You are on page 1of 47

30

Equipamiento del Terminal
Terminal Equipment

5 Grúas Pórtico
5 Gantry Cranes

2 Grúas Móviles
Gottwald
2 Gottwald Mobile
Cranes

12 Grúas RTG
12 Rubber Tyred Gantry Crane

21 Grúas Horquilla
21 Forklift

5 Grúas Toplifter
5 Toplifter Cranes

7 Reachstacker
7 Reachstacker 

7UDFWR&DPLRQHV
39 Trucks

17 Andenes Reefer
17 Reefer Connection Structure

31

32

1$o-3]o"o A&!o"
Capacity and Efficiency of the Terminal
Los proyectos realizados en 2014 estuvieron enfocados
en mantener la competitividad y liderazgo del
Terminal Nº1 y del puerto de Valparaíso frente a otros
operadores, en una industria altamente dinámica y
cada vez más competitiva.

The projects carried out in 2014 were focused on
maintaining the competitiveness and leadership
of the Port of Valparaiso over other operators in a
highly dynamic and increasingly competitive industry.

Compra de Grúas Gantry Liebherr

Ampliación del Patio Contenedores

Para mantener el liderazgo dentro de una industria en
constantes cambios, TPS se encuentra en un proceso
continuo de modernización de su equipamiento e
infraestructura. En este escenario, TPS ha adquirido
tres nuevas grúas pórtico Super Post-Panamax Liebherr
construidas en Irlanda que tienen un alcance de 62
metros hacia el mar, y la capacidad de atender las
naves Post-Panamax que se espera atraquen en TPS.
Las grúas debiesen estar operativas durante el primer
semestre de 2015.

La creciente necesidad de transporte de carga de
OD UHJLyQ GHVDItD XQ XVR D~Q PiV HÀFLHQWH GH iUHDV
para almacenamiento y acopio. Es en este marco que
TPS desarrolló el proyecto de Ampliación del Patio de
Contenedores, que consiste en modernizar el área de
UHVSDOGRORTXHOHSHUPLWLUiLQFUHPHQWDUHQ7(8V
la capacidad de patio del Terminal.

The Purchase of Liebherr Gantry Cranes

In order to maintain its leadership in a constantly
FKDQJLQJLQGXVWU\736ÀQGVLWVHOILQDFRQWLQXRXVSURFHVV
of modernization of its equipment and infrastructure. In
this scenario, TPS has acquired three new Liebherr Super
Post-Panamax gantry cranes. Built in Ireland, these
cranes have an outreach of 62 meters from the quay
towards the sea, making them capable of handling the
Post-Panamax vessels that are expected to make port
calls at TPS. These cranes should be operational during
WKHÀUVWVHPHVWHURI

Expansion of the Container Yard

The growing need for cargo transport in the region
FKDOOHQJHV DQ HYHQ PRUH HIÀFLHQW XVH RI WKH VWRUDJH
and stacking areas. Given this scenario, TPS developed
the Container Yard Expansion Project. This project
consists in modernizing the stacking areas to increase
the yard capacity in the region by 49,000 TEUs.

Modernización de las grúas RTG
Modernization of the RTG cranes

El limitado espacio con el que cuenta el terminal
hace necesario buscar distintas alternativas para
aumentar la capacidad de transferencia y mantener
la competitividad y liderazgo dentro de la industria.
Para ello, TPS ha llevado a cabo un innovador proyecto
que permitió modernizar y aumentar la capacidad de
almacenaje de las 12 grúas RTG (Rubber Tyred Gantry).
Esta iniciativa permitió incrementar la capacidad del
7HUPLQDOHQ7(8V

Primera etapa Proyecto de
Extensión del Terminal

First Stage of the Extension of the
Terminal
&RQ HO ÀQ GH DIURQWDU HO UiSLGR DXPHQWR GH
tamaño que han tenido las naves en el mundo
y que atracan en las costas de nuestro país, TPS
presentó a la EPV la Primera Etapa del Proyecto
de Extensión del Terminal Nº1 de Valparaíso, así
como ha desarrollado la ingeniería de detalle y
ha tramitado y obtenido todas las autorizaciones
gubernamentales para su ejecución, incluyendo
la aprobación Inicial de la EPV. Esta primera
etapa del Proyecto contempla la ampliación del
Sitio 3 del Terminal en 120 metros, la estabilización
sísmica de sus sitios 4 y 5 y el reforzamiento de
la zona de pavimentos colindante a la obra.
Este proyecto permitirá a TPS mantener su
competitividad, de manera de que continúe
siento el puerto principal, además de prorrogar
el plazo de vigencia de la concesión en diez
años adicionales.
In order to cope with the rapid increase in the
size of the world’s seagoing vessels, including
those that make port calls on our country’s coast,
TPS presented the First Stage of the Extension of
Terminal Nº1 of Valparaíso. In addition, it has
developed detailed engineering plans and
has obtained governmental authorization for its
execution, including the Initial Approval of the
9DOSDUDtVR 3RUW $XWRULW\ (39 7KLV ÀUVW VWDJH RI
the project consists in the 120-meter extension of
Berth 3, as well as providing seismic stabilization
to Berths 4 & 5 and reinforcing the adjoining
paved area. This project will not only maintain
the competitiveness of TPS so that it will continue
to be the principal port of Chile, but it will likewise
allow TPS to extend its concession for ten more
years.

Plataforma Operativa NAVIS
NAVIS Operating Platform

NAVIS está cada vez más cerca de entrar en
operación en TPS. Esta herramienta permitirá
optimizar las operaciones y trabajar con
tecnología de estándar mundial en la industria.
1$9,6DGPLQLVWUDUiGHODIRUPDPiVHÀFLHQWHORV
recursos del terminal, de manera que TPS será
capaz de soportar sin problemas el aumento
HQHOÁXMRGHFRQWHQHGRUHVTXHFRQOOHYDUiQODV
nuevas expansiones. Gracias a sus características
\PDVLÀFDFLyQDQLYHOJOREDOSHUPLWLUiDGHPiV
sostener la incorporación de nuevas tecnologías
en el futuro. El trabajo integral de un equipo de
más de 30 personas de distintas áreas de TPS ha
permitido adaptar NAVIS a la forma de trabajo
propia del terminal.
NAVIS is close to becoming operational. This
tool will allow TPS to optimize its operations and
work with world-class technology in the industry.
NAVIS will manage terminal resources in the most
HIÀFLHQW PDQQHU DQG EH FDSDEOH RI KDQGOLQJ
the increase in the number of containers that will
come with the new expansion projects. Thanks to
its features and widespread use throughout the
world, it provides a platform that will allow for the
incorporation of new technologies in the future.
The integrated work of a team of more than 30
people from various work areas has allowed TPS
WRDGDSW1$9,6WRWKHVSHFLÀFRSHUDWLRQVRIRXU
terminal.

The limited space available to the terminal makes
LW QHFHVVDU\ WR ÀQG DOWHUQDWLYH ZD\V WR LQFUHDVH
throughput capacity and maintain competitiveness
and leadership in the industry. To do this, TPS undertook
an innovative project that allowed it to modernize and
increase the storage capacity of the 12 RTG (Rubber
Tyred Gantry) cranes. This initiative increased the yard
capacity of the terminal by 79,000 TEUs.

33

34

Seguridad,
Medio Ambiente y
Salud Ocupacional
Safety, Environment and
Occupational Health

Carta del
Presidente

El Terminal

Nuestro
Colaboradores

Seguridad
Medio Ambiente
y Salud
Ocupacional

Antecedentes
Generales

TPS y la
Comunidad

Terminal Pacifico Sur Valparaiso

Estados
Financieros

35

36

Seguridad, Medio Ambiente y Salud Ocupacional

Safety, Environment and Occupational Health
Seguridad de estandar Mundial

World-class Safety Standards
TPS posee altos estándares de Seguridad, Medio Ambiente
y Salud Ocupacional entre los puertos nacionales y a nivel
PXQGLDO3UXHEDGHHOORVRQODVFHUWLÀFDFLRQHV,6362+6$6 
,62\&HUWLÀFDFLyQGH0HGLFLyQGHOD+XHOOD
de Carbono.

TPS has high standards of Safety, Environment, and
Occupational Health not only among national ports, but
even at the global level, having obtained ISPS, OHSAS
18001, ISO 14001, and Carbon Footprint Measurement
FHUWLÀFDWLRQV

&HUWLÀFDFLyQ,636Otorgada por la Organización Marítima
,QWHUQDFLRQDO 20,

. Fue conferida a TPS el año 2004 y se encuentra vigente.636 &HUWLÀFDWLRQ Granted by the International Maritime 2UJDQL]DWLRQ . reglamentada y consistente para evaluar riesgos y determinar las medidas para compensar las amenazas con cambios en las vulnerabilidades para las naves y medios del puerto.02.636 IXH FUHDGD SDUD proporcionar una estructura estandarizada. OD FHUWLÀFDFLyQ .

es la norma más utilizada en materia ambiental en el mundo. and controls the Greenhouse Gases (GHG). 37 . políticas y procedimientos para lograr esas metas. This methodology calculates. . this is the most widely XVHGFHUWLÀFDWLRQUHJDUGLQJHQYLURQPHQWDOPDWWHUVLQWKH world. &DUERQ)RRWSULQW0HDVXUHPHQW&HUWLÀFDWLRQSince 2013. 2+6$6  A safety and health management system that improves the conditions and factors which FDQDIIHFWWKHZHOOEHLQJRIDOOWKRVHZKRÀQGWKHPVHOYHV in a physical working environment.62   Issued by ISO (International Standardization Organization). monitors. It is internationally recognized as the best mechanism to manage risk prevention in a company. which acts as the accreditation agency for the implementation of the methodology to measure the carbon footprint. as well as in the services provided by external companies to their area of the concession.636 FHUWLÀFDWLRQ ZDV FUHDWHG to provide a regulated and consistent standardized structure to evaluate risks and determine the actions to be taken to deal with the threats by making changes to the vulnerabilities of the vessels and port resources. policies. destinada a calcular. monitorear y controlar los Gases de Efecto Invernadero (GEI). Se encuentra vigente desde 2003 en TPS y es reconocida a nivel mundial como el mejor mecanismo para gestionar la prevención de riesgos de una empresa. 2+6$6  : Sistema de gestión de la seguridad y la salud en el trabajo que contribuye a mejorar las condiciones y factores que pueden afectar al bienestar de toda persona que se encuentre en el entorno físico de una empresa. which enables the company to develop initiatives to reduce the gas emissions in its operations. TPS has had valid OHSAS FHUWLÀFDWLRQVLQFH ISO 14001: 2004: Extendida por ISO (International Standardization Organization ). TPS has maintained YDOLGHQYLURQPHQWDOFHUWLÀFDWLRQVLQFH &HUWLÀFDFLyQGH0HGLFLyQGHOD+XHOODGH&DUERQRDesde 736FXHQWDFRQODFHUWLÀFDFLyQHPLWLGDSRU$%64XDOLW\ Evaluations. responsabilidades GHÀQLGDV DFWLYLGDGHV GH FDSDFLWDFLyQ GHO SHUVRQDO (VWi vigente en TPS desde 2002. por medio del desarrollo al interior de la empresa de un plan de manejo ambiental que incluya objetivos y metas ambientales. 736 KDV KDG WKLV FHUWLÀFDWLRQ ZKLFK LV LVVXHG E\ $%6 Quality Evaluations. lo que permite trabajar en iniciativas para la reducción de tales emisiones en sus operaciones y en las que realizan empresas externas a su área de concesión. It was was conferred to TPS in 2004 and it remains current. VSHFLÀFUHVSRQVLELOLWLHVWUDLQLQJDFWLYLWLHVDQGSURFHGXUHV to achieve the stated objectives. WKH . que acredita la correcta implementación de la metodología de medición de la huella de carbono. It requires companies to develop an environmental management plan that includes objectives.

38 39 .

The commitment of TPS with regard to Safety. 7KH ÀUVW VWDJH RI WKH &DUERQ )RRWSULQW 0HDVXUHPHQW &HUWLÀFDWLRQ FRQVLVWHG LQ LGHQWLI\LQJ WKH VRXUFHV DQG quantifying the emissions. This was carried out in late 2012. TPS estableció su nivel de alineamiento con los 7 Principios y las 7 Materias Fundamentales contempladas en la norma. en que todos los integrantes de la organización estén alineados. considerando que el porcentaje esperado para una empresa chilena es del 75% (alto). :LWKDYLHZWRZULWLQJLWVÀUVW6XVWDLQDELOLW\5HSRUWLQ TPS undertook an in-depth study of ISO 26000 Diagnosis. norma internacional vigente desde 2010. Mediante este diagnóstico. and the Security of the port facilities is focused on thorough compliance with the regulations with respect to risk prevention in the workplace. realizando capacitaciones y entregando XQD ÀORVRItD GH DXWR FXLGDGR SDUD FXPSOLU FRQ OD seguridad de las personas y el lugar de trabajo. se ha concluido que TPS presenta un muy alto alineamiento a las expectativas y acciones de la Norma de Responsabilidad Social ISO 26000. new policies of energy savings are being generated to help raise awareness of energy use and reduce energy consumption. el cual alcanza un 88.5%. con asesoría de la empresa Ultramar Consultores Portuarios (UCP). Diagnóstico ISO 26000 ISO 26000 Diagnosis Con miras a elaborar su primer Reporte de Sustentabilidad. Medio Ambiente y protección de las instalaciones portuarias. utilizando metodologías de nivel internacional como el Green House Gas Protocol (GHP) y la World Ports Climate Initiative (WPCI). such as the Green House Gas Protocol (GHP) and the World Ports Climate Initiative (WPCI). the optimization of the Integrated Management Systems with continuous improvement processes. the Environment. and complying with the Port Facility Security Plan. La segunda etapa apuntó a establecer medidas de reducción y mitigación. The second stage aimed to establish reduction measures and a mitigation process. está enfocado al cabal cumplimiento de las normas y regulaciones relativas a la prevención de riesgos laborales. In addition. in consultation with the Ultramar Port Consultants (UCP). Salud Ocupacional. asignando los recursos necesarios a las distintas áreas. conducting training and instilling a philosophy of self-care to ensure the safety of its personnel and the workplace. an international standard valid since 2010.5%. Safety and Occupational Health Policy El compromiso de TPS en materia de Seguridad. Using this diagnostic tool. TPS desarrolló durante 2014 un profundo estudio de Diagnóstico ISO 26000. Adicionalmente se generaron nuevas políticas de ahorro energético que ayuden a concientizar acerca del uso de la energía y disminuir el consumo. Medio Ambiente Environment /D SULPHUD HWDSD GH OD &HUWLÀFDFLyQ GH 0HGLFLyQ GH OD +XHOOD GH &DUERQR FRQVLVWLy HQ GHÀQLU ODV IXHQWHV \ FXDQWLÀFDU ODV HPLVLRQHV \ IXH HMHFXWDGD D ÀQHV GH 2012. a la protección del medio ambiente. De esta manera. This enabled TPS to identify the main strengths and weaknesses of the company with regard to Social Responsibility (SR) and build a clear. a la optimización de los Sistemas Integrados de Gestión por medio de procesos de mejoramiento continuo y al cumplimiento del Plan de Protección de la Instalación Portuaria. TPS también desarrolla esta iniciativa y compromiso hacia sus colaboradores. TPS established its level of alignment with the 7 Key Principles and the 7 Core Subjects of the standard.40 Política de Medio Ambiente. 41 . using international methodologies. Seguridad y Salud Ocupacional Environment. attaining a score of 88. OR TXH SHUPLWLy LGHQWLÀFDU ODV SULQFLSDOHV IRUWDOH]DV \ debilidades de la empresa en materia de RS para construir una visión clara y comprensible. understandable vision in which all the stakeholders of the organization are aligned. and was carried out during 2013 and 2014. Occupational Health. proceso desarrollado a lo largo de los años 2013 y 2014. while the expected percentage for a Chilean company is 75% (high). 736·VFRQFHUQZLWKVDIHW\LVDOVRUHÁHFWHGLQLWVFRPPLWPHQW to its employees. It was concluded that TPS has a very high alignment with the expectations and actions of the ISO 26000 standard for Social Responsibility. It provides adequate resources to the various work areas. the protection of the environment.

42 Nuestros Colaboradores Our Employees Carta del Presidente El Terminal Nuestro Colaboradores Seguridad Medio Ambiente y Salud Ocupacional Antecedentes Generales TPS y la Comunidad Terminal Pacifico Sur Valparaiso Estados Financieros 43 .

it’s worth pointing out that 35% of them are in port shift worker segment of the workforce.1 % 21. TPS: Edad promedio TPS: Average age Número de colaboradores / Number of employees 250 52. of which 58% were shift workers (who work in the port area). y sólo el 40% restante corresponde al personal administrativo. TPS had a total workforce of 419 employees. which can be seen in the diagram below. 377 360 350 300 253 250 200 150 100 50 0 2010 2011 2012 2013 2014 TPS se caracteriza por ser una organización relativamente joven. El promedio de edad en 736HVGHDxRV\VHUHÁHMDHQHOJUiÀFRTXHPRVWUDPRV D FRQWLQXDFLyQ HQ GRQGH VH GHÀQH HO SRUFHQWDMH SRU generación del total de los empleados. en la cual conviven diversas generaciones. En el mismo período. 2I WKDW ÀJXUH  ZHUH ZRPHQ DQG  ZHUH PHQ .5% 0 1942 y 1960 1961 y 1979 1980 y 1991 1992 + Baby Boomer gen x gen y gen z 'HORVFRODERUDGRUHVFDEHGHVWDFDUTXHHOGH la dotación corresponde al segmento Bono Turno.Q the same period there were 57 new hires. de las que el 58% corresponde a los trabajadores Bono Turno (quienes cumplen funciones en faenas portuarias). with the remaining 40% as administrative personnel. TPS is characterized as being a relatively young organization.7 % 200 150 100 25.7 % 50 0. el porcentaje de personal operativo asciende al 60% de la dotación del terminal. Of the 419 employees. TPS contó con una dotación total de FRODERUDGRUHV'HODFLIUDPHQFLRQDGDSHUVRQDV son mujeres y 360 son hombres. The average age at TPS is 39. entregando lo mejor de sí y logrando la mezcla perfecta entre innovación y experiencia. se gestionó un total de 57 contrataciones. Si a ello se suman vigilantes y mecánicos.44 Nuestros Colaboradores Our Employees Durante el año 2014. where several generations work together. TPS: Colaboradores TPS: Employees 14 % Número de colaboradores / Number of employees 371 86 % 419 450 400 In 2014. showing the percentage of total employees by generation. giving the best of themselves and achieving a perfect mix of innovation and experience. 45 . If the security personnel and mechanics are added to WKLV ÀJXUH WKH SHUFHQWDJH RI RSHUDWLRQDO SHUVRQQHO goes up to 60% of the terminal workforce.

46 47 .

realizada por el Instituto “Great Place To Work Chile”. nuevamente tuvo buenos resultados. Este año aumentó en un punto .48 CLIMA LABORAL Workplace climate La Encuesta de Clima Laboral GPTW 2014.

increasing by a point (+1) the overall average of the survey. In 2014.QVWLWXWH 736 once again had good results. El desarrollo de las personas es una prioridad en TPS. lo que se traduce en una inversión de US$ 243. investing US $ 243.000 en capacitación y formación. Se dio inicio durante 2014 al Diplomado de Seguridad \ 3UHYHQFLyQ WDPELpQ LPSDUWLGR SRU OD 3RQWLÀFLD Universidad de Católica de Valparaíso.000 in training and education. Leadership. It was designed to provide negotiating tools to the union leaders of TPS and the city of Valparaiso. operación de grúas y seguridad son algunos de los talleres desarrollados en 2014. Entre éstos. crane operation. orientado a la entrega de herramientas de negociación para dirigentes sindicales de TPS y de la ciudad de Valparaíso. FORMACIÓN Y DESARROLLO Training and development The development of our people is a priority at TPS. and safety were some of the workshops carried out in 2014. we continued with the training of our employees. En él participaron 80 colaboradores. se destaca el Diplomado de Relaciones Laborales GHVDUUROODGR SRU OD 3RQWLÀFLD 8QLYHUVLGDG &DWyOLFD GH Valparaíso. This takes all the TXHVWLRQVRIWKHVXUYH\LQWRDFFRXQWDQGUHÁHFWVDULVH in the wellbeing of our employees. para especializarse en temas de prevención de riesgos y seguridad.HOSURPHGLRJOREDOGHODHQFXHVWDORTXHUHÁHMD el incremento del bienestar de nuestros colaboradores considerando todas las preguntas de la encuesta. TPS: Inversión TPS: Investment Miles de dólares / Thousands of dollars 300 250 200 150 100 50 20 14 20 13 20 12 20 11 20 10 20 09 20 08 20 07 20 06 20 05 20 03 20 04 0 Liderazgo. Of these. In the 2014 GPTW Workplace Climate Survey. 49 . por lo que durante 2014 se continuó con la formación de los colaboradores. in which 80 employees participated to receive specialized training in areas of risk prevention and safety. 2014 also saw the beginning of the Advanced Course in 6DIHW\DQG3UHYHQWLRQOLNHZLVHWDXJKWE\WKH3RQWLÀFDO Catholic University of Valparaiso. one deserving special recognition is the Advanced Course LQ/DERU5HODWLRQVFRQGXFWHGE\WKH3RQWLÀFDO&DWKROLF University of Valparaiso. CAPACITACIÓN. carried RXW E\ WKH ´*UHDW 3ODFHV 7R :RUN &KLOHµ .

which provides coverage for medical and dental expenses. PrActicas Duales y Profesionales ó Professional and Dual Practices Durante el 2014. which offers insurance plans for both families and individuals. and the Christmas party for families. paseo de Fin de Año y paseo de Navidad para las familias. TPS received 10 third-year and 10 fourth-year secondary students from the Maritime Institute to do their dual practices in our company. allowing them to apply what they learned in the classroom to real work scenarios. en modalidad de 2 días completos. TPS also welcomed 48 students from 11 universities and technical institutes.50 BENEFICIOS Benefits /RV WUDEDMDGRUHV GH 736 FXHQWDQ FRQ EHQHÀFLRV integrales. alternando sus funciones propias como estudiantes con las de un colaborador más de nuestro terminal. From March through November. caja de Navidad. de 11 universidades e institutos técnicos. que se extienden en gran parte a sus grupos familiares y a sus cargas legales. 51 . 2WKHU EHQHÀWV WKDW ZHUH PDLQWDLQHG LQ  DUH WKH following: the National Holidays bonus. the New Year’s party. the Christmas bonus. 16 of them enrolled in professional careers and 32 in technical careers. In 2014. alternating their roles as students with those of regular terminal workers. the Christmas box. que otorga cobertura por gastos médicos y dentales. Asistieron de marzo a noviembre. instituto especializado en tratamientos contra el cáncer. we continued our efforts to add more employees to WKLVEHQHÀWZKLFKRIIHUVSHUPDQHQWVXSSRUWDVZHOODV VSHFLÀFKHOSLQFDVHRIDQHPHUJHQF\0RUHRYHUWKHUH are agreements with eye and dental clinics. Además existen convenios con clínicas oftalmológicas. TPS también acogió a 48 alumnos. The employees of TPS are entitled to comprehensive EHQHÀWV PDQ\ RI ZKLFK H[WHQG WR WKHLU IDPLOLHV DQG dependants. En relación al seguro complementario de salud. lo que les permitió ver la aplicabilidad de lo aprendido en clase en terreno. and with the Arturo Lopez Perez Foundation (FALP). dentales y con la FALP (Fundación Arturo López Pérez). 2WURVEHQHÀFLRVTXHVHPDQWXYLHURQGXUDQWHVRQ aguinaldo de Fiestas Patrias y de Navidad. an institute specializing in cancer treatment. they came to TPS 2 full days a week. TPS recibió a 10 estudiantes de Tercero y 10 de Cuarto medio del Instituto Marítimo quienes realizaron su práctica dual en nuestra empresa. 16 de ellos de carreras profesionales y 32 de carreras técnicas. que posee planes de protección familiares y personales. se continuó trabajando para sumar a más colaboradores D HVWH EHQHÀFLR HO TXH FRQVWLWX\H XQ DSR\R SHUPDQHQWH \ DGHPiV XQD D\XGD HVSHFtÀFD HQ caso de una emergencia. With regard to the supplementary health insurance.

52 53 .

54 TPS y la Comunidad de Valparaiso TPS and the Community of Valparaiso Carta del Presidente El Terminal Nuestro Colaboradores Seguridad Medio Ambiente y Salud Ocupacional Antecedentes Generales TPS y la Comunidad Terminal Pacifico Sur Valparaiso Estados Financieros 55 .

a la cual se sumó la empresa constructora G y R. que permiten anualmente a más de 600 alumnos de diferentes colegios de la Región de Valparaíso aprender la navegación a vela y kayak. La recaudación total de un encuentro de fútbol realizado para esta campaña en el estadio Elías Figueroa fue duplicada gracias a la ayuda de TPS.600 people.600 personas. organizado por la Asociación Regional de Clubes de Cueca de la V Región. This event brought together the best composers and performers of the country and attracted an audience of 3. The new center will be inaugurated during the early months of 2015. nacida en la ciudad puerto. incluida la “Cueca Porteña”. Los navegantes que aprobaron el curso. 57 . where teams from all of the schools participated. The total proceeds from a charity football game played for this campaign in Elias Figueroa Stadium were matched thanks to the help of TPS.Campaña “1+1” para la Reconstrucción de Valparaíso 56 The “1+1 ”Campaign for the Reconstruction of Valparaiso Junto al Club Deportivo Santiago Wanderers. with the G & R Construction Company joining the reconstruction effort. the Fundacion Mar de Chile and TPS have conducted Nautical Workshops. numerous buildings belonging to community organizations were destroyed on some of the principal hills of the city. These workshops were complemented by street football tournaments in Sotomayor Plaza. which annually provide more than 600 students from various schools in the Region of Valparaiso with a chance to learn how to sail and maneuver kayaks. The young sailors who passed the course received their Skipper of the Bay license. además de viviendas. la educación. Esta actividad se complementa con campeonatos de fútbol calle que disputan los estudiantes en la Plaza Sotomayor donde participan los equipos de todas las escuelas.Q DGGLWLRQ WR private homes. In this eighth year. la cultura y la ayuda social se realizaron en 2014. Festival de Cueca y Tonada Inédita Festival of Original Cuecas and Tonadas 'XUDQWH WRGR XQ ÀQ GH VHPDQD OD &DOHWD (O Membrillo se llenó de folclor en el marco del XXIX Festival Nacional de la Cueca y Tonada Inédita. organized and run by the Regional Association of Cueca Clubs of the 5th Region for nearly 30 years. obtuvieron su licencia de Patrón Deportivo de Bahía. de manera de reunir los fondos necesarios para la reconstrucción del Centro Comunitario del cerro El Litre. certamen que reúne a los mejores compositores e intérpretes del todo el país y que contó con la presencia de más de 3.PSRUWDQW LQLWLDWLYHV LQ WKH ÀHOGV RI VSRUWV education. around 200 students from 18 schools in Valparaiso participated in sport workshops conducted by professionals from Duoc UC. el que será entregado a la comunidad en los primeros meses de 2015. a document issued by the Maritime Authority which authorizes the holders to conduct nautical activities in the sea. Since 2012. For an entire weekend. TPS apoyó este encuentro. In conjunction with the Santiago Wanderers. This festival disseminates the music and rewards the new exponents RI WKH QDWLRQDO GDQFH LQFOXGLQJ WKH ´&XHFD 3RUWHxDµERUQLQWKHSRUWFLW\ Desde el año 2012. resultaron destruidos numerosos inmuebles destinados a las organizaciones comunitarias de algunos de los principales cerros de la ciudad. que por casi 30 años ha realizado este festival que permite difundir y premiar a los nuevos exponentes del baile nacional. El Membrillo Cove FHOHEUDWHGDVIRONPXVLFÀOOHGWKHDLUGXULQJWKH 29th National Festival of Original Cuecas and Tonadas. quienes durante todo el año participaron en los talleres deportivos realizados por profesionales de Duoc UC. contributing to their personal and athletic development. Enough funds were raised to rebuild the Community Center of El Litre Hill. La actividad de cierre de este programa fue una regata travesía por la bahía de Valparaíso. Escuelas de Fútbol TPS TPS Football Schools Más de 2. Escuela de Vela TPS TPS Sailing School TPS y la Comunidad de Valparaíso TPS and the Community of Valparaiso Importantes iniciativas en los ámbitos del deporte. contribuyendo al desarrollo personal y deportivo de los niños de la comuna de Valparaíso. En esta octava versión. TPS supported this event. El año 2014. más de 30 de estos jóvenes continuaron con la formación integrando la Escuela de Vela TPS. . Estas forman parte del compromiso permanente de TPS con la comunidad de Valparaíso y el desarrollo de sus habitantes. el más tradicional de Valparaíso. the most traditional of Valparaiso. more than 30 of these young people continued their training by joining the TPS Sailing School. In 2014. documento a través del cual la Autoridad Marítima faculta a su poseedor para realizar actividades náuticas en esta categoría. culture and social support were performed in 2014. The closing event of this program was a regatta across the Bay of Valparaiso.200 niños y niñas han sido EHQHÀFLDGRVHQORVDxRVGHIXQFLRQDPLHQWR de las Escuelas de Fútbol TPS. These are part of the ongoing commitment to the community of Valparaiso and development of its people. 736 FRQGXFWHG D ´µ FDPSDLJQ WR UDLVH resources for reconstruction projects following WKH GHYDVWDWLQJ ÀUH LQ $SULO . la iniciativa contó con la participación de alrededor de 200 estudiantes de 18 escuelas de la Corporación Municipal de Valparaíso. la Fundación Mar de Chile y TPS desarrollan cada año los Talleres Náuticos. 0RUHWKDQER\VDQGJLUOVKDYHEHQHÀWHG from the TPS Football Schools during their 8 years in operation. se realizó una campaña “1+1” para recaudar importantes recursos destinados a proyectos de reconstrucción tras el devastador incendio de abril en que.

58 59 .

que desde sus inicios en la región. mediante un sistema SDUD HYDOXDU GHVDUUROODU \ FHUWLÀFDU GLFKD calidad y que ésta permanezca en el tiempo. TPS es parte del Programa de Liderazgo Pedagógico para Directoras de Centros de Educación Parvularia.60 Media Maratón TPS Valparaíso TPS Half Marathon of Valparaiso Una vez al año TPS detiene sus operaciones y abre las puertas a la ciudad para recibir a miles de deportistas y sus familias. It is modeled on the German program called QUIK (Quality In Kindergarten). y un circuito infantil de 2 km. entre contenedores. cranes. Programa Quik Quik Program 736 KD GHÀQLGR OD HGXFDFLyQ FRPR XQR GH sus principales ejes de apoyo al desarrollo de la comunidad. desde el año 2012. who enjoyed the unique route. between the containers. la Junta Nacional de Jardines Infantiles (JUNJI) y la Corporación Municipal de Valparaíso. designed especially for children. entregando herramientas que fomenten el autodesarrollo. in 2012 TPS became part of the Educational Leadership Program for Director of Pre-school Education Centers. nuevamente contó con la presencia de más de 4. borde costero y la ciudad patrimonial. To do this. TPS busca fomentar el deporte en familia e invita a participar a corredores de diferentes edades y condición física. a World Heritage Site. which passes through the port terminal area. quienes pueden recorrer las distancias 10 km. ha sido posible gracias al DSR\RGH7HUPLQDO3DFtÀFR6XU9DOSDUDtVR The program covers a total of 21 establishments WKDW EHQHÀW IURP WKLV SURJUDP WR LPSURYH educational quality. Con esta prueba deportiva. since its inception in the region. providing tools that promote self-development. With this sporting event.000 corredores quienes disfrutaron del particular recorrido que considera el paso por el interior del terminal portuario. El programa abarcó un total de 21 HVWDEOHFLPLHQWRV EHQHÀFLDGRV SRU HVWH programa de mejoramiento de la calidad educativa. en la tradicional Media Maratón TPS Valparaíso. It employs DV\VWHPWKDWHYDOXDWHVGHYHORSVDQGFHUWLÀHV quality. The core value and principal focus is on the management of projects that improve the education system in Valparaíso. has been made possible thanks to the VXSSRUWRI7HUPLQDO3DFLÀFR6XU9DOSDUDíso. la cual en su 8ª versión. 21 km.000 runners. In its 8th year. grúas. TPS seeks to promote family sport and invite runners of all ages and physical conditions to participate in one of the race distances: 10km. it again attracted more than 4. TPS has chosen education as one of its main areas of support for community development. Once a year TPS stops its operations and opens its doors to the city to receive thousands of athletes and their families in the traditional TPS Valparaiso Half Marathon. or a 2 km circuit. and that remains in place over time.. 21km. que busca contribuir al mejoramiento de la calidad de la educación primaria y la formación de los niños que asisten a salas cunas y jardines infantiles dependientes de Fundación Integra. which. along the coastline and through the city. de origen alemán. diseñado especialmente para los más pequeños. 61 . the National Board of Kindergartens (JUNJI) and the Municipality of Valparaiso. This program seeks to contribute to the improvement of the quality of primary education and the training of the children who go to the kindergartens and child care centers of the Integra Foundation. Por ello. denominado QUIK (Quality In Kindergarten). siendo la gestión de proyectos que mejoren la educación en Valparaíso un valor fundamental de este objetivo.

que TPS apoya desde 2012. generate development opportunities. que se encuentra en el Barrio Puerto de la ciudad. and improve the quality of life of the families who live in the barrios of Valparaiso. recreational areas. lugares de esparcimiento y tutorías pedagógicas. 736 FRQWLQXHG LWV SURJUDP FDOOHG ´-XQWR $O %DUULRµZKLFKDLPVWRUHGXFHWKHVHJUHJDWLRQ and marginalization of vulnerable populations. 63 . These objectives are pursued through the improvement of the environment and the organizing of neighborhood institutions. This year total donations amounted to $3. enhancing the quality of life and bringing neighbors together.770 pesos. es la labor voluntaria de los trabajadores que colaboran con el comedor de la Iglesia La Matriz. This activity VXSSRUWVWKHÀQDQFLQJRIWKHGLQLQJIDFLOLW\DQG provides homeless people with daily access to adequate food. El desarrollo de esta actividad SHUPLWHDSR\DUHOÀQDQFLDPLHQWRGHOFRPHGRU y permite a personas en situación de calle acceder diariamente a una alimentación digna.129. and educational tutoring. un espacio de HQFXHQWUR \ GH FRRUGLQDFLyQ TXH EHQHÀFLD a cerca de 400 familias mejorando su calidad de vida y haciendo posible el encuentro entre vecinos. además de generar oportunidades de desarrollo y mejorar la calidad de vida de las familias en los barrios de la comunidad porteña. que apunta a disminuir la segregación y marginación de poblaciones vulnerables. this initiative. inaugurated the Costa Mar Community Center. de la articulación de instituciones vecinales. After 3 years of working jointly with the neighbors and social organizations of the Costa Brava and Vista al Mar sectors of Playa Ancha. Comedor La Matriz La Matriz Dining Facility Otro importante programa de ayuda social que desarrolla TPS y que continuó durante 2014. a meeting place that coordinates activities for around 400 families. Estos objetivos se persiguen a través del mejoramiento del entorno. who collaborate with the La Matriz dining facility located in the port area of the city.62 Ayuda Social Social Help TPS continuó con el programa Junto Al Barrio. which TPS has supported since 2012. en la inauguración del Centro Comunitario CostaMar. Esta iniciativa. Este año el total de la donación DVFHQGLyD Another important social assistance program developed by TPS and continued in 2014 is the volunteer work of its employees. se materializó tras 3 años trabajando mancomunadamente con los vecinos y organizaciones sociales de Costa Brava y Vista al Mar de Playa Ancha.

training. and accompanying young professionals (teachers and non-teachers). The dredging work to deepen the seabed. starting with classroom experience and then expanding to the various areas of professional development. selecting. by recruiting. It is a project whose initial duration will be 3 years and will be implemented in local schools in Valparaiso beginning in March of 2015. revealed the existence of this archeological treasure.QGHIDWLJDEOHµ D &KLOHDQ QDYDO YHVVHO WKDW sank following an explosion in its cargo hold 150 years ago in the Bay of Valparaiso. forming an alliance in which TPS became a regional partner in this initiative. an agreement was signed with the Teach Chile Foundation. primero desde la experiencia en la sala de clases. The aim is to create a network of agents of change with the necessary dedication and perspective to impact the educational system. Documental “El Infatigable” Documentary film “The Indefatigable” TPS elaboró y presentó ante la comunidad porteña un documental histórico y arqueológico sobre la recuperación de los restos de “El Infatigable”. en un proyecto cuya duración inicial será de 3 años y que se implementará en establecimientos de la comuna de Valparaíso a contar de marzo de 2015. cuyos restos fueron recuperados por profesionales expertos en arqueología submarina. DUFKHRORJLFDO GRFXPHQWDU\ ÀOP WR WKH SXEOLF DERXW WKH UHFRYHU\ RI WKH UHPDLQV RI ´7KH . alianza a través de la cual TPS se convirtió en socio regional de esta iniciativa. La Fundación Enseña Chile tiene como objetivo aportar a la calidad de la educación de todos los niños del país. a través de reclutar. whose remains were recovered by experts in underwater archeology. y luego desde sus distintas áreas de desarrollo profesional. TPS produced and showed a historical. formar y acompañar a jóvenes profesionales (docentes y no docentes). Todo el proceso y la investigación histórica se materializaron en un audiovisual narrado por el actor Francisco Reyes. buque de la Armada de Chile hundido tras una explosión en sus bodegas hace 150 años en la bahía de Valparaíso. in addition to delivering hundreds of copies to students of the city.cl 65 . con el ÀQGHJHQHUDUXQDUHGGHDJHQWHVGHFDPELR con la convicción y perspectiva necesarias para impactar el sistema educacional. El documental se encuentra disponible en el sitio web ZZZHOLQIDWLJDEOHFO The documentary is available at the website www. The goal of the Teach Chile Foundation is to contribute to the quality of education of all the children in the country. TPS habilitó especialmente un sitio web y un canal YouTube. Las faenas de dragado de profundización del lecho marino realizadas desde el año  SRU 736 GHYHODURQ OD H[LVWHQFLD GH HVWH tesoro arqueológico. which has been underway since 2009. además de entregar cientos de copias a estudiantes de la ciudad. In late 2014. seleccionar. )RUWKHGLVVHPLQDWLRQRIWKLVGRFXPHQWDU\ÀOP TPS created a special website and a YouTube channel. The entire process and the historical research were recorded in an audiovisual narrated by Francisco Reyes.64 Alianza con Fundación Enseña Chile Alliance with the Teach Chile Foundation $ÀQHVGHVHFRQFUHWyODÀUPDGHOFRQYHQLR con la Fundación Enseña Chile. who will serve as teachers in schools in vulnerable areas for a period of two years. Para la difusión de este documental. quienes se desempeñan como profesores en establecimientos educacionales de contexto vulnerable por un período de dos años.elinfatigable.

66 Antecedentes Generales General Background Carta del Presidente El Terminal Nuestro Colaboradores Seguridad Medio Ambiente y Salud Ocupacional Antecedentes Generales TPS y la Comunidad Terminal Pacifico Sur Valparaiso Estados Financieros 67 .

2014: $FFLRQLVWD Shareholders  $FFLRQHV 3DUWLFLSDFLyQ Shares IQYHUVLRQHV1HOWXPH/WGD Inversiones Dos Volcanes Ltda. Dirección Address Dirección / Contact information : Antonio Varas Nº 2.05% Número de Accionistas con mas del 10% de Participación Number of shareholders with more than 10% of total Shares Los Accionistas. 1999. Valparaíso Teléfono / Phone : 56–32–2275800 Fax: 56–32–2275813 Página Web / Website : www. Development. in the Commercial Registry on October 26th. Documentos Constitutivos Constitution 7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$IXHFRQVWLWXLGDHO GHRFWXEUHGHDQWHHO1RWDULR3~EOLFRGH6DQWLDJR don Iván Torrealba Acevedo e inscrita en el Registro de &RPHUFLRDIRMDVEDMRHOQ~PHURHOGHRFWXEUH GH 7HUPLQDO 3DFtÀFR 6XU 9DOSDUDtVR 6$ ZDV LQFRUSRUDWHG in October 25th of 1999. La propiedad de la empresa se distribuye al 31 de diciembre del 2014 de la siguiente forma: 7KH FDSLWDO RI 7HUPLQDO 3DFtÀFR 6XU 9DOSDUDtVR 6$ LV comprised of 2. personas naturales o jurídicas que representan directamente o a través de otras personas naturales jurídicas el 10% o más del total de las acciones suscritas son: The Shareholder below holds more than 10% of the total shares: 1RPEUHGHORV$FFLRQLVWDV Shareholders InveUVLRQHV1HOWXPH/WGD 587 $FFLRQHV3DUWLFLSDFLyQ ID Number Shares % of the total   69 . Public Notary of Santiago. No. 602. 1 % of the total  0. explotación y mantención del frente de atraque Nº 1 del Puerto de Valparaíso.cl Ownership and Control of the Company Below information is provided about the Shareholders and the property of the company: Detalle de los Accionistas List of Shareholders (O FDSLWDO VRFLDO GH 7HUPLQDO 3DFtÀFR 6XU 9DOSDUDtVR 6$ está conformado por 2.68 Antecendentes Generales General Background =&]  1#!$¼± Propiedad y Control de la Sociedad p"(o]o«" @#o A continuación se informa acerca de los antecedentes relacionados con los Accionistas y la propiedad de la sociedad: Company Profile Company Information Razón Social / Name7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$ Domicilio Legal / Legal Adress: Antonio Varas Nº 2. Iván Torrealba Acevedo.000 shares in one series with no par value. The deed of incorporation was notarized by Mr. 3er piso. The company was owned by the following shareholders as of December 31. RUT / Taxpayer I. 3er piso. Valparaíso. empresa de muellaje y almacenaje.D1ƒ Giro / Business : Desarrollo.tps.000 acciones de una misma serie sin valor nominal. and registered on page 698. including wharfage and cargo storage services. maintenance and exploitation of Terminal N° 1 of the Port of Valparaíso.

?!)"&o«"-0"]o#'$#& #'5&"('-=&o"o$ '3)(o*#' Compensation Earned by Managers and Senior Executives Controlador de la Sociedad Controller El controlador de la sociedad es Inversiones Neltume Limitada.A. control and planning of company activities. is controlled by its managing partner. ‡ %XVLQHVV LQWHUUXSWLRQ GXH WR GDPDJH WR WKH terminal. There is no joint action agreement. ‡.P. Inversiones dos Volcanes Limitada no tiene controlador ni socios personas naturales.538. Manager Gerente Personas H. Inversiones Neltume Limitada controls the company.70 Remuneración recibida por los Directores Board Compensation Durante el ejercicio del año 2014. 7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$FRQVLGHUD personal clave aquellos que en sus cargos ejecutan labores de autoridad y responsabilidad SDUD OD RUJDQL]DFLyQ FRQWURO \ SODQLÀFDFLyQ de las actividades de la Sociedad. Comité de Directores Audit Committee La sociedad no tiene Comité de Directores en razón a que es una sociedad anónima cerrada. y Finanzas Adm & Finan. 7HUPLQDO 3DFLÀFR 6XU 9DOSDUDLVR 6$ FRQVLGHUV key personnel those who occupy positions of authority and are responsible for the organization. no hay indemnizaciones por años de servicio percibidas por gerentes o principales ejecutivos. a su vez Ultramar Agencia Marítima Limitada es controlada por Inversiones Dos Volcanes Limitada C. R. 2014 amounting to ThUS$1. ‡7KLUGSDUW\FLYLOOLDELOLW\ ‡'DPDJHWRHTXLSPHQWDQGRWKHUÀ[HGDVVHWV 71 .A. 2014: ‡7HUPLQDWLRQRIWKHFRQFHVVLRQDJUHHPHQWGXH to the destruction of the terminal. No hay acuerdo de actuación conjunta. no remuneration was paid to the Board of Directors of the company. The company has no Audit Committee since it is a closed stock corporation. Inversiones Dos Volcanes Limitada C.P.. 'XULQJ ÀVFDO \HDU  DFFRUGLQJ WR WKH regular meeting held on April 29th. 2014. Indemnizaciones por años de Servicio a Gerentes o Principales Ejecutivos Severance Indemnities to Managers or Senior Executives Durante el ejercicio del año 2014.A. sociedad que a su vez es controlada por Ultramar Agencia Marítima Limitada. Inversiones Dos Volcanes Limitada. Estos profesionales recibieron remuneraciones y otros EHQHÀFLRV GXUDQWH HO HMHUFLFLR WHUPLQDGR DO 31 de diciembre de 2014 ascendentes a MUS$ 1. ‡5HVSRQVDELOLGDGFLYLOGHWHUFHURV ‡'DxRVDHTXLSRV\RWURVDFWLYRVÀMRV The company carried the following insurance as of December 31. No severance indemnities were paid to managers or senior executives during the 2014 ÀVFDO\HDU Organigrama Organization Chart Seguros Directorio Board of Directors Insurance Gerente General General Manager Gerente Comercial Commercial Manager Gerente Operaciones Operations Manager Gerente de Proyectos Projects Manager Gerente Adm. Inversiones Dos Volcanes Limitada has no controller or partners who are natural persons. de acuerdo a ODMXQWDRUGLQDULDFRQIHFKDGHDEULOGHO no se pagaron remuneraciones al Directorio de la sociedad.QWHUUXSFLyQGHQHJRFLRVSRUGDxRVHQIUHQWH de atraque. which is controlled by Inversiones Dos Volcanes Limitada C. y esta última sociedad. Manager La empresa mantiene vigentes al 31 de diciembre de 2014 los siguientes seguros: ‡ 7pUPLQR GH FRQWUDWR GH FRQFHVLyQ SRU destrucción de frente de atraque. It is controlled in turn by Ultramar Agencia Marítima Limitada and this latter by Inversiones Ultracorp Limitada. These professionals received remuneration and RWKHUEHQHÀWVGXULQJWKH\HDUHQGHG'HFHPEHU 31st.P. por la socia gestora de la misma Inversiones Dos Volcanes Limitada.538.

‡URRIHGZDUHKRXVHFRQVLVWLQJOHYHOVDQGPHDVXULQJ 10. The principal characteristics of the Concession Agreement under which the company does business are: Period: 20 years.7 millones anuales.0 to 13. It also sets the minimum productivity that must be attained in servicing vessels. ‡7KHVXSSRUWDUHDDGMDFHQWWRWKHWHUPLQDOPHDVXUHG 16 paved hectares.UU. en la medida que el concesionario efectúe ciertas inversiones adicionales. The concession agreement sets maximum rates that the company can charge for its wharfage and stevedoring services. El contrato de concesión impone al concesionario tarifas máximas a cobrar por servicios de muellaje y estiba-desestiba. extendible for another 10 years provided the company makes certain additional LQYHVWPHQWVVSHFLÀFDOO\WKHÀUVWVWDJHRIWKHPHWHU extension project of Terminal Nº1.8 meters. PPI for the previous year.7 million annually. concretamente.72 Contratos Contracts Las características principales del Contrato de Concesión que explota la empresa son las siguientes: Plazo: 20 años. $GHPiV \ SDUD JDUDQWL]DU HO ÀHO FXPSOLPLHQWR GHO contrato de concesión. ‡86PLOOLRQDOUHDG\SDLG ‡$QQXDOIHHRI86'PLOOLRQIRUDQGWKHUHDIWHU a variable sum according to the cargo moved. 73 . la Primera Etapa del Proyecto de Extensión del Terminal Nº1 de Valparaíso en 120 metros antes referido. TPS is a closed stock corporation registered in the Securities Registry kept by the Securities and Insurance Commission. así como productividades mínimas que se deben alcanzar en la atención de las naves. pudiendo extenderse por 10 años más. medido como un índice que prorratea tales tarifas. the minimum being US$5. Bienes Entregados en Concesión Assets in Concession ‡ 7HUPLQDO R )UHQWH GH $WUDTXH 1ƒ  TXH LQFOX\H ORV VLWLRV  DO  FRQ XQ IUHQWH WRWDO GH  PHWURV \ XQ FDODGRDXWRUL]DGRTXHYDHQWUHORV\PHWURV ‡ ÉUHD GH UHVSDOGR DG\DFHQWH DO IUHQWH GH DWUDTXH de 16 hectáreas pavimentadas. TPS es una sociedad anónima cerrada inscrita en el registro de entidades informantes de la Superintendencia de Valores y Seguros. This fee is paid quarterly in arrears. In addition. ‡ERGHJDFXELHUWDGHPHWURVHQQLYHOHV ‡ 7HUPLQDO 1ž  ZKLFK LQFOXGHV EHUWKV  WR  D WRWDO quay front of 985 meters and an authorized draft that ranges from 9. the company must provide a warranty bond to EPV to ensure compliance with the concession agreement and payments over the next 12 months. measured as an index that prorates those rates. Pagos Contemplados Payments Involved ‡86PLOORQHV\DSDJDGRV ‡&DQRQDQXDOGH86'PLOORQHVSDUDHODxR y en adelante una cantidad variable según la carga movilizada con un mínimo de USD 5.000 meters. The company has complied in full with the conditions set down in the concession agreement. Este canon se paga por trimestre vencido. Este índice de tarifa máxima se ajustará anualmente por la variación del PPI de los EE. The maximum rate is adjusted annually by the variation in the U. La compañía ha dado total cumplimiento a las condiciones establecidas en el contrato de concesión. del año anterior.S. el concesionario debe entregar a la EPV una boleta de garantía por los pagos que deba efectuar los siguientes 12 meses.

Políticas de Inversión y Financiamiento Investment and Finance Policies Norma IFRS IFRS Norm Los Estados Financieros del año 2014 son publicados bajo normativa IFRS (International Financing Reporting Standards). so that TPS can adequately meet the new needs of the industry and comply with the requirements under the Concession Contract to extend the concession for 10 years. except for the instructions published in Circular N° 856 by the SVS. TPS realizó inversiones por US$ 17. The main risk factors envisaged in the development of the company’s business are those that might affect Chilean foreign trade. en el cual se instruye que las diferencias de activos y pasivos por concepto de impuestos diferidos que se produzcan como efecto directo del incremento de la tasa de impuestos de 1° categoría introducido por la Ley 20. time deposits. 7KH PDLQ ÀQDQFLDO DFWLYLWLHV ZLWK EDQNV LQYROYH LQYRLFH collection. LQVFULWDV HQ pVWD D SUHVHQWDU VXV HVWDGRV ÀQDQFLHURV EDMRHVWHHVWiQGDUH[FHSWRSRUORLQVWUXLGRHQHORÀFLR circular N° 856 de la Superintendencia de Valores y Seguros . créditos de corto plazo. are being published with the IFRS Norm (International Financing Reporting Standards). Inversiones Investments En el año 2014. taking up the disposition issued by the Superintendency of Secutities that obligates the registered closed corporations to submit their Financial Statements under this standard.7 million in 2014. The Financial Statements of 2014. deben ser registrados en Patrimonio. 2015-2019. /DVSULQFLSDOHVDFWLYLGDGHVÀQDQFLHUDVFRQHVWRVEDQFRV son: recaudación de facturas. créditos de largo plazo. foreign currency forwards. long-term loans. The company handles its main transactions in pesos and dollars using Chilean and American bank accounts. 75 .74 Antecendentes Financieros Financial Activities La empresa maneja sus transacciones principalmente en pesos y dólares.780.7 millones. interest rate swaps and the purchase and sale of currencies. depósitos a plazo. para responder adecuadamente a las nuevas necesidades de la industria y cumplir con las condiciones requeridas bajo el Contrato de Concesión para prorrogar por 10 años más la concesión. mediante cuentas en bancos nacionales y norteamericanos. Respecto al plan de inversiones para el TXLQTXHQLR  736 HVWi SUR\HFWDQGR una inversión aproximada de US$ 72 millones enfocada en infraestructura y equipamiento portuario. 5HJDUGLQJ WKH LQYHVWPHQW SODQ IRU WKH QH[W ÀYH years. Factores de Riesgo Risk Factors Los principales factores de riesgo que se visualizan para el desarrollo del negocio de la empresa son aquellos que pudieran afectar el comercio exterior chileno. swap de tasas y forward de moneda extranjera y compra / venta de monedas. all deferred tax asset and liability differences resulting directly from the increase in the ÀUVWFDWHJRU\WD[UDWHHVWDEOLVKHGLQ/DZPXVWEH recorded in equity. acogiéndose a la disposición emanada por parte de la Superintendencia de Valores y Seguros que obliga a las sociedades anónimas cerradas. According to these instructions. short-term loans. short-term investment in mutual funds. inversiones de corto plazo en fondos mutuos. TPS is projecting an investment of approximately US$ 72 million this investment will focus on infrastructure and port equipment. TPS made investments totaling US$ 17.

76 77 .

Utilidad Distribuible Distributable Profits Al 31 de diciembre del 2014 la utilidad distribuible es la siguiente (en miles de US$): $VRI'HFHPEHUWKHGLVWULEXWDEOHSURÀWVRIWKH company were as follows (in thousands of US$): MUS$ / ThUS$ 2014 Utilidades Acumuladas ejercicios Anterior IFRS Retained Earnings previous exercises IFRS Reservas derivados Reserves derived Utilidades Acumuladas adopción IFRS $FFXPXODWHGSURÀWDGRSWLRQ. During 2014. se desembolsaron US$ 13 millones del FUpGLWRDODUJRSOD]RFRQHOÀQGHÀQDQFLDULQYHUVLRQHV en equipamiento e infraestructura.017) . 7KHFRPSDQ\KDVQRVXEVLGLDULHVDIÀOLDWHVRULQYHVWPHQWV in other companies.)56 (1. US$13 million were disbursed from the long WHUP FUHGLW ZLWK WKH DLP RI ÀQDQFLQJ HTXLSPHQW DQG infrastructure investments.78 Financiamiento Financing En el año 2014. Filiales y Coligadas Subsidiaries and Affiliates 1R H[LVWHQ ÀOLDOHV HPSUHVDV FROLJDGDV QL LQYHUVLRQHV en otras empresas.

La utilidad por acción repartida los años 2014 y 2013 son US$ 5. respectively. 7KH SURÀW SHU VKDUH GLVWULEXWHG LQ  DQG  LV 86 5.350) 3. Transacciones de Acciones Share Transactions No se registran transacciones de acciones para el período 2014. No stock transactions are record for the period 2014. respectivamente. provided the ÀQDQFLDO LQGLFDWRUV DUH PHW DV FRPPLWWHG LQ WKH ORQJ term loan with Corpbanca and BBVA. y en la medida que se cumplan los LQGLFDGRUHV ÀQDQFLHURV FRPSURPHWLGRV HQ HO FUpGLWR de largo plazo suscrito con los bancos nacionales BBVA y Banco Estado. after absorbing any losses. The company’s dividend policy is to pay at least 30% of QHWSURÀWVDVFDVKGLYLGHQGWRVKDUHKROGHUVLQSURSRUWLRQ to their shares.476 and US$ 8.054.268 7. Utilidades Acumuladas $FFXPXODWHGSURÀW Utilidades Ejercicio 2014 3URÀW Dividendos repartidos 2014 2014 Paid Dividends Total Utilidad distribuible 'LVWULEXWDEOH3URÀWV Dividendo distribuible/Utilidad distribuible 'LVWULEXWDEOH'LYLGHQG'LVWULEXWDEOH3URÀW 2. después de absorber las pérdidas que hubieren habido.077 46. 79 . both national banks. entre los accionistas como dividendos en dinero a prorrata de sus acciones.054.475  (6.476 y US$ 8.2% Política de Dividendos Dividend Policy La política de dividendos de la sociedad es de distribuir un 30% de las utilidades líquidas.

80 Estados Financieros Financial Statements Carta del Presidente El Terminal Nuestro Colaboradores Seguridad Medio Ambiente y Salud Ocupacional Antecedentes Generales TPS y la Comunidad Terminal Pacifico Sur Valparaiso Estados Financieros 81 .

).82 Informe del Auditor Independiente Report of Independent Auditors Señores Accionistas y Directores 7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$ To Shareholders and Directors 7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$ +HPRVHIHFWXDGRXQDDXGLWRUtDDORVHVWDGRVÀQDQFLHURVDGMXQWRVGH7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$TXHFRPSUHQGHQ HOHVWDGRGHVLWXDFLyQÀQDQFLHUDDOGHGLFLHPEUHGH\ORVFRUUHVSRQGLHQWHVHVWDGRVGHUHVXOWDGRVLQWHJUDOHVGH FDPELRV HQ HO SDWULPRQLR \ GH ÁXMRV GH HIHFWLYR SRU HO DxR WHUPLQDGR HQ HVD IHFKD \ ODV FRUUHVSRQGLHQWHV QRWDV D ORV HVWDGRVÀQDQFLHURV :H KDYH DXGLWHG WKH DFFRPSDQ\LQJ ÀQDQFLDO VWDWHPHQWV RI 7HUPLQDO 3DFtÀFR 6XU 9DOSDUDtVR 6$ ZKLFK FRPSULVH WKH VWDWHPHQWRIÀQDQFLDOSRVLWLRQDVRI'HFHPEHUDQGWKHFRPSUHKHQVLYHLQFRPHVWDWHPHQWVVWDWHPHQWVRIFKDQJHV LQHTXLW\DQGVWDWHPHQWRIFDVKÁRZVIRUWKH\HDUWKHQHQGHGDQGWKHUHODWHGQRWHVWRWKHÀQDQFLDOVWDWHPHQWV 5HVSRQVDELOLGDGGHOD$GPLQLVWUDFLyQSRUORVHVWDGRVÀQDQFLHURV /D$GPLQLVWUDFLyQHVUHVSRQVDEOHSRUODSUHSDUDFLyQ\SUHVHQWDFLyQUD]RQDEOHGHHVWRVHVWDGRVÀQDQFLHURVGHDFXHUGR DLQVWUXFFLRQHV\QRUPDVGHSUHSDUDFLyQ\SUHVHQWDFLyQGHLQIRUPDFLyQÀQDQFLHUDHPLWLGDVSRUOD6XSHULQWHQGHQFLDGH 9DORUHV\6HJXURVGHVFULWDVHQ1RWDDORVHVWDGRVÀQDQFLHURV/D$GPLQLVWUDFLyQWDPELpQHVUHVSRQVDEOHSRUHOGLVHxR LPSOHPHQWDFLyQ\PDQWHQFLyQGHXQFRQWUROLQWHUQRSHUWLQHQWHSDUDODSUHSDUDFLyQ\SUHVHQWDFLyQUD]RQDEOHGHHVWDGRV ÀQDQFLHURVTXHHVWpQH[HQWRVGHUHSUHVHQWDFLRQHVLQFRUUHFWDVVLJQLÀFDWLYDV\DVHDGHELGRDIUDXGHRHUURU 5HVSRQVDELOLGDGGHODXGLWRU 1XHVWUD UHVSRQVDELOLGDG FRQVLVWH HQ H[SUHVDU XQD RSLQLyQ VREUH HVWRV HVWDGRV ÀQDQFLHURV  D EDVH GH QXHVWUD DXGLWRUtD (IHFWXDPRV QXHVWUD DXGLWRUtD GH DFXHUGR FRQ QRUPDV GH DXGLWRUtD JHQHUDOPHQWH DFHSWDGDV HQ &KLOH 7DOHV QRUPDV UHTXLHUHQTXHSODQLÀTXHPRV\UHDOLFHPRVQXHVWURWUDEDMRFRQHOREMHWRGHORJUDUXQUD]RQDEOHJUDGRGHVHJXULGDGTXHORV HVWDGRVÀQDQFLHURVHVWiQH[HQWRVGHUHSUHVHQWDFLRQHVLQFRUUHFWDVVLJQLÀFDWLYDV 8QDDXGLWRUtDFRPSUHQGHHIHFWXDUSURFHGLPLHQWRVSDUDREWHQHUHYLGHQFLDGHDXGLWRUtDVREUHORVPRQWRV\UHYHODFLRQHV HQORV HVWDGRV ÀQDQFLHURV/RVSURFHGLPLHQWRVVHOHFFLRQDGRV GHSHQGHQGHO MXLFLR GHO DXGLWRULQFOX\HQGROD HYDOXDFLyQ GH ORV ULHVJRV GH UHSUHVHQWDFLRQHV LQFRUUHFWDV VLJQLÀFDWLYDV GH ORV HVWDGRV ÀQDQFLHURV \D VHD GHELGR D IUDXGH R HUURU $O HIHFWXDU HVWDV HYDOXDFLRQHV GH ORV ULHVJRV HO DXGLWRU FRQVLGHUD HO FRQWURO LQWHUQR SHUWLQHQWH SDUD OD SUHSDUDFLyQ \ SUHVHQWDFLyQUD]RQDEOHGHORVHVWDGRVÀQDQFLHURVGHODHQWLGDGFRQHOREMHWRGHGLVHxDUSURFHGLPLHQWRVGHDXGLWRUtDTXH VHDQDSURSLDGRVDODVFLUFXQVWDQFLDVSHURVLQHOSURSyVLWRGHH[SUHVDUXQDRSLQLyQVREUHODHIHFWLYLGDGGHOFRQWUROLQWHUQR GHODHQWLGDG(QFRQVHFXHQFLDQRH[SUHVDPRVWDOWLSRGHRSLQLyQ8QDDXGLWRUtDLQFOX\HWDPELpQHYDOXDUORDSURSLDGDV TXHVRQODVSROtWLFDVGHFRQWDELOLGDGXWLOL]DGDV\ODUD]RQDELOLGDGGHODVHVWLPDFLRQHVFRQWDEOHVVLJQLÀFDWLYDVHIHFWXDGDV SRUOD$GPLQLVWUDFLyQDVtFRPRXQDHYDOXDFLyQGHODSUHVHQWDFLyQJHQHUDOGHORVHVWDGRVÀQDQFLHURV &RQVLGHUDPRV TXH OD HYLGHQFLD GH DXGLWRULD TXH KHPRV REWHQLGR HV VXÀFLHQWH \ DSURSLDGD SDUD SURSRUFLRQDUQRV XQD EDVHSDUDQXHVWUDRSLQLyQGHDXGLWRUtD 2SLQLyQVREUHODEDVHUHJXODWRULDGHFRQWDELOL]DFLyQ (QQXHVWUDRSLQLyQORVPHQFLRQDGRVHVWDGRVÀQDQFLHURVSUHVHQWDQUD]RQDEOHPHQWHHQWRGRVVXVDVSHFWRVVLJQLÀFDWLYRVOD VLWXDFLyQÀQDQFLHUDGH7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$DOGHGLFLHPEUHGH\ORVUHVXOWDGRVGHVXVRSHUDFLRQHV \ ORV ÁXMRV GH HIHFWLYR SRU HO DxR WHUPLQDGR HQ HVD IHFKD GH DFXHUGR FRQ LQVWUXFFLRQHV \ QRUPDV GH SUHSDUDFLyQ \ SUHVHQWDFLyQGHLQIRUPDFLyQÀQDQFLHUDHPLWLGDVSRUOD6XSHULQWHQGHQFLDGH9DORUHV\6HJXURVGHVFULWDHQ1RWD %DVHGHFRQWDELOL]DFLyQ 7DOFRPRVHGHVFULEHHQ1RWDDORVHVWDGRVÀQDQFLHURVHQYLUWXGGHVXVDWULEXFLRQHVOD6XSHULQWHQGHQFLDGH9DORUHV\ 6HJXURVFRQIHFKDGHRFWXEUHGHHPLWLy2ÀFLR&LUFXODU1ƒLQVWUX\HQGRDODVHQWLGDGHVÀVFDOL]DGDVUHJLVWUDUHQ HOHMHUFLFLRUHVSHFWLYRFRQWUDSDWULPRQLRODVGLIHUHQFLDVHQDFWLYRV\SDVLYRVSRUFRQFHSWRGHLPSXHVWRVGLIHULGRVTXHVH SURGX]FDQFRPRHIHFWRGLUHFWRGHOLQFUHPHQWRHQODWDVDGHLPSXHVWRVGHSULPHUDFDWHJRUtDLQWURGXFLGRSRUOD/H\ FDPELDQGRHOPDUFRGHSUHSDUDFLyQ\SUHVHQWDFLyQGHLQIRUPDFLyQÀQDQFLHUDDGRSWDGRKDVWDHVDIHFKDGDGRTXHHO PDUFRDQWHULRU 1..

UHTXLHUHVHUDGRSWDGRGHPDQHUDLQWHJUDOH[SOtFLWD\VLQUHVHUYDV$OGHGLFLHPEUHGH\SRUHO DxRWHUPLQDGRHQHVDIHFKDODFXDQWLÀFDFLyQGHOFDPELRGHOPDUFRFRQWDEOHWDPELpQVHGHVFULEHQHQ1RWD1XHVWUD RSLQLyQQRVHPRGLÀFDUHVSHFWRGHHVWHDVXQWR 0DQDJHPHQW·V5HVSRQVLELOLW\IRUWKH)LQDQFLDO6WDWHPHQWV 0DQDJHPHQW LV UHVSRQVLEOH IRU WKH SUHSDUDWLRQ DQG IDLU SUHVHQWDWLRQ RI WKHVH ÀQDQFLDO VWDWHPHQWV LQ FRQIRUPLW\ ZLWK WKH ÀQDQFLDO UHSRUWLQJ SUHSDUDWLRQ DQG SUHVHQWDWLRQ LQVWUXFWLRQV DQG VWDQGDUGV RI WKH 6XSHULQWHQGHQF\ RI 6HFXULWLHV DQG .QVXUDQFHDVGHVFULEHGLQ1RWHWRWKHÀQDQFLDOVWDWHPHQWV0DQDJHPHQWLVDOVRUHVSRVLEOHIRUWKHGHVLJQLPSOHPHQWDWLRQ DQGPDLQWDLQHQDQFHRILQWHUQDOFRQWUROUHOHYDQWWRWKHSUHSDUDWLRQDQGIDLUSUHVHQWDWLRQRIFRQVROLGDWHGÀQDQFLDOVWDWHPHQWV WKDWDUHIUHHRIPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURU $XGLWRU·V5HVSRQVLELOLW\ 2XU UHVSRQVLELOLW\ LV WR H[SUHVV DQ RSLQLRQ RQ WKHVH ÀQDQFLDO VWDWHPHQWV EDVHG RQ RXU DXGLW  :H FRQGXFWHG RXU DXGLW LQ DFFRUGDQFHZLWKJHQHUDOO\DFFHSWHGDXGLWLQJVWDQGDUGVLQ&KLOH7KRVHVWDQGDUGVUHTXLUHWKDWZHSODQDQGSHUIRUPWKH DXGLWWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKHÀQDQFLDOVWDWHPHQWVDUHIUHHRIPDWHULDOPLVVWDWHPHQWV $Q DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW HYLGHQFH DERXW WKH DPRXQWV DQG GLVFORVXUHV LQ WKH ÀQDQFLDO VWDWHPHQWV7KHSURFHGXUHVVHOHFWHGGHSHQGRQWKHDXGLWRU·VMXGJPHQWLQFOXGLQJWKHDVVHVVPHQWRIWKHULVNVRIPDWHULDO PLVVWDWHPHQWRIWKHÀQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU.QVXUDQFHDVGHVFULEHGLQ1RWH %DVLVRIDFFRXQWLQJ $VGHVFULEHGLQ1RWHWRWKHÀQDQFLDOVWDWHPHQWVRQ2FWREHUWKH6XSHULQWHQGHQF\RI6HFXULWLHVDQG.QPDNLQJWKRVHULVNDVVHVVPHQWVWKHDXGLWRUFRQVLGHUV LQWHUQDOFRQWUROUHOHYDQWWRWKHHQWLW\·VSUHSDUDWLRQDQGIDLUSUHVHQWDWLRQRIWKHÀQDQFLDOVWDWHPHQWVLQRUGHUWRGHVLJQDXGLW SURFHGXUHVWKDWDUHDSSURSULDWHLQWKHFLUFXPVWDQFHVEXWQRWIRUWKHSXUSRVHRIH[SUHVVLQJDQRSLQLRQRQWKHHIIHFWLYHQHVVRI WKHHQWLW\·VLQWHUQDOFRQWURO$FFRUGLQJO\ZHH[SUHVVQRVXFKRSLQLRQ$QDXGLWDOVRLQFOXGHVHYDOXDWLQJWKHDSSURSULDWHQHVV RIDFFRXQWLQJSROLFLHVXVHGDQGWKHUHDVRQDEOHQHVVRIVLJQLÀFDQWDFFRXQWLQJHVWLPDWHVPDGHE\PDQDJHPHQWDVZHOODV HYDOXDWLQJWKHRYHUDOOSUHVHQWDWLRQRIWKHÀQDQFLDOVWDWHPHQWV :HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIÀFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQ 2SLQLRQRQWKHDFFRXQWLQJUHJXODWRU\EDVLV .QVXUDQFH SXEOLVKHG&LUFXODU1ƒLQVWUXFWLQJWKRVHHQWLWLHVXQGHUWKHVXSHUYLVLRQRIWKH696WRUHFRUGGXULQJWKHUHOHYDQW\HDUDQG DJDLQVWWKHHTXLW\DOOGHIHUUHGWD[DVVHWDQGOLDELOLW\GLIIHUHQFHVUHVXOWLQJGLUHFWO\IURPWKHLQFUHDVHLQWKHÀUVWFDWHJRU\WD[ UDWHHVWDEOLVKHGLQ/DZZKLFKFKDQJHGWKHÀQDQFLDOUHSRUWLQJSUHSDUDWLRQDQGSUHVHQWDWLRQVWDQGDUGVXVHGWRWKDW GDWHVLQFHWKHSUHYLRXVVWDQGDUGV².)56ZHUHWREHDGRSWHGLQDFRPSUHKHQVLYHH[SOLFLWDQGXQTXDOLÀHGPDQQHU$VRI 'HFHPEHUDQGIRUWKH\HDUWKHQHQGHGTXDQWLÀFDWLRQRIWKHDFFRXQWLQJVWDQGDUGVFKDQJHLVDOVRGHVFULEHGLQ 1RWH2XURSLQLRQRQWKLVPDWWHUKDVQRWFKDQJHG Other matters :HKDYHSUHYLRXVO\DXGLWHGWKHHQFORVHGÀQDQFLDOVWDWHPHQWVRI7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$DVRI'HFHPEHU LQDFFRUGDQFHZLWKWKHJHQHUDOO\DFFHSWHGDXGLWLQJVWDQGDUGVLQ&KLOH2XUUHSRUWGDWHG-DQXDU\FRQWDLQV WKHDXGLWRSLQLRQZHH[SUHVVHGRQWKRVHÀQDQFLDOVWDWHPHQWVZKLFKKDVQRWEHHQPRGLÀHG 2WURVDVXQWRV $QWHULRUPHQWHKHPRVHIHFWXDGRXQDDXGLWRUtDGHDFXHUGRFRQQRUPDVGHDXGLWRUtDJHQHUDOPHQWHDFHSWDGDVHQ&KLOH DORVHVWDGRVÀQDQFLHURVDOGHGLFLHPEUHGHGH7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$DGMXQWRV\HQQXHVWURLQIRUPH GHIHFKDGHHQHURGHH[SUHVDPRVXQDRSLQLyQGHDXGLWRUtDVLQPRGLÀFDFLRQHVVREUHWDOHVHVWDGRVÀQDQFLHURV &ULVWRSKHU5HYHFR9(5167 <281*/7'$ &ULVWRSKHU5HYHFR9(5167 <281*/7'$ 6DQWLDJRGHHQHURGH 83 6DQWLDJR-DQXDU\ .Q RXU RSLQLRQ WKH ÀQDQFLDO VWDWHPHQWV UHIHUUHG WR DERYH SUHVHQW IDLUO\ LQ DOO PDWHULDO UHVSHFWV WKH ÀQDQFLDO SRVLWLRQ RI 7HUPLQDO 3DFtÀFR 6XU 9DOSDUDtVR 6$ DV RI 'HFHPEHU   DQG WKH UHVXOWV RI LWV RSHUDWLRQV DQG LWV FDVK ÁRZV IRU WKH \HDUWKHQHQGHGLQFRQIRUPLW\ZLWKWKHÀQDQFLDOUHSRUWLQJSUHSDUDWLRQDQGSUHVHQWDWLRQLQVWUXFWLRQVDQGVWDQGDUGVRIWKH 6XSHULQWHQGHQF\RI6HFXULWLHVDQG.

QWDQJLEOHDVVHWVRWKHUWKDQJRRGZLOO    2WUDVUHVHUYDV 2WKHUUHVHUYHV   . 2014 and 2013 Statements of Financial Position As of December 31.84 Estados Financieros / Financial Statements 3'(#''o()o«"]""o& 31 de diciembre de 2014 y 2013 3'(#''o()o«"]""o& 31 de diciembre de 2014 y 2013 Statements of Financial Position As of December 31. 2014 and 2013 Activos $VVHWV Notas Notes 31-12-2014 MUS$ ThUS$ 31-12-2013 MUS$ ThUS$ (IHFWLYR\HIHFWLYRHTXLYDOHQWH &DVKDQGFDVKHTXLYDOHQW    2WURVDFWLYRVQRÀQDQFLHURVFRUULHQWHV 2WKHUFXUUHQWQRQÀQDQFLDODVVHWV    'HXGRUHVFRPHUFLDOHV\RWUDVFXHQWDVSRUFREUDUFRUULHQWHV 7UDGHUHFHLYDEOHVDQGRWKHUFXUUHQWDFFRXQWVUHFHLYDEOH    &XHQWDVSRUFREUDUDHQWLGDGHVUHODFLRQDGDVFRUULHQWHV &XUUHQWDFFRXQWVUHFHLYDEOHIURPUHODWHGSDUWLHV    .VVXHGFDSLWDO    $FWLYRVLQWDQJLEOHVGLVWLQWRVGHODSOXVYDOtD .QYHQWDULRV .QYHQWRU\    $FWLYRVSRULPSXHVWRVFRUULHQWHV &XUUHQWWD[DVVHWV 9  - 7RWDO$FWLYRV&RUULHQWHVGLVWLQWRVGHORVDFWLYRVRJUXSRVGH DFWLYRVSDUDVXGLVSRVLFLyQFODVLÀFDGRVFRPRPDQWHQLGRV SDUDODYHQWDRFRPRPDQWHQLGRVSDUDODGLVWULEXFLyQDORV SURSLHWDULRV 7RWDO&XUUHQW$VVHWVRWKHUWKDWDVVHWVRUJURXSVRIDVVHWVDWWKHLU GLVSRVDOFODVVLÀHGDVKHOGIRUVDOHRUKHOGIRUGLVWULEXWLRQWRWKH RZQHUV  $FWLYRVQRFRUULHQWHVRJUXSRGHDFWLYRVSDUDVXGLVSRVLFLyQ FRPRPDQWHQLGRVSDUDODYHQWD 1RQFXUUHQWDVVHWVRUJURXSVRIDVVHWVDWWKHLUGLVSRVDO FODVVLÀHGDVKHOGIRUVDOH 7RWDO$FWLYRV&RUULHQWHV 7RWDO&XUUHQW$VVHWV    -   Pasivos y Patrimonio /LDELOLWLHVDQG(TXLW\ Notas Notes 31-12-2014 MUS$ ThUS$ 31-12-2013 MUS$ ThUS$ 2WURVSDVLYRVÀQDQFLHURVFRUULHQWHV 2WKHUFXUUHQWÀQDQFLDOOLDELOLWLHV    &XHQWDVFRPHUFLDOHV\RWUDVFXHQWDVSRUSDJDUFRUULHQWHV &XUUHQWWUDGHSD\DEOHVDQGRWKHUDFFRXQWVSD\DEOH    &XHQWDVSRUSDJDUDHQWLGDGHVUHODFLRQDGDVFRUULHQWHV &XUUHQWDFFRXQWVSD\DEOHWRUHODWHGSDUWLHV    3DVLYRVSRULPSXHVWRVFRUULHQWHV &XUUHQWWD[OLDELOLWLHV 9 -    7RWDOSDVLYRVFRUULHQWHV 7RWDOFXUUHQWOLDELOLWLHV 2WURVSDVLYRVÀQDQFLHURVQRFRUULHQWHV 2WKHUQRQFXUUHQWÀQDQFLDOOLDELOLWLHV    3DVLYRVSRULPSXHVWRVGLIHULGRV /LDELOLWLHVIRUGHIHUUHGWD[HV    2WUDVSURYLVLRQHVQRFRUULHQWHV 2WKHUQRQFXUUHQWSURYLVLRQV    7RWDOSDVLYRVQRFRUULHQWHV 2WKHUQRQFXUUHQWOLDELOLWLHV   7RWDOSDVLYRV 7RWDOOLDELOLWLHV   2WURVDFWLYRVÀQDQFLHURVQRFRUULHQWHV 2WKHUQRQFXUUHQWÀQDQFLDODVVHWV    &DSLWDOHPLWLGR .

 .

3URSLHGDGSODQWD\HTXLSRV 3URSHUW\SODQWDQGHTXLSPHQW    *DQDQFLDVDFXPXODGDV $FFXPXODWHGSURÀWV   7RWDO$FWLYRVQR&RUULHQWHV 7RWDO1RQ&XUUHQW$VVHWV   7RWDOSDWULPRQLR 7RWDOHTXLW\   7RWDO$FWLYRV 7RWDO$VVHWV   7RWDOSDVLYRV\SDWULPRQLR 7RWDOOLDELOLWLHVDQGHTXLW\   85 .

QFRPHIURPRUGLQDU\DFWLYLWLHV    &RVWRGHYHQWDV 6DOHVFRVWV  .Estados Financieros / Financial Statements 86 Estados de resultados (por función) Por los años terminados al 31 de diciembre de 2014 y 2013 Estados de resultados integrales Por los años terminados al 31 de diciembre de 2014 y 2013 Statements of Income by Function For the years ended December 31. 2014 and 2013 Statements of Comprehensive Income For the years ended December 31. 2014 and 2013 Notas Notes 1-1-2014 31-12-2014 MUS$ ThUS$ 1-1-2013 31-12-2013 MUS$ ThUS$ .QJUHVRVGHDFWLYLGDGHVRUGLQDULDV .

.

  *DQDQFLDEUXWD *URVVSURÀWV 2WURVLQJUHVRV 2WKHULQFRPH    *DVWRVGHDGPLQLVWUDFLyQ $GPLQLVWUDWLYHH[SHQVHV  .

.

QJUHVRVÀQDQFLHURV )LQDQFHLQFRPH &RVWRVÀQDQFLHURV )LQDQFHFRVWV  .   .

.

'LIHUHQFLDVGHFDPELR )RUHLJQFXUUHQF\WUDQVODWLRQ    2WURVHJUHVRV 2WKHUH[SHQVHV  .

.

  .

.

  *DQDQFLD SpUGLGD.

DQWHVGHLPSXHVWRV 3UHWD[SURÀW ORVV.

QFRPHWD[H[SHQVH *DQDQFLD SpUGLGD. *DVWRSRULPSXHVWRVDODVJDQDQFLDV .

3URÀW ORVV.

 *DQDQFLDSRU$FFLyQEiVLFD %DVLF3URÀWSHU6KDUH *DQDQFLDSRUDFFLRQHVEiVLFDVHQRSHUDFLRQHVGLVFRQWLQXDV %DVLFSURÀWSHUVKDUHLQGLVFRQWLQXHGRSHUDWLRQV *DQDQFLDSRUDFFLyQEiVLFD %DVLFSURÀWSHUVKDUH &REHUWXUDGHO)OXMRHIHFWLYR*DQDQFLD SpUGLGD.

&DVKÁRZKHGJLQJ ORVV.

  - -     - -   1-1-2014 31-12-2014 MUS$ ThUS$ 1-1-2013 31-12-2013 MUS$ ThUS$   &RPSRQHQWHVGHRWURUHVXOWDGRLQWHJUDODQWHVGHLPSXHVWRV &RPSRQHQWVRIRWKHUFRPSUHKHQVLYHLQFRPHEHIRUHWD[HV 2WURUHVXOWDGRLQWHJUDODQWHVGHLPSXHVWRVJDQDQFLDV SpUGLGDV.

DFWXDULDOHVSRU SODQHVGHEHQHÀFLRGHÀQLGRV 2WKHUFRPSUHKHQVLYHLQFRPHEHIRUHWD[HVDFWXDULDOSURÀWV ORVVHV.

IRU GHÀQHGEHQHÀWSODQV  .

.

*DQDQFLDV SpUGLGDV.

SRUFREHUWXUDVGHÁXMRVGHHIHFWLYRDQWHVGHLPSXHVWRV    .

  .

.

    .

PSXHVWRDODVJDQDQFLDVUHODFLRQDGRFRQFREHUWXUDVGHÁXMRVGHHIHFWLYRGH RWURUHVXOWDGRLQWHJUDO .QFRPHWD[UHODWHGWRGHÀQHGEHQHÀWVSODQVRIRWKHUFRPSUHKHQVLYHLQFRPH . 9    3URÀWVIRUFDVKÁRZKHGJLQJEHIRUHWD[HV 2WURVFRPSRQHQWHVGHRWURUHVXOWDGRLQWHJUDODQWHVGHLPSXHVWRV 2WKHUFRPSRQHQWVRIRWKHUFRPSUHKHQVLYHLQFRPHEHIRUHWD[HV .PSXHVWRDODVJDQDQFLDVUHODFLRQDGRFRQFRPSRQHQWHVGHRWURUHVXOWDGR LQWHJUDO .PSXHVWRDODVJDQDQFLDVUHODFLRQDGRFRQSODQHVGHEHQHÀFLRVGHÀQLGRVGHRWUR UHVXOWDGRLQWHJUDO .QFRPHWD[UHODWHGWRFRPSRQHQWVRIRWKHUFRPSUHKHQVLYHLQFRPH *DQDQFLDSRU$FFLyQ GyODUHVSRUDFFLyQ.PSXHVWRDODVJDQDQFLDVUHODFLRQDGRFRQRWURUHVXOWDGRLQWHJUDO .QFRPHWD[UHODWHGWRRWKHUFRPSUHKHQVLYHLQFRPH .QFRPHWD[UHODWHGWRFDVKÁRZKHGJLQJRIRWKHUFRPSUHKHQVLYHLQFRPH .

 3URÀWSHUVKDUH GROODUVSHUVKDUH.

*DQDQFLDSRUDFFLRQHVEiVLFDVHQRSHUDFLRQHVFRQWLQXDV %DVLFSURÀWSHUVKDUHLQFRQWLQXLQJRSHUDWLRQV Notas Notes 2WURUHVXOWDGRLQWHJUDO 2WKHUFRPSUHKHQVLYHLQFRPH 5HVXOWDGRLQWHJUDOWRWDO 7RWDOFRPSUHKHQVLYHLQFRPH *DQDQFLDSRU$FFLyQGLOXLGDV 'LOXWHG3URÀWSHU6KDUH *DQDQFLDGLOXLGDSRUDFFLyQSURFHGHQWHGHRSHUDFLRQHVFRQWLQXDV 'LOXWHGSURÀWIURPFRQWLQXLQJRSHUDWLRQV *DQDQFLDGLOXLGDSRUDFFLyQSURFHGHQWHGHRSHUDFLRQHVGLVFRQWLQXDV 'LOXWHGSURÀWIURPGLVFRQWLQXHGRSHUDWLRQV *DQDQFLDGLOXLGDSRUDFFLyQ 'LOXWHGSURÀWSHUVKDUH 87 .

QFUHPHQWR GLVPLQXFLyQ. 2014 and 2013 &DSLWDOHPLWLGR MUS$ 2014 Notas Notes 6DOGRVDO  %DODQFHVDVRI . 2014 and 2013 Statements of Changes in Equity net For the years ended December 31.Estados Financieros / Financial Statements 88 3'(#'b)#'(o*#Ho&(#I Por los años terminados al 31 de diciembre de 2014 y 2013 Estados de cambios en el patrimonio Por los años terminados al 31 de diciembre de 2014 y 2013 Statements of Cash Flows (direct) For the years ended December 31.

SRU FDPELRVHQSROtWLFDVFRQWDEOHV LQFUHDVH GHFUHDVH.

IRUFKDQJHVLQ DFFRXQWLQJSROLFLHV 6DOGR.QLFLDOUHH[SUHVDGR 5HH[SUHVVHGEHJLQQLQJEDODQFH .VVXHGFDSLWDO ThUS$   - *DQDQFLD SpUGLGD.

3URÀW ORVV.

2WURUHVXOWDGRLQWHJUDO 2WKHUFRPSUHKHQVLYHLQFRPH 5HVXOWDGRLQWHJUDO &RPSUHKHQVLYHLQFRPH 'LYLGHQGRV 'LYLGHQGV 2WURVPRYLPLHQWRVSDWULPRQLDOHV 2WKHUPRYHPHQWVLQHTXLW\ 7RWDOGHFDPELRVHQSDWULPRQLR 7RWDOFKDQJHVLQHTXLW\ Notas Notes .

.

Ganancias DFXPXODGDV MUS$ 3URÀWDQG ORVV.

UHVHUYH IRUGHÀQHGEHQHÀWVSODQV 2WKHUUHVHUYHV $FFXPXODWHGSURÀWV ThUS$ ThUS$ ThUS$ .

.

 - - - .

.

 - - 9 Patrimonio total MUS$ 7RWDOHTXLW\ ThUS$  -     -  .

9   - - - - .

.

.

.

9 -  .

9 .

.

 .

.

.

  &DSLWDOHPLWLGR MUS$ 2013 &DVKÁRZKHGJH UHVHUYH ThUS$ Notas Notes .

VVXHGFDSLWDO ThUS$ 5HVHUYDGHJDQDQFLDV\ 5HVHUYDGH FREHUWXUDVGHÁXMR SpUGLGDVSRUSODQHVGH Otras reservas EHQHÀFLRVGHÀQLGRV GHFDMD MUS$ MUS$ MUS$ &DVKÁRZKHGJH UHVHUYH ThUS$ Ganancias DFXPXODGDV MUS$ 3URÀWDQG ORVV. - 6DOGRVDO %DODQFHVDVRI 5HVHUYDGH 5HVHUYDGHJDQDQFLDV\ FREHUWXUDVGHÁXMR SpUGLGDVSRUSODQHVGH Otras reservas GHFDMD EHQHÀFLRVGHÀQLGRV MUS$ MUS$ MUS$ .

UHVHUYH IRUGHÀQHGEHQHÀWVSODQV 2WKHUUHVHUYHV $FFXPXODWHGSURÀWV ThUS$ ThUS$ ThUS$ Patrimonio total MUS$ 7RWDOHTXLW\ ThUS$  6DOGRVDO %DODQFHVDVRI lncremento(disminucióQ.

SRU FDPELRVHQSROtWLFDVFRQWDEOHV .QFUHDVH GHFUHDVH.

IRUFKDQJHVLQ DFFRXQWLQJSROLFLHV 6DOGROQLFLDOUHH[SUHVDGR 5HH[SUHVVHGEHJLQQLQJEDODQFH &DPELRVHQSDWULPRQLR &KDQJHVLQHTXLW\ 5HVXOWDGR.QWHJUDO &RPSUHKHQVLYHLQFRPH *DQDQFLD SpUGLGD.

 3URÀW ORVV.

2WURUHVXOWDGRLQWHJUDO 2WKHUFRPSUHKHQVLYHLQFRPH 5HVXOWDGRLQWHJUDO &RPSUHKHQVLYHLQFRPH 'LYLGHQGRV 'LYLGHQGV 7RWDOGHFDPELRVHQSDWULPRQLR 7RWDOFKDQJHVLQHTXLW\ 6DOGRVDO %DODQFHVDVRI   .

.

 .

  - - - -  .

  -  .

 -  - - - -   -  .

 -  -  .

   - - - - .

.

-  .

    .

.

.

  )OXMRVGHHIHFWLYRSURFHGHQWHVGH XWLOL]DGRVHQ.

DFWLYLGDGHVGHRSHUDFLyQ &DVKÁRZVSURYLGHGE\ XVHGLQ.

QWHUHVWSDLG .QWHUHVWUHFHLYHG .PSXHVWRVDODVJDQDQFLDVUHHPEROVDGRV SDJDGRV.QWHUHVHVSDJDGRV .QWHUHVHVUHFLELGRV .RSHUDWLQJDFWLYLWLHV &ODVHVGHFREURVSRUDFWLYLGDGHVGHRSHUDFLyQ 7\SHVRIELOOLQJIRURSHUDWLQJDFWLYLWLHV &REURVSURFHGHQWHVGHODVYHQWDVGHELHQHV\SUHVWDFLyQGHVHUYLFLRV %LOOLQJIURPWKHVDOHRIJRRGVDQGVHUYLFHV &ODVHVGHSDJRV 7\SHVRISD\PHQWV 3DJRVDSURYHHGRUHVSRUHOVXPLQLVWURGHELHQHV\VHUYLFLRV 3D\PHQWVWRVXSSOLHUVIRUSURYLVLRQRIJRRGVDQGVHUYLFHV 3DJRD\SRUFXHQWDGHORVHPSOHDGRV 3D\PHQWWRDQGIURPHPSOR\HHV 3DJRVSRUSULPDV\SUHVWDFLRQHVDQXDOLGDGHV\RWUDVREOLJDFLRQHVGHULYDGDVGHODVSyOL]DV 3D\PHQWVRISUHPLXPVDQGSURYLVLRQVDQQXLWLHVDQGRWKHUREOLJDWLRQVGHULYHGIURPSROLFLHV .

.QFRPHWD[HV SDLG.

2WUDVHQWUDGDV VDOLGDV.

GHHIHFWLYR 2WKHUFDVKLQÁRZV RXWÁRZV.

)OXMRVGHHIHFWLYRSURFHGHQWHVGH XWLOL]DGRVHQ.

DFWLYLGDGHVGHRSHUDFLyQ &DVKÁRZVSURYLGHG XVHGLQ.

E\RSHUDWLQJDFWLYLWLHV )OXMRVGHHIHFWLYRSURFHGHQWHVGH XWLOL]DGRVHQ.

DFWLYLGDGHVGHLQYHUVLyQ &DVKÁRZVSURYLGHGE\ XVHGLQ.

LQYHVWLQJDFWLYLWLHV .QYHUVLyQ 3XUFKDVHRISURSHUW\SODQWDQGHTXLSPHQWFODVVLÀHGDVLQYHVWPHQWSURSHUW\ )OXMRVGHHIHFWLYRSURFHGHQWHVGH XWLOL]DGRVHQ.PSRUWHVSURFHGHQWHVGHYHQWDVGHSURSLHGDGHVSODQWD\HTXLSRFODVLÀFDGRVFRPR DFWLYLGDGHVGHLQYHUVLyQ $PRXQWVSURYLGHGE\WKHVDOHRISURSHUW\SODQWDQGHTXLSPHQWFODVVLÀHGDV LQYHVWPHQWSURSHUW\ &RPSUDVGHSURSLHGDGHVSODQWD\HTXLSRFODVLÀFDGRVFRPRSURSLHGDGGH.

DFWLYLGDGHVGHLQYHUVLyQ &DVKÁRZV XVHGLQ.

LQYHVWLQJDFWLYLWLHV )OXMRVGHHIHFWLYRSURFHGHQWHVGH XWLOL]DGRVHQ.

DFWLYLGDGHVGHÀQDQFLDFLyQ &DVKÁRZVSURYLGHGE\ XVHGLQ.

PSRUWHSURFHGHQWHGHSUpVWDPRVGHODUJRSOD]R $PRXQWVIURPORQJWHUPORDQV 3DJRVGHSUpVWDPRV /RDQSD\PHQWV 3DJRVGH3UpVWDPRVDHQWLGDGHVUHODFLRQDGDV 3D\PHQWRIORDQVWRUHODWHGSDUWLHV 'LYLGHQGRVSDJDGRVFODVLÀFDGRVFRPRDFWLYLGDGHVGHÀQDQFLDFLyQ 'LYLGHQGVSDLGFODVVLÀHGDVÀQDQFLQJDFWLYLWLHV )OXMRVGHHIHFWLYRSURFHGHQWHVGH XWLOL]DGRVHQ.ÀQDQFLQJDFWLYLWLHV .

DFWLYLGDGHVGHÀQDQFLDFLyQ &DVKÁRZV XVHGLQ.

ÀQDQFLQJDFWLYLWLHV (IHFWRVGHODYDULDFLyQHQODWDVDGHFDPELRVREUHHOHIHFWLYR\HTXLYDOHQWHVDOHIHFWLYR (IIHFWVRIYDULDWLRQLQH[FKDQJHUDWHRQFDVKDQGFDVKHTXLYDOHQW .QFUHPHQWR GLVPLQXFLyQ.

GHHIHFWLYR\HTXLYDOHQWHVDOHIHFWLYR .QFUHDVH GHFUHDVH.

LQFDVKDQGFDVKHTXLYDOHQW (IHFWLYR\HTXLYDOHQWHVDOHIHFWLYR 6DOGRLQLFLDO.

&DVKDQGFDVKHTXLYDOHQW %HJLQQLQJEDODQFH.

 (IHFWLYR\HTXLYDOHQWHVDOHIHFWLYR 6DOGRÀQDO.

&DVKDQGFDVKHTXLYDOHQW (QGEDODQFH.

31-12-2014 MUS$ 31-12-2013 MUS$ ThUS$ ThUS$   .

 .

 .

 .

 - - .

.

  .

.

.

 .

   -  .

 .

 .

 .

   .

 .

 - - .

 .

 .

 .

 .

 .

        89 .

Estados Financieros / Financial Statements 90 Notas a los Estados Financieros al 31 de Diciembre de 2014 y 2013 Notes to the Financial Statements as of December 31. 2014 and 2013  (QWLGDGTXHUHSRUWD  &RUSRUDWHLQIRUPDWLRQ 7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$5ROÔQLFR7ULEXWDULR  HV XQD 6RFLHGDG $QyQLPD FHUUDGD FRQVWLWXLGDHOGHRFWXEUHGHFX\RREMHWRVRFLDO HVHOGHVDUUROORPDQWHQFLyQ\H[SORWDFLyQGHO)UHQWHGH $WUDTXHQ~PHURGHOD(PSUHVD3RUWXDULD9DOSDUDtVR FRPR DVLPLVPR GHVDUUROODU HO JLUR GH HPSUHVD GH PXHOODMH \ DOPDFHQDPLHQWR (O GRPLFLOLR OHJDO GH OD 6RFLHGDGHV$QWRQLR9DUDV1ž3LVR9DOSDUDtVR 7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$ ´WKH&RPSDQ\µ.

QYHUVLRQHV1HOWXPH/WGD  .QYHUVLRQHV'RV9ROFDQHV/WGD      /D ~OWLPD PDWUL] FRQWURODGRUD GH OD 6RFLHGDG HV .QWHUQRV 6. 7D[. of shares Interest $FFLRQLVWDV  1ƒDFFLRQHV 3DUWLFLSDFLyQ 6KDUHKROGHUV1RRIVKDUHV3DUWLFLSDWLRQ .QYHUVLRQHV8OWUDFRUS/LPLWDGD 7KH ODVW FRQWUROOHU FRPSDQ\ RI WKH &RPSDQ\ ZDV .PSXHVWRV.QVXUDQFH7KH&RPSDQ\ZDVUHJLVWHUHG ZLWK WKLV DXWKRULW\ LQ  XQGHU QXPEHU  :LWK WKH FKDQJH PDGH WR /DZ  LQ 2FWREHU  LW ZDV WUDQVIHUUHG WR WKH 5HSRUWLQJ (QWLWLHV 5HJLVWU\ DQG UHJLVWHUHGXQGHUQXPEHU 'HDFXHUGRDORVWpUPLQRVFRQYHQLGRVHQHO&RQWUDWRGH &RQFHVLyQTXHÀUPyFRQ(PSUHVD3RUWXDULD9DOSDUDtVR OD 6RFLHGDG UHFLELy GH GLFKD HPSUHVD HO IUHQWH GH DWUDTXHPHQFLRQDGRHOGHHQHURGHIHFKDHQ TXHLQLFLyVXVDFWLYLGDGHVRSHUDFLRQDOHVHOSOD]RGHOD FRQFHVLyQHVGHDxRVFRQWHUPLQRHOGHGLFLHPEUH GHO $FFRUGLQJWRWKHWHUPVRIWKH&RQFHVVLRQ&RQWUDFWVLJQHG ZLWK (PSUHVD 3RUWXDULD GH 9DOSDUDtVR WKH &RPSDQ\ UHFHLYHG IURP WKH $XWKRULW\ WKH DERYHPHQWLRQHG PRRULQJ VWDWLRQ RQ -DQXDU\   ZKHQ LW EHJDQ LWV RSHUDWLQJDFWLYLWLHV /RVDFFLRQLVWDVGH7HUPLQDO3DFLÀFR6XU9DOSDUDtVR6$ VRQ 7KHVKDUHKROGHUVRI7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$ DUH Shareholder No.QYHUVLRQHV8OWUDFRUS/LPLWDGD 'H DFXHUGR D OD UHVROXFLyQ H[HQWD '5( 1ž  GHO 6HUYLFLRGH.GHQWLÀFDWLRQ1XPEHULVD3ULYDWHO\KHOG &RUSRUDWLRQ FRQVWLWXWHG RQ 2FWREHU   ZKRVH FRUSRUDWH SXUSRVH LV WKH GHYHORSPHQW PDLQWHQDQFH DQG H[SORLWDWLRQ RI 0RRULQJ 6WDWLRQ 1R  RI (PSUHVD 3RUWXDULD GH 9DOSDUDtVR DV ZHOO DV WR SHUIRUP WKH EXVLQHVV RI ZKDUIDJH DQG VWRZDJH 7KH &RPSDQ\·V OHJDODGGUHVVLV$QWRQLR9DUDV1RUGÁRRU9DOSDUDtVR 'H DFXHUGR D OR SUHYLVWR HQ HO $UWtFXOR  GH OD /H\ 1ž  TXH UHJXOD ODV FRQFHVLRQHV SRUWXDULDV OD 6RFLHGDGGHEHVRPHWHUVHDODVQRUPDVTXHUHJXODQD ODVVRFLHGDGHVDQyQLPDVDELHUWDVGHELHQGRLQVFULELUVH HQ HO 5HJLVWUR GH 9DORUHV GH OD 6XSHULQWHQGHQFLD GH 9DORUHV \ 6HJXURV /D 6RFLHGDG TXHGy LQVFULWD HQ HVWD VXSHULQWHQGHQFLD HQ HO DxR  EDMR HO Q~PHUR  &RQHOFDPELRDOD/H\GHRFWXEUHGHSDVy D IRUPDU SDUWH GHO UHJLVWUR GH HQWLGDGHV LQIRUPDQWHV TXHGDQGRLQVFULWDFRQHOQ~PHUR $FFRUGLQJ WR $UWLFOH  RI /DZ  ZKLFK UHJXODWHV SRUW FRQFHVVLRQV WKH &RPSDQ\ PXVW IROORZ WKH UHJXODWLRQVWKDWJRYHUQRSHQFRUSRUDWLRQVDQGPXVWEH OLVWHGLQWKH6HFXULWLHV5HJLVWU\RIWKH6XSHULQWHQGHQF\RI 6HFXULWLHVDQG.

GHIHFKDGHMXOLRGH VHDXWRUL]yDOD6RFLHGDGSDUDOOHYDUFRQWDELOLGDG HQGyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD $FFRUGLQJWR([HPSW5HVROXWLRQ'5(RIWKH.QWHUQDO 7D[ 6HUYLFH 6.

)R. RI -XO\   WKH &RPSDQ\ ZDV DXWKRUL]HGWRSHUIRUPLWVDFFRXQWLQJLQ86GROODUV   %DVHVGHSUHSDUDFLyQGHORV (VWDGRV)LQDQFLHURV   %DVLVRISUHSDUDWLRQRIWKH )LQDQFLDO6WDWHPHQWV  'HFODUDFLyQGHFXPSOLPLHQWR  'HFODUDWLRQRIFRPSOLDQFH /RVSUHVHQWHV(VWDGRV)LQDQFLHURVKDQVLGRSUHSDUDGRV GH DFXHUGR FRQ ODV 1RUPDV GH SUHSDUDFLyQ \ SUHVHQWDFLyQ GH LQIRUPDFLyQ ÀQDQFLHUD HPLWLGDV SRU OD 6XSHULQWHQGHQFLD GH 9DORUHV \ 6HJXURV ODV TXH HQ JHQHUDO VH EDVDQ HQ 1RUPDV .)56HQVXVLJODHQLQJOpV.QIRUPDFLyQ)LQDQFLHUD 1.QWHUQDFLRQDOHV GH ..

QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV %RDUG . DGRSWDGRV SRU HO .$6%.

H[FHSWRSRUORLQVWUXLGRHQHORÀFLRFLUFXODU 1ƒ  GH OD 6XSHULQWHQGHQFLD GH 9DORUHV \ 6HJXURV HQ HO FXDO VH LQVWUX\H TXH ODV GLIHUHQFLDV GH DFWLYRV \ SDVLYRV SRU FRQFHSWR GH LPSXHVWRV GLIHULGRV TXH VH SURGX]FDQ FRPR HIHFWR GLUHFWR GHO LQFUHPHQWR GH OD WDVD GH LPSXHVWRV GH ƒ FDWHJRUtD LQWURGXFLGR SRU OD /H\GHEHQVHUUHJLVWUDGRVHQ3DWULPRQLR /RV (VWDGRV )LQDQFLHURV KDQ VLGR FRQIHFFLRQDGRV GH DFXHUGRDOD1RUPD.$6 HQVXVLJODHQLQJOpV.QWHUQDFLRQDOGH&RQWDELOLGDG .

QVXUDQFH 696.$6LQGLVWLQWDPHQWH (VWRV (VWDGRV )LQDQFLHURV UHÁHMDQ ÀHOPHQWH OD VLWXDFLyQ ÀQDQFLHUD GH 7HUPLQDO 3DFtÀFR 6XU 9DOSDUDtVR 6$ DO GHGLFLHPEUHGH\\ORVUHVXOWDGRVGHODV RSHUDFLRQHVORVFDPELRVHQHOSDWULPRQLR\ORVÁXMRVGH HIHFWLYRSRUORVSHUtRGRVGHGRFHPHVHVWHUPLQDGRVDO GHGLFLHPEUHGH\  0RGHORGH(VWDGRV)LQDQFLHURVEDMR.&\.)56  7KH SUHVHQW ÀQDQFLDO VWDWHPHQWV KDYH EHHQ SUHSDUHG LQ DFFRUGDQFH ZLWK WKH 6WDQGDUGV RQ SUHSDUDWLRQ DQG SUHVHQWDWLRQ RI ÀQDQFLDO LQIRUPDWLRQ LVVXHG E\ WKH 6XSHULQWHQGHQF\ RI 6HFXULWLHV DQG .1.&GHQRPLQDGD´3UHVHQWDFLyQ GH (VWDGRV )LQDQFLHURVµ (Q DGHODQWH SXHGHQ XWLOL]DUVH ODVGHQRPLQDFLRQHV1.

QWHUQDWLRQDO )LQDQFLDO 5HSRUWLQJ 6WDQGDUGV ´. ZKLFK DUH JHQHUDOO\ EDVHG RQ WKH .)56µ.

 DGRSWHG E\ WKH .QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV %RDUG .$6%.

)56 /D 6RFLHGDG LQFOX\H ORV VLJXLHQWHV PRGHORV SDUD SUHSDUDUVXV(VWDGRV)LQDQFLHURV 7KH &RPSDQ\ KDV LQFOXGHG WKH IROORZLQJ PRGHOV WR SUHSDUHLWV)LQDQFLDO6WDWHPHQWV (VWDGRVGH6LWXDFLyQ)LQDQFLHUD (VWDGRVGH5HVXOWDGRVSRU)XQFLyQ (VWDGRVGH5HVXOWDGRV.QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUG . H[FHSWIRUWKHLQVWUXFWLRQVSXEOLVKHGLQ&LUFXODU1ƒE\ WKH696$FFRUGLQJWRWKHVHLQVWUXFWLRQVDOOGHIHUUHGWD[ DVVHWDQGOLDELOLW\GLIIHUHQFHVUHVXOWLQJGLUHFWO\IURPWKH LQFUHDVHLQWKHÀUVWFDWHJRU\WD[UDWHHVWDEOLVKHGLQ/DZ PXVWEHUHFRUGHGLQHTXLW\ 7KH )LQDQFLDO 6WDWHPHQWV KDYH EHHQ SUHSDUHG LQ DFFRUGDQFH ZLWK .QFRPH E\IXQFWLRQ.QWHJUDOHV (VWDGRVGH)OXMRVGH(IHFWLYR'LUHFWR (VWDGRVGH&DPELRVHQHO3DWULPRQLR1HWR 1RWDVDORV(VWDGRV)LQDQFLHURV 6WDWHPHQWVRI)LQDQFLDO3RVLWLRQ 6WDWHPHQWVRI.$6HQWLWOHG´3UHVHQWDWLRQRI)LQDQFLDO6WDWHPHQWVµ 7KHVH )LQDQFLDO 6WDWHPHQWV DFFXUDWHO\ UHÁHFW WKH ÀQDQFLDOSRVLWLRQRI7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$ DVRI'HFHPEHUDQGDQGWKHUHVXOWVRILWV RSHUDWLRQVWKHFKDQJHVLQHTXLW\DQGWKHFDVKÁRZVIRU WKH\HDUVHQGHG'HFHPEHUDQG )RU WKH FRQYHQLHQFH RI WKH UHDGHU WKH ÀQDQFLDO VWDWHPHQWVDQGWKHLUDFFRPSDQ\LQJQRWHVKDYH EHHQWUDQVODWHGIURP6SDQLVKWR(QJOLVK  )LQDQFLDO6WDWHPHQWVPRGHOXQGHU.

6WDWHPHQWVRI&RPSUHKHQVLYH.QFRPH 6WDWHPHQWVRI&DVK)ORZV GLUHFWPHWKRG.

QFRPHIRUWKH\HDUVHQGHG'HFHPEHU DQG 6WDWHPHQWVRI&KDQJHVLQ(TXLW\IRUWKH\HDUVHQGHG 'HFHPEHUDQG 6WDWHPHQWVRI&DVK)ORZVIRUWKH\HDUVHQGHG'HFHPEHU DQG 91 . 6WDWHPHQWVRI&KDQJHVLQ(TXLW\ 1RWHVWRWKH)LQDQFLDO6WDWHPHQWV   3HUtRGRFRQWDEOH $FFRXQWLQJSHULRG /RV(VWDGRV)LQDQFLHURVFXEUHQORVVLJXLHQWHVSHUtRGRV 7KH)LQDQFLDOVWDWHPHQWVFRYHUWKHIROORZLQJSHULRGV (VWDGRVGH6LWXDFLyQ)LQDQFLHUDDOGHGLFLHPEUHGH \ (VWDGRVGH5HVXOWDGRVSRUORVDxRVWHUPLQDGRVDOGH GLFLHPEUHGH\ (VWDGRVGH&DPELRVHQHO3DWULPRQLR1HWRSRUORVDxRV WHUPLQDGRVDOGHGLFLHPEUHGH\  (VWDGRV GH )OXMRV GH (IHFWLYRV 'LUHFWR SRU ORV DxRV WHUPLQDGRVDOGHGLFLHPEUHGH\  6WDWHPHQWV RI )LQDQFLDO 3RVLWLRQ DV RI 'HFHPEHU  DQG 6WDWHPHQWVRI.

& FDOLÀFDQFRPRHIHFWLYR\HIHFWLYRHTXLYDOHQWH   5HVSRQVDELOLGDGGHODLQIRUPDFLyQ\XVR GHMXLFLRV\HVWLPDFLRQHV  &DVKDQGFDVKHTXLYDOHQW 7KH FDVK DQG FDVK HTXLYDOHQW SUHVHQWHG LQ WKH 6WDWHPHQWV RI )LQDQFLDO 3RVLWLRQ LQFOXGH WKH EDQN EDODQFHVDQGWHUPGHSRVLWVZKLFKTXDOLI\DVFDVKDQG FDVKHTXLYDOHQWDFFRUGLQJWR.Estados Financieros / Financial Statements 92 %DVHVGHPHGLFLyQ %DVLVRIPHDVXUHPHQW /RV (VWDGRV )LQDQFLHURV KDQ VLGR SUHSDUDGRV EDMR OD EDVH GHO SULQFLSLR GH FRVWR KLVWyULFR FRQ H[FHSFLyQ GHODVSDUWLGDVTXHVHUHFRQRFHQDYDORUUD]RQDEOHGH FRQIRUPLGDGFRQODV1.$6   5HVSRQVLELOLW\IRUWKHLQIRUPDWLRQDQGXVHRI MXGJPHQWVDQGHVWLPDWHV /RV VHxRUHV 'LUHFWRUHV GHEHQ WRPDU FRQRFLPLHQWR GH ORV (VWDGRV )LQDQFLHURV GH 7HUPLQDO 3DFtÀFR 6XU 9DOSDUDtVR6$DOGHGLFLHPEUHGH\VHGHEHQ KDFHU UHVSRQVDEOHV GH TXH OD LQIRUPDFLyQ HQ HOORV FRQWHQLGDFRUUHVSRQGHDODTXHFRQVLJQDQORV/LEURVGH &RQWDELOLGDG GH OD 6RFLHGDG VHJ~Q ODV LQIRUPDFLRQHV UHFLELGDV SRU HO 'LUHFWRULR GH ORV yUJDQRV SHUWLQHQWHV /RVSUHVHQWHVHVWDGRVÀQDQFLHURVIXHURQDSUREDGRVSRU HO'LUHFWRULRHQVHVLyQGHOGHHQHURGH 7KH &RPSDQ\·V GLUHFWRUV PXVW UHYLHZ WKH )LQDQFLDO 6WDWHPHQWV RI 7HUPLQDO 3DFtÀFR 6XU 9DOSDUDtVR 6$ DV RI 'HFHPEHU   DQG DVVXPH UHVSRQVLELOLW\ WKDW WKH LQIRUPDWLRQ FRQWDLQHG WKHUHLQ FRUUHVSRQGV WR WKH LQIRUPDWLRQ LQ WKH &RPSDQ\·V DFFRXQWLQJ ERRNV DFFRUGLQJWRWKHLQIRUPDWLRQUHFHLYHGE\WKH%RDUGRI 'LUHFWRUVIURPWKHUHVSHFWLYHDUHDV7KHSUHVHQW)LQDQFLDO 6WDWHPHQWVZHUHDSSURYHGE\WKH%RDUGRI'LUHFWRUVDW LWVPHHWLQJKHOGRQ-DQXDU\ /D SUHSDUDFLyQ GH ORV (VWDGRV )LQDQFLHURV UHTXLHUH TXH OD $GPLQLVWUDFLyQ UHDOLFH MXLFLRV HVWLPDFLRQHV \ VXSXHVWRVTXHDIHFWDQODDSOLFDFLyQGHODVSROtWLFDVGH FRQWDELOLGDG\ORVPRQWRVGHDFWLYRVSDVLYRVLQJUHVRV\ JDVWRVSUHVHQWDGRV/RVUHVXOWDGRVUHDOHVSXHGHQGLIHULU GHHVWDVHVWLPDFLRQHV 7KH SUHSDUDWLRQ RI WKH )LQDQFLDO 6WDWHPHQWV UHTXLUHV WKDW 0DQDJHPHQW PDNH MXGJPHQWV HVWLPDWHV DQG DVVXPSWLRQV WKDW DIIHFW WKH DSSOLFDWLRQ RI WKH DFFRXQWLQJSROLFLHVDQGWKHDVVHWOLDELOLW\UHYHQXHDQG H[SHQVHDPRXQWVSUHVHQWHG7KHUHDOUHVXOWVPD\GLIIHU IURPWKHVHHVWLPDWHV /DV HVWLPDFLRQHV \ VXSXHVWRV UHOHYDQWHV VRQ UHYLVDGDV UHJXODUPHQWH\XWLOL]DQGRODPD\RULQIRUPDFLyQSRVLEOH (VWDV HVWLPDFLRQHV FRQWDEOHV VRQ UHFRQRFLGDV HQ HO SHUtRGRHQTXHpVWDHVUHYLVDGD\HQFXDOTXLHUSHUtRGR IXWXURDIHFWDGR 5HOHYDQW HVWLPDWHV DQG DVVXPSWLRQV DUH UHYLHZHG UHJXODUO\ XVLQJ WKH EHVW LQIRUPDWLRQ SRVVLEOH 7KHVH DFFRXQWLQJ HVWLPDWHV DUH UHFRJQL]HG LQ WKH SHULRG LQ ZKLFK WKH\ DUH UHYLHZHG DQG LQ WKH IXWXUH SHULRG DIIHFWHG 0RQHGDH[WUDQMHUD .&  2EOLJDWLRQV IRU HPSOR\HH VHYHUDQFH SD\ EHQHÀWV IRU \HDUVRIVHUYLFH  /DV WUDQVDFFLRQHV HQ PRQHGD H[WUDQMHUD GHÀQLGDV FRPR DTXHOODV GLVWLQWDV D OD PRQHGD IXQFLRQDO GH OD 6RFLHGDG.Q SDUWLFXODU WKH PDLQ HVWLPDWHV RI XQFHUWDLQWLHV DQG FULWLFDO MXGJPHQWV LQ WKH DSSOLFDWLRQ RI DFFRXQWLQJ SROLFLHV WKDW KDYH D VLJQLÀFDQW HIIHFW RQ WKH DPRXQWV UHFRJQL]HGLQWKH)LQDQFLDOVWDWHPHQWVDUHWKHIROORZLQJ (VWLPDWHRISURYLVLRQVIRUFRQWLQJHQFLHV  (VWLPDWH RI WKH XVHIXO OLIH RI SURSHUW\ SODQW DQG HTXLSPHQW &DOFXODWLRQRIWKHIDLUYDOXHRIÀQDQFLDOLQVWUXPHQWV 'LVFRXQWUDWHVXVHGIRUWKHSXUSRVHVRI.) 7KH )LQDQFLDO 6WDWHPHQWV KDYH EHHQ SUHSDUHG XQGHU WKHSULQFLSOHRIKLVWRULFDOFRVWZLWKWKHH[FHSWLRQRIWKH LWHPVWKDWDUHUHSRUWHGDWIDLUYDOXHLQDFFRUGDQFHZLWK ..)5.)5.)56  0RQHGD)XQFLRQDO\GHSUHVHQWDFLyQ /RV (VWDGRV )LQDQFLHURV VH SUHSDUDQ HQ GyODUHV HVWDGRXQLGHQVHV TXH HV OD PRQHGD IXQFLRQDO \ GH SUHVHQWDFLyQ GH OD 6RFLHGDG \ WRGRV ORV YDORUHV DTXt SUHVHQWDGRV VRQ UHGRQGHDGRV D PLOHV GH GyODUHV H[FHSWRGRQGHVHLQGLTXHORFRQWUDULR  )XQFWLRQDODQGSUHVHQWDWLRQFXUUHQF\ 7KH )LQDQFLDO 6WDWHPHQWV KDYH EHHQ SUHSDUHG LQ 86 GROODUV ZKLFK LV WKH &RPSDQ\·V IXQFWLRQDO DQG SUHVHQWDWLRQFXUUHQF\DQGDOOYDOXHVSUHVHQWHGKHUHLQ DUH URXQGHG WR WKH QHDUHVW WKRXVDQGV H[FHSW ZKHQ LQGLFDWHGRWKHUZLVH (Q SDUWLFXODU ODV SULQFLSDOHV HVWLPDFLRQHV GH LQFHUWLGXPEUHV \ MXLFLRV FUtWLFRV HQ OD DSOLFDFLyQ GH SROtWLFDVFRQWDEOHVTXHWLHQHQHIHFWRVLJQLÀFDWLYRHQORV PRQWRVUHFRQRFLGRVHQORV(VWDGRV)LQDQFLHURVVRQODV VLJXLHQWHV (VWLPDFLyQGHSURYLVLRQHVSDUDFRQWLQJHQFLDV  (VWLPDFLyQ GH OD YLGD ~WLO GH SURSLHGDG SODQWD \ HTXLSRV  &iOFXOR GHO YDORU UD]RQDEOH GH ORV LQVWUXPHQWRV ÀQDQFLHURV 7DVDVGHGHVFXHQWRXWLOL]DGDVSDUDHIHFWRVGH.& 6XSXHVWRVXWLOL]DGRVHQODGHWHUPLQDFLyQGHLQGHPQL]DFLRQHV SRUDxRVGHVHUYLFLRGHOSHUVRQDO   (IHFWLYR\HIHFWLYRHTXLYDOHQWH (O HIHFWLYR \ HIHFWLYR HTXLYDOHQWH SUHVHQWDGR HQ ORV HVWDGRV GH VLWXDFLyQ ÀQDQFLHUD FRPSUHQGH ORV VDOGRV EDQFDULRV\ORVGHSyVLWRVDSOD]RTXHFRQIRUPHD1.

VRQFRQYHUWLGDVDODPRQHGDIXQFLRQDOGH DFXHUGRDOWLSRGHFDPELRYLJHQWHDODIHFKDHQTXH VHHIHFW~DQODVWUDQVDFFLRQHV /RV DFWLYRV \ SDVLYRV PRQHWDULRV GHQRPLQDGRV HQ PRQHGDH[WUDQMHUDVHFRQYLHUWHQDODPRQHGDIXQFLRQDO DSOLFDQGRHOWLSRGHFDPELRH[LVWHQWHDOFLHUUHGHFDGD HMHUFLFLRPLHQWUDVTXHORVQRPRQHWDULRVVHFRQYLHUWHQ D OD PRQHGD IXQFLRQDO DSOLFDQGR ORV WLSRV GH FDPELR YLJHQWHHQODIHFKDHQODTXHWXYROXJDUODWUDQVDFFLyQ /RVWLSRVGHFDPELRDSOLFDGRVSRUOD6RFLHGDGDOFLHUUH GHORVSHUtRGRVTXHVHLQGLFDQVRQORVVLJXLHQWHV )RUHLJQFXUUHQF\ 7UDQVDFWLRQVLQIRUHLJQFXUUHQF\ GHÀQHGDVDQ\FXUUHQF\ RWKHU WKDQ WKH &RPSDQ\·V IXQFWLRQDO FXUUHQF\.

 DUH FRQYHUWHGWRWKHIXQFWLRQDOFXUUHQF\DFFRUGLQJWRWKH HIIHFWLYHH[FKDQJHUDWHDWWKHGDWHRIWUDQVDFWLRQ 0RQHWDU\ DVVHWV DQG OLDELOLWLHV LQ IRUHLJQ FXUUHQF\ DUH FRQYHUWHG WR WKH IXQFWLRQDO FXUUHQF\ E\ DSSO\LQJ WKH HIIHFWLYH H[FKDQJH UDWH DW WKH FORVH RI HDFK SHULRG ZKLOHQRQPRQHWDU\DVVHWVDQGOLDELOLWLHVDUHFRQYHUWHG WR WKH IXQFWLRQDO FXUUHQF\ E\ DSSO\LQJ WKH HIIHFWLYH H[FKDQJHUDWHDWWKHGDWHRIWUDQVDFWLRQ 7KH H[FKDQJH UDWHV DSSOLHG E\ WKH &RPSDQ\ DW WKH FORVHRIWKH\HDUVDUHLQGLFDWHGEHORZ 7LSRFDPELR Exchange rate   3HVRFKLOHQR Chilean Peso     (852 93 .

QYHQWDULRV  .QFRPHIURPUHDGMXVWDEOHXQLWV /RV DFWLYRV \ SDVLYRV FRQWURODGRV HQ 8QLGDGHV GH )RPHQWR KDQ VLGR FRQYHUWLGRV HQ GyODUHV HVWDGRXQLGHQVHV DO HTXLYDOHQWH GH GLFKD XQLGDG D OD IHFKDGHFLHUUHGHORV(VWDGRV)LQDQFLHURVLPSXWiQGRVH ORV UHDMXVWHV DO UXEUR 5HVXOWDGRV SRU XQLGDGHV GH UHDMXVWHVGHOHVWDGRGHUHVXOWDGRV $VVHWV DQG OLDELOLWLHV FRQWUROOHG LQ 8QLGDGHV RI )RPHQWR KDYH EHHQ FRQYHUWHG WR 86 GROODUV DW WKH HTXLYDOHQW RI HDFK XQLW DW WKH GDWH RI FORVLQJ RI WKH )LQDQFLDO 6WDWHPHQWV DQG UHDGMXVWPHQWV DUH UHFRUGHG XQGHUWKHFDWHJRU\RI.QYHQWRU\ /DV H[LVWHQFLDV VRQ YDORUL]DGDV DO FRVWR GH DGTXLVLFLyQ R DO YDORU QHWR GH UHDOL]DFLyQ $.Estados Financieros / Financial Statements 94  5HVXOWDGRVSRUXQLGDGHVGHUHDMXVWHV  .QFRPHIURPUHDGMXVWDEOHXQLWVLQ WKHVWDWHPHQWRILQFRPH (O YDORU GH OD 8QLGDG GH )RPHQWR DSOLFDGRV SRU OD (PSUHVDDOFLHUUHGHORVSHUtRGRVTXHVHLQGLFDQVRQORV VLJXLHQWHV 7KH YDOXH RI WKH 8QLGDG GH )RPHQWR DSSOLHG E\ WKH &RPSDQ\DWWKHFORVHRIHDFKSHULRGLVVKRZQEHORZ 7LSRFDPELR Exchange rate  8QLGDGGHIRPHQWR       .

 HO TXH VHD PHQRU (O FRVWR GH ODV H[LVWHQFLDV VH GHWHUPLQD XWLOL]DQGR HO PpWRGRGHO&RVWR3URPHGLR3RQGHUDGR .QYHQWRU\LVYDOXHGDWLWVDFTXLVLWLRQFRVWRUUHVLGXDOQHW YDOXH $.

ZKLFKHYHULVWKHORZHVW7KHFRVWRILQYHQWRU\LV GHWHUPLQHGXVLQJWKH:HLJKWHG$YHUDJH&RVWPHWKRG (OFRVWRGHDGTXLVLFLyQFRPSUHQGHHOSUHFLRGHFRPSUD ORVDUDQFHOHVGHLPSRUWDFLyQ\RWURVLPSXHVWRV TXHQR VHDQ UHFXSHUDEOHV SRVWHULRUPHQWH GH ODV DXWRULGDGHV ÀVFDOHV.

 ORV WUDQVSRUWHV HO DOPDFHQDPLHQWR \ RWURV FRVWRVGLUHFWDPHQWHDWULEXLEOHVDODDGTXLVLFLyQ GHORV LQYHQWDULRV /RV GHVFXHQWRV FRPHUFLDOHV ODV UHEDMDV \ RWUDVSDUWLGDVVLPLODUHVVRQGHGXFLGDVSDUDGHWHUPLQDU HOFRVWRGHDGTXLVLFLyQ 7KH DFTXLVLWLRQ FRVW FRQVLVWV RI WKH SULFH RI SXUFKDVH LPSRUWGXWLHVDQGRWKHUWD[HV WKDWFDQQRWEHUHFRYHUHG ODWHUIURPWKHWD[DXWKRULW\.

WUDQVSRUWDWLRQVWRUDJHDQG RWKHUFRVWVGLUHFWO\DWWULEXWDEOHWRWKHDFTXLVLWLRQRIWKH LQYHQWRU\ &RPPHUFLDO GLVFRXQWV UHEDWHV DQG RWKHU VLPLODU LWHPV DUH GHGXFWHG LQ RUGHU WR GHWHUPLQH WKH DFTXLVLWLRQFRVW $.

9DORU1HWRGH5HDOL]DFLyQ(VHOSUHFLRHVWLPDGRGH YHQWDGHXQDFWLYRHQHOFXUVRQRUPDOGHODRSHUDFLyQ PHQRVORVFRVWRVHVWLPDGRVSDUDWHUPLQDUVXSURGXFFLyQ \ORVQHFHVDULRVSDUDOOHYDUDFDERODYHQWD  3URSLHGDGSODQWD\HTXLSRV $.

$6 (VWRVDFWLYRVVRQDPRUWL]DGRVOLQHDOPHQWHFRQFDUJR D UHVXOWDGRV HQ HO SHUtRGR UHVWDQWH KDVWD OD SUy[LPD 0DQWHQFLyQ PD\RU SURJUDPDGD /RV GHVHPEROVRV GHULYDGRV GHO PDQWHQLPLHQWR SHULyGLFR GH ORV DFWLYRV GHSURSLHGDGSODQWD\HTXLSRVVHUHJLVWUDQFRQFDUJRD UHVXOWDGRVHQHOSHUtRGRTXHVHLQFXUUHQ 7KH FRVWV LQFXUUHG IRU PDMRU PDLQWHQDQFH DUH UHFRJQL]HG DV 3URSHUW\ SODQW DQG HTXLSPHQW ZKHQ WKHVH PHHW WKH UHTXLUHPHQWV GHÀQHG LQ .5HVLGXDO1HW9DOXH7KHHVWLPDWHGVDOHSULFHGXULQJ WKH QRUPDO FRXUVH RI RSHUDWLRQV PLQXV WKH HVWLPDWHG FRVWV RI ÀQDOL]LQJ SURGXFWLRQ DQG WKRVH QHFHVVDU\ WR FDUU\RXWWKHVDOH  (O FRVWR GH DGTXLVLFLyQ LQFOX\H DTXHOORV DWULEXLGRV GLUHFWDPHQWHDODDGTXLVLFLyQGHODFWLYR\FXDOTXLHURWUR FRVWRGLUHFWDPHQWHDWULEXLEOHDTXHHODFWLYRHVWHDSWR SDUD WUDEDMDU LQFOX\HQGR ORV FRVWRV GH GHVPDQWHODU \ UHPRYHU ORV tWHPV \ GH UHVWDXUDU HO OXJDU GRQGH HVWiQ XELFDGRV  (Q IRUPD SRVWHULRU D OD DGTXLVLFLyQ VyOR VH FDSLWDOL]DUiQ DTXHOORV GHVHPEROVRV LQFXUULGRV TXH DXPHQWHQ OD YLGD ~WLO GHO ELHQ R VX FDSDFLGDG HFRQyPLFDRSURGXFWLYD 7KH DFTXLVLWLRQ FRVW LQFOXGHV FRVWV GLUHFWO\ DWWULEXWDEOH WR WKH DFTXLVLWLRQ RI WKH DVVHW DQG DQ\ RWKHU FRVW GLUHFWO\ DWWULEXWDEOH WR HQVXULQJ WKDW WKH DVVHW LV UHDG\ IRU RSHUDWLRQ LQFOXGLQJ WKH FRVWV RI GLVDVVHPEOLQJ DQG UHPRYLQJ WKH LWHPV DQG UHVWRULQJ WKH DUHD ZKHUH WKH\ DUH ORFDWHG $IWHU WKH DFTXLVLWLRQ RQO\ H[SHQVHV LQFXUUHG WKDW LQFUHDVH WKH XVHIXO OLIH RI WKH JRRG RU LWV HFRQRPLFRUSURGXFWLYHFDSDFLW\VKDOOEHFDSLWDOL]HG /RV FRVWRV SRU SUpVWDPRV TXH VHDQ GLUHFWDPHQWH DWULEXLEOHVDODDGTXLVLFLyQFRQVWUXFFLyQRSURGXFFLyQ GH XQ FRPSRQHQWH GH 3URSLHGDG SODQWD \ HTXLSRV IRUPDQ SDUWH GHO FRVWR GH GLFKRV DFWLYRV /RV GHPiV FRVWRVSRUSUpVWDPRVVHUHFRQRFHQFRPRJDVWRVHQHO SHUtRGRHQTXHVHGHYHQJDQ 7KHFRVWVIRUORDQVZKLFKDUHGLUHFWO\DWWULEXWDEOHWRWKH DFTXLVLWLRQFRQVWUXFWLRQRUSURGXFWLRQRIDFRPSRQHQW RI3URSHUW\SODQWDQGHTXLSPHQWIRUPSDUWRIWKHFRVW RI VDLG DVVHWV 2WKHU FRVWV IRU ORDQV DUH UHFRJQL]HG DV H[SHQVHVGXULQJWKHSHULRGLQZKLFKWKH\DUHDFFUXHG /RV FRPSRQHQWHV R SDUWHV VLJQLÀFDWLYDV GH XQ tWHP GH SURSLHGDG SODQWD \ HTXLSR TXH SRVHHQ YLGDV ~WLOHV GLVWLQWDV TXH VHD SUREDEOH TXH ORV EHQHÀFLRV económicos futuros asociados con los elementos GHO DFWLYR ÁX\DQ D OD 6RFLHGDG \ VX FRVWR SXHGD GHWHUPLQDUVH ÀDEOHPHQWH VRQ UHJLVWUDGRV FRPR tWHPV VHSDUDGRV GHQWUR GHO DX[LOLDU GH 3URSLHGDG 3ODQWD \ (TXLSRV 7KH VLJQLÀFDQW FRPSRQHQWV RU SDUWV RI D SURSHUW\ SODQW DQG HTXLSPHQW LWHP WKDW KDYH GLIIHUHQW XVHIXO OLYHVZKHQLWLVSUREDEOHWKDWIXWXUHHFRQRPLFEHQHÀWV DVVRFLDWHG ZLWK DVVHW·V HOHPHQWV ZLOO EH SHUFHLYHG E\ WKH &RPSDQ\ DQG ZKRVH FRVW FDQ EH UHOLDEO\ GHWHUPLQHGDUHUHFRUGHGDVVHSDUDWHLWHPVZLWKLQWKH 3URSHUW\SODQWDQGHTXLSPHQWERRN &RVWRVSRVWHULRUHV 6XEVHTXHQWFRVWV /RVFRVWRVHQTXHVHLQFXUUHQSRUPDQWHQFLRQHVPD\RUHV VRQ UHFRQRFLGRV FRPR  3URSLHGDG 3ODQWD  \  (TXLSRV FXDQGRpVWRVFXPSOHQFRQORVUHTXLVLWRVGHÀQLGRVHQ.$6  7KHVH DVVHWVDUHDPRUWL]HGOLQHDUO\ZLWKDQHIIHFWRQLQFRPH LQWKHSHULRGUHPDLQLQJXQWLOWKHQH[WVFKHGXOHGPDMRU PDLQWHQDQFH ([SHQVHV GHULYHG IURP WKH SHULRGLF PDLQWHQDQFHRISURSHUW\SODQWDQGHTXLSPHQWDVVHWV DUHUHFRUGHGZLWKDQHIIHFWRQLQFRPHLQWKHSHULRGLQ ZKLFKWKH\DUHLQFXUUHG /D 6RFLHGDG KD GHWHUPLQDGR YDORUHV UHVLGXDOHV D ORV ELHQHVGH3URSLHGDG3ODQWD\(TXLSRVORVTXHKDQVLGR GHWHUPLQDGRV HQ EDVH D OD HVWLPDFLyQ GHO YDORU GH UHFXSHUDFLyQGHGLFKRVELHQHVDOWpUPLQRGHVXYLGD~WLO 7KH &RPSDQ\ KDV GHWHUPLQHG UHVLGXDO YDOXHV IRU WKH 3URSHUW\ SODQW DQG HTXLSPHQW DVVHWV EDVHG RQ WKH HVWLPDWH RI WKH UHFRYHUDEOH YDOXH RI WKH DVVHWV DW WKH HQGRIWKHLUXVHIXOOLIH 3URSHUW\SODQWDQGHTXLSPHQW Reconocimiento Recognition /RV ELHQHV GH SURSLHGDG SODQWD \ HTXLSRV FRUUHVSRQGHQDELHQHVGHXVRSURSLRHQODSUHVWDFLyQ GHORVVHUYLFLRV\SDUDXVRDGPLQLVWUDWLYRHQDFWLYLGDGHV GH DSR\R D OD JHVWLyQ GH QHJRFLRV 6RQ PHGLGRV DO FRVWRGHDGTXLVLFLyQPHQRVGHSUHFLDFLyQDFXPXODGD \SpUGLGDVSRUGHWHULRURGHYDORU 3URSHUW\ SODQW DQG HTXLSPHQW LQFOXGH JRRGV XVHG E\ WKH &RPSDQ\ LQ WKH SURYLVLRQ RI VHUYLFHV DQG IRU DGPLQLVWUDWLYHXVHLQWKHDFWLYLWLHVWKDWVXSSRUWEXVLQHVV PDQDJHPHQW 7KH\ DUH PHDVXUHG DW DFTXLVLWLRQ FRVW PLQXV DFFXPXODWHG GHSUHFLDWLRQ DQG ORVVHV IRU LPSDLUPHQWRIYDOXH 95 .

QVWDODFLRQHVÀMDV\DFFHVRULRV )L[HGLQVWDOODWLRQVDQGDFFHVVRULHV 9HKtFXORVGHPRWRU 0RWRUYHKLFOHV 2WUDV3URSLHGDGHVSODQWD\HTXLSR 2WKHU3URSHUW\SODQWDQGHTXLSPHQW  $FWLYRV.QWDQJLEOHV $xRV <HDUV $xRV <HDUV $xRV <HDUV $xRV <HDUV $xRV <HDUV  Mínima 0LQLPXP 0i[LPD 0D[LPXP           $GLFLRQDOPHQWH VH LQFOX\HQ DFWLYRV LQWDQJLEOHV JHQHUDGRV SRU DSRUWHV GH LQIUDHVWUXFWXUD TXH OD 6RFLHGDG KD HIHFWXDGR FRQIRUPH DO PHQFLRQDGR FRQWUDWRGHFRQVWUXFFLyQ'LFKRVDSRUWHVFRUUHVSRQGHQ a infraestructura o instalaciones construidas en el iUHD GH FRQFHVLyQ\ TXH GH DFXHUGRDO &RQWUDWRGH &RQFHVLyQ (PSUHVD 3RUWXDULD GH 9DOSDUDtVR GHEHUi UHHPEROVDUDOD6RFLHGDGDOWpUPLQRGHODFRQFHVLyQD VXYDORUUHVLGXDO FRVWRGHFRQVWUXFFLyQDSUREDGRSRU (PSUHVD3RUWXDULDGH9DOSDUDtVRPHQRVODDPRUWL]DFLyQ DFXPXODGDDOWpUPLQRGHODFRQFHVLyQ.7HTXLSPHQW .Estados Financieros / Financial Statements 96 'HSUHFLDFLyQ\YLGDV~WLOHV 'HSUHFLDWLRQDQGXVHIXOOLYHV /DGHSUHFLDFLyQHVUHFRQRFLGDFRQFDUJRDUHVXOWDGRV HQEDVHOtQHDOVREUHODVYLGDV~WLOHVH[SUHVDGDVHQDxRV SDUD FDGD FRPSRQHQWH GH XQ tWHP GH SURSLHGDG SODQWD\HTXLSR 'HSUHFLDWLRQLVUHFRJQL]HGZLWKDQHIIHFWRQLQFRPHRQ DOLQHDUEDVLVXSRQWKHXVHIXOOLYHVH[SUHVVHGLQ\HDUVRI HDFKFRPSRQHQWRIDSURSHUW\SODQWDQGHTXLSPHQW LWHP /DVHVWLPDFLRQHVGHYLGDV~WLOHV\YDORUHVUHVLGXDOHVVRQ UHYLVDGDV DO PHQRV DQXDOPHQWH  $ FRQWLQXDFLyQ VH SUHVHQWDXQDGHVFULSFLyQGHODVHVWLPDFLRQHVGHYLGDV ~WLOHVSDUDORVUXEURVGH3URSLHGDG3ODQWD\(TXLSRV 7KHXVHIXOOLIHHVWLPDWHVDQGUHVLGXDOYDOXHVDUHUHYLHZHG DW OHDVW RQFH D \HDU 7KH IROORZLQJ FKDUW VKRZV D GHVFULSWLRQ RI WKH XVHIXO OLIH HVWLPDWHV IRU WKH 3URSHUW\ SODQWDQGHTXLSPHQWFDWHJRULHV 3ODQWD\HTXLSRV 3ODQWDQGHTXLSPHQW (TXLSDPLHQWRGHWHFQRORJtDVGHODLQIRUPDFLyQ .

 $GGLWLRQDOO\LWLQFOXGHVLQWDQJLEOHDVVHWVJHQHUDWHGIURP LQIUDVWUXFWXUH FRQWULEXWLRQV ZKLFK WKH &RPSDQ\ KDV PDGH LQ DFFRUGDQFH ZLWK WKH FRQVWUXFWLRQ FRQWUDFW 7KHVH FRQWULEXWLRQV FRUUHVSRQG WR WKH LQIUDVWUXFWXUH RU RIÀFHV FRQVWUXFWHG LQ WKH FRQFHVVLRQ DUHD DQG DFFRUGLQJ WR WKH &RQFHVVLRQ &RQWUDFW (PSUHVD 3RUWXDULD GH 9DOSDUDtVR PXVW UHLPEXUVH WKH &RPSDQ\ DWWKHHQGRIWKHFRQFHVVLRQDWLWVUHVLGXDOYDOXH FRVW RI FRQVWUXFWLRQ DSSURYHG E\ (PSUHVD 3RUWXDULD GH 9DOSDUDtVRPLQXVWKHDFFXPXODWHGDPRUWL]DWLRQDWWKH HQGRIWKHFRQFHVVLRQ.

&  EHFDXVH WKH &RPSDQ\ UHFHLYHV WKH ULJKW WR FKDUJH WKH XVHUV RI WKLV SXEOLF VHUYLFH &XDOTXLHU RWUR DFWLYR LQWDQJLEOH VH UHFRQRFHUi LQLFLDOPHQWHSRUVXFRVWRGHDGTXLVLFLyQRSURGXFFLyQ\ SRVWHULRUPHQWHVHYDORUDUiDVXVFRVWRVPHQRUHVVHJ~Q SURFHGDVXFRUUHVSRQGLHQWHDPRUWL]DFLyQDFXPXODGD \ODVSpUGLGDVSRUGHWHULRURTXHKD\DH[SHULPHQWDGR $Q\ RWKHU LQWDQJLEOH DVVHW VKDOO EH LQLWLDOO\ UHFRJQL]HG DW LWV DFTXLVLWLRQ RU SURGXFWLRQ FRVW DQG WKHQ YDOXHG DW LWV ORZHU FRVWV DV DSSOLFDEOH LWV FRUUHVSRQGLQJ DFFXPXODWHG DPRUWL]DWLRQ DQG WKH ORVVHV IRU DQ\ LPSDLUPHQWH[SHULHQFHG $PRUWL]DFLyQ\YLGDV~WLOHV $PRUWL]DWLRQDQGXVHIXOOLYHV 'LFKR LQWDQJLEOH LQFRUSRUD ODV REOLJDFLRQHV GH SDJR ÀMDGRVHQHO&RQWUDWRGH&RQFHVLyQDQWHVPHQFLRQDGR \ TXH FRUUHVSRQGHQ DO SDJR XSIURQW 086  YDORUQRPLQDO. (O DFWLYR LQWDQJLEOH KD VLGR FRQWDELOL]DGR DO FRVWR GH FRQVWUXFFLyQ \ OD FXHQWD SRU FREUDU UHVSHFWLYD HV UHJLVWUDGDLQLFLDOPHQWHDOYDORUSUHVHQWHXWLOL]DQGRXQD WDVD GH GHVFXHQWR DSURSLDGD \ DO FLHUUH GH FDGR HVWDGR ÀQDQFLHUR VH UHJLVWUD XVDQGR HO PpWRGR GHO FRVWRDPRUWL]DGR .&  FDOLÀFDQ FRPR XQ DFWLYR LQWDQJLEOH GHELGR D TXH OD 6RFLHGDGUHFLEHHOGHUHFKRSDUDFREUDUDORVXVXDULRV GHHVWHVHUYLFLRS~EOLFR 7KLV FDWHJRU\ SUHVHQWV WKH FRVWV DVVRFLDWHG ZLWK WKH ´&RQFHVVLRQ &RQWUDFW IRU WKH 'HYHORSPHQW 0DLQWHQDQFH DQG ([SORLWDWLRQ RI 0RRULQJ 6WDWLRQ 1XPEHU 2QH RI WKH 3RUW RI 9DOSDUDtVRµ VLJQHG RQ 1RYHPEHU   E\ WKH &RPSDQ\ DQG (PSUHVD 3RUWXDULDGH9DOSDUDtVRFODVVLÀHGDVDQLQWDQJLEOHDVVHW LQ DFFRUGDQFH ZLWK .QWDQJLEOH$VVHWV Reconocimiento Recognition &RVWRVSRVWHULRUHV 6XEVHTXHQWFRVWV (QHVWHUXEURVHSUHVHQWDQORVFRVWRVGHLQIUDHVWUXFWXUD DVRFLDGRVDO´&RQWUDWRGH&RQFHVLyQSDUDHOGHVDUUROOR PDQWHQFLyQ \ H[SORWDFLyQ GHO IUHQWH GH DWUDTXH Q~PHUR XQR GHO 3XHUWR GH 9DOSDUDtVRµ FHOHEUDGR HO GHQRYLHPEUHGHHQWUHOD6RFLHGDG\(PSUHVD 3RUWXDULD GH 9DOSDUDtVR  TXH GH DFXHUGR D .QWDQJLEOH DVVHWV KDYH EHHQ UHFRUGHG DW WKH FRVW RI FRQVWUXFWLRQDQGWKHUHVSHFWLYHDFFRXQWUHFHLYDEOHLV LQLWLDOO\UHFRUGHGDWSUHVHQWYDOXHXVLQJWKHDSSURSULDWH GLVFRXQW UDWH DQG DW WKH FORVH RI HDFK ÀQDQFLDO VWDWHPHQWLVUHFRUGHGXVLQJWKHDPRUWL]HGFRVWPHWKRG /D YLGD ~WLO GH HVWH DFWLYR LQWDQJLEOH HV ÀQLWD \ HVWi GHWHUPLQDGD GH DFXHUGR DO SOD]R GH FRQFHVLyQ HVWLSXODGRHQHOPHQFLRQDGRFRQWUDWRFX\DIHFKDGH WpUPLQRHVHOGHGLFLHPEUHGH'LFKRFRQWUDWR HVWDEOHFHWDPELpQTXHGLFKRSOD]RSRGUiH[WHQGHUVH SRU XQ SHUtRGR DGLFLRQDO GH  DxRV HQ OD PHGLGD TXH OD 6RFLHGDG HIHFW~H FLHUWR QLYHO GH LQYHUVLRQHV DSUREDGDV SRU (PSUHVD 3RUWXDULD 9DOSDUDtVR  (Q FRQVHFXHQFLD VyOR FXDQGR VH DSUXHEH IRUPDOPHQWH OD H[WHQVLyQ GHO SOD]R OD YLGD ~WLO GH HVWH DFWLYR VHUi PRGLÀFDGDSURVSHFWLYDPHQWH 7KH XVHIXO OLIH RI WKLV LQWDQJLEOH DVVHW LV ÀQLWH DQG LV GHWHUPLQHG DFFRUGLQJ WR WKH FRQFHVVLRQ WHUP HVWDEOLVKHG LQ WKH FRQWUDFW 'HFHPEHU   7KLV FRQWUDFWDOVRHVWDEOLVKHVWKDWWKHWHUPPD\EHH[WHQGHG IRUDQDGGLWLRQDO\HDUSHULRGDVORQJDVWKH&RPSDQ\ PDNHV D FHUWDLQ OHYHO RI LQYHVWPHQWV DSSURYHG E\ (PSUHVD 3RUWXDULD GH 9DOSDUDtVR &RQVHTXHQWO\ RQO\ ZKHQWKHH[WHQVLRQRIWKLVWHUPLVIRUPDOO\DSSURYHGZLOO WKHXVHIXOOLIHRIWKLVDVVHWEHPRGLÀHGSURVSHFWLYHO\ .)5.)5.

\DOSDJRGHORVPRQWRVPtQLPRVDQXDOHV SRU FRQFHSWR GH FDQRQ WRWDO GH 086  YDORU QRPLQDO.

 WRGRV ORV FXDOHV IXHURQ H[SUHVDGRV D YDORU SUHVHQWH D OD IHFKD GHO FRQWUDWR XWLOL]DQGR XQD WDVD GHGHVFXHQWRDSURSLDGD'LFKRVSDJRVHVWiQVXMHWRVD UHDMXVWHGHO33. 8QLWHG6WDWHV3URGXFHU3ULFH.QGH[.

/DV REOLJDFLRQHVVHSUHVHQWDQHQ2WURVSDVLYRVÀQDQFLHURV FRUULHQWHV\QR&RUULHQWHV 7KHLQWDQJLEOHLVGHWHUPLQHGE\WKHSD\PHQWREOLJDWLRQV HVWDEOLVKHG LQ WKH DERYHPHQWLRQHG &RQFHVVLRQ &RQWUDFWDQGZKLFKFRUUHVSRQGWRDQXSIURQWSD\PHQW 7K86  QRPLQDO YDOXH.

 DQG WKH SD\PHQW RI PLQLPXP DQQXDO DPRXQWV IRU WKH IHHV WRWDO RI 7K86 QRPLQDOYDOXH.

DOORIZKLFKZHUHH[SUHVVHGDW WKHSUHVHQWYDOXHDWWKHGDWHRIWKHFRQWUDFWXVLQJD SURSHU GLVFRXQW UDWH 7KHVH SD\PHQWV DUH VXEMHFW WR UHDGMXVWPHQWEDVHGRQWKH33. 8QLWHG6WDWHV3URGXFHU 3ULFH.QGH[.

2EOLJDWLRQVDUHSUHVHQWHGLQ2WKHUFXUUHQW DQGQRQFXUUHQWÀQDQFLDOOLDELOLWLHV /DDPRUWL]DFLyQHVUHFRQRFLGDFRQFDUJRDUHVXOWDGRV HQEDVHDOPpWRGRGHDPRUWL]DFLyQOLQHDOVHJ~QODYLGD ~WLO HVWLPDGD GH FDGD XQR GH ORV DFWLYRV LQWDQJLEOHV GHVGHODIHFKDHQTXHVHHQFXHQWUHQGLVSRQLEOHVSDUD VXXVR $PRUWL]DWLRQ LV UHFRJQL]HG ZLWK DQ HIIHFW RQ LQFRPH EDVHGRQWKHOLQHDUDPRUWL]DWLRQPHWKRGDFFRUGLQJWR WKHHVWLPDWHGXVHIXOOLIHRIHDFKRIWKHLQWDQJLEOHDVVHWV IURPWKHGDWHRQZKLFKWKH\DUHDYDLODEOHIRUXVH /DV HVWLPDFLRQHV GH YLGDV ~WLOHV \ YDORUHV UHVLGXDOHV FXDQGR FRUUHVSRQGD.

 VHUiQ UHYLVDGDV DO PHQRV DQXDOPHQWH $ FRQWLQXDFLyQ VH SUHVHQWD XQD GHVFULSFLyQ GH ODV HVWLPDFLRQHVGHYLGDV~WLOHVSDUDORVDFWLYRVLQWDQJLEOHV 7KH XVHIXO OLYHV HVWLPDWHV DQG UHVLGXDO YDOXHV ZKHQ DSSOLFDEOH.

VKDOOEHUHYLHZHGDWOHDVWRQFHD\HDU 7KHIROORZLQJFKDUWVKRZVDGHVFULSWLRQRIWKHXVHIXOOLYHV HVWLPDWHVIRULQWDQJLEOHDVVHWV Mínima 0LQLPXP &RQWUDWRVGH&RQFHVLyQGH3XHUWRV 3RUWFRQFHVVLRQ 3URJUDPDVLQIRUPiWLFRV .7SURJUDPV $SRUWHV.QIUDHVWUXFWXUD3XHUWR 3RUWLQIUDVWUXFWXUHFRQWULEXWLRQV $xRV <HDUV $xRV <HDUV $xRV <HDUV 0i[LPD 0D[LPXP -      97 .

Estados Financieros / Financial Statements 98  $UUHQGDPLHQWRV /RV FRQWUDWRV GH DUUHQGDPLHQWRV TXH WUDQVÀHUDQ D OD 6RFLHGDGVXVWDQFLDOPHQWHWRGRVORVULHVJRV\EHQHÀFLRV LQKHUHQWHVDODSURSLHGDGGHORVDFWLYRVDUUHQGDGRVVH FODVLÀFDQ\YDORUL]DQFRPRDUUHQGDPLHQWRVÀQDQFLHURV \HQFDVRFRQWUDULRVHUHJLVWUDQFRPRXQDUUHQGDPLHQWR RSHUDWLYR $O LQLFLR GHO SOD]R GHO DUUHQGDPLHQWR ÀQDQFLHUR VH UHFRQRFHUiXQDFWLYR\XQSDVLYRSRUHOPHQRUGHOYDORU HQWUH HO YDORU UD]RQDEOH GHO ELHQ DUUHQGDGR R HO YDORU DFWXDO GH ORV SDJRV PtQLPRV GHO DUUHQGDPLHQWR  /RV SDJRVPtQLPRVVHGLYLGHQHQWUHHOJDVWRÀQDQFLHUR\OD UHGXFFLyQGHODGHXGDSHQGLHQWHGHSDJR  /HDVHV /HDVH FRQWUDFWV WKDW VXEVWDQWLDOO\ WUDQVIHU WR WKH &RPSDQ\DOOULVNVDQGEHQHÀWVLQKHUHQWWRWKHSURSHUW\ RI OHDVHG DVVHWV DUH FODVVLÀHG DQG YDOXHG DV ÀQDQFLDO OHDVHVRUDUHRWKHUZLVHUHFRUGHGDVRSHUDWLQJOHDVHV $W WKH EHJLQQLQJ RI WKH ÀQDQFLDO OHDVH WHUP DQ DVVHW DQG D OLDELOLW\ DUH UHFRJQL]HG DW WKH IDLU YDOXH RI WKH OHDVHGDVVHWRUWKHDFWXDOYDOXHRIWKHPLQLPXPOHDVH SD\PHQWVZKLFKHYHULVWKHORZHVW 7KHPLQLPXPSD\PHQWVDUHGLYLGHGDPRQJWKHÀQDQFLDO H[SHQVH DQG WKH UHGXFWLRQ RI WKH XQSDLG GHEW 7KH RSHUDWLQJ OHDVH SD\PHQWV DUH UHFRJQL]HG OLQHDUO\ DV H[SHQVHVGXULQJWKHOHDVHWHUP /DV FXRWDV GH ORV DUUHQGDPLHQWRV RSHUDWLYRV VH UHFRQRFHQFRPRJDVWRGHIRUPDOLQHDOGXUDQWHHOSOD]R GHDUUHQGDPLHQWR  'HWHULRURGHORVDFWLYRV  .PSDLUPHQWRIDVVHWV Activos Financieros )LQDQFLDODVVHWV $OÀQDOGHFDGDSHULRGRVHHYDOXDUDVLH[LVWHHYLGHQFLD REMHWLYD GH TXH XQ DFWLYR ÀQDQFLHUR R JUXSR GH HOORV PHGLGRV DO FRVWRV DPRUWL]DEOH HVWD GHWHULRUDGR D REMHWRGHUHJLVWUDUODRSRUWXQDFRUUHFFLyQYDORUDWLYD $W WKH FORVH RI HDFK DQQXDO ÀQDQFLDO VWDWHPHQW RU ZKHQLWLVGHHPHGQHFHVVDU\WKH&RPSDQ\ZLOODQDO\]H WKHYDOXHRIWKHVLJQLÀFDQWDVVHWVLQRUGHUWRGHWHUPLQHLI WKHUHLVDQ\LQWHUQDORUH[WHUQDOVLJQWKDWWKHDVVHWVKDYH VXIIHUHGDORVVRIYDOXH (QFDVRGHTXHH[LVWDDOJ~QLQGLFLRGHSpUGLGDGHYDORU GHWHULRUR.

 VH UHDOL]DUi XQD HVWLPDFLyQ GHO LPSRUWH UHFXSHUDEOH GH GLFKRV DFWLYRV SDUD GHWHUPLQDU HQ VX FDVRHOPRQWRGHOFDVWLJRQHFHVDULR (OYDORUGHVSXpVGHOUHFRQRFLPLHQWRLQLFLDOXQDHQWLGDG PHGLUi ORV DFWLYRV ÀQDQFLHURV LQFOX\HQGR DTXHOORV GHULYDGRVTXHVHDQDFWLYRVSRUVXVYDORUHVUD]RQDEOHV VLQ GHGXFLU ORV FRVWRV GH WUDQVDFFLyQ HQ TXH SXHGD LQFXUULUHQODYHQWDRGLVSRVLFLyQSRURWUDYtDGHODFWLYR VDOYRSDUDORVVLJXLHQWHVDFWLYRVÀQDQFLHURV D.

SUpVWDPRV\FXHQWDVSRUFREUDUVHPHGLUiQDOFRVWR DPRUWL]DGR XWLOL]DQGR HO PpWRGR GH OD WDVD GH LQWHUpV HIHFWLYD E.

 LQYHUVLRQHV PDQWHQLGDV KDVWD HO YHQFLPLHQWR VH PHGLUiQDOFRVWRDPRUWL]DGRXWLOL]DQGRHOPpWRGRGHOD WDVDGHLQWHUpVHIHFWLYD\ F.

I WKHUH LV DQ\ VLJQ RI ORVV RI YDOXH LPSDLUPHQW. ODV LQYHUVLRQHV HQ LQVWUXPHQWRV GH SDWULPRQLR TXH QR WHQJDQ XQ SUHFLR GH PHUFDGR FRWL]DGR GH XQ PHUFDGR DFWLYR \ FX\R YDORU UD]RQDEOH QR SXHGD VHU PHGLGRFRQÀDELOLGDG\ORVLQVWUXPHQWRVGHULYDGRVTXH HVWpQ YLQFXODGRV D GLFKRV LQVWUXPHQWRV GH SDWULPRQLR QR FRWL]DGRV \ TXH GHEHQ VHU OLTXLGDGRV PHGLDQWH VX HQWUHJDTXHVHPHGLUiQDOFRVWR .

 DQ HVWLPDWH ZLOO EH PDGH RI WKH UHFRYHUDEOH  DPRXQW RI WKRVH DVVHWV LQ RUGHU WR GHWHUPLQH DV LV WKH FDVH WKH DPRXQWRIWKHQHFHVVDU\ZULWHRII )RU  HVWDEOLVKLQJ WKH  YDOXH DIWHU  LQLWLDO UHFRJQLWLRQ DQ  HQWLW\ ZLOO  PHDVXUH LWV  ÀQDQFLDO  DVVHWV LQFOXGLQJ WKRVH GHULYDWLYHV WKDW DUH DVVHWV DW IDLU YDOXH ZLWKRXW GHGXFWLQJWUDQVDFWLRQVH[SHQVHVWKDWPD\UHVXOWIURP WKHVDOHRUGLVSRVDOE\RWKHUPHDQVRIWKHDVVHWVH[FHSW IRUWKHIROORZLQJÀQDQFLDODVVHWV D.

 /RDQV RU DFFRXQWV UHFHLYDEOH WKHVH ZLOO EH DPRUWL]HG WKURXJK WKH HIIHFWLYH LQWHUHVW UDWH  PHWKRG E.

QYHVWPHQWVKHOGWRPDWXULW\WKHDPRUWL]HGFRVWZLOO EHPHDVXUHGWKURXJKWKHHIIHFWLYHLQWHUHVWUDWHPHWKRG F..

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ÀQDQFLHURV 1RQÀQDQFLDODVVHWV $FDGDIHFKDGHUHSRUWHOD6RFLHGDGHYDO~DVLH[LVWHQ LQGLFDGRUHVGHTXHXQDFWLYRSRGUtDHVWDUGHWHULRUDGR 6LWDOLQGLFDFLyQH[LVWHRFXDQGRH[LVWHXQUHTXHULPLHQWR DQXDOGHSUXHEDVGHGHWHULRURGHXQDFWLYROD6RFLHGDG UHDOL]D XQD HVWLPDFLyQ GHO PRQWR UHFXSHUDEOH GHO DFWLYR(OPRQWRUHFXSHUDEOHGHXQDFWLYRHVHOPD\RU HQWUH HO YDORU MXVWR GH XQ DFWLYR R XQLGDG JHQHUDGRUD GHHIHFWLYRPHQRVORVFRVWRVGHYHQWD\VXYDORUHQXVR \ HV GHWHUPLQDGR SDUD XQ DFWLYR LQGLYLGXDO D PHQRV TXHHODFWLYRQRJHQHUHHQWUDGDVGHHIHFWLYRTXHVHDQ HQJUDQSDUWHLQGHSHQGLHQWHVGHORVGHRWURVDFWLYRVR JUXSRV GH DFWLYRV &XDQGR HO YDORU OLEUR GH XQ DFWLYR H[FHGHVXPRQWRUHFXSHUDEOHHODFWLYRHVFRQVLGHUDGR GHWHULRUDGR \ HV GLVPLQXLGR D VX PRQWR UHFXSHUDEOH $O HYDOXDU HO YDORU HQ XVR ORV ÁXMRV GH HIHFWLYR IXWXURV HVWLPDGRVVRQGHVFRQWDGRVDVXYDORUSUHVHQWHXVDQGR XQD WDVD GH GHVFXHQWR DQWHV GH LPSXHVWR TXH UHÁHMD ODVHYDOXDFLRQHVDFWXDOHVGHPHUFDGRGHOYDORUWLHPSR GHO GLQHUR \ ORV ULHVJRV HVSHFtÀFRV DO DFWLYR 3DUD GHWHUPLQDUHOYDORUMXVWRPHQRVFRVWRVGHYHQWDVHXVD XQPRGHORGHYDOXDFLyQDSURSLDGR $W HDFK UHSRUWLQJ GDWH WKH &RPSDQ\ HYDOXDWHV ZKHWKHURUQRWWKHUHDUHDQ\VLJQVWKDWDQDVVHWFRXOG EH LPSDLUHG .I VXFK D VLJQ H[LVWV RU ZKHQ WKHUH LV DQ DQQXDO UHTXLUHPHQW RI SURRI RI DQ DVVHW·V LPSDLUPHQW WKH &RPSDQ\ PDNHV DQ HVWLPDWH RI WKH DVVHW·V UHFRYHUDEOH DPRXQW 7KH UHFRYHUDEOH DPRXQW RI DQ DVVHWLVWKHKLJKHVWYDOXHEHWZHHQWKHIDLUYDOXHRIDQ DVVHWRUFDVKJHQHUDWLQJXQLWPLQXVWKHVDOHVFRVWDQG LWV XVH YDOXH DQG LV GHWHUPLQHG IRU DQ LQGLYLGXDO DVVHW XQOHVVWKHDVVHWGRHVQRWJHQHUDWHDQ\FDVKÁRZWKDWLV ODUJHO\LQGHSHQGHQWRIRWKHUDVVHWVRUJURXSVRIDVVHWV :KHQ WKH FDUU\LQJ DPRXQW RI DQ DVVHW H[FHHGV LWV UHFRYHUDEOH DPRXQW WKH DVVHW LV FRQVLGHUHG LPSDLUHG DQG LV UHGXFHG WR LWV UHFRYHUDEOH DPRXQW :KHQ HYDOXDWLQJ WKH XVH YDOXH WKH IXWXUH HVWLPDWHG FDVK ÁRZV VKDOO EH GLVFRXQWHG IURP LWV SUHVHQW YDOXH XVLQJ WKHSUHWD[GLVFRXQWUDWHWKDWUHÁHFWVWKHFXUUHQWPDUNHW HYDOXDWLRQV RI WKH PRQH\·V WLPH YDOXH DQG WKH ULVNV VSHFLÀFWRWKHDVVHW7RGHWHUPLQHWKHIDLUYDOXHPLQXV VDOHV FRVWV DQ DSSURSULDWH YDOXDWLRQ PHWKRG VKDOO EH XVHG /DV SpUGLGDV SRU GHWHULRUR GH RSHUDFLRQHV FRQWLQXDV son reconocidas en el estado de resultados en las FDWHJRUtDV GH JDVWRV FRQVLVWHQWHV FRQ OD IXQFLyQ GHO DFWLYR GHWHULRUDGR H[FHSWR SRU SURSLHGDGHV DQWHULRUPHQWH UHHYDOXDGDV GRQGH OD UHHYDOXDFLyQ KD\DVLGROOHYDGDDOSDWULPRQLR /RVVHV IRU LPSDLUPHQW RI FRQWLQXLQJ RSHUDWLRQV DUH UHFRJQL]HG LQ WKH VWDWHPHQW RI LQFRPH XQGHU WKH H[SHQVHV FDWHJRU\ FRQVLVWHQW ZLWK WKH IXQFWLRQ RI WKH LPSDLUHGDVVHWH[FHSWIRUSUHYLRXVO\UHYDOXHGSURSHUW\ ZKHUHWKHUHYDOXDWLRQKDVEHHQFDUULHGWRHTXLW\ 3DUD DFWLYRV H[FOX\HQGR PHQRU YDORU VH UHDOL]D XQD HYDOXDFLyQ D FDGD IHFKD GH UHSRUWH UHVSHFWR GH VL H[LVWH DOJXQD LQGLFDFLyQ TXH OD SpUGLGD SRU GHWHULRUR UHFRQRFLGDDQWHULRUPHQWH\DSRGUtDQRH[LVWLURSRGUtD KDEHU GLVPLQXLGR 6L H[LVWH WDO LQGLFDFLyQ OD 6RFLHGDG HVWLPDHOPRQWRUHFXSHUDEOH8QDSpUGLGDSRUGHWHULRUR DQWHULRUPHQWH UHFRQRFLGD HV UHYHUVDGD VRODPHQWH VL KDKDELGRXQFDPELRHQODVHVWLPDFLRQHVXVDGDVSDUD GHWHUPLQDUHOPRQWRUHFXSHUDEOHGHODFWLYRGHVGHTXH VHUHFRQRFLyOD~OWLPDSpUGLGDSRUGHWHULRUR6LHVHVHHO FDVRHOYDORUOLEURGHODFWLYRHVDXPHQWDGRDVXPRQWR UHFXSHUDEOH(VHPRQWRDXPHQWDGRQRSXHGHH[FHGHU HO YDORU OLEUR TXH KDEUtD VLGR GHWHUPLQDGR QHWR GH GHSUHFLDFLyQVLQRVHKXELHVHUHFRQRFLGRXQDSpUGLGD SRUGHWHULRURGHODFWLYRHQDxRVDQWHULRUHV/DVSpUGLGDV SRU GHWHULRUR UHFRQRFLGDV UHODFLRQDGDV FRQ PHQRU YDORUQRVRQUHYHUVDGDVSRUDXPHQWRVSRVWHULRUHVHQVX PRQWRUHFXSHUDEOH )RU DVVHWV H[FOXGLQJ JRRGZLOO DW HDFK UHSRUWLQJ GDWH WKH &RPSDQ\ HYDOXDWHV ZKHWKHU RU QRW WKHUH LV DQ\ VLJQ WKDW D SUHYLRXVO\ UHFRJQL]HG LPSDLUPHQW PD\ KDYH GLPLQLVKHG RU GLVDSSHDUHG ..

PSXHVWRV GLIHULGRV (O UHVXOWDGR SRU .PSXHVWR D ODV JDQDQFLDV R .Estados Financieros / Financial Statements 100  3URYLVLRQHV 8QD SURYLVLyQ VH UHFRQRFH FXDQGR VH WLHQH XQD REOLJDFLyQ SUHVHQWH \D VHD OHJDO R LPSOtFLWD FRPR UHVXOWDGR GH XQ VXFHVR SDVDGR HV SUREDEOH GH TXH H[LVWDXQDVDOLGDGHUHFXUVRTXHLQFRUSRUHQEHQHÀFLRV HFRQyPLFRV IXWXURV SRU FDQFHODU WDO REOLJDFLyQ \ VH SXHGD UHDOL]DU XQD HVWLPDFLyQ ÀDEOH GHO PRQWR GH OD REOLJDFLyQ /DV SURYLVLRQHV VH UHYHUWLUiQ FRQWUD UHVXOWDGR FXDQGR VHDPHQRUODSRVLELOLGDGGHRFXUUHQFLDTXHH[LVWDXQD VDOLGDGHUHFXUVRVSDUDFDQFHODUWDOREOLJDFLyQ 6LHOHIHFWRGHOYDORUGHOGLQHURHQHOWLHPSRHVPDWHULDO ODVSURYLVLRQHVVRQGHVFRQWDGDVXVDQGRXQDWDVDDFWXDO DQWHVGHLPSXHVWRVTXHUHÁHMDGRQGHFRUUHVSRQGDORV ULHVJRVHVSHFtÀFRVGHOSDVLYRHODXPHQWRHQODSURYLVLyQ GHELGRDOSDVRGHOWLHPSRHVUHFRQRFLGRFRPRFRVWR ÀQDQFLHUR  %HQHÀFLRVDORVHPSOHDGRV  3URYLVLRQV $SURYLVLRQLVUHFRJQL]HGZKHQWKHUHDUHOHJDORULPSOLFLW REOLJDWLRQV DV WKH UHVXOW RI D SDVW HYHQW ZKHQ LW LV SUREDEOHWKDWIXWXUHHFRQRPLFEHQHÀWVPD\QHHGWREH WRSD\WKHREOLJDWLRQDQGWKHDPRXQWRIWKHREOLJDWLRQ FDQEHUHOLDEO\PHDVXUHG 3URYLVLRQVDUHUHYHUWHGDJDLQVWLQFRPHZKHQWKHUHLVD ORZHU SRVVLELOLW\ WKDW UHVRXUFHV ZLOO QHHG WR EH XVHG WR SD\VDLGREOLJDWLRQ .IWKHHIIHFWRIWKHPRQH\RYHUWLPHLVPDWHULDOSURYLVLRQV DUH GLVFRXQWHG XVLQJ WKH FXUUHQW SUHWD[ UDWH WKDW UHÁHFWV DV DSSOLFDEOH WKH VSHFLÀF ULVNV RI WKH OLDELOLW\ WKHLQFUHDVHLQWKHSURYLVLRQGXHWRWKHSDVVLQJRIWLPHLV UHFRJQL]HGDVDÀQDQFHFRVW  (PSOR\HHEHQHÀWV /D YDULDFLyQ GH OD REOLJDFLyQ SRU LQGHPQL]DFLyQ SRU DxRVGHVHUYLFLRSRUFRQFHSWRGHFRVWRVSRUVHUYLFLRV FRUULHQWHV \ FRVWRV SRU LQWHUHVHV YDQ D UHVXOWDGR \ ODV JDQDQFLDV \ SpUGLGDV DFWXDULDOHV VH UHFRQRFHQ FRQ FDUJRDERQRDSDWULPRQLRHQHOSHUtRGRHQTXHVXUJHQ ODV PLVPDV  2WURV EHQHÀFLRV GH FRUWR SOD]R HMHPSOR ERQRVHWFVHUHFRQRFHQSRUPpWRGRGHOGHYHQJR 7KH DFWXDULDO YDULDWLRQ RI WKH HPSOR\HH WHUPLQDWLRQ EHQHÀWV REOLJDWLRQ IRU \HDUV RI VHUYLFH LV UHFRJQL]HG GLUHFWO\LQLQFRPH:KDWFRUUHVSRQGVWRFRVWVIRUFXUUHQW VHUYLFHVFRVWVIRULQWHUHVWDQGWKHDFWXDULDOSURÀWVDQG ORVVHVDUHUHFRJQL]HGZLWKGHELWFUHGLWWRHTXLW\GXULQJ WKHSHULRGLQZKLFKWKHVHDULVH2WKHUVKRUWWHUPEHQHÀWV IRU H[DPSOH ERQXVHV HWF DUH UHFRJQL]HG XVLQJ WKH DFFUXDOPHWKRG    .PSXHVWRDODVJDQDQFLDVH.PSXHVWR DODUHQWD.

PSXHVWR FRUULHQWH GH OD 6RFLHGDG UHVXOWD GH OD DSOLFDFLyQ GH OD WDVD GH LPSXHVWR D ODV JDQDQFLDV VREUH OD EDVH LPSRQLEOH GHO SHUtRGR GHWHUPLQDGDGHDFXHUGRDORHVWDEOHFLGRHQOD/H\GH .PSXHVWRDOD5HQWD '/.PSXHVWRV GLIHULGRV  (O UHVXOWDGR SRU .PSXHVWR D ODVJDQDQFLDVHVUHFRQRFLGRHQUHVXOWDGRVGHOHMHUFLFLR H[FHSWR HQ HO FDVR TXH HVWp UHODFLRQDGR FRQ tWHPV UHFRQRFLGRVGLUHFWDPHQWHHQHO3DWULPRQLR (O UHVXOWDGR SRU .HVWiFRPSXHVWRSRUORV.PSXHVWRVFRUULHQWHV \ ORV .

QFRPH7D[/DZ '/. /D6RFLHGDGUHJLVWUDORVLPSXHVWRVGLIHULGRVSRUWRGDVODV GLIHUHQFLDV WHPSRUDOHV JHQHUDGDV D SDUWLU GHO FiOFXOR GH OD UHQWD OtTXLGD GH SULPHUD FDWHJRUtD JHQHUDGDV D SDUWLU GH OD EDVH FRQWDEOH \ WULEXWDULD GH ORV DFWLYRV SDVLYRV\SDWULPRQLR/RVDFWLYRV\SDVLYRVSRULPSXHVWRV GLIHULGRV VRQ UHFRQRFLGRV XVDQGR HO PpWRGR GHO %DODQFH*HQHUDO .QFRPHWD[DQG'HIHUUHGWD[HV 7KH.QFRPHWD[UHVXOWLVFRPSRVHGRIFXUUHQWWD[HVDQG GHIHUUHG WD[HV 7KH LQFRPH WD[ UHVXOW LV UHFRJQL]HG LQ WKHLQFRPHIRUWKH\HDUH[FHSWZKHQUHODWHGWRLWHPV GLUHFWO\UHFRJQL]HGLQ(TXLW\ 7KH &RPSDQ\·V FXUUHQW WD[ UHVXOW FRPHV IURP WKH DSSOLFDWLRQRIWKHLQFRPHWD[UDWHRQWKHWD[DEOHEDVH IRU WKH SHULRG FDOFXODWHG LQ DFFRUGDQFH ZLWK WKH .

QJUHVRVRUGLQDULRV\FRVWRVGHH[SORWDFLyQ /RV LQJUHVRV RUGLQDULRV \ ORV FRVWRV GH H[SORWDFLyQ GHULYDGRV GH OD SUHVWDFLyQ GH VHUYLFLRV SRUWXDULRV VH UHFRQRFHQ HQ UHVXOWDGRV FRQVLGHUDQGR HO JUDGR GH UHDOL]DFLyQ GH OD SUHVWDFLyQ GHO VHUYLFLR D OD IHFKD GH FLHUUH VLHPSUH \ FXDQGR HO UHVXOWDGR GH OD PLVPD SXHGDVHUHVWLPDGRÀDEOHPHQWH &XDQGR ORV UHVXOWDGRV GH ORV VHUYLFLRV SUHVWDGRV QR VH SXHGDQ HVWLPDU FRQ VXÀFLHQWH ÀDELOLGDG ORV LQJUHVRV VH UHFRQRFHUiQ VyOR HQ OD PHGLGD TXH ORV JDVWRV HIHFWXDGRVSXHGDQVHUUHFXSHUDEOHV /RV LQJUHVRV RUGLQDULRV \ FRVWRV GH H[SORWDFLyQ SURYHQLHQWHV GH RWURV VHUYLFLRV UHODFLRQDGRV FRQ HO QHJRFLRSRUWXDULRVRQUHFRQRFLGRVHQUHVXOWDGRVVREUH EDVHGHYHQJDGD  . 7KH&RPSDQ\UHFRUGVGHIHUUHGWD[HVIRUDOOWHPSRUDU\ GLIIHUHQFHV JHQHUDWHG IURP WKH FDOFXODWLRQ RI ÀUVW FDWHJRU\ QHW LQFRPH XVLQJ WKH DFFRXQWLQJ DQG WD[ EDVHRIDVVHWVOLDELOLWLHVDQGHTXLW\'HIHUUHGWD[DVVHWV DQG OLDELOLWLHV DUH UHFRJQL]HG XVLQJ WKH EDODQFH VKHHW PHWKRG /RV LPSXHVWRV GLIHULGRV VRQ PHGLGRV FRQVLGHUDQGR ODV WDVDVLPSRVLWLYDVTXHVHHVSHUDDSOLFDUDODVGLIHUHQFLDV WHPSRUDOHV FXDQGR VHDQ UHYHUVDGDV EDViQGRVH HQ ODV OH\HV TXH KDQ VLGR DSUREDGDV R D SXQWR GH VHU DSUREDGDV D OD IHFKD GH FLHUUH GH FDGD HVWDGR ÀQDQFLHUR 'HDFXHUGRDORHVWDEOHFLGRHQHO2ÀFLR&LUFXODU1ƒ HPLWLGRSRUOD6XSHULQWHQGHQFLDGH9DORUHV\6HJXURVHO HIHFWRGLUHFWRHQLPSXHVWRVGLIHULGRVSRUHOLQFUHPHQWR GHWDVDVGHLPSXHVWRGHSULPHUDFDWHJRUtDLQWURGXFLGR SRU OD /H\  KD VLGR FODVLÀFDGR HQ UHVXOWDGRV DFXPXODGRVHQHOSDWULPRQLR  .QJUHVRV ÀQDQFLHURV SUHVHQWDGR HQ UHVXOWDGR IXHUD GH H[SORWDFLyQ (Q UHODFLyQ D ORV FRVWRV ÀQDQFLHURV HVWRV VRQ OOHYDGRV D JDVWRV FXDQGR VH LQFXUUHQ VH HQFXHQWUDQ HQ HO UXEUR JDVWR ÀQDQFLHUR SUHVHQWDGR HQ UHVXOWDGR IXHUD GH H[SORWDFLyQ 1R HVWiQ GHQWUR GH HVWD FODVLÀFDFLyQ DTXHOORVSDUDÀQDQFLDUODFRQVWUXFFLyQRHOGHVDUUROORGH DFWLYRVUHTXLULHQGRXQSHUtRGRVXVWDQFLDOSDUDSUHSDUDU HODFWLYRSDUDVXXVRGHDFXHUGRDODVFRQGLFLRQHVGH RSHUDFLyQ SUHYLVWDV SRU OD $GPLQLVWUDFLyQ /RV FRVWRV ÀQDQFLHURV UHODFLRQDGRV D XQ DFWLYR VRQ FDSLWDOL]DGRV GHVGH OD IHFKD HQ TXH VH WLHQH FRQRFLPLHQWR GHO DFWLYR D FRQVWUXLU (O PRQWR GH ORV FRVWRV ÀQDQFLHURV FDSLWDOL]DGRV DQWHV GH LPSXHVWRV.QJUHVRV\FRVWRVÀQDQFLHURV /D 6RFLHGDG FRQWDELOL]D ORV LQJUHVRV ÀQDQFLHURV GH DFXHUGRDVXGHYHQJR(VWRVVHHQFXHQWUDQHQHOUXEUR .

QVXUDQFHWKHGLUHFW HIIHFWRQWKHFRPSUHKHQVLYHLQFRPHDVDUHVXOWRIWKH LQFUHDVH RI WKH )LUVW &DWHJRU\ .QFRPH 7D[ UDWH ZKLFK ZDVLQWURGXFHGWKURXJK/DZKDVEHHQFODVVLÀ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ÀQDQFHLQFRPHDFFRUGLQJWRLWV DFFUXDOLQWKH)LQDQFHLQFRPHLWHPLQQRQRSHUDWLQJ LQFRPH . SDUD HO HMHUFLFLR VH GHWHUPLQD SRU OD DSOLFDFLyQ GH OD WDVD GH LQWHUpV HIHFWLYD D ORV SUpVWDPRV YLJHQWHV GXUDQWH HO HMHUFLFLR HQTXHVHFDSLWDOL]DURQORVJDVWRVÀQDQFLHURV 'HIHUUHGWD[HVDUHPHDVXUHGFRQVLGHULQJWKHWD[UDWHV WKDW DUH H[SHFWHG WR EH DSSOLHG RQ WKH WHPSRUDU\ GLIIHUHQFHVZKHQWKH\DUHUHYHUVHGEDVHGRQWKHODZV WKDWKDYHEHHQDSSURYHGRUDUHDERXWWREHDSSURYHG DWWKHGDWHRIFORVHRIHDFKÀQDQFLDOVWDWHPHQW $FFRUGLQJ WR WKH LVVXHG FLUFXODU 1U  RI WKH 6XSHULQWHQGHQF\RI6HFXULWLHVDQG.Q UHODWLRQ WR ÀQDQFH FRVWV WKHVH DUH FDUULHG WR H[SHQVHV ZKHQ WKH\ DUH LQFXUUHG DQG DUH IRXQG LQ WKH ÀQDQFH H[SHQVH LWHP SUHVHQWHG LQ QRQRSHUDWLQJ LQFRPH 7KLV FODVVLÀFDWLRQ GRHV QRW LQFOXGH FRVWV WR ÀQDQFH WKH FRQVWUXFWLRQ RU GHYHORSPHQW RI DVVHWV UHTXLULQJ D VXEVWDQWLDO SHULRG WR SUHSDUH WKH DVVHW IRU XVH DFFRUGLQJ WR WKH RSHUDWLQJ FRQGLWLRQV HVWDEOLVKHG E\ 0DQDJHPHQW )LQDQFH FRVWV UHODWHG WR DQ DVVHW DUHFDSLWDOL]HGIURPWKHGDWHRQZKLFKWKHDVVHWWREH EXLOWLVNQRZQ7KHDPRXQWRIFDSLWDOL]HGÀQDQFHFRVWV EHIRUH WD[HV.

 IRU WKH \HDU LV GHWHUPLQHG E\ DSSO\LQJ WKHHIIHFWLYHLQWHUHVWUDWHWRWKHORDQVHIIHFWLYHGXULQJ WKH\HDULQZKLFKWKHÀQDQFHH[SHQVHVDUHFDSLWDOL]HG 101 .

Estados Financieros / Financial Statements 102  .QVWUXPHQWRVÀQDQFLHURVGHULYDGRV  'HULYDWLYHÀQDQFLDOLQVWUXPHQWV D.

  $FWLYRV)LQDQFLHURVDYDORUUD]RQDEOHFRQ FDPELRVHQHOUHVXOWDGR D.

  )LQDQFLDODVVHWVDWIDLUYDOXHZLWKHIIHFW  RQLQFRPH /RV DFWLYRV ÀQDQFLHURV D YDORU UD]RQDEOH FRQ FDPELRV HQ UHVXOWDGRV VRQ DFWLYRV ÀQDQFLHURV PDQWHQLGRV SDUD QHJRFLDU 8Q DFWLYR ÀQDQFLHUR VH FODVLÀFD HQ HVWD FDWHJRUtDVLVHDGTXLHUHSULQFLSDOPHQWHFRQHOSURSyVLWR GH YHQGHUVH HQ HO FRUWR SOD]R /RV GHULYDGRV WDPELpQ VH FODVLÀFDQ FRPR DGTXLULGRV SDUD VX QHJRFLDFLyQ D PHQRV TXH VHDQ GHVLJQDGRV FRPR FREHUWXUDV /RV DFWLYRV GH HVWD FDWHJRUtD VH FODVLÀFDQ FRPR DFWLYRV FRUULHQWHV /DV LQYHUVLRQHV HQ YDORUHV QHJRFLDEOHV VH UHJLVWUDQ LQLFLDOPHQWH DO FRVWR \ SRVWHULRUPHQWH VX YDORU VH DFWXDOL]DFRQEDVHHQVXYDORUGHPHUFDGR YDORUMXVWR.

 E.

QVWUXPHQWRVÀQDQFLHURVGHULYDGRV /RV GHULYDGRV VH UHFRQRFHQ LQLFLDOPHQWH DO YDORU MXVWR HQ OD IHFKD HQ TXH VH KD HIHFWXDGR HO FRQWUDWR GH GHULYDGRV \ SRVWHULRUPHQWH VH YXHOYHQ D YDORUDU D VX YDORU MXVWR (O PpWRGR SDUD UHFRQRFHU OD SpUGLGD R JDQDQFLD UHVXOWDQWH GHSHQGH GH VL HO GHULYDGR KD FDOLÀFDGRFRPRFREHUWXUD\VLHVDVtGHODQDWXUDOH]D GH OD SDUWLGD TXH HVWi FXEULHQGR /D 6RFLHGDG XWLOL]D SULQFLSDOPHQWHFREHUWXUDVGHÁXMRGHFDMDGHSDUWLGDV DÀUPH\ÁXMRGHFDMDHVSHUDGRVDOWDPHQWHSUREDEOH /D 6RFLHGDG GRFXPHQWD DO LQLFLR GH OD WUDQVDFFLyQ OD UHODFLyQ H[LVWHQWH HQWUH ORV LQVWUXPHQWRV GH FREHUWXUD \ODVSDUWLGDVFXELHUWDVDVtFRPRVXVREMHWLYRVSDUDOD JHVWLyQGHOULHVJR\ODHVWUDWHJLD SDUDOOHYDUDFDERGLYHUVDVRSHUDFLRQHVGHFREHUWXUD /D 6RFLHGDG WDPELpQ GRFXPHQWD VX HYDOXDFLyQ WDQWR DO LQLFLR FRPR VREUH XQD EDVH FRQWLQXD GH VL ORV GHULYDGRV TXH VH XWLOL]DQ HQ ODV WUDQVDFFLRQHV GH FREHUWXUDVRQDOWDPHQWHHIHFWLYRVSDUDFRPSHQVDUORV FDPELRVHQHOYDORUMXVWRRHQORVÁXMRVGHHIHFWLYRGH ODVSDUWLGDVFXELHUWDV (O YDORU MXVWR WRWDO GH ORV GHULYDGRV GH FREHUWXUD VH FODVLÀFD FRPR 2WURV DFWLYRV R SDVLYRV ÀQDQFLHURV QR FRUULHQWHV VL HO YHQFLPLHQWR UHVWDQWH GH OD SDUWLGD FXELHUWDHVVXSHULRUDPHVHV\FRPRRWURVDFWLYRVR SDVLYRVÀQDQFLHURVFRUULHQWHVVLHOYHQFLPLHQWRUHVWDQWH GH OD SDUWLGD FXELHUWD HV LJXDO R LQIHULRU D  PHVHV /RV GHULYDGRV QR UHJLVWUDGRV FRPR GH FREHUWXUD VH FODVLÀFDQFRPR2WURVDFWLYRVRSDVLYRVÀQDQFLHURV /D SDUWH HIHFWLYD GH FDPELRV HQ HO YDORU MXVWR GH ORV GHULYDGRVTXHVHGHVLJQDQ\FDOLÀFDQFRPRFREHUWXUDV GHÁXMRVGHHIHFWLYRVHUHFRQRFHQHQHOHVWDGRGHRWURV UHVXOWDGRVLQWHJUDOHV/DSpUGLGDRJDQDQFLDUHODWLYDD ODSDUWHQRHIHFWLYDVHUHFRQRFHLQPHGLDWDPHQWHHQ HO HVWDGR GH UHVXOWDGRV FRQVROLGDGR GHQWUR GH ´RWUDV JDQDQFLDV SpUGLGDV. .

µ 7KHÀQDQFLDODVVHWVDWIDLUYDOXHZLWKHIIHFWRQLQFRPH DUHÀQDQFLDODVVHWVKHOGIRUQHJRWLDWLRQ$ÀQDQFHDVVHW LVFODVVLÀHGXQGHUWKLVFDWHJRU\LILWLVDFTXLUHGSULPDULO\ IRU WKH SXUSRVH RI VHOOLQJ LQ WKH VKRUW WHUP 'HULYDWLYHV DUHDOVRFODVVLÀHGDVDFTXLUHGIRUQHJRWLDWLRQXQOHVVWKH\ DUH GHVLJQDWHG DV KHGJHV 7KH DVVHWV LQ WKLV FDWHJRU\ DUHFODVVLÀHGDVFXUUHQWDVVHWV .QYHVWPHQWVLQQHJRWLDEOHVHFXULWLHVDUHLQLWLDOO\UHFRUGHG DWFRVWDQGWKHQWKHLUYDOXHLVXSGDWHGEDVHGRQWKHLU PDUNHWYDOXH IDLUYDOXH.

 E.

 'HULYDWLYHÀQDQFLDOLQVWUXPHQWV 'HULYDWLYHV DUH LQLWLDOO\ UHFRJQL]HG DW IDLU YDOXH RQ WKH GDWHRIWKHGHULYDWLYHFRQWUDFWDQGWKHQWKH\DUHYDOXHG DJDLQDWWKHLUIDLUYDOXH7KHPHWKRGIRUUHFRJQL]LQJWKH UHVXOWLQJ ORVV RU SURÀW GHSHQGV RQ LI WKH GHULYDWLYH KDV EHHQFODVVLÀHGDVDKHGJHDQGLIVRWKHQDWXUHRIWKH LWHPLWLVKHGJLQJ 7KH &RPSDQ\ SULPDULO\ XVHV FDVK ÁRZ KHGJHV RI ÀUP FDVKÁRZVDQGKLJKO\SUREDEOHH[SHFWHGFDVKÁRZV 7KH&RPSDQ\GRFXPHQWVWKHUHODWLRQVKLSEHWZHHQWKH KHGJH LQVWUXPHQW DQG KHGJHG LWHPV DW WKH EHJLQQLQJ RI WKH WUDQVDFWLRQ DV ZHOO DV LWV ULVN PDQDJHPHQW REMHFWLYHV DQG WKH VWUDWHJ\ IRU SHUIRUPLQJ GLIIHUHQW KHGJH RSHUDWLRQV 7KH &RPSDQ\ DOVR GRFXPHQWV LWV HYDOXDWLRQERWKDWWKHEHJLQQLQJDQGRQDSHUPDQHQW EDVLV RI ZKHWKHU WKH GHULYDWLYHV XVHG LQ KHGJH WUDQVDFWLRQV DUH KLJKO\ HIIHFWLYH IRU FRPSHQVDWLQJ WKH FKDQJHVLQIDLUYDOXHRULQWKHFDVKÁRZVRIWKHKHGJHG LWHPV 7KH WRWDO IDLU YDOXH RI KHGJH GHULYDWLYHV LV FODVVLÀHG DV 2WKHU QRQFXUUHQW DVVHWV RU ÀQDQFLDO OLDELOLWLHV LI WKH UHPDLQLQJ H[SLUDWLRQ RI WKH KHGJHG LWHP LV JUHDWHU WKDQPRQWKVDQGDVRWKHUFXUUHQWDVVHWVRUÀQDQFLDO OLDELOLWLHV LI WKH UHPDLQLQJ H[SLUDWLRQ RI WKH KHGJHG LWHPLVOHVVWKDQRUHTXDOWRPRQWKV'HULYDWLYHVQRW UHFRUGHG DV KHGJHV DUH FODVVLÀHG DV 2WKHU DVVHWV RU ÀQDQFLDOOLDELOLWLHV 7KH HIIHFWLYH SDUW RI FKDQJHV LQ WKH IDLU YDOXH RI GHULYDWLYHV WKDW DUH GHVLJQDWHG DQG FODVVLÀHG DV FDVK ÁRZ KHGJHV DUH UHFRJQL]HG LQ WKH VWDWHPHQW RI RWKHU FRPSUHKHQVLYHLQFRPH7KHORVVRUSURÀWUHODWHGWRWKH QRQHIIHFWLYH SDUW LV LPPHGLDWHO\ UHFRJQL]HG LQ WKH VWDWHPHQWRIFRQVROLGDWHGLQFRPHZLWKLQ´RWKHUSURÀWV ORVVHV.

µ &XDQGR XQ LQVWUXPHQWR GH FREHUWXUD YHQFH R VH YHQGH R FXDQGR QR FXPSOH ORV UHTXLVLWRV H[LJLGRV SDUD FRQWDELOLGDG GH FREHUWXUD FXDOTXLHU JDQDQFLD RSpUGLGDDFXPXODGDHQHOHVWDGRGHRWURVUHVXOWDGRV LQWHJUDOHVKDVWDHVHPRPHQWRSHUPDQHFHHQHOHVWDGR GH RWURV UHVXOWDGRV LQWHJUDOHV \ VH UHFRQRFH FXDQGR OD WUDQVDFFLyQ SUHYLVWD HV UHFRQRFLGD ÀQDOPHQWH HQ HO HVWDGR GH UHVXOWDGRV LQGLYLGXDO &XDQGR VH HVSHUD TXH OD WUDQVDFFLyQ SUHYLVWD QR VH YD\D D SURGXFLU OD JDQDQFLDRSpUGLGDDFXPXODGDHQHOHVWDGRGHRWURV UHVXOWDGRVLQWHJUDOHVVHOOHYDLQPHGLDWDPHQWHDOHVWDGR GHUHVXOWDGRGH´2WUDVJDQDQFLDV SpUGLGDV.

µ /D&RPSDxtDHYDO~DODH[LVWHQFLDGHGHULYDGRVLPSOtFLWRV HQFRQWUDWRVGHLQVWUXPHQWRVÀQDQFLHURV\QRÀQDQFLHURV SDUD GHWHUPLQDU VL VXV FDUDFWHUtVWLFDV \ ULHVJRV HVWiQ HVWUHFKDPHQWHUHODFLRQDGRVFRQHOFRQWUDWRSULQFLSDO (Q FDVR GH QR HVWDU HVWUHFKDPHQWH UHODFLRQDGRV VRQ UHJLVWUDGRV VHSDUDGDPHQWH FRQWDELOL]DQGR ODV YDULDFLRQHVGHYDORUUD]RQDEOHHQUHVXOWDGRV /DHVWUDWHJLDGHDGPLQLVWUDFLyQGHOULHVJRGHWDVDVGH LQWHUpV LQWHQWD ÀMDU ORV ÁXMRV GH FDMD JHQHUDGRV SRU HO ÀQDQFLDPLHQWR D WDVD YDULDEOH 86 /LERU  D WUDYpV GH OD LPSOHPHQWDFLyQ GH XQD FREHUWXUD GH ÁXMR GH HIHFWLYR HQ OD TXH VH GHVLJQD XQ LQVWUXPHQWR GH FREHUWXUD LQVWUXPHQWR GHULYDGR.

 SDUD FRPSHQVDU OD H[SRVLFLyQ GH ORV ÁXMRV GH FDMD SDJRV GH LQWHUHVHV.

 IXWXURVTXHGHSHQGHQGHODVWDVDV86/LERUIXWXUDV RIRUZDUGV HVWLPDGDVDSDUWLUGHODVFXUYDVFHURFXSyQ /LERU.

 FXEULHQGR DVt XQD WUDQVDFFLyQ IXWXUD SUHYLVWD DOWDPHQWHSUREDEOHGHHMHFXWDU /D HVWUDWHJLD GH DGPLQLVWUDFLyQ GHO ULHVJR GH WDVD GH LQWHUpVIXHDSUREDGDSRUHO'LUHFWRULR\OOHYDGDDFDER SRUOD$GPLQLVWUDFLyQGHOD6RFLHGDG (OGHWDOOHGHODHVWUDWHJLDGHFREHUWXUDGHOD6RFLHGDG VHSUHVHQWDDFRQWLQXDFLyQ  &REHUWXUD GH ÁXMRV GH LQWHUHVHV GH XQD REOLJDFLyQ EDQFDULDDWDVDYDULDEOH (VWD HVWUDWHJLD GH FREHUWXUD WLHQH SRU REMHWR FXEULU HO ÀQDQFLDPLHQWR D 86 /LERU  WUDQVIRUPDQGR GLFKD WDVD YDULDEOH D WDVD ÀMD GXUDQWH WRGD OD YLGD OD RSHUDFLyQ $Vt PLVPR ORV GHULYDGRV IXHURQ WRPDGRV FRQODVPLVPDVFDUDFWHUtVWLFDVGHODGHXGDDWDVD86 /LERUFRQHOÀQGHQRWHQHULQHIHFWLYLGDG $O LQLFLR GH OD FREHUWXUD OD 6RFLHGDG GRFXPHQWy OD UHODFLyQ GH FREHUWXUD LQVWUXPHQWR GH FREHUWXUD \ REMHWR GH FREHUWXUD.

 ORV REMHWLYRV GH OD FREHUWXUD OD HVWUDWHJLD GH JHVWLyQ GH ULHVJR \ ODV SUXHEDV GH HIHFWLYLGDG UHFRQRFLHQGR HQ HO SDWULPRQLR \ HQ HO UHVXOWDGR ODV SRUFLRQHV FRUUHVSRQGLHQWHV GH OD FREHUWXUD :KHQ D KHGJH LQVWUXPHQW H[SLUHV RU LV VROG RU ZKHQ WKH KHGJH DFFRXQWLQJ UHTXLUHPHQWV DUH QRW PHW DQ\ DFFXPXODWHG SURÀW RU ORVV LQ WKH VWDWHPHQW RI RWKHU FRPSUHKHQVLYH LQFRPH XS XQWLO WKDW PRPHQW UHPDLQV LQ WKH VWDWHPHQW RI RWKHU FRPSUHKHQVLYH LQFRPH DQG LV UHFRJQL]HG ZKHQ WKH IRUHVHHQ WUDQVDFWLRQ LV ÀQDOO\ UHFRJQL]HG LQ WKH VWDWHPHQW RI FRQVROLGDWHG LQFRPH :KHQLWLVH[SHFWHGWKDWWKHIRUHVHHQWUDQVDFWLRQZLOOQRW RFFXUWKHDFFXPXODWHGSURÀWRUORVVLQWKHVWDWHPHQWRI RWKHUFRPSUHKHQVLYHLQFRPHLVLPPHGLDWHO\FDUULHGWR WKHVWDWHPHQWRILQFRPHXQGHU´2WKHUSURÀWV ORVVHV.

µ 7KH &RPSDQ\ HYDOXDWHV WKH H[LVWHQFH RI LPSOLFLW GHULYDWLYHV LQ ÀQDQFLDO DQG QRQÀQDQFLDO LQVWUXPHQW FRQWUDFWV WR GHWHUPLQH LI WKHLU FKDUDFWHULVWLFV DQG ULVNV DUH FORVHO\ UHODWHG WR WKH PDLQ FRQWUDFW .I QRW WKH\ DUHUHFRUGHGVHSDUDWHO\UHFRUGLQJWKHYDULDWLRQVLQIDLU YDOXHXQGHULQFRPH 7KHLQWHUHVWUDWHULVNPDQDJHPHQWVWUDWHJ\DWWHPSWVWR À[ FDVK ÁRZV JHQHUDWHG IURP ÀQDQFLQJ DW D 86 /LERU YDULDEOHUDWHWKURXJKWKHLPSOHPHQWDWLRQRIDFDVK ÁRZ KHGJH LQ ZKLFK D KHGJH LQVWUXPHQW GHULYDWLYH LQVWUXPHQW.

LVGHVLJQDWHGWRFRPSHQVDWHWKHH[SRVXUH RIWKHIXWXUHFDVKÁRZV LQWHUHVWSD\PHQWV.

WKDWGHSHQG RQWKHIXWXUHRUIRUZDUG86/LERUUDWHV HVWLPDWHG XVLQJ WKH /LERU ]HUR FRXSRQ FXUYHV.

 WKXV KHGJLQJ D IRUHVHHQIXWXUHWUDQVDFWLRQZKRVHH[HFXWLRQLVKLJKO\ SUREDEOH 7KH LQWHUHVW UDWH ULVN PDQDJHPHQW VWUDWHJ\ ZDV DSSURYHGE\WKH%RDUGRI'LUHFWRUVDQGFDUULHGRXWE\ WKH&RPSDQ\·VPDQDJHPHQW 7KHGHWDLORIWKH&RPSDQ\·VKHGJHVWUDWHJ\LVSUHVHQWHG EHORZ  .QWHUHVWÁRZKHGJHRIDEDQNREOLJDWLRQDWDYDULDEOH rate 7KLV KHGJH VWUDWHJ\ LV DLPHG DW KHGJLQJ ÀQDQFLQJ DW 86 /LERU  WUDQVIRUPLQJ WKDW YDULDEOH UDWH WR D À[HG UDWH GXULQJ WKH HQWLUH OLIH RI WKH RSHUDWLRQ /LNHZLVHWKHGHULYDWLYHVZHUHWDNHQZLWKWKHVDPHGHEW FKDUDFWHULVWLFVDWD86/LERUUDWHLQRUGHUWRDYRLG LQHIIHFWLYHQHVV $W WKH EHJLQQLQJ RI WKH KHGJH WKH &RPSDQ\ GRFXPHQWHGWKHKHGJHUHODWLRQVKLS KHGJHLQVWUXPHQW DQG KHGJHG REMHFW.

 WKH KHGJH REMHFWLYHV WKH ULVN PDQDJHPHQW VWUDWHJ\ DQG WKH HIIHFWLYHQHVV WHVWV UHFRJQL]LQJWKHSRUWLRQVFRUUHVSRQGLQJWRWKHKHGJHLQ HTXLW\DQGLQLQFRPH 103 .

)56 ZKHUH WKH HIIHFWLYH SRUWLRQ RI WKH KHGJHLQVWUXPHQWLVFDUULHGWRHTXLW\DQGWKHLQHIIHFWLYH SRUWLRQWRLQFRPHIRUWKH\HDU &DEHPHQFLRQDUTXHDOYHQFLPLHQWRGHODVHVWUDWHJLDV GH FREHUWXUD HO UHVXOWDGR GLIHULGR HQ SDWULPRQLR HV WUDVSDVDGRDOUHVXOWDGRGHOHMHUFLFLR /D FREHUWXUD FRQWDEOH GH OD 6RFLHGDG VyOR SRGUi VHU LQWHUUXPSLGDHQORVVLJXLHQWHVFDVRV /D SRVLFLyQ GHO LQVWUXPHQWR GHVLJQDGR GH FREHUWXUD H[SLUD VLQ TXH KD\D VLGR SUHYLVWD XQD VLWXDFLyQ R UHQRYDFLyQVLVHYHQGHROLTXLGDVHHMHUFHRVHFLHUUD /D FREHUWXUD GHMD GH FXPSOLU FRQ FXDOTXLHUD GH ORV UHTXLVLWRVQHFHVDULRVSDUDSRGHUDSOLFDUODFRQWDELOLGDG HVSHFLDOGHFREHUWXUDV(QFDVRTXHH[LVWDHYLGHQFLDGH TXHODWUDQVDFFLyQIXWXUDSUHYLVWDREMHWRGHFREHUWXUD QRVHOOHYDUiDFDER736VXVSHQGHUiVXGHVLJQDFLyQGH FREHUWXUD F.Estados Financieros / Financial Statements 104 /DVFREHUWXUDVGHEHQWHQHUXQDOWRJUDGRGHHIHFWLYLGDG GHVGH VX LQLFLR \ HQ FXDOTXLHU PRPHQWR GXUDQWH HO SHUtRGR SDUD HO FXDO HOOD VH HVWUXFWXUH 6H HQWLHQGH FRPRHIHFWLYLGDGHOJUDGRHQTXHODVYDULDFLRQHVHQORV ÁXMRVGHFDMDGHOLQVWUXPHQWRGHFREHUWXUDFRPSHQVDQ ODV YDULDFLRQHV HQ ORV ÁXMRV GH FDMD GHO REMHWR GH FREHUWXUDDWULEXLEOHVDOULHVJRFXELHUWR 7KH KHGJHV PXVW KDYH D KLJK GHJUHH RI HIIHFWLYHQHVV IURPWKHEHJLQQLQJDQGDWDQ\WLPHGXULQJWKHSHULRG IRUZKLFKLWLVVWUXFWXUHG(IIHFWLYHQHVVLVXQGHUVWRRGDV WKHGHJUHHWRZKLFKYDULDWLRQVLQWKHFDVKÁRZVRIWKH KHGJH LQVWUXPHQW FRPSHQVDWH WKH YDULDWLRQV LQ FDVK ÁRZVRIWKHKHGJHGREMHFWDWWULEXWDEOHWRWKHKHGJHG ULVN /D FRQWDELOL]DFLyQ SRVWHULRU GH OD FREHUWXUD GH ÁXMR GH HIHFWLYR GH OD 6RFLHGDG VH UHDOL]D UHJLVWUDQGR OD SDUWLGDFXELHUWDDVXFRVWRDPRUWL]DGR\HOLQVWUXPHQWR GHFREHUWXUDDYDORUMXVWRGHDFXHUGRFRQ.)56GRQGH OD SRUFLyQ HIHFWLYD GHO LQVWUXPHQWR GH FREHUWXUD HV OOHYDGDDSDWULPRQLR\ODSRUFLyQLQHIHFWLYDDOUHVXOWDGR GHOSHUtRGR 7KH VXEVHTXHQW DFFRXQWLQJ RI WKH &RPSDQ\·V FDVK ÁRZKHGJHLVGRQHE\UHFRUGLQJWKHKHGJHGLWHPDWLWV DPRUWL]HGFRVWDQGWKHKHGJHLQVWUXPHQWDWIDLUYDOXH DFFRUGLQJ WR .

 .QVWUXPHQWRVÀQDQFLHURVQR'HULYDGRV .IWKHUHLVDQ\HYLGHQFHWKDWDIRUHVHHQIXWXUH WUDQVDFWLRQ WR EH KHGJHG ZLOO QRW EH FDUULHG RXW WKH &RPSDQ\VKDOOVXVSHQGWKHGHVLJQDWLRQRIWKHKHGJH F.WVKRXOGEHQRWHGWKDWXSRQH[SLUDWLRQRIWKHKHGJLQJ VWUDWHJLHVWKHGHIHUUHGLQFRPHLQHTXLW\LVWUDQVIHUUHGWR WKHLQFRPHIRUWKH\HDU 7KH&RPSDQ\·VKHGJLQJFDQRQO\EHLQWHUUXSWHGLQWKH IROORZLQJFDVHV $ SRVLWLRQ RI WKH GHVLJQDWHG KHGJH LQVWUXPHQW H[SLUHV DQGQRVLWXDWLRQRUUHQHZDOKDVEHHQIRUHVHHQLWLVVROG RUOLTXLGDWHGRULWLVH[HUFLVHGRUFORVHG 7KH KHGJH QR ORQJHU PHHWV RQH RI WKH QHFHVVDU\ UHTXLUHPHQWV LQ RUGHU WR DSSO\ WKH VSHFLDO DFFRXQWLQJ RIKHGJHV.

 1RQGHULYDWLYHÀQDQFLDOLQVWUXPHQWV F.

3DVLYRVÀQDQFLHURV F.

)LQDQFLDOOLDELOLWLHV F.

$FUHHGRUHV&RPHUFLDOHV\2WUDVFXHQWDVSRU  SDJDU F.

7UDGHUHFHLYDEOHVDQGRWKHUDFFRXQWVUHFHLYDEOH 6H LQFOX\HQ HQ HVWH UXEUR ORV LPSRUWHV SHQGLHQWHV GH SDJRSRUFRPSUDVFRPHUFLDOHV\JDVWRVUHODFLRQDGRV ORVTXHVHUHJLVWUDQDVXYDORUQRPLQDO'LFKDVSDUWLGDV QRVHHQFXHQWUDQDIHFWDVDLQWHUHVHV F.

3UpVWDPRVTXHGHYHQJDQLQWHUHVHV (VWRV SUpVWDPRV VH UHJLVWUDUiQ JHQHUDOPHQWH SRU HO HIHFWLYR UHFLELGR QHWR GH ORV FRVWRV LQFXUULGRV HQ OD WUDQVDFFLyQ  6H YDORUDUiQ D VX FRVWR DPRUWL]DGR XWLOL]DQGRHOPpWRGRGHODWDVDGHLQWHUpVHIHFWLYD /RV JDVWRV ÀQDQFLHURV LQFOXLGDV ODV SULPDV D SDJDU HQ OD OLTXLGDFLyQ R HO UHHPEROVR \ ORV FRVWRV GLUHFWRV GH HPLVLyQ VH FRQWDELOL]DUiQ VHJ~Q HO FULWHULR GHO GHYHQJDGR HQ UHVXOWDGRV XWLOL]DQGR HO PpWRGR GH OD WDVD GH LQWHUpV HIHFWLYD \ VH DxDGLUiQ DO LPSRUWH HQ OLEURVGHLQVWUXPHQWRHQODPHGLGDHQTXHQRVHOLTXLGHQ HQHOSHUtRGRHQTXHVHSURGXFHQ 7KLV LWHP LQFOXGHV DPRXQW SHQGLQJ SD\PHQW IURP FRPPHUFLDO SXUFKDVHV DQG UHODWHG H[SHQVHV ZKLFK DUH UHJLVWHUHG DW QRPLQDO YDOXH 7KHVH LWHPV DUH QRW VXEMHFWWRLQWHUHVW F.

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ÁXMRVGHHIHFWLYRGLUHFWR  'LUHFWVWDWHPHQWRIFDVKÁRZV (O(VWDGRGHÁXMRVGHHIHFWLYRFRQVLGHUDORVPRYLPLHQWRV GHFDMDUHDOL]DGRVGXUDQWHFDGDHMHUFLFLRGHWHUPLQDGRV PHGLDQWHHOPpWRGRGLUHFWRSDUDORFXDOVHFRQVLGHUDQ 7KH 6WDWHPHQW RI &DVK )ORZV FRQVLGHUV WKH FDVK PRYHPHQWV RFFXUUHG GXULQJ HDFK \HDU GHWHUPLQHG XVLQJWKHGLUHFWPHWKRGDQGFRQVLGHUV D.

  &RPR ÁXMRV GH HIHFWLYR ODV HQWUDGDV \ VDOLGDV GH HIHFWLYRGHEDQFRVODVLQYHUVLRQHVDSOD]RLQIHULRUDWUHV PHVHVGHJUDQOLTXLGH]\EDMRULHVJRGHDOWHUDFLRQHVHQ VXYDORU D.

 &DVK ÁRZV DV WKH HQWU\ DQG RXWÁRZ RI FDVK LQ EDQNLQJDFFRXQWVKLJKO\OLTXLGLQYHVWPHQWVZLWKDWHUP RI OHVV WKDQ WKUHH PRQWKV DQG ORZ ULVN RI DOWHUDWLRQV LQ WKHLUYDOXH E.

&RPRDFWLYLGDGHVGHRSHUDFLyQRGHH[SORWDFLyQ ODV TXH FRQVWLWX\HQ OD IXHQWH SULQFLSDO GH LQJUHVRV RUGLQDULRV FRPR WDPELpQ RWUDV DFWLYLGDGHV QR FDOLÀFDGDVFRPRGHLQYHUVLyQRGHÀQDQFLDPLHQWR E.

$VRSHUDWLQJDFWLYLWLHVWKRVHWKDWFRQVWLWXWHWKHPDLQ VRXUFHRIRUGLQDU\LQFRPHDVZHOODVRWKHUDFWLYLWLHVQRW FODVVLÀHGDVLQYHVWPHQWRUÀQDQFLQJ F.

  &RPR DFWLYLGDGHV GH LQYHUVLyQ ODV DGTXLVLFLRQHV HQDMHQDFLyQRGLVSRVLFLyQSRURWURVPHGLRVGHDFWLYRV QR FRUULHQWHV \ RWUDV LQYHUVLRQHV QR LQFOXLGDV HQ HO HIHFWLYR\VXVHTXLYDOHQWHV G.

&RPRDFWLYLGDGHVGHÀQDQFLDPLHQWRDTXHOODVTXH SURGXFHQ FDPELRV HQ HO WDPDxR \ FRPSRVLFLyQ GHO SDWULPRQLRQHWR\GHORVSDVLYRVGHFDUiFWHUÀQDQFLHUR F.

 $V LQYHVWLQJ DFWLYLWLHV WKH DFTXLVLWLRQV WUDQVIHUV RU RWKHUW\SHVRIGLVSRVDOVRIQRQFXUUHQWDVVHWVDQGRWKHU LQYHVWPHQWVQRWLQFOXGHGLQFDVKDQGFDVKHTXLYDOHQW G.

QIRUPDFLyQ)LQDQFLHUD  1HZ6WDQGDUGV.)56 DVtFRPRODVLQWHUSUHWDFLRQHVTXHKDQVLGRSXEOLFDGDV HQHOSHUtRGRVHHQFXHQWUDQGHWDOODGDVDFRQWLQXDFLyQ $ OD IHFKD GH HVWRV (VWDGRV )LQDQFLHURV HVWDV QRUPDV D~QQRHQWUDQHQYLJHQFLD\OD6RFLHGDGQRKDDSOLFDGR HQIRUPDDQWLFLSDGD 7KH QHZ UXOHV LPSURYHPHQWV DQG PRGLÀFDWLRQV WR WKH .QJUHVRVSURFHGHQWHVGH&RQWUDWRVFRQ&OLHQWHV  5HYHQXHIURP&RQWUDFWVZLWK&XVWRPHUV )HFKDGHDSOLFDFLy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ÀFDFLRQHVDODV.QWHUQDFLRQDOHVGH.Q WKH VWDWHPHQW RI ÀQDQFLDO SRVLWLRQ WKH EDODQFHV DUH FODVVLÀHG EDVHG RQ WKHLU H[SLUDWLRQ WKDW LV FXUUHQW EDODQFHV DUH WKRVH WKDW H[SLUH ZLWKLQ WZHOYH PRQWKV DQGQRQFXUUHQWEDODQFHVH[SLUHEH\RQGWKDWSHULRG  1XHYDV1RUPDV0HMRUDV\FDPELRVHQODV 1RUPDV.PSURYHPHQWVDQGFKDQJHV LQWKH.$VÀQDQFLQJDFWLYLWLHVWKRVHWKDWSURGXFHFKDQJHV LQWKHVL]HDQGFRPSRVLWLRQRIQHWHTXLW\DQGÀQDQFLDO OLDELOLWLHV  &ODVLÀFDFLyQGHORVVDOGRVHQFRUULHQWHV\ no corrientes   &ODVVLÀFDWLRQRIWKHFXUUHQWDQGQRQ FXUUHQWEDODQFHV (Q HO HVWDGR GH VLWXDFLyQ ÀQDQFLHUD ORV VDOGRV VH FODVLÀFDQHQIXQFLyQGHVXVYHQFLPLHQWRVHVWRHVFRPR FRUULHQWHV DTXHOORV FRQ YHQFLPLHQWR LJXDO R LQIHULRU D GRFH PHVHV \ FRPR QR FRUULHQWHV ORV GH YHQFLPLHQWR VXSHULRUDGLFKRSHUtRGR .)56  .

)56´.)56UHTXLUHPHQWV 7KHPDQGDWRU\HIIHFWLYHGDWHRIWKLVVWDQGDUGLV-DQXDU\ (DUO\DGRSWLRQLVSHUPLWWHG 7KH&RPSDQ\LVVWLOODVVHVVLQJWKHLPSDFWWKLVVWDQGDUG PLJKWFDXVHDQGFRQFOXGHGLWZLOOQRWKDYHDVLJQLÀFDQW LPSDFWRQWKHÀQDQFLDOVWDWHPHQWV /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV .$6  DQG SURYLGH IRU D PRGHO WKDW IDFLOLWDWHV FRPSDULVRQ RI FRPSDQLHV IURP GLIIHUHQW LQGXVWULHV DQG UHJLRQV .)56DQG86*$$37KLV QHZ VWDQGDUG LV LQWHQGHG WR LPSURYH LQFRQVLVWHQFLHV DQG ZHDNQHVVHV RI .)56  )LQDQFLDO .)56  &XHQWDV 5HJXODWRULDV 'LIHULGDV HPLWLGD HQ HQHURGHHVXQDQRUPDSURYLVLRQDOTXHSUHWHQGH PHMRUDU OD FRPSDUDELOLGDG GH LQIRUPDFLyQ ÀQDQFLHUD GH HQWLGDGHV TXH HVWiQ LQYROXFUDGDV HQ DFWLYLGDGHV FRQ SUHFLRV UHJXODGRV 0XFKRV SDtVHV WLHQHQ VHFWRUHV LQGXVWULDOHVTXHHVWiQVXMHWRVDODUHJXODFLyQGHSUHFLRV SRU HMHPSOR JDV DJXD \ HOHFWULFLGDG.)56  .)56´5HYHQXHIURP&RQWUDFWVZLWK&OLHQWVµ .Estados Financieros / Financial Statements 106 .)56  5HYHQXH IURP &RQWUDFWV ZLWK &OLHQWV LVVXHG LQ 0D\LVDQHZVWDQGDUGDSSOLFDEOHWRDOOFRQWUDFWV ZLWK FOLHQWV VDYH IRU OHDVHV ÀQDQFLDO LQVWUXPHQWV DQG LQVXUDQFH FRQWUDFWV 7KLV LV D SURMHFW GHYHORSHG DORQJ ZLWK WKH )$6% LQWHQGHG WR HOLPLQDWH UHYHQXH UHFRJQLWLRQGLIIHUHQFHVEHWZHHQ.)56 \ 86 *$$3 (VWD QXHYD QRUPD SUHWHQGH PHMRUDU ODV LQFRQVLVWHQFLDV \ GHELOLGDGHV GH .$6  \ SURSRUFLRQDU XQ PRGHOR TXH IDFLOLWDUi OD FRPSDUDELOLGDGGHFRPSDxtDVGHGLIHUHQWHVLQGXVWULDV \ UHJLRQHV 3URSRUFLRQD XQ QXHYR PRGHOR SDUD HO UHFRQRFLPLHQWR GH LQJUHVRV \ UHTXHULPLHQWRV PiV GHWDOODGRV SDUD FRQWUDWRV FRQ HOHPHQWRV P~OWLSOHV $GHPiV UHTXLHUH UHYHODFLRQHV PiV GHWDOODGDV /D QRUPDVHUiGHDSOLFDFLyQREOLJDWRULDSDUDORVSHULRGRV DQXDOHVTXHFRPLHQFHQDSDUWLUGHOGHHQHURGH 6HSHUPLWHVXDSOLFDFLyQDQWLFLSDGD .QVWUXPHQWV ZDV LVVXHG LQ -XO\  LQ ZKLFK DOO WKH SKDVHV RI .QVWUXPHQWRV )LQDQFLHURV UHXQLHQGR WRGDV ODV IDVHV GHO SUR\HFWRGHO.$6% SURMHFW ZHUH MRLQHG WR VXSHUVHGH .$6  )LQDQFLDO .)56.)56´5HJXODWRU\'HIHUUDO$FFRXQWVµ .)56´)LQDQFLDO.QVWUXPHQWVµ (Q MXOLR GH  IXH HPLWLGD OD YHUVLyQ ÀQDO GH .QVWUXPHQWRV )LQDQFLHURV 5HFRQRFLPLHQWR \ 0HGLFLyQ (VWD QRUPD LQFOX\H QXHYRV UHTXHULPLHQWRV EDVDGRV HQ SULQFLSLRV SDUD OD FODVLÀFDFLyQ \ PHGLFLyQ LQWURGXFH XQ PRGHOR ´PiV SURVSHFWLYRµ GH SpUGLGDV FUHGLWLFLDV HVSHUDGDV SDUD OD FRQWDELOLGDG GHO GHWHULRUR \ XQ HQIRTXH VXVWDQFLDOPHQWH UHIRUPDGR SDUD OD FRQWDELOLGDG GH FREHUWXUDV /DV HQWLGDGHV WDPELpQ WHQGUiQ OD RSFLyQ GH DSOLFDU HQ IRUPD DQWLFLSDGD OD FRQWDELOLGDG GH JDQDQFLDV \ SpUGLGDV SRU FDPELRV GH YDORU MXVWR UHODFLRQDGRV FRQ HO ´ULHVJR FUHGLWLFLR SURSLRµ SDUD ORV SDVLYRV ÀQDQFLHURV GHVLJQDGRV DO YDORU UD]RQDEOH FRQ FDPELRVHQUHVXOWDGRVVLQDSOLFDUORVRWURVUHTXHULPLHQWRV GH.$6.)56´&XHQWDV5HJXODWRULDV'LIHULGDVµ .W DOVR SURYLGHV D QHZ PRGHO IRU WKH UHYHQXH UHFRJQLWLRQ DQG PRUH GHWDLOHG UHTXLUHPHQWV IRU FRQWUDFWV ZLWK PXOWLSOH HOHPHQWV .QJUHVRVSURFHGHQWHVGH&RQWUDWRVFRQ&OLHQWHV HPLWLGDHQPD\RGHHVXQDQXHYDQRUPDTXHHV DSOLFDEOH D WRGRV ORV FRQWUDWRV FRQ FOLHQWHV H[FHSWR DUUHQGDPLHQWRV LQVWUXPHQWRV ÀQDQFLHURV \ FRQWUDWRV GH VHJXURV 6H WUDWD GH XQ SUR\HFWR FRQMXQWR FRQ HO )$6% SDUD HOLPLQDU GLIHUHQFLDV HQ HO UHFRQRFLPLHQWR GH LQJUHVRV HQWUH .QVWUXPHQWRV)LQDQFLHURVµ .Q DGGLWLRQ LW UHTXLUHV PRUH GHWDLOHG GLVFORVXUHV 7KLV VWDQGDUG LV HIIHFWLYH IRU DQQXDO SHULRGV EHJLQQLQJ RQ -DQXDU\DQGHDUO\DGRSWLRQLVSHUPLWWHG 7KH&RPSDQ\LVVWLOODVVHVVLQJWKHLPSDFWWKLVVWDQGDUG PLJKWFDXVHDQGFRQFOXGHGLWZLOOQRWKDYHDVLJQLÀFDQW LPSDFWRQWKHÀQDQFLDOVWDWHPHQWV /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV .)56/DQRUPDVHUiGHDSOLFDFLyQREOLJDWRULDSDUD ORV SHULRGRV DQXDOHV TXH FRPLHQFHQ D SDUWLU GHO  GH HQHURGH6HSHUPLWHVXDSOLFDFLyQDQWLFLSDGD 7KH ÀQDO YHUVLRQ RI .$6%SDUDUHHPSOD]DU.QVWUXPHQWV 5HFRJQLWLRQ DQG 0HDVXUHPHQW 7KLV VWDQGDUG LQFOXGHV QHZ UHTXLUHPHQWV EDVHG RQ FODVVLÀFDWLRQ DQG PHDVXUHPHQW SULQFLSOHV LQWURGXFHV D´PRUHSURVSHFWLYHµPRGHORIH[SHFWHGFUHGLWORVVHV IRU WKH LPSDLUPHQW DFFRXQWLQJ DQG D VXEVWDQWLDOO\ QHZ DSSURDFK IRU KHGJH DFFRXQWLQJ (QWLWLHV ZLOO DOVR KDYHWKHRSWLRQWRHDUO\DGRSWIDLUYDOXHFKDQJHVGXH WR ´RZQ FUHGLWµ RQ OLDELOLWLHV GHVLJQDWHG DW IDLU YDOXH ZLWKFKDQJHVLQWKHLQFRPHWKURXJKWKHSURÀWDQGORVV DFFRXQWLQJZLWKRXWDSSO\LQJRWKHU.

 OD FXDO SXHGH WHQHUXQLPSDFWRVLJQLÀFDWLYRHQHOUHFRQRFLPLHQWRGH LQJUHVRV PRPHQWR\PRQWR.

)56 QR GHEH DSOLFDU HVWD QRUPD /D QRUPDVHUiGHDSOLFDFLyQREOLJDWRULDSDUDORVSHULRGRV DQXDOHVTXHFRPLHQFHQDSDUWLUGHOGHHQHURGH 6HSHUPLWHVXDSOLFDFLyQDQWLFLSDGD .)56 VHJXLU UHFRQRFLHQGR ORV PRQWRV UHODFLRQDGRV FRQ OD UHJXODFLyQ GH SUHFLRV VHJ~Q ORV UHTXHULPLHQWRV GHO 3&*$ DQWHULRU VLQ HPEDUJR PRVWUiQGRORV HQ IRUPD VHSDUDGD 8QD HQWLGDG TXH \D SUHVHQWD HVWDGRV ÀQDQFLHURV EDMR .)565HJXODWRU\'HIHUUDO$FFRXQWVLVVXHGLQ-DQXDU\  LV D SURYLVLRQDO VWDQGDUG SXUSRUWHG WR LPSURYH FRPSDUDELOLW\RIÀQDQFLDOLQIRUPDWLRQRIHQWLWLHVLQYROYHG LQ DFWLYLWLHV ZLWK UHJXODWHG SULFHV 0DQ\ FRXQWULHV KDYH LQGXVWULDO VHFWRUV VXEMHFW WR SULFH UHJXODWLRQ IRU H[DPSOHJDVZDWHUDQGHOHFWULFLW\.GHODHQWLGDG(VWDQRUPD SHUPLWH D ODV HQWLGDGHV TXH DGRSWDQ SRU SULPHUD YH] .

ZKLFKPD\KDYH D VLJQLÀFDQW LPSDFW RQ WKH UHFRJQLWLRQ RI UHYHQXH WLPH DQG DPRXQW.

QYHVWPHQWVLQ$VVRFLDWHVDQG-RLQW9HQWXUHV   -DQXDU\ (VWDGRV)LQDQFLHURV&RQVROLGDGRV GH(QHURGH &RQVROLGDWHG)LQDQFLDO6WDWHPHQWV   -DQXDU\ $FWLYRVQR&RUULHQWHV0DQWHQLGRVSDUDOD9HQWD\2SHUDFLRQHV'LVFRQWLQXDGDV GH(QHURGH 1RQ&XUUHQW$VVHWV+HOGIRU6DOHDQG'LVFRQWLQXHG2SHUDWLRQV  -DQXDU\ .QIRUPDFLyQD5HYHODUVREUH3DUWLFLSDFLRQHVHQ2WUDV(QWLGDGHV GH(QHURGH 'LVFORVXUHRI.)56PXVWQRWDSSO\WKLVVWDQGDUG7KLV VWDQGDUG LV HIIHFWLYH IRU DQQXDO SHULRGV EHJLQQLQJ RQ -DQXDU\DQGHDUO\DGRSWLRQLVSHUPLWWHG /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV .QWDQJLEOHV GH(QHURGH .)56 .QYHVWPHQW3URSHUW\  -XO\ 3URSLHGDGHV3ODQWD\(TXLSR GH(QHURGH 3URSHUW\3ODQWDQG(TXLSPHQW   -DQXDU\ $FWLYRV.QYHUVLyQ GH-XOLR .QIRUPDFLyQ)LQDQFLHUD.$6 .$6 .QWHUHVWVLQ2WKHU(QWLWLHV-DQXDU\ 3UHVHQWDFLyQGH(VWDGRV)LQDQFLHURV GH(QHURGH 3UHVHQWDWLRQRI)LQDQFLDO6WDWHPHQWV-DQXDU\ 107 .$6 )HFKDGHDSOLFDFLyQREOLJDWRULD 0DQGDWRU\HIIHFWLYHGDWH %HQHÀFLRVDORV(PSOHDGRV GH-XOLR\GH(QHURGH (PSOR\HH%HQHÀWV    -XO\DQG-DQXDU\ &RPELQDFLRQHVGH1HJRFLRV GH-XOLR %XVLQHVV&RPELQDWLRQV  -XO\ 3URSLHGDGHVGH.QIRUPDFLyQD5HYHODU GH(QHURGH )LQDQFLDO.)56 .QWDQJLEOH$VVHWV   -DQXDU\ $JULFXOWXUD GH(QHURGH $JULFXOWXUH   -DQXDU\ $FXHUGRV&RQMXQWRV GH(QHURGH -RLQW$UUDQJHPHQWV   -DQXDU\ (VWDGRV)LQDQFLHURV6HSDUDGRV GH(QHURGH 6HSDUDWH)LQDQFLDO6WDWHPHQWV   -DQXDU\ .QWHUPHGLD GH(QHURGH .)56 .QVWUXPHQWRV)LQDQFLHURV.$6 .QYHUVLRQHVHQ$VRFLDGDV\1HJRFLRV&RQMXQWRV GH(QHURGH .)56 .$6 .$6 .QJUHVRV SURFHGHQWHV GH &RQWUDWRV FRQ &OLHQWHVµ 7KH&RPSDQ\DVVHVVHGWKHLPSDFWWKLVVWDQGDUGPLJKW FDXVHDQGFRQFOXGHGLWZLOOQRWKDYHDQHIIHFWRQWKH ÀQDQFLDOVWDWHPHQWV 0HMRUDV\0RGLÀFDFLRQHV .PSURYHPHQWVDQG$PHQGPHQWV .QVWUXPHQWV'LVFORVXUHV   -DQXDU\ .QWHULP)LQDQFLDO5HSRUWLQJ-DQXDU\ .)56 . RI WKH HQWLW\ 7KLV VWDQGDUG DOORZV HQWLWLHV ÀUVW DGRSWLQJ .)56 .$6 .$6 .$6 .)56 WR FRQWLQXH UHFRJQL]LQJ WKH DPRXQWV UHODWHG WR SULFH UHJXODWLRQ DFFRUGLQJ WR WKH SUHYLRXV*$$3KRZHYHUWKH\DUHUHTXLUHGWRSUHVHQW WKHPVHSDUDWHO\$QHQWLW\DOUHDG\SUHVHQWLQJÀQDQFLDO VWDWHPHQWVXQGHU.)56  ´.

$6% LQIRUPHG WKDW UHYHQXH LQ JHQHUDO SUHVHQWV DQ LQDGHTXDWH EDVLV WR PHDVXUH FRQVXPSWLRQ RI WKH LQFRUSRUDWHGHFRQRPLFEHQHÀWVLQDQLQWDQJLEOHDVVHW +RZHYHU WKLV DVVXPSWLRQ PD\ EH GHEDWDEOH LQ VRPH VSHFLÀF FLUFXPVWDQFHV $PHQGPHQWV DUH HIIHFWLYH IRUDQQXDOSHULRGVEHJLQQLQJRQ-DQXDU\(DUO\ DGRSWLRQLVSHUPLWWHG /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV 7KH&RPSDQ\DVVHVVHGWKHLPSDFWWKLVVWDQGDUGPLJKW FDXVHDQGFRQFOXGHGLWZLOOQRWKDYHDVLJQLÀFDQWHIIHFW RQWKHÀQDQFLDOVWDWHPHQWV 7KH&RPSDQ\DVVHVVHGWKHLPSDFWWKLVVWDQGDUGPLJKW FDXVHDQGFRQFOXGHGLWZLOOQRWKDYHDVLJQLÀFDQWHIIHFW RQWKHÀQDQFLDOVWDWHPHQWV 109 .)56  %XVLQHVV &RPELQDWLRQV DQG WKDW WKLV MXGJPHQW LV EDVHG RQ .)56´%XVLQHVV&RPELQDWLRQVµ ´$QQXDO .$6  \ .$6  .QVWUXPHQWRV )LQDQFLHURV VLQ HPEDUJR VH PRGLÀFD .)56VWKDWPLJKW SRWHQWLDOO\KDYHRWKHUYDOXDWLRQEDVHVQRWUHSUHVHQWLQJ WKHIDLUYDOXH5HIHUHQFHWR.)56  %XVLQHVV &RPELQDWLRQV JXLGDQFH .$6\.QVWUXPHQWV LVQRWHOLPLQDWHGKRZHYHU.Q DGGLWLRQ WKH .)56  &RPELQDFLRQHV GH 1HJRFLRV \ TXH HVWH MXLFLRHVWiEDVDGRHQODJXtDGH.Estados Financieros / Financial Statements 108 .$6  ´.)56  .$6´(PSOR\HH%HQHÀWVµ .$6  3URSLHGDGHV GH .$63URYLVLRQHV3DVLYRV&RQWLQJHQWHV\ $FWLYRV &RQWLQJHQWHV X RWUDV .$6LVVXHGLQ1RYHPEHUDSSO\ WR WKH HPSOR\HH RU WKLUG SDUWLHV· FRQWULEXWLRQV WR VSHFLÀFEHQHÀWSODQV7KHREMHFWRIWKHVHDPHQGPHQWV LVWRVLPSOLI\WKHDFFRXQWLQJIRUFRQWULEXWLRQVUHJDUGOHVV RI WKH QXPEHU RI \HDUV DQ HPSOR\HH KDV VHUYHG WKH FRPSDQ\ )RU H[DPSOH HPSOR\HH FRQWULEXWLRQV DUH FDOFXODWHG DFFRUGLQJ WR D À[HG SHUFHQWDJH RI WKH VDODU\$PHQGPHQWV DUH HIIHFWLYH IRU DQQXDO SHULRGV EHJLQQLQJRQ-XO\(DUO\DGRSWLRQLVSHUPLWWHG ´$QQXDO .PSURYHPHQWV F\FOH ²µ HPLWLGR HQ VHSWLHPEUH GH  FODULÀFD TXH SURIXQGLGDG GHO PHUFDGR GH ORV ERQRV FRUSRUDWLYRV GH DOWD FDOLGDG FUHGLWLFLDVHHYDO~DHQEDVHDODPRQHGDHQTXHHVWi GHQRPLQDGD OD REOLJDFLyQ HQ YH] GHO SDtV GRQGH VH HQFXHQWUDODREOLJDFLyQ&XDQGRQRH[LVWDXQPHUFDGR SURIXQGRSDUDHVWRVERQRVHQHVDPRQHGDVHXWLOL]DUi ERQRV HPLWLGRV SRU HO JRELHUQR HQ OD PLVPD PRQHGD \ SOD]RV /DV PRGLÀFDFLRQHV VHUiQ GH DSOLFDFLyQ REOLJDWRULDSDUDORVSHULRGRVDQXDOHVTXHFRPLHQFHQD SDUWLUGHOGHHQHURGH6HSHUPLWHVXDSOLFDFLyQ DQWLFLSDGD ´$QQXDO .$6SXEOLVKHGLQ0D\ WKDWXVLQJPHWKRGVEDVHGRQUHYHQXHWRFDOFXODWHDQ DVVHW GHSUHFLDWLRQ LV QRW DGHTXDWH EHFDXVH UHYHQXH GHULYHG IURP DQ DFWLYLW\ LQFOXGLQJ WKH XVH RI DQ DVVHW QRUPDOO\UHÁHFWVIDFWRUVRWKHUWKDQFRQVXPSWLRQRIWKH HFRQRPLFEHQHÀWVLQFRUSRUDWHGLQWKHDVVHW.QWDQJLEOHVµ .$6  HVWDEOLVK WKH GHSUHFLDWLRQ DQGDPRUWL]DWLRQ EDVLV SULQFLSOH WKDW FRQVWLWXWHV WKH H[SHFWHG FRQVXPSWLRQ EHKDYLRU RI WKH IXWXUH HFRQRPLFEHQHÀWVRIDQDVVHW.$6%QRWDTXH.$6% KDV FRQFOXGHG WKDW .QVWUXPHQWRV )LQDQFLHURV DFODUDQGR TXH XQD FRQVLGHUDFLyQ FRQWLQJHQWH VHD XQ DFWLYR R SDVLYR ÀQDQFLHURVHPLGHDOYDORUUD]RQDEOHFRQFDPELRVHQ UHVXOWDGRVXRWURVUHVXOWDGRVLQWHJUDOHVGHSHQGLHQGRGH ORVUHTXHULPLHQWRVGH.PSURYHPHQWV F\FOH ²µ HPLWLGR HQ GLFLHPEUH GH  FODULÀFD TXH VH UHTXLHUH MXLFLR HQ GHWHUPLQDUVLODDGTXLVLFLyQGHSURSLHGDGGHLQYHUVLyQ HV OD DGTXLVLFLyQ GH XQ DFWLYR XQ JUXSR GH DFWLYRV R XQD FRPELQDFLyQ GH QHJRFLRV GHQWUR GHO DOFDQFH GH .PSURYHPHQWV F\FOH ²µ HPLWLGR HQ GLFLHPEUH GH  FODULÀFD DOJXQRV DVSHFWRV GH OD FRQWDELOLGDG GH FRQVLGHUDFLRQHV FRQWLQJHQWHV HQ XQDFRPELQDFLyQGHQHJRFLRV(O.)56  %XVLQHVV &RPELQDWLRQV DQG .$6% WDPELpQ DFODUy TXH ORV LQJUHVRV JHQHUDOPHQWH SUHVHQWDQ XQD EDVH LQDGHFXDGD SDUD PHGLU HO FRQVXPR GH ORV EHQHÀFLRV HFRQyPLFRV LQFRUSRUDGRVGHXQDFWLYRLQWDQJLEOH6LQHPEDUJRHVWD VXSRVLFLyQSXHGHVHUUHEDWLGDHQFLHUWDVFLUFXQVWDQFLDV OLPLWDGDV /DV PRGLÀFDFLRQHV VHUiQ GH DSOLFDFLyQ REOLJDWRULDSDUDORVSHULRGRVDQXDOHVTXHFRPLHQFHQD SDUWLUGHOGHHQHURGH6HSHUPLWHVXDSOLFDFLyQ DQWLFLSDGD .)56.$6%FODULÀFyTXHHOXVRGHPpWRGRV EDVDGRV HQ ORV LQJUHVRV SDUD FDOFXODU OD GHSUHFLDFLyQ GH XQ DFWLYR QR HV DGHFXDGR SRUTXH ORV LQJUHVRV JHQHUDGRV SRU XQD DFWLYLGDG TXH LQFOX\H HO XVR GH XQ DFWLYR JHQHUDOPHQWH UHÁHMDQ IDFWRUHV GLVWLQWRV GHO FRQVXPR GH ORV EHQHÀFLRV HFRQyPLFRV LQFRUSRUDGRV DO DFWLYR (O .QYHUVLyQ QR VRQ PXWXDPHQWH H[FOX\HQWHV \ VH UHTXLHUH MXLFLR HQ GHWHUPLQDU VL OD WUDQVDFFLyQ HV VyOR XQDDGTXLVLFLyQGHXQDSURSLHGDGGHLQYHUVLyQRVLHVOD DGTXLVLFLyQGHXQJUXSRGHDFWLYRVRXQDFRPELQDFLyQ GH QHJRFLRV TXH LQFOX\H XQD SURSLHGDG GH LQYHUVLyQ /DV PRGLÀFDFLRQHV VHUiQ GH DSOLFDFLyQ REOLJDWRULD SDUD ORV SHULRGRV DQXDOHV TXH FRPLHQFHQ D SDUWLU GHO GHMXOLRGH6HSHUPLWHVXDSOLFDFLyQDQWLFLSDGD ´$QQXDO .QVWUXPHQWV 7KHVH DPHQGPHQWV DUH HIIHFWLYHIRUDQQXDOSHULRGVEHJLQQLQJRQ-XO\ (DUO\DGRSWLRQLVSHUPLWWHG /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV 7KH&RPSDQ\DVVHVVHGWKHLPSDFWWKLVVWDQGDUGPLJKW FDXVHDQGFRQFOXGHGLWZLOOQRWKDYHDVLJQLÀFDQWHIIHFW RQWKHÀQDQFLDOVWDWHPHQWV .$6  HPLWLGDV HQ QRYLHPEUH GH  VH DSOLFDQ D ODV DSRUWDFLRQHV GH HPSOHDGRV RWHUFHURVDSODQHVGHEHQHÀFLRVGHÀQLGRV(OREMHWLYR GHODVHQPLHQGDVHVODVLPSOLÀFDFLyQGHODFRQWDELOLGDG GHDSRUWDFLRQHVTXHHVWiQLQGHSHQGLHQWHVGHORVDxRV GH VHUYLFLR GHO HPSOHDGR SRU HMHPSOR DSRUWDFLRQHV GH HPSOHDGRV TXH VH FDOFXODQ GH DFXHUGR D XQ 3RUFHQWDMHÀMRGHOVDODULR/DVPRGLÀFDFLRQHVVHUiQGH DSOLFDFLyQ REOLJDWRULD SDUD ORV SHULRGRV DQXDOHV TXH FRPLHQFHQDSDUWLUGHOGHMXOLRGH6HSHUPLWHVX DSOLFDFLyQDQWLFLSDGD $PHQGPHQWVWR.)56&RPELQDFLRQHV GH 1HJRFLRV $GHPiV HO .PSURYHPHQWV F\FOH ²µ LVVXHG LQ 6HSWHPEHUFODULÀHVWKHGHSWKRIWRSTXDOLW\FUHGLW FRUSRUDWH ERQGV PDUNHW WKDW LV DVVHVVHG DFFRUGLQJ WR WKH FXUUHQF\ LQ ZKLFK WKH REOLJDWLRQ LV GHQRPLQDWHG UDWKHUWKDQWKHFRXQWU\RIWKHREOLJDWLRQ:KHUHWKHUH LV QR GHHS PDUNHW IRU WKHVH ERQGV LQ VXFK FXUUHQF\ ERQGVLVVXHGE\WKHJRYHUQPHQWLQWKHVDPHFXUUHQF\ DQG WHUPV ZLOO EH XVHG 7KH PRGLÀFDWLRQV ZLOO EH RI FRPSXOVRU\ DSSOLFDWLRQ IRU WKH DQQXDO SHULRGV EHJLQQLQJDVRI-DQXDU\ 7KH&RPSDQ\DVVHVVHGWKHLPSDFWWKLVVWDQGDUGPLJKW FDXVHDQGFRQFOXGHGLWZLOOQRWKDYHDVLJQLÀFDQWHIIHFW RQWKHÀQDQFLDOVWDWHPHQWV /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV .QYHUVLyQµ .$6SXEOLFDGDV HQPD\RGHHO.)56)LQDQFLDO.)56  &RPELQDFLRQHV GH 1HJRFLRV \ .$6  ´3URSLHGDGHV 3ODQWD \ (TXLSRµ .$6  HVWDEOHFHQ HO SULQFLSLR GH OD EDVH GH GHSUHFLDFLyQ\DPRUWL]DFLyQVLHQGRHOSDWUyQHVSHUDGR GHO FRQVXPR GH ORV EHQHÀFLRV HFRQyPLFRV IXWXURV GH XQDFWLYR(QVXVHQPLHQGDVD.PSURYHPHQWV F\FOH µ LVVXHG LQ 'HFHPEHU  FODULÀHV VRPH DVSHFWV UHODWLQJ WR WKH DFFRXQWLQJ IRU FRQWLQJHQW FRQVLGHUDWLRQV LQ D EXVLQHVVFRPELQDWLRQ.QVWUXPHQWVLV DPHQGHGH[SODLQLQJWKDWDFRQWLQJHQWFRQVLGHUDWLRQ ZKHWKHU D ÀQDQFLDO DVVHW RU OLDELOLW\ LV PHDVXUHG DW IDLU YDOXHZLWKFKDQJHVLQLQFRPHRURWKHUFRPSUHKHQVLYH LQFRPH GHSHQGLQJ RQ WKH UHTXLUHPHQWV HVWDEOLVKHG LQ .PSURYHPHQWV F\FOH ²µ LVVXHG LQ 'HFHPEHU  FODULÀHV WKDW MXGJPHQW LV UHTXLUHG WR GHWHUPLQH ZKHWKHU WKH DFTXLVLWLRQ RI LQYHVWPHQW SURSHUW\ LV WKH DFTXLVLWLRQ RI DQ DVVHW D JURXS RI DVVHWV RU D EXVLQHVV FRPELQDWLRQ ZLWKLQ WKH VFRSH RI .QYHVWPHQW 3URSHUW\ DUH QRW PXWXDOO\ H[FOXVLYH DQG MXGJPHQW LV UHTXLUHG WR GHWHUPLQHZKHWKHUWKHWUDQVDFWLRQLVRQO\WKHDFTXLVLWLRQ RILQYHVWPHQWSURSHUW\RUWKHDFTXLVLWLRQRIDJURXSRI DVVHWV RU D EXVLQHVV FRPELQDWLRQ LQFOXGLQJ LQYHVWPHQW SURSHUW\$PHQGPHQWVDUHHIIHFWLYHIRUDQQXDOSHULRGV EHJLQQLQJRQ-XO\(DUO\DGRSWLRQLVSHUPLWWHG ´$QQXDO .QYHVWPHQW3URSHUW\µ /DV PRGLÀFDFLRQHV D .$6  ´3URSHUW\ 3ODQW DQG (TXLSPHQWµ .)56  .$6  ´$FWLYRV .)56)LQDQFLDO.)56 TXH SRWHQFLDOPHQWH WLHQHQ RWURV EDVHV GH YDORUL]DFLyQ TXH QR FRQVWLWX\HQ HO YDORU UD]RQDEOH 6H GHMD OD UHIHUHQFLD D .$6´3URSLHGDGHVGH.$6DQG.)56  )LQDQFLDO .$6´.$6  DQG .QDGGLWLRQ WKH .)56 &RPELQDFLRQHVGH1HJRFLRVUHTXLHUHTXHODPHGLFLyQ VXEVHFXHQWH GH XQD FRQVLGHUDFLyQ FRQWLQJHQWH GHEH UHDOL]DUVH DO YDORU UD]RQDEOH \ SRU OR FXDO HOLPLQD ODV UHIHUHQFLDVD.QVWUXPHQWRV)LQDQFLHURV/DV PRGLÀFDFLRQHVVHUiQGHDSOLFDFLyQREOLJDWRULDSDUDORV SHULRGRVDQXDOHVTXHFRPLHQFHQDSDUWLUGHOGHMXOLR GH6HSHUPLWHVXDSOLFDFLyQDQWLFLSDGD $QQXDO .$6´%HQHÀFLRVDORV(PSOHDGRVµ .QWDQJLEOH$VVHWVµ .$6%LQGLFDWHVWKDW.)56´&RPELQDFLRQHVGH1HJRFLRVµ .)56%XVLQHVV &RPELQDWLRQVUHTXLUHVWKDWDFRQWLQJHQWFRQVLGHUDWLRQ LV VXEVHTXHQWO\ PHDVXUHG DW IDLU YDOXH WKHUHIRUH LW HOLPLQDWHV UHIHUHQFHV WR .$6% FRQFOX\H TXH .$6  3URYLVLRQV &RQWLQJHQW /LDELOLWLHVDQG&RQWLQJHQW$VVHWVRURWKHU.$6%PDGHLWFOHDULQWKH DPHQGPHQWVWR.

)56  (VWDGRV )LQDQFLHURV &RQVROLGDGRV H .$6  ´.QYHUVLRQHVHQ$VRFLDGDV\1HJRFLRV&RQMXQWRVµ .$6´.Estados Financieros / Financial Statements 110 .$6  ´$JULFXOWXUDµ .$6  .$6  ´3URSLHGDGHV 3ODQWD \ (TXLSRµ .$6  ´$JULFXOWXUHµ .)56´(VWDGRV)LQDQFLHURV&RQVROLGDGRVµ .$6  ´3URSHUW\ 3ODQW DQG (TXLSPHQWµ .QYHVWPHQWV LQ $VVRFLDWHV DQG -RLQW 9HQWXUHVµ .$6  DQG .QYHUVLRQHV HQ $VRFLDGDV \ 1HJRFLRV&RQMXQWRV .$6HVWDEOHFHQTXHHO WUDWDPLHQWR FRQWDEOH GH ODV SODQWDV SRUWDGRUDV GHEH VHU LJXDO D SURSLHGDGHV SODQWD \ HTXLSR GHELGR D TXHVXVRSHUDFLRQHVVRQVLPLODUHVDODVRSHUDFLRQHVGH PDQXIDFWXUD /DV PRGLÀFDFLRQHV VHUiQ GH DSOLFDFLyQ REOLJDWRULDSDUDORVSHULRGRVDQXDOHVTXHFRPLHQFHQD SDUWLUGHOGHHQHURGH6HSHUPLWHVXDSOLFDFLyQ DQWLFLSDGD 3XUVXDQW WR WKH DPHQGPHQWV WR .$6\.$6  WKH DFFRXQWLQJ WUHDWPHQW DSSOLFDEOH WR FDUU\LQJ SODQWV PXVW EH WKH VDPH DV WKH WUHDWPHQW DSSOLFDEOH WR SURSHUW\SODQWDQGHTXLSPHQWVLQFHWKHRSHUDWLRQVRI WKH ODWWHU DUH VLPLODU WR WKH PDQXIDFWXULQJ RSHUDWLRQV $PHQGPHQWVDUHHIIHFWLYHIRUDQQXDOSHULRGVEHJLQQLQJ RQ-DQXDU\(DUO\DGRSWLRQLVSHUPLWWHG /DV HQPLHQGDV D .)56´&RQVROLGDWHG)LQDQFLDO 6WDWHPHQWVµ /DVPRGLÀFDFLRQHVD.

)56\ORVGH.$6  .DERUGDQXQDLQFRQVLVWHQFLD UHFRQRFLGDHQWUHORVUHTXHULPLHQWRVGH.

HQHOWUDWDPLHQWRGHODYHQWDRODDSRUWDFLyQ GH ELHQHV HQWUH XQ LQYHUVRU \ VX DVRFLDGD R QHJRFLR FRQMXQWR /DV HQPLHQGDV HPLWLGDV HQ VHSWLHPEUH GH HVWDEOHFHQTXHFXDQGRODWUDQVDFFLyQLQYROXFUD XQ QHJRFLR WDQWR FXDQGR VH HQFXHQWUD HQ XQD ÀOLDO R QR.

 VH UHFRQRFH XQD JDQDQFLD R XQD SpUGLGD FRPSOHWD 6H UHFRQRFH XQD JDQDQFLD R SpUGLGD SDUFLDOFXDQGRODWUDQVDFFLyQLQYROXFUDDFWLYRVTXHQR FRQVWLWX\HQ XQ QHJRFLR LQFOXVR FXDQGR ORV DFWLYRV VH HQFXHQWUDQ HQ XQD ÀOLDO /DV PRGLÀFDFLRQHV VHUiQ GH DSOLFDFLyQ REOLJDWRULD SDUD ORV SHULRGRV DQXDOHV TXH FRPLHQFHQDSDUWLUGHOGHHQHURGH6HSHUPLWH VXDSOLFDFLyQDQWLFLSDGD $PHQGPHQWV WR .)56 &RQVROLGDWHG )LQDQFLDO 6WDWHPHQWV DQG .QYHVWPHQWV LQ $VVRFLDWHV DQG -RLQW 9HQWXUHV .$6  .

$6 .)56  DQG . DGGUHVV DQ LQFRQVLVWHQF\ EHWZHHQ WKH UHTXLUHPHQWV RI .

 WKDW SUHVFULEH WKH WUHDWPHQW DSSOLFDEOH WR WKH VDOH RU FRQWULEXWLRQ RI JRRGV EHWZHHQ DQ LQYHVWRU DQG LWV DVVRFLDWHRUMRLQWYHQWXUH3XUVXDQWWRWKHDPHQGPHQWV LVVXHG LQ 6HSWHPEHU  WUDQVDFWLRQV LQYROYLQJ D EXVLQHVV ZKHWKHU LQ DQ DVVRFLDWH RU QRW.

)56  &RPELQDFLRQHV GH 1HJRFLRV \ RWUDV QRUPDV TXH QR HVWpQ HQ FRQÁLFWR FRQ ODV JXtDV GH .$6´(VWDGRV)LQDQFLHURV6HSDUDGRVµ .)56  -RLQW $UUDQJHPHQWV $PHQGPHQWV DUH HIIHFWLYH IRU DQQXDO SHULRGVEHJLQQLQJRQ-DQXDU\(DUO\DGRSWLRQLV SHUPLWWHG 7KH&RPSDQ\DVVHVVHGWKHLPSDFWWKLVVWDQGDUGPLJKW FDXVHDQGFRQFOXGHGLWZLOOQRWKDYHDVLJQLÀFDQWHIIHFW RQWKHÀQDQFLDOVWDWHPHQWV /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV .)56´-RLQW$UUDQJHPHQWVµ /DVPRGLÀFDFLRQHVD.)56  %XVLQHVV &RPELQDWLRQV DQG RWKHU SULQFLSOHV WKDW GR QRW FRQÁLFW ZLWK .)56  $FXHUGRV &RQMXQWRV /DV PRGLÀFDFLRQHV VHUiQ GH DSOLFDFLyQ REOLJDWRULDSDUDORVSHULRGRVDQXDOHVTXHFRPLHQFHQD SDUWLUGHOGHHQHURGH6HSHUPLWHVXDSOLFDFLyQ DQWLFLSDGD $PHQGPHQWVWR.)56HPLWLGDVHQPD\RGH VH DSOLFDQ D OD DGTXLVLFLyQ GH XQD SDUWLFLSDFLyQ HQ XQD RSHUDFLyQ FRQMXQWD TXH FRQVWLWX\H XQ QHJRFLR /DV HQPLHQGDV FODULÀFDQ TXH ORV DGTXLUHQWHV GH HVWDV SDUWHV GHEHQ DSOLFDU WRGRV ORV SULQFLSLRV GH OD FRQWDELOLGDGSDUDFRPELQDFLRQHVGHQHJRFLRVGH.)56´$FWLYRVQR&RUULHQWHV0DQWHQLGRVSDUDOD9HQWD \2SHUDFLRQHV'LVFRQWLQXDGDVµ .)56´1RQ&XUUHQW$VVHWV+HOGIRU6DOHDQG'LVFRQWLQXHG 2SHUDWLRQVµ ´$QQXDO .$6LVVXHGLQ$XJXVWUHHVWDEOLVK WKH RSWLRQ WR XVH WKH HTXLW\ PHWKRG WR DFFRXQW IRU LQYHVWPHQWVLQVXEVLGLDULHVMRLQWYHQWXUHVDQGDVVRFLDWHV LQ VHSDUDWH ÀQDQFLDO VWDWHPHQWV $PHQGPHQWV DUH HIIHFWLYH IRU DQQXDO SHULRGV EHJLQQLQJ RQ -DQXDU\  (DUO\DGRSWLRQLVSHUPLWWHG /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV 7KH &RPSDQ\ LV DVVHVVLQJ WKH LPSDFW WKLV VWDQGDUG PLJKW FDXVH DQG EHOLHYHV LW ZLOO QRW KDYH D VLJQLÀFDQW LPSDFWRQWKHÀQDQFLDOVWDWHPHQWV /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV 7KH &RPSDQ\ LV DVVHVVLQJ WKH LPSDFW WKLV VWDQGDUG PLJKW FDXVH DQG EHOLHYHV LW ZLOO QRW KDYH D VLJQLÀFDQW LPSDFWRQWKHÀQDQFLDOVWDWHPHQWV .)56LVVXHGLQ0D\DSSO\WRWKH DFTXLVLWLRQRILQWHUHVWVLQMRLQWRSHUDWLRQVWKDWFRQVWLWXWH DEXVLQHVV$PHQGPHQWVFODULI\WKDWSXUFKDVHUVRIWKHVH SDUWLHVPXVWDSSO\DOODFFRXQWLQJSULQFLSOHVIRUEXVLQHVV FRPELQDWLRQV RI .$6´6HSDUDWH)LQDQFLDO6WDWHPHQWVµ /DV PRGLÀFDFLRQHV D . UHTXLUH WKDW D SURÀW RU ORVV LV WR EH IXOO\ UHFRJQL]HG $ SDUWLDO SURÀW RUORVVLVUHFRJQL]HGZKHQDWUDQVDFWLRQLQYROYHVDVVHWV WKDW GR QRW FRQVWLWXWH D EXVLQHVV HYHQ LI DVVHWV DUH LQ D VXEVLGLDU\ $PHQGPHQWV DUH HIIHFWLYH IRU DQQXDO SHULRGVEHJLQQLQJRQ-DQXDU\(DUO\DGRSWLRQLV SHUPLWWHG /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV 7KH&RPSDQ\DVVHVVHGWKHLPSDFWWKLVVWDQGDUGPLJKW FDXVHDQGFRQFOXGHGLWZLOOQRWKDYHDVLJQLÀFDQWHIIHFW RQWKHÀQDQFLDOVWDWHPHQWV .PSURYHPHQWV F\FOH ²µ HPLWLGR HQ VHSWLHPEUHGHFODULÀFDTXHVLODHQWLGDGUHFODVLÀFD XQDFWLYR RJUXSRGHDFWLYRVSDUDVXGLVSRVLFLyQ.)56´$FXHUGRV&RQMXQWRVµ .$6  HPLWLGDV HQ DJRVWR GH UHVWDEOHFHQODRSFLyQGHXWLOL]DUHOPpWRGRGHOD SDUWLFLSDFLyQ SDUD OD FRQWDELOLGDG GH ODV LQYHUVLRQHV HQ VXEVLGLDULDV QHJRFLRV FRQMXQWRV \ DVRFLDGDV HQ ORV HVWDGRVÀQDQFLHURVVHSDUDGRV/DVPRGLÀFDFLRQHVVHUiQ GHDSOLFDFLyQREOLJDWRULDSDUDORVSHULRGRVDQXDOHVTXH FRPLHQFHQDSDUWLUGHOGHHQHURGH6HSHUPLWH VXDSOLFDFLyQDQWLFLSDGD $PHQGPHQWVWR.

$6%DFODUDTXHHQHVWRVFDVRVQRVHDSOLFDUiQ ORV UHTXLVLWRV GH FRQWDELOLGDG SDUD ORV FDPELRV HQ XQ SODQGHYHQWD/DVPRGLÀFDFLRQHVVHUiQGHDSOLFDFLyQ REOLJDWRULDSDUDORVSHULRGRVDQXDOHVTXHFRPLHQFHQD SDUWLUGHOGHHQHURGH6HSHUPLWHVXDSOLFDFLyQ DQWLFLSDGD ´$QQXDO .GHVGH PDQWHQLGR SDUD OD YHQWD GLUHFWDPHQWH D PDQWHQLGR SDUDGLVWULEXLUDORVSURSLHWDULRVRGHVGHPDQWHQLGRSDUD GLVWULEXLU D ORV SURSLHWDULRV GLUHFWDPHQWH D PDQWHQLGR SDUD OD YHQWD HQWRQFHV HO FDPELR HQ OD FODVLÀFDFLyQ HVFRQVLGHUDGRXQDFRQWLQXDFLyQHQHOSODQRULJLQDOGH YHQWD(O.PSURYHPHQWV F\FOH ²µ SUHVFULEHV WKDWLIDQHQWLW\UHFODVVLÀHVDQDVVHW RUJURXSRIDVVHWV IRUVDOH.

$6%WKHDFFRXQWLQJUHTXLUHPHQWVIRU FKDQJHV LQ D VDOHV SODQ GR QRW DSSO\ LQ WKHVH FDVHV $PHQGPHQWVDUHHIIHFWLYHIRUDQQXDOSHULRGVEHJLQQLQJ RQ-DQXDU\(DUO\DGRSWLRQLVSHUPLWWHG 7KH &RPSDQ\ LV DVVHVVLQJ WKH LPSDFW WKLV VWDQGDUG PLJKW FDXVH DQG EHOLHYHV LW ZLOO QRW KDYH D VLJQLÀFDQW LPSDFWRQWKHÀQDQFLDOVWDWHPHQWV /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV 111 .IURPKHOGIRUVDOHGLUHFWO\WRKHOGIRUGLVWULEXWLRQ WRRZQHUVRUIURPKHOGIRUGLVWULEXWLRQWRRZQHUVGLUHFWO\ WR KHOG IRU VDOH WKHQ WKH FKDQJH LQ FODVVLÀFDWLRQ LV FRQVLGHUHG D FRQWLQXDWLRQ RI WKH RULJLQDO VDOHV SODQ $FFRUGLQJWRWKH.

$6/DVPRGLÀFDFLRQHV VHUiQ GH DSOLFDFLyQ REOLJDWRULD SDUD ORV SHULRGRV DQXDOHV TXH FRPLHQFHQ D SDUWLU GHO  GH HQHUR GH 6HSHUPLWHVXDSOLFDFLyQDQWLFLSDGD .$6´3UHVHQWDWLRQRI)LQDQFLDO6WDWHPHQWVµ (QGLFLHPEUHGHHO.$6LQWURGXFHQ FODULÀFDFLRQHV PHQRUHV DFHUFD GH ORV UHTXHULPLHQWRV SDUD OD FRQWDELOL]DFLyQ GH HQWLGDGHV GH LQYHUVLyQ $GHPiV HVWDV HQPLHQGDV SURSRUFLRQDQ XQ DOLYLR HQ FLHUWDV FLUFXQVWDQFLDV OR TXH UHGXFLUi HO FRVWR GH DSOLFDU HVWDV QRUPDV /DV PRGLÀFDFLRQHV VHUiQ GH DSOLFDFLyQ REOLJDWRULD SDUD ORV SHULRGRV DQXDOHV TXH FRPLHQFHQDSDUWLUGHOGHHQHURGH6HSHUPLWH VXDSOLFDFLyQDQWLFLSDGD 7KH &RPSDQ\ LV DVVHVVLQJ WKH LPSDFW WKLV VWDQGDUG PLJKW FDXVH DQG EHOLHYHV LW ZLOO QRW KDYH D VLJQLÀFDQW LPSDFWRQWKHÀQDQFLDOVWDWHPHQWV .$6´.PSURYHPHQWV F\FOH ²µ HPLWLGR HQ VHSWLHPEUH GH  FODULÀFD TXH ODV UHYHODFLRQHV UHTXHULGDV GHEHQ HVWDU R HQ ORV HVWDGRV ÀQDQFLHURV LQWHULQRV R GHEHQ VHU LQGLFDGDV FRQ UHIHUHQFLDGDV FUX]DGDV HQWUH ORV HVWDGRV ÀQDQFLHURV LQWHULQRV \ FXDOTXLHU RWUR LQIRUPH TXH OR FRQWHQJD /DV PRGLÀFDFLRQHV VHUiQ GH DSOLFDFLyQ REOLJDWRULD SDUD ORVSHULRGRVDQXDOHVTXHFRPLHQFHQDSDUWLUGHOGH HQHURGH6HSHUPLWHVXDSOLFDFLyQDQWLFLSDGD ´$QQXDO .$6  DERUGDQ DOJXQDV SUHRFXSDFLRQHV H[SUHVDGRV VREUHORVUHTXHULPLHQWRVGHSUHVHQWDFLyQ\UHYHODFLyQ \DVHJXUDQTXHODVHQWLGDGHVWLHQHQODSRVLELOLGDGGH HMHUFHUMXLFLRFXDQGRDSOLTXHQ.QLFLDWLYDGH5HYHODFLRQHVµ(VWDVPRGLÀFDFLRQHV D .$6´.$6%SXEOLFyODVHQPLHQGDVD .)56´.Q'HFHPEHUWKH.QWHUPHGLDµ .PSURYHPHQWV F\FOH ²µ LVVXHG LQ 6HSWHPEHU  SUHVFULEHV WKDW UHTXLUHG GLVFORVXUHV PXVWEHLQFOXGHGLQWKHLQWHULPÀQDQFLDOVWDWHPHQWVRU LQGLFDWHG DV FURVVUHIHUHQFHV DPRQJ LQWHULP ÀQDQFLDO VWDWHPHQWV DQG DQ\ RWKHU UHSRUW FRQWDLQLQJ WKHP $PHQGPHQWVDUHHIIHFWLYHIRUDQQXDOSHULRGVEHJLQQLQJ RQ-DQXDU\(DUO\DGRSWLRQLVSHUPLWWHG /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV .QWHULP)LQDQFLDO5HSRUWLQJµ ´$QQXDO .QIRUPDFLyQD5HYHODUµ .)56´)LQDQFLDO..QIRUPDFLyQ D 5HYHODU VREUH 3DUWLFLSDFLRQHV HQ 2WUDV (QWLGDGHVµ .$6  ´'LVFORVXUH .PSURYHPHQWV F\FOH ²µ HPLWLGR HQ VHSWLHPEUH GH  FODULÀFD TXH ORV DFXHUGRV GH VHUYLFLRSXHGHQFRQVWLWXLULPSOLFDFLyQFRQWLQXDGDHQXQ DFWLYRWUDQVIHULGRSDUDORVSURSyVLWRVGHODVUHYHODFLRQHV GHWUDQVIHUHQFLDVGHDFWLYRVÀQDQFLHURV*HQHUDOPHQWH HVWR VHUi HO FDVR FXDQGR HO DGPLQLVWUDGRU WLHQH XQ LQWHUpVHQHOIXWXURUHQGLPLHQWRGHORVDFWLYRVÀQDQFLHURV WUDQVIHULGRV FRPR FRQVHFXHQFLD GH GLFKR FRQWUDWR /DV PRGLÀFDFLRQHV VHUiQ GH DSOLFDFLyQ REOLJDWRULD SDUDORVSHULRGRVDQXDOHVTXHFRPLHQFHQDSDUWLUGHO GHHQHURGH6HSHUPLWHVXDSOLFDFLyQDQWLFLSDGD ´$QQXDO .$6´.PSURYHPHQWV F\FOH ²µ LVVXHG LQ 6HSWHPEHUSUHVFULEHVWKDWVHUYLFHDJUHHPHQWVPD\ FRQVWLWXWH FRQWLQXHG LPSOLFDWLRQ LQ D WUDQVIHUUHG DVVHW IRUSXUSRVHVRIGLVFORVLQJWKHWUDQVIHUVRIÀQDQFLDODVVHWV 7\SLFDOO\ WKLV ZLOO EH WKH FDVH ZKHQ WKH DGPLQLVWUDWRU KDV LQWHUHVWV LQ WKH IXWXUH UHWXUQ RI ÀQDQFLDO DVVHWV WUDQVIHUUHGDVDUHVXOWRIVXFKDJUHHPHQW$PHQGPHQWV DUHHIIHFWLYHIRUDQQXDOSHULRGVEHJLQQLQJRQ-DQXDU\ (DUO\DGRSWLRQLVSHUPLWWHG /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV 7KH &RPSDQ\ LV DVVHVVLQJ WKH LPSDFW WKLV VWDQGDUG PLJKW FDXVH DQG EHOLHYHV LW ZLOO QRW KDYH D VLJQLÀFDQW LPSDFWRQWKHÀQDQFLDOVWDWHPHQWV .$6$PHQGPHQWVDUHHIIHFWLYHIRUDQQXDO SHULRGVEHJLQQLQJRQ-DQXDU\(DUO\DGRSWLRQLV SHUPLWWHG /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV  &DPELRVFRQWDEOHV ([LVWHQ FDPELRV FRQWDEOHV SRU HIHFWR GH ODV LQVWUXFFLRQHV GH OD 6XSHULQWHQGHQFLD GH 9DORUHV \ 6HJXURVSRUDSOLFDFLyQGHHIHFWRVGHFDPELRWDVDHQ ORV LPSXHVWRV GLIHULGRV TXH DIHFWDQ SDWULPRQLR VHJ~Q 2ÀFLR FLUFXODU 1ƒ  GHO  FDPELDQGR HO PDUFRGHSUHSDUDFLyQ\SUHVHQWDFLyQGHLQIRUPDFLyQ ÀQDQFLHUD DGRSWDGR KDVWD HVD IHFKD GDGR TXH HO PDUFRDQWHULRU 1.QVWUXPHQWV'LVFORVXUHµ ´$QQXDO .QYHUVLRQHV HQ $VRFLDGDV \ 1HJRFLRV&RQMXQWRVµ /DVPRGLÀFDFLRQHVD.)56.).$6  ´.)56  ´.$6%SXEOLVKHGWKHDPHQGPHQWV WR .QVWUXPHQWRV)LQDQFLHURV.Estados Financieros / Financial Statements 112 .QLWLDWLYHµ 7KHVH DPHQGPHQWV WR .)56  ´(VWDGRV )LQDQFLHURV &RQVROLGDGRVµ .$6´3UHVHQWDFLyQGH(VWDGRV)LQDQFLHURVµ .$6  DGGUHVV VRPH RI WKH FRQFHUQV DERXW WKH SUHVHQWDWLRQ DQG GLVFORVXUH UHTXLUHPHQWV DQG HQVXUH WKDWHQWLWLHVKDYHWKHRSWLRQWRH[HUFLVHWKHLUMXGJPHQW LQDSSO\LQJ.)56H.QIRUPDFLyQ)LQDQFLHUD.

QVXUDQFH EHFDXVH RI WKH HIIHFWV RI FKDQJHV LQ WKH H[FKDQJH UDWH LQ GHIHUUHG WD[ WKDW DIIHFW HTXLW\ $FFRUGLQJ WR LVVXHG FLUFXODU 1U  RI  WKH IUDPH RI SUHSDUDWLRQ DV ZHOO DV WKH SUHVHQWDWLRQ RI ÀQDQFLDOLQIRUPDWLRQDGRSWHGDVRIWKDWGDWHFKDQJHG GXHWRWKHIDFWWKDWWKHSUHYLRXVIUDPH .UHTXLHUHVHUDGRSWDGRGHPDQHUD LQWHJUDOH[SOtFLWR\VLQUHVHUYDV 7KH &RPSDQ\ LV DVVHVVLQJ WKH LPSDFW WKLV VWDQGDUG PLJKW FDXVH DQG EHOLHYHV LW ZLOO QRW KDYH D VLJQLÀFDQW LPSDFWRQWKHÀQDQFLDOVWDWHPHQWV  $FFRXQWLQJFKDQJHV 7KHUH DUH DFFRXQWLQJ FKDQJHV DV D UHVXOW RI WKH LQVWUXFWLRQV RI WKH 6XSHULQWHQGHQF\ RI 6HFXULWLHV DQG .)56.

$6  ´.QWHUHVWV LQ 2WKHU (QWLWLHVµ .)56  ´&RQVROLGDWHG )LQDQFLDO 6WDWHPHQWVµ .$6SURYLGHIRU PLQRU H[SODQDWLRQV DERXW WKHUHTXLUHPHQWV WR DFFRXQW IRU LQYHVWPHQW HQWLWLHV .)56  ´'LVFORVXUH RI .KDGWREH DGRSWHGLQDQLQWHJUDOH[SOLFLWDQGUHVHUYHGPDQQHU .)56DQG.QYHVWPHQWVLQ$VVRFLDWHVDQG-RLQW9HQWXUHVµ $PHQGPHQWVWR.)56.Q DGGLWLRQ WKHVH DPHQGPHQWV EULQJ VRPH UHOLHI LQ FHUWDLQ FLUFXPVWDQFHV UHGXFLQJ WKHFRVWRIDSSO\LQJWKHVHVWDQGDUGV$PHQGPHQWVDUH HIIHFWLYH IRU DQQXDO SHULRGV EHJLQQLQJ RQ -DQXDU\  (DUO\DGRSWLRQLVSHUPLWWHG 7KH &RPSDQ\ LV DVVHVVLQJ WKH LPSDFW WKLV VWDQGDUG PLJKW FDXVH DQG EHOLHYHV LW ZLOO QRW KDYH D VLJQLÀFDQW LPSDFWRQWKHÀQDQFLDOVWDWHPHQWV /D&RPSDxtDD~QVHHQFXHQWUDHYDOXDQGRHOLPSDFWR TXH SRGUtD JHQHUDU OD PHQFLRQDGD PRGLÀFDFLyQ HVWLPDQGR TXH QR DIHFWDUi VLJQLÀFDWLYDPHQWH ORV HVWDGRVÀQDQFLHURV 113 .

Estados Financieros / Financial Statements 114 $QiOLVLVUD]RQDGRGHORVHVWDGRÀQDQFLHURVDOGH'LFLHPEUHGH HQPLOHVGHGyODUHVHVWDGRXQLGHQVHV.

      5DWLRQDO)LQDQFLDO6WDWHPHWV$QDO\VLV'HFHPEHU H[SUHVVHGLQWKRXVDQGVRI86GROODUV.

QGHEWHGQHVV5DWLR 3DVLYRFRUULHQWHV3DVLYRQRFRUULHQWHV &XUUHQW/LDELOLWLHV1RQFXUUHQWOLDELOLWLHV 3DWULPRQLR (TXLW\ 3DVLYR&RUULHQWH &XUUHQW/LDELOLW\ 3DVLYRFRUULHQWH3DVLYRQRFRUULHQWH &XUUHQW/LDELOLWLHV1RQFXUUHQW/LDELOLWLHV                     .    'LFLHPEUH 'LFLHPEUH 'HFHPEHU 'HFHPEHU 2014 2013 $QiOLVLVFRPSDUDWLYR\H[SOLFDFLyQGHWHQGHQFLDV &RPSDUDWLYHDQDO\VLVDQGFKDQJHVLQWUHQGV 5HQWDELOLGDG 3URÀWDELOLW\ ÌQGLFHV 5DWLRV /LTXLGH] /LTXLGLW\ (QGHXGDPLHQWR 'HEW $FWLYRVFRUULHQWHV&XUUHQWDVVHWV 3DVLYRVFRUULHQWHV &XUUHQWOLDELOLWLHV /LTXLGH]FRUULHQWH &XUUHQWOLTXLGLW\UDWLR   5D]yQiFLGD $FLGWHVWUDWLR     5D]yQGHHQGHXGDPLHQWR .

.

.

.

QYHQWRU\7XUQRYHU 7RWDODFWLYRV7RWDO$VVHWV &RVWRGHYHQWDGHOSHUtRGR &RVWRIVDOHVGXULQJSHULRG 3HUPDQHQFLDGHLQYHQWDULR .     5HVXOWDGRDQWHVGHLPSXHVWRVHLQWHUHVHV (DUQLQJVEHIRUH.QWHUHVWVDQG7D[HV &REHUWXUDJDVWRVÀQDQFLHURV )LQDQFLDO([SHQVHV&RYHUDJH *DVWRVÀQDQFLHURV )LQDQFLDO([SHQGLWXUH 7RWDO$FWLYRV 7RWDO$VVHWV 5RWDFLyQGHLQYHQWDULR .QYHQWRU\3HUPDQHQFH   5HQWDELOLGDGGHODFWLYR 5HWXUQRQ$VVHWV 8WLOLGDG SpUGLGD.

QFRPH /RVV.HMHUFLFLR 1HW.

$FWLYRVSURPHGLR$YHUDJH$VVHWV   5HQGLPLHQWRDFWLYRVRSHUDFLRQDOHV 5HVXOWDGRRSHUDFLRQDOGHOHMHUFLFLR 2SHUDWLQJUHVXOWVQHWLQFRPH $FWLYRVRSHUDFLRQDOHVSURPHGLR .

$YHUDJHRSHUDWLRQDODVVHWV .

2SHUDWLQJDVVHWVSHUIRUPDQFH   8WLOLGDG SHUGLGD.

HMHUFLFLR 1HW.QFRPH /RVV.

1ƒDFFLRQHVVXVFULWDV\SDJDGDV 1ƒRIIXOO\VXVFULEHGDQGSDLGVKDUHV   - - 8WLOLGDGSRUDFFLyQ 86.

(DUQLQJSHU6KDUH 86.

QYHQWRU\ .QYHQWDULRSURPHGLR $YHUDJH. 5HWRUQRGHGLYLGHQGRV 5HWXUQIURPGLYLGHQGV 'LYSDJDGRV~OWLPRVPHVHV 3DLGGLYLGHQGVODVWPRQWKV 3UHFLRPHUFDGRDFFLyQ 0DUNHWSULFHSHUVKDUH (1) Fixed assets and other assets are considered as operating assets .QYHQWDULRSURPHGLR$YHUDJH.QYHQWRU\ &RVWRVGH9HQWDGHOSHUtRGR &RVWRI6DOHVGXULQJ3HULRG &DUJDWRWDOWUDQVIHULGD WRQV.

7RWDO&DUJRWKURXJKSXW WRQV.

&RQWHQHGRUHVWUDQVIHULGRV FRQWHQHGRUHV.

QFRPHV 5HVXOWDGRRSHUDFLRQDO 2SHUDWLRQDO(DUQLQJV *DVWRVÀQDQFLHURV )LQDQFLDO([SHQVHV 5HVXOWDGRQRRSHUDFLRQDO 1RQ2SHUDWLRQDO3URÀW 5$..QJUHVRVGHODH[SORWDFLyQ 2SHUDWLRQDO. &RQWDQLHUV .'$.( 8WLOLGDG SpUGLGD.

GHVSXpVGHLPSXHVWRV 3URÀW ORVV.

DIWHUWD[HV 8WLOLGDG SpUGLGD.

QFRPH /RVV.HMHUFLFLR 1HW.

 3DWULPRQLRSURPHGLR $YHUDJH(TXLW\ .

6HFRQVLGHUDFRPRDFWLYRVRSHUDFLRQDOHVORVDFWLYRVÀMRV\RWURVDFWLYRV 3DVLYRQRFRUULHQWH 1RQFXUUHQW/LDELOLW\ 3DVLYRFRUULHQWH3DVLYRQRFRUULHQWH &XUUHQW/LDELOLWLHV1RQFXUUHQW/LDELOLWLHV 3URSRUFLyQ3DVLYRODUJRSOD]R /RQJWHUPOLDELOLW\5DWLR 5HVXOWDGRV 5HVXOWV 'LFLHPEUH 'HFHPEHU 2013 )RQGRVGLVSRQLEOHV$YDLODEOHIXQGV 3DVLYRFRUULHQWHV &XUUHQW/LDELOLWLHV 3URSRUFLyQ3DVLYRFLUFXODQWH &XUUHQW/LDELOLW\5DWLR $FWLYLGDG $FWLYLW\ 'LFLHPEUH 'HFHPEHU 2014 5HQWDELOLGDGGHOSDWULPRQLR 5HWXUQRQHTXLW\ x 360 115 .

Estados Financieros / Financial Statements 116 $QiOLVLVUD]RQDGRGHORVHVWDGRÀQDQFLHURVDOGH'LFLHPEUHGH HQPLOHVGHGyODUHVHVWDGRXQLGHQVHV.

      5DWLRQDO)LQDQFLDO6WDWHPHWV$QDO\VLV'HFHPEHU H[SUHVVHGLQWKRXVDQGVRI86GROODUV.

    ([SOLFDFLRQHV ([SODQDWLRQV /LTXLGH]&RUULHQWH &XUUHQW/LTXLGLW\5DWLR 5HVXOWDGR 5HVXOWV (O LQFUHPHQWR HQ HVWD UD]yQ VH GHEH SULQFLSDOPHQWH DO LQFUHPHQWR GH ORV GHXGRUHV FRUULHQWHV QR YHQFLGRV \ DO VDOGR D IDYRU SRU FRQFHSWR GH LPSXHVWRVFRUULHQWHV 7KHGHFOLQHLQUHVXOWVFDQEHDFFRXQWHGIRUPDLQO\E\WKHLQFUHDVHLQFRVWV DQGH[SHQVHVRIWKHFRPSDQ\DVZHOODVE\WKHORVVIURPWKHVDOHRIÀ[HG DVVHWVDVH[SODLQHGLQWKHDQDO\VLVRILQGLFDWRUVRIWKHÀQDQFLDOH[SHQVHV UDWLR 7KHLQFUHDVHLQWKLVUDWLRLVGXHPDLQO\WRWKHLQFUHDVHLQFXUUHQWUHFHLYDEOHV QRWSDVWGXHDQGWKHSRVLWLYHEDODQFHRIFXUUHQWWD[HV 5D]yQÉFLGD $FLG7HVW5DWLR /DUD]yQiFLGDQRYDULyGHXQDxRDRWUR\DTXHWDQWRHOGLVSRQLEOHGHOD HPSUHVDFRPRORVSDVLYRVFRUULHQWHVVHPDQWLHQHQHQQLYHOHVPX\VLPLODUHV 5HQWDELOLGDGGHO3DWULPRQLR\ GHO$FWLYR 5HWXUQRQ(TXLW\DQG$VVHWV 5HQGLPLHQWRDFWLYRVRSHUDFLRQDOHV 2SHUDWLRQDODVVHWVSHUIRUPDQFH (OLQFUHPHQWRHQODUD]yQGHHQGHXGDPLHQWRHVSURGXFWRGHORVGHVHPEROVRV UHDOL]DGRGXUDQWHHOSDUDÀQDQFLDUODLQYHUVLyQHQGLIHUHQWHVSUR\HFWRV GHLQIUDHVWUXFWXUD\HTXLSDPLHQWRGHODHPSUHVD 8WLOLGDGSRUDFFLyQ (DUQLQJVSHUVKDUH /D FDtGD HQ HVWH UDWLR VH GHEH D XQD PHQRUXWLOLGDG DQWHV GH LQWHUHVHV H LPSXHVWRV SULQFLSDOPHQWH SRU OD SpUGLGD FRQWDEOH TXH RFDVLRQy OD YHQWD GHJU~DVSyUWLFRVODVFXDOHVVHUiQUHHPSOD]DGDVSRUJU~DVQXHYDVTXH VDWLVIDFHQHQPD\RUPHGLGDODVQHFHVLGDGHVGHODLQGXVWULD (OUHQGLPLHQWRGHORVDFWLYRVRSHUDFLRQDOHVHQIXHPHQRUDOGHO JUDFLDV D XQ PHQRU UHVXOWDGR RSHUDFLRQDO SURGXFWR GH PD\RUHV FRVWRV \ JDVWRV 7KHSHUIRUPDQFHRIRSHUDWLRQDODVVHWVLQZDVZRUVHWKDQWKDWRI RZLQJ WR D GHFOLQH LQ RSHUDWLRQDO UHWXUQV UHVXOWLQJ IURP KLJKHU FRVWV DQG H[SHQVHV 7KHLQFUHDVHLQWKHLQGHEWHGQHVVUDWLRLVWKHUHVXOWRIGLVEXUVHPHQWVPDGH GXULQJ  WR ÀQDQFH YDULRXV LQIUDVWUXFWXUH DQG HTXLSPHQW LQYHVWPHQW SURMHFWVRIWKHFRPSDQ\ &REHUWXUD*DVWRV)LQDQFLHURV )LQDQFLDO([SHQVHV&RYHUDJH /DPHQRUUHQWDELOLGDGGHOSDWULPRQLR\GHODFWLYRVHGHEHDOPHQRUUHVXOWDGR GHODHPSUHVDH[SOLFDGRDQWHULRUPHQWH 7KHGHFUHDVHLQWKHUHWXUQRQHTXLW\DQGDVVHWVLVGXHWRWKHORZHUOHYHORI UHVXOWVDVH[SODLQHGDERYH  7KHDFLGWHVWUDWLRGLGQRWYDU\IURP\HDUWR\HDUDVWKHQHDUFDVKDVVHWV DYDLODEOH WR WKH FRPSDQ\ DQG FXUUHQW OLDELOLWLHV KDYH UHPDLQHG DW YHU\ VLPLODUOHYHOV 5D]yQGH(QGHXGDPLHQWR .QGHEWHGQHVV5DWLR (OPHQRUUHVXOWDGRVHH[SOLFDSULQFLSDOPHQWHSRUHOLQFUHPHQWRHQORVFRVWRV \JDVWRVGHODHPSUHVDDVtFRPRSRUODSHUGLGDSRUYHQWDGHORVDFWLYRVÀMRV TXHVHH[SOLFDHQHOtQGLFHDQiOLVLVGHFREHUWXUDGHJDVWRVÀQDQFLHURV /DXWLOLGDGSRUDFFLyQUHJLVWUDXQYDORUPHQRUUHVSHFWRDSRUODPHQRU XWLOLGDGGHOHMHUFLFLR (DUQLQJVSHUVKDUHGHFOLQHGDZLWKUHVSHFWWRGXHWRWKHIDOOLQHDUQLQJV LQWKHÀVFDO\HDU 7KHIDOOLQWKLVUDWLRLVGXHWRDGURSLQHDUQLQJVEHIRUHWD[HVDQGLQWHUHVW PDLQO\RZLQJWRWKHDFFRXQWLQJORVVIURPWKHVDOHRISRUWFUDQHVZKLFK ZLOO EH UHSODFHG E\  QHZ FUDQHV WKDW ZLOO EHWWHU PHHW WKH QHHGV RI WKH LQGXVWU\ 7RWDO$FWLYRV 7RWDO$VVHWV (O LQFUHPHQWR HQ HO QLYHO GH DFWLYRV HV SURGXFWR GH PD\RUHV FXHQWDV SRU FREUDUQRYHQFLGDV 7KHLQFUHDVHLQWKHOHYHORIDVVHWVLVWKHSURGXFWRIDULVHLQUHFHLYDEOHVWKDW DUHQRWSDVWGXH 117 .

Estados Financieros / Financial Statements 118 $QiOLVLVUD]RQDGRGHORVHVWDGRÀQDQFLHURVDOGH'LFLHPEUHGH HQPLOHVGHGyODUHVHVWDGRXQLGHQVHV.

      +HFKRV5HOHYDQWHVRHVHQFLDOHV 5HOHYDQW)DFWV 5DWLRQDO)LQDQFLDO6WDWHPHWV$QDO\VLV'HFHPEHU H[SUHVVHGLQWKRXVDQGVRI86GROODUV.

     'LIHUHQFLD HQWUH YDORU GH OLEURV \ YDORU HFRQyPLFR R GH PHUFDGR GH ORV SULQFLSDOHV activos 7KHGLIIHUHQFHEHWZHHQWKHERRNYDOXHDQG WKHHFRQRPLFRUPDUNHWYDOXHRIWKHPDLQDVVHWV $ OD IHFKD GH ORV SUHVHQWHV (VWDGRV )LQDQFLHURV QR H[LVWHQ GLIHUHQFLDV PDWHULDOHV HQWUH HO YDORU GH OLEURV \HOYDORUHFRQyPLFRGHORVDFWLYRVGHOD6RFLHGDG $WWKHWLPHRIWKHFXUUHQWÀQDQFLDOVWDWHPHQWVWKHUHDUH QR PDWHULDO GLIIHUHQFHV EHWZHHQ WKH ERRN YDOXH DQG WKHHFRQRPLFYDOXHRIWKHVRFLHW\DVVHWV  9DULDFLRQHV PiV LPSRUWDQWHV RFXUULGDV GXUDQWH HO SHUtRGR HQ ORV PHUFDGRV HQ TXH SDUWLFLSDHQODFRPSHWHQFLDTXHHQIUHQWD\HQ VXSDUWLFLSDFLyQUHODWLYD   .QWKHPDUNHWVZKHUH736ZDVDFWLYHLQ WKHPRVWVLJQLÀFDQWYDULDWLRQVZHUHDUHVXOWRIWKH FRPSHWLWLRQWKDWLWIDFHVDQGWKHLUUHODWLYHVKDUHRI WKHPDUNHW /D 6RFLHGDG D OD IHFKD GH ORV SUHVHQWHV (VWDGRV )LQDQFLHURVQRSUHVHQWDXQDYDULDFLyQVLJQLÀFDWLYDHQ VXSDUWLFLSDFLyQHQHOPHUFDGRHQVXFRPSHWHQFLD\ SDUWLFLSDFLyQ UHODWLYD GXUDQWH HO SHUtRGR (Q HO  VHOLFLWD\DGMXGLFDHO(VSLJyQ0XOWLRSHUDGRUHQ3XHUWR GH9DOSDUDtVR    $W WKH WLPH WKH FXUUHQW ÀQDQFLDO VWDWHPHQWV ZHUH SUHSDUHG WKHUH ZHUH QR VLJQLÀFDQW YDULDWLRQV LQ WKH UHODWLYHPDUNHWVKDUHRI736RULWVFRPSHWLWRUV.QD WHQGHULQJSURFHVVZDVFRQGXFWHGDQGDZDUGHGIRUWKH PXOWLRSHUDWRUSLHULQWKH3RUWRI9DOSDUDtVR $QiOLVLVGHULHVJRGHPHUFDGR 0DUNHWULVNDQDO\VLV  /D 6RFLHGDG HV SDUWH GHO VHFWRU SRUWXDULR QDFLRQDO GRQGH SURYHH SULQFLSDOPHQWH VHUYLFLRV GH WUDQVIHUHQFLD PXHOODMH \ DOPDFHQDPLHQWR D ORV EXTXHVTXHDWUDFDQHQORVVLWLRVDOGHO7HUPLQDO1ž GHOSXHUWRGH9DOSDUDtVR 6X SULQFLSDO FRPSHWLGRU D QLYHO UHJLRQDO VRQ ORV WHUPLQDOHVFRQFHVLRQDGRVGHOSXHUWRGH6DQ$QWRQLR \DFRUWRSOD]RHOWHUPLQDO1žGH9DOSDUDtVR ´7KH FRPSDQ\ LV SDUW RI D QDWLRQDO SRUW VHFWRU ZKHUH LW PDLQO\ SURYLGHV FDUJR WKURXJKSXW ZKDUIDJH DQG VWRUDJHVHUYLFHVWRWKHYHVVHOVWKDWGRFNLQEHUWKVWR RI7HUPLQDO1žRIWKH3RUWRI9DOSDUDLVR .WV PDLQ FRPSHWLWRUV DW WKH UHJLRQDO OHYHO DUH WKH SRUW WHUPLQDOV RI WKH 3RUW RI 6DQ $QWRQLR DQG LQ WKH QHDU IXWXUH7HUPLQDO1žRI9DOSDUDLVRµ /RVSDJRVTXHOD6RFLHGDGGHEHUHDOL]DUD(PSUHVD 3RUWXDULD9DOSDUDtVRSRUFRQFHSWRGHSDJRDGLFLRQDO \ FDQRQ DQXDO VRQ GHQRPLQDGRV HQ GyODUHV GH ORV (VWDGRV8QLGRVGH1RUWHDPpULFD\HVWiQVXMHWRVDXQD UHDMXVWDELOLGDGDQXDOVHJ~QODYDULDFLyQGHOtQGLFHGH 3UHFLRVDO3URGXFWRU 33.

QGH[ 33.Q D OHWWHU GDWHG 1RYHPEHU   WKH 6XSHULQWHQGHQF\ RI 6HFXULWLHV DQG .Q D OHWWHU GDWHG $SULO   WKH 6XSHULQWHQGHQF\ RI 6HFXULWLHV DQG .'QXPEHU %XVLQHVVQDPH7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$  (Q -XQWD 2UGLQDULD GHO  GH $EULO GH  VH DFRUGy SDJDU XQ GLYLGHQGR GHÀQLWLYR DGLFLRQDO FRQ FDUJRDFXHQWDVGHUHVXOWDGRGHOHMHUFLFLRGH86 SRUDFFLyQHOTXHVHSRQGUiDGLVSRVLFLyQ GH ORV VHxRUHV DFFLRQLVWDV TXH ÀJXUHQ LQVFULWRV FRPR WDOHVHQORV5HJLVWUR6RFLDOHVFRQFLQFRGtDVKiELOHVGH DQWLFLSDFLyQDODIHFKDHVWDEOHFLGDSDUDHOSDJR  .GHOPLVPRSDtV (OSULQFLSDOULHVJRFDPELDULRHVWiGDGRSRUORVSDVLYRV HQ PRQHGDV GLVWLQWDV DO GyODU TXH WLHQH OD HPSUHVD (VWHULHVJRHVPHQRUGDGRTXHODPD\RUSDUWHGHORV SDVLYRVHVWiGHQRPLQDGRHQGyODUHV 5HVSHFWRDORVFUpGLWRVVXVFULWRVSRUOD6RFLHGDGFRQ ODEDQFDQDFLRQDOHVWiQLQGH[DGRVDODWDVD/LERU GtDV 5XW 5D]yQ6RFLDO7HUPLQDO3DFtÀFR6XU9DOSDUDtVR6$ 7D[SD\HU.QVXUDQFH ZDV LQIRUPHGLQDQHVVHQWLDOIDFWGRFXPHQWWKDWWKHERDUG RI GLUHFWRUV RI 7HUPLQDO 3DFtÀFR 6XU 9DOSDUDtVR 6$ GXULQJWKHVHVVLRQKHOGRQ1RYHPEHUDJUHHG WR SD\ D SURYLVLRQDO GLYLGHQG FKDUJHG WR ÀVFDO \HDU ZLWKDYDOXHRI86SHUVKDUHZKLFKZLOO EHDYDLODEOHWRVKDUHKROGHUVDVRI'HFHPEHU 7KH SD\PHQWV WKH FRPSDQ\ PXVW PDNH WR (PSUHVD 3RUWXDULD 9DOSDUDLVR DV DQ DGGLWLRQDO SD\PHQW DQG DQQXDO IHH DUH GHQRPLQDWHG LQ 86 GROODUV DQG DUH VXEMHFW WR DQ DQQXDO DGMXVWPHQW DFFRUGLQJ WR WKH YDULDWLRQRIWKH3URGXFHU3ULFH.QVXUDQFH ZDV LQIRUPHGLQDQHVVHQWLDOIDFWGRFXPHQWWKDWWKHERDUG RI GLUHFWRUV RI 7HUPLQDO 3DFtÀFR 6XU 9DOSDUDtVR 6$ LQ DQ 2UGLQDU\ 0HHWLQJ KHOG RQ WKDW GD\ DJUHHG WR SD\DQDGGLWLRQDOGLYLGHQGFKDUJHGWRÀVFDO\HDU ZLWKDYDOXHRI86SHUVKDUHZKLFKZLOOEH DYDLODEOH WR DOO VKDUHKROGHUV ZKR DUH GXO\ UHJLVWHUHG LQ WKH FRUSRUDWH UHFRUGV ÀYH ZRUNLQJ GD\V EHIRUH WKH HVWDEOLVKHGSD\PHQWGDWH  (Q OD VHVLyQ GHO  GH 1RYLHPEUH GH  VH DFRUGy SDJDU XQ GLYLGHQGR SURYLVRULR FRQ FDUJR D FXHQWDV GH UHVXOWDGRV GHO HMHUFLFLR  GH 86  SRU DFFLyQ HO TXH VH SRQGUtD D GLVSRVLFLyQ GHORVVHxRUHVDFFLRQLVWDVDSDUWLUGHOGtDGHGLFLHPEUH   .

RIWKH86$ 7KHPDLQH[FKDQJHULVNVDUHWKHOLDELOLWLHVLQFXUUHQFLHV KHOG E\ WKH FRPSDQ\ WKDW DUH RWKHU WKDQ WKH 86 GROODU 7KLV ULVN LV PLQRU VLQFH PRVW RI WKH OLDELOLWLHV DUH GHQRPLQDWHGLQ86GROODUV 7KH FUHGLW WKH FRPSDQ\ KROGV LQ WKH QDWLRQDO EDQNLQJ V\VWHPLVLQGH[HGWRWKHPRQWK/LERUUDWH 119 .

919-4 Director Pablo Ihnen de la Fuente Director 6.998.521-1 Director Dag von Appen Burose Director 6.120 6XVFULSFLyQGHOD0HPRULD 6LJQLQJRI$QQXDO5HSRUW /DSUHVHQWHPHPRULDKDVLGRVXVFULWDSRUORVVLJXLHQWHV0LHPEURVGHO'LUHFWRULRGHOD6RFLHGDGTXLHQHV FHUWLÀFDQODYHUDFLGDGGHODLQIRUPDFLyQSUHVHQWH 7KLV5HSRUWKDVEHHQVLJQHGE\WKHIROORZLQJPHPEHUVRIWKHFRPSDQ\·V%RDUGRI'LUHFWRUVFHUWLI\LQJWKHDFFXUDF\RI WKLVLQIRUPDWLRQ NOMBRE Name Jan Vermeij Chamy CARGO Title Presidente del Directorio RUT Tax Payer I.070. FIRMA Signature 6.860.D.866.208-4 General Manager 121 .441-7 Chairman of the Board Richard Von Appen Lahres Director 6.516-7 Director )UDQFHVFR6FKLDI¿QR%DFLJDOXSR Gerente General 9.374.

Related Interests