Documente Academic
Documente Profesional
Documente Cultură
2011
2010
2009
2008
2007
2006
2005
74,189
63,473
222,500
60,250
6,911
22,963
27,517
31,006
33
170
160,012
141,606
100,880
74,789
73,312
57,542
29,480
40,786
73,373
67,645
46,865
46,143
47,147
42,892
12,071
30,863
29,177
33,650
39,156
12,684
10,626
12,934
10,453
6,499
42,982
26,464
14,859
15,962
15,539
1,716
6,956
3,424
Anticipos
14,480
13,847
419,775
353,114
214,786
215,113
Activos
Activos Corrientes
Efectivo y Equivalentes al Efectivo
Otros Activos Financieros
Cuentas por cobrar comerciales y otras cuentas por cobrar
Inventarios
Gastos Pagados por Anticipado
Otros Activos
Total Activos Corrientes
Activos No Corrientes
Inversiones en subsidiarias, negocios conjuntos y asociadas
Cuentas por cobrar comerciales y otras cuentas por cobrar
Cuentas por Cobrar Comerciales
Otras Cuentas por Cobrar
Anticipos
Existencia
Propiedades, Planta y Equipo (neto)
Activos intangibles distintos de la plusvalia
230,248
167,656
125,870
152,138
3,549
18,761
7,067
9,465
37,169
35,578
12,306
13,957
27,734
7,878
29,399
6,720
26,954
25,437
691,178
593,941
554,021
382,870
346,083
284,280
216,888
258,832
1,558,675
1,503,326
1,176,682
858,459
579,817
326,426
97,152
30,151
7,474
11,700
2,738
3,350
6,665
10,495
454
10,495
2,738
3,350
6,665
7,020
11,700
31,926
28,903
32,860
31,996
3,605,739
3,346,367
902,776
764,508
672,459
629,511
603,994
630,423
67,247
63,164
52,837
53,213
51,976
50,566
49,907
45,171
9,745
9,745
9,745
9,745
9,745
9,745
9,745
9,745
36,425
11,110
123
78,416
62,111
51,688
122,567
104,476
221,222
186,541
5,371,447
5,038,778
2,374,372
1,872,589
1,427,077
1,110,612
852,011
794,406
TOTAL DE ACTIVOS
6,062,625
5,632,719
2,928,393
2,255,459
1,773,160
1,394,892
1,068,899
1,053,238
873,485
537,070
546,009
220,294
160,702
123,214
63,947
111,171
28,278
241,868
283,403
140,831
113,765
122,841
90,736
88,880
81,804
Pasivos y Patrimonio
Pasivos Corrientes
Otros Pasivos Financieros corto
Obligaciones Financieras
164,776
106,195
43,057
54,676
63,830
39,305
27,758
36,726
36,777
45,496
63,646
40,992
41,423
31,497
47,036
34,556
33,053
59,539
34,128
18,097
17,588
19,934
14,086
10,522
7,262
72,173
25,604
37,321
19,302
43,220
14,499
19,929
1,140,957
872,293
706,769
334,059
331,123
257,170
152,827
192,975
38,181
45,541
Ingresos diferidos
Provisin por Beneficios a los Empleados
Otras provisiones
Pasivos por Impuestos a las Ganancias
Total Pasivos Corrientes
Pasivos No Corrientes
Otros Pasivos Financieros
1,069,495
1,228,313
926,151
754,187
408,520
160,000
12,755
Otras provisiones
11,062
10,590
10,294
8,070
518,634
488,646
52,734
37,169
18,793
29,098
7,159
9,328
1,619,105
1,736,877
989,179
799,426
427,313
189,098
38,181
45,541
Total Pasivos
2,760,062
2,609,170
1,695,948
1,133,485
758,436
446,268
191,008
238,516
1,646,503
1,499,023
756,996
756,996
756,996
393,168
393,168
393,168
97,787
97,787
97,787
50,789
50,789
50,789
249,728
213,749
56,104
65,506
73,853
73,853
1,411,343
1,317,306
339,483
218,779
101,718
447,406
360,081
296,912
Patrimonio
Capital Emitido
Acciones de Inversin
Otras Reservas de Capital
Resultados Acumulados
2011
-6,529
2010
38,179
2009
48,412
2008
2,119
Total Patrimonio
3,302,563
3,023,549
1,232,445
1,121,974
1,014,724
948,624
877,891
814,722
6,062,625
5,632,719
2,928,393
2,255,459
1,773,160
1,394,892
1,068,899
1,053,238
2007
-8,245
2006
-
2005
-
2004
2003
2002
7,360
2,846
5,954
-
39,266
39,139
32,295
16,279
23,181
15,540
11,293
7,137
14,679
11,694
8,821
2,076
165,869
147,347
128,816
5,932
6,543
7,930
218,427
195,875
174,995
28,636
28,686
60,511
9,260
12,059
14,581
9,260
12,059
14,581
42,525
33,608
628,271
670,647
654,505
53,057
51,112
29,865
24,043
761,749
796,112
783,505
980,176
991,987
958,500
45,815
57,638
33,392
9,849
29,191
58,579
76,559
62,228
100,544
39,612
33,119
30,109
33,535
27,189
64,101
3,412
1,920
6,334
132,223
149,057
192,515
4,924
16,352
44,055
57,181
56,110
53,540
62,105
72,462
97,595
194,328
221,519
290,110
393,168
393,168
367,453
50,788
50,788
47,467
73,853
77,472
73,853
268,039
249,040
179,617
2004
2003
2002
785,848
770,468
668,390
980,176
991,987
958,500
Estado de Resultados
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A.
(ANTES CEMENTOS LIMA S.A.A.)
ESTADOS FINANCIEROS |Individual | ( en miles de
NUEVOS SOLES )
Ingresos de Actividades Ordinarias
2012
1,725,896
2011
1,513,521
2010
1,092,370
2009
945,156
2008
969,731
2007
864,140
2006
749,801
Costo de Ventas
(988,604)
(851,849)
(555,551)
(483,382)
(479,155)
(424,991)
(420,755)
737,292
661,672
536,819
461,774
490,576
439,149
329,046
(82,517)
(79,950)
(71,694)
(61,426)
(44,899)
(30,178)
(27,426)
(123,945)
(113,161)
(91,594)
(105,468)
(113,700)
(105,250)
(96,428)
26,269
55,753
9,923
3,153
10,467
4,502
(19,639)
(20,398)
(10,738)
(6,020)
(3,845)
(2,715)
(1,758)
537,460
503,916
372,716
292,013
338,599
305,508
203,434
16,956
10,212
4,176
2,974
3,796
1,921
2,167
(67,125)
(64,838)
(59,145)
(46,333)
(30,685)
(12,479)
(6,760)
75,973
34,770
12,437
33,071
(17,496)
4,641
7,819
(25,090)
16,291
8,070
13,089
6,049
563,264
484,060
305,094
298,016
302,284
312,680
212,709
(156,290)
(128,506)
(93,642)
(78,159)
(83,445)
(80,709)
(55,271)
Gastos de Administracin
Otros Ingresos Operativos
Ingresos Financieros
Gastos Financieros
Diferencias de Cambio neto
Participacin en los Resultados Netos de Asociadas y
Negocios Conjuntos Contabilizados por el Mtodo de la
Participacin
Resultado antes de Impuesto a las Ganancias
Gasto por Impuesto a las Ganancias
(47,180)
(47,173)
(33,670)
(28,948)
(30,906)
(29,892)
(20,471)
359,794
308,381
177,782
190,909
187,933
202,079
136,967
2005
657,035
2004
566,361
2003
528,518
2002
514,654
(386,024) (317,012)
(234,283)
(223,953)
271,011
249,349
294,235
290,701
(23,266)
(19,287)
(15,604)
(14,922)
(88,394)
(85,163)
(140,511)
(123,214)
22,025
55,138
36,205
26,230
(18,630)
(47,215)
(34,805)
(23,098)
162,746
152,822
139,520
155,697
1,273
1,700
1,545
1,783
(4,811)
(3,790)
(5,015)
(8,467)
(4,478)
6,610
3,414
(3,116)
154,730
157,342
139,464
145,897
(40,875)
(16,326)
(36,582)
(16,441)
(15,199)
(44,507)
(11,569)
(35,453)
98,656
96,509
91,313
94,003
2011
2010
2009
2008
1,293,150
1,096,752
2007
2006
2005
2004
2003
2002
960,993
901,989
777,675
702,649
652,003
575,054
2,031,861
18,551
1,820,184
51,056
(1,396,475)
(1,018,297)
(159,032)
(145,544)
(153,950)
(149,624)
(53,304)
(34,462)
(66,479)
(73,810)
221,172
449,503
1,982
6,649
(747,957)
(93,719)
-
36,141
(636,123)
(85,346)
-
1,115,580
25,638
35,829
18,717
(73,077)
(10,500)
(65,713)
-
(3,010)
(48,860)
(43,858)
(6,091)
(1,077)
(2,996)
(4,740)
(37,796)
-
(53,884)
(45,709)
(78,190)
(117,444)
(171,454) (125,998)
(88,712)
(72,887)
(77,754)
(68,485)
(97,859)
328,031
248,271
186,942
298,177
190,151
181,812
190,422
201,114
261,123
(6,895)
(48,317)
(8,901)
3,318
6,091
2,159
Dividendos Recibidos
1,371
6,989
(48,944)
(79,188)
(372,009)
(294,450)
(272,543)
(256,322)
(53,175)
(50,161)
(17,320)
(11,456)
1,827
5,616
(60,952)
(6)
(67,358)
(96,819)
(260,603) (232,756)
(10,424)
(8,807)
(5,939)
(3,532)
(83,973)
(5,826)
(6,032)
(40,774)
(41,416)
(46,634)
(42,758)
(77,813)
(530,963)
354,280
70,016
(50,661)
(5,721)
49
(56,333)
(27,446)
(42,781)
-
(25,319)
(8,360)
(9,481)
(79,708)
50
(33,629)
219,803
-
(102,331)
(46,748)
(403,169)
(5,031)
(610,283)
561,843
276
(105,335)
(79,018)
(4,410)
(416,836)
1,154
(139,256)
(24,270)
1,997
(355,615)
(402,439)
-
230,706
-
(72,275)
-
369,400
-
(47,375)
-
65,766
248,520
123,207
160,000
60,209
-
(11,823)
(4,177)
(27,808)
(61,440)
(93,255)
(85,772)
(3,716)
(82,348)
(7,851)
(8,427)
-
(63,940)
(47,098)
(9,819)
(103,979) (114,736)
(73,798)
(71,280)
(59,782)
(56,425)
(272,835)
444,502
335,616
(65,257)
(240,168)
162,250
52,924
75,973
34,770
63,473
268,871
60,250
6,911
22,963
27,517
31,006
7,360
2,846
35,475
6,377
74,189
63,473
222,500
59,835
6,911
22,963
27,517
31,006
7,360
2,846
5,954
(363,077)
(425,984)
(615,598)
(532,790)
(56,333)
(79,708)
(33,629)
Inversion en activos
(289,863)
(267,778)
(57,585)
(55,192)
(50,661)
(42,781)
(33,679)
(16,052)
-
104,531
(4,554)
-
(120,896)
(3,489)
-
(12,339)
(67,358)
29,887
69,186
210,307
(77,726) (104,540)
(81,334)
(96,819)
4,514
-
(32,629)
-
(423)
-
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
Clculo Ganancia Operativa neta (NOPAT)
en miles de nuevos soles
Concepto
2008
2007
945,156
969,731
864,140
(555,551)
(483,382)
(479,155)
(424,991)
536,819
461,774
490,576
439,149
2012
2011
2010
2009
1,725,896
1,513,521
1,092,370
Costo de Ventas
(988,604)
(851,849)
737,292
661,672
Ganancia Bruta
Gastos de Ventas y Distribucin
2006
2005
2004
749,801
657,035
566,361
(420,755)
(386,024)
(317,012)
329,046
271,011
249,349
(27,426)
(23,266)
(19,287)
(96,428)
(88,394)
(85,163)
205,192
159,351
144,899
(57,299)
(42,318)
(17,463)
147,893
117,033
127,436
(82,517)
(79,950)
(71,694)
(61,426)
(44,899)
(30,178)
Gastos de Administracin
(123,945)
(113,161)
(91,594)
(105,468)
(113,700)
(105,250)
530,830
468,561
373,531
294,880
331,977
303,721
(176,428)
(147,957)
(111,386)
(92,059)
(92,651)
(84,453)
NOPAT
354,402.5
320,604
262,146
202,821
239,327
219,268
2009
382,870
113,765
269,105
1,872,589
123
858,459
764,508
53,213
9,745
186,541
45,239
8,070
37,169
-
2008
346,083
142,143
203,940
1,427,077
78,416
579,817
2,738
672,459
31,926
51,976
9,745
18,793
18,793
-
2007
284,280
133,956
150,324
1,110,612
62,111
326,426
3,350
629,511
28,903
50,566
9,745
29,098
29,098
-
2008
216,888
88,880
128,008
852,011
51,688
97,152
6,665
603,994
32,860
49,907
9,745
38,181
38,181
-
2009
258,832
81,804
177,028
794,406
36,425
30,151
10,495
630,423
31,996
45,171
9,745
45,541
45,541
-
2010
218,427
76,559
141,868
761,749
28,636
9,260
628,271
42,525
53,057
57,181
57,181
-
2,096,455
1,612,224
1,231,838
941,838
925,893
846,436
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
Clculo del CAPITAL INVERTIDO
en miles de nuevos soles
Concepto
2012
2011
593,941
335,223
Capital de Trabajo
Total Activos No Corrientes
ActivosContabilizadas
Financieros Aplicando el
*Otros
Inversiones
Mtodo de la Participacin
Cuentas por Cobrar Comerciales
Otras Cuentas por Cobrar
Anticipo
Propiedades, Planta y Equipo (neto)
Existencias
Intangibles
(neto)
Activos por
Impuestos
a las Ganancias
Diferidos
Plusvala
Otros
Activos
(-) Pasivos
No Corrientes no sujetos a
intereses financieros
Otras provisiones
Pasivos
por Impuestos a las Ganancias
Diferidos
Otros Pasivos
423,706
5,371,447
258,718
5,038,778
1,558,675
454
7,020
3,605,739
67,247
9,745
122,567
1,503,326
11,700
3,346,367
63,164
9,745
104,476
536,855
508,564
11,062
518,634
7,159
10,590
488,646
9,328
2010
554,021
160,760
393,261
2,374,372
11,110
1,176,682
902,776
52,837
9,745
221,222
63,028
10,294
52,734
-
5,258,298
4,788,932
2,704,605
(414,288)
(404,088)
158,194
141,302
(18,793)
(29,098)
(38,181)
(45,541)
(57,181)
10,200
562,282
(16,892)
(160,095)
(10,305)
(9,083)
(7,360)
(11,640)
1,071
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
Clculo del FONDOS OBTENIDOS
en miles de nuevos soles
Concepto
Patrimonio Neto
Importe total deudas que devengan
intereses financieros
Otros Pasivos Financieros corto
Otros Pasivos Financieros a largo plazo
Cuentas por pagar a Entidades Relacionadas
Total Fondos Obtenidos
2012
2011
3,302,563
3,023,549
1,955,735
1,765,383
873,485
537,070
1,069,495
1,228,313
2010
2009
2008
2007
2006
2005
2004
1,232,445
1,121,974
1,014,724
948,624
877,891
814,722
785,848
1,472,160
974,481
597,500
283,214
63,947
111,171
60,588
546,009
220,294
188,980
123,214
63,947
111,171
55,664
926,151
754,187
408,520
160,000
4,924
2,704,605
-
2,096,455
-
1,612,224
-
1,231,838
-
941,838
-
925,893
-
846,436
-
12,755
5,258,298
-
4,788,932
-
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
Clculo de la Rentabilidad del Capital
Invertido (ROIC)
en miles de nuevos soles
Concepto
2,012
2,011
354,403
320,604
Capital Invertido
5,258,298
4,788,932
5,023,615
3,746,769
7.05%
8.56%
ROIC
2,010
2,009
2,008
2,007
2,006
2,005
2,004
262,146
202,821
239,327
219,268
147,893
117,033
127,436
2,704,605
2,096,455
1,612,224
1,231,838
941,838
925,893
846,436
2,400,530
1,854,340
1,422,031
1,086,838
933,866
886,165
860,043
10.92%
10.94%
16.83%
20.17%
15.84%
13.21%
14.82%
2003
2002
528,518
514,654
(234,283)
(223,953)
294,235
290,701
(15,604)
(14,922)
(140,511)
(123,214)
138,120
152,565
(38,087)
(18,981)
100,034
133,584
2011
195,875
62,228
133,647
796,112
28,686
12,059
670,647
33,608
51,112
56,110
56,110
-
2012
174,995
100,544
74,451
783,505
24,043
60,511
14,581
654,505
29,865
53,540
53,540
-
873,649
804,416
(56,110)
(53,540)
2,570
53,540
2003
2002
770,468
668,390
103,181
136,026
86,829
91,971
16,352
44,055
804,416
873,649
-
2,003
2,002
100,034
133,584
873,649
804,416
839,033
11.92%
Bottom
up Beta Bottom up
levered
1.0617
0.7459
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
Clculo del WAAC Histrico
en miles de nuevos soles
2010
Concepto
2012
Importe
Importe
873,485
537,070
1,069,495
1,228,313
12,755
Importe
Importe
2008
W
Importe
2007
W
Importe
2006
W
Importe
2005
W
Importe
2004
W
Importe
2003
W
Importe
Total Deuda
0.3686
0.6314
220,294
188,980
123,214
63,947
111,171
55,664
86,829
91,971
926,151
754,187
408,520
160,000
4,924
16,352
44,055
60,588
1.0000 103,181
1.0000 136,026
0.0000
0.0000
1,472,160
0.5443
974,481
0.4648
597,500
0.3706
283,214
0.2299
63,947
0.0752
111,171
0.1261
1,232,445
0.4557
1,121,974
0.5352
1,014,724
2,704,605
1.0000
2,096,455
1.0000
1,612,224
0.6294
948,624
0.7701 785,848
0.9248
770,468
0.8739
1.0000
1,231,838
1.0000 849,795
1.0000
881,639
1.0000
60,588
1.0000 103,181
1.0000
7.07%
7.39%
7.34%
7.23%
8.67%
8.07%
7.31%
8.43%
9.57%
10.03%
9.89%
9.47%
10.88%
9.99%
10.26%
12.92%
12.93%
13.08%
14.40%
14.17%
1.0617
1.0617
1.0617
1.0617
1.0617
1.0617
1.0617
1.0617
1.0617
1.0617
2.43%
2.89%
3.37%
3.77%
4.08%
3.86%
3.72%
3.53%
1.36%
2.93%
10.06%
9.60%
11.10%
10.16%
10.36%
13.22%
13.28%
13.37%
14.70%
14.42%
12.50%
12.49%
14.47%
13.92%
14.44%
17.08%
17.00%
16.90%
16.06%
17.35%
3.71%
4.88%
5.15%
4.05%
3.38%
5.90%
2.75%
3.44%
4.00%
1,860,559
67,125
3.61%
WACC
8.79%
8.84%
8.45%
9.13%
10.14%
13.70%
16.04%
15.01%
2.41%
2.80%
7.05%
8.56%
10.92%
10.94%
16.83%
20.17%
15.84%
13.21%
14.82%
11.92%
5,023,615
3,746,769
2,400,530
1,854,340
1,422,031
1,086,838
933,866
886,165
860,043
839,033
(87,053)
(10,795)
59,236
33,590
95,129
70,403
(1,860)
(15,994)
106,718
76,542
ROIC
EVA
(ROIC - WACC) * Capital Invertido Promedio
Importe
546,009
2002
W
Patrimonio Neto
Capital Invertido
2009
2011
1.0000 136,026
2002
W
1.0000
0.0000
1.0000
Bond_Stock_Pas
Year
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Stocks
43.81%
-8.30%
-25.12%
-43.84%
-8.64%
49.98%
-1.19%
46.74%
31.94%
-35.34%
29.28%
-1.10%
-10.67%
-12.77%
19.17%
25.06%
19.03%
35.82%
-8.43%
5.20%
5.70%
18.30%
30.81%
23.68%
18.15%
-1.21%
52.56%
32.60%
7.44%
-10.46%
43.72%
12.06%
0.34%
26.64%
-8.81%
22.61%
16.42%
12.40%
-9.97%
23.80%
10.81%
-8.24%
3.56%
14.22%
18.76%
-14.31%
-25.90%
37.00%
23.83%
-6.98%
6.51%
18.52%
31.74%
-4.70%
20.42%
22.34%
6.15%
31.24%
18.49%
5.81%
16.54%
31.48%
-3.06%
30.23%
7.49%
9.97%
1.33%
37.20%
22.68%
33.10%
28.34%
20.89%
-9.03%
-11.85%
-21.97%
28.36%
10.74%
4.83%
15.61%
5.48%
-36.55%
25.94%
14.82%
2.07%
15.83%
T.Bills
3.08%
3.16%
4.55%
2.31%
1.07%
0.96%
0.32%
0.18%
0.17%
0.30%
0.08%
0.04%
0.03%
0.08%
0.34%
0.38%
0.38%
0.38%
0.38%
0.57%
1.02%
1.10%
1.17%
1.48%
1.67%
1.89%
0.96%
1.66%
2.56%
3.23%
1.78%
3.26%
3.05%
2.27%
2.78%
3.11%
3.51%
3.90%
4.84%
4.33%
5.26%
6.56%
6.69%
4.54%
3.95%
6.73%
7.78%
5.99%
4.97%
5.13%
6.93%
9.94%
11.22%
14.30%
11.01%
8.45%
9.61%
7.49%
6.04%
5.72%
6.45%
8.11%
7.55%
5.61%
3.41%
2.98%
3.99%
5.52%
5.02%
5.05%
4.73%
4.51%
5.76%
3.67%
1.66%
1.03%
1.23%
3.01%
4.68%
4.64%
1.59%
0.14%
0.13%
0.03%
0.05%
T.Bonds
0.84%
4.20%
4.54%
-2.56%
8.79%
1.86%
7.96%
4.47%
5.02%
1.38%
4.21%
4.41%
5.40%
-2.02%
2.29%
2.49%
2.58%
3.80%
3.13%
0.92%
1.95%
4.66%
0.43%
-0.30%
2.27%
4.14%
3.29%
-1.34%
-2.26%
6.80%
-2.10%
-2.65%
11.64%
2.06%
5.69%
1.68%
3.73%
0.72%
2.91%
-1.58%
3.27%
-5.01%
16.75%
9.79%
2.82%
3.66%
1.99%
3.61%
15.98%
1.29%
-0.78%
0.67%
-2.99%
8.20%
32.81%
3.20%
13.73%
25.71%
24.28%
-4.96%
8.22%
17.69%
6.24%
15.00%
9.36%
14.21%
-8.04%
23.48%
1.43%
9.94%
14.92%
-8.25%
16.66%
5.57%
15.12%
0.38%
4.49%
2.87%
1.96%
10.21%
20.10%
-11.12%
8.46%
16.04%
2.97%
Arithmetic Average
1928-2012
11.26%
1962-2012
10.71%
2003-2012
8.71%
3.61%
5.12%
1.65%
5.38%
7.16%
5.64%
1993-2012
1992-2011
1991-2010
1990-2009
1989-2008
1988-2007
1987-2006
1986-2005
1985-2004
1984-2003
Stocks
9.89%
9.47%
10.88%
9.99%
10.26%
12.92%
12.93%
13.08%
14.40%
14.17%
T.Bills
2.97%
3.14%
3.42%
3.79%
4.19%
4.43%
4.48%
4.55%
4.78%
5.20%
T.Bonds
7.07%
7.39%
7.34%
7.23%
8.67%
8.07%
7.31%
8.43%
9.57%
10.03%
Sep11
Oct11
Nov11
Dic11
Ene12
Feb12
Mar12
Abr12
May12
Jun12
Jul12
Ago12
Sep12
Oct12
Nov12
Dic12
Riesgo Pas (pbs)
Page 19
Bond_Stock_Pas
Mes/Ao
Ene03
Feb03
Mar03
Abr03
May03
Jun03
Jul03
Ago03
Sep03
Oct03
Nov03
Dic03
Ene04
Feb04
Mar04
Abr04
May04
Jun04
Jul04
Ago04
Sep04
Oct04
Nov04
Dic04
Ene05
Feb05
Mar05
Abr05
May05
Jun05
Jul05
Ago05
Sep05
Oct05
Nov05
Dic05
Ene06
Feb06
Mar06
Abr06
May06
Jun06
Jul06
Ago06
Sep06
Oct06
Nov06
Dic06
Ene07
Feb07
Mar07
Abr07
May07
Jun07
Jul07
Ago07
Sep07
Oct07
Nov07
Dic07
Ene08
Feb08
Mar08
Abr08
May08
Jun08
Jul08
Ago08
Sep08
Oct08
Nov08
Dic08
Ene09
Feb09
Mar09
Abr09
May09
Jun09
Jul09
Ago09
Sep09
Oct09
Nov09
Dic09
Ene10
Feb10
Mar10
Abr10
May10
Jun10
Jul10
Ago10
Sep10
Oct10
Nov10
Dic10
Ene11
Feb11
Mar11
Abr11
May11
Jun11
Jul11
Ago11
Sep11
Oct11
Nov11
Dic11
Ene12
Feb12
Mar12
Abr12
May12
Jun12
Jul12
Ago12
Sep12
Oct12
Nov12
Dic12
570
563
510
427
414
460
482
422
353
317
309
318
302
361
357
351
484
449
435
385
337
351
304
257
266
262
264
285
267
243
233
206
198
218
203
246
236
184
220
219
Mes/Ao
Spread - EMBIG
Per (pbs)
172
160
140
138
149
147
131
123
127
132
118
110
104
129
169
156
139
175
175
195
209
221
182
154
160
198
195
258
475
479
524
460
419
409
360
292
258
274
240
226
193
191
179
180
200
158
144
202
207
187
157
167
157
152
157
146
146
157
193
187
192
171
200
237
233
214
216
219
200
166
164
180
188
163
133
124
108
123
117
Ene02
Feb02
Mar02
Abr02
May02
Jun02
Jul02
Ago02
Sep02
Oct02
Nov02
Dic02
Ene03
Feb03
Mar03
Abr03
May03
Jun03
Jul03
Ago03
Sep03
Oct03
Nov03
Dic03
Ene04
Feb04
Mar04
Abr04
May04
Jun04
Jul04
Ago04
Sep04
Oct04
Nov04
Dic04
Ene05
Feb05
Mar05
Abr05
May05
Jun05
Jul05
Ago05
Sep05
Oct05
Nov05
Dic05
Ene06
Feb06
Mar06
Abr06
May06
Jun06
Jul06
Ago06
Sep06
Oct06
Nov06
Dic06
Ene07
Feb07
Mar07
Abr07
May07
Jun07
Jul07
Ago07
Sep07
Oct07
Nov07
Dic07
Ene08
Feb08
Mar08
Abr08
May08
Jun08
Jul08
Ago08
Sep08
Oct08
Nov08
Dic08
Ene09
Feb09
Mar09
Abr09
May09
Jun09
Jul09
Ago09
Sep09
Oct09
Nov09
Dic09
Ene10
Feb10
Mar10
Abr10
May10
Jun10
Jul10
Ago10
Sep10
Oct10
Nov10
Dic10
Ene11
Feb11
Mar11
Abr11
May11
Jun11
Jul11
Ago11
Sep11
Oct11
Nov11
Dic11
481
478
415
435
506
567
720
816
806
814
672
620
570
563
510
427
414
460
482
422
353
317
309
318
302
361
357
351
484
449
435
385
337
351
304
257
266
262
264
285
267
243
233
206
198
218
203
246
236
184
220
219
243
289
172
160
140
138
149
147
131
123
127
132
118
110
104
129
169
156
139
175
175
195
209
221
182
154
160
198
195
258
475
479
524
460
419
409
360
292
258
274
240
226
193
191
179
180
200
158
144
202
207
187
157
167
157
152
157
146
146
157
193
187
192
171
200
237
233
214
216
Mes/Ao
Ene01
Feb01
Mar01
Abr01
May01
Jun01
Jul01
Ago01
Sep01
Oct01
Nov01
Dic01
Ene02
Feb02
Mar02
Abr02
May02
Jun02
Jul02
Ago02
Sep02
Oct02
Nov02
Dic02
Ene03
Feb03
Mar03
Abr03
May03
Jun03
Jul03
Ago03
Sep03
Oct03
Nov03
Dic03
Ene04
Feb04
Mar04
Abr04
May04
Jun04
Jul04
Ago04
Sep04
Oct04
Nov04
Dic04
Ene05
Feb05
Mar05
Abr05
May05
Jun05
Jul05
Ago05
Sep05
Oct05
Nov05
Dic05
Ene06
Feb06
Mar06
Abr06
May06
Jun06
Jul06
Ago06
Sep06
Oct06
Nov06
Dic06
Ene07
Feb07
Mar07
Abr07
May07
Jun07
Jul07
Ago07
Sep07
Oct07
Nov07
Dic07
Ene08
Feb08
Mar08
Abr08
May08
Jun08
Jul08
Ago08
Sep08
Oct08
Nov08
Dic08
Ene09
Feb09
Mar09
Abr09
May09
Jun09
Jul09
Ago09
Sep09
Oct09
Nov09
Dic09
Ene10
Feb10
Mar10
Abr10
May10
Jun10
Jul10
Ago10
Sep10
Oct10
Nov10
Dic10
Spread - EMBIG
Per (pbs)
659
652
636
762
763
663
643
626
649
665
591
649
481
478
415
435
506
567
720
816
806
814
672
620
570
563
510
427
414
460
482
422
353
317
309
318
302
361
357
351
484
449
435
385
337
351
304
257
266
262
264
285
267
243
233
206
198
218
203
246
236
184
220
219
172
160
140
138
149
147
131
123
127
132
118
110
104
129
169
156
139
175
175
195
209
221
182
154
160
198
195
258
475
479
524
460
419
409
360
292
258
274
240
226
193
191
179
180
200
158
144
202
207
187
157
167
157
152
157
Mes/Ao
Ene00
Feb00
Mar00
Abr00
May00
Jun00
Jul00
Ago00
Sep00
Oct00
Nov00
Dic00
Ene01
Feb01
Mar01
Abr01
May01
Jun01
Jul01
Ago01
Sep01
Oct01
Nov01
Dic01
Ene02
Feb02
Mar02
Abr02
May02
Jun02
Jul02
Ago02
Sep02
Oct02
Nov02
Dic02
Ene03
Feb03
Mar03
Abr03
May03
Jun03
Jul03
Ago03
Sep03
Oct03
Nov03
Dic03
Ene04
Feb04
Mar04
Abr04
May04
Jun04
Jul04
Ago04
Sep04
Oct04
Nov04
Dic04
Ene05
Feb05
Mar05
Abr05
May05
Jun05
Jul05
Ago05
Sep05
Oct05
Nov05
Dic05
Ene06
Feb06
Mar06
Abr06
May06
Jun06
Jul06
Ago06
Sep06
Oct06
Nov06
Dic06
Ene07
Feb07
Mar07
Abr07
May07
Jun07
Jul07
Ago07
Sep07
Oct07
Nov07
Dic07
Ene08
Feb08
Mar08
Abr08
May08
Jun08
Jul08
Ago08
Sep08
Oct08
Nov08
Dic08
Ene09
Feb09
Mar09
Abr09
May09
Jun09
Jul09
Ago09
Sep09
Oct09
Nov09
Dic09
Ene99
Feb99
Mar99
Abr99
May99
Jun99
Jul99
Ago99
Sep99
Oct99
Nov99
Dic99
Ene00
Feb00
Mar00
Abr00
May00
Jun00
Jul00
Ago00
Sep00
Oct00
Nov00
Dic00
Ene01
Feb01
Mar01
Abr01
May01
Jun01
Jul01
Ago01
Sep01
Oct01
Nov01
Dic01
Ene02
Feb02
Mar02
Abr02
May02
Jun02
Jul02
Ago02
Sep02
Oct02
Nov02
Dic02
Ene03
Feb03
Mar03
Abr03
May03
Jun03
Jul03
Ago03
Sep03
Oct03
Nov03
Dic03
Ene04
Feb04
Mar04
Abr04
May04
Jun04
Jul04
Ago04
Sep04
Oct04
Nov04
Dic04
Ene05
Feb05
Mar05
Abr05
May05
Jun05
Jul05
Ago05
Sep05
Oct05
Nov05
Dic05
Ene06
Feb06
Mar06
Abr06
May06
Jun06
Jul06
Ago06
Sep06
Oct06
Nov06
Dic06
Ene07
Feb07
Mar07
Abr07
May07
Jun07
Jul07
Ago07
Sep07
Oct07
Nov07
Dic07
Ene08
Feb08
Mar08
Abr08
May08
Jun08
Jul08
Ago08
Sep08
Oct08
Nov08
Dic08
337
446
450
446
522
599
542
546
498
596
714
746
719
659
652
636
762
763
663
643
626
649
665
591
649
481
478
415
435
506
567
720
816
806
814
672
620
570
563
510
427
414
460
482
422
353
317
309
318
302
361
357
351
484
449
435
385
337
351
304
257
266
262
264
285
267
243
233
206
198
218
203
246
236
184
220
219
172
160
140
138
149
147
131
123
127
132
118
110
104
129
169
156
139
175
175
195
209
221
182
154
160
198
195
258
475
479
524
460
419
409
360
292
258
274
240
226
193
191
179
377
Page 20
Spread - EMBIG
Per (pbs)
701
706
590
522
553
624
597
684
637
607
550
469
446
450
446
522
599
542
546
498
596
714
746
719
659
652
636
762
763
663
643
626
649
665
591
649
481
478
415
435
506
567
720
816
806
814
672
620
570
563
510
427
414
460
482
422
353
317
309
318
302
361
357
351
484
449
435
385
337
351
304
257
266
262
264
285
267
243
233
206
198
218
203
246
236
184
220
219
172
160
140
138
149
147
131
123
127
132
118
110
104
129
169
156
139
175
175
195
209
221
182
154
160
198
195
258
475
479
524
408
Bond_Stock_Pas
Mes/Ao
Ene98
Feb98
Mar98
Abr98
May98
Jun98
Jul98
Ago98
Sep98
Oct98
Nov98
Dic98
Ene99
Feb99
Mar99
Abr99
May99
Jun99
Jul99
Ago99
Sep99
Oct99
Nov99
Dic99
Ene00
Feb00
Mar00
Abr00
May00
Jun00
Jul00
Ago00
Sep00
Oct00
Nov00
Dic00
Ene01
Feb01
Mar01
Abr01
May01
Jun01
Jul01
Ago01
Sep01
Oct01
Nov01
Dic01
Ene02
Feb02
Mar02
Abr02
May02
Jun02
Jul02
Ago02
Sep02
Oct02
Nov02
Dic02
Ene03
Feb03
Mar03
Abr03
May03
Jun03
Jul03
Ago03
Sep03
Oct03
Nov03
Dic03
Ene04
Feb04
Mar04
Abr04
May04
Jun04
Jul04
Ago04
Sep04
Oct04
Nov04
Dic04
Ene05
Feb05
Mar05
Abr05
May05
Jun05
Jul05
Ago05
Sep05
Oct05
Nov05
Dic05
Ene06
Feb06
Mar06
Abr06
May06
Jun06
Jul06
Ago06
Sep06
Oct06
Nov06
Dic06
Ene07
Feb07
Mar07
Abr07
May07
Jun07
Jul07
Ago07
Sep07
Oct07
Nov07
Dic07
Spread - EMBIG
Per (pbs)
655
701
706
590
522
553
624
597
684
637
607
550
469
446
450
446
522
599
542
546
498
596
714
746
719
659
652
636
762
763
663
643
626
649
665
591
649
481
478
415
435
506
567
720
816
806
814
672
620
570
563
510
427
414
460
482
422
353
317
309
318
302
361
357
351
484
449
435
385
337
351
304
257
266
262
264
285
267
243
233
206
198
218
203
246
236
184
220
219
172
160
140
138
149
147
131
123
127
132
118
110
104
129
169
156
139
175
175
386
Mes/Ao
Ene97
Feb97
Mar97
Abr97
May97
Jun97
Jul97
Ago97
Sep97
Oct97
Nov97
Dic97
Ene98
Feb98
Mar98
Abr98
May98
Jun98
Jul98
Ago98
Sep98
Oct98
Nov98
Dic98
Ene99
Feb99
Mar99
Abr99
May99
Jun99
Jul99
Ago99
Sep99
Oct99
Nov99
Dic99
Ene00
Feb00
Mar00
Abr00
May00
Jun00
Jul00
Ago00
Sep00
Oct00
Nov00
Dic00
Ene01
Feb01
Mar01
Abr01
May01
Jun01
Jul01
Ago01
Sep01
Oct01
Nov01
Dic01
Ene02
Feb02
Mar02
Abr02
May02
Jun02
Jul02
Ago02
Sep02
Oct02
Nov02
Dic02
Ene03
Feb03
Mar03
Abr03
May03
Jun03
Jul03
Ago03
Sep03
Oct03
Nov03
Dic03
Ene04
Feb04
Mar04
Abr04
May04
Jun04
Jul04
Ago04
Sep04
Oct04
Nov04
Dic04
Ene05
Feb05
Mar05
Abr05
May05
Jun05
Jul05
Ago05
Sep05
Oct05
Nov05
Dic05
Ene06
Feb06
Mar06
Abr06
May06
Jun06
Jul06
Ago06
Sep06
Oct06
Nov06
Dic06
Spread EMBIG
Per
(pbs)
655
701
706
590
522
553
624
597
684
637
607
550
469
446
450
446
522
599
542
546
498
596
714
746
719
659
652
636
762
763
663
643
626
649
665
591
649
481
478
415
435
506
567
720
816
806
814
672
620
570
563
510
427
414
460
482
422
353
317
309
318
302
361
357
351
484
449
435
385
337
351
304
257
266
262
264
285
267
243
233
206
198
218
203
246
236
184
220
219
172
160
140
138
149
147
131
372
Mes/Ao
Ene96
Feb96
Mar96
Abr96
May96
Jun96
Jul96
Ago96
Sep96
Oct96
Nov96
Dic96
Ene97
Feb97
Mar97
Abr97
May97
Jun97
Jul97
Ago97
Sep97
Oct97
Nov97
Dic97
Ene98
Feb98
Mar98
Abr98
May98
Jun98
Jul98
Ago98
Sep98
Oct98
Nov98
Dic98
Ene99
Feb99
Mar99
Abr99
May99
Jun99
Jul99
Ago99
Sep99
Oct99
Nov99
Dic99
Ene00
Feb00
Mar00
Abr00
May00
Jun00
Jul00
Ago00
Sep00
Oct00
Nov00
Dic00
Ene01
Feb01
Mar01
Abr01
May01
Jun01
Jul01
Ago01
Sep01
Oct01
Nov01
Dic01
Ene02
Feb02
Mar02
Abr02
May02
Jun02
Jul02
Ago02
Sep02
Oct02
Nov02
Dic02
Ene03
Feb03
Mar03
Abr03
May03
Jun03
Jul03
Ago03
Sep03
Oct03
Nov03
Dic03
Ene04
Feb04
Mar04
Abr04
May04
Jun04
Jul04
Ago04
Sep04
Oct04
Nov04
Dic04
Ene05
Feb05
Mar05
Abr05
May05
Jun05
Jul05
Ago05
Sep05
Oct05
Nov05
Dic05
Spread EMBIG
Per
(pbs)
655
701
706
590
522
553
624
597
684
637
607
550
469
446
450
446
522
599
542
546
498
596
714
746
719
659
652
636
762
763
663
643
626
649
665
591
649
481
478
415
435
506
567
720
816
806
814
672
620
570
563
510
427
414
460
482
422
353
317
309
318
302
361
357
351
484
449
435
385
337
351
304
257
266
262
264
285
267
243
233
206
198
218
203
246
353
Mes/Ao
Ene95
Feb95
Mar95
Abr95
May95
Jun95
Jul95
Ago95
Sep95
Oct95
Nov95
Dic95
Ene96
Feb96
Mar96
Abr96
May96
Jun96
Jul96
Ago96
Sep96
Oct96
Nov96
Dic96
Ene97
Feb97
Mar97
Abr97
May97
Jun97
Jul97
Ago97
Sep97
Oct97
Nov97
Dic97
Ene98
Feb98
Mar98
Abr98
May98
Jun98
Jul98
Ago98
Sep98
Oct98
Nov98
Dic98
Ene99
Feb99
Mar99
Abr99
May99
Jun99
Jul99
Ago99
Sep99
Oct99
Nov99
Dic99
Ene00
Feb00
Mar00
Abr00
May00
Jun00
Jul00
Ago00
Sep00
Oct00
Nov00
Dic00
Ene01
Feb01
Mar01
Abr01
May01
Jun01
Jul01
Ago01
Sep01
Oct01
Nov01
Dic01
Ene02
Feb02
Mar02
Abr02
May02
Jun02
Jul02
Ago02
Sep02
Oct02
Nov02
Dic02
Ene03
Feb03
Mar03
Abr03
May03
Jun03
Jul03
Ago03
Sep03
Oct03
Nov03
Dic03
Ene04
Feb04
Mar04
Abr04
May04
Jun04
Jul04
Ago04
Sep04
Oct04
Nov04
Dic04
Spread EMBIG
Per
(pbs)
-
Mes/Ao
Ene94
Feb94
Mar94
Abr94
May94
Jun94
Jul94
Ago94
Sep94
Oct94
Nov94
Dic94
Ene95
Feb95
Mar95
Abr95
May95
Jun95
Jul95
Ago95
Sep95
Oct95
Nov95
Dic95
Ene96
Feb96
Mar96
Abr96
May96
Jun96
Jul96
Ago96
Sep96
Oct96
Nov96
Dic96
Ene97
Feb97
Mar97
Abr97
May97
Jun97
Jul97
Ago97
Sep97
Oct97
Nov97
Dic97
Ene98
Feb98
Mar98
Abr98
May98
Jun98
Jul98
Ago98
Sep98
Oct98
Nov98
Dic98
Ene99
Feb99
Mar99
Abr99
May99
Jun99
Jul99
Ago99
Sep99
Oct99
Nov99
Dic99
Ene00
Feb00
Mar00
Abr00
May00
Jun00
Jul00
Ago00
Sep00
Oct00
Nov00
Dic00
Ene01
Feb01
Mar01
Abr01
May01
Jun01
Jul01
Ago01
Sep01
Oct01
Nov01
Dic01
Ene02
Feb02
Mar02
Abr02
May02
Jun02
Jul02
Ago02
Sep02
Oct02
Nov02
Dic02
Ene03
Feb03
Mar03
Abr03
May03
Jun03
Jul03
Ago03
Sep03
Oct03
Nov03
Dic03
570
563
510
427
414
460
482
422
353
317
309
318
302
361
357
351
484
449
435
385
337
351
304
257
136
Spread EMBIG
Per
(pbs)
655
701
706
590
522
553
624
597
684
637
607
550
469
446
450
446
522
599
542
546
498
596
714
746
719
659
652
636
762
763
663
643
626
649
665
591
649
481
478
415
435
506
567
720
816
806
814
672
620
570
563
510
427
414
460
482
422
353
317
309
318
293
Page 21
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
Detalle de obligaciones financieras
AO 2012
en miles de nuevos soles
Tipo Prestmo
Monto 2012
Peso
Kd
Kdpp
Sobregiros
Pagares bancarios
Bank of Nova Scotia
Bank of Nova Scotia
BBVA
BBVA
BBVA dolares
Leasing Interbank
BCP
BCP
BCP - leasing
Bono primera emisin
Bono segunda emisin
Bono tercera emisin
Bono cuarta emisin
Bono quinta emisin
Bono sexta emisin
163
532,313
84,183
122,235
93,375
77,097
91,481
80,355
22,959
20,963
343,571
50,000
50,000
60,000
60,000
55,000
55,000
0%
27%
4%
6%
5%
4%
5%
4%
1%
1%
18%
3%
3%
3%
3%
3%
3%
4.87%
2.38%
3.68%
6.00%
4.35%
3.58%
4.87%
5.80%
5.57%
3.28%
3.10%
2.60%
2.50%
4.00%
3.15%
2.00%
0.00%
1.33%
0.10%
0.23%
0.29%
0.17%
0.17%
0.20%
0.07%
0.06%
0.58%
0.08%
0.07%
0.08%
0.12%
0.09%
0.06%
55,000
3%
1.75%
0.05%
89,285
12,755
5%
1%
3.75%
0.17%
0.00%
1,955,735
100%
3.90%
Tasa S/.
3.90%
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
Detalle de obligaciones financieras
AO 2011
en miles de nuevos soles
Tipo Prestmo
Sobregiros
Pagares bancarios
Bank of Nova Scotia
BBVA
BBVA
BBVA dolares
Leasing Interbank
BCP
BCP
BCP - leasing
Bono primera emisin
Bono segunda emisin
Bono tercera emisin
Bono cuarta emisin
Bono quinta emisin
Bono sexta emisin
Bono septima emisin
Bono octava emisin
Bonos de primera y tercera
Total
Monto 2011
Peso
Kd
Kdpp
2,599
393,417
0%
22%
4.87%
0.00%
1.09%
121,365
130,725
84,750
104,195
67,024
24,273
26,970
275,670
50,000
50,000
60,000
60,000
55,000
55,000
7%
7%
5%
6%
4%
1%
2%
16%
3%
3%
3%
3%
3%
3%
2.38%
6.00%
4.35%
3.58%
4.87%
5.80%
5.57%
3.28%
3.10%
2.60%
2.50%
4.00%
3.15%
2.00%
0.44%
0.21%
0.21%
0.18%
0.08%
0.09%
0.51%
0.09%
0.07%
0.08%
0.14%
0.10%
0.06%
55,000
55,000
94395
3%
3%
5%
1.75%
3.32%
3.75%
0.05%
0.10%
0.20%
1,765,383
100%
3.71%
Tasa S/.
3.71%
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM
Detalle de obligaciones financieras
Detalle de obligaciones financieras
AO 2010
AO 2008
en miles de nuevos soles
en miles de nuevos soles
Tipo Prestmo
Monto 2010
Sobregiros
Pagares bancarios
Bank of Nova Scotia
153,870
339,756
160,113
10%
23%
11%
149,400
84,270
112,360
32,391
50,000
50,000
60,000
60,000
55,000
55,000
55,000
55,000
1,472,160
10%
6%
8%
2%
3%
3%
4%
4%
4%
4%
4%
4%
100%
BBVA
BBVA
BBVA dolares
Leasing Interbank
Bono primera emisin
Bono segunda emisin
Bono tercera emisin
Bono cuarta emisin
Bono quinta emisin
Bono sexta emisin
Bono septima emisin
Bono octava emisin
Total
Peso
Kd
4.87%
4.88%
6.00%
5.60%
3.58%
5.80%
6.13%
5.91%
5.94%
6.72%
6.31%
6.81%
6.59%
6.34%
Tasa S/.
Kdpp
Tipo Prestmo
0.00%
1.12%
0.53%
Sobregiros
Pagares bancarios
Bank of Nova Scotia
0.61%
0.32%
0.27%
0.13%
0.21%
0.20%
0.24%
0.27%
0.24%
0.25%
0.25%
0.24%
4.88%
4.88%
Tipo Prestmo
Sobregiros
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
Bono primera emisin
Detalle de obligaciones financieras
Bono segunda emisin
AO 2009
Bono tercera emisin
en miles de nuevos soles
Total
Tipo Prestmo
Monto 2009
Peso
Kd
Sobregiros
Pagares bancarios
Bank of Nova Scotia
113,327
98,294
173,460
12%
10%
18%
4.87%
4.88%
0.00%
0.49%
0.87%
BBVA
149,400
15%
6.00%
0.92%
50,000
50,000
60,000
60,000
55,000
55,000
5%
5%
6%
6%
6%
6%
6.13%
5.91%
5.94%
6.72%
6.31%
6.81%
0.31%
0.30%
0.37%
0.41%
0.36%
0.38%
55,000
55,000
974,481
6%
6%
100%
6.59%
6.34%
0.37%
0.36%
5.15%
Sobregiros
BCP
Total
Tasa S/.
Kdpp
5.15%
Tipo Prestmo
nuevos soles
Monto 2008
Peso
160,702
28,278
188,520
27%
5%
32%
50,000
50,000
60,000
60,000
597,500
8%
8%
10%
10%
100%
Kd
4.87%
4.88%
6.13%
5.91%
5.94%
6.72%
Tasa S/.
Kdpp
0.00%
0.23%
1.54%
0.51%
0.49%
0.60%
0.67%
4.05%
4.05%
ligaciones financieras
nuevos soles
Monto 2007
123,214
50,000
50,000
60,000
283,214
Peso
44%
18%
18%
21%
100%
Kd
6.13%
5.91%
5.94%
Tasa S/.
Kdpp
0.00%
1.08%
1.04%
1.26%
3.38%
3.38%
nuevos soles
Monto 2006
7
63,940
63,947
0
Peso
0%
100%
100%
Kd
5.90%
Tasa S/.
Kdpp
0.00%
5.90%
5.90%
5.90%
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
Detalle de obligaciones financieras
AO 2005
en miles de nuevos soles
Tipo
Prestmo
Sobregiros
BCP
Deutshe
Total
Monto
2005
37,404
68,620
5,147
111,171
Peso
34%
62%
5%
100%
Kd
3.74%
9.55%
13%
Tasa S/.
Kdpp
0.00%
2.31%
0.44%
3%
2.75%
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
Detalle de obligaciones financieras
AO 2004
en miles de nuevos soles
Tipo
Prestmo
Sobregiros
BCP
Deutshe
Total
Monto
2004
257
45,558
14,773
60,588
Peso
0%
75%
24%
100%
Kd
1.48%
9.55%
11%
Tasa S/.
Kdpp
0.00%
1.11%
2.33%
3%
3.44%
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
Detalle de obligaciones financieras
AO 2003
en miles de nuevos soles
Tipo
Prestmo
Sobregiros
BCP
Deutshe
Citibank
BBVA
Total
Monto
2003
226
57,412
26,163
9690
9690
103,181
Peso
0%
56%
25%
9%
9%
100%
Kd
1.52%
9.55%
3.900%
3.900%
19%
Tasa S/.
Kdpp
0.00%
0.85%
2.42%
0.37%
0.37%
4%
4.00%
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
FLUJO DE CAJA LIBRE
en miles de nuevos soles
Concepto
2012
2011
2010
2009
2008
2007
2006
2005
2004
945,156
969,731
864,140
749,801
657,035
566,361
1,725,896
1,513,521
1,092,370
1,725,896
1,513,521
1,092,370
945,156
969,731
864,140
749,801
657,035
566,361
(479,155)
(424,991)
(420,755)
(386,024)
(317,012)
(317,012)
Costo de Ventas
(988,604)
(851,849)
(555,551)
(483,382)
(988,604)
(851,849)
(555,551)
(483,382)
(479,155)
(424,991)
(420,755)
(386,024)
Ganancia Bruta
737,292
661,672
536,819
461,774
490,576
439,149
329,046
271,011
249,349
(82,517)
(79,950)
(71,694)
(61,426)
(44,899)
(30,178)
(27,426)
(23,266)
(19,287)
(123,945)
(113,161)
(91,594)
(105,468)
(113,700)
(105,250)
(96,428)
(88,394)
(85,163)
373,531
294,880
331,977
303,721
205,192
159,351
144,899
(92,651)
(84,453)
(57,299)
(42,318)
(17,463)
127,436
Gastos de Administracin
Ganancia Operativa (EBIT)
Impuestos a las utilidades
NOPAT
Depreciacin y amortizacin
530,830
468,561
(176,428)
(147,957)
(111,386)
(92,059)
354,403
320,604
262,146
202,821
239,327
219,268
147,893
117,033
76,687
82,926
96,852
96,852
96,852
96,852
96,852
(53,616)
(22,316)
49,020
(35,160)
(8,221)
102,684
67,129
(164,988)
134,543
(124,156)
(65,165)
Inversiones
(363,077)
(425,984)
(615,598)
(532,790)
(420,071)
(370,484)
(180,770)
(145,615)
(56,333)
(10,305)
(9,083)
(7,360)
(11,640)
1,071
10,200
562,282
(16,892)
(160,095)
(60,779)
658,574
(417,814)
(472,303)
(147,814)
(85,763)
105,635
21,470
160,805
30.8%
31.0%
34.2%
31.2%
34.2%
35.1%
27.4%
24.3%
25.6%
2003
528,518
528,518
(234,283)
(234,283)
294,235
(15,604)
(140,511)
138,120
(38,087)
100,034
96,852
(59,196)
(79,708)
2,570
60,552
26.1%
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
Variables a considerar para la proyeccin
Ventas de
Totales de
Cemento
Aos
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
3,582
4,078
4,154
4,542
5,025
5,673
6,211
5,078
8,236
8,600
9,721
Manufactura
(mill. S/. de
1994)
Construccin
(mill. S/. de
1994)
19,147
19,830
21,300
22,887
24,607
27,328
29,804
27,672
31,440
33,193
33,625
6,136
6,413
6,712
7,276
8,350
9,737
11,340
12,037
14,135
14,620
16,837
Manufactura
(mill. S/. de
1994)
Construccin
(mill. S/. de
1994)
Inversin
bruta fija
privada (mill.
S/. de 1994)
18,132
19,272
20,831
23,332
28,013
34,547
43,483
36,918
45,067
50,346
57,202
Comercio
(mill. S/. de
1994)
18,013
18,453
19,604
20,821
23,248
25,495
28,808
28,693
31,473
34,251
36,549
Consumo
privado (mill.
S/. de 1994)
91,769
94,860
98,313
102,857
109,483
118,618
128,961
131,992
139,887
148,780
157,472
Minera e
Agropecuario
hidrocarburos
(mill. S/. de
(mill. S/. de
1994)
1994)
11,450
8,133
11,795
8,579
11,629
9,031
12,259
9,790
13,286
9,853
13,718
10,194
14,712
10,971
15,050
11,037
15,695
11,021
16,288
11,000
17,118
11,237
Demanda
interna (mill.
S/. de 1994)
125,894
130,514
135,527
143,410
158,220
176,822
198,591
193,061
218,362
234,059
251,411
664
596
779
804
823
879
934
861
719
933
822
Demanda
interna (mill.
S/. de 1994)
Fuente : http://www.bcrp.gob.pe
Ventas de
Totales de
Cemento
Aos
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
14%
2%
9%
11%
13%
9%
-18%
62%
4%
13%
4%
7%
7%
8%
11%
9%
-7%
14%
6%
1%
4.50%
4.67%
8.40%
14.76%
16.62%
16.46%
6.15%
17.43%
3.43%
15.17%
Inversin
bruta fija
privada (mill.
S/. de 1994)
6%
8%
12%
20%
23%
26%
-15%
22%
12%
14%
Comercio
(mill. S/. de
1994)
2%
6%
6%
12%
10%
13%
0%
10%
9%
7%
Consumo
privado (mill.
S/. de 1994)
3%
4%
5%
6%
8%
9%
2%
6%
6%
6%
Minera e
Agropecuario
hidrocarburos
(mill. S/. de
(mill. S/. de
1994)
1994)
3%
5%
-1%
5%
5%
8%
8%
1%
3%
3%
7%
8%
2%
1%
4%
0%
4%
0%
5%
2%
4%
4%
6%
10%
12%
12%
-3%
13%
7%
7%
-10%
31%
3%
2%
7%
6%
-8%
-16%
30%
-12%
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
Eliminacin de variables para la proyeccin de flujo de caja libre
Eliminacin 1
Estadsticas de la regresin
Coeficiente de correlacin mltiple
Coeficiente de determinacin R^2
R^2 ajustado
Error tpico
Observaciones
0.970798368
0.942449471
0.913674206
0.058866482
10
ANLISIS DE VARIANZA
Grados de libertad
3
6
9
Suma de cuadrados
0.340483579
0.020791576
0.361275155
F
32.75206968
Valor crtico de F
0.000407857
Coeficientes
0.271319279
-3.633647998
-10.31453326
9.516236124
Error tpico
0.067377664
1.386109805
2.285934644
1.097803278
Estadstico t
4.026843038
-2.621471967
-4.512173299
8.668434788
Probabilidad
0.006904976
0.039508246
0.00405112
0.000130016
Inferior 95%
0.106452073
-7.025336508
-15.90801384
6.830008273
3
6
9
Suma de cuadrados
0.201065375
0.16020978
0.361275155
F
2.510026228
Valor crtico de F
0.15553718
Coeficientes
-0.016208606
3.374318918
-1.768750588
-1.090063579
Error tpico
0.120586397
1.322765042
2.388287292
1.693163514
Estadstico t
-0.134414876
2.550958644
-0.740593727
-0.643802899
Probabilidad
0.897470043
0.043434468
0.48689934
0.543512515
Inferior 95%
-0.311272891
0.137629461
-7.612679067
-5.233085446
3
6
9
Suma de cuadrados
0.293462162
0.067812993
0.361275155
F
8.655042382
Valor crtico de F
0.013406936
Coeficientes
-0.011154438
-0.557654989
-0.704079771
3.268340559
Error tpico
0.067149379
1.552952557
0.238869372
1.341056144
Estadstico t
-0.16611379
-0.359093384
-2.947551485
2.437139245
Probabilidad
0.873523649
0.731823877
0.025694477
0.050668292
Inferior 95%
-0.175463049
-4.357593004
-1.288572068
-0.013105613
3
6
9
Suma de cuadrados
0.190700528
0.170574627
0.361275155
F
2.235977666
Valor crtico de F
0.184593238
Coeficientes
0.089595058
2.81494481
-3.124311994
0.516997061
Error tpico
0.383682908
2.101575985
10.15056766
2.407519121
Estadstico t
0.233513288
1.339444698
-0.307796775
0.21474266
Probabilidad
0.823125849
0.228930066
0.768641768
0.83708068
Inferior 95%
-0.849243198
-2.327426373
-27.9618563
-5.373990008
3
6
9
Suma de cuadrados
0.228208205
0.13306695
0.361275155
F
3.429975748
Valor crtico de F
0.092881838
Coeficientes
-0.142457299
3.852155686
-1.232534707
1.773307684
Error tpico
0.112474491
2.017730545
1.20703441
1.317119096
Estadstico t
-1.266574291
1.909152685
-1.021126404
1.346353332
Probabilidad
0.252254032
0.104831005
0.346588682
0.226822123
Inferior 95%
-0.417672464
-1.085053096
-4.186041511
-1.449566642
Regresin
Residuos
Total
Intercepcin
Comercio (mill. S/. de 1994)
Consumo privado (mill. S/. de 1994)
Demanda interna (mill. S/. de 1994)
Superior 95%
0.436186485
-0.241959489
-4.721052693
12.20246398
Inferior 95.0%
0.106452073
-7.025336508
-15.90801384
6.830008273
Superior 95.0%
0.436186485
-0.241959489
-4.721052693
12.20246398
Superior 95%
0.278855679
6.611008375
4.075177891
3.052958288
Inferior 95.0%
-0.311272891
0.137629461
-7.612679067
-5.233085446
Superior 95.0%
0.278855679
6.611008375
4.075177891
3.052958288
Superior 95%
0.153154173
3.242283026
-0.119587475
6.549786732
Inferior 95.0%
-0.175463049
-4.357593004
-1.288572068
-0.013105613
Superior 95.0%
0.153154173
3.242283026
-0.119587475
6.549786732
Superior 95%
1.028433313
7.957315994
21.71323231
6.40798413
Inferior 95.0%
-0.849243198
-2.327426373
-27.9618563
-5.373990008
Superior 95.0%
1.028433313
7.957315994
21.71323231
6.40798413
Superior 95%
0.132757866
8.789364468
1.720972096
4.99618201
Inferior 95.0%
-0.417672464
-1.085053096
-4.186041511
-1.449566642
Superior 95.0%
0.132757866
8.789364468
1.720972096
4.99618201
Eliminacin 2
Estadsticas de la regresin
Coeficiente de correlacin mltiple
Coeficiente de determinacin R^2
R^2 ajustado
Error tpico
Observaciones
0.746018498
0.556543599
0.334815398
0.163406334
10
ANLISIS DE VARIANZA
Grados de libertad
Regresin
Residuos
Total
Intercepcin
Demanda interna (mill. S/. de 1994)
Agropecuario (mill. S/. de 1994)
Minera e hidrocarburos (mill. S/. de 1994)
Eliminacin 3
Estadsticas de la regresin
Coeficiente de correlacin mltiple
Coeficiente de determinacin R^2
R^2 ajustado
Error tpico
Observaciones
0.901274344
0.812295444
0.718443166
0.106311643
10
ANLISIS DE VARIANZA
Grados de libertad
Regresin
Residuos
Total
Intercepcin
Demanda interna (mill. S/. de 1994)
Pesca (mill. S/. de 1994)
Manufactura (mill. S/. de 1994)
Eliminacin 4
Estadsticas de la regresin
Coeficiente de correlacin mltiple
Coeficiente de determinacin R^2
R^2 ajustado
Error tpico
Observaciones
0.726535601
0.527853979
0.291780969
0.168609325
10
ANLISIS DE VARIANZA
Grados de libertad
Regresin
Residuos
Total
Intercepcin
Manufactura (mill. S/. de 1994)
PBI (mill. S/. de 1994)
Inversin bruta fija privada (mill. S/. de 1994)
Eliminacin 5
Estadsticas de la regresin
Coeficiente de correlacin mltiple
Coeficiente de determinacin R^2
R^2 ajustado
Error tpico
Observaciones
0.794779359
0.63167423
0.447511345
0.148922211
10
ANLISIS DE VARIANZA
Grados de libertad
Regresin
Residuos
Total
Intercepcin
Manufactura (mill. S/. de 1994)
Inversin bruta fija privada (mill. S/. de 1994)
Construccin (mill. S/. de 1994)
UNION ANDINA DE CEMENTOS S.A.A. - UNACEM S.A.A. (ANTES CEMENTOS LIMA S.A.A.)
Seleccin de variables para la proyeccin de flujo de caja libre
Seleccin
Estadsticas de la regresin
Coeficiente de correlacin mltiple
Coeficiente de determinacin R^2
R^2 ajustado
Error tpico
Observaciones
0.807398699
0.651892659
0.477838988
0.144777147
10
ANLISIS DE VARIANZA
Grados de libertad
3
6
9
Suma de cuadrados
0.235512621
0.125762534
0.361275155
F
3.745354273
Valor crtico de F
0.079240759
Coeficientes
0.067737499
3.930733086
1.877151331
-5.891158097
Error tpico
0.170070478
1.828983951
1.265435831
4.889397178
Estadstico t
0.398290755
2.149134815
1.483403019
-1.204884341
Probabilidad
0.704201932
0.075196026
0.188492679
0.273611028
Inferior 95%
-0.348409969
-0.54462942
-1.2192586
-17.855082
Regresin
Residuos
Total
Intercepcin
Manufactura (mill. S/. de 1994)
Construccin (mill. S/. de 1994)
PBI (mill. S/. de 1994)
Superior 95%
0.483884967
8.406095592
4.973561262
6.072765802
Inferior 95.0%
-0.348409969
-0.54462942
-1.2192586
-17.855082
Superior 95.0%
0.483884967
8.406095592
4.973561262
6.072765802
Superior 95%
0.199097826
4.24672867
Inferior 95.0%
-0.368600952
-0.450162711
Superior 95.0%
0.199097826
4.24672867
Superior 95%
0.061827386
0.589731645
Inferior 95.0%
-0.001803886
0.063274339
Superior 95.0%
0.061827386
0.589731645
Superior 95%
0.129662999
4.458753659
Inferior 95.0%
-0.187442786
0.535685332
Superior 95.0%
0.129662999
4.458753659
Superior 95%
0.175079124
9.382745726
Inferior 95.0%
-0.515108318
-0.49441062
Superior 95.0%
0.175079124
9.382745726
Durante el 2012 el PBI construccin creci 15.2% (3.4% en el 2011). Esta aceleracin en el crecimiento se debi principalmente a la mayor
inversin privada y pblica registrada, la primera de las cuales registr un crecimiento del 13.6%. As,entre los factores que impactaron en el ritmo de
crecimiento del sector figuraban: i) el aumento del consumo interno y de la autoconstruccin; ii) el desarrollo de viviendas, oficinas y centros
comerciales, entre otros; y, iii) el avance fsico de obras pblicas, impulsado por la continuidad en la expansin y mejora de la red vial nacional.
Debido a dichos acontecimientos hemos decidido seleccionar como variable de proyeccin el PBI Construccin. Para ello hemos realizado la regresin
individual. Ver acontinuacin:
Regresin Individual
PBI Construccin - Ventas
Estadsticas de la regresin
Coeficiente de correlacin mltiple
Coeficiente de determinacin R^2
R^2 ajustado
Error tpico
Observaciones
0.550269369
0.302796378
0.215645925
0.177440957
10
ANLISIS DE VARIANZA
Grados de libertad
1
8
9
Suma de cuadrados
0.109392808
0.251882347
0.361275155
F
3.474409696
Valor crtico de F
0.099322023
Coeficientes
-0.084751563
1.898282979
Error tpico
0.123091449
1.018404804
Estadstico t
-0.688525191
1.86397685
Probabilidad
0.510591457
0.099322023
Inferior 95%
-0.368600952
-0.450162711
1
8
9
Suma de cuadrados
0.003236244
0.003164485
0.006400728
F
8.181410288
Valor crtico de F
0.021141124
Coeficientes
0.03001175
0.326502992
Error tpico
0.013796868
0.114149254
Estadstico t
2.175258109
2.860316466
Probabilidad
0.061313981
0.021141124
Inferior 95%
-0.001803886
0.063274339
1
8
9
Suma de cuadrados
0.187362577
0.173912578
0.361275155
F
8.618701588
Valor crtico de F
0.018831337
Coeficientes
-0.028889894
2.497219495
Error tpico
0.068756552
0.850620402
Estadstico t
-0.420176594
2.935762522
Probabilidad
0.685414719
0.018831337
Inferior 95%
-0.187442786
0.535685332
1
8
9
Suma de cuadrados
0.126418386
0.234856769
0.361275155
F
4.306229251
Valor crtico de F
0.071653802
Coeficientes
-0.170014597
4.444167553
Error tpico
0.149650088
2.141617223
Estadstico t
-1.136080837
2.075145598
Probabilidad
0.288808144
0.071653802
Inferior 95%
-0.515108318
-0.49441062
Regresin
Residuos
Total
Intercepcin
Construccin (mill. S/. de 1994)
0.711059432
0.505605515
0.443806205
0.019888705
10
ANLISIS DE VARIANZA
Grados de libertad
Regresin
Residuos
Total
Intercepcin
Construccin (mill. S/. de 1994)
Estadsticas de la regresin
Coeficiente de correlacin mltiple
Coeficiente de determinacin R^2
R^2 ajustado
Error tpico
Observaciones
0.720149025
0.518614619
0.458441446
0.147441759
10
ANLISIS DE VARIANZA
Grados de libertad
Regresin
Residuos
Total
Intercepcin
Manufactura (mill. S/. de 1994)
PBI - Ventas
Estadsticas de la regresin
Coeficiente de correlacin mltiple
Coeficiente de determinacin R^2
R^2 ajustado
Error tpico
Observaciones
0.591542664
0.349922723
0.268663064
0.171339126
10
ANLISIS DE VARIANZA
Grados de libertad
Regresin
Residuos
Total
Intercepcin
PBI (mill. S/. de 1994)