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Switch de circularidad (1: On / 0: Off) 0 no activar circularidad mientras estemos en drive
Modelación Financiera: modelo completo (3 estados financieros) de compañía Enel Generación Chile
EAA324C: Banca de Inversión
Grupo 2
1er semestre, 2020
Vicente García Casassus * vsgarcia@uc.cl
Sebastián López Quiroz * sflopez1@uc.cl
José Ignacio Nario Delgado * jinario@uc.cl
María José Rojas Riveros * mjrojas@uc.cl
mailto:vsgarcia@uc.clmailto:sflopez1@uc.clmailto:jinario@uc.clmailto:mjrojas@uc.cl
Supuestos
Supuestos 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Estado de Resultados
Ventas de energia totales (GWH)
Clientes Regulados 17,622 18,516 17,010 16,993 15,999 16,993 16,993 18,200 18,200 18,200 18,200 18,200 18,200 18,200 18,200
Clientes Libres 4,319 4,321 5,604 5,598 5,924 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
Mercado Spot 1,618 852 742 752 279 279 279 279 279 279 279 279 279 279 279
Venta de energía (CLP/GWh)
Clientes Regulados 61,352 63,731 64,732 58,690 56,332 55,337 54,351 53,375 52,409 51,452 50,506 49,568 48,640 47,721 46,812
Clientes No Regulados 56,401 54,303 50,968 60,334 77,813 76,818 75,832 74,856 73,890 72,933 71,987 71,049 70,121 69,202 68,293
Mercado Spot 92,756 119,723 95,632 45,571 99,567 98,572 97,586 96,610 95,644 94,688 93,741 92,803 91,875 90,957 90,047
Spread Cliente Regulado - Spot -43,235 -43,235 -43,235 -43,235 -43,235 -43,235 -43,235 -43,235 -43,235 -43,235 -43,235
Spread Cliente No Regulado - Spot -21,754 -21,754 -21,754 -21,754 -21,754 -21,754 -21,754 -21,754 -21,754 -21,754 -21,754
Total Costos (880,891,223) (895,060,114) (903,978,006) (809,974,152) (834,936,802) (857,393,882) (835,341,690) (912,916,471) (917,457,322) (930,874,238) (935,368,174) (939,951,989) (944,627,480) (941,560,711) (946,674,447)
Compras de energía (320,731,795.00) (335,731,822.00) (346,954,692.00) (326,365,798.00) (327,157,312.00) (378,653,748) (352,237,032) (425,359,997) (425,359,997) (445,663,542) (445,663,542) (445,663,542) (445,663,542) (425,359,997) (425,359,997)
Precio implícito energía 60,941 54,813 55,221 57,621 74,316 60,582 60,582 60,582 60,582 60,582 60,582 60,582 60,582 60,582 60,582
Gastos de transporte (179,691,471) (192,502,995) (152,869,838) (141,551,194) (158,965,923) (165,116,284) (165,116,284) (165,116,284) (165,116,284) (165,116,284) (165,116,284) (165,116,284) (165,116,284) (165,116,284) (165,116,284)
Costo de venta de gas y otros aprovisionamientos (52,964,961) (71,676,459) (123,414,114) (111,063,406) (117,869,153) (95,397,619) (95,397,619) (95,397,619) (95,397,619) (95,397,619) (95,397,619) (95,397,619) (95,397,619) (95,397,619) (95,397,619)
Consumo de combustible (327,502,996) (295,148,838) (280,739,362) (230,993,754) (230,944,414) (218,226,231) (222,590,756) (227,042,571) (231,583,422) (224,696,793) (229,190,729) (233,774,543) (238,450,034) (255,686,811) (260,800,547)
Gas (170,456,730) (140,113,581) (134,127,364)
Petróleo (21,227,747) (11,143,015) (3,326,061)
Carbón (89,054,885) (79,737,158) (93,490,989)
Precio estimado combustible HWh: Consumo ($)/Generación
: ======
ID#AAAAGc3Zvl4
tc={BAD59A0C-53C5-48F6-AA64-38A8B445A0A0} (2020-04-26 03:22:42)
[Comentario encadenado]
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Comentario:
proyectar con inflación de eeuu 53,698 35,225 38,457 36,666 31,129 31,751 32,386 33,034 33,695 34,369 35,056 35,757 36,472 37,202 37,946
Gastos de admin y ventas como % de ventas totales 0 0 0 0 0 9.01% 9.01% 9.01% 9.01% 9.01% 9.01% 9.01% 9.01% 9.01% 9.01%
Amortización - monto (13,424,071) (15,609,950) (17,731,408) (24,954,582) (28,075,801) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000)
Tasa de impuesto efectiva (ETR) 0 0 0 0 0 17.98% 17.98% 17.98% 17.98% 17.98% 17.98% 17.98% 17.98% 17.98% 17.98%
Tasa de impuesto marginal (MTR) 0 0 0 0 0 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00%
Número de acciones (básicas) 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580
Número de acciones (diluidas) 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580
Politica de dividendos - % de utilidad neta 28.68% 57.47% 75.23% 96.73% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
Balance
Otros activos financieros como % de ventas totales 0.03% 1.26% 2.54% 0.01% 0.96% 0.96% 0.96% 0.96% 0.96% 0.96% 0.96% 0.96% 0.96% 0.96%
Otros activos no financieros como % de ventas totales 0.27% 0.13% 0.71% 0.46% 0.39% 0.39% 0.39% 0.39% 0.39% 0.39% 0.39% 0.39% 0.39% 0.39%
PPC 57 49 57 47 53 53 53 53 53 53 53 53 53 53
CxC a entidades relacionadas, corrientes. Constante al ultimo año. 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589
PPPI 14 13 20 13 15 15 15 15 15 15 15 15 15 15
Activos por impuestos como % de las ventas totales 2.07% 3.99% 3.47% 2.60% 3.03% 3.27% 3.09% 3.00% 3.10% 3.12% 3.08% 3.07% 3.09% 3.09%
Otros activos financieros, no corrientes como % de ventas totales 1.74% 2.04% 0.16% 0.44% 1.09% 0.93% 0.65% 0.78% 0.86% 0.81% 0.78% 0.81% 0.81% 0.80%
Otros activos no financieros, no corrientes como % de ventas totales 0.74% 0.79% 0.82% 0.91% 0.81% 0.83% 0.84% 0.85% 0.84% 0.84% 0.84% 0.84% 0.84% 0.84%
PPC no corriente 1 0 0 18 0 0 0 0 0 0 0 0 0 0
CxC a entidades relacionadas, no corrientes. Constante al último año. 0 0 0 0 0 0 0 0 0 0
Inversiones contabilizadas utilizando el método de la participación. Constante al último dato disponible 7,911,342 7,911,342 7,911,342 7,911,342 7,911,342 7,911,342 7,911,342 7,911,342 7,911,342 7,911,342 7,911,342
Activos Intangibles distintos de plusvalía. Disminuye con amortización 30,393,637 27,893,637 25,393,637 22,893,637 20,393,637 17,893,637 15,393,637 12,893,637 10,393,637 7,893,637 5,393,637
Plusvalía (goodwill) - monto. Constante al último dato disponible 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356
Activos por impuestos diferidos. No corriente. Valor cero 0 0 0 0 0 0 0 0 0 0 0
PPP 139 133 124 100 124 124 124 124 124 124 124 124 124 124
CxP a entidades relacionadas, corriente. Constante al último año. 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589
Otras provisiones,corrientes como % de ventas totales 0.39% 0.32% 0.34% 0.22% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32%
Pasivos por impuestos diferidos. como % de las ventas. 3.70% 4.09% 0.82% 1.08% 2.42% 2.42% 2.42% 2.42% 2.42% 2.42% 2.42% 2.42% 2.42% 2.42%
Otros pasivos no financieros. Corrientes. Constante al último dato. 4,811,150 4,811,150 4,811,150 4,811,150 4,811,150 4,811,150 4,811,150 4,811,150 4,811,150 4,811,150 4,811,150
Pasivos incluidos en grupos de activos para su disposición clasificados
como mantenidos para la venta o como mantenidos para distribuir a los
propietarios. Valor cero. 0 0 0 0 0 0 0 0 0 0 0
Otras cuentas por pagar, no corrientes, como % de las ventas totales. 0.09% 0.04% 0.03% 0.00% 0.04% 0.03% 0.02% 0.02% 0.03% 0.03% 0.02% 0.03% 0.03% 0.03%
CxP a entidades relacionadas, no corriente. Valor 0. 0 0 0 0 0 0 0 0 0 0 0
Otras provisiones, no corrientes, como % de ventas totales 3.45% 3.91% 5.23% 8.76% 5.34% 5.34% 5.34% 5.34% 5.34% 5.34% 5.34% 5.34% 5.34% 5.34%
Pasivo por impuestos diferidos. No corriente. Como % de las ventas totales 11.16% 9.80% 12.06% 7.94% 10.24% 10.24% 10.24% 10.24% 10.24% 10.24% 10.24% 10.24% 10.24% 10.24%
Provisiones no corrientes por beneficios a los empleados. % de las ventas totales 0.95% 0.91% 0.96% 1.17% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Capital emitido. Constante al último dato. 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321
Primas de emisión. Constante al último dato. 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492
PP&E
Capex como % de ventas totales 11.74% 12.65% 14.62% 11.78% 12.70% 12.70% 12.70% 12.70% 12.70% 12.70% 12.70% 12.70% 12.70% 12.70%
Capex de expansión 123,151,250 123,151,250 0 0 0 0 0 0 0 0 0
Deterioro Bocamina I 82,832,000 82,832,000 82,832,000 82,832,000 82,832,000
Depreciación como % de PP&E inicial 4.29% 3.57% 3.18% 2.89% 3.48% 3.48% 3.48% 3.48% 3.48% 3.48% 3.48% 3.48% 3.48% 3.48%
Pérdidas por Deterioro (Reversiones), por aplicación de NIIF 9 0 0 (101,000) (1,348,000) 0 0 0 0 0 0 0 0 0 0
Patrimonio
Capital emitido 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321
Aumentos de capital 0 0 0 0 0 0 0 0 0 0
Ganancias acumuladas 1,635,971,241 1,733,497,095 1,822,606,512 1,925,349,742 2,177,981,301 2,263,005,281 2,346,818,735 2,423,307,412 2,487,803,642 2,517,144,994
Primas de emisión. Constante al último dato 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492
Otras reservas. Constante al último dato (226,577,889) (226,577,889) (226,577,889) (226,577,889) (226,577,889) (226,577,889) (226,577,889) (226,577,889) (226,577,889) (226,577,889) (226,577,889)
Participaciones no controladoras Efectiva (%) 38.1% 9.4% 1.7% 2.9% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%
Perfil de vencimiento de deuda
Deuda 11 0 0 0 0 0 10,449,623 10,449,623 10,449,623 10,449,623 10,449,623
Deuda 12 0 0 0 0 0 3,334,972 3,334,972 3,334,972 3,334,972 3,334,972
Deuda 13 0 0 0 0 0 2,120,644 2,120,644 2,120,644 2,120,644 2,120,644
Deuda 14 (vence 2024) 0 0 0 0 296,420,703 0 0 0 0 0
Deuda 15 (vence 2029) 5,888,467 5,888,467 5,888,467 5,888,467 5,888,467 5,888,467 5,888,467 5,888,467 5,888,467 5,888,467
Deuda 16 (vence 2030) 25,736,309 25,736,309 25,736,309 25,736,309 25,736,309 25,736,309 25,736,309 25,736,309 25,736,309 25,736,309
Target Ratio Deuda / EBITDA 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2
Interés nueva deuda 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
Caja disponible para pagar deuda y distribuir capital
Caja mínima operativa como % de ventas totales 7.66% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50%
Ingresos por intereses 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Cálculos
Cálculos 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
PP&E
Balance inicial 2,747,643,715 2,975,434,537 3,068,655,436 3,161,053,995 3,243,386,960 3,315,798,033 3,381,781,464 3,444,776,263 3,504,965,908 3,562,530,821
Capex mantención 194,880,395 206,775,663 222,327,048 192,933,291 201,119,071 197,889,939 203,761,794 200,432,776 197,137,048 193,874,278 190,644,135 187,446,293 184,280,430 181,146,225
Capex expansión 123,151,250 0 0 0 0 0 0 0 0 0
Deterioro Bocamina I (82,832,000) (82,832,000) (82,832,000) (82,832,000) 0 0 0 0 0 0
Depreciación (96,479,499) (104,669,040) (111,363,235) (118,099,811) (124,725,975) (127,890,846) (127,649,336) (127,256,648) (126,715,517) (126,179,797)
Balance final 2,975,434,537 3,068,655,436 3,161,053,995 3,243,386,960 3,315,798,033 3,381,781,464 3,444,776,263 3,504,965,908 3,562,530,821 3,617,497,249
PP&E Existente
PP&E Bruto 5,713,190,162 5,630,358,162 5,547,526,162 5,464,694,162 5,381,862,162 5,381,862,162 5,381,862,162 5,381,862,162 5,381,862,162 5,381,862,162 5,381,862,162
Depreciacion Acumulada (2,965,546,447) (3,057,134,571) (3,148,722,695) (3,240,310,819) (3,331,898,942) (3,423,487,066) (3,515,075,190) (3,606,663,314) (3,698,251,438) (3,789,839,562) (3,881,427,685)
PP&E Neto 2,747,643,715 2,573,223,591 2,398,803,467 2,224,383,344 2,049,963,220 1,958,375,096 1,866,786,972 1,775,198,848 1,683,610,724 1,592,022,601 1,500,434,477
Años de vida util implicito 29.6
Años de vida util restantes 30
Balance inicial 2,919,097,994 2,747,643,715 2,656,055,591 2,564,467,467 2,472,879,344 2,381,291,220 2,289,703,096 2,198,114,972 2,106,526,848 2,014,938,724 1,923,350,601
Depreciacion (171,454,279) (91,588,124) (91,588,124) (91,588,124) (91,588,124) (91,588,124) (91,588,124) (91,588,124) (91,588,124) (91,588,124) (91,588,124)
Balance final 2,919,097,994 2,747,643,715 2,656,055,591 2,564,467,467 2,472,879,344 2,381,291,220 2,289,703,096 2,198,114,972 2,106,526,848 2,014,938,724 1,923,350,601 1,831,762,477
PP&E Mantención
Balance inicial 0 197,767,086 385,654,891 572,720,355 749,720,225 916,798,203 1,077,448,539 1,235,110,243 1,389,966,793 1,542,198,611
Capex Mantención 201,119,071 197,889,939 203,761,794 200,432,776 197,137,048 193,874,278 190,644,135 187,446,293 184,280,430 181,146,225
Depreciacion del Capex (3,351,985) (10,002,135) (16,696,330) (23,432,906) (30,059,070) (33,223,941) (32,982,431) (32,589,743) (32,048,612) (31,512,892)
Balance final 0 197,767,086 385,654,891 572,720,355 749,720,225 916,798,203 1,077,448,539 1,235,110,243 1,389,966,793 1,542,198,611 1,691,831,944
Años de vida util 30
Año Capex
2020 201,119,071 3,351,985 6,703,969 6,703,969 6,703,969 6,703,969 3,351,985
2021 197,889,939 3,298,166 6,596,331 6,596,331 6,596,331 6,596,331 3,298,166
2022 203,761,7943,396,030 6,792,060 6,792,060 6,792,060 6,792,060 3,396,030
2023 200,432,776 3,340,546 6,681,093 6,681,093 6,681,093 6,681,093 3,340,546
2024 197,137,048 3,285,617 6,571,235 6,571,235 6,571,235 6,571,235 3,285,617
2025 193,874,278 3,231,238 6,462,476 6,462,476 6,462,476 6,462,476
2026 190,644,135 3,177,402 6,354,804 6,354,804 6,354,804
2027 187,446,293 3,124,105 6,248,210 6,248,210
2028 184,280,430 3,071,340 6,142,681
2029 181,146,225 3,019,104
Depreciación Total Capex Mantencion 3,351,985 10,002,135 16,696,330 23,432,906 30,059,070 33,223,941 32,982,431 32,589,743 32,048,612 31,512,892
Incorporación Los Cóndores
Balance inicial 0 121,611,859 118,533,078 115,454,297 112,375,516 109,296,734 106,217,953 103,139,172 100,060,391 96,981,609
Capex Expansión 123,151,250 0 0 0 0 0 0 0 0 0
Depreciacion (1,539,391) (3,078,781) (3,078,781) (3,078,781) (3,078,781) (3,078,781) (3,078,781) (3,078,781) (3,078,781) (3,078,781)
Balance final 0 121,611,859 118,533,078 115,454,297 112,375,516 109,296,734 106,217,953 103,139,172 100,060,391 96,981,609 93,902,828
Años de vida util 40
Capital de trabajo
Cuentas por cobrar 260,440,086 218,178,007 239,425,507 209,178,012 227,862,846 224,204,320 230,856,985 227,085,291 223,351,314 219,654,677 215,995,006 212,371,932 208,785,089 205,234,114
Cuentas a entidades relacionadas CP 82,727,781 109,797,820 135,105,117 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589
Inventarios 33,390,799 31,740,903 43,770,781 29,674,090 35,235,365 34,329,111 37,517,115 37,703,726 38,255,106 38,439,788 38,628,164 38,820,307 38,694,276 38,904,429
Cuentas por cobrar LP 6,788,437 1,032,923 1,156,638 82,929,822 1,446,748 1,423,519 1,465,759 1,441,811 1,418,104 1,394,633 1,371,397 1,348,393 1,325,620 1,303,074
Cuentas a entidades relacionadas LP 0 0 0 80,339,778 0 0 0 0 0 0 0 0 0 0
Total activos operacionales corrientes 383,347,103 360,749,653 419,458,043 690,466,291 552,889,548 548,301,539 558,184,448 554,575,417 551,369,112 547,833,687 544,339,156 540,885,222 537,149,574 533,786,206
Cuentas por pagar CP 341,088,664 329,448,226 275,331,618 227,887,342 291,279,018 283,787,314 310,141,486 311,684,131 316,242,207 317,768,914 319,326,155 320,914,541 319,872,680 321,609,949
Cuentas entidades relacionadas CP 121,018,039 122,862,944 152,932,289 137,867,183 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589
Cuentas por pagar LP 1,453,022 632,643 450,421 2 617,254 418,024 382,769 353,765 434,935 385,915 373,678 371,232 374,889 360,727
Cuentas entidades relacionadas LP 251,527 318,518 0 2,497,660 0 0 0 0 0 0 0 0 0 0
Total pasivos operacionales corrientes 463,811,252 453,262,331 428,714,328 368,252,187 580,240,861 572,549,926 598,868,844 600,382,485 605,021,731 606,499,418 608,044,422 609,630,362 608,592,157 610,315,265
Capital de trabajo total (OWC) (80,464,149) (92,512,678) (9,256,285) 322,214,104 (27,351,313) (24,248,387) (40,684,396) (45,807,068) (53,652,618) (58,665,731) (63,705,265) (68,745,140) (71,442,584) (76,529,059)
(cuentas operacionales)
Ventas
Ventas 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
90.19%
: ======
ID#AAAAJTacMk4
Vicente Garcia Casassus (2020-04-09 21:11:19)
Ventas está formado por 4 drivers:
1- Generación
2- Otras ventas
3- Otras prestaciones de servicios
4- Otros ingresos de explotación
En promedio, Generación explica el 88,85% de las ventas. Razón por la cual ajustaremos por ese número.
Total Generación Neta (GWh) 18,296 17,564 17,073 17,679 17,800 17,022 17,458 17,458 17,458 17,123 17,123 17,123 17,123 17,458 17,458
Ventas de Energia total (GWH) 23,559 23,689 23,356 23,343 22,202 23,272 23,272 24,479 24,479 24,479 24,479 24,479 24,479 24,479 24,479
Clientes Regulados 17,622 18,516 17,010 16,993 15,999 16,993 16,993 18,200 18,200 18,200 18,200 18,200 18,200 18,200 18,200
Clientes Libres 4,319 4,321 5,604 5,598 5,924 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
Mercado Spot 1,618 852 742 752 279 279 279 279 279 279 279 279 279 279 279
Energía Comprada (GWh) 5,263 6,125 6,283 5,664 4,402 6,250 5,814 7,021 7,021 7,356 7,356 7,356 7,356 7,021 7,021
Energía Comprada ($M CLP) 320,731,795 335,731,822 346,954,692 326,365,798 327,157,312 378,653,748 352,237,032 425,359,997 425,359,997 445,663,542 445,663,542 445,663,542 445,663,542 425,359,997 425,359,997
Precio Implicto Nominal (CLP) 60,941 54,813 55,221 57,621 74,316 60,582 60,582 60,582 60,582 60,582 60,582 60,582 60,582 60,582 60,582
Precio Implicto Nominal (US) 93 81 85 90 106 71 73 76 78 81 81 81 81 81 81
Precio Implicito real (US) 93.08 79.93 83.36 87.76 103.81 69.69 62.35 55.02 47.68 40.34 33.00 33.00 33.00 33.00 33.00
Precio Implictio Nominal (US) 93.17 80.97 85.11 89.86 105.67 71.09 63.60 56.12 48.63 41.15 33.66 33.66 33.66 33.66 33.66
Precio Implícito Nominal (CLP) (esta es la que estaba linkeada antes) 60,941 54,813 55,221 57,621 74,316 60,582 60,582 60,582 60,582 60,582 60,582 60,582 60,582 60,582 60,582
Venta de energía ($*GWh)
: ======
ID#AAAAGc3Zvl8
tc={C5BF2B5C-92D9-4FC9-809A-FC878E7C6ED7} (2020-04-26 03:22:42)
[Comentario encadenado]
Su versión de Excel le permite leer este comentario encadenado; sin embargo, las ediciones que se apliquen se quitarán si el archivo se abre en una versión más reciente de Excel. Más información: https://go.microsoft.com/fwlink/?linkid=870924
Comentario:
Está en pesos, no dólares. La info la sacamos de los EEFF
Clientes Regulados 61,352 63,731 64,732 58,690 56,332 55,337 54,351 53,375 52,409 51,452 50,506 49,568 48,640 47,721 46,812
Clientes No Regulados 56,401 54,303 50,968 60,334 77,813 76,818 75,832 74,856 73,890 72,933 71,987 71,049 70,121 69,202 68,293
Mercado Spot 92,756 119,723 95,632 45,571 99,567 98,572 97,586 96,610 95,644 94,688 93,741 92,803 91,875 90,957 90,047
Venta Energia Generada ($M CLP)
Generación 1,474,818,366 1,516,688,442 1,457,671,722 1,369,333,310 1,390,027,937 1,428,741,501 1,405,801,881 1,447,515,298 1,423,866,092 1,400,453,378 1,377,274,791 1,354,327,990 1,331,610,656 1,309,120,497 1,286,855,238
Clientes Regulados 1,081,142,280 1,180,042,597 1,101,089,106 997,315,635 901,254,815 940,334,691 923,584,392 971,425,236 953,842,183 936,434,961 919,201,811 902,140,992 885,250,781 868,529,473 851,975,377
Clientes No Regulados 243,596,910 234,641,908 285,623,737 337,748,542 460,993,808 460,905,290 454,990,984 449,135,822 443,339,211 437,600,566 431,919,308 426,294,862 420,726,661 415,214,141 409,756,747
Ventas de Mercado Spot 150,079,176 102,003,937 70,958,879 34,269,133 27,779,314 27,501,521 27,226,506 26,954,241 26,684,698 26,417,851 26,153,673 25,892,136 25,633,215 25,376,882 25,123,114
Venta de energía ($) 1,474,818,366 1,516,688,442 1,457,671,722 1,369,333,310 1,390,027,9371,428,741,501 1,405,801,881 1,447,515,298 1,423,866,092 1,400,453,378 1,377,274,791 1,354,327,990 1,331,610,656 1,309,120,497 1,286,855,238
Venta ajustada por driver (ver comentario celda B1) 1,635,279,360 1,681,704,921 1,616,267,152 1,518,317,475 1,541,263,688 1,584,189,308 1,558,753,846 1,605,005,704 1,578,783,452 1,552,823,423 1,527,122,993 1,501,679,568 1,476,490,578 1,451,553,477 1,426,865,747
Inflación US 0.10% 1.30% 2.10% 2.40% 1.80% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Inflación 4.49% 2.63% 2.01% 2.63% 2.94% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Tipo de Cambio 654 677 649 641 703 852 827 802 777 752 752 752 752 752 752
Tipo de Cambio
Fuente: Banco Central
Año Mes TCO Promedio Mensual TCO Promedio Anual
2014 Enero 537.03
Febrero 554.41
Marzo 563.84
Abril 554.64
Mayo 555.4
Junio 553.06
Julio 558.21
Agosto 579.05
Septiembre 593.47
Octubre 589.98
Noviembre 592.46
Diciembre 612.92 570.3725
2015 Enero 620.91
Febrero 623.62
Marzo 628.5
Abril 614.73
Mayo 607.6
Junio 629.99
Julio 650.14
Agosto 688.12
Septiembre 691.73
Octubre 685.31
Noviembre 704
Diciembre 704.24 654.0741666667
2016 Enero 721.95
Febrero 704.08
Marzo 682.07
Abril 669.93
Mayo 681.87
Junio 681.07
Julio 657.57
Agosto 658.89
Septiembre 668.63
Octubre 663.92
Noviembre 666.12
Diciembre 667.17 676.9391666667
2017 Enero 661.19
Febrero 643.21
Marzo 661.2
Abril 655.74
Mayo 671.54
Junio 665.15
Julio 658.17
Agosto 644.24
Septiembre 625.54
Octubre 629.55
Noviembre 633.77
Diciembre 636.92 648.8516666667
2018 Enero 605.53
Febrero 596.84
Marzo 603.45
Abril 600.55
Mayo 626.12
Junio 636.15
Julio 652.41
Agosto 656.25
Septiembre 680.91
Octubre 676.84
Noviembre 677.61
Diciembre 681.99 641.2208333333
2019 Enero 677.06
Febrero 656.3
Marzo 667.68
Abril 667.4
Mayo 692
Junio 692.41
Julio 686.06
Agosto 713.7
Septiembre 718.44
Octubre 721.03
Noviembre 776.53
Diciembre 770.39 703.25
2020 Enero 772.65
Febrero 796.38
Marzo 839.38
Abril 852.23
Mayo
Junio
Julio
Agosto
Septiembre
Octubre
Noviembre
Diciembre 852.23
Generación
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Capacidad Instalada (MW)
Hidroeléctrica
Los Molles 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00
Rapel-Sauzal 466.00 466.00 466.00 466.00 466.00 466.00 466.00 466.00 466.00 466.00 466.00 466.00 466.00 466.00 466.00
Maule 875.00 875.00 875.00 875.00 875.00 875.00 875.00 875.00 875.00 875.00 875.00 875.00 875.00 875.00 875.00
Laja 940.00 940.00 940.00 940.00 940.00 940.00 940.00 940.00 940.00 940.00 940.00 940.00 940.00 940.00 940.00
Ralco-Pangue 1,157.00 1,157.00 1,157.00 1,157.00 1,157.00 1,157.00 1,157.00 1,157.00 1,157.00 1,157.00 1,157.00 1,157.00 1,157.00 1,157.00 1,157.00
Los Cóndores 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00
Total 3,456.00 3,456.00 3,456.00 3,456.00 3,456.00 3,456.00 3,606.00 3,606.00 3,606.00 3,606.00 3,606.00 3,606.00 3,606.00 3,606.00 3,606.00
Térmica
GasAtacama 780.00 780.00 780.00 780.00 780.00 780.00 780.00 780.00 780.00 780.00 780.00 780.00 780.00 780.00 780.00
Tarapaca 182.00 182.00 182.00 182.00 182.00
D. Almagro-Taltal 268.00 268.00 268.00 268.00 268.00 268.00 268.00 268.00 268.00 268.00 268.00 268.00 268.00 268.00 268.00
Huasco 64.00 64.00 64.00 64.00 64.00 64.00 64.00 64.00 64.00 64.00 64.00 64.00 64.00 64.00 64.00
San Isidro 1 & 2 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00 778.00
Bocamina 1 & 2 (hasta 2023) 478.00 478.00 478.00 478.00 478.00 478.00 478.00 478.00 478.00 350.00 350.00 350.00 350.00 478.00 478.00
TG Quintero 257.00 257.00 257.00 257.00 257.00 257.00 257.00 257.00 257.00 257.00 257.00 257.00 257.00 257.00 257.00
Total 2,807.00 2,807.00 2,807.00 2,807.00 2,807.00 2,625.00 2,625.00 2,625.00 2,625.00 2,497.00 2,497.00 2,497.00 2,497.00 2,625.00 2,625.00
Eólica, Solar & Geotérmica
Canela 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00
Canela II 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00
Ojos de Agua 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00
Total 87.00 87.00 87.00 87.00 87.00 87.00 87.00 87.00 87.00 87.00 87.00 87.00 87.00 87.00 87.00
Capacidad Instalada (MW) Total 6,351.00 6,351.00 6,351.00 6,350.00 6,350.00 6,168.00 6,318.00 6,318.00 6,318.00 6,190.00 6,190.00 6,190.00 6,190.00 6,318.00 6,318.00
Check (1.00) (1.00) (1.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Factor planta por sector
Hidroeléctrica 31.08% 29.84% 32.04% 37.33% 33.54% 33.18% 33.18% 33.18% 33.18% 33.18% 33.18% 33.18% 33.18% 33.18% 33.18%
Térmica 24.80% 34.08% 29.69% 25.62% 30.17% 29.89% 29.89% 29.89% 29.89% 29.89% 29.89% 29.89% 29.89% 29.89% 29.89%
Eólica, Solar & Geotérmica 24.27% 19.94% 13.12% 10.31% 10.31% 13.42% 13.42% 13.42% 13.42% 13.42% 13.42% 13.42% 13.42% 13.42% 13.42%
Generación Neta (GWh) - Q
Hidroeléctrica 9,409.00 9,033.00 9,700.00 11,300.00 10,153.00 10,046.50 10,482.55 10,482.55 10,482.55 10,482.55 10,482.55 10,482.55 10,482.55 10,482.55 10,482.55
Térmica
Carbón 1,554 3,061.00 2,700.00 2,600.00
Petróleo Gas 4,545 5,318.00 4,600.00 3,700.00
Total 6,099.00 8,379.00 7,300.00 6,300.00 7,419.00 6,872.97 6,872.97 6,872.97 6,872.97 6,537.83 6,537.83 6,537.83 6,537.83 6,872.97 6,872.97
Eólica, Solar & Geotérmica 185.00 152.00 100.00 78.60 78.60 102.30 102.30 102.30 102.30 102.30 102.30 102.30 102.30 102.30 102.30
Generación Neta (GWh) - Q Total 18,296.00 17,564.00 17,073.00 17,679.00 17,800.00 17,021.77 17,457.82 17,457.82 17,457.82 17,122.68 17,122.68 17,122.68 17,122.68 17,457.82 17,457.82
Check 0 27 (0)
Deuda& Patrimonio
Deuda y Patrimonio 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Caja inicial 13,487,584 142,557,080 116,906,538 120,375,428 118,408,759 116,461,757 114,534,225 112,625,968 110,736,793 108,866,511
Caja mínima operativa 118,814,198 116,906,538 120,375,428 118,408,759 116,461,757 114,534,225 112,625,968 110,736,793 108,866,511 107,014,931
Flujo de caja disponible para pagar deuda 382,835,467 188,242,806 195,747,073 151,662,027 190,865,013 175,060,417 158,517,137 140,076,129 126,511,359 112,328,028
Caja disponible para pagar deuda y distribuir capital 277,508,853 213,893,348 192,278,184 153,628,696 192,812,015 176,987,950 160,425,394 141,965,303 128,381,642 114,179,608
Pagos obligatorios (31,624,776) (31,624,776) (31,624,776) (31,624,776) (328,045,479) (47,530,015) (47,530,015) (44,404,798) (40,067,306) (15,905,239)
Caja disponible después de pagos obligatorios 245,884,077 182,268,572 160,653,408 122,003,920 (135,233,464) 129,457,935 112,895,379 97,560,505 88,314,336 98,274,369
Emision / (pagos) deuda revolver (43,388,605) 0 0 0 135,233,464 (129,457,935) (5,775,529) 0 0 0
Emiión / (pago) Nueva deuda 0 0 0 0 0 145,506,155 20,023,022 17,540,517 25,193,328 31,136,096
Caja disponible para distribuir dividendos y capital 202,495,472 182,268,572 160,653,408 122,003,920 0 145,506,155 127,142,871 115,101,023 113,507,664 129,410,465
Distribucion de dividendos y capital (202,495,472) (182,268,572) (160,653,408) (122,003,920) 0 (145,506,155) (127,142,871) (115,101,023) (113,507,664) (129,410,465)
Caja disponible para acelerar deuda 0 0 0 0 0 0 0 0 0 0
Pagos acelerados 0 0 0 0 0 0 0 0 0 0
Caja disponible después de pagos de deuda y dividendos 0 0 0 0 0 0 0 0 0 0
125,350,544 96,335,567
Total Deuda de Corto Plazo 41,780,543 43,388,605
BNY Mellon - Primera Emisión S-1 4,693,498 5,058,091
Tasa Efectiva 1 7.96% 7.96%
BNY Mellon - Primera Emisión S-2 1,500,880 1,617,476
Tasa Efectiva 2 7.40% 7.40%
BNY Mellon - Primera Emisión S-3 950,619 1,024,463
Tasa Efectiva 3 8.26% 8.26%
BNY Mellon - Unica 24296 2,493,452 2,828,573
Tasa Efectiva 4 4.32% 4.32%
Banco Santander -317 Serie-H 6,513,162 6,592,332
Tasa Efectiva 5 7.17% 7.17%
Banco Santander 522 Serie-M 25,628,932 26,267,670
Tasa Efectiva 6 4.82% 4.82%
Derivados Financieros 83,570,001 52,946,962
799,813,225 829,976,921
Total Deuda de Largo Plazo 784,713,705 800,772,841
BNY Mellon - Primera Emisión S-1 142,300,747 153,480,285
Tasa Efectiva 11 7.96% 7.96%
BNY Mellon - Primera Emisión S-2 48,131,124 51,960,662
Tasa Efectiva 12 7.40% 7.40%
BNY Mellon - Primera Emisión S-3 22,694,249 24,876,133
Tasa Efectiva 13 8.26% 8.26%
BNY Mellon - Unica 24296 274,469,150 296,420,703
Tasa Efectiva 14 4.32% 4.32%
Banco Santander -317 Serie-H 48,321,664 43,982,519
Tasa Efectiva 15 7.17% 7.17%
Banco Santander 522 Serie-M 248,796,771 230,052,539
Tasa Efectiva 16 4.82% 4.82%
Derivados Financieros 15,099,520 29,204,080
Caja disponible para pago obligatorio Deuda 11 277,508,853 213,893,348 192,278,184 153,628,696 192,812,015 176,987,950 160,425,394 141,965,303 128,381,642 114,179,608
Caja disponible para acelerar pago Deuda 11 0 0 0 0 0 0 0 0 0 0
Deuda 11
Balance incial 153,480,285 153,480,285 153,480,285 153,480,285 153,480,285 153,480,285 143,030,662 132,581,039 122,131,416 111,681,793
Repagos obligatorios 0 0 0 0 0 10,449,623 10,449,623 10,449,623 10,449,623 10,449,623
Repagos acelerados 0 0 0 0 0 0 0 0 0 0
Balance final 153,480,285 153,480,285 153,480,285 153,480,285 153,480,285 153,480,285 143,030,662 132,581,039 122,131,416 111,681,793 101,232,170
Tasa de interés 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96%
Gastos por intereses 12,217,031 12,217,031 12,217,031 12,217,031 12,217,031 11,801,136 10,969,346 10,137,556 9,305,766 8,473,976
Caja disponible para pago obligatorio Deuda 12 277,508,853 213,893,348 192,278,184 153,628,696 192,812,015 166,538,327 149,975,771 131,515,680 117,932,019 103,729,985
Caja disponible para acelerar pago Deuda 12 0 0 0 0 0 0 0 0 0 0
Deuda 12
Balance incial 51,960,662 51,960,662 51,960,662 51,960,662 51,960,662 51,960,662 48,625,690 45,290,718 41,955,746 38,620,774
Repagos obligatorios 0 0 0 0 0 3,334,972 3,334,972 3,334,972 3,334,972 3,334,972
Repagos acelerados 0 0 0 0 0 0 0 0 0 0
Balance final 51,960,662 51,960,662 51,960,662 51,960,662 51,960,662 51,960,662 48,625,690 45,290,718 41,955,746 38,620,774 35,285,802
Tasa de interés 7.40% 7.40% 7.40% 7.40% 7.40% 7.40% 7.40% 7.40% 7.40% 7.40% 7.40%
Gastos por intereses 3,845,089 3,845,089 3,845,089 3,845,089 3,845,089 3,721,695 3,474,907 3,228,119 2,981,331 2,734,543
Caja disponible para pago obligatorio Deuda 13 277,508,853 213,893,348 192,278,184 153,628,696 192,812,015 163,203,355 146,640,799 128,180,708 114,597,047 100,395,013
Caja disponible para acelerar pago Deuda 13 0 0 0 0 0 0 0 0 0 0
Deuda 13
Balance incial 24,876,133 24,876,133 24,876,133 24,876,133 24,876,133 24,876,133 22,755,489 20,634,845 18,514,201 16,393,557
Repagos obligatorios 0 0 0 0 0 2,120,644 2,120,644 2,120,644 2,120,644 2,120,644
Repagos acelerados 0 0 0 0 0 0 0 0 0 0
Balance final 24,876,133 24,876,133 24,876,133 24,876,133 24,876,133 24,876,133 22,755,489 20,634,845 18,514,201 16,393,557 14,272,913
Tasa de interés 8.26% 8.26% 8.26% 8.26% 8.26% 8.26% 8.26% 8.26% 8.26% 8.26% 8.26%
Gastos por intereses 2,054,769 2,054,769 2,054,769 2,054,769 2,054,769 1,967,186 1,792,021 1,616,856 1,441,690 1,266,525
Caja disponible para pago obligatorio Deuda 14 277,508,853 213,893,348 192,278,184 153,628,696 192,812,015 161,082,711 144,520,155 126,060,064 112,476,403 98,274,369
Caja disponible para acelerar pago Deuda 14 0 0 0 0 0 0 0 0 0 0
Deuda 14 (vence el 2024)
Balance incial 296,420,703 296,420,703 296,420,703 296,420,703 296,420,703
Repagos obligatorios 0 0 0 0 296,420,703
Repagos acelerados 0 0 0 0 0 0 0 0 0 0
Balance final 296,420,703 296,420,703 296,420,703 296,420,703 296,420,703 0 0 0 0 0 0
Tasa de interés 4.32% 4.32% 4.32% 4.32% 4.32% 4.32%
Gastos por intereses 12,805,374 12,805,374 12,805,374 12,805,374 6,402,687
Caja disponible para pago obligatorio Deuda 15 277,508,853 213,893,348 192,278,184 153,628,696 (103,608,688) 161,082,711 144,520,155 126,060,064 112,476,403 98,274,369
Caja disponible para acelerar pago Deuda 15 0 0 0 0 0 0 0 0 0 0
Deuda 15 (vence el 2029)
Balance incial 43,982,519 38,094,052 32,205,585 26,317,118 20,428,651 14,540,184 8,651,717 2,763,250 0 0
Repagos obligatorios 5,888,467 5,888,467 5,888,467 5,888,467 5,888,467 5,888,467 5,888,467 2,763,250 0 0
Repagos acelerados 0 0 0 0 0 0 0 0 0 0
Balance final 43,982,519 38,094,052 32,205,585 26,317,118 20,428,651 14,540,184 8,651,717 2,763,250 0 0 0
Tasa de interés 7.17% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39%
Gastos por intereses 2,942,445 3,650,344 3,038,821 2,427,297 1,815,774 1,204,251 592,728 143,483 0 0
Caja disponible para pago obligatorio Deuda 16 271,620,386 208,004,881 186,389,717 147,740,229 (109,497,155) 155,194,244 138,631,688 123,296,814 112,476,403 98,274,369
Caja disponible para acelerar pago Deuda 16 0 0 0 0 0 0 0 0 0 0
Deuda 16 (vence el 2030)
Balance incial 230,052,539 204,316,230 178,579,921 152,843,612 127,107,303 101,370,994 75,634,685 49,898,376 24,162,067 0
Repagos obligatorios 25,736,309 25,736,309 25,736,309 25,736,309 25,736,309 25,736,309 25,736,309 25,736,309 24,162,067 0
Repagos acelerados 0 0 0 0 0 0 0 0 0 0
Balance final 230,052,539 204,316,230 178,579,921 152,843,612127,107,303 101,370,994 75,634,685 49,898,376 24,162,067 0 0
Tasa de interés 4.82% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96%
Gastos por intereses 10,468,287 15,248,073 13,198,279 11,148,485 9,098,691 7,048,897 4,999,103 2,949,309 962,206 0
Caja disponible para pago obligatorio Revolver 245,884,077 182,268,572 160,653,408 122,003,920 (135,233,464) 129,457,935 112,895,379 97,560,505 88,314,336 98,274,369
Caja disponible para acelerar pago Revolver
Deuda revolver
Balance incial 43,388,605 0 0 0 0 135,233,464 5,775,529 0 0 0
Repagos obligatorios 43,388,605 0 0 0 (135,233,464) 129,457,935 5,775,529 0 0 0
Balance final 43,388,605 0 0 0 0 135,233,464 5,775,529 0 0 0 0
Tasa de interés 5.69% 5.69% 5.69% 5.69% 5.69% 5.69% 5.69% 5.69% 5.69% 5.69% 5.69%
Gastos por intereses 1,233,952 0 0 0 3,845,978 4,010,231 164,253 0 0 0
Nueva deuda
Flag refinancamientos - - - - - 1.0 1.0 1.0 1.0 1.0
Target Ratio Deuda / EBITDA 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x
EBITDA 584,100,351 583,008,168 547,519,132 519,117,985 482,079,376 454,199,965 426,464,529 398,868,934 379,244,799 351,667,068
Deuda target 700,920,421 699,609,801 657,022,958 622,941,582 578,495,251 545,039,958 511,757,435 478,642,720 455,093,758 422,000,481
Deuda existente post pagos obligatorios y revolver 832,397,617 800,772,841 769,148,065 737,523,289 1,137,552,680 399,533,802 491,734,413 461,102,203 429,900,430 390,864,385
Emisiones (re-pagos) de deuda - - - - - 145,506,155 20,023,022 17,540,517 25,193,328 31,136,096
Balance inicial - - - - - - 145,506,155 165,529,177 183,069,694 208,263,022
Emisión / (repago) - - - - - 145,506,155 20,023,022 17,540,517 25,193,328 31,136,096
Balance final 0 - - - - - 145,506,155 165,529,177 183,069,694 208,263,022 239,399,118
Tasa de interés 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
Gastos por intereses - - - - - 5,092,715 10,886,237 12,200,960 13,696,645 15,668,175
Caja disponible después de refinanciamientos de deuda 202,495,472 182,268,572 160,653,408 122,003,920 - 145,506,155 127,142,871 115,101,023 113,507,664 129,410,465
Resumen deuda financiera de largo plazo
Deuda 11 153,480,285 153,480,285 153,480,285 153,480,285 153,480,285 143,030,662 132,581,039 122,131,416 111,681,793 101,232,170
Deuda 12 51,960,662 51,960,662 51,960,662 51,960,662 51,960,662 48,625,690 45,290,718 41,955,746 38,620,774 35,285,802
Deuda 13 24,876,133 24,876,133 24,876,133 24,876,133 24,876,133 22,755,489 20,634,845 18,514,201 16,393,557 14,272,913
Deuda 14 296,420,703 296,420,703 296,420,703 296,420,703 0 0 0 0 0 0
Deuda 15 38,094,052 32,205,585 26,317,118 20,428,651 14,540,184 8,651,717 2,763,250 0 0 0
Deuda 16 204,316,230 178,579,921 152,843,612 127,107,303 101,370,994 75,634,685 49,898,376 24,162,067 0 0
Nueva deuda 0 0 0 0 0 145,506,155 165,529,177 183,069,694 208,263,022 239,399,118
Total deuda financiera de largo plazo 800,772,841 769,148,065 737,523,289 705,898,513 674,273,737 346,228,258 444,204,398 416,697,405 389,833,124 374,959,146 390,190,003
Perfil de Vencimiento de la deuda
Deuda 11 0 0 0 0 0 (10,449,623) (10,449,623) (10,449,623) (10,449,623) (10,449,623)
Deuda 12 0 0 0 0 0 (3,334,972) (3,334,972) (3,334,972) (3,334,972) (3,334,972)
Deuda 13 0 0 0 0 0 (2,120,644) (2,120,644) (2,120,644) (2,120,644) (2,120,644)
Deuda 14 0 0 0 0 (296,420,703) 0 0 0 0 0
Deuda 15 (5,888,467) (5,888,467) (5,888,467) (5,888,467) (5,888,467) (5,888,467) (5,888,467) (2,763,250) 0 0
Deuda 16 (25,736,309) (25,736,309) (25,736,309) (25,736,309) (25,736,309) (25,736,309) (25,736,309) (25,736,309) (24,162,067) 0
Nueva deuda 0 0 0 0 0 145,506,155 20,023,022 17,540,517 25,193,328 31,136,096
Total pagos obligatorios (31,624,776) (31,624,776) (31,624,776) (31,624,776) (328,045,479) 97,976,140 (27,506,993) (26,864,281) (14,873,978) 15,230,857
Resumen gastos por intereses
Deuda de Corto Plazo/revolver 1,233,952 - - - 3,845,978 4,010,231 164,253 - - -
Deuda 11 12,217,031 12,217,031 12,217,031 12,217,031 12,217,031 11,801,136 10,969,346 10,137,556 9,305,766 8,473,976
Deuda 12 3,845,089 3,845,089 3,845,089 3,845,089 3,845,089 3,721,695 3,474,907 3,228,119 2,981,331 2,734,543
Deuda 13 2,054,769 2,054,769 2,054,769 2,054,769 2,054,769 1,967,186 1,792,021 1,616,856 1,441,690 1,266,525
Deuda 14 12,805,374 12,805,374 12,805,374 12,805,374 6,402,687 0 0 0 - -
Deuda 15 2,942,445 3,650,344 3,038,821 2,427,297 1,815,774 1,204,251 592,728 143,483 - -
Deuda 16 10,468,287 15,248,073 13,198,279 11,148,485 9,098,691 7,048,897 4,999,103 2,949,309 962,206 -
Nueva Deuda - 0 0 0 0 5,092,715 10,886,237 12,200,960 13,696,645 15,668,175
Total gastos por intereses 45,566,947 49,820,680 47,159,363 44,498,045 39,280,019 34,846,112 32,878,595 30,276,283 28,387,638 28,143,219
Patrimonio
Caja disponible para pagar dividendos 202,495,472 182,268,572 160,653,408 122,003,920 0 145,506,155 127,142,871 115,101,023 113,507,664 129,410,465
Politica de dividendos 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
Balance inicial 1,973,854,394 2,065,029,784 2,169,656,416 2,265,104,452 2,373,551,439 2,632,594,421 2,723,468,923 2,812,636,142 2,893,987,088 2,963,000,800
Utilidad neta / ganancia 293,670,862 286,895,203 256,101,444 230,450,906 259,042,983 236,380,656 216,310,091 196,451,969 182,521,376 162,780,707
Dividendos 146,835,431 143,447,602 128,050,722 115,225,453 0 118,190,328 108,155,045 98,225,984 91,260,688 81,390,354
Aumentos de capital 0 0 0 0 0 0 0 0 0 0
Disminuciones de capital (55,660,041) (38,820,970) (32,602,686) (6,778,466) 0 (27,315,827) (18,987,826) (16,875,038) (22,246,976) (48,020,111)
Balance final 1,973,854,394 2,065,029,784 2,169,656,416 2,265,104,452 2,373,551,439 2,632,594,421 2,723,468,923 2,812,636,142 2,893,987,088 2,963,000,800 2,996,371,043
Caja disponible después de distribución de capital 0 0 0 0 0 0 0 0 0 0
Ingresos por intereses
Efectivo y equivalentes de efectivo 13,487,584 142,557,080 116,906,538 120,375,428 118,408,759 116,461,757 114,534,225 112,625,968 110,736,793 108,866,511 107,014,931
Tasa de interés 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Ingresos por intereses 269,752 1,560,447 2,594,636 2,372,820 2,387,842 2,348,705 2,309,960 2,271,602 2,233,628 2,196,033 2,158,814
EERR
En Miles de Pesos 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
INGRESOS 1,543,810,317 1,659,727,000 1,634,937,000 1,521,054,000 1,638,374,000 1,584,189,308 1,558,753,846 1,605,005,704 1,578,783,452 1,552,823,423 1,527,122,993 1,501,679,568 1,476,490,578 1,451,553,477 1,426,865,747
Ventas 1,539,977,511 1,639,960,000 1,599,032,000 1,481,554,000 1,494,119,000
Otros ingresos de explotación 3,832,806 19,767,000 35,905,000 39,500,000 144,255,000
APROVISIONAMIENTOS Y SERVICIOS (COSTOS) (880,891,223) (895,060,000) (903,978,000) (809,974,000) (834,936,000)(857,393,882) (835,341,690) (912,916,471) (917,457,322) (930,874,238) (935,368,174) (939,951,989) (944,627,480) (941,560,711) (946,674,447)
Compra de energía (320,731,795) (335,732,000) (346,955,000) (326,366,000) (327,157,000)
Consumo de combustibles (327,502,996) (295,149,000) (280,739,000) (230,994,000) (230,944,000)
Gastos de transporte y otros servicios (179,691,471) (192,503,000) (152,870,000) (141,551,000) (158,966,000)
Otros aprovisionamientos y servicios (52,964,961) (71,676,000) (123,414,000) (111,063,000) (117,869,000)
MARGEN DE CONTRIBUCIÓN 662,919,094 764,667,000 730,959,000 711,080,000 803,438,000 726,795,426 723,412,156 692,089,233 661,326,130 621,949,184 591,754,819 561,727,580 531,863,098 509,992,766 480,191,300
Gastos de administración y ventas (146,058,369) (169,895,000) (149,817,000) (128,830,000) (133,695,000) (142,695,075) (140,403,988) (144,570,102) (142,208,145) (139,869,808) (137,554,855) (135,263,051) (132,994,165) (130,747,968) (128,524,232)
Trabajos para el inmovilizado 15,250,810 9,758,000 7,226,000 7,449,000 4,673,000
Gastos de personal (70,969,357) (60,350,000) (54,222,000) (53,800,000) (49,731,000)
Otros gastos fijos de explotación (90,339,822) (119,303,000) (102,821,000) (82,479,000) (88,637,000)
RESULTADO BRUTO DE EXPLOTACIÓN (EBITDA) 516,860,725 594,772,000 581,142,000 582,250,000 669,743,000 584,100,351 583,008,168 547,519,132 519,117,985 482,079,376 454,199,965 426,464,529 398,868,934 379,244,799 351,667,068
Depreciación y amortización (124,835,559) (132,600,000) (117,338,000) (117,766,000) (107,456,000) (98,979,499) (107,169,040) (113,863,235) (120,599,811) (127,225,975) (130,390,846) (130,149,336) (129,756,648) (129,215,517) (128,679,797)
Depreciación (111,411,488) (116,990,050) (99,606,592) (92,811,418) (79,380,199) (96,479,499) (104,669,040) (111,363,235) (118,099,811) (124,725,975) (127,890,846) (127,649,336) (127,256,648) (126,715,517) (126,179,797)
Amortización (13,424,071) (15,609,950) (17,731,408) (24,954,582) (28,075,801) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000)
Pérdidas por Deterioro (Reversiones), Neto 9,793,652 (30,786,000) 55,000 0 (280,020,000) (82,832,000) (82,832,000) (82,832,000) (82,832,000) 0 0 0 0 0 0
Pérdidas por Deterioro (Reversiones), por aplicación de NIIF 9 0 0 0 (101,000) (1,348,000) 0 0 0 0 0 0 0 0 0 0
RESULTADO DE EXPLOTACIÓN (EBIT) 401,818,818 431,386,000 463,859,000 464,383,000 280,919,000 402,288,852 393,007,128 350,823,896 315,686,173 354,853,401 323,809,118 296,315,193 269,112,286 250,029,282 222,987,270
RESULTADO FINANCIERO (114,252,183) (35,678,000) (36,610,000) (47,947,000) (58,362,000) 0 0 0 0 0 0 0 0 0 0
Ingresos financieros 234,821 6,151,000 5,274,000 5,778,000 9,420,000 0 0 0 0 0 0 0 0 0 0
Gastos financieros (64,206,719) (55,702,000) (50,852,000) (48,189,000) (65,711,000) 0 0 0 0 0 0 0 0 0 0
Resultados por unidades de reajuste 3,600,187 607,000 146,000 (2,480,000) (5,157,000) 0 0 0 0 0 0 0 0 0 0
Diferencias de cambio (53,880,472) 13,266,000 8,822,000 (3,056,000) 3,086,000 0 0 0 0 0 0 0 0 0 0
OTROS RESULTADOS DISTINTOS DE LA OPERACIÓN 12,920,446 129,369,000 110,392,000 6,716,000 2,227,000 0 0 0 0 0 0 0 0 0 0
Resultados de sociedades contabilizadas por método de participación 8,905,045 7,878,000 (2,697,000) 3,281,000 546,000 0 0 0 0 0 0 0 0 0 0
Resultados de otras inversiones 0 121,457,000 105,463,000 410,000 150,000 0 0 0 0 0 0 0 0 0 0
Resultados en ventas de activo 4,015,401 34,000 7,626,000 3,025,000 1,531,000 0 0 0 0 0 0 0 0 0 0
RESULTADO ANTES DE IMPUESTOS 300,487,081 525,077,000 537,641,000 423,152,000 224,784,000 402,288,852 393,007,128 350,823,896 315,686,173 354,853,401 323,809,118 296,315,193 269,112,286 250,029,282 222,987,270
Impuesto sobre sociedades (76,655,819) (83,217,000) (112,099,000) (104,947,000) (23,458,000) (108,617,990) (106,111,925) (94,722,452) (85,235,267) (95,810,418) (87,428,462) (80,005,102) (72,660,317) (67,507,906) (60,206,563)
RESULTADO DEL EJERCICIO 223,831,262 441,860,000 425,542,000 318,205,000 201,326,000 293,670,862 286,895,203 256,101,444 230,450,906 259,042,983 236,380,656 216,310,091 196,451,969 182,521,376 162,780,707
Resultado del ejercicio 635,020,813 521,432,000 425,542,000 318,205,000 201,325,901 293,670,862 286,895,203 256,101,444 230,450,906 259,042,983 236,380,656 216,310,091 196,451,969 182,521,376 162,780,707
Ganancia atribuible a los propietarios de la controladora 392,868,115 472,558,000 418,454,000 309,029,000 196,343,000 286,402,384 279,794,426 249,762,826 224,747,149 252,631,560 230,530,135 210,956,325 191,589,700 178,003,894 158,751,816
Ganancia atribuible a participaciones no controladoras 242,152,698 48,874,000 7,088,000 9,176,000 4,982,901 7,268,478 7,100,777 6,338,619 5,703,757 6,411,423 5,850,521 5,353,766 4,862,269 4,517,481 4,028,891
Utilidad por Acción $ 47.9 57.62 51.02 37.68 23.94 35.81 34.98 31.23 28.10 31.58 28.82 26.37 23.95 22.25 19.85
Información accionistas
Número de acciones promedio básicas (basic WASO) 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580
Número de acciones promedio diluidas (diluted WASO) 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580 8,201,754,580
Ganancia por acción básicas (basic EPS) 47.90 57.62 51.02 37.68 23.94 34.92 34.11 30.45 27.40 30.80 28.11 25.72 23.36 21.70 19.36
Ganancia por acción diluidas (diluted EPS) 47.90 57.62 51.02 37.68 23.94 34.92 34.11 30.45 27.40 30.80 28.11 25.72 23.36 21.70 19.36
Balance
En Miles de Pesos 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
ACTIVOS
ACTIVOS CORRIENTES
Efectivo y equivalentes al efectivo 114,486,479 211,027,141 151,989,905 13,487,584 142,557,080 116,906,538 120,375,428 118,408,759 116,461,757 114,534,225 112,625,968 110,736,793 108,866,511 107,014,931
Otros activos financieros, corrientes check 487,106 20,523,276 38,564,527 163,975 15,168,745 14,925,198 15,368,064 15,116,983 14,868,414 14,622,330 14,378,707 14,137,521 13,898,746 13,662,359
Otros activos no financieros, corrientes check 4,409,288 2,167,272 10,838,242 7,588,980 6,233,680 6,133,593 6,315,591 6,212,408 6,110,257 6,009,128 5,909,010 5,809,893 5,711,767 5,614,622
Cuentas comerciales por cobrar y otras cuentas por cobrar, corrientes check 260,440,086 218,178,007 239,425,507 209,178,012 227,862,846 224,204,320 230,856,985 227,085,291 223,351,314 219,654,677 215,995,006 212,371,932 208,785,089 205,234,114
Cuentas por cobrar a entidades relacionadas, corrientes check 82,727,781 109,797,820 135,105,117 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589
Inventarios check 33,390,799 31,740,903 43,770,78129,674,090 35,235,365 34,329,111 37,517,115 37,703,726 38,255,106 38,439,788 38,628,164 38,820,307 38,694,276 38,904,429
Activos por impuestos, corrientes check 34,438,408 65,164,708 52,773,274 42,647,814 48,053,548 51,016,693 49,670,166 47,379,280 48,145,053 47,604,634 46,227,190 45,391,475 44,890,770 44,099,158
TOTAL ACTIVOS CORRIENTES 543,372,955 658,599,127 672,467,353 591,085,044 763,455,852 735,860,042 748,447,938 740,251,036 735,536,490 729,209,370 722,108,634 715,612,510 709,191,747 702,874,202
ACTIVOS NO CORRIENTES
Otros activos financieros, no corrientes check 28,802,568 33,391,398 2,362,570 7,189,429 17,314,735 14,533,341 10,510,701 12,310,664 13,431,794 12,339,105 11,666,604 11,921,364 11,820,379 11,438,608
Otros activos no financieros, no corrientes check 12,318,443 12,853,459 12,545,299 14,845,654 12,908,249 12,983,990 13,557,033 13,414,066 12,974,257 12,838,588 12,653,711 12,433,948 12,196,667 12,006,073
Cuentas comerciales por cobrar y otras cuentas por cobrar, no corrientes check 6,788,437 1,032,923 1,156,638 82,929,822 1,446,748 1,423,519 1,465,759 1,441,811 1,418,104 1,394,633 1,371,397 1,348,393 1,325,620 1,303,074
Cuentas por cobrar a entidades relacionadas, no corriente check 0 0 0 80,339,778 0 0 0 0 0 0 0 0 0 0
Inversiones contabilizadas utilizando el método de la participación check 18,738,198 16,912,454 12,826,892 7,911,342 7,911,342 7,911,342 7,911,342 7,911,342 7,911,342 7,911,342 7,911,342 7,911,342 7,911,342 7,911,342
Activos intangibles distintos de la plusvalía no se considera porque sería doble contabilización (ya está en Amortización) 19,266,874 18,607,973 23,910,977 30,393,637 27,893,637 25,393,637 22,893,637 20,393,637 17,893,637 15,393,637 12,893,637 10,393,637 7,893,637 5,393,637
Plusvalía check 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356 24,860,356
Propiedades, planta y equipo no se considera porque sería doble contabilización (ya está en Depreciación y CAPEX) 2,726,838,537 2,788,204,501 2,919,097,994 2,747,643,715 2,975,434,537 3,068,655,436 3,161,053,995 3,243,386,960 3,315,798,033 3,381,781,464 3,444,776,263 3,504,965,908 3,562,530,821 3,617,497,249
Activos por impuestos diferidos check 18,696,123 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL ACTIVOS NO CORRIENTES 2,856,309,536 2,895,863,064 2,996,760,726 2,996,113,733 3,067,769,604 3,155,761,621 3,242,252,822 3,323,718,837 3,394,287,522 3,456,519,125 3,516,133,310 3,573,834,949 3,628,538,821 3,680,410,339
TOTAL ACTIVOS 3,399,682,491 3,554,462,191 3,669,228,079 3,587,198,777 3,831,225,457 3,891,621,664 3,990,700,760 4,063,969,873 4,129,824,013 4,185,728,495 4,238,241,943 4,289,447,459 4,337,730,568 4,383,284,541
PATRIMONIO Y PASIVOS
PASIVOS CORRIENTES
Otros pasivos financieros (deuda financiera y derivados) check 25,696,064 18,815,435 125,350,544 96,335,567 52,946,962 52,946,962 52,946,962 52,946,962 188,180,426 58,722,491 52,946,962 52,946,962 52,946,962 52,946,962
Cuentas por pagar comerciales y otras cuentas por pagar, corrientes check 341,088,664 329,448,226 275,331,618 227,887,342 291,279,018 283,787,314 310,141,486 311,684,131 316,242,207 317,768,914 319,326,155 320,914,541 319,872,680 321,609,949
Cuentas por pagar a entidades relacionadas, corrientes check 121,018,039 122,862,944 152,932,289 137,867,183 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589 288,344,589
Otras provisiones, corrientes check 6,493,428 5,296,635 5,182,867 3,619,734 5,057,036 4,975,841 5,123,486 5,039,780 4,956,910 4,874,870 4,793,649 4,713,241 4,633,637 4,554,829
Pasivos por impuestos, corrientes check 61,457,940 66,933,261 12,541,174 17,662,740 38,414,216 37,797,444 38,918,982 38,283,132 37,653,640 37,030,443 36,413,479 35,802,683 35,197,996 34,599,356
Otros pasivos no financieros corrientes check 23,330 0 22,542,716 4,811,150 4,811,150 4,811,150 4,811,150 4,811,150 4,811,150 4,811,150 4,811,150 4,811,150 4,811,150 4,811,150
TOTAL PASIVOS CORRIENTES 555,777,465 543,356,501 593,881,208 488,183,716 680,852,971 672,663,300 700,286,656 701,109,744 840,188,922 711,552,457 706,635,984 707,533,166 705,807,014 706,866,835
PASIVOS NO CORRIENTES
Otros pasivos financieros (deuda financiera y derivados) check 854,016,751 781,978,145 799,813,225 829,976,921 822,095,027 790,470,251 758,845,475 727,220,699 399,175,220 497,151,360 469,644,367 442,780,086 427,906,108 443,136,965
Otras cuentas por pagar, no corrientes check 1,453,022 632,643 450,421 2 617,254 418,024 382,769 353,765 434,935 385,915 373,678 371,232 374,889 360,727
Cuentas por pagar a entidades relacionadas, no corrientes check 251,527 318,518 0 2,497,660 0 0 0 0 0 0 0 0 0 0
Otras provisiones, no corrientes check 57,325,915 63,992,567 79,493,801 143,448,085 84,555,123 83,197,521 85,666,185 84,266,589 82,880,988 81,509,244 80,151,217 78,806,770 77,475,768 76,158,076
Pasivo por impuestos diferidos check 185,277,005 160,293,916 183,487,402 130,094,726 162,264,712 159,659,419 164,396,886 161,711,004 159,051,980 156,419,547 153,813,438 151,233,390 148,679,142 146,150,437
Provisiones por beneficios a los empleados, no corrientes check 15,820,557 14,875,948 14,610,975 19,143,273 15,810,585 15,556,733 16,018,337 15,756,633 15,497,546 15,241,049 14,987,118 14,735,726 14,486,848 14,240,458
TOTAL PASIVOS NO CORRIENTES 1,114,144,777 1,022,091,737 1,077,855,824 1,125,160,667 1,085,342,702 1,049,301,948 1,025,309,653 989,308,690 657,040,669 750,707,116 718,969,817 687,927,204 668,922,755 680,046,663
TOTAL PASIVOS 1,669,922,242 1,565,448,238 1,671,737,032 1,613,344,383 1,766,195,672 1,721,965,248 1,725,596,308 1,690,418,434 1,497,229,591 1,462,259,573 1,425,605,801 1,395,460,370 1,374,729,769 1,386,913,498
PATRIMONIO
Capital emitido check 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321 552,777,321
Ganancias acumuladas check 1,199,429,221 1,398,018,155 1,509,995,045 1,552,064,328 1,635,971,241 1,733,497,095 1,822,606,512 1,925,349,742 2,177,981,301 2,263,005,281 2,346,818,735 2,423,307,412 2,487,803,642 2,517,144,994
Primas de emisión check 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492 85,511,492
Otras reservas check (136,755,547) (74,789,241) (177,763,273) (226,577,889) (226,577,889) (226,577,889) (226,577,889) (226,577,889) (226,577,889) (226,577,889) (226,577,889) (226,577,889) (226,577,889) (226,577,889)
Patrimonio atribuible a los propietarios de la controladora no se considera porque sería doble contabilización (ya está en ganancias acumuladas) 1,700,962,487 1,961,517,727 1,970,520,585 1,963,775,252 2,047,682,165 2,145,208,019 2,234,317,436 2,337,060,666 2,589,692,225 2,674,716,205 2,758,529,659 2,835,018,336 2,899,514,566 2,928,855,918
Participaciones no controladoras no se considera porque sería doble contabilización (ya está en ganancias acumuladas) 28,797,762 27,496,226 26,970,462 10,079,142 17,347,620 24,448,397 30,787,016 36,490,773 42,902,196 48,752,717 54,106,483 58,968,752 63,486,233 67,515,125
TOTAL PATRIMONIO 1,729,760,249 1,989,013,953 1,997,491,047 1,973,854,394 2,065,029,784 2,169,656,416 2,265,104,452 2,373,551,439 2,632,594,421 2,723,468,923 2,812,636,142 2,893,987,088 2,963,000,800 2,996,371,043
TOTAL PATRIMONIO Y PASIVOS 3,399,682,491 3,554,462,191 3,669,228,079 3,587,198,777 3,831,225,457 3,891,621,664 3,990,700,760 4,063,969,873 4,129,824,013 4,185,728,495 4,238,241,943 4,289,447,459 4,337,730,568 4,383,284,541
Check 0 0 0 0 0 0 0 0 0 0 0 0 0 0EFE
EFE(Metodo Indirecto) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Utilidad Neta/ Ganancia 201,326,000 293,670,862 286,895,203 256,101,444 230,450,906 259,042,983 236,380,656 216,310,091 196,451,969 182,521,376 162,780,707
Depreciacion 79,380,199 96,479,499 104,669,040 111,363,235 118,099,811 124,725,975 127,890,846 127,649,336 127,256,648 126,715,517 126,179,797
Amortización Activo Intangible 28,075,801 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000
(Aumento)/Disminucion Otros activos no financieros, corrientes 3,249,262 1,355,300 100,087 (181,998) 103,183 102,151 101,129 100,118 99,117 98,126 97,145
(Aumento)/Disminucion en KdeT (331,470,389) 349,565,417 (3,102,926) 16,436,009 5,122,672 7,845,550 5,013,113 5,039,534 5,039,874 2,697,444 5,086,475
(Aumento)/Disminucion Activos por impuestos, corrientes 10,125,460 (5,405,734) (2,963,145) 1,346,526 2,290,887 (765,774) 540,420 1,377,444 835,715 500,704 791,613
(Aumento)/Disminucion Otros activos no financieros, no corrientes (2,300,355) 1,937,405 (75,741) (573,042) 142,966 439,809 135,669 184,877 219,762 237,282 190,593
(Aumento)/Disminucion Plusvalia 0 0 0 0 0 0 0 0 0 0 0
(Aumento)/Disminucion Activos por impuestos diferidos 0 0 0 0 0 0 0 0 0 0 0
Aumento/(Disminucion) en Otras provisiones, corrientes (1,563,133) 1,437,302 (81,195) 147,645 (83,706) (82,869) (82,041) (81,220) (80,408) (79,604) (78,808)
Aumento/(Disminucion) en Pasivos por impuestos, corrientes 5,121,566 20,751,476 (616,772) 1,121,538 (635,850) (629,492) (623,197) (616,965) (610,795) (604,687) (598,640)
Aumento/(Disminucion) en Otros pasivos no financieros corrientes (17,731,566) 0 0 0 0 0 0 0 0 0 0
Aumento/(Disminucion) en Otras provisiones, no corrientes 63,954,284 (58,892,962) (1,357,602) 2,468,664 (1,399,596) (1,385,600) (1,371,744) (1,358,027) (1,344,447) (1,331,002) (1,317,692)
Aumento/(Disminucion) en Pasivo por impuestos diferidos (53,392,676) 32,169,986 (2,605,293) 4,737,467 (2,685,882) (2,659,024) (2,632,433) (2,606,109) (2,580,048) (2,554,247) (2,528,705)
Aumento/(Disminucion) en Provisiones por beneficios a los empleados, no corrientes 4,532,298 (3,332,688) (253,852) 461,605 (261,704) (259,087) (256,496) (253,931) (251,392) (248,878) (246,389)
EFE por actividades de la operación (10,693,249) 732,235,863 383,107,804 395,929,093 353,643,686 388,874,622 367,595,922 348,245,148 327,535,995 310,452,029 292,856,095
Capex mantención (192,933,291) (201,119,071) (197,889,939) (203,761,794) (200,432,776) (197,137,048) (193,874,278) (190,644,135) (187,446,293) (184,280,430) (181,146,225)
Capex expansión 0 (123,151,250) 0 0 0 0 0 0 0 0 0
(Aumento)/Disminucion Otros activos financieros, corrientes 38,400,552 (15,004,770) 243,547 (442,865) 251,080 248,569 246,084 243,623 241,187 238,775 236,387
(Aumento)/ Disminucion Otros activos financieros, no corrientes (4,826,859) (10,125,306) 2,781,394 4,022,640 (1,799,964) (1,121,130) 1,092,689 672,501 (254,760) 100,986 381,771
(Aumento)/ Disminucion Inversiones contabilizadas utilizando el método de la participación 4,915,550 0 0 0 0 0 0 0 0 0 0
EFE por actividades de inversión (154,444,048) (349,400,397) (194,864,998) (200,182,020) (201,981,660) (198,009,609) (192,535,505) (189,728,011) (187,459,866) (183,940,670) (180,528,067)
Emision/(repago) Otros pasivos financieros (deuda financiera y derivados) CP (29,014,977) (43,388,605) 0 0 0 135,233,464 (129,457,935) (5,775,529) 0 0 0
Emision/(repago) Otros pasivos financieros (deuda financiera y derivados) LP 30,163,696 (7,881,894) (31,624,776) (31,624,776) (31,624,776) (328,045,479) 97,976,140 (27,506,993) (26,864,281) (14,873,978) 15,230,857
Dividendos 0 (146,835,431) (143,447,602) (128,050,722) (115,225,453) 0 (118,190,328) (108,155,045) (98,225,984) (91,260,688) (81,390,354)
Aumento/(Disminucion) de capital 0 (55,660,041) (38,820,970) (32,602,686) (6,778,466) 0 (27,315,827) (18,987,826) (16,875,038) (22,246,976) (48,020,111)
Aumento/(Disminucion) de Primas de emisión 0 0 0 0 0 0 0 0 0 0 0
Aumento/(Disminucion) de Otras reservas (48,814,616) 0 0 0 0 0 0 0 0 0 0
EFE por actividades de financiamiento (47,665,897) (253,765,971) (213,893,348) (192,278,184) (153,628,696) (192,812,015) (176,987,950) (160,425,394) (141,965,303) (128,381,642) (114,179,608)
Flujo de Caja Total (212,803,194) 129,069,496 (25,650,542) 3,468,889 (1,966,669) (1,947,002) (1,927,532) (1,908,257) (1,889,174) (1,870,283) (1,851,580)
Efectivo y equivalente al efectivo 13,487,584 142,557,080 116,906,538 120,375,428 118,408,759 116,461,757 114,534,225 112,625,968 110,736,793 108,866,511 107,014,931
Ratios
En Miles de Pesos 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Crecimiento (Y/Y)
Ventas Totales 7.51% -1.49% -6.97% 7.71% -3.31% -1.61% 2.97% -1.63% -1.64% -1.66% -1.67% -1.68% -1.69% -1.70%
EBITDA 15.07% -2.29% 0.19% 15.03% -12.79% -0.19% -6.09% -5.19% -7.13% -5.78% -6.11% -6.47% -4.92% -7.27%
EFE por actividades de la operación -37.95% -12.70% -4.69% 22.21% 28.78% -47.68% 3.35% -10.68% 9.96% -5.47% -5.26% -5.95% -5.22% -5.67%
Utilidad Neta 97.41% -3.69% -25.22% -36.73% 45.87% -2.31% -10.73% -10.02% 12.41% -8.75% -8.49% -9.18% -7.09% -10.82%
Rentabilidad
Margen EBIT(%) 25.99% 28.37% 30.53% 17.15% 25.39% 25.21% 21.86% 20.00% 22.85% 21.20% 19.73% 18.23% 17.22% 15.63%
Margen EBITDA (%) 35.84% 35.55% 38.28% 40.88% 36.87% 37.40% 34.11% 32.88% 31.05% 29.74% 28.40% 27.01% 26.13% 24.65%
Margen Neto (ganancia) % 26.62% 26.03% 20.92% 12.29% 18.54% 18.41% 15.96% 14.60% 16.68% 15.48% 14.40% 13.31% 12.57% 11.41%
Crediticio
Deuda Total 879,712,815 800,793,580 925,163,769 926,312,488 875,041,989 843,417,213 811,792,437 780,167,661 587,355,646 555,873,852 522,591,329 495,727,048 480,853,070 496,083,927
Deuda Neta 879,712,815 800,793,580 925,163,769 926,312,488 875,041,989 843,417,213 811,792,437 780,167,661 587,355,646 555,873,852 522,591,329 495,727,048 480,853,070 496,083,927
Patrimonio 1,729,760,249 1,989,013,953 1,997,491,047 1,973,854,394 2,065,029,784 2,169,656,416 2,265,104,452 2,373,551,439 2,632,594,421 2,723,468,923 2,812,636,142 2,893,987,088 2,963,000,800 2,996,371,043
Deuda Neta/Patrimonio Total (%) 50.86% 40.26% 46.32% 46.93% 42.37% 38.87% 35.84% 32.87% 22.31% 20.41% 18.58% 17.13% 16.23% 16.56%
Deuda Neta/EBITDA 1.5 1.4 1.6 1.4 1.5 1.4 1.5 1.5 1.2 1.2 1.2 1.2 1.3 1.4
EBITDA/gastos por intereses 10.7 11.4 12.1 10.2 ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
Dividendos como % de utilidad neta ("payout ratio") 0.0 0.0 0.0 0.0 0.5 0.5 0.5 0.5 0.0 0.5 0.5 0.5 0.5 0.5
Eficiencia de Activos ("Asset Turnover")
Capital de trabajo como % de ventas totales -4.85% -5.66% -0.61% 19.67% -1.73% -1.56% -2.53% -2.90% -3.46% -3.84%-4.24% -4.66% -4.92% -5.36%
PP&E neto como % de ventas totales 164.29% 170.54% 191.91% 167.71% 187.82% 196.87% 196.95% 205.44% 213.53% 221.45% 229.39% 237.38% 245.43% 253.53%
Capital invertido 1,759,425,630 1,601,587,160 1,850,327,538 1,852,624,976 1,750,083,978 1,686,834,426 1,623,584,874 1,560,335,322 1,174,711,291 1,111,747,703 1,045,182,658 991,454,097 961,706,141 992,167,855
Capital invertido como % de ventas totales 106.01% 97.96% 121.65% 113.08% 110.47% 108.22% 101.16% 98.83% 75.65% 72.80% 69.60% 67.15% 66.25% 69.53%
Rteornos
EBIAT (o NOPAT) 363,017,649 367,143,664 349,210,195 251,602,866 329,941,486 322,328,981 287,731,954 258,913,376 291,036,795 265,575,497 243,026,061 220,715,307 205,064,178 182,885,384
Retorno sobre capital invertido (ROIC) 20.63% 22.92% 18.87% 13.58% 18.85% 19.11% 17.72% 16.59% 24.78% 23.89% 23.25% 22.26% 21.32% 18.43%
Retorno sobre patrimonio (ROE) 25.54% 21.39% 15.93% 10.20% 14.22% 13.22% 11.31% 9.71% 9.84% 8.68% 7.69% 6.79% 6.16% 5.43%
DCF y DDM
DCF y DDM 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Perpetuidad
DCF - Flujo de caja libre a la empresa
EBITDA 669,743,000 584,100,351 583,008,168 547,519,132 519,117,985 482,079,376 454,199,965 426,464,529 398,868,934 379,244,799 351,667,068 351,667,068
(-) D&A (107,456,000) (98,979,499) (107,169,040) (113,863,235) (120,599,811) (127,225,975) (130,390,846) (130,149,336) (129,756,648) (129,215,517) (128,679,797) (112,896,190)
(=) EBIT 562,287,000 485,120,852 475,839,128 433,655,896 398,518,173 354,853,401 323,809,118 296,315,193 269,112,286 250,029,282 222,987,270 238,770,877
(+) Perdidas tributarias BoP 0 0 - - - - - - - - -
(-) Uso perdidas tributarias 0 0 - - - - - - - - -
(=) Perdidas tributarias EoP 0 - - - - - - - - - - -
(=) EBIT imponible 562,287,000 485,120,852 475,839,128 433,655,896 398,518,173 354,853,401 323,809,118 296,315,193 269,112,286 250,029,282 222,987,270 238,770,877
(-) Impuestos -151,817,490 (130,982,630) (128,476,565) (117,087,092) (107,599,907) (95,810,418) (87,428,462) (80,005,102) (72,660,317) (67,507,906) (60,206,563) (64,468,137)
Tasa de impuestos (%) 27% 27% 27% 27% 27% 27% 27% 27% 27% 27% 27% 27%
(=) EBIAT 410,469,510 354,138,222 347,362,563 316,568,804 290,918,266 259,042,983 236,380,656 216,310,091 196,451,969 182,521,376 162,780,707 174,302,740
Depreciacion 79,380,199 96,479,499 104,669,040 111,363,235 118,099,811 124,725,975 127,890,846 127,649,336 127,256,648 126,715,517 126,179,797 112,896,190
Amortización Activo Intangible 28,075,801 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 (2,939,828)
(Aumento)/Disminucion Otros activos no financieros, corrientes 3,249,262 1,355,300 100,087 (181,998) 103,183 102,151 101,129 100,118 99,117 98,126 97,145 (114,235)
(Aumento)/Disminucion en KdeT (331,470,389) 349,565,417 (3,102,926) 16,436,009 5,122,672 7,845,550 5,013,113 5,039,534 5,039,874 2,697,444 5,086,475 (5,981,344)
(Aumento)/Disminucion Activos por impuestos, corrientes 10,125,460 (5,405,734) (2,963,145) 1,346,526 2,290,887 (765,774) 540,420 1,377,444 835,715 500,704 791,613 (930,882)
(Aumento)/Disminucion Otros activos no financieros, no corrientes (2,300,355) 1,937,405 (75,741) (573,042) 142,966 439,809 135,669 184,877 219,762 237,282 190,593 (224,124)
(Aumento)/Disminucion Plusvalia - - - - - - - - - - - -
(Aumento)/Disminucion Activos por impuestos diferidos 0 - - - - - - - - - - -
Aumento/(Disminucion) en Otras provisiones, corrientes (1,563,133) 1,437,302 (81,195) 147,645 (83,706) (82,869) (82,041) (81,220) (80,408) (79,604) (78,808) 92,673
Aumento/(Disminucion) en Pasivos por impuestos, corrientes 5,121,566 20,751,476 (616,772) 1,121,538 (635,850) (629,492) (623,197) (616,965) (610,795) (604,687) (598,640) 703,960
Aumento/(Disminucion) en Otros pasivos no financieros corrientes (17,731,566) - - - - - - - - - - -
Aumento/(Disminucion) en Otras provisiones, no corrientes 63,954,284 (58,892,962) (1,357,602) 2,468,664 (1,399,596) (1,385,600) (1,371,744) (1,358,027) (1,344,447) (1,331,002) (1,317,692) 1,549,515
Aumento/(Disminucion) en Pasivo por impuestos diferidos (53,392,676) 32,169,986 (2,605,293) 4,737,467 (2,685,882) (2,659,024) (2,632,433) (2,606,109) (2,580,048) (2,554,247) (2,528,705) 2,973,583
Aumento/(Disminucion) en Provisiones por beneficios a los empleados, no corrientes 4,532,298 (3,332,688) (253,852) 461,605 (261,704) (259,087) (256,496) (253,931) (251,392) (248,878) (246,389) 289,737
Capex mantención (192,933,291) (201,119,071) (197,889,939) (203,761,794) (200,432,776) (197,137,048) (193,874,278) (190,644,135) (187,446,293) (184,280,430) (181,146,225) (181,146,225)
Capex expansión - (123,151,250) - - - - - - - - - -
(Aumento)/Disminucion Otros activos financieros, corrientes 38,400,552 (15,004,770) 243,547 (442,865) 251,080 248,569 246,084 243,623 241,187 238,775 236,387 (277,975)
(Aumento)/ Disminucion Otros activos financieros, no corrientes (4,826,859) (10,125,306) 2,781,394 4,022,640 (1,799,964) (1,121,130) 1,092,689 672,501 (254,760) 100,986 381,771 (448,937)
(Aumento)/ Disminucion Inversiones contabilizadas utilizando el método de la participación 4,915,550 - - - - - - - - - - -
(=) Flujo de caja libre a la empresa 44,006,213 443,302,827 248,710,166 256,214,433 212,129,387 190,865,013 175,060,417 158,517,137 140,076,129 126,511,359 112,328,028 100,744,848
Valorizacion
Tasa de descuento 10.0% D&A / Capex VT 62.3%
Sensibilidad tasa 0.5% D&A VT (112,896,190.4)
Perpetuidad 2.0% Crecimiento Venta total 2029 -1.70%
Multiplo de salida (FV/EBITDA) 8.0x
Valuation date 31-Dec-19
Final del año 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-29
Fecha flujos (1= EOP, 2 = MOP) 2 31-Dec-19 01-Jul-20 01-Jul-21 01-Jul-22 01-Jul-23 01-Jul-24 01-Jul-25 01-Jul-26 01-Jul-27 01-Jul-28 01-Jul-29 01-Jul-29
Fecha EOP 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-29
Fecha MOP 01-Jul-20 01-Jul-21 01-Jul-22 01-Jul-23 01-Jul-24 01-Jul-25 01-Jul-26 01-Jul-27 01-Jul-28 01-Jul-29 01-Jul-29
Periodos a descontar 0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 9.5
Flujos a descontar 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Flujo de caja libre a la empresa a descontar 444,517,355 248,710,166 256,214,433 212,129,387 190,865,013 175,060,417 158,517,137 140,076,129 126,511,359 112,328,028 100,744,848 =FP
9.5% 424,744,408.1 217,002,319.2 204,155,135.7 154,363,080.0 126,823,815.4 106,217,074.7 87,835,176.2 70,883,029.4 58,457,407.3 47,394,729.6 42,507,421.7
10.0% 423,775,335.7 215,521,750.5 201,840,574.6 151,919,329.1 124,247,922.7 103,586,076.1 85,270,136.1 68,500,254.4 56,235,192.6 45,385,529.9 40,705,409.1
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