ESTE ES POSITIVO ES DECIR SUBIO EL
PRECIO DEL SPOT; POR LO TANTO EL VENDEDOR
(FALABELLA) TENDRA QUE PAGAR EL DIFERENCIAL ES
DECIR; $37.377.782
Cobertura con contratos de futuros. Según la empresa con la cual has estado trabajando durante el sem
Ejemplo: La empresa necesita materia prima
Identificar el riesgo al cual se encuentra expuesta la empresa.
Riesgo: Volatilidad del precio de compra de materias primas o artículos terminados.
Responder la siguiente pregunta

a) Explique qué ocurre en su cuenta de resultados si el riesgo ocurre y que podría hacer para cubrirlo. Considere una situación
otra situación donde baja.
ANALISIS DE LA COBERTURAS DE FALABELLA

AL ANALIZAR LAS MEMORIAS ANUALES DE FALABELLA ESPECIFICAMENTE DE LA NOTA 33 DE LOS ESTADOS FINANCI
LOS DERIVADOS FINANCIEROS QUE UTILIZA LA EMPRESA SON LOS FORWARD Y SWAPS
COMO DATOS EXTRAIDOS DE LOS ESTADOS FINANCIEROS OBTENEMOS QUE FALABELLA PARA EL AÑO 2018 TENIA 6
Y 924 FORWARDS POR $204.098.987 QUE EN TOTAL DE COBERTURA SUMAN $1.623.510.857.
EN CAMBIO PARA EL AÑO 2017 EXISTIAN 68 SWAPS POR $1.435.218.125 Y 516 FORWARDS POR $201.452.535 QUE
RIESGOS A LOS QUE SE EXPONE FALABELLA

todos estos intrumentos de cobertura o financieros son principalmente riesgos a los que está suje
riesgo de mercado, riesgo de crédito y riesgo de liquidez. Estos riesgos se generan principalmente
CONTEXTUALIZACION
LOS RIESGOS DEL MERCADO SON RIESGOS POR LA INFLACION Y LOS CAMBIOS DE TASAS DE INTERES.
ASIMISMO LOS RIESGOS DE TIPO DE CAMBIO SON PRINCIPALMENTE DEBIDO A QUE FALABELLA ADQUIERE PRODUC
EXTRANJERAS POR LO QUE GENERA VARIACIONES AL CAMBIARLO CON DISTINTAS MONEDAS SEGÚN LOS PAISES QU
COMO RESPALDO DE LO DICHO ANTERIORMENTE FALABELLA AL 2018 TENIA FORWARDS DE DIVISAS PARA CUMPLIR
FINALIZANDO SE CONCLUYE QUE SI SUBEN LAS VARIABLES TALES COMO:

LA INFLACION,LAS TASAS DE INTERES Y CAMBIOS DE MONEDAS POR LOS PRODUCTOS IMPORTADOS POR LA EMPRE
E.E.R.R;ES DECIR SUBE EL COSTO DE VENTA DE LA EMPRESA QUE YA ES UN 70% DE LA VENTA Y AUMENTAN LOS COS
PARA FALABELLA PERO ;SE OBTENDRAN INGRESOS EN ESTOS FONDOS DE COBERTURAS DE FUTUROS POR LO QUE S
SI BAJAN ESTAS VARIABLES SE OBTIENE LO SIGUIENTE:
SI ESTAS VARIABLES BAJAN;SE GANARA EN EL MERCADO POR LO QUE LA EMPRESA TENDRA UN IMPACTO POSITIVO
PARA LA EMPRESA COMO IMPORTAR MAS MERCADERIAS O FINANCIARSE A TRAVES DE PRESTAMOS A TASA DE INTE
UTILIDADES PARA LA EMPRESA PERO;ASIMISMO AL TENER LOS CONTRATOS DE FUTUROS SE PIERDE ESE DINERO INV
COMPRENDIDOS SEGUN CORRESPONDA;POR LO TANTO SIEMPRE LAS EMPRESAS TIENEN QUE TENER COBERTURAS
NEGOCIO O DEL MERCADO.
SWAPS DE INTERES
TABLA DE FLUJOS
DATOS para falabella
INVERSION $ 100,000,000 $ 3,400,000,000 Fecha
TASA FIJA 6% 7/5/2014
TASA FIJA SEMESTRAL 3% 1/5/2015
7/5/2015
LIBOR LIBOR 1/5/2016
Fecha Tasa SEMESTRAL 7/5/2016
7/5/2014 5.20% 0.026 1/5/2017
1/5/2015 5.80% 0.029 7/5/2017
7/5/2015 6.30% 0.0315
1/5/2016 6.50% 0.0325
7/5/2016 6.60% 0.033
1/5/2017 6.90% 0.0345
7/5/2017 6.40% 0.032
TABLA DE FLUJOS POR
Fecha
7/5/2014
1/5/2015
7/5/2015
1/5/2016
7/5/2016
1/5/2017
7/5/2017
LIBOR INGRESO VARIABLE INGRESO FIJO TOTAL
Tasa
5.20%
5.80% $ 2,600,000 $ 3,000,000 -$ 400,000 $ 5,500,000
6.30% $ 2,900,000 $ 3,000,000 -$ 100,000
6.50% $ 3,150,000 $ 3,000,000 $ 150,000
6.60% $ 3,250,000 $ 3,000,000 $ 250,000
6.90% $ 3,300,000 $ 3,000,000 $ 300,000
6.40% $ 3,450,000 $ 3,000,000 $ 450,000
SUMA $ 18,650,000 $ 18,000,000 $ 650,000
TABLA DE FLUJOS POR UNA INVERSION DE $3.400.000.000

LIBOR INGRESO VARIABLE INGRESO FIJO TOTAL
Tasa
5.20%
5.80% $ 88,400,000 $ 102,000,000 -$ 13,600,000
6.30% $ 98,600,000 $ 102,000,000 -$ 3,400,000
6.50% $ 107,100,000 $ 102,000,000 $ 5,100,000
6.60% $ 110,500,000 $ 102,000,000 $ 8,500,000
6.90% $ 112,200,000 $ 102,000,000 $ 10,200,000
6.40% $ 117,300,000 $ 102,000,000 $ 15,300,000
SUMA $ 634,100,000 $ 612,000,000 $ 22,100,000
PRICE-EARNING RATIO (PRECIO UTILIDAD) (PE 2014 2015 2016 2017
Falabella 21,305.08 21,221.80 21,181.06 29,210.95
Cencosud 23.20 18.04 13.75 11.78
Ripley 1,390.07 2,298.58 2,411.53 2,602.53
Promedio industria 1,160.70 1,160.70 1,160.70 1,160.70
ENTERPRISE VALUE TO EBITDA (EV/EBITDA) 2014 2015 2016 2017

Falabella 16,619.99 18,020.72 17,799.68 24,124.65
Cencosud 8,884.98 7,316.66 6,183.32 5,543.37
Ripley 8,360.32 13,178.89 13,580.20 14,788.49
ENTERPRISE VALUE TO EBIT (EV/EBIT) 2014 2015 2016 2017

Falabella 21,288.95 22,899.86 21,708.34 31,144.47
Cencosud 14,379.07 13,840.36 9,207.02 8,123.71
Ripley 9,594.48 14,416.99 14,375.97 15,579.69
VALUE TO BOOK RATIO (valor empresa/valor libr 2014 2015 2016 2017
Falabella 786.45 790.48 918.50 1,030.93
Cencosud 390.71 397.28 510.47 516.95
Ripley 368.19 360.55 460.06 708.36
Promedio industria 460.31 460.31 460.31 460.31
PRICE TO BOOK EQUITY (PBV) Precio accion/Valor 2014 2015 2016 2017
Falabella 2,395.13 2,284.60 2,555.57 2,821.17
Cencosud 975.67 1,011.58 1,306.00 1,292.65
Ripley 831.67 795.12 1,028.57 1,538.80
PRICE TO SALES RATIO (Precio accion/(ventas/n 2014 2015 2016 2017

Falabella 1,414.04 1,418.00 1,633.45 1,819.00
Cencosud 390.91 365.45 516.19 495.58
Ripley 565.61 551.37 736.98 1,191.87
ENTERPRISE VALUE TO SALES RATIO (Valor empr 2014 2015 2016 2017
Falabella 1,414.93 1,418.94 1,634.44 1,819.97
Cencosud 391.34 365.83 516.59 495.97
Ripley 566.28 552.02 737.66 1,192.57
2018
26,787.37 PRICE-EARNING RATIO
18.79 FALABELLA-CENCOSUD-RIPLEY
2,818.73
35,000.00
1,160.70 29,210.95
30,000.00 26,787.37
25,000.00
21,305.08 21,221.80 21,181.06
20,000.00
15,000.00
10,000.00
5,000.00
1,390.07 2,298.58 2,411.53 2,602.53 2,818.73
23.20 18.04 13.75 11.78 1,160.70
18.79
0.00
2014 2015 2016 2017 2018
Falabella Cencosud
Ripley Promedio industria
2018
22,881.64 ENTERPRISE VALUE TO EBITDA
6,980.98 FALABELLA-CENCOSUD-RIPLEY
14,275.90 30,000.00
24,124.65
9,909.31 25,000.00 22,881.64
20,000.00 18,020.72 17,799.68

16,619.99
14,788.49 14,275.90
15,000.00 13,178.89 13,580.20
8,360.32
10,000.00 9,909.31
8,884.98
5,000.00 7,316.66 6,980.98
6,183.32 5,543.37
0.00
2014 2015 2016 2017 2018
Falabella Cencosud
2018
29,108.41 ENTERPRICE VALUE TO EBIT
12,925.27 FALABELLA-CENCOSUD-RIPLEY
15,420.77 35,000.00 31,144.47
29,108.41
12,786.33 30,000.00
25,000.00 22,899.86 21,708.34
21,288.95
20,000.00 15,579.69
14,379.07 14,416.99 14,375.97 15,420.77
15,000.00 12,786.33
9,594.48
10,000.00 13,840.36 12,925.27
5,000.00 9,207.02 8,123.71
0.00
2014 2015 2016 2017 2018
Falabella Cencosud
2018
VALUE TO BOOK RATIO
FALABELLA-CENCOSUD-RIPLEY
1,200.00
1,030.93
1,000.00 918.50
806.39 VALUE TO BOOK RATIO
552.62 1,200.00
1,030.93
460.31 1,000.00 918.50
786.45 790.48 806.39
800.00 708.36
510.47 516.95 552.62

600.00
390.71 397.28 460.31
400.00
460.06
368.19 360.55 337.88
200.00
0.00
2014 2015 2016 2017 2018
Falabella Cencosud
2018
2,132.70 PRICE TO BOOK EQUITY
1,203.72 3,000.00 2,821.17
2,555.57
1,083.04 2,395.13 2,284.60
2,500.00 2,132.70
2,000.00
1,538.80
1,500.00 1,306.00 1,203.72
975.67 1,011.58
1,000.00 1,292.65 1,083.04
1,028.57
831.67
500.00 795.12 846.65
0.00
2014 2015 2016 2017 2018
Falabella Cencosud
2018
1,505.17 PRICE TO SALES RATIO
2,000.00 1,819.00
963.21 1,800.00 1,633.45
1,505.17
1,414.04
1,600.00 1,418.00
614.97 1,400.00 1,191.87
1,200.00 963.21
1,000.00 736.98
800.00
565.61 551.37
600.00 614.97
400.00 516.19 495.58
390.91
200.00 365.45 372.51
0.00
2014 2015 2016 2017 2018
Falabella Cencosud Ripley
Promedio industria
2018
1,506.20 ENTERPRISE VALUE TO SALES RATIO
FALABELLA-CENCOSUD-RIPLEY
2,000.00 1,819.97
1,800.00 1,634.44
1,600.00 1,506.20
1,414.93 1,418.94
1,400.00
ENTERPRISE VALUE TO SALES RATIO
963.94 2,000.00 1,819.97
1,800.00 1,634.44
615.52 1,600.00
1,414.93 1,418.94
1,506.20
1,400.00 1,192.57
1,200.00 963.94
1,000.00
737.66
800.00
566.28 552.02
600.00 615.52
400.00 516.59 495.97
391.34
200.00 365.83 372.97
0.00
2014 2015 2016 2017 2018
Falabella Cencosud
MÚLTIPLOS PRECIO DE AC
PRICE-EARNING RATIO (PRECIO UTILIDAD) (PER) $ 246.5
ENTERPRISE VALUE TO EBITDA (EV/EBITDA) $ 2,426.1
ENTERPRISE VALUE TO EBIT (EV/EBIT) $ 2,713.0
PRICE TO BOOK EQUITY (PBV) $ 1,841.0
VALUE TO BOOK RATIO $ 2,380.0
PRICE TO SALES RATIO (PS) $ 1,770.7
ENTERPRISE VALUE TO SALES RATIO (VS) $ 1,769.3
PRECIO ACCIÓN REAL AÑO 2014
Comparación de precios de acciones por multiplos V/S precio de
$ 4,071.4 acciones reales Año 2014.
$ 4,071.4 $ 4,000.0
$ 4,071.4
$4,071.4
$4,071.4
$4,071.4
$4,071.4
$4,071.4
$4,071.4
$4,071.4
$ 3,000.0
$ 2,713.0
$ 2,426.1
$ 2,380.0
$ 1,841.0
$ 1,770.7
$ 1,769.3
$ 2,000.0
$ 4,071.4
$ 246.5
$ 1,000.0
$ 4,071.4 $-
$ 4,071.4
$ 4,071.4
PRECIO DE ACCIONES POR MULTIPLOS PRECIO ACCIÓN REAL AÑO 2014

Comparación de precios de acciones por multiplos V/S precio de acciones
$ 4,516 reales Año 2015.
$ 4,516 $ 5,000.0
$ 4,000.0
$ 4,516
$4,516
$4,516
$4,516
$4,516
$4,516
$4,516
$4,516
$ 3,000.0
$ 2,993.2
$ 2,626.3
$ 2,481.5
$ 2,140.9
$ 1,958.5
$ 1,956.9
$ 4,516 $ 2,000.0 $ 272.0
$ 1,000.0
$ 4,516 $-
$ 4,516
$ 4,516

Comparación de precios de acciones por multiplos V/S precio de
$ 5,299.5 acciones reales Año 2016.
$ 5,299.5 $ 6,000.0
$ 5,299.5
$5,299.5
$5,299.5
$5,299.5
$5,299.5
$5,299.5
$5,299.5
$ 4,000.0
$5,299.5
$ 3,557.5
$ 2,948.4
$ 2,652.2
$ 2,245.9
$ 1,995.2
$ 1,993.3
$ 5,299.5 $ 2,000.0
$ 323.3
$ 5,299.5 $-
$ 5,299.5
$ 5,299.5

reales Año 2017.
$ 6,000.0
,134.3
,134.3
,134.3
,134.3
,134.3
,134.3
,134.3
$ 4,000.0
31.8
5.2
7.3
4.9
3.9
2.0
$ 2,000.0
5
$ 6,134.3 reales Año 2017.
$ 6,134.3
$ 6,000.0
$6,134.3
$6,134.3
$6,134.3
$6,134.3
$6,134.3
$6,134.3
$6,134.3
$ 6,134.3 $ 4,000.0
$ 2,931.8
$ 2,735.2
$ 2,517.3
$ 2,354.9
$ 2,073.9
$ 2,072.0
$ 6,134.3 $ 2,000.0
$ 266.5
$ 6,134.3 $-
$ 6,134.3
$ 6,134.3

$ 5,089.6 reales Año 2018.
$ 5,089.6 $ 6,000.0
$ 5,089.6
$5,089.6
$5,089.6
$5,089.6
$5,089.6
$5,089.6
$5,089.6
$5,089.6
$ 4,000.0
$ 2,901.3
$ 2,767.1
$ 2,584.6
$ 2,201.7
$ 2,079.5
$ 2,077.4
$ 5,089.6 $ 2,000.0
$ 5,089.6 $- $ 251.5
$ 5,089.6
$ 5,089.6

Falabella 2014 2015 2016 2017 2018
V/S precio de
ROE 12.50% 11.86% 13.43% 10.56% 9.08%
P/B 2,395.13 2,284.60 2,555.57 2,821.17 2,132.70
$4,071.4
$4,071.4
$4,071.4
$ 1,770.7
$ 1,769.3
AL AÑO 2014
ecio de acciones
$4,516
$4,516
$ 1,958.5
$ 1,956.9
AL AÑO 2015
V/S precio de
$5,299.5
$5,299.5
$ 1,995.2
$ 1,993.3
AL AÑO 2016
ecio de acciones
,134.3
,134.3
,134.3
3.9
2.0
$5,089.6 $6,134.3
$ 2,079.5 $ 2,073.9
$5,089.6 $6,134.3
AL AÑO 2018
AL AÑO 2017
$ 2,077.4 $ 2,072.0
$5,089.6 $6,134.3
ecio de acciones
ecio de acciones

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FALABELLA S.

$ 301,082,118 $ 229,801,074 $ 198,513,934 $ 206,752,525 $ 209,508,174

$ 135,735,296 $ 138,296,518 $ 109,179,061 $ 184,148,339 $ 163,334,299

$ 990,064,907 $ 834,648,234 $ 1,072,094,075 $ 738,717,161 $ 736,529,589

$ 2,806,585,586 $ 3,006,175,090 $ 2,674,994,491 $ 2,700,830,781 $ 2,316,360,511

$ 639,081,704 $ 543,154,221 $ 427,700,255 $ 321,693,368 $ 241,347,479

$ 919,419,389 $ 533,409,643 $ 533,409,643 $ 533,409,643 $ 533,409,643

1.90% 1.59% 1.41% 1.49%

0.86% 0.95% 0.78% 1.32%

17.68% 20.96% 19.21% 20.60%

4.02% 3.79% 3.07% 2.45%

5.79% 3.72% 3.83% 4.07%

1.30% Analisis Vertical Activo

42.97% Activo Corriente Activo No Corriente

otros pasivos financieros no corrie

Instrumentos para negociación Contratos de derivados financieros

Analisis Vertical Pasivo y Patrimonio

otros pasivos financieros corrientes otras provisiones corrientes

1.56% 2.16% 2.68% 2.75%

0.42% 0.35% 0.25% 0.19%

depositos y otras obligaciones a la vista operaciones con liquidacion en curso

Total Pasivo y Patrimonio

TOTAL PASIVOS PATRIMONIO TOTAL

te Pasivo Negocios Bancarios

2017 otros pasivos financieros corrientes

6.24% 5.82% 7.70% 5.63%

4.02% 3.79% 3.07% 2.45%

0.42% 0.48% 0.40% 0.43%

$ 209,508,174 $ 206,752,525 $ 198,513,934 $ 229,801,074 $ 301,082,118

$ 163,334,299 $ 184,148,339 $ 109,179,061 $ 138,296,518 $ 135,735,296

$ 347,215,192 $ 372,864,747 $ 303,391,378 $ 225,800,376 $ 275,984,373

$ 990,064,907 $ 834,648,234 $ 1,072,094,075 $ 738,717,161 $ 736,529,589

$ 2,806,585,586 $ 3,006,175,090 $ 2,674,994,491 $ 2,700,830,781 $ 2,316,360,511

$ 639,081,704 $ 543,154,221 $ 427,700,255 $ 321,693,368 $ 241,347,479

$ 919,419,389 $ 533,409,643 $ 533,409,643 $ 533,409,643 $ 533,409,643

2.99% 2.67% 2.51% 2.80%

40.04% 38.77% 33.87% 32.90%

9.12% 7.01% 5.42% 3.92%

13.12% 6.88% 6.75% 6.50%

$ 301,082,118 $ 229,801,074 $ 71,281,044 31.02%

$ 990,064,907 $ 834,648,234 $ 155,416,673 18.62%

$ 229,801,074 $ 198,513,934 $ 31,287,140 15.76%

$ 138,296,518 $ 109,179,061 $ 29,117,457 26.67%

$ 225,800,376 $ 303,391,378 $ -77,591,002 -25.57%

$ 834,648,234 $ 1,072,094,075 $ -237,445,841 -22.15%

$ 3,006,175,090 $ 2,674,994,491 $ 331,180,599 12.38%

$ 543,154,221 $ 427,700,255 $ 115,453,966 26.99%

$ 533,409,643 $ 533,409,643 $ - 0.00%

$ 198,513,934 $ 206,752,525 $ -8,238,591 -3.98%

$ 109,179,061 $ 184,148,339 $ -74,969,278 -40.71%

$ 513,998,456 $ 456,310,202 $ 57,688,254 12.64%

$ 303,391,378 $ 372,864,747 $ -69,473,369 -18.63%

$ 1,072,094,075 $ 738,717,161 $ 333,376,914 45.13%

$ 2,674,994,491 $ 2,700,830,781 $ -25,836,290 -0.96%

$ 427,700,255 $ 321,693,368 $ 106,006,887 32.95%

$ 533,409,643 $ 533,409,643 $ - 0.00%

$ 206,752,525 $ 209,508,174 $ -2,755,649 -1.32%

$ 184,148,339 $ 163,334,299 $ 20,814,040 12.74%