Descarga la aplicación para disfrutar aún más
Lea materiales sin conexión, sin usar Internet. Además de muchas otras características!
Datos Enel V11
Apuntes Generales
Compartir
Vista previa del material en texto
Cover
Switch de circularidad (1: On / 0: Off) 0
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:mjrojas@uc.cl
Supuestos
Supuestos 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Datos Macroeconomicos
x Inflación
Inflación EEUU (FMI)
: Fuente:
https://www.imf.org/external/datamapper/PCPIEPCH@WEO/OEMDC/ADVEC/WEOWORLD/HKG/USA
====== 0.70% 2.20% 2.20% 1.90% 1.90% 0.80% 2.40% 2.40% 2.40% 2.40% 2.40% 2.40% 2.40% 2.40% 2.40%
Inflación Chile (FMI)
: Fuente:
https://www.imf.org/external/datamapper/PCPIEPCH@WEO/OEMDC/ADVEC/WEOWORLD/HKG/USA
====== 4.48% 2.63% 2.01% 2.63% 2.94% 2.50% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Diferencial Inflación EEUU y Chile 3.78% 0.43% -0.19% 0.73% 1.04% 1.70% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60%
x Tipo de Cambio (USD/CLP)
: Proyección obtenida por thomsonreuters con la FX Pool, donde participaron analistas de las siguientes entidades: Santander, Barclays, BBVA, Citigroup, Goldman Sachs, Itau, JP Morgan, Wells Gargo, entre otros.
====== 654 677 649 641 703 800 800 800 800 800 800 800 800 800 800
x Tasa libre de riesgo US
: ======
ID#AAAAGe5DIqU
tc={6E52D1EF-80F0-4465-82B0-EFFFA1F81DDA} (2020-05-08 05:50:57)
[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:
Yield de un bono del tesoro de la FED a 10 años, dato del 31/12/19 1.92%
Riesgo país (BPS)
: ======
ID#AAAAGe5DIqQ
tc={4F50DD25-CA1C-4AD4-915E-C94802F367F1} (2020-05-08 05:50:57)
[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:
EMBI Chile en diciembre 2019, información del BC. Fuente: JP Morgan Chase. 135
Premio por Riesgo
: Fuente: Damodaran
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html
====== 7.30%
Estado de Resultados
x Q: Ventas de energia totales (GW/h)
: ======
ID#AAAAJetCIu0
Vicente Garcia Casassus (2020-04-30 18:27:30)
Información obtenida de memorias 23,558.30 23,689.30 23,356.40 23,343.40 22,231.80 20,901.24 22,946.44 27,978.65 27,189.24 27,726.65 27,147.70 26,626.07 25,676.10 25,252.67 25,252.67
Clientes Regulados 17,621.50 18,516.20 17,028.80 15,253.60 12,247.80 11,272.64 10,394.04 15,502.45 14,789.24 15,326.65 14,747.70 14,226.07 13,756.10 13,332.67 13,332.67
LIC2015/02 (2016-2035) 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00
LIC2015/01 (2022-2041)
: ======
ID#AAAAJWyQrPg
Vicente Garcia Casassus (2020-05-15 16:34:30)
Memoria Anual 2017, página 117 5,900.00 5,900.00 5,900.00 5,900.00 5,900.00 5,900.00 5,900.00 5,900.00
LIC2017/01 (2024-2043) 1,180.00 1,180.00 1,180.00 1,180.00 1,180.00 1,180.00
Engie (2019-2030) 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00
Contratos menores y contratos por vencer 17,316.20 15,828.80 14,053.60 9,847.80 8,872.64 7,994.04 7,202.45 6,489.24 5,846.65 5,267.70 4,746.07 4,276.10 3,852.67 3,852.67
Traspaso de cliente regulado a cliente libre y vencimiento de contratos 8.59% 11.22% 29.93% 9.90% 9.90% 9.90% 9.90% 9.90% 9.90% 9.90% 9.90% 9.90% 9.90%
Clientes No Regulados/Libres
: ======
ID#AAAAJetCIwg
Vicente Garcia Casassus (2020-04-30 18:30:08)
" el cambio en las tendencias del mercado eléctrico en Chile, caracterizado por un alto volumen de clientes regulados que decidieron migrar a clientes libres" 4,318.90 4,321.40 5,586.00 7,338.00 9,704.80 9,628.60 12,552.40 12,476.20 12,400.00 12,400.00 12,400.00 12,400.00 11,920.00 11,920.00 11,920.00
Clientes industriales y Minería (duración desde 2018 a entre 2027 - 2033) 520.00 520.00 520.00 520.00 520.00 520.00 520.00 520.00 520.00 520.00 520.00 520.00
Contrato con distribuidoras (duración esde 2018 a entre 2023 - 2026)
: Suponemos que se renueva. Dejando constante la cantidad renovada de acuerdo al último contrato. La razón de esto es que no podemos asumir que se renovara por mayor cantidad.
====== 480.00 480.00 480.00 480.00 480.00 480.00 480.00 480.00 480.00 0.00 0.00 0.00
Clientes industriales y Minería (duración desde 2019 a entre 2026 - 2034) 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00
Contrato con distribuidoras (duración esde 2019 a entre 2024 - 2034) 700.00 700.00 700.00 700.00 700.00 700.00 700.00 700.00 700.00 700.00 700.00
Contrato con generadoras (duración esde 2019 a entre 2023 - 2034) 500.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00
Anglo American (2021-2031) 0.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
Contratos menores y contratos por vencer 304.80 228.60 152.40 76.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Mercado Spot
: Dado que la compañia es deficitaria, supondremos que no vendera spot a partir del 2020.
====== 1,617.90 851.70 741.60 751.80 279.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
x P: Venta de energía (GWh)
Clientes Regulados 61,353.59 63,730.28 64,660.41 65,382.31 73,585.04 78,999.22 76,426.16 73,853.10 71,280.03 68,706.97 66,133.90 68,288.17 71,045.19 73,288.37 75,047.29
Precio Implicto Nominal (US) 93.80 94.14 99.65 101.97 104.64 98.75 95.53 92.32 89.10 85.88 82.67 85.36 88.81 91.61 93.81
Spread Nominal Cliente Regulado - Spot 1.43 1.43 1.43 1.43 1.43 1.43 1.43 1.43 1.43 1.43 1.43
Clientes No Regulados/Libres 56,402.54 54,297.66 51,132.07 46,027.33 47,501.63 55,613.26 53,801.89 51,990.53 50,179.16 48,367.79 46,556.43 48,072.98 50,013.84 51,592.97 52,831.21
Precio Implicto Nominal (US) 86.23 80.21 78.80 71.78 67.55 69.52 67.25 64.99 62.72 60.46 58.20 60.09 62.52 64.49 66.04
Spread Nominal Cliente Libre - Spot 1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01
Precio Monómico de Venta (spot) 92,761.71 119,765.10 95,683.49 45,582.78 99,496.11 55,076.12 53,282.25 51,488.38 49,694.51 47,900.64 46,106.77 47,608.67 49,530.79 51,094.67 52,320.94
Precio Implicto Nominal (US) 141.82 176.92 147.47 71.09 141.48 68.85 66.60 64.36 62.12 59.88 57.63 59.51 61.91 63.87 65.40
Precio de energía, pe, (US/MWh)) 115.08 101.40 87.72 74.04 60.36 46.68 33.00 33.79 34.60 35.43 36.28
Precio de potencia,pp, (US/MW) 96,000.00 96,768.00 99,090.43 101,468.60 103,903.85 106,397.54 108,951.08 111,565.91 114,243.49 116,985.33 119,792.98
Potencia (MW) 6,351.00 6,351.00 6,351.00 6,274.00 6,114.00 6,114.00 6,264.00 6,264.00 6,138.00 6,138.00 6,138.00 6,138.00 6,138.00 6,138.00 6,138.00
Energia (MWh) 23,558,300.00 23,689,300.00 23,356,400.00 23,343,400.00 22,231,800.00 20,901,239.09 22,946,441.76 27,978,645.97 27,189,236.54 27,726,651.42 27,147,697.14 26,626,072.79 25,676,101.36 25,252,668.01 25,252,668.01
Precio Compra (US) 93.15 80.97 85.10 85.25 99.32 80.65 76.04 71.44 66.84 62.24 57.63 59.51 61.91 63.87 65.40
x Otras Ventas y Otras Prestaciones de Servicios
Otras ventas
Ventas de gas como % Venta Energía Generación 4.42% 8.13% 9.70% 8.20% 7.49% 7.49% 7.49% 7.49% 7.49% 7.49% 7.49% 7.49% 7.49% 7.49% 7.49%
Ventas de productos y servicios. Constante al último año. 7,800,399.00 194,884.00 2,799,580.00 27,727.00 292,587.00 292,587.00 292,587.00 292,587.00 292,587.00 292,587.00 292,587.00 292,587.00 292,587.00 292,587.00 292,587.00
Otras prestaciones de servicios
Peajes y trasmisión. Constante al último año. 34,734,375.00 50,437,592.00 38,850,596.00 3,267,012.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00
Otras prestaciones. Constante al último año. 6,131,637.00 8,195,182.00 8,057,535.00 5,208,531.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00
x Otros ingresos de explotación
Otros ingresos de explotación como % de las ventas 0.25% 1.21% 2.25% 2.67% 1.55% 1.92% 1.92% 1.92% 1.92% 1.92% 1.92% 1.92% 1.92% 1.92% 1.92%
Ingreso extraordinario por acuerdo término contrato Enel Generación Chile y Anglo American. Valor cero.
: Asumiremos que es un pago de una sola vez.
====== 0.00 0.00 0.00 0.00 121,117,605.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
x Costos
Compras de energía (320,731,795.00) (335,732,000.00) (346,955,000.00) (326,366,000.00) (327,157,000.00) (216,362,713.60) (301,600,371.70) (570,952,703.15) (510,844,653.81) (502,423,615.79) (438,572,674.71) (428,025,056.17) (398,253,014.72) (389,192,244.31) (398,532,858.18)
Gastos de transporte. Como % de las ventas totales 11.64% 11.60% 9.35% 9.31% 9.70% 9.70% 9.70% 9.70% 9.70% 9.70% 9.70% 9.70% 9.70% 9.70% 9.70%
Costo de venta de gas y otros aprovisionamientos. Como % de las ventas totales 3.43% 4.32% 7.55% 7.30% 7.19% 7.19% 7.19% 7.19% 7.19% 7.19% 7.19% 7.19% 7.19% 7.19% 7.19%
Consumo de combustible. Con el precio estimado de combustible por la generación. 21.21% 17.78% 17.17% 15.19% 14.10% (264,817,975.97) (271,173,607.39) (277,681,773.97) (270,459,464.76) (276,950,491.91) (283,597,303.72) (290,403,639.01) (297,373,326.35) (304,510,286.18) (311,818,533.05)
Precio estimado combustible HWh: Consumo (CLP$)/Generación
: ======
ID#AAAAGc3Zvl4
tc={BAD59A0C-53C5-48F6-AA64-38A8B445A0A0} (2020-04-26 03:22:42)
[Comentario encadenado]
Su versión de Excel le permite leer este comentario encadenado; sin embargo, las ediciones que se apliquen se quitarán si el archivo se abre en una versión más reciente de Excel. Más información: https://go.microsoft.com/fwlink/?linkid=870924
Comentario:
proyectar con inflación de eeuu
: Fuente:
https://www.imf.org/external/datamapper/PCPIEPCH@WEO/OEMDC/ADVEC/WEOWORLD/HKG/USA
====== 51,867.69 35,224.01 38,499.59 36,854.67 31,930.98 36,614.49 37,493.24 38,393.08 39,314.51 40,258.06 41,224.25 42,213.64 43,226.76 44,264.20 45,326.55
Precio estimado combustible HWh: Consumo (US$)/Generación 79.30 52.03 59.33 57.48 45.40 45.77 46.87 47.99 49.14 50.32 51.53 52.77 54.03 55.33 56.66
Trabajos para el inmovilizado
: ======
ID#AAAAJeR3l1U
Vicente Garcia Casassus (2020-04-30 01:53:43)
"El costo capitalizado por concepto de gastos de personal relacionados directamente con las construcciones en curso". En el 2020 se acaban las construcciones, por lo que debería volverse 0
------
ID#AAAAJeR3l1g
Vicente Garcia Casassus (2020-04-30 01:57:14)
Se asume directa relación con el capex de expansión
: Proyección obtenida por thomsonreuters con la FX Pool, donde participaron analistas de las siguientes entidades: Santander, Barclays, BBVA, Citigroup, Goldman Sachs, Itau, JP Morgan, Wells Gargo, entre otros.
====== 15,250,810.00 9,758,000.00 7,226,000.00 7,449,000.00 4,673,000.00 4,673,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Gastos por beneficios a los empleados
: ======
ID#AAAAJeR3l10
Vicente Garcia Casassus (2020-04-30 02:00:02)
El mayor peso lo tienen los salarios (80%). Se asume constante en términos reales, pero se ajusta por inflación. (70,969,357.00) (60,350,000.00) (54,222,000.00) (53,800,000.00) (49,731,000.00) (50,974,275.00) (52,503,503.25) (54,078,608.35) (55,700,966.60) (57,371,995.60) (59,093,155.46) (60,865,950.13) (62,691,928.63) (64,572,686.49) (66,509,867.09)
Otros gastos por naturaleza
: ======
ID#AAAAJeR3l20
Vicente Garcia Casassus (2020-04-30 02:10:02)
El principal factor es Servicios profesionales independientes y externalizados, los que se asumirán constantes y se ajustarán por inflación.
: ======
ID#AAAAGe5DIqU
tc={6E52D1EF-80F0-4465-82B0-EFFFA1F81DDA} (2020-05-08 05:50:57)
[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:
Yield de un bono del tesoro de la FED a 10 años, dato del 31/12/19
: ======
ID#AAAAGe5DIqQ
tc={4F50DD25-CA1C-4AD4-915E-C94802F367F1} (2020-05-08 05:50:57)
[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:
EMBI Chile en diciembre 2019, información del BC. Fuente: JP Morgan Chase. (90,339,822.00) (119,303,000.00) (102,821,000.00) (82,479,000.00) (88,637,000.00) (90,852,925.00) (93,578,512.75) (96,385,868.13) (99,277,444.18) (102,255,767.50) (105,323,440.53) (108,483,143.74) (111,737,638.05) (115,089,767.20) (118,542,460.21)
Amortización - Constante. (1,498,864.00) (2,202,848.00) (3,134,258.00) (6,257,366.00) (3,168,564.00) (3,168,564.00) (3,168,564.00) (3,168,564.00) (3,168,564.00) (3,168,564.00) (3,168,564.00) (3,168,564.00) (3,168,564.00) (3,168,564.00) (3,168,564.00)
Tasa de impuesto efectiva (ETR) 25.51% 15.85% 20.85% 24.80% 10.44% 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) 24.00% 25.50% 26.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00%
Número de acciones (básicas) 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00
Número de acciones (diluidas) 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00 8,201,754,580.00
Politica de dividendos % de utilidad neta 28.68% 57.47% 75.23% 96.73% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00%
Resultado por unidades de reajuste. Valor cero, otra fila se encarga 3,600,187.00 607,000.00 146,000.00 (2,480,000.00) (5,157,000.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Diferencias de cambio. Valor cero, otra fila se encarga (53,880,472.00) 13,266,000.00 8,822,000.00 (3,056,000.00) 3,086,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Neto entre reajuste y diferencias de cambio. Ajustado por diferencialinflación.
: De acuerdo al comentario de la segunda corrección.
====== (2,071,000.00) (2,106,207.00) (2,118,844.24) (2,131,557.31) (2,144,346.65) (2,157,212.73) (2,170,156.01) (2,183,176.94) (2,196,276.01) (2,209,453.66) (2,222,710.38)
Resultados de sociedades contabilizadas por método de participación. Constante al último año.
: Debido a los distintos cambios en la estructura de la empresa, los datos han variado bastante. Por lo que se considerara como recurrente el último dato disponible.
====== 8,905,045.00 7,878,000.00 (2,697,000.00) 3,281,000.00 546,000.00 546,000.00 546,000.00 546,000.00 546,000.00 546,000.00 546,000.00 546,000.00 546,000.00 546,000.00 546,000.00
Resultados de otras inversiones. Consante al último año 0.00 121,457,000.00 105,463,000.00 410,000.00 150,000.00 150,000.00 150,000.00 150,000.00 150,000.00 150,000.00 150,000.00 150,000.00 150,000.00 150,000.00 150,000.00
Resultados en ventas de activo. Constante al último año. 4,015,401.00 34,000.00 7,626,000.00 3,025,000.00 1,531,000.00 1,531,000.00 1,531,000.00 1,531,000.00 1,531,000.00 1,531,000.00 1,531,000.00 1,531,000.00 1,531,000.00 1,531,000.00 1,531,000.00
x Balance
Otros activos financieros. Constante al último año.
: Se considera como recurrente, dado que es muy volátil.
====== 487,106.00 20,523,276.00 38,564,527.00 163,975.00 163,975.00 163,975.00 163,975.00 163,975.00 163,975.00 163,975.00 163,975.00 163,975.00 163,975.00 163,975.00
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. Último año constante. 57 49 57 47 47 47 47 47 47 47 47 47 47 47
CxC a entidades relacionadas, corrientes. Constante al ultimo año. 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00
PPPI. Último año constante. 14 13 20 13 13 13 13 13 13 13 13 13 13 13
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% 1.09% 1.09% 1.09% 1.09% 1.09% 1.09% 1.09% 1.09% 1.09%
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. Promedio últimos 4 años. 1 0 0 18 18 18 18 18 18 18 18 18 18 18
CxC a entidades relacionadas, no corrientes. Constante al último año. 0.00 0.00 0.00 80,339,778.00 80,339,778.00 80,339,778.00 80,339,778.00 80,339,778.00 80,339,778.00 80,339,778.00 80,339,778.00 80,339,778.00 80,339,778.00 80,339,778.00
Inversiones contabilizadas utilizando el método de la participación. Constante al último dato disponible 7,911,342.00 7,911,342.00 7,911,342.00 7,911,342.00 7,911,342.00 7,911,342.00 7,911,342.00 7,911,342.00 7,911,342.00 7,911,342.00 7,911,342.00
Activos Intangibles distintos de plusvalía. Disminuye con amortización 30,393,637.00 27,225,073.00 24,056,509.00 20,887,945.00 17,719,381.00 14,550,817.00 11,382,253.00 8,213,689.00 5,045,125.00 1,876,561.00 (1,292,003.00)
Plusvalía (goodwill) - monto. Constante al último dato disponible 24,860,356.00 24,860,356.00 24,860,356.00 24,860,356.00 24,860,356.00 24,860,356.00 24,860,356.00 24,860,356.00 24,860,356.00 24,860,356.00 24,860,356.00
Activos por impuestos diferidos. No corriente. Valor cero 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PPP. Último año constante. 139 133 124 100 100 100 100 100 100 100 100 100 100 100
CxP a entidades relacionadas, corriente. Calculado según dias. Último dato del año. 49.00 50.00 69.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00
Otras provisiones, corrientes. Calculado según dias. Último dato del año. 3.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
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. Calculado según dias. Último dato del año. 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
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. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Otras cuentas por pagar, no corrientes. Constante al último año. 1,453,022.00 632,643.00 450,421.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
CxP a entidades relacionadas, no corriente. Constante al último año. 251,527.00 318,518.00 0.00 2,497,660.00 2,497,660.00 2,497,660.00 2,497,660.00 2,497,660.00 2,497,660.00 2,497,660.00 2,497,660.00 2,497,660.00 2,497,660.00 2,497,660.00
Otras provisiones, no corrientes. Constante al último año. 57,325,915.00 63,992,567.00 79,493,801.00 143,448,085.00 143,448,085.00 143,448,085.00 143,448,085.00 143,448,085.00 143,448,085.00 143,448,085.00 143,448,085.00 143,448,085.00 143,448,085.00 143,448,085.00
Pasivo por impuestos diferidos. No corriente. Constante al último año. 185,277,005.00 160,293,916.00 183,487,402.00 130,094,726.00 130,094,726.00 130,094,726.00 130,094,726.00 130,094,726.00 130,094,726.00 130,094,726.00 130,094,726.00 130,094,726.00 130,094,726.00 130,094,726.00
Provisiones no corrientes por beneficios a los empleados. Constante, con aumento de inflación. 15,820,557.00 14,875,948.00 14,610,975.00 19,143,273.00 19,621,854.83 20,210,510.47 20,816,825.78 21,441,330.56 22,084,570.47 22,747,107.59 23,429,520.82 24,132,406.44 24,856,378.63 25,602,069.99
x PP&E
Capex de expansión
: ======
ID#AAAAJehV5-Q
Vicente Garcia Casassus (2020-04-29 17:53:34)
Expansión porque es lo que falta por meterle a Los Cóndores (según la memoria del 2018) 234,217,404.00
: De la memoria 2019.
El 2018 cerro con la inversión inicial de $142.578.993
El 2019 se agregaron $91.638.411 de inversión adicional.
====== 234,217,404.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deterioro Bocamina I
: ======
ID#AAAAJehV5-U
Vicente Garcia Casassus (2020-04-29 17:53:49)
Deterioro de Bocamina se sacó de EEFF del 2019 diciendo cuánto se había deteriorado por el cierre que se le hará en el 2023
------
ID#AAAAJg5JRWQ
Vicente Garcia Casassus (2020-05-08 22:05:11)
Bocamina I no se sigue deteriorando, el caso del 2019 fue excepcional ya que fue para acercar el valor contable al valor recuperable 0.00 0.00 0.00 0.00 0.00
Pérdidas por Deterioro (Reversiones), por aplicación de NIIF 9 0.00 0.00 (101,000.00) (1,348,000.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capex mantencion de acuerdo al plan estrategico 2017-2019 (USD MM)
: En la presentación del 4Q16. Se entrega un plan estratégico para el capex de mantenimiento. Estos valores estan entregados en dolares.
Pero en la misma presentación, mencionan que el tipo de cambio utilizado es $676,67 de pesos chilenos.
Con esto en consideración, es posible proyectar el capex de mantenimiento como capacidad instalada.
Para el último año, ajustaremos por el tipo de cambio que realmente se tuvo en esa fecha, dado que ese valor es el que usaremos para la proyección
====== 85.00 61.00 101.00 82.33 81.44 88.26 84.01 84.57 85.61 84.73 84.97 85.11 84.94
Capex mantencion de acuerdo al plan estrategico 2017-2019 (CLP) 57,516,950.00 41,276,870.00 71,028,250.00 71,028,250.00 72,770,846.91 72,770,846.91 71,307,065.51 71,307,065.51 71,307,065.51 71,307,065.51 71,307,065.51 71,307,065.51 71,307,065.51
Capex en relación a capacidad Instalada ($/GW) 9,056.36 6,579.04 11,617.31 11,617.31 11,617.31 11,617.31 11,617.31 11,617.31 11,617.31 11,617.31 11,617.31 11,617.31 11,617.31
x Patrimonio
Aumentos de capital 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Primas de emisión. Constante al último dato 85,511,492.00 85,511,492.00 85,511,492.00 85,511,492.00 85,511,492.00 85,511,492.0085,511,492.00 85,511,492.00 85,511,492.00 85,511,492.00 85,511,492.00
Otras reservas. Constante al último dato (226,577,889.00) (226,577,889.00) (226,577,889.00) (226,577,889.00) (226,577,889.00) (226,577,889.00) (226,577,889.00) (226,577,889.00) (226,577,889.00) (226,577,889.00) (226,577,889.00)
Participaciones no controladoras Efectiva (%) 108.2% 11.1% 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%
x Otros pasivos financieros CP (deuda financiera y otros) 46,083,325.00 0.00 (114,009,537.63) (116,665,018.19) (106,536,756.09) (100,714,560.38) (91,695,747.40) (23,155,701.31) 0.00 0.00 0.00
Deuda 1 5,058,091.00
Deuda 2 1,617,476.00
Deuda 3 1,024,463.00
Deuda 4 2,828,573.00
Deuda 5 6,592,332.00
Deuda 6 26,267,670.00
Deuda Revolver 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Arrendamientos 2,564,726.00 0.00 (114,009,537.63) (116,665,018.19) (106,536,756.09) (100,714,560.38) (91,695,747.40) (23,155,701.31) 0.00 0.00 0.00
Otros pasivos financieros CP (derivados)
: Debido a que las ganancias y pérdidas que fluyen en esta línea de pedido son difíciles de predecir, la apuesta más segura es asumir que no hay cambios año tras año en adelante
======
: Fuente: Damodaran
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html
======
: ======
ID#AAAAJetCIu0
Vicente Garcia Casassus (2020-04-30 18:27:30)
Información obtenida de memorias
: De acuerdo al comentario de la segunda corrección.
======
: Debido a los distintos cambios en la estructura de la empresa, los datos han variado bastante. Por lo que se considerara como recurrente el último dato disponible.
======
: ======
ID#AAAAJWyQrPg
Vicente Garcia Casassus (2020-05-15 16:34:30)
Memoria Anual 2017, página 117
: Se considera como recurrente, dado que es muy volátil.
======
: ======
ID#AAAAJetCIwg
Vicente Garcia Casassus (2020-04-30 18:30:08)
" el cambio en las tendencias del mercado eléctrico en Chile, caracterizado por un alto volumen de clientes regulados que decidieron migrar a clientes libres"
: Suponemos que se renueva. Dejando constante la cantidad renovada de acuerdo al último contrato. La razón de esto es que no podemos asumir que se renovara por mayor cantidad.
======
: Dado que la compañia es deficitaria, supondremos que no vendera spot a partir del 2020.
====== 50,252,242.00 50,252,242.00 50,252,242.00 50,252,242.00 50,252,242.00 50,252,242.00 50,252,242.00 50,252,242.00 50,252,242.00 50,252,242.00 50,252,242.00
x Interés Deuda
Deuda 1 7.96%
Deuda 2 7.40%
Deuda 3 8.26%
Deuda 4 4.32%
Deuda 5 10.39%
Deuda 6 7.96%
Deuda Revolver 8.08% 8.08% 8.08% 8.08% 8.08% 8.08% 8.08% 8.08% 8.08% 8.08%
Arrendamientos
x Otros pasivos financieros LP (deuda financiera y otros) 812,387,948.00 820,190,586.37 805,287,792.37 779,168,578.76 736,810,428.76 686,690,035.30 640,029,668.56 654,827,758.78 682,421,226.20 698,712,322.04 713,899,468.56
Otros pasivos financieros LP (deuda financiera) 800,772,841.00 819,637,785.37 796,374,000.37 773,128,174.76 736,136,711.76 686,071,332.30 639,465,979.56 654,319,083.78 681,967,565.20 698,313,675.04 713,555,835.56
Deuda 11 153,480,285.00 150,082,308.00 150,082,308.00 150,082,308.00 150,082,308.00 150,082,308.00 139,632,685.00 129,183,062.00 118,733,439.00 108,283,816.00 97,834,193.00
Deuda 12 51,960,662.00 51,960,662.00 51,960,662.00 51,960,662.00 51,960,662.00 51,960,662.00 48,625,690.00 45,290,718.00 41,955,746.00 38,620,774.00 35,285,802.00
Deuda 13 24,876,133.00 24,876,133.00 24,876,133.00 24,876,133.00 24,876,133.00 24,876,133.00 22,755,489.00 20,634,845.00 18,514,201.00 16,393,557.00 14,272,913.00
Deuda 14 (vence 2024) 296,420,703.00 296,420,703.00 296,420,703.00 296,420,703.00 296,420,703.00 0.00 0.00 0.00 0.00 0.00 0.00
Deuda 15 (vence 2029) 43,982,519.00 38,094,052.00 32,205,585.00 26,317,118.00 20,428,651.00 14,540,184.00 8,651,717.00 2,763,250.00 0.00 0.00 0.00
Deuda 16 (vence 2030) 230,052,539.00 204,316,230.00 178,579,921.00 152,843,612.00 127,107,303.00 101,370,994.00 75,634,685.00 49,898,376.00 24,162,067.00 0.00 0.00
Nueva Deuda 53,334,896.37 53,334,896.37 64,587,234.76 64,587,234.76 342,622,348.30 343,602,024.56 406,040,157.78 478,148,451.20 534,616,881.04 565,819,294.56
Arrendamientos 11,615,107.00 552,801.00 8,913,792.00 6,040,404.00 673,717.00 618,703.00 563,689.00 508,675.00 453,661.00 398,647.00 343,633.00
Otros pasivos financieros LP (derivados)
: Debido a que las ganancias y pérdidas que fluyen en esta línea de pedido son difíciles de predecir, la apuesta más segura es asumir que no hay cambios año tras año en adelante
======
: ======
ID#AAAAJehV5-Q
Vicente Garcia Casassus (2020-04-29 17:53:34)
Expansión porque es lo que falta por meterle a Los Cóndores (según la memoria del 2018)
: ======
ID#AAAAJehV5-U
Vicente Garcia Casassus (2020-04-29 17:53:49)
Deterioro de Bocamina se sacó de EEFF del 2019 diciendo cuánto se había deteriorado por el cierre que se le hará en el 2023
------
ID#AAAAJg5JRWQ
Vicente Garcia Casassus (2020-05-08 22:05:11)
Bocamina I no se sigue deteriorando, el caso del 2019 fue excepcional ya que fue para acercar el valor contable al valor recuperable
: En la presentación del 4Q16. Se entrega un plan estratégico para el capex de mantenimiento. Estos valores estan entregados en dolares.
Pero en la misma presentación, mencionan que el tipo de cambio utilizado es $676,67 de pesos chilenos.
Con esto en consideración, es posible proyectar el capex de mantenimiento como capacidad instalada.
Para el último año, ajustaremos por el tipo de cambio que realmente se tuvo en esa fecha, dado que ese valor es el que usaremos para la proyección
======
: De la memoria 2019.
El 2018 cerro con la inversión inicial de $142.578.993
El 2019 se agregaron $91.638.411 de inversión adicional.
======
: Asumiremos que es un pago de una sola vez.
====== 17,588,973.00 17,588,973.00 17,588,973.00 17,588,973.00 17,588,973.00 17,588,973.00 17,588,973.00 17,588,973.00 17,588,973.00 17,588,973.00 17,588,973.00
x Interés Deuda
Deuda 11 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96%
Deuda 12 7.40% 7.40% 7.40% 7.40% 7.40% 7.40% 7.40% 7.40% 7.40% 7.40% 7.40%
Deuda 13 8.26% 8.26% 8.26% 8.26% 8.26% 8.26% 8.26% 8.26% 8.26% 8.26% 8.26%
Deuda 14 (vence 2024) 4.32% 4.32% 4.32% 4.32% 4.32% 4.32% 4.32% 4.32% 4.32% 4.32% 4.32%
Deuda 15 (vence 2029) 10.39% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39%
Deuda 16 (vence 2030) 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96%
Nueva Deuda 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%
Arrendamientos
x Perfil de vencimiento de deuda
Deuda 11 0.00 0.00 0.00 0.00 0.00 10,449,623.00 10,449,623.00 10,449,623.00 10,449,623.00 10,449,623.00
Deuda 12 0.00 0.00 0.00 0.00 0.00 3,334,972.00 3,334,972.00 3,334,972.00 3,334,972.00 3,334,972.00
Deuda 13 0.00 0.00 0.00 0.00 0.00 2,120,644.00 2,120,644.00 2,120,644.00 2,120,644.00 2,120,644.00
Deuda 14 (vence 2024) 0.00 0.00 0.00 0.00 296,420,703.00 0.00 0.00 0.00 0.00 0.00
Deuda 15 (vence 2029) 5,888,467.00 5,888,467.00 5,888,467.00 5,888,467.00 5,888,467.00 5,888,467.00 5,888,467.00 5,888,467.00 5,888,467.00 5,888,467.00
Deuda 16 (vence 2030) 25,736,309.00 25,736,309.00 25,736,309.00 25,736,309.00 25,736,309.00 25,736,309.00 25,736,309.00 25,736,309.00 25,736,309.00 25,736,309.00
Target Ratio Deuda / EBITDA 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2
x Caja disponible para pagar deuda y distribuir capital
Caja mínima operativa (CLP) 40,000,000.00 40,960,000.00 41,943,040.00 42,949,672.96 43,980,465.11 45,035,996.27 46,116,860.18 47,223,664.83 48,357,032.78 49,517,601.57
Caja mínima operativa fija ajustada por inflación (USD) 50,000.00 51,200.00 52,428.80 53,687.09 54,975.58 56,295.00 57,646.08 59,029.58 60,446.29 61,897.00Caja mínima operativa fija (USD) 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00
x 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%
x Arrendamiento de CP 2,564,726.00 0.00 (114,009,537.63) (116,665,018.19) (106,536,756.09) (100,714,560.38) (91,695,747.40) (23,155,701.31) 0.00 0.00 0.00
Transelec S.A 2,486,296.00
Marcelo Alberto Amar Basulto 17,304.00
Productos Fernandez S.A. 37,260.00
Empresa de Ferrocarriles del Estado 1,661.00
Agricola el Bagual LTDA 1,152.00
Rentaequipos Tramaca S.A. 14,446.00
Compañía de Leasing Tattersall S A 6,607.00 0.00 (114,009,537.63) (116,665,018.19) (106,536,756.09) (100,714,560.38) (91,695,747.40) (23,155,701.31) 0.00 0.00 0.00
x Interés arrendamiento
Transelec S.A 6.50%
Marcelo Alberto Amar Basulto 2.06%
Productos Fernandez S.A. 2.09%
Empresa de Ferrocarriles del Estado 1.07%
Agricola el Bagual LTDA 1.91%
Rentaequipos Tramaca S.A. 0.83%
Compañía de Leasing Tattersall S A 0.83% 6.37% 6.37% 6.37% 6.37% 6.37% 6.37% 6.37% 6.37% 6.37% 6.37%
x Arrendamiento de LP 11,615,107.00 552,801.00 8,913,792.00 6,040,404.00 673,717.00 618,703.00 563,689.00 508,675.00 453,661.00 398,647.00 343,633.00
Transelec S.A 10,780,138.00 0.00 8,132,231.00 5,312,211.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Marcelo Alberto Amar Basulto 282,168.00 0.00 264,202.00 245,867.00 227,154.00 208,057.00 188,960.00 169,863.00 150,766.00 131,669.00 112,572.00
Productos Fernandez S.A. 549,960.00 549,960.00 516,205.00 481,745.00 446,563.00 410,646.00 374,729.00 338,812.00 302,895.00 266,978.00 231,061.00
Empresa de Ferrocarriles del Estado 1,123.00 1,123.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Agricola el Bagual LTDA 1,718.00 1,718.00 1,154.00 581.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Rentaequipos Tramaca S.A. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Compañía de Leasing Tattersall S A 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
x Interés arrendamiento
Transelec S.A 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50%
Marcelo Alberto Amar Basulto 2.06% 2.06% 2.06% 2.06% 2.06% 2.06% 2.06% 2.06% 2.06% 2.06% 2.06%
Productos Fernandez S.A. 2.09% 2.09% 2.09% 2.09% 2.09% 2.09% 2.09% 2.09% 2.09% 2.09% 2.09%
Empresa de Ferrocarriles del Estado 1.07% 1.07% 1.07% 1.07% 1.07% 1.07% 1.07% 1.07% 1.07% 1.07% 1.07%
Agricola el Bagual LTDA 1.91% 1.91% 1.91% 1.91% 1.91% 1.91% 1.91% 1.91% 1.91% 1.91% 1.91%
Rentaequipos Tramaca S.A. 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
Compañía de Leasing Tattersall S A 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
x Perfil de vencimiento de deuda
Transelec S.A 0.00 2,647,907.00 2,820,020.00 5,312,211.00
Marcelo Alberto Amar Basulto 0.00 17,966.00 18,335.00 18,713.00 19,097.00 19,097.00 19,097.00 19,097.00 19,097.00 19,097.00
Productos Fernandez S.A. 0.00 33,755.00 34,460.00 35,182.00 35,917.00 35,917.00 35,917.00 35,917.00 35,917.00 35,917.00
Empresa de Ferrocarriles del Estado 0.00 1,123.00
Agricola el Bagual LTDA 0.00 564.00 573.00 581.00
Rentaequipos Tramaca S.A.
Compañía de Leasing Tattersall S A
Cálculos
Cálculos ($M CLP) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
x PP&E
Balance inicial 2,747,643,715.00 2,957,189,723.45 2,928,936,555.64 2,898,257,692.94 2,863,713,750.29 2,826,792,905.46 2,787,495,158.45 2,745,820,509.25 2,701,768,957.87 2,655,340,504.31
Capex mantención 71,028,250.00 72,770,846.91 72,770,846.91 71,307,065.51 71,307,065.51 71,307,065.51 71,307,065.51 71,307,065.51 71,307,065.51 71,307,065.51
Capex expansión 234,217,404.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deterioro Bocamina I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciación (95,699,645.55) (101,024,014.72) (103,449,709.61) (105,851,008.15) (108,227,910.34) (110,604,812.52) (112,981,714.70) (115,358,616.89) (117,735,519.07) (120,112,421.25)
Balance final 2,957,189,723.45 2,928,936,555.64 2,898,257,692.94 2,863,713,750.29 2,826,792,905.46 2,787,495,158.45 2,745,820,509.25 2,701,768,957.87 2,655,340,504.31 2,606,535,148.56
x PP&E Existente
PP&E Bruto 5,713,190,162.00 5,713,190,162.00 5,713,190,162.00 5,713,190,162.00 5,713,190,162.00 5,713,190,162.00 5,713,190,162.00 5,713,190,162.00 5,713,190,162.00 5,713,190,162.00 5,713,190,162.00
Depreciacion Acumulada (2,965,546,447.00) (3,057,134,570.83) (3,148,722,694.67) (3,240,310,818.50) (3,331,898,942.33) (3,423,487,066.17) (3,515,075,190.00) (3,606,663,313.83) (3,698,251,437.67) (3,789,839,561.50) (3,881,427,685.33)
PP&E Neto 2,747,643,715.00 2,656,055,591.17 2,564,467,467.33 2,472,879,343.50 2,381,291,219.67 2,289,703,095.83 2,198,114,972.00 2,106,526,848.17 2,014,938,724.33 1,923,350,600.50 1,831,762,476.67
Años de vida util restantes 30
Balance inicial 2,919,097,994.00 2,747,643,715.00 2,656,055,591.17 2,564,467,467.33 2,472,879,343.50 2,381,291,219.67 2,289,703,095.83 2,198,114,972.00 2,106,526,848.17 2,014,938,724.33 1,923,350,600.50
Depreciacion (171,454,279.00) (91,588,123.83) (91,588,123.83) (91,588,123.83) (91,588,123.83) (91,588,123.83) (91,588,123.83) (91,588,123.83) (91,588,123.83) (91,588,123.83) (91,588,123.83)
Balance final 2,919,097,994.00 2,747,643,715.00 2,656,055,591.17 2,564,467,467.33 2,472,879,343.50 2,381,291,219.67 2,289,703,095.83 2,198,114,972.00 2,106,526,848.17 2,014,938,724.33 1,923,350,600.50 1,831,762,476.67
x PP&E Mantención
Balance inicial 0.00 69,844,445.83 139,034,836.96 205,799,533.19 268,699,149.48 329,221,863.58 387,367,675.50 443,136,585.23 496,528,592.79 547,543,698.16
Capex Mantención 71,028,250.00 72,770,846.91 72,770,846.91 71,307,065.51 71,307,065.51 71,307,065.51 71,307,065.51 71,307,065.51 71,307,065.51 71,307,065.51
Depreciacion del Capex (1,183,804.17) (3,580,455.78) (6,006,150.68) (8,407,449.22) (10,784,351.40) (13,161,253.59) (15,538,155.77) (17,915,057.95) (20,291,960.14) (22,668,862.32)
Balance final 0.00 69,844,445.83 139,034,836.96 205,799,533.19 268,699,149.48 329,221,863.58 387,367,675.50 443,136,585.23 496,528,592.79 547,543,698.16 596,181,901.34
Años de vida util
: promedio de los años de vida útiles del PP&E de la memoria del 2019.
====== 30
Año Capex
2020 71,028,250.00 1,183,804.17 2,367,608.33 2,367,608.33 2,367,608.33 2,367,608.33 2,367,608.33 2,367,608.33 2,367,608.33 2,367,608.33 2,367,608.33
2021 72,770,846.91 1,212,847.45 2,425,694.90 2,425,694.90 2,425,694.90 2,425,694.90 2,425,694.90 2,425,694.90 2,425,694.90 2,425,694.90
2022 72,770,846.91 1,212,847.45 2,425,694.90 2,425,694.90 2,425,694.90 2,425,694.90 2,425,694.90 2,425,694.90 2,425,694.90
2023 71,307,065.51 1,188,451.09 2,376,902.18 2,376,902.18 2,376,902.18 2,376,902.18 2,376,902.18 2,376,902.18
2024 71,307,065.51 1,188,451.09 2,376,902.18 2,376,902.18 2,376,902.18 2,376,902.182,376,902.18
2025 71,307,065.51 1,188,451.09 2,376,902.18 2,376,902.18 2,376,902.18 2,376,902.18
2026 71,307,065.51 1,188,451.09 2,376,902.18 2,376,902.18 2,376,902.18
2027 71,307,065.51 1,188,451.09 2,376,902.18 2,376,902.18
2028 71,307,065.51 1,188,451.09 2,376,902.18
2029 71,307,065.51 1,188,451.09
x Depreciación Total Capex Mantencion 1,183,804.17 3,580,455.78 6,006,150.68 8,407,449.22 10,784,351.40 13,161,253.59 15,538,155.77 17,915,057.95 20,291,960.14 22,668,862.32
Incorporación Los Cóndores
Balance inicial 0.00 231,289,686.45 225,434,251.35 219,578,816.25 213,723,381.15 207,867,946.05 202,012,510.95 196,157,075.85 190,301,640.75 184,446,205.65
Capex Expansión 234,217,404.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciacion (2,927,717.55) (5,855,435.10) (5,855,435.10) (5,855,435.10) (5,855,435.10) (5,855,435.10) (5,855,435.10) (5,855,435.10) (5,855,435.10) (5,855,435.10)
Balance final 0.00 231,289,686.45 225,434,251.35 219,578,816.25 213,723,381.15 207,867,946.05 202,012,510.95 196,157,075.85 190,301,640.75 184,446,205.65 178,590,770.55
Años de vida util
: El proyecto tiene una vida promedio de 40 años.
======
: promedio de los años de vida útiles del PP&E de la memoria del 2019.
====== 40
x Capital de trabajo
Cuentas por cobrar 260,440,086 218,178,007 239,425,507.00 209,178,012.00 202,012,406.21 208,178,520.96 253,858,458.34 237,333,162.87 234,005,444.52 219,873,000.60 221,982,572.34 222,813,773.70 225,444,288.11 230,834,392.36
Cuentas a entidades relacionadas CP 82,727,781 109,797,820 135,105,117.00 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00 288,344,589.00
Inventarios 33,390,799 31,740,903 43,770,781.00 29,674,090.00 26,579,233.08 30,129,640.55 42,089,715.32 38,919,318.37 38,695,053.37 35,997,149.41 35,962,491.57 35,189,200.12 35,243,621.07 36,088,507.14
Total activos operacionales corrientes 376,558,666 359,716,730 418,301,405.00 527,196,691.00 516,936,228.29 526,652,750.52 584,292,762.66 564,597,070.23 561,045,086.89 544,214,739.00 546,289,652.92 546,347,562.82 549,032,498.17 555,267,488.51
Cuentas por pagar CP 341,088,664 329,448,226 275,331,618.00 227,887,342.00 204,455,639.06 231,766,465.80 323,767,040.96 299,379,372.07 297,654,256.70 276,901,149.28 276,634,550.57 270,686,154.78 271,104,777.45 277,603,901.08
Cuentas entidades relacionadas CP 121,018,039 122,862,944 152,932,289.00 137,867,183.00 122,673,383.44 139,059,879.48 194,260,224.58 179,627,623.24 178,592,554.02 166,140,689.57 165,980,730.34 162,411,692.87 162,662,866.47 166,562,340.65
Total pasivos operacionales corrientes 462,106,703 452,311,170 428,263,907.00 365,754,525.00 327,129,022.49 370,826,345.28 518,027,265.53 479,006,995.31 476,246,810.72 443,041,838.85 442,615,280.91 433,097,847.64 433,767,643.91 444,166,241.73
x Capital de trabajo total (OWC) (85,548,037) (92,594,440) (9,962,502.00) 161,442,166.00 189,807,205.80 155,826,405.24 66,265,497.13 85,590,074.92 84,798,276.17 101,172,900.15 103,674,372.01 113,249,715.18 115,264,854.26 111,101,246.78
(cuentas operacionales)
x Impuestos y perdidas tributarias
EBT 586,655,051.26 520,591,496.01 532,716,978.05 486,469,205.90 459,883,837.35 418,702,042.94 428,735,551.67 449,431,796.61 460,709,319.97 471,066,806.50
Perdidas tributarias BoP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Uso perdidas tributarias 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Perdidas tributarias EoP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBT imponible 586,655,051.26 520,591,496.01 532,716,978.05 486,469,205.90 459,883,837.35 418,702,042.94 428,735,551.67 449,431,796.61 460,709,319.97 471,066,806.50
Tasa de impuestos (%) 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00%
Impuestos 158,396,863.84 140,559,703.92 143,833,584.07 131,346,685.59 124,168,636.09 113,049,551.59 115,758,598.95 121,346,585.08 124,391,516.39 127,188,037.75
Ventas
Ventas 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Total Generación Neta (GWh) 18,294 17,564 17,073 17,373 17,548 17,548 17,989 17,989 17,636 17,636 17,636 17,636 17,636 17,636 17,636
x Energía Comprada en Mercado Spot (GWh) 5,264 6,125 6,283 5,970 4,684 3,354 4,958 9,990 9,554 10,091 9,512 8,990 8,041 7,617 7,617
Precio implícito (USD) 93.15 80.97 85.10 85.25 99.32 80.65 76.04 71.44 66.84 62.24 57.63 59.51 61.91 63.87 65.40
Precio implícito (CLP) 60,925.82 54,810.70 55,217.72 54,664.01 69,844.15 64,517.73 60,835.53 57,153.34 53,471.15 49,788.96 46,106.77 47,608.67 49,530.79 51,094.67 52,320.94
Energía Comprada ($M CLP) 320,731,795.00 335,732,000.00 346,955,000.00 326,366,000.00 327,157,000.00 216,362,713.60 301,600,371.70 570,952,703.15 510,844,653.81 502,423,615.79 438,572,674.71 428,025,056.17 398,253,014.72 389,192,244.31 398,532,858.18
x Ventas de Energia total (GWh) 23,558 23,689 23,356 23,343 22,232 20,901 22,946 27,979 27,189 27,727 27,148 26,626 25,676 25,253 25,253
Clientes Regulados 17,622 18,516 17,029 15,254 12,248 11,273 10,394 15,502 14,789 15,327 14,748 14,226 13,756 13,333 13,333
Clientes No Regulados/Libres 4,319 4,321 5,586 7,338 9,705 9,629 12,552 12,476 12,400 12,400 12,400 12,400 11,920 11,920 11,920
Mercado Spot 1,618 852 742 752 279 0 0 0 0 0 0 0 0 0 0
x Venta de energía implícita (CLP$/MWh)
Clientes Regulados 61,353.59 63,730.28 64,660.41 65,382.31 73,585.04 78,999.22 76,426.16 73,853.10 71,280.03 68,706.97 66,133.90 68,288.17 71,045.19 73,288.37 75,047.29
Clientes No Regulados/Libres 56,402.54 54,297.66 51,132.07 46,027.33 47,501.63 55,613.26 53,801.89 51,990.53 50,179.16 48,367.79 46,556.43 48,072.98 50,013.84 51,592.97 52,831.21
Mercado Spot 92,761.71 119,765.10 95,683.49 45,582.78 99,496.11 55,076.12 53,282.25 51,488.38 49,694.51 47,900.64 46,106.77 47,608.67 49,530.79 51,094.67 52,320.94
x Venta Energia Generación ($M CLP) 1,474,818,366.00 1,516,688,442.00 1,457,671,722.00 1,369,333,310.00 1,390,027,937.00 1,426,007,525.43 1,469,719,544.83 1,793,547,820.77 1,676,398,843.57 1,652,808,415.12 1,552,622,530.17 1,567,577,432.06 1,573,469,876.70 1,592,117,777.59 1,630,328,604.25
Clientes Regulados 1,081,142,280.00 1,180,042,597.00 1,101,089,106.00 997,315,635.00 901,254,815.00 890,529,729.90 794,376,692.61 1,144,903,627.42 1,054,177,257.05 1,053,047,757.37 975,322,801.20 971,472,537.02 977,304,893.66 977,129,518.14 1,000,580,626.57
Clientes No Regulados/Libres 243,596,910.00 234,641,908.00 285,623,737.00 337,748,542.00 460,993,808.00 535,477,795.53 675,342,852.22 648,644,193.35 622,221,586.53 599,760,657.75 577,299,728.97 596,104,895.03 596,164,983.04 614,988,259.45 629,747,977.68
Ventas de Mercado Spot 150,079,176.00 102,003,937.00 70,958,879.00 34,269,133.00 27,779,314.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
x Otras Ventas y Otras Prestaciones de Servicios65,159,145.00 123,271,373.00 141,360,418.00 112,220,828.00 104,091,576.00 113,313,205.24 116,586,558.87 140,836,284.14 132,063,639.12 130,297,081.19 122,794,709.20 123,914,599.86 124,355,852.75 125,752,291.88 128,613,691.32
Otras ventas 24,293,133.00 64,638,599.00 94,452,287.00 103,745,285.00 97,856,848.00 107,078,477.24 110,351,830.87 134,601,556.14 125,828,911.12 124,062,353.19 116,559,981.20 117,679,871.86 118,121,124.75 119,517,563.88 122,378,963.32
Ventas de gas 16,492,734.00 64,443,715.00 91,652,707.00 103,717,558.00 97,564,261.00 106,785,890.24 110,059,243.87 134,308,969.14 125,536,324.12 123,769,766.19 116,267,394.20 117,387,284.86 117,828,537.75 119,224,976.88 122,086,376.32
Ventas de productos y servicios 7,800,399.00 194,884.00 2,799,580.00 27,727.00 292,587.00 292,587.00 292,587.00 292,587.00 292,587.00 292,587.00 292,587.00 292,587.00 292,587.00 292,587.00 292,587.00
Otras prestaciones de servicios 40,866,012.00 58,632,774.00 46,908,131.00 8,475,543.00 6,234,728.00 6,234,728.00 6,234,728.00 6,234,728.00 6,234,728.00 6,234,728.00 6,234,728.00 6,234,728.00 6,234,728.00 6,234,728.00 6,234,728.00
Peajes y trasmisión 34,734,375.00 50,437,592.00 38,850,596.00 3,267,012.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00 1,983,040.00
Otras prestaciones 6,131,637.00 8,195,182.00 8,057,535.00 5,208,531.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00 4,251,688.00
x Ventas 1,539,977,511.00 1,639,959,815.00 1,599,032,140.00 1,481,554,138.00 1,494,119,513.00 1,539,320,730.67 1,586,306,103.70 1,934,384,104.91 1,808,462,482.69 1,783,105,496.31 1,675,417,239.36 1,691,492,031.92 1,697,825,729.45 1,717,870,069.47 1,758,942,295.58
Otros ingresos de explotación 3,832,806.00 19,767,514.00 35,904,948.00 39,500,045.00 144,254,921.00 29,499,019.71 30,399,431.44 37,069,880.04 34,656,760.84 34,170,828.16 32,107,126.98 32,415,178.84 32,536,555.67 32,920,678.60 33,707,772.79
Otros ingresos de explotación 3,832,806.00 19,767,514.00 35,904,948.00 39,500,045.00 23,137,316.00 29,499,019.71 30,399,431.44 37,069,880.04 34,656,760.84 34,170,828.16 32,107,126.98 32,415,178.84 32,536,555.67 32,920,678.60 33,707,772.79
Ingreso extraordinario por acuerdo término contrato Enel Generación Chile y Anglo American 0.00 0.00 0.00 0.00 121,117,605.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Generación
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
x 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
x Térmica
GasAtacama 780.00 780.00 780.00 732.00 732.00 732.00 732.00 732.00 732.00 732.00 732.00 732.00 732.00 732.00 732.00
Tarapaca 182.00 182.00 182.00 178.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00
Tarapacá TG 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00
Tarapacá Carbon 158.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
D. Almagro-Taltal 268.00 268.00 268.00 264.00 264.00 264.00 264.00 264.00 264.00 264.00 264.00 264.00 264.00 264.00 264.00
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 & 2 778.00 778.00 778.00 767.00 767.00 767.00 767.00 767.00 767.00 767.00 767.00 767.00 767.00 767.00 767.00
Bocamina 1 & 2 (hasta 2023) 478.00 478.00 478.00 478.00 476.00 476.00 476.00 476.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00
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 2,740.00 2,580.00 2,580.00 2,580.00 2,580.00 2,454.00 2,454.00 2,454.00 2,454.00 2,454.00 2,454.00 2,454.00
x 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
x Total 87.00 87.00 87.00 78.00 78.00 78.00 78.00 78.00 78.00 78.00 78.00 78.00 78.00 78.00 78.00
x Capacidad Instalada (MW) Total 6,351.00 6,351.00 6,351.00 6,274.00 6,114.00
: Lo más importante acá es que Térmica Tarapacá Carbon cierra
====== 6,114.00 6,264.00
: Comienza a operar Hidroeléctrica Los Cóndores
====== 6,264.00 6,138.00 6,138.00 6,138.00 6,138.00 6,138.00 6,138.00 6,138.00
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
x Factor planta por sector
Hidroeléctrica 39.12% 29.98% 31.88% 36.25% 33.57% 33.57% 33.57% 33.57% 33.57% 33.57% 33.57% 33.57% 33.57% 33.57% 33.57%
Térmica 25.68% 34.08% 29.66% 26.11% 32.00% 32.00% 32.00% 32.00% 32.00% 32.00% 32.00% 32.00% 32.00% 32.00% 32.00%
Eólica, Solar & Geotérmica 18.08% 14.07% 16.90% 19.16% 22.25% 22.25% 22.25% 22.25% 22.25% 22.25% 22.25% 22.25% 22.25% 22.25% 22.25%
x Generación Neta (MWh) - Q
Hidroeléctrica 11,842.00 9,077.70 9,652.50 10,974.40 10,163.10 10,163.10 10,604.21 10,604.21 10,604.21 10,604.21 10,604.21 10,604.21 10,604.21 10,604.21 10,604.21
Térmica 6,314.20 8,379.20 7,292.00 6,267.70 7,232.60 7,232.60 7,232.60 7,232.60 6,879.38 6,879.38 6,879.38 6,879.38 6,879.38 6,879.38 6,879.38
Eólica, Solar & Geotérmica 137.80 107.20 128.80 130.90 152.00 152.00 152.00 152.00 152.00 152.00 152.00 152.00 152.00 152.00 152.00
x Generación Neta (MWh) - Q Total 18,294.00 17,564.00 17,073.00 17,373.00 17,547.70 17,547.70 17,988.81 17,988.81 17,635.59 17,635.59 17,635.59 17,635.59 17,635.59 17,635.59 17,635.59
Check 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
x Factor planta Total 32.9% 31.6% 30.7% 31.6% 32.8% 32.8% 32.8% 32.8% 32.8% 32.8% 32.8% 32.8% 32.8% 32.8% 32.8%Deuda & Patrimonio
Deuda y Patrimonio ($M CLP) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
x Caja inicial 13,487,584.00 75,942,415.00 103,479,363.84 185,353,207.82 183,580,914.19 175,501,701.09 163,202,726.49 291,196,551.92 455,003,947.40 618,719,360.79
Caja mínima operativa 40,000,000.00 40,960,000.00 41,943,040.00 42,949,672.96 43,980,465.11 45,035,996.27 46,116,860.18 47,223,664.83 48,357,032.78 49,517,601.57
Flujo de caja disponible para pagar deuda 208,265,359.54 439,193,516.93 491,129,675.56 384,975,002.67 377,646,353.63 339,903,855.49 355,325,275.43 365,763,548.12 382,736,752.06 397,718,358.60
Caja disponible para pagar deuda, arriendos y distribuir capital 181,752,943.54 474,175,931.93 552,665,999.40 527,378,537.53 517,246,802.70 470,369,560.30 472,411,141.73 609,736,435.21 789,383,666.67 966,920,117.82
Pagos obligatorios (31,624,776.00) (31,624,776.00) (31,624,776.00) (31,624,776.00) (328,045,479.00) (47,530,015.00) (47,530,015.00) (44,404,798.00) (40,067,306.00) (15,905,239.00)
Pago arriendos 0.00 (2,701,315.00) (2,873,388.00) (5,366,687.00) (55,014.00) (55,014.00) (55,014.00) (55,014.00) (55,014.00) (55,014.00)
Caja disponible después de pagos obligatorios 150,128,167.54 439,849,840.93 518,167,835.40 490,387,074.53 189,146,309.70 422,784,531.30 424,826,112.73 565,276,623.21 749,261,346.67 950,959,864.82
Emision / (pagos) deuda revolver (43,388,605.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Emiión / (pago) Nueva deuda 53,334,896.37 0.00 11,252,338.39 0.00 278,035,113.54 979,676.26 62,438,133.22 72,108,293.42 56,468,429.84 31,202,413.51
Caja disponible para distribuir dividendos y capital 160,074,458.91 439,849,840.93 529,420,173.79 490,387,074.53 467,181,423.24 423,764,207.56 487,264,245.95 637,384,916.64 805,729,776.51 982,162,278.33
Distribucion de dividendos y capital (156,676,481.91) (380,031,792.09) (388,883,393.98) (355,122,520.30) (335,715,201.27) (305,652,491.35) (242,239,568.21) (229,659,648.07) (235,422,462.51) (240,715,138.12)
Caja disponible para acelerar deuda 3,397,977.00 59,818,048.84 140,536,779.82 135,264,554.23 131,466,221.97 118,111,716.21 245,024,677.74 407,725,268.57 570,307,314.01 741,447,140.21
Pagos acelerados (3,397,977.00) (59,818,048.84) (140,536,779.82) (135,264,554.23) (131,466,221.97) (118,111,716.21) (245,024,677.74) (292,175,049.00) (243,432,759.00) (179,203,386.00)
Caja disponible después de pagos de deuda y dividendos 0.00 0.00 0.00 0.00 0.00 0.00 0.00 115,550,219.57 326,874,555.01 562,243,754.21
Caja disponible para pago obligatorio arrendamiento CP 181,752,943.54 474,175,931.93 552,665,999.40 527,378,537.53 517,246,802.70 470,369,560.30 472,411,141.73 609,736,435.21 789,383,666.67 966,920,117.82
x Arrendamiento CP
Balance incial 2,564,726.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Repagos obligatorios 2,564,726.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Balance final 2,564,726.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tasa de interés 6.35% 6.35% 6.35% 6.35% 6.35% 6.35% 6.35% 6.35% 6.35% 6.35%
Gastos por intereses 81,479.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Caja disponible para pago obligatorio Transelec S.A 179,188,217.54 474,175,931.93 552,665,999.40 527,378,537.53 517,246,802.70 470,369,560.30 472,411,141.73 609,736,435.21 789,383,666.67 966,920,117.82
x Arriendo Transelec S.A
Balance incial 10,780,138.00 10,780,138.00 8,132,231.00 5,312,211.00 0.00 0.00 0.00 0.00 0.00 0.00
Repagos obligatorios 0.00 2,647,907.00 2,820,020.00 5,312,211.00 0.00 0.00 0.00 0.00 0.00 0.00
Balance final 10,780,138.00 10,780,138.00 8,132,231.00 5,312,211.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tasa de interés 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50%
Gastos por intereses 700,708.97 614,651.99 436,944.37 172,646.86 0.00 0.00 0.00 0.00 0.00 0.00
Caja disponible para pago obligatorio Arriendo Marcelo Alberto Amar Basulto 179,188,217.54 471,528,024.93 549,845,979.40 522,066,326.53 517,246,802.70 470,369,560.30 472,411,141.73 609,736,435.21 789,383,666.67 966,920,117.82
x Arriendo Marcelo Alberto Amar Basulto
Balance incial 282,168.00 282,168.00 264,202.00 245,867.00 227,154.00 208,057.00 188,960.00 169,863.00 150,766.00 131,669.00
Repagos obligatorios 0.00 17,966.00 18,335.00 18,713.00 19,097.00 19,097.00 19,097.00 19,097.00 19,097.00 19,097.00
Balance final 282,168.00 282,168.00 264,202.00 245,867.00 227,154.00 208,057.00 188,960.00 169,863.00 150,766.00 131,669.00 112,572.00
Tasa de interés 2.06% 2.06% 2.06% 2.06% 2.06% 2.06% 2.06% 2.06% 2.06% 2.06%
Gastos por intereses 5,812.66 5,627.61 5,253.71 4,872.12 4,482.67 4,089.28 3,695.88 3,302.48 2,909.08 2,515.68
Caja disponible para pago obligatorio arriendo Productos Fernandez S.A. 178,906,049.54 471,263,822.93 549,600,112.40 521,839,172.53 517,038,745.70 470,180,600.30 472,241,278.73 609,585,669.21 789,251,997.67 966,807,545.82
x Arriendo Productos Fernandez S.A.
Balance incial 549,960.00 549,960.00 516,205.00 481,745.00 446,563.00 410,646.00 374,729.00 338,812.00 302,895.00 266,978.00
Repagos obligatorios 0.00 33,755.00 34,460.00 35,182.00 35,917.00 35,917.00 35,917.00 35,917.00 35,917.00 35,917.00
Balance final 549,960.00 549,960.00 516,205.00 481,745.00 446,563.00 410,646.00 374,729.00 338,812.00 302,895.00 266,978.00 231,061.00
Tasa de interés 2.09% 2.09% 2.09% 2.09% 2.09% 2.09% 2.09% 2.09% 2.09% 2.09%
Gastos por intereses 11,494.16 11,141.42 10,428.58 9,700.82 8,957.83 8,207.17 7,456.50 6,705.84 5,955.17 5,204.51
Caja disponible para pago obligatorio arriendo Empresa de Ferrocarriles del Estado 178,356,089.54 470,747,617.93 549,118,367.40 521,392,609.53 516,628,099.70 469,805,871.30 471,902,466.73 609,282,774.21 788,985,019.67 966,576,484.82
x Arriendo Empresa de Ferrocarriles del Estado
Balance incial 1,123.00 1,123.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Repagos obligatorios 0.00 1,123.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Balance final 1,123.00 1,123.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tasa de interés 1.07% 1.07% 1.07% 1.07% 1.07% 1.07% 1.07% 1.07% 1.07% 1.07%
Gastos por intereses 12.02 6.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Caja disponible para pago arriendo Agricola el Bagual LTDA 178,354,966.54 470,747,617.93 549,118,367.40 521,392,609.53 516,628,099.70 469,805,871.30 471,902,466.73 609,282,774.21 788,985,019.67 966,576,484.82
x Arriendo Agricola el Bagual LTDA
Balance incial 1,718.00 1,718.00 1,154.00 581.00 0.00 0.00 0.00 0.00 0.00 0.00
Repagos obligatorios 0.00 564.00 573.00 581.00 0.00 0.00 0.00 0.00 0.00 0.00
Balance final 1,718.00 1,718.00 1,154.00 581.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tasa de interés 1.91% 1.91% 1.91% 1.91% 1.91% 1.91% 1.91% 1.91% 1.91% 1.91%
Gastos por intereses 32.81 27.43 16.57 5.55 0.00 0.00 0.00 0.00 0.00 0.00
Caja disponible para pago obligatorio Deuda 11 178,354,966.54 470,747,053.93 549,117,794.40 521,392,028.53 516,628,099.70 469,805,871.30 471,902,466.73 609,282,774.21 788,985,019.67 966,576,484.82
Caja disponible para acelerar pago Deuda 11 3,397,977.00 59,818,048.84 140,536,779.82 135,264,554.23 131,466,221.97 118,111,716.21 245,024,677.74 407,725,268.57 570,307,314.01 741,447,140.21
x Deuda 11
Balance incial 153,480,285.00 150,082,308.00 150,082,308.00 150,082,308.00 150,082,308.00 150,082,308.00 139,632,685.00 129,183,062.00 118,733,439.00 108,283,816.00
Repagos obligatorios 0.00 0.00 0.00 0.00 0.00 10,449,623.00 10,449,623.00 10,449,623.00 10,449,623.00 10,449,623.00
Repagos acelerados 3,397,977.00 59,818,048.84 140,536,779.82 135,264,554.23 131,466,221.97 118,111,716.21 150,082,308.00 139,632,685.00 129,183,062.00 118,733,439.00
Balance final 153,480,285.00 150,082,308.00150,082,308.00 150,082,308.00 150,082,308.00 150,082,308.00 139,632,685.00 129,183,062.00 118,733,439.00 108,283,816.00 97,834,193.00
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 12,081,791.20 11,946,551.72 11,946,551.72 11,946,551.72 11,946,551.72 11,530,656.72 10,698,866.73 9,867,076.74 9,035,286.75 8,203,496.76
Caja disponible para pago obligatorio Deuda 12 178,354,966.54 470,747,053.93 549,117,794.40 521,392,028.53 516,628,099.70 459,356,248.30 461,452,843.73 598,833,151.21 778,535,396.67 956,126,861.82
Caja disponible para acelerar pago Deuda 12 0.00 0.00 0.00 0.00 0.00 0.00 94,942,369.74 268,092,583.57 441,124,252.01 622,713,701.21
x Deuda 12
Balance incial 51,960,662.00 51,960,662.00 51,960,662.00 51,960,662.00 51,960,662.00 51,960,662.00 48,625,690.00 45,290,718.00 41,955,746.00 38,620,774.00
Repagos obligatorios 0.00 0.00 0.00 0.00 0.00 3,334,972.00 3,334,972.00 3,334,972.00 3,334,972.00 3,334,972.00
Repagos acelerados 0.00 0.00 0.00 0.00 0.00 0.00 51,960,662.00 48,625,690.00 45,290,718.00 41,955,746.00
Balance final 51,960,662.00 51,960,662.00 51,960,662.00 51,960,662.00 51,960,662.00 51,960,662.00 48,625,690.00 45,290,718.00 41,955,746.00 38,620,774.00 35,285,802.00
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 3,845,088.99 3,845,088.99 3,845,088.99 3,845,088.99 3,845,088.99 3,721,695.02 3,474,907.10 3,228,119.17 2,981,331.24 2,734,543.31
Caja disponible para pago obligatorio Deuda 13 178,354,966.54 470,747,053.93 549,117,794.40 521,392,028.53 516,628,099.70 456,021,276.30 458,117,871.73 595,498,179.21 775,200,424.67 952,791,889.82
Caja disponible para acelerar pago Deuda 13 0.00 0.00 0.00 0.00 0.00 0.00 42,981,707.74 219,466,893.57 395,833,534.01 580,757,955.21
x Deuda 13
Balance incial 24,876,133.00 24,876,133.00 24,876,133.00 24,876,133.00 24,876,133.00 24,876,133.00 22,755,489.00 20,634,845.00 18,514,201.00 16,393,557.00
Repagos obligatorios 0.00 0.00 0.00 0.00 0.00 2,120,644.00 2,120,644.00 2,120,644.00 2,120,644.00 2,120,644.00
Repagos acelerados 0.00 0.00 0.00 0.00 0.00 0.00 24,876,133.00 22,755,489.00 20,634,845.00 18,514,201.00
Balance final 24,876,133.00 24,876,133.00 24,876,133.00 24,876,133.00 24,876,133.00 24,876,133.00 22,755,489.00 20,634,845.00 18,514,201.00 16,393,557.00 14,272,913.00
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 2,054,768.59 2,054,768.59 2,054,768.59 2,054,768.59 2,054,768.59 1,967,185.99 1,792,020.79 1,616,855.60 1,441,690.41 1,266,525.21
Caja disponible para pago obligatorio Deuda 14 178,354,966.54 470,747,053.93 549,117,794.40 521,392,028.53 516,628,099.70 453,900,632.30 455,997,227.73 593,377,535.21 773,079,780.67 950,671,245.82
Caja disponible para acelerar pago Deuda 14 0.00 0.00 0.00 0.00 0.00 0.00 18,105,574.74 196,711,404.57 375,198,689.01 562,243,754.21
x Deuda 14 (vence el 2024)
Balance incial 296,420,703.00 296,420,703.00 296,420,703.00 296,420,703.00 296,420,703.00 0.00 0.00 0.00 0.00 0.00
Repagos obligatorios 0.00 0.00 0.00 0.00 296,420,703.00 0.00 0.00 0.00 0.00 0.00
Repagos acelerados 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Balance final 296,420,703.00 296,420,703.00 296,420,703.00 296,420,703.00 296,420,703.00 0.00 0.00 0.00 0.00 0.00 0.00
Tasa de interés 4.32% 4.32% 4.32% 4.32% 4.32% 4.32% 4.32% 4.32% 4.32% 4.32% 4.32%
Gastos por intereses 12,805,374.37 12,805,374.37 12,805,374.37 12,805,374.37 6,402,687.18 0.00 0.00 0.00 0.00 0.00
Caja disponible para pago obligatorio Deuda 15 178,354,966.54 470,747,053.93 549,117,794.40 521,392,028.53 220,207,396.70 453,900,632.30 455,997,227.73 593,377,535.21 773,079,780.67 950,671,245.82
Caja disponible para acelerar pago Deuda 15 0.00 0.00 0.00 0.00 0.00 0.00 18,105,574.74 196,711,404.57 375,198,689.01 562,243,754.21
x Deuda 15 (vence el 2029)
Balance incial 43,982,519.00 38,094,052.00 32,205,585.00 26,317,118.00 20,428,651.00 14,540,184.00 8,651,717.00 2,763,250.00 0.00 0.00
Repagos obligatorios 5,888,467.00 5,888,467.00 5,888,467.00 5,888,467.00 5,888,467.00 5,888,467.00 5,888,467.00 2,763,250.00 0.00 0.00
Repagos acelerados 0.00 0.00 0.00 0.00 0.00 0.00 14,540,184.00 5,526,500.00 0.00 0.00
Balance final 43,982,519.00 38,094,052.00 32,205,585.00 26,317,118.00 20,428,651.00 14,540,184.00 8,651,717.00 2,763,250.00 0.00 0.00 0.00
Tasa de interés 10.39% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39% 10.39%
Gastos por intereses 4,263,877.86 3,652,066.14 3,040,254.42 2,428,442.70 1,816,630.98 1,204,819.26 593,007.54 143,550.84 0.00 0.00
Caja disponible para pago obligatorio Deuda 16 172,466,499.54 464,858,586.93 543,229,327.40 515,503,561.53 214,318,929.70 448,012,165.30 450,108,760.73 590,614,285.21 773,079,780.67 950,671,245.82
Caja disponible para acelerar pago Deuda 16 0.00 0.00 0.00 0.00 0.00 0.00 3,565,390.74 191,184,904.57 375,198,689.01 562,243,754.21
x Deuda 16 (vence el 2030)
Balance incial 230,052,539.00 204,316,230.00 178,579,921.00 152,843,612.00 127,107,303.00 101,370,994.00 75,634,685.00 49,898,376.00 24,162,067.00 0.00
Repagos obligatorios 25,736,309.00 25,736,309.00 25,736,309.00 25,736,309.00 25,736,309.00 25,736,309.00 25,736,309.00 25,736,309.00 24,162,067.00 0.00
Repagos acelerados 0.00 0.00 0.00 0.00 0.00 0.00 3,565,390.74 75,634,685.00 48,324,134.00 0.00
Balance final 230,052,539.00 204,316,230.00 178,579,921.00 152,843,612.00 127,107,303.00 101,370,994.00 75,634,685.00 49,898,376.00 24,162,067.00 0.00 0.00
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 17,287,877.01 15,239,266.81 13,190,656.61 11,142,046.42 9,093,436.22 7,044,826.02 4,996,215.83 2,947,605.63 961,650.27 0.00
Caja disponible para pago obligatorio Revolver 146,730,190.54 439,122,277.93 517,493,018.40 489,767,252.53 188,582,620.70 422,275,856.30 424,372,451.73 564,877,976.21 748,917,713.67 950,671,245.82
Caja disponible para acelerar pago Revolver 0.00 0.00 0.00 0.00 0.00 0.00 0.00 115,550,219.57 326,874,555.01 562,243,754.21
x Deuda revolver
Balance incial 43,388,605.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Repagos obligatorios 43,388,605.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Balance final 43,388,605.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tasa de interés 8.08% 8.08% 8.08% 8.08% 8.08% 8.08% 8.08% 8.08% 8.08% 8.08%
Gastos por intereses 1,752,491.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
x Nueva deuda
Flag refinancamientos 1.00 0.00 1.00 0.00 1.00 1.00 1.00 1.00 1.00 1.00
Target Ratio Deuda / EBITDA 1.20 1.20 1.20 1.20 1.20 1.20 1.20 1.20 1.20 1.20
EBITDA 685,402,467.81 624,675,918.97 639,239,808.97 595,406,124.70 571,210,524.42 532,418,575.47 544,842,007.32 567,928,253.50 581,595,856.70 594,343,502.13
Deuda target 822,482,961.37 749,611,102.76 767,087,770.76 714,487,349.64 685,452,629.30 638,902,290.56 653,810,408.78 681,513,904.20 697,915,028.04 713,212,202.56
Deuda existente post pagos obligatorios y revolver 769,148,065.00 787,460,208.37 755,835,432.37 735,462,994.76 407,417,515.76 637,922,614.30 591,372,275.56 609,405,610.78 641,446,598.20 682,009,789.04
Emisiones (re-pagos) de deuda 53,334,896.37 0.00 11,252,338.39 0.00 278,035,113.54 979,676.26 62,438,133.22 72,108,293.42 56,468,429.84 31,202,413.51
x Balance inicial 0.00 53,334,896.37 53,334,896.37 64,587,234.76 64,587,234.76 342,622,348.30 343,602,024.56 406,040,157.78 478,148,451.20 534,616,881.04
Emisión / (repago) 53,334,896.37 0.00 11,252,338.39 0.00 278,035,113.54 979,676.26 62,438,133.22 72,108,293.42 56,468,429.84 31,202,413.51
Balance final 0.00 53,334,896.3753,334,896.37 64,587,234.76 64,587,234.76 342,622,348.30 343,602,024.56 406,040,157.78 478,148,451.20 534,616,881.04 565,819,294.56
Tasa de interés 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%
Gastos por intereses 1,866,721.37 3,733,442.75 4,127,274.59 4,521,106.43 14,252,335.41 24,017,853.05 26,237,476.38 30,946,601.31 35,446,786.63 38,515,266.15
Caja disponible después de refinanciamientos de deuda 156,676,481.91 439,122,277.93 528,745,356.79 489,767,252.53 466,617,734.24 423,255,532.56 486,810,584.95 636,986,269.64 805,386,143.51 981,873,659.33
x Resumen arriendo de largo plazo
Transelec S.A 10,780,138.00 8,132,231.00 5,312,211.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Marcelo Alberto Amar Basulto 282,168.00 264,202.00 245,867.00 227,154.00 208,057.00 188,960.00 169,863.00 150,766.00 131,669.00 112,572.00
Productos Fernandez S.A. 549,960.00 516,205.00 481,745.00 446,563.00 410,646.00 374,729.00 338,812.00 302,895.00 266,978.00 231,061.00
Empresa de Ferrocarriles del Estado 1,123.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Agricola el Bagual LTDA 1,718.00 1,154.00 581.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total arriendo de largo plazo 11,615,107.00 8,913,792.00 6,040,404.00 673,717.00 618,703.00 563,689.00 508,675.00 453,661.00 398,647.00 343,633.00
x Pago arriendo de largo plazo
Transelec S.A 0.00 2,647,907.00 2,820,020.00 5,312,211.00 0.00 0.00 0.00 0.00 0.00 0.00
Marcelo Alberto Amar Basulto 0.00 17,966.00 18,335.00 18,713.00 19,097.00 19,097.00 19,097.00 19,097.00 19,097.00 19,097.00
Productos Fernandez S.A. 0.00 33,755.00 34,460.00 35,182.00 35,917.00 35,917.00 35,917.00 35,917.00 35,917.00 35,917.00
Empresa de Ferrocarriles del Estado 0.00 1,123.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Agricola el Bagual LTDA 0.00 564.00 573.00 581.00 0.00 0.00 0.00 0.00 0.00 0.00
Total arriendo de largo plazo pagado 0.00 2,701,315.00 2,873,388.00 5,366,687.00 55,014.00 55,014.00 55,014.00 55,014.00 55,014.00 55,014.00
x Resumen deuda financiera de largo plazo
Deuda 11 150,082,308.00 150,082,308.00 150,082,308.00 150,082,308.00 150,082,308.00 139,632,685.00 129,183,062.00 118,733,439.00 108,283,816.00 97,834,193.00
Deuda 12 51,960,662.00 51,960,662.00 51,960,662.00 51,960,662.00 51,960,662.00 48,625,690.00 45,290,718.00 41,955,746.00 38,620,774.00 35,285,802.00
Deuda 13 24,876,133.00 24,876,133.00 24,876,133.00 24,876,133.00 24,876,133.00 22,755,489.00 20,634,845.00 18,514,201.00 16,393,557.00 14,272,913.00
Deuda 14 296,420,703.00 296,420,703.00 296,420,703.00 296,420,703.00 0.00 0.00 0.00 0.00 0.00 0.00
Deuda 15 38,094,052.00 32,205,585.00 26,317,118.00 20,428,651.00 14,540,184.00 8,651,717.00 2,763,250.00 0.00 0.00 0.00
Deuda 16 204,316,230.00 178,579,921.00 152,843,612.00 127,107,303.00 101,370,994.00 75,634,685.00 49,898,376.00 24,162,067.00 0.00 0.00
Nueva deuda 53,334,896.37 53,334,896.37 64,587,234.76 64,587,234.76 342,622,348.30 343,602,024.56 406,040,157.78 478,148,451.20 534,616,881.04 565,819,294.56
Total deuda financiera de largo plazo 800,772,841.00 819,084,984.37 787,460,208.37 767,087,770.76 735,462,994.76 685,452,629.30 638,902,290.56 653,810,408.78 681,513,904.20 697,915,028.04 713,212,202.56
x (Pago)/Emisión de la deuda
Deuda 11 0.00 0.00 0.00 0.00 0.00 (10,449,623.00) (10,449,623.00) (10,449,623.00) (10,449,623.00) (10,449,623.00)
Deuda 12 0.00 0.00 0.00 0.00 0.00 (3,334,972.00) (3,334,972.00) (3,334,972.00) (3,334,972.00) (3,334,972.00)
Deuda 13 0.00 0.00 0.00 0.00 0.00 (2,120,644.00) (2,120,644.00) (2,120,644.00) (2,120,644.00) (2,120,644.00)
Deuda 14 0.00 0.00 0.00 0.00 (296,420,703.00) 0.00 0.00 0.00 0.00 0.00
Deuda 15 (5,888,467.00) (5,888,467.00) (5,888,467.00) (5,888,467.00) (5,888,467.00) (5,888,467.00) (5,888,467.00) (2,763,250.00) 0.00 0.00
Deuda 16 (25,736,309.00) (25,736,309.00) (25,736,309.00) (25,736,309.00) (25,736,309.00) (25,736,309.00) (25,736,309.00) (25,736,309.00) (24,162,067.00) 0.00
Nueva deuda 53,334,896.37 0.00 11,252,338.39 0.00 278,035,113.54 979,676.26 62,438,133.22 72,108,293.42 56,468,429.84 31,202,413.51
(Pagos)/Emisiones obligatorios neto 21,710,120.37 (31,624,776.00) (20,372,437.61) (31,624,776.00) (50,010,365.46) (46,550,338.74) 14,908,118.22 27,703,495.42 16,401,123.84 15,297,174.51
x Resumen gastos por intereses
Arriendo CP 81,479.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Transelec S.A 700,708.97 614,651.99 436,944.37 172,646.86 0.00 0.00 0.00 0.00 0.00 0.00
Marcelo Alberto Amar Basulto 5,812.66 5,627.61 5,253.71 4,872.12 4,482.67 4,089.28 3,695.88 3,302.48 2,909.08 2,515.68
Productos Fernandez S.A. 11,494.16 11,141.42 10,428.58 9,700.82 8,957.83 8,207.17 7,456.50 6,705.84 5,955.17 5,204.51
Empresa de Ferrocarriles del Estado 12.02 6.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Agricola el Bagual LTDA 32.81 27.43 16.57 5.55 0.00 0.00 0.00 0.00 0.00 0.00
Deuda de Corto Plazo/revolver 1,752,491.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deuda 11 12,081,791.20 11,946,551.72 11,946,551.72 11,946,551.72 11,946,551.72 11,530,656.72 10,698,866.73 9,867,076.74 9,035,286.75 8,203,496.76
Deuda 12 3,845,088.99 3,845,088.99 3,845,088.99 3,845,088.99 3,845,088.99 3,721,695.02 3,474,907.10 3,228,119.17 2,981,331.24 2,734,543.31
Deuda 13 2,054,768.59 2,054,768.59 2,054,768.59 2,054,768.59 2,054,768.59 1,967,185.99 1,792,020.79 1,616,855.60 1,441,690.41 1,266,525.21
Deuda 14 12,805,374.37 12,805,374.37 12,805,374.37 12,805,374.37 6,402,687.18 0.00 0.00 0.00 0.00 0.00
Deuda 15 4,263,877.86 3,652,066.14 3,040,254.42 2,428,442.70 1,816,630.98 1,204,819.26 593,007.54 143,550.84 0.00 0.00
Deuda 16 17,287,877.01 15,239,266.81 13,190,656.61 11,142,046.42 9,093,436.22 7,044,826.02 4,996,215.83 2,947,605.63 961,650.27 0.00
Nueva Deuda 1,866,721.37 3,733,442.75 4,127,274.59 4,521,106.43 14,252,335.41 24,017,853.05 26,237,476.38 30,946,601.31 35,446,786.63 38,515,266.15
Total gastos por intereses 56,757,530.53 53,908,013.82 51,462,612.51 48,930,604.55 49,424,939.59 49,499,332.51 47,803,646.75 48,759,817.61 49,875,609.54 50,727,551.62
x Patrimonio
Caja disponible para pagar dividendos 156,676,481.91 439,122,277.93 528,745,356.79 489,767,252.53 466,617,734.24 423,255,532.56 486,810,584.95 636,986,269.64 805,386,143.51 981,873,659.33
Politica de dividendos 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00%
Balance inicial 1,973,854,394.00 2,245,436,099.50 2,245,436,099.50 2,245,436,099.50 2,245,436,099.50 2,245,436,099.50 2,245,436,099.50 2,316,173,484.01 2,414,599,047.47 2,515,494,388.55
Utilidad neta / ganancia 428,258,187.42 380,031,792.09 388,883,393.98 355,122,520.30 335,715,201.27 305,652,491.35 312,976,952.72 328,085,211.53 336,317,803.58 343,878,768.74
Dividendos 156,676,481.91 266,022,254.46 272,218,375.78 248,585,764.21 235,000,640.89 213,956,743.94 219,083,866.90 229,659,648.07 235,422,462.51 240,715,138.12
Aumentos de capital 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Disminuciones de capital 0.00 (114,009,537.63) (116,665,018.19) (106,536,756.09) (100,714,560.38) (91,695,747.40) (23,155,701.31) 0.00 0.00 0.00
Balance final 1,973,854,394.00 2,245,436,099.50 2,245,436,099.50 2,245,436,099.50 2,245,436,099.50 2,245,436,099.50 2,245,436,099.50 2,316,173,484.01 2,414,599,047.47 2,515,494,388.55 2,618,658,019.17
Caja disponible después de distribución de capital 0.00 59,090,485.84 139,861,962.82 134,644,732.23 130,902,532.97 117,603,041.21 244,571,016.74 407,326,621.57 569,963,681.01 741,158,521.21
Capital emitido 552,777,321.00 552,777,321.00 552,777,321.00 552,777,321.00 552,777,321.00 438,767,783.37 322,102,765.18 215,566,009.09 114,851,448.71 23,155,701.31 0.00 0.00 0.00 0.00
x Ingresos por intereses
Efectivo y equivalentes
Continuar navegando
Materiales relacionados
113 pag.Datos Enel V5
Apuntes Generales
134 pag.Datos Enel V12
Apuntes Generales
Compartir