SECUENCIA DE LA DETERMINACION DEL TAMAÑO

Asignacion
Proyeccion de cada
de variables Determinaci Determina
cuota del cion de
economicas on del mercado
asociadas al mercado cada cuota
para los objetivo
mercado publicitario diferentes
publicitario. para FM
medios.

DETERMINACION DE VARIABLES MACROECONOMICAS ASOCIADAS AL MERCADO DE

INFORMACION HISTORICA
MERCADO
2004 R 2005 R 2006 R 2007 R
PBI nominal del Perú (US$ millones)69,725 79,385 92,320 107,291
Ad Spend Total Perú (US$ millones) 223 253 291 344

COEF. R2 99.7%

Correlacion de PBI vs Mercado de Publicidad

140,000 500

450
120,000
400
100,000 350

300
80,000
250
60,000
200

40,000 150

100
20,000
50
 350

300
80,000
250
60,000
200

40,000 150

100
20,000
50

0 0
2004 R 2005 R 2006 R 2007 R 2008 R 2009 R

PBI nominal del Perú (US$ millones) Ad Spend Total Perú (US$ millones)
ION DEL TAMAÑO DEL MERCADO DE MEDIOS

Proyeccion Proyección Determina

Determina de los cion de
cion de de las costos en
ventas de resultados
cada cuota en funcion funcion a
objetivo FM en parametros
funcion de a las
para FM ventas.
la cuota.

ADAS AL MERCADO DE
HISTORICA
2008 R 2009 R
127,434 129,983
410 431

ublicidad
500

450

400

350

300

250 𝑹^𝟐=𝟗𝟗.𝟕%
200

150

100

50
 350

300

250

200

150

100

50

0
2008 R 2009 R

ú (US$ millones)
 INFORMACION HISTORICA
SUPUESTOS
2004 2005 2006 2007
Variables macro
Crecimiento del PBI nominal en US$ 13.9% 16.3% 16.2%
Ad Spend/PBI Peru 0.32% 0.32% 0.32% 0.32%
Modificador
Ad Spend de Medio/Ad Spend Total Perú
TV 39.0% 42.3% 41.6% 42.7%
Modificador
Radio 11.7% 11.9% 12.0% 11.3%
Modificador
Internet 0.0% 1.7% 1.9% 2.0%
Modificador
Periódicos 26.0% 23.7% 23.4% 21.8%
Modificador
Cable 5.4% 5.1% 5.2% 5.5%
Modificador
Paneles 11.7% 11.9% 12.0% 12.2%
Modificador
Revistas 2.7% 2.4% 2.7% 2.9%
Modificador
Otros medios 3.5% 1.0% 1.2% 1.5%

INFORMACION HISTORICA
MERCADO
2004 R 2005 R 2006 R 2007 R
Información macroeconómica
PBI nominal del Perú (US$ millones) 69,725 79,385 92,320 107,291
Ad Spend total
Ad Spend Total/PBI (LatAm Select) 0.63% 0.58% 0.56%
Ad Spend Total Perú (US$ millones) Mercado Publicitario 223 253 291 344
Crec. % 13.5% 15.0% 18.2%
Ad Spend Total Perú/PBI Perú 0.320% 0.319% 0.315% 0.321%
% de penetración de LatAm 2006 57.0% 56.8% 56.2% 57.2%
Ad Spend TV
Ad Spend TV/PBI (LatAm Select) 0.34% 0.32% 0.31%
Ad Spend TV Perú (US$ millones) 87 107 121 147
Crec. % 23.1% 13.1% 21.5%
Ad Spend TV/Ad Spend Total Perú 39.0% 42.3% 41.6% 42.7%
Ad Spend TV Perú/PBI Perú 0.125% 0.135% 0.131% 0.137%
Ad Spend Radio
Ad Spend Radio/PBI (LatAm Select)
Ad Spend Radio Perú (US$ millones) 26 30 35 39
Crec. % 15.4% 16.3% 11.4%
Ad Spend Radio/Ad Spend Total Perú 11.7% 11.9% 12.0% 11.3%
Ad Spend Radio Perú/PBI Perú 0.037% 0.038% 0.038% 0.036%
Ad Spend Internet
Ad Spend Internet/PBI (LatAm Select)
Ad Spend Internet Perú (US$ millones) 4 6 7
Crec. % 28.6% 26.6%
Ad Spend Internet/Ad Spend Total Perú 1.70% 1.90% 2.03%
Ad Spend Internet Perú/PBI Perú 0.01% 0.01% 0.01%
Ad Spend Periódicos
 Ad Spend Periódicos/PBI (LatAm Select)
Ad Spend Periódicos Perú (US$ millones) 58 60 68 75
Crec. % 3.4% 13.4% 10.3%
Ad Spend Periódicos/Ad Spend Total Perú 26.0% 23.7% 23.4% 21.8%
Ad Spend Periódicos Perú/PBI Perú 0.083% 0.076% 0.074% 0.070%
Ad Spend Cable
Ad Spend Cable/PBI (LatAm Select)
Ad Spend Cable Perú (US$ millones) 12 13 15 19
Crec. % 7.1% 16.3% 26.7%
Ad Spend Cable/Ad Spend Total Perú 5.4% 5.1% 5.2% 5.5%
Ad Spend Cable Perú/PBI Perú 0.017% 0.016% 0.016% 0.018%
Ad Spend Paneles
Ad Spend Paneles/PBI (LatAm Select)
Ad Spend Paneles Perú (US$ millones) 26 30 35 42
Crec. % 15.4% 16.3% 20.0%
Ad Spend Paneles/Ad Spend Total Perú 11.7% 11.9% 12.0% 12.2%
Ad Spend Paneles Perú/PBI Perú 0.037% 0.038% 0.038% 0.039%
Ad Spend Revistas
Ad Spend Revistas/PBI (LatAm Select)
Ad Spend Revistas Perú (US$ millones) 6 6 8 10
Crec. % 0.8% 31.8% 25.0%
Ad Spend Revistas/Ad Spend Total Perú 2.7% 2.4% 2.7% 2.9%
Ad Spend Billboard Perú/PBI Perú 0.009% 0.008% 0.009% 0.009%
Ad Spend Otros medios
Ad Spend Otros medios/PBI (LatAm Select)
Ad Spend Otros medios Perú (US$ millones) 8 3 3 5
Crec. % -67.5% 37.0% 44.1%
Ad Spend Otros medios/Ad Spend Total Perú 3.5% 1.0% 1.2% 1.5%
Ad Spend Otros medios Perú/PBI Perú 0.011% 0.003% 0.004% 0.005%
Ad Spend Total (US$ millones) 223 253 291 344
HISTORICA INFORMACION PROYECTADA
2008 2009 2010 2011 2012 2013 2014 2015

18.8% 2.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%

0.32% 0.33% 0.34% 0.37% 0.38% 0.38% 0.38% 0.38%
0.10% 1.00% 4.00% 0.00% -2.00% 0.00% 0.00%

42.7% 42.9% 43.2% 44.1% 45.0% 45.9% 47.0% 47.0%

-1.00% -1.00% 0.40% 0.50% 0.25% 0.87% -1.59%
12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2.2% 2.4% 2.7% 3.0% 3.5% 3.9% 4.5% 4.5%
-1.50% -2.50% 1.00% 1.25% 0.50% 1.32% -11.28%
21.0% 20.5% 19.8% 19.1% 18.4% 17.6% 17.0% 17.0%
1.00% 0.25% -0.25% -0.25% -0.50% -0.24% 3.56%
6.1% 7.0% 7.7% 8.0% 8.3% 8.6% 9.0% 9.0%
7.25% 4.00% -2.75% -2.50% -3.00% -2.52% -6.21%
11.5% 10.6% 10.2% 9.3% 8.6% 7.9% 7.3% 7.3%
-0.50% 3.75% -1.00% -0.50% -1.00% -0.67% 7.81%
2.9% 2.8% 2.6% 2.6% 2.6% 2.5% 2.5% 2.5%
-3.50% -2.00% 1.50% 1.50% 1.00% 1.62% 1.62%
1.0% 1.2% 1.1% 1.2% 0.9% 0.8% 0.1% 0.1%

HISTORICA INFORMACION PROYECTADA

2008 R 2009 R 2010 P 2011 P 2012 P 2013 P 2014 P 2015 P

127,434 129,983 135,182 140,589 146,213 152,061 158,144 164,469

410 431 465 517 553 580 602 626

19.2% 5.0% 8.0% 11.2% 7.0% 4.8% 3.8% 4.0%
0.322% 0.331% 0.344% 0.368% 0.378% 0.381% 0.381% 0.381%
57.4% 59.1% 61.3% 65.6% 67.5% 68.0% 67.9% 67.9%

175 185 201 228 249 266 283 294

19.0% 5.6% 8.7% 13.5% 9.2% 6.8% 6.4% 4.0%
42.7% 42.9% 43.2% 44.1% 45.0% 45.9% 47.0% 47.0%
0.137% 0.142% 0.149% 0.162% 0.170% 0.175% 0.179% 0.179%

52 55 59 66 70 74 76 79
33.3% 5.0% 8.0% 11.2% 7.0% 4.8% 3.8% 4.0%
12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7%
0.041% 0.042% 0.044% 0.047% 0.048% 0.048% 0.048% 0.048%

9 10 12 16 19 23 27 28
28.6% 16.6% 18.7% 26.6% 22.1% 18.7% 18.5% 4.0%
2.20% 2.44% 2.68% 3.05% 3.48% 3.94% 4.50% 4.50%
0.01% 0.01% 0.01% 0.01% 0.01% 0.02% 0.02% 0.02%
 86 88 92 99 102 102 102 106
14.7% 2.4% 4.6% 7.1% 3.0% 0.7% 0.0% 4.0%
21.0% 20.5% 19.8% 19.1% 18.4% 17.6% 17.0% 17.0%
0.067% 0.068% 0.068% 0.070% 0.070% 0.067% 0.065% 0.065%

25 30 36 41 46 50 54 56
31.6% 20.1% 19.8% 15.3% 11.2% 8.4% 7.9% 4.0%
6.1% 7.0% 7.7% 8.0% 8.3% 8.6% 9.0% 9.0%
0.020% 0.023% 0.027% 0.029% 0.032% 0.033% 0.034% 0.034%

47 46 47 48 48 46 44 46
11.9% -3.1% 4.0% 2.1% -1.3% -3.8% -4.4% 4.0%
11.5% 10.6% 10.2% 9.3% 8.6% 7.9% 7.3% 7.3%
0.037% 0.035% 0.035% 0.034% 0.033% 0.030% 0.028% 0.028%

12 12 12 13 14 15 15 16
20.0% -1.3% 3.1% 10.0% 5.7% 3.1% 2.7% 4.0%
2.9% 2.8% 2.6% 2.6% 2.6% 2.5% 2.5% 2.5%
0.009% 0.009% 0.009% 0.010% 0.010% 0.010% 0.010% 0.010%

4 5 5 6 5 5 0 0
-20.0% 27.0% 0.6% 17.3% -14.5% -9.0% -92.6% 4.0%
1.0% 1.2% 1.1% 1.2% 0.9% 0.8% 0.1% 0.1%
0.003% 0.004% 0.004% 0.004% 0.004% 0.003% 0.000% 0.000%
410 431 465 517 553 580 602 626
2016

4.0%
0.38% 2.01%
100.00%

47.0%
-1.59%
12.7%
0.00%
4.5%
-11.28%
17.0%
3.56%
9.0%
-6.21%
7.3%
7.81%
2.5%
1.62%
0.1%

2016 P

171,048

651
4.0%
0.381% 68%
67.9%

306
4.0%
47.0%
0.179% 58%

83
4.0%
12.7%
0.048%

29
4.0%
4.50%
0.02%
 111
4.0%
17.0%
0.065%

58
4.0%
9.0%
0.034%

48
4.0%
7.3%
0.028%

16
4.0%
2.5%
0.010%

0
4.0%
0.1%
0.000%
651
Variables macro
2004 2005 2006 2007
Crecimiento del PBI nominal (US$) 17.54% 7.20%
Tipo de cambio 3.41 3.30 3.27 3.13

Mercado de publicidad
2004 2005 2006 2007
Ad Spend TV(% PBI) 0.12% 0.13% 0.13% 0.14%
Market share FM en TV 21.8% 22.0%

Ventas de avisos y precios

2004 2005 2006 2007
Ventas (US$) 26,408,767 32,360,079
Ventas prime time 21,269,082 25,215,620
Número de avisos 42,939 45,315
Crecimiento % 5.5%
Precio promedio (US$) 495 556
Crecimiento % 12.3%
Ventas otros 5,139,685 7,144,459
Número de avisos 33,942 52,801
Crecimiento % 55.6%
Precio promedio (US$) 151 135
Crecimiento % -10.6%
Bonificaciones
Bonificación 0.9x 1.0x
Avisos bonificados 69,888 96,305
Capacidad
Ocupabilidad vendida 38.4% 49.0%
Ocupabilidad en horas vendibles 73.3% 97.1%
Capacidad total en avisos 200,220 200,220

Ventas totales y EBITDA (JS$)

2004 2005 2006 2007
Ventas netas 26,408,767 32,360,079
Crecimiento de ventas netas (%) 23%
Utilidad bruta cash 9,667,060 15,138,489
Crecimiento de utilidad bruta cash (%) 57%
Margen bruto cash 36.6% 46.8%
EBITDA 2,853,575 7,327,979
Crecimiento de EBITDA (%) 157%
Margen EBITDA 22.6%
Costo de producción cash
2004 2005 2006 2007
Costo de producción cash total (% de ventas) 63.4% 53.2%
Pantalla (% de ventas) 42.2% 34.9%
Material fílmico 22.4% 18.6%
Producción encargada a terceros 9.1% 8.4%
Producción propia 10.6% 7.9%
Costos variables (% de ventas) 5.9% 4.2%
Transporte y almacenamiento 0.2% 0.1%
Correos y telecomunicaciones 0.9% 0.7%
Mantenimiento y reparación 0.8% 0.5%
Publicidad en publicaciones 1.4% 1.1%
Otras cargas diversas 2.6% 1.7%
Costos fijos (US$) 4,044,914 4,569,713
Remuneraciones 3,527,827 3,321,181
Crec. % -5.9%
Alquileres 434,457 1,164,707
Crec. % 168.1%
Electricidad y agua 0 0
Crec. %
Tributos 4,456 11,930
Crec. % 167.7%
Seguros 78,174 71,895
Crec. % -8.0%

SG&A cash
2004 2005 2006 2007
SG&A cash total (% de ventas) 25.8% 24.1%
Gastos de administración cash (% de ventas) 14.5% 14.9%
Costos variables (% de ventas) 3.3% 4.3%
Tributos 1.2% 1.8%
Suministros diversos 0.5% 0.5%
Transporte y almacenamiento 0.0% 0.0%
Correos y telecomunicaciones 0.2% 0.2%
Mantenimiento y reparación 0.5% 0.5%
Publicidad en publicaciones 0.0% 0.0%
Otras cargas diversas 0.9% 1.2%
Costos fijos (US$) 2,960,690 3,438,828
Remuneraciones 1,656,562 2,134,144
Crec. % 28.8%
Honorarios 749,007 727,857
Crec. % -2.8%
Servicios varios 350,436 387,464
Crec. % 10.6%
Electricidad y agua 20,969 19,375
Crec. % -7.6%
Tributos 97,264 85,579
Crec. % -12.0%
Seguros 86,452 84,409
Crec. % -2.4%
Gastos de ventas cash (% de ventas) 11.3% 9.3%
Costos variables (% de ventas) 8.6% 7.3%
Tributos 0.0% 0.0%
 Comisiones 0.8% 0.8%
Comisión agencia 6.7% 5.8%
Comisión por venta internacional 0.0% 0.0%
Suministros diversos 0.0% 0.1%
Transporte y almacenamiento 0.0% 0.0%
Correos y telecomunicaciones 0.0% 0.0%
Mantenimiento y reparación 0.0% 0.0%
Publicidad en publicaciones 0.4% 0.1%
Otras cargas diversas 0.7% 0.3%
Costos fijos (US$) 708,395 633,495
Remuneraciones 286,280 202,683
Crec. % -29.2%
Honorarios 103,697 89,293
Crec. % -13.9%
Servicios varios 304,372 329,091
Crec. % 8.1%
Electricidad y agua 5,547 5,313
Crec. % -4.2%
Tributos 0 0
Crec. %
Seguros 8,499 7,115
Crec. % -16.3%

Otras cuentas
2004 2005 2006 2007
Otros ingresos (% de ventas)
Otros gastos (% de ventas)

Impuestos
2004 2005 2006 2007
Tasa de participación de los trabajadores
Tasa de IR

Balance general
2004 2005 2006 2007
Activos
Caja mínima (% de ventas) 11.9% 13.0%
Periodo medio de cobro (días de ventas) 95.6 81.6
Rotación de inventarios (días de ventas) 11.4 14.4
Anticipo proveedores (días de ventas) 13.7 9.5
Otras cuentas por cobrar (días de ventas) 23.2 30.5
Pasivos
Periodo medio de pago (días de compras) 115.1 93.2
Patrimonio
Capital social 42,811,268 42,811,268
Aumento de capital
Dividendos 0 0
% de utilidad neta 0% 0%
2008 2009P 2010P 2011P 2012P 2013P 2014P
16.16% 2.0% 4.0% 4.0% 4.0% 4.0% 4.0%
2.93 2.93 2.93 2.93 2.93 2.93 2.93

2008 2009P 2010P 2011P 2012P 2013P 2014P

0.14% 0.14% 0.15% 0.16% 0.17% 0.17% 0.18%
21.0% 21.1% 21.2% 20.8% 21.2% 21.2% 21.0%

2008 2009P 2010P 2011P 2012P 2013P 2014P

36,702,802 38,938,002 42,521,272 47,327,239 52,676,400 56,416,424 59,271,095
28,599,556
48,487
7.0%
590
6.0%
8,103,245
56,497
7.0%
143
6.0%

0.9x
94,486

52.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

97.0% 97.0% 97.0% 97.0% 97.0% 97.0% 97.0%
200,220 200,220 200,220 200,220 200,220 200,220 200,220

2008 2009P 2010P 2011P 2012P 2013P 2014P

36,702,802 38,938,002 42,521,272 47,327,239 52,676,400 56,416,424 59,271,095
13% 6% 9% 11% 11% 7% 5%
17,554,844 18,676,234 20,606,641 23,269,110 26,249,175 28,235,343 29,667,726
16% 6% 10% 13% 13% 8% 5%
47.8% 48.0% 48.5% 49.2% 49.8% 50.0% 50.1%
9,039,053 9,688,439 10,980,426 12,852,005 14,966,646 16,260,901 17,090,652
23% 7% 13% 17% 16% 9% 5%
24.6% 24.9% 25.8% 27.2% 28.4% 28.8% 28.8%
2008 2009P 2010P 2011P 2012P 2013P 2014P
52.2% 52.0% 51.5% 50.8% 50.2% 50.0% 49.9%
34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9%
18.6% 18.6% 18.6% 18.6% 18.6% 18.6% 18.6%
8.4% 8.4% 8.4% 8.4% 8.4% 8.4% 8.4%
7.9% 7.9% 7.9% 7.9% 7.9% 7.9% 7.9%
4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2%
0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7%
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1%
1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7%
4,798,199 5,038,109 5,290,014 5,554,515 5,832,240 6,123,852 6,430,045
3,487,240 3,661,602 3,844,682 4,036,916 4,238,762 4,450,700 4,673,235
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
1,222,942 1,284,089 1,348,294 1,415,709 1,486,494 1,560,819 1,638,860
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
0 0 0 0 0 0 0
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
12,527 13,153 13,810 14,501 15,226 15,987 16,787
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
75,490 79,264 83,227 87,389 91,758 96,346 101,163
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%

2008 2009P 2009P 2009P 2009P 2009P 2009P

23.2% 23.1% 22.6% 22.0% 21.4% 21.2% 21.2%
14.1% 14.0% 13.6% 13.1% 12.6% 12.4% 12.4%
4.3% 4.3% 4.3% 4.3% 4.3% 4.3% 4.3%
1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8%
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
3,610,770 3,791,308 3,980,874 4,179,917 4,388,913 4,608,359 4,838,777
2,240,851 2,352,894 2,470,538 2,594,065 2,723,769 2,859,957 3,002,955
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
764,250 802,462 842,585 884,715 928,950 975,398 1,024,168
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
406,837 427,179 448,538 470,965 494,513 519,239 545,201
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
20,344 21,361 22,429 23,550 24,728 25,964 27,263
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
89,858 94,351 99,068 104,022 109,223 114,684 120,418
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
88,629 93,061 97,714 102,600 107,730 113,116 118,772
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
9.1% 9.1% 9.0% 8.9% 8.8% 8.8% 8.8%
7.3% 7.3% 7.3% 7.3% 7.3% 7.3% 7.3%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8%
5.8% 5.8% 5.8% 5.8% 5.8% 5.8% 5.8%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
665,170 698,428 733,350 770,017 808,518 848,944 891,391
212,817 223,458 234,631 246,362 258,681 271,615 285,195
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
93,758 98,446 103,368 108,536 113,963 119,661 125,644
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
345,546 362,823 380,964 400,012 420,013 441,013 463,064
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
5,579 5,858 6,150 6,458 6,781 7,120 7,476
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
0 0 0 0 0 0 0
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
7,471 7,844 8,237 8,648 9,081 9,535 10,012
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%

2008 2009P 2010P 2011P 2012P 2013P 2014P

0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%

2008 2009P 2010P 2011P 2012P 2013P 2014P

8% 10% 10% 10% 10% 10% 10%
31% 31% 31% 31% 31% 31% 31%

2008 2009P 2010P 2011P 2012P 2013P 2014P

5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%

81.6 81.6 81.6 81.6 81.6 81.6 81.6
14.4 14.4 14.4 14.4 14.4 14.4 14.4
9.5 9.5 9.5 9.5 9.5 9.5 9.5
30.5 30.5 30.5 30.5 30.5 30.5 30.5

93.2 93.2 93.2 93.2 93.2 93.2 93.2

42,811,268 42,811,268 42,811,268 42,811,268 42,811,268 42,811,268 42,811,268

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0% 0% 0% 0% 0% 0% 0%
2015P 2016P
4.0% 4.0%
2.93 2.93

2015P 2016P
0.18% 0.18%
21.2% 21.4%

2015P 2016P
62,270,213 65,421,085

0.0% 0.0%
97.0% 97.0%
200,220 200,220

2015P 2016P
62,270,213 65,421,085
5% 5%
31,172,771 32,754,164
5% 5%
50.1% 50.1%
17,962,735 18,879,310
5% 5%
28.8% 28.9%
2015P 2016P
49.9% 49.9%
34.9% 34.9%
18.6% 18.6%
8.4% 8.4%
7.9% 7.9%
4.2% 4.2%
0.1% 0.1%
0.7% 0.7%
0.5% 0.5%
1.1% 1.1%
1.7% 1.7%
6,751,547 7,089,125
4,906,897 5,152,242
5.0% 5.0%
1,720,803 1,806,843
5.0% 5.0%
0 0
5.0% 5.0%
17,626 18,507
5.0% 5.0%
106,222 111,533
5.0% 5.0%

2009P 2009P
21.2% 21.2%
12.4% 12.4%
4.3% 4.3%
1.8% 1.8%
0.5% 0.5%
0.0% 0.0%
0.2% 0.2%
0.5% 0.5%
0.0% 0.0%
1.2% 1.2%
5,080,715 5,334,751
3,153,103 3,310,758
5.0% 5.0%
1,075,376 1,129,145
5.0% 5.0%
572,461 601,084
5.0% 5.0%
28,626 30,057
5.0% 5.0%
126,439 132,761
5.0% 5.0%
124,711 130,946
5.0% 5.0%
8.8% 8.8%
7.3% 7.3%
0.0% 0.0%
 0.8% 0.8%
5.8% 5.8%
0.0% 0.0%
0.1% 0.1%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.1% 0.1%
0.3% 0.3%
935,961 982,759
299,455 314,428
5.0% 5.0%
131,926 138,523
5.0% 5.0%
486,217 510,528
5.0% 5.0%
7,850 8,242
5.0% 5.0%
0 0
5.0% 5.0%
10,512 11,038
5.0% 5.0%

2015P 2016P
0% 0%
0% 0%

2015P 2016P
10% 10%
31% 31%

2015P 2016P

5.0% 5.0%
81.6 81.6
14.4 14.4
9.5 9.5
30.5 30.5

93.2 93.2

42,811,268 42,811,268
0 0
0 0
0% 0%
Mercado de publicidad
2004 2005
Peru GDP (US$ MM) 69,725 79,385
Ad Spend TV (US$) 87,018,581 107,027,479

Participación en el mercado de TV abierta

2004 2005
Market share FL

Pérdidas y ganancias (US$)

2004 2005
Ventas totales
Prime time
Avisos vendidos
Tarifa promedio (US$/aviso)
Otros
Avisos vendidos
Tarifa promedio (US$/aviso)
Costo de producción cash
Pantalla
Material fílmico
Producción encargada a terceros
Producción propia
Costos variables
Costos fijos
Utilidad bruta cash
SG&A cash
Gastos administrativos cash
Variables
Fijos
Gasto de ventas cash
Variables
Fijos
EBITDA
Depreciación y amortización
EBIT (UO)
- Impuestos y participaciones
EBIAT (UODI)
+ Depreciación
+/- Cambios en el WK
+/- Cambios en otros activos y pasivos (excl. deuda tributaria)
- CAPEX
+ Valor continuo
FCL

VALORACION DE EMPRESA FM SIMULACIONES REAL

Crecimiento residual (g) 2.0% 2.0%
h: tasa de reinversión 14.4% 14.4%
WACC 12.0% 12.0%

1. Valor Economico (Activos) $74,324,413 $74,324,413

Deuda financiera 2008 20,300,000 20,300,000
Caja 2008

2. Valor patrimonial (Equity Value) $54,024,413 $54,024,413

EBITDA 2008 9,039,053 9,039,053
EBITDA 2009 9,688,439 9,688,439
EBITDA 2010 10,980,426 10,980,426
EBITDA 2011 12,852,005 12,852,005
EV/EBITDA 2008 8.2 8.2
EV/EBITDA 2009 8.2x 8.2x
EV/EBITDA 2010 6.8x 6.8x
EV/EBITDA 2011 5.8x 5.8x

Stake BI 71.86%
Valor de stake a comprar 38,821,943
 1 2 3
2006 2007 2008 2009P 2010P 2011P 2012P 2013P
92,320 107,291 127,434 129,983 135,182 140,589 146,213 152,061
121,000,000 147,000,000 175,000,000 184,860,779 200,896,316 227,986,772 249,026,943 265,905,561

2006 2007 2008 2009P 2010P 2011P 2012P 2013P

21.8% 22.0% 21.0% 21.1% 21.2% 20.8% 21.2% 21.2%

2006 2007 2008 2009P 2010P 2011P 2012P 2013P

26,408,767 32,360,079 36,702,802 38,938,002 42,521,272 47,327,239 52,676,400 56,416,424
21,269,082 25,215,620 28,599,556
42,939 45,315 48,487
495 556 590
5,139,685 7,144,459 8,103,245
33,942 52,801 56,497
151 135 143
16,741,707 17,221,590 19,147,958 20,261,768 21,914,630 24,058,128 26,427,225 28,181,081
11,149,024 11,308,416 12,826,005 13,607,109 14,859,303 16,538,776 18,408,071 19,715,044
5,927,926 6,032,190 6,841,710 7,258,370 7,926,322 8,822,194 9,819,323 10,516,494
2,411,026 2,716,389 3,080,928 3,268,557 3,569,346 3,972,771 4,421,794 4,735,741
2,810,072 2,559,837 2,903,367 3,080,182 3,363,636 3,743,811 4,166,955 4,462,809
1,547,769 1,343,461 1,523,753 1,616,550 1,765,313 1,964,838 2,186,913 2,342,184
4,044,914 4,569,713 4,798,199 5,038,109 5,290,014 5,554,515 5,832,240 6,123,852
9,667,060 15,138,489 17,554,844 18,676,234 20,606,641 23,269,110 26,249,175 28,235,343
6,813,485 7,810,510 8,515,791 8,987,795 9,626,216 10,417,105 11,282,528 11,974,442
3,831,631 4,816,541 5,173,372 5,449,073 5,791,194 6,194,849 6,631,582 7,010,258
870,941 1,377,713 1,562,602 1,657,765 1,810,320 2,014,932 2,242,669 2,401,899
2,960,690 3,438,828 3,610,770 3,791,308 3,980,874 4,179,917 4,388,913 4,608,359
2,981,854 2,993,969 3,342,419 3,538,722 3,835,022 4,222,256 4,650,946 4,964,184
2,273,459 2,360,474 2,677,250 2,840,294 3,101,672 3,452,239 3,842,428 4,115,240
708,395 633,495 665,170 698,428 733,350 770,017 808,518 848,944
2,853,575 7,327,979 9,039,053 9,688,439 10,980,426 12,852,005 14,966,646 16,260,901
-1,020,765 -1,077,749 -3,056,472 -1,859,620 -1,587,620 -1,667,963 -1,748,306 -1,828,649
1,832,810 6,250,230 5,982,581 7,828,820 9,392,806 11,184,042 13,218,340 14,432,253
-2,184,839 -2,967,123 -3,559,873 -4,238,752 -5,009,751 -5,469,824
3,797,743 4,861,697 5,832,932 6,945,290 8,208,589 8,962,429
3,056,472 1,859,620 1,587,620 1,667,963 1,748,306 1,828,649
-364,859 -303,476 -520,399 -716,710 -801,974 -535,837
-139,255 -405,067 -93,078 -124,839 -138,949 -97,150
-3,396,756 -2,096,756 -1,396,756 -896,756 -896,756 -896,756

2,953,343 3,916,017 5,410,319 6,874,948 8,119,216 9,261,334

EV/EBITDA Valor activos Valor pat. 21.1% 21.2% 20.8% 21.2% 21.2%
4.0x 43,921,703 23,621,703
5.0x 54,902,129 34,602,129

6.0x 65,882,554 45,582,554

7.0x 76,862,980 56,562,980
8.0x 87,843,406 67,543,406

9.0x 98,823,832 78,523,832

 4
2014P 2015P 2016P
158,144 164,469 171,048
282,897,190 294,213,078 305,981,601 De modelo de medios

2014P 2015P 2016P

21.0% 21.2% 21.4%

2014P 2015P 2016P

59,271,095 62,270,213 65,421,085

29,603,369 31,097,442 32,666,922

20,712,626 21,760,684 22,861,775
11,048,629 11,607,690 12,195,039
4,975,370 5,227,123 5,491,616
4,688,627 4,925,872 5,175,121
2,460,699 2,585,210 2,716,022
6,430,045 6,751,547 7,089,125
29,667,726 31,172,771 32,754,164
12,577,074 13,210,036 13,874,854
7,362,212 7,731,836 8,120,019
2,523,435 2,651,121 2,785,268
4,838,777 5,080,715 5,334,751
5,214,863 5,478,200 5,754,835
4,323,471 4,542,239 4,772,076
891,391 935,961 982,759
17,090,652 17,962,735 18,879,310
-1,908,991 -1,989,334 -2,069,677
15,181,660 15,973,400 16,809,633
-5,753,849 -6,053,919 -6,370,851
9,427,811 9,919,482 10,438,782
1,908,991 1,989,334 2,069,677
-387,635 -407,296 -427,955
-74,153 -77,905 -81,847
-896,756 -896,756 -896,756 REVISAR CAPEX (US$ 14M ó US$ 8.1)
82,277,266
92,255,525 10,526,859 11,101,901
21.0% 21.2% 21.4%
Flujo de caja (S/. miles)
2004 2005 2006
EBIT
- Impuestos y participaciones
+ Depreciación y amortización
EBITDA después de impuestos
+ Ingresos diversos no operativos
- Variación CxC
- Variación inventarios
+ Variación CxP
+/- Cambios en otros activos y pasivos corrientes
Flujo de Caja Operativo
+/- Inversiones en Activo Fijo Bruto
+/- Cambios en Otros Activos y Pasivos No Corrientes
Flujo de Caja Libre para Bancos y Accionistas
+/- Deuda financiera
+/- Deuda tributaria
+/- Gasto Financiero Intereses, Neto
+/- Cambios en Patrimonio
- Reparto de Dividendos
Flujo de Caja Libre para los Accionistas
Saldo Inicial
Saldo Final
2007 2008 2009P 2010P 2011P 2012P 2013P
17,504,545 22,906,487 27,482,582 32,723,595 38,675,784 42,227,592
-3,586,310 -6,096,368 -8,204,553 -10,592,116 -13,309,662 -15,187,308
8,942,986 5,441,095 4,645,247 4,880,323 5,115,400 5,350,476
22,861,220 22,251,214 23,923,275 27,011,802 30,481,522 32,390,761

-1,372,604 -1,462,983 -2,345,321 -3,145,601 -3,501,132 -2,447,920

-241,476 -257,376 -412,602 -553,391 -615,938 -430,651
546,532 832,413 1,235,278 1,601,957 1,770,560 1,310,756
-1,108,276 -1,185,194 -272,340 -365,269 -406,554 -284,254
20,685,395 20,178,075 22,128,290 24,549,498 27,728,458 30,538,691
-9,938,631 -6,134,938 -4,086,795 -2,623,836 -2,623,836 -2,623,836
700,827 0 0 0 0 0
11,447,590 14,043,137 18,041,495 21,925,662 25,104,623 27,914,855
-2,768,087 -2,978,218 -1,964,537 -2,142,698 -2,338,594 -2,554,200
-4,057,155 -4,710,356 -5,468,724 -6,349,188 -7,371,408 -8,558,204
-7,684,417 -6,821,084 -5,834,684 -4,776,059 -3,557,943 -2,155,540
0 0 0 0 0 0
0 0 0 0 0 0
-3,062,068 -466,521 4,773,551 8,657,718 11,836,678 14,646,911
13,117,088 10,055,020 9,588,498 14,362,049 23,019,767 34,856,445
10,055,020 9,588,498 14,362,049 23,019,767 34,856,445 49,503,355
2014P 2015P 2016P
44,420,297 46,736,865 49,183,613
-16,630,582 -17,713,272 -18,640,589
5,585,553 5,820,629 6,055,706
33,375,268 34,844,222 36,598,729

-1,868,439 -1,962,982 -2,062,309

-328,706 -345,338 -362,812
1,062,957 1,116,605 1,172,961
-216,964 -227,943 -239,477 CxP vinculadas
32,024,116 33,424,564 35,107,092
-2,623,836 -2,623,836 -2,623,836
0 0 0
29,400,280 30,800,729 32,483,257
-2,791,736 0 0
-1,727,770 0 0
-540,134 0 0
0 0 0
0 0 0
24,340,640 30,800,729 32,483,257
49,503,355 73,843,996 104,644,724
73,843,996 104,644,724 137,127,981
Variables macro
2009P 2010P 2011P 2012P 2013P 2014P
Crecimiento del PBI nominal (US$) 2.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Tipo de cambio 2.93 2.93 2.93 2.93 2.93 2.93

Mercado de publicidad
2009P 2010P 2011P 2012P 2013P 2014P
Ad Spend Radio (% PBI) 0.04% 0.04% 0.05% 0.05% 0.05% 0.05%
Market share RPP en radio 52.0% 56.8% 56.8% 56.8% 56.8% 56.8%
Ad Spend Internet (% PBI) 0.01% 0.01% 0.01% 0.01% 0.02% 0.02%
Market share RPP en internet 5.0% 6.7% 7.6% 8.6% 9.7% 11.0%
Ad Spend Cable (% PBI) 0.02% 0.03% 0.03% 0.03% 0.03% 0.03%
Market share RPP en cable 0.10% 0.09% 0.09% 0.09% 0.09% 0.09%

Distribución de ventas de radio

2009P 2010P 2011P 2012P 2013P 2014P
Radios 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
RPP 66.8% 65.4% 62.7% 60.0% 57.4% 55.0%
K-Buena/Felicidad 5.9% 5.6% 6.1% 6.7% 7.3% 8.1%
Studio 92 15.0% 14.4% 14.4% 14.4% 14.4% 14.4%
Corazón/Capital 2.5% 5.1% 6.3% 7.2% 7.8% 8.1%
Oxigeno 4.5% 4.4% 4.9% 5.5% 6.1% 6.9%
La Mega 5.2% 5.1% 5.6% 6.2% 6.9% 7.6%

Ventas totales y EBITDA

2009P 2010P 2011P 2012P 2013P 2014P
Ventas netas (US$) 28,954,963 34,349,032 38,474,933 41,523,441 44,010,954 46,355,218
Crecimiento de ventas netas (%) 10% 19% 12% 8% 6% 5%
EBITDA (US$) 9,204,978 12,218,634 15,174,478 17,155,641 18,605,113 19,865,195
Crecimiento de EBITDA (%) 0% 33% 24% 13% 8% 7%
Margen EBITDA 31.8% 35.6% 39.4% 41.3% 42.3% 42.9%
Costo de ventas cash
2009P 2010P 2011P 2012P 2013P 2014P
Costo de ventas total (% de ventas) 49.0% 45.9% 43.3% 42.1% 41.5% 41.1%
Radios 45.9% 42.7% 40.3% 39.3% 38.8% 38.6%
RPP 40.2% 38.1% 37.2% 37.4% 38.1% 39.1%
Variables (% de ventas)
Comisión de agencias 5.9% 5.9% 5.9% 5.9% 5.9% 5.9%
Comisión de vendedores 10.5% 9.2% 9.1% 9.1% 9.2% 9.3%
Parte variable (S/.) 3,198,146 3,245,154 3,456,054 3,539,097 3,551,653 3,529,617
% de ventas 5.8% 5.1% 5.1% 5.1% 5.1% 5.1%
Parte fija (S/.) 2,616,665 2,655,126 2,734,780 2,816,823 2,901,328 2,988,367
Crec. % 1.5% 3.0% 3.0% 3.0% 3.0%
Fijos (S/.)
Participación de emisoras 814,000 768,292 791,341 815,081 839,534 864,720
Crec. % 11.4% -5.6% 3.0% 3.0% 3.0% 3.0%
Gastos de personal 8,216,600 9,559,135 9,845,909 10,141,287 10,445,525 10,758,891
Crec. % 8.9% 16.3% 3.0% 3.0% 3.0% 3.0%
Gastos de estructura de programas 2,976,291 3,245,757 3,343,130 3,443,424 3,546,727 3,653,129
Crec. % 0.5% 9.1% 3.0% 3.0% 3.0% 3.0%
Gastos de marketing y promoción 1,181,587 1,201,904 1,237,962 1,275,100 1,313,353 1,352,754
Crec. % 10.2% 1.7% 3.0% 3.0% 3.0% 3.0%
K-Buena/Felicidad 65.4% 63.0% 54.9% 49.6% 45.6% 42.3%
Variables (% de ventas)
Comisión de agencias 6.2% 6.2% 6.2% 6.2% 6.2% 6.2%
Comisión de vendedores 10.5% 9.2% 8.5% 8.1% 7.8% 7.5%
Parte variable (S/.) 279,767 276,012 336,713 394,965 454,028 516,852
% de ventas 5.7% 5.1% 5.1% 5.1% 5.1% 5.1%
Parte fija (S/.) 228,900 225,828 232,603 239,581 246,769 254,172
Crec. % -1.3% 3.0% 3.0% 3.0% 3.0%
Fijos (S/.)
Participación de emisoras 455,000 493,242 508,040 523,281 538,979 555,149
Crec. % 22.3% 8.4% 3.0% 3.0% 3.0% 3.0%
Gastos de personal 891,000 921,819 949,473 977,957 1,007,296 1,037,515
Crec. % 23.4% 3.5% 3.0% 3.0% 3.0% 3.0%
Gastos de estructura de programas 12,450 17,500 18,025 18,566 19,123 19,696
Crec. % 3.8% 40.6% 3.0% 3.0% 3.0% 3.0%
Gastos de marketing y promoción 1,015,200 1,165,277 1,200,235 1,236,242 1,273,329 1,311,529
Crec. % 4.7% 14.8% 3.0% 3.0% 3.0% 3.0%
Studio 92 36.7% 35.2% 33.4% 32.6% 32.2% 32.1%
Variables (% de ventas)
Comisión de agencias 5.3% 6.1% 6.1% 6.1% 6.1% 6.1%
Comisión de vendedores 10.6% 9.2% 8.9% 8.7% 8.7% 8.7%
Parte variable (S/.) 727,315 713,724 793,892 849,100 889,985 923,774
% de ventas 5.8% 5.1% 5.1% 5.1% 5.1% 5.1%
Parte fija (S/.) 595,076 583,956 601,475 619,519 638,104 657,248
Crec. % -1.9% 3.0% 3.0% 3.0% 3.0%
 Fijos (S/.)
Participación de emisoras 352,000 253,781 261,395 269,236 277,314 285,633
Crec. % 31.3% -27.9% 3.0% 3.0% 3.0% 3.0%
Gastos de personal 1,161,000 1,303,085 1,342,178 1,382,443 1,423,916 1,466,634
Crec. % 26.1% 12.2% 3.0% 3.0% 3.0% 3.0%
Gastos de estructura de programas 97,450 146,482 150,876 155,403 160,065 164,867
Crec. % 10.7% 50.3% 3.0% 3.0% 3.0% 3.0%
Gastos de marketing y promoción 990,847 1,102,390 1,135,462 1,169,526 1,204,611 1,240,750
Crec. % -0.6% 11.3% 3.0% 3.0% 3.0% 3.0%
Corazón/Capital 156.4% 75.0% 59.0% 51.4% 47.7% 46.1%
Variables (% de ventas)
Comisión de agencias 3.2% 5.8% 5.8% 5.8% 5.8% 5.8%
Comisión de vendedores 9.7% 9.2% 8.2% 7.7% 7.4% 7.3%
Parte variable (S/.) 111,755 253,493 347,756 425,305 483,086 519,820
% de ventas 5.3% 5.1% 5.1% 5.1% 5.1% 5.1%
Parte fija (S/.) 91,436 207,403 213,625 220,034 226,635 233,434
Crec. % 126.8% 3.0% 3.0% 3.0% 3.0%
Fijos (S/.)
Participación de emisoras 86,000 99,666 102,656 105,736 108,908 112,175
Crec. % 1.2% 15.9% 3.0% 3.0% 3.0% 3.0%
Gastos de personal 2,464,000 2,410,439 2,482,752 2,557,235 2,633,952 2,712,971
Crec. % 177.2% -2.2% 3.0% 3.0% 3.0% 3.0%
Gastos de estructura de programas 2,900 0 0 0 0 0
Crec. % 0.0% 3.0% 3.0% 3.0% 3.0%
Gastos de marketing y promoción 465,400 499,000 513,970 529,389 545,271 561,629
Crec. % -9.1% 7.2% 3.0% 3.0% 3.0% 3.0%
Oxigeno 47.8% 46.3% 40.4% 36.4% 33.4% 31.0%
Variables (% de ventas)
Comisión de agencias 5.9% 6.9% 6.9% 6.9% 6.9% 6.9%
Comisión de vendedores 10.3% 9.2% 8.5% 8.0% 7.6% 7.4%
Parte variable (S/.) 213,559 217,643 270,839 324,074 380,018 441,289
% de ventas 5.7% 5.1% 5.1% 5.1% 5.1% 5.1%
Parte fija (S/.) 174,730 178,071 183,414 188,916 194,583 200,421
Crec. % 1.9% 3.0% 3.0% 3.0% 3.0%
Fijos (S/.)
Participación de emisoras 96,000 98,811 101,776 104,829 107,974 111,213
Crec. % 15.7% 2.9% 3.0% 3.0% 3.0% 3.0%
Gastos de personal 592,000 675,824 696,099 716,982 738,491 760,646
Crec. % 25.7% 14.2% 3.0% 3.0% 3.0% 3.0%
Gastos de estructura de programas 10,450 23,000 23,690 24,401 25,133 25,887
Crec. % 0.0% 3.0% 3.0% 3.0% 3.0%
Gastos de marketing y promoción 493,847 500,619 515,637 531,106 547,040 563,451
Crec. % 13.1% 10.0% 3.0% 3.0% 3.0% 3.0%
 La Mega 68.6% 64.1% 55.7% 50.1% 45.9% 42.5%
Variables (% de ventas)
Comisión de agencias 5.4% 7.1% 7.1% 7.1% 7.1% 7.1%
Comisión de vendedores 9.9% 9.2% 8.5% 8.1% 7.7% 7.5%
Parte variable (S/.) 236,288 252,298 309,994 366,234 424,023 486,161
% de ventas 5.4% 5.1% 5.1% 5.1% 5.1% 5.1%
Parte fija (S/.) 193,326 206,426 212,619 218,997 225,567 232,334
Crec. % 6.8% 3.0% 3.0% 3.0% 3.0%
Fijos (S/.)
Participación de emisoras 384,000 537,164 553,279 569,878 586,974 604,583
Crec. % 65.5% 39.9% 3.0% 3.0% 3.0% 3.0%
Gastos de personal 792,000 757,103 779,816 803,211 827,307 852,126
Crec. % 42.4% -4.4% 3.0% 3.0% 3.0% 3.0%
Gastos de estructura de programas 8,695 16,000 16,480 16,974 17,484 18,008
Crec. % 24.2% 84.0% 3.0% 3.0% 3.0% 3.0%
Gastos de marketing y promoción 1,134,484 1,077,362 1,109,682 1,142,973 1,177,262 1,212,580
Crec. % -25.7% 5.0% 3.0% 3.0% 3.0% 3.0%
Otros Negocios de Publicidad 210.0% 177.4% 136.4% 109.8% 91.6% 77.7%
Internet 207.7% 177.4% 136.4% 109.8% 91.6% 77.7%
Variables (% de ventas)
Comisión de agencias 9.9% 9.0% 9.0% 9.0% 9.0% 9.0%
Comisión de vendedores 15.9% 22.7% 22.7% 22.7% 22.7% 22.7%
Fijos (S/.)
Participación de emisoras 0 0 0 0 0 0
Crec. %
Gastos de personal 1,577,000 1,558,401 1,605,153 1,653,307 1,702,907 1,753,994
Crec. % 58.3% -1.2% 3.0% 3.0% 3.0% 3.0%
Gastos de estructura de programas 1,108,907 1,363,684 1,404,595 1,446,733 1,490,135 1,534,839
Crec. % 136.9% 23.0% 3.0% 3.0% 3.0% 3.0%
Gastos de marketing y promoción 96,850 640,470 659,684 679,475 699,859 720,855
Crec. % 193.5% 561.3% 3.0% 3.0% 3.0% 3.0%
Plus TV 250.6% 0.0% 0.0% 0.0% 0.0% 0.0%
Variables (% de ventas)
Comisión de agencias 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Comisión de vendedores 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Fijos (S/.)
Participación de emisoras 0 0 0 0 0 0
Crec. %
Gastos de personal 208,000 241,737 248,989 256,458 264,152 272,077
Crec. % -2.3% 16.2% 3.0% 3.0% 3.0% 3.0%
Gastos de estructura de programas 12,500 0 0 0 0 0
Crec. % 3.0% 3.0% 3.0% 3.0%
Gastos de marketing y promoción 0 0 0 0 0 0
Crec. %

NEGOCIOS DE PUBLICIDAD
VENTAS
 RPP 55,504,052 64,177,046 68,347,874 69,990,156 70,238,461 69,802,675
8% 16% 6% 2% 0% -1%
FELICIDAD 4,866,406 5,458,460 6,658,888 7,810,880 8,978,924 10,221,336
-27% 12% 22% 17% 15% 14%
S92 12,500,386 14,114,712 15,700,125 16,791,939 17,600,487 18,268,697
38% 13% 11% 7% 5% 4%
OXIGENO 3,779,285 4,304,137 5,356,153 6,408,946 7,515,298 8,726,999
21% 14% 24% 20% 17% 16%
LA MEGA 4,349,501 4,989,391 6,130,366 7,242,555 8,385,392 9,614,218
0% 15% 23% 18% 16% 15%
CAPITAL 2,102,425 5,013,116 6,877,279 8,410,898 9,553,585 10,280,030
124% 138% 37% 22% 14% 8%
INTERNET 1,529,801 2,445,600 3,503,825 4,838,822 6,500,310 8,717,625
11% 60% 43% 38% 34% 34%
PLUS TV 88,000 0 0 0 0 0
124% 138% 37% 22% 14% 8%
TOTAL VENTAS 84,719,858 100,502,465 112,574,512 121,494,198 128,772,457 135,631,580
10% 19% 12% 8% 6% 5%

NEGOCIOS DE PUBLICIDAD
TOTAL COSTOS DIRECTOS
Participación de emisoras 2,187,000 2,250,958 2,318,486 2,388,041 2,459,682 2,533,473
23% 3% 3% 3% 3% 3%
Comisión de agencias 4,928,000 6,164,360 6,939,425 7,535,175 8,044,494 8,548,441
17% 25% 13% 9% 7% 6%
Gastos de personal 15,901,600 17,427,543 17,950,369 18,488,880 19,043,546 19,614,853
29% 10% 3% 3% 3% 3%
Gastos de estructura de programas 4,229,643 4,812,424 4,956,796 5,105,500 5,258,665 5,416,425
20% 14% 3% 3% 3% 3%
Comisión de vendedores 8,909,613 9,570,510 10,489,453 11,301,503 12,091,948 12,963,191
16% 7% 10% 8% 7% 7%
Gastos de marketing y promoción 5,378,214 6,187,022 6,372,632 6,563,811 6,760,726 6,963,548
-3% 15% 3% 3% 3% 3%
TOTAL COSTOS DIRECTOS 41,534,072 46,412,817 49,027,162 51,382,912 53,659,062 56,039,930
18% 12% 6% 5% 4% 4%

RPP
Variable
Comisiones de vendedores 3,245,154 3,456,054 3,539,097 3,551,653 3,529,617
Comisiones de Agencias 3,802,935 4,050,086 4,147,402 4,162,116 4,136,293
Sub total 7,048,089 7,506,140 7,686,499 7,713,769 7,665,910
Fijo
Comisiones de vendedores 2,655,126 2,734,780 2,816,823 2,901,328 2,988,367
Participacón de emisoras 768,292 791,341 815,081 839,534 864,720
Gastos de personal 9,559,135 9,845,909 10,141,287 10,445,525 10,758,891
Gastos de estructura de programas 3,245,757 3,343,130 3,443,424 3,546,727 3,653,129
Gastos de marketing y promoción 1,201,904 1,237,962 1,275,100 1,313,353 1,352,754
Sub total 17,430,215 17,953,122 18,491,715 19,046,467 19,617,861
 Total Fijo + Variable 24,478,304 25,459,262 26,178,215 26,760,236 27,283,771
Validación 0 0 0 0 0

FELICIDAD
Variable
Comisiones de vendedores 276,012 336,713 394,965 454,028 516,852
Comisiones de Agencias 336,615 410,644 481,685 553,717 630,334
Sub total 612,627 747,357 876,650 1,007,745 1,147,186
Fijo
Comisiones de vendedores 225,828 232,603 239,581 246,769 254,172
Participacón de emisoras 493,242 508,040 523,281 538,979 555,149
Gastos de personal 921,819 949,473 977,957 1,007,296 1,037,515
Gastos de estructura de programas 17,500 18,025 18,566 19,123 19,696
Gastos de marketing y promoción 1,165,277 1,200,235 1,236,242 1,273,329 1,311,529
Sub total 2,823,666 2,908,376 2,995,627 3,085,496 3,178,061
Total Fijo + Variable 3,436,293 3,655,733 3,872,277 4,093,241 4,325,247
Validación 0 0 0 0 0

S92
Variable
Comisiones de vendedores 713,724 793,892 849,100 889,985 923,774
Comisiones de Agencias 863,567 960,566 1,027,365 1,076,834 1,117,717
Sub total 1,577,291 1,754,458 1,876,466 1,966,820 2,041,491
Fijo
Comisiones de vendedores 583,956 601,475 619,519 638,104 657,248
Participacón de emisoras 253,781 261,395 269,236 277,314 285,633
Gastos de personal 1,303,085 1,342,178 1,382,443 1,423,916 1,466,634
Gastos de estructura de programas 146,482 150,876 155,403 160,065 164,867
Gastos de marketing y promoción 1,102,390 1,135,462 1,169,526 1,204,611 1,240,750
Sub total 3,389,694 3,491,385 3,596,126 3,704,010 3,815,131
Total Fijo + Variable 4,966,985 5,245,843 5,472,592 5,670,830 5,856,621
Validación 0 0 0 0 0

Capital
Variable
Comisiones de vendedores 253,493 347,756 425,305 483,086 519,820
Comisiones de Agencias 291,562 399,981 489,176 555,635 597,885
Sub total 545,055 747,738 914,481 1,038,721 1,117,704
Fijo
Comisiones de vendedores 207,403 213,625 220,034 226,635 233,434
Participacón de emisoras 99,666 102,656 105,736 108,908 112,175
Gastos de personal 2,410,439 2,482,752 2,557,235 2,633,952 2,712,971
Gastos de estructura de programas 0 0 0 0 0
Gastos de marketing y promoción 499,000 513,970 529,389 545,271 561,629
Sub total 3,216,509 3,313,004 3,412,394 3,514,766 3,620,209
Total Fijo + Variable 3,761,564 4,060,742 4,326,876 4,553,487 4,737,913
Validación 0 0 0 0 0
Oxigeno
Variable
Comisiones de vendedores 217,643 270,839 324,074 380,018 441,289
Comisiones de Agencias 297,416 370,110 442,858 519,306 603,035
Sub total 515,058 640,949 766,932 899,325 1,044,324
Fijo
Comisiones de vendedores 178,071 183,414 188,916 194,583 200,421
Participacón de emisoras 98,811 101,776 104,829 107,974 111,213
Gastos de personal 675,824 696,099 716,982 738,491 760,646
Gastos de estructura de programas 23,000 23,690 24,401 25,133 25,887
Gastos de marketing y promoción 500,619 515,637 531,106 547,040 563,451
Sub total 1,476,326 1,520,615 1,566,234 1,613,221 1,661,617
Total Fijo + Variable 1,991,384 2,161,564 2,333,166 2,512,545 2,705,941
Validación 0 0 0 0 0

La Mega
Variable
Comisiones de vendedores 252,298 309,994 366,234 424,023 486,161
Comisiones de Agencias 352,162 432,694 511,195 591,858 678,592
Sub total 604,460 742,688 877,428 1,015,882 1,164,753
Fijo
Comisiones de vendedores 206,426 212,619 218,997 225,567 232,334
Participacón de emisoras 537,164 553,279 569,878 586,974 604,583
Gastos de personal 757,103 779,816 803,211 827,307 852,126
Gastos de estructura de programas 16,000 16,480 16,974 17,484 18,008
Gastos de marketing y promoción 1,077,362 1,109,682 1,142,973 1,177,262 1,212,580
Sub total 2,594,055 2,671,876 2,752,033 2,834,594 2,919,632
Total Fijo + Variable 3,198,515 3,414,564 3,629,461 3,850,476 4,084,385
Validación 0 0 0 0 0

Internet
Variable
Comisiones de vendedores 555,376 795,690 1,098,857 1,476,168 1,979,702
Comisiones de Agencias 220,104 315,344 435,494 585,028 784,586
Sub total 775,480 1,111,034 1,534,351 2,061,196 2,764,288
Fijo
Comisiones de vendedores
Participacón de emisoras
Gastos de personal 1,558,401 1,605,153 1,653,307 1,702,907 1,753,994
Gastos de estructura de programas 1,363,684 1,404,595 1,446,733 1,490,135 1,534,839
Gastos de marketing y promoción 640,470 659,684 679,475 699,859 720,855
Sub total 3,562,555 3,669,432 3,779,515 3,892,900 4,009,687
Total Fijo + Variable 4,338,035 4,780,466 5,313,866 5,954,096 6,773,975
Validación 0 0 0 0 0

Plus TV
Variable
Comisiones de vendedores
 Comisiones de Agencias
Sub total 0 0 0 0 0
Fijo
Comisiones de vendedores
Participacón de emisoras
Gastos de personal 241,737 248,989 256,458 264,152 272,077
Gastos de estructura de programas
Gastos de marketing y promoción
Sub total 241,737 248,989 256,458 264,152 272,077
Total Fijo + Variable 241,737 248,989 256,458 264,152 272,077
Validación 241,737 248,989 256,458 264,152 272,077

RESUMEN DE COSTOS DIRECTOS

Participacón de emisoras 2,250,958 2,318,486 2,388,041 2,459,682 2,533,473
Comisiones de vendedores 9,570,510 10,489,453 11,301,503 12,091,948 12,963,191
Comisiones de Agencias 6,164,360 6,939,425 7,535,175 8,044,494 8,548,441
Gastos de personal 17,427,543 17,950,369 18,488,880 19,043,546 19,614,853
Gastos de estructura de programas 4,812,424 4,956,796 5,105,500 5,258,665 5,416,425
Gastos de marketing y promoción 6,187,022 6,372,632 6,563,811 6,760,726 6,963,548
TOTAL 46,412,816 49,027,162 51,382,911 53,659,062 56,039,930

-1 0 0 0 0
SG&A cash
2009P 2010P 2011P 2012P 2013P 2014P
SG&A cash total (% de ventas) 19.2% 18.5% 17.2% 16.6% 16.3% 16.0%
Radios 19.2% 18.8% 17.6% 17.0% 16.8% 16.7%
RPP 18.4% 18.4% 17.9% 17.9% 18.4% 18.9%
Variables (% de ventas)
Gastos de ventas 2.2% 2.2% 2.2% 2.2% 2.2% 2.2%
Fijos (S/.)
Gastos de remuneraciones 4,512,000 5,034,235 5,185,262 5,340,819 5,501,044 5,666,075
Crec. % 12.5% 11.6% 3.0% 3.0% 3.0% 3.0%
Gastos generales 3,570,838 4,463,158 4,597,053 4,734,965 4,877,013 5,023,324
Crec. % 7.0% 25.0% 3.0% 3.0% 3.0% 3.0%
Gastos de Directores 316,440 331,008 340,938 351,166 361,701 372,552
Crec. % 8.7% 4.6% 3.0% 3.0% 3.0% 3.0%
Gastos técnicos 510,840 556,320 573,010 590,200 607,906 626,143
Crec. % 9.2% 8.9% 3.0% 3.0% 3.0% 3.0%
Gastos logisticos 81,000 0 0 0 0 0
Crec. % 113.2% -100.0% 3.0% 3.0% 3.0% 3.0%
K-Buena/Felicidad 28.4% 29.3% 25.3% 22.6% 20.6% 19.0%
Variables (% de ventas)
Gastos de ventas 3.4% 3.5% 3.5% 3.5% 3.5% 3.5%
Fijos (S/.)
Gastos de remuneraciones 613,000 681,719 702,171 723,236 744,933 767,281
Crec. % 35.9% 11.2% 3.0% 3.0% 3.0% 3.0%
Gastos generales 483,144 604,386 622,518 641,193 660,429 680,242
Crec. % 28.8% 25.1% 3.0% 3.0% 3.0% 3.0%
Gastos de Directores 43,320 44,824 46,169 47,554 48,980 50,450
Crec. % 31.3% 3.5% 3.0% 3.0% 3.0% 3.0%
Gastos técnicos 66,720 75,335 77,595 79,923 82,321 84,790
Crec. % 25.9% 12.9% 3.0% 3.0% 3.0% 3.0%
Gastos logisticos 11,000 0 0 0 0 0
Crec. % 175.0% -100.0% 3.0% 3.0% 3.0% 3.0%
Studio 92 11.0% 11.3% 10.6% 10.2% 10.1% 10.0%
Variables (% de ventas)
Gastos de ventas 1.3% 1.4% 1.4% 1.4% 1.4% 1.4%
Fijos (S/.)
Gastos de remuneraciones 612,200 681,719 702,171 723,236 744,933 767,281
Crec. % 35.7% 11.4% 3.0% 3.0% 3.0% 3.0%
Gastos generales 482,344 604,386 622,518 641,193 660,429 680,242
Crec. % 28.6% 25.3% 3.0% 3.0% 3.0% 3.0%
Gastos de Directores 42,520 44,824 46,169 47,554 48,980 50,450
Crec. % 28.8% 5.4% 3.0% 3.0% 3.0% 3.0%
Gastos técnicos 66,720 75,335 77,595 79,923 82,321 84,790
Crec. % 25.9% 12.9% 3.0% 3.0% 3.0% 3.0%
Gastos logisticos 11,000 0 0 0 0 0
Crec. % 175.0% -100.0% 3.0% 3.0% 3.0% 3.0%
 Corazón/Capital 37.9% 18.4% 14.4% 12.4% 11.5% 11.1%
Variables (% de ventas)
Gastos de ventas 4.5% 2.2% 2.2% 2.2% 2.2% 2.2%
Fijos (S/.)
Gastos de remuneraciones 352,900 393,300 405,099 417,252 429,769 442,662
Crec. % -21.8% 11.4% 3.0% 3.0% 3.0% 3.0%
Gastos generales 278,615 348,684 359,145 369,919 381,017 392,447
Crec. % -26.9% 25.1% 3.0% 3.0% 3.0% 3.0%
Gastos de Directores 25,200 25,860 26,636 27,435 28,258 29,106
Crec. % -23.6% 2.6% 3.0% 3.0% 3.0% 3.0%
Gastos técnicos 40,200 43,463 44,766 46,109 47,493 48,917
Crec. % -24.2% 8.1% 3.0% 3.0% 3.0% 3.0%
Gastos logisticos 6,000 0 0 0 0 0
Crec. % 50.0% -100.0% 3.0% 3.0% 3.0% 3.0%
Oxigeno 21.2% 21.4% 18.2% 16.0% 14.4% 13.0%
Variables (% de ventas)
Gastos de ventas 2.5% 2.6% 2.6% 2.6% 2.6% 2.6%
Fijos (S/.)
Gastos de remuneraciones 353,800 393,300 405,099 417,252 429,769 442,662
Crec. % -20.2% 5.5% 3.0% 3.0% 3.0% 3.0%
Gastos generales 279,915 348,684 359,145 369,919 381,017 392,447
Crec. % -24.2% 8.4% 3.0% 3.0% 3.0% 3.0%
Gastos de Directores 25,200 25,860 26,636 27,435 28,258 29,106
Crec. % -26.0% -3.1% 3.0% 3.0% 3.0% 3.0%
Gastos técnicos 40,200 43,463 44,766 46,109 47,493 48,917
Crec. % -24.4% 8.4% 3.0% 3.0% 3.0% 3.0%
Gastos logisticos 6,000 0 0 0 0 0
Crec. % -25.0% 17.3% 3.0% 3.0% 3.0% 3.0%
La Mega 31.7% 32.0% 27.5% 24.4% 22.2% 20.3%
Variables (% de ventas)
Gastos de ventas 3.7% 3.8% 3.8% 3.8% 3.8% 3.8%
Fijos (S/.)
Gastos de remuneraciones 613,000 681,719 702,171 723,236 744,933 767,281
Crec. % 35.9% 11.2% 3.0% 3.0% 3.0% 3.0%
Gastos generales 481,544 604,386 622,518 641,193 660,429 680,242
Crec. % 28.4% 25.5% 3.0% 3.0% 3.0% 3.0%
Gastos de Directores 42,520 44,824 46,169 47,554 48,980 50,450
Crec. % 28.8% 5.4% 3.0% 3.0% 3.0% 3.0%
Gastos técnicos 66,720 75,335 77,595 79,923 82,321 84,790
Crec. % 25.9% 12.9% 3.0% 3.0% 3.0% 3.0%
Gastos logisticos 11,000 0 0 0 0 0
Crec. % 175.0% -100.0% 3.0% 3.0% 3.0% 3.0%
Otros Negocios de Publicidad 19.3% 5.9% 5.9% 5.9% 5.9% 5.9%
Internet 19.8% 5.9% 5.9% 5.9% 5.9% 5.9%
Plus TV 10.2% 0.0% 0.0% 0.0% 0.0% 0.0%

NEGOCIOS DE PUBLICIDAD
TOTAL COSTOS INDIRECTOS
Gastos de ventas 1,894,996 2,211,220 2,478,823 2,673,891 2,828,868 2,966,295
-13% 17% 12% 8% 6% 5%
Gastos de remuneraciones 7,056,900 7,865,992 8,101,971 8,345,030 8,595,381 8,853,243
13% 11% 3% 3% 3% 3%
Gastos generales 5,888,276 7,116,995 7,388,216 7,681,933 8,001,246 8,359,789
11% 21% 4% 4% 4% 4%
Gastos de directores 495,200 517,200 532,716 548,697 565,158 582,113
9% 4% 3% 3% 3% 3%
Gastos técnicos 791,400 869,250 895,328 922,187 949,853 978,349
8% 10% 3% 3% 3% 3%
Gastos Logísticos 126,000 0 0 0 0 0

TOTAL COSTOS INDIRECTOS 16,252,772 18,580,657 19,397,054 20,171,739 20,940,507 21,739,789

8% 14% 4% 4% 4% 4%
Margen EBITDA por línea de negocio
2009P 2010P 2011P 2012P 2013P 2014P
Margen EBITDA total (% de ventas) 31.8% 35.6% 39.4% 41.3% 42.3% 42.9%
Margen EBITDA neg. de publicidad (% ventas) 31.8% 35.6% 39.4% 41.3% 42.3% 42.9%
Radios 34.9% 38.5% 42.1% 43.7% 44.4% 44.7%
RPP 41.4% 43.5% 44.9% 44.7% 43.5% 42.0%
K-Buena/Felicidad 6.2% 7.8% 19.8% 27.8% 33.8% 38.7%
Studio 92 52.3% 53.5% 56.0% 57.2% 57.7% 57.9%
Corazón/Capital -94.3% 6.6% 26.6% 36.1% 40.9% 42.8%
Oxigeno 31.1% 32.3% 41.5% 47.6% 52.2% 56.0%
La Mega -0.3% 3.9% 16.8% 25.4% 31.9% 37.2%
Otros Negocios de Publicidad -129.3% -83.2% -42.3% -15.7% 2.5% 16.4%
Internet -127.5% -83.2% -42.3% -15.7% 2.5% 16.4%
Plus TV -160.8% 0.0% 0.0% 0.0% 0.0% 0.0%

Otras cuentas
2009P 2010P 2011P 2012P 2013P 2014P
Otros ingresos (% de ventas) 0% 0% 0% 0% 0% 0%
Otros gastos (% de ventas) 0% 0% 0% 0% 0% 0%

Impuestos
2009P 2010P 2011P 2012P 2013P 2014P
Tasa de participación de los trabajadores 10% 10% 10% 10% 10% 10%
Tasa de IR 31% 31% 31% 31% 31% 31%

Balance general
2009P 2010P 2011P 2012P 2013P 2014P
Activos
Caja mínima (% de ventas) 5.0% 2.0% 2.0% 5.0% 5.0% 5.0%
Periodo medio de cobro (días) 103.2 95.0 95.0 95.0 95.0 95.0
Pasivos
Periodo medio de pago (días) 48.3 48.3 48.3 48.3 48.3 48.3
Patrimonio
Capital social 79,582,398 79,582,398 79,582,398 79,582,398 79,582,398 79,582,398
Aumento de capital 67,505,128 0 0 0 0 0
Dividendos 0 3,653,792 5,019,691 6,176,995 7,212,208 8,051,849
% de utilidad neta 0% 25% 25% 25% 25% 25%
Balance general (S/.) -9,638,918 -1,552,120 -3,118,150 -5,474,275 -13,420,837 -21,586,419
2004 2005 2006 2007 2008 2009P 2010P 2011P 2012P 2013P 2014P
ACTIVO
Caja y bancos 534,408 1,774,451 2,322,581 1,898,506 5,102,160 13,874,910 3,562,169 5,369,640 11,548,985 19,859,460 28,367,998
Cuentas por cobrar comerciales 7,440,532 13,382,568 13,219,905 17,474,323 22,830,403 23,950,034 26,158,175 29,300,215 31,621,777 33,516,119 35,301,370
Cuentas por cobrar a relacionadas 8,486,308 10,353,912 12,655,529 15,336,415 15,659,678 15,498,047 15,498,047 15,498,047 15,498,047 15,498,047 15,498,047
Otras cuentas por cobrar 1,195,864 1,554,349 2,508,330 3,021,824 3,544,281 1,272,134 1,272,134 1,272,134 1,272,134 1,272,134 1,272,134
Suministros diversos 351,473 190,891 164,141 18,565 49,258 77,321 77,321 77,321 77,321 77,321 77,321
Gastos pagados por anticipado 1,934,305 767,284 527,845 582,333 327,897 479,358 479,358 479,358 479,358 479,358 479,358
Activo Corriente 19,942,890 28,023,455 31,398,331 38,331,966 47,513,677 55,151,805 47,047,205 51,996,716 60,497,622 70,702,439 80,996,228
Cuentas por cobrar a vinculadas 4,371,583 4,825,071 4,277,088 4,221,380 4,223,517 4,240,662 4,240,662 4,240,662 4,240,662 4,240,662 4,240,662
Inversiones 54,880 54,880 54,880 47,360 47,360 156,842,676 158,554,712 158,554,712 158,554,712 158,554,712 158,554,712
Inmueble, maquinaria y equipo (neto) 17,398,590 16,393,564 14,329,367 13,584,120 15,376,881 14,191,102 21,682,630 20,923,548 19,529,635 18,733,474 19,056,149
Intangibles (neto) 0 0 0 699,866 875,077 1,677,590 1,263,719 849,849 435,978 22,108 0
Activo No Corriente 21,825,053 21,273,515 18,661,335 18,552,726 20,522,835 176,952,030 185,741,723 184,568,770 182,760,986 181,550,955 181,851,523
TOTAL ACTIVOS 41,767,943 49,296,970 50,059,666 56,884,692 68,036,512 232,103,834 232,788,928 236,565,486 243,258,608 252,253,394 262,847,751

PASIVOS
Sobregiros y préstamos bancarios 2,814,982 3,627,304 1,713,390 2,501,353 133,747 0 0 0 0 0 0
Cuentas por pagar comerciales 3,665,891 2,664,413 4,029,242 3,726,662 5,136,254 5,499,809 6,113,827 6,459,050 6,770,001 7,070,383 7,384,601
Cuentas por pagar a relacionadas 2,296,105 2,378,663 2,500,038 3,287,242 3,325,449 3,037,576 3,037,576 3,037,576 3,037,576 3,037,576 3,037,576
Publicidad diferida 448,407 1,453,590 2,754,859 5,392,909 5,238,837 5,315,873 5,315,873 5,315,873 5,315,873 5,315,873 5,315,873
Préstamos de accionista y directores 552,551 1,690,298 865,398 1,281,520 502,042 0 0 0 0 0 0
Remuneraciones y part. por pagar 2,300,104 2,611,941 2,675,395 2,015,792 3,268,772 2,653,320 2,653,320 2,653,320 2,653,320 2,653,320 2,653,320
Cuentas por pagar diversas 2,166,799 4,312,396 3,293,321 3,933,974 11,184,164 6,074,005 6,074,005 6,074,005 6,074,005 6,074,005 6,074,005
Parte corriente de deuda LP 1,187,828 1,311,788 1,505,800 1,499,674 1,355,823 10,890,300 11,627,739 12,148,814 12,942,220 13,875,406 14,985,439
Pasivo Corriente 15,432,667 20,050,393 19,337,443 23,639,126 30,145,088 33,470,883 34,822,340 35,688,637 36,792,996 38,026,563 39,450,813
Deuda a largo plazo 4,190,527 3,343,928 3,120,776 2,900,706 3,107,960 82,921,734 71,293,995 59,145,181 46,202,960 32,327,554 17,342,116
IR y participación de trabajadores diferidos 796,937 828,211 855,568 1,177,832 1,444,766 1,311,299 1,311,299 1,311,299 1,311,299 1,311,299 1,311,299
Pasivo No Corriente 4,987,464 4,172,139 3,976,344 4,078,538 4,552,726 84,233,033 72,605,294 60,456,480 47,514,259 33,638,853 18,653,415
TOTAL PASIVO 20,420,131 24,222,532 23,313,787 27,717,664 34,697,814 117,703,916 107,427,634 96,145,117 84,307,255 71,665,417 58,104,228
Capital 9,948,258 9,948,258 9,948,258 9,948,258 12,077,270 79,582,398 79,582,398 79,582,398 79,582,398 79,582,398 79,582,398
Reservas 1,506,000 1,989,652 1,989,652 1,989,652 1,989,652 1,989,652 1,989,652 1,989,652 1,989,652 1,989,652 1,989,652
Resultados Acumulados 9,893,554 13,136,528 14,807,969 17,229,118 19,271,776 32,827,868 43,789,244 58,848,318 77,379,303 99,015,927 123,171,473
Patrimonio 21,347,812 25,074,438 26,745,879 29,167,028 33,338,698 114,399,918 125,361,294 140,420,368 158,951,353 180,587,977 204,743,523
TOTAL PASIVO Y PATRIMONIO 41,767,943 49,296,970 50,059,666 56,884,692 68,036,512 232,103,834 232,788,928 236,565,486 243,258,608 252,253,394 262,847,751

Cuadre 0 0 0 0 0 0 0 0 0
PyG (S/.)
2004 2005 2006 2007 2008 2009P 2010P 2011P 2012P 2013P 2014P
Ventas Totales 39,264,414 45,539,299 55,876,618 57,620,844 77,025,500 84,719,856 100,502,462 112,574,510 121,494,196 128,772,456 135,631,580
- Costo de ventas y/o servicios cash -17,979,900 -23,201,459 -28,835,086 -28,565,873 -35,057,000 -41,534,071 -46,171,080 -48,778,173 -51,126,453 -53,394,910 -55,767,853
Utilidad Bruta Cash 21,284,514 22,337,840 27,041,532 29,054,971 41,968,500 43,185,786 54,331,383 63,796,337 70,367,743 75,377,546 79,863,726
- SG&A Cash -10,802,677 -9,896,260 -10,527,415 -12,372,709 -15,008,000 -16,252,772 -18,580,656 -19,397,054 -20,171,739 -20,940,507 -21,739,788
Utilidad Operativa Cash 10,481,837 12,441,581 16,514,117 16,682,262 26,960,500 26,933,014 35,750,726 44,399,283 50,196,005 54,437,039 58,123,938
+ Ingresos Financieros
- Gastos Financieros -1,037,371 -697,272 -568,451 -924,407 -7,978,223 -7,016,561 -5,991,691 -4,967,066 -3,878,475
+ Diferencia en cambio
Utilidad Ordinaria Cash 26,008,607 27,772,503 37,382,722 44,204,314 49,469,973 54,245,463
Ingresos extraordinarios con caja
- Egresos extraordinarios con caja
Otros Ingresos
- Otros Egresos
Utilidad antes de imp. y particip. cash 26,008,607 27,772,503 37,382,722 44,204,314 49,469,973 54,245,463
- Depreciación y amortización -4,179,152 -4,237,611 -5,049,766 -4,416,907 -3,014,527 -2,381,703
Utilidad antes de imp. y particip. 21,829,455 23,534,893 32,332,956 39,787,407 46,455,446 51,863,760
- Participaciones -2,182,946 -2,353,489 -3,233,296 -3,978,741 -4,645,545 -5,186,376
- IR -6,090,418 -6,566,235 -9,020,895 -11,100,687 -12,961,069 -14,469,989
Utilidad/pérdida neta 13,556,092 14,615,168 20,078,766 24,707,980 28,848,832 32,207,395
EBITDA 10,481,837 12,441,581 16,514,117 16,682,262 26,960,500 26,933,014 35,750,726 44,399,283 50,196,005 54,437,039 58,123,938
PyG Auditado (S/.)
2004 2005 2006 2007
Ventas Totales 73,206,045 88,225,031 101,409,249
- Costo de ventas y/o servicios Cash -46,275,689 -54,802,695 -53,964,346
Utilidad Bruta 26,930,356 33,422,336 47,444,903
- Gastos de Administración Cash -13,618,072 -12,480,484 -15,390,382
- Gastos de Ventas Cash -7,317,218 -9,732,851 -9,484,394
EBITDA 5,995,066 11,209,001 22,570,127
- Depreciación -3,280,166 -3,256,282 -3,281,167
- Amortización -77,404 -86,076 -99,710
EBIT 2,637,496 7,866,643 19,189,250
+ Ingresos financieros netos -2,364,476 -2,189,459 -1,666,166
+ Otros, neto -5,080,942 -6,601,644 -8,094,708
Utilidad antes de Imp. y Particip. -4,807,922 -924,460 9,428,376
-Participaciones -247,275 -698,297 -2,027,611
-IR -666,743 -1,879,180 -6,032,886
Utilidad / pérdida neta -5,721,940 -3,501,937 1,367,879

ROIC 8% 20%
PyG Desagregado (US$)
2004 2005 2006 2007
Ventas Totales 26,408,767 32,360,079
- Costo de ventas y/o servicios Cash -16,741,707 -17,221,590
- Pantalla -11,149,024 -11,308,416
- Costos fijos -4,044,914 -4,569,713
- Costos variables -1,547,769 -1,343,461
Utilidad Bruta Cash 9,667,060 15,138,489
- Gastos de Administración Cash -3,831,631 -4,816,541
- Costos fijos -2,960,690 -3,438,828
- Costos variables -870,941 -1,377,713
- Gastos de Ventas Cash -2,981,854 -2,993,969
- Costos fijos -708,395 -633,495
- Costos variables -2,273,459 -2,360,474
EBITDA 2,853,575 7,327,979

Ventas de publicidad (US$)

2004 2005 2006 2007
Total
Ventas totales (US$) 26,408,767 32,360,079
Avisos vendidos 76,881 98,116
Ocupabilidad vendida 38% 49%
Tarifa promedio (US$) 344 330
Avisos bonificados 69,888 96,305
Ocupabilidad en horas vendibles 73% 97%
Capacidad total en avisos 200,220 200,220
Prime time
Ventas totales (US$) 21,269,082 25,215,620
Avisos vendidos 42,939 45,315
 Tarifa promedio (US$) 495 556
Otros
Ventas totales (US$) 5,139,685 7,144,459
Avisos vendidos 33,942 52,801
Tarifa promedio (US$) 151 135

Costos de producción (US$)

2004 2005 2006 2007
Total 17,414,234 17,944,718
Pantalla 11,149,024 11,308,416
Material fílmico 5,927,926 6,032,190
Producción encargada a terceros 2,411,026 2,716,389
Producción propia 2,810,072 2,559,837
Costos variables 1,547,769 1,343,461
Transporte y almacenamiento 45,311 41,581
Correos y telecomunicaciones 239,162 235,548
Mantenimiento y reparación 206,577 155,059
Publicidad en publicaciones 371,488 359,042
Otras cargas diversas 685,231 552,231
Costos fijos 4,717,441 5,292,841
Remuneraciones 3,527,827 3,321,181
Alquileres 434,457 1,164,707
Electricidad y agua
Tributos 4,456 11,930
Seguros 78,174 71,895
Depreciación y amortización 672,527 723,128

Gastos administrativos (US$)

2004 2005 2006 2007
Total 4,164,024 5,156,540
Costos variables 870,941 1,377,713
Tributos 309,370 583,193
Suministros diversos 127,016 177,588
Transporte y almacenamiento 698 1,889
Correos y telecomunicaciones 59,584 74,566
Mantenimiento y reparación 120,499 155,028
Publicidad en publicaciones 6,542 12,222
Otras cargas diversas 247,232 373,227
Costos fijos 3,293,083 3,778,827
Remuneraciones 1,656,562 2,134,144
Honorarios 749,007 727,857
Servicios varios 350,436 387,464
Electricidad y agua 20,969 19,375
Tributos 97,264 85,579
Seguros 86,452 84,409
Depreciación y amortización 332,393 339,999

Gastos de ventas (US$)

2004 2005 2006 2007
Total 2,997,699 3,008,591
Costos variables 2,273,459 2,360,474
Tributos
Comisiones 202,885 266,528
Comisión agencia 1,768,273 1,880,889
Comisión por venta internacional 7,575
Suministros diversos 965 39,976
Transporte y almacenamiento 17 42
Correos y telecomunicaciones 6,009 7,262
Mantenimiento y reparación 8,149 8,571
Publicidad en publicaciones 98,509 42,869
Otras cargas diversas 188,652 106,762
Costos fijos 724,240 648,117
Remuneraciones 286,280 202,683
Honorarios 103,697 89,293
Servicios varios 304,372 329,091
Electricidad y agua 5,547 5,313
Tributos
Seguros 8,499 7,115
Depreciación y amortización 15,845 14,622

Balance general (S/.)

2004 2005 2006 2007
ACTIVO
Caja y bancos 5,536,827 10,282,864 13,117,088
Cuentas por cobrar comerciales 19,140,505 22,655,548 22,650,110
Anticipo a proveedores 5,910,367 3,244,872 2,630,144
IGV de no domiciliadas corriente 4,579,161 4,450,653
Otras cuentas por cobrar 20,193,946 5,507,228 8,460,204
Material fílmico 24,643,995 20,901,270 14,774,232
Existencias 4,306,315 2,709,279 3,984,729
Gastos pagados por anticipado 2,234,097 1,186,331 1,209,927
Activo Corriente 81,966,052 71,066,553 71,277,087
Cuentas por cobrar a largo plazo 5,536,289 5,228,809
IGV de no domiciliadas no corriente 7,255,463 3,049,796 2,597,235
Inversiones 58,404 72,687 72,687
Inmuebles, maquinaria y equipo (neto) 66,667,588 64,055,267 66,892,669
Intangibles (neto) 401,918 543,148 587,857
Inversiones inmobiliarias 2,969,998 2,925,540
Activo No Corriente 74,383,373 76,227,185 78,304,797
TOTAL ACTIVOS 156,349,425 147,293,738 149,581,884

PASIVO
Sobregiros y préstamos bancarios 4,569,677
Cuentas por pagar comerciales 21,812,650 17,287,293 13,763,820
Cuentas por pagar a relacionadas 4,908,540 2,409,844 1,964,200
Tributos por pagar 26,963,426 33,896,984 38,242,805
Remuneraciones y otras cuentas por pagar 12,731,166 13,538,843 16,853,054
Parte corriente de deuda LP 9,461,363 8,785,223 11,545,400
Pasivo Corriente 80,446,822 75,918,187 82,369,279
Dividendos por pagar 465,629
IR y participación de trabajadores diferidos 4,965,329 4,021,519 3,720,091
Ventas diferidas 13,053,121 14,506,555 13,104,902
Deuda a largo plazo 11,110,249 10,057,841 5,992,670
Pasivo No Corriente 29,594,328 28,585,915 22,817,663
TOTAL PASIVO 110,041,150 104,504,102 105,186,942
Capital 42,811,268 42,811,268 42,811,268
Excedente de revaluación 20,736,005 20,537,140 20,338,275
Reservas 3,695,391 3,695,391 3,695,391
Resultados Acumulados -20,934,389 -24,254,163 -22,449,992
Patrimonio 46,308,275 42,789,636 44,394,942
TOTAL PASIVO Y PATRIMONIO 156,349,425 147,293,738 149,581,884
2008

PROMEDIO
14%

2008

2008
2008

2008

2008
2008 2009
42,811,268
Balance general (S/.)
2004 2005 2006 2007
ACTIVO
Caja y bancos 10,282,864 13,117,088
Cuentas por cobrar comerciales 22,655,548 22,650,110
Anticipo a proveedores 3,244,872 2,630,144
IGV de no domiciliadas corriente 4,579,161 4,450,653
Otras cuentas por cobrar 5,507,228 8,460,204
Material fílmico 20,901,270 14,774,232
Existencias 2,709,279 3,984,729
Gastos pagados por anticipado 1,186,331 1,209,927
Activo Corriente 71,066,553 71,277,087
Cuentas por cobrar a largo plazo 5,536,289 5,228,809
IGV de no domiciliadas no corriente 3,049,796 2,597,235
Inversiones 72,687 72,687
Inmuebles, maquinaria y equipo (neto) 64,055,267 66,892,669
Intangibles (neto) 543,148 587,857
Inversiones inmobiliarias 2,969,998 2,925,540
Activo No Corriente 76,227,185 78,304,797
TOTAL ACTIVOS 147,293,738 149,581,884
CAPITAL INVERTIDO 71,375,551 67,212,605
PASIVO
Sobregiros y préstamos bancarios 0 0
Cuentas por pagar comerciales 17,287,293 13,763,820
Cuentas por pagar a relacionadas 2,409,844 1,964,200
Tributos por pagar 33,896,984 38,242,805
Remuneraciones y otras cuentas por pagar 13,538,843 16,853,054
Parte corriente de deuda LP 8,785,223 11,545,400
Pasivo Corriente 75,918,187 82,369,279
IR y participación de trabajadores diferidos 4,021,519 3,720,091
Ventas diferidas 14,506,555 13,104,902
Deuda a largo plazo 10,057,841 5,992,670
Pasivo No Corriente 28,585,915 22,817,663
TOTAL PASIVO 104,504,102 105,186,942
Capital 42,811,268 42,811,268
Excedente de revaluación 20,537,140 20,338,275
Reservas 3,695,391 3,695,391
Resultados Acumulados -24,254,163 -22,449,992
Patrimonio 42,789,636 44,394,942
TOTAL PASIVO Y PATRIMONIO 147,293,738 149,581,884

Cuadre 0 0

PyG (S/.)
2004 2005 2006 2007
Ventas Totales 86,477,308 101,253,409
- Costo de ventas y/o servicios cash -54,821,861 -53,885,675
Utilidad Bruta Cash 31,655,447 47,367,734
- SG&A Cash -22,311,221 -24,438,778
Utilidad Operativa Cash 9,344,226 22,928,956
+ Ingresos Financieros
- Gastos Financieros
+ Diferencia en cambio
Utilidad Ordinaria Cash
Ingresos extraordinarios con caja
- Egresos extraordinarios con caja
Otros Ingresos
- Otros Egresos
Utilidad antes de imp. y particip. cash
- Depreciación y amortización
Utilidad antes de imp. y particip.
- Participaciones
- IR
Utilidad / pérdida neta
EBITDA
 -4,685,550 -3,892,027 -8,141,361 -16,095,985 -27,150,103 -41,249,863 -65,172,877 -95,534,847
2008 2009P 2010P 2011P 2012P 2013P 2014P 2015P

10,055,020 9,588,498 14,362,049 23,019,767 34,856,445 49,503,355 73,843,996 104,644,724

24,022,714 25,485,697 27,831,019 30,976,620 34,477,752 36,925,672 38,794,112 40,757,094
2,789,532 2,959,414 3,231,754 3,597,023 4,003,577 4,287,831 4,504,795 4,732,738
4,450,653 4,450,653 4,450,653 4,450,653 4,450,653 4,450,653 4,450,653 4,450,653
8,460,204 8,460,204 8,460,204 8,460,204 8,460,204 8,460,204 8,460,204 8,460,204
14,774,232 14,774,232 14,774,232 14,774,232 14,774,232 14,774,232 14,774,232 14,774,232
4,226,205 4,483,581 4,896,182 5,449,573 6,065,511 6,496,163 6,824,868 7,170,207
1,209,927 1,209,927 1,209,927 1,209,927 1,209,927 1,209,927 1,209,927 1,209,927
69,988,486 71,412,206 79,216,020 91,937,999 108,298,301 126,108,037 152,862,787 186,199,778
5,228,809 5,228,809 5,228,809 5,228,809 5,228,809 5,228,809 5,228,809 5,228,809
2,597,235 2,597,235 2,597,235 2,597,235 2,597,235 2,597,235 2,597,235 2,597,235
72,687 72,687 72,687 72,687 72,687 72,687 72,687 72,687
67,888,314 68,582,157 68,023,705 65,767,217 63,275,653 60,549,012 57,587,295 54,390,501
587,857 587,857 587,857 587,857 587,857 587,857 587,857 587,857
2,925,540 2,925,540 2,925,540 2,925,540 2,925,540 2,925,540 2,925,540 2,925,540
79,300,442 79,994,285 79,435,833 77,179,345 74,687,781 71,961,140 68,999,423 65,802,629
149,288,929 151,406,491 158,651,853 169,117,344 182,986,082 198,069,178 221,862,210 252,002,407
79,946,343

0 0 0 0 0 0 0 0
14,310,352 15,142,765 16,378,043 17,980,000 19,750,560 21,061,316 22,124,273 23,240,877
1,015,311 0 0 0 0 0 0 0
34,185,650 29,475,294 24,006,570 17,657,382 10,285,974 1,727,770 0 0
16,853,054 16,853,054 16,853,054 16,853,054 16,853,054 16,853,054 16,853,054 16,853,054
2,978,218 1,964,537 2,142,698 2,338,594 2,554,200 2,791,736 0 0
69,342,586 63,435,650 59,380,365 54,829,030 49,443,789 42,433,876 38,977,327 40,093,931
3,720,091 3,720,091 3,720,091 3,720,091 3,720,091 3,720,091 3,720,091 3,720,091
13,805,729 13,805,729 13,805,729 13,805,729 13,805,729 13,805,729 13,805,729 13,805,729
11,791,765 9,827,228 7,684,530 5,345,936 2,791,736 0 0 0
29,317,584 27,353,047 25,210,350 22,871,755 20,317,555 17,525,820 17,525,820 17,525,820
98,660,170 90,788,697 84,590,715 77,700,786 69,761,344 59,959,695 56,503,146 57,619,751
42,811,268 42,811,268 42,811,268 42,811,268 42,811,268 42,811,268 42,811,268 42,811,268
20,338,275 20,338,275 20,338,275 20,338,275 20,338,275 20,338,275 20,338,275 20,338,275
3,695,391 3,695,391 3,695,391 3,695,391 3,695,391 3,695,391 3,695,391 3,695,391
-16,216,175 -6,227,140 7,216,205 24,571,624 46,379,804 71,264,548 98,514,130 127,537,723
50,628,759 60,617,794 74,061,139 91,416,558 113,224,738 138,109,482 165,359,064 194,382,657
149,288,929 151,406,491 158,651,853 169,117,344 182,986,082 198,069,178 221,862,210 252,002,407

0 0 0 0 0 0 0 0

2008 2009P 2010P 2011P 2012P 2013P 2014P 2015P

107,389,399 113,929,413 124,413,768 138,475,634 154,126,842 165,069,848 173,422,382 182,197,555
-56,025,359 -59,284,277 -64,120,418 -70,392,118 -77,323,902 -82,455,541 -86,617,040 -90,988,574
51,364,040 54,645,136 60,293,349 68,083,515 76,802,941 82,614,307 86,805,342 91,208,980
-24,916,509 -26,297,554 -28,165,521 -30,479,598 -33,011,756 -35,036,239 -36,799,492 -38,651,486
26,447,531 28,347,582 32,127,829 37,603,918 43,791,184 47,578,069 50,005,850 52,557,494

-7,684,417 -6,821,084 -5,834,684 -4,776,059 -3,557,943 -2,155,540 -540,134 0

18,763,113 21,526,498 26,293,145 32,827,859 40,233,241 45,422,528 49,465,716 52,557,494

18,763,113 21,526,498 26,293,145 32,827,859 40,233,241 45,422,528 49,465,716 52,557,494

-8,942,986 -5,441,095 -4,645,247 -4,880,323 -5,115,400 -5,350,476 -5,585,553 -5,820,629
9,820,127 16,085,403 21,647,898 27,947,536 35,117,841 40,072,052 43,880,164 46,736,865
-785,610 -1,608,540 -2,164,790 -2,794,754 -3,511,784 -4,007,205 -4,388,016 -4,673,686
-2,800,700 -4,487,827 -6,039,763 -7,797,363 -9,797,878 -11,180,102 -12,242,566 -13,039,585
6,233,817 9,989,035 13,443,345 17,355,420 21,808,179 24,884,744 27,249,582 29,023,593
26,447,531 28,347,582 32,127,829 37,603,918 43,791,184 47,578,069 50,005,850 52,557,494
-127,557,144
2016P

137,127,981
42,819,403
4,972,214
4,450,653
8,460,204
14,774,232
7,533,019
1,209,927
221,347,633
5,228,809
2,597,235
72,687
50,958,631
587,857
2,925,540
62,370,759
283,718,392

0
24,413,838
0
0
16,853,054
0
41,266,892
3,720,091
13,805,729
0
17,525,820
58,792,712
42,811,268
20,338,275
3,695,391
158,080,746
224,925,680
283,718,392

2016P
191,416,751
-95,580,744
95,836,008
-40,596,689
55,239,319

55,239,319

55,239,319
-6,055,706
49,183,613
-4,918,361
-13,722,228
30,543,023
55,239,319