{"id":1577,"date":"2017-11-09T08:30:00","date_gmt":"2017-11-09T08:30:00","guid":{"rendered":""},"modified":"2022-08-08T09:33:53","modified_gmt":"2022-08-08T09:33:53","slug":"indices-de-rentabilidad-economica-de","status":"publish","type":"post","link":"https:\/\/prayde.com\/empresa\/indices-de-rentabilidad-economica-de\/","title":{"rendered":"\u00cdNDICES DE RENTABILIDAD ECONOMICA DE UNA EMPRESA"},"content":{"rendered":"<p><!--[if gte mso 9]><xml>\n <o:OfficeDocumentSettings>\n  <o:AllowPNG\/>\n <\/o:OfficeDocumentSettings>\n<\/xml><![endif]--><br \/>\n<!--[if gte mso 9]><xml>\n <w:WordDocument>\n  <w:View>Normal<\/w:View>\n  <w:Zoom>0<\/w:Zoom>\n  <w:TrackMoves\/>\n  <w:TrackFormatting\/>\n  <w:HyphenationZone>21<\/w:HyphenationZone>\n  <w:PunctuationKerning\/>\n  <w:ValidateAgainstSchemas\/>\n  <w:SaveIfXMLInvalid>false<\/w:SaveIfXMLInvalid>\n  <w:IgnoreMixedContent>false<\/w:IgnoreMixedContent>\n  <w:AlwaysShowPlaceholderText>false<\/w:AlwaysShowPlaceholderText>\n  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Name=\"Light List Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 1\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" Name=\"Revision\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"34\" QFormat=\"true\"\n   Name=\"List Paragraph\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"29\" QFormat=\"true\" Name=\"Quote\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"30\" QFormat=\"true\"\n   Name=\"Intense Quote\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 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Priority=\"67\" Name=\"Medium Grid 1 Accent 6\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 6\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 6\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 6\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 6\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 6\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 6\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"19\" QFormat=\"true\"\n   Name=\"Subtle Emphasis\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"21\" QFormat=\"true\"\n   Name=\"Intense Emphasis\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"31\" QFormat=\"true\"\n   Name=\"Subtle Reference\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"32\" QFormat=\"true\"\n   Name=\"Intense Reference\"\/>\n  <w:LsdException 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mso-ansi-language: ES;\">Para estudiar una promocion inmobiliaria hay que conocer la rentabilidad<\/span><\/span><span style=\"mso-bidi-font-weight: normal;\"><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\"> que se espera de ella<\/span><\/span><b style=\"mso-bidi-font-weight: normal;\"><u><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\"><\/span><\/u><\/b><\/h3>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-weight: normal;\"><span style=\"mso-bidi-font-weight: normal;\"><u><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Los indices mas habituales para medir al rentabilida de una operacion economica son los siguientes<\/span><\/u><\/span><\/span><b style=\"mso-bidi-font-weight: normal;\"><u><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\"><br \/><\/span><\/u><\/b><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<h4 style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<u><b style=\"mso-bidi-font-weight: normal;\"><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">RENTABILIDAD ECON\u00d3MICA<\/span><\/b><\/u><\/h4>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">La Rentabilidad Econ\u00f3mica<br \/>\n(RE) o ROA<span style=\"mso-spacerun: yes;\">&nbsp; <\/span>(Return on Assets) o ROI<br \/>\n(Return on Investment), en ingl\u00e9s) tambi\u00e9n ROI como tambi\u00e9n se la conoce en ingl\u00e9s,<br \/>\nes la <b style=\"mso-bidi-font-weight: normal;\">capacidad de una empresa para<br \/>\ngenerar beneficios con independencia de la forma con la que est\u00e9n financiados<\/b>,<br \/>\nes decir es la rentabilidad del activo total (AT) que es donde se han<br \/>\nmaterializado las inversiones realizadas por la empresa por los recursos que se<br \/>\nponen a su disposici\u00f3n en el pasivo.<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<b style=\"mso-bidi-font-weight: normal;\"><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Mide pues la eficacia de la gesti\u00f3n empresarial<\/span><\/b><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\"> y se calcula como el cociente, en porcentaje, entre<br \/>\nbeneficios y activo total (AT) que, puede ser variable, a lo largo del<br \/>\nejercicio econ\u00f3mico que se est\u00e1 considerando, por lo que en estos casos e toma<br \/>\nel valor promedio de este ejercicio, mientras que el beneficio se calcula al<br \/>\ncierre del ejercicio econ\u00f3mico. <\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Pero <b style=\"mso-bidi-font-weight: normal;\">los analistas financieros utilizan varias<br \/>\nexpresiones para su c\u00e1lculo<\/b>, en cuantificaci\u00f3n de los diversos conceptos de<br \/>\nbeneficio existentes, siendo las m\u00e1s utilizadas las siguientes:<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<h4 style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l3 level1 lfo2; text-align: justify; text-indent: -18.0pt; text-justify: inter-ideograph;\">\n<span style=\"font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES; mso-bidi-font-family: Calibri; mso-fareast-font-family: Calibri;\"><span style=\"mso-list: Ignore;\">A)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/span><b style=\"mso-bidi-font-weight: normal;\"><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Beneficio antes de INTERESES<br \/>\ne Impuestos (\/BAII):<\/span><\/b><span style=\"font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\"><\/span><\/h4>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;\">\n<\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; mso-ansi-language: ES;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><span lang=\"EN-US\" style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt;\">BAII x 100<\/span><\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp; <\/span>RE = ROA = ROII = &#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/span><\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; mso-ansi-language: ES;\">AT<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<h4 style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l3 level1 lfo2; text-align: justify; text-indent: -18.0pt; text-justify: inter-ideograph;\">\n<b style=\"mso-bidi-font-weight: normal;\"><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES; mso-fareast-font-family: Arial;\"><span style=\"mso-list: Ignore;\">B)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span><\/b><b style=\"mso-bidi-font-weight: normal;\"><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">El Beneficio antes de Impuestos (BAI)<\/span><\/b><\/h4>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El RE o ROI se mide<br \/>\npor el cociente entre el Beneficio antes de intereses e Impuestos (BAII) y el<br \/>\nactivo total:<\/span><\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; mso-ansi-language: ES;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><span style=\"mso-spacerun: yes;\"> <\/span>BAI x 100<\/span><\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; mso-ansi-language: ES;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span>RE =<br \/>\nROA = ROII = &#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/span><\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; mso-ansi-language: ES;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;<\/span><span style=\"mso-spacerun: yes;\">&nbsp;<\/span>AT<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<h4 style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l3 level1 lfo2; text-align: justify; text-indent: -18.0pt; text-justify: inter-ideograph;\">\n<b style=\"mso-bidi-font-weight: normal;\"><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES; mso-fareast-font-family: Arial;\"><span style=\"mso-list: Ignore;\">C)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span><\/b><b style=\"mso-bidi-font-weight: normal;\"><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">El Beneficio Neto o despu\u00e9s de impuestos (BN) y antes de<br \/>\ndescontar los gastos financieros (GF)<\/span><\/b><\/h4>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\"><span style=\"mso-spacerun: yes;\">&nbsp;<\/span>que como son<br \/>\ndeducibles del impuesto de sociedades solo se considera la parte libre de<br \/>\nimpuestos de esa partida, es decir, si el tipo vigente del impuesto de<br \/>\nsociedades es t; se considera a estos efectos la expresi\u00f3n: BN+ GFx (1 &#8211; <span style=\"mso-spacerun: yes;\">&nbsp;<\/span>t):<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; mso-ansi-language: ES;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span>(BN + GF<br \/>\n(1-t)) x 100<\/span><\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; mso-ansi-language: ES;\">RE = ROA = ROII = <span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;<\/span>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/span><\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; mso-ansi-language: ES;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;<\/span>AT<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<h4 style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<b style=\"mso-bidi-font-weight: normal;\"><u><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">LA RENTABILIDAD ECON\u00d3MICA COMO PRODUCTO DE DOS FACTORES<\/span><\/u><\/b><\/h4>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Si multiplicamos y<br \/>\ndividimos cualquiera de las expresiones anteriores por el <b style=\"mso-bidi-font-weight: normal;\">volumen de ventas netas<\/b> (VN) las expresiones no se alteran y, por<br \/>\nejemplo podemos poner en la A) suprimiendo el 100, solo a efectos de<br \/>\nsimplificaci\u00f3n:<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">&nbsp; <\/span><\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; mso-ansi-language: ES;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"mso-spacerun: yes;\">&nbsp;<\/span>BAII<span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;<\/span><span style=\"mso-spacerun: yes;\">&nbsp;<\/span>VN<\/span><\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; mso-ansi-language: ES;\">RE = &#8212;&#8212;&#8212;- x &#8212;&#8212;&#8212;&#8212;<\/span><\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; mso-ansi-language: ES;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;<\/span>VN<span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span>AT<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">El primer factor es<br \/>\nel llamado <b style=\"mso-bidi-font-weight: normal;\">Margen de Ventas<\/b>, es<br \/>\ndecir el beneficio sobre las ventas y el segundo factor es la llamada <b style=\"mso-bidi-font-weight: normal;\">rotaci\u00f3n del activo<\/b> que es las ventas<br \/>\nque realiza la empresa por cada euro invertido en el activo.<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Es decir:<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<b style=\"mso-bidi-font-weight: normal;\"><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">RE = MARGEN DE VENTAS<br \/>\nx ROTACI\u00d3N DEL ACTIVO<\/span><\/b><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">En virtud de esta<br \/>\nexpresi\u00f3n la empresa puede tomar las siguientes acciones, para mantener la<br \/>\nmisma rentabilidad econ\u00f3mica <\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES; mso-fareast-font-family: Arial;\"><span style=\"mso-list: Ignore;\">1)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp; <\/span><\/span><\/span><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Aumentar la rotaci\u00f3n, aumentando el<span style=\"mso-spacerun: yes;\">&nbsp; <\/span>volumen de ventas para compensar la<br \/>\ndisminuci\u00f3n de los m\u00e1rgenes sobre ventas<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES; mso-fareast-font-family: Arial;\"><span style=\"mso-list: Ignore;\">2)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><\/span><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Aumentar los m\u00e1rgenes sobre ventas para compensar la ca\u00edda<br \/>\ndel volumen de ventas,<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES; mso-fareast-font-family: Arial;\"><span style=\"mso-list: Ignore;\">3)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><\/span><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Aumentar los dos factores: margen y rotaci\u00f3n,<span style=\"mso-spacerun: yes;\"> <\/span>al mismo tiempo.<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Por ejemplo <b style=\"mso-bidi-font-weight: normal;\">las empresas constructoras y las empresas<br \/>\ninmobiliarias ten\u00edan antes de la crisis de 2008 un RE muy similar<\/b>, pero con<br \/>\ngran la diferencia en la forma de su obtenci\u00f3n:<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo4; text-align: justify; text-indent: -36.0pt; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES; mso-fareast-font-family: Arial;\"><span style=\"mso-list: Ignore;\">&#8211;<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span><b style=\"mso-bidi-font-weight: normal;\"><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">las constructoras<\/span><\/b><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\"> ten\u00edan <b style=\"mso-bidi-font-weight: normal;\">poco margen y una rotaci\u00f3n de activos<br \/>\ngrande<\/b> a diferencia de <\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo4; text-align: justify; text-indent: -36.0pt; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES; mso-fareast-font-family: Arial;\"><span style=\"mso-list: Ignore;\">&#8211;<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span><b style=\"mso-bidi-font-weight: normal;\"><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">las inmobiliarias<\/span><\/b><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\"> que ten\u00edan<br \/>\nun <b style=\"mso-bidi-font-weight: normal;\">margen elevado y una rotaci\u00f3n de<br \/>\nactivo peque\u00f1a<\/b>.<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">.<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<h4 style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<b style=\"mso-bidi-font-weight: normal;\"><u><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">RENTABILIDAD FINANCIERA<\/span><\/u><\/b><\/h4>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\"><b>La Rentabilidad<br \/>\nFinanciera RF o ROE (Return on Equity, en ingl\u00e9s)<\/b>, es la rentabilidad que<br \/>\nespera el accionista y se mide por el cociente entre beneficio neto \/BN) y los<br \/>\nFondos Propios (FP), es decir:<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; mso-ansi-language: ES;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><span style=\"mso-spacerun: yes;\">&nbsp;<\/span>BN x 100<\/span><\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; mso-ansi-language: ES;\">RF = ROE = &#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/span><\/div>\n<div style=\"line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; mso-ansi-language: ES;\"><span style=\"mso-spacerun: yes;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span>FP<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Aunque otros<br \/>\nanalistas en el denominador colocan el Patrimonio Neto (PN) de la empresa que est\u00e1<br \/>\nformado por:<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -36.0pt; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES; mso-fareast-font-family: Arial;\"><span style=\"mso-list: Ignore;\">&#8211;<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Capital social<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -36.0pt; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES; mso-fareast-font-family: Arial;\"><span style=\"mso-list: Ignore;\">&#8211;<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Reservas<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -36.0pt; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES; mso-fareast-font-family: Arial;\"><span style=\"mso-list: Ignore;\">&#8211;<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Perdidas de Ejercicios<br \/>\nanteriores<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -36.0pt; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES; mso-fareast-font-family: Arial;\"><span style=\"mso-list: Ignore;\">&#8211;<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \/>\n<\/span><\/span><\/span><span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Resultado del Ejercicio<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Los dos primeros son<br \/>\ntradicionalmente considerados como fondos propios, pero en la empresa pueden<br \/>\nexistir p\u00e9rdidas de anteriores ejercicios sin compensar y el resultado del<br \/>\nejercicio puede ser tambi\u00e9n una p\u00e9rdida, y, en ambos casos, son partidas a<br \/>\nrestar de los fondos propios.<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Tambi\u00e9n, como sucede<br \/>\nen el activo, <b style=\"mso-bidi-font-weight: normal;\">el PN puede variar a lo<br \/>\nlargo del ejercicio, como los fondos propios<\/b>, debido por ejemplo a una<br \/>\nampliaci\u00f3n de capital social, En estos casos hay que considerar esta partida<br \/>\ncomo promedio del ejercicio.<\/span><\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<\/div>\n<div style=\"margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-justify: inter-ideograph;\">\n<span style=\"font-family: &quot;Arial&quot;,sans-serif; font-size: 10.0pt; line-height: 115%; mso-ansi-language: ES;\">Hay analistas<br \/>\nfinancieros que utilizan para definir la rentabilidad financiera el BAI, es<br \/>\ndecir antes de impuestos. Luego no tienen en cuenta el efecto impositivo del<br \/>\nimpuesto sobre sociedades.<\/span><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Para estudiar una promocion inmobiliaria hay que conocer la rentabilidad que se espera de ella Los indices mas habituales para medir al rentabilida de una operacion economica son los siguientes\u2026 <a class=\"continue-reading-link\" href=\"https:\/\/prayde.com\/empresa\/indices-de-rentabilidad-economica-de\/\">Continue leyendo<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[42,23,37,24],"class_list":["post-1577","post","type-post","status-publish","format-standard","hentry","category-sin-categoria","tag-analisis","tag-costes-y-riesgos","tag-financiacion","tag-viabilidad"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u00cdNDICES DE RENTABILIDAD ECONOMICA DE UNA EMPRESA - 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