ANÁLISIS HORIZONTAL Y VERTICAL EQUILIBRIO DE LA

> 43+1,/3*+'3'1/>'71487+8:19'*48*+8:+257+8'5'7'1'942'*+*+)/8/43+8.')/'+1,:9:748+5:+*+7+'1/>'7:3+89:*/4;+79/)'1=.47/>439'1*+1'8;'7/'(1+8*+1('1'3)+*+8/9:')/F3=+1+89'*4*+7+8:19'*48488/-:/+39+8843'1-:348+0+25148
> %!$#!
" #$%A
" # # #$" #$
%'6.').D2
> #!
!#
'0'=('3)48
&'147+83+-4)/'(1+8
:+39'8547)4(7'7*+)479451'>4
4):2+3948547)4(7'7*+)479451'>4
3;+39'7/48
9748')9/;48*+)479451'>4
!!!#"!
32:+(1+2'6:/3'7/'=+6:/543+94
!!!#
!!!#
#
:+39'8547!'-'7
97485'-48
'89485475'-'7
25:+89485475'-'7
#!%
#!!
!
'5/9'1'))/43'7/4
%9/1/*'*+88/3*/897/(:/7
%9/1/*'**+15+7/4*4
!!!
#$!
#&6
'6-+2(6983
2).*+2).'
2).*+2).'-'7837
*+34+6').D2
!38').D2
*+0')8.:3
!38').D2*+0
')8.:3).6)90'28+
2*.)+*+*+9*'
2*.)+*+
+2*+9*'1.+283
2).*+2).')3783
*+:+28'7
'783
*+:+28'7
'7837
*+'*1.2.786').D2
'7837,.2'2).+637
149+78373(6+
0'6+28'
!38').D2*+0
')8.:32+83
!'=D2*+
+2*+9*'1.+283 !+2*.1.+283
73(6+
+04'86.132.3
'6-+2
73(6+0'7
:+28'7
!+2*.1.+283
73(6+
0'.2:+67.D2
838'0
+6.3*31+*.3
*+)3(63
":(74
@""!&#
%'6
3-7+848*+45+7')/F3
48948*+45+7')/F3
$#!$#
'8948-+3+7'1+8
$#!#%
25:+894*+7+39'
$##
'8948,/3'3)/+748
%9/1/*'*'39+8*+/25:+8948
" !"!"
43('8++3+1('1'3)+*+8/9:')/F3*/(:0+1485+8486:+7+57+8+39'3148
')9/;485'8/;48=5'97/243/4*+8:+257+8'+3148*/89/3948'E48*+1'3B1/8/8
"'>F3)/7):1'39+
"'>F3+3*+:*'2/+394
"'>F3)/7):1'39+
"'>F3+3*+:*'2/+394
)9/;4,/04,/3'3)/'*4
!'97/243/4
)9/;4)/7):1'39+,/3'3)/'*4
!'97/243/4!'8/;4!
%'6
'6-+2*+
'4'0'2)'1.+283
%'6.').D2
%'6
!+28'(.0.*'*
73(6+
.2:+67.D2838'0
%'6.').D2
!38').D2*+
.2:+28'6.3
@""%!#
#$" %!
'6-+2
34+6'8.:3
#&6
4251+2+39+ +1 '3B1/8/8 ;+79/)'1 = .47/>439'1 )43 :3 +89:*/4 *+
1'87'>43+8,/3'3)/+7'82B8)43;+3/+39+85'7'8:+257+8'
%'6.').D2
% @ #
#&6
"#%$ # # # 3783 4631+*.3
*+4'7.:37
,+)83838'0
*+'4'0'2)'1.+283
)8.:3,./3
)8.:3).6)90'28+
""!
4'6'0'40'2.,.)').D2
+146+7'6.'0
'86.132.3
"'>F3)/7):1'39+
"'>F3+3*+:*'2/+394
)9/;4,/04,/3'3)/'*4
!'97/243/4
)9/;4)/7):1'39+,/3'3)/'*4
!'97/243/4!'8/;4!
'7.:3
'7.:37
,$##3& ) &*'&3%#()!#& *#&!')%+#-'*
%() *' &),('#3&
##3&
## %) $!#&&# )'!#&&# )'')
#) #3&&&.'", )#* 2'#$ &. "
'+'")!1*0,(#+ )#%" *')(('.'#&!')%+#-' ()+% &+'
#&&/* ),('#3&
!!?
% "%$ #
1 B7+' ,/3'3)/+7' +8 )1';+ +3 1' +897:)9:7')/F3 + /251+2+39'
)/F3 *+1 51'3 +897'9C-/)4 *+ ):'16:/+7 +257+8' $4*4 51'3 +8
97'9C-/)4 574=+)948 = '))/43+8 5'7' 2+047'7 +1 *+8+25+E4
*+ 1' +257+8' +3 +1 )4794 2+*/'34 = 1'7-4 51'>4 *+(+ +;'1:'78+
+39C72/348*+1';/'(/1/*'*,/3'3)/+7'*+11+;'714')'(4
>
#43/3*/)'*47+8*++,/)/+3)/'*+1'+257+8'
?+(+0'+146+7'3(8+2+66+)967374'6'*+7'66300'6
463<+)837+786'8B-.)37+2+0)36831+*.'23<0'6-340'=3
?"+ 8.+2+2 430C8.)'7 '*+)9'*'7 *+ 4'-3 < )3(63 +2 ,92).D2
*+0376+7908'*37<+;4+)8'8.:'7*+02+-3).3
?477+8543*+ '1 B7+' *+ ,/3'3>'8 *+ 1' +257+8' 7+)45/1'7 1' /3,47
2')/F3 *+ 94*'8 1'8 */,+7+39+8 :3/*'*+8 = *+5'79'2+3948 :3' ;+>
6:+8+):+39')43+8'/3,472')/F3+;'1:'7B8/+8548/(1+434.')+7
7+'1/*'* 1'8 /3/)/'9/;'8 *+1 51'3 +897'9C-/)4 !'7' +894 *+(+ '3'1/>'7
1'8 3+)+8/*'*+8 *+ +,+)9/;4 *+ )4794 51'>4 )'5/9'1 *+ 97'('04 = 1'8
3+)+8/*'*+8 *+ 7+):7848 *+ 1'7-4 51'>4 /3;+78/43+8 +3 ')9/;48
,/0484394*'+89'/3,472')/F3*/8543/(1+*+(+7B+;'1:'71';/'(/
1/*'* *+ 4(9+3+7 148 7+):7848 ,/3'3)/+748 '*+):'*48 574;++*47+8
('3)' 84)/48 /3;+78/43/89'8 ' 9/+254 )43 148 51'>48 7+6:+7/*48 =
)43+1)4894'*+):'*4
?%3 (:+3 51'3 +897'9C-/)4 2'1 51'3/,/)'*4 ,/3'3)/+7'2+39+ 9/+3+
:3'574('(/1/*'*'19'*+,7')'8'7+38:/251+2+39')/F3
$2' :+= 59+ 7+ 3(8+2-'2
+737 ,32*37 ? 9B .14')83
8+2*6A2+20'+146+7'
.)*0&0.59.)*=)*0&*146*7&
!'8/;4)/7):1'39+
!&1'.A2*792.2).(&)36)*0.59.)*=(3130&6&
=D2(.6(90&28*<)*(&4.8&0)*86&'&/32*834*63
*7 1@76.,9637& 49*7 23831& *2 (9*28&037 .2
:*28&6.37(3134&68*)*0&(8.:3)*(368340&=3
!74=+)9'71'8)438+):+3)/'8,:9:7'8*+1'8*+)/8/43+857+8+39+8
+)/*/76:+'19+73'9/;'8'*459'7
425'7'7+1)425479'2/+3945489+7/47)431484(0+9/;48+89'(1+)/*48
% "!"
.)* 0& 0.59.)*= )* 0& *146*7& &0
.2).(&6 (9@2837 (3032*7 )* &(8.
:37)*(368340&=3(.6(90&28*77*
8.*2*24&6&&8*2)*60&7)*9)&7)*
(368340&=3
;46*7&59A4&68*)*037&(8.:37838&0*7
-&27.)3+.2&2(.&)371*).&28*)*9)&
*+0*/&*097359*)&0&*146*7&&037&(8.:374&6&.14907&60&7:*28&7
&+39'8
)9/;4
2).(& 0& (&4&(.)&) 59* 8.*2* 0& *1
46*7& 4&6& &8*2)*6 797 3'0.,&(.32*7
436037.28*6*7*7)*797)*9)&7
78&1'.A2 92.2).(&)36)* 0&*+.(.*2(.&)*0& &)1.2.786&(.D24&6&797 :*28&7(32
*0973)*037&(8.:37+./37
&+39'8
)9/;4,/043+94
78*.2).(&)36)&*02E1*63)*)B&7)*:*28&759**78@2&(9190&)37*20&*146*7&
*2(9*28&7436(3'6&6
:+39'8547)4(7'7<*D'8*+15+7/4*4
&+39'8
*:*0& *0 2E1*63 )* )B&7 )* (3146&759* *78@2 &(9190&)37 *2 (9*28&7 436 4&,&6
)*0&*146*7&
:+39'85475'-'7<*D'8*+15+7/4*4
4257'8
)*1@7)*.2).(&60&(&4&(.)&))*0&*1
46*7&436&8*2)*60374&,37)*.28*6*7*7
7* .2(09<*2 386&7 3'0.,&(.32*7 +./&7 (3
13037&66*2)&1.*2837
%9/1/*'*'39+8*+/39+7+8+8/25:+8948
=49748)'7-48,/048
39+7+8+8)'7-48,/048
2).(&59*8&2*+.(.*28*1*28*0&*146*7&1&2*/&797.2:*28&6.37
4894*+(/+3+8;+3*/*48
3;+39'7/4
% !
2).(&(9@2837)B&7)*(3146&78.*2*0&*146*7&*2(9*28&74364&,&6
3;+39'7/4<*D'8*+15+7/4*4
4894*+(/+3+8;+3*/*48
?9A0+70'4+674+)8.:'*+6+28'(.0.*'**+0'+146+7'
1'3B1/8/8*+148*'948,/3'3)/+748)43+1,/3*++;'1:'71'
8/9:')/F3*+1'+257+8'=7+'1/>'7574=+))/43+834+8:3'
9'7+',B)/1
?77378+2.(0++02.:+0*+6+28'(.0.*'*
? 9B8'2+,.).+28+<463*9)8.:'+70'+146+7'
?D13 7'(+6 7. +0 )314368'1.+283 *+ 0' +146+7' +78A
*+2863*+0'74'98'7*+)314368'1.+2832361'0
?D13+;'1.2'60'7'09*,.2'2).+6'*+0'+146+7'
6+74+)83'037)314+8.*36+7
9A463436(.D2)*0&7:*28&77*
86&)9(*2*298.0.)&)*72*8&7
%9/1/*'*3+9'
&+39'8
9@283)*(&)&(30D2:*2).)359*)&*20&*146*7&(313
98.0.)&)*7)*749A7)*)*)9(.6037,&7837)*34*6&(.D2
*;(09<*2)3037,&7837+.2&2(.*637*.149*7837
%9/1/*'*'39+8*+/25:+8948+/39+7+8+8
&+39'8
?D13*+8+61.2'67.+;.78++59.0.(6.3+286+0'7
1+8'7<+786'8+-.'7<0376+59+6.1.+2837*+.2:+67.D2
<,.2'2).'1.+283*+0'+146+7'
89'88438414'1-:3'8*+1'857+-:39'86:+8:7-+35'7'
):'16:/+75+7843'6:+*+(+942'7*+)/8/43+884(7+1'+257+8'
8+'+1-+7+39+-+3+7'1+1-+7+39+,/3'3)/+744+15745/+9'7/4
327*/37
39+ 1' -7'3 )'39/*'* *+ *'948 6:+ '7740'3 148 +89'*48 ,/3'3
)/+748 +89'*4 *+ 7+8:19'*48 ('1'3)+ *+ 8/9:')/F3 = ,1:04 *+
)'0'+</89++15+1/-746:+348+5:+*'7+'1/>'7:3'3B1/8/8'*+
):'*4 *+ */).' /3,472')/F3 5'7' 942'7 *+)/8/43+8 !47 +84
1'85+7843'87+85438'(1+8*+1'3B1/8/8:9/1/>'3'1-:3'87+1')/4
3+8 *+ ;'7/'(1+8 ,/3'3)/+7'8 89'8 843 )434)/*'8 )424 7'>4
3+8,/3'3)/+7'8
!'8/;4949'1
)9/;4949'1
)9/;4)/7):1'39+
!'8/;4)/7):1'39+
%9/1/*'*+8'39+8*+/39+7+8+8+/25:+8948
'7-48547/39+7+8+8
)9/;4)/7):1'39+3;+39'7/4
!'8/;4)/7):1'39+
&40&2.+.(&(.D2+.2&2(.*6&*792463(*73)*
?78A0'+146+7'
,.2'2).'*''*+)9'*'1+28+
1-:3'8*++89'857+-:39'85:+*+3)439+89'78+'5'79/7*+1'
/3,472')/F3*+1'87'>43+8*+1/6:/*+>=841;+3)/'
)9/;4)/7):1'39+
3'1/>'7 1'8 7+1')/43+8 +397+ 1'8 '19+73'9/;'8 *+ /3;+78/F3 = *+ ,/3'3)/'2/+394 *+ 1'
+257+8'
% !#
9A 4&68* )* 0&7 :*28&7 7* 86&)9(* *2
,&2&2(.&7)*749A7)*)*)9(.6037,&7837
)*463)9((.D2
*+.2* 0& 6*28&'.0.)&) 3'8*2.)& 436 037 )9*C37 )* 0& *146*7& 0&
(9&0 7*(314&6& (32386&7 6*28&'.0.)&)*7437.'0*7 4&6&037 +32)37
.2:*68.)37*2+92(.D2)*0&2&896&0*=&)*02*,3(.3
%9/1/*'*(7:9'
&+39'8
'8 7'>43+8 ,/3'3)/+7'8 '=:*'3 ' ,472:1'7 57+-:39'8 ):='8
7+85:+89'8.'=6:+(:8)'7348414+3148*'948
.'= :3 24*+14 *+ 7'>43+8 ,/3'3)/+7'8 '*' +257+8' *+(+
4
+3)4397'7 '6:+11'8 6:+ 5:+*+3 47/+39'71+ 8+-G3 148 242+3948
+85+)D,/)48*+1'+257+8'
4 +8 3+)+8'7/4 )'1):1'794*'8 1'8 548/(1+8 7'>43+8 ,/3'3)/+7'8
82+0478+78+1+)9/;48
425'7'71'87'>43+8)431'8*+1'+257+8'+3+15'8'*44)43
497'8+257+8'85:+*+8+7:3'-:D'5'7'+1'3B1/8/8
.)*0&*+.(.*2(.&)*0&*146*7&*2*0973)*037&(8.:37
%9/1/*'*'39+8*+/39+7+8+8=*+85:C8*+/25:+8948
)9/;48
%9/1/*'*3+9'
!'97/243/4
38&"+):+7*+6:+8+5:+*+3
7+'1/>'7148)B1):148*+7'>43+8,/3'3)/+7'8
6:+8+'32B8)43;+3/+39+85'7'8:+257+8'