Estados FinESTADOS FINANCIEROSAcueductos de Colombia2003200420052006%Ao03%Ao04%Ao05%Ao06%H Ao 3-4%H Ao 4-5%H Ao 5-61Disponible98.01.01.96.80.0%0.0%0.0%0.0%-99.0%87.0%264.0%2Inversiones Temporales5,944.07,345.05,241.046,361.81.3%1.5%1.1%8.8%23.6%-28.6%784.6%3Deudores143,230.0155,096.0117,774.0106,468.531.0%32.3%24.0%20.1%8.3%-24.1%-9.6%4Inventarios2,940.02,519.02,902.53,347.20.6%0.5%0.6%0.6%-14.3%15.2%15.3%5Diferidos (Operacin)733.0689.0716.5488.70.2%0.1%0.1%0.1%-6.0%4.0%-31.8%6Otros activos corrientes0.00.00.00.00.0%0.0%0.0%0.0%0.0%7Activo Corriente152,945.0165,650.0126,635.9156,672.933.1%34.5%25.8%29.6%8.3%-23.6%23.7%8Planta & Equipo47,395.049,009.054,018.057,681.410.2%10.2%11.0%10.9%3.4%10.2%6.8%9Deudores Largo Plazo63,461.068,554.0119,248.0138,144.113.7%14.3%24.3%26.1%8.0%73.9%15.8%10Intangibles35,530.035,612.035,339.033,286.57.7%7.4%7.2%6.3%0.2%-0.8%-5.8%11Otros Activos141,872.0141,127.0136,287.0125,266.630.7%29.4%27.8%23.6%-0.5%-3.4%-8.1%12Inversiones Permanentes1,531.01,541.02,506.04,602.20.3%0.3%0.5%0.9%0.7%62.6%83.6%13Valorizaciones19,864.018,017.016,268.014,153.04.3%3.8%3.3%2.7%-9.3%-9.7%-13.0%14Activo No Corriente309,653.0313,860.0363,666.0373,133.866.9%65.5%74.2%70.4%1.4%15.9%2.6%15Total Activos462,598.0479,510.0490,301.9529,806.6100.0%100.0%100.0%100.0%3.7%2.3%8.1%16172003200420052006%Ao03%Ao04%Ao05%Ao06%H Ao 3-4%H Ao 4-5%H Ao 5-618Crdito a corto plazo26,000.030,458.027,800.028,158.25.6%6.4%5.7%5.3%17.1%-8.7%1.3%19Proveedores41,264.050,271.055,795.066,493.98.9%10.5%11.4%12.6%21.8%11.0%19.2%20Cuentas por pagar767.01,067.01,319.01,483.10.2%0.2%0.3%0.3%39.1%23.6%12.4%21Pasivos estimados4,419.02,713.03,594.03,375.01.0%0.6%0.7%0.6%-38.6%32.5%-6.1%22Bonos0.00.00.042,000.00.0%0.0%0.0%7.9%0.0%23Otras obligaciones cp5,521.05,237.06,403.01,650.31.2%1.1%1.3%0.3%-5.1%22.3%-74.2%24Pasivo Corriente77,971.089,746.094,911.0143,160.616.9%18.7%19.4%27.0%15.1%5.8%50.8%25Obligaciones Financieras16,000.016,000.014,400.09,600.03.5%3.3%2.9%1.8%0.0%-10.0%-33.3%26Otros pasivos (sin intereses)10,646.010,842.011,132.010,408.62.3%2.3%2.3%2.0%1.8%2.7%-6.5%27Bonos224,000.0222,000.0222,000.0180,000.048.4%46.3%45.3%34.0%-0.9%0.0%-18.9%28Pasivo Largo Plazo250,646.0248,842.0247,532.0200,008.654.2%51.9%50.5%37.8%-0.7%-0.5%-19.2%29Capital social y SuperavitC30,355.030,355.030,355.073,422.26.6%6.3%6.2%13.9%0.0%0.0%141.9%30Resultados ejercicios ant.40,844.044,253.046,289.048,617.68.8%9.2%9.4%9.2%8.3%4.6%5.0%31Utilidades del ejercicio3,409.02,036.02,329.0639.50.7%0.4%0.5%0.1%-40.3%14.4%-72.5%32Revalorizacin patrimonio0.00.00.049,805.10.0%0.0%0.0%9.4%0.0%33Superavit Valorizacin59,373.064,277.068,887.014,153.012.8%13.4%14.0%2.7%8.3%7.2%-79.5%34Patrimonio133,981.0140,921.0147,860.0186,637.529.0%29.4%30.2%35.2%5.2%4.9%26.2%35Total Pasivo y Patrimonio462,598.0479,509.0490,303.0529,806.6100.0%100.0%100.0%100.0%3.7%2.3%8.1%3637382003200420052006%Ao03%Ao04%Ao05%Ao06%H Ao 3-4%H Ao 4-5%H Ao 5-639Ingresos Operacionales215,993.0212,626.0228,190.0241,635.8100.0%100.0%100.0%100.0%-1.6%7.3%5.9%40Costo de Ventas103,639.0115,062.0123,997.0131,797.848.0%54.1%54.3%54.3%11.0%7.8%6.3%41Utilidad Bruta112,354.097,564.0104,193.0109,838.052.0%45.9%45.7%45.7%-13.2%6.8%5.4%42Gastos Administracin76,114.058,287.064,925.083,258.535.2%27.4%28.5%28.5%-23.4%11.4%28.2%43Gastos de Ventas0.00.00.00.00.0%0.0%0.0%0.0%0.0%44Utilidad Operacional36,240.039,277.039,268.026,579.416.8%18.5%17.2%17.2%8.4%-0.0%-32.3%45Otros ingresos8,300.09,812.08,390.016,917.03.8%4.6%3.7%3.7%18.2%-14.5%101.6%46Otros egresos37,336.044,072.041,605.043,398.917.3%20.7%18.2%18.2%18.0%-5.6%4.3%47Correccin Monetaria0.00.00.0461.90.0%0.0%0.0%0.0%0.0%48Utilidad antes de impuestos7,204.05,017.06,053.0559.43.3%2.4%2.7%2.7%-30.4%20.6%-90.8%49Impuestos3,793.02,981.03,724.0-80.11.8%1.4%1.6%1.6%-21.4%24.9%-102.2%50Utilidad Neta3,411.02,036.02,329.0639.51.6%1.0%1.0%1.0%-40.3%14.4%-72.5%5152Depreciacin32,713.019,814.025,943.028,223.053x54

Variables CriticasVARIABLES CRITICASAcueductos de ColombiaCapital de Trabajo Operativo2003200420052006KTO3Deudores143,230.0155,096.0117,774.0106,468.54Inventarios2,940.02,519.02,902.53,347.25Diferidos (Operacin)733.0689.0716.5488.7KTO146,903.0158,304.0121,393.0110,304.32003200420052006Pasivo Operativo19Proveedores41,264.050,271.055,795.066,493.920Cuentas por pagar767.01,067.01,319.01,483.121Pasivos estimados4,419.02,713.03,594.03,375.0Pasivo Operativo46,450.054,051.060,708.071,352.12003200420052006KTNOKTO146,903.0158,304.0121,393.0110,304.3-Pasivo Operativo46,450.054,051.060,708.071,352.1KTNO100,453.0104,253.060,685.038,952.2Variacin KTNO3,800.0-43,568.0-21,732.88Planta & Equipo47,395.049,009.054,018.057,681.410Intangibles35,530.035,612.035,339.033,286.511Otros Activos141,872.0141,127.0136,287.0125,266.613Valorizaciones19,864.018,017.016,268.014,153.0Capital Fijo244,661.0243,765.0241,912.0230,387.5Activo Operacional2003200420052006Activo No Operacional6Otros activos corrientes0.00.00.00.09Deudores Largo Plazo63,461.068,554.0119,248.0138,144.112Inversiones Permanentes1,531.01,541.02,506.04,602.2Activo No Operacional64,992.070,095.0121,754.0142,746.22003200420052006Activo Operativo15Total Activos462,598.0479,510.0490,301.9529,806.6Activo No Operacional64,992.070,095.0121,754.0142,746.2Activo Operativo397,606.0409,415.0368,547.9387,060.4Base para calcular RONAINDICADORES PARA RONA2003200420052006Activo Operativo NetoActivo Operativo397,606.0409,415.0368,547.9387,060.4Pasivo Operativo46,450.054,051.060,708.071,352.1Activo Operativo Neto351,156.0355,364.0307,839.9315,708.32003200420052006UODI44Utilidad Operacional36,240.039,277.039,268.026,579.449Impuestos3,793.02,981.03,724.0-80.1UODI32,447.036,296.035,544.026,659.5200320042005200642Gastos Administracin76,114.058,287.064,925.083,258.543Gastos de Ventas0.00.00.00.0Gastos Operacin76,114.058,287.064,925.083,258.5

IndicadoresCALCULO DE INDICADORESAcueductos de ColombiaINDICADORES TRADICIONALES200320042005200644Utilidad Operacional36,240.039,277.039,268.026,579.41Rentabilidad OperativaActivos Operativos397,606.0409,415.0368,547.9387,060.42Rentabilidad Operativa9.1%9.6%10.7%6.9%342003200420052006539Ingresos Operacionales215,993.0212,626.0228,190.0241,635.86Productividad Activos OpActivos Operativos397,606.0409,415.0368,547.9387,060.47Productividad Activos Op0.50.50.60.68920032004200520061039Ingresos Operacionales215,993.0212,626.0228,190.0241,635.811Margen Operacional44Utilidad Operacional36,240.039,277.039,268.026,579.412Margen Operacional16.8%18.5%17.2%11.0%1314DETALLE PRODUCTIVIDAD151620032004200520061739Ingresos Operacionales215,993.0212,626.0228,190.0241,635.818Productividad KTOKTO146,903.0158,304.0121,393.0110,304.319Productividad KTO1.51.31.92.2202120032004200520062239Ingresos Operacionales215,993.0212,626.0228,190.0241,635.823Productividad KTNOKTNO100,453.0104,253.060,685.038,952.224Productividad KTNO2.22.03.86.2252620032004200520062739Ingresos Operacionales215,993.0212,626.0228,190.0241,635.828Productividad Capital FijoCapital Fijo244,661.0243,765.0241,912.0230,387.529Productividad Capital Fijo0.90.90.91.0303120032004200520063239Ingresos Operacionales215,993.0212,626.0228,190.0241,635.833Das Recaudo3Deudores143,230.0155,096.0117,774.0106,468.534Das Recaudo238.7262.6185.8158.6353620032004200520063740Costo de Ventas103,639.0115,062.0123,997.0131,797.838Das Inventarios4Inventarios2,940.02,519.02,902.53,347.239Das Inventarios10.27.98.49.1404142DETALLE MARGENES434420032004200520064539Ingresos Operacionales215,993.0212,626.0228,190.0241,635.846Margen Bruto41Utilidad Bruta112,354.097,564.0104,193.0109,838.047Margen Bruto52.0%45.9%45.7%45.5%484920032004200520065039Ingresos Operacionales215,993.0212,626.0228,190.0241,635.851%Gastos OperacinGastos Operacin76,114.058,287.064,925.083,258.552%Gastos Operacin35.2%27.4%28.5%34.5%535420032004200520065539Ingresos Operacionales215,993.0212,626.0228,190.0241,635.856%Gastos Administracin42Gastos Administracin76,114.058,287.064,925.083,258.557%Gastos Administracin35.2%27.4%28.5%34.5%585920032004200520066039Ingresos Operacionales215,993.0212,626.0228,190.0241,635.861%Gastos de Ventas43Gastos de Ventas0.00.00.00.062%Gastos de Ventas0.0%0.0%0.0%0.0%636420032004200520066539Ingresos Operacionales215,993.0212,626.0228,190.0241,635.866Variacin Ingreso Op-1.6%7.3%5.9%676820032004200520066940Costo de Ventas103,639.0115,062.0123,997.0131,797.870Variacin Costo Ventas11.0%7.8%6.3%7172INDICADORES RENTABILIDAD PATRIMONIAL737420032004200520067550Utilidad Neta3,411.02,036.02,329.0639.576Rentabilidad Patrimonial34Patrimonio133,981.0140,921.0147,860.0186,637.577Rentabilidad Patrimonial2.5%1.4%1.6%0.3%787920032004200520068039Ingresos Operacionales215,993.0212,626.0228,190.0241,635.881Margen Neto50Utilidad Neta3,411.02,036.02,329.0639.582Margen Neto1.6%1.0%1.0%0.3%8384INDICADORES ARBOL RONA8586200320042005200687UODI32,447.036,296.035,544.026,659.588RONAActivo Operativo Neto351,156.0355,364.0307,839.9315,708.389RONA9.2%10.2%11.5%8.4%909120032004200520069239Ingresos Operacionales215,993.0212,626.0228,190.0241,635.893Productividad AONActivo Operativo Neto351,156.0355,364.0307,839.9315,708.394Productividad AON0.60.60.70.8959620032004200520069739Ingresos Operacionales215,993.0212,626.0228,190.0241,635.898Margen UODIUODI32,447.036,296.035,544.026,659.599Margen UODI15.0%17.1%15.6%11.0%1001012003200420052006102Activos Operativos397,606.0409,415.0368,547.9387,060.4103%Financiacin OperativaPasivo Operativo46,450.054,051.060,708.071,352.1104%Financiacin Operativa11.7%13.2%16.5%18.4%105106107INDICADORES DE PARTICIPACIN1082003200420052006109KTO146,903.0158,304.0121,393.0110,304.3110Activos Operativos397,606.0409,415.0368,547.9387,060.4111KTO/Activos Op36.9%38.7%32.9%28.5%1121132003200420052006114Capital Fijo244,661.0243,765.0241,912.0230,387.5115Activos Operativos397,606.0409,415.0368,547.9387,060.4116PPE/Activos Op61.5%59.5%65.6%59.5%11711820032004200520061193Deudores143,230.0155,096.0117,774.0106,468.5120KTO146,903.0158,304.0121,393.0110,304.3121Deudores/KTO97.5%98.0%97.0%96.5%12212320032004200520061244Inventarios2,940.02,519.02,902.53,347.2125KTO146,903.0158,304.0121,393.0110,304.3126Inventarios/KTO2.0%1.6%2.4%3.0%127128129130131132

FormulasFORMULASIndicadorClculoRentabilidad OperativaUtilidad Operativa/Activos OperativosProductividad Activos OpIngreso Operacional/Activos OperativosProductividad KTOIngreso Operacional/KTOProductividad PPEIngreso Operacional/Propiedad, Planta y EquipoDias de RecaudoCxCobrar*360/VentasDias de ReposicinInventarios*360/Costo VentasMargen OperativoUtilidad Operativa/Ingreso OperacionalMargen BrutoUtilidad Bruta/Ingreso Operacional%Gastos OperacinGastos Operacin/Ingreso Operacional%Gastos AdministrativosGastos Administrativos/Ingreso Operacional%Gastos VentasGastos Ventas/Ingreso OperacionalRONAUODI/AONProductividad AONIngreso Operacional/AONProductividad KTNOIngreso Operacional/KTNO%Financiacin OperativaPasivo Operativo / ActivosProductividad KTOIngreso Operacional/KTOMargen UODIUODI/Ingreso Operacional

ARBOL A56Dias de RecaudoRBOL DE RENTABILIDAD20052006Acueductos de ColombiaProductividad KTO185.8158.62005200697.0%96.5%1.92.2Productividad Activos Op.32.9%28.5%Dias de Reposicin20052006200520060.60.68.49.1Productividad K Fijo2.4%3.0%200520060.91.065.6%59.5%Rentabilidad Op.2005200610.7%6.9%Margen BrutoVariacin % Ingreso Op5.9%2005200645.7%45.5%Variacin % Costo V6.3%Margen Operativo2005200617.2%11.0%Gastos Admin20052006Gastos Operacin28.5%34.5%2005200628.5%34.5%Gastos Ventas200520060.0%0.0%

ARBOL RON56Dias de Recaudo20052006RBOL DE RENTABILIDADProductividad KTO185.8158.6Acueductos de Colombia20052006Productividad KTNO1.92.2200520063.86.2Dias de ReposicinProductividad AON2005200620052006%Financiacin Operativa8.49.10.70.820052006Productividad Kfijo16.5%18.4%200520060.91.0RONA2005200611.5%8.4%Margen Bruto2005200645.7%45.5%Margen UODI2005200615.6%11.0%Gastos Admin2005200628.5%34.5%