166 Memoria 09-Completa PDF

09
memoria anual
annual report
1950 19600 19
1970
970 11980
980 11990
990 200
2000 2010
Enfrentar el futuro con

la experiencia que nos dan los aos
To face the future with the experience that the years gives us
memoria anual indice

annual report contents
contents
ndice
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114
150
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principales resultados consolidados

nancial highlights
2009
ingresos de explotacin
operating income

memoria anual
annual report
15.772.314
268.772.599
2008
14.549.843
308.370.506
2007
23.796.124
271.872.793
2006
8.603.518
194.391.670
2005
9.538.095
193.158.061
Todas las cifras en millones de pesos / All gures in CLP million
2005
2006
2007
2008
2009
utilidad lquida
net income

rentabilidad ebitda sobre activos

protability ebitda over assets

30.244.958
14,8%
2009
28.550.680
13,4%
2008
38.360.381
20,2%
2007
18.348.579
12,0%
2006
18.493.510
13,2%
2005
2005
2006
2007
2008
2009
ebitda
ebitda

carta del presidente

letter from the Chairman
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memoria anual
annual report
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informacin corporativa
corporate information
soprole s.a.
soprole s.a.
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Date and Place of Incorporation
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Bankers
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Auditors
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Auditores
10
Decree of Existence
memoria anual
annual report
11
propiedad y control de la sociedad

shareholding and control
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;6;(3
12
memoria anual
annual report

2

2

2

transacciones de acciones
equity transactions
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WYPZLZ *OPSL 3PTP[HKH -VU[LYYH *V6WLYH[P]L .YV\W 3PTP[LK
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13
;OL JVU[YVSSPUN ZOHYLOVSKLY VM [OL JVTWHU` PZ -VU[LYYH *V

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directorio
board of directors
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;OLZPNULLZKLJSHYL\UKLYVH[O[OH[KH[HPUJS\KLKPU[OPZ(UU\HS9LWVY[HYL[Y\LHUKL_HJ[
14
memoria anual
annual report
misin
alimentar con gusto cada da a la familia

mission statement
nurturing the family with taste every day
visin
nuestra aspiracin es que toda persona que piense en alimentos
piense en Soprole, y disfrute, por su calidad y sabor, al menos de un
producto Soprole cada da.
el desarrollo de Soprole se debe sustentar en una gestin equilibrada que busque, la creacin de valor para los accionistas, el
reconocimiento a las personas que trabajan en la organizacin, la
satisfaccin de nuestros consumidores y clientes, y el respeto por
nuestros proveedores y medio ambiente.
vision statement:
our aspiration is that every person who thinks about food thinks in
Soprole and enjoys, because of their quality and taste, at least one
Soprole product every day.
the development of Soprole shall support itself in a balanced
management that seeks to create value for the shareholders while
recognizing our people, satisfying our customers and clients, and
respecting our suppliers and the environment.
15
administracin
management
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16
memoria anual
annual report
valores
values
lo podemos lograr
)\ZJHTVZKLZHHYHSHZWLYZVUHZ`HSHVYNHUPaHJP}ULUSHJVUZLJ\JP}UKLZ\ZVIQL[P]VZ
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innovacin
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productos ricos
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integridad
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pasin por la calidad

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17
historia
history
1949-1969
1949-1969
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KPHYPHTLU[LH[VKHZHX\LSSHZWLYZVUHZ`MHTPSPHZX\L[\]PLZLU
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LZHtWVJHLYHUZ\ZUPJVZJHUHSLZKLKPZ[YPI\JP}U+\YHU[LSH
KtJHKH KLS ` WYVK\J[V KLS JYLJPTPLU[V KL SH KPZ[YPI\JP}U
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Z\TPUPZ[YV SLJOLYV PUJVYWVYHUKV H WYVK\J[VYLZ KL SVZ ]HSSLZ
KL(JVUJHN\H`:HU-LYUHUKV`MVY[HSLJPLUKVZ\YLKKLKPZ
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K\J[PVUHUKKPZ[YPI\[PVUVMWHZ[L\YPZLKTPSRMYLZOJOLLZLHUK
I\[[LYPU[OLJP[`VM:HU[PHNVW\YJOHZPUNP[ZTPSRMYVTMHYTLYZ
VMJLU[YHS*OPSL0U P[JVTTPZZPVULKP[ZYZ[WHZ[L\YPZH[PVU
WSHU[PU:HU[PHNV+PZ[YPI\[PVU^HZTHKLKVVYI`KVVYKLSP]L
YPUNP[ZWYVK\J[ZKHPS`[VHSS[OLWLYZVUZHUKOV\ZLOVSKZVÛPUN
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[OHURZ [V [OL I\YNLVUPUN KPZ[YPI\[PVU I\ZPULZZ PU [OL JHWP[HS
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[PUNMHYTLYZMYVT[OL(JVUJHN\HHUK:HU-LYUHUKV]HSSL`ZHUK
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1970-1979
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LUK PU P[ SLHZLK HUK SH[LY W\YJOHZLK H WSHU[ PU [OL JP[`
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KLSZ\YKLSWHxZWHYHSVJ\HSLU HYYLUK}`S\LNVJVTWY}
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SPHSX\LOHZ[HU\LZ[YVZKxHZKPZ[YPI\`LSVZWYVK\J[VZ:VWYVSL
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18
memoria anual
annual report
1970-1979
1980-1989
1980-1989
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1990-1999
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19
1990-1999
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historia
history
2000-2009
2000-2009
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20
memoria anual
annual report
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21
People
(personas)
La seguridad ocupacional, la salud y los talentos de nuestra gente
nos han permitido fortalecer una compaa que crece tanto en lo
humano como en lo tcnico.
Occupational health and safety and the talents of our people have allowed us to
strengthen a company that grows both in the technical and human aspects.
22
memoria anual captulo 1 personas

annual report chapter 1 people
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23
equipo humano
our team
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26

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27
processes and technology
(procesos y tecnologa)
Asegurar la calidad en los procesos e incorporar nuevas
tecnologas, nos ha permitido estar a la vanguardia de la
innovacin.
Assuring the quality of our processes and implementing new technologies have
allowed us to be at the innovation forefront.
28
memoria anual captulo 2 procesos y tecnologa

annual report chapter 2 processes and technology
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29
gestin operacional
operational achievements
Aseguramiento de Calidad , Un Nuevo Desafo
Quality Assurance, a New Challenge
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30

Concepcin Distribution Center

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31
Savings Projects
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33
brands and innovation
(marcas e innovacin)
Saber a donde vamos es ir un paso ms adelante, es sorprender
y denir tendencias en un mercado donde somos protagonistas.
Knowing where are heading is to be a step ahead, to surprise and set the
market trends.
34
memoria anual captulo 3 innovacin

annual report chapter 3 innovation
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60 aos de innovacin
60 years at the innovation forefront
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38
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Postres
Desserts
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Quesos Frescos
3\LNVKL\USHYNVWYVJLZVKLYLU[HIPSPaHJP}UKLSHJH[LNVYxH
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MVYTHLU[YLMLIYLYV`TH`VZLSHUaHYVUHSTLYJHKVSVZWYVK\J
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39
`WV[LZPUKP]PK\HSLZKL\UPKHKLZKLN(ZPTPZTVJVULS
VIQL[VKLMVY[HSLJLYSHWYVW\LZ[HKL]HSVYKLSHTHYJH(J[P]LU
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JVU4PJYVJHSLUMVYTH[VKL\UPKHKLZKLN
Margarinas
*VULSWYVW}ZP[VKLMVY[HSLJLYU\LZ[YHWVZPJP}UJVTWL[P[P]H`
WYLWHYHY H U\LZ[YVZ JVUZ\TPKVYLZ WHYH YLJPIPY WY}_PTHTLU[L
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Aguas
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7P|H.\H`HIHHSVZJ\HSLZZLPUJVYWVY}\U[LYJLYZHIVY4HUNV
5HYHUQHLSX\LWLYTP[LJVU[PU\HYZVYWYLUKPLUKVHSHZJVUZ\TP
KVYHZKL5L_[JVUZHIVYLZU\L]VZKPMLYLU[LZ`YLMYLZJHU[LZ
Food Service
,SH\TLU[VKLSPUNYLZVWLYJmWP[HKLSVZJOPSLUVZOHNLULYHKV
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]HJP}UUVW\LKLKLQHYM\LYHLZ[HPTWVY[HU[LmYLHKLULNVJPVZ
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VYPLU[HKHZ H JHW[\YHY LZ[H VWVY[\UPKHK ,U Q\SPV M\L SHUaHKH
40

Fresh Cheeses
0U[OL^HRLVMHSLUN[O`WYVJLZZHPTLKH[[\YUPUN[OPZJH[LNVY`
PU[VHWYV[HISLVWLYH[PVUÔPJOWYVNYLZZLKYH[OLYZ\JJLZZM\
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]HS\L ZLNTLU[Z ;OPZ ^H` IL[^LLU -LIY\HY` HUK 4H` ^L
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0UVYKLY[VWYVNYLZZP]LS`ZOVYL\WV\YJVTWL[P[P]LWVZP[PVUHUK
WYLWHYLV\YJVUZ\TLYZ[VYLJLP]LHYVI\Z[PUUV]H[PVUWVY[MVSPV
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41
Food Services
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Healthy Soprole
sano y rico cada da

healthy and tasty every day
Soprole Saludable
Healthy Soprole
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42

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Debemos recordar el valor de las marcas
Brand Value, a Must
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43
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44

Brand Soprole
Finalmente la gestin individual de estas marcas

y de todo el resto del portafolio de marcas Soprole, durante 2009 generaron y constituyeron, entre
otros, importantes reconocimientos, que consolidan la posicin corporativa de la marca Soprole
en los consumidores, aportando an mayor valor
para la empresa y sus accionistas:
Soprole Brand
Finally, in 2009 the individual management of these brands and of
the remaining Soprole brands obtained important accolades that consolidate the corporate position of the Soprole brand among consumers,
creating even more value for the company and its shareholders:
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45
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sustainability
(sustentabilidad)
Asegurar que las futuras generaciones puedan contar con los
mismos recursos y posibilidades que disfrutamos hoy, es un
desafo de todos.
It is everyones challenge to ensure that future generations may enjoy the
same resources and possibilities that we do today.
46
memoria anual captulo 4 sustentabilidad

annual report chapter 4 sustainaibility
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47
responsabilidad social
social accountability
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48

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School Sports Programme
Programa de Deporte Escolar

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(sector econmico)
Asegurar la creacin de valor a travs de polticas de desarrollo
sostenible y liderar los mercados en que participamos.
Ensuring the creation of value through sustainable development policies
and lead the markets in which we participate.
56
memoria anual captulo 5 sector econmico

annual report chapter 5 economic sector
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sector econmico
economic sector
Mercado Interno de Productos Terminados
Domestic Market for Finished Products
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65

equipos
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66

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67
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Estados nancieros consolidados

Consolidated nancial statements
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Al 31 de diciembre de 2009 / As of December 31, 2009
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memoria anual estados nancieros consolidados

annual report consolidated nancial statements
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YLX\PLYLUX\LWSHUPMPX\LTVZ`YLHSPJLTVZU\LZ[YV[YHIHQVJVULSVIQL[VKLSVNYHY\UYHaVUHISLNYHKVKLZLN\YPKHKX\LSVZLZ
[HKVZMPUHUJPLYVZLZ[mUL_LU[VZKLLYYVYLZZPNUPMPJH[P]VZ<UHH\KP[VYxHJVTWYLUKLLSL_HTLUHIHZLKLWY\LIHZKLL]PKLU
JPHZX\LYLZWHSKHUSVZPTWVY[LZ`SHZPUMVYTHJPVULZYL]LSHKVZLUSVZLZ[HKVZMPUHUJPLYVZ<UHH\KP[VYxHJVTWYLUKL[HTIPtU
\UHL]HS\HJP}UKLSVZWYPUJPWPVZKLJVU[HIPSPKHK\[PSPaHKVZ`KLSHZLZ[PTHJPVULZZPNUPMPJH[P]HZOLJOHZWVYSHHKTPUPZ[YHJP}U
KLSH:VJPLKHKHZxJVTV\UHL]HS\HJP}UKLSHWYLZLU[HJP}UNLULYHSKLSVZLZ[HKVZMPUHUJPLYVZ*VUZPKLYHTVZX\LU\LZ[YHZ
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,UU\LZ[YHVWPUP}USVZTLUJPVUHKVZLZ[HKVZMPUHUJPLYVZJVUZVSPKHKVZWYLZLU[HUYHaVUHISLTLU[LLU[VKVZZ\ZHZWLJ[VZ
ZPNUPMPJH[P]VZSHZP[\HJP}UMPUHUJPLYHKL:VWYVSL:(`MPSPHSLZHSKLKPJPLTIYLKL `SVZYLZ\S[HKVZKLZ\ZVWLYH
JPVULZ`SVZMS\QVZKLLMLJ[P]VWVYSVZH|VZ[LYTPUHKVZLULZHZMLJOHZKLHJ\LYKVJVUWYPUJPWPVZKLJVU[HIPSPKHKNLULYHSTLU
[LHJLW[HKVZLU*OPSL
:LNUSVZL|HSHKVLU5V[HLUJVUJVYKHUJPHJVULSWYVJLZVKLJVU]LYNLUJPHKLMPUPKVHSLMLJ[VLU*OPSLHJVU[HYKLS
LQLYJPJPVSH:VJPLKHKHKVW[HYmSHZ5VYTHZ0U[LYUHJPVUHSLZKL0UMVYTHJP}U-PUHUJPLYH
Javier Gatica Menke

RUT: 7.003.684-3
81
Balance general Soprole y liales

Soprole consolidated and subsidiaries chilean GAAP

(3+,+0*0,4)9,+,

activos / assets
+PZWVUPISL*HZOHUK)HURZ
+L\KVYLZWVY]LU[HUL[V;YHKLYLJLP]HISLZUL[
+VJ\TLU[VZWVYJVIYHYUL[V5V[LZYLJLP]HISLUL[
+L\KVYLZ]HYPVZUL[V:\UKY`KLI[VYZUL[
+VJ\TLU[VZ`J\LU[HZWVYJVIYHYLTWYLZHZYLSHJPVUHKHZ
5V[LZHUKHJJV\U[ZYLJLP]HISLYLSH[LKJVTWHUPLZ
,_PZ[LUJPHZUL[V0U]LU[VYPLZUL[
0TW\LZ[VZWVYYLJ\WLYHY9LM\UKHISL[H_LZ
.HZ[VZWHNHKVZWVYHU[PJPWHKV7YLWHPKL_WLUZLZ
0TW\LZ[VZKPMLYPKVZ+LMLYYLK[H_LZ
6[YVZHJ[P]VZJPYJ\SHU[LZ6[OLYJ\YYLU[HZZL[Z
;6;(3(*;0=6:*09*<3(5;,:;6;(3*<99,5;(::,;:

;LYYLUVZ3HUK
*VUZ[Y\JJPVULZ`VIYHZKLPUMYHLZ[Y\J[\YH)\PSKPUNZHUKPUMYHZ[Y\J[\YL
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6[YVZHJ[P]VZMPQVZ6[OLYMP_LKHZZL[Z
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;LJOUPJHSYL]HS\H[PVUVMMP_LKHZZL[Z
+LWYLJPHJP}UTLUVZ+LWYLJPH[PVUSLZZ
;6;(3(*;0=6:-016:;6;(3-0?,+(::,;:

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+L\KVYLZHSHYNVWSHaV+LI[VYZSVUN[LYT
6[YVZ6[OLYZ
;6;(36;96:(*;0=6:;6;(36;/,9(::,;:
;6;(3(*;0=6:;6;(3(::,;:
82

6.277.521

5.276.897

Balance
balancegeneral
generalSoprole
Soproley yliales
Filiales
Soprole
Soprole
consolidated
Consolidated
andand
subsidiaries
Subsidiaries
chilean
Chilean
GAAP
GAAP
(SKLKPJPLTIYLKL
(SKLKPJPLTIYLKL
(ZVM+LJLTILY
(ZVMKLJLTILY

(3+,+0*0,4)9,+,

pasivos y patrimonio/ liabilities and shareholders equity

6ISPNZJVUIHUJVZLPUZ[MPUHUJPLYHZJVY[VWSHaV)VYYV^PUNZZOVY[[LYT
6ISPNZJVUIHUJVZLPUZ[MPUHUSHYNVWSHaVWVYJP}UJVY[VWSHaV
)VYYV^PUNZSVUN[LYTZOVY[[LYTWVY[PVU
+P]PKLUKVZWVYWHNHY+P]PKLUKZWH`HISL
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9L[LUJPVULZ>P[OOVSKPUNZ

;6;(37(:0=6:*09*<3(5;,:;6;(3*<99,5;30()030;0,:

6ISPNZJVUIHUJVZLPUZ[MPUHUJPLYHZSHYNVWSHaV)VYYV^PUNZSVUN[LYT
(JYLLKVYLZ]HYPVZSHYNVWSHaV:\UKY`JYLKP[VYZSVUN[LYT
7YV]PZPVULZSHYNVWSHaV7YV]PZPVUZSVUN[LYT
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05;,9,:405690;(906405690;@05;,9,:;

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;6;(37(:0=6:@7(;9046506;6;(330()030;0,:

83

Estado de resultado consolidado

Consolidated statement of income

(3+,+0*0,4)9,+,

0UNYLZVZKLL_WSV[HJP}U6WLYH[PUNPUJVTL
*VZ[VZKLL_WSV[HJP}UTLUVZ6WLYH[PUNJVZ[ZSLZZ

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05*64,),-69,;(?(5+,?;9(69+05(9@0;,4:

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05*64,36::),-69,405690;@05;,9,:;

9,:<3;(+6+,,?736;(*06567,9(;05.05*64,36::

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6[YVZLNYLZVZM\LYHKLSHL_WSV[HJP}UTLUVZ6[OLYUVUVWLYH[PUNL_WLUZLZSLZZ
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<;030+(++,3,1,9*0*0605*64,-69;/,@,(9
84


Estado
de de
ujo
de de
efectivo
consolidado
estado
ujo
efectivo
consolidado
Consolidated
statement
of cash
owsFlows
Consolidated
Statement
of Cash
(SKLKPJPLTIYLKL
(ZVM+LJLTILY
(SKLKPJPTLIYLKL
(ZVMKLJLTILY

(3+,+0*0,4)9,+,

-3<165,;6690.05(+6769(*;0=0+(++,67,9(*065
5,;*(:/-36>-96467,9(;065(3(*;0=0;0,:
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-3<165,;6769(*;0=0+(+,:+,3(67,9(*05
5,;*(:/-36>-96467,9(;05.(*;0=0;0,:
85

Estado de ujo de efectivo consolidado

Consolidated statement of cash ows

(3+,+0*0,4)9,+,

-3<165,;6769(*;0=0+(+,:+,-05(5*0(40,5;6
5,;*(:/-36>-964-05(5*05.(*;0=0;0,:
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=(90(*0655,;(+,3,-,*;0=6@,-,*;0=6,8<0=(3,5;,
5,;05*9,(:,+,*9,(:,05*(:/(5+*(:/,8<0=(3,5;

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*(:/(5+*(:/,8<0=(3,5;(;),.05505.6-@,(9

:(3+6-05(3+,,-,*;0=6@,-,*;0=6,8<0=(3,5;,
*(:/(5+*(:/,8<0=(3,5;(;,5+6-@,(9

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-S\QVUL[V[V[HSKLSLQLYJPJPV;V[HSUL[JHZOWYV]PKLK\ZLKK\YPUN[OL`LHY
,MLJ[VKLSHPUMSHJPVUZVIYLLSLMLJ[P]V`LMLJ[P]VLX\P]HSLU[L
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86

notas aa los
Notas
los estados
estados nancieros
nancieros consolidados
consolidados
Consolidated Statement of Cash Flows
01. Inscripcin en el Registro de Valores

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HSHZJHSPaHJP}UKLSH:\WLYPU[LUKLUJPHKL=HSVYLZ`:LN\YVZ
02. Criterios Contables Aplicados

H7LYxVKVJVU[HISL!
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KPJPLTIYLKL `
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[HKVYLZKL*OPSL(.`SHZUVYTHZPTWHY[PKHZWVYSH:\WLYPU[LUKLUJPHKL=HSVYLZ`:LN\YVZWYPTHYmUSHZUVYTHZPTWHY[PKHZ
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0;(<*/03,*699,+69+,)63:(3;+(

0;(<*/03,*699,+69+,)63:(3;+(

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0;(<*/03,*699,+69+,)63:(3;+(

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0;(<*/03,*699,+69+,)63:(3;+(

*697*(70;(3*699,+69+,)63:(:(
*697*(70;(3*699,+69+,)63:(:(
))=(*699,+69,:+,)63:(:(

))=(*699,+69,:+,)63:(:(

))=(*699,+69,:+,)63:(:(

))=(*699,+69,:+,)63:(:(

)(5*/03,*699,+69,:+,)63:(:(

)(5*/03,*699,+69,:+,)63:(:(

)(5*/03,*699,+69,:+,)63:(:(
*697*(70;(3*699,+69+,)63:(:(
:(5;(5+,9:((.,5;,+,=(369,:

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)*0*699,+69+,)63:(:(

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*697*(70;(3*699,+69+,)63:(:(
*697*(70;(3*699,+69+,)63:(:(
)(5*/03,*699,+69,:+,)63:(:(

))=(*699,+69,:+,)63:(:(
))=(*699,+69,:+,)63:(:(
))=(*699,+69,:+,)63:(:(
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))=(*699,+69,:+,)63:(:(

))=(*699,+69,:+,)63:(:(
0;(<*/03,*699,+69+,)63:(3;+(
0;(<*/03,*699,+69+,)63:(3;+(
0;(<*/03,*699,+69+,)63:(3;+(

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95
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7(.(9i569,(1<:;()3,

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7(.(9i569,(1<:;()3,

10. Activos Fijos

H+L[HSSLx[LTLZKLLZ[LY\IYV!

)0,5,:+,3(*;0=6-016
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=(369
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4

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4
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I*VUZ[Y\JJPVULZ`VIYHZ
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6IYHZLUJVUZ[Y\JJP}U

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=LOxJ\SVZKL[YHUZWVY[L

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I+LWYLJPHJP}UKLSLQLYJPJPV!

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,STH`VY]HSVYWVYYL[HZHJP}U[tJUPJHKLSHJ[P]VQV`Z\YLZWLJ[P]HKLWYLJPHJP}UHJ\T\SHKHHSJPLYYLKLJHKHLQLYJPJPVLZSH
ZPN\PLU[L!

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96

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4
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;6;(3,:



=(369
+,79,*0(*05
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(*<4<3(+(
4
4

11. Menor y Mayor valor de inversiones

(SKLKPJPLTIYLKL SHJ\LU[HTH`VY]HSVYKLPU]LYZP}UOHZPKVHTVY[PaHKHLUZ\[V[HSPKHK
4H`VY=HSVY

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;6;(3

465;6
:(3+6
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4(@69
7,906+6
=(369

12. Otros (Activos)

)HQVLZ[LY\IYVZLJSHZPJHUHSN\UVZHJ[P]VZQVZWHYHSH]LU[HJVUZPKLYHKVZWYLZJPUKPISLZSVZX\LOHUZPKVHQ\Z[HKVZHZ\Z
WYVIHISLZ]HSVYLZKLYLHSPaHJP}UJ\HUKVLZ[L]HSVYLZTLUVYX\LLS]HSVYSPIYV
;HTIPtUJVTWVULLZ[LY\IYVSHPU]LYZP}ULUWYHKLYHZKLSHSPHS:VJPLKHK(NYxJVSH`3LJOLYH7YHKLYHZ(\Z[YHSLZ:(7YHKLZ\Y
:(SHX\LZL]HYLLQHUKVLUSVZYLZ\S[HKVZTLUZ\HSTLU[L
(SKLKPJPLTIYLKL `LSKL[HSSLKLLZ[LY\IYVLZLSZPN\PLU[L!

+,;(33,

4
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;6;(3

4

13. Obligaciones con bancos e instituciones nancieras a corto plazo

9<;

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<-
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7VYJLU[HQLVISPNHJPVULZTVULKHL_[YHUQLYH

7VYJLU[HQLVISPNHJPVULZTVULKHUHJPVUHS

97

;6;(3,:

14. Obligaciones con bancos e instituciones nancieras largo plazo

9<;

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(5<(3
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<-
UVYLHQ\Z[HISLZ
6[YHZTVULKHZ


15. Provisiones y Castigos

,SKL[HSSLKLSHZWYV]PZPVULZ`JHZ[PNVZYLJVUVJPKVZHSJPLYYLKLJHKHLQLYJPJPVLZLSZPN\PLU[L!

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7,96+6(5;,9069
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,,--

4

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;6;(3

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7YV]PZP}UKL\KVYLZWVY]LU[H
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7YV]PZP}UVIZVSLZJLUJPHL_PZ[LUJPHZ
7YV]PZP}UHJ[P]VQV
7YV]PZP}UHQ\Z[LTLYJHKV(QVWHYHSH]LU[H
7YV]PZPVULZL_PZ[LUJPHZ`]HYPHZ

;6;(3


16. Indemnizaciones al personal por aos de servicio

3HWYV]PZP}UWHYHPUKLTUPaHJP}UWVYH|VZKLZLY]PJPVZ[\]VLSZPN\PLU[LTV]PTPLU[VK\YHU[LSVZLQLYJPJPVZJVTWYLUKPKVZLU[YL
LSKLLULYV`LSKLKPJPLTIYLKL `

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4

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:HSKVPUPJPHS
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:HSKVUHSJVY[V`SHYNVWSHaV
:HSKVHSKLKPJPLTIYLKLHJ[\HSPaHKVWHYHULZJVTWHYH[P]VZ

17. Inters Minoritario

:LKL[HSSHHJVU[PU\HJP}ULS]HSVYWH[YPTVUPHSWYVWVYJPVUHSX\LSLJVYYLZWVUKLHSVZHJJPVUPZ[HZTPUVYP[HYPVZ!

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4
4
9,:<3;(+6:

4
4
:VJ7YVJLZHKVYHKL3LJOLKLS:\Y:(

;6;(3,:

18. Cambios en el patrimonio

(+P]PKLUKVZWHNHKVZH|V !
;076+0=0+,5+6

+LUP[P]V5
(j6
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(*<,9+6
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7(.6
+0=0+,5+6
769(**05

(IY
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7(.6
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769(**05

(IY
(NV
4H`
(NV

465;6
/0:;90*64

+P]PKLUKVZWHNHKVZH|V!
;076+0=0+,5+6

+LUP[P]V5
+LUP[P]V5
465;6
/0:;90*64

I6[YHZ9LZLY]HZ!
3HJ\LU[H6[YHZ9LZLY]HZZLNLULY}WVYSHZKPMLYLUJPHZKLWYLJPVHSTVTLU[VKLSWHNVKLSH\TLU[VKLJHWP[HSYLHSPaHKVLULS
H|V 3VZ]HSVYLZKLSHJ\LU[H6[YHZ9LZLY]HZUVW\LKLUZLYKPZ[YPI\PKVZZPUV[HUZVSVW\LKLUZLYJHWP[HSPaHKVZ
99
J+P]PKLUKVZWVYWHNHY
(ZVSPJP[\KKLSHJJPVUPZ[HTH`VYP[HYPV+HPY`,U[LYWYPZLZ*OPSL3PTP[HKHWHY[LKLSKP]PKLUKVUTLYV`LS[V[HSKLSKP]PKLUKV
WVY\UTVU[VKL4`4 YLZWLJ[P]HTLU[LZLYmJHUJLSHKVK\YHU[LLSH|V`MVYTHWHY[LKLSY\IYV
KP]PKLUKVZWVYWHNHYHSKLKPJPLTIYLKL
9<)96:

9,:,9=( :6)9,79,*06

+0=0+,5+6: +i-0*0; 9,:<3;(+6
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9,:,9=(: 9,:<3;(+6:
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+,
9,:,9=(: -<;<96: (*<4<3(+6: :6906:
+,
,1,9*0*06

(**065,:

+0=0+,5+6:

+,:(996336

:HSKV0UPJPHS

+PZ[YPI\JP}UYLZ\S[HKV
LQLYJHU[LYPVY

+P]PKLUKVKLUP[P]V
LQLYJHU[LYPVY

(\TLU[VKLSJHWP[HSJVU
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*HWP[HSPaHJP}UYLZLY]HZ
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+tJP[HJ\T\SHKVWLYxVKV
KLKLZHYYVSSV

9,:,9=( :6)9,79,*06

9,:,9=(:

+0=0
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6;9(: -<;<96: 9,:<3;(+6: +,5+6:7,906+6+, 9,:<3;(+6
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9,:,9=(:
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(**065,:

+,5+6:

:6906: 996336

9L]HSVYPaHJP}UJHWP[HSWYVWPV

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4

4
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19. Otros Ingresos y Egresos fuera de la explotacin

6;96:05.9,:6:
,Z[LY\IYVLZ[mJVUZ[P[\PKVWVYSVZZPN\PLU[LZJVUJLW[VZ!

+,;(33,

<[PSPKHKLU]LU[HKLHJ[P]VQV
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9LJ\WLYHJP}UKLNHZ[VZKLWYV]LLKVYLZ
6[YVZPUNYLZVZKP]LYZVZ

;6;(3

100 memoria anual estados nancieros consolidados

6;96:,.9,:6:

+,;(33,

4

4
+LWYLJPHJP}UHJ[P]VQV[LTWVYHSTLU[LPUHJ[P]V
0UKLTUPaHJP}UHWYV]LLKVY
6[YVZLNYLZVZKP]LYZVZ

;6;(3

20. Correccin Monetaria

5+0*,+,
9,(1<:;()030+(+

(*;0=6:*(9.6:()656:
,?0:;,5*0(:
(*;0=6-016
05=,9:065,:,5,479,:(:9,3(*065(+(:
6;96:(*;0=6:56465,;(906:
*<,5;(:+,.(:;6:@*6:;6:
;6;(3*(9.6:()656:
07*
07*
07*
<-
07*

07*
<-
07*
<-
07*

7(:0=6:*(9.6:()656:
7(;9046506
(*9,,+69,:=(906:
05;,9,:405690;(906
7(:0=6:56465,;(906:
*<,5;(:+,05.9,:6:
;6;(3*(9.6:()656:
7,9+0+(<;030+(+769*699,**065465,;(90(
21. Diferencias de Cambio

9<)96

465,+(
(*;0=6:*(9.6:()656:
+0:7650)3,
+,<+69,:769=,5;(
*<,5;(:769*6)9(9,479,:(:9,3(*065(+(:
6;96:(*;0=6:*09*<3(5;,:
;6;(3*(9.6:()656:
7(:0=6:*(9.6:()656:
6)30.(*065,:*65)(5*6:*69;673(A6
6)30.(*065,:*65)(5*6:*69;673(A6
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(*9,,+69,:=(906:
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101

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+63(9,:
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+63(9,:

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+63(9,:
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+63(9,:

22. Estado de Flujo de Efectivo

(SKLKPJPLTIYLKL L_PZ[LUJVTWYVTPZVZKL\QVZM\[\YVZWHYHLSWYPTLY[YPTLZ[YLKLWYV]LUPLU[LZKLPU]LYZPV
ULZLUHJ[P]VQVHZJLUKLU[LZH44LU
,SLMLJ[P]V`LMLJ[P]VLX\P]HSLU[LZVUHX\LSSVZZHSKVZPUJS\PKVZLUSVZY\IYVZKPZWVUPISL4`SVZWHJ[VZJVUJVT
WYVTPZVKLYL[YV]LU[H4[V[HS4
23. Contratos de Derivados

;076+, ;076+, =(369+,3
+,90=(+6*65;9(;6*65;9(;6

-9
-9
-9
-9
-9
-9
-9
-9
-9
-9
-9
-9
-9
-9
-9
-9
**;,
**;,
**;,
**;,
**;,
**;,
**;,
**;,
**;,
**;,
**;,
**;,
**;,
**;,
**;,
**;,

73(A6+,=,5*040,5;6
6,?709(*05
0;904,:;9,
0;904,:;9,
0;904,:;9,
0;904,:;9,
0;904,:;9,
00;904,:;9,
0;904,:;9,
00;904,:;9,
00;904,:;9,
0;904,:;9,
0;904,:;9,
0;904,:;9,
0;904,:;9,
0;904,:;9,
0;904,:;9,
0;904,:;9,
+,:*907*05+,36:*65;9(;6:
;,4
76:0*05 7(9;0+(6;9(5:(**05796;,.0+( =(369+,
,:7,*-0*6
*6479(
564)9,
465;6
3(7(9;0+(

=,5;(

796;,.0+(
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
=
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
,?769;(*05
04769;(*065
04769;(*065
04769;(*065
04769;(*065
04769;(*065
04769;(*065
04769;(*065
04769;(*065
04769;(*065
04769;(*065
04769;(*065
04769;(*065
04769;(*065
04769;(*065
04769;(*065

*<,5;(:*65;()3,:8<,(-,*;(
(*;0=67(:0=6
,-,*;6,59,:<3;(+6
564)9,
465;6 9,(30A(+6
56
9,(30A(+6

+,<+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:

24. Contingencias y Restricciones

.(9(5;0(:+09,*;(:605+09,*;(:!
(SKLKPJPLTIYLKL SH:VJPLKHKOHLU[YLNHKVIVSL[HZKLNHYHU[xHZWVYZ\ZSPHSLZWVY\UTVU[VKL4
4HKPJPLTIYLHMH]VYKL*LU[YHS5HJPVUHSKL(IHZ[LJPTPLU[VKLS:LY]PJPV5HJPVUHSKL:HS\KWHYHNHYHU[PaHY
LSLSJ\TWSPTPLU[VKLSHZ}YKLULZKLJVTWYHYLHSPaHKHZWVYKPJOVVYNHUPZTV`4 4HKPJPLTIYLKLHS
0UZ[P[\[VKL+LZHYYVSSV(NYVWLJ\HYPV05+(7WVYLSLSJ\TWSPTPLU[V`YLUKPJP}UKLMVUKVZKLSJVU]LUPVWYVNYHTHHSPHUaH
JVTLYJPHS:VWYVSLJVU05+(7
3HSPHS:VJPLKHK7YVJLZHKVYHKL3LJOLKLS:\Y:(OHLU[YLNHKVIVSL[HZKLNHYHU[xHZWVY4HMH]VYKL*LU[YHS
5HJPVUHSKL(IHZ[LJPTPLU[VKLS:LY]PJPV5HJPVUHSKL:HS\K
1<0*06:6(**065,:3,.(3,:!
3HLTWYLZHJVUZ[Y\J[VYH:VJV]LZH0UNLUPLYxH`*VUZ[Y\JJPVULZ:(:VJVPJZHZVSPJP[}HSHSPHS:VJPLKHK7YVJLZHKVYHKL
3LJOLKLS:\Y:(7YVSLZ\YLSWHNVKLJVTWLUZHJPVULZWVYTH`VYLZJVZ[VZPUJ\YYPKVZLUYLSHJP}UHSVZ[YHIHQVZLMLJ[\HKVZ
LULSWYV`LJ[VKLSHU\L]H[VYYLKLZLJHKVSVHU[LYPVYIHZHKVLUSVZH[YHZVZZ\W\LZ[HTLU[LVJHZPVUHKVZWVYSHX\PLIYHKLS
WYV]LLKVYL_[YHUQLYV>L[ +Y`
,Z[HZP[\HJP}UM\LHYIP[YHKHH[YH]tZKL\UHJ\LYKVL_[YHQ\KPJPHSLU[YL:VJVPJZHJVU7YVSLZ\YLUKVUKL7YVSLZ\YWHN}H:V
JVPJZHHSJVU[HKV`LUKPULYVLMLJ[P]VZPUX\LLSSVJVUZ[P[\`HYLJVUVJPTPLU[VHSN\UVKLSHYLZWVUZHIPSPKHKYLJSHTHKHWVY
:VJVPJZHLUJVU[YHKL7YVSLZ\YSHZ\THUPJH[V[HS`KLUP[P]HKL4,Z[LTVU[VM\LWHNHKVWVYSH:VJPLKHK`ZL
OHYLLQHKVLUSVZYLZ\S[HKVZKLSWYLZLU[LWLYPVKVLULSY\IYV6[YVZLNYLZVZM\LYHKLSHL_WSV[HJP}U
5VL_PZ[LUV[YVZQ\PJPVZVHJJPVULZSLNHSLZLUJVU[YHKLSHZVJPLKHKTH[YPa`Z\ZHSLZX\LW\KPLYHUHMLJ[HYLUMVYTHZPNUP
JH[P]HSVZLZ[HKVZUHUJPLYVZ
25. Cauciones obtenidas de terceros

,SKL[HSSLKLSHZJH\JPVULZYLJPIPKHZWVYSH:VJPLKHK4H[YPa`Z\ZSPHSLZZLPUJS\`LULUJ\HKYVHKQ\U[V
(SJPLYYLKLSWLYPVKVSHZWYPUJPWHSLZJH\JPVULZ]PNLU[LZZVUSHZZPN\PLU[LZ!
*(<*05

67,9(*05
8<,3(.,5,9
465;6
4
)VSL[H
)VSL[H
)VSL[H
)VSL[H
)VSL[H
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)VSL[H
)VSL[H
)VSL[H
)VSL[H
)VSL[H
)VSL[H
)VSL[H
)VSL[H
)VSL[H
)VSL[H
)VSL[H
)VSL[H
*\TWSPTPLU[VKL*VU[YH[V

;6;(3
564)9,6;69.(5;,
9,3(*05
:V\[OLYU;LJOUVSVN`.YV\WZH
.LYZ[LUILYN:JOYVLKLY
(-(\[VTH[PVU-YKLY[LJOUPRNT
)LUa/PSNLYZ
4HYRL[PUN`7YVTVJPVULZS[KH
,[LJV
;YHUZWVY[LZ2HYT`
,IJV
1VOUZVU*VU[YVSZ*OPSL:(
-PUUPUN*OPSL:(
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3VNHT:(
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7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
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7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY

26. Moneda Nacional y Extranjera

(J[P]VZ
9<)96
(J[P]VZ*PYJ\SHU[LZ
+0:7650)3,
+0:7650)3,
+,<+69,:769=,5;(5,;6
+,<+69,:769=,5;(5,;6
+6*<4,5;6:769*6)9(95,;6
+,<+69,:=(906:5,;6
+,<+69,:=(906:5,;6
*<,5;(:769*6)9(9,,99
*<,5;(:769*6)9(9,,99
,?0:;,5*0(:5,;6
047<,:;6:7699,*<7,9(9
.(:;6:7(.(+6:769(5;0*07(+6
047<,:;6+0-,90+6
6;96:(*;0=6:*09*<3(5;,:
(J[P]VZ-PQVZ
(*;0=6-0165,;6
6[YVZ(J[P]VZ
05=,9:0656;9(::6*0,+(+,:
+,<+69,:3(9.673(A6
6;96:(*;0=6:
6;96:(*;0=6:
;6;(3(*;0=6:

465,+(

465;6

+63(9,:
569,(1<:;()3,
+63(9,:
569,(1<:;()3,
569,(1<:;()3,
<-
569,(1<:;()3,
+63(9,:
569,(1<:;()3,
569,(1<:;()3,
569,(1<:;()3,
569,(1<:;()3,
569,(1<:;()3,
569,(1<:;()3,

569,(1<:;()3,

569,(1<:;()3,
569,(1<:;()3,
<-
569,(1<:;()3,

+63(9,:
569,(1<:;()3,
<-

7HZP]VZ*PYJ\SHU[LZ

9<)96

465,+(
6)30.)(5*6*69;673(A6
6)30.)(5*6*69;673(A6
6)30.)(5*6*69;673(A6
6)30.)(5*63(9.673(A6
769*065*69;673(A6
+0=0+,5+6:7697(.(9
*<,5;(:7697(.(9
*<,5;(:7697(.(9
*<,5;(:7697(.(9
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
796=0:065,:
9,;,5*065,:
047<,:;6:+0-,90+6:
;6;(37(:0=6:*09*<3(5;,:

+63(9,:
,<96:
569,(1<:;()3,
569,(1<:;()3,
/(:;( +(:

465;6
;(:(05;
465;6
;(:(05;
7964(5<(3

7964(5<(3

+(:((j6

465;6
;(:(05; 465;6 ;(:(05;

7964(5<(3

7964(5<(3

569,(1<:;()3,

+63(9,:

,<96:

569,(1<:;()3,
+63(9,:

,<96:

+63(95,6A,3(5

569,(1<:;()3,

569,(1<:;()3,

569,(1<:;()3,
569,(1<:;()3,

+63(9,:

,<96:

569,(1<:;()3,
+63(95,6A,3(5

7HZP]VZSHYNVWSHaVWLYxVKVHJ[\HS

9<)96

465,+(
796=0:065,:3(9.673(A6
047<,:;6:+0-,90+6:
(*9,,+69,:=(906:
((j6:
465;6
;(:(05;

7964(5<(3
569,(1<:;()3,
569,(1<:;()3,
569,(1<:;()3,

;6;(37(:0=6:(3(9.673(A6

569,(1<:;()3,

((j6:
465;6
;(:(05;

7964(5<(3
((j6:
4:+,(j6:
465;6
;(:(05; 465;6 ;(:(05;

7964(5<(3

7964(5<(3

7HZP]VZSHYNVWSHaVWLYxVKVHU[LYPVY

9<)96

465,+(
6)30.(*065,:)(5*63(9.6
73(A6
796=0:065,:3(9.673(A6
047<,:;6:+0-,90+6:
(*9,,+69,:=(906:3(9.6
73(A6
569,(1<:;()3,
((j6:
465;6
;(:(05;

7964(5<(3

569,(1<:;()3,

569,(1<:;()3,
569,(1<:;()3,

;6;(37(:0=6:(3(9.673(A6

569,(1<:;()3,


((j6:
465;6
;(:(05;

7964(5<(3
((j6:
4:+,(j6:
465;6
;(:(05; 465;6 ;(:(05;

7964(5<(3

7964(5<(3

27. Sanciones
+\YHU[LSVZLQLYJPJPVZJVTWYLUKPKVZLU[YLLSKLLULYV`LSKLKPJPLTIYLKLS `SH:VJPLKHK4H[YPa`Z\ZSPHSLZ
Z\ZKPYLJ[VYLZ`VHKTPUPZ[YHKVYLZUVOHUYLJPIPKVZHUJPVULZWVYWHY[LKLSH:\WLYPU[LUKLUJPHKL=HSVYLZ`:LN\YVZ\V[YHZ
H\[VYPKHKLZHKTPUPZ[YH[P]HZKPZ[PU[HZHLZ[H
28. Hechos Posteriores

,SKPYLJ[VYPVKLSHSPHS:VJPLKHK7YVJLZHKVYHKL3LJOLKLS:\Y:(LUZLZP}UVYKPUHYPHJLSLIYHKHLSKxHKLLULYVKL
WYVJLKP}HKLZPNUHYJVTV.LYLU[L.LULYHSKL7YVSLZ\YHKVU-LYUHUKV)\LUV9HTVZX\PLUWHZHYmHVJ\WHYLSJHYNVHJVU[HY
KLSWY}_PTVTLZKLTHYaV
5VOHUVJ\YYPKVV[YVZOLJOVZUHUJPLYVZVKLV[YHxUKVSLLU[YLLSKLKPJPLTIYLKL `SHMLJOHKLLTPZP}UKLLZ[VZ
LZ[HKVZUHUJPLYVZX\LW\KPLYHUHMLJ[HYLUMVYTHZPNUPJH[P]HSVZZHSKVZVSHPU[LYWYL[HJP}UKLSVZWYLZLU[LZLZ[HKVZUHU
JPLYVZ
29. Medio Ambiente

3H:VJPLKHK4H[YPa`Z\ZSPHSLZTHU[PLULU\UJVTWYVTPZVJVUSHWYV[LJJP}UHSTLKPVHTIPLU[LWHYHSVJ\HSOHUPTWSLTLU
[HKV\UWYVNYHTH[LUKPLU[LHSJ\TWSPTPLU[VKLWVSx[PJHZ`WYVNYHTHZYLSHJPVUHKVZJVULZ[HZTH[LYPHZ
(SKLKPJPLTIYLKL SH:VJPLKHK4H[YPa ` Z\Z SPHSLZ OHU PU]LY[PKV \U TVU[V HZJLUKLU[L H 4 4 H
KPJPLTIYLWHYHTLQVYHYSHWSHU[HKL[YH[HTPLU[VIPVS}NPJVKL9PSLZLPUJVYWVYHYLSHUmSPZPZ`JHYHJ[LYxZ[PJHZKLYLZPK\VZ
SxX\PKVZ
+\YHU[LSVZWLYPVKVZ[LYTPUHKVZHSKLKPJPLTIYLKL `ZLYLHSPaHYVUNHZ[VZVWLYHJPVUHSLZYLSHJPVUHKVZJVULS
[LTHHTIPLU[HSHZJLUKLU[LZH4 `4 YLZWLJ[P]HTLU[L
30. Nota adicional - futuros cambios

*65;()3,:
*VTVLZKLWISPJVJVUVJPTPLU[VLSWHxZLZ[mJVTWYVTL[PKVHKLZHYYVSSHY\UWSHUKLJVU]LYNLUJPHWHYHHKVW[HYPU[LNYHS
TLU[LSHZ5VYTHZ0U[LYUHJPVUHSLZKL0UMVYTHJP}U-PUHUJPLYH500-0-9:ZLNUZ\ZPNSHLUPUNStZ,UJVUMVYTPKHKJVUSV
LZ[HISLJPKVZVIYLLZ[HTH[LYPHWVYLS*VSLNPVKL*VU[HKVYLZ`WVYSH:\WLYPU[LUKLUJPHKL=HSVYLZ`:LN\YVZSH:VJPLKHK`
Z\ZSPHSLZKLILUHKVW[HYKPJOHZUVYTHZHJVU[HYKLSLQLYJPJPV7YVK\J[VKLSVHU[LYPVYZLVYPNPUHYmUJHTIPVZZVIYLSVZ
ZHSKVZWH[YPTVUPHSLZHSKLLULYVKL`ZLHMLJ[HYmSHKL[LYTPUHJP}UKLSVZYLZ\S[HKVZWHYHSVZLQLYJPJPVZM\[\YVZ(ZPTPZ
TVWHYHLMLJ[VZJVTWHYH[P]VZSVZLZ[HKVZUHUJPLYVZKLSLQLYJPJPV X\L[HTIPtUKLILYmUWYLZLU[HYZLKLHJ\LYKVJVU
SHU\L]HUVYTH[P]HW\LKLUKPMLYPYKLSVZHX\xWYLZLU[HKVZ
3H:VJPLKHK`Z\ZSPHSLZOHUKLZHYYVSSHKV\UWSHUWHYHLUMYLU[HYPU[LNYHSTLU[LSVZLMLJ[VZKLLZ[LJHTIPV`HSHMLJOHKL
LTPZP}UKLLZ[VZLZ[HKVZUHUJPLYVZLZ[mLUWYVJLZVKLYL]PZHY`KLW\YHYSHPUMVYTHJP}UZVIYLSHLZ[PTHJP}UKLSVZLMLJ[VZ
X\LKLILYmUYLLQHYZLLUSVZLZ[HKVZUHUJPLYVZM\[\YVZ
105
31. Cuentas por pagar

,SKL[HSSLKLLZ[LY\IYVLZLSZPN\PLU[L!

+,;(33,

4

4
7YV]LLKVYLZUHJPVUHSLZ
*\LU[HZWVYWHNHYWYVK\J[VYLZKLSLJOL
7YV]LLKVYLZL_[YHUQLYVZ

;6;(3

32. Acreedores Varios Corto y Largo Plazo (Adicional)

*65*,7;6
;6;(3
*69;6
;076
73(A6
465,+(
9,(1<:;,
4
7YV]LLKVYLZL_[YHUQLYVZJVTWYHKLHJ[P]VQV

6[YVZ
-VUKVYLUV]HJP}UKLJHTPVULZ
;6;(3,:
<:
,<9

<-
(j6:+,=,5*040,5;6
4:+, 4:+,
4:+,
/(:;(
/(:;(
/(:;(
4
4
4
;6;(3
3(9.6
73(A6

4

;6;(3
;6;(3
*69;6
3(9.6
73(A6
73(A6
4
4

4VU[VVISPNHJPVULZTVULKHL_[YHUQLYH
4VU[VVISPNHJPVULZTVULKHUHJPVUHS

(|V

(|V

Hechos Relevantes
0:67963,:(
+\YHU[LLSLQLYJPJPVJVTWYLUKPKVLU[YLLSKLLULYV`LSKLKPJPLTIYLKL UVOHUVJ\YYPKVOLJOVZYLSL]HU[LZLUSH
*VTWH|xH4H[YPa
00:6*0,+(+796*,:(+69(+,3,*/,+,3:<9:(-030(3+09,*;(
H*VUMLJOHKLQ\SPVKL LSKPYLJ[VYPVKL:VJPLKHK7YVJLZHKVYHKL3LJOLKLS:\Y:(YL\UPKVLUZLZP}UVYKPUHYPHKL
(JJPVUPZ[HZYLZVS]P}HJLW[HYSHYLU\UJPHPUKLJSPUHISLHSH.LYLUJPH.LULYHSWYLZLU[HKHJVUPN\HSMLJOHWVYLSZL|VY/LYUmU
=LNH4LKPUH
,UYLLTWSHaVKLSZL|VY=LNHLSKPYLJ[VYPVHJVYK}KLZPNUHYJVTV.LYLU[L.LULYHSLUJHSPKHKKLPU[LYPUVHSPUNLUPLYVJP]PS
ZL|VY,YULZ[V(SK\UH[L4VU[LZ
*VUMLJOHKLHIYPSKL SVZHJJPVUPZ[HZKL:VJPLKHK7YVJLZHKVYHKL3LJOLKLS:\Y:(YL\UPKVZLU1\U[H.LULYHS
6YKPUHYPHKL(JJPVUPZ[HZJLSLIYHKHSH1\U[HWYVJLKPLYVUHSHLSLJJP}UKL\UU\L]VKPYLJ[VYPVLSX\LX\LK}PU[LNYHKVWVY
SHZZPN\PLU[LZWLYZVUHZ!
;P[\SHY
.\`4PJOHLS*V^HU
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1HPTL4PSPJ)HYYVZ
:\WSLU[L
6ZJHY-LYYHYP.HYJxH
:LYNPV+PLa(YYPHNHKH
.VUaHSV.YLa1VYKmU
.VUaHSV1PTtULa)HYHOVUH
1VZt4PN\LS(SJHSKL<UK\YYHNH
:LIHZ[PmU6KK}.}TLa
,SYLMLYPKVKPYLJ[VYPVK\YHYmLUZ\ZM\UJPVULZWVYLSWLYPVKVLZ[H[\[HYPVKLH|VZHJVU[HYKLLZ[HMLJOH
(ZPTPZTVLUZLZP}UVYKPUHYPHJLSLIYHKHHJVU[PU\HJP}UKLSH1\U[HZLWYVJLKP}HSHJVUZ[P[\JP}UKL\UHU\L]HTLZHYLZ\S[H
KVLSLJ[VJVTV7YLZPKLU[LKLSKPYLJ[VYPVKVU(SILY[*\ZZLU4HJRLUUH`JVTV=PJLWYLZPKLU[LKVU.LYHYKV=HYLSH(SMVUZV
I*VUMLJOH KLLULYVKLSLSKPYLJ[VYPVKL:VJPLKHK7YVJLZHKVYHKL3LJOLKLS:\Y:(SH:VJPLKHKLUZLZP}U
VYKPUHYPHJLSLIYHKHLSKxHKLLULYVKLHJVYK}HJLW[HYJVULMLJ[VHSKLTH`VKLSHYLU\UJPHWYLZLU[HKHWVY
LS.LYLU[L.LULYHSZL|VY;LYLUJL1HTLZ5VY^VVK
,UZ\YLLTWSHaVLSKPYLJ[VYPVHJVYK}KLZPNUHYJVTV.LYLU[L.LULYHSKLSH:VJPLKHKJVULMLJ[VHSKLQ\UPVKLHKVU
/LYUmU=LNH4LKPUHX\PLUOHZ[HSHMLJOHVJ\WHLSJHYNVKL.LYLU[LKL+P]PZP}U6WLYHJPVULZLUSHZVJPLKHKTH[YPa:VJPLKHK
7YVK\J[VYLZKL3LJOL:(:VWYVSL
107
Anlisis razonado Soprole consolidado
1. Anlisis comparativo y explicacin de las principales tendencias observadas

entre los estados nancieros.
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111
2. Descripcin y anlisis de los principales componentes de los ujos netos originados por las actividades operacionales, de inversin y de nanciamiento.

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4. Anlisis de riesgo de mercado.

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113

Estados nancieros individuales

Individual nancial statements
:VWYVSL:(.
Al 31 de diciembre de 2009 / As of December 31, 2009
ndice / contents
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115
116 memoria anual estados nancieros individuales

annual report individual nancial statements
Informe de los auditores independientes

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:LNUSVZL|HSHKVLU5V[HLUJVUJVYKHUJPHJVULSWYVJLZVKLJVU]LYNLUJPHKLMPUPKVHSLMLJ[VLU*OPSLHJVU[HYKLS
LQLYJPJPVSH:VJPLKHKHKVW[HYmSHZ5VYTHZ0U[LYUHJPVUHSLZKL0UMVYTHJP}U-PUHUJPLYH
Javier Gatica Menke

RUT: 7.003.684-3
117
Balance general individual

Individual nancial statements

(3+,+0*0,4)9,+,

activos / assets
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Balance
balancegeneral
generalindividual
individual
Individual
Individual
nancial
nancial
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statements
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pasivos y patrimonio/ liabilities and shareholders equity

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119

Estado de resultado individual

Statement of income

(3+,+0*0,4)9,+,

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Estado
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estado
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Statement
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Statement
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121

Estado de ujo de efectivo individual

Statement of cash ows

(3+,+0*0,4)9,+,

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notas aa los
Notas
los estados
estados nancieros
nancieros individuales
individuales
Individual Statement of Cash Flows
01. Inscripcin en el Registro de Valores

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02. Criterios Contables Aplicados

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03. Cambios Contables

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04. Deudores de Corto y Largo Plazo

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05. Saldos y Transacciones con entidades relacionadas

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09. Informacin sobre operaciones de compromiso de compra, compromisos de venta, venta con compromiso de recompra y compra con compromiso de retroventa
de ttulos o valores mobiliarios
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))=(*699,+69,:+,)63:(:(
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))=(*699,+69,:+,)63:(:(

7,:6
7,:6

7,:6

7,:6

7,:6

7,:6
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7,:6
7,:6
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7,:6
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=(369
-05(3
0+,5;0-0*(*05
+,05:;9<4,5;6:
=(369
4,9*(+6
7(.(9i9,(1<:;()3,

+,76:0;6(73(A6

9,(1<:;()3,

3,;9(/076;,*(90(

9,(1<:;()3,

3,;9(/076;,*(90(

9,(1<:;()3,

3,;9(/076;,*(90(

9,(1<:;()3,
7(.(9i9,(1<:;()3,

7(.(9i9,(1<:;()3,

7(.(9i9,(1<:;()3,

7(.(9i9,(1<:;()3,

7(.(9i9,(1<:;()3,

7(.(9i569,(1<:;()3,

7(.(9i569,(1<:;()3,

7(.(9i569,(1<:;()3,

7(.(9i9,(1<:;()3,

7(.(9i9,(1<:;()3,

7(.(9i569,(1<:;()3,

+,76:0;6(73(A6

9,(1<:;()3,

)656)*9,(1<:;()3,

)656)*9,(1<:;()3,

)656)*9,(1<:;()3,

*9=

*9=

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*9=
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))=(*699,+69,:+,)63:(:(

))=(*699,+69,:+,)63:(:(

))=(*699,+69,:+,)63:(:(
0;(<*/03,*699,+69+,)63:(3;+(
0;(<*/03,*699,+69+,)63:(3;+(
0;(<*/03,*699,+69+,)63:(3;+(

0;(<*/03,*699,+69+,)63:(3;+(

0;(<*/03,*699,+69+,)63:(3;+(

0;(<*/03,*699,+69+,)63:(3;+(
0;(<*/03,*699,+69+,)63:(3;+(

)*0*699,+69+,)63:(:(
)*0*699,+69+,)63:(:(
)*0*699,+69+,)63:(:(
)*0*699,+69+,)63:(:(
)*0*699,+69+,)63:(:(
)*0*699,+69+,)63:(:(
)*0*699,+69+,)63:(:(

)*0*699,+69+,)63:(:(
)*0*699,+69+,)63:(:(
)*0*699,+69+,)63:(:(
)*0*699,+69+,)63:(:(

)*0*699,+69+,)63:(:(
)*0*699,+69+,)63:(:(
0;(<*/03,*699,+69+,)63:(3;+(
0;(<*/03,*699,+69+,)63:(3;+(

0;(<*/03,*699,+69+,)63:(3;+(
0;(<*/03,*699,+69+,)63:(3;+(
0;(<*/03,*699,+69+,)63:(3;+(
0;(<*/03,*699,+69+,)63:(3;+(

0;(<*/03,*699,+69+,)63:(3;+(

0;(<*/03,*699,+69+,)63:(3;+(

0;(<*/03,*699,+69+,)63:(3;+(

0;(<*/03,*699,+69+,)63:(3;+(

0;(<*/03,*699,+69+,)63:(3;+(

*697*(70;(3*699,+69+,)63:(:(
*697*(70;(3*699,+69+,)63:(:(
))=(*699,+69,:+,)63:(:(

))=(*699,+69,:+,)63:(:(

))=(*699,+69,:+,)63:(:(

))=(*699,+69,:+,)63:(:(

)(5*/03,*699,+69,:+,)63:(:(

)(5*/03,*699,+69,:+,)63:(:(

)(5*/03,*699,+69,:+,)63:(:(
131
7,:6

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+,76:0;6(73(A656

9,(1<:;()3,
+,76:0;6(73(A6

9,(1<:;()3,

7(.(9i)*9,(1<:;()3,

)656)*9,(1<:;()3,

)656)*9,(1<:;()3,

+,76:0;6(73(A656

9,(1<:;()3,
+,76:0;6(73(A656

9,(1<:;()3,
+,76:0;6(73(A656

9,(1<:;()3,

)656)*9,(1<:;()3,

+,76:0;6(73(A6

9,(1<:;()3,

)656*63)<59,(1<:;()3,

)656)*9,(1<:;()3,

7(.(9i569,(1<:;()3,

7(.(9i569,(1<:;()3,

7(.(9i569,(1<:;()3,

7(.(9i569,(1<:;()3,

3,;9(/076;,*(90(

9,(1<:;()3,
7(.(9i569,(1<:;()3,

7(.(9i569,(1<:;()3,

7(.(9i9,(1<:;()3,

3,;9(/076;,*(90(

9,(1<:;()3,

7(.(9i569,(1<:;()3,

7(.(9i9,(1<:;()3,

)656)*9,(1<:;()3,

+,76:0;6(73(A6

9,(1<:;()3,

7(.(9i)*569,(1<:;()3,

)656)*9,(1<:;()3,

)656)*9,(1<:;()3,

+,76:0;6(73(A656

9,(1<:;()3,
+,76:0;6(73(A6

9,(1<:;()3,
+,76:0;6(73(A6

9,(1<:;()3,
+,76:0;6(73(A6

9,(1<:;()3,
+,76:0;6(73(A656

9,(1<:;()3,
+,76:0;6(73(A656

9,(1<:;()3,
7(.(9i569,(1<:;()3,

7(.(9i9,(1<:;()3,

)656)(5*6*,5;9(3

9,(1<:;()3,

)656)(5*6*,5;9(3

9,(1<:;()3,
+,76:0;6(73(A6

9,(1<:;()3,

)656)(5*6*,5;9(356

9,(1<:;()3,
+,76:0;6(73(A6

9,(1<:;()3,
+,76:0;6(73(A6

9,(1<:;()3,
+,76:0;6(73(A6

9,(1<:;()3,
10. Activos Fijos

H+L[HSSLx[LTLZKLLZ[LY\IYV!

)0,5,:+,3(*;0=6-016
H;LYYLUVZ
=(369
)9<;6
4

+,79,*0(*05
(*<4<3(+(
4

=(369
+,79,*0(*05
)9<;6
(*<4<3(+(
4
4

I*VUZ[Y\JJP}U`6IYHZ
KL0UMYHLZ[Y\J[\YH
7SHU[HZ`VJPUHZ
6IYHZKLPUMYHLZ[Y\J[\YH
6IYHZLUJVUZ[Y\JJP}U

:\I[V[HS

J4HX\PUHYPHZ`LX\PWVZ
4HX\PUHYPHZ`LX\PWVZ
=LOxJ\SVZKL[YHUZWVY[L

:\I[V[HS

K6[YVZ(J[P]VZ-PQVZ
4\LISLZ`[PSLZ
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,X\PWVZKLJVTW\[HJP}U
9LW\LZ[VZ
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;6;(3,:

I+LWYLJPHJP}UKLSLQLYJPJPV!

9<)96

4

4
9LZ\S[HKVKLSHL_WSV[HJP}U

9LZ\S[HKVM\LYHKLSHL_WSV[HJP}UV[YVZLNYLZVZ

;6;(3,:

11. Inversiones en empresas relacionadas

05-694(*065(+0*065(3!
(SKLKPJPLTIYLKL `SH:VJPLKHKOHJVU[HIPSPaHKVSVZYLZ\S[HKVZUVYLHSPaHKVZX\LHMLJ[HUSHPU]LYZP}U
WVYSV[HU[VSHHWSPJHJP}UKLSTt[VKVKLS=7JVUZPKLYHSHLSPTPUHJP}UKLLZ[VZLMLJ[VZSVZJ\HSLZHZJPLUKLUH4 `
4YLZWLJ[P]HTLU[L
+\YHU[LSVZLQLYJPJPVZ `ZLYLJPIPLYVUKP]PKLUKVZLULMLJ[P]VKLSHSPHS:VJPLKHK7YVJLZHKVYHKL3LJOLKLS:\Y
:(WVY4 OPZ[}YPJV`4 OPZ[}YPJVYLZWLJ[P]HTLU[L

+L[HSSLKLSHZPU]LYZPVULZ

9<;
2

2

;6;(3

:6*0,+(+,:

465,+(

+,
7(0:+, *65;963+,
690.,5 05=,9:05
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*64,9*0(3:(5;(
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*/03,

*/03,

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9,:<3;(+6

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:6*0,+(+,: +,3,1,9*0*06 9,:<3;(+6
=7=77
9,:<3;(+6:56
*65;()3,

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7(;9046506
9,:<3;(+6+,3
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1<:;6
1<:;6

(SKLKPJPLTIYLKL `SHJ\LU[HTH`VY]HSVYKLPU]LYZP}UOHZPKVHTVY[PaHKHLUZ\[V[HSPKHK

:6*0,+(+

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:(3+6
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4(@69
7,906+6
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2 :6*0,+(+796*,:(+69(+,3,*/,+,3:<9:(
;6;(3

465;6
:(3+6
(469;0A(+6
4(@69
7,906+6
=(369

13. Obligaciones con bancos e instituciones nancieras a corto plazo

9<;

)(5*6605:;0;<*05
-05(5*0,9(
+63(9,:

;076:+,465,+(:,5+0*,+,9,(1<:;,
,<96:
@,5,:
6;9(:465,+(:
<-
569,(1<:;()3,:

,?;9(51,9(:

*VY[V7SHaVJ}KPNV
+,*/03,

,:;(+6

2 :(5;(5+,9

6[YVZ

;6;(3,:


;HZHPU[WYVTHU\HS

3HYNV7SHaV*VY[V7SHaVJ}KPNV
2 :(5;(5+,9

6[YVZ

;6;(3,:


;HZHPU[WYVTHU\HS

133

12. Menor y Mayor valor de inversiones

9<;

;6;(3,:

14. Obligaciones con bancos e instituciones nancieras largo plazo

9<;

)(5*66
05:;0;<*05
-05(5*0,9(
2 :(5;(5+,9

;6;(3,:
465,+(
05+0*,+,
9,(1<:;,
(j6:+,=,5*040,5;6
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7,96+6(*;<(3
4:+, 4:+, 4:+, 4:+, 4:+,(j6:
;6;(33(9.6
;(:(+,
/(:;( /(:;( /(:;( /(:;( 465;6 73(A6 73(A6(3*0,99, 05;,9,:

+,36:,,--
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7,96+6(5;,9069
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(3*0,99,+,36:
,,--
+}SHYLZ
,\YVZ
@LULZ
<-
UVYLHQ\Z[HISLZ
6[YHZTVULKHZ


15. Provisiones y Castigos

,SKL[HSSLKLSHZWYV]PZPVULZ`JHZ[PNVZYLJVUVJPKVZHSJPLYYLKLJHKHLQLYJPJPVLZLSZPN\PLU[L!

4

4
H*69;673(A6!
7YV]PZP}U]HJHJPVULZ
7YV]PZP}UJVZ[VZ`NHZ[VZVWLYHJPVUHSLZ
;6;(3

I3(9.673(A6!
;6;(3

J+,+<*0+(:+,*<,5;(:+,(*;0=6:!
7YV]PZP}UKL\KVYLZWVY]LU[H
7YV]PZP}UVIZVSLZJLUJPHL_PZ[LUJPHZ
7YV]PZP}UHJ[P]VQV
7YV]PZP}UL_PZ[LUJPH`]HYPHZ

;6;(3

16. Indemnizaciones al personal por aos de servicio

3HWYV]PZP}UWHYHPUKLTUPaHJP}UWVYH|VZKLZLY]PJPVZ[\]VLSZPN\PLU[LTV]PTPLU[VK\YHU[LSVZLQLYJPJPVZ `

*(9.6(9,:<3;(+6

4

4
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46=040,5;6+,3,1,9*0*06
:HSKVPUPJPHS
4V]PTPLU[V KLSLQLYJPJPVUL[V

:HSKVUHSJVY[V`SHYNVWSHaV
:HSKVHSKLKPJPLTIYLKLHJ[\HSPaHKVWHYHULZJVTWHYH[P]VZ


17. Cambios en el patrimonio

H+0=0+,5+6:7(.(+6:(j6 !
;076+0=0+,5+6

+LUP[P]V5
(j6
-,*/(
(*<,9+6
-,*/(
7(.6
+0=0+,5+6
769(**05

(IY
4H`
(j6
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(*<,9+6
-,*/(
7(.6
+0=0+,5+6
769(**05

(IY
(NV
4H`
(NV

465;6
/0:;90*64

+0=0+,5+6:7(.(+6:(j6!
;076+0=0+,5+6

+LUP[P]V5
+LUP[P]V5
465;6
/0:;90*64

I6[YHZ9LZLY]HZ!
3HJ\LU[H6[YHZ9LZLY]HZZLNLULY}WVYSHZKPMLYLUJPHZKLWYLJPVHSTVTLU[VKLSWHNVKLSH\TLU[VKLJHWP[HSYLHSPaHKVLULS
H|V 3VZ]HSVYLZKLSHJ\LU[H6[YHZ9LZLY]HZUVW\LKLUZLYKPZ[YPI\PKVZZPUV[HUZVSVW\LKLUZLYJHWP[HSPaHKVZ
J+P]PKLUKVZWVYWHNHY
(ZVSPJP[\KKLSHJJPVUPZ[HTH`VYP[HYPV+HPY`,U[LYWYPZLZ*OPSL3PTP[HKHWHY[LKLSKP]PKLUKVUTLYV`LS[V[HSKLSKP]PKLUKV
WVY\UTVU[VKL4`4 YLZWLJ[P]HTLU[LZLYmJHUJLSHKVK\YHU[LLSH|V`MVYTHWHY[LKLSY\IYV
KP]PKLUKVZWVYWHNHYHSKLKPJPLTIYLKL
*HTIPVZLULSWH[YPTVUPV
9<)96:

9,:,9=( :6)9,79,*06

+0=0+,5+6: +i-0*0; 9,:<3;(+6
*(70;(3 9,=(3690A ,5=,5;( 6;9(:
9,:,9=(: 9,:<3;(+6:
796=0
7,906+6
+,3
7(.(+6 *(70;(3
+,
9,:,9=(: -<;<96: (*<4<3(+6: :6906:
+,
,1,9*0*06

(**065,:

+0=0+,5+6:

+,:(996336

:HSKV0UPJPHS

+PZ[YPI\JP}UYLZ\S[HKV
LQLYJHU[LYPVY

+P]PKLUKVKLUP[P]V
LQLYJHU[LYPVY

(\TLU[VKLSJHWP[HSJVU
LTPZP}UKLHJJPVULZKLWHNV

*HWP[HSPaHJP}UYLZLY]HZ
`V\[PSPKHKLZ

+tJP[HJ\T\SHKVWLYxVKV
KLKLZHYYVSSV

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9LZ\S[HKVKLSLQLYJPJPV

+P]PKLUKVZWYV]PZVYPVZ

:HSKV-PUHS
:HSKVZ(J[\HSPaHKVZ

9,:,9=( :6)9,79,*06

9,:,9=(:

+0=0
+i-0*0;
*(70;(3 9,=(3690A
,5=,5;(
6;9(: -<;<96: 9,:<3;(+6: +,5+6:7,906+6+, 9,:<3;(+6
7(.(+6
*(70;(3
+,
9,:,9=(:
+0=0 (*<4<3(+6: 796=0
+,:(
+,3

(**065,:

+,5+6:

:6906: 996336
,1,9*0*06

5TLYVKL(JJPVULZ
:,90,

<50*(

135
596(**065,:
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7(.(+(:
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+,9,*/6(=6;6

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7(.(+6

4

4
18. Otros Ingresos y Egresos fuera de la explotacin

6;96:05.9,:6:

+,;(33,

=LU[HKLZLY]PJPVZ
<[PSPKHKLU]LU[HKLHJ[P]VZQVZ
(YYPLUKVKLPUT\LISLZ
0UKLTUPaHJP}UWYV]LLKVYLZ
9LJ\WLYHJP}UKLNHZ[VZKLWYV]LLKVYLZ
6[YVZPUNYLZVZKP]LYZVZ

;6;(3

6;96:,.9,:6:

+,;(33,

4

4
+LWYLJPHJP}UHJ[P]VZQVZ[LTWVYHSTLU[LPUHJ[P]VZ
7tYKPKHLU]LU[HKLHJ[P]VQV
6[YVZLNYLZVZKP]LYZVZ

;6;(3,:

19. Correccin Monetaria

,?0:;,5*0(:07*
(*;0=6-016 07*
05=,9:065,:,5,479,:(:9,3(*065(+(:
6;96:(*;0=6:56465,;(906:
6;96:(*;0=6:56465,;(906:
*<,5;(:+,.(:;6:@*6:;6:
;6;(3*(9.6:()656:
7(:0=6:*(9.6:()656:

7(;9046506
(*9,,+69,:=(906:
*<,5;(:7697(.(9(,479,:(:9,3(*065(+(:
7(:0=6:56465,;(906:
*<,5;(:+,05.9,:6:
;6;(3*(9.6:()656:
7,9+0+(<;030+(+769*699,**065465,;(90(

5+0*,+,
9,(1<:;()030+(+

07*
07*
<-
07*

07*

<-
<-
07*
07*

20. Diferencias de Cambio

9<)96

465,+(

465;6

(*;0=6:*(9.6:()656:
+0:7650)3, +63(9,:
+,<+69,:769=,5;(
+,<+69,:=(906:
*<,5;(:769*6)9(9,479,:(:9,3(*065(+(:
6;96:(*;0=6:*09*<3(5;,:
;6;(3*(9.6:()656:

+63(9,:
+63(9,:
+63(9,:
+63(9,:

7(:0=6:*(9.6:()656:
6)30.(*065,:*65)(5*6:*69;673(A6
6)30.(*065,:*65)(5*6:*69;673(A6
*<,5;(:7697(.(9
*<,5;(:7697(.(9
(*9,,+69,:=(906:
(*9,,+69,:=(906:
*<,5;(:7697(.(9,479,:(:9,3(*065(+(:
6;96:7(:0=6:*09*<3(5;,:
+63(9,:
,<96:
+63(9,:
,<96:
+63(9,:
,<96:
+63(9,:
,<96:

;6;(3*(9.6:()656:
7i9+0+(<;030+(+769+0-,9,5*0(+,*(4)06
21. Estado de Flujo de Efectivo

(SKLKPJPLTIYLKL L_PZ[LUJVTWYVTPZVZKL\QVZM\[\YVZWHYHLSWYPTLY[YPTLZ[YLKLWYV]LUPLU[LZKLPU]LYZPV
ULZLUHJ[P]VQVHZJLUKLU[LZH44LU
,SLMLJ[P]V`LMLJ[P]VLX\P]HSLU[LZVUHX\LSSVZZHSKVZPUJS\PKVZLUSVZY\IYVZKPZWVUPISL4`SVZWHJ[VZJVUJVTWYV
TPZVKLYL[YV]LU[H4[V[HS4
22. Contratos de Derivados

;076+, ;076+, =(369+,3
+,90=(+6*65;9(;6 *65;9(;6

-9
-9
-9
-9
-9
-9
-9
-9
-9
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-9
-9
-9
-9
**;,
**;,
**;,
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**;,
**;,
**;,
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**;,
**;,
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**;,

73(A6+,=,5*040,5;6
6,?709(*05
0;904,:;9,
0;904,:;9,
0;904,:;9,
0;904,:;9,
0;904,:;9,
00;904,:;9,
0;904,:;9,
00;904,:;9,
00;904,:;9,
0;904,:;9,
0;904,:;9,
0;904,:;9,
0;904,:;9,
0;904,:;9,
0;904,:;9,
0;904,:;9,
+,:*907*05+,36:*65;9(;6:
;,4
76:0*05 7(9;0+(6;9(5:(**05796;,.0+(
,:7,*-0*6
*6479(
564)9,
465;6

=,5;(

;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
;076*(4)06
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04769;(*065
04769;(*065
04769;(*065
04769;(*065
04769;(*065
04769;(*065

=(369+,
3(7(9;0+(
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(*;0=67(:0=6
,-,*;6,59,:<3;(+6
564)9,
465;6 9,(30A(+6
56

9,(30A(+6
+,<+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:
(*9,,+69,:=(906:

23. Contingencias y Restricciones

.(9(5;0(:+09,*;(:605+09,*;(:!
(S KL KPJPLTIYL KL SH :VJPLKHK OH LU[YLNHKV IVSL[HZ KL NHYHU[xHZ WVY Z\Z SPHSLZ WVY \U TVU[V KL 4
4HKPJPLTIYLHMH]VYKL*LU[YHS5HJPVUHSKL(IHZ[LJPTPLU[VKLS:LY]PJPV5HJPVUHSKL:HS\KWHYHNHYHU[PaHY
LSLSJ\TWSPTPLU[VKLSHZ}YKLULZKLJVTWYHYLHSPaHKHZWVYKPJOVVYNHUPZTV`4 4HKPJPLTIYLKLHS
0UZ[P[\[VKL+LZHYYVSSV(NYVWLJ\HYPV05+(7WVYLSLSJ\TWSPTPLU[V`YLUKPJP}UKLMVUKVZKLSJVU]LUPVWYVNYHTHHSPHUaH
JVTLYJPHS:VWYVSLJVU05+(7
1<0*06:6(**065,:3,.(3,:!
5VL_PZ[LUQ\PJPVZVHJJPVULZSLNHSLZLUJVU[YHKLSH:VJPLKHKX\LW\KPLYHUHMLJ[HYLUMVYTHZPNUPJH[P]HSVZLZ[HKVZUHU
JPLYVZ
24. Cauciones obtenidas de terceros

,SKL[HSSLKLSHZJH\JPVULZYLJPIPKHZWVYSH:VJPLKHKZLPUJS\`LULUJ\HKYVHKQ\U[V
*(<*05

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;6;(3


564)9,6;69.(5;,
:V\[OLYU;LJOUVSVN`.YV\WZH
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9,3(*05
7YV]LLKVY
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7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
7YV]LLKVY
25. Moneda Nacional y Extranjera

(J[P]VZ
9<)96
465,+(
(J[P]VZ*PYJ\SHU[LZ
+0:7650)3, +63(9,:
+0:7650)3, 569,(1<:;()3
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+,<+69,:769=,5;(5,;6
+6*<4,5;6:769*6)9(95,;6
+,<+69,:=(906:5,;6
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047<,:;6+0-,90+6
6;96:(*;0=6:*09*<3(5;,:
047<,:;67699,*<7,9(9
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6[YVZ(J[P]VZ
05=,9:065,479,:(9,3(*065(+(
05=,9:0656;9(::6*0,+(+,:
+,<+69,:3(9.673(A6
6;96:(*;0=6:
6;96:(*;0=6:
;6;(3(*;0=6:

465;6

+63(9,:
569,(1<:;()3
569,(1<:;()3
<-
569,(1<:;()3
+63(9,:
569,(1<:;()3
569,(1<:;()3
569,(1<:;()3
569,(1<:;()3
569,(1<:;()3
569,(1<:;()3

569,(1<:;()3

569,(1<:;()3
569,(1<:;()3
569,(1<:;()3
<-
569,(1<:;()3

+63(9,:
569,(1<:;()3
<-

7HZP]VZ*PYJ\SHU[LZ

9<)96

6)30.)(5*6*69;673(A6
6)30.)(5*6*69;673(A6
6)30.)(5*6*69;673(A6
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769*065*69;673(A6
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139
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569,(1<:;()3

7HZP]VZSHYNVWSHaVWLYxVKVHU[LYPVY

9<)96

465,+(
6)30.(*065,:*65)(5*6:, 569,(1<:;()3
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796=0:065,:3(9.673(A6
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465;6
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465;6
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7964(5<(3
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4:+,(j6:
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7964(5<(3

569,(1<:;()3
569,(1<:;()3

;6;(37(:0=6:(3(9.673(A6

569,(1<:;()3

26. Sanciones
+\YHU[LSVZLQLYJPJPVZJVTWYLUKPKVZLU[YLLSKLLULYV`LSKLKPJPLTIYLKL `SH:VJPLKHKZ\ZKPYLJ[VYLZ`V
HKTPUPZ[YHKVYLZUVOHUYLJPIPKVZHUJPVULZWVYWHY[LKLSH:\WLYPU[LUKLUJPHKL=HSVYLZ`:LN\YVZ\V[YHZH\[VYPKHKLZHKTP
UPZ[YH[P]HZKPZ[PU[HZHLZ[H
27. Hechos Posteriores

5VOHUVJ\YYPKVOLJOVZUHUJPLYVZVKLV[YHxUKVSLLU[YLLSKLKPJPLTIYLKL `SHMLJOHKLLTPZP}UKLLZ[VZLZ[HKVZ
UHUJPLYVZX\LW\KPLYHUHMLJ[HYLUMVYTHZPNUPJH[P]HSVZZHSKVZVSHPU[LYWYL[HJP}UKLSVZWYLZLU[LZLZ[HKVZUHUJPLYVZ
28. Medio Ambiente

3H:VJPLKHKTHU[PLUL\UJVTWYVTPZVJVUSHWYV[LJJP}UHSTLKPVHTIPLU[LWHYHSVJ\HSOHPTWSLTLU[HKV\UWYVNYHTH[LU
KPLU[LHSJ\TWSPTPLU[VKLWVSx[PJHZ`WYVNYHTHZYLSHJPVUHKVZJVULZ[HZTH[LYPHZ
(SKLKPJPLTIYLKL SH:VJPLKHKOHPU]LY[PKV\UTVU[VHZJLUKLU[LH4WHYHTLQVYHYSHWSHU[HKL[YH[HTPLU[V
IPVS}NPJVKL9PSLZLPUJVYWVYHYLSHUmSPZPZ`JHYHJ[LYxZ[PJHZKLYLZPK\VZSxX\PKVZ
+\YHU[LSVZWLYPVKVZ[LYTPUHKVZHSKLKPJPLTIYLKL `ZLYLHSPaHYVUNHZ[VZVWLYHJPVUHSLZYLSHJPVUHKVZJVULS
[LTHHTIPLU[HSHZJLUKLU[LZH4`4YLZWLJ[P]HTLU[L

29. Nota adicional - Cuentas por Pagar

,SKL[HSSLKLtZ[LY\IYVLZLSZPN\PLU[L!
+,;(33,

4

4
7YV]LLKVYLZUHJPVUHSLZ
*\LU[HZWVYWHNHYWYVK\J[VYLZKLSLJOL
7YV]LLKVYLZL_[YHUQLYVZ

;6;(3

30. Nota adicional - Futuros Cambios

*65;()3,:
*VTVLZKLWISPJVJVUVJPTPLU[VLSWHxZLZ[mJVTWYVTL[PKVHKLZHYYVSSHY\UWSHUKLJVU]LYNLUJPHWHYHHKVW[HYPU[LNYHS
TLU[LSHZ5VYTHZ0U[LYUHJPVUHSLZKL0UMVYTHJP}U-PUHUJPLYH500-0-9:ZLNUZ\ZPNSHLUPUNStZ,UJVUMVYTPKHKJVUSV
LZ[HISLJPKVZVIYLLZ[HTH[LYPHWVYLS*VSLNPVKL*VU[HKVYLZ`WVYSH:\WLYPU[LUKLUJPHKL=HSVYLZ`:LN\YVZSH:VJPLKHKKLIL
HKVW[HYKPJOHZUVYTHZHJVU[HYKLSLQLYJPJPV7YVK\J[VKLSVHU[LYPVYZLVYPNPUHYmUJHTIPVZZVIYLSVZZHSKVZWH[YPTVUPH
SLZHSKLLULYVKL`ZLHMLJ[HYmSHKL[LYTPUHJP}UKLSVZYLZ\S[HKVZWHYHSVZLQLYJPJPVZM\[\YVZ(ZPTPZTVWHYHLMLJ[VZ
JVTWHYH[P]VZSVZLZ[HKVZUHUJPLYVZKLSLQLYJPJPV X\L[HTIPtUKLILYmUWYLZLU[HYZLKLHJ\LYKVJVUSHU\L]HUVYTH[P
]HW\LKLUKPMLYPYKLSVZHX\xWYLZLU[HKVZ
3H:VJPLKHKOHKLZHYYVSSHKV\UWSHUWHYHLUMYLU[HYPU[LNYHSTLU[LSVZLMLJ[VZKLLZ[LJHTIPV`HSHMLJOHKLLTPZP}UKLLZ[VZ
LZ[HKVZUHUJPLYVZLZ[HLUWYVJLZVKLYL]PZHY`KLW\YHYSHPUMVYTHJP}UZVIYLSHLZ[PTHJP}UKLSVZLMLJ[VZX\LKLILYmUYLL
QHYZLLUSVZLZ[HKVZUHUJPLYVZM\[\YVZ
31. Acreedores Varios Corto y Largo Plazo (Adicional)

*65*,7;6

7YV]LLKVYLZL_[YHUQLYVZJVTWYHHJ[P]VQV

6[YVZ
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4

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4VU[V6ISPNHJPVULZ4VULKH,_[YHUQLYH
4VU[V6ISPNHJPVULZ4VULKH5HJPVUHS
141
(|V

Hechos Relevantes
:67963,:(

+\YHU[LLSLQLYJPJPVJVTWYLUKPKVLU[YLLSKLLULYV`LSKLKPJPLTIYLKL UVOHUVJ\YYPKVOLJOVZYLSL]HU[LZLUSH
*VTWH|xH4H[YPa

Anlisis razonado Soprole individual
1. Anlisis comparativo y explicacin de las principales tendencias observadas

entre los estados nancieros.
)(3(5*,
3VZHJ[P]VZ`WHZP]VZZLWYLZLU[HULUSVZLZ[HKVZUHUJPLYVZ]HSVYPaHKVZKLHJ\LYKVHWYPUJPWPVZÙVYTHZKLJVU[HIPSPKHK
NLULYHSTLU[LHJLW[HKVZLU*OPSLLPUZ[Y\JJPVULZPTWHY[PKHZHSYLZWLJ[VWVYSH:\WLYPU[LUKLUJPHKL=HSVYLZ`:LN\YVZ
3HZWYPUJPWHSLZ]HYPHJPVULZLUSVZY\IYVZKLSVZLZ[HKVZUHUJPLYVZLUSVZLQLYJPJPVZ `ZLL_WSPJHUHJVU[PU\HJP}U!
=HYPHJPVULZKLHJ[P]VZ!

9<)96:
+0*
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J\YZVUVYTHSKLSVZULNVJPVZYLHSPaHKVZJVUWHY[LZYLSHJPVUHKHZ`LSYLZ\S[HKVKLSHWVSx[PJHKLHWSPJHJPVULZTLUZ\HSLZKL
Z\ZTVU[VZSVNYHUKVJVULZ[HWYmJ[PJHX\LZLTHU[LUNHU]PNLU[LZWYPUJPWHSTLU[LSHZ[YHUZHJJPVULZKLSTLZ]LYUV[HKL
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K\J[VKLSH\TLU[VKLSWH[YPTVUPVKLSHZSPHSLZ:VJPLKHK7YVJLZHKVYHKL3LJOLKLS:\Y:(`*VTLYJPHS:HU[H,SLUH:(
=HYPHJPVULZKLWHZP]VZ`WH[YPTVUPV!

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]VZIHUJHYPVZ
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TLUJPVUHKHLULSW\U[VWYLJLKLU[L
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*6),9;<9(+,.(:;6:-05(5*0,96:


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3HJVILY[\YHKLNHZ[VZUHUJPLYVZWYLZLU[H\UH\TLU[VYLZWLJ[VHSLQLYJPJPVHU[LYPVYKLH ]LJLZKLIPKVWYPUJP
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(*;0=0+(+
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7,94(5,5*0(+,05=,5;(906:

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KLHKxHZYLZWLJ[P]HTLU[L
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3HYLU[HIPSPKHKKLSWH[YPTVUPVLULSLQLYJPJPV H\TLU[}LUJVTWHYHJP}UJVULSLQLYJPJPVWHZHUKVKL\UHYLU[HIPSPKHK
KL\UHWYVK\J[VKLSH\TLU[VLUSH\[PSPKHKVI[LUPKHK\YHU[LLSLQLYJPJPVHJ[\HS
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09

Enfrentar el futuro con

memoria anual indice

principales resultados consolidados

Todas las cifras en millones de pesos / All gures in CLP million

rentabilidad ebitda sobre activos

carta del presidente

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Date and Place of Incorporation

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alimentar con gusto cada da a la familia

pasin por la calidad

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Occupational Health & Safety

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Profundizacin de nuestra Cultura de

Deepening our High-Performance Culture

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Corporate Talent and Training Agenda

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processes and technology

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Aseguramiento de Calidad , Un Nuevo Desafo

Quality Assurance, a New Challenge

Centro de Distribucin Concepcin

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Concepcin Distribution Center

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Proyecto Planta de Margarina

Margarine Plant Project

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TPM Excellence in Manufacture

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