Post on 22-Oct-2014
ESTRUCTURA DE CAPITALDeuda Total Neta $
2000 2001 2002TELMEX $ 61,249,620,831 $ 60,226,247,384 ###TELEVISA $ 4,141,247,237 $ 7,973,030,918 ###GRUMA $ 6,777,384,952 $ 6,265,317,028 ###MODELO -$ 6,124,766,017 -$ 8,302,551,465 ###BIMBO -$ 301,884,520 $ 4,202,930,475 ###FEMSA $ 1,330,127,840 -$ 1,412,784,363 ###
Pasivo Tt / Activo Tt %2000 2001 2002
TELMEX 68.48 67.65 63.76TELEVISA 62.98 63.92 64.22GRUMA 59 56 57MODELO 41.58 40.51 38.75BIMBO 37.46 44.88 57.38FEMSA 54.3 46.14 43.42
Pasivo Tot / Patr Neto %2000 2001 2002
TELMEX 217.26 209.11 175.97TELEVISA 170.12 177.14 179.49GRUMA 142 129 134MODELO 71.17 68.09 63.28BIMBO 59.89 81.43 134.65FEMSA 118.84 85.68 76.73
LIQUIDEZPrueba Acida
2000 2001 2002TELMEX 0.62 0.84 1.11TELEVISA 4.12 4.84 3.58GRUMA 1 1 1MODELO 3.03 3.53 3.27BIMBO 1.41 1.02 1.23FEMSA 1.26 2.26 2.81
Capital de Trabajo $
2000 2001 2002TELMEX -$ 21,812,538,195 -$ 5,130,767,908 ###TELEVISA $ 17,934,195,941 $ 16,802,196,908 ###GRUMA $ 1,719,780,491 $ 2,973,875,014 ###MODELO $ 10,115,250,107 $ 12,600,325,081 ###BIMBO $ 2,629,682,949 $ 795,031,492 ###FEMSA $ 935,520,374 $ 3,447,578,894 ###
Capital Employed $2000 2001 2002
TELMEX $ 143,016,856,780 $ 137,350,233,010 ###TELEVISA $ 41,066,307,732 $ 45,946,700,144 ###GRUMA $ 18,533,932,547 $ 18,517,036,568 ###MODELO $ 42,450,930,872 $ 48,579,070,792 ###BIMBO $ 20,688,946,538 $ 19,073,445,558 ###FEMSA $ 8,958,795,566 $ 11,270,995,113 ###
CICLOPlazo Promed Invent dias
2000 2001 2002TELMEX 0 6.25 7.15TELEVISA 146.1 90.71 105.5GRUMA 76 75 76MODELO 119.24 111.07 105.14BIMBO 18.73 17.57 16.82FEMSA 19.3 26.82 33.12
Plazo Promed Proved dias2000 2001 2002
TELMEX 0 0 0TELEVISA 66.6 57.92 59.86GRUMA 36 26 34MODELO 17.99 19.84 20.51BIMBO 35.12 40.54 38.09FEMSA 53.34 70.31 69.72
Plazo Promed Cobro(dias)2000 2001 2002
TELMEX 52.82 55.06 55TELEVISA 143.46 160.53 158.67
GRUMA 40 42 43MODELO 9.54 9.76 8.35BIMBO 15.81 14.84 19.13FEMSA 12.83 13.2 11.45
Ciclo Operativo (dias)2000 2001 2002
TELMEX 52.82 61.3 62.15TELEVISA 289.56 251.24 264.16GRUMA 115 117 119MODELO 128.78 120.83 113.5BIMBO 34.54 32.41 35.95FEMSA 32.13 40.02 44.57
RENTABILIDADEBITDA $
2000 2001 2002TELMEX $ 56,630,289,040 $ 59,849,871,015 ###TELEVISA $ 6,112,065,293 $ 5,578,038,697 ###GRUMA $ 1,502,285,864 $ 1,706,761,201 ###MODELO $ 9,052,425,570 $ 9,495,384,888 ###BIMBO $ 4,665,035,240 $ 4,743,699,099 ###FEMSA $ 3,702,176,702 $ 4,321,788,561 ###
Margen Neto %2000 2001 2002
TELMEX 25.94 21.17 17.35TELEVISA -4.04 6.84 3.42GRUMA 1 2 2MODELO 11.12 11.26 11.42BIMBO 6.17 4.73 2.26FEMSA 7.89 13.16 14.25
Margen Ebitda %2000 2001 2002
TELMEX 55.49 53.94 52.46TELEVISA 31.25 28.37 28.29GRUMA 9 10 13MODELO 30.87 29.52 30.34BIMBO 15.22 14.34 10.99FEMSA 22.93 27.31 30.52
Apalancamiento Financ x2000 2001 2002
TELMEX 3.62 3.44 4.11TELEVISA 1.22 4 16.52GRUMA 2 22 4MODELO 1.54 1.5 1.56BIMBO 1.66 2.21 6.05FEMSA 3.83 1.99 1.46
Apalancamiento Operat x2000 2001 2002
TELMEX 1.42 1.4 1.42TELEVISA 1.69 1.81 1.75GRUMA 8 7 5MODELO 2.13 2.24 2.16BIMBO 5.26 5.59 7.91FEMSA 2.81 2.32 2.16
2003 2004 2005 2006 2007 2008 2009### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###
2003 2004 2005 2006 2007 2008 200957.12 62.9 59.44 60.02 75.63 78.98 78.5459.16 62.49 61.24 57.8 62.47 65.8 69.84
57 57 58 53 54 87 8238 36.4 34.77 35.22 36.76 41.51 37.07
51.79 50.27 47.65 44.38 38.3 41.44 58.5363.82 56.31 49.83 46.56 43.63 42.92 40.2
2003 2004 2005 2006 2007 2008 2009133.22 169.52 146.52 150.12 310.32 375.78 365.93144.86 166.63 157.99 136.96 166.48 192.37 231.59
132 132 138 114 116 688 47161.3 57.23 53.31 54.36 58.14 70.96 58.91
107.41 101.07 91.04 79.78 62.07 70.75 141.15176.4 128.9 99.33 87.13 77.41 75.2 67.22
2003 2004 2005 2006 2007 2008 20091.04 1.21 1.21 1.05 0.88 1.21 1.35
4.6 3.4 4.39 5.42 5.81 5.04 5.061 1 1 1 1 1 1
3.62 4.62 5.06 4.49 3.75 2.66 2.911.15 1.3 1.23 0.95 0.86 1.25 0.870.62 0.62 0.45 0.72 0.87 0.64 0.79
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-$30,000,000,000 -$20,000,000,000 -$10,000,000,000
$- $10,000,000,000 $20,000,000,000 $30,000,000,000 $40,000,000,000 $50,000,000,000 $60,000,000,000
CAPITAL DEL TRABAJO $TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
20002001
20022003
20042005
20062007
20082009
-$40,000,000,000 -$20,000,000,000
$- $20,000,000,000 $40,000,000,000 $60,000,000,000 $80,000,000,000
$100,000,000,000 $120,000,000,000
DEUDA TOTAL NETA $TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090123456
PRUEBA ACIDATELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
102030405060708090
PASIVO/ ACTIVO %TELEVISAGRUMAMODELOBIMBOFEMSARow 21
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
100200300400500600700
PASIVO/ CAPITALTELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2003 2004 2005 2006 2007 2008 2009### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###
2003 2004 2005 2006 2007 2008 2009### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###
2003 2004 2005 2006 2007 2008 20095.4 6.57 4.71 9.6 11.72 10.68 8.7
103.69 93.31 80.86 74.71 68.92 70.73 78.8883 83 75 69 83 91 83
96.92 101.42 91.08 94.21 104.99 135.2 127.3616.62 18.22 18.69 20.12 19.48 22.99 19.4643.76 34.02 33.38 31.22 34.3 35.38 32.77
2003 2004 2005 2006 2007 2008 20090 0 0 0 0 0 0
61.82 46.8 63.57 67.38 77.02 90.46 84.0424 33 41 42 40 38 39
18.99 23.98 24.22 42.04 37.33 53.6 51.0336.83 47.69 47.3 51.98 50.32 48.83 36.5768.22 84.5 64.84 61.51 61.21 63.89 61.37
2003 2004 2005 2006 2007 2008 200951.78 56.98 55.2 48.79 44.39 46.27 49.27
161.99 137.91 154.02 129.05 149.8 136.58 126.52
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20406080
100120140160
DIAS EN INVENTARIOSTELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
102030405060708090
100
DIAS PROMEDIO CON PROVEEDORESTELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20406080
100120140160180
CUENTAS POR COBRAR
TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
$- $50,000,000,000
$100,000,000,000 $150,000,000,000 $200,000,000,000 $250,000,000,000
CAPITAL EMPELADO $TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-$30,000,000,000 -$20,000,000,000 -$10,000,000,000
$- $10,000,000,000 $20,000,000,000 $30,000,000,000 $40,000,000,000 $50,000,000,000 $60,000,000,000
CAPITAL DEL TRABAJO $TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
38 42 43 46 41 38 3010.75 10.86 14.68 19.19 21.92 27.4 24.2516.59 17.01 17.94 19.47 19.65 21.91 20.9414.55 12.86 13.44 15.08 15.91 22.73 20.78
2003 2004 2005 2006 2007 2008 200957.18 63.55 59.91 58.39 56.11 56.95 57.97
265.68 231.22 234.88 203.76 218.72 207.31 205.4121 125 117 115 124 129 113
107.67 112.28 105.76 113.4 126.91 162.6 151.6133.21 35.23 36.64 39.58 39.14 44.9 40.458.31 46.88 46.82 46.3 50.21 58.11 53.54
2003 2004 2005 2006 2007 2008 2009### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###### ### ### ### ### ### ###
2003 2004 2005 2006 2007 2008 200919.21 19.64 17.29 22.84 27.14 16.26 17.1915.26 14.73 18.86 22.64 19.45 16.27 11.47
2 4 4 5 6 28 311.91 13.8 14.71 15.26 13.04 11.96 10.54
2.12 5.07 5.07 5.51 5.27 5.25 5.126.46 11.68 8.81 8.26 9.98 6.75 8.29
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20406080
100120140160180
CUENTAS POR COBRAR
TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
50100150200250300
CICLO OPERATIVOTELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 $-
$10,000,000,000 $20,000,000,000 $30,000,000,000 $40,000,000,000 $50,000,000,000 $60,000,000,000 $70,000,000,000 $80,000,000,000
EBITDA $TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009-5
0
5
10
15
20
25
30
MARGEN NETO %
TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
10
20
30
40
50
60
MARGEN EBITDA %
TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2003 2004 2005 2006 2007 2008 200951.7 47.3 44.87 50.08 47.65 46.46 43.92
32.13 36.27 40.71 43.31 42.6 40.52 38.3712 13 10 11 9 10 11
31.68 34.02 32.8 33.67 32.84 30.23 31.1710.9 11.34 12.61 12.13 11.96 11.94 13.61
21.35 19.4 22.08 20.73 20.84 20.63 19.21
2003 2004 2005 2006 2007 2008 20092.88 2.71 3.04 2.22 3.75 3.26 3.852.95 4.11 3.64 2.1 2.54 2.64 2.22
36 3 3 2 2 35 41.52 1.52 1.39 1.62 1.7 2.07 1.3
10.56 2.44 2.2 1.66 1.53 1.52 1.813.2 2.69 2.71 1.54 1.69 1.07 1.44
2003 2004 2005 2006 2007 2008 20091.43 1.52 1.56 1.42 1.45 1.5 1.611.57 1.51 1.46 1.42 1.43 1.5 1.64
5 5 6 6 6 4 52.08 1.92 1.94 1.92 1.96 2.06 2.037.51 6.53 5.82 5.85 5.96 5.73 5.12.64 2.93 2.87 2.96 2.91 2.85 3.02
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
5
10
15
20
25
30
35
40
APALANCAMIENTO FINANCIERO (VECES)
TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
1
2
3
4
5
6
7
8
APALANCAMIENTO OPERATIVO ( VECES)
TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
10
20
30
40
50
60
MARGEN EBITDA %
TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-$30,000,000,000 -$20,000,000,000 -$10,000,000,000
$- $10,000,000,000 $20,000,000,000 $30,000,000,000 $40,000,000,000 $50,000,000,000 $60,000,000,000
CAPITAL DEL TRABAJO $TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
20002001
20022003
20042005
20062007
20082009
-$40,000,000,000 -$20,000,000,000
$- $20,000,000,000 $40,000,000,000 $60,000,000,000 $80,000,000,000
$100,000,000,000 $120,000,000,000
DEUDA TOTAL NETA $TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090123456
PRUEBA ACIDATELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
102030405060708090
PASIVO/ ACTIVO %TELEVISAGRUMAMODELOBIMBOFEMSARow 21
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
100200300400500600700
PASIVO/ CAPITALTELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20406080
100120140160
DIAS EN INVENTARIOSTELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
102030405060708090
100
DIAS PROMEDIO CON PROVEEDORESTELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20406080
100120140160180
CUENTAS POR COBRAR
TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
$- $50,000,000,000
$100,000,000,000 $150,000,000,000 $200,000,000,000 $250,000,000,000
CAPITAL EMPELADO $TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-$30,000,000,000 -$20,000,000,000 -$10,000,000,000
$- $10,000,000,000 $20,000,000,000 $30,000,000,000 $40,000,000,000 $50,000,000,000 $60,000,000,000
CAPITAL DEL TRABAJO $TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20406080
100120140160180
CUENTAS POR COBRAR
TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
50100150200250300
CICLO OPERATIVOTELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 $-
$10,000,000,000 $20,000,000,000 $30,000,000,000 $40,000,000,000 $50,000,000,000 $60,000,000,000 $70,000,000,000 $80,000,000,000
EBITDA $TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009-5
0
5
10
15
20
25
30
MARGEN NETO %
TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
10
20
30
40
50
60
MARGEN EBITDA %
TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
5
10
15
20
25
30
35
40
APALANCAMIENTO FINANCIERO (VECES)
TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
1
2
3
4
5
6
7
8
APALANCAMIENTO OPERATIVO ( VECES)
TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
10
20
30
40
50
60
MARGEN EBITDA %
TELMEXTELEVISAGRUMAMODELOBIMBOFEMSA
32000 2001 2002
LIQUIDEZ Liquidez Corriente 0.62 0.86 1.15
2000 2001 2002Prueba Acida 0.62 0.84 1.11
2000 2001 2002
Activo total $ 156,880,803 ### ###
Pasivo total $ 107,432,127 ### ###Capital Social $ 49,448,676 ### ###
2000 2001 2002Razon Pasivo/Acti 68.48% 67.65% 63.76%
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.20.40.60.8
11.21.4
Liquidez Corriente
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.20.40.60.8
11.21.41.6
Prueba Acida
2000 2001 2002 2003 2004 2005 2006 2007 2008 200950.00%
60.00%
70.00%
80.00%
90.00%
Razon Pasivo/Activo
Axis Title
2000 2001 2002Razon Pasivo / Cap 52.07% 51.11% 46.80%
2000 2001 2002Ventas netas $ 102,062,679 ### ###
2001 2002Internal Growth Rate 8.72% 1.37%
2000 2001 2002 2003 2004 2005 2006 2007 2008 200950.00%
60.00%
70.00%
80.00%
90.00%
Razon Pasivo/Activo
Axis Title
2000 2001 2002 2003 2004 2005 2006 2007 2008 200935.00%
40.00%
45.00%
50.00%
55.00%
60.00%
65.00%
70.00%
Razon Pasivo / Capital
2001 2002 2003 2004 2005 2006 2007 2008 2009
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
Internal Growth Rate
Cobertura de intereses2000 2001 2002
Gastos operativos 16501481 17137687 16507535Interest Expense 9988892 6997182 6031010
2000 2001 2002TIE 1.65 2.45 2.74
2
2000 2001 2002Inventarios 0 6.25 7.15
2001 2002 2003 2004 2005 2006 2007 2008 2009
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
Internal Growth Rate
2000 2001 2002 2003 2004 2005 2006 2007 2008 20091.50
2.00
2.50
3.00
3.50
4.00
TIE
2000 2001 2002 2003 2004 2005 2006 2007 2008 20093
4
5
6
7
8
9
10
11
12
Inventarios
2000 2001 2002Plazo Cuentas por 52.82 55.06 55
2000 2001 2002Ciclo Financiero (d 52.82 61.3 62.15
2000 2001 2002Ciclo Operativo (di 52.82 61.3 62.15
2000 2001 2002 2003 2004 2005 2006 2007 2008 20093
4
5
6
7
8
9
10
11
12
Inventarios
2000 2001 2002 2003 2004 2005 2006 2007 2008 200940424446485052545658
Plazo Cuentas por Cobrar
2000 2001 2002 2003 2004 2005 2006 20074547495153555759616365
Ciclo Financiero (dias)
2000 2001 2002 2003 2004 2005 2006 2007
0
10
20
30
40
50
60
70
Ciclo Operativo (dias)
2000 2001 2002Rotacion del Actv 0.65 0.71 0.67
2000 2001 2002Rotacion del Patr 2.06 2.19 1.84
2000 2001 2002 2003 2004 2005 2006 2007
0
10
20
30
40
50
60
70
Ciclo Operativo (dias)
20002001
20022003
20042005
20062007
20082009
0.40.45
0.50.55
0.60.65
0.70.75
0.8
Rotacion del Actv x
2000 2001 2002 2003 2004 2005 2006 2007 2008 20091
1.5
2
2.5
3
3.5
Rotacion del Patrimonio
1
2000 2001 2002 2003Margen Bruto % 55.07% 53.83% 49.78% 48.75%
2000 2001 2002 2003Margen EBIT % 38.90% 38.38% 35.11% 33.99%
2000 2001 2002 2003Margen Neto % 25.94% 21.17% 17.35% 19.21%
2000 2001 2002 2003 2004 2005 2006 2007 2008 20091
1.5
2
2.5
3
3.5
Rotacion del Patrimonio
2000 2001 2002 2003 2004 2005 2006 2007 2008 200945.00%
47.00%
49.00%
51.00%
53.00%
55.00%
57.00%
Margen Bruto %
2000 2001 2002 2003 2004 2005 2006 2007 2008 200925.00%27.00%29.00%31.00%33.00%35.00%37.00%39.00%41.00%
Margen EBIT %
2000 2001 2002 2003 2004 2005 2006 2007 2008 200910.00%12.00%14.00%16.00%18.00%20.00%22.00%24.00%26.00%28.00%
Margen Neto %
2000 2001 2002 2003Margen Ebitda % 55.49% 53.94% 52.46% 51.70%
2000 2001 2002 2003Rentab del Actvo % 16.87% 14.97% 11.59% 12.09%
2000 2001 2002 2003 2004 2005 2006 2007 2008 200910.00%12.00%14.00%16.00%18.00%20.00%22.00%24.00%26.00%28.00%
Margen Neto %
2000 2001 2002 2003 2004 2005 2006 2007 2008 200940.00%42.00%44.00%46.00%48.00%50.00%52.00%54.00%56.00%58.00%
Margen Ebitda %
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.00%
5.00%
10.00%
15.00%
20.00%
25.00%
Rentab del Actvo %
Asset Turnover
ROIC
SG&A%
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.00%
5.00%
10.00%
15.00%
20.00%
25.00%
Rentab del Actvo %
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
Asset Turnover
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.00%
5.00%
10.00%
15.00%
20.00%
25.00%
ROIC
2000 2001 2002 2003 2004 2005 2006 2007 2008 200914.00%
14.50%
15.00%
15.50%
16.00%
16.50%
17.00%
17.50%
SG&A % Revenue
Revenue Growth
GM%
VENTAS NETAS
2000 2001 2002 2003 2004 2005 2006 2007 2008 200914.00%
14.50%
15.00%
15.50%
16.00%
16.50%
17.00%
17.50%
SG&A % Revenue
2000 2001 2002 2003 2004 2005 2006 2007 2008 200940.00%
42.00%
44.00%
46.00%
48.00%
50.00%
52.00%
54.00%
56.00%
58.00%
GM%
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20000000
40000000
60000000
80000000
100000000
120000000
140000000
160000000
180000000
Ventas netas
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
Revenue Growth
2000 2001 2002 2003Rentabilidad Patrimonio 30.95% 46.89% 34.93% 31.92%
2000 2001 2002 2003Apalancamiento Financ x 3.62 3.44 4.11 2.88
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20000000
40000000
60000000
80000000
100000000
120000000
140000000
160000000
180000000
Ventas netas
2000 2001 2002 2003 2004 2005 2006 2007 2008 200920.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
55.00%
Rentabilidad Patrimonio
2000 2001 2002 2003 2004 2005 2006 2007 2008 20092
2.5
3
3.5
4
4.5
Apalancamiento Financ x
4
Precio Valor en Acciones. Múltiplos 2009 11.2708333333333a. Precio a valor en libros 2008 15.5967
2007 19.06083333333332006 12.99166666666672005 10.70416666666672004 9.606666666666672003 8.388333333333332002 8.143333333333342001 8.32252000 14.0041666666667
b. Precio a utilidad del último periodo (anual, o trimestral)
2000 2001 2002 2003Utilidad p/ Accion $ Anual 0.33050750773 0.5018256246 0.43620003 0.52221415
2000 2001 2002 2003Ventas p/ Accion $ 1.2743590072 2.3702126551 2.513446462 2.71805348
2000 2001 2002 2003 2004 2005 2006 2007 2008 20092
2.5
3
3.5
4
4.5
Apalancamiento Financ x
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.2
0.4
0.6
0.8
1
1.2
Utilidad p/ Accion $ Anual
2009 2008 2007 2006 2005 2004 2003 2002 2001 20000
5
10
15
20
25
Precio valor Acciones
2000 2001 2002 2003Valor Libro p/ Accion $ 0.64909426183 1.1213582041 1.388803038 1.91287828
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.51
1.52
2.53
3.54
4.55
5.56
6.57
Ventas p/ Accion $
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.5
1
1.5
2
2.5
3
3.5
Valor Libro p/ Accion $
d. Total Return to Shareholders
e. Análisis de DuPont
ROE 2000 2001 2002 2003
Capital S 36801773 37152095 38571141 39101823Ganancia/perdida neta 26470156 23493930 19520844 22449582
ROE 72% 63% 51% 57%
Capital Contribuido 36801773 37152095 38571141 39101823Capital social 26857003 26769490 27623039 27690622
63658776 63921585 66194180 66792445
2000 2001 2002 2003ROE 42% 37% 29% 34%
2000 2001 2002 2003 2004 2005 2006 2007 2008 200905
1015202530354045
P/E MULTIPLE
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090%
5%
10%
15%
20%
25%
30%
35%
40%
45%
ROE
MARGEN2000 2001 2002 2003
Ventas netas 102062679 110966054 112481873 116847017Ganancia/perdida neta 26470156 23493930 19520844 22449582
2000 2001 2002 2003MARGEN 25.94% 21.17% 17.35% 19.21%
MULTIPLICADOR DE CAPITALActivo total 156880803 156909793 168385786 185760494Capital S 36801773 37152095 38571141 39101823
2000 2001 2002 2003MULTIPLICADOR DE CAPITAL 4.262859917102 4.22344400766632 4.365589963 4.75068628
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090%
5%
10%
15%
20%
25%
30%
35%
40%
45%
ROE
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
MARGEN
2000 2001 2002 2003 2004 2005 2006 2007 2008 20093
5
7
9
11
13
15
MULTIPLICADOR DE CAPITAL
ROTACIÓN ACTIVOS TOTALES2000 2001 2002 2003
Ventas netas 102062679 110966054 112481873 116847017Activo total 156880803 156909793 168385786 185760494
2000 2001 2002 2003ROTACIÓN ACTIVOS TOTALES 65.06% 70.72% 66.80% 62.90%
5. Comparativos con otras empresasa. “Groso Modo” – con las empresas competencia, con la información de las empresas del curso, y con alguna otra si lo consideran pertinente
OTRA PESTAÑA
2000 2001 2002 2003 2004 2005 2006 2007 2008 20093
5
7
9
11
13
15
MULTIPLICADOR DE CAPITAL
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.00%
10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%
ROTACIÓN ACTIVOS TOTALES
b. “Groso modo” – comparativo sólo de las razones más importantes
2003 2004 2005 2006 2007 2008 20091.06 1.24 1.24 1.08 0.95 1.26 1.39
2003 2004 2005 2006 2007 2008 20091.04 1.21 1.21 1.05 0.88 1.21 1.35
2003 2004 2005 2006 2007 2008 2009
$ 185,760,494 $ 252,991,583 ### ### ### $187,125,347 $ 178,355,377
$ 106,111,734 $ 145,166,744 ### ### ### $147,754,248 $ 140,034,604 $ 79,648,760 $ 107,824,838 ### ### ### $ 39,371,099 $ 38,320,773
2003 2004 2005 2006 2007 2008 200957.12% 57.38% 55.46% 58.95% 75.61% 78.96% 78.51%
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.20.40.60.8
11.21.4
Liquidez Corriente
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.20.40.60.8
11.21.41.6
Prueba Acida
2000 2001 2002 2003 2004 2005 2006 2007 2008 200950.00%
60.00%
70.00%
80.00%
90.00%
Razon Pasivo/Activo
Axis Title
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Capital Estructure
D/TC
Debt Total Capital
2003 2004 2005 2006 2007 2008 200939.98% 40.23% 38.37% 41.79% 60.78% 65.23% 64.63%
2003 2004 2005 2006 2007 2008 2009 $ 116,847,017 $ 140,011,201 ### ### ### $124,105,235 $ 119,100,212
2003 2004 2005 2006 2007 2008 20093.88% 19.82% 19.09% -25.00% 4.57% -5.09% -4.03%
2000 2001 2002 2003 2004 2005 2006 2007 2008 200950.00%
60.00%
70.00%
80.00%
90.00%
Razon Pasivo/Activo
Axis Title
2000 2001 2002 2003 2004 2005 2006 2007 2008 200935.00%
40.00%
45.00%
50.00%
55.00%
60.00%
65.00%
70.00%
Razon Pasivo / Capital
2001 2002 2003 2004 2005 2006 2007 2008 2009
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
Internal Growth Rate
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Capital Estructure
D/TC
Debt Total Capital
2003 2004 2005 2006 2007 2008 200917245877 22434428 28036357 18680314 19552442 19863006 20830245
5760369 5996353 7746095 6700005 6615400 7652427 6122328
2003 2004 2005 2006 2007 2008 20092.99 3.74 3.62 2.79 2.96 2.60 3.40
2003 2004 2005 2006 2007 2008 20095.4 6.57 4.71 9.6 11.72 10.68 8.7
2001 2002 2003 2004 2005 2006 2007 2008 2009
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
Internal Growth Rate
2000 2001 2002 2003 2004 2005 2006 2007 2008 20091.50
2.00
2.50
3.00
3.50
4.00
TIE
2000 2001 2002 2003 2004 2005 2006 2007 2008 20093
4
5
6
7
8
9
10
11
12
Inventarios
2003 2004 2005 2006 2007 2008 200951.78 56.98 55.2 48.79 44.39 46.27 49.27
2003 2004 2005 2006 2007 2008 200957.18 63.55 59.91 58.39 56.11 56.95 57.97
2003 2004 2005 2006 2007 2008 200957.18 63.55 59.91 58.39 56.11 56.95 57.97
2000 2001 2002 2003 2004 2005 2006 2007 2008 20093
4
5
6
7
8
9
10
11
12
Inventarios
2000 2001 2002 2003 2004 2005 2006 2007 2008 200940424446485052545658
Plazo Cuentas por Cobrar
2000 2001 2002 2003 2004 2005 2006 20074547495153555759616365
Ciclo Financiero (dias)
2000 2001 2002 2003 2004 2005 2006 2007
0
10
20
30
40
50
60
70
Ciclo Operativo (dias)
2003 2004 2005 2006 2007 2008 20090.63 0.55 0.65 0.44 0.76 0.66 0.67
2003 2004 2005 2006 2007 2008 20091.47 1.49 1.61 1.1 2.5 3.17 3
2000 2001 2002 2003 2004 2005 2006 2007
0
10
20
30
40
50
60
70
Ciclo Operativo (dias)
2000 2001 2002 2003 2004 2005 2006 2007 2008 20091
1.5
2
2.5
3
3.5
Rotacion del Patrimonio
2004 2005 2006 2007 2008 200946.93% 47% 51% 49% 48% 46%
2004 2005 2006 2007 2008 200930.91% 29.88% 35.66% 33.56% 32.02% 28.85%
2004 2005 2006 2007 2008 200919.64% 17.29% 22.84% 27.14% 16.26% 17.19%
2000 2001 2002 2003 2004 2005 2006 2007 2008 20091
1.5
2
2.5
3
3.5
Rotacion del Patrimonio
2000 2001 2002 2003 2004 2005 2006 2007 2008 200945.00%
47.00%
49.00%
51.00%
53.00%
55.00%
57.00%
Margen Bruto %
2000 2001 2002 2003 2004 2005 2006 2007 2008 200925.00%27.00%29.00%31.00%33.00%35.00%37.00%39.00%41.00%
Margen EBIT %
2000 2001 2002 2003 2004 2005 2006 2007 2008 200910.00%12.00%14.00%16.00%18.00%20.00%22.00%24.00%26.00%28.00%
Margen Neto %
2004 2005 2006 2007 2008 200947.30% 44.87% 50.08% 47.65% 46.46% 43.92%
2004 2005 2006 2007 2008 200910.87% 11.27% 10.03% 20.53% 10.78% 11.48%
2000 2001 2002 2003 2004 2005 2006 2007 2008 200910.00%12.00%14.00%16.00%18.00%20.00%22.00%24.00%26.00%28.00%
Margen Neto %
2000 2001 2002 2003 2004 2005 2006 2007 2008 200940.00%42.00%44.00%46.00%48.00%50.00%52.00%54.00%56.00%58.00%
Margen Ebitda %
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.00%
5.00%
10.00%
15.00%
20.00%
25.00%
Rentab del Actvo %
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.00%
5.00%
10.00%
15.00%
20.00%
25.00%
Rentab del Actvo %
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
Asset Turnover
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.00%
5.00%
10.00%
15.00%
20.00%
25.00%
ROIC
2000 2001 2002 2003 2004 2005 2006 2007 2008 200914.00%
14.50%
15.00%
15.50%
16.00%
16.50%
17.00%
17.50%
SG&A % Revenue
2000 2001 2002 2003 2004 2005 2006 2007 2008 200914.00%
14.50%
15.00%
15.50%
16.00%
16.50%
17.00%
17.50%
SG&A % Revenue
2000 2001 2002 2003 2004 2005 2006 2007 2008 200940.00%
42.00%
44.00%
46.00%
48.00%
50.00%
52.00%
54.00%
56.00%
58.00%
GM%
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20000000
40000000
60000000
80000000
100000000
120000000
140000000
160000000
180000000
Ventas netas
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
Revenue Growth
2004 2005 2006 2007 2008 200931.69% 29.18% 26.25% 45.49% 49.54% 52.75%
2004 2005 2006 2007 2008 20092.71 3.04 2.22 3.75 3.26 3.85
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20000000
40000000
60000000
80000000
100000000
120000000
140000000
160000000
180000000
Ventas netas
2000 2001 2002 2003 2004 2005 2006 2007 2008 200920.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
55.00%
Rentabilidad Patrimonio
2000 2001 2002 2003 2004 2005 2006 2007 2008 20092
2.5
3
3.5
4
4.5
Apalancamiento Financ x
2004 2005 2006 2007 2008 20090.67140887243 0.73987433716 0.7990317 1.0573669 1.0640448 1.1056228626
2004 2005 2006 2007 2008 20093.4188682376 4.2782114206 3.497926 3.8965652 6.5447763 6.433236507
2000 2001 2002 2003 2004 2005 2006 2007 2008 20092
2.5
3
3.5
4
4.5
Apalancamiento Financ x
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.2
0.4
0.6
0.8
1
1.2
Utilidad p/ Accion $ Anual
2009 2008 2007 2006 2005 2004 2003 2002 2001 20000
5
10
15
20
25
Precio valor Acciones
2004 2005 2006 2007 2008 20092.3430174895 2.7806867404 3.3297347 1.285101 2.1196335 2.1041952345
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.51
1.52
2.53
3.54
4.55
5.56
6.57
Ventas p/ Accion $
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.5
1
1.5
2
2.5
3
3.5
Valor Libro p/ Accion $
2004 2005 2006 2007 2008 2009
46752532 48006430 47157849 9402561 9138632 902030027495872 28837078 28566217 35484947 20176936 20468689
59% 60% 61% 377% 221% 227%
46752532 48006430 47157849 9402561 9138632 902030028001076 28178140 26996524 9402561 9138632 902030074753608 76184570 74154373 18805122 18277264 18040600
2004 2005 2006 2007 2008 200937% 38% 39% 36% 35% 29%
2000 2001 2002 2003 2004 2005 2006 2007 2008 200905
1015202530354045
P/E MULTIPLE
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090%
5%
10%
15%
20%
25%
30%
35%
40%
45%
ROE
2004 2005 2006 2007 2008 2009140011201 166746040 125054501 130767671 124105235 119100212
27495872 28837078 28566217 35484947 20176936 20468689
2004 2005 2006 2007 2008 200919.64% 17.29% 22.84% 27.14% 16.26% 17.19%
252991583 255833140 284841164 172826287 187125347 17835537746752532 48006430 47157849 9402561 9138632 9020300
2004 2005 2006 2007 2008 20095.41129158523 5.32914320019 6.0401645 12.588 14.25466 13.543
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090%
5%
10%
15%
20%
25%
30%
35%
40%
45%
ROE
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
MARGEN
2000 2001 2002 2003 2004 2005 2006 2007 2008 20093
5
7
9
11
13
15
MULTIPLICADOR DE CAPITAL
2004 2005 2006 2007 2008 2009140011201 166746040 125054501 130767671 124105235 119100212252991583 255833140 284841164 172826287 187125347 178355377
2004 2005 2006 2007 2008 200955.34% 65.18% 43.90% 75.66% 66.32% 66.78%
a. “Groso Modo” – con las empresas competencia, con la información de las empresas del curso, y con alguna otra si lo consideran pertinente
2000 2001 2002 2003 2004 2005 2006 2007 2008 20093
5
7
9
11
13
15
MULTIPLICADOR DE CAPITAL
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.00%
10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%
ROTACIÓN ACTIVOS TOTALES
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Capital Estructure
D/TC
Debt Total Capital
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Capital Estructure
D/TC
Debt Total Capital
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
Economic Profit and ROIC
ECONOMIC PROFIT ROIC
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
180,000,000
Revenue
TELMEX
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
Asset Turnover
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
Economic Profit and ROIC
ECONOMIC PROFIT ROIC
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
Profits and Profitability
Operating IncomeProfitability
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
180,000,000
Revenue
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
Asset Turnover
TELMEX
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20
40
60
80
100
120
140
160
Receivables (DSO) and Inventory (DSI)
DSI
DSO
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
Asset Turnover
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -
10,000
20,000
30,000
40,000
50,000
60,000
Revenue per Employee
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
Profits and Profitability
Operating IncomeProfitability
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
Asset Turnover
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20
40
60
80
100
120
140
160
Receivables (DSO) and Inventory (DSI)
DSI
DSO
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -
10,000
20,000
30,000
40,000
50,000
60,000
Revenue per Employee
TELMEX
2000 2001 2002 2003 2004 2005 2006 2007 2008 200905
1015202530354045
P/E MULTIPLE
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.00%
5.00%
10.00%
15.00%
20.00%
25.00%
ROIC
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Capital Estructure
D/TC
Debt Total Capital 2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20
40
60
80
100
120
140
Operating Cash Cycle
Days
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
Operating Margin
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
Operating Margin
TELMEX
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.00%
5.00%
10.00%
15.00%
20.00%
25.00%
ROIC
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.0%
100.0%
200.0%
300.0%
400.0%
500.0%
600.0%
Capital Structure
Debt Total
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20
40
60
80
100
120
140
Operating Cash Cycle
Days
2000 2001 2002 2003 2004 2005 2006 2007 2008 200914.00%
14.50%
15.00%
15.50%
16.00%
16.50%
17.00%
17.50%
SG&A % Revenue
TELMEX
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.0%
100.0%
200.0%
300.0%
400.0%
500.0%
600.0%
Capital Structure
Debt Total
2000 2001 2002 2003 2004 2005 2006 2007 2008 200914.00%
14.50%
15.00%
15.50%
16.00%
16.50%
17.00%
17.50%
SG&A % Revenue
2000 2001 2002 2003 2004 2005 2006 2007 2008 200940.00%
42.00%
44.00%
46.00%
48.00%
50.00%
52.00%
54.00%
56.00%
58.00%
GM%
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20000000
40000000
60000000
80000000
100000000
120000000
140000000
160000000
180000000
Ventas netas
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
Revenue Growth
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20000000
40000000
60000000
80000000
100000000
120000000
140000000
160000000
180000000
Ventas netas
2000 2001 2002 2003 2004 2005 2006 2007 2008 200940.00%
42.00%
44.00%
46.00%
48.00%
50.00%
52.00%
54.00%
56.00%
58.00%
GM%
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20000000
40000000
60000000
80000000
100000000
120000000
140000000
160000000
180000000
Ventas netas
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
Revenue Growth
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
20000000
40000000
60000000
80000000
100000000
120000000
140000000
160000000
180000000
Ventas netas