ANALISIS VERTICALEMPRESA ALMACENES LA 14

DM_FORMATO 12/31/2008 12/31/20091105 Caja 19,123,206 21,601,6101110 Bancos 11,147,108 10,782,9281115 Remesas en Transito1120 Cuentas de Ahorro 36,571,702 49,321,4881125 Fondos11 SUBTOTAL DISPONIBLE 66,842,016 81,706,02612 INVERSIONES CP 18,707,344 58,612,9621305 Clientes 5,224,021 2,889,3721310 Cuentas Corrientes Comerciales 97,575,065 46,229,9811315 Cuentas por Cobrar a Casa Matriz1320 Cuentas por Cobrar a Vincu. Economicos1325 Cuentas por Cobrar a Socios y Accionistas 1,035,638 1,657,7981328 Aportes por Cobrar1330 Anticipos y Avances 1,069,243 3,635,1461335 Depositos1340 Promesas de Compraventa1345 Ingresos por Cobrar CP 5,050,925 5,044,7341355 Antic Imptos y Contrib o Saldos a Favor 635,610 1,429,5361360 Reclamaciones (CP) 29,293 7,7831365 Cuentas x Cobrar a Trabajadores (CP) 177,768 68,7531370 Prestamos a Particulares CP 12,2721380 Deudores Varios (CP)1385 Derechos Recompra Cartera Negociada (CP)1390 Deudas de Dificil Cobro (CP)1399 Provisiones (CP) 1,661,337 1,772,49513 SUBTOTAL DEUDORES CORTO PLAZO 109,148,498 59,190,6081405 Materias Primas1410 Productos en Proceso1417 Obras de Urbanismo1425 Cultivos en Desarrollo1430 Productos Terminados1435 Mcias no Fabricadas x la Empresa 117,364,193 119,468,2711455 Materiales Repuestos y Accesorios 906,146 981,5321460 Envases y Empaques1465 Inventarios en Transito 206,197 1,111,4631499 Provisiones14 SUBTOTAL INVENTARIOS 118,476,536 121,561,2661705 Gastos Pagados x Anticipado CP 761,413 1,994,5161710 Cargos Diferidos CP 853,632 838,2691798 Amortizacion Acumulada CP17 SUBTOTAL DIFERIDO 1,615,045 2,832,7850 TOTAL ACTIVO CORRIENTE 314,789,439 323,903,64712 INVERSIONES LP 2,631,796 2,683,156

1305 Clientes (LP) 360,8881310 Cuentas Corrientes Comerciales (LP) 54,393,956 118,882,0801315 Cuentas x Cobrar a Casa Matriz (LP)1325 Cuentas x Cobrar a Socios y Accionistas (LP) 2,059,5811330 Anticipos y Avances (LP) 443,101 1,049,0361335 Depositos (LP)1340 Promesa de Compraventa (LP) 311,312 130,0961345 Ingresos por Cobrar LP 651,765 775,1231355 Anticipo de Imptos. y contrib. o saldos a fav1360 Reclamaciones (LP) 3591365 Cuentas por Cobrar a Trabajadores (LP) 17,926 49,8801370 Prestamos a Particulares LP 20,6721380 Deudores Varios (LP)1390 Deudas de Dificil Cobro (LP)1399 Provisiones (LP)13 SUBTOTAL DEUDORES LARGO PLAZO 57,878,000 121,267,77515 PROPIEDADES PLANTA Y EQUIPO NETO 261,253,959 244,430,3341605 Credito Mercantil 20,333,373 20,333,3721610 Marcas 254,689 263,9111615 Patentes1620 Concesiones y franquicias1625 Derechos 52,123,699 22,526,4641630 Know How1635 Licencias1698 Amortizacion Acumulada 9,390,433 11,273,03216 SUBTOTAL INTANGIBLES 63,321,328 31,850,7151705 Gastos Pagados x Anticipado LP 14,919 14,6761710 Cargos Diferidos LP 1,618,001 626,4451730 Cargos por Correc. Monet. Diferida LP1798 Amortizacion Acumulada LP17 SUBTOTAL DIFERIDOS 1,632,920 641,1211805 Bienes de Arte y Cultura1895 Diversos 3,90818 SUBTOTAL OTROS ACTIVOS 3,9081905 De Inversiones 1,444,4511910 De Propiedades Planta y Equipo 150,628,612 146,859,0631995 De Otros Activos 982,28019 SUBTOTAL VALORIZACIONES 152,073,063 147,841,3430 TOTAL ACTIVO NO CORRIENTE 538,791,066 548,718,3520 TOTAL ACTIVO 853,580,505 872,621,99981 Derechos Contingentes 188,747,859 29,36582 Deudoras Fiscales 17,752,01083 Deudoras de Control 176,426,861 133,137,9459 Cuentas de Orden Acreedores por Contra 18,222,871 13,726,52321 OBLIGACIONES FINANCIERAS (CP) 118,751,818 109,119,82322 PROVEEDORES 143,976,256 149,205,445

2305 Cuentas Corrientes Comerciales (CP) 551,864 362,5032310 A Casa Matriz (CP)2315 A companias vinculadas (CP)2320 A Contratistas (CP) 183,483 716,5312330 Ordenes de Compra x Utilizar 3,189,872 3,101,7562335 Costos y Gastos x Pagar CP 8,449,835 8,968,1252345 Acreedores Oficiales (CP)2350 Regalias x Pagar CP2355 Deudas con Accionistas o Socios (CP)2360 Dividendos o Partic. x Pagar 2,086,029 1,850,4032365 Retencion en la Fuente 1,255,471 1,369,4582367 Impuesto a las Ventas Retenido 1,066,873 1,257,9802368 Impuesto de Industria y Comercio Retenido 142,647 143,3892370 Retenciones y Aportes de Nomina 2,126 7672375 Cuotas x Devolver2380 Acreedores Varios (CP) 1,418,428 1,683,08223 SUBTOTAL CUENTAS POR PAGAR CORTO PLAZO 18,346,628 19,453,99424 IMPUESTOS GRAVAMENES Y TASAS 4,061,400 9,117,76225 OBLIGACIONES LABORALES CORTO PLAZO 3,916,378 4,110,6732605 Para Costos y Gastos 1,507,890 1,990,6742610 Para Obligaciones Laborales2615 Para Obligaciones Fiscales2620 Pensiones de Jubilacion2635 Para Contingencias2695 Provisiones Diversas26 SUBTOTAL PASIVOS ESTIMADOS Y PROVISIONES 1,507,890 1,990,67427 DIFERIDOS CORTO PLAZO 49,772 17,9272805 Anticipos y Avances Recibidos (CP) 105,207 81,2792810 Depositos Recibidos (CP)2815 Ingresos Recibidos para Terceros (CP) 10,040,683 11,527,4032820 Cuentas de Operacion Conjunta CP2825 Retencion a Terceros sobre Contratos (CP) 81,167 74,3362830 Embargos Judiciales 140 1402840 Cuentas en Participacion2895 Diversos (CP)28 SUBTOTAL OTROS PASIVOS CORTO PLAZO 10,227,197 11,683,1582905 Bonos en Circulacion29 SUBTOTAL BONOS Y PAPALES COMERCIALES0 TOTAL PASIVO CORRIENTE 300,837,339 304,699,45621 OBLIGACIONES FINANCIERAS (LP) 172,449,552 168,756,86122 PROVEEDORES (LP)2305 Cuentas Corrientes Comerciales (LP)2315 A Companias Vinculadas (LP)2335 Costos y Gastos x Pagar LP2355 Deudas con Accionistas o Socios (LP)2360 Dividendos o Partic. x Pagar (LP) 5,758,000 5,332,801

2380 Acreedores Varios (LP)23 SUBTOTAL CUENTAS POR PAGAR LARGO PLAZO 5,758,000 5,332,80124 IMPUESTOS GRAVAMENES Y TASAS (LP)25 OBLIGACIONES LABORALES LARGO PLAZO 5,250,094 4,800,4182620 Pensiones de Jubilacion (LP)26 SUBTOTAL PASIVOS ESTIMADOS Y PROVISIONES (LP)2720 Credito x Correc. Monetaria Diferida (LP)2725 Impuestos Diferidos (LP)27 SUBTOTAL DIFERIDOS LARGO PLAZO2805 Avances y Anticipos Recibidos (LP)2810 Depositos Recibidos (LP)2815 Ingresos Recibidos para Terceros (LP)28 SUBTOTAL OTROS PASIVOS LARGO PLAZO2905 Bonos en Circulacion (LP)29 SUBTOTAL BONOS Y PAPELES COMERCIALES (LP)0 TOTAL PASIVO NO CORRIENTE 183,457,646 178,890,0800 TOTAL PASIVO 484,294,985 483,589,5363105 Capital Suscrito y Pagado 40,974,000 40,974,0003115 Aportes Sociales3120 Capital Asignado3125 Inv Suplemen al Capital Asignado31 SUBTOTAL CAPITAL SOCIAL 40,974,000 40,974,0003205 Prima en coloc. acc cuotas o partes de int. s3210 Donaciones3215 Credito Mercantil3225 Superavit Metodo e Participacion32 SUBTOTAL SUPERAVIT DE CAPITAL33 RESERVAS 68,350,418 103,047,35034 REVALORIZACION DEL PATRIMONIO 68,110,177 64,322,69736 RESULTADOS DEL EJERCICIO 20,646,210 31,103,5683705 UTILIDADES ACUMULADAS 19,131,654 1,743,5043710 PERDIDAS ACUMULADAS37 RESULTADOS DE EJERCICIOS ANTERIORES 19,131,654 1,743,50438 SUPERAVIT POR VALORIZACIONES 152,073,061 147,841,3440 TOTAL PATRIMONIO 369,285,520 389,032,4630 TOTAL PASIVO Y PATRIMONIO 853,580,505 872,621,999

RAZONES DE LIQUIDEZRazon Corriente 1.05 1.06Razon Acida 0.65 0.65

RAZONES DE OPERACIÓNRotacion de Cartera (dias) Cartera Prom*365 / Vtas 1.48Rotacion de Cartera (veces) Vtas/Cartera Promedio 246.47

Rotacion de Inventarios (dias) 54.93Rotacion de Inventarios (veces) 6.64Rotacion de Proveedores (dias) 67.09

Ciclo de efectivo -10.68

Rotacion de Activo Fijo 4.09

Rotacion de Activo Total 1.15

ANALISIS VERTICAL ANALISIS HORIZONTALALMACENES LA 14 ALMACENES LA 14

12/31/2010 2008 2009 201022,337,175 2.24% 2.48% 2.39% 16.8%8,391,701 1.31% 1.24% 0.90% -24.7%

24,770,711 4.28% 5.65% 2.65% -32.3%

55,499,587 7.83% 9.36% 5.93% -17.0%8,202,541 2.19% 6.72% 0.88% -56.2%3,305,264 0.61% 0.33% 0.35% -36.7%

65,601,999 11.43% 5.30% 7.01% -32.8%

1,122,431 0.12% 0.19% 0.12% 8.4%

2,893,677 0.13% 0.42% 0.31% 170.6%

5,990,760 0.59% 0.58% 0.64% 18.6%9,843,590 0.07% 0.16% 1.05% 1448.7%

2,886 0.00% 0.00% 0.00% -90.1%115,657 0.02% 0.01% 0.01% -34.9%29,072 0.00% 0.00% 0.00% 136.9%

1,618,614 0.19% 0.20% 0.17% -2.6%87,286,722 12.79% 6.78% 9.32% -20.0%

129,430,276 13.75% 13.69% 13.82% 10.3%936,355 0.11% 0.11% 0.10% 3.3%

344,472 0.02% 0.13% 0.04% 67.1%

130,711,103 13.88% 13.93% 13.96% 10.3%1,145,491 0.09% 0.23% 0.12% 50.4%729,271 0.10% 0.10% 0.08% -14.6%

1,874,762 0.19% 0.32% 0.20% 16.1%283,574,715 36.88% 37.12% 30.28% -9.9%

2,650,902 0.31% 0.31% 0.28% 0.7%

487,766 0.00% 0.04% 0.05%52,738,891 6.37% 13.62% 5.63% -3.0%

0.24% 0.00% 0.00% -100.0%248,134 0.05% 0.12% 0.03% -44.0%

130,096 0.04% 0.01% 0.01% -58.2%781,815 0.08% 0.09% 0.08% 20.0%

1,550 0.00% 0.00% 0.00% 331.8%43,406 0.00% 0.01% 0.00% 142.1%

0.00% 0.00% 0.00%

54,431,658 6.78% 13.90% 5.81% -6.0%364,882,212 30.61% 28.01% 38.97% 39.7%20,333,372 2.38% 2.33% 2.17% 0.0%

279,662 0.03% 0.03% 0.03% 9.8%

74,896,205 6.11% 2.58% 8.00% 43.7%

12,275,296 1.10% 1.29% 1.31% 30.7%83,233,943 7.42% 3.65% 8.89% 31.4%

0.00% 0.00% 0.00% -100.0%438,668 0.19% 0.07% 0.05% -72.9%

438,668 0.19% 0.07% 0.05% -73.1%

0.00% 0.00% 0.00%0.00% 0.00% 0.00%

803,862 0.17% 0.00% 0.09% -44.3%146,405,403 17.65% 16.83% 15.63% -2.8%

0.00% 0.11% 0.00%147,209,265 17.82% 16.94% 15.72% -3.2%652,846,648 63.12% 62.88% 69.72% 21.2%936,421,363 100.00% 100.00% 100.00% 9.7%

274,264 22.11% 0.00% 0.03% -99.9%2.08% 0.00% 0.00% -100.0%

132,030,744 20.67% 15.26% 14.10% -25.2%743,065 2.13% 1.57% 0.08% -95.9%

63,773,449 13.91% 12.50% 6.81% -46.3%151,534,375 16.87% 17.10% 16.18% 5.2%

307,034 0.06% 0.04% 0.03% -44.4%

0.00% 0.00% 0.00%1,787,028 0.02% 0.08% 0.19% 873.9%3,394,207 0.37% 0.36% 0.36% 6.4%8,499,794 0.99% 1.03% 0.91% 0.6%

4,628,729 0.24% 0.21% 0.49% 121.9%3,256,538 0.15% 0.16% 0.35% 159.4%1,264,605 0.12% 0.14% 0.14% 18.5%197,595 0.02% 0.02% 0.02% 38.5%1,212 0.00% 0.00% 0.00% -43.0%

1,434,172 0.17% 0.19% 0.15% 1.1%24,770,914 2.15% 2.23% 2.65% 35.0%7,671,820 0.48% 1.04% 0.82% 88.9%4,524,973 0.46% 0.47% 0.48% 15.5%2,106,568 0.18% 0.23% 0.22% 39.7%

0.00% 0.00% 0.00%

47,979 0.00% 0.00% 0.01%

2,154,547 0.18% 0.23% 0.23% 42.9%50,940 0.01% 0.00% 0.01% 2.3%96,718 0.01% 0.01% 0.01% -8.1%

0.00% 0.00% 0.00%8,895,471 1.18% 1.32% 0.95% -11.4%

93,308 0.01% 0.01% 0.01% 15.0%140 0.00% 0.00% 0.00% 0.0%

9,085,637 1.20% 1.34% 0.97% -11.2%0.00% 0.00% 0.00%0.00% 0.00% 0.00%

263,566,655 35.24% 34.92% 28.15% -12.4%228,924,615 20.20% 19.34% 24.45% 32.7%

0.00% 0.00% 0.00%0.00% 0.00% 0.00%

5,457,359 0.67% 0.61% 0.58% -5.2%

5,457,359 0.67% 0.61% 0.58% -5.2%

4,822,519 0.62% 0.55% 0.51% -8.1%0.00% 0.00% 0.00%0.00% 0.00% 0.00%0.00% 0.00% 0.00%0.00% 0.00% 0.00%0.00% 0.00% 0.00%0.00% 0.00% 0.00%

0.00% 0.00% 0.00%0.00% 0.00% 0.00%0.00% 0.00% 0.00%

239,204,493 21.49% 20.50% 25.54% 30.4%502,771,148 56.74% 55.42% 53.69% 3.8%41,000,000 4.80% 4.70% 4.38% 0.1%

41,000,000 4.80% 4.70% 4.38% 0.1%0.00% 0.00% 0.00%

0.00% 0.00% 0.00%0.00% 0.00% 0.00%

122,334,812 8.01% 11.81% 13.06% 79.0%60,509,217 7.98% 7.37% 6.46% -11.2%62,596,921 2.42% 3.56% 6.68% 203.2%

2.24% 0.20% 0.00% -100.0%

2.24% 0.20% 0.00% -100.0%147,209,265 17.82% 16.94% 15.72% -3.2%433,650,215 43.26% 44.58% 46.31% 17.4%936,421,363 100.00% 100.00% 100.00%

1.08 1.05 1.06 1.080.57 0.65 0.65 0.57

16.9121.58

55.756.5

66.46

6.20

2.84

1.11

ANALISIS VERTICALALMACENES ÉXITO S.A.

12/31/2008 12/31/2009 12/31/2010 2008 200979,368,817 51,607,679 64,940,627 1.34% 0.81%40,956,362 149,519,805 44,547,804 0.69% 2.34%

61,199,498 191,188,118 404,898,234 1.03% 2.99%

181,524,677 392,315,602 514,386,665 3.06% 6.14%220,528,000 240,626,336 274,451,927 3.71% 3.76%50,042,785 61,446,876 36,426,134 0.84% 0.96%

0.00% 0.00%71,592 71,592 71,592 0.00% 0.00%

10,871,259 9,930,023 21,674,692 0.18% 0.16%0.00% 0.00%

824,112 390,364 1,078,329 0.01% 0.01%

8,443,329 13,319,157 14,781,036 0.14% 0.21%49,408,538 59,533,990 57,534,216 0.83% 0.93%36,930,434 0.62% 0.00%1,616,434 4,683,774 2,610,441 0.03% 0.07%

0.00% 0.00%90,106,746 81,663,449 293,546,591 1.52% 1.28%

7,989,335 7,754,891 72,396,025 0.13% 0.12%240,325,894 223,284,334 355,327,006 4.05% 3.49%

3,050,837 0.00% 0.00%1,430,936 0.00% 0.00%

1,022,235 0.00% 0.00%886,770,443 778,522,000 807,192,558 14.93% 12.18%14,700,693 15,272,968 21,757,456 0.25% 0.24%

2,335,666 0.00% 0.00%30,827,361 13,508,763 19,257,349 0.52% 0.21%19,279,061 21,666,940 33,438,998 0.32% 0.34%

913,019,436 785,636,791 822,608,039 15.38% 12.29%7,821,412 7,821,278 11,444,772 0.13% 0.12%47,381,346 18,731,874 30,149,570 0.80% 0.29%

55,202,758 26,553,152 41,594,342 0.93% 0.42%1,610,600,765 1,668,416,215 2,008,367,979 27.13% 26.10%704,891,779 936,731,847 172,007,593 11.87% 14.66%

0.00% 0.00%0.00% 0.00%

0.00% 0.00%7,468,240 10,088,010 6,718,683 0.13% 0.16%

13,017,447 14,668,496 10,883,351 0.22% 0.23%0.00% 0.00%

0.00% 0.00%0.00% 0.00%0.00% 0.00%

37,025,724 34,184,858 33,971,329 0.62% 0.53%

57,511,411 58,941,364 51,573,363 0.97% 0.92%1,872,404,388 1,793,714,193 2,050,849,594 31.53% 28.06%698,446,318 1,006,658,885 1,021,114,370 11.76% 15.75%3,460,695 3,460,695 32,363,247 0.06% 0.05%

685,452 0.01% 0.00%103,274,651 29,000,916 54,619,325 1.74% 0.45%

60,027,919 62,314,602 103,164,026 1.01% 0.97%745,839,197 976,805,894 1,004,932,916 12.56% 15.28%10,356,556 9,467,728 8,578,900 0.17% 0.15%

166,146,307 176,849,258 218,045,435 2.80% 2.77%8,468,354 5,666,555 4,609,457 0.14% 0.09%

184,971,217 191,983,541 231,233,792 3.12% 3.00%285,331 285,331 285,331 0.00% 0.00%

0.00% 0.00%285,331 285,331 285,331 0.00% 0.00%

13,449,188 9,525,889 25,872,052 0.23% 0.15%747,658,087 755,078,689 1,095,215,735 12.59% 11.81%

0.00% 0.00%761,107,275 764,604,578 1,121,087,787 12.82% 11.96%

4,327,010,598 4,723,066,748 4,631,970,376 72.87% 73.90%5,937,611,363 6,391,482,963 6,640,338,355 100.00% 100.00%831,647,578 435,359,420 257,568,946 14.01% 6.81%787,059,697 1,192,664,155 540,891,818 13.26% 18.66%

1,697,121,994 2,049,045,779 2,677,289,731 28.58% 32.06%0.00% 0.00%

476,458,000 231,718,366 357,294,285 8.02% 3.63%966,139,765 1,040,292,174 1,098,496,166 16.27% 16.28%

0.00% 0.00%

119,388,000 204,375,376 866,154 2.01% 3.20%21,078,855 1,539,832 30,096,102 0.36% 0.02%17,685,671 19,442,517 24,297,253 0.30% 0.30%

138,153,000 110,790,266 161,043,488 2.33% 1.73%

17,568,329 4,731,454 20,714,640 0.30% 0.07%10,883,939 9,713,778 11,061,031 0.18% 0.15%5,170,083 5,400,337 7,068,136 0.09% 0.08%

933,539 1,159,461 1,422,850 0.02% 0.02%7,592,487 11,270,284 15,264,805 0.13% 0.18%

606,865 606,865 606,865 0.01% 0.01%339,060,768 369,030,170 272,441,324 5.71% 5.77%44,429,824 60,441,541 59,837,864 0.75% 0.95%28,263,544 31,682,142 46,814,981 0.48% 0.50%46,142,331 30,743,696 42,522,011 0.78% 0.48%

32,757 43,961 168,802 0.00% 0.00%

3,013,938 2,513,590 3,079,279 0.05% 0.04%

49,189,026 33,301,247 45,770,092 0.83% 0.52%0.00% 0.00%

2,089,577 2,171,971 2,341,906 0.04% 0.03%3,282,003 872,607 2,838,665 0.06% 0.01%8,428,817 9,844,786 6,899,842 0.14% 0.15%

0.00% 0.00%0.00% 0.00%

13,800,397 12,889,364 12,080,413 0.23% 0.20%30,350,000 0.00% 0.00%30,350,000 0.00% 0.00%

1,917,341,324 1,779,355,004 1,923,085,125 32.29% 27.84%477,506,539 283,663,944 8.04% 4.44%

182 0.00% 0.00%413 0.00% 0.00%

0.00% 0.00%

595 0.00% 0.00%

510,076 732,232 574,619 0.01% 0.01%9,466,409 9,523,016 16,843,961 0.16% 0.15%9,466,409 9,523,016 16,843,961 0.16% 0.15%12,486,255 8,355,113 6,796,463 0.21% 0.13%2,644,213 8,371,227 0.04% 0.00%15,130,468 8,355,113 15,167,690 0.25% 0.13%18,688,684 41,730,729 42,795,314 0.31% 0.65%

18,688,685 41,730,730 42,795,314 0.31% 0.65%105,000,000 105,000,000 224,650,000 1.77% 1.64%105,000,000 105,000,000 224,650,000 1.77% 1.64%626,302,772 449,005,035 300,031,584 10.55% 7.03%

2,543,644,096 2,228,360,039 2,223,116,709 42.84% 34.86%2,842,630 3,338,098 3,339,695 0.05% 0.05%

2,842,630 3,338,098 3,339,695 0.05% 0.05%1,586,806,477 2,288,213,427 2,289,589,024 26.72% 35.80%

34,390,948 40,286,891 -11,070,048 0.58% 0.63%1,621,197,425 2,328,500,318 2,278,518,977 27.30% 36.43%277,308,389 362,560,360 429,901,013 4.67% 5.67%570,376,480 549,004,580 321,727,621 9.61% 8.59%153,322,491 147,302,415 254,833,979 2.58% 2.30%7,812,575 7,812,575 7,812,575 0.13% 0.12%

7,812,575 7,812,575 7,812,575 0.13% 0.12%761,107,276 764,604,578 1,121,087,787 12.82% 11.96%

3,393,967,266 4,163,122,924 4,417,221,647 57.16% 65.14%5,937,611,362 6,391,482,963 6,640,338,356 100.00% 100.00%

0.84 0.94 1.04 0.84 0.940.34 0.48 0.59 0.34 0.48

2.92 2.38125.05 153.41

58.97 51.876.2 7.04

69.65 68.98

-7.77 -14.73

3.89 3.66

1.09 1.13

ANALISIS VERTICAL ANALISIS HORIZONTALALMACENES ÉXITO S.A. SUBSECTOR

2010 12/31/2008 12/31/20090.98% -18.2% 152,857,912 96,363,6650.67% 8.8% 73,441,789 182,119,761

9,702 218,6306.10% 561.6% 720,522,343 245,346,572

429,668 567,2197.75% 183.4% 947,261,414 524,679,7074.13% 24.5% 457,497,650 315,023,5330.55% -27.2% 245,755,036 110,904,7410.00% 110,036,694 72,945,6520.00% 0.0% 219,107,899 276,921,8860.33% 99.4% 10,992,084 10,101,2890.00% 10,249,018 30,878,754

130.02% 30.8% 19,882,713 12,001,554

1,680,489 54,382207,739 15,293,828

0.22% 75.1% 14,724,456 19,234,3410.87% 16.4% 159,047,397 72,644,6480.00% -100.0% 37,104,858 272,3840.04% 61.5% 3,701,928 6,781,0780.00% 10,936,226 17,936,8514.42% 225.8% 108,532,443 108,658,777

700 700677,024 708,329

1.09% 806.2% 12,636,824 11,967,9225.35% 47.9% 939,999,880 743,793,6500.05% 359,702 3,389,7060.02% 1,258,975

153,203 160,067

0.02% 339,644 -1,723,74612.16% -9.0% 1,508,413,975 1,065,276,3220.33% 48.0% 16,143,522 16,458,3800.04% 1,136,443 5,533,2420.29% -37.5% 32,947,824 16,624,8560.50% 73.4% 20,620,749 22,332,75012.39% -9.9% 1,538,873,564 1,084,645,0520.17% 46.3% 11,041,644 11,895,7300.45% -36.4% 55,941,191 23,572,678

15,545 18,1030.63% -24.7% 66,967,290 35,450,31630.24% 24.7% 3,950,599,798 2,703,645,3582.59% -75.6% 718,027,580 952,459,580

0.00% 360,8880.00% 54,393,956 119,635,933

-1230.00% 2,059,581 23,0880.10% -10.0% 8,549,264 11,410,506

412,0000.16% -16.4% 13,328,759 14,798,5920.00% 651,765 902,325

0.00% 3590.00% 17,926 49,8800.00% 2,885,1800.51% -8.2% 44,392,263 39,963,909

11,184

0.78% -10.3% 123,404,934 190,442,30130.88% 9.5% 2,928,361,683 2,466,433,75815.38% 46.2% 800,496,236 1,110,149,2190.49% 835.2% 38,797,876 41,270,894

1,326 40,0000.00% -100.0% 685,4520.82% -47.1% 157,151,092 62,362,277

600,695 407,47157,968 221,688

1.55% 71.9% 132,060,226 146,109,92515.13% 34.7% 865,730,419 1,068,341,6240.13% -17.2% 11,522,822 10,837,1813.28% 31.2% 191,100,806 209,357,9170.07% -45.6% 8,468,354 5,666,555

85,004 145,6893.48% 25.0% 211,006,978 225,715,9640.00% 0.0% 367,691 285,3310.00% 66,203 57,6960.00% 0.0% 433,894 343,0270.39% 92.4% 20,054,710 14,177,70116.49% 46.5% 1,153,441,731 1,235,754,0530.00% 4,062,201 982,28016.88% 47.3% 1,177,558,642 1,250,914,03469.76% 7.0% 6,024,524,130 6,154,716,864

100.00% 11.8% 9,975,123,928 8,858,362,2223.88% -69.0% 1,054,581,563 442,585,3298.15% -31.3% 1,039,953,624 1,517,217,65140.32% 57.8% 2,364,379,098 2,272,096,6310.00% 59,657,532 38,382,6025.38% -25.0% 647,630,206 403,196,50916.54% 13.7% 1,858,400,016 1,386,109,083

0.00% 1,903,202 8,671,5608,260,172 10,003,753

0.01% -99.3% 119,544,972 204,507,2670.45% 42.8% 21,425,276 2,397,0380.37% 37.4% 21,099,903 22,553,4622.43% 16.6% 179,367,559 142,225,694

632,970 436,8101,921

235,612,521 4,677,0110.31% 17.9% 20,271,827 9,173,0330.17% 1.6% 23,746,620 13,877,6230.11% 36.7% 8,838,055 8,008,7490.02% 52.4% 1,413,763 1,712,6970.23% 101.1% 10,066,858 12,983,193

194,4350.01% 0.0% 18,871,969 69,330,0204.10% -19.6% 671,055,667 510,766,1520.90% 34.7% 142,308,535 105,975,3840.71% 65.6% 126,691,342 44,985,9750.64% -7.8% 48,305,689 36,976,1030.00% 415.3% 733,698 148,044

2,348,687 692,1310.05% 2.2% 3,543,818 3,079,278

2,560,309 96,37557,970

0.69% -7.0% 57,492,201 41,049,9010.00% 2,220,246 1,398,0380.04% 12.1% 5,937,216 3,385,4740.04% -13.5% 3,441,104 1,299,4160.10% -18.1% 22,887,313 27,996,822

0.00% 81,167 74,3360.00% 1,402 140

27,350 1,4000.18% -12.5% 32,375,552 32,757,5880.46% 17,784 42,7360.46% 17,784 42,73628.96% 0.3% 3,538,191,549 2,526,357,5570.00% -100.0% 749,628,280 488,759,069

1,404,012334,848 21,718

0.00% 1820.00% 569,236 39,794

2,414,424 2,443,5710.00% 5,856,392 5,719,924

1,854,600 14,366,5830.00% 11,029,682 22,591,590

0.01% 12.7% 5,964,062 5,771,1100.25% 77.9% 13,817,888 14,085,3350.25% 77.9% 13,817,888 14,085,3350.10% -45.6% 12,486,255 8,355,1130.13% 216.6% 2,644,2130.23% 0.2% 15,130,468 8,355,1130.64% 129.0% 18,745,826 41,744,459

667,177433,178

0.64% 129.0% 19,179,005 42,411,6373.38% 114.0% 255,000,000 255,000,0003.38% 114.0% 255,000,000 255,000,0004.52% -52.1% 1,071,153,397 836,973,85433.48% -12.6% 4,609,344,946 3,363,331,4110.05% 17.5% 102,784,264 93,757,798

36,338,315 17,248,11777,400 77,400

553,347 553,3470.05% 17.5% 139,753,326 111,636,66234.48% 44.3% 1,723,551,446 2,427,941,305

5791,200,000 1,200,000

-0.17% -132.2% 34,392,726 40,214,51534.31% 40.5% 1,759,144,172 2,469,356,3996.47% 55.0% 430,775,922 538,824,8684.85% -43.6% 1,211,231,739 811,322,2513.84% 66.2% 368,606,495 277,062,6680.12% 0.0% 297,034,338 41,731,758

18,211,598 8,198,3240.12% 0.0% 278,822,740 33,533,43416.88% 47.3% 1,177,444,588 1,252,542,06666.52% 30.1% 5,365,778,982 5,495,030,812

100.00% 9,975,123,928 8,858,362,223

1.04 1.12 1.070.59 0.66 0.63

6.0460.45

57.046.4070.54

SUBSECTOR12/31/2010 2008 2009 2010

52,438,381 1.53% 1.09% 3.21%38,634,696 0.74% 2.06% 2.37%

293,855 0.00% 0.00% 0.02%30,565,531 7.22% 2.77% 1.87%

901,141 0.00% 0.01% 0.06%122,853,502 9.50% 5.92% 7.52%16,206,245 4.59% 3.56% 0.99%51,090,071 2.46% 1.25% 3.13%96,154,239 1.10% 0.82% 5.89%

2.20% 3.13% 0.00%271,678 0.11% 0.11% 0.02%

8,330,636 0.10% 0.35% 0.51%236 0.00% 0.00% 0.00%

19,292,486 0.20% 0.14% 1.18%374,146 0.02% 0.00% 0.02%

1,440,467 0.00% 0.17% 0.09%6,708,451 0.15% 0.22% 0.41%23,659,719 1.59% 0.82% 1.45%

716,543 0.37% 0.00% 0.04%1,751,114 0.04% 0.08% 0.11%3,805,751 0.11% 0.20% 0.23%13,416,705 1.09% 1.23% 0.82%

700 0.00% 0.00% 0.00%1,115,118 0.01% 0.01% 0.07%4,736,686 0.13% 0.14% 0.29%

223,391,374 9.42% 8.40% 13.68%1,924,154 0.00% 0.04% 0.12%

435 0.00% 0.01% 0.00%160,082 0.00% 0.00% 0.01%71,616 0.00% 0.00% 0.00%89,588 0.00% -0.02% 0.01%

335,630,504 15.12% 12.03% 20.55%1,164,334 0.16% 0.19% 0.07%

696,773 0.01% 0.06% 0.04%2,966,670 0.33% 0.19% 0.18%

935,101 0.21% 0.25% 0.06%340,076,583 15.43% 12.24% 20.83%2,710,544 0.11% 0.13% 0.17%4,086,861 0.56% 0.27% 0.25%

0.00% 0.00% 0.00%6,797,405 0.67% 0.40% 0.42%

709,585,033 39.60% 30.52% 43.45%6,756,649 7.20% 10.75% 0.41%

487,766 0.00% 0.00% 0.03%56,973,362 0.55% 1.35% 3.49%

0.00% 0.00% 0.00%2,476,956 0.02% 0.00% 0.15%

248,134 0.09% 0.13% 0.02%0.00% 0.00% 0.00%

130,096 0.13% 0.17% 0.01%781,815 0.01% 0.01% 0.05%1,637 0.00% 0.00% 0.00%1,550 0.00% 0.00% 0.00%

43,406 0.00% 0.00% 0.00%53,263 0.00% 0.03% 0.00%

2,880,356 0.45% 0.45% 0.18%1,247 0.00% 0.00% 0.00%4,538 0.00% 0.00% 0.00%

64,075,050 1.24% 2.15% 3.92%512,606,093 29.36% 27.84% 31.39%23,725,215 8.02% 12.53% 1.45%3,176,694 0.39% 0.47% 0.19%

1,326 0.00% 0.00% 0.00%5,000 0.01% 0.00% 0.00%

86,211,006 1.58% 0.70% 5.28%407,471 0.01% 0.00% 0.02%441,293 0.00% 0.00% 0.03%

14,089,413 1.32% 1.65% 0.86%99,878,592 8.68% 12.06% 6.12%

215,466 0.12% 0.12% 0.01%19,662,646 1.92% 2.36% 1.20%

0.08% 0.06% 0.00%97,376 0.00% 0.00% 0.01%

19,780,736 2.12% 2.55% 1.21%82,000 0.00% 0.00% 0.01%103,253 0.00% 0.00% 0.01%185,253 0.00% 0.00% 0.01%872,702 0.20% 0.16% 0.05%

202,366,244 11.56% 13.95% 12.39%675,740 0.04% 0.01% 0.04%

203,914,686 11.80% 14.12% 12.49%923,345,665 60.40% 69.48% 56.55%

1,632,930,698 100.00% 100.00% 100.00%9,317,818 10.57% 5.00% 0.57%15,121,018 10.43% 17.13% 0.93%

197,911,454 23.70% 25.65% 12.12%1,663,525 0.60% 0.43% 0.10%

132,316,682 6.49% 4.55% 8.10%384,466,370 18.63% 15.65% 23.54%

5,336,836 0.02% 0.10% 0.33%0.08% 0.11% 0.00%

11,511 1.20% 2.31% 0.00%1,787,028 0.21% 0.03% 0.11%3,396,048 0.21% 0.25% 0.21%28,150,646 1.80% 1.61% 1.72%

159,231 0.01% 0.00% 0.01%0.00% 0.00% 0.00%

3,873,957 2.36% 0.05% 0.24%10,966,164 0.20% 0.10% 0.67%6,274,901 0.24% 0.16% 0.38%2,345,878 0.09% 0.09% 0.14%

401,066 0.01% 0.02% 0.02%2,185,154 0.10% 0.15% 0.13%

3,073 0.00% 0.00% 0.00%5,991,724 0.19% 0.78% 0.37%74,608,481 6.73% 5.77% 4.57%19,743,426 1.43% 1.20% 1.21%13,430,459 1.27% 0.51% 0.82%2,475,284 0.48% 0.42% 0.15%

300,094 0.01% 0.00% 0.02%817,020 0.02% 0.01% 0.05%47,979 0.04% 0.03% 0.00%102,811 0.03% 0.00% 0.01%62,773 0.00% 0.00% 0.00%

3,805,961 0.58% 0.46% 0.23%191,565 0.02% 0.02% 0.01%

1,104,364 0.06% 0.04% 0.07%5,097,763 0.03% 0.01% 0.31%14,379,107 0.23% 0.32% 0.88%

55,962 0.00% 0.00% 0.00%93,308 0.00% 0.00% 0.01%3,468 0.00% 0.00% 0.00%

54,737 0.00% 0.00% 0.00%696 0.00% 0.00% 0.00%

21,379,991 0.32% 0.37% 1.31%22,730 0.00% 0.00% 0.00%22,730 0.00% 0.00% 0.00%

650,009,845 35.47% 28.52% 39.81%269,899,562 7.51% 5.52% 16.53%

0.01% 0.00% 0.00%0.00% 0.00% 0.00%0.00% 0.00% 0.00%

973,116 0.01% 0.00% 0.06%2,897,134 0.02% 0.03% 0.18%7,066,506 0.06% 0.06% 0.43%

14,696,980 0.02% 0.16% 0.90%25,633,736 0.11% 0.26% 1.57%

278,762 0.00% 0.00% 0.02%5,299,921 0.06% 0.07% 0.32%

0.14% 0.16% 0.00%0.14% 0.16% 0.00%0.13% 0.09% 0.00%0.03% 0.00% 0.00%0.15% 0.09% 0.00%

121,852 0.19% 0.47% 0.01%0.00% 0.01% 0.00%

818,602 0.00% 0.00% 0.05%940,454 0.19% 0.48% 0.06%

2.56% 2.88% 0.00%2.56% 2.88% 0.00%

302,052,435 10.74% 9.45% 18.50%966,056,178 46.21% 37.97% 59.16%88,389,152 1.03% 1.06% 5.41%10,705,181 0.36% 0.19% 0.66%

0.00% 0.00% 0.00%0.01% 0.01% 0.00%

99,094,333 1.40% 1.26% 6.07%20,759,700 17.28% 27.41% 1.27%

0.00% 0.00% 0.00%1,700,000 0.01% 0.01% 0.10%

0.34% 0.45% 0.00%22,459,700 17.64% 27.88% 1.38%

133,242,174 4.32% 6.08% 8.16%85,575,289 12.14% 9.16% 5.24%92,632,891 3.70% 3.13% 5.67%35,164,008 2.98% 0.47% 2.15%9,904,211 0.18% 0.09% 0.61%25,259,797 2.80% 0.38% 1.55%

204,208,532 11.80% 14.14% 12.51%666,874,520 53.79% 62.03% 40.84%

1,632,930,698 100.00% 100.00% 100.00%

1.09 1.12 1.07 1.090.56 0.66 0.63 0.56

7.2350.47

74.724.89

92.86

ALMACENES LA 14DM_FORMATO 12/31/2008 12/31/2009

41 Ingresos Operacionales 992,027,347 999,865,79061 MENOS: Costos De Ventas y De Prestacion De Servicios790,550,250 797,469,626UTILIDAD BRUTA 201,477,097 202,396,16451 MENOS: Gastos Operacionales De Administración 15,331,512 17,982,18652 MENOS: Gastos Operacionales De Ventas 159,793,759 178,237,178UTILIDAD OPERACIONAL 26,351,826 6,176,80042 MAS: Ingresos No Operacionales 45,195,222 67,776,30453 MENOS: Gastos No Operacionales 40,861,239 31,086,553UTILIDAD ANTES DE IMPUESTOS Y AJUSTE POR INFLACION 30,685,809 42,866,55154 MENOS: Impuestos De Renta y Complementarios 10,039,599 11,762,98359 GANANCIAS Y PERDIDAS 20,646,210 31,103,568

ALMACENES LA 14 ALMACENES ÉXITO SUBSECTOR12/31/2010 12/31/2008 12/31/2009 12/31/2010 12/31/20081,037,991,362 5,930,680,086 6,970,665,639 7,507,132,149 21,278,092,087

825,885,453 4,477,871,614 5,257,310,763 5,658,966,106 17,700,801,429212,105,909 1,452,808,472 1,713,354,876 1,848,166,043 3,577,290,65817,164,133 158,918,325 188,810,220 227,679,216 611,814,006201,275,809 1,096,330,379 1,379,914,508 1,305,597,391 2,378,922,592-6,334,033 197,559,768 144,630,148 314,889,436 586,554,06093,292,091 827,961,656 739,533,400 328,089,888 960,418,17620,425,857 867,304,504 726,978,566 358,173,545 1,058,975,99366,532,201 158,216,920 157,184,982 284,805,779 487,996,2433,935,280 4,894,428 9,882,567 29,971,800 119,389,748

62,596,921 153,322,492 147,302,415 254,833,979 368,606,495

SUBSECTOR12/31/2009 12/31/2010

10,780,187,172 4,087,818,7698,393,788,927 3,479,926,3912,386,398,245 607,892,378316,680,380 113,117,339

1,809,346,178 481,737,887260,173,221 13,037,152914,850,735 160,862,425828,734,569 60,930,762346,289,387 112,968,81569,224,060 20,335,924

277,062,667 92,632,891

3,432,000

5,834,400

7,035,600

2,864,000

4,980,000

5,800,000