ANEXO ANEX O 2: AMERIC AMERICAN AN APPAREL, APPAREL, INC. Y SUBSIDI SUBSIDIARIAS ARIAS ES ESTTADOS CONS CONSOLID OLIDADOS ADOS DE OPERACI OPERACIONE ONESS Y PÉRDI PÉRDI ESTADO DE RESULTADOS Eje!"!"#$ %e&"'()#$ %e&"'()#$ *( +1 )e )"!"e&e (*#e$ / (!!"#'e$ e' &"*e$ )e e#$, e!e%# "&#%e$ # (!!"3'
De%(**e Ventas netas Costo de ventas Ingresos brutos Gastos de venta Gastos generales y ad!n!stra"vos #eter!oro de la "enda !nor!sta $erd!da%!ngresos &or o&era'!ones Gastos &or !ntereses $)rd!das &or transa''!ones en oneda e*tran+era $)rd!da ganan'!a- no real!ada &or 'ab!o en el valor raonable /arrants y dere'os de 'o&ra $)rd!da%ganan'!a en la e*"n'!n de la deuda tros gastos%!ngresos $)rd!da antes de !&uestos sobre la renta $rov!s!n de !&uestos $)rd!da neta $)rd!das bs!'as y d!lu!das &or a''!n $roed!o &onderado de a''!ones bs!'as y d!lu!das e*'e&'!onal $)rd!da neta desde arr!batros !ngresos &)rd!das- !ntegrales Convers!n de oneda e*tran+era, neto de !&uestos tros !ngresos &)rd!das- !ntegrales, netos de !&uestos $)rd!da !ntegral
201+ 633,941.00 313,056.00 320,885.00 241,683.00 106,957.00 1,540.00 ( 29,295.00 39,286.00 1.00
2012 617,310.00 289,927.00 327,383.00 227,447.00 97,327.00 1,647.00 962.00 41,559.00 120.00
2011 547,336.00 252,436.00 294,900.00 209,841.00 104,085.00 4,267.00 ( 23,293.00 33,167.00 1,679.00
3,713.00 32,101.00 131.00 (104,527.00 1,771.00 (106,298.00 ( 0.96
4,126.00 11,588.00 204.00 33,459.00 3,813.00 37,272.00 0.35
( 23,467.00 3,114.00 ( 193.00 ( 37,593.00 1,721.00 ( 39,314.00 ( 0.42
( ( ( (
110,326.00 105,980.00 92,599.00 (106,298.00 ( 37,272.00 ( 39,314.00 ( 1,581.00 631.00 ( 188.00 ( 1,581.00 631.00 ( 188.00 (107,879.00 ( 36,641.00 ( 39,502.00
AS INTEGRALE INTEGRALES, S, 2009-2014
2010 532,989.00 253,080.00 279,909.00 218,198.00 103,167.00 8,597.00 ( 50,053.00 23,752.00 ( 686.00
2009 558,775.00 238,863.00 319,912.00 198,518.00 93,636.00 3,343.00 24,415.00 22,627.00 ( 2,920.00
993.00 ( ( ( 39.00 ( ( 74,151.00 12,164.00 ( 86,315.00 ( 1.21 ( 1.21 71,626.00 ( 86,315.00 ( 1,085.00 ( 1,085.00 ( 87,400.00
220.00 4,928.00 3,816.00 1,112.00 0.02 0.01 71,026.00 1,112.00 620.00 620.00 1,732.00
AS INTEGRALE INTEGRALES, S, 2009-2014
2010 532,989.00 253,080.00 279,909.00 218,198.00 103,167.00 8,597.00 ( 50,053.00 23,752.00 ( 686.00
2009 558,775.00 238,863.00 319,912.00 198,518.00 93,636.00 3,343.00 24,415.00 22,627.00 ( 2,920.00
993.00 ( ( ( 39.00 ( ( 74,151.00 12,164.00 ( 86,315.00 ( 1.21 ( 1.21 71,626.00 ( 86,315.00 ( 1,085.00 ( 1,085.00 ( 87,400.00
220.00 4,928.00 3,816.00 1,112.00 0.02 0.01 71,026.00 1,112.00 620.00 620.00 1,732.00
ANEXO +: AMERICAN APPAREL INC. Y SUBSIDIARIAS BALANCE CONSOLID CONSOLIDADO, ADO, 2005-201+ BALANCE GENERAL Eje!"!"#$ %e&"'()#$ %e&"'()#$ *( +1 + 1 )e )"!"e&e (*#e$ / (!!"#'e$ e' &"*e$, e!e%# e!e%# "&#%e$ # (!!" De%(**e 201+ A!67#$ A!67#$ C"!*('%e$ e'"vo 8,676.00 Cuentas &or 'obrar 20,701.00 e'"vo restr!ng!do ( Gastos &re&agados y otros a'"vos 'orr!entes 15,636.00 Inventar!os netos 169,378.00 I&uesto a las ganan'!as &or 'obrar e !&uestos a la ganan'!a &agados &or ade 306.00 I&uesto sobre la renta d!er!do, neto de la &rov!s!n &or valua'!n 599.00 otal de a'"vos 'orr!entes 215,296.00 $ro&!edad y eu!&o, neta 69,303.00 I&uestos 2,426.00 tros a'"vos netos 46,727.00 T#%(* A!67#$ A! 67#$ +++,82.00 P($"7# / P(%"&#'"# P($"7# C"!*('%e obreg!ro en ee'"vo 3,993.00 ;as l
nan'!ero 1,709.00 otal &as!vos 'orr!entes 161,989.00 #?#@ @ ;@AG $;@B, neto del des'uento no aor"ado de : 5,779 y 5,779.00 : 27.929 al 31 de d!'!ebre de 2013 y 2012, res&e'"vaente 213,468.00 $agar notas subord!nadas a &artes rela'!onadas 5,453.00 bl!ga'!ones &or arrenda!ento >nan'!ero, netas de la &or'!n 'orr!ente $as!vo &or !&uestos d!er!dos 536.00 Aenta d!er!da, neto de la &or'!n 'orr!ente 18,225.00 tros &as!vos a largo &lao 11,485.00 T#%(* P($"7# '# !#"e'%e 249,167.00 P($"7# %#%(* 411,156.00 P(%"&#'"# @''!ones en '!r'ula'!n al 31 de d!'!ebre de 2012 11.00 $ago ad!'!onal en 'a&!tal 185,472.00 tras &)rd!das a'uuladas a'uuladas ( 4,306.00
2012
12,853.00 22,962.00 3,733.00 9,589.00 174,229.00 530.00 494.00 224,390.00 67,778.00 1,261.00 34,783.00 +25,212.00
:( 60,556.00 38,160.00 41,516.00 17,241.00 2,137.00 296.00 1,703.00 161,609.00 27,929.00 110,012.00 2,844.00 262.00 20,706.00 10,695.00 144,519.00 306,128.00 11.00 177,081.00 ( 2,725.00
#)>'!t a'uulado enos a''!ones &ro&!as, 304 a''!ones a 'oste TOTAL DEL PATRIMONIO DÉICIT T#%(* ($"7# / (%"&#'"#
(256,424.00 (150,126.00 ( 2,157.00 ( 2,157.00 - 88,404.00 22,054.00 +++,82.00 +25,212.00
3' 2011
10,293.00 20,939.00
2010
7,656.00 16,688.00
2009
9,046.00 16,907.00
2005
11,368.00 16,439.00
7,631.00 9,401.00 9,994.00 5,369.00 185,764.00 178,052.00 141,235.00 148,154.00 5,955.00 4,114.00 4,494.00 604.00 148.00 626.00 4,627.00 3,935.00 230,730.00 216,537.00 186,303.00 185,869.00 67,438.00 85,400.00 103,310.00 112,408.00 1,529.00 1,695.00 12,033.00 10,137.00 25,024.00 24,318.00 25,933.00 25,195.00 +24,821.00 +28,90.00 +28,89.00 +++,;09.00
1,921.00
3,328.00
3,741.00
2,413.00
50,375.00 138,478.00 33,920.00 31,534.00 43,725.00 39,028.00 9,633.00 993.00 2,445.00 230.00 150.00 ( 1,181.00 560.00 143,350.00 214,151.00
6,346.00 19,705.00 30,573.00 2,608.00
34,318.00 32,731.00 22,140.00 8,582.00
97,142.00 ( 1,726.00 96.00 22,231.00 12,046.00 133,241.00 276,591.00
1,907.00 2,616.00 64,880.00 102,800.00
444.00 4,611.00 65,997.00 67,050.00 542.00 4,355.00 3,292.00 260.00 1,020.00 1,986.00 24,924.00 22,052.00 16,011.00 7,994.00 11,934.00 6,058.00 38,775.00 105,358.00 94,397.00 252,926.00 170,238.00 197,197.00
11.00 8.00 7.00 7.00 166,486.00 153,881.00 150,449.00 131,252.00 ( 3,356.00 ( 3,168.00 ( 2,083.00 ( 2,703.00
(112,854.00 ( 73,540.00 19,012.00 17,900.00 ( 2,157.00 ( 2,157.00 ( 10,044.00 ( 10,044.00 45,1+0.00 8,024.00 18,+41.00 1+;,412.00 +24,821.00 +28,90.00 +28,89.00 +++,;09.00
ANEXO 4: ESTADOS DE LU
*&resado en !lesE=e!67# 'e%# $()# e' #7"$%# #: @'"v!dades de e*&lota'!n @'"v!dades de !nvers!n @'"v!dades de >nan'!a'!n e'to de las var!a'!ones del "&o de 'ab!o en ee'"vo Ganan'!a% $)rd!da neta en ee'"vo
( ( ( (
201+ 2012 2011 12,723.00 23,589.00 2,305.00 25,147.00 ( 24,853.00 ( 10,759.00 34,228.00 4,214.00 12,582.00 535.00 ( 390.00 ( 1,491.00 4,177.00 2,560.00 2,637.00
( ( ( (
2010 32,370.00 15,662.00 48,172.00 1,530.00 1,390.00
( ( ( (
2009 45,203.00 20,889.00 25,471.00 1,165.00 2,322.00
ANEXO : N>MEROS COMPARABLES DE LA TIENDA DE AMERICAN APPAREL
N&e# )e 6e')($
A?# 2013 2013 2011
P# e* 6&e$%e %e&"'()# M(-+1 <'-+0 Se-+0 238 237 237 243 244 242 249 248 244
De!-+1 235 238 241
Pe@'%( 1
E$%()# )e e$*%()#$ - A' De%(**e
201+ : 633,941 313,056 320,885 241,683 106,957 1,540 (29,295 39,286 1
Ventas netas Costo de ventas Ingresos brutos Gastos de venta Gastos generales y ad!n!stra"vos #eter!oro de la "enda !nor!sta $erd!da%!ngresos &or o&era'!ones Gastos &or !ntereses $)rd!das &or transa''!ones en oneda e*tran+era $)rd!da ganan'!a- no real!ada &or 'ab!o en el valor raonable /arrants y dere'os de 'o&ra 3,713 $)rd!da%ganan'!a en la e*"n'!n de la deuda 32,101 tros gastos%!ngresos 131 $)rd!da antes de !&uestos sobre la renta (104,527 $rov!s!n de !&uestos 1,771 $)rd!da neta (: 106,298 $)rd!das bs!'as y d!lu!das &or a''!n (: 0.96 $roed!o &onderado de a''!ones bs!'as y d!lu!das e*'e&'!onal 110,326 $)rd!da neta desde arr!ba(: 106,298 tros !ngresos &)rd!das- !ntegrales Convers!n de oneda e*tran+era, neto de !&uestos (1,581 tros !ngresos &)rd!das- !ntegrales, netos de !&ues (1,581 $)rd!da !ntegral (: 107,879
201+ 100D : 49D 51D 38D 17D 0D (5D 6D 0D 0D 1D 5D 0D (16D 0D (17D (: 0D (: 0D 17D (17D (: 0D 0D 0D (17D (:
2012 617,310 289,927 327,383 227,447 97,327 1,647 962 41,559 120
631 631 36,641
2012 100D 47D 53D 37D 16D 0D 0D 7D 0D 0D 1D (2D 0D (5D 1D (6D 0D 0D 17D (6D 0D 0D 0D (6D
De%(**e )e !e'%($ e*e7('%e$ Costo de Ventas Gastos de Ventas Gastos Generales @d!n!stra"vos Costos de Ventas E Gastos de Ventas E Gatos Generales Ventas Fetas Ganan'!a%$erd!da Feta
2012 47D 37D 16D 100D 100D (6D
2011 46D 38D 19D 103D 100D (7D
2010 47D 41D 19D 108D 100D (16D
201+ 49D 38D 17D 104D 100D (17D
4,126 (11,588 204 (33,459 3,813 37,272 0.35 105,980 37,272
@nal!s!s Ver"'al stado de Aesultados
10
8
6
4
2
0
1
2
3 Ao 10
Ao 11
Ao 12
4 Ao 13
Ao 14
Ao 15
Pe@'%( 2 C#&e'%("# / e7(*(!"3' )e *( @(!(: n la gra>'a se &uede observar ue s! ay un argen Hruto su>'!ente, s!n ebargo los Gastos &or Ventas y los un valor ayor a los !ngresos, &or lo ue se &rodu'e la &erd!da en la ganan'!a. u&oneos ue en los gastos ad!n!stra"vos y generales se !n'luyen los gastos &or los l!"g!os ue se tuvo.
*"$"$ e6!(* 2011 : 547,336 252,436 294,900 209,841 104,085 4,267 (23,293 33,167 1,679
(: (:
(23,467 3,114 (193 (37,593 1,721 39,314 0.42
(:
92,599 39,314
(:
(188 (188 39,502
2009 43D 36D 17D 95D 100D 0D
2011 100D : 46D 54D 38D 19D 1D (4D 6D 0D 0D (4D 1D 0D (7D 0D (7D (: 0D (: 0D (: 17D (7D (: 0D 0D 0D (7D (:
2010 532,989 253,080 279,909 218,198 103,167 8,597 (50,053 23,752 (686 993 39 (74,151 12,164 86,315 1.21 1.21 71,626 86,315 (1,085 (1,085 87,400
2010 100D 47D 53D 41D 19D 2D (9D 4D 0D 0D 0D 0D 0D (14D 2D (16D 0D 0D 13D (16D 0D 0D 0D (16D
2009 : 558,775 238,863 319,912 198,518 93,636 3,343 24,415 22,627 (2,920
:
(220 4,928 3,816 1,112 0.02 0.01 71,026 1,112
:
620 620 1,732
: : :
2009 100D 43D 57D 36D 17D 1D 4D 4D (1D 0D 0D 0D 0D 1D 1D 0D 0D 0D 13D 0D 0D 0D 0D 0D
5
astos Generales @d!n!stra"vos son deas!ados y todos suan
Pregunta 1
B(*('!e Ge'e(* De%(**e 201+ A!67#$ A!67#$ C"!*('%e$ e'"vo :8,676 Cuentas &or 'obrar 20,701 e'"vo restr!ng!do Gastos &re&agados y otros a'"vos 'orr!e 15,636 Inventar!os netos 169,378 I&uesto a las ganan'!as &or 'obrar e ! 306 I&uesto sobre la renta d!er!do, neto d 599 otal de a'"vos 'orr!entes 215,296 $ro&!edad y eu!&o, neta 69,303 I&uestos 2,426 tros a'"vos netos 46,727 T#%(* A!67#$ :333,752 P($"7# / P(%"&#'"# P($"7# C"!*('%e obreg!ro en ee'"vo :3,993 ;as lnan'!ero, netas de $as!vo &or !&uestos d!er!dos 536 Aenta d!er!da, neto de la &or'!n 'orr!e 18,225 tros &as!vos a largo &lao 11,485 T#%(* P($"7# '# !#"e'%e 249,167 P($"7# %#%(* 411,156 P(%"&#'"# @''!ones en '!r'ula'!n al 31 de d!'!e 11 $ago ad!'!onal en 'a&!tal 185,472 tras &)rd!das a'uuladas a'uuladas (4,306 #)>'!t a'uulado (256,424 enos a''!ones &ro&!as, 304 a''!ones (2,157
2012
3D 6D 0D 5D 51D 0D 0D 65D 21D 1D 14D 100D
1D 0D 13D 11D 15D 6D 1D 0D 1D 49D 0D 64D 2D 0D 0D 5D 3D 75D 123D 0D 0D 56D (1D (77D (1D
:12,853 22,962 3,733 9,589 174,229 530 494 224,390 67,778 1,261 34,783 :328,212
60,556 38,160 41,516 17,241 2,137 296 1,703 161,609 110,012 2,844 262 20,706 10,695 144,519 306,128 11 177,081 (2,725 (150,126 (2,157
2011
4D 7D 1D 3D 53D 0D 0D 68D 21D 0D 11D 100D
0D 0D 18D 12D 13D 5D 1D 0D 1D 49D 0D 34D 1D 0D 0D 6D 3D 44D 93D 0D 0D 54D (1D (46D (1D
:10,293 20,939 7,631 185,764 5,955 148 230,730 67,438 1,529 25,024 :324,721
:1,921 50,375 33,920 43,725 9,633 2,445 150 1,181 143,350 97,142 1,726 96 22,231 12,046 133,241 276,591 11 166,486 (3,356 (112,854 (2,157
TOTAL DEL PATRIMONIO DÉICIT T#%(* ($"7# / (%"&#'"#
(77,404 :333,752
(23D 100D
22,084 :328,212
7D 100D
48,130 :324,721
De%(**e )e !e'%($ e*e7('%e$ $as!vo Corr!ente #euda de 27929 ven'e 2012%2013 #e>'!t a'uulado
201+ 49D 64D (77D
2012 49D 34D (46D
2011 44D 30D (35D
2010 65D 0D (22D
2009 20D 0D 6D
@nal!s!s Ver"'al Halan'e
12 10 8 6 4 2 0
1
2
3 Ao 32
4 Ao 33
5
6
Ao 34
Pregunta 2 n la gra>'a se &uede observar ue en el ao 2013 los &as!vos llegaron al 100D uedando el &atr!on!o e #esde el ao 2010 se ve un !nreento &reo'u&ante en las'uentas &or &agar a 'orto &lao. ;a deuda de 27929 a&arenteente tuvo un gran ee'to en el de>'!t a'ulado.
A'*"$"$ e6!(* 2010
3D 6D 0D 2D 57D 2D 0D 71D 21D 0D 8D 100D
1D 0D 16D 10D 13D 3D 1D 0D 0D 44D 0D 30D 0D 1D 0D 7D 4D 41D 85D 0D 0D 51D (1D (35D (1D
:7,656 16,688 9,401 178,052 4,114 626 216,537 85,400 1,695 24,318 :327,950
:3,328 138,478 31,534 39,028 993 230 560 214,151 444 4,611 542 260 24,924 7,994 38,775 252,926 8 153,881 (3,168 (73,540 (2,157
2009
2D 5D 0D 3D 54D 1D 0D 66D 26D 1D 7D 100D
1D 0D 42D 10D 12D 0D 0D 0D 0D 65D 0D 0D 1D 0D 0D 8D 2D 12D 77D 0D 0D 47D (1D (22D (1D
:9,046 16,907 9,994 141,235 4,494 4,627 186,303 103,310 12,033 25,933 :327,579
:3,741 6,346 19,705 30,573 2,608
1,907 64,880
65,997 4,355 1,020 22,052 11,934 105,358 :170,238 7 150,449 (2,083 19,012 (10,044
2005
3D 5D 0D 3D 43D 1D 1D 57D 32D 4D 8D 100D
1D 0D 2D 6D 9D 1D 0D 0D 1D 20D 0D 0D 20D 1D 0D 7D 4D 32D 52D 0D 0D 46D (1D 6D (3D
:11,368 16,439 5,369 148,154 604 3,935 185,869 112,408 10,137 25,195 :333,609
:2,413 34,318 32,731 22,140 8,582
2,616 102,800
67,050 3,292 1,986 16,011 6,058 94,397 :197,197 7 131,252 (2,703 17,900 (10,044
3D 5D 0D 2D 44D 0D 1D 56D 34D 3D 8D 100D
1D 0D 10D 10D 7D 3D 0D 0D 1D 31D 0D 0D 20D 1D 1D 5D 2D 28D 59D 0D 0D 39D (1D 5D (3D
15D 100D
75,024 :327,950
2005 30D 0D 5D
n &ra'"'aente nada.
23D 100D
157,341 :327,579
48D 100D
136,412 :333,609
41D 100D
Pe@'%( 1
E$%()# )e Re$*%()#$ - A'*"$" CUENTAS 2009 2010 Ventas netas 558,775.00 532,989.00 Costo de ventas 238,863.00 253,080.00 Ingresos brutos 319,912.00 279,909.00 Gastos de venta 198,518.00 218,198.00 Gastos generales y ad!n!stra"vos 93,636.00 103,167.00 #eter!oro de la "enda !nor!sta 3,343.00 8,597.00 $erd!da%!ngresos &or o&era'!ones 24,415.00 ( 50,053.00 Gastos &or !ntereses 22,627.00 23,752.00 $)rd!das &or transa''!ones en oneda e*tra ( 2,920.00 ( 686.00 $)rd!da ganan'!a- no real!ada &or 'ab!o en el valor raonable /arrants y dere'os de 'o&ra ( 993.00 $)rd!da%ganan'!a en la e*"n'!n de la deuda ( ( tros gastos%!ngresos ( 220.00 39.00 $)rd!da antes de !&uestos sobre la renta 4,928.00 ( 74,151.00 $rov!s!n de !&uestos 3,816.00 12,164.00 $)rd!da neta 1,112.00 ( 86,315.00 $)rd!das bs!'as y d!lu!das &or a''!n 0.02 ( 1.21 $roed!o &onderado de a''!ones bs!'as y d 0.01 ( 1.21 e*'e&'!onal 71,026.00 71,626.00 $)rd!da neta desde arr!ba1,112.00 ( 86,315.00 tros !ngresos &)rd!das- !ntegrales Convers!n de oneda e*tran+era, neto de ! 620.00 ( 1,085.00 tros !ngresos &)rd!das- !ntegrales, netos d 620.00 ( 1,085.00 $)rd!da !ntegral 1,732.00 ( 87,400.00
2011 547,336.00 252,436.00 294,900.00 209,841.00 104,085.00 4,267.00 ( 23,293.00 33,167.00 1,679.00 ( 23,467.00 3,114.00 ( 193.00 ( 37,593.00 1,721.00 ( 39,314.00 ( 0.42
2012 617,310.00 289,927.00 327,383.00 227,447.00 97,327.00 1,647.00 962.00 41,559.00 120.00
( ( ( (
201+ 633,941.00 313,056.00 320,885.00 241,683.00 106,957.00 1,540.00 ( 29,295.00 39,286.00 1.00
4,126.00 3,713.00 11,588.00 32,101.00 204.00 131.00 33,459.00 (104,527.00 3,813.00 1,771.00 37,272.00 (106,298.00 0.35 ( 0.96
92,599.00 105,980.00 110,326.00 ( 39,314.00 ( 37,272.00 (106,298.00 ( 188.00 631.00 ( 1,581.00 ( 188.00 631.00 ( 1,581.00 ( 39,502.00 ( 36,641.00 (107,879.00
1400000 320885 327383 1200000 319912 279909294900 1000000 313056 289927
400000 350000 300000
800000 238863253080252436
250000
617310633941 600000 558775532989547336
200000 150000
400000
100000
200000
0 2009
2010
2011
2012
2013
14991 (644 14217 14347 (25786 (40003
32483 37491 69974
50000 23129 (6498 16631 0.0595194735 (0.046147376 (0.125043762 (0.0025446499 0.0269180039 0.0535566916 0.1278446877 0.1485168518 0.1101492031 (0.0198483122 0.0269410831 0.0797752538
(200000 AoG 4
AoG 5
AoG 6
0 2009 2010 2011 (50000
C0art 7!tle 60000
50000
40000
40000
20000
30000
0 2009 2010 2011 2012 2013 (20000
20000 10000
(40000 (60000
0 2009 2010 2011 (10000
(80000
(20000
(100000
(30000 Ao 10
Ao 11
Ao 12
Ao
C0art 7!tle 60000
100000
40000
50000
20000 0 2009 2010 2011 2012 2013 (20000
0 2009 2010 2011 (50000
(40000 (100000
(60000 (80000
(150000
(100000
(200000
(120000 Ao 16
Ao 17
Ao 18
(250000
Pe@'%( 2 C#&e'%("# / e7(*(!"3' )e *( @(!(: Ja'!endo un anal!s!s general se ve una e+ora entre las ges"ones 2011(2012 s!n eba u'as de las 'uentas no e+oran en el !so &or'enta+e. $or e+e&lo la 'uenta de ao 2011 al 2012 ay un !n'reento del 13D, al 2013 el !n'reento solo es del 3D, a $erd!da%!ngresos &or o&era'!ones &rsenta una var!a'!on del ( 3145D, deostrando gran &erd!daK &or otra &arte se &uede observar ue deb!do al alto 'osto de ventas del reba+a del 2D en el !ngreso bruto . $or lo tanto de a'uerdo 'on el anl!s!s or!ontal el dese&eo de esta e&resa ue 'laraente en las 'uentas de !ngresos &or o&era'!ones, deter!oro de la "enda !nor!s ue el bene>'!o bruto 'ae abru&taente aso tras ao dando 'oo resulta una 'a!da >nales del ao 2013 teneos una var!a'!on en la 'uenta &erd!da del 194D.
#"#'%(* 2009(2010 @H ( 25,786.00 14,217.00 ( 40,003.00 19,680.00 9,531.00 5,254.00 ( 74,468.00 1,125.00 2,234.00 (
( ( ( ( ( ( ( (
259.00 79,079.00 8,348.00 87,427.00 1.23 1.22 600.00 87,427.00 ( 1,705.00 1,705.00 89,132.00
("(!"3' A$#*%( 2010(2011 @H 2011(2012 @H 14,347.00 69,974.00 ( 644.00 37,491.00 14,991.00 32,483.00 ( 8,357.00 17,606.00 918.00 ( 6,758.00 ( 4,330.00 ( 2,620.00 26,760.00 24,255.00 9,415.00 8,392.00 2,365.00 ( 1,559.00 ( ( ( 24,460.00 27,593.00 ( 14,702.00 ( 232.00 397.00 36,558.00 4,134.00 ( 10,443.00 2,092.00 47,001.00 2,042.00 0.79 0.07 1.21 ( 20,973.00 13,381.00 47,001.00 2,042.00 ( ( 897.00 819.00 897.00 819.00 47,898.00 2,861.00
2012(2013 2009-2010 16,631.00 (5D 23,129.00 6D ( 6,498.00 (13D 14,236.00 10D 9,630.00 10D ( 107.00 157D ( 30,257.00 (305D ( 2,273.00 5D ( 119.00 (77D ( ( 413.00 43,689.00 ( 73.00 (118D ( 71,068.00 (1605D ( 2,042.00 219D ( 69,026.00 (7862D ( 0.61 (6150D ( (12200D 4,346.00 1D ( 69,026.00 (7862D ( ( 2,212.00 (275D ( 2,212.00 (275D ( 71,238.00 (5146D
("(!"3' Re*(67( 2010-2011 2011-2012 3D 13D 0D 15D 5D 11D (4D 8D 1D (6D (50D (61D (53D (104D 40D 25D (345D (93D (2463D (595D (49D (86D (54D (65D (100D 29D (54D (83D (83D (55D
C0art 7!tle
(118D (472D (206D (11D 122D (5D (17D 14D (5D (436D (436D (7D
C0ar 50 0 2009 2010 2011 2012 2013 (50 (100 (150
2012 2013 Ao 7
Ao 8
Ao 9
(200 Ao 20
C0art 7!tle C0ar 150000 100000 50000 0 2009 2010 2011 2012 2013
2012 2013
(50000
13
Ao 14
Ao 15
Ao 16
(100000 Ao 22
C0art 7!tle C0 60000 40000 2012 2013
20000 0 2009 2010 2011 2012 2013 (20000 (40000 (60000 (80000 (100000
Ao 17
Ao 18
Ao 19
(120000 Ao 25
rgo &ara el ao 2013 entas netas, s! b!en del ! !so la 'uenta e la e&resa tuvo una 2013 se 'ausa una ala y esto se &uede ver a, et' y &or ende veos en &!'ada ue &ara
2012-201+ 3D 8D (2D 6D 10D (6D (3145D (5D (99D (10D (377D (36D 212D (54D 185D 174D 4D 185D (351D (351D 194D
t 7!tle
Ao 21
7!tle
Ao 23
Ao 24
art 7!tle
Ao 26
Ao 27
Pe@'%( 1 / 2
B(*('!e G De%(**e 2005 A!67#$ A!67#$ C"!*('%e$ e'"vo 11,368.00 Cuentas &or 'obrar 16,439.00 e'"vo restr!ng!do Gastos &re&agados y otros a'"vos 'orr!entes 5,369.00 Inventar!os netos 148,154.00 I&uesto a las ganan'!as &or 'obrar e !&uestos a la ganan'!a &agados 604.00 I&uesto sobre la renta d!er!do, neto de la &rov!s!n &or valua'!n 3,935.00 otal de a'"vos 'orr!entes 185,869.00 $ro&!edad y eu!&o, neta 112,408.00 I&uestos 10,137.00 tros a'"vos netos 25,195.00 T#%(* A!67#$ 333,609.00 P($"7# / P(%"&#'"# P($"7# C"!*('%e obreg!ro en ee'"vo 2,413.00 ;as lnan'!ero 2,616.00 otal &as!vos 'orr!entes 102,800.00 #?#@ @ ;@AG $;@B, neto del des'uento no aor"ado de : 5,779 y : 27.929 al 31 de d!'!ebre de 2013 y 2012, res&e'"vaente $agar notas subord!nadas a &artes rela'!onadas 67,050.00 bl!ga'!ones &or arrenda!ento >nan'!ero, netas de la &or'!n 'orr!ent 3,292.00 $as!vo &or !&uestos d!er!dos 1,986.00 Aenta d!er!da, neto de la &or'!n 'orr!ente 16,011.00 tros &as!vos a largo &lao 6,058.00 T#%(* P($"7# '# !#"e'%e 94,397.00 P($"7# %#%(* 197,197.00 P(%"&#'"# @''!ones en '!r'ula'!n al 31 de d!'!ebre de 2012 7.00 $ago ad!'!onal en 'a&!tal 131,252.00 tras &)rd!das a'uuladas a'uuladas ( 2,703.00 #)>'!t a'uulado 17,900.00 enos a''!ones &ro&!as, 304 a''!ones a 'oste ( 10,044.00 TOTAL DEL PATRIMONIO DÉICIT 136,412.00
2009
2010
9,046.00 16,907.00
7,656.00 16,688.00
9,994.00 9,401.00 141,235.00 178,052.00 4,494.00 4,114.00 4,627.00 626.00 186,303.00 216,537.00 103,310.00 85,400.00 12,033.00 1,695.00 25,933.00 24,318.00 327,579.00 327,950.00
3,741.00
3,328.00
6,346.00 138,478.00 19,705.00 31,534.00 30,573.00 39,028.00 2,608.00 993.00 230.00 ( 1,907.00 560.00 64,880.00 214,151.00 65,997.00 4,355.00 1,020.00 22,052.00 11,934.00 105,358.00 170,238.00
444.00 4,611.00 542.00 260.00 24,924.00 7,994.00 38,775.00 252,926.00
7.00 150,449.00 ( 2,083.00 19,012.00 ( 10,044.00 157,341.00
8.00 153,881.00 ( 3,168.00 ( 73,540.00 ( 2,157.00 75,024.00
T#%(* ($"7# / (%"&#'"#
333,609.00 327,579.00 327,950.00
e'e(* - A'*"$"$ #"#'%(* 2011
2012
10,293.00 20,939.00
12,853.00 22,962.00 3,733.00 9,589.00 174,229.00 530.00 494.00 224,390.00 67,778.00 1,261.00 34,783.00 328,212.00
7,631.00 185,764.00 5,955.00 148.00 230,730.00 67,438.00 1,529.00 25,024.00 324,721.00
1,921.00 : ( 50,375.00 60,556.00 33,920.00 38,160.00 43,725.00 41,516.00 9,633.00 17,241.00 2,445.00 2,137.00 150.00 296.00 1,181.00 1,703.00 143,350.00 161,609.00 97,142.00 110,012.00 ( 2,844.00 1,726.00 96.00 262.00 22,231.00 20,706.00 12,046.00 10,695.00 133,241.00 144,519.00 276,591.00 306,128.00 11.00 166,486.00 ( 3,356.00 (112,854.00 ( 2,157.00 48,130.00
11.00 177,081.00 ( 2,725.00 (150,126.00 ( 2,157.00 22,084.00
("(!"3' A$#*%( 201+ 2005-2009 2009-2010 2010-2011 2011-2012 2012-201+
8,676.00 ( 2,322.00 ( 1,390.00 20,701.00 468.00 ( 219.00 ( ( ( 15,636.00 4,625.00 ( 593.00 169,378.00 ( 6,919.00 36,817.00 306.00 3,890.00 ( 380.00 599.00 692.00 ( 4,001.00 215,296.00 434.00 30,234.00 69,303.00 ( 9,098.00 ( 17,910.00 2,426.00 1,896.00 ( 10,338.00 46,727.00 738.00 ( 1,615.00 333,752.00 ( 6,030.00 371.00 ( ( ( ( 3,993.00 1,328.00 ( 413.00 ( ( 44,042.00 ( 27,972.00 132,132.00 38,290.00 ( 13,026.00 11,829.00 50,018.00 8,433.00 8,455.00 20,954.00 ( 5,974.00 ( 1,615.00 1,742.00 ( 230.00 1,241.00 ( 1,709.00 ( 709.00 ( 1,347.00 161,989.00 ( 37,920.00 149,271.00 ( ( 213,468.00 ( 444.00 5,453.00 ( 1,053.00 ( 61,386.00 1,063.00 ( 3,813.00 536.00 ( 966.00 ( 760.00 18,225.00 6,041.00 2,872.00 11,485.00 5,876.00 ( 3,940.00 249,167.00 10,961.00 ( 66,583.00 411,156.00 ( 26,959.00 82,688.00 ( ( 11.00 ( 1.00 185,472.00 19,197.00 3,432.00 ( 4,306.00 620.00 ( 1,085.00 (256,424.00 1,112.00 ( 92,552.00 ( 2,157.00 ( 7,887.00 ( 77,404.00 20,929.00 ( 82,317.00
(
( ( ( (
(
2,637.00 4,251.00 ( 1,770.00 7,712.00 1,841.00 478.00 14,193.00 17,962.00 166.00 706.00 3,229.00 ( ( 1,407.00 ( 88,103.00 2,386.00 4,697.00 8,640.00 2,215.00
( ( ( (
2,560.00 2,023.00 3,733.00 1,958.00 11,535.00 5,425.00 346.00 6,340.00 340.00 268.00 9,759.00 3,491.00 ( (
( 4,177.00 ( 2,261.00 6,047.00 ( 4,851.00 ( 224.00 105.00 ( 9,094.00 1,525.00 1,165.00 11,944.00 5,540.00 ( (
( ( ( 10,181.00 ( 16,514.00 4,240.00 130.00 ( 2,209.00 8,502.00 7,608.00 3,713.00 ( 308.00 ( 395.00 146.00 945.00 621.00 522.00 6.00 ( 70,801.00 18,259.00 380.00 ( ( ( 96,698.00 12,870.00 103,456.00 2,609.00 1,184.00 ( 1,726.00 ( ( 164.00 166.00 274.00 ( 2,693.00 ( 1,525.00 ( 2,481.00 4,052.00 ( 1,351.00 790.00 94,466.00 11,278.00 104,648.00 23,665.00 29,537.00 105,028.00 ( ( ( 3.00 ( ( 12,605.00 10,595.00 8,391.00 ( 188.00 631.00 ( 1,581.00 ( 39,314.00 ( 37,272.00 (106,298.00 ( ( ( ( 26,894.00 ( 26,046.00 ( 99,488.00
324,721.00 328,212.00 333,752.00 ( 6,030.00
371.00 ( 3,229.00
3,491.00
5,540.00
("(!"3' Re*(67( 2005-2009 2009-2010 2010-2011 2011-2012 2012-201+
(20D 3D
(15D (1D
34D 25D
25D 10D
(32D (10D
86D (5D 644D 18D 0D (8D 19D 3D (2D
(6D 26D (8D (86D 16D (17D (86D (6D 0D
(19D 4D 45D (76D 7D (21D (10D 3D (1D
26D (6D (91D 234D (3D 1D (18D 39D 1D
63D (3D (42D 21D (4D 2D 92D 34D 2D
55D
(11D
(42D
(82D (40D 38D (70D
2082D 60D 28D (62D
(64D 8D 12D 870D 963D
(27D (37D
(71D 230D
111D (33D
20D 13D (5D 79D (13D 97D 44D 13D
(27D 0D 20D 22D (18D 319D 0D 0D
21779D
13D
94D 92D
(2D 32D (49D 38D 97D 12D (14D
(93D (88D (75D 13D (33D (63D 49D
218D (63D (11D 51D 244D 9D
(100D 173D (7D (11D 8D 11D
105D (12D 7D 72D 34D
0D 15D (23D 6D 0D 15D
14D 2D 52D (487D (79D (52D
38D 8D 6D 53D 0D (36D
0D 6D (19D 33D 0D (54D
0D 5D 58D 71D 0D (450D
(2D
0D
(1D
1D
2D
Pe@'%( 2
R(6#$ )e L"")e Ca&!tal de traba+o Aa"o de ;!u!de $rueba L'!da R(6#$ )e E')e)(&"e'%# ndeuda!ento >nan'!ero @&alan'a!ento R(6#$ )e Re'%("*")() Aentab!l!dad sobre ventas Aentab!l!dad sobre a'"vo total A@Aentab!l!dad sobre &atr!on!o A-
R(6#$ )e E')e)(&"e'%#.-
l R(6# )e E')e)(&"e'%# "'('!"e# D son >nan'!ados ed!ante deuda. ?n ra"o >nan'!ados &or deuda, !entras ue un v &atr!on!o. ;os resultados del anl!s!s deuestran u a'"vos estaban ayorente >nan'!ados
l R(6# )e E')e)(&"e'%# "'('!"e# D >nan'!ero. l ra"o !nd!'a 'uanta deuda u" en el &atr!on!o de los a''!on!stas. ;os resultados del anl!s!s deuestran un entre los aos 2009 al 2011 &or los resulta anter!or, lo 'ual !&l!' ue ese ao el ren &r)staos endeuda!ento-. !n ebargo !nter&retar 'oo un ao !&rodu'"vo. R(6#$ )e L"")e.-
l C("%(* )e T((j# es una ed!da del O onto de 'a&!tal !nver"do en re'ursos u 'o&a
l R(6# )e Pe( !")( !de la ab!l!da 'ubr!r 'o&ro!sos u obl!ga'!ones de a general se desea un valor ayor a 1,00. ;os resultados del anl!s!s en este ra"o no ra"o de &rueba a'!da su&er!or a 1,00K lo ' obl!ga'!ones de anera !ned!ata.
R(6#$ )e Re'%("*")().-
l R(6# )e Re'%("*")() $#e e'%($ o !nd!'a &or'entualente 'ual es la u"l!dad ;os resultados del anl!s!s deuestran u de'!r ue las ventas real!adas no a'a&ara resultado avorable es el 2009 &or el resul
l R(6# )e Re'%("*")() $#e A!67#$ R 'o&ara"vaente 'ontra los a'"vos total generar ventas y ganan'!as. Generalent !ndustr!a. ;os resultados de las '!n'o ges"ones "ene 'an"dad de 'a&!tal de &rodu''!n y al !s deuda, ue ae'ta a los resultados obten!d General.
l R(6# )e Re'%("*")() $#e P(%"&#'" de obtener retornos sobre el &atr!on!o ! &or en'!a del 25D. ;os resultados de las '!n'o ges"ones "ene es &os!ble ue aya s!do buena s!n ebar ya ue los resultados se v!eron !nOuen'!ad
R(6#$ ORMULA @'tvo Corr!ente ( $as!vo Corr!ente @'"vo Corr!ente % $as!vo Corr!ente @'"vos onetar!osEe'"vo e !ners!ones a 'orto &lao--%$as!vo Corr!ente ORMULA #euda total % @'"vo total #euda total % $atr!on!o ORMULA ?"l!dad % Ventas ?"l!dad % @'"vo total ?"l!dad % $atr!on!o In!'!al
)( T#%(* F A!67# T#%(* deuestra la &ro&or'!n de a'"vos de una 'o&anan'!ados ed!ante en los 5 aos se tuvo resultados uertes en el ra"o de endeuda!ento, es de'!r, sus or deuda en es&e'!al en la ges"n 2013 ue llego a 1,23.
)( T#%(* F P(%"&#'"# T#%(* &er!te ed!r el grado de a&alan'a!ento l!a una 'o&anan'!ar sus a'"vos en rela'!n 'on el valor re&resentado ed!a MestableN, se &odr
201+ 53,307 1.33 0.28
2012 62,781 1.39 0.31
201+ 1.23 (5.31
2012 0.93 13.86
201+ (0.168 (0.32 (4.81
2012 (0.060 (0.11 (0.77
+o de ee'"vo y s!e&re debe ser un valor &os!"vo. ste valor &er!te ed!r el &uede 'onver"rse en l!u!de r&!daente. $er!te evaluar la ab!l!dad de una '!!ento, as< 'oo &os!bles 'on"ngen'!as e !n'er"dubres. entre los '!n'o aos el 2010 tuvo la enor 'an"dad de l!u!de d!s&on!ble de s ue el 2009 el resultado era uy avorable. !entras ue el 2012 solo lleg a n resultado bueno. una 'o&a'ultades >nan'!eras. en los '!n'o aos los ra"os de l!u!de son ayores a 1,00 2013 P 1,233K 2012P -, lo 'ual deuestra alto grado de l!u!de y 'a&a'!dad &ara 'u&l!r 'on
de una 'o&a'a ue no e*!ste la 'a&a'!dad &ara 'u&l!r 'on 'o&ro!sos u
argen de ganan'!as de o&era'!n- !de la e>'!en'!a o&era"va de una 'o&a'!en'!a o&era"va, es an los gastos ue se &resentaban al nego'!o. l Qn!'o ao ue &resento un ado &os!"vo.
A rela'!ona la u"l!dad de una 'o&a
ROE rela'!ona la u"l!dad de una 'o&a'a"va os.
2011 87,380 1.61 0.31
2010 2,386 1.01 0.18
2009 121,423 2.87 0.69
2011 0.85 5.75
2010 0.77 3.37
2009 0.52 1.08
2011 (0.072 (0.12 (0.52
2010 (0.162 (0.26 (0.55
2009 0.002 0.00 0.01
Pe@'%( + @er!'an @&&arel na'e en 1989 &or el e*(C #ov Carney, es una e&resa anua'turera de ro&a !nter!or, ue tuvo un a'elerado 're'!!ento s!!lar a su 'anan'!ero. #el balan'e general, en lo ue se re>ere al a'"vo, se &uede ev!den'!ar ue en el trans'urr!r de los aos 2008(2013 la 'uenta d los !nventar!os se a !n'reentado, &ero no en 'on'ordan'!a 'on sus 'uentas &or 'obrar, &ues en el anl!s!s or!ontal se !den">'a una alta d!eren'!a entre &or'enta+es. $or otro lado veos ue la 'uenta de $ro&!edad y eu!&os tuvo una gran redu''!n durante los &r!eros 3 aos, 'on un 'ab ere al &as!vo, los gastos y el endeuda!ento entre el 2009 y el 2010 se d!s&ara, 'on una leve re'u&era'!n en l s!gu!entes aos, esto a'orde a la !stor!a reOe+ada de la e&resa, donde el 2009 se ven obl!gados a des&ed!r a 1800 e&leado de 7000 ue se tennan'!eros de la e&resa @er!'an @&&arel, son las a''!ones en '!r'ula'!n ue se an"enen en una 'an"dad de 11 &or tres aos, &ara &oster!orente &erder su valor e !n'luso de+an de ser 'ons!deras en la bolsa de valores en los Ql"os aos. oda esta 'r!s!s >nan'!era se ve reOe+ada en el d)>'!t a'uulado ue denota un al ane+o de los re'ursos de la e&resa, y tab!)n en el estado de resultados, ue &resenta una ba+a en las ventas y &)rd!das netas, ue ta&o'o estn a'ordes a los 'ostos de venta ue se !n'reenta. ?n a'tor &redo!nante ue ae't a la 'ananas de la e&resa y l!"g!os +ud!'!ales, genera una ala !agen !ns"tu'!onal de @er!'an @&&arel. stos e'os ae'taron nega"vaente a las ventas de la e&resa, tal 'o se &uede a&re'!ar en el gra>'o a 'on"nua'!n
