EDELNOR S.A.A.

92

description

finanzas coorporativas

Transcript of EDELNOR S.A.A.

CARTULA

EDELNOR S.A.A.

Identificacin de la CompaaEmpresa de Distribucin Elctrica de Lima Norte S.A.A. - EDELNOR S.A.A., es una subsidiaria de Inversiones Distrilima S.A.C., la cual posee el 51.68 por ciento de su capital social, asi mismo Enersis S.A. posee el 24% de Edelnor y es matriz de Distrilima S.A.C. al 31 de diciembre de 2014. La Compaa fue constituida en el Per en el ao 1994 y es una sociedad annima abierta, cuyas acciones cotizan en la Bolsa de Valores de Lima (BVL). Inversiones Distrilima S.A.C. es una subsidiaria del Grupo ENDESA de Espaa, a travs de Enersis S.A., una empresa domiciliada en Chile. Asimismo, a partir del ao 2009, la empresa de capitales italianos Enel Energy Europe S.R.L. se convirti en la principal accionista del Grupo ENDESA.

Actividad econmica de la CompaaLa Compaa tiene por objeto la distribucin de energa elctrica en la parte norte de Lima Metropolitana, la Provincia Constitucional del Callao y las provincias de Huaura, Barranca, Huaral y Oyn, segn los contratos suscritos con el Estado Peruano. Asimismo, la Compaa realiza otros servicios relacionados al giro principal como: trabajos de movimientos de redes, venta de bloques de potencia y venta de artefactos elctricos.

DATOS IMPORT.

GRUPO ECONMICO DISTRIBUCIN DE LA ACTIVIDAD ECONMINCA (SERVICIO DE ENERGA ELCTRICA) COMPONENTES DE LA TARIFA POR EL SERVICIO DE ENERGA ELCTRICA

REA DE CONSECIN Y PUNTO DE REFERENCIA

CaractersticasEdelnor S.A.A.Luz del Sur S.A.A.rea de concesin1,517 km23,000 km2 aprox.Clientes1250,000 aprox.940,000 aprox.ZonaLima norte y el CallaoZona Sur

E.S.F.

EDELNOR S.A.A.

Estado de Situacin FinancieraAl 31 de Diciembre del 2014, 2013, 2012, 2011, 2010 y 2009 (en miles de nuevos soles)

201420132012201120102009S/ . (000) S/ . (000) S/ . (000) S/ . (000) S/ . (000) S/ . (000) ActivosActivos CorrientesEfectivo y Equivalentes al Efectivo286,372 192,536 73,410 47,915 158,548 45,169 Cuentas por Cobrar Comerciales (neto)271,769 255,322 247,528 288,373 252,223 229,780 Cuentas por Cobrar a Entidades Relacionadas3,949 1,407 288 42 1,922 1,784 Otras Cuentas por Cobrar (neto)23,794 18,373 23,010 15,681 16,117 14,363 Inventarios,neto40,270 28,990 23,404 22,612 21,360 18,799 Instrumentos financieros derivados0.020,982 0.00.00.00.0Otros Activos no financieros, neto2,851 366 620 5,429 4,299 3,001 Total Activos Corrientes629,005 517,976 368,260 380,052 454,469 312,896 Activos No CorrientesInstrumentos financieros derivados0.00.016,974 14,491 10,946 9,392 Propiedades, Planta y Equipo (neto)2,865,048 2,576,614 2,401,246 2,222,955 2,118,542 2,050,037 Activos intangibles, neto31,459 20,171 15,618 14,763 13,588 16,672 Total Activos No Corrientes2,896,507 2,596,785 2,433,838 2,252,209 2,143,076 2,076,101 TOTAL DE ACTIVOS3,525,512 3,114,761 2,802,098 2,632,261 2,597,545 2,388,997 Pasivos y PatrimonioPasivos CorrientesOtros Pasivos Financieros143,050 172,708 165,084 150,400 116,324 84,972 Cuentas por Pagar Comerciales290,767 271,555 187,278 138,453 167,029 84,598 Cuentas por Pagar a Entidades Relacionadas43,834 123,522 50,212 59,085 62,975 65,124 Otras Cuentas por Pagar284,033 108,826 107,516 152,575 87,490 81,207 Ingresos Diferidos9,732 21,172 105,415 ---Otras provisiones28,898 28,854 26,883 30,689 31,158 32,456 Pasivos por Impuestos a las Ganancias12,594 0.03,797 5,030 5,555 1,929 Total Pasivos Corrientes812,908 726,637 646,185 536,232 470,531 350,286 Pasivos No CorrientesOtros Pasivos Financieros1,125,725 868,222 787,309 791,917 885,602 853,849 Otras Cuentas por Pagar12,289 10,496 10,792 4,255 3,390 3,002 Pasivos por impuestos diferidos, neto191,252 248,606 273,191 295,354 312,423 330,013 Ingresos Diferidos6,972 7,213 6,884 3,282 Total Pasivos No Corrientes1,336,238 1,134,537 1,078,176 1,094,808 1,201,415 1,186,864 Total Pasivos2,149,146 1,861,174 1,724,361 1,631,040 1,671,946 1,537,150 PatrimonioCapital Emitido638,564 638,564 638,564 638,564 638,564 638,564 Otras Reservas de Capital133,188 133,188 133,188 133,188 133,188 133,188 Resultados Acumulados604,614 467,147 294,103 219,325 146,184 73,520 Otras Reservas de Patrimonio0.014,688 11,882 10,144 7,663 6,575 Total Patrimonio1,376,366 1,253,587 1,077,737 1,001,221 925,599 851,847 TOTAL PASIVO Y PATRIMONIO3,525,512 3,114,761 2,802,098 2,632,261 2,597,545 2,388,997

E.R.

EDELNOR S.A.A.Estado de resultados integralesPor los aos terminados al 31 de diciembre de 2014, 2013, 2012, 2011, 2010, 2009

201420132012201120102009S/ . (000) S/ . (000) S/ . (000) S/ . (000) S/ . (000) S/ . (000) Ingresos operativosIngreso por servicio de distribucin de energa2,293,7252,084,3441,986,9601,809,5371,618,6441,563,921Otros ingresos operativos72,818150,50781,59370,22593,39166,7442,366,5432,234,8512,068,5531,879,7621,712,0351,630,665

Costos operativosCosto del servicio de distribucin de energa(1,695,805)(1,566,321)(1,480,409)(1,315,517)(1,170,926)(1,144,959)Otros costos operativos(33,440)(46,112)(43,131)(53,941)(71,843)(52,264)Utilidad bruta637,298622,418545,013510,304469,266433,442

Gastos operativosGastos de administracin(104,267)(109,633)(98,580)(84,864)(73,376)(70,373)Gastos de ventas(89,506)(80,793)(79,844)(72,751)(64,184)(59,112)Otros ingresos19,53231,47119,74619,81512,58012,165Otros gastos(5,116)(7,555)(7,443)(3,761)(5,265)(5,093)Utilidad operativa457,941455,908378,892368,743339,021311,029

Ingresos financieros14,98113,67021,50511,66912,53319,006Gastos financieros(68,781)(92,562)(84,320)(80,388)(71,558)(73,807)Diferencia de cambio, neta(1,292)(1,915)1,2581,0681791,118Utilidad antes de impuesto a las ganancias402,849375,101317,335301,092280,175257,346

Impuesto a las ganancias(100,611)(104,403)(100,631)(94,415)(88,215)(84,728)Utilidad neta302,238270,698216,704206,677191,960172,618

E.S.F. anlisis H y V

EDELNOR S.A.A.

Estado de Situacin FinancieraAl 31 de Diciembre del 2014, 2013, 2012, 2011, 2010 y 2009 (en miles de nuevos soles)

ANLISIS VERTICALANLISIS HORIZONTALANLISIS DE TENDENCIA (2009 ao base)

2014201320122011201020092014 vs 20132013 vs 20122012 vs 20112011 vs 20102010 vs 2009201420132012201120102009S/ . (000) %S/ . (000)% S/ . (000) % S/ . (000) % S/ . (000) % S/ . (000) % S/ . (000) % S/ . (000) % S/ . (000) % S/ . (000) % S/ . (000) % S/ . (000) S/ . (000) S/ . (000) S/ . (000) S/ . (000) S/ . (000) ActivosActivos CorrientesEfectivo y Equivalentes al Efectivo286,372 8.12192,536 6.1873,410 2.6247,915 1.82158,548 6.1045,169 1.8993,836 48.74119,126 162.2725,495 53.21-110,633 -69.78113,379 251.01634 426 163 106 351 100 Cuentas por Cobrar Comerciales (neto)271,769 7.71255,322 8.20247,528 8.83288,373 10.96252,223 9.71229,780 9.6216,447 6.447,794 3.15-40,845 -14.1636,150 14.3322,443 9.77118 111 108 125 110 100 Cuentas por Cobrar a Entidades Relacionadas3,949 0.111,407 0.05288 0.0142 0.001,922 0.071,784 0.072,542 180.671,119 388.54246 585.71-1,880 -97.81138 7.74221 79 16 2 108 100 Otras Cuentas por Cobrar (neto)23,794 0.6718,373 0.5923,010 0.8215,681 0.6016,117 0.6214,363 0.605,421 29.51-4,637 -20.157,329 46.74-436 -2.711,754 12.21166 128 160 109 112 100 Inventarios,neto40,270 1.1428,990 0.9323,404 0.8422,612 0.8621,360 0.8218,799 0.7911,280 38.915,586 23.87792 3.501,252 5.862,561 13.62214 154 124 120 114 100 Instrumentos financieros derivados0.00.0020,982 0.670.00.000.00.000.00.000.00.00-20,982 -100.0020,982 -0.00.00.00.00.00.0100 Otros Activos no financieros, neto2,851 0.08366 0.01620 0.025,429 0.214,299 0.173,001 0.132,485 678.96-254 -40.97-4,809 -88.581,130 26.291,298 43.2595 12 21 181 143 100 Total Activos Corrientes629,005 17.84517,976 16.63368,260 13.14380,052 14.44454,469 17.50312,896 13.10111,029 21.44149,716 40.65-11,792 -3.10-74,417 -16.37141,573 45.25201 166 118 121 145 100 Activos No Corrientes0.00100 Instrumentos financieros derivados0.00.000.016,974 0.6114,491 0.5510,946 0.429,392 0.390.00.00-16,974 -100.002,483 17.133,545 32.391,554 16.550.00.0181 154 117 100 Propiedades, Planta y Equipo (neto)2,865,048 81.272,576,614 82.722,401,246 85.692,222,955 84.452,118,542 81.562,050,037 85.81288,434 11.19175,368 7.30178,291 8.02104,413 4.9368,505 3.34140 126 117 108 103 100 Activos intangibles, neto31,459 0.8920,171 0.6515,618 0.5614,763 0.5613,588 0.5216,672 0.7011,288 55.964,553 29.15855 5.791,175 8.65-3,084 -18.50189 121 94 89 82 100 Total Activos No Corrientes2,896,507 82.162,596,785 83.372,433,838 86.862,252,209 85.562,143,076 82.502,076,101 86.90299,722 11.54162,947 6.70181,629 8.06109,133 5.0966,975 3.23140 125 117 108 103 100 TOTAL DE ACTIVOS3,525,512 100.003,114,761 100.002,802,098 100.002,632,261 100.002,597,545 100.002,388,997 100.00410,751 13.19312,663 11.16169,837 6.4534,716 1.34208,548 8.73148 130 117 110 109 100 Pasivos y Patrimonio100 Pasivos Corrientes100 Otros Pasivos Financieros143,050 4.59172,708 5.54165,084 5.89150,400 5.71116,324 4.4884,972 3.56-29,658 -17.177,624 4.6214,684 9.7634,076 29.2931,352 36.90168 203 194 177 137 100 Cuentas por Pagar Comerciales290,767 9.34271,555 8.72187,278 6.68138,453 5.26167,029 6.4384,598 3.5419,212 7.0784,277 45.0048,825 35.26-28,576 -17.1182,431 97.44344 321 221 164 197 100 Cuentas por Pagar a Entidades Relacionadas43,834 1.41123,522 3.9750,212 1.7959,085 2.2462,975 2.4265,124 2.73-79,688 -64.5173,310 146.00-8,873 -15.02-3,890 -6.18-2,149 -3.3067 190 77 91 97 100 Otras Cuentas por Pagar284,033 9.12108,826 3.49107,516 3.84152,575 5.8087,490 3.3781,207 3.40175,207 161.001,310 1.22-45,059 -29.5365,085 74.396,283 7.74350 134 132 188 108 100 Ingresos Diferidos9,732 0.3121,172 0.68105,415 3.76----11,440 -54.03-84,243 -79.92------100 Otras provisiones28,898 0.9328,854 0.9326,883 0.9630,689 1.1731,158 1.2032,456 1.3644 0.151,971 7.33-3,806 -12.40-469 -1.51-1,298 -4.0089 89 83 95 96 100 Pasivos por Impuestos a las Ganancias12,594 0.400.00.003,797 0.145,030 0.195,555 0.211,929 0.0812,594 100.00-3,797 -100.00-1,233 -24.51-525 -9.453,626 187.97653 0.0197 261 288 100 Total Pasivos Corrientes812,908 26.10726,637 23.33646,185 23.06536,232 20.37470,531 18.11350,286 14.6686,271 11.8780,452 12.45109,953 20.5065,701 13.96120,245 34.33232 207 184 153 134 100 Pasivos No Corrientes100 Otros Pasivos Financieros1,125,725 36.14868,222 27.87787,309 28.10791,917 30.09885,602 34.09853,849 35.74257,503 29.6680,913 10.28-4,608 -0.58-93,685 -10.5831,753 3.72132 102 92 93 104 100 Otras Cuentas por Pagar12,289 0.3910,496 0.3410,792 0.394,255 0.163,390 0.133,002 0.131,793 17.08-296 -2.746,537 153.63865 25.52388 12.92409 350 359 142 113 100 Pasivos por impuestos diferidos, neto191,252 6.14248,606 7.98273,191 9.75295,354 11.22312,423 12.03330,013 13.81-57,354 -23.07-24,585 -9.00-22,163 -7.50-17,069 -5.46-17,590 -5.3358 75 83 89 95 100 Ingresos Diferidos6,972 0.227,213 0.236,884 0.253,282 0.120.000.00-241 -3.34329 4.783,602 109.753,282 ---100 Total Pasivos No Corrientes1,336,238 42.901,134,537 36.421,078,176 38.481,094,808 41.591,201,415 46.251,186,864 49.68201,701 17.7856,361 5.23-16,632 -1.52-106,607 -8.8714,551 1.23113 96 91 92 101 100 Total Pasivos2,149,146 69.001,861,174 59.751,724,361 61.541,631,040 61.961,671,946 64.371,537,150 64.34287,972 15.47136,813 7.9393,321 5.72-40,906 -2.45134,796 8.77140 121 112 106 109 100 Patrimonio100 Capital Emitido638,564 20.50638,564 20.50638,564 22.79638,564 24.26638,564 24.58638,564 26.730.00.000.00.000.00.000.00.000.00.00100 100 100 100 100 100 Otras Reservas de Capital133,188 4.28133,188 4.28133,188 4.75133,188 5.06133,188 5.13133,188 5.580.00.000.00.000.00.000.00.000.00.00100 100 100 100 100 100 Resultados Acumulados604,614 19.41467,147 15.00294,103 10.50219,325 8.33146,184 5.6373,520 3.08137,467 29.43173,044 58.8474,778 34.0973,141 50.0372,664 98.84822 635 400 298 199 100 Otras Reservas de Patrimonio0.00.0014,688 0.4711,882 0.4210,144 0.397,663 0.306,575 0.28-14,688 -100.002,806 23.621,738 17.132,481 32.381,088 16.550.0223 181 154 117 100 Total Patrimonio1,376,366 44.191,253,587 40.251,077,737 38.461,001,221 38.04925,599 35.63851,847 35.66122,779 9.79175,850 16.3276,516 7.6475,622 8.1773,752 8.66162 147 127 118 109 100 TOTAL PASIVO Y PATRIMONIO3,525,512 113.193,114,761 100.002,802,098 100.002,632,261 100.002,597,545 100.002,388,997 100.00410,751 13.19312,663 11.16169,837 6.4534,716 1.34208,548 8.73148 130 117 110 109 100

E.R. anlisis H y V

EDELNOR S.A.A.Estado de resultados integralesPor los aos terminados al 31 de diciembre de 2014, 2013, 2012, 2011, 2010, 2009

ANLISIS VERTICALANLISIS HORIZONTALANLISIS DE TENDENCIA (2009 ao base)

2014201320122011201020092014 vs 20132013 vs 20122012 vs 20112011 vs 20102010 vs 2009201420132012201120102009S/ . (000) %S/ . (000)% S/ . (000) % S/ . (000) % S/ . (000) % S/ . (000) % S/ . (000) % S/ . (000) % S/ . (000) % S/ . (000) % S/ . (000) % S/ . (000) S/ . (000) S/ . (000) S/ . (000) S/ . (000) S/ . (000) Ingresos operativosIngreso por servicio de distribucin de energa2,293,7252,084,3441,986,9601,809,5371,618,6441,563,921209,3811097,3845177,42310190,8931254,7233Otros ingresos operativos72,818150,50781,59370,22593,39166,744-77,689-5268,9148411,36816-23,166-2526,64740109 225 122 105 140 100 2,366,5431002,234,8511002,068,5531001,879,7621001,712,0351001,630,665100131,6926166,2988188,79110167,7271081,3705145 137 127 115 105 100 100 Costos operativos100 Costo del servicio de distribucin de energa(1,695,805)72(1,566,321)70(1,480,409)72(1,315,517)70(1,170,926)68(1,144,959)70-129,4848-85,9126-164,89213-144,59112-25,9672148 137 129 115 102 100 Otros costos operativos(33,440)1(46,112)2(43,131)2(53,941)3(71,843)4(52,264)312,672-27-2,981710,810-2017,902-25-19,5793764 88 83 103 137 100 Utilidad bruta637,29827622,41828545,01326510,30427469,26627433,4422714,880277,4051434,709741,038935,8248147 144 126 118 108 100 100 Gastos operativos100 Gastos de administracin(104,267)4(109,633)5(98,580)5(84,864)5(73,376)4(70,373)45,366-5-11,05311-13,71616-11,48816-3,0034148 156 140 121 104 100 Gastos de ventas(89,506)4(80,793)4(79,844)4(72,751)4(64,184)4(59,112)4-8,71311-9491-7,09310-8,56713-5,0729151 137 135 123 109 100 Otros ingresos19,532131,471119,746119,815112,580112,1651-11,939-3811,72559-69-07,235584153161 259 162 163 103 100 Otros gastos(5,116)0(7,555)0(7,443)0(3,761)0(5,265)0(5,093)02,439-32-1122-3,682981,504-29-1723100 148 146 74 103 100 Utilidad operativa457,94119455,90820378,89218368,74320339,02120311,029192,033077,0162010,149329,722927,9929147 147 122 119 109 100 100 Ingresos financieros14,981113,670121,505111,669112,533119,00611,31110-7,835-369,83684-864-7-6,473-3479 72 113 61 66 100 Gastos financieros(68,781)3(92,562)4(84,320)4(80,388)4(71,558)4(73,807)523,781-26-8,24210-3,9325-8,830122,249-393 125 114 109 97 100 Diferencia de cambio, neta(1,292)0(1,915)01,25801,068017901,1180623-33-3,173-25219018889497-939-84-116 -171 113 96 16 100 Utilidad antes de impuesto a las ganancias402,84917375,10117317,33515301,09216280,17516257,3461627,748757,7661816,243520,917722,8299157 146 123 117 109 100 100 Impuesto a las ganancias(100,611)4(104,403)5(100,631)5(94,415)5(88,215)5(84,728)53,792-4-3,7724-6,2167-6,2007-3,4874119 123 119 111 104 100 Utilidad neta302,23813270,69812216,70410206,67711191,96011172,6181131,5401253,9942510,027514,717819,34211175 157 126 120 111 100

Ratios

Indices de Liquides y gestin201420132012201120102009EDELNORLUZ DEL SUREDELNORLUZ DEL SUREDELNORLUZ DEL SUREDELNORLUZ DEL SUREDELNORLUZ DEL SUREDELNORLUZ DEL SURLiquidez General
Autor: Autor:

LG = Activo Corriente Pasivo Corrienre77%79%71%64%57%79%71%75%97%85%89%67%Prueba cida
Autor: Autor:

PA = Activo Corriente - Inventarios - otros activos menos liquidos Pasivo Corriente72%73%64%59%53%74%66%69%91%77%83%61%Liquidez Absoluta
Autor: Autor:

LA = Efectivo y Equivalentes de Efectivo + Inversiones Financieras Pasivo Corriente35%2%26%2%11%5%9%3%34%2%13%2%Capital de Trabajo
Autor: Autor:

CT = Activo Corriente - Pasivo Corriente-183,903-116,240-208,661-220,480-277,925-95,914-156,180-103,950-16,062-53,007-37,390-137,129Rotacin de Cuentas por Pagar
Autor: Autor:

R CxP = Costo de Ventas Cuentas por Pagar Promedio10.411.117.18.910.78.710.29.211.010.5Das de Cuentas por Pagar
Autor: Autor:

D CxP = 365 / R CxP35332141344236403335Rotacin de Cuentas por Cobrar
Autor: Autor:

R CxC = Ventas Cuentas por Cobrar Promedio10.68.410.58.19.18.68.28.48.48.4Das de Cuentas por Cobrar
Autor: Autor:

D CxC = 365 / R CxC34443545404244434443Indices de solidez, solvencia, endeudamiento201420132012201120102009EDELNORLUZ DEL SUREDELNORLUZ DEL SUREDELNORLUZ DEL SUREDELNORLUZ DEL SUREDELNORLUZ DEL SUREDELNORLUZ DEL SURGrado de Endeudamiento
Autor: Autor:

GE = Total Pasivo Total Activo61%53%60%44%62%41%62%37%64%38%64%39%Grado de propiedad
Autor: Autor:

GP = 1 - GE39%47%40%56%38%59%38%63%36%62%36%61%Solvencia Patrimonial
Autor: Juanito L. M. Solano:

SP = Patrimonio Pasivo64%87%67%107%63%119%61%139%55%134%55%124%Cobertura de Gasto Financiero
Autor: Autor:

CGF = Utilidad Operativa Gastos Financieros6.712.34.914.24.513.44.612.74.711.14.210.7Indices de rentabilidad201420132012201120102009EDELNORLUZ DEL SUREDELNORLUZ DEL SUREDELNORLUZ DEL SUREDELNORLUZ DEL SUREDELNORLUZ DEL SUREDELNORLUZ DEL SURRendimiento sobre el Patrimonio
Autor: Autor:

ROE = Utilidad Neta Patrimonio22%22%22%20%20%22%21%22%21%24%20%25%Rendimiento sobre el capital
Autor: Autor:

RsC = Utilidad Neta Capital47%121%42%95%59%92%32%90%30%88%27%84%Rendimiento sobre el Activo
Autor: Autor:

ROA =Utilidad Operativa/Activo13%14%15%14%14%16%14%17%13%18%13%19%Margen Bruto
Autor: Autor:

MB = Utilidad Bruta Ventas Totales27%26%28%26%26%28%27%31%27%32%27%31%Margen Operativo
Autor: Autor:

MO = Utilidad Operativa Ventas Totales19%22%20%22%18%23%20%25%20%26%19%26%Margen Neto
Autor: Autor:

MB = Utilidad Neta Ventas Totales13%16%12%15%10%15%11%16%11%17%11%17%

Liquidez Absoluta200920102011201220132014EDELNOR13%34%9%11%26%35%LUZ DEL SUR2%2%3%5%2%2%Das de Cuentas por Cobrar20102011201220132014EDELNOR4444403534LUZ DEL SUR4343424544Grado de Endeudamiento200920102011201220132014EDELNOR64%64%62%62%60%61%LUZ DEL SUR39%38%37%41%44%53%Rendimiento sobre el Activo200920102011201220132014EDELNOR13%13%14%14%15%13%LUZ DEL SUR19%18%17%16%14%14%Margen Bruto200920102011201220132014EDELNOR27%27%27%26%28%27%LUZ DEL SUR31%32%31%28%26%26%Margen Neto200920102011201220132014EDELNOR11%11%11%10%12%13%LUZ DEL SUR17%17%16%15%15%16%

CAPM

Costo del Capital (CAPM)

HISTORICO DE COTIZACIONES

Fecha cotizacinAperturaCierre EDELNOC1MximaMnimaPromedioCantidad NegociadaMonto Negociado (S/.)Fecha anteriorCierre anteriorVariacin con respecto a la cotiz. anter.IGBVLVariacin del IndiceIGBVLCierre EDELNOC1

1/2/123.853.93.93.853.89128,676.00500,811.2512/30/113.8519579.41Rendimiento Promedio-0.032744%0.062601%1/3/123.94.054.053.9479,340.00317,014.491/2/123.93.85%19886.891.57%Desviacin Estandar0.939%1.046%1/4/124.054.054.054.054.0529,344.00118,843.201/3/124.050.00%19940.090.27%1/5/123.954.054.053.953.98122,200.00486,300.961/4/124.050.00%19943.990.02%1/6/123.953.953.953.953.9510,489.0041,431.551/5/124.05-2.47%19800.88-0.72%1/9/12444445,000.0020,000.001/6/123.951.27%19947.480.74%Covarianza0.000033201/10/124.0544.053.93.9851,510.00205,090.001/9/1240.00%20269.161.61%Varianza0.000088171/11/1244444200,000.00800,000.001/10/1240.00%20280.640.06% BETA0.376521/12/124.0144.0144.01101,157.00405,628.001/11/1240.00%20539.691.28%1/13/124443.95427,500.00109,877.001/12/1240.00%20472-0.33%1/16/123.9443.93.9750,000.00198,250.001/13/1240.00%20592.420.59%1/17/124444420,000.0080,000.001/16/1240.00%20712.920.59%Donde:1/18/1243.9543.953.984,196.0016,679.101/17/124-1.25%20868.230.75%Ke= Costo del capital1/19/123.953.953.953.953.9547,200.00186,440.001/18/123.950.00%21006.510.66%Rf = Tasa libre de Riesgo1/20/123.933.953.953.933.95114,000.00450,100.001/19/123.950.00%20887.84-0.56% = coeficiente beta (riesgo no diversificable)1/23/123.953.953.953.953.9552,102.00205,802.901/20/123.950.00%21206.061.52%Rm = Retorno del mercado1/24/1243.9543.953.994,583.0018,270.501/23/123.950.00%21277.530.34%1/25/123.943.943.943.93.94227,344.00895,041.601/24/123.95-0.25%21410.670.63%1/26/123.953.933.953.933.93328,449.001,291,373.551/25/123.94-0.25%21645.821.10%Rm26.00%1/27/123.931/26/123.930.00%21843.630.91%1/30/123.931/26/123.930.00%21852.10.04%Rf10.00%1/31/123.933.953.953.933.9420,000.0078,800.001/26/123.930.51%21948.070.44%Prima de Riesgo0.06022/1/123.953.953.953.943.9587,196.00344,157.201/31/123.950.00%22371.221.93%Ke16.02%2/2/123.953.953.953.953.9534,614.00136,725.302/1/123.950.00%22686.681.41%2/3/123.953.953.953.953.9585,683.00338,447.852/2/123.950.00%22918.621.02%2/6/123.953.953.953.943.94170,978.00673,863.102/3/123.950.00%22906.38-0.05%2/7/123.913.913.913.913.91415,320.001,623,901.202/6/123.95-1.01%22803.81-0.45%2/8/123.83.93.93.83.837,149.0027,366.202/7/123.91-0.26%22730.7-0.32%2/9/123.93.93.93.93.9245,489.00957,407.102/8/123.90.00%22697.16-0.15%2/10/123.92/9/123.90.00%22496.64-0.88%2/13/123.933.923.933.923.93115,000.00451,800.002/9/123.90.51%22429.9-0.30%2/14/123.922/13/123.920.00%22269.27-0.72%2/15/123.922/13/123.920.00%22276.710.03%2/16/123.923.923.923.923.9212,755.0049,999.602/13/123.920.00%22360.790.38%2/17/123.922/16/123.920.00%22456.80.43%2/20/123.923.923851,509.202/16/123.920.00%22604.620.66%2/21/123.923.923.923.923.9210,860.0042,545.232/16/123.920.00%22873.381.19%2/22/123.923.943.943.923.9392,980.00365,478.762/21/123.920.51%22870.86-0.01%2/23/123.943.943.943.943.9429,510.00116,298.002/22/123.940.00%22835.83-0.15%2/24/123.942/23/123.940.00%22825.87-0.04%2/27/123.942/23/123.940.00%22729.93-0.42%2/28/123.953.953.953.953.9510,000.0039,500.002/23/123.940.25%22900.810.75%2/29/123.953.953.953.943.95119,467.00471,759.762/28/123.950.00%22728.75-0.75%3/1/123.953.953.953.953.9563,952.00252,610.402/29/123.950.00%22982.851.12%3/2/123.953.953.953.953.9510,000.0039,500.003/1/123.950.00%23163.870.79%3/5/123.953.953.953.953.9516,331.0064,498.403/2/123.950.00%22967.3-0.85%3/6/123.953.953.953.953.955,000.0019,750.003/5/123.950.00%22664.72-1.32%3/7/123.95443.95438,957.00155,705.153/6/123.951.27%22839.180.77%3/8/1243/7/1240.00%23033.260.85%3/9/124.0544.0544.0135,279.00141,366.003/7/1240.00%23232.50.87%3/12/124444430,543.00122,148.303/9/1240.00%22997.66-1.01%3/13/1243/12/1240.00%23145.520.64%3/14/12444446,213.0024,852.003/12/1240.00%23015.47-0.56%3/15/123.993.993.993.993.995,000.0019,950.003/14/124-0.25%22974.79-0.18%3/16/123.993.993.993.993.992,000.007,980.003/15/123.990.00%22962.52-0.05%3/19/123.993/16/123.990.00%23079.770.51%3/20/123.99443.99422,400.0089,575.003/16/123.990.25%22935.7-0.62%3/21/12444445,000.0020,000.003/20/1240.00%23056.420.53%3/22/124444437,000.00148,000.003/21/1240.00%22772.6-1.23%3/23/124444410,000.0040,000.003/22/1240.00%22953.790.80%3/26/124444432,638.00130,552.003/23/1240.00%23334.571.66%3/27/123.99443.993.9928,162.00112,471.463/26/1240.00%23650.621.35%3/28/124444450,000.00200,000.003/27/1240.00%23537.51-0.48%3/29/1244.34.344.0265,000.00261,200.003/28/1247.50%23335.12-0.86%3/30/124.14.254.254.14.1383,544.00345,437.753/29/124.3-1.16%23612.021.19%4/2/124.254.254.254.254.2561,654.00262,029.503/30/124.250.00%24051.621.86%4/3/124.254.34.34.254.2843,316.00185,433.804/2/124.251.18%24035.61-0.07%4/4/124.254.254.254.254.2521,817.0092,680.304/3/124.3-1.16%23622.59-1.72%4/9/124.254.154.254.154.288,227.00370,234.304/4/124.25-2.35%23405.64-0.92%4/10/124.24.34.34.24.2121,629.0091,004.704/9/124.153.61%23284.84-0.52%4/11/124.214.24.214.24.21186,367.00783,990.404/10/124.3-2.33%23270.01-0.06%4/12/124.24.24.24.24.261,467.00258,161.404/11/124.20.00%23471.360.87%4/13/124.24.24.24.24.288,967.00373,661.404/12/124.20.00%23335.66-0.58%4/16/124.24.24.24.24.285,343.00358,440.604/13/124.20.00%23268.5-0.29%4/17/124.154.154.154.154.1535,097.00145,603.174/16/124.2-1.19%23361.210.40%4/18/124.154.154.154.154.1516,400.0068,060.004/17/124.150.00%23274.98-0.37%4/19/124.154.084.154.084.0910,489.0042,865.124/18/124.15-1.69%23149.97-0.54%4/20/124.084/19/124.080.00%23264.90.50%4/23/124.084/19/124.080.00%22938.24-1.40%4/24/124.084/19/124.080.00%22945.720.03%4/25/124443.943.96153,739.00609,415.554/19/124.08-1.96%22845.02-0.44%4/26/124.0144.01446,500.0026,015.004/25/1240.00%22799.41-0.20%4/27/124444494,385.00377,540.004/26/1240.00%22908.980.48%4/30/124444476,391.00305,564.004/27/1240.00%22677.93-1.01%5/2/124444452,445.00209,780.004/30/1240.00%22379.99-1.31%5/3/124444438,205.00152,820.005/2/1240.00%22055.99-1.45%5/4/1245/3/1240.00%22138.030.37%5/7/123.953.953.953.953.9551,467.00203,294.655/3/124-1.25%21967.93-0.77%5/8/123.93.83.93.793.81137,639.00524,198.605/7/123.95-3.80%21393.59-2.61%5/9/123.83.83.83.83.886,277.00327,852.605/8/123.80.00%21550.80.73%5/10/123.85/9/123.80.00%21763.940.99%5/11/123.853.853.863.853.8598,214.00378,228.785/9/123.81.32%21662.45-0.47%5/14/123.853.843.853.843.855,120.0019,688.105/11/123.85-0.26%21255.2-1.88%5/15/123.853.853.853.853.8543,300.00166,705.005/14/123.840.26%20871.12-1.81%5/16/123.853.823.853.823.8320,978.0080,328.715/15/123.85-0.78%20856.99-0.07%5/17/123.83.793.83.793.7931,800.00120,540.005/16/123.82-0.79%20622.02-1.13%5/18/123.793.753.793.753.7826,844.00101,554.765/17/123.79-1.06%20501.81-0.58%5/21/123.753.753.753.753.7512,978.0048,667.505/18/123.750.00%20680.890.87%5/22/123.763.83.83.763.8136,727.00519,352.635/21/123.751.33%20726.590.22%5/23/123.753.753.753.73.7287,299.00324,349.005/22/123.8-1.32%20536.83-0.92%5/24/123.83.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0.00%16254.80.27%6/17/144.884.884.884.884.8840,150.00195,932.006/12/144.880.00%16325.410.43%6/18/144.886/17/144.880.00%16416.820.56%6/19/144.884.834.884.834.84174,110.00842,706.806/17/144.88-1.02%16665.331.51%6/20/144.836/19/144.830.00%16641.54-0.14%6/23/144.836/19/144.830.00%16636.9-0.03%6/24/144.836/19/144.830.00%16490.87-0.88%6/25/144.836/19/144.830.00%16494.350.02%6/26/144.836/19/144.830.00%16553.740.36%6/27/144.834.834.834.834.8319,860.0095,923.806/19/144.830.00%16496.01-0.35%6/30/144.854.854.854.854.851,120.005,432.006/27/144.830.41%16662.281.01%7/1/144.856/30/144.850.00%16718.720.34%7/2/144.854.854.854.854.8516,805.0081,514.506/30/144.850.00%16766.650.29%7/3/144.874.94.94.874.8911,631.0056,882.977/2/144.851.03%16903.330.82%7/4/144.94.94.94.94.92,290.0011,221.007/3/144.90.00%169860.49%7/7/144.94.94.94.94.986,829.00425,462.107/4/144.90.00%16999.620.08%7/8/144.94.94.94.94.9411,027.002,014,032.307/7/144.90.00%17082.050.48%7/9/144.94.94.94.94.917,200.0084,280.007/8/144.90.00%17202.870.71%7/10/144.94.94.94.94.988,670.00434,483.007/9/144.90.00%17137.38-0.38%7/11/144.94.884.94.884.8944,940.00219,950.657/10/144.9-0.41%17152.950.09%7/14/144.884.884.884.884.881,300.006,344.007/11/144.880.00%17066.87-0.50%7/15/144.884.884.884.884.8819,420.0094,769.607/14/144.880.00%16862.7-1.20%7/16/144.884.854.894.854.86954,698.004,635,073.607/15/144.88-0.61%16852.04-0.06%7/17/144.854.854.854.854.8540,300.00195,455.007/16/144.850.00%16841.88-0.06%7/18/144.854.854.854.854.855,790.0028,081.507/17/144.850.00%16871.230.17%7/21/144.857/18/144.850.00%16942.470.42%7/22/144.854.854.854.854.859,041.0043,848.857/18/144.850.00%17006.070.38%7/23/144.854.824.854.824.82508,544.002,451,677.087/22/144.85-0.62%17032.880.16%7/24/144.84.84.84.84.85,118.0024,566.407/23/144.82-0.41%16968.57-0.38%7/25/144.894.894.894.894.8933,389.00163,272.217/24/144.81.88%17022.20.32%7/30/144.894.894.894.894.8910,980.0053,692.207/25/144.890.00%16882.83-0.82%7/31/144.897/30/144.890.00%16866.07-0.10%8/1/144.897/30/144.890.00%16922.140.33%8/4/144.897/30/144.890.00%16930.330.05%8/5/144.94.94.94.94.912,000.0058,800.007/30/144.890.20%16787.32-0.84%8/6/144.94.94.94.94.92,015.009,873.508/5/144.90.00%16898.380.66%8/7/144.94.94.94.94.954,435.00266,731.508/6/144.90.00%16861.87-0.22%8/8/144.894.894.894.894.8925,000.00122,250.008/7/144.9-0.20%16812.54-0.29%8/11/144.94.9154.894.9747,215.003,660,051.358/8/144.890.41%16843.520.18%8/12/144.944.944.944.944.9420,000.0098,800.008/11/144.910.61%16836.93-0.04%8/13/144.944.944.944.944.94110,371.00545,232.748/12/144.940.00%16799.94-0.22%8/14/14555559,163.0045,815.008/13/144.941.21%16804.750.03%8/15/145.0155.0155.01207,327.001,038,576.008/14/1450.00%16758.53-0.28%8/18/1455.015.0155.0144,240.00221,432.588/15/1450.20%16950.611.15%8/19/145.035.065.065.035.0531,000.00156,565.008/18/145.011.00%16954.80.02%8/20/145.065.065.065.065.0638,403.00194,319.188/19/145.060.00%16969.20.08%8/21/145.065.065.065.065.065,800.0029,348.008/20/145.060.00%16979.490.06%8/22/145.085.095.095.085.0811,588.0058,895.928/21/145.060.59%17036.210.33%8/25/145.15.155.155.15.181,926.00417,918.908/22/145.091.18%17029.72-0.04%8/26/145.155.155.155.155.1515,381.0079,212.158/25/145.150.00%16949.01-0.47%8/27/145.155.155.155.155.165,126.0026,444.188/26/145.150.00%17026.950.46%8/28/145.175.155.175.155.1651,890.00267,566.508/27/145.150.00%17031.380.03%8/29/145.155.155.155.155.15148,500.00764,775.008/28/145.150.00%17010.82-0.12%9/1/145.155.155.155.155.15176,008.00906,441.208/29/145.150.00%17024.490.08%9/2/145.159/1/145.150.00%17013.96-0.06%9/3/145.159/1/145.150.00%17218.551.20%9/4/145.155.155.155.155.1551,360.00264,504.009/1/145.150.00%17040.53-1.03%9/5/145.25.385.385.25.35181,200.00969,175.589/4/145.154.47%17229.181.11%9/8/145.35.35.35.35.35,340.0028,311.489/5/145.38-1.49%17248.570.11%9/9/145.35.255.35.255.2867,100.00354,530.009/8/145.3-0.94%17139.06-0.63%9/10/145.215.215.215.215.2132,443.00169,028.039/9/145.25-0.76%16989.39-0.87%9/11/145.35.35.35.35.334,240.00181,472.009/10/145.211.73%17076.720.51%9/12/145.245.245.245.245.2417,120.0089,708.809/11/145.3-1.13%16925.71-0.88%9/15/145.249/12/145.240.00%170120.51%9/16/145.245.245.245.245.2435,440.00185,705.609/12/145.240.00%17074.80.37%9/17/145.35.35.35.35.311,077.0058,708.109/16/145.241.15%17002.35-0.42%9/18/145.35.35002,650.009/17/145.30.00%16908.78-0.55%9/19/145.39/17/145.30.00%16941.950.20%9/22/145.39/17/145.30.00%16768.59-1.02%9/23/145.35.35.35.35.35,224.0027,687.209/17/145.30.00%16787.610.11%9/24/145.39/23/145.30.00%16724.63-0.38%9/25/145.35.35.35.35.3300,000.001,590,000.009/23/145.30.00%16621.48-0.62%9/26/145.355.45.45.355.38148,021.00796,813.409/25/145.31.89%16600.78-0.12%9/29/145.415.455.465.415.45197,396.001,075,851.969/26/145.40.93%16568.19-0.20%9/30/145.465.55.515.465.48712,481.003,905,722.269/29/145.450.92%16226.61-2.06%10/1/145.59/30/145.50.00%15965.63-1.61%10/2/145.55.455.55.455.4675,180.00410,466.009/30/145.5-0.91%15736.33-1.44%10/3/145.465.455.465.455.4622,120.00120,710.0010/2/145.450.00%15741.460.03%10/6/145.455.495.495.455.48138,620.00759,945.2010/3/145.450.73%15702.63-0.25%10/7/145.495.495.495.495.494,500,440.0024,707,416.6010/6/145.490.00%15419.64-1.80%10/9/145.55.555.555.495.553,259,400.0018,085,863.8010/7/145.491.09%15454.570.23%10/10/145.585.585.585.585.58414,733.002,314,210.1410/9/145.550.54%15547.780.60%10/13/145.585.585.585.585.58268,808.001,499,948.6410/10/145.580.00%15601.330.34%10/14/145.5810/13/145.580.00%15615.660.09%10/15/145.5810/13/145.580.00%15819.131.30%10/16/145.585.585.585.585.589,035.0050,415.3010/13/145.580.00%15893.110.47%10/17/145.65.625.625.65.6593,935.003,326,206.7010/16/145.580.72%16134.261.52%10/20/145.625.625.625.625.6234,240.00192,428.8010/17/145.620.00%15817.7-1.96%10/21/145.625.565.625.565.562,596,805.0014,438,534.4510/20/145.62-1.07%15773.59-0.28%10/22/145.5610/21/145.560.00%15799.480.16%10/23/145.555.455.555.455.46233,248.001,274,242.4010/21/145.56-1.98%15996.641.25%10/24/145.35.35.35.35.31,073.005,686.9010/23/145.45-2.75%16037.70.26%10/27/145.295.25.295.25.2429,570.00154,889.0010/24/145.3-1.89%15879.49-0.99%10/28/145.185.35.35.185.2396,450.00504,483.2410/27/145.21.92%16004.020.78%10/29/145.325.355.355.325.346,906.0036,889.9210/28/145.30.94%16023.110.12%10/30/145.3510/29/145.350.00%15829.53-1.21%10/31/145.455.475.475.455.46113,337.00618,953.3910/29/145.352.24%15673.23-0.99%11/3/145.475.475.475.475.4717,120.0093,646.4010/31/145.470.00%15532.44-0.90%11/4/145.55.55.55.55.513,362.0073,491.0011/3/145.470.55%15438.97-0.60%11/5/145.55.55.55.55.51,000.005,500.0011/4/145.50.00%15094.07-2.23%11/6/145.45.45.45.45.47,008.0037,843.2011/5/145.5-1.82%15180.740.57%11/7/145.55.555.555.55.5333,150.00183,482.5011/6/145.42.78%15468.981.90%11/10/145.5511/7/145.550.00%15446.49-0.15%11/11/145.5511/7/145.550.00%15641.681.26%11/12/145.5511/7/145.550.00%15479.6-1.04%11/13/145.555.555.555.555.558,950.0049,672.5011/7/145.550.00%15403.24-0.49%11/14/145.455.455.455.455.4510,740.0058,533.0011/13/145.55-1.80%15280.63-0.80%11/17/145.4511/14/145.450.00%15096.86-1.20%11/18/145.355.355.355.355.35300,000.001,605,000.0011/14/145.45-1.83%15177.20.53%11/19/145.35.35.35.35.34,520.0023,956.0011/18/145.35-0.93%15138.3-0.26%11/20/145.335.355.355.335.332,200,000.0011,730,000.0011/19/145.30.94%15186.360.32%11/21/145.45.45.45.45.451,693.00279,142.2011/20/145.350.93%15335.410.98%11/24/145.455.455.455.455.4568,480.00373,216.0011/21/145.40.93%15344.040.06%11/25/145.435.435.435.435.438,356.0045,373.0811/24/145.45-0.37%15358.940.10%11/26/145.455.435.455.435.4429,260.00159,201.8011/25/145.430.00%15358.57-0.00%11/27/145.355.355.355.355.35245,931.001,315,730.8511/26/145.43-1.47%15238.19-0.78%11/28/145.355.355.355.355.3580,630.00431,370.5011/27/145.350.00%15250.560.08%12/1/145.355.355.355.355.3525,833.00138,206.5511/28/145.350.00%15184.14-0.44%12/2/145.3512/1/145.350.00%15057.59-0.83%12/3/145.3512/1/145.350.00%15107.870.33%12/4/145.455.475.55.455.455,797,232.0031,609,009.0412/1/145.352.24%14972.32-0.90%12/5/145.455.455.455.455.4515,486.0084,398.7012/4/145.47-0.37%14749.03-1.49%12/9/145.4512/5/145.450.00%14833.520.57%12/10/145.695.725.725.695.711,724.009,840.2812/5/145.454.95%14920.370.59%12/11/145.755.755.815.755.79265,373.001,536,450.2912/10/145.720.52%14854.17-0.44%12/12/145.735.715.735.685.71340,058.001,942,874.2412/11/145.75-0.70%14698.21-1.05%12/15/145.715.715.715.715.7133,066.00188,806.8612/12/145.710.00%14422.62-1.87%12/16/145.65.65.65.595.6412,000.002,306,985.4212/15/145.71-1.93%14130.59-2.02%12/17/145.65.65.65.65.6211,944.001,186,886.4012/16/145.60.00%14149.260.13%12/18/145.65.65.65.555.57135,572.00755,203.2012/17/145.60.00%14390.61.71%12/19/145.612/18/145.60.00%14474.490.58%12/22/145.612/18/145.60.00%14507.010.22%12/23/145.75.85.85.75.820,000.00115,900.0012/18/145.63.57%14551.430.31%12/24/145.812/23/145.80.00%14543.19-0.06%12/26/145.855.855.855.855.8510,265.0060,050.2512/23/145.80.86%14669.010.87%12/29/145.865.95.95.865.8633,292.00195,131.1212/26/145.850.85%14517.38-1.03%12/30/146666652,675.00316,043.2012/29/145.91.69%14724.481.43%12/31/1466666263,108.001,578,648.0012/30/1460.00%14794.320.47%

WACC

Costo Promedio Ponderado de Capital (WACC)

Donde:T = Tasa del Impuesto a la RentaCD = Costo de la deudaKe = Costo del capital

T30.00%

2014CuentasImporteMonto DesagregadoDetalleProporcinTEATasa Ajustada por Escudo FiscalWACCOtros pasivos financieros corrientes y no corrientes1,268,47530,000Primer Programa de Bonos Corporativos (Dcimo cuarta emisin)1.13%8.750%6.13%0.069475%18,000Segundo Programa de Bonos Corporativos (Tercera emisin-Serie A)0.68%8.156%5.71%0.038855%15,000Segundo Programa de Bonos Corporativos (Tercera emisin-Serie B)0.57%7.219%5.05%0.028659%27,200Segundo Programa de Bonos Corporativos (Quinta emisin)1.03%8.000%5.60%0.057591%20,000Segundo Programa de Bonos Corporativos (Dcimo Octava emisin-Serie A)0.76%5.906%4.13%0.031262%40,000Tercer Programa de Bonos Corporativos (Primera emisin-Serie A)1.51%6.938%4.86%0.073450%25,000Tercer Programa de Bonos Corporativos (Setima emisin-Serie A)0.95%7.125%4.99%0.047144%24,910Tercer Programa de Bonos Corporativos (Dcimo tercera emisin-Serie A)0.94%8.063%5.64%0.053158%30,000Cuarto Programa de Bonos Corporativos (Primera emisin-Serie A)1.13%7.063%4.94%0.056080%20,000Cuarto Programa de Bonos Corporativos (Tercera emisin-Serie A)0.76%7.438%5.21%0.039372%30,000Cuarto Programa de Bonos Corporativos (Quinta emisin-Serie A)1.13%7.438%5.21%0.059058%20,000Cuarto Programa de Bonos Corporativos (Primera emisin-Serie B)0.76%6.500%4.55%0.034407%20,000Cuarto Programa de Bonos Corporativos (Cuarta emisin-Serie A)0.76%7.031%4.92%0.037217%40,000Cuarto Programa de Bonos Corporativos (Novena emisin-Serie A)1.51%6.281%4.40%0.066495%50,000Cuarto Programa de Bonos Corporativos (Dcimo primera emisin-Serie A)1.89%6.063%4.24%0.080234%50,000Cuarto Programa de Bonos Corporativos (Dcimo tercera emisin-Serie A)1.89%5.563%3.89%0.073617%40,000Cuarto Programa de Bonos Corporativos (Dcimo quinta emisin-Serie A)1.51%5.000%3.50%0.052933%50,000Cuarto Programa de Bonos Corporativos (Dcimo segunda emisin-Serie A)1.89%5.125%3.59%0.067821%50,000Quinto Programa de Bonos Corporativos (Primera emisin-Serie A)1.89%6.750%4.73%0.089325%35,200Quinto Programa de Bonos Corporativos (Quinta emisin-Serie A)1.33%7.281%5.10%0.067832%50,000Quinto Programa de Bonos Corporativos (Primera emisin-Serie B)1.89%6.500%4.55%0.086017%60,000Quinto Programa de Bonos Corporativos (Octava emisin-Serie A)2.27%7.375%5.16%0.117115%100,000Quinto Programa de Bonos Corporativos (Novena emisin-Serie A)3.78%6.781%4.75%0.179470%60,000Quinto Programa de Bonos Corporativos (Dcima emisin-Serie A)2.27%6.344%4.44%0.100743%100,000Quinto Programa de Bonos Corporativos (Dcimo primera emisin-Serie A)3.78%5.844%4.09%0.154671%80,000Quinto Programa de Bonos Corporativos (Segunda emisin-Serie A)3.02%6.344%4.44%0.134323%49,000Quinto Programa de Bonos Corporativos (Dcimo segunda emisin-Serie A)1.85%4.813%3.37%0.062418%10,000Prestamo bancario 1 a Interbank0.38%6.900%4.83%0.018262%21,000Prestamo bancario 2 a Interbank0.79%5.830%4.08%0.032403%89,000Prestamo bancario a BBVA3.37%5.100%3.57%0.120132%2,582Arrendamientos financieros Interbank (Transformadores de potencia)0.10%5.420%3.79%0.003704%216Arrendamientos financieros Interbank (Transformadores de potencia)0.01%6.300%4.41%0.000360%1,690Arrendamientos financiero BBVA (Transformadores de potencia)0.06%6.170%4.32%0.002760%1,477Arrendamientos financiero BBVA (Transformadores de potencia)0.06%6.170%4.32%0.002412%1,477Arrendamientos financiero BBVA (Transformadores de potencia)0.06%6.170%4.32%0.002412%1,477Arrendamientos financiero BBVA (Transformadores de potencia)0.06%6.170%4.32%0.002412%1,144Arrendamientos financiero BBVA (Transformadores de potencia)0.04%6.050%4.24%0.001832%1,314Arrendamientos financiero BBVA (Transformadores de potencia)0.05%6.150%4.31%0.002139%1,202Arrendamientos financiero BBVA (Transformadores de potencia)0.05%6.150%4.31%0.001956%1,268Arrendamientos financiero BBVA (Transformadores de potencia)0.05%6.150%4.31%0.002064%80Arrendamientos financiero BBVA (Celdas, acoplamiento, alimentador y medicin)0.00%5.950%4.17%0.000126%238Arrendamientos financiero BCP (Postes, ductos, zapatas y otros)0.01%5.800%4.06%0.000365%Capital Emitido638,564638,564Capital Emitido24.14%16.024%3.8689%Otras Reservas de Capital133,188133,188Otras Reservas de Capital5.04%16.024%0.8069%Resultados Acumulados604,614604,614Resultados Acumulados22.86%16.024%3.6632%Total Pasivo y Patrimonio2,644,8412,644,841100%10.49%

2013CuentasImporteMontoDetalleProporcinTEATasa Ajustada por Escudo FiscalWACCCuentas por Pagar a Entidades Relacionadas82,24182,241Prstamos a relacionadas3.46%5.25%3.68%0.127163%Otros Pasivos Financieros corrientes y no corrientes1,040,93026,089Primer Programa de Bonos Corporativos (Novena Emisin)1.10%VAC+5.438%
Autor: Autor:Indice de ajuse diario 7.9ERROR:#VALUE!ERROR:#VALUE!26,034Primer Programa de Bonos Corporativos (Dcimo primera emisin)1.10%VAC+6.5%ERROR:#VALUE!ERROR:#VALUE!51,978Primer Programa de Bonos Corporativos (Dsimo Segunda emisin)2.19%VAC+6.5%ERROR:#VALUE!ERROR:#VALUE!30,000Primer Programa de Bonos Corporativos (Dcimo cuarta emisin)1.26%8.750%6.13%0.077311%18,000Segundo Programa de Bonos Corporativos (Tercera emisin-Serie A)0.76%8.156%5.71%0.043238%15,000Segundo Programa de Bonos Corporativos (Tercera emisin-Serie B)0.63%7.219%5.05%0.031892%27,200Segundo Programa de Bonos Corporativos (Quinta emisin)1.14%8.000%5.60%0.064087%20,000Segundo Programa de Bonos Corporativos (Dcimo Octava emisin-Serie A)0.84%5.906%4.13%0.034789%40,000Tercer Programa de Bonos Corporativos (Primera emisin-Serie A)1.68%6.938%4.86%0.081735%25,000Tercer Programa de Bonos Corporativos (Sexta emisin-Serie A)1.05%6.813%4.77%0.050164%25,000Tercer Programa de Bonos Corporativos (Setima emisin-Serie A)1.05%7.125%4.99%0.052461%24,910Tercer Programa de Bonos Corporativos (Dcimo tercera emisin-Serie A)1.05%8.063%5.64%0.059154%29,475Tercer Programa de Bonos Corporativos (Dcimo sptima emisin-Serie A)1.24%6.563%4.59%0.056973%30,000Cuarto Programa de Bonos Corporativos (Primera emisin-Serie A)1.26%7.063%4.94%0.062406%20,000Cuarto Programa de Bonos Corporativos (Tercera emisin-Serie A)0.84%7.438%5.21%0.043813%30,000Cuarto Programa de Bonos Corporativos (Quinta emisin-Serie A)1.26%7.438%5.21%0.065719%20,000Cuarto Programa de Bonos Corporativos (Primera emisin-Serie B)0.84%6.500%4.55%0.038287%20,000Cuarto Programa de Bonos Corporativos (Cuarta emisin-Serie A)0.84%7.031%4.92%0.041415%40,000Cuarto Programa de Bonos Corporativos (Novena emisin-Serie A)1.68%6.281%4.40%0.073995%50,000Cuarto Programa de Bonos Corporativos (Dcimo primera emisin-Serie A)2.10%6.063%4.24%0.089283%50,000Cuarto Programa de Bonos Corporativos (Dcimo tercera emisin-Serie A)2.10%5.563%3.89%0.081920%40,000Cuarto Programa de Bonos Corporativos (Dcimo quinta emisin-Serie A)1.68%5.000%3.50%0.058904%50,000Cuarto Programa de Bonos Corporativos (Dcimo segunda emisin-Serie A)2.10%5.125%3.59%0.075470%50,000Quinto Programa de Bonos Corporativos (Primera emisin-Serie A)2.10%6.750%4.73%0.099400%35,500Quinto Programa de Bonos Corporativos (Quinta emisin-Serie A)1.49%7.281%5.10%0.076126%50,000Quinto Programa de Bonos Corporativos (Primera emisin-Serie B)2.10%6.500%4.55%0.095719%60,000Quinto Programa de Bonos Corporativos (Octava emisin-Serie A)2.52%7.375%5.16%0.130325%10,000Prestamo bancario 1 a Interbank0.42%6.900%4.83%0.020322%21,000Prestamo bancario 2 a Interbank0.88%5.830%4.08%0.036058%89,000Prestamo bancario a BBVA3.74%5.100%3.57%0.133682%4,051Arrendamientos financieros Interbank (Transformadores de potencia)0.17%5.420%3.79%0.006467%3,367Arrendamientos financieros Interbank (Transformadores de potencia)0.14%6.737%4.72%0.006681%2,722Arrendamientos financieros Interbank (Transformadores de potencia)0.11%6.300%4.41%0.005051%2,719Arrendamientos financieros Interbank (Transformadores de potencia)0.11%6.650%4.66%0.005325%542Arrendamientos financiero BBVA (Celdas, acoplamiento, alimentador y medicin)0.02%5.950%4.17%0.000950%770Arrendamientos financiero BBVA (Transformadores de potencia)0.03%6.500%4.55%0.001474%697Arrendamientos financiero BBVA (Transformadores de potencia)0.03%6.750%4.73%0.001386%189Arrendamientos financiero BBVA (Celdas metalclad)0.01%6.850%4.80%0.000381%785Arrendamientos financiero BCP (Postes, ductos, zapatas y otros)0.03%5.800%4.06%0.001341%902Arrendamientos financiero Banco Santander (Postes de Acero tubulares)0.04%6.780%4.75%0.001801%Capital Emitido638,564638,564Capital Emitido26.87%16.024%4.30524%Otras Reservas de Capital133,188133,188Otras Reservas de Capital5.60%16.024%0.89796%Resultados Acumulados467,147467,147Resultados Acumulados19.65%16.024%3.14954%Otras Reservas de Patrimonio14,68814,688Otras Reservas de Patrimonio0.62%16.024%0.09903%Total Pasivo y Patrimonio2,376,7582,376,758100%ERROR:#VALUE!
Autor: Autor:waac

FCL

FLUJO DE CAJA LIBRE 2014

EBIT457,941Menos impuestos (EBITx30%)-137,382NOPAT320,559Ms depreciacin126,901 Costo de servicio de distribucin de energa 95,798 Gastos de administracin 5,965 Gastos de ventas25,138Flujo de caja operativo447,460Inversin Neta317,002Variacin en el Capital de Trabajo17,280 Capital de Trabajo Inicial-6,909 Capital de Trabajo Final10,371Inversin en Activos299,722 Variacin IME288,434 Variacin en Intangibles11,288

FLUJO DE CAJA LIBRE130,458

EVANOPATCAPITAL OPERAT.WACC43,087.07320,5592,644,84110.49%

ROICNOPATCAPITAL OPERAT.12%320,5592,644,841

ROEUTILIDAD NETAPATRIMONIO22%3022381376366

ROIUTILIOD. OPER.ACTIVO TOTAL13%457,9413525512

VALOR DE LA EMPRESA

VALOR DE LA EMPRESA

Cresimiento Anual 2014-201920.00%Cresimiento Anual 2019 adelante7.00%

20152016201720182019TotalValor actual del los FCL141,685153,879167,121181,504197,124841,313Valor actual residual3,428,851VALOR DE LA EMPRESA4,270,165