Annual Balance Sheet

excelworld.net

2011 2012 2013 2014

Total Asset 163,718,581 196,112,003 224,352,000 278,127,000

Current Asset 136,994,910 171,907,994 198,983,000 263,927,000
Cash 19,016,552 9,929,605 2,371,000 12,170,000
Debtors by Administration 106,637,553 152,845,432 193,538,000 249,323,000
Debtors for Demand Cost 2,979,459 3,863,682 3,074,000 -
Other Accounts for Collection CP 3,338,250 4,479,677 - 2,434,000
Inventory -
Other Current Assets
Payments Made by Antic 5,023,096 789,598
Non-Current Asset 26,723,671 24,204,009 25,369,000 14,200,000
Doc for Cob Emp Relac LP
Permanent Investments
Fixed Assets 26,723,671 24,204,009 25,369,000 14,200,000
Intangibles -
Merchant Credit
Other LP Assets
Liabilities and Equity 163,718,581 196,112,003 224,352,000 239,402,000
Total Liabilities 45,658,923 77,958,637 71,658,000
Current Liability 45,658,923 77,958,637 71,658,000
Overdrafts Advances in Checking Account -
Financial Debts CP -
CP Providers 22,484,287 50,973,009 51,198,000 12,281,000
Accounts Payable to Employees 16,280,000 16,020,000
CP Provisions 12,278,539 13,035,525 4,180,000
Gave Fin LP Portion CP
Other Non-Commercial Countries CP 10,896,097 13,950,103 - 10,424,000
Non-Current Liabilities -
Net Worth 118,059,658 118,153,366 152,694,000 239,402,000
Social Capital -
Revaluation of Heritage 7,960,000 -
Additional Capital -
Legal Reserves -
Surpluses from previous years 36,742,638 118,059,659 129,850,000 150,232,000
Surpluses of the exercise 81,317,020 93,707 14,884,000 89,170,000
 Annual Profit and Loss Statement

2011 2012 2013

Horizontal Property Management 313,572,740 394,689,600 407,210,000

Cost of Sales

Gross Profit 313,572,740 394,689,600 407,210,000

Administration Expenses -313,466,509 -398,845,443 -392,326,000

Sales Expenses

Operating Income 106,231 -4,155,843 14,884,000

Financial Expenses -13,244,004 -9,699,982 -12,453,000

Financial Income 94,454,793 13,949,532 19,317,000

Net Exchange Difference

Other Income

Other Expenses

Result of the Exercise 81,317,020 93,707 21,748,000

2011 2012 2013

Sales 100.00% 100.00% 100.00%

Cost of Sales 0.00% 0.00% 0.00%

Gross Profit 100.00% 100.00% 100.00%

Administration Expenses -99.97% -101.05% -96.34%

Sales Expenses 0.00% 0.00% 0.00%

Operating Utility 0.03% -1.05% 3.66%

Financial Expenses -4.22% -2.46% -3.06%

Financial Income 30.12% 3.53% 4.74%

Net Exchange Difference 0.00% 0.00% 0.00%

Other Income 0.00% 0.00% 0.00%

Other Expenses 0.00% 0.00% 0.00%

Result of the Exercise 25.93% 0.02% 5.34%

 2014
Annual Sales
424,564,000 450,000,000
400,000,000
350,000,000
424,564,000 300,000,000
-381,164,000 250,000,000
200,000,000
150,000,000
43,400,000 100,000,000
50,000,000
-1,716,000
-
2011 2012 2013 2014
47,486,000

Annual Utilities
100,000,000
90,000,000
80,000,000
89,170,000 70,000,000
60,000,000
50,000,000
2014 40,000,000
30,000,000
100.00% 20,000,000
10,000,000
0.00%
-
100.00% 2011 2012 2013 2014

-89.78%

0.00%

10.22%

-0.40%

11.18%

0.00%

0.00%

0.00%

21.00%
 Liquidity
Detail 2012 2013 2014

Working capital 136,994,910 171,907,994 198,983,000

Net working capital 91,335,987 93,949,357 127,325,000
Current ratio 3.00 2.21 2.78
Acid test 3.00 2.21 2.78
Current Asset Relevance 83.68% 87.66% 88.69%

Activity
Detail 2012 2013 2014

Rotation c x c 3 3 2
Average collection period 122 139 171
Inventory rotation #DIV/0! #DIV/0! #DIV/0!
Inventory turnover period #DIV/0! #DIV/0! #DIV/0!
Accounts Payable Turnover - - -
Average payment period #DIV/0! #DIV/0! #DIV/0!
Operating cycle #DIV/0! #DIV/0! #DIV/0!
Cash conversion cycle #DIV/0! #DIV/0! #DIV/0!
Rotation of fixed assets 12 16 16
Total asset turnover 2 2 2
Cash and Banks / Sales 0.06 0.03 0.01

Indebtedness
Detail 2012 2013 2014

Level of indebtedness 27.89% 39.75% 31.94%

Indebtedness over equity 0.39 0.66 0.47
Degree of ownership 0.72 0.60 0.68

Profitability
Detail 2012 2013 2014

Gross margin 100.00% 100.00% 100.00%

Net margin 25.93% 0.02% 5.34%
ROA 0.09 0.06 0.06
ROE #DIV/0! #DIV/0! #DIV/0!
 Annual EBITDA Calculation

Detail 2009 2010 2011 2012

Sales 10,011,988 10,893,529.00 13,366,986 10,750,595

Cost of Sales -7,718,122 -8,486,286 -10,158,531 -8,714,265

Gross Profit 2,293,866 2,407,243 3,208,456 2,036,330

Administration Expenses -1,390,031 -1,351,695 -1,566,627 -1,783,122

Sales Expenses -305,555 -424,600 -588,741 -370,303

Operating Utility 598,280 630,948 1,053,087 -117,095

Depreciation 603,113 618,105 906,927 872,428

EBITDA of the Fiscal Year 1,201,393 1,249,053 1,960,014 755,333

Annual Sales EBIT

16,000,000 2,500,000
14,000,000
2,000,000
12,000,000
10,000,000 1,500,000
8,000,000
6,000,000 1,000,000

4,000,000
500,000
2,000,000
- -
2009 2010 2011 2012 2013 2009
 2013 2014
9,441,978 10,893,015

-7,085,506 -8,432,542

2,356,472 2,460,473

-1,592,453 -1,536,786

-285,647 -394,969

478,372 528,718

953,314 671,630

1,431,686 1,200,348

Annual TDA

2010 2011 2012 2013